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International Accounts Q2 2024

International Investment Position

Net IIP liability of €458 billion at end-June 2024

Online ISSN: 2565-6384

CSO statistical publication, 05 September 2024, 11am

Table 5.1 International Investment Position						€ billion
	31 March 2024			30 June 2024
	Assets	Liabilities	NET	Assets	Liabilities	NET
General Government	30.6	123.8	-93.1	28.7	123.2	-94.5
Monetary Authority	116.4	34.9	81.5	125.3	35.1	90.1
Monetary Financial Institutions	1,242.2	1,132.4	109.8	1,283.7	1,166.7	117.1
Other Financial Intermediaries	5,418.3	5,280.7	137.5	5,624.4	5,488.7	135.7
Non-Financial Companies	1,192.2	1,900.8	-708.6	1,219.9	1,925.9	-705.9
Total	7,999.7	8,472.6	-472.9	8,282.1	8,739.6	-457.5

Open in Excel: International Accounts Q2 2024 Table 5.1 (XLS 37KB)

On 30th June 2024, Ireland's quarterly international investment position ((IIP) results show overall stocks of foreign financial assets of €8,282bn - an increase of €282bn on the end-March 2024 level, while the corresponding stocks of foreign financial liabilities increased by €267bn to €8,740 over the quarter. Irish residents had an overall net foreign liability of €458bn at end-June 2024, a decrease of €15bn in the net foreign liability level at end-March 2024 - see Table 5.2

X-axis label	Net IIP %GDP
Q32022	-126
Q42022	-110
Q12023	-102
Q22023	-104
Q32023	-104
Q42023	-101
Q12024	-93
Q22024	-90

Some points of note in the Quarter 2 2024 IIP are:

Direct Investment Abroad increased by €37bn to €1287bn.
Equity capital (including reinvested earnings) increased €2.7bn while other capital increased €34.7bn – see Table 5.5.
Foreign Assets of Other Financial Intermediaries increased by €206bn. With foreign liabilities increasing by €208bn, the resulting net decreased to €136bn - see Table 5.3.
Foreign Assets of the Monetary Authority increased by €8.9bn while foreign liabilities increased by €0.3bn.The resulting net increased to €90bn - see Table 5.3.

X-axis label	Direct Investment	Portfolio Investment	Other Investment	Reserve Assets	Net IIP
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
Q22024	136.2	-914.4	308.8	11.9	-457.5

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

Net Portfolio Investment fell €82bn to -€914bn.
Net Other Investment rose €23bn to €309bn.
Reserve Assets grew €0.1bn to €11.9bn.

X-axis label	General Government	Monetary Financial Institutions	Other Financial Intermediaries	Non-Financial Companies
30 Sep 2023	731	572	1067	1877
31 Dec 2023	791	584	1137	1943
31 Mar 2024	792	610	1202	2096
30 Jun 2024	793	637	1231	2203

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:

€793bn issued by foreign Governments
€637bn issued by foreign Monetary Financial Institutions (including Money Market Investment Funds)
€1231bn issued by foreign Other Financial Intermediaries (including Non-Money Market Investment Funds)
€2203bn issued by foreign Non-Financial Companies

X-axis label	Direct Investment	Other Sectors	Monetary Financial Institutions	Monetary Authority	General Government
Q32023	616	1859	349	34	124
Q42023	545	1826	307	35	126
Q12024	613	1875	333	35	124
Q22024	559	1951	337	35	123

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

On 30 June 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 €3,005bn.This represents an increase of €26bn 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 March 2024 (€2,979bn) - see Table 5.9.

