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For more information on this release:
E-mail: bop@cso.ie Stephen McDonagh (+353) 1 498 4364 Annette Hayes (+353) 1 498 4319
For general information on CSO statistics:
information@cso.ie (+353) 21 453 5000 On-line ISSN 2009-5317
CSO statistical release, , 11am

Quarterly International Investment Position and External Debt

31 December 2012

€ billion
 30 September 2012 31 December 2012
 AssetsLiabilitiesNET AssetsLiabilitiesNET
        
General Government6.1121.7-115.6 7.3123.3-116.0
Monetary Authority17.684.4-66.9 17.779.3-61.6
Monetary Financial Institutions762.5730.831.7 713.3694.918.4
Other Financial Intermediaries1,778.41,712.466.0 1,815.71,739.476.2
Non-Financial Companies259.9331.8-71.9 262.8336.6-73.8
Total 2,824.42,981.1-156.7 2,816.72,973.5-156.7

Net IIP liability of €156.7bn at end-December 2012

International Investment Position and External Debt Q4 2012 Figure 1
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At 31st December 2012, Ireland’s quarterly international investment position (IIP) results show overall stocks of foreign financial assets of €2,816.7bn – down €7.6bn from the end-September 2012 level, while the corresponding stocks of foreign financial liabilities decreased by €7.7bn to €2,973.5bn over the quarter. Irish residents had an overall net foreign liability of €156.7bn at end-December 2012 – the same net foreign liability level as at end-September 2012 – see Table 1a.

Some points of note in the end-December 2012 quarterly IIP are:

  • General Government foreign assets (including assets of the NPRF and the European Stability Mechanism paid-in capital) increased by €1.2bn to €7.3bn in the quarter, while liabilities increased by €1.5bn to €123.3bn in the same period - see table 1b.
  • Within the commercial financial sector (i.e. MFI and OFI), IFSC enterprises accounted for a very high proportion of the sector’s overall foreign assets and liabilities. At end-December 2012, IFSC assets abroad amounted to €2,319.3bn or 92% of the sector’s foreign assets (and 82% of Ireland’s total foreign assets); IFSC liabilities at €2,322.3bn represented almost 95% of the commercial financial sector aggregate (and 78% of Ireland’s total foreign liabilities). IFSC enterprises showed a net liability position at the end-December 2012 of €3bn. - see Table 2.
  • The net liabilities of non-financial companies increased by €2bn in the quarter.
International Investment Position and External Debt Q4 2012 Figure 2

Gross External Debt decreases to €1,640 billion at end-December 2012

 

At 31st December 2012, the gross external debt of all resident sectors (i.e. general government, the monetary authority, financial and non-financial corporations and households) amounted to €1,639.6bn. This represents a decrease of €39bn in the stock of financial liabilities to non-residents (other than those arising from issues of Irish equities and derivatives contracts) compared to the level shown at end -September 2012 (€1,678.6bn) – see Table 6a. Points of note are:

  • Debt liabilities of monetary financial institutions (credit institutions and money market funds) were €304.5bn at end-December, a decrease of €25.7bn on the end-September 2012 stock level.
  • General government foreign borrowing increased by €1.5bn from €121.7bn at end-September to €123.3bn at end-December. A decrease of almost €1bn in Bond & Note liabilities was offset by an increase of €2.3bn in long-term loan liabilities. This figure includes borrowing under the EFSF, EFSM and IMF programs.
  • Liabilities of the Monetary Authority consisting almost entirely of short term loans and deposits amounted to €79.3bn, a decrease of €5.2bn on the end-September 2012 stock level. These liabilities are to the European System of Central Banks (ESCB) and include balances in the TARGET 2 settlement system of the ESCB.
  • The liabilities of Other sectors decreased by €7bn from the end-September position and at €851.5bn represented 52% of the total debt at end-December 2012.
  • Direct investment liabilities decreased by€2.6bn to €281.1bn in the quarter. IFSC enterprises showed a decrease in liabilities of €5.4bn to €161.4bn whereas non-IFSC enterprises recorded an increase of €2.8bn to €119.7bn at end-December 2012.
  • The Net External Debt position stood at -€657.7bn at end-December (i.e. assets exceeded liabilities). This reflects the fact that while two thirds of the assets of Investment Funds are included, the bulk of their liabilities (being equity securities) are excluded from Net External Debt.

