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International Accounts Q2 2021

International Investment Position

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Net IIP liability of €607 billion at end-June 2021

Table 5.1 International Investment Position						€ billion
	31 March 2021			30 June 2021
	Assets	Liabilities	NET	Assets	Liabilities	NET
General Government	21.9	158.1	-136.2	21.8	157.0	-135.2
Monetary Authority	86.5	20.5	66.1	96.4	20.6	75.9
Monetary Financial Institutions	1,044.8	970.3	74.4	1,036.5	958.5	77.9
Other Financial Intermediaries	4,517.0	4,467.1	49.9	4,672.4	4,606.2	66.1
Non-Financial Companies	1,078.8	1,770.6	-691.8	1,118.7	1,810.6	-691.8
Total	6,749.0	7,386.6	-637.6	6,945.8	7,552.9	-607.1

Open in Excel: International Accounts Q2 2021 Table 5.1 (XLS 67KB)

At 30th June 2021, Ireland's quarterly international investment position ((IIP) results show overall stocks of foreign financial assets of €6,946bn - an increase of €197bn on the end-March 2021 level, while the corresponding stocks of foreign financial liabilities increased by €166bn to €7,553 over the quarter. Irish residents had an overall net foreign liability of €607bn at end-June 2021, a decrease of €30bn in the net foreign liability level at end-March 2021 - see Table 5.2.

X-axis label	Net IIP %GDP
Q32019	-187
Q42019	-190
Q12020	-201
Q22020	-195
Q32020	-185
Q42020	-171
Q12021	-167
Q22021	-153

Some points of note in the Quarter 2 2021 IIP are:

Direct Investment Abroad increased by €40bn to €1119bn.
Equity capital (including reinvested earnings) increased €38.7bn while other capital increased €1.6bn – see Table 5.5.
Foreign Assets of Other Financial Intermediaries increased by €155bn.With foreign liabilities increasing by €139bn, the resulting net increased to €66bn - see Table 5.3.
Foreign Assets of the Monetary Authority increased by €9.9bn while foreign liabilities increased by €0.1bn.
The resulting net increased to €76bn - see Table 5.3.

X-axis label	Direct Investment	Portfolio Investment	Other Investment	Reserve Assets	Net IIP
Q32019	-67.9	-570.8	-18.5	5	-652.1
Q42019	-77.9	-572.9	-32.8	5.1	-678.4
Q12020	-241.2	-535.1	38.5	5.3	-732.5
Q22020	-228.2	-541.8	54.9	5.2	-709.8
Q32020	-169.6	-599.5	76.4	5.8	-686.9
Q42020	-110	-626.5	93.4	6.2	-636.9
Q12021	-74.2	-633.3	63.3	6.6	-637.6
Q22021	-38.2	-672.3	96.8	6.6	-607.1

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

Net Portfolio Investment fell €39bn to -€672bn.
Net Other Investment rose €33bn to €97bn.
Reserve Assets grew €0bn to €6.6bn.

X-axis label	General Government	Monetary Financial Institutions	Other Financial Intermediaries	Non-Financial Companies
30 Sep 2020	899	470	1202	813
31 Dec 2020	953	503	1329	852
31 Mar 2021	936	531	1486	952
30 Jun 2021	981	535	1600	965

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:

€981bn issued by foreign Governments
€535bn issued by foreign Monetary Financial Institutions (including Money Market Investment Funds)
€1600bn issued by foreign Other Financial Intermediaries (including Non-Money Market Investment Funds)
€965bn issued by foreign Non-Financial Companies

X-axis label	Direct Investment	Other Sectors	Monetary Financial Institutions	Monetary Authority	General Government
Q32020	560	1591	270	21	164
Q42020	536	1625	279	21	154
Q12021	544	1729	291	20	158
Q22021	539	1704	290	21	157

Gross External Debt stands at €2.7 trillion at end-June 2021.

