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International Accounts Q3 2022

International Investment Position

Net IIP liability of €705 billion at end-September 2022

Online ISSN: 2565-6384

CSO statistical publication, 02 December 2022, 11am

Table 5.1 International Investment Position						€ billion
	30 June 2022			30 September 2022
	Assets	Liabilities	NET	Assets	Liabilities	NET
General Government	22.9	140.8	-117.8	22.7	134.5	-111.9
Monetary Authority	128.3	32.3	96.0	123.5	32.7	90.8
Monetary Financial Institutions	1,092.3	993.1	99.2	1,181.1	1,071.2	109.9
Other Financial Intermediaries	4,837.7	4,807.6	30.0	4,811.6	4,782.4	29.2
Non-Financial Companies	1,048.9	1,789.9	-740.9	1,056.4	1,879.7	-823.3
Total	7,130.2	7,763.7	-633.5	7,195.2	7,900.5	-705.3

Open in Excel: International Accounts Q3 2022 Table 5.1 (XLS 37KB)

At 30th September 2022, Ireland's quarterly international investment position (IIP) results show overall stocks of foreign financial assets of €7,195bn - an increase of €065bn on the end-June 2022 level, while the corresponding stocks of foreign financial liabilities increased by €137bn to €7,900 over the quarter. Irish residents had an overall net foreign liability of €705bn at end-September 2022, an increase of €72bn in the net foreign liability level at end-June 2022 - see Table 5.2.

X-axis label	Net IIP %GDP
Q42020	-177
Q12021	-175
Q22021	-156
Q32021	-153
Q42021	-145
Q12022	-138
Q22022	-137
Q32022	-146

Some points of note in the Quarter 3 2022 IIP are:

Direct Investment Abroad decreased by €1bn to €1,199bn.
Equity capital (including reinvested earnings) increased €19.6bn while other capital decreased €20.2bn – see Table 5.5.
Foreign Assets of Other Financial Intermediaries decreased by €26bn.With foreign liabilities decreasing by €25bn, the resulting net decreased to €29bn - see Table 5.3.
Foreign Assets of the Monetary Authority decreased by €4.8bn while foreign liabilities increased by €0.4bn. The resulting net decreased to €91bn - see Table 5.3.

X-axis label	Direct Investment	Portfolio Investment	Other Investment	Reserve Assets	Net IIP
Q42020	-149.6	-632.5	116.3	6	-659.8
Q12021	-127.2	-630.3	84.3	6.6	-666.6
Q22021	-92.8	-682	148.6	6.6	-619.6
Q32021	-48.5	-755.1	165	10.8	-627.8
Q42021	39.2	-838.8	167.7	11.7	-620.2
Q12022	-60.4	-785.6	224	11.6	-610.4
Q22022	-188.4	-743.2	286.2	11.9	-633.5
Q32022	-300.5	-756.8	339.2	12.9	-705.3

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

Net Portfolio Investment fell €14bn to -€757bn.
Net Other Investment rose €53bn to €339bn.
Reserve Assets grew €0.9bn to €12.9bn.

X-axis label	General Government	Monetary Financial Institutions	Other Financial Intermediaries	Non-Financial Companies
31 Dec 2021	1060	599	1035	1768
31 Mar 2022	987	577	1004	1687
30 June 2022	896	578	970	1561
30 Sep 2022	734	538	981	1657

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:

€734bn issued by foreign Governments
€538bn issued by foreign Monetary Financial Institutions (including Money Market Investment Funds)
€981bn issued by foreign Other Financial Intermediaries (including Non-Money Market Investment Funds)
€1,657bn issued by foreign Non-Financial Companies

X-axis label	Direct Investment	Other Sectors	Monetary Financial Institutions	Monetary Authority	General Government
Q42021	646	1814	261	31	152
Q12022	662	1794	289	31	142
Q22022	653	1824	304	32	141
Q32022	700	1825	339	33	135

Gross External Debt stands at €3 trillion at end-September 2022.

