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International Accounts Q1 2025

International Investment Position

Net IIP liability of €431 billion at end-March 2025

Online ISSN: 2565-6384

CSO statistical release, 05 June 2025, 11am

Table 5.1 International Investment Position						€ billion
	31 December 2024			31 March 2025
	Assets	Liabilities	NET	Assets	Liabilities	NET
General Government	27.9	112.6	-84.7	36.9	105.1	-68.2
Monetary Authority	122.2	36.2	86.0	116.9	36.6	80.3
Monetary Financial Institutions	1,440.3	1,296.8	143.5	1,484.4	1,342.9	141.4
Other Financial Intermediaries	6,183.6	6,050.8	132.8	6,123.4	5,966.3	157.2
Non-Financial Companies	1,182.1	1,890.3	-708.2	1,036.6	1,778.5	-741.9
Total	8,956.1	9,386.6	-430.5	8,798.1	9,229.3	-431.2

Open in Excel: International Accounts Q1 2025 Table 5.1 (XLS 37KB)

At 31st March 2025, Ireland's quarterly international investment position (IIP) results show overall stocks of foreign financial assets of €8,798bn - a decrease of €158bn on the end-December 2024 level, while the corresponding stocks of foreign financial liabilities decreased by €157bn to €9,229 over the quarter. Irish residents had an overall net foreign liability of €431bn at end-March 2025, an increase of €1bn in the net foreign liability level at end-December 2024 - see Table 5.2.

X-axis label	Net IIP %GDP
Q22023	-104
Q32023	-104
Q42023	-101
Q12024	-93
Q22024	-90
Q32024	-80
Q42024	-81
Q12025	-76

Some points of note in the Quarter 1 2025 IIP are:

Direct Investment Abroad decreased by €142bn to €1185bn.
Equity capital (including reinvested earnings) decreased €150.7bn while other capital increased €9.1bn – see Table 5.5.
Foreign Assets of Other Financial Intermediaries decreased by €60bn. With foreign liabilities decreasing by €85bn, the resulting net increased to €157bn - see Table 5.3.
Foreign Assets of the Monetary Authority decreased by €5.3bn while foreign liabilities increased by €0.4bn. The resulting net decreased to €80bn - see Table 5.3.

X-axis label	Direct Investment	Portfolio Investment	Other Investment	Reserve Assets	Net IIP
Q22023	-38.6	-806.2	286.8	12	-545.9
Q32023	-93.1	-755.4	295.8	11.7	-541.1
Q42023	-51.6	-794.4	317.4	11.7	-517
Q12024	61.5	-832.3	286.2	11.8	-472.9
Q22024	136.2	-914.4	308.8	11.9	-457.5
Q32024	118.4	-886.8	343.8	11.5	-413.2
Q42024	199.9	-993.8	351.3	12.2	-430.5
Q12025	63.4	-936.1	429.4	12.1	-431.2

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 -€936bn.
Net Other Investment rose €78bn to €429bn.
Reserve Assets shrank €0.1bn to €12.1bn.

X-axis label	General Government	Monetary Financial Institutions	Other Financial Intermediaries	Non-Financial Companies
30 Jun 2024	793	637	1231	2203
30 Sep 2024	829	678	1269	2284
31 Dec 2024	879	721	1323	2453
31 Mar 2025	863	740	1287	2397

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:

€863bn issued by foreign Governments
€740bn issued by foreign Monetary Financial Institutions (including Money Market Investment Funds)
€1287bn issued by foreign Other Financial Intermediaries (including Non-Money Market Investment Funds)
€2397bn issued by foreign Non-Financial Companies

X-axis label	Direct Investment	Other Sectors	Monetary Financial Institutions	Monetary Authority	General Government
Q22024	559	1951	337	35	123
Q32024	506	1975	337	35	113
Q42024	515	2058	348	36	113
Q12025	494	2019	389	37	105

Gross External Debt stands at €3 trillion at end-March 2025.

