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International Accounts Q3 2019

International Investment Position

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Net IIP liability of €574 billion at end-September 2019

Table 5.1 International Investment Position						€ billion
	30 June 2019			30 September 2019
	Assets	Liabilities	NET	Assets	Liabilities	NET
General Government	24.3	152.8	-128.6	22.7	151.5	-128.8
Monetary Authority	55.0	18.9	36.1	57.4	19.2	38.3
Monetary Financial Institutions	841.4	788.2	53.2	933.1	872.1	61.0
Other Financial Intermediaries	3,514.2	3,495.0	19.2	3,810.7	3,798.5	12.3
Non-Financial Companies	767.5	1,302.1	-534.7	864.1	1,420.6	-556.5
Total	5,202.3	5,757.0	-554.7	5,688.1	6,261.8	-573.7

Open in Excel: International Accounts Q3 2019 Table 5.1 (XLS 28KB)

At 30th September 2019, Ireland's quarterly international investment position (IIP) results show overall stocks of foreign financial assets of €5,688bn - an increase of €486bn on the end-June 2019 level, while the corresponding stocks of foreign financial liabilities increased by €505bn to €6,262 over the quarter. Irish residents had an overall net foreign liability of €574bn at end-September 2019, an increase of €19bn in the net foreign liability level at end-June 2019 - see Table 5.2.

X-axis label	Net IIP (% GDP)
Q4 2017	-167
Q1 2018	-164
Q2 2018	-159
Q3 2018	-148
Q4 2018	-165
Q1 2019	-162
Q2 2019	-166
Q3 2019	-169

Some points of note in Quarter 3 2019 IIP are:

Direct investment abroad increased by €86bn to €923bn.
Equity capital (including reinvested earnings) increased €58.7bn while other capital increased €27.2bn – see Table 5.5.
Foreign assets of other financial intermediaries increased by €296bn. With foreign liabilities increasing by €303bn, the resulting net decreased to €12bn - see Table 5.3.
Foreign assets of the monetary authority increased by €2.5bn while foreign liabilities increased by €0.3bn. The resulting net increased to €38bn - see Table 5.3.

X-axis label	Direct Investment	Portfolio Investment	Other Investment	Reserve Assets	Net IIP
Q4 2017	-59.3	-454	13.5	3.7	-496.1
Q1 2018	-68	-417.2	-22.6	3.7	-504
Q2 2018	-34.2	-466.1	-3.4	3.8	-500
Q3 2018	39.1	-505.1	-13.4	3.9	-475.5
Q4 2018	-50.2	-401.4	-86.9	4.6	-534
Q1 2019	-47.8	-418.7	-70	4.7	-531.9
Q2 2019	-46.4	-458.3	-54.7	4.8	-554.7
Q3 2019	-46.3	-454	-78.5	5	-573.7

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

Net portfolio investment rose €4bn to -€454bn.
Net other investment fell €24bn to -€78bn.
Reserve assets grew €0.3bn to €5bn.

X-axis label	General Government	Monetary Financial Institutions	Other Financial Intermediaries	Non-Financial Companies
31 Dec 2018	671	492	894	688
31 Mar 2019	736	493	1000	735
30 Jun 2019	721	510	1018	736
30 Sep 2019	844	548	1080	815

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:

€844bn issued by foreign governments.
€548bn issued by foreign monetary financial institutions (including money market investment funds)
€1080bn issued by foreign other financial intermediaries (including non-money market investment funds)
€815bn issued by foreign non-financial companies.

X-axis label	Direct Investment	Other Sectors	Monetary Financial Institutions	Monetary Authority	General Government
Q4 2018	690	1300	238	21	149
Q1 2019	570	1319	267	20	153
Q2 2019	618	1338	259	19	153
Q3 2019	637	1467	263	19	151

Gross External Debt stands at €2.5 trillion at end-September 2019

At 30th September 2019, the gross external debt of all resident sectors (i.e. general government, the monetary authority, financial and non-financial corporations and households) amounted to €2,538bn.

This represents an increase of €151bn 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 30th June 2019 (€2,387bn) - see Table 5.9.

