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International Accounts Q1 2026

International Investment Position

Net IIP liability of €340 billion at end-March 2026

Online ISSN: 2565-6384

CSO statistical release, 04 June 2026, 11am

Table 5.1 International Investment Position						€ billion
	31 December 2025			31 March 2026
	Assets	Liabilities	NET	Assets	Liabilities	NET
General Government	53.2	104.0	-50.8	51.6	106.5	-54.9
Monetary Authority	111.5	36.7	74.8	111.0	37.1	73.9
Monetary Financial Institutions	1,501.6	1,353.9	147.6	1,610.8	1,456.6	154.2
Other Financial Intermediaries	6,959.5	6,774.7	184.8	7,322.5	7,118.5	204.0
Non-Financial Companies	1,000.3	1,660.3	-660.0	1,007.9	1,724.7	-716.8
Total	9,626.0	9,929.6	-303.6	10,103.9	10,443.5	-339.6

Open in Excel: International Accounts Q1 2026 Table 5.1 (XLS 37KB)

At 31st March 2026, Ireland's quarterly international investment position ((IIP) results show overall stocks of foreign financial assets of €10,104bn - an increase of €478bn on the end-December 2025 level, while the corresponding stocks of foreign financial liabilities increased by €514bn to €10,443bn over the quarter. Irish residents had an overall net foreign liability of €340bn at end-March 2026, a decrease of €36bn in the net foreign liability level at end-December 2025 - see Table 5.2.

X-axis label	Net IIP %GDP
Q22024	-91
Q32024	-81
Q42024	-81
Q12025	-67
Q22025	-54
Q32025	-52
Q42025	-48
Q12026	-56

Some points of note in the Quarter 1 2026 IIP are:

Direct Investment Abroad increased by €32bn to €1,231bn
Equity capital (including reinvested earnings) increased €26.3bn while other capital increased €5.5bn – see Table 5.5
Foreign Assets of Other Financial Intermediaries increased by €363bn. With foreign liabilities increasing by €344bn, the resulting net increased to €204bn - see Table 5.3
Foreign Assets of the Monetary Authority decreased by €0.5bn while foreign liabilities increased by €0.4bn. The resulting net decreased to €74bn - see Table 5.3

X-axis label	Direct Investment	Portfolio Investment	Other Investment	Reserve Assets	Net IIP
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	-885.5	387.2	12.1	-397.8
Q22025	131.9	-797.2	316	11.2	-338.1
Q32025	70.4	-757.3	345.6	11.4	-329.8
Q42025	152.6	-845.2	377.4	11.6	-303.6
Q12026	126.2	-884.4	406.7	11.9	-339.6

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

Net Portfolio Investment fell €39bn to -€884bn.
Net Other Investment rose €29bn to €407bn.
Reserve Assets grew €0.3bn to €11.9bn.

X-axis label	General Government	Monetary Financial Institutions	Other Financial Intermediaries	Non-Financial Companies
30 Jun 2025	862	752	1321	2480
30 Sep 2025	892	761	1399	2678
31 Dec 2025	900	765	1435	2798
31 Mar 2026	935	764	1481	2841

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:

€935bn issued by foreign Governments
€764bn issued by foreign Monetary Financial Institutions (including Money Market Funds)
€1,481bn issued by foreign Other Financial Intermediaries (including Non-Money Market Investment Funds)
€2,841bn issued by foreign Non-Financial Companies

X-axis label	Direct Investment	Other Sectors	Monetary Financial Institutions	Monetary Authority	General Government
Q22025	461	2160	404	36	105
Q32025	457	2168	425	36	106
Q42025	475	2221	404	37	104
Q12026	467	2324	447	37	107

Gross External Debt stands at €3.4 trillion at end-March 2026

At 31st March 2026, the gross external debt of all resident sectors (i.e. general government, the monetary authority, financial and non-financial corporations, and households) amounted to €3,382bn. This represents an increase of €141bn 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 2025 (€3,241bn) - see Table 5.9.

