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International Accounts Q2 2026

International Investment Position

Net IIP liability of €300 billion at end-June 2026

Online ISSN: 2565-6384

CSO statistical release, 04 September 2026, 11am

Table 5.1 International Investment Position						€ billion
	31 March 2026			30 June 2026
	Assets	Liabilities	NET	Assets	Liabilities	NET
General Government	51.6	106.5	-54.9	50.9	103.3	-52.4
Monetary Authority	111.0	37.1	73.9	115.6	37.7	77.9
Monetary Financial Institutions	1,611.0	1,456.6	154.4	1,659.3	1,514.3	145.0
Other Financial Intermediaries	7,236.8	7,030.2	206.7	7,823.5	7,605.0	218.5
Non-Financial Companies	1,007.9	1,726.7	-718.8	1,014.5	1,703.7	-689.1
Total	10,018.3	10,357.1	-338.8	10,663.9	10,964.0	-300.1

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On 30th June 2026, Ireland's quarterly international investment position (IIP) results show overall stocks of foreign financial assets of €10,664bn - an increase of €646bn on the end-March 2026 level, while the corresponding stocks of foreign financial liabilities increased by €607bn to €10,964bn over the quarter. Irish residents had an overall net foreign liability of €300bn at end-June 2026, a decrease of €39bn in the net foreign liability level at end-March 2026 (see Table 5.2).

X-axis label	Net IIP %GDP
Q32024	-86
Q42024	-86
Q12025	-76
Q22025	-65
Q32025	-60
Q42025	-54
Q12026	-58
Q22026	-51

Some points of note in the Quarter 2 2026 IIP are:

Direct Investment Abroad decreased by €40bn to €1,191bn.
Equity capital (including reinvested earnings) decreased €56.7bn while other capital increased by €16.4bn (see Table 5.5).
Foreign Assets of Other Financial Intermediaries increased by €587bn. With foreign liabilities increasing by €575bn, the resulting net increased to €218bn (see Table 5.3).
Foreign Assets of the Monetary Authority increased by €4.6bn while foreign liabilities increased by €0.5bn. The resulting net increased to €78bn (see Table 5.3).

X-axis label	Direct Investment	Portfolio Investment	Other Investment	Reserve Assets	Net IIP
Q32024	55.2	-906.5	376.5	11.5	-463.4
Q42024	144.1	-1015.8	376.9	12.2	-482.6
Q12025	88.5	-962.9	416.4	12.1	-445.9
Q22025	172.1	-927.6	352.2	11.2	-392.1
Q32025	150.2	-872.2	346.3	11.4	-364.3
Q42025	183.2	-921.8	399.4	11.6	-327.6
Q12026	126.3	-859.4	382.5	11.9	-338.8
Q22026	150.9	-752	289.2	11.8	-300.1

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

Net Portfolio Investment rose €107bn to -€752bn.
Net Other Investment fell €93bn to €289bn.
Reserve Assets shrank €0.1bn to €11.8bn.

X-axis label	General Government	Monetary Financial Institutions	Other Financial Intermediaries	Non-Financial Companies
30 Sep 2025	891	761	1405	2697
31 Dec 2025	904	759	1471	2800
31 Mar 2026	943	761	1476	2868
30 Jun 2026	972	811	1563	3306

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:

€972bn issued by foreign Governments.
€811bn issued by foreign Monetary Financial Institutions (including Money Market Funds).
€1,563bn issued by foreign Other Financial Intermediaries (including Non-Money Market Investment Funds).
€3,306bn issued by foreign Non-Financial Companies.

X-axis label	Direct Investment	Other Sectors	Monetary Financial Institutions	Monetary Authority	General Government
Q32025	466	2213	425	36	106
Q42025	474	2274	402	37	104
Q12026	467	2314	447	37	107
Q22026	465	2401	467	38	103

Gross External Debt stands at €3.5 trillion at end-June 2026

At 30th June 2026, the gross external debt of all resident sectors (i.e. general government, the monetary authority, financial and non-financial corporations, and households) amounted to €3,474bn. This represents an increase of €102bn 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 2026 (€3,372bn) (see Table 5.9).

