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International Accounts Q1 2024

International Investment Position

Net IIP liability of €471 billion at end-March 2024

Online ISSN: 2565-6384

CSO statistical publication, 06 June 2024, 11am

Table 5.1 International Investment Position						€ billion
	31 December 2023			31 March 2024
	Assets	Liabilities	NET	Assets	Liabilities	NET
General Government	26.8	126.5	-99.7	30.6	123.8	-93.1
Monetary Authority	124.4	34.6	89.8	116.4	34.9	81.5
Monetary Financial Institutions	1,221.0	1,116.5	104.5	1,242.2	1,132.4	109.8
Other Financial Intermediaries	5,125.1	5,031.5	93.6	5,463.3	5,328.9	134.4
Non-Financial Companies	1,155.7	1,878.1	-722.4	1,188.7	1,892.2	-703.4
Total	7,652.9	8,187.2	-534.2	8,041.2	8,512.1	-470.8

Open in Excel: International Accounts Q1 2024 Table 5.1 (XLS 37KB)

At 31st March 2024, Ireland's quarterly international investment position (IIP) results show overall stocks of foreign financial assets of €8,041bn - an increase of €388bn on the end-December 2023 level, while the corresponding stocks of foreign financial liabilities increased by €325bn to €8,512 over the quarter. Irish residents had an overall net foreign liability of €471bn at end-March 2024, a decrease of €63bn in the net foreign liability level at end-December 2023 - see Table 5.2.

X-axis label	Net IIP %GDP
Q22022	-125
Q32022	-131
Q42022	-117
Q12023	-109
Q22023	-109
Q32023	-113
Q42023	-106
Q12024	-94

Some points of note in the Quarter 1 2024 IIP are:

Direct Investment Abroad increased by €56bn to €1265bn.
Equity capital (including reinvested earnings) increased €84.1bn while other capital decreased €28.5bn – see Table 5.5.
Foreign Assets of Other Financial Intermediaries increased by €338bn. With foreign liabilities increasing by €297bn, the resulting net increased to €134bn - see Table 5.3.
Foreign Assets of the Monetary Authority decreased by €8bn while foreign liabilities increased by €0.3bn. The resulting net decreased to €81bn - see Table 5.3.

X-axis label	Direct Investment	Portfolio Investment	Other Investment	Reserve Assets	Net IIP
Q22022	-160.9	-671.4	232.5	11.9	-587.8
Q32022	-239.2	-718.1	304.5	12.9	-639.9
Q42022	-158.5	-776.7	331.8	12.2	-591.2
Q12023	-103.4	-849.8	383.1	12.2	-557.9
Q22023	-81.5	-794.4	301.4	12	-562.4
Q32023	-95.6	-770.2	276.5	11.7	-577.6
Q42023	-66.7	-827.5	348.3	11.7	-534.2
Q12024	74.2	-843.5	286.8	11.8	-470.8

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

Net Portfolio Investment fell €16bn to -€844bn.
Net Other Investment fell €62bn to €287bn.
Reserve Assets grew €0.1bn to €11.8bn.

X-axis label	General Government	Monetary Financial Institutions	Other Financial Intermediaries	Non-Financial Companies
30 Jun 2023	715	554	1039	1843
30 Sep 2023	730	570	1065	1867
31 Dec 2023	791	591	1073	1967
31 Mar 2024	795	613	1194	2118

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:

€795bn issued by foreign Governments
€613bn issued by foreign Monetary Financial Institutions (including Money Market Investment Funds)
€1194bn issued by foreign Other Financial Intermediaries (including Non-Money Market Investment Funds)
€2118bn issued by foreign Non-Financial Companies

X-axis label	Direct Investment	Other Sectors	Monetary Financial Institutions	Monetary Authority	General Government
Q22023	606	1865	352	33	127
Q32023	615	1872	349	34	124
Q42023	557	1821	307	35	126
Q12024	624	1903	333	35	124

Gross External Debt stands at €3 trillion at end-March 2024

At 31st March 2024, the gross external debt of all resident sectors (i.e. general government, the monetary authority, financial and non-financial corporations and households) amounted to €3,019bn. This represents an increase of €173bn 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 2023 (€2,846bn) - see Table 5.9.

