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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 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

Quarter 3 2016

     € billion
 30 Jun 201630 Sep 2016
 AssetsLiabilitiesNETAssetsLiabilitiesNET
General Government10.0139.0-129.110.6139.3-128.8
Monetary Authority21.019.81.221.814.27.6
Monetary Financial Institutions728.5709.419.1714.2704.110.1
Other Financial Intermediaries2,646.52,593.952.52,716.92,666.850.1
Non-Financial Companies732.81,165.0-432.2760.91,164.9-404.0
Total 4,138.84,627.2-488.44,224.44,689.4-465.0

Net IIP liability of €465 billion at end-September 2016

International Investment Position and External Debt September 2016 Fig 1
go to full release

 

 At 30th September 2016, Ireland’s quarterly international investment position (IIP) results show overall stocks of foreign financial assets of €4,224bn – an increase of €86bn on the end-June 2016 level, while the corresponding stocks of foreign financial liabilities increased by €62bn to €4,689bn over the quarter. Irish residents had an overall net foreign liability of €465bn at end-September 2016, a decrease of €23bn on the net foreign liability level at end-June 2016 – see Table 1a.

 

 

 

 

 

 

 

Some points of note in the Quarter 3 2016 IIP are:

  • Direct investment abroad increased by €13bn to €778bn. Equity capital (including reinvested earnings) decreased €3bn while other capital increased €16bn – see Table 3(a).
  • Foreign assets of Other Financial Intermediaries increased by €70bn. With foreign liabilities increasing by €73bn the resulting net decreased to €50bn - see Table 1b.
  • Foreign assets of Monetary Authorities increased by €0.8bn while foreign liabilities decreased by €6bn. The resulting net increased to €8bn – see Table 1b.

 

X-axis labelDirect InvestmentPortfolio InvestmentOther InvestmentReserve AssetsNet IIP
Q32014124.6-411.3-22.51.3-308
Q42014167.5-463.8-17.51.4-312.4
Q12015101.7-685.5401.6-542.2
Q2201590.6-652.749.71.9-510.5
Q3201541.4-620.658.51.9-518.8
Q4201519.6-687.2134.42-531.3
Q12016-21.3-624.8137.92.9-505.2
Q2201612.6-607.4103.62.8-488.4
Q3201632.6-614.1113.53.1-465

 

Figure 2 shows the net IIP over time along with the contribution of each instrument type to it. We can see that direct investment has a positive contribution again this quarter after it’s negative contribution in Q1 2016. Portfolio investment has had a negative contribution for the last nine quarters. In Q3 2014 and Q4 2014 other investment had a negative contribution while over the following quarters this has become positive. Reserve assets have a positive contribution but this is very small relative to the other instrument types.

X-axis labelGeneral GovernmentMonetary Financial InstitutionsOther Financial IntermediariesNon-Financial Companies
30 Jun 2016540477483685
30 Sep 2016582417528725

 

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:

  • €582bn issued by foreign Governments
  • €417bn issued by foreign Monetary Financial Institutions (including Money Market Investment Funds)
  • €528bn issued by foreign Other Financial Intermediaries (including Non-Money Market Investment Funds)
  • €725bn 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
Q42015717.2321139.946207.88919.287142.503
Q12016690.9821113.383203.00317.41144.63
Q22016700.1481041.1201.16819.79138.631
Q32016642.7161034.232207.3314.227138.921

 

Gross External Debt 1 is €2 trillion at end-September 2016 

At 30th September 2016, the gross external debt of all resident sectors (i.e. general government, the monetary authority, financial and non-financial corporations and households) amounted to €2,037bn. This represents a decrease of €63bn 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 2016 (€2,101bn) – see Table 6a. Points of note are:

