Finance leasing, operating leasing and hire purchase are well understood by lawyers specialising in this area and documentation is usually standard and easy to understand. As in all jurisdictions the more complex the proposed transaction the more voluminous the paperwork.

Ireland already anticipates most of the essential aspects of the soon to be introduced International Accounting Standards in its Statement of Accounting Practice 21 which defines the various forms of asset financing. Unlike most continental countries, finance leases are shown as obligations on the balance sheet of the equipment user and only operating leases relieve the user of the equipment from this obligation.

Taxation is complex in Ireland. As a general rule the user of the equipment enjoys the taxation benefits of ownership of the equipment if the contract is a hire purchase, but not for finance or operating leases. It is recommended that appropriate financial advice be sought.