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For more information on this release:
E-mail: bop@cso.ie Stephen McDonagh (+353) 1 498 4364 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

30 September 2013

     € billion
 30 June 201330 Sept 2013
 AssetsLiabilitiesNETAssetsLiabilitiesNET
       
General Government8.9129.7-120.88.9129.3-120.4
Monetary Authority17.857-39.217.956.6-38.7
Monetary Financial Institutions643.3644.7-1.3636.3636.6-0.4
Other Financial Intermediaries1918.61841.976.61944.31875.070.3
Non-Financial Companies308403.4-95.5308.8396.1-87.3
Total 2896.63076.7-180.12916.23092.7-176.5

Net IIP liability of €177 billion at end-September 2013

QIIPFIG1
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Net IIP liability of €177 billion at end-September 2013

At 30th September 2013, Ireland’s quarterly international investment position (IIP) results show overall stocks of foreign financial assets of €2,916.2bn – an increase of €19.6bn on the end-June 2013 level, while the corresponding stocks of foreign financial liabilities increased by €16.0bn to €3,092.7bn over the quarter. Irish residents had an overall net foreign liability of €176.5bn at end-September 2013, a decrease of €3.6bn on the net foreign liability level at end-June 2013 – see Table 1a.

Some points of note in the Quarter 3 2013 quarterly IIP are:

   •    Foreign liabilities of Non-Financial Companies decreased by €7.3bn to €396.1bn in the period - see Table 1b.

   •   The net liabilities of the Monetary Authority decreased by €0.5bn in the quarter to €38.7bn – see Table 1b.

   •    Within the commercial financial sector (i.e. MFI and OFI), IFSC enterprises accounted for a very high proportion of the sector’s overall foreign assets and liabilities. At end-September 2013, IFSC assets abroad amounted to €2,390.0bn or 93% of the sector’s foreign assets (and 82% of Ireland’s total foreign assets); IFSC liabilities at €2,394.5bn represented 95% of the commercial financial sector's aggregate liability (and 77% of Ireland’s total foreign liabilities). IFSC enterprises showed a net liability position at the end-September 2013 of €4.5bn - see Table 2.

X-axis labelDirect InvestmentOther SectorsMonetary Financial InstitutionsMonetary AuthorityGeneral Government
31 Dec 2012292.868844.366299.57679.281123.982
31 Mar 2013304.044882.189298.56960.088130.938
30 Jun 2013296.269877.708277.25357.025129.697
30 Sep 2013289.69879.288263.13556.621129.335

Gross External Debt is €1,618 billion at end-September 2013

At 30th September 2013, the gross external debt of all resident sectors (i.e. general government, the monetary authority, financial and non-financial corporations and households) amounted to €1,618.1bn. This represents a decrease of €19.9bn in the stock of financial liabilities to non-residents (other than those arising from issues of Irish equities and derivatives contracts) compared to the level shown at 30th June 2013 (€1,638.0bn) – see Table 6a. Points of note are:

  • General government foreign borrowing decreased by €0.4bn from €129.7bn at end-June 2013 to €129.3bn at end-September 2013, driven by a decrease of €1.6bn in Money Market Instrument liabilities and an offsetting overall increase of €1.2bn in long-term liabilities (Bonds and Notes and Loans).
  • Liabilities of the Monetary Authority consisting almost entirely of short term loans and deposits amounted to €56.6bn at end-September 2013, a decrease of €0.4bn on the end-June 2013 stock level. 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 €263.1bn at end-September 2013, a decrease of €14.2bn on the end-June 2013 stock level.
  • The liabilities of Other sectors increased by €1.6bn from the end-June 2013 position and at €879.3bn represented 54% of the total debt at end-September 2013.
  • Direct investment liabilities decreased by €6.6bn to €289.7bn in the quarter.
  • The Net External Debt position was -€694.6bn at end-September 2013 (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.
Table 1(a) International Investment Position (IIP) classified by Financial Instrument € million
ItemQ2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013Q3 2013
Foreign Assets          
  Direct Investment Abroad 1264,197251,807255,670265,659273,903285,944288,026303,295314,903317,263
  Portfolio Investment1,363,8431,359,4701,432,2391,538,7841,526,2361,562,7261,588,9821,674,6991,646,4341,672,464
  Other Investment 2959,6911,021,5411,010,251911,424976,981977,051939,853958,883934,048925,214
  Reserve Assets1,4981,5701,3161,2851,3331,3471,2941,2981,2181,223
  Total Foreign Assets2,589,2292,634,3882,699,4762,717,1522,778,4532,827,0682,818,1552,938,1752,896,6032,916,164
           
