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For more information on this release:

E-mail: bop@cso.ie Stephen McDonagh (+353) 1 498 4364 Annette Hayes (+353) 1 498 4319

For general information on CSO statistics:

information@cso.ie (+353) 21 453 5000 On-line ISSN 2009-5201

CSO statistical release, 19 December 2013, 11am

Quarter 3 2013

	€ million
	Merchandise Balance	Invisibles Balance	Current Account Balance
Q3 2013	8,946	-5,522	3,425
Q3 2012	9,312	-7,121	2,191
Q1-Q3 2013	26,193	-18,674	7,521
Q1-Q3 2012	27,752	-23,397	4,355

Current account surplus of €3.4bn in 3rd Quarter

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The Balance of Payments current account surplus in the third quarter of 2013 was €3,425m, an increase of €1,234m on the third quarter of 2012 - see Table 1. A surplus of €8,946m on merchandise was offset by a deficit of €5,522m on invisibles in the quarter. Other points of note are:

Current account (see Table 2a)

Compared with the third quarter of 2012, merchandise exports at €20,604m decreased by €908m while merchandise imports at €11,658m decreased by €543m.
Services exports at €23,510m increased by €908m compared to the third quarter of 2012, mainly due to higher computer services and tourism and travel exports. Services imports at €21,401m were unchanged.
Investment income earned abroad at €13,587m, decreased by €574m compared with one year earlier while investment income payable to foreign investors at €20,717m decreased by €1,211m.

Financial account (see Tables 2b and 3)

Direct investment in Ireland increased by €3,551m in the third quarter of 2013. An increase of €6,270m in reinvested earnings in Ireland was offset by a decrease in equity of €1,182m and a decrease in other capital of €1,537m. Direct investment abroad increased by €4,259m in the quarter largely due to an increase of €3,485m in reinvested earnings.
Within Portfolio investment, increased investment in Irish equity of €27,269m was partly offset by increased investment in overseas equity of €9,368m in the quarter.
Other investment assets decreased by €7,846m in the third quarter of 2013 mainly due to a decrease of €7,539m in loans, currency and deposits assets. Other investment liabilities decreased by €10,624m in the quarter.

Show Table 1 Summary of Current, Capital, Financial Account Balances and Net errors and Omissions

Table 1 Summary of Current, Capital and Financial Account Balances														€ million
Period							Balance on Current Account	Balance on Capital Account	Direct Investment	Portfolio Investment	Other ² Investment	Reserve Assets	Balance on Financial Account	Net errors and omissions
		Merchandise ¹	Invisibles
			Services	Income	Current Transfers	Total
1998	Year	17,510	-8,820	-9,382	1,319	-16,883	627	840	4,422	-8,466	7,459	-2,280	1,135	-2,602
1999	Year	22,170	-10,176	-12,945	1,177	-21,944	226	560	11,359	-14,342	-974	1,746	-2,211	1,425
2000	Year	27,266	-13,889	-14,750	994	-27,645	-379	1,182	22,957	-5,358	-9,037	-142	8,420	-9,223
2001	Year	30,494	-13,259	-18,295	305	-31,249	-757	703	6,241	-25,158	19,039	-441	-319	372
2002	Year	35,442	-13,779	-23,664	707	-36,736	-1,295	512	19,444	-37,979	19,263	343	1,070	-287
2003	Year	32,604	-11,091	-21,947	432	-32,606	-2	93	15,270	-39,977	21,567	1,770	-1,372	1,280
2004	Year	31,423	-10,203	-22,481	393	-32,291	-867	279	-23,095	14,287	11,430	1,177	3,801	-3,212
2005	Year	28,218	-9,303	-24,870	265	-33,908	-5,690	264	-36,992	52,698	-17,665	1,472	-487	5,912
2006	Year	25,031	-6,797	-24,033	-506	-31,336	-6,304	223	-16,634	8,135	13,182	87	4,770	1,311
2007	Year	19,811	-1,121	-27,825	-990	-29,936	-10,124	39	2,602	-7,283	16,744	-12	12,051	-1,966
2008	Year	23,811	-7,670	-25,155	-1,154	-33,979	-10,169	47	-24,167	-45,749	86,128	-78	16,132	-6,010
2009	Year	32,469	-6,900	-27,907	-1,424	-36,231	-3,763	-1,252	-649	22,626	-23,116	79	-1,060	6,074
2010	Year	35,751	-6,639	-25,918	-1,412	-33,969	1,782	-673	15,446	85,965	-94,140	5	7,276	-8,384
2011	Year	36,681	-1,699	-31,797	-1,183	-34,679	2,002	-263	17,775	26,908	-34,937	329	10,075	-11,815
2012	Year	36,368	3,206	-31,117	-1,207	-29,118	7,250	-2,056	15,407	-220	-14,210	12	987	-6,182

