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International Accounts Q4 2019

International Investment Position

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Net IIP liability of €596 billion at the end-December 2019

Table 5.1 International Investment Position						€ billion
	30 September 2019			31 December 2019
	Assets	Liabilities	NET	Assets	Liabilities	NET
General Government	22.7	151.5	-128.8	22.2	147.1	-124.9
Monetary Authority	57.4	19.2	38.3	66.3	19.9	46.5
Monetary Financial Institutions	933.1	872.1	61.0	941.2	879.8	61.5
Other Financial Intermediaries	3,810.7	3,798.5	12.3	3,870.2	3,875.3	-5.1
Non-Financial Companies	864.1	1,420.6	-556.5	895.9	1,470.2	-574.4
Total	5,688.1	6,261.8	-573.7	5,795.8	6,392.3	-596.4

Open in Excel: International Accounts Q4 2019 Table 5.1 (XLS 28KB)

At 31st December 2019, Ireland's quarterly international investment position ((IIP) results show overall stocks of foreign financial assets of €5,796bn - an increase of €108bn on the end-September 2019 level, while the corresponding stocks of foreign financial liabilities increased by €130bn to €6,392bn over the quarter. Irish residents had an overall net foreign liability of €596bn at end-December 2019, an increase of €23bn in the net foreign liability level at end-September 2019 - see Table 5.2.

X-axis label	Net IIP %GDP
Q1 2018	-164
Q2 2018	-159
Q3 2018	-148
Q4 2018	-165
Q1 2019	-162
Q2 2019	-166
Q3 2019	-168
Q4 2019	-172

Some points of note in Quarter 4 2019 IIP are:

Direct Investment Abroad increased by €43bn to €966bn.
Equity capital (including reinvested earnings) increased €42.9bn while other capital increased €0.1bn – see Table 5.5.
Foreign Assets of Other Financial Intermediaries increased by €59bn. With foreign liabilities increasing by €77bn, the resulting net decreased to -€5bn - see Table 5.3.
Foreign Assets of the Monetary Authority increased by €8.9bn while foreign liabilities increased by €0.7bn. The resulting net increased to €46bn - see Table 5.3.

X-axis label	Direct Investment	Portfolio Investment	Other Investment	Reserve Assets	Net IIP
Q1 2018	-68	-417.2	-22.6	3.7	-504
Q2 2018	-34.2	-466.1	-3.4	3.8	-500
Q3 2018	39.1	-505.1	-13.4	3.9	-475.5
Q4 2018	-50.2	-401.4	-86.9	4.6	-534
Q1 2019	-47.8	-418.7	-70	4.7	-531.9
Q2 2019	-46.4	-458.3	-54.7	4.8	-554.7
Q3 2019	-46.3	-454	-78.5	5	-573.7
Q4 2019	-31.3	-500.8	-69.5	5.1	-596.4

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

Net Portfolio Investment fell €47bn to -€501bn.
Net Other Investment rose €9bn to -€69bn.
Reserve Assets grew €0.1bn to €5.1bn.

X-axis label	General Government	Monetary Financial Institutions	Other Financial Intermediaries	Non-Financial Companies
31 Mar 2019	736	493	1000	735
30 Jun 2019	721	510	1018	736
30 Sep 2019	844	548	1080	815
31 Dec 2019	861	539	1165	828

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:

€861bn issued by foreign Governments
€539bn issued by foreign Monetary Financial Institutions (including Money Market Investment Funds)
€1,165bn issued by foreign Other Financial Intermediaries (including Non-Money Market Investment Funds)
€828bn issued by foreign Non-Financial Companies

X-axis label	Direct Investment	Other Sectors	Monetary Financial Institutions	Monetary Authority	General Government
Q1 2019	570	1319	267	20	153
Q2 2019	618	1338	259	19	153
Q3 2019	637	1467	263	19	151
Q4 2019	623	1487	262	20	147

Gross External Debt stands at €2.5 trillion at end-December 2019

At 31st December 2019, the gross external debt of all resident sectors (i.e. general government, the monetary authority, financial and non-financial corporations and households) amounted to €2,539bn.

This represents an increase of €1bn 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 2019 (€2,538bn) - see Table 5.9.

