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For more information on this release:
E-mail: bop@cso.ie John Sheridan (+353) 1 498 4258 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 2 2016

     € billion
 31 Mar 201630 Jun 2016
 AssetsLiabilitiesNETAssetsLiabilitiesNET
General Government10.0145.0-135.010.0139.0-129.1
Monetary Authority20.717.43.321.019.81.2
Monetary Financial Institutions709.6692.517.1728.5709.419.1
Other Financial Intermediaries2,668.32,620.148.22,646.52,593.952.5
Non-Financial Companies736.41,175.2-438.7732.81,165.0-432.2
Total 4,145.04,650.3-505.24,138.84,627.2-488.4

Net IIP liability of €488 billion at end-June 2016

International Investment Position and External Debt June 2016 Figure 1
go to full release

 

 At 30thJune 2016, Ireland’s quarterly international investment position(IIP) results show overall stocks of foreign financial assets of €4,139bn – a decrease of €6bn on the end-March 2016 level, while the corresponding stocks of foreign financial liabilities decreased by €23bn to €4,627bn over the quarter. Irish residents had an overall net foreign liability of €488bn at end-June 2016, a decrease of €17bn on the net foreign liability level at end-March 2016 –see Table 1a.

 

 

 

 

 

 

 

Some points of note in the Quarter 2 2016 IIP are:

  • Direct investment abroad decreased by €3bn to €765bn. Equity capital (including reinvested earnings) increased €16bn while other capital decreased €19bn – see Table 3(a).
  • Foreign assets of Other Financial Intermediaries decreased by €22bn. With foreign liabilities decreasing by €26bn the resulting net increased to €53bn - see Table 1b.
  • Foreign assets of Monetary Authorities increased by €0.3bn while foreign liabilities increased by €2.4bn. The resulting net decreased to €1.2bn – see Table 1b.

 

X-axis labelDirect InvestmentPortfolio InvestmentOther InvestmentReserve AssetsNet IIP
Q22014123.6-386.8-38.11.2-300.1
Q32014124.6-411.3-22.51.3-308
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

 

Figure 2 shows the net IIP over time along with the contribution of each instrument type to it. We can see that direct investment has a positive contribution this quarter after it’s negative contribution last quarter. Portfolio investment has had a negative contribution for the last nine quarters. In Q2 2014 other investment had a negative contribution while over the nine quarters this has become positive. Reserve assets have a positive contribution but this is very small relative to the other instrument types.

X-axis labelGeneral GovernmentMonetary Financial IntermediariesOther Financial IntermediariesNon-Financial Companies
31 Mar 2016503462469663
30 Jun 2016540477483685

 

 

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:

  • €540bn issued by foreign Governments
  • €477bn issued by foreign Monetary Financial Institutions (including Money Market Investment Funds)
  • €483bn issued by foreign Other Financial Intermediaries (including Non-Money Market Investment Funds)
  • €685bn 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 Portfolio Investment release.

 

X-axis labelDirect InvestmentOther SectorsMonetary Financial InstitutionsMonetary AuthorityGeneral Government
30 Sep 2015645.1371078.405213.88618.869145.656
31 Dec 2015717.2321139.946207.88919.287142.503
31 Mar 2016690.9821113.383203.00317.41144.63
30 Jun 2016700.1481041.1201.16819.79138.631

 

Gross External Debt 1 is €2.1 trillion at end-June 2016

At 30th June 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 €2,101bn. This represents a decrease of €69bn 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 31st March 2016 (€2,169bn) – see Table 6a. Points of note are:

