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Institutional Sector Accounts Non-Financial and Financial 2024

Private Sector (S.11 + S.14 + S.15)

Private Sector Debt remains within the EU target threshold for Households & NPISH but exceeds it for Non-Financial Corporations

Online ISSN: 2009-5597

CSO statistical release, 04 November 2025, 11am

Private Sector Debt

The total debt¹ of the Private Sector² decreased by 21.5% during 2024 to stand at €645.5bn by year-end. As of 2024, there are a new set of thresholds introduced by Macroeconomic Imbalance Procedure (MIP) for Private Sector Debt and Private Credit Flow. The NFCs MIP threshold of 85% was exceeded in 2024 with the NFCs private sector debt equating to 90.9% of GDP. The 2024 Households and NPISH sector totalled to 23.8% of GDP, remaining below the MIP threshold of 55%.

Figure 3.1 shows the development of private sector debt since 2014. The contribution from households to total private sector debt – composed mainly of mortgage-related debt – decreased during 2024, shrinking by -0.3% compared to the previous year. It continues below its peak of €202.7bn in 2008, falling by €68.9bn in the intervening period.

The debt of non-financial corporations (NFCs) decreased in 2024 by €68.9bn, or 11.9%. The accumulated change between 2015 and 2024 stands at -26.6%. Non-financial corporate debt grew by 66.8% in 2015 which drove the overall increase in private sector debt. This was driven by corporate restructuring both through imports of individual assets and also reclassifications of entire balance sheets in 2015 which meant that the level of capital assets in Ireland increased dramatically compared to 2014 (see National Balance Sheet for Ireland 2015 for further information).

	S.14 + S.15 Households and NPISH	S.11 Non-Financial Corporations	S.14 + S.15 Households and NPISH MIP Threshold	S.11 Non-Financial Corporations MIP Threshold
2014	82.5678555774214	208.233173843651	55	85
2015	56.8474726553476	255.95599814815	55	85
2016	52.31183907341	245.133582815102	55	85
2017	52.4027634110402	213.864128574564	55	85
2018	46.657946832333	198.605634814146	55	85
2019	34.9805363812807	174.804288876902	55	85
2020	32.9809107718067	156.554713762056	55	85
2021	28.1764761867631	131.004103763765	55	85
2022	26.6592762758787	118.183596350683	55	85
2023	25.563173776618	110.659906852435	55	85
2024	23.7728585295721	90.9254379834826	55	85

Get the data: PxStat IFI05

Private Sector Credit Flow 2014-2024

The flow of private sector credit (defined as the sum of consolidated transaction liabilities for AF.3 Debt Securities and AF.4 Loans) was split by the NFCs Sector and Households and NPISH. In 2024, the credit flow was -14.9% for NFCs and 1.8% for Households and NPISH. As shown in Figure 3.2, both are well within the threshold of +13% for NFCs and +14% Households and NPISH set under the Macroeconomic Imbalance Procedure. A positive credit flow equates to a net incurrence of debt during the year whereas a negative sign indicates a net running-down of debt during the same accounting period. The negative credit flows occurring in the Household sector between 2009 and 2020, cumulatively amounting to -€68.4bn, corresponded to a net repayment, primarily, of mortgage related debt. The period between 2021 and 2024 has seen a positive credit flow, amounting to €5.8bn.

	S.11 Non-Financial Corporations Credit Flow	S.14 + S.15 Households and NPISH Credit Flow	S.11 Non-Financial Corporations MIP Threshold	S.14 + S.15 Households and NPISH MIP Threshold
2014	5.52201814551309	-7.40949129859745	13	14
2015	0.234345290296253	-2.33874852390405	13	14
2016	-9.34717159511889	-5.45561048552915	13	14
2017	0.214514235091336	-3.03352065945245	13	14
2018	-3.63444368088745	-0.999927944514471	13	14
2019	-4.85573856336431	-0.475228460214791	13	14
2020	-2.10055238233362	-2.95145272170257	13	14
2021	-0.970522661865239	2.18670693457829	13	14
2022	0.120175198954221	-0.653974978174352	13	14
2023	-2.44101011198088	1.10004951421456	13	14
2024	-14.8736920372578	1.76664066823142	13	14

Get the data: PxStat IFI04

Financial balance sheet of the Non-Financial Corporation Sector split by ownership

A breakdown of the Non-Financial Corporations sector (S.11) financial balance sheet by ownership, along with corporate inversions/redomiciled PLCs, is presented in Table 3.1.

