Dublin, 23 July, 2013 | Avolon, the international aircraft leasing group, welcomes changes to Irish legislation announced by the Irish Government today to allow Ireland adopt a new insolvency regime in relation to the financing of aircraft and aircraft engines, equivalent to the regime known as Alternative A under the Cape Town Convention. Avolon, together with other industry players, has worked with the Government and the Departments of Transport; Finance; and, Jobs, Enterprise & Innovation to advance this legislation. It represents a significant positive development for airlines and aircraft lessors and will enable greater and more cost-effective access to international capital for companies based in Ireland.

Dómhnal Slattery, Avolon’s CEO, commented “We welcome today’s announcement by the Irish Government. It is a change which we and others in the industry have advocated for and one which will strengthen Ireland’s position as the world’s leading centre of aviation finance. Ireland has a rich heritage in aviation and it is one of a number of sectors in which we are recognised as a leader globally.”

“While we acknowledge the importance of today’s announcement, it is critical that Ireland remain committed to protecting and enhancing its recognised position as the world’s leading market for aircraft finance. We cannot become complacent at a time when many of the world’s leading financial centres are working to replicate our success and challenge the leading global position that Ireland has achieved in this sector.”

Aircraft leasing in Ireland
Ireland is the world’s leading centre for aircraft finance. It is estimated that half of the world’s leased fleet is managed from Ireland with over 25 aircraft leasing companies based here. 40% of the world’s fleet of aircraft is financed by leasing companies and it is estimated that this share will grow to 50% in the medium-term. US$100 billion of finance will be required each year for the next decade to finance planned fleet growth and renewal by the world’s airlines.

For the full statement from the Department of Transport visit:
http://www.dttas.ie/pressRelease.aspx?Id=818