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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 1 2015

      
     € billion
 31 Dec 201431 Mar 2015
 AssetsLiabilitiesNETAssetsLiabilitiesNET
General Government10.8130.6-119.710.8132.8-122.0
Monetary Authority20.838.8-18.019.034.3-15.3
Monetary Financial Institutions749.6719.030.6805.5764.441.2
Other Financial Intermediaries2,031.71,993.238.42,289.02,254.334.7
Non-Financial Companies517.8646.2-128.4703.8827.3-123.5
Total 3,330.73,527.8-197.13,828.14,013.0-184.9

Net IIP liability of €185 billion at end-March 2015

International Investment Position and External Debt March 2015 Figure 1
go to full release

At 31st March 2015, Ireland’s quarterly international investment position (IIP) results show overall stocks of foreign financial assets of €3,828bn – an increase of €497bn on the end-December 2014 level, while the corresponding stocks of foreign financial liabilities increased by €485bn to €4,013bn over the quarter. Irish residents had an overall net foreign liability of €185bn at end-March 2015, a decrease of €12bn on the net foreign liability level at end-December 2014 – see Table 1a.

Some points of note in the Quarter 1 2015 IIP are:

  • Direct investment abroad increased by €191bn to €714bn. Equity capital (including reinvested earnings) increased €191bn while other capital remained broadly unchanged – see Table 3(a).
  • Foreign assets of Non-Financial Companies increased by €186bn. With foreign liabilities increasing €181bn the resulting net liability decreased to €123bn - see Table 1b.
X-axis labelGeneral GovernmentMonetary Financial IntermediariesOther Financial IntermediariesNon-Financial Companies
31 Dec 2014415594301623
31 Mar 2015451635372695

Portfolio Investment assets, equity and debt securities are available by sector of the non-resident issuer (see table 3a for this breakdown).  Analysing this data shows that Irish residents hold debt as follows:

  • €451bn issued by foreign Governments
  • €635bn issued by foreign Monetary Financial Institutions (including Money Market Investment Funds)
  • €372bn issued by foreign Other Financial Intermediaries (including Non-Money Market Investment Funds)
  • €695bn 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/

X-axis labelOther currencies LiabilitiesOther currencies AssetsUS Dollar LiabilitiesUS Dollar Assets Euro LiabilitiesEuro Assets
Q1 2014-134.5478.8-61333.4-117261
Q2 2014-135.4492.6-61.7339.2-118.5268.3
Q3 2014-135.1530.2-60.8363.4-117.2278.4
Q4 2014-139.4530.1-62.9378.5-121.1282.8
Q1 2015-148.4573-66.6437.2-128.3293.8

For Portfolio Investment debt securities information is collected on the currency of issue. This data is illustrated here. These data show that in Q1 2015, for debt security assets:

  • 22.5% were denominated in Euro
  • 33.5% were denominated in U.S. Dollars

For debt security liabilities:

  • 37.4% were denominated in Euro
  • 19.4% were denominated in U.S. Dollars

 

X-axis labelDirect InvestmentOther SectorsMonetary Financial InstitutionsMonetary AuthorityGeneral Government
30 Jun 2014309.059770.776263.17244.854131.685
30 Sep 2014335.473800.596260.56239.244134.372
31 Dec 2014371.015822.636251.35138.758130.574
31 Mar 2015410.919900.079243.4434.269132.794

Gross External Debt1 is €1.7 trillion at end-March 2015

At 31st March 2015, the gross external debt of all resident sectors (i.e. general government, the monetary authority, financial and non-financial corporations and households) amounted to €1,721bn. This represents an increase of €107bn 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 December 2014 (€1,614bn) – see Table 6a. Points of note are

  • General government foreign borrowing increased by €2.2bn to €133bn at end-March 2015.
  • Liabilities of the Monetary Authority consisting entirely of short term loans and deposits amounted to €34bn. 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 €243bn at end-March 2015, a decrease of €7.9bn on the end-December 2014 stock level.
  • The liabilities of Other sectors at €900bn increased €77bn on the previous quarter. Short term debt increased by €2.8bn while long term debt increased by €75bn.
  • Direct investment liabilities increased by€40bn to €411bn in the quarter.
  • The Net External Debt position was -€1,017bn at end-March 2015 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
ItemQ1 20131 Q2 20131Q3 20131Q4 20131Q1 20141Q2 20141Q3 20141Q4 20141Q1 2015
Foreign Assets        
  Direct Investment Abroad 2330,461335,273335,132390,651400,936435,069475,372522,824714,072
  Portfolio Investment1,602,3481,573,6481,593,6781,625,3841,686,8821,749,3441,871,2691,935,1182,155,294
  Other Investment 3870,797848,760834,856791,672807,206825,465859,668871,308957,099
  Reserve Assets1,2861,2091,2131,1781,1921,2061,2501,4261,637
  Total Foreign Assets2,804,8922,758,8902,764,8792,808,8852,896,2163,011,0843,207,5593,330,6763,828,102
          