2008	Quarter 1	4,573	-1,663	-6,125	-781	-8,569	-3,997	23	-3,191	8,182	3,140	74	8,205	-4,231
	Quarter 2	5,814	-1,417	-6,390	-570	-8,377	-2,563	47	-3,077	-5,541	18,414	-46	9,749	-7,233
	Quarter 3	5,809	-1,294	-7,106	-386	-8,786	-2,976	-19	-9,276	-12,083	21,835	-39	437	2,558
	Quarter 4	7,615	-3,296	-5,534	583	-8,247	-633	-4	-8,623	-36,307	42,739	-67	-2,259	2,896
2009	Quarter 1	8,085	-2,500	-6,998	-910	-10,408	-2,323	-18	-1,107	-2,331	429	41	-2,969	5,309
	Quarter 2	9,001	-2,040	-7,435	-725	-10,200	-1,199	-16	1,148	-15,776	23,345	-62	8,654	-7,439
	Quarter 3	8,198	-611	-7,414	-495	-8,520	-322	-25	-7,508	26,570	-22,020	3	-2,954	3,301
	Quarter 4	7,185	-1,749	-6,060	706	-7,103	81	-1,193	6,818	14,163	-24,870	97	-3,791	4,903
2010	Quarter 1	8,870	-1,587	-7,444	-838	-9,869	-999	35	4,547	19,821	-32,131	32	-7,731	8,696
	Quarter 2	9,687	-1,847	-7,387	-588	-9,822	-135	-11	2,972	-8,568	16,773	-19	11,158	-11,013
	Quarter 3	9,741	-1,164	-6,515	-657	-8,336	1,405	-1	-1,354	-19,581	25,635	-76	4,624	-6,027
	Quarter 4	7,453	-2,041	-4,572	671	-5,942	1,511	-696	9,281	94,293	-104,417	68	-775	-40
2011	Quarter 1	8,648	-1,438	-7,786	-711	-9,935	-1,286	9	8,203	7,063	-11,577	65	3,754	-2,477
	Quarter 2	9,554	-188	-8,241	-521	-8,950	603	-14	7,373	22,344	-28,928	-29	760	-1,350
	Quarter 3	10,084	69	-8,009	-562	-8,502	1,582	-16	6,622	-19,456	15,888	24	3,078	-4,644
	Quarter 4	8,395	-142	-7,761	611	-7,292	1,103	-242	-4,423	16,957	-10,320	269	2,483	-3,344
2012	Quarter 1	8,401	179	-8,538	-746	-9,105	-705	45	11,949	-46,266	30,864	12	-3,442	4,102
	Quarter 2	10,039	1,531	-8,090	-612	-7,171	2,869	-2,093	-4,329	33,544	-22,446	-6	6,763	-7,539
	Quarter 3	9,312	1,258	-7,812	-567	-7,121	2,191	-11	12,742	6,812	-17,764	1	1,790	-3,971
	Quarter 4	8,616	238	-6,677	718	-5,721	2,895	3	-4,955	5,690	-4,864	5	-4,124	1,226
2013	Quarter 1	7,458	754	-6,192	-824	-6,262	1,196	37	6,853	-20,206	10,270	-2	-3,085	1,851
	Quarter 2	9,789	1,512	-7,695	-707	-6,890	2,900	-3	6,589	-7,064	-25	-1	-501	-2,396
	Quarter 3	8,946	2,109	-7,176	-455	-5,522	3,425	-32	-708	166	-2,779	-4	-3,325	-68
¹Adjusted for balance of payments purposes.
²Includes financial derivatives and also life insurance liabilities to non-residents. Occasionally includes large capital transactions which cannot be shown in the Capital Account Balance due to confidentiality constraints.

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Open in Excel: Table 1 Summary of Current, Capital and Financial Account Balances (XLS 35KB)

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Show Table 2(a) Current and Capital Accounts

Table 2a Current and Capital Accounts										€ million
		2011	2012	2012				2013
Item		Year		Quarter 1	Quarter 2	Quarter 3	Quarter 4	Quarter 1	Quarter 2	Quarter 3

Current Account
Merchandise¹	Cr	85,007	85,852	21,688	21,962	21,512	20,690	19,690	21,738	20,604
	Db	48,326	49,485	13,287	11,923	12,201	12,074	12,232	11,949	11,658

Services	Cr	81,468	90,295	21,043	22,996	22,602	23,654	21,606	24,071	23,510
	Db	83,168	87,089	20,865	21,465	21,343	23,416	20,852	22,559	21,401

