Non-performing loans represent 11,01% of bank loans and only 4,13% of factoring transactions (Bankitalia-Assifact data as at 30/09/2015). In Italy, one of the most important markets in the sector in the world, the turnover of factoring is equal to approximately 11% of GDP. But also at European level, considering the 13 countries that are part of the EUF, the federation of operators from Austria, Belgium, the Czech Republic, France, Germany, Greece, Ireland, Italy, the Netherlands, Poland, Portugal, Spain, Sweden and United Kingdom, the trade credit transfer market is worth on average more than 10% of the gross domestic product.
“Factoring, as well as being a less risky source of financing – says the Vice President of Assifact Fausto Galmarini – represents a significant development opportunity for small and medium-sized European enterprises, especially in countries where recovery is still precarious”.
Galmarini returned from Brussels, where he represented the association of Italian operators at the Euf workshop "Building a bridge between finance and SMEs" at the European Parliament. The European federation works to harmonize and homogenize the regulations of the various states on the subject of credit assignment. An open question is that of vigilance. “In Europe – explains Galmarini – not all factoring companies are bank-related or linked to banks. Many are independent, therefore not subject to the control of the Authorities, and this determines a disparity in competition on the market”. “In Italy, operators – Galmarini continues – are supervised by the ECB and the Bank of Italy. They therefore have the same obligations as banks, the same duties in terms of risk profiles. But they don't have the same rights: for example, that of accessing ECB funding”.
