€ billion | ||||||
30 Sep 2016 | 31 Dec 2016 | |||||
Assets | Liabilities | NET | Assets | Liabilities | NET | |
General Government | 10.6 | 139.3 | -128.8 | 10.3 | 138.3 | -128.1 |
Monetary Authority | 21.8 | 14.2 | 7.6 | 23.7 | 17.8 | 5.9 |
Monetary Financial Institutions | 714.2 | 704.1 | 10.1 | 742.1 | 720.9 | 21.2 |
Other Financial Intermediaries | 2,716.9 | 2,666.8 | 50.1 | 2,782.8 | 2,719.1 | 63.7 |
Non-Financial Companies | 760.9 | 1,164.9 | -404.0 | 785.4 | 1,239.8 | -454.5 |
Total | 4,224.4 | 4,689.4 | -465.0 | 4,344.3 | 4,836.0 | -491.7 |
At 31st December 2016, Ireland’s quarterly international investment position (IIP) results show overall stocks of foreign financial assets of €4,344bn – an increase of €120bn on the end-September 2016 level, while the corresponding stocks of foreign financial liabilities increased by €147bn to €4,836bn over the quarter. Irish residents had an overall net foreign liability of €492bn at end-December 2016, an increase of €27bn on the net foreign liability level at end-September 2016 – see Table 1a.
Some points of note in the Quarter 4 2016 IIP are:
X-axis label | Direct Investment | Portfolio Investment | Other Investment | Reserve Assets | Net IIP |
---|---|---|---|---|---|
Q42014 | 167.5 | -463.8 | -17.5 | 1.4 | -312.4 |
Q12015 | 101.7 | -685.5 | 40 | 1.6 | -542.2 |
Q22015 | 90.6 | -652.7 | 49.7 | 1.9 | -510.5 |
Q32015 | 41.4 | -620.6 | 58.5 | 1.9 | -518.8 |
Q42015 | 19.6 | -687.2 | 134.4 | 2 | -531.3 |
Q12016 | -21.3 | -624.8 | 137.9 | 2.9 | -505.2 |
Q22016 | 12.6 | -607.4 | 103.6 | 2.8 | -488.4 |
Q32016 | 32.6 | -614.1 | 113.5 | 3.1 | -465 |
Q42016 | -6.5 | -600.9 | 112.3 | 3.4 | -491.7 |
Figure 2 shows the Net IIP by Functional Category. Direct investment has fallen by €39bn to -€6.5bn during the fourth quarter of 2016. Portfolio investment has risen by €13.2bn from -€614.1bn to -€600.9bn. These categories have contributed the most to the change in IIP in quarter 4, while both Other investment and Reserve assets have changed only slightly in absolute terms.
X-axis label | General Government | Monetary Financial Institutions | Other Financial Intermediaries | Non-Financial Companies |
---|---|---|---|---|
30 Sep 2016 | 582 | 417 | 528 | 725 |
31 Dec 2016 | 525 | 448 | 562 | 740 |
With the implementation of the new methodology in June 2014 for Portfolio Investment assets, equity and debt securities (see table 3a for this breakdown), the sector of the non-resident issuer is collected. Analysing this data shows that Irish residents hold debt as follows:
The data shown are consistent with that transmitted bi-annually to the International Monetary Fund (IMF) for their Coordinated Portfolio Investment Survey (CPIS). More information and comparable country data are available http://cpis.imf.org/
These results are also consistent with the national annual Resident Holdings of Foreign Portfolio Securities release.
X-axis label | Direct Investment | Other Sectors | Monetary Financial Institutions | Monetary Authority | General Government |
---|---|---|---|---|---|
Q12016 | 690.982 | 1113.383 | 203.003 | 17.41 | 144.63 |
Q22016 | 700.148 | 1041.1 | 201.168 | 19.79 | 138.631 |
Q32016 | 642.716 | 1034.232 | 207.33 | 14.227 | 138.921 |
Q42016 | 661.81 | 1053.736 | 202.091 | 17.832 | 137.897 |
Gross External Debt1 is €2.07 trillion at end-December 2016
At 31st December 2016, the gross external debt of all resident sectors (i.e. general government, the monetary authority, financial and non-financial corporations and households) amounted to €2,073bn. This represents an increase of €36bn 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 2016 (€2,037bn) – see Table 6a. Points of note are:
1Gross external debt represents the stock of Ireland's liabilities to non-residents other than equity and financial derivatives.
