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International Accounts Q1 2019

International Investment Position

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Net IIP liability of €532 billion at end-March 2019

Table 5.1 International Investment Position						€ billion
	31 Dec 2018			31 Mar 2019
	Assets	Liabilities	NET	Assets	Liabilities	NET
General Government	24.9	149.2	-124.3	24.7	153.5	-128.8
Monetary Authority	45.4	21.3	24.1	49.9	20.0	29.9
Monetary Financial Institutions	795.2	743.8	51.4	833.3	784.4	48.9
Other Financial Intermediaries	3,238.8	3,264.7	-25.9	3,499.0	3,494.1	4.9
Non-Financial Companies	738.0	1,197.3	-459.3	781.5	1,268.2	-486.8
Total	4,842.3	5,376.2	-534.0	5,188.4	5,720.3	-531.9

Open in Excel: International Accounts Q1 2019 Table 5.1 (XLS 28KB)

At 31st March 2019, Ireland's quarterly international investment position (IIP) results show overall stocks of foreign financial assets of €5,188bn - an increase of €346bn on the end-December 2018 level, while the corresponding stocks of foreign financial liabilities increased by €344bn to €5,720bn over the quarter. Irish residents had an overall net foreign liability of €532bn at end-March 2019, a decrease of €2bn in the net foreign liability level at end-December 2018 - see Table 5.2.

X-axis label	Net IIP %GDP
Q22017	-188
Q32017	-179
Q42017	-167
Q12018	-164
Q22018	-159
Q32018	-148
Q42018	-165
Q12019	-162

Some points of note in Quarter 1 2019 IIP are:

Direct investment abroad increased by €51bn to €875bn.
Equity capital (including reinvested earnings) decreased €84.9bn while other capital decreased €33.5bn – see Table 5.5.
Foreign assets of other financial intermediaries increased by €260bn. With foreign liabilities increasing by €229bn, the resulting net increased to €5bn - see Table 5.3.
Foreign assets of the monetary authority increased by €4.5bn while foreign liabilities decreased by €1.2bn. The resulting net increased to €30bn - see Table 5.3.

X-axis label	Direct Investment	Portfolio Investment	Other Investment	Reserve Assets	Net IIP
Q2 2017	6.1	-520.7	-19.1	3.4	-530.3
Q3 2017	-17.1	-463.1	-43.4	3.6	-520
Q4 2017	-59.3	-454	13.5	3.7	-496.1
Q1 2018	-68	-417.2	-22.6	3.7	-504
Q22018	-34.2	-466.1	-3.4	3.8	-500
Q32018	39.1	-505.1	-13.4	3.9	-475.5
Q42018	-50.2	-401.4	-86.9	4.6	-534
Q12019	-47.8	-418.7	-70	4.7	-531.9

Figure 5.2 shows the net IIP over time along with the contribution of each instrument type to it.

Net portfolio investment fell €17bn to -€419bn.
Net other investment rose €17bn to -€70bn.
Reserve assets grew €0.2bn to €4.7bn.

X-axis label	General Government	Monetary Financial Institutions	Other Financial Intermediaries	Non-Financial Companies
30 Jun 2018	651	505	933	705
30 Sep 2018	655	494	975	708
31 Dec 2018	671	492	894	688
31 Mar 2019	736	493	1000	735

For Portfolio investment assets, equity and debt securities, the sector of the non-resident issuer is collected. Analysing this data shows that Irish residents hold debt as follows:

€736bn issued by foreign governments
€493bn issued by foreign monetary financial institutions (including money market investment funds)
€1,000bn issued by foreign other financial intermediaries (including non-money market investment funds)
€735bn issued by foreign non-financial companies

X-axis label	Direct Investment	Other Sectors	Monetary Financial Institutions	Monetary Authority	General Government
Q22018	677	1264	200	20	145
Q32018	677	1287	193	21	154
Q42018	690	1300	238	21	149
Q12019	570	1319	267	20	153

Gross external debt stands at €2.3 trillion at end-March 2019.

At 31st March 2019, the gross external debt of all resident sectors (i.e. general government, the monetary authority, financial and non-financial corporations and households) amounted to €2,329bn.

This represents a decrease of €70bn 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 2018 (€2,399bn) - see Table 5.9.