Foreign Liabilities          
  Direct Investment in Ireland 1236,633254,460224,511240,453246,371258,822257,513280,027279,693274,447
  Portfolio Investment1,645,8441,632,4781,727,8261,784,1351,820,4991,869,9961,905,5211,988,1121,968,5092,002,541
  Other Investment 2863,149922,537929,525887,069899,169880,679838,696851,588828,547815,678
  Total Foreign Liabilities 2,745,6262,809,4752,881,8622,911,6572,966,0393,009,4973,001,7303,119,7273,076,7493,092,666
        
Net International Investment Position (IIP)       
  Direct Investment 127,564-2,65331,15925,20627,53227,12230,51323,26835,21042,816
  Portfolio Investment-282,001-273,008-295,587-245,351-294,263-307,270-316,539-313,413-322,075-330,077
  Other Investment 296,54299,00480,72624,35577,81296,372101,157107,295105,501109,536
  Reserve Assets1,4981,5701,3161,2851,3331,3471,2941,2981,2181,223
           
  Total (Net IIP)-156,397-175,087-182,386-194,505-187,586-182,429-183,575-181,552-180,146-176,502
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.
Open in Excel: International Investment Position and External Debt September 2013 Table 1(a) (XLS 30KB)
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Table 1(b) International Investment Position (IIP) classified by Institutional Sector € million
ItemQ2 2011Q3 2011Q4 2011Q1 2012Q2 2012Q3 2012Q4 2012Q1 2013Q2 2013Q3 2013
Foreign Assets
  General Government4,6865,1855,3806,0645,7906,1007,5428,9458,8928,942
  Monetary Authority 117,69219,09219,03719,92917,28017,56917,69518,16217,84917,935
  Monetary Financial Institutions 2848,592891,004799,458747,957769,282761,637707,336681,634643,336636,260
  Other Sectors 31,718,2601,719,1061,875,6011,943,2001,986,1002,041,7612,085,5812,229,4362,226,5262,253,026
    of which:          
      Other Financial Intermediaries1,464,2141,477,3631,629,4191,688,2281,721,1331,765,0421,805,2761,933,2151,918,5571,944,269
      Non-Financial Companies 4254,046241,743246,182254,972264,967276,719280,305296,221307,969308,757
Total Foreign Assets2,589,2292,634,3882,699,4762,717,1522,778,4532,827,0682,818,1552,938,1752,896,6032,916,164
          
Foreign Liabilities          
  General Government98,10899,603103,674108,923114,075122,552123,981130,938129,697129,335
  Monetary Authority 1128,675123,341120,45696,027100,11984,43779,28160,08857,02556,621
  Monetary Financial Institutions 2808,222862,931767,629736,179752,275741,912705,504688,332644,663636,629
  Other Sectors 31,710,6201,723,5981,890,1021,970,5281,999,5692,060,5962,092,9632,240,3682,245,3652,270,080
    of which:          
      Other Financial Intermediaries1,387,9631,410,6021,566,8071,625,0191,646,6801,699,9691,728,8101,855,4681,841,9401,874,004
      Non-Financial Companies 4322,657312,996323,295345,509352,889360,627364,153384,900403,425396,076
Total Foreign Liabilities 2,745,6262,809,4752,881,8622,911,6572,966,0393,009,4973,001,7303,119,7273,076,7493,092,666
          
