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International Accounts Q4 2021

International Investment Position

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Net IIP liability of €580 billion at end-December 2021

Table 5.1 International Investment Position						€ billion
	30 September 2021			31 December 2021
	Assets	Liabilities	NET	Assets	Liabilities	NET
General Government	20.9	154.7	-133.8	22.5	151.4	-128.8
Monetary Authority	102.1	30.3	71.8	112.5	25.3	87.2
Monetary Financial Institutions	1,031.5	953.5	78.0	1,051.2	969.7	81.5
Other Financial Intermediaries	4,830.1	4,754.4	75.7	5,134.3	5,083.6	50.7
Non-Financial Companies	1,168.3	1,845.6	-677.3	1,277.9	1,948.3	-670.4
Total	7,152.8	7,738.5	-585.7	7,598.5	8,178.2	-579.7

Open in Excel: International Accounts Q4 2021 Table 5.1 (XLS 37KB)

At 31st December 2021, Ireland's quarterly international investment position ((IIP) results show overall stocks of foreign financial assets of €7,598bn - an increase of €446bn on the end-September 2021 level, while the corresponding stocks of foreign financial liabilities increased by €440bn to €8,178 over the quarter. Irish residents had an overall net foreign liability of €580bn at end-December 2021, a decrease of €6bn in the net foreign liability level at end-September 2021 - see Table 5.2.

X-axis label	Net IIP %GDP
Q12020	-201
Q22020	-195
Q32020	-185
Q42020	-171
Q12021	-168
Q22021	-153
Q32021	-143
Q42021	-138

Some points of note in the Quarter 4 2021 IIP are:

Direct Investment Abroad increased by €114bn to €1296bn.
Equity capital (including reinvested earnings) increased €121.9bn while other capital decreased €7.6bn – see Table 5.5.
Foreign Assets of Other Financial Intermediaries increased by €304bn. With foreign liabilities increasing by €329bn, the resulting net decreased to €51bn - see Table 5.3.
Foreign Assets of the Monetary Authority increased by €10.4bn while foreign liabilities decreased by €5bn.
The resulting net increased to €87bn - see Table 5.3.

X-axis label	Direct Investment	Portfolio Investment	Other Investment	Reserve Assets	Net IIP
Q12020	-241.2	-535.1	38.5	5.3	-732.5
Q22020	-228.2	-541.8	54.9	5.2	-709.8
Q32020	-169.6	-599.5	76.4	5.8	-686.9
Q42020	-110	-626.5	93.4	6.2	-636.9
Q12021	-74.2	-633.3	63.3	6.6	-637.6
Q22021	-38.2	-672.3	96.8	6.6	-607.1
Q32021	35.7	-755.9	123.8	10.8	-585.7
Q42021	101	-843.9	151.5	11.7	-579.7

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

Net Portfolio Investment fell €88bn to -€844bn.
Net Other Investment rose €28bn to €151bn.
Reserve Assets grew €0.9bn to €11.7bn.

X-axis label	General Government	Monetary Financial Institutions	Other Financial Intermediaries	Non-Financial Companies
31 Mar 2021	953	503	1329	852
30 Jun 2021	936	531	1486	952
30 Sep 2021	981	535	1600	965
31 Dec 2021	999	537	1641	993

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:

€999bn issued by foreign Governments
€537bn issued by foreign Monetary Financial Institutions (including Money Market Investment Funds)
€1641bn issued by foreign Other Financial Intermediaries (including Non-Money Market Investment Funds)
€993bn issued by foreign Non-Financial Companies

X-axis label	Direct Investment	Other Sectors	Monetary Financial Institutions	Monetary Authority	General Government
Q12021	544	1729	291	20	158
Q22021	539	1704	290	21	157
Q32021	562	1748	284	30	155
Q42021	601	1848	261	25	151

Gross External Debt stands at €2.9 trillion at end-December 2021.

