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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 Visit StatCentral.ie, the portal to Ireland's official statistics On-line ISSN 2009-5317
CSO statistical release, , 11am

Quarterly International Investment Position and External Debt

31 March 2013

     € billion
 31 December 201231 March 2013
 AssetsLiabilitiesNETAssetsLiabilitiesNET
       
General Government7.5124.0-116.48.9130.9-122.0
Monetary Authority17.779.3-61.618.260.1-41.9
Monetary Financial Institutions707.3700.56.8686.5693.0-6.5
Other Financial Intermediaries1,805.31,727.977.41,928.41,849.878.5
Non-Financial Companies280.3364.0-83.7296.2384.9-88.7
Total 2,818.22,995.6-177.52,938.23,118.7-180.6

Net IIP liability of €180.6bn at end-March 2013

International Investment Position and External Debt March 2013 Figure 1
go to full release

At 31st March 2013, Ireland’s quarterly international investment position (IIP) results show overall stocks of foreign financial assets of €2,938.2bn – an increase of €120.0bn from the end-December 2012 level, while the corresponding stocks of foreign financial liabilities increased by €123.1bn to €3,118.7bn over the quarter. Irish residents had an overall net foreign liability of €180.6bn at end-March 2013, an increase on the net foreign liability level as at end-December 2012 – see Table 1a.

Some points of note in the end-March 2013 quarterly IIP are:

  • General Government foreign assets (including assets of the NPRF and the European Stability Mechanism paid-in capital) increased by €1.4bn to €8.9bn in the quarter, while liabilities increased by €6.9bn to €130.9bn in the same period - 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. At end-March 2013, IFSC assets abroad amounted to €2,417.4bn or 92% of the sector’s foreign assets (and 82% of Ireland’s total foreign assets); IFSC liabilities at €2,422.1bn represented almost 95% of the commercial financial sector aggregate liability (and 78% of Ireland’s total foreign liabilities). IFSC enterprises showed a net liability position at the end-March 2013 of €4.7bn - see Table 2.
  • The net liabilities of the Monetary Authority decreased by €19.7bn in the quarter - see Table 2.
International Investment Position and External Debt March 2013 Figure 2

Gross External Debt is €1,675.8 billion at end-March 2013

At 31st March 2013, the gross external debt of all resident sectors (i.e. general government, the monetary authority, financial and non-financial corporations and households) amounted to €1,675.8bn. This represents a increase of €35.8bn 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 December 2012 (€1,640.0bn) – see Table 6a. Points of note are:

  • Debt liabilities of monetary financial institutions (credit institutions and money market funds) were €303bn at end-March 2013, an increase of €3.4bn on the end-December 2012 stock level.
  • General government foreign borrowing increased by €6.9bn from €124bn at end-December 2012 to €130.9bn at end-March 2013, due to an increase of €5.0bn in Bond & Note liabilities and an increase of €1.3bn in long-term loan liabilities.
  • Liabilities of the Monetary Authority consisting almost entirely of short term loans and deposits amounted to €60.1bn at end-March 2013, a decrease of €19.2bn on the end-December 2012 stock level. These liabilities are to the European System of Central Banks (ESCB) and include balances in the TARGET2 settlement system of the ESCB.
  • The liabilities of Other sectors increased by €33.4bn from the end-December 2012 position and at €877.8bn represented 52% of the total debt at end-March 2013.
  • Direct investment liabilities increased by€11.2bn to €304bn in the quarter. IFSC enterprises showed an increase in liabilities of €7.2bn to €167.3bn and non-IFSC enterprises recorded an increase of €4.0bn to €136.7bn at end-March 2013.
  • The Net External Debt position was -€691.6bn at end-March 2013 (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.

The results for Quarter 1 2013 incorporate revisions to Quarter 4 2012.  Revisions for the remaining quarters of 2012 and for all quarters of 2011 will be incorporated in the Quarter 2 2013 International Investment Position and External Debt release. 

