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Overview

ICBC Leasing leases one Airbus A320 aircraft to EasyJet Europe Airline

Commitment Year•2019Country of Activity•AustriaDirect Recipient Country of Incorporation•AustriaSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Feb 28, 2019
Start (actual)
Jun 14, 2018
End (actual)
Jun 14, 2018

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Funding agencies

State-owned companies

  • ICBC Financial Leasing Co., Ltd. (ICBCFL) (ICBC Leasing)

Receiving agencies

Private Sector

  • EasyJet Europe Airline GmbH

Loan description

ICBC Leasing leases one Airbus A320 aircraft to EasyJet Europe Airline

Interest type•Unknown

Narrative

Full Description

Project narrative

In February 2018, ICBC Financial Leasing Co., Ltd. (ICBCFL) — a Chinese state-owned leasing company and wholly-owned subsidiary of the Industrial and Commercial Bank of China (ICBC) — entered into a lease agreement with EasyJet Europe Airline GmbH — a Vienna, Austria-based low-cost airline and wholly-owned subsidiary of Britain's EasyJet plc — for one vintage Airbus 320 aircraft. The aircraft with serial number MSN 5522 was equipped with fuel-saving Sharklets and had been previously leased to Air Berlin and its Austrian subsidiary NIKI (Record ID#102226). After the collapse of Air Berlin, the aircraft had been in storage in Kaunas, Lithuania. Then, on June 14, 2018, ICBC Leasing delivered the aircraft on lease to EasyJet Europe. On April 29, 2023, the aircraft was transferred to EasyJet Europe's parent EasyJet plc, where it was registered as G-EJCK and named "Ton O Brien".

Staff comments

1. A lease is a contractual arrangement calling for the lessee (user) to pay the lessor (owner) for use of an asset. The lessor is the legal owner of the asset, while the lessee obtains the right to use the asset in return for regular rental payments. Under a capital lease (a financial arrangement where the lessee/borrower uses an asset and pays regular installments plus interest to the lender/lessor), rental payments are usually classified as interest and obligation payments, similarly to a mortgage (with the interest calculated each rental period on the outstanding obligation balance). AidData codes capital leases as loans.