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International Accounts Q2 2023

International Investment Position

Net IIP liability of €562 billion at end-June 2023

Online ISSN: 2565-6384

CSO statistical release, 01 September 2023, 11am

Table 5.1 International Investment Position						€ billion
	31 March 2023			30 June 2023
	Assets	Liabilities	NET	Assets	Liabilities	NET
General Government	22.1	128.1	-106.1	22.1	127.3	-105.3
Monetary Authority	116.3	33.2	83.2	119.7	33.4	86.3
Monetary Financial Institutions	1,177.7	1,061.8	115.9	1,191.9	1,074.0	117.9
Other Financial Intermediaries	4,862.0	4,775.5	86.5	5,001.3	4,910.8	90.5
Non-Financial Companies	1,082.7	1,820.1	-737.4	1,073.3	1,825.2	-751.8
Total	7,260.8	7,818.7	-557.9	7,408.3	7,970.7	-562.4

Open in Excel: International Accounts Q2 2023 Table 5.1 (XLS 36KB)

At 30th June 2023, Ireland's quarterly international investment position ((IIP) results show overall stocks of foreign financial assets of €7,408bn - an increase of €147bn on the end-March 2023 level, while the corresponding stocks of foreign financial liabilities increased by €152bn to €7,971 over the quarter. Irish residents had an overall net foreign liability of €562bn at end-June 2023, an increase of €5bn in the net foreign liability level at end-March 2023 - see Table 5.2.

X-axis label	Net IIP %GDP
Q32021	-140
Q42021	-131
Q12022	-119
Q22022	-125
Q32022	-131
Q42022	-117
Q12023	-109
Q22023	-109

Some points of note in the Quarter 2 2023 IIP are:

Direct Investment Abroad decreased by €16bn to €1140bn.
Equity capital (including reinvested earnings) decreased €24.5bn while other capital increased €8.2bn – see Table 5.5.
Foreign Assets of Other Financial Intermediaries increased by €139bn. With foreign liabilities increasing by €135bn, the resulting net increased to €90bn - see Table 5.3
Foreign Assets of the Monetary Authority increased by €3.4bn while foreign liabilities increased by €0.3bn. The resulting net increased to €86bn - see Table 5.3.

X-axis label	Direct Investment	Portfolio Investment	Other Investment	Reserve Assets	Net IIP
Q32021	-26.3	-703.8	134	10.8	-585.3
Q42021	57.8	-798.3	160.6	11.7	-568.2
Q12022	-30.3	-742.2	225.9	11.6	-535
Q22022	-160.9	-671.4	232.5	11.9	-587.8
Q32022	-239.2	-718.1	304.5	12.9	-639.9
Q42022	-158.5	-776.7	331.8	12.2	-591.2
Q12023	-103.4	-849.8	383.1	12.2	-557.9
Q22023	-81.5	-794.4	301.4	12	-562.4

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

Net Portfolio Investment rose €55bn to -€794bn.
Net Other Investment fell €82bn to €301bn.
Reserve Assets shrank €0.2bn to €12bn.

X-axis label	General Government	Monetary Financial Institutions	Other Financial Intermediaries	Non-Financial Companies
30 Sept 2022	712	542	1020	1683
31 Dec 2022	668	593	1013	1656
31 Mar 2023	676	542	1018	1754
30 June 2023	715	554	1039	1843

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:

€715bn issued by foreign Governments
€554bn issued by foreign Monetary Financial Institutions (including Money Market Investment Funds)
€1039bn issued by foreign Other Financial Intermediaries (including Non-Money Market Investment Funds)
€1843bn issued by foreign Non-Financial Companies

X-axis label	Direct Investment	Other Sectors	Monetary Financial Institutions	Monetary Authority	General Government
Q32022	697	1901	339	33	135
Q42022	657	1800	307	33	125
Q12023	618	1802	329	33	128
Q22023	606	1865	352	33	127

Gross External Debt stands at €3 trillion at end-June 2023.

