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International Accounts Q1 2022 Final

International Investment Position

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Net IIP liability of €610 billion at end-March 2022

Table 7.1 International Investment Position						€ billion
	31 December 2021			31 March 2022
	Assets	Liabilities	NET	Assets	Liabilities	NET
General Government	22.5	152.2	-129.7	22.6	141.5	-118.9
Monetary Authority	112.5	30.8	81.7	114.7	31.1	83.6
Monetary Financial Institutions	1,051.7	960.8	90.8	1,067.5	974.1	93.4
Other Financial Intermediaries	5,145.0	5,087.7	57.4	5,023.6	4,980.3	43.3
Non-Financial Companies	1,233.5	1,953.9	-720.4	1,134.3	1,846.1	-711.8
Total	7,565.2	8,185.4	-620.2	7,362.7	7,973.1	-610.4

Open in Excel: International Accounts Q1 2022 Table 7.1 (XLS 36KB)

At 31st March 2022, Ireland's quarterly international investment position (IIP) results show overall stocks of foreign financial assets of €7,363bn - a decrease of €203bn on the end-December 2021 level, while the corresponding stocks of foreign financial liabilities decreased by €212bn to €7,973bn over the quarter. Irish residents had an overall net foreign liability of €610bn at end-March 2022, a decrease of €10bn in the net foreign liability level at end-December 2021 - see Table 7.2.

X-axis label	Net IIP %GDP
Q22020	-199
Q32020	-193
Q42020	-177
Q12021	-175
Q22021	-156
Q32021	-153
Q42021	-145
Q12022	-138

Some points of note in the Quarter 1 2022 IIP are:

Direct Investment Abroad decreased by €95bn to €1,176bn.
Equity capital (including reinvested earnings) decreased by €91.9bn, while other capital decreased by €3bn – see Table 7.5.
Foreign Assets of Other Financial Intermediaries decreased by €121bn.With foreign liabilities decreasing by €107bn, the resulting net decreased to €43bn - see Table 7.3.
Foreign Assets of the Monetary Authority increased by €2.2bn while foreign liabilities increased by €0.3bn. The resulting net increased to €84bn - see Table 7.3.

X-axis label	Direct Investment	Portfolio Investment	Other Investment	Reserve Assets	Net IIP
Q22020	-265.7	-538	76.2	5.2	-722.3
Q32020	-214.3	-605.9	98.1	5.8	-716.2
Q42020	-149.6	-632.5	116.3	6	-659.8
Q12021	-127.2	-630.3	84.3	6.6	-666.6
Q22021	-92.8	-682	148.6	6.6	-619.6
Q32021	-48.5	-755.1	165	10.8	-627.8
Q42021	39.2	-838.8	167.7	11.7	-620.2
Q12022	-60.4	-785.6	224	11.6	-610.4

Figure 7.2 shows the net IIP over time along with the contribution of each instrument type to it.

Net Portfolio Investment rose €53bn to -€786bn.
Net Other Investment rose €56bn to €224bn.
Reserve Assets shrank €0bn to €11.6bn.

X-axis label	General Government	Monetary Financial Institutions	Other Financial Intermediaries	Non-Financial Companies
30 Jun 2021	983.796223775615	534.755888214265	966.447171372856	1602.91691054725
30 Sep 2021	999.51986545352	537.048995702015	994.637416203094	1641.10224314751
31 Dec 2021	1060.00141642106	599.355692895234	1034.82998050766	1767.57646555952
31 Mar 2022	987.484698858544	577.393067767889	1003.93887281786	1686.6831483323

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:

€987bn issued by foreign Governments
€577bn issued by foreign Monetary Financial Institutions (including Money Market Investment Funds)
€1,004bn issued by foreign Other Financial Intermediaries (including Non-Money Market Investment Funds)
€1,687bn issued by foreign Non-Financial Companies

X-axis label	Direct Investment	Other Sectors	Monetary Financial Institutions	Monetary Authority	General Government
Q22021	561.773506894182	1686.05560086151	290.602328281304	26.112977646	157.0303842814
Q32021	605.400123386245	1720.89800131598	284.840294411739	30.319055325	154.7223665854
Q42021	645.753800489106	1813.65664907476	260.899439870912	30.795965906	152.2008963743
Q12022	662.383210987285	1794.0567577619	288.94881700626	31.068116093	141.5036436363

Gross External Debt stands at €2.9 trillion at end-March 2022.

