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For more information on this release:
E-mail: bop@cso.ie John Sheridan (+353) 1 498 4258 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

Quarter 2 2015

     € billion
 31 Mar 201530 Jun 2015
 AssetsLiabilitiesNETAssetsLiabilitiesNET
General Government10.8132.8-122.011.0134.0-123.0
Monetary Authority19.034.3-15.318.726.9-8.1
Monetary Financial Institutions805.5764.441.2742.1702.839.3
Other Financial Intermediaries2,289.02,254.334.72,294.92,240.554.4
Non-Financial Companies703.8827.3-123.5688.1812.2-124.1
Total 3,828.14,013.0-184.93,754.93,916.3-161.5

Net IIP liability of €161 billion at end-June 2015

International Investment Position and External Debt June 2015 Figure 1
go to full release

At 30th June 2015, Ireland’s quarterly international investment position (IIP) results show overall stocks of foreign financial assets of €3,755bn  – a decrease of €73bn on the end-March 2015 level, while the corresponding stocks of foreign financial liabilities decreased by €97bn to €3,916bn over the quarter. Irish residents had an overall net foreign liability of €161bn at end-June 2015, a decrease of €23bn on the net foreign liability level at end-March 2015 – see Table 1a.

Some points of note in the Quarter 2 2015 IIP are:

  • After the substantial increase last quarter direct investment abroad had only a small change this quarter decreasing by €12.2bn to €702bn. Equity capital (including reinvested earnings) increased €7.8bn while other capital decreased €20bn – see Table 3(a).
  • Foreign assets of Other Financial Intermediaries increased by €5.9bn. With foreign liabilities decreasing by €13.8bn the resulting net liability increased to €54.4bn - see Table 1b.
  • Foreign assets of Monetary Authorities decreased by €0.3bn while foreign liabilities decreased by €7.4bn. The resulting net liability decreased to €8.1bn – see Table 1b.
X-axis labelGeneral GovernmentMonetary Financial IntermediariesOther Financial IntermediariesNon-Financial Companies
31 Mar 2015451506501695
30 Jun 2015442485496696

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:

  • €442bn issued by foreign Governments
  • €485bn issued by foreign Monetary Financial Institutions (including Money Market Investment Funds)
  • €496bn issued by foreign Other Financial Intermediaries (including Non-Money Market Investment Funds)
  • €696bn issued by foreign Non-Financial Companies

The data shown are consistent with that transmitted bi-annually to the International Monetary Fund (IMF) for their Coordinated Portfolio Investment Survey (CPIS). More information and comparable country data are available http://cpis.imf.org/

These results are also consistent with the national annual Resident Holdings of Portfolio Investment release

X-axis labelDirect InvestmentPortfolio InvestmentOther InvestmentReserve AssetsNet IIP
Q1 2014132.8-219.4-117.81.2-203.2
Q2 2014154.2-263.2-100.71.2-208.6
Q3 2014168.1-279.4-95.51.3-205.5
Q4 2014211.3-326.8-831.4-197.1
Q1 2015387-529.8-43.91.6-184.9
Q2 2015376.2-501.1-38.51.9-161.5

Figure 3 shows the net IIP over time along with the contribution of each instrument type to it. We can see that in the last six quarters while direct investment has a positive contribution both portfolio investment and other investment have a negative contribution. Reserve assets have a positive contribution but this is very small relative to the other instrument types.

X-axis labelDirect InvestmentOther SectorsMonetary Financial InstitutionsMonetary AuthorityGeneral Government
30 Sep 2014335.473800.596260.56239.244134.372
31 Dec 2014371.015822.636251.35138.758130.574
31 Mar 2015410.919900.079243.4434.269132.794
30 Jun 2015432.057896.016229.59726.872134.005

Gross External Debt 1 is €1.7 trillion at end-June 2015

 

At 30th June 2015, the gross external debt of all resident sectors (i.e. general government, the monetary authority, financial and non-financial corporations and households) amounted to €1,718bn. This represents a decrease of €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 31st March 2015 (€1,721bn) – see Table 6a. Points of note are:

  •  General government foreign borrowing increased by €1.2bn to €134bn at end-June 2015.
  • Liabilities of the Monetary Authority consisting entirely of short term loans and deposits amounted to €26.9bn. These liabilities are to the European System of Central Banks (ESCB) and include balances in the TARGET2 settlement system of the ESCB.
  • Debt liabilities of Monetary financial institutions (credit institutions and money market funds) were €230bn at end-June 2015, a decrease of €13.8bn on the end-March 2015 stock level.
  • The liabilities of Other sectors at €896bn decreased €4bn on the previous quarter. Short term debt decreased by €4.3bn while long term debt increased by €0.3bn. Within this, liabilities of IFSC enterprises decreased €5.6bn.
  • Direct investment liabilities increased by€21.1bn to €432bn in the quarter.
  • The Net External Debt position was -€958bn at end-June 2015 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

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
ItemQ2 2013Q3 2013Q4 2013Q1 2014Q2 2014Q3 2014Q4 2014Q1 2015Q2 2015
Foreign Assets         
  Direct Investment Abroad 1335,273335,132390,651400,936435,069475,372522,824714,072701,856
  Portfolio Investment1,573,6481,593,6781,625,3841,686,8821,749,3441,871,2691,935,1182,155,2942,121,012
  Other Investment 2848,760834,856791,672807,206825,465859,668871,308957,099930,075
  Reserve Assets1,2091,2131,1781,1921,2061,2501,4261,6371,909
  Total Foreign Assets2,758,8902,764,8792,808,8852,896,2163,011,0843,207,5593,330,6763,828,1023,754,852
          
Foreign Liabilities         
  Direct Investment in Ireland 1287,873284,508284,907268,155280,914307,285311,508327,025325,635
  Portfolio Investment1,785,9661,805,3241,859,4761,906,2422,012,5842,150,6242,261,9372,685,0472,622,130
  Other Investment 2925,282914,353886,881925,045926,165955,135954,3331,000,951968,570
  Total Foreign Liabilities 2,999,1213,004,1853,031,2643,099,4423,219,6633,413,0443,527,7784,013,0233,916,335
     
Net International Investment Position (IIP)  
  Direct Investment 147,40050,624105,744132,781154,155168,087211,316387,047376,221
  Portfolio Investment-212,318-211,646-234,092-219,360-263,240-279,355-326,819-529,753-501,118
  Other Investment 2-76,522-79,497-95,209-117,839-100,700-95,467-83,025-43,852-38,495
  Reserve Assets1,2091,2131,1781,1921,2061,2501,4261,6371,909
          
  Total (Net IIP)-240,231-239,306-222,379-203,226-208,579-205,485-197,102-184,921-161,483
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.
Table 1(b) International Investment Position (IIP) classified by Institutional Sector € million
ItemQ2 2013Q3 2013Q4 2013Q1 2014Q2 2014Q3 2014Q4 2014Q1 2015Q2 2015
Foreign Assets         
  General Government17,28017,11317,95416,50713,06313,76210,84410,79811,038
  Monetary Authority 120,27820,28720,40120,54320,61220,76220,78118,98018,726
  Monetary Financial Institutions 2634,024633,278605,385713,310722,683743,160749,588805,544742,095
  Other Sectors 32,087,3082,094,2022,165,1452,145,8572,254,7262,429,8752,549,4622,992,7782,982,992
    of which:         
      Other Financial Intermediaries1,761,9161,773,9441,785,7351,750,7151,824,7051,963,1942,031,6622,288,9602,294,897
      Non-Financial Companies4325,392320,258379,410395,142430,021466,681517,800703,818688,095
Total Foreign Assets2,758,8902,764,8792,808,8852,896,2163,011,0843,207,5593,330,6763,828,1023,754,852
         
Foreign Liabilities         
  General Government130,239129,794126,038129,664131,933134,373130,574132,794134,005
  Monetary Authority 173,04472,68771,59461,79044,85439,24438,75834,26926,872
  Monetary Financial Institutions 2648,744642,642617,348691,413699,088729,737718,979764,373702,766
  Other Sectors 32,147,0942,159,0632,216,2852,216,5782,343,7882,509,6922,639,4683,081,5883,052,694
    of which:         
      Other Financial Intermediaries1,703,0281,722,3251,730,8381,712,4121,795,3651,917,1921,993,2412,254,2982,240,495
      Non-Financial Companies4444,066436,738485,447504,166548,423592,500646,227827,290812,199
Total Foreign Liabilities 2,999,1213,004,1853,031,2643,099,4423,219,6633,413,0443,527,7784,013,0233,916,335
         
