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International Accounts Q1 2021 Final

International Investment Position

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Net IIP liability of €638 billion at end-March 2021

Table 7.1 International Investment Position						€ billion
	31 December 2020			31 March 2021
	Assets	Liabilities	NET	Assets	Liabilities	NET
General Government	22.3	153.7	-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	1,058.8	979.6	79.2	1,044.8	970.3	74.4
Other Financial Intermediaries	4,150.8	4,134.0	16.8	4,517.0	4,467.1	49.9
Non-Financial Companies	1,006.5	1,660.7	-654.1	1,078.8	1,770.6	-691.8
Total	6,311.8	6,948.7	-636.9	6,749.0	7,386.6	-637.6

Open in Excel: International Accounts Q1 2021 Table 7.1 (XLS 67KB)

At 31st March 2021, Ireland's quarterly international investment position ((IIP) results show overall stocks of foreign financial assets of €6,749bn - an increase of €437bn on the end-December 2020 level, while the corresponding stocks of foreign financial liabilities increased by €438bn to €7,387bn over the quarter. Irish residents had an overall net foreign liability of €638bn at end-March 2021, an increase of €1bn in the net foreign liability level at end-December 2020 - see Table 7.2.

X-axis label	Net IIP %GDP
Q22019	-192
Q32019	-187
Q42019	-190
Q12020	-201
Q22020	-195
Q32020	-185
Q42020	-171
Q12021	-167

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

Direct Investment Abroad increased by €91bn to €1079bn.
Equity capital (including reinvested earnings) increased by €106.2bn while other capital decreased €15.2bn – see Table 7.5.
Foreign Assets of Other Financial Intermediaries increased by €366bn.With foreign liabilities increasing by €333bn, the resulting net increased to €50bn - see Table 7.3.
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 7.3.

X-axis label	Direct Investment	Portfolio Investment	Other Investment	Reserve Assets	Net IIP
Q22019	-94.6	-523	-37.1	4.7	-650
Q32019	-67.9	-570.8	-18.5	5	-652.1
Q42019	-77.9	-572.9	-32.8	5.1	-678.4
Q12020	-241.2	-535.1	38.5	5.3	-732.5
Q22020	-228.2	-541.8	54.9	5.2	-709.8
Q32020	-169.6	-599.5	76.4	5.8	-686.9
Q42020	-110	-626.5	93.4	6.2	-636.9
Q12021	-74.2	-633.3	63.3	6.6	-637.6

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

Net Portfolio Investment fell €7bn to -€633bn.
Net Other Investment fell €30bn to €63bn.
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	916	478	1150	794
30 Sep 2020	899	470	1202	813
31 Dec 2020	953	503	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	608	1578	276	20	167
Q32020	560	1591	270	21	164
Q42020	536	1625	279	21	154
Q12021	544	1729	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 €2,744bn.
This represents an increase of €129bn 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 (€2,615bn) - see Table 7.9.

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 €12.8bn to €291.5bn.
The liabilities of Other sectors at €1,729bn increased €104bn on the previous quarter.
This was made up of a rise in short-term debt of €54bn and a rise in long-term debt of €50bn.
Direct investment liabilities increased by €8bn to €544bn in the quarter.
The Net External Debt position was €1,398bn at end-March 2021, 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 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	21,847	22,238	22,168	22,254	21,920
Monetary Authority ¹	54,931	57,613	66,309	66,675	79,676	80,241	73,369	86,531
Monetary Financial Institutions²	844,559	936,402	947,591	995,064	1,011,784	995,905	1,058,842	1,044,784
Other Sectors³	4,397,429	4,726,029	4,854,156	4,540,732	4,796,116	4,864,389	5,157,339	5,595,782
of which:
Other Financial Intermediaries	3,548,434	3,786,339	3,850,947	3,668,958	3,877,361	3,925,140	4,150,796	4,516,954
Non-Financial Companies⁴	848,995	939,690	1,003,208	871,774	918,755	939,248	1,006,544	1,078,828
Total Foreign Assets	5,321,175	5,742,734	5,890,230	5,624,318	5,909,814	5,962,702	6,311,804	6,749,018

