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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, , 11am

Quarterly International Investment Position and External Debt

Quarter 3 2018

€ billion
 30 Jun 201830 Sep 2018
 AssetsLiabilitiesNETAssetsLiabilitiesNET
General Government15.1145.9-130.825.0155.0-130.0
Monetary Authority48.117.630.547.018.029.0
Monetary Financial Institutions745.8707.938.0734.4692.242.2
Other Financial Intermediaries3,301.43,217.783.73,360.93,273.687.3
Non-Financial Companies747.21,204.5-457.4782.41,233.4-451.0
Total 4,857.65,293.7-436.14,949.85,372.2-422.4

Net IIP liability of €422 billion at end-September 2018

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

At 30th September 2018, Ireland's quarterly international investment position (IIP) results show overall stocks of foreign financial assets of €4,950bn - an increase of €92bn on the end-June 2018 level, while the corresponding stocks of foreign financial liabilities increased by €79bn to €5,372bn over the quarter. Irish residents had an overall net foreign liability of €422bn at end-September 2018, a decrease of €14bn in the net foreign liability level at end-June 2018 - see Table 1(a).

Some points of note in Quarter 3 2018 IIP are:

  • Direct Investment Abroad increased by €46bn to €824bn. Equity capital (including reinvested earnings) increased €40.2bn while other capital increased €5.5bn – see Table 3(a)
  • Foreign Assets of Other Financial Intermediaries increased by €60bn. With foreign liabilities increasing by €56bn, the resulting net increased to €87bn - see Table (1b).
  • Foreign Assets of the Monetary Authority decreased by €1.1bn, while foreign liabilities increased by €0.3bn. The resulting net decreased to €29bn - see Table (1b)
X-axis labelDirect InvestmentPortfolio InvestmentOther InvestmentReserve AssetsNet IIP
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
Q2 20184.2-439.9-4.23.8-436.1
Q3 201872.9-477.6-21.73.9-422.4

Figure 2 shows the net IIP over time along with the contribution of each instrument type to it.

  • Net Portfolio Investment fell €38bn to -€478bn. 
  • Net Other Investment fell €18bn to -€22bn.
  • Reserve Assets grew €0.1bn to €3.9bn.
X-axis labelGeneral GovernmentMonetary Financial InstitutionsOther Financial IntermediariesNon-Financial Companies
31 Dec 2017670476659893
31 Mar 2018683486681877
30 Jun 2018686470709938
30 Sep 2018691459712981

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:

  • €691bn issued by foreign Governments
  • €459bn issued by foreign Monetary Financial Institutions (including Money Market Investment Funds)
  • €712bn issued by foreign Other Financial Intermediaries (including Non-Money Market Investment Funds)
  • €981bn issued by foreign Non-Financial Companies
X-axis labelDirect InvestmentOther SectorsMonetary Financial InstitutionsMonetary AuthorityGeneral Government
Q4 2017599118519618133
Q1 2018637119519917139
Q2 2018653124420018146
Q3 2018657127119318155

Gross External Debtstands at €2.3 trillion at end-September 2018.

At 30th September 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 €2,294bn. This represents an increase of €33bn 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 2018 (€2,261bn) - see Table 6(a).

Points of note are:

  • General government foreign borrowing rose by €9bn to €155bn at end-September 2018.
  • Liabilities of the monetary authority consisting entirely of short term loans and deposits increased €0.3bn to €18bn. 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 €6.7bn to €193.3bn. 
  • The liabilities of Other sectors at €1,271bn increased €27bn on the previous quarter. This was made up of a rise in short-term debt of €15bn and a rise in long-term debt of €12bn.
  • Direct investment liabilities increased by €3bn to €657bn in the quarter.
  • The Net External Debt position was €1,262bn at end-September 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
ItemQ4 2016Q1 2017Q2 2017 Q3 2017 Q4 2017Q1 2018Q22018Q32018
Foreign Assets
  Direct Investment Abroad 1812,639844,382825,224785,919717,133702,261778,140823,744
  Portfolio Investment2,442,7752,602,9472,555,2102,608,7242,698,5912,727,1972,803,5142,843,647
  Other Investment 21,234,5391,222,6531,209,1091,161,6161,207,0981,205,8111,272,1901,278,483
  Reserve Assets3,3843,2943,3793,5993,6723,7083,7653,912
  Total Foreign Assets4,493,3374,673,2774,592,9224,559,8584,626,4944,638,9774,857,6094,949,786
 
