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International Accounts Q1 2022

International Investment Position

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Net IIP liability of €600 billion at end-March 2022

Table 5.1 International Investment Position						€ billion
	31 December 2021			31 March 2022
	Assets	Liabilities	NET	Assets	Liabilities	NET
General Government	22.5	151.4	-128.8	22.6	141.5	-118.9
Monetary Authority	112.5	25.3	87.2	114.7	24.9	89.8
Monetary Financial Institutions	1,051.2	969.7	81.5	1,067.0	973.7	93.4
Other Financial Intermediaries	5,135.2	5,081.8	53.4	5,023.8	4,980.6	43.2
Non-Financial Companies	1,277.1	1,950.1	-673.1	1,158.0	1,865.4	-707.4
Total	7,598.5	8,178.2	-579.7	7,386.2	7,986.1	-599.9

Open in Excel: International Accounts Q1 2022 Table 5.1 (XLS 37KB)

At 31st March 2022, Ireland's quarterly international investment position ((IIP) results show overall stocks of foreign financial assets of €7,386bn - a decrease of €212bn on the end-December 2021 level, while the corresponding stocks of foreign financial liabilities decreased by €192bn to €7,986bn over the quarter. Irish residents had an overall net foreign liability of €600bn at end-March 2022, an increase of €20bn in the net foreign liability level at end-December 2021 - see Table 5.2.

X-axis label	Net IIP %GDP
Q22020	-195
Q32020	-185
Q42020	-171
Q12021	-168
Q22021	-153
Q32021	-143
Q42021	-138
Q12022	-137

Some points of note in the Quarter 1 2022 IIP are:

Direct Investment Abroad decreased by €102bn to €1194bn.
Equity capital (including reinvested earnings) decreased €94.1bn while other capital decreased €8.3bn – see Table 5.5.
Foreign Assets of Other Financial Intermediaries decreased by €111bn. With foreign liabilities decreasing by €101bn, the resulting net decreased to €43bn - see Table 5.3.
Foreign Assets of the Monetary Authority increased by €2.2bn while foreign liabilities decreased by €0.3bn. The resulting net increased to €90bn - see Table 5.3.

X-axis label	Direct Investment	Portfolio Investment	Other Investment	Reserve Assets	Net IIP
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
Q22021	-38.2	-672.3	96.8	6.6	-607.1
Q32021	35.7	-755.9	123.8	10.8	-585.7
Q42021	101	-843.9	151.5	11.7	-579.7
Q12022	-19.9	-785.9	194.2	11.6	-599.9

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

Net Portfolio Investment rose €58bn to -€786bn.
Net Other Investment rose €43bn to €194bn.
Reserve Assets shrank €0bn to €11.6bn.

X-axis label	General Government	Monetary Financial Institutions	Other Financial Intermediaries	Non-Financial Companies
30 Jun 2021	936	531	1486	952
30 Sep 2021	981	535	1600	965
31 Dec 2021	999	537	1641	993
31 Mar 2022	1059	599	1766	1030

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:

€999bn issued by foreign Governments
€537bn issued by foreign Monetary Financial Institutions (including Money Market Investment Funds)
€1641bn issued by foreign Other Financial Intermediaries (including Non-Money Market Investment Funds)
€993bn issued by foreign Non-Financial Companies

X-axis label	Direct Investment	Other Sectors	Monetary Financial Institutions	Monetary Authority	General Government
Q22021	539	1704	290	21	157
Q32021	562	1748	284	30	155
Q42021	601	1848	261	25	151
Q12022	621	1836	289	25	141

Gross External Debt stands at €2.9 trillion at end-March 2022.

At 31st March 2022, the gross external debt of all resident sectors (i.e. general government, the monetary authority, financial and non-financial corporations and households) amounted to €2,913bn. This represents an increase of €26bn 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 2021 (€2,886bn) - see Table 5.9.