  • General government foreign borrowing decreased by €6bn to €139bn at end-June 2016.
  • Liabilities of the Monetary Authority consisting entirely of short term loans and deposits amounted to €19.8bn. 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 €201bn at end-June 2016, a decrease of €1.8bn on the end-March 2016 stock level.
  • The liabilities of Other sectors at €1,041bn decreased €72bn on the previous quarter. Short term debt decreased by €9bn while long term debt decreased by €63bn.
  • Direct investment liabilities increased by €9bn to €700bn in the quarter.
  • The Net External Debt position was -€826bn at end-June 2016 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 – 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
ItemQ2 2014Q3 2014Q4 2014Q1 2015Q2 2015Q3 2015Q4 2015Q1 2016Q2 2016
Foreign Assets        
  Direct Investment Abroad 1428,090465,742510,178753,537747,912705,983815,202768,344765,136
  Portfolio Investment1,747,3601,869,3971,936,5192,153,8672,122,1192,039,3662,157,1172,098,2822,187,287
  Other Investment 21,002,6781,074,8391,188,5241,234,9841,205,3531,194,4141,298,8051,275,4811,183,627
  Reserve Assets1,2061,2501,4261,6371,9091,8732,0132,9282,771
  Total Foreign Assets3,179,3343,411,2283,636,6474,144,0254,077,2933,941,6364,273,1374,145,0354,138,821
          
Foreign Liabilities         
  Direct Investment in Ireland 1304,500341,149342,700651,870657,331664,556795,644789,602752,532
  Portfolio Investment2,134,1812,280,7192,400,3282,839,3392,774,8102,659,9532,844,3142,723,0722,794,658
  Other Investment 21,040,7361,097,3811,206,0491,194,9891,155,6831,135,8801,164,4381,137,5931,080,015
  Total Foreign Liabilities 3,479,4173,719,2493,949,0774,686,1984,587,8244,460,3894,804,3964,650,2674,627,205
  
Net International Investment Position (IIP)         
  Direct Investment 1123,590124,593167,478101,66790,58141,42719,558-21,25812,604
  Portfolio Investment-386,821-411,322-463,809-685,472-652,691-620,587-687,197-624,790-607,371
  Other Investment 2-38,058-22,542-17,52539,99549,67058,534134,367137,888103,612
  Reserve Assets1,2061,2501,4261,6371,9091,8732,0132,9282,771
          
  Total (Net IIP)-300,083-308,021-312,430-542,173-510,531-518,753-531,259-505,232-488,384
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
ItemQ2 2014Q3 2014Q4 2014Q1 2015Q2 2015Q3 2015Q4 2015Q1 2016Q2 2016
Foreign Assets         
  General Government13,04313,73910,81711,74411,08210,96710,7529,9989,973
  Monetary Authority 120,61220,76220,78118,96218,72618,72220,94520,71421,037
  Monetary Financial Institutions 2691,620720,342716,441768,631712,668710,480745,707709,600728,516
  Other Sectors32,454,0602,656,3852,888,6093,344,6883,334,8163,201,4673,495,7333,404,7233,379,296
    of which:         
      Other Financial Intermediaries2,033,5782,195,4772,381,3142,591,7172,592,3492,498,3022,693,3632,668,2892,646,458
      Non-Financial Companies4420,482460,908507,295752,971742,467703,165802,370736,434732,838
Total Foreign Assets3,179,3343,411,2283,636,6474,144,0254,077,2933,941,6364,273,1374,145,0354,138,821
         
Foreign Liabilities         
  General Government141,764145,554142,474146,857144,100146,041142,914145,032139,038
  Monetary Authority 144,85439,24438,75834,26926,87218,86919,28717,41019,790
  Monetary Financial Institutions 2699,454729,735718,978764,372702,766702,403732,821692,528709,398
  Other Sectors32,593,3452,804,7143,048,8673,740,7003,714,0873,593,0753,909,3753,795,2983,758,979
    of which:         
      Other Financial Intermediaries2,006,9872,157,4302,350,6762,559,3572,544,6192,457,9412,657,0232,620,1322,593,947
      Non-Financial Companies4586,358647,284698,1911,181,3431,169,4681,135,1341,252,3521,175,1661,165,032
Total Foreign Liabilities 3,479,4173,719,2493,949,0774,686,1984,587,8244,460,3894,804,3964,650,2674,627,205
         