Transport	Cr	4,352	4,609	872	1,321	1,409	1,007	777	1,242	1,420
	Db	1,645	1,675	468	390	415	402	421	414	402
Tourism and Travel²	Cr	3,010	3,022	506	842	1,027	647	566	864	1,211
	Db	4,817	4,609	865	1,098	1,713	933	871	1,077	1,706
Communications	Cr	479	627	137	153	148	189	172	179	153
	Db	977	1,089	276	295	257	261	224	305	310
Insurance	Cr	8,057	8,910	2,256	2,205	2,234	2,215	2,210	2,139	1,965
	Db	5,986	6,260	1,624	1,468	1,564	1,604	1,473	1,376	1,327
Financial services	Cr	6,594	7,073	1,778	1,697	1,758	1,840	1,756	1,913	1,915
	Db	4,706	4,608	1,246	1,051	1,193	1,118	1,121	1,173	1,168
Computer services³	Cr	31,413	35,681	8,357	8,992	8,188	10,144	9,352	9,933	8,756
	Db	502	349	90	85	85	89	104	88	88
Royalties/Licences	Cr	3,603	3,888	1,002	1,035	963	888	861	1,120	921
	Db	29,361	32,755	7,604	8,330	7,871	8,950	8,473	8,728	8,194
Business services	Cr	23,369	25,932	5,997	6,615	6,735	6,585	5,774	6,540	7,029
	Db	34,982	35,552	8,644	8,703	8,197	10,008	8,116	9,352	8,155
Trade related	Cr	8,151	9,033	1,944	2,365	2,469	2,255	1,700	2,020	2,046
	Db	10,432	11,826	3,051	2,761	2,767	3,247	2,971	3,119	2,847
Operational leasing	Cr	6,812	7,496	1,761	1,887	1,953	1,895	1,790	1,873	1,972
	Db	1,453	1,492	321	376	396	399	384	415	364
Misc. business services⁴	Cr	8,403	9,403	2,292	2,363	2,313	2,435	2,283	2,647	3,011
	Db	23,096	22,233	5,272	5,565	5,034	6,362	4,760	5,818	4,944
Other services n.e.s.	Cr	594	555	138	137	139	141	139	139	139
	Db	193	192	47	46	49	50	49	48	49

Income	Cr	57,120	57,247	14,071	15,030	14,299	13,847	13,434	14,131	13,718
	Db	88,917	88,363	22,609	23,119	22,111	20,524	19,625	21,826	20,894

Compensation of Employees	Cr	539	545	134	137	137	137	137	137	131
	Db	685	733	185	177	183	188	164	178	176
Investment Income	Cr	56,583	56,699	13,936	14,892	14,161	13,710	13,296	13,993	13,587
	Db	88,233	87,630	22,424	22,942	21,928	20,336	19,462	21,648	20,717
Direct investment income	Cr	15,305	17,481	4,329	4,645	4,174	4,333	4,375	4,554	4,415
	Db	42,463	43,418	11,925	11,332	10,860	9,301	9,932	11,164	10,859
Income on equity	Cr	11,574	13,782	3,333	3,673	3,219	3,557	3,461	3,607	3,511
	Db	38,049	38,832	10,813	10,225	9,621	8,173	8,924	10,042	9,614
Dividends & distributed	Cr	1,745	2,682	30	*	*	*	*	1,305	25
branch profits	Db	14,416	16,862	4,045	4,387	4,268	4,162	4,170	5,528	3,343
Reinvested earnings	Cr	9,830	11,100	3,303	*	*	*	*	2,302	3,485
	Db	23,632	21,969	6,768	5,838	5,353	4,010	4,753	4,513	6,270
Income on debt	Cr	3,731	3,699	996	972	955	776	914	947	905
	Db	4,413	4,584	1,112	1,106	1,238	1,128	1,008	1,123	1,246
Portfolio investment income	Cr	23,586	25,232	5,969	6,687	6,545	6,031	6,128	6,689	6,605
	Db	30,752	31,632	7,106	8,395	8,029	8,102	6,924	8,088	7,642
Income on equity	Cr	5,342	6,340	1,350	1,815	1,690	1,485	1,565	1,921	1,776
	Db	14,618	18,607	3,654	5,024	4,806	5,123	4,065	5,356	4,937
Income on debt	Cr	18,245	18,892	4,619	4,872	4,855	4,546	4,563	4,768	4,829
	Db	16,136	13,025	3,452	3,372	3,223	2,978	2,860	2,732	2,705
Other investment income	Cr	17,690	13,986	3,638	3,560	3,442	3,346	2,793	2,750	2,567
	Db	15,017	12,581	3,393	3,215	3,040	2,933	2,606	2,395	2,216