Table 1(a) International Investment Position (IIP) classified by Financial Instrument  € million
ItemQ1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012Q2 2012Q3 2012Q4 2012 1Q1 2013
Foreign Assets 
  Direct Investment Abroad 2252,851251,985239,103242,494255,869261,039271,878288,027303,295
  Portfolio Investment1,420,5941,364,2971,359,6201,432,9081,542,0591,528,1641,566,4011,588,9821,674,699
  Other Investment 3910,632955,3911,016,9911,005,754905,847991,745984,820939,853958,884
  Reserve Assets1,4741,4981,5701,3161,2851,3331,3471,2941,298
  Total Foreign Assets2,585,5512,573,1712,617,2842,682,4722,705,0602,782,2812,824,4462,818,1562,938,176
          
Foreign Liabilities         
  Direct Investment in Ireland 2216,522211,910226,653194,508206,520212,551225,810256,410279,038
  Portfolio Investment1,644,2391,643,5051,632,9591,725,5101,779,5291,814,9201,862,9231,905,5211,988,113
  Other Investment 3877,629844,805905,280915,074880,486907,092892,375833,680851,588
Total Foreign Liabilities 2,738,3902,700,2202,764,8922,835,0922,866,5352,934,5632,981,1082,995,6113,118,739
         
Net International Investment Position (IIP)       
  Direct Investment 236,32940,07512,45047,98649,34948,48846,06831,61724,257
  Portfolio Investment-223,645-279,208-273,339-292,602-237,470-286,756-296,522-316,539-313,414
  Other Investment 333,003110,586111,71190,68025,36184,65392,445106,173107,296
  Reserve Assets1,4741,4981,5701,3161,2851,3331,3471,2941,298
          
Total (Net IIP)-152,839-127,049-147,608-152,620-161,475-152,282-156,662-177,455-180,563
1Revised.
2Reflecting the so-called directional principle for reclassifying Direct Investment (see background notes).
3Includes 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
ItemQ1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012Q2 2012Q3 2012Q4 2012 1Q1 2013
Foreign Assets
  General Government9,9774,6875,1865,3826,0585,7586,0927,5428,945
  Monetary Authority 217,59217,69219,09219,03719,92922,81217,56917,69518,162
  Monetary Financial Institutions 3876,592849,400891,725800,251748,548770,107762,456707,336686,490
  Other Sectors 41,681,3901,701,3941,701,2821,857,8011,930,5261,983,6052,038,3262,085,5822,224,580
    of which:         
      Other Financial Intermediaries1,445,3631,461,7791,474,5731,626,9561,686,1851,733,3681,778,4311,805,2761,928,359
      Non-Financial Companies 5236,027239,615226,709230,845244,341250,237259,895280,306296,221
Total Foreign Assets2,585,5512,573,1712,617,2842,682,4722,705,0602,782,2812,824,4462,818,1562,938,176
          
Foreign Liabilities         
  General Government95,16898,320102,660103,889109,256114,315121,731123,981130,938
  Monetary Authority 2139,646128,675123,341120,45696,027100,11984,43779,28160,088
  Monetary Financial Institutions 3810,709785,516838,320746,649715,536738,440730,763700,504692,976
  Other Sectors 41,692,8661,687,7101,700,5701,864,0981,945,7171,981,6892,044,1782,091,8442,234,735
    of which:         
      Other Financial Intermediaries1,395,6331,387,0301,409,5791,566,2281,628,4461,655,4421,712,3921,727,8521,849,835
      Non-Financial Companies 5297,233300,680290,991297,870317,271326,247331,786363,992384,900
Total Foreign Liabilities 2,738,3902,700,2202,764,8922,835,0922,866,5352,934,5632,981,1082,995,6113,118,739
          
