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International Accounts Q2 2020

International Investment Position

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Net IIP liability of €634 billion at end-June 2020

Table 5.1 International Investment Position						€ billion
	31 March 2020			30 June 2020
	Assets	Liabilities	NET	Assets	Liabilities	NET
General Government	21.8	155.5	-133.6	22.2	167.4	-145.1
Monetary Authority	66.7	20.1	46.6	79.7	20.0	59.6
Monetary Financial Institutions	990.8	917.5	73.3	1,012.9	934.8	78.2
Other Financial Intermediaries	3,605.9	3,596.3	9.6	3,822.6	3,810.1	12.5
Non-Financial Companies	921.4	1,556.5	-635.0	911.3	1,550.2	-638.9
Total	5,606.6	6,245.7	-639.2	5,848.8	6,482.5	-633.7

Open in Excel: International Accounts Q2 2020 Table 5.1 (XLS 37KB)

At 30th June 2020, Ireland's quarterly international investment position (IIP) results show overall stocks of foreign financial assets of €5,849bn - an increase of €242bn on the end-March 2020 level, while the corresponding stocks of foreign financial liabilities increased by €237bn to €6,482bn over the quarter. Irish residents had an overall net foreign liability of €634bn at end-June 2020, a decrease of €5bn in the net foreign liability level at end-March 2020 - see Table 5.2.

X-axis label	Net IIP %GDP
Q3 2018	-154
Q4 2018	-181
Q1 2019	-172
Q2 2019	-178
Q3 2019	-175
Q4 2019	-174
Q1 2020	-176
Q2 2020	-176

Some points of note in the Quarter 2 2020 IIP are:

Direct Investment Abroad decreased by €25bn to €909bn.
Equity capital (including reinvested earnings) decreased €4.7bn while other capital decreased €20.7bn – see Table 5.5.
Foreign Assets of Other Financial Intermediaries increased by €217bn, with foreign liabilities increasing by €214bn, the resulting net increased to €13bn - see Table 5.3.
Foreign Assets of the Monetary Authority increased by €13bn while foreign liabilities decreased by €0.1bn. The resulting net increased to €60bn - see Table 5.3.

X-axis label	Direct Investment	Portfolio Investment	Other Investment	Reserve Assets	Net IIP
Q3 2018	50.2	-525.2	-27.1	3.9	-498.3
Q4 2018	-70.5	-428	-96.8	4.6	-590.8
Q1 2019	-70.3	-465.8	-41.2	4.6	-572.7
Q2 2019	-87.4	-501.4	-19	4.7	-603.1
Q3 2019	-64	-550.5	0.7	5	-608.8
Q4 2019	-59.1	-550.6	-14.1	5.1	-618.8
Q1 2020	-104.3	-582.1	42	5.3	-639.2
Q2 2020	-188	-500.4	49.5	5.2	-633.7

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

Net Portfolio Investment rose €82bn to -€500bn.
Net Other Investment rose €7bn to €49bn.
Reserve Assets shrank €45m to €5.2bn.

X-axis label	General Government	Monetary Financial Institutions	Other Financial Intermediaries	Non-Financial Companies
30 Sep 2019	845	523	1087	805
31 Dec 2019	862	522	1166	851
31 Mar 2020	830	437	990	759
30 Jun 2020	924	485	1153	793

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:

€924bn issued by foreign Governments
€485bn issued by foreign Monetary Financial Institutions (including Money Market Investment Funds)
€1153bn issued by foreign Other Financial Intermediaries (including Non-Money Market Investment Funds)
€793bn issued by foreign Non-Financial Companies

X-axis label	Direct Investment	Other Sectors	Monetary Financial Institutions	Monetary Authority	General Government
Q3 2019	658	1521	264	21	151
Q4 2019	636	1514	262	22	147
Q1 2020	628	1570	289	20	155
Q2 2020	554	1554	274	20	167

Gross External Debt stands at €2.6 trillion at end-June 2020.

