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For more information on this release:
E-mail: bop@cso.ie John Flanagan (+353) 1 498 4054 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

Quarter 1 2018

     € billion
 31 Dec 201731 Mar 2018
 AssetsLiabilitiesNETAssetsLiabilitiesNET
General Government10.5133.2-122.710.7139.0-128.3
Monetary Authority31.617.613.941.417.523.9
Monetary Financial Institutions740.3700.340.0734.6697.237.3
Other Financial Intermediaries3,133.93,058.875.13,163.23,082.181.0
Non-Financial Companies710.31,155.0-444.7689.21,137.2-448.0
Total 4,626.55,064.9-438.54,639.05,073.1-434.1

Net IIP liability of €434 billion at end-March 2018

International Investment Position and External Debt March 2018 Fig 1
go to full release

At 31st March 2018, Ireland’s quarterly international investment position (IIP) results show overall stocks of foreign financial assets of €4,639bn – an increase of €12bn on the end-December 2017 level, while the corresponding stocks of foreign financial liabilities increased by €8bn to €5,073bn over the quarter. Irish residents had an overall net foreign liability of €434bn at end-March 2018, an improvement of €4bn on the net foreign liability level at end-December 2017 – see Table 1(a).

 

   Tables 1(a), 3(a) and 6(a) were revised on 23 July 2018

Some points of note in the Quarter 1 2018 IIP are:

  • Direct Investment Abroad decreased by €15bn to €702bn. Equity capital (including reinvested earnings) decreased €27bn while other capital increased €12bn – see Table 3(a).
  • Foreign Assets of Other Financial Intermediaries increased by €29bn. With foreign liabilities increasing by €23bn the resulting net increased to €81bn - see Table (1b).
  • Foreign Assets of the Monetary Authority increased by €10bn while foreign liabilities decreased by €0.2bn. The resulting net increased to €23.9bn – see Table (1b).
X-axis labelDirect InvestmentPortfolio InvestmentOther InvestmentReserve AssetsNet IIP
Q2 20166.8-489.58.92.8-471
Q3 201632.9-497.5-8.43.1-469.8
Q4 201615.1-466.7-17.33.4-465.6
Q1 201730.6-440.5-62.23.3-468.9
Q2 2017 43-497.2-22.83.4-473.6
Q3 2017 21.1-440.2-45.13.6-460.6
Q4 2017-27.3-426.511.63.7-438.4
Q1 2018-19.5-402.7-15.63.7-434.1

Figure 2 shows the net IIP over time along with the contribution of each instrument type to it. Net Portfolio Investment grew by just under €24bn. Net Other Investment fell by €27bn. Reserve Assets have been stable for the last four quarters.

X-axis labelGeneral GovernmentMonetary Financial InstitutionsOther Financial IntermediariesNon-Financial Companies
30 Jun 2017634460626835
30 Sep 2017644468643852
31 Dec 2017670476659893
31 Mar 2018683486681877

For Portfolio Investment assets, equity and debt securities, the sector of the non-resident issuer is collected. Analysing this data shows that Irish residents hold debt as follows:

  • €683bn issued by foreign Governments
  • €486bn issued by foreign Monetary Financial Institutions (including Money Market Investment Funds)
  • €681bn issued by foreign Other Financial Intermediaries (including Non-Money Market Investment Funds)
  • €877bn issued by foreign Non-Financial Companies
X-axis labelDirect InvestmentOther SectorsMonetary Financial InstitutionsMonetary AuthorityGeneral Government
Q22017666112920417142
Q32017647117619817141
Q42017599118519618133
Q12018637119519917139

Gross External Debt1 remains above €2 trillion at end-March 2018

At 31st March 2018, the gross external debt of all resident sectors (i.e. general government, the monetary authority, financial and non-financial corporations and households) amounted to €2,187bn. This represents an increase of €56bn 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 at 31st December 2017 (€2,131bn) – see Table 6(a).

 Points of note are:

  • General government foreign borrowing increased by just under €6bn to €139bn at end-March 2018.
  • Liabilities of the Monetary Authority consisting entirely of short term loans and deposits decreased just over €0.16bn to €17.5bn. 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) grew €2.5bn to €198.5bn at end-March 2018.
  • The liabilities of Other sectors at €1,195bn increased €10.1bn on the previous quarter. This was made up of a rise in long term debt of €1.6bn and a rise in short term debt of €8.5bn.
  • Direct investment liabilities increased by €37bn to €637bn in the quarter.
  • The Net External Debt position was -€1,204bn at end-March 2018 i.e. assets exceeded liabilities - see Table 6(b). 

