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This chapter looks at the trends in the non-money market funds (non-MMF) investment funds sector (S.124) between 2009 and 2018. It consists of all collective investment schemes, except those classified in the MMF sector, which are principally engaged in financial intermediation. Their business is to issue investment fund shares or units which are not close substitutes for deposits, and on their own account, to make investments primarily in financial assets, other than short-term financial assets, and in non-financial assets (usually real estate).
| (AF.2) Currency and Deposits | (AF.3) Debt Securities | (AF.4) Loans | (AF.5) Equity and Investment Fund Shares/Units | (AF.7) Financial Derivatives and Employee Stock Options | (AF.8) Other Accounts Receivable | Total | |
| 2009 | 20.112 | 150.08 | 0.377 | 261.261 | 11.87 | 16.353 | 460.053 |
| 2010 | 25.053 | 235.077 | 0.314 | 342.342 | 19.011 | 23.706 | 645.503 |
| 2011 | 44.891 | 357.381 | 16.278 | 346.224 | 19.198 | 34.675 | 818.648 |
| 2012 | 64.095 | 441.035 | 16.898 | 421.448 | 32.26 | 42.235 | 1017.97 |
| 2013 | 56.753 | 480.794 | 14.688 | 532.571 | 43.428 | 52.098 | 1180.332 |
| 2014 | 58.461 | 559.49 | 15.115 | 691.12 | 228.444 | 76.445 | 1629.075 |
| 2015 | 77.116 | 615.196 | 31.342 | 786.816 | 168.378 | 100.66 | 1779.508 |
| 2016 | 67.519 | 745.267 | 33.795 | 848.788 | 161.026 | 63.579 | 1919.974 |
| 2017 | 122.583 | 875.733 | 69.178 | 988.674 | 89.757 | 72.872 | 2218.797 |
| 2018 | 135.643 | 932.197 | 73.651 | 999.889 | 92.477 | 83.504 | 2317.361 |
Get the data: StatBank (IFI03)
Between 2009 and 2018 the balance sheet of investment funds grew significantly from €460bn to €2.3 trillion. The increase in assets was mainly driven by debt securities (AF.3), equity and investment funds (AF.5). Part of the increase in recent years is due to the reclassification of money market funds (S.123) which led to some assets being redefined as investment funds (S.124).
| (AF.4) Loans | (AF.5) Equity and Investment Fund Shares/Units | (AF.7) Financial Derivatives and Employee Stock Options | (AF.8) Other Accounts Receivable | Total | |
| 2009 | 2.581 | 441.141 | 5.893 | 9.82 | 459.435 |
| 2010 | 3.899 | 604.102 | 10.14 | 27.507 | 645.648 |
| 2011 | 6.475 | 768.667 | 10.078 | 33.502 | 818.722 |
| 2012 | 22.463 | 931.751 | 34.911 | 29.225 | 1018.35 |
| 2013 | 37.032 | 1069.719 | 40.314 | 33.748 | 1180.812 |
| 2014 | 17.556 | 1275.172 | 220.448 | 121.204 | 1634.381 |
| 2015 | 37.558 | 1432.189 | 161.926 | 168.156 | 1799.829 |
| 2016 | 119.94 | 1590.006 | 153.592 | 55.581 | 1919.119 |
| 2017 | 192.911 | 1872.693 | 80.962 | 54.067 | 2200.633 |
| 2018 | 233.444 | 1903.242 | 89.291 | 66.761 | 2292.738 |
Get the data: StatBank (IFI03)
The expansion in the liabilities of investment funds was mainly driven by equity and investment funds (AF.5), comprising 83% of the total in 2018. The growth in financial derivatives and employee stock options (AF.7) was partly due to changes in the reporting basis in 2014.
| 2009 | 2013 | 2018 | |
| Denmark | 115.5003 | 253.3976 | 293.0954 |
| France | 910.029 | 1062.667 | 1318.825 |
| Germany | 968.336 | 1363.532 | 1995.362 |
| Ireland | 460.053 | 1180.332 | 2317.361 |
| Italy | 141.938 | 173.683 | 263.222 |
| Luxembourg | 1710.0937 | 2745.8591 | 4306.443 |
| Netherlands | 449.474 | 629.342 | 817.882 |
| Poland | 23.1787 | 50.5864 | 73.4993 |
| Spain | 187.707 | 182.812 | 290.248 |
| United Kingdom | 631.5111 | 1098.8005 | 1341.2339 |
Get the data: Eurostat
The investment fund assets of each observed country rose between 2009 and 2018. The size of the investment fund sector in Ireland experienced a significant increase between 2009 and 2018. Ireland has the second largest balance sheet in Europe in 2018, after Luxembourg.
