The Second EU Factoring and Commercial Finance Summit
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, said:
“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 said:
“This Industry is universally important; Europe is the largest hub of a global business network, accounting for over 60% of a €2.35tn 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.”