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International Accounts Q4 2018

International Investment Position

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Net IIP liability of €453 billion at end-December 2018

Table 5.1 International Investment Position						€ billion
	30 Sep 2018			31 Dec 2018
	Assets	Liabilities	NET	Assets	Liabilities	NET
General Government	25.0	155.0	-130.0	24.9	148.9	-124.0
Monetary Authority	47.0	18.0	29.0	45.4	21.3	24.1
Monetary Financial Institutions	734.4	692.2	42.2	795.2	743.8	51.4
Other Financial Intermediaries	3,360.9	3,273.6	87.3	3,211.6	3,183.7	27.9
Non-Financial Companies	782.4	1,233.4	-451.0	743.8	1,176.2	-432.5
Total	4,949.8	5,372.2	-422.4	4,820.8	5,273.9	-453.1

Open in Excel: International Accounts Q4 2018 International Investment Position Headline Table 5.1 (XLS 28KB)

At 31st December 2018, Ireland's quarterly international investment position (IIP) results show overall stocks of foreign financial assets of €4,821bn - a decrease of €129bn on the end-September 2018 level, while the corresponding stocks of foreign financial liabilities decreased by €98bn to €5,274bn over the quarter. Irish residents had an overall net foreign liability of €453bn at end-December 2018, an increase of €31bn in the net foreign liability level at end-September 2018 - see Table 5.2.

X-axis label	Net IIP %GDP
Q12017	-170
Q22017	-169
Q32017	-159
Q42017	-149
Q12018	-143
Q22018	-140
Q32018	-134
Q42018	-142

Some points of note in Quarter 4 2018 IIP are:

Direct Investment Abroad decreased by €27bn to €797bn.
Equity capital (including reinvested earnings) decreased €4.5bn while other capital decreased €22.6bn – see Table 5.5.
Foreign Assets of Other Financial Intermediaries decreased by €149bn. With foreign liabilities decreasing by €90bn, the resulting net decreased to €28bn - see Table 5.3.
Foreign Assets of the Monetary Authority decreased by €1.6bn while foreign liabilities increased by €3.3bn. The resulting net decreased to €24bn - see Table 5.3.

X-axis label	Direct Investment	Portfolio Investment	Other Investment	Reserve Assets	Net IIP
Q1 2017	30.6	-440.5	-62.2	3.3	-468.9
Q2 2017	43	-497.2	-22.8	3.4	-473.6
Q3 2017	21.1	-440.2	-45.1	3.6	-460.6
Q4 2017	-27.3	-426.5	11.6	3.7	-438.4
Q1 2018	-19.5	-402.7	-15.6	3.7	-434.1
Q22018	4.2	-439.9	-4.2	3.8	-436.1
Q32018	72.9	-477.6	-21.7	3.9	-422.4
Q42018	2.3	-370.4	-89.5	4.6	-453.1

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

Net Portfolio Investment rose €107bn to -€370bn.
Net Other Investment fell €68bn to -€90bn.
Reserve Assets grew €0.6bn to €4.6bn.

X-axis label	General Government	Monetary Financial Institutions	Other Financial Intermediaries	Non-Financial Companies
31 Mar 2018	683	486	877	681
30 Jun 2018	686	470	938	709
30 Sep 2018	691	459	981	712
31 Dec 2018	708	456	901	692

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:

€708bn issued by foreign Governments
€456bn issued by foreign Monetary Financial Institutions (including Money Market Investment Funds)
€901bn issued by foreign Other Financial Intermediaries (including Non-Money Market Investment Funds)
€692bn issued by foreign Non-Financial Companies

X-axis label	Direct Investment	Other Sectors	Monetary Financial Institutions	Monetary Authority	General Government
Q1 2018	637	1195	199	17	139
Q22018	653	1244	200	18	146
Q32018	657	1271	193	18	155
Q42018	647	1278	236	21	149

Gross External Debt stands at €2.3 trillion at end-December 2018.

