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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 Visit StatCentral.ie, the portal to Ireland's official statistics On-line ISSN 2009-5317
CSO statistical release, 12 July 2016, 11am

Quarterly International Investment Position and External Debt

Quarter 1 2016

     € billion
 31 Dec 201531 Mar 2016
 AssetsLiabilitiesNETAssetsLiabilitiesNET
General Government10.8142.9-132.210.0145.0-135.0
Monetary Authority20.919.31.720.717.43.3
Monetary Financial Institutions745.7732.812.9709.6692.517.1
Other Financial Intermediaries2,693.42,657.036.32,668.32,620.148.2
Non-Financial Companies802.41,252.4-450.0736.41,175.2-438.7
Total 4,273.14,804.4-531.34,145.04,650.3-505.2

Net IIP liability of €505 billion at end-March 2016

International Investment Position and External Debt March 2016 Figure 1

 

At 31st March 2016, Ireland’s quarterly international investment position (IIP) results show overall stocks of foreign financial assets of €4,145bn – a decrease of €128bn on the end-December 2015 level, while the corresponding stocks of foreign financial liabilities decreased by €154bn to €4,650bn over the quarter. Irish residents had an overall net foreign liability of €505bn at end-March 2016, a decrease of €26bn on the net foreign liability level at end-December 2015 – see Table 1a.

 

 

 

 

 

Some points of note in the Quarter 1 2016 IIP are:

  • Direct investment abroad decreased by €47bn to €768bn. Equity capital (including reinvested earnings) decreased €45bn while other capital decreased €1.8bn – see Table 3(a).
  • Foreign assets of Other Financial Intermediaries decreased by €25bn. With foreign liabilities decreasing by €37bn the resulting net increased to €48bn - see Table 1b.
  • Foreign assets of Monetary Authorities decreased by €0.2bn while foreign liabilities decreased by €1.9bn. The resulting net increased to €3.3bn – see Table 1b.
X-axis labelDirect InvestmentPortfolio InvestmentOther InvestmentReserve AssetsNet IIP
Q12014109.3-334-53.41.2-276.9
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

Figure 2 shows the net IIP over time along with the contribution of each instrument type to it. We can see that in the previous eight quarters direct investment had a positive contribution while it has a negative contribution this quarter. Portfolio investment has had a negative contribution for all nine quarters. In Q1 2014 other investment had a negative contribution. This became less negative in the following quarters becoming positive in Q1 2015 and remaining positive in subsequent quarters. Reserve assets have had 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 Dec 2015499488488681
31 Mar 2016503462469663

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:

  • €503bn issued by foreign Governments
  • €462bn issued by foreign Monetary Financial Institutions (including Money Market Investment Funds)
  • €469bn issued by foreign Other Financial Intermediaries (including Non-Money Market Investment Funds)
  • €663bn 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 Jun 2015681.0261075.876229.59726.872143.994
30 Sep 2015645.1371078.405213.88618.869145.656
31 Dec 2015717.2321139.946207.88919.287142.503
31 Mar 2016690.9821113.383203.00317.41144.63

 

Gross External Debtwas €2.17 trillion at end-March 2016

At 31st March 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 €2,169bn. This represents a decrease of €57bn 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 2015 (€2,227bn) – see Table 6a. Points of note are:

  • General Government foreign borrowing increased by €2.1bn to €145bn at end-March 2016.
  • Liabilities of the Monetary Authority consisting entirely of short-term loans and deposits amounted to €17.4bn. 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 €203bn at end-March 2016, a decrease of €5bn on the end-December 2015 stock level.
  • The liabilities of Other sectors, at €1,113bn, decreased €27bn on the previous quarter. Short-term debt decreased by €5bn while long-term debt decreased by €22bn.
  • Direct investment liabilities decreased by €26bn to €691bn in the quarter.
  • The Net External Debt position was -€752bn at end-March 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
ItemQ1 20141Q2 20141Q3 20141Q4 20141Q1 20151Q2 20151Q3 20151Q4 20151Q1 2016
Foreign Assets        
  Direct Investment Abroad 2400,212428,090465,742510,178753,537747,912705,983815,202768,344
  Portfolio Investment1,670,2911,747,3601,869,3971,936,5192,153,8672,122,1192,039,3662,157,1172,098,282
  Other Investment 3984,3911,002,6781,074,8391,188,5241,234,9841,205,3531,194,4141,298,8051,275,481
  Reserve Assets1,1921,2061,2501,4261,6371,9091,8732,0132,928
  Total Foreign Assets3,056,0863,179,3343,411,2283,636,6474,144,0254,077,2933,941,6364,273,1374,145,035
          
