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International Accounts Q3 2021

International Investment Position

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Net IIP liability of €586 billion at end-September 2021

Table 5.1 International Investment Position						€ billion
	30 June 2021			30 September 2021
	Assets	Liabilities	NET	Assets	Liabilities	NET
General Government	21.8	157.0	-135.2	20.9	154.7	-133.8
Monetary Authority	96.4	20.6	75.9	102.1	30.3	71.8
Monetary Financial Institutions	1,036.5	958.5	77.9	1,031.5	953.5	78.0
Other Financial Intermediaries	4,672.4	4,606.2	66.1	4,816.0	4,743.2	72.8
Non-Financial Companies	1,118.7	1,810.6	-691.8	1,182.4	1,856.8	-674.4
Total	6,945.8	7,552.9	-607.1	7,152.8	7,738.5	-585.7

Open in Excel: International Accounts Q3 2021 Table 5.1 (XLS 37KB)

At 30th September 2021, Ireland's quarterly international investment position ((IIP) results show overall stocks of foreign financial assets of €7,153bn - an increase of €207bn on the end-June 2021 level, while the corresponding stocks of foreign financial liabilities increased by €186bn to €7,739 over the quarter. Irish residents had an overall net foreign liability of €586bn at end-September 2021, a decrease of €21bn in the net foreign liability level at end-June 2021 - see Table 5.2.

X-axis label	Net IIP %GDP
Q42019	-190
Q12020	-201
Q22020	-195
Q32020	-185
Q42020	-171
Q12021	-167
Q22021	-153
Q32021	-143

Some points of note in the Quarter 3 2021 IIP are:

Direct Investment Abroad increased by €63bn to €1182bn.
Equity capital (including reinvested earnings) increased €92.3bn while other capital decreased €29.4bn - see Table 5.5.
Foreign Assets of Other Financial Intermediaries increased by €144bn. With foreign liabilities increasing by €137bn, the resulting net increased to €73bn - see Table 5.3.
Foreign Assets of the Monetary Authority increased by €5.7bn while foreign liabilities increased by €9.7bn.
The resulting net decreased to €72bn - see Table 5.3.

X-axis label	Direct Investment	Portfolio Investment	Other Investment	Reserve Assets	Net IIP
Q42019	-77.9	-572.9	-32.8	5.1	-678.4
Q12020	-241.2	-535.1	38.5	5.3	-732.5
Q22020	-228.2	-541.8	54.9	5.2	-709.8
Q32020	-169.6	-599.5	76.4	5.8	-686.9
Q42020	-110	-626.5	93.4	6.2	-636.9
Q12021	-74.2	-633.3	63.3	6.6	-637.6
Q22021	-38.2	-672.3	96.8	6.6	-607.1
Q32021	35.7	-755.9	123.8	10.8	-585.7

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

Net Portfolio Investment fell €84bn to -€756bn.
Net Other Investment rose €27bn to €124bn.
Reserve Assets grew €4.2bn to €10.8bn.

X-axis label	General Government	Monetary Financial Institutions	Other Financial Intermediaries	Non-Financial Companies
31 Dec 2020	953	503	1329	852
31 Mar 2021	936	531	1486	952
30 Jun 2021	981	535	1600	965
30 Sep 2021	999	537	1641	993

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:

€999bn issued by foreign Governments
€537bn issued by foreign Monetary Financial Institutions (including Money Market Investment Funds)
€1641bn issued by foreign Other Financial Intermediaries (including Non-Money Market Investment Funds)
€993bn issued by foreign Non-Financial Companies

X-axis label	Direct Investment	Other Sectors	Monetary Financial Institutions	Monetary Authority	General Government
Q42020	536	1625	279	21	154
Q12021	544	1729	291	20	158
Q22021	539	1704	290	21	157
Q32021	562	1748	284	30	155

Gross External Debt stands at €2.8 trillion at end-September 2021.

At 30th September 2021, the gross external debt of all resident sectors (i.e. general government, the monetary authority, financial and non-financial corporations and households) amounted to €2,779bn. This represents an increase of €68bn 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 2021 (€2,711bn) - see Table 5.9.

