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International Accounts Q4 2024

International Investment Position

Net IIP liability of €430 billion at end-December 2024

Online ISSN: 2565-6384

CSO statistical release, 06 March 2025, 11am

Table 5.1 International Investment Position						€ billion
	30 September 2024			31 December 2024
	Assets	Liabilities	NET	Assets	Liabilities	NET
General Government	18.7	113.4	-94.7	27.9	112.6	-84.7
Monetary Authority	123.3	35.5	87.8	122.2	36.2	86.0
Monetary Financial Institutions	1,354.3	1,221.4	132.9	1,440.3	1,296.8	143.5
Other Financial Intermediaries	5,789.5	5,649.3	140.1	6,183.6	6,050.8	132.8
Non-Financial Companies	1,117.3	1,796.6	-679.3	1,182.1	1,890.3	-708.2
Total	8,403.1	8,816.3	-413.2	8,956.1	9,386.6	-430.5

Open in Excel: International Accounts Q4 2024 Table 5.1 (XLS 37KB)

At 31st December 2024, Ireland's quarterly international investment position (IIP) results show overall stocks of foreign financial assets of €8,956bn - an increase of €553bn on the end-September 2024 level, while the corresponding stocks of foreign financial liabilities increased by €570bn to €9,387 over the quarter. Irish residents had an overall net foreign liability of €430bn at end-December 2024, an increase of €17bn in the net foreign liability level at end-September 2024 - see Table 5.2.

X-axis label	Net IIP %GDP
Q12023	-102
Q22023	-104
Q32023	-104
Q42023	-101
Q12024	-93
Q22024	-90
Q32024	-80
Q42024	-81

Some points of note in the Quarter 4 2024 IIP are:

Direct Investment Abroad increased by €148bn to €1,326bn.
Equity capital (including reinvested earnings) increased €146.1bn while other capital increased €1.4bn – see Table 5.5.
Foreign Assets of Other Financial Intermediaries increased by €394bn. With foreign liabilities increasing by €401bn, the resulting net decreased to €133bn - see Table 5.3.
Foreign Assets of the Monetary Authority decreased by €1.1bn while foreign liabilities increased by €0.7bn. The resulting net decreased to €86bn - see Table 5.3.

X-axis label	Direct Investment	Portfolio Investment	Other Investment	Reserve Assets	Net IIP
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
Q32024	118.4	-886.8	343.8	11.5	-413.2
Q42024	199.9	-993.8	351.3	12.2	-430.5

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

Net Portfolio Investment fell €107bn to -€994bn.
Net Other Investment rose €7bn to €351bn.
Reserve Assets grew €0.7bn to €12.2bn.

X-axis label	General Government	Monetary Financial Institutions	Other Financial Intermediaries	Non-Financial Companies
31 Mar 2024	792	610	1202	2096
30 Jun 2024	793	637	1231	2203
30 Sep 2024	829	678	1269	2284
31 Dec 2024	879	721	1323	2453

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:

€879bn issued by foreign Governments.
€721bn issued by foreign Monetary Financial Institutions (including Money Market Investment Funds).
€1,323bn issued by foreign Other Financial Intermediaries (including Non-Money Market Investment Funds).
€2,453bn issued by foreign Non-Financial Companies.

X-axis label	Direct Investment	Other Sectors	Monetary Financial Institutions	Monetary Authority	General Government
Q12024	613	1875	333	35	124
Q22024	559	1951	337	35	123
Q32024	506	1975	337	35	113
Q42024	515	2058	348	36	113

Gross External Debt stands at €3.1 trillion at end-December 2024.

At 31st December 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 €3,069bn. This represents an increase of €103bn 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 2024 (€2,966bn) - see Table 5.9.