The results for Quarter 4 2012 incorporate data from the updated Central Bank of Ireland survey of credit institutions (the CRS2 survey); any revisions arising for previous quarters from the CRS2 data will be incorporated in the Quarter 1 2013 International Investment Position and External Debt release.

Table 1(a) International Investment Position (IIP) classified by Financial Instrument  € million
ItemQ4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012Q2 2012Q3 2012Q4 2012
Foreign Assets 
  Direct Investment Abroad 1254,538252,851251,985239,103242,494255,869261,039271,878271,052
  Portfolio Investment1,458,2891,420,5941,364,2971,359,6201,432,9081,542,0591,528,1641,566,4011,591,961
  Other Investment 2941,452910,632955,3911,016,9911,005,754905,847991,745984,820952,435
  Reserve Assets1,5871,4741,4981,5701,3161,2851,3331,3471,294
  Total Foreign Assets2,655,8662,585,5512,573,1712,617,2842,682,4722,705,0602,782,2812,824,4462,816,742
          
Foreign Liabilities         
  Direct Investment in Ireland 1213,722216,522211,910226,653194,508206,520212,551225,810225,927
  Portfolio Investment1,668,1521,644,2391,643,5051,632,9591,725,5101,779,5291,814,9201,862,9231,897,218
  Other Investment 2913,052877,629844,805905,280915,074880,486907,092892,375850,319
Total Foreign Liabilities 2,794,9262,738,3902,700,2202,764,8922,835,0922,866,5352,934,5632,981,1082,973,464
         
Net International Investment Position (IIP)       
  Direct Investment 140,81636,32940,07512,45047,98649,34948,48846,06845,125
  Portfolio Investment-209,863-223,645-279,208-273,339-292,602-237,470-286,756-296,522-305,257
  Other Investment 228,40033,003110,586111,71190,68025,36184,65392,445102,116
  Reserve Assets1,5871,4741,4981,5701,3161,2851,3331,3471,294
          
Total (Net IIP)-139,060-152,839-127,049-147,608-152,620-161,475-152,282-156,662-156,722
1Reflecting the so-called directional principle for reclassifying Direct Investment (see background notes).
2Includes financial derivatives and trade credits; in the case of liabilities this category also includes life insurance liabilities to non-residents.
Open in Excel: International Investment Position and External Debt December 2012 Table 1(a) (XLS 39KB)
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Table 1(b) International Investment Position (IIP) classified by Institutional Sector € million
ItemQ4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012Q2 2012Q3 2012Q4 2012
Foreign Assets
  General Government11,5369,9774,6875,1865,3826,0585,7586,0927,315
  Monetary Authority 117,43817,59217,69219,09219,03719,92922,81217,56917,695
  Monetary Financial Institutions 2938,143876,592849,400891,725800,251748,548770,107762,456713,302
  Other Sectors 31,688,7491,681,3901,701,3941,701,2821,857,8011,930,5261,983,6052,038,3262,078,426
    of which:         
      Other Financial Intermediaries1,450,4631,445,3631,461,7791,474,5731,626,9561,686,1851,733,3681,778,4311,815,668
      Non-Financial Companies 4238,286236,027239,615226,709230,845244,341250,237259,895262,758
Total Foreign Assets2,655,8662,585,5512,573,1712,617,2842,682,4722,705,0602,782,2812,824,4462,816,742
          
Foreign Liabilities         
  General Government80,56595,16898,320102,660103,889109,256114,315121,731123,273
  Monetary Authority 1145,195139,646128,675123,341120,45696,027100,11984,43779,281
  Monetary Financial Institutions 2868,986810,709785,516838,320746,649715,536738,440730,763694,879
  Other Sectors 31,700,1781,692,8661,687,7101,700,5701,864,0981,945,7171,981,6892,044,1782,076,030
    of which:         
      Other Financial Intermediaries1,398,8871,395,6331,387,0301,409,5791,566,2281,628,4461,655,4421,712,3921,739,429
      Non-Financial Companies 4301,291297,233300,680290,991297,870317,271326,247331,786336,601
Total Foreign Liabilities 2,794,9262,738,3902,700,2202,764,8922,835,0922,866,5352,934,5632,981,1082,973,464
          
