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International Accounts Q4 2020

International Investment Position

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Net IIP liability of €615 billion at end-December 2020

Table 5.1 International Investment Position						€ billion
	30 September 2020			31 December 2020
	Assets	Liabilities	NET	Assets	Liabilities	NET
General Government	22.2	164.0	-141.9	22.2	153.7	-131.5
Monetary Authority	80.1	20.5	59.6	73.3	20.7	52.7
Monetary Financial Institutions	992.9	918.5	74.4	1,055.7	978.1	77.6
Other Financial Intermediaries	3,899.8	3,885.3	14.6	4,158.1	4,157.6	0.5
Non-Financial Companies	896.9	1,505.7	-608.8	988.6	1,602.9	-614.2
Total	5,891.9	6,494.0	-602.1	6,298.2	6,913.0	-614.9

Open in Excel: International Accounts Q4 2020 Table 5.1 (XLS 37KB)

At 31st December 2020, Ireland's quarterly international investment position ((IIP) results show overall stocks of foreign financial assets of €6,298bn - an increase of €406bn on the end-September 2020 level, while the corresponding stocks of foreign financial liabilities increased by €419bn to €6,913bn over the quarter. Irish residents had an overall net foreign liability of €615bn at end-December 2020, an increase of €13bn in the net foreign liability level at end-September 2020 - see Table 5.2.

X-axis label	Net IIP %GDP
Q12019	-172
Q22019	-178
Q32019	-175
Q42019	-174
Q12020	-176
Q22020	-176
Q32020	-165
Q42020	-168

Some points of note in the Quarter 4 2020 IIP are:

Direct Investment Abroad increased by €88bn to €983bn.
Equity capital (including reinvested earnings) increased €95.8bn while other capital decreased €7.5bn – see Table 5.5.
Foreign Assets of Other Financial Intermediaries increased by €258bn, with foreign liabilities increasing by €272bn, the resulting net decreased to €0bn - see Table 5.3.
Foreign Assets of the Monetary Authority decreased by €6.8bn while foreign liabilities increased by €0.2bn. The resulting net decreased to €53bn - see Table 5.3.

X-axis label	Direct Investment	Portfolio Investment	Other Investment	Reserve Assets	Net IIP
Q12019	-70.3	-465.8	-41.2	4.6	-572.7
Q22019	-87.4	-501.4	-19	4.7	-603.1
Q32019	-64	-550.5	0.7	5	-608.8
Q42019	-59.1	-550.6	-14.1	5.1	-618.8
Q12020	-104.3	-582.1	42	5.3	-639.2
Q22020	-188	-500.4	49.5	5.2	-633.7
Q32020	-113	-554.2	59.4	5.7	-602.1
Q42020	-116.8	-601.5	97.1	6.2	-615

Figure 2 shows the net IIP over time along with the contribution of each instrument type to it.

Net Portfolio Investment fell €47bn to -€601bn.
Net Other Investment rose €38bn to €97bn.
Reserve Assets grew €0.5bn to €6.2bn.

X-axis label	General Government	Monetary Financial Institutions	Other Financial Intermediaries	Non-Financial Companies
31 Mar 2020	830	437	990	759
30 Jun 2020	924	485	1153	793
30 Sep 2020	905	472	1205	814
31 Dec 2020	953	504	1329	852

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:

€953bn issued by foreign Governments
€504bn issued by foreign Monetary Financial Institutions (including Money Market Investment Funds)
€1329bn issued by foreign Other Financial Intermediaries (including Non-Money Market Investment Funds)
€852bn issued by foreign Non-Financial Companies

X-axis label	Direct Investment	Other Sectors	Monetary Financial Institutions	Monetary Authority	General Government
Q12020	628	1570	289	20	155
Q22020	554	1554	274	20	167
Q32020	508	1574	268	21	164
Q42020	514	1604	277	21	154

Gross External Debt stands at €2.6 trillion at end-December 2020.

At 31st December 2020, the gross external debt of all resident sectors (i.e. general government, the monetary authority, financial and non-financial corporations and households) amounted to €2,570bn.
This represents an increase of €36bn 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 30th September 2020 (€2,534bn) - see Table 5.9.