At 31st December 2018, the gross external debt of all resident sectors (i.e. general government, the monetary authority, financial and non-financial corporations and households) amounted to €2,332bn.

This represents an increase of €38bn 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 September 2018 (€2,294bn) - see Table 5.9.

Points of note are:

General government foreign borrowing fell by €6bn to €149bn at end-December 2018.
Liabilities of the Monetary Authority increased €3.3bn to €21.3bn. 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) rose €43.1bn to €236.3bn.
The liabilities of Other sectors at €1,278bn increased €7bn on the previous quarter. This was made up of a rise in short-term debt of €11bn and a fall in long-term debt of €5bn.
Direct investment liabilities decreased by €9bn to €647bn in the quarter.
The Net External Debt position was €1,195bn at end-December 2018, i.e. assets exceeded liabilities - see Table 5.10.

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

Table 5.3 International Investment Position (IIP) classified by Institutional Sector

Table 5.3 International Investment Position (IIP) classified by Institutional Sector								€ million
Item	Q1 2017	Q2 2017	Q3 2017	Q4 2017	Q1 2018	Q2 2018	Q3 2018	Q4 2018
Foreign Assets
General Government	10,290	10,375	10,489	10,488	10,666	15,101	25,030	24,873
Monetary Authority¹	29,220	35,192	33,383	31,579	41,404	48,107	46,972	45,351
Monetary Financial Institutions²	754,706	734,904	734,402	740,269	734,560	745,838	734,415	795,205
Other Sectors³	3,879,062	3,812,451	3,781,584	3,844,158	3,852,347	4,048,562	4,143,369	3,955,364
of which:
Other Financial Intermediaries	3,062,060	3,017,774	3,019,641	3,133,870	3,163,151	3,301,380	3,360,948	3,211,605
Non-Financial Companies⁴	817,002	794,678	761,943	710,287	689,196	747,183	782,422	743,759
Total Foreign Assets	4,673,277	4,592,922	4,559,858	4,626,494	4,638,977	4,857,609	4,949,786	4,820,794

Foreign Liabilities
General Government	139,838	142,036	141,771	133,218	139,013	145,942	155,018	148,893
Monetary Authority¹	16,678	16,744	16,946	17,646	17,483	17,636	17,970	21,275
Monetary Financial Institutions²	725,149	714,098	701,663	700,286	697,247	707,884	692,191	743,768
Other Sectors³	4,260,526	4,193,688	4,160,094	4,213,793	4,219,318	4,422,239	4,507,052	4,359,920
of which:
Other Financial Intermediaries	2,992,770	2,962,375	2,968,658	3,058,809	3,082,130	3,217,696	3,273,604	3,183,696
Non-Financial Companies⁴	1,267,755	1,231,313	1,191,436	1,154,984	1,137,188	1,204,543	1,233,448	1,176,224
Total Foreign Liabilities	5,142,191	5,066,566	5,020,474	5,064,943	5,073,061	5,293,701	5,372,231	5,273,856

Net International Investment Position (IIP)
General Government	-129,548	-131,661	-131,282	-122,730	-128,347	-130,841	-129,988	-124,020
Monetary Authority¹	12,542	18,448	16,437	13,933	23,921	30,471	29,002	24,076
Monetary Financial Institutions²	29,557	20,806	32,739	39,983	37,313	37,954	42,224	51,437
Other Sectors³	-381,464	-381,237	-378,510	-369,635	-366,971	-373,677	-363,683	-404,556
of which:
Other Financial Intermediaries	69,290	55,399	50,983	75,061	81,021	83,684	87,344	27,909
Non-Financial Companies⁴	-450,753	-436,635	-429,493	-444,697	-447,992	-457,360	-451,026	-432,465
Total (Net IIP)	-468,913	-473,644	-460,616	-438,449	-434,084	-436,092	-422,445	-453,063
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 Q4 2018 International Investment Position Table 5.3 (XLS 40KB)

