The Central Bank has published figures today detailing the holdings of Irish bonds by overseas investors.
In a note analysing the data Glas Securities said that out of a total of €85 billion of Government bonds €50 billion is owned by non-Irish investors.
It said Irish banks hold €13 billion of the bonds.
The headline figure of 23% ownership by Irish residents includes MFI's (both Irish and Non Irish owned Credit Institutions), Central Bank holdings, General Government holdings and Financial Intermediaries holding.