EU Federation for the Factoring and Commercial Finance Industry

The Roots of Factoring

Following the Members' Council Meeting, where he had held a discussion on the origins of Factoring, Herman Veerbeek of FAAN Netherlands did some research on the background and development of the Industry. Here's what he found...

The Factoring and Commercial Finance Industry in the EU shows strong growth in 2010!

The total turnover for the Factoring and Commercial Finance Industry in 2010 was €986 Billion, representing an increase of over 17% on 2009!

The EUF Newsletter...

The EUF is delighted to publish its first newsletter, telling you about the Organisation, its goals and objectives.  It gives you a chance to meet the people who are working on your behalf in Brussels, communicating the voice of the Factoring and Commercial Finance Industry! 

The EUF has written to the EU Council's VAT Working Party and associated relevant persons regarding the proposed Directive on VAT Treatment of Insurance and Financial Services.

In particular the EUF notes that the document FISC93 (which makes a welcome attempt to explain the mechanisms and VAT treatment of factoring) contains significant inaccuracies about both the theory and practice of factoring.

The EUF makes positive suggestions regarding the VAT treatment of factoring, re-iterating its proposals of November 2009 and offering its expert guidance and support to the regulatory development process.

EUF paper on Responsible Lending- Definition of non credit institutions

On 30 September 2010, the EUF wrote to the European Commission on the subject of the Commission's Working Paper on Responsible Mortgage Lending. Although clearly not intended to affect our Industry, the paper's references to non-credit institutions could inadvertantly have led to the consequence of the proposals extending into the provision of factoring and invoice finance. The EUF therefore considered important to ensure the Commission's clarity of language and to confirm appropriate scope limits were established.

The letter may be read here...