The Government has highlighted structured finance as one of the high growth areas it is targetting for increased employment and growth in international financial services according to the Minister for Jobs, Enterprise and Innovation, Richard Bruton. | | (L-R) Gary Palmer, CEO of IDSA; Minister Richard Bruton and Turlough Galvin, chair of IDSA at the launch of the association at the Royal College of Physicians in Dublin. |
'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, with IDA Ireland targetting 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,' he said, speaking at the official launch of the Irish Debt Securities Association (IDSA) on 16th April.The IDSA is set to become a member of the new Prime Collateralised Securities (PCS) Association. The PCS Association is an industry-led, not-for-profit initiative set up to re-inforce the asset-backed securities market in Europe as a key to generating robust and sustainable economic growth. At the centre of the PCS initiative is the PCS Label which is a label for high quality securitisations which meet best practice in terms of quality, transparency, simplicity, and
standardisation.
The IDSA is an industry organisation whose membership includes 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. According to the IDSA around €500 billion of SPV assets are already resident in Ireland, representing approximately 22 per cent of all European SPV assets and the association'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 SPVs. The IDSA, which has been up and running since 2012, is chaired by Matheson's Turlough Galvin, with former IFIA chief executive Gary Palmer as chief executive.
'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,' said Galvin, '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,' he said.
'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,' said Palmer. '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,' he said.
In a new development, the IDSA is set to become a member of the new Prime Collateralised Securities (PCS) Association.
The PCS Association is an industry-led, not-for-profit initiative set up to re-inforce the asset-backed securities market in Europe as a key to generating robust and sustainable economic growth. At the centre of the PCS initiative is the PCS Label which is a label for high quality securitisations which meet best practice in terms of quality, transparency, simplicity, and standardisation. The PCS initiative was launched in June 2012 as an independent, not-for-profit initiative ‘set up to re-inforce the asset-backed securities market in Europe as a key to generating robust and sustainable economic growth for the region.’
The first securitisation to be awarded the PCS label was an Irish SPV, Bilkreditt 3 Limited, which is backed by Norwegian auto loan receivables originated by Spanish bank Santander, in November 2012. |