Points of note are:

General government foreign borrowing fell by €3bn to €124bn at end-March 2024.
Liabilities of the Monetary Authority consisting entirely of short term loans and deposits increased €0.3bn to €34.9bn. 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 €26.5bn to €333bn.
The liabilities of Other sectors at €1,903bn increased €82bn on the previous quarter.
This was made up of a rise in short-term debt of €40bn and a rise in long-term debt of €42bn.
Direct investment liabilities increased by €67bn to €624bn in the quarter.
The Net External Debt position was €1,678bn at end-March 2024, 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	Q12022	Q22022	Q32022	Q42022	Q12023	Q22023	Q32023	Q42023	Q12024
Foreign Assets
Direct Investment Abroad¹	1,206,952	1,137,975	1,136,168	1,125,181	1,156,581	1,140,195	1,166,902	1,209,424	1,265,090
Portfolio Investment	4,304,985	4,053,858	3,955,311	3,928,919	3,989,774	4,151,083	4,231,947	4,420,813	4,719,752
Other Investment²	1,982,373	2,017,856	2,202,311	2,058,510	2,102,271	2,104,996	2,088,314	2,011,017	2,044,635
Reserve Assets	11,624	11,949	12,862	12,233	12,219	12,046	11,667	11,675	11,754
Total Foreign Assets	7,505,934	7,221,638	7,306,652	7,124,843	7,260,845	7,408,320	7,498,830	7,652,929	8,041,231

Foreign Liabilities
Direct Investment in Ireland ¹	1,237,281	1,298,829	1,375,358	1,283,664	1,259,948	1,221,712	1,262,510	1,276,094	1,190,893
Portfolio Investment	5,047,170	4,725,243	4,673,407	4,705,580	4,839,556	4,945,477	5,002,111	5,248,329	5,563,288
Other Investment ²	1,756,505	1,785,406	1,897,774	1,726,756	1,719,193	1,803,555	1,811,846	1,662,728	1,757,876
Total Foreign Liabilities	8,040,956	7,809,478	7,946,539	7,716,000	7,818,697	7,970,744	8,076,467	8,187,151	8,512,057

Net International Investment Position (IIP)
Direct Investment¹	-30,329	-160,854	-239,190	-158,483	-103,367	-81,517	-95,608	-66,670	74,197
Portfolio Investment	-742,185	-671,385	-718,096	-776,661	-849,782	-794,394	-770,164	-827,516	-843,536
Other Investment²	225,868	232,450	304,537	331,754	383,078	301,441	276,468	348,289	286,759
Reserve Assets	11,624	11,949	12,862	12,233	12,219	12,046	11,667	11,675	11,754

Total (Net IIP)	-535,022	-587,840	-639,887	-591,157	-557,852	-562,424	-577,637	-534,222	-470,826
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	Q22022	Q32022	Q42022	Q12023	Q22023	Q32023	Q42023	Q12024
Foreign Assets
General Government	22,951	22,681	22,136	22,072	22,050	24,959	26,781	30,641
Monetary Authority ¹	128,345	123,547	128,905	116,341	119,715	119,859	124,395	116,357
Monetary Financial Institutions ²	1,092,296	1,181,085	1,177,532	1,177,722	1,191,924	1,229,212	1,221,034	1,242,246
Other Sectors ³	5,978,046	5,979,340	5,796,270	5,944,710	6,074,632	6,124,801	6,280,720	6,651,988
of which:
Other Financial Intermediaries	4,913,315	4,904,938	4,735,277	4,862,035	5,001,295	5,015,302	5,125,065	5,463,273
Non-Financial Companies ⁴	1,064,731	1,074,402	1,060,993	1,082,675	1,073,337	1,109,499	1,155,655	1,188,715
Total Foreign Assets	7,221,638	7,306,653	7,124,843	7,260,845	7,408,321	7,498,831	7,652,930	8,041,232

