Government approves drafting of Shannon Aviation Services and Miscellaneous Provisions Bill
Shannon Group plc to take over Shannon Development & Shannon Airport Authority
· The inclusion in this year’s Finance Act of provisions which provide for accelerated capital allowances for the construction and refurbishment of certain buildings and structures for use in the maintenance, repair and overhaul of aircraft at all Irish airports.
· The approval by Cabinet of the Heads of the Shannon Aviation Services and Miscellaneous Provisions Bill 2013 paving the way for the creation of the new Shannon Group entity.
Under the Bill a new State company, Shannon Group plc, will be established and the existing shareholdings held by the Government in both Shannon Development (SFADCo) and Shannon Airport Authority will be transferred to the new company.
Shannon Airport was separated from the Dublin Airport Authority (DAA) last December and now operates on an independent commercial basis. This will continue to be the case under the merged corporate structure that will be provided for in the new Bill.
Shannon Development has undergone major restructuring during the first half of this year and when completed, it will retain its significant property assets including the strategic lands and property in the Shannon Free Zone adjacent to the airport. To emphasise this more focused commercial remit, Shannon Development will be renamed Shannon Commercial Enterprises Limited.
Under the proposed new regime, both of these companies will operate under the aegis of Shannon Group and the latter will promote and drive interaction and common purpose between them at local level. This will include the promotion and development of an international aviation services centre on the Shannon campus, centred on the airport.
Minister Varadkar added that: “The new Bill will also provide the necessary legal mechanism to allow Ireland to adopt a new insolvency regime in relation to aircraft and aircraft engines, equivalent to the regime known as Alternative A under the Cape Town Convention. Ireland has a long and successful history in aircraft finance and aviation leasing. This measure will provide greater certainty to investors in the event of default and it is hoped that the change will also facilitate the issuance of Enhanced Trust Equipment Certificates, a form of security used in aircraft finance, in Ireland to bolster Ireland’s position as a user friendly and leading jurisdiction for aircraft finance and leasing.”
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