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International Accounts Q1 2020 Final

International Investment Position

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Net IIP liability of €639 billion at end-March 2020

Table 7.1 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	21.7	44.6	66.7	20.1	46.6
Monetary Financial Institutions	944.2	880.7	63.5	990.8	917.5	73.3
Other Financial Intermediaries	3,851.4	3,839.3	12.1	3,605.9	3,596.3	9.6
Non-Financial Companies	967.4	1,581.4	-614.0	921.4	1,556.5	-635.0
Total	5,851.4	6,470.2	-618.8	5,606.6	6,245.7	-639.2

Open in Excel: International Accounts Q1 2020 Table 7.1 (XLS 37KB)

At 31st March 2020, Ireland's quarterly international investment position (IIP) results show overall stocks of foreign financial assets of €5,607bn - a decrease of €245bn on the end-December 2019 level, while the corresponding stocks of foreign financial liabilities decreased by €224bn to €6,246bn over the quarter. Irish residents had an overall net foreign liability of €639bn at end-March 2020, an increase of €20bn in the net foreign liability level at end-December 2019 - see Table 7.2.

X-axis label	Net IIP % GDP
Q22018	-162
Q32018	-154
Q42018	-181
Q12019	-172
Q22019	-178
Q32019	-175
Q42019	-174
Q12020	-177

Some points of note in the Quarter 1 2020 IIP are:

Direct Investment Abroad decreased by €33bn to €934bn.
Equity capital (including reinvested earnings) decreased €9.7bn while other capital decreased €23bn – see Table 7.5.
Foreign Assets of Other Financial Intermediaries decreased by €246bn. With foreign liabilities decreasing by €243bn, the resulting net decreased to €10bn - see Table 7.3.
Foreign Assets of the Monetary Authority increased by €0.4bn while foreign liabilities decreased by €1.6bn. The resulting net increased to €47bn - see Table 7.3.

X-axis label	Direct Investment	Portfolio Investment	Other Investment	Reserve Assets	Net IIP
Q22018	-26.8	-486.6	-6.2	3.7	-515.9
Q32018	50.2	-525.2	-27.1	3.9	-498.3
Q42018	-70.5	-428	-96.8	4.6	-590.8
Q12019	-70.3	-465.8	-41.2	4.6	-572.7
Q22019	-87.4	-501.4	-19	4.7	-603.1
Q32019	-64	-550.5	0.7	5	-608.8
Q42019	-59.1	-550.6	-14.1	5.1	-618.8
Q12020	-104.3	-582.1	42	5.3	-639.2

Figure 7.2 shows the net IIP over time along with the contribution of each instrument type to it.

Net Portfolio Investment fell €32bn to -€582bn.
Net Other Investment rose €56bn to €42bn.
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	766	457	1027	772
30 Sep 2019	845	523	1087	805
31 Dec 2019	862	522	1166	851
31 Mar 2020	830	437	990	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)
€990bn 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	656	1429	260	21	153
Q32019	658	1521	264	21	151
Q42019	636	1514	262	22	147
Q12020	628	1570	289	20	155

Gross External Debt stands at €2.7 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 €2,663bn.

This represents an increase of €82bn 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 (€2,581bn) - see Table 7.9.

Points of note are:

General government foreign borrowing rose by €8bn to €155bn at end-March 2020.
Liabilities of the Monetary Authority decreased €1.6bn to €20.1bn. 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 €26.7bn to €288.8bn.
The liabilities of Other sectors at €1,570bn increased €56bn on the previous quarter.
This was made up of a rise in short-term debt of €16bn and a rise in long-term debt of €40bn.
Direct investment liabilities decreased by €7bn to €628bn in the quarter.
The Net External Debt position was €1,194bn at end-March 2020, i.e. assets exceeded liabilities - see Table 7.10.

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

Table 7.2 International Investment Position (IIP) classified by Financial Instrument

Table 7.3 International Investment Position (IIP) classified by Institutional Sector

Table 7.3 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	24,670	24,256	22,690	22,174	21,836
Monetary Authority ¹	47,711	46,972	45,348	49,750	54,932	57,614	66,305	66,676
Monetary Financial Institutions²	746,045	734,828	796,905	832,326	840,211	932,132	944,174	990,773
Other Sectors³	4,097,970	4,194,347	3,999,218	4,364,053	4,413,413	4,738,034	4,818,778	4,527,293
of which:
Other Financial Intermediaries	3,241,882	3,312,011	3,155,957	3,468,213	3,555,642	3,790,549	3,851,422	3,605,872
Non-Financial Companies⁴	856,088	882,336	843,261	895,840	857,771	947,485	967,357	921,421
Total Foreign Assets	4,906,827	5,001,178	4,866,344	5,270,800	5,332,812	5,750,470	5,851,432	5,606,578