Points of note are:

General government foreign borrowing fell by €2bn to €155bn at end-September 2021.
Liabilities of the Monetary Authority consisting entirely of short term loans and deposits increased €9.7bn to €30.3bn. 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 €5.1bn to €284.5bn.
The liabilities of Other sectors at €1,748bn increased €44bn on the previous quarter.
This was made up of a rise in short-term debt of €8bn and a rise in long-term debt of €35bn.
Direct investment liabilities increased by €22bn to €562bn in the quarter.
The Net External Debt position was €1,561bn at end-September 2021, i.e. assets exceeded liabilities - see Table 5.10.

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

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

Table 5.2 International Investment Position (IIP) classified by Financial Instrument									€ million
Item	Q3 2019	Q4 2019	Q1 2020	Q2 2020	Q3 2020	Q4 2020	Q1 2021	Q2 2021	Q3 2021
Foreign Assets
Direct Investment Abroad¹	927,444	1,001,686	921,095	962,987	947,201	987,531	1,078,523	1,118,828	1,181,649
Portfolio Investment	3,260,611	3,402,109	3,022,307	3,338,275	3,384,877	3,637,469	3,907,202	4,081,091	4,170,600
Other Investment²	1,549,683	1,481,348	1,675,664	1,603,343	1,624,800	1,680,597	1,756,724	1,739,334	1,789,841
Reserve Assets	4,996	5,087	5,253	5,208	5,825	6,207	6,569	6,579	10,753
Total Foreign Assets	5,742,734	5,890,230	5,624,318	5,909,814	5,962,702	6,311,804	6,749,018	6,945,831	7,152,844

Foreign Liabilities
Direct Investment in Ireland ¹	995,297	1,079,570	1,162,288	1,191,170	1,116,795	1,097,554	1,152,716	1,157,007	1,145,982
Portfolio Investment	3,831,395	3,974,976	3,557,392	3,880,041	3,984,379	4,263,989	4,540,496	4,753,418	4,926,471
Other Investment ²	1,568,176	1,514,110	1,637,172	1,548,399	1,548,409	1,587,194	1,693,383	1,642,514	1,666,079
Total Foreign Liabilities	6,394,867	6,568,655	6,356,853	6,619,610	6,649,583	6,948,736	7,386,595	7,552,939	7,738,532

Net International Investment Position (IIP)
Direct Investment¹	-67,853	-77,884	-241,193	-228,183	-169,594	-110,023	-74,193	-38,179	35,667
Portfolio Investment	-570,784	-572,867	-535,085	-541,766	-599,502	-626,520	-633,294	-672,327	-755,871
Other Investment²	-18,493	-32,762	38,492	54,944	76,391	93,403	63,341	96,820	123,762
Reserve Assets	4,996	5,087	5,253	5,208	5,825	6,207	6,569	6,579	10,753

Total (Net IIP)	-652,134	-678,425	-732,535	-709,796	-686,881	-636,932	-637,577	-607,107	-585,688
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 2021 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	Q4 2019	Q1 2020	Q2 2020	Q3 2020	Q4 2020	Q1 2021	Q2 2021	Q3 2021
Foreign Assets
General Government	22,174	21,847	22,238	22,168	22,254	21,920	21,838	20,874
Monetary Authority ¹	66,309	66,675	79,676	80,241	73,369	86,531	96,444	102,106
Monetary Financial Institutions²	947,591	995,064	1,011,784	995,905	1,058,842	1,044,784	1,036,474	1,031,463
Other Sectors³	4,854,156	4,540,732	4,796,116	4,864,389	5,157,339	5,595,782	5,791,075	5,998,401
of which:
Other Financial Intermediaries	3,850,947	3,668,958	3,877,361	3,925,140	4,150,796	4,516,954	4,672,352	4,816,003
Non-Financial Companies⁴	1,003,208	871,774	918,755	939,248	1,006,544	1,078,828	1,118,723	1,182,398
Total Foreign Assets	5,890,230	5,624,318	5,909,814	5,962,702	6,311,804	6,749,018	6,945,831	7,152,844

