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International Accounts Q1 2025 Final

International Investment Position

Net IIP liability of €396 billion at end-March 2025

Online ISSN: 2565-6384

CSO statistical release, 08 July 2025, 11am

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

Open in Excel: International Accounts Q1 2025 Table 7.1 (XLS 37KB)

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:

Direct Investment Abroad decreased by €23bn to €1169bn.
Equity capital (including reinvested earnings) decreased €33.1bn while other capital increased €10.1bn – see Table 7.5.
Foreign Assets of Other Financial Intermediaries decreased by €61bn. With foreign liabilities decreasing by €84bn, the resulting net increased to €157bn - see Table 7.3
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 7.3.

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.

Net Portfolio Investment rose €6bn to -€931bn.
Net Other Investment rose €70bn to €435bn.
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	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:

€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	525	1964	337	35	123
Q32024	493	1957	337	35	113
Q42024	508	2057	348	36	113
Q12025	494	2015	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 €3,040bn. 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:

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 €2,015bn decreased €42bn on the previous quarter.
This was made up of a fall in short-term debt of €46bn and a rise in long-term debt of €4bn.
Direct investment liabilities decreased by €14bn to €494bn in the quarter.
The Net External Debt position was €2,219bn at end-March 2025, 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.

	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.

Table 7.2 International Investment Position (IIP) classified by Functional Category

Table 7.2 International Investment Position (IIP) classified by Functional Category									€ million
Item	Q12023	Q22023	Q32023	Q42023	Q12024	Q22024	Q32024	Q42024	Q12025
Foreign Assets
Direct Investment Abroad¹	1,196,617	1,147,121	1,130,014	1,155,831	1,127,473	1,082,583	1,048,645	1,191,557	1,168,626
Portfolio Investment	3,994,734	4,161,634	4,246,507	4,454,158	4,702,252	4,866,813	5,055,966	5,382,238	5,285,533
Other Investment²	2,040,172	2,047,911	2,088,873	2,007,296	2,049,547	2,142,764	2,156,531	2,256,656	2,316,560
Reserve Assets	12,219	12,046	11,667	11,675	11,754	11,874	11,472	12,196	12,079
Total Foreign Assets	7,243,742	7,368,712	7,477,061	7,628,960	7,891,026	8,104,034	8,272,614	8,842,647	8,782,798

Foreign Liabilities
Direct Investment in Ireland ¹	1,252,344	1,157,249	1,198,814	1,186,566	1,047,784	1,049,102	1,006,560	1,089,150	1,080,265
Portfolio Investment	4,897,994	5,030,729	5,062,534	5,302,847	5,606,313	5,721,406	5,905,242	6,319,733	6,216,896
Other Investment ²	1,658,769	1,753,802	1,785,637	1,681,656	1,751,855	1,817,588	1,797,623	1,891,722	1,881,920
Total Foreign Liabilities	7,809,107	7,941,780	8,046,985	8,171,069	8,405,952	8,588,096	8,709,425	9,300,605	9,179,081

Net International Investment Position (IIP)
Direct Investment¹	-55,727	-10,128	-68,800	-30,735	79,689	33,481	42,085	102,407	88,361
Portfolio Investment	-903,260	-869,095	-816,027	-848,689	-904,061	-854,593	-849,276	-937,495	-931,363
Other Investment²	381,403	294,109	303,236	325,640	297,692	325,176	358,908	364,934	434,640
Reserve Assets	12,219	12,046	11,667	11,675	11,754	11,874	11,472	12,196	12,079

Total (Net IIP)	-565,365	-573,068	-569,924	-542,109	-514,926	-484,062	-436,811	-457,958	-396,283
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.

