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For more information on this release:
E-mail: bop@cso.ie John Flanagan (+353) 1 498 4054 Annette Hayes (+353) 1 498 4319
For general information on CSO statistics:
information@cso.ie (+353) 21 453 5000 Visit StatCentral.ie, the portal to Ireland's official statistics On-line ISSN 2009-5317
CSO statistical release, 14 July 2017, 11am

Quarterly International Investment Position and External Debt

Quarter 1 2017

     € billion
 31 Dec 201631 Mar 2017
 AssetsLiabilitiesNETAssetsLiabilitiesNET
General Government10.3134.7-124.410.5139.9-129.4
Monetary Authority23.717.85.929.216.712.5
Monetary Financial Institutions747.0724.222.7753.7726.427.2
Other Financial Intermediaries2,789.12,725.663.52,914.82,867.647.2
Non-Financial Companies796.51,248.9-452.4811.21,264.4-453.2
Total 4,366.64,851.2-484.74,519.35,015.0-495.6

Net IIP liability of €496 billion at end-March 2017

International Investment Position and External Debt Q1 2017 Figure 1
go to full release

 

At 31st March 2017, Ireland’s quarterly international investment position (IIP) results show overall stocks of foreign financial assets of €4,519bn – an increase of €153bn on the end-December 2016 level, while the corresponding stocks of foreign financial liabilities increased by €164bn to €5,015bn over the quarter. Irish residents had an overall net foreign liability of €496bn at end-March 2017, an increase of €11bn on the net foreign liability level at end-December 2016 – see Table 1(a).

 

 

  

 

Some points of note in the Quarter 1 2017 IIP are:

  • Direct Investment Abroad increased by €32bn to €830bn. Equity capital (including reinvested earnings) increased €14bn while other capital increased €18bn – see Table 3(a).
  • Foreign Assets of Other Financial Intermediaries increased by €126bn. With foreign liabilities increasing by €142bn the resulting net decreased to €47bn - see Table (1b).
  • Foreign Assets of Monetary Authorities increased by €5.5bn while foreign liabilities decreased by €1.2bn. The resulting net increased to €12.5bn – see Table (1b).

 

X-axis labelDirect InvestmentPortfolio InvestmentOther InvestmentReserve AssetsNet IIP
Q12015124.6-688.747.81.6-514.7
Q22015111-655.954.51.9-488.5
Q3201562.1-623.862.91.9-497
Q4201519.7-690.5158.32-510.5
Q12016-18.8-637.41602.9-493.3
Q22016-0.2-6091252.8-481.4
Q3201627.1-617.7106.83.1-480.7
Q42016-0.9-587.9100.73.4-484.7
Q1201719.7-571.152.53.3-495.6

 

Figure 2 shows the net IIP over time along with the contribution of each instrument type to it. Net Portfolio Investment continues its upward trend, which began in Q1 2016. Net Other Investment fell for the fourth consecutive quarter since reaching a peak in Q1 2016. Reserve Assets have been fairly stable for the last three quarters.

 

X-axis labelGeneral GovernmentMonetary Financial InstitutionsOther Financial IntermediariesNon-Financial Companies
30 Sep 2016582417528725
31 Dec 2016525448562740
31 Mar 2017634477607788

 

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

  • €634bn issued by foreign Governments
  • €477bn issued by foreign Monetary Financial Institutions (including Money Market Investment Funds)
  • €607bn issued by foreign Other Financial Intermediaries (including Non-Money Market Investment Funds)
  • €788bn 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
Q22016690.3681036.696209.18119.79138.267
Q32016661.2911054.774209.51716.447139.165
Q42016674.3861079.553205.58317.832134.272
Q12017646.341060.743204.03516.678139.457

 

 

Gross External Debt 1 is €2.07 trillion at end-March 2017.