Points of note are:

General government foreign borrowing fell by €3bn to €103bn at end-June 2026.
Liabilities of the Monetary Authority consisting mainly of short term loans and deposits increased €0.5bn to €37.7bn. 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 €19.6bn to €466.9bn.
The liabilities of Other sectors, at €2,401bn, increased €87bn on the previous quarter.
This was made up of a rise in short-term debt of €38bn and a rise in long-term debt of €49bn.
Direct investment liabilities decreased by €2bn to €465bn in the quarter.
The Net External Debt position was -€2,479bn at end-June 2026, 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 -€526.8bn at end-June 2026

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
Q32024	-570	106.6	-463.4
Q42024	-611.7	129.1	-482.6
Q12025	-591.9	146	-445.9
Q22025	-558	165.9	-392.1
Q32025	-540.8	176.5	-364.3
Q42025	-520	192.4	-327.6
Q12026	-524.8	186	-338.8
Q22026	-526.8	226.6	-300.1

The overall Net International Investment is a net liability of €300bn at the end of June 2026. However, if we look at just Foreign-owned companies the net liability is €527bn, while for Domestically-owned companies there are net assets of €227bn.

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 Functional Category

Table 5.2 International Investment Position (IIP) classified by Functional Category									€ million
Item	Q22024	Q32024	Q42024	Q12025	Q22025	Q32025	Q42025	Q12026	Q22026
Foreign Assets
Direct Investment Abroad¹	1,108,732	1,112,246	1,286,682	1,216,859	1,234,665	1,234,893	1,261,978	1,230,917	1,190,612
Portfolio Investment	4,876,034	5,063,805	5,393,928	5,315,618	5,421,169	5,753,654	5,934,660	6,049,041	6,652,242
Other Investment²	2,150,763	2,186,401	2,279,090	2,433,989	2,425,444	2,426,439	2,567,238	2,726,509	2,809,222
Reserve Assets	11,874	11,472	12,196	12,079	11,188	11,438	11,565	11,867	11,786
Total Foreign Assets	8,147,404	8,373,924	8,971,897	8,978,544	9,092,466	9,426,424	9,775,441	10,018,334	10,663,862

Foreign Liabilities
Direct Investment in Ireland ¹	1,101,814	1,057,069	1,142,535	1,128,371	1,062,572	1,084,664	1,078,753	1,104,587	1,039,704
Portfolio Investment	5,764,473	5,970,320	6,409,738	6,278,506	6,348,751	6,625,884	6,856,493	6,908,490	7,404,240
Other Investment ²	1,804,392	1,809,898	1,902,198	2,017,549	2,073,225	2,080,138	2,167,802	2,344,011	2,520,030
Total Foreign Liabilities	8,670,679	8,837,287	9,454,471	9,424,425	9,484,548	9,790,686	10,103,047	10,357,088	10,963,974

Net International Investment Position (IIP)
Direct Investment¹	6,918	55,177	144,147	88,488	172,093	150,229	183,225	126,330	150,908
Portfolio Investment	-888,439	-906,515	-1,015,809	-962,888	-927,583	-872,231	-921,833	-859,450	-751,997
Other Investment²	346,371	376,503	376,892	416,440	352,219	346,301	399,437	382,498	289,192
Reserve Assets	11,874	11,472	12,196	12,079	11,188	11,438	11,565	11,867	11,786