Points of note are:

General government foreign borrowing fell by €0.5bn to €123bn at end-June 2024.
Liabilities of the Monetary Authority consisting entirely of short-term loans and deposits increased €0.3bn to €35.1bn. 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 €3.5bn to €336.5bn.
The liabilities of Other sectors at €1,951bn increased €76bn on the previous quarter.
This was made up of a rise in short-term debt of €54bn and a rise in long-term debt of €23bn.
Direct investment liabilities decreased by €53bn to €559bn in the quarter.
The Net External Debt position was €1,816bn at end-June 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 5.3 International Investment Position (IIP) classified by Institutional Sector

Table 5.3 International Investment Position (IIP) classified by Institutional Sector								€ million
Item	Q32022	Q42022	Q12023	Q22023	Q32023	Q42023	Q12024	Q22024
Foreign Assets
General Government	22,681	22,161	22,161	23,588	24,959	26,781	30,641	28,726
Monetary Authority ¹	123,547	128,905	116,302	119,715	119,859	124,395	116,357	125,269
Monetary Financial Institutions ²	1,181,085	1,177,532	1,177,722	1,191,924	1,229,212	1,221,034	1,242,246	1,283,741
Other Sectors ³	6,032,501	5,817,593	5,964,358	6,122,975	6,193,042	6,341,381	6,610,458	6,844,360
of which:
Other Financial Intermediaries	4,919,975	4,713,465	4,844,830	4,997,714	5,070,465	5,187,529	5,418,255	5,624,411
Non-Financial Companies ⁴	1,112,526	1,104,128	1,119,528	1,125,261	1,122,577	1,153,852	1,192,203	1,219,949
Total Foreign Assets	7,359,814	7,146,191	7,280,543	7,458,202	7,567,072	7,713,591	7,999,702	8,282,096

Foreign Liabilities
General Government	134,526	124,983	128,241	127,301	124,312	126,458	123,765	123,236
Monetary Authority ¹	32,700	32,928	33,157	33,444	34,210	34,573	34,878	35,149
Monetary Financial Institutions ²	1,071,279	1,078,406	1,061,887	1,074,171	1,105,299	1,116,688	1,132,398	1,166,674
Other Sectors ³	6,757,763	6,484,640	6,594,744	6,769,203	6,844,303	6,952,857	7,181,530	7,414,543
of which:
Other Financial Intermediaries	4,858,697	4,662,993	4,763,712	4,921,168	4,970,773	5,088,233	5,280,741	5,488,683
Non-Financial Companies ⁴	1,899,066	1,821,647	1,831,032	1,848,035	1,873,530	1,864,624	1,900,789	1,925,860
Total Foreign Liabilities	7,996,268	7,720,957	7,818,029	8,004,119	8,108,124	8,230,576	8,472,571	8,739,602

Net International Investment Position (IIP)
General Government	-111,845	-102,822	-106,080	-103,713	-99,353	-99,677	-93,124	-94,510
Monetary Authority ¹	90,847	95,977	83,145	86,271	85,649	89,822	81,479	90,120
Monetary Financial Institutions ²	109,806	99,126	115,835	117,753	123,913	104,346	109,848	117,067
Other Sectors ³	-725,262	-667,047	-630,386	-646,228	-651,261	-611,476	-571,072	-570,183
of which:
Other Financial Intermediaries	61,278	50,472	81,118	76,546	99,692	99,296	137,514	135,728
Non-Financial Companies ⁴	-786,540	-717,519	-711,504	-722,774	-750,953	-710,772	-708,586	-705,911
Total (Net IIP)	-636,453	-574,765	-537,485	-545,918	-541,052	-516,986	-472,868	-457,506
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 March 2024			30 June
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
Foreign Assets
General Government	0	30,641	30,641	0	28,726	28,726
Monetary Authority¹	0	116,357	116,357	0	125,269	125,269
Monetary Financial Institutions²	1,176,305	65,941	1,242,246	1,217,930	65,811	1,283,741
Other Sectors³	5,099,969	1,510,489	6,610,458	5,296,676	1,547,684	6,844,360
of which:
Other Financial Intermediaries	5,099,969	318,286	5,418,255	5,296,676	327,735	5,624,411
Non-Financial Companies⁴	0	1,192,203	1,192,203	0	1,219,949	1,219,949
Total Foreign Assets	6,276,274	1,723,428	7,999,702	6,514,606	1,767,490	8,282,096