Net International Investment Position (IIP)          
  General Government-93,422 -94,418 -98,294 -102,859 -108,285 -116,452 -116,439 -121,993 -120,805 -120,393
  Monetary Authority 1-110,983 -104,249 -101,419 -76,098 -82,839 -66,868 -61,586 -41,926 -39,176 -38,686
  Monetary Financial Institutions 240,37028,07331,82911,77817,00719,7251,832-6,698 -1,327 -369
  Other Sectors 37,640-4,492 -14,501 -27,328 -13,469 -18,835 -7,382 -10,932 -18,839 -17,054
    of which:          
      Other Financial Intermediaries76,25166,76162,61263,20974,45365,07376,46677,74776,61770,265
      Non-Financial Companies 4-68,611 -71,253 -77,113 -90,537 -87,922 -83,908 -83,848 -88,679 -95,456 -87,319
Total (Net IIP)-156,397 -175,087 -182,386 -194,505 -187,586 -182,429 -183,575 -181,552 -180,146 -176,502
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.
Open in Excel: International Investment Position and External Debt September 2013 Table 1(b) (XLS 29KB)
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Table 2 International Investment Position (IIP) - IFSC and non-IFSC activity by Institutional Sector € million
 30 Jun 2013 30 Sep 2013
ItemIFSCnon-IFSCTotal IFSCnon-IFSCTotal
Foreign Assets       
  General Government08,8928,892 08,9428,942
  Monetary Authority 1017,84917,849 017,93517,935
  Monetary Financial Institutions 2540,803102,533643,336 535,847100,413636,260
  Other Sectors 31,830,487396,0392,226,526 1,854,104398,9222,253,026
    of which:       
      Other Financial Intermediaries1,830,48788,0701,918,557 1,854,10490,1651,944,269
      Non-Financial Companies 40307,969307,969 0308,757308,757
Total Foreign Assets2,371,290525,3132,896,603 2,389,951526,2132,916,164
       
Foreign Liabilities       
  General Government0129,697129,697 0129,335129,335
  Monetary Authority 1057,02557,025 056,62156,621
  Monetary Financial Institutions 2533,243111,420644,663 526,231110,398636,629
  Other Sectors 31,835,663409,7022,245,365 1,868,263401,8172,270,080
    of which:       
      Other Financial Intermediaries1,835,6636,2771,841,940 1,868,2635,7411,874,004
      Non-Financial Companies 40403,425403,425 0396,076396,076
Total Foreign Liabilities 2,368,906707,8433,076,749 2,394,494698,1723,092,666
       
Net International Investment Position (IIP)       
  General Government0-120,805 -120,805  0-120,393 -120,393
  Monetary Authority 10-39,176 -39,176  0-38,686 -38,686
  Monetary Financial Institutions 27,560-8,887 -1,327  9,616-9,985 -369
  Other Sectors 3-5,176 -13,663 -18,839  -14,159 -2,895 -17,054
    of which:       
      Other Financial Intermediaries-5,176 81,79376,617 -14,159 84,42470,265
      Non-Financial Companies 40-95,456 -95,456  0-87,319 -87,319
Total (Net IIP)2,384-182,530 -180,146  -4,543 -171,959 -176,502
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.       
Open in Excel: International Investment Position and External Debt September 2013 Table 2 (XLS 30KB)
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Table 3(a) International Investment Position (IIP) - Detailed Data  € million
ItemQ4 2012 Q1 2013 Q2 2013Q3 2013
Foreign Assets    
  Direct Investment Abroad 1288,026303,295314,903317,263
    Equity capital and reinvested earnings 241,282255,784263,576265,767
    Other capital46,74447,51151,32851,496
     
  Portfolio Investment 1,588,9821,674,6991,646,4341,672,464
    Equity 503,819541,874538,366561,434
        Monetary authority 20000
        General government4,2834,5304,4074,455
        Monetary financial institutions 31,3791,9521,4801,385
        Other sectors498,157535,391532,480555,594
     
    Debt instruments1,085,1641,132,8251,108,0681,111,030
      Bonds and notes802,296831,250814,413812,938
        Monetary authority 212,21713,80814,60314,436
        General government301334332334
        Monetary financial institutions 3188,228174,751167,337155,487
        Other sectors601,551642,357632,141642,682
     
      Money market instruments282,868301,575293,656298,091
        Monetary authority 24,0322,2901,6861,903
        General government0000
        Monetary financial institutions 3173,725177,432163,653176,915
        Other sectors105,110121,853128,317119,273
     
  Other Investment 939,853958,883934,048925,214
    Loans, currency and deposits745,629739,128722,880711,295
        Monetary authority 2144766342373
        General government3,9224,7854,5524,895
        Monetary financial institutions 3290,575280,274269,807264,546
        Other sectors450,988453,303448,179441,481
     
    Trade Credits40,13440,45239,92639,169
        General government0000
        Other sectors40,13440,45239,92639,169
     
