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For more information on this release:
E-mail: bop@cso.ie Stephen McDonagh (+353) 1 498 4364 Annette Hayes (+353) 1 498 4319
For general information on CSO statistics:
information@cso.ie (+353) 21 453 5000 On-line ISSN 2009-5317
CSO statistical release, , 11am

Quarterly International Investment Position and External Debt

30 June 2014

     € billion
 31 Mar 201430 Jun 2014
 AssetsLiabilitiesNETAssetsLiabilitiesNET
General Government16.5129.7-113.213.1132.0-119.0
Monetary Authority18.361.8-43.518.544.9-26.4
Monetary Financial Institutions621.5635.2-13.7643.7653.8-10.1
Other Financial Intermediaries1,957.81,910.047.81,989.61,959.030.6
Non-Financial Companies429.6483.2-53.6460.1513.1-53.0
Total 3,043.73,219.8-176.03,124.93,302.7-177.8

Net IIP liability of €178 billion at end-June 2014

International Investment Position June 2014 Figure 1
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 At 30th June 2014, Ireland’s quarterly international investment position (IIP) results show overall stocks of foreign financial assets of €3,124.9bn – an increase of €81.1bn on the end-March 2014 level, while the corresponding stocks of foreign financial liabilities increased by €82.9bn to €3,302.7bn over the quarter. Irish residents had an overall net foreign liability of €178bn at end-June 2014, an increase of €2bn on the net foreign liability level at end-March 2014 – see Table 1a.

 

Some points of note in the Quarter 2 2014 IIP are:

  •  The net liability of the Monetary Authority decreased to €26.4bn due to a €16.9bn reduction in foreign liabilities to €44.9bn – see Table 1b.
  •  Foreign assets of Non-Financial Companies increased by €30.5bn. With foreign liabilities increasing by a similar amount (€29.9bn) the resulting net liability was almost unchanged at €53.0bn - see Table 1b.
  •  Within the commercial financial sector (i.e. MFI and OFI), IFSC enterprises accounted for a very high proportion of the sector’s overall foreign assets and liabilities. IFSC assets abroad increased by €48.9bn to €2,483.8bn at end-June 2014, or 94% of the sector’s foreign assets; IFSC liabilities at €2,517bn, an increase of €69.4bn, represented 96% of the commercial financial sector aggregate liability (and 76% of Ireland’s total foreign liabilities). IFSC enterprises showed a net liability position of €33.1bn - see Table 2.

 

Ultimate controlling parent resident in IrelandUltimate controlling parent Non-residentInvestment Funds
Assets Q3201342812021319
Liabilities Q32013-524-1279-1337
Assets Q4201346511961333
Liabilities Q42013-554-1266-1352
Assets Q1201446511891390
Liabilities Q12014-556-1245-1419
Assets Q2201449112091425
Liabilities Q22014-562-1270-1470

The preliminary analysis of the location of the ultimate controlling parent of Irish resident enterprises, shown for the first time in the Q1 2014 release, has been extended in this publication. The results of this analysis remain stable in the second quarter. Excluding investment funds, Irish controlled enterprises account for 29% of the remaining external assets and 31% of external liabilities. Foreign controlled enterprises, resident in Ireland therefore account for 71% of assets and 69% of liabilities.

Taken as a proportion of total external assets and liabilities Irish controlled enterprises make up 16% and 17% respectively, while foreign controlled enterprises account for 39% of assets and 38% of liabilities. 

X-axis labelDirect InvestmentOther SectorsMonetary Financial InstitutionsMonetary AuthorityGeneral Government
30 Sep 2013294.347876.871277.90772.687129.527
31 Dec 2013304.409866.41268.40371.594125.774
31 Mar 2014297.91894.638265.87361.79129.4
30 Jun 2014305.302894.241275.0244.854131.79

Gross External Debt is €1,651.2 billion at end-June 2014

 At 30th June 2014, the gross external debt of all resident sectors (i.e. general government, the monetary authority, financial and non-financial corporations and households) amounted to €1,651.2bn. This represents an increase of €1.6bn 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 31st March 2014 (€1,649.6bn) – see Table 6a. Points of note are:

  • General government foreign borrowing increased by €2.4bn to €131.8bn at end-June 2014.
  •  Liabilities of the Monetary Authority consisting entirely of short term loans and deposits amounted to €44.9bn, a decrease of €16.9bn on the end-March 2014 stock level. 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) were €275.0bn at end-June 2014, an increase of €9.1bn on the end-March 2014 stock level.
  • The liabilities of Other sectors at €894.2bn were almost unchanged on the previous quarter. Short term debt increased by €6.2bn while long term debt decreased by €6.5bn.
  •  Direct investment liabilities increased by €7.4bn to €305.3bn in the quarter.
  • The Net External Debt position was -€741.3bn at end-June 2014 i.e. assets exceeded liabilities. This reflects the fact that while two thirds of the assets of Investment Funds are included, the bulk of their liabilities (being equity securities) are excluded from Net External Debt – see Table 6b.
Table 1(a) International Investment Position (IIP) classified by Financial Instrument € million 
ItemQ2 2012 Q3 2012 Q4 2012Q1 2013 Q2 2013Q3 2013Q4 2013Q1 2014Q2 2014 
Foreign Assets          
  Direct Investment Abroad 1294,226304,506312,348330,069334,203334,523389,083405,899433,319 
  Portfolio Investment1,525,0291,561,7791,586,8561,675,1721,648,7051,674,1901,705,2871,733,6791,788,879 
  Other Investment 2989,488987,462952,607964,642948,791939,206898,590902,974901,487 
  Reserve Assets1,3331,3471,2941,2861,2091,2131,1781,1921,206 
  Total Foreign Assets2,810,0762,855,0942,853,1052,971,1692,932,9082,949,1322,994,1383,043,7443,124,891 
           
Foreign Liabilities          
  Direct Investment in Ireland 1262,471275,556276,086286,542286,491287,024286,942270,564272,395 
  Portfolio Investment1,830,3331,877,7331,917,0292,007,5011,980,7332,010,4942,064,5962,103,0962,189,304 
  Other Investment 2914,233893,608848,651862,019852,990842,030820,299846,132840,990 
  Total Foreign Liabilities 3,007,0373,046,8973,041,7663,156,0623,120,2143,139,5483,171,8373,219,7923,302,689 
       
Net International Investment Position (IIP)         
  Direct Investment 131,75528,95036,26243,52747,71247,499102,141135,335160,924 
  Portfolio Investment-305,304-315,954-330,173-332,329-332,028-336,304-359,309-369,417-400,425 
  Other Investment 275,25593,854103,956102,62395,80197,17678,29156,84260,497 
  Reserve Assets1,3331,3471,2941,2861,2091,2131,1781,1921,206 
           
  Total (Net IIP)-196,961-191,803-188,661-184,893-187,306-190,416-177,699-176,048-177,798 
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.
Open in Excel: International Investment Position and External Debt June 2014 Table 1(a) (XLS 37KB)
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Table 1(b) International Investment Position (IIP) classified by Institutional Sector € million 
ItemQ2 2012Q3 2012Q4 2012Q1 2013Q2 2013Q3 2013Q4 2013Q1 2014Q2 2014 
Foreign Assets 
  General Government18,58717,89618,54217,51417,28017,11317,95016,50713,063 
  Monetary Authority 117,28017,56917,69518,15217,84217,92618,18418,32218,488 
  Monetary Financial Institutions 2764,966758,054708,897682,684644,135643,343615,070621,549643,655 
  Other Sectors 32,009,2432,061,5772,107,9702,252,8182,253,6512,270,7492,342,9332,387,3652,449,685 
    of which:          
      Other Financial Intermediaries1,706,7401,750,0141,783,6721,894,8841,893,3751,915,4801,931,0051,957,7781,989,574 
      Non-Financial Companies4302,503311,563324,298357,934360,276355,269411,928429,587460,111 
Total Foreign Assets2,810,0762,855,0942,853,1052,971,1692,932,9082,949,1322,994,1383,043,7443,124,891 
          
Foreign Liabilities          
  General Government116,157124,586126,078132,254130,239129,794126,038129,664132,038 
  Monetary Authority 1115,68699,85295,22275,66673,04472,68771,59461,79044,854 
  Monetary Financial Institutions 2759,856749,251711,717696,460661,281655,128629,530635,211653,763 
  Other Sectors 32,015,3392,073,2082,108,7502,251,6822,255,6492,281,9392,344,6742,393,1252,472,034 
    of which:          
      Other Financial Intermediaries1,641,5691,692,6281,717,9561,827,4831,824,7151,857,9331,872,8071,909,9671,958,966 
      Non-Financial Companies 4373,770380,580390,794424,199430,934424,006471,867483,158513,068 
Total Foreign Liabilities 3,007,0373,046,8973,041,7663,156,0623,120,2143,139,5483,171,8373,219,7923,302,689 
          