Foreign Liabilities
General Government	140,726	134,526	124,983	128,137	127,306	124,312	126,458	123,765
Monetary Authority ¹	32,339	32,700	32,928	33,157	33,444	34,210	34,573	34,878
Monetary Financial Institutions ²	993,089	1,071,210	1,078,340	1,061,791	1,074,046	1,105,130	1,116,546	1,132,398
Other Sectors ³	6,643,324	6,708,103	6,479,749	6,595,613	6,735,948	6,812,815	6,909,574	7,221,016
of which:
Other Financial Intermediaries	4,829,444	4,825,450	4,672,663	4,775,513	4,910,798	4,924,622	5,031,497	5,328,852
Non-Financial Companies ⁴	1,813,880	1,882,653	1,807,086	1,820,100	1,825,150	1,888,193	1,878,077	1,892,164
Total Foreign Liabilities	7,809,478	7,946,539	7,716,000	7,818,698	7,970,744	8,076,467	8,187,151	8,512,057

Net International Investment Position (IIP)
General Government	-117,775	-111,845	-102,847	-106,065	-105,256	-99,353	-99,677	-93,124
Monetary Authority ¹	96,006	90,847	95,977	83,184	86,271	85,649	89,822	81,479
Monetary Financial Institutions ²	99,207	109,875	99,192	115,931	117,878	124,082	104,488	109,848
Other Sectors ³	-665,278	-728,763	-683,479	-650,903	-661,316	-688,014	-628,854	-569,028
of which:
Other Financial Intermediaries	83,871	79,488	62,614	86,522	90,497	90,680	93,568	134,421
Non-Financial Companies ⁴	-749,149	-808,251	-746,093	-737,425	-751,813	-778,694	-722,422	-703,449
Total (Net IIP)	-587,840	-639,887	-591,157	-557,852	-562,424	-577,637	-534,222	-470,826
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 5.4 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 2023			31 March 2024
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
Foreign Assets
General Government	0	26,781	26,781	0	30,641	30,641
Monetary Authority¹	0	124,395	124,395	0	116,357	116,357
Monetary Financial Institutions²	1,156,676	64,358	1,221,034	1,176,305	65,941	1,242,246
Other Sectors³	4,911,047	1,369,673	6,280,720	5,144,986	1,507,002	6,651,988
of which:
Other Financial Intermediaries	4,911,047	214,018	5,125,065	5,144,986	318,287	5,463,273
Non-Financial Companies⁴	0	1,155,655	1,155,655	0	1,188,715	1,188,715
Total Foreign Assets	6,067,723	1,585,206	7,652,929	6,321,291	1,719,940	8,041,231

Foreign Liabilities
General Government	0	126,458	126,458	0	123,765	123,765
Monetary Authority¹	0	34,573	34,573	0	34,878	34,878
Monetary Financial Institutions²	1,092,731	23,815	1,116,546	1,110,641	21,757	1,132,398
Other Sectors³	4,961,885	1,947,689	6,909,574	5,163,705	2,057,311	7,221,016
of which:
Other Financial Intermediaries	4,961,885	69,612	5,031,497	5,163,705	165,147	5,328,852
Non-Financial Companies⁴	0	1,878,077	1,878,077	0	1,892,164	1,892,164
Total Foreign Liabilities	6,054,616	2,132,535	8,187,151	6,274,346	2,237,711	8,512,057