At 30th June 2020, the gross external debt of all resident sectors (i.e. general government, the monetary authority, financial and non-financial corporations and households) amounted to €2,570bn.
This represents a decrease of €93bn 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 2020 (€2,663bn) - see Table 5.9.
Points of note are:

General government foreign borrowing rose by €12bn to €167bn at end-June 2020.
Liabilities of the Monetary Authority decreased €0.1bn to €20bn. 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 €14.6bn to €274.2bn.
The liabilities of Other sectors at €1,554bn decreased €16bn on the previous quarter.
This was made up of a fall in short-term debt of €13bn and a fall in long-term debt of €3bn.
Direct investment liabilities decreased by €74bn to €554bn in the quarter.
The Net External Debt position was €1,351bn at end-June 2020, i.e. assets exceeded liabilities - see Table 5.10.

Gross external debt represents the stock of Ireland's liabilities to non-residents other than equity and financial derivatives.

Table 5.2 International Investment Position (IIP) classified by Financial Instrument

Table 5.2 International Investment Position (IIP) classified by Financial Instrument									€ million
Item	Q2 2018	Q3 2018	Q4 2018	Q1 2019	Q2 2019	Q3 2019	Q4 2019	Q1 2020	Q2 2020
Foreign Assets
Direct Investment Abroad¹	831,627	881,549	845,336	896,385	863,272	940,432	966,641	933,951	908,604
Portfolio Investment	2,795,587	2,835,563	2,744,301	2,973,710	3,021,759	3,258,568	3,400,723	3,015,891	3,354,980
Other Investment²	1,275,892	1,280,154	1,272,157	1,396,090	1,443,049	1,546,473	1,478,984	1,651,482	1,579,969
Reserve Assets	3,721	3,912	4,551	4,616	4,732	4,997	5,084	5,253	5,208
Total Foreign Assets	4,906,827	5,001,178	4,866,344	5,270,800	5,332,812	5,750,470	5,851,432	5,606,578	5,848,762

Foreign Liabilities
Direct Investment in Ireland ¹	858,473	831,389	915,849	966,725	950,712	1,004,385	1,025,789	1,038,284	1,096,582
Portfolio Investment	3,282,149	3,360,788	3,172,291	3,439,489	3,523,127	3,809,072	3,951,300	3,597,977	3,855,420
Other Investment ²	1,282,132	1,307,299	1,368,991	1,437,257	1,462,073	1,545,777	1,493,126	1,609,468	1,530,485
Total Foreign Liabilities	5,422,755	5,499,476	5,457,131	5,843,471	5,935,912	6,359,234	6,470,214	6,245,730	6,482,487

Net International Investment Position (IIP)
Direct Investment¹	-26,846	50,160	-70,513	-70,340	-87,440	-63,953	-59,148	-104,333	-187,978
Portfolio Investment	-486,562	-525,225	-427,990	-465,779	-501,368	-550,504	-550,577	-582,086	-500,440
Other Investment²	-6,240	-27,145	-96,834	-41,167	-19,024	696	-14,142	42,014	49,484
Reserve Assets	3,721	3,912	4,551	4,616	4,732	4,997	5,084	5,253	5,208

Total (Net IIP)	-515,928	-498,298	-590,787	-572,671	-603,100	-608,764	-618,782	-639,152	-633,726
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	Q3 2018	Q4 2018	Q1 2019	Q2 2019	Q3 2019	Q4 2019	Q1 2020	Q2 2020
Foreign Assets
General Government	25,030	24,874	24,670	24,256	22,690	22,174	21,836	22,238
Monetary Authority ¹	46,972	45,348	49,750	54,932	57,614	66,305	66,676	79,676
Monetary Financial Institutions²	734,828	796,905	832,326	840,211	932,132	944,174	990,773	1,012,943
Other Sectors³	4,194,347	3,999,218	4,364,053	4,413,413	4,738,034	4,818,778	4,527,293	4,733,905
of which:
Other Financial Intermediaries	3,312,011	3,155,957	3,468,213	3,555,642	3,790,549	3,851,422	3,605,872	3,822,640
Non-Financial Companies⁴	882,336	843,261	895,840	857,771	947,485	967,357	921,421	911,265
Total Foreign Assets	5,001,178	4,866,344	5,270,800	5,332,812	5,750,470	5,851,432	5,606,578	5,848,762