At 30th September 2022, the gross external debt of all resident sectors (i.e. general government, the monetary authority, financial and non-financial corporations and households) amounted to €3,031bn. This represents an increase of €77bn 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 2022 (€2,954bn) - see Table 5.9.

Points of note are:

General government foreign borrowing fell by €6bn to €135bn at end-September 2022.
Liabilities of the Monetary Authority consisting entirely of short term loans and deposits increased €0.4bn to €32.7bn. 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 €34.6bn to €338.7bn.
The liabilities of Other sectors at €1,825bn increased €1bn on the previous quarter.
This was made up of a rise in short-term debt of €102bn and a fall in long-term debt of €102bn.
Direct investment liabilities increased by €47bn to €700bn in the quarter.
The Net External Debt position was €1,569bn at end-September 2022, 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.

Please note that since the publication, data in IIP tables 5.4, 5.7, 5.9 and 5.10 have changed due to an error in classification of IFSC firms.Amended on 09/12/2022.

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 2020	Q4 2020	Q1 2021	Q2 2021	Q3 2021	Q4 2021	Q1 2022	Q2 2022	Q3 2022
Foreign Assets
Direct Investment Abroad¹	941,210	978,808	1,066,068	1,107,302	1,164,437	1,270,800	1,175,892	1,099,668	1,099,052
Portfolio Investment	3,388,861	3,642,373	3,912,285	4,087,107	4,171,652	4,460,296	4,255,230	4,004,785	3,908,419
Other Investment²	1,612,721	1,668,442	1,745,191	1,763,170	1,803,276	1,822,456	1,919,915	2,013,757	2,174,879
Reserve Assets	5,832	6,000	6,569	6,579	10,753	11,672	11,624	11,949	12,862
Total Foreign Assets	5,948,624	6,295,623	6,730,113	6,964,158	7,150,118	7,565,224	7,362,661	7,130,159	7,195,212

Foreign Liabilities
Direct Investment in Ireland ¹	1,155,529	1,128,426	1,193,277	1,200,099	1,212,906	1,231,563	1,236,321	1,288,106	1,399,554
Portfolio Investment	3,994,734	4,274,916	4,542,602	4,769,079	4,926,791	5,299,118	5,040,806	4,747,967	4,665,262
Other Investment ²	1,514,572	1,552,098	1,660,874	1,614,580	1,638,270	1,654,711	1,695,953	1,727,585	1,835,658
Total Foreign Liabilities	6,664,835	6,955,440	7,396,753	7,583,758	7,777,967	8,185,392	7,973,080	7,763,658	7,900,474

Net International Investment Position (IIP)
Direct Investment¹	-214,319	-149,618	-127,209	-92,797	-48,469	39,237	-60,429	-188,438	-300,502
Portfolio Investment	-605,873	-632,543	-630,317	-681,972	-755,139	-838,822	-785,576	-743,182	-756,843
Other Investment²	98,149	116,344	84,317	148,590	165,006	167,745	223,962	286,172	339,221
Reserve Assets	5,832	6,000	6,569	6,579	10,753	11,672	11,624	11,949	12,862

Total (Net IIP)	-716,211	-659,817	-666,640	-619,600	-627,849	-620,168	-610,419	-633,499	-705,262
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	Q4 2020	Q1 2021	Q2 2021	Q3 2021	Q4 2021	Q1 2022	Q2 2022	Q3 2022
Foreign Assets
General Government	23,855	23,640	22,433	22,536	22,543	22,571	22,942	22,656
Monetary Authority ¹	73,161	86,531	96,444	102,106	112,518	114,713	128,345	123,547
Monetary Financial Institutions²	1,060,182	1,046,191	1,037,527	1,032,111	1,051,660	1,067,496	1,092,296	1,181,085
Other Sectors³	5,138,424	5,573,751	5,807,752	5,993,364	6,378,502	6,157,880	5,886,577	5,867,925
of which:
Other Financial Intermediaries	4,156,206	4,527,503	4,717,590	4,861,443	5,145,026	5,023,614	4,837,662	4,811,573
Non-Financial Companies⁴	982,218	1,046,248	1,090,162	1,131,921	1,233,476	1,134,266	1,048,915	1,056,352
Total Foreign Assets	6,295,622	6,730,113	6,964,156	7,150,117	7,565,223	7,362,660	7,130,160	7,195,213