Points of note are:

General government foreign borrowing fell by €4bn to €147bn at end-December 2019.
Liabilities of the Monetary Authority increased €0.7bn to €19.9bn. 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 €1.5bn to €261.7bn.
The liabilities of Other sectors at €1,487bn increased €20bn on the previous quarter.
This was made up of a rise in short-term debt of €41bn and a fall in long-term debt of €21bn.
Direct investment liabilities decreased by €14bn to €623bn in the quarter.
The Net External Debt position was €1,318bn at end-December 2019, 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 5.3 International Investment Position (IIP) classified by Institutional Sector

Table 5.3 International Investment Position (IIP) classified by Institutional Sector								€ million
Item	Q1 2018	Q2 2018	Q3 2018	Q4 2018	Q1 2019	Q2 2019	Q3 2019	Q4 2019
Foreign Assets
General Government	10,666	15,101	25,030	24,874	24,694	24,256	22,690	22,174
Monetary Authority¹	41,043	47,754	46,984	45,351	49,900	54,953	57,444	66,349
Monetary Financial Institutions²	734,533	745,852	734,107	795,207	833,321	841,401	933,125	941,244
Other Sectors³	3,948,559	4,070,502	4,168,049	3,976,821	4,280,487	4,281,728	4,674,808	4,766,069
of which:
Other Financial Intermediaries	3,269,919	3,331,956	3,389,746	3,238,806	3,499,011	3,514,245	3,810,742	3,870,186
Non-Financial Companies⁴	678,640	738,546	778,303	738,015	781,476	767,482	864,066	895,883
Total Foreign Assets	4,734,801	4,879,209	4,974,171	4,842,253	5,188,402	5,202,337	5,688,066	5,795,836

Foreign Liabilities
General Government	138,533	145,302	154,357	149,172	153,477	152,810	151,485	147,097
Monetary Authority¹	20,401	19,766	20,628	21,275	20,038	18,881	19,170	19,871
Monetary Financial Institutions²	697,079	707,920	692,194	743,771	784,399	788,161	872,082	879,785
Other Sectors³	4,382,785	4,506,199	4,582,519	4,462,019	4,762,343	4,797,191	5,219,069	5,345,517
of which:
Other Financial Intermediaries	3,241,042	3,297,800	3,352,819	3,264,735	3,494,100	3,495,048	3,798,488	3,875,274
Non-Financial Companies⁴	1,141,743	1,208,398	1,229,701	1,197,284	1,268,243	1,302,143	1,420,581	1,470,243
Total Foreign Liabilities	5,238,798	5,379,187	5,449,698	5,376,237	5,720,257	5,757,043	6,261,806	6,392,270

Net International Investment Position (IIP)
General Government	-127,867	-130,201	-129,327	-124,298	-128,783	-128,554	-128,795	-124,923
Monetary Authority¹	20,642	27,988	26,356	24,076	29,862	36,072	38,274	46,478
Monetary Financial Institutions²	37,454	37,932	41,913	51,436	48,922	53,240	61,043	61,459
Other Sectors³	-434,226	-435,697	-414,470	-485,198	-481,856	-515,463	-544,261	-579,448
of which:
Other Financial Intermediaries	28,877	34,156	36,927	-25,929	4,911	19,197	12,254	-5,088
Non-Financial Companies⁴	-463,103	-469,852	-451,398	-459,269	-486,767	-534,661	-556,515	-574,360
Total (Net IIP)	-503,998	-499,977	-475,528	-533,984	-531,856	-554,705	-573,741	-596,435
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 2019 Table 5.3 (XLS 31KB)

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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 2019			31 December 2019
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
Foreign Assets
General Government	0	22,690	22,690	0	22,174	22,174
Monetary Authority¹	0	57,444	57,444	0	66,349	66,349
Monetary Financial Institutions²	871,112	62,013	933,125	878,634	62,610	941,244
Other Sectors³	3,638,772	1,036,036	4,674,808	3,697,863	1,068,206	4,766,069
of which:
Other Financial Intermediaries	3,638,772	171,970	3,810,742	3,697,863	172,323	3,870,186
Non-Financial Companies⁴	0	864,066	864,066	0	895,883	895,883
Total Foreign Assets	4,509,884	1,178,182	5,688,066	4,576,497	1,219,339	5,795,836

Foreign Liabilities
General Government	0	151,485	151,485	0	147,097	147,097
Monetary Authority¹	0	19,170	19,170	0	19,871	19,871
Monetary Financial Institutions²	840,571	31,511	872,082	847,634	32,151	879,785
Other Sectors³	3,789,104	1,429,965	5,219,069	3,872,643	1,472,874	5,345,517
of which:
Other Financial Intermediaries	3,789,104	9,384	3,798,488	3,872,643	2,631	3,875,274
Non-Financial Companies⁴	0	1,420,581	1,420,581	0	1,470,243	1,470,243
Total Foreign Liabilities	4,629,675	1,632,133	6,261,808	4,720,277	1,671,994	6,392,271

