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International Accounts Q3 2020

International Investment Position

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Net IIP liability of €602 billion at end-September 2020

Table 5.1 International Investment Position						€ billion
	30 June 2020			30 September 2020
	Assets	Liabilities	NET	Assets	Liabilities	NET
General Government	22.2	167.4	-145.1	22.2	164.0	-141.9
Monetary Authority	79.7	20.0	59.6	80.1	20.5	59.6
Monetary Financial Institutions	1,012.9	934.8	78.2	992.9	918.5	74.4
Other Financial Intermediaries	3,822.6	3,810.1	12.5	3,899.8	3,885.3	14.6
Non-Financial Companies	911.3	1,550.2	-638.9	896.9	1,505.7	-608.8
Total	5,848.8	6,482.5	-633.7	5,891.9	6,494.0	-602.1

Open in Excel: International Accounts Q3 2020 Table 5.1 (XLS 28KB)

At 30th September 2020, Ireland's quarterly international investment position (IIP) results show overall stocks of foreign financial assets of €5,892bn - an increase of €043bn on the end-June 2020 level, while the corresponding stocks of foreign financial liabilities increased by €011bn to €6,494bn over the quarter. Irish residents had an overall net foreign liability of €602bn at end-September 2020, a decrease of €32bn in the net foreign liability level at end-June 2020 - see Table 5.2.

X-axis label	Net IIP %GDP
Q42018	-181
Q12019	-172
Q22019	-178
Q32019	-175
Q42019	-174
Q12020	-176
Q22020	-176
Q32020	-164

Some points of note in the Quarter 3 2020 IIP are:

Direct Investment Abroad decreased by €14bn to €895bn.
Equity capital (including reinvested earnings) decreased €5.1bn while other capital decreased €8.4bn – see Table 3(a).
Foreign Assets of Other Financial Intermediaries increased by €77bn, with foreign liabilities increasing by €75bn, the resulting net increased to €15bn - see Table (1b).
Foreign Assets of the Monetary Authority increased by €0.4bn while foreign liabilities increased by €0.5bn.
The resulting net decreased to €60bn - see Table (1b).

X-axis label	Direct Investment	Portfolio Investment	Other Investment	Reserve Assets	Net IIP
Q42018	-70.5	-428	-96.8	4.6	-590.8
Q12019	-70.3	-465.8	-41.2	4.6	-572.7
Q22019	-87.4	-501.4	-19	4.7	-603.1
Q32019	-63.9	-550.5	0.7	5	-608.8
Q42019	-59.1	-550.6	-14.1	5.1	-618.8
Q12020	-104.3	-582.1	42	5.3	-639.2
Q22020	-188	-500.4	49.5	5.2	-633.7
Q32020	-113	-554.2	59.4	5.7	-602.1

Figure 2 shows the net IIP over time along with the contribution of each instrument type to it.

Net Portfolio Investment fell €54bn to -€554bn.
Net Other Investment rose €10bn to €59bn.
Reserve Assets grew €0.5bn to €5.7bn.

X-axis label	General Government	Monetary Financial Institutions	Other Financial Intermediaries	Non-Financial Companies
31 Dec 2019	862	522	1166	851
31 Mar 2020	830	437	990	759
30 Jun 2020	924	485	1153	793
30 Sep 2020	905	472	1205	814

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:

€905bn issued by foreign Governments
€472bn issued by foreign Monetary Financial Institutions (including Money Market Investment Funds)
€1205bn issued by foreign Other Financial Intermediaries (including Non-Money Market Investment Funds)
€814bn issued by foreign Non-Financial Companies

X-axis label	Direct Investment	Other Sectors	Monetary Financial Institutions	Monetary Authority	General Government
Q42019	636	1514	262	22	147
Q12020	628	1570	289	20	155
Q22020	554	1554	274	20	167
Q32020	508	1574	268	21	164

Gross External Debt stands at €2.5 trillion at end-September 2020.

At 30th September 2020, the gross external debt of all resident sectors (i.e. general government, the monetary authority, financial and non-financial corporations and households) amounted to €2,534bn.
This represents a decrease of €35bn 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 2020 (€2,570bn) - see Table 6(a).