Foreign Liabilities
General Government	153,743	158,109	157,030	154,722	152,201	141,504	140,757	134,523
Monetary Authority ¹	25,373	25,515	26,113	30,319	30,796	31,068	32,339	32,700
Monetary Financial Institutions²	972,130	962,071	951,645	944,632	960,836	974,105	993,089	1,071,210
Other Sectors³	5,804,195	6,251,058	6,448,971	6,648,294	7,041,560	6,826,402	6,597,474	6,662,042
of which:
Other Financial Intermediaries	4,131,846	4,477,044	4,641,920	4,789,397	5,087,666	4,980,329	4,807,616	4,782,356
Non-Financial Companies⁴	1,672,349	1,774,014	1,807,051	1,858,897	1,953,894	1,846,073	1,789,858	1,879,686
Total Foreign Liabilities	6,955,441	7,396,753	7,583,759	7,777,967	8,185,393	7,973,079	7,763,659	7,900,475

Net International Investment Position (IIP)
General Government	-129,888	-134,469	-134,597	-132,186	-129,658	-118,933	-117,815	-111,867
Monetary Authority ¹	47,788	61,016	70,331	71,787	81,722	83,645	96,006	90,847
Monetary Financial Institutions²	88,052	84,120	85,882	87,479	90,824	93,391	99,207	109,875
Other Sectors³	-665,771	-677,307	-641,219	-654,930	-663,058	-668,522	-710,897	-794,117
of which:
Other Financial Intermediaries	24,360	50,459	75,670	72,046	57,360	43,285	30,046	29,217
Non-Financial Companies⁴	-690,131	-727,766	-716,889	-726,976	-720,418	-711,807	-740,943	-823,334
Total (Net IIP)	-659,817	-666,640	-619,600	-627,849	-620,168	-610,419	-633,499	-705,262
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 2022			30 September 2022
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
Foreign Assets
General Government	0	22,942	22,942	0	22,656	22,656
Monetary Authority¹	0	128,345	128,345	0	123,547	123,547
Monetary Financial Institutions²	1,028,666	63,630	1,092,296	1,112,646	68,439	1,181,085
Other Sectors³	4,629,346	1,257,231	5,886,577	4,606,636	1,261,289	5,867,925
of which:
Other Financial Intermediaries	4,629,346	208,316	4,837,662	4,606,636	204,937	4,811,573
Non-Financial Companies⁴	0	1,048,915	1,048,915	0	1,056,352	1,056,352
Total Foreign Assets	5,658,012	1,472,147	7,130,159	5,719,282	1,475,930	7,195,212

Foreign Liabilities
General Government	0	140,757	140,757	0	134,523	134,523
Monetary Authority¹	0	32,339	32,339	0	32,700	32,700
Monetary Financial Institutions²	959,441	33,648	993,089	1,034,528	36,682	1,071,210
Other Sectors³	4,731,776	1,865,698	6,597,474	4,686,331	1,975,711	6,662,042
of which:
Other Financial Intermediaries	4,731,776	75,840	4,807,616	4,686,331	96,025	4,782,356
Non-Financial Companies⁴	0	1,789,858	1,789,858	0	1,879,686	1,879,686
Total Foreign Liabilities	5,691,217	2,072,441	7,763,658	5,720,859	2,179,615	7,900,474