Net International Investment Position (IIP)         
  General Government-112,959 -112,681 -108,084 -113,157 -118,870 -120,611 -119,729 -121,996 -122,967
  Monetary Authority1-52,766 -52,400 -51,193 -41,247 -24,242 -18,482 -17,977 -15,289 -8,146
  Monetary Financial Institutions 2-14,720 -9,364 -11,963 21,89723,59513,42330,60941,17139,329
  Other Sectors 3-59,786 -64,861 -51,140 -70,721 -89,062 -79,817 -90,006 -88,810 -69,702
    of which:         
      Other Financial Intermediaries58,88851,61954,89738,30329,34046,00238,42134,66254,402
      Non-Financial Companies4-118,674 -116,480 -106,037 -109,024 -118,402 -125,819 -128,427 -123,472 -124,104
Total (Net IIP)-240,231 -239,306 -222,379 -203,226 -208,579 -205,485 -197,102 -184,921 -161,483
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 andother 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
 31 Mar 2015 30 Jun 2015
ItemIFSCnon-IFSCTotal IFSCnon-IFSCTotal
Foreign Assets       
  General Government010,79810,798 011,03811,038
  Monetary Authority 1018,98018,980 018,72618,726
  Monetary Financial Institutions 2714,50991,035805,544 651,48090,615742,095
  Other Sectors 32,164,608828,1702,992,778 2,174,114808,8782,982,992
    of which:       
      Other Financial Intermediaries2,164,608124,3522,288,960 2,174,114120,7832,294,897
      Non-Financial Companies40703,818703,818 0688,095688,095
Total Foreign Assets2,879,117948,9853,828,102 2,825,594929,2583,754,852
        
Foreign Liabilities       
  General Government0132,794132,794 0134,005134,005
  Monetary Authority 1034,26934,269 026,87226,872
  Monetary Financial Institutions 2663,161101,212764,373 607,58495,182702,766
  Other Sectors 32,266,946814,6423,081,588 2,252,146800,5483,052,694
    of which:       
      Other Financial Intermediaries2,266,946-12,648 2,254,298 2,252,146-11,651 2,240,495
      Non-Financial Companies40827,290827,290 0812,199812,199
Total Foreign Liabilities 2,930,1071,082,9164,013,023 2,859,7301,056,6053,916,335
       
Net International Investment Position (IIP)       
  General Government0-121,996 -121,996  0-122,967 -122,967
  Monetary Authority 10-15,289 -15,289  0-8,146 -8,146
  Monetary Financial Institutions 251,348-10,177 41,171 43,896-4,567 39,329
  Other Sectors 3-102,338 13,528-88,810  -78,032 8,330-69,702
    of which:       
      Other Financial Intermediaries-102,338 137,00034,662 -78,032 132,43454,402
      Non-Financial Companies40-123,472 -123,472  0-124,104 -124,104
Total (Net IIP)-50,990 -133,931 -184,921  -34,136 -127,347 -161,483
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
ItemQ3 2014Q4 2014Q1 2015Q2 2015
Foreign Assets    
  Direct Investment Abroad 1475,372522,824714,072701,856
    Equity capital and reinvested earnings 406,516444,890635,795643,624
    Other capital68,85677,93478,27758,231
     
  Portfolio Investment 1,871,2691,935,1182,155,2942,121,012
    Equity 699,268743,723851,319860,192
        Monetary authority 20000
        General government3,2213,5343,9713,357
        Monetary financial institutions 32,4762,9633,2263,258 
        Other sectors693,571737,226844,122853,578
     
    Debt instruments1,172,0011,191,3951,303,9751,260,819
      Bonds and notes778,946792,661853,950840,705
        Monetary authority 215,06314,94813,51714,560
        General government575580605569
        Monetary financial institutions 3129,527126,040119,743115,192
        Other sectors633,781651,093720,084710,382
     
      Money market instruments393,055398,734450,026420,115
        Monetary authority 23,6763,8723,1522,090
        General government0000
        Monetary financial institutions 3275,335277,303310,615285,588
        Other sectors114,044117,559136,259132,437
     
