What’s New

The International Registry of Mobile Assets (International Registry) has achieved a major milestone with the announcement that more than half a million registrations have now been filed. The International Registry provides for the registration and protection of financial interests in aircraft objects, such as airframes, engines and helicopters and was created with the view to reducing financing costs. The Aviation Working Group estimates it will save the global air transport industry USD 161 Billion USD between 2009 and 2030.

The establishment of the International Registry is provided for under an international treaty regime - the Cape Town Convention and Protocol of 2001. This was adopted under the joint auspices of the International Civil Aviation Organization (ICAO) and the International Institute for the Unification of Private Law (Unidroit). The International Registry is supervised by ICAO and operated by Aviareto, a joint venture between SITA and the Irish Government. It is used to establish legal priority in the case of disputes over interests in aircraft objects. Currently, fifty-five States across the world have ratified both the Convention and the Aircraft Protocol.

The International Registry is a fully online business which services this global industry from Dublin. It started operations in 2006 and since then, there have been over 500,000 registrations covering 110,000 aircraft objects with an estimated value of over half a trillion USD. Of those, 27% of registrations are on airframes, 68% on engines and 5% on helicopters. There is now an average of 7,000 registrations each month.

Source: Aviareto