winter 2016-2017 · focus on · Retail Financial SeRviceS Credit Bullet… · 3 print · next page Consumer Credit Bulletin euroPe Busy Bees 2017 will be a demanding year. With many

Consumer Credit Bulletin euroPeby Eurofinas, the voice of consumer credit providers in Europe

1 print · next page

17winter 2016-2017

• At the end of 2015, the European Commission (EC) launched its consultation on the Green Paper on Retail Financial Services and Insurance. As a next step, it collected feed-back from stakeholders on topics ranging from creating a true single market for retail financial services, increasing competition, improving consumer protection to better understanding the potential and threats of digitalisation. The Commission is currently finalising an Action Plan with concrete measures, which has just gone into inter-services consultation and is planned to be released in January 2017.

In the meantime, the European Parliament adopted an own-initiative Report on the topic. This report notably calls for simplification of legislation as well as the need for more scrutiny of data collection and usage.

So far, the EC has indicated that it will focus on empowering consumers and rebuilding trust, reducing regulatory and legal obstacles, as well as supporting the digitalisation transforma-tion. The improvement of redress mechanisms, analysis of comparison websites as well as the assessment of the potential opportunities and threats of digitalisation are on the table. The Commission also signalled concerns about diverging rules in Member States and will consider extending provisions of the Mortgage Credit Directive (MCD) in relation to credit-worthiness assessment to consumer credit. In particular, the European Commission is considering encouraging Member States to have a minimum dataset which can be exchanged on a cross-border basis to assess creditworthiness in such situations.

Given the significant impact of such future measures on our sector, we are treating this development as a top priority. For more informa-tion, please contact [email protected]

Retail Financial SeRviceS and inSuRanceNews on the EC Action Plan

the euRopean conSumeR cRedit maRketDiscover the latest market data in the consumer credit industry. p.14

SpotliGhtEurofinas' Belgian member association UPC/BVK presents the consumer finance market in Belgium. p.16

Retail Financial SeRviceS and inSuRance Find out more on the European Commission Action Plan and next steps. p.1

pRudential and SupeRviSoRy developmentSAn overview of all major work areas followed by Eurofinas. p.4

· focus on ·

Eurofinas' 2016 Annual Review now availableContact [email protected] for your copy

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Consumer CreditBulletin euroPe

induStRy GatheRinG• On 22 and 23 September 2016, members of the Eurofinas Legal and Policy Committee (LPC) met in Seville, Spain. The LPC is the Federation’s decision-making body for lobbying and regulatory actions. The meeting was hosted by the Eurofinas Spanish member association ASNEF. To know more about the Federation’s regulatory activities, please contact [email protected]

euRoFinaS appointS new leGal and policy committee chaiR • Eurofinas is pleased to announce the appointment of Ignacio Pla (ES) as Chair of its Legal and Policy Committee (LPC) for a two-year term, effective immediately. Since 2000, Ignacio Pla is Vice-Secretary General of ASNEF. Ignacio is a qualified lawyer and leads the Spanish consumer credit industry lobbying. He has collaborated with the universities of Castile La Mancha and San Pablo in his capacity as consumer finance specialist. He has been involved in various policy developments in Spain and at European level. Ignacio has been an active member of the LPC and is fully committed to its work.

Eurofinas would like to take this oppor-tunity to recognise the hard work and commitment of outgoing LPC’s Chair, Marcin Cuzgan, Vice-President of the Management Board of KPF, the Conference of Financial Companies in Poland.

IGnAcIo PLAvice-Secretary General of aSneF





Busy Bees 2017 will be a demanding year. With many disrup-tive regulatory proposals on the table, our industry needs more than ever to form a united front and provide a reliable and constructive partnership to international and European supervisors.

Check our 2017 work priorities

2. Consumer finance activities

> Follow-up to the Green Paper on retail financial services

> Digitalisation > Review of the EU consumer protection and marketing law

> Remuneration/sales incentives> EBA consumer protection

agenda

4. Insurance distribution

> Transposition of the EU Insurance Distribution Directive (IDD)

> Product Oversight and Governance > Insurance Product

Information Document > Payment Protection Insurance

> EIOPA consumer protection agenda

1. Prudential and supervisory developments

> CRD IV Package - development and implementation of technical standards

> Review of the Capital Requirements Regulation (CRR)

> Review of international prudential standards > Securitisation

> Shadow banking > European Central Bank

supervisory developments

3. Data usage

> Implementation of the EU Data Protection Regulation (DPR)

> Follow-up to EC Communication on Big Data

> EC Communication on data access and ownership

> EU work on the impact of the FinTech sector > Fight against fraud

> Anti-money laundering

For more information, please contact [email protected]




→ New CRD is out!

On 23 November 2016, the European Commission proposed amendments to the Capital Requirement Directive and Regulation. The amendments introduce more risk-sensitive capital requirements. At the same time, the new measures should make CRD/CRR rules more proportionate and less burdensome for smaller financial institutions and should improve banks' lending capacity to support the EU economy.

The Eurofinas Task Force on Prudential Regulation is analysing the impact of the proposal and best strategy going forward.

→ CFIs under scrutiny

Last year, the European Central Bank (ECB) surveyed Car Financing Institutions (CFIs) on supervisory information. On 14 September 2016, the ECB disclosed a set of specifications for certain supervisory requirements applicable to CFIs. They have been developed by the ECB together with National Competent Authorities. The objective is to ensure a consistent supervi-sory review of all CFIs in the Single Supervisory Mechanism (SSM). These specifications are proposed to be applicable as of 1 January 2017. Implementation of these specifications will be conducted either by NCAs or the ECB depending on the significance of institutions.

Eurofinas closely monitors this development.

→ Default

On 28 September 2016, the EBA published its final Guidelines specifying the application of the definition of default across the EU and

its final draft Regulatory Technical Standards (RTS) on the materiality threshold of past due credit obligations. The EBA also released the results of a quantitative and qualitative impact study (QIS) aimed at assessing the impact on the regulatory capital requirements of selected policy options to harmonise the definition of default used by EU institutions.

This publication concludes almost two years of intense negotiations to which Eurofinas actively contributed.

Both the Guidelines and the RTS are part of a broader regulatory review of the Internal Ratings Based (IRB) Approach carried out by the EBA. However, the harmonised definition of default will apply to all institutions, including those that use the Standardised Approach. The implementation of the Guidelines and of the RTS is expected at the latest by end-2020 but institutions are encouraged to introduce the necessary changes as soon as possible.

