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International Accounts Q4 2023

International Investment Position

Net IIP liability of €534 billion at end-December 2023

Online ISSN: 2565-6384

CSO statistical publication, 01 March 2024, 11am

Table 5.1 International Investment Position						€ billion
	30 September 2023			31 December 2023
	Assets	Liabilities	NET	Assets	Liabilities	NET
General Government	25.0	124.3	-99.4	26.8	126.5	-99.7
Monetary Authority	119.9	34.2	85.6	124.4	34.6	89.8
Monetary Financial Institutions	1,229.2	1,105.1	124.1	1,221.0	1,116.5	104.5
Other Financial Intermediaries	5,015.3	4,924.6	90.7	5,125.1	5,031.5	93.6
Non-Financial Companies	1,109.5	1,888.2	-778.7	1,155.7	1,878.1	-722.4
Total	7,498.8	8,076.5	-577.6	7,652.9	8,187.2	-534.2

Open in Excel: International Accounts Q4 2023 Table 5.1 (XLS 36KB)

At 31st December 2023, Ireland's quarterly international investment position ((IIP) results show overall stocks of foreign financial assets of €7,653bn - an increase of €154bn on the end-September 2023 level, while the corresponding stocks of foreign financial liabilities increased by €111bn to €8,187 over the quarter. Irish residents had an overall net foreign liability of €534bn at end-December 2023, a decrease of €43bn in the net foreign liability level at end-September 2023 - see Table 5.2.

X-axis label	Net IIP %GDP
Q12022	-119
Q22022	-125
Q32022	-131
Q42022	-117
Q12023	-109
Q22023	-109
Q32023	-113
Q42023	-106

Some points of note in the Quarter 4 2023 IIP are:

Direct Investment Abroad increased by €43bn to €1209bn.
Equity capital (including reinvested earnings) increased €39.8bn while other capital increased €2.8bn – see Table 5.5.
Foreign Assets of Other Financial Intermediaries increased by €110bn. With foreign liabilities increasing by €107bn, the resulting net increased to €94bn - see Table 5.3.
Foreign Assets of the Monetary Authority increased by €4.5bn while foreign liabilities increased by €0.4bn. The resulting net increased to €90bn - see Table 5.3.

X-axis label	Direct Investment	Portfolio Investment	Other Investment	Reserve Assets	Net IIP
Q12022	-30.3	-742.2	225.9	11.6	-535
Q22022	-160.9	-671.4	232.5	11.9	-587.8
Q32022	-239.2	-718.1	304.5	12.9	-639.9
Q42022	-158.5	-776.7	331.8	12.2	-591.2
Q12023	-103.4	-849.8	383.1	12.2	-557.9
Q22023	-81.5	-794.4	301.4	12	-562.4
Q32023	-95.6	-770.2	276.5	11.7	-577.6
Q42023	-66.7	-827.5	348.3	11.7	-534.2

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

Net Portfolio Investment fell €57bn to -€828bn.
Net Other Investment rose €72bn to €348bn.
Reserve Assets grew €0bn to €11.7bn.

X-axis label	General Government	Monetary Financial Institutions	Other Financial Intermediaries	Non-Financial Companies
31 Mar 2023	676	542	1018	1754
30 Jun 2023	715	554	1039	1843
30 Sep 2023	730	570	1065	1867
31 Dec 2023	791	591	1073	1967

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:

€791bn issued by foreign Governments.
€591bn issued by foreign Monetary Financial Institutions (including Money Market Investment Funds).
€1073bn issued by foreign Other Financial Intermediaries (including Non-Money Market Investment Funds).
€1967bn issued by foreign Non-Financial Companies.

X-axis label	Direct Investment	Other Sectors	Monetary Financial Institutions	Monetary Authority	General Government
Q12023	618	1802	329	33	128
Q22023	606	1865	352	33	127
Q32023	615	1872	349	34	124
Q42023	557	1821	307	35	126

Gross External Debt stands at €2.8 trillion at end-December 2023

At 31st December 2023, the gross external debt of all resident sectors (i.e. general government, the monetary authority, financial and non-financial corporations and households) amounted to €2,846bn.This represents a decrease of €149bn 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 2023 (€2,994bn) - see Table 5.9.

