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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 Visit StatCentral.ie, the portal to Ireland's official statistics On-line ISSN 2009-5317
CSO statistical release, 15 December 2017, 11am

Quarterly International Investment Position and External Debt

Quarter 3 2017

     € billion
 30 Jun 201730 Sep 2017
 AssetsLiabilitiesNETAssetsLiabilitiesNET
General Government10.4141.9-131.510.5141.5-131.0
Monetary Authority35.216.718.433.416.916.4
Monetary Financial Institutions733.9714.619.3733.4701.432.0
Other Financial Intermediaries2,879.92,847.632.32,857.32,830.127.2
Non-Financial Companies788.11,226.1-438.0742.01,185.0-443.0
Total 4,447.64,947.0-499.44,376.74,875.0-498.3

Net IIP liability of €498 billion at end-September 2017

International Investment Position and External Debt Q3 2017 Figure 1
go to full release

At 30th September 2017, Ireland’s quarterly international investment position (IIP) results show overall stocks of foreign financial assets of €4,377bn – a decrease of €71bn on the end-June 2017 level, while the corresponding stocks of foreign financial liabilities decreased by €72bn to €4,875bn over the quarter. Irish residents had an overall net foreign liability of €498bn at end-September 2017, an increase of €1bn on the net foreign liability level at end-June 2017 – see Table 1(a).

Some points of note in the Quarter 3 2017 IIP are:

  • Direct Investment Abroad decreased by €48bn to €779bn. Equity capital (including reinvested earnings) decreased €57bn while other capital increased €9bn - see Table 3(a).
  • Foreign Assets of Other Financial Intermediaries decreased by €23bn. With foreign liabilities decreasing by €17bn the resulting net decreased to €27bn - see Table (1b).
  • Foreign Assets of the Monetary Authority decreased by €2bn while foreign liabilities increased by €0.2bn. The resulting net decreased to €16.4bn - see Table (1b).
X-axis labelDirect InvestmentPortfolio InvestmentOther InvestmentReserve AssetsNet IIP
Q3201562.068-623.80862.8881.873-496.979
Q4201519.699-690.525158.282.013-510.533
Q12016-18.757-637.447159.9672.937-493.3
Q22016-0.158-609.039125.022.762-481.415
Q3201627.069-617.735106.8033.128-480.735
Q42016-0.882-587.866100.7123.384-484.652
Q1201719.68-571.06752.453.294-495.643
Q2201751.875-630.07475.4043.379-499.416
Q3201721.943-556.46432.6063.599-498.316

Figure 2 shows the net IIP over time along with the contribution of each instrument type to it. Net Portfolio Investment grew just €73.6bn while Net Other Investment fell by €42.8bn or 57%. Reserve Assets grew slightly but have been stable for the last four quarters.

X-axis labelGeneral GovernmentMonetary Financial InstitutionsOther Financial IntermediariesNon-Financial Companies
31 Mar 2017634477607788
30 Jun 2017608452615784
30 Sep 2017618461631801

For Portfolio Investment assets, equity and debt securities (see Table 3(a) for this breakdown), the sector of the non-resident issuer is collected. Analysing this data shows that Irish residents hold debt as follows:

  • €618bn issued by foreign Governments
  • €461bn issued by foreign Monetary Financial Institutions (including Money Market Investment Funds)
  • €631bn issued by foreign Other Financial Intermediaries (including Non-Money Market Investment Funds)
  • €801bn 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
Q42016674.3861079.553205.58317.832134.272
Q12017646.341060.743204.03516.678139.457
Q22017654.3221017.208204.32516.744141.498
Q32017636.1641041.264197.86116.946141.114

Gross External Debtremains at €2.03 trillion at end-September 2017.

At 30th September 2017, the gross external debt of all resident sectors (i.e. general government, the monetary authority, financial and non-financial corporations and households) amounted to €2,033bn. This represents an increase of less than €1bn 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 2017 (€2,034bn) – see Table 6(a).