Foreign Liabilities
General Government	147,097	155,468	167,326	164,029	153,743	158,112	157,030	154,723
Monetary Authority ¹	21,718	20,101	20,043	20,527	20,699	20,476	20,588	30,319
Monetary Financial Institutions²	880,486	917,610	936,519	920,507	979,603	970,342	958,526	953,511
Other Sectors³	5,519,354	5,263,674	5,495,722	5,544,519	5,794,691	6,237,666	6,416,795	6,599,979
of which:
Other Financial Intermediaries	3,854,248	3,664,193	3,861,639	3,918,843	4,133,986	4,467,076	4,606,232	4,743,207
Non-Financial Companies⁴	1,665,106	1,599,481	1,634,083	1,625,676	1,660,705	1,770,589	1,810,563	1,856,773
Total Foreign Liabilities	6,568,655	6,356,853	6,619,610	6,649,582	6,948,736	7,386,596	7,552,939	7,738,532

Net International Investment Position (IIP)
General Government	-124,923	-133,621	-145,088	-141,861	-131,489	-136,192	-135,192	-133,849
Monetary Authority ¹	44,591	46,574	59,633	59,714	52,670	66,055	75,856	71,787
Monetary Financial Institutions²	67,105	77,454	75,265	75,398	79,239	74,442	77,948	77,952
Other Sectors³	-665,198	-722,942	-699,606	-680,130	-637,352	-641,884	-625,720	-601,578
of which:
Other Financial Intermediaries	-3,301	4,765	15,722	6,297	16,810	49,878	66,120	72,796
Non-Financial Companies⁴	-661,898	-727,707	-715,328	-686,428	-654,161	-691,761	-691,840	-674,375
Total (Net IIP)	-678,425	-732,535	-709,796	-686,881	-636,932	-637,577	-607,107	-585,688
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
	30 June 2021			30 September 2021
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
Foreign Assets
General Government	0	21,838	21,838	0	20,874	20,874
Monetary Authority¹	0	96,444	96,444	0	102,106	102,106
Monetary Financial Institutions²	975,661	60,813	1,036,474	971,131	60,332	1,031,463
Other Sectors³	4,511,417	1,279,658	5,791,075	4,649,582	1,348,819	5,998,401
of which:
Other Financial Intermediaries	4,511,417	160,935	4,672,352	4,649,582	166,421	4,816,003
Non-Financial Companies⁴	0	1,118,723	1,118,723	0	1,182,398	1,182,398
Total Foreign Assets	5,487,078	1,458,753	6,945,831	5,620,713	1,532,131	7,152,844

Foreign Liabilities
General Government	0	157,030	157,030	0	154,723	154,723
Monetary Authority¹	0	20,588	20,588	0	30,319	30,319
Monetary Financial Institutions²	927,949	30,577	958,526	923,474	30,037	953,511
Other Sectors³	4,715,462	1,701,333	6,416,795	4,854,614	1,745,366	6,599,980
of which:
Other Financial Intermediaries	4,715,462	-109,230	4,606,232	4,854,614	-111,407	4,743,207
Non-Financial Companies⁴	0	1,810,563	1,810,563	0	1,856,773	1,856,773
Total Foreign Liabilities	5,643,411	1,909,528	7,552,939	5,778,088	1,960,444	7,738,532

Net International Investment Position (IIP)
General Government	0	-135,192	-135,192	0	-133,849	-133,849
Monetary Authority¹	0	75,856	75,856	0	71,787	71,787
Monetary Financial Institutions²	47,712	30,236	77,948	47,657	30,295	77,952
Other Sectors³	-204,045	-421,675	-625,720	-205,032	-396,547	-601,579
of which:
Other Financial Intermediaries	-204,045	270,165	66,120	-205,032	277,828	72,796
Non-Financial Companies⁴	0	-691,840	-691,840	0	-674,375	-674,375
Total (Net IIP)	-156,333	-450,775	-607,107	-157,375	-428,314	-585,688
¹Central Bank of Ireland.
²Covering licensed credit institutions and money market funds.
³Other sectors includes financial corporations other than the Monetary Authority and Monetary Financial Institutions, non-financial service and manufacturing companies and other industrial enterprises as well as (implicitly) households (see Background Notes). The gross liabilities to non-residents of financial corporations covered in other sectors tend to be very significant.
⁴Including households.