Foreign Liabilities         
  Direct Investment in Ireland 2286,744287,873284,508284,907268,155280,914307,285311,508327,025
  Portfolio Investment1,820,4451,785,9661,805,3241,859,4761,906,2422,012,5842,150,6242,261,9372,685,047
  Other Investment 3933,975925,282914,353886,881925,045926,165955,135954,3331,000,951
  Total Foreign Liabilities 3,041,1642,999,1213,004,1853,031,2643,099,4423,219,6633,413,0443,527,7784,013,023
     
Net International Investment Position (IIP)  
  Direct Investment 243,71747,40050,624105,744132,781154,155168,087211,316387,047
  Portfolio Investment-218,097-212,318-211,646-234,092-219,360-263,240-279,355-326,819-529,753
  Other Investment 3-63,178-76,522-79,497-95,209-117,839-100,700-95,467-83,025-43,852
  Reserve Assets1,2861,2091,2131,1781,1921,2061,2501,4261,637
          
  Total (Net IIP)-236,272-240,231-239,306-222,379-203,226-208,579-205,485-197,102-184,921
1Revised
2Reflecting the so-called directional principle for reclassifying Direct Investment (see background notes).
3Includes 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 March 2015 Table 1(a) (XLS 33KB)
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Table 1(b) International Investment Position (IIP) classified by Institutional Sector € million
ItemQ1 20131 Q2 20131Q3 20131Q4 20131Q1 20141Q2 20141Q3 20141Q4 20141Q1 2015
Foreign Assets 
  General Government17,51417,28017,11317,95416,50713,06313,76210,84410,798
  Monetary Authority 220,73520,27820,28720,40120,54320,61220,76220,78118,980
  Monetary Financial Institutions 3672,304634,024633,278605,385713,310722,683743,160749,588805,544
  Other Sectors 42,094,3382,087,3082,094,2022,165,1452,145,8572,254,7262,429,8752,549,4622,992,778
    of which:         
      Other Financial Intermediaries1,772,7261,761,9161,773,9441,785,7351,750,7151,824,7051,963,1942,031,6622,288,960
      Non-Financial Companies5321,612325,392320,258379,410395,142430,021466,681517,800703,818
Total Foreign Assets2,804,8922,758,8902,764,8792,808,8852,896,2163,011,0843,207,5593,330,6763,828,102
         
Foreign Liabilities         
  General Government132,254130,239129,794126,038129,664131,933134,373130,574132,794
  Monetary Authority 275,66673,04472,68771,59461,79044,85439,24438,75834,269
  Monetary Financial Institutions 3684,328648,744642,642617,348691,413699,088729,737718,979764,373
  Other Sectors 42,148,9162,147,0942,159,0632,216,2852,216,5782,343,7882,509,6922,639,4683,081,588
    of which:         
      Other Financial Intermediaries1,713,1481,703,0281,722,3251,730,8381,712,4121,795,3651,917,1921,993,2412,254,298
      Non-Financial Companies5435,768444,066436,738485,447504,166548,423592,500646,227827,290
Total Foreign Liabilities 3,041,1642,999,1213,004,1853,031,2643,099,4423,219,6633,413,0443,527,7784,013,023
         
