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For more information on this release:
E-mail: bop@cso.ie Stephen McDonagh (+353) 1 498 4364 Christopher Sibley (+353) 1 498 4305
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 2014

     € billion
 30 Sep 201431 Dec 2014
 AssetsLiabilitiesNETAssetsLiabilitiesNET
General Government13.8133.4-119.610.8130.6-119.8
Monetary Authority18.739.2-20.618.838.8-20.0
Monetary Financial Institutions736.2743.9-7.7745.1718.926.2
Other Financial Intermediaries2,102.02,076.725.32,163.72,162.51.2
Non-Financial Companies504.0558.0-54.0550.3617.9-67.6
Total 3,374.73,551.2-176.53,488.73,668.7-180.0

Net IIP liability of €180 billion at end-December 2014

International Investment Position and External Debt December 2014 Figure 1
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 At 31st December 2014, Ireland’s quarterly international investment position (IIP) results show overall stocks of foreign financial assets of €3,488.7bn – an increase of €114bn on the end-September 2014 level, while the corresponding stocks of foreign financial liabilities increased by €117.4bn to €3,668.7bn over the quarter. Irish residents had an overall net foreign liability of €180bn at end-December 2014, an increase of €3.4bn on the net foreign liability level at end-September 2014 – see Table 1(a).

 

Some points of note in the Quarter 4 2014 IIP are:

  • Direct investment abroad increased by €38.7bn to €517.3bn. Equity capital (including reinvestment of earnings) increased €27.3bn while other capital increased €11.4bn – see Table 3(a).
  • Foreign assets of Non-Financial Companies increased by €46.3bn. With foreign liabilities increasing €59.9bn the resulting net liability increased to €67.6bn - see Table 1(b).
  • The net liability of IFSC enterprises decreased to €32.9bn. The net liability for non-IFSC enterprises increased to €147.1bn due to non-financial companies - see Table 2.

 

X-axis labelGeneral GovernmentMonetary Financial IntermediariesOther Financial IntermediariesNon-Financial Companies
30 Sep 2014386498461612
31 Dec 2014397492469628

With the implementation of the new methodology in June 2014 for Portfolio Investment assets, equity and debt securities (see table 3a for this breakdown), the sector of the non-resident issuer is collected. Analysing this data shows that Irish residents hold debt as follows:

  • €397bn issued by foreign Governments
  • €492bn issued by foreign Monetary Financial Institutions (including Money Market Investment Funds)
  • €469bn issued by foreign Other Financial Intermediaries (including Non-Money Market Investment Funds)
  • €628bn 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 labelOther currencies LiabilitiesOther currencies AssetsUS Dollar LiabilitiesUS Dollar Assets Euro LiabilitiesEuro Assets
Q1 2014-229486.5-105.5352.7-202268.3
Q2 2014-228.7495.4-105.6360.8-202.2278.9
Q3 2014-228.7542.7-104.8421.8-201.1285.5
Q4 2014-228.7540.5-104.8412.8-201.1284

For Portfolio Investment debt securities information is collected on the currency of issue. This data is illustrated here for the first time. These data show that in Q4 2014, for debt security assets:

  • 23% were denominated in Euro
  • 33% were denominated in U.S. Dollars

For debt security liabilities:

  • 38% were denominated in Euro
  • 20% were denominated in U.S. Dollars
X-axis labelDirect InvestmentOther SectorsMonetary Financial InstitutionsMonetary AuthorityGeneral Government
31 Mar 2014297.91894.638265.87361.79129.4
30 Jun 2014305.302894.241275.0244.854131.79
30 Sep 2014326.176899.619271.86139.244133.355
31 Dec 2014340.993959.988251.29338.758130.574

Gross External Debt is €1,721.6 billion at end-December 2014

At 31st December 2014, the gross external debt of all resident sectors (i.e. general government, the monetary authority, financial and non-financial corporations and households) amounted to €1,721.6bn. This represents an increase of €51.3bn 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 2014 (€1,670.3bn) – see Table 6(a). Points of note are:

  • General government foreign borrowing decreased by €2.8bn to €130.6bn at end-December 2014.
  • Liabilities of the Monetary Authority consisting entirely of short term loans and deposits amounted to €38.8bn. 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 €251.3bn at end-December 2014, a decrease of €20.6bn on the end-September 2014 stock level.
  • The liabilities of Other sectors at €960bn increased €60.4bn on the previous quarter, with liabilities of IFSC enterprises increasing €58.9bn. Short term debt increased by €29bn and long term debt increased by €31.3bn.
  • Direct investment liabilities increased by €14.8bn to €341bn in the quarter.
  • The Net External Debt position was -€902.2bn at end-December 2014 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 6(b). 
Table 1(a) International Investment Position (IIP) classified by Financial Instrument  € million
ItemQ3 2012 Q4 2012Q1 2013 Q2 2013Q3 2013Q4 2013Q1 2014Q2 2014Q3 2014Q4 2014
Foreign Assets         
  Direct Investment Abroad 1304,506312,348330,069334,203334,523389,083405,899433,319478,569517,277
  Portfolio Investment1,561,7791,586,8561,675,1721,648,7051,674,1901,705,2871,733,6791,788,8791,959,1241,987,373
  Other Investment 2987,462952,607964,642948,791939,206898,590902,974901,487935,763982,646
  Reserve Assets1,3471,2941,2861,2091,2131,1781,1921,2061,2501,426
  Total Foreign Assets2,855,0942,853,1052,971,1692,932,9082,949,1322,994,1383,043,7443,124,8913,374,7063,488,722
           
Foreign Liabilities          
  Direct Investment in Ireland 1275,556276,086286,542286,491287,024286,942270,564272,395295,462304,067
  Portfolio Investment1,877,7331,917,0292,007,5011,980,7332,010,4942,064,5962,103,0962,189,3042,412,5342,483,889
  Other Investment 2893,608848,651862,019852,990842,030820,299846,132840,990843,240880,729
  Total Foreign Liabilities 3,046,8973,041,7663,156,0623,120,2143,139,5483,171,8373,219,7923,302,6893,551,2363,668,685
     
Net International Investment Position (IIP)  
  Direct Investment 128,95036,26243,52747,71247,499102,141135,335160,924183,107213,210
  Portfolio Investment-315,954-330,173-332,329-332,028-336,304-359,309-369,417-400,425-453,410-496,516
  Other Investment 293,854103,956102,62395,80197,17678,29156,84260,49792,523101,917
  Reserve Assets1,3471,2941,2861,2091,2131,1781,1921,2061,2501,426
           
  Total (Net IIP)-191,803-188,661-184,893-187,306-190,416-177,699-176,048-177,798-176,530-179,963
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 2014 Table 1(a) (XLS 33KB)
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Table 1(b) International Investment Position (IIP) classified by Institutional Sector € million
ItemQ3 2012Q4 2012Q1 2013Q2 2013Q3 2013Q4 2013Q1 2014Q2 2014Q3 2014Q4 2014
Foreign Assets 
  General Government17,89618,54217,51417,28017,11317,95016,50713,06313,76010,759
  Monetary Authority 117,56917,69518,15217,84217,92618,18418,32218,48818,67118,764
  Monetary Financial Institutions 2758,054708,897682,684644,135643,343615,070621,549643,655736,222745,138
  Other Sectors 32,061,5772,107,9702,252,8182,253,6512,270,7492,342,9332,387,3652,449,6852,606,0532,714,062
    of which:          
      Other Financial Intermediaries1,750,0141,783,6721,894,8841,893,3751,915,4801,931,0051,957,7781,989,5742,102,0172,163,742
      Non-Financial Companies4311,563324,298357,934360,276355,269411,928429,587460,111504,036550,320
Total Foreign Assets2,855,0942,853,1052,971,1692,932,9082,949,1322,994,1383,043,7443,124,8913,374,7063,488,722
          
Foreign Liabilities          
  General Government124,586126,078132,254130,239129,794126,038129,664132,038133,356130,573
  Monetary Authority 199,85295,22275,66673,04472,68771,59461,79044,85439,24438,758
  Monetary Financial Institutions 2749,251711,717696,460661,281655,128629,530635,211653,763743,912718,907
  Other Sectors 32,073,2082,108,7502,251,6822,255,6492,281,9392,344,6742,393,1252,472,0342,634,7222,780,446
    of which:          
      Other Financial Intermediaries1,692,6281,717,9561,827,4831,824,7151,857,9331,872,8071,909,9671,958,9662,076,6772,162,537
      Non-Financial Companies 4380,580390,794424,199430,934424,006471,867483,158513,068558,045617,909
Total Foreign Liabilities 3,046,8973,041,7663,156,0623,120,2143,139,5483,171,8373,219,7923,302,6893,551,2363,668,685
          
