All articles by Claire Hack
Claire Hack
FLA responds to lease accounting exposure draft
The FLA has thrown its support behind Leaseuropes proposed right of use model for lease accounting in its response to the IASBs exposure draft (ED). The Leaseurope model aims to offera simpler and cheaper approach than that proposed in the ED, while still meeting the IASBs objectives Julian Rose, FLA head of asset finance and data policy, said: With the Leaseurope model, the value of the leases that go on balance sheet is based on whats been signed up to, so the minimum lease commitment in the contract
VR Leasing buys Factorem in full
German lessor VR Leasing has increased its stake in VR Factorem from 74.9 to 100 percent. The remaining 25.1 percent share was previously held by French factoring company Natixis Factor, a division of BPCE. VR Factorem has also appointed Hauke Kahlcke as a second managing director
New board at Leaseurope
The other board members are: Jos Antnio Beja Amaro, president of the Portuguese leasing association; Alex Baldock, Lombard managing director; Vahid Daemi, LeasePlan chief executive; Michel Denis, Fraikin Locatime chief executive; Andrzej Krzeminski, Europejski Fundusz Leasingowy chief executive; Jean-Marc Mignerey, SG Equipment Finance chief executive; Alexander Schmidecker, BAWAG PSK Leasing chief executive; Martin Starck, LBBW Leasing chairman; and Alain Vervaet, ING Lease Holding board member.
Boom in UK asset-based lending
UK brokers have reported a boom in factoring and invoice discounting, as Lloyds TSB and Bibby Financial Services show increased activity in the sector The trend towards asset-based lending suggests that businesses are seeking out new and alternative forms of finance as their traditional lines remain limited. Lending by members of the Asset Based Finance Association (ABFA) rose by 4 percent to £15.1 billion (17.9 billion) in the third quarter of 2010, compared to the same period in 2009
Scotland’s Leaseway in administration
The Glasgow-based company, which operates one of the UKs largest privately owned LCV fleet hire businesses, appointed PricewaterhouseCoopers (PwC) on December 1. Established in 2003, Leaseway currently runs a fleet of about 13,000 vehicles, employs 255 people, and works with clients ranging from large corporate to sole traders
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Smaller state equals a bigger opportunity for lessors
The comprehensive spending review marks the beginning of a radical redistribution of service provision from public to private,” said George Lynn, CFO of Angel Trains and chairman of the Finance and Leasing Associations (FLA) asset finance division.
Leasing loses a little lustre for transport sector
Aviation, rail and shipping companies have ranked asset finance as the seventh most likely source of funding for their business over the next two years.
VAT rise to boost leasing among SMEs
The rise in VAT to 20% in February 2011 presents a possible opportunity for lessors if it makes outright purchase less attractive. The shift towards asset finance is expected to be particularly pronounced in the case of small and medium size enterprises. Bluestone Leasing chairman Philip Bennett said: “To quote David Cameron, were all in this together, and no business sector will be immune from the effects of the rise in VAT, including leasing
New hire as GE Capital reports profits
GE Capital has appointed Elmar Lukas as managing director for its equipment financing business in EMEA, as the company repositions globally and looks to focus on areas where it is a recognised leader.
Specialist lessor looks to emerging markets
Devices like Blackberries and iPhones have created potential markets for Microlease in Asia and Latin America Test equipment lessor Microlease has identified Asian and Latin American markets as potential growth areas, as mobile technology grows in popularity.