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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 March 2014

     € billion
 31 Dec 201331 Mar 2014
 AssetsLiabilitiesNETAssetsLiabilitiesNET
General Government18.0126.0-108.116.5129.7-113.2
Monetary Authority18.271.6-53.418.361.8-43.5
Monetary Financial Institutions615.1629.5-14.5621.5635.2-13.7
Other Financial Intermediaries1,931.01,872.858.21,957.81,910.047.8
Non-Financial Companies411.9471.9-59.9429.6483.2-53.6
Total 2,994.13,171.8-177.73,043.73,219.8-176.0

Net IIP liability of €176 billion at end-March 2014

International Investment Position March 2014 Figure 1
go to full release

 

At 31st March 2014, Ireland’s quarterly international investment position (IIP) results show overall stocks of foreign financial assets of €3,043.7bn – an increase of €49.6bn on the end-December 2013 level, while the corresponding stocks of foreign financial liabilities increased by €48bn to €3,219.8bn over the quarter. Irish residents had an overall net foreign liability of €176bn at end-March 2014, a decrease of €1.7bn on the net foreign liability level at end-December 2013 – see Table 1a.

 

 

Some points of note in the Quarter 1 2014 IIP are:

  •  The net liability of General Government increased €5.1bn to €113.2bn – see Table 1b.
  •  Foreign assets of Non-Financial Companies increased by €17.7bn and foreign liabilities increased by €11.3bn resulting in a decrease of €6.4bn in the net liability to €53.6bn - 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-March 2014, IFSC assets abroad amounted to €2,434.9bn or 94% of the sector’s foreign assets (and 80% of Ireland’s total foreign assets); IFSC liabilities at €2,447.5bn represented 96% 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-March 2014 of €12.6bn - see Table 2.
Ultimate controlling parent resident in IrelandUltimate controlling parent non-residentInvestment Funds
Assets46511891390
Liabilities-556-1245-1419

Preliminary analysis of the location of the ultimate controlling parent of Irish resident enterprises shows that, when investment funds are excluded, Irish controlled enterprises account for 28% of the remaining external assets and 31% of external liabilities. Foreign controlled enterprises, resident in Ireland therefore account for 72% of assets and 69% of liabilities.

When taken as a proportion of total external assets and liabilities Irish controlled enterprises make up 15% and 17% respectively, while foreign controlled enterprises account for 39% of both assets and liabilities. 

X-axis labelDirect InvestmentOther SectorsMonetary Financial InstitutionsMonetary AuthorityGeneral Government
30 Jun 2013301.051875.171295.98673.044129.966
30 Sep 2013294.347876.871277.90772.687129.527
31 Dec 2013304.409866.41268.40371.594125.774
31 Mar 2014297.91894.638265.87361.79129.4

Gross External Debt is €1,649.6 billion at end-March 2014

 At 31st March 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 €1,649.6bn. This represents an increase of €13bn 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 December 2013 (€1,636.6bn) – see Table 6a. Points of note are:

  • General government foreign borrowing increased by €3.6bn from €125.8bn at end-December 2013 to €129.4bn at end-March 2014, with an increase of €3.0bn in long-term liabilities and €0.6bn in Money market instrument liabilities.
  • Liabilities of the Monetary Authority consisting almost entirely of short term loans and deposits amounted to €61.8bn at end-March 2014, a decrease of €9.8bn on the end-December 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 €265.9bn at end-March 2014, a decrease of €2.5bn on the end-December 2013 stock level.
  • The liabilities of Other sectors increased by €28.2bn from the end-December 2013 position and at €894.6bn represented 54% of the total debt at end-March 2014.
  • Direct investment liabilities decreased by€6.5bn to €297.9bn in the quarter.
  • The Net External Debt position was -€694.8bn at end-March 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 6b.