Table 1(a) International Investment Position (IIP) classified by Financial Instrument | € million | |||||||||
Item | Q3 2014 | Q4 2014 | Q1 2015 | Q2 2015 | Q3 2015 | Q4 2015 | Q1 2016 | Q2 2016 | Q3 2016 | Q4 2016 |
Foreign Assets | ||||||||||
Direct Investment Abroad 1 | 465,742 | 510,178 | 753,537 | 747,912 | 705,983 | 815,202 | 768,344 | 765,136 | 778,305 | 790,003 |
Portfolio Investment | 1,869,397 | 1,936,519 | 2,153,867 | 2,122,119 | 2,039,366 | 2,157,117 | 2,098,282 | 2,187,287 | 2,253,181 | 2,343,165 |
Other Investment 2 | 1,074,839 | 1,188,524 | 1,234,984 | 1,205,353 | 1,194,414 | 1,298,805 | 1,275,481 | 1,183,627 | 1,189,810 | 1,207,724 |
Reserve Assets | 1,250 | 1,426 | 1,637 | 1,909 | 1,873 | 2,013 | 2,928 | 2,771 | 3,128 | 3,396 |
Total Foreign Assets | 3,411,228 | 3,636,647 | 4,144,025 | 4,077,293 | 3,941,636 | 4,273,137 | 4,145,035 | 4,138,821 | 4,224,424 | 4,344,288 |
Foreign Liabilities | ||||||||||
Direct Investment in Ireland 1 | 341,149 | 342,700 | 651,870 | 657,331 | 664,556 | 795,644 | 789,602 | 752,532 | 745,753 | 796,474 |
Portfolio Investment | 2,280,719 | 2,400,328 | 2,839,339 | 2,774,810 | 2,659,953 | 2,844,314 | 2,723,072 | 2,794,658 | 2,867,295 | 2,944,093 |
Other Investment 2 | 1,097,381 | 1,206,049 | 1,194,989 | 1,155,683 | 1,135,880 | 1,164,438 | 1,137,593 | 1,080,015 | 1,076,333 | 1,095,397 |
Total Foreign Liabilities | 3,719,249 | 3,949,077 | 4,686,198 | 4,587,824 | 4,460,389 | 4,804,396 | 4,650,267 | 4,627,205 | 4,689,381 | 4,835,964 |
Net International Investment Position (IIP) | ||||||||||
Direct Investment 1 | 124,593 | 167,478 | 101,667 | 90,581 | 41,427 | 19,558 | -21,258 | 12,604 | 32,552 | -6,471 |
Portfolio Investment | -411,322 | -463,809 | -685,472 | -652,691 | -620,587 | -687,197 | -624,790 | -607,371 | -614,114 | -600,928 |
Other Investment 2 | -22,542 | -17,525 | 39,995 | 49,670 | 58,534 | 134,367 | 137,888 | 103,612 | 113,477 | 112,327 |
Reserve Assets | 1,250 | 1,426 | 1,637 | 1,909 | 1,873 | 2,013 | 2,928 | 2,771 | 3,128 | 3,396 |
Total (Net IIP) | -308,021 | -312,430 | -542,173 | -510,531 | -518,753 | -531,259 | -505,232 | -488,384 | -464,957 | -491,676 |
1Reflecting the so-called 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. |
Table 1(b) International Investment Position (IIP) classified by Institutional Sector | € million | |||||||||
Item | Q3 2014 | Q4 2014 | Q1 2015 | Q2 2015 | Q3 2015 | Q4 2015 | Q1 2016 | Q2 2016 | Q3 2016 | Q4 2016 |
Foreign Assets | ||||||||||
General Government | 13,739 | 10,817 | 11,744 | 11,082 | 10,967 | 10,752 | 9,998 | 9,973 | 10,576 | 10,254 |
Monetary Authority 1 | 20,762 | 20,781 | 18,962 | 18,726 | 18,722 | 20,945 | 20,714 | 21,037 | 21,839 | 23,744 |
Monetary Financial Institutions 2 | 720,342 | 716,441 | 768,631 | 712,668 | 710,480 | 745,707 | 709,600 | 728,516 | 714,199 | 742,104 |
Other Sectors3 | 2,656,385 | 2,888,609 | 3,344,688 | 3,334,816 | 3,201,467 | 3,495,733 | 3,404,723 | 3,379,296 | 3,477,809 | 3,568,187 |
of which: | ||||||||||
Other Financial Intermediaries | 2,195,477 | 2,381,314 | 2,591,717 | 2,592,349 | 2,498,302 | 2,693,363 | 2,668,289 | 2,646,458 | 2,716,920 | 2,782,815 |
Non-Financial Companies4 | 460,908 | 507,295 | 752,971 | 742,467 | 703,165 | 802,370 | 736,434 | 732,838 | 760,889 | 785,372 |
Total Foreign Assets | 3,411,228 | 3,636,647 | 4,144,025 | 4,077,293 | 3,941,636 | 4,273,137 | 4,145,035 | 4,138,821 | 4,224,424 | 4,344,288 |
Foreign Liabilities | ||||||||||