Net International Investment Position (IIP)         
  General Government-114,740 -112,959 -112,681 -108,084 -113,157 -118,870 -120,611 -119,729 -121,996
  Monetary Authority 2-54,931 -52,766 -52,400 -51,193 -41,247 -24,242 -18,482 -17,977 -15,289
  Monetary Financial Institutions 3-12,024 -14,720 -9,364 -11,963 21,89723,59513,42330,60941,171
  Other Sectors 4-54,578 -59,786 -64,861 -51,140 -70,721 -89,062 -79,817 -90,006 -88,810
    of which:         
      Other Financial Intermediaries59,57858,88851,61954,89738,30329,34046,00238,42134,662
      Non-Financial Companies5-114,156 -118,674 -116,480 -106,037 -109,024 -118,402 -125,819 -128,427 -123,472
Total (Net IIP)-236,272 -240,231 -239,306 -222,379 -203,226 -208,579 -205,485 -197,102 -184,921
1Revised
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.
5Including households.
Open in Excel: International Investment Position and External Debt March 2015 Table 1(b) (XLS 34KB)
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Table 2 International Investment Position (IIP) - IFSC and non-IFSC activity by Institutional Sector € million
 31 Dec 20141 31 Mar 2015
ItemIFSCnon-IFSCTotal IFSCnon-IFSCTotal
Foreign Assets       
  General Government010,84410,844 010,79810,798
  Monetary Authority 2020,78120,781 018,98018,980
  Monetary Financial Institutions 3662,67586,913749,588 714,50991,035805,544
  Other Sectors 41,917,974631,4882,549,462 2,164,608828,1702,992,778
    of which:       
      Other Financial Intermediaries1,917,974113,6882,031,662 2,164,608124,3522,288,960
      Non-Financial Companies50517,800517,800 0703,818703,818
Total Foreign Assets2,580,649750,0273,330,676 2,879,117948,9853,828,102
        
Foreign Liabilities       
  General Government0130,574130,574 0132,794132,794
  Monetary Authority 2038,75838,758 034,26934,269
  Monetary Financial Institutions 3613,526105,453718,979 663,161101,212764,373
  Other Sectors 42,017,104622,3642,639,468 2,266,946814,6423,081,588
    of which:       
      Other Financial Intermediaries2,017,104-23,863 1,993,241 2,266,946-12,648 2,254,298
      Non-Financial Companies50646,227646,227 0827,290827,290
Total Foreign Liabilities 2,630,630897,1483,527,778 2,930,1071,082,9164,013,023
       
Net International Investment Position (IIP)       
  General Government0-119,729 -119,729  0-121,996 -121,996
  Monetary Authority 20-17,977 -17,977  0-15,289 -15,289
  Monetary Financial Institutions 349,149-18,540 30,609 51,348-10,177 41,171
  Other Sectors 4-99,130 9,124-90,006  -102,338 13,528-88,810
    of which:       
      Other Financial Intermediaries-99,130 137,55138,421 -102,338 137,00034,662
      Non-Financial Companies50-128,427 -128,427  0-123,472 -123,472
Total (Net IIP)-49,981 -147,121 -197,102  -50,990 -133,931 -184,921
1Revised
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.
5Including households.
Open in Excel: International Investment Position and External Debt March 2015 Table 2 (XLS 35KB)
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Table 3(a) International Investment Position (IIP) - Detailed Data  € million
ItemQ2 20141Q3 20141Q4 20141Q1 2015
Foreign Assets    
  Direct Investment Abroad 2435,069475,372522,824714,072
    Equity capital and reinvested earnings 370,429406,516444,890635,795
    Other capital64,64068,85677,93478,277
     
  Portfolio Investment 1,749,3441,871,2691,935,1182,155,294
    Equity 651,724699,268743,723851,319
        Monetary authority 30000
        General government2,7973,2213,5343,971
        Monetary financial institutions 42,7272,4762,9633,226
        Other sectors646,200693,571737,226844,122
     
    Debt instruments1,097,6211,172,0011,191,3951,303,975
      Bonds and notes744,440778,946792,661853,950
        Monetary authority 315,60415,06314,94813,517
        General government645575580605
        Monetary financial institutions 4129,500129,527126,040119,743
        Other sectors598,691633,781651,093720,084
     
      Money market instruments353,181393,055398,734450,026
        Monetary authority 33,7033,6763,8723,152
        General government0000
        Monetary financial institutions 4253,299275,335277,303310,615
        Other sectors96,179114,044117,559136,259
     
  Other Investment 825,465859,668871,308957,099
    Loans, currency and deposits621,876638,505642,333692,274
        Monetary authority 399773535674
        General government10,1719,6966,5515,779
        Monetary financial institutions 4272,759277,191272,239296,294
        Other sectors338,847350,845363,009389,527
     
    Trade Credits39,20537,16841,31342,005
        General government0000
        Other sectors39,20537,16841,31342,005
     
    Other assets 5164,382183,995187,662222,821
        Monetary authority 30000
        General government-68213849313
        Monetary financial institutions 460,85555,03567,23571,646
        Other sectors104,209128,822120,378150,862
     
  Reserve assets1,2061,2501,4261,637
    Monetary gold176176180201
    Special drawing rights736766776836
    Reserve Position in the IMF293305308332
    Foreign Exchange1334
    Other00159264
     