Net International Investment Position (IIP)       
  General Government-69,029 -85,191 -93,633 -97,474 -98,507 -103,198 -108,557 -115,639 -115,958
  Monetary Authority 1-127,757 -122,054 -110,983 -104,249 -101,419 -76,098 -77,307 -66,868 -61,586
  Monetary Financial Institutions 269,15765,88363,88453,40553,60233,01231,66731,69318,423
  Other Sectors 3-11,429 -11,476 13,684712-6,297 -15,191 1,916-5,852 2,396
    of which:         
      Other Financial Intermediaries51,57649,73074,74964,99460,72857,73977,92666,03976,239
      Non-Financial Companies 4-63,005 -61,206 -61,065 -64,282 -67,025 -72,930 -76,010 -71,891 -73,843
Total (Net IIP)-139,060 -152,839 -127,049 -147,608 -152,620 -161,475 -152,282 -156,662 -156,722
1Central Bank of Ireland.
2Covering licensed credit institutions and money market funds.
3Other sectors includes financial corporations other than the Monetary Authority and Monetary Financial Institutions, non-financial service and manufacturing companies and other industrial enterprises as well as (implicitly) households (see Background Notes). The gross liabilities to non-residents of financial corporations covered in other sectors tend to be very significant.
4Including households.
Open in Excel: International Investment Position and External Debt December 2012 Table 1(b) (XLS 37KB)
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Table 2 International Investment Position (IIP) - IFSC and non-IFSC activity by Institutional Sector € million
 30 Sep 2012 31 Dec 2012
ItemIFSCNon-IFSCTotal IFSCNon-IFSCTotal
Foreign Assets       
  General Government06,0926,092 07,3157,315
  Monetary Authority 1017,56917,569 017,69517,695
  Monetary Financial Institutions 2632,371130,085762,456 588,549124,753713,302
  Other Sectors 31,694,616343,7102,038,326 1,730,722347,7042,078,426
    of which:       
      Other Financial Intermediaries1,694,61683,8151,778,431 1,730,72284,9461,815,668
      Non-Financial Companies 40259,895259,895 0262,758262,758
Total Foreign Assets2,326,987497,4592,824,446 2,319,271497,4712,816,742
       
Foreign Liabilities       
  General Government0121,731121,731 0123,273123,273
  Monetary Authority 1084,43784,437 079,28179,281
  Monetary Financial Institutions 2617,249113,514730,763 588,889105,990694,879
  Other Sectors 31,705,931338,2472,044,178 1,733,413342,6172,076,030
    of which:       
      Other Financial Intermediaries1,705,9316,4611,712,392 1,733,4136,0161,739,429
      Non-Financial Companies 40331,786331,786 0336,601336,601
Total Foreign Liabilities 2,323,180657,9282,981,108 2,322,302651,1622,973,464
       
Net International Investment Position (IIP)       
  General Government0-115,639 -115,639  0-115,958 -115,958
  Monetary Authority 10-66,868 -66,868  0-61,586 -61,586
  Monetary Financial Institutions 215,12216,57131,693 -340 18,76318,423
  Other Sectors 3-11,315 5,463-5,852  -2,691 5,0872,396
    of which:       
      Other Financial Intermediaries-11,315 77,35466,039 -2,691 78,93076,239
      Non-Financial Companies 40-71,891 -71,891  0-73,843 -73,843
Total (Net IIP)3,807-160,469 -156,662  -3,031 -153,691 -156,722
1Central Bank of Ireland.
2Covering licensed credit institutions and money market funds.
3Other sectors includes financial corporations other than the Monetary Authority and Monetary Financial Institutions, non-financial service and manufacturing companies and other industrial enterprises as well as (implicitly) households (see Background Notes). The gross liabilities to non-residents of financial corporations covered in other sectors tend to be very significant.
4Including households.
Open in Excel: International Investment Position and External Debt December 2012 Table 2 (XLS 39KB)
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Table 3(a) International Investment Position (IIP) - Detailed Data  € million
ItemQ1 2012 Q2 2012Q3 2012Q4 2012
Foreign Assets    
  Direct Investment Abroad 1255,869261,039271,878271,052
    Equity capital and reinvested earnings 219,087222,478234,459230,603
    Other capital36,78338,56137,41940,449
     
