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Purpose companies – Ireland remains high – rise for mailbox companies News

Saturday, August 19th, 2017 | Economy

Such financial vehicles, including many mailbox companies, came together at the end of June on the island on assets of around 391 billion euros, according to data released by the European Central Bank (ECB) on Friday. In comparison, in Germany, the largest economy in the euro zone, the combined assets of such companies were only around 51 billion euros. Ireland is currently attractive to these financing companies, which issue credit securitization, for example, because they are mainly attracted by tax advantages.
Even before the financial crisis, Ireland was a favorite location for such purpose-built companies, which typically do not have full-time employees. At that time they were attracted mainly by a loose financial regulation. Such financial vehicles are used, for example, by American real estate investors, aircraft leasing companies, European banks and Russian energy companies.
Because of their partly very opaque structure, there are now also some critics. "What is the advantage for Ireland," asks James Steward of Trinity College, Dublin, one of the leading experts in this field. "You pay minimal taxes, you have no employees." Government representatives, on the other hand, point out, among other things, that these companies are important to the country, since it is trying to attract banking business in the course of Brexit.


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