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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 September 2018			30 December 2018
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
Foreign Assets
General Government	0	25,030	25,030	0	24,873	24,873
Monetary Authority¹	0	46,972	46,972	0	45,351	45,351
Monetary Financial Institutions²	675,116	59,299	734,415	735,500	59,705	795,205
Other Sectors³	3,200,875	942,495	4,143,370	3,051,949	903,415	3,955,364
of which:
Other Financial Intermediaries	3,200,875	160,073	3,360,948	3,051,949	159,656	3,211,605
Non-Financial Companies⁴	0	782,422	782,422	0	743,759	743,759
Total Foreign Assets	3,875,991	1,073,795	4,949,786	3,787,449	1,033,345	4,820,794

Foreign Liabilities
General Government	0	155,018	155,018	0	148,893	148,893
Monetary Authority¹	0	17,970	17,970	0	21,275	21,275
Monetary Financial Institutions²	657,498	34,693	692,191	709,082	34,686	743,768
Other Sectors³	3,308,389	1,198,663	4,507,052	3,205,262	1,154,658	4,359,920
of which:
Other Financial Intermediaries	3,308,389	-34,785	3,273,604	3,205,262	-21,566	3,183,696
Non-Financial Companies⁴	0	1,233,448	1,233,448	0	1,176,224	1,176,224
Total Foreign Liabilities	3,965,887	1,406,344	5,372,231	3,914,344	1,359,513	5,273,857

Net International Investment Position (IIP)
General Government	0	-129,988	-129,988	0	-124,020	-124,020
Monetary Authority¹	0	29,002	29,002	0	24,076	24,076
Monetary Financial Institutions²	17,618	24,606	42,224	26,418	25,019	51,437
Other Sectors³	-107,514	-256,168	-363,682	-153,313	-251,243	-404,556
of which:
Other Financial Intermediaries	-107,514	194,858	87,344	-153,313	181,222	27,909
Non-Financial Companies⁴	0	-451,026	-451,026	0	-432,465	-432,465
Total (Net IIP)	-89,896	-332,548	-422,445	-126,895	-326,168	-453,063
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 Q4 2018 International Investment Position Table 5.4 (XLS 42KB)

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Table 5.5 International Investment Position (IIP)- Detailed Data

Table 5.5 International Investment Position (IIP) - Detailed Data				€ million
Item	Q1 2018	Q2 2018	Q3 2018	Q4 2018
Foreign Assets
Direct Investment Abroad¹	702,261	778,140	823,744	796,649
Equity capital and reinvested earnings	618,802	671,749	711,903	707,360
Other capital	83,459	106,390	111,841	89,289

Portfolio Investment	2,727,197	2,803,514	2,843,647	2,757,278
Equity	1,112,199	1,168,412	1,206,975	1,095,506
Monetary authority²	0	0	0	0
General government	4,328	4,505	4,546	4,334
Monetary financial institutions³	850	820	871	1,535
Other sectors	1,107,021	1,163,087	1,201,558	1,089,637

Debt instruments	1,614,997	1,635,102	1,636,672	1,661,772
Bonds and notes	1,152,201	1,178,827	1,190,495	1,216,900
Monetary authority²	21,007	21,021	20,643	20,816
General government	1,923	1,971	1,953	1,938
Monetary financial institutions³	75,987	75,149	76,218	72,038
Other sectors	1,053,284	1,080,687	1,091,682	1,122,109

Money market instruments	462,796	456,275	446,177	444,872
Monetary authority²	1,220	1,078	1,106	1,077
General government	0	0	0	0
Monetary financial institutions³	346,072	341,900	326,401	336,266
Other sectors	115,504	113,297	118,671	107,528

Other Investment	1,205,811	1,272,190	1,278,483	1,262,313
Loans, currency and deposits	884,800	925,710	935,110	933,672
Monetary authority²	14,598	21,372	20,440	18,032
General government	2,499	2,309	2,335	2,358
Monetary financial institutions³	284,305	297,883	301,406	353,140
Other sectors	583,398	604,146	610,929	560,142