The total liabilities of foreign-owned NFCs, relative to the size of the sector, can be seen in Figure 3.3 (2012 – 2024). In 2024, foreign-owned NFCs make up 58.2% of the NFC sector. Note that the percentage of redomiciled PLCs is 16.2% in 2012 and increases to 27.2% by 2015, this is related to the increase of capital assets in Ireland in 2015, as discussed above.

	Irish-owned NFCs (excluding redomiciled PLCs)	Redomiciled PLCs	Foreign-owned NFCs
2012	0.279946137457132	0.142115954433919	0.455779376353949
2013	0.337393607502994	0.195262965856856	0.49631790433655
2014	0.402144188202723	0.334205429144149	0.568398031331148
2015	0.542154332825019	0.554826130553653	0.942343567283638
2016	0.556055383497152	0.564082916487452	1.03863294368962
2017	0.539404566428512	0.502888982187207	1.24793780142831
2018	0.58125315732821	0.533782158827076	1.34707306734981
2019	0.61065572485893	0.649820195191119	1.5461858834706
2020	0.645224007327266	0.544077261639161	1.5706622741769
2021	0.69220570324494	0.765391468861506	1.63753946296167
2022	0.566630386263475	0.611474104682036	1.82074146269514
2023	0.501181178716463	0.665056632972438	1.75423666884199
2024	0.583656278895074	0.703875847256679	1.79289796897553

Get the data: Table 3.1

Net Financial Worth of Non-Financial Corporations 2012-2024 split by ownership

Figure 3.4 shows the Net Financial Worth (BF.90) for S.11 proportioned by ownership (2012 – 2024). The trend shows that before 2015 much of the Net Financial Worth can be attributed almost evenly between foreign and Irish-owned entities, while the substantial change that occurs during 2015 is largely attributed to the foreign-owned NFC group (increasing from 58.7% in 2014 to 74.3% in 2015 of the total Net Financial Worth). In 2024, this proportion stands at 87.7%.

	Irish-owned NFCs (excl. redomiciled PLCs)	Redomiciled PLCs	Foreign-owned NFCs
2012	-113.307739330252	-23.194465893548	-130.0988204942
2013	-124.932751420681	-26.9890526943923	-153.911716045113
2014	-139.58751858469	-5.49184808400826	-206.481462159549
2015	-149.92264365811	-5.82658133504423	-449.66942429804
2016	-132.789766678844	-5.72075534510659	-470.80306612393
2017	-107.33478856351	-29.2639413466112	-513.737927380999
2018	-159.908454402737	-8.17718671094545	-598.424004448173
2019	-171.252414010842	5.85711702867423	-728.036033291386
2020	-158.61966937329	-2.66955190909817	-719.927124344358
2021	-174.655378814245	-3.00072164610995	-674.158514120938
2022	-102.265456105482	-2.97838084288815	-703.208419704421
2023	-100.741425050451	52.5243088922289	-814.987359325306
2024	-104.224123254627	-3.89284617268224	-771.220977647445

Get the data: Table 3.1

¹Defined as the sum of consolidated stock position liabilities of AF.3 Debt Securities and AF.4 Loans.

²Defined as the sum of the S.11 Non-Financial Corporations sector and the S.14 + S.15 Households and Non-Profit Institutions Serving Households sector.