Points of note are:

General government foreign borrowing fell by €3bn to €164bn at end-September 2020.
Liabilities of the Monetary Authority consisting entirely of short term loans and deposits increased €0.5bn to €20.5bn. These liabilities are to the European System of Central Banks (ESCB) and include balances in the TARGET2 settlement system of the ESCB.
Debt liabilities of Monetary financial institutions (credit institutions and money market funds) fell €6.1bn to €268.1bn.
The liabilities of Other sectors at €1,574bn increased €19bn on the previous quarter.
This was made up of a rise in short-term debt of €1bn and a rise in long-term debt of €18bn.
Direct investment liabilities decreased by €46bn to €508bn in the quarter.
The Net External Debt position was €1,369bn at end-September 2020, i.e. assets exceeded liabilities - see Table 6(b).

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

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

Show Table: 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 2018	Q1 2019	Q2 2019	Q3 2019	Q4 2019	Q1 2020	Q2 2020	Q3 2020
Foreign Assets
General Government	24,874	24,670	24,256	22,690	22,174	21,836	22,238	22,168
Monetary Authority ¹	45,348	49,750	54,932	57,614	66,305	66,676	79,676	80,122
Monetary Financial Institutions²	796,905	832,326	840,211	932,132	944,174	990,773	1,012,940	992,865
Other Sectors³	3,999,221	4,364,050	4,413,411	4,738,035	4,818,777	4,527,291	4,733,905	4,796,718
of which:
Other Financial Intermediaries	3,155,960	3,468,210	3,555,640	3,790,550	3,851,420	3,605,870	3,822,640	3,899,800
Non-Financial Companies⁴	843,261	895,840	857,771	947,485	967,357	921,421	911,265	896,918
Total Foreign Assets	4,866,340	5,270,800	5,332,810	5,750,470	5,851,430	5,606,580	5,848,760	5,891,880

Foreign Liabilities
General Government	149,172	153,574	153,018	151,485	147,097	155,468	167,377	164,029
Monetary Authority ¹	21,275	20,038	20,743	20,783	21,718	20,101	20,043	20,527
Monetary Financial Institutions²	756,067	783,453	788,776	873,006	880,684	917,450	934,754	918,472
Other Sectors³	4,530,620	4,886,400	4,973,380	5,313,960	5,420,710	5,152,710	5,360,310	5,390,930
of which:
Other Financial Intermediaries	3,167,020	3,449,870	3,525,450	3,763,770	3,839,330	3,596,260	3,810,130	3,885,250
Non-Financial Companies⁴	1,363,600	1,436,530	1,447,930	1,550,190	1,581,380	1,556,450	1,550,180	1,505,680
Total Foreign Liabilities	5,457,134	5,843,465	5,935,917	6,359,234	6,470,209	6,245,729	6,482,484	6,493,958

Net International Investment Position (IIP)
General Government	-124,298	-128,904	-128,762	-128,795	-124,923	-133,632	-145,139	-141,861
Monetary Authority ¹	24,073	29,712	34,189	36,831	44,587	46,575	59,633	59,595
Monetary Financial Institutions²	40,838	48,873	51,435	59,126	63,490	73,323	78,186	74,393
Other Sectors³	-531,399	-522,350	-559,969	-575,925	-601,933	-625,419	-626,405	-594,212
of which:
Other Financial Intermediaries	-11,060	18,340	30,190	26,780	12,090	9,610	12,510	14,550
Non-Financial Companies⁴	-520,339	-540,690	-590,159	-602,705	-614,023	-635,029	-638,915	-608,762
Total (Net IIP)	-590,787	-572,671	-603,100	-608,764	-618,782	-639,152	-633,726	-602,081
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 2020 Table 5.3 (XLS 40KB)

