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International Accounts Q3 2025

International Investment Position

Net IIP liability of €330 billion at end-September 2025

Online ISSN: 2565-6384

CSO statistical release, 04 December 2025, 11am

Table 5.1 International Investment Position						€ billion
	30 June 2025			30 September 2025
	Assets	Liabilities	NET	Assets	Liabilities	NET
General Government	37.0	105.3	-68.3	37.7	106.0	-68.3
Monetary Authority	115.5	35.8	79.7	115.9	36.2	79.7
Monetary Financial Institutions	1,501.3	1,356.0	145.2	1,518.9	1,373.2	145.7
Other Financial Intermediaries	6,306.7	6,140.5	166.2	6,605.9	6,412.3	193.6
Non-Financial Companies	984.9	1,645.9	-661.0	968.2	1,648.7	-680.5
Total	8,945.4	9,283.5	-338.1	9,246.6	9,576.4	-329.8

Open in Excel: International Accounts Q3 2025 Table 5.1 (XLS 37KB)

At 30th September 2025, Ireland's quarterly international investment position ((IIP) results show overall stocks of foreign financial assets of €9,247bn - an increase of €301bn on the end-June 2025 level, while the corresponding stocks of foreign financial liabilities increased by €293bn to €9,576 over the quarter. Irish residents had an overall net foreign liability of €330bn at end-September 2025, a decrease of €8bn in the net foreign liability level at end-June 2025 - see Table 5.2.

X-axis label	Net IIP %GDP
Q42023	-103
Q12024	-98
Q22024	-91
Q32024	-81
Q42024	-81
Q12025	-67
Q22025	-54
Q32025	-52

Some points of note in the Quarter 3 2025 IIP are:

Direct Investment Abroad decreased by €26bn to €1112bn
Equity capital (including reinvested earnings) decreased €41.4bn while other capital increased €10.7bn – see Table 5.5
Foreign Assets of Other Financial Intermediaries increased by €299bn. With foreign liabilities increasing by €272bn, the resulting net increased to €194bn - see Table 5.3
Foreign Assets of the Monetary Authority increased by €0.4bn while foreign liabilities increased by €0.4bn. The resulting net decreased to €80bn - see Table 5.3

X-axis label	Direct Investment	Portfolio Investment	Other Investment	Reserve Assets	Net IIP
Q42023	-30.7	-848.7	325.6	11.7	-542.1
Q12024	79.7	-904.1	297.7	11.8	-514.9
Q22024	33.5	-854.6	325.2	11.9	-484.1
Q32024	42.1	-849.3	358.9	11.5	-436.8
Q42024	102.4	-937.5	364.9	12.2	-458
Q12025	88.4	-885.5	387.2	12.1	-397.8
Q22025	131.9	-797.2	316	11.2	-338.1
Q32025	70.4	-757.3	345.6	11.4	-329.8

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

Net Portfolio Investment rose €40bn to -€757bn.
Net Other Investment rose €30bn to €346bn.
Reserve Assets grew €0.2bn to €11.4bn.

X-axis label	General Government	Monetary Financial Institutions	Other Financial Intermediaries	Non-Financial Companies
31 Dec 2024	882	726	1328	2448
31 Mar 2025	866	745	1332	2394
30 Jun 2025	862	752	1321	2480
30 Sep 2025	892	760	1400	2678

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:

€862bn issued by foreign Governments
€752bn issued by foreign Monetary Financial Institutions (including Money Market Investment Funds)
€1321bn issued by foreign Other Financial Intermediaries (including Non-Money Market Investment Funds)
€2480bn issued by foreign Non-Financial Companies

X-axis label	Direct Investment	Other Sectors	Monetary Financial Institutions	Monetary Authority	General Government
Q42024	508	2057	348	36	113
Q12025	494	2148	389	37	105
Q22025	461	2160	404	36	105
Q32025	457	2168	425	36	106

Gross External Debt stands at €3.2 trillion at end-September 2025

At 30th September 2025, the gross external debt of all resident sectors (i.e. general government, the monetary authority, financial and non-financial corporations and households) amounted to €3,192bn. This represents an increase of €25bn 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 2025 (€3,167bn) - see Table 5.9.