Foreign Liabilities
  Direct Investment in Ireland 1797,521813,829782,239764,825744,386721,773773,907750,855 
  Portfolio Investment2,909,5003,043,4813,052,3843,048,8873,125,1053,129,9203,243,4473,321,234
  Other Investment 21,251,8861,284,8801,231,9431,206,7621,195,4521,221,3671,276,3461,300,142
  Total Foreign Liabilities 4,958,9085,142,1905,066,5665,020,4745,064,9435,073,0605,293,7015,372,231
 
Net International Investment Position (IIP)
  Direct Investment115,11830,55342,98521,094-27,253-19,5124,23372,889
  Portfolio Investment-466,725-440,534-497,174-440,163-426,514-402,723-439,933-477,587
  Other Investment2-17,347-62,227-22,834-45,14611,646-15,556-4,156-21,659
  Reserve Assets3,3843,2943,3793,5993,6723,7083,7653,912
 
  Total (Net IIP)-465,571-468,913-473,644-460,616-438,449-434,084-436,092-422,445
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 2016Q1 2017Q2 2017 Q3 2017 Q4 2017Q1 2018Q22018Q32018
Foreign Assets
  General Government10,20410,29010,37510,48910,48810,66615,10125,030
  Monetary Authority 123,73129,22035,19233,38331,57941,40448,10746,972
  Monetary Financial Institutions 2747,511754,706734,904734,402740,269734,560745,838734,415
  Other Sectors33,711,8903,879,0623,812,4513,781,5843,844,1583,852,3474,048,5624,143,369
    of which:
      Other Financial Intermediaries2,899,2293,062,0603,017,7743,019,6413,133,8703,163,1513,301,3803,360,948
      Non-Financial Companies4812,662817,002794,678761,943710,287689,196747,183782,422
Total Foreign Assets4,493,3374,673,2774,592,9224,559,8584,626,4944,638,9774,857,6094,949,786
 
Foreign Liabilities
  General Government134,688139,838142,036141,771133,218139,013145,942155,018
  Monetary Authority 117,83216,67816,74416,94617,64617,48317,63617,970
  Monetary Financial Institutions 2723,632725,149714,098701,663700,286697,247707,884692,191
  Other Sectors34,082,7564,260,5264,193,6884,160,0944,213,7934,219,3184,422,2394,507,052
    of which:
      Other Financial Intermediaries2,839,3412,992,7702,962,3752,968,6583,058,8093,082,1303,217,6963,273,604
      Non-Financial Companies41,243,4151,267,7551,231,3131,191,4361,154,9841,137,1881,204,5431,233,448
Total Foreign Liabilities 4,958,9085,142,1915,066,5665,020,4745,064,9435,073,0615,293,7015,372,231
 
Net International Investment Position (IIP)
  General Government-124,484 -129,548 -131,661 -131,282 -122,730 -128,347 -130,841 -129,988
  Monetary Authority 15,89912,54218,44816,43713,93323,92130,47129,002
  Monetary Financial Institutions 223,87929,55720,80632,73939,98337,31337,95442,224
  Other Sectors3-370,866 -381,464 -381,237 -378,510 -369,635 -366,971 -373,677 -363,683
    of which:
      Other Financial Intermediaries59,88869,29055,39950,98375,06181,02183,68487,344
      Non-Financial Companies4-430,753 -450,753 -436,635 -429,493 -444,697 -447,992 -457,360 -451,026
Total (Net IIP)-465,571 -468,913 -473,644 -460,616 -438,449 -434,084 -436,092 -422,445
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 June 2018 30 September 2018
ItemIFSCnon-IFSCTotal IFSCnon-IFSCTotal
Foreign Assets
  General Government015,10115,101 025,03025,030
  Monetary Authority1048,10748,107 046,97246,972
  Monetary Financial Institutions 2687,82658,012745,838 675,11659,299734,415
  Other Sectors33,126,643921,9204,048,563 3,200,875942,4954,143,370
    of which:
      Other Financial Intermediaries3,126,643174,7373,301,380 3,200,875160,0733,360,948
      Non-Financial Companies40747,183747,183 0782,422782,422
Total Foreign Assets3,814,4691,043,1404,857,609 3,875,9911,073,7954,949,786
 
Foreign Liabilities
  General Government0145,942145,942 0155,018155,018
  Monetary Authority1017,63617,636 017,97017,970
  Monetary Financial Institutions 2672,05735,827707,884 657,49834,693692,191
  Other Sectors33,239,9961,182,2434,422,239 3,308,3891,198,6634,507,052
    of which: 
      Other Financial Intermediaries3,239,996-22,300 3,217,696 3,308,389-34,785 3,273,604
      Non-Financial Companies401,204,5431,204,543 01,233,4481,233,448
Total Foreign Liabilities 3,912,0531,381,6485,293,701 3,965,8871,406,3445,372,231
 