Net International Investment Position (IIP)
General Government	0	-128,795	-128,795	0	-124,923	-124,923
Monetary Authority¹	0	38,274	38,274	0	46,478	46,478
Monetary Financial Institutions²	30,541	30,502	61,043	31,000	30,459	61,459
Other Sectors³	-150,332	-393,929	-544,261	-174,780	-404,668	-579,448
of which:
Other Financial Intermediaries	-150,332	162,586	12,254	-174,780	169,692	-5,088
Non-Financial Companies⁴	0	-556,515	-556,515	0	-574,360	-574,360
Total (Net IIP)	-119,791	-453,948	-573,741	-143,780	-452,654	-596,435
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 2019 Table 5.4 (XLS 32KB)

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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 2019	Q2 2019	Q3 2019	Q4 2019
Foreign Assets
Direct Investment Abroad¹	874,924	837,113	922,949	965,961
Equity capital and reinvested earnings	810,353	836,606	895,284	938,226
Other capital	64,571	507	27,665	27,736

Portfolio Investment	2,963,537	2,985,557	3,287,526	3,393,366
Equity	1,223,906	1,237,868	1,293,274	1,386,905
Monetary authority²	0	0	0	0
General government	4,445	3,870	3,902	4,094
Monetary financial institutions³	1,154	770	404	351
Other sectors	1,218,306	1,233,228	1,288,968	1,382,460

Debt instruments	1,739,631	1,747,688	1,994,252	2,006,461
Bonds and notes	1,349,728	1,366,801	1,554,968	1,550,889
Monetary authority²	20,181	20,154	19,939	20,041
General government	1,925	1,780	1,776	1,323
Monetary financial institutions³	74,544	73,140	75,770	76,818
Other sectors	1,253,079	1,271,728	1,457,483	1,452,708

Money market instruments	389,903	380,887	439,284	455,572
Monetary authority²	827	905	905	855
General government	0	0	0	0
Monetary financial institutions³	331,938	318,658	373,137	383,959
Other sectors	57,138	61,324	65,241	70,758

Other Investment	1,345,228	1,374,915	1,472,575	1,431,381
Loans, currency and deposits	994,753	1,014,511	1,053,481	1,065,916
Monetary authority²	23,308	28,269	30,689	39,431
General government	1,864	2,208	2,066	1,728
Monetary financial institutions³	388,323	405,308	419,533	411,489
Other sectors	581,258	578,726	601,193	613,268

Trade Credits	50,716	52,405	54,127	58,479
General government	0	0	0	0
Other sectors	50,716	52,405	54,127	58,479

Other assets⁴	299,758	307,999	364,968	306,988
Monetary authority²	872	872	895	895
General government	16,421	16,361	14,908	14,991
Monetary financial institutions³	30,467	38,678	58,750	60,552
Other sectors	251,998	252,088	290,415	230,550

Reserve assets	4,713	4,753	5,016	5,128
Monetary gold	211	227	249	248
Special drawing rights	807	814	816	824
Reserve Position in the IMF	998	987	1,013	996
Foreign Exchange	1,093	900	982	950
Other	1,604	1,825	1,956	2,110

Total Foreign Assets	5,188,402	5,202,337	5,688,066	5,795,836
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 2019 Table 5.5 (XLS 32KB)

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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 2019	Q2 2019	Q3 2019	Q4 2019
Foreign Liabilities
Direct Investment in Ireland¹	922,715	883,561	969,279	997,236
Equity capital and reinvested earnings	886,932	831,321	890,702	884,317
Other capital	35,783	52,240	78,577	112,919

Portfolio Investment	3,382,274	3,443,840	3,741,484	3,894,182
Equity	2,936,292	2,997,626	3,251,251	3,377,363
Monetary authority²	0	0	0	0
General government	0	0	0	0
Monetary financial institutions³	456,475	460,003	517,959	528,862
Other sectors	2,479,818	2,537,623	2,733,292	2,848,501

