FCE Bank Plc
FCE Bank plcANNUAL REPORTFor the year ended 31 December 2016
2FCE Bank plc – ANNUAL REPORT 2016
Contents2016 Strategic ReportStrategic Report for the year ended 31 December 2016Financial StatementsIndependent Auditors' Report to the Members of FCEBank plc. 58Company Information . 4Chair’s Statement . 5Consolidated Statement of Profit or Loss and otherComprehensive Income . 59Highlights . 6Statements of Financial Position . 60Chief Executive Officer’s Statement . 7Statements of Cash Flows . 61Description of the Business . 9Statements of Changes in Equity. 62Business Performance Summary. 13Index to the Notes to the Financial Statements . 63Regulatory Environment . 23Notes to the Consolidated Financial Statements . 64Risk and Capital . 27Pillar 3 DisclosuresGovernance . 33Pillar 3 Disclosures . 135Risk Committee Report . 39Audit Committee Report. 43Other InformationRemuneration Committee Report. 47European Operating Locations . 162People . 49Independent Auditors’ Report to the Members of FCEBank plc – Country by Country . 164The Directors' ReportThe Directors’ Report . 51Glossary of Defined Terms . 165Website Addresses . 167Approval of the 2016 Strategic ReportThe Strategic Report for the year ended 31 December 2016 as set out on pages 4 to 50 was approved by the Board on 23March 2017.ON BEHALF OF THE BOARDNick RothwellChief Executive Officer23 March 2017FCE Bank plc – ANNUAL REPORT 20163
2016 Strategic ReportCompany InformationRegistered NameFCE Bank plcDirectors:Tom Schneider – ChairNick Rothwell – Chief Executive OfficerJohn Coffey – Executive Director, Chief Risk OfficerPaul Kiernan – Executive Director, FinanceCharles Bilyeu – Executive Director, Marketing and SalesJohn Callender – Senior Independent DirectorCharlotte Morgan – Non-Executive DirectorJohn Reed – Non-Executive DirectorDale Jones – Non-Executive DirectorSuzanna Taverne – Non-Executive DirectorCompany Secretary:Michael LavenderRegistered Office:Central OfficeEagle WayBrentwoodEssex CM13 3ARUnited KingdomRegistered oopers LLP7 More London RiversideLondonSE1 2RTUnited KingdomWebsitewww.fcebank.com4FCE Bank plc – ANNUAL REPORT 2016
2016 Strategic ReportChair's StatementI am pleased to report that FCEcontinues to have anunwavering focus on itsstrategic mission to support thesales of Ford Motor Company’svehicles through dealershipsacross Europe. The successfulexecution of that strategygenerated a profit of 178million. This and other metricsare discussed in the ChiefExecutive Officer’s statement.These strong results are theoutput of a carefully developed business plan that wasapproved by the Board, plus the strategic initiatives that flowfrom that plan and the improved business performance ofFord of Europe. I welcome this chance to thank FCE’sexecutive team and its employees for their hard work insupport of Ford’s sales.As this is my first statement as Chair, I welcome thisopportunity to thank, on behalf of the entire board, JoyFalotico for her leadership as Chair, a role she relinquishedfollowing her appointment as Ford Motor Credit Company’sChairman and CEO. It is an honour for me to succeed Joyand I look forward to using the experience I have gained, inboth executive and non-executive roles, since I joined FCE’sboard in 2011 as I chair our future meetings.OversightIn addition to setting FCE’s strategic direction, the Board hasmaintained its oversight of a number of important functionsand initiatives. This includes planning FCE’s near and longterm capital and liquidity, as well as continuing to refine anddevelop the bank’s appetite for risk.One new risk that FCE is facing, like all companies with panEuropean business interests, is the uncertainty generated bythe United Kingdom’s decision to leave theEuropean Union – Brexit.Both Ford and FCE face risks from Brexit, the most importantof which for FCE is the future of the EU bank passportingsystem. This enables FCE to use its UK bank licence toprovide its services in many EU states without needingfurther authorisation. As we do not know what the future ofpassporting will be, we are developing robust contingencyplans so that FCE can continue to support Ford’s sales inany eventuality.EffectivenessIn addition to thanking FCE’s executive team and employees,I commend our four independent Non-Executive Directors(NEDs) for their valued expertise and insights. Theirindividual and collective contributions support our continuousjourney to enhance the effectiveness of the company and ourBoard.Our Senior Independent Director is John Callender. Hechairs the Risk Committee that continues, among its otherresponsibilities, to lead the evolution of the bank’s CapitalFCE Bank plc – ANNUAL REPORT 2016Plan. As FCE is acutely aware of the opportunities and risksthat fast changing technology brings, this committee