Ireland アイルランド Vol.4

アイルランド中央銀行の2016年第1四半期レポート Quarterly Financial Accounts Q1 2016 (18 August 2016): Irish households become the fourth most indebted in Europe | @centralbank_ie 概要・抜粋(abstract/excerpts) です。

1. Irish households fell from being the third most indebted in the European Union to the fourth most indebted during Q1 2016. This was largely due to the continued reduction in Irish household debt, as well as, further increases in Irish disposable income.
2.Household debt as a proportion of disposable income now stands at 149.4 per cent. That is its lowest level since end-2004.
3. Households net worth increased by 0.3 per cent to reach €628.7bn, or €132,141 per capita. The increase in net worth was largely driven by a rise in housing asset values (€1.7bn), as well as a further decline in household liabilities (€0.9bn).
4. NFC debt to GDP declined by 9.8 percentage point over the quarter, falling to €257.3bn. Irish NFC debt has been extremely volatile in recent quarters due to the impact of domiciled MNCs on debt and GDP.
(non-financial corporations 非金融法人の総負債は第1四半期に2573億ユーロとなり、対GDP比率は9.8%減った。アイルランド国内に本社を置く multinational corporations 多国籍企業が総負債やGDPへの影響を持つため、最近のいくつかの四半期において非金融法人の総負債は極端に揺れ動いている。)
Household Debt Cross Country Comparison

1. Net Lending/Borrowing of All Sectors (Chart 1.1 関連)
The domestic economy continued to be a net lender to the rest of the world during Q1 2016, as the net borrowing of government and financial corporations was exceeded by deleveraging by households and non-financial corporations…

Net LendingBorrowing Private Sector Debt to GDP

2. Private Sector Debt (Chart 2.1 関連)
… CSO revisions to the National Accounts and International Investment Position… redomiciling of some corporations and corporate restructuring… contributed to significant increases in GDP and NFC debt from 2014 onwards. Private sector debt as a percentage of GDP peaked in Q1 2015 at 400.7 per cent, and has since declined substantially to 315.2 per cent in Q1 2016. … primarily by growth in annualised GDP over the period, but is also reflective of falling private sector debt, which has contracted by 3.7 per cent since Q1 2015. …

3. Household Sector
Household Net Worth Debt Indicators

Chart 3.1 関連
… This was partially offset by a decline in households’ holdings of financial assets (€0.5bm). Compared to a post-crisis low of €454.1bn in Q2 2012, household net worth has risen by 38.5 per cent. However, it is still 12.4 per cent lower than its pre-crisis peak of €718bn in Q2 2007.

Chart 3.2 関連
Household debt continued to decrease during Q1 2016, falling by €1.1bn, or 0.7 per cent, to €148.5bn. This represented a household debt per capita of €31,216. Household debt is at its lowest level since Q1 2006. …

Chart 3.3 関連
Indicators of household debt sustainability continued to improve during Q1 2016. Debt as a proportion of disposable income fell over the quarter, from 152.7 per cent to 149.4 per cent, reflecting both the decline in household debt, as well as strong growth in annualised disposable income. …

Comparison Transactions in Financial Assets Deposit Transactions with MFIsGovernment

Chart 3.4 関連
… Over the year Danish household debt fell significantly more than any other country examined, declining by 23.2 percentage points. In contrast to this, Swedish households saw a 4 percentage point increase over the same period as they climbed to become the third most indebted in the European Union, with a household debt level of 153.5 per cent of disposable income.

Chart 3.5 関連
… The reduction in financial assets over the quarter largely reflected a fall in transactions of insurance technical reserves. … The majority of households’ financial investments over the quarter were in the form of currency & deposits, while shares & other equity experienced positive transactions for the first time since Q4 2013.

Chart 3.6 関連
… This marked the first time since Q4 2013 that household deposit transactions with MFIs (monetary financial institutions) had declined. In contrast, households increased lodgements with government deposit accounts for the first time since Q1 2013.

