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International Accounts Q1 2020

International Investment Position

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Net IIP liability of €612 billion at end-March 2020

Table 5.1 International Investment Position						€ billion
	31 December 2019			31 March 2020
	Assets	Liabilities	NET	Assets	Liabilities	NET
General Government	22.2	147.1	-124.9	21.8	155.5	-133.6
Monetary Authority	66.3	19.9	46.5	66.3	20.0	46.3
Monetary Financial Institutions	941.2	879.8	61.5	993.1	917.5	75.6
Other Financial Intermediaries	3,823.5	3,805.3	18.2	3,616.5	3,599.8	16.7
Non-Financial Companies	942.5	1,540.2	-597.6	916.7	1,534.0	-617.3
Total	5,795.8	6,392.3	-596.4	5,614.4	6,226.7	-612.3

Open in Excel: International Accounts Q1 2020 Table 5.1 (XLS 37KB)

At 31st March 2020, Ireland's quarterly international investment position (IIP) results show overall stocks of foreign financial assets of €5,614bn - a decrease of €181bn on the end-December 2019 level, while the corresponding stocks of foreign financial liabilities decreased by €166bn to €6,227bn over the quarter. Irish residents had an overall net foreign liability of €612bn at end-March 2020, an increase of €16bn in the net foreign liability level at end-December 2019 - see Table 5.2.

X-axis label	Net IIP %GDP
Q22018	-159
Q32018	-148
Q42018	-165
Q12019	-162
Q22019	-166
Q32019	-168
Q42019	-172
Q12020	-174

Some points of note in Quarter 1 2020 IIP are:

Direct Investment Abroad decreased by €36bn to €930bn.
Equity capital (including reinvested earnings) increased €12.7bn while other capital decreased €48.6bn – see Table 5.5.
Foreign Assets of Other Financial Intermediaries decreased by €207bn. With foreign liabilities decreasing by €206bn, the resulting net decreased to €17bn - see Table 5.3.
Foreign Assets of the Monetary Authority decreased by €27m while foreign liabilities increased by €176m. The resulting net decreased to €46.3bn - see Table 5.3.

X-axis label	Direct Investment	Portfolio Investment	Other Investment	Reserve Assets	Net IIP
Q22018	-34.2	-466.1	-3.4	3.8	-500
Q32018	39.1	-505.1	-13.4	3.9	-475.5
Q42018	-50.2	-401.4	-86.9	4.6	-534
Q12019	-47.8	-418.7	-70	4.7	-531.9
Q22019	-46.4	-458.3	-54.7	4.8	-554.7
Q32019	-46.3	-454	-78.5	5	-573.7
Q42019	-31.3	-500.8	-69.5	5.1	-596.4
Q12020	-92	-578.7	53	5.3	-612.3

Figure 5.2 shows the net IIP over time along with the contribution of each instrument type to it.

Net Portfolio Investment fell €78bn to -€579bn.
Net Other Investment rose €123bn to €53bn.
Reserve Assets grew €0.2bn to €5.3bn.

X-axis label	General Government	Monetary Financial Institutions	Other Financial Intermediaries	Non-Financial Companies
30 Jun 2019	721	510	1018	736
30 Sep 2019	844	548	1080	815
31 Dec 2019	861	539	1165	828
31 Mar 2020	830	437	993	759

For Portfolio Investment assets, equity and debt securities, the sector of the non-resident issuer is collected. Analysing this data shows that Irish residents hold debt as follows:

€830bn issued by foreign Governments
€437bn issued by foreign Monetary Financial Institutions (including Money Market Investment Funds)
€993bn issued by foreign Other Financial Intermediaries (including Non-Money Market Investment Funds)
€759bn issued by foreign Non-Financial Companies

X-axis label	Direct Investment	Other Sectors	Monetary Financial Institutions	Monetary Authority	General Government
Q22019	618	1338	259	19	153
Q32019	637	1467	263	19	151
Q42019	623	1487	262	20	147
Q12020	614	1567	289	20	155

Gross External Debt stands at €2.6 trillion at end-March 2020

At 31st March 2020, the gross external debt of all resident sectors (i.e. general government, the monetary authority, financial and non-financial corporations and households) amounted to €2,646bn.