Net International Investment Position (IIP)          
  General Government-97,570 -106,690 -107,536 -114,740 -112,959 -112,681 -108,088 -113,157 -118,975  
  Monetary Authority 1-98,406 -82,283 -77,527 -57,514 -55,202 -54,761 -53,410 -43,468 -26,366  
  Monetary Financial Institutions 25,1108,803-2,820 -13,776 -17,146 -11,785 -14,460 -13,662 -10,108  
  Other Sectors 3-6,096 -11,631 -780 1,136-1,998 -11,190 -1,741 -5,760 -22,349  
    of which:          
      Other Financial Intermediaries65,17157,38665,71667,40168,66057,54758,19847,81130,608 
      Non-Financial Companies 4-71,267 -69,017 -66,496 -66,265 -70,658 -68,737 -59,939 -53,571 -52,957  
Total (Net IIP)-196,961 -191,803 -188,661 -184,893 -187,306 -190,416 -177,699 -176,048 -177,798  
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 Investment Position and External Debt June 2014 Table 1(b) (XLS 35KB)
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Table 2 International Investment Position (IIP) - IFSC and non-IFSC activity by Institutional Sector € million
 31 Mar 2014 30 Jun 2014
ItemIFSCnon-IFSCTotal IFSCnon-IFSCTotal
Foreign Assets       
  General Government016,50716,507 013,06313,063
  Monetary Authority 1018,32218,322 018,48818,488
  Monetary Financial Institutions 2538,39683,153621,549 558,08785,568643,655
  Other Sectors 31,896,548490,8172,387,365 1,925,715523,9702,449,685
    of which:       
      Other Financial Intermediaries1,896,54861,2301,957,778 1,925,71563,8591,989,574
      Non-Financial Companies 40429,587429,587 0460,111460,111
Total Foreign Assets2,434,944608,8003,043,744 2,483,802641,0893,124,891
       
Foreign Liabilities       
  General Government0129,664129,664 0132,038132,038
  Monetary Authority 1061,79061,790 044,85444,854
  Monetary Financial Institutions 2526,423108,788635,211 545,889107,874653,763
  Other Sectors 31,921,079472,0462,393,125 1,971,061500,9732,472,034
    of which:       
      Other Financial Intermediaries1,921,079-11,112 1,909,967 1,971,061-12,095 1,958,966
      Non-Financial Companies 40483,158483,158 0513,068513,068
Total Foreign Liabilities 2,447,502772,2903,219,792 2,516,950785,7393,302,689
       
Net International Investment Position (IIP)       
  General Government0-113,157 -113,157  0-118,975 -118,975
  Monetary Authority 10-43,468 -43,468  0-26,366 -26,366
  Monetary Financial Institutions 211,973-25,635 -13,662  12,198-22,306 -10,108
  Other Sectors 3-24,531 18,771-5,760  -45,346 22,997-22,349
    of which:       
      Other Financial Intermediaries-24,531 72,34247,811 -45,346 75,95430,608
      Non-Financial Companies 40-53,571 -53,571  0-52,957 -52,957
Total (Net IIP)-12,558 -163,490 -176,048  -33,148 -144,650 -177,798
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 Investment Position and External Debt June 2014 Table 2 (XLS 30KB)
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Table 3(a) International Investment Position (IIP) - Detailed Data  € million
ItemQ3 2013Q4 2013Q1 2014Q2 2014
Foreign Assets    
  Direct Investment Abroad 1334,523389,083405,899433,319
    Equity capital and reinvested earnings 294,651326,901344,247370,360
    Other capital39,87262,18261,65262,959
     
  Portfolio Investment 1,674,1901,705,2871,733,6791,788,879
    Equity 560,311602,289626,107637,921
        Monetary authority 20000
        General government4,4553,5622,6982,797
        Monetary financial institutions 31,5151,9495,5559,238
        Other sectors554,341596,778617,854625,886
     
    Debt instruments1,113,8791,102,9981,107,5721,150,958
      Bonds and notes809,116815,501813,456835,990
        Monetary authority 214,93514,54714,47513,480
        General government4021,425592645
        Monetary financial institutions 3148,040147,450141,870144,839
        Other sectors645,739652,079656,519677,026
     
      Money market instruments304,764287,497294,116314,969
        Monetary authority 21,4042,0142,3343,703
        General government0000
        Monetary financial institutions 3188,207178,465180,739194,561
        Other sectors115,152107,018111,042116,704
     