 

Table 1(a) International Investment Position (IIP) classified by Financial Instrument € million 
ItemQ1 20121 Q2 20121 Q3 20121 Q4 20121Q1 20131 Q2 20131Q3 20131Q4 20131Q1 2014 
Foreign Assets          
  Direct Investment Abroad 2285,173294,226304,506312,348330,069334,203334,523389,083405,899 
  Portfolio Investment1,537,8761,525,0291,561,7791,586,8561,675,1721,648,7051,674,1901,705,2871,733,679 
  Other Investment 3925,573989,488987,462952,607964,642948,791939,206898,590902,974 
  Reserve Assets1,2851,3331,3471,2941,2861,2091,2131,1781,192 
  Total Foreign Assets2,749,9072,810,0762,855,0942,853,1052,971,1692,932,9082,949,1322,994,1383,043,744 
           
Foreign Liabilities          
  Direct Investment in Ireland 2254,641262,471275,556276,086286,542286,491287,024286,942270,564 
  Portfolio Investment1,793,4481,830,3331,877,7331,917,0292,007,5011,980,7332,010,4942,064,5962,103,096 
  Other Investment 3906,259914,233893,608848,651862,019852,990842,030820,299846,132 
  Total Foreign Liabilities 2,954,3483,007,0373,046,8973,041,7663,156,0623,120,2143,139,5483,171,8373,219,792 
        
Net International Investment Position (IIP)         
  Direct Investment 230,53231,75528,95036,26243,52747,71247,499102,141135,335 
  Portfolio Investment-255,572-305,304-315,954-330,173-332,329-332,028-336,304-359,309-369,417 
  Other Investment 319,31475,25593,854103,956102,62395,80197,17678,29156,842 
  Reserve Assets1,2851,3331,3471,2941,2861,2091,2131,1781,192 
           
  Total (Net IIP)-204,441-196,961-191,803-188,661-184,893-187,306-190,416-177,699-176,048 
1Revised
2Reflecting the so-called directional principle for reclassifying Direct Investment (see background notes).
3Includes 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 March 2014 Table 1(a) (XLS 37KB)
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Table 1(b) International Investment Position (IIP) classified by Institutional Sector € million 
ItemQ1 20121Q2 20121Q3 20121Q4 20121Q1 20131Q2 20131Q3 20131Q4 20131Q1 2014 
Foreign Assets 
  General Government19,86418,58717,89618,54217,51417,28017,11317,95016,507 
  Monetary Authority 219,92917,28017,56917,69518,15217,84217,92618,18418,322 
  Monetary Financial Institutions 3741,813764,966758,054708,897682,684644,135643,343615,070621,549 
  Other Sectors 41,968,3012,009,2432,061,5772,107,9702,252,8182,253,6512,270,7492,342,9332,387,365 
    of which:          
      Other Financial Intermediaries1,676,4151,706,7401,750,0141,783,6721,894,8841,893,3751,915,4801,931,0051,957,778 
      Non-Financial Companies5291,886302,503311,563324,298357,934360,276355,269411,928429,587 
Total Foreign Assets2,749,9072,810,0762,855,0942,853,1052,971,1692,932,9082,949,1322,994,1383,043,744 
          
Foreign Liabilities          
  General Government114,058116,157124,586126,078132,254130,239129,794126,038129,664 
  Monetary Authority 2111,180115,68699,85295,22275,66673,04472,68771,59461,790 
  Monetary Financial Institutions 3738,334759,856749,251711,717696,460661,281655,128629,530635,211 
  Other Sectors 41,990,7752,015,3392,073,2082,108,7502,251,6822,255,6492,281,9392,344,6742,393,125 
    of which:          
      Other Financial Intermediaries1,624,6281,641,5691,692,6281,717,9561,827,4831,824,7151,857,9331,872,8071,909,967 
      Non-Financial Companies 5366,147373,770380,580390,794424,199430,934424,006471,867483,158 
Total Foreign Liabilities 2,954,3483,007,0373,046,8973,041,7663,156,0623,120,2143,139,5483,171,8373,219,792 
          
Net International Investment Position (IIP)          
  General Government-94,194 -97,570 -106,690 -107,536 -114,740 -112,959 -112,681 -108,088 -113,157  
  Monetary Authority 2-91,251 -98,406 -82,283 -77,527 -57,514 -55,202 -54,761 -53,410 -43,468  
  Monetary Financial Institutions 33,4795,1108,803-2,820 -13,776 -17,146 -11,785 -14,460 -13,662  
  Other Sectors 4-22,474 -6,096 -11,631 -780 1,136-1,998 -11,190 -1,741 -5,760  
    of which:          
      Other Financial Intermediaries51,78765,17157,38665,71667,40168,66057,54758,19847,811 
      Non-Financial Companies 5-74,261 -71,267 -69,017 -66,496 -66,265 -70,658 -68,737 -59,939 -53,571  
Total (Net IIP)-204,441 -196,961 -191,803 -188,661 -184,893 -187,306 -190,416 -177,699 -176,048  
1Revised
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.
5Including households.
Open in Excel: International Investment Position and External Debt March 2014 Table 1(b) (XLS 29KB)
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Table 2 International Investment Position (IIP) - IFSC and non-IFSC activity by Institutional Sector € million
 31 Dec 20131 31 Mar 2014
ItemIFSCnon-IFSCTotal IFSCnon-IFSCTotal
Foreign Assets       
  General Government017,95017,950 016,50716,507
  Monetary Authority 2018,18418,184 018,32218,322
  Monetary Financial Institutions 3524,79490,276615,070 538,39683,153621,549
  Other Sectors 41,872,294470,6392,342,933 1,896,548490,8172,387,365
    of which:       
      Other Financial Intermediaries1,872,29458,7111,931,005 1,896,54861,2301,957,778
      Non-Financial Companies 50411,928411,928 0429,587429,587
Total Foreign Assets2,397,088597,0502,994,138 2,434,944608,8003,043,744
       