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Show Table: 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 2020			30 September 2020
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
Foreign Assets
General Government	0	22,238	22,238	0	22,168	22,168
Monetary Authority¹	0	79,676	79,676	0	80,122	80,122
Monetary Financial Institutions²	948,239	64,701	1,012,940	931,863	61,002	992,865
Other Sectors³	3,768,323	965,582	4,733,905	3,806,602	990,116	4,796,718
of which:
Other Financial Intermediaries	3,768,323	54,317	3,822,640	3,806,602	93,198	3,899,800
Non-Financial Companies⁴	0	911,265	911,265	0	896,918	896,918
Total Foreign Assets	4,716,562	1,132,198	5,848,760	4,738,465	1,153,415	5,891,880

Foreign Liabilities
General Government	0	167,377	167,377	0	164,029	164,029
Monetary Authority¹	0	20,043	20,043	0	20,527	20,527
Monetary Financial Institutions²	904,474	30,280	934,754	890,045	28,427	918,472
Other Sectors³	3,960,053	1,400,257	5,360,310	4,018,770	1,372,160	5,390,930
of which:
Other Financial Intermediaries	3,960,053	-149,923	3,810,130	4,018,770	-133,520	3,885,250
Non-Financial Companies⁴	0	1,550,180	1,550,180	0	1,505,680	1,505,680
Total Foreign Liabilities	4,864,527	1,617,963	6,482,490	4,908,815	1,585,145	6,493,960

Net International Investment Position (IIP)
General Government	0	-145,139	-145,139	0	-141,861	-141,861
Monetary Authority¹	0	59,633	59,633	0	59,595	59,595
Monetary Financial Institutions²	43,765	34,421	78,186	41,818	32,575	74,393
Other Sectors³	-191,730	-434,675	-626,405	-212,168	-382,044	-594,212
of which:
Other Financial Intermediaries	-191,730	204,240	12,510	-212,168	226,718	14,550
Non-Financial Companies⁴	0	-638,915	-638,915	0	-608,762	-608,762
Total (Net IIP)	-147,965	-485,760	-633,726	-170,350	-431,735	-602,081
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 2020 Table 5.4 (XLS 41KB)

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Show Table: Table 5.5 International Investment Position (IIP) - Detailed Data

Table 5.5 International Investment Position (IIP) - Detailed Data				€ million
Item	Q4 2019	Q1 2020	Q2 2020	Q3 2020
Foreign Assets
Direct Investment Abroad¹	966,641	933,951	908,604	895,064
Equity capital and reinvested earnings	963,295	953,628	948,951	943,854
Other capital	3,346	-19,676	-40,347	-48,789

Portfolio Investment	3,400,720	3,015,890	3,354,980	3,397,190
Equity	1,392,140	1,157,190	1,306,340	1,368,190
Monetary authority²	0	0	0	0
General government	4,094	3,745	3,941	3,841
Monetary financial institutions³	3,630	3,268	49	172
Other sectors	1,384,417	1,150,177	1,302,352	1,364,182

Debt instruments	2,008,590	1,858,700	2,048,640	2,029,000
Bonds and notes	1,552,630	1,466,370	1,564,360	1,567,770
Monetary authority²	20,041	19,262	18,268	17,343
General government	1,323	1,225	1,173	1,148
Monetary financial institutions³	78,759	87,232	87,566	74,858
Other sectors	1,452,510	1,358,650	1,457,350	1,474,430

Money market instruments	455,954	392,331	484,275	461,224
Monetary authority²	855	1,037	1,220	1,286
General government	0	0	0	0
Monetary financial institutions³	384,320	329,368	410,491	384,964
Other sectors	70,779	61,927	72,564	74,974

Other Investment	1,478,980	1,651,480	1,579,969	1,593,916
Loans, currency and deposits	1,086,909	1,195,308	1,143,636	1,156,836
Monetary authority²	39,431	39,841	54,080	54,888
General government	1,728	1,922	1,981	1,970
Monetary financial institutions³	411,785	485,743	441,493	458,417
Other sectors	633,965	667,802	646,082	641,561

Trade Credits	72,592	73,676	85,405	87,394
General government	0	0	0	0
Other sectors	72,592	73,676	85,405	87,394