At 31st March 2022, the gross external debt of all resident sectors (i.e. general government, the monetary authority, financial and non-financial corporations and households) amounted to €2,918bn.
This represents an increase of €15bn 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 2021 (€2,903bn) - see Table 7.9.

Points of note are:

General government foreign borrowing fell by €11bn to €142bn at end-March 2022.
Liabilities of the Monetary Authority consisting entirely of short-term loans and deposits increased €0.3bn to €31.1bn. 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 €28bn to €288.9bn.
The liabilities of Other sectors at €1,794bn decreased by €20bn on the previous quarter. This was made up of a fall in short-term debt of €6bn and a fall in long-term debt of €13bn.
Direct investment liabilities increased by €17bn to €662bn in the quarter.
The Net External Debt position was €1,566bn at end-March 2022, i.e. assets exceeded liabilities - see Table 7.10.

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

Table 7.2 International Investment Position (IIP) classified by Financial Instrument

Table 7.2 International Investment Position (IIP) classified by Financial Instrument									€ million
Item	Q1 2020	Q2 2020	Q3 2020	Q4 2020	Q1 2021	Q2 2021	Q3 2021	Q4 2021	Q1 2022
Foreign Assets
Direct Investment Abroad¹	907,610	956,659	941,210	978,808	1,066,068	1,107,302	1,164,437	1,270,800	1,175,892
Portfolio Investment	3,026,203	3,348,621	3,388,861	3,642,373	3,912,285	4,087,107	4,171,652	4,460,296	4,255,230
Other Investment²	1,657,848	1,585,977	1,612,721	1,668,442	1,745,191	1,763,170	1,803,276	1,822,456	1,919,915
Reserve Assets	5,253	5,208	5,832	6,000	6,569	6,579	10,753	11,672	11,624
Total Foreign Assets	5,596,914	5,896,464	5,948,624	6,295,623	6,730,112	6,964,157	7,150,118	7,565,224	7,362,660

Foreign Liabilities
Direct Investment in Ireland ¹	1,192,398	1,222,400	1,155,529	1,128,426	1,193,277	1,200,099	1,212,906	1,231,563	1,236,321
Portfolio Investment	3,557,366	3,886,653	3,994,734	4,274,916	4,542,602	4,769,079	4,926,791	5,299,118	5,040,806
Other Investment ²	1,599,255	1,509,732	1,514,572	1,552,098	1,660,874	1,614,580	1,638,270	1,654,711	1,695,953
Total Foreign Liabilities	6,349,020	6,618,785	6,664,835	6,955,441	7,396,753	7,583,759	7,777,967	8,185,392	7,973,079

Net International Investment Position (IIP)
Direct Investment¹	-284,788	-265,741	-214,319	-149,618	-127,210	-92,797	-48,469	39,237	-60,429
Portfolio Investment	-531,163	-538,033	-605,873	-632,543	-630,317	-681,972	-755,139	-838,822	-785,576
Other Investment²	58,592	76,245	98,149	116,344	84,317	148,590	165,006	167,745	223,962
Reserve Assets	5,253	5,208	5,832	6,000	6,569	6,579	10,753	11,672	11,624

Total (Net IIP)	-752,106	-722,321	-716,211	-659,817	-666,641	-619,601	-627,849	-620,168	-610,419
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 2022 Table 7.2 (XLS 39KB)

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Table 7.3 International Investment Position (IIP) classified by Institutional Sector