Points of note are:

General government foreign borrowing rose by €2bn to €126bn at end-December 2023.
Liabilities of the Monetary Authority consisting entirely of short term loans and deposits increased €0.4bn to €34.6bn. 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 €42.5bn to €306.5bn.
The liabilities of Other sectors at €1,821bn decreased €52bn on the previous quarter.
This was made up of a fall in short-term debt of €31bn and a fall in long-term debt of €21bn.
Direct investment liabilities decreased by €57bn to €557bn in the quarter.
The Net External Debt position was €1,693bn at end-December 2023, 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	Q42021	Q12022	Q22022	Q32022	Q42022	Q12023	Q22023	Q32023	Q42023
Foreign Assets
Direct Investment Abroad¹	1,315,213	1,206,952	1,137,975	1,136,168	1,125,181	1,156,581	1,140,195	1,166,902	1,209,424
Portfolio Investment	4,504,621	4,304,985	4,053,858	3,955,311	3,928,919	3,989,774	4,151,083	4,231,947	4,420,813
Other Investment²	1,845,300	1,982,373	2,017,856	2,202,311	2,058,510	2,102,271	2,104,996	2,088,314	2,011,017
Reserve Assets	11,672	11,624	11,949	12,862	12,233	12,219	12,046	11,667	11,675
Total Foreign Assets	7,676,806	7,505,934	7,221,638	7,306,652	7,124,843	7,260,845	7,408,320	7,498,830	7,652,929

Foreign Liabilities
Direct Investment in Ireland ¹	1,257,422	1,237,281	1,298,829	1,375,358	1,283,664	1,259,948	1,221,712	1,262,510	1,276,094
Portfolio Investment	5,302,919	5,047,170	4,725,243	4,673,407	4,705,580	4,839,556	4,945,477	5,002,111	5,248,329
Other Investment ²	1,684,675	1,756,505	1,785,406	1,897,774	1,726,756	1,719,193	1,803,555	1,811,846	1,662,728
Total Foreign Liabilities	8,245,016	8,040,956	7,809,478	7,946,539	7,716,000	7,818,697	7,970,744	8,076,467	8,187,151

Net International Investment Position (IIP)
Direct Investment¹	57,791	-30,329	-160,854	-239,190	-158,483	-103,367	-81,517	-95,608	-66,670
Portfolio Investment	-798,298	-742,185	-671,385	-718,096	-776,661	-849,782	-794,394	-770,164	-827,516
Other Investment²	160,625	225,868	232,450	304,537	331,754	383,078	301,441	276,468	348,289
Reserve Assets	11,672	11,624	11,949	12,862	12,233	12,219	12,046	11,667	11,675

Total (Net IIP)	-568,210	-535,022	-587,840	-639,887	-591,157	-557,852	-562,424	-577,637	-534,222
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 5.3 International Investment Position (IIP) classified by Institutional Sector

Table 5.3 International Investment Position (IIP) classified by Institutional Sector								€ million
Item	Q12022	Q22022	Q32022	Q42022	Q12023	Q22023	Q32023	Q42023
Foreign Assets
General Government	22,571	22,951	22,681	22,136	22,072	22,050	24,959	26,781
Monetary Authority ¹	114,713	128,345	123,547	128,905	116,341	119,715	119,859	124,395
Monetary Financial Institutions ²	1,076,197	1,092,296	1,181,085	1,177,532	1,177,722	1,191,924	1,229,212	1,221,034
Other Sectors ³	6,292,451	5,978,046	5,979,340	5,796,270	5,944,710	6,074,632	6,124,801	6,280,720
of which:
Other Financial Intermediaries	5,146,229	4,913,315	4,904,938	4,735,277	4,862,035	5,001,295	5,015,302	5,125,065
Non-Financial Companies ⁴	1,146,222	1,064,731	1,074,402	1,060,993	1,082,675	1,073,337	1,109,499	1,155,655
Total Foreign Assets	7,505,932	7,221,638	7,306,653	7,124,843	7,260,845	7,408,321	7,498,831	7,652,930