Points of note are:

General government foreign borrowing fell by €10bn to €141bn at end-March 2022.
Liabilities of the Monetary Authority consisting entirely of short term loans and deposits decreased €0.3bn to €24.9bn. 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 €28bn to €288.6bn.
The liabilities of Other sectors at €1,836bn decreased €11bn on the previous quarter.
This was made up of a fall in short-term debt of €19bn and a rise in long-term debt of €7bn.
Direct investment liabilities increased by €20bn to €621bn in the quarter.
The Net External Debt position was €1,550bn at end-March 2022, 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 5.2 International Investment Position (IIP) classified by Financial Instrument									€ million
Item	Q1 2020	Q2 2020	Q3 2020	Q4 2020	Q1 2021	Q2 2021	Q3 2021	Q4 2021	Q1 2022
Foreign Assets
Direct Investment Abroad¹	921,095	962,987	947,201	987,531	1,078,523	1,118,828	1,181,649	1,295,948	1,193,574
Portfolio Investment	3,022,307	3,338,275	3,384,877	3,637,469	3,907,202	4,081,091	4,170,600	4,456,642	4,254,861
Other Investment²	1,675,664	1,603,343	1,624,800	1,680,597	1,756,724	1,739,334	1,789,841	1,834,223	1,926,099
Reserve Assets	5,253	5,208	5,825	6,207	6,569	6,579	10,753	11,672	11,624
Total Foreign Assets	5,624,318	5,909,814	5,962,702	6,311,804	6,749,018	6,945,831	7,152,844	7,598,485	7,386,158

Foreign Liabilities
Direct Investment in Ireland ¹	1,162,288	1,191,170	1,116,795	1,097,554	1,152,716	1,157,007	1,145,982	1,194,922	1,213,463
Portfolio Investment	3,557,392	3,880,041	3,984,379	4,263,989	4,540,496	4,753,418	4,926,471	5,300,570	5,040,729
Other Investment ²	1,637,172	1,548,399	1,548,409	1,587,194	1,693,383	1,642,514	1,666,079	1,682,737	1,731,902
Total Foreign Liabilities	6,356,853	6,619,610	6,649,583	6,948,736	7,386,595	7,552,939	7,738,532	8,178,228	7,986,093

Net International Investment Position (IIP)
Direct Investment¹	-241,193	-228,183	-169,594	-110,023	-74,193	-38,179	35,667	101,026	-19,889
Portfolio Investment	-535,085	-541,766	-599,502	-626,520	-633,294	-672,327	-755,871	-843,928	-785,868
Other Investment²	38,492	54,944	76,391	93,403	63,341	96,820	123,762	151,486	194,197
Reserve Assets	5,253	5,208	5,825	6,207	6,569	6,579	10,753	11,672	11,624

Total (Net IIP)	-732,535	-709,796	-686,881	-636,932	-637,577	-607,107	-585,688	-579,743	-599,935
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 5.3 International Investment Position (IIP) classified by Institutional Sector

Table 5.3 International Investment Position (IIP) classified by Institutional Sector								€ million
Item	Q2 2020	Q3 2020	Q4 2020	Q1 2021	Q2 2021	Q3 2021	Q4 2021	Q1 2022
Foreign Assets
General Government	22,238	22,168	22,254	21,920	21,838	20,874	22,543	22,571
Monetary Authority ¹	79,676	80,241	73,369	86,531	96,444	102,106	112,518	114,713
Monetary Financial Institutions²	1,011,784	995,905	1,058,842	1,044,784	1,036,474	1,031,463	1,051,193	1,067,028
Other Sectors³	4,796,116	4,864,389	5,157,339	5,595,782	5,791,075	5,998,401	6,412,230	6,181,846
of which:
Other Financial Intermediaries	3,875,059	3,922,839	4,148,493	4,514,858	4,670,254	4,830,261	5,135,157	5,023,828
Non-Financial Companies⁴	921,057	941,550	1,008,846	1,080,924	1,120,821	1,168,139	1,277,073	1,158,018
Total Foreign Assets	5,909,814	5,962,702	6,311,804	6,749,018	6,945,831	7,152,844	7,598,485	7,386,158