Points of note are:

General government foreign borrowing rose by €4bn to €153bn at end-March 2019.
Liabilities of the monetary authority decreased €1.2bn to €20bn. 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) rose €28.7bn to €266.9bn.
The liabilities of other sectors at €1,319bn increased €19bn on the previous quarter. This was made up of a fall in short-term debt of €6bn and a rise in long-term debt of €25bn.
Direct investment liabilities decreased by €121bn to €570bn in the quarter.
The net external debt position was €1,238bn at end-March 2019, i.e. assets exceeded liabilities - see Table 5.10.

Gross external debt represents the stock of Ireland's liabilities to non-residents other than equity and financial derivatives.

Table 5.2 International Investment Position (IIP) classified by Financial Instrument

Table 5.3 International Investment Position (IIP) classified by Institutional Sector

Table 5.3 International Investment Position (IIP) classified by Institutional Sector								€ million
Item	Q2 2017	Q3 2017	Q4 2017	Q1 2018	Q2 2018	Q3 2018	Q4 2018	Q1 2019
Foreign Assets
General Government	10,376	10,490	10,489	10,666	15,101	25,030	24,874	24,694
Monetary Authority¹	34,840	33,037	31,221	41,043	47,754	46,984	45,351	49,900
Monetary Financial Institutions²	734,843	734,402	740,269	734,533	745,852	734,107	795,207	833,321
Other Sectors³	3,925,641	3,889,609	3,951,340	3,948,559	4,070,502	4,168,049	3,976,821	4,280,487
of which:
Other Financial Intermediaries	3,122,786	3,123,014	3,232,346	3,269,919	3,331,956	3,389,746	3,238,806	3,499,011
Non-Financial Companies⁴	802,855	766,595	718,994	678,640	738,546	778,303	738,015	781,476
Total Foreign Assets	4,705,699	4,667,537	4,733,319	4,734,801	4,879,209	4,974,171	4,842,253	5,188,402

Foreign Liabilities
General Government	142,036	141,771	133,218	138,533	145,302	154,357	149,172	153,477
Monetary Authority¹	17,820	18,436	19,997	20,401	19,766	20,628	21,275	20,038
Monetary Financial Institutions²	714,089	701,524	700,133	697,079	707,920	692,194	743,771	784,399
Other Sectors³	4,362,030	4,325,767	4,376,044	4,382,785	4,506,199	4,582,519	4,462,019	4,762,343
of which:
Other Financial Intermediaries	3,123,297	3,124,856	3,210,897	3,241,043	3,297,800	3,352,819	3,264,735	3,494,101
Non-Financial Companies⁴	1,238,733	1,200,911	1,165,147	1,141,743	1,208,398	1,229,701	1,197,284	1,268,243
Total Foreign Liabilities	5,235,975	5,187,498	5,229,392	5,238,798	5,379,187	5,449,698	5,376,237	5,720,257

Net International Investment Position (IIP)
General Government	-131,660	-131,281	-122,729	-127,867	-130,201	-129,327	-124,298	-128,783
Monetary Authority¹	17,020	14,601	11,224	20,642	27,988	26,356	24,076	29,862
Monetary Financial Institutions²	20,754	32,878	40,136	37,454	37,932	41,913	51,436	48,922
Other Sectors³	-436,389	-436,158	-424,704	-434,226	-435,697	-414,470	-485,198	-481,856
of which:
Other Financial Intermediaries	-511	-1,842	21,449	28,876	34,156	36,927	-25,929	4,910
Non-Financial Companies⁴	-435,878	-434,316	-446,153	-463,103	-469,852	-451,398	-459,269	-486,767
Total (Net IIP)	-530,277	-519,961	-496,075	-503,998	-499,978	-475,528	-533,984	-531,856
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 Accounts Q1 2019 Table 5.3 (XLS 31KB)

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Table 5.4 International Investment Position (IIP) - IFSC and non-IFSC activity by Institutional Sector

Table 5.4 International Investment Position (IIP) - IFSC and non-IFSC activity by Institutional Sector						€ million
	31 December 2018			31 March 2019
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
Foreign Assets
General Government	0	24,874	24,874	0	24,694	24,694
Monetary Authority¹	0	45,351	45,351	0	49,900	49,900
Monetary Financial Institutions²	735,472	59,735	795,207	773,591	59,730	833,321
Other Sectors³	3,047,900	928,921	3,976,821	3,302,452	978,035	4,280,487
of which:
Other Financial Intermediaries	3,047,900	190,906	3,238,806	3,302,452	196,559	3,499,011
Non-Financial Companies⁴	0	738,015	738,015	0	781,476	781,476
Total Foreign Assets	3,783,372	1,058,881	4,842,253	4,076,043	1,112,359	5,188,402