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Table 5.5 International Investment Position (IIP) - Detailed Data

Table 5.5 International Investment Position (IIP) - Detailed Data				€ million
Item	Q4 2020	Q1 2021	Q2 2021	Q3 2021
Foreign Assets
Direct Investment Abroad¹	987,531	1,078,523	1,118,828	1,181,649
Equity capital and reinvested earnings	1,039,429	1,145,630	1,184,335	1,276,588
Other capital	-51,897	-67,107	-65,508	-94,939

Portfolio Investment	3,637,469	3,907,202	4,081,091	4,170,600
Equity	1,531,880	1,721,313	1,837,944	1,874,819
Monetary authority²	0	0	0	0
General government	4,079	4,754	4,958	4,962
Monetary financial institutions³	444	-137	269	378
Other sectors	1,527,357	1,716,696	1,832,716	1,869,478

Debt instruments	2,105,589	2,185,890	2,243,147	2,295,781
Bonds and notes	1,621,287	1,691,577	1,729,411	1,783,272
Monetary authority²	16,690	15,656	14,432	13,000
General government	1,086	170	142	140
Monetary financial institutions³	71,978	67,714	70,218	66,122
Other sectors	1,531,533	1,608,037	1,644,619	1,704,010

Money market instruments	484,302	494,313	513,736	512,509
Monetary authority²	1,005	1,159	1,167	1,454
General government	0	0	0	0
Monetary financial institutions³	404,804	408,919	409,360	394,337
Other sectors	78,492	84,234	103,210	116,717

Other Investment	1,680,597	1,756,724	1,739,334	1,789,841
Loans, currency and deposits	1,216,469	1,242,708	1,268,695	1,298,896
Monetary authority²	48,566	62,247	73,367	75,998
General government	1,901	2,020	1,970	1,979
Monetary financial institutions³	487,480	463,240	462,920	474,163
Other sectors	678,522	715,201	730,438	746,756

Trade Credits	81,509	95,568	99,338	101,705
General government	0	0	0	0
Other sectors	81,509	95,568	99,338	101,705

Other assets⁴	382,620	418,448	371,301	389,239
Monetary authority²	900	900	900	900
General government	15,151	14,939	14,730	13,754
Monetary financial institutions³	89,246	100,347	89,382	92,107
Other sectors	277,323	302,262	266,289	282,478

Reserve assets	6,207	6,569	6,579	10,753
Monetary gold	282	263	271	320
Special drawing rights	815	815	814	4,846
Reserve Position in the IMF	951	975	968	982
Foreign Exchange	981	1,394	1,193	1,089
Other	3,178	3,122	3,333	3,516

Total Foreign Assets	6,311,804	6,749,018	6,945,831	7,152,844
¹Reflecting the directional principle for reclassifying Direct Investment (see background notes).
²Central Bank of Ireland.
³Covering licensed credit institutions and money market funds.
⁴Includes financial derivatives.

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Table 5.6 International Investment Position (IIP) - Detailed Data

Table 5.6 International Investment Position (IIP) - Detailed Data				€ million
Item	Q4 2020	Q1 2021	Q2 2021	Q3 2021
Foreign Liabilities
Direct Investment in Ireland¹	1,097,554	1,152,716	1,157,007	1,145,982
Equity capital and reinvested earnings	997,095	1,018,704	1,050,648	1,074,545
Other capital	100,459	134,012	106,359	71,437

Portfolio Investment	4,263,989	4,540,496	4,753,418	4,926,471
Equity	3,642,558	3,898,772	4,098,116	4,244,425
Monetary authority²	0	0	0	0
General government	0	0	0	0
Monetary financial institutions³	577,548	555,977	556,968	550,438
Other sectors	3,065,010	3,342,795	3,541,148	3,693,988

Debt instruments	621,431	641,725	655,302	682,046
Bonds and notes	600,860	619,684	636,361	663,268
Monetary authority²	0	0	0	0
General government	86,250	86,799	88,285	86,968
Monetary financial institutions³	20,525	18,537	18,563	17,840
Other sectors	494,084	514,348	529,513	558,461