Debt instruments	445,982	446,214	490,234	516,818
Bonds and notes	437,856	432,164	474,401	502,145
Monetary authority²	0	0	0	0
General government	86,686	85,537	86,191	83,383
Monetary financial institutions³	28,818	24,283	25,198	25,562
Other sectors	322,352	322,344	363,012	393,200

Money market instruments	8,126	14,050	15,833	14,673
Monetary authority²	0	0	0	0
General government	3,731	4,870	3,780	2,223
Monetary financial institutions³	3,978	8,757	11,628	11,278
Other sectors	416	422	425	1,172

Other Investment	1,415,269	1,429,642	1,551,044	1,500,854
Loans, currency and deposits	845,932	836,652	884,798	882,200
Monetary authority²	17,649	17,924	18,180	18,869
General government	48,356	47,698	47,024	47,197
Monetary financial institutions³	209,811	204,724	205,430	201,161
Other sectors	570,116	566,306	614,164	614,973

Trade Credits	34,703	33,002	43,656	57,902
General government	0	0	0	0
Other sectors	34,703	33,002	43,656	57,902

Other liabilities⁴	534,634	559,987	622,590	560,751
Monetary authority²	2,389	956	991	1,003
General government	14,573	14,574	14,359	14,293
Monetary financial institutions³	43,168	49,115	68,635	71,411
Other sectors	474,504	495,342	538,606	474,044

Total Foreign Liabilities	5,720,258	5,757,042	6,261,808	6,392,271
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.

Open in Excel: International Accounts Q4 2019 Table 5.6 (XLS 31KB)

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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 2019	Q2 2019	Q3 2019	Q4 2019
Foreign Assets
Direct Investment Abroad¹	874,924	837,113	922,949	965,961
- IFSC	83,140	79,532	85,289	88,110
- Non-IFSC	791,784	757,581	837,660	877,851
Portfolio Investment	2,963,537	2,985,557	3,287,526	3,393,366
- IFSC	2,808,763	2,834,099	3,130,837	3,234,697
- Non-IFSC	154,774	151,458	156,689	158,669
Other Investment²	1,345,228	1,374,915	1,472,575	1,431,381
- IFSC	1,184,140	1,210,820	1,293,758	1,253,690
- Non-IFSC	161,088	164,095	178,817	177,691
Reserve Assets	4,713	4,753	5,016	5,128
- IFSC	0	0	0	0
- Non-IFSC	4,713	4,753	5,016	5,128
Total Foreign Assets	5,188,402	5,202,337	5,688,066	5,795,836
- IFSC	4,076,043	4,124,451	4,509,884	4,576,497
- Non-IFSC	1,112,359	1,077,887	1,178,182	1,219,339

Foreign Liabilities
Direct Investment in Ireland¹	922,715	883,561	969,279	997,236
- IFSC	224,672	201,726	238,917	253,731
- Non-IFSC	698,043	681,835	730,362	743,505
Portfolio Investment	3,382,274	3,443,840	3,741,484	3,894,182
- IFSC	2,772,877	2,809,649	3,056,644	3,191,862
- Non-IFSC	609,397	634,191	684,840	702,320
Other Investment²	1,415,269	1,429,642	1,551,044	1,500,854
- IFSC	1,208,126	1,225,663	1,334,114	1,274,683
- Non-IFSC	207,143	203,979	216,930	226,171
Total Foreign Liabilities	5,720,258	5,757,042	6,261,808	6,392,271
- IFSC	4,205,675	4,237,038	4,629,675	4,720,276
- Non-IFSC	1,514,583	1,520,005	1,632,132	1,671,996

Net International Investment Position (IIP)
Direct Investment¹	-47,791	-46,448	-46,330	-31,275
- IFSC	-141,532	-122,194	-153,628	-165,621
- Non-IFSC	93,741	75,746	107,298	134,346
Portfolio Investment	-418,737	-458,283	-453,958	-500,816
- IFSC	35,886	24,450	74,193	42,835
- Non-IFSC	-454,623	-482,733	-528,151	-543,651
Other Investment²	-70,041	-54,727	-78,469	-69,473
- IFSC	-23,986	-14,843	-40,356	-20,993
- Non-IFSC	-46,055	-39,884	-38,113	-48,480
Reserve Assets	4,713	4,753	5,016	5,128
- IFSC	0	0	0	0
- Non-IFSC	4,713	4,753	5,016	5,128
Total (Net IIP)	-531,856	-554,705	-573,741	-596,435
- IFSC	-129,632	-112,587	-119,791	-143,779
- Non-IFSC	-402,224	-442,118	-453,950	-452,657
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 2019 Table 5.7 (XLS 33KB)

