An international registry recording investments in the multi-billion-euro aircraft industry will go live in Ireland in the coming days.
The Government-backed initiative will keep track of sales and financing of airlines, helicopters, aircraft engines and frames on an electronic database in a bid to safeguard deals.
Shannon-based Aviareto, which won the contract to operate the International Registry of Aircraft Assets, fought off competition from Canada, Singapore and Spain for the job.
Martin Cullen, Minister for Transport, said the move was a big win for Irish aviation.
“The fact that an Irish company was chosen to operate the International Registry will further enhance Ireland’s strong reputation in international aviation,” he said.
“I am delighted to have SITA, with its huge international experience, as our partner in Aviareto.
"Running such an important registry will be a challenging task but Aviareto has built a fine foundation in a short space of time and I have no doubt that it will be a great success.”
The International Registry of Mobile Assets will go live and be open for registrations on March 1.
Under the scheme aircraft financing institutions will be able to register their financial interest in airframes, aircraft engines and helicopters.
Experts believe the registry could save governments and airlines billions through access to more favourable international finane rates and more secure financing, improvement of debt ratings for governments and airlines.
Hans-Peter Kohlhammer, SITA chief executive, said the system would be a huge benefit for airlines.
“The registry is of huge value to airlines because it will increase airlines’ profitability by reducing debt repayments,” Mr Kohlhammer said.
“It is the latest example of SITA’s role as a driver of cost reductions for the Air Transport Industry. It also testifies to what governments can achieve for our industry through close international co-operation.”
Kevin Power, managing director of Aviareto, added: “This information is vital to the world’s airlines, financiers, leasing companies, manufacturers and governments.”