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The winner of this year’s Most Innovative Deal of The Year is the the transfer of a portfolio of securities valued at approximately €23 billion from WestLB to an Irish SPV. The structure of the deal is innovative and ground breaking because it shows how Ireland can develop into a location for the domiciliation of distressed assets and guide other international banks to set up similar entities in Ireland. The benefit of these type of structures is that the sale of distressed assets to Irish banks, for domiciliation in Irish SPVs, will result in a lower tax charge on the gains arising in the event of their recovery to par values. On foot of the WestLB deal, a number of banks have submitted proposals to locate distressed assets in Dublin

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