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Table 2: Net international investment position of the euro area

(EUR billions (ECU billions in 1997); assets minus liabilities; end-of-period positions)

1997 1998 1999
Source: ECB.
TOTAL 32.7 −175.3 −131.0
DIRECT INVESTMENT 177.6 136.4 373.4
Equity capital and reinvested earnings 148.6 112.7 290.8
Other capital (mostly inter−company loans) 29.1 23.7 82.6
PORTFOLIO INVESTMENT −724.7 −704.6 −730.9
Equity −358.7 −476.0 −596.8
Debt instruments −366.0 −228.6 −134.1
Bonds and notes −339.8 −205.4 −72.7
Money market instruments −26.2 −23.2 −61.4
FINANCIAL DERIVATIVES −5.9 2.2 1.9
OTHER INVESTMENT 222.4 61.5 −147.8
Trade credits 79.8 99.7 112.6
Loans/currency and deposits 51.3 −102.1 −340.4
Other assets/liabilities 91.4 63.9 80.0
RESERVE ASSETS 363.3 329.2 372.3