    Other assets 4154,089179,302171,241174,748
        Monetary authority 28000
        General government-963-705-399-742
        Monetary financial institutions 348,49342,46835,73332,611
        Other sectors106,551137,539135,907142,879
     
  Reserve assets1,2941,2981,2181,223
    Monetary gold244242178191
    Special drawing rights748752742736
    Reserve Position in the IMF301302297294
    Foreign Exchange1212
    Other0000
     
Total Foreign Assets2,818,1552,938,1752,896,6032,916,164
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.    
Open in Excel: International Investment Position and External Debt September 2013 Table 3(a) (XLS 31KB)
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Table 3(b) International Investment Position (IIP) - Detailed Data  € million
ItemQ4 2012 Q1 2013 Q2 2013Q3 2013
Foreign Liabilities   
  Direct Investment in Ireland 1257,513280,027279,693274,447
    Equity capital and reinvested earnings 257,148275,438274,676271,275
    Other capital3654,5885,0183,172
     
  Portfolio Investment 1,905,5211,988,1121,968,5092,002,541
    Equity 1,333,8701,412,6851,406,3401,444,538
        Monetary authority 20000
        General government0000
        Monetary financial institutions 3286,960282,593265,229276,182
        Other sectors1,046,9091,130,0921,141,1121,168,356
     
    Debt instruments571,651575,428562,169558,003
      Bonds and notes553,044555,017542,024539,940
        Monetary authority 20000
        General government64,46469,47764,14763,177
        Monetary financial institutions 348,37647,87539,80137,600
        Other sectors440,204437,664438,076439,163
     
      Money market instruments18,60720,41120,14518,063
        Monetary authority 20000
        General government2,2652,9333,2711,682
        Monetary financial institutions 39,88611,1249,81510,341
        Other sectors6,4576,3537,0586,040
     
  Other Investment 838,696851,588828,547815,678
    Loans, currency and deposits601,411591,146580,644567,722
        Monetary authority 279,25960,05957,00356,598
        General government57,25358,52862,27964,475
        Monetary financial institutions 3241,437234,231223,573210,006
        Other sectors223,462238,328237,789236,643
     
    Trade Credits16,50016,05114,66414,318
        General government0000
        Other sectors16,50016,05114,66414,318
     
    Other liabilities 4220,786244,391233,239233,637
        Monetary authority 222292223
        General government0000
        Monetary financial institutions 359,24350,76644,34841,489
        Other sectors161,521193,596188,869192,125
     
Total Foreign Liabilities3,001,7303,119,7273,076,7493,092,666
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. 
Open in Excel: International Investment Position and External Debt September 2013 Table 3(b) (XLS 30KB)
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Table 4 International Investment Position (IIP) showing IFSC and non–IFSC activity  € million
ItemQ4 2012 Q1 2013 Q2 2013Q3 2013
Foreign Assets
  Direct Investment Abroad 1288,026303,295314,903317,263
    - IFSC30,95431,74631,69331,586
    - Non-IFSC257,072271,549283,210285,677
  Portfolio Investment1,588,9821,674,6991,646,4341,672,464
    - IFSC1,464,0411,547,7961,520,9931,544,141
    - Non-IFSC124,941126,903125,441128,323
  Other Investment 2939,853958,883934,048925,214
    - IFSC812,986837,835818,604814,224
    - Non-IFSC126,867121,048115,444110,990
  Reserve Assets1,2941,2981,2181,223
    - IFSC0000
    - Non-IFSC1,2941,2981,2181,223
Total Foreign Assets2,818,1552,938,1752,896,6032,916,164
    - IFSC2,307,9812,417,3772,371,2902,389,951
    - Non-IFSC510,174520,800525,313526,213
     
Foreign Liabilities    
  Direct Investment in Ireland 1257,513280,027279,693274,447
    - IFSC99,805108,399109,046107,617
    - Non-IFSC157,708171,628170,647166,830
  Portfolio Investment1,905,5211,988,1121,968,5092,002,541
    - IFSC1,657,9511,727,8911,696,0621,731,627
    - Non-IFSC247,570260,221272,447270,914
  Other Investment 2838,696851,588828,547815,678
    - IFSC553,746586,803563,798555,250
    - Non-IFSC284,950264,785264,749260,428
Total Foreign Liabilities 3,001,7303,119,7273,076,7493,092,666
    - IFSC2,311,5022,423,0932,368,9062,394,494
    - Non-IFSC690,228696,634707,843698,172
     