General Government | 145,554 | 142,474 | 146,857 | 144,100 | 146,041 | 142,914 | 145,032 | 139,038 | 139,326 | 138,313 |
Monetary Authority 1 | 39,244 | 38,758 | 34,269 | 26,872 | 18,869 | 19,287 | 17,410 | 19,790 | 14,227 | 17,832 |
Monetary Financial Institutions 2 | 729,735 | 718,978 | 764,372 | 702,766 | 702,403 | 732,821 | 692,528 | 709,398 | 704,116 | 720,913 |
Other Sectors3 | 2,804,714 | 3,048,867 | 3,740,700 | 3,714,087 | 3,593,075 | 3,909,375 | 3,795,298 | 3,758,979 | 3,831,713 | 3,958,906 |
of which: | ||||||||||
Other Financial Intermediaries | 2,157,430 | 2,350,676 | 2,559,357 | 2,544,619 | 2,457,941 | 2,657,023 | 2,620,132 | 2,593,947 | 2,666,801 | 2,719,078 |
Non-Financial Companies4 | 647,284 | 698,191 | 1,181,343 | 1,169,468 | 1,135,134 | 1,252,352 | 1,175,166 | 1,165,032 | 1,164,912 | 1,239,828 |
Total Foreign Liabilities | 3,719,249 | 3,949,077 | 4,686,198 | 4,587,824 | 4,460,389 | 4,804,396 | 4,650,267 | 4,627,205 | 4,689,381 | 4,835,964 |
Net International Investment Position (IIP) | ||||||||||
General Government | -131,815 | -131,657 | -135,113 | -133,018 | -135,074 | -132,162 | -135,034 | -129,065 | -128,750 | -128,059 |
Monetary Authority 1 | -18,482 | -17,977 | -15,307 | -8,146 | -147 | 1,658 | 3,304 | 1,247 | 7,612 | 5,912 |
Monetary Financial Institutions 2 | -9,393 | -2,537 | 4,259 | 9,902 | 8,077 | 12,886 | 17,072 | 19,118 | 10,083 | 21,191 |
Other Sectors3 | -148,329 | -160,258 | -396,012 | -379,271 | -391,608 | -413,642 | -390,575 | -379,683 | -353,904 | -390,719 |
of which: | ||||||||||
Other Financial Intermediaries | 38,047 | 30,638 | 32,360 | 47,730 | 40,361 | 36,340 | 48,157 | 52,511 | 50,119 | 63,737 |
Non-Financial Companies4 | -186,376 | -190,896 | -428,372 | -427,001 | -431,969 | -449,982 | -438,732 | -432,194 | -404,023 | -454,456 |
Total (Net IIP) | -308,021 | -312,430 | -542,173 | -510,531 | -518,753 | -531,259 | -505,232 | -488,384 | -464,957 | -491,676 |
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. |
Table 2 International Investment Position (IIP) - IFSC and non-IFSC activity by Institutional Sector | € million | ||||||
30 Sep 2016 | 31 Dec 2016 | ||||||
Item | IFSC | non-IFSC | Total | IFSC | non-IFSC | Total | |
Foreign Assets | |||||||
General Government | 0 | 10,576 | 10,576 | 0 | 10,254 | 10,254 | |
Monetary Authority 1 | 0 | 21,839 | 21,839 | 0 | 23,744 | 23,744 | |
Monetary Financial Institutions 2 | 646,671 | 67,528 | 714,199 | 675,909 | 66,195 | 742,104 | |
Other Sectors 3 | 2,587,076 | 890,733 | 3,477,809 | 2,655,315 | 912,872 | 3,568,187 | |
of which: | |||||||
Other Financial Intermediaries | 2,587,076 | 129,844 | 2,716,920 | 2,655,315 | 127,500 | 2,782,815 | |
Non-Financial Companies4 | 0 | 760,889 | 760,889 | 0 | 785,372 | 785,372 | |
Total Foreign Assets | 3,233,747 | 990,676 | 4,224,424 | 3,331,224 | 1,013,064 | 4,344,288 | |
Foreign Liabilities | |||||||
General Government | 0 | 139,326 | 139,326 | 0 | 138,313 | 138,313 | |
Monetary Authority 1 | 0 | 14,227 | 14,227 | 0 | 17,832 | 17,832 | |
Monetary Financial Institutions 2 | 640,349 | 63,767 | 704,116 | 660,342 | 60,571 | 720,913 | |
Other Sectors 3 | 2,713,250 | 1,118,463 | 3,831,713 | 2,780,182 | 1,178,724 | 3,958,906 | |
of which: | |||||||
Other Financial Intermediaries | 2,713,250 | -46,449 | 2,666,801 | 2,780,182 | -61,104 | 2,719,078 | |
Non-Financial Companies4 | 0 | 1,164,912 | 1,164,912 | 0 | 1,239,828 | 1,239,828 | |
