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International Accounts Q2 2025

International Investment Position

Net IIP liability of €338 billion at end-June 2025

Online ISSN: 2565-6384

CSO statistical release, 04 September 2025, 11am

Table 5.1 International Investment Position						€ billion
	31 March 2025			30 June 2025
	Assets	Liabilities	NET	Assets	Liabilities	NET
General Government	36.9	105.1	-68.2	37.0	105.3	-68.3
Monetary Authority	116.9	36.6	80.3	115.5	35.8	79.7
Monetary Financial Institutions	1,484.4	1,342.9	141.4	1,501.3	1,356.0	145.2
Other Financial Intermediaries	6,260.1	6,104.5	155.6	6,306.7	6,140.5	166.2
Non-Financial Companies	1,021.2	1,728.2	-707.0	984.9	1,645.9	-661.0
Total	8,919.5	9,317.4	-397.8	8,945.4	9,283.5	-338.1

Open in Excel: International Accounts Q2 2025 Table 5.1 (XLS 37KB)

At 30th June 2025, Ireland's quarterly international investment position ((IIP) results show overall stocks of foreign financial assets of €8,945bn - an increase of €26bn on the end-March 2025 level, while the corresponding stocks of foreign financial liabilities decreased by €34bn to €9,284 over the quarter. Irish residents had an overall net foreign liability of €338bn at end-June 2025, a decrease of €60bn in the net foreign liability level at end-March 2025 - see Table 5.2.

X-axis label	Net IIP %GDP
Q32023	-107
Q42023	-103
Q12024	-98
Q22024	-91
Q32024	-81
Q42024	-81
Q12025	-67
Q22025	-54

Some points of note in the Quarter 2 2025 IIP are:

Direct Investment Abroad decreased by €31bn to €1138bn
Equity capital (including reinvested earnings) decreased €41.4bn while other capital increased €10.7bn – see Table 5.5
Foreign Assets of Other Financial Intermediaries increased by €47bn. With foreign liabilities increasing by €36bn, the resulting net increased to €166bn - see Table 5.3
Foreign Assets of the Monetary Authority decreased by €1.4bn while foreign liabilities decreased by €0.8bn. The resulting net decreased to €80bn - see Table 5.3

X-axis label	Direct Investment	Portfolio Investment	Other Investment	Reserve Assets	Net IIP
Q32023	-68.8	-816	303.2	11.7	-569.9
Q42023	-30.7	-848.7	325.6	11.7	-542.1
Q12024	79.7	-904.1	297.7	11.8	-514.9
Q22024	33.5	-854.6	325.2	11.9	-484.1
Q32024	42.1	-849.3	358.9	11.5	-436.8
Q42024	102.4	-937.5	364.9	12.2	-458
Q12025	88.4	-885.5	387.2	12.1	-397.8
Q22025	131.9	-797.2	316	11.2	-338.1

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

Net Portfolio Investment rose €88bn to -€797bn.
Net Other Investment fell €71bn to €316bn.
Reserve Assets shrank €0.9bn to €11.2bn.

X-axis label	General Government	Monetary Financial Institutions	Other Financial Intermediaries	Non-Financial Companies
30 Sep 2024	843	682	1247	2285
31 Dec 2024	882	726	1328	2448
31 Mar 2025	866	745	1332	2394
30 Jun 2025	862	752	1321	2480

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:

€862bn issued by foreign Governments
€752bn issued by foreign Monetary Financial Institutions (including Money Market Investment Funds)
€1321bn issued by foreign Other Financial Intermediaries (including Non-Money Market Investment Funds)
€2480bn issued by foreign Non-Financial Companies

X-axis label	Direct Investment	Other Sectors	Monetary Financial Institutions	Monetary Authority	General Government
Q32024	493	1957	337	35	113
Q42024	508	2057	348	36	113
Q12025	494	2148	389	37	105
Q22025	461	2160	404	36	105

Gross External Debt stands at €3.2 trillion at end-June 2025

At 30th June 2025, the gross external debt of all resident sectors (i.e. general government, the monetary authority, financial and non-financial corporations and households) amounted to €3,167bn. This represents a decrease of €6bn 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 2025 (€3,173bn) - see Table 5.9.