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 2019 (€2,539bn) - see Table 5.9.

Points of note are:

General government foreign borrowing rose by €8bn to €155bn at end-March 2020.
Liabilities of the Monetary Authority increased €0.2bn to €20bn. 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) rose €27bn to €288.8bn.
The liabilities of Other sectors at €1,567bn increased €81bn on the previous quarter.
This was made up of a rise in short-term debt of €5bn and a rise in long-term debt of €76bn.
Direct investment liabilities decreased by €9bn to €614bn in the quarter.
The Net External Debt position was €1,218bn at end-March 2020, i.e. assets exceeded liabilities - see Table 5.10.

Gross external debt represents the stock of Ireland's liabilities to non-residents other than equity and financial derivatives.

Table 5.2 International Investment Position (IIP) classified by Financial Instrument

Table 5.3 International Investment Position (IIP) classified by Institutional Sector

Table 5.3 International Investment Position (IIP) classified by Institutional Sector								€ million
Item	Q2 2018	Q3 2018	Q4 2018	Q1 2019	Q2 2019	Q3 2019	Q4 2019	Q1 2020
Foreign Assets
General Government	15,101	25,030	24,874	24,694	24,256	22,690	22,174	21,836
Monetary Authority ¹	47,754	46,984	45,351	49,900	54,953	57,444	66,349	66,322
Monetary Financial Institutions²	745,852	734,107	795,207	833,321	841,401	933,125	941,244	993,063
Other Sectors³	4,070,500	4,168,048	3,976,817	4,280,486	4,281,732	4,674,807	4,766,069	4,533,159
of which:
Other Financial Intermediaries	3,253,330	3,322,970	3,165,890	3,425,210	3,466,130	3,766,820	3,823,520	3,616,470
Non-Financial Companies⁴	817,170	845,078	810,927	855,276	815,602	907,987	942,549	916,689
Total Foreign Assets	4,879,210	4,974,170	4,842,250	5,188,400	5,202,340	5,688,070	5,795,840	5,614,380

Foreign Liabilities
General Government	145,302	154,357	149,172	153,477	152,810	151,485	147,097	155,468
Monetary Authority ¹	19,766	20,628	21,275	20,038	18,881	19,170	19,871	20,047
Monetary Financial Institutions²	707,920	692,194	743,771	784,399	788,161	872,082	879,785	917,450
Other Sectors³	4,506,190	4,582,520	4,462,020	4,762,340	4,797,190	5,219,070	5,345,510	5,133,740
of which:
Other Financial Intermediaries	3,192,920	3,259,690	3,166,390	3,395,340	3,423,210	3,730,420	3,805,320	3,599,750
Non-Financial Companies⁴	1,313,270	1,322,830	1,295,630	1,367,000	1,373,980	1,488,650	1,540,190	1,533,990
Total Foreign Liabilities	5,379,178	5,449,699	5,376,238	5,720,254	5,757,042	6,261,807	6,392,263	6,226,705

Net International Investment Position (IIP)
General Government	-130,201	-129,327	-124,298	-128,783	-128,554	-128,795	-124,923	-133,632
Monetary Authority ¹	27,988	26,356	24,076	29,862	36,072	38,274	46,478	46,275
Monetary Financial Institutions²	37,932	41,913	51,436	48,922	53,240	61,043	61,459	75,613
Other Sectors³	-435,690	-414,472	-485,203	-481,854	-515,458	-544,263	-579,441	-600,581
of which:
Other Financial Intermediaries	60,410	63,280	-500	29,870	42,920	36,400	18,200	16,720
Non-Financial Companies⁴	-496,100	-477,752	-484,703	-511,724	-558,378	-580,663	-597,641	-617,301
Total (Net IIP)	-499,977	-475,528	-533,984	-531,856	-554,705	-573,741	-596,435	-612,319
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 Accounts Q1 2020 Table 5.3 (XLS 40KB)

