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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 2009-5317
CSO statistical release, , 11am

Quarterly International Investment Position and External Debt

31 December 2013

     € billion
 30 Sept 201331 Dec 2013
 AssetsLiabilitiesNETAssetsLiabilitiesNET
General Government8.9129.3-120.410.4127.2-116.9
Monetary Authority17.956.6-38.718.055.1-37.2
Monetary Financial Institutions636.3636.6-0.4613.9617.8-3.9
Other Financial Intermediaries1,944.31,874.070.31,960.01,893.067.0
Non-Financial Companies308.8396.1-87.3356.2437.5-81.2
Total 2,916.23,092.7-176.52,958.53,130.7-172.1

Net IIP -105% of GDP at end-December 2013

International Investment Position December 2013 Figure 1
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At 31st December 2013, Ireland’s quarterly international investment position (IIP) results show overall stocks of foreign financial assets of €2,958.5bn – an increase of €42.3bn on the end-September 2013 level, while the corresponding stocks of foreign financial liabilities increased by €38bn to €3,130.7bn over the quarter. Irish residents had an overall net foreign liability of €172.1bn at end-December 2013, a decrease of €4.4bn on the net foreign liability level at end-September 2013 – see Table 1a.

 

Some points of note in the Quarter 4 2013 IIP are:

  • The net liability of General Government decreased €3.5bn to €116.9bn – see Table 1b.
  • With the relocation of a number of group headquarters to Ireland, foreign assets of Non-Financial Companies increased by €47.5bn and foreign liabilities increased by €41.4bn resulting in a decrease of €6.1bn in the net liability to €81.2bn - see Table 1b.
  •  Within the commercial financial sector (i.e. MFI and OFI), IFSC enterprises accounted for a very high proportion of the sector’s overall foreign assets and liabilities. At end-December 2013, IFSC assets abroad amounted to €2,382bn or 93% of the sector’s foreign assets (and 81% of Ireland’s total foreign assets); IFSC liabilities at €2,394.5bn represented 95% of the commercial financial sector aggregate liability (and 76% of Ireland’s total foreign liabilities). IFSC enterprises showed a net liability position at the end-December 2013 of €12.6bn - see Table 2.
X-axis labelDirect InvestmentOther SectorsMonetary Financial InstitutionsMonetary AuthorityGeneral Government
31 Mar 2013304.044882.189298.56960.088130.938
30 Jun 2013296.269877.708277.25357.025129.697
30 Sep 2013289.69879.288263.13556.621129.335
31 Dec 2013299.93867.046255.07155.14127.236

Gross External Debt is €1,604.4 billion at end-December 2013

At 31st December 2013, the gross external debt of all resident sectors (i.e. general government, the monetary authority, financial and non-financial corporations and households) amounted to €1,604.4bn. This represents a decrease of €13.6bn 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 September 2013 (€1,618.1bn) – see Table 6a. Points of note are:

  • General government foreign borrowing decreased by €2.1bn from €129.3bn at end-September 2013 to €127.2bn at end-December 2013, with a decrease of €1.2bn in Money market instrument liabilities and €0.9bn in long-term liabilities.
  • Liabilities of the Monetary Authority consisting almost entirely of short term loans and deposits amounted to €55.1bn at end-December 2013, a decrease of €1.5bn on the end-September 2013 stock level. 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 €255.1bn at end-December 2013, a decrease of €8.1bn on the end-September 2013 stock level.
  • The liabilities of Other sectors decreased by €12.2bn from the end-September 2013 position and at €867bn represented 54% of the total debt at end-December 2013.
  • Direct investment liabilities increased by€10.2bn to €300bn in the quarter.
  • The Net External Debt position was -€696.5bn at end-December 2013 (-425% of GDP), 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.
Table 1(a) International Investment Position (IIP) classified by Financial Instrument € million 
ItemQ3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013Q3 2013Q4 2013 
Foreign Assets           
  Direct Investment Abroad 1251,807255,670265,659273,903285,944288,026303,295314,903317,263364,643 
  Portfolio Investment1,359,4701,432,2391,538,7841,526,2361,562,7261,588,9821,674,6991,646,4341,672,4641,702,435 
  Other Investment 21,021,5411,010,251911,424976,981977,051939,853958,883934,048925,214890,241 
  Reserve Assets1,5701,3161,2851,3331,3471,2941,2981,2181,2231,187 
  Total Foreign Assets2,634,3882,699,4762,717,1522,778,4532,827,0682,818,1552,938,1752,896,6032,916,1642,958,506 
            
