Ireland needs to adapt to poach UK talent, says AerCap chief

The Government must place greater emphasis on policies that appeal to high-earners if it is serious about bringing in talent from the UK in the aftermath of Brexit, according to a senior executive in the growing Irish aircraft leasing sector.

Aengus Kelly, chief executive of AerCap, said government policy is "vital" in attracting people and companies to the Republic, adding that highly skilled roles will be created as long as schemes such as the Special Assignee Relief Programme (Sarp) exist.

Sarp allows employees who have relocated to the Republic to claim tax back if they earn in excess of €75,000 per year provided they have worked for the same company for six months in another jurisdiction. It has been in existence since 2012 and was extended in the 2016 Finance Act.

Mr Kelly said AerCap has used the scheme to help attract a number of skilled staff. Unlike many others in the corporate world, he said last year’s Brexit vote was “not a big deal”.

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“Every year we contend with some jurisdiction that has had some issues,” he added.

Dublin-headquartered AerCap announced two deals at the Paris Air Show on Wednesday, both involving lease agreements with European airlines.

AerCap said it had signed a lease agreement with Primera Air for two Airbus A321LR aircraft. The aircraft, which can seat up to 185 people, is the first of its type ordered by AerCap and a first for Primera Air. AerCap plans delivery of the planes in the last three months of 2018.

The company also signed a lease agreement with Italian carrier Neos for two Boeing 737 Max aircraft. Neos, which was founded in 2001, will become Italy's first 737 Max operator when it takes delivery of the airplane in 2019.

On Monday the company made public its order for 30 Boeing 787-9 Dreamliners. The agreement valued at $8.1 billion makes AerCap the largest customer for the 787 Dreamliner.

Asked whether AerCap plans to make any further announcements at the show – like rival Avolon’s announcement Tuesday that it was buying 75 Boeing aircraft – Mr Kelly said what’s important is how a company spends shareholders’ money to achieve returns, not to make announcements at an air show.