At 31st December 2021, the gross external debt of all resident sectors (i.e. general government, the monetary authority, financial and non-financial corporations and households) amounted to €2,886bn.This represents an increase of €107bn 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 2021 (€2,779bn) - see Table 5.9.

Points of note are:

General government foreign borrowing fell by €3bn to €151bn at end-December 2021.
Liabilities of the Monetary Authority consisting entirely of short term loans and deposits decreased €5bn to €25.3bn. 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) fell €24bn to €260.5bn.
The liabilities of Other sectors at €1,848bn increased €100bn on the previous quarter.
This was made up of a rise in short-term debt of €48bn and a rise in long-term debt of €52bn.
Direct investment liabilities increased by €39bn to €601bn in the quarter.
The Net External Debt position was €1,653bn at end-December 2021, 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	Q4 2019	Q1 2020	Q2 2020	Q3 2020	Q4 2020	Q1 2021	Q2 2021	Q3 2021	Q4 2021
Foreign Assets
Direct Investment Abroad¹	1,001,686	921,095	962,987	947,201	987,531	1,078,523	1,118,828	1,181,649	1,295,948
Portfolio Investment	3,402,109	3,022,307	3,338,275	3,384,877	3,637,469	3,907,202	4,081,091	4,170,600	4,456,642
Other Investment²	1,481,348	1,675,664	1,603,343	1,624,800	1,680,597	1,756,724	1,739,334	1,789,841	1,834,223
Reserve Assets	5,087	5,253	5,208	5,825	6,207	6,569	6,579	10,753	11,672
Total Foreign Assets	5,890,230	5,624,318	5,909,814	5,962,702	6,311,804	6,749,018	6,945,831	7,152,844	7,598,485

Foreign Liabilities
Direct Investment in Ireland ¹	1,079,570	1,162,288	1,191,170	1,116,795	1,097,554	1,152,716	1,157,007	1,145,982	1,194,922
Portfolio Investment	3,974,976	3,557,392	3,880,041	3,984,379	4,263,989	4,540,496	4,753,418	4,926,471	5,300,570
Other Investment ²	1,514,110	1,637,172	1,548,399	1,548,409	1,587,194	1,693,383	1,642,514	1,666,079	1,682,737
Total Foreign Liabilities	6,568,655	6,356,853	6,619,610	6,649,583	6,948,736	7,386,595	7,552,939	7,738,532	8,178,228

Net International Investment Position (IIP)
Direct Investment¹	-77,884	-241,193	-228,183	-169,594	-110,023	-74,193	-38,179	35,667	101,026
Portfolio Investment	-572,867	-535,085	-541,766	-599,502	-626,520	-633,294	-672,327	-755,871	-843,928
Other Investment²	-32,762	38,492	54,944	76,391	93,403	63,341	96,820	123,762	151,486
Reserve Assets	5,087	5,253	5,208	5,825	6,207	6,569	6,579	10,753	11,672

Total (Net IIP)	-678,425	-732,535	-709,796	-686,881	-636,932	-637,577	-607,107	-585,688	-579,743
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 2021 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	Q1 2020	Q2 2020	Q3 2020	Q4 2020	Q1 2021	Q2 2021	Q3 2021	Q4 2021
Foreign Assets
General Government	21,847	22,238	22,168	22,254	21,920	21,838	20,874	22,543
Monetary Authority ¹	66,675	79,676	80,241	73,369	86,531	96,444	102,106	112,518
Monetary Financial Institutions²	995,064	1,011,784	995,905	1,058,842	1,044,784	1,036,474	1,031,463	1,051,193
Other Sectors³	4,540,732	4,796,116	4,864,389	5,157,339	5,595,782	5,791,075	5,998,401	6,412,230
of which:
Other Financial Intermediaries	3,666,655	3,875,059	3,922,839	4,148,493	4,514,652	4,670,051	4,830,052	5,134,313
Non-Financial Companies⁴	874,078	921,057	941,550	1,008,846	1,081,130	1,121,025	1,168,348	1,277,918
Total Foreign Assets	5,624,318	5,909,814	5,962,702	6,311,804	6,749,018	6,945,831	7,152,844	7,598,485

