Ireland's external assets

Abstract

The term ?external assets? as applied to holdings by Irish people abroad would be misleading if it conveyed the impression of a diversity of holdings in different currencies. In fact, over 97% of these external assets are in sterling. The primary explanation for this is, of course, that Ireland's earnings abroad are virtually all sterling earnings. About 90% of Irish exports are consigned to the United Kingdom and most of Ireland's invisible income?from tourism, pensions, remittances, etc, as well as investments?comes from the United Kingdom.