Net International Investment Position (IIP)
  General Government0-130,841 -130,841  0-129,988 -129,988
  Monetary Authority1030,47130,471 029,00229,002
  Monetary Financial Institutions 215,76922,18537,954 17,61824,60642,224
  Other Sectors3-113,353 -260,323 -373,676  -107,514 -256,168 -363,682
    of which:
      Other Financial Intermediaries-113,353 197,03783,684 -107,514 194,85887,344
      Non-Financial Companies40-457,360 -457,360  0-451,026 -451,026
Total (Net IIP)-97,584 -338,508 -436,092  -89,896 -332,548 -422,445
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
ItemQ42017Q12018Q22018Q32018
Foreign Assets
  Direct Investment Abroad1717,133702,261778,140823,744
    Equity capital and reinvested earnings 645,662618,802671,749711,903
    Other capital71,47183,459106,390111,841
 
  Portfolio Investment 2,698,5912,727,1972,803,5142,843,647
    Equity 1,110,0221,112,1991,168,4121,206,975
        Monetary authority20000
        General government4,0834,3284,5054,546
        Monetary financial institutions32,129850820871
        Other sectors1,103,8091,107,0211,163,0871,201,558
 
    Debt instruments1,588,5691,614,9971,635,1021,636,672
      Bonds and notes1,138,9771,152,2011,178,8271,190,495
        Monetary authority220,90221,00721,02120,643
        General government1,9561,9231,9711,953
        Monetary financial institutions374,51475,98775,14976,218
        Other sectors1,041,6051,053,2841,080,6871,091,682
 
      Money market instruments449,593462,796456,275446,177
        Monetary authority 21,2841,2201,0781,106
        General government0000
        Monetary financial institutions 3341,153346,072341,900326,401
        Other sectors107,156115,504113,297118,671
 
  Other Investment 1,207,0981,205,8111,272,1901,278,483
    Loans, currency and deposits885,020884,800925,710935,110
        Monetary authority24,85014,59821,37220,440
        General government2,5892,4992,3092,335
        Monetary financial institutions3289,211284,305297,883301,406
        Other sectors588,370583,398604,146610,929
 
    Trade Credits49,87450,28551,97849,921
        General government0000
        Other sectors49,87450,28551,97849,921
 
    Other assets4272,206270,727294,503293,452
        Monetary authority2872872872872
        General government1,8231,8776,27816,159
        Monetary financial institutions327,57923,46424,83723,596
        Other sectors241,932244,514262,516252,825
 
  Reserve assets3,6723,7083,7653,912
    Monetary gold198197196187
    Special drawing rights776759773788
    Reserve Position in the IMF959953975973
    Foreign Exchange597641660575
    Other1,1421,1581,1611,389
 
Total Foreign Assets4,626,4944,638,9774,857,6094,949,786
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
ItemQ42017Q12018Q22018Q32018
Foreign Liabilities
  Direct Investment in Ireland1744,386721,773773,907750,855
    Equity capital and reinvested earnings 672,193668,098718,988731,023
    Other capital72,19353,67554,91919,832
 
  Portfolio Investment 3,125,1053,129,9203,243,4473,321,234
    Equity 2,704,5942,708,2322,818,3592,894,646
        Monetary authority20000
        General government0000
        Monetary financial institutions3453,993449,724459,905452,342
        Other sectors2,250,6012,258,5082,358,4542,442,304
 
    Debt instruments420,511421,688425,089426,588
      Bonds and notes403,027401,432405,034411,539
        Monetary authority20000
        General government82,42085,90388,07388,008
        Monetary financial institutions328,02027,38926,14925,486
        Other sectors292,587288,140290,812298,045
 
      Money market instruments17,48420,25620,05515,049
        Monetary authority20000
        General government2,3974,8575,1094,252
        Monetary financial institutions314,54014,93314,50710,382
        Other sectors548466439415
 
  Other Investment 1,195,4521,221,3671,276,3461,300,142
    Loans, currency and deposits714,399733,026752,539763,921
        Monetary authority217,64617,48317,63617,970
        General government48,00847,86447,86248,058
        Monetary financial institutions3134,759137,564141,595141,633
        Other sectors513,987530,115545,446556,260
 
    Trade Credits46,13237,81338,57044,905
        General government0000
        Other sectors46,13237,81338,57044,905
 
    Other liabilities4434,921450,528485,237491,316
        Monetary authority20000
        General government2642604,76814,569
        Monetary financial institutions335,42336,91135,91332,398
        Other sectors399,235413,356444,557444,350
 