Foreign Liabilities           
  Direct Investment in Ireland 1254,460224,511240,453246,371258,822257,513280,027279,693274,447273,871 
  Portfolio Investment1,632,4781,727,8261,784,1351,820,4991,869,9961,905,5211,988,1121,968,5092,002,5412,056,161 
  Other Investment 2922,537929,525887,069899,169880,679838,696851,588828,547815,678800,618 
  Total Foreign Liabilities 2,809,4752,881,8622,911,6572,966,0393,009,4973,001,7303,119,7273,076,7493,092,6663,130,650 
         
Net International Investment Position (IIP)         
  Direct Investment 1-2,65331,15925,20627,53227,12230,51323,26835,21042,81690,772 
  Portfolio Investment-273,008-295,587-245,351-294,263-307,270-316,539-313,413-322,075-330,077-353,726 
  Other Investment 299,00480,72624,35577,81296,372101,157107,295105,501109,53689,623 
  Reserve Assets1,5701,3161,2851,3331,3471,2941,2981,2181,2231,187 
            
  Total (Net IIP)-175,087-182,386-194,505-187,586-182,429-183,575-181,552-180,146-176,502-172,144 
1Reflecting the so-called directional principle for reclassifying Direct Investment (see background notes).
2Includes financial derivatives and trade credits; in the case of liabilities this category also includes life insurance liabilities to non-residents.
Open in Excel: International Investment Position and External Debt December 2013 Table 1(a) (XLS 31KB)
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Table 1(b) International Investment Position (IIP) classified by Institutional Sector € million 
ItemQ3 2011Q4 2011Q1 2012Q2 2012Q3 2012Q4 2012Q1 2013Q2 2013Q3 2013Q4 2013 
Foreign Assets 
  General Government5,1855,3806,0645,7906,1007,5428,9458,8928,94210,360 
  Monetary Authority 119,09219,03719,92917,28017,56917,69518,16217,84917,93517,956 
  Monetary Financial Institutions 2891,004799,458747,957769,282761,637707,336681,634643,336636,260613,948 
  Other Sectors 31,719,1061,875,6011,943,2001,986,1002,041,7612,085,5812,229,4362,226,5262,253,0262,316,242 
    of which:           
      Other Financial Intermediaries1,477,3631,629,4191,688,2281,721,1331,765,0421,805,2761,933,2151,918,5571,944,2691,960,019 
      Non-Financial Companies 4241,743246,182254,972264,967276,719280,305296,221307,969308,757356,223 
Total Foreign Assets2,634,3882,699,4762,717,1522,778,4532,827,0682,818,1552,938,1752,896,6032,916,1642,958,506 
           
Foreign Liabilities           
  General Government99,603103,674108,923114,075122,552123,981130,938129,697129,335127,235 
  Monetary Authority 1123,341120,45696,027100,11984,43779,28160,08857,02556,62155,140 
  Monetary Financial Institutions 2862,931767,629736,179752,275741,912705,504688,332644,663636,629617,819 
  Other Sectors 31,723,5981,890,1021,970,5281,999,5692,060,5962,092,9632,240,3682,245,3652,270,0802,330,459 
    of which:           
      Other Financial Intermediaries1,410,6021,566,8071,625,0191,646,6801,699,9691,728,8101,855,4681,841,9401,874,0041,893,007 
      Non-Financial Companies 4312,996323,295345,509352,889360,627364,153384,900403,425396,076437,452 
Total Foreign Liabilities 2,809,4752,881,8622,911,6572,966,0393,009,4973,001,7303,119,7273,076,7493,092,6663,130,650 
           
