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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 201831 Dec 2018
 AssetsLiabilitiesNETAssetsLiabilitiesNET
General Government25.0155.0-130.024.9148.9-124.0
Monetary Authority47.018.029.045.421.324.1
Monetary Financial Institutions734.4692.242.2795.2743.851.4
Other Financial Intermediaries3,360.93,273.687.33,211.63,183.727.9
Non-Financial Companies782.41,233.4-451.0743.81,176.2-432.5
Total 4,949.85,372.2-422.44,820.85,273.9-453.1

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 labelNet 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 labelDirect InvestmentPortfolio InvestmentOther InvestmentReserve AssetsNet IIP
Q1 201730.6-440.5-62.23.3-468.9
Q2 2017 43-497.2-22.83.4-473.6
Q3 2017 21.1-440.2-45.13.6-460.6
Q4 2017-27.3-426.511.63.7-438.4
Q1 2018-19.5-402.7-15.63.7-434.1
Q220184.2-439.9-4.23.8-436.1
Q3201872.9-477.6-21.73.9-422.4
Q420182.3-370.4-89.54.6-453.1

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 labelGeneral GovernmentMonetary Financial InstitutionsOther Financial IntermediariesNon-Financial Companies
31 Mar 2018683486877681
30 Jun 2018686470938709
30 Sep 2018691459981712
31 Dec 2018708456901692

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 labelDirect InvestmentOther SectorsMonetary Financial InstitutionsMonetary AuthorityGeneral Government
Q1 2018637119519917139
Q22018653124420018146
Q32018657127119318155
Q42018647127823621149

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

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

Show Table: Table 5.4 International Investment Position (IIP) - IFSC and non-IFSC activity by Institutional Sector

Show Table: Table 5.5 International Investment Position (IIP)- Detailed Data

Show Table: Table 5.6 International Investment Position (IIP) - Detailed Data

Show Table: Table 5.7 International Investment Position (IIP) showing IFSC and non-IFSC activity

Show Table: Table 5.8 International Investment Position (IIP) - 31st December 2018 - Reconciliation of IIP and BOP Flows

Show Table: Table 5.9 Gross External Debt

Show Table: Table 5.10 - Debt Instrument Financial Assets


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