Points of note are:

General government foreign borrowing fell by €1bn to €151bn at end-September 2019.
Liabilities of the monetary authority increased €0.3bn to €19.2bn. 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 €3.9bn to €263.2bn.
The liabilities of other sectors at €1,467bn increased €128bn on the previous quarter.
This was made up of a rise in short-term debt of €18bn and a rise in long-term debt of €110bn.
Direct investment liabilities increased by €20bn to €637bn in the quarter.
The net external debt position was €1,360bn at end-September 2019, 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 5.3 International Investment Position (IIP) classified by Institutional Sector

Table 5.3 International Investment Position (IIP) classified by Institutional Sector								€ million
Item	Q4 2017	Q1 2018	Q2 2018	Q3 2018	Q4 2018	Q1 2019	Q2 2019	Q3 2019
Foreign Assets
General Government	10,489	10,666	15,101	25,030	24,874	24,694	24,256	22,690
Monetary Authority¹	31,221	41,043	47,754	46,984	45,351	49,900	54,953	57,444
Monetary Financial Institutions²	740,269	734,533	745,852	734,107	795,207	833,321	841,401	933,125
Other Sectors³	3,951,340	3,948,559	4,070,502	4,168,049	3,976,821	4,280,487	4,281,728	4,674,808
of which:
Other Financial Intermediaries	3,232,346	3,269,919	3,331,956	3,389,746	3,238,806	3,499,011	3,514,245	3,810,742
Non-Financial Companies⁴	718,994	678,640	738,546	778,303	738,015	781,476	767,482	864,066
Total Foreign Assets	4,733,319	4,734,801	4,879,209	4,974,171	4,842,253	5,188,402	5,202,337	5,688,066

Foreign Liabilities
General Government	133,218	138,533	145,302	154,357	149,172	153,477	152,810	151,485
Monetary Authority¹	19,997	20,401	19,766	20,628	21,275	20,038	18,881	19,170
Monetary Financial Institutions²	700,133	697,079	707,920	692,194	743,771	784,399	788,161	872,082
Other Sectors³	4,376,044	4,382,785	4,506,199	4,582,519	4,462,019	4,762,343	4,797,191	5,219,069
of which:
Other Financial Intermediaries	3,210,897	3,241,042	3,297,800	3,352,819	3,264,735	3,494,100	3,495,048	3,798,488
Non-Financial Companies⁴	1,165,147	1,141,743	1,208,398	1,229,701	1,197,284	1,268,243	1,302,143	1,420,581
Total Foreign Liabilities	5,229,392	5,238,798	5,379,187	5,449,698	5,376,237	5,720,257	5,757,043	6,261,806

Net International Investment Position (IIP)
General Government	-122,729	-127,867	-130,201	-129,327	-124,298	-128,783	-128,554	-128,795
Monetary Authority¹	11,224	20,642	27,988	26,356	24,076	29,862	36,072	38,274
Monetary Financial Institutions²	40,136	37,454	37,932	41,913	51,436	48,922	53,240	61,043
Other Sectors³	-424,704	-434,226	-435,697	-414,470	-485,198	-481,856	-515,463	-544,261
of which:
Other Financial Intermediaries	21,449	28,877	34,156	36,927	-25,929	4,911	19,197	12,254
Non-Financial Companies⁴	-446,153	-463,103	-469,852	-451,398	-459,269	-486,767	-534,661	-556,515
Total (Net IIP)	-496,074	-503,998	-499,977	-475,528	-533,984	-531,856	-554,705	-573,741
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 Q3 2019 Table 5.3 (XLS 31KB)

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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
	30 June 2019			30 September 2019
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
Foreign Assets
General Government	0	24,256	24,256	0	22,690	22,690
Monetary Authority¹	0	54,953	54,953	0	57,444	57,444
Monetary Financial Institutions²	781,121	60,280	841,401	871,112	62,013	933,125
Other Sectors³	3,343,331	938,396	4,281,727	3,638,777	1,036,031	4,674,808
of which:
Other Financial Intermediaries	3,343,331	170,914	3,514,245	3,638,777	171,965	3,810,742
Non-Financial Companies⁴	0	767,482	767,482	0	864,066	864,066
Total Foreign Assets	4,124,452	1,077,885	5,202,337	4,509,889	1,178,177	5,688,066

Foreign Liabilities
General Government	0	152,810	152,810	0	151,485	151,485
Monetary Authority¹	0	18,881	18,881	0	19,170	19,170
Monetary Financial Institutions²	756,134	32,027	788,161	840,571	31,511	872,082
Other Sectors³	3,480,902	1,316,289	4,797,191	3,789,096	1,429,973	5,219,069
of which:
Other Financial Intermediaries	3,480,902	14,146	3,495,048	3,789,096	9,392	3,798,488
Non-Financial Companies⁴	0	1,302,143	1,302,143	0	1,420,581	1,420,581
Total Foreign Liabilities	4,237,036	1,520,006	5,757,042	4,629,667	1,632,141	6,261,808