Points of note are:

General government foreign borrowing remained stable at €105bn by end-June 2025
Liabilities of the Monetary Authority consisting mainly of short term loans and deposits decreased €0.8bn to €35.8bn. 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 €15.4bn to €404.4bn
The liabilities of Other sectors at €2,160bn increased €12bn on the previous quarter
This was made up of a fall in short-term debt of €9bn and a rise in long-term debt of €21bn
Direct investment liabilities decreased by €33bn to €461bn in the quarter
The Net External Debt position was -€2,148bn at end-June 2025, i.e. assets exceeded liabilities - see Table 5.10

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

Net International Investment Position of Foreign Controlled Companies was -€523.7bn at end-June 2025

The figure below shows the contributions of Foreign owned and Domestically owned companies to the Net International Investment Position. Note that we are using the location of the Ultimate Controlling Parent to determine ownership.

	Foreign Owned	Irish Owned	Net IIP
Q2 2023	-640.4	67.3	-573.1
Q3 2023	-651	81	-569.9
Q4 2023	-631.3	89.2	-542.1
Q1 2024	-595.7	80.7	-514.9
Q2 2024	-587.1	103	-484.1
Q3 2024	-546.1	109.3	-436.8
Q4 2024	-596.3	138.3	-458
Q1 2025	-571.3	173.5	-397.8
Q2 2025	-523.7	185.6	-338.1

We can see that while the overall Net International Investment is a net liability of €338bn at the end of March 2025. If we look at just Foreign owned companies the net liability is €524bn while for Domestically owned companies there are net assets of €186bn.

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

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

Table 5.2 International Investment Position (IIP) classified by Financial Instrument									€ million
Item	Q22023	Q32023	Q42023	Q12024	Q22024	Q32024	Q42024	Q12025	Q22025
Foreign Assets
Direct Investment Abroad¹	1,147,121	1,130,014	1,155,831	1,127,473	1,082,583	1,048,645	1,191,557	1,168,639	1,137,932
Portfolio Investment	4,161,634	4,246,507	4,454,158	4,702,252	4,866,813	5,055,966	5,382,238	5,336,370	5,414,248
Other Investment²	2,047,911	2,088,873	2,007,296	2,049,547	2,142,764	2,156,531	2,256,656	2,402,433	2,382,063
Reserve Assets	12,046	11,667	11,675	11,754	11,874	11,472	12,196	12,079	11,188
Total Foreign Assets	7,368,712	7,477,061	7,628,960	7,891,026	8,104,034	8,272,614	8,842,647	8,919,521	8,945,431

Foreign Liabilities
Direct Investment in Ireland ¹	1,157,249	1,198,814	1,186,566	1,047,784	1,049,102	1,006,560	1,089,150	1,080,265	1,006,031
Portfolio Investment	5,030,729	5,062,534	5,302,847	5,606,313	5,721,406	5,905,242	6,319,733	6,221,884	6,211,457
Other Investment ²	1,753,802	1,785,637	1,681,656	1,751,855	1,817,588	1,797,623	1,891,722	2,015,211	2,066,019
Total Foreign Liabilities	7,941,780	8,046,985	8,171,069	8,405,952	8,588,096	8,709,425	9,300,605	9,317,360	9,283,507

Net International Investment Position (IIP)
Direct Investment¹	-10,128	-68,800	-30,735	79,689	33,481	42,085	102,407	88,374	131,901
Portfolio Investment	-869,095	-816,027	-848,689	-904,061	-854,593	-849,276	-937,495	-885,514	-797,209
Other Investment²	294,109	303,236	325,640	297,692	325,176	358,908	364,934	387,222	316,044
Reserve Assets	12,046	11,667	11,675	11,754	11,874	11,472	12,196	12,079	11,188

Total (Net IIP)	-573,068	-569,924	-542,109	-514,926	-484,062	-436,811	-457,958	-397,839	-338,076
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 2025 Table 5.2 (XLS 39KB)