Points of note are:

General government foreign borrowing rose by €1bn to €106bn at end-September 2025
Liabilities of the Monetary Authority consisting mainly of short term loans and deposits increased €0.4bn to €36.2bn. These liabilities are to the European System of Central Banks (ESCB) and include balances in the TARGET2 settlement system of the ESCB
Debt liabilities of Monetary financial institutions (credit institutions and money market funds) rose €20.2bn to €424.6bn
The liabilities of Other sectors at €2,168bn increased €8bn on the previous quarter
This was made up of a fall in short-term debt of €23bn and a rise in long-term debt of €31bn
Direct investment liabilities decreased by €5bn to €457bn in the quarter
The Net External Debt position was -€2,242bn at end-September 2025, 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.

Net International Investment Position of Foreign Controlled Companies was -€527.7bn at end-September 2025

The figure below shows the contributions of Foreign-owned and Domestically-owned companies to the Net International Investment Position. Note that we are using the location of the Ultimate Controlling Parent to determine ownership.

	Foreign Owned	Irish Owned	Net IIP
Q4 2023	-631.3	89.2	-542.1
Q1 2024	-595.7	80.7	-514.9
Q2 2024	-587.1	103	-484.1
Q3 2024	-546.1	109.3	-436.8
Q4 2024	-596.3	138.3	-458
Q1 2025	-571.3	173.5	-397.8
Q2 2025	-523.7	185.6	-338.1
Q3 2025	-527.7	198	-329.8

We can see that while the overall Net International Investment is a net liability of €330bn at the end of September 2025. If we look at just Foreign-owned companies the net liability is €528bn while for Domestically-owned companies there are net assets of €198bn.

Table 5.11 below shows this further broken down by institutional sector. While table 5.12 shows this further broken down by functional category.

Table 5.2 International Investment Position (IIP) classified by Functional Category

Table 5.2 International Investment Position (IIP) classified by Functional Category									€ million
Item	Q32023	Q42023	Q12024	Q22024	Q32024	Q42024	Q12025	Q22025	Q32025
Foreign Assets
Direct Investment Abroad¹	1,130,014	1,155,831	1,127,473	1,082,583	1,048,645	1,191,557	1,168,639	1,137,932	1,111,672
Portfolio Investment	4,246,507	4,454,158	4,702,252	4,866,813	5,055,966	5,382,238	5,336,370	5,414,248	5,730,628
Other Investment²	2,088,873	2,007,296	2,049,547	2,142,764	2,156,531	2,256,656	2,402,433	2,382,063	2,392,904
Reserve Assets	11,667	11,675	11,754	11,874	11,472	12,196	12,079	11,188	11,438
Total Foreign Assets	7,477,061	7,628,960	7,891,026	8,104,034	8,272,614	8,842,647	8,919,521	8,945,431	9,246,641

Foreign Liabilities
Direct Investment in Ireland ¹	1,198,814	1,186,566	1,047,784	1,049,102	1,006,560	1,089,150	1,080,265	1,006,031	1,041,225
Portfolio Investment	5,062,534	5,302,847	5,606,313	5,721,406	5,905,242	6,319,733	6,221,884	6,211,457	6,487,933
Other Investment ²	1,785,637	1,681,656	1,751,855	1,817,588	1,797,623	1,891,722	2,015,211	2,066,019	2,047,254
Total Foreign Liabilities	8,046,985	8,171,069	8,405,952	8,588,096	8,709,425	9,300,605	9,317,360	9,283,507	9,576,412

Net International Investment Position (IIP)
Direct Investment¹	-68,800	-30,735	79,689	33,481	42,085	102,407	88,374	131,901	70,447
Portfolio Investment	-816,027	-848,689	-904,061	-854,593	-849,276	-937,495	-885,514	-797,209	-757,305
Other Investment²	303,236	325,640	297,692	325,176	358,908	364,934	387,222	316,044	345,650
Reserve Assets	11,667	11,675	11,754	11,874	11,472	12,196	12,079	11,188	11,438