Foreign Liabilities
General Government	167,326	164,029	153,743	158,112	157,030	154,723	151,351	141,504
Monetary Authority ¹	20,043	20,527	20,699	20,476	20,588	30,319	25,275	24,934
Monetary Financial Institutions²	936,519	920,507	979,603	970,342	958,526	953,511	969,716	973,676
Other Sectors³	5,495,722	5,544,519	5,794,691	6,237,666	6,416,795	6,599,979	7,031,886	6,845,979
of which:
Other Financial Intermediaries	3,856,347	3,913,553	4,128,695	4,460,264	4,599,439	4,752,827	5,081,762	4,980,580
Non-Financial Companies⁴	1,639,375	1,630,966	1,665,996	1,777,402	1,817,356	1,847,152	1,950,124	1,865,400
Total Foreign Liabilities	6,619,610	6,649,582	6,948,736	7,386,596	7,552,939	7,738,532	8,178,228	7,986,093

Net International Investment Position (IIP)
General Government	-145,088	-141,861	-131,489	-136,192	-135,192	-133,849	-128,808	-118,933
Monetary Authority ¹	59,633	59,714	52,670	66,055	75,856	71,787	87,243	89,779
Monetary Financial Institutions²	75,265	75,398	79,239	74,442	77,948	77,952	81,477	93,352
Other Sectors³	-699,606	-680,130	-637,352	-641,884	-625,720	-601,578	-619,656	-664,133
of which:
Other Financial Intermediaries	18,712	9,286	19,798	54,594	70,815	77,434	53,395	43,248
Non-Financial Companies⁴	-718,318	-689,416	-657,150	-696,478	-696,535	-679,013	-673,051	-707,382
Total (Net IIP)	-709,796	-686,881	-636,932	-637,577	-607,107	-585,688	-579,743	-599,935
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.

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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 2021			31 March 2022
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
Foreign Assets
General Government	0	22,543	22,543	0	22,571	22,571
Monetary Authority¹	0	112,518	112,518	0	114,713	114,713
Monetary Financial Institutions²	990,017	61,176	1,051,193	1,005,675	61,353	1,067,028
Other Sectors³	4,956,431	1,455,799	6,412,230	4,847,420	1,334,426	6,181,846
of which:
Other Financial Intermediaries	4,956,431	178,726	5,135,157	4,847,420	176,408	5,023,828
Non-Financial Companies⁴	0	1,277,073	1,277,073	0	1,158,018	1,158,018
Total Foreign Assets	5,946,448	1,652,037	7,598,485	5,853,095	1,533,063	7,386,158

Foreign Liabilities
General Government	0	151,351	151,351	0	141,504	141,504
Monetary Authority¹	0	25,275	25,275	0	24,934	24,934
Monetary Financial Institutions²	939,756	29,960	969,716	942,050	31,626	973,676
Other Sectors³	5,175,765	1,856,121	7,031,886	5,071,777	1,774,203	6,845,980
of which:
Other Financial Intermediaries	5,175,765	-94,003	5,081,762	5,071,777	-91,197	4,980,580
Non-Financial Companies⁴	0	1,950,124	1,950,124	0	1,865,400	1,865,400
Total Foreign Liabilities	6,115,521	2,062,707	8,178,228	6,013,827	1,972,266	7,986,093

Net International Investment Position (IIP)
General Government	0	-128,808	-128,808	0	-118,933	-118,933
Monetary Authority¹	0	87,243	87,243	0	89,779	89,779
Monetary Financial Institutions²	50,261	31,216	81,477	63,625	29,727	93,352
Other Sectors³	-219,334	-400,322	-619,656	-224,357	-439,777	-664,134
of which:
Other Financial Intermediaries	-219,334	272,729	53,395	-224,357	267,605	43,248
Non-Financial Companies⁴	0	-673,051	-673,051	0	-707,382	-707,382
Total (Net IIP)	-169,073	-410,671	-579,743	-160,732	-439,204	-599,935
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.