Total Foreign Liabilities5,064,9435,073,0605,293,7015,372,231
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
ItemQ42017Q12018Q22018Q32018
Foreign Assets
  Direct Investment Abroad 1717,133702,261778,140823,744
    - IFSC78,56373,93879,39381,305
    - Non-IFSC638,570628,323698,747742,439
  Portfolio Investment2,698,5912,727,1972,803,5142,843,647
    - IFSC2,539,4622,570,7102,641,9542,682,866
    - Non-IFSC159,129156,487161,560160,781
  Other Investment 21,207,0981,205,8111,272,1901,278,483
    - IFSC1,057,7491,049,2081,093,1221,111,820
    - Non-IFSC149,349156,603179,068166,663
  Reserve Assets3,6723,7083,7653,912
    - IFSC0000
    - Non-IFSC3,6723,7083,7653,912
Total Foreign Assets4,626,4944,638,9774,857,6094,949,786
    - IFSC3,675,7743,693,8563,814,4693,875,991
    - Non-IFSC950,720945,1211,043,1401,073,795
 
Foreign Liabilities
  Direct Investment in Ireland 1744,386721,773773,907750,855
    - IFSC235,255215,411217,726223,891
    - Non-IFSC509,131506,362556,181526,964
  Portfolio Investment3,125,1053,129,9203,243,4473,321,234
    - IFSC2,531,7492,543,7522,614,5322,656,463
    - Non-IFSC593,356586,168628,915664,771
  Other Investment 21,195,4521,221,3671,276,3461,300,142
    - IFSC1,002,1511,033,0151,079,7941,085,533
    - Non-IFSC193,301188,352196,552214,609
Total Foreign Liabilities 5,064,9435,073,0605,293,7015,372,231
    - IFSC3,769,1553,792,1783,912,0523,965,887
    - Non-IFSC1,295,7881,280,8821,381,6481,406,344
 
Net International Investment Position (IIP)
  Direct Investment 1-27,253-19,5124,23372,889
    - IFSC-156,692-141,473-138,333-142,586
    - Non-IFSC129,439121,961142,566215,475
  Portfolio Investment-426,514-402,723-439,933-477,587
    - IFSC7,71326,95827,42226,403
    - Non-IFSC-434,227-429,681-467,355-503,990
  Other Investment 211,646-15,556-4,156-21,659
    - IFSC55,59816,19313,32826,287
    - Non-IFSC-43,952-31,749-17,484-47,946
  Reserve Assets3,6723,7083,7653,912
    - IFSC0000
    - Non-IFSC3,6723,7083,7653,912
Total (Net IIP)-438,449-434,084-436,092-422,445
    - IFSC-93,381-98,322-97,583-89,896
    - Non-IFSC-345,068-335,761-338,508-332,549
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) - 30th September 2018 - Reconciliation of IIP and BOP Flows € million
ItemOpening Position 01/07/18Bop Flows in QuarterValuation and Other ChangesClosing Position 30/09/18
Foreign Assets
 
  Direct Investment Abroad1778,1401,88243,722823,744
    Equity capital and reinvested earnings 671,7493,40136,753711,903
    Other capital106,390-1,520 6,971111,841
 
  Portfolio Investment 2,803,51425,26414,8692,843,647
    Equity 1,168,41211,92026,6431,206,975
    Debt instruments 1,635,10213,344-11,774 1,636,672
      Bonds and notes1,178,82721,720-10,052 1,190,495
      Money market instruments456,275-8,376 -1,722 446,177
 
  Other Investment 1,272,19038,898-32,605 1,278,483
    Loans, currency and deposits925,71014,950-5,549 935,111
    Other2346,48023,948-27,056 343,372
 
  Reserve Assets3,765209-62 3,912
 
Total Foreign Assets4,857,60966,25325,9244,949,786
 
Foreign Liabilities
 
  Direct Investment in Ireland1773,907-9,079 -13,973 750,855
    Equity capital and reinvested earnings 718,98813,621-1,586 731,023
    Other capital54,920-22,700 -12,388 19,832
 
  Portfolio Investment 3,243,44728,12449,6633,321,234
    Equity 2,818,35925,63450,6532,894,646
    Debt instruments 425,0892,490-991 426,588
      Bonds and notes405,0347,516-1,011 411,539
      Money market instruments20,055-5,025 1915,049
 
  Other Investment 1,276,34637,896-14,100 1,300,142
    Loans, currency and deposits752,53917,948-6,566 763,921
    Other2523,80719,948-7,534 536,221
 