At 30th June 2023, the gross external debt of all resident sectors (i.e. general government, the monetary authority, financial and non-financial corporations and households) amounted to €2,984bn. This represents an increase of €74bn 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 2023 (€2,910bn) - see Table 5.9.

Points of note are:

General government foreign borrowing fell by €1bn to €127bn at end-June 2023.
Liabilities of the Monetary Authority consisting entirely of short term loans and deposits increased €0.3bn to €33.4bn. 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 €23.1bn to €352.3bn.
The liabilities of Other sectors at €1,865bn increased €63bn on the previous quarter.
This was made up of a rise in short-term debt of €63bn and a rise in long-term debt of €1bn.
Direct investment liabilities decreased by €12bn to €606bn in the quarter.
The Net External Debt position was €1,555bn at end-June 2023, 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 2021	Q3 2021	Q4 2021	Q1 2022	Q2 2022	Q3 2022	Q4 2022	Q1 2023	Q2 2023
Foreign Assets
Direct Investment Abroad¹	1,152,109	1,208,093	1,315,213	1,206,952	1,137,975	1,136,168	1,125,181	1,156,581	1,140,195
Portfolio Investment	4,144,030	4,233,840	4,504,621	4,304,985	4,053,858	3,955,311	3,928,919	3,989,774	4,151,083
Other Investment²	1,749,094	1,800,467	1,845,300	1,982,373	2,017,856	2,202,311	2,058,510	2,102,271	2,104,996
Reserve Assets	6,579	10,753	11,672	11,624	11,949	12,862	12,233	12,219	12,046
Total Foreign Assets	7,051,812	7,253,153	7,676,806	7,505,934	7,221,638	7,306,652	7,124,843	7,260,845	7,408,320

Foreign Liabilities
Direct Investment in Ireland ¹	1,222,012	1,234,366	1,257,422	1,237,281	1,298,829	1,375,358	1,283,664	1,259,948	1,221,712
Portfolio Investment	4,772,439	4,937,611	5,302,919	5,047,170	4,725,243	4,673,407	4,705,580	4,839,556	4,945,477
Other Investment ²	1,637,668	1,666,491	1,684,675	1,756,505	1,785,406	1,897,774	1,726,756	1,719,193	1,803,555
Total Foreign Liabilities	7,632,119	7,838,468	8,245,016	8,040,956	7,809,478	7,946,539	7,716,000	7,818,697	7,970,744

Net International Investment Position (IIP)
Direct Investment¹	-69,903	-26,273	57,791	-30,329	-160,854	-239,190	-158,483	-103,367	-81,517
Portfolio Investment	-628,409	-703,771	-798,298	-742,185	-671,385	-718,096	-776,661	-849,782	-794,394
Other Investment²	111,426	133,976	160,625	225,868	232,450	304,537	331,754	383,078	301,441
Reserve Assets	6,579	10,753	11,672	11,624	11,949	12,862	12,233	12,219	12,046

Total (Net IIP)	-580,307	-585,315	-568,210	-535,022	-587,840	-639,887	-591,157	-557,852	-562,424
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 2021	Q4 2021	Q1 2022	Q2 2022	Q3 2022	Q4 2022	Q1 2023	Q2 2023
Foreign Assets
General Government	22,536	22,543	22,571	22,951	22,681	22,136	22,072	22,050
Monetary Authority ¹	102,106	112,518	114,713	128,345	123,547	128,905	116,341	119,715
Monetary Financial Institutions ²	1,032,111	1,051,690	1,076,197	1,092,296	1,181,085	1,177,532	1,177,722	1,191,924
Other Sectors ³	6,096,400	6,490,055	6,292,451	5,978,046	5,979,340	5,796,270	5,944,710	6,074,632
of which:
Other Financial Intermediaries	4,927,324	5,221,622	5,146,229	4,913,315	4,904,938	4,735,277	4,862,035	5,001,295
Non-Financial Companies ⁴	1,169,076	1,268,433	1,146,222	1,064,731	1,074,402	1,060,993	1,082,675	1,073,337
Total Foreign Assets	7,253,153	7,676,806	7,505,932	7,221,638	7,306,653	7,124,843	7,260,845	7,408,321