isdeveloping FCE’s cyber-resilience strategy.The Remuneration Committee of FCE exercises appropriateoversight of the Company’s remuneration and talentmanagement policies. It is chaired by Suzanna Taverne, whohas been a NED of the company for nine years. At this pointit is usual for a NED to step down from the Board. However,given the uncertainty created by Brexit and the importance ofcontinuity during this critical time of contingency planning, wehave mutually agreed that Suzanna will stay on the Board foran additional year.John Reed, NED, chairs FCE’s Audit Committee thatmonitors the effectiveness of internal and external audits aswell as FCE’s application of financial reporting, riskmanagement and internal control principles. In 2016 thecommittee has enhanced FCE’s efficiency and effectivenessby combining its annual financial statements and Pillar 3documents. Further, it decided, following the introduction ofnew rules, to replace the bank’s interim financial statementswith management statements that provide key investor data.We continue to be grateful to Charlotte Morgan, NED, whohas now been a member of the Board for more than twoyears. Charlotte’s extensive financial services experience ismuch appreciated by the team and she, like each of ourNEDs, brings the fresh perspectives that help drive thecontinuous improvement of the Board.In 2015 the directors engaged Egon Zehnder Limited to carryout a Board effectiveness. During 2016, they reviewed ourprogress towards their recommendations, as well as theenhancement plans that we developed and implemented.The Board was very pleased to note many positiveoutcomes.ComplianceIn my new role as Chair, I will ensure that FCE continues tobe, in all its work, committed to ensuring that it is in fullcompliance with its regulators’ requirements. Our culture ofcompliance includes embedding the Senior ManagersRegime that reinforces FCE’s business culture based onskilled, competent managers who are fully accountable fortheir actions.OutlookAs we look forward to 2017, the other Directors and I haveevery confidence in FCE’s experienced and diverse team ofleaders and employees. They are well positioned to continueto support Ford’s sales across Europe, and Ford’stransformation from being an auto company to an auto and amobility company. On behalf of the Board, I thank the teamfor their diligence and hard work during 2016, and I wishthem every success in the year ahead.Tom SchneiderChair, FCE Bank plc23 March 20175
2016 Strategic ReportHighlights6FCE Bank plc – ANNUAL REPORT 2016
2016 Strategic ReportChief Executive Officer’s StatementIt gives me great pleasure toreport another strong set ofresults for FCE. Throughout2016 FCE successfullyexecuted our strategy ofcontrolled growth. This hasenabled it to support Fordwith funding products thatgenerate satisfied and loyalcustomers, whilst alsoensuring FCE effectivelymanages risk and complieswith regulatory requirements.I am particularly proud thatFCE and our partners finance almost four out of every tennew Ford vehicles sold across Europe. As a consequence,FCE’s total net loans and advances have grown by about 6billion since 2012. This has been achieved whilst maintaininga low credit loss ratio of 0.11%, demonstrating our focus oncontrol and risk management.These results were delivered by a highly professionalemployee team working across Europe. I’d like to take thisopportunity to thank them for their hard work and dedication.In addition, we continue to work with a range of carefullyselected partner organisations to deliver products includinginsurance and full service leasing. This approach ensures wehave a full range of automotive financial services and allowsus to deepen and strengthen relationships with ourcustomers across our European network.FundingFCE successfully implemented our funding plan for 2016consistent with our strategy of managing funding costs whileunencumbering our balance sheet and reducing risk throughincreased diversity. This included an inaugural issuance ofpublic retail securitisation debt in the UK. For details of publicfunding raised during 2016, please see page 18 of theStrategic Report.In 2017 FCE will launch retail deposits in the UK, increasingthe diversification of our funding and offering a new productto customers.Customer ServiceCustomer and dealer satisfaction, as measured by FCE’sproprietary surveys, continue to reflect a high level ofsatisfaction with the company’s services. Treating CustomersFairly remains central to FCE’s values.Highlights of FCE’s performance in 2016 include:ProfitabilityProfit before tax of 178 million is 39 million lower than2015. The lower profit is mainly due to a one-timeindemnification of FCE from a pension deficit in a Fordsponsored retirement plan, partially offset by growth inreceivables.FCE