  Other Investment 939,206898,590902,974901,487
    Loans, currency and deposits727,004704,985694,612687,837
        Monetary authority 237444532199
        General government11,24512,08712,43010,171
        Monetary financial institutions 3269,812253,196258,293259,933
        Other sectors445,573439,257423,569417,633
     
    Trade Credits37,36039,15037,48338,899
        General government0000
        Other sectors37,36039,15037,48338,899
     
    Other assets 4174,841154,457170,879174,750
        Monetary authority 20000
        General government-620-753-843-682
        Monetary financial institutions 332,64430,90932,13531,541
        Other sectors142,817124,301139,587143,891
     
  Reserve assets1,2131,1781,1921,206
    Monetary gold181159171176
    Special drawing rights736727728736
    Reserve Position in the IMF294289290293
    Foreign Exchange2331
    Other0000
     
Total Foreign Assets2,949,1322,994,1383,043,7443,124,891
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.
Open in Excel: International Investment Position and External Debt June 2014 Table 3(a) (XLS 37KB)
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Table 3(b) International Investment Position (IIP) - Detailed Data  € million
ItemQ3 2013Q4 2013Q1 2014Q2 2014
Foreign Liabilities   
  Direct Investment in Ireland1287,024286,942270,564272,395
    Equity capital and reinvested earnings 295,027294,402292,613298,381
    Other capital-8,004-7,460-22,049-25,985
     
  Portfolio Investment 2,010,4942,064,5962,103,0962,189,304
    Equity 1,451,5671,518,2511,566,4171,652,840
        Monetary authority 20000
        General government0000
        Monetary financial institutions 3282,084268,213281,965290,314
        Other sectors1,169,4831,250,0381,284,4521,362,525
     
    Debt instruments558,926546,345536,679536,464
      Bonds and notes538,370533,291522,685523,354
        Monetary authority 20000
        General government63,22657,83760,11060,259
        Monetary financial institutions 336,88138,41138,91839,266
        Other sectors438,263437,043423,657423,828
     
      Money market instruments20,55713,05413,99413,110
        Monetary authority 20000
        General government1,6824861,0811,409
        Monetary financial institutions 310,3415,9146,2855,416
        Other sectors8,5336,6546,6296,285
     
  Other Investment 842,030820,299846,132840,990
    Loans, currency and deposits593,570593,808580,005575,597
        Monetary authority 272,68771,59461,79044,854
        General government64,61967,45068,20970,123
        Monetary financial institutions 3225,493219,928216,108224,413
        Other sectors230,771234,834233,898236,207
     
    Trade Credits14,50414,09115,43715,833
        General government0000
        Other sectors14,50414,09115,43715,833
     
    Other liabilities 4233,957212,400250,690249,560
        Monetary authority20000
        General government0000
        Monetary financial institutions 339,41136,89834,00235,823
        Other sectors194,546175,501216,687213,737
     
Total Foreign Liabilities3,139,5483,171,8373,219,7923,302,689
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.
Open in Excel: International Investment Position and External Debt June 2014 Table 3(b) (XLS 30KB)
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Table 4 International Investment Position (IIP) showing IFSC and non–IFSC activity  € million
ItemQ3 2013Q4 2013Q1 2014Q2 2014
Foreign Assets
  Direct Investment Abroad 1334,523389,083405,899433,319
    - IFSC33,16534,47731,29731,546
    - Non-IFSC301,358354,606374,602401,773
  Portfolio Investment1,674,1901,705,2871,733,6791,788,879
    - IFSC1,547,1421,573,8181,603,1081,651,545
    - Non-IFSC127,048131,469130,571137,334
  Other Investment 2939,206898,590902,974901,487
    - IFSC829,672788,793800,539800,711
    - Non-IFSC109,534109,797102,435100,776
  Reserve Assets1,2131,1781,1921,206
    - IFSC0000
    - Non-IFSC1,2131,1781,1921,206
Total Foreign Assets2,949,1322,994,1383,043,7443,124,891
    - IFSC2,409,9792,397,0882,434,9442,483,802 
    - Non-IFSC539,153597,050608,800641,089 
     
Foreign Liabilities    
  Direct Investment in Ireland 1287,024286,942270,564272,395
    - IFSC106,016105,62897,64599,960
    - Non-IFSC181,008181,314172,919172,435
  Portfolio Investment2,010,4942,064,5962,103,0962,189,304
    - IFSC1,728,3141,743,8321,763,2321,820,449
    - Non-IFSC282,180320,764339,864368,855
  Other Investment2842,030820,299846,132840,990
    - IFSC567,160545,866586,625596,541
    - Non-IFSC274,870274,433259,507244,449
Total Foreign Liabilities 3,139,5483,171,8373,219,7923,302,689
    - IFSC2,401,4902,395,3262,447,5022,516,950
    - Non-IFSC738,058776,511772,290785,739
     
