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International Accounts Q1 2023

International Investment Position

Net IIP liability of €557 billion at end-March 2023

Online ISSN: 2565-6384

CSO statistical publication, 02 June 2023, 11am

Table 5.1 International Investment Position						€ billion
	31 December 2022			31 March 2023
	Assets	Liabilities	NET	Assets	Liabilities	NET
General Government	22.4	125.0	-102.6	22.1	128.1	-106.1
Monetary Authority	128.9	32.9	96.0	116.3	33.2	83.2
Monetary Financial Institutions	1,177.5	1,078.3	99.2	1,177.7	1,061.8	115.9
Other Financial Intermediaries	4,626.6	4,557.8	68.8	4,745.4	4,664.4	81.0
Non-Financial Companies	1,067.8	1,835.9	-768.1	1,077.9	1,809.2	-731.3
Total	7,023.2	7,630.0	-606.8	7,139.5	7,696.7	-557.2

Open in Excel: International Accounts Q1 2023 Table 5.1 (XLS 37KB)

At 31st March 2023, Ireland's quarterly international investment position ((IIP) results show overall stocks of foreign financial assets of €7,139bn - an increase of €116bn on the end-December 2022 level, while the corresponding stocks of foreign financial liabilities increased by €0.67bn to €7,697 over the quarter. Irish residents had an overall net foreign liability of €557bn at end-March 2023, a decrease of €50bn in the net foreign liability level at end-December 2022 - see Table 5.2.

X-axis label	Net IIP %GDP
Q22021	-156
Q32021	-153
Q42021	-145
Q12022	-138
Q22022	-137
Q32022	-146
Q42022	-121
Q12023	-110

Some points of note in the Quarter 1 2023 IIP are:

Direct Investment Abroad increased by €28bn to €1138bn.
Equity capital (including reinvested earnings) increased €39bn while other capital decreased €11.5bn – see Table 5.5.
Foreign Assets of Other Financial Intermediaries increased by €119bn. With foreign liabilities increasing by €107bn, the resulting net increased to €81bn - see Table 5.3
Foreign Assets of the Monetary Authority decreased by €12.6bn while foreign liabilities increased by €0.2bn. The resulting net decreased to €83bn - see Table 5.3.

X-axis label	Direct Investment	Portfolio Investment	Other Investment	Reserve Assets	Net IIP
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
Q22022	-188.4	-743.2	286.2	11.9	-633.5
Q32022	-300.5	-756.8	339.2	12.9	-705.3
Q42022	-210.4	-681.6	272.9	12.2	-606.8
Q12023	-123.2	-758.3	312.1	12.2	-557.2

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

Net Portfolio Investment fell €77bn to -€758bn.
Net Other Investment rose €39bn to €312bn.
Reserve Assets shrank €0bn to €12.2bn.

X-axis label	General Government	Monetary Financial Institutions	Other Financial Intermediaries	Non-Financial Companies
30 Jun 2022	896	578	970	1561
30 Sep 2022	734	538	981	1657
31 Dec 2022	667	592	1021	1661
31 Mar 2023	677	543	1013	1745

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:

€677bn issued by foreign Governments
€543bn issued by foreign Monetary Financial Institutions (including Money Market Investment Funds)
€1013bn issued by foreign Other Financial Intermediaries (including Non-Money Market Investment Funds)
€1745bn issued by foreign Non-Financial Companies

X-axis label	Direct Investment	Other Sectors	Monetary Financial Institutions	Monetary Authority	General Government
Q22022	653	1824	304	32	141
Q32022	700	1825	339	33	135
Q42022	674	1675	307	33	125
Q12023	618	1679	329	33	128

Gross External Debt stands at €2.8 trillion at end-March 2023

At 31st March 2023, the gross external debt of all resident sectors (i.e. general government, the monetary authority, financial and non-financial corporations and households) amounted to €2,787bn. This represents a decrease of €27bn 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 2022 (€2,814bn) - see Table 5.9.