remains strongly capitalised and is well positioned tocomply with capital requirements.Operational EffectivenessThe Manchester Business Centre (MBC) now manages ourdealer credit and wholesale administration functions for Forddealers across nine European locations: the Czech Republic,Belgium, France, Hungary, Italy, the Netherlands, Spain,Portugal and the UK. In addition to serving the dealers, theMBC now services retail customers in the UK. The UKcustomer service centre in St Albans was transitioned to theMBC during the year.The benefits are becoming even more apparent as weprogress. Centralising will enable operations to effectivelyrespond to workload spikes. In addition, we anticipate beingable to provide extended hours of operation and deliver amore cost effective and efficient operating structure.SalesFCE continued to increase our share of Ford’s registrationsduring the year, and financed 39.5% in 2016 compared with39.2% in 2015. Our close integration with Ford in eachEuropean location makes Ford’s products more accessible toretail and fleet customers.FCE Bank plc – ANNUAL REPORT 2016FCE continues to invest in technology that improves theexperience of our customers and Ford’s dealers either withinthe showroom or online.OutlookLooking forward, FCE plans to continue to consistentlyexecute our strategy of controlled growth, and I believe ourrelationship with Ford and strong balance sheet mean we arewell placed to adapt to political uncertainty. The UKelectorate’s decision to leave the EU has added uncertaintyto FCE’s business environment, however, FCE is in theprocess of developing plans, and I am confident we are up tothe challenge.FCE will continue to work closely with Ford Motor Companyas it plans its vehicle launches for 2017, including an excitingnew Fiesta, and will provide Ford’s customers with relevantfinance and insurance offers. By helping Ford sell morevehicles, more often, to more satisfied customers, FCE willcontinue to increase its share of Ford’s sales, generating agrowing portfolio of performing loans and deliveringenhanced value to Ford, its dealers and its customers.Nick Rothwell,Chief Executive Officer, FCE Bank plc23 March 20177
2016 Strategic Report8FCE Bank plc – ANNUAL REPORT 2016
Description of the BusinessFCE Bank plc – ANNUAL REPORT 20169
2016 Strategic ReportDescription of the BusinessOrganisational StructureFCE Bank plc (FCE) is a United Kingdom (UK) registeredbank authorised by the Prudential Regulation Authority(PRA). FCE is a direct subsidiary of FCSH GmbH (FCSH),which in turn is a direct subsidiary of Ford Credit International(FCI). FCI is wholly owned by Ford Motor Credit CompanyLLC (Ford Credit) which, in turn, is wholly owned by FordMotor Company (Ford).Regulatory StatusFCE is regulated by the Financial Conduct Authority (FCA)and PRA and is authorised to conduct a range of regulatedactivities within the UK and through a branch network in 11other European countries, and is subject to consolidatedsupervision through varying EU directives.Customers and ProductsFCE’s business is best described in the context of its threemain customer groups – Ford’s automotive operations,customers and dealers.FCE supports Ford's automotive operations byproviding: high quality customer service that has been proven toincrease customer loyalty to the Ford brand a pan-European branded finance network dedicated tosupporting the sale of Ford products financial risk management support to ensure continuity andviability of the Ford dealer distribution network specialist support for key businesses, customer segmentsand new market expansionsFCE supports Ford customers to acquire Ford vehiclesby providing: lending to retail customers to purchase or lease vehicles access to insurance products to protect customers whendriving Ford vehicles financing products for fleet or business customersFCE supports Ford dealers to sell Ford vehicles byproviding: financing for new and used vehicle inventory an appreciation and understanding of the automotivedealer business and the financing required to optimise theirbusiness model through all economic cycles.FCE’s delivery of high quality service, treating customersfairly, combined with the right finance product for thecustomer, drives greater loyalty to the brand and the dealer.Ford Credit Integration Creates Strategic Advantage10FCE Bank plc – ANNUAL REPORT 2016