  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
ItemQ2 20161Q3 20161Q4 20161Q1 20171Q2 20171 Q3 20171 Q4 20171Q1 2018
Foreign Assets
  Direct Investment Abroad2785,613808,529812,639844,382825,224785,919717,133702,261
  Portfolio Investment2,270,4122,334,1072,442,7752,602,9472,555,2102,608,7242,698,5912,727,197
  Other Investment 31,219,1541,221,8821,234,5391,222,6531,209,1091,161,6161,207,0981,205,811
  Reserve Assets2,7623,1283,3843,2943,3793,5993,6723,708
  Total Foreign Assets4,277,9414,367,6464,493,3374,673,2764,592,9224,559,8584,626,4944,638,977
 
Foreign Liabilities
  Direct Investment in Ireland2778,788775,594797,521813,829782,239764,825744,386721,773
  Portfolio Investment2,759,9092,831,6052,909,5003,043,4813,052,3843,048,8873,125,1053,129,920
  Other Investment31,210,2361,230,2851,251,8861,284,8801,231,9431,206,7621,195,4521,221,367
  Total Foreign Liabilities 4,748,9334,837,4844,958,9075,142,1905,066,5665,020,4745,064,9435,073,060
 
Net International Investment Position (IIP)
  Direct Investment26,82532,93515,11830,55342,98521,094-27,253-19,512
  Portfolio Investment-489,497-497,498-466,725-440,534-497,174-440,163-426,514-402,723
  Other Investment38,918-8,403-17,347-62,227-22,834-45,14611,646-15,556
  Reserve Assets2,7623,1283,3823,2913,3773,5973,6703,685
 
  Total (Net IIP)-470,992-469,838-465,572-468,917-473,646-460,618-438,451-434,106
1Revised.
2Reflecting the 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.
Open in Excel: International Investment Position and External Debt March 2018 Table 1a (XLS 35KB)
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Table 1(b) International Investment Position (IIP) classified by Institutional Sector € million
ItemQ2 20161Q3 20161Q4 20161Q1 20171Q2 20171Q3 20171Q4 20171Q1 2018
Foreign Assets
  General Government9,93010,46810,20410,29010,37510,48910,48810,666
  Monetary Authority222,52325,38623,73129,22035,19233,38331,57941,404
  Monetary Financial Institutions3735,283715,681747,511754,706734,904734,402740,269734,560
  Other Sectors43,510,2063,616,1103,711,8903,879,0623,812,4513,781,5843,844,1583,852,347
    of which:
      Other Financial Intermediaries2,737,0082,816,0092,899,2293,062,0603,017,7743,019,6413,133,8703,163,151
      Non-Financial Companies5773,198800,100812,662817,002794,678761,943710,287689,196
Total Foreign Assets4,277,9424,367,6454,493,3364,673,2784,592,9224,559,8584,626,4944,638,977
 
Foreign Liabilities
  General Government138,674139,570134,688139,838142,036141,771133,218139,013
  Monetary Authority219,79016,44717,83216,67816,74416,94617,64617,483
  Monetary Financial Institutions3718,056706,208723,632725,149714,098701,663700,286697,247
  Other Sectors43,872,4133,975,2594,082,7564,260,5264,193,6884,160,0944,213,7934,219,318
    of which:
      Other Financial Intermediaries2,697,7372,778,4772,839,3412,992,7702,962,3752,968,6583,058,8093,082,130
      Non-Financial Companies51,174,6761,196,7831,243,4151,267,7551,231,3131,191,4361,154,9841,137,188
Total Foreign Liabilities 4,748,9334,837,4844,958,9085,142,1915,066,5665,020,4745,064,9435,073,061
 