Foreign Liabilities       
  General Government0126,038126,038 0129,664129,664
  Monetary Authority 2071,59471,594 061,79061,790
  Monetary Financial Institutions 3513,729115,801629,530 526,423108,788635,211
  Other Sectors 41,881,597463,0772,344,674 1,921,079472,0462,393,125 
    of which:       
      Other Financial Intermediaries1,881,597-8,790 1,872,807 1,921,079-11,112 1,909,967
      Non-Financial Companies 50471,867471,867 0483,158483,158
Total Foreign Liabilities 2,395,326776,5113,171,837 2,447,502772,2903,219,792
       
Net International Investment Position (IIP)       
  General Government0-108,088 -108,088  0-113,157 -113,157
  Monetary Authority 20-53,410 -53,410  0-43,468 -43,468
  Monetary Financial Institutions 311,065-25,525 -14,460  11,973-25,635 -13,662
  Other Sectors 4-9,303 7,562-1,741  -24,531 18,771-5,760
    of which:       
      Other Financial Intermediaries-9,303 67,50158,198 -24,531 72,34247,811
      Non-Financial Companies 50-59,939 -59,939  0-53,571 -53,571
Total (Net IIP)1,762-179,461 -177,699  -12,558 -163,490 -176,048
1Revised
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.
5Including households.
Open in Excel: International Investment Position and External Debt March 2014 Table 2 (XLS 36KB)
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Table 3(a) International Investment Position (IIP) - Detailed Data  € million
ItemQ2 20131Q3 20131Q4 20131Q1 2014
Foreign Assets    
  Direct Investment Abroad 2334,203334,523389,083405,899
    Equity capital and reinvested earnings 291,679294,651326,901344,247
    Other capital42,52339,87262,18261,652
     
  Portfolio Investment 1,648,7051,674,1901,705,2871,733,679
    Equity 538,060560,311602,289626,107
        Monetary authority 30000
        General government4,4074,4553,5622,698
        Monetary financial institutions 41,5341,5151,9495,555
        Other sectors532,119554,341596,778617,854
     
    Debt instruments1,110,6461,113,8791,102,9981,107,572
      Bonds and notes809,785809,116815,501813,456
        Monetary authority 314,60414,93514,54714,475
        General government4024021,425592
        Monetary financial institutions 4159,288148,040147,450141,870
        Other sectors635,490645,739652,079656,519
     
      Money market instruments300,861304,764287,497294,116
        Monetary authority 31,6861,4042,0142,334
        General government0000
        Monetary financial institutions 4170,651188,207178,465180,739
        Other sectors128,524115,152107,018111,042
     
  Other Investment 948,791939,206898,590902,974
    Loans, currency and deposits736,721727,004704,985694,612
        Monetary authority 3343374445321
        General government11,09511,24512,08712,430
        Monetary financial institutions 4273,283269,812253,196258,293
        Other sectors452,000445,573439,257423,569
     
    Trade Credits39,02437,36039,15037,483
        General government0000
        Other sectors39,02437,36039,15037,483
     
    Other assets 5173,046174,841154,457170,879
        Monetary authority 30000
        General government-254-620-753-843
        Monetary financial institutions 435,74332,64430,90932,135
        Other sectors137,557142,817124,301139,587
     
  Reserve assets1,2091,2131,1781,192
    Monetary gold168181159171
    Special drawing rights742736727728
    Reserve Position in the IMF298294289290
    Foreign Exchange1233
    Other0000
     