Foreign Liabilities
General Government	141,607	140,726	134,526	124,983	128,137	127,306	124,312	126,458
Monetary Authority ¹	31,068	32,339	32,700	32,928	33,157	33,444	34,210	34,573
Monetary Financial Institutions ²	978,185	993,089	1,071,210	1,078,340	1,061,791	1,074,046	1,105,130	1,116,546
Other Sectors ³	6,890,097	6,643,324	6,708,103	6,479,749	6,595,613	6,735,948	6,812,815	6,909,574
of which:
Other Financial Intermediaries	5,031,569	4,829,444	4,825,450	4,672,663	4,775,513	4,910,798	4,924,622	5,031,497
Non-Financial Companies ⁴	1,858,528	1,813,880	1,882,653	1,807,086	1,820,100	1,825,150	1,888,193	1,878,077
Total Foreign Liabilities	8,040,957	7,809,478	7,946,539	7,716,000	7,818,698	7,970,744	8,076,467	8,187,151

Net International Investment Position (IIP)
General Government	-119,036	-117,775	-111,845	-102,847	-106,065	-105,256	-99,353	-99,677
Monetary Authority ¹	83,645	96,006	90,847	95,977	83,184	86,271	85,649	89,822
Monetary Financial Institutions ²	98,012	99,207	109,875	99,192	115,931	117,878	124,082	104,488
Other Sectors ³	-597,646	-665,278	-728,763	-683,479	-650,903	-661,316	-688,014	-628,854
of which:
Other Financial Intermediaries	114,660	83,871	79,488	62,614	86,522	90,497	90,680	93,568
Non-Financial Companies ⁴	-712,306	-749,149	-808,251	-746,093	-737,425	-751,813	-778,694	-722,422
Total (Net IIP)	-535,022	-587,840	-639,887	-591,157	-557,852	-562,424	-577,637	-534,222
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 September 2023			31 December 2023
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
Foreign Assets
General Government	0	24,959	24,959	0	26,781	26,781
Monetary Authority¹	0	119,859	119,859	0	124,395	124,395
Monetary Financial Institutions²	1,160,255	68,957	1,229,212	1,156,676	64,358	1,221,034
Other Sectors³	4,806,528	1,318,273	6,124,801	4,911,047	1,369,673	6,280,720
of which:
Other Financial Intermediaries	4,806,528	208,774	5,015,302	4,911,047	214,018	5,125,065
Non-Financial Companies⁴	0	1,109,499	1,109,499	0	1,155,655	1,155,655
Total Foreign Assets	5,966,783	1,532,047	7,498,830	6,067,723	1,585,206	7,652,929

Foreign Liabilities
General Government	0	124,312	124,312	0	126,458	126,458
Monetary Authority¹	0	34,210	34,210	0	34,573	34,573
Monetary Financial Institutions²	1,079,385	25,745	1,105,130	1,092,731	23,815	1,116,546
Other Sectors³	4,852,960	1,959,855	6,812,815	4,961,885	1,947,689	6,909,574
of which:
Other Financial Intermediaries	4,852,960	71,662	4,924,622	4,961,885	69,612	5,031,497
Non-Financial Companies⁴	0	1,888,193	1,888,193	0	1,878,077	1,878,077
Total Foreign Liabilities	5,932,345	2,144,122	8,076,467	6,054,616	2,132,535	8,187,151

