All articles by Verdict Staff
Verdict Staff
Lease accounting rules delayed
The final standard, which had been expected in Q2 2011, now may not appear until the end of the year, or later. A high degree of consistency among the comments in letters submitted during the consultation periodis thought to have encouraged the IASB to reconsider significant aspects of the proposed standard.
Broker body appoints board
Kevin Jones and Nick Simpson have joined the board of the UKs National Association of Commercial Finance Brokers as it steps up activity within the asset finance sector. Jones said: My aim is to maintain the high profile enjoyed by the NACFB over the past couple of years.Our focus this year includes training and education, member benefits and increasing the membership and patronage.
Siemens granted bank licence in Germany
It will mean greater flexibility in the way Siemens is able to raise funds on the financial markets through deposit-taking and from central bank funding. Siemens said it would expand the product portfolio of Siemens Financial Services, particularly in financing sales of Siemens products, with industry, energy and health care the areas of focus.
Hostile bid for struggling asset finance lender Davenham
David Anthony, the former CEO of Hitachi Capital in the UK, has enlisted ex-Moneyway CEO Gary Jennison to help him take control of struggling asset finance lender Davenham Group plc. In an extraordinary general meeting to be held on 11 January, shareholders of Davenham (in which Anthony has a 14.9% stake) will vote on whether to remove current directors Paul Burke and James Kerr-Muir, and appoint Anthony and Jennison as non-executive chairman and CEO respectively.
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Contract clarity questioned
While much of the heat has gone out of talk of scandal and fraud surrounding some leases brokered by Shire Leasing, a number of brokers are finding some suppliers are still unclear about the office equipment leases they are attempting to sell. They mark up contracts significantly, and yet when you price check, the assets are only worth a fraction of the value of the lease: the remainder is a call package andor maintenance contract
Leaseurope model gets FLA’s backing
The FLA has put its support behind Leaseuropes proposed right of use model for lease accounting in its response to the IASBs exposure draft. The Leaseurope model is designed to be a simpler and cheaper alternative to the approach put forward in the draft, while still meeting the IASBs objectives. FLA head of asset finance and data policy Julian Rose 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.
Aldermore one-stop shop
Aldermore has formed an asset-based finance division led by Ian Wilkins, group managing director of asset finance and invoice finance. The operation aims to provide a one-stop shop combining asset finance, invoice finance and commercial mortgages Wilkins said: “A business should be able to come through any channel, but whichever it is they will have a single point of contact, a single credit committee and a dedicated account handler
Basement talk
The council of Gessate, a small town northwest of Milan, entered the unusual deal at the end of last year. The plan sparked much consternation among local politicians and businesses, who claim the arrangement is more costly than it need be.
Hitachi Cap in direct sales drive
Hitachi Capital has embarked on a major push to increase its UK presence, with a fleet acquisition and continued diversification in asset finance powered by increased funding commitment from its Japanese parent The sale of the business and 7,000-commercial vehicle portfolio came following a failed attempt by the companys management and lenders to restructure the business over the past 21 months