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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 2021	Q3 2021	Q4 2021	Q1 2022
Foreign Assets
Direct Investment Abroad¹	1,118,828	1,181,649	1,295,948	1,193,574
Equity capital and reinvested earnings	1,184,335	1,276,588	1,398,456	1,304,368
Other capital	-65,508	-94,939	-102,508	-110,794

Portfolio Investment	4,081,091	4,170,600	4,456,642	4,254,861
Equity	1,837,944	1,874,819	2,034,674	1,966,193
Monetary authority²	0	0	0	0
General government	4,958	4,962	4,929	4,929
Monetary financial institutions³	269	378	2,377	580
Other sectors	1,832,716	1,869,478	2,027,368	1,960,684

Debt instruments	2,243,147	2,295,781	2,421,968	2,288,668
Bonds and notes	1,729,411	1,783,272	1,847,903	1,764,220
Monetary authority²	14,432	13,000	12,848	11,429
General government	142	140	150	150
Monetary financial institutions³	70,218	66,122	72,252	65,332
Other sectors	1,644,619	1,704,010	1,762,653	1,687,309

Money market instruments	513,736	512,509	574,065	524,449
Monetary authority²	1,167	1,454	1,608	1,498
General government	0	0	0	0
Monetary financial institutions³	409,360	394,337	445,622	395,774
Other sectors	103,210	116,717	126,835	127,176

Other Investment	1,739,334	1,789,841	1,834,223	1,926,099
Loans, currency and deposits	1,268,695	1,298,896	1,345,429	1,380,341
Monetary authority²	73,367	75,998	85,480	89,253
General government	1,970	1,979	1,994	2,012
Monetary financial institutions³	462,920	474,163	460,886	494,738
Other sectors	730,438	746,756	797,069	794,338

Trade Credits	99,338	101,705	106,394	105,961
General government	0	0	0	0
Other sectors	99,338	101,705	106,394	105,961

Other assets⁴	371,301	389,239	382,400	439,798
Monetary authority²	900	900	910	910
General government	14,730	13,754	15,433	15,442
Monetary financial institutions³	89,382	92,107	65,817	105,805
Other sectors	266,289	282,478	300,240	317,641

Reserve assets	6,579	10,753	11,672	11,624
Monetary gold	271	320	475	654
Special drawing rights	814	4,846	4,999	5,037
Reserve Position in the IMF	968	982	997	1,005
Foreign Exchange	1,193	1,089	1,664	1,293
Other	3,333	3,516	3,537	3,635

Total Foreign Assets	6,945,831	7,152,844	7,598,485	7,386,158
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 5.6 International Investment Position (IIP) - Detailed Data

Table 5.6 International Investment Position (IIP) - Detailed Data				€ million
Item	Q2 2021	Q3 2021	Q4 2021	Q1 2022
Foreign Liabilities
Direct Investment in Ireland¹	1,157,007	1,145,982	1,194,922	1,213,463
Equity capital and reinvested earnings	1,050,648	1,074,545	1,113,508	1,115,449
Other capital	106,359	71,437	81,414	98,014

Portfolio Investment	4,753,418	4,926,471	5,300,570	5,040,729
Equity	4,098,116	4,244,425	4,585,424	4,336,821
Monetary authority²	0	0	0	0
General government	0	0	0	0
Monetary financial institutions³	556,968	550,438	609,630	574,825
Other sectors	3,541,148	3,693,988	3,975,794	3,761,996

Debt instruments	655,302	682,046	715,146	703,908
Bonds and notes	636,361	663,268	698,411	687,678
Monetary authority²	0	0	0	0
General government	88,285	86,968	85,938	81,341
Monetary financial institutions³	18,563	17,840	17,454	16,980
Other sectors	529,513	558,461	595,019	589,356

