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Ownership and Structure
Mars Capital Ireland DAC, Mars Capital Ireland No.2 DAC, Mars Capital Ireland No.3 DAC, and Mars Capital Ireland No.4 DAC (the “MCIs”) are ‘Section 110’ companies, which is a special structure created by the Irish Government in 1991 to attract businesses to Ireland by offering them a favourable tax regime. The original objective was for Section 110 companies to achieve a neutral tax position, but since September 2016 Section 110 companies owning Irish mortgages are required to pay tax at 25% on all profits.
The MCIs’ funds are provided by investment funds which are managed by Oaktree Capital Management, L.P. These managers receive the after tax profits of the company. The shares in the MCIs, which originally belonged to three charitable foundations, have been transferred to TMF Management (Ireland) Limited, a company which provides administrative services to multinational companies.
Mars Capital Finance Ireland DAC (“MCFID”) and Mars Capital Management Ireland DAC (“MCMID”) are subsidiaries of Mars Acquisition Limited and they are responsible for managing the mortgage assets held by the MCIs.
MCFID is authorised by the Central Bank of Ireland to act as a credit servicing firm and is the special servicer of the Irish mortgage loan portfolios owned by the MCIs.
Acenden Ireland is the primary servicer of our Irish mortgage loan portfolios owned by the MCIs, but uses the name ‘Mars Capital’ in conducting this servicing.
All the MCIs have registered offices at TMF’s offices, which are at 3rd Floor, Kilmore House, Park Lane, Spencer Dock, Dublin 1, while MCFID’s operations are based at Grand Canal House, 1 Grand Canal St Upper, Dublin 4.
The structure and operation of our businesses in Ireland comply fully with all relevant Irish business and tax laws, and will continue to do so following the recent amendments to the tax code.