THE SECOND EU FACTORING AND COMMERCIAL FINANCE SUMMIT: PROVIDERS WORKING TOGETHER TO SUPPORT THE REAL ECONOMIES IN EUROPE
Brussels, 29th January 2016 – The Factoring and Commercial Finance Industry met yesterday in Brussels for its Second Annual Summit aimed at working together and developing common solutions to support the real economies in Europe.
The European Federation (EUF) and the global network Factors Chain International FCI (which has recently merged with the International Factors Group IFG) hosted a gathering of principal stakeholders including regulators, lawmakers and industry providers.
Brussels was again chosen as the centre of dialogue with European decision makers and a focal point in developing the environment to support business and SMEs in particular.
The keynote address was provided by Erik van der Plaats, Senior Expert in Bank Regulation and Supervision Unit, DG FISMA, European Commission, Netherlands who updated the audience on the “State of the EU and EU Commission Program & Objectives”, with a particular focus on bank regulation.The program also included the launch of the EUF’s White Paper Report on the Industry, which for the first time provides hard evidence of the low Loss Given Default nature of Factoring and Commercial Finance and highlights its role as a unique “win win” in finance, providing users with high levels of funding and providers with high levels of security.
John Gielen, the Chairman of EUF, is an Industry veteran with over fifty years’ experience: “The role of Factoring and Commercial Finance continues to develop; this Summit provides the opportunity for those who deliver and those who regulate to share understanding and develop opportunity”.
Peter Mulroy, Secretary General of FCI noted that “This Industry is universally important; Europe is the largest hub of a global business network, accounting for over 60% of a €2.35 Trillion turnover. With the enlarged FCI now representing around four hundred providers in over ninety countries, together we are delighted to see the role of this type of funding continue to grow”.
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EUF is the European Federation for Factoring and Commercial Finance in Europe. It comprises national and international industry associations that are active in the EU. The EUF seeks to engage with governments and legislators to enhance the availability of finance to business, with a particular emphasis on the SME community. The EUF acts as a platform between the factoring and commercial finance industry and key legislative decision makers across Europe bringing together national experts to speak with one voice.
Contact: John Gielen, Chairman
FCI, Factors Chain International, is a global network of leading factoring companies, whose common aim is to facilitate international trade through factoring and related financial services. Currently the FCI network, which has just merged with the IFG, International Factors Group, counts over 400 providers in over 90 countries, and is actively engaged in more than 80% of the world's cross-border factoring volume.
Contact: Peter Mulroy, Secretary General
Friday 29 January 2016