Table 3.1 Financial Balance Sheet, end-years 2012-2024, Non-Financial Corporations by ownership

Table 3.1 Financial Balance Sheet, end-years 2012-2024, Non-Financial Corporations by ownership													€ million
Financial Assets	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
AF.1 Monetary Gold and Special Drawing Rights (SDRs)
S.11	0	0	0	0	0	0	0	0	0	0	0	0	0
S.11001/2 Irish-owned NFCs	0	0	0	0	0	0	0	0	0	0	0	0	0
of which redomiciled PLCs	0	0	0	0	0	0	0	0	0	0	0	0	0
S.11003 Foreign-owned NFCs	0	0	0	0	0	0	0	0	0	0	0	0	0

AF.2 Currency and Deposits
S.11	44,256	59,171	71,012	96,296	107,433	109,663	100,188	102,546	141,663	105,798	117,367	125,966	134,402
S.11001/2 Irish-owned NFCs	15,869	23,034	29,507	42,549	44,381	41,878	40,575	36,759	45,635	22,912	25,985	27,796	32,540
of which redomiciled PLCs	289	297	*	*	*	*	*	1,574	*	*	*	1,932	2,682
S.11003 Foreign-owned NFCs	28,387	36,136	41,504	53,747	63,052	67,785	59,613	65,788	96,028	82,885	91,383	98,170	101,862

AF.3 Debt Securities
S.11	4,198	2,432	2,863	1,843	4,297	3,558	2,253	1,938	1,967	4,973	2,490	3,629	2,776
S.11001/2 Irish-owned NFCs	*	*	*	*	*	*	*	*	*	*	*	*	*
of which redomiciled PLCs	*	*	*	*	*	*	*	*	*	*	*	*	*
S.11003 Foreign-owned NFCs	*	*	*	*	*	*	*	*	*	*	*	*	*

AF.4 Loans
S.11	186,883	190,784	244,424	315,845	375,095	368,812	367,392	288,022	251,472	241,362	233,024	225,457	237,066
S.11001/2 Irish-owned NFCs	90,130	85,841	150,189	225,764	235,908	219,364	218,057	139,516	114,966	112,682	103,415	67,994	73,656
of which redomiciled PLCs	36,417	27,894	86,791	110,964	115,800	100,062	94,587	38,427	12,936	14,151	14,969	12,959	16,332
S.11003 Foreign-owned NFCs	96,753	104,943	94,235	90,081	139,186	149,447	149,335	148,506	136,506	128,680	129,609	157,464	163,410

AF.5 Equity and Investment Fund Shares/Units
S.11	243,574	317,922	420,859	690,527	709,659	760,658	790,469	1,098,492	1,112,587	1,422,364	1,229,047	1,176,826	1,184,485
S.11001/2 Irish-owned NFCs	138,106	225,069	336,442	561,657	579,770	492,851	575,275	810,725	774,480	1,056,742	830,014	912,206	940,924
of which redomiciled PLCs	81,332	139,298	237,266	419,431	410,615	319,059	392,095	591,304	507,845	739,881	585,679	694,793	672,685
S.11003 Foreign-owned NFCs	105,468	92,854	84,416	128,870	129,889	267,807	215,194	287,767	338,107	365,622	399,032	264,620	243,561

AF.6 Insurance, Pension and Standardised Guarantee Schemes
S.11	1,895	1,829	1,873	1,967	2,073	2,119	2,237	2,429	2,596	2,820	2,768	2,709	2,711
S.11001/2 Irish-owned NFCs	1,220	1,313	1,271	1,373	1,281	1,233	1,181	1,301	1,486	1,534	1,419	1,294	1,295
of which redomiciled PLCs	0	0	0	0	0	0	0	0	0	0	0	0	0
S.11003 Foreign-owned NFCs	675	516	602	594	792	887	1,056	1,127	1,109	1,286	1,349	1,415	1,416

AF.7 Financial Derivatives and Employee Stock Options
S.11	921	196	1,120	1,549	1,778	1,145	1,209	635	265	603	1,596	1,108	873
S.11001/2 Irish-owned NFCs	*	*	*	843	861	837	410	733	750	619	686	*	*
of which redomiciled PLCs	*	*	*	*	*	*	*	*	*	*	*	*	*
S.11003 Foreign-owned NFCs	*	*	*	706	917	308	799	-98	-485	*	909	*	*