At 31st March 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 €2,067bn. This represents a decrease of €44bn 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 2016 (€2,112bn) – see Table 6(a). Points of note are:

  • General government foreign borrowing increased by €5.2bn to €139bn at end-March 2017.
  • Liabilities of the Monetary Authority consisting entirely of short term loans and deposits amounted to €16.7bn. 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 €204bn at end-March 2017, a decrease of €1.5bn on the end-December 2016 stock level.
  • The liabilities of Other sectors at €1,061bn decreased €19bn on the previous quarter. Short term debt decreased by €14bn while long term debt decreased by €5bn.
  • Direct investment liabilities decreased by €28bn to €646bn in the quarter.
  • The Net External Debt position was -€1,119bn at end-March 2017 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 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 20151Q2 20151Q3 20151Q4 20151Q1 20161Q2 20161Q3 20161Q4 20161Q1 2017
Foreign Assets     
  Direct Investment Abroad 2765,714762,273722,762835,530786,006772,789796,434798,787830,315
  Portfolio Investment2,152,1972,120,4422,037,6242,155,6162,086,7772,181,6932,245,1162,348,5042,506,390
  Other Investment 31,249,4651,217,2581,206,0011,313,2921,284,5201,208,6611,207,9471,215,8941,179,345
  Reserve Assets1,6371,9091,8732,0132,9372,7623,1283,3843,294
  Total Foreign Assets4,169,0134,101,8823,968,2604,306,4514,160,2404,165,9054,252,6254,366,5694,519,344
          
Foreign Liabilities         
  Direct Investment in Ireland 2641,131651,301660,694815,831804,763772,947769,365799,669810,635
  Portfolio Investment2,840,8532,776,3622,661,4322,846,1412,724,2242,790,7322,862,8512,936,3703,077,457
  Other Investment 31,201,6881,162,7311,143,1131,155,0121,124,5531,083,6411,101,1441,115,1821,126,895
  Total Foreign Liabilities 4,683,6724,590,3944,465,2394,816,9844,653,5404,647,3204,733,3604,851,2215,014,987
 
Net International Investment Position (IIP)         
  Direct Investment 2124,583110,97262,06819,699-18,757-15827,069-88219,680
  Portfolio Investment-688,656-655,920-623,808-690,525-637,447-609,039-617,735-587,866-571,067
  Other Investment 347,77754,52762,888158,280159,967125,020106,803100,71252,450
  Reserve Assets1,6371,9091,8732,0132,9372,7623,1283,3843,294
          
  Total (Net IIP)-514,659-488,512-496,979-510,533-493,300-481,415-480,735-484,652-495,643
1Revised
2Reflecting the 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 20151Q2 20151Q3 20151Q4 20151Q1 20161Q2 20161Q3 20161Q4 20161Q1 2017
Foreign Assets      
  General Government11,74411,08210,96710,7529,9989,97310,52010,25410,506
  Monetary Authority 219,83419,59819,59421,81722,02522,52325,38623,73129,220
  Monetary Financial Institutions 3772,427713,852711,661746,888687,752735,110715,347746,958753,656
  Other Sectors43,365,0083,357,3483,226,0393,526,9953,440,4653,398,2993,501,3723,585,6263,725,962
    of which:         
      Other Financial Intermediaries2,597,5842,598,0812,503,9742,701,4562,678,8322,640,3922,716,6742,789,1272,914,759
      Non-Financial Companies5767,424759,267722,065825,539761,633757,907784,698796,499811,203
Total Foreign Assets4,169,0134,101,8823,968,2604,306,4514,160,2404,165,9054,252,6254,366,5694,519,344
         
Foreign Liabilities         
  General Government146,857144,100146,041142,914146,658138,674139,570134,688139,871
  Monetary Authority 234,26926,87218,86919,28717,41019,79016,44717,83216,678
  Monetary Financial Institutions 3764,372705,386704,405735,368678,318718,197706,290724,226726,419
  Other Sectors43,738,1733,714,0373,595,9243,919,4143,811,1543,770,6583,871,0523,974,4764,132,018
    of which:         
      Other Financial Intermediaries2,568,0492,553,1042,466,3542,669,9162,635,0802,593,3742,670,6902,725,6162,867,570
      Non-Financial Companies51,170,1241,160,9331,129,5701,249,4981,176,0741,177,2841,200,3621,248,8601,264,448
Total Foreign Liabilities 4,683,6724,590,3944,465,2394,816,9844,653,5404,647,3204,733,3604,851,2215,014,987
         
