On 19 December 2001, Gerling Speziale Kreditversicherungs-AG, Cologne, became the first credit insurer to offer European small and medium-sized enterprises Asset-Backed Securities (ABS) as financing tool. It will enable clients to re-finance their receivables via international capital markets. The initial size of the ABS-Programme in 2002 will be 2bn.
By marketing its Asset-Backed Commercial Paper Programme "European Receivables Financing (EuReFin)" the Gerling Credit Group gives SMEs an opportunity to obtain securitisation for their receivables on international financial markets. EuReFin, which was established in 2001, will purchase trade receivables of small and medium-sized companies.
