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International Accounts Q3 2023

International Investment Position

Net IIP liability of €578 billion at end-September 2023

Online ISSN: 2565-6384

CSO statistical publication, 01 December 2023, 11am

Table 5.1 International Investment Position						€ billion
	30 June 2023			30 September 2023
	Assets	Liabilities	NET	Assets	Liabilities	NET
General Government	22.1	127.3	-105.3	25.0	124.3	-99.4
Monetary Authority	119.7	33.4	86.3	119.9	34.2	85.6
Monetary Financial Institutions	1,191.9	1,074.0	117.9	1,229.2	1,105.1	124.1
Other Financial Intermediaries	5,001.3	4,910.8	90.5	5,015.3	4,924.6	90.7
Non-Financial Companies	1,073.3	1,825.2	-751.8	1,109.5	1,888.2	-778.7
Total	7,408.3	7,970.7	-562.4	7,498.8	8,076.5	-577.6

Open in Excel: International Accounts Q3 2023 Table 5.1 (XLS 36KB)

By the 30th of September 2023, Ireland's quarterly international investment position ((IIP) results show overall stocks of foreign financial assets of €7,499bn - an increase of €0.91bn on the end-June 2023 level, while the corresponding stocks of foreign financial liabilities increased by €106bn to €8,076 over the quarter. Irish residents had an overall net foreign liability of €578bn at end-September 2023, an increase of €15bn in the net foreign liability level at end-June 2023 - see Table 5.2.

X-axis label	Net IIP %GDP
Q42021	-131
Q12022	-119
Q22022	-125
Q32022	-131
Q42022	-117
Q12023	-109
Q22023	-109
Q32023	-113

Some points of note in the Quarter 3 2023 IIP are:

Direct Investment Abroad increased by €27bn to €1167bn.
Equity capital (including reinvested earnings) increased €34.7bn while other capital decreased €8bn – see Table 5.5.
Foreign Assets of Other Financial Intermediaries increased by €14bn. With foreign liabilities increasing by €14bn, the resulting net increased to €91bn - see Table 5.3.
Foreign Assets of the Monetary Authority increased by €0.1bn while foreign liabilities increased by €0.8bn. The resulting net decreased to €86bn - see Table 5.3.

X-axis label	Direct Investment	Portfolio Investment	Other Investment	Reserve Assets	Net IIP
Q42021	57.8	-798.3	160.6	11.7	-568.2
Q12022	-30.3	-742.2	225.9	11.6	-535
Q22022	-160.9	-671.4	232.5	11.9	-587.8
Q32022	-239.2	-718.1	304.5	12.9	-639.9
Q42022	-158.5	-776.7	331.8	12.2	-591.2
Q12023	-103.4	-849.8	383.1	12.2	-557.9
Q22023	-81.5	-794.4	301.4	12	-562.4
Q32023	-95.6	-770.2	276.5	11.7	-577.6

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

Net Portfolio Investment rose €24bn to -€770bn.
Net Other Investment fell €25bn to €276bn.
Reserve Assets shrank €0.4bn to €11.7bn.

X-axis label	General Government	Monetary Financial Institutions	Other Financial Intermediaries	Non-Financial Companies
31 Dec 2022	668	593	1013	1656
31 Mar 2023	676	542	1018	1754
30 Jun 2023	715	554	1039	1843
30 Sep 2023	730	570	1065	1867

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:

€730bn issued by foreign Governments.
€570bn issued by foreign Monetary Financial Institutions (including Money Market Investment Funds).
€1065bn issued by foreign Other Financial Intermediaries (including Non-Money Market Investment Funds).
€1867bn issued by foreign Non-Financial Companies.

X-axis label	Direct Investment	Other Sectors	Monetary Financial Institutions	Monetary Authority	General Government
Q42022	657	1800	307	33	125
Q12023	618	1802	329	33	128
Q22023	606	1865	352	33	127
Q32023	615	1872	349	34	124

Gross External Debt stands at €3 trillion at end-September 2023

By the 30th of September 2023, the gross external debt of all resident sectors (i.e. general government, the monetary authority, financial and non-financial corporations and households) amounted to €2,994bn. This represents an increase of €10bn 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 2023 (€2,984bn) - see Table 5.9.