Points of note are:

General government foreign borrowing rose by €3bn to €107bn at end-March 2026
Liabilities of the Monetary Authority consisting mainly of short term loans and deposits increased €0.4bn to €37.1bn. 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 €43.1bn to €447.3bn
The liabilities of Other sectors, at €2,324bn, increased €103bn on the previous quarter
This was made up of a rise in short-term debt of €73bn and a rise in long-term debt of €30bn
Direct investment liabilities decreased by €8bn to €467bn in the quarter
The Net External Debt position was -€2,431bn at end-March 2026, 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.

Net International Investment Position of Foreign Controlled Companies was -€522.9bn at end-March 2026

The figure below 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.

	Foreign Owned	Irish Owned	Net IIP
Q22024	-587.1	103	-484.1
Q32024	-546.1	109.3	-436.8
Q42024	-596.3	138.3	-458
Q12025	-571.3	173.5	-397.8
Q22025	-523.7	185.6	-338.1
Q32025	-527.7	198	-329.8
Q42025	-513.7	210.1	-303.6
Q12026	-522.9	183.3	-339.6

We can see that while the overall Net International Investment is a net liability of €340bn at the end of March 2026, if we look at just Foreign-owned companies the net liability is €523bn. Meanwhile, for Domestically-owned companies there are net assets of €183bn.

Table 5.11 below shows this further broken down by institutional sector. While table 5.12 shows this further broken down by functional category.

Table 5.2 International Investment Position (IIP) classified by Functional Category

Table 5.2 International Investment Position (IIP) classified by Functional Category									€ million
Item	Q12024	Q22024	Q32024	Q42024	Q12025	Q22025	Q32025	Q42025	Q12026
Foreign Assets
Direct Investment Abroad¹	1,127,473	1,082,583	1,048,645	1,191,557	1,168,639	1,137,932	1,111,672	1,199,188	1,230,917
Portfolio Investment	4,702,252	4,866,813	5,055,966	5,382,238	5,336,370	5,414,248	5,730,628	5,897,665	6,021,764
Other Investment²	2,049,547	2,142,764	2,156,531	2,256,656	2,402,433	2,382,063	2,392,904	2,517,623	2,839,323
Reserve Assets	11,754	11,874	11,472	12,196	12,079	11,188	11,438	11,565	11,867
Total Foreign Assets	7,891,026	8,104,034	8,272,614	8,842,647	8,919,521	8,945,431	9,246,641	9,626,041	10,103,871

Foreign Liabilities
Direct Investment in Ireland ¹	1,047,784	1,049,102	1,006,560	1,089,150	1,080,265	1,006,031	1,041,225	1,046,582	1,104,736
Portfolio Investment	5,606,313	5,721,406	5,905,242	6,319,733	6,221,884	6,211,457	6,487,933	6,742,857	6,906,121
Other Investment ²	1,751,855	1,817,588	1,797,623	1,891,722	2,015,211	2,066,019	2,047,254	2,140,177	2,432,600
Total Foreign Liabilities	8,405,952	8,588,096	8,709,425	9,300,605	9,317,360	9,283,507	9,576,412	9,929,615	10,443,456

Net International Investment Position (IIP)
Direct Investment¹	79,689	33,481	42,085	102,407	88,374	131,901	70,447	152,606	126,181
Portfolio Investment	-904,061	-854,593	-849,276	-937,495	-885,514	-797,209	-757,305	-845,192	-884,357
Other Investment²	297,692	325,176	358,908	364,934	387,222	316,044	345,650	377,447	406,723
Reserve Assets	11,754	11,874	11,472	12,196	12,079	11,188	11,438	11,565	11,867