Points of note are:

General government foreign borrowing fell by €10bn to €154bn at end-December 2020.
Liabilities of the Monetary Authority consisting entirely of short-term loans and deposits increased €0.2bn to €20.7bn. 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 €9.1bn to €277.3bn.
The liabilities of Other sectors at €1,604bn increased €31bn on the previous quarter.
This was made up of a rise in short-term debt of €18bn and a rise in long-term debt of €13bn.
Direct investment liabilities increased by €6bn to €514bn in the quarter.
The Net External Debt position was €1,434bn at end-December 2020, 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	Q1 2019	Q2 2019	Q3 2019	Q4 2019	Q1 2020	Q2 2020	Q3 2020	Q4 2020
Foreign Assets
General Government	24,670	24,256	22,690	22,174	21,836	22,238	22,168	22,254
Monetary Authority ¹	49,750	54,932	57,614	66,305	66,676	79,676	80,122	73,369
Monetary Financial Institutions²	832,326	840,211	932,132	944,174	990,773	1,012,943	992,865	1,055,770
Other Sectors³	4,364,053	4,413,413	4,738,034	4,818,778	4,527,293	4,733,905	4,796,722	5,146,809
of which:
Other Financial Intermediaries	3,468,213	3,555,642	3,790,549	3,851,422	3,605,872	3,822,640	3,899,804	4,158,141
Non-Financial Companies⁴	895,840	857,771	947,485	967,357	921,421	911,265	896,918	988,668
Total Foreign Assets	5,270,800	5,332,812	5,750,470	5,851,432	5,606,578	5,848,762	5,891,877	6,298,202

Foreign Liabilities
General Government	153,574	153,018	151,485	147,097	155,468	167,377	164,029	153,750
Monetary Authority ¹	20,038	20,743	20,783	21,718	20,101	20,043	20,527	20,699
Monetary Financial Institutions²	783,453	788,776	873,006	880,684	917,450	934,754	918,472	978,141
Other Sectors³	4,886,405	4,973,376	5,313,960	5,420,715	5,152,711	5,360,313	5,390,929	5,760,591
of which:
Other Financial Intermediaries	3,449,875	3,525,446	3,763,773	3,839,333	3,596,258	3,810,129	3,885,253	4,157,674
Non-Financial Companies⁴	1,436,530	1,447,929	1,550,187	1,581,381	1,556,453	1,550,184	1,505,677	1,602,916
Total Foreign Liabilities	5,843,470	5,935,913	6,359,234	6,470,214	6,245,730	6,482,487	6,493,957	6,913,181

Net International Investment Position (IIP)
General Government	-128,904	-128,762	-128,795	-124,923	-133,632	-145,139	-141,861	-131,496
Monetary Authority ¹	29,712	34,189	36,831	44,587	46,575	59,633	59,595	52,670
Monetary Financial Institutions²	48,873	51,435	59,126	63,490	73,323	78,189	74,393	77,629
Other Sectors³	-522,352	-559,963	-575,926	-601,937	-625,418	-626,408	-594,207	-613,782
of which:
Other Financial Intermediaries	18,338	30,196	26,776	12,089	9,614	12,511	14,551	467
Non-Financial Companies⁴	-540,690	-590,158	-602,702	-614,024	-635,032	-638,919	-608,759	-614,248
Total (Net IIP)	-572,671	-603,100	-608,764	-618,782	-639,152	-633,726	-602,081	-614,978
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 Q4 2020 Table 5.3 (XLS 40KB)

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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
	30 September 2020			31 December 2020
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
Foreign Assets
General Government	0	22,168	22,168	0	22,254	22,254
Monetary Authority¹	0	80,122	80,122	0	73,369	73,369
Monetary Financial Institutions²	931,863	61,002	992,865	994,673	61,097	1,055,770
Other Sectors³	3,806,601	990,121	4,796,722	4,025,235	1,121,574	5,146,809
of which:
Other Financial Intermediaries	3,806,601	93,203	3,899,804	4,025,235	132,906	4,158,141
Non-Financial Companies⁴	0	896,918	896,918	0	988,668	988,668
Total Foreign Assets	4,738,464	1,153,413	5,891,877	5,019,908	1,278,294	6,298,202