  • General government foreign borrowing remained the same as end-June 2016 at €139bn.
  • Liabilities of the Monetary Authority consisting entirely of short term loans and deposits amounted to €14bn. 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 €207bn at end-September 2016, an increase of €6bn on the end-June 2016 stock level.
  • The liabilities of Other sectors at €1,034bn decreased €7bn on the previous quarter. Short term debt decreased by €3bn while long term debt decreased by €4bn.
  • Direct investment liabilities decreased by€57bn to €643bn in the quarter.
  • The Net External Debt position was -€925bn at end-September 2016 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 2014Q4 2014Q1 2015Q2 2015Q3 2015Q4 2015Q1 2016Q2 2016Q3 2016
Foreign Assets       
  Direct Investment Abroad 1465,742510,178753,537747,912705,983815,202768,344765,136778,305
  Portfolio Investment1,869,3971,936,5192,153,8672,122,1192,039,3662,157,1172,098,2822,187,2872,253,181
  Other Investment 21,074,8391,188,5241,234,9841,205,3531,194,4141,298,8051,275,4811,183,6271,189,810
  Reserve Assets1,2501,4261,6371,9091,8732,0132,9282,7713,128
  Total Foreign Assets3,411,2283,636,6474,144,0254,077,2933,941,6364,273,1374,145,0354,138,8214,224,424
          
Foreign Liabilities         
  Direct Investment in Ireland 1341,149342,700651,870657,331664,556795,644789,602752,532745,753
  Portfolio Investment2,280,7192,400,3282,839,3392,774,8102,659,9532,844,3142,723,0722,794,6582,867,295
  Other Investment 21,097,3811,206,0491,194,9891,155,6831,135,8801,164,4381,137,5931,080,0151,076,333
  Total Foreign Liabilities 3,719,2493,949,0774,686,1984,587,8244,460,3894,804,3964,650,2674,627,2054,689,381
 
Net International Investment Position (IIP)         
  Direct Investment 1124,593167,478101,66790,58141,42719,558-21,25812,60432,552
  Portfolio Investment-411,322-463,809-685,472-652,691-620,587-687,197-624,790-607,371-614,114
  Other Investment 2-22,542-17,52539,99549,67058,534134,367137,888103,612113,477
  Reserve Assets1,2501,4261,6371,9091,8732,0132,9282,7713,128
          
  Total (Net IIP)-308,021-312,430-542,173-510,531-518,753-531,259-505,232-488,384-464,957
1Reflecting the so-called directional principle for reclassifying Direct Investment (see background notes).
2Includes financial derivatives and trade credits; in the case of liabilities this category also includes life insurance liabilities to non-residents.
Table 1(b) International Investment Position (IIP) classified by Institutional Sector € million
ItemQ2 2014Q3 2014Q4 2014Q1 2015Q2 2015Q3 2015Q4 2015Q1 2016Q2 2016Q3 2016
Foreign Assets         
  General Government13,04313,73910,81711,74411,08210,96710,7529,9989,97310,576
  Monetary Authority 120,61220,76220,78118,96218,72618,72220,94520,71421,03721,839
  Monetary Financial Institutions 2691,620720,342716,441768,631712,668710,480745,707709,600728,516714,199
  Other Sectors32,454,0602,656,3852,888,6093,344,6883,334,8163,201,4673,495,7333,404,7233,379,2963,477,809
    of which:          
      Other Financial Intermediaries2,033,5782,195,4772,381,3142,591,7172,592,3492,498,3022,693,3632,668,2892,646,4582,716,920
      Non-Financial Companies4420,482460,908507,295752,971742,467703,165802,370736,434732,838760,889
Total Foreign Assets3,179,3343,411,2283,636,6474,144,0254,077,2933,941,6364,273,1374,145,0354,138,8214,224,424
          