Foreign Liabilities
General Government	0	149,172	149,172	0	153,477	153,477
Monetary Authority¹	0	21,275	21,275	0	20,038	20,038
Monetary Financial Institutions²	709,084	34,687	743,771	750,839	33,560	784,399
Other Sectors³	3,228,670	1,233,349	4,462,019	3,454,837	1,307,507	4,762,344
of which:
Other Financial Intermediaries	3,228,670	36,065	3,264,735	3,454,837	39,264	3,494,101
Non-Financial Companies⁴	0	1,197,284	1,197,284	0	1,268,243	1,268,243
Total Foreign Liabilities	3,937,754	1,438,483	5,376,237	4,205,676	1,514,582	5,720,258

Net International Investment Position (IIP)
General Government	0	-124,298	-124,298	0	-128,783	-128,783
Monetary Authority¹	0	24,076	24,076	0	29,862	29,862
Monetary Financial Institutions²	26,388	25,048	51,436	22,752	26,170	48,922
Other Sectors³	-180,770	-304,428	-485,198	-152,385	-329,472	-481,857
of which:
Other Financial Intermediaries	-180,770	154,841	-25,929	-152,385	157,295	4,910
Non-Financial Companies⁴	0	-459,269	-459,269	0	-486,767	-486,767
Total (Net IIP)	-154,382	-379,602	-533,984	-129,633	-402,223	-531,856
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 Accounts Q1 2019 Table 5.4 (XLS 32KB)

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Table 5.5 International Investment Position (IIP) - Detailed Data

Table 5.5 International Investment Position (IIP) - Detailed Data				€ million
Item	Q2 2018	Q3 2018	Q4 2018	Q1 2019
Foreign Assets
Direct Investment Abroad¹	803,421	849,876	823,501	874,924
Equity capital and reinvested earnings	699,084	739,011	725,416	810,353
Other capital	104,337	110,865	98,085	64,571

Portfolio Investment	2,793,910	2,833,642	2,744,938	2,963,537
Equity	1,168,428	1,206,481	1,093,660	1,223,906
Monetary authority²	0	0	0	0
General government	4,505	4,546	4,334	4,445
Monetary financial institutions³	820	871	1,535	1,154
Other sectors	1,163,103	1,201,064	1,087,790	1,218,306

Debt instruments	1,625,482	1,627,161	1,651,278	1,739,631
Bonds and notes	1,169,281	1,181,031	1,206,567	1,349,729
Monetary authority²	20,668	20,643	20,816	20,181
General government	1,971	1,953	1,938	1,925
Monetary financial institutions³	75,123	76,098	72,038	74,544
Other sectors	1,071,519	1,082,338	1,111,775	1,253,079

Money market instruments	456,201	446,130	444,712	389,903
Monetary authority²	1,078	1,106	1,077	827
General government	0	0	0	0
Monetary financial institutions³	341,900	326,401	336,266	331,938
Other sectors	113,224	118,624	107,368	57,138

Other Investment	1,278,114	1,286,729	1,269,260	1,345,228
Loans, currency and deposits	931,595	940,962	939,947	994,753
Monetary authority²	21,372	20,440	18,032	23,308
General government	2,309	2,335	2,358	1,864
Monetary financial institutions³	297,883	301,218	353,142	388,323
Other sectors	610,031	616,969	566,415	581,258

Trade Credits	50,879	49,403	49,195	50,716
General government	0	0	0	0
Other sectors	50,879	49,403	49,195	50,716

Other assets⁴	295,639	296,364	280,118	299,758
Monetary authority²	872	872	872	872
General government	6,278	16,159	16,206	16,421
Monetary financial institutions³	24,837	23,596	25,982	30,467
Other sectors	263,652	255,737	237,058	251,998

Reserve assets	3,765	3,924	4,554	4,713
Monetary gold	196	187	205	211
Special drawing rights	773	788	797	807
Reserve Position in the IMF	975	973	982	998
Foreign Exchange	660	575	886	1,093
Other	1,161	1,401	1,684	1,604

Total Foreign Assets	4,879,209	4,974,171	4,842,253	5,188,402
¹Reflecting the 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 Accounts Q1 2019 Table 5.5 (XLS 32KB)

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Table 5.6 International Investment Position (IIP) - Detailed Data