At 30th June 2021, the gross external debt of all resident sectors (i.e. general government, the monetary authority, financial and non-financial corporations and households) amounted to €2,711bn.
This represents a decrease of €33bn 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 2021 (€2,744bn) - see Table 5.9.

Points of note are:

General government foreign borrowing fell by €1bn to €157bn at end-June 2021.
Liabilities of the Monetary Authority consisting entirely of short term loans and deposits increased €0.1bn to €20.6bn. 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) fell €1.9bn to €289.5bn.
The liabilities of Other sectors at €1,704bn decreased €25bn on the previous quarter.
This was made up of a fall in short-term debt of €2bn and a fall in long-term debt of €23bn.
Direct investment liabilities decreased by €5bn to €539bn in the quarter.
The Net External Debt position was €1,506bn at end-June 2021, 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 2019	Q3 2019	Q4 2019	Q1 2020	Q2 2020	Q3 2020	Q4 2020	Q1 2021	Q2 2021
Foreign Assets
Direct Investment Abroad¹	846,664	927,444	1,001,686	921,095	962,987	947,201	987,531	1,078,523	1,118,828
Portfolio Investment	3,023,840	3,260,611	3,402,109	3,022,307	3,338,275	3,384,877	3,637,469	3,907,202	4,081,091
Other Investment²	1,445,940	1,549,683	1,481,348	1,675,664	1,603,343	1,624,800	1,680,597	1,756,724	1,739,334
Reserve Assets	4,731	4,996	5,087	5,253	5,208	5,825	6,207	6,569	6,579
Total Foreign Assets	5,321,175	5,742,734	5,890,230	5,624,318	5,909,814	5,962,702	6,311,804	6,749,018	6,945,831

Foreign Liabilities
Direct Investment in Ireland ¹	941,308	995,297	1,079,570	1,162,288	1,191,170	1,116,795	1,097,554	1,152,716	1,157,007
Portfolio Investment	3,546,794	3,831,395	3,974,976	3,557,392	3,880,041	3,984,379	4,263,989	4,540,496	4,753,418
Other Investment ²	1,483,027	1,568,176	1,514,110	1,637,172	1,548,399	1,548,409	1,587,194	1,693,383	1,642,514
Total Foreign Liabilities	5,971,130	6,394,867	6,568,655	6,356,853	6,619,610	6,649,583	6,948,736	7,386,595	7,552,939

Net International Investment Position (IIP)
Direct Investment¹	-94,644	-67,853	-77,884	-241,193	-228,183	-169,594	-110,023	-74,193	-38,179
Portfolio Investment	-522,954	-570,784	-572,867	-535,085	-541,766	-599,502	-626,520	-633,294	-672,327
Other Investment²	-37,087	-18,493	-32,762	38,492	54,944	76,391	93,403	63,341	96,820
Reserve Assets	4,731	4,996	5,087	5,253	5,208	5,825	6,207	6,569	6,579

Total (Net IIP)	-649,955	-652,134	-678,425	-732,535	-709,796	-686,881	-636,932	-637,577	-607,107
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 2021 Table 5.2 (XLS 69KB)

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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 2019	Q4 2019	Q1 2020	Q2 2020	Q3 2020	Q4 2020	Q1 2021	Q2 2021
Foreign Assets
General Government	22,690	22,174	21,847	22,238	22,168	22,254	21,920	21,838
Monetary Authority ¹	57,613	66,309	66,675	79,676	80,241	73,369	86,531	96,444
Monetary Financial Institutions²	936,402	947,591	995,064	1,011,784	995,905	1,058,842	1,044,784	1,036,474
Other Sectors³	4,726,029	4,854,156	4,540,732	4,796,116	4,864,389	5,157,339	5,595,782	5,791,075
of which:
Other Financial Intermediaries	3,786,339	3,850,947	3,668,958	3,877,361	3,925,140	4,150,796	4,516,954	4,672,352
Non-Financial Companies⁴	939,690	1,003,208	871,774	918,755	939,248	1,006,544	1,078,828	1,118,723
Total Foreign Assets	5,742,734	5,890,230	5,624,318	5,909,814	5,962,702	6,311,804	6,749,018	6,945,831