Foreign Liabilities
General Government	154,722	152,201	141,607	140,726	134,526	124,983	128,137	127,306
Monetary Authority ¹	30,319	30,796	31,068	32,339	32,700	32,928	33,157	33,444
Monetary Financial Institutions ²	944,632	960,866	978,185	993,089	1,071,210	1,078,340	1,061,791	1,074,046
Other Sectors ³	6,708,795	7,101,153	6,890,097	6,643,324	6,708,103	6,479,749	6,595,613	6,735,948
of which:
Other Financial Intermediaries	4,802,981	5,097,103	5,031,569	4,829,444	4,825,450	4,672,663	4,775,513	4,910,798
Non-Financial Companies ⁴	1,905,814	2,004,050	1,858,528	1,813,880	1,882,653	1,807,086	1,820,100	1,825,150
Total Foreign Liabilities	7,838,468	8,245,016	8,040,957	7,809,478	7,946,539	7,716,000	7,818,698	7,970,744

Net International Investment Position (IIP)
General Government	-132,186	-129,658	-119,036	-117,775	-111,845	-102,847	-106,065	-105,256
Monetary Authority ¹	71,787	81,722	83,645	96,006	90,847	95,977	83,184	86,271
Monetary Financial Institutions ²	87,479	90,824	98,012	99,207	109,875	99,192	115,931	117,878
Other Sectors ³	-612,395	-611,098	-597,646	-665,278	-728,763	-683,479	-650,903	-661,316
of which:
Other Financial Intermediaries	124,343	124,519	114,660	83,871	79,488	62,614	86,522	90,497
Non-Financial Companies ⁴	-736,738	-735,617	-712,306	-749,149	-808,251	-746,093	-737,425	-751,813
Total (Net IIP)	-585,315	-568,210	-535,022	-587,840	-639,887	-591,157	-557,852	-562,424
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 2023 Table 5.3 (XLS 12KB)

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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 2023			30 June 2023
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
Foreign Assets
General Government	0.00	22,072.00	22,072.00	0.00	22,050.00	22,050.00
Monetary Authority¹	0.00	116,341.00	116,341.00	0.00	119,715.00	119,715.00
Monetary Financial Institutions²	1,108,004.00	69,718.00	1,177,722.00	1,123,382.00	68,542.00	1,191,924.00
Other Sectors³	4,659,052.00	1,285,658.00	5,944,710.00	4,785,286.00	1,289,346.00	6,074,632.00
of which:
Other Financial Intermediaries	4,659,052.00	202,983.00	4,862,035.00	4,785,286.00	216,009.00	5,001,295.00
Non-Financial Companies⁴	0.00	1,082,675.00	1,082,675.00	0.00	1,073,337.00	1,073,337.00
Total Foreign Assets	5,767,056.00	1,493,789.00	7,260,845.00	5,908,668.00	1,499,652.00	7,408,320.00

Foreign Liabilities
General Government	0.00	128,137.00	128,137.00	0.00	127,306.00	127,306.00
Monetary Authority¹	0.00	33,157.00	33,157.00	0.00	33,444.00	33,444.00
Monetary Financial Institutions²	1,029,048.00	32,743.00	1,061,791.00	1,042,439.00	31,607.00	1,074,046.00
Other Sectors³	4,702,583.00	1,893,030.00	6,595,613.00	4,834,354.00	1,901,594.00	6,735,948.00
of which:
Other Financial Intermediaries	4,702,583.00	72,930.00	4,775,513.00	4,834,354.00	76,444.00	4,910,798.00
Non-Financial Companies⁴	0.00	1,820,100.00	1,820,100.00	0.00	1,825,150.00	1,825,150.00
Total Foreign Liabilities	5,731,631.00	2,087,066.00	7,818,697.00	5,876,793.00	2,093,951.00	7,970,744.00

