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National Balance Sheet for Ireland 2015

Dynamics of the National Balance Sheet

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This chapter imposes a financial accounts framework on real assets to explain the dynamics behind Intellectual Property (IP) assets. Opening/Closing Balances show the value of net capital stock at the beginning/end of year, in the same way that financial assets and liabilities are recorded. Net Purchases/Transactions column shows the value of purchases less sales of capital assets, or transactions in financial accounts. Market price changes include movements such as a rise in value of dwellings, equity price increases or depreciation of machinery. Other changes in volume record items such as the movement of companies into Ireland and the reclassification of their entire balance sheets, or the write down of loans. (For more information on movement of companies to Ireland please see our information note on Redomiciled PLCs in the Irish Balance of Payments (PDF 183KB) .)

	Net Purchases / Transactions	Market Price and Other Changes	Opening Balance	Closing Balance
2002	251.078	-94.4482205099	1761.988187	1918.6179664901
2003	317.077	4.20573850869996	1918.617966	2239.9007045087
2004	374.433	9.41200719789996	2239.900705	2623.7457121979
2005	654.351	81.08108316	2623.745713	3359.17779616
2006	624.832	63.211953233209	3359.177796	4047.22174923321
2007	568.483	-211.4094679738	4047.221749	4404.2952810262
2008	332.563	-170.117698082554	4404.295281	4566.74058291745
2009	41.953	87.2803800637481	4566.740583	4695.97396306375
2010	179.019	76.6452087983362	4695.973964	4951.63817279834
2011	-106.573	80.6818578401459	4951.638173	4925.74703084015
2012	-38.661	136.584012957321	4925.747031	5023.67004395732
2013	68.418	-21.487753836444	5023.670043	5070.60028916356
2014	442.251	545.387062450499	5070.600289	6058.2383514505
2015	419.819	708.825322629335	6058.238352	7186.88267462934

Table 2.1 Total Assets of Ireland (Financial and Fixed), 2002-2015

In Figure 2.1, increasingly high volumes of net purchases/transactions can be seen each year from 2002 to 2005. These remain high but begin to decrease in 2006 and 2007, and drop substantially from 2008 onwards as the impact of the financial crisis was felt in Ireland, staying at a relatively low level until 2013. Pre-crisis levels of net purchases/transactions were again seen in both 2014 and 2015. These increased amounts were mainly due to rises in the levels of loans and equities, largely as a result of the financial restructuring of large global companies (see Redomiciled PLCs in the Irish Balance of Payments (PDF 183KB) ). Changes from a net to gross method of reporting derivatives also had an impact on net purchases/transactions in 2014 (see Assets & Liabilities of the Financial Sector 2015).

Market price and other changes were generally relatively small, with the exception of 2007 and 2008 when the financial crisis hit. Drops of €211bn and €170bn in the market price and other changes category were seen in 2007 and 2008 respectively. Again in 2014 and 2015 large market price and other changes were seen, this time with the opposite effect of increasing the total asset values. Market price and other changes amounted to €545bn and €709bn in 2014 and 2015 respectively. The 2015 figure was largely as a result of large IP movements into Ireland in 2015 and their related financing. The substantial change in 2014 is caused by availability of new data sources and methods for the financial sector. This increase in assets and liabilities is mainly seen in the investment funds sector.

Table 2.2 National Balance Sheet Instrument Breakdown, 2015

Table 2.2 National Balance Sheet Instrument Breakdown, 2015					€ billion
		Opening Balance	Net Purchases / Transactions	Market Price and Other Changes	Closing Balance

	Non-Financial Assets
	Fixed Assets
AN.111	Dwellings	222	5	11	238
AN.112	Other Buildings and Structures	121	10	1	132
AN.113 + AN.114	Machinery, Equipment and Weapon Systems¹	96	16	..	..
AN.115	Cultivated Biological Resources	2	0	0	2
AN.117	Intellectual Property Products¹	38	23	..	..
AN.11	Total Fixed Assets	479	54	227	761

