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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

30 September 2014

     € billion
 30 June 201430 Sep 2014
 AssetsLiabilitiesNETAssetsLiabilitiesNET
General Government13.1132.0-119.013.8133.4-119.6
Monetary Authority18.544.9-26.418.739.2-20.6
Monetary Financial Institutions643.7653.8-10.1736.2743.9-7.7
Other Financial Intermediaries1,989.61,959.030.62,102.02,076.725.3
Non-Financial Companies460.1513.1-53.0504.0558.0-54.0
Total 3,124.93,302.7-177.83,374.73,551.2-176.5

Net IIP liability of €177 billion at end-September 2014

International Investment Position September 2014 Figure 1
go to full release

 At 30th September 2014, Ireland’s quarterly international investment position (IIP) results show overall stocks of foreign financial assets of €3,374.7bn – an increase of €250bn on the end-June 2014 level, while the corresponding stocks of foreign financial liabilities increased by €248.5bn to €3,551.2bn over the quarter. Irish residents had an overall net foreign liability of €177bn at end-September 2014, a decrease of €1bn on the net foreign liability level at end-June 2014 – see Table 1a.

 

Some points of note in the Quarter 3 2014 IIP are:

  • The net liability of the Monetary Authority decreased to €20.6bn due to a €5.6bn reduction in foreign loan, currency and deposit liabilities – see Table 1b.
  • Foreign assets of Non-Financial Companies increased by €43.9bn. With foreign liabilities increasing €45.0bn the resulting net liability was almost increased to €54.0bn - 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. IFSC assets abroad increased by €205.4bn to €2,689.2bn at end-September 2014, or 95% of the sector’s foreign assets; IFSC liabilities at €2,725bn, an increase of €208.1bn, represented 97% of the commercial financial sector aggregate liability (and 77% of Ireland’s total foreign liabilities). IFSC enterprises showed a net liability position of €35.8bn - see Table 2.

 

Ultimate controlling parent resident in IrelandUltimate controlling parent Non-residentInvestment Funds
Assets Q4201346511961333
Liabilities Q42013-554-1266-1352
Assets Q1201446511891390
Liabilities Q12014-556-1245-1419
Assets Q2201449112091425
Liabilities Q22014-562-1270-1470
Assets Q3201452712381609
Liabilities Q32014-602-1291-1658

The analysis of the location of the ultimate controlling parent of Irish resident enterprises, shown for the first time in the Q1 2014 release, has been continued in this publication. The results of this analysis remain stable in the third quarter. Excluding investment funds, Irish controlled enterprises account for 30% of the remaining external assets and 32% of external liabilities. Foreign controlled enterprises, resident in Ireland therefore account for 70% of assets and 68% of liabilities.

Taken as a proportion of total external assets and liabilities Irish controlled enterprises make up 16% and 17% respectively, while foreign controlled enterprises account for 37% of both assets and liabilities. 

General GovernmentMonetary Financial intermediariesOther Financial IntermediariesNon- Financial Companies
30 Sep 2014386498461612

With the availability of extra detail collected under the BPM6 standards introduced in June 2014 this new analysis has been added.

For total 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:

  • €386bn issued by foreign Governments
  • €498bn issued by foreign Monetary Financial Institutions (including Money Market Investment Funds)
  • €461bn issued by foreign Other Financial Intermediaries (including Non-Money Market Investment Funds)
  • €612bn issued by foreign Non-Financial Companies

The data shown are consistent with that transmitted to the International Monetary Fund's (IMF) Coordinated Portfolio Investment Survey. 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 InvestmentOther SectorsMonetary Financial InstitutionsMonetary AuthorityGeneral Government
31 Dec 2013304.409866.41268.40371.594125.774
31 Mar 2014297.91894.638265.87361.79129.4
30 Jun 2014305.302894.241275.0244.854131.79
30 Sep 2014326.176899.619271.86139.244133.355

Gross External Debt is €1,670.3 billion at end-September 2014

At 30th September 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 €1,670.3bn. This represents an increase of €19.1bn 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 June 2014 (€1,651.2bn) – see Table 6a. Points of note are:

  • General government foreign borrowing increased by €1.6bn to €133.4bn at end-September 2014.
  • Liabilities of the Monetary Authority consisting entirely of short term loans and deposits amounted to €39.2bn, a decrease of €5.6bn on the end-June 2014 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 €271.9bn at end-September 2014, a decrease of €3.2bn on the end-June 2014 stock level.
  • The liabilities of Other sectors at €899.6bn increased €5.4bn on the previous quarter. Short term debt decreased by €5.5bn while long term debt increased by €10.8bn.
  • Direct investment liabilities increased by €20.9bn to €326.2bn in the quarter.
  • The Net External Debt position was -€899.6bn at end-September 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
ItemQ2 2012 Q3 2012 Q4 2012Q1 2013 Q2 2013Q3 2013Q4 2013Q1 2014Q2 2014Q3 2014
Foreign Assets          
  Direct Investment Abroad 1294,226304,506312,348330,069334,203334,523389,083405,899433,319478,569
  Portfolio Investment1,525,0291,561,7791,586,8561,675,1721,648,7051,674,1901,705,2871,733,6791,788,8791,959,124
  Other Investment 2989,488987,462952,607964,642948,791939,206898,590902,974901,487935,763
  Reserve Assets1,3331,3471,2941,2861,2091,2131,1781,1921,2061,250
  Total Foreign Assets2,810,0762,855,0942,853,1052,971,1692,932,9082,949,1322,994,1383,043,7443,124,8913,374,706
           
Foreign Liabilities          
  Direct Investment in Ireland 1262,471275,556276,086286,542286,491287,024286,942270,564272,395295,462
  Portfolio Investment1,830,3331,877,7331,917,0292,007,5011,980,7332,010,4942,064,5962,103,0962,189,3042,412,534
  Other Investment 2914,233893,608848,651862,019852,990842,030820,299846,132840,990843,240
  Total Foreign Liabilities 3,007,0373,046,8973,041,7663,156,0623,120,2143,139,5483,171,8373,219,7923,302,6893,551,236
      
Net International Investment Position (IIP)        
  Direct Investment 131,75528,95036,26243,52747,71247,499102,141135,335160,924183,107
  Portfolio Investment-305,304-315,954-330,173-332,329-332,028-336,304-359,309-369,417-400,425-453,410
  Other Investment 275,25593,854103,956102,62395,80197,17678,29156,84260,49792,523
  Reserve Assets1,3331,3471,2941,2861,2091,2131,1781,1921,2061,250
           
  Total (Net IIP)-196,961-191,803-188,661-184,893-187,306-190,416-177,699-176,048-177,798-176,530
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 September 2014 Table 1(a) (XLS 27KB)
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Table 1(b) International Investment Position (IIP) classified by Institutional Sector € million
ItemQ2 2012Q3 2012Q4 2012Q1 2013Q2 2013Q3 2013Q4 2013Q1 2014Q2 2014Q3 2014
Foreign Assets 
  General Government18,58717,89618,54217,51417,28017,11317,95016,50713,06313,760
  Monetary Authority 117,28017,56917,69518,15217,84217,92618,18418,32218,48818,671
  Monetary Financial Institutions 2764,966758,054708,897682,684644,135643,343615,070621,549643,655736,222
  Other Sectors 32,009,2432,061,5772,107,9702,252,8182,253,6512,270,7492,342,9332,387,3652,449,6852,606,053
    of which:          
      Other Financial Intermediaries1,706,7401,750,0141,783,6721,894,8841,893,3751,915,4801,931,0051,957,7781,989,5742,102,017
      Non-Financial Companies4302,503311,563324,298357,934360,276355,269411,928429,587460,111504,036
Total Foreign Assets2,810,0762,855,0942,853,1052,971,1692,932,9082,949,1322,994,1383,043,7443,124,8913,374,706
          
Foreign Liabilities          
  General Government116,157124,586126,078132,254130,239129,794126,038129,664132,038133,356
  Monetary Authority 1115,68699,85295,22275,66673,04472,68771,59461,79044,85439,244
  Monetary Financial Institutions 2759,856749,251711,717696,460661,281655,128629,530635,211653,763743,912
  Other Sectors 32,015,3392,073,2082,108,7502,251,6822,255,6492,281,9392,344,6742,393,1252,472,0342,634,722
    of which:          
      Other Financial Intermediaries1,641,5691,692,6281,717,9561,827,4831,824,7151,857,9331,872,8071,909,9671,958,9662,076,677
      Non-Financial Companies 4373,770380,580390,794424,199430,934424,006471,867483,158513,068558,045
Total Foreign Liabilities 3,007,0373,046,8973,041,7663,156,0623,120,2143,139,5483,171,8373,219,7923,302,6893,551,236
          
