Page 23 - AAA JANUARY - FEBRUARY 2014 Online Magazine

FEATURE LEASING

part skillset, and part opportunism by worked for Aer Lingus, by staring up a BOC Aviation is one of the big
both businesses and the Irish government. specialist leasing arm of the company Asian players that has moved
“Aviation finance is a great success story called Guinness Peat Aviation (GPA). This into the Dublin market
for the Irish economy,” says James Cottle, grew from small beginnings to the largest
of Dublin-based AIFS (Airbus Financial lease company in the world, with some
Services Ireland). Indeed, the country US$4 billion worth of assets.
touts its “Four Ts” – Talent, Track Record, Ex-employees of GPA and its
Taxation and Technology – as what makes offshoots have set up some 30 or so
Ireland the destination of choice for specialist leasing companies, mainly in
leasing companies, according to the Irish Dublin, based on the expertise generated
Industrial Development Agency (IDA). over the last couple of decades and
“Foreign Direct Investment is second- boosted by the Irish government’s plans
nature to us,” says one spokesperson. “It to set up a specialist leasing location
is over 60 years since FDI was identified at Shannon Aviation Services Centre.
as being central to the prosperity of [our] This new venture, centred around the
nation. Core solutions designed to satisfy leasing market, will provide all the
the needs of FDI investors were put in infrastructure the industry needs,
place as Ireland instituted a favourable such as engineering, certification,
tax regime and allowed tax credits against bonded and storage areas and training
expenditure on RD&I.” facilities. IDA says it is slated to create
This institutional support has been 3,000-3,500 new jobs within five years. Ireland has become
leveraged by companies who also spotted “We will bring a fresh approach to the the epicentre of leasing
a market as the LCC market – which future development of [Shannon],” says for the entire world is
found its feet with locally-based Ryanair Leo Varadkar, Irish Minister for Transport,
amongst others – struggled to provide Tourism & Sport. “A key element of that part luck, part skillset,
capacity for newly-wealthy Europeans future will be the development of an and part opportunism
desperate to take up no-frills travel. One International Aviation Services Centre by both businesses and
of the founders of Ryanair, Tony Ryan, (IASC) in and around the airport, building
pioneered the leasing concept when he on a range of aviation-related activities … the Irish government
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