Foreign Liabilities
General Government	0	164,029	164,029	0	153,750	153,750
Monetary Authority¹	0	20,527	20,527	0	20,699	20,699
Monetary Financial Institutions²	890,045	28,427	918,472	950,383	27,758	978,141
Other Sectors³	4,018,761	1,372,169	5,390,930	4,238,254	1,522,336	5,760,590
of which:
Other Financial Intermediaries	4,018,761	-133,508	3,885,253	4,238,254	-80,580	4,157,674
Non-Financial Companies⁴	0	1,505,677	1,505,677	0	1,602,916	1,602,916
Total Foreign Liabilities	4,908,806	1,585,152	6,493,958	5,188,637	1,724,543	6,913,180

Net International Investment Position (IIP)
General Government	0	-141,861	-141,861	0	-131,496	-131,496
Monetary Authority¹	0	59,595	59,595	0	52,670	52,670
Monetary Financial Institutions²	41,818	32,575	74,393	44,290	33,339	77,629
Other Sectors³	-212,160	-382,048	-594,208	-213,019	-400,762	-613,781
of which:
Other Financial Intermediaries	-212,160	226,711	14,551	-213,019	213,486	467
Non-Financial Companies⁴	0	-608,759	-608,759	0	-614,248	-614,248
Total (Net IIP)	-170,342	-431,739	-602,081	-168,729	-446,249	-614,978
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 Q4 2020 Table 5.4 (XLS 41KB)

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Table 5.5 International Investment Position (IIP) - Detailed Data

Table 5.5 International Investment Position (IIP) - Detailed Data				€ million
Item	Q1 2020	Q2 2020	Q3 2020	Q4 2020
Foreign Assets
Direct Investment Abroad¹	933,951	908,604	895,064	983,426
Equity capital and reinvested earnings	953,628	948,951	943,854	1,039,675
Other capital	-19,676	-40,347	-48,789	-56,249

Portfolio Investment	3,015,891	3,354,980	3,397,189	3,637,459
Equity	1,157,190	1,306,343	1,368,191	1,531,754
Monetary authority²	0	0	0	0
General government	3,745	3,941	3,841	4,079
Monetary financial institutions³	3,268	49	172	444
Other sectors	1,150,177	1,302,353	1,364,178	1,527,231

Debt instruments	1,858,701	2,048,637	2,028,998	2,105,705
Bonds and notes	1,466,369	1,564,362	1,567,775	1,620,477
Monetary authority²	19,262	18,268	17,343	16,690
General government	1,225	1,173	1,148	1,086
Monetary financial institutions³	87,232	87,566	74,858	71,978
Other sectors	1,358,651	1,457,355	1,474,426	1,530,723

Money market instruments	392,331	484,275	461,224	485,228
Monetary authority²	1,037	1,220	1,286	1,005
General government	0	0	0	0
Monetary financial institutions³	329,368	410,491	384,964	404,804
Other sectors	61,927	72,564	74,974	79,419

Other Investment	1,651,482	1,579,969	1,593,918	1,671,110
Loans, currency and deposits	1,195,308	1,143,636	1,156,836	1,208,087
Monetary authority²	39,841	54,080	54,888	48,566
General government	1,922	1,981	1,970	1,901
Monetary financial institutions³	485,743	441,493	458,417	484,420
Other sectors	667,802	646,082	641,561	673,200

Trade Credits	73,676	85,405	87,394	82,924
General government	0	0	0	0
Other sectors	73,676	85,405	87,394	82,924

Other assets⁴	382,499	350,929	349,688	380,098
Monetary authority²	1,283	900	900	900
General government	14,907	15,106	15,171	15,151
Monetary financial institutions³	78,877	69,172	70,864	89,234
Other sectors	287,432	265,751	262,753	274,813

Reserve assets	5,253	5,208	5,706	6,207
Monetary gold	268	289	294	282
Special drawing rights	831	844	802	815
Reserve Position in the IMF	1,006	991	948	951
Foreign Exchange	736	706	813	981
Other	2,412	2,378	2,849	3,178

Total Foreign Assets	5,606,578	5,848,762	5,891,877	6,298,202
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.

