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International Accounts Q4 2025

International Investment Position

Net IIP liability of €304 billion at end-December 2025

Online ISSN: 2565-6384

CSO statistical release, 05 March 2026, 11am

Table 5.1 International Investment Position						€ billion
	30 September 2025			31 December 2025
	Assets	Liabilities	NET	Assets	Liabilities	NET
General Government	37.7	106.0	-68.3	53.2	104.0	-50.8
Monetary Authority	115.9	36.2	79.7	111.5	36.7	74.8
Monetary Financial Institutions	1,518.9	1,373.2	145.7	1,501.6	1,353.9	147.6
Other Financial Intermediaries	6,605.9	6,412.3	193.6	6,959.5	6,774.7	184.8
Non-Financial Companies	968.2	1,648.7	-680.5	1,000.3	1,660.3	-660.0
Total	9,246.6	9,576.4	-329.8	9,626.0	9,929.6	-303.6

Open in Excel: International Accounts Q4 2025 Table 5.1 (XLS 37KB)

At 31st December 2025, Ireland's quarterly international investment position ((IIP) results show overall stocks of foreign financial assets of €9,626bn - an increase of €379bn on the end-September 2025 level, while the corresponding stocks of foreign financial liabilities increased by €353bn to €9,930bn over the quarter. Irish residents had an overall net foreign liability of €304bn at end-December 2025, an increase of €26bn in the net foreign liability level at end-September 2025 - see Table 5.2.

X-axis label	Net IIP %GDP
Q12024	-98
Q22024	-91
Q32024	-81
Q42024	-81
Q12025	-67
Q22025	-54
Q32025	-52
Q42025	-48

Some points of note in the Quarter 4 2025 IIP are:

Direct Investment Abroad increased by €88bn to €1,199bn
Equity capital (including reinvested earnings) increased €88.1bn while other capital decreased €0.6bn – see Table 5.5.
Foreign Assets of Other Financial Intermediaries increased by €354bn. With foreign liabilities increasing by €362bn, the resulting net decreased to €185bn - see Table 5.3
Foreign Assets of the Monetary Authority decreased by €4.4bn while foreign liabilities increased by €0.5bn. The resulting net decreased to €75bn - see Table 5.3

X-axis label	Direct Investment	Portfolio Investment	Other Investment	Reserve Assets	Net IIP
Q12024	79.7	-904.1	297.7	11.8	-514.9
Q22024	33.5	-854.6	325.2	11.9	-484.1
Q32024	42.1	-849.3	358.9	11.5	-436.8
Q42024	102.4	-937.5	364.9	12.2	-458
Q12025	88.4	-885.5	387.2	12.1	-397.8
Q22025	131.9	-797.2	316	11.2	-338.1
Q32025	70.4	-757.3	345.6	11.4	-329.8
Q42025	152.6	-845.2	377.4	11.6	-303.6

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

Net Portfolio Investment fell €88bn to -€845bn.
Net Other Investment rose €32bn to €377bn.
Reserve Assets grew €0.1bn to €11.6bn.

X-axis label	General Government	Monetary Financial Institutions	Other Financial Intermediaries	Non-Financial Companies
31 Mar 2025	866	745	1332	2394
30 Jun 2025	862	752	1321	2480
30 Sep 2025	892	760	1400	2678
31 Dec 2025	900	765	1435	2798

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:

€900bn issued by foreign Governments
€765bn issued by foreign Monetary Financial Institutions (including Money Market Funds)
€1,435bn issued by foreign Other Financial Intermediaries (including Non-Money Market Investment Funds)
€2,798bn issued by foreign Non-Financial Companies

X-axis label	Direct Investment	Other Sectors	Monetary Financial Institutions	Monetary Authority	General Government
Q12025	494	2148	389	37	105
Q22025	461	2160	404	36	105
Q32025	457	2168	425	36	106
Q42025	475	2221	404	37	104

Gross External Debt stands at €3.2 trillion at end-December 2025

At 31st December 2025, the gross external debt of all resident sectors (i.e. general government, the monetary authority, financial and non-financial corporations and households) amounted to €3,241bn. This represents an increase of €49bn 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 2025 (€3,192bn) - see Table 5.9.