Total (Net IIP)	-523,275	-463,363	-482,574	-445,881	-392,082	-364,262	-327,606	-338,754	-300,111
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	Q22024	Q32024	Q42024	Q12025	Q22025	Q32025	Q42025	Q12026	Q22026
Foreign Assets
General Government	28,701	18,575	35,241	36,904	36,976	37,734	53,236	51,628	50,916
Monetary Authority ¹	125,269	123,329	122,212	116,886	115,507	115,922	111,476	110,987	115,587
Monetary Financial Institutions ²	1,283,672	1,354,098	1,440,169	1,483,694	1,500,805	1,518,915	1,516,042	1,610,985	1,659,307
Other Sectors ³	6,709,761	6,877,922	7,374,275	7,341,060	7,439,178	7,753,853	8,094,688	8,244,733	8,838,052
of which:
Other Financial Intermediaries	5,665,382	5,856,881	6,264,473	6,334,740	6,412,999	6,739,718	7,056,598	7,236,838	7,823,507
Non-Financial Companies ⁴	1,044,379	1,021,041	1,109,802	1,006,320	1,026,179	1,014,136	1,038,089	1,007,895	1,014,546
Total Foreign Assets	8,147,404	8,373,924	8,971,897	8,978,544	9,092,466	9,426,424	9,775,441	10,018,334	10,663,862

Foreign Liabilities
General Government	123,236	113,397	112,589	105,090	105,259	106,028	104,009	106,524	103,348
Monetary Authority ¹	35,149	35,493	36,206	36,569	35,793	36,216	36,686	37,111	37,656
Monetary Financial Institutions ²	1,166,727	1,221,519	1,296,857	1,342,956	1,356,150	1,373,414	1,366,427	1,456,628	1,514,266
Other Sectors ³	7,345,568	7,466,877	8,008,819	7,939,810	7,987,346	8,275,028	8,595,925	8,756,825	9,308,704
of which:
Other Financial Intermediaries	5,518,173	5,700,596	6,116,020	6,160,158	6,253,564	6,532,105	6,850,919	7,030,150	7,605,011
Non-Financial Companies ⁴	1,827,394	1,766,282	1,892,799	1,779,653	1,733,782	1,742,923	1,745,007	1,726,675	1,703,693
Total Foreign Liabilities	8,670,679	8,837,287	9,454,471	9,424,426	9,484,548	9,790,686	10,103,047	10,357,088	10,963,974

Net International Investment Position (IIP)
General Government	-94,535	-94,822	-77,348	-68,186	-68,283	-68,294	-50,773	-54,896	-52,432
Monetary Authority ¹	90,121	87,836	86,005	80,317	79,714	79,707	74,789	73,876	77,931
Monetary Financial Institutions ²	116,946	132,579	143,312	140,738	144,655	145,500	149,615	154,358	145,040
Other Sectors ³	-635,807	-588,955	-634,543	-598,750	-548,168	-521,175	-501,238	-512,092	-470,651
of which:
Other Financial Intermediaries	147,209	156,285	148,453	174,583	159,435	207,613	205,680	206,688	218,496
Non-Financial Companies ⁴	-783,015	-745,240	-782,996	-773,333	-707,603	-728,788	-706,917	-718,780	-689,147
Total (Net IIP)	-523,275	-463,363	-482,574	-445,881	-392,082	-364,262	-327,606	-338,754	-300,111
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 2026			30 June 2026
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
Foreign Assets
General Government	0	51,628	51,628	0	50,916	50,916
Monetary Authority¹	0	110,987	110,987	0	115,587	115,587
Monetary Financial Institutions²	..	..	1,610,985	..	..	1,659,307
Other Sectors³	..	..	8,244,733	..	..	8,838,052
of which:
Other Financial Intermediaries	..	..	7,236,838	..	..	7,823,507
Non-Financial Companies⁴	0	1,007,895	1,007,895	0	1,014,546	1,014,546
Total Foreign Assets	8,307,098	1,711,236	10,018,334	8,966,870	1,696,992	10,663,862

Foreign Liabilities
General Government	0	106,524	106,524	0	103,348	103,348
Monetary Authority¹	0	37,111	37,111	0	37,656	37,656
Monetary Financial Institutions²	..	..	1,456,628	..	..	1,514,266
Other Sectors³	..	..	8,756,825	..	..	9,308,704
of which:
Other Financial Intermediaries	..	..	7,030,150	..	..	7,605,011
Non-Financial Companies⁴	0	1,726,675	1,726,675	0	1,703,693	1,703,693
Total Foreign Liabilities	8,182,619	2,174,470	10,357,088	8,845,853	2,118,121	10,963,974