Foreign Liabilities
General Government	154,357	149,172	153,574	153,018	151,485	147,097	155,468	167,377
Monetary Authority ¹	20,628	21,275	20,038	20,743	20,783	21,718	20,101	20,043
Monetary Financial Institutions²	692,194	756,067	783,453	788,776	873,006	880,684	917,450	934,754
Other Sectors³	4,632,297	4,530,616	4,886,405	4,973,376	5,313,960	5,420,715	5,152,711	5,360,313
of which:
Other Financial Intermediaries	3,259,676	3,167,016	3,449,875	3,525,446	3,763,773	3,839,333	3,596,258	3,810,129
Non-Financial Companies⁴	1,372,621	1,363,600	1,436,530	1,447,929	1,550,187	1,581,381	1,556,453	1,550,184
Total Foreign Liabilities	5,499,476	5,457,130	5,843,470	5,935,913	6,359,234	6,470,214	6,245,730	6,482,487

Net International Investment Position (IIP)
General Government	-129,327	-124,298	-128,904	-128,762	-128,795	-124,923	-133,632	-145,139
Monetary Authority ¹	26,344	24,073	29,712	34,189	36,831	44,587	46,575	59,633
Monetary Financial Institutions²	42,634	40,838	48,873	51,435	59,126	63,490	73,323	78,189
Other Sectors³	-437,950	-531,398	-522,352	-559,963	-575,926	-601,937	-625,418	-626,408
of which:
Other Financial Intermediaries	52,335	-11,059	18,338	30,196	26,776	12,089	9,614	12,511
Non-Financial Companies⁴	-490,285	-520,339	-540,690	-590,158	-602,702	-614,024	-635,032	-638,919
Total (Net IIP)	-498,298	-590,787	-572,671	-603,100	-608,764	-618,782	-639,152	-633,726
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 2020 Table 5.3 (XLS 40KB)

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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 2020			30 June 2020
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
Foreign Assets
General Government	0	21,836	21,836	0	22,238	22,238
Monetary Authority¹	0	66,676	66,676	0	79,676	79,676
Monetary Financial Institutions²	926,550	64,223	990,773	948,239	64,704	1,012,943
Other Sectors³	3,548,055	979,238	4,527,293	3,768,327	965,578	4,733,905
of which:
Other Financial Intermediaries	3,548,055	57,817	3,605,872	3,768,327	54,313	3,822,640
Non-Financial Companies⁴	0	921,421	921,421	0	911,265	911,265
Total Foreign Assets	4,474,605	1,131,973	5,606,578	4,716,566	1,132,196	5,848,762

Foreign Liabilities
General Government	0	155,468	155,468	0	167,377	167,377
Monetary Authority¹	0	20,101	20,101	0	20,043	20,043
Monetary Financial Institutions²	886,276	31,174	917,450	904,474	30,280	934,754
Other Sectors³	3,726,047	1,426,664	5,152,711	3,960,054	1,400,259	5,360,313
of which:
Other Financial Intermediaries	3,726,047	-129,789	3,596,258	3,960,054	-149,925	3,810,129
Non-Financial Companies⁴	0	1,556,453	1,556,453	0	1,550,184	1,550,184
Total Foreign Liabilities	4,612,323	1,633,407	6,245,730	4,864,528	1,617,959	6,482,487

Net International Investment Position (IIP)
General Government	0	-133,632	-133,632	0	-145,139	-145,139
Monetary Authority¹	0	46,575	46,575	0	59,633	59,633
Monetary Financial Institutions²	40,274	33,049	73,323	43,765	34,424	78,189
Other Sectors³	-177,992	-447,426	-625,418	-191,727	-434,681	-626,408
of which:
Other Financial Intermediaries	-177,992	187,606	9,614	-191,727	204,238	12,511
Non-Financial Companies⁴	0	-635,032	-635,032	0	-638,919	-638,919
Total (Net IIP)	-137,718	-501,434	-639,152	-147,962	-485,763	-633,726
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 2020 Table 5.4 (XLS 41KB)