Current Transfers	Cr	5,405	5,562	1,232	1,072	1,154	2,104	927	738	918
	Db	6,588	6,767	1,978	1,684	1,720	1,385	1,750	1,444	1,372

Current Account - Total	Cr	229,000	238,955	58,034	61,060	59,566	60,295	55,657	60,677	58,750
	Db	226,999	231,704	58,738	58,191	57,375	57,400	54,460	57,778	55,325

Current Account Balance		2,002	7,250	-705	2,869	2,191	2,895	1,196	2,900	3,425

Capital Account Balance		-263	-2,056	45	-2,093	-11	3	37	-3	-32

Memorandum Item:
Government Income	Cr	133	115	23	38	23	31	28	48	37
	Db	4,349	4,625	1,089	1,115	1,187	1,234	1,184	1,152	1,157
¹Adjusted for balance of payments purposes
²Under the credit item, passenger fare receipts of resident carriers from foreign visitors are excluded; such receipts are included under transport credits - see Background Notes.
³Covers exports and imports of software that was not incorporated as part of computer hardware or physical media but separately transmited by electronic means. The value of sales and purchases of additional software licences is also included.
⁴Covers mainly advertising, research and development and inter-affiliate management charges.
^*Suppressed for confidentiality reasons

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Open in Excel: Table 2a Current and Capital Accounts (XLS 39KB)

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Show Table 2(b) Financial Account

Table 2b Financial Account¹										€ million
		2011	2012	2012				2013
Item		Year		Quarter 1	Quarter 2	Quarter 3	Quarter 4	Quarter 1	Quarter 2	Quarter 3

Direct Investment	Abroad	838	-14,413	-4,962	-4,337	-512	-4,602	-9,855	702	-4,259
	In Ireland	16,937	29,820	16,911	9	13,253	-353	16,708	5,887	3,551

Equity	Abroad	14,379	1,665	-1,346	*	*	*	*	7,990	479
	In Ireland	-29,825	11,348	4,288	3,537	2,707	816	11,200	614	-1,182
Reinvested Earnings	Abroad	-9,830	-11,100	-3,303	*	*	*	*	-2,302	-3,485
	In Ireland	23,632	21,969	6,768	5,838	5,353	4,010	4,753	4,513	6,270
Other Capital	Abroad	-3,711	-4,978	-313	-465	-1,098	-3,102	-60	-4,987	-1,253
	In Ireland	23,129	-3,497	5,855	-9,366	5,194	-5,180	754	760	-1,537

Portfolio Investment	Assets	-2,644	-73,573	-62,133	30,285	-20,029	-21,696	-56,918	1,633	-17,574
	Liabilities	29,553	73,352	15,867	3,258	26,841	27,386	36,712	-8,697	17,740

Equity	Assets	6,272	-11,467	-5,921	5,621	1,395	-12,562	-15,939	-9,861	-9,368
	Liabilities	61,339	81,797	27,051	8,392	20,070	26,284	33,015	5,200	27,269
Debt Instruments	Assets	-8,916	-62,106	-56,212	24,664	-21,424	-9,134	-40,979	11,494	-8,206
	Liabilities	-31,785	-8,446	-11,185	-5,134	6,771	1,102	3,697	-13,897	-9,529
Bonds and notes	Assets	-2,463	-55,606	-10,263	1,385	-11,900	-34,828	-28,427	1,419	-4,064
	Liabilities	-18,333	-11,626	-9,829	-3,831	4,652	-2,618	1,749	-13,858	-7,493
Money market instruments	Assets	-6,454	-6,499	-45,948	23,279	-9,524	25,694	-12,552	10,075	-4,142
	Liabilities	-13,452	3,180	-1,356	-1,303	2,119	3,720	1,948	-39	-2,036

Other Investment	Assets	13,818	75,183	61,220	-16,316	641	29,638	1,571	16,492	7,846
	Liabilities	-48,756	-89,393	-30,356	-6,130	-18,405	-34,502	8,699	-16,517	-10,624

Loans, currency and deposits	Assets	12,370	74,678	59,017	-18,859	2,532	31,988	15,612	18,245	7,539
	Liabilities	-40,423	-79,506	-29,968	-289	-24,712	-24,537	-12,263	-8,389	-5,690
Other ²	Assets	1,448	502	2,202	2,543	-1,892	-2,351	-14,041	-1,752	306
	Liabilities	-8,331	-9,886	-388	-5,841	6,308	-9,965	20,962	-8,128	-4,934