Net International Investment Position (IIP)         
  General Government-135,113 -133,018 -135,074 -132,162 -136,660 -128,701 -129,050 -124,434 -129,365
  Monetary Authority 2-14,435 -7,274 7252,5304,6152,7338,9395,89912,542
  Monetary Financial Institutions 38,0558,4667,25611,5209,43416,9139,05722,73227,237
  Other Sectors4-373,165 -356,689 -369,885 -392,419 -370,689 -372,359 -369,680 -388,850 -406,056
    of which:         
      Other Financial Intermediaries29,53544,97737,62031,54043,75247,01845,98463,51147,189
      Non-Financial Companies5-402,700 -401,666 -407,505 -423,959 -414,441 -419,377 -415,664 -452,361 -453,245
Total (Net IIP)-514,659 -488,512 -496,979 -510,533 -493,300 -481,415 -480,735 -484,652 -495,643
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 20161 31 Mar 2017
ItemIFSCnon-IFSCTotal IFSCnon-IFSCTotal
Foreign Assets       
  General Government010,25410,254 010,50610,506
  Monetary Authority 2023,73123,731 029,22029,220
  Monetary Financial Institutions 3680,71666,242746,958 691,70061,956753,656
  Other Sectors 42,664,763920,8633,585,626 2,786,172939,7903,725,962
    of which:       
      Other Financial Intermediaries2,664,763124,3642,789,127 2,786,172128,5872,914,759
      Non-Financial Companies50796,499796,499 0811,203811,203
Total Foreign Assets3,345,4791,021,0904,366,569 3,477,8721,041,4724,519,344
        
Foreign Liabilities       
  General Government0134,688134,688 0139,871139,871
  Monetary Authority 2017,83217,832 016,67816,678
  Monetary Financial Institutions 3663,53360,693724,226 669,92156,498726,419
  Other Sectors 42,793,2581,181,2183,974,476 2,929,0101,203,0084,132,018
    of which:       
      Other Financial Intermediaries2,793,258-67,642 2,725,616 2,929,010-61,440 2,867,570
      Non-Financial Companies501,248,8601,248,860 01,264,4481,264,448
Total Foreign Liabilities 3,456,7911,394,4304,851,221 3,598,9311,416,0565,014,987
       
Net International Investment Position (IIP)       
  General Government0-124,434 -124,434  0-129,365 -129,365
  Monetary Authority 205,8995,899 012,54212,542
  Monetary Financial Institutions 317,1835,54922,732 21,7795,45827,237
  Other Sectors 4-128,495 -260,355 -388,850  -142,838 -263,218 -406,056
    of which:       
      Other Financial Intermediaries-128,495 192,00663,511 -142,838 190,02747,189
      Non-Financial Companies50-452,361 -452,361  0-453,245 -453,245
Total (Net IIP)-111,312 -373,344 -484,652  -121,059 -374,586 -495,643
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 20161Q3 20161Q4 20161Q1 2017
Foreign Assets   
  Direct Investment Abroad 2772,789796,434798,787830,315
    Equity capital and reinvested earnings 706,497714,026725,008738,614
    Other capital66,29282,40773,77991,701
     
  Portfolio Investment 2,181,6932,245,1162,348,5042,506,390
    Equity 821,716865,269916,776976,156
        Monetary authority 30000
        General government3,6544,2374,2594,103
        Monetary financial institutions 42,1302,5192,1702,063
        Other sectors815,933858,513910,348969,989
     
    Debt instruments1,359,9771,379,8471,431,7281,530,234
      Bonds and notes945,566963,216991,6381,070,624
        Monetary authority 315,24516,08816,86118,572
        General government1,3611,8871,9171,931
        Monetary financial institutions4125,490108,880104,34494,938
        Other sectors803,471836,361868,516955,183
     
      Money market instruments414,411416,631440,091459,611
        Monetary authority 32,5482,0671,8741,938
        General government0000
        Monetary financial institutions 4303,622300,569333,910351,896
        Other sectors108,241113,994104,306105,777
     
  Other Investment 1,208,6611,207,9471,215,8941,179,345
    Loans, currency and deposits839,340841,762844,074783,782
        Monetary authority 31,0963,2307404,544
        General government3,1872,5922,1812,442
        Monetary financial institutions 4269,737267,209271,514273,569
        Other sectors565,320568,731569,639503,227
     