Trade Credits	50,285	51,978	49,921	49,937
General government	0	0	0	0
Other sectors	50,285	51,978	49,921	49,937

Other assets⁴	270,727	294,503	293,452	278,704
Monetary authority²	872	872	872	872
General government	1,877	6,278	16,159	16,206
Monetary financial institutions³	23,464	24,837	23,596	25,982
Other sectors	244,514	262,516	252,825	235,644

Reserve assets	3,708	3,765	3,912	4,554
Monetary gold	197	196	187	205
Special drawing rights	759	773	788	797
Reserve Position in the IMF	953	975	973	982
Foreign Exchange	641	660	575	886
Other	1,158	1,161	1,389	1,684

Total Foreign Assets	4,638,977	4,857,609	4,949,786	4,820,794
¹Reflecting the directional principle for reclassifying Direct Investment (see background notes).
²Central Bank of Ireland.
³Covering licensed credit institutions and money market funds.
⁴Includes financial derivatives.

Open in Excel: International Accounts Q4 2018 International Investment Position Table 5.5 (XLS 41KB)

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Table 5.6 International Investment Position (IIP) - Detailed Data

Table 5.6 International Investment Position (IIP) - Detailed Data				€ million
Item	Q1 2018	Q2 2018	Q3 2018	Q4 2018
Foreign Liabilities
Direct Investment in Ireland¹	721,773	773,907	750,855	794,329
Equity capital and reinvested earnings	668,098	718,988	731,023	767,964
Other capital	53,675	54,919	19,832	26,365

Portfolio Investment	3,129,920	3,243,447	3,321,234	3,127,708
Equity	2,708,232	2,818,359	2,894,646	2,703,397
Monetary authority²	0	0	0	0
General government	0	0	0	0
Monetary financial institutions³	449,724	459,905	452,342	449,618
Other sectors	2,258,508	2,358,454	2,442,304	2,253,780

Debt instruments	421,688	425,089	426,588	424,311
Bonds and notes	401,432	405,034	411,539	411,959
Monetary authority²	0	0	0	0
General government	85,903	88,073	88,008	83,504
Monetary financial institutions³	27,389	26,149	25,486	23,953
Other sectors	288,140	290,812	298,045	304,501

Money market instruments	20,256	20,055	15,049	12,352
Monetary authority²	0	0	0	0
General government	4,857	5,109	4,252	2,508
Monetary financial institutions³	14,933	14,507	10,382	9,412
Other sectors	466	439	415	432

Other Investment	1,221,367	1,276,346	1,300,142	1,351,819
Loans, currency and deposits	733,026	752,539	763,921	819,021
Monetary authority²	17,483	17,636	17,970	18,248
General government	47,864	47,862	48,058	48,179
Monetary financial institutions³	137,564	141,595	141,633	181,135
Other sectors	530,115	545,446	556,260	571,460

Trade Credits	37,813	38,570	44,905	41,371
General government	0	0	0	0
Other sectors	37,813	38,570	44,905	41,371

Other liabilities⁴	450,528	485,237	491,316	491,427
Monetary authority²	0	0	0	3,028
General government	260	4,768	14,569	14,570
Monetary financial institutions³	36,911	35,913	32,398	38,136
Other sectors	413,356	444,557	444,350	435,693

