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International Accounts Q2 2019

International Investment Position

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Net IIP liability of €555 billion at end-June 2019

Table 5.1 International Investment Position						€ billion
	31 Mar 2019			30 Jun 2019
	Assets	Liabilities	NET	Assets	Liabilities	NET
General Government	24.7	153.5	-128.8	24.3	152.8	-128.6
Monetary Authority	49.9	20.0	29.9	55.0	18.9	36.1
Monetary Financial Institutions	833.3	784.4	48.9	841.4	788.2	53.2
Other Financial Intermediaries	3,499.0	3,494.1	4.9	3,514.3	3,495.1	19.2
Non-Financial Companies	781.5	1,268.2	-486.8	767.5	1,302.1	-534.7
Total	5,188.4	5,720.3	-531.9	5,202.3	5,757.0	-554.7

Open in Excel: International Accounts Q2 2019 Table 5.1 (XLS 28KB)

At 30th June 2019, Ireland's quarterly international investment position ((IIP) results show overall stocks of foreign financial assets of €5,202bn - an increase of €14bn on the end-March 2019 level, while the corresponding stocks of foreign financial liabilities increased by €37bn to €5,757bn over the quarter. Irish residents had an overall net foreign liability of €555bn at end-June 2019, an increase of €23bn in the net foreign liability level at end-March 2019 - see Table 5.2.

	NET IIP (% of GDP)
Q32017	-179
Q42017	-167
Q12018	-164
Q22018	-159
Q32018	-148
Q42018	-165
Q12019	-162
Q22019	-166

Some points of note in Quarter 2 2019 IIP are:

Direct investment abroad decreased by €38bn to €837bn.
Equity capital (including reinvested earnings) increased €26.3bn while other capital decreased €64.1bn – see Table 5.5.
Foreign assets of other financial intermediaries increased by €15bn. With foreign liabilities increasing by €1bn, the resulting net increased to €19bn - see Table 5.3.
Foreign assets of the monetary authority increased by €5.1bn while foreign liabilities decreased by €1.2bn. The resulting net increased to €36bn - see Table 5.3.

X-axis label	Direct Investment	Portfolio Investment	Other Investment	Reserve Assets	Net IIP
Q3 2017	-17.1	-463.1	-43.4	3.6	-520
Q4 2017	-59.3	-454	13.5	3.7	-496.1
Q1 2018	-68	-417.2	-22.6	3.7	-504
Q22018	-34.2	-466.1	-3.4	3.8	-500
Q32018	39.1	-505.1	-13.4	3.9	-475.5
Q42018	-50.2	-401.4	-86.9	4.6	-534
Q12019	-47.8	-418.7	-70	4.7	-531.9
Q22019	-46.4	-458.3	-54.7	4.8	-554.7

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

Net portfolio investment fell €40bn to -€458bn.
Net other investment rose €15bn to -€55bn.
Reserve assets grew €40m to €4.8bn.

X-axis label	General Government	Monetary Financial Institutions	Other Financial Intermediaries	Non-Financial Companies
30 Sep 2018	655	494	975	708
31 Dec 2018	671	492	894	688
31 Mar 2019	736	493	1000	735
30 Jun 2019	721	510	1018	736

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:

€721bn issued by foreign governments.
€510bn issued by foreign monetary financial institutions (including money market investment funds).
€1018bn issued by foreign other financial intermediaries (including non-money market investment funds).
€736bn issued by foreign non-financial companies.

X-axis label	Direct Investment	Other Sectors	Monetary Financial Institutions	Monetary Authority	General Government
Q32018	677	1287	193	21	154
Q42018	690	1300	238	21	149
Q12019	570	1319	267	20	153
Q22019	618	1338	259	19	153

Gross External Debt stands at €2.4 trillion at end-June 2019

At 30th June 2019, the gross external debt of all resident sectors (i.e. general government, the monetary authority, financial and non-financial corporations and households) amounted to €2,387bn.

This represents an increase of €58bn 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 March 2019 (€2,329bn) - see Table 5.9.