Open in Excel: International Accounts Q1 2025 Table 7.2 (XLS 39KB)

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Table 7.3 International Investment Position (IIP) classified by Institutional Sector

Table 7.3 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	26,746	30,606	28,826	18,694	35,230	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	6,033,486	6,103,031	6,256,784	6,501,816	6,666,197	6,776,285	7,244,909	7,144,643
of which:
Other Financial Intermediaries	5,001,826	5,075,473	5,192,061	5,434,324	5,638,049	5,773,273	6,184,679	6,123,419
Non-Financial Companies ⁴	1,031,660	1,027,558	1,064,723	1,067,492	1,028,148	1,003,012	1,060,230	1,021,224
Total Foreign Assets	7,368,713	7,477,061	7,628,959	7,891,025	8,104,033	8,272,613	8,842,648	8,782,797

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	6,706,864	6,783,165	6,893,350	7,114,912	7,263,037	7,339,106	7,855,049	7,694,485
of which:
Other Financial Intermediaries	4,925,186	4,975,811	5,091,599	5,306,502	5,498,054	5,629,484	6,050,254	5,966,267
Non-Financial Companies ⁴	1,781,678	1,807,354	1,801,751	1,808,410	1,764,983	1,709,622	1,804,795	1,728,218
Total Foreign Liabilities	7,941,780	8,046,986	8,171,069	8,405,953	8,588,096	8,709,425	9,300,603	9,179,080

Net International Investment Position (IIP)
General Government	-103,713	-99,353	-99,712	-93,159	-94,410	-94,703	-77,359	-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	-673,378	-680,134	-636,566	-613,096	-596,840	-562,821	-610,140	-549,842
of which:
Other Financial Intermediaries	76,640	99,662	100,462	127,822	139,995	143,789	134,425	157,152
Non-Financial Companies ⁴	-750,018	-779,796	-737,028	-740,918	-736,835	-706,610	-744,565	-706,994
Total (Net IIP)	-573,068	-569,924	-542,109	-514,926	-484,062	-436,811	-457,958	-396,283
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 2025 Table 7.3 (XLS 13KB)

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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 2024			31 March 2025
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
Foreign Assets
General Government	0	35,230	35,230	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	5,818,847	1,426,062	7,244,909	5,752,344	1,392,299	7,144,643
of which:
Other Financial Intermediaries	5,818,847	365,832	6,184,679	5,752,344	371,075	6,123,419
Non-Financial Companies⁴	0	1,060,230	1,060,230	0	1,021,224	1,021,224
Total Foreign Assets	7,191,148	1,651,499	8,842,647	7,165,777	1,617,021	8,782,798

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	5,849,078	2,005,971	7,855,049	5,759,067	1,935,418	7,694,485
of which:
Other Financial Intermediaries	5,849,078	201,176	6,050,254	5,759,067	207,200	5,966,267
Non-Financial Companies⁴	0	1,804,795	1,804,795	0	1,728,218	1,728,218
Total Foreign Liabilities	7,127,124	2,173,481	9,300,605	7,084,153	2,094,928	9,179,081

Net International Investment Position (IIP)
General Government	0	-77,359	-77,359	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	-30,231	-579,909	-610,140	-6,723	-543,119	-549,842
of which:
Other Financial Intermediaries	-30,231	164,656	134,425	-6,723	163,875	157,152
Non-Financial Companies⁴	0	-744,565	-744,565	0	-706,994	-706,994
Total (Net IIP)	64,024	-521,979	-457,958	81,624	-477,907	-396,283
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 7.5 International Investment Position (IIP) - Detailed Data by Foreign Assets

Table 7.5 International Investment Position (IIP) - Detailed Data by Foreign Assets				€ million
Item	Q22024	Q32024	Q42024	Q12025
Foreign Assets
Direct Investment Abroad¹	1,082,583	1,048,645	1,191,557	1,168,626
Equity capital and reinvested earnings	1,137,747	1,112,792	1,268,418	1,235,362
Other capital	-55,164	-64,147	-76,861	-66,736

Portfolio Investment	4,866,813	5,055,966	5,382,238	5,285,533
Equity	2,403,869	2,488,345	2,686,093	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	2,393,960	2,477,507	2,674,898	2,614,222