Net International Investment Position (IIP)
General Government	0	-99,353	-99,353	0	-99,677	-99,677
Monetary Authority¹	0	85,649	85,649	0	89,822	89,822
Monetary Financial Institutions²	80,870	43,212	124,082	63,945	40,543	104,488
Other Sectors³	-46,432	-641,582	-688,014	-50,838	-578,016	-628,854
of which:
Other Financial Intermediaries	-46,432	137,112	90,680	-50,838	144,406	93,568
Non-Financial Companies⁴	0	-778,694	-778,694	0	-722,422	-722,422
Total (Net IIP)	34,438	-612,074	-577,637	13,107	-547,328	-534,222
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	Q12023	Q22023	Q32023	Q42023
Foreign Assets
Direct Investment Abroad¹	1,156,581	1,140,195	1,166,902	1,209,424
Equity capital and reinvested earnings	1,239,217	1,214,669	1,249,357	1,289,118
Other capital	-82,636	-74,474	-82,455	-79,694

Portfolio Investment	3,989,774	4,151,083	4,231,947	4,420,813
Equity	1,867,488	1,945,937	1,969,744	2,080,377
Monetary authority²	0	0	0	0
General government	4,457	4,457	4,277	4,323
Monetary financial institutions³	-187	-588	-148	1,835
Other sectors	1,863,218	1,942,068	1,965,615	2,074,219

Debt instruments	2,122,286	2,205,146	2,262,204	2,340,436
Bonds and notes	1,611,814	1,658,826	1,690,862	1,738,333
Monetary authority²	11,228	11,178	11,361	11,397
General government	649	649	648	681
Monetary financial institutions³	41,251	48,584	51,857	54,663
Other sectors	1,558,686	1,598,415	1,626,996	1,671,592

Money market instruments	510,473	546,320	571,341	602,103
Monetary authority²	1,548	1,546	1,824	1,742
General government	0	0	0	0
Monetary financial institutions³	377,728	412,312	429,822	480,717
Other sectors	131,197	132,462	139,695	119,644

Other Investment	2,102,271	2,104,996	2,088,314	2,011,017
Loans, currency and deposits	1,544,531	1,522,139	1,481,350	1,458,226
Monetary authority²	91,346	94,945	95,006	99,581
General government	3,537	3,527	6,617	8,350
Monetary financial institutions³	644,107	613,962	614,707	583,924
Other sectors	805,541	809,705	765,020	766,371

Trade Credits	74,347	79,910	81,012	75,209
General government	0	0	0	0
Other sectors	74,347	79,910	81,012	75,209

Other assets⁴	483,393	502,947	525,952	477,582
Monetary authority²	0	0	0	0
General government	13,391	13,380	13,379	13,389
Monetary financial institutions³	107,279	109,807	123,661	94,294
Other sectors	362,723	379,760	388,912	369,899

Reserve assets	12,219	12,046	11,667	11,675
Monetary gold	684	659	663	702
Special drawing rights	5,161	5,154	5,192	5,102
Reserve Position in the IMF	1,146	1,136	1,197	1,138
Foreign Exchange	1,626	1,548	1,111	1,276
Other	3,602	3,549	3,504	3,457

Total Foreign Assets	7,260,845	7,408,320	7,498,830	7,652,929
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

Table 5.6 International Investment Position (IIP) - Detailed Data				€ million
Item	Q12023	Q22023	Q32023	Q42023
Foreign Liabilities
Direct Investment in Ireland¹	1,259,948	1,221,712	1,262,510	1,276,094
Equity capital and reinvested earnings	1,165,214	1,067,046	1,100,988	1,130,070
Other capital	94,734	154,666	161,522	146,024

Portfolio Investment	4,839,556	4,945,477	5,002,111	5,248,329
Equity	4,128,133	4,229,163	4,276,545	4,487,509
Monetary authority²	0	0	0	0
General government	0	0	0	0
Monetary financial institutions³	625,436	615,161	639,690	688,040
Other sectors	3,502,697	3,614,002	3,636,855	3,799,469

Debt instruments	711,424	716,314	725,566	760,820
Bonds and notes	658,592	657,575	664,288	696,302
Monetary authority²	0	0	0	0
General government	66,298	66,027	63,891	68,000
Monetary financial institutions³	16,698	17,305	16,337	16,322
Other sectors	575,596	574,243	584,060	611,980