Foreign Liabilities
General Government	151,485	147,097	155,468	167,326	164,029	153,743	158,112	157,030
Monetary Authority ¹	20,783	21,718	20,101	20,043	20,527	20,699	20,476	20,588
Monetary Financial Institutions²	872,545	880,486	917,610	936,519	920,507	979,603	970,342	958,526
Other Sectors³	5,350,055	5,519,354	5,263,674	5,495,722	5,544,519	5,794,691	6,237,666	6,416,795
of which:
Other Financial Intermediaries	3,776,833	3,854,248	3,664,193	3,861,639	3,918,843	4,133,986	4,467,076	4,606,232
Non-Financial Companies⁴	1,573,221	1,665,106	1,599,481	1,634,083	1,625,676	1,660,705	1,770,589	1,810,563
Total Foreign Liabilities	6,394,868	6,568,655	6,356,853	6,619,610	6,649,582	6,948,736	7,386,596	7,552,939

Net International Investment Position (IIP)
General Government	-128,795	-124,923	-133,621	-145,088	-141,861	-131,489	-136,192	-135,192
Monetary Authority ¹	36,830	44,591	46,574	59,633	59,714	52,670	66,055	75,856
Monetary Financial Institutions²	63,857	67,105	77,454	75,265	75,398	79,239	74,442	77,948
Other Sectors³	-624,026	-665,198	-722,942	-699,606	-680,130	-637,352	-641,884	-625,720
of which:
Other Financial Intermediaries	9,506	-3,301	4,765	15,722	6,297	16,810	49,878	66,120
Non-Financial Companies⁴	-633,531	-661,898	-727,707	-715,328	-686,428	-654,161	-691,761	-691,840
Total (Net IIP)	-652,134	-678,425	-732,535	-709,796	-686,881	-636,932	-637,577	-607,107
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 2021 Table 5.3 (XLS 71KB)

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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 2021			30 June 2021
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
Foreign Assets
General Government	0	21,920	21,920	0	21,838	21,838
Monetary Authority¹	0	86,531	86,531	0	96,444	96,444
Monetary Financial Institutions²	982,827	61,957	1,044,784	975,661	60,813	1,036,474
Other Sectors³	4,366,367	1,229,415	5,595,782	4,511,417	1,279,658	5,791,075
of which:
Other Financial Intermediaries	4,366,367	150,587	4,516,954	4,511,417	160,935	4,672,352
Non-Financial Companies⁴	0	1,078,828	1,078,828	0	1,118,723	1,118,723
Total Foreign Assets	5,349,194	1,399,824	6,749,018	5,487,078	1,458,753	6,945,831

Foreign Liabilities
General Government	0	158,112	158,112	0	157,030	157,030
Monetary Authority¹	0	20,476	20,476	0	20,588	20,588
Monetary Financial Institutions²	938,547	31,795	970,342	927,949	30,577	958,526
Other Sectors³	4,572,835	1,664,830	6,237,665	4,715,462	1,701,333	6,416,795
of which:
Other Financial Intermediaries	4,572,835	-105,759	4,467,076	4,715,462	-109,230	4,606,232
Non-Financial Companies⁴	0	1,770,589	1,770,589	0	1,810,563	1,810,563
Total Foreign Liabilities	5,511,382	1,875,213	7,386,595	5,643,411	1,909,528	7,552,939

Net International Investment Position (IIP)
General Government	0	-136,192	-136,192	0	-135,192	-135,192
Monetary Authority¹	0	66,055	66,055	0	75,856	75,856
Monetary Financial Institutions²	44,280	30,162	74,442	47,712	30,236	77,948
Other Sectors³	-206,468	-435,415	-641,883	-204,045	-421,675	-625,720
of which:
Other Financial Intermediaries	-206,468	256,346	49,878	-204,045	270,165	66,120
Non-Financial Companies⁴	0	-691,761	-691,761	0	-691,840	-691,840
Total (Net IIP)	-162,188	-475,390	-637,577	-156,333	-450,775	-607,107
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 2021 Table 5.4 (XLS 70KB)