Total Foreign Liabilities	5,073,060	5,293,701	5,372,231	5,273,857
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	Q1 2018	Q2 2018	Q3 2018	Q4 2018
Foreign Assets
Direct Investment Abroad ¹	702,261	778,140	823,744	796,649
- IFSC	73,938	79,393	81,305	81,792
- Non-IFSC	628,323	698,747	742,439	714,857
Portfolio Investment	2,727,197	2,803,514	2,843,647	2,757,278
- IFSC	2,570,710	2,641,954	2,682,866	2,601,985
- Non-IFSC	156,487	161,560	160,781	155,293
Other Investment ²	1,205,811	1,272,190	1,278,483	1,262,313
- IFSC	1,049,208	1,093,122	1,111,820	1,103,672
- Non-IFSC	156,603	179,068	166,663	158,641
Reserve Assets	3,708	3,765	3,912	4,554
- IFSC	0	0	0	0
- Non-IFSC	3,708	3,765	3,912	4,554
Total Foreign Assets	4,638,977	4,857,609	4,949,786	4,820,794
- IFSC	3,693,856	3,814,469	3,875,991	3,787,449
- Non-IFSC	945,121	1,043,140	1,073,795	1,033,345

Foreign Liabilities
Direct Investment in Ireland ¹	721,773	773,907	750,855	794,329
- IFSC	215,411	217,726	223,891	236,515
- Non-IFSC	506,362	556,181	526,964	557,814
Portfolio Investment	3,129,920	3,243,447	3,321,234	3,127,708
- IFSC	2,543,752	2,614,532	2,656,463	2,538,034
- Non-IFSC	586,168	628,915	664,771	589,674
Other Investment ²	1,221,367	1,276,346	1,300,142	1,351,819
- IFSC	1,033,015	1,079,794	1,085,533	1,139,795
- Non-IFSC	188,352	196,552	214,609	212,024
Total Foreign Liabilities	5,073,060	5,293,701	5,372,231	5,273,857
- IFSC	3,792,178	3,912,052	3,965,887	3,914,344
- Non-IFSC	1,280,882	1,381,648	1,406,344	1,359,512

Net International Investment Position (IIP)
Direct Investment ¹	-19,512	4,233	72,889	2,320
- IFSC	-141,473	-138,333	-142,586	-154,723
- Non-IFSC	121,961	142,566	215,475	157,043
Portfolio Investment	-402,723	-439,933	-477,587	-370,430
- IFSC	26,958	27,422	26,403	63,951
- Non-IFSC	-429,681	-467,355	-503,990	-434,381
Other Investment²	-15,556	-4,156	-21,659	-89,506
- IFSC	16,193	13,328	26,287	-36,123
- Non-IFSC	-31,749	-17,484	-47,946	-53,383
Reserve Assets	3,708	3,765	3,912	4,554
- IFSC	0	0	0	0
- Non-IFSC	3,708	3,765	3,912	4,554
Total (Net IIP)	-434,084	-436,092	-422,445	-453,063
- IFSC	-98,322	-97,583	-89,896	-126,895
- Non-IFSC	-335,761	-338,508	-332,549	-326,167
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) - 31st December 2018 - Reconciliation of IIP and BOP Flows

Table 5.8 International Investment Position (IIP) - 31st December 2018 - Reconciliation of IIP and BOP Flows				€ million
Item	Opening Position 01/10/18	Bop Flows in Quarter	Valuation and Other Changes	Closing Position 31/12/18
Foreign Assets

Direct Investment Abroad¹	823,744	39,653	-66,748	796,649
Equity capital and reinvested earnings	711,903	63,934	-68,477	707,360
Other capital	111,841	-24,280	1,728	89,289

Portfolio Investment	2,843,647	13,183	-99,552	2,757,278
Equity	1,206,975	-4,195	-107,274	1,095,506
Debt instruments	1,636,672	17,378	7,722	1,661,772
Bonds and notes	1,190,495	5,678	20,727	1,216,900
Money market instruments	446,177	11,700	-13,005	444,872

Other Investment	1,278,483	-31,119	14,949	1,262,313
Loans, currency and deposits	935,111	-20,833	19,394	933,672
Other²	343,372	-10,286	-4,445	328,641