Foreign Liabilities
General Government	155,468	167,326	164,029	153,743	158,112	157,030	154,723	151,351
Monetary Authority ¹	20,101	20,043	20,527	20,699	20,476	20,588	30,319	25,275
Monetary Financial Institutions²	917,610	936,519	920,507	979,603	970,342	958,526	953,511	969,716
Other Sectors³	5,263,674	5,495,722	5,544,519	5,794,691	6,237,666	6,416,795	6,599,979	7,031,886
of which:
Other Financial Intermediaries	3,658,902	3,856,347	3,913,553	4,128,695	4,461,783	4,600,938	4,754,365	5,083,598
Non-Financial Companies⁴	1,604,773	1,639,375	1,630,966	1,665,996	1,775,883	1,815,857	1,845,614	1,948,287
Total Foreign Liabilities	6,356,853	6,619,610	6,649,582	6,948,736	7,386,596	7,552,939	7,738,532	8,178,228

Net International Investment Position (IIP)
General Government	-133,621	-145,088	-141,861	-131,489	-136,192	-135,192	-133,849	-128,808
Monetary Authority ¹	46,574	59,633	59,714	52,670	66,055	75,856	71,787	87,243
Monetary Financial Institutions²	77,454	75,265	75,398	79,239	74,442	77,948	77,952	81,477
Other Sectors³	-722,942	-699,606	-680,130	-637,352	-641,884	-625,720	-601,578	-619,656
of which:
Other Financial Intermediaries	7,753	18,712	9,286	19,798	52,869	69,113	75,687	50,715
Non-Financial Companies⁴	-730,695	-718,318	-689,416	-657,150	-694,753	-694,832	-677,266	-670,369
Total (Net IIP)	-732,535	-709,796	-686,881	-636,932	-637,577	-607,107	-585,688	-579,743
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 2021 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 2021			31 December 2021
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
Foreign Assets
General Government	0	20,874	20,874	0	22,543	22,543
Monetary Authority¹	0	102,106	102,106	0	112,518	112,518
Monetary Financial Institutions²	971,131	60,332	1,031,463	990,017	61,176	1,051,193
Other Sectors³	4,649,582	1,348,818	5,998,400	4,956,431	1,455,800	6,412,231
of which:
Other Financial Intermediaries	4,649,582	180,470	4,830,052	4,956,431	177,882	5,134,313
Non-Financial Companies⁴	0	1,168,348	1,168,348	0	1,277,918	1,277,918
Total Foreign Assets	5,620,713	1,532,131	7,152,844	5,946,448	1,652,037	7,598,485

Foreign Liabilities
General Government	0	154,723	154,723	0	151,351	151,351
Monetary Authority¹	0	30,319	30,319	0	25,275	25,275
Monetary Financial Institutions²	923,474	30,037	953,511	939,756	29,960	969,716
Other Sectors³	4,854,614	1,745,365	6,599,979	5,175,765	1,856,120	7,031,885
of which:
Other Financial Intermediaries	4,854,614	-100,249	4,754,365	5,175,765	-92,167	5,083,598
Non-Financial Companies⁴	0	1,845,614	1,845,614	0	1,948,287	1,948,287
Total Foreign Liabilities	5,778,088	1,960,444	7,738,532	6,115,521	2,062,707	8,178,228