Points of note are:

General government foreign borrowing fell by €0.7bn to €153bn at end-June 2019.
Liabilities of the monetary authority decreased €1.2bn to €18.9bn. These liabilities are to the European System of Central Banks (ESCB) and include balances in the TARGET2 settlement system of the ESCB.
Debt liabilities of monetary financial institutions (credit institutions and money market funds) fell €7.5bn to €259.3bn.
The liabilities of other sectors at €1,338bn increased €20bn on the previous quarter. This was made up of a fall in short-term debt of €4bn and a rise in long-term debt of €24bn.
Direct investment liabilities increased by €48bn to €618bn in the quarter.
The net external debt position was €1,177bn at end-June 2019, 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 5.3 International Investment Position (IIP) classified by Institutional Sector

Table 5.3 International Investment Position (IIP) classified by Institutional Sector								€ million
Item	Q3 2017	Q4 2017	Q1 2018	Q2 2018	Q3 2018	Q4 2018	Q1 2019	Q2 2019
Foreign Assets
General Government	10,490	10,489	10,666	15,101	25,030	24,874	24,694	24,256
Monetary Authority¹	33,037	31,221	41,043	47,754	46,984	45,351	49,900	54,953
Monetary Financial Institutions²	734,402	740,269	734,533	745,852	734,107	795,207	833,321	841,401
Other Sectors³	3,889,605	3,951,344	3,948,560	4,070,506	4,168,053	3,976,825	4,280,486	4,281,732
of which:
Other Financial Intermediaries	3,123,010	3,232,350	3,269,920	3,331,960	3,389,750	3,238,810	3,499,010	3,514,250
Non-Financial Companies⁴	766,595	718,994	678,640	738,546	778,303	738,015	781,476	767,482
Total Foreign Assets	4,667,540	4,733,320	4,734,800	4,879,210	4,974,170	4,842,250	5,188,400	5,202,340

Foreign Liabilities
General Government	141,771	133,218	138,533	145,302	154,357	149,172	153,477	152,810
Monetary Authority¹	18,436	19,997	20,401	19,766	20,628	21,275	20,038	18,881
Monetary Financial Institutions²	701,524	700,133	697,079	707,920	692,194	743,771	784,399	788,161
Other Sectors³	4,325,770	4,376,050	4,382,780	4,506,200	4,582,520	4,462,010	4,762,340	4,797,190
of which:
Other Financial Intermediaries	3,124,860	3,210,900	3,241,040	3,297,800	3,352,820	3,264,730	3,494,100	3,495,050
Non-Financial Companies⁴	1,200,910	1,165,150	1,141,740	1,208,400	1,229,700	1,197,280	1,268,240	1,302,140
Total Foreign Liabilities	5,187,501	5,229,398	5,238,793	5,379,188	5,449,699	5,376,228	5,720,254	5,757,042

Net International Investment Position (IIP)
General Government	-131,281	-122,729	-127,867	-130,201	-129,327	-124,298	-128,783	-128,554
Monetary Authority¹	14,601	11,224	20,642	27,988	26,356	24,076	29,862	36,072
Monetary Financial Institutions²	32,878	40,136	37,454	37,932	41,913	51,436	48,922	53,240
Other Sectors³	-436,165	-424,706	-434,220	-435,694	-414,467	-485,185	-481,854	-515,458
of which:
Other Financial Intermediaries	-1,850	21,450	28,880	34,160	36,930	-25,920	4,910	19,200
Non-Financial Companies⁴	-434,315	-446,156	-463,100	-469,854	-451,397	-459,265	-486,764	-534,658
Total (Net IIP)	-519,961	-496,074	-503,998	-499,977	-475,528	-533,984	-531,856	-554,705
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 Q2 2019 Table 5.3 (XLS 31KB)

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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 March 2019			30 June 2019
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
Foreign Assets
General Government	0	24,694	24,694	0	24,256	24,256
Monetary Authority¹	0	49,900	49,900	0	54,953	54,953
Monetary Financial Institutions²	773,591	59,730	833,321	781,121	60,280	841,401
Other Sectors³	3,302,449	978,037	4,280,486	3,343,331	938,401	4,281,732
of which:
Other Financial Intermediaries	3,302,449	196,561	3,499,010	3,343,331	170,919	3,514,250
Non-Financial Companies⁴	0	781,476	781,476	0	767,482	767,482
Total Foreign Assets	4,076,040	1,112,360	5,188,400	4,124,452	1,077,888	5,202,340

