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For more information on this release:
E-mail: bop@cso.ie John Sheridan (+353) 1 498 4258 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 3 2015

     € billion
 30 Jun 201530 Sep 2015
 AssetsLiabilitiesNETAssetsLiabilitiesNET
General Government11.0134.0-123.011.3133.8-122.6
Monetary Authority18.726.9-8.118.918.9-0.0
Monetary Financial Institutions742.1702.839.3741.5702.439.1
Other Financial Intermediaries2,294.92,240.554.42,178.92,125.953.0
Non-Financial Companies688.1812.2-124.1648.0776.8-128.8
Total 3,754.93,916.3-161.53,598.53,757.8-159.3

Net IIP liability of €159 billion at end-September 2015

International Investment Position and External Debt September 2015 Figure 1
go to full release

 

At 30th September 2015, Ireland’s quarterly international investment position (IIP) results show overall stocks of foreign financial assets of €3,599bn – a decrease of €156bn on the end-June 2015 level, while the corresponding stocks of foreign financial liabilities decreased by €158bn to €3,758bn over the quarter. Irish residents had an overall net foreign liability of €159bn at end-September 2015, a decrease of €2bn on the net foreign liability level at end-June 2015 – see Table 1a.

 

 

 

Some points of note in the Quarter 3 2015 IIP are

  • Direct investment abroad decreased by €40bn to €661bn. Equity capital (including reinvested earnings) decreased €59bn while other capital increased €19bn – see Table 3(a).
  • Foreign assets of Other Financial Intermediaries decreased by €116bn. With foreign liabilities decreasing by €115bn the resulting net liability decreased to €53bn - see Table 1b.
  • Foreign assets of Monetary Authorities increased by €0.1bn while foreign liabilities decreased by €8bn. The resulting net liability decreased to €6mn – see Table 1b.
X-axis labelGeneral GovernmentMonetary Financial IntermediariesOther Financial IntermediariesNon-Financial Companies
30 Jun 2015442485496696
30 Sep 2015456478465651

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:

  • €456bn issued by foreign Governments
  • €478bn issued by foreign Monetary Financial Institutions (including Money Market Investment Funds)
  • €465bn issued by foreign Other Financial Intermediaries (including Non-Money Market Investment Funds)
  • €651bn issued by foreign Non-Financial Companies

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 Portfolio Investment release

X-axis labelDirect InvestmentOther SectorsMonetary Financial InstitutionsMonetary AuthorityGeneral Government
30 Sep 2014335.473800.596260.56239.244134.372
31 Dec 2014371.015822.636251.35138.758130.574
31 Mar 2015410.919900.079243.4434.269132.794
30 Jun 2015432.057896.016229.59726.872134.005

Figure 3 shows the net IIP over time along with the contribution of each instrument type to it. We can see that in the last six quarters while direct investment has a positive contribution both portfolio investment and other investment have a negative contribution. Reserve assets have a positive contribution but this is very small relative to the other instrument types.

 

X-axis labelDirect InvestmentOther SectorsMonetary Financial InstitutionsMonetary AuthorityGeneral Government
30 Sep 2014335.473800.596260.56239.244134.372
31 Dec 2014371.015822.636251.35138.758130.574
31 Mar 2015410.919900.079243.4434.269132.794
30 Jun 2015432.057896.016229.59726.872134.005

Gross External Debt 1 is €1.65 trillion at end-June 2015

At 30th September 2015, the gross external debt of all resident sectors (i.e. general government, the monetary authority, financial and non-financial corporations and households) amounted to €1,648bn. This represents a decrease of €70bn 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 June 2015 (€1,719bn) – see Table 6a. Points of note are:

  • General government foreign borrowing decreased by €0.5bn to €133.5bn at end-September 2015.
  • Liabilities of the Monetary Authority consisting entirely of short term loans and deposits amounted to €18.9bn. 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 €214bn at end-September 2015, a decrease of €15.7bn on the end-June 2015 stock level.
  • The liabilities of Other sectors at €880bn decreased €15.7bn on the previous quarter. Short term debt decreased by €3.1bn while long term debt decreased by €12.6bn.
  • Direct investment liabilities decreased by €30bn to €402bn in the quarter.
  • The Net External Debt position was -€980bn at end-September 2015 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. 