    Trade Credits50,56247,90651,97447,636
        General government0000
        Other sectors50,56247,90651,97447,636
     
    Other assets 5318,759318,281319,846347,928
        Monetary authority 3872873872872
        General government1,6411,6741,8601,994
        Monetary financial institutions 429,93931,80830,24825,892
        Other sectors286,307283,926286,866319,170
     
  Reserve assets2,7623,1283,3843,294
    Monetary gold217217201212
    Special drawing rights810815817829
    Reserve Position in the IMF1,0151,0091,0291,025
    Foreign Exchange4338379461
    Other716749956764
     
Total Foreign Assets4,165,9054,252,6254,366,5694,519,344
1Revised
2Reflecting the 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 20161Q3 20161Q4 20161Q1 2017
Foreign Liabilities  
  Direct Investment in Ireland 2772,947769,365799,669810,635
    Equity capital and reinvested earnings 625,573638,994706,545748,828
    Other capital147,373130,37193,12461,807
     
  Portfolio Investment 2,790,7322,862,8512,936,3703,077,457
    Equity 2,288,1862,371,2042,449,7102,594,433
        Monetary authority 30000
        General government0000
        Monetary financial institutions4436,376424,798452,419459,680
        Other sectors1,851,8111,946,4051,997,2912,134,753
     
    Debt instruments502,546491,647486,660483,024
      Bonds and notes483,986473,339472,303464,906
        Monetary authority 30000
        General government81,91182,22778,97782,460
        Monetary financial institutions425,39724,74218,47129,863
        Other sectors376,678366,370374,855352,583
     
      Money market instruments18,56018,30814,35718,118
        Monetary authority 30000
        General government2,4303,1601,2873,148
        Monetary financial institutions415,02813,74512,55314,577
        Other sectors1,1031,403517393
     
  Other Investment 1,083,6411,101,1441,115,1821,126,895
    Loans, currency and deposits585,431582,746597,330560,214
        Monetary authority 319,79016,44717,83216,678
        General government53,92653,77854,00853,849
        Monetary financial institutions4160,709161,732165,246149,445
        Other sectors351,005350,790360,246340,242
     
    Trade Credits27,67836,06640,05734,393
        General government0000
        Other sectors27,67836,06640,05734,393
     
    Other liabilities 5470,532482,331477,796532,288
        Monetary authority 30000
        General government275274283281
        Monetary financial institutions435,58736,16933,03630,871
        Other sectors434,671445,888444,477501,136
     
Total Foreign Liabilities4,647,3204,733,3604,851,2215,014,987
1Revised
2Reflecting the 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 20161Q3 20161Q4 20161Q1 2017
Foreign Assets
  Direct Investment Abroad 2772,789796,434798,787830,315
    - IFSC82,94075,71780,17784,558
    - Non-IFSC689,849720,717718,610745,757
  Portfolio Investment2,181,6932,245,1162,348,5042,506,390
    - IFSC2,038,9272,097,9762,196,4932,351,216
    - Non-IFSC142,766147,140152,011155,174
  Other Investment 31,208,6611,207,9471,215,8941,179,345
    - IFSC1,065,0541,068,2151,068,8091,042,098
    - Non-IFSC143,607139,732147,085137,247
  Reserve Assets2,7623,1283,3843,294
    - IFSC0000
    - Non-IFSC2,7623,1283,3843,294
Total Foreign Assets4,165,9054,252,6254,366,5694,519,344
    - IFSC3,186,9213,241,9083,345,4793,477,872
    - Non-IFSC978,9841,010,7161,021,0901,041,472
     
Foreign Liabilities    
  Direct Investment in Ireland 2772,947769,365799,669810,635
    - IFSC234,757245,362238,962256,655
    - Non-IFSC538,190524,003560,707553,980
  Portfolio Investment2,790,7322,862,8512,936,3703,077,457
    - IFSC2,185,2422,225,2202,310,5072,416,086
    - Non-IFSC605,490637,631625,863661,371
  Other Investment 31,083,6411,101,1441,115,1821,126,895
    - IFSC884,751899,501907,322926,190
    - Non-IFSC198,890201,643207,860200,705
Total Foreign Liabilities 4,647,3204,733,3604,851,2215,014,987
    - IFSC3,304,7503,370,0833,456,7913,598,931
    - Non-IFSC1,342,5701,363,2771,394,4301,416,056
     