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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	Q32023	Q42023	Q12024	Q22024	Q32024	Q42024	Q12025	Q22025
Foreign Assets
General Government	24,959	26,746	30,606	28,826	18,694	35,230	36,891	36,973
Monetary Authority ¹	119,859	124,395	116,357	125,269	123,329	122,212	116,886	115,507
Monetary Financial Institutions ²	1,229,212	1,221,034	1,242,246	1,283,741	1,354,305	1,440,297	1,484,377	1,501,258
Other Sectors ³	6,103,031	6,256,784	6,501,816	6,666,197	6,776,285	7,244,909	7,281,367	7,291,694
of which:
Other Financial Intermediaries	5,075,473	5,192,061	5,434,324	5,638,049	5,773,273	6,184,679	6,260,143	6,306,745
Non-Financial Companies ⁴	1,027,558	1,064,723	1,067,492	1,028,148	1,003,012	1,060,230	1,021,224	984,949
Total Foreign Assets	7,477,061	7,628,959	7,891,025	8,104,033	8,272,613	8,842,648	8,919,521	8,945,432

Foreign Liabilities
General Government	124,312	126,458	123,765	123,236	113,397	112,589	105,090	105,259
Monetary Authority ¹	34,210	34,573	34,878	35,149	35,493	36,206	36,569	35,792
Monetary Financial Institutions ²	1,105,299	1,116,688	1,132,398	1,166,674	1,221,429	1,296,759	1,342,936	1,356,043
Other Sectors ³	6,783,165	6,893,350	7,114,912	7,263,037	7,339,106	7,855,049	7,832,765	7,786,412
of which:
Other Financial Intermediaries	4,975,811	5,091,599	5,306,502	5,498,054	5,629,484	6,050,254	6,104,547	6,140,501
Non-Financial Companies ⁴	1,807,354	1,801,751	1,808,410	1,764,983	1,709,622	1,804,795	1,728,218	1,645,911
Total Foreign Liabilities	8,046,986	8,171,069	8,405,953	8,588,096	8,709,425	9,300,603	9,317,360	9,283,506

Net International Investment Position (IIP)
General Government	-99,353	-99,712	-93,159	-94,410	-94,703	-77,359	-68,199	-68,286
Monetary Authority ¹	85,649	89,822	81,479	90,120	87,836	86,006	80,317	79,715
Monetary Financial Institutions ²	123,913	104,346	109,848	117,067	132,876	143,538	141,441	145,215
Other Sectors ³	-680,134	-636,566	-613,096	-596,840	-562,821	-610,140	-551,398	-494,718
of which:
Other Financial Intermediaries	99,662	100,462	127,822	139,995	143,789	134,425	155,596	166,244
Non-Financial Companies ⁴	-779,796	-737,028	-740,918	-736,835	-706,610	-744,565	-706,994	-660,962
Total (Net IIP)	-569,924	-542,109	-514,926	-484,062	-436,811	-457,958	-397,839	-338,076
¹Central Bank of Ireland.
²Covering licensed credit institutions and money market funds.
³Other sectors includes financial corporations other than the Monetary Authority and Monetary Financial Institutions, non-financial service and manufacturing companies and other industrial enterprises as well as (implicitly) households (see Background Notes). The gross liabilities to non-residents of financial corporations covered in other sectors tend to be very significant.
⁴Including Households.

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Table 5.4 International Investment Position (IIP) - IFSC and non-IFSC activity by Institutional Sector

Table 5.4 International Investment Position (IIP) - IFSC and non-IFSC activity by Institutional Sector						€ million
	31 March 2025			30 June 2025
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
Foreign Assets
General Government	0	36,891	36,891	0	36,973	36,973
Monetary Authority¹	0	116,886	116,886	0	115,507	115,507
Monetary Financial Institutions²	1,413,433	70,944	1,484,377	1,425,186	76,072	1,501,258
Other Sectors³	5,889,068	1,392,299	7,281,367	5,945,531	1,346,163	7,291,694
of which:
Other Financial Intermediaries	5,889,068	371,075	6,260,143	5,945,531	361,214	6,306,745
Non-Financial Companies⁴	0	1,021,224	1,021,224	0	984,949	984,949
Total Foreign Assets	7,302,501	1,617,020	8,919,521	7,370,717	1,574,714	8,945,431