Chart 3.7 関連
… Over recent quarters net lending has become increasingly driven by higher investment in financial assets, as opposed to deleveraging.

Household Net LendingBorrowing NFC Debt

4. Non-Financial Corporation Sector
Irish NFCs are significantly impacted by the activities of large MNCs. These latest NFC results incorporate the recent annual revisions to the CSO’s International Investment Position (IIP). The revisions include large MNCs which redomiciled to Ireland or moved significant parts of their balance sheets to Ireland during 2014 and 2015. These entities also contributed towards some of the very substantial increase in Irish GDP for 2015.

Chart 4.1 関連
… The decline in debt over the past year largely reflected exchange rate movements. Debt as a percentage of GDP fell from 327.5 per cent in Q1 2015 to 257.3 per cent in Q1 2016. This reflected both falling NFC debt, as well as, substantial GDP growth during 2015.

NFC Debt Comparison Loans AssetsLiabilities

Chart 4.2 関連
… Luxembourg, which also has a lot of large MNCs relative to the size of its economy, had the highest debt at 349 per cent of GDP. … how volatile Irish NFC debt to GDP has been in recent years compared to other euro area countries.

Chart 4.3 関連
… The substantial increase in debt held by non-residents reflects this corporate activity and explains why exchange rate movements have had a significant impact on NFC debt in some quarters. …debt held by Irish residents has been on a downward trend in recent years. …partly reflected NFC deleveraging with Irish MFIs.

Chart 4.4 関連
…largely reflected MNC activities. Net financial assets (financial assets minus liabilities) became even more negative since Q1 2015. This is because some MNCs had large non-financial assets or relocated substantial non-financial assets to Ireland.

Ireland アイルランド Vol.3


1. 日・アイルランド外交関係樹立60周年(2017年)記念の Partnership for Innovation and Growth: Joint Declaration by the Prime Minister of Japan and the Taoiseach of Ireland(「イノベーションと成長のためのパートナーシップ」首脳による共同宣言)[PDF] p.2-4において、
・ 農業・食料、金融サービス、ICT、生命科学、クリーンテクノロジー(agri-food, financial services, ICT, life sciences, clean technologies)などの主要経済分野における投資・貿易を両国相互に増やせる大きな可能性
・ 新しい医療機器・技術(new medical devices and technologies)、再生エネルギーやスマートシティ(renewable energy and ‘smart’ cities)、ICTの高齢者への活用、における両国間の一層緊密な協力

安倍総理大臣のアイルランド訪問(概要と評価) 平成25年6月20日
ケニー・アイルランド首相の訪日 平成25年11月27日
アイルランド(Ireland) 基礎データ 平成28年6月15日
アイルランド概況 [PDF] | JETRO
アイルランド [PDF] | 国際金融情報センター

2. Facts about Ireland Autumn 2015 [PDF] | @IDAIRELAND

3. 進出日本企業 2011 [PDF] | JETRO p.7-10 には、

4. なお、北アイルランドにつき、あくまで参考:
安倍総理大臣の北アイルランド日系企業関係者等との交流 平成25年6月18日
ノーザンアイルランド 2016年3月 [PDF有] | @InvestNI