At 31st March 2025, the gross external debt of all resident sectors (i.e. general government, the monetary authority, financial and non-financial corporations and households) amounted to €3,044bn. This represents a decrease of €25bn 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 2024 (€3,069bn) - see Table 5.9.

Points of note are:

General government foreign borrowing fell by €7bn to €105bn at end-March 2025.
Liabilities of the Monetary Authority consisting entirely of short term loans and deposits increased €0.4bn to €36.6bn. 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 €41.4bn to €388.9bn.
The liabilities of Other sectors at €2,019bn decreased €39bn on the previous quarter.
This was made up of a fall in short-term debt of €48bn and a rise in long-term debt of €9bn.
Direct investment liabilities decreased by €21bn to €494bn in the quarter.
The Net External Debt position was €2,209bn at end-March 2025, 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	Q12023	Q22023	Q32023	Q42023	Q12024	Q22024	Q32024	Q42024	Q12025
Foreign Assets
Direct Investment Abroad¹	1,238,942	1,243,207	1,227,949	1,248,317	1,249,331	1,286,675	1,178,958	1,326,461	1,184,798
Portfolio Investment	3,994,690	4,161,448	4,246,042	4,453,573	4,699,979	4,861,898	5,059,021	5,374,452	5,285,533
Other Investment²	2,034,693	2,041,500	2,081,413	2,000,026	2,038,638	2,121,649	2,153,637	2,243,018	2,315,740
Reserve Assets	12,219	12,046	11,667	11,675	11,754	11,874	11,472	12,196	12,079
Total Foreign Assets	7,280,544	7,458,201	7,567,071	7,713,591	7,999,702	8,282,096	8,403,088	8,956,127	8,798,150

Foreign Liabilities
Direct Investment in Ireland ¹	1,320,828	1,281,850	1,321,016	1,299,937	1,187,839	1,150,428	1,060,594	1,126,560	1,121,378
Portfolio Investment	4,837,792	4,967,603	5,001,453	5,247,990	5,532,246	5,776,309	5,945,844	6,368,286	6,221,590
Other Investment ²	1,659,409	1,754,666	1,785,654	1,682,650	1,752,485	1,812,865	1,809,828	1,891,748	1,886,370
Total Foreign Liabilities	7,818,029	8,004,119	8,108,123	8,230,577	8,472,570	8,739,602	8,816,266	9,386,594	9,229,338

Net International Investment Position (IIP)
Direct Investment¹	-81,886	-38,643	-93,067	-51,620	61,492	136,247	118,364	199,901	63,420
Portfolio Investment	-843,102	-806,155	-755,411	-794,417	-832,267	-914,411	-886,823	-993,834	-936,057
Other Investment²	375,284	286,834	295,759	317,376	286,153	308,784	343,809	351,270	429,370
Reserve Assets	12,219	12,046	11,667	11,675	11,754	11,874	11,472	12,196	12,079

Total (Net IIP)	-537,485	-545,918	-541,052	-516,986	-472,868	-457,506	-413,178	-430,467	-431,188
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	Q22023	Q32023	Q42023	Q12024	Q22024	Q32024	Q42024	Q12025
Foreign Assets
General Government	23,588	24,959	26,781	30,641	28,726	18,694	27,901	36,891
Monetary Authority ¹	119,715	119,859	124,395	116,357	125,269	123,329	122,212	116,886
Monetary Financial Institutions ²	1,191,924	1,229,212	1,221,034	1,242,246	1,283,741	1,354,305	1,440,297	1,484,377
Other Sectors ³	6,122,975	6,193,042	6,341,381	6,610,458	6,844,360	6,906,760	7,365,717	7,159,995
of which:
Other Financial Intermediaries	4,997,714	5,070,465	5,187,529	5,418,255	5,624,411	5,789,461	6,183,620	6,123,419
Non-Financial Companies ⁴	1,125,261	1,122,577	1,153,852	1,192,203	1,219,949	1,117,299	1,182,097	1,036,576
Total Foreign Assets	7,458,202	7,567,072	7,713,591	7,999,702	8,282,096	8,403,088	8,956,127	8,798,149