Points of note are:

  • General government foreign borrowing fell by less than €0.5bn to €141bn at end-September 2017.
  • Liabilities of the Monetary Authority consisting entirely of short term loans and deposits increased just over €0.2bn to €16.9bn. 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) fell €6.5bn to €197.9bn at end-September 2017.
  • The liabilities of Other sectors at €1,042bn increased €24bn on the previous quarter. This was made up of a fall in long term debt of €25bn and a rise in short term debt of €49bn.
  • Direct investment liabilities decreased by €18bn to €636bn in the quarter.
  • The Net External Debt position was -€1,088bn at end-September 2017 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
ItemQ4 2015Q1 2016Q2 2016Q3 2016Q4 2016Q1 2017Q2 2017 Q3 2017
Foreign Assets    
  Direct Investment Abroad 1835,530786,006772,789796,434798,787830,315826,914778,897
  Portfolio Investment2,155,6162,086,7772,181,6932,245,1162,348,5042,506,3902,460,0042,511,322
  Other Investment 21,313,2921,284,5201,208,6611,207,9471,215,8941,179,3451,157,2511,082,878
  Reserve Assets2,0132,9372,7623,1283,3843,2943,3793,599
  Total Foreign Assets4,306,4514,160,2404,165,9054,252,6254,366,5694,519,3444,447,5484,376,696
         
Foreign Liabilities        
  Direct Investment in Ireland1815,831804,763772,947769,365799,669810,635775,039756,954
  Portfolio Investment2,846,1412,724,2242,790,7322,862,8512,936,3703,077,4573,090,0783,067,786
  Other Investment 21,155,0121,124,5531,083,6411,101,1441,115,1821,126,8951,081,8471,050,272
  Total Foreign Liabilities 4,816,9844,653,5404,647,3204,733,3604,851,2215,014,9874,946,9644,875,012
   
Net International Investment Position (IIP)        
  Direct Investment119,699-18,757-15827,069-88219,68051,87521,943
  Portfolio Investment-690,525-637,447-609,039-617,735-587,866-571,067-630,074-556,464
  Other Investment 2158,280159,967125,020106,803100,71252,45075,40432,606
  Reserve Assets2,0132,9372,7623,1283,3843,2943,3793,599
         
  Total (Net IIP)-510,533-493,300-481,415-480,735-484,652-495,643-499,416-498,316
1Reflecting the 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
ItemQ4 2015Q1 2016Q2 2016Q3 2016Q4 2016Q1 2017Q2 2017 Q3 2017
Foreign Assets    
  General Government10,7529,9989,97310,52010,25410,50610,41310,527
  Monetary Authority 121,81722,02522,52325,38623,73129,22035,19233,383
  Monetary Financial Institutions 2746,888687,752735,110715,347746,958753,656733,931733,426
  Other Sectors33,526,9953,440,4653,398,2993,501,3723,585,6263,725,9623,668,0143,599,361
    of which:        
      Other Financial Intermediaries2,701,4562,678,8322,640,3922,716,6742,789,1272,914,7592,879,9332,857,341
      Non-Financial Companies4825,539761,633757,907784,698796,499811,203788,081742,019
Total Foreign Assets4,306,4514,160,2404,165,9054,252,6254,366,5694,519,3444,447,5504,376,696
        
Foreign Liabilities        
  General Government142,914146,658138,674139,570134,688139,871141,900141,510
  Monetary Authority 119,28717,41019,79016,44717,83216,67816,74416,946
  Monetary Financial Institutions 2735,368678,318718,197706,290724,226726,419714,609701,441
  Other Sectors33,919,4143,811,1543,770,6583,871,0523,974,4764,132,0184,073,7104,015,115
    of which:        
      Other Financial Intermediaries2,669,9162,635,0802,593,3742,670,6902,725,6162,867,5702,847,6252,830,134
      Non-Financial Companies41,249,4981,176,0741,177,2841,200,3621,248,8601,264,4481,226,0851,184,982
Total Foreign Liabilities 4,816,9844,653,5404,647,3204,733,3604,851,2215,014,9874,946,9634,875,012
        