Total Foreign Liabilities | 3,353,599 | 1,335,782 | 4,689,381 | 3,440,524 | 1,395,440 | 4,835,964 | |
Net International Investment Position (IIP) | |||||||
General Government | 0 | -128,750 | -128,750 | 0 | -128,059 | -128,059 | |
Monetary Authority 1 | 0 | 7,612 | 7,612 | 0 | 5,912 | 5,912 | |
Monetary Financial Institutions 2 | 6,322 | 3,761 | 10,083 | 15,567 | 5,624 | 21,191 | |
Other Sectors 3 | -126,174 | -227,730 | -353,904 | -124,867 | -265,852 | -390,719 | |
of which: | |||||||
Other Financial Intermediaries | -126,174 | 176,293 | 50,119 | -124,867 | 188,604 | 63,737 | |
Non-Financial Companies4 | 0 | -404,023 | -404,023 | 0 | -454,456 | -454,456 | |
Total (Net IIP) | -119,852 | -345,107 | -464,957 | -109,300 | -382,378 | -491,676 | |
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. |
Table 3(a) International Investment Position (IIP) - Detailed Data | € million | |||
Item | Q1 2016 | Q2 2016 | Q3 2016 | Q4 2016 |
Foreign Assets | ||||
Direct Investment Abroad 1 | 768,344 | 765,136 | 778,305 | 790,003 |
Equity capital and reinvested earnings | 684,388 | 700,259 | 697,474 | 709,764 |
Other capital | 83,956 | 64,877 | 80,830 | 80,239 |
Portfolio Investment | 2,098,282 | 2,187,287 | 2,253,181 | 2,343,165 |
Equity | 803,311 | 827,714 | 871,279 | 920,857 |
Monetary authority 2 | 0 | 0 | 0 | 0 |
General government | 4,326 | 3,654 | 4,237 | 4,259 |
Monetary financial institutions 3 | 1,737 | 2,130 | 2,519 | 2,170 |
Other sectors | 797,248 | 821,931 | 864,523 | 914,428 |
Debt instruments | 1,294,971 | 1,359,573 | 1,381,902 | 1,422,308 |
Bonds and notes | 883,504 | 947,000 | 963,751 | 982,292 |
Monetary authority 2 | 14,823 | 15,245 | 14,762 | 16,861 |
General government | 595 | 1,361 | 1,887 | 1,917 |
Monetary financial institutions3 | 116,063 | 125,490 | 108,880 | 104,344 |
Other sectors | 752,024 | 804,905 | 838,223 | 859,170 |
Money market instruments | 411,467 | 412,572 | 418,150 | 440,017 |
Monetary authority 2 | 2,651 | 2,548 | 2,067 | 1,874 |
General government | 0 | 0 | 0 | 0 |
Monetary financial institutions 3 | 302,599 | 303,622 | 300,569 | 333,910 |
Other sectors | 106,217 | 106,402 | 115,514 | 104,232 |
Other Investment | 1,275,481 | 1,183,627 | 1,189,810 | 1,207,724 |
Loans, currency and deposits | 851,340 | 819,128 | 827,796 | 840,951 |
Monetary authority 2 | 312 | 473 | 1,010 | 740 |
General government | 3,289 | 3,187 | 2,648 | 2,181 |
Monetary financial institutions 3 | 257,477 | 263,123 | 266,061 | 270,362 |
Other sectors | 590,262 | 552,345 | 558,077 | 567,668 |
Trade Credits | 45,010 | 49,044 | 46,592 | 50,764 |
General government | 0 | 0 | 0 | 0 |
Other sectors | 45,010 | 49,044 | 46,592 | 50,764 |
Other assets 4 | 379,131 | 315,456 | 315,423 | 316,009 |
Monetary authority 2 | 0 | 0 | 873 | 872 |
General government | 1,658 | 1,641 | 1,674 | 1,860 |
Monetary financial institutions 3 | 27,659 | 29,959 | 31,808 | 27,149 |
Other sectors | 349,814 | 283,856 | 281,068 | 286,128 |
Reserve assets | 2,928 | 2,771 | 3,128 | 3,396 |
Monetary gold | 198 | 217 | 217 | 201 |
Special drawing rights | 806 | 819 | 814 | 829 |
Reserve Position in the IMF | 999 | 1,015 | 1,009 | 1,029 |
Foreign Exchange | 2 | 4 | 338 | 379 |
Other | 923 | 716 | 749 | 956 |
Total Foreign Assets | 4,145,035 | 4,138,821 | 4,224,424 | 4,344,288 |
1Reflecting the so-called directional principle for reclassifying Direct Investment (see background notes). | ||||
2Central Bank of Ireland. | ||||
3Covering licensed credit institutions and money market funds. | ||||
