The balance sheet assets of the financial corporations sector increased by 8.3% compared to 2022. In 2023, the financial assets of sector S.12 increased by €615.8bn, while its liabilities advanced by €566.2bn during the same period. The balance sheet expansion from 2013 to 2023 was driven primarily by activity in the non-Money Market Funds (S.124) sector. The Financial Sector in Ireland's National Accounts publication explores the financial subsectors in greater detail. The evolution of the financial assets of S.12 from 2013 to 2023 is shown in Figure 4.1.
| Monetary Financial Institutions (S.121+S.122+S.123) | Non-Money Market Investment Funds (S.124) | Other Financial Intermediaries (S.125+S.126+S.127) | Insurance Corporations & Pension Funds (S.128+S.129) | |
| 2013 | 1.129563564 | 1.18033169949584 | 1.08404310533048 | 0.337056888492259 |
| 2014 | 1.14427189110107 | 1.62907492597799 | 1.14779095906344 | 0.383300619304189 |
| 2015 | 1.16154209688559 | 1.77950764704773 | 1.3456855695297 | 0.410700301899995 |
| 2016 | 1.14114769911288 | 1.91997399913081 | 1.47311119512873 | 0.433244301067 |
| 2017 | 1.11321430196037 | 2.21743217802572 | 1.34513321639699 | 0.455910832862 |
| 2018 | 1.17298768425707 | 2.31343660265903 | 1.42152723582515 | 0.450173553377724 |
| 2019 | 1.34322975510141 | 2.91446457940552 | 1.40264446948307 | 0.510554569099 |
| 2020 | 1.48892749728 | 3.137930425039 | 1.49436627455295 | 0.541890319347 |
| 2021 | 1.592849034098 | 3.848440074737 | 1.87050714238206 | 0.60359538848 |
| 2022 | 1.730480429457 | 3.392569490009 | 1.78305233097027 | 0.556529112553 |
| 2023 | 1.95621875306 | 3.794722040947 | 1.73036187713244 | 0.597082860789 |
Get the data: PxStat IFI03
The balance sheet of the Monetary Financial Institutions sector (S.121+S.122+S.123) contracted during the period 2009-2013, where its assets fell by €734.9bn and its liabilities by €775.6bn. This trend was reversed in 2014, as financial assets and liabilities grew over their 2013 values. In 2023 the assets increased by 13.0%, while the liabilities decreased by 2.8% over the 2022 values.
The balance sheet of the non-Money Market Investment Funds sector (S.124) expanded during 2023, with assets rising by 11.9% and liabilities by 13.6% compared to 2022. The increase in the value of total assets and liabilities has been significantly influenced by holding gains during this period. Figure 4.1 shows the change in contribution by S.124 to the overall size of the financial sector balance sheet. During the period 2009 to 2023, the financial assets of this sector have accumulated a growth of €3,452.7 bn – an increase of 1,009.5%.
The year-on-year percentage change in total liabilities of the financial sector is illustrated in Figure 4.2. The corresponding MIP Scoreboard threshold of 16.5% for this indicator is also shown in the same figure. The years leading up to 2009 saw positive growth largely dominated by the expansion of the balance sheet of the banking sector related to the housing boom. In the ensuing period of 2009-2013 there has been a deleveraging effect in the banking sector which has been offset by significant expansion of the investment funds sector. The marked reverse in trend during the period 2014-2023 has been caused mainly by growth in the investment funds sector. Here, the data shows a year-on-year change of 16.6% in 2014 and 18.9% in 2021, which are above the 16.5% MIP threshold. The year-on-year change in 2023 was below the MIP threshold, marking an increase of 7.6% compared to 2022.
| y-o-y Growth Rate | MIP Threshold | |
| 2013 | 3.27334086555113 | 16.5 |
| 2014 | 16.5804138494326 | 16.5 |
| 2015 | 8.32593918244293 | 16.5 |
| 2016 | 4.80824746806459 | 16.5 |
| 2017 | 3.29322292219734 | 16.5 |
| 2018 | 4.8354318064384 | 16.5 |
| 2019 | 15.2196080153589 | 16.5 |
| 2020 | 7.53817391607294 | 16.5 |
| 2021 | 18.9418743007687 | 16.5 |
| 2022 | -4.67163747998925 | 16.5 |
| 2023 | 7.60440915973745 | 16.5 |
Get the data: PxStat IFI03
The trends evidenced in Figure 4.2 are also present in the sector breakdown of Figure 4.3. The balance sheet expansion in 2023 was influenced by positive year-on-year percentage changes in investment funds, other financial intermediaries, and insurance corporations and pension funds.
| Monetary Financial Institutions (S.121+S.122+S.123) | Non-Money Market Investment Funds (S.124) | Other Financial Intermediaries (S.125+S.126+S.127) | Insurance Corporations & Pension Funds (S.128+S.129) | |
| 2013 | 1.0941922 | 1.18081216114133 | 1.083246716915 | 0.339635293173259 |
| 2014 | 1.15757050487623 | 1.6343808516908 | 1.131950898331 | 0.387108980363189 |
| 2015 | 1.12580289545066 | 1.79982907857145 | 1.32863922466924 | 0.415672210165995 |
| 2016 | 1.15550462651877 | 1.91911864095906 | 1.38016872765895 | 0.439693849437 |
| 2017 | 1.15524535864401 | 2.19803572375898 | 1.241661528714 | 0.460729563214 |
| 2018 | 1.21031174493927 | 2.30043733583274 | 1.33378847660011 | 0.455598197305724 |
| 2019 | 1.37045400257385 | 2.88215665576185 | 1.337159856308 | 0.517025126178 |
| 2020 | 1.526325948566 | 3.138052498352 | 1.353498890532 | 0.549259179476 |
| 2021 | 1.629815598597 | 3.840901858172 | 1.733544079371 | 0.606813724982 |
| 2022 | 1.758913603981 | 3.363521503601 | 1.76365403784626 | 0.560080996205 |
| 2023 | 1.70942794652 | 3.822521823317 | 1.88094560364625 | 0.59951201245 |
Get the data: PxStat IFI03
This year's publication also includes data in the current and capital non-financial accounts for subsectors of the financial corporations. There are three groups of subsectors: monetary financial institutions (S.121+S.122+S.123), financial intermediaries and funds (S.124+S.125+S.126+S.127), and insurance corporations and pension funds (S.128+S.129).
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