Foreign Liabilities          
  General Government141,764145,554142,474146,857144,100146,041142,914145,032139,038139,326
  Monetary Authority 144,85439,24438,75834,26926,87218,86919,28717,41019,79014,227
  Monetary Financial Institutions 2699,454729,735718,978764,372702,766702,403732,821692,528709,398704,116
  Other Sectors32,593,3452,804,7143,048,8673,740,7003,714,0873,593,0753,909,3753,795,2983,758,9793,831,713
    of which:          
      Other Financial Intermediaries2,006,9872,157,4302,350,6762,559,3572,544,6192,457,9412,657,0232,620,1322,593,9472,666,801
      Non-Financial Companies4586,358647,284698,1911,181,3431,169,4681,135,1341,252,3521,175,1661,165,0321,164,912
Total Foreign Liabilities 3,479,4173,719,2493,949,0774,686,1984,587,8244,460,3894,804,3964,650,2674,627,2054,689,381
          
Net International Investment Position (IIP)          
  General Government-128,721 -131,815 -131,657 -135,113 -133,018 -135,074 -132,162 -135,034 -129,065 -128,750
  Monetary Authority 1-24,242 -18,482 -17,977 -15,307 -8,146 -147 1,6583,3041,2477,612
  Monetary Financial Institutions 2-7,834 -9,393 -2,537 4,2599,9028,07712,88617,07219,11810,083
  Other Sectors3-139,285 -148,329 -160,258 -396,012 -379,271 -391,608 -413,642 -390,575 -379,683 -353,904
    of which:          
      Other Financial Intermediaries26,59138,04730,63832,36047,73040,36136,34048,15752,51150,119
      Non-Financial Companies4-165,876 -186,376 -190,896 -428,372 -427,001 -431,969 -449,982 -438,732 -432,194 -404,023
Total (Net IIP)-300,083 -308,021 -312,430 -542,173 -510,531 -518,753 -531,259 -505,232 -488,384 -464,957
1Central Bank of Ireland.
2Covering licensed credit institutions and money market funds.
3Other sectors includes financial corporations other than the Monetary Authority and Monetary Financial Institutions, non-financial service and manufacturing
companies and other industrial enterprises as well as (implicitly) households (see Background Notes). The gross liabilities to non-residents of financial
corporations covered in other sectors tend to be very significant.
4Including households.
Table 2 International Investment Position (IIP) - IFSC and non-IFSC activity by Institutional Sector € million
 30 Jun 2016 30 Sep 2016
ItemIFSCnon-IFSCTotal IFSCnon-IFSCTotal
Foreign Assets       
  General Government09,9739,973 010,57610,576
  Monetary Authority 1021,03721,037 021,83921,839
  Monetary Financial Institutions 2659,08869,428728,516 646,67167,528714,199
  Other Sectors 32,518,457860,8393,379,296 2,587,076890,7333,477,809
    of which:       
      Other Financial Intermediaries2,518,457128,0012,646,458 2,587,076129,8442,716,920
      Non-Financial Companies40732,838732,838 0760,889760,889
Total Foreign Assets3,177,545961,2764,138,821 3,233,747990,6764,224,424
        
Foreign Liabilities       
  General Government0139,038139,038 0139,326139,326
  Monetary Authority 1019,79019,790 014,22714,227
  Monetary Financial Institutions 2646,24863,150709,398 640,34963,767704,116
  Other Sectors 32,640,3141,118,6653,758,979 2,713,2501,118,4633,831,713
    of which:       
      Other Financial Intermediaries2,640,314-46,367 2,593,947 2,713,250-46,449 2,666,801
      Non-Financial Companies401,165,0321,165,032 01,164,9121,164,912
Total Foreign Liabilities 3,286,5621,340,6434,627,205 3,353,5991,335,7824,689,381
       