4Includes financial derivatives. |
Table 3(b) International Investment Position (IIP) - Detailed Data | € million | |||
Item | Q1 2016 | Q2 2016 | Q3 2016 | Q4 2016 |
Foreign Liabilities | ||||
Direct Investment in Ireland 1 | 789,602 | 752,532 | 745,753 | 796,474 |
Equity capital and reinvested earnings | 564,073 | 559,366 | 594,394 | 669,625 |
Other capital | 225,529 | 193,166 | 151,360 | 126,849 |
Portfolio Investment | 2,723,072 | 2,794,658 | 2,867,295 | 2,944,093 |
Equity | 2,193,523 | 2,291,987 | 2,376,266 | 2,463,495 |
Monetary authority 2 | 0 | 0 | 0 | 0 |
General government | 0 | 0 | 0 | 0 |
Monetary financial institutions3 | 419,635 | 436,376 | 424,798 | 452,419 |
Other sectors | 1,773,889 | 1,855,611 | 1,951,468 | 2,011,076 |
Debt instruments | 529,549 | 502,672 | 491,029 | 480,598 |
Bonds and notes | 511,023 | 484,059 | 472,642 | 466,136 |
Monetary authority 2 | 0 | 0 | 0 | 0 |
General government | 88,483 | 82,275 | 81,983 | 82,602 |
Monetary financial institutions3 | 26,668 | 25,452 | 24,742 | 18,471 |
Other sectors | 395,872 | 376,332 | 365,917 | 365,062 |
Money market instruments | 18,526 | 18,613 | 18,387 | 14,462 |
Monetary authority 2 | 0 | 0 | 0 | 0 |
General government | 2,268 | 2,430 | 3,160 | 1,287 |
Monetary financial institutions3 | 13,348 | 15,028 | 13,745 | 12,553 |
Other sectors | 2,910 | 1,155 | 1,482 | 622 |
Other Investment | 1,137,593 | 1,080,015 | 1,076,333 | 1,095,397 |
Loans, currency and deposits | 587,704 | 583,679 | 560,110 | 578,188 |
Monetary authority 2 | 17,410 | 19,790 | 14,227 | 17,832 |
General government | 53,879 | 53,926 | 53,778 | 54,008 |
Monetary financial institutions3 | 156,197 | 152,645 | 159,545 | 163,166 |
Other sectors | 360,219 | 357,317 | 332,561 | 343,183 |
Trade Credits | 27,630 | 26,169 | 34,621 | 38,880 |
General government | 0 | 0 | 0 | 0 |
Other sectors | 27,630 | 26,169 | 34,621 | 38,880 |
Other liabilities 4 | 522,259 | 470,168 | 481,601 | 478,330 |
Monetary authority 2 | 0 | 0 | 0 | 0 |
General government | 271 | 275 | 274 | 283 |
Monetary financial institutions3 | 32,147 | 35,583 | 36,169 | 31,584 |
Other sectors | 489,841 | 434,310 | 445,158 | 446,463 |
Total Foreign Liabilities | 4,650,267 | 4,627,205 | 4,689,381 | 4,835,964 |
1Reflecting the so-called 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. |
Table 4 International Investment Position (IIP) showing IFSC and non–IFSC activity | € million | |||
Item | Q1 2016 | Q2 2016 | Q3 2016 | Q4 2016 |
Foreign Assets | ||||
Direct Investment Abroad 1 | 768,344 | 765,136 | 778,305 | 790,003 |
- IFSC | 91,323 | 90,935 | 73,260 | 76,769 |
- Non-IFSC | 677,021 | 674,201 | 705,045 | 713,234 |
Portfolio Investment | 2,098,282 | 2,187,287 | 2,253,181 | 2,343,165 |
- IFSC | 1,957,938 | 2,043,182 | 2,105,997 | 2,191,509 |
- Non-IFSC | 140,344 | 144,105 | 147,184 | 151,656 |
Other Investment 2 | 1,275,481 | 1,183,627 | 1,189,810 | 1,207,724 |
- IFSC | 1,137,718 | 1,043,428 | 1,054,490 | 1,062,946 |
- Non-IFSC | 137,763 | 140,199 | 135,320 | 144,778 |
Reserve Assets | 2,928 | 2,771 | 3,128 | 3,396 |
- IFSC | 0 | 0 | 0 | 0 |
- Non-IFSC | 2,928 | 2,771 | 3,128 | 3,396 |
Total Foreign Assets | 4,145,035 | 4,138,821 | 4,224,424 | 4,344,288 |
- IFSC | 3,186,979 | 3,177,545 | 3,233,747 | 3,331,224 |
- Non-IFSC | 958,056 | 961,276 | 990,676 | 1,013,064 |
Foreign Liabilities | ||||
Direct Investment in Ireland 1 | 789,602 | 752,532 | 745,753 | 796,474 |