Total Foreign Assets2,932,9082,949,1322,994,1383,043,744
1Revised
2Reflecting the so-called directional principle for reclassifying Direct Investment (see background notes).
3Central Bank of Ireland.
4Covering licensed credit institutions and money market funds.
5Includes financial derivatives.
Open in Excel: International Investment Position and External Debt March 2014 Table 3(a) (XLS 31KB)
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Table 3(b) International Investment Position (IIP) - Detailed Data  € million
ItemQ2 20131Q3 20131Q4 20131Q1 2014
Foreign Liabilities   
  Direct Investment in Ireland 2286,491287,024286,942270,564
    Equity capital and reinvested earnings 295,512295,027294,402292,613
    Other capital-9,022-8,004-7,460-22,049
     
  Portfolio Investment 1,980,7332,010,4942,064,5962,103,096
    Equity 1,411,8291,451,5671,518,2511,566,417
        Monetary authority 30000
        General government0000
        Monetary financial institutions 4265,304282,084268,213281,965
        Other sectors1,146,5251,169,4831,250,0381,284,452
     
    Debt instruments568,903558,926546,345536,679
      Bonds and notes546,002538,370533,291522,685
        Monetary authority 30000
        General government64,27063,22657,83760,110
        Monetary financial institutions 444,59136,88138,41138,918
        Other sectors437,140438,263437,043423,657
     
      Money market instruments22,90220,55713,05413,994
        Monetary authority 30000
        General government3,2711,6824861,081
        Monetary financial institutions 49,81510,3415,9146,285
        Other sectors9,8158,5336,6546,629
     
  Other Investment 852,990842,030820,299846,132
    Loans, currency and deposits604,860593,570593,808580,005
        Monetary authority 373,04472,68771,59461,790
        General government62,42664,61967,45068,209
        Monetary financial institutions 4237,518225,493219,928216,108
        Other sectors231,873230,771234,834233,898
     
    Trade Credits15,40814,50414,09115,437
        General government0000
        Other sectors15,40814,50414,09115,437
     
    Other liabilities 5232,721233,957212,400250,690
        Monetary authority 30000
        General government0000
        Monetary financial institutions 442,26839,41136,89834,002
        Other sectors190,453194,546175,501216,687
     
Total Foreign Liabilities3,120,2143,139,5483,171,8373,219,792
1Revised
2Reflecting the so-called directional principle for reclassifying Direct Investment (see background notes).
3Central Bank of Ireland.
4Covering licensed credit institutions and money market funds.
5Includes financial derivatives and also includes life insurance liabilities to non-residents.
 
Open in Excel: International Investment Position and External Debt March 2014 Table 3(b) (XLS 39KB)
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Table 4 International Investment Position (IIP) showing IFSC and non–IFSC activity  € million
ItemQ2 20131Q3 20131Q4 20131Q1 2014
Foreign Assets
  Direct Investment Abroad 2334,203334,523389,083405,899
    - IFSC33,18233,16534,47731,297
    - Non-IFSC301,021301,358354,606374,602
  Portfolio Investment1,648,7051,674,1901,705,2871,733,679
    - IFSC1,524,0991,547,1421,573,8181,603,108
    - Non-IFSC124,606127,048131,469130,571
  Other Investment 3948,791939,206898,590902,974
    - IFSC834,156829,672788,793800,539
    - Non-IFSC114,635109,534109,797102,435
  Reserve Assets1,2091,2131,1781,192
    - IFSC0000
    - Non-IFSC1,2091,2131,1781,192
Total Foreign Assets2,932,9082,949,1322,994,1383,043,744
    - IFSC2,391,4372,409,9792,397,0882,434,944 
    - Non-IFSC541,471539,153597,050608,800 
     
Foreign Liabilities    
  Direct Investment in Ireland 2286,491287,024286,942270,564
    - IFSC106,982106,016105,62897,645
    - Non-IFSC179,509181,008181,314172,919
  Portfolio Investment1,980,7332,010,4942,064,5962,103,096
    - IFSC1,698,1531,728,3141,743,8321,763,232
    - Non-IFSC282,580282,180320,764339,864
  Other Investment3852,990842,030820,299846,132
    - IFSC572,731567,160545,866586,625
    - Non-IFSC280,259274,870274,433259,507
Total Foreign Liabilities 3,120,2143,139,5483,171,8373,219,792
    - IFSC2,377,8662,401,4902,395,3262,447,502
    - Non-IFSC742,348738,058776,511772,290
     