Points of note are:

General government foreign borrowing rose by €3bn to €128bn at end-March 2023.
Liabilities of the Monetary Authority consisting entirely of short term loans and deposits increased €0.2bn to €33.2bn. 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 €22.5bn to €329.1bn.
The liabilities of Other sectors at €1,679bn increased €4bn on the previous quarter.
This was made up of a rise in short-term debt of €2bn and a rise in long-term debt of €2bn.
Direct investment liabilities decreased by €56bn to €618bn in the quarter.
The Net External Debt position was €1,625bn at end-March 2023, 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 5.2 International Investment Position (IIP) classified by Financial Instrument									€ million
Item	Q1 2021	Q2 2021	Q3 2021	Q4 2021	Q1 2022	Q2 2022	Q3 2022	Q4 2022	Q1 2023
Foreign Assets
Direct Investment Abroad¹	1,066,068	1,107,302	1,164,437	1,270,800	1,175,892	1,099,668	1,099,052	1,110,399	1,137,930
Portfolio Investment	3,912,285	4,087,107	4,171,652	4,460,296	4,255,230	4,004,785	3,908,419	3,939,752	3,977,653
Other Investment²	1,745,191	1,763,170	1,803,276	1,822,456	1,919,915	2,013,757	2,174,879	1,960,795	2,011,680
Reserve Assets	6,569	6,579	10,753	11,672	11,624	11,949	12,862	12,233	12,219
Total Foreign Assets	6,730,113	6,964,158	7,150,118	7,565,224	7,362,661	7,130,159	7,195,212	7,023,179	7,139,482

Foreign Liabilities
Direct Investment in Ireland ¹	1,193,277	1,200,099	1,212,906	1,231,563	1,236,321	1,288,106	1,399,554	1,320,785	1,261,151
Portfolio Investment	4,542,599	4,769,079	4,926,791	5,299,118	5,040,806	4,747,967	4,665,262	4,621,321	4,735,942
Other Investment ²	1,660,873	1,614,580	1,638,270	1,654,711	1,695,953	1,727,585	1,835,658	1,687,910	1,699,626
Total Foreign Liabilities	7,396,749	7,583,758	7,777,967	8,185,392	7,973,080	7,763,658	7,900,474	7,630,016	7,696,719

Net International Investment Position (IIP)
Direct Investment¹	-127,209	-92,797	-48,469	39,237	-60,429	-188,438	-300,502	-210,386	-123,221
Portfolio Investment	-630,314	-681,972	-755,139	-838,822	-785,576	-743,182	-756,843	-681,569	-758,289
Other Investment²	84,318	148,590	165,006	167,745	223,962	286,172	339,221	272,885	312,054
Reserve Assets	6,569	6,579	10,753	11,672	11,624	11,949	12,862	12,233	12,219

Total (Net IIP)	-666,636	-619,600	-627,849	-620,168	-610,419	-633,499	-705,262	-606,837	-557,237
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 5.3 International Investment Position (IIP) classified by Institutional Sector

Table 5.3 International Investment Position (IIP) classified by Institutional Sector								€ million
Item	Q2 2021	Q3 2021	Q4 2021	Q1 2022	Q2 2022	Q3 2022	Q4 2022	Q1 2023
Foreign Assets
General Government	22,433	22,536	22,543	22,571	22,942	22,656	22,351	22,072
Monetary Authority ¹	96,444	102,106	112,518	114,713	128,345	123,547	128,905	116,341
Monetary Financial Institutions ²	1,037,527	1,032,111	1,051,660	1,067,496	1,092,296	1,181,085	1,177,532	1,177,722
Other Sectors ³	5,807,752	5,993,364	6,378,502	6,157,880	5,886,577	5,867,925	5,694,391	5,823,347
of which:
Other Financial Intermediaries	4,717,590	4,861,443	5,145,026	5,023,614	4,837,662	4,811,573	4,626,599	4,745,411
Non-Financial Companies ⁴	1,090,162	1,131,921	1,233,476	1,134,266	1,048,915	1,056,352	1,067,792	1,077,936
Total Foreign Assets	6,964,156	7,150,117	7,565,223	7,362,660	7,130,160	7,195,213	7,023,179	7,139,482