Net International Investment Position (IIP)         
  General Government-128,721 -131,815 -131,657 -135,113 -133,018 -135,074 -132,162 -135,034 -129,065
  Monetary Authority 1-24,242 -18,482 -17,977 -15,307 -8,146 -147 1,6583,3041,247
  Monetary Financial Institutions 2-7,834 -9,393 -2,537 4,2599,9028,07712,88617,07219,118
  Other Sectors3-139,285 -148,329 -160,258 -396,012 -379,271 -391,608 -413,642 -390,575 -379,683
    of which:         
      Other Financial Intermediaries26,59138,04730,63832,36047,73040,36136,34048,15752,511
      Non-Financial Companies4-165,876 -186,376 -190,896 -428,372 -427,001 -431,969 -449,982 -438,732 -432,194
Total (Net IIP)-300,083 -308,021 -312,430 -542,173 -510,531 -518,753 -531,259 -505,232 -488,384
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
 31 Mar 2016 30 Jun 2016
ItemIFSCnon-IFSCTotal IFSCnon-IFSCTotal
Foreign Assets       
  General Government09,9989,998 09,9739,973
  Monetary Authority 1020,71420,714 021,03721,037
  Monetary Financial Institutions 2638,64370,957709,600 659,08869,428728,516
  Other Sectors 32,548,336856,3873,404,723 2,518,457860,8393,379,296
    of which:       
      Other Financial Intermediaries2,548,336119,9532,668,289 2,518,457128,0012,646,458
      Non-Financial Companies40736,434736,434 0732,838732,838
Total Foreign Assets3,186,979958,0564,145,035 3,177,545961,2764,138,821
        
Foreign Liabilities       
  General Government0145,032145,032 0139,038139,038
  Monetary Authority 1017,41017,410 019,79019,790
  Monetary Financial Institutions 2625,11667,412692,528 646,24863,150709,398
  Other Sectors 32,667,9511,127,3473,795,298 2,640,3141,118,6653,758,979
    of which:       
      Other Financial Intermediaries2,667,951-47,819 2,620,132 2,640,314-46,367 2,593,947
      Non-Financial Companies401,175,1661,175,166 01,165,0321,165,032
Total Foreign Liabilities 3,293,0671,357,2004,650,267 3,286,5621,340,6434,627,205
       
Net International Investment Position (IIP)       
  General Government0-135,034 -135,034  0-129,065 -129,065
  Monetary Authority 103,3043,304 01,2471,247
  Monetary Financial Institutions 213,5273,54517,072 12,8406,27819,118
  Other Sectors 3-119,615 -270,960 -390,575  -121,857 -257,826 -379,683
    of which:       
      Other Financial Intermediaries-119,615 167,77248,157 -121,857 174,36852,511
      Non-Financial Companies40-438,732 -438,732  0-432,194 -432,194
Total (Net IIP)-106,088 -399,144 -505,232  -109,017 -379,367 -488,384
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
ItemQ3 2015Q4 2015Q1 2016Q2 2016
Foreign Assets    
  Direct Investment Abroad 1705,983815,202768,344765,136
    Equity capital and reinvested earnings 630,453729,484684,388700,259
    Other capital75,53185,71883,95664,877
     
  Portfolio Investment 2,039,3662,157,1172,098,2822,187,287
    Equity 797,795844,562803,311827,714
        Monetary authority 20000
        General government3,3954,0024,3263,654
        Monetary financial institutions 32,5632,4541,7372,130
        Other sectors791,837838,106797,248821,931
     
    Debt instruments1,241,5711,312,5551,294,9711,359,573
      Bonds and notes841,014879,740883,504947,000
        Monetary authority 214,55215,60714,82315,245
        General government5735705951,361
        Monetary financial institutions3110,883121,174116,063125,490
        Other sectors715,006742,389752,024804,905
     
      Money market instruments400,556432,816411,467412,572
        Monetary authority 21,9352,3952,6512,548
        General government0000
        Monetary financial institutions 3301,440326,133302,599303,622
        Other sectors97,181104,287106,217106,402
     
  Other Investment 1,194,4141,298,8051,275,4811,183,627
    Loans, currency and deposits819,568874,285851,340819,128
        Monetary authority 2362930312473
        General government5,1984,5383,2893,187
        Monetary financial institutions 3265,105263,674257,477263,123
        Other sectors548,903605,143590,262552,345
     
    Trade Credits45,77449,99645,01049,044
        General government0000
        Other sectors45,77449,99645,01049,044
     
