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For more information on this release:
E-mail: bop@cso.ie John Flanagan (+353) 1 498 4054 Annette Hayes (+353) 1 498 4319
For general information on CSO statistics:
information@cso.ie (+353) 21 453 5000 Visit StatCentral.ie, the portal to Ireland's official statistics On-line ISSN 2009-5317
CSO statistical release, 16 March 2017, 11am

Quarterly International Investment Position and External Debt

Quarter 4 2016

     € billion
 30 Sep 201631 Dec 2016
 AssetsLiabilitiesNETAssetsLiabilitiesNET
General Government10.6139.3-128.810.3138.3-128.1
Monetary Authority21.814.27.623.717.85.9
Monetary Financial Institutions714.2704.110.1742.1720.921.2
Other Financial Intermediaries2,716.92,666.850.12,782.82,719.163.7
Non-Financial Companies760.91,164.9-404.0785.41,239.8-454.5
Total 4,224.44,689.4-465.04,344.34,836.0-491.7

Net IIP liability of €492 billion at end-December 2016

International Investment Position and External Debt December 2016 Figure 1

 

 At 31st December 2016, Ireland’s quarterly international investment position (IIP) results show overall stocks of foreign financial assets of €4,344bn – an increase of €120bn on the end-September 2016 level, while the corresponding stocks of foreign financial liabilities increased by €147bn to €4,836bn over the quarter. Irish residents had an overall net foreign liability of €492bn at end-December 2016, an increase of €27bn on the net foreign liability level at end-September 2016 – see Table 1a.

 

 

  

 

Some points of note in the Quarter 4 2016 IIP are:

  • Direct investment abroad increased by €11.7bn to €790bn. Equity capital (including reinvested earnings) increased by €12.3bn while other capital decreased by €0.6bn – see Table 3(a).
  • Foreign assets of Other Financial Intermediaries increased by €66bn. With foreign liabilities increasing by €52bn the resulting net assets increased to €64bn - see Table 1b.
  • Foreign assets of Monetary Authorities increased by €2bn while foreign liabilities increased by €3.6bn. The resulting net liability decreased to €6bn – see Table 1b.
X-axis labelDirect InvestmentPortfolio InvestmentOther InvestmentReserve AssetsNet IIP
Q42014167.5-463.8-17.51.4-312.4
Q12015101.7-685.5401.6-542.2
Q2201590.6-652.749.71.9-510.5
Q3201541.4-620.658.51.9-518.8
Q4201519.6-687.2134.42-531.3
Q12016-21.3-624.8137.92.9-505.2
Q2201612.6-607.4103.62.8-488.4
Q3201632.6-614.1113.53.1-465
Q42016-6.5-600.9112.33.4-491.7

 

Figure 2 shows the Net IIP by Functional Category. Direct investment has fallen by €39bn to -€6.5bn during the fourth quarter of 2016. Portfolio investment has risen by €13.2bn from -€614.1bn to -€600.9bn. These categories have contributed the most to the change in IIP in quarter 4, while both Other investment and Reserve assets have changed only slightly in absolute terms. 

X-axis labelGeneral GovernmentMonetary Financial InstitutionsOther Financial IntermediariesNon-Financial Companies
30 Sep 2016582417528725
31 Dec 2016525448562740

 

With the implementation of the new methodology in June 2014 for Portfolio Investment assets, equity and debt securities (see table 3a for this breakdown), the sector of the non-resident issuer is collected. Analysing this data shows that Irish residents hold debt as follows:

  • €525bn issued by foreign Governments
  • €448bn issued by foreign Monetary Financial Institutions (including Money Market Investment Funds)
  • €562bn issued by foreign Other Financial Intermediaries (including Non-Money Market Investment Funds)
  • €740bn issued by foreign Non-Financial Companies

The data shown are consistent with that transmitted bi-annually to the International Monetary Fund (IMF) for their Coordinated Portfolio Investment Survey (CPIS). More information and comparable country data are available http://cpis.imf.org/

These results are also consistent with the national annual Resident Holdings of Foreign Portfolio Securities release.

