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Borrowing & Debt History
Borrowing History
The Province monitors international capital markets for cost-effective borrowing opportunities. Since 1990, the Province has borrowed in different currencies, across Canadian, U.S., European and other markets.
Net-Debt to GDP
Per Cent
* BPS net debt is only restated starting 2005–06
Source: Ontario Ministry of Finance.
Debt History
The Province's historical Net Debt and Surplus/Deficit balances from fiscal year 2000-01 are indicated below.
Additional Sources of Historical Information
-
Ten-Year Review of Selected Financial and Economic Statistics
From 2010 Ontario Budget
Annual Long-Term Public Borrowing Program by Currency
| Fiscal Years 2009-10 to
2000-01 ($ millions) |
||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Currency | 2009-10 | 2008-09 | 2007-08 | 2006-07 | 2005-06 | 2004-05 | 2003-04 | 2002-03 | 2001-02 | 2000-01 |
| Canadian dollar | 21,392 | 18,989 | 15,379 | 14,189 | 19,774 | 18,360 | 20,728 | 10,243 | 11,449 | 9,742 |
| U.S. dollar | 16,027 | 6,552 | 2,593 | 4,093 | 2,591 | 5,601 | 2,766 | 5,573 | 2,000 | 1,361 |
| Japanese yen | - | 191 | - | - | - | - | 114 | - | - | 352 |
| Pounds sterling | - | 385 | - | - | - | 487 | - | - | - | - |
| Swiss franc | 1,148 | 851 | - | - | 390 | 255 | 307 | - | - | - |
| New Zealand dollar | - | - | - | - | 867 | - | - | 209 | - | - |
| Euro | 5,194 | 1,601 | - | - | - | - | 1,188 | 645 | - | - |
| Australian dollar | - | - | 263 | 118 | 139 | 89 | 90 | - | - | |
| Hong Kong dollar | 48 | 154 | - | - | - | - | 87 | - | - | - |
| South African rand | - | - | - | 92 | 107 | - | - | - | - | - |
| Turkish Lira | - | - | - | 58 | - | - | - | - | - | - |
| Total | 43,809 | 28,723 | 17,972 | 18,695 | 23,847 | 24,842 | 25,279 | 16,760 | 13,449 | 11,455 |
Note: Includes long-term borrowing for OEFC.
Source: Ontario Public Accounts and 2010 Budget.
Historical Net Debt and Interest on Debt
| Fiscal Years 2009-10 to
2000-01 ($ millions) |
||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2009-10 | 2008-09 | 2007-08 | 2006-07 | 2005-06 | 2004-05 | 2003-04 | 2002-03 | 2001-02 | 2000-01 | |
| Net Debt | 193,226 | 165,864 | 153,188 | 150,618 | 149,928 | 140,921 | 138,816 | 132,647 | 132,121 | 132,496 |
| Interest on Debt | 8,930 | 8,566 | 8,914 | 8,831 | 9,019 | 9,368 | 9,604 | 9,694 | 10,337 | 10,873 |
| Accumulated Deficit | 134,568 | 113,238 | 105,617 | 106,776 | 109,155 | 125,743 | 124,188 | 118,705 | 132,121 | 132,496 |
Notes:
- Net Debt represents the difference between total liabilities and
total financial assets of the province.
Starting in 2009-10, net debt includes the net debt of broader public-sector hospitals, school boards, and colleges, consistent with changes in accounting standards. For comparative purposes, net debt has been restated from 2005-06 to 2008-09 to conform with this revised presentation. - All balances are expressed in Canadian dollars.
Source: Ontario Ministry of Finance.