Net International Investment Position (IIP)
General Government	0	-117,815	-117,815	0	-111,867	-111,867
Monetary Authority¹	0	96,006	96,006	0	90,847	90,847
Monetary Financial Institutions²	69,225	29,982	99,207	78,118	31,757	109,875
Other Sectors³	-102,430	-608,467	-710,897	-79,695	-714,422	-794,117
of which:
Other Financial Intermediaries	-102,430	132,476	30,046	-79,695	108,912	29,217
Non-Financial Companies⁴	0	-740,943	-740,943	0	-823,334	-823,334
Total (Net IIP)	-33,205	-600,294	-633,499	-1,577	-703,685	-705,262
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 2021	Q1 2022	Q2 2022	Q3 2022
Foreign Assets
Direct Investment Abroad¹	1,270,800	1,175,892	1,099,668	1,099,052
Equity capital and reinvested earnings	1,391,778	1,299,918	1,193,047	1,212,604
Other capital	-120,978	-124,026	-93,379	-113,552

Portfolio Investment	4,460,296	4,255,230	4,004,785	3,908,419
Equity	2,036,457	1,966,201	1,820,483	1,794,853
Monetary authority²	0	0	0	0
General government	4,929	4,929	5,127	4,876
Monetary financial institutions³	2,380	587	845	954
Other sectors	2,029,148	1,960,685	1,814,511	1,789,023

Debt instruments	2,423,839	2,289,029	2,184,302	2,113,566
Bonds and notes	1,849,341	1,764,572	1,652,964	1,573,667
Monetary authority²	12,848	11,429	10,747	10,913
General government	150	150	382	387
Monetary financial institutions³	72,614	65,671	58,957	48,714
Other sectors	1,763,729	1,687,322	1,582,878	1,513,653

Money market instruments	574,498	524,457	531,338	539,900
Monetary authority²	1,608	1,498	1,694	1,151
General government	0	0	0	0
Monetary financial institutions³	445,624	395,778	397,490	385,393
Other sectors	127,266	127,181	132,154	153,356

Other Investment	1,822,456	1,919,915	2,013,757	2,174,879
Loans, currency and deposits	1,349,906	1,379,983	1,484,927	1,596,833
Monetary authority²	86,391	90,163	103,955	98,621
General government	3,654	3,676	3,579	3,625
Monetary financial institutions³	460,987	494,857	524,081	602,577
Other sectors	798,874	791,287	853,312	892,010

Trade Credits	84,070	85,152	85,705	83,369
General government	0	0	0	0
Other sectors	84,070	85,152	85,705	83,369

Other assets⁴	388,480	454,780	443,125	494,677
Monetary authority²	0	0	0	0
General government	13,772	13,778	13,816	13,731
Monetary financial institutions³	64,964	102,883	104,128	134,798
Other sectors	309,744	338,119	325,181	346,148

Reserve assets	11,672	11,624	11,949	12,862
Monetary gold	475	654	653	641
Special drawing rights	4,999	5,037	5,167	5,477
Reserve Position in the IMF	997	1,005	1,087	1,162
Foreign Exchange	1,664	1,293	1,331	1,670
Other	3,537	3,635	3,711	3,912

Total Foreign Assets	7,565,224	7,362,661	7,130,159	7,195,212
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 2021	Q1 2022	Q2 2022	Q3 2022
Foreign Liabilities
Direct Investment in Ireland¹	1,231,563	1,236,321	1,288,106	1,399,554
Equity capital and reinvested earnings	1,127,774	1,116,964	1,206,691	1,313,769
Other capital	103,789	119,357	81,415	85,785

Portfolio Investment	5,299,118	5,040,806	4,747,967	4,665,262
Equity	4,583,355	4,336,821	4,022,778	3,978,422
Monetary authority²	0	0	0	0
General government	0	0	0	0
Monetary financial institutions³	608,304	574,825	582,349	600,334
Other sectors	3,975,051	3,761,996	3,440,429	3,378,088

Debt instruments	715,763	703,984	725,190	686,840
Bonds and notes	698,958	687,744	710,707	634,213
Monetary authority²	0	0	0	0
General government	86,789	81,341	74,280	69,987
Monetary financial institutions³	17,494	17,019	17,973	17,328
Other sectors	594,675	589,384	618,454	546,898