Foreign Liabilities
General Government	127,301	124,312	126,458	123,765	123,236	113,397	112,589	105,090
Monetary Authority ¹	33,444	34,210	34,573	34,878	35,149	35,493	36,206	36,569
Monetary Financial Institutions ²	1,074,171	1,105,299	1,116,688	1,132,398	1,166,674	1,221,429	1,296,759	1,342,936
Other Sectors ³	6,769,203	6,844,303	6,952,857	7,181,530	7,414,543	7,445,946	7,941,040	7,744,742
of which:
Other Financial Intermediaries	4,921,168	4,970,773	5,088,233	5,280,741	5,488,683	5,649,326	6,050,784	5,966,267
Non-Financial Companies ⁴	1,848,035	1,873,530	1,864,624	1,900,789	1,925,860	1,796,620	1,890,256	1,778,475
Total Foreign Liabilities	8,004,119	8,108,124	8,230,576	8,472,571	8,739,602	8,816,265	9,386,594	9,229,337

Net International Investment Position (IIP)
General Government	-103,713	-99,353	-99,677	-93,124	-94,510	-94,703	-84,688	-68,199
Monetary Authority ¹	86,271	85,649	89,822	81,479	90,120	87,836	86,006	80,317
Monetary Financial Institutions ²	117,753	123,913	104,346	109,848	117,067	132,876	143,538	141,441
Other Sectors ³	-646,228	-651,261	-611,476	-571,072	-570,183	-539,186	-575,323	-584,747
of which:
Other Financial Intermediaries	76,546	99,692	99,296	137,514	135,728	140,135	132,836	157,152
Non-Financial Companies ⁴	-722,774	-750,953	-710,772	-708,586	-705,911	-679,321	-708,159	-741,899
Total (Net IIP)	-545,918	-541,052	-516,986	-472,868	-457,506	-413,178	-430,467	-431,188
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 2024			31 March 2025
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
Foreign Assets
General Government	0	27,901	27,901	0	36,891	36,891
Monetary Authority¹	0	122,212	122,212	0	116,886	116,886
Monetary Financial Institutions²	1,372,301	67,996	1,440,297	1,413,433	70,944	1,484,377
Other Sectors³	5,816,964	1,548,753	7,365,717	5,752,344	1,407,651	7,159,995
of which:
Other Financial Intermediaries	5,816,964	366,656	6,183,620	5,752,344	371,075	6,123,419
Non-Financial Companies⁴	0	1,182,097	1,182,097	0	1,036,576	1,036,576
Total Foreign Assets	7,189,265	1,766,862	8,956,127	7,165,777	1,632,373	8,798,150

Foreign Liabilities
General Government	0	112,589	112,589	0	105,090	105,090
Monetary Authority¹	0	36,206	36,206	0	36,569	36,569
Monetary Financial Institutions²	1,278,046	18,713	1,296,759	1,325,086	17,850	1,342,936
Other Sectors³	5,848,790	2,092,250	7,941,040	5,759,067	1,985,675	7,744,742
of which:
Other Financial Intermediaries	5,848,790	201,994	6,050,784	5,759,067	207,200	5,966,267
Non-Financial Companies⁴	0	1,890,256	1,890,256	0	1,778,475	1,778,475
Total Foreign Liabilities	7,126,836	2,259,758	9,386,594	7,084,153	2,145,185	9,229,338

Net International Investment Position (IIP)
General Government	0	-84,688	-84,688	0	-68,199	-68,199
Monetary Authority¹	0	86,006	86,006	0	80,317	80,317
Monetary Financial Institutions²	94,255	49,283	143,538	88,347	53,094	141,441
Other Sectors³	-31,826	-543,497	-575,323	-6,723	-578,024	-584,747
of which:
Other Financial Intermediaries	-31,826	164,662	132,836	-6,723	163,875	157,152
Non-Financial Companies⁴	0	-708,159	-708,159	0	-741,899	-741,899
Total (Net IIP)	62,429	-492,896	-430,467	81,624	-512,812	-431,188
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.