Foreign Liabilities
General Government	0	123,765	123,765	0	123,236	123,236
Monetary Authority¹	0	34,878	34,878	0	35,149	35,149
Monetary Financial Institutions²	1,110,641	21,757	1,132,398	1,145,373	21,301	1,166,674
Other Sectors³	5,115,587	2,065,943	7,181,530	5,313,101	2,101,442	7,414,543
of which:
Other Financial Intermediaries	5,115,587	165,154	5,280,741	5,313,101	175,582	5,488,683
Non-Financial Companies⁴	0	1,900,789	1,900,789	0	1,925,860	1,925,860
Total Foreign Liabilities	6,226,228	2,246,342	8,472,570	6,458,474	2,281,128	8,739,602

Net International Investment Position (IIP)
General Government	0	-93,124	-93,124	0	-94,510	-94,510
Monetary Authority¹	0	81,479	81,479	0	90,120	90,120
Monetary Financial Institutions²	65,664	44,184	109,848	72,557	44,510	117,067
Other Sectors³	-15,618	-555,454	-571,072	-16,425	-553,758	-570,183
of which:
Other Financial Intermediaries	-15,618	153,132	137,514	-16,425	152,153	135,728
Non-Financial Companies⁴	0	-708,586	-708,586	0	-705,911	-705,911
Total (Net IIP)	50,046	-522,915	-472,868	56,132	-513,638	-457,506
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.

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Table 5.5 International Investment Position (IIP) - Detailed Data

Table 5.5 International Investment Position (IIP) - Detailed Data				€ million
Item	Q32023	Q42023	Q12024	Q22024
Foreign Assets
Direct Investment Abroad¹	1,227,949	1,248,317	1,249,331	1,286,675
Equity capital and reinvested earnings	1,307,562	1,309,423	1,344,705	1,347,380
Other capital	-79,613	-61,106	-95,374	-60,705

Portfolio Investment	4,246,042	4,453,573	4,699,979	4,861,898
Equity	1,983,363	2,107,195	2,290,603	2,397,941
Monetary authority²	0	0	0	0
General government	4,277	4,323	4,624	4,272
Monetary financial institutions³	-148	1,835	3,462	5,637
Other sectors	1,979,234	2,101,037	2,282,517	2,388,032

Debt instruments	2,262,679	2,346,378	2,409,377	2,463,957
Bonds and notes	1,690,877	1,743,237	1,804,023	1,848,581
Monetary authority²	11,361	11,397	11,397	11,397
General government	648	681	679	819
Monetary financial institutions³	51,857	54,663	62,506	66,051
Other sectors	1,627,011	1,676,496	1,729,441	1,770,314

Money market instruments	571,802	603,141	605,354	615,375
Monetary authority²	1,824	1,742	1,742	1,742
General government	0	0	0	0
Monetary financial institutions³	429,822	480,717	480,087	494,085
Other sectors	140,156	120,682	123,525	119,548

Other Investment	2,081,413	2,000,026	2,038,638	2,121,649
Loans, currency and deposits	1,481,009	1,458,790	1,445,099	1,480,907
Monetary authority²	95,006	99,581	91,464	100,256
General government	6,617	8,350	11,919	10,165
Monetary financial institutions³	614,707	583,924	581,708	604,142
Other sectors	764,679	766,935	760,008	766,344

Trade Credits	80,913	76,134	97,846	115,019
General government	0	0	0	0
Other sectors	80,913	76,134	97,846	115,019

Other assets⁴	519,491	465,102	495,693	525,723
Monetary authority²	0	0	0	0
General government	13,379	13,389	13,381	13,432
Monetary financial institutions³	123,661	94,294	106,885	106,286
Other sectors	382,451	357,419	375,427	406,005