Net International Investment Position (IIP)    
  Direct Investment 2-15827,069-88219,680
    - IFSC-151,817-169,645-158,785-172,097
    - Non-IFSC151,659196,714157,903191,777
  Portfolio Investment-609,039-617,735-587,866-571,067
    - IFSC-146,315-127,244-114,014-64,870
    - Non-IFSC-462,724-490,491-473,852-506,197
  Other Investment 3125,020106,803100,71252,450
    - IFSC180,303168,714161,487115,908
    - Non-IFSC-55,283-61,911-60,775-63,458
  Reserve Assets2,7623,1283,3843,294
    - IFSC0000
    - Non-IFSC2,7623,1283,3843,294
Total (Net IIP)-481,415-480,735-484,652-495,643
    - IFSC-117,829-128,175-111,312-121,059
    - Non-IFSC-363,586-352,562-373,344-374,586
1Revised
2Reflecting the 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 2017 - Reconciliation of IIP and BOP Flows € million
ItemOpening Position 01/01/171 Bop Flows in Quarter Valuation and Other Changes Closing Position 31/03/17
Foreign Assets 
 
  Direct Investment Abroad2798,787 4,592 26,936 830,315
    Equity capital and reinvested earnings 725,008 -15,665  29,271 738,614
    Other capital73,779 20,257 -2,335  91,701
        
  Portfolio Investment 2,348,504 75,936 81,950 2,506,390
    Equity 916,776 21,961 37,419 976,156
    Debt instruments 1,431,728 53,975 44,531 1,530,234
      Bonds and notes991,638 32,167 46,819 1,070,624
      Money market instruments440,091 21,807 -2,287  459,611
        
  Other Investment 1,215,894 -13,435  -23,114  1,179,345
    Loans, currency and deposits844,074 16,983 -77,275  783,782
    Other3371,820 -30,418  54,161 395,563
        
  Reserve Assets3,384 -101  11 3,294
        
Total Foreign Assets4,366,569 66,992 85,783 4,519,344
        
Foreign Liabilities       
        
  Direct Investment in Ireland2799,669 8,689 2,277 810,635
    Equity capital and reinvested earnings 706,545 35,687 6,596 748,828
    Other capital93,124 -26,999  -4,318  61,807
        
  Portfolio Investment 2,936,370 100,833 40,254 3,077,457
    Equity 2,449,710 76,791 67,932 2,594,433
    Debt instruments 486,660 24,042 -27,678  483,024
      Bonds and notes472,303 20,230 -27,627  464,906
      Money market instruments14,357 3,812 -51  18,118
        
  Other Investment 1,115,182 -34,345  46,058 1,126,895
    Loans, currency and deposits597,330 290 -37,406  560,214
    Other3517,853 -34,635  83,463 566,681
        
Total Foreign Liabilities4,851,221 75,177 88,589 5,014,987
1Revised
2Reflecting the 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.
*Data suppressed for confidentiality reasons.
Table 6(a) Gross External Debt1€ million
31 Dec 20162 31 Mar 2017
ItemIFSC non-IFSC Total IFSC non-IFSC Total
General Government0 134,272 134,272 0 139,457 139,457
  Short-term0 3,368 3,368 0 5,272 5,272
    Money market instruments0 1,287 1,287 0 3,148 3,148
    Loans0 2,081 2,081 0 2,124 2,124
  Long-term 0 130,904 130,904 0 134,185 134,185
    Bonds and notes0 78,977 78,977 0 82,460 82,460
    Loans0 51,927 51,927 0 51,725 51,725
            
Monetary Authority30 17,832 17,832 0 16,678 16,678
  Short-term0 17,832 17,832 0 16,678 16,678
    Loans and deposits0 17,832 17,832 0 16,678 16,678
  Long-term 0 0 0 0 0 0
    Other debt liabilities0 0 0 0 0 0
            