    Other assets 4329,072374,524379,131315,456
        Monetary authority 20000
        General government1,6701,5111,6581,641
        Monetary financial institutions 327,11628,08027,65929,959
        Other sectors300,286344,933349,814283,856
     
  Reserve assets1,8732,0132,9282,771
    Monetary gold183178198217
    Special drawing rights815829806819
    Reserve Position in the IMF3243299991,015
    Foreign Exchange4324
    Other547674923716
     
Total Foreign Assets3,941,6364,273,1374,145,0354,138,821
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
ItemQ3 2015Q4 2015Q1 2016Q2 2016
Foreign Liabilities   
  Direct Investment in Ireland 1664,556795,644789,602752,532
    Equity capital and reinvested earnings 473,790546,067564,073559,366
    Other capital190,766249,577225,529193,166
     
  Portfolio Investment 2,659,9532,844,3142,723,0722,794,658
    Equity 2,150,3442,311,4392,193,5232,291,987
        Monetary authority 20000
        General government0000
        Monetary financial institutions3414,806454,975419,635436,376
        Other sectors1,735,5391,856,4631,773,8891,855,611
     
    Debt instruments509,609532,875529,549502,672
      Bonds and notes491,739514,048511,023484,059
        Monetary authority 20000
        General government88,24186,80188,48382,275
        Monetary financial institutions330,02727,97326,66825,452
        Other sectors373,471399,274395,872376,332
     
      Money market instruments17,87018,82718,52618,613
        Monetary authority 20000
        General government2,8821,0512,2682,430
        Monetary financial institutions311,08612,92613,34815,028
        Other sectors3,9024,8502,9101,155
     
  Other Investment 1,135,8801,164,4381,137,5931,080,015
    Loans, currency and deposits570,208602,731587,704583,679
        Monetary authority 218,86919,28717,41019,790
        General government54,53354,65253,87953,926
        Monetary financial institutions3164,482158,064156,197152,645
        Other sectors332,325370,728360,219357,317
     
    Trade Credits31,75530,35827,63026,169
        General government0000
        Other sectors31,75530,35827,63026,169
     
    Other liabilities 4533,916531,349522,259470,168
        Monetary authority 20000
        General government253278271275
        Monetary financial institutions335,36233,94232,14735,583
        Other sectors498,300497,130489,841434,310
     
Total Foreign Liabilities4,460,3894,804,3964,650,2674,627,205
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
ItemQ3 2015Q4 2015Q1 2016Q2 2016
Foreign Assets
  Direct Investment Abroad 1705,983815,202768,344765,136
    - IFSC39,58284,68391,32390,935
    - Non-IFSC666,401730,519677,021674,201
  Portfolio Investment2,039,3662,157,1172,098,2822,187,287
    - IFSC1,903,1472,016,2121,957,9382,043,182
    - Non-IFSC136,219140,905140,344144,105
  Other Investment 21,194,4141,298,8051,275,4811,183,627
    - IFSC1,082,7081,148,8651,137,7181,043,428
    - Non-IFSC111,706149,940137,763140,199
  Reserve Assets1,8732,0132,9282,771
    - IFSC0000
    - Non-IFSC1,8732,0132,9282,771
Total Foreign Assets3,941,6364,273,1374,145,0354,138,821
    - IFSC3,025,4373,249,7603,186,9793,177,545
    - Non-IFSC916,1991,023,377958,056961,276
     
Foreign Liabilities    
  Direct Investment in Ireland 1664,556795,644789,602752,532
    - IFSC141,784215,286225,329210,747
    - Non-IFSC522,772580,358564,273541,785
  Portfolio Investment2,659,9532,844,3142,723,0722,794,658
    - IFSC2,063,6942,196,8092,122,6322,190,967
    - Non-IFSC596,259647,505600,440603,691
  Other Investment 21,135,8801,164,4381,137,5931,080,015
    - IFSC930,960961,605945,106884,848
    - Non-IFSC204,920202,833192,487195,167
Total Foreign Liabilities 4,460,3894,804,3964,650,2674,627,205
    - IFSC3,136,4383,373,7003,293,0673,286,562
    - Non-IFSC1,323,9511,430,6961,357,2001,340,643
     