Total (Net IIP)	-569,924	-542,109	-514,926	-484,062	-436,811	-457,958	-397,839	-338,076	-329,771
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 2025 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	Q42023	Q12024	Q22024	Q32024	Q42024	Q12025	Q22025	Q32025
Foreign Assets
General Government	26,746	30,606	28,826	18,694	35,230	36,891	36,973	37,732
Monetary Authority ¹	124,395	116,357	125,269	123,329	122,212	116,886	115,507	115,922
Monetary Financial Institutions ²	1,221,034	1,242,246	1,283,741	1,354,305	1,440,297	1,484,377	1,501,258	1,518,915
Other Sectors ³	6,256,784	6,501,816	6,666,197	6,776,285	7,244,909	7,281,367	7,291,694	7,574,072
of which:
Other Financial Intermediaries	5,192,061	5,434,324	5,638,049	5,773,273	6,184,679	6,260,143	6,306,745	6,605,914
Non-Financial Companies ⁴	1,064,723	1,067,492	1,028,148	1,003,012	1,060,230	1,021,224	984,949	968,158
Total Foreign Assets	7,628,959	7,891,025	8,104,033	8,272,613	8,842,648	8,919,521	8,945,432	9,246,641

Foreign Liabilities
General Government	126,458	123,765	123,236	113,397	112,589	105,090	105,259	106,028
Monetary Authority ¹	34,573	34,878	35,149	35,493	36,206	36,569	35,792	36,216
Monetary Financial Institutions ²	1,116,688	1,132,398	1,166,674	1,221,429	1,296,759	1,342,936	1,356,043	1,373,192
Other Sectors ³	6,893,350	7,114,912	7,263,037	7,339,106	7,855,049	7,832,765	7,786,412	8,060,976
of which:
Other Financial Intermediaries	5,091,599	5,306,502	5,498,054	5,629,484	6,050,254	6,104,547	6,140,501	6,412,288
Non-Financial Companies ⁴	1,801,751	1,808,410	1,764,983	1,709,622	1,804,795	1,728,218	1,645,911	1,648,688
Total Foreign Liabilities	8,171,069	8,405,953	8,588,096	8,709,425	9,300,603	9,317,360	9,283,506	9,576,412

Net International Investment Position (IIP)
General Government	-99,712	-93,159	-94,410	-94,703	-77,359	-68,199	-68,286	-68,295
Monetary Authority ¹	89,822	81,479	90,120	87,836	86,006	80,317	79,715	79,707
Monetary Financial Institutions ²	104,346	109,848	117,067	132,876	143,538	141,441	145,215	145,722
Other Sectors ³	-636,566	-613,096	-596,840	-562,821	-610,140	-551,398	-494,718	-486,904
of which:
Other Financial Intermediaries	100,462	127,822	139,995	143,789	134,425	155,596	166,244	193,626
Non-Financial Companies ⁴	-737,028	-740,918	-736,835	-706,610	-744,565	-706,994	-660,962	-680,530
Total (Net IIP)	-542,109	-514,926	-484,062	-436,811	-457,958	-397,839	-338,076	-329,771
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 2025			30 September 2025
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
Foreign Assets
General Government	0	36,973	36,973	0	37,732	37,732
Monetary Authority¹	0	115,507	115,507	0	115,922	115,922
Monetary Financial Institutions²	1,425,186	76,072	1,501,258	..	..	1,518,915
Other Sectors³	5,945,531	1,346,163	7,291,694	..	..	7,574,072
of which:
Other Financial Intermediaries	5,945,531	361,214	6,306,745	..	..	6,605,914
Non-Financial Companies⁴	0	984,949	984,949	0	968,158	968,158
Total Foreign Assets	7,370,717	1,574,714	8,945,431	7,686,687	1,559,954	9,246,641