Net International Investment Position (IIP)           
  General Government-94,418 -98,294 -102,859 -108,285 -116,452 -116,439 -121,993 -120,805 -120,393 -116,875  
  Monetary Authority 1-104,249 -101,419 -76,098 -82,839 -66,868 -61,586 -41,926 -39,176 -38,686 -37,184  
  Monetary Financial Institutions 228,07331,82911,77817,00719,7251,832-6,698 -1,327 -369 -3,871  
  Other Sectors 3-4,492 -14,501 -27,328 -13,469 -18,835 -7,382 -10,932 -18,839 -17,054 -14,217  
    of which:           
      Other Financial Intermediaries66,76162,61263,20974,45365,07376,46677,74776,61770,26567,012 
      Non-Financial Companies 4-71,253 -77,113 -90,537 -87,922 -83,908 -83,848 -88,679 -95,456 -87,319 -81,229  
Total (Net IIP)-175,087 -182,386 -194,505 -187,586 -182,429 -183,575 -181,552 -180,146 -176,502 -172,144  
1Central Bank of Ireland.
2Covering licensed credit institutions and money market funds.
3Other sectors includes financial corporations other than the Monetary Authority and Monetary Financial Institutions, non-financial service and manufacturing
companies and other industrial enterprises as well as (implicitly) households (see Background Notes). The gross liabilities to non-residents of financial
corporations covered in other sectors tend to be very significant.
4Including households.
Open in Excel: International Investment Position and External Debt December 2013 Table 1(b) (XLS 29KB)
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Table 2 International Investment Position (IIP) - IFSC and non-IFSC activity by Institutional Sector € million
 30 Sep 2013 31 Dec 2013
ItemIFSCnon-IFSCTotal IFSCnon-IFSCTotal
Foreign Assets       
  General Government08,9428,942 010,36010,360
  Monetary Authority 1017,93517,935 017,95617,956
  Monetary Financial Institutions 2535,847100,413636,260 515,78298,166613,948
  Other Sectors 31,854,104398,9222,253,026 1,866,194450,0482,316,242
    of which:       
      Other Financial Intermediaries1,854,10490,1651,944,269 1,866,19493,8251,960,019
      Non-Financial Companies 40308,757308,757 0356,223356,223
Total Foreign Assets2,389,951526,2132,916,164 2,381,976576,5302,958,506
       
Foreign Liabilities       
  General Government0129,335129,335 0127,235127,235
  Monetary Authority 1056,62156,621 055,14055,140
  Monetary Financial Institutions 2526,231110,398636,629 507,379110,440617,819
  Other Sectors 31,868,263401,8172,270,080 1,887,149443,3102,330,459
    of which:       
      Other Financial Intermediaries1,868,2635,7411,874,004 1,887,1495,8581,893,007
      Non-Financial Companies 40396,076396,076 0437,452437,452
Total Foreign Liabilities 2,394,494698,1723,092,666 2,394,528736,1223,130,650
       
Net International Investment Position (IIP)       
  General Government0-120,393 -120,393  0-116,875 -116,875
  Monetary Authority 10-38,686 -38,686  0-37,184 -37,184
  Monetary Financial Institutions 29,616-9,985 -369  8,403-12,274 -3,871
  Other Sectors 3-14,159 -2,895 -17,054  -20,955 6,738-14,217
    of which:       
      Other Financial Intermediaries-14,159 84,42470,265 -20,955 87,96767,012
      Non-Financial Companies 40-87,319 -87,319  0-81,229 -81,229
Total (Net IIP)-4,543 -171,959 -176,502  -12,552 -159,592 -172,144
1Central Bank of Ireland.
2Covering licensed credit institutions and money market funds.
3Other sectors includes financial corporations other than the Monetary Authority and Monetary Financial Institutions, non-financial service
and manufacturing companies and other industrial enterprises as well as (implicitly) households (see Background Notes)
 The gross liabilities to non-residents of financial corporations covered in other sectors tend to be very significant.
4Including households.
Open in Excel: International Investment Position and External Debt December 2013 Table 2 (XLS 30KB)
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Table 3(a) International Investment Position (IIP) - Detailed Data  € million
ItemQ1 2013 Q2 2013Q3 2013Q4 2013
Foreign Assets    
  Direct Investment Abroad 1303,295314,903317,263364,643
    Equity capital and reinvested earnings 255,784263,576265,767290,092
    Other capital47,51151,32851,49674,552
     
  Portfolio Investment 1,674,6991,646,4341,672,4641,702,435
    Equity 541,874538,366561,434602,270
        Monetary authority 20000
        General government4,5304,4074,4553,562
        Monetary financial institutions 31,9521,4801,3851,806
        Other sectors535,391532,480555,594596,902
     