Money market instruments	18,941	18,778	16,735	16,230
Monetary authority²	0	0	0	0
General government	7,759	6,788	4,163	4,758
Monetary financial institutions³	10,796	11,606	12,188	11,087
Other sectors	386	383	384	385

Other Investment	1,642,514	1,666,079	1,682,737	1,731,902
Loans, currency and deposits	998,504	995,956	1,025,382	1,029,400
Monetary authority²	19,645	25,350	20,220	19,840
General government	47,305	47,272	47,554	41,688
Monetary financial institutions³	223,379	222,813	207,182	220,701
Other sectors	708,174	700,521	750,426	747,170

Trade Credits	43,222	53,541	61,133	52,335
General government	0	0	0	10
Other sectors	43,222	53,541	61,133	52,325

Other liabilities⁴	600,788	616,582	596,222	650,167
Monetary authority²	942	4,969	5,055	5,094
General government	13,682	13,695	13,695	13,706
Monetary financial institutions³	105,708	105,924	80,158	114,438
Other sectors	480,455	491,993	497,313	516,929

Total Foreign Liabilities	7,552,939	7,738,532	8,178,228	7,986,093
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 2021	Q3 2021	Q4 2021	Q1 2022
Foreign Assets
Direct Investment Abroad ¹	1,118,828	1,181,649	1,295,948	1,193,574
- IFSC	79,937	82,405	101,603	99,026
- Non-IFSC	1,038,891	1,099,244	1,194,345	1,094,548
Portfolio Investment	4,081,091	4,170,600	4,456,642	4,254,861
- IFSC	3,906,692	3,996,151	4,278,290	4,082,005
- Non-IFSC	174,399	174,449	178,352	172,856
Other Investment ²	1,739,334	1,789,841	1,834,223	1,926,099
- IFSC	1,500,449	1,542,157	1,566,555	1,672,065
- Non-IFSC	238,885	247,684	267,668	254,034
Reserve Assets	6,579	10,753	11,672	11,624
- IFSC	0	0	0	0
- Non-IFSC	6,579	10,753	11,672	11,624
Total Foreign Assets	6,945,831	7,152,844	7,598,485	7,386,158
- IFSC	5,487,078	5,620,713	5,946,448	5,853,096
- Non-IFSC	1,458,754	1,532,130	1,652,037	1,533,062

Foreign Liabilities
Direct Investment in Ireland ¹	1,157,007	1,145,982	1,194,922	1,213,463
- IFSC	298,295	309,770	335,734	326,728
- Non-IFSC	858,712	836,212	859,188	886,735
Portfolio Investment	4,753,418	4,926,471	5,300,570	5,040,729
- IFSC	3,921,130	4,035,461	4,336,298	4,182,358
- Non-IFSC	832,288	891,010	964,272	858,371
Other Investment ²	1,642,514	1,666,079	1,682,737	1,731,902
- IFSC	1,423,985	1,432,857	1,443,490	1,504,740
- Non-IFSC	218,529	233,222	239,247	227,162
Total Foreign Liabilities	7,552,939	7,738,532	8,178,228	7,986,093
- IFSC	5,643,410	5,778,088	6,115,522	6,013,826
- Non-IFSC	1,909,529	1,960,444	2,062,707	1,972,268

Net International Investment Position (IIP)
Direct Investment ¹	-38,179	35,667	101,026	-19,889
- IFSC	-218,358	-227,365	-234,131	-227,702
- Non-IFSC	180,179	263,032	335,157	207,813
Portfolio Investment	-672,327	-755,871	-843,928	-785,868
- IFSC	-14,438	-39,310	-58,008	-100,353
- Non-IFSC	-657,889	-716,561	-785,920	-685,515
Other Investment²	96,820	123,762	151,486	194,197
- IFSC	76,464	109,300	123,065	167,325
- Non-IFSC	20,356	14,462	28,421	26,872
Reserve Assets	6,579	10,753	11,672	11,624
- IFSC	0	0	0	0
- Non-IFSC	6,579	10,753	11,672	11,624
Total (Net IIP)	-607,107	-585,688	-579,743	-599,935
- IFSC	-156,332	-157,375	-169,074	-160,730
- Non-IFSC	-450,775	-428,314	-410,670	-439,206
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 March 2022 - Reconciliation of IIP and BOP Flows

