During the 5th EUF Summit that took place in Lisbon 21-22nd of March, BCR Publishing spoke to Francoise Palle-Guillabert, Chair of EUF, about the EUF’s achievements of last year and their future plans for the next 12 months.
BCR: What was the most challenging achievement of EUF in 2018 and why?
FPG: In a context where factoring has to face crucial prudential and legal issues (Anacredit, NPL, Basel III, Rome 1, SMEs definition...), we have accomplished our missions. Four major objectives have been achieved:
BCR: What are the most important objectives to be achieved for the next 12 months?
FPG: Great challenges still await us for 2019. An example is the EU political agenda. We are on the eve of the European elections. The EUF Board decided to put in place a contact plan, by this summer, with the newly elected MEPs. We must take the opportunity of the EU elections to raise awareness about factoring. During 2018, factoring total turnover increased by 8% in Europe, reaching 1.7 trillion € and financing more than 200,000 businesses, mostly SMEs. The EU is the first market for factoring in the world. Also, we have many files to work on: upcoming report on supply chain finance, law applicable to the third-party effects on assignments of claims, finalisation of Basel III, digitisation of the economy, assessment of the late payment directive, etc. I also have my strategic plan, that has been adopted by the Board to enlarge the membership of EUF.
BCR: How do you see the EU factoring development in the next 12 months and how do you think that Brexit will impact it?
FPG: It is very difficult to make forecasts in this uncertain context. As you know I had the honour to moderate a round table about this issue during the EUF/FCI European Summit in Lisbon in March. What I can tell you is that it seems that the factors are prepared for all eventualities.
The EUF Council during the EUF/FCI Summit in Lisbon – March 2019