Reserve assets	11,667	11,675	11,754	11,874
Monetary gold	663	702	769	819
Special drawing rights	5,192	5,102	5,156	5,180
Reserve Position in the IMF	1,197	1,138	1,155	1,104
Foreign Exchange	1,111	1,276	902	923
Other	3,504	3,457	3,772	3,848

Total Foreign Assets	7,567,071	7,713,591	7,999,702	8,282,096
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	Q32023	Q42023	Q12024	Q22024
Foreign Liabilities
Direct Investment in Ireland¹	1,321,016	1,299,937	1,187,839	1,150,428
Equity capital and reinvested earnings	1,144,794	1,146,163	1,045,990	1,025,804
Other capital	176,222	153,774	141,849	124,624

Portfolio Investment	5,001,453	5,247,990	5,532,246	5,776,309
Equity	4,261,513	4,502,910	4,789,645	5,014,188
Monetary authority²	0	0	0	0
General government	0	0	0	0
Monetary financial institutions³	639,653	688,044	683,203	713,437
Other sectors	3,621,860	3,814,866	4,106,442	4,300,751

Debt instruments	739,940	745,081	742,601	762,121
Bonds and notes	678,517	680,008	675,608	693,912
Monetary authority²	0	0	0	0
General government	63,891	68,000	66,107	65,597
Monetary financial institutions³	16,337	16,322	15,687	15,307
Other sectors	598,289	595,686	593,814	613,008

Money market instruments	61,423	65,073	66,993	68,209
Monetary authority²	0	0	0	0
General government	57	0	0	0
Monetary financial institutions³	10,430	9,714	10,443	10,607
Other sectors	50,936	55,359	56,550	57,602

Other Investment	1,785,654	1,682,650	1,752,485	1,812,865
Loans, currency and deposits	954,558	910,733	934,231	943,262
Monetary authority²	29,146	29,611	29,875	30,134
General government	46,959	45,057	44,253	44,233
Monetary financial institutions³	266,978	248,085	254,351	256,266
Other sectors	611,475	587,980	605,752	612,629

Trade Credits	56,805	52,153	49,329	54,158
General government	13	10	12	11
Other sectors	56,792	52,143	49,317	54,147

Other liabilities⁴	774,291	719,764	768,925	815,445
Monetary authority²	5,064	4,962	5,003	5,015
General government	0	0	0	0
Monetary financial institutions³	134,314	103,762	117,447	115,380
Other sectors	634,913	611,040	646,475	695,050

Total Foreign Liabilities	8,108,123	8,230,577	8,472,570	8,739,602
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	Q32023	Q42023	Q12024	Q22024
Foreign Assets
Direct Investment Abroad ¹	1,227,949	1,248,317	1,249,331	1,286,675
- IFSC	88,842	86,409	37,697	41,856
- Non-IFSC	1,139,107	1,161,908	1,211,634	1,244,819
Portfolio Investment	4,246,042	4,453,573	4,699,979	4,861,898
- IFSC	4,076,807	4,244,471	4,481,651	4,640,344
- Non-IFSC	169,235	209,102	218,328	221,554
Other Investment ²	2,081,413	2,000,026	2,038,638	2,121,649
- IFSC	1,790,012	1,708,254	1,756,926	1,832,405
- Non-IFSC	291,401	291,772	281,712	289,244
Reserve Assets	11,667	11,675	11,754	11,874
- IFSC	0	0	0	0
- Non-IFSC	11,667	11,675	11,754	11,874
Total Foreign Assets	7,567,071	7,713,591	7,999,702	8,282,096
- IFSC	5,955,661	6,039,134	6,276,274	6,514,605
- Non-IFSC	1,611,410	1,674,457	1,723,428	1,767,491