Foreign Liabilities
General Government	0	105,259	105,259	0	106,028	106,028
Monetary Authority¹	0	35,792	35,792	0	36,216	36,216
Monetary Financial Institutions²	1,332,946	23,097	1,356,043	..	..	1,373,192
Other Sectors³	5,953,433	1,832,979	7,786,412	..	..	8,060,976
of which:
Other Financial Intermediaries	5,953,433	187,068	6,140,501	..	..	6,412,288
Non-Financial Companies⁴	0	1,645,911	1,645,911	0	1,648,688	1,648,688
Total Foreign Liabilities	7,286,379	1,997,128	9,283,507	7,564,966	2,011,446	9,576,412

Net International Investment Position (IIP)
General Government	0	-68,286	-68,286	0	-68,295	-68,295
Monetary Authority¹	0	79,715	79,715	0	79,707	79,707
Monetary Financial Institutions²	92,240	52,975	145,215	90,937	54,785	145,722
Other Sectors³	-7,902	-486,816	-494,718	30,784	-517,688	-486,904
of which:
Other Financial Intermediaries	-7,902	174,146	166,244	30,784	162,842	193,626
Non-Financial Companies⁴	0	-660,962	-660,962	0	-680,530	-680,530
Total (Net IIP)	84,338	-422,412	-338,076	121,721	-451,492	-329,771
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.
..Data supressed for confidentiality reasons.

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Table 5.5 International Investment Position (IIP) - Detailed Data by Foreign Assets

Table 5.5 International Investment Position (IIP) - Detailed Data by Foreign Assets				€ million
Item	Q42024	Q12025	Q22025	Q32025
Foreign Assets
Direct Investment Abroad¹	1,191,557	1,168,639	1,137,932	1,111,672
Equity capital and reinvested earnings	1,268,418	1,235,376	1,193,949	1,167,665
Other capital	-76,861	-66,737	-56,017	-55,993

Portfolio Investment	5,382,238	5,336,370	5,414,248	5,730,628
Equity	2,686,093	2,625,941	2,712,022	2,948,006
Monetary authority²	0	0	0	0
General government	4,396	4,227	4,390	4,409
Monetary financial institutions³	6,799	5,023	5,042	5,758
Other sectors	2,674,898	2,616,691	2,702,590	2,937,839

Debt instruments	2,696,145	2,710,430	2,702,227	2,782,622
Bonds and notes	1,968,476	2,002,408	2,015,983	2,069,238
Monetary authority²	11,397	11,397	11,397	11,397
General government	11,702	12,061	12,077	12,317
Monetary financial institutions³	72,058	78,141	94,077	107,450
Other sectors	1,873,319	1,900,809	1,898,432	1,938,074

Money market instruments	727,669	708,021	686,244	713,383
Monetary authority²	1,742	1,742	1,742	1,742
General government	0	0	0	0
Monetary financial institutions³	595,055	570,252	554,880	570,846
Other sectors	130,872	136,027	129,622	140,796

Other Investment	2,256,656	2,402,433	2,382,063	2,392,904
Loans, currency and deposits	1,576,307	1,613,282	1,620,034	1,661,000
Monetary authority²	96,877	91,668	91,180	91,346
General government	19,096	20,565	20,466	19,273
Monetary financial institutions³	659,902	703,885	705,776	717,290
Other sectors	800,432	797,164	802,612	833,091

Trade Credits	131,575	128,550	130,216	125,102
General government	0	0	0	0
Other sectors	131,575	128,550	130,216	125,102

Other assets⁴	548,774	660,601	631,813	606,802
Monetary authority²	0	0	0	0
General government	-2	0	1	1,695
Monetary financial institutions³	100,213	119,651	133,293	70,217
Other sectors	448,563	540,950	498,519	496,497

Reserve assets	12,196	12,079	11,188	11,438
Monetary gold	944	1,084	1,052	1,221
Special drawing rights	5,305	5,204	4,963	5,024
Reserve Position in the IMF	1,050	1,070	1,053	1,052
Foreign Exchange	1,184	1,277	1,008	1,103
Other	3,713	3,444	3,112	3,038

Total Foreign Assets	8,842,647	8,919,521	8,945,431	9,246,641
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 by Foreign Liabilities