AF.8 Other Accounts Receivable
S.11	129,513	150,807	211,037	325,880	349,124	393,940	431,850	419,169	368,198	465,402	604,102	521,574	638,779
S.11001/2 Irish-owned NFCs	39,543	45,014	73,168	108,965	119,135	149,413	111,004	105,932	90,617	85,368	111,177	107,137	129,302
of which redomiciled PLCs	883	785	1,600	3,847	16,903	41,767	*	24,291	19,553	6,830	7,838	7,891	8,280
S.11003 Foreign-owned NFCs	89,970	105,793	137,869	216,916	229,989	244,527	320,846	313,237	277,580	380,034	492,925	414,437	509,477

AF.A Total Financial Assets
S.11	611,241	723,141	953,187	1,433,906	1,549,458	1,639,895	1,695,598	1,913,231	1,878,748	2,243,322	2,190,394	2,057,270	2,201,092
S.11001/2 Irish-owned NFCs	285,560	380,735	591,270	941,231	981,628	905,695	946,950	1,095,081	1,028,012	1,279,941	1,072,861	1,118,021	1,179,415
of which redomiciled PLCs	118,921	168,274	328,714	549,000	558,362	473,625	525,605	655,677	541,408	762,391	608,496	717,581	699,983
S.11003 Foreign-owned NFCs	325,681	342,406	361,917	492,674	567,830	734,200	748,649	818,150	850,735	963,381	1,117,533	939,249	1,021,677

Liabilities	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
AF.1 Monetary Gold and Special Drawing Rights (SDRs)
S.11	0	0	0	0	0	0	0	0	0	0	0	0	0
S.11001/2 Irish-owned NFCs	0	0	0	0	0	0	0	0	0	0	0	0	0
of which redomiciled PLCs	0	0	0	0	0	0	0	0	0	0	0	0	0
S.11003 Foreign-owned NFCs	0	0	0	0	0	0	0	0	0	0	0	0	0

AF.2 Currency and Deposits
S.11	0	0	0	0	0	0	0	0	0	0	0	0	0
S.11001/2 Irish-owned NFCs	0	0	0	0	0	0	0	0	0	0	0	0	0
of which redomiciled PLCs	0	0	0	0	0	0	0	0	0	0	0	0	0
S.11003 Foreign-owned NFCs	0	0	0	0	0	0	0	0	0	0	0	0	0

AF.3 Debt Securities
S.11	9,580	17,966	18,680	19,643	33,500	28,575	31,838	31,501	62,315	79,008	85,967	73,525	50,774
S.11001/2 Irish-owned NFCs	*	5,434	7,041	6,970	14,738	16,222	18,608	16,837	21,705	38,307	22,534	14,693	14,861
of which redomiciled PLCs	*	*	*	*	*	*	*	*	*	*	*	*	*
S.11003 Foreign-owned NFCs	*	12,532	11,639	12,673	18,762	12,353	13,231	14,664	40,610	40,702	63,433	58,831	35,912

AF.4 Loans
S.11	356,719	364,450	445,982	730,842	702,351	711,778	749,919	697,972	645,582	603,107	611,285	611,926	567,493
S.11001/2 Irish-owned NFCs	160,844	175,829	231,321	285,502	295,762	288,601	285,414	257,476	249,402	230,575	199,221	166,101	141,863
of which redomiciled PLCs	18,989	23,311	54,995	79,718	93,499	89,030	88,811	70,514	49,640	62,521	67,831	56,304	40,478
S.11003 Foreign-owned NFCs	195,875	188,621	214,662	445,340	406,589	423,177	464,505	440,496	396,180	372,532	412,064	445,824	425,630

AF.5 Equity and Investment Fund Shares/Units
S.11	381,756	505,811	657,585	1,021,954	1,088,976	1,213,307	1,289,486	1,571,511	1,648,306	1,956,742	1,797,879	1,732,689	1,864,187
S.11001/2 Irish-owned NFCs	218,162	313,858	449,723	707,957	681,107	637,201	711,256	870,870	821,957	1,088,663	833,579	863,823	995,540
of which redomiciled PLCs	121,249	171,263	277,806	453,058	427,542	389,625	415,743	541,865	474,269	687,053	524,633	597,846	655,894
S.11003 Foreign-owned NFCs	163,595	191,953	207,862	313,997	407,869	576,105	578,231	700,641	826,348	868,079	964,300	868,867	868,647