Points of note are:

General government foreign borrowing fell by €3bn to €124bn at end-September 2023.
Liabilities of the Monetary Authority consisting entirely of short-term loans and deposits increased €0.8bn to €34.2bn. 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) fell €3.3bn to €349bn.
The liabilities of Other sectors at €1,872bn increased €7bn on the previous quarter.
This was made up of a fall in short-term debt of €28bn and a rise in long-term debt of €35bn.
Direct investment liabilities increased by €9bn to €615bn in the quarter.
The Net External Debt position was €1,564bn at end-September 2023, 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	Q32021	Q42021	Q12022	Q22022	Q32022	Q42022	Q12023	Q22023	Q32023
Foreign Assets
Direct Investment Abroad¹	1,208,093	1,315,213	1,206,952	1,137,975	1,136,168	1,125,181	1,156,581	1,140,195	1,166,902
Portfolio Investment	4,233,840	4,504,621	4,304,985	4,053,858	3,955,311	3,928,919	3,989,774	4,151,083	4,231,947
Other Investment²	1,800,467	1,845,300	1,982,373	2,017,856	2,202,311	2,058,510	2,102,271	2,104,996	2,088,314
Reserve Assets	10,753	11,672	11,624	11,949	12,862	12,233	12,219	12,046	11,667
Total Foreign Assets	7,253,153	7,676,806	7,505,934	7,221,638	7,306,652	7,124,843	7,260,845	7,408,320	7,498,830

Foreign Liabilities
Direct Investment in Ireland ¹	1,234,366	1,257,422	1,237,281	1,298,829	1,375,358	1,283,664	1,259,948	1,221,712	1,262,510
Portfolio Investment	4,937,611	5,302,919	5,047,170	4,725,243	4,673,407	4,705,580	4,839,556	4,945,477	5,002,111
Other Investment ²	1,666,491	1,684,675	1,756,505	1,785,406	1,897,774	1,726,756	1,719,193	1,803,555	1,811,846
Total Foreign Liabilities	7,838,468	8,245,016	8,040,956	7,809,478	7,946,539	7,716,000	7,818,697	7,970,744	8,076,467

Net International Investment Position (IIP)
Direct Investment¹	-26,273	57,791	-30,329	-160,854	-239,190	-158,483	-103,367	-81,517	-95,608
Portfolio Investment	-703,771	-798,298	-742,185	-671,385	-718,096	-776,661	-849,782	-794,394	-770,164
Other Investment²	133,976	160,625	225,868	232,450	304,537	331,754	383,078	301,441	276,468
Reserve Assets	10,753	11,672	11,624	11,949	12,862	12,233	12,219	12,046	11,667

Total (Net IIP)	-585,315	-568,210	-535,022	-587,840	-639,887	-591,157	-557,852	-562,424	-577,637
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	Q42021	Q12022	Q22022	Q32022	Q42022	Q12023	Q22023	Q32023
Foreign Assets
General Government	22,543	22,571	22,951	22,681	22,136	22,072	22,050	24,959
Monetary Authority ¹	112,518	114,713	128,345	123,547	128,905	116,341	119,715	119,859
Monetary Financial Institutions ²	1,051,690	1,076,197	1,092,296	1,181,085	1,177,532	1,177,722	1,191,924	1,229,212
Other Sectors ³	6,490,055	6,292,451	5,978,046	5,979,340	5,796,270	5,944,710	6,074,632	6,124,801
of which:
Other Financial Intermediaries	5,221,622	5,146,229	4,913,315	4,904,938	4,735,277	4,862,035	5,001,295	5,015,302
Non-Financial Companies ⁴	1,268,433	1,146,222	1,064,731	1,074,402	1,060,993	1,082,675	1,073,337	1,109,499
Total Foreign Assets	7,676,806	7,505,932	7,221,638	7,306,653	7,124,843	7,260,845	7,408,321	7,498,831

