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Tuesday, 16th April 2024
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Success of conference indicative of potential Back  
Over 200 people attended the first Finance Dublin International Securitisation conference, at which Alexander Batchvarov, head of international structured finance research, at Merrill Lynch in London, told the audience that Dublin is an ‘optimal location for European and global securitisation, with one of the most developed investor bases in Europe, many credit enhancers and Irish issuers adding ‘diversity’ to the European securitisation market’.
‘Ireland as a platform for the next wave of global securitisation’ was the theme of the conference, held on October 23rd in The Four Seasons Hotel and international interest at the event was strong, with almost 50 per cent of the delegates coming from the US, UK, Germany and Luxembourg.
Speakers on the day included Adrian Carr, managing director at Credit Suisse First Boston in London, Chris Ames, head of structured credit research in BNP Paribas, Jean Dornhofer, senior vice president /senior analyst, structured finance group, Moodys, London and Ann Nolan, principal, head of IFSC Section, Department of Finance.
All were positive on the outlook for the development of the sector in Ireland, and Max Doyle, joint head of leveraged credit asset management at Dolmen Securities referred to the sector as a ‘go-go’ area.
While there has only been limited issuance in the market to date, Ciaran Rogers, a partner at A&L Goodbody said that securitisation would remain a mainstay in the market for mortgage lenders, and he predicts that in the foreseeable future, residential mortgage backed securities (RMBS) deals will continue to come out of Dublin.
Another main theme of the conference was taxation/regulation issues, with many of the speakers urging that Section 110, which establishes the tax framework for securitisation, be updated, as it is now out of date and is preventing certain types of business from being conducted in Dublin.
A key feature of the Dublin securitisation market is the high proportion of ABS investors located there, and this community was represented on the day by such speakers as Ray Wyer a director at Bank of Ireland International Finance Limited, Dermot Hardy, assistant director banking at Bankgesellschaft Berlin and Brendan Owens, a senior manager at Garras Bank-Naspa Dublin.
The Irish covered bond also featured as a topic at the conference and Bettina Schornig, managing director of capital markets at Depfa Bank gave a presentation on how covered bonds compare to asset backed securities and why its preference is for covered bonds. Schornig said that Depfa has already established its covered bond bank, or designated credit insitution, and that issuance is very likely in either January or February 2003.
Gerry Murray, treasurer at First Active, said that they will adopt a wait and see attitude to the new product and does not rule out issuance.

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