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International Accounts Q1 2021

International Investment Position

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Net IIP liability of €611 billion at end-March 2021

Table 5.1 International Investment Position						€ billion
	31 December 2020			31 March 2021
	Assets	Liabilities	NET	Assets	Liabilities	NET
General Government	22.3	153.8	-131.5	21.9	158.1	-136.2
Monetary Authority	73.4	20.7	52.7	86.5	20.5	66.1
Monetary Financial Institutions	1,055.8	978.1	77.6	1,044.8	970.3	74.4
Other Financial Intermediaries	4,158.1	4,157.7	0.5	4,516.5	4,466.7	49.9
Non-Financial Companies	988.7	1,602.9	-614.2	1,073.9	1,739.5	-665.6
Total	6,298.2	6,913.2	-615.0	6,743.7	7,355.1	-611.4

Open in Excel: International Accounts Q1 2021 Table 5.1 (XLS 37KB)

At 31st March 2021, Ireland's quarterly international investment position ((IIP) results show overall stocks of foreign financial assets of €6,744bn - an increase of €445bn on the end-December 2020 level, while the corresponding stocks of foreign financial liabilities increased by €442bn to €7,355bn over the quarter. Irish residents had an overall net foreign liability of €611bn at end-March 2021, a decrease of €4bn in the net foreign liability level at end-December 2020 - see Table 5.2.

X-axis label	Net IIP %GDP
Q22019	-178
Q32019	-175
Q42019	-174
Q12020	-176
Q22020	-176
Q32020	-165
Q42020	-168
Q12021	-163

Some points of note in the Quarter 1 2021 IIP are:

Direct Investment Abroad increased by €95bn to €1078bn.
Equity capital (including reinvested earnings) increased €105.6bn while other capital decreased €10.9bn – see Table 5.5.
Foreign Assets of Other Financial Intermediaries increased by €358bn.With foreign liabilities increasing by €309bn, the resulting net increased to €50bn - see Table 5.3.
Foreign Assets of the Monetary Authority increased by €13.2bn while foreign liabilities decreased by €0.2bn. The resulting net increased to €66bn - see Table 5.3.

X-axis label	Direct Investment	Portfolio Investment	Other Investment	Reserve Assets	Net IIP
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
Q22020	-188	-500.4	49.5	5.2	-633.7
Q32020	-113	-554.2	59.4	5.7	-602.1
Q42020	-116.8	-601.5	97.1	6.2	-615
Q12021	-71.2	-620.3	73.4	6.6	-611.4

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

Net Portfolio Investment fell €19bn to -€620bn.
Net Other Investment fell €24bn to €73bn.
Reserve Assets grew €0.4bn to €6.6bn.

X-axis label	General Government	Monetary Financial Institutions	Other Financial Intermediaries	Non-Financial Companies
30 Jun 2020	924	485	1153	793
30 Sep 2020	905	472	1205	814
31 Dec 2020	953	504	1329	852
31 Mar 2021	936	531	1486	952

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:

€936bn issued by foreign Governments
€531bn issued by foreign Monetary Financial Institutions (including Money Market Investment Funds)
€1486bn issued by foreign Other Financial Intermediaries (including Non-Money Market Investment Funds)
€952bn issued by foreign Non-Financial Companies

X-axis label	Direct Investment	Other Sectors	Monetary Financial Institutions	Monetary Authority	General Government
Q22020	554	1554	274	20	167
Q32020	508	1574	268	21	164
Q42020	514	1604	277	21	154
Q12021	544	1708	291	20	158

Gross External Debt stands at €2.7 trillion at end-March 2021.

At 31st March 2021, the gross external debt of all resident sectors (i.e. general government, the monetary authority, financial and non-financial corporations and households) amounted to €2,723bn.
This represents an increase of €152bn 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 2020 (€2,570bn) - see Table 5.9.