 

X-axis labelDirect InvestmentOther SectorsMonetary Financial InstitutionsMonetary AuthorityGeneral Government
Q12016690.9821113.383203.00317.41144.63
Q22016700.1481041.1201.16819.79138.631
Q32016642.7161034.232207.3314.227138.921
Q42016661.811053.736202.09117.832137.897

 

Gross External Debt1 is €2.07 trillion at end-December 2016 

At 31st December 2016, the gross external debt of all resident sectors (i.e. general government, the monetary authority, financial and non-financial corporations and households) amounted to €2,073bn. This represents an increase of €36bn 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 30th September 2016 (€2,037bn) – see Table 6a. Points of note are:

  •  General government foreign borrowing decreased by €1bn to €138bn at end-December 2016.
  •  Liabilities of the Monetary Authority consisting entirely of short term loans and deposits amounted to €17.8bn. These liabilities are to the European System of Central Banks (ESCB) and include balances in the TARGET2    settlement system of the ESCB.
  •  Debt liabilities of Monetary financial institutions (credit institutions and money market funds) were €202bn at end-December 2016, a decrease of €5bn on the end-September 2016 stock level.
  •  The liabilities of Other sectors at €1,054bn increased €19.5bn on the previous quarter. Short term debt increased by €5.4bn while long term debt increased by €14.1bn.
  •  Direct investment liabilities increased by €19bn to €662bn in the quarter.
  •  The Net External Debt position was -€993bn at end-December 2016 i.e. assets exceeded liabilities. This is up from -€925bn in September 2016.– see Table 6b. 

1Gross external debt represents the stock of Ireland's liabilities to non-residents other than equity and financial derivatives.

 

Table 1(a) International Investment Position (IIP) classified by Financial Instrument€ million
ItemQ3 2014Q4 2014Q1 2015Q2 2015Q3 2015Q4 2015Q1 2016Q2 2016Q3 2016Q4 2016
Foreign Assets       
  Direct Investment Abroad 1465,742510,178753,537747,912705,983815,202768,344765,136778,305790,003
  Portfolio Investment1,869,3971,936,5192,153,8672,122,1192,039,3662,157,1172,098,2822,187,2872,253,1812,343,165
  Other Investment 21,074,8391,188,5241,234,9841,205,3531,194,4141,298,8051,275,4811,183,6271,189,8101,207,724
  Reserve Assets1,2501,4261,6371,9091,8732,0132,9282,7713,1283,396
  Total Foreign Assets3,411,2283,636,6474,144,0254,077,2933,941,6364,273,1374,145,0354,138,8214,224,4244,344,288
           
Foreign Liabilities          
  Direct Investment in Ireland 1341,149342,700651,870657,331664,556795,644789,602752,532745,753796,474
  Portfolio Investment2,280,7192,400,3282,839,3392,774,8102,659,9532,844,3142,723,0722,794,6582,867,2952,944,093
  Other Investment 21,097,3811,206,0491,194,9891,155,6831,135,8801,164,4381,137,5931,080,0151,076,3331,095,397
  Total Foreign Liabilities 3,719,2493,949,0774,686,1984,587,8244,460,3894,804,3964,650,2674,627,2054,689,3814,835,964
 
Net International Investment Position (IIP)          
  Direct Investment 1124,593167,478101,66790,58141,42719,558-21,25812,60432,552-6,471
  Portfolio Investment-411,322-463,809-685,472-652,691-620,587-687,197-624,790-607,371-614,114-600,928
  Other Investment 2-22,542-17,52539,99549,67058,534134,367137,888103,612113,477112,327
  Reserve Assets1,2501,4261,6371,9091,8732,0132,9282,7713,1283,396
           
