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International Accounts Q1 2024 Final

International Investment Position

Net IIP liability of €473 billion at end-March 2024

Online ISSN: 2565-6384

CSO statistical publication, 12 July 2024, 11am

Table 7.1 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	1,116.7	104.3	1,242.2	1,132.4	109.8
Other Financial Intermediaries	5,187.5	5,088.2	99.3	5,418.3	5,280.7	137.5
Non-Financial Companies	1,153.9	1,864.6	-710.8	1,192.2	1,900.8	-708.6
Total	7,713.6	8,230.6	-517.0	7,999.7	8,472.6	-472.9

Open in Excel: International Accounts Q1 2024 Table 7.1 (XLS 37KB)

At 31st March 2024, Ireland's quarterly international investment position ((IIP) results show overall stocks of foreign financial assets of €8,000bn - an increase of €286bn on the end-December 2023 level, while the corresponding stocks of foreign financial liabilities increased by €242bn to €8,473 over the quarter. Irish residents had an overall net foreign liability of €473bn at end-March 2024, a decrease of €44bn in the net foreign liability level at end-December 2023 - see Table 7.2.

X-axis label	Net IIP %GDP
Q22022	-121
Q32022	-126
Q42022	-110
Q12023	-102
Q22023	-104
Q32023	-104
Q42023	-101
Q12024	-93

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

Direct Investment Abroad increased by €1bn to €1249bn.
Equity capital (including reinvested earnings) increased €35.3bn while other capital decreased €34.3bn – see Table 7.5.
Foreign Assets of Other Financial Intermediaries increased by €231bn. With foreign liabilities increasing by €193bn, the resulting net increased to €138bn - see Table 7.3
Foreign Assets of the Monetary Authority decreased by €8bn while foreign liabilities increased by €0.3bn. The resulting net decreased to €81bn - see Table 7.3.

X-axis label	Direct Investment	Portfolio Investment	Other Investment	Reserve Assets	Net IIP
Q22022	-158.4	-671.8	233	11.9	-585.2
Q32022	-228.5	-735.2	314.4	12.9	-636.5
Q42022	-139.2	-772.2	324.4	12.2	-574.8
Q12023	-81.9	-843.1	375.3	12.2	-537.5
Q22023	-38.6	-806.2	286.8	12	-545.9
Q32023	-93.1	-755.4	295.8	11.7	-541.1
Q42023	-51.6	-794.4	317.4	11.7	-517
Q12024	61.5	-832.3	286.2	11.8	-472.9

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

Net Portfolio Investment fell €38bn to -€832bn.
Net Other Investment fell €31bn to €286bn.
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	717	556	1044	1845
30 Sep 2023	731	572	1067	1877
31 Dec 2023	791	584	1137	1943
31 Mar 2024	792	610	1202	2096

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:

€792bn issued by foreign Governments
€610bn issued by foreign Monetary Financial Institutions (including Money Market Investment Funds)
€1202bn issued by foreign Other Financial Intermediaries (including Non-Money Market Investment Funds)
€2096bn issued by foreign Non-Financial Companies

X-axis label	Direct Investment	Other Sectors	Monetary Financial Institutions	Monetary Authority	General Government
Q22023	604	1820	352	33	127
Q32023	616	1859	349	34	124
Q42023	545	1826	307	35	126
Q12024	613	1875	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 €2,979bn. This represents an increase of €141bn 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 (€2,838bn) - see Table 7.9.

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 €1,875bn increased €49bn on the previous quarter.
This was made up of a rise in short-term debt of €36bn and a rise in long-term debt of €13bn.
Direct investment liabilities increased by €68bn to €613bn in the quarter.
The Net External Debt position was €1,709bn at end-March 2024, 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	Q12022	Q22022	Q32022	Q42022	Q12023	Q22023	Q32023	Q42023	Q12024
Foreign Assets
Direct Investment Abroad¹	1,283,632	1,225,185	1,236,156	1,210,999	1,238,942	1,243,207	1,227,949	1,248,317	1,249,331
Portfolio Investment	4,302,446	4,045,976	3,945,346	3,931,433	3,994,690	4,161,448	4,246,042	4,453,573	4,699,979
Other Investment²	1,959,637	1,978,689	2,165,450	1,991,527	2,034,693	2,041,500	2,081,413	2,000,026	2,038,638
Reserve Assets	11,624	11,949	12,862	12,233	12,219	12,046	11,667	11,675	11,754
Total Foreign Assets	7,557,339	7,261,799	7,359,814	7,146,192	7,280,544	7,458,201	7,567,071	7,713,591	7,999,702