Net International Investment Position (IIP)
General Government	0	-128,554	-128,554	0	-128,795	-128,795
Monetary Authority¹	0	36,072	36,072	0	38,274	38,274
Monetary Financial Institutions²	24,987	28,253	53,240	30,541	30,502	61,043
Other Sectors³	-137,571	-377,893	-515,464	-150,319	-393,942	-544,261
of which:
Other Financial Intermediaries	-137,571	156,768	19,197	-150,319	162,573	12,254
Non-Financial Companies⁴	0	-534,661	-534,661	0	-556,515	-556,515
Total (Net IIP)	-112,584	-442,122	-554,705	-119,778	-453,961	-573,741
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 Q3 2019 Table 5.4 (XLS 32KB)

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Table 5.5 International Investment Position (IIP) - Detailed Data

Table 5.5 International Investment Position (IIP) - Detailed Data				€ million
Item	Q4 2018	Q1 2019	Q2 2019	Q3 2019
Foreign Assets
Direct Investment Abroad¹	823,501	874,924	837,113	922,949
Equity capital and reinvested earnings	725,416	810,353	836,606	895,284
Other capital	98,085	64,571	507	27,665

Portfolio Investment	2,744,938	2,963,537	2,985,557	3,287,526
Equity	1,093,660	1,223,906	1,237,868	1,293,274
Monetary authority²	0	0	0	0
General government	4,334	4,445	3,870	3,902
Monetary financial institutions³	1,535	1,154	770	404
Other sectors	1,087,790	1,218,306	1,233,228	1,288,968

Debt instruments	1,651,278	1,739,631	1,747,688	1,994,252
Bonds and notes	1,206,567	1,349,728	1,366,801	1,554,968
Monetary authority²	20,816	20,181	20,154	19,939
General government	1,938	1,925	1,780	1,776
Monetary financial institutions³	72,038	74,544	73,140	75,770
Other sectors	1,111,775	1,253,079	1,271,728	1,457,483

Money market instruments	444,712	389,903	380,887	439,284
Monetary authority²	1,077	827	905	905
General government	0	0	0	0
Monetary financial institutions³	336,266	331,938	318,658	373,137
Other sectors	107,368	57,138	61,324	65,241

Other Investment	1,269,260	1,345,228	1,374,915	1,472,575
Loans, currency and deposits	939,947	994,753	1,014,511	1,053,481
Monetary authority²	18,032	23,308	28,269	30,689
General government	2,358	1,864	2,208	2,066
Monetary financial institutions³	353,142	388,323	405,308	419,533
Other sectors	566,415	581,258	578,726	601,193

Trade Credits	49,195	50,716	52,405	54,127
General government	0	0	0	0
Other sectors	49,195	50,716	52,405	54,127

Other assets⁴	280,118	299,758	307,999	364,968
Monetary authority²	872	872	872	895
General government	16,206	16,421	16,361	14,908
Monetary financial institutions³	25,982	30,467	38,678	58,750
Other sectors	237,058	251,998	252,088	290,415

Reserve assets	4,554	4,713	4,753	5,016
Monetary gold	205	211	227	249
Special drawing rights	797	807	814	816
Reserve Position in the IMF	982	998	987	1,013
Foreign Exchange	886	1,093	900	982
Other	1,684	1,604	1,825	1,956

Total Foreign Assets	4,842,253	5,188,402	5,202,337	5,688,066
¹Reflecting the directional principle for reclassifying Direct Investment (see Background Notes).
²Central Bank of Ireland.
³Covering licensed credit institutions and money market funds.
⁴Includes financial derivatives.

