Securitization: Ireland improves tax regime.

Changes to Ireland's tax legislation in the 2003 finance bill overcome previous differences applying to special purpose vehicles, and will expand the for securitization deals in the country. Ireland has become a popular jurisdiction in which to locate special purpose vehicles (SPVs) forsecuritization and other structured finance transactions. Securitizations of a wide variety of asset classes have taken place, including synthetic and cash flow collateralized debt obligations (CDOs), mortgage-supported securitizations (MBS), commercial mortgage-backed securtization (CMBS) and trade receivables financing. The predominant reason for Ireland's popularity as an SPV location is its favourable tax regime.