Table 5.6 International Investment Position (IIP) - Detailed Data by Foreign Liabilities				€ million
Item	Q42024	Q12025	Q22025	Q32025
Foreign Liabilities
Direct Investment in Ireland¹	1,089,150	1,080,265	1,006,031	1,041,225
Equity capital and reinvested earnings	1,077,802	1,102,981	1,018,864	1,057,268
Other capital	11,348	-22,716	-12,833	-16,043

Portfolio Investment	6,319,733	6,221,884	6,211,457	6,487,933
Equity	5,500,709	5,401,854	5,394,111	5,648,887
Monetary authority²	0	0	0	0
General government	0	0	0	0
Monetary financial institutions³	824,207	829,558	811,401	838,899
Other sectors	4,676,502	4,572,296	4,582,710	4,809,988

Debt instruments	819,024	820,029	817,347	839,045
Bonds and notes	747,108	747,263	751,725	768,584
Monetary authority²	0	0	0	0
General government	68,005	62,446	63,007	63,669
Monetary financial institutions³	14,686	14,174	14,467	14,219
Other sectors	664,417	670,643	674,251	690,696

Money market instruments	71,916	72,767	65,622	70,462
Monetary authority²	0	0	0	0
General government	0	479	79	300
Monetary financial institutions³	9,893	10,005	8,074	7,691
Other sectors	62,023	62,283	57,469	62,471

Other Investment	1,891,722	2,015,211	2,066,019	2,047,254
Loans, currency and deposits	990,577	1,017,052	1,068,568	1,050,424
Monetary authority²	31,086	31,555	31,008	31,450
General government	44,558	42,137	42,144	42,029
Monetary financial institutions³	282,326	308,408	325,236	346,191
Other sectors	632,607	634,952	670,180	630,754

Trade Credits	48,667	44,108	45,524	54,688
General government	10	11	12	13
Other sectors	48,657	44,097	45,512	54,675

Other liabilities⁴	852,478	954,051	951,927	942,141
Monetary authority²	5,120	5,014	4,784	4,766
General government	16	17	17	17
Monetary financial institutions³	111,172	126,881	145,375	113,186
Other sectors	736,170	822,139	801,751	824,173

Total Foreign Liabilities	9,300,605	9,317,360	9,283,507	9,576,412
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	Q42024	Q12025	Q22025	Q32025
Foreign Assets
Direct Investment Abroad ¹	1,191,557	1,168,639	1,137,932	1,111,672
- IFSC	96,157	95,953	112,189	112,494
- Non-IFSC	1,095,400	1,072,686	1,025,743	999,178
Portfolio Investment	5,382,238	5,336,370	5,414,248	5,730,628
- IFSC	5,136,577	5,089,377	5,160,741	5,474,367
- Non-IFSC	245,661	246,993	253,507	256,260
Other Investment ²	2,256,656	2,402,433	2,382,063	2,392,904
- IFSC	1,958,414	2,117,171	2,097,787	2,099,826
- Non-IFSC	298,242	285,262	284,276	293,077
Reserve Assets	12,196	12,079	11,188	11,438
- IFSC	0	0	0	0
- Non-IFSC	12,196	12,079	11,188	11,438
Total Foreign Assets	8,842,647	8,919,521	8,945,431	9,246,641
- IFSC	7,191,148	7,302,501	7,370,717	7,686,687
- Non-IFSC	1,651,499	1,617,020	1,574,714	1,559,954

Foreign Liabilities
Direct Investment in Ireland ¹	1,089,150	1,080,265	1,006,031	1,041,225
- IFSC	323,249	315,530	305,301	299,540
- Non-IFSC	765,901	764,735	700,730	741,686
Portfolio Investment	6,319,733	6,221,884	6,211,457	6,487,933
- IFSC	5,267,963	5,240,208	5,272,450	5,561,257
- Non-IFSC	1,051,770	981,676	939,007	926,675
Other Investment ²	1,891,722	2,015,211	2,066,019	2,047,254
- IFSC	1,535,912	1,666,694	1,708,627	1,704,169
- Non-IFSC	355,810	348,517	357,392	343,085
Total Foreign Liabilities	9,300,605	9,317,360	9,283,507	9,576,412
- IFSC	7,127,124	7,222,432	7,286,378	7,564,966
- Non-IFSC	2,173,481	2,094,928	1,997,129	2,011,446

