Eurofinas, the European Federation of Finance House Associations, is the voice of the specialised consumer credit providers in the EU.

As a Federation, Eurofinas brings together associations throughout Europe that represent finance houses, specialised banks, captive finance companies of car, equipment, etc. manufacturers and universal banks. The scope of products covered by Eurofinas members includes all forms of consumer credit products such as personal loans, linked credit, credit cards and store cards.

Consumer credit facilitates access to assets and services as diverse as cars, studies, furniture, electronic appliances, etc.   

It is estimated that together Eurofinas members financed over 400 billion euros worth of new loans during 2007 with outstandings reaching 713 billion euros at the end of the year.

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Eurofinas anticipates a busy year ahead. The European Commission has a number of ongoing projects, including overseeing the implementation of the Consumer Credit Directive and following up the work of its Expert Group on Credit Histories.

Consumer Credit Directive (CCD)

The CCD was adopted on 7 April 2008. Member States will have to adopt the provisions necessary to comply with this Directive before 12 May 2010.

It is essential that the provisions of the Directive, and in particular the ‘full harmonisation’ provisions, be interpreted in the same manner by all Member States. Otherwise the benefits of the Directive will be lost. In this context, Eurofinas is monitoring the transposition of the CCD across EU Member States, providing its members with a platform for information sharing and conducting regular discussions with the European Commission on the subject matter.

In parallel, Eurofinas is contributing to the European Commission’s work in drawing a picture of the European consumer credit market before the CCD comes into force.

Credit Histories

Eurofinas is monitoring, and contributing to, the work of the Expert Group on Credit Histories, which was set up by the European Commission in September 2008. Eurofinas work on the topic is being carried out through its own task force on access to credit data.

The Eurofinas task force consists of a number of experts in the field of credit data, who are drawn from across the EU.

Through its task force, Eurofinas will produce its own industry focussed report on the issue of access to, and exchange of, credit data in an EU cross-border context. This will allow Eurofinas to effectively contribute to the ongoing debate.

Other Policy Issues

Eurofinas is working on a wide range of other policy issues which reflect current European debate in the field of retail financial services such as credit intermediation, consumer rights, distance marketing and anti-money laundering. Further details of these policy issues can be found on our policy issues page.

Visit our website regularly and feel free to contact us for further information on (inter alia) policy issues, partnerships, conferences and articles.

We remain at your disposal.

Tanguy van de WERVE
Director General