Debt instruments	2,462,944	2,567,621	2,696,145	2,662,061
Bonds and notes	1,847,638	1,902,824	1,968,476	1,954,447
Monetary authority²	11,397	11,397	11,397	11,397
General government	819	4,059	11,702	12,061
Monetary financial institutions³	66,051	67,626	72,058	78,141
Other sectors	1,769,371	1,819,742	1,873,319	1,852,848

Money market instruments	615,306	664,797	727,669	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	119,479	118,439	130,872	135,620

Other Investment	2,142,764	2,156,531	2,256,656	2,316,560
Loans, currency and deposits	1,501,133	1,492,999	1,576,307	1,613,559
Monetary authority²	100,256	98,718	96,877	91,668
General government	10,265	10,204	19,096	20,565
Monetary financial institutions³	604,142	616,546	659,902	703,885
Other sectors	786,470	767,531	800,432	797,441

Trade Credits	113,301	113,945	131,575	128,550
General government	0	0	0	0
Other sectors	113,301	113,945	131,575	128,550

Other assets⁴	528,330	549,587	548,774	574,451
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	408,612	437,285	448,563	454,800

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	8,104,034	8,272,614	8,842,647	8,782,798
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 by Foreign Liabilities

Table 7.6 International Investment Position (IIP) - Detailed Data by Foreign Liabilities				€ million
Item	Q22024	Q32024	Q42024	Q12025
Foreign Liabilities
Direct Investment in Ireland¹	1,049,102	1,006,560	1,089,150	1,080,265
Equity capital and reinvested earnings	954,084	929,047	1,077,802	1,102,981
Other capital	95,018	77,513	11,348	-22,716

Portfolio Investment	5,721,406	5,905,242	6,319,733	6,216,896
Equity	4,951,769	5,122,520	5,500,709	5,396,866
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	4,238,332	4,362,224	4,676,502	4,567,308

Debt instruments	769,637	782,722	819,024	820,029
Bonds and notes	701,345	719,702	747,108	747,263
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	620,441	636,107	664,417	670,643

Money market instruments	68,291	63,020	71,916	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	57,684	52,459	62,023	62,283

Other Investment	1,817,588	1,797,623	1,891,722	1,881,920
Loans, currency and deposits	952,031	926,534	990,577	1,013,572
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	621,398	589,636	632,607	631,472

Trade Credits	50,330	45,264	48,667	44,108
General government	11	12	10	11
Other sectors	50,319	45,252	48,657	44,097

Other liabilities⁴	815,227	825,825	852,478	824,240
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	681,437	698,862	736,170	692,328

Total Foreign Liabilities	8,588,096	8,709,425	9,300,605	9,179,081
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	Q22024	Q32024	Q42024	Q12025
Foreign Assets
Direct Investment Abroad ¹	1,082,583	1,048,645	1,191,557	1,168,626
- IFSC	37,066	36,373	96,157	95,939
- Non-IFSC	1,045,517	1,012,272	1,095,400	1,072,687
Portfolio Investment	4,866,813	5,055,966	5,382,238	5,285,533
- IFSC	4,644,538	4,822,616	5,136,577	5,038,539
- Non-IFSC	222,275	233,350	245,661	246,994
Other Investment ²	2,142,764	2,156,531	2,256,656	2,316,560
- IFSC	1,845,743	1,865,335	1,958,414	2,031,299
- Non-IFSC	297,021	291,196	298,242	285,261
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	8,104,034	8,272,614	8,842,647	8,782,798
- IFSC	6,527,347	6,724,324	7,191,148	7,165,777
- Non-IFSC	1,576,687	1,548,290	1,651,499	1,617,021