Money market instruments	16,806	16,240	14,483	52,627
Monetary authority²	0	0	0	0
General government	4,163	4,758	5,516	3,972
Monetary financial institutions³	12,258	11,097	8,578	6,562
Other sectors	385	385	389	42,093

Other Investment	1,654,711	1,695,953	1,727,585	1,835,658
Loans, currency and deposits	997,862	995,507	1,035,150	1,066,991
Monetary authority²	25,751	25,984	27,123	27,344
General government	47,554	41,688	47,245	47,186
Monetary financial institutions³	207,447	221,028	232,584	272,815
Other sectors	717,110	706,807	728,198	719,646

Trade Credits	59,305	53,249	51,140	66,553
General government	0	10	10	11
Other sectors	59,305	53,239	51,130	66,542

Other liabilities⁴	597,544	647,197	641,295	702,114
Monetary authority²	5,045	5,084	5,216	5,356
General government	0	0	0	0
Monetary financial institutions³	79,551	112,092	114,039	133,406
Other sectors	512,948	530,021	522,040	563,352

Total Foreign Liabilities	8,185,392	7,973,080	7,763,658	7,900,474
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 2021	Q1 2022	Q2 2022	Q3 2022
Foreign Assets
Direct Investment Abroad ¹	1,270,800	1,175,892	1,099,668	1,099,052
- IFSC	79,088	75,976	87,055	93,413
- Non-IFSC	1,191,712	1,099,916	1,012,613	1,005,639
Portfolio Investment	4,460,296	4,255,230	4,004,785	3,908,419
- IFSC	4,280,189	4,082,203	3,842,642	3,753,697
- Non-IFSC	180,107	173,027	162,143	154,722
Other Investment ²	1,822,456	1,919,915	2,013,757	2,174,879
- IFSC	1,552,355	1,652,418	1,728,316	1,872,171
- Non-IFSC	270,101	267,497	285,441	302,708
Reserve Assets	11,672	11,624	11,949	12,862
- IFSC	0	0	0	0
- Non-IFSC	11,672	11,624	11,949	12,862
Total Foreign Assets	7,565,224	7,362,661	7,130,159	7,195,212
- IFSC	5,911,632	5,810,597	5,658,013	5,719,281
- Non-IFSC	1,653,592	1,552,064	1,472,146	1,475,931

Foreign Liabilities
Direct Investment in Ireland ¹	1,231,563	1,236,321	1,288,106	1,399,554
- IFSC	297,219	299,762	328,080	346,792
- Non-IFSC	934,344	936,559	960,026	1,052,762
Portfolio Investment	5,299,118	5,040,806	4,747,967	4,665,262
- IFSC	4,297,240	4,145,030	3,962,466	3,885,491
- Non-IFSC	1,001,878	895,776	785,501	779,771
Other Investment ²	1,654,711	1,695,953	1,727,585	1,835,658
- IFSC	1,332,847	1,387,270	1,400,671	1,488,575
- Non-IFSC	321,864	308,683	326,914	347,083
Total Foreign Liabilities	8,185,392	7,973,080	7,763,658	7,900,474
- IFSC	5,927,306	5,832,062	5,691,217	5,720,858
- Non-IFSC	2,258,086	2,141,018	2,072,441	2,179,616

Net International Investment Position (IIP)
Direct Investment ¹	39,237	-60,429	-188,438	-300,502
- IFSC	-218,131	-223,786	-241,025	-253,379
- Non-IFSC	257,368	163,357	52,587	-47,123
Portfolio Investment	-838,822	-785,576	-743,182	-756,843
- IFSC	-17,051	-62,827	-119,824	-131,794
- Non-IFSC	-821,771	-722,749	-623,358	-625,049
Other Investment²	167,745	223,962	286,172	339,221
- IFSC	219,508	265,148	327,645	383,596
- Non-IFSC	-51,763	-41,186	-41,473	-44,375
Reserve Assets	11,672	11,624	11,949	12,862
- IFSC	0	0	0	0
- Non-IFSC	11,672	11,624	11,949	12,862
Total (Net IIP)	-620,168	-610,419	-633,499	-705,262
- IFSC	-15,674	-21,465	-33,204	-1,577
- Non-IFSC	-604,494	-588,954	-600,295	-703,685
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 2022 - Reconciliation of IIP and BOP Flows

