ELIXIR2000 as an effective system to help reduce debt increase

The Chairman noted that the original aim of ELIXIR2000 was to report debt to the Financial Services Authority (FSA). Whilst still relevant and clearly important, this has been superseded by the need to avoid debt in the first place.
By improving the tools available to member companies, especially the new Risk Rating facility, ELIXIR2000 can be used to help reduce the increase in debt.
Although 2010 has generally seen better market conditions than last year, reportable debt is running at an all time high.  The latest level of debt on the database is £19.5M compared to £15.6M at this time last year. 
The Steering Committee continues to have ongoing dialogue with the FSA, and this year ELIXIR2000 was included in the ABI’s Financial Crime summer newsletter.
During the annual meeting, CRIF was praised by the Steering Committee for its strong commitment and effort in the continuous development of the system over the past year.