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Table 5.4 International Investment Position (IIP) - IFSC and non-IFSC activity by Institutional Sector

Table 5.4 International Investment Position (IIP) - IFSC and non-IFSC activity by Institutional Sector						€ million
	31 December 2019			31 March 2020
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
Foreign Assets
General Government	0	22,174	22,174	0	21,836	21,836
Monetary Authority¹	0	66,349	66,349	0	66,322	66,322
Monetary Financial Institutions²	126,915	814,329	941,244	69,441	923,622	993,063
Other Sectors³	-78,350	4,844,419	4,766,069	-64,395	4,597,554	4,533,159
of which:
Other Financial Intermediaries	-78,350	3,901,870	3,823,520	-64,395	3,680,865	3,616,470
Non-Financial Companies⁴	0	942,549	942,549	0	916,689	916,689
Total Foreign Assets	48,565	5,747,275	5,795,840	5,046	5,609,334	5,614,380

Foreign Liabilities
General Government	0	147,097	147,097	0	155,468	155,468
Monetary Authority¹	0	19,871	19,871	0	20,047	20,047
Monetary Financial Institutions²	165,146	714,639	879,785	91,670	825,780	917,450
Other Sectors³	-93,113	5,438,623	5,345,510	-73,237	5,206,977	5,133,740
of which:
Other Financial Intermediaries	-93,113	3,898,433	3,805,320	-73,237	3,672,987	3,599,750
Non-Financial Companies⁴	0	1,540,190	1,540,190	0	1,533,990	1,533,990
Total Foreign Liabilities	72,033	6,320,237	6,392,270	18,433	6,208,267	6,226,700

Net International Investment Position (IIP)
General Government	0	-124,923	-124,923	0	-133,632	-133,632
Monetary Authority¹	0	46,478	46,478	0	46,275	46,275
Monetary Financial Institutions²	-38,231	99,690	61,459	-22,229	97,842	75,613
Other Sectors³	14,763	-594,204	-579,441	8,842	-609,423	-600,581
of which:
Other Financial Intermediaries	14,763	3,437	18,200	8,842	7,878	16,720
Non-Financial Companies⁴	0	-597,641	-597,641	0	-617,301	-617,301
Total (Net IIP)	-23,468	-572,959	-596,435	-13,387	-598,938	-612,319
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 Accounts Q1 2020 Table 5.4 (XLS 41KB)

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Table 5.5 International Investment Position (IIP) - Detailed Data

Table 5.5 International Investment Position (IIP) - Detailed Data				€ million
Item	Q2 2019	Q3 2019	Q4 2019	Q1 2020
Foreign Assets
Direct Investment Abroad¹	837,113	922,949	965,961	930,069
Equity capital and reinvested earnings	836,606	895,284	938,226	950,929
Other capital	507	27,665	27,736	-20,861

Portfolio Investment	2,985,560	3,287,530	3,393,370	3,019,340
Equity	1,237,870	1,293,270	1,386,910	1,160,580
Monetary authority²	0	0	0	0
General government	3,870	3,902	4,094	3,745
Monetary financial institutions³	770	404	351	5,508
Other sectors	1,233,229	1,288,967	1,382,465	1,151,322

Debt instruments	1,747,690	1,994,250	2,006,460	1,858,760
Bonds and notes	1,366,800	1,554,970	1,550,890	1,466,380
Monetary authority²	20,154	19,939	20,041	19,262
General government	1,780	1,776	1,323	1,225
Monetary financial institutions³	73,140	75,770	76,818	87,232
Other sectors	1,271,730	1,457,480	1,452,710	1,358,660