Net International Investment Position (IIP)    
  Direct Investment 130,51323,26835,21042,816
    - IFSC-68,851-76,653-77,353-76,031
    - Non-IFSC99,36499,921112,563118,847
  Portfolio Investment-316,539-313,413-322,075-330,077
    - IFSC-193,910-180,095-175,069-187,486
    - Non-IFSC-122,629-133,318-147,006-142,591
  Other Investment 2101,157107,295105,501109,536
    - IFSC259,240251,032254,806258,974
    - Non-IFSC-158,083-143,737-149,305-149,438
  Reserve Assets1,2941,2981,2181,223
    - IFSC0000
    - Non-IFSC1,2941,2981,2181,223
Total (Net IIP)-183,575-181,552-180,146-176,502
    - IFSC-3,521-5,7162,384-4,543
    - Non-IFSC-180,054-175,836-182,530-171,959
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.
Open in Excel: International Investment Position and External Debt September 2013 Table 4 (XLS 31KB)
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Table 5 - International Investment Position (IIP) - 30 September 2013- Reconciliation of IIP and BOP Flows € million
ItemOpening Position 01/07/13  Bop Flows in Quarter Valuation and Other Changes Closing Position 30/09/13
Foreign Assets  
  
  Direct Investment Abroad 1314,904 4,259 -1,900  317,263
    Equity capital and reinvested earnings 263,576 3,006 -815  265,767
    Other capital51,328 1,253 -1,085  51,496
        
  Portfolio Investment 1,646,434 17,574 8,456 1,672,464
    Equity 538,366 9,368 13,700 561,434
    Debt instruments 1,108,068 8,206 -5,244  1,111,030
      Bonds and notes814,413 4,064 -5,539  812,938
      Money market instruments293,656 4,142 293 298,091
        
  Other Investment 934,048 -7,846  -988  925,214
    Loans, currency and deposits722,880 -7,539  -4,046  711,295
    Other 2211,167 -306  3,056 213,917
        
  Reserve Assets1,218 4 1 1,223
        
Total Foreign Assets2,896,604 13,991 5,569 2,916,164
        
Foreign Liabilities       
        
  Direct Investment in Ireland 1279,695 3,551 -8,799  274,447
    Equity capital and reinvested earnings 274,676 5,088 -8,489  271,275
    Other capital5,018 -1,537  -309  3,172
        
  Portfolio Investment 1,968,508 17,740 16,293 2,002,541
    Equity 1,406,340 27,269 10,929 1,444,538
    Debt instruments 562,169 -9,529  5,363 558,003
      Bonds and notes542,024 -7,493  5,409 539,940
      Money market instruments20,145 -2,036  -46  18,063
        
  Other Investment 828,547 -10,624  -2,245  815,678
    Loans, currency and deposits580,644 -5,690  -7,232  567,722
    Other 2247,903 -4,934  4,986 247,955
        
Total Foreign Liabilities3,076,750 10,667 5,249 3,092,666
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.
Open in Excel: International Investment Position and External Debt September 2013 Table 5 (XLS 31KB)
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Table 6(a) - Gross External Debt1€ million
30 Jun 2013 30 Sep 2013
ItemIFSC non-IFSC Total IFSC non-IFSC Total
General Government0 129,697 129,697 0 129,335 129,335
  Short-term0 3,271 3,271 0 1,682 1,682
    Money market instruments0 3,271 3,271 0 1,682 1,682
    Loans0 0 0 0 0 0
  Long-term 0 126,426 126,426 0 127,652 127,652
    Bonds and notes0 64,147 64,147 0 63,177 63,177
    Loans0 62,279 62,279 0 64,475 64,475
            
Monetary Authority 20 57,025 57,025 0 56,621 56,621
  Short-term0 57,003 57,003 0 56,598 56,598
    Loans and deposits0 57,003 57,003 0 56,598 56,598
  Long-term 0 22 22 0 23 23
    Other debt liabilities0 22 22 0 23 23
            