Foreign Liabilities
Direct Investment in Ireland ¹	1,049,102	1,006,560	1,089,150	1,080,265
- IFSC	249,801	254,664	323,249	315,530
- Non-IFSC	799,301	751,896	765,901	764,735
Portfolio Investment	5,721,406	5,905,242	6,319,733	6,216,896
- IFSC	4,763,604	4,954,824	5,267,963	5,235,220
- Non-IFSC	957,802	950,418	1,051,770	981,676
Other Investment ²	1,817,588	1,797,623	1,891,722	1,881,920
- IFSC	1,457,582	1,448,053	1,535,912	1,533,402
- Non-IFSC	360,006	349,570	355,810	348,518
Total Foreign Liabilities	8,588,096	8,709,425	9,300,605	9,179,081
- IFSC	6,470,987	6,657,541	7,127,124	7,084,152
- Non-IFSC	2,117,109	2,051,884	2,173,481	2,094,929

Net International Investment Position (IIP)
Direct Investment ¹	33,481	42,085	102,407	88,361
- IFSC	-212,735	-218,291	-227,092	-219,591
- Non-IFSC	246,216	260,376	329,499	307,952
Portfolio Investment	-854,593	-849,276	-937,495	-931,363
- IFSC	-119,066	-132,208	-131,386	-196,681
- Non-IFSC	-735,527	-717,068	-806,109	-734,682
Other Investment²	325,176	358,908	364,934	434,640
- IFSC	388,161	417,282	422,502	497,897
- Non-IFSC	-62,985	-58,374	-57,568	-63,257
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)	-484,062	-436,811	-457,958	-396,283
- IFSC	56,360	66,783	64,024	81,625
- Non-IFSC	-540,422	-503,594	-521,982	-477,908
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 2025 - Reconciliation of IIP and BOP Flows

Table 7.8 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	1,191,557	13,391	-36,322	1,168,626
Equity capital and reinvested earnings	1,268,418	13,451	-46,507	1,235,362
Other capital	-76,861	-60	10,185	-66,736

Portfolio Investment	5,382,238	103,265	-199,970	5,285,533
Equity	2,686,093	55,286	-117,907	2,623,472
Debt instruments	2,696,145	47,980	-82,064	2,662,061
Bonds and notes	1,968,476	58,916	-72,945	1,954,447
Money market instruments	727,669	-10,936	-9,119	707,614

Other Investment	2,256,656	117,976	-58,072	2,316,560
Loans, currency and deposits	1,576,307	63,225	-25,973	1,613,559
Other²	680,349	54,751	-32,099	703,001

Reserve Assets	12,196	238	-355	12,079

Total Foreign Assets	8,842,647	234,870	-294,719	8,782,798

Foreign Liabilities

Direct Investment in Ireland¹	1,089,150	17,185	-26,070	1,080,265
Equity capital and reinvested earnings	1,077,802	56,095	-30,916	1,102,981
Other capital	11,348	-38,910	4,846	-22,716

Portfolio Investment	6,319,733	98,885	-201,722	6,216,896
Equity	5,500,709	92,570	-196,413	5,396,866
Debt instruments	819,024	6,315	-5,310	820,029
Bonds and notes	747,108	3,445	-3,290	747,263
Money market instruments	71,916	2,870	-2,019	72,767

Other Investment	1,891,722	105,446	-115,248	1,881,920
Loans, currency and deposits	990,577	30,289	-7,294	1,013,572
Other²	901,145	75,157	-107,954	868,348

Total Foreign Liabilities	9,300,605	221,516	-343,040	9,179,081
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 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	1,761,849	295,307	2,057,155	1,724,892	290,224	2,015,114
Short-term	797,712	122,976	920,689	755,350	119,529	874,877
Money market instruments	62,509	-486	62,023	62,733	-449	62,284
Loans and deposits	369,742	7,137	376,879	370,309	7,334	377,643
Trade credits	365,461	116,325	481,786	322,307	112,644	434,951
Long-term	964,137	172,331	1,136,468	969,543	170,695	1,140,238
Bonds and notes	628,567	35,849	664,416	635,033	35,610	670,643
Loans	150,814	104,914	255,728	150,289	103,541	253,830
Other debt liabilities	184,756	31,568	216,324	184,221	31,544	215,765