    Debt instruments1,132,8251,108,0681,111,0301,100,166
      Bonds and notes831,250814,413812,938819,622
        Monetary authority 213,80814,60314,43613,964
        General government3343323341,352
        Monetary financial institutions 3174,751167,337155,487155,144
        Other sectors642,357632,141642,682649,162
     
      Money market instruments301,575293,656298,091280,544
        Monetary authority 22,2901,6861,9032,363
        General government0000
        Monetary financial institutions 3177,432163,653176,915171,466
        Other sectors121,853128,317119,273106,714
     
  Other Investment 958,883934,048925,214890,241
    Loans, currency and deposits739,128722,880711,295688,938
        Monetary authority 2766342373442
        General government4,7854,5524,8956,250
        Monetary financial institutions 3280,274269,807264,546249,436
        Other sectors453,303448,179441,481432,810
     
    Trade Credits40,45239,92639,16940,625
        General government0000
        Other sectors40,45239,92639,16940,625
     
    Other assets 4179,302171,241174,748160,678
        Monetary authority 20000
        General government-705-399-742-804
        Monetary financial institutions 342,46835,73332,61130,804
        Other sectors137,539135,907142,879130,678
     
  Reserve assets1,2981,2181,2231,187
    Monetary gold242178191168
    Special drawing rights752742736727
    Reserve Position in the IMF302297294289
    Foreign Exchange2123
    Other0000
     
Total Foreign Assets2,938,1752,896,6032,916,1642,958,506
1Reflecting the so-called directional principle for reclassifying Direct Investment (see background notes).
2Central Bank of Ireland.
3Covering licensed credit institutions and money market funds.
4Includes financial derivatives.
Open in Excel: International Investment Position and External Debt December 2013 Table 3(a) (XLS 32KB)
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Table 3(b) International Investment Position (IIP) - Detailed Data  € million
ItemQ1 2013 Q2 2013Q3 2013Q4 2013
Foreign Liabilities   
  Direct Investment in Ireland 1280,027279,693274,447273,871
    Equity capital and reinvested earnings 275,438274,676271,275271,806
    Other capital4,5885,0183,1722,065
     
  Portfolio Investment 1,988,1121,968,5092,002,5412,056,161
    Equity 1,412,6851,406,3401,444,5381,508,753
        Monetary authority 20000
        General government0000
        Monetary financial institutions 3282,593265,229276,182267,676
        Other sectors1,130,0921,141,1121,168,3561,241,077
     
    Debt instruments575,428562,169558,003547,409
      Bonds and notes555,017542,024539,940536,585
        Monetary authority 20000
        General government69,47764,14763,17759,439
        Monetary financial institutions 347,87539,80137,60039,209
        Other sectors437,664438,076439,163437,937
     
      Money market instruments20,41120,14518,06310,824
        Monetary authority 20000
        General government2,9333,2711,682486
        Monetary financial institutions 311,1249,81510,3415,914
        Other sectors6,3537,0586,0404,424
     
  Other Investment 851,588828,547815,678800,618
    Loans, currency and deposits591,146580,644567,722567,369
        Monetary authority 260,05957,00356,59855,117
        General government58,52862,27964,47567,311
        Monetary financial institutions 3234,231223,573210,006205,798
        Other sectors238,328237,789236,643239,143
     
    Trade Credits16,05114,66414,31813,667
        General government0000
        Other sectors16,05114,66414,31813,667
     
    Other liabilities 4244,391233,239233,637219,583
        Monetary authority 229222323
        General government0000
        Monetary financial institutions 350,76644,34841,48938,978
        Other sectors193,596188,869192,125180,582
     
