Liquidity management debate: Learn more about the panelists
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EXECUTIVE SUMMARY • They also imply greater need for information about characteristics of customers’ businesses • Trapped cash presents big challenges to banks and corporates – local knowledge is crucial to finding solutions • In a low interest-rate environment it is sensible to analyse whether or not sweeping cash cross-border is worthwhile • Liquidity structures are becoming smaller and more regionalized – ‘big is beautiful’ is out of fashion • Despite its relatively limited geographical coverage, Sepa is a big step forward • Cashflow forecasting is a crucial element of liquidity management |
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Jack Large, chair What are the most important changes taking place regarding liquidity?
SC, Barclays The best place to start is the UK where the Financial Services Authority has moved ahead on regulations regarding liquidity and banks, whereas other regulators are still deciding what to do. The FSA introduced qualitative rules on December 1 2009 with over 100 new rules and evidential requirements that every bank, building society and investment firm operating in the UK must abide by.
Quantitative standards were introduced on June 1 2010 that require banks to produce materially accurate daily cashflow forecasts across their entire business, which is no mean undertaking. The FSA also introduced an individual liquidity adequacy assessment (ILAA), whereby the bank is required to produce a description of where liquidity risk arises in its business, how it thinks about it and manages it and – most important – how it would deal with a severe liquidity stress. This then has to be approved by the board.
The FSA analyses a bank’s plans extensively: it does not take the word of the treasury. Instead, it asks the businesses: ‘Is this how you think things will work?’ It then calibrates the level of resources it thinks a bank needs to hold and what its funding profile should be.
All banks need to consider what products and services they offer, how they are affected by these new rules and how they can mitigate those costs and still serve customers. It is fundamentally changing the way banks think.
In the past, on the qualitative side, the FSA said banks must have appropriate systems and controls – it was light touch. For big retail banks, the quantitative requirement was five working days of liquidity stress, but only for sterling payments.
Sourcing information from clients
Jack Large Changing regulations mean that banks need to know more about their clients’ business so that they can model their own liquidity. What changes will result?
SC, Barclays The working assumption is that if a bank suffers stress, everyone moves their cash out. This is not a reasonable starting place. Among multi-banked clients, the likelihood is greater but for clients with a single bank the likelihood is less. The challenge for banks is to demonstrate why that might not be the case across a portfolio of customers. Once we have modelled how a portfolio of customers will behave, those assumptions will flow through into the prices and products that are offered. It will fundamentally change the value of short-term cash.
HP-W, Citi Many banks had been collecting information of this nature before recent regulatory changes, and will of course continue to do so. For example, the banks around this table must ensure that their balance sheets are aligned with the requirements of their own treasury departments and therefore are required to demonstrate how different products and pricing structures are provided to clients. We have to demonstrate a good understanding of our deposit base already.
The location of control and information must be with the bank from a regulatory perspective. Banks cannot rely on ad hoc requests to a corporate. Banks have visibility of transaction flows over a significant period of time, which they can model – although understanding the past doesn’t necessarily predict the future. There is a lot of information about individual clients already in the public domain, in annual reports and accounts: often corporates’ cash investment policies are outlined in some detail. If there is any attempt to put any responsibility or onus onto the corporates, it would be resisted.
SC, Barclays The responsibility is on banks to understand their customers. But we are starting down this journey of more stringent regulation and we will start to ask questions. Certainly we will look at your report and accounts and look at historical cashflows. However, we will also need to have more in-depth conversations with large corporate customers to understand more about their business. Without more information it will be hard for banks to make the case to their regulators that this customer segment is valuable and stable. The trick is making sure those conversations are not just about receiving data from the company but result in the offering of products and services.
Trapped liquidity
Jack Large What regulatory and process developments have there been regarding trapped cash in recent times?
CP, Inchcape Trapped cash disguises the fact that there is a process to access cash provided you approach the local authorities and take time to understand the requirements. That, to me, is not trapped cash per se: it is cash that is available through a process. Similarly, you may have cash on a capital account in China. You could argue it is trapped, but is it really when you can repatriate capital through a process? Of course, cash can be really trapped – it may require a levy that is unacceptable.
AH, RBS There are so many solutions for trapped cash nowadays such as regional or global cash optimization programmes. Also available are solutions that offer an offset option, which have become increasingly important: it might not be possible to receive a full offset – you can not fully compensate your debit with a credit in another location. However, you can enhance your results.