Net International Investment Position (IIP)       
  General Government-85,191 -93,633 -97,474 -98,507 -103,198 -108,557 -115,639 -116,439 -121,993
  Monetary Authority 2-122,054 -110,983 -104,249 -101,419 -76,098 -77,307 -66,868 -61,586 -41,926
  Monetary Financial Institutions 365,88363,88453,40553,60233,01231,66731,6936,832-6,486
  Other Sectors 4-11,476 13,684712-6,297 -15,191 1,916-5,852 -6,262 -10,155
    of which:         
      Other Financial Intermediaries49,73074,74964,99460,72857,73977,92666,03977,42478,524
      Non-Financial Companies 5-61,206 -61,065 -64,282 -67,025 -72,930 -76,010 -71,891 -83,686 -88,679
Total (Net IIP)-152,839 -127,049 -147,608 -152,620 -161,475 -152,282 -156,662 -177,455 -180,563
1Revised.
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.
5Including households.
Table 2 International Investment Position (IIP) - IFSC and non-IFSC activity by Institutional Sector € million
 31 Dec 2012 1 31 Mar 2013
ItemIFSCNon-IFSCTotal IFSCNon-IFSCTotal
Foreign Assets       
  General Government07,5427,542 08,9458,945
  Monetary Authority 2017,69517,695 018,16218,162
  Monetary Financial Institutions 3588,417118,919707,336 577,695108,795686,490
  Other Sectors 41,719,564366,0182,085,582 1,839,682384,8982,224,580
    of which:       
      Other Financial Intermediaries1,719,56485,7121,805,276 1,839,68288,6771,928,359
      Non-Financial Companies 50280,306280,306 0296,221296,221
Total Foreign Assets2,307,981510,1752,818,156 2,417,377520,7992,938,176
       
Foreign Liabilities       
  General Government0123,981123,981 0130,938130,938
  Monetary Authority 2079,28179,281 060,08860,088
  Monetary Financial Institutions 3583,684116,820700,504 578,591114,385692,976
  Other Sectors 41,721,860369,9842,091,844 1,843,513391,2222,234,735
    of which:       
      Other Financial Intermediaries1,721,8605,9921,727,852 1,843,5136,3221,849,835
      Non-Financial Companies 50363,992363,992 0384,900384,900
Total Foreign Liabilities 2,305,544690,0672,995,611 2,422,104696,6353,118,739
       
Net International Investment Position (IIP)       
  General Government0-116,439 -116,439  0-121,993 -121,993
  Monetary Authority 20-61,586 -61,586  0-41,926 -41,926
  Monetary Financial Institutions 34,7332,0996,832 -896 -5,590 -6,486
  Other Sectors 4-2,296 -3,966 -6,262  -3,831 -6,324 -10,155
    of which:       
      Other Financial Intermediaries-2,296 79,72077,424 -3,831 82,35578,524
      Non-Financial Companies 50-83,686 -83,686  0-88,679 -88,679
Total (Net IIP)2,437-179,892 -177,455  -4,727 -175,836 -180,563
1Revised.
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.
5Including households.       
Table 3(a) International Investment Position (IIP) - Detailed Data  € million
ItemQ2 2012Q3 2012Q4 2012 1Q1 2013
Foreign Assets    
  Direct Investment Abroad 2261,039271,878288,027303,295
    Equity capital and reinvested earnings 222,478234,459241,282255,784
    Other capital38,56137,41946,74547,511
     
  Portfolio Investment 1,528,1641,566,4011,588,9821,674,699
    Equity 474,187486,668503,819541,875
        Monetary authority 30000
        General government4,2424,3594,2834,530
        Monetary financial institutions 43,1131,2251,3791,952
        Other sectors466,832481,085498,157535,391
     
    Debt instruments1,053,9771,079,7331,085,1641,132,825
      Bonds and notes746,591766,175802,296831,250
        Monetary authority 310,52211,17312,21713,808
        General government275291301334
        Monetary financial institutions 4181,492180,621188,228174,751
        Other sectors554,302574,091601,551642,357
     
      Money market instruments307,386313,558282,868301,575
        Monetary authority 34,6474,7584,0322,290
        General government0000
        Monetary financial institutions 4184,742195,254173,725177,432
        Other sectors117,996113,546105,110121,853
     
  Other Investment 991,745984,820939,853958,884
    Loans, currency and deposits795,109787,759745,629739,128
        Monetary authority 36,386176144766
        General government1,9102,3623,9224,785
        Monetary financial institutions 4335,086324,431290,575285,127
        Other sectors451,727460,790450,988448,450
     
    Trade Credits39,29236,76340,13440,452
        General government0000
        Other sectors39,29236,76340,13440,452
     
    Other assets 5157,343160,297154,089179,302
        Monetary authority 3-7611580
        General government-669-920-963-705
        Monetary financial institutions 459,86855,27248,49342,472
        Other sectors98,220105,830106,551137,535
     
  Reserve assets1,3331,3471,2941,298
    Monetary gold241266244242
    Special drawing rights777771748752
    Reserve Position in the IMF312309301302
    Foreign Exchange3112
    Other0000
     
