Quarterly Financial Accounts

The Quarterly Financial Accounts (QFA) present a complete and consistent set of quarterly financial data for all sectors of the Irish economy. They provide comprehensive information on the financial and investment activities of households, non-financial corporations, financial corporations, government and the rest of the world. The whom-to-whom tables provide information on the interactions between these sectors.

Key Points – Q1 2025

Publication date: 24 July 2025

The net financial position of the Irish economy remained positive in Q1 2025, with a net lending position of €8.3bn.
Non-financial corporations (NFC) saw a 2 per cent decrease in total liabilities, primarily driven by a reduction in listed shares.
Irish financial corporations were net lenders in the quarter, with the other financial institutions (OFIs) sub-sector the largest contributor.
Households net financial wealth decreased by €8.9bn during the quarter. This was largely due to negative revaluations of 22.8bn.
Government debt decreased during the quarter (€11.7bn) to stand at €214.3bn. Overall, the net financial position of the government improved by €4.5bn, to reach -€101.2bn in Q1 2025.

Chart 1: Net Financial Transactions of the Overall Irish Economy

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Overall, the Irish economy remained a net lender in the period, as net investment in financial assets exceeded the net incurrence of financial liabilities by €8.3bn. There were large transactional movements in other accounts receivable/ payable and equity during the quarter on both the asset and liability side.

By the end of the quarter, the total stock of financial assets in the economy had risen to 12,519bn, while total liabilities stood at €12,977bn, resulting in a net financial wealth position of -€458bn. Financial corporations were the largest contributor to the total balance sheet, accounting for approximately 77 per cent of total assets, with investment funds alone representing 37 per cent of the total.

Chart 2: Borrowing and Lending across Sectors of the Irish Economy

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Financial corporations reported the largest positive net financial transactions of each of the four main sectors in Q1 2025. The sector’s net lending exceeded net borrowing by €21.2bn. Financial corporations were net lenders to non-financial corporations (NFC), general government and the rest of the world, while having a small net borrowing position from households. As in the previous three quarters, Irish households were net lenders at €13.9bn.

Non-financial corporations and general government both were borrowers in the quarter with net borrowing positions of €21.4bn and €0.3bn respectively.

Chart 3: Net Transactions of Irish Financial Corporations

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The overall financial corporations’ sector had a net lending position of €16.2bn.

The other financial institutions (OFI) sub-sector was the largest net lender in the period, at €25.6bn. This was due to large long-term debt securities asset transactions of €16.9bn.

Insurance corporations and pension funds (-€7.2bn) were net borrowers this quarter along with investment funds (-€2.5bn).

Chart 4: Funding of Irish NFC's and their Liabilities Transactions

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Total liabilities of the Irish non-financial corporations (NFC) sector decreased by 2 per cent, primarily driven by a reduction in listed shares.

Equity remained the main source of funding for NFCs, with listed and unlisted shares amounting to around 52 per cent of the sector’s total liabilities.

NFC total liabilities transactions were positive in the quarter, at €65.8bn, mainly due to movements in unlisted shares and trade credits and advances.

Furthermore, NFC debt (loans and debt securities liabilities) stood at €629.8bn in Q1 2025, a €10.5bn decrease from the previous quarter.

Chart 5: Change in Households' Financial Net Wealth

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Irish households’ financial net wealth decreased by €8.9bn in the quarter, to reach €392.4bn.

Household financial assets stood at €555.5bn in Q1 2025, a reduction of €8.9bn relative to the previous quarter due to large negative revaluations and other changes, predominately coming from life insurance and annuity entitlements.

Total liabilities of households were largely unchanged from the previous quarter at €163.1bn, which is almost exclusively made up of outstanding loans. As a whole, the household debt to GDP ratio stood at 38 per cent. Up from the previous period due to the combined movement of a marginal decrease in household debt and a decrease in annualised GDP of €125.3bn compared to the previous period.

Chart 6: Government Debt and Composition

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Irish government debt decreased by €11.7bn in Q1 2025 to stand at €214.3bn.

Government financial assets decreased by €6.7bn from the previous quarter, to stand at €130.7bn. This was mainly driven by a decrease in accounts receivable/payable assets by €3.6bn from Q4 2024 and a decrease in deposits by €6.2bn. Meanwhile, government financial liabilities decreased by €11.2bn, now totalling €231.9bn. The combined effect of a decrease in assets and a decrease in liabilities caused an improvement in the (negative) net wealth position of €4.5bn, to reach -€101.2bn in Q1 2025.

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