Table 5.6 International Investment Position (IIP) - Detailed Data				€ million
Item	Q2 2018	Q3 2018	Q4 2018	Q1 2019
Foreign Liabilities
Direct Investment in Ireland¹	837,622	810,751	873,742	922,715
Equity capital and reinvested earnings	750,025	763,395	802,817	886,932
Other capital	87,597	47,356	70,925	35,783

Portfolio Investment	3,260,036	3,338,782	3,146,296	3,382,274
Equity	2,818,601	2,894,732	2,702,904	2,936,292
Monetary authority²	0	0	0	0
General government	0	0	0	0
Monetary financial institutions³	459,905	452,342	449,618	456,475
Other sectors	2,358,696	2,442,390	2,253,286	2,479,818

Debt instruments	441,435	444,050	443,392	445,982
Bonds and notes	421,376	429,002	431,040	437,856
Monetary authority²	0	0	0	0
General government	87,433	87,347	83,784	86,686
Monetary financial institutions³	26,149	25,486	23,953	28,818
Other sectors	307,794	316,169	323,303	322,352

Money market instruments	20,059	15,049	12,352	8,126
Monetary authority²	0	0	0	0
General government	5,109	4,252	2,508	3,731
Monetary financial institutions³	14,507	10,382	9,412	3,978
Other sectors	443	415	432	416

Other Investment	1,281,529	1,300,165	1,356,200	1,415,269
Loans, currency and deposits	755,257	761,451	821,503	845,932
Monetary authority²	17,636	17,970	18,248	17,649
General government	47,862	48,058	48,179	48,356
Monetary financial institutions³	141,592	141,636	182,882	209,811
Other sectors	548,167	553,787	572,195	570,116

Trade Credits	39,457	45,332	41,146	34,703
General government	0	0	0	0
Other sectors	39,457	45,332	41,146	34,703

Other liabilities⁴	486,815	493,382	493,550	534,634
Monetary authority²	2,130	2,658	3,028	2,389
General government	4,768	14,569	14,570	14,573
Monetary financial institutions³	35,913	32,398	38,156	43,168
Other sectors	444,005	443,757	437,796	474,504

Total Foreign Liabilities	5,379,187	5,449,698	5,376,237	5,720,258
¹Reflecting the 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.

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Table 5.7 International Investment Position (IIP) showing IFSC and non-IFSC activity

Table 5.7 International Investment Position (IIP) showing IFSC and non–IFSC activity				€ million
Item	Q2 2018	Q3 2018	Q4 2018	Q1 2019
Foreign Assets
Direct Investment Abroad¹	803,421	849,876	823,501	874,924
- IFSC	81,054	81,623	82,743	83,140
- Non-IFSC	722,367	768,253	740,758	791,784
Portfolio Investment	2,793,910	2,833,642	2,744,938	2,963,537
- IFSC	2,633,061	2,673,243	2,590,633	2,808,763
- Non-IFSC	160,849	160,399	154,305	154,774
Other Investment²	1,278,114	1,286,729	1,269,260	1,345,228
- IFSC	1,099,615	1,120,188	1,109,995	1,184,140
- Non-IFSC	178,499	166,541	159,265	161,088
Reserve Assets	3,765	3,924	4,554	4,713
- IFSC	0	0	0	0
- Non-IFSC	3,765	3,924	4,554	4,713
Total Foreign Assets	4,879,209	4,974,171	4,842,253	5,188,402
- IFSC	3,813,730	3,875,054	3,783,371	4,076,043
- Non-IFSC	1,065,480	1,099,117	1,058,882	1,112,359

Foreign Liabilities
Direct Investment in Ireland¹	837,622	810,751	873,742	922,715
- IFSC	220,669	226,024	237,569	224,672
- Non-IFSC	616,953	584,727	636,173	698,043
Portfolio Investment	3,260,036	3,338,782	3,146,296	3,382,274
- IFSC	2,631,509	2,674,596	2,556,823	2,772,877
- Non-IFSC	628,527	664,186	589,473	609,397
Other Investment²	1,281,529	1,300,165	1,356,200	1,415,269
- IFSC	1,079,973	1,085,526	1,143,362	1,208,126
- Non-IFSC	201,556	214,639	212,838	207,143
Total Foreign Liabilities	5,379,187	5,449,698	5,376,237	5,720,258
- IFSC	3,932,151	3,986,146	3,937,754	4,205,675
- Non-IFSC	1,447,036	1,463,552	1,438,484	1,514,583