Money market instruments	52,831	58,740	61,277	64,518
Monetary authority²	0	0	0	0
General government	1,201	712	57	0
Monetary financial institutions³	9,009	10,408	10,430	9,714
Other sectors	42,621	47,620	50,790	54,804

Other Investment	1,719,193	1,803,555	1,811,846	1,662,728
Loans, currency and deposits	981,450	1,002,559	976,083	920,157
Monetary authority²	28,106	28,445	29,146	29,611
General government	47,235	47,162	46,959	45,057
Monetary financial institutions³	259,562	270,473	266,978	248,085
Other sectors	646,547	656,479	633,000	597,404

Trade Credits	44,589	45,625	54,920	49,452
General government	11	12	13	10
Other sectors	44,578	45,613	54,907	49,442

Other liabilities⁴	693,154	755,371	780,843	693,119
Monetary authority²	5,051	4,999	5,064	4,962
General government	0	0	0	0
Monetary financial institutions³	114,931	125,260	134,314	103,762
Other sectors	573,172	625,112	641,465	584,395

Total Foreign Liabilities	7,818,697	7,970,744	8,076,467	8,187,151
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	Q12023	Q22023	Q32023	Q42023
Foreign Assets
Direct Investment Abroad ¹	1,156,581	1,140,195	1,166,902	1,209,424
- IFSC	108,446	108,659	110,700	106,097
- Non-IFSC	1,048,135	1,031,536	1,056,202	1,103,327
Portfolio Investment	3,989,774	4,151,083	4,231,947	4,420,813
- IFSC	3,827,439	3,979,283	4,062,880	4,243,816
- Non-IFSC	162,335	171,800	169,067	176,997
Other Investment ²	2,102,271	2,104,996	2,088,314	2,011,017
- IFSC	1,831,171	1,820,725	1,793,202	1,717,810
- Non-IFSC	271,100	284,271	295,112	293,207
Reserve Assets	12,219	12,046	11,667	11,675
- IFSC	0	0	0	0
- Non-IFSC	12,219	12,046	11,667	11,675
Total Foreign Assets	7,260,845	7,408,320	7,498,830	7,652,929
- IFSC	5,767,056	5,908,667	5,966,782	6,067,723
- Non-IFSC	1,493,789	1,499,653	1,532,048	1,585,206

Foreign Liabilities
Direct Investment in Ireland ¹	1,259,948	1,221,712	1,262,510	1,276,094
- IFSC	314,752	305,250	317,538	333,645
- Non-IFSC	945,196	916,462	944,972	942,449
Portfolio Investment	4,839,556	4,945,477	5,002,111	5,248,329
- IFSC	4,022,999	4,098,696	4,141,775	4,384,541
- Non-IFSC	816,557	846,781	860,336	863,788
Other Investment ²	1,719,193	1,803,555	1,811,846	1,662,728
- IFSC	1,393,880	1,472,847	1,473,032	1,336,430
- Non-IFSC	325,313	330,708	338,814	326,298
Total Foreign Liabilities	7,818,697	7,970,744	8,076,467	8,187,151
- IFSC	5,731,631	5,876,793	5,932,345	6,054,616
- Non-IFSC	2,087,066	2,093,951	2,144,122	2,132,535

Net International Investment Position (IIP)
Direct Investment ¹	-103,367	-81,517	-95,608	-66,670
- IFSC	-206,306	-196,591	-206,838	-227,548
- Non-IFSC	102,939	115,074	111,230	160,878
Portfolio Investment	-849,782	-794,394	-770,164	-827,516
- IFSC	-195,560	-119,413	-78,895	-140,725
- Non-IFSC	-654,222	-674,981	-691,269	-686,791
Other Investment²	383,078	301,441	276,468	348,289
- IFSC	437,291	347,878	320,170	381,380
- Non-IFSC	-54,213	-46,437	-43,702	-33,091
Reserve Assets	12,219	12,046	11,667	11,675
- IFSC	0	0	0	0
- Non-IFSC	12,219	12,046	11,667	11,675
Total (Net IIP)	-557,852	-562,424	-577,637	-534,222
- IFSC	35,425	31,874	34,437	13,107
- Non-IFSC	-593,277	-594,298	-612,074	-547,329
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 2023 - Reconciliation of IIP and BOP Flows