	Financial Assets
AF.1	Monetary Gold and Special Drawing Rights	1	0	0	1
AF.2	Currency and Deposits	634	30	28	692
AF.3	Debt Securities	1,384	61	58	1,504
AF.4	Loans	1,225	106	-2	1,329
AF.5	Equity and Investment Fund Shares/Units	1,509	162	301	1,972
AF.6	Insurance, Pension and Standardised Guarantee Schemes	194	4	4	203
AF.7	Financial Derivatives and Employee Stock Options	259	-89	36	206
AF.8	Other Accounts Receivable/Payable	373	91	55	519
AF.A	Total Financial Assets	5,579	366	481	6,426

	Total Assets	6,058	420	709	7,187

	Financial Liabilities
AF.1	Monetary Gold and Special Drawing Rights	0	0	0	0
AF.2	Currency and Deposits	543	-62	19	500
AF.3	Debt Securities	650	54	29	734
AF.4	Loans	1,068	92	271	1,430
AF.5	Equity and Investment Fund Shares/Units	2,636	328	253	3,217
AF.6	Insurance, Pension and Standardised Guarantee Schemes	306	16	6	328
AF.7	Financial Derivatives and Employee Stock Options	253	-110	50	193
AF.8	Other Accounts Receivable/Payable	437	24	95	555
AF.L	Total Financial Liabilities	5,891	343	723	6,957

	Total Liabilities	5,891	343	723	6,957

BF.90	Financial Net Worth	-312	23	-242	-531

B.90	Net Worth	167	77	-14	230
1 The individual figures for categories AN.113+AN.114 Machinery, Equipment and Weapon Systems and AN.117 Intellectual Property Products cannot be split out in 2015 due to the confidential nature of this data.

Open in Excel: National Balance Sheet for Ireland 2015 Table 2.2 (XLS 11KB)

Table 2.3 National Balance Sheet Instrument Breakdown, 2014

Table 2.4 National Balance Sheet Instrument Breakdown, 2013

Table 2.5 National Balance Sheet Instrument Breakdown, 2012

Table 2.5 National Balance Sheet Instrument Breakdown, 2012					€ billion
		Opening Balance	Net Purchases / Transactions	Market Price and Other Changes	Closing Balance

	Non-Financial Assets
	Fixed Assets
AN.111	Dwellings	200	3	1	204
AN.112	Other Buildings and Structures	104	6	-2	108
AN.113 + AN.114	Machinery, Equipment and Weapon Systems¹	70	13	-10	73
AN.115	Cultivated Biological Resources	2	0	0	3
AN.117	Intellectual Property Products¹	30	12	-7	35
AN.11	Total Fixed Assets	405	34	-17	422

	Financial Assets
AF.1	Monetary Gold and Special Drawing Rights	1	0	-0	1
AF.2	Currency and Deposits	817	-118	15	714
AF.3	Debt Securities	1,157	76	6	1,240
AF.4	Loans	1,205	-51	19	1,173
AF.5	Equity and Investment Fund Shares/Units	901	11	101	1,013
AF.6	Insurance, Pension and Standardised Guarantee Schemes	157	1	8	167
AF.7	Financial Derivatives and Employee Stock Options	62	-11	14	65
AF.8	Other Accounts Receivable/Payable	220	19	-9	229
AF.A	Total Financial Assets	4,520	-73	154	4,601

	Total Assets	4,926	-39	137	5,024

	Financial Liabilities
AF.1	Monetary Gold and Special Drawing Rights	0	0	0	0
AF.2	Currency and Deposits	916	-167	-1	748
AF.3	Debt Securities	733	-8	-15	710
AF.4	Loans	951	2	28	981
AF.5	Equity and Investment Fund Shares/Units	1,623	92	131	1,845
AF.6	Insurance, Pension and Standardised Guarantee Schemes	245	2	12	258
AF.7	Financial Derivatives and Employee Stock Options	59	-12	36	83
AF.8	Other Accounts Receivable/Payable	229	27	-40	217
AF.L	Total Financial Liabilities	4,755	-64	151	4,842