Monetary Financial Institutions 3200,320 76,933 277,253 186,835 76,300 263,135
  Short-term* * 188,924 * * 178,847
    Money market instruments* * 9,816 * * 10,341
    Loans and deposits117,202 61,906 179,108 107,056 61,450 168,506
  Long-term * * 88,329 * * 84,288
    Bonds and notes32,944 6,858 39,802 30,916 6,684 37,600
    Loans37,130 7,336 44,466 34,181 7,318 41,499
    Other debt liabilities* * 4,061 * * 5,189
            
Other Sectors 4805,440 72,268 877,708 811,436 67,852 879,288
  Short-term* * 124,683 * * 123,237
    Money market instruments* * 7,059 * * 6,040
    Loans and deposits102,198 762 102,960 101,631 1,248 102,879
    Trade credits 7,377 7,287 14,664 7,096 7,222 14,318
  Long-term * * 753,025 * * 756,051
    Bonds and notes* * 438,076 * * 439,163
    Loans97,146 37,683 134,829 98,688 35,076 133,764
    Other debt liabilities158,568 21,552 180,120 163,865 19,259 183,124
            
Direct Investment 5165,442 130,827 296,269 157,242 132,448 289,690
    Debt liabilities to affiliated enterprises 0 24,858 24,858 0 24,629 24,629
    Debt liabilities to direct investors165,442 105,969 271,411 157,242 107,819 265,061
            
Gross External Debt1,171,202 466,750 1,637,952 1,155,513 462,555 1,618,068
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.           
Open in Excel: International Investment Position and External Debt September 2013 Table 6(a) (XLS 32KB)
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Table 6(b) - External Assets in Debt Instruments 1€ million
30 Jun 201330 Sep 2013
ItemIFSC non-IFSC Total IFSC non-IFSC Total
General Government0 4,884 4,884 0 5,229 5,229
  Short-term0 4,204 4,204 0 4,547 4,547
    Money market instruments0 0 0 0 0 0
    Loans and Deposits0 4,204 4,204 0 4,547 4,547
  Long-term 0 680 680 0 682 682
    Bonds and notes0 332 332 0 334 334
    Loans0 348 348 0 348 348
           0
Monetary Authority 20 16,631 16,631 0 16,712 16,712
  Short-term0 2,028 2,028 0 2,276 2,276
    Money market instruments0 1,686 1,686 0 1,903 1,903
    Loans and deposits0 342 342 0 373 373
  Long-term 0 14,603 14,603 0 14,436 14,436
    Bonds and notes0 14,603 14,603 0 14,436 14,436
           0
Monetary Financial Institutions 3514,015 89,355 603,370 511,196 89,100 600,296
  Short-term* * 407,724 * * 414,746
    Money market instruments* * 163,653 * * 176,915
    Loans and deposits186,748 57,323 244,071 181,400 56,431 237,831
  Long-term * * 195,646 * * 185,550
    Bonds and notes146,343 20,994 167,337 133,950 21,537 155,487
    Loans15,370 10,366 25,736 16,536 10,179 26,715
    Other debt Assets* * 2,573 * * 3,348
           0
Other Sectors 41,284,165 68,394 1,352,559 1,286,998 65,387 1,352,385
  Short-term292,340 31,108 323,448 278,907 28,595 307,502
    Money market instruments126,815 1,502 128,317 117,998 1,275 119,273
    Loans and deposits144,317 10,889 155,206 138,093 10,967 149,060
    Trade credit assets 21,208 18,717 39,925 22,816 16,353 39,169
  Long-term 991,825 37,286 1,029,111 1,008,091 36,792 1,044,883
    Bonds and notes599,665 32,476 632,141 * * 642,682
    Loans292,233 740 292,973 * * 292,421
    Other debt Assets99,927 4,070 103,997 105,631 4,149 109,780
           0
Direct Investment 5184,344 158,234 342,578 175,229 162,784 338,013
    Debt asset claims on affiliated enterprises0 76,186 76,186 0 76,124 76,124
    Debt asset claims on direct investors184,344 82,048 266,392 175,229 86,660 261,889
           0
Reserve Assets0 1 1 0 2 2
            
External Assets in Debt Instruments1,982,524 337,499 2,320,023 1,973,423 339,214 2,312,637
            
Net External Debt 6-811,322 129,251 -682,071 -817,910 123,341 -694,569
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.           
Open in Excel: International Investment Position and External Debt September 2013 Table 6(b) (XLS 42KB)
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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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