Launch of IDSA – the Irish Debt Securities Association

April 18, 2013

The Minister for Jobs, Enterprise and Innovation, Mr Richard Bruton TD, has formally launched the Irish Debt Securities Association at the Royal College of Physicians. The Irish Debt Securities Association (“IDSA”) is an industry organisation whose membership includes the corporate administrators, audit firms, legal advisors, listing agents, and other parties involved in the structuring and management of Special Purpose Vehicles (SPVs) in the industry in Ireland.

Around €500 billion of SPV assets are already resident in Ireland, representing approximately 22% of all European SPV assets. IDSA’s objective is to enhance the environment in Ireland for structured finance and debt securities and to promote the country as the leading jurisdiction for SPV’s.

Introducing the Association the Chairman of IDSA, and partner at Matheson, Mr Turlough Galvin noted that “The IDSA was established to promote and develop Ireland as the premier European location for activities to support the global structured finance, debt securities and the specialist securities industries.” Mr Galvin went on the highlight that “the mission of the Association is to promote high standards of professional conduct among industry service providers and lead the industry activity to develop and provide a world-leading environment from Ireland for structured finance transactions and for the issuance of debt securities and other specialist securities.”

Welcoming the establishment of the Association the Minister for Jobs, Enterprise and Innovation, Mr Richard Bruton TD said:

“International financial services forms a key part of the Government’s plans for jobs and growth, and through our Action Plan for Jobs we are targeting the creation of 10,000 additional jobs in this sector over the coming years. We are putting in place a range of measures to support expansion in this sector, including the establishment of a new team in IDA Ireland to target investment and jobs from this sector and exploiting opportunities offered by high growth sub-sectors such as Green Finance, Islamic Finance, Structured Finance and Post Trade Services. Today’s announcement is a major boost for the sector in Ireland, I commend all involved and wish them every success with this new venture”.

The Chief Executive of IDSA, Mr Gary Palmer noted that for many reasons the traditional means of raising finance is being challenged and other sources of capital are needed. This is especially so in Europe with it reported, he said, “that there now exists a funding gap of many trillions of Euros and all of the discussion around this funding gap is concluding that this needs to be addressed in the non-bank financing areas of Special Purpose Vehicles and securitised structures”.  Mr Palmer added that “As an open, transparent and tightly legislated jurisdiction with a foundation of existing industry expertise, Ireland and our sector has the opportunity to provide the products and solutions that the international industry is seeking.”

Download IDSA Newsrelease in PDF

Notes to Editors

 For further information, please contact
James Harvey
Hume Brophy
Tel: +44 (0) 203 440 5650
Email:james.harvey@humebrophy.com
Lorna Jennings
Hume Brophy
Tel: +44 (0) 203 440 5650
Email:lorna.jennings@humebrophy.com

 

About IDSA
The Irish Debt Securities Association (“IDSA”) an industry organisation with the aim to promote and develop Ireland as the premier European location for activities to support the global structured finance, debt securities and the specialist securities industries. IDSA promotes a responsible, sustainable and effective environment within which debt securities and other specialist securities can be used to facilitate transactions, to create investment products and to raise capital funding.

IDSA aims to achieve its mission by representing all industry participants, promoting high standards of professional conduct among industry service providers and leading the industry activity to develop and provide a world-leading environment for structured finance transactions and for the issuance of debt securities and other specialist securities.

A membership organisation, the 30 IDSA members include corporate administrators, trustees, audit firms, legal advisors, listing agents, and other parties involved in the structuring and management of Special Purpose Vehicles (SPVs) in the industry in Ireland.

For more information, visit www.IDSA.ie.

For business enquiries, please contact:

Gary Palmer
Chief Executive
Irish Debt Securities Association
Tel:  +353 1 6394883 or +353 (0)86 2494513

About Debt Securities in Ireland
It is estimated that the structured finance industry employs over 700 people directly, contributing about €75 million in taxes to the state each year. According to Accenture, for every 1.5 SPVs that are incorporated in Ireland, about one job is created. The Irish Stock Exchange is a world leader in the listing of debt instruments and as of the second quarter of 2012, there were almost 21,000 debt security tranches listed on the Irish Stock Exchange.

Structured finance techniques are used by a cross-section of the international financial services industry in Ireland. The aircraft leasing sector for example, where Ireland is a world leader, uses SPVs to finance and hold certain types of assets, as does the investment fund sector. The insurance sector uses SPVs to issue insurance related debt securities.

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