Points of note are:

General government foreign borrowing rose by €4bn to €158bn at end-March 2021.
Liabilities of the Monetary Authority consisting entirely of short-term loans and deposits decreased €0.2bn to €20.5bn. 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 €14.2bn to €291.5bn.
The liabilities of Other sectors at €1,708bn increased €104bn on the previous quarter.
This was made up of a rise in short-term debt of €47bn and a rise in long-term debt of €56bn.
Direct investment liabilities increased by €30bn to €544bn in the quarter.
The Net External Debt position was €1,414bn at end-March 2021, 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 2019	Q3 2019	Q4 2019	Q1 2020	Q2 2020	Q3 2020	Q4 2020	Q1 2021
Foreign Assets
General Government	24,256	22,690	22,174	21,836	22,238	22,168	22,254	21,920
Monetary Authority ¹	54,932	57,614	66,305	66,676	79,676	80,122	73,369	86,531
Monetary Financial Institutions²	843,060	934,828	946,595	990,773	1,012,943	992,865	1,055,770	1,044,784
Other Sectors³	4,410,564	4,735,338	4,816,357	4,527,293	4,733,905	4,796,722	5,146,809	5,590,429
of which:
Other Financial Intermediaries	3,553,023	3,788,093	3,849,233	3,605,872	3,822,640	3,899,804	4,158,141	4,516,543
Non-Financial Companies⁴	857,541	947,245	967,124	921,421	911,265	896,918	988,668	1,073,886
Total Foreign Assets	5,332,812	5,750,470	5,851,432	5,606,578	5,848,762	5,891,877	6,298,202	6,743,664

Foreign Liabilities
General Government	153,018	151,485	147,097	155,468	167,377	164,029	153,750	158,112
Monetary Authority ¹	20,743	20,783	21,718	20,101	20,043	20,527	20,699	20,476
Monetary Financial Institutions²	790,152	874,456	881,919	917,450	934,754	918,472	978,141	970,342
Other Sectors³	4,971,999	5,312,510	5,419,479	5,152,711	5,360,313	5,390,929	5,760,591	6,206,155
of which:
Other Financial Intermediaries	3,526,358	3,764,715	3,840,416	3,596,258	3,810,129	3,885,253	4,157,674	4,466,661
Non-Financial Companies⁴	1,445,641	1,547,795	1,579,063	1,556,453	1,550,184	1,505,677	1,602,916	1,739,495
Total Foreign Liabilities	5,935,912	6,359,234	6,470,213	6,245,730	6,482,487	6,493,957	6,913,181	7,355,085

Net International Investment Position (IIP)
General Government	-128,762	-128,795	-124,923	-133,632	-145,139	-141,861	-131,496	-136,192
Monetary Authority ¹	34,189	36,831	44,587	46,575	59,633	59,595	52,670	66,055
Monetary Financial Institutions²	52,908	60,372	64,676	73,323	78,189	74,393	77,629	74,442
Other Sectors³	-561,435	-577,172	-603,122	-625,418	-626,408	-594,207	-613,782	-615,726
of which:
Other Financial Intermediaries	26,665	23,378	8,817	9,614	12,511	14,551	467	49,882
Non-Financial Companies⁴	-588,100	-600,550	-611,939	-635,032	-638,919	-608,759	-614,248	-665,609
Total (Net IIP)	-603,100	-608,764	-618,782	-639,152	-633,726	-602,081	-614,978	-611,420
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 2021 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 2020			31 March 2021
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
Foreign Assets
General Government	0	22,254	22,254	0	21,920	21,920
Monetary Authority¹	0	73,369	73,369	0	86,531	86,531
Monetary Financial Institutions²	994,673	61,097	1,055,770	982,827	61,957	1,044,784
Other Sectors³	4,025,235	1,121,574	5,146,809	4,361,014	1,229,415	5,590,429
of which:
Other Financial Intermediaries	4,025,235	132,906	4,158,141	4,361,014	155,529	4,516,543
Non-Financial Companies⁴	0	988,668	988,668	0	1,073,886	1,073,886
Total Foreign Assets	5,019,908	1,278,294	6,298,202	5,343,841	1,399,823	6,743,664

