Flying High: Ireland’s International Aviation Services

15 April 2014

by Christine O'Donovan, Partner and Head of Financial Services

The development, growth and sustainability of the aviation industry sector in Ireland has been a significant contributor to the success of the country as a global international financial services sector.

Ireland is a recognised and established hub for aircraft leasing that has attracted professionals from all over the world. With 9 of the top 10 global aircraft lessors located in Ireland, the size of this industry is not equalled anywhere else in the world. It is estimated that the  demand for new aircraft over the next 20 years will be in the region of US$3.5 trillion, funding nearly 30,000 new aircraft worldwide.

The Irish Leader, the Taoiseach, Mr Enda Kenny, in his speech at the recent Air Finance Conference in Dublin commented that the Irish government has consistently sought to ensure that Ireland not only maintains its position in the global airfinance sector, but also continues to avail of new opportunities as the sector evolves and demand for diversification of services and funding becomes increasingly sophisticated and competitive.

The Government has endeavoured to ensure that Ireland has a balanced tax and regulatory regime which has kept pace with industry developments and the Taoiseach referred to a  number of initiatives which are in progress for the sector in 2014.

Future developments for Ireland’s International Aviation Services in 2014 include the following:

1. The Irish Stock Exchange will launch a dedicated exchange for Aviation Finance.

2. A Joint Committee on Transport and Communication will produce a report on the General Scheme of the Shannon Aviation Services and Miscellaneous Provisions Bill 2013 (The Aviation Bill).

3. Insolvency Declaration for Ireland, which is to follow from the ratification of the Cape Town Convention.

Dedicated Exchange for Aviation Finance

In January, the Irish Stock Exchange (ISE) announced plans to create a dedicated exchange for aviation-related debt and other instruments. ISE Chief Executive, Deirdre Somers, said:  “Ireland is a world leader in aviation finance and the Irish Stock Exchange is a world leader in debt listings. We want to combine these skills to make Ireland even more attractive for aviation issuers and investors.”

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Ireland's Aviation Services
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