Money market instruments	20,571	22,040	18,941	18,778
Monetary authority²	0	0	0	0
General government	7,900	9,766	7,759	6,788
Monetary financial institutions³	12,288	11,887	10,796	11,606
Other sectors	383	388	386	383

Other Investment	1,587,194	1,693,383	1,642,514	1,666,079
Loans, currency and deposits	924,882	1,006,899	998,504	995,956
Monetary authority²	19,785	19,538	19,645	25,350
General government	45,365	47,596	47,305	47,272
Monetary financial institutions³	218,177	222,444	223,379	222,813
Other sectors	641,555	717,321	708,174	700,521

Trade Credits	53,669	42,518	43,222	53,541
General government	0	0	0	0
Other sectors	53,669	42,518	43,222	53,541

Other liabilities⁴	608,643	643,966	600,788	616,582
Monetary authority²	914	937	942	4,969
General government	14,227	13,951	13,682	13,695
Monetary financial institutions³	104,462	114,126	105,708	105,924
Other sectors	489,039	514,952	480,455	491,993

Total Foreign Liabilities	6,948,736	7,386,595	7,552,939	7,738,532
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	Q4 2020	Q1 2021	Q2 2021	Q3 2021
Foreign Assets
Direct Investment Abroad ¹	987,531	1,078,523	1,118,828	1,181,649
- IFSC	74,767	77,671	79,937	82,405
- Non-IFSC	912,764	1,000,852	1,038,891	1,099,244
Portfolio Investment	3,637,469	3,907,202	4,081,091	4,170,600
- IFSC	3,478,167	3,740,606	3,906,692	3,996,151
- Non-IFSC	159,302	166,596	174,399	174,449
Other Investment ²	1,680,597	1,756,724	1,739,334	1,789,841
- IFSC	1,460,135	1,530,917	1,500,449	1,542,157
- Non-IFSC	220,462	225,807	238,885	247,684
Reserve Assets	6,207	6,569	6,579	10,753
- IFSC	0	0	0	0
- Non-IFSC	6,207	6,569	6,579	10,753
Total Foreign Assets	6,311,804	6,749,018	6,945,831	7,152,844
- IFSC	5,013,069	5,349,194	5,487,078	5,620,713
- Non-IFSC	1,298,735	1,399,824	1,458,754	1,532,130

Foreign Liabilities
Direct Investment in Ireland ¹	1,097,554	1,152,716	1,157,007	1,145,982
- IFSC	274,222	284,189	298,295	309,770
- Non-IFSC	823,332	868,527	858,712	836,212
Portfolio Investment	4,263,989	4,540,496	4,753,418	4,926,471
- IFSC	3,550,013	3,748,769	3,921,130	4,035,461
- Non-IFSC	713,976	791,727	832,288	891,010
Other Investment ²	1,587,194	1,693,383	1,642,514	1,666,079
- IFSC	1,368,122	1,478,424	1,423,985	1,432,857
- Non-IFSC	219,072	214,959	218,529	233,222
Total Foreign Liabilities	6,948,736	7,386,595	7,552,939	7,738,532
- IFSC	5,192,357	5,511,382	5,643,410	5,778,088
- Non-IFSC	1,756,380	1,875,213	1,909,529	1,960,444

Net International Investment Position (IIP)
Direct Investment ¹	-110,023	-74,193	-38,179	35,667
- IFSC	-199,455	-206,518	-218,358	-227,365
- Non-IFSC	89,432	132,325	180,179	263,032
Portfolio Investment	-626,520	-633,294	-672,327	-755,871
- IFSC	-71,846	-8,163	-14,438	-39,310
- Non-IFSC	-554,674	-625,131	-657,889	-716,561
Other Investment²	93,403	63,341	96,820	123,762
- IFSC	92,013	52,493	76,464	109,300
- Non-IFSC	1,390	10,848	20,356	14,462
Reserve Assets	6,207	6,569	6,579	10,753
- IFSC	0	0	0	0
- Non-IFSC	6,207	6,569	6,579	10,753
Total (Net IIP)	-636,932	-637,577	-607,107	-585,688
- IFSC	-179,288	-162,188	-156,332	-157,375
- Non-IFSC	-457,645	-475,389	-450,775	-428,314
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 2021 - Reconciliation of IIP and BOP Flows