Net International Investment Position (IIP)    
  Direct Investment147,499102,141135,335160,924
    - IFSC-72,851-71,151-66,348-68,414
    - Non-IFSC120,350173,292201,683229,338
  Portfolio Investment-336,304-359,309-369,417-400,425
    - IFSC-181,172-170,014-160,124-168,904
    - Non-IFSC-155,132-189,295-209,293-231,521
  Other Investment 297,17678,29156,84260,497
    - IFSC262,512242,927213,914204,170
    - Non-IFSC-165,336-164,636-157,072-143,673
  Reserve Assets1,2131,1781,1921,206
    - IFSC0000
    - Non-IFSC1,2131,1781,1921,206
Total (Net IIP)-190,416-177,699-176,048-177,798
    - IFSC8,4891,762-12,558-33,148
    - Non-IFSC-198,905-179,461-163,490-144,650
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.
Open in Excel: International Investment Position and External Debt June 2014 Table 4 (XLS 37KB)
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Table 5 International Investment Position (IIP) - 30 June 2014 - Reconciliation of IIP and BOP Flows € million
ItemOpening Position 01/04/14 Bop Flows in Quarter Valuation and Other Changes Closing Position 30/06/14
Foreign Assets  
  
  Direct Investment Abroad 1405,899 -1,147  28,567 433,319
    Equity capital and reinvested earnings 344,247 -1,065  27,178 370,360
    Other capital61,652 -82  1,389 62,959
        
  Portfolio Investment 1,733,679 54,706 494 1,788,879
    Equity 626,107 17,219 -5,405  637,921
    Debt instruments 1,107,572 37,488 5,898 1,150,958
      Bonds and notes813,456 23,146 -612  835,990
      Money market instruments294,116 14,342 6,511 314,969
        
  Other Investment 902,974 2,882 -4,369  901,487
    Loans, currency and deposits694,612 -6,668  -107  687,837
    Other 2208,362 9,550 -4,263  213,649
        
  Reserve Assets1,192 1 13 1,206
        
Total Foreign Assets3,043,744 56,442 24,705 3,124,891
        
Foreign Liabilities       
        
  Direct Investment in Ireland 1270,564 -288  2,119 272,395
    Equity capital and reinvested earnings 292,613 6,246 -478  298,381
    Other capital-22,049  -6,533  2,597 -25,985
        
  Portfolio Investment 2,103,096 46,238 39,970 2,189,304
    Equity 1,566,417 47,990 38,433 1,652,840
    Debt instruments 536,679 -1,752  1,537 536,464
      Bonds and notes522,685 -646  1,315 523,354
      Money market instruments13,994 -1,105  221 13,110
        
  Other Investment 846,132 1,729 -6,871  840,990
    Loans, currency and deposits580,005 -4,316  -92  575,597
    Other 2266,127 6,045 -6,779  265,393
        
Total Foreign Liabilities3,219,792 47,679 35,218 3,302,689
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.
Open in Excel: International Investment Position and External Debt June 2014 Table 5 (XLS 31KB)
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Table 6(a) Gross External Debt1€ million
31 Mar 2014 30 Jun 2014
ItemIFSC non-IFSC Total IFSC non-IFSC Total
General Government0 129,400 129,400 0 131,790 131,790
  Short-term0 1,221 1,221 0 2,926 2,926
    Money market instruments0 1,081 1,081 0 1,409 1,409
    Loans0 140 140 0 1,517 1,517
  Long-term 0 128,179 128,179 0 128,864 128,864
    Bonds and notes0 60,110 60,110 0 60,259 60,259
    Loans0 68,069 68,069 0 68,605 68,605
            
Monetary Authority 20 61,790 61,790 0 44,854 44,854
  Short-term0 61,790 61,790 0 44,854 44,854
    Loans and deposits0 61,790 61,790 0 44,854 44,854
  Long-term 0 0 0 0 0 0
    Other debt liabilities0 0 0 0 0 0
            