  Total (Net IIP)-308,021-312,430-542,173-510,531-518,753-531,259-505,232-488,384-464,957-491,676
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.
Table 1(b) International Investment Position (IIP) classified by Institutional Sector € million
ItemQ3 2014Q4 2014Q1 2015Q2 2015Q3 2015Q4 2015Q1 2016Q2 2016Q3 2016Q4 2016
Foreign Assets        
  General Government13,73910,81711,74411,08210,96710,7529,9989,97310,57610,254
  Monetary Authority 120,76220,78118,96218,72618,72220,94520,71421,03721,83923,744
  Monetary Financial Institutions 2720,342716,441768,631712,668710,480745,707709,600728,516714,199742,104
  Other Sectors32,656,3852,888,6093,344,6883,334,8163,201,4673,495,7333,404,7233,379,2963,477,8093,568,187
    of which:          
      Other Financial Intermediaries2,195,4772,381,3142,591,7172,592,3492,498,3022,693,3632,668,2892,646,4582,716,9202,782,815
      Non-Financial Companies4460,908507,295752,971742,467703,165802,370736,434732,838760,889785,372
Total Foreign Assets3,411,2283,636,6474,144,0254,077,2933,941,6364,273,1374,145,0354,138,8214,224,4244,344,288
          
Foreign Liabilities          
  General Government145,554142,474146,857144,100146,041142,914145,032139,038139,326138,313
  Monetary Authority 139,24438,75834,26926,87218,86919,28717,41019,79014,22717,832
  Monetary Financial Institutions 2729,735718,978764,372702,766702,403732,821692,528709,398704,116720,913
  Other Sectors32,804,7143,048,8673,740,7003,714,0873,593,0753,909,3753,795,2983,758,9793,831,7133,958,906
    of which:          
      Other Financial Intermediaries2,157,4302,350,6762,559,3572,544,6192,457,9412,657,0232,620,1322,593,9472,666,8012,719,078
      Non-Financial Companies4647,284698,1911,181,3431,169,4681,135,1341,252,3521,175,1661,165,0321,164,9121,239,828
Total Foreign Liabilities 3,719,2493,949,0774,686,1984,587,8244,460,3894,804,3964,650,2674,627,2054,689,3814,835,964
          
Net International Investment Position (IIP)          
  General Government-131,815 -131,657 -135,113 -133,018 -135,074 -132,162 -135,034 -129,065 -128,750 -128,059
  Monetary Authority 1-18,482 -17,977 -15,307 -8,146 -147 1,6583,3041,2477,6125,912
  Monetary Financial Institutions 2-9,393 -2,537 4,2599,9028,07712,88617,07219,11810,08321,191
  Other Sectors3-148,329 -160,258 -396,012 -379,271 -391,608 -413,642 -390,575 -379,683 -353,904 -390,719
    of which:          
      Other Financial Intermediaries38,04730,63832,36047,73040,36136,34048,15752,51150,11963,737
      Non-Financial Companies4-186,376 -190,896 -428,372 -427,001 -431,969 -449,982 -438,732 -432,194 -404,023 -454,456
Total (Net IIP)-308,021 -312,430 -542,173 -510,531 -518,753 -531,259 -505,232 -488,384 -464,957 -491,676
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.
Table 2 International Investment Position (IIP) - IFSC and non-IFSC activity by Institutional Sector € million
 30 Sep 2016 31 Dec 2016
ItemIFSCnon-IFSCTotal IFSCnon-IFSCTotal
Foreign Assets       
  General Government010,57610,576 010,25410,254
  Monetary Authority 1021,83921,839 023,74423,744
  Monetary Financial Institutions 2646,67167,528714,199 675,90966,195742,104
  Other Sectors 32,587,076890,7333,477,809 2,655,315912,8723,568,187
    of which:       
      Other Financial Intermediaries2,587,076129,8442,716,920 2,655,315127,5002,782,815
      Non-Financial Companies40760,889760,889 0785,372785,372
Total Foreign Assets3,233,747990,6764,224,424 3,331,2241,013,0644,344,288
        