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
ItemQ3 2013Q4 2013Q1 2014Q2 2014Q3 2014Q4 2014Q1 2015Q2 2015Q3 2015
Foreign Assets         
  Direct Investment Abroad 1335,132390,651400,936435,069475,372522,824714,072701,856661,362
  Portfolio Investment1,593,6781,625,3841,686,8821,749,3441,871,2691,935,1182,155,2942,121,0122,038,455
  Other Investment 2834,856791,672807,206825,465859,668871,308957,099930,075896,846
  Reserve Assets1,2131,1781,1921,2061,2501,4261,6371,9091,872
  Total Foreign Assets2,764,8792,808,8852,896,2163,011,0843,207,5593,330,6763,828,1023,754,8523,598,535
          
Foreign Liabilities         
  Direct Investment in Ireland 1284,508284,907268,155280,914307,285311,508327,025325,635334,007
  Portfolio Investment1,805,3241,859,4761,906,2422,012,5842,150,6242,261,9372,685,0472,622,1302,495,971
  Other Investment 2914,353886,881925,045926,165955,135954,3331,000,951968,570927,817
  Total Foreign Liabilities 3,004,1853,031,2643,099,4423,219,6633,413,0443,527,7784,013,0233,916,3353,757,795
 
Net International Investment Position (IIP)
  Direct Investment 150,624105,744132,781154,155168,087211,316387,047376,221327,355
  Portfolio Investment-211,646-234,092-219,360-263,240-279,355-326,819-529,753-501,118-457,516
  Other Investment 2-79,497-95,209-117,839-100,700-95,467-83,025-43,852-38,495-30,971
  Reserve Assets1,2131,1781,1921,2061,2501,4261,6371,9091,872
          
  Total (Net IIP)-239,306-222,379-203,226-208,579-205,485-197,102-184,921-161,483-159,260
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 Q3 2015 Table 1(a) (XLS 32KB)
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Table 1(b) International Investment Position (IIP) classified by Institutional Sector € million
ItemQ3 2013Q4 2013Q1 2014Q2 2014Q3 2014Q4 2014Q1 2015Q2 2015Q3 2015
Foreign Assets         
  General Government17,11317,95416,50713,06313,76210,84410,79811,03811,288
  Monetary Authority 120,28720,40120,54320,61220,76220,78118,98018,72618,863
  Monetary Financial Institutions 2633,278605,385713,310722,683743,160749,588805,544742,095741,463
  Other Sectors 32,094,2022,165,1452,145,8572,254,7262,429,8752,549,4622,992,7782,982,9922,826,921
    of which:         
      Other Financial Intermediaries1,773,9441,785,7351,750,7151,824,7051,963,1942,031,6622,288,9602,294,8972,178,876
      Non-Financial Companies4320,258379,410395,142430,021466,681517,800703,818688,095648,045
Total Foreign Assets2,764,8792,808,8852,896,2163,011,0843,207,5593,330,6763,828,1023,754,8523,598,535
         
Foreign Liabilities         
  General Government129,794126,038129,664131,933134,373130,574132,794134,005133,844
  Monetary Authority 172,68771,59461,79044,85439,24438,75834,26926,87218,869
  Monetary Financial Institutions 2642,642617,348691,413699,088729,737718,979764,373702,766702,403
  Other Sectors 32,159,0632,216,2852,216,5782,343,7882,509,6922,639,4683,081,5883,052,6942,902,679
    of which:         
      Other Financial Intermediaries1,722,3251,730,8381,712,4121,795,3651,917,1921,993,2412,254,2982,240,4952,125,882
      Non-Financial Companies4436,738485,447504,166548,423592,500646,227827,290812,199776,797
Total Foreign Liabilities 3,004,1853,031,2643,099,4423,219,6633,413,0443,527,7784,013,0233,916,3353,757,795
         