Points of note are:

General government foreign borrowing fell by €2bn to €104bn at end-December 2025
Liabilities of the Monetary Authority consisting mainly of short term loans and deposits increased €0.5bn to €36.7bn. 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 €20.4bn to €404.2bn
The liabilities of Other sectors at €2,221bn increased €53bn on the previous quarter
This was made up of a rise in short-term debt of €58bn and a fall in long-term debt of €5bn
Direct investment liabilities increased by €18bn to €475bn in the quarter
The Net External Debt position was -€2,294bn at end-December 2025, 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.

Net International Investment Position of Foreign Controlled Companies was -€513.7bn at end-December 2025

The figure below shows the contributions of Foreign-owned and Domestically-owned companies to the Net International Investment Position. Note that we are using the location of the Ultimate Controlling Parent to determine ownership.

	Foreign Owned	Irish Owned	Net IIP
Q1 2024	-595.7	80.7	-514.9
Q2 2024	-587.1	103	-484.1
Q3 2024	-546.1	109.3	-436.8
Q4 2024	-596.3	138.3	-458
Q1 2025	-571.3	173.5	-397.8
Q2 2025	-523.7	185.6	-338.1
Q3 2025	-527.7	198	-329.8
Q4 2025	-513.7	210.1	-303.6

We can see that while the overall Net International Investment is a net liability of €304bn at the end of December 2025. If we look at just Foreign-owned companies the net liability is €514bn while for Domestically-owned companies there are net assets of €210bn.

Table 5.11 below shows this further broken down by institutional sector. While table 5.12 shows this further broken down by functional category.

Table 5.2 International Investment Position (IIP) classified by Functional Category

Table 5.2 International Investment Position (IIP) classified by Functional Category									€ million
Item	Q42023	Q12024	Q22024	Q32024	Q42024	Q12025	Q22025	Q32025	Q42025
Foreign Assets
Direct Investment Abroad¹	1,155,831	1,127,473	1,082,583	1,048,645	1,191,557	1,168,639	1,137,932	1,111,672	1,199,188
Portfolio Investment	4,454,158	4,702,252	4,866,813	5,055,966	5,382,238	5,336,370	5,414,248	5,730,628	5,897,665
Other Investment²	2,007,296	2,049,547	2,142,764	2,156,531	2,256,656	2,402,433	2,382,063	2,392,904	2,517,623
Reserve Assets	11,675	11,754	11,874	11,472	12,196	12,079	11,188	11,438	11,565
Total Foreign Assets	7,628,960	7,891,026	8,104,034	8,272,614	8,842,647	8,919,521	8,945,431	9,246,641	9,626,041

Foreign Liabilities
Direct Investment in Ireland ¹	1,186,566	1,047,784	1,049,102	1,006,560	1,089,150	1,080,265	1,006,031	1,041,225	1,046,582
Portfolio Investment	5,302,847	5,606,313	5,721,406	5,905,242	6,319,733	6,221,884	6,211,457	6,487,933	6,742,857
Other Investment ²	1,681,656	1,751,855	1,817,588	1,797,623	1,891,722	2,015,211	2,066,019	2,047,254	2,140,177
Total Foreign Liabilities	8,171,069	8,405,952	8,588,096	8,709,425	9,300,605	9,317,360	9,283,507	9,576,412	9,929,615

Net International Investment Position (IIP)
Direct Investment¹	-30,735	79,689	33,481	42,085	102,407	88,374	131,901	70,447	152,606
Portfolio Investment	-848,689	-904,061	-854,593	-849,276	-937,495	-885,514	-797,209	-757,305	-845,192
Other Investment²	325,640	297,692	325,176	358,908	364,934	387,222	316,044	345,650	377,447
Reserve Assets	11,675	11,754	11,874	11,472	12,196	12,079	11,188	11,438	11,565