Open in Excel: International Accounts Q4 2020 Table 5.5 (XLS 41KB)

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Table 5.6 International Investment Position (IIP) - Detailed Data

Table 5.6 International Investment Position (IIP) - Detailed Data				€ million
Item	Q1 2020	Q2 2020	Q3 2020	Q4 2020
Foreign Liabilities
Direct Investment in Ireland¹	1,038,284	1,096,582	1,008,055	1,100,218
Equity capital and reinvested earnings	918,534	999,740	952,765	1,018,539
Other capital	119,750	96,842	55,290	81,679

Portfolio Investment	3,597,977	3,855,420	3,951,372	4,238,934
Equity	3,035,756	3,257,788	3,346,738	3,626,510
Monetary authority²	0	0	0	0
General government	0	0	0	0
Monetary financial institutions³	523,285	560,212	548,276	577,548
Other sectors	2,512,471	2,697,576	2,798,462	3,048,963

Debt instruments	562,221	597,632	604,634	612,424
Bonds and notes	544,639	568,967	577,439	591,852
Monetary authority²	0	0	0	0
General government	88,768	90,788	89,578	86,250
Monetary financial institutions³	24,788	21,391	21,123	20,525
Other sectors	431,083	456,789	466,739	485,077

Money market instruments	17,582	28,665	27,195	20,571
Monetary authority²	0	0	0	0
General government	5,659	16,194	14,483	7,900
Monetary financial institutions³	10,972	11,386	11,823	12,288
Other sectors	950	1,085	889	383

Other Investment	1,609,468	1,530,485	1,534,531	1,574,028
Loans, currency and deposits	939,839	913,122	905,872	919,167
Monetary authority²	19,063	19,003	19,503	19,785
General government	46,823	46,145	45,725	45,371
Monetary financial institutions³	225,690	212,651	203,580	216,786
Other sectors	648,262	635,324	637,064	637,225

Trade Credits	38,940	38,745	40,141	52,368
General government	0	0	0	0
Other sectors	38,940	38,745	40,141	52,368

Other liabilities⁴	630,688	578,618	588,518	602,492
Monetary authority²	1,037	1,040	1,025	914
General government	14,216	14,250	14,243	14,227
Monetary financial institutions³	87,135	83,021	87,896	104,457
Other sectors	528,300	480,306	485,353	482,894

Total Foreign Liabilities	6,245,730	6,482,487	6,493,958	6,913,180
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.

Open in Excel: International Accounts Q4 2020 Table 5.6 (XLS 40KB)

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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	Q1 2020	Q2 2020	Q3 2020	Q4 2020
Foreign Assets
Direct Investment Abroad ¹	933,951	908,604	895,064	983,426
- IFSC	136,992	132,132	94,935	90,037
- Non-IFSC	796,959	776,472	800,129	893,389
Portfolio Investment	3,015,891	3,354,980	3,397,189	3,637,459
- IFSC	2,871,145	3,202,151	3,244,012	3,479,122
- Non-IFSC	144,746	152,829	153,177	158,337
Other Investment ²	1,651,482	1,579,969	1,593,918	1,671,110
- IFSC	1,466,468	1,382,284	1,399,517	1,450,749
- Non-IFSC	185,014	197,685	194,401	220,361
Reserve Assets	5,253	5,208	5,706	6,207
- IFSC	0	0	0	0
- Non-IFSC	5,253	5,208	5,706	6,207
Total Foreign Assets	5,606,578	5,848,762	5,891,877	6,298,202
- IFSC	4,474,605	4,716,567	4,738,464	5,019,908
- Non-IFSC	1,131,972	1,132,194	1,153,413	1,278,294

Foreign Liabilities
Direct Investment in Ireland ¹	1,038,284	1,096,582	1,008,055	1,100,218
- IFSC	282,978	308,317	291,685	304,490
- Non-IFSC	755,306	788,265	716,370	795,728
Portfolio Investment	3,597,977	3,855,420	3,951,372	4,238,934
- IFSC	2,929,229	3,234,218	3,290,365	3,533,149
- Non-IFSC	668,748	621,202	661,007	705,785
Other Investment ²	1,609,468	1,530,485	1,534,531	1,574,028
- IFSC	1,400,117	1,321,993	1,326,755	1,350,998
- Non-IFSC	209,351	208,492	207,776	223,030
Total Foreign Liabilities	6,245,730	6,482,487	6,493,958	6,913,180
- IFSC	4,612,324	4,864,528	4,908,805	5,188,637
- Non-IFSC	1,633,405	1,617,959	1,585,153	1,724,543

