ISTAT Jetrader - Autumn 2019 - 11

really strikes me as the biggest change. The world, how we communicate and how
we share information has completely changed in the 30 years I've been working.
It's easier to communicate now, but there's also a lot more noise. There's a lot
more information, and trying to decide what information is useful is a challenge.
Everything moves much faster; things happen more quickly. Connections are made
more quickly, decisions are made more quickly. It's a different pace, and I don't think
that's unique to aircraft financing or aviation.
Jetrader: How did you get started at SMBC? What made you leave Guinness
Peat Aviation (GPA)?
PB: GPA was effectively taken over to become GECAS, and I worked for them for
a while, then I moved to work for a bank, which is now called KBC. I joined SMBC
Aviation Capital as a chief operating officer when the business was effectively being
started as a leasing company 18 years ago. It was, like a lot of these things, about
the people you know and your connections. It's a relatively small industry, and
things generally happen because you know people.
Jetrader: Have you seen ISTAT change?
PB: I've been a member of ISTAT since I joined the company. ISTAT is much more
global. It's changed a lot in the last 10 years in particular. The organizations have
become more global, inclusive and diverse. We still have work to do in that regard,
but we've come a long way.
Jetrader: How did Ireland became such a big player in the airline and aircraft
leasing industries?
PB: There's a number of different factors. Ireland is an island, and its geographic
location is important. The first transatlantic flight landed here. It was a big place
of transatlantic stopovers before the advent of the longer-range jets. Aircraft
leasing really comes down to Tony Ryan, his influence and the influence of GPA.
Undoubtedly, Tony was a true entrepreneur who saw an opportunity and created an
industry, or was at least one of the most important progenitors of the industry. He
had a great ambition for the business
and that became GPA. And then
around GPA grew up an infrastructure
of people, expertise and knowledge
and a regulatory environment and a
tax environment that promoted all of
that. One thing fed off the other, and I
think that allowed the industry to grow
in Ireland.

Jetrader: What are the top five
challenges facing aviation, and
specifically the leasing market, in
the next 10 to 20 years?
PB: In the short term, I think
maintaining a good balance between
risk and reward is a challenge. There's
a lot of competition and a lot of capital
for reasons that are extraneous to
the aircraft leasing market. It's been
a very good home for capital and,
given the monetary policies around
the world over the last 10 years, a
lot of it has come into the space.
Maintaining discipline over the risk
and reward of that capital continues to
be a challenge. It's something that, as
an industry, we need to be conscious
and aware of. In the longer term, I
think the aircraft leasing industry, like
other industries, is going to have to
be ready for disruption and change.
Sometimes I feel we as an industry
haven't changed enough because
we haven't needed to, but the risk
of disruptive change to an industry
like ours is something we need to
stay aware of. We need to be much
more attuned to the use of data and
information in our business. That's

How we communicate and share information has
completely changed in the 30 years I've been working.
It's easier now, but there's also a lot more noise.

Jetrader: Over your career, who are
the visionary leaders you were influenced by and why?
PB: A lot of people have influenced my career over the years. I don't think they're
all necessarily visionary; I'm not a big person for visions myself. I think the
colleagues who I work with every day are very important. I learn a lot from them.
I'm a big believer in businesses with good integrity and quality execution that
continue to drive forward, avoiding hubris and avoiding complacency and that sense
of constant needing to improve your business. I've seen good and bad things in all
businesses I've worked in. You try to take the good things and learn from the not
so good things. That's what I try to do. I don't look back to my 30 years and think
there's one individual person who had a momentous impact on me. It's been a
compilation of things.

something we've been working hard at
at SMBC Aviation Capital. We're trying
to make ourselves more future proof
and future ready. Ultimately, we need
to be responsive to our customers. It's
absolutely critical for any industry. We
need to be aware of to their changing
needs and demands. We strive to do
that here every day, and we'll need to
continue to improve on that to grow
the business.
Jetrader

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ISTAT Jetrader - Autumn 2019

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