Foreign Liabilities
General Government	153,018	151,485	147,097	155,468	167,326	164,029	153,743	158,112
Monetary Authority ¹	20,743	20,783	21,718	20,101	20,043	20,527	20,699	20,476
Monetary Financial Institutions²	788,868	872,545	880,486	917,610	936,519	920,507	979,603	970,342
Other Sectors³	5,008,501	5,350,055	5,519,354	5,263,674	5,495,722	5,544,519	5,794,691	6,237,666
of which:
Other Financial Intermediaries	3,536,225	3,776,833	3,854,248	3,664,193	3,861,639	3,918,843	4,133,986	4,467,076
Non-Financial Companies⁴	1,472,276	1,573,221	1,665,106	1,599,481	1,634,083	1,625,676	1,660,705	1,770,589
Total Foreign Liabilities	5,971,130	6,394,868	6,568,655	6,356,853	6,619,610	6,649,582	6,948,736	7,386,596

Net International Investment Position (IIP)
General Government	-128,762	-128,795	-124,923	-133,621	-145,088	-141,861	-131,489	-136,192
Monetary Authority ¹	34,188	36,830	44,591	46,574	59,633	59,714	52,670	66,055
Monetary Financial Institutions²	55,691	63,857	67,105	77,454	75,265	75,398	79,239	74,442
Other Sectors³	-611,072	-624,026	-665,198	-722,942	-699,606	-680,130	-637,352	-641,884
of which:
Other Financial Intermediaries	12,209	9,506	-3,301	4,765	15,722	6,297	16,810	49,878
Non-Financial Companies⁴	-623,281	-633,531	-661,898	-727,707	-715,328	-686,428	-654,161	-691,761
Total (Net IIP)	-649,955	-652,134	-678,425	-732,535	-709,796	-686,881	-636,932	-637,577
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 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 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	997,745	61,097	1,058,842	982,827	61,957	1,044,784
Other Sectors³	4,015,325	1,142,015	5,157,340	4,366,367	1,229,415	5,595,782
of which:
Other Financial Intermediaries	4,015,325	135,471	4,150,796	4,366,367	150,587	4,516,954
Non-Financial Companies⁴	0	1,006,544	1,006,544	0	1,078,828	1,078,828
Total Foreign Assets	5,013,070	1,298,734	6,311,804	5,349,194	1,399,824	6,749,018

Foreign Liabilities
General Government	0	153,743	153,743	0	158,112	158,112
Monetary Authority¹	0	20,699	20,699	0	20,476	20,476
Monetary Financial Institutions²	951,846	27,757	979,603	938,547	31,795	970,342
Other Sectors³	4,240,511	1,554,180	5,794,691	4,572,835	1,664,830	6,237,665
of which:
Other Financial Intermediaries	4,240,511	-106,525	4,133,986	4,572,835	-105,759	4,467,076
Non-Financial Companies⁴	0	1,660,705	1,660,705	0	1,770,589	1,770,589
Total Foreign Liabilities	5,192,357	1,756,379	6,948,736	5,511,382	1,875,213	7,386,595

Net International Investment Position (IIP)
General Government	0	-131,489	-131,489	0	-136,192	-136,192
Monetary Authority¹	0	52,670	52,670	0	66,055	66,055
Monetary Financial Institutions²	45,899	33,340	79,239	44,280	30,162	74,442
Other Sectors³	-225,186	-412,165	-637,351	-206,468	-435,415	-641,883
of which:
Other Financial Intermediaries	-225,186	241,996	16,810	-206,468	256,346	49,878
Non-Financial Companies⁴	0	-654,161	-654,161	0	-691,761	-691,761
Total (Net IIP)	-179,287	-457,644	-636,932	-162,188	-475,390	-637,577
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 7.4 (XLS 70KB)

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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 2020	Q3 2020	Q4 2020	Q1 2021
Foreign Assets
Direct Investment Abroad¹	962,987	947,201	987,531	1,078,523
Equity capital and reinvested earnings	1,008,348	998,437	1,039,429	1,145,630
Other capital	-45,360	-51,236	-51,897	-67,107