Total Foreign Assets2,782,2812,824,4462,818,1562,938,176
1Revised.
2Reflecting the so-called directional principle for reclassifying Direct Investment (see background notes).
3Central Bank of Ireland.    
4Covering licensed credit institutions and money market funds.
5Includes financial derivatives.    
Table 3(b) International Investment Position (IIP) - Detailed Data  € million
ItemQ2 2012Q3 2012Q4 2012 1Q1 2013
Foreign Liabilities   
  Direct Investment in Ireland 2212,551225,810256,410279,038
    Equity capital and reinvested earnings 220,176228,690255,996274,450
    Other capital-7,625-2,8804154,588
     
  Portfolio Investment 1,814,9201,862,9231,905,5211,988,113
    Equity 1,252,2651,294,8431,333,8701,412,686
        Monetary authority 30000
        General government0000
        Monetary financial institutions 4293,682293,984286,960282,593
        Other sectors958,5831,000,8591,046,9091,130,092
     
    Debt instruments562,655568,081571,651575,428
      Bonds and notes554,105558,590553,044555,018
        Monetary authority 30000
        General government61,92665,55264,46469,477
        Monetary financial institutions 453,04652,23848,37647,875
        Other sectors439,132440,800440,204437,664
     
      Money market instruments8,5509,49118,60720,410
        Monetary authority 30000
        General government1,1171,2302,2652,933
        Monetary financial institutions 44041,1389,88611,124
        Other sectors7,0297,1226,4576,353
     
  Other Investment 907,092892,375833,680851,588
    Loans, currency and deposits659,248634,914596,411591,146
        Monetary authority 3100,09284,41379,25960,059
        General government51,27254,94957,25358,528
        Monetary financial institutions 4281,377269,734236,437238,616
        Other sectors226,507225,818223,462233,943
     
    Trade Credits15,67915,61316,49916,051
        General government0000
        Other sectors15,67915,61316,49916,051
     
    Other liabilities 5232,166241,849220,771244,391
        Monetary authority 327242229
        General government0000
        Monetary financial institutions 468,79867,45259,24350,769
        Other sectors163,341174,373161,506193,593
     
Total Foreign Liabilities2,934,5632,981,1082,995,6113,118,739
1Revised
2Reflecting the so-called directional principle for reclassifying Direct Investment (see background notes).
3Central Bank of Ireland.    
4Covering licensed credit institutions and money market funds.
5Includes financial derivatives and also includes life insurance liabilities to non-residents.
Table 4 International Investment Position (IIP) showing IFSC and Non–IFSC activity  € million
ItemQ2 2012Q3 2012Q4 2012 1Q1 2013
Foreign Assets
  Direct Investment Abroad 2261,039271,878288,027303,295
    - IFSC29,22730,69730,95431,746
    - Non-IFSC231,812241,181257,073271,549
  Portfolio Investment1,528,1641,566,4011,588,9821,674,699
    - IFSC1,404,1741,441,4811,464,0411,547,796
    - Non-IFSC123,990124,920124,941126,903
  Other Investment 3991,745984,820939,853958,884
    - IFSC845,789854,809812,986837,835
    - Non-IFSC145,956130,011126,867121,049
  Reserve Assets1,3331,3471,2941,298
    - IFSC0000
    - Non-IFSC1,3331,3471,2941,298
Total Foreign Assets2,782,2812,824,4462,818,1562,938,176
    - IFSC2,279,1902,326,9872,307,9812,417,377
    - Non-IFSC503,091497,459510,175520,799
   
Foreign Liabilities  
  Direct Investment in Ireland 2212,551225,810256,410279,038
    - IFSC92,646102,69298,847107,410
    - Non-IFSC119,905123,118157,563171,628
  Portfolio Investment1,814,9201,862,9231,905,5211,988,113
    - IFSC1,587,3631,622,4571,657,9511,727,891
    - Non-IFSC227,557240,466247,570260,222
  Other Investment 3907,092892,375833,680851,588
    - IFSC593,192598,031548,746586,803
    - Non-IFSC313,900294,344284,934264,785
Total Foreign Liabilities 2,934,5632,981,1082,995,6113,118,739
    - IFSC2,273,2012,323,1802,305,5442,422,104
    - Non-IFSC661,362657,928690,067696,635
   