Money market instruments	380,887	439,284	455,572	392,385
Monetary authority²	905	905	855	1,037
General government	0	0	0	0
Monetary financial institutions³	318,658	373,137	383,959	329,419
Other sectors	61,324	65,241	70,758	61,929

Other Investment	1,374,919	1,472,574	1,431,382	1,659,698
Loans, currency and deposits	1,014,512	1,053,482	1,065,916	1,203,160
Monetary authority²	28,269	30,689	39,431	39,841
General government	2,208	2,066	1,728	1,922
Monetary financial institutions³	405,309	419,534	411,489	485,743
Other sectors	578,726	601,193	613,268	675,654

Trade Credits	52,405	54,127	58,479	73,424
General government	0	0	0	0
Other sectors	52,405	54,127	58,479	73,424

Other assets⁴	307,999	364,968	306,988	383,112
Monetary authority²	872	895	895	900
General government	16,361	14,908	14,991	14,907
Monetary financial institutions³	38,678	58,750	60,552	79,856
Other sectors	252,088	290,415	230,550	287,449

Reserve assets	4,753	5,016	5,128	5,282
Monetary gold	227	249	248	268
Special drawing rights	814	816	824	831
Reserve Position in the IMF	987	1,013	996	1,006
Foreign Exchange	900	982	950	765
Other	1,825	1,956	2,110	2,412

Total Foreign Assets	5,202,340	5,688,070	5,795,840	5,614,380
¹Reflecting the 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 Accounts Q1 2020 Table 5.5 (XLS 41KB)

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Table 5.6 International Investment Position (IIP) - Detailed Data

Table 5.6 International Investment Position (IIP) - Detailed Data				€ million
Item	Q2 2019	Q3 2019	Q4 2019	Q1 2020
Foreign Liabilities
Direct Investment in Ireland¹	883,561	969,279	997,236	1,022,040
Equity capital and reinvested earnings	831,321	890,702	884,317	916,225
Other capital	52,240	78,577	112,919	105,815

Portfolio Investment	3,443,840	3,741,480	3,894,180	3,598,000
Equity	2,997,630	3,251,250	3,377,360	3,035,760
Monetary authority²	0	0	0	0
General government	0	0	0	0
Monetary financial institutions³	460,003	517,959	528,862	523,285
Other sectors	2,537,620	2,733,288	2,848,505	2,512,474

Debt instruments	446,214	490,234	516,818	562,243
Bonds and notes	432,164	474,401	502,145	544,661
Monetary authority²	0	0	0	0
General government	85,537	86,191	83,383	88,768
Monetary financial institutions³	24,283	25,198	25,562	24,788
Other sectors	322,344	363,012	393,200	431,105

Money market instruments	14,050	15,833	14,673	17,582
Monetary authority²	0	0	0	0
General government	4,870	3,780	2,223	5,659
Monetary financial institutions³	8,757	11,628	11,278	10,972
Other sectors	422	425	1,172	950

Other Investment	1,429,641	1,551,043	1,500,850	1,606,665
Loans, currency and deposits	836,652	884,798	882,201	937,209
Monetary authority²	17,924	18,180	18,869	19,010
General government	47,698	47,024	47,197	46,823
Monetary financial institutions³	204,724	205,430	201,161	225,691
Other sectors	566,306	614,164	614,974	645,685

Trade Credits	33,002	43,656	57,902	39,442
General government	0	0	0	0
Other sectors	33,002	43,656	57,902	39,442

Other liabilities⁴	559,988	622,590	560,752	630,010
Monetary authority²	956	991	1,003	1,037
General government	14,574	14,359	14,293	14,216
Monetary financial institutions³	49,115	68,635	71,411	87,135
Other sectors	495,342	538,606	474,044	527,622

Total Foreign Liabilities	5,757,040	6,261,810	6,392,270	6,226,700
¹Reflecting the 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 Accounts Q1 2020 Table 5.6 (XLS 40KB)