Net International Investment Position (IIP)       
  General Government0-129,065 -129,065  0-128,750 -128,750
  Monetary Authority 101,2471,247 07,6127,612
  Monetary Financial Institutions 212,8406,27819,118 6,3223,76110,083
  Other Sectors 3-121,857 -257,826 -379,683  -126,174 -227,730 -353,904
    of which:       
      Other Financial Intermediaries-121,857 174,36852,511 -126,174 176,29350,119
      Non-Financial Companies40-432,194 -432,194  0-404,023 -404,023
Total (Net IIP)-109,017 -379,367 -488,384  -119,852 -345,107 -464,957
1Central Bank of Ireland.
2Covering licensed credit institutions and money market funds.
3Other sectors includes financial corporations other than the Monetary Authority and Monetary Financial Institutions, non-financial
service and manufacturing companies and other industrial enterprises as well as (implicitly) households (see Background Notes).
The gross liabilities to non-residents of financial corporations covered in other sectors tend to be very significant.
4Including households.
Table 3(a) International Investment Position (IIP) - Detailed Data  € million
ItemQ4 2015Q1 2016Q2 2016Q3 2016
Foreign Assets   
  Direct Investment Abroad 1815,202768,344765,136778,305
    Equity capital and reinvested earnings 729,484684,388700,259697,474
    Other capital85,71883,95664,87780,830
     
  Portfolio Investment 2,157,1172,098,2822,187,2872,253,181
    Equity 844,562803,311827,714871,279
        Monetary authority 20000
        General government4,0024,3263,6544,237
        Monetary financial institutions 32,4541,7372,1302,519
        Other sectors838,106797,248821,931864,523
     
    Debt instruments1,312,5551,294,9711,359,5731,381,902
      Bonds and notes879,740883,504947,000963,751
        Monetary authority 215,60714,82315,24514,762
        General government5705951,3611,887
        Monetary financial institutions3121,174116,063125,490108,880
        Other sectors742,389752,024804,905838,223
     
      Money market instruments432,816411,467412,572418,150
        Monetary authority 22,3952,6512,5482,067
        General government0000
        Monetary financial institutions 3326,133302,599303,622300,569
        Other sectors104,287106,217106,402115,514
     
  Other Investment 1,298,8051,275,4811,183,6271,189,810
    Loans, currency and deposits874,285851,340819,128827,796
        Monetary authority 29303124731,010
        General government4,5383,2893,1872,648
        Monetary financial institutions 3263,674257,477263,123266,061
        Other sectors605,143590,262552,345558,077
     
    Trade Credits49,99645,01049,04446,592
        General government0000
        Other sectors49,99645,01049,04446,592
     
    Other assets 4374,524379,131315,456315,423
        Monetary authority 2000873
        General government1,5111,6581,6411,674
        Monetary financial institutions 328,08027,65929,95931,808
        Other sectors344,933349,814283,856281,068
     
  Reserve assets2,0132,9282,7713,128
    Monetary gold178198217217
    Special drawing rights829806819814
    Reserve Position in the IMF3299991,0151,009
    Foreign Exchange324338
    Other674923716749
     
Total Foreign Assets4,273,1374,145,0354,138,8214,224,424
1Reflecting the so-called directional principle for reclassifying Direct Investment (see background notes).
2Central Bank of Ireland.
3Covering licensed credit institutions and money market funds.
4Includes financial derivatives.
Table 3(b) International Investment Position (IIP) - Detailed Data  € million
ItemQ4 2015Q1 2016Q2 2016Q3 2016
Foreign Liabilities  
  Direct Investment in Ireland 1795,644789,602752,532745,753
    Equity capital and reinvested earnings 546,067564,073559,366594,394
    Other capital249,577225,529193,166151,360
     
  Portfolio Investment 2,844,3142,723,0722,794,6582,867,295
    Equity 2,311,4392,193,5232,291,9872,376,266
        Monetary authority 20000
        General government0000
        Monetary financial institutions3454,975419,635436,376424,798
        Other sectors1,856,4631,773,8891,855,6111,951,468
     
    Debt instruments532,875529,549502,672491,029
      Bonds and notes514,048511,023484,059472,642
        Monetary authority 20000
        General government86,80188,48382,27581,983
        Monetary financial institutions327,97326,66825,45224,742
        Other sectors399,274395,872376,332365,917
     
