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Institutional Sector Accounts Non-Financial and Financial 2025

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

Private Sector Debt fall within the EU target threshold for both Households and Non-Financial Corporations

Online ISSN: 2009-5597

CSO statistical release, 04 November 2026, 11am

Private Sector Debt

The total debt¹ of the Private Sector² decreased by 11.9% during 2025 to stand at €629.5bn by year-end. NFCs private sector debt equated to 79.1% of GDP which for the first time since 2004 fell within the NFCs MIP threshold of 85% in 2025. The 2025 Households and NPISH sector totalled to 25.43% of GDP, remaining below the MIP threshold of 55%.

Figure 3.1 shows the development of private sector debt since 2015. The contribution from households to total private sector debt – composed mainly of mortgage-related debt – increased during 2025, growing by 15.8% 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 2025 by €45.28bn, or 8.7%. The accumulated change between 2015 and 2025 stands at -31.7%. 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
2015	56.7432975475094	256.104610174636	55	85
2016	52.4179193910308	245.24734833277	55	85
2017	52.5015609636503	213.95640918404	55	85
2018	46.7391978966405	198.721854747339	55	85
2019	35.0921182617282	174.882173903754	55	85
2020	33.1404875424835	156.977455613922	55	85
2021	28.2478106437078	130.997093026143	55	85
2022	26.5303737879992	117.612156997323	55	85
2023	25.7576580203018	111.73313835422	55	85
2024	23.5482157807435	92.8135485598942	55	85
2025	25.4293650221266	79.0573377261509	55	85

Get the data: PxStat IFI05

Private Sector Credit Flow 2015-2025

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 2025, the credit flow was +0.4% for NFCs and 1.9% 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 -€71.5bn, corresponded to a net repayment, primarily, of mortgage related debt. The period between 2021 and 2025 has seen a positive credit flow, amounting to €5.3bn.

	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
2015	0.235391775678971	-2.92739656732129	13	14
2016	-9.34717159511889	-5.5466298877204	13	14
2017	0.15035144009535	-2.84260063419698	13	14
2018	-3.63444368088745	-1.02065787343976	13	14
2019	-4.85573856336431	-0.306322251749136	13	14
2020	-2.10055238233362	-3.00495542693754	13	14
2021	-0.561228877293162	2.22819040301392	13	14
2022	0.120175198954221	-0.652288579770335	13	14
2023	-2.10092651808402	1.10800759202346	13	14
2024	-14.9105985326306	-0.562177627362309	13	14
2025	0.438378175821215	1.91676287054411	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 – 2025). In 2025, foreign-owned NFCs make up 58.7% 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	0.400494617409694	0.334205429144149	0.570047602124177
2015	0.540880871589583	0.554826130553653	0.943712028519074
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	0.645426762708885	0.544077261639161	1.57045951879528
2021	0.69220570324494	0.765391468861506	1.63753946296167
2022	0.566630386263475	0.611474104682036	1.82074146269514
2023	0.603254208911436	0.612379314572223	1.73941501541124
2024	0.646091920542206	0.671544748052007	1.83200594202122
2025	0.627413894752343	0.587786718252079	1.72500094888077

Get the data: Table 3.1

Net Financial Worth of Non-Financial Corporations 2012-2025 split by ownership

Figure 3.4 shows the Net Financial Worth (BF.90) for S.11 proportioned by ownership (2012 – 2025). 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 59.2% in 2014 to 74.5% in 2015 of the total Net Financial Worth). In 2025, this proportion stands at 91.2%.

	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	-137.937269235185	-5.49184808400826	-208.130711509055
2015	-148.649182422674	-5.82658133504423	-451.037885533477
2016	-132.789766678844	-5.72075534510659	-470.80306612393
2017	-107.308618363214	-29.2639413466112	-513.765097581295
2018	-159.908454402737	-8.17718671094545	-598.424004448173
2019	-171.252414010842	5.85711702867423	-728.036033291386
2020	-156.922595374035	-2.66955190909817	-721.624198343612
2021	-174.247849080374	-3.00072164610995	-674.566043854809
2022	-102.265456105482	-2.97838084288815	-703.208419704421
2023	-110.802799225098	-2.16053477071493	-773.584338954715
2024	-102.8219878393	-2.56185771003098	-823.553802540877
2025	-70.5952477152704	1.10450649846799	-722.103941961862

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.