2016 Strategic ReportDescription of the BusinessOperational FootprintFCE operates directly in 15 European countries through abranch and subsidiary network providing branded financialservices for Ford and employing around 1,750 people. In2016 FCE merged with FCE Bank Polska S.A. and FCECredit Polska S.A. and now operates in Poland through anew branch.FCE provides loans to around 991,000 retail customersacross Europe and provides wholesale financing to around1,100 dealer groups. FCE’s largest markets are the UK andGermany, with the UK market representing 34% of the totalFCE portfolio and Germany representing 30%. Italy is thenext largest market at 11%, as shown in the chart below.The Company also has a Worldwide Trade Finance (WWTF)division, which provides finance to distributors and importersin about 70 countries where Ford has no National SalesCompany presence.In addition, FCE has a 50% less one share interest in ForsoNordic AB (Forso), which provides automotive financialservices in Denmark, Finland, Norway and Sweden.Markets Served By:FCE Company and BranchesFCE SubsidiariesForso Nordic AB Joint VentureFCE Bank plc – ANNUAL REPORT 201611
2016 Strategic Report12FCE Bank plc – ANNUAL REPORT 2016
Business Performance SummaryFCE Bank plc – ANNUAL REPORT 201613
2016 Strategic ReportBusiness Performance SummaryOverviewProfit Performance SummaryFCE’s primary focus is to profitably support the sale of Fordvehicles. FCE works with Ford to maximise customer anddealer satisfaction and loyalty, offering a wide variety offinancing products and outstanding service. As a result, FCE isuniquely positioned to drive incremental sales, improvecustomer satisfaction and owner loyalty to Ford, and directprofits and distributions back to Ford to support its overallbusiness, including vehicle development.FCE’s Profit Before Tax (PBT) of 178 million in 2016decreased by 39 million compared to the previous year. Thedecline reflects a 64 million payment to indemnify FCE from aFord-sponsored pension plan deficit and lower financingmargins, partially offset by growth in receivables.FCE continually improves processes with a focus on customerand dealer satisfaction, whilst managing costs and ensuring theefficient use of capital.Excluding fair value adjustments to financial instruments andgain or loss on foreign exchange, the profits from operatingactivities of 185 million in 2016 decreased by 42 millioncompared to the previous year.2016 mil185Profit performanceBusiness EnvironmentDuring 2016, FCE continued to experience an improvingbusiness environment and higher automotive industry volume inEurope. By continuing to work closely with Ford MotorCompany, FCE increased its retail and lease financing share inEurope whilst maintaining robust underwriting standards.SalesAutomotive sales (mils.)Ford shareFCE penetrationFCE contracts (000's) Profit before tax (PBT) 285(23)(292)13178217 Alternative Performance Measures (APMs)Total automotive sales in Europe increased to 17 millionvehicles. This improvement, combined with stable Ford shareand higher FCE financing penetration, resulted in FCE’s salesincreasing to around 599,000 contracts.Sales resultsProfit from operating activitiesFair value adjustmentsto financial instrumentsGain / (loss) on foreign exchange2015 mil2272016201517.07.9%39.5%59915.98.0%39.2%570To evaluate performance, FCE uses a number of financialmeasures that are not defined or specified in the financialreporting framework (IFRS). These are often referred to asAlternative Performance Measures (APMs). The APMsdisclosed in this report are the profit from operating activities(defined above) and the three Key Performance Indicators(KPIs) defined in the table below. Page 15 provides a varianceanalysis of FCE’s year-over-year changes in PBT in terms ofthese measures of performance. The variances are all impactedby movements in the exchange rates used to translate nonsterling transactions.Customer SatisfactionFCE commissions regular independent surveys to measuresatisfaction amongst retail customers and dealers. The surveysmeasure satisfaction across a range of questions includingoverall satisfaction with FCE. Results are expressed as meanscores using a 10 point scale.FCE’s overall dealer satisfaction index was stable at 9.0, andthere were significant improvements across a number of surveyattributes relative to 2015. A key strength for FCE is the strongrelationship that it has with dealers and the level of support itprovides to them.Customer satisfaction with FCE was also stable during 2016 at9.1. The majority of attributes are rated highly by our retailcustomers, including ‘fair treatment’ and likelihood to use FCEagain.Satisfaction IndicesCustomer Satisfaction Index (CSI)Dealer Satisfaction Index (DSI)14201620159.19.09.19.1Reconciliation of KPIs tofinancial statementsFinancial statements data:ATotal incomeDepreciation of operatingBlease vehiclesCNet credit lossesDOperating expensesAdditional data:Average net loans andEadvances to customersKey performance indicators:Margin ratio ([A B]/E)Credit loss ratio (C/E)Cost efficiency ratio (D/E)2016 mil2015 milNotes 697 59817(203)(164)145(16)(292)(11)(200) 14,2063.48%0.11%2.06% 11,3743.82%0.09%1.76%FCE Bank plc – ANNUAL REPORT 2016