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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 2019	Q4 2019	Q1 2020	Q2 2020
Foreign Assets
Direct Investment Abroad¹	940,432	966,641	933,951	908,604
Equity capital and reinvested earnings	917,469	963,295	953,628	948,951
Other capital	22,963	3,346	-19,676	-40,347

Portfolio Investment	3,258,568	3,400,723	3,015,891	3,354,980
Equity	1,294,465	1,392,138	1,157,190	1,306,343
Monetary authority²	0	0	0	0
General government	3,902	4,094	3,745	3,941
Monetary financial institutions³	1,881	3,630	3,268	49
Other sectors	1,288,681	1,384,414	1,150,177	1,302,353

Debt instruments	1,964,103	2,008,585	1,858,701	2,048,637
Bonds and notes	1,524,422	1,552,631	1,466,369	1,564,362
Monetary authority²	19,939	20,041	19,262	18,268
General government	1,776	1,323	1,225	1,173
Monetary financial institutions³	74,223	78,759	87,232	87,566
Other sectors	1,428,485	1,452,508	1,358,651	1,457,355

Money market instruments	439,680	455,954	392,331	484,275
Monetary authority²	905	855	1,037	1,220
General government	0	0	0	0
Monetary financial institutions³	373,443	384,320	329,368	410,491
Other sectors	65,332	70,779	61,927	72,564

Other Investment	1,546,473	1,478,984	1,651,482	1,579,969
Loans, currency and deposits	1,103,584	1,086,908	1,195,308	1,143,636
Monetary authority²	30,879	39,431	39,841	54,080
General government	2,066	1,728	1,922	1,981
Monetary financial institutions³	419,783	411,785	485,743	441,493
Other sectors	650,856	633,964	667,802	646,082

Trade Credits	70,569	72,592	73,676	85,405
General government	0	0	0	0
Other sectors	70,569	72,592	73,676	85,405

Other assets⁴	372,321	319,485	382,499	350,929
Monetary authority²	895	895	1,283	900
General government	14,908	14,991	14,907	15,106
Monetary financial institutions³	57,713	59,535	78,877	69,172
Other sectors	298,805	244,064	287,432	265,751

Reserve assets	4,997	5,084	5,253	5,208
Monetary gold	249	248	268	289
Special drawing rights	816	824	831	844
Reserve Position in the IMF	1,013	996	1,006	991
Foreign Exchange	962	906	736	706
Other	1,957	2,110	2,412	2,378

Total Foreign Assets	5,750,470	5,851,432	5,606,578	5,848,762
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 2020 Table 5.5 (XLS 41KB)

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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 2019	Q4 2019	Q1 2020	Q2 2020
Foreign Liabilities
Direct Investment in Ireland¹	1,004,385	1,025,789	1,038,284	1,096,582
Equity capital and reinvested earnings	905,473	893,833	918,534	999,740
Other capital	98,912	131,956	119,750	96,842

Portfolio Investment	3,809,072	3,951,300	3,597,977	3,855,420
Equity	3,258,218	3,396,930	3,035,756	3,257,788
Monetary authority²	0	0	0	0
General government	0	0	0	0
Monetary financial institutions³	514,669	525,608	523,285	560,212
Other sectors	2,743,550	2,871,323	2,512,471	2,697,576

Debt instruments	550,854	554,369	562,221	597,632
Bonds and notes	536,388	539,836	544,639	568,967
Monetary authority²	0	0	0	0
General government	86,191	83,383	88,768	90,788
Monetary financial institutions³	26,615	26,425	24,788	21,391
Other sectors	423,583	430,027	431,083	456,789

Money market instruments	14,466	14,534	17,582	28,665
Monetary authority²	0	0	0	0
General government	3,780	2,223	5,659	16,194
Monetary financial institutions³	10,261	11,138	10,972	11,386
Other sectors	425	1,172	950	1,085