Table 7.3 International Investment Position (IIP) classified by Institutional Sector								€ million
Item	Q2 2020	Q3 2020	Q4 2020	Q1 2021	Q2 2021	Q3 2021	Q4 2021	Q1 2022
Foreign Assets
General Government	23,512	23,742	23,855	23,640	22,433	22,536	22,543	22,571
Monetary Authority ¹	79,676	80,248	73,161	86,531	96,444	102,106	112,518	114,713
Monetary Financial Institutions²	1,019,233	996,723	1,060,182	1,046,191	1,037,527	1,032,111	1,051,660	1,067,496
Other Sectors³	4,774,044	4,847,911	5,138,424	5,573,750	5,807,753	5,993,364	6,378,502	6,157,880
of which:
Other Financial Intermediaries	3,881,160	3,929,605	4,156,206	4,527,503	4,717,590	4,861,443	5,145,026	5,023,614
Non-Financial Companies⁴	892,884	918,306	982,218	1,046,248	1,090,162	1,131,921	1,233,476	1,134,266
Total Foreign Assets	5,896,464	5,948,624	6,295,623	6,730,112	6,964,157	7,150,118	7,565,224	7,362,660

Foreign Liabilities
General Government	167,326	164,029	153,743	158,109	157,030	154,722	152,201	141,504
Monetary Authority ¹	24,641	25,237	25,373	25,515	26,113	30,319	30,796	31,068
Monetary Financial Institutions²	926,986	911,759	972,130	962,071	951,645	944,632	960,836	974,105
Other Sectors³	5,499,832	5,563,809	5,804,195	6,251,058	6,448,971	6,648,294	7,041,559	6,826,402
of which:
Other Financial Intermediaries	3,861,808	3,923,290	4,131,846	4,477,044	4,641,920	4,789,397	5,087,666	4,980,329
Non-Financial Companies⁴	1,638,024	1,640,519	1,672,349	1,774,014	1,807,051	1,858,897	1,953,894	1,846,073
Total Foreign Liabilities	6,618,785	6,664,835	6,955,441	7,396,753	7,583,759	7,777,967	8,185,392	7,973,079

Net International Investment Position (IIP)
General Government	-143,814	-140,287	-129,888	-134,470	-134,597	-132,186	-129,658	-118,932
Monetary Authority ¹	55,035	55,011	47,789	61,016	70,331	71,787	81,723	83,645
Monetary Financial Institutions²	92,246	84,964	88,052	84,120	85,883	87,479	90,825	93,390
Other Sectors³	-725,788	-715,899	-665,771	-677,308	-641,218	-654,930	-663,057	-668,523
of which:
Other Financial Intermediaries	19,352	6,315	24,360	50,458	75,670	72,046	57,360	43,285
Non-Financial Companies⁴	-745,140	-722,213	-690,131	-727,766	-716,888	-726,976	-720,417	-711,808
Total (Net IIP)	-722,321	-716,211	-659,817	-666,641	-619,601	-627,849	-620,168	-610,419
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 2022 Table 7.3 (XLS 40KB)

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Table 7.4 International Investment Position (IIP) - IFSC and non-IFSC activity by Institutional Sector

Table 7.4 International Investment Position (IIP) - IFSC and non-IFSC activity by Institutional Sector						€ million
	31 December 2021			31 March 2022
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
Foreign Assets
General Government	0	22,543	22,543	0	22,571	22,571
Monetary Authority¹	0	112,518	112,518	0	114,713	114,713
Monetary Financial Institutions²	990,249	61,412	1,051,660	1,005,960	61,536	1,067,496
Other Sectors³	4,921,383	1,457,119	6,378,502	4,804,637	1,353,243	6,157,880
of which:
Other Financial Intermediaries	4,921,383	223,642	5,145,026	4,804,637	218,977	5,023,614
Non-Financial Companies⁴	0	1,233,476	1,233,476	0	1,134,266	1,134,266
Total Foreign Assets	5,911,632	1,653,592	7,565,224	5,810,597	1,552,064	7,362,660

Foreign Liabilities
General Government	0	152,201	152,201	0	141,504	141,504
Monetary Authority¹	0	30,796	30,796	0	31,068	31,068
Monetary Financial Institutions²	930,864	29,972	960,836	942,467	31,638	974,105
Other Sectors³	4,996,262	2,045,297	7,041,559	4,889,404	1,936,998	6,826,402
of which:
Other Financial Intermediaries	4,996,262	91,404	5,087,666	4,889,404	90,925	4,980,329
Non-Financial Companies⁴	0	1,953,894	1,953,894	0	1,846,073	1,846,073
Total Foreign Liabilities	5,927,126	2,258,266	8,185,392	5,831,871	2,141,208	7,973,079