FS, BNPP We differentiate between restricted cash and regulated cash. In countries such as China, India and Vietnam there are clear restrictions on taking cash out. There may be possibilities in some areas where regulation permits. However, in cases where restrictions are clear, we would certainly not advise clients to breach them. Then there are countries such as Thailand, Taiwan, Korea and the Philippines, where cash is regulated, not restricted, where you have greater freedom of manoeuvre, provided you are conversant and compliant with the rules.
JB, Merck We are in all of these countries mentioned. We have a clear target to centralize all cash and all risk within our in-house bank every day. When looking at trapped cash I consider timing, administrative burden and pricing, including in what currency the cash is received or if it has to be converted. In some countries, timing is the issue: you have to go to the central bank to apply for a payment. This can take a few weeks, and then suddenly you get millions at once. For example, in Brazil you need a minimum of 90 days as payment term before you can execute the payment. There are also administrative problems that you have to overcome. For example, if you generate cash and have no invoices to get it out. Dividend payments or equity reductions might be the only options, but don’t forget to check possible tax impacts. Finally, it is a matter of pricing.
HP-W, Citi One of the big challenges is how corporates get information, keep up to date and react to changes. When we are talking about a new liquidity structure covering difficult markets, clients want to know what is feasible. While we cannot provide specific advice, our rich experience and long track record of solving for similar situations for clients can be insightful.
CP, Inchcape Many years ago, we talked to Citi about what was possible in one territory and it couldn’t help because it wasn’t on the ground. However, our local management had a good handle on it. They know the ins and outs and the right people to talk to. It all comes down to local knowledge ultimately.
JB, Merck We have exactly the same approach: we get in contact with our local CFOs, and then we are going to have discussions with all stakeholders – banks, accountants and consultants on a regular basis. For example in China, Taiwan and Korea laws change so quickly.
Jack Large How important is offsetting/interest optimization to you in dealing with trapped cash?
JB, Merck Our primary goal is not interest optimization as the FX movement has a much higher P&L effect. Therefore we look at countries on an individual basis to get the cash out and if necessary convert it into euros.
CP, Inchcape One of the things to think about in some territories is the risk of devaluation while you are waiting to repatriate cash: it could result in a greater loss of value than loss of interest. In that sort of environment you think about what you can do with that cash. Should we, for example, buy more inventory, or buy alternative assets such as land for a future site? It is not just about putting cash on deposit and getting some interest. It is thinking about it in that broader context, including future capex.
SC, Barclays There are some seemingly bizarre rules around repatriating cash and dividends. In the Seychelles, for example, if you declare a dividend the taxes are greater than the dividend. There is an opportunity for banks to provide advice but if countries are determined to put logistical barriers in the way there’s little you can do.
AH, RBS If it is trapped, it is trapped and a bank cannot do anything with it as we have to follow all regulations. In those situations, optimization schemes, in combination with a strong domestic solution, are the best option. Nevertheless, there are situations where we team up with the client locally and approach the regulators together. Of course, this is not possible everywhere – there is no point in asking if you know the answer. However, more is possible than people might assume. This is why it is important to have a bank with a local presence and local expertise.
HP-W, Citi Local knowledge, whether from the corporate or the bank, is an opportunity. Something may look impossible at face value but may indeed be possible, albeit with restrictions, or delays and costs that may outweigh the benefit. You should also go back to basics regarding visibility of cash. Before you consider regulations you need to know what cash you have and where, and be sure your forecasting is robust.
Jack Large What sort of planning is required before going into a new country?
CP, Inchcape The name of the game is to think ahead. Where, for example, cash could be trapped on a capital account, such as in China, it may be better to use debt as the principal funding conduit. Plan and think ahead and remember that circumstances can change – both from a corporate and regulatory perspective. You don’t want to close down your options too early.
DA, WSH We don’t have any finance regulatory issues – if you discount the €1 we had to put into a blocked account in France to set up a French subsidiary – because of the countries we operate in. However, we do have operational cash that is effectively trapped. Because of our debt structure we don’t borrow outside the UK, so we have the problem of having to ensure that there is cash in local bank accounts in advance to fund payments that may be going out days later.