Foreign Liabilities
Direct Investment in Ireland ¹	1,322,649	1,383,579	1,464,696	1,350,229	1,320,828	1,281,850	1,321,016	1,299,937	1,187,839
Portfolio Investment	5,051,673	4,717,783	4,680,522	4,703,643	4,837,792	4,967,603	5,001,453	5,247,990	5,532,246
Other Investment ²	1,715,979	1,745,651	1,851,049	1,667,085	1,659,409	1,754,666	1,785,654	1,682,650	1,752,485
Total Foreign Liabilities	8,090,301	7,847,013	7,996,267	7,720,957	7,818,029	8,004,119	8,108,123	8,230,577	8,472,570

Net International Investment Position (IIP)
Direct Investment¹	-39,017	-158,394	-228,540	-139,230	-81,886	-38,643	-93,067	-51,620	61,492
Portfolio Investment	-749,227	-671,807	-735,176	-772,210	-843,102	-806,155	-755,411	-794,417	-832,267
Other Investment²	243,658	233,038	314,401	324,442	375,284	286,834	295,759	317,376	286,153
Reserve Assets	11,624	11,949	12,862	12,233	12,219	12,046	11,667	11,675	11,754

Total (Net IIP)	-532,962	-585,214	-636,453	-574,765	-537,485	-545,918	-541,052	-516,986	-472,868
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 7.3 International Investment Position (IIP) classified by Institutional Sector

Table 7.3 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	22,161	22,161	23,588	24,959	26,781	30,641
Monetary Authority ¹	128,345	123,547	128,905	116,302	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	6,018,207	6,032,501	5,817,593	5,964,358	6,122,975	6,193,042	6,341,381	6,610,458
of which:
Other Financial Intermediaries	4,927,723	4,919,975	4,713,465	4,844,830	4,997,714	5,070,465	5,187,529	5,418,255
Non-Financial Companies ⁴	1,090,484	1,112,526	1,104,128	1,119,528	1,125,261	1,122,577	1,153,852	1,192,203
Total Foreign Assets	7,261,799	7,359,814	7,146,191	7,280,543	7,458,202	7,567,072	7,713,591	7,999,702

Foreign Liabilities
General Government	140,726	134,526	124,983	128,241	127,301	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	993,140	1,071,279	1,078,406	1,061,887	1,074,171	1,105,299	1,116,688	1,132,398
Other Sectors ³	6,680,808	6,757,763	6,484,640	6,594,744	6,769,203	6,844,303	6,952,857	7,181,530
of which:
Other Financial Intermediaries	4,857,749	4,858,697	4,662,993	4,763,712	4,921,168	4,970,773	5,088,233	5,280,741
Non-Financial Companies ⁴	1,823,059	1,899,066	1,821,647	1,831,032	1,848,035	1,873,530	1,864,624	1,900,789
Total Foreign Liabilities	7,847,013	7,996,268	7,720,957	7,818,029	8,004,119	8,108,124	8,230,576	8,472,571

Net International Investment Position (IIP)
General Government	-117,775	-111,845	-102,822	-106,080	-103,713	-99,353	-99,677	-93,124
Monetary Authority ¹	96,006	90,847	95,977	83,145	86,271	85,649	89,822	81,479
Monetary Financial Institutions ²	99,156	109,806	99,126	115,835	117,753	123,913	104,346	109,848
Other Sectors ³	-662,601	-725,262	-667,047	-630,386	-646,228	-651,261	-611,476	-571,072
of which:
Other Financial Intermediaries	69,974	61,278	50,472	81,118	76,546	99,692	99,296	137,514
Non-Financial Companies ⁴	-732,575	-786,540	-717,519	-711,504	-722,774	-750,953	-710,772	-708,586
Total (Net IIP)	-585,214	-636,453	-574,765	-537,485	-545,918	-541,052	-516,986	-472,868
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 7.4 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 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	4,882,457	1,458,924	6,341,381	5,099,969	1,510,489	6,610,458
of which:
Other Financial Intermediaries	4,882,457	305,072	5,187,529	5,099,969	318,286	5,418,255
Non-Financial Companies⁴	0	1,153,852	1,153,852	0	1,192,203	1,192,203
Total Foreign Assets	6,039,133	1,674,458	7,713,591	6,276,274	1,723,428	7,999,702