Other assets⁴	319,485	382,500	350,929	349,688
Monetary authority²	895	1,283	900	900
General government	14,991	14,907	15,106	15,171
Monetary financial institutions³	59,535	78,877	69,172	70,864
Other sectors	244,064	287,433	265,751	262,753

Reserve assets	5,084	5,253	5,208	5,706
Monetary gold	248	268	289	294
Special drawing rights	824	831	844	802
Reserve Position in the IMF	996	1,006	991	948
Foreign Exchange	906	736	706	813
Other	2,110	2,412	2,378	2,849

Total Foreign Assets	5,851,430	5,606,580	5,848,760	5,891,880
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 2020 Table 5.5 (XLS 41KB)

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Show Table: Table 5.6 International Investment Position (IIP) - Detailed Data

Table 5.6 International Investment Position (IIP) - Detailed Data				€ million
Item	Q4 2019	Q1 2020	Q2 2020	Q3 2020
Foreign Liabilities
Direct Investment in Ireland¹	1,025,790	1,038,280	1,096,580	1,008,060
Equity capital and reinvested earnings	893,833	918,534	999,740	952,765
Other capital	131,957	119,746	96,840	55,295

Portfolio Investment	3,951,300	3,597,980	3,855,420	3,951,370
Equity	3,396,930	3,035,760	3,257,790	3,346,740
Monetary authority²	0	0	0	0
General government	0	0	0	0
Monetary financial institutions³	525,608	523,285	560,213	548,276
Other sectors	2,871,318	2,512,474	2,697,581	2,798,463

Debt instruments	554,369	562,221	597,632	604,634
Bonds and notes	539,836	544,639	568,967	577,439
Monetary authority²	0	0	0	0
General government	83,383	88,768	90,788	89,578
Monetary financial institutions³	26,425	24,788	21,391	21,123
Other sectors	430,027	431,083	456,789	466,739

Money market instruments	14,534	17,582	28,665	27,195
Monetary authority²	0	0	0	0
General government	2,223	5,659	16,194	14,483
Monetary financial institutions³	11,138	10,972	11,386	11,823
Other sectors	1,172	950	1,085	889

Other Investment	1,493,128	1,609,472	1,530,487	1,534,532
Loans, currency and deposits	892,217	939,839	913,123	905,871
Monetary authority²	20,715	19,063	19,003	19,503
General government	47,197	46,823	46,145	45,725
Monetary financial institutions³	200,788	225,691	212,650	203,579
Other sectors	623,517	648,262	635,325	637,064

Trade Credits	42,979	38,940	38,745	40,141
General government	0	0	0	0
Other sectors	42,979	38,940	38,745	40,141

Other liabilities⁴	557,929	630,688	578,618	588,517
Monetary authority²	1,003	1,037	1,040	1,025
General government	14,293	14,216	14,250	14,243
Monetary financial institutions³	71,411	87,135	83,021	87,896
Other sectors	471,223	528,301	480,306	485,353

Total Foreign Liabilities	6,470,210	6,245,730	6,482,490	6,493,960
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 2020 Table 5.6 (XLS 40KB)

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Show Table: 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 2019	Q1 2020	Q2 2020	Q3 2020
Foreign Assets
Direct Investment Abroad ¹	966,641	933,951	908,604	895,064
- IFSC	85,569	136,992	132,132	94,935
- Non-IFSC	881,072	796,959	776,472	800,129
Portfolio Investment	3,400,720	3,015,890	3,354,980	3,397,190
- IFSC	3,242,180	2,871,150	3,202,150	3,244,010
- Non-IFSC	158,540	144,740	152,830	153,180
Other Investment ²	1,478,980	1,651,480	1,579,969	1,593,916
- IFSC	1,279,540	1,466,470	1,382,280	1,399,520
- Non-IFSC	199,440	185,010	197,689	194,396
Reserve Assets	5,084	5,253	5,208	5,706
- IFSC	0	0	0	0
- Non-IFSC	5,084	5,253	5,208	5,706
Total Foreign Assets	5,851,430	5,606,580	5,848,760	5,891,880
- IFSC	4,607,289	4,474,612	4,716,562	4,738,465
- Non-IFSC	1,244,136	1,131,962	1,132,199	1,153,411