Points of note are:

General government foreign borrowing fell by €1bn to €113bn at end-December 2024.
Liabilities of the Monetary Authority consisting entirely of short term loans and deposits increased €0.7bn to €36.2bn. These liabilities are to the European System of Central Banks (ESCB) and include balances in the TARGET2 settlement system of the ESCB.
Debt liabilities of Monetary financial institutions (credit institutions and money market funds) rose €10.9bn to €347.6bn.
The liabilities of Other sectors at €2,058bn increased €83bn on the previous quarter.
This was made up of a rise in short-term debt of €52bn and a rise in long-term debt of €31bn.
Direct investment liabilities increased by €9bn to €515bn in the quarter.
The Net External Debt position was €2,119bn at end-December 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	Q42022	Q12023	Q22023	Q32023	Q42023	Q12024	Q22024	Q32024	Q42024
Foreign Assets
Direct Investment Abroad¹	1,210,999	1,238,942	1,243,207	1,227,949	1,248,317	1,249,331	1,286,675	1,178,958	1,326,461
Portfolio Investment	3,931,433	3,994,690	4,161,448	4,246,042	4,453,573	4,699,979	4,861,898	5,059,021	5,374,452
Other Investment²	1,991,527	2,034,693	2,041,500	2,081,413	2,000,026	2,038,638	2,121,649	2,153,637	2,243,018
Reserve Assets	12,233	12,219	12,046	11,667	11,675	11,754	11,874	11,472	12,196
Total Foreign Assets	7,146,192	7,280,544	7,458,201	7,567,071	7,713,591	7,999,702	8,282,096	8,403,088	8,956,127

Foreign Liabilities
Direct Investment in Ireland ¹	1,350,229	1,320,828	1,281,850	1,321,016	1,299,937	1,187,839	1,150,428	1,060,594	1,126,560
Portfolio Investment	4,703,643	4,837,792	4,967,603	5,001,453	5,247,990	5,532,246	5,776,309	5,945,844	6,368,286
Other Investment ²	1,667,085	1,659,409	1,754,666	1,785,654	1,682,650	1,752,485	1,812,865	1,809,828	1,891,748
Total Foreign Liabilities	7,720,957	7,818,029	8,004,119	8,108,123	8,230,577	8,472,570	8,739,602	8,816,266	9,386,594

Net International Investment Position (IIP)
Direct Investment¹	-139,230	-81,886	-38,643	-93,067	-51,620	61,492	136,247	118,364	199,901
Portfolio Investment	-772,210	-843,102	-806,155	-755,411	-794,417	-832,267	-914,411	-886,823	-993,834
Other Investment²	324,442	375,284	286,834	295,759	317,376	286,153	308,784	343,809	351,270
Reserve Assets	12,233	12,219	12,046	11,667	11,675	11,754	11,874	11,472	12,196

Total (Net IIP)	-574,765	-537,485	-545,918	-541,052	-516,986	-472,868	-457,506	-413,178	-430,467
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 2024 Table 5.2 (XLS 39KB)

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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	Q12023	Q22023	Q32023	Q42023	Q12024	Q22024	Q32024	Q42024
Foreign Assets
General Government	22,161	23,588	24,959	26,781	30,641	28,726	18,694	27,901
Monetary Authority ¹	116,302	119,715	119,859	124,395	116,357	125,269	123,329	122,212
Monetary Financial Institutions ²	1,177,722	1,191,924	1,229,212	1,221,034	1,242,246	1,283,741	1,354,305	1,440,297
Other Sectors ³	5,964,358	6,122,975	6,193,042	6,341,381	6,610,458	6,844,360	6,906,760	7,365,717
of which:
Other Financial Intermediaries	4,844,830	4,997,714	5,070,465	5,187,529	5,418,255	5,624,411	5,789,461	6,183,620
Non-Financial Companies ⁴	1,119,528	1,125,261	1,122,577	1,153,852	1,192,203	1,219,949	1,117,299	1,182,097
Total Foreign Assets	7,280,543	7,458,202	7,567,072	7,713,591	7,999,702	8,282,096	8,403,088	8,956,127