Total Foreign Assets3,011,0843,207,5593,330,6763,828,102
1Revised
2Reflecting the so-called directional principle for reclassifying Direct Investment (see background notes).
3Central Bank of Ireland.
4Covering licensed credit institutions and money market funds.
5Includes financial derivatives.
Open in Excel: International Investment Position and External Debt March 2015 Table 3(a) (XLS 34KB)
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Table 3(b) International Investment Position (IIP) - Detailed Data  € million
ItemQ2 20141Q3 20141Q4 20141Q1 2015
Foreign Liabilities   
  Direct Investment in Ireland2280,914307,285311,508327,025
    Equity capital and reinvested earnings 311,288333,922339,260355,681
    Other capital-30,374-26,637-27,752-28,657
     
  Portfolio Investment 2,012,5842,150,6242,261,9372,685,047
    Equity 1,696,9231,837,5141,938,5262,341,800
        Monetary authority 30000
        General government0000
        Monetary financial institutions 4350,266379,849379,955435,262
        Other sectors1,346,6571,457,6651,558,5701,906,538
     
    Debt instruments315,661313,110323,412343,247
      Bonds and notes304,667299,235309,548327,101
        Monetary authority 30000
        General government60,15460,09465,06073,652
        Monetary financial institutions 438,68037,83134,45829,462
        Other sectors205,833201,310210,030223,987
     
      Money market instruments10,99413,87513,86416,147
        Monetary authority 30000
        General government1,4091,9952,7564,732
        Monetary financial institutions 45,4167,9067,2967,543
        Other sectors4,1693,9743,8123,871
     
  Other Investment 926,165955,135954,3331,000,951
    Loans, currency and deposits562,020562,018551,179535,988
        Monetary authority 344,85439,24438,75834,269
        General government70,12372,28362,75854,410
        Monetary financial institutions 4213,124207,160197,785198,013
        Other sectors233,919243,331251,879249,296
     
    Trade Credits16,29817,40517,74517,811
        General government0000
        Other sectors16,29817,40517,74517,811
     
    Other liabilities 5347,847375,712385,408447,152
        Monetary authority30000
        General government0000
        Monetary financial institutions 435,85039,94845,36541,751
        Other sectors311,997335,764340,043405,401
     
Total Foreign Liabilities3,219,6633,413,0443,527,7784,013,023
1Revised
2Reflecting the so-called directional principle for reclassifying Direct Investment (see background notes).
3Central Bank of Ireland.
4Covering licensed credit institutions and money market funds.
5Includes financial derivatives and also includes life insurance liabilities to non-residents.
Open in Excel: International Investment Position and External Debt March 2015 Table 3(b) (XLS 33KB)
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Table 4 International Investment Position (IIP) showing IFSC and non–IFSC activity  € million
ItemQ2 20141Q3 20141Q4 20141Q1 2015
Foreign Assets
  Direct Investment Abroad 2435,069475,372522,824714,072
    - IFSC32,21731,10232,39737,120
    - Non-IFSC402,852444,270490,427676,952
  Portfolio Investment1,749,3441,871,2691,935,1182,155,294
    - IFSC1,610,3301,730,2171,789,1852,004,988
    - Non-IFSC139,014141,052145,933150,306
  Other Investment 3825,465859,668871,308957,099
    - IFSC722,922750,194759,067837,009
    - Non-IFSC102,543109,474112,241120,090
  Reserve Assets1,2061,2501,4261,637
    - IFSC0000
    - Non-IFSC1,2061,2501,4261,637
Total Foreign Assets3,011,0843,207,5593,330,6763,828,102
    - IFSC2,365,4692,511,5132,580,6492,879,117
    - Non-IFSC645,615696,046750,027948,985
     
Foreign Liabilities    
  Direct Investment in Ireland 2280,914307,285311,508327,025
    - IFSC103,595114,669112,865125,636
    - Non-IFSC177,319192,616198,643201,389
  Portfolio Investment2,012,5842,150,6242,261,9372,685,047
    - IFSC1,640,1101,736,9471,799,1622,030,025
    - Non-IFSC372,474413,677462,775655,022
  Other Investment 3926,165955,135954,3331,000,951
    - IFSC674,878708,497718,603774,446
    - Non-IFSC251,287246,638235,730226,505
Total Foreign Liabilities 3,219,6633,413,0443,527,7784,013,023
    - IFSC2,418,5832,560,1132,630,6302,930,107
    - Non-IFSC801,080852,931897,1481,082,916
     