JB, Merck Our treasury approach is to follow the business. As Chris said, in countries such as China you have to be flexible as the environment changes quickly; don’t make long-term contracts; invest equity in steps; and do a profound product analysis beforehand.
CP, Inchcape Another part of the process is continuing dialogue with our banks to identify possible challenges and ways around so that, should surplus cash be generated, there is a solution.
FS, BNPP It is important for corporates to discuss with their banks to find where they can help. The trend towards bank rationalization will encourage this. Having multiple banks dramatically increases the inefficiency of liquidity management; it usually entails leaving end-of-day balances in local accounts.
Low interest rate environment
Jack Large How does the low interest rate environment affect pooling arrangements?
CP, Inchcape In a low interest rate environment, and where a corporate has little revolving debt, we must consider whether it is worth sweeping cash cross-border. For example, why would I take cash out of Australia to effectively put it on deposit in the UK? If I had revolving debt, that would be a good reason, but without revolving debt there’s no reason.
We still pool on a regional basis. There is a strong case to pool on a regional basis and to optimize your cash management on a regional basis.
Jack Large What’s the difference?
CP, Inchcape The difference is you are not moving cross-border. Offsetting debit and credit balances in a region still makes sense. If you have a cash surplus in an overseas jurisdiction, you really need an offsetting debt position elsewhere to gain an economic benefit from cross-border movement.
JB, Merck We have a slightly different approach. We run an in-house bank and every subsidiary is obliged to deal with it. We collect all currencies worldwide, which are legally allowed to centralize it with the in-house bank. This puts us in the position that we can distribute it to any place worldwide the next day. Our target is to centralize all the cash and all the risks. The in-house bank therefore runs accounts in most of the currencies.
CP, Inchcape Do you have a debt position to offset your cash with?
JB, Merck We have, but mainly in bonds, so we can’t offset it right away. However, the benefit is as much that our risk is centralized as only the in-house bank is investing – not the local subsidiaries. We focus on currencies, not on regions, so it doesn’t matter if it is US dollars in Japan, Singapore, Australia or Peru. Wherever pooling can legally occur, we pool.
CP, Inchcape Are you swapping out when you lend into your in-house bank? Do you hedge the FX and are you therefore paying frictional costs?
JB, Merck Yes. We hedge every currency. As we are a euro-based company, we want to earn our money with the pure business and try to avoid any effect through currency differences.
CP, Inchcape Paying the frictional costs of moving monthly out of Australia to put it on deposit, probably with the same bank, in the UK doesn’t make any sense.
JB, Merck We have a different approach. Australian dollars make no sense in Europe so we opened an in-house bank account in Australia that I can access and distribute in the way I want: it is not cross-border.
DA, WSH The issue about moving money anywhere always requires cost-benefit analysis. With interest rates so low, if you don’t have debt, the value of moving cash is questionable because the costs of making a transfer have a material impact. We have revolving debt, so we endeavour to get all our cash in.
Let’s take the Australian dollars issue: if you have a surplus of Australian dollars that you don’t need in Australia you need to have a view on the outlook for that currency. It’s a risk management issue as much as a liquidity issue.
JB, Merck Exactly, interest is not the primary focus for us, as the currency movement has a bigger impact and transactional costs do not matter in this regard.
DA, WSH Would you borrow Australian dollars through your in-house bank to offset your holdings there and convert it back into euros as a strategic move?
JB, Merck We do it differently: we borrow in euros and hedge the Australian exposure with financial instruments.
Jack Large What are banks recommending in terms of sweeping, pooling and liquidity structures given the low interest rates?
AH, RBS There are the traditional pooling clients, which have debt, and the offset justifies the whole structure. Over the past five years, we have seen more clients concentrate surplus cash into a multi-currency overlay with an artificially created debit position: cross-currency notional pooling, using liquidity overlay as a finance tool.
Many clients comment that the control element is as important to them as the economic value, which is derived mainly from the fact that they can invest larger positions: for example your Hong Kong dollars in the pool can be offset by drawing euros, which you then invest for more favourable rates.
An important point is that costs have fallen as these structures have become a commodity. Zero balancing of Hong Kong dollars to London with a same end-of-day value is inexpensive, creating opportunities that perhaps did not exist previously.
SC, Barclays The drivers for liquidity structures have changed: they are to minimize debit interest and manage bank counterparty risk. We have people sweeping balances on which we pay no interest whatsoever because they want their cash with their chosen UK bank.
