The International Investment Position of Malta as at end 2006
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The International Investment Position (IIP) of Malta as at end 2006 resulted in a net credit position of Lm642.5 million (€1,496.7 million).
The IIP statement is a summary balance sheet that shows details on the stock of external assets and liabilities of Malta vis-à-vis the rest of the world economy as at the end of a particular period.
While total foreign assets during 2006 increased by Lm1,769.8 million (€4,122.4 million), total liabilities owed to non-residents registered a larger increase of Lm1,890.9 million (€4,404.6 million), leading to a decrease in Malta's IIP of Lm121.1 million (€282.2 million) over the position as at end 2005.
The 18.1 per cent increase in total assets abroad, when compared to the preceding year, was mainly the result of a 13.1 per cent increase in Portfolio Investment abroad as well as a 28.5 per cent increase in Other Investment. Portfolio Investment rose by Lm565.7 million (€1,317.7 million) and reached Lm4,881.8 million (€11,371.6 million). The increase was largely recorded in debt securities, together with a notable increase in equity securities. Other Investment rose by Lm1,173.1 million (€2,732.5 million) and totalled of Lm5,292.5 million (€12,328.2 million).
The larger part of this increase was due to loans extended by the banking sector, which contributed to Lm1,039.2 million (€2,420.7 million) of the total change. The remaining increase amounting to Lm116.0 million (€270.3 million) was mainly attributable to a rise in currency and deposits abroad.
Total liabilities to non-residents at the end of 2006 increased by 21 per cent over the position recorded at the end of the preceding year. The main increase was recorded under Other Investment, amounting to Lm1,339.3 million (€3,119.7 million). This was also mainly due to an increase of Lm1,137.3 million (€2,649.2 million) in loan liabilities to non-residents by the banks.
Currency and deposits by non-residents increased by Lm254.9 million (€493.8 million), to a level of Lm3,305.1 million (€7,698.7 million). Foreign direct investment in Malta stood at Lm2,116.7 million (€4,930.6 million) at the end of 2006, an increase of Lm551.6 million (€1,284.9 million) over the position prevailing at the end of 2005.
Reflecting the changes in the other accounts, reserve assets during 2006 increased by Lm22.2 million (€41.8 million) over the position at end 2005. External reserves stood at Lm961.9 million (€2,240.7 million)
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