SMBC files operating profits of $361.8m

New figures show that the firm’s 73 staff last year shared a pay bonanza of $38.7 million

The aircraft leasing firm at the centre one of the biggest deals in Irish corporate history recorded operating profits for last year of $361.8 million (€264.6 million).

The Dublin-based SMBC Aviation Capital Ltd – formerly RBS Aerospace Ltd – was purchased in 2012 by Japan's second largest bank, Sumitomo Mitsui, for over $7.3 billion (€5.8 billion) from RBS.

SMBC is led by a predominantly Irish executive team and is one of the top commercial lessors worldwide. New figures filed with the Companies Office show that the firm’s 73 staff last year shared a pay bonanza of $38.7 million in salaries – or on average over $530,000 (€387,669) each.

There are 11 directors, including four Irish directors. The figures show that the firm’s key management personnel last year shared salaries and pension benefits totalling $17.35 million.


SMBC's top executive directors are Irish and resident in Dublin. They are listed as chief executive Peter Barrett; chief legal officer Catherine Ennis; chief financial officer Barry Flannery and chief operating officer, David Swan. The company is based at the IFSC.

Pre-tax losses of $123.8 million were recorded after exceptional or “break” costs of $321 million relating to the purchase of the firm from RBS and interest payments of $160.7 million.

RBS Aerospace was spawned from International Aviation Management (IAM) – a company established by Clare-born entrepreneur Domhnall Slattery. Mr Slattery sold IAM to RBS in 2001 for an estimated €36 million.

Gordon Deegan

Gordon Deegan

Gordon Deegan is a contributor to The Irish Times