CP, Inchcape We are rigorous on counterparty risk and centrally monitor all cash investment and counterparties globally.
JB, Merck We measure the counterparty risk on a daily basis, starting with the rating and CDS level. We have set limit criteria for each counterparty – not just for direct investment, but also for the values of financial instruments. They are likewise included in the counterparty risk assessment.
DA, WSH We are privately owned, we are geared and we have refinanced in the past six months. It would be a waste of time for me to monitor counterparty risk on a day-to-day basis. When we refinanced, we did vet and turn down potential lenders because the last thing we wanted was the risk of a lender who could not deliver the cash when we needed it.
Managing counterparty risk
Jack Large Are corporates reducing the number of banks they use or just making sure they are with the right banks?
CP, Inchcape I look at cash investments in a clear hierarchy: security of principal is key; liquidity is second; yield third; and alignment with my relationship banks fourth. If a counterparty shows signs of straying or has a negative rating, we react quickly.
JB, Merck We have the same approach, with security of principal first, then maturity to match our cashflow forecasts. Yield comes third: we fight for basis points, but within the given risk category.
DA, WSH I am not looking for long-term investments. I am constantly trying to repay down revolver debt or overdraft. If cash arises, it is usually because of a mismatch on debt maturities.
Jack Large How has the counterparty risk issue changed for banks and is it affecting corporates’ liquidity structures?
FS, BNPP The counterparty and its credit rating are important, and corporates are increasingly paying attention to these. Together with bank rationalization strategies by corporates, this has resulted in more concentrated liquidity structures, where the transaction bank providing payment and collection services is also the overlay bank offering a regional cash pooling solution.
SC, Barclays It is the strength of the brand and the reputation that is attractive. Clients may be less concerned with rates as greater importance is placed on a reputable brand.
AH, RBS The adage that ‘big is beautiful’ is out of fashion. A few years ago, every conference was focused on globalization, global structures, and there was this concept of ‘follow the sun’, implying that your cash is working for you in the timezone that is open for business. This implies that your cash is with a single bank. Those ideas are no longer valid. Liquidity structures are smaller and regionalized, with even Europe being divided into Central and Eastern Europe, the Nordics and the rest of Europe. RBS has responded to this changed concept by offering regional concentration structures as global overlay solutions.
From a counterparty risk perspective, what is important to corporates is to mandate additional banks to limit the exposure to one bank. Of course a multi-bank solution will be less efficient from a pure cash-management process point of view.
Next to this, reciprocity has become more important. To secure access to sufficient funding, a balanced relationship with a group of banks is a prerequisite. Awarding liquidity management is a key factor in this process.
HP-W, Citi There are two different disciplines being combined together. There are the liquidity management tools and the end-of-day exposure on a bank’s balance sheet. Those things are hard to divorce but there should be a separate view between evaluating cash management tools and counterparty exposure.
From Citi’s point of view, we look to provide comprehensive liquidity management tools but we also have clients who ask us for ways to diversify their surplus cash. Banks may need to provide a choice for end-of-day cash while still providing the value of the underlying cash management tools.
AH, RBS An absolute must-have is that banks are able to offer flexible cash management solutions. For example, any solution should be a multiple bank solution nowadays.
HP-W, Citi We don’t always expect to service a client in every single market. Where we are not present we want to provide tools on a multi-banking basis, providing the client the maximum efficiency in bringing cash together if concentration is the goal.
Investment strategy
Jack Large Can you summarize your investment policy?
CP, Inchcape The principles formulated are clear: first security of principal, secondly liquidity, and only once the first two have been met, yield. My fourth principle is to align cash investment with my relationship banks, but again only when the first two principles have been met, because it is an important form of ancillary business.
Beyond that, I look at risks, including counterparty risk, for which a minimum credit and a maximum investment amount are stipulated. Cash is tranched in terms of the tenor of investments – two weeks, one month, three months, six months, nine months, a year. The tranche dictates that most cash is at the shorter end, and that’s deliberate, because it mitigates risk of a deterioration of a counterparty. It manages the liquidity risk for any unforeseen events. I also look at interest-rate and foreign-exchange risk.
Our approach drives us to be quite conservative. That is reinforced by the fact that we only have a certain number of approved instruments that we invest in. We are plain vanilla and focus on deposits and money market funds – we are not in the business of adding risk by looking at things that are esoteric.