Table 5.8 International Investment Position (IIP) - 30th September 2022 - Reconciliation of IIP and BOP Flows				€ million
Item	Opening Position 01/07/2022	Bop Flows in Quarter	Valuation and Other Changes	Closing Position 30/09/2022
Foreign Assets

Direct Investment Abroad¹	1,099,668	-12,302	11,686	1,099,052
Equity capital and reinvested earnings	1,193,047	-6,685	26,242	1,212,604
Other capital	-93,379	-5,617	-14,556	-113,552

Portfolio Investment	4,004,785	-45,681	-50,685	3,908,419
Equity	1,820,483	-16,961	-8,669	1,794,853
Debt instruments	2,184,302	-28,720	-42,016	2,113,566
Bonds and notes	1,652,964	-16,163	-63,134	1,573,667
Money market instruments	531,338	-12,558	21,120	539,900

Other Investment	2,013,757	88,719	72,403	2,174,879
Loans, currency and deposits	1,484,927	66,952	44,954	1,596,833
Other²	528,830	21,767	27,449	578,046

Reserve Assets	11,949	603	310	12,862

Total Foreign Assets	7,130,159	31,339	33,714	7,195,212

Foreign Liabilities

Direct Investment in Ireland¹	1,288,106	36,808	74,640	1,399,554
Equity capital and reinvested earnings	1,206,691	42,755	64,323	1,313,769
Other capital	81,415	-5,947	10,317	85,785

Portfolio Investment	4,747,967	2,171	-84,876	4,665,262
Equity	4,022,778	8,829	-53,185	3,978,422
Debt instruments	725,190	-6,657	-31,693	686,840
Bonds and notes	710,707	-2,605	-73,889	634,213
Money market instruments	14,483	-4,052	42,196	52,627

Other Investment	1,727,585	11,724	96,349	1,835,658
Loans, currency and deposits	1,035,150	-8,300	40,141	1,066,991
Other²	692,435	20,024	56,208	768,667

Total Foreign Liabilities	7,763,658	50,703	86,113	7,900,474
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 2022			30 September 2022
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
General Government	0	140,757	140,757	0	134,522	134,523
Short-term	0	21,396	21,396	0	19,513	19,513
Money market instruments	0	5,516	5,516	0	3,972	3,972
Loans & Deposits	0	15,880	15,880	0	15,541	15,541
Long-term	0	119,361	119,362	0	115,009	115,009
Bonds and notes	0	74,280	74,280	0	69,987	69,987
Loans	0	45,081	45,081	0	45,022	45,022

Monetary Authority²	0	32,339	32,339	0	32,700	32,700
Short-term	0	27,123	27,123	0	27,344	27,344
Loans and deposits	0	27,123	27,123	0	27,344	27,344
Long-term	0	5,216	5,216	0	5,356	5,356
Other debt liabilities	0	5,216	5,216	0	5,356	5,356

Monetary Financial Institutions³	281,817	22,295	304,112	314,565	24,145	338,710
Short-term	219,796	18,388	238,184	256,078	20,283	276,361
Money market instruments	8,578	0	8,578	6,562	0	6,562
Loans and deposits	211,218	18,388	229,606	249,516	20,283	269,799
Long-term	62,021	3,907	65,928	58,487	3,862	62,349
Bonds and notes	14,821	3,152	17,973	14,200	3,128	17,328
Loans	11	0	11	8	0	8
Other debt liabilities	47,189	755	47,944	44,279	734	45,013

