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Matheson welcomes Irish Debt Securities Association

PRACTICE AREA GROUP: Tax, Structured Finance and Derivatives
DATE: 19.04.2013

Matheson has welcomed the official launch of the Irish Debt Securities Association (IDSA), 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.

Turlough Galvin, Head of Matheson's Tax practice and Structured Finance and Derivatives Group, is the IDSA's Chairman while another Matheson partner, Christian Donagh is on the IDSA's executive committee.

Introducing the Association, Mr Galvin said "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.”

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.

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.”

Irish Debt Securities Association

Pictured at the launch of the Irish Debt Securities Association (IDSA) in Dublin yesterday are IDSA Chief Executive Gary Palmer, Minister for Jobs, Enterprise and Innovation, Richard Bruton and IDSA Chairman and Matheson Partner Turlough Galvin.

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