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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 On-line ISSN 2009-5317
CSO statistical release, , 11am

Quarterly International Investment Position and External Debt

Quarter 4 2017

     € billion
 30 Sep 201731 Dec 2017
 AssetsLiabilitiesNETAssetsLiabilitiesNET
General Government10.5141.5-131.010.5133.7-123.2
Monetary Authority33.416.916.431.617.613.9
Monetary Financial Institutions733.4701.432.0739.3700.738.6
Other Financial Intermediaries2,857.32,830.127.22,955.92,933.222.7
Non-Financial Companies742.01,185.0-443.0739.01,151.6-412.6
Total 4,376.74,875.0-498.34,476.44,936.9-460.5

Net IIP liability of €461 billion at end-December 2017

International Investment Position and External Debt Q4 2017 Figure 1
go to full release

At 31st December 2017, Ireland’s quarterly international investment position (IIP) results show overall stocks of foreign financial assets of €4,476bn – an increase of €100bn on the end-September 2017 level, while the corresponding stocks of foreign financial liabilities increased by €62bn to €4,937bn over the quarter. Irish residents had an overall net foreign liability of €461bn at end-December 2017, an improvement of €38bn on the net foreign liability level at end-September 2017 – see Table 1(a).

 

 

 

 

  

  

Some points of note in the Quarter 4 2017 IIP are:

  • Direct Investment Abroad decreased by €29bn to €750bn. Equity capital (including reinvested earnings) decreased €7.4bn while other capital decreased €21.5bn – see Table 3(a).
  • Foreign Assets of Other Financial Intermediaries increased by €98.6bn. With foreign liabilities increasing by €103bn the resulting net decreased to €23bn - see Table (1b).
  • Foreign Assets of the Monetary Authority decreased by €1.8bn while foreign liabilities increased by €0.7bn. The resulting net decreased to €13.9bn – see Table (1b).
X-axis labelDirect InvestmentPortfolio InvestmentOther InvestmentReserve AssetsNet IIP
Q4201519.699-690.525158.282.013-510.533
Q12016-18.757-637.447159.9672.937-493.3
Q22016-0.158-609.039125.022.762-481.415
Q3201627.069-617.735106.8033.128-480.735
Q42016-0.882-587.866100.7123.384-484.652
Q1201719.68-571.06752.453.294-495.643
Q2201751.875-630.07475.4043.379-499.416
Q3201721.943-556.46432.6063.599-498.316
Q4201716.11-550.30369.993.672-460.531

Figure 2 shows the net IIP over time along with the contribution of each instrument type to it. Net Portfolio Investment rose just over €6bn to -€550bn. Net Other Investment rose €37bn to €70bn, increasing by 115%. Reserve Assets grew by 2% to €3.7bn.

X-axis labelGeneral GovernmentMonetary Financial InstitutionsOther Financial IntermediariesNon-Financial Companies
31 Mar 2017634477607788
30 Jun 2017608452615784
30 Sep 2017618461631801
31 Dec 2017645468648844

For Portfolio Investment assets, equity and debt securities, the sector of the non-resident issuer is collected. Analysing this data shows that Irish residents hold debt as follows:

  • €645bn issued by foreign Governments
  • €468bn issued by foreign Monetary Financial Institutions (including Money Market Investment Funds)
  • €648bn issued by foreign Other Financial Intermediaries (including Non-Money Market Investment Funds)
  • €844bn issued by foreign Non-Financial Companies
X-axis labelDirect InvestmentOther SectorsMonetary Financial InstitutionsMonetary AuthorityGeneral Government
Q42016674.3861079.553205.58317.832134.272
Q12017646.341060.743204.03516.678139.457
Q22017654.3221017.208204.32516.744141.498
Q32017636.1641041.264197.86116.946141.114
Q42017609.021068.065196.42317.646133.299

Gross External Debtremains above €2 trillion at end-December 2017.

At 31st December 2017, the gross external debt of all resident sectors (i.e. general government, the monetary authority, financial and non-financial corporations and households) amounted to €2,024bn. This represents a decrease of less than €9bn 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 2017 (€2,033bn) – see Table 6(a).