Ireland アイルランド Vol.2


1. With Brexit, Ireland can’t keep up with flood of U.K. passport applications | @Quantanamo @MarketWatch では、Brexitを受けてイギリス国民からのアイルランドのパスポートに関する問い合わせ等がアイルランドの郵便局等関係各所に殺到している旨書かれています。
 理由は、第一に、EU域内での労働の自由と域外を含めた172ヵ国へのビザ無し又はアライバルビザ取得による旅行の権利(Holders of an Irish passport would have the freedom to work anywhere within the 28-member union and have the right to “visa-free or visa-on-arrival” travel to 172 countries around the world…)、第二に、アイルランド国民は国内在住でなければアイルランドには所得税を納めなくても良いという制度(Irish citizens are only liable for Irish income tax if they are resident there — as opposed to the U.S. citizen who is responsible for U.S. income tax regardless of their residence…)、とのことです。
 実際、イギリス国民の四分の一にはアイルランドの血が混じっており、関係のあるイギリス国民はアイルランド国民になるのは制度上少し易しいようです(If you were born outside Ireland to an Irish citizen who was born outside Ireland, you are entitled to become an Irish citizen, even if your parent derived Irish citizenship through marriage, adoption or naturalization and he/she was an Irish citizen at the time of your birth. If one of your grandparents is an Irish citizen who was born in Ireland, you may also become an Irish citizen, the Irish government said. If you were born on the island of Ireland…)。
 また、アイルランドと北アイルランドの “open borders” も維持されるよう努めるとも言われました(Ireland will do its utmost to protect the open borders between the British province of Northern Ireland and the Republic of Ireland after the 1998 Good Friday Agreement, which ended three decades of sectarian violence between Protestants and Catholics in Northern Ireland known as The Troubles…)。
 尤も、短中期的にはBrexitがアイルランド経済にネガティブな影響を与えると言われるなど、アイルランド経済は不透明でもあります(While economists debate whether London-based financial firms will move thousands of jobs overseas, the future of Ireland’s still-fragile economy is also uncertain…)。

2. ‘A skilled and flexible workforce’ | Brian O’Gorman @IrishTimes では、アイルランドの労働力の質及び移動可能性や英米法体系などがアメリカからアイルランドへの投資を呼び込む旨書かれています。

3. IDA Ireland Reports Strong First Half to 2016 #WhyIreland (w PDFs) | @IDAIRELAND (アイルランド政府産業開発庁) では、昨日発表された2016年上半期のアイルランドへの対内直接投資のレポートにつきツイートされています。アイルランド史上最高レベルだった2015年上半期と同レベルとのことです。PDFの一部の図表も以下添付しておきます。
Across Country
Origin of Supported Companies
Economic Impact
Across Industries

なお、ライアンChairmanからは、添付PDF一つ目の4頁目にあるとおり、2015-19年の目標として「80,000 New Jobs; 900 Investments; A 30–40% increase in investments into regional locations; €3bn in R&D expenditure」と挙げられています。
雇用については、「2015年にはIDAの顧客たる投資者(会社)が19,000弱の雇用を産み出した。雇用純増12,000弱で2014年の7,000強と比較すると66%増である。(The ability of Ireland to grow its FDI portfolio was clearly in evidence in 2015 – IDA client companies created just under 19,000 (18,983) jobs on the ground during the year across a range of sectors, with every region of Ireland posting net gains in jobs. Net jobs were 11,833 compared to 7,131 in the same time period last year – representing a year-on-year rise of 66%. Losses as a percentage of the overall employment portfolio were at their lowest level ever.」
顧客については、「投資件数は、2014年の197から2015年には213に増えた。新たに投資を始めた会社の数は、同88から同94となった。大口の投資をしている会社としては、アップル、セージ、ユーバー、プラメリカ、ノーザントラスト、エアビーアンドビー、リンクトイン、GEヘルスケア、メドトロニック、エスエーエス、ファイザー、ワークデイ、アムニールがある。(The number of investments won during the year rose to 213 from 197 in the previous year. The number of new name investments went to 94 from 88 in the previous year. The strong net job creation performance was the result of a very strong pipeline of new investments which materialised in 2015 and lower job losses within the employment portfolio. Among the client companies making significant investments during 2015 were Apple, Sage, Uber, Pramerica, Northern Trust, Air Bnb, LinkedIn, Slack, GE Healthcare, Medtronic, SAS, Pfizer, Workday and Amneal.)」
地域については、「IDA顧客の投資により新規雇用が産み出された地域は、2014年には49%であったが、2015年には53%となった。そして、その雇用数の59%がダブリンの外である。大きな地域プロジェクトとしては、ゴールウェイ州オランモアのジマー社、コーク州ファーモイのエイベック社、ティペラリー州カッシェルのアムニール社などがある。(Particularly noticeable in the 2015 project wins, were investments going into regional locations, with all regions of Ireland showing net employment gains in the year. The percentage of new jobs going to regions in 2015 was 53%. This had increased from 49% in 2014. 59% of IDA’s client company employment is now outside of Dublin. Outstanding regional projects in 2015, included Zimmer expanding its manufacturing hub in Oranmore, Galway, ABEC Inc in Fermoy, Co Cork building an engineering base and Amneal moving into Cashel, Co Tipperary.)」