Other Investment	1,545,777	1,493,126	1,609,468	1,530,485
Loans, currency and deposits	881,019	892,217	939,839	913,122
Monetary authority²	19,792	20,715	19,063	19,003
General government	47,024	47,197	46,823	46,145
Monetary financial institutions³	206,304	200,788	225,690	212,651
Other sectors	607,899	623,517	648,262	635,324

Trade Credits	44,466	42,979	38,940	38,745
General government	0	0	0	0
Other sectors	44,466	42,979	38,940	38,745

Other liabilities⁴	620,292	557,930	630,688	578,618
Monetary authority²	991	1,003	1,037	1,040
General government	14,359	14,293	14,216	14,250
Monetary financial institutions³	68,635	71,411	87,135	83,021
Other sectors	536,308	471,223	528,300	480,306

Total Foreign Liabilities	6,359,234	6,470,214	6,245,730	6,482,487
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	Q3 2019	Q4 2019	Q1 2020	Q2 2020
Foreign Assets
Direct Investment Abroad ¹	940,432	966,641	933,951	908,604
- IFSC	83,068	85,569	136,992	132,132
- Non-IFSC	857,364	881,072	796,959	776,472
Portfolio Investment	3,258,568	3,400,723	3,015,891	3,354,980
- IFSC	3,101,944	3,242,184	2,871,145	3,202,151
- Non-IFSC	156,624	158,539	144,746	152,829
Other Investment ²	1,546,473	1,478,984	1,651,482	1,579,969
- IFSC	1,351,165	1,279,541	1,466,468	1,382,284
- Non-IFSC	195,308	199,443	185,014	197,685
Reserve Assets	4,997	5,084	5,253	5,208
- IFSC	0	0	0	0
- Non-IFSC	4,997	5,084	5,253	5,208
Total Foreign Assets	5,750,470	5,851,432	5,606,578	5,848,762
- IFSC	4,536,177	4,607,294	4,474,605	4,716,567
- Non-IFSC	1,214,293	1,244,138	1,131,972	1,132,194

Foreign Liabilities
Direct Investment in Ireland ¹	1,004,385	1,025,789	1,038,284	1,096,582
- IFSC	241,150	256,220	282,978	308,317
- Non-IFSC	763,235	769,569	755,306	788,265
Portfolio Investment	3,809,072	3,951,300	3,597,977	3,855,420
- IFSC	3,114,285	3,229,744	2,929,229	3,234,218
- Non-IFSC	694,787	721,556	668,748	621,202
Other Investment ²	1,545,777	1,493,126	1,609,468	1,530,485
- IFSC	1,324,515	1,277,393	1,400,117	1,321,993
- Non-IFSC	221,262	215,733	209,351	208,492
Total Foreign Liabilities	6,359,234	6,470,214	6,245,730	6,482,487
- IFSC	4,679,950	4,763,357	4,612,324	4,864,528
- Non-IFSC	1,679,284	1,706,858	1,633,405	1,617,959

Net International Investment Position (IIP)
Direct Investment ¹	-63,953	-59,148	-104,333	-187,978
- IFSC	-158,082	-170,651	-145,986	-176,185
- Non-IFSC	94,129	111,503	41,653	-11,793
Portfolio Investment	-550,504	-550,577	-582,086	-500,440
- IFSC	-12,341	12,440	-58,084	-32,067
- Non-IFSC	-538,163	-563,017	-524,002	-468,373
Other Investment²	696	-14,142	42,014	49,484
- IFSC	26,650	2,148	66,351	60,291
- Non-IFSC	-25,954	-16,290	-24,337	-10,807
Reserve Assets	4,997	5,084	5,253	5,208
- IFSC	0	0	0	0
- Non-IFSC	4,997	5,084	5,253	5,208
Total (Net IIP)	-608,764	-618,782	-639,152	-633,726
- IFSC	-143,773	-156,063	-137,719	-147,961
- Non-IFSC	-464,991	-462,720	-501,433	-485,765
¹Reflecting the directional principle for reclassifying Direct Investment (see background notes).
²Includes financial derivatives and trade credits; in the case of liabilities this category also includes life insurance liabilities to non-residents.