Note: Instruments that are confidential are marked as “..” for Table 3.1

Table 3.1 Financial Balance Sheet, end-years 2014-2025, Non-Financial Corporations by ownership

Table 3.1 Financial Balance Sheet, end-years 2014-2025, Non-Financial Corporations by ownership												€ million
Financial Assets	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
AF.1 Monetary Gold and Special Drawing Rights (SDRs)
S.11	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
of which redomiciled PLCs	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

AF.2 Currency and Deposits
S.11	71,080	96,363	107,504	109,663	100,188	102,546	141,663	105,798	117,367	125,648	134,279	129,811
S.11001/2 Irish-owned NFCs	29,553	42,596	44,424	41,878	40,575	36,759	47,535	22,912	25,985	27,868	30,328	34,493
of which redomiciled PLCs	..	..	..	..	..	1,574	..	..	..	1,932	2,313	2,615
S.11003 Foreign-owned NFCs	41,527	53,767	63,079	67,785	59,613	65,788	94,128	82,885	91,383	97,781	103,951	95,318

AF.3 Debt Securities
S.11	2,863	1,843	4,297	3,512	2,253	1,938	1,967	4,224	2,490	3,793	3,850	1,981
S.11001/2 Irish-owned NFCs	..	..	..	..	..	..	..	..	..	..	..	..
of which redomiciled PLCs	..	..	..	..	..	..	..	..	..	..	..	..
S.11003 Foreign-owned NFCs	..	..	..	..	..	..	..	..	..	..	..	..

AF.4 Loans
S.11	244,424	315,845	375,024	372,510	367,392	288,022	251,472	241,362	233,024	227,398	235,004	246,998
S.11001/2 Irish-owned NFCs	150,189	225,764	235,864	221,515	218,057	139,516	114,966	112,682	103,415	68,496	69,614	79,989
of which redomiciled PLCs	86,791	110,964	115,800	100,062	94,587	38,427	12,936	14,151	14,969	12,816	16,348	16,700
S.11003 Foreign-owned NFCs	94,235	90,081	139,159	150,995	149,335	148,506	136,506	128,680	129,609	158,902	165,389	167,008

AF.5 Equity and Investment Fund Shares/Units
S.11	420,791	690,459	709,659	757,005	790,469	1,098,492	1,112,587	1,423,113	1,229,047	1,183,508	1,246,348	1,177,610
S.11001/2 Irish-owned NFCs	336,396	561,610	579,770	490,726	575,275	810,725	774,480	1,057,149	830,014	890,835	998,869	919,982
of which redomiciled PLCs	237,266	419,431	410,615	319,059	392,095	591,304	507,845	739,881	585,679	588,036	641,589	562,749
S.11003 Foreign-owned NFCs	84,395	128,849	129,889	266,278	215,194	287,767	338,107	365,964	399,032	292,672	247,479	257,628

AF.6 Insurance, Pension and Standardised Guarantee Schemes
S.11	1,873	1,967	2,073	2,119	2,237	2,429	2,596	2,820	2,768	2,709	2,926	2,970
S.11001/2 Irish-owned NFCs	1,271	1,373	1,281	1,233	1,181	1,301	1,486	1,534	1,419	1,294	1,366	1,386
of which redomiciled PLCs	0	0	0	0	0	0	0	0	0	0	0	0
S.11003 Foreign-owned NFCs	602	594	792	887	1,056	1,127	1,109	1,286	1,349	1,415	1,560	1,584

AF.7 Financial Derivatives and Employee Stock Options
S.11	1,120	1,549	1,778	1,145	1,209	635	265	603	1,596	1,112	1,097	1,061
S.11001/2 Irish-owned NFCs	..	843	861	837	410	733	750	619	686	556	396	..
of which redomiciled PLCs	..	..	..	..	..	..	..	..	..	5	5	..
S.11003 Foreign-owned NFCs	..	706	917	308	799	-98	-485	-16	..	556	702	..

AF.8 Other Accounts Receivable
S.11	211,037	325,880	349,124	393,940	431,850	419,169	368,198	465,402	604,102	524,333	597,199	588,176
S.11001/2 Irish-owned NFCs	73,168	108,965	119,135	149,413	111,004	105,932	90,617	85,368	111,177	112,527	110,382	108,784
of which redomiciled PLCs	1,600	3,847	16,903	41,767	28,483	24,291	19,553	6,830	7,838	7,429	8,728	6,825
S.11003 Foreign-owned NFCs	137,869	216,916	229,989	244,527	320,846	313,237	277,580	380,034	492,925	411,806	486,818	479,391

AF.A Total Financial Assets
S.11	953,187	1,433,905	1,549,458	1,639,894	1,695,599	1,913,231	1,878,748	2,243,322	2,190,394	2,068,502	2,220,704	2,148,608
S.11001/2 Irish-owned NFCs	591,271	941,231	981,628	905,721	946,950	1,095,081	1,029,912	1,280,349	1,072,861	1,102,670	1,212,253	1,145,710
of which redomiciled PLCs	328,714	549,000	558,362	473,625	525,605	655,677	541,408	762,391	608,496	610,219	668,983	588,891
S.11003 Foreign-owned NFCs	361,917	492,674	567,830	734,173	748,649	818,150	848,835	962,973	1,117,533	965,831	1,008,452	1,002,897