Open in Excel: International Accounts Q3 2019 Table 5.5 (XLS 32KB)

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Table 5.6 International Investment Position (IIP) - Detailed Data

Table 5.6 International Investment Position (IIP) - Detailed Data				€ million
Item	Q4 2018	Q1 2019	Q2 2019	Q3 2019
Foreign Liabilities
Direct Investment in Ireland¹	873,742	922,715	883,561	969,279
Equity capital and reinvested earnings	802,817	886,932	831,321	890,702
Other capital	70,925	35,783	52,240	78,577

Portfolio Investment	3,146,295	3,382,274	3,443,840	3,741,484
Equity	2,702,903	2,936,292	2,997,626	3,251,251
Monetary authority²	0	0	0	0
General government	0	0	0	0
Monetary financial institutions³	449,618	456,475	460,003	517,959
Other sectors	2,253,286	2,479,818	2,537,623	2,733,292

Debt instruments	443,392	445,982	446,214	490,234
Bonds and notes	431,040	437,856	432,164	474,401
Monetary authority²	0	0	0	0
General government	83,784	86,686	85,537	86,191
Monetary financial institutions³	23,953	28,818	24,283	25,198
Other sectors	323,303	322,352	322,344	363,012

Money market instruments	12,352	8,126	14,050	15,833
Monetary authority²	0	0	0	0
General government	2,508	3,731	4,870	3,780
Monetary financial institutions³	9,412	3,978	8,757	11,628
Other sectors	432	416	422	425

Other Investment	1,356,200	1,415,269	1,429,642	1,551,044
Loans, currency and deposits	821,503	845,932	836,652	884,798
Monetary authority²	18,248	17,649	17,924	18,180
General government	48,179	48,356	47,698	47,024
Monetary financial institutions³	182,882	209,811	204,724	205,430
Other sectors	572,195	570,116	566,306	614,164

Trade Credits	41,146	34,703	33,002	43,656
General government	0	0	0	0
Other sectors	41,146	34,703	33,002	43,656

Other liabilities⁴	493,550	534,634	559,987	622,590
Monetary authority²	3,028	2,389	956	991
General government	14,570	14,573	14,574	14,359
Monetary financial institutions³	38,156	43,168	49,115	68,635
Other sectors	437,796	474,504	495,342	538,606

Total Foreign Liabilities	5,376,237	5,720,258	5,757,042	6,261,808
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.

Open in Excel: International Accounts Q3 2019 Table 5.6 (XLS 31KB)

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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	Q4 2018	Q1 2019	Q2 2019	Q3 2019
Foreign Assets
Direct Investment Abroad¹	823,501	874,924	837,113	922,949
- IFSC	82,743	83,140	79,532	85,289
- Non-IFSC	740,758	791,784	757,581	837,660
Portfolio Investment	2,744,938	2,963,537	2,985,557	3,287,526
- IFSC	2,590,630	2,808,760	2,834,100	3,130,840
- Non-IFSC	154,308	154,777	151,457	156,686
Other Investment²	1,269,260	1,345,228	1,374,915	1,472,575
- IFSC	1,110,000	1,184,140	1,210,820	1,293,760
- Non-IFSC	159,260	161,088	164,095	178,815
Reserve Assets	4,554	4,713	4,753	5,016
- IFSC	0	0	0	0
- Non-IFSC	4,554	4,713	4,753	5,016
Total Foreign Assets	4,842,253	5,188,402	5,202,337	5,688,066
- IFSC	3,783,373	4,076,040	4,124,452	4,509,889
- Non-IFSC	1,058,880	1,112,362	1,077,886	1,178,177

Foreign Liabilities
Direct Investment in Ireland¹	873,742	922,715	883,561	969,279
- IFSC	237,569	224,672	201,726	238,917
- Non-IFSC	636,173	698,043	681,835	730,362
Portfolio Investment	3,146,295	3,382,274	3,443,840	3,741,484
- IFSC	2,556,820	2,772,880	2,809,650	3,056,640
- Non-IFSC	589,475	609,394	634,190	684,844
Other Investment²	1,356,200	1,415,269	1,429,642	1,551,044
- IFSC	1,143,360	1,208,130	1,225,660	1,334,110
- Non-IFSC	212,840	207,139	203,982	216,934
Total Foreign Liabilities	5,376,237	5,720,258	5,757,042	6,261,808
- IFSC	3,937,749	4,205,682	4,237,036	4,629,667
- Non-IFSC	1,438,488	1,514,576	1,520,007	1,632,140