Net International Investment Position (IIP)
Direct Investment¹	-34,201	39,125	-50,241	-47,791
- IFSC	-139,615	-144,401	-154,826	-141,532
- Non-IFSC	105,414	183,526	104,585	93,741
Portfolio Investment	-466,126	-505,140	-401,358	-418,737
- IFSC	1,552	-1,353	33,810	35,886
- Non-IFSC	-467,678	-503,787	-435,168	-454,623
Other Investment²	-3,415	-13,436	-86,940	-70,041
- IFSC	19,642	34,662	-33,367	-23,986
- Non-IFSC	-23,057	-48,098	-53,573	-46,055
Reserve Assets	3,765	3,924	4,554	4,713
- IFSC	0	0	0	0
- Non-IFSC	3,765	3,924	4,554	4,713
Total (Net IIP)	-499,978	-475,528	-533,984	-531,856
- IFSC	-118,421	-111,092	-154,383	-129,632
- Non-IFSC	-381,556	-364,435	-379,602	-402,224
¹Reflecting the 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.

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Table 5.8 International Investment Position (IIP) - 31st December 2018 - Reconciliation of IIP and BOP Flows

Table 5.8 International Investment Position (IIP) - 31st March 2019 - Reconciliation of IIP and BOP Flows				€ million
Item	Opening Position 01/01/19	BOP Flows in Quarter	Valuation and Other Changes	Closing Position 31/03/19
Foreign Assets

Direct Investment Abroad¹	823,501	10,051	41,372	874,924
Equity capital and reinvested earnings	725,416	42,366	42,571	810,353
Other capital	98,085	-32,316	-1,198	64,571

Portfolio Investment	2,744,938	36,887	181,712	2,963,537
Equity	1,093,660	16,704	113,542	1,223,906
Debt instruments	1,651,278	20,183	68,170	1,739,631
Bonds and notes	1,206,567	43,631	99,531	1,349,729
Money market instruments	444,712	-23,448	-31,361	389,903

Other Investment	1,269,260	55,162	20,806	1,345,228
Loans, currency and deposits	939,947	50,193	4,613	994,753
Other²	329,313	4,969	16,193	350,475

Reserve Assets	4,554	2	157	4,713

Total Foreign Assets	4,842,253	102,102	244,047	5,188,402

Foreign Liabilities

Direct Investment in Ireland¹	873,742	7,424	41,549	922,715
Equity capital and reinvested earnings	802,817	36,522	47,593	886,932
Other capital	70,926	-29,098	-6,046	35,782

Portfolio Investment	3,146,296	40,636	195,342	3,382,274
Equity	2,702,904	36,911	196,477	2,936,292
Debt instruments	443,392	3,725	-1,135	445,982
Bonds and notes	431,040	4,773	2,043	437,856
Money market instruments	12,352	-1,048	-3,178	8,126

Other Investment	1,356,200	42,368	16,701	1,415,269
Loans, currency and deposits	821,503	27,542	-3,113	845,932
Other²	534,697	14,826	19,814	569,337

Total Foreign Liabilities	5,376,237	90,428	253,593	5,720,258
¹Reflecting the 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 Accounts Q1 2019 Table 5.8 (XLS 31KB)

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Table 5.9 Gross External Debt

Table 5.9 Gross External Debt¹						€ million
	31-Dec-18			31-Mar-19
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
General Government	0	149,042	149,042	0	153,345	153,345
Short-term	0	19,112	19,112	0	20,424	20,424
Money market instruments	0	17,079	17,079	0	18,304	18,304
Loans & Deposits	0	2,033	2,033	0	2,120	2,120
Long-term	0	129,930	129,930	0	132,921	132,921
Bonds and notes	0	83,784	83,784	0	86,686	86,686
Loans	0	46,146	46,146	0	46,235	46,235

Monetary Authority²	0	21,276	21,276	0	20,038	20,038
Short-term	0	18,248	18,248	0	17,649	17,649
Loans and deposits	0	18,248	18,248	0	17,649	17,649
Long-term	0	3,028	3,028	0	2,389	2,389
Other debt liabilities	0	3,028	3,028	0	2,389	2,389

Monetary Financial Institutions³	212,864	25,250	238,114	243,673	23,185	266,858
Short-term	165,555	18,325	183,880	187,874	17,085	204,959
Money market instruments	9,412	0	9,412	3,978	0	3,978
Loans and deposits	156,143	18,325	174,468	183,896	17,085	200,981
Long-term	47,309	6,925	54,234	55,799	6,100	61,899
Bonds and notes	17,936	6,017	23,953	23,699	5,119	28,818
Loans	7,569	845	8,414	7,919	911	8,830
Other debt liabilities	21,804	63	21,867	24,181	70	24,251