  Portfolio Investment 1,542,0591,528,1641,566,4011,591,961
    Equity 470,734474,187486,668506,543
        Monetary authority 20000
        General government4,1304,2424,3594,283
        Monetary financial institutions 31,1173,1131,2251,590
        Other sectors465,486466,832481,085500,670
     
    Debt instruments1,071,3251,053,9771,079,7331,085,418
      Bonds and notes738,010746,591766,175802,500
        Monetary authority 211,61010,52211,17312,217
        General government253275291301
        Monetary financial institutions 3194,565181,492180,621188,227
        Other sectors531,583554,302574,091601,755
     
      Money market instruments333,314307,386313,558282,918
        Monetary authority 26,4684,6474,7584,032
        General government0000
        Monetary financial institutions 3197,466184,742195,254173,725
        Other sectors129,380117,996113,546105,161
     
  Other Investment 905,847991,745984,820952,435
    Loans, currency and deposits723,260795,109787,759757,678
        Monetary authority 25666,386176144
        General government2,5221,9102,3623,922
        Monetary financial institutions 3294,713335,086324,431295,575
        Other sectors425,459451,727460,790458,037
     
    Trade Credits35,57239,29236,76338,852
        General government0000
        Other sectors35,57239,29236,76338,852
     
    Other assets 4147,015157,343160,297155,905
        Monetary authority 20-761158
        General government-847-669-920-1,190
        Monetary financial institutions 354,95159,86855,27248,893
        Other sectors92,91198,220105,830108,194
     
  Reserve assets1,2851,3331,3471,294
    Monetary gold240241266244
    Special drawing rights743777771748
    Reserve Position in the IMF300312309301
    Foreign Exchange2311
    Other0000
     
Total Foreign Assets2,705,0602,782,2812,824,4462,816,742
1Reflecting the so-called directional principle for reclassifying Direct Investment (see background notes).
2Central Bank of Ireland.
3Covering licensed credit institutions and money market funds.
4Includes financial derivatives.
Open in Excel: International Investment Position and External Debt December 2012 Table 3(a) (XLS 40KB)
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Table 3(b) International Investment Position (IIP) - Detailed Data  € million
ItemQ1 2012 Q2 2012Q3 2012Q4 2012
Foreign Liabilities   
  Direct Investment in Ireland 1206,520212,551225,810225,927
    Equity capital and reinvested earnings 202,836220,176228,690233,434
    Other capital3,684-7,625-2,880-7,507
     
  Portfolio Investment 1,779,5291,814,9201,862,9231,897,218
    Equity 1,212,6371,252,2651,294,8431,329,912
        Monetary authority 20000
        General government0000
        Monetary financial institutions 3285,226293,682293,984285,588
        Other sectors927,411958,5831,000,8591,044,324
     
    Debt instruments566,892562,655568,081567,306
      Bonds and notes557,318554,105558,590553,901
        Monetary authority 20000
        General government62,14761,92665,55264,717
        Monetary financial institutions 356,35453,04652,23851,873
        Other sectors438,818439,132440,800437,311
     
      Money market instruments9,5748,5509,49113,405
        Monetary authority 20000
        General government8431,1171,2301,303
        Monetary financial institutions 38854041,1385,686
        Other sectors7,8467,0297,1226,416
     
  Other Investment 880,486907,092892,375850,319
    Loans, currency and deposits652,702659,248634,914609,254
        Monetary authority 296,001100,09284,41379,259
        General government46,26651,27254,94957,253
        Monetary financial institutions 3270,086281,377269,734241,437
        Other sectors240,348226,507225,818231,305
     
    Trade Credits18,85215,67915,61315,665
        General government0000
        Other sectors18,85215,67915,61315,665
     
    Other liabilities 4208,932232,166241,849225,400
        Monetary authority 226272422
        General government0000
        Monetary financial institutions 364,05668,79867,45259,487
        Other sectors144,850163,341174,373165,891
     