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Table 5.8 International Investment Position (IIP) - 30th June 2020 - Reconciliation of IIP and BOP Flows

Table 5.8 International Investment Position (IIP) - 30th June 2020 - Reconciliation of IIP and BOP Flows				€ million
Item	Opening Position 01/04/20	Bop Flows in Quarter	Valuation and Other Changes	Closing Position 30/06/20
Foreign Assets

Direct Investment Abroad¹	933,951	-2,920	-22,427	908,604
Equity capital and reinvested earnings	953,628	3,616	-8,293	948,951
Other capital	-19,676	-6,536	-14,135	-40,347

Portfolio Investment	3,015,891	168,713	170,376	3,354,980
Equity	1,157,190	23,252	125,901	1,306,343
Debt instruments	1,858,701	145,461	44,475	2,048,637
Bonds and notes	1,466,369	43,638	54,355	1,564,362
Money market instruments	392,331	101,823	-9,879	484,275

Other Investment	1,651,482	-57,388	-14,125	1,579,969
Loans, currency and deposits	1,195,308	-36,644	-15,028	1,143,636
Other²	456,174	-20,744	903	436,333

Reserve Assets	5,253	19	-64	5,208

Total Foreign Assets	5,606,578	108,424	133,760	5,848,762

Foreign Liabilities

Direct Investment in Ireland¹	1,038,284	64,428	-6,130	1,096,582
Equity capital and reinvested earnings	918,534	76,140	5,066	999,740
Other capital	119,750	-11,712	-11,196	96,842

Portfolio Investment	3,597,977	86,405	171,038	3,855,420
Equity	3,035,756	58,837	163,195	3,257,788
Debt instruments	562,221	27,567	7,844	597,632
Bonds and notes	544,639	16,382	7,946	568,967
Money market instruments	17,582	11,185	-102	28,665

Other Investment	1,609,468	-40,381	-38,602	1,530,485
Loans, currency and deposits	939,839	-14,561	-12,156	913,122
Other²	669,629	-25,820	-26,446	617,363

Total Foreign Liabilities	6,245,730	110,452	126,305	6,482,487
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 2020 Table 5.8 (XLS 39KB)

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Table 5.9 Gross External Debt

Table 5.9 - Gross External Debt¹						€ million
	31 March 2020			30 June 2020
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
General Government	0	155,467	155,467	0	167,377	167,377
Short-term	0	21,932	21,932	0	32,442	32,442
Money market instruments	0	19,876	19,876	0	30,444	30,444
Loans & Deposits	0	2,056	2,056	0	1,998	1,998
Long-term	0	133,535	133,535	0	134,935	134,935
Bonds and notes	0	88,768	88,768	0	90,788	90,788
Loans	0	44,767	44,767	0	44,147	44,147

Monetary Authority²	0	20,100	20,100	0	20,043	20,043
Short-term	0	19,063	19,063	0	19,003	19,003
Loans and deposits	0	19,063	19,063	0	19,003	19,003
Long-term	0	1,037	1,037	0	1,040	1,040
Other debt liabilities	0	1,037	1,037	0	1,040	1,040

Monetary Financial Institutions³	266,954	21,797	288,751	252,847	21,336	274,183
Short-term	215,274	16,336	231,610	204,589	16,019	220,608
Money market instruments	10,972	0	10,972	11,386	0	11,386
Loans and deposits	204,302	16,336	220,638	193,203	16,019	209,222
Long-term	51,680	5,461	57,141	48,258	5,317	53,575
Bonds and notes	20,052	4,736	24,788	16,846	4,545	21,391
Loans	4,396	656	5,052	2,768	660	3,428
Other debt liabilities	27,232	69	27,301	28,644	112	28,756

