By December last year, details of legislation that would bring Irish securitization up to date with market demands were being finalized. With the passing of the legislation earlier this month, Ireland could potentially become the jurisdiction of choice for locating SPVs.

"The new legislation is intended to make Ireland the on-shore destination of choice for the location of structured finance SPVs," said Turlough Galvin at Matheson Ormsby Prentice. "In the past, these transactions often went to Jersey and the Cayman Islands. However, arrangers increasingly seem to prefer to use on-shore SPVs, as these tend to meet their investors' criteria."

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