Foreign Liabilities       
  General Government0139,326139,326 0138,313138,313
  Monetary Authority 1014,22714,227 017,83217,832
  Monetary Financial Institutions 2640,34963,767704,116 660,34260,571720,913
  Other Sectors 32,713,2501,118,4633,831,713 2,780,1821,178,7243,958,906
    of which:       
      Other Financial Intermediaries2,713,250-46,449 2,666,801 2,780,182-61,104 2,719,078
      Non-Financial Companies401,164,9121,164,912 01,239,8281,239,828
Total Foreign Liabilities 3,353,5991,335,7824,689,381 3,440,5241,395,4404,835,964
       
Net International Investment Position (IIP)       
  General Government0-128,750 -128,750  0-128,059 -128,059
  Monetary Authority 107,6127,612 05,9125,912
  Monetary Financial Institutions 26,3223,76110,083 15,5675,62421,191
  Other Sectors 3-126,174 -227,730 -353,904  -124,867 -265,852 -390,719
    of which:       
      Other Financial Intermediaries-126,174 176,29350,119 -124,867 188,60463,737
      Non-Financial Companies40-404,023 -404,023  0-454,456 -454,456
Total (Net IIP)-119,852 -345,107 -464,957  -109,300 -382,378 -491,676
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.
Table 3(a) International Investment Position (IIP) - Detailed Data  € million
ItemQ1 2016Q2 2016Q3 2016Q4 2016
Foreign Assets   
  Direct Investment Abroad 1768,344765,136778,305790,003
    Equity capital and reinvested earnings 684,388700,259697,474709,764
    Other capital83,95664,87780,83080,239
     
  Portfolio Investment 2,098,2822,187,2872,253,1812,343,165
    Equity 803,311827,714871,279920,857
        Monetary authority 20000
        General government4,3263,6544,2374,259
        Monetary financial institutions 31,7372,1302,5192,170
        Other sectors797,248821,931864,523914,428
     
    Debt instruments1,294,9711,359,5731,381,9021,422,308
      Bonds and notes883,504947,000963,751982,292
        Monetary authority 214,82315,24514,76216,861
        General government5951,3611,8871,917
        Monetary financial institutions3116,063125,490108,880104,344
        Other sectors752,024804,905838,223859,170
     
      Money market instruments411,467412,572418,150440,017
        Monetary authority 22,6512,5482,0671,874
        General government0000
        Monetary financial institutions 3302,599303,622300,569333,910
        Other sectors106,217106,402115,514104,232
     
  Other Investment 1,275,4811,183,6271,189,8101,207,724
    Loans, currency and deposits851,340819,128827,796840,951
        Monetary authority 23124731,010740
        General government3,2893,1872,6482,181
        Monetary financial institutions 3257,477263,123266,061270,362
        Other sectors590,262552,345558,077567,668
     
    Trade Credits45,01049,04446,59250,764
        General government0000
        Other sectors45,01049,04446,59250,764
     
    Other assets 4379,131315,456315,423316,009
        Monetary authority 200873872
        General government1,6581,6411,6741,860
        Monetary financial institutions 327,65929,95931,80827,149
        Other sectors349,814283,856281,068286,128
     
  Reserve assets2,9282,7713,1283,396
    Monetary gold198217217201
    Special drawing rights806819814829
    Reserve Position in the IMF9991,0151,0091,029
    Foreign Exchange24338379
    Other923716749956
     
Total Foreign Assets4,145,0354,138,8214,224,4244,344,288
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.
Table 3(b) International Investment Position (IIP) - Detailed Data  € million
ItemQ1 2016Q2 2016Q3 2016Q4 2016
Foreign Liabilities  
  Direct Investment in Ireland 1789,602752,532745,753796,474
    Equity capital and reinvested earnings 564,073559,366594,394669,625
    Other capital225,529193,166151,360126,849
     