Net International Investment Position (IIP)     
  General Government-106,690 -107,536 -114,740 -112,959 -112,681 -108,088 -113,157 -118,975 -119,596 -119,814
  Monetary Authority 1-82,283 -77,527 -57,514 -55,202 -54,761 -53,410 -43,468 -26,366 -20,573 -19,994
  Monetary Financial Institutions 28,803-2,820 -13,776 -17,146 -11,785 -14,460 -13,662 -10,108 -7,690 26,231
  Other Sectors 3-11,631 -780 1,136-1,998 -11,190 -1,741 -5,760 -22,349 -28,669 -66,384
    of which:          
      Other Financial Intermediaries57,38665,71667,40168,66057,54758,19847,81130,60825,3401,205
      Non-Financial Companies 4-69,017 -66,496 -66,265 -70,658 -68,737 -59,939 -53,571 -52,957 -54,009 -67,589
Total (Net IIP)-191,803 -188,661 -184,893 -187,306 -190,416 -177,699 -176,048 -177,798 -176,530 -179,963
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 2014 Table 1(b) (XLS 35KB)
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Table 2 International Investment Position (IIP) - IFSC and non-IFSC activity by Institutional Sector € million
 30 Sep 2014 31 Dec 2014
ItemIFSCnon-IFSCTotal IFSCnon-IFSCTotal
Foreign Assets       
  General Government013,76013,760 010,75910,759
  Monetary Authority 1018,67118,671 018,76418,764
  Monetary Financial Institutions 2649,07287,150736,222 658,22386,915745,138
  Other Sectors 32,040,094565,9592,606,053 2,099,304614,7582,714,062
    of which:       
      Other Financial Intermediaries2,040,09461,9232,102,017 2,099,30464,4382,163,742
      Non-Financial Companies 40504,036504,036 0550,320550,320
Total Foreign Assets2,689,166685,5403,374,706 2,757,527731,1953,488,722
        
Foreign Liabilities       
  General Government0133,356133,356 0130,573130,573
  Monetary Authority 1039,24439,244 038,75838,758
  Monetary Financial Institutions 2635,064108,848743,912 613,454105,453718,907
  Other Sectors 32,089,940544,7822,634,722 2,176,930603,5162,780,446
    of which:       
      Other Financial Intermediaries2,089,940-13,263 2,076,677 2,176,930-14,393 2,162,537
      Non-Financial Companies 40558,045558,045 0617,909617,909
Total Foreign Liabilities 2,725,004826,2323,551,236 2,790,384878,3013,668,685
        
Net International Investment Position (IIP)       
  General Government0-119,596 -119,596  0-119,814 -119,814
  Monetary Authority 10-20,573 -20,573  0-19,994 -19,994
  Monetary Financial Institutions 214,008-21,698 -7,690  44,769-18,538 26,231
  Other Sectors 3-49,846 21,177-28,669  -77,626 11,242-66,384
    of which:       
      Other Financial Intermediaries-49,846 75,18625,340 -77,626 78,8311,205
      Non-Financial Companies 40-54,009 -54,009  0-67,589 -67,589
Total (Net IIP)-35,838 -140,692 -176,530  -32,857 -147,106 -179,963
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 2014 Table 2 (XLS 36KB)
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Table 3(a) International Investment Position (IIP) - Detailed Data  € million
ItemQ1 2014Q2 2014Q3 2014Q4 2014
Foreign Assets    
  Direct Investment Abroad 1405,899433,319478,569517,277
    Equity capital and reinvested earnings 344,247370,360407,038434,320
    Other capital61,65262,95971,53182,957
     
  Portfolio Investment 1,733,6791,788,8791,959,1241,987,373
    Equity 626,107637,921709,139750,041
        Monetary authority 20000
        General government2,6982,7973,2213,534
        Monetary financial institutions 35,5559,2386,4762,963
        Other sectors617,854625,886699,443743,544
     
    Debt instruments1,107,5721,150,9581,249,9851,237,333
      Bonds and notes813,456835,990842,297846,990
        Monetary authority 214,47513,48012,97212,931
        General government592645575580
        Monetary financial institutions 3141,870144,839145,742137,103
        Other sectors656,519677,026683,007696,376
     