Foreign Liabilities
General Government	128,241	127,301	124,312	126,458	123,765	123,236	113,397	112,589
Monetary Authority ¹	33,157	33,444	34,210	34,573	34,878	35,149	35,493	36,206
Monetary Financial Institutions ²	1,061,887	1,074,171	1,105,299	1,116,688	1,132,398	1,166,674	1,221,429	1,296,759
Other Sectors ³	6,594,744	6,769,203	6,844,303	6,952,857	7,181,530	7,414,543	7,445,946	7,941,040
of which:
Other Financial Intermediaries	4,763,712	4,921,168	4,970,773	5,088,233	5,280,741	5,488,683	5,649,326	6,050,784
Non-Financial Companies ⁴	1,831,032	1,848,035	1,873,530	1,864,624	1,900,789	1,925,860	1,796,620	1,890,256
Total Foreign Liabilities	7,818,029	8,004,119	8,108,124	8,230,576	8,472,571	8,739,602	8,816,265	9,386,594

Net International Investment Position (IIP)
General Government	-106,080	-103,713	-99,353	-99,677	-93,124	-94,510	-94,703	-84,688
Monetary Authority ¹	83,145	86,271	85,649	89,822	81,479	90,120	87,836	86,006
Monetary Financial Institutions ²	115,835	117,753	123,913	104,346	109,848	117,067	132,876	143,538
Other Sectors ³	-630,386	-646,228	-651,261	-611,476	-571,072	-570,183	-539,186	-575,323
of which:
Other Financial Intermediaries	81,118	76,546	99,692	99,296	137,514	135,728	140,135	132,836
Non-Financial Companies ⁴	-711,504	-722,774	-750,953	-710,772	-708,586	-705,911	-679,321	-708,159
Total (Net IIP)	-537,485	-545,918	-541,052	-516,986	-472,868	-457,506	-413,178	-430,467
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
	30 September 2024			31 December 2024
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
Foreign Assets
General Government	0	18,694	18,694	0	27,901	27,901
Monetary Authority¹	0	123,329	123,329	0	122,212	122,212
Monetary Financial Institutions²	1,285,304	69,001	1,354,305	1,372,301	67,996	1,440,297
Other Sectors³	5,454,184	1,452,576	6,906,760	5,816,964	1,548,753	7,365,717
of which:
Other Financial Intermediaries	5,454,184	335,277	5,789,461	5,816,964	366,656	6,183,620
Non-Financial Companies⁴	0	1,117,299	1,117,299	0	1,182,097	1,182,097
Total Foreign Assets	6,739,488	1,663,600	8,403,088	7,189,265	1,766,862	8,956,127

Foreign Liabilities
General Government	0	113,397	113,397	0	112,589	112,589
Monetary Authority¹	0	35,493	35,493	0	36,206	36,206
Monetary Financial Institutions²	1,200,350	21,079	1,221,429	1,278,046	18,713	1,296,759
Other Sectors³	5,474,957	1,970,989	7,445,946	5,848,790	2,092,250	7,941,040
of which:
Other Financial Intermediaries	5,474,957	174,369	5,649,326	5,848,790	201,994	6,050,784
Non-Financial Companies⁴	0	1,796,620	1,796,620	0	1,890,256	1,890,256
Total Foreign Liabilities	6,675,307	2,140,959	8,816,266	7,126,836	2,259,758	9,386,594

Net International Investment Position (IIP)
General Government	0	-94,703	-94,703	0	-84,688	-84,688
Monetary Authority¹	0	87,836	87,836	0	86,006	86,006
Monetary Financial Institutions²	84,954	47,922	132,876	94,255	49,283	143,538
Other Sectors³	-20,773	-518,413	-539,186	-31,826	-543,497	-575,323
of which:
Other Financial Intermediaries	-20,773	160,908	140,135	-31,826	164,662	132,836
Non-Financial Companies⁴	0	-679,321	-679,321	0	-708,159	-708,159
Total (Net IIP)	64,181	-477,358	-413,178	62,429	-492,896	-430,467
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 by Foreign Assets