Foreign Liabilities
General Government	0	105,090	105,090	0	105,259	105,259
Monetary Authority¹	0	36,569	36,569	0	35,792	35,792
Monetary Financial Institutions²	1,325,086	17,850	1,342,936	1,332,946	23,097	1,356,043
Other Sectors³	5,897,346	1,935,419	7,832,765	5,953,433	1,832,979	7,786,412
of which:
Other Financial Intermediaries	5,897,346	207,201	6,104,547	5,953,433	187,068	6,140,501
Non-Financial Companies⁴	0	1,728,218	1,728,218	0	1,645,911	1,645,911
Total Foreign Liabilities	7,222,432	2,094,928	9,317,360	7,286,379	1,997,128	9,283,507

Net International Investment Position (IIP)
General Government	0	-68,199	-68,199	0	-68,286	-68,286
Monetary Authority¹	0	80,317	80,317	0	79,715	79,715
Monetary Financial Institutions²	88,347	53,094	141,441	92,240	52,975	145,215
Other Sectors³	-8,278	-543,120	-551,398	-7,902	-486,816	-494,718
of which:
Other Financial Intermediaries	-8,278	163,874	155,596	-7,902	174,146	166,244
Non-Financial Companies⁴	0	-706,994	-706,994	0	-660,962	-660,962
Total (Net IIP)	80,069	-477,908	-397,839	84,338	-422,412	-338,076
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.

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Table 5.5 International Investment Position (IIP) - Detailed Data by Foreign Assets

Table 5.5 International Investment Position (IIP) - Detailed Data by Foreign Assets				€ million
Item	Q32024	Q42024	Q12025	Q22025
Foreign Assets
Direct Investment Abroad¹	1,048,645	1,191,557	1,168,639	1,137,932
Equity capital and reinvested earnings	1,112,792	1,268,418	1,235,376	1,193,949
Other capital	-64,147	-76,861	-66,737	-56,017

Portfolio Investment	5,055,966	5,382,238	5,336,370	5,414,248
Equity	2,488,345	2,686,093	2,625,941	2,712,022
Monetary authority²	0	0	0	0
General government	4,336	4,396	4,227	4,390
Monetary financial institutions³	6,502	6,799	5,023	5,042
Other sectors	2,477,507	2,674,898	2,616,691	2,702,590

Debt instruments	2,567,621	2,696,145	2,710,430	2,702,227
Bonds and notes	1,902,824	1,968,476	2,002,408	2,015,983
Monetary authority²	11,397	11,397	11,397	11,397
General government	4,059	11,702	12,061	12,077
Monetary financial institutions³	67,626	72,058	78,141	94,077
Other sectors	1,819,742	1,873,319	1,900,809	1,898,432

Money market instruments	664,797	727,669	708,021	686,244
Monetary authority²	1,742	1,742	1,742	1,742
General government	0	0	0	0
Monetary financial institutions³	544,616	595,055	570,252	554,880
Other sectors	118,439	130,872	136,027	129,622

Other Investment	2,156,531	2,256,656	2,402,433	2,382,063
Loans, currency and deposits	1,492,999	1,576,307	1,613,282	1,620,034
Monetary authority²	98,718	96,877	91,668	91,180
General government	10,204	19,096	20,565	20,466
Monetary financial institutions³	616,546	659,902	703,885	705,776
Other sectors	767,531	800,432	797,164	802,612

Trade Credits	113,945	131,575	128,550	130,216
General government	0	0	0	0
Other sectors	113,945	131,575	128,550	130,216

Other assets⁴	549,587	548,774	660,601	631,813
Monetary authority²	0	0	0	0
General government	57	-2	0	1
Monetary financial institutions³	112,245	100,213	119,651	133,293
Other sectors	437,285	448,563	540,950	498,519