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Table 5.5 International Investment Position (IIP) - Detailed Data by Foreign Assets

Table 5.5 International Investment Position (IIP) - Detailed Data by Foreign Assets				€ million
Item	Q22024	Q32024	Q42024	Q12025
Foreign Assets
Direct Investment Abroad¹	1,286,675	1,178,958	1,326,461	1,184,798
Equity capital and reinvested earnings	1,347,380	1,255,065	1,401,159	1,250,440
Other capital	-60,705	-76,107	-74,698	-65,642

Portfolio Investment	4,861,898	5,059,021	5,374,452	5,285,533
Equity	2,397,941	2,489,893	2,685,386	2,623,472
Monetary authority²	0	0	0	0
General government	4,272	4,336	4,396	4,227
Monetary financial institutions³	5,637	6,502	6,799	5,023
Other sectors	2,388,032	2,479,055	2,674,191	2,614,222

Debt instruments	2,463,957	2,569,129	2,689,066	2,662,061
Bonds and notes	1,848,581	1,904,234	1,961,740	1,954,447
Monetary authority²	11,397	11,397	11,397	11,397
General government	819	4,059	4,321	12,061
Monetary financial institutions³	66,051	67,626	72,058	78,141
Other sectors	1,770,314	1,821,152	1,873,964	1,852,848

Money market instruments	615,375	664,895	727,326	707,614
Monetary authority²	1,742	1,742	1,742	1,742
General government	0	0	0	0
Monetary financial institutions³	494,085	544,616	595,055	570,252
Other sectors	119,548	118,537	130,529	135,620

Other Investment	2,121,649	2,153,637	2,243,018	2,315,740
Loans, currency and deposits	1,480,907	1,498,333	1,565,719	1,612,450
Monetary authority²	100,256	98,718	96,877	91,668
General government	10,165	10,204	19,148	20,565
Monetary financial institutions³	604,142	616,546	659,902	703,885
Other sectors	766,344	772,865	789,792	796,332

Trade Credits	115,019	111,293	127,074	127,977
General government	0	0	0	0
Other sectors	115,019	111,293	127,074	127,977

Other assets⁴	525,723	544,011	550,225	575,313
Monetary authority²	0	0	0	0
General government	13,432	57	-2	0
Monetary financial institutions³	106,286	112,245	100,213	119,651
Other sectors	406,005	431,709	450,014	455,662

Reserve assets	11,874	11,472	12,196	12,079
Monetary gold	819	887	944	1,084
Special drawing rights	5,180	5,113	5,305	5,204
Reserve Position in the IMF	1,104	1,081	1,050	1,070
Foreign Exchange	923	531	1,184	1,277
Other	3,848	3,860	3,713	3,444

Total Foreign Assets	8,282,096	8,403,088	8,956,127	8,798,150
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 by Foreign Liabilities

Table 5.6 International Investment Position (IIP) - Detailed Data by Foreign Liabilities				€ million
Item	Q22024	Q32024	Q42024	Q12025
Foreign Liabilities
Direct Investment in Ireland¹	1,150,428	1,060,594	1,126,560	1,121,378
Equity capital and reinvested earnings	1,025,804	973,734	1,105,248	1,138,019
Other capital	124,624	86,860	21,312	-16,641

Portfolio Investment	5,776,309	5,945,844	6,368,286	6,221,590
Equity	5,014,188	5,157,648	5,548,928	5,402,025
Monetary authority²	0	0	0	0
General government	0	0	0	0
Monetary financial institutions³	713,437	760,296	824,207	829,558
Other sectors	4,300,751	4,397,352	4,724,721	4,572,467

Debt instruments	762,121	788,196	819,359	819,566
Bonds and notes	693,912	723,330	747,314	746,799
Monetary authority²	0	0	0	0
General government	65,597	68,820	68,005	62,446
Monetary financial institutions³	15,307	14,775	14,686	14,174
Other sectors	613,008	639,735	664,623	670,179