Net International Investment Position (IIP)
General Government	0	-129,658	-129,658	0	-118,932	-118,932
Monetary Authority¹	0	81,723	81,723	0	83,645	83,645
Monetary Financial Institutions²	59,385	31,440	90,825	63,492	29,898	93,390
Other Sectors³	-74,879	-588,178	-663,057	-84,767	-583,755	-668,523
of which:
Other Financial Intermediaries	-74,879	132,239	57,360	-84,767	128,052	43,285
Non-Financial Companies⁴	0	-720,417	-720,417	0	-711,808	-711,808
Total (Net IIP)	-15,494	-604,674	-620,168	-21,275	-589,145	-610,419
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.

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Table 7.5 International Investment Position (IIP) - Detailed Data

Table 7.5 International Investment Position (IIP) - Detailed Data				€ million
Item	Q2 2021	Q3 2021	Q4 2021	Q1 2022
Foreign Assets
Direct Investment Abroad¹	1,107,302	1,164,437	1,270,800	1,175,892
Equity capital and reinvested earnings	1,194,770	1,268,816	1,391,778	1,299,918
Other capital	-87,468	-104,379	-120,978	-124,027

Portfolio Investment	4,087,107	4,171,652	4,460,296	4,255,230
Equity	1,838,451	1,874,931	2,036,457	1,966,201
Monetary authority²	0	0	0	0
General government	4,958	4,962	4,929	4,929
Monetary financial institutions³	279	390	2,380	587
Other sectors	1,833,214	1,869,580	2,029,147	1,960,684

Debt instruments	2,248,656	2,296,721	2,423,839	2,289,029
Bonds and notes	1,733,561	1,783,334	1,849,341	1,764,572
Monetary authority²	14,432	13,000	12,848	11,429
General government	142	140	150	150
Monetary financial institutions³	71,095	66,584	72,614	65,671
Other sectors	1,647,893	1,703,609	1,763,729	1,687,323

Money market instruments	515,095	513,387	574,498	524,457
Monetary authority²	1,167	1,454	1,608	1,498
General government	0	0	0	0
Monetary financial institutions³	409,366	394,344	445,624	395,778
Other sectors	104,562	117,589	127,266	127,181

Other Investment	1,763,170	1,803,276	1,822,456	1,919,915
Loans, currency and deposits	1,307,187	1,327,378	1,349,906	1,379,982
Monetary authority²	74,267	76,898	86,391	90,163
General government	3,624	3,642	3,653	3,676
Monetary financial institutions³	463,089	474,352	460,987	494,857
Other sectors	766,207	772,487	798,875	791,286

Trade Credits	82,709	80,301	84,070	85,152
General government	0	0	0	0
Other sectors	82,709	80,301	84,070	85,152

Other assets⁴	373,273	395,596	388,481	454,781
Monetary authority²	0	0	0	0
General government	13,671	13,754	13,773	13,778
Monetary financial institutions³	86,558	90,687	64,964	102,883
Other sectors	273,045	291,156	309,744	338,120

Reserve assets	6,579	10,753	11,672	11,624
Monetary gold	271	320	475	654
Special drawing rights	814	4,846	4,999	5,037
Reserve Position in the IMF	968	982	997	1,005
Foreign Exchange	1,193	1,089	1,664	1,293
Other	3,333	3,515	3,537	3,635

Total Foreign Assets	6,964,157	7,150,118	7,565,224	7,362,660
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.

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Table 7.6 International Investment Position (IIP) - Detailed Data

Table 7.6 International Investment Position (IIP) - Detailed Data				€ million
Item	Q2 2021	Q3 2021	Q4 2021	Q1 2022
Foreign Liabilities
Direct Investment in Ireland¹	1,200,099	1,212,906	1,231,563	1,236,321
Equity capital and reinvested earnings	1,070,724	1,113,235	1,127,774	1,116,964
Other capital	129,376	99,670	103,788	119,356

Portfolio Investment	4,769,079	4,926,791	5,299,118	5,040,806
Equity	4,097,513	4,243,616	4,583,355	4,336,821
Monetary authority²	0	0	0	0
General government	0	0	0	0
Monetary financial institutions³	555,012	548,145	608,304	574,825
Other sectors	3,542,501	3,695,472	3,975,051	3,761,996