Net International Investment Position (IIP)  
  Direct Investment 248,48846,06831,61724,257
    - IFSC-63,419-71,995-67,893-75,664
    - Non-IFSC111,907118,06399,51099,921
  Portfolio Investment-286,756-296,522-316,539-313,414
    - IFSC-183,189-180,976-193,910-180,095
    - Non-IFSC-103,567-115,546-122,629-133,319
  Other Investment 384,65392,445106,173107,296
    - IFSC252,597256,778264,240251,032
    - Non-IFSC-167,944-164,333-158,067-143,736
  Reserve Assets1,3331,3471,2941,298
    - IFSC0000
    - Non-IFSC1,3331,3471,2941,298
Total (Net IIP)-152,282-156,662-177,455-180,563
    - IFSC5,9893,8072,437-4,727
    - Non-IFSC-158,271-160,469-179,892-175,836
1Revised.
2Reflecting the so-called directional principle for reclassifying Direct Investment (see background notes).
3Includes 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 March 2013- Reconciliation of IIP and BOP Flows € million
ItemOpening Position 01/01/13 1 Bop Flows in Quarter Valuation and Other Changes Closing Position 31/03/13
Foreign Assets   
  
  Direct Investment Abroad 2288,027 9,855 5,413303,295
    Equity capital and reinvested earnings 241,282 9,795 4,707255,784
    Other capital46,745 60 70647,511
       
  Portfolio Investment 1,588,982 56,918 28,7991,674,699
    Equity 503,819 15,939 22,117541,875
    Debt instruments 1,085,164 40,979 6,6821,132,825
      Bonds and notes802,296 28,427 527831,250
      Money market instruments282,868 12,552 6,155 301,575
       
  Other Investment 939,853 -1,571  20,602958,884
    Loans, currency and deposits745,629 -15,612  9,111 739,128
    Other 3194,223 14,041 11,490219,754
       
  Reserve Assets1,294 2 21,298
       
Total Foreign Assets2,818,156 65,204 54,8162,938,176
       
Foreign Liabilities      
       
  Direct Investment in Ireland 2256,410 16,708 5,920279,038
    Equity capital and reinvested earnings 255,996 15,953 2,501274,450
    Other capital415 754 3,4194,588
       
  Portfolio Investment 1,905,521 36,712 45,8801,988,113
    Equity 1,333,870 33,015 45,8011,412,686
    Debt instruments 571,651 3,697 80575,428
      Bonds and notes553,044 1,749 225555,018
      Money market instruments18,607 1,948 -145 20,410
       
  Other Investment 833,680 8,699 9,209851,588
    Loans, currency and deposits596,411 -12,263  6,998591,146
    Other 3237,270 20,962 2,210260,442
       