Reserve assets	11,472	12,196	12,079	11,188
Monetary gold	887	944	1,084	1,052
Special drawing rights	5,113	5,305	5,204	4,963
Reserve Position in the IMF	1,081	1,050	1,070	1,053
Foreign Exchange	531	1,184	1,277	1,008
Other	3,860	3,713	3,444	3,112

Total Foreign Assets	8,272,614	8,842,647	8,919,521	8,945,431
¹Reflecting the directional principle for reclassifying Direct Investment (see background notes).
²Central Bank of Ireland.
³Covering licensed credit institutions and money market funds.
⁴Includes financial derivatives.

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Table 5.6 International Investment Position (IIP) - Detailed Data by Foreign Liabilities

Table 5.6 International Investment Position (IIP) - Detailed Data by Foreign Liabilities				€ million
Item	Q32024	Q42024	Q12025	Q22025
Foreign Liabilities
Direct Investment in Ireland¹	1,006,560	1,089,150	1,080,265	1,006,031
Equity capital and reinvested earnings	929,047	1,077,802	1,102,981	1,018,864
Other capital	77,513	11,348	-22,716	-12,833

Portfolio Investment	5,905,242	6,319,733	6,221,884	6,211,457
Equity	5,122,520	5,500,709	5,401,854	5,394,111
Monetary authority²	0	0	0	0
General government	0	0	0	0
Monetary financial institutions³	760,296	824,207	829,558	811,401
Other sectors	4,362,224	4,676,502	4,572,296	4,582,710

Debt instruments	782,722	819,024	820,029	817,347
Bonds and notes	719,702	747,108	747,263	751,725
Monetary authority²	0	0	0	0
General government	68,820	68,005	62,446	63,007
Monetary financial institutions³	14,775	14,686	14,174	14,467
Other sectors	636,107	664,417	670,643	674,251

Money market instruments	63,020	71,916	72,767	65,622
Monetary authority²	0	0	0	0
General government	0	0	479	79
Monetary financial institutions³	10,561	9,893	10,005	8,074
Other sectors	52,459	62,023	62,283	57,469

Other Investment	1,797,623	1,891,722	2,015,211	2,066,019
Loans, currency and deposits	926,534	990,577	1,017,052	1,068,568
Monetary authority²	30,548	31,086	31,555	31,008
General government	44,550	44,558	42,137	42,144
Monetary financial institutions³	261,800	282,326	308,408	325,236
Other sectors	589,636	632,607	634,952	670,180

Trade Credits	45,264	48,667	44,108	45,524
General government	12	10	11	12
Other sectors	45,252	48,657	44,097	45,512

Other liabilities⁴	825,825	852,478	954,051	951,927
Monetary authority²	4,945	5,120	5,014	4,784
General government	15	16	17	17
Monetary financial institutions³	122,003	111,172	126,881	145,375
Other sectors	698,862	736,170	822,139	801,751

Total Foreign Liabilities	8,709,425	9,300,605	9,317,360	9,283,507
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	Q32024	Q42024	Q12025	Q22025
Foreign Assets
Direct Investment Abroad ¹	1,048,645	1,191,557	1,168,639	1,137,932
- IFSC	36,373	96,157	95,953	112,189
- Non-IFSC	1,012,272	1,095,400	1,072,686	1,025,743
Portfolio Investment	5,055,966	5,382,238	5,336,370	5,414,248
- IFSC	4,822,616	5,136,577	5,089,377	5,160,741
- Non-IFSC	233,350	245,661	246,993	253,507
Other Investment ²	2,156,531	2,256,656	2,402,433	2,382,063
- IFSC	1,865,335	1,958,414	2,117,171	2,097,787
- Non-IFSC	291,196	298,242	285,262	284,276
Reserve Assets	11,472	12,196	12,079	11,188
- IFSC	0	0	0	0
- Non-IFSC	11,472	12,196	12,079	11,188
Total Foreign Assets	8,272,614	8,842,647	8,919,521	8,945,431
- IFSC	6,724,324	7,191,148	7,302,501	7,370,717
- Non-IFSC	1,548,290	1,651,499	1,617,020	1,574,714