Foreign Liabilities
General Government	0	153,477	153,477	0	152,810	152,810
Monetary Authority¹	0	20,038	20,038	0	18,881	18,881
Monetary Financial Institutions²	750,839	33,560	784,399	756,134	32,027	788,161
Other Sectors³	3,454,843	1,307,497	4,762,340	3,480,902	1,316,288	4,797,190
of which:
Other Financial Intermediaries	3,454,843	39,257	3,494,100	3,480,902	14,148	3,495,050
Non-Financial Companies⁴	0	1,268,240	1,268,240	0	1,302,140	1,302,140
Total Foreign Liabilities	4,205,682	1,514,578	5,720,260	4,237,036	1,520,004	5,757,040

Net International Investment Position (IIP)
General Government	0	-128,783	-128,783	0	-128,554	-128,554
Monetary Authority¹	0	29,862	29,862	0	36,072	36,072
Monetary Financial Institutions²	22,752	26,170	48,922	24,987	28,253	53,240
Other Sectors³	-152,394	-329,460	-481,854	-137,571	-377,887	-515,458
of which:
Other Financial Intermediaries	-152,394	157,304	4,910	-137,571	156,771	19,200
Non-Financial Companies⁴	0	-486,764	-486,764	0	-534,658	-534,658
Total (Net IIP)	-129,642	-402,211	-531,856	-112,584	-442,116	-554,705
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 Q2 2019 Table 5.4 (XLS 32KB)

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Table 5.5 International Investment Position (IIP) - Detailed Data

Table 5.5 International Investment Position (IIP) - Detailed Data				€ million
Item	Q3 2018	Q4 2018	Q1 2019	Q2 2019
Foreign Assets
Direct Investment Abroad¹	849,876	823,501	874,924	837,113
Equity capital and reinvested earnings	739,011	725,416	810,353	836,606
Other capital	110,865	98,085	64,571	507

Portfolio Investment	2,833,640	2,744,940	2,963,540	2,985,560
Equity	1,206,480	1,093,660	1,223,910	1,237,870
Monetary authority²	0	0	0	0
General government	4,546	4,334	4,445	3,870
Monetary financial institutions³	871	1,535	1,154	770
Other sectors	1,201,065	1,087,791	1,218,306	1,233,229

Debt instruments	1,627,160	1,651,280	1,739,630	1,747,690
Bonds and notes	1,181,030	1,206,570	1,349,730	1,366,800
Monetary authority²	20,643	20,816	20,181	20,154
General government	1,953	1,938	1,925	1,780
Monetary financial institutions³	76,098	72,038	74,544	73,140
Other sectors	1,082,340	1,111,780	1,253,080	1,271,730

Money market instruments	446,130	444,712	389,903	380,887
Monetary authority²	1,106	1,077	827	905
General government	0	0	0	0
Monetary financial institutions³	326,401	336,266	331,938	318,658
Other sectors	118,624	107,368	57,138	61,324

Other Investment	1,286,725	1,269,260	1,345,227	1,374,919
Loans, currency and deposits	940,963	939,947	994,752	1,014,512
Monetary authority²	20,440	18,032	23,308	28,269
General government	2,335	2,358	1,864	2,208
Monetary financial institutions³	301,219	353,142	388,323	405,309
Other sectors	616,969	566,415	581,257	578,726

Trade Credits	49,403	49,195	50,716	52,405
General government	0	0	0	0
Other sectors	49,403	49,195	50,716	52,405

Other assets⁴	296,364	280,118	299,759	307,999
Monetary authority²	872	872	872	872
General government	16,159	16,206	16,421	16,361
Monetary financial institutions³	23,596	25,982	30,467	38,678
Other sectors	255,737	237,058	251,999	252,088

Reserve assets	3,924	4,554	4,713	4,753
Monetary gold	187	205	211	227
Special drawing rights	788	797	807	814
Reserve Position in the IMF	973	982	998	987
Foreign Exchange	575	886	1,093	900
Other	1,401	1,684	1,604	1,825

Total Foreign Assets	4,974,170	4,842,250	5,188,400	5,202,340
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.