Portfolio Investment	3,338,275	3,384,877	3,637,469	3,907,202
Equity	1,305,765	1,367,687	1,531,880	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	1,301,776	1,363,674	1,527,357	1,716,696

Debt instruments	2,032,510	2,017,189	2,105,589	2,185,890
Bonds and notes	1,548,850	1,556,705	1,621,287	1,691,577
Monetary authority²	18,268	17,343	16,690	15,656
General government	1,173	1,148	1,086	170
Monetary financial institutions³	83,598	74,841	71,978	67,714
Other sectors	1,445,811	1,463,374	1,531,533	1,608,037

Money market instruments	483,660	460,484	484,302	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	71,948	74,235	78,492	84,234

Other Investment	1,603,343	1,624,800	1,680,597	1,756,724
Loans, currency and deposits	1,158,968	1,176,304	1,216,469	1,242,708
Monetary authority²	54,080	54,888	48,566	62,247
General government	1,981	1,970	1,901	2,020
Monetary financial institutions³	444,258	461,463	487,480	463,240
Other sectors	658,649	657,983	678,522	715,201

Trade Credits	93,640	91,835	81,509	95,568
General government	0	0	0	0
Other sectors	93,640	91,835	81,509	95,568

Other assets⁴	350,736	356,661	382,620	418,448
Monetary authority²	900	900	900	900
General government	15,106	15,171	15,151	14,939
Monetary financial institutions³	69,216	70,874	89,246	100,347
Other sectors	265,514	269,716	277,323	302,262

Reserve assets	5,208	5,825	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	2,968	3,178	3,122

Total Foreign Assets	5,909,814	5,962,702	6,311,804	6,749,018
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.

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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 2020	Q3 2020	Q4 2020	Q1 2021
Foreign Liabilities
Direct Investment in Ireland¹	1,191,170	1,116,795	1,097,554	1,152,716
Equity capital and reinvested earnings	1,052,061	1,019,534	997,095	1,018,704
Other capital	139,109	97,261	100,459	134,012

Portfolio Investment	3,880,041	3,984,379	4,263,989	4,540,496
Equity	3,274,934	3,374,313	3,642,558	3,898,772
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	2,714,722	2,826,036	3,065,010	3,342,795

Debt instruments	605,107	610,067	621,431	641,725
Bonds and notes	576,387	583,377	600,860	619,684
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	464,209	472,676	494,084	514,348

Money market instruments	28,720	26,689	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	1,139	383	383	388

Other Investment	1,548,399	1,548,409	1,587,194	1,693,383
Loans, currency and deposits	923,739	907,824	924,882	1,006,899
Monetary authority²	19,003	19,503	19,785	19,538
General government	46,094	45,725	45,365	47,596
Monetary financial institutions³	214,349	205,549	218,177	222,444
Other sectors	644,294	637,048	641,555	717,321

Trade Credits	40,645	42,629	53,669	42,518
General government	0	0	0	0
Other sectors	40,645	42,629	53,669	42,518

Other liabilities⁴	584,015	597,956	608,643	643,966
Monetary authority²	1,040	1,025	914	937
General government	14,250	14,243	14,227	13,951
Monetary financial institutions³	83,033	87,909	104,462	114,126
Other sectors	485,691	494,779	489,039	514,952

Total Foreign Liabilities	6,619,610	6,649,583	6,948,736	7,386,595
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 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 2020	Q3 2020	Q4 2020	Q1 2021
Foreign Assets
Direct Investment Abroad ¹	962,987	947,201	987,531	1,078,523
- IFSC	115,362	80,072	74,767	77,671
- Non-IFSC	847,625	867,129	912,764	1,000,852
Portfolio Investment	3,338,275	3,384,877	3,637,469	3,907,202
- IFSC	3,184,980	3,231,208	3,478,167	3,740,606
- Non-IFSC	153,295	153,669	159,302	166,596
Other Investment ²	1,603,343	1,624,800	1,680,597	1,756,724
- IFSC	1,399,070	1,421,027	1,460,135	1,530,917
- Non-IFSC	204,273	203,773	220,462	225,807
Reserve Assets	5,208	5,825	6,207	6,569
- IFSC	0	0	0	0
- Non-IFSC	5,208	5,825	6,207	6,569
Total Foreign Assets	5,909,814	5,962,702	6,311,804	6,749,018
- IFSC	4,699,412	4,732,307	5,013,069	5,349,194
- Non-IFSC	1,210,401	1,230,396	1,298,735	1,399,824