Net International Investment Position (IIP)
General Government	0	-99,677	-99,677	0	-93,124	-93,124
Monetary Authority¹	0	89,822	89,822	0	81,479	81,479
Monetary Financial Institutions²	63,945	40,543	104,488	65,664	44,184	109,848
Other Sectors³	-50,838	-578,016	-628,854	-18,719	-550,309	-569,028
of which:
Other Financial Intermediaries	-50,838	144,406	93,568	-18,719	153,140	134,421
Non-Financial Companies⁴	0	-722,422	-722,422	0	-703,449	-703,449
Total (Net IIP)	13,107	-547,328	-534,222	46,945	-517,770	-470,826
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	Q22023	Q32023	Q42023	Q12024
Foreign Assets
Direct Investment Abroad¹	1,140,195	1,166,902	1,209,424	1,265,090
Equity capital and reinvested earnings	1,214,669	1,249,357	1,289,118	1,373,237
Other capital	-74,474	-82,455	-79,694	-108,147

Portfolio Investment	4,151,083	4,231,947	4,420,813	4,719,752
Equity	1,945,937	1,969,744	2,080,377	2,313,399
Monetary authority²	0	0	0	0
General government	4,457	4,277	4,323	4,624
Monetary financial institutions³	-588	-148	1,835	3,462
Other sectors	1,942,068	1,965,615	2,074,219	2,305,313

Debt instruments	2,205,146	2,262,204	2,340,436	2,406,353
Bonds and notes	1,658,826	1,690,862	1,738,333	1,801,306
Monetary authority²	11,178	11,361	11,397	11,397
General government	649	648	681	679
Monetary financial institutions³	48,584	51,857	54,663	62,506
Other sectors	1,598,415	1,626,996	1,671,592	1,726,724

Money market instruments	546,320	571,341	602,103	605,047
Monetary authority²	1,546	1,824	1,742	1,742
General government	0	0	0	0
Monetary financial institutions³	412,312	429,822	480,717	480,087
Other sectors	132,462	139,695	119,644	123,218

Other Investment	2,104,996	2,088,314	2,011,017	2,044,635
Loans, currency and deposits	1,522,139	1,481,350	1,458,226	1,451,548
Monetary authority²	94,945	95,006	99,581	91,464
General government	3,527	6,617	8,350	11,919
Monetary financial institutions³	613,962	614,707	583,924	581,708
Other sectors	809,705	765,020	766,371	766,457

Trade Credits	79,910	81,012	75,209	98,342
General government	0	0	0	0
Other sectors	79,910	81,012	75,209	98,342

Other assets⁴	502,947	525,952	477,582	494,745
Monetary authority²	0	0	0	0
General government	13,380	13,379	13,389	13,381
Monetary financial institutions³	109,807	123,661	94,294	106,885
Other sectors	379,760	388,912	369,899	374,479

Reserve assets	12,046	11,667	11,675	11,754
Monetary gold	659	663	702	769
Special drawing rights	5,154	5,192	5,102	5,156
Reserve Position in the IMF	1,136	1,197	1,138	1,155
Foreign Exchange	1,548	1,111	1,276	902
Other	3,549	3,504	3,457	3,772

Total Foreign Assets	7,408,320	7,498,830	7,652,929	8,041,231
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	Q22023	Q32023	Q42023	Q12024
Foreign Liabilities
Direct Investment in Ireland¹	1,221,712	1,262,510	1,276,094	1,190,893
Equity capital and reinvested earnings	1,067,046	1,100,988	1,130,070	1,055,369
Other capital	154,666	161,522	146,024	135,524

Portfolio Investment	4,945,477	5,002,111	5,248,329	5,563,288
Equity	4,229,163	4,276,545	4,487,509	4,798,375
Monetary authority²	0	0	0	0
General government	0	0	0	0
Monetary financial institutions³	615,161	639,690	688,040	683,203
Other sectors	3,614,002	3,636,855	3,799,469	4,115,172

Debt instruments	716,314	725,566	760,820	764,913
Bonds and notes	657,575	664,288	696,302	698,010
Monetary authority²	0	0	0	0
General government	66,027	63,891	68,000	66,107
Monetary financial institutions³	17,305	16,337	16,322	15,687
Other sectors	574,243	584,060	611,980	616,216

Money market instruments	58,740	61,277	64,518	66,904
Monetary authority²	0	0	0	0
General government	712	57	0	0
Monetary financial institutions³	10,408	10,430	9,714	10,443
Other sectors	47,620	50,790	54,804	56,461