Debt instruments	671,567	683,175	715,763	703,984
Bonds and notes	652,203	664,391	698,958	687,744
Monetary authority²	0	0	0	0
General government	88,285	86,968	86,789	81,341
Monetary financial institutions³	18,816	17,888	17,494	17,019
Other sectors	545,102	559,535	594,675	589,384

Money market instruments	19,364	18,784	16,806	16,240
Monetary authority²	0	0	0	0
General government	7,759	6,788	4,163	4,758
Monetary financial institutions³	11,219	11,612	12,258	11,097
Other sectors	386	384	385	385

Other Investment	1,614,580	1,638,270	1,654,711	1,695,953
Loans, currency and deposits	971,243	969,961	997,862	995,507
Monetary authority²	25,182	25,350	25,751	25,984
General government	47,305	47,272	47,554	41,688
Monetary financial institutions³	223,747	223,093	207,447	221,027
Other sectors	675,009	674,247	717,110	706,807

Trade Credits	43,036	51,428	59,305	53,249
General government	0	0	0	10
Other sectors	43,036	51,428	59,305	53,239

Other liabilities⁴	600,301	616,881	597,544	647,197
Monetary authority²	931	4,969	5,045	5,084
General government	0	0	0	0
Monetary financial institutions³	103,150	104,755	79,551	112,093
Other sectors	496,220	507,157	512,948	530,020

Total Foreign Liabilities	7,583,759	7,777,967	8,185,392	7,973,079
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 7.7 International Investment Position (IIP) showing IFSC and non-IFSC activity

Table 7.7 International Investment Position (IIP) showing IFSC and non–IFSC activity				€ million
Item	Q2 2021	Q3 2021	Q4 2021	Q1 2022
Foreign Assets
Direct Investment Abroad ¹	1,107,302	1,164,437	1,270,800	1,175,892
- IFSC	75,104	77,551	79,088	75,976
- Non-IFSC	1,032,198	1,086,885	1,191,711	1,099,916
Portfolio Investment	4,087,107	4,171,652	4,460,296	4,255,230
- IFSC	3,911,965	3,998,382	4,280,189	4,082,203
- Non-IFSC	175,142	173,270	180,107	173,027
Other Investment ²	1,763,170	1,803,276	1,822,456	1,919,915
- IFSC	1,521,478	1,553,076	1,552,355	1,652,418
- Non-IFSC	241,692	250,199	270,102	267,497
Reserve Assets	6,579	10,753	11,672	11,624
- IFSC	0	0	0	0
- Non-IFSC	6,579	10,753	11,672	11,624
Total Foreign Assets	6,964,157	7,150,118	7,565,224	7,362,660
- IFSC	5,508,547	5,629,010	5,911,632	5,810,597
- Non-IFSC	1,455,610	1,521,108	1,653,592	1,552,064

Foreign Liabilities
Direct Investment in Ireland ¹	1,200,099	1,212,906	1,231,563	1,236,321
- IFSC	279,695	290,179	297,219	299,761
- Non-IFSC	920,404	922,726	934,344	936,559
Portfolio Investment	4,769,079	4,926,791	5,299,118	5,040,806
- IFSC	3,918,692	4,017,728	4,297,060	4,144,840
- Non-IFSC	850,387	909,063	1,002,058	895,966
Other Investment ²	1,614,580	1,638,270	1,654,711	1,695,953
- IFSC	1,316,688	1,330,470	1,332,847	1,387,270
- Non-IFSC	297,892	307,800	321,864	308,683
Total Foreign Liabilities	7,583,759	7,777,967	8,185,392	7,973,079
- IFSC	5,515,076	5,638,378	5,927,126	5,831,871
- Non-IFSC	2,068,683	2,139,589	2,258,266	2,141,208