Foreign Liabilities
Direct Investment in Ireland ¹	1,025,790	1,038,280	1,096,580	1,008,060
- IFSC	256,220	282,978	308,317	291,685
- Non-IFSC	769,570	755,302	788,263	716,375
Portfolio Investment	3,951,300	3,597,980	3,855,420	3,951,370
- IFSC	3,229,740	2,929,230	3,234,220	3,290,370
- Non-IFSC	721,560	668,750	621,200	661,000
Other Investment ²	1,493,128	1,609,472	1,530,487	1,534,532
- IFSC	1,277,390	1,400,120	1,321,990	1,326,760
- Non-IFSC	215,738	209,352	208,497	207,772
Total Foreign Liabilities	6,470,210	6,245,730	6,482,490	6,493,960
- IFSC	4,763,350	4,612,328	4,864,527	4,908,815
- Non-IFSC	1,706,868	1,633,404	1,617,960	1,585,147

Net International Investment Position (IIP)
Direct Investment ¹	-59,149	-104,329	-187,976	-112,996
- IFSC	-170,651	-145,986	-176,185	-196,750
- Non-IFSC	111,502	41,657	-11,791	83,754
Portfolio Investment	-550,580	-582,090	-500,440	-554,180
- IFSC	12,440	-58,080	-32,070	-46,360
- Non-IFSC	-563,020	-524,010	-468,370	-507,820
Other Investment²	-14,148	42,008	49,482	59,384
- IFSC	2,150	66,350	60,290	72,760
- Non-IFSC	-16,298	-24,342	-10,808	-13,376
Reserve Assets	5,084	5,253	5,208	5,706
- IFSC	0	0	0	0
- Non-IFSC	5,084	5,253	5,208	5,706
Total (Net IIP)	-618,782	-639,152	-633,726	-602,081
- IFSC	-156,061	-137,716	-147,965	-170,350
- Non-IFSC	-462,732	-501,442	-485,761	-431,736
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 2020 Table 5.7 (XLS 40KB)

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Show Table: Table 5.8 International Investment Position (IIP) - 30th June 2020 - Reconciliation of IIP and BOP Flows

Table 5.8 International Investment Position (IIP) - 30th September 2020 - Reconciliation of IIP and BOP Flows				€ million
Item	Opening Position 01/07/20	Bop Flows in Quarter	Valuation and Other Changes	Closing Position 30/09/20
Foreign Assets

Direct Investment Abroad¹	908,604	-15,874	2,334	895,064
Equity capital and reinvested earnings	948,951	-8,484	3,387	943,854
Other capital	-40,347	-7,390	-1,052	-48,789

Portfolio Investment	3,354,980	54,253	-12,043	3,397,190
Equity	1,306,340	30,372	31,478	1,368,190
Debt instruments	2,048,640	23,881	-43,521	2,029,000
Bonds and notes	1,564,360	37,743	-34,333	1,567,770
Money market instruments	484,275	-13,862	-9,189	461,224

Other Investment	1,579,969	23,160	-9,213	1,593,916
Loans, currency and deposits	1,143,636	28,744	-15,544	1,156,836
Other²	436,333	-5,584	6,331	437,080

Reserve Assets	5,208	695	-197	5,706

Total Foreign Assets	5,848,760	62,234	-19,114	5,891,880

Foreign Liabilities

Direct Investment in Ireland¹	1,096,580	-19,372	-69,148	1,008,060
Equity capital and reinvested earnings	999,740	17,798	-64,773	952,765
Other capital	96,842	-37,170	-4,382	55,290

Portfolio Investment	3,855,420	43,517	52,433	3,951,370
Equity	3,257,790	33,896	55,054	3,346,740
Debt instruments	597,632	9,621	-2,619	604,634
Bonds and notes	568,967	11,102	-2,630	577,439
Money market instruments	28,665	-1,480	10	27,195