Foreign Liabilities
Direct Investment in Ireland ¹	1,006,560	1,089,150	1,080,265	1,006,031
- IFSC	254,664	323,249	315,530	305,301
- Non-IFSC	751,896	765,901	764,735	700,730
Portfolio Investment	5,905,242	6,319,733	6,221,884	6,211,457
- IFSC	4,954,824	5,267,963	5,240,208	5,272,450
- Non-IFSC	950,418	1,051,770	981,676	939,007
Other Investment ²	1,797,623	1,891,722	2,015,211	2,066,019
- IFSC	1,448,053	1,535,912	1,666,694	1,708,627
- Non-IFSC	349,570	355,810	348,517	357,392
Total Foreign Liabilities	8,709,425	9,300,605	9,317,360	9,283,507
- IFSC	6,657,541	7,127,124	7,222,432	7,286,378
- Non-IFSC	2,051,884	2,173,481	2,094,928	1,997,129

Net International Investment Position (IIP)
Direct Investment ¹	42,085	102,407	88,374	131,901
- IFSC	-218,291	-227,092	-219,577	-193,112
- Non-IFSC	260,376	329,499	307,951	325,013
Portfolio Investment	-849,276	-937,495	-885,514	-797,209
- IFSC	-132,208	-131,386	-150,831	-111,709
- Non-IFSC	-717,068	-806,109	-734,683	-685,500
Other Investment²	358,908	364,934	387,222	316,044
- IFSC	417,282	422,502	450,477	389,160
- Non-IFSC	-58,374	-57,568	-63,255	-73,116
Reserve Assets	11,472	12,196	12,079	11,188
- IFSC	0	0	0	0
- Non-IFSC	11,472	12,196	12,079	11,188
Total (Net IIP)	-436,811	-457,958	-397,839	-338,076
- IFSC	66,783	64,024	80,069	84,339
- Non-IFSC	-503,594	-521,982	-477,908	-422,415
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 2025 Table 5.7 (XLS 40KB)

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Table 5.8 International Investment Position (IIP) - 30th June 2025 - Reconciliation of IIP and BOP Flows

Table 5.8 International Investment Position (IIP) - 30th June 2025 - Reconciliation of IIP and BOP Flows				€ million
Item	Opening Position 01/04/25	Bop Flows in Quarter	Valuation and Other Changes	Closing Position 30/06/25
Foreign Assets

Direct Investment Abroad¹	1,168,639	4,816	-35,523	1,137,932
Equity capital and reinvested earnings	1,235,376	-1,301	-40,126	1,193,949
Other capital	-66,737	6,117	4,603	-56,017

Portfolio Investment	5,336,370	109,385	-31,507	5,414,248
Equity	2,625,941	39,670	46,411	2,712,022
Debt instruments	2,710,430	69,716	-77,919	2,702,227
Bonds and notes	2,002,408	66,174	-52,599	2,015,983
Money market instruments	708,021	3,541	-25,318	686,244

Other Investment	2,402,433	-34,511	14,141	2,382,063
Loans, currency and deposits	1,613,282	39,278	-32,526	1,620,034
Other²	789,151	-73,789	46,667	762,029

Reserve Assets	12,079	-291	-600	11,188

Total Foreign Assets	8,919,521	79,399	-53,489	8,945,431

Foreign Liabilities

Direct Investment in Ireland¹	1,080,265	-33,985	-40,249	1,006,031
Equity capital and reinvested earnings	1,102,981	-46,066	-38,051	1,018,864
Other capital	-22,716	12,081	-2,198	-12,833

Portfolio Investment	6,221,884	67,252	-77,679	6,211,457
Equity	5,401,854	56,568	-64,311	5,394,111
Debt instruments	820,029	10,684	-13,366	817,347
Bonds and notes	747,263	15,013	-10,551	751,725
Money market instruments	72,767	-4,328	-2,817	65,622