Net International Investment Position (IIP)
  General Government-128,744 -129,102 -124,484 -129,548 -131,661 -131,282 -122,730 -128,347
  Monetary Authority22,7338,9395,89912,54218,44816,43713,93323,921
  Monetary Financial Institutions317,2279,47323,87929,55720,80632,73939,98337,313
  Other Sectors4-362,207 -359,149 -370,866 -381,464 -381,237 -378,510 -369,635 -366,971
    of which:
      Other Financial Intermediaries39,27137,53259,88869,29055,39950,98375,06181,021
      Non-Financial Companies5-401,478 -396,683 -430,753 -450,753 -436,635 -429,493 -444,697 -447,992
Total (Net IIP)-470,991 -469,839 -465,572 -468,913 -473,644 -460,616 -438,449 -434,084
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.
Open in Excel: International Investment Position and External Debt March 2018 Table 1b (XLS 37KB)
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Table 2 International Investment Position (IIP) - IFSC and non-IFSC activity by Institutional Sector € million
 31 Dec 20171 31 March 2018
ItemIFSCnon-IFSCTotal IFSCnon-IFSCTotal
Foreign Assets
  General Government010,48810,488 010,66610,666
  Monetary Authority2031,57931,579 041,40441,404
  Monetary Financial Institutions3684,00156,268740,269 677,86156,699734,560
  Other Sectors42,991,773852,3843,844,157 3,015,995836,3523,852,347
    of which:
      Other Financial Intermediaries2,991,773142,0973,133,870 3,015,995147,1563,163,151
      Non-Financial Companies50710,287710,287 0689,196689,196
Total Foreign Assets3,675,774950,7194,626,493 3,693,856945,1214,638,977
 
Foreign Liabilities
  General Government0133,218133,218 0139,013139,013
  Monetary Authority2017,64617,646 017,48317,483
  Monetary Financial Institutions3663,28936,997700,286 663,01734,230697,247
  Other Sectors43,105,8661,107,9274,213,793 3,129,1611,090,1574,219,318
    of which:
      Other Financial Intermediaries3,105,866-47,057 3,058,809 3,129,161-47,031 3,082,130
      Non-Financial Companies501,154,9841,154,984 01,137,1881,137,188
Total Foreign Liabilities 3,769,1551,295,7885,064,943 3,792,1781,280,8835,073,061
 
Net International Investment Position (IIP)
  General Government0-122,730 -122,730  0-128,347 -128,347
  Monetary Authority2013,93313,933 023,92123,921
  Monetary Financial Institutions320,71219,27139,983 14,84422,46937,313
  Other Sectors4-114,093 -255,543 -369,636  -113,166 -253,805 -366,971
    of which:
      Other Financial Intermediaries-114,093 189,15475,061 -113,166 194,18781,021
      Non-Financial Companies50-444,697 -444,697  0-447,992 -447,992
Total (Net IIP)-93,381 -345,072 -438,450  -98,322 -335,765 -434,084
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.
Open in Excel: International Investment Position and External Debt March 2018 Table 2 (XLS 39KB)
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Table 3(a) International Investment Position (IIP) - Detailed Data  € million
ItemQ2 20171Q3 20171Q4 20171Q12018
Foreign Assets
  Direct Investment Abroad 2825,224785,919717,133702,261
    Equity capital and reinvested earnings 758,897710,222645,662618,802
    Other capital66,32775,69771,47183,459
 
  Portfolio Investment 2,555,2102,608,7242,698,5912,727,197
    Equity 1,027,9711,066,7571,110,0221,112,199
        Monetary authority 30000
        General government4,2044,2174,0834,328
        Monetary financial institutions 42,0111,7242,129850
        Other sectors1,021,7551,060,8161,103,8091,107,021
 
    Debt instruments1,527,2391,541,9671,588,5691,614,997
      Bonds and notes1,106,2511,114,0731,138,9771,152,201
        Monetary authority 319,72420,22920,90221,007
        General government1,9271,9441,9561,923
        Monetary financial institutions 484,61379,91374,51475,987
        Other sectors999,9871,011,9871,041,6051,053,284
 
      Money market instruments420,988427,895449,593462,796
        Monetary authority 31,9651,4581,2841,220
        General government0000
        Monetary financial institutions 4327,460329,835341,153346,072
        Other sectors91,56396,602107,156115,504
 
  Other Investment 1,209,1111,161,6161,207,1001,205,812
    Loans, currency and deposits811,436836,981885,020884,800
        Monetary authority39,2537,2254,85014,598
        General government2,4712,4832,5892,499
        Monetary financial institutions4290,521294,348289,211284,305
        Other sectors509,191532,925588,370583,398
 