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Table 5.7 International Investment Position (IIP) showing IFSC and non-IFSC activity

Table 5.7 International Investment Position (IIP) showing IFSC and non–IFSC activity				€ million
Item	Q2 2019	Q3 2019	Q4 2019	Q1 2020
Foreign Assets
Direct Investment Abroad ¹	837,113	922,949	965,961	930,069
- IFSC	2,298	-996	37,142	15,451
- Non-IFSC	834,815	923,945	928,819	914,618
Portfolio Investment	2,985,560	3,287,530	3,393,370	3,019,340
- IFSC	-64,038	29,236	2,478	-26,195
- Non-IFSC	3,049,598	3,258,294	3,390,892	3,045,535
Other Investment ²	1,374,919	1,472,574	1,431,382	1,659,698
- IFSC	-29,803	15,951	8,945	15,790
- Non-IFSC	1,404,722	1,456,623	1,422,437	1,643,908
Reserve Assets	4,753	5,016	5,128	5,282
- IFSC	0	0	0	0
- Non-IFSC	4,753	5,016	5,128	5,282
Total Foreign Assets	5,202,340	5,688,070	5,795,840	5,614,380
- IFSC	-91,543	44,191	48,565	5,046
- Non-IFSC	5,293,888	5,643,878	5,747,276	5,609,343

Foreign Liabilities
Direct Investment in Ireland ¹	883,561	969,279	997,236	1,022,040
- IFSC	-866	-4,783	33,098	9,945
- Non-IFSC	884,427	974,062	964,138	1,012,095
Portfolio Investment	3,443,840	3,741,480	3,894,180	3,598,000
- IFSC	-12,705	29,879	45,287	2,409
- Non-IFSC	3,456,545	3,711,601	3,848,893	3,595,591
Other Investment ²	1,429,641	1,551,043	1,500,850	1,606,665
- IFSC	-49,135	-3,264	-6,353	6,078
- Non-IFSC	1,478,776	1,554,307	1,507,203	1,600,587
Total Foreign Liabilities	5,757,040	6,261,810	6,392,270	6,226,700
- IFSC	-62,706	21,832	72,032	18,432
- Non-IFSC	5,819,748	6,239,970	6,320,234	6,208,273

Net International Investment Position (IIP)
Direct Investment ¹	-46,448	-46,330	-31,275	-91,971
- IFSC	3,164	3,787	4,044	5,506
- Non-IFSC	-49,612	-50,117	-35,319	-97,477
Portfolio Investment	-458,280	-453,950	-500,810	-578,660
- IFSC	-51,333	-643	-42,809	-28,604
- Non-IFSC	-406,947	-453,307	-458,001	-550,056
Other Investment²	-54,722	-78,469	-69,468	53,033
- IFSC	19,332	19,215	15,298	9,712
- Non-IFSC	-74,054	-97,684	-84,766	43,321
Reserve Assets	4,753	5,016	5,128	5,282
- IFSC	0	0	0	0
- Non-IFSC	4,753	5,016	5,128	5,282
Total (Net IIP)	-554,705	-573,741	-596,435	-612,319
- IFSC	-28,837	22,359	-23,467	-13,386
- Non-IFSC	-525,860	-596,092	-572,958	-598,930
¹Reflecting the 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 Accounts Q1 2020 Table 5.7 (XLS 40KB)

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Table 5.8 International Investment Position (IIP) - 31st March 2020 - Reconciliation of IIP and BOP Flows

Table 5.8 International Investment Position (IIP) - 31st March 2020 - Reconciliation of IIP and BOP Flows				€ million
Item	Opening Position 01/01/20	Bop Flows in Quarter	Valuation and Other Changes	Closing Position 31/03/20
Foreign Assets