2016 Strategic ReportBusiness Performance SummaryProfit Performance Summary continued‘Volume’ (Key Performance Indicator: FCE new contracts asa percentage of Ford sales). Changes in PBT attributed tovolume are primarily driven by the volume of new and usedvehicle financing contracts, the extent to which we purchaseretail contracts and the term of those contracts, the salesprice of the vehicles financed and the extent to which weprovide wholesale financing, including the level of dealerinventories.The increase in PBT in 2016 resulting from higher volume isexplained by the growth in sales of new Ford vehicles andhigher financing share, as well as an increase in wholesalefinance receivables reflecting higher dealer stocks.‘Margin’ (Key Performance Indicator: Margin Ratio) equalstotal income less depreciation for the period divided byaverage net loans and advances to customers for the sameperiod.Margin changes are primarily driven by the characteristics ofthe portfolio, including product mix, term and renewal rates,as well as pricing assumptions reflecting expected costs,including borrowing costs.FCE’s margin reduced from 3.8% in 2015 to 3.5% in 2016,reducing pre-tax profit by approximately 48 million.The volume and margin movement shown below representthe year-over-year total income less the year-over-yearmovement in depreciation of property and equipment. Seeconsolidated statement of profit or loss and othercomprehensive income for further details.FCE Bank plc – ANNUAL REPORT 2016‘Credit Losses’ (Key Performance Indicator: Credit LossRatio) is reflected as the ‘Impairment losses on loans andadvances’ in the statement of profit or loss. Changes in theallowance for credit losses are primarily driven by changes inhistorical trends in losses and recoveries, changes in thecomposition and size of FCE’s portfolio, changes in trends inused vehicle values and changes in economic conditions.FCE’s credit loss ratio reflects actual write offs lesssubsequent recoveries of bad debts divided by average netloans and advances. The ratio moved from 0.09% in 2015 to0.11% in 2016.‘Operating Expenses’ (Key Performance indicator: CostEfficiency Ratio) are reflected in ‘Operating expenses’ on thestatement of profit or loss. Changes in operating expensesare primarily driven by salaried personnel costs, facilitiescosts, and costs associated with the origination and servicingof customer contracts.The cost efficiency ratio for FCE has increased from 1.8% in2015 to 2.1% in 2016. This primarily reflects the one-timeindemnification of FCE from a Ford-sponsored pension plandeficit.‘Fair value and foreign exchange gain/loss’ relates to netmarket valuation adjustments to derivatives and net foreignexchange gain/loss from the revaluation of foreign currencyassets and liabilities at reporting date exchange rates.The improvement in PBT resulting from fair value and foreignexchange is due to favourable performance in marketvaluation adjustments in 2016 relative to 2015. For additionalinformation, see Notes 7 and 8.15
2016 Strategic ReportBusiness Performance SummaryNet Loans and Advances to CustomersImpairmentFCE’s loans and advances by product type as at 31December 2016 and 31 December 2015 are set out in thechart ‘Net loans and advances’ on page 17.A provision for incurred losses is made against loans andadvances to cover impairment. For full details on FCE’saccounting policy, see ‘M: Provision for incurred losses’ onpage 68, within Accounting Policies.Net loans and advances increased to 14.8 billion in 2016from the 2015 year end position of 12.4 billion. The growthin the portfolio reflects the increase in contract sales andhigher dealer stocks across all markets combined with theimpact of the weakening of sterling on the value of Eurodenominated loans.Past due ExposuresA financial asset is defined as ‘past due' when a counterpartyfails to make a payment when it is contractually due. In theevent of a past due instalment, the classification of past dueapplies to the full value of the loan outstanding.The chart ‘Past due’ on page 17 provides a geographicalanalysis of retail contracts which are past due but notindividually impaired. The past due contracts are analysed bypayment due status and are shown as a fraction of net loansand advances in each location as at 31 December.Retail financing contracts are individually impaired as soonas it is apparent and reasonable to conclude that a creditloss will arise and at no later than 120 days past due.Following the impairment of a retail financing contract, thecarrying value of the loan is reduced to reflect the averagevehicle recovery value.Following the impairment of a wholesale contract, thecarrying value of the loan is reduced to reflect the estimatedcollectible amount including the effect