Table 5.8 International Investment Position (IIP) - 31st December 2023 - Reconciliation of IIP and BOP Flows				€ million
Item	Opening Position 01/10/2023	Bop Flows in Quarter	Valuation and Other Changes	Closing Position 31/12/2023
Foreign Assets

Direct Investment Abroad¹	1,166,902	13,163	29,359	1,209,424
Equity capital and reinvested earnings	1,249,357	10,579	29,182	1,289,118
Other capital	-82,455	2,584	177	-79,694

Portfolio Investment	4,231,947	58,820	130,046	4,420,813
Equity	1,969,744	3,424	107,209	2,080,377
Debt instruments	2,262,204	55,396	22,836	2,340,436
Bonds and notes	1,690,862	15,087	32,384	1,738,333
Money market instruments	571,341	40,309	-9,547	602,103

Other Investment	2,088,314	-63,495	-13,802	2,011,017
Loans, currency and deposits	1,481,350	4,207	-27,331	1,458,226
Other²	606,964	-67,702	13,529	552,791

Reserve Assets	11,667	107	-99	11,675

Total Foreign Assets	7,498,830	8,595	145,504	7,652,929

Foreign Liabilities

Direct Investment in Ireland¹	1,262,510	6,640	6,944	1,276,094
Equity capital and reinvested earnings	1,100,988	34,366	-5,284	1,130,070
Other capital	161,522	-27,726	12,228	146,024

Portfolio Investment	5,002,111	103,673	142,545	5,248,329
Equity	4,276,545	94,173	116,791	4,487,509
Debt instruments	725,566	9,501	25,753	760,820
Bonds and notes	664,288	5,459	26,555	696,302
Money market instruments	61,277	4,042	-801	64,518

Other Investment	1,811,846	-101,573	-47,545	1,662,728
Loans, currency and deposits	976,083	-19,921	-36,005	920,157
Other²	835,763	-81,652	-11,540	742,571

Total Foreign Liabilities	8,076,467	8,740	101,944	8,187,151
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 2023			31 December 2023
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
General Government	0	124,312	124,312	0	126,458	126,458
Short-term	0	15,626	15,626	0	15,565	15,565
Money market instruments	0	57	57	0	0	0
Loans & Deposits	0	15,569	15,569	0	15,565	15,565
Long-term	0	108,686	108,686	0	110,893	110,893
Bonds and notes	0	63,891	63,891	0	68,000	68,000
Loans	0	44,795	44,795	0	42,893	42,893

Monetary Authority²	0	34,210	34,210	0	34,573	34,573
Short-term	0	29,146	29,146	0	29,611	29,611
Loans and deposits	0	29,146	29,146	0	29,611	29,611
Long-term	0	5,064	5,064	0	4,962	4,962
Other debt liabilities	0	5,064	5,064	0	4,962	4,962

Monetary Financial Institutions³	333,178	15,820	348,998	290,515	15,999	306,514
Short-term	243,473	11,561	255,034	225,155	11,676	236,831
Money market instruments	10,430	0	10,430	9,714	0	9,714
Loans and deposits	233,043	11,561	244,604	215,441	11,676	227,117
Long-term	89,705	4,259	93,964	65,360	4,323	69,683
Bonds and notes	12,702	3,635	16,337	13,140	3,182	16,322
Loans	4	0	4	3	0	3
Other debt liabilities	76,999	624	77,623	52,217	1,141	53,358