→ NPLs

The ECB has been consulting on the treatment of non-performing loans. The ECB objective is

to reduce the level of NPLs on credit institu-tions’ balance sheets. This work is relevant for significant institutions supervised directly by the ECB as well as all their subsidiaries (EU and international). Eurofinas responded to the ECB dedicated consultation on 15 November 2016 and is now coordinating a statement from the European Banking Industry Committee (EBIC) on the subject matter.

→ ICT

The EBA recently launched a consultation on the assessment of the Information and Communication Technology (ICT) risk in the context of the Supervisory Review and Evaluation Process (SREP). This is directly aimed at coun-tering the increasing complexity of ICT risk within the banking industry, as well as the increasing potential adverse prudential impact from this risk on an institution and on the sector as a whole. The Eurofinas Task Force on Prudential Regulation is working on this initiative.

For more information on prudential and supervisory developments, contact [email protected]

pRudential and SupeRviSoRy developmentSOverview of major work areas

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STS SecuriTiSaTionSA High-Quality Label• The European Commission published in September 2015 a package of two legislative proposals to revive “high quality” securitisa-tion markets. This included a Securitisation Regulation that will apply to all securitisations and include due diligence, risk retention and transparency rules together with the criteria for Simple, Transparent and Standardised (“STS”) Securitisations and a proposal to amend the Capital Requirements Regulation (“CRR”) to make the capital treatment of securitisations for banks and investment firms more risk-sensitive and able to reflect properly the specific features of STS securitisations.

Early this year, Eurofinas produced jointly with Leaseurope a position paper and amend-ments to the proposals. Of the 33 amendments we proposed to MEPs, 27 were tabled either verbatim or along similar lines. This is a big win for our sector. As the views in the Parliament are still divided, the fight is not yet over.

eurofinaS hoSTS meeTing on SecuriTiSaTion • The first physical meeting of the joint Eurofinas & Leaseurope Securitisation Working Group took place on 18 November 2016. High quality securitisations (STS), BCBS securitisation revisions, MMFs and connected clients were discussed during the day.

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• Eurofinas together with 31 other leading European financial services industry organisations supported EU policy makers’ efforts to revive European high quality securitisations markets. Additionally, we identified key areas for improvement in order to create a safe European securitisation market able to support the real economy.

This unprecedented agreement was followed by the establishment of a joint industry group called the “European Securitisation Co-ordination Group” (ESCG). The group met for the first time in April 2016 where Eurofinas gave a presentation on the importance of securitisation for the financing of the real economy.

The ESCG, which now counts more than 40 members, is a good forum for exchanging relevant information and coordinating advocacy actions.

money markeT fundS (mmfs)Safeguarding key investors• In September 2013 the European Commission proposed a European frame-work designed for Money Market Funds (MMFs), which are a crucial investor base for the securitisations originated by specialised consumer credit providers. Both the Council and the European Parliament’s final compromises prohibited MMFs from investing in Asset Backed Securities (ABS) and Asset Backed Commercial Paper (ABCP), with auto loans and leases, equip-ment leases, consumer loans, credit card receivables or any other type of instru-ment linked to the acquisition or financing of services or goods by consumers as underlying assets. Due to our successful advocacy actions towards relevant National Governments, MEPs and the European Commission, as well as cooper-ation with relevant industry stakeholders, the final agreement has been amended to allow MMFs to invest in the securitisation originated by our members’ companies.

For more information on securitisation developments, contact [email protected]

We are grateful to all companies, members of this group for their active contribution:

mailto: [email protected]

mailto: [email protected]



ipid user friendly information on insurance products• During summer 2016, the EIOPA launched a consultation on Implementing Technical Standards for a template it had designed for the Insurance Product Information Document (IPID). The aim is to provide customers with relevant information about the insurance product in a comprehensive form to allow him/her to make an informed decision. This document must be designed by the manufacturer and provided by the distributor to the customer prior to the purchase of any non-life insurance product. The Insurance Distribution Directive requires that this docu-ment is short, stand-alone, easy to read, accurate, and not misleading.

We identified a great number of concerns both with regard to the layout and imple-mentation of the template proposed by the EIOPA. In particular, the legal certainty and objective of the document are key issues for us. We insist that customers must be made fully aware that the IPID solely aims to provide an overview of characteristics of the product concerned, rather than exhaus-tive information.

In addition, the EIOPA must realise that the IPID should be consistent with the documen-tation that is already required to be given to customers. The IPID and all other pre-contrac-tual documents form one unit. If one document significantly differs from the other documents, it will give the impression that it does not form part of the entire information package.

The EIOPA is currently finalising the template, which is planned to be sent to the European Commission for approval and adoption by February 2017. It is of utmost importance that once adopted, both manu-facturers and distributors must be given sufficient time to complete the form and implement into their distribution system.

We keeping a close eye on the developments in this area. For more information, please contact [email protected]

• The European Banking Authority (EBA) has released final Guidelines on remuneration for sales staff and managers of staff that are directly involved in the sale of retail banking products. These are based on EBA's analysis which identified poor remuneration policies as a key underlying driver for misconduct and missel-ling. In essence, the Guidelines require firms to take into account the rights and interests of consumers in the design of their remunera-tion policies, and also include requirements with regard to the documentation, notification and accessibility, approval and monitoring of these policies. Although in principle applicable to all retail banking products that fall into the EBA’s scope of action - including mortgage and consumer credit - for now the Guidelines do not cover commissions paid by institutions to credit intermediaries.

The final guidelines include noteworthy changes, such as to restrict the need for advice on the remuneration policies and practices to institutions where a remuneration committee is established. They also extended the dead-line of application from 3 January 2017 to 13 January 2018 and confirmed that no struc-ture has to be established within the human resources function.

In parallel, the FinCoNet has been conducting work on sales incentives and responsible lending. In the beginning of the year, they released a report concluding that there is ample evidence that poorly designed sales incen-tives can cause harm to consumers, individual firms and the financial system. In addition to misselling practices, they observed a more general erosion of a consumer-focussed culture. They also found an absence of specific rules and standards on sales incentives. As a follow-up to this work, they recently released draft guidance to supervisors on the setting of standards in the field of sales incentives and responsible lending. Topics addressed include appropriate oversight, cross-selling, consumer-focused culture, over-sight of different sales networks, oversight and governance, monitoring and disclosure.

Given that FinCoNet analysis is based on a wide range of countries, including many outside of Europe, in our communication to the organisation we are drawing their atten-tion to the comprehensive set of existing and growing legislative measures with regard to the design and provision of consumer credit products in Europe. We already have in place a large framework for consumer protection that covers all topics addressed by the FinCoNet Guidance.

We are liaising with both the EBA and the FinCoNet on these topics and will be following their next steps very closely.