Net International Investment Position (IIP)          
  General Government-97,570 -106,690 -107,536 -114,740 -112,959 -112,681 -108,088 -113,157 -118,975 -119,596
  Monetary Authority 1-98,406 -82,283 -77,527 -57,514 -55,202 -54,761 -53,410 -43,468 -26,366 -20,573
  Monetary Financial Institutions 25,1108,803-2,820 -13,776 -17,146 -11,785 -14,460 -13,662 -10,108 -7,690
  Other Sectors 3-6,096 -11,631 -780 1,136-1,998 -11,190 -1,741 -5,760 -22,349 -28,669
    of which:          
      Other Financial Intermediaries65,17157,38665,71667,40168,66057,54758,19847,81130,60825,340
      Non-Financial Companies 4-71,267 -69,017 -66,496 -66,265 -70,658 -68,737 -59,939 -53,571 -52,957 -54,009
Total (Net IIP)-196,961 -191,803 -188,661 -184,893 -187,306 -190,416 -177,699 -176,048 -177,798 -176,530
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 September 2014 Table 1(b) (XLS 28KB)
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Table 2 International Investment Position (IIP) - IFSC and non-IFSC activity by Institutional Sector € million
 30 Jun 2014 30 Sep 2014
ItemIFSCnon-IFSCTotal IFSCnon-IFSCTotal
Foreign Assets       
  General Government013,06313,063 013,76013,760
  Monetary Authority 1018,48818,488 018,67118,671
  Monetary Financial Institutions 2558,08785,568643,655 649,07287,150736,222
  Other Sectors 31,925,715523,9702,449,685 2,040,094565,9592,606,053
    of which:       
      Other Financial Intermediaries1,925,71563,8591,989,574 2,040,09461,9232,102,017
      Non-Financial Companies 40460,111460,111 0504,036504,036
Total Foreign Assets2,483,802641,0893,124,891 2,689,166685,5403,374,706
       
Foreign Liabilities       
  General Government0132,038132,038 0133,356133,356
  Monetary Authority 1044,85444,854 039,24439,244
  Monetary Financial Institutions 2545,889107,874653,763 635,064108,848743,912
  Other Sectors 31,971,061500,9732,472,034 2,089,940544,7822,634,722 
    of which:       
      Other Financial Intermediaries1,971,061-12,095 1,958,966 2,089,940-13,263 2,076,677
      Non-Financial Companies 40513,068513,068 0558,045558,045
Total Foreign Liabilities 2,516,950785,7393,302,689 2,725,004826,2323,551,236
       
Net International Investment Position (IIP)       
  General Government0-118,975 -118,975  0-119,596 -119,596
  Monetary Authority 10-26,366 -26,366  0-20,573 -20,573
  Monetary Financial Institutions 212,198-22,306 -10,108  14,008-21,698 -7,690
  Other Sectors 3-45,346 22,997-22,349  -49,846 21,177-28,669
    of which:       
      Other Financial Intermediaries-45,346 75,95430,608 -49,846 75,18625,340
      Non-Financial Companies 40-52,957 -52,957  0-54,009 -54,009
Total (Net IIP)-33,148 -144,650 -177,798  -35,838 -140,690 -176,530
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 September 2014 Table 2 (XLS 30KB)
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Table 3(a) International Investment Position (IIP) - Detailed Data  € million
ItemQ4 2013Q1 2014Q2 2014Q3 2014
Foreign Assets    
  Direct Investment Abroad 1389,083405,899433,319478,569
    Equity capital and reinvested earnings 326,901344,247370,360407,038
    Other capital62,18261,65262,95971,531
     
  Portfolio Investment 1,705,2871,733,6791,788,8791,959,124
    Equity 602,289626,107637,921709,139
        Monetary authority 20000
        General government3,5622,6982,7973,221
        Monetary financial institutions 31,9495,5559,2386,476
        Other sectors596,778617,854625,886699,443
     
    Debt instruments1,102,9981,107,5721,150,9581,249,985
      Bonds and notes815,501813,456835,990842,297
        Monetary authority 214,54714,47513,48012,972
        General government1,425592645575
        Monetary financial institutions 3147,450141,870144,839145,742
        Other sectors652,079656,519677,026683,007
     