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	1,092,874	23,814	1,116,688	1,110,641	21,757	1,132,398
Other Sectors³	4,928,999	2,023,858	6,952,857	5,115,587	2,065,943	7,181,530
of which:
Other Financial Intermediaries	4,928,999	159,234	5,088,233	5,115,587	165,154	5,280,741
Non-Financial Companies⁴	0	1,864,624	1,864,624	0	1,900,789	1,900,789
Total Foreign Liabilities	6,021,873	2,208,704	8,230,577	6,226,228	2,246,342	8,472,570

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	63,802	40,544	104,346	65,664	44,184	109,848
Other Sectors³	-46,542	-564,934	-611,476	-15,618	-555,454	-571,072
of which:
Other Financial Intermediaries	-46,542	145,838	99,296	-15,618	153,132	137,514
Non-Financial Companies⁴	0	-710,772	-710,772	0	-708,586	-708,586
Total (Net IIP)	17,260	-534,245	-516,986	50,046	-522,915	-472,868
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	Q22023	Q32023	Q42023	Q12024
Foreign Assets
Direct Investment Abroad¹	1,243,207	1,227,949	1,248,317	1,249,331
Equity capital and reinvested earnings	1,315,549	1,307,562	1,309,423	1,344,705
Other capital	-72,342	-79,613	-61,106	-95,374

Portfolio Investment	4,161,448	4,246,042	4,453,573	4,699,979
Equity	1,952,135	1,983,363	2,107,195	2,290,603
Monetary authority²	0	0	0	0
General government	4,377	4,277	4,323	4,624
Monetary financial institutions³	-588	-148	1,835	3,462
Other sectors	1,948,346	1,979,234	2,101,037	2,282,517

Debt instruments	2,209,312	2,262,679	2,346,378	2,409,377
Bonds and notes	1,661,734	1,690,877	1,743,237	1,804,023
Monetary authority²	11,178	11,361	11,397	11,397
General government	695	648	681	679
Monetary financial institutions³	48,584	51,857	54,663	62,506
Other sectors	1,601,277	1,627,011	1,676,496	1,729,441

Money market instruments	547,578	571,802	603,141	605,354
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	133,720	140,156	120,682	123,525

Other Investment	2,041,500	2,081,413	2,000,026	2,038,638
Loans, currency and deposits	1,459,215	1,481,009	1,458,790	1,445,099
Monetary authority²	94,945	95,006	99,581	91,464
General government	5,088	6,617	8,350	11,919
Monetary financial institutions³	613,962	614,707	583,924	581,708
Other sectors	745,220	764,679	766,935	760,008

Trade Credits	79,000	80,913	76,134	97,846
General government	0	0	0	0
Other sectors	79,000	80,913	76,134	97,846

Other assets⁴	503,285	519,491	465,102	495,693
Monetary authority²	0	0	0	0
General government	13,390	13,379	13,389	13,381
Monetary financial institutions³	109,807	123,661	94,294	106,885
Other sectors	380,088	382,451	357,419	375,427

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	7,458,201	7,567,071	7,713,591	7,999,702
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	Q22023	Q32023	Q42023	Q12024
Foreign Liabilities
Direct Investment in Ireland¹	1,281,850	1,321,016	1,299,937	1,187,839
Equity capital and reinvested earnings	1,121,195	1,144,794	1,146,163	1,045,990
Other capital	160,655	176,222	153,774	141,849