Renewed FocuS on StandaRdS FoR SaleS incentiveS

FinCoNet is the International Financial Consumer Protection Organisation. It is comprised of regulators and public enti-ties with a financial market conduct and financial consumer protection supervision mandate, such as the FCA in the UK and the BaFin in Germany.





• In the summer of 2016, the European Banking Authority (EBA) consulted stakeholders on the innovative uses of consumer data by financial institutions with a dedicated discus-sion paper. Based on the authority’s mandate to monitor new and existing financial activities, the EBA aims to better understand and address the opportunities and risks connected to the innovative use of data and the ever-growing volumes of data available.

Although, the innovative uses of consumer data can provide for a wide variety of benefits, including cost reductions, enhanced product design and personalised services and products, the EBA also notes intrinsic risks, for example misuse of data, information asymmetries and data security / breaches.

While financial institutions have always been focused on their customer data, the new tools

available, combined with the ever-growing volumes of data, allow for many new uses, not least illustrated by the activities of fintech players. While general legislation on secrecy and data protection applies to financial services providers, actual sector-specific legislation does not yet exist.

The EBA is currently analysing the responses to the paper. These will help the authority to assess if regulatory and supervisory actions are required to mitigate risks. The conclusions on the topic, setting out the future work by the EBA, are only expected to be released in early 2017. However, in the EBA’s initial reactions, the authority has noted that financial institu-tions seem to be making less use of data than anticipated.

For more information on the subject matter, contact [email protected]

eBa – how are financial inSTiTuTionS uSing Their cuSTomerS’ daTa?

finTechSunder scrutiny• The European institutions are showing an increased interest in the impact of fintechs on the financial services sector. The European Commission has just created an internal task force on financial technology and the European Parliament is also set to deliver a dedicated report in spring 2017.

The Commission’s task force will gather expertise from its various departments, A study carried out on behalf of the European Commission will also help to better understand the fintechs.

In an attempt to set out the European Parliament’s position at this initial stage, Member of European Parliament (MEP) Cora van Nieuwenhuizen (ALDE, NL) is currently drafting an own-initiative report on behalf of the Economic and Monetary Affairs (ECON) Committee. The draft report will be published in February 2017.

• If you are not yet a member, join Eurofinas’ affinity group on LinkedIn to network and exchange views with a growing number of industry peers. This group aims at bringing closer together all the consumer credit professionals active in Europe. It is restricted to professionals active in this sector. Join us

follow uS on linkedin


http://www.linkedin.com/company/eurofinas?trk=company_name



5 EUROFINAS Executive Briefing

For more information, feel free to contact the eurofinas staff members or visit www.eurofinas.org

We encourage you to distribute

this briefing to your colleagues and

members. In case you want some

colleagues or members to be added

to our mailing list, please provide

[email protected] with their

email addresses.nadIa hazeveld Legal adviser legal & public [email protected] +32 2 778 05 72

alexandRe GIRaud Senior Legal Adviserlegal, prudential and consumer [email protected] +32 2 778 05 64

hayley mcewenSenior Adviserstatistics & economic affairs

[email protected] +32 2 778 05 71

chaRles lowAdviserstatistics & economic affairs


leon dhaene Director [email protected] +32 2 778 05 61

JuRGIta BucyteSenior Adviserstatistics & economic affairs


Isak BenGtzBoe Legal Adviserlegal & consumer [email protected]

t +32 2 778 05 73

anne valetteHead of Communicationscommunications, marketing

& media [email protected] +32 2 778 05 65

GlossaRy

BCBS Basel Committee on Banking Supervision

CCD Consumer Credit Directive

CRD Capital Requirements Directive

CRR Capital Requirements Regulation

DG Directorate General

EBA European Banking Authority

ECB European Central Bank

ECON Economic and Monetary Affairs

EIOPA European Insurance and Occupational

Pensions Authority

ESAs European Supervisory Authorities

ESRB European Systemic Risk Board

FinCoNet International Financial Consumer Protection

Organisation

FISMA Financial Stability, Financial Services and

Capital Markets Union

FSB Financial Stability Board

FSUG Financial Services User Group

IDD Insurance Distribution Directive

IPID Insurance Product Information Document

IRB Internal Rating Based Approach

ITS Implementing Technical Standards

LCR Liquidity Coverage Ratio

MCD Mortgage Credit Directive

NCA National Competent Authority

POG Product Oversight and Governance

OJEU Official Journal of the European Union

REFIT Regulatory Fitness and Performance

Programme

SSM Single Supervisory Mechanism

UCPD Unfair Commercial Practices Directive

JulIe deBRuyne Office [email protected] +32 2 778 05 60

• In order to make sure that the existing EU consumer protection and marketing laws remain fit for purpose in the digital age, the European Commission is currently performing a review of the existing legislation in the field.

At the Eurofinas Annual Convention, Despina Spanou, Director for Consumers, DG Justice and Consumers, European Commission, gave an outlook on the fitness check, which she described as a key priority for the Commission in 2017. The purpose of the check is to evaluate the existing legislation on the basis of effectiveness, efficiency, coher-ence, relevance and EU added value.

The following Directives are covered in the review:

- The Unfair Contract Terms Directive- The Unfair Commercial Practices Directive- The Misleading and Comparative Advertising

Directive

In order to receive input from concerned stake-holders, the Commission has performed a public consultation to which Eurofinas responded. In addition, a number of studies are currently being conducted and are to be finalised by the end of 2017.

In late spring, a Commission Staff Working Document will be presented with conclusions on the fitness check together with follow-up actions.

For further information, please contact [email protected]

Fit FoR the diGital aGe? GdpREurofinas' reference document • As part of the Eurofinas actions in rela-tion to the implementation process of the new General Data Protection Regulation (GDPR), a document of reference has been developed on key provisions of the GDPR.

The document provides guidance for the industry on how to interpret the new Regulation in relation to core lending activities. It focuses on three areas of importance: the legitimate grounds for the processing of personal data, data subjects’ right to erasure / to be forgotten and its limitations, as well as automated decision-making processes, including profiling.

The GDPR will become generally appli-cable in all Member States on 25 May 2018. As a Regulation, the text will be directly applicable without the need for Member States to transpose the provi-sions into their national legislation. The new GDPR will force the consumer lending industry to hold an even greater command of the data it collects, holds and processes, as well as for the reasoning behind the very same.