Total (Net IIP)	-514,926	-484,062	-436,811	-457,958	-397,839	-338,076	-329,771	-303,574	-339,585
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	Q22024	Q32024	Q42024	Q12025	Q22025	Q32025	Q42025	Q12026
Foreign Assets
General Government	28,826	18,694	35,230	36,891	36,973	37,732	53,233	51,628
Monetary Authority ¹	125,269	123,329	122,212	116,886	115,507	115,922	111,476	110,987
Monetary Financial Institutions ²	1,283,741	1,354,305	1,440,297	1,484,377	1,501,258	1,518,915	1,501,586	1,610,845
Other Sectors ³	6,666,197	6,776,285	7,244,909	7,281,367	7,291,694	7,574,072	7,959,747	8,330,411
of which:
Other Financial Intermediaries	5,638,049	5,773,273	6,184,679	6,260,143	6,306,745	6,605,914	6,959,476	7,322,516
Non-Financial Companies ⁴	1,028,148	1,003,012	1,060,230	1,021,224	984,949	968,158	1,000,271	1,007,895
Total Foreign Assets	8,104,033	8,272,613	8,842,648	8,919,521	8,945,432	9,246,641	9,626,041	10,103,871

Foreign Liabilities
General Government	123,236	113,397	112,589	105,090	105,259	106,028	104,009	106,524
Monetary Authority ¹	35,149	35,493	36,206	36,569	35,792	36,216	36,686	37,111
Monetary Financial Institutions ²	1,166,674	1,221,429	1,296,759	1,342,936	1,356,043	1,373,192	1,353,939	1,456,624
Other Sectors ³	7,263,037	7,339,106	7,855,049	7,832,765	7,786,412	8,060,976	8,434,980	8,843,197
of which:
Other Financial Intermediaries	5,498,054	5,629,484	6,050,254	6,104,547	6,140,501	6,412,288	6,774,672	7,118,493
Non-Financial Companies ⁴	1,764,983	1,709,622	1,804,795	1,728,218	1,645,911	1,648,688	1,660,308	1,724,703
Total Foreign Liabilities	8,588,096	8,709,425	9,300,603	9,317,360	9,283,506	9,576,412	9,929,615	10,443,456

Net International Investment Position (IIP)
General Government	-94,410	-94,703	-77,359	-68,199	-68,286	-68,295	-50,776	-54,896
Monetary Authority ¹	90,120	87,836	86,006	80,317	79,715	79,707	74,789	73,876
Monetary Financial Institutions ²	117,067	132,876	143,538	141,441	145,215	145,722	147,646	154,221
Other Sectors ³	-596,840	-562,821	-610,140	-551,398	-494,718	-486,904	-475,233	-512,786
of which:
Other Financial Intermediaries	139,995	143,789	134,425	155,596	166,244	193,626	184,804	204,023
Non-Financial Companies ⁴	-736,835	-706,610	-744,565	-706,994	-660,962	-680,530	-660,037	-716,809
Total (Net IIP)	-484,062	-436,811	-457,958	-397,839	-338,076	-329,771	-303,574	-339,585
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 2025			31 March 2026
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
Foreign Assets
General Government	0	53,233	53,233	0	51,628	51,628
Monetary Authority¹	0	111,476	111,476	0	110,987	110,987
Monetary Financial Institutions²	..	..	1,501,586	..	..	1,610,845
Other Sectors³	..	..	7,959,747	..	..	8,330,411
of which:
Other Financial Intermediaries	..	..	6,959,476	..	..	7,322,516
Non-Financial Companies⁴	0	1,000,271	1,000,271	0	1,007,895	1,007,895
Total Foreign Assets	7,952,723	1,673,318	9,626,041	8,392,636	1,711,235	10,103,871

Foreign Liabilities
General Government	0	104,009	104,009	0	106,524	106,524
Monetary Authority¹	0	36,686	36,686	0	37,111	37,111
Monetary Financial Institutions²	..	..	1,353,939	..	..	1,456,624
Other Sectors³	..	..	8,434,980	..	..	8,843,197
of which:
Other Financial Intermediaries	..	..	6,774,672	..	..	7,118,493
Non-Financial Companies⁴	0	1,660,308	1,660,308	0	1,724,703	1,724,703
Total Foreign Liabilities	7,844,091	2,085,524	9,929,615	8,270,958	2,172,498	10,443,456