of partial or fullguarantees or other forms of security (including physicalstock).The value of loans and advances considered to be impairedat the reporting date is 50 million (2015: 65 million). Pleasesee Note 35 ‘Credit risk’ and table 13 in ‘Pillar 3 Disclosures’on page 149 for further details.FCE has seen past due contracts, as a proportion of totalretail net loans and advances, marginally increase at 31December 2016 compared to 31 December 2015.Net Credit LossesOn page 17, the ‘Net Credit Losses’ chart expresses netcredit losses for both wholesale and retail financing as apercentage of average net loans and advances to customers.Although FCE has continued to deliver strong credit lossperformance, 2016 has seen an increase in net lossesprimarily due to higher retail losses in the UK and in Spain.This is partially offset by continued improved credit lossperformance in Italy reflecting a more favourable economicenvironment.FCE’s overall net credit loss ratio of 0.11% (2015: 0.09%)reflects a retail loss ratio of 0.20% (2015: 0.18%) and awholesale loss ratio of 0.00% (2015: net recovery 0.02%).16FCE Bank plc – ANNUAL REPORT 2016
2016 Strategic ReportBusiness Performance SummaryFCE Bank plc – ANNUAL REPORT 201617
2016 Strategic ReportBusiness Performance SummaryFunding SourcesUnsecured FundingFCE's funding strategy is to have sufficient liquidity toprofitably support Ford, its dealers and customers througheconomic cycles and to meet all regulatory requirements.FCE maintains a substantial cash balance, committedfunding capacity, and access to diverse funding sources.FCE’s financial position is inherently liquid due to the shortterm nature of FCE’s net loans and advances to customersand cash compared to its debt.FCE’s external unsecured debt consists primarily of notesissued under its European Medium Term Note (EMTN)programme. This debt is generally issued with originalmaturities of 3-7 years, exceeding the average expected lifeof its receivables. FCE has limited amounts of short-termunsecured funding consisting primarily of bank borrowings.In addition to its capital base, FCE’s funding sources consistprimarily of unsecured and securitisation debt, both of whichare held mainly by institutional investors. At 31 December2016, unsecured debt was 59% of net loans and advances,which is unchanged from 2015.FCE securitises retail, lease and wholesale receivablesthrough a variety of public and private structures. FCE hasbroad diversification in its securitisation programmes,providing term funding or committed liquidity for each of itsprimary asset classes. With many years of experience in thesecuritisation of its receivables, FCE has developed a strongexpertise and solid working relationships with partner banksand in public markets.Securitisation continues to represent an important portion ofFCE’s funding structure although it is declining as apercentage of the overall total. At 31 December 2016,securitisation debt was 29% of net loans and advances,down from 32% at year end 2015. For further details see the‘Funding Structure’ chart on page 19.During 2016, FCE raised 3.4 billion of new funding in thepublic market, including 2.0 billion of unsecured debt and 1.4 billion of securitisation debt (see table below).Year-to-date to 23 March 2017, FCE has completed 0.7billion of public unsecured debt issuance.20162015- Unsecured Debt- Securitisation bilNet cashinflow 2.01.4 bilNet cashinflow 2.70.4Total Net cash inflow from Publicterm funding raised forthe year ending 31 Dec3.4Securitisation FundingAll of FCE’s securitisation programmes inherently provide forterm-matched funding of the receivables, with securitisationdebt having a maturity profile similar to the relatedreceivables.The majority of its programmes also include a contractualcommitment to fund existing and future receivables subject toconditions described more fully in Note 16 'Securitisation andrelated financing'. In the event that a contractual commitmentis not renewed, all receivables securitised at the point of nonrenewal remain funded, and the related debt is repaid as thereceivables liquidate.3.1FCE has various alternative business arrangements forselect products and markets, such as partnerships with anumber of financial institutions for Full Service Leasing (FSL)and retail financing, which reduce funding requirements forFCE while allowing continued support to Ford.18FCE Bank plc – ANNUAL REPORT 2016
2016 Strategic ReportBusiness Performance SummaryCredit
One new risk that FCE is facing, like all companies with pan-European business interests, is the uncertainty generated by the United Kingdom’s decision to leave the European Union – Brexit. Both Ford and FCE face risks from Brexit, the most important of which for FCE
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