PZF 3 rd International Factoring Congress Warsaw. Outlook on the future of International Factoring and the EUF JOHN GIELEN Independent Chairman EUF

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1 PZF 3 rd International Factoring Congress Warsaw Outlook on the future of International Factoring and the EUF JOHN GIELEN Independent Chairman EUF

2

3 The Future of International Factoring Success depends on the benefits Simplicity of concept B2B, real economy, working capital provision Flexible array of services offering funding and risk management Wide range of product solutions from low touch recourse ID to full service non recourse factoring Offers support from smallest to large scale business Particularly suitable for SMEs

4 The Future of International Factoring Success depends on the benefits From simple one provider domestic to two factor international Positive alternative to less flexible traditional solutions Value in Basel II compliant environments with lower costs of capital (Need to ensure in Basel III the service is seen in the same way as Trade Finance current proposals copied into CRD IV something the EUF has acted upon!)

5 Growth in Factoring Growth across the European Market. Poland from 4.425Bn in 2006 to Bn in % CAGR EUF members from 706Bn in 2006 to 1111Bn in % of the European total, 9.5% CAGR Total EU from 769Bn in 2006 to 114oBn in % CAGR

6 The future of Factoring So despite very low GDP growth in Europe, factoring continues to grow rapidly, up 15% year on year. Positive indications for 2012, H1 figures expected soon EUF working to communicate this real contribution! Despite growth, great opportunity for further development 9% GDP penetration versus eg UK at 14% International cross border still small compared to domestic

7 Strategic steps to Growth Serve your own domestic markets effectively Address near international markets Extend to full international operation Requires improved harmonisation of legal and regulatory environments to facilitate such trade and to reduce costs in the longer term this development is a key issue for the EUF!

8 Role of the EUF Help the Factoring Industry in developing its EU operations Inform the public, policy and lawmakers Communicate the importance of factoring for the effective funding of the real economy and the benefits for SMEs in particular

9 Action Timeline H The EUF published its authoritative and extensive study on the legal environments of EU member states and some other important markets. Now available to view on the website for members and for purchase as a hard or soft copy. The EUF presented Half Year 2011 data that showed for 10 countries representing 88% of the EU market, volumes were 479Bn, up over 19% on previous year and representing an average 9.45% GDP penetration. The second EUF Newsletter was published. The ExCom Meeting was held 20 October, kindly hosted by ASF in Paris.

10 Action Timeline 2012 year to date The EUF operated with a net surplus of funds in 2011; we enter the year in strong financial shape. The EUF opens 2012 with: 14 National Association Members representing 15 countries 204 Members members plus IFG and FCI and represents the overwhelming majority of EU Factoring and Commercial Finance Industry turnover EUF writes to EU Parliament, Commission and Business regarding the potential impact of CRD IV on factoring John Gielen and John Brehcist meet with Leaseurope to discuss strategic options The EUF held its second Annual Members Meeting in Brussels The EUF publishes 3 rd Newsletter

11 Action Timeline 2012 year to date The EUF Economics and Statistics Committee publishes final results for 2011 showing turnover increased to 1.14 Tr The groundbreaking Legal Study on European and peer country environments is updated with enhanced entries for AT, IT and UK EUF publishes its Glossary on Factoring terms to create a common lexicon and approach (in English and which is now being translated into many languages) The EUF Legal Committee provides a response to the USA FATCA consultation seeking to remove factoring from scope The EUF is exploring options for sponsoring a study on the impact of factoring on economic activity and growth

12 In summary The Industry is in good health The EUF grows in strength But there remains much to do We need to continue to inform and persuade We seek to build the reputation and influence of the industry We work to support European business.

13 Thank you! EUF

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