Net International Investment Position (IIP)
General Government	0	-50,776	-50,776	0	-54,896	-54,896
Monetary Authority¹	0	74,789	74,789	0	73,876	73,876
Monetary Financial Institutions²	91,031	56,615	147,646	90,577	63,645	154,221
Other Sectors³	17,601	-492,835	-475,233	31,101	-543,887	-512,786
of which:
Other Financial Intermediaries	17,601	167,203	184,804	31,101	172,922	204,023
Non-Financial Companies⁴	0	-660,037	-660,037	0	-716,809	-716,809
Total (Net IIP)	108,632	-412,206	-303,574	121,678	-461,263	-339,585
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.
..Data supressed for confidentiality reasons.

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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	Q22025	Q32025	Q42025	Q12026
Foreign Assets
Direct Investment Abroad¹	1,137,932	1,111,672	1,199,188	1,230,917
Equity capital and reinvested earnings	1,193,949	1,167,665	1,255,789	1,282,051
Other capital	-56,017	-55,993	-56,601	-51,134

Portfolio Investment	5,414,248	5,730,628	5,897,665	6,021,764
Equity	2,712,022	2,948,006	3,079,540	3,072,819
Monetary authority²	0	0	0	0
General government	4,390	4,409	4,554	7,176
Monetary financial institutions³	5,042	5,758	9,146	8,740
Other sectors	2,702,590	2,937,839	3,065,840	3,056,903

Debt instruments	2,702,227	2,782,622	2,818,125	2,948,945
Bonds and notes	2,015,983	2,069,238	2,110,730	2,238,111
Monetary authority²	11,397	11,397	11,397	11,397
General government	12,077	12,317	15,941	23,489
Monetary financial institutions³	94,077	107,450	101,029	134,668
Other sectors	1,898,432	1,938,074	1,982,364	2,068,556

Money market instruments	686,244	713,383	707,395	710,834
Monetary authority²	1,742	1,742	1,742	1,742
General government	0	0	0	0
Monetary financial institutions³	554,880	570,846	570,826	568,377
Other sectors	129,622	140,796	134,827	140,716

Other Investment	2,382,063	2,392,904	2,517,623	2,839,323
Loans, currency and deposits	1,620,034	1,661,000	1,678,845	1,731,855
Monetary authority²	91,180	91,346	86,771	85,981
General government	20,466	19,273	31,044	19,270
Monetary financial institutions³	705,776	717,290	726,119	773,314
Other sectors	802,612	833,091	834,911	853,290

Trade Credits	130,216	125,102	144,721	153,193
General government	0	0	0	0
Other sectors	130,216	125,102	144,721	153,193

Other assets⁴	631,813	606,802	694,057	954,275
Monetary authority²	0	0	0	0
General government	1	1,695	1,695	1,693
Monetary financial institutions³	133,293	108,610	88,609	119,710
Other sectors	498,519	496,497	603,754	832,872

Reserve assets	11,188	11,438	11,565	11,867
Monetary gold	1,052	1,221	1,379	1,501
Special drawing rights	4,963	5,024	5,025	5,103
Reserve Position in the IMF	1,053	1,052	1,050	1,052
Foreign Exchange	1,008	1,103	892	821
Other	3,112	3,038	3,220	3,390

Total Foreign Assets	8,945,431	9,246,641	9,626,041	10,103,871
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	Q22025	Q32025	Q42025	Q12026
Foreign Liabilities
Direct Investment in Ireland¹	1,006,031	1,041,225	1,046,582	1,104,736
Equity capital and reinvested earnings	1,018,864	1,057,268	1,064,912	1,101,774
Other capital	-12,833	-16,043	-18,330	2,961

Portfolio Investment	6,211,457	6,487,933	6,742,857	6,906,121
Equity	5,394,111	5,648,887	5,891,279	6,042,720
Monetary authority²	0	0	0	0
General government	0	0	0	0
Monetary financial institutions³	811,401	838,899	838,291	892,859
Other sectors	4,582,710	4,809,988	5,052,989	5,149,860