Net International Investment Position (IIP)
General Government	0	-54,896	-54,896	0	-52,432	-52,432
Monetary Authority¹	0	73,876	73,876	0	77,931	77,931
Monetary Financial Institutions²	90,713	63,645	154,358	80,539	64,502	145,040
Other Sectors³	33,766	-545,858	-512,092	40,479	-511,130	-470,651
of which:
Other Financial Intermediaries	33,766	172,922	206,688	40,479	178,017	218,496
Non-Financial Companies⁴	0	-718,780	-718,780	0	-689,147	-689,147
Total (Net IIP)	124,480	-463,234	-338,754	121,018	-421,129	-300,111
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.
..Data supressed for confidentiality reasons.

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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	Q32025	Q42025	Q12026	Q22026
Foreign Assets
Direct Investment Abroad¹	1,234,893	1,261,978	1,230,917	1,190,612
Equity capital and reinvested earnings	1,296,632	1,325,195	1,282,051	1,225,378
Other capital	-61,739	-63,218	-51,134	-34,766

Portfolio Investment	5,753,654	5,934,660	6,049,041	6,652,242
Equity	2,957,204	3,093,674	3,130,440	3,623,166
Monetary authority²	0	0	0	0
General government	4,409	4,554	7,176	10,259
Monetary financial institutions³	5,758	9,339	8,740	9,644
Other sectors	2,947,037	3,079,782	3,114,523	3,603,264

Debt instruments	2,796,450	2,840,986	2,918,601	3,029,076
Bonds and notes	2,084,784	2,138,152	2,203,859	2,299,662
Monetary authority²	11,397	11,397	11,397	11,397
General government	12,317	15,941	23,489	26,644
Monetary financial institutions³	107,446	125,109	134,323	147,680
Other sectors	1,953,623	1,985,706	2,034,649	2,113,941

Money market instruments	711,667	702,833	714,743	729,415
Monetary authority²	1,742	1,742	1,742	1,742
General government	0	0	0	0
Monetary financial institutions³	570,850	566,053	568,722	599,818
Other sectors	139,075	135,039	144,279	127,854

Other Investment	2,426,439	2,567,238	2,726,509	2,809,222
Loans, currency and deposits	1,665,011	1,704,088	1,732,447	1,792,798
Monetary authority²	91,346	86,771	85,981	90,662
General government	19,273	31,044	19,270	12,321
Monetary financial institutions³	717,290	722,745	773,479	781,795
Other sectors	837,102	863,527	853,717	908,020

Trade Credits	146,106	156,860	153,193	176,506
General government	0	0	0	0
Other sectors	146,106	156,860	153,193	176,506

Other assets⁴	615,323	706,291	840,868	839,917
Monetary authority²	0	0	0	0
General government	1,697	1,698	1,693	1,693
Monetary financial institutions³	108,610	86,938	119,685	113,371
Other sectors	505,016	617,655	719,490	724,853

Reserve assets	11,438	11,565	11,867	11,786
Monetary gold	1,221	1,379	1,501	1,329
Special drawing rights	5,024	5,025	5,103	5,147
Reserve Position in the IMF	1,052	1,050	1,052	1,071
Foreign Exchange	1,103	892	821	930
Other	3,038	3,220	3,390	3,309

Total Foreign Assets	9,426,424	9,775,441	10,018,334	10,663,862
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	Q32025	Q42025	Q12026	Q22026
Foreign Liabilities
Direct Investment in Ireland¹	1,084,664	1,078,753	1,104,587	1,039,704
Equity capital and reinvested earnings	1,099,365	1,102,438	1,101,623	1,039,118
Other capital	-14,701	-23,685	2,964	585