Foreign Liabilities
Direct Investment in Ireland ¹	1,321,016	1,299,937	1,187,839	1,150,428
- IFSC	306,747	322,649	241,544	251,764
- Non-IFSC	1,014,269	977,288	946,295	898,664
Portfolio Investment	5,001,453	5,247,990	5,532,246	5,776,309
- IFSC	4,155,828	4,373,484	4,588,971	4,757,258
- Non-IFSC	845,625	874,506	943,275	1,019,051
Other Investment ²	1,785,654	1,682,650	1,752,485	1,812,865
- IFSC	1,450,747	1,325,740	1,395,714	1,449,452
- Non-IFSC	334,907	356,910	356,771	363,413
Total Foreign Liabilities	8,108,123	8,230,577	8,472,570	8,739,602
- IFSC	5,913,322	6,021,873	6,226,229	6,458,474
- Non-IFSC	2,194,801	2,208,704	2,246,341	2,281,128

Net International Investment Position (IIP)
Direct Investment ¹	-93,067	-51,620	61,492	136,247
- IFSC	-217,905	-236,240	-203,847	-209,908
- Non-IFSC	124,838	184,620	265,339	346,155
Portfolio Investment	-755,411	-794,417	-832,267	-914,411
- IFSC	-79,021	-129,013	-107,320	-116,914
- Non-IFSC	-676,390	-665,404	-724,947	-797,497
Other Investment²	295,759	317,376	286,153	308,784
- IFSC	339,265	382,514	361,212	382,953
- Non-IFSC	-43,506	-65,138	-75,059	-74,169
Reserve Assets	11,667	11,675	11,754	11,874
- IFSC	0	0	0	0
- Non-IFSC	11,667	11,675	11,754	11,874
Total (Net IIP)	-541,052	-516,986	-472,868	-457,506
- IFSC	42,339	17,261	50,045	56,131
- Non-IFSC	-583,391	-534,247	-522,913	-513,637
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) - 30th June 2024 - Reconciliation of IIP and BOP Flows				€ million
Item	Opening Position 01/04/24	Bop Flows in Quarter	Valuation and Other Changes	Closing Position 30/06/24
Foreign Assets

Direct Investment Abroad¹	1,249,331	14,017	23,327	1,286,675
Equity capital and reinvested earnings	1,344,705	497	2,178	1,347,380
Other capital	-95,374	13,520	21,149	-60,705

Portfolio Investment	4,699,979	90,137	71,782	4,861,898
Equity	2,290,603	45,469	61,869	2,397,941
Debt instruments	2,409,377	44,668	9,912	2,463,957
Bonds and notes	1,804,023	43,821	737	1,848,581
Money market instruments	605,354	847	9,174	615,375

Other Investment	2,038,638	23,262	59,749	2,121,649
Loans, currency and deposits	1,445,099	20,297	15,511	1,480,907
Other²	593,539	2,965	44,238	640,742

Reserve Assets	11,754	7	113	11,874

Total Foreign Assets	7,999,702	127,423	154,971	8,282,096

Foreign Liabilities

Direct Investment in Ireland¹	1,187,839	-21,684	-15,727	1,150,428
Equity capital and reinvested earnings	1,045,990	6,504	-26,690	1,025,804
Other capital	141,849	-28,188	10,963	124,624

Portfolio Investment	5,532,246	94,601	149,462	5,776,309
Equity	4,789,645	79,232	145,311	5,014,188
Debt instruments	742,601	15,369	4,151	762,121
Bonds and notes	675,608	14,582	3,722	693,912
Money market instruments	66,993	786	430	68,209

Other Investment	1,752,485	20,307	40,073	1,812,865
Loans, currency and deposits	934,231	-523	9,554	943,262
Other²	818,254	20,830	30,519	869,603