Foreign Liabilities
General Government	152,201	141,607	140,726	134,526	124,983	128,137	127,306	124,312
Monetary Authority ¹	30,796	31,068	32,339	32,700	32,928	33,157	33,444	34,210
Monetary Financial Institutions ²	960,866	978,185	993,089	1,071,210	1,078,340	1,061,791	1,074,046	1,105,130
Other Sectors ³	7,101,153	6,890,097	6,643,324	6,708,103	6,479,749	6,595,613	6,735,948	6,812,815
of which:
Other Financial Intermediaries	5,097,103	5,031,569	4,829,444	4,825,450	4,672,663	4,775,513	4,910,798	4,924,622
Non-Financial Companies ⁴	2,004,050	1,858,528	1,813,880	1,882,653	1,807,086	1,820,100	1,825,150	1,888,193
Total Foreign Liabilities	8,245,016	8,040,957	7,809,478	7,946,539	7,716,000	7,818,698	7,970,744	8,076,467

Net International Investment Position (IIP)
General Government	-129,658	-119,036	-117,775	-111,845	-102,847	-106,065	-105,256	-99,353
Monetary Authority ¹	81,722	83,645	96,006	90,847	95,977	83,184	86,271	85,649
Monetary Financial Institutions ²	90,824	98,012	99,207	109,875	99,192	115,931	117,878	124,082
Other Sectors ³	-611,098	-597,646	-665,278	-728,763	-683,479	-650,903	-661,316	-688,014
of which:
Other Financial Intermediaries	124,519	114,660	83,871	79,488	62,614	86,522	90,497	90,680
Non-Financial Companies ⁴	-735,617	-712,306	-749,149	-808,251	-746,093	-737,425	-751,813	-778,694
Total (Net IIP)	-568,210	-535,022	-587,840	-639,887	-591,157	-557,852	-562,424	-577,637
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 2023			30 September 2023
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
Foreign Assets
General Government	0.00	22,050.00	22,050.00	0.00	24,959.00	24,959.00
Monetary Authority¹	0.00	119,715.00	119,715.00	0.00	119,859.00	119,859.00
Monetary Financial Institutions²	1,123,382.00	68,542.00	1,191,924.00	1,160,255.00	68,957.00	1,229,212.00
Other Sectors³	4,785,286.00	1,289,346.00	6,074,632.00	4,806,528.00	1,318,273.00	6,124,801.00
of which:
Other Financial Intermediaries	4,785,286.00	216,009.00	5,001,295.00	4,806,528.00	208,774.00	5,015,302.00
Non-Financial Companies⁴	0.00	1,073,337.00	1,073,337.00	0.00	1,109,499.00	1,109,499.00
Total Foreign Assets	5,908,668.00	1,499,652.00	7,408,320.00	5,966,783.00	1,532,047.00	7,498,830.00

Foreign Liabilities
General Government	0.00	127,306.00	127,306.00	0.00	124,312.00	124,312.00
Monetary Authority¹	0.00	33,444.00	33,444.00	0.00	34,210.00	34,210.00
Monetary Financial Institutions²	1,042,439.00	31,607.00	1,074,046.00	1,079,385.00	25,745.00	1,105,130.00
Other Sectors³	4,834,354.00	1,901,594.00	6,735,948.00	4,852,960.00	1,959,855.00	6,812,815.00
of which:
Other Financial Intermediaries	4,834,354.00	76,444.00	4,910,798.00	4,852,960.00	71,662.00	4,924,622.00
Non-Financial Companies⁴	0.00	1,825,150.00	1,825,150.00	0.00	1,888,193.00	1,888,193.00
Total Foreign Liabilities	5,876,793.00	2,093,951.00	7,970,744.00	5,932,345.00	2,144,122.00	8,076,467.00