Direct Investment Abroad¹	965,961	-10,744	-25,148	930,069
Equity capital and reinvested earnings	938,226	15,451	-2,748	950,929
Other capital	27,736	-26,195	-22,402	-20,861

Portfolio Investment	3,393,370	-114,047	-259,983	3,019,340
Equity	1,386,910	-12,238	-214,092	1,160,580
Debt instruments	2,006,460	-101,809	-45,891	1,858,760
Bonds and notes	1,550,890	-30,732	-53,778	1,466,380
Money market instruments	455,572	-71,077	7,890	392,385

Other Investment	1,431,382	194,093	34,223	1,659,698
Loans, currency and deposits	1,065,915	115,690	21,555	1,203,160
Other²	365,467	78,403	12,668	456,538

Reserve Assets	5,128	0	154	5,282

Total Foreign Assets	5,795,840	69,302	-250,762	5,614,380

Foreign Liabilities

Direct Investment in Ireland¹	997,236	2,409	22,395	1,022,040
Equity capital and reinvested earnings	884,317	15,790	16,118	916,225
Other capital	112,919	-13,380	6,277	105,816

Portfolio Investment	3,894,180	-8,546	-287,634	3,598,000
Equity	3,377,360	-17,525	-324,075	3,035,760
Debt instruments	516,818	8,979	36,446	562,243
Bonds and notes	502,145	5,976	36,540	544,661
Money market instruments	14,673	3,003	-94	17,582

Other Investment	1,500,850	97,806	8,009	1,606,665
Loans, currency and deposits	882,201	58,748	-3,740	937,209
Other²	618,649	39,058	11,749	669,456

Total Foreign Liabilities	6,392,270	91,669	-257,239	6,226,700
¹Reflecting the 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 Accounts Q1 2020 Table 5.8 (XLS 39KB)

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Table 5.9 Gross External Debt

Table 5.9 Gross External Debt¹						€ million
	31 December 2019			31 March 2020
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
General Government	0	147,097	147,097	0	155,467	155,467
Short-term	0	18,658	18,658	0	21,932	21,932
Money market instruments	0	16,516	16,516	0	19,876	19,876
Loans & Deposits	0	2,142	2,142	0	2,056	2,056
Long-term	0	128,439	128,439	0	133,535	133,535
Bonds and notes	0	83,383	83,383	0	88,768	88,768
Loans	0	45,056	45,056	0	44,767	44,767

Monetary Authority²	0	19,872	19,872	0	20,047	20,047
Short-term	0	18,869	18,869	0	19,010	19,010
Loans and deposits	0	18,869	18,869	0	19,010	19,010
Long-term	0	1,003	1,003	0	1,037	1,037
Other debt liabilities	0	1,003	1,003	0	1,037	1,037

Monetary Financial Institutions³	233,676	28,056	261,732	-147,626	436,378	288,752
Short-term	194,430	13,897	208,327	-139,665	371,276	231,611
Money market instruments	36,342	-25,064	11,278	-13,380	24,352	10,972
Loans and deposits	158,088	38,961	197,049	-126,285	346,924	220,639
Long-term	39,246	14,159	53,405	-7,961	65,102	57,141
Bonds and notes	39,246	-13,684	25,562	-5,069	29,857	24,788
Loans	0	4,112	4,112	0	5,052	5,052
Other debt liabilities	0	23,731	23,731	-2,892	30,193	27,301

Other Sectors4	81,593	1,405,148	1,486,741	-14,383	1,581,756	1,567,373
Short-term	39,245	328,281	367,526	-5,069	377,534	372,465
Money market instruments	0	1,172	1,172	-2,892	3,842	950
Loans and deposits	160	308,292	308,452	-31	332,104	332,073
Trade credits	39,085	18,817	57,902	-2,146	41,588	39,442
Long-term	42,348	1,076,867	1,119,215	-9,314	1,204,222	1,194,908
Bonds and notes	39,085	354,115	393,200	-2,146	433,251	431,105
Loans	0	306,521	306,521	0	313,612	313,612
Other debt liabilities	3,263	416,231	419,494	-7,168	457,359	450,191

Direct Investment ⁵	-240	623,559	623,319	5,316	608,602	613,918
Debt liabilities to affiliated enterprises	-120	181,686	181,566	2,658	176,912	179,570
Debt liabilities to direct investors	-120	441,873	441,753	2,658	431,690	434,348

Gross External Debt	315,029	2,223,732	2,538,760	(156,693)	2,802,250	2,645,560
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 investors refers to direct investment in Ireland.

