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Overview

ICBC Leasing leases one Airbus A320 aircraft to EasyJet Europe Airline

Commitment Year•2018Country 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
Jan 10, 2018
Start (actual)
Jan 10, 2018
End (actual)
Jan 10, 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

Prior to January 10, 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 A320. The aircraft, MSN 6877, was a narrowbody. The aircraft was delivered on November 30, 2015, where it was registered as D-ABNQ and had been leased from November 2015 to October 2017 by Air Berlin, before its collapse. ICBC Leasing delivered the aircraft to EasyJet Europe on January 10, 2018, where it was registered as OE-IZQ and named 'Berlin'.

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. 2. The specific commitment date of this lease agreement is unknown. For the time being, AidData has coded the delivery date as the commitment date and marked the commitment_date_estimated? field as True.