Foreign Liabilities         
  Direct Investment in Ireland 2290,876304,500341,149342,700651,870657,331664,556795,644789,602
  Portfolio Investment2,004,2702,134,1812,280,7192,400,3282,839,3392,774,8102,659,9532,844,3142,723,072
  Other Investment 31,037,8311,040,7361,097,3811,206,0491,194,9891,155,6831,135,8801,164,4381,137,593
  Total Foreign Liabilities 3,332,9773,479,4173,719,2493,949,0774,686,1984,587,8244,460,3894,804,3964,650,267
   
Net International Investment Position (IIP)         
  Direct Investment 2109,336123,590124,593167,478101,66790,58141,42719,558-21,258
  Portfolio Investment-333,979-386,821-411,322-463,809-685,472-652,691-620,587-687,197-624,790
  Other Investment 3-53,440-38,058-22,542-17,52539,99549,67058,534134,367137,888
  Reserve Assets1,1921,2061,2501,4261,6371,9091,8732,0132,928
          
  Total (Net IIP)-276,891-300,083-308,021-312,430-542,173-510,531-518,753-531,259-505,232
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.
Table 1(b) International Investment Position (IIP) classified by Institutional Sector € million
ItemQ1 20141Q2 20141Q3 20141Q4 20141Q1 20151Q2 20151Q3 20151Q4 20151Q1 2016
Foreign Assets         
  General Government16,49113,04313,73910,81711,74411,08210,96710,7529,998
  Monetary Authority 220,54320,61220,76220,78118,96218,72618,72220,94520,714
  Monetary Financial Institutions 3662,530691,620720,342716,441768,631712,668710,480745,707709,600
  Other Sectors42,356,5212,454,0602,656,3852,888,6093,344,6883,334,8163,201,4673,495,7333,404,723
    of which:         
      Other Financial Intermediaries1,963,4572,033,5782,195,4772,381,3142,591,7172,592,3492,498,3022,693,3632,668,289
      Non-Financial Companies5393,064420,482460,908507,295752,971742,467703,165802,370736,434
Total Foreign Assets3,056,0863,179,3343,411,2283,636,6474,144,0254,077,2933,941,6364,273,1374,145,035
         
Foreign Liabilities         
  General Government136,705141,764145,554142,474146,857144,100146,041142,914145,032
  Monetary Authority 261,79044,85439,24438,75834,26926,87218,86919,28717,410
  Monetary Financial Institutions 3671,456699,454729,735718,978764,372702,766702,403732,821692,528
  Other Sectors42,463,0262,593,3452,804,7143,048,8673,740,7003,714,0873,593,0753,909,3753,795,298
    of which:         
      Other Financial Intermediaries1,931,0622,006,9872,157,4302,350,6762,559,3572,544,6192,457,9412,657,0232,620,132
      Non-Financial Companies5531,964586,358647,284698,1911,181,3431,169,4681,135,1341,252,3521,175,166
Total Foreign Liabilities 3,332,9773,479,4173,719,2493,949,0774,686,1984,587,8244,460,3894,804,3964,650,267
         