Net International Investment Position (IIP)
General Government	0	-133,849	-133,849	0	-128,808	-128,808
Monetary Authority¹	0	71,787	71,787	0	87,243	87,243
Monetary Financial Institutions²	47,657	30,295	77,952	50,261	31,216	81,477
Other Sectors³	-205,032	-396,547	-601,579	-219,334	-400,320	-619,654
of which:
Other Financial Intermediaries	-205,032	280,719	75,687	-219,334	270,049	50,715
Non-Financial Companies⁴	0	-677,266	-677,266	0	-670,369	-670,369
Total (Net IIP)	-157,375	-428,314	-585,688	-169,073	-410,669	-579,743
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	Q1 2021	Q2 2021	Q3 2021	Q4 2021
Foreign Assets
Direct Investment Abroad¹	1,078,523	1,118,828	1,181,649	1,295,948
Equity capital and reinvested earnings	1,145,630	1,184,335	1,276,588	1,398,456
Other capital	-67,107	-65,508	-94,939	-102,508

Portfolio Investment	3,907,202	4,081,091	4,170,600	4,456,642
Equity	1,721,313	1,837,944	1,874,819	2,034,674
Monetary authority²	0	0	0	0
General government	4,754	4,958	4,962	4,929
Monetary financial institutions³	-137	269	378	2,377
Other sectors	1,716,696	1,832,716	1,869,478	2,027,368

Debt instruments	2,185,890	2,243,147	2,295,781	2,421,968
Bonds and notes	1,691,577	1,729,411	1,783,272	1,847,903
Monetary authority²	15,656	14,432	13,000	12,848
General government	170	142	140	150
Monetary financial institutions³	67,714	70,218	66,122	72,252
Other sectors	1,608,037	1,644,619	1,704,010	1,762,653

Money market instruments	494,313	513,736	512,509	574,065
Monetary authority²	1,159	1,167	1,454	1,608
General government	0	0	0	0
Monetary financial institutions³	408,919	409,360	394,337	445,622
Other sectors	84,234	103,210	116,717	126,835

Other Investment	1,756,724	1,739,334	1,789,841	1,834,223
Loans, currency and deposits	1,242,708	1,268,695	1,298,896	1,345,429
Monetary authority²	62,247	73,367	75,998	85,480
General government	2,020	1,970	1,979	1,994
Monetary financial institutions³	463,240	462,920	474,163	460,886
Other sectors	715,201	730,438	746,756	797,069

Trade Credits	95,568	99,338	101,705	106,394
General government	0	0	0	0
Other sectors	95,568	99,338	101,705	106,394

Other assets⁴	418,448	371,301	389,239	382,400
Monetary authority²	900	900	900	910
General government	14,939	14,730	13,754	15,433
Monetary financial institutions³	100,347	89,382	92,107	65,817
Other sectors	302,262	266,289	282,478	300,240

Reserve assets	6,569	6,579	10,753	11,672
Monetary gold	263	271	320	475
Special drawing rights	815	814	4,846	4,999
Reserve Position in the IMF	975	968	982	997
Foreign Exchange	1,394	1,193	1,089	1,664
Other	3,122	3,333	3,516	3,537

Total Foreign Assets	6,749,018	6,945,831	7,152,844	7,598,485
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 2021 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 2021	Q2 2021	Q3 2021	Q4 2021
Foreign Liabilities
Direct Investment in Ireland¹	1,152,716	1,157,007	1,145,982	1,194,922
Equity capital and reinvested earnings	1,018,704	1,050,648	1,074,545	1,113,508
Other capital	134,012	106,359	71,437	81,414

Portfolio Investment	4,540,496	4,753,418	4,926,471	5,300,570
Equity	3,898,772	4,098,116	4,244,425	4,585,424
Monetary authority²	0	0	0	0
General government	0	0	0	0
Monetary financial institutions³	555,977	556,968	550,438	609,630
Other sectors	3,342,795	3,541,148	3,693,988	3,975,794

Debt instruments	641,725	655,302	682,046	715,146
Bonds and notes	619,684	636,361	663,268	698,411
Monetary authority²	0	0	0	0
General government	86,799	88,285	86,968	85,938
Monetary financial institutions³	18,537	18,563	17,840	17,454
Other sectors	514,348	529,513	558,461	595,019