Table 5.5 International Investment Position (IIP) - Detailed Data by Foreign Assets				€ million
Item	Q12024	Q22024	Q32024	Q42024
Foreign Assets
Direct Investment Abroad¹	1,249,331	1,286,675	1,178,958	1,326,461
Equity capital and reinvested earnings	1,344,705	1,347,380	1,255,065	1,401,159
Other capital	-95,374	-60,705	-76,107	-74,698

Portfolio Investment	4,699,979	4,861,898	5,059,021	5,374,452
Equity	2,290,603	2,397,941	2,489,893	2,685,386
Monetary authority²	0	0	0	0
General government	4,624	4,272	4,336	4,396
Monetary financial institutions³	3,462	5,637	6,502	6,799
Other sectors	2,282,517	2,388,032	2,479,055	2,674,191

Debt instruments	2,409,377	2,463,957	2,569,129	2,689,066
Bonds and notes	1,804,023	1,848,581	1,904,234	1,961,740
Monetary authority²	11,397	11,397	11,397	11,397
General government	679	819	4,059	4,321
Monetary financial institutions³	62,506	66,051	67,626	72,058
Other sectors	1,729,441	1,770,314	1,821,152	1,873,964

Money market instruments	605,354	615,375	664,895	727,326
Monetary authority²	1,742	1,742	1,742	1,742
General government	0	0	0	0
Monetary financial institutions³	480,087	494,085	544,616	595,055
Other sectors	123,525	119,548	118,537	130,529

Other Investment	2,038,638	2,121,649	2,153,637	2,243,018
Loans, currency and deposits	1,445,099	1,480,907	1,498,333	1,565,719
Monetary authority²	91,464	100,256	98,718	96,877
General government	11,919	10,165	10,204	19,148
Monetary financial institutions³	581,708	604,142	616,546	659,902
Other sectors	760,008	766,344	772,865	789,792

Trade Credits	97,846	115,019	111,293	127,074
General government	0	0	0	0
Other sectors	97,846	115,019	111,293	127,074

Other assets⁴	495,693	525,723	544,011	550,225
Monetary authority²	0	0	0	0
General government	13,381	13,432	57	-2
Monetary financial institutions³	106,885	106,286	112,245	100,213
Other sectors	375,427	406,005	431,709	450,014

Reserve assets	11,754	11,874	11,472	12,196
Monetary gold	769	819	887	944
Special drawing rights	5,156	5,180	5,113	5,305
Reserve Position in the IMF	1,155	1,104	1,081	1,050
Foreign Exchange	902	923	531	1,184
Other	3,772	3,848	3,860	3,713

Total Foreign Assets	7,999,702	8,282,096	8,403,088	8,956,127
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 by Foreign Liabilities

Table 5.6 International Investment Position (IIP) - Detailed Data by Foreign Liabilities				€ million
Item	Q12024	Q22024	Q32024	Q42024
Foreign Liabilities
Direct Investment in Ireland¹	1,187,839	1,150,428	1,060,594	1,126,560
Equity capital and reinvested earnings	1,045,990	1,025,804	973,734	1,105,248
Other capital	141,849	124,624	86,860	21,312

Portfolio Investment	5,532,246	5,776,309	5,945,844	6,368,286
Equity	4,789,645	5,014,188	5,157,648	5,548,928
Monetary authority²	0	0	0	0
General government	0	0	0	0
Monetary financial institutions³	683,203	713,437	760,296	824,207
Other sectors	4,106,442	4,300,751	4,397,352	4,724,721

Debt instruments	742,601	762,121	788,196	819,359
Bonds and notes	675,608	693,912	723,330	747,314
Monetary authority²	0	0	0	0
General government	66,107	65,597	68,820	68,005
Monetary financial institutions³	15,687	15,307	14,775	14,686
Other sectors	593,814	613,008	639,735	664,623