Net International Investment Position (IIP)         
  General Government-112,681 -108,084 -113,157 -118,870 -120,611 -119,729 -121,996 -122,967 -122,556
  Monetary Authority1-52,400 -51,193 -41,247 -24,242 -18,482 -17,977 -15,289 -8,146 -6
  Monetary Financial Institutions 2-9,364 -11,963 21,89723,59513,42330,60941,17139,32939,060
  Other Sectors 3-64,861 -51,140 -70,721 -89,062 -79,817 -90,006 -88,810 -69,702 -75,758
    of which:         
      Other Financial Intermediaries51,61954,89738,30329,34046,00238,42134,66254,40252,994
      Non-Financial Companies4-116,480 -106,037 -109,024 -118,402 -125,819 -128,427 -123,472 -124,104 -128,752
Total (Net IIP)-239,306 -222,379 -203,226 -208,579 -205,485 -197,102 -184,921 -161,483 -159,260
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 Q3 2015 Table 1(b) (XLS 34KB)
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Table 2 International Investment Position (IIP) - IFSC and non-IFSC activity by Institutional Sector € million
 30 Jun 2015 30 sep 2015
ItemIFSCnon-IFSCTotal IFSCnon-IFSCTotal
Foreign Assets       
  General Government011,03811,038 011,28811,288
  Monetary Authority 1018,72618,726 018,86318,863
  Monetary Financial Institutions 2651,48090,615742,095 665,71575,748741,463
  Other Sectors 32,174,114808,8782,982,992 2,064,022762,8992,826,921
    of which:       
      Other Financial Intermediaries2,174,114120,7832,294,897 2,064,022114,8542,178,876
      Non-Financial Companies40688,095688,095 0648,045648,045
Total Foreign Assets2,825,594929,2583,754,852 2,729,737868,7983,598,535
        
Foreign Liabilities       
  General Government0134,005134,005 0133,844133,844
  Monetary Authority 1026,87226,872 018,86918,869
  Monetary Financial Institutions 2607,58495,182702,766 619,29183,112702,403
  Other Sectors 32,252,146800,5483,052,694 2,137,515765,1642,902,679
    of which:       
      Other Financial Intermediaries2,252,146-11,651 2,240,495 2,137,515-11,633 2,125,882
      Non-Financial Companies40812,199812,199 0776,797776,797
Total Foreign Liabilities 2,859,7301,056,6053,916,335 2,756,8061,000,9893,757,795
       
Net International Investment Position (IIP)       
  General Government0-122,967 -122,967  0-122,556 -122,556
  Monetary Authority 10-8,146 -8,146  0-6 -6
  Monetary Financial Institutions 243,896-4,567 39,329 46,424-7,364 39,060
  Other Sectors 3-78,032 8,330-69,702  -73,493 -2,265 -75,758
    of which:       
      Other Financial Intermediaries-78,032 132,43454,402 -73,493 126,48752,994
      Non-Financial Companies40-124,104 -124,104  0-128,752 -128,752
Total (Net IIP)-34,136 -127,347 -161,483  -27,069 -132,191 -159,260
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 Q3 2015 Table 2 (XLS 35KB)
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Table 3(a) International Investment Position (IIP) - Detailed Data  € million
ItemQ4 2014Q1 2015Q2 2015Q3 2015
Foreign Assets    
  Direct Investment Abroad 1522,824714,072701,856661,362
    Equity capital and reinvested earnings 444,890635,795643,624584,238
    Other capital77,93478,27758,23177,124
     
  Portfolio Investment 1,935,1182,155,2942,121,0122,038,455
    Equity 743,723851,319860,192798,161
        Monetary authority 20000
        General government3,5343,9713,3573,395
        Monetary financial institutions 32,9633,2263,2582,563
        Other sectors737,226844,122853,578792,203
     
    Debt instruments1,191,3951,303,9751,260,8191,240,294
      Bonds and notes792,661853,950840,705841,796
        Monetary authority 214,94813,51714,56014,694
        General government580605569573
        Monetary financial institutions 3126,040119,743115,192110,883
        Other sectors651,093720,084710,382715,646
     
      Money market instruments398,734450,026420,115398,498
        Monetary authority 23,8723,1522,0901,935
        General government0000
        Monetary financial institutions 3277,303310,615285,588301,440
        Other sectors117,559136,259132,43795,123
     
  Other Investment 871,308957,099930,075896,846
    Loans, currency and deposits642,333692,274671,025654,655
        Monetary authority 2535674167362
        General government6,5515,7795,5365,198
        Monetary financial institutions 3272,239296,294277,383265,105
        Other sectors363,009389,527387,937383,990
     
    Trade Credits41,31342,00543,38639,737
        General government0000
        Other sectors41,31342,00543,38639,737
     