Net International Investment Position (IIP)    
  Direct Investment 2154,155168,087211,316387,047
    - IFSC-71,378-83,567-80,468-88,516
    - Non-IFSC225,533251,654291,784475,563
  Portfolio Investment-263,240-279,355-326,819-529,753
    - IFSC-29,780-6,730-9,977-25,037
    - Non-IFSC-233,460-272,625-316,842-504,716
  Other Investment 3-100,700-95,467-83,025-43,852
    - IFSC48,04441,69740,46462,563
    - Non-IFSC-148,744-137,164-123,489-106,415
  Reserve Assets1,2061,2501,4261,637
    - IFSC0000
    - Non-IFSC1,2061,2501,4261,637
Total (Net IIP)-208,579-205,485-197,102-184,921
    - IFSC-53,114-48,600-49,981-50,990
    - Non-IFSC-155,465-156,885-147,121-133,931
1Revised
2Reflecting the so-called directional principle for reclassifying Direct Investment (see background notes).
3Includes 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 March 2015 Table 4 (XLS 34KB)
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Table 5 International Investment Position (IIP) - 31 March 2015 - Reconciliation of IIP and BOP Flows € million
ItemOpening Position 01/01/151 Bop Flows in Quarter Valuation and Other Changes Closing Position 31/03/15
Foreign Assets  
  
  Direct Investment Abroad 2522,824 47,912 143,336 714,072
    Equity capital and reinvested earnings 444,890 49,517 141,388 635,795
    Other capital77,934 -1,605  1,948 78,277
        
  Portfolio Investment 1,935,118 46,992 173,184 2,155,294
    Equity 743,723 14,647 92,949 851,319
    Debt instruments 1,191,395 32,345 80,235 1,303,975
      Bonds and notes792,661 5,255 56,034 853,950
      Money market instruments398,734 27,090 24,202 450,026
        
  Other Investment 871,308 38,514 47,277 957,099
    Loans, currency and deposits642,333 19,886 30,055 692,274
    Other 3228,975 18,627 17,224 264,826
        
  Reserve Assets1,426 209 2 1,637
        
Total Foreign Assets3,330,676 133,627 363,799 3,828,102
        
Foreign Liabilities       
        
  Direct Investment in Ireland 2311,508 8,851 6,666 327,025
    Equity capital and reinvested earnings 339,260 8,713 7,708 355,681
    Other capital-27,752  138 -1,043  -28,657
        
  Portfolio Investment 2,261,937 116,122 306,988 2,685,047
    Equity 1,938,526 103,185 300,089 2,341,800
    Debt instruments 323,412 12,937 6,898 343,247
      Bonds and notes309,548 12,481 5,072 327,101
      Money market instruments13,864 456 1,827 16,147
        
  Other Investment 954,333 5,128 41,490 1,000,951
    Loans, currency and deposits551,179 -30,328  15,137 535,988
    Other 3403,153 35,456 26,354 464,963
        
Total Foreign Liabilities3,527,778 130,101 355,144 4,013,023
1Revised
2Reflecting the so-called directional principle for reclassifying Direct Investment (see background notes).
3Includes 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 March 2015 Table 5 (XLS 34KB)
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Table 6(a) Gross External Debt1€ million
31 Dec 20142 31 Mar 2015
ItemIFSC non-IFSC Total IFSC non-IFSC Total
General Government0 130,574 130,574 0 132,794 132,794
  Short-term0 4,504 4,504 0 7,304 7,304
    Money market instruments0 2,756 2,756 0 4,732 4,732
    Loans0 1,748 1,748 0 2,572 2,572
  Long-term 0 126,070 126,070 0 125,490 125,490
    Bonds and notes0 65,060 65,060 0 73,652 73,652
    Loans0 61,010 61,010 0 51,838 51,838
            
Monetary Authority 30 38,758 38,758 0 34,269 34,269
  Short-term0 38,758 38,758 0 34,269 34,269
    Loans and deposits0 38,758 38,758 0 34,269 34,269
  Long-term 0 0 0 0 0 0
    Other debt liabilities0 0 0 0 0 0
            
Monetary Financial Institutions4182,082 69,269 251,351 177,569 65,871 243,440
  Short-term* * 179,141 * * 179,655
    Money market instruments* * 7,296 * * 7,543
    Loans and deposits120,427 51,418 171,845 121,512 50,600 172,112
  Long-term * * 72,210 * * 63,785
    Bonds and notes22,731 11,727 34,458 20,447 9,015 29,462
    Loans19,965 5,975 25,940 19,775 6,126 25,901
    Other debt liabilities* * 11,812 * * 8,422
            