Foreign Liabilities
General Government	157,030	154,722	152,201	141,504	140,757	134,523	124,983	128,137
Monetary Authority ¹	26,113	30,319	30,796	31,068	32,339	32,700	32,928	33,157
Monetary Financial Institutions ²	951,645	944,632	960,836	974,105	993,089	1,071,210	1,078,340	1,061,791
Other Sectors ³	6,448,971	6,648,294	7,041,560	6,826,402	6,597,474	6,662,042	6,393,765	6,473,635
of which:
Other Financial Intermediaries	4,641,920	4,789,397	5,087,666	4,980,329	4,807,616	4,782,356	4,557,846	4,664,434
Non-Financial Companies ⁴	1,807,051	1,858,897	1,953,894	1,846,073	1,789,858	1,879,686	1,835,919	1,809,201
Total Foreign Liabilities	7,583,759	7,777,967	8,185,393	7,973,079	7,763,659	7,900,475	7,630,016	7,696,720

Net International Investment Position (IIP)
General Government	-134,597	-132,186	-129,658	-118,933	-117,815	-111,867	-102,632	-106,065
Monetary Authority ¹	70,331	71,787	81,722	83,645	96,006	90,847	95,977	83,184
Monetary Financial Institutions ²	85,882	87,479	90,824	93,391	99,207	109,875	99,192	115,931
Other Sectors ³	-641,219	-654,930	-663,058	-668,522	-710,897	-794,117	-699,374	-650,288
of which:
Other Financial Intermediaries	75,670	72,046	57,360	43,285	30,046	29,217	68,753	80,977
Non-Financial Companies ⁴	-716,889	-726,976	-720,418	-711,807	-740,943	-823,334	-768,127	-731,265
Total (Net IIP)	-619,600	-627,849	-620,168	-610,419	-633,499	-705,262	-606,837	-557,237
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 2023 Table 5.3 (XLS 12KB)

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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 2022			31 March 2023
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
Foreign Assets
General Government	0.00	22,351.00	22,351.00	0.00	22,072.00	22,072.00
Monetary Authority¹	0.00	128,905.00	128,905.00	0.00	116,341.00	116,341.00
Monetary Financial Institutions²	1,113,065.00	64,467.00	1,177,532.00	1,108,004.00	69,718.00	1,177,722.00
Other Sectors³	4,423,557.00	1,270,834.00	5,694,391.00	4,542,428.00	1,280,919.00	5,823,347.00
of which:
Other Financial Intermediaries	4,423,557.00	203,042.00	4,626,599.00	4,542,428.00	202,983.00	4,745,411.00
Non-Financial Companies⁴	0.00	1,067,792.00	1,067,792.00	0.00	1,077,936.00	1,077,936.00
Total Foreign Assets	5,536,622.00	1,486,557.00	7,023,179.00	5,650,432.00	1,489,050.00	7,139,482.00

Foreign Liabilities
General Government	0.00	124,983.00	124,983.00	0.00	128,137.00	128,137.00
Monetary Authority¹	0.00	32,928.00	32,928.00	0.00	33,157.00	33,157.00
Monetary Financial Institutions²	1,042,733.00	35,607.00	1,078,340.00	1,029,048.00	32,743.00	1,061,791.00
Other Sectors³	4,482,840.00	1,910,925.00	6,393,765.00	4,591,505.00	1,882,130.00	6,473,635.00
of which:
Other Financial Intermediaries	4,482,840.00	75,006.00	4,557,846.00	4,591,505.00	72,929.00	4,664,434.00
Non-Financial Companies⁴	0.00	1,835,919.00	1,835,919.00	0.00	1,809,201.00	1,809,201.00
Total Foreign Liabilities	5,525,573.00	2,104,443.00	7,630,016.00	5,620,553.00	2,076,166.00	7,696,719.00

