Structured finance

Ireland is the leading European jurisdiction for the establishment of special purpose vehicles (“SPVs”) for structured finance transactions

SPVs play an integral role in the operation of the international financial services industry and are used by a wide range of industries in Ireland including aircraft leasing, insurance / reinsurance, Irish regulated funds and securitisations.

At Mazars we have a dedicated team of specialists who lead our services to our structured finance clients. We have been appointed as auditors to structured finance vehicles arranged by some of the most significant domestic and global financial institutions. Our team has a proven track record in the coordination and delivery of securitisation audits with a service offering that promises and delivers the highest quality client service and technical excellence for competitive fees. We work with all of the significant corporate service providers in Ireland who are responsible for day to day management and administration of securitisation vehicles established in Ireland.

We are full members of the Irish Debt Securities Association (IDSA) who is the industry organisation established with the aim to promote and maintain Ireland’s standing as the premier location for activities to support the global structured finance, debt securities and the specialist securities industries.

Structures we have assisted in an audit capacity include:

  • Credit linked notes
  • Collaterised debt obligations
  • Collaterised loan obligations
  • Asset-backed securities
  • Residential/commercial mortgage back securities
  • Catastrophe reinsurance and risk transfer linked securitisations
  • Repackaged financial instruments
  • Synthetic securitised structures
  • Aircraft leasing

Audit & assurance

  • Statutory/Contractual audit - our audit and assurance teams have significant experience of the audit issues relevant to SPVs, covered bonds and other securitisation entities. We work with all of the leading corporate services providers in Ireland.
  • Asset pool monitoring – Mazars currently act as cover asset monitor to a number of issuers of covered bonds in Ireland, Italy and France.
  • Valuations: Our specialist valuation team is composed of quantitative analysts who use bespoke tools for providing competitive valuation services. We value most type of instruments, from vanilla to structured synthetic products

Taxation

  • Corporate tax compliance and advisory.
  • Provision of support in relation to the requirements of an S.110 company carrying on a specified property business as defined, and deductibility of interest based around the circumstances of the note holder or the profile of the securities issued.
  • VAT compliance and advisory, including maximisation of VAT recovery rates, ensuring reverse charge requirements are met and VAT recovery apportionment.