Other Investment	2,015,211	25,840	24,968	2,066,019
Loans, currency and deposits	1,017,052	56,246	-4,730	1,068,568
Other²	998,159	-30,406	29,698	997,451

Total Foreign Liabilities	9,317,360	59,107	-92,960	9,283,507
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 2025 Table 5.8 (XLS 41KB)

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Table 5.9 Gross External Debt

Table 5.9 - Gross External Debt¹						€ million
	31 March 2025			30 June 2025
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
General Government	0	105,090	105,090	0	105,259	105,259
Short-term	0	2,671	2,671	0	2,272	2,272
Money market instruments	0	479	479	0	79	79
Loans & Deposits	0	2,192	2,192	0	2,193	2,193
Long-term	0	102,419	102,419	0	102,987	102,987
Bonds and notes	0	62,446	62,446	0	63,007	63,007
Loans	0	39,973	39,973	0	39,980	39,980

Monetary Authority²	0	36,569	36,569	0	35,792	35,792
Short-term	0	31,555	31,555	0	31,008	31,008
Loans and deposits	0	31,555	31,555	0	31,008	31,008
Long-term	0	5,014	5,014	0	4,784	4,784
Other debt liabilities	0	5,014	5,014	0	4,784	4,784

Monetary Financial Institutions³	375,776	13,172	388,948	385,650	18,736	404,386
Short-term	284,394	10,458	294,852	293,806	15,990	309,796
Money market instruments	10,005	0	10,005	8,074	0	8,074
Loans and deposits	274,389	10,458	284,847	285,732	15,990	301,722
Long-term	91,382	2,714	94,096	91,844	2,746	94,590
Bonds and notes	12,242	1,932	14,174	12,533	1,934	14,467
Loans	10	0	10	14	0	14
Other debt liabilities	79,130	782	79,912	79,297	812	80,109

Other Sectors4	1,857,945	290,224	2,148,168	1,865,222	295,223	2,160,443
Short-term	888,229	119,528	1,007,757	872,058	126,532	998,590
Money market instruments	62,733	-449	62,284	57,837	-368	57,469
Loans and deposits	373,614	7,334	380,948	398,359	7,111	405,470
Trade credits	451,882	112,643	564,525	415,862	119,789	535,651
Long-term	969,716	170,696	1,140,412	993,164	168,691	1,161,855
Bonds and notes	635,033	35,610	670,643	638,105	36,146	674,251
Loans	150,462	103,542	254,004	163,837	100,874	264,711
Other debt liabilities	184,221	31,544	215,765	191,222	31,671	222,893

Direct Investment ⁵	104,226	390,119	494,345	92,300	369,086	461,386
Debt liabilities to affiliated enterprises	92,003	211,262	303,265	80,832	198,961	279,793
Debt liabilities to direct investors	12,223	178,857	191,080	11,468	170,125	181,593

Gross External Debt	2,337,947	835,174	3,173,120	2,343,172	824,096	3,167,266
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.

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Table 5.10 Debt Instrument Financial Assets

Table 5.10 - Debt Instrument Financial Assets
	31 March 2025			30 June 2025
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
General Government	0	32,626	32,625	0	32,543	32,543
Short-term	0	20,368	20,368	0	20,269	20,269
Money market instruments	0	0	0	0	0	0
Loans and deposits	0	20,368	20,368	0	20,269	20,269
Long-term	0	12,258	12,257	0	12,274	12,274
Bonds and notes	0	12,061	12,061	0	12,077	12,077
Loans	0	197	197	0	197	197

Monetary Authority ²	0	104,807	104,807	0	104,319	104,319
Short-term	0	93,410	93,410	0	92,921	92,921
Money market instruments	0	1,742	1,742	0	1,742	1,742
Loans and deposits	0	91,668	91,668	0	91,179	91,179
Long-term	0	11,397	11,397	0	11,398	11,398
Bonds and notes	0	11,397	11,397	0	11,398	11,398

