The National Treasury Management Agency has said the national debt at the end of 2008 stands at €50.7 billion, up by €13 billion on last year.
The Government had originally forecast in last year's budget that the national debt would rise by €4.8 billion.
The agency, which is charged with managing the national debt and borrowing on behalf of the state, released its end of year results this afternoon.
For next year, the state had forecast borrowings of €18.4 billion but this does not include any additional funding required since Budget 2009 in October or the recapitalisation programme for the banks announced earlier this month.
The NTMA also revealed today that the National Pension Reserve Fund fell in value by 29.5% last year.
The National Debt GNP ratio also increased from 23% last year to 32% this year.