      Money market instruments294,116314,969407,688390,343
        Monetary authority 22,3343,7033,6763,872
        General government0000
        Monetary financial institutions 3180,739194,561259,119267,318
        Other sectors111,042116,704144,893119,153
     
  Other Investment 902,974901,487935,763982,646
    Loans, currency and deposits694,612687,837712,017717,186
        Monetary authority 232199773535
        General government12,43010,1719,6966,466
        Monetary financial institutions 3258,293259,933272,482267,878
        Other sectors423,569417,633429,066442,307
     
    Trade Credits37,48338,89936,71042,652
        General government0000
        Other sectors37,48338,89936,71042,652
     
    Other assets 4170,879174,750187,035222,808
        Monetary authority 20000
        General government-843-68213649
        Monetary financial institutions 332,13531,54148,81866,052
        Other sectors139,587143,891138,081156,707
     
  Reserve assets1,1921,2061,2501,426
    Monetary gold171176176180
    Special drawing rights728736766776
    Reserve Position in the IMF290293305308
    Foreign Exchange3133
    Other000159
     
Total Foreign Assets3,043,7443,124,8913,374,7063,488,722
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 2014 Table 3(a) (XLS 34KB)
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Table 3(b) International Investment Position (IIP) - Detailed Data  € million
ItemQ1 2014Q2 2014Q3 2014Q4 2014
Foreign Liabilities   
  Direct Investment in Ireland1270,564272,395295,462304,067
    Equity capital and reinvested earnings 292,613298,381318,946327,692
    Other capital-22,049-25,985-23,485-23,626
     
  Portfolio Investment 2,103,0962,189,3042,412,5342,483,889
    Equity 1,566,4171,652,8401,877,9861,949,316
        Monetary authority 20000
        General government0000
        Monetary financial institutions 3281,965290,314379,848379,941
        Other sectors1,284,4521,362,5251,498,1381,569,375
     
    Debt instruments536,679536,464534,548534,573
      Bonds and notes522,685523,354518,588518,670
        Monetary authority 20000
        General government60,11060,25960,09465,060
        Monetary financial institutions 338,91839,26637,83134,473
        Other sectors423,657423,828420,663419,138
     
      Money market instruments13,99413,11015,96015,902
        Monetary authority 20000
        General government1,0811,4091,9952,756
        Monetary financial institutions 36,2855,4167,9067,281
        Other sectors6,6296,2856,0595,866
     
  Other Investment 846,132840,990843,240880,729
    Loans, currency and deposits580,005575,597565,732566,374
        Monetary authority 261,79044,85439,24438,758
        General government68,20970,12371,26662,758
        Monetary financial institutions 3216,108224,413218,920197,785
        Other sectors233,898236,207236,301267,073
     
    Trade Credits15,43715,83316,55016,926
        General government0000
        Other sectors15,43715,83316,55016,926
     
    Other liabilities 4250,690249,560260,958297,429
        Monetary authority20000
        General government0000
        Monetary financial institutions 334,00235,82339,48645,307
        Other sectors216,687213,737221,473252,122
     
Total Foreign Liabilities3,219,7923,302,6893,551,2363,668,685
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 2014 Table 3(b) (XLS 33KB)
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Table 4 International Investment Position (IIP) showing IFSC and non–IFSC activity  € million
ItemQ1 2014Q2 2014Q3 2014Q4 2014
Foreign Assets
  Direct Investment Abroad 1405,899433,319478,569517,277
    - IFSC31,29731,54633,97535,205
    - Non-IFSC374,602401,773444,594482,072
  Portfolio Investment1,733,6791,788,8791,959,1241,987,373
    - IFSC1,603,1081,651,5451,820,1131,843,419
    - Non-IFSC130,571137,334139,011143,954
  Other Investment 2902,974901,487935,763982,646
    - IFSC800,539800,711835,078878,903
    - Non-IFSC102,435100,776100,685103,743
  Reserve Assets1,1921,2061,2501,426
    - IFSC0000
    - Non-IFSC1,1921,2061,2501,426
Total Foreign Assets3,043,7443,124,8913,374,7063,488,722
    - IFSC2,434,9442,483,8022,689,1662,757,527
    - Non-IFSC608,800641,089685,540731,195
     