 Points of note are:

  • General government foreign borrowing fell by less than €8bn to €133bn at end-December 2017.
  • Liabilities of the Monetary Authority consisting entirely of short term loans and deposits increased just over €0.7bn to €17.6bn. 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) fell €1.4bn to €196.4bn at end-December 2017.
  • The liabilities of Other sectors at €1,068bn increased €27bn on the previous quarter. This was made up of a rise in long term debt of €13bn and a rise in short term debt of €14bn.
  • Direct investment liabilities decreased by €27bn to €609bn in the quarter.
  • The Net External Debt position was -€1,135bn at end-December 2017 i.e. assets exceeded liabilities - see Table 6(b)

  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
ItemQ1 2016Q2 2016Q3 2016Q4 2016Q1 2017Q2 2017 Q3 2017 Q4 2017
Foreign Assets
  Direct Investment Abroad 1786,006772,789796,434798,787830,315826,914778,897750,002
  Portfolio Investment2,086,7772,181,6932,245,1162,348,5042,506,3902,460,0042,511,3222,605,034
  Other Investment 21,284,5201,208,6611,207,9471,215,8941,179,3451,157,2511,082,8781,117,652
  Reserve Assets2,9372,7623,1283,3843,2943,3793,5993,672
  Total Foreign Assets4,160,2404,165,9054,252,6254,366,5694,519,3444,447,5484,376,6964,476,360
 
Foreign Liabilities
  Direct Investment in Ireland1804,763772,947769,365799,669810,635775,039756,954733,892
  Portfolio Investment2,724,2242,790,7322,862,8512,936,3703,077,4573,090,0783,067,7863,155,337
  Other Investment 21,124,5531,083,6411,101,1441,115,1821,126,8951,081,8471,050,2721,047,662
  Total Foreign Liabilities 4,653,5404,647,3204,733,3604,851,2215,014,9874,946,9644,875,0124,936,891
 
Net International Investment Position (IIP)
  Direct Investment1-18,757-15827,069-88219,68051,87521,94316,110
  Portfolio Investment-637,447-609,039-617,735-587,866-571,067-630,074-556,464-550,303
  Other Investment 2159,967125,020106,803100,71252,45075,40432,60669,990
  Reserve Assets2,9372,7623,1283,3843,2943,3793,5993,672
 
  Total (Net IIP)-493,300-481,415-480,735-484,652-495,643-499,416-498,316-460,531
1Reflecting the 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
ItemQ1 2016Q2 2016Q3 2016Q4 2016Q1 2017Q2 2017 Q3 2017 Q4 2017
Foreign Assets
  General Government9,9989,97310,52010,25410,50610,41310,52710,521
  Monetary Authority 122,02522,52325,38623,73129,22035,19233,38331,579
  Monetary Financial Institutions 2687,752735,110715,347746,958753,656733,931733,426739,269
  Other Sectors33,440,4653,398,2993,501,3723,585,6263,725,9623,668,0143,599,3613,694,990
    of which:
      Other Financial Intermediaries2,678,8322,640,3922,716,6742,789,1272,914,7592,879,9332,857,3412,955,945
      Non-Financial Companies4761,633757,907784,698796,499811,203788,081742,019739,045
Total Foreign Assets4,160,2404,165,9054,252,6254,366,5694,519,3444,447,5504,376,6964,476,359
 
Foreign Liabilities
  General Government146,658138,674139,570134,688139,871141,900141,510133,693
  Monetary Authority 117,41019,79016,44717,83216,67816,74416,94617,646
  Monetary Financial Institutions 2678,318718,197706,290724,226726,419714,609701,441700,704
  Other Sectors33,811,1543,770,6583,871,0523,974,4764,132,0184,073,7104,015,1154,084,847
    of which:
      Other Financial Intermediaries2,635,0802,593,3742,670,6902,725,6162,867,5702,847,6252,830,1342,933,200
      Non-Financial Companies41,176,0741,177,2841,200,3621,248,8601,264,4481,226,0851,184,9821,151,647
Total Foreign Liabilities 4,653,5404,647,3204,733,3604,851,2215,014,9874,946,9634,875,0124,936,890
 