Other Sectors⁴	1,454,601	115,496	1,570,097	1,438,189	116,067	1,554,256
Short-term	335,129	36,781	371,910	322,689	36,546	359,235
Money market instruments	4	946	950	4	1,081	1,085
Loans and deposits	319,118	12,902	332,020	305,796	13,609	319,405
Trade credits	16,007	22,933	38,940	16,889	21,856	38,745
Long-term	1,119,472	78,715	1,198,187	1,115,500	79,521	1,195,021
Bonds and notes	423,451	7,632	431,083	449,224	7,565	456,789
Loans	294,181	22,061	316,242	294,033	21,886	315,919
Other debt liabilities	401,840	49,022	450,862	372,243	50,070	422,313

Direct Investment ⁵	70,106	558,083	628,189	63,074	490,800	553,874
Debt liabilities to affiliated enterprises	3,320	176,250	179,570	3,405	177,481	180,886
Debt liabilities to direct investors	66,786	381,833	448,619	59,669	313,319	372,988

Gross External Debt	1,791,661	870,943	2,662,605	1,754,110	815,623	2,569,734
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 2020 Table 5.9 (XLS 42KB)

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Table 5.10 - Debt Instrument Financial Assets

Table 5.10 - Debt Instrument Financial Assets
	31 March 2020			30 June 2020
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
General Government	0	3,147	3,147	0	3,154	3,154
Short-term	0	436	436	0	498	498
Money market instruments	0	0	0	0	0	0
Loans and deposits	0	436	436	0	498	498
Long-term	0	2,711	2,711	0	2,656	2,656
Bonds and notes	0	1,225	1,225	0	1,173	1,173
Loans	0	1,486	1,486	0	1,483	1,483

Monetary Authority ²	0	60,140	60,140	0	73,568	73,568
Short-term	0	40,878	40,878	0	55,300	55,300
Money market instruments	0	1,037	1,037	0	1,220	1,220
Loans and deposits	0	39,841	39,841	0	54,080	54,080
Long-term	0	19,262	19,262	0	18,268	18,268
Bonds and notes	0	19,262	19,262	0	18,268	18,268

Monetary Financial Institutions³	868,812	56,149	924,961	900,161	56,463	956,624
Short-term	745,143	19,147	764,290	785,250	19,148	804,398
Money market instruments	329,368	0	329,368	410,491	0	410,491
Loans and deposits	415,775	19,147	434,922	374,759	19,148	393,907
Long-term	123,669	37,002	160,671	114,911	37,315	152,226
Bonds and notes	65,111	22,121	87,232	64,639	22,927	87,566
Loans	36,051	14,771	50,822	33,312	14,274	47,586
Other debt Assets	22,507	110	22,617	16,960	114	17,074

Other Sectors ⁴	2,247,043	129,728	2,376,771	2,337,245	130,543	2,467,788
Short-term	405,540	47,339	452,879	406,934	50,143	457,077
Money market instruments	61,519	408	61,927	72,246	318	72,564
Loans and deposits	297,272	20,004	317,276	278,470	20,638	299,108
Trade credit assets	46,749	26,927	73,676	56,218	29,187	85,405
Long-term	1,841,503	82,389	1,923,892	1,930,311	80,400	2,010,711
Bonds and notes	1,317,151	41,500	1,358,651	1,413,949	43,406	1,457,355
Loans	345,541	4,985	350,526	341,912	5,063	346,975
Other debt Assets	178,811	35,904	214,715	174,450	31,931	206,381

Direct Investment ⁵	117,474	371,287	488,761	111,104	305,581	416,685
Debt asset claims on affiliated enterprises	5,075	154,818	159,893	4,696	135,843	140,539
Debt asset claims on direct investors	112,399	216,469	328,868	106,408	169,738	276,146

Reserve Assets	0	3,119	3,119	0	2,985	2,985

Debt Instrument Financial Assets	3,233,329	623,570	3,856,899	3,348,510	572,294	3,920,804

Net External Debt	1,441,668	-247,373	1,194,294	1,594,400	-243,329	1,351,070
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.

Open in Excel: International Accounts Q2 2020 Table 5.10 (XLS 43KB)

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International Accounts Q2 2020

International Investment Position

International Investment Position

Net IIP liability of €634 billion at end-June 2020

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