New member in EUF

As from 1st of October 2009, Finans og Leasing (F&L) in Denmark joined EUF by signing EUF MOU and the Rules of membership. Represented by Mr. Christian Brandt, F&L already participated in the EUF Legal Committee.

November Excom

Some of the most important issues on the agenda were:

þ      Update from the Legal Committee

þ      EUF Communication Strategy

þ      2009 budget

þ      Agreement on 2010 budget

þ      Discussion on the Annual meeting of members of 2010

The EXCOM unanimously decided on the name change, where "forum" will be replaced by "Federation" as this better reflects our aims and the de facto situation.

Networking event

The EUF Networking Event was held on 10 November 2009 in a Member's Salon of the European Parliament. The event was co-hosted by Mr.  Burkhard Balz, a German Member of the European Parliament.

The event brought together people from the industry, as well as the banking sector, and key legislators and policy makers.

The participants discussed the current financial situation in Europe, and which measures can be taken to promote a further understanding in this safe, affordable and reliable form of finance.

Mr. Balz pointed out the vital role this sector plays in assisting the European SME's growth. He also saluted the name change, making the remark that "it sounds much better"  

Mr Burkhard Balz, MEP

The EUF Chair and Vice-chair pointed out that factoring, despite of the financial crisis is a very stable industry with a very low loss given default and that it provides finance to approximately 234,000 companies across the EU.

They also showed that the Commercial Finance industry was advancing over €119.5BN to business at the end of 2008 and that our industry is one of the fastest growing forms of finance to SME's in recent years.