Total (Net IIP)	-542,109	-514,926	-484,062	-436,811	-457,958	-397,839	-338,076	-329,771	-303,574
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 2025 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	Q12024	Q22024	Q32024	Q42024	Q12025	Q22025	Q32025	Q42025
Foreign Assets
General Government	30,606	28,826	18,694	35,230	36,891	36,973	37,732	53,233
Monetary Authority ¹	116,357	125,269	123,329	122,212	116,886	115,507	115,922	111,476
Monetary Financial Institutions ²	1,242,246	1,283,741	1,354,305	1,440,297	1,484,377	1,501,258	1,518,915	1,501,586
Other Sectors ³	6,501,816	6,666,197	6,776,285	7,244,909	7,281,367	7,291,694	7,574,072	7,959,747
of which:
Other Financial Intermediaries	5,434,324	5,638,049	5,773,273	6,184,679	6,260,143	6,306,745	6,605,914	6,959,476
Non-Financial Companies ⁴	1,067,492	1,028,148	1,003,012	1,060,230	1,021,224	984,949	968,158	1,000,271
Total Foreign Assets	7,891,025	8,104,033	8,272,613	8,842,648	8,919,521	8,945,432	9,246,641	9,626,041

Foreign Liabilities
General Government	123,765	123,236	113,397	112,589	105,090	105,259	106,028	104,009
Monetary Authority ¹	34,878	35,149	35,493	36,206	36,569	35,792	36,216	36,686
Monetary Financial Institutions ²	1,132,398	1,166,674	1,221,429	1,296,759	1,342,936	1,356,043	1,373,192	1,353,939
Other Sectors ³	7,114,912	7,263,037	7,339,106	7,855,049	7,832,765	7,786,412	8,060,976	8,434,980
of which:
Other Financial Intermediaries	5,306,502	5,498,054	5,629,484	6,050,254	6,104,547	6,140,501	6,412,288	6,774,672
Non-Financial Companies ⁴	1,808,410	1,764,983	1,709,622	1,804,795	1,728,218	1,645,911	1,648,688	1,660,308
Total Foreign Liabilities	8,405,953	8,588,096	8,709,425	9,300,603	9,317,360	9,283,506	9,576,412	9,929,615

Net International Investment Position (IIP)
General Government	-93,159	-94,410	-94,703	-77,359	-68,199	-68,286	-68,295	-50,776
Monetary Authority ¹	81,479	90,120	87,836	86,006	80,317	79,715	79,707	74,789
Monetary Financial Institutions ²	109,848	117,067	132,876	143,538	141,441	145,215	145,722	147,646
Other Sectors ³	-613,096	-596,840	-562,821	-610,140	-551,398	-494,718	-486,904	-475,233
of which:
Other Financial Intermediaries	127,822	139,995	143,789	134,425	155,596	166,244	193,626	184,804
Non-Financial Companies ⁴	-740,918	-736,835	-706,610	-744,565	-706,994	-660,962	-680,530	-660,037
Total (Net IIP)	-514,926	-484,062	-436,811	-457,958	-397,839	-338,076	-329,771	-303,574
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 2025			31 December 2025
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
Foreign Assets
General Government	0	37,732	37,732	0	53,233	53,233
Monetary Authority¹	0	115,922	115,922	0	111,476	111,476
Monetary Financial Institutions²	..	..	1,518,915	..	..	1,501,586
Other Sectors³	..	..	7,574,072	..	..	7,959,747
of which:
Other Financial Intermediaries	..	..	6,605,914	..	..	6,959,476
Non-Financial Companies⁴	0	968,158	968,158	0	1,000,271	1,000,271
Total Foreign Assets	7,686,687	1,559,954	9,246,641	7,952,723	1,673,318	9,626,041

Foreign Liabilities
General Government	0	106,028	106,028	0	104,009	104,009
Monetary Authority¹	0	36,216	36,216	0	36,686	36,686
Monetary Financial Institutions²	..	..	1,373,192	..	..	1,353,939
Other Sectors³	..	..	8,060,976	..	..	8,434,980
of which:
Other Financial Intermediaries	..	..	6,412,288	..	..	6,774,672
Non-Financial Companies⁴	0	1,648,688	1,648,688	0	1,660,308	1,660,308
Total Foreign Liabilities	7,564,966	2,011,446	9,576,412	7,844,091	2,085,524	9,929,615