Net International Investment Position (IIP)         
  General Government-120,214 -128,721 -131,815 -131,657 -135,113 -133,018 -135,074 -132,162 -135,034
  Monetary Authority 2-41,247 -24,242 -18,482 -17,977 -15,307 -8,146 -147 1,6583,304
  Monetary Financial Institutions 3-8,926 -7,834 -9,393 -2,537 4,2599,9028,07712,88617,072
  Other Sectors4-106,505 -139,285 -148,329 -160,258 -396,012 -379,271 -391,608 -413,642 -390,575
    of which:         
      Other Financial Intermediaries32,39526,59138,04730,63832,36047,73040,36136,34048,157
      Non-Financial Companies5-138,900 -165,876 -186,376 -190,896 -428,372 -427,001 -431,969 -449,982 -438,732
Total (Net IIP)-276,891 -300,083 -308,021 -312,430 -542,173 -510,531 -518,753 -531,259 -505,232
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.
Table 2 International Investment Position (IIP) - IFSC and non-IFSC activity by Institutional Sector € million
 31 Dec 20151 31 Mar 2016
ItemIFSCnon-IFSCTotal IFSCnon-IFSCTotal
Foreign Assets       
  General Government010,75210,752 09,9989,998
  Monetary Authority 2020,94520,945 020,71420,714
  Monetary Financial Institutions 3671,13874,569745,707 638,64370,957709,600
  Other Sectors 42,578,622917,1113,495,733 2,548,336856,3873,404,723
    of which:       
      Other Financial Intermediaries2,578,622114,7412,693,363 2,548,336119,9532,668,289
      Non-Financial Companies50802,370802,370 0736,434736,434
Total Foreign Assets3,249,7601,023,3774,273,137 3,186,979958,0564,145,035
        
Foreign Liabilities       
  General Government0142,914142,914 0145,032145,032
  Monetary Authority 2019,28719,287 017,41017,410
  Monetary Financial Institutions 3657,09175,730732,821 625,11667,412692,528
  Other Sectors 42,716,6091,192,7663,909,375 2,667,9511,127,3473,795,298
    of which:       
      Other Financial Intermediaries2,716,609-59,586 2,657,023 2,667,951-47,819 2,620,132
      Non-Financial Companies501,252,3521,252,352 01,175,1661,175,166
Total Foreign Liabilities 3,373,7001,430,6964,804,396 3,293,0671,357,2004,650,267
       
Net International Investment Position (IIP)       
  General Government0-132,162 -132,162  0-135,034 -135,034
  Monetary Authority 201,6581,658 03,3043,304
  Monetary Financial Institutions 314,047-1,161 12,886 13,5273,54517,072
  Other Sectors 4-137,987 -275,655 -413,642  -119,615 -270,960 -390,575
    of which:       
      Other Financial Intermediaries-137,987 174,32736,340 -119,615 167,77248,157
      Non-Financial Companies50-449,982 -449,982  0-438,732 -438,732
Total (Net IIP)-123,940 -407,319 -531,259  -106,088 -399,144 -505,232
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.
Table 3(a) International Investment Position (IIP) - Detailed Data  € million
ItemQ2 20151Q3 20151Q4 20151Q1 2016
Foreign Assets    
  Direct Investment Abroad 2747,912705,983815,202768,344
    Equity capital and reinvested earnings 686,777630,453729,484684,388
    Other capital61,13575,53185,71883,956
     
  Portfolio Investment 2,122,1192,039,3662,157,1172,098,282
    Equity 860,416797,795844,562803,311
        Monetary authority 30000
        General government3,3573,3954,0024,326
        Monetary financial institutions 43,2582,5632,4541,737
        Other sectors853,801791,837838,106797,248
     
    Debt instruments1,261,7031,241,5711,312,5551,294,971
      Bonds and notes840,776841,014879,740883,504
        Monetary authority 314,56014,55215,60714,823
        General government569573570595
        Monetary financial institutions 4115,193110,883121,174116,063
        Other sectors710,453715,006742,389752,024
     
      Money market instruments420,927400,556432,816411,467
        Monetary authority 32,0901,9352,3952,651
        General government0000
        Monetary financial institutions 4285,588301,440326,133302,599
        Other sectors133,25097,181104,287106,217
     
  Other Investment 1,205,3531,194,4141,298,8051,275,481
    Loans, currency and deposits825,153819,568874,285851,340
        Monetary authority 3167362930312
        General government5,5365,1984,5383,289
        Monetary financial institutions 4277,383265,105263,674257,477
        Other sectors542,067548,903605,143590,262
     
    Trade Credits48,93145,77449,99645,010
        General government0000
        Other sectors48,93145,77449,99645,010
     