Foreign Liabilities
General Government	145,302	154,357	149,172	153,574	153,018	151,485	147,097	155,468
Monetary Authority ¹	19,766	20,628	21,275	20,038	20,743	20,783	21,718	20,101
Monetary Financial Institutions²	707,235	692,194	756,067	783,453	788,776	873,006	880,684	917,450
Other Sectors³	4,550,452	4,632,297	4,530,616	4,886,405	4,973,376	5,313,960	5,420,715	5,152,712
of which:
Other Financial Intermediaries	3,192,808	3,259,676	3,167,016	3,449,875	3,525,446	3,763,773	3,839,333	3,596,259
Non-Financial Companies⁴	1,357,644	1,372,621	1,363,600	1,436,530	1,447,929	1,550,187	1,581,381	1,556,453
Total Foreign Liabilities	5,422,755	5,499,476	5,457,130	5,843,470	5,935,913	6,359,234	6,470,214	6,245,731

Net International Investment Position (IIP)
General Government	-130,201	-129,327	-124,298	-128,904	-128,762	-128,795	-124,923	-133,632
Monetary Authority ¹	27,945	26,344	24,073	29,712	34,189	36,831	44,587	46,575
Monetary Financial Institutions²	38,810	42,634	40,838	48,873	51,435	59,126	63,490	73,323
Other Sectors³	-452,482	-437,950	-531,398	-522,352	-559,963	-575,926	-601,937	-625,419
of which:
Other Financial Intermediaries	49,074	52,335	-11,059	18,338	30,196	26,776	12,089	9,613
Non-Financial Companies⁴	-501,556	-490,285	-520,339	-540,690	-590,158	-602,702	-614,024	-635,032
Total (Net IIP)	-515,928	-498,298	-590,787	-572,671	-603,100	-608,764	-618,782	-639,153
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 7.3 (XLS 40KB)

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Table 7.4 International Investment Position (IIP) - IFSC and non-IFSC activity by Institutional Sector

Table 7.4 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	66,305	66,305	0	66,676	66,676
Monetary Financial Institutions²	881,593	62,581	944,174	926,550	64,223	990,773
Other Sectors³	3,725,700	1,093,079	4,818,779	3,548,055	979,238	4,527,293
of which:
Other Financial Intermediaries	3,725,700	125,722	3,851,422	3,548,055	57,817	3,605,872
Non-Financial Companies⁴	0	967,357	967,357	0	921,421	921,421
Total Foreign Assets	4,607,293	1,244,139	5,851,432	4,474,605	1,131,973	5,606,578

Foreign Liabilities
General Government	0	147,097	147,097	0	155,468	155,468
Monetary Authority¹	0	21,718	21,718	0	20,101	20,101
Monetary Financial Institutions²	848,736	31,948	880,684	886,276	31,174	917,450
Other Sectors³	3,914,621	1,506,093	5,420,714	3,726,048	1,426,664	5,152,712
of which:
Other Financial Intermediaries	3,914,621	-75,288	3,839,333	3,726,048	-129,789	3,596,259
Non-Financial Companies⁴	0	1,581,381	1,581,381	0	1,556,453	1,556,453
Total Foreign Liabilities	4,763,357	1,706,857	6,470,214	4,612,324	1,633,407	6,245,731

Net International Investment Position (IIP)
General Government	0	-124,923	-124,923	0	-133,632	-133,632
Monetary Authority¹	0	44,587	44,587	0	46,575	46,575
Monetary Financial Institutions²	32,857	30,633	63,490	40,274	33,049	73,323
Other Sectors³	-188,921	-413,014	-601,935	-177,993	-447,426	-625,419
of which:
Other Financial Intermediaries	-188,921	201,010	12,089	-177,993	187,606	9,613
Non-Financial Companies⁴	0	-614,024	-614,024	0	-635,032	-635,032
Total (Net IIP)	-156,064	-462,717	-618,782	-137,719	-501,434	-639,153
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 7.4 (XLS 41KB)

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Table 7.5 International Investment Position (IIP) - Detailed Data

Table 7.5 International Investment Position (IIP) - Detailed Data				€ million
Item	Q2 2019	Q3 2019	Q4 2019	Q1 2020
Foreign Assets
Direct Investment Abroad¹	863,272	940,432	966,641	933,951
Equity capital and reinvested earnings	866,437	917,469	963,295	953,628
Other capital	-3,165	22,963	3,346	-19,676