Net International Investment Position (IIP)
General Government	0.00	-106,065.00	-106,065.00	0.00	-105,256.00	-105,256.00
Monetary Authority¹	0.00	83,184.00	83,184.00	0.00	86,271.00	86,271.00
Monetary Financial Institutions²	78,956.00	36,975.00	115,931.00	80,943.00	36,935.00	117,878.00
Other Sectors³	-43,531.00	-607,372.00	-650,903.00	-49,068.00	-612,248.00	-661,316.00
of which:
Other Financial Intermediaries	-43,531.00	130,053.00	86,522.00	-49,068.00	139,565.00	90,497.00
Non-Financial Companies⁴	0.00	-737,425.00	-737,425.00	0.00	-751,813.00	-751,813.00
Total (Net IIP)	35,425.00	-593,278.00	-557,852.00	31,875.00	-594,298.00	-562,424.00
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 5.5 International Investment Position (IIP) - Detailed Data

Table 5.5 International Investment Position (IIP) - Detailed Data				€ million
Item	Q3 2022	Q4 2022	Q1 2023	Q2 2023
Foreign Assets
Direct Investment Abroad¹	1,136,168	1,125,181	1,156,581	1,140,195
Equity capital and reinvested earnings	1,223,764	1,198,359	1,239,217	1,214,669
Other capital	-87,596	-73,178	-82,636	-74,474

Portfolio Investment	3,955,311	3,928,919	3,989,774	4,151,083
Equity	1,804,058	1,793,250	1,867,488	1,945,937
Monetary authority²	0	0	0	0
General government	4,876	4,499	4,457	4,457
Monetary financial institutions³	954	181	-187	-588
Other sectors	1,798,228	1,788,570	1,863,218	1,942,068

Debt instruments	2,151,254	2,135,669	2,122,286	2,205,146
Bonds and notes	1,610,492	1,562,492	1,611,814	1,658,826
Monetary authority²	10,913	11,072	11,228	11,178
General government	387	634	649	649
Monetary financial institutions³	48,714	48,164	41,251	48,584
Other sectors	1,550,478	1,502,622	1,558,686	1,598,415

Money market instruments	540,762	573,177	510,473	546,320
Monetary authority²	1,151	1,620	1,548	1,546
General government	0	0	0	0
Monetary financial institutions³	385,393	439,910	377,728	412,312
Other sectors	154,218	131,647	131,197	132,462

Other Investment	2,202,311	2,058,510	2,102,271	2,104,996
Loans, currency and deposits	1,545,698	1,482,717	1,544,531	1,522,139
Monetary authority²	98,621	103,980	91,346	94,945
General government	3,650	3,587	3,537	3,527
Monetary financial institutions³	602,577	576,221	644,107	613,962
Other sectors	840,850	798,929	805,541	809,705

Trade Credits	82,837	77,282	74,347	79,910
General government	0	0	0	0
Other sectors	82,837	77,282	74,347	79,910

Other assets⁴	573,776	498,511	483,393	502,947
Monetary authority²	0	0	0	0
General government	13,730	13,378	13,391	13,380
Monetary financial institutions³	134,798	106,317	107,279	109,807
Other sectors	425,248	378,816	362,723	379,760

Reserve assets	12,862	12,233	12,219	12,046
Monetary gold	641	641	684	659
Special drawing rights	5,477	5,226	5,161	5,154
Reserve Position in the IMF	1,162	1,159	1,146	1,136
Foreign Exchange	1,670	1,638	1,626	1,548
Other	3,912	3,569	3,602	3,549

Total Foreign Assets	7,306,652	7,124,843	7,260,845	7,408,320
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 2022	Q4 2022	Q1 2023	Q2 2023
Foreign Liabilities
Direct Investment in Ireland¹	1,375,358	1,283,664	1,259,948	1,221,712
Equity capital and reinvested earnings	1,263,148	1,192,522	1,165,214	1,067,046
Other capital	112,210	91,142	94,734	154,666

Portfolio Investment	4,673,407	4,705,580	4,839,556	4,945,477
Equity	3,972,705	4,012,194	4,128,133	4,229,163
Monetary authority²	0	0	0	0
General government	0	0	0	0
Monetary financial institutions³	600,062	654,428	625,436	615,161
Other sectors	3,372,643	3,357,766	3,502,697	3,614,002