Money market instruments	22,040	18,941	18,778	16,735
Monetary authority²	0	0	0	0
General government	9,766	7,759	6,788	4,163
Monetary financial institutions³	11,887	10,796	11,606	12,188
Other sectors	388	386	383	384

Other Investment	1,693,383	1,642,514	1,666,079	1,682,737
Loans, currency and deposits	1,006,899	998,504	995,956	1,025,382
Monetary authority²	19,538	19,645	25,350	20,220
General government	47,596	47,305	47,272	47,554
Monetary financial institutions³	222,444	223,379	222,813	207,182
Other sectors	717,321	708,174	700,521	750,426

Trade Credits	42,518	43,222	53,541	61,133
General government	0	0	0	0
Other sectors	42,518	43,222	53,541	61,133

Other liabilities⁴	643,966	600,788	616,582	596,222
Monetary authority²	937	942	4,969	5,055
General government	13,951	13,682	13,695	13,695
Monetary financial institutions³	114,126	105,708	105,924	80,158
Other sectors	514,952	480,455	491,993	497,313

Total Foreign Liabilities	7,386,595	7,552,939	7,738,532	8,178,228
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 2021	Q2 2021	Q3 2021	Q4 2021
Foreign Assets
Direct Investment Abroad ¹	1,078,523	1,118,828	1,181,649	1,295,948
- IFSC	77,671	79,937	82,405	101,603
- Non-IFSC	1,000,852	1,038,891	1,099,244	1,194,345
Portfolio Investment	3,907,202	4,081,091	4,170,600	4,456,642
- IFSC	3,740,606	3,906,692	3,996,151	4,278,290
- Non-IFSC	166,596	174,399	174,449	178,352
Other Investment ²	1,756,724	1,739,334	1,789,841	1,834,223
- IFSC	1,530,917	1,500,449	1,542,157	1,566,555
- Non-IFSC	225,807	238,885	247,684	267,668
Reserve Assets	6,569	6,579	10,753	11,672
- IFSC	0	0	0	0
- Non-IFSC	6,569	6,579	10,753	11,672
Total Foreign Assets	6,749,018	6,945,831	7,152,844	7,598,485
- IFSC	5,349,194	5,487,078	5,620,713	5,946,448
- Non-IFSC	1,399,824	1,458,754	1,532,130	1,652,037

Foreign Liabilities
Direct Investment in Ireland ¹	1,152,716	1,157,007	1,145,982	1,194,922
- IFSC	284,189	298,295	309,770	335,734
- Non-IFSC	868,527	858,712	836,212	859,188
Portfolio Investment	4,540,496	4,753,418	4,926,471	5,300,570
- IFSC	3,748,769	3,921,130	4,035,461	4,336,298
- Non-IFSC	791,727	832,288	891,010	964,272
Other Investment ²	1,693,383	1,642,514	1,666,079	1,682,737
- IFSC	1,478,424	1,423,985	1,432,857	1,443,490
- Non-IFSC	214,959	218,529	233,222	239,247
Total Foreign Liabilities	7,386,595	7,552,939	7,738,532	8,178,228
- IFSC	5,511,382	5,643,410	5,778,088	6,115,522
- Non-IFSC	1,875,213	1,909,529	1,960,444	2,062,707

Net International Investment Position (IIP)
Direct Investment ¹	-74,193	-38,179	35,667	101,026
- IFSC	-206,518	-218,358	-227,365	-234,131
- Non-IFSC	132,325	180,179	263,032	335,157
Portfolio Investment	-633,294	-672,327	-755,871	-843,928
- IFSC	-8,163	-14,438	-39,310	-58,008
- Non-IFSC	-625,131	-657,889	-716,561	-785,920
Other Investment²	63,341	96,820	123,762	151,486
- IFSC	52,493	76,464	109,300	123,065
- Non-IFSC	10,848	20,356	14,462	28,421
Reserve Assets	6,569	6,579	10,753	11,672
- IFSC	0	0	0	0
- Non-IFSC	6,569	6,579	10,753	11,672
Total (Net IIP)	-637,577	-607,107	-585,688	-579,743
- IFSC	-162,188	-156,332	-157,375	-169,074
- Non-IFSC	-475,389	-450,775	-428,314	-410,670
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 2021 - Reconciliation of IIP and BOP Flows