Net International Investment Position (IIP)
Direct Investment¹	-50,241	-47,791	-46,448	-46,330
- IFSC	-154,826	-141,532	-122,194	-153,628
- Non-IFSC	104,585	93,741	75,746	107,298
Portfolio Investment	-401,357	-418,737	-458,283	-453,958
- IFSC	33,810	35,880	24,450	74,200
- Non-IFSC	-435,167	-454,617	-482,733	-528,158
Other Investment²	-86,940	-70,041	-54,727	-78,469
- IFSC	-33,360	-23,990	-14,840	-40,350
- Non-IFSC	-53,580	-46,051	-39,887	-38,119
Reserve Assets	4,554	4,713	4,753	5,016
- IFSC	0	0	0	0
- Non-IFSC	4,554	4,713	4,753	5,016
Total (Net IIP)	-533,984	-531,856	-554,705	-573,741
- IFSC	-154,376	-129,642	-112,584	-119,778
- Non-IFSC	-379,608	-402,214	-442,121	-453,963
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 Q3 2019 Table 5.7 (XLS 38KB)

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Table 5.8 International Investment Position (IIP) - 30th September 2019 - Reconciliation of IIP and BOP Flows

Table 5.8 International Investment Position (IIP) - 30th September 2019 - Reconciliation of IIP and BOP Flows				€ million
Item	Opening Position 01/07/2019	Bop Flows in Quarter	Valuation and Other Changes	Closing Position 30/09/19
Foreign Assets

Direct Investment Abroad¹	837,113	28,240	57,596	922,949
Equity capital and reinvested earnings	836,606	-996	59,674	895,284
Other capital	507	29,236	-2,078	27,665

Portfolio Investment	2,985,557	158,477	143,492	3,287,526
Equity	1,237,868	18,293	37,113	1,293,274
Debt instruments	1,747,688	140,184	106,380	1,994,252
Bonds and notes	1,366,801	92,399	95,768	1,554,968
Money market instruments	380,887	47,786	10,611	439,284

Other Investment	1,374,915	33,364	64,296	1,472,575
Loans, currency and deposits	1,014,511	21,157	17,813	1,053,481
Other²	360,404	12,207	46,483	419,094

Reserve Assets	4,753	125	138	5,016

Total Foreign Assets	5,202,337	220,206	265,523	5,688,066

Foreign Liabilities

Direct Investment in Ireland¹	883,561	29,879	55,839	969,279
Equity capital and reinvested earnings	831,321	15,951	43,430	890,702
Other capital	52,239	13,928	12,411	78,578

Portfolio Investment	3,443,840	123,713	173,931	3,741,484
Equity	2,997,626	113,256	140,369	3,251,251
Debt instruments	446,214	10,458	33,562	490,234
Bonds and notes	432,164	8,789	33,448	474,401
Money market instruments	14,050	1,669	114	15,833

Other Investment	1,429,642	68,772	52,630	1,551,044
Loans, currency and deposits	836,652	29,621	18,525	884,798
Other²	592,990	39,151	34,105	666,246

Total Foreign Liabilities	5,757,042	222,364	282,402	6,261,808
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 Q3 2019 Table 5.8 (XLS 31KB)

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Table 5.9 Gross External Debt

Table 5.9 Gross External Debt¹						€ million
	30 June 2019			30 September 2019
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
General Government	0	152,679	152,679	0	151,354	151,354
Short-term	0	21,477	21,477	0	20,197	20,197
Money market instruments	0	19,444	19,444	0	18,139	18,139
Loans & Deposits	0	2,033	2,033	0	2,058	2,058
Long-term	0	131,202	131,202	0	131,157	131,157
Bonds and notes	0	85,537	85,537	0	86,191	86,191
Loans	0	45,665	45,665	0	44,966	44,966

Monetary Authority²	0	18,880	18,880	0	19,171	19,171
Short-term	0	17,924	17,924	0	18,180	18,180
Loans and deposits	0	17,924	17,924	0	18,180	18,180
Long-term	0	956	956	0	991	991
Other debt liabilities	0	956	956	0	991	991

Monetary Financial Institutions³	236,954	22,366	259,320	241,742	21,475	263,217
Short-term	190,929	16,416	207,345	194,726	16,137	210,863
Money market instruments	8,757	0	8,757	11,628	0	11,628
Loans and deposits	182,172	16,416	198,588	183,098	16,137	199,235
Long-term	46,025	5,950	51,975	47,016	5,338	52,354
Bonds and notes	19,168	5,115	24,283	20,658	4,540	25,198
Loans	5,356	780	6,136	5,481	714	6,195
Other debt liabilities	21,501	55	21,556	20,877	84	20,961