Monetary Financial Institutions3193,186 72,687 265,873 201,434 73,586 275,020
  Short-term* * 197,128 * * 204,126
    Money market instruments* * 6,285 * * 5,416
    Loans and deposits138,850 51,993 190,843 145,983 52,727 198,710
  Long-term * * 68,745 * * 70,894
    Bonds and notes24,280 14,638 38,918 24,701 14,565 39,266
    Loans19,554 5,711 25,265 19,720 5,983 25,703
    Other debt liabilities* * 4,562 * * 5,925
            
Other Sectors 4825,279 69,359 894,638 826,899 67,342 894,241
  Short-term* * 122,020 * * 128,171
    Money market instruments* * 6,629 * * 6,285
    Loans and deposits94,749 5,205 99,954 100,903 5,150 106,053
    Trade credits 8,808 6,629 15,437 8,659 7,174 15,833
  Long-term * * 772,618 * * 766,070
    Bonds and notes* * 423,657 * * 423,828
    Loans101,058 32,885 133,943 101,229 28,926 130,155
    Other debt liabilities194,749 20,269 215,018 190,331 21,756 212,087
            
Direct Investment 5153,324 144,586 297,910 155,905 149,397 305,302
    Debt liabilities to affiliated enterprises 3,830 41,453 45,283 3,869 41,358 45,227
    Debt liabilities to direct investors149,494 103,133 252,627 152,036 108,039 260,075
            
Gross External Debt1,171,789 477,822 1,649,610 1,184,238 466,969 1,651,208
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 investorsrefers to direct investment in Ireland.
*Suppressed for confidentiality reasons.
Open in Excel: International Investment Position and External Debt June 2014 Table 6(a) (XLS 44KB)
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Table 6(b) External Assets in Debt Instruments 1€ million
31 Mar 201430 Jun 2014
ItemIFSC non-IFSC Total IFSC non-IFSC Total
General Government0 13,022 13,022 0 10,816 10,816
  Short-term0 10,482 10,482 0 9,254 9,254
    Money market instruments0 0 0 0 0 0
    Loans and Deposits0 10,482 10,482 0 9,254 9,254
  Long-term 0 2,540 2,540 0 1,562 1,562
    Bonds and notes0 592 592 0 645 645
    Loans0 1,948 1,948 0 917 917
            
Monetary Authority 20 17,130 17,130 0 17,282 17,282
  Short-term0 2,655 2,655 0 3,802 3,802
    Money market instruments0 2,334 2,334 0 3,703 3,703
    Loans and deposits0 321 321 0 99 99
  Long-term 0 14,475 14,475 0 13,480 13,480
    Bonds and notes0 14,475 14,475 0 13,480 13,480
            
Monetary Financial Institutions 3513,286 74,790 588,076 529,765 75,611 605,376
  Short-term* * 406,742 * * 424,174
    Money market instruments* * 180,739 * * 194,561
    Loans and deposits181,961 44,042 226,003 184,732 44,881 229,613
  Long-term * * 181,334 * * 181,202
    Bonds and notes122,353 19,517 141,870 123,989 20,850 144,839
    Loans21,937 10,354 32,291 20,765 9,555 30,320
    Other debt Assets* * 7,173 * * 6,043
            
Other Sectors 41,279,981 64,629 1,344,610 1,298,287 66,497 1,364,784
  Short-term259,075 26,697 285,772 262,587 27,505 290,092
    Money market instruments109,971 1,071 111,042 115,430 1,274 116,704
    Loans and deposits126,145 11,102 137,247 125,220 9,269 134,489
    Trade credit assets 22,959 14,524 37,483 21,937 16,962 38,899
  Long-term 1,020,906 37,932 1,058,838 1,035,700 38,992 1,074,692
    Bonds and notes* * 656,519 * * 677,026
    Loans* * 286,322 * * 283,144
    Other debt Assets113,109 2,888 115,997 111,332 3,190 114,522
            
Direct Investment 5182,962 198,648 381,610 188,708 205,538 394,246
    Debt asset claims on affiliated enterprises5,127 101,807 106,934 5,125 103,061 108,186
    Debt asset claims on direct investors177,835 96,841 274,676 183,583 102,477 286,060
            
Reserve Assets0 3 3 0 1 1
            
External Assets in Debt Instruments1,976,229 368,222 2,344,451 2,016,760 375,745 2,392,505
            
Net External Debt 6-804,440 109,600 -694,841 -832,522 91,224 -741,297
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.
Open in Excel: International Investment Position and External Debt June 2014 Table 6(b) (XLS 44KB)
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Background Notes

Definition

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 the Quarterly International Investment Position and External Debt - Background Notes at the following link: Quarterly International Investment Position and External Debt - Background Notes (PDF 298KB)

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