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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 2020	Q4 2020	Q1 2021	Q2 2021
Foreign Assets
Direct Investment Abroad¹	947,201	987,531	1,078,523	1,118,828
Equity capital and reinvested earnings	998,437	1,039,429	1,145,630	1,184,335
Other capital	-51,236	-51,897	-67,107	-65,508

Portfolio Investment	3,384,877	3,637,469	3,907,202	4,081,091
Equity	1,367,687	1,531,880	1,721,313	1,837,944
Monetary authority²	0	0	0	0
General government	3,841	4,079	4,754	4,958
Monetary financial institutions³	172	444	-137	269
Other sectors	1,363,674	1,527,357	1,716,696	1,832,716

Debt instruments	2,017,189	2,105,589	2,185,890	2,243,147
Bonds and notes	1,556,705	1,621,287	1,691,577	1,729,411
Monetary authority²	17,343	16,690	15,656	14,432
General government	1,148	1,086	170	142
Monetary financial institutions³	74,841	71,978	67,714	70,218
Other sectors	1,463,374	1,531,533	1,608,037	1,644,619

Money market instruments	460,484	484,302	494,313	513,736
Monetary authority²	1,286	1,005	1,159	1,167
General government	0	0	0	0
Monetary financial institutions³	384,964	404,804	408,919	409,360
Other sectors	74,235	78,492	84,234	103,210

Other Investment	1,624,800	1,680,597	1,756,724	1,739,334
Loans, currency and deposits	1,176,304	1,216,469	1,242,708	1,268,695
Monetary authority²	54,888	48,566	62,247	73,367
General government	1,970	1,901	2,020	1,970
Monetary financial institutions³	461,463	487,480	463,240	462,920
Other sectors	657,983	678,522	715,201	730,438

Trade Credits	91,835	81,509	95,568	99,338
General government	0	0	0	0
Other sectors	91,835	81,509	95,568	99,338

Other assets⁴	356,661	382,620	418,448	371,301
Monetary authority²	900	900	900	900
General government	15,171	15,151	14,939	14,730
Monetary financial institutions³	70,874	89,246	100,347	89,382
Other sectors	269,716	277,323	302,262	266,289

Reserve assets	5,825	6,207	6,569	6,579
Monetary gold	294	282	263	271
Special drawing rights	802	815	815	814
Reserve Position in the IMF	948	951	975	968
Foreign Exchange	813	981	1,394	1,193
Other	2,968	3,178	3,122	3,333

Total Foreign Assets	5,962,702	6,311,804	6,749,018	6,945,831
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

Table 5.6 International Investment Position (IIP) - Detailed Data				€ million
Item	Q3 2020	Q4 2020	Q1 2021	Q2 2021
Foreign Liabilities
Direct Investment in Ireland¹	1,116,795	1,097,554	1,152,716	1,157,007
Equity capital and reinvested earnings	1,019,534	997,095	1,018,704	1,050,648
Other capital	97,261	100,459	134,012	106,359

Portfolio Investment	3,984,379	4,263,989	4,540,496	4,753,418
Equity	3,374,313	3,642,558	3,898,772	4,098,116
Monetary authority²	0	0	0	0
General government	0	0	0	0
Monetary financial institutions³	548,276	577,548	555,977	556,968
Other sectors	2,826,036	3,065,010	3,342,795	3,541,148

Debt instruments	610,067	621,431	641,725	655,302
Bonds and notes	583,377	600,860	619,684	636,361
Monetary authority²	0	0	0	0
General government	89,578	86,250	86,799	88,285
Monetary financial institutions³	21,123	20,525	18,537	18,563
Other sectors	472,676	494,084	514,348	529,513