Reserve Assets		329	12	12	-6	1	5	-2	-1	-4

Monetary gold		0	0	0	0	0	0	0	0	0
Special drawing rights		93	-8	-6	-5	-2	5	-1	-2	-3
Reserve position in the IMF		-119	0	0	0	0	0	0	0	0
Foreign exchange		355	20	18	-1	3	0	-1	1	-1
Other		0	0	0	0	0	0	0	0	0

Balance on Financial Account		10,075	987	-3,442	6,763	1,790	-4,124	-3,085	-501	-3,325

Net errors and omissions		-11,815	-6,182	4,102	-7,539	-3,971	1,226	1,851	-2,396	-68
Memorandum Item:
Government financial	Assets	5,914	-2,734	-753	520	-454	-2,047	-958	9	-379
transactions	Liabilities	22,491	20,475	5,490	4,498	8,587	1,900	6,972	-852	-176
¹Financial account transactions are categorised under two headings 'Assets' and 'Liabilities' for Portfolio Investment, Other Investment and Reserve Assets. For Direct Investment, a 'directional ' categorisation is used: 'Abroad' indicates direct investment by Irish investors in foreign companies; direct investment into Ireland is indicated by the heading 'In Ireland'. The sign convention used is: a minus sign in the 'Abroad' and 'Assets' columns means investments or acquisitions abroad (in enterprises, foreign securities, foreign deposits, etc.) by Irish investors exceeded their disinvestments or disposals in the period, while an entry without sign (less usual) means disinvestment exceeded investment; an entry without sign in the 'In Ireland' and 'Liabilities' columns means that investment transactions into Ireland or incurrences of liabilities to foreign investors exceeded disinvestment or extinctions of liabilities in the period, while a minus sign (less usual) indicates that disinvestment exceeded investment and liability extinctions exceeded incurrences.
²Includes financial derivatives; in the case of liabilities this category also includes life insurance liabilities to non-residents. Occasionally includes large capital transactions which cannot be shown in the Capital Account Balance due to confidentiality constraints.
^*Suppressed for confidentiality reasons

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Show Table 3 Current, Capital and Financial Account showing IFSC and non IFSC activity

Table 3 Current, Capital and Financial Accounts showing IFSC¹ and Non–IFSC activity										€ million
		2011	2012	2012				2013
Item		Year		Quarter 1	Quarter 2	Quarter 3	Quarter 4	Quarter 1	Quarter 2	Quarter 3

Current Account - Total	Cr	229,000	238,955	58,034	61,060	59,566	60,295	55,657	60,677	58,750
	Db	226,999	231,704	58,738	58,191	57,375	57,400	54,460	57,778	55,325

Merchandise ²	Cr	85,007	85,852	21,688	21,962	21,512	20,690	19,690	21,738	20,604
	Db	48,326	49,485	13,287	11,923	12,201	12,074	12,232	11,949	11,658

Services	Cr	81,468	90,295	21,043	22,996	22,602	23,654	21,606	24,071	23,510
	Db	83,168	87,089	20,865	21,465	21,343	23,416	20,852	22,559	21,401

IFSC	Cr	21,786	23,622	5,852	5,858	5,948	5,964	5,852	6,110	6,054
	Db	13,952	14,102	3,539	3,298	3,520	3,745	3,446	3,497	3,484
Non-IFSC	Cr	59,682	66,673	15,191	17,138	16,654	17,690	15,754	17,961	17,456
	Db	69,215	72,987	17,326	18,167	17,823	19,671	17,406	19,062	17,917

Income	Cr	57,120	57,247	14,071	15,030	14,299	13,847	13,434	14,131	13,718
	Db	88,917	88,363	22,609	23,119	22,111	20,524	19,625	21,826	20,894

IFSC	Cr	39,392	38,830	9,402	10,111	9,952	9,365	9,056	9,568	9,318
	Db	42,111	41,863	10,323	10,717	10,637	10,186	9,474	9,961	9,775
Non-IFSC	Cr	17,728	18,416	4,668	4,919	4,347	4,482	4,378	4,562	4,400
	Db	46,806	46,499	12,285	12,402	11,474	10,338	10,151	11,865	11,119

Current Transfers	Cr	5,405	5,562	1,232	1,072	1,154	2,104	927	738	918
	Db	6,588	6,767	1,978	1,684	1,720	1,385	1,750	1,444	1,372

IFSC³	Cr	2,901	3,376	969	904	861	642	710	611	692
	Db	2,901	3,376	969	904	861	642	710	611	692
Non-IFSC	Cr	2,504	2,186	263	168	293	1,462	217	127	226
	Db	3,687	3,393	1,009	781	860	743	1,040	833	681