For more information, contact [email protected] executive BRieFinG

Special Edition just released• This special edition of the Eurofinas Executive Briefing provides an overview of the main regulatory challenges and the issues at stake for our industry as well as the timing of the many initiatives of interest to consumer credit providers from across Europe. To obtain your copy, contact [email protected]


Consumer Credit

Insolvency At stAkeEC work on a common framework for insolvency proceedings in the EU. Intention to include consumer insolvency in this framework. In parallel, industry survey by VVA Europe to identify problems caused by difference in insolvency regimes and to identify policy options.

stAte of plAy And forecAst Consultation released by the EC in summer. Eurofinas highlighted that personal insolvency must be outside of the scope of the EC’s work, as well as specific points on insolvency registers and rights in rem. Now awaiting the EC’s follow-up action.

sales IncentIves At stAkeFinCoNet work on sales incentives. Aim to promote sound market conduct on international level with guidance for national supervisors. Particularly strong conclusions on the harm caused to consumers through miss-selling, as well as an eroding consumer-focused culture within firms.

stAte of plAy And forecAst Eurofinas is liaising with the FinCoNet to discuss their work and to establish a work relationship.

RemuneRatIon foR sales staff At stAkeGuidelines on remuneration for all staff and managers of staff involved in the sale of retail banking products or services to consumers. Applicable to all credit providers. Guidelines to combat miss-selling and protect consumers.

stAte of plAy And forecAst Eurofinas responded to the consulta-tion earlier this year. The Guidelines will apply from 18 January 2017.

automatIon of sales advIce At stAkeESAs have identified potential benefits and risks of automation in financial advice across banking, insurance and securities sectors in the EU. Potentially followed by regulatory or supervisory action - a response to the increasing digitalisation of financial services. Latest intelligence also show plans to improve credit data reporting and EC interest to introduce a minimum data set for creditworthiness assessments.

stAte of plAy And forecAst Eurofinas responded to the consulta-tion earlier this year. ESAs to assess feedback and decide if any action is required.

GReen PaPeR on RetaIl fInancIal seRvIces At stAke DG FISMA released a Green Paper on retail financial services. The initiative is extremely wide in scope, covering retail financial services, insurance and data usage topics. Commission has indi-cated that follow-up action will focus on empowering consumers, reducing regulatory obstacles, and supporting digitalisation.

stAte of plAy And forecAstThe initiative is treated as a work priority. An action plan with concrete measures is expected early 2017.

AnACredit At stAkeECB initiative to create a common database on credit information in the Euro area. To standardise and harmonise concepts and definitions, as well as to provide the ECB with greater volumes of (anonymised) data to facilitate its supervisory tasks. Reporting of granular loan portfolio and borrower data on loan-by-loan-level.

At this stage, not applicable to consumer finance. stAte of plAy And forecAstECB Regulation published in the OJEU in June 2016. AnaCredit manual currently being developed.


CommerCiAl PrACtiCes RefIt eu consumeR PRotectIon and maRketInG law

At stAke Review of EU consumer protection and marketing law. Focused on the effects of technological developments and digitalisation, assessing if the existing

legislation is fit for purpose. stAte of plAy And forecAstData gathering and analytical phases

on-going with a public consultation concluded in September. Commission conclusions to be finalised in late spring 2017.

consumeR vulneRaBIlIty At stAke European Commission study on consumer vulnerability. Focus on the financial sector, the energy sector

and the online and electronic commu-nications sector. To identify marketing practices that are problematic for consumers and to identify good practice measures employed to mitigate consumer vulnerability.

stAte of plAy And forecAstThe study published in winter 2016 now feeds into the ongoing REFIT process of EU consumer protection

and marketing law.

RevIew of the ucPd At stAkeStrengthening of the UCPD enforce-ment. European Commission to further

develop UCPD guidance document. stAte of plAy And forecAstUpdated guidance document published

in spring 2016.

Anti-money lAunderinG At stAke 4th Anti-Money Laundering Directive to be transposed into local regulatory frameworks by 26 June 2017. EC proposal for an amending direc-tive, to enhance and clarify specific provisions. ESAs still working on draft

guidelines on risk factors, simplified and enhanced customer due diligence requirements. The European

Commission continues to work on Supra National Risk Assessments which will result in an advisory report. stAte of plAy And forecAstAwaiting final revised ESA Guidelines.

BenChmArks At stAkeIntroduction of a common framework to ensure accuracy and integrity of indices used as benchmarks in financial

instruments and financial contracts. Directly applicable to consumer credit and mortgage credit agreements. Introduction of strict governance and

controls over the benchmark process although the obligation of suitability assessment has been removed. CCD and MCD also to be amended with extra information requirements.

stAte of plAy And forecAstEU Regulation shall apply from 1 January 2018. ESMA now working on draft technical standards to be sent to the EC.

euroFinAs stAtistiCAl timetABle• The results of the Eurofinas Quarterly Statistical Enquiry for Q2 2016

are available to Eurofinas members upon request.• The Quarterly Statistical Enquiries for Q3 2016 and Q4 2016

will be available in November and February respectively.• The results of the Eurofinas Biannual Survey 2016 will be available

in November.• In addition to its statistical activities, each year Eurofinas publishes

updated country-level market profiles, covering its Membership.

They provide an overview of local consumer credit markets, including

a description of the economic context, the local consumer credit market

structure and the weight of the member association’s members within

the total local market. The updated market profiles will be available

on our website in the first quarter of 2017.Eurofinas has a webpage showcasing national research on consumer credit

markets across Europe. For more information, please visit our website.

check out the latest tRends

Eurofinas has released its 2016 Annual Review. To receive your

copy, please contact [email protected] Watch by Eurofinas – a brand new digital version

We have developed a new digital version of our EU Watch.

This convenient and easy-to-use bi-monthly monitoring system

provides you with a snapshot of relevant developments at EU level.

Our new EU Watch includes an overview of the EU agenda for the

two weeks ahead as well as a recap of the Eurofinas internal calendar

including all external events to be attended by our team for you to more

easily catch up with the Secretariat. The EU Watch will also provide

you with a recap of EU indexes, our latest publications and statistics.

You will automatically receive the EU Watch in your mailbox. Whether

you are commuting or travelling for business, the layout has been

designed for easy reading on smartphones and other mobile devices.


DEsPInA sPAnoudirector for consumers, dG Justice and consumers, european commission


http://www.eurofinas.org























































thIs yEAR, thE Eu WAtch GoEs DIGItAL.we developed a convenient and easy-to-use bi-monthly monitoring system which will provide you with a snapshot of relevant developments at eu level.

The EU Watch includes an overview of the EU agenda for the two weeks ahead as well as a recap of the Eurofinas internal calendar including all external events to be attended by our team for you to more easily catch up with the Secretariat. The EU Watch will also provide you with a recap of EU indexes, our latest publications and stats.

You will automatically receive the EU Watch in your mailbox.

