McGrath pledges support for Irish-based aircraft leasing firms

Irish-based firms now account for a 60% share of the total global leasing market, and include 19 of the world's 20 largest leasing giants, according to new report

Finance Minister Michael McGrath: 'Government will continue to support the industry and take actions to ensure Ireland remains the leading worldwide hub for aviation leasing firms long into the future.'

Finance Minister Michael McGrath has welcomed a PwC report showing aircraft leasing firms based in Ireland have grown staff numbers to almost 8,600, despite the pandemic and economic shocks from the war in Ukraine. 

"Government will continue to support the industry and take actions to ensure Ireland remains the leading worldwide hub for aviation leasing firms long into the future," Mr McGrath said.

The report, which is based on a survey of the business group Aircraft Leasing Ireland, finds the 50 Irish-based aircraft leasing firms contribute millions in payroll taxes to the exchequer. 

The leasing firms here include international companies such as AerCap and Avolon that wield huge balance sheets, akin to major banks. The industry has been lured here through the favourable tax regime. 

According to the report, Irish-based firms now account for a 60% share of the total global leasing market, and include 19 of the world's 20 largest leasing giants. 

However, the report also highlights that many of the firms here have few women working at executive level. They also cite the cost of doing business in Ireland as their main challenge. 

The aircraft industry "has endured the 737 Max grounding, financial losses, airline closures, unemployment, the loss of global connectivity due to covid-19, 'flight shaming' caused by the industries core reliance on fossil fuels, and most recently the impact of the continuing war between Russia and Ukraine", the PwC report says.