Balance on Current Account		2,002	7,250	-705	2,869	2,191	2,895	1,196	2,900	3,425

Balance on Capital Account		-263	-2,056	45	-2,093	-11	3	37	-3	-32

Financial Account ⁴
Direct investment	Abroad	838	-14,413	-4,962	-4,337	-512	-4,602	-9,855	702	-4,259
	In Ireland	16,937	29,820	16,911	9	13,253	-353	16,708	5,887	3,551

IFSC	Abroad	611	-1,557	-30	73	-226	-1,374	-220	-494	-235
	In Ireland	16,055	8,963	10,456	-6,348	10,302	-5,447	7,167	4,179	2,769
Non-IFSC	Abroad	227	-12,855	-4,932	-4,410	-286	-3,227	-9,635	1,196	-4,024
	In Ireland	880	20,856	6,455	6,356	2,952	5,093	9,541	1,708	782

Portfolio investment	Assets	-2,644	-73,573	-62,133	30,285	-20,029	-21,696	-56,918	1,633	-17,574
	Liabilities	29,553	73,352	15,867	3,258	26,841	27,386	36,712	-8,697	17,740

IFSC	Assets	-25,907	-80,625	-61,440	25,162	-22,532	-21,815	-56,812	3,842	-16,549
	Liabilities	46,057	86,536	28,462	8,358	23,201	26,515	31,611	-1,266	20,108
Non-IFSC	Assets	23,263	7,053	-693	5,123	2,504	119	-106	-2,209	-1,025
	Liabilities	-16,504	-13,186	-12,596	-5,100	3,639	871	5,101	-7,431	-2,368

Other investment ⁵	Assets	13,818	75,183	61,220	-16,316	641	29,638	1,571	16,492	7,846
	Liabilities	-48,756	-89,393	-30,356	-6,130	-18,405	-34,502	8,699	-16,517	-10,624

IFSC	Assets	-25,613	50,752	47,828	-15,315	-9,284	27,523	-5,905	12,605	4,714
	Liabilities	-20,136	-40,022	-8,956	-7,151	203	-24,118	27,122	-17,903	-9,386
Non-IFSC	Assets	39,432	24,430	13,392	-1,001	9,924	2,115	7,476	3,887	3,132
	Liabilities	-28,618	-49,371	-21,400	1,021	-18,608	-10,384	-18,423	1,386	-1,238

Reserve Assets		329	12	12	-6	1	5	-2	-1	-4

Balance on Financial Account		10,075	987	-3,442	6,763	1,790	-4,124	-3,085	-501	-3,325

Net errors and omissions		-11,815	-6,182	4,102	-7,539	-3,971	1,226	1,851	-2,396	-68
¹From the start of 2000 new international financial service projects are no longer subject to the earlier certification and licensing procedures in operation for location in the IFSC and such projects can, therefore, locate anywhere in Ireland. Additions to existing IFSC projects, however, are still subject to the formal procedures. For statistical analysis purposes this table still shows the 'IFSC/non-IFSC' breakdown and the activities of all international financial service enterprises are covered under the IFSC heading.
²Adjusted for balance of payments purposes.
³Current transfers to and from IFSC enterprises relate solely to non-life insurance transactions (see Background Notes).
⁴See footnote 1 on Table 2b.
⁵Includes financial derivatives; in the case of liabilities this category also includes life insurance liabilities to non-residents. Occasionally includes large capital transactions which cannot be shown in the Capital Account Balance due to confidentiality constraints.

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Table 4a Current and Capital Accounts showing geographical¹ detail										€ million
		2011	2012	2012				2013
Item		Year		Quarter 1	Quarter 2	Quarter 3	Quarter 4	Quarter 1	Quarter 2	Quarter 3

Current Account - Total	Cr	229,000	238,955	58,034	61,060	59,566	60,295	55,657	60,677	58,750
	Db	226,999	231,704	58,738	58,191	57,375	57,400	54,460	57,778	55,325

Merchandise2	Cr	85,007	85,852	21,688	21,962	21,512	20,690	19,690	21,738	20,604
	Db	48,326	49,485	13,287	11,923	12,201	12,074	12,232	11,949	11,658
EMU	Cr	34,029	35,326	9,110	9,093	8,566	8,557	7,136	8,943	7,923
	Db	12,227	11,793	2,943	2,833	2,951	3,066	3,228	3,189	3,037
Non-EMU	Cr	50,977	50,526	12,578	12,869	12,946	12,133	12,553	12,795	12,681
	Db	36,099	37,692	10,344	9,090	9,249	9,009	9,004	8,759	8,621
EU	Cr	50,751	53,245	13,798	13,888	12,665	12,894	11,155	13,355	12,179
	Db	34,502	34,240	8,566	8,088	8,585	9,001	8,764	8,430	8,442
Non-EU	Cr	34,256	32,607	7,890	8,074	8,847	7,796	8,535	8,383	8,425
	Db	13,825	15,245	4,721	3,835	3,616	3,073	3,469	3,519	3,216