Money market instruments	66,993	68,209	64,865	72,044
Monetary authority²	0	0	0	0
General government	0	0	0	0
Monetary financial institutions³	10,443	10,607	10,561	9,893
Other sectors	56,550	57,602	54,304	62,151

Other Investment	1,752,485	1,812,865	1,809,828	1,891,748
Loans, currency and deposits	934,231	943,262	926,940	980,826
Monetary authority²	29,875	30,134	30,548	31,086
General government	44,253	44,233	44,550	44,558
Monetary financial institutions³	254,351	256,266	261,800	282,326
Other sectors	605,752	612,629	590,042	622,856

Trade Credits	49,329	54,158	52,478	53,767
General government	12	11	12	10
Other sectors	49,317	54,147	52,466	53,757

Other liabilities⁴	768,925	815,445	830,410	857,155
Monetary authority²	5,003	5,015	4,945	5,120
General government	13,393	13,395	15	16
Monetary financial institutions³	117,447	115,380	122,003	111,172
Other sectors	633,082	681,655	703,447	740,847

Total Foreign Liabilities	8,472,570	8,739,602	8,816,266	9,386,594
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	Q12024	Q22024	Q32024	Q42024
Foreign Assets
Direct Investment Abroad ¹	1,249,331	1,286,675	1,178,958	1,326,461
- IFSC	37,697	41,856	43,850	104,187
- Non-IFSC	1,211,634	1,244,819	1,135,108	1,222,274
Portfolio Investment	4,699,979	4,861,898	5,059,021	5,374,452
- IFSC	4,481,651	4,640,344	4,825,667	5,136,269
- Non-IFSC	218,328	221,554	233,354	238,183
Other Investment ²	2,038,638	2,121,649	2,153,637	2,243,018
- IFSC	1,756,926	1,832,405	1,869,971	1,948,809
- Non-IFSC	281,712	289,244	283,666	294,209
Reserve Assets	11,754	11,874	11,472	12,196
- IFSC	0	0	0	0
- Non-IFSC	11,754	11,874	11,472	12,196
Total Foreign Assets	7,999,702	8,282,096	8,403,088	8,956,127
- IFSC	6,276,274	6,514,605	6,739,488	7,189,265
- Non-IFSC	1,723,428	1,767,491	1,663,600	1,766,862

Foreign Liabilities
Direct Investment in Ireland ¹	1,187,839	1,150,428	1,060,594	1,126,560
- IFSC	241,544	251,764	264,812	327,954
- Non-IFSC	946,295	898,664	795,782	798,606
Portfolio Investment	5,532,246	5,776,309	5,945,844	6,368,286
- IFSC	4,588,971	4,757,258	4,956,911	5,268,088
- Non-IFSC	943,275	1,019,051	988,933	1,100,198
Other Investment ²	1,752,485	1,812,865	1,809,828	1,891,748
- IFSC	1,395,714	1,449,452	1,453,584	1,530,795
- Non-IFSC	356,771	363,413	356,244	360,953
Total Foreign Liabilities	8,472,570	8,739,602	8,816,266	9,386,594
- IFSC	6,226,229	6,458,474	6,675,307	7,126,837
- Non-IFSC	2,246,341	2,281,128	2,140,959	2,259,757

Net International Investment Position (IIP)
Direct Investment ¹	61,492	136,247	118,364	199,901
- IFSC	-203,847	-209,908	-220,962	-223,767
- Non-IFSC	265,339	346,155	339,326	423,668
Portfolio Investment	-832,267	-914,411	-886,823	-993,834
- IFSC	-107,320	-116,914	-131,244	-131,819
- Non-IFSC	-724,947	-797,497	-755,579	-862,015
Other Investment²	286,153	308,784	343,809	351,270
- IFSC	361,212	382,953	416,387	418,014
- Non-IFSC	-75,059	-74,169	-72,578	-66,744
Reserve Assets	11,754	11,874	11,472	12,196
- IFSC	0	0	0	0
- Non-IFSC	11,754	11,874	11,472	12,196
Total (Net IIP)	-472,868	-457,506	-413,178	-430,467
- IFSC	50,045	56,131	64,181	62,428
- Non-IFSC	-522,913	-513,637	-477,359	-492,895
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 2024 - Reconciliation of IIP and BOP Flows