Foreign Liabilities
General Government	0	153,750	153,750	0	158,112	158,112
Monetary Authority¹	0	20,699	20,699	0	20,476	20,476
Monetary Financial Institutions²	950,383	27,758	978,141	938,547	31,795	970,342
Other Sectors³	4,238,254	1,522,336	5,760,590	4,541,324	1,664,832	6,206,156
of which:
Other Financial Intermediaries	4,238,254	-80,580	4,157,674	4,541,324	-74,663	4,466,661
Non-Financial Companies⁴	0	1,602,916	1,602,916	0	1,739,495	1,739,495
Total Foreign Liabilities	5,188,637	1,724,543	6,913,180	5,479,871	1,875,213	7,355,084

Net International Investment Position (IIP)
General Government	0	-131,496	-131,496	0	-136,192	-136,192
Monetary Authority¹	0	52,670	52,670	0	66,055	66,055
Monetary Financial Institutions²	44,290	33,339	77,629	44,280	30,162	74,442
Other Sectors³	-213,019	-400,762	-613,781	-180,310	-435,417	-615,727
of which:
Other Financial Intermediaries	-213,019	213,486	467	-180,310	230,192	49,882
Non-Financial Companies⁴	0	-614,248	-614,248	0	-665,609	-665,609
Total (Net IIP)	-168,729	-446,249	-614,978	-136,030	-475,392	-611,420
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 2021 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 2020	Q3 2020	Q4 2020	Q1 2021
Foreign Assets
Direct Investment Abroad¹	908,604	895,064	983,426	1,078,202
Equity capital and reinvested earnings	948,951	943,854	1,039,675	1,145,309
Other capital	-40,347	-48,789	-56,249	-67,107

Portfolio Investment	3,354,980	3,397,189	3,637,459	3,907,153
Equity	1,306,343	1,368,191	1,531,754	1,721,313
Monetary authority²	0	0	0	0
General government	3,941	3,841	4,079	4,754
Monetary financial institutions³	49	172	444	-137
Other sectors	1,302,353	1,364,178	1,527,231	1,716,696

Debt instruments	2,048,637	2,028,998	2,105,705	2,185,840
Bonds and notes	1,564,362	1,567,775	1,620,477	1,691,528
Monetary authority²	18,268	17,343	16,690	15,656
General government	1,173	1,148	1,086	170
Monetary financial institutions³	87,566	74,858	71,978	67,714
Other sectors	1,457,355	1,474,426	1,530,723	1,607,988

Money market instruments	484,275	461,224	485,228	494,313
Monetary authority²	1,220	1,286	1,005	1,159
General government	0	0	0	0
Monetary financial institutions³	410,491	384,964	404,804	408,919
Other sectors	72,564	74,974	79,419	84,234

Other Investment	1,579,969	1,593,918	1,671,110	1,751,741
Loans, currency and deposits	1,143,636	1,156,836	1,208,087	1,237,862
Monetary authority²	54,080	54,888	48,566	62,247
General government	1,981	1,970	1,901	2,020
Monetary financial institutions³	441,493	458,417	484,420	463,240
Other sectors	646,082	641,561	673,200	710,355

Trade Credits	85,405	87,394	82,924	96,194
General government	0	0	0	0
Other sectors	85,405	87,394	82,924	96,194

Other assets⁴	350,929	349,688	380,098	417,686
Monetary authority²	900	900	900	900
General government	15,106	15,171	15,151	14,939
Monetary financial institutions³	69,172	70,864	89,234	100,347
Other sectors	265,751	262,753	274,813	301,500

Reserve assets	5,208	5,706	6,207	6,569
Monetary gold	289	294	282	263
Special drawing rights	844	802	815	815
Reserve Position in the IMF	991	948	951	975
Foreign Exchange	706	813	981	1,394
Other	2,378	2,849	3,178	3,122

Total Foreign Assets	5,848,762	5,891,877	6,298,202	6,743,664
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 2021 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 2020	Q3 2020	Q4 2020	Q1 2021
Foreign Liabilities
Direct Investment in Ireland¹	1,096,582	1,008,055	1,100,218	1,149,353
Equity capital and reinvested earnings	999,740	952,765	1,018,539	1,015,342
Other capital	96,842	55,290	81,679	134,011