AF.6 Insurance, Pension and Standardised Guarantee Schemes
S.11	0	0	0	0	0	0	0	0	0	0	0	0	0
S.11001/2 Irish-owned NFCs	0	0	0	0	0	0	0	0	0	0	0	0	0
of which redomiciled PLCs	0	0	0	0	0	0	0	0	0	0	0	0	0
S.11003 Foreign-owned NFCs	0	0	0	0	0	0	0	0	0	0	0	0	0

AF.7 Financial Derivatives and Employee Stock Options
S.11	140	398	412	635	995	864	396	305	556	187	164	73	35
S.11001/2 Irish-owned NFCs	*	*	*	*	*	*	*	*	*	*	*	*	*
of which redomiciled PLCs	*	*	*	*	*	*	*	*	*	*	*	*	*
S.11003 Foreign-owned NFCs	*	*	*	*	*	*	*	*	*	*	*	*	*

AF.8 Other Accounts Receivable
S.11	129,646	140,349	182,088	266,249	332,949	335,708	390,468	505,373	403,204	456,092	503,553	502,260	597,941
S.11001/2 Irish-owned NFCs	37,819	37,440	48,213	96,519	128,261	99,997	99,730	115,276	96,201	100,036	122,752	121,599	135,251
of which redomiciled PLCs	435	689	1,404	*	*	*	19,714	29,297	11,104	5,071	5,680	5,129	5,220
S.11003 Foreign-owned NFCs	91,827	102,908	133,875	169,730	204,689	235,711	290,738	390,097	307,002	356,056	380,800	380,661	462,690

AF.L Total Liabilities
S.11	877,841	1,028,974	1,304,748	2,039,324	2,158,771	2,290,231	2,462,108	2,806,662	2,759,964	3,095,137	2,998,846	2,920,474	3,080,430
S.11001/2 Irish-owned NFCs	422,062	532,657	736,350	1,096,980	1,120,138	1,042,294	1,115,035	1,260,476	1,189,301	1,457,597	1,178,104	1,166,238	1,287,532
of which redomiciled PLCs	142,116	195,263	334,205	554,826	564,083	502,889	533,782	649,820	544,077	765,391	611,474	665,057	703,876
S.11003 Foreign-owned NFCs	455,779	496,318	568,398	942,344	1,038,633	1,247,938	1,347,073	1,546,186	1,570,662	1,637,539	1,820,741	1,754,237	1,792,898

BF.90 Financial Net Worth
S.11	-266,601	-305,834	-351,561	-605,418	-609,313	-650,337	-766,510	-893,431	-881,216	-851,814	-808,452	-863,205	-879,338
S.11001/2 Irish-owned NFCs	-136,502	-151,922	-145,079	-155,749	-138,511	-136,599	-168,086	-165,395	-161,289	-177,656	-105,244	-48,217	-108,117
of which redomiciled PLCs	-23,194	-26,989	-5,492	-5,827	-5,721	-29,264	-8,177	5,857	-2,670	-3,001	-2,978	52,524	-3,893
S.11003 Foreign-owned NFCs	-130,099	-153,912	-206,481	-449,669	-470,803	-513,738	-598,424	-728,036	-719,927	-674,159	-703,208	-814,987	-771,221

Open in Excel: Institutional Sector Accounts Non-Financial and Financial 2024 (XLS 43KB)

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Institutional Sector Accounts Non-Financial and Financial 2024

Private Sector (S.11 + S.14 + S.15)

Private Sector (S.11 + S.14 + S.15)

Private Sector Debt remains within the EU target threshold for Households & NPISH but exceeds it for Non-Financial Corporations

Private Sector Debt

Private Sector Credit Flow 2014-2024

Financial balance sheet of the Non-Financial Corporation Sector split by ownership

Net Financial Worth of Non-Financial Corporations 2012-2024 split by ownership

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