http://www.irisheconomy.ie/index.php/2009/02/03/balance-sheets/ Sun, 12 Feb 2012 06:21:44 +0000 http://wordpress.org/?v=2.6.3 http://www.irisheconomy.ie/index.php/2009/02/03/balance-sheets/#comment-1186 John O'Hagan (CSO) Thu, 12 Feb 2009 16:44:04 +0000 http://www.irisheconomy.ie/?p=554#comment-1186 Philip Lane is right to draw attention to the additional detail that can be found in the CSO Financial Accounts results. It is important to note that in Ireland the sector whose indebtedness is being discussed in the Irish Times article of 3 February by Prof Lucey and Dr Gurdgiev is dominated by the non-bank financial institutions, IFSC and other. The broad category "Other sectors" in the CSO External Debt statistics that is the source of many of the IMF figures drawn on in the article corresponds to the Financial Accounts categories "Non-bank financial institutions" (ESA sectors S.123, S.124 and S.125) together with the Households etc (S.14/15) sector and the part of the Non-financial Corporate (S.11) sector other than (inward and outward) direct investment companies. The external and total indebtedness of the households and indigenous non-financial corporate sector is therefore very much less than the figures quoted in the article. Philip Lane is right to draw attention to the additional detail that can be found in the CSO Financial Accounts results. It is important to note that in Ireland the sector whose indebtedness is being discussed in the Irish Times article of 3 February by Prof Lucey and Dr Gurdgiev is dominated by the non-bank financial institutions, IFSC and other. The broad category “Other sectors” in the CSO External Debt statistics that is the source of many of the IMF figures drawn on in the article corresponds to the Financial Accounts categories “Non-bank financial institutions” (ESA sectors S.123, S.124 and S.125) together with the Households etc (S.14/15) sector and the part of the Non-financial Corporate (S.11) sector other than (inward and outward) direct investment companies. The external and total indebtedness of the households and indigenous non-financial corporate sector is therefore very much less than the figures quoted in the article.

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