Net International Investment Position (IIP)
General Government	0.00	-102,632.00	-102,632.00	0.00	-106,065.00	-106,065.00
Monetary Authority¹	0.00	95,977.00	95,977.00	0.00	83,184.00	83,184.00
Monetary Financial Institutions²	70,332.00	28,860.00	99,192.00	78,956.00	36,975.00	115,931.00
Other Sectors³	-59,283.00	-640,091.00	-699,374.00	-49,077.00	-601,211.00	-650,288.00
of which:
Other Financial Intermediaries	-59,283.00	128,036.00	68,753.00	-49,077.00	130,054.00	80,977.00
Non-Financial Companies⁴	0.00	-768,127.00	-768,127.00	0.00	-731,265.00	-731,265.00
Total (Net IIP)	11,049.00	-617,886.00	-606,837.00	29,879.00	-587,117.00	-557,237.00
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 5.5 International Investment Position (IIP) - Detailed Data

Table 5.5 International Investment Position (IIP) - Detailed Data				€ million
Item	Q2 2022	Q3 2022	Q4 2022	Q1 2023
Foreign Assets
Direct Investment Abroad¹	1,099,668	1,099,052	1,110,399	1,137,930
Equity capital and reinvested earnings	1,193,047	1,212,604	1,181,558	1,220,565
Other capital	-93,379	-113,552	-71,159	-82,635

Portfolio Investment	4,004,785	3,908,419	3,939,752	3,977,653
Equity	1,820,483	1,794,853	1,795,060	1,868,407
Monetary authority²	0	0	0	0
General government	5,127	4,876	4,876	4,457
Monetary financial institutions³	845	954	181	-187
Other sectors	1,814,511	1,789,023	1,790,003	1,864,137

Debt instruments	2,184,302	2,113,566	2,144,693	2,109,246
Bonds and notes	1,652,964	1,573,667	1,570,924	1,598,431
Monetary authority²	10,747	10,913	11,072	11,228
General government	382	387	387	649
Monetary financial institutions³	58,957	48,714	48,164	41,251
Other sectors	1,582,878	1,513,653	1,511,301	1,545,303

Money market instruments	531,338	539,900	573,769	510,815
Monetary authority²	1,694	1,151	1,620	1,548
General government	0	0	0	0
Monetary financial institutions³	397,490	385,393	439,910	377,728
Other sectors	132,154	153,356	132,239	131,539

Other Investment	2,013,757	2,174,879	1,960,795	2,011,680
Loans, currency and deposits	1,484,927	1,596,833	1,454,548	1,531,593
Monetary authority²	103,955	98,621	103,980	91,346
General government	3,579	3,625	3,672	3,537
Monetary financial institutions³	524,081	602,577	576,221	644,107
Other sectors	853,312	892,010	770,675	792,603

Trade Credits	85,705	83,369	80,688	74,466
General government	0	0	0	0
Other sectors	85,705	83,369	80,688	74,466

Other assets⁴	443,125	494,677	425,559	405,621
Monetary authority²	0	0	0	0
General government	13,816	13,731	13,378	13,391
Monetary financial institutions³	104,128	134,798	106,317	107,279
Other sectors	325,181	346,148	305,864	284,951

Reserve assets	11,949	12,862	12,233	12,219
Monetary gold	653	641	641	684
Special drawing rights	5,167	5,477	5,226	5,161
Reserve Position in the IMF	1,087	1,162	1,159	1,146
Foreign Exchange	1,331	1,670	1,638	1,626
Other	3,711	3,912	3,569	3,602

Total Foreign Assets	7,130,159	7,195,212	7,023,179	7,139,482
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 5.6 International Investment Position (IIP) - Detailed Data

Table 5.6 International Investment Position (IIP) - Detailed Data				€ million
Item	Q2 2022	Q3 2022	Q4 2022	Q1 2023
Foreign Liabilities
Direct Investment in Ireland¹	1,288,106	1,399,554	1,320,785	1,261,151
Equity capital and reinvested earnings	1,206,691	1,313,769	1,219,067	1,166,298
Other capital	81,415	85,785	101,718	94,853

Portfolio Investment	4,747,967	4,665,262	4,621,321	4,735,942
Equity	4,022,778	3,978,422	4,014,170	4,128,144
Monetary authority²	0	0	0	0
General government	0	0	0	0
Monetary financial institutions³	582,349	600,334	654,816	625,436
Other sectors	3,440,429	3,378,088	3,359,354	3,502,708