Table 5.8 International Investment Position (IIP) - 31st December 2021 - Reconciliation of IIP and BOP Flows				€ million
Item	Opening Position 01/10/21	Bop Flows in Quarter	Valuation and Other Changes	Closing Position 31/12/21
Foreign Assets

Direct Investment Abroad¹	1,181,649	40,977	73,322	1,295,948
Equity capital and reinvested earnings	1,276,588	37,211	84,657	1,398,456
Other capital	-94,939	3,766	-11,335	-102,508

Portfolio Investment	4,170,600	144,629	141,413	4,456,642
Equity	1,874,819	63,623	96,232	2,034,674
Debt instruments	2,295,781	81,006	45,181	2,421,968
Bonds and notes	1,783,272	30,716	33,915	1,847,903
Money market instruments	512,509	50,289	11,267	574,065

Other Investment	1,789,841	-24,279	68,661	1,834,223
Loans, currency and deposits	1,298,897	7,543	38,989	1,345,429
Other²	490,944	-31,822	29,672	488,794

Reserve Assets	10,753	654	265	11,672

Total Foreign Assets	7,152,844	161,981	283,660	7,598,485

Foreign Liabilities

Direct Investment in Ireland¹	1,145,982	16,954	31,986	1,194,922
Equity capital and reinvested earnings	1,074,545	4,762	34,201	1,113,508
Other capital	71,437	12,192	-2,215	81,414

Portfolio Investment	4,926,471	144,651	229,448	5,300,570
Equity	4,244,425	113,237	227,762	4,585,424
Debt instruments	682,046	31,414	1,686	715,146
Bonds and notes	663,268	33,567	1,576	698,411
Money market instruments	18,778	-2,153	110	16,735

Other Investment	1,666,079	-8,601	25,259	1,682,737
Loans, currency and deposits	995,956	20,010	9,416	1,025,382
Other²	670,123	-28,611	15,843	657,355

Total Foreign Liabilities	7,738,532	153,004	286,692	8,178,228
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 September 2021			31 December 2021
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
General Government	0	154,722	154,722	0	151,350	151,350
Short-term	0	22,608	22,608	0	19,983	19,983
Money market instruments	0	20,483	20,483	0	17,858	17,858
Loans & Deposits	0	2,125	2,125	0	2,125	2,125
Long-term	0	132,114	132,114	0	131,367	131,367
Bonds and notes	0	86,968	86,968	0	85,938	85,938
Loans	0	45,146	45,146	0	45,429	45,429

Monetary Authority²	0	30,319	30,319	0	25,275	25,275
Short-term	0	25,350	25,350	0	20,220	20,220
Loans and deposits	0	25,350	25,350	0	20,220	20,220
Long-term	0	4,969	4,969	0	5,055	5,055
Other debt liabilities	0	4,969	4,969	0	5,055	5,055

Monetary Financial Institutions³	264,984	19,515	284,499	241,061	19,459	260,520
Short-term	217,530	15,282	232,812	202,584	14,775	217,359
Money market instruments	11,606	0	11,606	12,188	0	12,188
Loans and deposits	205,924	15,282	221,206	190,396	14,775	205,171
Long-term	47,454	4,233	51,687	38,477	4,684	43,161
Bonds and notes	14,332	3,508	17,840	13,449	4,005	17,454
Loans	1,061	546	1,607	1,443	568	2,011
Other debt liabilities	32,061	179	32,240	23,585	111	23,696