Other Investment	1,530,487	35,047	-31,002	1,534,532
Loans, currency and deposits	913,123	15,083	-22,335	905,871
Other²	617,364	19,964	-8,667	628,661

Total Foreign Liabilities	6,482,490	59,192	-47,722	6,493,960
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 2020 Table 5.8 (XLS 39KB)

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Show Table: Table 5.9 Gross External Debt

Table 5.9 - Gross External Debt¹						€ million
	30 June 2020			30 September 2020
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
General Government	0	167,377	167,377	0	164,029	164,029
Short-term	0	32,442	32,442	0	30,724	30,724
Money market instruments	0	30,444	30,444	0	28,726	28,726
Loans & Deposits	0	1,998	1,998	0	1,998	1,998
Long-term	0	134,935	134,935	0	133,305	133,305
Bonds and notes	0	90,788	90,788	0	89,578	89,578
Loans	0	44,147	44,147	0	43,727	43,727

Monetary Authority²	0	20,043	20,043	0	20,528	20,528
Short-term	0	19,003	19,003	0	19,503	19,503
Loans and deposits	0	19,003	19,003	0	19,503	19,503
Long-term	0	1,040	1,040	0	1,025	1,025
Other debt liabilities	0	1,040	1,040	0	1,025	1,025

Monetary Financial Institutions³	252,847	21,336	274,183	248,003	20,121	268,124
Short-term	204,589	16,019	220,608	198,718	14,770	213,488
Money market instruments	11,386	0	11,386	11,823	0	11,823
Loans and deposits	193,203	16,019	209,222	186,895	14,770	201,665
Long-term	48,258	5,317	53,575	49,285	5,351	54,636
Bonds and notes	16,846	4,545	21,391	16,631	4,492	21,123
Loans	2,768	660	3,428	1,255	659	1,914
Other debt liabilities	28,644	112	28,756	31,399	200	31,599

Other Sectors⁴	1,438,189	116,067	1,554,256	1,456,845	116,865	1,573,710
Short-term	322,689	36,546	359,235	322,375	37,960	360,335
Money market instruments	4	1,081	1,085	3	886	889
Loans and deposits	305,796	13,609	319,405	307,105	12,200	319,305
Trade credits	16,889	21,856	38,745	15,267	24,874	40,141
Long-term	1,115,500	79,521	1,195,021	1,134,470	78,905	1,213,375
Bonds and notes	449,224	7,565	456,789	459,264	7,475	466,739
Loans	294,033	21,886	315,919	296,284	21,474	317,758
Other debt liabilities	372,243	50,070	422,313	378,922	49,956	428,878

Direct Investment ⁵	63,074	490,800	553,874	62,589	445,438	508,027
Debt liabilities to affiliated enterprises	3,405	177,481	180,886	3,428	170,321	173,749
Debt liabilities to direct investors	59,669	313,319	372,988	59,161	275,117	334,278

Gross External Debt	1,754,110	815,623	2,569,730	1,767,437	766,981	2,534,420
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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Show Table: Table 5.10 - Debt Instrument Financial Assets

Table 5.10 - Debt Instrument Financial Assets
	30 June 2020			30 September 2020
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
General Government	0	3,154	3,154	0	3,119	3,119
Short-term	0	498	498	0	446	446
Money market instruments	0	0	0	0	0	0
Loans and deposits	0	498	498	0	446	446
Long-term	0	2,656	2,656	0	2,673	2,673
Bonds and notes	0	1,173	1,173	0	1,148	1,148
Loans	0	1,483	1,483	0	1,525	1,525

Monetary Authority ²	0	73,568	73,568	0	73,517	73,517
Short-term	0	55,300	55,300	0	56,174	56,174
Money market instruments	0	1,220	1,220	0	1,286	1,286
Loans and deposits	0	54,080	54,080	0	54,888	54,888
Long-term	0	18,268	18,268	0	17,343	17,343
Bonds and notes	0	18,268	18,268	0	17,343	17,343