      Money market instruments287,497294,116314,969407,688
        Monetary authority 22,0142,3343,7033,676
        General government0000
        Monetary financial institutions 3178,465180,739194,561259,119
        Other sectors107,018111,042116,704144,893
     
  Other Investment 898,590902,974901,487935,764
    Loans, currency and deposits704,985694,612687,837712,018
        Monetary authority 244532199773
        General government12,08712,43010,1719,696
        Monetary financial institutions 3253,196258,293259,933272,482
        Other sectors439,257423,569417,633429,066
     
    Trade Credits39,15037,48338,89936,710
        General government0000
        Other sectors39,15037,48338,89936,710
     
    Other assets 4154,457170,879174,750187,035
        Monetary authority 20000
        General government-753-843-682136
        Monetary financial institutions 330,90932,13531,54148,818
        Other sectors124,301139,587143,891138,081
     
  Reserve assets1,1781,1921,2061,250
    Monetary gold159171176176
    Special drawing rights727728736766
    Reserve Position in the IMF289290293305
    Foreign Exchange3313
    Other0000
     
Total Foreign Assets2,994,1383,043,7443,124,8913,374,706
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 September 2014 Table 3(a) (XLS 28KB)
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Table 3(b) International Investment Position (IIP) - Detailed Data  € million
ItemQ4 2013Q1 2014Q2 2014Q3 2014
Foreign Liabilities   
  Direct Investment in Ireland1286,942270,564272,395295,462
    Equity capital and reinvested earnings 294,402292,613298,381318,946
    Other capital-7,460-22,049-25,985-23,485
     
  Portfolio Investment 2,064,5962,103,0962,189,3042,412,534
    Equity 1,518,2511,566,4171,652,8401,877,986
        Monetary authority 20000
        General government0000
        Monetary financial institutions 3268,213281,965290,314379,848
        Other sectors1,250,0381,284,4521,362,5251,498,138
     
    Debt instruments546,345536,679536,464534,548
      Bonds and notes533,291522,685523,354518,588
        Monetary authority 20000
        General government57,83760,11060,25960,094
        Monetary financial institutions 338,41138,91839,26637,831
        Other sectors437,043423,657423,828420,663
     
      Money market instruments13,05413,99413,11015,960
        Monetary authority 20000
        General government4861,0811,4091,995
        Monetary financial institutions 35,9146,2855,4167,906
        Other sectors6,6546,6296,2856,059
     
  Other Investment 820,299846,132840,990843,240
    Loans, currency and deposits593,808580,005575,597565,732
        Monetary authority 271,59461,79044,85439,244
        General government67,45068,20970,12371,266
        Monetary financial institutions 3219,928216,108224,413218,920
        Other sectors234,834233,898236,207236,301
     
    Trade Credits14,09115,43715,83316,550
        General government0000
        Other sectors14,09115,43715,83316,550
     
    Other liabilities 4212,400250,690249,560260,958
        Monetary authority20000
        General government0000
        Monetary financial institutions 336,89834,00235,82339,486
        Other sectors175,501216,687213,737221,473
     
Total Foreign Liabilities3,171,8373,219,7923,302,6893,551,236
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 September 2014 Table 3(b) (XLS 28KB)
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Table 4 International Investment Position (IIP) showing IFSC and non–IFSC activity  € million
ItemQ4 2013Q1 2014Q2 2014Q3 2014
Foreign Assets
  Direct Investment Abroad 1389,083405,899433,319478,569
    - IFSC34,47731,29731,54633,975
    - Non-IFSC354,606374,602401,773444,594
  Portfolio Investment1,705,2871,733,6791,788,8791,959,124
    - IFSC1,573,8181,603,1081,651,5451,820,113
    - Non-IFSC131,469130,571137,334139,011
  Other Investment 2898,590902,974901,487935,763
    - IFSC788,793800,539800,711835,078
    - Non-IFSC109,797102,435100,776100,685
  Reserve Assets1,1781,1921,2061,250
    - IFSC0000
    - Non-IFSC1,1781,1921,2061,250
Total Foreign Assets2,994,1383,043,7443,124,8913,374,706
    - IFSC2,397,0882,434,9442,483,8022,689,166 
    - Non-IFSC597,050608,800641,089685,540 
     