Open in Excel: International Accounts Q2 2019 Table 5.5 (XLS 32KB)

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Table 5.6 International Investment Position (IIP) - Detailed Data

Table 5.6 International Investment Position (IIP) - Detailed Data				€ million
Item	Q3 2018	Q4 2018	Q1 2019	Q2 2019
Foreign Liabilities
Direct Investment in Ireland¹	810,751	873,742	922,715	883,561
Equity capital and reinvested earnings	763,395	802,817	886,932	831,321
Other capital	47,356	70,925	35,783	52,240

Portfolio Investment	3,338,780	3,146,300	3,382,270	3,443,840
Equity	2,894,730	2,702,900	2,936,290	2,997,630
Monetary authority²	0	0	0	0
General government	0	0	0	0
Monetary financial institutions³	452,342	449,618	456,475	460,003
Other sectors	2,442,387	2,253,284	2,479,814	2,537,620

Debt instruments	444,050	443,392	445,982	446,214
Bonds and notes	429,002	431,040	437,856	432,164
Monetary authority²	0	0	0	0
General government	87,347	83,784	86,686	85,537
Monetary financial institutions³	25,486	23,953	28,818	24,283
Other sectors	316,169	323,303	322,352	322,344

Money market instruments	15,049	12,352	8,126	14,050
Monetary authority²	0	0	0	0
General government	4,252	2,508	3,731	4,870
Monetary financial institutions³	10,382	9,412	3,978	8,757
Other sectors	415	432	416	422

Other Investment	1,300,164	1,356,203	1,415,270	1,429,641
Loans, currency and deposits	761,452	821,503	845,932	836,652
Monetary authority²	17,970	18,248	17,649	17,924
General government	48,058	48,179	48,356	47,698
Monetary financial institutions³	141,636	182,882	209,811	204,724
Other sectors	553,787	572,194	570,116	566,306

Trade Credits	45,332	41,146	34,703	33,002
General government	0	0	0	0
Other sectors	45,332	41,146	34,703	33,002

Other liabilities⁴	493,382	493,550	534,634	559,988
Monetary authority²	2,658	3,028	2,389	956
General government	14,569	14,570	14,573	14,574
Monetary financial institutions³	32,398	38,156	43,168	49,115
Other sectors	443,757	437,796	474,504	495,342

Total Foreign Liabilities	5,449,700	5,376,240	5,720,260	5,757,040
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.

Open in Excel: International Accounts Q2 2019 Table 5.6 (XLS 31KB)

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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	Q3 2018	Q4 2018	Q1 2019	Q2 2019
Foreign Assets
Direct Investment Abroad¹	849,876	823,501	874,924	837,113
- IFSC	81,623	82,743	83,140	79,532
- Non-IFSC	768,253	740,758	791,784	757,581
Portfolio Investment	2,833,640	2,744,940	2,963,540	2,985,560
- IFSC	2,673,240	2,590,630	2,808,760	2,834,100
- Non-IFSC	160,400	154,310	154,780	151,460
Other Investment²	1,286,725	1,269,260	1,345,227	1,374,919
- IFSC	1,120,190	1,110,000	1,184,140	1,210,820
- Non-IFSC	166,535	159,260	161,087	164,099
Reserve Assets	3,924	4,554	4,713	4,753
- IFSC	0	0	0	0
- Non-IFSC	3,924	4,554	4,713	4,753
Total Foreign Assets	4,974,170	4,842,250	5,188,400	5,202,340
- IFSC	3,875,053	3,783,373	4,076,040	4,124,452
- Non-IFSC	1,099,112	1,058,882	1,112,364	1,077,893

Foreign Liabilities
Direct Investment in Ireland¹	810,751	873,742	922,715	883,561
- IFSC	226,024	237,569	224,672	201,726
- Non-IFSC	584,727	636,173	698,043	681,835
Portfolio Investment	3,338,780	3,146,300	3,382,270	3,443,840
- IFSC	2,674,600	2,556,820	2,772,880	2,809,650
- Non-IFSC	664,180	589,480	609,390	634,190
Other Investment²	1,300,164	1,356,203	1,415,270	1,429,641
- IFSC	1,085,530	1,143,360	1,208,130	1,225,660
- Non-IFSC	214,634	212,843	207,140	203,981
Total Foreign Liabilities	5,449,700	5,376,240	5,720,260	5,757,040
- IFSC	3,986,154	3,937,749	4,205,682	4,237,036
- Non-IFSC	1,463,541	1,438,496	1,514,573	1,520,006

