Naspa Dublin was founded in 1993 as a subsidiary of Nassauische Sparkasse, Wiesbaden. It was granted a Banking License in 1995 and is located in the International Financial Services Centre (IFSC) in Dublin.
As at May, 29th 2009 Naspa Dublin was acquired by the Savings Banking Association, Sparkassen- und Giroverband Hessen-Thüringen (SGVHT), based in Frankfurt, Germany.
Naspa Dublin was incorporated in Ireland as an unlimited company pursuant to the Companies Acts, 1963 to 2005. An unlimited company is defined by Section 5(2) of the Companies Act 1963 s a “company not having any limits on the liabilities of its members”.
Naspa Dublin is supported by its parent also by an issued Letter of Support (Patronatserklärung) saying, that it will ensure that Naspa Dublin will always be in a position to meet its liabilities entered into during the period in which the SGVHT has a shareholding interest in Naspa Dublin. This obligation is limited to the proportion of its shareholding interest in Naspa Dublin at the time when the relevant liabilities of Naspa Dublin are incurred.
The principal activities of the company are investing in international assets with a strict investment grade credit rating regime. Naspa Dublin invests in senior Bank FRN and senior ABS (mainly RMBS)
Key to Naspa Dublin’s Business Model is maintenance of a high quality portfolio of assets eligible for bilateral and ECB repo’s.
In line with the overall conservative management approach, following acquisition Naspa Dublin’s Capital was increased to €405m, resulting in a Tier 1 and Total Capital Ratio in excess of 30%.
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