Net International Investment Position (IIP)
General Government	0.00	-105,256.00	-105,256.00	0.00	-99,353.00	-99,353.00
Monetary Authority¹	0.00	86,271.00	86,271.00	0.00	85,649.00	85,649.00
Monetary Financial Institutions²	80,943.00	36,935.00	117,878.00	80,870.00	43,212.00	124,082.00
Other Sectors³	-49,068.00	-612,248.00	-661,316.00	-46,432.00	-641,582.00	-688,014.00
of which:
Other Financial Intermediaries	-49,068.00	139,565.00	90,497.00	-46,432.00	137,112.00	90,680.00
Non-Financial Companies⁴	0.00	-751,813.00	-751,813.00	0.00	-778,694.00	-778,694.00
Total (Net IIP)	31,875.00	-594,298.00	-562,424.00	34,438.00	-612,074.00	-577,637.00
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	Q42022	Q12023	Q22023	Q32023
Foreign Assets
Direct Investment Abroad¹	1,125,181	1,156,581	1,140,195	1,166,902
Equity capital and reinvested earnings	1,198,359	1,239,217	1,214,669	1,249,357
Other capital	-73,178	-82,636	-74,474	-82,455

Portfolio Investment	3,928,919	3,989,774	4,151,083	4,231,947
Equity	1,793,250	1,867,488	1,945,937	1,969,744
Monetary authority²	0	0	0	0
General government	4,499	4,457	4,457	4,277
Monetary financial institutions³	181	-187	-588	-148
Other sectors	1,788,570	1,863,218	1,942,068	1,965,615

Debt instruments	2,135,669	2,122,286	2,205,146	2,262,204
Bonds and notes	1,562,492	1,611,814	1,658,826	1,690,862
Monetary authority²	11,072	11,228	11,178	11,361
General government	634	649	649	648
Monetary financial institutions³	48,164	41,251	48,584	51,857
Other sectors	1,502,622	1,558,686	1,598,415	1,626,996

Money market instruments	573,177	510,473	546,320	571,341
Monetary authority²	1,620	1,548	1,546	1,824
General government	0	0	0	0
Monetary financial institutions³	439,910	377,728	412,312	429,822
Other sectors	131,647	131,197	132,462	139,695

Other Investment	2,058,510	2,102,271	2,104,996	2,088,314
Loans, currency and deposits	1,482,717	1,544,531	1,522,139	1,481,350
Monetary authority²	103,980	91,346	94,945	95,006
General government	3,587	3,537	3,527	6,617
Monetary financial institutions³	576,221	644,107	613,962	614,707
Other sectors	798,929	805,541	809,705	765,020

Trade Credits	77,282	74,347	79,910	81,012
General government	0	0	0	0
Other sectors	77,282	74,347	79,910	81,012

Other assets⁴	498,511	483,393	502,947	525,952
Monetary authority²	0	0	0	0
General government	13,378	13,391	13,380	13,379
Monetary financial institutions³	106,317	107,279	109,807	123,661
Other sectors	378,816	362,723	379,760	388,912

Reserve assets	12,233	12,219	12,046	11,667
Monetary gold	641	684	659	663
Special drawing rights	5,226	5,161	5,154	5,192
Reserve Position in the IMF	1,159	1,146	1,136	1,197
Foreign Exchange	1,638	1,626	1,548	1,111
Other	3,569	3,602	3,549	3,504

Total Foreign Assets	7,124,843	7,260,845	7,408,320	7,498,830
¹Reflecting the directional principle for reclassifying Direct Investment (see background notes).
²Central Bank of Ireland.
³Covering licensed credit institutions and money market funds.

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Table 5.6 International Investment Position (IIP) - Detailed Data

Table 5.6 International Investment Position (IIP) - Detailed Data				€ million
Item	Q42022	Q12023	Q22023	Q32023
Foreign Liabilities
Direct Investment in Ireland¹	1,283,664	1,259,948	1,221,712	1,262,510
Equity capital and reinvested earnings	1,192,522	1,165,214	1,067,046	1,100,988
Other capital	91,142	94,734	154,666	161,522

Portfolio Investment	4,705,580	4,839,556	4,945,477	5,002,111
Equity	4,012,194	4,128,133	4,229,163	4,276,545
Monetary authority²	0	0	0	0
General government	0	0	0	0
Monetary financial institutions³	654,428	625,436	615,161	639,690
Other sectors	3,357,766	3,502,697	3,614,002	3,636,855

