London, 7 June, 2004 - JPMorgan today announced the launch of its Corporate Administration service in Dublin. The service enables JPMorgan clients to set up special purpose vehicles for securitisation transactions efficiently. The offering is an extension of the firm's existing trust and agency services and enables JPMorgan to provide a one-stop shop to clients.
The service will facilitate the arrangement of structured finance transactions by JPMorgan clients, such as conduits, collateralised debt obligations (CDOs), asset backed securities (ABS) and repackagings by assisting in the establishment of special legal entities that are required for these deals.
Setting up special purpose vehicles is administration-intensive and organisations are increasingly looking to their trustees to effectively manage this process.
James Maitland, EMEA Global Debt Business Executive at JPMorgan Institutional Trust Services, said, "Ireland is a rapidly growing jurisdiction in Europe for securitisation activity. We recently launched listing services for the Irish Stock Exchange and with the growth opportunities in the structured finance marketplace, it made sense to expand our service offering. A perfect complement to our existing product suite, this addition brings a full spectrum of services for our clients."
The administrative services include:
-Provision of accounting services including liaison with auditors and arranging for the proper filing of financial statements; -Acting as company secretary, maintaining statutory books and records; preparing and maintaining minute books and facilitating board meetings; -Provision of Account Bank services;
-Any administrative services required for individual transactions (e.g., filing of tax returns and entering into correspondence with companies office, auditors, directors and other transaction parties).