Debt instruments	725,190	686,840	607,152	607,798
Bonds and notes	710,707	634,213	553,765	557,174
Monetary authority²	0	0	0	0
General government	74,280	69,987	64,377	66,298
Monetary financial institutions³	17,973	17,328	16,681	16,698
Other sectors	618,454	546,898	472,707	474,178

Money market instruments	14,483	52,627	53,387	50,625
Monetary authority²	0	0	0	0
General government	5,516	3,972	0	1,201
Monetary financial institutions³	8,578	6,562	7,594	9,009
Other sectors	389	42,093	45,793	40,415

Other Investment	1,727,585	1,835,658	1,687,910	1,699,626
Loans, currency and deposits	1,035,150	1,066,991	944,642	980,198
Monetary authority²	27,123	27,344	27,819	28,106
General government	47,245	47,186	47,205	47,235
Monetary financial institutions³	232,584	272,815	255,345	259,562
Other sectors	728,198	719,646	614,273	645,295

Trade Credits	51,140	66,553	51,897	44,768
General government	10	11	10	11
Other sectors	51,130	66,542	51,887	44,757

Other liabilities⁴	641,295	702,114	691,371	674,660
Monetary authority²	5,216	5,356	5,109	5,051
General government	0	0	0	0
Monetary financial institutions³	114,039	133,406	109,886	114,931
Other sectors	522,040	563,352	576,376	554,678

Total Foreign Liabilities	7,763,658	7,900,474	7,630,016	7,696,719
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 2022	Q3 2022	Q4 2022	Q1 2023
Foreign Assets
Direct Investment Abroad ¹	1,099,668	1,099,052	1,110,399	1,137,930
- IFSC	87,055	93,413	84,698	89,838
- Non-IFSC	1,012,613	1,005,639	1,025,701	1,048,092
Portfolio Investment	4,004,785	3,908,419	3,939,752	3,977,653
- IFSC	3,842,642	3,753,697	3,782,838	3,815,419
- Non-IFSC	162,143	154,722	156,914	162,234
Other Investment ²	2,013,757	2,174,879	1,960,795	2,011,680
- IFSC	1,728,316	1,872,171	1,669,086	1,745,175
- Non-IFSC	285,441	302,708	291,709	266,505
Reserve Assets	11,949	12,862	12,233	12,219
- IFSC	0	0	0	0
- Non-IFSC	11,949	12,862	12,233	12,219
Total Foreign Assets	7,130,159	7,195,212	7,023,179	7,139,482
- IFSC	5,658,013	5,719,281	5,536,622	5,650,432
- Non-IFSC	1,472,146	1,475,931	1,486,557	1,489,050

Foreign Liabilities
Direct Investment in Ireland ¹	1,288,106	1,399,554	1,320,785	1,261,151
- IFSC	328,080	346,792	325,758	315,607
- Non-IFSC	960,026	1,052,762	995,027	945,544
Portfolio Investment	4,747,967	4,665,262	4,621,321	4,735,942
- IFSC	3,962,466	3,885,491	3,844,807	3,920,258
- Non-IFSC	785,501	779,771	776,514	815,684
Other Investment ²	1,727,585	1,835,658	1,687,910	1,699,626
- IFSC	1,400,671	1,488,575	1,355,008	1,384,688
- Non-IFSC	326,914	347,083	332,902	314,938
Total Foreign Liabilities	7,763,658	7,900,474	7,630,016	7,696,719
- IFSC	5,691,217	5,720,858	5,525,573	5,620,553
- Non-IFSC	2,072,441	2,179,616	2,104,443	2,076,166