    Other assets 4187,662222,821215,664202,454
        Monetary authority 20000
        General government493131,4441,992
        Monetary financial institutions 367,23571,64656,81858,098
        Other sectors120,378150,862157,402142,364
     
  Reserve assets1,4261,6371,9091,872
    Monetary gold180201191183
    Special drawing rights776836818815
    Reserve Position in the IMF308332325324
    Foreign Exchange3433
    Other159264572547
     
Total Foreign Assets3,330,6763,828,1023,754,8523,598,535
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 Q3 2015 Table 3(a) (XLS 34KB)
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Table 3(b) International Investment Position (IIP) - Detailed Data  € million
ItemQ4 2014Q1 2015Q2 2015Q3 2015
Foreign Liabilities   
  Direct Investment in Ireland 1311,508327,025325,635334,007
    Equity capital and reinvested earnings 339,260355,681363,321382,201
    Other capital-27,752-28,657-37,685-48,194
     
  Portfolio Investment 2,261,9372,685,0472,622,1302,495,971
    Equity 1,938,5262,341,8002,274,8092,149,259
        Monetary authority 20000
        General government0000
        Monetary financial institutions 3379,955435,262397,610414,806
        Other sectors1,558,5701,906,5381,877,1991,734,453
     
    Debt instruments323,412343,247347,321346,712
      Bonds and notes309,548327,101331,731328,858
        Monetary authority 20000
        General government65,06073,65275,28576,044
        Monetary financial institutions 334,45829,46229,50630,027
        Other sectors210,030223,987226,940222,787
     
      Money market instruments13,86416,14715,58917,854
        Monetary authority 20000
        General government2,7564,7324,0412,882
        Monetary financial institutions 37,2967,5437,64111,086
        Other sectors3,8123,8713,9063,886
     
  Other Investment 954,3331,000,951968,570927,817
    Loans, currency and deposits551,179535,988511,569478,291
        Monetary authority 238,75834,26926,87218,869
        General government62,75854,41054,57254,533
        Monetary financial institutions 3197,785198,013186,876164,482
        Other sectors251,879249,296243,250240,407
     
    Trade Credits17,74517,81117,54617,597
        General government0000
        Other sectors17,74517,81117,54617,597
     
    Other liabilities 4385,408447,152439,455431,929
        Monetary authority20000
        General government00106253
        Monetary financial institutions 345,36541,75134,45135,362
        Other sectors340,043405,401404,898396,314
     
Total Foreign Liabilities3,527,7784,013,0233,916,3353,757,795
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 Q3 2015 Table 3(b) (XLS 34KB)
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Table 4 International Investment Position (IIP) showing IFSC and non–IFSC activity  € million
ItemQ4 2014Q1 2015Q2 2015Q3 2015
Foreign Assets
  Direct Investment Abroad 1522,824714,072701,856661,362
    - IFSC32,39737,12040,49540,898
    - Non-IFSC490,427676,952661,361620,464
  Portfolio Investment1,935,1182,155,2942,121,0122,038,455
    - IFSC1,789,1852,004,9881,976,6431,902,866
    - Non-IFSC145,933150,306144,369135,589
  Other Investment 2871,308957,099930,075896,846
    - IFSC759,067837,009808,456785,973
    - Non-IFSC112,241120,090121,619110,873
  Reserve Assets1,4261,6371,9091,872
    - IFSC0000
    - Non-IFSC1,4261,6371,9091,872
Total Foreign Assets3,330,6763,828,1023,754,8523,598,535
    - IFSC2,580,6492,879,1172,825,5942,729,737
    - Non-IFSC750,027948,985929,258868,798
     
Foreign Liabilities    
  Direct Investment in Ireland 1311,508327,025325,635334,007
    - IFSC112,865125,636124,119108,638
    - Non-IFSC198,643201,389201,516225,369
  Portfolio Investment2,261,9372,685,0472,622,1302,495,971
    - IFSC1,799,1622,030,0251,985,6461,912,204
    - Non-IFSC462,775655,022636,484583,767
  Other Investment 2954,3331,000,951968,570927,817
    - IFSC718,603774,446749,965735,964
    - Non-IFSC235,730226,505218,605191,853
Total Foreign Liabilities 3,527,7784,013,0233,916,3353,757,795
    - IFSC2,630,6302,930,1072,859,7302,756,806
    - Non-IFSC897,1481,082,9161,056,6051,000,989
     