Net International Investment Position (IIP)
General Government	0	-68,295	-68,295	0	-50,776	-50,776
Monetary Authority¹	0	79,707	79,707	0	74,789	74,789
Monetary Financial Institutions²	90,937	54,785	145,722	91,031	56,615	147,646
Other Sectors³	30,784	-517,688	-486,904	17,601	-492,835	-475,233
of which:
Other Financial Intermediaries	30,784	162,842	193,626	17,601	167,203	184,804
Non-Financial Companies⁴	0	-680,530	-680,530	0	-660,037	-660,037
Total (Net IIP)	121,721	-451,492	-329,771	108,632	-412,206	-303,574
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.
..Data supressed for confidentiality reasons.

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Table 5.5 International Investment Position (IIP) - Detailed Data by Foreign Assets

Table 5.5 International Investment Position (IIP) - Detailed Data by Foreign Assets				€ million
Item	Q12025	Q22025	Q32025	Q42025
Foreign Assets
Direct Investment Abroad¹	1,168,639	1,137,932	1,111,672	1,199,188
Equity capital and reinvested earnings	1,235,376	1,193,949	1,167,665	1,255,789
Other capital	-66,737	-56,017	-55,993	-56,601

Portfolio Investment	5,336,370	5,414,248	5,730,628	5,897,665
Equity	2,625,941	2,712,022	2,948,006	3,079,540
Monetary authority²	0	0	0	0
General government	4,227	4,390	4,409	4,554
Monetary financial institutions³	5,023	5,042	5,758	9,146
Other sectors	2,616,691	2,702,590	2,937,839	3,065,840

Debt instruments	2,710,430	2,702,227	2,782,622	2,818,125
Bonds and notes	2,002,408	2,015,983	2,069,238	2,110,730
Monetary authority²	11,397	11,397	11,397	11,397
General government	12,061	12,077	12,317	15,941
Monetary financial institutions³	78,141	94,077	107,450	101,029
Other sectors	1,900,809	1,898,432	1,938,074	1,982,364

Money market instruments	708,021	686,244	713,383	707,395
Monetary authority²	1,742	1,742	1,742	1,742
General government	0	0	0	0
Monetary financial institutions³	570,252	554,880	570,846	570,826
Other sectors	136,027	129,622	140,796	134,827

Other Investment	2,402,433	2,382,063	2,392,904	2,517,623
Loans, currency and deposits	1,613,282	1,620,034	1,661,000	1,678,845
Monetary authority²	91,668	91,180	91,346	86,771
General government	20,565	20,466	19,273	31,044
Monetary financial institutions³	703,885	705,776	717,290	726,119
Other sectors	797,164	802,612	833,091	834,911

Trade Credits	128,550	130,216	125,102	144,721
General government	0	0	0	0
Other sectors	128,550	130,216	125,102	144,721

Other assets⁴	660,601	631,813	606,802	694,057
Monetary authority²	0	0	0	0
General government	0	1	1,695	1,695
Monetary financial institutions³	119,651	133,293	108,610	88,609
Other sectors	540,950	498,519	496,497	603,754

Reserve assets	12,079	11,188	11,438	11,565
Monetary gold	1,084	1,052	1,221	1,379
Special drawing rights	5,204	4,963	5,024	5,025
Reserve Position in the IMF	1,070	1,053	1,052	1,050
Foreign Exchange	1,277	1,008	1,103	892
Other	3,444	3,112	3,038	3,220

Total Foreign Assets	8,919,521	8,945,431	9,246,641	9,626,041
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 by Foreign Liabilities

Table 5.6 International Investment Position (IIP) - Detailed Data by Foreign Liabilities				€ million
Item	Q12025	Q22025	Q32025	Q42025
Foreign Liabilities
Direct Investment in Ireland¹	1,080,265	1,006,031	1,041,225	1,046,582
Equity capital and reinvested earnings	1,102,981	1,018,864	1,057,268	1,064,912
Other capital	-22,716	-12,833	-16,043	-18,330