Other Sectors⁴	1,606,499	265,606	1,872,104	1,565,660	254,852	1,820,512
Short-term	700,815	128,929	829,744	680,297	118,575	798,872
Money market instruments	50,401	389	50,790	54,415	389	54,804
Loans and deposits	354,070	8,091	362,161	345,587	4,210	349,797
Trade credits	296,344	120,449	416,793	280,296	113,976	394,272
Long-term	905,684	136,677	1,042,361	885,364	136,277	1,021,641
Bonds and notes	544,604	39,457	584,061	573,295	38,686	611,981
Loans	174,586	96,253	270,839	151,099	96,508	247,607
Other debt liabilities	186,494	967	187,461	160,970	1,083	162,053

Direct Investment ⁵	101,562	513,007	614,569	82,777	474,706	557,482
Debt liabilities to affiliated enterprises	12,560	205,327	217,887	11,553	202,355	213,908
Debt liabilities to direct investors	89,002	307,680	396,682	71,224	272,351	343,575

Gross External Debt	2,041,239	952,955	2,994,193	1,938,952	906,588	2,845,539
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.

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Table 5.10 - Debt Instrument Financial Assets

Table 5.10 - Debt Instrument Financial Assets
	30 September 2023			31 December 2023
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
General Government	0	20,645	20,645	0	22,411	22,411
Short-term	0	19,713	19,713	0	21,446	21,446
Money market instruments	0	0	0	0	0	0
Loans and deposits	0	19,713	19,713	0	21,446	21,446
Long-term	0	932	932	0	965	964
Bonds and notes	0	648	648	0	681	681
Loans	0	284	284	0	284	284

Monetary Authority ²	0	108,192	108,192	0	112,720	112,720
Short-term	0	96,886	96,886	0	101,322	101,322
Money market instruments	0	1,880	1,880	0	1,741	1,741
Loans and deposits	0	95,006	95,006	0	99,581	99,581
Long-term	0	11,306	11,306	0	11,398	11,398
Bonds and notes	0	11,306	11,306	0	11,398	11,398

Monetary Financial Institutions³	1,071,921	60,223	1,132,144	1,080,245	56,144	1,136,389
Short-term	1,000,310	25,056	1,025,366	1,007,605	21,068	1,028,673
Money market instruments	429,777	45	429,822	480,699	18	480,717
Loans and deposits	570,533	25,011	595,544	526,906	21,050	547,956
Long-term	71,611	35,167	106,778	72,641	35,076	107,717
Bonds and notes	34,086	17,771	51,857	36,779	17,884	54,663
Loans	37,525	17,396	54,921	35,863	17,190	53,053
Other debt Assets	0	0	0	-1	2	1

Other Sectors ⁴	2,733,878	182,737	2,916,617	2,741,605	183,551	2,925,156
Short-term	821,781	122,900	944,681	791,006	119,791	910,797
Money market instruments	133,328	6,366	139,694	112,426	7,216	119,642
Loans and deposits	412,535	23,654	436,189	417,244	23,526	440,770
Trade credit assets	275,918	92,880	368,798	261,336	89,049	350,385
Long-term	1,912,099	59,837	1,971,936	1,950,599	63,760	2,014,359
Bonds and notes	1,580,754	46,241	1,626,995	1,621,522	50,070	1,671,592
Loans	317,600	11,231	328,831	314,571	11,030	325,601
Other debt Assets	13,745	2,365	16,110	14,506	2,660	17,166

Direct Investment ⁵	101,952	268,640	370,592	61,244	270,521	331,765
Debt asset claims on affiliated enterprises	17,120	175,256	192,376	15,308	196,835	212,143
Debt asset claims on direct investors	84,832	93,384	178,216	45,936	73,686	119,622

Reserve Assets	0	9,808	9,808	0	9,835	9,835

Debt Instrument Financial Assets ¹	3,907,751	650,245	4,557,998	3,883,094	655,182	4,538,276

Net External Debt ⁶	1,866,512	-302,710	1,563,805	1,944,142	-251,406	1,692,737
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.