Table 5.8 International Investment Position (IIP) - 31st December 2024 - Reconciliation of IIP and BOP Flows				€ million
Item	Opening Position 01/10/24	Bop Flows in Quarter	Valuation and Other Changes	Closing Position 31/12/24
Foreign Assets

Direct Investment Abroad¹	1,178,958	-11,566	159,069	1,326,461
Equity capital and reinvested earnings	1,255,065	-4,335	150,429	1,401,159
Other capital	-76,107	-7,231	8,640	-74,698

Portfolio Investment	5,059,021	140,076	175,355	5,374,452
Equity	2,489,893	72,057	123,436	2,685,386
Debt instruments	2,569,129	68,018	51,919	2,689,066
Bonds and notes	1,904,234	33,024	24,482	1,961,740
Money market instruments	664,895	34,994	27,437	727,326

Other Investment	2,153,637	-1,707	91,088	2,243,018
Loans, currency and deposits	1,498,333	39,386	28,000	1,565,719
Other²	655,304	-41,093	63,088	677,299

Reserve Assets	11,472	245	479	12,196

Total Foreign Assets	8,282,096	180,429	-59,437	8,956,127

Foreign Liabilities

Direct Investment in Ireland¹	1,060,594	-24,290	90,256	1,126,560
Equity capital and reinvested earnings	973,734	37,204	94,310	1,105,248
Other capital	86,860	-61,494	-4,054	21,312

Portfolio Investment	5,945,844	135,098	287,344	6,368,286
Equity	5,157,648	117,310	273,970	5,548,928
Debt instruments	788,196	17,789	13,374	819,359
Bonds and notes	723,330	10,987	12,997	747,314
Money market instruments	64,865	6,802	377	72,044

Other Investment	1,809,828	876	81,044	1,891,748
Loans, currency and deposits	926,940	31,489	22,397	980,826
Other²	882,888	-30,613	58,647	910,922

Total Foreign Liabilities	8,816,266	111,684	458,644	9,386,594
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
	30 September 2024			31 December 2024
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
General Government	0	113,397	113,397	0	112,589	112,589
Short-term	0	2,191	2,191	0	2,190	2,190
Money market instruments	0	0	0	0	0	0
Loans & Deposits	0	2,191	2,191	0	2,190	2,190
Long-term	0	111,206	111,206	0	110,399	110,399
Bonds and notes	0	68,820	68,820	0	68,005	68,005
Loans	0	42,386	42,386	0	42,394	42,394

Monetary Authority²	0	35,493	35,493	0	36,206	36,206
Short-term	0	30,548	30,548	0	31,086	31,086
Loans and deposits	0	30,548	30,548	0	31,086	31,086
Long-term	0	4,945	4,945	0	5,120	5,120
Other debt liabilities	0	4,945	4,945	0	5,120	5,120

Monetary Financial Institutions³	321,297	15,374	336,671	333,931	13,628	347,559
Short-term	240,931	10,398	251,329	260,563	10,383	270,946
Money market instruments	10,561	0	10,561	9,893	0	9,893
Loans and deposits	230,370	10,398	240,768	250,670	10,383	261,053
Long-term	80,366	4,976	85,342	73,368	3,245	76,613
Bonds and notes	12,260	2,515	14,775	12,183	2,503	14,686
Loans	9	0	9	7	0	7
Other debt liabilities	68,097	2,461	70,558	61,178	742	61,920