Net International Investment Position (IIP)    
  Direct Investment 1211,316387,047376,221327,355
    - IFSC-80,468-88,516-83,624-67,740
    - Non-IFSC291,784475,563459,845395,095
  Portfolio Investment-326,819-529,753-501,118-457,516
    - IFSC-9,977-25,037-9,003-9,338
    - Non-IFSC-316,842-504,716-492,115-448,178
  Other Investment 2-83,025-43,852-38,495-30,971
    - IFSC40,46462,56358,49150,009
    - Non-IFSC-123,489-106,415-96,986-80,980
  Reserve Assets1,4261,6371,9091,872
    - IFSC0000
    - Non-IFSC1,4261,6371,9091,872
Total (Net IIP)-197,102-184,921-161,483-159,260
    - IFSC-49,981-50,990-34,136-27,069
    - Non-IFSC-147,121-133,931-127,347-132,191
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 Q3 2015 Table 4 (XLS 34KB)
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Table 5 International Investment Position (IIP) - 30 September 2015 - Reconciliation of IIP and BOP Flows € million
ItemClosing Position 01/07/15 Bop Flows in Quarter Valuation and Other Changes Closing Position 30/09/15
Foreign Assets 
 
  Direct Investment Abroad 1701,856 16,744 -57,238  661,362
    Equity capital and reinvested earnings 643,624 -2,482  -56,904  584,238
    Other capital58,231 19,226 -333  77,124
        
  Portfolio Investment 2,121,012 1,476 -84,033  2,038,455
    Equity 860,192 7,243 -69,274  798,161
    Debt instruments 1,260,819 -5,766  -14,759  1,240,294
      Bonds and notes840,705 15,190 -14,099  841,796
      Money market instruments420,115 -20,957  -660  398,498
        
  Other Investment 930,075 -34,384  1,155 896,846
    Loans, currency and deposits671,025 -10,996  -5,373  654,656
    Other 2259,050 -23,388  6,528 242,190
        
  Reserve Assets1,909 -25  -12  1,872
        
Total Foreign Assets3,754,852 -16,189  -140,128  3,598,535
        
Foreign Liabilities       
        
  Direct Investment in Ireland 1325,635 4,616 3,756 334,007
    Equity capital and reinvested earnings 363,321 19,147 -267  382,201
    Other capital-37,685  -14,531  4,022 -48,194
        
  Portfolio Investment 2,622,130 28,951 -155,110  2,495,971
    Equity 2,274,809 28,028 -153,578  2,149,259
    Debt instruments 347,321 923 -1,532  346,712
      Bonds and notes331,731 -1,720  -1,153  328,858
      Money market instruments15,589 2,643 -378  17,854
        
  Other Investment 968,570 -49,476  8,723 927,817
    Loans, currency and deposits511,569 -24,917  -8,361  478,291
    Other 2457,001 -24,559  17,084 449,526
        
Total Foreign Liabilities3,916,335 -15,909  -142,631  3,757,795
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 Q3 2015 Table 5 (XLS 34KB)
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Table 6(a) Gross External Debt1€ million
30 Jun 2015 30 Sep 2015
ItemIFSC non-IFSC Total IFSC non-IFSC Total
General Government0 134,005 134,005 0 133,459 133,459
  Short-term0 6,661 6,661 0 5,411 5,411
    Money market instruments0 4,041 4,041 0 2,882 2,882
    Loans0 2,620 2,620 0 2,529 2,529
  Long-term 0 127,344 127,344 0 128,048 128,048
    Bonds and notes0 75,285 75,285 0 76,044 76,044
    Loans0 52,059 52,059 0 52,004 52,004
            
Monetary Authority 20 26,872 26,872 0 18,869 18,869
  Short-term0 26,872 26,872 0 18,869 18,869
    Loans and deposits0 26,872 26,872 0 18,869 18,869
  Long-term 0 0 0 0 0 0
    Other debt liabilities0 0 0 0 0 0
            