Foreign Liabilities    
  Direct Investment in Ireland 1270,564272,395295,462304,067
    - IFSC97,64599,960117,665114,890
    - Non-IFSC172,919172,435177,797189,177
  Portfolio Investment2,103,0962,189,3042,412,5342,483,889
    - IFSC1,763,2321,820,4492,002,1622,023,730
    - Non-IFSC339,864368,855410,372460,159
  Other Investment2846,132840,990843,240880,729
    - IFSC586,625596,541605,177651,764
    - Non-IFSC259,507244,449238,063228,965
Total Foreign Liabilities 3,219,7923,302,6893,551,2363,668,685
    - IFSC2,447,5022,516,9502,725,0042,790,384
    - Non-IFSC772,290785,739826,232878,301
     
Net International Investment Position (IIP)    
  Direct Investment1135,335160,924183,107213,210
    - IFSC-66,348-68,414-83,690-79,685
    - Non-IFSC201,683229,338266,797292,895
  Portfolio Investment-369,417-400,425-453,410-496,516
    - IFSC-160,124-168,904-182,049-180,311
    - Non-IFSC-209,293-231,521-271,361-316,205
  Other Investment 256,84260,49792,523101,917
    - IFSC213,914204,170229,901227,139
    - Non-IFSC-157,072-143,673-137,378-125,222
  Reserve Assets1,1921,2061,2501,426
    - IFSC0000
    - Non-IFSC1,1921,2061,2501,426
Total (Net IIP)-176,048-177,798-176,530-179,963
    - IFSC-12,558-33,148-35,838-32,857
    - Non-IFSC-163,490-144,650-140,692-147,106
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 2014 Table 4 (XLS 34KB)
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Table 5 International Investment Position (IIP) - 31 December 2014 - Reconciliation of IIP and BOP Flows € million
ItemOpening Position 01/10/14 Bop Flows in Quarter Valuation and Other Changes Closing Position 31/12/14
Foreign Assets  
  
  Direct Investment Abroad 1478,569 4,218 34,490 517,277
    Equity capital and reinvested earnings 407,038 -3,461  30,743 434,320
    Other capital71,531 7,679 3,747 82,957
        
  Portfolio Investment 1,959,124 30,302 -2,053  1,987,373
    Equity 709,139 19,203 21,699 750,041
    Debt instruments 1,249,985 11,099 -23,751  1,237,333
      Bonds and notes842,297 3,043 1,650 846,990
      Money market instruments407,688 8,056 -25,401  390,343
        
  Other Investment 935,763 31,564 15,319 982,646
    Loans, currency and deposits712,017 -6,927  12,096 717,186
    Other 2223,745 38,491 3,224 265,460
        
  Reserve Assets1,250 133 43 1,426
        
Total Foreign Assets3,374,706 66,217 47,799 3,488,722
        
Foreign Liabilities       
        
  Direct Investment in Ireland 1295,462 -69  8,674 304,067
    Equity capital and reinvested earnings 318,946 3,431 5,315 327,692
    Other capital-23,485  -3,500  3,359 -23,626
        
  Portfolio Investment 2,412,534 21,647 49,708 2,483,889
    Equity 1,877,986 21,755 49,575 1,949,316
    Debt instruments 534,548 -107  132 534,573
      Bonds and notes518,588 -15  97 518,670
      Money market instruments15,960 -92  34 15,902
        
  Other Investment 843,240 40,675 -3,186  880,729
    Loans, currency and deposits565,732 3,634 -2,992  566,374
    Other 2277,508 37,041 -194  314,355
        
Total Foreign Liabilities3,551,236 62,253 55,196 3,668,685
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 2014 Table 5 (XLS 34KB)
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Table 6(a) Gross External Debt1€ million
30 Sep 2014 31 Dec 2014
ItemIFSC non-IFSC Total IFSC non-IFSC Total
General Government0 133,355 133,355 0 130,574 130,574
  Short-term0 4,520 4,520 0 4,504 4,504
    Money market instruments0 1,995 1,995 0 2,756 2,756
    Loans0 2,525 2,525 0 1,748 1,748
  Long-term 0 128,835 128,835 0 126,070 126,070
    Bonds and notes0 60,094 60,094 0 65,060 65,060
    Loans0 68,741 68,741 0 61,010 61,010
            
Monetary Authority 20 39,244 39,244 0 38,758 38,758
  Short-term0 39,244 39,244 0 38,758 38,758
    Loans and deposits0 39,244 39,244 0 38,758 38,758
  Long-term 0 0 0 0 0 0
    Other debt liabilities0 0 0 0 0 0
            
