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Table 7.1 International Investment Position | € billion | ||||||
31 December 2024 | 31 March 2025 | ||||||
Assets | Liabilities | NET | Assets | Liabilities | NET | ||
General Government | 35.2 | 112.6 | -77.4 | 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 | 6,184.7 | 6,050.3 | 134.4 | 6,123.4 | 5,966.3 | 157.2 | |
Non-Financial Companies | 1,060.2 | 1,804.8 | -744.6 | 1,021.2 | 1,728.2 | -707.0 | |
Total | 8,842.6 | 9,300.6 | -458.0 | 8,782.8 | 9,179.1 | -396.3 |
At 31st March 2025, Ireland's quarterly international investment position ((IIP) results show overall stocks of foreign financial assets of €8,783bn - a decrease of €060bn on the end-December 2024 level, while the corresponding stocks of foreign financial liabilities decreased by €122bn to €9,179 over the quarter. Irish residents had an overall net foreign liability of €396bn at end-March 2025, a decrease of €62bn in the net foreign liability level at end-December 2024 - see Table 7.2.
X-axis label | Net IIP %GDP |
---|---|
Q22023 | -107 |
Q32023 | -107 |
Q42023 | -103 |
Q12024 | -98 |
Q22024 | -91 |
Q32024 | -81 |
Q42024 | -81 |
Q12025 | -66 |
Some points of note in the Quarter 1 2025 IIP are:
X-axis label | Direct Investment | Portfolio Investment | Other Investment | Reserve Assets | Net IIP |
---|---|---|---|---|---|
Q22023 | -10.1 | -869.1 | 294.1 | 12 | -573.1 |
Q32023 | -68.8 | -816 | 303.2 | 11.7 | -569.9 |
Q42023 | -30.7 | -848.7 | 325.6 | 11.7 | -542.1 |
Q12024 | 79.7 | -904.1 | 297.7 | 11.8 | -514.9 |
Q22024 | 33.5 | -854.6 | 325.2 | 11.9 | -484.1 |
Q32024 | 42.1 | -849.3 | 358.9 | 11.5 | -436.8 |
Q42024 | 102.4 | -937.5 | 364.9 | 12.2 | -458 |
Q12025 | 88.4 | -931.4 | 434.6 | 12.1 | -396.3 |
Figure 7.2 shows the net IIP over time along with the contribution of each functional category to it.
X-axis label | General Government | Monetary Financial Institutions | Other Financial Intermediaries | Non-Financial Companies |
---|---|---|---|---|
30 Jun 2024 | 815 | 638 | 1197 | 2218 |
30 Sep 2024 | 843 | 682 | 1247 | 2285 |
31 Dec 2024 | 882 | 726 | 1328 | 2448 |
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:
X-axis label | Direct Investment | Other Sectors | Monetary Financial Institutions | Monetary Authority | General Government |
---|---|---|---|---|---|
Q22024 | 525 | 1964 | 337 | 35 | 123 |
Q32024 | 493 | 1957 | 337 | 35 | 113 |
Q42024 | 508 | 2057 | 348 | 36 | 113 |
Q12025 | 494 | 2015 | 389 | 37 | 105 |
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 €3,040bn. This represents a decrease of €22bn 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 (€3,062bn) - see Table 7.9.
Points of note are:
Gross external debt represents the stock of Ireland's liabilities to non-residents other than equity and financial derivatives.
Foreign Owned | Irish Owned | Net IIP | |
Q1 2023 | -619.2 | 53.9 | -565.4 |
Q2 2023 | -640.4 | 67.3 | -573.1 |
Q3 2023 | -651 | 81 | -569.9 |
Q4 2023 | -631.3 | 89.2 | -542.1 |
Q1 2024 | -595.7 | 80.7 | -514.9 |
Q2 2024 | -587.1 | 103 | -484.1 |
Q3 2024 | -546.1 | 109.3 | -436.8 |
Q4 2024 | -596.3 | 138.3 | -458 |
Q1 2025 | -571.3 | 175 | -396.3 |
The figure above shows the contributions of Foreign owned and Domestically owned companies to the Net International Investment Position. Note that we are using the location of the Ultimate Controlling Parent to determine ownership.
We can see that while the overall International Investment Position is a net liability of €396bn at the end of March 2025. If we look at just Foreign owned companies the net liability is €571bn while for Domestically owned companies there are net assets of €175bn.
Table 7.11 below shows this further broken down by institutional sector. While table 7.12 shows this further broken down by functional category.
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