Ireland has a very successful aviation industry which the Irish government is committed to supporting and developing. Ireland has a large cluster of aircraft and engine lessors operating their global or EMEA headquarters from Ireland which requires significant amount of funding from sources such as traditional secured debt, investment funds to the capital markets. We look at the Irish government's National Aviation Policy ("NAP") and the recently published progress report on the implementation of the NAP, as it applies to the financing and leasing industry sector.
THE NATIONAL AVIATION POLICY
In 2015, the Irish Government published the NAP with a view to shaping a positive pathway for the development and growth of the aviation sector and its increased contribution to the Irish economy both directly and indirectly. For more information on the NAP, click here.
The principal goals of the NAP are:
to enhance Ireland's connectivity by ensuring safe, secure and competitive access responsive to the needs of business, tourism and consumers; to foster the growth of aviation enterprise in Ireland to support job creation and position Ireland as a recognised global leader in aviation; and to maximise the contribution of the aviation sector to Ireland's economic growth and development. PROGRESS REPORT
In November 2016, the Irish Government released a progress report on the NAP (the "Progress Report"). The Progress Report acknowledges Brexit as a significant event since the publication of NAP but stresses that the Irish Government is engaging on key issues such as the Common Travel Area, the future of the UK's position within the Single European Aviation Area and the future of the Ireland-UK Functional Airspace Block.
A summary of the progress made on some of the key policies set out in the NAP is as follows:
The International context
NAP policy: The policy position is that Ireland will participate actively in international fora to influence developments in the aviation sector.
Progress update: Ireland was elected to the 36 member ICAO Council for the period 2016-2019 at the 39th ICAO Assembly held in late 2016.
Connectivity & Aviation Services
NAP policy: Ireland's ultimate objective in bilateral negotiations is to reach agreement on the basis of fifth freedom rights on a reciprocal basis with such freedoms initially relating to route access.
Two new bilateral air service agreements were initialled with Oman and Saudi Arabia. A...