Press release
Minister Carroll MacNeill welcomes Airline Economics Week to Dublin
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Published on
Last updated on
Jennifer Carroll MacNeill, the Minister for Financial Services, Credit Unions and Insurance, has today (Monday 29 January), welcomed delegates from across the globe to Dublin for Airline Economics Week 2024.
Minister Carroll MacNeill said:
“The city is alive in January with the arrival of delegates for Airline Economics Week. It’s great to see hotels, restaurants, bars, and taxis busier than usual as international visitors come together with their counterparts from Ireland’s thriving aircraft financing and leasing sectors.
"Ireland has established a global reputation as an industry leader in aircraft leasing and we now have over 60% of the global leasing marketplace. We are home to over 50 leasing companies, including 19 out of the world's top 20 firms.
"This is another example of Dublin as a leading location for hosting sophisticated global financial business and in the context of our application to host AMLA, the new EU anti-money laundering authority it shows the diversity of our capital city and its capacity to shape and influence an industry worldwide.
"We have helped create a strong ecosystem for the aircraft financing and leasing industry in Ireland over a number of decades. This includes an internationally competitive corporate tax regime, extensive Double Taxation Treaty network, membership of the EU, and our deep, multi-disciplinary talent pool comprising technical, legal, and financial skills and experience.
"Government and industry will continue to work together and develop the opportunities that will help to ensure Ireland can maintain its position as a global leader and location in aviation leasing.”
Minister Carroll MacNeill added:
"I am especially pleased to see that an entire day of Airline Economics Week this year is devoted to Sustainable Aviation Fuel and Carbon Finance.
"While all measures to decarbonise aviation are important, it is fully recognised that Sustainable Aviation Fuel will play the greatest role in enabling the industry to help the world reach our climate goals in the short to medium term.”
Ireland for Finance is the government’s strategy to further develop Ireland’s position as a leading global location for specialist international financial services, which includes aviation leasing and finance.
Ireland has established a global reputation as an industry leader in aircraft leasing dating back to the foundation of Guinness Peat Aviation in the 1970’s by Aer Lingus.
An industry report published by PWC entitled “Taking Flight 2023” estimated that the industry provides for over 8,500 full time equivalent jobs, an economic contribution of $975 million annually, and spending with Irish suppliers of $327 million each year.
The report also stated that Ireland now has a 60% share of the global leasing marketplace and is home to over 50 leasing companies, including 19 out of the world's 20 top lessor companies. It is estimated that an Irish – leased aircraft takes off from a runway around the world every two seconds.
The Department of Transport has welcomed industry involvement in its Sustainable Aviation Fuel Task Force which was established late last year.