Net International Investment Position (IIP)        
  General Government-132,162 -136,660 -128,701 -129,050 -124,434 -129,365 -131,487 -130,984
  Monetary Authority 12,5304,6152,7338,9395,89912,54218,44816,437
  Monetary Financial Institutions 211,5209,43416,9139,05722,73227,23719,32231,985
  Other Sectors3-392,419 -370,689 -372,359 -369,680 -388,850 -406,056 -405,696 -415,755
    of which:        
      Other Financial Intermediaries31,54043,75247,01845,98463,51147,18932,30827,208
      Non-Financial Companies4-423,959 -414,441 -419,377 -415,664 -452,361 -453,245 -438,004 -442,962
Total (Net IIP)-510,533 -493,300 -481,415 -480,735 -484,652 -495,643 -499,413 -498,316
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 2017 30 Sep 2017
ItemIFSCnon-IFSCTotal IFSCnon-IFSCTotal
Foreign Assets       
  General Government010,41310,413 010,52710,527
  Monetary Authority1035,19235,192 033,38333,383
  Monetary Financial Institutions2677,12556,806733,931 675,75657,670733,426
  Other Sectors32,747,338920,6763,668,014 2,719,735879,6253,599,360
    of which:       
      Other Financial Intermediaries2,747,338132,5952,879,933 2,719,735137,6062,857,341
      Non-Financial Companies40788,081788,081 0742,019742,019
Total Foreign Assets3,424,4631,023,0874,447,550 3,395,491981,2054,376,696
        
Foreign Liabilities       
  General Government0141,900141,900 0141,510141,510
  Monetary Authority1016,74416,744 016,94616,946
  Monetary Financial Institutions2662,93551,674714,609 658,88442,557701,441
  Other Sectors32,873,0921,200,6184,073,710 2,867,0741,148,0424,015,116
    of which:       
      Other Financial Intermediaries2,873,092-25,467 2,847,625 2,867,074-36,940 2,830,134
      Non-Financial Companies401,226,0851,226,085 01,184,9821,184,982
Total Foreign Liabilities 3,536,0271,410,9374,946,964 3,525,9581,349,0564,875,014
       
Net International Investment Position (IIP)       
  General Government0-131,487 -131,487  0-130,983 -130,983
  Monetary Authority1018,44818,448 016,43716,437
  Monetary Financial Institutions214,1905,13219,322 16,87215,11331,985
  Other Sectors 3-125,754 -279,942 -405,696  -147,339 -268,417 -415,756
    of which:       
      Other Financial Intermediaries-125,754 158,06232,308 -147,339 174,54627,207
      Non-Financial Companies40-438,004 -438,004  0-442,963 -442,963
Total (Net IIP)-111,564 -387,852 -499,414  -130,467 -367,853 -498,318
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 2016Q1 2017Q2 2017Q3 2017
Foreign Assets  
  Direct Investment Abroad1798,787830,315826,914778,897
    Equity capital and reinvested earnings 725,008738,614753,746696,893
    Other capital73,77991,70173,16882,004
     
  Portfolio Investment 2,348,5042,506,3902,460,0042,511,322
    Equity 916,776976,156990,0511,028,375
        Monetary authority20000
        General government4,2594,1034,2424,254
        Monetary financial institutions32,1702,0632,0111,723
        Other sectors910,348969,989983,7981,022,398
    
    Debt instruments1,431,7281,530,2341,469,9531,482,947
      Bonds and notes991,6381,070,6241,049,0011,055,065
        Monetary authority216,86118,57219,72420,229
        General government1,9171,9311,9271,944
        Monetary financial institutions3104,34494,93883,53878,835
        Other sectors868,516955,183943,811954,057
     
      Money market instruments440,091459,611420,952427,882
        Monetary authority21,8741,9381,9651,458
        General government0000
        Monetary financial institutions3333,910351,896327,460329,835
        Other sectors104,306105,77791,52796,589
     
  Other Investment 1,215,8941,179,3451,157,2531,082,875
    Loans, currency and deposits844,074783,782791,162796,568
        Monetary authority27404,5449,2537,225
        General government2,1812,4422,4712,483
        Monetary financial institutions3271,514273,569290,623294,449
        Other sectors569,639503,227488,815492,411
     
    Trade Credits51,97447,63647,99645,528
        General government0000
        Other sectors51,97447,63647,99645,528
    
    Other assets4319,846347,928318,096240,782
        Monetary authority2872872872872
        General government1,8601,9941,7361,808
        Monetary financial institutions330,24825,89225,14723,799
        Other sectors286,866319,170290,341214,303
     
