We welcome the opportunity to comment on the report of October 2013 entitled “A Vision for Real Estate Finance in the UK – Draft Recommendations by a Cross-Industry Real Estate Finance Group” (the “Vision Report”). The Vision Report is a valuable contribution which we strongly endorse. We have also been pleased with the high level of interest it has provoked across our membership and the industry. This paper has been prepared by a working group formed by the Commercial Real Estate Finance Council (“CREFC Europe”) to respond to the Vision Report. The working group has in turn benefited from input from others in the CREFC Europe membership and beyond.