Other Sectors⁴	1,230,343	108,152	1,338,495	1,346,135	120,778	1,466,913
Short-term	273,009	35,404	308,413	280,678	45,697	326,375
Money market instruments	3	419	422	4	421	425
Loans and deposits	260,451	14,538	274,989	267,135	15,159	282,294
Trade credits	12,555	20,447	33,002	13,539	30,117	43,656
Long-term	957,334	72,748	1,030,082	1,065,457	75,081	1,140,538
Bonds and notes	316,222	6,122	322,344	357,479	5,533	363,012
Loans	273,772	17,545	291,317	312,609	19,261	331,870
Other debt liabilities	367,340	49,081	416,421	395,369	50,287	445,656

Direct Investment⁵	397,923	219,631	617,554	438,859	198,261	637,120
Debt liabilities to affiliated enterprises	3,966	212,500	216,466	3,827	186,861	190,688
Debt liabilities to direct investors	393,957	7,131	401,088	435,032	11,400	446,432

Gross External Debt	1,865,220	521,708	2,386,929	2,026,736	511,039	2,537,774
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.

Open in Excel: International Accounts Q3 2019 Table 5.9 (XLS 33KB)

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Table 5.10 - Debt Instrument Financial Assets

Table 5.10 Debt Instrument Financial Assets¹						€ million
	30 June 2019			30 September 2019
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
General Government	0	3,988	3,988	0	3,842	3,842
Short-term	0	722	722	0	577	577
Money market instruments	0	0	0	0	0	0
Loans and deposits	0	722	722	0	577	577
Long-term	0	3,266	3,266	0	3,265	3,265
Bonds and notes	0	1,780	1,780	0	1,776	1,776
Loans	0	1,486	1,486	0	1,489	1,489

Monetary Authority²	0	49,328	49,328	0	51,533	51,533
Short-term	0	29,174	29,174	0	31,594	31,594
Money market instruments	0	905	905	0	905	905
Loans and deposits	0	28,269	28,269	0	30,689	30,689
Long-term	0	20,154	20,154	0	19,939	19,939
Bonds and notes	0	20,154	20,154	0	19,939	19,939

Monetary Financial Institutions³	501,439	309,481	810,920	521,005	361,248	882,253
Short-term	395,458	283,707	679,165	414,822	336,306	751,128
Money market instruments	34,096	284,562	318,658	37,099	336,038	373,137
Loans and deposits	361,362	-855	360,507	377,723	268	377,991
Long-term	105,981	25,774	131,755	106,183	24,942	131,125
Bonds and notes	31,465	41,675	73,140	27,674	48,096	75,770
Loans	13,523	31,278	44,801	13,584	27,958	41,542
Other debt Assets	60,993	-47,179	13,814	64,925	-51,112	13,813

Other Sectors⁴	1,952,043	178,707	2,130,750	2,173,498	197,650	2,371,148
Short-term	1,489,445	-1,123,065	366,380	1,685,233	-1,295,258	389,975
Money market instruments	86,948	-25,624	61,324	94,937	-29,696	65,241
Loans and deposits	173,327	79,324	252,651	177,006	93,601	270,607
Trade credit assets	1,229,170	-1,176,765	52,405	1,413,290	-1,359,163	54,127
Long-term	462,598	1,301,772	1,764,370	488,265	1,492,908	1,981,173
Bonds and notes	325,919	945,809	1,271,728	330,488	1,126,995	1,457,483
Loans	131,603	194,472	326,075	152,854	177,732	330,586
Other debt Assets	5,076	161,491	166,567	4,923	188,181	193,104

Direct Investment⁵	299,163	266,659	565,822	279,793	306,415	586,208
Debt asset claims on affiliated enterprises	154,640	62,333	216,973	132,661	85,692	218,353
Debt asset claims on direct investors	144,523	204,326	348,849	147,132	220,723	367,855

Reserve Assets	0	2,704	2,704	0	2,919	2,919

Debt Instrument Financial Assets	2,752,645	810,867	3,563,512	2,974,296	923,607	3,897,903

Net External Debt	887,425	289,159	1,176,583	947,560	412,568	1,360,129
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 5.9) minus External Assets in Debt Instruments. A negative sign indicates a net Asset position.

Open in Excel: International Accounts Q3 2019 Table 5.10 (XLS 34KB)

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International Accounts Q3 2019

International Investment Position

International Investment Position

Net IIP liability of €574 billion at end-September 2019

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