Other Sectors⁴	1,676,129	298,527	1,974,654	1,757,087	300,663	2,057,751
Short-term	745,015	130,159	875,174	795,324	132,276	927,601
Money market instruments	53,915	389	54,304	62,634	-482	62,152
Loans and deposits	332,655	8,434	341,089	365,907	8,390	374,297
Trade credits	358,445	121,336	479,781	366,783	124,368	491,151
Long-term	931,113	168,368	1,099,481	961,763	168,387	1,130,150
Bonds and notes	600,815	38,920	639,735	628,567	36,055	664,622
Loans	151,417	97,537	248,954	147,801	100,757	248,558
Other debt liabilities	178,881	31,911	210,792	185,395	31,575	216,970

Direct Investment ⁵	96,555	409,292	505,847	100,253	414,546	514,798
Debt liabilities to affiliated enterprises	13,365	190,419	203,784	12,426	204,024	216,450
Debt liabilities to direct investors	83,190	218,873	302,063	87,826	210,522	298,348

Gross External Debt	2,093,981	872,083	2,966,062	2,191,271	877,632	3,068,903
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
	30 September 2024			31 December 2024
Item	IFSC	non-IFSC	Total	IFSC	non-IFSC	Total
General Government	0	14,263	14,263	0	23,469	23,469
Short-term	0	9,955	9,955	0	18,899	18,899
Money market instruments	0	0	0	0	0	0
Loans and deposits	0	9,955	9,955	0	18,899	18,899
Long-term	0	4,308	4,308	0	4,570	4,570
Bonds and notes	0	4,059	4,059	0	4,321	4,321
Loans	0	249	249	0	249	249

Monetary Authority ²	0	111,857	111,857	0	110,016	110,016
Short-term	0	100,652	100,652	0	98,797	98,797
Money market instruments	0	1,935	1,935	0	1,920	1,920
Loans and deposits	0	98,717	98,717	0	96,877	96,877
Long-term	0	11,205	11,205	0	11,219	11,219
Bonds and notes	0	11,205	11,205	0	11,219	11,219

Monetary Financial Institutions³	1,202,819	61,278	1,264,098	1,288,412	60,570	1,348,983
Short-term	1,115,731	23,013	1,138,744	1,195,566	23,054	1,218,620
Money market instruments	544,616	0	544,616	595,055	0	595,055
Loans and deposits	571,115	23,013	594,128	600,511	23,054	623,565
Long-term	87,089	38,265	125,354	92,847	37,516	130,363
Bonds and notes	46,823	20,803	67,626	51,366	20,692	72,058
Loans	40,265	17,463	57,728	41,481	16,824	58,305
Other debt Assets	1	-1	0	0	0	0

Other Sectors ⁴	2,984,365	190,172	3,174,535	3,080,173	195,959	3,276,131
Short-term	892,279	117,007	1,009,286	942,681	121,701	1,064,382
Money market instruments	110,804	7,730	118,534	122,449	8,077	130,526
Loans and deposits	423,690	23,130	446,820	437,401	30,190	467,591
Trade credit assets	357,785	86,147	443,932	382,831	83,434	466,265
Long-term	2,092,085	73,165	2,165,250	2,137,491	74,258	2,211,749
Bonds and notes	1,766,415	54,736	1,821,151	1,818,155	55,808	1,873,963
Loans	310,276	15,770	326,046	306,382	15,820	322,202
Other debt Assets	15,394	2,659	18,053	12,954	2,630	15,584

Direct Investment ⁵	64,858	278,022	342,880	72,589	346,199	418,788
Debt asset claims on affiliated enterprises	12,455	176,396	188,851	11,799	214,998	226,797
Debt asset claims on direct investors	52,403	101,626	154,029	60,790	131,201	191,991

Reserve Assets	0	9,504	9,504	0	10,202	10,202

Debt Instrument Financial Assets ¹	4,252,042	665,096	4,917,137	4,441,174	746,415	5,187,589

Net External Debt ⁶	2,158,061	-206,987	1,951,075	2,249,903	-131,217	2,118,686
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.