Other Sectors 5749,761 72,875 822,636 824,059 76,021 900,080
  Short-term* * 121,088 * * 123,915
    Money market instruments* * 3,812 * * 3,871
    Loans and deposits92,851 6,680 99,531 93,338 8,894 102,232
    Trade credits 9,161 8,584 17,745 9,293 8,518 17,811
  Long-term * * 701,548 * * 776,165
    Bonds and notes* * 210,030 * * 223,987
    Loans122,556 29,792 152,348 117,934 29,131 147,065
    Other debt liabilities315,959 23,211 339,170 380,138 24,975 405,113
            
Direct Investment 6172,912 198,103 371,015 201,425 209,494 410,919
    Debt liabilities to affiliated enterprises 4,261 66,651 70,912 6,119 77,877 83,996
    Debt liabilities to direct investors168,651 131,452 300,103 195,306 131,617 326,923
            
Gross External Debt1,104,755 509,579 1,614,333 1,203,053 518,449 1,721,499
1Gross external debt represents the stock of Ireland's liabilities to non-residents other than equity and financial derivatives.
2Revised
3Central Bank of Ireland.
4Covering licensed credit institutions and money market funds.
5Other 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.
6Covering 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.
Open in Excel: International Investment Position and External Debt March 2015 Table 6(a) (XLS 38KB)
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Table 6(b) External Assets in Debt Instruments 1€ million
31 Dec 2014231 Mar 2015
ItemIFSC non-IFSC Total IFSC non-IFSC Total
General Government0 7,130 7,130 0 6,384 6,384
  Short-term0 5,833 5,833 0 4,208 4,208
    Money market instruments0 0 0 0 0 0
    Loans and Deposits0 5,833 5,833 0 4,208 4,208
  Long-term 0 1,297 1,297 0 2,176 2,176
    Bonds and notes0 580 580 0 605 605
    Loans0 717 717 0 1,571 1,571
            
Monetary Authority 30 19,355 19,355 0 17,343 17,343
  Short-term0 4,407 4,407 0 3,826 3,826
    Money market instruments0 3,872 3,872 0 3,152 3,152
    Loans and deposits0 535 535 0 674 674
  Long-term 0 14,948 14,948 0 13,517 13,517
    Bonds and notes0 14,948 14,948 0 13,517 13,517
            
Monetary Financial Institutions 4637,647 76,302 713,949 689,192 79,291 768,483
  Short-term* * 520,492 * * 575,939
    Money market instruments* * 277,303 * * 310,615
    Loans and deposits200,216 42,973 243,189 220,327 44,997 265,324
  Long-term * * 193,457 * * 192,544
    Bonds and notes103,518 22,522 126,040 97,152 22,592 119,744
    Loans19,283 9,767 29,050 20,687 10,283 30,970
    Other debt Assets* * 38,367 * * 41,830
            
Other Sectors 51,199,058 82,365 1,281,423 1,340,418 87,260 1,427,678
  Short-term273,426 33,532 306,958 313,281 32,987 346,268
    Money market instruments116,561 998 117,559 136,017 242 136,259
    Loans and deposits135,653 12,433 148,086 154,488 13,516 168,004
    Trade credit assets 21,212 20,101 41,313 22,776 19,229 42,005
  Long-term 925,632 48,833 974,465 1,027,137 54,273 1,081,410
    Bonds and notes* * 651,093 * * 720,084
    Loans* * 214,922 * * 221,522
    Other debt Assets104,632 3,818 108,450 133,970 5,834 139,804
            
Direct Investment 6205,272 271,430 476,702 232,045 285,807 517,852
    Debt asset claims on affiliated enterprises5,801 143,046 148,847 7,094 155,179 162,273
    Debt asset claims on direct investors199,471 128,384 327,855 224,951 130,628 355,579
            
Reserve Assets0 162 162 0 268 268
            
External Assets in Debt Instruments2,041,977 456,744 2,498,721 2,261,655 476,353 2,738,008
            
Net External Debt 7-937,222 52,835 -884,388 -1,058,602 42,096 -1,016,509
1External Assets in Debt Instruments represents the stock of Ireland's claims on non-residents other than equity and financial derivatives.
2Revised
3Central Bank of Ireland.
4Covering licensed credit institutions and money market funds.
5Other 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.
6Covering 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.
7Net 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 March 2015 Table 6(b) (XLS 39KB)
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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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