  Reserve assets3,3843,2943,3803,599
    Monetary gold201212199199
    Special drawing rights817829830792
    Reserve Position in the IMF1,0291,025985966
    Foreign Exchange379461571695
    Other956764792945
     
Total Foreign Assets4,366,5694,519,3444,447,5514,376,693
1Reflecting the 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 2016Q1 2017Q2 2017Q3 2017
Foreign Liabilities 
  Direct Investment in Ireland1799,669810,635775,039756,954
    Equity capital and reinvested earnings 706,545748,828706,603701,963
    Other capital93,12461,80768,43554,992
     
  Portfolio Investment 2,936,3703,077,4573,090,0783,067,786
    Equity 2,449,7102,594,4332,617,6002,621,942
        Monetary authority20000
        General government0000
        Monetary financial institutions3452,419459,680453,711449,462
        Other sectors1,997,2912,134,7532,163,8892,172,480
    
    Debt instruments486,660483,024472,477445,844
      Bonds and notes472,303464,906451,515425,900
        Monetary authority20000
        General government78,97782,46083,31683,926
        Monetary financial institutions318,47129,86329,86529,173
        Other sectors374,855352,583338,335312,801
     
      Money market instruments14,35718,11820,96219,943
        Monetary authority20000
        General government1,2873,1484,6753,692
        Monetary financial institutions312,55314,57715,41615,403
        Other sectors517393870849
     
  Other Investment 1,115,1821,126,8951,081,8471,050,272
    Loans, currency and deposits597,330560,214547,609589,005
        Monetary authority217,83216,67816,74416,946
        General government54,00853,84953,50753,496
        Monetary financial institutions3165,246149,445147,360140,619
        Other sectors360,246340,242329,996377,944
     
    Trade Credits40,05734,39333,51842,537
        General government0000
        Other sectors40,05734,39333,51842,537
     
    Other liabilities4477,796532,288500,721418,731
        Monetary authority20000
        General government283281271266
        Monetary financial institutions333,03630,87131,37831,537
        Other sectors444,477501,136469,071386,928
     
Total Foreign Liabilities4,851,2215,014,9874,946,9644,875,012
1Reflecting the 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 2016Q1 2017Q2 2017Q3 2017
Foreign Assets
  Direct Investment Abroad1798,787830,315826,914778,897
    - IFSC80,17784,55884,91780,226
    - Non-IFSC718,610745,757741,997698,671
  Portfolio Investment2,348,5042,506,3902,460,0042,511,322
    - IFSC2,196,4932,351,2162,307,0532,356,432
    - Non-IFSC152,011155,174152,951154,890
  Other Investment 21,215,8941,179,3451,157,2511,082,878
    - IFSC1,068,8091,042,0981,032,493958,833
    - Non-IFSC147,085137,247124,758124,045
  Reserve Assets3,3843,2943,3793,599
    - IFSC0000
    - Non-IFSC3,3843,2943,3793,599
Total Foreign Assets4,366,5694,519,3444,447,5484,376,696
    - IFSC3,345,4793,477,8723,424,4633,395,491
    - Non-IFSC1,021,0901,041,4721,023,085981,205
     
Foreign Liabilities    
  Direct Investment in Ireland1799,669810,635775,039756,954
    - IFSC238,962256,655214,970209,322
    - Non-IFSC560,707553,980560,069547,632
  Portfolio Investment2,936,3703,077,4573,090,0783,067,786
    - IFSC2,310,5072,416,0862,437,3562,465,229
    - Non-IFSC625,863661,371652,722602,557
  Other Investment21,115,1821,126,8951,081,8471,050,272
    - IFSC907,322926,190883,701851,407
    - Non-IFSC207,860200,705198,146198,865
Total Foreign Liabilities 4,851,2215,014,9874,946,9644,875,012
    - IFSC3,456,7913,598,9313,536,0273,525,958
    - Non-IFSC1,394,4301,416,0561,410,9371,349,054
     