Reserve Assets	3,912	578	64	4,554

Total Foreign Assets	4,949,786	22,295	-151,287	4,820,794

Foreign Liabilities

Direct Investment in Ireland¹	750,855	19,711	23,763	794,329
Equity capital and reinvested earnings	731,023	21,513	15,428	767,964
Other capital	19,832	-1,803	8,336	26,365

Portfolio Investment	3,321,234	-738	-192,788	3,127,708
Equity	2,894,646	1,611	-192,860	2,703,397
Debt instruments	426,588	-2,349	72	424,311
Bonds and notes	411,539	326	94	411,959
Money market instruments	15,049	-2,675	-22	12,352

Other Investment	1,300,142	15,062	36,615	1,351,819
Loans, currency and deposits	763,921	38,735	16,365	819,021
Other²	536,221	-23,673	20,250	532,798

Total Foreign Liabilities	5,372,231	34,035	-132,409	5,273,857
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 Q4 2018 International Investment Position Table 5.8 (XLS 39KB)

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Table 5.9 Gross External Debt

Table 5.9 - Gross External Debt¹						€ million
	30-Sep-18			31-Dec-18
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
General Government	0	154,888	154,888	0	148,762	148,762
Short-term	0	20,872	20,872	0	19,112	19,112
Money market instruments	0	18,821	18,821	0	17,079	17,079
Loans & Deposits	0	2,051	2,051	0	2,033	2,033
Long-term	0	134,016	134,016	0	129,650	129,650
Bonds and notes	0	88,008	88,008	0	83,504	83,504
Loans	0	46,008	46,008	0	46,146	46,146

Monetary Authority²	0	17,970	17,970	0	21,276	21,276
Short-term	0	17,970	17,970	0	18,248	18,248
Loans and deposits	0	17,970	17,970	0	18,248	18,248
Long-term	0	0	0	0	3,028	3,028
Other debt liabilities	0	0	0	0	3,028	3,028

Monetary Financial Institutions³	167,754	25,499	193,253	211,097	25,250	236,347
Short-term	120,007	18,606	138,613	163,808	18,325	182,133
Money market instruments	10,382	0	10,382	9,412	0	9,412
Loans and deposits	109,625	18,606	128,231	154,396	18,325	172,721
Long-term	47,747	6,893	54,640	47,289	6,925	54,214
Bonds and notes	19,619	5,867	25,486	17,936	6,017	23,953
Loans	12,488	914	13,402	7,569	845	8,414
Other debt liabilities	15,640	112	15,752	21,784	63	21,847

Other Sectors⁴	1,153,795	117,516	1,271,311	1,166,389	111,809	1,278,198
Short-term	257,030	48,394	305,424	271,329	45,541	316,870
Money market instruments	8	407	415	23	409	432
Loans and deposits	248,049	12,055	260,104	262,044	13,023	275,067
Trade credits	8,973	35,932	44,905	9,262	32,109	41,371
Long-term	896,765	69,122	965,887	895,060	66,268	961,328
Bonds and notes	291,936	6,109	298,045	298,416	6,085	304,501
Loans	273,503	22,652	296,155	274,489	21,903	296,392
Other debt liabilities	331,326	40,361	371,687	322,155	38,280	360,435

Direct Investment ⁵	185,284	471,242	656,526	165,054	482,347	647,401
Debt liabilities to affiliated enterprises	3,480	171,905	175,385	4,408	165,614	170,022
Debt liabilities to direct investors	181,804	299,337	481,141	160,646	316,733	477,379

Gross External Debt	1,506,833	787,115	2,293,949	1,542,540	789,444	2,331,985
1 Gross external debt represents the stock of Ireland's liabilities to non-residents other than equity and financial derivatives.
2 Central Bank of Ireland
3 Covering licensed credit institutions and money market funds.
4 Other 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.
5 Covering 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 investorsrefers to direct investment in Ireland.
* Suppressed for confidentiality reasons.