Ireland アイルランド Vol.1

アイルランドと言うと思い浮かぶのは、ギネスビール、〔以下リンク:English〕Irish coffee アイリッシュコーヒー、アイリッシュパブ、ジャガイモ、豚肉(参考:Teagasc アイルランド農業食料開発庁 @teagasc Pig Development Department 養豚部)・羊肉(参考:Irish Country Meats)、乳製品(参考:The Little Milk Company)、観光(Tourism Ireland アイルランド政府観光庁 @TourismIreland、@DiscoverIreland)、水道(参考:BBC on Irish water 2014年9月までは無料だった。)、バイオ医薬品、ICT、投資(参考:@Irish_Biz)などでしょうか。

@IrishEmbJapan 在日アイルランド大使館(English・日本語)、Ireland Japan Chamber of Commerce 在日アイルランド商工会議所Department of Foreign Affairs and Trade アイルランド外務貿易省 @dfatirlInvestment Promotion and Development Agency アイルランド産業開発庁 @IDAIRELANDDepartment of Jobs, Enterprise and Innovation アイルランド雇用企業イノベーション省 @JobsEnterInnovEnterprise Ireland @EntirlDepartment of Communications, Climate Action and Environment アイルランド通信気候変動対応環境省 @Dept_CCAEConstruction Industry Federation アイルランド建設業連盟Department of Agriculture, Food and the Marine アイルランド農業食料海洋省 @agriculture_ieDepartment of Health アイルランド保健省 @roinnslainteDepartment of Transport, Tourism and Sport アイルランド運輸観光スポーツ省Department of Finance アイルランド財務省 @IRLDeptFinanceCentral Bank of Ireland アイルランド中央銀行 @centralbank_ieアイルランド首相省、@Loc_Enterprise、Irish Business and Employers Confederation アイルランド企業雇用者連合 @ibec_irl、地方公共団体(local authorities, eGovernment Irelandなど)・商工会議所(@ChambersIrelandなど)、
@IrelandEmbUSA 在米アイルランド大使館@IrelandEmbGB 在英アイルランド大使館@IrelandRepBru 欧州連合アイルランド政府代表部@eurireland アイルランド欧州委員会代表部@EPinIreland アイルランド欧州議会情報センター@ecb 欧州中央銀行@IMFNews 国際通貨基金@irishmissionun 国連アイルランド政府代表部@UNRIC_UK_IRE 国連地域情報センター イギリス・アイルランドデスク や他の公共機関、大学・研究機関・専門機関、企業・団体、新聞などの情報も拝見しまた関連事情を随時総合的に把握しながら、少しずつ掘り下げて参ります。標題『アイルランド Vol._』とは異なる場合も含めて、記事や報道も適宜ご紹介します。

UK’s referendum on EU membership | Department of Foreign Affairs and Trade, Ireland

Republic of Ireland アイルランド政府による隣国イギリスのEU残留国民投票(6/23)に係る投稿です。 @dfatirl

なお、同政府のニュースサービスである @merrionstreet には良いレポートが並んでいたようですが、非常にセンシティブな状況のためかリンク切れが多い印象です。それでも残っているものもありますし、著者や所属機関が分かりますので、ご覧ください。