Net International Investment Position (IIP)    
  Direct Investment247,71247,499102,141135,335
    - IFSC-73,800-72,851-71,151-66,348
    - Non-IFSC121,512120,350173,292201,683
  Portfolio Investment-332,028-336,304-359,309-369,417
    - IFSC-174,054-181,172-170,014-160,124
    - Non-IFSC-157,974-155,132-189,295-209,293
  Other Investment 395,80197,17678,29156,842
    - IFSC261,425262,512242,927213,914
    - Non-IFSC-165,624-165,336-164,636-157,072
  Reserve Assets1,2091,2131,1781,192
    - IFSC0000
    - Non-IFSC1,2091,2131,1781,192
Total (Net IIP)-187,306-190,416-177,699-176,048
    - IFSC13,5718,4891,762-12,558
    - Non-IFSC-200,877-198,905-179,461-163,490
1Revised
2Reflecting the so-called directional principle for reclassifying Direct Investment (see background notes).
3Includes 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 March 2014 Table 4 (XLS 37KB)
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Table 5 International Investment Position (IIP) - 31 March 2014 - Reconciliation of IIP and BOP Flows € million
ItemOpening Position 01/01/14 1 Bop Flows in Quarter Valuation and Other Changes Closing Position 31/03/14
Foreign Assets  
  
  Direct Investment Abroad 2389,083 -547  17,363 405,899
    Equity capital and reinvested earnings 326,901 -2,058  19,404 344,247
    Other capital62,182 1,512 -2,042  61,652
        
  Portfolio Investment 1,705,287 32,667 -4,275  1,733,679
    Equity 602,289 15,667 8,151 626,107
    Debt instruments 1,102,998 16,999 -12,425  1,107,572
      Bonds and notes815,501 1,380 -3,425  813,456
      Money market instruments287,497 15,620 -9,001  294,116
        
  Other Investment 898,590 33,526 -29,142  902,974
    Loans, currency and deposits704,985 13,717 -24,090  694,612
    Other 3193,606 19,809 -5,053  208,362
        
  Reserve Assets1,178 0 14 1,192
        
Total Foreign Assets2,994,138 65,646 -16,040  3,043,744
        
Foreign Liabilities       
        
  Direct Investment in Ireland 2286,942 -7,673  -8,705  270,564
    Equity capital and reinvested earnings 294,402 2,672 -4,461  292,613
    Other capital-7,460  -10,346  -4,243  -22,049
        
  Portfolio Investment 2,064,596 44,327 -5,827  2,103,096
    Equity 1,518,251 42,694 5,472 1,566,417
    Debt instruments 546,345 1,633 -11,299  536,679
      Bonds and notes533,291 783 -11,389  522,685
      Money market instruments13,054 850 90 13,994
        
  Other Investment 820,299 29,275 -3,442  846,132
    Loans, currency and deposits593,808 -3,091  -10,712  580,005
    Other 3226,491 32,366 7,270 266,127
        
Total Foreign Liabilities3,171,837 65,929 -17,974  3,219,792
1Revised
2Reflecting the so-called directional principle for reclassifying Direct Investment (see background notes).
3Includes 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 March 2014 Table 5 (XLS 38KB)
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Table 6(a) Gross External Debt1€ million
31 Dec 20132 31 Mar 2014
ItemIFSC non-IFSC Total IFSC non-IFSC Total
General Government0 125,774 125,774 0 129,400 129,400
  Short-term0 625 625 0 1,221 1,221
    Money market instruments0 486 486 0 1,081 1,081
    Loans0 139 139 0 140 140
  Long-term 0 125,149 125,149 0 128,179 128,179
    Bonds and notes0 57,837 57,837 0 60,110 60,110
    Loans0 67,312 67,312 0 68,069 68,069
            
Monetary Authority 30 71,594 71,594 0 61,790 61,790
  Short-term0 71,594 71,594 0 61,790 61,790
    Loans and deposits0 71,594 71,594 0 61,790 61,790
  Long-term 0 0 0 0 0 0
    Other debt liabilities0 0 0 0 0 0
            
Monetary Financial Institutions 4188,313 80,090 268,403 193,186 72,687 265,873
  Short-term* * 197,618 * * 197,128
    Money market instruments* * 5,914 * * 6,285
    Loans and deposits132,592 59,112 191,704 138,850 51,993 190,843
  Long-term * * 70,785 * * 68,745
    Bonds and notes24,466 13,945 38,411 24,280 14,638 38,918
    Loans21,704 6,520 28,224 19,554 5,711 25,265
    Other debt liabilities* * 4,150 * * 4,562
            