Other Investment	1,803,555	1,811,846	1,662,728	1,757,876
Loans, currency and deposits	1,002,559	976,083	920,157	930,941
Monetary authority²	28,445	29,146	29,611	29,875
General government	47,162	46,959	45,057	44,253
Monetary financial institutions³	270,473	266,978	248,085	254,351
Other sectors	656,479	633,000	597,404	602,462

Trade Credits	45,625	54,920	49,452	50,337
General government	12	13	10	12
Other sectors	45,613	54,907	49,442	50,325

Other liabilities⁴	755,371	780,843	693,119	776,598
Monetary authority²	4,999	5,064	4,962	5,003
General government	0	0	0	0
Monetary financial institutions³	125,260	134,314	103,762	117,447
Other sectors	625,112	641,465	584,395	654,148

Total Foreign Liabilities	7,970,744	8,076,467	8,187,151	8,512,057
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	Q22023	Q32023	Q42023	Q12024
Foreign Assets
Direct Investment Abroad ¹	1,140,195	1,166,902	1,209,424	1,265,090
- IFSC	108,659	110,700	106,097	60,411
- Non-IFSC	1,031,536	1,056,202	1,103,327	1,204,679
Portfolio Investment	4,151,083	4,231,947	4,420,813	4,719,752
- IFSC	3,979,283	4,062,880	4,243,816	4,501,416
- Non-IFSC	171,800	169,067	176,997	218,336
Other Investment ²	2,104,996	2,088,314	2,011,017	2,044,635
- IFSC	1,820,725	1,793,202	1,717,810	1,759,464
- Non-IFSC	284,271	295,112	293,207	285,171
Reserve Assets	12,046	11,667	11,675	11,754
- IFSC	0	0	0	0
- Non-IFSC	12,046	11,667	11,675	11,754
Total Foreign Assets	7,408,320	7,498,830	7,652,929	8,041,231
- IFSC	5,908,667	5,966,782	6,067,723	6,321,291
- Non-IFSC	1,499,653	1,532,048	1,585,206	1,719,940

Foreign Liabilities
Direct Investment in Ireland ¹	1,221,712	1,262,510	1,276,094	1,190,893
- IFSC	305,250	317,538	333,645	266,252
- Non-IFSC	916,462	944,972	942,449	924,641
Portfolio Investment	4,945,477	5,002,111	5,248,329	5,563,288
- IFSC	4,098,696	4,141,775	4,384,541	4,609,470
- Non-IFSC	846,781	860,336	863,788	953,818
Other Investment ²	1,803,555	1,811,846	1,662,728	1,757,876
- IFSC	1,472,847	1,473,032	1,336,430	1,398,624
- Non-IFSC	330,708	338,814	326,298	359,252
Total Foreign Liabilities	7,970,744	8,076,467	8,187,151	8,512,057
- IFSC	5,876,793	5,932,345	6,054,616	6,274,346
- Non-IFSC	2,093,951	2,144,122	2,132,535	2,237,711

Net International Investment Position (IIP)
Direct Investment ¹	-81,517	-95,608	-66,670	74,197
- IFSC	-196,591	-206,838	-227,548	-205,841
- Non-IFSC	115,074	111,230	160,878	280,038
Portfolio Investment	-794,394	-770,164	-827,516	-843,536
- IFSC	-119,413	-78,895	-140,725	-108,054
- Non-IFSC	-674,981	-691,269	-686,791	-735,482
Other Investment²	301,441	276,468	348,289	286,759
- IFSC	347,878	320,170	381,380	360,840
- Non-IFSC	-46,437	-43,702	-33,091	-74,081
Reserve Assets	12,046	11,667	11,675	11,754
- IFSC	0	0	0	0
- Non-IFSC	12,046	11,667	11,675	11,754
Total (Net IIP)	-562,424	-577,637	-534,222	-470,826
- IFSC	31,874	34,437	13,107	46,945
- Non-IFSC	-594,298	-612,074	-547,329	-517,771
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 2024 - Reconciliation of IIP and BOP Flows				€ million
Item	Opening Position 01/01/24	Bop Flows in Quarter	Valuation and Other Changes	Closing Position 31/03/24
Foreign Assets