Monetary Financial Institutions3199,194 72,667 271,861 182,024 69,269 251,293
  Short-term* * 201,469 * * 179,126
    Money market instruments* * 7,906 * * 7,281
    Loans and deposits140,055 53,508 193,563 120,427 51,418 171,845
  Long-term * * 70,392 * * 72,167
    Bonds and notes25,079 12,752 37,831 22,746 11,727 34,473
    Loans19,327 6,030 25,357 19,965 5,975 25,940
    Other debt liabilities* * 7,204 * * 11,754
            
Other Sectors 4835,361 64,258 899,619 894,270 65,718 959,988
  Short-term* * 122,717 * * 151,741
    Money market instruments* * 6,059 * * 5,866
    Loans and deposits95,764 4,344 100,108 123,366 5,583 128,949
    Trade credits 9,359 7,191 16,550 9,205 7,721 16,926
  Long-term * * 776,902 * * 808,247
    Bonds and notes* * 420,663 * * 419,138
    Loans108,101 28,092 136,193 112,286 25,838 138,124
    Other debt liabilities199,662 20,384 220,046 228,614 22,371 250,985
            
Direct Investment 5169,875 156,301 326,176 172,587 168,406 340,993
    Debt liabilities to affiliated enterprises 4,095 41,168 45,263 4,171 42,700 46,871
    Debt liabilities to direct investors165,780 115,133 280,913 168,416 125,706 294,122
            
Gross External Debt1,204,430 465,825 1,670,255 1,248,881 472,725 1,721,604
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 2014 Table 6(a) (XLS 50KB)
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Table 6(b) External Assets in Debt Instruments 1€ million
30 Sep 201431 Dec 2014
ItemIFSC non-IFSC Total IFSC non-IFSC Total
General Government0 10,271 10,271 0 7,045 7,045
  Short-term0 8,959 8,959 0 5,748 5,748
    Money market instruments0 0 0 0 0 0
    Loans and Deposits0 8,959 8,959 0 5,748 5,748
  Long-term 0 1,312 1,312 0 1,297 1,297
    Bonds and notes0 575 575 0 580 580
    Loans0 737 737 0 717 717
            
Monetary Authority 20 17,421 17,421 0 17,338 17,338
  Short-term0 4,449 4,449 0 4,407 4,407
    Money market instruments0 3,676 3,676 0 3,872 3,872
    Loans and deposits0 773 773 0 535 535
  Long-term 0 12,972 12,972 0 12,931 12,931
    Bonds and notes0 12,972 12,972 0 12,931 12,931
            
Monetary Financial Institutions 3620,836 76,899 697,735 633,181 76,302 709,483
  Short-term* * 502,019 * * 506,146
    Money market instruments* * 259,119 * * 267,318
    Loans and deposits198,646 44,254 242,900 195,854 42,974 238,828
  Long-term * * 195,716 * * 203,337
    Bonds and notes123,596 22,146 145,742 114,582 22,521 137,103
    Loans19,765 9,817 29,582 19,283 9,767 29,050
    Other debt Assets* * 20,392 * * 37,184
            
Other Sectors 41,357,597 65,644 1,423,241 1,367,602 74,445 1,442,047
  Short-term295,897 26,850 322,747 284,628 33,404 318,032
    Money market instruments143,477 1,416 144,893 118,155 998 119,153
    Loans and deposits130,331 10,813 141,144 144,469 11,758 156,227
    Trade credit assets 22,089 14,621 36,710 22,004 20,648 42,652
  Long-term 1,061,700 38,794 1,100,494 1,082,974 41,041 1,124,015
    Bonds and notes* * 683,007 * * 696,376
    Loans* * 287,922 * * 286,080
    Other debt Assets126,876 2,689 129,565 138,185 3,374 141,559
            
Direct Investment 5196,079 225,113 421,192 205,535 242,040 447,575
    Debt asset claims on affiliated enterprises5,298 111,496 116,794 5,452 124,376 129,828
    Debt asset claims on direct investors190,781 113,617 304,398 200,083 117,664 317,747
            
Reserve Assets0 3 3 0 321 321
            
External Assets in Debt Instruments2,174,512 395,351 2,569,863 2,206,318 417,491 2,623,809
            
Net External Debt 6-970,082 70,474 -899,608 -957,437 55,234 -902,205
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 2014 Table 6(b) (XLS 39KB)
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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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