Debt instruments	693,385	711,424	716,314	725,566
Bonds and notes	639,132	658,592	657,575	664,288
Monetary authority²	0	0	0	0
General government	64,377	66,298	66,027	63,891
Monetary financial institutions³	16,681	16,698	17,305	16,337
Other sectors	558,074	575,596	574,243	584,060

Money market instruments	54,253	52,831	58,740	61,277
Monetary authority²	0	0	0	0
General government	0	1,201	712	57
Monetary financial institutions³	7,594	9,009	10,408	10,430
Other sectors	46,659	42,621	47,620	50,790

Other Investment	1,726,756	1,719,193	1,803,555	1,811,846
Loans, currency and deposits	967,844	981,450	1,002,559	976,083
Monetary authority²	27,819	28,106	28,445	29,146
General government	47,205	47,235	47,162	46,959
Monetary financial institutions³	255,345	259,562	270,473	266,978
Other sectors	637,475	646,547	656,479	633,000

Trade Credits	51,584	44,589	45,625	54,920
General government	10	11	12	13
Other sectors	51,574	44,578	45,613	54,907

Other liabilities⁴	707,328	693,154	755,371	780,843
Monetary authority²	5,109	5,051	4,999	5,064
General government	0	0	0	0
Monetary financial institutions³	109,886	114,931	125,260	134,314
Other sectors	592,333	573,172	625,112	641,465

Total Foreign Liabilities	7,716,000	7,818,697	7,970,744	8,076,467
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	Q42022	Q12023	Q22023	Q32023
Foreign Assets
Direct Investment Abroad ¹	1,125,181	1,156,581	1,140,195	1,166,902
- IFSC	106,861	108,446	108,659	110,700
- Non-IFSC	1,018,320	1,048,135	1,031,536	1,056,202
Portfolio Investment	3,928,919	3,989,774	4,151,083	4,231,947
- IFSC	3,772,150	3,827,439	3,979,283	4,062,880
- Non-IFSC	156,769	162,335	171,800	169,067
Other Investment ²	2,058,510	2,102,271	2,104,996	2,088,314
- IFSC	1,765,944	1,831,171	1,820,725	1,793,202
- Non-IFSC	292,566	271,100	284,271	295,112
Reserve Assets	12,233	12,219	12,046	11,667
- IFSC	0	0	0	0
- Non-IFSC	12,233	12,219	12,046	11,667
Total Foreign Assets	7,124,843	7,260,845	7,408,320	7,498,830
- IFSC	5,644,955	5,767,056	5,908,667	5,966,782
- Non-IFSC	1,479,888	1,493,789	1,499,653	1,532,048

Foreign Liabilities
Direct Investment in Ireland ¹	1,283,664	1,259,948	1,221,712	1,262,510
- IFSC	323,954	314,752	305,250	317,538
- Non-IFSC	959,710	945,196	916,462	944,972
Portfolio Investment	4,705,580	4,839,556	4,945,477	5,002,111
- IFSC	3,931,586	4,022,999	4,098,696	4,141,775
- Non-IFSC	773,994	816,557	846,781	860,336
Other Investment ²	1,726,756	1,719,193	1,803,555	1,811,846
- IFSC	1,384,432	1,393,880	1,472,847	1,473,032
- Non-IFSC	342,324	325,313	330,708	338,814
Total Foreign Liabilities	7,716,000	7,818,697	7,970,744	8,076,467
- IFSC	5,639,972	5,731,631	5,876,793	5,932,345
- Non-IFSC	2,076,028	2,087,066	2,093,951	2,144,122