- IFSC | 225,329 | 210,747 | 241,458 | 240,848 |
- Non-IFSC | 564,273 | 541,785 | 504,295 | 555,626 |
Portfolio Investment | 2,723,072 | 2,794,658 | 2,867,295 | 2,944,093 |
- IFSC | 2,122,632 | 2,190,967 | 2,230,864 | 2,306,838 |
- Non-IFSC | 600,440 | 603,691 | 636,431 | 637,255 |
Other Investment 2 | 1,137,593 | 1,080,015 | 1,076,333 | 1,095,397 |
- IFSC | 945,106 | 884,848 | 881,277 | 892,838 |
- Non-IFSC | 192,487 | 195,167 | 195,056 | 202,559 |
Total Foreign Liabilities | 4,650,267 | 4,627,205 | 4,689,381 | 4,835,964 |
- IFSC | 3,293,067 | 3,286,562 | 3,353,599 | 3,440,524 |
- Non-IFSC | 1,357,200 | 1,340,643 | 1,335,782 | 1,395,440 |
Net International Investment Position (IIP) | ||||
Direct Investment 1 | -21,258 | 12,604 | 32,552 | -6,471 |
- IFSC | -134,006 | -119,812 | -168,198 | -164,079 |
- Non-IFSC | 112,748 | 132,416 | 200,750 | 157,608 |
Portfolio Investment | -624,790 | -607,371 | -614,114 | -600,928 |
- IFSC | -164,694 | -147,785 | -124,867 | -115,329 |
- Non-IFSC | -460,096 | -459,586 | -489,247 | -485,599 |
Other Investment 2 | 137,888 | 103,612 | 113,477 | 112,327 |
- IFSC | 192,612 | 158,580 | 173,213 | 170,108 |
- Non-IFSC | -54,724 | -54,968 | -59,736 | -57,781 |
Reserve Assets | 2,928 | 2,771 | 3,128 | 3,396 |
- IFSC | 0 | 0 | 0 | 0 |
- Non-IFSC | 2,928 | 2,771 | 3,128 | 3,396 |
Total (Net IIP) | -505,232 | -488,384 | -464,957 | -491,676 |
- IFSC | -106,088 | -109,017 | -119,852 | -109,300 |
- Non-IFSC | -399,144 | -379,367 | -345,107 | -382,378 |
1Reflecting the so-called 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. |
Table 5 International Investment Position (IIP) - 31 December 2016 - Reconciliation of IIP and BOP Flows | € million | ||||||
Item | Opening Position 01/10/16 | Bop Flows in Quarter | Valuation and Other Changes | Closing Position 31/12/16 | |||
Foreign Assets | |||||||
Direct Investment Abroad1 | 778,305 | 8,643 | 3,055 | 790,003 | |||
Equity capital and reinvested earnings | 697,474 | * | * | 709,764 | |||
Other capital | 80,830 | * | * | 80,239 | |||
Portfolio Investment | 2,253,181 | 39,539 | 50,445 | 2,343,165 | |||
Equity | 871,279 | 13,266 | 36,312 | 920,857 | |||
Debt instruments | 1,381,902 | 26,273 | 14,133 | 1,422,308 | |||
Bonds and notes | 963,751 | 15,033 | 3,508 | 982,292 | |||
Money market instruments | 418,150 | 11,240 | 10,627 | 440,017 | |||
Other Investment | 1,189,810 | -26,867 | 44,781 | 1,207,724 | |||
Loans, currency and deposits | 827,796 | -19,247 | 32,402 | 840,951 | |||
Other2 | 362,015 | -7,621 | 12,378 | 366,772 | |||
Reserve Assets | 3,128 | 219 | 49 | 3,396 | |||
Total Foreign Assets | 4,224,424 | 21,534 | 98,330 | 4,344,288 | |||
Foreign Liabilities | |||||||
Direct Investment in Ireland1 | 745,753 | 25,316 | 25,405 | 796,474 | |||
Equity capital and reinvested earnings | 594,394 | 57,092 | 18,139 | 669,625 | |||
Other capital | 151,360 | -31,777 | 7,266 | 126,849 | |||
Portfolio Investment | 2,867,295 | 26,146 | 50,652 | 2,944,093 | |||
Equity | 2,376,266 | 45,451 | 41,778 | 2,463,495 | |||
Debt instruments | 491,029 | -19,305 | 8,874 | 480,598 | |||
Bonds and notes | 472,642 | -14,824 | 8,318 | 466,136 | |||
Money market instruments | 18,387 | -4,481 | 556 | 14,462 | |||
Other Investment | 1,076,333 | -13,017 | 32,081 | 1,095,397 | |||
Loans, currency and deposits | 560,110 | -5,635 | 23,713 | 578,188 | |||
Other2 | 516,222 | -7,383 | 8,371 | 517,210 | |||
Total Foreign Liabilities | 4,689,381 | 38,445 | 108,138 | 4,835,964 | |||
