ARTICLE · 23 APRIL 1997

Securitisation In The International Financial Services Centre, Dublin

A&L Goodbody

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INTRODUCTION

The 1996 Irish Finance Act includes a specific provision to facilitate securitisations within Dublin's International Financial Services Centre ("IFSC"). The new provisions allow for the securitisation of a wide range of assets in a securitisation special purpose vehicle ("SPV") which holds an IFSC certificate. Special tax advantages for the SPV are provided for under this certification process. To qualify for securitisation in an IFSC certified SPV, assets must be denominated in a currency other than Irish pounds and include loans, leases, trade or consumer receivables, mortgages and other debts of non-Irish resident entities. The tax and other advantages of using Dublin's IFSC as a location for securitisation SPV's are highlighted in the table below. A more detailed analysis is given elsewhere in this bulletin.

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