Net International Investment Position (IIP)
Direct Investment ¹	-158,483	-103,367	-81,517	-95,608
- IFSC	-217,093	-206,306	-196,591	-206,838
- Non-IFSC	58,610	102,939	115,074	111,230
Portfolio Investment	-776,661	-849,782	-794,394	-770,164
- IFSC	-159,436	-195,560	-119,413	-78,895
- Non-IFSC	-617,225	-654,222	-674,981	-691,269
Other Investment²	331,754	383,078	301,441	276,468
- IFSC	381,512	437,291	347,878	320,170
- Non-IFSC	-49,758	-54,213	-46,437	-43,702
Reserve Assets	12,233	12,219	12,046	11,667
- IFSC	0	0	0	0
- Non-IFSC	12,233	12,219	12,046	11,667
Total (Net IIP)	-591,157	-557,852	-562,424	-577,637
- IFSC	4,983	35,425	31,874	34,437
- Non-IFSC	-596,140	-593,277	-594,298	-612,074
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 September 2023 - Reconciliation of IIP and BOP Flows

Table 5.8 International Investment Position (IIP) - 30th September 2023 - Reconciliation of IIP and BOP Flows				€ million
Item	Opening Position 01/07/2023	Bop Flows in Quarter	Valuation and Other Changes	Closing Position 30/09/2023
Foreign Assets

Direct Investment Abroad¹	1,140,195	7,111	19,596	1,166,902
Equity capital and reinvested earnings	1,214,669	11,411	23,277	1,249,357
Other capital	-74,474	-4,300	-3,681	-82,455

Portfolio Investment	4,151,083	88,835	-7,971	4,231,947
Equity	1,945,937	31,135	-7,328	1,969,744
Debt instruments	2,205,146	57,700	-642	2,262,204
Bonds and notes	1,658,826	41,938	-9,902	1,690,862
Money market instruments	546,320	15,762	9,259	571,341

Other Investment	2,104,996	-8,543	-8,139	2,088,314
Loans, currency and deposits	1,522,139	4,339	-45,128	1,481,350
Other²	582,857	-12,882	36,989	606,964

Reserve Assets	12,046	-529	150	11,667

Total Foreign Assets	7,408,320	86,874	3,636	7,498,830

Foreign Liabilities

Direct Investment in Ireland¹	1,221,712	23,649	17,149	1,262,510
Equity capital and reinvested earnings	1,067,046	12,546	21,396	1,100,988
Other capital	154,666	11,103	-4,247	161,522

Portfolio Investment	4,945,477	43,251	13,383	5,002,111
Equity	4,229,163	44,757	2,625	4,276,545
Debt instruments	716,314	-1,505	10,757	725,566
Bonds and notes	657,575	-3,805	10,518	664,288
Money market instruments	58,740	2,299	238	61,277

Other Investment	1,803,555	1,147	7,144	1,811,846
Loans, currency and deposits	1,002,559	-4,252	-22,224	976,083
Other²	800,996	5,399	29,368	835,763

Total Foreign Liabilities	7,970,744	68,047	37,676	8,076,467
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 2023			30 September 2023
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
General Government	0	127,306	127,306	0	124,312	124,312
Short-term	0	16,281	16,281	0	15,626	15,626
Money market instruments	0	712	712	0	57	57
Loans & Deposits	0	15,569	15,569	0	15,569	15,569
Long-term	0	111,025	111,025	0	108,686	108,686
Bonds and notes	0	66,027	66,027	0	63,891	63,891
Loans	0	44,998	44,998	0	44,795	44,795

Monetary Authority²	0	33,444	33,444	0	34,210	34,210
Short-term	0	28,445	28,445	0	29,146	29,146
Loans and deposits	0	28,445	28,445	0	29,146	29,146
Long-term	0	4,999	4,999	0	5,064	5,064
Other debt liabilities	0	4,999	4,999	0	5,064	5,064

Monetary Financial Institutions³	330,778	21,484	352,262	333,178	15,820	348,998
Short-term	252,735	16,275	269,010	243,473	11,561	255,034
Money market instruments	10,408	0	10,408	10,430	0	10,430
Loans and deposits	242,327	16,275	258,602	233,043	11,561	244,604
Long-term	78,043	5,209	83,252	89,705	4,259	93,964
Bonds and notes	12,854	4,451	17,305	12,702	3,635	16,337
Loans	6	0	6	4	0	4
Other debt liabilities	65,183	758	65,941	76,999	624	77,623