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Table 5.8 International Investment Position (IIP) - 31st December 2019 - Reconciliation of IIP and BOP Flows

Table 5.8 International Investment Position (IIP) - 31st December 2019 - Reconciliation of IIP and BOP Flows				€ million
Item	Opening Position 01/10/2019	Bop Flows in Quarter	Valuation and Other Changes	Closing Position 31/12/2019
Foreign Assets

Direct Investment Abroad¹	922,949	39,620	3,392	965,961
Equity capital and reinvested earnings	895,284	37,142	5,800	938,226
Other capital	27,665	2,478	-2,407	27,736

Portfolio Investment	3,287,526	115,579	-9,739	3,393,366
Equity	1,293,274	42,509	51,122	1,386,905
Debt instruments	1,994,252	73,070	-60,861	2,006,461
Bonds and notes	1,554,968	57,611	-61,690	1,550,889
Money market instruments	439,284	15,459	829	455,572

Other Investment	1,472,575	-28,466	-12,728	1,431,381
Loans, currency and deposits	1,053,481	2,467	9,967	1,065,915
Other²	419,094	-30,933	-22,695	365,466

Reserve Assets	5,016	181	-69	5,128

Total Foreign Assets	5,688,066	126,914	-19,144	5,795,836

Foreign Liabilities

Direct Investment in Ireland¹	969,279	45,287	-17,330	997,236
Equity capital and reinvested earnings	890,702	8,945	-15,330	884,317
Other capital	78,578	36,342	-2,001	112,919

Portfolio Investment	3,741,484	95,345	57,353	3,894,182
Equity	3,251,251	89,258	36,854	3,377,363
Debt instruments	490,234	6,086	20,498	516,818
Bonds and notes	474,401	7,148	20,596	502,145
Money market instruments	15,833	-1,062	-98	14,673

Other Investment	1,551,044	24,513	-74,703	1,500,854
Loans, currency and deposits	884,798	21,905	-24,503	882,200
Other²	666,246	2,608	-50,200	618,654

Total Foreign Liabilities	6,261,808	165,145	-34,682	6,392,271
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 2019 Table 5.8 (XLS 31KB)

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Table 5.9 Gross External Debt

Table 5.9 Gross External Debt¹						€ million
	30 September 2019			31 December 2019
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
General Government	0	151,354	151,354	0	147,097	147,097
Short-term	0	20,197	20,197	0	18,658	18,658
Money market instruments	0	18,139	18,139	0	16,516	16,516
Loans & Deposits	0	2,058	2,058	0	2,142	2,142
Long-term	0	131,157	131,157	0	128,439	128,439
Bonds and notes	0	86,191	86,191	0	83,383	83,383
Loans	0	44,966	44,966	0	45,056	45,056

Monetary Authority²	0	19,171	19,171	0	19,872	19,872
Short-term	0	18,180	18,180	0	18,869	18,869
Loans and deposits	0	18,180	18,180	0	18,869	18,869
Long-term	0	991	991	0	1,003	1,003
Other debt liabilities	0	991	991	0	1,003	1,003

Monetary Financial Institutions³	241,742	21,475	263,217	239,330	22,402	261,732
Short-term	194,726	16,137	210,863	192,349	15,978	208,327
Money market instruments	11,628	0	11,628	11,278	0	11,278
Loans and deposits	183,098	16,137	199,235	181,071	15,978	197,049
Long-term	47,016	5,338	52,354	46,981	6,424	53,405
Bonds and notes	20,658	4,540	25,198	19,867	5,695	25,562
Loans	5,481	714	6,195	3,466	646	4,112
Other debt liabilities	20,877	84	20,961	23,648	83	23,731

Other Sectors⁴	1,346,135	120,778	1,466,913	1,356,640	130,101	1,486,741
Short-term	280,678	45,697	326,375	308,506	59,020	367,526
Money market instruments	4	421	425	4	1,168	1,172
Loans and deposits	267,135	15,159	282,294	295,014	13,438	308,452
Trade credits	13,539	30,117	43,656	13,488	44,414	57,902
Long-term	1,065,457	75,081	1,140,538	1,048,134	71,081	1,119,215
Bonds and notes	357,479	5,533	363,012	387,691	5,509	393,200
Loans	312,609	19,261	331,870	289,545	16,976	306,521
Other debt liabilities	395,369	50,287	445,656	370,898	48,596	419,494