Net International Investment Position (IIP)    
  Direct Investment 1-88219,68051,87521,943
    - IFSC-158,785-172,097-130,053-129,096
    - Non-IFSC157,903191,777181,928151,039
  Portfolio Investment-587,866-571,067-630,074-556,464
    - IFSC-114,014-64,870-130,303-108,797
    - Non-IFSC-473,852-506,197-499,771-447,667
  Other Investment 2100,71252,45075,40432,606
    - IFSC161,487115,908148,792107,426
    - Non-IFSC-60,775-63,458-73,388-74,820
  Reserve Assets3,3843,2943,3793,599
    - IFSC0000
    - Non-IFSC3,3843,2943,3793,599
Total (Net IIP)-484,652-495,643-499,416-498,316
    - IFSC-111,312-121,059-111,564-130,467
    - Non-IFSC-373,344-374,586-387,854-367,851
1Reflecting the 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 2017 - Reconciliation of IIP and BOP Flows       € million
ItemOpening Position 01/07/17 Bop Flows in Quarter Valuation and Other Changes Closing Position 30/09/17
Foreign Assets 
 
  Direct Investment Abroad1826,914 10,943 -58,960  778,897
    Equity capital and reinvested earnings 753,746 -2,582  -54,271  696,893
    Other capital73,168 13,525 -4,689  82,004
        
  Portfolio Investment 2,460,004 63,741 -12,423  2,511,322
    Equity 990,051 26,558 11,766 1,028,375
    Debt instruments 1,469,953 37,184 -24,190  1,482,947
      Bonds and notes1,049,001 20,376 -14,312  1,055,065
      Money market instruments420,952 16,808 -9,878  427,882
        
  Other Investment 1,157,251 22,924 -97,297  1,082,878
    Loans, currency and deposits791,161 15,700 -10,292  796,569
    Other2366,090 7,224 -87,004  286,310
        
  Reserve Assets3,379 235 -15  3,599
        
Total Foreign Assets4,447,548 97,843 -168,695  4,376,696
        
Foreign Liabilities       
        
  Direct Investment in Ireland1775,039 9,802 -27,887  756,954
    Equity capital and reinvested earnings 706,603 19,817 -24,457  701,963
    Other capital68,435 -10,015  -3,428  54,992
        
  Portfolio Investment 3,090,078 58,718 -81,010  3,067,786
    Equity 2,617,600 69,718 -65,376  2,621,942
    Debt instruments 472,477 -11,000  -15,633  445,844
      Bonds and notes451,515 -10,071  -15,544  425,900
      Money market instruments20,962 -929  -90  19,943
        
  Other Investment 1,081,847 21,467 -53,042  1,050,272
    Loans, currency and deposits547,609 10,774 30,622 589,005
    Other2534,239 10,692 -83,663  461,268
        
Total Foreign Liabilities4,946,964 89,987 -161,939  4,875,012
1Reflecting the 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.       
3Revised due to error, 18/12/2017       
Table 6(a) Gross External Debt1€ million
30 Jun 201730 Sep 2017
ItemIFSC non-IFSC Total IFSC non-IFSC Total
General Government0 141,498 141,498 0 141,114 141,114
  Short-term0 6,742 6,742 0 5,753 5,753
    Money market instruments0 4,675 4,675 0 3,692 3,692
    Loans0 2,067 2,067 0 2,061 2,061
  Long-term 0 134,756 134,756 0 135,361 135,361
    Bonds and notes0 83,316 83,316 0 83,926 83,926
    Loans0 51,440 51,440 0 51,435 51,435
 0 0 0 0 0 0
Monetary Authority20 16,744 16,744 0 16,946 16,946
  Short-term0 16,744 16,744 0 16,946 16,946
    Loans and deposits0 16,744 16,744 0 16,946 16,946
  Long-term 0 0 0 0 0 0
    Other debt liabilities0 0 0 0 0 0
            
Monetary Financial Institutions3174,881 29,444 204,325 170,906 26,955 197,861
  Short-term124,528 22,397 146,925 120,559 20,103 140,662
    Money market instruments15,416 0 15,416 15,403 0 15,403
    Loans and deposits109,112 22,397 131,509 105,156 20,103 125,259
  Long-term 50,353 7,047 57,400 50,347 6,852 57,199
    Bonds and notes24,062 5,803 29,865 23,445 5,728 29,173
    Loans14,697 1,154 15,851 14,301 1,058 15,359
    Other debt liabilities11,594 90 11,684 12,601 66 12,667
            