Money market instruments	26,689	20,571	22,040	18,941
Monetary authority²	0	0	0	0
General government	14,483	7,900	9,766	7,759
Monetary financial institutions³	11,823	12,288	11,887	10,796
Other sectors	383	383	388	386

Other Investment	1,548,409	1,587,194	1,693,383	1,642,514
Loans, currency and deposits	907,824	924,882	1,006,899	998,504
Monetary authority²	19,503	19,785	19,538	19,645
General government	45,725	45,365	47,596	47,305
Monetary financial institutions³	205,549	218,177	222,444	223,379
Other sectors	637,048	641,555	717,321	708,174

Trade Credits	42,629	53,669	42,518	43,222
General government	0	0	0	0
Other sectors	42,629	53,669	42,518	43,222

Other liabilities⁴	597,956	608,643	643,966	600,788
Monetary authority²	1,025	914	937	942
General government	14,243	14,227	13,951	13,682
Monetary financial institutions³	87,909	104,462	114,126	105,708
Other sectors	494,779	489,039	514,952	480,455

Total Foreign Liabilities	6,649,583	6,948,736	7,386,595	7,552,939
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 2020	Q4 2020	Q1 2021	Q2 2021
Foreign Assets
Direct Investment Abroad ¹	947,201	987,531	1,078,523	1,118,828
- IFSC	80,072	74,767	77,671	79,937
- Non-IFSC	867,129	912,764	1,000,852	1,038,891
Portfolio Investment	3,384,877	3,637,469	3,907,202	4,081,091
- IFSC	3,231,208	3,478,167	3,740,606	3,906,692
- Non-IFSC	153,669	159,302	166,596	174,399
Other Investment ²	1,624,800	1,680,597	1,756,724	1,739,334
- IFSC	1,421,027	1,460,135	1,530,917	1,500,449
- Non-IFSC	203,773	220,462	225,807	238,885
Reserve Assets	5,825	6,207	6,569	6,579
- IFSC	0	0	0	0
- Non-IFSC	5,825	6,207	6,569	6,579
Total Foreign Assets	5,962,702	6,311,804	6,749,018	6,945,831
- IFSC	4,732,307	5,013,069	5,349,194	5,487,078
- Non-IFSC	1,230,396	1,298,735	1,399,824	1,458,754

Foreign Liabilities
Direct Investment in Ireland ¹	1,116,795	1,097,554	1,152,716	1,157,007
- IFSC	281,498	274,222	284,189	298,295
- Non-IFSC	835,297	823,332	868,527	858,712
Portfolio Investment	3,984,379	4,263,989	4,540,496	4,753,418
- IFSC	3,302,043	3,550,013	3,748,769	3,921,130
- Non-IFSC	682,336	713,976	791,727	832,288
Other Investment ²	1,548,409	1,587,194	1,693,383	1,642,514
- IFSC	1,337,390	1,368,122	1,478,424	1,423,985
- Non-IFSC	211,019	219,072	214,959	218,529
Total Foreign Liabilities	6,649,583	6,948,736	7,386,595	7,552,939
- IFSC	4,920,931	5,192,357	5,511,382	5,643,410
- Non-IFSC	1,728,652	1,756,380	1,875,213	1,909,529

Net International Investment Position (IIP)
Direct Investment ¹	-169,594	-110,023	-74,193	-38,179
- IFSC	-201,426	-199,455	-206,518	-218,358
- Non-IFSC	31,832	89,432	132,325	180,179
Portfolio Investment	-599,502	-626,520	-633,294	-672,327
- IFSC	-70,835	-71,846	-8,163	-14,438
- Non-IFSC	-528,667	-554,674	-625,131	-657,889
Other Investment²	76,391	93,403	63,341	96,820
- IFSC	83,637	92,013	52,493	76,464
- Non-IFSC	-7,246	1,390	10,848	20,356
Reserve Assets	5,825	6,207	6,569	6,579
- IFSC	0	0	0	0
- Non-IFSC	5,825	6,207	6,569	6,579
Total (Net IIP)	-686,881	-636,932	-637,577	-607,107
- IFSC	-188,624	-179,288	-162,188	-156,332
- Non-IFSC	-498,256	-457,645	-475,389	-450,775
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 2021 Table 5.7 (XLS 70KB)

