EU Federation for the Factoring and Commercial Finance Industry

In a press release, John Gielen, Independent Chairman announces the continuing strong growth of the Factoring and Commercial Finance Industry in Europe during the first half of 2011!

The EUF is delighted to publish its second Newsletter, again kindly sponsored by Codix, in which the Committee Chairmen give updates on their work and the latest EUF Legal Study Update is discussed.

The EUF has published its full annual analysis of the the Industry in the EU 27 countries for 2010.

Compiled by the Economics and Statistics Committee under the Chairmanship of Diego Tavecchia of Assifact, the analysis shows that:

• The Industry total volume was €989,951M
• Year on year volume increased by 17.6% from 2009
• The total volume represented 8% of EU GDP
• EUF members represent 97.32% of the European Industry
• The top five markets, UK, France, Italy, Germany and Spain represent 78% of the total volume
• Other markets are growing rapidly and represent a significant 22% of the overall volume

For full details, please look at the Facts and Figures pages

EUF writes to EU on Public Consultation: "Small Business, Big World"

The letter outlines the benefits that the Factoring and Commercial Finance Industry can bring in supporting SMEs in their quest for finance and International expansion.

Click here to read the full text

EUF creates new Accounting Issues Working Group

Under the Chairmanship of Josep Sellés, EU Federation representative for the Spanish Factoring Association AEF and MD of Eurofactor Spain SA, a new EUF Accounting Working Group has been created to monitor and lobby in respect of EU accounting issues.

At the Executive Committee Meeting held on the 30^th March 2011 in Brussels,
Josep Sellés outlined the outcome of a first meeting that members of the Group
had held with the FEE (Fédération des Experts-comptables Européens - Federation of European Accountants).

Our concerns regarding the differing international (and even intranational) approaches to recourse/ non-recourse factoring and their on/off balance sheet treatment were raised. The members were given a positive hearing and may next be invited to discuss the problem with the Banking Commission.

The Group will also address the differing approaches to the Late Payment Directive, for example in Spain (where a domestic law is being introduced) and in Poland (where the accountancy profession is independently applying debt categorization amendments in Supply Chain Finance agreements).

Working with Josep Sellés will be Cezary Kusyk (Poland), Paolo Lazzaretto (Italy) and Magdalena Wessel (Germany). Members’ representatives from France and UK will be nominated shortly.

Member’s concerns and comments regarding the above and other EU related accounting issues may be raised with their local member representative or by direct contact with Josep Sellés.