Foreign Liabilities
Direct Investment in Ireland ¹	1,191,170	1,116,795	1,097,554	1,152,716
- IFSC	299,307	281,498	274,222	284,189
- Non-IFSC	891,863	835,297	823,332	868,527
Portfolio Investment	3,880,041	3,984,379	4,263,989	4,540,496
- IFSC	3,251,165	3,302,043	3,550,013	3,748,769
- Non-IFSC	628,876	682,336	713,976	791,727
Other Investment ²	1,548,399	1,548,409	1,587,194	1,693,383
- IFSC	1,336,271	1,337,390	1,368,122	1,478,424
- Non-IFSC	212,128	211,019	219,072	214,959
Total Foreign Liabilities	6,619,610	6,649,583	6,948,736	7,386,595
- IFSC	4,886,743	4,920,931	5,192,357	5,511,382
- Non-IFSC	1,732,867	1,728,652	1,756,380	1,875,213

Net International Investment Position (IIP)
Direct Investment ¹	-228,183	-169,594	-110,023	-74,193
- IFSC	-183,945	-201,426	-199,455	-206,518
- Non-IFSC	-44,238	31,832	89,432	132,325
Portfolio Investment	-541,766	-599,502	-626,520	-633,294
- IFSC	-66,185	-70,835	-71,846	-8,163
- Non-IFSC	-475,581	-528,667	-554,674	-625,131
Other Investment²	54,944	76,391	93,403	63,341
- IFSC	62,799	83,637	92,013	52,493
- Non-IFSC	-7,855	-7,246	1,390	10,848
Reserve Assets	5,208	5,825	6,207	6,569
- IFSC	0	0	0	0
- Non-IFSC	5,208	5,825	6,207	6,569
Total (Net IIP)	-709,796	-686,881	-636,932	-637,577
- IFSC	-187,331	-188,624	-179,288	-162,188
- Non-IFSC	-522,466	-498,256	-457,645	-475,389
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 7.8 International Investment Position (IIP) - 31st March 2021 - Reconciliation of IIP and BOP Flows

Table 7.8 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	987,531	15,414	75,578	1,078,523
Equity capital and reinvested earnings	1,039,429	17,623	88,578	1,145,630
Other capital	-51,897	-2,209	-13,001	-67,107

Portfolio Investment	3,637,469	71,379	198,354	3,907,202
Equity	1,531,880	68,971	120,462	1,721,313
Debt instruments	2,105,589	2,407	77,894	2,185,890
Bonds and notes	1,621,287	21,058	49,232	1,691,577
Money market instruments	484,302	-18,651	28,662	494,313

Other Investment	1,680,597	11,227	64,900	1,756,724
Loans, currency and deposits	1,216,469	1,001	25,238	1,242,708
Other²	464,128	10,226	39,662	514,016

Reserve Assets	6,207	173	189	6,569

Total Foreign Assets	6,311,804	98,193	339,021	6,749,018

Foreign Liabilities

Direct Investment in Ireland¹	1,097,554	-7,441	62,603	1,152,716
Equity capital and reinvested earnings	997,095	3,410	18,199	1,018,704
Other capital	100,459	-10,852	44,405	134,012

Portfolio Investment	4,263,989	58,952	217,555	4,540,496
Equity	3,642,558	44,991	211,223	3,898,772
Debt instruments	621,431	13,961	6,333	641,725
Bonds and notes	600,860	13,050	5,774	619,684
Money market instruments	20,571	910	559	22,040