Portfolio Investment	6,221,884	6,211,457	6,487,933	6,742,857
Equity	5,401,854	5,394,111	5,648,887	5,891,279
Monetary authority²	0	0	0	0
General government	0	0	0	0
Monetary financial institutions³	829,558	811,401	838,899	838,291
Other sectors	4,572,296	4,582,710	4,809,988	5,052,989

Debt instruments	820,029	817,347	839,045	851,577
Bonds and notes	747,263	751,725	768,584	782,108
Monetary authority²	0	0	0	0
General government	62,446	63,007	63,669	64,087
Monetary financial institutions³	14,174	14,467	14,219	12,855
Other sectors	670,643	674,251	690,696	705,165

Money market instruments	72,767	65,622	70,462	69,469
Monetary authority²	0	0	0	0
General government	479	79	300	46
Monetary financial institutions³	10,005	8,074	7,691	5,897
Other sectors	62,283	57,469	62,471	63,527

Other Investment	2,015,211	2,066,019	2,047,254	2,140,177
Loans, currency and deposits	1,017,052	1,068,568	1,050,424	1,050,051
Monetary authority²	31,555	31,008	31,450	31,928
General government	42,137	42,144	42,029	39,845
Monetary financial institutions³	308,408	325,236	346,191	353,470
Other sectors	634,952	670,180	630,754	624,807

Trade Credits	44,108	45,524	54,688	67,350
General government	11	12	13	14
Other sectors	44,097	45,512	54,675	67,336

Other liabilities⁴	954,051	951,927	942,141	1,022,775
Monetary authority²	5,014	4,784	4,766	4,758
General government	17	17	17	17
Monetary financial institutions³	126,881	145,375	113,186	93,177
Other sectors	822,139	801,751	824,173	924,823

Total Foreign Liabilities	9,317,360	9,283,507	9,576,412	9,929,615
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	Q12025	Q22025	Q32025	Q42025
Foreign Assets
Direct Investment Abroad ¹	1,168,639	1,137,932	1,111,672	1,199,188
- IFSC	95,953	112,189	112,494	110,949
- Non-IFSC	1,072,686	1,025,743	999,178	1,088,239
Portfolio Investment	5,336,370	5,414,248	5,730,628	5,897,665
- IFSC	5,089,377	5,160,741	5,474,367	5,628,096
- Non-IFSC	246,993	253,507	256,260	269,569
Other Investment ²	2,402,433	2,382,063	2,392,904	2,517,623
- IFSC	2,117,171	2,097,787	2,099,826	2,213,678
- Non-IFSC	285,262	284,276	293,077	303,945
Reserve Assets	12,079	11,188	11,438	11,565
- IFSC	0	0	0	0
- Non-IFSC	12,079	11,188	11,438	11,565
Total Foreign Assets	8,919,521	8,945,431	9,246,641	9,626,041
- IFSC	7,302,501	7,370,717	7,686,687	7,952,723
- Non-IFSC	1,617,020	1,574,714	1,559,954	1,673,318

Foreign Liabilities
Direct Investment in Ireland ¹	1,080,265	1,006,031	1,041,225	1,046,582
- IFSC	315,530	305,301	299,540	295,441
- Non-IFSC	764,735	700,730	741,686	751,141
Portfolio Investment	6,221,884	6,211,457	6,487,933	6,742,857
- IFSC	5,240,208	5,272,450	5,561,257	5,751,885
- Non-IFSC	981,676	939,007	926,675	990,972
Other Investment ²	2,015,211	2,066,019	2,047,254	2,140,177
- IFSC	1,666,694	1,708,627	1,704,169	1,796,766
- Non-IFSC	348,517	357,392	343,085	343,411
Total Foreign Liabilities	9,317,360	9,283,507	9,576,412	9,929,615
- IFSC	7,222,432	7,286,378	7,564,966	7,844,091
- Non-IFSC	2,094,928	1,997,129	2,011,446	2,085,524