Net International Investment Position (IIP)
Direct Investment ¹	-104,333	-187,978	-112,991	-116,792
- IFSC	-145,986	-176,185	-196,750	-214,453
- Non-IFSC	41,653	-11,793	83,759	97,661
Portfolio Investment	-582,086	-500,440	-554,183	-601,475
- IFSC	-58,084	-32,067	-46,353	-54,027
- Non-IFSC	-524,002	-468,373	-507,830	-547,448
Other Investment²	42,014	49,484	59,387	97,082
- IFSC	66,351	60,291	72,762	99,751
- Non-IFSC	-24,337	-10,807	-13,375	-2,669
Reserve Assets	5,253	5,208	5,706	6,207
- IFSC	0	0	0	0
- Non-IFSC	5,253	5,208	5,706	6,207
Total (Net IIP)	-639,152	-633,726	-602,081	-614,978
- IFSC	-137,719	-147,961	-170,341	-168,729
- Non-IFSC	-501,433	-485,765	-431,740	-446,249
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 December 2020 - Reconciliation of IIP and BOP Flows

Table 5.8 International Investment Position (IIP) - 31st December 2020 - Reconciliation of IIP and BOP Flows				€ million
Item	Opening Position 01/10/2020	Bop Flows in Quarter	Valuation and Other Changes	Closing Position 31/12/2020
Foreign Assets

Direct Investment Abroad¹	895,064	-13,895	102,257	983,426
Equity capital and reinvested earnings	943,854	-5,099	100,920	1,039,675
Other capital	-48,789	-8,796	1,336	-56,249

Portfolio Investment	3,397,189	145,097	95,173	3,637,459
Equity	1,368,191	55,953	107,610	1,531,754
Debt instruments	2,028,998	89,145	-12,438	2,105,705
Bonds and notes	1,567,775	64,624	-11,922	1,620,477
Money market instruments	461,224	24,521	-517	485,228

Other Investment	1,593,918	37,373	39,819	1,671,110
Loans, currency and deposits	1,156,836	52,649	-1,398	1,208,087
Other²	437,082	-15,276	41,217	463,023

Reserve Assets	5,706	396	105	6,207

Total Foreign Assets	5,891,877	168,971	237,354	6,298,202

Foreign Liabilities

Direct Investment in Ireland¹	1,008,055	-19,869	112,032	1,100,218
Equity capital and reinvested earnings	952,765	-21,564	87,338	1,018,539
Other capital	55,290	1,695	24,694	81,679

Portfolio Investment	3,951,372	123,737	163,825	4,238,934
Equity	3,346,738	104,946	174,826	3,626,510
Debt instruments	604,634	18,791	-11,001	612,424
Bonds and notes	577,439	23,918	-9,505	591,852
Money market instruments	27,195	-5,128	-1,496	20,571

Other Investment	1,534,531	52,403	-12,906	1,574,028
Loans, currency and deposits	905,872	32,959	-19,664	919,167
Other²	628,659	19,444	6,758	654,861

Total Foreign Liabilities	6,493,958	156,271	262,951	6,913,180
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 Q4 2020 Table 5.8 (XLS 40KB)

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Table 5.9 Gross External Debt

Table 5.9 - Gross External Debt¹						€ million
	30 September 2020			31 December 2020
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
General Government	0	164,029	164,029	0	153,749	153,749
Short-term	0	30,724	30,724	0	24,155	24,155
Money market instruments	0	28,726	28,726	0	22,128	22,128
Loans & Deposits	0	1,998	1,998	0	2,027	2,027
Long-term	0	133,305	133,305	0	129,594	129,594
Bonds and notes	0	89,578	89,578	0	86,250	86,250
Loans	0	43,727	43,727	0	43,344	43,344

Monetary Authority²	0	20,528	20,528	0	20,699	20,699
Short-term	0	19,503	19,503	0	19,785	19,785
Loans and deposits	0	19,503	19,503	0	19,785	19,785
Long-term	0	1,025	1,025	0	914	914
Other debt liabilities	0	1,025	1,025	0	914	914

Monetary Financial Institutions³	248,003	20,121	268,124	257,315	19,936	277,251
Short-term	198,718	14,770	213,488	211,856	15,192	227,048
Money market instruments	11,823	0	11,823	12,288	0	12,288
Loans and deposits	186,895	14,770	201,665	199,568	15,192	214,760
Long-term	49,285	5,351	54,636	45,459	4,744	50,203
Bonds and notes	16,631	4,492	21,123	16,590	3,935	20,525
Loans	1,255	659	1,914	1,288	738	2,026
Other debt liabilities	31,399	200	31,599	27,581	71	27,652