Net International Investment Position (IIP)
  General Government-136,660 -128,701 -129,050 -124,434 -129,365 -131,487 -130,984 -123,172
  Monetary Authority 14,6152,7338,9395,89912,54218,44816,43713,933
  Monetary Financial Institutions 29,43416,9139,05722,73227,23719,32231,98538,565
  Other Sectors3-370,689 -372,359 -369,680 -388,850 -406,056 -405,696 -415,755 -389,857
    of which:
      Other Financial Intermediaries43,75247,01845,98463,51147,18932,30827,20822,745
      Non-Financial Companies4-414,441 -419,377 -415,664 -452,361 -453,245 -438,004 -442,962 -412,602
Total (Net IIP)-493,300 -481,415 -480,735 -484,652 -495,643 -499,413 -498,316 -460,531
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 2017 31 Dec 2017
ItemIFSCnon-IFSCTotal IFSCnon-IFSCTotal
Foreign Assets
  General Government010,52710,527 010,52110,521
  Monetary Authority1033,38333,383 031,57931,579
  Monetary Financial Institutions 2675,75657,670733,426 683,00156,268739,269
  Other Sectors32,719,735879,6253,599,360 2,809,113885,8773,694,990
    of which:
      Other Financial Intermediaries2,719,735137,6062,857,341 2,809,113146,8322,955,945
      Non-Financial Companies40742,019742,019 0739,045739,045
Total Foreign Assets3,395,491981,2054,376,696 3,492,114984,2454,476,359
 
Foreign Liabilities
  General Government0141,510141,510 0133,693133,693
  Monetary Authority1016,94616,946 017,64617,646
  Monetary Financial Institutions 2658,88442,557701,441 663,70836,996700,704
  Other Sectors32,867,0741,148,0424,015,116 2,971,0121,113,8354,084,847
    of which:
      Other Financial Intermediaries2,867,074-36,940 2,830,134 2,971,012-37,812 2,933,200
      Non-Financial Companies401,184,9821,184,982 01,151,6471,151,647
Total Foreign Liabilities 3,525,9581,349,0564,875,014 3,634,7201,302,1714,936,891
 
Net International Investment Position (IIP)
  General Government0-130,983 -130,983  0-123,172 -123,172
  Monetary Authority1016,43716,437 013,93313,933
  Monetary Financial Institutions 216,87215,11331,985 19,29319,27238,565
  Other Sectors3-147,339 -268,417 -415,756  -161,899 -227,958 -389,857
    of which:
      Other Financial Intermediaries-147,339 174,54627,207 -161,899 184,64422,745
      Non-Financial Companies40-442,963 -442,963  0-412,602 -412,602
Total (Net IIP)-130,467 -367,853 -498,318  -142,606 -317,928 -460,532
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 2017Q2 2017Q3 2017Q4 2017
Foreign Assets
  Direct Investment Abroad1830,315826,914778,897750,002
    Equity capital and reinvested earnings 738,614753,746696,893689,473
    Other capital91,70173,16882,00460,530
 
  Portfolio Investment 2,506,3902,460,0042,511,3222,605,034
    Equity 976,156990,0511,028,3751,072,460
        Monetary authority20000
        General government4,1034,2424,2544,116
        Monetary financial institutions32,0632,0111,7232,129
        Other sectors969,989983,7981,022,3981,066,215
 
    Debt instruments1,530,2341,469,9531,482,9471,532,574
      Bonds and notes1,070,6241,049,0011,055,0651,082,991
        Monetary authority218,57219,72420,22920,902
        General government1,9311,9271,9441,956
        Monetary financial institutions394,93883,53878,83573,363
        Other sectors955,183943,811954,057986,770
 
      Money market instruments459,611420,952427,882449,584
        Monetary authority 21,9381,9651,4581,284
        General government0000
        Monetary financial institutions 3351,896327,460329,835341,153
        Other sectors105,77791,52796,589107,147
 
  Other Investment 1,179,3451,157,2531,082,8751,117,650
    Loans, currency and deposits783,782791,162796,568815,251
        Monetary authority24,5449,2537,2254,850
        General government2,4422,4712,4832,589
        Monetary financial institutions3273,569290,623294,449289,362
        Other sectors503,227488,815492,411518,450
 