Net International Investment Position (IIP)
Direct Investment ¹	102,407	88,374	131,901	70,447
- IFSC	-227,092	-219,577	-193,112	-187,046
- Non-IFSC	329,499	307,951	325,013	257,492
Portfolio Investment	-937,495	-885,514	-797,209	-757,305
- IFSC	-131,386	-150,831	-111,709	-86,890
- Non-IFSC	-806,109	-734,683	-685,500	-670,415
Other Investment²	364,934	387,222	316,044	345,650
- IFSC	422,502	450,477	389,160	395,657
- Non-IFSC	-57,568	-63,255	-73,116	-50,007
Reserve Assets	12,196	12,079	11,188	11,438
- IFSC	0	0	0	0
- Non-IFSC	12,196	12,079	11,188	11,438
Total (Net IIP)	-457,958	-397,839	-338,076	-329,771
- IFSC	64,024	80,069	84,339	121,721
- Non-IFSC	-521,982	-477,908	-422,415	-451,492
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 2025 - Reconciliation of IIP and BOP Flows

Table 5.8 International Investment Position (IIP) - 30th September 2025 - Reconciliation of IIP and BOP Flows				€ million
Item	Opening Position 01/07/25	Bop Flows in Quarter	Valuation and Other Changes	Closing Position 30/09/25
Foreign Assets

Direct Investment Abroad¹	1,137,932	0	-26,260	1,111,672
Equity capital and reinvested earnings	1,193,949	1,530	-27,815	1,167,665
Other capital	-56,017	-1,530	1,555	-55,993

Portfolio Investment	5,414,248	166,948	149,432	5,730,628
Equity	2,712,022	79,383	156,601	2,948,006
Debt instruments	2,702,227	87,565	-7,170	2,782,622
Bonds and notes	2,015,983	66,498	-13,243	2,069,238
Money market instruments	686,244	21,067	6,073	713,383

Other Investment	2,382,063	-58,659	69,500	2,392,904
Loans, currency and deposits	1,620,034	28,638	12,328	1,661,000
Other²	762,029	-87,297	57,172	731,904

Reserve Assets	11,188	107	143	11,438

Total Foreign Assets	8,945,431	108,395	192,815	9,246,641

Foreign Liabilities

Direct Investment in Ireland¹	1,006,031	18,744	16,450	1,041,225
Equity capital and reinvested earnings	1,018,864	27,033	11,371	1,057,268
Other capital	-12,833	-8,288	5,079	-16,043

Portfolio Investment	6,211,457	136,160	140,316	6,487,933
Equity	5,394,111	124,552	130,225	5,648,887
Debt instruments	817,347	11,609	10,090	839,045
Bonds and notes	751,725	7,160	9,699	768,584
Money market instruments	65,622	4,449	391	70,462

Other Investment	2,066,019	-53,390	34,625	2,047,254
Loans, currency and deposits	1,068,568	-6,460	-11,683	1,050,424
Other²	997,451	-46,930	46,308	996,829

Total Foreign Liabilities	9,283,507	101,514	191,390	9,576,412
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 2025			30 September 2025
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
General Government	0	105,259	105,259	0	106,028	106,028
Short-term	0	2,272	2,272	0	0	0
Money market instruments	0	79	79	0	300	300
Loans & Deposits	0	2,193	2,193	0	2,194	2,194
Long-term	0	102,987	102,987	0	103,534	103,534
Bonds and notes	0	63,007	63,007	0	63,669	63,669
Loans	0	39,980	39,980	0	39,865	39,865

Monetary Authority²	0	35,792	35,792	0	36,216	36,216
Short-term	0	31,008	31,008	0	31,450	31,450
Loans and deposits	0	31,008	31,008	0	31,450	31,450
Long-term	0	4,784	4,784	0	4,766	4,766
Other debt liabilities	0	4,784	4,784	0	4,766	4,766