Net International Investment Position (IIP)
Direct Investment ¹	88,374	131,901	70,447	152,606
- IFSC	-219,577	-193,112	-187,046	-184,492
- Non-IFSC	307,951	325,013	257,492	337,098
Portfolio Investment	-885,514	-797,209	-757,305	-845,192
- IFSC	-150,831	-111,709	-86,890	-123,789
- Non-IFSC	-734,683	-685,500	-670,415	-721,403
Other Investment²	387,222	316,044	345,650	377,447
- IFSC	450,477	389,160	395,657	416,913
- Non-IFSC	-63,255	-73,116	-50,007	-39,466
Reserve Assets	12,079	11,188	11,438	11,565
- IFSC	0	0	0	0
- Non-IFSC	12,079	11,188	11,438	11,565
Total (Net IIP)	-397,839	-338,076	-329,771	-303,574
- IFSC	80,069	84,339	121,721	108,632
- Non-IFSC	-477,908	-422,415	-451,492	-412,206
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 2025 - Reconciliation of IIP and BOP Flows

Table 5.8 International Investment Position (IIP) - 31st December 2025 - Reconciliation of IIP and BOP Flows				€ million
Item	Opening Position 01/10/25	Bop Flows in Quarter	Valuation and Other Changes	Closing Position 31/12/25
Foreign Assets

Direct Investment Abroad¹	1,111,672	29,445	58,071	1,199,188
Equity capital and reinvested earnings	1,193,949	26,258	-52,543	1,167,665
Other capital	-82,277	3,187	110,613	31,523

Portfolio Investment	5,730,628	136,647	30,390	5,897,665
Equity	2,712,022	71,954	164,030	2,948,006
Debt instruments	2,782,622	64,693	-29,190	2,818,125
Bonds and notes	2,069,238	55,846	-14,354	2,110,730
Money market instruments	713,383	8,847	-14,836	707,395

Other Investment	2,392,904	97,483	27,237	2,517,623
Loans, currency and deposits	1,661,000	7,760	10,086	1,678,845
Other²	731,904	89,723	17,151	838,778

Reserve Assets	11,438	-55	182	11,565

Total Foreign Assets	9,246,641	263,520	115,880	9,626,041

Foreign Liabilities

Direct Investment in Ireland¹	1,041,225	10,809	-5,453	1,046,582
Equity capital and reinvested earnings	1,057,268	14,013	-6,370	1,064,912
Other capital	-16,043	-3,204	917	-18,330

Portfolio Investment	6,487,933	144,107	110,817	6,742,857
Equity	5,648,887	127,988	114,404	5,891,279
Debt instruments	839,045	16,119	-3,587	851,577
Bonds and notes	768,584	17,213	-3,689	782,108
Money market instruments	70,462	-1,095	102	69,469

Other Investment	2,047,254	99,782	-6,859	2,140,177
Loans, currency and deposits	1,050,424	18,825	-19,198	1,050,051
Other²	996,829	80,957	12,339	1,090,126

Total Foreign Liabilities	9,576,412	254,698	98,505	9,929,615
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 2025			31 December 2025
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
General Government	0	106,028	106,028	0	104,009	104,009
Short-term	0	2,494	2,494	0	77	77
Money market instruments	0	300	300	0	46	46
Loans & Deposits	0	2,194	2,194	0	31	31
Long-term	0	103,534	103,534	0	103,933	103,933
Bonds and notes	0	63,669	63,669	0	64,087	64,087
Loans	0	39,865	39,865	0	39,845	39,845

Monetary Authority²	0	36,216	36,216	0	36,686	36,686
Short-term	0	31,450	31,450	0	31,928	31,928
Loans and deposits	0	31,450	31,450	0	31,928	31,928
Long-term	0	4,766	4,766	0	4,758	4,758
Other debt liabilities	0	4,766	4,766	0	4,758	4,758