Other Sectors 5801,092 65,318 866,410 825,279 69,359 894,638
  Short-term* * 122,711 * * 122,020
    Money market instruments* * 6,654 * * 6,629
    Loans and deposits99,484 2,482 101,966 94,749 5,205 99,954
    Trade credits 7,603 6,488 14,091 8,808 6,629 15,437
  Long-term * * 743,699 * * 772,618
    Bonds and notes* * 437,043 * * 423,657
    Loans98,479 34,390 132,869 101,058 32,885 133,943
    Other debt liabilities154,612 19,175 173,787 194,749 20,269 215,018
            
Direct Investment 6160,120 144,289 304,409 153,324 144,586 297,910
    Debt liabilities to affiliated enterprises 3,705 37,392 41,097 3,830 41,453 45,283
    Debt liabilities to direct investors156,415 106,897 263,312 149,494 103,133 252,627
            
Gross External Debt1,149,525 487,065 1,636,590 1,171,789 477,822 1,649,610
1Gross external debt represents the stock of Ireland's liabilities to non-residents other than equity and financial derivatives.
2Revised
3Central Bank of Ireland.
4Covering licensed credit institutions and money market funds.
5Other 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.
6Covering 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 March 2014 Table 6(a) (XLS 51KB)
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Table 6(b) External Assets in Debt Instruments 1€ million
31 Dec 2013231 Mar 2014
ItemIFSC non-IFSC Total IFSC non-IFSC Total
General Government0 13,512 13,512 0 13,022 13,022
  Short-term0 9,526 9,526 0 10,482 10,482
    Money market instruments0 0 0 0 0 0
    Loans and Deposits0 9,526 9,526 0 10,482 10,482
  Long-term 0 3,986 3,986 0 2,540 2,540
    Bonds and notes0 1,425 1,425 0 592 592
    Loans0 2,561 2,561 0 1,948 1,948
            
Monetary Authority 30 17,006 17,006 0 17,130 17,130
  Short-term0 2,459 2,459 0 2,655 2,655
    Money market instruments0 2,014 2,014 0 2,334 2,334
    Loans and deposits0 445 445 0 321 321
  Long-term 0 14,547 14,547 0 14,475 14,475
    Bonds and notes0 14,547 14,547 0 14,475 14,475
            
Monetary Financial Institutions 4501,569 81,108 582,677 513,286 74,790 588,076
  Short-term* * 400,193 * * 406,742
    Money market instruments* * 178,465 * * 180,739
    Loans and deposits170,350 51,378 221,728 181,961 44,042 226,003
  Long-term * * 182,484 * * 181,334
    Bonds and notes125,600 21,850 147,450 122,353 19,517 141,870
    Loans24,506 6,961 31,467 21,937 10,354 32,291
    Other debt Assets* * 3,567 * * 7,173
            
Other Sectors 51,267,293 65,659 1,332,952 1,279,981 64,629 1,344,610
  Short-term257,162 28,651 285,813 259,075 26,697 285,772
    Money market instruments106,128 890 107,018 109,971 1,071 111,042
    Loans and deposits129,483 10,162 139,645 126,145 11,102 137,247
    Trade credit assets 21,551 17,599 39,150 22,959 14,524 37,483
  Long-term 1,010,131 37,008 1,047,139 1,020,906 37,932 1,058,838
    Bonds and notes* * 652,079 * * 656,519
    Loans* * 299,612 * * 286,322
    Other debt Assets92,054 3,394 95,448 113,109 2,888 115,997
            
Direct Investment 6178,510 195,541 374,051 182,962 198,648 381,610
    Debt asset claims on affiliated enterprises4,841 98,438 103,279 5,127 101,807 106,934
    Debt asset claims on direct investors173,669 97,103 270,772 177,835 96,841 274,676
            
Reserve Assets0 3 3 0 3 3
            
External Assets in Debt Instruments1,947,372 372,829 2,320,201 1,976,229 368,222 2,344,451
            
Net External Debt 7-797,847 114,236 -683,611 -804,440 109,600 -694,841
1External Assets in Debt Instruments represents the stock of Ireland's claims on non-residents other than equity and financial derivatives.
2Revised
3Central Bank of Ireland.
4Covering licensed credit institutions and money market funds.
5Other 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.
6Covering 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.
7Net 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 March 2014 Table 6(b) (XLS 43KB)
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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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