    Other assets 5331,269329,072374,524379,131
        Monetary authority 30000
        General government1,4891,6701,5111,658
        Monetary financial institutions 427,39127,11628,08027,659
        Other sectors302,389300,286344,933349,814
     
  Reserve assets1,9091,8732,0132,928
    Monetary gold191183178198
    Special drawing rights818815829806
    Reserve Position in the IMF325324329999
    Foreign Exchange3432
    Other572547674923
     
Total Foreign Assets4,077,2933,941,6364,273,1374,145,035
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.
Table 3(b) International Investment Position (IIP) - Detailed Data  € million
ItemQ2 20151Q3 20151Q4 20151Q1 2016
Foreign Liabilities   
  Direct Investment in Ireland 2657,331664,556795,644789,602
    Equity capital and reinvested earnings 439,710473,790546,067564,073
    Other capital217,621190,766249,577225,529
     
  Portfolio Investment 2,774,8102,659,9532,844,3142,723,072
    Equity 2,275,0272,150,3442,311,4392,193,523
        Monetary authority 30000
        General government0000
        Monetary financial institutions4397,610414,806454,975419,635
        Other sectors1,877,4161,735,5391,856,4631,773,889
     
    Debt instruments499,784509,609532,875529,549
      Bonds and notes484,184491,739514,048511,023
        Monetary authority 30000
        General government85,38188,24186,80188,483
        Monetary financial institutions429,50630,02727,97326,668
        Other sectors369,296373,471399,274395,872
     
      Money market instruments15,60017,87018,82718,526
        Monetary authority 30000
        General government4,0412,8821,0512,268
        Monetary financial institutions47,64111,08612,92613,348
        Other sectors3,9183,9024,8502,910
     
  Other Investment 1,155,6831,135,8801,164,4381,137,593
    Loans, currency and deposits596,598570,208602,731587,704
        Monetary authority 326,87218,86919,28717,410
        General government54,57254,53354,65253,879
        Monetary financial institutions4186,876164,482158,064156,197
        Other sectors328,278332,325370,728360,219
     
    Trade Credits27,01431,75530,35827,630
        General government0000
        Other sectors27,01431,75530,35827,630
     
    Other liabilities 5532,071533,916531,349522,259
        Monetary authority 30000
        General government106253278271
        Monetary financial institutions434,45235,36233,94232,147
        Other sectors497,514498,300497,130489,841
     
Total Foreign Liabilities4,587,8244,460,3894,804,3964,650,267
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.
Table 4 International Investment Position (IIP) showing IFSC and non–IFSC activity  € million
ItemQ2 20151Q3 20151Q4 20151Q1 2016
Foreign Assets
  Direct Investment Abroad 2747,912705,983815,202768,344
    - IFSC39,70339,58284,68391,323
    - Non-IFSC708,209666,401730,519677,021
  Portfolio Investment2,122,1192,039,3662,157,1172,098,282
    - IFSC1,977,1961,903,1472,016,2121,957,938
    - Non-IFSC144,923136,219140,905140,344
  Other Investment 31,205,3531,194,4141,298,8051,275,481
    - IFSC1,084,7881,082,7081,148,8651,137,718
    - Non-IFSC120,565111,706149,940137,763
  Reserve Assets1,9091,8732,0132,928
    - IFSC0000
    - Non-IFSC1,9091,8732,0132,928
Total Foreign Assets4,077,2933,941,6364,273,1374,145,035
    - IFSC3,101,6873,025,4373,249,7603,186,979
    - Non-IFSC975,606916,1991,023,377958,056
     
Foreign Liabilities    
  Direct Investment Abroad 2657,331664,556795,644789,602
    - IFSC156,068141,784215,286225,329
    - Non-IFSC501,263522,772580,358564,273
  Portfolio Investment2,774,8102,659,9532,844,3142,723,072
    - IFSC2,128,7922,063,6942,196,8092,122,632
    - Non-IFSC646,018596,259647,505600,440
  Other Investment 31,155,6831,135,8801,164,4381,137,593
    - IFSC927,744930,960961,605945,106
    - Non-IFSC227,939204,920202,833192,487
Total Foreign Liabilities 4,587,8244,460,3894,804,3964,650,267
    - IFSC3,212,6043,136,4383,373,7003,293,067
    - Non-IFSC1,375,2201,323,9511,430,6961,357,200
     