Total Foreign Liabilities3,119,7273,076,7493,092,6663,130,650
1Reflecting the so-called directional principle for reclassifying Direct Investment (see background notes).
2Central Bank of Ireland.
3Covering licensed credit institutions and money market funds.
4Includes financial derivatives and also includes life insurance liabilities to non-residents.
Open in Excel: International Investment Position and External Debt December 2013 Table 3(b) (XLS 31KB)
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Table 4 International Investment Position (IIP) showing IFSC and non–IFSC activity  € million
ItemQ1 2013 Q2 2013Q3 2013Q4 2013
Foreign Assets
  Direct Investment Abroad 1303,295314,903317,263364,643
    - IFSC31,74631,69331,58632,022
    - Non-IFSC271,549283,210285,677332,621
  Portfolio Investment1,674,6991,646,4341,672,4641,702,435
    - IFSC1,547,7961,520,9931,544,1411,570,112
    - Non-IFSC126,903125,441128,323132,323
  Other Investment 2958,883934,048925,214890,241
    - IFSC837,835818,604814,224779,842
    - Non-IFSC121,048115,444110,990110,399
  Reserve Assets1,2981,2181,2231,187
    - IFSC0000
    - Non-IFSC1,2981,2181,2231,187
Total Foreign Assets2,938,1752,896,6032,916,1642,958,506
    - IFSC2,417,3772,371,2902,389,9512,381,976
    - Non-IFSC520,800525,313526,213576,530
     
Foreign Liabilities    
  Direct Investment in Ireland 1280,027279,693274,447273,871
    - IFSC108,399109,046107,617105,494
    - Non-IFSC171,628170,647166,830168,377
  Portfolio Investment1,988,1121,968,5092,002,5412,056,161
    - IFSC1,727,8911,696,0621,731,6271,746,792
    - Non-IFSC260,221272,447270,914309,369
  Other Investment 2851,588828,547815,678800,618
    - IFSC586,803563,798555,250542,242
    - Non-IFSC264,785264,749260,428258,376
Total Foreign Liabilities 3,119,7273,076,7493,092,6663,130,650
    - IFSC2,423,0932,368,9062,394,4942,394,528
    - Non-IFSC696,634707,843698,172736,122
     
Net International Investment Position (IIP)    
  Direct Investment 123,26835,21042,81690,772
    - IFSC-76,653-77,353-76,031-73,472
    - Non-IFSC99,921112,563118,847164,244
  Portfolio Investment-313,413-322,075-330,077-353,726
    - IFSC-180,095-175,069-187,486-176,680
    - Non-IFSC-133,318-147,006-142,591-177,046
  Other Investment 2107,295105,501109,53689,623
    - IFSC251,032254,806258,974237,600
    - Non-IFSC-143,737-149,305-149,438-147,977
  Reserve Assets1,2981,2181,2231,187
    - IFSC0000
    - Non-IFSC1,2981,2181,2231,187
Total (Net IIP)-181,552-180,146-176,502-172,144
    - IFSC-5,7162,384-4,543-12,552
    - Non-IFSC-175,836-182,530-171,959-159,592
1Reflecting the so-called directional principle for reclassifying Direct Investment (see background notes).
2Includes financial derivatives and trade credits; in the case of liabilities this category also includes life insurance
liabilities to non-residents.
Open in Excel: International Investment Position and External Debt December 2013 Table 4 (XLS 32KB)
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Table 5 International Investment Position (IIP) - 31 December 2013 - Reconciliation of IIP and BOP Flows € million
ItemOpening Position 01/10/13  Bop Flows in Quarter Valuation and Other Changes Closing Position 31/12/13
Foreign Assets  
  
  Direct Investment Abroad 1317,263 3,799 43,581 364,643
    Equity capital and reinvested earnings 265,767 2,651 21,674 290,092
    Other capital51,496 1,148 21,908 74,552
        
  Portfolio Investment 1,672,464 21,684 8,287 1,702,435
    Equity 561,434 23,539 17,297 602,270
    Debt instruments 1,111,030 -1,854  -9,010  1,100,166
      Bonds and notes812,938 11,143 -4,459  819,622
      Money market instruments298,091 -12,997  -4,550  280,544
        
  Other Investment 925,214 -31,102  -3,871  890,241
    Loans, currency and deposits711,295 -16,549  -5,808  688,938
    Other 2213,917 -14,553  1,939 201,303
        
  Reserve Assets1,223 4 -40  1,187
        
Total Foreign Assets2,916,164 -5,615  47,957 2,958,506
        
Foreign Liabilities       
        
  Direct Investment in Ireland 1274,447 606 -1,182  273,871
    Equity capital and reinvested earnings 271,275 1,189 -658  271,806
    Other capital3,172 -583  -524  2,065
        