Total Foreign Liabilities2,995,611 62,119 61,009 3,118,739
1Revised.
2Reflecting the so-called directional principle for reclassifying Direct Investment (see background notes).
3Includes financial derivatives and trade credits; in the case of liabilities this category also includes life insurance liabilities to non-residents.
Table 6(a) - Gross External Debt1€ million
 31 Dec 2012 2 31 Mar 2013
ItemIFSC Non-IFSC Total IFSC Non-IFSC Total
General Government0 123,981 123,981 0 130,938 130,938
  Short-term0 2,265 2,265 0 2,933 2,933
    Money market instruments0 2,265 2,265 0 2,933 2,933
    Loans0 0 0 0 0 0
  Long-term 0 121,717 121,717 0 128,005 128,005
    Bonds and notes0 64,464 64,464 0 69,477 69,477
    Loans0 57,253 57,253 0 58,528 58,528
Monetary Authority 30 79,281 79,281 0 60,088 60,088
  Short-term0 79,259 79,259 0 60,059 60,059
    Loans and deposits0 79,259 79,259 0 60,059 60,059
  Long-term 0 22 22 0 29 29
    Other debt liabilities0 22 22 0 29 29
Monetary Financial Institutions 4216,524 83,052 299,576 221,921 81,037 302,958
  Short-term* * 195,874 * * 204,136
    Money market instruments* * 9,886 * * 11,124
    Loans and deposits123,392 62,596 185,988 129,935 63,077 193,012
  Long-term * * 103,702 * * 98,822
    Bonds and notes36,296 12,080 48,376 38,533 9,342 47,875
    Loans42,565 7,884 50,449 37,962 7,643 45,605
    Other debt liabilities* * 4,877 * * 5,342
Other Sectors 5772,907 71,459 844,366 806,537 71,264 877,801
  Short-term* * 115,593 * * 122,373
    Money market instruments* * 6,457 * * 6,353
    Loans and deposits91,839 798 92,637 99,341 627 99,968
    Trade credits 9,315 7,184 16,499 8,269 7,783 16,052
  Long-term * * 728,773 * * 755,428
    Bonds and notes* * 440,204 * * 437,665
    Loans91,928 38,898 130,826 95,880 38,096 133,976
    Other debt liabilities138,153 19,590 157,743 163,932 19,855 183,787
Direct Investment 6160,086 132,782 292,868 167,298 136,746 304,044
    Debt liabilities to affiliated enterprises 0 28,306 28,306 0 28,551 28,551
    Debt liabilities to direct investors160,086 104,476 264,562 167,298 108,195 275,493
Gross External Debt1,149,517 490,556 1,640,073 1,195,756 480,073 1,675,829
1Gross external debt represents the stock of Ireland's liabilities to non-residents other than equity and financial derivatives.
2Revised.           
3Central Bank of Ireland.
4Covering licensed credit institutions and money market funds.
5Other 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.
6Covering 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 Instruments 1€ million
 31 Dec 2012 2 31 Mar 2013
ItemIFSC Non-IFSC Total IFSC Non-IFSC Total
General Government0 4,223 4,223 0 5,119 5,119
  Short-term0 3,574 3,574 0 4,437 4,437
    Money market instruments0 0 0 0 0 0
    Loans and Deposits0 3,574 3,574 0 4,437 4,437
  Long-term 0 649 649 0 682 682
    Bonds and notes0 301 301 0 334 334
    Loans0 348 348 0 348 348
Monetary Authority 30 16,393 16,393 0 16,864 16,864
  Short-term0 4,176 4,176 0 3,056 3,056
    Money market instruments0 4,032 4,032 0 2,290 2,290
    Loans and deposits0 144 144 0 766 766
  Long-term 0 12,217 12,217 0 13,808 13,808
    Bonds and notes0 12,217 12,217 0 13,808 13,808
Monetary Financial Institutions 4550,147 104,805 654,952 544,062 95,949 640,011
  Short-term* * 438,875 **432,999
    Money market instruments* * 173,725 **177,432
    Loans and deposits195,685 69,465 265,150 192,04263,525255,567
  Long-term * * 216,077 **207,012
    Bonds and notes165,341 22,887 188,228 153,81620,935174,751
    Loans13,878 11,548 25,426 18,74010,81929,559
    Other debt Assets* * 2,423 **2,702
Other Sectors 51,213,170 66,644 1,279,814 1,290,85367,6331,358,486
  Short-term275,802 28,970 304,772 285,64229,835315,477
    Money market instruments103,647 1,463 105,110 120,0631,789121,852
    Loans and deposits149,332 10,195 159,527 142,41210,761153,173
    Trade credit assets 22,823 17,312 40,135 23,16717,28540,452
  Long-term 937,368 37,674 975,042 1,005,21137,7981,043,009
    Bonds and notes568,843 32,707 601,550 609,80432,553642,357
    Loans290,639 823 291,462 294,537741295,278
    Other debt Assets77,886 4,144 82,030 100,8704,504105,374
Direct Investment 6186,883 152,315 339,198 187,255159,713346,968
    Debt asset claims on affiliated enterprises0 75,051 75,051 0 76,06376,063
    Debt asset claims on direct investors186,883 77,264 264,147 187,255 83,650270,905
Reserve Assets0 1 1 0 22
External Assets in Debt Instruments1,950,200 344,381 2,294,581 2,022,170345,280 2,367,450
Net External Debt 7-800,683 146,175 -654,508 -826,414 134,793 -691,621
1External Assets in Debt Instruments represents the stock of Ireland's claims on non-residents other than equity and financial derivatives.
2Revised.
3Central Bank of Ireland.
4Covering licensed credit institutions and money market funds.
5Other 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.
6Covering 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.
7Net 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.         

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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