Net International Investment Position (IIP)    
  Direct Investment 290,58141,42719,558-21,258
    - IFSC-116,365-102,202-130,603-134,006
    - Non-IFSC206,946143,629150,161112,748
  Portfolio Investment-652,691-620,587-687,197-624,790
    - IFSC-151,596-160,547-180,597-164,694
    - Non-IFSC-501,095-460,040-506,600-460,096
  Other Investment 349,67058,534134,367137,888
    - IFSC157,044151,748187,260192,612
    - Non-IFSC-107,374-93,214-52,893-54,724
  Reserve Assets1,9091,8732,0132,928
    - IFSC0000
    - Non-IFSC1,9091,8732,0132,928
Total (Net IIP)-510,531-518,753-531,259-505,232
    - IFSC-110,917-111,001-123,940-106,088
    - Non-IFSC-399,614-407,752-407,319-399,144
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.
Table 5 International Investment Position (IIP) - 31 March 2016 - Reconciliation of IIP and BOP Flows € million
ItemOpening Position 01/01/161 Bop Flows in Quarter Valuation and Other Changes Closing Position 31/03/16
Foreign Assets 
 
  Direct Investment Abroad2815,202 33,299 -80,157  768,344
    Equity capital and reinvested earnings 729,484 29,736 -74,832  684,388
    Other capital85,718 3,563 -5,325  83,956
        
  Portfolio Investment 2,157,117 12,620 -71,455  2,098,282
    Equity 844,562 221 -41,470  803,313
    Debt instruments 1,312,555 12,399 -29,984  1,294,970
      Bonds and notes879,740 15,028 -11,265  883,503
      Money market instruments432,816 -2,629  -18,720  411,467
        
  Other Investment 1,298,805 -18,832  -4,492  1,275,481
    Loans, currency and deposits874,285 -2,835  -20,112  851,338
    Other3424,520 -15,997  15,619 424,142
        
  Reserve Assets2,013 936 -21  2,928
        
Total Foreign Assets4,273,137 28,023 -156,125  4,145,035
        
Foreign Liabilities       
        
  Direct Investment in Ireland2795,644 19,521 -25,563  789,602
    Equity capital and reinvested earnings 546,067 50,902 -32,896  564,073
    Other capital249,577 -31,381  7,333 225,529
        
  Portfolio Investment 2,844,314 15,599 -136,841  2,723,072
    Equity 2,311,439 14,867 -132,783  2,193,523
    Debt instruments 532,875 732 -4,058  529,549
      Bonds and notes514,048 584 -3,609  511,023
      Money market instruments18,827 148 -449  18,526
        
  Other Investment 1,164,438 -12,612  -14,233  1,137,593
    Loans, currency and deposits602,731 10,562 -25,590  587,703
    Other3561,707 -23,174  11,355 549,888
        
Total Foreign Liabilities4,804,396 22,508 -176,637  4,650,267
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.
Table 6(a) Gross External Debt1€ million
31 Dec 20152 31 Mar 2016
ItemIFSC non-IFSC Total IFSC non-IFSC Total
General Government0 142,503 142,503 0 144,630 144,630
  Short-term0 3,599 3,599 0 4,636 4,636
    Money market instruments0 1,051 1,051 0 2,268 2,268
    Loans0 2,548 2,548 0 2,368 2,368
  Long-term 0 138,904 138,904 0 139,994 139,994
    Bonds and notes0 86,801 86,801 0 88,483 88,483
    Loans0 52,103 52,103 0 51,511 51,511
            
Monetary Authority30 19,287 19,287 0 17,410 17,410
  Short-term0 19,287 19,287 0 17,410 17,410
    Loans and deposits0 19,287 19,287 0 17,410 17,410
  Long-term 0 0 0 0 0 0
    Other debt liabilities0 0 0 0 0 0
            
