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Aircraft leasing: A review of Ireland’s role in its past, present and future development

Dunne, Enda (2019) Aircraft leasing: A review of Ireland’s role in its past, present and future development. Masters thesis, Dublin, National College of Ireland.

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Abstract

This paper highlights various factors which contributed to the development of aircraft leasing both globally and in Ireland. It identifies and assesses the risks to the sector including to Irelands status as a leading global hub. This includes those risks posed by new market entrants, EU and OECD regulations, talent shortage, the climate change movement and financial incentives offered by foreign jurisdictions. These incentives are important to multinational corporations and it costs states little to offer these to lessors considering setting up or relocating there. This has been highlighted as a key concern by the industry representative body, Aircraft Leasing Ireland.

The success of aircraft leasing has attracted several new market entrants, leading to increased competition as global investors search for yield in the face deteriorating margins in traditional markets such as equities and fixed income (Bollen, 2019). Global stock markets fluctuated throughout 2018/19 with fears of a global recession growing (Reuters/Bloomberg, 2019). Airline bankruptcies have increased (Thoppil, 2019) and others are struggling to refinance debt (Taylor, 2018), having a knock-on effect for aircraft lessors.

The research shows that Ireland benefitted from being home to GPA under the leadership of Tony Ryan which led the development of aircraft leasing here. Growth in the sector owes much to consecutive Irish governments and government agencies creating a competitive fiscal environment. An unrivalled tax-treaty network and innovative tax regime developed over decades benefits aircraft lessors and other business sectors. Several Finance Acts have continued to introduce new incentives and allowances to minimise taxable income. A highly educated and experienced talent pool is key to Irelands success and difficult to replicate elsewhere.

This paper adds to the academic body of work in this area by considering the historical development of aircraft leasing in Ireland and worldwide and the current status of the industry.

Item Type: Thesis (Masters)
Subjects: H Social Sciences > HD Industries. Land use. Labor > Specific Industries > Aviation Industry
H Social Sciences > Economics
Divisions: School of Business > Master of Science in Finance
Depositing User: CAOIMHE NI MHAICIN
Date Deposited: 21 Oct 2019 10:03
Last Modified: 21 Oct 2019 10:03
URI: http://trap.ncirl.ie/id/eprint/3973

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