Monetary Financial Institutions³	900,161	56,463	956,624	881,218	53,853	935,071
Short-term	785,250	19,148	804,398	782,593	16,884	799,477
Money market instruments	410,491	0	410,491	384,964	0	384,964
Loans and deposits	374,759	19,148	393,907	397,629	16,884	414,513
Long-term	114,911	37,315	152,226	98,625	36,969	135,594
Bonds and notes	64,639	22,927	87,566	51,842	23,016	74,858
Loans	33,312	14,274	47,586	30,069	13,835	43,904
Other debt Assets	16,960	114	17,074	16,714	118	16,832

Other Sectors ⁴	2,337,245	130,537	2,467,782	2,352,771	131,553	2,484,324
Short-term	406,933	50,143	457,076	402,178	46,536	448,714
Money market instruments	72,246	318	72,564	74,640	334	74,974
Loans and deposits	278,469	20,638	299,107	267,515	18,831	286,346
Trade credit assets	56,218	29,187	85,405	60,023	27,371	87,394
Long-term	1,930,312	80,394	2,010,706	1,950,593	85,017	2,035,610
Bonds and notes	1,413,950	43,400	1,457,350	1,429,330	45,100	1,474,430
Loans	341,912	5,063	346,975	350,249	4,965	355,214
Other debt Assets	174,450	31,931	206,381	171,014	34,952	205,966

Direct Investment ⁵	111,104	305,581	416,685	102,066	301,881	403,947
Debt asset claims on affiliated enterprises	4,696	135,843	140,539	4,398	120,561	124,959
Debt asset claims on direct investors	106,408	169,738	276,146	97,668	181,320	278,988

Reserve Assets	0	2,985	2,985	0	3,662	3,662

Debt Instrument Financial Assets	3,348,510	572,288	3,920,798	3,336,055	567,585	3,903,640

Net External Debt	1,594,400	-243,335	1,351,068	1,568,618	-199,396	1,369,220
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 Q3 2020 Table 5.10 (XLS 40KB)

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International Accounts Q3 2020

International Investment Position

International Investment Position

Net IIP liability of €602 billion at end-September 2020

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Table 5.2 International Investment Position (IIP) classified by Financial Instrument								€ million
Item	Q4 2018	Q1 2019	Q2 2019	Q3 2019	Q4 2019	Q1 2020	Q2 2020	Q3 2020
Foreign Assets
Direct Investment Abroad¹	845,336	896,385	863,272	940,432	966,641	933,951	908,604	895,064
Portfolio Investment	2,744,300	2,973,710	3,021,760	3,258,570	3,400,720	3,015,890	3,354,980	3,397,190
Other Investment²	1,272,156	1,396,091	1,443,046	1,546,475	1,478,980	1,651,480	1,579,969	1,593,916
Reserve Assets	4,551	4,616	4,732	4,997	5,084	5,253	5,208	5,706
Total Foreign Assets	4,866,340	5,270,800	5,332,810	5,750,470	5,851,430	5,606,580	5,848,760	5,891,880

Foreign Liabilities
Direct Investment in Ireland ¹	915,849	966,725	950,712	1,004,380	1,025,790	1,038,280	1,096,580	1,008,060
Portfolio Investment	3,172,290	3,439,490	3,523,130	3,809,070	3,951,300	3,597,980	3,855,420	3,951,370
Other Investment ²	1,368,989	1,437,260	1,462,071	1,545,773	1,493,128	1,609,472	1,530,487	1,534,532
Total Foreign Liabilities	5,457,130	5,843,470	5,935,910	6,359,230	6,470,210	6,245,730	6,482,490	6,493,960

Net International Investment Position (IIP)
Direct Investment¹	-70,513	-70,340	-87,440	-63,948	-59,149	-104,329	-187,976	-112,996
Portfolio Investment	-427,990	-465,780	-501,370	-550,500	-550,580	-582,090	-500,440	-554,180
Other Investment²	-96,833	-41,169	-19,025	702	-14,148	42,008	49,482	59,384
Reserve Assets	4,551	4,616	4,732	4,997	5,084	5,253	5,208	5,706

Total (Net IIP)	-590,787	-572,671	-603,100	-608,764	-618,782	-639,152	-633,726	-602,081
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.