Ireland's external debt fell to €1,67 trillion in the first quarter of 2011, according to the Central Statistics Office.

This represents a decrease of €47 billlion from the €1.724 trillion recorded for the fourth quarter of 2010.

The figures include general government, the monetary authority, financial and non-financial corporations and households.

General government foreign borrowing increased by €14.5 billion to €80.6 billion in the quarter, the new data shows.

However, the liabilities of other sectors decreased by €18billion to €796 billion during the three-months under review.

Direct investment liabilities increased by €8billion to €254 billion while debt liablilities of financial institutions were down €46 billion to €393 billion.

At the end of March, Ireland's quarterly international investment position results show overall stocks of foreign financial assets of €2.559 billion, down €79 billion on the previous quarter.

The corresponding overall stocks of foreign financial liabilities of €2.714 billion fell by €66 billion in the same period.

Irish residents therefore had an overall net foreign liability of €155billion at the end of the first quarter.