The Directive (EU) 2021/2167, which governs the access of credit servicers and purchasers of non-performing loans (NPLs) to the European market, has been transposed—through different approaches and timelines—by most Member States.
The objective of this regulation, consistent with the European Commission’s ambition to build a single market for NPLs, is to facilitate the management of non-performing exposures by increasing their liquidity and improving the efficiency of disposal processes by credit institutions.
However, the new regulatory framework, which introduces specific requirements for servicing activities and the purchase of distressed debt, has sparked a broad debate among market players and industry analysts.
A key question remains unanswered: are the new rules truly contributing to the creation of a more transparent, competitive, and harmonized market, or are they instead becoming an obstacle to the circulation and valorization of NPLs?
The transposition of the Directive reflects the strong heterogeneity of local markets. Each country faces a different level of regulatory and operational maturity, and as a result, the impact of the new provisions is highly uneven.
To explore these aspects and to analyze—through a comparative lens—the challenges and opportunities that the Secondary Market Directive is generating across the main European markets, Credit Village has decided to organize a webinar dedicated to this topic, scheduled for Tuesday, January 21, 2025, from 12:00 to 13:15 (CET).
The event will bring together national and international experts, industry associations, and international players to assess the Directive’s actual ability to harmonize national markets and foster the creation of a more integrated and efficient European NPE ecosystem.
President ANGECO
Spain
Carlos Ruiz Cabrera is a lawyer with a Law degree from the University of Granada (Spain). He holds a Master’s in Corporate Legal Advisory from Instituto de Empresa (IE) and has completed the General Management Program (PDG) at IESE Business School.
With more than 15 years of experience in the financial and legal sectors, he has developed his career at Intrum Spain, the European leader in credit management and debt purchase services, where he currently serves as Corporate Compliance Director and is a member of the Executive Committee. Among his achievements are the creation of the Corporate Legal and Compliance Department and direct involvement in major corporate integration and acquisition operations within the Spanish financial sector.
Since 2021, he has served as President of Angeco (National Association of Credit Management Companies), an organization with over 30 years of history and a member of CEOE (Spanish Confederation of Business Organizations, the country’s leading employers’ association). Angeco brings together more than 90 companies and over 20,000 professionals in the debt recovery sector in Spain. Under his leadership, Angeco has driven sector professionalization, membership growth, and institutional dialogue with national and European bodies on regulatory matters.
In the academic field, he is Director of the Executive Program on Debt Recovery Business Management at Nebrija University, as well as a lecturer in postgraduate programs at Complutense University of Madrid and other business schools. He is a regular speaker at international conferences and forums on credit management, debt recovery, and regulatory compliance.
Secretary General UNIREC
Italy
Michela graduated in International Relations at LUISS University in Rome and obtained a postgraduate Master’s degree in Diplomatic Studies.
After working in the United States and Germany, she began her career in Italy in the field of Public Affairs at Cattaneo Zanetto & Co. From 2013 to 2016 she worked in the Corporate Relations office of the Volkswagen Group in Rome.
Michela has been collaborating with UNIREC since December 2016 as Head of Public Affairs. In October 2017 she was appointed Secretary General of UNIREC.
Since 2019 Michela has been Vice President of FENCA, the Federation of European National Collection Associations.
Board-Member BDIU
Germany
Marcel Hofmann's background is in the financial industry. He transitioned to the debt collection industry following an interim period in auditing. He has been the chief of opportunity and risk management and service at REAL Solutions for nearly a decade, primarily addressing legal and business management issues, as well as quality management, with his 16-member team.
Marcel has been serving as a volunteer board member of the Federal Association of German Collection Agencies e.V. (BDIU) since 2024. He also leads the working group "Law on the Secondary Market for Loans," a joint task force with the BKS e.V. (Federal Association for Loan Purchase and Servicing). The task force supports the respective member companies in all matters related to the Secondary Market for Loans Act and maintains contact with politicians and regulatory authorities.
President AMCC
Romania
Mr. Georg Kovacs holds a B.A. in Business Administration, Management, and Operations from Baruch College in New York.
He has held several executive positions in renowned companies and has served as Managing Director of EOS KSI Romania, where he is a Board Member since 2023.
With more than 22 years of experience in the debt collection industry, Mr. Kovacs has been the President of AMCC – the Romanian debt collection association since 2012 and a Board Member of FENCA (Federation of European National Collection Associations) since 2019.