Debt instruments	817,347	839,045	851,577	863,401
Bonds and notes	751,725	768,584	782,108	799,512
Monetary authority²	0	0	0	0
General government	63,007	63,669	64,087	67,911
Monetary financial institutions³	14,467	14,219	12,855	13,491
Other sectors	674,251	690,696	705,165	718,110

Money market instruments	65,622	70,462	69,469	63,890
Monetary authority²	0	0	0	0
General government	79	300	46	17
Monetary financial institutions³	8,074	7,691	5,897	5,657
Other sectors	57,469	62,471	63,527	58,216

Other Investment	2,066,019	2,047,254	2,140,177	2,432,600
Loans, currency and deposits	1,068,568	1,050,424	1,050,051	1,079,476
Monetary authority²	31,008	31,450	31,928	32,288
General government	42,144	42,029	39,845	38,565
Monetary financial institutions³	325,236	346,191	353,470	371,234
Other sectors	670,180	630,754	624,807	637,389

Trade Credits	45,524	54,688	67,350	78,272
General government	12	13	14	14
Other sectors	45,512	54,675	67,336	78,258

Other liabilities⁴	951,927	942,141	1,022,775	1,274,852
Monetary authority²	4,784	4,766	4,758	4,823
General government	17	17	17	18
Monetary financial institutions³	145,375	113,186	93,177	120,817
Other sectors	801,751	824,173	924,823	1,149,194

Total Foreign Liabilities	9,283,507	9,576,412	9,929,615	10,443,456
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	Q22025	Q32025	Q42025	Q12026
Foreign Assets
Direct Investment Abroad ¹	1,137,932	1,111,672	1,199,188	1,230,917
- IFSC	112,189	112,494	110,949	134,640
- Non-IFSC	1,025,743	999,178	1,088,239	1,096,277
Portfolio Investment	5,414,248	5,730,628	5,897,665	6,021,764
- IFSC	5,160,741	5,474,367	5,628,096	5,734,750
- Non-IFSC	253,507	256,260	269,569	287,014
Other Investment ²	2,382,063	2,392,904	2,517,623	2,839,323
- IFSC	2,097,787	2,099,826	2,213,678	2,523,245
- Non-IFSC	284,276	293,077	303,945	316,078
Reserve Assets	11,188	11,438	11,565	11,867
- IFSC	0	0	0	0
- Non-IFSC	11,188	11,438	11,565	11,867
Total Foreign Assets	8,945,431	9,246,641	9,626,041	10,103,871
- IFSC	7,370,717	7,686,687	7,952,723	8,392,636
- Non-IFSC	1,574,714	1,559,954	1,673,318	1,711,235

Foreign Liabilities
Direct Investment in Ireland ¹	1,006,031	1,041,225	1,046,582	1,104,736
- IFSC	305,301	299,540	295,441	305,203
- Non-IFSC	700,730	741,686	751,141	799,532
Portfolio Investment	6,211,457	6,487,933	6,742,857	6,906,121
- IFSC	5,272,450	5,561,257	5,751,885	5,890,124
- Non-IFSC	939,007	926,675	990,972	1,015,996
Other Investment ²	2,066,019	2,047,254	2,140,177	2,432,600
- IFSC	1,708,627	1,704,169	1,796,766	2,075,630
- Non-IFSC	357,392	343,085	343,411	356,969
Total Foreign Liabilities	9,283,507	9,576,412	9,929,615	10,443,456
- IFSC	7,286,378	7,564,966	7,844,091	8,270,958
- Non-IFSC	1,997,129	2,011,446	2,085,524	2,172,498