      Money market instruments18,82718,52618,61318,387
        Monetary authority 20000
        General government1,0512,2682,4303,160
        Monetary financial institutions312,92613,34815,02813,745
        Other sectors4,8502,9101,1551,482
     
  Other Investment 1,164,4381,137,5931,080,0151,076,333
    Loans, currency and deposits602,731587,704583,679560,110
        Monetary authority 219,28717,41019,79014,227
        General government54,65253,87953,92653,778
        Monetary financial institutions3158,064156,197152,645159,545
        Other sectors370,728360,219357,317332,561
     
    Trade Credits30,35827,63026,16934,621
        General government0000
        Other sectors30,35827,63026,16934,621
     
    Other liabilities 4531,349522,259470,168481,601
        Monetary authority 20000
        General government278271275274
        Monetary financial institutions333,94232,14735,58336,169
        Other sectors497,130489,841434,310445,158
     
Total Foreign Liabilities4,804,3964,650,2674,627,2054,689,381
1Reflecting the so-called directional principle for reclassifying Direct Investment (see background notes).
2Central Bank of Ireland.
3Covering licensed credit institutions and money market funds.
4Includes financial derivatives and also includes life insurance liabilities to non-residents.
Table 4 International Investment Position (IIP) showing IFSC and non–IFSC activity  € million
ItemQ4 2015Q1 2016Q2 2016Q3 2016
Foreign Assets
  Direct Investment Abroad 1815,202768,344765,136778,305
    - IFSC84,68391,32390,93573,260
    - Non-IFSC730,519677,021674,201705,045
  Portfolio Investment2,157,1172,098,2822,187,2872,253,181
    - IFSC2,016,2121,957,9382,043,1822,105,997
    - Non-IFSC140,905140,344144,105147,184
  Other Investment 21,298,8051,275,4811,183,6271,189,810
    - IFSC1,148,8651,137,7181,043,4281,054,490
    - Non-IFSC149,940137,763140,199135,320
  Reserve Assets2,0132,9282,7713,128
    - IFSC0000
    - Non-IFSC2,0132,9282,7713,128
Total Foreign Assets4,273,1374,145,0354,138,8214,224,424
    - IFSC3,249,7603,186,9793,177,5453,233,747
    - Non-IFSC1,023,377958,056961,276990,676
     
Foreign Liabilities    
  Direct Investment in Ireland 1795,644789,602752,532745,753
    - IFSC215,286225,329210,747241,458
    - Non-IFSC580,358564,273541,785504,295
  Portfolio Investment2,844,3142,723,0722,794,6582,867,295
    - IFSC2,196,8092,122,6322,190,9672,230,864
    - Non-IFSC647,505600,440603,691636,431
  Other Investment 21,164,4381,137,5931,080,0151,076,333
    - IFSC961,605945,106884,848881,277
    - Non-IFSC202,833192,487195,167195,056
Total Foreign Liabilities 4,804,3964,650,2674,627,2054,689,381
    - IFSC3,373,7003,293,0673,286,5623,353,599
    - Non-IFSC1,430,6961,357,2001,340,6431,335,782
     
Net International Investment Position (IIP)    
  Direct Investment 119,558-21,25812,60432,552
    - IFSC-130,603-134,006-119,812-168,198
    - Non-IFSC150,161112,748132,416200,750
  Portfolio Investment-687,197-624,790-607,371-614,114
    - IFSC-180,597-164,694-147,785-124,867
    - Non-IFSC-506,600-460,096-459,586-489,247
  Other Investment 2134,367137,888103,612113,477
    - IFSC187,260192,612158,580173,213
    - Non-IFSC-52,893-54,724-54,968-59,736
  Reserve Assets2,0132,9282,7713,128
    - IFSC0000
    - Non-IFSC2,0132,9282,7713,128
Total (Net IIP)-531,259-505,232-488,384-464,957
    - IFSC-123,940-106,088-109,017-119,852
    - Non-IFSC-407,319-399,144-379,367-345,107
1Reflecting the so-called directional principle for reclassifying Direct Investment (see background notes).
2Includes financial derivatives and trade credits; in the case of liabilities this category also includes life insurance
liabilities to non-residents.
Table 5 International Investment Position (IIP) - 30 September 2016 - Reconciliation of IIP and BOP Flows € million
ItemOpening Position 01/07/16 Bop Flows in Quarter Valuation and Other Changes Closing Position 30/09/16
Foreign Assets 
 