  Other Investment 859,668871,308957,099930,075
    Loans, currency and deposits638,505642,333692,274671,025
        Monetary authority 2773535674167
        General government9,6966,5515,7795,536
        Monetary financial institutions 3277,191272,239296,294277,383
        Other sectors350,845363,009389,527387,937
     
    Trade Credits37,16841,31342,00543,386
        General government0000
        Other sectors37,16841,31342,00543,386
     
    Other assets 4183,995187,662222,821215,664
        Monetary authority 20000
        General government138493131,444
        Monetary financial institutions 355,03567,23571,64656,818
        Other sectors128,822120,378150,862157,402
     
  Reserve assets1,2501,4261,6371,909
    Monetary gold176180201191
    Special drawing rights766776836818
    Reserve Position in the IMF305308332325
    Foreign Exchange3343
    Other0159264572
     
Total Foreign Assets3,207,5593,330,6763,828,1023,754,852
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.
Table 3(b) International Investment Position (IIP) - Detailed Data  € million
ItemQ3 2014Q4 2014Q1 2015Q2 2015
Foreign Liabilities   
  Direct Investment in Ireland 1307,285311,508327,025325,635
    Equity capital and reinvested earnings 333,922339,260355,681363,321
    Other capital-26,637-27,752-28,657-37,685
     
  Portfolio Investment 2,150,6242,261,9372,685,0472,622,130
    Equity 1,837,5141,938,5262,341,8002,274,809
        Monetary authority 20000
        General government0000
        Monetary financial institutions 3379,849379,955435,262397,610
        Other sectors1,457,6651,558,5701,906,5381,877,199
     
    Debt instruments313,110323,412343,247347,321
      Bonds and notes299,235309,548327,101331,731
        Monetary authority 20000
        General government60,09465,06073,65275,285
        Monetary financial institutions 337,83134,45829,46229,506
        Other sectors201,310210,030223,987226,940
     
      Money market instruments13,87513,86416,14715,589
        Monetary authority 20000
        General government1,9952,7564,7324,041
        Monetary financial institutions 37,9067,2967,5437,641
        Other sectors3,9743,8123,8713,906
     
  Other Investment 955,135954,3331,000,951968,570
    Loans, currency and deposits562,018551,179535,988511,569
        Monetary authority 239,24438,75834,26926,872
        General government72,28362,75854,41054,572
        Monetary financial institutions 3207,160197,785198,013186,876
        Other sectors243,331251,879249,296243,250
     
    Trade Credits17,40517,74517,81117,546
        General government0000
        Other sectors17,40517,74517,81117,546
     
    Other liabilities 4375,712385,408447,152439,455
        Monetary authority20000
        General government000106
        Monetary financial institutions 339,94845,36541,75134,451
        Other sectors335,764340,043405,401404,898
     
Total Foreign Liabilities3,413,0443,527,7784,013,0233,916,335
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.
Table 4 International Investment Position (IIP) showing IFSC and non–IFSC activity  € million
ItemQ3 2014Q4 2014Q1 2015Q2 2015
Foreign Assets
  Direct Investment Abroad 1475,372522,824714,072701,856
    - IFSC31,10232,39737,12040,495
    - Non-IFSC444,270490,427676,952661,361
  Portfolio Investment1,871,2691,935,1182,155,2942,121,012
    - IFSC1,730,2171,789,1852,004,9881,976,643
    - Non-IFSC141,052145,933150,306144,369
  Other Investment 2859,668871,308957,099930,075
    - IFSC750,194759,067837,009808,456
    - Non-IFSC109,474112,241120,090121,619
  Reserve Assets1,2501,4261,6371,909
    - IFSC0000
    - Non-IFSC1,2501,4261,6371,909
Total Foreign Assets3,207,5593,330,6763,828,1023,754,852
    - IFSC2,511,5132,580,6492,879,1172,825,594
    - Non-IFSC696,046750,027948,985929,258
     
Foreign Liabilities    
  Direct Investment in Ireland 1307,285311,508327,025325,635
    - IFSC114,669112,865125,636124,119
    - Non-IFSC192,616198,643201,389201,516
  Portfolio Investment2,150,6242,261,9372,685,0472,622,130
    - IFSC1,736,9471,799,1622,030,0251,985,646
    - Non-IFSC413,677462,775655,022636,484
  Other Investment 2955,135954,3331,000,951968,570
    - IFSC708,497718,603774,446749,965
    - Non-IFSC246,638235,730226,505218,605
Total Foreign Liabilities 3,413,0443,527,7784,013,0233,916,335
    - IFSC2,560,1132,630,6302,930,1072,859,730
    - Non-IFSC852,931897,1481,082,9161,056,605
     
