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ITFA represents the rights and interests of banks, financial institutions and service providers involved in trade risk and asset origination and distribution.Our Mission
| Dear members, We are pleased to give you another update on the relentless work of ITFA’s Insurance Committee to make our regulators take into consideration the strength and specificity of credit insurance used by banks when supporting the activities of their customers. We informed you in October about a major breakthrough, when, as suggested by ITFA, the Commission’s proposal for CRR3 explicitly introduced a mandate for the European Banking Authority to analyse the eligibility and the use of credit insurance as a credit risk mitigation technique for the banking sector. Since then, our regulatory working group – which is since January of this year headed by Jean-Maurice Elkouby, Head of CPRI at ING – has talked with many key stakeholders in Brussels in order to explain in more detail how credit risk insurance works and to help prepare for EBA’s report. For this purpose, ITFA released today a position paper, which we have shared with the European Commission and other authorities. This paper explains in detail ITFA’s request and our reasoning. Please feel free to share this paper with your internal departments in charge of regulatory matters/government affairs or to use it in your interaction with the authorities in Brussels. For any questions do not hesitate to contact members of the Insurance Committee. |
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