Foreign Liabilities    
  Direct Investment in Ireland 1286,942270,564272,395295,462
    - IFSC105,62897,64599,960117,665
    - Non-IFSC181,314172,919172,435177,797
  Portfolio Investment2,064,5962,103,0962,189,3042,412,534
    - IFSC1,743,8321,763,2321,820,4492,002,162
    - Non-IFSC320,764339,864368,855410,372
  Other Investment2820,299846,132840,990843,240
    - IFSC545,866586,625596,541605,177
    - Non-IFSC274,433259,507244,449238,063
Total Foreign Liabilities 3,171,8373,219,7923,302,6893,551,236
    - IFSC2,395,3262,447,5022,516,9502,725,004
    - Non-IFSC776,511772,290785,739826,232
     
Net International Investment Position (IIP)    
  Direct Investment1102,141135,335160,924183,107
    - IFSC-71,151-66,348-68,414-83,690
    - Non-IFSC173,292201,683229,338266,797
  Portfolio Investment-359,309-369,417-400,425-453,410
    - IFSC-170,014-160,124-168,904-182,049
    - Non-IFSC-189,295-209,293-231,521-271,361
  Other Investment 278,29156,84260,49792,523
    - IFSC242,927213,914204,170229,901
    - Non-IFSC-164,636-157,072-143,673-137,378
  Reserve Assets1,1781,1921,2061,250
    - IFSC0000
    - Non-IFSC1,1781,1921,2061,250
Total (Net IIP)-177,699-176,048-177,798-176,530
    - IFSC1,762-12,558-33,148-35,838
    - Non-IFSC-179,461-163,490-144,650-140,692
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 September 2014 Table 4 (XLS 29KB)
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Table 5 International Investment Position (IIP) - 30 September 2014 - Reconciliation of IIP and BOP Flows € million
ItemOpening Position 01/07/14 Bop Flows in Quarter Valuation and Other Changes Closing Position 30/09/14
Foreign Assets  
  
  Direct Investment Abroad 1433,319 21,441 23,809 478,569
    Equity capital and reinvested earnings 370,360 16,702 19,976 407,038
    Other capital62,959 4,739 3,833 71,531
        
  Portfolio Investment 1,788,879 54,578 115,667 1,959,124
    Equity 637,921 17,394 53,824 709,139
    Debt instruments 1,150,958 37,184 61,843 1,249,985
      Bonds and notes835,990 11,455 -5,148  842,297
      Money market instruments314,969 25,728 66,991 407,688
        
  Other Investment 901,487 -6,410  40,686 935,763
    Loans, currency and deposits687,837 -18,859  43,039 712,017
    Other 2213,649 12,449 -2,353  223,745
        
  Reserve Assets1,206 2 42 1,250
        
Total Foreign Assets3,124,891 69,611 180,204 3,374,706
        
Foreign Liabilities       
        
  Direct Investment in Ireland 1272,395 13,832 9,235 295,462
    Equity capital and reinvested earnings 298,381 12,231 8,334 318,946
    Other capital-25,985  1,602 898 -23,485
        
  Portfolio Investment 2,189,304 55,802 167,428 2,412,534
    Equity 1,652,840 59,716 165,430 1,877,986
    Debt instruments 536,464 -3,914  1,998 534,548
      Bonds and notes523,354 -4,958  192 518,588
      Money market instruments13,110 1,045 1,805 15,960
        
  Other Investment 840,990 997 1,253 843,240
    Loans, currency and deposits575,597 -10,414  549 565,732
    Other 2265,393 11,411 704 277,508
        
Total Foreign Liabilities3,302,689 70,631 177,916 3,551,236
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 September 2014 Table 5 (XLS 34KB)
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Table 6(a) Gross External Debt1€ million
30 Jun 2014 30 Sep 2014
ItemIFSC non-IFSC Total IFSC non-IFSC Total
General Government0 131,790 131,790 0 133,355 133,355
  Short-term0 2,926 2,926 0 4,520 4,520
    Money market instruments0 1,409 1,409 0 1,995 1,995
    Loans0 1,517 1,517 0 2,525 2,525
  Long-term 0 128,864 128,864 0 128,835 128,835
    Bonds and notes0 60,259 60,259 0 60,094 60,094
    Loans0 68,605 68,605 0 68,741 68,741
            
Monetary Authority 20 44,854 44,854 0 39,244 39,244
  Short-term0 44,854 44,854 0 39,244 39,244
    Loans and deposits0 44,854 44,854 0 39,244 39,244
  Long-term 0 0 0 0 0 0
    Other debt liabilities0 0 0 0 0 0
            