Monetary Financial Institutions3	1,330,132	63,794	1,393,926	1,324,919	68,444	1,393,363
Short-term	1,234,369	23,876	1,258,245	1,220,473	24,328	1,244,801
Money market instruments	570,252	0	570,252	554,880	0	554,880
Loans and deposits	664,117	23,876	687,993	665,593	24,328	689,921
Long-term	95,762	39,918	135,680	104,445	44,116	148,561
Bonds and notes	54,515	23,626	78,141	65,485	28,592	94,077
Loans	41,247	16,292	57,539	38,959	15,525	54,484
Other debt Assets	0	0	0	1	-1	0

Other Sectors ⁴	3,210,978	191,341	3,402,318	3,164,023	192,216	3,356,240
Short-term	1,048,591	113,938	1,162,529	1,001,552	109,850	1,111,402
Money market instruments	127,264	8,760	136,024	120,932	8,686	129,618
Loans and deposits	444,944	30,113	475,057	444,498	28,759	473,257
Trade credit assets	476,383	75,065	551,448	436,122	72,405	508,527
Long-term	2,162,386	77,403	2,239,789	2,162,472	82,366	2,244,838
Bonds and notes	1,845,164	55,645	1,900,809	1,841,529	56,904	1,898,433
Loans	303,849	18,259	322,108	307,976	21,382	329,358
Other debt Assets	13,373	3,499	16,872	12,967	4,080	17,047

Direct Investment ⁵	76,959	373,365	450,324	69,477	348,726	418,202
Debt asset claims on affiliated enterprises	64,949	146,105	211,054	58,279	200,419	258,698
Debt asset claims on direct investors	12,010	227,260	239,270	11,198	148,307	159,505

Reserve Assets	0	10,995	10,995	0	10,136	10,136

Debt Instrument Financial Assets ¹	4,618,069	776,928	5,394,995	4,558,419	756,384	5,314,803

Net External Debt ⁶	-2,280,122	58,246	-2,221,875	-2,215,247	67,712	-2,147,537
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 2025 Table 5.10 (XLS 42KB)

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

Table 5.11 Net International Investment Position (IIP) classified by Ownership and Institutional Sector								€ million
Item	Q32023	Q42023	Q12024	Q22024	Q32024	Q42024	Q12025	Q22025
Irish Owned
General Government	-99,353	-99,712	-93,159	-94,410	-94,703	-77,359	-68,199	-68,286
Monetary Authority ¹	85,649	89,822	81,479	90,120	87,836	86,006	80,317	79,715
Monetary Financial Institutions ²	75,417	72,998	77,150	79,858	88,332	92,022	91,508	97,520
Other Sectors ³	19,329	26,074	15,276	27,419	27,870	37,664	69,829	76,644
of which:
Other Financial Intermediaries	5,514	10,974	12,518	14,526	10,479	25,396	27,548	29,433
Non-Financial Companies ⁴	13,815	15,100	2,758	12,893	17,391	12,268	42,281	47,211
Total Irish Owned Net IIP	81,043	89,183	80,748	102,988	109,336	138,330	173,455	185,593

Foreign Owned
Monetary Financial Institutions ²	48,496	31,348	32,698	37,209	44,544	51,516	49,933	47,695
Other Sectors ³	-699,463	-662,640	-628,372	-624,259	-590,691	-647,804	-621,225	-571,358
of which:
Other Financial Intermediaries	94,148	89,488	115,304	125,469	133,310	109,029	128,050	136,812
Non-Financial Companies ⁴	-793,611	-752,128	-743,676	-749,728	-724,001	-756,833	-749,275	-708,170
Total Foreign Owned Net IIP	-650,967	-631,292	-595,674	-587,050	-546,147	-596,288	-571,292	-523,663

Total (Net IIP)	-569,924	-542,109	-514,926	-484,062	-436,811	-457,958	-397,837	-338,070
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 2025 Table 5.11 (XLS 12KB)

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

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International Accounts Q2 2025

International Investment Position

International Investment Position

Net IIP liability of €338 billion at end-June 2025

Gross External Debt stands at €3.2 trillion at end-June 2025

Net International Investment Position of Foreign Controlled Companies was -€523.7bn at end-June 2025

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