Net International Investment Position (IIP)
Direct Investment ¹	-188,438	-300,502	-210,386	-123,221
- IFSC	-241,025	-253,379	-241,060	-225,769
- Non-IFSC	52,587	-47,123	30,674	102,548
Portfolio Investment	-743,182	-756,843	-681,569	-758,289
- IFSC	-119,824	-131,794	-61,969	-104,839
- Non-IFSC	-623,358	-625,049	-619,600	-653,450
Other Investment²	286,172	339,221	272,885	312,054
- IFSC	327,645	383,596	314,078	360,487
- Non-IFSC	-41,473	-44,375	-41,193	-48,433
Reserve Assets	11,949	12,862	12,233	12,219
- IFSC	0	0	0	0
- Non-IFSC	11,949	12,862	12,233	12,219
Total (Net IIP)	-633,499	-705,262	-606,837	-557,237
- IFSC	-33,204	-1,577	11,049	29,879
- Non-IFSC	-600,295	-703,685	-617,886	-587,116
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 March 2023 - Reconciliation of IIP and BOP Flows

Table 5.8 International Investment Position (IIP) - 31st March 2023 - Reconciliation of IIP and BOP Flows				€ million
Item	Opening Position 01/01/2023	Bop Flows in Quarter	Valuation and Other Changes	Closing Position 31/03/2023
Foreign Assets

Direct Investment Abroad¹	1,110,399	9,777	17,754	1,137,930
Equity capital and reinvested earnings	1,181,558	9,447	29,560	1,220,565
Other capital	-71,159	330	-11,806	-82,635

Portfolio Investment	3,939,752	-12,471	50,372	3,977,653
Equity	1,795,060	19,702	53,645	1,868,407
Debt instruments	2,144,693	-32,173	-3,274	2,109,246
Bonds and notes	1,570,924	40,240	-12,733	1,598,431
Money market instruments	573,769	-72,413	9,459	510,815

Other Investment	1,960,795	23,212	27,673	2,011,680
Loans, currency and deposits	1,454,548	54,357	22,688	1,531,593
Other²	506,247	-31,145	4,985	480,087

Reserve Assets	12,233	11	-25	12,219

Total Foreign Assets	7,023,179	20,529	95,774	7,139,482

Foreign Liabilities

Direct Investment in Ireland¹	1,320,785	1,855	-61,489	1,261,151
Equity capital and reinvested earnings	1,219,067	-114	-52,655	1,166,298
Other capital	101,718	1,969	-8,834	94,853

Portfolio Investment	4,621,321	14,771	99,850	4,735,942
Equity	4,014,170	7,722	106,252	4,128,144
Debt instruments	607,152	7,049	-6,403	607,798
Bonds and notes	553,765	9,466	-6,057	557,174
Money market instruments	53,387	-2,417	-345	50,625

Other Investment	1,687,910	-6,048	17,764	1,699,626
Loans, currency and deposits	944,642	11,506	24,050	980,198
Other²	743,268	-17,554	-6,286	719,428

Total Foreign Liabilities	7,630,016	10,578	56,125	7,696,719
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 5.9 Gross External Debt

Table 5.9 - Gross External Debt¹						€ million
	31 December 2022			31 March 2023
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
General Government	0	124,983	124,983	0	128,137	128,137
Short-term	0	15,565	15,565	0	16,768	16,768
Money market instruments	0	0	0	0	1,201	1,201
Loans & Deposits	0	15,565	15,565	0	15,567	15,567
Long-term	0	109,418	109,418	0	111,369	111,369
Bonds and notes	0	64,377	64,377	0	66,298	66,298
Loans	0	45,041	45,041	0	45,071	45,071

Monetary Authority²	0	32,928	32,928	0	33,157	33,157
Short-term	0	27,819	27,819	0	28,106	28,106
Loans and deposits	0	27,819	27,819	0	28,106	28,106
Long-term	0	5,109	5,109	0	5,051	5,051
Other debt liabilities	0	5,109	5,109	0	5,051	5,051

Monetary Financial Institutions³	282,750	23,899	306,649	307,885	21,242	329,127
Short-term	237,484	20,043	257,527	244,868	16,237	261,105
Money market instruments	7,594	0	7,594	9,009	0	9,009
Loans and deposits	229,890	20,043	249,933	235,859	16,237	252,096
Long-term	45,266	3,856	49,122	63,017	5,005	68,022
Bonds and notes	13,565	3,116	16,681	12,252	4,446	16,698
Loans	6	0	6	8	0	8
Other debt liabilities	31,695	740	32,435	50,757	559	51,316