Net International Investment Position (IIP)
Direct Investment ¹	-92,797	-48,469	39,237	-60,429
- IFSC	-204,591	-212,628	-218,131	-223,786
- Non-IFSC	111,794	164,159	257,368	163,357
Portfolio Investment	-681,972	-755,139	-838,822	-785,576
- IFSC	-6,727	-19,346	-16,871	-62,637
- Non-IFSC	-675,246	-735,793	-821,951	-722,939
Other Investment²	148,590	165,006	167,745	223,962
- IFSC	204,790	222,606	219,508	265,148
- Non-IFSC	-56,200	-57,600	-51,763	-41,186
Reserve Assets	6,579	10,753	11,672	11,624
- IFSC	0	0	0	0
- Non-IFSC	6,579	10,753	11,672	11,624
Total (Net IIP)	-619,601	-627,849	-620,168	-610,419
- IFSC	-6,528	-9,368	-15,494	-21,275
- Non-IFSC	-613,073	-618,481	-604,674	-589,145
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 7.8 International Investment Position (IIP) - 31st March 2022 - Reconciliation of IIP and BOP Flows

Table 7.8 International Investment Position (IIP) - 31st March 2022 - Reconciliation of IIP and BOP Flows				€ million
Item	Opening Position 01/01/2022	Bop Flows in Quarter	Valuation and Other Changes	Closing Position 31/03/2022
Foreign Assets

Direct Investment Abroad¹	1,270,800	9,336	-104,244	1,175,892
Equity capital and reinvested earnings	1,391,778	10,713	-102,572	1,299,918
Other capital	-120,978	-1,377	-1,672	-124,027

Portfolio Investment	4,460,296	-51,325	-153,741	4,255,230
Equity	2,036,457	10,948	-81,204	1,966,201
Debt instruments	2,423,839	-62,274	-72,536	2,289,029
Bonds and notes	1,849,341	-7,535	-77,234	1,764,572
Money market instruments	574,498	-54,738	4,697	524,457

Other Investment	1,822,456	83,938	13,520	1,919,915
Loans, currency and deposits	1,349,906	29,239	837	1,379,982
Other²	472,551	54,699	12,683	539,932

Reserve Assets	11,672	-129	81	11,624

Total Foreign Assets	7,565,224	41,820	-244,384	7,362,660

Foreign Liabilities

Direct Investment in Ireland¹	1,231,563	-465	5,223	1,236,321
Equity capital and reinvested earnings	1,127,774	-15,240	4,430	1,116,964
Other capital	103,788	14,775	793	119,356

Portfolio Investment	5,299,118	-15,234	-243,078	5,040,806
Equity	4,583,355	-13,521	-233,012	4,336,821
Debt instruments	715,763	-1,713	-10,066	703,984
Bonds and notes	698,958	-1,132	-10,081	687,744
Money market instruments	16,806	-581	16	16,240

Other Investment	1,654,711	46,319	-5,077	1,695,953
Loans, currency and deposits	997,862	8,058	-10,414	995,507
Other²	656,849	38,261	5,336	700,446

Total Foreign Liabilities	8,185,392	30,620	-242,932	7,973,079
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 7.9 Gross External Debt

Table 7.9 - Gross External Debt¹						€ million
	31 December 2021			31 March 2022
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
General Government	0	152,201	152,201	0	141,504	141,504
Short-term	0	19,984	19,984	0	20,599	20,599
Money market instruments	0	4,163	4,163	0	4,758	4,758
Loans & Deposits	0	15,821	15,821	0	15,842	15,842
Long-term	0	132,217	132,217	0	120,904	120,904
Bonds and notes	0	86,789	86,789	0	81,341	81,341
Loans	0	45,429	45,429	0	39,563	39,563

Monetary Authority²	0	30,796	30,796	0	31,068	31,068
Short-term	0	25,751	25,751	0	25,984	25,984
Loans and deposits	0	25,751	25,751	0	25,984	25,984
Long-term	0	5,045	5,045	0	5,084	5,084
Other debt liabilities	0	5,045	5,045	0	5,084	5,084

Monetary Financial Institutions³	241,430	19,469	260,899	267,515	21,434	288,949
Short-term	202,918	14,778	217,696	213,566	16,566	230,132
Money market instruments	12,258	0	12,258	11,097	0	11,097
Loans and deposits	190,661	14,778	205,439	202,468	16,566	219,035
Long-term	38,512	4,692	43,203	53,949	4,868	58,817
Bonds and notes	13,481	4,013	17,494	13,036	3,984	17,019
Loans	3	0	3	8	0	8
Other debt liabilities	25,028	678	25,706	40,905	884	41,789