Portfolio Investment	3,855,420	3,951,372	4,238,934	4,527,426
Equity	3,257,788	3,346,738	3,626,510	3,891,381
Monetary authority²	0	0	0	0
General government	0	0	0	0
Monetary financial institutions³	560,212	548,276	577,548	555,977
Other sectors	2,697,576	2,798,462	3,048,963	3,335,405

Debt instruments	597,632	604,634	612,424	636,044
Bonds and notes	568,967	577,439	591,852	614,004
Monetary authority²	0	0	0	0
General government	90,788	89,578	86,250	86,799
Monetary financial institutions³	21,391	21,123	20,525	18,537
Other sectors	456,789	466,739	485,077	508,668

Money market instruments	28,665	27,195	20,571	22,040
Monetary authority²	0	0	0	0
General government	16,194	14,483	7,900	9,766
Monetary financial institutions³	11,386	11,823	12,288	11,887
Other sectors	1,085	889	383	388

Other Investment	1,530,485	1,534,531	1,574,028	1,678,305
Loans, currency and deposits	913,122	905,872	919,167	993,822
Monetary authority²	19,003	19,503	19,785	19,538
General government	46,145	45,725	45,371	47,596
Monetary financial institutions³	212,651	203,580	216,786	222,444
Other sectors	635,324	637,064	637,225	704,244

Trade Credits	38,745	40,141	52,368	41,777
General government	0	0	0	0
Other sectors	38,745	40,141	52,368	41,777

Other liabilities⁴	578,618	588,518	602,492	642,707
Monetary authority²	1,040	1,025	914	937
General government	14,250	14,243	14,227	13,951
Monetary financial institutions³	83,021	87,896	104,457	114,126
Other sectors	480,306	485,353	482,894	513,693

Total Foreign Liabilities	6,482,487	6,493,958	6,913,180	7,355,084
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.

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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 2020	Q3 2020	Q4 2020	Q1 2021
Foreign Assets
Direct Investment Abroad ¹	908,604	895,064	983,426	1,078,202
- IFSC	132,132	94,935	90,037	77,350
- Non-IFSC	776,472	800,129	893,389	1,000,852
Portfolio Investment	3,354,980	3,397,189	3,637,459	3,907,153
- IFSC	3,202,151	3,244,012	3,479,122	3,740,557
- Non-IFSC	152,829	153,177	158,337	166,596
Other Investment ²	1,579,969	1,593,918	1,671,110	1,751,741
- IFSC	1,382,284	1,399,517	1,450,749	1,525,934
- Non-IFSC	197,685	194,401	220,361	225,807
Reserve Assets	5,208	5,706	6,207	6,569
- IFSC	0	0	0	0
- Non-IFSC	5,208	5,706	6,207	6,569
Total Foreign Assets	5,848,762	5,891,877	6,298,202	6,743,664
- IFSC	4,716,567	4,738,464	5,019,908	5,343,841
- Non-IFSC	1,132,194	1,153,413	1,278,294	1,399,824

Foreign Liabilities
Direct Investment in Ireland ¹	1,096,582	1,008,055	1,100,218	1,149,353
- IFSC	308,317	291,685	304,490	280,826
- Non-IFSC	788,265	716,370	795,728	868,527
Portfolio Investment	3,855,420	3,951,372	4,238,934	4,527,426
- IFSC	3,234,218	3,290,365	3,533,149	3,735,698
- Non-IFSC	621,202	661,007	705,785	791,728
Other Investment ²	1,530,485	1,534,531	1,574,028	1,678,305
- IFSC	1,321,993	1,326,755	1,350,998	1,463,346
- Non-IFSC	208,492	207,776	223,030	214,959
Total Foreign Liabilities	6,482,487	6,493,958	6,913,180	7,355,084
- IFSC	4,864,528	4,908,805	5,188,637	5,479,870
- Non-IFSC	1,617,959	1,585,153	1,724,543	1,875,214