Monetary Financial Institutions³	405,578	19,029	424,607	385,394	18,827	404,221
Short-term	313,979	16,539	330,517	319,910	16,462	336,372
Money market instruments	..	..	7,691	..	..	5,897
Loans and deposits	..	..	322,827	..	..	330,475
Long-term	91,599	2,490	94,090	65,484	2,365	67,849
Bonds and notes	..	..	14,219	..	..	12,855
Loans	9	0	9	9	0	9
Other debt liabilities	..	..	79,861	..	..	54,985

Other Sectors4	1,877,981	290,433	2,168,414	1,929,227	292,025	2,221,253
Short-term	844,458	131,275	975,732	899,148	134,656	1,033,805
Money market instruments	..	..	62,471	..	..	63,527
Loans and deposits	..	..	361,700	..	..	382,067
Trade credits	426,063	125,498	551,561	458,266	129,944	588,210
Long-term	1,033,523	159,158	1,192,681	1,030,079	157,369	1,187,448
Bonds and notes	644,881	45,814	690,696	659,666	45,499	705,165
Loans	..	..	269,054	..	..	242,740
Other debt liabilities	..	..	232,931	..	..	239,542

Direct Investment ⁵	91,828	364,839	456,667	90,443	384,142	474,585
Debt liabilities to affiliated enterprises	81,007	193,211	274,218	80,037	211,220	291,257
Debt liabilities to direct investors	10,821	171,628	182,449	10,406	172,922	183,328

Gross External Debt	2,375,387	816,545	3,191,931	2,405,065	835,690	3,240,754
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.
..Data supressed for confidentiality reasons.

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Table 5.10 Debt Instrument Financial Assets

Table 5.10 - Debt Instrument Financial Assets
	30 September 2025			31 December 2025
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
General Government	0	31,590	31,590	0	46,984	46,984
Short-term	0	19,077	19,077	0	30,871	30,871
Money market instruments	0	0	0	0	0	0
Loans and deposits	0	19,077	19,077	0	30,871	30,871
Long-term	0	12,514	12,514	0	16,113	16,113
Bonds and notes	0	12,317	12,317	0	15,941	15,941
Loans	0	197	197	0	173	173

Monetary Authority ²	0	104,484	104,484	0	104,484	104,484
Short-term	0	93,087	93,087	0	93,087	93,087
Money market instruments	0	1,742	1,742	0	1,742	1,742
Loans and deposits	0	91,346	91,346	0	91,346	91,346
Long-term	0	11,397	11,397	0	11,397	11,397
Bonds and notes	0	11,397	11,397	0	11,397	11,397

Monetary Financial Institutions3	1,367,335	70,665	1,438,001	1,343,082	72,659	1,415,742
Short-term	..	..	1,284,863	..	..	1,254,826
Money market instruments	570,846	0	570,846	..	..	570,826
Loans and deposits	..	..	714,017	..	..	684,000
Long-term	..	..	153,138	..	..	160,916
Bonds and notes	75,310	32,141	107,450	66,192	34,836	101,029
Loans	..	..	45,687	..	..	59,888
Other debt Assets	0	0	0	0	0	0

Other Sectors ⁴	3,235,301	197,486	3,432,788	3,322,559	202,907	3,525,466
Short-term	1,027,636	119,720	1,147,356	1,073,488	124,163	1,197,651
Money market instruments	..	..	140,796	..	..	134,827
Loans and deposits	..	..	503,189	..	..	506,475
Trade credit assets	424,215	79,156	503,371	470,430	85,918	556,348
Long-term	2,207,665	77,766	2,285,432	2,249,070	78,744	2,327,815
Bonds and notes	1,885,901	52,173	1,938,074	1,928,442	53,922	1,982,364
Loans	308,455	21,447	329,902	307,595	20,840	328,436
Other debt Assets	13,310	4,146	17,456	13,033	3,982	17,015

Direct Investment ⁵	72,153	344,564	416,718	72,591	363,723	436,314
Debt asset claims on affiliated enterprises	61,783	210,186	271,968	63,353	198,879	262,232
Debt asset claims on direct investors	10,371	134,378	144,749	9,238	164,844	174,082

Reserve Assets	0	10,217	10,217	0	10,186	10,186

Debt Instrument Financial Assets ¹	4,674,790	759,007	5,433,797	4,738,232	796,370	5,534,602

Net External Debt ⁶	-2,299,403	57,537	-2,241,866	-2,333,167	39,319	-2,293,848
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.
..Data supressed for confidentiality reasons.

