FairFund Ireland is a company registered in the Republic of Ireland as an unlimited liability company, independent and apart from the FairFund Federation (Federation) and the FairFund Foundation companies within the Federation.
FairFund Ireland has been set up as an external service provider to the Federation in order to be the settlor to the Risk Mitigation Reserve Trust (RMRT). FairFund Ireland is structured to generate net gains from asset management without depletion of capital. Like the Federation, it does not give any financial services to the public and is not a fund.
FairFund Ireland has no interface or relationship with any of the Members of FairFund Foundation companies nor with the Special Purpose Vehicles related to Members’ projects once Concession Funding approval is granted. The current shareholders of FairFund Ireland have committed to transfer 100% of their shareholdings to two Swiss companies with a capitalisation of €100.m issued capital and with a reserve capital of a further €100.m. The new directors of FairFund Ireland will be persons who have proven recognition in all aspects of international banking, law and accounting.
In summary, FairFund Ireland is the feeder / settlor of the RMRT which is the backbone for the activities of the Federation; the Members of the FairFund Foundation companies are the beneficiaries of the RMRT (Terms and Conditions do apply).