  Portfolio Investment 2,723,0722,794,6582,867,2952,944,093
    Equity 2,193,5232,291,9872,376,2662,463,495
        Monetary authority 20000
        General government0000
        Monetary financial institutions3419,635436,376424,798452,419
        Other sectors1,773,8891,855,6111,951,4682,011,076
     
    Debt instruments529,549502,672491,029480,598
      Bonds and notes511,023484,059472,642466,136
        Monetary authority 20000
        General government88,48382,27581,98382,602
        Monetary financial institutions326,66825,45224,74218,471
        Other sectors395,872376,332365,917365,062
     
      Money market instruments18,52618,61318,38714,462
        Monetary authority 20000
        General government2,2682,4303,1601,287
        Monetary financial institutions313,34815,02813,74512,553
        Other sectors2,9101,1551,482622
     
  Other Investment 1,137,5931,080,0151,076,3331,095,397
    Loans, currency and deposits587,704583,679560,110578,188
        Monetary authority 217,41019,79014,22717,832
        General government53,87953,92653,77854,008
        Monetary financial institutions3156,197152,645159,545163,166
        Other sectors360,219357,317332,561343,183
     
    Trade Credits27,63026,16934,62138,880
        General government0000
        Other sectors27,63026,16934,62138,880
     
    Other liabilities 4522,259470,168481,601478,330
        Monetary authority 20000
        General government271275274283
        Monetary financial institutions332,14735,58336,16931,584
        Other sectors489,841434,310445,158446,463
     
Total Foreign Liabilities4,650,2674,627,2054,689,3814,835,964
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.
Table 4 International Investment Position (IIP) showing IFSC and non–IFSC activity  € million
ItemQ1 2016Q2 2016Q3 2016Q4 2016
Foreign Assets
  Direct Investment Abroad 1768,344765,136778,305790,003
    - IFSC91,32390,93573,26076,769
    - Non-IFSC677,021674,201705,045713,234
  Portfolio Investment2,098,2822,187,2872,253,1812,343,165
    - IFSC1,957,9382,043,1822,105,9972,191,509
    - Non-IFSC140,344144,105147,184151,656
  Other Investment 21,275,4811,183,6271,189,8101,207,724
    - IFSC1,137,7181,043,4281,054,4901,062,946
    - Non-IFSC137,763140,199135,320144,778
  Reserve Assets2,9282,7713,1283,396
    - IFSC0000
    - Non-IFSC2,9282,7713,1283,396
Total Foreign Assets4,145,0354,138,8214,224,4244,344,288
    - IFSC3,186,9793,177,5453,233,7473,331,224
    - Non-IFSC958,056961,276990,6761,013,064
     
Foreign Liabilities    
  Direct Investment Abroad 1789,602752,532745,753796,474
    - IFSC225,329210,747241,458240,848
    - Non-IFSC564,273541,785504,295555,626
  Portfolio Investment2,723,0722,794,6582,867,2952,944,093
    - IFSC2,122,6322,190,9672,230,8642,306,838
    - Non-IFSC600,440603,691636,431637,255
  Other Investment 21,137,5931,080,0151,076,3331,095,397
    - IFSC945,106884,848881,277892,838
    - Non-IFSC192,487195,167195,056202,559
Total Foreign Liabilities 4,650,2674,627,2054,689,3814,835,964
    - IFSC3,293,0673,286,5623,353,5993,440,524
    - Non-IFSC1,357,2001,340,6431,335,7821,395,440
     