Monetary Financial Institutions³	385,650	18,736	404,386	405,578	19,029	424,607
Short-term	293,806	15,990	309,796	313,979	16,539	330,517
Money market instruments	8,074	0	8,074	..	..	7,691
Loans and deposits	285,732	15,990	301,722	..	..	322,827
Long-term	91,844	2,746	94,590	91,599	2,490	94,090
Bonds and notes	12,533	1,934	14,467	..	..	14,219
Loans	14	0	14	9	0	9
Other debt liabilities	79,297	812	80,109	..	..	79,861

Other Sectors4	1,865,222	295,223	2,160,443	1,877,981	290,433	2,168,414
Short-term	872,058	126,532	998,590	844,458	131,275	975,732
Money market instruments	57,837	-368	57,469	..	..	62,471
Loans and deposits	398,359	7,111	405,470	..	..	361,700
Trade credits	415,862	119,789	535,651	426,063	125,498	551,561
Long-term	993,164	168,691	1,161,855	1,033,523	159,158	1,192,681
Bonds and notes	638,105	36,146	674,251	644,881	45,814	690,696
Loans	163,837	100,874	264,711	..	..	269,054
Other debt liabilities	191,222	31,671	222,893	..	..	232,931

Direct Investment ⁵	92,300	369,086	461,386	91,828	364,839	456,667
Debt liabilities to affiliated enterprises	80,832	198,961	279,793	81,007	193,211	274,218
Debt liabilities to direct investors	11,468	170,125	181,593	10,821	171,628	182,449

Gross External Debt	2,343,172	824,096	3,167,266	2,375,387	816,545	3,191,931
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.
..Data supressed for confidentiality reasons.

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Table 5.10 Debt Instrument Financial Assets

Table 5.10 - Debt Instrument Financial Assets
	30 June 2025			30 September 2025
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
General Government	0	32,543	32,543	0	31,590	31,590
Short-term	0	20,269	20,269	0	19,077	19,077
Money market instruments	0	0	0	0	0	0
Loans and deposits	0	20,269	20,269	0	19,077	19,077
Long-term	0	12,274	12,274	0	12,514	12,514
Bonds and notes	0	12,077	12,077	0	12,317	12,317
Loans	0	197	197	0	197	197

Monetary Authority ²	0	104,319	104,319	0	104,484	104,484
Short-term	0	92,921	92,921	0	93,087	93,087
Money market instruments	0	1,742	1,742	0	1,742	1,742
Loans and deposits	0	91,179	91,179	0	91,346	91,346
Long-term	0	11,398	11,398	0	11,397	11,397
Bonds and notes	0	11,398	11,398	0	11,397	11,397

Monetary Financial Institutions3	1,324,919	68,444	1,393,363	1,367,335	70,665	1,438,001
Short-term	1,220,473	24,328	1,244,801	..	..	1,284,863
Money market instruments	554,880	0	554,880	570,846	0	570,846
Loans and deposits	665,593	24,328	689,921	..	..	714,017
Long-term	104,445	44,116	148,561	..	..	153,138
Bonds and notes	65,485	28,592	94,077	75,310	32,141	107,450
Loans	38,959	15,525	54,484	..	..	45,687
Other debt Assets	1	-1	0	0	0	0

Other Sectors ⁴	3,164,023	192,216	3,356,240	3,235,301	197,486	3,432,788
Short-term	1,001,552	109,850	1,111,402	1,027,636	119,720	1,147,356
Money market instruments	120,932	8,686	129,618	..	..	140,796
Loans and deposits	444,498	28,759	473,257	..	..	503,189
Trade credit assets	436,122	72,405	508,527	424,215	79,156	503,371
Long-term	2,162,472	82,366	2,244,838	2,207,665	77,766	2,285,432
Bonds and notes	1,841,529	56,904	1,898,433	1,885,901	52,173	1,938,074
Loans	307,976	21,382	329,358	308,455	21,447	329,902
Other debt Assets	12,967	4,080	17,047	13,310	4,146	17,456

Direct Investment ⁵	69,477	348,726	418,202	72,153	344,564	416,718
Debt asset claims on affiliated enterprises	58,279	200,419	258,698	61,783	210,186	271,968
Debt asset claims on direct investors	11,198	148,307	159,505	10,371	134,378	144,749

Reserve Assets	0	10,136	10,136	0	10,217	10,217

Debt Instrument Financial Assets ¹	4,558,419	756,384	5,314,803	4,674,790	759,007	5,433,797

Net External Debt ⁶	-2,215,247	67,712	-2,147,537	-2,299,403	57,537	-2,241,866
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.
..Data supressed for confidentiality reasons.