    Trade Credits47,63647,99645,52850,223
        General government0000
        Other sectors47,63647,99645,52850,223
 
    Other assets4347,928318,096240,782252,179
        Monetary authority2872872872872
        General government1,9941,7361,8081,823
        Monetary financial institutions325,89225,14723,79927,579
        Other sectors319,170290,341214,303221,905
 
  Reserve assets3,2943,3803,5993,672
    Monetary gold212199199198
    Special drawing rights829830792776
    Reserve Position in the IMF1,025985966959
    Foreign Exchange461571695597
    Other7647929451,140
 
Total Foreign Assets4,519,3444,447,5514,376,6934,476,358
1Reflecting the 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 2017Q2 2017Q3 2017Q4 2017
Foreign Liabilities
  Direct Investment in Ireland1810,635775,039756,954733,892
    Equity capital and reinvested earnings 748,828706,603701,963665,130
    Other capital61,80768,43554,99268,762
 
  Portfolio Investment 3,077,4573,090,0783,067,7863,155,337
    Equity 2,594,4332,617,6002,621,9422,703,797
        Monetary authority20000
        General government0000
        Monetary financial institutions3459,680453,711449,462453,993
        Other sectors2,134,7532,163,8892,172,4802,249,804
 
    Debt instruments483,024472,477445,844451,539
      Bonds and notes464,906451,515425,900434,012
        Monetary authority20000
        General government82,46083,31683,92682,862
        Monetary financial institutions329,86329,86529,17328,020
        Other sectors352,583338,335312,801323,130
 
      Money market instruments18,11820,96219,94317,527
        Monetary authority20000
        General government3,1484,6753,6922,397
        Monetary financial institutions314,57715,41615,40314,540
        Other sectors393870849591
 
  Other Investment 1,126,8951,081,8471,050,2721,047,662
    Loans, currency and deposits560,214547,609589,005589,624
        Monetary authority216,67816,74416,94617,646
        General government53,84953,50753,49648,040
        Monetary financial institutions3149,445147,360140,619135,177
        Other sectors340,242329,996377,944388,761
 
    Trade Credits34,39333,51842,53745,552
        General government0000
        Other sectors34,39333,51842,53745,552
 
    Other liabilities4532,288500,721418,731412,486
        Monetary authority20000
        General government281271266264
        Monetary financial institutions330,87131,37831,53735,423
        Other sectors501,136469,071386,928376,799
 
Total Foreign Liabilities5,014,9874,946,9644,875,0124,936,891
1Reflecting the 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 2017Q2 2017Q3 2017Q4 2017
Foreign Assets
  Direct Investment Abroad1830,315826,914778,897750,002
     IFSC84,55884,91780,22679,192
     Non-IFSC745,757741,997698,671670,810
  Portfolio Investment2,506,3902,460,0042,511,3222,605,034
     IFSC2,351,2162,307,0532,356,4322,445,365
     Non-IFSC155,174152,951154,890159,669
  Other Investment21,179,3451,157,2511,082,8781,117,652
     IFSC1,042,0981,032,493958,833967,557
     Non-IFSC137,247124,758124,045150,095
  Reserve Assets3,2943,3793,5993,672
     IFSC0000
     Non-IFSC3,2943,3793,5993,672
Total Foreign Assets4,519,3444,447,5484,376,6964,476,360
     IFSC3,477,8723,424,4633,395,4913,492,114
     Non-IFSC1,041,4721,023,085981,205984,246
 
Foreign Liabilities
  Direct Investment in Ireland1810,635775,039756,954733,892
     IFSC256,655214,970209,322220,419
     Non-IFSC553,980560,069547,632513,473
  Portfolio Investment3,077,4573,090,0783,067,7863,155,337
     IFSC2,416,0862,437,3562,465,2292,562,362
     Non-IFSC661,371652,722602,557592,975
  Other Investment21,126,8951,081,8471,050,2721,047,662
     IFSC926,190883,701851,407851,939
     Non-IFSC200,705198,146198,865195,723
Total Foreign Liabilities 5,014,9874,946,9644,875,0124,936,891
     IFSC3,598,9313,536,0273,525,9583,634,720
     Non-IFSC1,416,0561,410,9371,349,0541,302,171
 