1Reflecting the so-called 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. | |||||||
*Data suppressed for confidentiality reasons. |
Table 6(a) Gross External Debt1 | € million | ||||||||||
30 Sep 2016 | 31 Dec 2016 | ||||||||||
Item | IFSC | non-IFSC | Total | IFSC | non-IFSC | Total | |||||
General Government | 0 | 138,921 | 138,921 | 0 | 137,897 | 137,897 | |||||
Short-term | 0 | 5,348 | 5,348 | 0 | 3,368 | 3,368 | |||||
Money market instruments | 0 | 3,160 | 3,160 | 0 | 1,287 | 1,287 | |||||
Loans | 0 | 2,188 | 2,188 | 0 | 2,081 | 2,081 | |||||
Long-term | 0 | 133,573 | 133,573 | 0 | 134,529 | 134,529 | |||||
Bonds and notes | 0 | 81,983 | 81,983 | 0 | 82,602 | 82,602 | |||||
Loans | 0 | 51,590 | 51,590 | 0 | 51,927 | 51,927 | |||||
Monetary Authority2 | 0 | 14,227 | 14,227 | 0 | 17,832 | 17,832 | |||||
Short-term | 0 | 14,227 | 14,227 | 0 | 17,832 | 17,832 | |||||
Loans and deposits | 0 | 14,227 | 14,227 | 0 | 17,832 | 17,832 | |||||
Long-term | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Other debt liabilities | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Monetary Financial Institutions3 | 168,147 | 39,183 | 207,330 | 163,169 | 38,922 | 202,091 | |||||
Short-term | * | * | 150,943 | * | * | 156,756 | |||||
Money market instruments | * | * | 13,745 | * | * | 12,553 | |||||
Loans and deposits | 106,369 | 30,829 | 137,198 | 113,567 | 30,636 | 144,203 | |||||
Long-term | * | * | 56,387 | * | * | 45,335 | |||||
Bonds and notes | 17,871 | 6,871 | 24,742 | 11,550 | 6,921 | 18,471 | |||||
Loans | 21,184 | 1,163 | 22,347 | 17,873 | 1,090 | 18,963 | |||||
Other debt liabilities | * | * | 9,298 | * | * | 7,901 | |||||
Other Sectors4 | 940,836 | 93,396 | 1,034,232 | 955,648 | 98,088 | 1,053,736 | |||||
Short-term | * | * | 210,479 | * | * | 215,897 | |||||
Money market instruments | * | * | 1,482 | * | * | 622 | |||||
Loans and deposits | 165,539 | 8,837 | 174,376 | 167,421 | 8,974 | 176,395 | |||||
Trade credits | 12,593 | 22,028 | 34,621 | 13,513 | 25,367 | 38,880 | |||||
Long-term | * | * | 823,753 | * | * | 837,839 | |||||
Bonds and notes | * | * | 365,917 | * | * | 365,062 | |||||
Loans | 132,927 | 25,256 | 158,183 | 141,372 | 25,415 | 166,787 | |||||
Other debt liabilities | 268,701 | 30,952 | 299,653 | 273,510 | 32,480 | 305,990 | |||||
Direct Investment5 | 192,229 | 450,487 | 642,716 | 181,221 | 480,589 | 661,810 | |||||
Debt liabilities to affiliated enterprises | 4,237 | 130,562 | 134,799 | 4,214 | 147,739 | 151,953 | |||||
Debt liabilities to direct investors | 187,992 | 319,925 | 507,917 | 177,007 | 332,850 | 509,857 | |||||
Gross External Debt | 1,301,212 | 736,214 | 2,037,426 | 1,300,038 | 773,328 | 2,073,366 | |||||
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. | |||||||||||
*Suppressed for confidentiality reasons. |
Table 6(b) External Assets in Debt Instruments1 | € million | ||||||||||
30 Sep 2016 | 31 Dec 2016 | ||||||||||
Item | IFSC | non-IFSC | Total | IFSC | non-IFSC | Total | |||||
General Government | 0 | 4,535 | 4,535 | 0 | 4,098 | 4,098 | |||||
Short-term | 0 | 1,152 | 1,152 | 0 | 682 | 682 | |||||
Money market instruments | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Loans and Deposits | 0 | 1,152 | 1,152 | 0 | 682 | 682 | |||||
Long-term | 0 | 3,383 | 3,383 | 0 | 3,416 | 3,416 | |||||
Bonds and notes | 0 | 1,887 | 1,887 | 0 | 1,917 | 1,917 | |||||
Loans | 0 | 1,496 | 1,496 | 0 | 1,499 | 1,499 | |||||