Money market instruments	68,209	64,865	72,044	72,767
Monetary authority²	0	0	0	0
General government	0	0	0	479
Monetary financial institutions³	10,607	10,561	9,893	10,005
Other sectors	57,602	54,304	62,151	62,283

Other Investment	1,812,865	1,809,828	1,891,748	1,886,370
Loans, currency and deposits	943,262	926,940	980,826	1,013,342
Monetary authority²	30,134	30,548	31,086	31,555
General government	44,233	44,550	44,558	42,137
Monetary financial institutions³	256,266	261,800	282,326	308,408
Other sectors	612,629	590,042	622,856	631,242

Trade Credits	54,158	52,478	53,767	46,198
General government	11	12	10	11
Other sectors	54,147	52,466	53,757	46,187

Other liabilities⁴	815,445	830,410	857,155	826,830
Monetary authority²	5,015	4,945	5,120	5,014
General government	13,395	15	16	17
Monetary financial institutions³	115,380	122,003	111,172	126,881
Other sectors	681,655	703,447	740,847	694,918

Total Foreign Liabilities	8,739,602	8,816,266	9,386,594	9,229,338
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	Q22024	Q32024	Q42024	Q12025
Foreign Assets
Direct Investment Abroad ¹	1,286,675	1,178,958	1,326,461	1,184,798
- IFSC	41,856	43,850	104,187	95,939
- Non-IFSC	1,244,819	1,135,108	1,222,274	1,088,859
Portfolio Investment	4,861,898	5,059,021	5,374,452	5,285,533
- IFSC	4,640,344	4,825,667	5,136,269	5,038,539
- Non-IFSC	221,554	233,354	238,183	246,994
Other Investment ²	2,121,649	2,153,637	2,243,018	2,315,740
- IFSC	1,832,405	1,869,971	1,948,809	2,031,299
- Non-IFSC	289,244	283,666	294,209	284,441
Reserve Assets	11,874	11,472	12,196	12,079
- IFSC	0	0	0	0
- Non-IFSC	11,874	11,472	12,196	12,079
Total Foreign Assets	8,282,096	8,403,088	8,956,127	8,798,150
- IFSC	6,514,605	6,739,488	7,189,265	7,165,777
- Non-IFSC	1,767,491	1,663,600	1,766,862	1,632,373

Foreign Liabilities
Direct Investment in Ireland ¹	1,150,428	1,060,594	1,126,560	1,121,378
- IFSC	251,764	264,812	327,954	315,530
- Non-IFSC	898,664	795,782	798,606	805,848
Portfolio Investment	5,776,309	5,945,844	6,368,286	6,221,590
- IFSC	4,757,258	4,956,911	5,268,088	5,235,220
- Non-IFSC	1,019,051	988,933	1,100,198	986,370
Other Investment ²	1,812,865	1,809,828	1,891,748	1,886,370
- IFSC	1,449,452	1,453,584	1,530,795	1,533,402
- Non-IFSC	363,413	356,244	360,953	352,968
Total Foreign Liabilities	8,739,602	8,816,266	9,386,594	9,229,338
- IFSC	6,458,474	6,675,307	7,126,837	7,084,152
- Non-IFSC	2,281,128	2,140,959	2,259,757	2,145,186

Net International Investment Position (IIP)
Direct Investment ¹	136,247	118,364	199,901	63,420
- IFSC	-209,908	-220,962	-223,767	-219,591
- Non-IFSC	346,155	339,326	423,668	283,011
Portfolio Investment	-914,411	-886,823	-993,834	-936,057
- IFSC	-116,914	-131,244	-131,819	-196,681
- Non-IFSC	-797,497	-755,579	-862,015	-739,376
Other Investment²	308,784	343,809	351,270	429,370
- IFSC	382,953	416,387	418,014	497,897
- Non-IFSC	-74,169	-72,578	-66,744	-68,527
Reserve Assets	11,874	11,472	12,196	12,079
- IFSC	0	0	0	0
- Non-IFSC	11,874	11,472	12,196	12,079
Total (Net IIP)	-457,506	-413,178	-430,467	-431,188
- IFSC	56,131	64,181	62,428	81,625
- Non-IFSC	-513,637	-477,359	-492,895	-512,813
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 2024 - Reconciliation of IIP and BOP Flows