Net International Investment Position (IIP)
Direct Investment¹	39,125	-50,241	-47,791	-46,448
- IFSC	-144,401	-154,826	-141,532	-122,194
- Non-IFSC	183,526	104,585	93,741	75,746
Portfolio Investment	-505,140	-401,360	-418,730	-458,280
- IFSC	-1,360	33,810	35,880	24,450
- Non-IFSC	-503,780	-435,170	-454,610	-482,730
Other Investment²	-13,439	-86,943	-70,043	-54,722
- IFSC	34,660	-33,360	-23,990	-14,840
- Non-IFSC	-48,099	-53,583	-46,053	-39,882
Reserve Assets	3,924	4,554	4,713	4,753
- IFSC	0	0	0	0
- Non-IFSC	3,924	4,554	4,713	4,753
Total (Net IIP)	-475,528	-533,984	-531,856	-554,705
- IFSC	-111,101	-154,376	-129,642	-112,584
- Non-IFSC	-364,429	-379,614	-402,209	-442,113
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 Q2 2019 Table 5.7 (XLS 38KB)

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Table 5.8 International Investment Position (IIP) - 30th June 2019 - Reconciliation of IIP and BOP Flows

Table 5.8 International Investment Position (IIP) - 30th June 2019 - Reconciliation of IIP and BOP Flows				€ million
Item	Opening Position 01/04/19	BOP Flows in Quarter	Valuation and Other Changes	Closing Position 30/06/19
Foreign Assets

Direct Investment Abroad¹	874,924	-61,740	23,929	837,113
Equity capital and reinvested earnings	810,353	2,298	23,955	836,606
Other capital	64,571	-64,038	-26	507

Portfolio Investment	2,963,540	30,773	-8,753	2,985,560
Equity	1,223,910	9,254	4,706	1,237,870
Debt instruments	1,739,630	21,519	-13,459	1,747,690
Bonds and notes	1,349,730	31,918	-14,848	1,366,800
Money market instruments	389,903	-10,400	1,384	380,887

Other Investment	1,345,227	44,181	-14,489	1,374,919
Loans, currency and deposits	994,753	21,373	-1,614	1,014,512
Other²	350,474	22,808	-12,875	360,407

Reserve Assets	4,713	121	-81	4,753

Total Foreign Assets	5,188,400	13,335	605	5,202,340

Foreign Liabilities

Direct Investment in Ireland¹	922,715	-12,705	-26,449	883,561
Equity capital and reinvested earnings	886,932	-29,803	-25,808	831,321
Other capital	35,782	17,098	-641	52,239

Portfolio Investment	3,382,270	44,832	16,738	3,443,840
Equity	2,936,290	45,099	16,241	2,997,630
Debt instruments	445,982	-267	499	446,214
Bonds and notes	437,856	-2,351	-3,341	432,164
Money market instruments	8,126	2,083	3,841	14,050

Other Investment	1,415,270	18,866	-4,495	1,429,641
Loans, currency and deposits	845,932	5,242	-14,522	836,652
Other²	569,338	13,624	10,027	592,989

Total Foreign Liabilities	5,720,260	50,993	-14,213	5,757,040
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 Q2 2019 Table 5.8 (XLS 31KB)

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Table 5.9 Gross External Debt

Table 5.9 Gross External Debt¹						€ million
	31-Mar-19			30-Jun-19
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
General Government	0	153,345	153,345	0	152,679	152,679
Short-term	0	20,424	20,424	0	21,477	21,477
Money market instruments	0	18,304	18,304	0	19,444	19,444
Loans & Deposits	0	2,120	2,120	0	2,033	2,033
Long-term	0	132,921	132,921	0	131,202	131,202
Bonds and notes	0	86,686	86,686	0	85,537	85,537
Loans	0	46,235	46,235	0	45,665	45,665

Monetary Authority²	0	20,038	20,038	0	18,880	18,880
Short-term	0	17,649	17,649	0	17,924	17,924
Loans and deposits	0	17,649	17,649	0	17,924	17,924
Long-term	0	2,389	2,389	0	956	956
Other debt liabilities	0	2,389	2,389	0	956	956

Monetary Financial Institutions³	243,673	23,185	266,858	236,954	22,366	259,320
Short-term	187,874	17,085	204,959	190,929	16,416	207,345
Money market instruments	3,978	0	3,978	8,757	0	8,757
Loans and deposits	183,896	17,085	200,981	182,172	16,416	198,588
Long-term	55,799	6,100	61,899	46,025	5,950	51,975
Bonds and notes	23,699	5,119	28,818	19,168	5,115	24,283
Loans	7,919	911	8,830	5,356	780	6,136
Other debt liabilities	24,181	70	24,251	21,501	55	21,556