Monetary Authority2 | 0 | 17,839 | 17,839 | 0 | 19,475 | 19,475 | |||||
Short-term | 0 | 3,077 | 3,077 | 0 | 2,614 | 2,614 | |||||
Money market instruments | 0 | 2,067 | 2,067 | 0 | 1,874 | 1,874 | |||||
Loans and deposits | 0 | 1,010 | 1,010 | 0 | 740 | 740 | |||||
Long-term | 0 | 14,762 | 14,762 | 0 | 16,861 | 16,861 | |||||
Bonds and notes | 0 | 14,762 | 14,762 | 0 | 16,861 | 16,861 | |||||
Monetary Financial Institutions3 | 626,007 | 55,413 | 681,420 | 657,945 | 55,525 | 713,470 | |||||
Short-term | * | * | 538,193 | * | * | 576,456 | |||||
Money market instruments | * | * | 300,569 | * | * | 333,910 | |||||
Loans and deposits | 206,980 | 30,644 | 237,624 | 213,328 | 29,218 | 242,546 | |||||
Long-term | * | * | 143,227 | * | * | 137,014 | |||||
Bonds and notes | 91,616 | 17,264 | 108,880 | 85,739 | 18,605 | 104,344 | |||||
Loans | 21,513 | 6,924 | 28,437 | 20,700 | 7,116 | 27,816 | |||||
Other debt Assets | * | * | 5,910 | * | * | 4,854 | |||||
Other Sectors4 | 1,560,318 | 124,598 | 1,684,916 | 1,578,089 | 134,699 | 1,712,788 | |||||
Short-term | 301,010 | 41,724 | 342,734 | 290,441 | 48,156 | 338,597 | |||||
Money market instruments | 114,257 | 1,257 | 115,514 | 102,552 | 1,680 | 104,232 | |||||
Loans and deposits | 162,001 | 18,627 | 180,628 | 162,601 | 21,000 | 183,601 | |||||
Trade credit assets | 24,752 | 21,840 | 46,592 | 25,288 | 25,476 | 50,764 | |||||
Long-term | 1,259,308 | 82,874 | 1,342,182 | 1,287,648 | 86,543 | 1,374,191 | |||||
Bonds and notes | * | * | 838,222 | * | * | 859,170 | |||||
Loans | * | * | 377,449 | * | * | 384,068 | |||||
Other debt Assets | 84,985 | 41,526 | 126,511 | 84,167 | 46,786 | 130,953 | |||||
Direct Investment5 | 201,194 | 370,992 | 572,186 | 218,492 | 396,708 | 615,200 | |||||
Debt asset claims on affiliated enterprises | 5,214 | 210,415 | 215,629 | 3,047 | 229,145 | 232,192 | |||||
Debt asset claims on direct investors | 195,980 | 160,577 | 356,557 | 215,445 | 167,563 | 383,008 | |||||
Reserve Assets | 0 | 1,087 | 1,087 | 0 | 1,335 | 1,335 | |||||
External Assets in Debt Instruments | 2,387,519 | 574,464 | 2,961,983 | 2,454,526 | 611,840 | 3,066,366 | |||||
Net External Debt6 | -1,086,307 | 161,750 | -924,557 | -1,154,488 | 161,488 | -993,000 | |||||
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 suppressed for confidentiality reasons. |
The international investment position (or IIP) is a point in time statistical statement of: the value and composition of the stock of an economy’s foreign financial assets, or the economy’s claims on the rest of the world, and the value and composition of the stock of an economy’s financial liabilities (or obligations) to the rest of the world.
The IMF External Debt Manual defines external debt to be a point in time statistical statement of the value and composition of the stock of an economy’s gross foreign financial liabilities to the rest of the world. The liabilities referred to cover those arising from Irish residents issuing debt securities such as bonds, notes and money market instruments to non-residents, as well as any loans received from and outstanding to non-residents, and any trade payables due to non-residents. In essence, external debt refers to financial obligations to non-residents other than those arising from transactions in equity or financial derivative contracts.
For more detailed methodological information see Methodology Document (PDF 298KB)
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