The International Registry of Mobile Assets, in its first three months of operation, has significantly surpassed initial projections. Over 3,500 users have been registered, four times the number forecast for the…
The International Registry of Mobile Assets, in its first three months of operation, has significantly surpassed initial projections. Over 3,500 users have been registered, four times the number forecast for the entire first year. The number of aircraft and engines recorded with the Registry has also exceeded expectations by over a quarter.
The International Registry was established by the Cape Town Convention and Protocol of 2001 with the aim of increasing airlines’ access to lower cost debt. This is achieved by financers, leasing companies, and manufacturers reducing their risk by having access to more transparent and readily accessible information, through the Registry, about the financing of each piece of aircraft equipment.
Niall Greene, Managing Director of Aviareto, which manages the International Registry, said, “The International Registry was established to settle competing claims to property interests in aircraft and engines. The fact that so many are using the Registry is proving the rationale to be a compelling one. We are very encouraged that the Registry has been so successful so early and we anticipate that usage levels will continue to increase as additional countries ratify the Convention.”
Ten countries have already ratified the Cape Town Convention: Angola, Ethiopia, Ireland, Malaysia, Nigeria, Oman, Pakistan, Panama, Senegal, and the United States. Ireland is currently the only EU country to have ratified the Convention. Six additional countries are in the advanced stages of completing the ratification process.
The International Registry is based in Dublin and is managed by Aviareto Limited, a joint venture between the Irish Government and SITA.
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