Other Sectors⁴	1,422,894	251,999	1,674,893	1,441,540	237,091	1,678,631
Short-term	655,049	119,240	774,288	668,104	108,177	776,282
Money market instruments	45,402	390	45,792	40,025	390	40,415
Loans and deposits	373,366	2,754	376,120	399,625	3,758	403,383
Trade credits	236,281	116,096	352,377	228,454	104,029	332,483
Long-term	767,846	132,759	900,605	773,437	128,914	902,351
Bonds and notes	432,266	40,440	472,706	435,592	38,587	474,179
Loans	146,082	92,073	238,155	152,374	89,538	241,912
Other debt liabilities	189,498	246	189,744	185,471	789	186,260

Direct Investment ⁵	120,746	553,677	674,423	96,795	521,172	617,967
Debt liabilities to affiliated enterprises	10,402	229,827	240,229	12,139	221,528	233,667
Debt liabilities to direct investors	110,344	323,850	434,194	84,656	299,644	384,300

Gross External Debt	1,826,390	987,486	2,813,876	1,846,220	940,799	2,787,019
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 5.10 - Debt Instrument Financial Assets

Table 5.10 - Debt Instrument Financial Assets
	31 December 2022			31 March 2023
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
General Government	0	17,439	17,439	0	17,566	17,565
Short-term	0	16,769	16,769	0	16,633	16,633
Money market instruments	0	0	0	0	0	0
Loans and deposits	0	16,769	16,769	0	16,633	16,633
Long-term	0	670	670	0	933	932
Bonds and notes	0	387	387	0	649	649
Loans	0	283	283	0	284	284

Monetary Authority ²	0	116,672	116,672	0	104,122	104,122
Short-term	0	105,761	105,761	0	93,049	93,049
Money market instruments	0	1,781	1,781	0	1,703	1,703
Loans and deposits	0	103,980	103,980	0	91,346	91,346
Long-term	0	10,911	10,911	0	11,073	11,073
Bonds and notes	0	10,911	10,911	0	11,073	11,073

Monetary Financial Institutions³	1,030,910	54,615	1,085,525	1,034,297	60,490	1,094,786
Short-term	963,042	22,288	985,330	976,160	26,240	1,002,400
Money market instruments	439,890	20	439,910	377,641	87	377,728
Loans and deposits	523,152	22,268	545,420	598,519	26,153	624,672
Long-term	67,868	32,327	100,195	58,137	34,250	92,387
Bonds and notes	32,818	15,346	48,164	24,058	17,193	41,251
Loans	35,050	16,981	52,031	34,079	17,057	51,136
Other debt Assets	0	0	0	0	0	0

Other Sectors ⁴	2,539,194	172,478	2,711,672	2,587,135	157,452	2,744,588
Short-term	780,057	116,669	896,726	763,367	100,941	864,308
Money market instruments	125,637	6,595	132,232	125,049	6,487	131,536
Loans and deposits	466,675	21,634	488,309	460,590	17,905	478,495
Trade credit assets	187,745	88,440	276,185	177,728	76,549	254,277
Long-term	1,759,137	55,809	1,814,946	1,823,768	56,511	1,880,279
Bonds and notes	1,468,237	43,064	1,511,301	1,501,613	43,690	1,545,303
Loans	272,084	10,283	282,367	303,735	10,374	314,109
Other debt Assets	18,816	2,462	21,278	18,420	2,447	20,867

Direct Investment ⁵	112,141	389,406	501,546	95,914	344,565	440,479
Debt asset claims on affiliated enterprises	16,465	234,580	251,045	17,346	224,804	242,150
Debt asset claims on direct investors	95,676	154,826	250,502	78,568	119,761	198,329

Reserve Assets	0	10,433	10,433	0	10,389	10,389

Debt Instrument Financial Assets ¹	3,682,245	761,043	4,443,287	3,717,346	694,584	4,411,929

Net External Debt ⁶	1,855,855	-226,443	1,629,411	1,871,126	-246,215	1,624,910
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.