Other Sectors⁴	1,456,845	116,866	1,573,711	1,473,205	131,182	1,604,387
Short-term	322,375	37,961	360,336	324,869	53,589	378,458
Money market instruments	3	886	889	3	380	383
Loans and deposits	307,105	12,201	319,306	308,539	17,168	325,707
Trade credits	15,267	24,874	40,141	16,327	36,041	52,368
Long-term	1,134,470	78,905	1,213,375	1,148,336	77,593	1,225,929
Bonds and notes	459,264	7,475	466,739	477,458	7,619	485,077
Loans	296,284	21,474	317,758	290,724	20,794	311,518
Other debt liabilities	378,922	49,956	428,878	380,154	49,180	429,334

Direct Investment ⁵	62,589	445,438	508,027	63,147	451,134	514,281
Debt liabilities to affiliated enterprises	3,428	170,321	173,749	5,109	175,097	180,206
Debt liabilities to direct investors	59,161	275,117	334,278	58,038	276,037	334,075

Gross External Debt	1,767,437	766,982	2,534,420	1,793,667	776,700	2,570,369
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.

Open in Excel: International Accounts Q4 2020 Table 5.9 (XLS 41KB)

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Table 5.10 - Debt Instrument Financial Assets

Table 5.10 - Debt Instrument Financial Assets
	30 September 2020			31 December 2020
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
General Government	0	3,119	3,119	0	2,987	2,987
Short-term	0	446	446	0	385	385
Money market instruments	0	0	0	0	0	0
Loans and deposits	0	446	446	0	385	385
Long-term	0	2,673	2,673	0	2,602	2,602
Bonds and notes	0	1,148	1,148	0	1,086	1,086
Loans	0	1,525	1,525	0	1,516	1,516

Monetary Authority ²	0	73,517	73,517	0	66,261	66,261
Short-term	0	56,174	56,174	0	49,571	49,571
Money market instruments	0	1,286	1,286	0	1,005	1,005
Loans and deposits	0	54,888	54,888	0	48,566	48,566
Long-term	0	17,343	17,343	0	16,690	16,690
Bonds and notes	0	17,343	17,343	0	16,690	16,690

Monetary Financial Institutions³	881,218	53,852	935,070	923,589	54,010	977,599
Short-term	782,593	16,883	799,476	830,153	18,417	848,570
Money market instruments	384,964	0	384,964	404,804	0	404,804
Loans and deposits	397,629	16,883	414,512	425,349	18,417	443,766
Long-term	98,625	36,969	135,594	93,436	35,593	129,029
Bonds and notes	51,842	23,016	74,858	49,132	22,846	71,978
Loans	30,069	13,835	43,904	28,040	12,614	40,654
Other debt Assets	16,714	118	16,832	16,264	133	16,397

Other Sectors ⁴	2,352,767	131,553	2,484,320	2,413,531	163,797	2,577,328
Short-term	402,178	46,536	448,714	411,911	62,291	474,202
Money market instruments	74,640	334	74,974	79,176	243	79,419
Loans and deposits	267,515	18,831	286,346	283,590	28,269	311,859
Trade credit assets	60,023	27,371	87,394	49,145	33,779	82,924
Long-term	1,950,589	85,017	2,035,606	2,001,620	101,506	2,103,126
Bonds and notes	1,429,326	45,100	1,474,426	1,485,668	45,055	1,530,723
Loans	350,249	4,965	355,214	356,458	4,883	361,341
Other debt Assets	171,014	34,952	205,966	159,494	51,568	211,062

Direct Investment ⁵	102,066	301,881	403,947	89,245	287,109	376,354
Debt asset claims on affiliated enterprises	4,398	120,561	124,959	5,347	118,611	123,958
Debt asset claims on direct investors	97,668	181,320	278,988	83,898	168,498	252,396

Reserve Assets	0	3,662	3,662	0	4,040	4,040

Debt Instrument Financial Assets ¹	3,336,051	567,584	3,903,635	3,426,365	578,204	4,004,569

Net External Debt ⁶	1,568,614	-199,398	1,369,215	1,632,698	-198,496	1,434,200
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 Q4 2020 Table 5.10 (XLS 42KB)

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International Accounts Q4 2020

International Investment Position

International Investment Position

Net IIP liability of €615 billion at end-December 2020

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