Our capital city has become a significant player in international securitisation transactions and it is important that we continue to compete successfully for this business. In order to achieve this, Irish tax law must keep pace with international developments. Securitisation involves the creation of tradable securities, traditionally from existing assets or future income streams. It is used to raise finance in a manner more efficient than traditional borrowing. By its nature the securitisation business is constantly evolving and producing more sophisticated transactions. Section 48 updates our tax regime in order to bring more of this high-value business to Ireland. Accordingly, the overall effect of these changes is to greatly increase the types of financial assets which can be securitised.