Monetary Financial Institutions3201,434 73,586 275,020 199,194 72,667 271,861
  Short-term* * 204,126 * * 201,469
    Money market instruments* * 5,416 * * 7,906
    Loans and deposits145,983 52,727 198,710 140,055 53,508 193,563
  Long-term * * 70,894 * * 70,392
    Bonds and notes24,701 14,565 39,266 25,079 12,752 37,831
    Loans19,720 5,983 25,703 19,327 6,030 25,357
    Other debt liabilities* * 5,925 * * 7,204
            
Other Sectors 4826,899 67,342 894,241 835,361 64,258 899,619
  Short-term* * 128,171 * * 122,717
    Money market instruments* * 6,285 * * 6,059
    Loans and deposits100,903 5,150 106,053 95,764 4,344 100,108
    Trade credits 8,659 7,174 15,833 9,359 7,191 16,550
  Long-term * * 766,070 * * 776,902
    Bonds and notes* * 423,828 * * 420,663
    Loans101,229 28,926 130,155 108,101 28,092 136,193
    Other debt liabilities190,331 21,756 212,087 199,662 20,384 220,046
            
Direct Investment 5155,905 149,397 305,302 169,875 156,301 326,176
    Debt liabilities to affiliated enterprises 3,869 41,358 45,227 4,095 41,168 45,263
    Debt liabilities to direct investors152,036 108,039 260,075 165,780 115,133 280,913
            
Gross External Debt1,184,238 466,969 1,651,208 1,204,430 465,825 1,670,255
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 September 2014 Table 6(a) (XLS 44KB)
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Table 6(b) External Assets in Debt Instruments 1€ million
30 Jun 201430 Sep 2014
ItemIFSC non-IFSC Total IFSC non-IFSC Total
General Government0 10,816 10,816 0 10,271 10,271
  Short-term0 9,254 9,254 0 8,959 8,959
    Money market instruments0 0 0 0 0 0
    Loans and Deposits0 9,254 9,254 0 8,959 8,959
  Long-term 0 1,562 1,562 0 1,312 1,312
    Bonds and notes0 645 645 0 575 575
    Loans0 917 917 0 737 737
            
Monetary Authority 20 17,282 17,282 0 17,421 17,421
  Short-term0 3,802 3,802 0 4,449 4,449
    Money market instruments0 3,703 3,703 0 3,676 3,676
    Loans and deposits0 99 99 0 773 773
  Long-term 0 13,480 13,480 0 12,972 12,972
    Bonds and notes0 13,480 13,480 0 12,972 12,972
            
Monetary Financial Institutions 3529,765 75,611 605,376 620,836 76,899 697,735
  Short-term* * 424,174 * * 502,019
    Money market instruments* * 194,561 * * 259,119
    Loans and deposits184,732 44,881 229,613 198,646 44,254 242,900
  Long-term * * 181,202 * * 195,716
    Bonds and notes123,989 20,850 144,839 123,596 22,146 145,742
    Loans20,765 9,555 30,320 19,765 9,817 29,582
    Other debt Assets* * 6,043 * * 20,392
            
Other Sectors 41,298,287 66,497 1,364,784 1,357,597 65,644 1,423,241
  Short-term262,587 27,505 290,092 295,897 26,850 322,747
    Money market instruments115,430 1,274 116,704 143,477 1,416 144,893
    Loans and deposits125,220 9,269 134,489 130,331 10,813 141,144
    Trade credit assets 21,937 16,962 38,899 22,089 14,621 36,710
  Long-term 1,035,700 38,992 1,074,692 1,061,700 38,794 1,100,494
    Bonds and notes* * 677,026 * * 683,007
    Loans* * 283,144 * * 287,922
    Other debt Assets111,332 3,190 114,522 126,876 2,689 129,565
            
Direct Investment 5188,708 205,538 394,246 196,079 225,113 421,192
    Debt asset claims on affiliated enterprises5,125 103,061 108,186 5,298 111,496 116,794
    Debt asset claims on direct investors183,583 102,477 286,060 190,781 113,617 304,398
            
Reserve Assets0 1 1 0 3 3
            
External Assets in Debt Instruments2,016,760 375,745 2,392,505 2,174,512 395,351 2,569,863
            
Net External Debt 6-832,522 91,224 -741,297 -970,082 70,474 -899,608
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 September 2014 Table 6(b) (XLS 33KB)
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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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