Other Sectors⁴	1,614,794	250,449	1,865,242	1,606,499	265,606	1,872,104
Short-term	739,150	118,312	857,462	700,815	128,929	829,744
Money market instruments	47,224	395	47,619	50,401	389	50,790
Loans and deposits	409,043	3,839	412,882	354,070	8,091	362,161
Trade credits	282,882	114,078	396,960	296,344	120,449	416,793
Long-term	875,644	132,137	1,007,781	905,684	136,677	1,042,361
Bonds and notes	535,465	38,777	574,242	544,604	39,457	584,061
Loans	151,059	92,538	243,597	174,586	96,253	270,839
Other debt liabilities	189,120	822	189,942	186,494	967	187,461

Direct Investment ⁵	93,300	512,694	605,994	101,562	513,007	614,569
Debt liabilities to affiliated enterprises	12,998	206,573	219,571	12,560	205,327	217,887
Debt liabilities to direct investors	80,302	306,121	386,423	89,002	307,680	396,682

Gross External Debt	2,038,872	945,377	2,984,248	2,041,239	952,955	2,994,193
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.

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Table 5.10 - Debt Instrument Financial Assets

Table 5.10 - Debt Instrument Financial Assets
	30 June 2023			30 September 2023
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
General Government	0	17,556	17,555	0	20,645	20,645
Short-term	0	16,623	16,623	0	19,713	19,713
Money market instruments	0	0	0	0	0	0
Loans and deposits	0	16,623	16,623	0	19,713	19,713
Long-term	0	933	932	0	932	932
Bonds and notes	0	649	649	0	648	648
Loans	0	284	284	0	284	284

Monetary Authority ²	0	107,669	107,669	0	108,192	108,192
Short-term	0	96,707	96,707	0	96,886	96,886
Money market instruments	0	1,762	1,762	0	1,880	1,880
Loans and deposits	0	94,945	94,945	0	95,006	95,006
Long-term	0	10,962	10,962	0	11,306	11,306
Bonds and notes	0	10,962	10,962	0	11,306	11,306

Monetary Financial Institutions³	1,049,101	59,793	1,108,894	1,071,921	60,223	1,132,144
Short-term	982,769	25,111	1,007,880	1,000,310	25,056	1,025,366
Money market instruments	412,250	62	412,312	429,777	45	429,822
Loans and deposits	570,519	25,049	595,568	570,533	25,011	595,544
Long-term	66,332	34,682	101,014	71,611	35,167	106,778
Bonds and notes	30,925	17,659	48,584	34,086	17,771	51,857
Loans	35,407	17,023	52,430	37,525	17,396	54,921
Other debt Assets	0	0	0	0	0	0

Other Sectors ⁴	2,742,998	175,251	2,918,248	2,733,878	182,737	2,916,617
Short-term	856,558	114,802	971,360	821,781	122,900	944,681
Money market instruments	125,783	6,677	132,460	133,328	6,366	139,694
Loans and deposits	454,099	23,470	477,569	412,535	23,654	436,189
Trade credit assets	276,676	84,655	361,331	275,918	92,880	368,798
Long-term	1,886,440	60,449	1,946,889	1,912,099	59,837	1,971,936
Bonds and notes	1,551,703	46,713	1,598,416	1,580,754	46,241	1,626,995
Loans	320,879	11,258	332,137	317,600	11,231	328,831
Other debt Assets	13,858	2,478	16,336	13,745	2,365	16,110

Direct Investment ⁵	96,006	280,847	376,854	101,952	268,640	370,592
Debt asset claims on affiliated enterprises	17,805	183,245	201,050	17,120	175,256	192,376
Debt asset claims on direct investors	78,201	97,602	175,803	84,832	93,384	178,216

Reserve Assets	0	10,252	10,252	0	9,808	9,808

Debt Instrument Financial Assets ¹	3,888,105	651,368	4,539,472	3,907,751	650,245	4,557,998

Net External Debt ⁶	1,849,233	-294,009	1,555,224	1,866,512	-302,710	1,563,805
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.