Net International Investment Position (IIP)    
  Direct Investment 1-21,25812,60432,552-6,471
    - IFSC-134,006-119,812-168,198-164,079
    - Non-IFSC112,748132,416200,750157,608
  Portfolio Investment-624,790-607,371-614,114-600,928
    - IFSC-164,694-147,785-124,867-115,329
    - Non-IFSC-460,096-459,586-489,247-485,599
  Other Investment 2137,888103,612113,477112,327
    - IFSC192,612158,580173,213170,108
    - Non-IFSC-54,724-54,968-59,736-57,781
  Reserve Assets2,9282,7713,1283,396
    - IFSC0000
    - Non-IFSC2,9282,7713,1283,396
Total (Net IIP)-505,232-488,384-464,957-491,676
    - IFSC-106,088-109,017-119,852-109,300
    - Non-IFSC-399,144-379,367-345,107-382,378
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.
Table 5 International Investment Position (IIP) - 31 December 2016 - Reconciliation of IIP and BOP Flows € million
ItemOpening Position 01/10/16 Bop Flows in Quarter Valuation and Other Changes Closing Position 31/12/16
Foreign Assets 
 
  Direct Investment Abroad1778,305 8,643 3,055 790,003
    Equity capital and reinvested earnings 697,474 * * 709,764
    Other capital80,830 * * 80,239
        
  Portfolio Investment 2,253,181 39,539 50,445 2,343,165
    Equity 871,279 13,266 36,312 920,857
    Debt instruments 1,381,902 26,273 14,133 1,422,308
      Bonds and notes963,751 15,033 3,508 982,292
      Money market instruments418,150 11,240 10,627 440,017
        
  Other Investment 1,189,810 -26,867  44,781 1,207,724
    Loans, currency and deposits827,796 -19,247  32,402 840,951
    Other2362,015 -7,621  12,378 366,772
        
  Reserve Assets3,128 219 49 3,396
        
Total Foreign Assets4,224,424 21,534 98,330 4,344,288
        
Foreign Liabilities       
        
  Direct Investment in Ireland1745,753 25,316 25,405 796,474
    Equity capital and reinvested earnings 594,394 57,092 18,139 669,625
    Other capital151,360 -31,777  7,266 126,849
        
  Portfolio Investment 2,867,295 26,146 50,652 2,944,093
    Equity 2,376,266 45,451 41,778 2,463,495
    Debt instruments 491,029 -19,305  8,874 480,598
      Bonds and notes472,642 -14,824  8,318 466,136
      Money market instruments18,387 -4,481  556 14,462
        
  Other Investment 1,076,333 -13,017  32,081 1,095,397
    Loans, currency and deposits560,110 -5,635  23,713 578,188
    Other2516,222 -7,383  8,371 517,210
        
Total Foreign Liabilities4,689,381 38,445 108,138 4,835,964
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.
*Data suppressed for confidentiality reasons.
Table 6(a) Gross External Debt1€ million
30 Sep 2016 31 Dec 2016
ItemIFSC non-IFSC Total IFSC non-IFSC Total
General Government0 138,921 138,921 0 137,897 137,897
  Short-term0 5,348 5,348 0 3,368 3,368
    Money market instruments0 3,160 3,160 0 1,287 1,287
    Loans0 2,188 2,188 0 2,081 2,081
  Long-term 0 133,573 133,573 0 134,529 134,529
    Bonds and notes0 81,983 81,983 0 82,602 82,602
    Loans0 51,590 51,590 0 51,927 51,927
            
Monetary Authority20 14,227 14,227 0 17,832 17,832
  Short-term0 14,227 14,227 0 17,832 17,832
    Loans and deposits0 14,227 14,227 0 17,832 17,832
  Long-term 0 0 0 0 0 0
    Other debt liabilities0 0 0 0 0 0
            
Monetary Financial Institutions3168,147 39,183 207,330 163,169 38,922 202,091
  Short-term* * 150,943 * * 156,756
    Money market instruments* * 13,745 * * 12,553
    Loans and deposits106,369 30,829 137,198 113,567 30,636 144,203
  Long-term * * 56,387 * * 45,335
    Bonds and notes17,871 6,871 24,742 11,550 6,921 18,471
    Loans21,184 1,163 22,347 17,873 1,090 18,963
    Other debt liabilities* * 9,298 * * 7,901
            