Other Sectors4910,753 106,455 1,017,208 932,349 108,915 1,041,264
  Short-term171,527 35,443 206,970 211,302 44,551 255,853
    Money market instruments193 677 870 193 656 849
    Loans and deposits161,410 11,172 172,582 201,212 11,255 212,467
    Trade credits 9,924 23,594 33,518 9,897 32,640 42,537
  Long-term 739,226 71,012 810,238 721,047 64,364 785,411
    Bonds and notes331,821 6,514 338,335 307,476 5,325 312,801
    Loans133,409 24,005 157,414 142,312 23,165 165,477
    Other debt liabilities273,996 40,493 314,489 271,259 35,874 307,133
            
Direct Investment5168,150 486,172 654,322 162,861 473,303 636,164
    Debt liabilities to affiliated enterprises 4,362 181,111 185,473 4,445 178,328 182,773
    Debt liabilities to direct investors163,788 305,061 468,849 158,416 294,975 453,391
            
Gross External Debt1,253,784 780,313 2,034,086 1,266,116 767,233 2,033,331
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 investors refers to direct investment in Ireland.
Table 6(b) External Assets in Debt Instruments1€ million
30 Jun 201730 Sep 2017
ItemIFSC non-IFSC Total IFSC non-IFSC Total
General Government0 4,398 4,398 0 4,427 4,427
  Short-term0 981 981 0 993 993
    Money market instruments0 0 0 0 0 0
    Loans and Deposits0 981 981 0 993 993
  Long-term 0 3,417 3,417 0 3,434 3,434
    Bonds and notes0 1,927 1,927 0 1,944 1,944
    Loans0 1,490 1,490 0 1,490 1,490
    
Monetary Authority20 30,942 30,942 0 28,912 28,912
  Short-term0 11,218 11,218 0 8,683 8,683
    Money market instruments0 1,965 1,965 0 1,458 1,458
    Loans and deposits0 9,253 9,253 0 7,225 7,225
  Long-term 0 19,724 19,724 0 20,229 20,229
    Bonds and notes0 19,724 19,724 0 20,229 20,229
    
Monetary Financial Institutions3660,947 48,184 709,131 660,336 50,067 710,403
  Short-term568,749 24,108 592,857 572,534 25,167 597,701
    Money market instruments327,070 390 327,460 329,464 371 329,835
    Loans and deposits241,679 23,718 265,397 243,070 24,796 267,866
  Long-term 92,198 24,076 116,274 87,802 24,900 112,702
    Bonds and notes66,398 17,140 83,538 61,557 17,278 78,835
    Loans18,477 6,749 25,226 19,158 7,425 26,583
    Other debt Assets7,323 187 7,510 7,087 197 7,284
    
Other Sectors41,585,607 113,994 1,699,601 1,598,385 115,478 1,713,863
  Short-term276,765 50,334 327,099 306,901 50,658 357,559
    Money market instruments89,723 1,804 91,527 94,733 1,856 96,589
    Loans and deposits165,098 22,478 187,576 190,561 24,881 215,442
    Trade credit assets 21,944 26,052 47,996 21,607 23,921 45,528
  Long-term 1,308,842 63,660 1,372,502 1,291,484 64,820 1,356,304
    Bonds and notes905,466 38,345 943,811 914,913 39,144 954,057
    Loans301,121 118 301,239 276,851 117 276,968
    Other debt Assets102,255 25,197 127,452 99,720 25,559 125,279
            
Direct Investment5202,105 456,949 659,054 199,884 463,291 663,175
    Debt asset claims on affiliated enterprises5,022 253,619 258,641 4,809 259,967 264,776
    Debt asset claims on direct investors197,083 203,330 400,413 195,075 203,324 398,399
            
Reserve Assets0 1,363 1,363 0 1,640 1,640
            
External Assets in Debt Instruments2,448,659655,830 3,104,489 2,458,605663,815 3,122,420
        
Net External Debt6-1,194,875 124,483 -1,070,403 -1,192,489 103,418 -1,089,089
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.

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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