Ireland establishes representative body for aircraft leasing

Ibec, through Financial Services Ireland, announced on July 3, 2018, the establishment of a new representative body, Aircraft Leasing Ireland (ALI), to ensure that Ireland retains its position globally in aircraft leasing.

Image : John S Turner

The Irish aircraft leasing industry supports 5,000 jobs and contributes over Ђ550 million annually to the local economy. ALI is the first representative body specific to aircraft leasing and includes all of the major Irish-based aircraft leasing companies, including four of the largest global lessors, SMBC Aviation Capital, GE Capital Aviation Services (GECAS), Avolon and AerC.

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ALI will act as a coordinated voice for the industry. Its remit will be to further develop Ireland’s aircraft leasing infrastructure including:

• A particular focus on skills and education to service the industry’s growing employment needs;
• To expand Ireland’s network of double taxation agreements; and
• To build the ecosystem of services and employment which have been directly created as a result of the industry’s location here. This includes MRO (Maintenance Repair and Overhaul) at Dublin and Shannon Airports and a growing number of specialised financial and legal services firms.

Declan Kelly, CCO of GECAS, was appointed to the position of Vice Chair and will succeed David Swan at the end of his two-year tenure in 2020.

Over 60% of all leased aircraft worldwide are managed by Irish-based leasing companies.