Other Sectors⁴	1,210,506	108,162	1,318,668	1,230,343	108,152	1,338,495
Short-term	273,149	39,164	312,313	273,009	35,404	308,413
Money market instruments	3	413	416	3	419	422
Loans and deposits	261,412	15,782	277,194	260,451	14,538	274,989
Trade credits	11,734	22,969	34,703	12,555	20,447	33,002
Long-term	937,357	68,998	1,006,355	957,334	72,748	1,030,082
Bonds and notes	316,260	6,092	322,352	316,222	6,122	322,344
Loans	275,888	17,034	292,922	273,772	17,545	291,317
Other debt liabilities	345,209	45,872	391,081	367,340	49,081	416,421

Direct Investment⁵	79,045	490,728	569,773	79,496	538,058	617,554
Debt liabilities to affiliated enterprises	5,553	177,095	182,648	3,017	213,449	216,466
Debt liabilities to direct investors	73,492	313,633	387,125	76,479	324,609	401,088

Gross External Debt	1,533,224	795,458	2,328,680	1,546,793	840,135	2,386,930
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 investorsrefers to direct investment in Ireland.
*Suppressed for confidentiality reasons.

Open in Excel: International Accounts Q2 2019 Table 5.9 (XLS 33KB)

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Table 5.10 - Debt Instrument Financial Assets

Table 5.10 Debt Instrument Financial Assets¹						€ million
	31-Mar-19			30-Jun-19
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
General Government	0	3,789	3,789	0	3,988	3,988
Short-term	0	659	659	0	722	722
Money market instruments	0	0	0	0	0	0
Loans and deposits	0	659	659	0	722	722
Long-term	0	3,130	3,130	0	3,266	3,266
Bonds and notes	0	1,925	1,925	0	1,780	1,780
Loans	0	1,205	1,205	0	1,486	1,486

Monetary Authority²	0	44,316	44,316	0	49,328	49,328
Short-term	0	24,135	24,135	0	29,174	29,174
Money market instruments	0	827	827	0	905	905
Loans and deposits	0	23,308	23,308	0	28,269	28,269
Long-term	0	20,181	20,181	0	20,154	20,154
Bonds and notes	0	20,181	20,181	0	20,154	20,154

Monetary Financial Institutions³	757,970	51,720	809,690	758,873	52,047	810,920
Short-term	658,638	17,393	676,031	661,753	17,412	679,165
Money market instruments	331,593	345	331,938	318,427	231	318,658
Loans and deposits	327,045	17,048	344,093	343,326	17,181	360,507
Long-term	99,332	34,327	133,659	97,120	34,635	131,755
Bonds and notes	53,901	20,643	74,544	52,132	21,008	73,140
Loans	30,768	13,463	44,231	31,465	13,336	44,801
Other debt Assets	14,663	221	14,884	13,523	291	13,814

Other Sectors⁴	1,980,444	127,060	2,107,504	2,007,960	122,792	2,130,752
Short-term	311,251	48,157	359,408	321,268	45,112	366,380
Money market instruments	56,778	360	57,138	60,993	331	61,324
Loans and deposits	229,307	22,247	251,554	235,930	16,721	252,651
Trade credit assets	25,166	25,550	50,716	24,345	28,060	52,405
Long-term	1,669,193	78,903	1,748,096	1,686,692	77,680	1,764,372
Bonds and notes	1,209,230	43,850	1,253,080	1,229,170	42,560	1,271,730
Loans	329,582	121	329,703	325,919	156	326,075
Other debt Assets	130,381	34,932	165,313	131,603	34,964	166,567

Direct Investment⁵	152,031	446,530	598,561	152,208	413,614	565,822
Debt asset claims on affiliated enterprises	7,508	239,711	247,219	5,076	211,897	216,973
Debt asset claims on direct investors	144,523	206,819	351,342	147,132	201,717	348,849

Reserve Assets	0	2,599	2,599	0	2,704	2,704

Debt Instrument Financial Assets	2,890,445	676,014	3,566,459	2,919,041	644,473	3,563,514

Net External Debt	1,357,221	-119,444	1,237,779	1,372,248	-195,662	1,176,584
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 5.9) minus External Assets in Debt Instruments. A negative sign indicates a net Asset position.

Open in Excel: International Accounts Q2 2019 Table 5.10 (XLS 34KB)

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International Accounts Q2 2019

International Investment Position

International Investment Position

Net IIP liability of €555 billion at end-June 2019

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