Other Sectors⁴	1,618,465	129,383	1,747,848	1,708,233	139,485	1,847,718
Short-term	393,171	40,533	433,704	429,917	51,937	481,854
Money market instruments	0	383	383	0	384	384
Loans and deposits	374,892	4,888	379,780	415,346	4,991	420,337
Trade credits	18,279	35,262	53,541	14,571	46,562	61,133
Long-term	1,225,294	88,850	1,314,144	1,278,316	87,548	1,365,864
Bonds and notes	551,151	7,310	558,461	588,146	6,873	595,019
Loans	296,715	24,026	320,741	306,435	23,654	330,089
Other debt liabilities	377,428	57,514	434,942	383,735	57,021	440,756

Direct Investment ⁵	90,296	471,635	561,931	89,860	511,559	601,419
Debt liabilities to affiliated enterprises	5,568	182,441	188,009	5,569	188,343	193,912
Debt liabilities to direct investors	84,728	289,194	373,922	84,291	323,216	407,507

Gross External Debt	1,973,745	805,574	2,779,318	2,039,154	847,128	2,886,281
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.

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Table 5.10 - Debt Instrument Financial Assets

Table 5.10 - Debt Instrument Financial Assets
	30 September 2021			31 December 2021
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
General Government	0	2,119	2,119	0	2,144	2,144
Short-term	0	469	469	0	488	488
Money market instruments	0	0	0	0	0	0
Loans and deposits	0	469	469	0	488	488
Long-term	0	1,650	1,650	0	1,656	1,656
Bonds and notes	0	140	140	0	150	150
Loans	0	1,510	1,510	0	1,506	1,506

Monetary Authority ²	0	90,452	90,452	0	99,936	99,936
Short-term	0	77,452	77,452	0	87,088	87,088
Money market instruments	0	1,454	1,454	0	1,608	1,608
Loans and deposits	0	75,998	75,998	0	85,480	85,480
Long-term	0	13,000	13,000	0	12,848	12,848
Bonds and notes	0	13,000	13,000	0	12,848	12,848

Monetary Financial Institutions³	902,824	54,737	957,561	936,448	55,746	992,194
Short-term	807,821	20,852	828,673	841,659	20,899	862,558
Money market instruments	394,292	45	394,337	445,576	46	445,622
Loans and deposits	413,529	20,807	434,336	396,083	20,853	416,936
Long-term	95,003	33,885	128,888	94,789	34,847	129,636
Bonds and notes	46,348	19,774	66,122	52,807	19,445	72,252
Loans	25,880	13,947	39,827	28,723	15,227	43,950
Other debt Assets	22,775	164	22,939	13,259	175	13,434

Other Sectors ⁴	2,723,175	166,372	2,889,547	2,851,974	170,155	3,022,129
Short-term	524,092	62,015	586,107	581,938	62,669	644,607
Money market instruments	110,768	5,949	116,717	121,110	5,725	126,835
Loans and deposits	344,671	23,014	367,685	393,540	17,838	411,378
Trade credit assets	68,653	33,052	101,705	67,288	39,106	106,394
Long-term	2,199,083	104,357	2,303,440	2,270,036	107,486	2,377,522
Bonds and notes	1,656,725	47,285	1,704,010	1,717,093	45,560	1,762,653
Loans	373,144	5,927	379,071	379,652	6,039	385,691
Other debt Assets	169,214	51,145	220,359	173,291	55,887	229,178

Direct Investment ⁵	100,915	294,640	395,555	89,878	327,620	417,498
Debt asset claims on affiliated enterprises	5,691	87,379	93,070	5,849	85,555	91,404
Debt asset claims on direct investors	95,224	207,261	302,485	84,029	242,065	326,094

Reserve Assets	0	4,604	4,604	0	5,201	5,201

Debt Instrument Financial Assets ¹	3,726,914	612,924	4,339,838	3,878,300	660,802	4,539,102

Net External Debt ⁶	1,753,169	-192,650	1,560,520	1,839,146	-186,326	1,652,821
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.

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International Accounts Q4 2021

International Investment Position

International Investment Position

Net IIP liability of €580 billion at end-December 2021

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