To obtain useful insights, it is desirable to go further by linking the external data with domestic sectoral data in order to understand the shifts in sectoral balance sheets that are the counterpart to a shift in the external balance sheet, even if this poses significant challenges in terms of data availability.
Since Ireland is a major hub for international financial intermediation, it is also our duty as part of the international regulatory community to contribute to global financial stability analysis by exploring the international financial flows that are routed through Ireland but where the original investor and the ultimate destination are located elsewhere.