Portfolio Investment	6,625,884	6,856,493	6,908,490	7,404,240
Equity	5,774,869	5,982,380	6,042,961	6,609,853
Monetary authority²	0	0	0	0
General government	0	0	0	0
Monetary financial institutions³	838,899	852,885	892,859	934,785
Other sectors	4,935,970	5,129,496	5,150,102	5,675,068

Debt instruments	851,015	874,113	865,529	794,387
Bonds and notes	780,698	804,520	801,639	724,838
Monetary authority²	0	0	0	0
General government	63,669	64,087	67,911	64,763
Monetary financial institutions³	14,219	12,855	13,491	13,804
Other sectors	702,810	727,578	720,238	646,271

Money market instruments	70,317	69,593	63,890	69,549
Monetary authority²	0	0	0	0
General government	300	46	17	0
Monetary financial institutions³	7,691	5,897	5,657	6,045
Other sectors	62,326	63,651	58,216	63,504

Other Investment	2,080,138	2,167,802	2,344,011	2,520,030
Loans, currency and deposits	1,032,913	1,053,549	1,076,188	1,262,193
Monetary authority²	31,450	31,928	32,288	32,799
General government	42,029	39,845	38,565	38,585
Monetary financial institutions³	346,191	353,468	371,234	388,511
Other sectors	613,243	628,308	634,102	802,298

Trade Credits	78,139	82,378	78,265	81,078
General government	13	14	14	0
Other sectors	78,126	82,363	78,251	81,078

Other liabilities⁴	969,085	1,031,875	1,189,558	1,176,760
Monetary authority²	4,766	4,758	4,823	4,857
General government	17	17	18	0
Monetary financial institutions³	113,186	90,825	120,821	118,418
Other sectors	851,117	936,275	1,063,896	1,053,485

Total Foreign Liabilities	9,790,686	10,103,047	10,357,088	10,963,974
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	Q32025	Q42025	Q12026	Q22026
Foreign Assets
Direct Investment Abroad ¹	1,234,893	1,261,978	1,230,917	1,190,612
- IFSC	128,286	132,940	134,640	111,341
- Non-IFSC	1,106,607	1,129,038	1,096,277	1,079,271
Portfolio Investment	5,753,654	5,934,660	6,049,041	6,652,242
- IFSC	5,495,169	5,662,100	5,762,027	6,388,404
- Non-IFSC	258,485	272,560	287,014	263,838
Other Investment ²	2,426,439	2,567,238	2,726,509	2,809,222
- IFSC	2,111,243	2,238,057	2,410,431	2,467,125
- Non-IFSC	315,196	329,181	316,078	342,097
Reserve Assets	11,438	11,565	11,867	11,786
- IFSC	0	0	0	0
- Non-IFSC	11,438	11,565	11,867	11,786
Total Foreign Assets	9,426,424	9,775,441	10,018,334	10,663,862
- IFSC	7,734,698	8,033,097	8,307,098	8,966,870
- Non-IFSC	1,691,726	1,742,344	1,711,236	1,696,992

Foreign Liabilities
Direct Investment in Ireland ¹	1,084,664	1,078,753	1,104,587	1,039,704
- IFSC	305,426	302,163	305,204	276,438
- Non-IFSC	779,238	776,590	799,383	763,266
Portfolio Investment	6,625,884	6,856,493	6,908,490	7,404,240
- IFSC	5,572,354	5,796,185	5,890,366	6,400,361
- Non-IFSC	1,053,530	1,060,309	1,018,124	1,003,879
Other Investment ²	2,080,138	2,167,802	2,344,011	2,520,030
- IFSC	1,723,692	1,808,940	1,987,049	2,169,053
- Non-IFSC	356,446	358,862	356,963	350,977
Total Foreign Liabilities	9,790,686	10,103,047	10,357,088	10,963,974
- IFSC	7,601,473	7,907,287	8,182,619	8,845,853
- Non-IFSC	2,189,214	2,195,760	2,174,470	2,118,121