    Trade Credits49,22745,06449,87450,285
        General government0000
        Other sectors49,22745,06449,87450,285
 
    Other assets5348,448279,571272,206270,727
        Monetary authority3872872872872
        General government1,7361,8081,8231,877
        Monetary financial institutions425,14723,79927,57923,464
        Other sectors320,693253,092241,932244,514
 
  Reserve assets3,3773,5973,6703,685
    Monetary gold199199198197
    Special drawing rights830792776759
    Reserve Position in the IMF985966959953
    Foreign Exchange571695597641
    Other7929451,1401,135
 
Total Foreign Assets4,592,9224,559,8564,626,4944,638,955
1Revised.
2Reflecting the directional principle for reclassifying Direct Investment (see Background Notes).
3Central Bank of Ireland.
4Covering licensed credit institutions and money market funds.
5Includes financial derivatives.
Open in Excel: International Investment Position and External Debt March 2018 Table 3a (XLS 37KB)
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Table 3(b) International Investment Position (IIP) - Detailed Data  € million
ItemQ2 20171Q3 20171Q4 20171Q12018
Foreign Liabilities
  Direct Investment in Ireland 2782,239764,825744,386721,773
    Equity capital and reinvested earnings 719,946712,121672,193668,098
    Other capital62,29352,70472,19353,675
 
  Portfolio Investment 3,052,3843,048,8873,125,1053,129,920
    Equity 2,618,6342,623,7902,704,5942,708,232
        Monetary authority 30000
        General government0000
        Monetary financial institutions4453,711449,462453,993449,724
        Other sectors2,164,9232,174,3282,250,6012,258,508
 
    Debt instruments433,751425,097420,511421,688
      Bonds and notes412,789405,154403,027401,432
        Monetary authority 30000
        General government83,45284,18782,42085,903
        Monetary financial institutions429,86529,17328,02027,389
        Other sectors299,472291,794292,587288,140
 
      Money market instruments20,96219,94317,48420,256
        Monetary authority 30000
        General government4,6753,6922,3974,857
        Monetary financial institutions415,41615,40314,54014,933
        Other sectors870849548466
 
  Other Investment 1,231,9431,206,7621,195,4521,221,367
    Loans, currency and deposits679,236724,951714,399733,026
        Monetary authority 316,74416,94617,64617,483
        General government53,50753,49648,00847,864
        Monetary financial institutions4146,890140,701134,759137,564
        Other sectors462,095513,807513,987530,115
 
    Trade Credits34,22943,12546,13237,813
        General government0000
        Other sectors34,22943,12546,13237,813
 
    Other liabilities 5518,478438,686434,921450,528
        Monetary authority 30000
        General government271266264260
        Monetary financial institutions431,37831,53735,42336,911
        Other sectors486,829406,883399,235413,356
 
Total Foreign Liabilities5,066,5665,020,4745,064,9435,073,060
1Revised
2Reflecting the 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.
Open in Excel: International Investment Position and External Debt March 2018 Table 3b (XLS 37KB)
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Table 4 International Investment Position (IIP) showing IFSC and non–IFSC activity  € million
ItemQ2 20171Q3 20171Q4 20171Q12018
Foreign Assets
  Direct Investment Abroad 2825,224785,919717,133702,261
    - IFSC82,86279,55578,56373,938
    - Non-IFSC742,362706,364638,570628,323
  Portfolio Investment2,555,2102,608,7242,698,5912,727,197
    - IFSC2,403,1912,453,0632,539,4622,570,710
    - Non-IFSC152,019155,661159,129156,487
  Other Investment 31,209,1091,161,6161,207,0981,205,811
    - IFSC1,079,6881,029,4581,057,7491,049,208
    - Non-IFSC129,421132,158149,349156,603
  Reserve Assets3,3793,5993,6723,708
    - IFSC0000
    - Non-IFSC3,3793,5993,6723,708
Total Foreign Assets4,592,9224,559,8584,626,4944,638,977
    - IFSC3,565,7413,562,0763,675,7743,693,856
    - Non-IFSC1,027,181997,782950,720945,121
 