Table 5.8 International Investment Position (IIP) - 31st March 2025 - Reconciliation of IIP and BOP Flows				€ million
Item	Opening Position 01/01/25	Bop Flows in Quarter	Valuation and Other Changes	Closing Position 31/03/25
Foreign Assets

Direct Investment Abroad¹	1,326,461	13,505	-155,168	1,184,798
Equity capital and reinvested earnings	1,401,159	13,565	-164,284	1,250,440
Other capital	-74,698	-60	9,116	-65,642

Portfolio Investment	5,374,452	103,265	-192,184	5,285,533
Equity	2,685,386	55,286	-117,200	2,623,472
Debt instruments	2,689,066	47,980	-74,985	2,662,061
Bonds and notes	1,961,740	58,916	-66,209	1,954,447
Money market instruments	727,326	-10,936	-8,776	707,614

Other Investment	2,243,018	119,877	-47,155	2,315,740
Loans, currency and deposits	1,565,719	63,225	-16,494	1,612,450
Other²	677,299	56,652	-30,661	703,290

Reserve Assets	12,196	238	-355	12,079

Total Foreign Assets	8,956,127	236,885	-394,862	8,798,150

Foreign Liabilities

Direct Investment in Ireland¹	1,126,560	15,912	-21,094	1,121,378
Equity capital and reinvested earnings	1,105,248	54,822	-22,051	1,138,019
Other capital	21,312	-38,910	957	-16,641

Portfolio Investment	6,368,286	98,885	-245,581	6,221,590
Equity	5,548,928	92,570	-239,473	5,402,025
Debt instruments	819,359	6,315	-6,108	819,566
Bonds and notes	747,314	3,445	-3,960	746,799
Money market instruments	72,044	2,870	-2,147	72,767

Other Investment	1,891,748	105,451	-110,829	1,886,370
Loans, currency and deposits	980,826	30,293	2,223	1,013,342
Other²	910,922	75,158	-113,052	873,028

Total Foreign Liabilities	9,386,594	220,248	-377,504	9,229,338
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 2024			31 March 2025
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
General Government	0	112,589	112,589	0	105,090	105,090
Short-term	0	2,190	2,190	0	2,671	2,671
Money market instruments	0	0	0	0	479	479
Loans & Deposits	0	2,190	2,190	0	2,192	2,192
Long-term	0	110,399	110,399	0	102,419	102,419
Bonds and notes	0	68,005	68,005	0	62,446	62,446
Loans	0	42,394	42,394	0	39,973	39,973

Monetary Authority²	0	36,206	36,206	0	36,569	36,569
Short-term	0	31,086	31,086	0	31,555	31,555
Loans and deposits	0	31,086	31,086	0	31,555	31,555
Long-term	0	5,120	5,120	0	5,014	5,014
Other debt liabilities	0	5,120	5,120	0	5,014	5,014

Monetary Financial Institutions³	333,931	13,628	347,559	375,776	13,172	388,948
Short-term	260,563	10,383	270,946	284,394	10,458	294,852
Money market instruments	9,893	0	9,893	10,005	0	10,005
Loans and deposits	250,670	10,383	261,053	274,389	10,458	284,847
Long-term	73,368	3,245	76,613	91,382	2,714	94,096
Bonds and notes	12,183	2,503	14,686	12,242	1,932	14,174
Loans	7	0	7	10	0	10
Other debt liabilities	61,178	742	61,920	79,130	782	79,912