Total Foreign Liabilities2,866,5352,934,5632,981,1082,973,464
1Reflecting the so-called directional principle for reclassifying Direct Investment (see background notes).
2Central Bank of Ireland.
3Covering licensed credit institutions and money market funds.
4Includes financial derivatives and also includes life insurance liabilities to non-residents.
Open in Excel: International Investment Position and External Debt December 2012 Table 3(b) (XLS 40KB)
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Table 4 International Investment Position (IIP) showing IFSC and Non–IFSC activity  € million
ItemQ1 2012Q2 2012Q3 2012Q4 2012
Foreign Assets
  Direct Investment Abroad 1255,869261,039271,878271,052
    - IFSC27,83029,22730,69729,327
    - Non-IFSC228,039231,812241,181241,725
  Portfolio Investment1,542,0591,528,1641,566,4011,591,961
    - IFSC1,412,2921,404,1741,441,4811,467,499
    - Non-IFSC129,767123,990124,920124,462
  Other Investment 2905,847991,745984,820952,435
    - IFSC773,260845,789854,809822,445
    - Non-IFSC132,587145,956130,011129,990
  Reserve Assets1,2851,3331,3471,294
    - IFSC0000
    - Non-IFSC1,2851,3331,3471,294
Total Foreign Assets2,705,0602,782,2812,824,4462,816,742
    - IFSC2,213,3822,279,1902,326,9872,319,271
    - Non-IFSC491,678503,091497,459497,471
    
Foreign Liabilities   
  Direct Investment in Ireland 1206,520212,551225,810225,927
    - IFSC96,41292,646102,69295,278
    - Non-IFSC110,108119,905123,118130,649
  Portfolio Investment1,779,5291,814,9201,862,9231,897,218
    - IFSC1,546,4381,587,3631,622,4571,655,261
    - Non-IFSC233,091227,557240,466241,957
  Other Investment 2880,486907,092892,375850,319
    - IFSC572,185593,192598,031571,763
    - Non-IFSC308,301313,900294,344278,556
Total Foreign Liabilities 2,866,5352,934,5632,981,1082,973,464
    - IFSC2,215,0352,273,2012,323,1802,322,302
    - Non-IFSC651,500661,362657,928651,162
    
Net International Investment Position (IIP)   
  Direct Investment 149,34948,48846,06845,125
    - IFSC-68,582-63,419-71,995-65,951
    - Non-IFSC117,931111,907118,063111,076
  Portfolio Investment-237,470-286,756-296,522-305,257
    - IFSC-134,146-183,189-180,976-187,762
    - Non-IFSC-103,324-103,567-115,546-117,495
  Other Investment 225,36184,65392,445102,116
    - IFSC201,075252,597256,778250,682
    - Non-IFSC-175,714-167,944-164,333-148,566
  Reserve Assets1,2851,3331,3471,294
    - IFSC0000
    - Non-IFSC1,2851,3331,3471,294
Total (Net IIP)-161,475-152,282-156,662-156,722
    - IFSC-1,6535,9893,807-3,031
    - Non-IFSC-159,822-158,271-160,469-153,691
1Reflecting the so-called directional principle for reclassifying Direct Investment (see background notes).
2Includes financial derivatives and trade credits; in the case of liabilities this category also includes life insurance liabilities to Non-residents.
Open in Excel: International Investment Position and External Debt December 2012 Table 4 (XLS 40KB)
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Table 5 International Investment Position (IIP) - 31 December 2012- Reconciliation of IIP and BOP Flows € million
ItemOpening Position 01/10/12  Bop Flows in Quarter Valuation and Other Changes Closing Position 31/12/12
Foreign Assets   
  
  Direct Investment Abroad 1271,878 3,812 -4,638 271,052
    Equity capital and reinvested earnings 234,459 1,198 -5,054 230,603
    Other capital37,419 2,614 41640,449
       
  Portfolio Investment 1,566,401 22,112 3,4481,591,961
    Equity 486,668 13,208 6,667506,543
    Debt instruments 1,079,733 8,904 -3,219 1,085,418
      Bonds and notes766,175 34,813 1,512802,500
      Money market instruments313,558 -25,908  -4,732  282,918
       
  Other Investment 984,820 -30,919  -1,466 952,435
    Loans, currency and deposits787,759 -31,331  1,250 757,678
    Other 2197,060 412 -2,715 194,757
       
  Reserve Assets1,347 -5  -48 1,294
       
Total Foreign Assets2,824,446 -5,000  -2,704 2,816,742
       
Foreign Liabilities      
       
  Direct Investment in Ireland 1225,810 -334  451225,927
    Equity capital and reinvested earnings 228,690 4,976 -232 233,434
    Other capital-2,880  -5,310  683-7,507
       