Portfolio Investment	4,967,603	5,001,453	5,247,990	5,532,246
Equity	4,247,184	4,261,513	4,502,910	4,789,645
Monetary authority²	0	0	0	0
General government	0	0	0	0
Monetary financial institutions³	615,141	639,653	688,044	683,203
Other sectors	3,632,043	3,621,860	3,814,866	4,106,442

Debt instruments	720,418	739,940	745,081	742,601
Bonds and notes	662,140	678,517	680,008	675,608
Monetary authority²	0	0	0	0
General government	66,022	63,891	68,000	66,107
Monetary financial institutions³	17,305	16,337	16,322	15,687
Other sectors	578,813	598,289	595,686	593,814

Money market instruments	58,279	61,423	65,073	66,993
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	47,159	50,936	55,359	56,550

Other Investment	1,754,666	1,785,654	1,682,650	1,752,485
Loans, currency and deposits	951,758	954,558	910,733	934,231
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	605,678	611,475	587,980	605,752

Trade Credits	47,770	56,805	52,153	49,329
General government	12	13	10	12
Other sectors	47,758	56,792	52,143	49,317

Other liabilities⁴	755,138	774,291	719,764	768,925
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	624,879	634,913	611,040	646,475

Total Foreign Liabilities	8,004,119	8,108,123	8,230,577	8,472,570
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	Q22023	Q32023	Q42023	Q12024
Foreign Assets
Direct Investment Abroad ¹	1,243,207	1,227,949	1,248,317	1,249,331
- IFSC	87,490	88,842	86,409	37,697
- Non-IFSC	1,155,717	1,139,107	1,161,908	1,211,634
Portfolio Investment	4,161,448	4,246,042	4,453,573	4,699,979
- IFSC	3,991,405	4,076,807	4,244,471	4,481,651
- Non-IFSC	170,043	169,235	209,102	218,328
Other Investment ²	2,041,500	2,081,413	2,000,026	2,038,638
- IFSC	1,760,390	1,790,012	1,708,254	1,756,926
- Non-IFSC	281,110	291,401	291,772	281,712
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	7,458,201	7,567,071	7,713,591	7,999,702
- IFSC	5,839,285	5,955,661	6,039,134	6,276,274
- Non-IFSC	1,618,916	1,611,410	1,674,457	1,723,428

Foreign Liabilities
Direct Investment in Ireland ¹	1,281,850	1,321,016	1,299,937	1,187,839
- IFSC	290,195	306,747	322,649	241,544
- Non-IFSC	991,655	1,014,269	977,288	946,295
Portfolio Investment	4,967,603	5,001,453	5,247,990	5,532,246
- IFSC	4,109,112	4,155,828	4,373,484	4,588,971
- Non-IFSC	858,491	845,625	874,506	943,275
Other Investment ²	1,754,666	1,785,654	1,682,650	1,752,485
- IFSC	1,420,721	1,450,747	1,325,740	1,395,714
- Non-IFSC	333,945	334,907	356,910	356,771
Total Foreign Liabilities	8,004,119	8,108,123	8,230,577	8,472,570
- IFSC	5,820,028	5,913,322	6,021,873	6,226,229
- Non-IFSC	2,184,091	2,194,801	2,208,704	2,246,341

Net International Investment Position (IIP)
Direct Investment ¹	-38,643	-93,067	-51,620	61,492
- IFSC	-202,705	-217,905	-236,240	-203,847
- Non-IFSC	164,062	124,838	184,620	265,339
Portfolio Investment	-806,155	-755,411	-794,417	-832,267
- IFSC	-117,707	-79,021	-129,013	-107,320
- Non-IFSC	-688,448	-676,390	-665,404	-724,947
Other Investment²	286,834	295,759	317,376	286,153
- IFSC	339,669	339,265	382,514	361,212
- Non-IFSC	-52,835	-43,506	-65,138	-75,059
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)	-545,918	-541,052	-516,986	-472,868
- IFSC	19,257	42,339	17,261	50,045
- Non-IFSC	-565,175	-583,391	-534,247	-522,913
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 2024 - Reconciliation of IIP and BOP Flows