Open in Excel: International Accounts Q4 2018 International Investment Position Table 5.9 (XLS 41KB)

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Table 5.10 - Debt Instrument Financial Assets

Table 5.10 - Debt Instrument Financial Assets						€ million
	30-Sep-18			31-Dec-18
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
General Government	0	4,288	4,288	0	4,296	4,296
Short-term	0	846	846	0	870	870
Money market instruments	0	0	0	0	0	0
Loans and deposits	0	846	846	0	870	870
Long-term	0	3,442	3,442	0	3,426	3,426
Bonds and notes	0	1,953	1,953	0	1,938	1,938
Loans	0	1,489	1,489	0	1,488	1,488

Monetary Authority²	0	42,189	42,189	0	39,925	39,925
Short-term	0	21,546	21,546	0	19,109	19,109
Money market instruments	0	1,106	1,106	0	1,077	1,077
Loans and deposits	0	20,440	20,440	0	18,032	18,032
Long-term	0	20,643	20,643	0	20,816	20,816
Bonds and notes	0	20,643	20,643	0	20,816	20,816

Monetary Financial Institutions³	662,003	51,973	713,976	721,687	52,487	774,174
Short-term	579,427	22,292	601,719	624,981	19,308	644,289
Money market instruments	326,010	391	326,401	335,730	536	336,266
Loans and deposits	253,417	21,901	275,318	289,251	18,772	308,023
Long-term	82,576	29,681	112,257	96,706	33,179	129,885
Bonds and notes	57,365	18,853	76,218	51,486	20,552	72,038
Loans	15,553	10,536	26,089	32,674	12,443	45,117
Other debt Assets	9,658	292	9,950	12,546	184	12,730

Other Sectors⁴	1,913,223	131,766	2,044,989	1,868,432	127,503	1,995,935
Short-term	360,464	51,383	411,847	338,492	49,167	387,659
Money market instruments	118,009	662	118,671	107,150	378	107,528
Loans and deposits	220,533	22,722	243,255	210,332	19,862	230,194
Trade credit assets	21,922	27,999	49,921	21,010	28,927	49,937
Long-term	1,552,759	80,383	1,633,142	1,529,940	78,336	1,608,276
Bonds and notes	1,050,450	41,232	1,091,682	1,080,489	41,620	1,122,109
Loans	367,548	127	367,675	329,828	120	329,948
Other debt Assets	134,761	39,024	173,785	119,623	36,596	156,219

Direct Investment⁵	206,724	541,812	748,536	209,042	501,282	710,324
Debt asset claims on affiliated enterprises	4,572	282,655	287,227	4,700	254,611	259,311
Debt asset claims on direct investors	202,152	259,157	461,309	204,342	246,671	451,013

Reserve Assets	0	1,964	1,964	0	2,567	2,567

Debt Instrument Financial Assets	2,781,950	773,992	3,555,942	2,799,161	728,060	3,527,221

Net External Debt	1,275,117	-13,123	1,261,993	1,256,621	-61,384	1,195,236
¹External Assets in Debt Instruments represents the stock of Ireland's claims on non-residents other than equity and financial derivatives.
²Central Bank of Ireland.
³Covering licensed credit institutions and money market funds.
⁴Other sectors includes financial corporations other than the Monetary Authority and Monetary Financial Institutions, non-financial service and manufacturing companies and other industrial enterprises as well as (implicitly) households (see Background Notes). The gross claims on non-residents of financial corporations covered in other sectors tend to be very significant.
⁵Covering inter affiliate loans, non-equity securities, trade credits and other debt assets. Debt claims on affiliated enterprises refers to direct investment abroad while debt claims on direct investors refers to direct investment in Ireland.
⁶Net External Debt equals Gross External Debt (from table 6a) minus External Assets in Debt Instruments. A negative sign indicates a net Asset position.

Open in Excel: International Accounts Q4 2018 International Investment Position Table 5.10 (XLS 42KB)

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International Accounts Q4 2018

International Investment Position

International Investment Position

Net IIP liability of €453 billion at end-December 2018

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