Total Foreign Liabilities	8,472,570	93,224	173,808	8,739,602
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 March 2024			30 June 2024
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
General Government	0	123,765	123,765	0	123,236	123,236
Short-term	0	15,569	15,569	0	15,570	15,570
Money market instruments	0	0	0	0	0	0
Loans & Deposits	0	15,569	15,569	0	15,570	15,570
Long-term	0	108,196	108,196	0	107,666	107,666
Bonds and notes	0	66,107	66,107	0	65,597	65,597
Loans	0	42,089	42,089	0	42,069	42,069

Monetary Authority²	0	34,878	34,878	0	35,149	35,149
Short-term	0	29,875	29,875	0	30,134	30,134
Loans and deposits	0	29,875	29,875	0	30,134	30,134
Long-term	0	5,003	5,003	0	5,015	5,015
Other debt liabilities	0	5,003	5,003	0	5,015	5,015

Monetary Financial Institutions³	317,835	15,189	333,024	321,549	14,983	336,532
Short-term	232,830	11,176	244,006	235,274	10,586	245,860
Money market instruments	10,443	0	10,443	10,607	0	10,607
Loans and deposits	222,387	11,176	233,563	224,667	10,586	235,253
Long-term	85,005	4,013	89,018	86,275	4,397	90,672
Bonds and notes	13,185	2,502	15,687	12,817	2,490	15,307
Loans	9	0	9	4	0	4
Other debt liabilities	71,811	1,511	73,322	73,454	1,907	75,361

Other Sectors⁴	1,590,714	284,175	1,874,889	1,658,186	293,019	1,951,204
Short-term	712,989	118,620	831,610	759,026	126,345	885,370
Money market instruments	56,158	392	56,550	57,218	384	57,602
Loans and deposits	352,487	6,613	359,100	359,473	6,799	366,272
Trade credits	304,344	111,615	415,959	342,335	119,162	461,497
Long-term	877,725	165,555	1,043,280	899,159	166,674	1,065,833
Bonds and notes	556,999	36,816	593,815	573,919	39,088	613,007
Loans	150,548	96,103	246,651	150,717	95,640	246,357
Other debt liabilities	170,178	32,636	202,814	174,523	31,946	206,469

Direct Investment ⁵	93,015	519,800	612,815	91,358	468,015	559,373
Debt liabilities to affiliated enterprises	12,970	275,588	288,558	13,855	229,605	243,460
Debt liabilities to direct investors	80,045	244,212	324,257	77,503	238,410	315,913

Gross External Debt	2,001,564	977,807	2,979,371	2,071,093	934,402	3,005,494
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 5.10 - Debt Instrument Financial Assets

Table 5.10 - Debt Instrument Financial Assets
	31 March 2024			30 June 2024
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
General Government	0	25,978	25,977	0	24,364	24,364
Short-term	0	25,015	25,015	0	23,296	23,296
Money market instruments	0	0	0	0	0	0
Loans and deposits	0	25,015	25,015	0	23,296	23,296
Long-term	0	963	963	0	1,068	1,068
Bonds and notes	0	679	679	0	819	819
Loans	0	284	284	0	249	249

Monetary Authority ²	0	104,603	104,603	0	113,395	113,395
Short-term	0	93,357	93,357	0	102,052	102,052
Money market instruments	0	1,893	1,893	0	1,795	1,795
Loans and deposits	0	91,464	91,464	0	100,257	100,257
Long-term	0	11,246	11,246	0	11,343	11,343
Bonds and notes	0	11,246	11,246	0	11,343	11,343

Monetary Financial Institutions³	1,102,436	58,177	1,160,614	1,142,344	58,403	1,200,745
Short-term	1,020,454	21,602	1,042,056	1,055,183	21,360	1,076,543
Money market instruments	480,069	18	480,087	494,085	0	494,085
Loans and deposits	540,385	21,584	561,969	561,098	21,360	582,458
Long-term	81,983	36,575	118,558	87,160	37,043	124,203
Bonds and notes	43,356	19,150	62,506	46,253	19,798	66,051
Loans	38,627	17,425	56,052	40,908	17,244	58,152
Other debt Assets	0	0	0	-1	1	0