Foreign Liabilities
  Direct Investment in Ireland 2782,239764,825744,386721,773
    - IFSC223,992218,926235,255215,411
    - Non-IFSC558,247545,899509,131506,362
  Portfolio Investment3,052,3843,048,8873,125,1053,129,920
    - IFSC2,398,4932,444,2222,531,7492,543,752
    - Non-IFSC653,891604,665593,356586,168
  Other Investment 31,231,9431,206,7621,195,4521,221,367
    - IFSC1,037,0921,010,5071,002,1511,033,015
    - Non-IFSC194,851196,255193,301188,352
Total Foreign Liabilities 5,066,5665,020,4745,064,9435,073,060
    - IFSC3,659,5773,673,6553,769,1553,792,178
    - Non-IFSC1,406,9891,346,8191,295,7881,280,882
 
Net International Investment Position (IIP)
  Direct Investment 242,98521,094-27,253-19,512
    - IFSC-141,130-139,371-156,692-141,473
    - Non-IFSC184,115160,465129,439121,961
  Portfolio Investment-497,174-440,163-426,514-402,723
    - IFSC4,6988,8417,71326,958
    - Non-IFSC-501,872-449,004-434,227-429,681
  Other Investment 3-22,834-45,14611,646-15,556
    - IFSC42,59618,95155,59816,193
    - Non-IFSC-65,430-64,097-43,952-31,749
  Reserve Assets3,3793,5993,6723,708
    - IFSC0000
    - Non-IFSC3,3793,5993,6723,708
Total (Net IIP)-473,644-460,616-438,449-434,083
    - IFSC-93,836-111,579-93,381-98,322
    - Non-IFSC-379,808-349,037-345,068-335,761
1Revised.
2Reflecting the 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.
Open in Excel: International Investment Position and External Debt March 2018 Table 4 (XLS 37KB)
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Table 5 International Investment Position (IIP) - 31 March 2018 - Reconciliation of IIP and BOP Flows € million
ItemOpening Position 01/01/181Bop Flows in QuarterValuation and Other ChangesClosing Position 31/03/18
Foreign Assets
 
  Direct Investment Abroad2717,1333,520-18,392 702,261
    Equity capital and reinvested earnings 645,662-4,050 -22,810 618,802
    Other capital71,4717,5714,41783,459
 
  Portfolio Investment 2,698,59180,507-51,901 2,727,197
    Equity 1,110,02229,066-26,889 1,112,199
    Debt instruments 1,588,56951,442-25,014 1,614,997
      Bonds and notes1,138,97733,949-20,725 1,152,201
      Money market instruments449,59317,493-4,290 462,796
 
  Other Investment 1,207,09831,514-32,801 1,205,811
    Loans, currency and deposits885,02022,547-22,766 884,801
    Other3322,0788,967-10,034 321,011
 
  Reserve Assets3,672-22 583,708
     
Total Foreign Assets4,626,494115,519-103,036 4,638,977
 
Foreign Liabilities
 
  Direct Investment in Ireland2744,386-22,818 205721,773
    Equity capital and reinvested earnings 672,1931,300-5,395 668,098
    Other capital72,193-24,118 5,60053,675
 
  Portfolio Investment 3,125,10573,057-68,242 3,129,920
    Equity 2,704,59462,573-58,935 2,708,232
    Debt instruments 420,51110,484-9,307 421,688
      Bonds and notes403,0277,658-9,253 401,432
      Money market instruments17,4842,826-54 20,256
 
  Other Investment 1,195,45251,604-25,689 1,221,367
    Loans, currency and deposits714,39934,571-15,944 733,026
    Other3481,05317,032-9,744 488,341
 
Total Foreign Liabilities5,064,943101,843-93,726 5,073,060
1Revised.
2Reflecting the 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.
Open in Excel: International Investment Position and External Debt March 2018 Table 5 (XLS 36KB)
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Table 6(a) - Gross External Debt1€ million
 31-Dec-172 31-Mar-18
ItemIFSCnon-IFSCTotal IFSCnon-IFSCTotal
General Government0133,089133,089 0138,884138,884
Short-term04,7094,709 07,1497,149
Money market instruments02,6612,661 05,1175,117
Loans & Deposits02,0482,048 02,0322,032
Long-term 0128,380128,380 0131,735131,735
Bonds and notes082,42082,420 085,90385,903
Loans045,96045,960 045,83245,832
 