	Total Liabilities	4,755	-64	151	4,842

BF.90	Financial Net Worth	-235	-9	3	-241

B.90	Net Worth	171	25	-14	182
1 The individual figures for categories AN.113+AN.114 Machinery, Equipment and Weapon Systems and AN.117 Intellectual Property Products cannot be splitout in 2015 due to the confidential nature of this data.

Open in Excel: National Balance Sheet for Ireland 2015 Table 2.5 (XLS 11KB)

Table 2.6 National Balance Sheet Instrument Breakdown, 2011

Table 2.6 National Balance Sheet Instrument Breakdown, 2011					€ billion
		Opening Balance	Net Purchases / Transactions	Market Price and Other Changes	Closing Balance

	Non-Financial Assets
	Fixed Assets
AN.111	Dwellings	198	4	-2	200
AN.112	Other Buildings and Structures	103	6	-5	104
AN.113 + AN.114	Machinery, Equipment and Weapon Systems¹	70	11	-12	70
AN.115	Cultivated Biological Resources	2	0	0	2
AN.117	Intellectual Property Products¹	28	9	-8	30
AN.11	Total Fixed Assets	402	30	-26	405

	Financial Assets
AF.1	Monetary Gold and Special Drawing Rights	1	-0	0	1
AF.2	Currency and Deposits	900	-71	-12	817
AF.3	Debt Securities	1,139	2	17	1,157
AF.4	Loans	1,200	-44	50	1,205
AF.5	Equity and Investment Fund Shares/Units	897	-13	17	901
AF.6	Insurance, Pension and Standardised Guarantee Schemes	171	-13	-0	157
AF.7	Financial Derivatives and Employee Stock Options	53	-2	11	62
AF.8	Other Accounts Receivable/Payable	189	6	25	220
AF.A	Total Financial Assets	4,550	-136	106	4,520

	Total Assets	4,952	-107	81	4,926

	Financial Liabilities
AF.1	Monetary Gold and Special Drawing Rights	0	0	0	0
AF.2	Currency and Deposits	1,096	-196	16	916
AF.3	Debt Securities	752	-10	-9	733
AF.4	Loans	884	69	-2	951
AF.5	Equity and Investment Fund Shares/Units	1,492	25	105	1,623
AF.6	Insurance, Pension and Standardised Guarantee Schemes	261	-17	0	245
AF.7	Financial Derivatives and Employee Stock Options	50	-1	10	59
AF.8	Other Accounts Receivable/Payable	205	9	15	229
AF.L	Total Financial Liabilities	4,741	-121	136	4,755

	Total Liabilities	4,741	-121	136	4,755

BF.90	Financial Net Worth	-190	-15	-30	-235

B.90	Net Worth	211	15	-55	171
1 The individual figures for categories AN.113+AN.114 Machinery, Equipment and Weapon Systems and AN.117 Intellectual Property Products cannot be splitout in 2015 due to the confidential nature of this data.

Open in Excel: National Balance Sheet for Ireland 2015 Table 2.6 (XLS 11KB)

Table 2.7 National Balance Sheet Instrument Breakdown, 2010

Table 2.8 Net Worth Instrument Breakdown, 2001-2015

Table 2.8 Net Worth Instrument Breakdown, 2001-2015															€ billion
	Closing Balance
	2001	2002	2003	2004	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015

