X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

weathervaneThe last 18 months has not only seen an increase in the number of securitisations done by Irish originators, but also an increasing number of foreign originated transactions on a true sale basis and through synthetic structures, plus an increase in repackaging programmes using Irish issuers. Why?Securitisations and repackagings are not attracted to jurisdictions by low tax rates but by a regime of benign listing, bankruptcy and taxation laws. Ireland has had a favourable tax regime for securitisations and this has facilitated the execution of domestic mortgage securitisations and cross-border securitisations through the International Financial Services Centre (IFSC). The taxation laws have been amended to enable securitisation companies to be established outside the IFSC, to facilitate profit extraction from these companies by originators and to deal with the income tax position of holders of notes. With investor demand for EU issuing companies, this has caused many London-based arrangers to look at Ireland. A further impetus has been given by difficulties being experienced in obtaining revenue rulings in some of the more traditional EU issuing jurisdictions. The Irish regime, like the UK one, is not dependent on Inland Revenue rulings to execute securitisations.Below are some of the attractions of Ireland as an issuer jurisdiction:

This premium content is reserved for
Legal Week Subscribers.
Subscribe today and get 10% off.

A PREMIUM SUBSCRIPTION PROVIDES:

  • Trusted insight, news and analysis from the UK and across the globe
  • Connections to senior business lawyers within the leading law firms and legal departments
  • Unique access to ALM's unrivalled, market-leading reporting in the US and Asia and cutting-edge research, including Legal Week's UK Top 50 and Global 100 rankings
  • The Legal Week Daily News Alert, Editor's Highlights, and Breaking News digital newsletters and more, plus a choice of over 70 ALM newsletters
  • Optimized access on all of your devices: desktop, tablet and mobile
  • Complete access to the site's full archive of more than 56,000 articles

Already have an account?

For enterprise-wide or corporate enquiries, please contact Paul Reeves on Preeves@alm.com or call on +44 (0) 203 875 0651

 

Legal Week Newsletters & Alerts

Sign Up Today and Never Miss Another Story.

As part of your subscription, you can sign up for an unlimited number of a wide range of complimentary newsletters and alerts. Get the timely legal news and critical analysis you cannot afford to miss. Tailored just for you. In your inbox. Every day.

Copyright © 2018 ALM Media Properties, LLC. All Rights Reserved.