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Table 5.11 Net International Investment Position (IIP) classified by Ownership and Institutional Sector

Table 5.11 Net International Investment Position (IIP) classified by Ownership and Institutional Sector								€ million
Item	Q12024	Q22024	Q32024	Q42024	Q12025	Q22025	Q32025	Q42025
Irish Owned
General Government	-93,159	-94,411	-94,703	-77,359	-68,199	-68,287	-68,295	-50,776
Monetary Authority ¹	81,479	90,121	87,836	86,005	80,317	79,714	79,707	74,789
Monetary Financial Institutions ²	77,150	79,860	88,332	92,023	91,509	97,520	96,962	99,159
Other Sectors ³	15,277	27,420	27,872	37,664	69,826	76,642	89,590	86,923
of which:
Other Financial Intermediaries	12,518	14,524	10,480	25,397	27,547	29,433	44,329	42,535
Non-Financial Companies ⁴	2,759	12,896	17,392	12,267	42,279	47,209	45,261	44,388
Total Irish Owned Net IIP	80,747	102,990	109,337	138,333	173,453	185,589	197,963	210,096

Foreign Owned
Monetary Financial Institutions ²	32,698	37,208	44,544	51,515	49,932	47,695	48,760	48,487
Other Sectors ³	-628,372	-624,261	-590,692	-647,805	-621,224	-571,360	-576,494	-562,157
of which:
Other Financial Intermediaries	115,304	125,470	133,310	109,027	128,049	136,811	149,298	142,269
Non-Financial Companies ⁴	-743,676	-749,731	-724,002	-756,832	-749,273	-708,171	-725,791	-704,426
Total Foreign Owned Net IIP	-595,674	-587,053	-546,148	-596,290	-571,292	-523,665	-527,733	-513,670

Total (Net IIP)	-514,926	-484,062	-436,811	-457,958	-397,839	-338,076	-329,771	-303,574
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 2025 Table 5.11 (XLS 12KB)

Table 5.12 International Investment Position (IIP) classified by Ownership and Functional Category

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Table 5.12 Net International Investment Position (IIP) classified by Ownership and Functional Category								€ million
Item	Q12024	Q22024	Q32024	Q42024	Q12025	Q22025	Q32025	Q42025
Irish Owned
Direct Investment¹	940,374	890,827	883,732	980,858	944,640	904,988	881,148	939,003
Portfolio Investment	-1,125,933	-1,065,633	-1,053,624	-1,133,491	-1,089,021	-1,017,443	-973,939	-1,055,141
Other Investment²	254,553	265,922	267,756	278,771	305,756	286,857	279,315	314,669
Reserve Assets	11,754	11,874	11,472	12,196	12,079	11,188	11,438	11,565
Total Irish Owned Net IIP	80,748	102,990	109,336	138,334	173,454	185,590	197,963	210,096

Foreign Owned
Direct Investment¹	-860,685	-857,346	-841,647	-878,451	-856,266	-773,087	-810,702	-786,397
Portfolio Investment	221,872	211,040	204,348	195,997	203,508	220,235	216,634	209,950
Other Investment ²	43,139	59,254	91,151	86,164	81,466	29,187	66,335	62,778
Total Foreign Owned Net IIP	-595,674	-587,052	-546,148	-596,290	-571,292	-523,665	-527,733	-513,670

Total (Net IIP)	-514,926	-484,062	-436,811	-457,958	-397,839	-338,076	-329,771	-303,574
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.

International Accounts Q4 2025

International Investment Position

International Investment Position

Net IIP liability of €304 billion at end-December 2025

Gross External Debt stands at €3.2 trillion at end-December 2025

Net International Investment Position of Foreign Controlled Companies was -€513.7bn at end-December 2025

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