Net International Investment Position (IIP)    
  Direct Investment 141,42719,558-21,25812,604
    - IFSC-102,202-130,603-134,006-119,812
    - Non-IFSC143,629150,161112,748132,416
  Portfolio Investment-620,587-687,197-624,790-607,371
    - IFSC-160,547-180,597-164,694-147,785
    - Non-IFSC-460,040-506,600-460,096-459,586
  Other Investment 258,534134,367137,888103,612
    - IFSC151,748187,260192,612158,580
    - Non-IFSC-93,214-52,893-54,724-54,968
  Reserve Assets1,8732,0132,9282,771
    - IFSC0000
    - Non-IFSC1,8732,0132,9282,771
Total (Net IIP)-518,753-531,259-505,232-488,384
    - IFSC-111,001-123,940-106,088-109,017
    - Non-IFSC-407,752-407,319-399,144-379,367
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) - 30 June 2016 - Reconciliation of IIP and BOP Flows € million
ItemOpening Position 01/04/16 Bop Flows in Quarter Valuation and Other Changes Closing Position 30/06/16
Foreign Assets 
 
  Direct Investment Abroad1768,344 -2,759  -449  765,136
    Equity capital and reinvested earnings 684,388 * * 700,259
    Other capital83,956 * * 64,877
        
  Portfolio Investment 2,098,282 28,284 60,721 2,187,287
    Equity 803,313 -16,297  40,698 827,714
    Debt instruments 1,294,970 44,581 20,022 1,359,573
      Bonds and notes883,503 37,795 25,702 947,000
      Money market instruments411,467 6,786 -5,681  412,572
        
  Other Investment 1,275,481 -23,930  -67,924  1,183,627
    Loans, currency and deposits851,338 13,496 -45,706  819,128
    Other2424,142 -37,426  -22,215  364,501
        
  Reserve Assets2,928 -212  55 2,771
        
Total Foreign Assets4,145,035 1,383 -7,597  4,138,821
        
Foreign Liabilities       
        
  Direct Investment in Ireland1789,602 -17,020  -20,050  752,532
    Equity capital and reinvested earnings 564,073 10,369 -15,076  559,366
    Other capital225,529 -27,388  -4,975  193,166
        
  Portfolio Investment 2,723,072 23,128 48,458 2,794,658
    Equity 2,193,523 53,731 44,733 2,291,987
    Debt instruments 529,549 -30,604  3,727 502,672
      Bonds and notes511,023 -30,088  3,124 484,059
      Money market instruments18,526 -516  603 18,613
        
  Other Investment 1,137,593 -7,770  -49,808  1,080,015
    Loans, currency and deposits587,703 708 -4,732  583,679
    Other2549,888 -8,477  -45,074  496,337
        
Total Foreign Liabilities4,650,267 -1,662  -21,400  4,627,205
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 6(a) Gross External Debt1€ million
31 Mar 2016 30 Jun 2016
ItemIFSC non-IFSC Total IFSC non-IFSC Total
General Government0 144,630 144,630 0 138,631 138,631
  Short-term0 4,636 4,636 0 4,706 4,706
    Money market instruments0 2,268 2,268 0 2,430 2,430
    Loans0 2,368 2,368 0 2,276 2,276
  Long-term 0 139,994 139,994 0 133,925 133,925
    Bonds and notes0 88,483 88,483 0 82,275 82,275
    Loans0 51,511 51,511 0 51,650 51,650
            
Monetary Authority20 17,410 17,410 0 19,790 19,790
  Short-term0 17,410 17,410 0 19,790 19,790
    Loans and deposits0 17,410 17,410 0 19,790 19,790
  Long-term 0 0 0 0 0 0
    Other debt liabilities0 0 0 0 0 0
            
Monetary Financial Institutions3162,436 40,567 203,003 162,247 38,921 201,168
  Short-term* * 148,085 * * 145,401
    Money market instruments* * 13,348 * * 15,028
    Loans and deposits102,231 32,506 134,737 100,291 30,082 130,373
  Long-term * * 54,918 * * 55,767
    Bonds and notes20,023 6,645 26,668 18,901 6,551 25,452
    Loans20,302 1,158 21,460 20,288 1,984 22,272
    Other debt liabilities* * 6,790 * * 8,043
            
