How the Luxembourg Rail Protocol will transform the rail sector. Paris 9 th December 2015
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1 How the Luxembourg Rail Protocol will transform the rail sector Paris 9 th December 2015
2 The problem with private finance of rolling stock in Europe Historically railways have been the State s domain Limited competition domestically or internationally No national title or security registry Identifiers unstable No clear legal position on repossession for creditors on debtor default or insolvency 2
3 The dynamic is changing EU liberalisation and Open Rails Rail seen as strategic infrastructure, underwriting an economically and environmentally sustainable growth agenda Urgent need for more investment New independent operators 3
4 The dynamic is changing Government budgetary constraints We need the private sector to share the burden Berger report shows: Western Europe market of 10.8 bn p.a. 87% state financed why? Liberalisation will create more private capital needs We need a new legislative framework 4
5 Cape Town October/November 2001 Participants from 58 States and 11 international organisations at the Diplomatic Conference adopted the Cape Town Convention on International Interests in Mobile Equipment and the Aviation Protocol thereto In force in more than 60 countries
6 THE LUXEMBOURG PROTOCOL TO THE CAPE TOWN CONVENTION ON INTERNATIONAL INTERESTS IN MOBILE EQUIPMENT Participants from 42 States and 12 international organisations at the Diplomatic Conference Adopted in Luxembourg
7 What does the Luxembourg Rail Protocol do? A new strategic tool for the public and private sector Providing a new pragmatic global regulatory framework which will facilitate more and cheaper private sector investment in the railways lower barriers to entry to private operators stimulate a more competitive and dynamic industry Deliver growth, jobs and exports 7
8 What does the Luxembourg Rail Protocol do? The Protocol creates a new type of global security interest for railway rolling stock, internationally recognised with established priorities Registerable and searchable in a public registry, in Luxembourg, 24/7 new uniform system for unique and permanent identification of assets (URVIS) Howard Rosen Solicitors 8
9 What does the Luxembourg Rail Protocol do? The Protocol applies: to all rolling stock (broadly defined) To security under leases, loans and conditional sales By reference to debtor/lessee location Howard Rosen Solicitors 9
10 What does the Luxembourg Rail Protocol do? The Protocol: Creates a new legal framework, even for financing of domestic rail transactions Eliminates complex documentation and structures Reduces risks and costs of financing rolling stock Resolves cross border security and conflict of laws issues Facilitates operating and finance leasing and other private sector investment Howard Rosen Solicitors 10
11 Conclusion With the liberalisation of the railways across Europe, the old model for financing of rolling stock is no longer valid Insufficient government resources to finance the necessary procurement for state railways More private operators will revitalise the sector Private sector lenders and lessors are the only solution but the key to private sector finance at an acceptable price is security The Luxembourg Rail Protocol is the answer Howard Rosen Solicitors 11
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