  Direct Investment Abroad1765,136 1,091 12,078 778,305
    Equity capital and reinvested earnings 700,259 -94  -2,691  697,474
    Other capital64,877 1,185 14,768 80,830
        
  Portfolio Investment 2,187,287 34,865 31,029 2,253,181
    Equity 827,714 11,689 31,876 871,279
    Debt instruments 1,359,573 23,176 -847  1,381,902
      Bonds and notes947,000 14,730 2,021 963,751
      Money market instruments412,572 8,445 -2,867  418,150
        
  Other Investment 1,183,627 -1,713  7,896 1,189,810
    Loans, currency and deposits819,128 -14,138  22,806 827,796
    Other2364,501 12,425 -14,911  362,015
        
  Reserve Assets2,771 370 -13  3,128
        
Total Foreign Assets4,138,821 34,613 50,990 4,224,424
        
Foreign Liabilities       
        
  Direct Investment in Ireland1752,532 -4,712  -2,067  745,753
    Equity capital and reinvested earnings 559,366 17,083 17,945 594,394
    Other capital193,166 -21,795  -20,011  151,360
        
  Portfolio Investment 2,794,658 23,629 49,008 2,867,295
    Equity 2,291,987 29,605 54,674 2,376,266
    Debt instruments 502,672 -5,976  -5,667  491,029
      Bonds and notes484,059 -6,161  -5,256  472,642
      Money market instruments18,613 185 -411  18,387
        
  Other Investment 1,080,015 5,189 -8,871  1,076,333
    Loans, currency and deposits583,679 2,228 -25,797  560,110
    Other2496,337 2,962 16,923 516,222
        
Total Foreign Liabilities4,627,205 24,106 38,070 4,689,381
1Reflecting the so-called directional principle for reclassifying Direct Investment (see background notes).
2Includes financial derivatives and trade credits; in the case of liabilities this category also includes life insurance liabilities to non-residents.
Table 6(a) Gross External Debt1€ million
30 Jun 2016 30 Sep 2016
ItemIFSC non-IFSC Total IFSC non-IFSC Total
General Government0 138,631 138,631 0 138,921 138,921
  Short-term0 4,706 4,706 0 5,348 5,348
    Money market instruments0 2,430 2,430 0 3,160 3,160
    Loans0 2,276 2,276 0 2,188 2,188
  Long-term 0 133,925 133,925 0 133,573 133,573
    Bonds and notes0 82,275 82,275 0 81,983 81,983
    Loans0 51,650 51,650 0 51,590 51,590
            
Monetary Authority20 19,790 19,790 0 14,227 14,227
  Short-term0 19,790 19,790 0 14,227 14,227
    Loans and deposits0 19,790 19,790 0 14,227 14,227
  Long-term 0 0 0 0 0 0
    Other debt liabilities0 0 0 0 0 0
            
Monetary Financial Institutions3162,247 38,921 201,168 168,147 39,183 207,330
  Short-term* * 145,401 * * 150,943
    Money market instruments* * 15,028 * * 13,745
    Loans and deposits100,291 30,082 130,373 106,369 30,829 137,198
  Long-term * * 55,767 * * 56,387
    Bonds and notes18,901 6,551 25,452 17,871 6,871 24,742
    Loans20,288 1,984 22,272 21,184 1,163 22,347
    Other debt liabilities* * 8,043 * * 9,298
            
