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Estimates of Foreign Assets and Liabilities for Ireland


  • Galstyan, Vahagn

    (Central Bank of Ireland)


This paper calculates foreign assets and liabilities for Ireland that are more reflective of foreign activities of Irish-resident entities. This is accomplished by stripping from the Irish international investment position the intermediation component that arises from the activities of investment funds and special purpose entities and, to some extent, correcting distortions arising from redomiciled PLCs, intellectual property transfers and aircraft leasing. My estimations not only reduce substantially gross external positions, but also shrink the extent of Irish net foreign indebtedness from 280 to 80 per cent of modified gross national income.

Suggested Citation

  • Galstyan, Vahagn, 2019. "Estimates of Foreign Assets and Liabilities for Ireland," Research Technical Papers 3/RT/19, Central Bank of Ireland.
  • Handle: RePEc:cbi:wpaper:3/rt/19

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    References listed on IDEAS

    1. John FitzGerald, 2020. "National Accounts for a Global Economy: The Case of Ireland," NBER Chapters, in: The Challenges of Globalization in the Measurement of National Accounts, National Bureau of Economic Research, Inc.
    2. Galstyan, Vahagn & Lane, Philip R. & Mehigan, Caroline & Mercado, Rogelio, 2016. "The holders and issuers of international portfolio securities," Journal of the Japanese and International Economies, Elsevier, vol. 42(C), pages 100-108.
    3. Barrett, Dominick & Godfrey, Brian & Golden, Brian, 2016. "New Data Collection on Special Purpose Vehicles in Ireland: Initial Findings and Measuring Shadow Banking," Quarterly Bulletin Articles, Central Bank of Ireland, pages 71-84, October.
    4. Philip R. Lane, 2015. "The Funding of the Irish Domestic Banking System During the Boom," Trinity Economics Papers tep0515, Trinity College Dublin, Department of Economics.
    5. Philip R. LANE & Kitty MOLONEY, 2018. "Market-based finance: Ireland as a host for international financial intermediation," Financial Stability Review, Banque de France, issue 22, pages 63-72, April.
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    More about this item


    Ireland; foreign assets; foreign liabilities; international investments.;

    JEL classification:

    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • F39 - International Economics - - International Finance - - - Other


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