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Table 5.8 International Investment Position (IIP) - 30th June 2021 - Reconciliation of IIP and BOP Flows

Table 5.8 International Investment Position (IIP) - 30th June 2021 - Reconciliation of IIP and BOP Flows				€ million
Item	Opening Position 01/04/21	Bop Flows in Quarter	Valuation and Other Changes	Closing Position 30/06/21
Foreign Assets

Direct Investment Abroad¹	1,078,523	9,910	30,395	1,118,828
Equity capital and reinvested earnings	1,145,630	8,255	30,450	1,184,335
Other capital	-67,107	1,655	-56	-65,508

Portfolio Investment	3,907,202	89,118	84,771	4,081,091
Equity	1,721,313	40,732	75,899	1,837,944
Debt instruments	2,185,890	48,387	8,870	2,243,147
Bonds and notes	1,691,577	31,619	6,215	1,729,411
Money market instruments	494,313	16,768	2,655	513,736

Other Investment	1,756,724	-16,259	-1,131	1,739,334
Loans, currency and deposits	1,242,708	32,442	-6,455	1,268,695
Other²	514,016	-48,701	5,324	470,639

Reserve Assets	6,569	72	-62	6,579

Total Foreign Assets	6,749,018	82,841	113,972	6,945,831

Foreign Liabilities

Direct Investment in Ireland¹	1,152,716	6,217	-1,926	1,157,007
Equity capital and reinvested earnings	1,018,704	28,327	3,617	1,050,648
Other capital	134,012	-22,110	-5,543	106,359

Portfolio Investment	4,540,496	89,759	123,163	4,753,418
Equity	3,898,772	73,571	125,773	4,098,116
Debt instruments	641,725	16,188	-2,611	655,302
Bonds and notes	619,684	19,378	-2,701	636,361
Money market instruments	22,040	-3,190	91	18,941

Other Investment	1,693,383	-33,928	-16,941	1,642,514
Loans, currency and deposits	1,006,899	2,264	-10,659	998,504
Other²	686,484	-36,192	-6,282	644,010

Total Foreign Liabilities	7,386,595	62,048	104,296	7,552,939
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 5.9 Gross External Debt

Table 5.9 - Gross External Debt¹						€ million
	31 March 2021			30 June 2021
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
General Government	0	158,111	158,111	0	157,030	157,030
Short-term	0	25,863	25,863	0	23,572	23,572
Money market instruments	0	23,717	23,717	0	21,441	21,441
Loans & Deposits	0	2,146	2,146	0	2,131	2,131
Long-term	0	132,248	132,248	0	133,458	133,458
Bonds and notes	0	86,799	86,799	0	88,285	88,285
Loans	0	45,449	45,449	0	45,173	45,173

Monetary Authority²	0	20,475	20,475	0	20,587	20,587
Short-term	0	19,538	19,538	0	19,645	19,645
Loans and deposits	0	19,538	19,538	0	19,645	19,645
Long-term	0	937	937	0	942	942
Other debt liabilities	0	937	937	0	942	942

Monetary Financial Institutions³	271,777	19,702	291,479	270,042	19,507	289,549
Short-term	217,051	15,506	232,557	217,131	15,428	232,559
Money market instruments	11,887	0	11,887	10,796	0	10,796
Loans and deposits	205,164	15,506	220,670	206,335	15,428	221,763
Long-term	54,726	4,196	58,922	52,911	4,079	56,990
Bonds and notes	15,141	3,396	18,537	15,187	3,376	18,563
Loans	1,128	646	1,774	1,060	556	1,616
Other debt liabilities	38,457	154	38,611	36,664	147	36,811