  Portfolio Investment 2,002,541 5,979 47,641 2,056,161
    Equity 1,444,538 16,628 47,587 1,508,753
    Debt instruments 558,003 -10,649  55 547,409
      Bonds and notes539,940 -3,236  -119  536,585
      Money market instruments18,063 -7,413  174 10,824
        
  Other Investment 815,678 -15,277  217 800,618
    Loans, currency and deposits567,722 -252  -101  567,369
    Other 2247,955 -15,025  320 233,250
        
Total Foreign Liabilities3,092,666 -8,692  46,676 3,130,650
1Reflecting the so-called directional principle for reclassifying Direct Investment (see background notes).
2Includes financial derivatives and trade credits; in the case of liabilities this category also includes life insurance liabilities to non-residents.
Open in Excel: International Investment Position and External Debt December 2013 Table 5 (XLS 32KB)
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Table 6(a) Gross External Debt1€ million
30 Sep 2013 31 Dec 2013
ItemIFSC non-IFSC Total IFSC non-IFSC Total
General Government0 129,335 129,335 0 127,236 127,236
  Short-term0 1,682 1,682 0 486 486
    Money market instruments0 1,682 1,682 0 486 486
    Loans0 0 0 0 0 0
  Long-term 0 127,652 127,652 0 126,750 126,750
    Bonds and notes0 63,177 63,177 0 59,439 59,439
    Loans0 64,475 64,475 0 67,311 67,311
            
Monetary Authority 20 56,621 56,621 0 55,140 55,140
  Short-term0 56,598 56,598 0 55,117 55,117
    Loans and deposits0 56,598 56,598 0 55,117 55,117
  Long-term 0 23 23 0 23 23
    Other debt liabilities0 23 23 0 23 23
            
Monetary Financial Institutions 3186,835 76,300 263,135 180,605 74,466 255,071
  Short-term* * 178,847 * * 173,577
    Money market instruments* * 10,341 * * 5,914
    Loans and deposits107,056 61,450 168,506 108,411 59,252 167,663
  Long-term * * 84,288 * * 81,494
    Bonds and notes30,916 6,684 37,600 31,029 8,180 39,209
    Loans34,181 7,318 41,499 31,614 6,521 38,135
    Other debt liabilities* * 5,189 * * 4,150
            
Other Sectors 4811,436 67,852 879,288 800,112 66,934 867,046
  Short-term* * 123,237 * * 124,734 
    Money market instruments* * 6,040 * * 4,424
    Loans and deposits101,631 1,248 102,879 105,115 1,528 106,643
    Trade credits 7,096 7,222 14,318 7,005 6,662 13,667
  Long-term * * 756,051 * * 742,312
    Bonds and notes* * 439,163 * * 437,937
    Loans98,688 35,076 133,764 97,061 35,439 132,500
    Other debt liabilities163,865 19,259 183,124 152,545 19,330 171,875
            
Direct Investment 5157,242 132,448 289,690 156,572 143,358 299,930
    Debt liabilities to affiliated enterprises 0 24,629 24,629 0 30,405 30,405
    Debt liabilities to direct investors157,242 107,819 265,061 156,572 112,953 269,525
            
Gross External Debt1,155,513 462,555 1,618,068 1,137,289 467,134 1,604,423
1Gross external debt represents the stock of Ireland's liabilities to non-residents other than equity and financial derivatives.
2Central Bank of Ireland.
3Covering licensed credit institutions and money market funds.
4Other sectors includes financial corporations other than the Monetary Authority and Monetary Financial Institutions, non-financial
service and manufacturing companies and other industrial enterprises as well as (implicitly) households (see Background Notes).
The gross liabilities to non-residents of financial corporations covered in other sectors tend to be very significant.
5Covering inter affiliate loans, non-equity securities, trade credits and other debt liabilities. Debt liabilities to affiliated enterprises
refers to direct investment abroad while debt liabilities to direct investorsrefers to direct investment in Ireland.
*Suppressed for confidentiality reasons.
Open in Excel: International Investment Position and External Debt December 2013 Table 6(a) (XLS 50KB)
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Table 6(b) External Assets in Debt Instruments 1€ million
30 Sep 201331 Dec 2013
ItemIFSC non-IFSC Total IFSC non-IFSC Total
General Government0 5,229 5,229 0 7,602 7,602 
  Short-term0 4,547 4,547 0 5,902 5,902
    Money market instruments0 0 0 0 0 0
    Loans and Deposits0 4,547 4,547 0 5,902 5,902
  Long-term 0 682 682 0 1,700 1,700
    Bonds and notes0 334 334 0 1,352 1,352
    Loans0 348 348 0 348 348
            