JB, Merck Either Chris copied from us or we copied from him! Safety of principal and liquidity are top of the list and we also have our brackets of one month, three months, six months. We hardly go beyond one year. For the instruments in which we invest, we have a clear guidance. For example, we have certain product limits like for commercial paper and we have sector limits that prevent us from an overexposure to a given sector, measured across all types of products. The majority of our investments are in euros.
The benefits of Sepa
Jack Large What is the impact of improved payment value dates from Sepa [Single Euro Payments Area] instruments and what does it mean for liquidity management?
FS, BNPP The means of payment associated with the Payment Services Directive, including the Sepa credit transfer, will give you a predetermined value date. You no longer need to deal with different value-dating environments or execution timeframes across Europe: you have certainty of value that can be applied.
The benefit is often higher on the collection side, with the Sepa direct debit viewed as a fundamental change. You can make collections across 32 different countries without holding collection accounts in all these countries. That results in considerable simplification and efficiency for treasury management.
JB, Merck Sepa is a big relief because it means that you can work with the same data around Europe with a standardized process for flows and rules. The benefits are limited because it applies only to the euro and therefore we still need accounts in some jurisdictions. Another limitation occurs if you are running a payment factory. If we collected everything in one account, the reconciliation for the accounting team would hardly be possible. Therefore we still have to maintain many accounts because the technique for such an automatic reconciliation is not yet developed. The dream would be one account for euro collections and payments.
Jack Large Isn’t Sepa marginal in liquidity management terms?
CP, Inchcape It’s not marginal when you are thinking about structural changes in a business like payment factories or development of ERP systems. You are talking about business process redesign as much as anything else.
AH, RBS Standardization is where you get the biggest benefit in your payment factory. Same-day value should already be the standard by using existing liquidity management techniques. Corporates with an efficient European liquidity management structure in place will gain less from the Sepa benefits.
DA, WSH With small operations operating in different euro countries, the benefit is that money will be there same day or, at worst, next day. As we grow across Europe, that has to be a big advantage. If you are moving millions around, you are not gaining very much, but if you are moving a few thousand euros, then knowing that that money will be valued that day is important. Therefore Sepa is an important step forward.
Improving cashflow forecasting
Jack Large How can cashflow forecasting – and therefore liquidity management – be improved?
CP, Inchcape Having reliable cash forecasting is the Holy Grail of treasury. You need to educate operating businesses, business finance directors and finance managers about what you want and provide templates that they can complete. You need good consolidation systems that bring it all together. Even when you have all that, you need to continually make sure there is connectivity within the businesses: you need to be able to pick up the phone to a business unit and ask: “Is that actually going to happen at a time that you have said it will?” because if not it will change your forecast. To do that effectively, you need people who are well networked in the organization.
Jack Large Is it a technology problem?
JB, Merck You need technologies to collect data if you are running 250 entities and you need a team to follow up. But you also need to make everybody aware how important this information is. To make the process a success you need to have actual figures in your systems and then organize a follow-up discussion so that everyone can learn why there was a deviation between planning and actuals.
CP, Inchcape We asked the businesses to produce a pure cleared-funds forecast and, when we found that difficult to reconcile to actuals, added cash book balances and bank ledger balances. We then created a rigorous cash forecast that we can reconcile. From there, because we have a reliable forecast, we are able to interrogate that forecast and do variance analysis – not just between actuals and forecasts, but between actuals and what has been put in the planning process.
We are able to do the overlay so if we look at a cash forecast on a cash-book basis we can work out what it means on a cleared-funds basis. In a business where there are lumpy payments and lumpy receipts, we are able to look at our cash position using those techniques.
DA, WSH I’m not sure what more can be done by the banks to improve forecasting. The banks provide visibility for day-to-day balances, which is their main role. For cash forecasting to work you need understanding and buy-in from the operational management and operational finance people.
CP, Inchcape Banks can provide first-class systems for delivery and balances to facilitate forecasting but I separate delivery. The system that delivers is not the content: you are better to have first-class content on an Excel spreadsheet than to have rubbish on a world-class banking system.
AH, RBS The cash culture of the corporate is the main driver. The role of the bank is therefore limited here, the bank should provide numbers in real time – the rest has to come from the corporate.