Net International Investment Position (IIP)
Direct Investment ¹	131,901	70,447	152,606	126,181
- IFSC	-193,112	-187,046	-184,492	-170,563
- Non-IFSC	325,013	257,492	337,098	296,744
Portfolio Investment	-797,209	-757,305	-845,192	-884,357
- IFSC	-111,709	-86,890	-123,789	-155,374
- Non-IFSC	-685,500	-670,415	-721,403	-728,983
Other Investment²	316,044	345,650	377,447	406,723
- IFSC	389,160	395,657	416,913	447,615
- Non-IFSC	-73,116	-50,007	-39,466	-40,892
Reserve Assets	11,188	11,438	11,565	11,867
- IFSC	0	0	0	0
- Non-IFSC	11,188	11,438	11,565	11,867
Total (Net IIP)	-338,076	-329,771	-303,574	-339,585
- IFSC	84,339	121,721	108,632	121,678
- Non-IFSC	-422,415	-451,492	-412,206	-461,263
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 2026 Table 5.7 (XLS 41KB)

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Table 5.8 International Investment Position (IIP) - 31st March 2026 - Reconciliation of IIP and BOP Flows

Table 5.8 International Investment Position (IIP) - 31st March 2026 - Reconciliation of IIP and BOP Flows				€ million
Item	Opening Position 01/01/26	Bop Flows in Quarter	Valuation and Other Changes	Closing Position 31/03/26
Foreign Assets

Direct Investment Abroad¹	1,199,188	20,965	10,764	1,230,917
Equity capital and reinvested earnings	1,255,789	9,917	16,346	1,282,051
Other capital	-56,601	11,048	-5,581	-51,134

Portfolio Investment	5,897,665	162,402	-162,402	6,021,764
Equity	3,079,540	84,926	-84,926	3,072,819
Debt instruments	2,818,125	77,476	-77,476	2,948,945
Bonds and notes	2,110,730	30,837	-30,837	2,238,111
Money market instruments	707,395	46,639	-46,639	710,834

Other Investment	2,517,623	146,106	175,594	2,839,323
Loans, currency and deposits	1,678,845	117,652	-64,641	1,731,855
Other²	838,778	28,454	240,235	1,107,468

Reserve Assets	11,565	18	284	11,867

Total Foreign Assets	9,626,041	329,491	148,338	10,103,871

Foreign Liabilities

Direct Investment in Ireland¹	1,046,582	25,451	32,703	1,104,736
Equity capital and reinvested earnings	1,064,912	-2,097	38,960	1,101,774
Other capital	-18,330	27,548	-6,257	2,961

Portfolio Investment	6,742,857	206,907	-43,643	6,906,121
Equity	5,891,279	200,156	-48,715	6,042,720
Debt instruments	851,577	6,752	5,072	863,401
Bonds and notes	782,108	4,708	12,696	799,512
Money market instruments	69,469	2,044	-7,623	63,890

Other Investment	2,140,177	94,365	198,058	2,432,600
Loans, currency and deposits	1,050,051	24,948	4,477	1,079,476
Other²	1,090,126	69,418	193,581	1,353,124

Total Foreign Liabilities	9,929,615	326,723	187,118	10,443,456
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 2026 Table 5.8 (XLS 41KB)

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Table 5.9 Gross External Debt

Table 5.9 - Gross External Debt¹						€ million
	31 December 2025			31 March 2026
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
General Government	0	104,009	104,009	0	106,524	106,524
Short-term	0	77	77	0	49	49
Money market instruments	0	46	46	0	17	17
Loans & Deposits	0	31	31	0	32	32
Long-term	0	103,933	103,933	0	106,475	106,475
Bonds and notes	0	64,087	64,087	0	67,911	67,911
Loans	0	39,845	39,845	0	38,565	38,565

Monetary Authority²	0	36,686	36,686	0	37,111	37,111
Short-term	0	31,928	31,928	0	32,288	32,288
Loans and deposits	0	31,928	31,928	0	32,288	32,288
Long-term	0	4,758	4,758	0	4,823	4,823
Other debt liabilities	0	4,758	4,758	0	4,823	4,823

Monetary Financial Institutions³	385,394	18,827	404,221	427,659	19,624	447,284
Short-term	319,910	16,462	336,372	338,564	17,043	355,607
Money market instruments	..	..	5,897	..	..	5,657
Loans and deposits	..	..	330,475	..	..	349,950
Long-term	65,484	2,365	67,849	89,095	2,581	91,677
Bonds and notes	..	..	12,855	..	..	13,491
Loans	9	0	9	11	0	11
Other debt liabilities	..	..	54,985	..	..	78,174