Are you commuting or travelling for business? The layout has been designed for easy reading on smartphones and other mobile devices.

Forward, share, print or subscribe/unsubs-cribe all with one click.

Eu WAtch 2.0

Discover now!

new!




• Held in parallel with the Annual Convention of the European Leasing & Automotive Rental Industry organised by sister Federation Leaseurope, the event has most certainly lived up to its reputation as the must attend-event in the business leader’s agenda at European level. It was sold out for the 5th consecutive year with 450+ consumer and asset finance execu-tives from across Europe, including a number of visitors from Australia, the USA, India, Morocco and South Korea.

The Convention, spanning one and a half days, provided attendees with a with the right balance between powerful content and high-level networking.

the Annual Convention of the European Consumer Credit industry organised by Eurofinas last october in Athens was a resounding success!

AthEns 2016at a cRoSSRoadS

30+countries represented

13sessions to choose from

Delegates had the ability to check out the programme, speakers’ bios and main event information directly on their smartphones thanks the brand-new app Eurofinas has developed specifically for the Convention.

EuropEan LEasing & ConsumEr CrEdit industry

Annual Conventions

450+participants 50+

speakers andmoderators

leading gathering platform for our industry at European level



Eurofinas is now working hard to develop a strong programme for its 2017 Annual Convention. News on the venue and registration will be announced in early 2017.

In the meantime, please contact [email protected]

This year’s programme included an impressive line-up of speakers from the biggest players and European institutions. Both practical day-to-day and strategic issues were addressed in dedicated sessions to market developments, consumer trends, supervisory stand-ards, automotive telematics and the role of fintechs. This followed an impressive Opening Plenary where world renowned brand strate-gist and Founder of Felix BNI Peter Economides delved on the strategic responses to shifting culture, consumer habits and behaviour in a time of disruption. Bloomberg News FX & Rates Strategist Vassilis Karamanis followed by explaining how the European economy and financial markets were likely to be impacted by Brexit.

Stay tuned




the 2016 Convention was supported by 16 sponsors and exhibitors. Eurofinas is grateful for their contributions without which the organisation of such an important event would not have been possible.

thank you to ouR SponSoRS

> Headline Sponsors & Exhibitors

> Premium Sponsors & exhibitors

> Cocktail & Dinner Reception Transport

> Cocktail & Dinner Reception at the Acropolis Museum

> Seat Drop Advertisement > Banners> Dedicated Fraud Session

(Leaseurope)

> Delegate Badges> Convention Photos Sponsorship

(post-event download)

> Refreshment Breaks

> Delegate Portfolios

> Networking Lunch

> Exhibitors

SPonSorShiP

Sponsorship enquiries for the 2017 Convention should be addressed to Anne Valette, Head of Communications:[email protected]




• Over fifty participants from more than ten different European countries gathered on 4 November 2016 in Brussels, for the first Eurofinas Seminar on Fighting Fraud in the Consumer Credit Industry. The event was sponsored by Experian and Xperta. This was a perfect opportunity to delve into various aspects of fraud specific to the consumer credit industry by sharing case studies, strategies as well as market outlook. In his opening remarks Valentino Ghelli, Chairman of Eurofinas, referred to the rapid digitalisation of the industry and the related challenges in fighting fraud. As more business is conducted online, the risks for being a fraud target dramatically increase. The need for more sophisticated tools and strategies to fight fraud is therefore crucial.

Presentations were given by an excellent array of industry experts from: BasisBank, Crédit Agricole, Conference of Financial Companies in Poland (KPF), Finance and Leasing Association UK (FLA), global law firm Hogan Lovells, Société Générale-IBFS, and Teambank. The programme also featured views from public authorities such as the European Intelligence Agency EUROPOL and the Italian Ministry of Finance.

The day allowed for lively discussions on a wide range of topics, such as identity theft in a digitalised business environment, the use of big data, with consumers increasingly making use of mobile financial services, tailored fraud prevention strategies in different geographies,

as well as the role of automation in fraud prevention process.

The seminar was closed by Eurofinas’ Director General, Leon Dhaene, who emphasised the need for the industry to further exchange best practices and strategies and to join forces in the fight against fraud.


fighTing fraudeurofinas holds successful Seminar

eurofinas Conference on Fighting Fraud in the Consumer Credit Industry

4 novemBer 2016Radisson Blu Royal Hotel Brussels, Belgium

www.eurofinas.org

Summary notes to be published soon





• The European consumer credit market remained on a double-digit growth path in the first half of 2016, according to the latest Eurofinas Biannual Survey. This is the first survey to include data from our newest Member Association, the Turkish Association of Financial Institutions (AFI/FKB).

European consumer credit providers represented through our Federation granted new loans worth €224.3 billion in the first half of 2016, an increase of 11.7% compared to the same period in 2015. Growth was observed in most of the countries covered by the Eurofinas membership and was especially strong in its core markets. Growth across all consumer credit categoriesTotal new consumer credit lending, which accounts for the majority of new Eurofinas lending (72%), experienced double-digit growth of 12.2%. The proportion of new credit accounted for by various lending categories is shown in Chart 2, along with a breakdown of consumer credit.

Positive developments were observed across all personal consumption categories. Personal loans increased by 12.7% continuing on its upward trajectory of last year while revolving

credit expanded by 11.4% - a rate not seen since 2006. Non-automotive credit at the point of sale also performed well rising by 8.7%.

The automotive market is the catalystThe consumer car lending market enjoyed a particularly strong first half of 2016 continuing to drive growth in the overall market. Loans for new consumer vehicles rose by 14.2%, while loans for used cars increased by 13.5%. This increase in consumer car lending was observed in over half of the countries covered by the Eurofinas membership and was especially strong in Germany, Italy and the United Kingdom.

Positive outlook for the remainder of 2016The overall positive results seen in the consumer credit market in the first half the year were clearly supported by the increase in household

consumption. In the short term, private consumption is expected to continue growing at a solid pace making it the backbone of the continued economic recovery, which bodes well for our industry. The outlook for consumer credit lending in the second half of 2016 remains favourable, according to the preliminary results of the Eurofinas Quarterly Survey for Q3 2016.

european conSumer crediT markeT remainS STrong in h1 2016

Eurofinas New Consumer Credit Lending, 2007-H1 2016

Consumer Credit for Personal Consumption New cars

-20%

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-5%

0%

5%

10%

15%

JUN 16DEC 15JUN 15DEC 14JUN 14DEC 13JUN 13DEC 12JUN 12DEC 11JUN 11DEC 10JUN 10DEC 09JUN 09DEC 08JUN 08DEC 07JUN 07

Used cars

Growth rates compare the first 6 months of the year for biannual figures while they compare 12 months for annual figures.Figures are adjusted for exchange rates from June 2009 onwards. Growth rates for 2008 and previous periods are on an unadjusted basis.

eurofinaS QuarTerly SurVey forThcoming• Eurofinas results of the Quarterly Survey for Q3 2016 will be released in early December.