FS, BNPP If you look at forecasting, challenges are different whether you consider cash inflows or cash outflows. For cash outflows you need discipline. One way is to centralize accounts payable because then treasury is the one that pushes the button for the salaries and vendors payments. For inflows, the challenge is bigger as you often rely on customer-initiated collections.
CP, Inchcape Where corporates are challenged in funding, you might find payment disciplines brought to the centre so the headroom position can be managed tightly. However, the real issue around cash forecasting is not payments but collections.
Emerging markets
Jack Large Does the changing nature of emerging markets – with trade flows increasingly east to west – mean that a new structure of liquidity management is necessary?
HP-W, Citi With a lot of our multinational corporations, there is an opportunity to structure flows in a way that ensures visibility, balances and potentially integrates flows into a centralized cash pool and risk-management framework. Often local regulations and local banking capabilities make such a goal difficult.
The other side of this issue is that some emerging market corporates are looking to extend and grow both within and across regions. They are looking at establishing more pooling centres within their markets and adding currencies that aren’t currently supported into those structures. Indeed, they are looking to extend local investment options so there are alternatives to traditional bank deposits.
Jack Large Jörg, is your currency-driven structure, in-house bank model used for all new markets?
JB, Merck The principles are applied worldwide: we try to get the cash out of each country as fast as possible. If it is not possible, we hedge the currency risk. For example, in countries where you can’t get the cash out, we do it via non-deliverable forwards. In local markets, we either have our in-house bank account or in restricted countries we maintain an account locally with one of our relationship banks and check, together with them, appropriate investments – normally for a shorter term until the next central bank relief for operative businesses can be paid out.
AH, RBS The underlying techniques are still the same in new developing markets. Of course, the speed of development depends on the regulator. For example, in Russia, we have seen positive changes, so roubles can be included in liquidity management solutions. For renminbi, this is still not the case but everybody is gearing up for that and offshore renminbi now exists in Hong Kong. We are working on clearing capabilities in Hong Kong and Singapore and waiting until we get a positive signal from the regulators and lawyers. In this instance again, it’s important to have a bank with local expertise.
CP, Inchcape It is counter intuitive to rip up what you have and start again because the overall objective is to offset debit and credit balances across all cash. There’s no sense in simply labelling one pot ‘emerging markets’ and another pot ‘developed markets’. You want to bring together emerging and developed markets pots. Therefore, your starting point must be to take what you have and extend it. That’s the least-cost, lowest-management-effort route.
FS, BNPP I would not assume that the ideal is to extend a pre-existing model: you need to work from the ground up because the solution needs to take into account the specificities of each market.
HP-W, Citi The goal is the same but how you deliver it may differ because of restrictions or opportunities in some of those markets.
CP, Inchcape The principal driver of change is the economics or the control environment, rather than a specific emerging markets strategy. If you want more control over your cash, that may drive you to do something different. Likewise, if the economics suggest an alternative way might be beneficial then you may do something different. But the driver is not whether it is a developed market or an emerging market.
Regulatory change
Jack Large What regulatory changes are on the way and what are the implications for liquidity management?
SC, Barclays The key change is Basle III. It is not going to hit us until 2015/18. The proposal centres on a liquidity coverage ratio that is a one-month severe stress test for a bank. The assumption is that all banks are identical, all customer cases and behaviours are identical and all business lines are identical.
In the eurozone, the European Commission is going to implement as soon as Basle has calibrated and then it will get copied into national legislation. That copying may not be symmetrical and I am quite sure there will be local interpretation along the way, but it will impact all eurozone banks.
Jack Large So what is Jörg, for example, going to need to deal with?
SC, Barclays Explaining to his bank why, if you want value for short-dated cash, your money is worth having. The other impact of Basle III is the net stable funding ratio. This says that assets over one year need to be funded with stable liabilities, either contractually or behaviourally as if they are over one year. This is like exporting liquidity risk to customers.
CP, Inchcape I’m relaxed about these changes because ultimately whatever comes out of the dialogue between regulators and banks has to be workable in practice. Secondly, competition between banks for business will continue.
FS, BNPP To end this roundtable on a positive note, I would add that banks will comparatively better reward deposits with maturities beyond 30 days. For cash-rich companies, this will be an asset in the discussions with their banks.
See more:
Sepa will improve efficiency