Other Sectors4	1,929,227	292,025	2,221,253	2,015,554	308,525	2,324,079
Short-term	899,148	134,656	1,033,805	956,068	150,895	1,106,963
Money market instruments	..	..	63,527	..	..	58,216
Loans and deposits	..	..	382,067	..	..	375,676
Trade credits	458,266	129,944	588,210	527,220	145,852	673,071
Long-term	1,030,079	157,369	1,187,448	1,059,486	157,630	1,217,116
Bonds and notes	659,666	45,499	705,165	669,725	48,385	718,110
Loans	..	..	242,740	..	..	261,713
Other debt liabilities	..	..	239,542	..	..	237,293

Direct Investment ⁵	90,443	384,142	474,585	93,807	373,149	466,956
Debt liabilities to affiliated enterprises	80,037	211,220	291,257	78,505	209,425	287,931
Debt liabilities to direct investors	10,406	172,922	183,328	15,301	163,724	179,025

Gross External Debt	2,405,065	835,690	3,240,754	2,537,020	844,934	3,381,954
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.
..Data supressed for confidentiality reasons.

Open in Excel: International Accounts Q1 2026 Table 5.9 (XLS 42KB)

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Table 5.10 Debt Instrument Financial Assets

Table 5.10 - Debt Instrument Financial Assets
	31 December 2025			31 March 2026
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
General Government	0	46,984	46,984	0	42,759	42,759
Short-term	0	30,871	30,871	0	19,097	19,097
Money market instruments	0	0	0	0	0	0
Loans and deposits	0	30,871	30,871	0	19,097	19,097
Long-term	0	16,113	16,113	0	23,662	23,662
Bonds and notes	0	15,941	15,941	0	23,489	23,489
Loans	0	173	173	0	173	173

Monetary Authority ²	0	99,910	99,910	0	99,120	99,120
Short-term	0	88,513	88,513	0	87,723	87,723
Money market instruments	0	1,742	1,742	0	1,742	1,742
Loans and deposits	0	86,771	86,771	0	85,981	85,981
Long-term	0	11,397	11,397	0	11,397	11,397
Bonds and notes	0	11,397	11,397	0	11,397	11,397

Monetary Financial Institutions3	1,343,082	72,659	1,415,742	1,438,511	80,764	1,519,275
Short-term	..	..	1,254,826	1,296,158	23,700	1,319,858
Money market instruments	..	..	570,826	..	..	568,377
Loans and deposits	..	..	684,000	..	..	751,482
Long-term	..	..	160,916	142,352	57,064	199,417
Bonds and notes	66,192	34,836	101,029	95,015	39,653	134,668
Loans	..	..	59,888	47,337	17,412	64,748
Other debt Assets	0	0	0	0	0	0

Other Sectors ⁴	3,322,559	202,907	3,525,466	3,505,771	223,187	3,728,958
Short-term	1,073,488	124,163	1,197,651	1,162,565	134,862	1,297,426
Money market instruments	..	..	134,827	..	..	140,716
Loans and deposits	..	..	506,475	..	..	506,031
Trade credit assets	470,430	85,918	556,348	557,707	92,972	650,680
Long-term	2,249,070	78,744	2,327,815	2,343,207	88,325	2,431,532
Bonds and notes	1,928,442	53,922	1,982,364	2,013,566	54,990	2,068,556
Loans	307,595	20,840	328,436	317,821	29,438	347,259
Other debt Assets	13,033	3,982	17,015	11,820	3,897	15,716

Direct Investment ⁵	72,591	363,723	436,314	77,473	335,387	412,860
Debt asset claims on affiliated enterprises	63,353	198,879	262,232	62,176	184,254	246,430
Debt asset claims on direct investors	9,238	164,844	174,082	15,297	151,133	166,430

Reserve Assets	0	10,186	10,186	0	10,366	10,366

Debt Instrument Financial Assets ¹	4,738,232	796,370	5,534,602	5,021,755	791,584	5,813,339

Net External Debt ⁶	-2,333,167	39,319	-2,293,848	-2,484,735	53,351	-2,431,385
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.
..Data supressed for confidentiality reasons.