Direct Investment Abroad¹	1,209,424	14,976	40,690	1,265,090
Equity capital and reinvested earnings	1,289,118	18,374	65,745	1,373,237
Other capital	-79,694	-3,398	-25,055	-108,147

Portfolio Investment	4,420,813	74,078	224,861	4,719,752
Equity	2,080,377	34,122	198,900	2,313,399
Debt instruments	2,340,436	39,956	25,961	2,406,353
Bonds and notes	1,738,333	53,378	9,595	1,801,306
Money market instruments	602,103	-13,422	16,366	605,047

Other Investment	2,011,017	5,258	28,360	2,044,635
Loans, currency and deposits	1,458,226	-17,700	11,022	1,451,548
Other²	552,791	22,958	17,338	593,087

Reserve Assets	11,675	-85	164	11,754

Total Foreign Assets	7,652,929	94,227	294,075	8,041,231

Foreign Liabilities

Direct Investment in Ireland¹	1,276,094	-1,563	-83,638	1,190,893
Equity capital and reinvested earnings	1,130,070	-8,280	-66,421	1,055,369
Other capital	146,024	6,717	-17,217	135,524

Portfolio Investment	5,248,329	42,684	272,275	5,563,288
Equity	4,487,509	32,148	278,718	4,798,375
Debt instruments	760,820	10,536	-6,443	764,913
Bonds and notes	696,302	9,711	-8,003	698,010
Money market instruments	64,518	825	1,561	66,904

Other Investment	1,662,728	40,917	54,231	1,757,876
Loans, currency and deposits	920,157	11,369	-585	930,941
Other²	742,571	29,548	54,816	826,935

Total Foreign Liabilities	8,187,151	82,038	242,868	8,512,057
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 2024 Table 5.8 (XLS 41KB)

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On 11 June 2024 an update was made to Table 5.9, the figure for Other Sectors, Short Term, Money Market Instruments for Q1 2024 has been corrected.

Table 5.9 Gross External Debt

Table 5.9 - Gross External Debt¹						€ million
	31 December 2023			31 March 2024
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
General Government	0	126,458	126,458	0	123,765	123,765
Short-term	0	15,565	15,565	0	15,569	15,569
Money market instruments	0	0	0	0	0	0
Loans & Deposits	0	15,565	15,565	0	15,569	15,569
Long-term	0	110,893	110,893	0	108,196	108,196
Bonds and notes	0	68,000	68,000	0	66,107	66,107
Loans	0	42,893	42,893	0	42,089	42,089

Monetary Authority²	0	34,573	34,573	0	34,878	34,878
Short-term	0	29,611	29,611	0	29,875	29,875
Loans and deposits	0	29,611	29,611	0	29,875	29,875
Long-term	0	4,962	4,962	0	5,003	5,003
Other debt liabilities	0	4,962	4,962	0	5,003	5,003

Monetary Financial Institutions³	290,515	15,999	306,514	317,835	15,189	333,024
Short-term	225,155	11,676	236,831	232,830	11,176	244,006
Money market instruments	9,714	0	9,714	10,443	0	10,443
Loans and deposits	215,441	11,676	227,117	222,387	11,176	233,563
Long-term	65,360	4,323	69,683	85,005	4,013	89,018
Bonds and notes	13,140	3,182	16,322	13,185	2,502	15,687
Loans	3	0	3	9	0	9
Other debt liabilities	52,217	1,141	53,358	71,811	1,511	73,322

