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Mena s trade recovery: Hanging in the balance amid numerous downside risks gtreview.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from gtreview.com Daily Mail and Mail on Sunday newspapers.
Eleanor Wragg reports.
The European Commission will soon table the legislative proposal that will implement Basel into European law, and unless the credit insurance industry can make its voice heard it will no longer be economically viable for banks to insure better rated credit risks, which could lead to insurers pulling out of the business line entirely. According to the International Trade and Forfaiting Association (ITFA), this could put approximately €600bn-worth of support to the real economy at risk.
Last year, ITFA contracted Hume Brophy – a Brussels-based consultancy specialised in European public affairs – to lobby policymakers and regulators to consider credit insurance in the context of Basel implementation.