Table 7.8 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	1,248,317	12,993	-11,979	1,249,331
Equity capital and reinvested earnings	1,309,423	16,392	18,890	1,344,705
Other capital	-61,106	-3,399	-30,869	-95,374

Portfolio Investment	4,453,573	56,581	189,825	4,699,979
Equity	2,107,195	15,731	167,677	2,290,603
Debt instruments	2,346,378	40,850	22,149	2,409,377
Bonds and notes	1,743,237	55,494	5,292	1,804,023
Money market instruments	603,141	-14,644	16,857	605,354

Other Investment	2,000,026	4,903	33,709	2,038,638
Loans, currency and deposits	1,458,790	-16,259	2,568	1,445,099
Other²	541,236	21,162	31,141	593,539

Reserve Assets	11,675	-85	164	11,754

Total Foreign Assets	7,713,591	74,392	211,719	7,999,702

Foreign Liabilities

Direct Investment in Ireland¹	1,299,937	-1,217	-110,881	1,187,839
Equity capital and reinvested earnings	1,146,163	-8,079	-92,094	1,045,990
Other capital	153,774	6,862	-18,787	141,849

Portfolio Investment	5,247,990	23,176	261,080	5,532,246
Equity	4,502,910	32,148	254,587	4,789,645
Debt instruments	745,081	-8,971	6,491	742,601
Bonds and notes	680,008	-9,789	5,389	675,608
Money market instruments	65,073	818	1,102	66,993

Other Investment	1,682,650	41,644	28,191	1,752,485
Loans, currency and deposits	910,733	15,131	8,367	934,231
Other²	771,917	26,513	19,824	818,254

Total Foreign Liabilities	8,230,577	63,603	178,390	8,472,570
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 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	1,542,144	283,732	1,825,875	1,590,714	284,175	1,874,889
Short-term	676,909	118,745	795,652	712,989	118,620	831,610
Money market instruments	54,968	390	55,358	56,158	392	56,550
Loans and deposits	343,060	6,611	349,671	352,487	6,613	359,100
Trade credits	278,880	111,744	390,624	304,344	111,615	415,959
Long-term	865,235	164,987	1,030,222	877,725	165,555	1,043,280
Bonds and notes	558,741	36,945	595,686	556,999	36,816	593,815
Loans	142,874	95,435	238,309	150,548	96,103	246,651
Other debt liabilities	163,620	32,607	196,227	170,178	32,636	202,814

Direct Investment ⁵	84,409	460,330	544,739	93,015	519,800	612,815
Debt liabilities to affiliated enterprises	10,988	201,791	212,779	12,970	275,588	288,558
Debt liabilities to direct investors	73,421	258,539	331,960	80,045	244,212	324,257

Gross External Debt	1,917,068	921,092	2,838,159	2,001,564	977,807	2,979,371
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.

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Table 7.10 - Debt Instrument Financial Assets

Table 7.10 - 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	2,739,560	182,810	2,922,373	2,833,439	177,943	3,011,382
Short-term	789,529	118,278	907,807	833,239	112,728	945,967
Money market instruments	113,464	7,217	120,681	116,031	7,493	123,524
Loans and deposits	420,161	26,038	446,199	416,936	24,359	441,295
Trade credit assets	255,904	85,023	340,927	300,272	80,876	381,148
Long-term	1,950,033	64,532	2,014,565	2,000,201	65,215	2,065,416
Bonds and notes	1,625,740	50,756	1,676,496	1,678,066	51,374	1,729,440
Loans	309,770	10,966	320,736	307,718	10,996	318,714
Other debt Assets	14,523	2,810	17,333	14,417	2,845	17,262

Direct Investment ⁵	61,679	268,180	329,859	61,028	314,564	375,592
Debt asset claims on affiliated enterprises	10,190	197,328	207,518	12,904	203,829	216,733
Debt asset claims on direct investors	51,489	70,852	122,341	48,125	110,735	158,860

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

Debt Instrument Financial Assets ¹	3,881,484	652,100	4,533,587	3,996,903	691,095	4,687,998

Net External Debt ⁶	1,964,416	-268,992	1,695,428	1,995,339	-286,712	1,708,627
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.