Other Sectors4953,179 87,921 1,041,100 940,836 93,396 1,034,232
  Short-term* * 213,131 * * 210,479
    Money market instruments* * 1,155 * * 1,482
    Loans and deposits175,186 10,621 185,807 165,539 8,837 174,376
    Trade credits 13,208 12,961 26,169 12,593 22,028 34,621
  Long-term * * 827,969 * * 823,753
    Bonds and notes* * 376,332 * * 365,917
    Loans146,023 25,487 171,510 132,927 25,256 158,183
    Other debt liabilities247,538 32,589 280,127 268,701 30,952 299,653
            
Direct Investment5181,274 518,874 700,148 192,229 450,487 642,716
    Debt liabilities to affiliated enterprises 4,106 127,693 131,799 4,237 130,562 134,799
    Debt liabilities to direct investors177,168 391,181 568,349 187,992 319,925 507,917
            
Gross External Debt1,296,700 804,137 2,100,838 1,301,212 736,214 2,037,426
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.
Table 6(b) External Assets in Debt Instruments1€ million
30 Jun 201630 Sep 2016
ItemIFSC non-IFSC Total IFSC non-IFSC Total
General Government0 4,548 4,548 0 4,535 4,535
  Short-term0 1,691 1,691 0 1,152 1,152
    Money market instruments0 0 0 0 0 0
    Loans and Deposits0 1,691 1,691 0 1,152 1,152
  Long-term 0 2,857 2,857 0 3,383 3,383
    Bonds and notes0 1,361 1,361 0 1,887 1,887
    Loans0 1,496 1,496 0 1,496 1,496
            
Monetary Authority20 18,266 18,266 0 17,839 17,839
  Short-term0 3,021 3,021 0 3,077 3,077
    Money market instruments0 2,548 2,548 0 2,067 2,067
    Loans and deposits0 473 473 0 1,010 1,010
  Long-term 0 15,245 15,245 0 14,762 14,762
    Bonds and notes0 15,245 15,245 0 14,762 14,762
            
Monetary Financial Institutions3638,639 57,686 696,325 626,007 55,413 681,420
  Short-term* * 537,917 * * 538,193
    Money market instruments* * 303,622 * * 300,569
    Loans and deposits201,195 33,100 234,295 206,980 30,644 237,624
  Long-term * * 158,408 * * 143,227
    Bonds and notes108,323 17,167 125,490 91,616 17,264 108,880
    Loans21,918 6,909 28,827 21,513 6,924 28,437
    Other debt Assets* * 4,091 * * 5,910
            
Other Sectors41,507,360 127,849 1,635,209 1,560,318 124,598 1,684,916
  Short-term289,910 44,691 334,601 301,010 41,724 342,734
    Money market instruments105,590 812 106,402 114,257 1,257 115,514
    Loans and deposits159,372 19,783 179,155 162,001 18,627 180,628
    Trade credit assets 24,948 24,096 49,044 24,752 21,840 46,592
  Long-term 1,217,450 83,158 1,300,608 1,259,308 82,874 1,342,182
    Bonds and notes* * 804,904 * * 838,222
    Loans* * 373,190 * * 377,449
    Other debt Assets80,690 41,824 122,514 84,985 41,526 126,511
            
Direct Investment5192,647 379,210 571,857 201,194 370,992 572,186
    Debt asset claims on affiliated enterprises5,416 191,259 196,675 5,214 210,415 215,629
    Debt asset claims on direct investors187,231 187,951 375,182 195,980 160,577 356,557
            
Reserve Assets0 720 720 0 1,087 1,087
            
External Assets in Debt Instruments2,338,646 588,279 2,926,925 2,387,519 574,464 2,961,983
            
Net External Debt6-1,041,946 215,858 -826,087 -1,086,307 161,750 -924,557
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.

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 Quarterly International Investment Position and External Debt - Background Notes Quarterly International Investment Position and External Debt - Background Notes (PDF 298KB)  

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