Monetary Authority 20 16,712 16,712 0 16,769 16,769 
  Short-term0 2,276 2,276 0 2,805 2,805
    Money market instruments0 1,903 1,903 0 2,363 2,363
    Loans and deposits0 373 373 0 442 442
  Long-term 0 14,436 14,436 0 13,964 13,964
    Bonds and notes0 14,436 14,436 0 13,964 13,964
            
Monetary Financial Institutions 3511,196 89,100 600,296 491,870 87,258 579,128 
  Short-term* * 414,746 * * 397,490   
    Money market instruments* * 176,915 * * 171,466   
    Loans and deposits181,400 56,431 237,831 171,022 55,002 226,024   
  Long-term * * 185,550 * * 181,638   
    Bonds and notes133,950 21,537 155,487 132,981 22,163 155,144   
    Loans16,536 10,179 26,715 14,238 9,174 23,412   
    Other debt Assets* * 3,348 * * 3,082   
            
Other Sectors 41,286,998 65,387 1,352,385 1,258,583 66,381 1,324,964 
  Short-term278,907 28,595 307,502 261,433 29,803 291,236
    Money market instruments117,998 1,275 119,273 105,834 880 106,714
    Loans and deposits138,093 10,967 149,060 134,002 9,895 143,897
    Trade credit assets 22,816 16,353 39,169 21,597 19,028 40,625
  Long-term 1,008,091 36,792 1,044,883 997,150 36,578 1,033,728
    Bonds and notes* * 642,682 * * 649,162
    Loans* * 292,421 * * 288,913
    Other debt Assets105,631 4,149 109,780 92,203 3,450 95,653
            
Direct Investment 5175,229 162,784 338,013 175,295 197,122 372,417 
    Debt asset claims on affiliated enterprises0 76,124 76,124 0 104,957 104,957
    Debt asset claims on direct investors175,229 86,660 261,889 175,295 92,165 267,460
            
Reserve Assets0 2 2 0 3 3
            
External Assets in Debt Instruments1,973,423 339,214 2,312,637 1,925,748 375,135 2,300,883 
            
Net External Debt 6-817,910 123,341 -694,569 -788,459 91,999 -696,460
1External Assets in Debt Instruments represents the stock of Ireland's claims on non-residents other than equity and financial derivatives.
2Central Bank of Ireland.
3Covering licensed credit institutions and money market funds.
4Other sectors includes financial corporations other than the Monetary Authority and Monetary Financial Institutions, non-financial service
and manufacturing companies and other industrial enterprises as well as (implicitly) households (see Background Notes).
The gross claims on non-residents of financial corporations covered in other sectors tend to be very significant.
5Covering inter affiliate loans, non-equity securities, trade credits and other debt assets. Debt claims on affiliated enterprises refers to
 direct investment abroad while debt claims on direct investors refers to direct investment in Ireland.
6Net External Debt equals Gross External Debt (from table 6a) minus External Assets in Debt Instruments. A negative sign indicates a net
Asset position.
*Data suppressed for confidentiality reasons.
Open in Excel: International Investment Position and External Debt December 2013 Table 6(b) (XLS 36KB)
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Background Notes

Definition

The international investment position (or IIP) is a point in time statistical statement of: the value and composition of the stock of an economy’s foreign financial assets, or the economy’s claims on the rest of the world, and the value and composition of the stock of an economy’s financial liabilities (or obligations) to the rest of the world.

The IMF External Debt Manual defines external debt to be a point in time statistical statement of the value and composition of the stock of an economy’s gross foreign financial liabilities to the rest of the world. The liabilities referred to cover those arising from Irish residents issuing debt securities such as bonds, notes and money market instruments to non-residents, as well as any loans received from and outstanding to non-residents, and any trade payables due to non-residents. In essence, external debt refers to financial obligations to non-residents other than those arising from transactions in equity or financial derivative contracts.

For more detailed methodological information see the Quarterly International Investment Position and External Debt - Background Notes at the following link: Quarterly International Investment Position and External Debt - Background Notes (PDF 298KB)

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