The Quarterly Statistical Enquiry is a brief survey of member associations’ quarterly figures, including new business for personal consumption and consumer car finance.


Proportion of New Credit by Loan Type Proportion of New Consumer Credit by Loan Type

Consumer credit72 %

Revolvingcredit

32 %

Mortgage credit14 %

Other vehiclePOS

2 %

New cars POS19 %

Business motorfinance

7 %

Used car POS14 %

Personal loans24 %

Non-auto POS

9 %

Industrialcredit

7 %




did you check out ouR FactS & FiGuReS? • The Eurofinas 2015 Facts & Figures leaflet can be found on the Eurofinas website.

This leaflet provides a snapshot of key market trends, including information on the size of the market, growth rates, number of contracts and average loan size for different product breakdowns.

> 1

About Eurofinas

Eurofinas is the voice of the specialised consumer credit industry at European level. It currently represents 19 Member Associations, in turn bringing together more than 630 firms employing more than 91,000 people across Europe. The types of consumer credit providers represented through Eurofinas members are described in the box below (Fig. 1).

Category Description

Financehouse

Specialised consumer credit provider not taking deposits (or substitutes for deposits).

Captivecompany

Financing arm of a manufacturing parent company (e.g. in the automotive sector). Captives may or may not be authorised to take deposits (or substitutes for deposits).

Specialisedbank

Institution authorised to take deposits. Activity focused on the provision of consumer credit (and, where applicable, mortgage lending).

Universalbank

Bank providing all kinds of products, e.g. retail and corporate lending, etc. The consumer credit departments of these banks will typically be represented through Eurofinas member associations.

Together, Eurofinas members represent circa 48% of the European consumer credit market expressed in terms of outstanding loans for the 16 countries covered by the Federation’s 2015 Annual Statistical Enquiry1. At individual country level, the market shares of individual Eurofinas member associations vary substantially depending, for instance, on the extent to which consumer credit is provided by specialist players in the national market or the membership profile of the association (see Fig.2, right axis). The left axis on Fig. 2 shows the amount of new lending (both in total and for consumer credit) granted in 2015 by each Eurofinas member.

Total Eurofinas lending in 2015

During the course of 2015, the firms represented through Eurofinas members granted new loans worth €423.1 billion in total and their portfolio of outstanding loans neared the trillion euro mark, reaching €981.4 billion at the end of the year.

Consumer credit lending is made up of consumer credit for personal consumption and the financing of motor vehicles for private use. Out of the total new lending in 2015, 71% was granted to consumers, with the remainder (29%) of new loans granted to finance cars for business use and commercial vehicles, as well as industrial credit and mortgages (Fig.3).

In addition to consumer credit and vehicle financing, Eurofinas members also granted €61.1 billion worth of new mortgage loans and €31.7 billion of industrial credit. Mortgage lending increased by 36.1% in 2015 compared to 2014, while industrial credit increased by 18.8%.

Total new consumer credit lending increased by 8.3% in 2015 compared to 2014, reaching €300.5 billion.

1. The figures provided are based on the results of the Eurofinas 2015 Annual Statistical Enquiry. The following Eurofinas members did not take part in this survey: Poland: Konferencja Przedsiebiorstw Finansowych w Polsce, Romania: Consiliul Patroatelor din Romania, Turkey: Turkish Association of Financial Institutions. Growth rates are based on a homogenous sample of members reporting in the Eurofinas Annual Statistical Enquiries and are adjusted to exclude the impact of exchange rate fluctuations during 2015 unless otherwise stated.

Mill of €

0

50 000

100 000

150 000

200 000

250 000

LTROSECZMAFIPTDKNLNOBEESFRITDEUK

45%

93%

43%47%38%41%

95%

14%

48%

34%23%

6%15%

89%

0 %

10 %

20 %

30 %

40 %

50 %

60 %

70 %

80 %

90 %

100 %

Fig. 2 New consumer credit lending & market share per member (outstandings), 2015

Member’s new consumer credit lending Member’s total new lending Member’s share of local consumer credit market (% of outstandings, right axis)

7%Industrial credit

31%Vehicle finance (total)

47%Consumer credit for

personal consumption

14%Home or realestate credit

for business use 7%for consumer use 24%

Total consumercredit

71%

¤ 423.1billion

Fig. 3 New credit granted by product type in 2015

Fig. 1 Consumer credit providers

2015

> 2

Fig. 4 shows the evolution of total Eurofinas lending in terms of both new credit and outstandings over the period 2008-2015. Total Eurofinas new lending increased by 12.7% in 2015. Total outstanding loans at the end of 2015 increased by 2.5% compared to 2014.

Table 1 shows the growth rates for total lending and total consumer credit by country (adjusted for exchange rate fluctuations).

Figures are adjusted to exclude the impact of exchange rate fluctuations.

Consumer credit lending for private consumption

The category consumer credit loans for private consumption, which includes direct personal loans, revolving credit and non-automo-tive credit granted at the point of sale, represented 47.4% of all new Eurofinas lending in 2015. New loans granted in this cate-gory amounted to €200.7 billion, which represents an increase of 6.2% in comparison to 2014. Outstanding loans in this category reached €295.9 billion at the end of 2015.

At €103.5 billion, revolving credit, including credit cards, made up more than half of total new consumer loans for personal consumption in 2015, thus remaining the largest individual product category of all Eurofinas lending, with new lending for this category increasing by 3.4% in 2015. There was a relatively strong increase of 10.6% in new direct personal loans which reached €68.0 billion. Non-automotive point of sale credit (i.e. credit granted at the point of sale to finance consumer goods and services) also experienced an increase of 5.9%, with new loans worth €29.2 billion granted (see Fig.6).

Vehicle finance

New loans worth €99.8 billion were granted to finance vehicles for consumer use and made up 23.6% of the Federation’s total new lending in 2015. Loans for consumer use made up the largest part of all vehicle lending (77.0%). The remaining €29.8 billion of motor lending was granted for the financing of passenger cars for business use and commercial vehicles.

Consumer car lending (for both new and used cars together) performed very well, expanding by 12.8% in 2015 in comparison to 2014. During 2015, Eurofinas members granted loans to consumers to finance some 3.2 million new cars and 3.3 million used cars.