Other Sectors4940,836 93,396 1,034,232 955,648 98,088 1,053,736
  Short-term* * 210,479 * * 215,897
    Money market instruments* * 1,482 * * 622
    Loans and deposits165,539 8,837 174,376 167,421 8,974 176,395
    Trade credits 12,593 22,028 34,621 13,513 25,367 38,880
  Long-term * * 823,753 * * 837,839
    Bonds and notes* * 365,917 * * 365,062
    Loans132,927 25,256 158,183 141,372 25,415 166,787
    Other debt liabilities268,701 30,952 299,653 273,510 32,480 305,990
            
Direct Investment5192,229 450,487 642,716 181,221 480,589 661,810
    Debt liabilities to affiliated enterprises 4,237 130,562 134,799 4,214 147,739 151,953
    Debt liabilities to direct investors187,992 319,925 507,917 177,007 332,850 509,857
            
Gross External Debt1,301,212 736,214 2,037,426 1,300,038 773,328 2,073,366
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.
Table 6(b) External Assets in Debt Instruments1€ million
30 Sep 201631 Dec 2016
ItemIFSC non-IFSC Total IFSC non-IFSC Total
General Government0 4,535 4,535 0 4,098 4,098
  Short-term0 1,152 1,152 0 682 682
    Money market instruments0 0 0 0 0 0
    Loans and Deposits0 1,152 1,152 0 682 682
  Long-term 0 3,383 3,383 0 3,416 3,416
    Bonds and notes0 1,887 1,887 0 1,917 1,917
    Loans0 1,496 1,496 0 1,499 1,499
            
Monetary Authority20 17,839 17,839 0 19,475 19,475
  Short-term0 3,077 3,077 0 2,614 2,614
    Money market instruments0 2,067 2,067 0 1,874 1,874
    Loans and deposits0 1,010 1,010 0 740 740
  Long-term 0 14,762 14,762 0 16,861 16,861
    Bonds and notes0 14,762 14,762 0 16,861 16,861
            
Monetary Financial Institutions3626,007 55,413 681,420 657,945 55,525 713,470
  Short-term* * 538,193 * * 576,456
    Money market instruments* * 300,569 * * 333,910
    Loans and deposits206,980 30,644 237,624 213,328 29,218 242,546
  Long-term * * 143,227 * * 137,014
    Bonds and notes91,616 17,264 108,880 85,739 18,605 104,344
    Loans21,513 6,924 28,437 20,700 7,116 27,816
    Other debt Assets* * 5,910 * * 4,854
            
Other Sectors41,560,318 124,598 1,684,916 1,578,089 134,699 1,712,788
  Short-term301,010 41,724 342,734 290,441 48,156 338,597
    Money market instruments114,257 1,257 115,514 102,552 1,680 104,232
    Loans and deposits162,001 18,627 180,628 162,601 21,000 183,601
    Trade credit assets 24,752 21,840 46,592 25,288 25,476 50,764
  Long-term 1,259,308 82,874 1,342,182 1,287,648 86,543 1,374,191
    Bonds and notes* * 838,222 * * 859,170
    Loans* * 377,449 * * 384,068
    Other debt Assets84,985 41,526 126,511 84,167 46,786 130,953
            
Direct Investment5201,194 370,992 572,186 218,492 396,708 615,200
    Debt asset claims on affiliated enterprises5,214 210,415 215,629 3,047 229,145 232,192
    Debt asset claims on direct investors195,980 160,577 356,557 215,445 167,563 383,008
            
Reserve Assets0 1,087 1,087 0 1,335 1,335
            
External Assets in Debt Instruments2,387,519 574,464 2,961,983 2,454,526 611,840 3,066,366
            
Net External Debt6-1,086,307 161,750 -924,557 -1,154,488 161,488 -993,000
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.

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 Methodology Document (PDF 298KB)  

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