Net International Investment Position (IIP)
Direct Investment ¹	150,229	183,225	126,330	150,908
- IFSC	-177,140	-169,223	-170,564	-165,097
- Non-IFSC	327,370	352,448	296,894	316,005
Portfolio Investment	-872,231	-921,833	-859,450	-751,997
- IFSC	-77,185	-134,085	-128,339	-11,957
- Non-IFSC	-795,045	-787,748	-731,110	-740,041
Other Investment²	346,301	399,437	382,498	289,192
- IFSC	387,551	429,118	423,383	298,072
- Non-IFSC	-41,250	-29,681	-40,885	-8,880
Reserve Assets	11,438	11,565	11,867	11,786
- IFSC	0	0	0	0
- Non-IFSC	11,438	11,565	11,867	11,786
Total (Net IIP)	-364,262	-327,606	-338,754	-300,111
- IFSC	133,226	125,810	124,480	121,018
- Non-IFSC	-497,488	-453,416	-463,234	-421,129
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 2026 - Reconciliation of IIP and BOP Flows

Table 5.8 International Investment Position (IIP) - 30th June 2026 - Reconciliation of IIP and BOP Flows				€ million
Item	Opening Position 01/04/26	Bop Flows in Quarter	Valuation and Other Changes	Closing Position 30/06/26
Foreign Assets

Direct Investment Abroad¹	1,230,917	19,159	-59,464	1,190,612
Equity capital and reinvested earnings	1,282,051	7,410	-64,083	1,225,378
Other capital	-51,134	11,750	4,619	-34,766

Portfolio Investment	6,049,041	170,465	432,736	6,652,242
Equity	3,130,440	88,234	404,492	3,623,166
Debt instruments	2,918,601	82,232	28,244	3,029,076
Bonds and notes	2,203,859	47,520	48,283	2,299,662
Money market instruments	714,743	34,711	-20,039	729,415

Other Investment	2,726,509	15,285	67,428	2,809,222
Loans, currency and deposits	1,732,447	55,629	4,721	1,792,798
Other²	994,062	-40,345	62,707	1,016,424

Reserve Assets	11,867	26	-107	11,786

Total Foreign Assets	10,018,334	204,935	440,593	10,663,862

Foreign Liabilities

Direct Investment in Ireland¹	1,104,587	-17,466	-47,417	1,039,704
Equity capital and reinvested earnings	1,101,623	-11,354	-51,151	1,039,118
Other capital	2,964	-6,112	3,734	585

Portfolio Investment	6,908,490	151,950	343,799	7,404,240
Equity	6,042,961	144,011	422,880	6,609,853
Debt instruments	865,529	7,939	-79,081	794,387
Bonds and notes	801,639	2,751	-79,553	724,838
Money market instruments	63,890	5,188	471	69,549

Other Investment	2,344,011	55,188	120,831	2,520,030
Loans, currency and deposits	1,076,188	92,515	93,489	1,262,193
Other²	1,267,823	-37,327	27,342	1,257,838

Total Foreign Liabilities	10,357,088	189,673	417,213	10,963,974
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 2026			30 June 2026
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
General Government	0	106,524	106,524	0	103,348	103,348
Short-term	0	49	49	0	0	0
Money market instruments	0	17	17	0	0	0
Loans & Deposits	0	32	32	0	0	0
Long-term	0	106,475	106,475	0	103,348	103,348
Bonds and notes	0	67,911	67,911	0	64,763	64,763
Loans	0	38,565	38,565	0	38,585	38,585

Monetary Authority²	0	37,111	37,111	0	37,656	37,656
Short-term	0	32,288	32,288	0	32,799	32,799
Loans and deposits	0	32,288	32,288	0	32,799	32,799
Long-term	0	4,823	4,823	0	4,857	4,857
Other debt liabilities	0	4,823	4,823	0	4,857	4,857

Monetary Financial Institutions³	427,663	19,624	447,288	446,485	20,395	466,880
Short-term	338,564	17,043	355,607	354,715	17,826	372,541
Money market instruments	..	..	5,657	..	..	6,045
Loans and deposits	..	..	349,950	..	..	366,497
Long-term	89,099	2,581	91,680	91,770	2,569	94,339
Bonds and notes	..	..	13,491	..	..	13,804
Loans	11	0	11	14	0	14
Other debt liabilities	..	..	78,178	..	..	80,521