Monetary Financial Institutions4166,550 39,033 205,583 168,164 35,871 204,035
  Short-term* * 158,787 * * 145,730
    Money market instruments* * 12,553 * * 14,577
    Loans and deposits115,537 30,697 146,234 103,692 27,461 131,153
  Long-term * * 46,796 50,040 8,265 58,305
    Bonds and notes11,550 6,921 18,471 * * 29,863
    Loans17,873 1,139 19,012 16,948 1,344 18,292
    Other debt liabilities* * 9,313 * * 10,150
            
Other Sectors5975,325 104,228 1,079,553 957,293 103,450 1,060,743
  Short-term* * 220,521 * * 206,849
    Money market instruments* * 517 * * 393
    Loans and deposits170,768 9,179 179,947 161,447 10,616 172,063
    Trade credits 13,635 26,422 40,057 11,369 23,024 34,393
  Long-term * * 859,032 * * 853,894
    Bonds and notes* * 374,855 * * 352,583
    Loans151,543 28,756 180,299 144,773 23,406 168,179
    Other debt liabilities270,808 33,070 303,878 294,486 38,646 333,132
            
Direct Investment6178,672 495,714 674,386 168,742 477,598 646,340
    Debt liabilities to affiliated enterprises 4,519 158,084 162,603 4,474 162,351 166,825
    Debt liabilities to direct investors174,153 337,630 511,783 164,268 315,247 479,515
            
Gross External Debt1,320,547 791,079 2,111,624 1,294,199 773,054 2,067,250
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 investors refers to direct investment in Ireland.
*Suppressed for confidentiality reasons.
Table 6(b) External Assets in Debt Instruments1€ million
31 Dec 2016231 Mar 2017
ItemIFSC non-IFSC Total IFSC non-IFSC Total
General Government0 4,098 4,098 0 4,373 4,373
  Short-term0 682 682 0 941 941
    Money market instruments0 0 0 0 0 0
    Loans and Deposits0 682 682 0 941 941
  Long-term 0 3,416 3,416 0 3,432 3,432
    Bonds and notes0 1,917 1,917 0 1,931 1,931
    Loans0 1,499 1,499 0 1,501 1,501
            
Monetary Authority30 19,475 19,475 0 25,054 25,054
  Short-term0 2,614 2,614 0 6,482 6,482
    Money market instruments0 1,874 1,874 0 1,938 1,938
    Loans and deposits0 740 740 0 4,544 4,544
  Long-term 0 16,861 16,861 0 18,572 18,572
    Bonds and notes0 16,861 16,861 0 18,572 18,572
            
Monetary Financial Institutions4662,103 55,571 717,674 674,857 52,694 727,551
  Short-term* * 577,562 * * 599,008
    Money market instruments* * 333,910 * * 351,896
    Loans and deposits214,434 29,218 243,652 218,877 28,235 247,112
  Long-term * * 140,112 * * 128,543
    Bonds and notes85,739 18,605 104,344 77,877 17,061 94,938
    Loans20,700 7,162 27,862 19,730 6,727 26,457
    Other debt Assets* * 7,906 * * 7,148
            
Other Sectors51,590,281 137,820 1,728,101 1,624,108 127,565 1,751,673
  Short-term285,266 51,490 336,756 292,276 46,491 338,767
    Money market instruments102,626 1,680 104,306 103,348 2,429 105,777
    Loans and deposits158,239 22,237 180,476 164,328 21,026 185,354
    Trade credit assets 24,401 27,573 51,974 24,600 23,036 47,636
  Long-term 1,305,015 86,330 1,391,345 1,331,832 81,074 1,412,906
    Bonds and notes* * 868,516 * * 955,183
    Loans* * 389,163 * * 317,873
    Other debt Assets87,022 46,644 133,666 98,018 41,832 139,850
            
Direct Investment6221,450 433,591 655,041 211,901 464,333 676,234
    Debt asset claims on affiliated enterprises5,139 231,243 236,382 5,254 253,272 258,526
    Debt asset claims on direct investors216,311 202,348 418,659 206,647 211,061 417,708
            
Reserve Assets0 1,335 1,335 0 1,225 1,225
            
External Assets in Debt Instruments2,473,834 651,890 3,125,724 2,510,866 675,244 3,186,110
            
Net External Debt7-1,153,287 139,189 -1,014,100 -1,216,667 97,810 -1,118,860
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 Methodology Document (PDF 298KB)  

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