Your trusted partner
for securitisation.
IRK Secure Capital S.A. is a bank-independent, insolvency-protected securitisation platform in Luxembourg, built on the Securitisation Law of 22 March 2004. We sit at the meeting point of initiator requirements, investor expectations and the regulatory framework.
The platform
A modern Luxembourg framework offering initiators and institutional investors flexibility and comprehensive insolvency protection.
Since the Luxembourg Securitisation Law of 22 March 2004 came into force, the local securitisation market has matured considerably. The legislator has built a framework that combines broad flexibility with robust protection mechanisms — permitting all asset classes and securitisation instruments.
In practice, clients can establish a separate compartment (cell) within IRK Secure Capital S.A. The assets allocated to a compartment are independent of the company and of every other compartment — fully ring-fenced. Each compartment is reviewed by a local audit firm and must meet the corresponding organisational duties. This transparency and legal certainty have helped establish Luxembourg as one of Europe's most attractive securitisation markets.
Benefits of securitisation
Depending on its design, the securitisation of assets offers our clients a range of benefits. The Luxembourg Securitisation Law stands for flexibility and legal certainty, and our platform exists to realise individual securitisation concepts for institutional clients.
Transformation of illiquid, real assets into clearable securities.
Improved ability to raise capital.
Diversification of funding sources, investor base and transaction structures.
Efficient access to the capital markets.
Securitisation overview
Securitisable assets
Luxembourg law imposes no restriction on which assets may be securitised. We structure and implement transactions by establishing compartments, accompanying initiators and institutional investors individually throughout the process. In principle, any tangible or intangible asset with sufficiently determinable value or future cash flows can be securitised.
Investor protection
The framework provides a high level of investor protection and issuer-default protection. The use of a depositary bank and trustee is possible. Investors' rights and obligations are limited to their specific compartment — ring-fenced — and a separate liquidation of a single compartment is possible.
Fiscal treatment
Securitisation vehicles benefit from near-complete tax neutrality: a compartment is treated favourably for tax purposes, and all payments made on issued securities — bonds or shares — are fully tax-deductible expenses. Vehicles and their compartments also benefit, in principle, from Luxembourg's extensive network of double-taxation treaties.
Securitisable asset classes
Our services
iStructuring a securitisation
We are the right partner when you want to create your own securitisation. Together with our calculation and administration agent, we realise your strategy within a tailor-made securitisation structure. Once the structuring is complete, the servicer handles the entire set-up and ongoing administration of your compartment — leaving you a free hand to manage the underlying and the distribution.
iiA securitisation transaction
A securitisation transaction involves a defined set of tradable or non-tradable assets acquired by, or transferred to, a compartment. The vehicle, acting in the name and on behalf of a specific compartment, acquires the risks related to certain claims or assets and finances them by issuing securities — bonds, notes, shares or profit-participation rights — whose returns are linked to those risks and to the income received (interest, dividends, rents, charter rates).
iiiAnalysis of client requirements
The individual requests of our institutional clients form the basis of our work. Together we analyse the key terms and conditions of the securitisation and the required timing of the transaction. On that basis we initiate the creation of the compartment, after which our servicer executes the full administration and calculation duties.
ivVehicle structure
Compartments are ring-fenced structures with no separate legal personality, established under a securitisation platform within the Luxembourg Securitisation Law. They can issue a variety of securities and may be set up as fully clearable or in registered form. Compartments issued by IRK Secure Capital S.A. for (semi-)institutional investors do not require CSSF approval — which would only be required if securities were issued to the public on a continuous basis.
Structure chart
Each compartment is legally segregated: its assets and liabilities are independent of the platform and of every other compartment.
Legal framework
IRK Secure Capital, Société Anonyme, is a multi-compartment legal entity functioning in accordance with the Luxembourg Companies Act of 1915 and the Luxembourg Securitisation Act of 22 March 2004. The activities of the Company are excluded from the regulation of the EU Alternative Investment Fund Management Directive (AIFMD, adopted 8 July 2011), based on the Directive text and subsequent ESMA commentary.
The Company's activities and its relations with third parties are governed exclusively by Luxembourg law, and dispute resolution is referred to the exclusive competence of the Luxembourg courts. The content of this website does not constitute any formal offer, financing, legal, tax, capital-control or similar advice and is provided for general information purposes only. All interested parties should seek independent professional advice before engaging the Company's services.
Contact
Let's structure
your compartment.
34 Rue Notre-Dame
L-2240 Luxembourg
Grand Duchy of Luxembourg
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