Other Investment	1,587,194	34,482	71,707	1,693,383
Loans, currency and deposits	924,882	39,821	42,196	1,006,899
Other²	662,312	-5,339	29,511	686,484

Total Foreign Liabilities	6,948,736	85,993	351,866	7,386,595
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 7.9 Gross External Debt

Table 7.9 - Gross External Debt¹						€ million
	31 December 2020			31 March 2021
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
General Government	0	153,743	153,743	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	129,588	129,588	0	132,248	132,248
Bonds and notes	0	86,250	86,250	0	86,799	86,799
Loans	0	43,338	43,338	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	258,711	19,935	278,646	271,777	19,702	291,479
Short-term	213,247	15,192	228,439	217,051	15,506	232,557
Money market instruments	12,288	0	12,288	11,887	0	11,887
Loans and deposits	200,959	15,192	216,151	205,164	15,506	220,670
Long-term	45,464	4,743	50,207	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	27,586	70	27,656	38,457	154	38,611

Other Sectors⁴	1,495,940	129,333	1,625,273	1,609,969	119,068	1,729,037
Short-term	328,004	45,560	373,564	389,984	37,511	427,495
Money market instruments	3	380	383	8	380	388
Loans and deposits	310,616	8,896	319,512	374,138	10,451	384,589
Trade credits	17,385	36,284	53,669	15,838	26,680	42,518
Long-term	1,167,936	83,773	1,251,709	1,219,985	81,557	1,301,542
Bonds and notes	482,959	11,125	494,084	507,002	7,346	514,348
Loans	300,624	21,419	322,043	310,615	22,117	332,732
Other debt liabilities	384,353	51,229	435,582	402,368	52,094	454,462

Direct Investment ⁵	64,667	471,499	536,166	70,074	474,357	544,431
Debt liabilities to affiliated enterprises	5,253	173,671	178,924	5,913	175,465	181,378
Debt liabilities to direct investors	59,414	297,828	357,242	64,161	298,892	363,053

Gross External Debt	1,819,318	795,209	2,614,529	1,951,820	791,713	2,743,534
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.

Open in Excel: International Accounts Q1 2021 Table 7.9 (XLS 71KB)

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Table 7.10 - Debt Instrument Financial Assets

Table 7.10 - 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	926,660	54,008	980,668	913,181	55,351	968,532
Short-term	833,214	18,416	851,630	812,632	18,945	831,577
Money market instruments	404,804	0	404,804	408,879	40	408,919
Loans and deposits	428,410	18,416	446,826	403,753	18,905	422,658
Long-term	93,446	35,592	129,038	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	16,274	132	16,406	28,538	121	28,659

Other Sectors ⁴	2,421,924	161,083	2,583,007	2,592,579	151,686	2,744,265
Short-term	416,328	58,852	475,180	467,256	55,205	522,461
Money market instruments	78,076	416	78,492	83,855	379	84,234
Loans and deposits	289,858	25,321	315,179	317,136	25,523	342,659
Trade credit assets	48,394	33,115	81,509	66,265	29,303	95,568
Long-term	2,005,596	102,231	2,107,827	2,125,323	96,481	2,221,804
Bonds and notes	1,486,363	45,170	1,531,533	1,562,653	45,384	1,608,037
Loans	358,320	5,023	363,343	367,311	5,231	372,542
Other debt Assets	160,913	52,038	212,951	195,359	45,866	241,225

Direct Investment ⁵	91,250	292,560	383,810	94,626	248,685	343,311
Debt asset claims on affiliated enterprises	4,705	122,322	127,027	5,262	109,008	114,270
Debt asset claims on direct investors	86,545	170,238	256,783	89,364	139,677	229,041

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

Debt Instrument Financial Assets ¹	3,439,834	580,939	4,020,773	3,600,386	541,490	4,141,876

Net External Debt ⁶	1,620,516	-214,270	1,406,244	1,648,566	-250,223	1,398,342
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.

Open in Excel: International Accounts Q1 2021 Table 7.10 (XLS 71KB)

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International Accounts Q1 2021 Final

International Investment Position

International Investment Position

Net IIP liability of €638 billion at end-March 2021

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