Data collated by the EU Federation for the Factoring and Commercial Finance Industry (EUF) indicates that in 2015, factoring and commercial finance volumes in the EU overall grew by over 5,4% to €1.47 Trillion.

This continued year on year growth confirms yet again the increasingly important role played by the factoring industry in sustaining liquidity of businesses and boosting the fragile economic recovery. Growth in this type of funding continues significantly to outstrip GDP growth in the Region and confirms its importance in the funding of the real economy.

The newly elected Chairman of the EUF, Erik Timmermans, noted: "The continued growth in total turnover again clearly demonstrates that the EU economy is using Commercial Finance as a source of finance to build and sustain business operations. With the total turnover representing over ten percent of the EU GDP, it’s increasingly clear that this form of funding is a central and critical part of the financial mechanisms that support and encourage European business."

Please find the Press release with turnover volumes by country here:

EUF, Eurofinas and Leaseurope have sent the letter to European Central Bank on scope of Targeted Longer-Term Refinancing Operations (TLTRO II).

The EU Federation for the Factoring and Commercial Finance Industry (EUF) held its Annual Members’ Council Meeting in Brussels on 5^th April where representatives of the Federation’s Members (who between them represent 97% of the European industry business turnover) gathered to hear the ExCom and Technical Committees review the extensive and effective range of lobbying and PR activities undertaken over the last twelve months and their plans for the coming year.

The EUF has lobbied on issues as diverse as AnaCredit, The Capital Markets Union, NBNI G-SIFIs, Shadow Banking, The NSFR and the Supporting Factor, interacted with the EBA, ECB, The Basel Committee, European Commission, Parliament and Council. It has held a second successful Factoring Summit, a Breakfast Workshop and also published a White Paper on the Industry which for the first time demonstrates the low loss given default nature of this type of funding.

After eight years of guiding its development, founding Independent Chairman John Gielen is retiring: “I am delighted that in a relatively short time we have been able to develop a small but effective organisation that has already achieved real success in building awareness and understanding of the importance and impact of our Industry!”

Erik Timmermans, Deputy Secretary General of FCI, was elected to take the role of Chairman, and Françoise Palle-Guillabert, Délégué Général of the ASF (France) became Vice-Chairman. Erik Timmermans commented “I thank John for his unstinting work in support of the goals of the EUF and I am looking forward to working with my colleagues in the Federation to continue the vital work of building the role and impact of the Industry in Europe.”

In further organizational changes, Diego Tavecchia of Assifact (Italy) takes the Chair of the Prudential Risk Committee, and Magdalena Ciechomska-Barczak of PZF (Poland) becomes Chair of the Economics and Statistics Committee.

EUF has sent its comments to the second consultative document of the Basel Committee on Banking Supervision on revisions to the standardised approach for credit risk.

EUF has sent a position paper on AnaCredit to the ECB.