Other Sectors41,027,180 86,203 1,113,383 953,179 87,921 1,041,100
  Short-term* * 222,058 * * 213,131
    Money market instruments* * 2,910 * * 1,155
    Loans and deposits180,126 11,392 191,518 175,186 10,621 185,807
    Trade credits 14,282 13,348 27,630 13,208 12,961 26,169
  Long-term * * 891,325 * * 827,969
    Bonds and notes* * 395,872 * * 376,332
    Loans142,911 25,789 168,700 146,023 25,487 171,510
    Other debt liabilities297,242 29,511 326,753 247,538 32,589 280,127
            
Direct Investment5195,967 495,015 690,982 181,274 518,874 700,148
    Debt liabilities to affiliated enterprises 3,849 108,061 111,910 4,106 127,693 131,799
    Debt liabilities to direct investors192,118 386,954 579,072 177,168 391,181 568,349
            
Gross External Debt1,385,583 783,825 2,169,407 1,296,700 804,137 2,100,838
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 investorsrefers to direct investment in Ireland.
*Suppressed for confidentiality reasons.
Table 6(b) External Assets in Debt Instruments1€ million
31 Mar 201630 Jun 2016
ItemIFSC non-IFSC Total IFSC non-IFSC Total
General Government0 3,884 3,884 0 4,548 4,548
  Short-term0 1,764 1,764 0 1,691 1,691
    Money market instruments0 0 0 0 0 0
    Loans and Deposits0 1,764 1,764 0 1,691 1,691
  Long-term 0 2,120 2,120 0 2,857 2,857
    Bonds and notes0 595 595 0 1,361 1,361
    Loans0 1,525 1,525 0 1,496 1,496
            
Monetary Authority20 17,786 17,786 0 18,266 18,266
  Short-term0 2,963 2,963 0 3,021 3,021
    Money market instruments0 2,651 2,651 0 2,548 2,548
    Loans and deposits0 312 312 0 473 473
  Long-term 0 14,823 14,823 0 15,245 15,245
    Bonds and notes0 14,823 14,823 0 15,245 15,245
            
Monetary Financial Institutions3620,031 60,596 680,627 638,639 57,686 696,325
  Short-term* * 530,463 * * 537,917
    Money market instruments* * 302,599 * * 303,622
    Loans and deposits193,303 34,561 227,864 201,195 33,100 234,295
  Long-term * * 150,164 * * 158,408
    Bonds and notes98,424 17,639 116,063 108,323 17,167 125,490
    Loans21,952 7,661 29,613 21,918 6,909 28,827
    Other debt Assets* * 4,488 * * 4,091
            
Other Sectors41,547,349 121,561 1,668,910 1,507,360 127,849 1,635,209
  Short-term317,256 38,273 355,529 289,910 44,691 334,601
    Money market instruments105,519 698 106,217 105,590 812 106,402
    Loans and deposits186,725 17,577 204,302 159,372 19,783 179,155
    Trade credit assets 25,012 19,998 45,010 24,948 24,096 49,044
  Long-term 1,230,093 83,288 1,313,381 1,217,450 83,158 1,300,608
    Bonds and notes* * 752,023 * * 804,904
    Loans* * 385,960 * * 373,190
    Other debt Assets131,552 43,846 175,398 80,690 41,824 122,514
            
Direct Investment5187,528 361,881 549,409 192,647 379,210 571,857
    Debt asset claims on affiliated enterprises5,294 190,572 195,866 5,416 191,259 196,675
    Debt asset claims on direct investors182,234 171,309 353,543 187,231 187,951 375,182
            
Reserve Assets0 925 925 0 720 720
            
External Assets in Debt Instruments2,354,908 566,633 2,921,541 2,338,646 588,279 2,926,925
            
Net External Debt6-969,325 217,192 -752,134 -1,041,946 215,858 -826,087
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 Quarterly International Investment Position and External Debt - Background Notes Quarterly International Investment Position and External Debt - Background Notes (PDF 298KB)  

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