Portfolio Investment	3,021,759	3,258,568	3,400,723	3,015,891
Equity	1,239,085	1,294,465	1,392,138	1,157,190
Monetary authority²	0	0	0	0
General government	3,870	3,902	4,094	3,745
Monetary financial institutions³	1,685	1,881	3,630	3,268
Other sectors	1,233,530	1,288,681	1,384,414	1,150,177

Debt instruments	1,782,674	1,964,103	2,008,585	1,858,701
Bonds and notes	1,402,241	1,524,422	1,552,631	1,466,369
Monetary authority²	20,154	19,939	20,041	19,262
General government	1,780	1,776	1,323	1,225
Monetary financial institutions³	71,723	74,223	78,759	87,232
Other sectors	1,308,585	1,428,485	1,452,508	1,358,651

Money market instruments	380,433	439,680	455,954	392,331
Monetary authority²	905	905	855	1,037
General government	0	0	0	0
Monetary financial institutions³	318,708	373,443	384,320	329,368
Other sectors	60,820	65,332	70,779	61,927

Other Investment	1,443,049	1,546,473	1,478,984	1,651,482
Loans, currency and deposits	1,046,198	1,103,584	1,086,908	1,195,308
Monetary authority²	28,269	30,879	39,431	39,841
General government	2,208	2,066	1,728	1,922
Monetary financial institutions³	405,485	419,783	411,785	485,743
Other sectors	610,236	650,856	633,964	667,802

Trade Credits	67,922	70,569	72,592	73,676
General government	0	0	0	0
Other sectors	67,922	70,569	72,592	73,676

Other assets⁴	328,929	372,321	319,485	382,499
Monetary authority²	872	895	895	1,283
General government	16,361	14,908	14,991	14,907
Monetary financial institutions³	37,616	57,713	59,535	78,877
Other sectors	274,080	298,805	244,064	287,432

Reserve assets	4,732	4,997	5,084	5,253
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	879	962	906	736
Other	1,825	1,957	2,110	2,412

Total Foreign Assets	5,332,812	5,750,470	5,851,432	5,606,578
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 7.5 (XLS 41KB)

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Table 7.6 International Investment Position (IIP) - Detailed Data

Table 7.6 International Investment Position (IIP) - Detailed Data				€ million
Item	Q2 2019	Q3 2019	Q4 2019	Q1 2020
Foreign Liabilities
Direct Investment in Ireland¹	950,712	1,004,385	1,025,789	1,038,285
Equity capital and reinvested earnings	867,790	905,473	893,833	918,534
Other capital	82,922	98,912	131,956	119,751

Portfolio Investment	3,523,127	3,809,072	3,951,300	3,597,977
Equity	3,014,790	3,258,218	3,396,930	3,035,756
Monetary authority²	0	0	0	0
General government	0	0	0	0
Monetary financial institutions³	456,798	514,669	525,608	523,285
Other sectors	2,557,992	2,743,550	2,871,323	2,512,471

Debt instruments	508,337	550,854	554,369	562,221
Bonds and notes	495,775	536,388	539,836	544,639
Monetary authority²	0	0	0	0
General government	85,745	86,191	83,383	88,768
Monetary financial institutions³	25,770	26,615	26,425	24,788
Other sectors	384,260	423,583	430,027	431,083

Money market instruments	12,562	14,466	14,534	17,582
Monetary authority²	0	0	0	0
General government	4,870	3,780	2,223	5,659
Monetary financial institutions³	7,270	10,261	11,138	10,972
Other sectors	422	425	1,172	950

Other Investment	1,462,073	1,545,777	1,493,126	1,609,468
Loans, currency and deposits	865,579	881,019	892,217	939,839
Monetary authority²	19,787	19,792	20,715	19,063
General government	47,698	47,024	47,197	46,823
Monetary financial institutions³	205,339	206,304	200,788	225,690
Other sectors	592,755	607,899	623,517	648,262

Trade Credits	33,725	44,466	42,979	38,940
General government	0	0	0	0
Other sectors	33,725	44,466	42,979	38,940

Other liabilities⁴	562,770	620,292	557,930	630,688
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	498,124	536,308	471,223	528,300

Total Foreign Liabilities	5,935,912	6,359,234	6,470,214	6,245,731
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 7.6 (XLS 40KB)

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Table 7.7 International Investment Position (IIP) showing IFSC and non-IFSC activity