Other Sectors4	2,003,629	310,647	2,314,276	2,092,052	309,013	2,401,065
Short-term	944,371	150,888	1,095,259	963,012	169,915	1,132,927
Money market instruments	..	..	58,216	..	..	63,504
Loans and deposits	..	..	372,616	..	..	425,189
Trade credits	518,583	145,845	664,427	480,343	163,890	644,233
Long-term	1,059,258	159,758	1,219,017	1,129,040	139,098	1,268,138
Bonds and notes	669,725	50,513	720,238	590,042	56,228	646,271
Loans	..	..	261,486	298,056	79,053	377,109
Other debt liabilities	..	..	237,293	240,941	3,817	244,758

Direct Investment ⁵	93,807	373,151	466,957	93,305	372,043	465,348
Debt liabilities to affiliated enterprises	78,505	209,427	287,932	82,700	201,839	284,539
Debt liabilities to direct investors	15,301	163,724	179,025	10,605	170,205	180,809

Gross External Debt	2,525,099	847,057	3,372,156	2,631,842	842,455	3,474,297
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.
..Data supressed for confidentiality reasons.

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Table 5.10 Debt Instrument Financial Assets

Table 5.10 - Debt Instrument Financial Assets						€ million
	31 March 2026			30 June 2026
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
General Government	0	42,759	42,759	0	38,964	38,964
Short-term	0	19,097	19,097	0	12,148	12,148
Money market instruments	0	0	0	0	0	0
Loans and deposits	0	19,097	19,097	0	12,148	12,148
Long-term	0	23,662	23,662	0	26,817	26,817
Bonds and notes	0	23,489	23,489	0	26,644	26,644
Loans	0	173	173	0	173	173

Monetary Authority ²	0	99,120	99,120	0	103,801	103,801
Short-term	0	87,723	87,723	0	92,403	92,403
Money market instruments	0	1,742	1,742	0	1,742	1,742
Loans and deposits	0	85,981	85,981	0	90,662	90,662
Long-term	0	11,397	11,397	0	11,397	11,397
Bonds and notes	0	11,397	11,397	0	11,397	11,397

Monetary Financial Institutions ³	1,438,651	80,764	1,519,415	1,488,242	82,797	1,571,039
Short-term	..	..	1,320,344	..	..	1,360,031
Money market instruments	..	..	568,722	..	..	599,818
Loans and deposits	..	..	751,622	..	..	760,212
Long-term	..	..	199,072	..	..	211,008
Bonds and notes	..	..	134,323	..	..	147,680
Loans	..	..	64,748	46,036	17,292	63,328
Other debt Assets	0	0	0	0	0	0

Other Sectors ⁴	3,439,237	223,188	3,662,425	3,559,287	239,680	3,798,967
Short-term	1,129,950	134,862	1,264,812	1,161,095	153,244	1,314,339
Money market instruments	..	..	144,279	127,683	172	127,854
Loans and deposits	..	..	506,470	514,927	48,299	563,226
Trade credit assets	521,090	92,973	614,063	518,486	104,773	623,259
Long-term	2,309,287	88,325	2,397,613	2,398,192	86,436	2,484,627
Bonds and notes	1,979,659	54,990	2,034,649	2,062,262	51,678	2,113,941
Loans	317,809	29,438	347,247	313,194	31,600	344,794
Other debt Assets	11,820	3,897	15,716	22,735	3,157	25,892

Direct Investment ⁵	77,473	335,386	412,859	71,753	358,245	429,997
Debt asset claims on affiliated enterprises	62,176	184,253	246,429	67,724	204,954	272,678
Debt asset claims on direct investors	15,297	151,133	166,430	4,028	153,291	157,319

Reserve Assets	0	10,366	10,366	0	10,457	10,457

Debt Instrument Financial Assets ¹	4,955,361	791,583	5,746,945	5,119,282	833,944	5,953,225

Net External Debt ⁶	-2,430,262	55,474	-2,374,789	-2,487,439	8,511	-2,478,928
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.
..Data supressed for confidentiality reasons.