Services	Cr	81,468	90,295	21,043	22,996	22,602	23,654	21,606	24,071	23,510
	Db	83,168	87,089	20,865	21,465	21,343	23,416	20,852	22,559	21,401
EMU	Cr	27,896	29,128	7,458	7,205	6,826	7,639	6,769	7,792	6,743
	Db	30,653	34,019	8,050	8,576	8,205	9,188	7,563	8,141	8,055
Non-EMU	Cr	53,572	61,168	13,586	15,791	15,776	16,015	14,837	16,279	16,767
	Db	52,515	53,069	12,814	12,889	13,138	14,228	13,289	14,418	13,346
EU	Cr	47,429	51,376	12,328	12,781	12,575	13,692	12,167	13,897	13,126
	Db	42,327	45,379	10,813	11,227	10,955	12,384	10,028	10,839	10,669
Non-EU	Cr	34,038	38,919	8,715	10,215	10,027	9,962	9,439	10,174	10,384
	Db	40,840	41,710	10,052	10,238	10,388	11,032	10,824	11,719	10,731

Income	Cr	57,120	57,247	14,071	15,030	14,299	13,847	13,434	14,131	13,718
	Db	88,917	88,363	22,609	23,119	22,111	20,524	19,625	21,826	20,894
EMU	Cr	20,747	19,704	5,024	5,131	4,727	4,822	4,552	4,472	4,188
	Db	34,069	30,590	8,558	7,614	7,276	7,142	6,542	7,174	7,101
Non-EMU	Cr	36,375	37,543	9,047	9,899	9,572	9,025	8,882	9,658	9,531
	Db	54,847	57,772	14,050	15,505	14,835	13,382	13,084	14,651	13,793
EU	Cr	32,783	30,117	7,681	7,871	7,354	7,211	6,798	6,659	6,427
	Db	51,733	46,890	12,693	11,877	11,550	10,770	10,575	11,088	11,042
Non-EU	Cr	24,339	27,128	6,389	7,158	6,945	6,636	6,636	7,471	7,291
	Db	37,185	41,473	9,916	11,242	10,561	9,754	9,050	10,737	9,852

Current Transfers	Cr	5,405	5,562	1,232	1,072	1,154	2,104	927	738	918
	Db	6,588	6,767	1,978	1,684	1,720	1,385	1,750	1,444	1,372
EMU	Cr	1,024	1,009	374	407	280	-52	289	227	278
	Db	1,073	1,051	384	417	291	-41	298	241	288
Non-EMU	Cr	4,381	4,554	858	666	874	2,156	638	511	639
	Db	5,515	5,718	1,594	1,267	1,430	1,427	1,452	1,203	1,084
EU	Cr	4,641	3,923	746	708	838	1,631	793	569	724
	Db	5,171	4,481	1,370	1,150	1,190	771	1,512	1,081	1,149
Non-EU	Cr	763	1,637	486	364	315	472	134	168	193
	Db	1,417	2,287	608	534	531	614	239	364	223

Balance on Current Account		2,002	7,250	-705	2,869	2,191	2,895	1,196	2,900	3,425

Balance on Capital Account		-263	-2,056	45	-2,093	-11	3	37	-3	-32

¹The term ‘EMU’ means the area represented by the 17 Member States participating in Monetary Union. Until Quarter 2 2013 the term ‘EU’ relates to transactions between residents of Ireland and other residents of the EU27 area. With the expansion of the EU on 1 July 2013 to include Croatia, from Quarter 3 2013 the area covered is EU28.
²Adjusted for balance of payments purposes

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Table 4b Financial Account¹ showing geographical² detail										€ million
		2011	2012	2012				2013
Item		Year		Quarter 1	Quarter 2	Quarter 3	Quarter 4	Quarter 1	Quarter 2	Quarter 3

Direct Investment	Abroad	838	-14,413	-4,962	-4,337	-512	-4,602	-9,855	702	-4,259
	In Ireland	16,937	29,820	16,911	9	13,253	-353	16,708	5,887	3,551

EMU	Abroad	-7,377	-3,202	-3,439	298	972	-1,033	-1,029	-885	-2,807
	In Ireland	30,108	16,707	5,477	607	3,682	6,941	5,706	5,689	2,746
Non-EMU	Abroad	8,215	-11,209	-1,523	-4,635	-1,483	-3,568	-8,826	1,587	-1,452
	In Ireland	-13,172	13,112	11,434	-599	9,571	-7,294	11,002	198	805
EU	Abroad	-17,630	-6,037	-3,418	-191	532	-2,960	-1,231	-1,121	-3,160
	In Ireland	28,694	20,652	10,118	643	5,523	4,368	10,210	5,343	2,789
Non-EU	Abroad	18,468	-8,376	-1,544	-4,147	-1,044	-1,641	-8,623	1,823	-1,099
	In Ireland	-11,756	9,167	6,793	-635	7,730	-4,721	6,498	544	763