| Bonds | Equities | Hedge | Mixed | Real Estate | Other | Total | |
| 2009 | 114.809 | 208.852 | 48.735 | 0 | 0 | 86.233 | 458.63 |
| 2010 | 192.716 | 267.32 | 61.729 | 0 | 0 | 123.791 | 645.556 |
| 2011 | 333.962 | 261.496 | 74.554591 | 0 | 0 | 148.636 | 818.648 |
| 2012 | 427.807 | 309.042 | 100.365 | 0 | 0 | 181.538 | 1018.752 |
| 2013 | 470.719 | 411.701 | 117.202 | 0 | 0 | 181.748 | 1181.369 |
| 2014 | 579.37 | 522.629 | 186.277 | 184.145 | 10.698 | 68.709 | 1551.828 |
| 2015 | 615.708 | 612.16 | 220.725 | 235.607 | 14.8 | 93.974 | 1792.974 |
| 2016 | 632.397 | 632.378 | 161.928 | 230.232 | 18.609 | 262.816 | 1938.359 |
| 2017 | 698.286 | 766.489 | 189.209 | 252.281 | 24.352 | 311.209 | 2241.828 |
| 2018 | 710.981 | 741.335 | 225.36 | 273.236 | 26.686 | 350.168 | 2327.767 |
Please note: 'Mixed and Real Estate' assets were included in 'Other' prior to 2014.
Get the data: Central Bank of Ireland
The increase in the balance sheet of Investment Funds that are resident in Ireland was mainly driven by equity and bond funds. These funds together comprise more than 62% of the total assets between 2009 and 2018. Real-estate funds do not play a major role in the Irish investment funds sector.
| Inflows | Outflows | Net Income (right axis) | |
| 2009 | 8.751880916 | 9.144021743 | -392.140827 |
| 2010 | 11.273510332 | 11.470079097 | -196.568765 |
| 2011 | 11.484753948 | 11.80116763 | -316.413682 |
| 2012 | 13.82644774 | 14.464271435 | -637.823695 |
| 2013 | 15.777743097 | 16.21057093 | -432.827833 |
| 2014 | 23.934443833 | 24.368213182 | -433.769349 |
| 2015 | 27.551453959 | 27.763888982 | -212.435023 |
| 2016 | 32.107011452 | 32.563812592 | -456.80114 |
| 2017 | 36.963285602 | 38.057572816 | -1094.287214 |
| 2018 | 43.227941962 | 45.322144556 | -2094.202594 |
Source publication: International Accounts
Portfolio investment income is the return on cross-border investments from investors who do not own a controlling stake in the entity in which they are investing. The income inflows are driven by dividends and interest, while the income outflows consist of dividends.
Between 2009 and 2018, both inflows and outflows increased annually.
The Irish investment fund sector had a negative income every year between 2009 and 2018, which is mainly due to capital gains being paid out as income. In 2018 net income fell to -€2.1bn, the low point of the observation period.
| Income on Equity (Dividends) | Income on Debt (Interest) | |
| 2009 | 2.145610864 | 6.606270052 |
| 2010 | 3.551273407 | 7.722236925 |
| 2011 | 3.68656699 | 7.798186958 |
| 2012 | 3.299038088 | 9.216671881 |
| 2013 | 5.135583483 | 10.642159614 |
| 2014 | 7.274810747 | 16.659633086 |
| 2015 | 8.530326919 | 19.02112704 |
| 2016 | 11.281275474 | 20.825735978 |
| 2017 | 12.83340855 | 24.129877052 |
| 2018 | 14.884005949 | 28.343936013 |
Source publication: International Accounts
Income inflows comprise of income on equity and income on debt. In 2018, 66% of the income came from interest. Because of increasing debt asset positions, investment funds in Ireland have earned more interest in recent years.
| Portfolio Investment Income of Investment Funds | Other Portfolio Investment Income | |
| 2009 | 34.2042441337336 | 65.7957558662664 |
| 2010 | 44.8809999997249 | 55.1190000002751 |
| 2011 | 48.6931300276926 | 51.3068699723074 |
| 2012 | 55.4497092030563 | 44.5502907969437 |
| 2013 | 61.585193414894 | 38.414806585106 |
| 2014 | 72.721610373202 | 27.278389626798 |
| 2015 | 76.9562217338247 | 23.0437782661753 |
| 2016 | 78.723998768416 | 21.276001231584 |
| 2017 | 81.1361449281778 | 18.8638550718222 |
| 2018 | 85.2370199966412 | 14.7629800033588 |
Source Publication: International Accounts
Looking at the share of the portfolio investment income inflows of Investment Funds in Ireland in the total portfolio investment income, one can see an increase in this share throughout the whole period considered.
In value terms, the other portfolio investment income decreased consistently in the observed period to €7.5bn in 2018, while the income inflows of investment funds increased since 2009 resulting in €43.2bn in 2018. In 2012, the share attributed to portfolio investment income of investment funds exceeds 50% for the first time.
| France | Germany | Japan | Netherlands | United Kingdom | United States | Rest of the World | |
| 2018 | 4.00201005935108 | 3.26136656872909 | 3.94281743319043 | 2.80638691831644 | 21.3590310065236 | 35.0462223107534 | 29.582165703136 |
Get the data: StatBank (BPA32)
In 2018 investment funds resident in Ireland held €1.8bn of foreign securities which constitute about 76% of their total financial assets. Together the UK, France, Germany, Japan and the Netherlands comprise about 35% of the foreign held securities in Ireland. Securities issued in the USA also comprise approximately 35% of the total held foreign securities in Ireland. The rest of the world accounts for the remaining 30% of securities.
Next Chapter >> Other Financial Corporations
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