Table 7.7 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	863,272	940,432	966,641	933,951
- IFSC	80,018	83,068	85,569	136,992
- Non-IFSC	783,254	857,364	881,072	796,959
Portfolio Investment	3,021,759	3,258,568	3,400,723	3,015,891
- IFSC	2,870,434	3,101,944	3,242,184	2,871,145
- Non-IFSC	151,325	156,624	158,539	144,746
Other Investment ²	1,443,049	1,546,473	1,478,984	1,651,482
- IFSC	1,266,057	1,351,165	1,279,541	1,466,468
- Non-IFSC	176,992	195,308	199,443	185,014
Reserve Assets	4,732	4,997	5,084	5,253
- IFSC	0	0	0	0
- Non-IFSC	4,732	4,997	5,084	5,253
Total Foreign Assets	5,332,812	5,750,470	5,851,432	5,606,578
- IFSC	4,216,509	4,536,177	4,607,294	4,474,605
- Non-IFSC	1,116,303	1,214,293	1,244,138	1,131,972

Foreign Liabilities
Direct Investment in Ireland ¹	950,712	1,004,385	1,025,789	1,038,285
- IFSC	229,484	241,150	256,220	282,979
- Non-IFSC	721,228	763,235	769,569	755,306
Portfolio Investment	3,523,127	3,809,072	3,951,300	3,597,977
- IFSC	2,872,974	3,114,285	3,229,744	2,929,229
- Non-IFSC	650,153	694,787	721,556	668,748
Other Investment ²	1,462,073	1,545,777	1,493,126	1,609,468
- IFSC	1,252,562	1,324,515	1,277,393	1,400,117
- Non-IFSC	209,511	221,262	215,733	209,351
Total Foreign Liabilities	5,935,912	6,359,234	6,470,214	6,245,731
- IFSC	4,355,020	4,679,950	4,763,357	4,612,325
- Non-IFSC	1,580,892	1,679,284	1,706,858	1,633,405

Net International Investment Position (IIP)
Direct Investment ¹	-87,440	-63,953	-59,148	-104,334
- IFSC	-149,466	-158,082	-170,651	-145,987
- Non-IFSC	62,026	94,129	111,503	41,653
Portfolio Investment	-501,368	-550,504	-550,577	-582,086
- IFSC	-2,540	-12,341	12,440	-58,084
- Non-IFSC	-498,828	-538,163	-563,017	-524,002
Other Investment²	-19,024	696	-14,142	42,014
- IFSC	13,495	26,650	2,148	66,351
- Non-IFSC	-32,519	-25,954	-16,290	-24,337
Reserve Assets	4,732	4,997	5,084	5,253
- IFSC	0	0	0	0
- Non-IFSC	4,732	4,997	5,084	5,253
Total (Net IIP)	-603,100	-608,764	-618,782	-639,153
- IFSC	-138,511	-143,773	-156,063	-137,720
- Non-IFSC	-464,589	-464,991	-462,720	-501,433
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 7.7 (XLS 40KB)

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Table 7.8 International Investment Position (IIP) - 31st March 2020 - Reconciliation of IIP and BOP Flows

Table 7.8 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	966,641	-10,626	-22,064	933,951
Equity capital and reinvested earnings	963,295	15,473	-25,140	953,628
Other capital	3,346	-26,099	3,077	-19,676

Portfolio Investment	3,400,723	-113,863	-270,969	3,015,891
Equity	1,392,138	-11,680	-223,268	1,157,190
Debt instruments	2,008,585	-102,182	-47,702	1,858,701
Bonds and notes	1,552,631	-36,985	-49,277	1,466,369
Money market instruments	455,954	-65,197	1,574	392,331

Other Investment	1,478,984	178,561	-6,063	1,651,482
Loans, currency and deposits	1,086,908	116,053	-7,653	1,195,308
Other²	392,076	62,508	1,590	456,174

Reserve Assets	5,084	138	31	5,253

Total Foreign Assets	5,851,432	54,210	-299,064	5,606,578

Foreign Liabilities

Direct Investment in Ireland¹	1,025,789	4,076	8,420	1,038,285
Equity capital and reinvested earnings	893,833	17,361	7,340	918,534
Other capital	131,956	-13,284	1,079	119,751

Portfolio Investment	3,951,300	-30,726	-322,597	3,597,977
Equity	3,396,930	-39,726	-321,448	3,035,756
Debt instruments	554,369	9,000	-1,148	562,221
Bonds and notes	539,836	5,997	-1,194	544,639
Money market instruments	14,534	3,003	45	17,582

Other Investment	1,493,126	104,998	11,344	1,609,468
Loans, currency and deposits	892,217	56,556	-8,934	939,839
Other²	600,909	48,442	20,278	669,629

