The contract to operate an international registry of aircraft ownership has been won by Shannon, Ireland-based Aviareto.
The register will for the first time offer a comprehensive database of all financial interests in aircraft and engines, reducing the risks taken by leasing and financing companies when providing financing. Aviareto part-owner Sita says that leasing rates could be cut by up to 30% across the industry, saving the airline industry $5 billion a year.
The contract was awarded by the International Civil Aviation Organisation after an intense competition from companies based in Canada, Singapore and Spain. Sitasays the registry "will allow financial institutions to register their financial interest in aircraft and establish their priority of interest in them. As a result the risk of lending can be better assessed."
Aviareto will establish a secure website to record all financial interests in aircraft.
Source: Flight International
