Factoring and Commercial Finance grows again, supporting economic expansion in the EU
Final analysis of data collated by the EU Federation for the Factoring and Commercial Finance Industry (EUF) shows that factoring and commercial finance volumes in the EU grew overall in 2016 by 6.2% to €1.5 Trillion.
This rate of growth clearly outpaces the increase in GDP in Europe and again demonstrates the vital role factoring and commercial finance is playing in developing the real economy, providing principally SME businesses with much needed working capital. This success story is about real growth, real employment and demonstrable business success in supporting the ongoing recovery.
Around €200Bn of funding is supporting around 180,000 European businesses.
With factoring and commercial finance now representing around 10.4% of EU GDP, this is a powerful and important contribution to EU economic development and success.
Erik Timmermans, Chairman of the EUF, noted: "The continued growth in our Industry demonstrates again the vitally important role it plays in supporting the real economy in Europe. It’s great news for the Industry to be able to support so many European businesses in their development. It’s again critical that legislators and regulators recognize this Industry is a key contributer to wealth creation in Europe.”
Please find the Press release with turnover volumes by country here:
Newsletter Spring 2017
The EUF is glad to publish its latest Newsletter.
- Welcome from the EUF Chairman
- Opinion Paper on EU factoring regulatory framework
- Update from the Legal Committee
- EU Factoring market in 2016
- Factoring in prudential regulation
The Newsletter may be downloaded here:
EUF position paper on AML (re. beneficial owners)
EUF has sent the position paper on AML (re. beneficial owners):
EUF updates its Glossary of terms on Factoring and Commercial Finance Industry
We are delighted to announce that we have updated our EUF Glossary of terms relating to the Factoring and Commercial Finance Industry and that this has now been published on our website here. The initial update is in English and other languages will follow shortly. We have also created here a list of Abbreviations and Acronyms that are in common use, both within the Industry and by stakeholders such as regulators and lawmakers. We hope that you will find these updates useful and informative!
EU Factoring and Commercial Finance Federation in collaboration with FCI hosts 3rd Factoring Summit
The EU Federation for the Factoring and Commercial Finance Industry (EUF) and FCI have hosted a highly successful third Summit in Madrid.
A broad and extensive range of C-level participants gathered to consider and discuss the Industry environment and help inform the action plans of the EUF in addressing the opportunities in Europe.
Following two successful Summits in Brussels, this latest meeting was held in Spain, one of the five largest European commercial finance markets. Opened by a “state of the nation” review from Erik Timmermans, the Chairman of the EUF, keynote speaker Pedro Coman from the Bank of Spain addressed the importance of the industry in funding business.
The Summit also considered the significant legal, regulatory and accounting challenges as well as how the Industry might work with potential common interest stakeholders like the Leasing Industry.
Growth, innovation and development opportunities were also subject to detailed analysis and comment in a highly participative event.
The Summit provoked much debate and interest with many commenting on the importance of acting together to address the issues raised. As Erik Timmermans put it “the Industry is currently providing €180bn of funding to European businesses; the Summit has shown again the importance of communicating the benefits - and the particular nature of our Industry - to the regulators and lawmakers to ensure its continued success.”