  Portfolio Investment 1,862,923 27,266 7,0291,897,218
    Equity 1,294,843 26,415 8,6541,329,912
    Debt instruments 568,081 851 -1,626 567,306
      Bonds and notes558,590 -2,943  -1,746 553,901
      Money market instruments9,491 3,793 12113,405
       
  Other Investment 892,375 -31,578  -10,478 850,319
    Loans, currency and deposits634,914 -23,152  -2,508 609,254
    Other 2257,462 -8,426  -7,971 241,065
       
Total Foreign Liabilities2,981,108 -4,646  -2,998  2,973,464
1Reflecting the so-called directional principle for reclassifying Direct Investment (see background notes).
2Includes financial derivatives and trade credits; in the case of liabilities this category also includes life insurance liabilities to non-residents.
Open in Excel: International Investment Position and External Debt December 2012 Table 5 (XLS 32KB)
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Table 6(a) - Gross External Debt1€ million
 30 Sep 2012 31 Dec 2012
ItemIFSC Non-IFSC Total IFSC Non-IFSC Total
General Government0 121,731 121,731 0 123,273 123,273
  Short-term0 1,230 1,230 0 1,303 1,303
    Money market instruments0 1,230 1,230 0 1,303 1,303
    Loans0 0 0 0 0 0
  Long-term 0 120,501 120,501 0 121,970 121,970
    Bonds and notes0 65,552 65,552 0 64,717 64,717
    Loans0 54,949 54,949 0 57,253 57,253
Monetary Authority 20 84,437 84,437 0 79,281 79,281
  Short-term0 84,413 84,413 0 79,259 79,259
    Loans and deposits0 84,413 84,413 0 79,259 79,259
  Long-term 0 24 24 0 22 22
    Other debt liabilities0 24 24 0 22 22
Monetary Financial Institutions 3238,816 91,388 330,204 222,931 81,595 304,526
  Short-term* * 217,011 * * 196,674
    Money market instruments* * 1,138 * * 5,686
    Loans and deposits139,719 76,154 215,873 123,392 67,596 190,988
  Long-term * * 113,193 * * 107,852
    Bonds and notes39,117 13,122 52,239 39,730 12,143 51,873
    Loans52,194 1,667 53,861 49,065 1,384 50,449
    Other debt liabilities* * 7,093 * * 5,530
Other Sectors 4788,963 69,539 858,502 785,810 65,648 851,458
  Short-term* * 118,733 * * 123,609
    Money market instruments* * 7,123 * * 6,417
    Loans and deposits95,883 114 95,997 101,540 -13 101,527
    Trade credits 8,735 6,878 15,613 9,031 6,634 15,665
  Long-term * * 739,769 * * 727,849
    Bonds and notes* * 440,800 * * 437,311
    Loans90,308 39,513 129,821 93,218 36,560 129,778
    Other debt liabilities151,444 17,704 169,148 142,678 18,082 160,760
Direct Investment 5166,801 116,875 283,676 161,417 119,680 281,097
    Debt liabilities to affiliated enterprises 0 28,746 28,746 0 27,487 27,487
    Debt liabilities to direct investors166,801 88,129 254,930 161,417 92,193 253,610
Gross External Debt1,194,580 483,970 1,678,550 1,170,158 469,477 1,639,635
1Gross external debt represents the stock of Ireland's liabilities to non-residents other than equity and financial derivatives.
2Central Bank of Ireland.
3Covering licensed credit institutions and money market funds.
4Other sectors includes financial corporations other than the Monetary Authority and Monetary Financial Institutions, non-financial service and manufacturing companies and other industrial enterprises as well as (implicitly) households (see Background Notes). The gross liabilities to non-residents of financial corporations covered in other sectors tend to be very significant.
5Covering inter affiliate loans, non-equity securities, trade credits and other debt liabilities. Debt liabilities to affiliated enterprises refers to direct investment abroad while debt liabilities to direct investors refers to direct investment in Ireland.
*Suppressed for confidentiality reasons.
Open in Excel: International Investment Position and External Debt December 2012 Table 6(a) (XLS 41KB)
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Table 6(b) - External Assets in Debt Instruments 1€ million
 30 Sep 2012 31 Dec 2012
ItemIFSC Non-IFSC Total IFSC Non-IFSC Total
General Government0 2,654 2,654 0 4,223 4,223
  Short-term0 2,015 2,015 0 3,574 3,574
    Money market instruments0 0 0 0 0 0
    Loans and Deposits0 2,015 2,015 0 3,574 3,574
  Long-term 0 639 639 0 649 649
    Bonds and notes0 291 291 0 301 301
    Loans0 348 348 0 348 348