Non-Financial Assets
Fixed Assets
AN.111 Dwellings	137	158	190	224	249	285	285	248	207	198	200	204	210	222	238
AN.112 Other Buildings and Structures	77	83	87	95	104	114	124	121	110	103	104	108	113	121	132
AN.113 + AN.114 Machinery, Equipment and Weapon Systems¹	39	43	43	46	61	65	67	66	69	70	70	73	76	96	..
AN.115 Cultivated Biological Resources	2	2	2	2	2	2	2	2	2	2	2	3	2	2	2
AN.117 Intellectual Property Products¹	8	10	12	15	18	20	23	25	27	28	30	35	36	38	..
AN.11 Total Fixed Assets	263	296	334	382	433	486	500	462	415	402	405	422	438	479	761

Financial Assets
AF.1 Monetary Gold and Special Drawing Rights	0	0	0	0	0	0	0	0	1	1	1	1	1	1	1
AF.2 Currency and Deposits	282	307	327	386	504	644	701	850	842	900	817	714	604	634	692
AF.3 Debt Securities	310	363	496	569	689	821	933	1,043	1,098	1,139	1,157	1,240	1,222	1,384	1,504
AF.4 Loans	346	387	449	581	833	989	1,064	1,198	1,189	1,200	1,205	1,173	1,053	1,225	1,329
AF.5 Equity and Investment Fund Shares/Units	351	335	377	429	557	722	776	603	742	897	901	1,013	1,230	1,509	1,972
AF.6 Insurance, Pension and Standardised Guarantee Schemes	76	74	98	113	140	164	166	151	162	171	157	167	171	194	203
AF.7 Financial Derivatives and Employee Stock Options	31	43	38	43	49	62	95	84	51	53	62	65	71	259	206
AF.8 Other Accounts Receivable/Payable	104	113	122	122	152	159	168	174	196	189	220	229	281	373	519
AF.A Total Financial Assets	1,499	1,623	1,906	2,242	2,926	3,561	3,904	4,104	4,281	4,550	4,520	4,601	4,633	5,579	6,426

Total Assets	1,762	1,919	2,240	2,624	3,359	4,047	4,404	4,567	4,696	4,952	4,926	5,024	5,071	6,058	7,187

Financial Liabilities
AF.1 Monetary Gold and Special Drawing Rights	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
AF.2 Currency and Deposits	355	400	464	551	696	863	976	1,221	1,131	1,096	916	748	626	543	500
AF.3 Debt Securities	86	101	188	304	476	560	609	742	781	752	733	710	530	650	734
AF.4 Loans	295	311	362	393	525	596	656	802	849	884	951	981	993	1,068	1,430
AF.5 Equity and Investment Fund Shares/Units	570	595	658	726	932	1,141	1,238	1,054	1,237	1,492	1,623	1,845	2,086	2,636	3,217
AF.6 Insurance, Pension and Standardised Guarantee Schemes	97	104	128	147	184	223	237	213	239	261	245	258	265	306	328
AF.7 Financial Derivatives and Employee Stock Options	24	44	38	42	45	57	93	69	51	50	59	83	69	253	193
AF.8 Other Accounts Receivable/Payable	95	97	102	114	145	168	157	183	189	205	229	217	301	437	555
AF.L Total Financial Liabilities	1,519	1,651	1,940	2,277	3,004	3,609	3,966	4,283	4,478	4,741	4,755	4,842	4,869	5,891	6,957

Total Liabilities	1,519	1,651	1,940	2,277	3,004	3,609	3,966	4,283	4,478	4,741	4,755	4,842	4,869	5,891	6,957

BF.90 Financial Net Worth	-20	-28	-34	-35	-79	-48	-62	-179	-197	-190	-235	-241	-237	-312	-531

B.90 Net Worth	243	267	300	347	355	438	439	283	218	211	171	182	201	167	230
1 The individual figures for categories AN.113+AN.114 Machinery, Equipment and Weapon Systems and AN.117 Intellectual Property Products cannot be split out in 2015 due to the confidential nature of this data.

Open in Excel: National Balance Sheet for Ireland 2015 Table 2.8 (XLS 15KB)

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