Direct Investment ⁵	98,312	409,996	508,308	104,226	390,119	494,345
Debt liabilities to affiliated enterprises	11,022	183,478	194,500	12,223	178,857	191,080
Debt liabilities to direct investors	87,290	226,518	313,808	92,003	211,262	303,265

Gross External Debt	2,194,092	867,726	3,061,817	2,204,894	835,174	3,040,066
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 7.10 - Debt Instrument Financial Assets

Table 7.10 - Debt Instrument Financial Assets
	31 December 2024			31 March 2025
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
General Government	0	30,798	30,797	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	11,899	11,899	0	12,258	12,257
Bonds and notes	0	11,702	11,702	0	12,061	12,061
Loans	0	197	197	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	3,089,098	200,210	3,289,308	3,076,020	191,340	3,267,360
Short-term	946,699	125,105	1,071,804	961,591	113,937	1,075,528
Money market instruments	122,536	8,333	130,869	126,857	8,759	135,616
Loans and deposits	440,563	31,284	471,847	445,215	30,115	475,330
Trade credit assets	383,600	85,488	469,088	389,519	75,063	464,582
Long-term	2,142,400	75,105	2,217,505	2,114,429	77,403	2,191,832
Bonds and notes	1,817,605	55,714	1,873,319	1,797,203	55,645	1,852,848
Loans	311,813	16,774	328,587	303,853	18,259	322,112
Other debt Assets	12,982	2,617	15,599	13,373	3,499	16,872

Direct Investment ⁵	68,296	351,803	420,099	76,959	373,365	450,324
Debt asset claims on affiliated enterprises	10,150	210,902	221,052	12,010	227,260	239,270
Debt asset claims on direct investors	58,146	140,901	199,047	64,949	146,105	211,054

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

Debt Instrument Financial Assets ¹	4,445,806	763,599	5,209,405	4,483,111	775,857	5,258,967

Net External Debt ⁶	2,251,714	-104,127	2,147,588	2,278,217	-59,317	2,218,901
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.

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Table 7.11 Net International Investment Position (IIP) classified by Ownership and Institutional Sector

Table 7.11 Net International Investment Position (IIP) classified by Ownership and Institutional Sector								€ million
Item	Q22023	Q32023	Q42023	Q12024	Q22024	Q32024	Q42024	Q12025
Irish Owned
General Government	-103,713	-99,353	-99,712	-93,159	-94,410	-94,703	-77,359	-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	73,503	75,417	72,998	77,150	79,858	88,332	92,022	91,508
Other Sectors ³	11,263	19,329	26,074	15,276	27,419	27,870	37,664	71,383
of which:
Other Financial Intermediaries	-4,434	5,514	10,974	12,518	14,526	10,479	25,396	29,102
Non-Financial Companies ⁴	15,697	13,815	15,100	2,758	12,893	17,391	12,268	42,281
Total Irish Owned Net IIP	67,323	81,043	89,183	80,748	102,988	109,336	138,330	175,009

Foreign Owned
Monetary Financial Institutions ²	44,250	48,496	31,348	32,698	37,209	44,544	51,516	49,933
Other Sectors ³	-684,641	-699,463	-662,640	-628,372	-624,259	-590,691	-647,804	-621,225
of which:
Other Financial Intermediaries	81,074	94,148	89,488	115,304	125,469	133,310	109,029	128,050
Non-Financial Companies ⁴	-765,715	-793,611	-752,128	-743,676	-749,728	-724,001	-756,833	-749,275
Total Foreign Owned Net IIP	-640,391	-650,967	-631,292	-595,674	-587,050	-546,147	-596,288	-571,292

Total (Net IIP)	-573,068	-569,924	-542,109	-514,926	-484,062	-436,811	-457,958	-396,283
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.