Table 5.8 International Investment Position (IIP) - 30th September 2021 - Reconciliation of IIP and BOP Flows				€ million
Item	Opening Position 01/07/21	Bop Flows in Quarter	Valuation and Other Changes	Closing Position 30/09/21
Foreign Assets

Direct Investment Abroad¹	1,118,828	-13,898	76,719	1,181,649
Equity capital and reinvested earnings	1,184,335	156	92,097	1,276,588
Other capital	-65,508	-14,054	-15,377	-94,939

Portfolio Investment	4,081,091	50,394	39,115	4,170,600
Equity	1,837,944	24,298	12,577	1,874,819
Debt instruments	2,243,147	26,096	26,538	2,295,781
Bonds and notes	1,729,411	34,220	19,641	1,783,272
Money market instruments	513,736	-8,124	6,897	512,509

Other Investment	1,739,334	24,378	26,129	1,789,841
Loans, currency and deposits	1,268,695	20,892	9,310	1,298,897
Other²	470,639	3,486	16,819	490,944

Reserve Assets	6,579	4,081	93	10,753

Total Foreign Assets	6,945,831	64,955	142,058	7,152,844

Foreign Liabilities

Direct Investment in Ireland¹	1,157,007	-2,454	-8,571	1,145,982
Equity capital and reinvested earnings	1,050,648	10,297	13,600	1,074,545
Other capital	106,359	-12,751	-22,171	71,437

Portfolio Investment	4,753,418	52,451	120,602	4,926,471
Equity	4,098,116	43,844	102,465	4,244,425
Debt instruments	655,302	8,607	18,137	682,046
Bonds and notes	636,361	9,326	17,581	663,268
Money market instruments	18,941	-719	556	18,778

Other Investment	1,642,514	1,976	21,589	1,666,079
Loans, currency and deposits	998,504	-5,102	2,554	995,956
Other²	644,010	7,078	19,035	670,123

Total Foreign Liabilities	7,552,939	51,973	133,620	7,738,532
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
	30 June 2021			30 September 2021
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
General Government	0	157,030	157,030	0	154,722	154,722
Short-term	0	23,572	23,572	0	22,608	22,608
Money market instruments	0	21,441	21,441	0	20,483	20,483
Loans & Deposits	0	2,131	2,131	0	2,125	2,125
Long-term	0	133,458	133,458	0	132,114	132,114
Bonds and notes	0	88,285	88,285	0	86,968	86,968
Loans	0	45,173	45,173	0	45,146	45,146

Monetary Authority²	0	20,587	20,587	0	30,319	30,319
Short-term	0	19,645	19,645	0	25,350	25,350
Loans and deposits	0	19,645	19,645	0	25,350	25,350
Long-term	0	942	942	0	4,969	4,969
Other debt liabilities	0	942	942	0	4,969	4,969

Monetary Financial Institutions³	270,042	19,507	289,549	264,984	19,515	284,499
Short-term	217,131	15,428	232,559	217,530	15,282	232,812
Money market instruments	10,796	0	10,796	11,606	0	11,606
Loans and deposits	206,335	15,428	221,763	205,924	15,282	221,206
Long-term	52,911	4,079	56,990	47,454	4,233	51,687
Bonds and notes	15,187	3,376	18,563	14,332	3,508	17,840
Loans	1,060	556	1,616	1,061	546	1,607
Other debt liabilities	36,664	147	36,811	32,061	179	32,240

Other Sectors⁴	1,580,018	124,250	1,704,268	1,618,465	129,383	1,747,848
Short-term	389,578	35,969	425,547	393,171	40,533	433,704
Money market instruments	0	386	386	0	383	383
Loans and deposits	372,025	9,914	381,939	374,892	4,888	379,780
Trade credits	17,553	25,669	43,222	18,279	35,262	53,541
Long-term	1,190,440	88,281	1,278,721	1,225,294	88,850	1,314,144
Bonds and notes	522,187	7,326	529,513	551,151	7,310	558,461
Loans	302,683	23,552	326,235	296,715	24,026	320,741
Other debt liabilities	365,570	57,403	422,973	377,428	57,514	434,942