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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	Q22024	Q32024	Q42024	Q12025	Q22025	Q32025	Q42025	Q12026	Q22026
Irish Owned
General Government	-94,535	-94,822	-77,348	-68,186	-68,283	-68,294	-50,773	-54,896	-52,432
Monetary Authority ¹	90,121	87,836	86,005	80,317	79,714	79,707	74,789	73,876	77,931
Monetary Financial Institutions ²	79,754	88,210	91,877	91,380	97,345	96,962	101,375	110,074	105,219
Other Sectors ³	28,571	25,415	28,553	42,517	57,148	68,153	66,972	56,965	95,924
of which:
Other Financial Intermediaries	19,652	9,561	16,313	24,866	31,743	44,415	47,324	36,811	73,952
Non-Financial Companies ⁴	8,920	15,854	12,240	17,651	25,404	23,737	19,648	20,154	21,972
Total Irish Owned Net IIP	103,911	106,638	129,088	146,029	165,924	176,527	192,364	186,020	226,643

Foreign Owned
Monetary Financial Institutions ²	37,191	44,369	51,435	49,358	47,309	48,538	48,240	44,283	39,821
Other Sectors ³	-664,378	-614,370	-663,097	-641,268	-605,316	-589,328	-568,210	-569,057	-566,576
of which:
Other Financial Intermediaries	127,557	146,724	132,140	149,716	127,692	163,197	158,355	169,876	144,544
Non-Financial Companies ⁴	-791,935	-761,094	-795,237	-790,984	-733,007	-752,525	-726,565	-738,934	-711,120
Total Foreign Owned Net IIP	-627,187	-570,001	-611,662	-591,910	-558,006	-540,789	-519,970	-524,774	-526,755

Total (Net IIP)	-523,275	-463,363	-482,574	-445,881	-392,082	-364,262	-327,606	-338,754	-300,111
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 2026 Table 5.11 (XLS 39KB)

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

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International Accounts Q2 2026

International Investment Position

International Investment Position

Net IIP liability of €300 billion at end-June 2026

Gross External Debt stands at €3.5 trillion at end-June 2026

Net International Investment Position of Foreign Controlled Companies was -€526.8bn at end-June 2026

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Table 5.12 Net International Investment Position (IIP) classified by Ownership and Functional Category									€ million
Item	Q22024	Q32024	Q42024	Q12025	Q22025	Q32025	Q42025	Q12026	Q22026
Irish Owned
Direct Investment¹	914,458	944,482	1,068,514	988,792	995,418	984,123	982,333	934,054	918,136
Portfolio Investment	-1,092,234	-1,116,575	-1,226,837	-1,157,401	-1,130,740	-1,102,234	-1,118,786	-1,075,246	-1,043,777
Other Investment²	269,813	267,259	275,214	302,559	290,057	283,200	317,252	315,344	340,498
Reserve Assets	11,874	11,472	12,196	12,079	11,188	11,438	11,565	11,867	11,786
Total Irish Owned Net IIP	103,911	106,638	129,088	146,029	165,924	176,527	192,364	186,020	226,643

Foreign Owned
Direct Investment¹	-907,540	-889,305	-924,367	-900,304	-823,325	-833,894	-799,108	-807,724	-767,228
Portfolio Investment	203,795	210,060	211,028	194,513	203,157	230,003	196,953	215,796	291,780
Other Investment ²	76,558	109,245	101,678	113,880	62,162	63,102	82,185	67,154	-51,306
Total Foreign Owned Net IIP	-627,187	-570,001	-611,662	-591,910	-558,006	-540,789	-519,970	-524,774	-526,755

Total (Net IIP)	-523,275	-463,363	-482,574	-445,881	-392,082	-364,262	-327,606	-338,754	-300,111
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.