Open in Excel: International Accounts Q1 2020 Table 5.9 (XLS 41KB)

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Table 5.10 - Debt Instrument Financial Assets

Table 5.10 Debt Instrument Financial Assets¹						€ million
	31 December 2019			31 March 2020
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
General Government	0	3,051	3,051	0	3,147	3,147
Short-term	0	243	243	0	436	436
Money market instruments	0	0	0	0	0	0
Loans and deposits	0	243	243	0	436	436
Long-term	0	2,808	2,808	0	2,711	2,711
Bonds and notes	0	1,323	1,323	0	1,225	1,225
Loans	0	1,485	1,485	0	1,486	1,486

Monetary Authority ²	0	60,327	60,327	0	60,140	60,140
Short-term	0	40,286	40,286	0	40,878	40,878
Money market instruments	0	855	855	0	1,037	1,037
Loans and deposits	0	39,431	39,431	0	39,841	39,841
Long-term	0	20,041	20,041	0	19,262	19,262
Bonds and notes	0	20,041	20,041	0	19,262	19,262

Monetary Financial Institutions³	95,294	793,178	888,472	-192,539	1,118,529	925,990
Short-term	6,765	743,815	750,580	-19,653	783,993	764,340
Money market instruments	0	383,959	383,959	0	329,419	329,419
Loans and deposits	6,765	359,856	366,621	-19,653	454,574	434,921
Long-term	88,529	49,363	137,892	-172,886	334,536	161,650
Bonds and notes	0	76,818	76,818	0	87,232	87,232
Loans	73,070	-28,202	44,868	-101,809	152,631	50,822
Other debt Assets	15,459	747	16,206	-71,077	94,673	23,596

Other Sectors ⁴	30,969	2,332,820	2,363,789	-142,337	2,526,703	2,384,366
Short-term	19,371	379,426	398,797	-123,019	583,438	460,419
Money market instruments	-49	70,807	70,758	184	61,745	61,929
Loans and deposits	9,175	260,385	269,560	-61,266	386,332	325,066
Trade credit assets	10,245	48,234	58,479	-61,937	135,361	73,424
Long-term	11,598	1,953,394	1,964,992	-19,318	1,943,265	1,923,947
Bonds and notes	0	1,452,710	1,452,710	0	1,358,660	1,358,660
Loans	5,799	337,909	343,708	-9,659	360,246	350,587
Other debt Assets	5,799	162,775	168,574	-9,659	224,359	214,700

Direct Investment ⁵	62,918	475,218	538,136	-17,656	504,897	487,241
Debt asset claims on affiliated enterprises	57,611	151,691	209,302	-30,732	189,441	158,709
Debt asset claims on direct investors	5,307	323,527	328,834	13,076	315,456	328,532

Reserve Assets	0	3,016	3,016	0	3,148	3,148

Debt Instrument Financial Assets	189,181	3,667,610	3,856,791	(352,532)	4,216,564	3,864,032

Net External Debt	-125,848	1,443,878	1,318,031	-195,839	1,414,314	1,218,472
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 5.9) minus External Assets in Debt Instruments. A negative sign indicates a net Asset position.

Open in Excel: International Accounts Q1 2020 Table 5.10 (XLS 42KB)

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International Accounts Q1 2020

International Investment Position

International Investment Position

Net IIP liability of €612 billion at end-March 2020

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