Net International Investment Position (IIP)    
  Direct Investment 1168,087211,316387,047376,221
    - IFSC-83,567-80,468-88,516-83,624
    - Non-IFSC251,654291,784475,563459,845
  Portfolio Investment-279,355-326,819-529,753-501,118
    - IFSC-6,730-9,977-25,037-9,003
    - Non-IFSC-272,625-316,842-504,716-492,115
  Other Investment 2-95,467-83,025-43,852-38,495
    - IFSC41,69740,46462,56358,491
    - Non-IFSC-137,164-123,489-106,415-96,986
  Reserve Assets1,2501,4261,6371,909
    - IFSC0000
    - Non-IFSC1,2501,4261,6371,909
Total (Net IIP)-205,485-197,102-184,921-161,483
    - IFSC-48,600-49,981-50,990-34,136
    - Non-IFSC-156,885-147,121-133,931-127,347
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.
Table 5 International Investment Position (IIP) - 30 June 2015 - Reconciliation of IIP and BOP Flows € million
ItemClosing Position 01/04/15 Bop Flows in Quarter Valuation and Other Changes Closing Position 30/06/15
Foreign Assets 
 
  Direct Investment Abroad 1714,072 19,770 -31,986  701,856
    Equity capital and reinvested earnings 635,795 17,821 -9,992  643,624
    Other capital78,277 1,949 -21,995  58,231
        
  Portfolio Investment 2,155,294 10,740 -45,022  2,121,012
    Equity 851,319 22,238 -13,365  860,192
    Debt instruments 1,303,975 -11,498  -31,658  1,260,819
      Bonds and notes853,950 14,369 -27,614  840,705
      Money market instruments450,026 -25,867  -4,044  420,115
        
  Other Investment 957,099 -28,560  1,536 930,075
    Loans, currency and deposits692,274 -18,549  -2,700  671,025
    Other 2264,826 -10,011  4,235 259,050
        
  Reserve Assets1,637 307 -35  1,909
        
Total Foreign Assets3,828,102 2,257 -75,507  3,754,852
        
Foreign Liabilities       
        
  Direct Investment in Ireland 1327,025 11,921 -13,311  325,635
    Equity capital and reinvested earnings 355,681 15,638 -7,998  363,321
    Other capital-28,657  -3,717  -5,311  -37,685
        
  Portfolio Investment 2,685,047 -8,267  -54,650  2,622,130
    Equity 2,341,800 -13,760  -53,231  2,274,809
    Debt instruments 343,247 5,493 -1,419  347,321
      Bonds and notes327,101 5,760 -1,130  331,731
      Money market instruments16,147 -267  -291  15,589
        
  Other Investment 1,000,951 -5,161  -27,220  968,570
    Loans, currency and deposits535,988 -12,175  -12,244  511,569
    Other 2464,963 7,015 -14,977  457,001
        
Total Foreign Liabilities4,013,023 -1,507  -95,181  3,916,335
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.
Table 6(a) Gross External Debt1€ million
31 Mar 2015 30 Jun 2015
ItemIFSC non-IFSC Total IFSC non-IFSC Total
General Government0 132,794 132,794 0 134,005 134,005
  Short-term0 7,304 7,304 0 6,661 6,661
    Money market instruments0 4,732 4,732 0 4,041 4,041
    Loans0 2,572 2,572 0 2,620 2,620
  Long-term 0 125,490 125,490 0 127,344 127,344
    Bonds and notes0 73,652 73,652 0 75,285 75,285
    Loans0 51,838 51,838 0 52,059 52,059
            
Monetary Authority 20 34,269 34,269 0 26,872 26,872
  Short-term0 34,269 34,269 0 26,872 26,872
    Loans and deposits0 34,269 34,269 0 26,872 26,872
  Long-term 0 0 0 0 0 0
    Other debt liabilities0 0 0 0 0 0
            