Total Foreign Liabilities5,293,70156,94121,5895,372,231
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 6(a) - Gross External Debt1€ million
 30-Jun-18 30-Sep-18
ItemIFSCnon-IFSCTotal IFSCnon-IFSCTotal
General Government0145,811145,8110154,888154,888
Short-term011,92911,929020,87220,872
Money market instruments09,8769,876018,82118,821
Loans & Deposits02,0532,05302,0512,051
Long-term 0133,882133,8820134,016134,016
Bonds and notes088,07388,073088,00888,008
Loans045,80945,809046,00846,008
 
Monetary Authority 2017,63617,636017,97017,970
Short-term017,63617,636017,97017,970
Loans and deposits017,63617,636017,97017,970
Long-term 000000
Other debt liabilities000000
 
Monetary Financial Institutions 3173,66626,260199,926167,75425,499193,253
Short-term123,44018,847142,287120,00718,606138,613
Money market instruments14,507014,50710,382010,382
Loans and deposits108,93318,847127,780109,62518,606128,231
 Long-term50,2267,41357,63947,7476,89354,640
Bonds and notes20,0526,09726,14919,6195,86725,486
Loans 12,5541,26113,81512,48891413,402
Other debt liabilities17,6205517,67515,64011215,752
 
Other Sectors 41,135,505108,7351,244,2401,153,795117,5161,271,311
Short-term248,44742,172290,619257,03048,394305,424
Money market instruments384014398407415
Loans and deposits 239,66111,949251,610248,04912,055260,104
Trade credits 8,74829,82238,5708,97335,93244,905
Long-term887,05866,563953,621896,76569,122965,887
Bonds and notes284,9655,847290,812291,9366,109298,045
Loans 270,35423,482293,836273,50322,652296,155
Other debt liabilities331,73937,234368,973331,32640,361371,687
 
Direct Investment 5182,318470,774653,092185,284471,242656,526
Debt liabilities to affiliated enterprises 4,528172,576177,1043,480171,905175,385
Debt liabilities to direct investors177,790298,198475,988181,804299,337481,141
 
Gross External Debt1,491,489769,2162,260,705 1,506,833787,1152,293,949
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.
*Suppressed for confidentiality reasons.
Table 6(b) - Debt Instrument Financial Assets1 € million
 30-Jun-18 30-Sep-18
ItemIFSCnon-IFSCTotal IFSCnon-IFSCTotal
General Government04,2804,28004,2884,288
Short-term08218210846846
Money market instruments000000
Loans and deposits08218210846846
Long-term 03,4593,45903,4423,442
Bonds and notes01,9711,97101,9531,953
Loans01,4881,48801,4891,489
 
Monetary Authority 2043,47143,471042,18942,189
Short-term022,45022,450021,54621,546
Money market instruments01,0781,07801,1061,106
Loans and deposits021,37221,372020,44020,440
Long-term 021,02121,021020,64320,643
Bonds and notes021,02121,021020,64320,643
 
Monetary Financial Institutions 3674,10150,419724,520662,00351,973713,976
Short-term591,17522,941614,116579,42722,292601,719
Money market instruments341,599301341,900326,010391326,401
Loans and deposits249,57622,640272,216253,41721,901275,318
 Long-term82,92627,478110,40482,57629,681112,257
Bonds and notes57,16317,98675,14957,36518,85376,218
Loans 16,3909,27725,66715,55310,53626,089
Other debt Assets9,3732159,5889,6582929,950
 
Other Sectors 41,878,649153,9732,032,6221,913,223131,7662,044,989
Short-term346,95160,276407,227360,46451,383411,847
Money market instruments112,499798113,297118,009662118,671
Loans and deposits 212,30529,647241,952220,53322,722243,255
Trade credit assets 22,14729,83151,97821,92227,99949,921
Long-term1,531,69893,6971,625,3951,552,75980,3831,633,142
Bonds and notes1,039,22241,4651,080,6871,050,45041,2321,091,682
Loans 362,11777362,194367,548127367,675
Other debt Assets130,35952,155182,514134,76139,024173,785
 
Direct Investment 5204,779499,783704,562206,724541,812748,536
Debt asset claims on affiliated enterprises 4,751278,743283,4944,572282,655287,227
Debt asset claims on direct investors200,028221,040421,068202,152259,157461,309
 
Reserve Assets01,7771,77701,9641,964
 
Debt Instrument Financial Assets2,757,529753,7033,511,2322,781,950773,9923,555,942
 
Net External Debt1,266,040-15,5131,250,527 1,275,117-13,1231,261,993
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 (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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