Liabilities	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
AF.1 Monetary Gold and Special Drawing Rights (SDRs)
S.11	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
of which redomiciled PLCs	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

AF.2 Currency and Deposits
S.11	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
of which redomiciled PLCs	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

AF.3 Debt Securities
S.11	19,254	19,643	33,500	28,575	31,838	31,501	62,315	79,008	85,967	73,275	62,484	58,160
S.11001/2 Irish-owned NFCs	7,041	6,970	14,738	16,222	18,608	16,837	21,705	38,307	22,534	15,000	15,088	14,498
of which redomiciled PLCs	..	..	..	..	..	..	..	..	..	..	..	..
S.11003 Foreign-owned NFCs	12,213	12,673	18,762	12,353	13,231	14,664	40,610	40,702	63,433	58,275	47,397	43,663

AF.4 Loans
S.11	443,551	730,842	702,351	711,778	749,919	697,972	645,582	603,107	611,285	613,409	559,045	525,023
S.11001/2 Irish-owned NFCs	229,671	285,502	295,762	288,601	285,414	257,476	249,402	230,575	199,221	167,980	141,280	137,819
of which redomiciled PLCs	54,995	79,718	93,499	89,030	88,811	70,514	49,640	62,521	67,831	53,118	42,415	37,271
S.11003 Foreign-owned NFCs	213,880	445,340	406,589	423,177	464,505	440,496	396,180	372,532	412,064	445,429	417,765	387,204

AF.5 Equity and Investment Fund Shares/Units
S.11	659,442	1,023,873	1,088,977	1,213,307	1,289,486	1,579,141	1,647,951	1,956,742	1,797,879	1,737,718	1,970,033	1,843,815
S.11001/2 Irish-owned NFCs	449,723	707,957	681,107	637,201	711,256	874,959	821,957	1,088,663	833,579	894,991	1,044,291	949,617
of which redomiciled PLCs	277,806	453,058	427,542	389,625	415,743	541,865	474,269	687,053	524,633	548,329	621,881	534,302
S.11003 Foreign-owned NFCs	209,719	315,916	407,869	576,105	578,231	704,182	825,994	868,079	964,300	842,727	925,741	894,198

AF.6 Insurance, Pension and Standardised Guarantee Schemes
S.11	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
of which redomiciled PLCs	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

AF.7 Financial Derivatives and Employee Stock Options
S.11	412	635	995	864	396	305	556	187	164	73	71	97
S.11001/2 Irish-owned NFCs	..	..	..	..	..	..	..	..	..	..	..	..
of which redomiciled PLCs	..	..	..	..	..	..	..	..	..	..	..	..
S.11003 Foreign-owned NFCs	..	..	..	..	..	..	..	..	..	..	..	..

AF.8 Other Accounts Receivable
S.11	182,088	264,425	332,949	335,708	390,468	497,743	403,558	456,092	503,553	530,573	558,009	513,106
S.11001/2 Irish-owned NFCs	48,213	95,246	128,261	99,997	99,730	111,188	96,404	100,036	122,752	137,641	116,961	113,225
of which redomiciled PLCs	1,404	..	..	..	19,714	29,297	11,104	5,071	5,680	5,112	4,962	14,174
S.11003 Foreign-owned NFCs	133,875	169,180	204,689	235,711	290,738	386,556	307,154	356,056	380,800	392,933	441,048	399,881

AF.L Total Liabilities
S.11	1,304,748	2,039,419	2,158,772	2,290,231	2,462,108	2,806,662	2,759,964	3,095,137	2,998,846	2,955,049	3,149,643	2,940,201
S.11001/2 Irish-owned NFCs	734,700	1,095,707	1,120,138	1,042,294	1,115,035	1,260,476	1,189,504	1,457,597	1,178,104	1,215,634	1,317,637	1,215,201
of which redomiciled PLCs	334,205	554,826	564,083	502,889	533,782	649,820	544,077	765,391	611,474	612,379	671,545	587,787
S.11003 Foreign-owned NFCs	570,048	943,712	1,038,633	1,247,938	1,347,073	1,546,186	1,570,460	1,637,539	1,820,741	1,739,415	1,832,006	1,725,001

BF.90 Financial Net Worth
S.11	-351,560	-605,514	-609,314	-650,337	-766,509	-893,431	-881,216	-851,815	-808,452	-886,547	-928,938	-791,594
S.11001/2 Irish-owned NFCs	-143,429	-154,476	-138,511	-136,573	-168,086	-165,395	-159,592	-177,249	-105,244	-112,963	-105,384	-69,491
of which redomiciled PLCs	-5,492	-5,827	-5,721	-29,264	-8,177	5,857	-2,670	-3,001	-2,978	-2,161	-2,562	1,105
S.11003 Foreign-owned NFCs	-208,131	-451,038	-470,803	-513,765	-598,424	-728,036	-721,624	-674,566	-703,208	-773,584	-823,554	-722,104