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Table 5.11 Net International Investment Position (IIP) classified by Ownership and Institutional Sector

Table 5.11 Net International Investment Position (IIP) classified by Ownership and Institutional Sector								€ million
Item	Q42023	Q12024	Q22024	Q32024	Q42024	Q12025	Q22025	Q32025
Irish Owned
General Government	-99,712	-93,159	-94,411	-94,703	-77,359	-68,199	-68,287	-68,295
Monetary Authority ¹	89,822	81,479	90,121	87,836	86,005	80,317	79,714	79,707
Monetary Financial Institutions ²	72,998	77,150	79,860	88,332	92,023	91,509	97,520	96,962
Other Sectors ³	26,078	15,277	27,420	27,872	37,664	69,826	76,642	89,590
of which:
Other Financial Intermediaries	10,976	12,518	14,524	10,480	25,397	27,547	29,433	44,329
Non-Financial Companies ⁴	15,102	2,759	12,896	17,392	12,267	42,279	47,209	45,261
Total Irish Owned Net IIP	89,186	80,747	102,990	109,337	138,333	173,453	185,589	197,963

Foreign Owned
Monetary Financial Institutions ²	31,348	32,698	37,208	44,544	51,515	49,932	47,695	48,760
Other Sectors ³	-662,643	-628,372	-624,261	-590,692	-647,805	-621,224	-571,360	-576,494
of which:
Other Financial Intermediaries	89,486	115,304	125,470	133,310	109,027	128,049	136,811	149,298
Non-Financial Companies ⁴	-752,129	-743,676	-749,731	-724,002	-756,832	-749,273	-708,171	-725,791
Total Foreign Owned Net IIP	-631,295	-595,674	-587,053	-546,148	-596,290	-571,292	-523,665	-527,733

Total (Net IIP)	-542,109	-514,926	-484,062	-436,811	-457,958	-397,839	-338,076	-329,771
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 2025 Table 5.11 (XLS 12KB)

Table 5.12 International Investment Position (IIP) classified by Ownership and Functional Category

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Table 5.12 Net International Investment Position (IIP) classified by Ownership and Functional Category								€ million
Item	Q42023	Q12024	Q22024	Q32024	Q42024	Q12025	Q22025	Q32025
Irish Owned
Direct Investment¹	863,801	940,374	890,827	883,732	980,858	944,640	904,988	881,148
Portfolio Investment	-1,054,785	-1,125,933	-1,065,633	-1,053,624	-1,133,491	-1,089,021	-1,017,443	-973,939
Other Investment²	268,495	254,553	265,922	267,756	278,771	305,756	286,857	279,315
Reserve Assets	11,675	11,754	11,874	11,472	12,196	12,079	11,188	11,438
Total Irish Owned Net IIP	89,186	80,748	102,990	109,336	138,334	173,454	185,590	197,963

Foreign Owned
Direct Investment¹	-894,536	-860,685	-857,346	-841,647	-878,451	-856,266	-773,087	-810,702
Portfolio Investment	206,095	221,872	211,040	204,348	195,997	203,508	220,235	216,634
Other Investment ²	57,145	43,139	59,254	91,151	86,164	81,466	29,187	66,335
Total Foreign Owned Net IIP	-631,296	-595,674	-587,052	-546,148	-596,290	-571,292	-523,665	-527,733

Total (Net IIP)	-542,109	-514,926	-484,062	-436,811	-457,958	-397,839	-338,076	-329,771
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.

International Accounts Q3 2025

International Investment Position

International Investment Position

Net IIP liability of €330 billion at end-September 2025

Gross External Debt stands at €3.2 trillion at end-September 2025

Net International Investment Position of Foreign Controlled Companies was -€527.7bn at end-September 2025

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