Other Sectors⁴	1,609,969	119,068	1,729,037	1,580,018	124,250	1,704,268
Short-term	389,984	37,511	427,495	389,578	35,969	425,547
Money market instruments	8	380	388	0	386	386
Loans and deposits	374,138	10,451	384,589	372,025	9,914	381,939
Trade credits	15,838	26,680	42,518	17,553	25,669	43,222
Long-term	1,219,985	81,557	1,301,542	1,190,440	88,281	1,278,721
Bonds and notes	507,002	7,346	514,348	522,187	7,326	529,513
Loans	310,615	22,117	332,732	302,683	23,552	326,235
Other debt liabilities	402,368	52,094	454,462	365,570	57,403	422,973

Direct Investment ⁵	70,074	474,357	544,431	77,987	461,509	539,496
Debt liabilities to affiliated enterprises	5,913	175,465	181,378	5,820	173,822	179,642
Debt liabilities to direct investors	64,161	298,892	363,053	72,167	287,687	359,854

Gross External Debt	1,951,820	791,713	2,743,534	1,928,047	782,883	2,710,932
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.
* Suppressed for confidentiality reasons.

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Table 5.10 - Debt Instrument Financial Assets

Table 5.10 - Debt Instrument Financial Assets
	31 March 2021			30 June 2021
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
General Government	0	2,190	2,190	0	2,113	2,113
Short-term	0	505	505	0	459	459
Money market instruments	0	0	0	0	0	0
Loans and deposits	0	505	505	0	459	459
Long-term	0	1,685	1,685	0	1,654	1,654
Bonds and notes	0	170	170	0	142	142
Loans	0	1,515	1,515	0	1,512	1,512

Monetary Authority ²	0	79,062	79,062	0	88,966	88,966
Short-term	0	63,406	63,406	0	74,534	74,534
Money market instruments	0	1,159	1,159	0	1,167	1,167
Loans and deposits	0	62,247	62,247	0	73,367	73,367
Long-term	0	15,656	15,656	0	14,432	14,432
Bonds and notes	0	15,656	15,656	0	14,432	14,432

Monetary Financial Institutions³	913,181	55,351	968,532	912,448	54,893	967,341
Short-term	812,632	18,945	831,577	811,425	20,185	831,610
Money market instruments	408,879	40	408,919	409,320	40	409,360
Loans and deposits	403,753	18,905	422,658	402,105	20,145	422,250
Long-term	100,549	36,406	136,955	101,023	34,708	135,731
Bonds and notes	45,123	22,591	67,714	49,195	21,023	70,218
Loans	26,888	13,694	40,582	27,115	13,555	40,670
Other debt Assets	28,538	121	28,659	24,713	130	24,843

Other Sectors ⁴	2,592,579	151,686	2,744,265	2,627,175	158,766	2,785,941
Short-term	467,256	55,205	522,461	504,262	62,152	566,414
Money market instruments	83,855	379	84,234	97,663	5,547	103,210
Loans and deposits	317,136	25,523	342,659	339,082	24,784	363,866
Trade credit assets	66,265	29,303	95,568	67,517	31,821	99,338
Long-term	2,125,323	96,481	2,221,804	2,122,913	96,614	2,219,527
Bonds and notes	1,562,653	45,384	1,608,037	1,599,090	45,529	1,644,619
Loans	367,311	5,231	372,542	361,314	5,258	366,572
Other debt Assets	195,359	45,866	241,225	162,509	45,827	208,336

Direct Investment ⁵	94,626	248,685	343,311	99,055	268,574	367,629
Debt asset claims on affiliated enterprises	5,262	109,008	114,270	5,319	108,815	114,134
Debt asset claims on direct investors	89,364	139,677	229,041	93,736	159,759	253,495

Reserve Assets	0	4,516	4,516	0	4,526	4,526

Debt Instrument Financial Assets ¹	3,600,386	541,490	4,141,876	3,638,678	577,838	4,216,516

Net External Debt ⁶	1,648,566	-250,223	1,398,342	1,710,631	-205,045	1,505,584
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 6a) minus External Assets in Debt Instruments. A negative sign indicates a net Asset position.