Other Sectors⁴	1,565,660	254,852	1,820,512	1,614,124	288,469	1,902,591
Short-term	680,297	118,575	798,872	718,599	120,309	838,907
Money market instruments	54,415	389	54,804	56,069	392	56,461
Loans and deposits	345,587	4,210	349,797	351,074	6,732	357,806
Trade credits	280,296	113,976	394,272	311,455	113,185	424,640
Long-term	885,364	136,277	1,021,641	895,526	168,160	1,063,686
Bonds and notes	573,295	38,686	611,981	577,588	38,628	616,216
Loans	151,099	96,508	247,607	147,760	96,896	244,656
Other debt liabilities	160,970	1,083	162,053	170,178	32,636	202,814

Direct Investment ⁵	82,777	474,706	557,482	93,015	531,421	624,436
Debt liabilities to affiliated enterprises	11,553	202,355	213,908	12,970	275,588	288,558
Debt liabilities to direct investors	71,224	272,351	343,575	80,045	255,833	335,878

Gross External Debt	1,938,952	906,588	2,845,539	2,024,974	993,722	3,018,694
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.

Open in Excel: International Accounts Q1 2024 Table 5.9 (XLS 41KB)

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Table 5.10 - Debt Instrument Financial Assets

Table 5.10 - Debt Instrument Financial Assets
	31 December 2023			31 March 2024
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
General Government	0	22,411	22,411	0	25,978	25,977
Short-term	0	21,446	21,446	0	25,015	25,015
Money market instruments	0	0	0	0	0	0
Loans and deposits	0	21,446	21,446	0	25,015	25,015
Long-term	0	965	964	0	963	963
Bonds and notes	0	681	681	0	679	679
Loans	0	284	284	0	284	284

Monetary Authority ²	0	112,720	112,720	0	104,603	104,603
Short-term	0	101,322	101,322	0	93,357	93,357
Money market instruments	0	1,741	1,741	0	1,893	1,893
Loans and deposits	0	99,581	99,581	0	91,464	91,464
Long-term	0	11,398	11,398	0	11,246	11,246
Bonds and notes	0	11,398	11,398	0	11,246	11,246

Monetary Financial Institutions³	1,080,245	56,144	1,136,389	1,102,436	58,177	1,160,614
Short-term	1,007,605	21,068	1,028,673	1,020,454	21,602	1,042,056
Money market instruments	480,699	18	480,717	480,069	18	480,087
Loans and deposits	526,906	21,050	547,956	540,385	21,584	561,969
Long-term	72,641	35,076	107,717	81,983	36,575	118,558
Bonds and notes	36,779	17,884	54,663	43,356	19,150	62,506
Loans	35,863	17,190	53,053	38,627	17,425	56,052
Other debt Assets	-1	2	1	0	0	0

Other Sectors ⁴	2,741,605	183,551	2,925,156	2,833,121	181,400	3,014,520
Short-term	791,006	119,791	910,797	837,350	116,281	953,631
Money market instruments	112,426	7,216	119,642	115,724	7,493	123,217
Loans and deposits	417,244	23,526	440,770	424,901	24,653	449,554
Trade credit assets	261,336	89,049	350,385	296,725	84,135	380,860
Long-term	1,950,599	63,760	2,014,359	1,995,771	65,119	2,060,890
Bonds and notes	1,621,522	50,070	1,671,592	1,675,351	51,373	1,726,724
Loans	314,571	11,030	325,601	306,003	10,901	316,904
Other debt Assets	14,506	2,660	17,166	14,417	2,845	17,262

Direct Investment ⁵	61,244	270,521	331,765	61,028	319,737	380,766
Debt asset claims on affiliated enterprises	15,308	196,835	212,143	12,904	203,829	216,733
Debt asset claims on direct investors	45,936	73,686	119,622	48,125	115,908	164,033

Reserve Assets	0	9,835	9,835	0	9,830	9,830

Debt Instrument Financial Assets ¹	3,883,094	655,182	4,538,276	3,996,585	699,725	4,696,310

Net External Debt ⁶	1,944,142	-251,406	1,692,737	1,971,611	-294,283	1,677,616
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.