Portfolio Investment	Assets	-2,644	-73,573	-62,133	30,285	-20,029	-21,696	-56,918	1,633	-17,574
	Liabilities	29,553	73,352	15,867	3,258	26,841	27,386	36,712	-8,697	17,740

EMU	Assets	23,622	-29,495	-12,755	3,534	-17,319	-2,955	-18,489	2,867	1,899
	Liabilities	21,741	-7,550	-664	-9,058	5,381	-3,209	11,648	1,042	1,454
Non-EMU	Assets	-26,267	-44,077	-49,378	26,751	-2,709	-18,741	-38,430	-1,235	-19,473
	Liabilities	7,811	80,902	16,531	12,316	21,459	30,596	25,064	-9,739	16,286
EU	Assets	26,848	-37,868	-30,198	20,126	-21,476	-6,320	-16,139	2,812	-14,526
	Liabilities	19,258	-4,477	-1,058	-14,722	6,393	4,910	25,589	-1,723	15,148
Non-EU	Assets	-29,493	-35,705	-31,935	10,159	1,447	-15,376	-40,779	-1,179	-3,048
	Liabilities	10,294	77,828	16,924	17,980	20,448	22,476	11,123	-6,974	2,592

Other Investment ³	Assets	13,818	75,183	61,220	-16,316	641	29,638	1,571	16,492	7,846
	Liabilities	-48,756	-89,393	-30,356	-6,130	-18,405	-34,502	8,699	-16,517	-10,624

EMU	Assets	-3,428	104,256	60,283	10,167	4,091	29,715	-4,012	5,422	11,128
	Liabilities	-37,582	-98,316	-44,890	3,093	-26,321	-30,198	-14,322	-8,210	-10,658
Non-EMU	Assets	17,246	-29,072	937	-26,482	-3,450	-77	5,584	11,070	-3,282
	Liabilities	-11,173	8,923	14,534	-9,223	7,916	-4,304	23,021	-8,307	34
EU	Assets	9,493	154,671	76,883	4,681	29,156	43,951	4,566	15,312	3,464
	Liabilities	-72,204	-110,332	-38,233	-3,111	-28,572	-40,416	-11,589	-16,301	-2,504
Non-EU	Assets	4,325	-79,490	-15,664	-20,997	-28,516	-14,313	-2,994	1,181	4,381
	Liabilities	23,449	20,939	7,877	-3,019	10,167	5,914	20,288	-216	-8,121

Reserve Assets		329	12	12	-6	1	5	-2	-1	-4

Balance on Financial Account		10,075	987	-3,442	6,763	1,790	-4,124	-3,085	-501	-3,325

Net errors and omissions		-11,815	-6,182	4,102	-7,539	-3,971	1,226	1,851	-2,396	-68
¹See footnote 1 on Table 2b.
²The term ‘EMU’ means the area represented by the 17 Member States participating in Monetary Union. Until Quarter 2 2013 the term ‘EU’ relates to transactions between residents of Ireland and other residents of the EU27 area. With the expansion of the EU on 1 July 2013 to include Croatia, from Quarter 3 2013 the area covered is EU28.
³Includes financial derivatives; in the case of liabilities this category also includes life insurance liabilities to non-residents. Occasionally includes large capital transactions which cannot be shown in the Capital Account Balance due to confidentiality constraints.

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Background Notes

Definition

The balance of payments (BOP) is a statistical statement that summarises, for a specific time period, the economic transactions of the residents of an economy with the rest of the world.

The balance of payments presentation consists of three tables or accounts, the Current Account, the Capital Account and the Financial Account. The current account consists of trade in merchandise and services, income inflows and outflows and current transfers. The capital account covers capital transfers and the acquisition and disposal of non-produced, non-financial assets. The financial account is concerned with transactions in foreign financial assets and liabilities, distinguishing the functional type of investment i.e. direct, portfolio and other investment (including transactions in financial derivatives) and reserve assets.

BOP transactions, in principle, should be recorded on an accruals basis using market valuation. In practice, the collection system (see below) is designed to adhere to this approach and, for the most part, the valuations reported are either market values or a close approximation.

For more detailed methodological information see the BOP Quarterly Statistical Compilation Methodology (PDF 240KB) mpilation Methodology‌.

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Quarter 3 2013

Current account surplus of €3.4bn in 3rd Quarter

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