Other Sectors ⁴	2,833,439	177,943	3,011,382	2,919,541	179,356	3,098,899
Short-term	833,239	112,728	945,967	876,208	113,045	989,253
Money market instruments	116,031	7,493	123,524	112,173	7,372	119,545
Loans and deposits	416,936	24,359	441,295	423,432	21,700	445,132
Trade credit assets	300,272	80,876	381,148	340,603	83,973	424,576
Long-term	2,000,201	65,215	2,065,416	2,043,334	66,311	2,109,645
Bonds and notes	1,678,066	51,374	1,729,440	1,718,637	51,677	1,770,314
Loans	307,718	10,996	318,714	309,223	11,989	321,212
Other debt Assets	14,417	2,845	17,262	15,474	2,645	18,119

Direct Investment ⁵	61,028	314,564	375,592	67,771	306,273	374,044
Debt asset claims on affiliated enterprises	12,904	203,829	216,733	13,653	200,797	214,450
Debt asset claims on direct investors	48,125	110,735	158,860	54,118	105,476	159,594

Reserve Assets	0	9,830	9,830	0	9,951	9,951

Debt Instrument Financial Assets ¹	3,996,903	691,095	4,687,998	4,129,656	691,742	4,821,398

Net External Debt ⁶	1,995,339	-286,712	1,708,627	2,058,563	-242,660	1,815,904
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.

Open in Excel: International Accounts Q2 2024 Table 5.10 (XLS 42KB)

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International Accounts Q2 2024

International Investment Position

International Investment Position

Net IIP liability of €458 billion at end-June 2024

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

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4									€ million
Item	Q22022	Q32022	Q42022	Q12023	Q22023	Q32023	Q42023	Q12024	Q22024
Foreign Assets
Direct Investment Abroad¹	1,225,185	1,236,156	1,210,999	1,238,942	1,243,207	1,227,949	1,248,317	1,249,331	1,286,675
Portfolio Investment	4,045,976	3,945,346	3,931,433	3,994,690	4,161,448	4,246,042	4,453,573	4,699,979	4,861,898
Other Investment²	1,978,689	2,165,450	1,991,527	2,034,693	2,041,500	2,081,413	2,000,026	2,038,638	2,121,649
Reserve Assets	11,949	12,862	12,233	12,219	12,046	11,667	11,675	11,754	11,874
Total Foreign Assets	7,261,799	7,359,814	7,146,192	7,280,544	7,458,201	7,567,071	7,713,591	7,999,702	8,282,096

Foreign Liabilities
Direct Investment in Ireland ¹	1,383,579	1,464,696	1,350,229	1,320,828	1,281,850	1,321,016	1,299,937	1,187,839	1,150,428
Portfolio Investment	4,717,783	4,680,522	4,703,643	4,837,792	4,967,603	5,001,453	5,247,990	5,532,246	5,776,309
Other Investment ²	1,745,651	1,851,049	1,667,085	1,659,409	1,754,666	1,785,654	1,682,650	1,752,485	1,812,865
Total Foreign Liabilities	7,847,013	7,996,267	7,720,957	7,818,029	8,004,119	8,108,123	8,230,577	8,472,570	8,739,602

Net International Investment Position (IIP)
Direct Investment¹	-158,394	-228,540	-139,230	-81,886	-38,643	-93,067	-51,620	61,492	136,247
Portfolio Investment	-671,807	-735,176	-772,210	-843,102	-806,155	-755,411	-794,417	-832,267	-914,411
Other Investment²	233,038	314,401	324,442	375,284	286,834	295,759	317,376	286,153	308,784
Reserve Assets	11,949	12,862	12,233	12,219	12,046	11,667	11,675	11,754	11,874

Total (Net IIP)	-585,214	-636,453	-574,765	-537,485	-545,918	-541,052	-516,986	-472,868	-457,506
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.