Direct Investment ⁵	77,987	461,509	539,496	90,296	471,635	561,931
Debt liabilities to affiliated enterprises	5,820	173,822	179,642	5,568	182,441	188,009
Debt liabilities to direct investors	72,167	287,687	359,854	84,728	289,194	373,922

Gross External Debt	1,928,047	782,883	2,710,932	1,973,745	805,574	2,779,318
¹Gross external debt represents the stock of Ireland's liabilities to non-residents other than equity and financial derivatives.
²Central Bank of Ireland
³Covering licensed credit institutions and money market funds.
⁴Other sectors includes financial corporations other than the Monetary Authority and Monetary Financial Institutions, non-financial service and manufacturing companies and other industrial enterprises as well as (implicitly) households (see Background Notes). The gross liabilities to non-residents of financial corporations covered in other sectors tend to be very significant.
⁵Covering inter affiliate loans, non-equity securities, trade credits and other debt liabilities. Debt liabilities to affiliated enterprises refers to direct investment abroad while debt liabilities to direct investors refers to direct investment in Ireland.
* Suppressed for confidentiality reasons.

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Table 5.10 - Debt Instrument Financial Assets

Table 5.10 - Debt Instrument Financial Assets
	30 June 2021			30 September 2021
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
General Government	0	2,113	2,113	0	2,119	2,119
Short-term	0	459	459	0	469	469
Money market instruments	0	0	0	0	0	0
Loans and deposits	0	459	459	0	469	469
Long-term	0	1,654	1,654	0	1,650	1,650
Bonds and notes	0	142	142	0	140	140
Loans	0	1,512	1,512	0	1,510	1,510

Monetary Authority ²	0	88,966	88,966	0	90,452	90,452
Short-term	0	74,534	74,534	0	77,452	77,452
Money market instruments	0	1,167	1,167	0	1,454	1,454
Loans and deposits	0	73,367	73,367	0	75,998	75,998
Long-term	0	14,432	14,432	0	13,000	13,000
Bonds and notes	0	14,432	14,432	0	13,000	13,000

Monetary Financial Institutions³	912,448	54,893	967,341	902,824	54,737	957,561
Short-term	811,425	20,185	831,610	807,821	20,852	828,673
Money market instruments	409,320	40	409,360	394,292	45	394,337
Loans and deposits	402,105	20,145	422,250	413,529	20,807	434,336
Long-term	101,023	34,708	135,731	95,003	33,885	128,888
Bonds and notes	49,195	21,023	70,218	46,348	19,774	66,122
Loans	27,115	13,555	40,670	25,880	13,947	39,827
Other debt Assets	24,713	130	24,843	22,775	164	22,939

Other Sectors ⁴	2,627,175	158,766	2,785,941	2,723,175	166,372	2,889,547
Short-term	504,262	62,152	566,414	524,092	62,015	586,107
Money market instruments	97,663	5,547	103,210	110,768	5,949	116,717
Loans and deposits	339,082	24,784	363,866	344,671	23,014	367,685
Trade credit assets	67,517	31,821	99,338	68,653	33,052	101,705
Long-term	2,122,913	96,614	2,219,527	2,199,083	104,357	2,303,440
Bonds and notes	1,599,090	45,529	1,644,619	1,656,725	47,285	1,704,010
Loans	361,314	5,258	366,572	373,144	5,927	379,071
Other debt Assets	162,509	45,827	208,336	169,214	51,145	220,359

Direct Investment ⁵	99,055	268,574	367,629	100,915	294,640	395,555
Debt asset claims on affiliated enterprises	5,319	108,815	114,134	5,691	87,379	93,070
Debt asset claims on direct investors	93,736	159,759	253,495	95,224	207,261	302,485

Reserve Assets	0	4,526	4,526	0	4,604	4,604

Debt Instrument Financial Assets ¹	3,638,678	577,838	4,216,516	3,726,914	612,924	4,339,838

Net External Debt ⁶	1,710,631	-205,045	1,505,584	1,753,169	-192,650	1,560,520
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.

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International Accounts Q3 2021

International Investment Position

International Investment Position

Net IIP liability of €586 billion at end-September 2021

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