Monetary Authority3017,64617,646017,48317,483
Short-term017,64617,646017,48317,483
Loans and deposits017,64617,646017,48317,483
Long-term 000000
Other debt liabilities000000
 
Monetary Financial Institutions4170,44225,562196,004 172,72125,824198,545
Short-term115,33018,828134,158 119,64518,198137,843
Money market instruments14,540014,540 14,933014,933
Loans and deposits100,79018,828119,618 104,71218,198122,910
 Long-term55,1126,73461,846 53,0767,62660,702
Bonds and notes22,1485,87228,020 21,4915,89827,389
Loans 14,34779415,141 12,9831,67114,654
Other debt liabilities18,6176818,685 18,6025718,659
 
Other Sectors51,075,218109,9961,185,2141,089,924105,3571,195,281
Short-term226,94349,098276,041243,24741,266284,513
Money market instruments154394548112354466
Loans and deposits 217,23412,127229,361234,20512,029246,234
Trade credits 9,55536,57746,1328,93028,88337,813
Long-term848,27560,898909,173846,67764,091910,768
Bonds and notes287,1225,465292,587282,6205,520288,140
Loans 262,23122,395284,626260,34423,538283,882
Other debt liabilities298,92233,038331,960303,71335,033338,746
 
Direct Investment6136,827462,594599,421173,594463,166636,760
Debt liabilities to affiliated enterprises 4,312174,584178,8964,326162,407166,733
Debt liabilities to direct investors132,515288,010420,525169,268300,759470,027
 
Gross External Debt1,382,487748,8872,131,372 1,436,239750,7142,186,952
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 investorsrefers to direct investment in Ireland.
Open in Excel: International Investment Position and External Debt March 2018 Table 6a (XLS 38KB)
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Table 6(b) - Debt Instrument Financial Assets1€ million
 31-Dec-172 31-Mar-18
ItemIFSCnon-IFSCTotal IFSCnon-IFSCTotal
General Government04,5454,54504,4224,422
Short-term01,1031,10301,0131,013
Money market instruments000000
Loans and deposits01,1031,10301,0131,013
Long-term 03,4423,44203,4093,409
Bonds and notes01,9561,95601,9231,923
Loans01,4861,48601,4861,486
 
Monetary Authority3027,03627,036036,82536,825
Short-term06,1346,134015,81815,818
Money market instruments01,2841,28401,2201,220
Loans and deposits04,8504,850014,59814,598
Long-term 020,90220,902021,00721,007
Bonds and notes020,90220,902021,00721,007
 
Monetary Financial Institutions4669,18048,626717,806665,93149,487715,418
Short-term581,71625,979607,695574,04224,019598,061
Money market instruments340,782371341,153345,871201346,072
Loans and deposits240,93425,608266,542228,17123,818251,989
 Long-term87,46422,647110,11191,88925,468117,357
Bonds and notes57,81316,70174,51459,12816,85975,987
Loans 16,9205,74922,66923,9128,40432,316
Other debt Assets12,73119712,9288,8492059,054
 
Other Sectors51,808,087144,9661,953,0531,823,722142,8761,966,598
Short-term332,09753,082385,179341,22055,247396,467
Money market instruments105,3951,761107,156113,5151,989115,504
Loans and deposits 203,99424,155228,149205,45925,219230,678
Trade credit assets 22,70827,16649,87422,24628,03950,285
Long-term1,475,99091,8841,567,8741,482,50287,6291,570,131
Bonds and notes1,001,35740,2481,041,6051,012,76940,5151,053,284
Loans 360,092129360,221352,595125352,720
Other debt Assets114,54151,507166,048117,13846,989164,127
 
Direct Investment6148,649450,050598,699194,514472,030666,544
Debt asset claims on affiliated enterprises 4,448245,919250,3674,645245,547250,192
Debt asset claims on direct investors144,201204,131348,332189,869226,483416,352
 
Reserve Assets01,7371,73701,7761,776
 
Debt Instrument Financial Assets2,625,916676,9603,302,8762,684,167707,4163,391,583
 
Net External Debt7-1,243,42971,663-1,171,504 -1,247,92843,038-1,204,631
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.
Open in Excel: International Investment Position and External Debt March 2018 Table 6b (XLS 38KB)
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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 Methodology Document (PDF 298KB)  

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