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[Article] International Aircraft Registry for Shannon

10-06-2004 1:00pm

#1

Victor

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http://www.rte.ie/business/2004/0610/aviareto.html

Major aviation deal for Shannon's Aviareto
June 10, 2004 11:54

Shannon based Aviareto has been selected to operate the International Registry of financial interests in aircraft, reinforcing Ireland's significant leadership position in aircraft financing.

The registry will be an internet based service in which financial interests are recorded. It will enable prospective lenders to check whether there are existing loans against a particular aircraft and it will determine the order of priority in cases where several loans are issued for one particular asset.

The registry is expected to reduce aircraft leasing costs about 2% globally, saving the airline business around $5 billion a year.

The Irish company fought off stiff competition from bids from Canada, Singapore and Spain for the contract.

Aviareto is supported by the Department of Transport and by Enterprise Ireland. The company has pulled together major players in the aviation sector to assist in making its proposal.

'Ireland already enjoys a very high profile in aviation with major maintenance repair and overhaul and aircraft leasing companies based here,' commented Transport Minister Seamus Brennan.

'The location of the International Registry will enhance that reputation and will become an integral part of the international aircraft financing business,' he added.

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