Table 5.8 International Investment Position (IIP) - 31st March 2022 - Reconciliation of IIP and BOP Flows				€ million
Item	Opening Position 01/01/2022	Bop Flows in Quarter	Valuation and Other Changes	Closing Position 31/03/2022
Foreign Assets

Direct Investment Abroad¹	1,295,948	9,205	-111,579	1,193,574
Equity capital and reinvested earnings	1,398,456	10,582	-104,670	1,304,368
Other capital	-102,508	-1,377	-6,909	-110,794

Portfolio Investment	4,456,642	-50,947	-150,834	4,254,861
Equity	2,034,674	11,241	-79,722	1,966,193
Debt instruments	2,421,968	-62,188	-71,112	2,288,668
Bonds and notes	1,847,903	-7,448	-76,235	1,764,220
Money market instruments	574,065	-54,741	5,125	524,449

Other Investment	1,834,223	83,835	8,041	1,926,099
Loans, currency and deposits	1,345,429	29,102	5,810	1,380,341
Other²	488,794	54,733	2,231	545,758

Reserve Assets	11,672	-129	81	11,624

Total Foreign Assets	7,598,485	41,964	-254,291	7,386,158

Foreign Liabilities

Direct Investment in Ireland¹	1,194,922	47	18,494	1,213,463
Equity capital and reinvested earnings	1,113,508	-15,136	17,077	1,115,449
Other capital	81,414	15,183	1,417	98,014

Portfolio Investment	5,300,570	-15,195	-244,646	5,040,729
Equity	4,585,424	-13,520	-235,083	4,336,821
Debt instruments	715,146	-1,675	-9,563	703,908
Bonds and notes	698,411	-1,126	-9,607	687,678
Money market instruments	16,735	-549	44	16,230

Other Investment	1,682,737	45,527	3,638	1,731,902
Loans, currency and deposits	1,025,382	7,434	-3,416	1,029,400
Other²	657,355	38,093	7,054	702,502

Total Foreign Liabilities	8,178,228	30,379	-222,514	7,986,093
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 2021			31 March 2022
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
General Government	0	151,350	151,350	0	141,493	141,493
Short-term	0	19,983	19,983	0	20,589	20,589
Money market instruments	0	17,858	17,858	0	18,464	18,464
Loans & Deposits	0	2,125	2,125	0	2,125	2,125
Long-term	0	131,367	131,367	0	120,904	120,904
Bonds and notes	0	85,938	85,938	0	81,341	81,341
Loans	0	45,429	45,429	0	39,563	39,563

Monetary Authority²	0	25,275	25,275	0	24,934	24,934
Short-term	0	20,220	20,220	0	19,840	19,840
Loans and deposits	0	20,220	20,220	0	19,840	19,840
Long-term	0	5,055	5,055	0	5,094	5,094
Other debt liabilities	0	5,055	5,055	0	5,094	5,094

Monetary Financial Institutions³	241,061	19,459	260,520	267,145	21,423	288,568
Short-term	202,584	14,775	217,359	213,238	16,567	229,805
Money market instruments	12,188	0	12,188	11,087	0	11,087
Loans and deposits	190,396	14,775	205,171	202,151	16,567	218,718
Long-term	38,477	4,684	43,161	53,907	4,856	58,763
Bonds and notes	13,449	4,005	17,454	13,006	3,974	16,980
Loans	1,443	568	2,011	1,403	580	1,983
Other debt liabilities	23,585	111	23,696	39,498	302	39,800