Other Sectors4	1,757,087	300,663	2,057,751	1,724,892	294,209	2,019,100
Short-term	795,324	132,276	927,601	755,350	124,209	879,557
Money market instruments	62,634	-482	62,152	62,733	-449	62,284
Loans and deposits	365,907	8,390	374,297	370,309	7,334	377,643
Trade credits	366,783	124,368	491,151	322,307	117,324	439,631
Long-term	961,763	168,387	1,130,150	969,543	170,000	1,139,543
Bonds and notes	628,567	36,055	664,622	635,033	35,146	670,179
Loans	147,801	100,757	248,558	150,289	103,310	253,599
Other debt liabilities	185,395	31,575	216,970	184,221	31,544	215,765

Direct Investment ⁵	100,253	414,546	514,798	104,226	389,590	493,816
Debt liabilities to affiliated enterprises	12,426	204,024	216,450	12,223	185,154	197,377
Debt liabilities to direct investors	87,826	210,522	298,348	92,003	204,436	296,439

Gross External Debt	2,191,271	877,632	3,068,903	2,204,894	838,630	3,043,523
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.

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Table 5.10 Debt Instrument Financial Assets

Table 5.10 - Debt Instrument Financial Assets
	31 December 2024			31 March 2025
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
General Government	0	23,469	23,469	0	32,626	32,625
Short-term	0	18,899	18,899	0	20,368	20,368
Money market instruments	0	0	0	0	0	0
Loans and deposits	0	18,899	18,899	0	20,368	20,368
Long-term	0	4,570	4,570	0	12,258	12,257
Bonds and notes	0	4,321	4,321	0	12,061	12,061
Loans	0	249	249	0	197	197

Monetary Authority ²	0	110,016	110,016	0	104,807	104,807
Short-term	0	98,797	98,797	0	93,567	93,567
Money market instruments	0	1,920	1,920	0	1,898	1,898
Loans and deposits	0	96,877	96,877	0	91,669	91,669
Long-term	0	11,219	11,219	0	11,240	11,240
Bonds and notes	0	11,219	11,219	0	11,240	11,240

Monetary Financial Institutions3	1,288,412	60,570	1,348,983	1,330,132	63,794	1,393,926
Short-term	1,195,566	23,054	1,218,620	1,234,369	23,876	1,258,245
Money market instruments	595,055	0	595,055	570,252	0	570,252
Loans and deposits	600,511	23,054	623,565	664,117	23,876	687,993
Long-term	92,847	37,516	130,363	95,762	39,918	135,680
Bonds and notes	51,366	20,692	72,058	54,515	23,626	78,141
Loans	41,481	16,824	58,305	41,247	16,292	57,539
Other debt Assets	0	0	0	0	0	0

Other Sectors ⁴	3,080,173	195,959	3,276,131	3,076,020	190,519	3,266,539
Short-term	942,681	121,701	1,064,382	961,591	113,716	1,075,307
Money market instruments	122,449	8,077	130,526	126,857	8,759	135,616
Loans and deposits	437,401	30,190	467,591	445,215	29,607	474,822
Trade credit assets	382,831	83,434	466,265	389,519	75,350	464,869
Long-term	2,137,491	74,258	2,211,749	2,114,429	76,803	2,191,232
Bonds and notes	1,818,155	55,808	1,873,963	1,797,203	55,645	1,852,848
Loans	306,382	15,820	322,202	303,853	17,659	321,512
Other debt Assets	12,954	2,630	15,584	13,373	3,499	16,872

Direct Investment ⁵	72,589	346,199	418,788	76,959	367,856	444,815
Debt asset claims on affiliated enterprises	11,799	214,998	226,797	12,010	227,260	239,270
Debt asset claims on direct investors	60,790	131,201	191,991	64,949	140,596	205,545

Reserve Assets	0	10,202	10,202	0	9,925	9,925

Debt Instrument Financial Assets ¹	4,441,174	746,415	5,187,589	4,483,111	769,527	5,252,637

Net External Debt ⁶	2,249,903	-131,217	2,118,686	2,278,217	-69,103	2,209,114
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.