Debt instruments	700,702	693,385	711,424	716,314
Bonds and notes	648,085	639,132	658,592	657,575
Monetary authority²	0	0	0	0
General government	69,990	64,377	66,298	66,027
Monetary financial institutions³	17,328	16,681	16,698	17,305
Other sectors	560,767	558,074	575,596	574,243

Money market instruments	52,617	54,253	52,831	58,740
Monetary authority²	0	0	0	0
General government	3,972	0	1,201	712
Monetary financial institutions³	6,562	7,594	9,009	10,408
Other sectors	42,083	46,659	42,621	47,620

Other Investment	1,897,774	1,726,756	1,719,193	1,803,555
Loans, currency and deposits	1,059,876	967,844	981,450	1,002,559
Monetary authority²	27,344	27,819	28,106	28,445
General government	47,186	47,205	47,235	47,162
Monetary financial institutions³	272,815	255,345	259,562	270,473
Other sectors	712,531	637,475	646,547	656,479

Trade Credits	65,678	51,584	44,589	45,625
General government	11	10	11	12
Other sectors	65,667	51,574	44,578	45,613

Other liabilities⁴	772,220	707,328	693,154	755,371
Monetary authority²	5,356	5,109	5,051	4,999
General government	0	0	0	0
Monetary financial institutions³	133,406	109,886	114,931	125,260
Other sectors	633,458	592,333	573,172	625,112

Total Foreign Liabilities	7,946,539	7,716,000	7,818,697	7,970,744
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 2022	Q4 2022	Q1 2023	Q2 2023
Foreign Assets
Direct Investment Abroad ¹	1,136,168	1,125,181	1,156,581	1,140,195
- IFSC	114,538	106,861	108,446	108,659
- Non-IFSC	1,021,630	1,018,320	1,048,135	1,031,536
Portfolio Investment	3,955,311	3,928,919	3,989,774	4,151,083
- IFSC	3,800,836	3,772,150	3,827,439	3,979,283
- Non-IFSC	154,475	156,769	162,335	171,800
Other Investment ²	2,202,311	2,058,510	2,102,271	2,104,996
- IFSC	1,898,417	1,765,944	1,831,171	1,820,725
- Non-IFSC	303,894	292,566	271,100	284,271
Reserve Assets	12,862	12,233	12,219	12,046
- IFSC	0	0	0	0
- Non-IFSC	12,862	12,233	12,219	12,046
Total Foreign Assets	7,306,652	7,124,843	7,260,845	7,408,320
- IFSC	5,813,791	5,644,955	5,767,056	5,908,667
- Non-IFSC	1,492,861	1,479,888	1,493,789	1,499,653

Foreign Liabilities
Direct Investment in Ireland ¹	1,375,358	1,283,664	1,259,948	1,221,712
- IFSC	341,125	323,954	314,752	305,250
- Non-IFSC	1,034,233	959,710	945,196	916,462
Portfolio Investment	4,673,407	4,705,580	4,839,556	4,945,477
- IFSC	3,898,146	3,931,586	4,022,999	4,098,696
- Non-IFSC	775,261	773,994	816,557	846,781
Other Investment ²	1,897,774	1,726,756	1,719,193	1,803,555
- IFSC	1,543,827	1,384,432	1,393,880	1,472,847
- Non-IFSC	353,947	342,324	325,313	330,708
Total Foreign Liabilities	7,946,539	7,716,000	7,818,697	7,970,744
- IFSC	5,783,098	5,639,972	5,731,631	5,876,793
- Non-IFSC	2,163,441	2,076,028	2,087,066	2,093,951