Other Sectors⁴	1,708,233	139,485	1,847,718	1,703,451	133,013	1,836,464
Short-term	429,917	51,937	481,854	420,891	42,310	463,201
Money market instruments	0	384	384	0	385	385
Loans and deposits	415,346	4,991	420,337	404,981	5,510	410,491
Trade credits	14,571	46,562	61,133	15,910	36,415	52,325
Long-term	1,278,316	87,548	1,365,864	1,282,560	90,703	1,373,263
Bonds and notes	588,146	6,873	595,019	580,773	8,583	589,356
Loans	306,435	23,654	330,089	314,124	22,555	336,679
Other debt liabilities	383,735	57,021	440,756	387,663	59,565	447,228

Direct Investment ⁵	89,860	511,559	601,419	102,794	518,481	621,275
Debt liabilities to affiliated enterprises	5,569	188,343	193,912	6,302	197,146	203,448
Debt liabilities to direct investors	84,291	323,216	407,507	96,492	321,335	417,827

Gross External Debt	2,039,154	847,128	2,886,281	2,073,390	839,344	2,912,745
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 2021			31 March 2022
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
General Government	0	2,144	2,144	0	2,162	2,162
Short-term	0	488	488	0	511	511
Money market instruments	0	0	0	0	0	0
Loans and deposits	0	488	488	0	511	511
Long-term	0	1,656	1,656	0	1,651	1,651
Bonds and notes	0	150	150	0	150	150
Loans	0	1,506	1,506	0	1,501	1,501

Monetary Authority ²	0	99,936	99,936	0	102,180	102,180
Short-term	0	87,088	87,088	0	90,751	90,751
Money market instruments	0	1,608	1,608	0	1,498	1,498
Loans and deposits	0	85,480	85,480	0	89,253	89,253
Long-term	0	12,848	12,848	0	11,429	11,429
Bonds and notes	0	12,848	12,848	0	11,429	11,429

Monetary Financial Institutions³	936,448	55,746	992,194	932,398	54,898	987,296
Short-term	841,659	20,899	862,558	820,042	20,711	840,753
Money market instruments	445,576	46	445,622	395,728	46	395,774
Loans and deposits	396,083	20,853	416,936	424,314	20,665	444,979
Long-term	94,789	34,847	129,636	112,356	34,187	146,543
Bonds and notes	52,807	19,445	72,252	47,521	17,811	65,332
Loans	28,723	15,227	43,950	33,559	16,200	49,759
Other debt Assets	13,259	175	13,434	31,276	176	31,452

Other Sectors ⁴	2,851,974	170,155	3,022,129	2,801,487	152,467	2,953,954
Short-term	581,938	62,669	644,607	586,358	59,827	646,185
Money market instruments	121,110	5,725	126,835	120,839	6,337	127,176
Loans and deposits	393,540	17,838	411,378	394,374	18,674	413,048
Trade credit assets	67,288	39,106	106,394	71,145	34,816	105,961
Long-term	2,270,036	107,486	2,377,522	2,215,129	92,640	2,307,769
Bonds and notes	1,717,093	45,560	1,762,653	1,641,752	45,557	1,687,309
Loans	379,652	6,039	385,691	375,365	5,924	381,289
Other debt Assets	173,291	55,887	229,178	198,012	41,159	239,171

Direct Investment ⁵	89,878	327,620	417,498	97,350	315,117	412,467
Debt asset claims on affiliated enterprises	5,849	85,555	91,404	6,483	86,171	92,654
Debt asset claims on direct investors	84,029	242,065	326,094	90,867	228,946	319,813

Reserve Assets	0	5,201	5,201	0	4,928	4,928

Debt Instrument Financial Assets ¹	3,878,300	660,802	4,539,102	3,831,235	631,752	4,462,987

Net External Debt ⁶	1,839,146	-186,326	1,652,821	1,757,845	-207,592	1,550,242
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.