Monetary Financial Institutions 3177,569 65,871 243,440 164,455 65,142 229,597
  Short-term* * 179,655 * * 168,710
    Money market instruments* * 7,543 * * 7,641
    Loans and deposits121,512 50,600 172,112 111,010n50,059 161,069
  Long-term * * 63,785 * * 60,887
    Bonds and notes20,447 9,015 29,462 20,725n8,781 29,506
    Loans19,775 6,126 25,901 19,640n6,166 25,806
    Other debt liabilities* * 8,422 * * 5,575
            
Other Sectors 4824,059 76,021 900,080 818,506 77,511 896,016
  Short-term* * 123,915 * * 119,590
    Money market instruments* * 3,871 * * 3,906
    Loans and deposits93,338 8,894 102,232 88,075 10,063 98,138
    Trade credits 9,293 8,518 17,811 8,423 9,123 17,546
  Long-term * * 776,165 * * 776,426
    Bonds and notes* * 223,987 * * 226,940
    Loans117,934 29,131 147,065 117,295 27,817 145,112
    Other debt liabilities380,138 24,975 405,113 378,983 25,391 404,374
            
Direct Investment 5201,425 209,494 410,919 198,077 233,980 432,057
    Debt liabilities to affiliated enterprises 6,119 77,877 83,996 5,953 105,317 111,270
    Debt liabilities to direct investors195,306 131,617 326,923 192,124 128,663 320,787
            
Gross External Debt1,203,053 518,449 1,721,499 1,181,038 537,510 1,718,548
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.
Table 6(b) External Assets in Debt Instruments 1€ million
31 Mar 201530 Jun 2015
ItemIFSC non-IFSC Total IFSC non-IFSC Total
General Government0 6,384 6,384 0 6,105 6,105
  Short-term0 4,208 4,208 0 4,006 4,006
    Money market instruments0 0 0 0 0 0
    Loans and Deposits0 4,208 4,208 0 4,006 4,006
  Long-term 0 2,176 2,176 0 2,099 2,099
    Bonds and notes0 605 605 0 569 569
    Loans0 1,571 1,571 0 1,530 1,530
            
Monetary Authority 20 17,343 17,343 0 16,817 16,817
  Short-term0 3,826 3,826 0 2,257 2,257
    Money market instruments0 3,152 3,152 0 2,090 2,090
    Loans and deposits0 674 674 0 167 167
  Long-term 0 13,517 13,517 0 14,560 14,560
    Bonds and notes0 13,517 13,517 0 14,560 14,560
            
Monetary Financial Institutions 3689,192 79,291 768,483 630,410 80,652 711,062
  Short-term* * 575,939 * * 528,939
    Money market instruments* * 310,615 * * 285,588
    Loans and deposits220,327 44,997 265,324 197,253 46,098 243,351
  Long-term * * 192,544 * * 182,123
    Bonds and notes97,152 22,592 119,744 92,873 22,320 115,193 
    Loans20,687 10,283 30,970 23,038 10,994 34,032
    Other debt Assets* * 41,830 * * 32,898
            
Other Sectors 41,340,418 87,260 1,427,678 1,327,607 86,432 1,414,039
  Short-term313,281 32,987 346,268 299,447 35,184 334,631
    Money market instruments136,017 242 136,259 132,248 189 132,437
    Loans and deposits154,488 13,516 168,004 144,836 13,972 158,808
    Trade credit assets 22,776 19,229 42,005 22,363 21,023 43,386
  Long-term 1,027,137 54,273 1,081,410 1,028,160 51,248 1,079,408
    Bonds and notes* * 720,084 * * 710,382
    Loans* * 221,522 * * 229,130
    Other debt Assets133,970 5,834 139,804 134,166 5,730 139,896
            
Direct Investment 5232,045 285,807 517,852 230,682 297,292 527,974
    Debt asset claims on affiliated enterprises7,094 155,179 162,273 6,791 162,710 169,501
    Debt asset claims on direct investors224,951 130,628 355,579 223,891 134,582 358,473
            
Reserve Assets0 268 268 0 575 575
            
External Assets in Debt Instruments2,261,655 476,353 2,738,008 2,188,699 487,873 2,676,572
            
Net External Debt 6-1,058,602 42,096 -1,016,509 -1,007,661 49,637 -958,024
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.

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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