Net International Investment Position (IIP)
Direct Investment ¹	-187,978	-112,991	-116,792	-71,151
- IFSC	-176,185	-196,750	-214,453	-203,476
- Non-IFSC	-11,793	83,759	97,661	132,325
Portfolio Investment	-500,440	-554,183	-601,475	-620,273
- IFSC	-32,067	-46,353	-54,027	4,859
- Non-IFSC	-468,373	-507,830	-547,448	-625,132
Other Investment²	49,484	59,387	97,082	73,436
- IFSC	60,291	72,762	99,751	62,588
- Non-IFSC	-10,807	-13,375	-2,669	10,848
Reserve Assets	5,208	5,706	6,207	6,569
- IFSC	0	0	0	0
- Non-IFSC	5,208	5,706	6,207	6,569
Total (Net IIP)	-633,726	-602,081	-614,978	-611,420
- IFSC	-147,961	-170,341	-168,729	-136,029
- Non-IFSC	-485,765	-431,740	-446,249	-475,390
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.

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

Table 5.8 International Investment Position (IIP) - 31st March 2021 - Reconciliation of IIP and BOP Flows				€ million
Item	Opening Position 01/01/2021	Bop Flows in Quarter	Valuation and Other Changes	Closing Position 31/03/2021
Foreign Assets

Direct Investment Abroad¹	983,426	15,414	79,362	1,078,202
Equity capital and reinvested earnings	1,039,675	17,623	88,011	1,145,309
Other capital	-56,249	-2,209	-8,649	-67,107

Portfolio Investment	3,637,459	71,379	198,315	3,907,153
Equity	1,531,754	68,971	120,588	1,721,313
Debt instruments	2,105,705	2,407	77,728	2,185,840
Bonds and notes	1,620,477	21,058	49,993	1,691,528
Money market instruments	485,228	-18,651	27,736	494,313

Other Investment	1,671,110	11,111	69,520	1,751,741
Loans, currency and deposits	1,208,087	934	28,841	1,237,862
Other²	463,023	10,177	40,679	513,879

Reserve Assets	6,207	173	189	6,569

Total Foreign Assets	6,298,202	98,077	347,385	6,743,664

Foreign Liabilities

Direct Investment in Ireland¹	1,100,218	-18,325	67,460	1,149,353
Equity capital and reinvested earnings	1,018,539	-7,473	4,276	1,015,342
Other capital	81,679	-10,852	63,185	134,012

Portfolio Investment	4,238,934	58,945	229,547	4,527,426
Equity	3,626,510	44,991	219,880	3,891,381
Debt instruments	612,424	13,954	9,666	636,044
Bonds and notes	591,852	13,044	9,108	614,004
Money market instruments	20,571	910	559	22,040

Other Investment	1,574,028	34,915	69,362	1,678,305
Loans, currency and deposits	919,167	40,182	34,473	993,822
Other²	654,861	-5,267	34,889	684,483

Total Foreign Liabilities	6,913,180	75,535	366,369	7,355,084
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.

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Table 5.9 Gross External Debt

Table 5.9 - Gross External Debt¹						€ million
	31 December 2020			31 March 2021
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
General Government	0	153,749	153,749	0	158,111	158,111
Short-term	0	24,155	24,155	0	25,863	25,863
Money market instruments	0	22,128	22,128	0	23,717	23,717
Loans & Deposits	0	2,027	2,027	0	2,146	2,146
Long-term	0	129,594	129,594	0	132,248	132,248
Bonds and notes	0	86,250	86,250	0	86,799	86,799
Loans	0	43,344	43,344	0	45,449	45,449

Monetary Authority²	0	20,699	20,699	0	20,475	20,475
Short-term	0	19,785	19,785	0	19,538	19,538
Loans and deposits	0	19,785	19,785	0	19,538	19,538
Long-term	0	914	914	0	937	937
Other debt liabilities	0	914	914	0	937	937

Monetary Financial Institutions³	257,315	19,936	277,251	271,777	19,702	291,479
Short-term	211,856	15,192	227,048	217,051	15,506	232,557
Money market instruments	12,288	0	12,288	11,887	0	11,887
Loans and deposits	199,568	15,192	214,760	205,164	15,506	220,670
Long-term	45,459	4,744	50,203	54,726	4,196	58,922
Bonds and notes	16,590	3,935	20,525	15,141	3,396	18,537
Loans	1,288	738	2,026	1,128	646	1,774
Other debt liabilities	27,581	71	27,652	38,457	154	38,611