Open in Excel: International Accounts Q1 2026 Table 5.10 (XLS 43KB)

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Table 5.11 Net International Investment Position (IIP) classified by Ownership and Institutional Sector

Table 5.11 Net International Investment Position (IIP) classified by Ownership and Institutional Sector								€ million
Item	Q22024	Q32024	Q42024	Q12025	Q22025	Q32025	Q42025	Q12026
Irish Owned
General Government	-94,411	-94,703	-77,359	-68,199	-68,287	-68,295	-50,776	-54,896
Monetary Authority ¹	90,121	87,836	86,005	80,317	79,714	79,707	74,789	73,876
Monetary Financial Institutions ²	79,860	88,332	92,023	91,509	97,520	96,962	99,159	109,938
Other Sectors ³	27,420	27,872	37,664	69,826	76,642	89,590	86,923	54,362
of which:
Other Financial Intermediaries	14,524	10,480	25,397	27,547	29,433	44,329	42,535	34,146
Non-Financial Companies ⁴	12,896	17,392	12,267	42,279	47,209	45,261	44,388	20,216
Total Irish Owned Net IIP	102,990	109,337	138,333	173,453	185,589	197,963	210,096	183,279

Foreign Owned
Monetary Financial Institutions ²	37,208	44,544	51,515	49,932	47,695	48,760	48,487	44,283
Other Sectors ³	-624,261	-590,692	-647,805	-621,224	-571,360	-576,494	-562,157	-567,148
of which:
Other Financial Intermediaries	125,470	133,310	109,027	128,049	136,811	149,298	142,269	169,877
Non-Financial Companies ⁴	-749,731	-724,002	-756,832	-749,273	-708,171	-725,791	-704,426	-737,025
Total Foreign Owned Net IIP	-587,053	-546,148	-596,290	-571,292	-523,665	-527,733	-513,670	-522,864

Total (Net IIP)	-484,062	-436,811	-457,958	-397,839	-338,076	-329,771	-303,574	-339,585
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 2026 Table 5.11 (XLS 12KB)

Table 5.12 International Investment Position (IIP) classified by Ownership and Functional Category

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Table 5.12 Net International Investment Position (IIP) classified by Ownership and Functional Category								€ million
Item	Q22024	Q32024	Q42024	Q12025	Q22025	Q32025	Q42025	Q12026
Irish Owned
Direct Investment¹	890,827	883,732	980,858	944,640	904,988	881,148	939,003	934,054
Portfolio Investment	-1,065,633	-1,053,624	-1,133,491	-1,089,021	-1,017,443	-973,939	-1,055,141	-1,102,219
Other Investment²	265,922	267,756	278,771	305,756	286,857	279,315	314,669	339,577
Reserve Assets	11,874	11,472	12,196	12,079	11,188	11,438	11,565	11,867
Total Irish Owned Net IIP	102,990	109,336	138,334	173,454	185,590	197,963	210,096	183,279

Foreign Owned
Direct Investment¹	-857,346	-841,647	-878,451	-856,266	-773,087	-810,702	-786,397	-807,873
Portfolio Investment	211,040	204,348	195,997	203,508	220,235	216,634	209,950	217,862
Other Investment ²	59,254	91,151	86,164	81,466	29,187	66,335	62,778	67,146
Total Foreign Owned Net IIP	-587,052	-546,148	-596,290	-571,292	-523,665	-527,733	-513,670	-522,864

Total (Net IIP)	-484,062	-436,811	-457,958	-397,839	-338,076	-329,771	-303,574	-339,585
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.

International Accounts Q1 2026

International Investment Position

International Investment Position

Net IIP liability of €340 billion at end-March 2026

Gross External Debt stands at €3.4 trillion at end-March 2026

Net International Investment Position of Foreign Controlled Companies was -€522.9bn at end-March 2026

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