Direct Investment⁵	65,872	571,248	637,120	72,321	550,998	623,319
Debt liabilities to affiliated enterprises	2,879	187,809	190,688	2,792	178,774	181,566
Debt liabilities to direct investors	62,993	383,439	446,432	69,529	372,224	441,753

Gross External Debt	1,653,749	884,026	2,537,774	1,668,291	870,470	2,538,762
¹Gross external debt represents the stock of Ireland's liabilities to non-residents other than equity and financial derivatives.
²Central Bank of Ireland.
³Covering licensed credit institutions and money market funds.
⁴Other sectors includes financial corporations other than the Monetary Authority and Monetary Financial Institutions, non-financial service and manufacturing companies and other industrial enterprises as well as (implicitly) households (see Background Notes). The gross liabilities to non-residents of financial corporations covered in other sectors tend to be very significant.
⁵Covering inter affiliate loans, non-equity securities, trade credits and other debt liabilities. Debt liabilities to affiliated enterprises refers to direct investment abroad while debt liabilities to direct investors refers to direct investment in Ireland.
*Suppressed for confidentiality reasons.

Open in Excel: International Accounts Q4 2019 Table 5.9 (XLS 33KB)

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Table 5.10 - Debt Instrument Financial Assets

Table 5.10 Debt Instrument Financial Assets¹						€ million
	30 September 2019			31 December 2019
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
General Government	0	3,842	3,842	0	3,051	3,051
Short-term	0	577	577	0	243	243
Money market instruments	0	0	0	0	0	0
Loans and deposits	0	577	577	0	243	243
Long-term	0	3,265	3,265	0	2,808	2,808
Bonds and notes	0	1,776	1,776	0	1,323	1,323
Loans	0	1,489	1,489	0	1,485	1,485

Monetary Authority²	0	51,533	51,533	0	60,327	60,327
Short-term	0	31,594	31,594	0	40,286	40,286
Money market instruments	0	905	905	0	855	855
Loans and deposits	0	30,689	30,689	0	39,431	39,431
Long-term	0	19,939	19,939	0	20,041	20,041
Bonds and notes	0	19,939	19,939	0	20,041	20,041

Monetary Financial Institutions³	829,067	53,186	882,253	833,927	54,545	888,472
Short-term	734,157	16,971	751,128	731,796	18,784	750,580
Money market instruments	372,987	150	373,137	383,859	100	383,959
Loans and deposits	361,170	16,821	377,991	347,937	18,684	366,621
Long-term	94,910	36,215	131,125	102,131	35,761	137,892
Bonds and notes	53,652	22,118	75,770	55,055	21,763	76,818
Loans	27,674	13,868	41,542	31,054	13,814	44,868
Other debt Assets	13,584	229	13,813	16,022	184	16,206

Other Sectors⁴	2,233,497	137,651	2,371,148	2,237,446	126,341	2,363,787
Short-term	336,868	53,107	389,975	352,310	46,487	398,797
Money market instruments	64,925	316	65,241	70,478	280	70,758
Loans and deposits	245,613	24,994	270,607	254,169	15,391	269,560
Trade credit assets	26,330	27,797	54,127	27,663	30,816	58,479
Long-term	1,896,629	84,544	1,981,173	1,885,136	79,854	1,964,990
Bonds and notes	1,413,287	44,196	1,457,483	1,409,038	43,670	1,452,708
Loans	330,488	98	330,586	343,603	105	343,708
Other debt Assets	152,854	40,250	193,104	132,495	36,079	168,574

Direct Investment⁵	132,508	453,700	586,208	114,640	423,496	538,136
Debt asset claims on affiliated enterprises	4,923	213,430	218,353	4,872	204,430	209,302
Debt asset claims on direct investors	127,585	240,270	367,855	109,768	219,066	328,834

Reserve Assets	0	2,919	2,919	0	3,016	3,016

Debt Instrument Financial Assets	3,195,072	702,831	3,897,903	3,186,013	670,776	3,856,789

Net External Debt	1,541,323	-181,195	1,360,129	1,517,722	-199,694	1,318,027
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 5.9) minus External Assets in Debt Instruments. A negative sign indicates a net Asset position.

Open in Excel: International Accounts Q4 2019 Table 5.10 (XLS 34KB)

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International Accounts Q4 2019

International Investment Position

International Investment Position

Net IIP liability of €596 billion at the end-December 2019

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