Ireland’s securitisation sector: Growth, trends and strategic drivers

Long seen as a leading European hub for securitisation and structured finance, Ireland has seen sustained year-on-year growth in this sector over the past decade.

Regulatory evolution, investor demand and Ireland’s strategic position in the EU has driven this significant expansion. At the end of 2024, Ireland was home to over 4,450 active securitisation special purpose vehicles (SPVs), with total assets topping €1.14 trillion. 

SPVs are legally separate entities designed to isolate financial risk and are the most-used securitisation mechanism in Ireland. Securitisation enables financial institutions to free up capital and manage risk, by pooling together and repackaging assets—such as loans, leases, or receivables—into interest-bearing securities they can sell to investors.

SPVs span many asset classes, including:

• residential and commercial mortgages
• car loans and leases
• trade receivables
• collateralised loan obligations (CLOs), which make up about 19% of Irish SPVs
• synthetic securitisations
• aircraft leasing, which accounts for over 21% of Irish SPVs.

According to Activities of Irish SPVs, a 2025 report from the Irish Debt Securities Association, the main four SPV categories in Ireland are securitisations, asset-holding companies, Irish fund-linked SPVs and leasing vehicles. 

While they have all grown in the past decade, the uptick in securitisation SPVs has markedly outpaced the others. They now make up 37.5% of Irish SPVs, but account for 57.6% of assets held in Ireland by SPVs. 

Ireland’s SPV ecosystem is supported by a mature network of service providers, including trustees, administrators, legal advisors and auditors.

Ireland’s strategic role in European securitisation

Becoming a preferred jurisdiction for securitisation and aviation finance has been no accident for Ireland, given its:

• robust legal framework: as a common law jurisdiction, Ireland offers legal certainty and investor protections familiar to global investors
• tax neutrality: Ireland’s Section 110 tax regime enables SPVs to run in a tax-neutral way, ideal for cross-border transactions
• regulatory access: Irish SPVs benefit from EU passporting rights, meaning they can market securities across the EU once approved by the Central Bank of Ireland (CBI)
• infrastructure and expertise: Ireland hosts a deep pool of legal, accounting, and financial experts in structured finance and aircraft leasing.

Leading on ESG and green securitisation

Green securitisations—such as those backed by energy-efficient mortgages or renewable energy receivables—are growing in prominence. As environmental, social and governance (ESG) considerations shape the securitisation landscape, Ireland is well-positioned to lead, given its: 

• access to EU Green Bond Standards
• expertise in sustainable finance
• regulatory alignment with EU taxonomy and disclosure rules.

Challenges and risks remain for Ireland

Despite its strengths, the Irish securitisation sector also faces:

• regulatory complexity: evolving rules and regulations require constant monitoring.
• market volatility: rising interest rates and geopolitical uncertainty could dampen investor appetite.
• reputational risk: Ireland must maintain high standards of transparency and governance.
• skilled labour: the presence of a specialised skilled workforce in both securitisation and aviation finance sectors has given Ireland advantage over other competing jurisdictions to attract international investors and arrangers.

Securitisation success is built on talent

Having the right talent pool to service clients is critical to Ireland’s securitisation and aviation finance sector. Every deal is bespoke, and needs the right expertise to ensure it can be properly served. 

Grant Thornton employs over 400 skilled auditors in the financial services audit team, with more than 250 specialising in the areas of aviation finance, securitisations and asset management. 

Our specialist Tax and Advisory teams also service our clients in this sector, meaning we can deploy the right teams, skillsets and expertise across audit, tax and advisory. 

A bright future in securitisation

With its securitisation sector having shown remarkable resilience and growth, and with being the world’s leading aircraft leasing jurisdiction, Ireland is well-positioned to capitalise on future opportunities. 

As the EU deepens its capital markets union and embraces sustainable finance, Ireland’s role as a securitisation powerhouse is set to strengthen further.

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