52%Revolving credit

includingcredit cards

15%Non automotivecredit at thepoint of sale

34%Direct personal loans

¤ 200.7billion

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

5.9%

3.4%

10.6%

Jun08

Dec08

Jun09

Dec09

Jun10

Dec10

Jun11

Dec11

Jun12

Dec12

Jun13

Dec13

Jun14

Dec14

Jun15

Dec15

Fig. 6 Eurofinas consumer credit for personal consumption,new lending year on year growth rates

Figures are adjusted for exchange rates from June 2009 onwards. Growth rates for 2008 and previous periods are on an unadjusted basis.

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

Jun08

Dec08

Jun09

Dec09

Jun10

Dec10

Jun11

Dec11

Jun12

Dec12

Jun13

Dec13

Dec14

Jun14

Dec15

Jun15

12.7%

2.5%

-15.6%

-1.6%

Fig. 4 Total Eurofinas lending, period-on-period growth rates

Growth rates for new credit compare the first 6 months of the year for biannual figures while they compare 12 months for annual figures.Figures are adjusted for exchange rates from June 2009 onwards. Growth rates for 2008 and previous periods are on an unadjusted basis.

new credit outstandings

direct personal loans revolving credit non-automotive credit at point of sale

Table 1 Annual % change in new lending (2015/2014)

Fig. 5 Consumer credit for personal consumption in 2015% of new credit granted

Total consumer credit (Consumer Credit for Personal Consumption and Consumer Vehicle Finance)

Total lending(Consumer Credit for Personal Consumption, Vehicle Finance, Mortgage Lending and Industrial Credit)

NO 25.6% 22.3%CZ 22.6% 23.8%NL 20.8% 20.8%LT 20.1% 20.1%PT 19.5% 22.4%DK 17.3% 17.1%RO 13.9% 12.0%ES 12.9% 13.8%IT 11.8% 23.7%BE 10.5% 20.4%

DE 7.8% 7.6%UK 7.0% 7.9%MA 5.4% 5.4%FI 4.2% 4.1%SE 0.9% 18.7%FR -0.2% 3.6%TOTAL 8.3% 12.7%

2015

ReSeaRch on conSumeR cRedit: keep uS inFoRmed As reported in previous editions of the Consumer Credit Bulletin Europe, Eurofinas has dedicated a webpage showcasing national research findings on European consumer credit markets. By doing so, Eurofinas reinforces its role as the information hub on national consumer credit markets

across Europe. This initiative aims to help Member Associations and the wider commu-nity to learn more about our industry at local level and can also be a source of inspiration to conduct similar research.

In order to enrich the information already available for eight European countries, we invite all Eurofinas Member Associations to keep us informed of any ongoing research on the consumer credit market conducted at national level or beyond.

For more information, contact [email protected]

how to Stay inFoRmed?

Visit www.eurofinas.org or contact [email protected] to be added

to our mailing list.

eventS• Senior Legal Adviser Alexandre Giraud spoke on European policy developments at the following events:

- ASFAC 25th Anniversary Conference in Lisbon, Portugal on 22 November 2016

- KPF Annual Consumer Credit Conference in Warsaw, Poland on 9 December 2016

• Legal Adviser Isak Bengtzboe has moder-ated a EU Comission workshop on the eiDAS Regulation on 19 December 2016.

eu inSolvency FRamewoRk New proposal in the making• The European Commission very recently proposed a new approach to business insol-vency in Europe. The proposal focuses on three key elements:

- Common principles on the use of early restruc-turing frameworks

- Rules to allow entrepreneurs to benefit from a second chance, as they will be fully discharged of their debt after a maximum period of 3 years

- Targeted measures for Member States to increase the efficiency of insolvency, restructuring and discharge procedures

In line with the Eurofinas position, the proposal does not include personal insolvency in its scope. Eurofinas will carefully monitor forthcoming parliamentary discussions as a possible extension of the text by MEPs cannot be entirely ruled out.





http://www.eurofinas.org/index.php?page=key-facts-figures



SpotliGht on BelGiumunion Professionnelle du Crédit / Beroepsvereniging voor het krediet

BELgiuM iN BriEF (2015)

Key market information

If one takes the volume of consumer credit outstanding as a basis for the calculation, the top 5 players have a market share of about 58%. The top 10 players taken as whole, have a consumer credit market share of some 79%. Instalment loans make up only 19% of the number of contracts, against 73% of the corresponding amounts.

Instalment sales make up no more than 3.3% of the total volume outstanding. The market share of instalment sales has been decreasing strongly these last few years.

Point of sale credit is provided, for the larger part, by non-bank lenders, mostly in the form of credit openings.

Cross-border credit occupies a very marginal position and its presence is limited to the Dutch, German and French border areas.

Credit openings are the most frequent type of consumer credit (as for the number of contracts) (6.7 million contracts out of a total of 8.3 million consumer credit contracts, i.e.77.5%). As for

the amount however, they represent only about 23% of the total volume of consumer credit outstanding.

1. Other members of Febelfin are the Belgian Bankers' and Stockbrokers' Association (ABB/BVB), the Belgian Leasing Association (BLA), the Belgian Asset Managers Association (BEAMA) and the Belgian Association of Stock Exchange Members (BASEM).

POPuLAtiON 11.3 million

GDP €410.4 billionGDP growth 1.4%GDP per capita €33,700Inflation 0.6%Unemployment 8.5%Budget deficit -2.5%Public debt to GDP 105.8%

About UPC-BVK

UPC-BVK is the trade association representing the sector of lending to private persons, i.e. consumer credit and mortgage credit. UPC-BVK is a constituent member of Febelfin, the umbrella organisation for the Belgian financial sector. 1

With a total outstanding credits of €21.6 billion, the 56 members of UPC/BVK (as on 1 November 2016) represent together more than 95% of the Belgian consumer credit market. Member institutions of UPC/BVK are banks, insurance companies, financial institutions, some of which also offer leasing, mortgage businesses, credit insurers.

Continued on next page >

57 members€21.6 billion total outstanding consumer credits

Source: Eurostat

CONSUMER CREDIT : OUTSTANDING AMOUNT (UPC members)(in billion €)

Credit openings Instalment credits

22.000

20.000

18.000

16.000

14.000

12.000

10.000

8.000

6.000

4.000

2.000

0

DEC 00 DEC 01 DEC 02 DEC 03 DEC 04 DEC 05 DEC 06 DEC 07 DEC 08 DEC 09 DEC 10 DEC 11 DEC 12 DEC 13 DEC 14 DEC 15



The market share of credit openings has been going up since 2010 as a result of the inclu-sion of authorised overdrafts into the scope of the Consumer Credit Act.

Regulation

Both banks and non-banks are subject to the same consumer credit regulations.