Net International Investment Position (IIP)
  Direct Investment119,68051,87521,94316,110
     IFSC-172,097-130,053-129,096-141,227
     Non-IFSC191,777181,928151,039157,337
  Portfolio Investment-571,067-630,074-556,464-550,303
     IFSC-64,870-130,303-108,797-116,997
     Non-IFSC-506,197-499,771-447,667-433,306
  Other Investment252,45075,40432,60669,990
     IFSC115,908148,792107,426115,618
     Non-IFSC-63,458-73,388-74,820-45,628
  Reserve Assets3,2943,3793,5993,672
     IFSC0000
     Non-IFSC3,2943,3793,5993,672
Total (Net IIP)-495,643-499,416-498,316-460,531
     IFSC-121,059-111,564-130,467-142,606
     Non-IFSC-374,586-387,854-367,851-317,927
1Reflecting the 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 2017 - Reconciliation of IIP and BOP Flows € million
ItemOpening Position 01/10/17 Bop Flows in Quarter Valuation and Other Changes Closing Position 31/12/17
Foreign Assets
 
  Direct Investment Abroad1778,897 -21,661  -7,234  750,002
    Equity capital and reinvested earnings 696,893 -2,210  -5,210  689,473
    Other capital82,004 -19,451  -2,023  60,530
 
  Portfolio Investment 2,511,322 73,494 20,218 2,605,034
    Equity 1,028,375 19,454 24,631 1,072,460
    Debt instruments 1,482,947 54,040 -4,413  1,532,574
      Bonds and notes1,055,065 25,336 2,590 1,082,991
      Money market instruments427,882 28,703 -7,001  449,584
 
  Other Investment 1,082,878 32,161 2,613 1,117,652
    Loans, currency and deposits796,569 28,115 -9,433  815,251
    Other2286,310 4,046 12,045 302,401
 
  Reserve Assets3,599 102 -29  3,672
 
Total Foreign Assets4,376,696 84,096 15,568 4,476,360
 
Foreign Liabilities
 
  Direct Investment in Ireland1756,954 -18,798  -4,264  733,892
    Equity capital and reinvested earnings 701,963 -21,991  -14,842  665,130
    Other capital54,992 3,193 10,577 68,762
 
  Portfolio Investment 3,067,786 80,967 6,584 3,155,337
    Equity 2,621,942 72,840 9,015 2,703,797
    Debt instruments 445,844 8,127 -2,432  451,539
      Bonds and notes425,900 10,513 -2,401  434,012
      Money market instruments19,943 -2,386  -30  17,527
 
  Other Investment 1,050,272 9,251 -11,861  1,047,662
    Loans, currency and deposits589,005 2,497 -1,878  589,624
    Other2461,268 6,754 -9,984  458,038
 
Total Foreign Liabilities4,875,012 71,420 -9,541  4,936,891
1Reflecting the 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 6(a) Gross External Debt1€ million
30-Sep-1731-Dec-17
ItemIFSC non-IFSC Total IFSC non-IFSC Total
General Government0 141,114 141,114 0 133,299 133,299
  Short-term0 5,753 5,753 0 4,445 4,445
    Money market instruments0 3,692 3,692 0 2,397 2,397
    Loans0 2,061 2,061 0 2,048 2,048
  Long-term 0 135,361 135,361 0 128,854 128,854
    Bonds and notes0 83,926 83,926 0 82,862 82,862
    Loans0 51,435 51,435 0 45,992 45,992
 
Monetary Authority20 16,946 16,946 0 17,646 17,646
  Short-term0 16,946 16,946 0 17,646 17,646
    Loans and deposits0 16,946 16,946 0 17,646 17,646
  Long-term 0 0 0 0 0 0
    Other debt liabilities0 0 0 0 0 0
 
Monetary Financial Institutions3170,906 26,955 197,861 170,861 25,562 196,423
  Short-term120,559 20,103 140,662 116,896 18,828 135,724
    Money market instruments15,403 0 15,403 14,540 0 14,540
    Loans and deposits105,156 20,103 125,259 102,356 18,828 121,184
  Long-term 50,347 6,852 57,199 53,965 6,734 60,699
    Bonds and notes23,445 5,728 29,173 22,148 5,872 28,020
    Loans14,301 1,058 15,359 13,200 794 13,994
    Other debt liabilities12,601 66 12,667 18,617 68 18,685
 