Net International Investment Position (IIP)
Direct Investment ¹	-239,190	-158,483	-103,367	-81,517
- IFSC	-226,587	-217,093	-206,306	-196,591
- Non-IFSC	-12,603	58,610	102,939	115,074
Portfolio Investment	-718,096	-776,661	-849,782	-794,394
- IFSC	-97,310	-159,436	-195,560	-119,413
- Non-IFSC	-620,786	-617,225	-654,222	-674,981
Other Investment²	304,537	331,754	383,078	301,441
- IFSC	354,590	381,512	437,291	347,878
- Non-IFSC	-50,053	-49,758	-54,213	-46,437
Reserve Assets	12,862	12,233	12,219	12,046
- IFSC	0	0	0	0
- Non-IFSC	12,862	12,233	12,219	12,046
Total (Net IIP)	-639,887	-591,157	-557,852	-562,424
- IFSC	30,693	4,983	35,425	31,874
- Non-IFSC	-670,580	-596,140	-593,277	-594,298
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 2023 - Reconciliation of IIP and BOP Flows

Table 5.8 International Investment Position (IIP) - 30th June 2023 - Reconciliation of IIP and BOP Flows				€ million
Item	Opening Position 01/04/2023	Bop Flows in Quarter	Valuation and Other Changes	Closing Position 30/06/2023
Foreign Assets

Direct Investment Abroad¹	1,156,581	-36,940	20,554	1,140,195
Equity capital and reinvested earnings	1,239,217	-39,938	15,390	1,214,669
Other capital	-82,636	2,998	5,164	-74,474

Portfolio Investment	3,989,774	95,019	66,290	4,151,083
Equity	1,867,488	8,979	69,470	1,945,937
Debt instruments	2,122,286	86,041	-3,181	2,205,146
Bonds and notes	1,611,814	56,221	-9,209	1,658,826
Money market instruments	510,473	29,820	6,027	546,320

Other Investment	2,102,271	-23,738	26,463	2,104,996
Loans, currency and deposits	1,544,531	-21,543	-849	1,522,139
Other²	557,740	-2,195	27,312	582,857

Reserve Assets	12,219	-24	-149	12,046

Total Foreign Assets	7,260,845	34,317	113,158	7,408,320

Foreign Liabilities

Direct Investment in Ireland¹	1,259,948	-40,786	2,550	1,221,712
Equity capital and reinvested earnings	1,165,214	-93,402	-4,766	1,067,046
Other capital	94,734	52,616	7,316	154,666

Portfolio Investment	4,839,556	13,358	92,563	4,945,477
Equity	4,128,133	5,502	95,528	4,229,163
Debt instruments	711,424	7,857	-2,967	716,314
Bonds and notes	658,592	2,486	-3,503	657,575
Money market instruments	52,831	5,370	539	58,740

Other Investment	1,719,193	60,048	24,314	1,803,555
Loans, currency and deposits	981,450	26,025	-4,916	1,002,559
Other²	737,743	34,023	29,230	800,996

Total Foreign Liabilities	7,818,697	32,620	119,427	7,970,744
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 2023			30 June 2023
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
General Government	0	128,137	128,137	0	127,306	127,306
Short-term	0	16,768	16,768	0	16,281	16,281
Money market instruments	0	1,201	1,201	0	712	712
Loans & Deposits	0	15,567	15,567	0	15,569	15,569
Long-term	0	111,369	111,369	0	111,025	111,025
Bonds and notes	0	66,298	66,298	0	66,027	66,027
Loans	0	45,071	45,071	0	44,998	44,998

Monetary Authority²	0	33,157	33,157	0	33,444	33,444
Short-term	0	28,106	28,106	0	28,445	28,445
Loans and deposits	0	28,106	28,106	0	28,445	28,445
Long-term	0	5,051	5,051	0	4,999	4,999
Other debt liabilities	0	5,051	5,051	0	4,999	4,999

Monetary Financial Institutions³	307,885	21,242	329,127	330,778	21,484	352,262
Short-term	244,868	16,237	261,105	252,735	16,275	269,010
Money market instruments	9,009	0	9,009	10,408	0	10,408
Loans and deposits	235,859	16,237	252,096	242,327	16,275	258,602
Long-term	63,017	5,005	68,022	78,043	5,209	83,252
Bonds and notes	12,252	4,446	16,698	12,854	4,451	17,305
Loans	8	0	8	6	0	6
Other debt liabilities	50,757	559	51,316	65,183	758	65,941