Other Sectors⁴	1,566,362	247,295	1,813,657	1,555,147	238,910	1,794,057
Short-term	575,702	118,487	694,190	578,028	109,991	688,019
Money market instruments	0	384	385	0	385	385
Loans and deposits	404,679	3,318	407,997	393,081	4,212	397,292
Trade credits	171,023	114,784	285,808	184,947	105,395	290,342
Long-term	990,659	128,808	1,119,467	977,118	128,919	1,106,037
Bonds and notes	559,021	35,654	594,675	552,112	37,272	589,384
Loans	217,621	91,492	309,113	219,415	90,099	309,514
Other debt liabilities	214,017	1,662	215,679	205,592	1,548	207,139

Direct Investment ⁵	92,482	553,272	645,754	101,900	560,483	662,383
Debt liabilities to affiliated enterprises	9,947	263,041	272,988	11,623	272,802	284,425
Debt liabilities to direct investors	82,535	290,231	372,766	90,278	287,681	377,958

Gross External Debt	1,900,274	1,003,033	2,903,307	1,924,562	993,399	2,917,961
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 investors refers to direct investment in Ireland.
* Suppressed for confidentiality reasons.

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Table 7.10 - Debt Instrument Financial Assets

Table 7.10 - Debt Instrument Financial Assets
	31 December 2021			31 March 2022
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
General Government	0	17,499	17,499	0	17,522	17,522
Short-term	0	15,843	15,843	0	15,870	15,870
Money market instruments	0	0	0	0	0	0
Loans and deposits	0	15,843	15,843	0	15,870	15,870
Long-term	0	1,656	1,656	0	1,652	1,652
Bonds and notes	0	150	150	0	150	150
Loans	0	1,506	1,506	0	1,501	1,501

Monetary Authority ²	0	100,846	100,846	0	103,090	103,090
Short-term	0	88,327	88,327	0	92,040	92,040
Money market instruments	0	1,936	1,936	0	1,877	1,877
Loans and deposits	0	86,391	86,391	0	90,163	90,163
Long-term	0	12,519	12,519	0	11,049	11,049
Bonds and notes	0	12,519	12,519	0	11,049	11,049

Monetary Financial Institutions³	936,676	55,975	992,651	932,673	55,071	987,745
Short-term	855,073	21,142	876,215	851,490	20,933	872,423
Money market instruments	445,578	46	445,624	395,731	47	395,778
Loans and deposits	409,496	21,096	430,591	455,759	20,886	476,645
Long-term	81,602	34,834	116,436	81,183	34,139	115,321
Bonds and notes	52,978	19,635	72,614	47,719	17,951	65,671
Loans	28,624	15,198	43,822	33,464	16,187	49,651
Other debt Assets	0	0	0	0	0	0

Other Sectors ⁴	2,832,763	178,021	3,010,784	2,776,649	170,030	2,946,678
Short-term	718,795	118,861	837,655	746,855	111,520	858,375
Money market instruments	121,538	5,727	127,265	120,844	6,335	127,179
Loans and deposits	387,661	21,737	409,398	388,443	22,298	410,741
Trade credit assets	209,596	91,397	300,993	237,568	82,887	320,455
Long-term	2,113,969	59,160	2,173,128	2,029,794	58,510	2,088,304
Bonds and notes	1,717,564	46,165	1,763,729	1,641,742	45,581	1,687,323
Loans	378,801	10,676	389,477	369,830	10,715	380,545
Other debt Assets	17,603	2,319	19,922	18,222	2,214	20,436

Direct Investment ⁵	92,643	328,344	420,987	97,433	321,567	419,000
Debt asset claims on affiliated enterprises	13,424	170,598	184,022	15,439	185,584	201,023
Debt asset claims on direct investors	79,219	157,746	236,965	81,994	135,984	217,978

Reserve Assets	0	10,200	10,200	0	9,965	9,965

Debt Instrument Financial Assets ¹	3,862,082	690,885	4,552,967	3,806,755	677,245	4,484,000

Net External Debt ⁶	1,961,809	-312,148	1,649,660	1,882,194	-316,154	1,566,039
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.

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Net IIP liability of €610 billion at end-March 2022

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