Other Sectors⁴	1,473,205	131,182	1,604,387	1,589,217	119,070	1,708,287
Short-term	324,869	53,589	378,458	388,389	37,511	425,900
Money market instruments	3	380	383	8	380	388
Loans and deposits	308,539	17,168	325,707	373,284	10,451	383,735
Trade credits	16,327	36,041	52,368	15,097	26,680	41,777
Long-term	1,148,336	77,593	1,225,929	1,200,828	81,559	1,282,387
Bonds and notes	477,458	7,619	485,077	501,322	7,346	508,668
Loans	290,724	20,794	311,518	298,391	22,118	320,509
Other debt liabilities	380,154	49,180	429,334	401,115	52,095	453,210

Direct Investment ⁵	63,147	451,134	514,281	70,074	474,357	544,431
Debt liabilities to affiliated enterprises	5,109	175,097	180,206	5,913	175,465	181,378
Debt liabilities to direct investors	58,038	276,037	334,075	64,161	298,892	363,053

Gross External Debt	1,793,667	776,700	2,570,369	1,931,068	791,715	2,722,783
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.
* Suppressed for confidentiality reasons.

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Table 5.10 - Debt Instrument Financial Assets

Table 5.10 - Debt Instrument Financial Assets
	31 December 2020			31 March 2021
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
General Government	0	2,987	2,987	0	2,190	2,190
Short-term	0	385	385	0	505	505
Money market instruments	0	0	0	0	0	0
Loans and deposits	0	385	385	0	505	505
Long-term	0	2,602	2,602	0	1,685	1,685
Bonds and notes	0	1,086	1,086	0	170	170
Loans	0	1,516	1,516	0	1,515	1,515

Monetary Authority ²	0	66,261	66,261	0	79,062	79,062
Short-term	0	49,571	49,571	0	63,406	63,406
Money market instruments	0	1,005	1,005	0	1,159	1,159
Loans and deposits	0	48,566	48,566	0	62,247	62,247
Long-term	0	16,690	16,690	0	15,656	15,656
Bonds and notes	0	16,690	16,690	0	15,656	15,656

Monetary Financial Institutions³	923,589	54,010	977,599	913,181	55,351	968,532
Short-term	830,153	18,417	848,570	812,632	18,945	831,577
Money market instruments	404,804	0	404,804	408,879	40	408,919
Loans and deposits	425,349	18,417	443,766	403,753	18,905	422,658
Long-term	93,436	35,593	129,029	100,549	36,406	136,955
Bonds and notes	49,132	22,846	71,978	45,123	22,591	67,714
Loans	28,040	12,614	40,654	26,888	13,694	40,582
Other debt Assets	16,264	133	16,397	28,538	121	28,659

Other Sectors ⁴	2,413,531	163,797	2,577,328	2,587,498	151,688	2,739,186
Short-term	411,911	62,291	474,202	465,792	55,207	520,999
Money market instruments	79,176	243	79,419	83,855	379	84,234
Loans and deposits	283,590	28,269	311,859	315,047	25,524	340,571
Trade credit assets	49,145	33,779	82,924	66,890	29,304	96,194
Long-term	2,001,620	101,506	2,103,126	2,121,706	96,481	2,218,187
Bonds and notes	1,485,668	45,055	1,530,723	1,562,604	45,384	1,607,988
Loans	356,458	4,883	361,341	364,553	5,231	369,784
Other debt Assets	159,494	51,568	211,062	194,549	45,866	240,415

Direct Investment ⁵	89,245	287,109	376,354	94,626	248,685	343,311
Debt asset claims on affiliated enterprises	5,347	118,611	123,958	5,262	109,008	114,270
Debt asset claims on direct investors	83,898	168,498	252,396	89,364	139,677	229,041

Reserve Assets	0	4,040	4,040	0	4,516	4,516

Debt Instrument Financial Assets ¹	3,426,365	578,204	4,004,569	3,595,305	541,492	4,136,797

Net External Debt ⁶	1,632,698	-198,496	1,434,200	1,664,237	-250,223	1,414,014
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.