Other Sectors⁴	1,187,038	112,630	1,299,668	1,210,505	108,163	1,318,668
Short-term	273,323	45,285	318,608	273,148	39,165	312,313
Money market instruments	23	409	432	3	413	416
Loans and deposits	263,696	13,334	277,030	261,411	15,783	277,194
Trade credits	9,604	31,542	41,146	11,734	22,969	34,703
Long-term	913,715	67,345	981,060	937,357	68,998	1,006,355
Bonds and notes	317,217	6,086	323,303	316,260	6,092	322,352
Loans	277,365	17,800	295,165	275,888	17,034	292,922
Other debt liabilities	319,133	43,459	362,592	345,209	45,872	391,081

Direct Investment⁵	165,750	524,735	690,485	79,045	490,728	569,773
Debt liabilities to affiliated enterprises	5,398	167,333	172,731	5,553	177,095	182,648
Debt liabilities to direct investors	160,352	357,402	517,754	73,492	313,633	387,125

Gross External Debt	1,565,652	832,933	2,398,584	1,533,223	795,459	2,328,683
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 Accounts Q1 2019 Table 5.9 (XLS 33KB)

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Table 5.10 - Debt Instrument Financial Assets

Table 5.10 Debt Instrument Financial Assets¹						€ million
	31-Dec-18			31-Mar-19
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
General Government	0	4,296	4,296	0	3,789	3,789
Short-term	0	870	870	0	659	659
Money market instruments	0	0	0	0	0	0
Loans and deposits	0	870	870	0	659	659
Long-term	0	3,426	3,426	0	3,130	3,130
Bonds and notes	0	1,938	1,938	0	1,925	1,925
Loans	0	1,488	1,488	0	1,205	1,205

Monetary Authority²	0	39,925	39,925	0	44,316	44,316
Short-term	0	19,109	19,109	0	24,135	24,135
Money market instruments	0	1,077	1,077	0	827	827
Loans and deposits	0	18,032	18,032	0	23,308	23,308
Long-term	0	20,816	20,816	0	20,181	20,181
Bonds and notes	0	20,816	20,816	0	20,181	20,181

Monetary Financial Institutions³	721,659	52,517	774,176	757,970	51,720	809,690
Short-term	627,476	19,337	646,813	658,638	17,393	676,031
Money market instruments	335,730	536	336,266	331,593	345	331,938
Loans and deposits	291,746	18,801	310,547	327,045	17,048	344,093
Long-term	94,183	33,180	127,363	99,332	34,327	133,659
Bonds and notes	51,485	20,553	72,038	53,901	20,643	74,544
Loans	30,152	12,443	42,595	30,768	13,463	44,231
Other debt Assets	12,546	184	12,730	14,663	221	14,884

Other Sectors⁴	1,864,204	127,612	1,991,816	1,980,448	127,056	2,107,504
Short-term	348,582	47,965	396,547	311,251	48,158	359,409
Money market instruments	106,990	378	107,368	56,778	360	57,138
Loans and deposits	220,274	19,710	239,984	229,307	22,248	251,555
Trade credit assets	21,318	27,877	49,195	25,166	25,550	50,716
Long-term	1,515,622	79,647	1,595,269	1,669,197	78,898	1,748,095
Bonds and notes	1,069,960	41,815	1,111,775	1,209,234	43,845	1,253,079
Loans	326,311	120	326,431	329,582	121	329,703
Other debt Assets	119,351	37,712	157,063	130,381	34,932	165,313

Direct Investment⁵	210,229	507,416	717,645	152,031	446,530	598,561
Debt asset claims on affiliated enterprises	6,995	263,822	270,817	7,508	239,711	247,219
Debt asset claims on direct investors	203,234	243,594	446,828	144,523	206,819	351,342

Reserve Assets	0	2,567	2,567	0	2,599	2,599

Debt Instrument Financial Assets	2,796,092	734,333	3,530,425	2,890,449	676,010	3,566,459

Net External Debt	1,230,440	-98,600	1,131,841	1,357,226	-119,449	1,237,776
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 5.9) minus External Assets in Debt Instruments. A negative sign indicates a net Asset position.

Open in Excel: International Accounts Q1 2019 Table 5.10 (XLS 34KB)

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International Accounts Q1 2019

International Investment Position

International Investment Position

Net IIP liability of €532 billion at end-March 2019

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