Monetary Authority 20 16,107 16,107 0 16,393 16,393
  Short-term0 4,934 4,934 0 4,176 4,176
    Money market instruments0 4,758 4,758 0 4,032 4,032
    Loans and deposits0 176 176 0 144 144
  Long-term 0 11,173 11,173 0 12,217 12,217
    Bonds and notes0 11,173 11,173 0 12,217 12,217
Monetary Financial Institutions 3588,559 114,988 703,547 549,713 110,638 660,351
  Short-term* * 486,797 **438,875
    Money market instruments* * 195,254 **173,725
    Loans and deposits220,582 70,961 291,543 195,68569,465265,150
  Long-term * * 216,750 **221,476
    Bonds and notes155,511 25,110 180,621 164,90723,320188,227
    Loans14,999 17,890 32,889 13,87816,54830,426
    Other debt Assets* * 3,240 **2,823
Other Sectors 41,208,561 60,478 1,269,039 1,223,14464,1721,287,316
  Short-term291,687 24,425 316,112 283,43626,588310,024
    Money market instruments112,531 1,014 113,545 104,1041,057105,161
    Loans and deposits156,520 9,284 165,804 156,6669,345166,011
    Trade credit assets 22,636 14,127 36,763 22,66616,18638,852
  Long-term 916,874 36,053 952,927 939,70837,584977,292
    Bonds and notes542,344 31,746 574,090 569,08832,666601,754
    Loans294,179 807 294,986 291,201825292,026
    Other debt Assets80,351 3,500 83,851 79,4194,09383,512
Direct Investment 5187,359 136,616 323,975 190,236138,817329,053
    Debt asset claims on affiliated enterprises0 66,166 66,166 0 67,93567,935
    Debt asset claims on direct investors187,359 70,450 257,809 190,236 70,882261,118
Reserve Assets0 1 1 0 11
External Assets in Debt Instruments1,984,479 330,844 2,315,323 1,963,093334,244 2,297,337
Net External Debt 6-789,899 153,126 -636,773 -792,935 135,233 -657,702
1External Assets in Debt Instruments represents the stock of Ireland's claims on non-residents other than equity and financial derivatives.
2Central Bank of Ireland.
3Covering licensed credit institutions and money market funds.
4Other sectors includes financial corporations other than the Monetary Authority and Monetary Financial Institutions, non-financial service and manufacturing companies and other industrial enterprises as well as (implicitly) households (see Background Notes). The gross claims on non-residents of financial corporations covered in other sectors tend to be very significant.
5Covering inter affiliate loans, non-equity securities, trade credits and other debt assets. Debt claims on affiliated enterprises refers to direct investment abroad while debt claims on direct investors refers to direct investment in Ireland.
6Net External Debt equals Gross External Debt (from table 6a) minus External Assets in Debt Instruments. A negative sign indicates a net Asset position.
*Data suppressed for confidentiality reasons.         
Open in Excel: International Investment Position and External Debt December 2012 Table 6(b) (XLS 44KB)
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Background Notes

Definition

The international investment position (or IIP) is a point in time statistical statement of: the value and composition of the stock of an economy’s foreign financial assets, or the economy’s claims on the rest of the world, and the value and composition of the stock of an economy’s financial liabilities (or obligations) to the rest of the world.

The IMF External Debt Manual defines external debt to be a point in time statistical statement of the value and composition of the stock of an economy’s gross foreign financial liabilities to the rest of the world. The liabilities referred to cover those arising from Irish residents issuing debt securities such as bonds, notes and money market instruments to non-residents, as well as any loans received from and outstanding to non-residents, and any trade payables due to non-residents. In essence, external debt refers to financial obligations to non-residents other than those arising from transactions in equity or financial derivative contracts.

For more detailed methodological information see the Quarterly International Investment Position and External Debt - Background Notes at the following link: Quarterly International Investment Position and External Debt - Background Notes (PDF 298KB)

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