Other Sectors4932,349 108,915 1,041,264 955,695 112,370 1,068,065
  Short-term211,302 44,551 255,853 220,651 49,000 269,651
    Money market instruments193 656 849 154 437 591
    Loans and deposits201,212 11,255 212,467 211,534 11,974 223,508
    Trade credits 9,897 32,640 42,537 8,963 36,589 45,552
  Long-term 721,047 64,364 785,411 735,044 63,370 798,414
    Bonds and notes307,476 5,325 312,801 317,734 5,396 323,130
    Loans142,312 23,165 165,477 143,119 22,134 165,253
    Other debt liabilities271,259 35,874 307,133 274,191 35,840 310,031
 
Direct Investment5162,861 473,303 636,164 139,451 469,569 609,020
    Debt liabilities to affiliated enterprises 4,445 178,328 182,773 4,433 181,654 186,087
    Debt liabilities to direct investors158,416 294,975 453,391 135,018 287,915 422,933
 
Gross External Debt1,266,116 767,233 2,033,331 1,266,007 758,446 2,024,432
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 201731 Dec 2017
ItemIFSC non-IFSC Total IFSC non-IFSC Total
General Government0 4,427 4,427 0 4,545 4,545
  Short-term0 993 993 0 1,103 1,103
    Money market instruments0 0 0 0 0 0
    Loans and Deposits0 993 993 0 1,103 1,103
  Long-term 0 3,434 3,434 0 3,442 3,442
    Bonds and notes0 1,944 1,944 0 1,956 1,956
    Loans0 1,490 1,490 0 1,486 1,486
 
Monetary Authority20 28,912 28,912 0 27,036 27,036
  Short-term0 8,683 8,683 0 6,134 6,134
    Money market instruments0 1,458 1,458 0 1,284 1,284
    Loans and deposits0 7,225 7,225 0 4,850 4,850
  Long-term 0 20,229 20,229 0 20,902 20,902
    Bonds and notes0 20,229 20,229 0 20,902 20,902
 
Monetary Financial Institutions3660,336 50,067 710,403 668,180 48,626 716,806
  Short-term572,534 25,167 597,701 581,867 25,979 607,846
    Money market instruments329,464 371 329,835 340,782 371 341,153
    Loans and deposits243,070 24,796 267,866 241,085 25,608 266,693
  Long-term 87,802 24,900 112,702 86,313 22,647 108,960
    Bonds and notes61,557 17,278 78,835 56,662 16,701 73,363
    Loans19,158 7,425 26,583 16,920 5,749 22,669
    Other debt Assets7,087 197 7,284 12,731 197 12,928
 
Other Sectors41,598,385 115,478 1,713,863 1,662,808 145,795 1,808,603
  Short-term306,901 50,658 357,559 331,052 54,298 385,350
    Money market instruments94,733 1,856 96,589 105,392 1,755 107,147
    Loans and deposits190,561 24,881 215,442 203,059 24,921 227,980
    Trade credit assets 21,607 23,921 45,528 22,601 27,622 50,223
  Long-term 1,291,484 64,820 1,356,304 1,331,756 91,497 1,423,253
    Bonds and notes914,913 39,144 954,057 946,533 40,237 986,770
    Loans276,851 117 276,968 290,341 130 290,471
    Other debt Assets99,720 25,559 125,279 94,882 51,130 146,012
 
Direct Investment5199,884 463,291 663,175 152,934 447,855 600,789
    Debt asset claims on affiliated enterprises4,809 259,967 264,776 4,743 241,874 246,617
    Debt asset claims on direct investors195,075 203,324 398,399 148,191 205,981 354,172
 
Reserve Assets0 1,640 1,640 0 1,737 1,737
 
External Assets in Debt Instruments2,458,605663,815 3,122,420 2,483,922675,594 3,159,516
 
Net External Debt6-1,192,489 103,418 -1,089,089 -1,217,915 82,852 -1,135,084
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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