Monetary Financial Institutions4162,583 45,306 207,889 162,436 40,567 203,003
  Short-term* * 143,692 * * 148,085
    Money market instruments* * 12,926 * * 13,348
    Loans and deposits93,657 37,109 130,766 102,231 32,506 134,737
  Long-term * * 64,197 * * 54,918
    Bonds and notes21,588 6,385 27,973 20,023 6,645 26,668
    Loans25,631 1,667 27,298 20,302 1,158 21,460
    Other debt liabilities* * 8,926 * * 6,790
            
Other Sectors51,052,282 87,664 1,139,946 1,027,180 86,203 1,113,383
  Short-term* * 226,845 * * 222,058
    Money market instruments* * 4,850 * * 2,910
    Loans and deposits179,296 12,341 191,637 180,126 11,392 191,518
    Trade credits 14,746 15,612 30,358 14,282 13,348 27,630
  Long-term * * 913,101 * * 891,325
    Bonds and notes* * 399,274 * * 395,872
    Loans152,626 26,464 179,090 142,911 25,789 168,700
    Other debt liabilities306,556 28,181 334,737 297,242 29,511 326,753
            
Direct Investment6207,040 510,192 717,232 195,967 495,015 690,982
    Debt liabilities to affiliated enterprises 3,804 110,436 114,240 3,849 108,061 111,910
    Debt liabilities to direct investors203,236 399,756 602,992 192,118 386,954 579,072
            
Gross External Debt1,421,905 804,952 2,226,855 1,385,583 783,825 2,169,407
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.
Table 6(b) External Assets in Debt Instruments1€ million
31 Dec 2015231 Mar 2016
ItemIFSC non-IFSC Total IFSC non-IFSC Total
General Government0 5,108 5,108 0 3,884 3,884
  Short-term0 3,009 3,009 0 1,764 1,764
    Money market instruments0 0 0 0 0 0
    Loans and Deposits0 3,009 3,009 0 1,764 1,764
  Long-term 0 2,099 2,099 0 2,120 2,120
    Bonds and notes0 570 570 0 595 595
    Loans0 1,529 1,529 0 1,525 1,525
            
Monetary Authority30 18,932 18,932 0 17,786 17,786
  Short-term0 3,325 3,325 0 2,963 2,963
    Money market instruments0 2,395 2,395 0 2,651 2,651
    Loans and deposits0 930 930 0 312 312
  Long-term 0 15,607 15,607 0 14,823 14,823
    Bonds and notes0 15,607 15,607 0 14,823 14,823
            
Monetary Financial Institutions4652,577 64,856 717,433 620,031 60,596 680,627
  Short-term* * 559,817 * * 530,463
    Money market instruments* * 326,133 * * 302,599
    Loans and deposits194,362 39,322 233,684 193,303 34,561 227,864
  Long-term * * 157,616 * * 150,164
    Bonds and notes104,248 16,926 121,174 98,424 17,639 116,063
    Loans22,282 7,708 29,990 21,952 7,661 29,613
    Other debt Assets* * 6,452 * * 4,488
            
Other Sectors51,543,078 127,417 1,670,495 1,547,349 121,561 1,668,910
  Short-term321,283 42,776 364,059 317,256 38,273 355,529
    Money market instruments103,640 647 104,287 105,519 698 106,217
    Loans and deposits191,102 18,674 209,776 186,725 17,577 204,302
    Trade credit assets 26,541 23,455 49,996 25,012 19,998 45,010
  Long-term 1,221,795 84,641 1,306,436 1,230,093 83,288 1,313,381
    Bonds and notes* * 742,389 * * 752,023
    Loans* * 395,369 * * 385,960
    Other debt Assets122,321 46,357 168,678 131,552 43,846 175,398
            
Direct Investment6190,616 362,757 553,373 187,528 361,881 549,409
    Debt asset claims on affiliated enterprises4,967 194,991 199,958 5,294 190,572 195,866
    Debt asset claims on direct investors185,649 167,766 353,415 182,234 171,309 353,543
            
Reserve Assets0 677 677 0 925 925
            
External Assets in Debt Instruments2,386,271 579,747 2,966,018 2,354,908 566,633 2,921,541
            
Net External Debt7-964,366 225,205 -739,163 -969,325 217,192 -752,134
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.

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 NotesQuarterly International Investment Position and External Debt - Background Notes (PDF 298KB)  

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