Other Sectors⁴	1,553,473	248,350	1,801,824	1,614,794	250,449	1,865,242
Short-term	683,624	111,217	794,842	739,150	118,312	857,462
Money market instruments	42,231	390	42,621	47,224	395	47,619
Loans and deposits	397,516	3,907	401,423	409,043	3,839	412,882
Trade credits	243,878	106,920	350,798	282,882	114,078	396,960
Long-term	869,848	137,133	1,006,981	875,644	132,137	1,007,781
Bonds and notes	536,126	39,471	575,597	535,465	38,777	574,242
Loans	148,251	96,873	245,124	151,059	92,538	243,597
Other debt liabilities	185,471	789	186,260	189,120	822	189,942

Direct Investment ⁵	96,795	521,039	617,834	93,300	512,694	605,994
Debt liabilities to affiliated enterprises	12,139	221,528	233,667	12,998	206,573	219,571
Debt liabilities to direct investors	84,656	299,511	384,167	80,302	306,121	386,423

Gross External Debt	1,958,153	951,925	2,910,079	2,038,872	945,377	2,984,248
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 2023			30 June 2023
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
General Government	0	17,566	17,565	0	17,556	17,555
Short-term	0	16,633	16,633	0	16,623	16,623
Money market instruments	0	0	0	0	0	0
Loans and deposits	0	16,633	16,633	0	16,623	16,623
Long-term	0	933	932	0	933	932
Bonds and notes	0	649	649	0	649	649
Loans	0	284	284	0	284	284

Monetary Authority ²	0	104,122	104,122	0	107,669	107,669
Short-term	0	93,049	93,049	0	96,707	96,707
Money market instruments	0	1,703	1,703	0	1,762	1,762
Loans and deposits	0	91,346	91,346	0	94,945	94,945
Long-term	0	11,073	11,073	0	10,962	10,962
Bonds and notes	0	11,073	11,073	0	10,962	10,962

Monetary Financial Institutions³	1,034,297	60,490	1,094,786	1,049,101	59,793	1,108,894
Short-term	976,160	26,240	1,002,400	982,769	25,111	1,007,880
Money market instruments	377,641	87	377,728	412,250	62	412,312
Loans and deposits	598,519	26,153	624,672	570,519	25,049	595,568
Long-term	58,137	34,250	92,387	66,332	34,682	101,014
Bonds and notes	24,058	17,193	41,251	30,925	17,659	48,584
Loans	34,079	17,057	51,136	35,407	17,023	52,430
Other debt Assets	0	0	0	0	0	0

Other Sectors ⁴	2,686,053	162,077	2,848,130	2,742,998	175,251	2,918,248
Short-term	832,985	104,991	937,976	856,558	114,802	971,360
Money market instruments	124,707	6,487	131,194	125,783	6,677	132,460
Loans and deposits	456,862	18,078	474,940	454,099	23,470	477,569
Trade credit assets	251,416	80,426	331,842	276,676	84,655	361,331
Long-term	1,853,068	57,086	1,910,154	1,886,440	60,449	1,946,889
Bonds and notes	1,514,921	43,764	1,558,685	1,551,703	46,713	1,598,416
Loans	319,727	10,875	330,602	320,879	11,258	332,137
Other debt Assets	18,420	2,447	20,867	13,858	2,478	16,336

Direct Investment ⁵	95,914	344,551	440,465	96,006	280,847	376,854
Debt asset claims on affiliated enterprises	17,346	224,804	242,150	17,805	183,245	201,050
Debt asset claims on direct investors	78,568	119,747	198,315	78,201	97,602	175,803

Reserve Assets	0	10,389	10,389	0	10,252	10,252

Debt Instrument Financial Assets ¹	3,816,264	699,195	4,515,457	3,888,105	651,368	4,539,472

Net External Debt ⁶	1,858,111	-252,730	1,605,378	1,849,233	-294,009	1,555,224
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.