Total Foreign Liabilities	6,470,214	78,348	-302,831	6,245,731
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 7.8 (XLS 40KB)

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Table 7.9 Gross External Debt

Table 7.9 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	21,718	21,718	0	20,100	20,100
Short-term	0	20,715	20,715	0	19,063	19,063
Loans and deposits	0	20,715	20,715	0	19,063	19,063
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	239,883	22,199	262,082	266,954	21,797	288,751
Short-term	191,836	15,978	207,814	215,274	16,336	231,610
Money market instruments	11,138	0	11,138	10,972	0	10,972
Loans and deposits	180,698	15,978	196,676	204,302	16,336	220,638
Long-term	48,047	6,221	54,268	51,680	5,461	57,141
Bonds and notes	20,933	5,492	26,425	20,052	4,736	24,788
Loans	3,466	646	4,112	4,396	656	5,052
Other debt liabilities	23,648	83	23,731	27,232	69	27,301

Other Sectors⁴	1,394,233	119,896	1,514,129	1,454,601	115,496	1,570,097
Short-term	312,986	43,135	356,121	335,129	36,781	371,910
Money market instruments	4	1,168	1,172	4	946	950
Loans and deposits	299,134	12,836	311,970	319,118	12,902	332,020
Trade credits	13,848	29,131	42,979	16,007	22,933	38,940
Long-term	1,081,247	76,761	1,158,008	1,119,472	78,715	1,198,187
Bonds and notes	422,444	7,583	430,027	423,451	7,632	431,083
Loans	291,804	19,743	311,547	294,181	22,061	316,242
Other debt liabilities	366,999	49,435	416,434	401,840	49,022	450,862

Direct Investment ⁵	73,027	562,496	635,523	70,106	558,083	628,189
Debt liabilities to affiliated enterprises	3,275	174,620	177,895	3,320	176,250	179,570
Debt liabilities to direct investors	69,752	387,876	457,628	66,786	381,833	448,619

Gross External Debt	1,707,143	873,406	2,580,550	1,791,661	870,943	2,662,605
1 Gross external debt represents the stock of Ireland's liabilities to non-residents other than equity and financial derivatives.
2 Central Bank of Ireland
3 Covering licensed credit institutions and money market funds.
4 Other 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.
5 Covering 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 7.9 (XLS 42KB)

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Table 7.10 - Debt Instrument Financial Assets

Table 7.10 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	835,538	54,514	890,052	868,812	56,149	924,961
Short-term	732,453	18,784	751,237	745,143	19,147	764,290
Money market instruments	384,220	100	384,320	329,368	0	329,368
Loans and deposits	348,233	18,684	366,917	415,775	19,147	434,922
Long-term	103,085	35,730	138,815	123,669	37,002	160,671
Bonds and notes	57,026	21,733	78,759	65,111	22,121	87,232
Loans	31,054	13,814	44,868	36,051	14,771	50,822
Other debt Assets	15,005	183	15,188	22,507	110	22,617

Other Sectors ⁴	2,263,909	147,726	2,411,635	2,247,043	129,728	2,376,771
Short-term	380,364	47,894	428,258	405,540	47,339	452,879
Money market instruments	70,506	273	70,779	61,519	408	61,927
Loans and deposits	267,952	16,935	284,887	297,272	20,004	317,276
Trade credit assets	41,906	30,686	72,592	46,749	26,927	73,676
Long-term	1,883,545	99,832	1,983,377	1,841,503	82,389	1,923,892
Bonds and notes	1,409,202	43,306	1,452,508	1,317,151	41,500	1,358,651
Loans	344,235	4,843	349,078	345,541	4,985	350,526
Other debt Assets	130,108	51,683	181,791	178,811	35,904	214,715

Direct Investment ⁵	116,334	390,580	506,914	117,473	371,287	488,760
Debt asset claims on affiliated enterprises	4,944	176,297	181,241	5,075	154,818	159,893
Debt asset claims on direct investors	111,390	214,283	325,673	112,398	216,469	328,867

Reserve Assets	0	2,972	2,972	0	3,119	3,119

Debt Instrument Financial Assets	3,215,781	659,170	3,874,951	3,233,328	623,570	3,856,898

Net External Debt⁶	1,508,638	-214,236	1,294,401	1,441,667	-247,373	1,194,293
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 7.9) minus External Assets in Debt Instruments. A negative sign indicates a net Asset position.

Open in Excel: International Accounts Q1 2020 Table 7.10 (XLS 42KB)

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International Accounts Q1 2020 Final

International Investment Position

International Investment Position

Net IIP liability of €639 billion at end-March 2020

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