Monetary Financial Institutions 3164,455 65,142 229,597 163,269 50,617 213,886
  Short-term* * 168,710 * * 153,856
    Money market instruments* * 7,641 * * 11,086
    Loans and deposits111,010 50,059 161,069 102,064 40,706 142,770
  Long-term * * 60,887 * * 60,030
    Bonds and notes20,725 8,781 29,506 21,351 8,676 30,027
    Loans19,640 6,166 25,806 20,684 1,028 21,712
    Other debt liabilities* * 5,575 * * 8,291
            
Other Sectors 4818,506 77,511 896,016 805,847 74,426 880,273
  Short-term* * 119,590 * * 116,433
    Money market instruments* * 3,906 * * 3,886
    Loans and deposits88,075 10,063 98,138 85,043 9,907 94,950
    Trade credits 8,423 9,123 17,546 8,452 9,145 17,597
  Long-term * * 776,426 * * 763,840
    Bonds and notes* * 226,940 * * 222,787
    Loans117,295 27,817 145,112 119,603 25,854 145,457
    Other debt liabilities378,983 25,391 404,374 371,385 24,211 395,596
            
Direct Investment 5198,077 233,980 432,057 164,565 237,088 401,653
    Debt liabilities to affiliated enterprises 5,953 105,317 111,270 4,552 104,646 109,198
    Debt liabilities to direct investors192,124 128,663 320,787 160,013 132,442 292,455
            
Gross External Debt1,181,038 537,510 1,718,548 1,133,681 514,459 1,648,140
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 Q3 2015 Table 6(a) (XLS 38KB)
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Table 6(b) External Assets in Debt Instruments 1€ million
30 Jun 201530 Sep 2015
ItemIFSC non-IFSC Total IFSC non-IFSC Total
General Government0 6,105 6,105 0 5,771 5,771
  Short-term0 4,006 4,006 0 3,668 3,668
    Money market instruments0 0 0 0 0 0
    Loans and Deposits0 4,006 4,006 0 3,668 3,668
  Long-term 0 2,099 2,099 0 2,103 2,103
    Bonds and notes0 569 569 0 573 573
    Loans0 1,530 1,530 0 1,530 1,530
            
Monetary Authority 20 16,817 16,817 0 16,991 16,991
  Short-term0 2,257 2,257 0 2,297 2,297
    Money market instruments0 2,090 2,090 0 1,935 1,935
    Loans and deposits0 167 167 0 362 362
  Long-term 0 14,560 14,560 0 14,694 14,694
    Bonds and notes0 14,560 14,560 0 14,694 14,694
            
Monetary Financial Institutions 3630,410 80,652 711,062 646,004 66,783 712,787
  Short-term* * 528,939 * * 536,077
    Money market instruments* * 285,588 * * 301,440
    Loans and deposits197,253 46,098 243,351 194,376 40,261 234,637
  Long-term * * 182,123 * * 176,710
    Bonds and notes92,873 22,320 115,193 92,974 17,909 110,883
    Loans23,038 10,994 34,032 22,944 7,524 30,468
    Other debt Assets* * 32,898 * * 35,359
            
Other Sectors 41,327,607 86,432 1,414,039 1,278,447 86,259 1,364,706
  Short-term299,447 35,184 334,631 254,127 35,372 289,499
    Money market instruments132,248 189 132,437 94,236 887 95,123
    Loans and deposits144,836 13,972 158,808 137,962 16,677 154,639
    Trade credit assets 22,363 21,023 43,386 21,929 17,808 39,737
  Long-term 1,028,160 51,248 1,079,408 1,024,320 50,887 1,075,207
    Bonds and notes* * 710,382 * * 715,646
    Loans* * 229,130 * * 229,353
    Other debt Assets134,166 5,730 139,896 124,658 5,550 130,208
            
Direct Investment 5230,682 297,292 527,974 212,247 314,724 526,971
    Debt asset claims on affiliated enterprises6,791 162,710 169,501 5,301 181,021 186,322
    Debt asset claims on direct investors223,891 134,582 358,473 206,946 133,703 340,649
            
Reserve Assets0 575 575 0 550 550
            
External Assets in Debt Instruments2,188,699 487,873 2,676,572 2,136,698 491,078 2,627,776
            
Net External Debt 6-1,007,661 49,637 -958,024 -1,003,017 23,381 -979,636
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 Q3 2015 Table 6(b) (XLS 39KB)
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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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