The two last years have been years of change for the Belgian credit sector.

2015 has been marked by the entry into force of a new status for credit providers and for credit

intermediaries. In particular, since 1 November 2015, credit providers and intermediaries, as well as some of their staff, shall meet require-ments in terms of knowledge and experience. If they cannot prove that they have the required knowledge, they will not be allowed to keep/receive their accreditation that allows them to carry out their activities.

The Belgian consumer credit sector has also been impacted by the implementation of the Mortgage Credit Directive in the Belgian law. The transposing law, which entered into force on 1 December 2016 regarding the provi-sions on consumer credit and on 1 April 2017

regarding the provisions on mortgage credit, altered the scope. Some credits that initially fell under the consumer credit law will now fall under the mortgage credit law with all the consequences in terms of pre-contractual information but also regarding the accreditation of credit providers and intermediaries. Time has now come for Belgian players to brace them-selves for these changes.

> Continued

StaFF newS • After some 37 years at Eurofinas, our colleague Ingrid Vermeersch has decided to retire. Her long career at Eurofinas, and espe-cially her commitment and determination, were recognised at our General Assembly meeting last October. We would like to take this opportunity to wish Ingrid all the best.

Julie Debruyne has now taken over as Office Manager and is in charge of administration, human resources and accounting. Julie holds a Master in Strategic Human Resources and Quality Management from the University of Reims and a Master in Organisational Economy and Management from the University of Lille. Before joining Eurofinas, she has mainly worked as a HR project consultant. Julie can be reached at [email protected]

inGRid veRmeeRSch

Julie debRuyne

euRoFinaS welcomeS new Full membeR

• Eurofinas is pleased to announce the coming on board of the financing arm of the Turkish Association of Financial Institutions (AFI) as its latest full member, thereby reinforcing the width of its membership. The expertise of this impor-tant player, which represents a vast and growing market, will prove particularly valuable in our work and we are looking forward to a mutually fruitful cooperation.

AFI is the umbrella organisation repre-senting financial leasing, factoring and financing companies in Turkey. More on AFI @ www.fkb.org.tr/home-page


http://www.fkb.org.tr/home-page



inteReSted in becominG an aSSociate membeR oF euRoFinaS?• Requests for information on Eurofinas’ associate membership benefits should be addressed to Anne Valette, Head of Communications at [email protected]

euroFinAs AssoCiAte memBersHiP

2017BeneFits PACKAGe

MEMBERSHIP AllOwS yOU TO

· Increase your visibility· Benefit from invaluable networking and partnership opportunities· Showcase your company to key decision-makers · Gain access to vital industry information· Reach out to a large audience at European level· Contribute to the policy work of Eurofinas (where relevant)

MEMBERSHIP BENEFITS

1. VISIBIlITy · The name of your company (together with your logo, company profile and a link to your website) is listed on the membership directory on Eurofinas’ website.

· Your logo appears on the homepage of Eurofinas’ website.

· You receive a Eurofinas Associate Member logo that you can use for your own communication actions (press release, news-letter, etc.).

2. BUSINESS DEVElOPMENT· You receive priority invitation - first right of refusal - to sponsor the Annual Convention of the European Consumer Credit Industry organised by Eurofinas. This event is held in conjunction with the Convention of the European Leasing and Automotive Rental Industry organised by Leaseurope, Eurofinas’ sister Federation. The Convention provides a unique meeting platform of 450+ business leaders active in consumer credit, leasing and automo-tive rental from across Europe – most of them at board-level.

· You may have the opportunity to organise a dedicated breakout session at the Eurofinas Convention in addition to your sponsorship.

· You receive a complimentary invitation to the Annual Convention of the European Consumer Credit Industry. For any additional representative from your company wishing to attend the Convention, you benefit from the reduced member’s fee.

· You have the opportunity to sponsor networking breakfasts/meetings organised by Eurofinas.

3. COMMUNITy · You can contribute articles of relevance to the European consumer credit industry that may either be published in Eurofinas’ E-newsletter “Consumer Credit Bulletin Europe” (widely circulated across Europe) or on Eurofinas’ website.

· You are entitled to have your marketing material displayed in Eurofinas’ primary meeting room and/or lounge adjacent thereto (e.g. brochures, pens, pads, roll-up banners, etc.) where and when Eurofinas organises meetings with consumer credit professionals and other key stakeholders (board of directors, technical committees, seminars, etc.)

Becoming an associate memBer of eurofinas positions your company at the very heart of the consumer credit providers’ community at european level

EUROFINAS ASSOCIATE MEMBERSHIP 2016 Benefits pacKage

2

EuRofinAs thAnks its AssociAtE mEmbERs foR

thEiR suppoRt in 2016


19


Closing date : 16/12/2016

Eurofinas spacious meeting rooms and adjacent lounges, including Wi-Fi, are available for any Brussels meetings you may wish to organise. For more information, please contact [email protected]

EUROFINAS StAFF

HAylEy McEwENSenior AdviserStatistics & economic [email protected] +32 2 778 05 71

cHARlES lOwAdviserStatistics & economic [email protected] +32 2 778 05 66

NADIA HAzEvElD Legal Adviserlegal & public [email protected] +32 2 778 05 72

lEON DHAENEDirector [email protected] +32 2 778 05 61

JURgItA BUcytESenior AdviserStatistics & economic [email protected] +32 2 778 05 63

ANNE vAlEttEHead of Communicationscommunications, marketing& media [email protected] +32 2 778 05 65

Your feedback counts !

To provide feedback on this newsletter, or to be added to/removed from our mailing list, please contact [email protected]

eurofinas office in brussels

Blvd Louis Schmidt 871040 Brussels - BelgiumT +32 2 778 05 60 F +32 2 778 05 78www.eurofinas.org

Bd. S

aint

-Mic

hel

Bd. B

rand

Whi

tlock

Bd. Louis

Schmidt

MontgomeryAv. de Tervuren

T Petillon5

23, 24, 25

Schuman

M

MM

T

ISAK BENgtzBOE Legal Adviserlegal & consumer [email protected] +32 2 778 05 73

SAvE tHE DAtEevents / meetings

• For latest updates on events and meetings, consult the calendar on Eurofinas’ website home page.

INtERNSHIP OPPORtUNItIES Eurofinas offers internship opportunities to fresh University gradu-ates having demonstrated an interest in consumer finance (thesis, report, publication, etc.). For more information, please contact [email protected]

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JUlIE DEBRUyNE Office [email protected] +32 2 778 05 60

AlExANDRE gIRAUD Deputy Director [email protected] +32 2 778 05 64Internship at Eurofinasfind out more here















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