Other Sectors⁴	1,576,596	247,559	1,824,154	1,558,354	266,650	1,825,003
Short-term	583,354	119,161	702,514	673,598	131,353	804,950
Money market instruments	4	385	389	41,701	391	42,092
Loans and deposits	414,715	4,245	418,960	430,562	4,729	435,291
Trade credits	168,634	114,531	283,165	201,335	126,233	327,568
Long-term	993,243	128,398	1,121,641	884,756	135,297	1,020,053
Bonds and notes	580,712	37,742	618,454	506,019	40,879	546,898
Loans	219,897	89,341	309,238	190,174	94,180	284,354
Other debt liabilities	192,634	1,315	193,949	188,563	238	188,801

Direct Investment ⁵	110,107	542,969	653,076	126,966	573,156	700,122
Debt liabilities to affiliated enterprises	11,113	245,006	256,119	10,833	263,889	274,722
Debt liabilities to direct investors	98,994	297,963	396,957	116,133	309,267	425,400

Gross External Debt	1,968,520	985,919	2,954,438	1,999,885	1,031,173	3,031,058
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 2022			30 September 2022
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
General Government	0	17,656	17,655	0	17,707	17,707
Short-term	0	16,964	16,964	0	17,015	17,015
Money market instruments	0	0	0	0	0	0
Loans and deposits	0	16,964	16,964	0	17,015	17,015
Long-term	0	692	691	0	692	692
Bonds and notes	0	382	382	0	387	387
Loans	0	310	310	0	305	305

Monetary Authority ²	0	116,396	116,396	0	110,686	110,686
Short-term	0	106,047	106,047	0	100,241	100,241
Money market instruments	0	2,092	2,092	0	1,620	1,620
Loans and deposits	0	103,955	103,955	0	98,621	98,621
Long-term	0	10,349	10,349	0	10,445	10,445
Bonds and notes	0	10,349	10,349	0	10,445	10,445

Monetary Financial Institutions³	954,605	55,609	1,010,215	1,011,276	58,484	1,069,760
Short-term	877,514	20,775	898,289	941,256	24,959	966,215
Money market instruments	397,450	40	397,490	385,350	43	385,393
Loans and deposits	480,064	20,735	500,799	555,906	24,916	580,822
Long-term	77,091	34,834	111,925	70,019	33,525	103,544
Bonds and notes	40,964	17,993	58,957	32,539	16,175	48,714
Loans	36,127	16,841	52,968	37,481	17,349	54,830
Other debt Assets	0	0	0	-1	1	0

Other Sectors ⁴	2,729,822	169,153	2,898,976	2,706,149	183,501	2,889,649
Short-term	748,776	112,910	861,686	838,846	127,857	966,703
Money market instruments	126,090	6,062	132,152	147,660	5,691	153,351
Loans and deposits	399,471	22,666	422,137	478,760	27,824	506,584
Trade credit assets	223,215	84,182	307,397	212,426	94,342	306,768
Long-term	1,981,047	56,243	2,037,290	1,867,302	55,644	1,922,946
Bonds and notes	1,539,691	43,188	1,582,879	1,471,076	42,575	1,513,651
Loans	420,168	11,007	431,175	374,245	11,182	385,427
Other debt Assets	21,188	2,048	23,236	21,981	1,887	23,868

Direct Investment ⁵	109,213	369,068	478,281	114,264	386,521	500,785
Debt asset claims on affiliated enterprises	15,097	232,579	247,676	16,477	237,094	253,571
Debt asset claims on direct investors	94,116	136,489	230,605	97,787	149,427	247,214

Reserve Assets	0	10,208	10,208	0	11,059	11,059

Debt Instrument Financial Assets ¹	3,793,640	738,090	4,531,731	3,831,689	767,958	4,599,646

Net External Debt ⁶	1,825,120	-247,829	1,577,293	1,831,804	-263,215	1,568,588
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.