Prospects of Development of Securitisation in Poland - the Legal Perspective

• Autorzy: Robert Jagiełło
• Języki publikacji: EN

Abstrakty

EN

One of almost every company's basic problems are the insufficient capital resources for financing its statutory operation and development. Shortage of capital is a factor limiting possibilities of a company's market expansion, and reducing its competitive strength. Securitisation was invented as an answer to the barriers for access to external sources of financing occurring in the early 1970's at the American financial market, and it became an alternative and competition to credit as a form of financing corporate development. Over the last 30 years securitisation has became one of the basic methods of raising capital in the United States, and an increasingly popular form of financing companies in the countries of Europe. It is used in Latin America, Japan, Canada and Australia as well. At the moment securitisation is not limited to raising extra funding, but it constitutes a tool for managing assets of companies and banks, which increases its clarity and market discipline. Therefore, it contributes to a more effective allocation of capital, diversification of sources of financing and better matching of terms of asset maturity and due liabilities. In the countries of the European Union the market of securitisation transactions has been developing very rapidly. The factors responsible for this are not only the increased pace of development of the securities market, but also the willingness of participants of the market to make market operations clearer, and raise security standards of financial investment. In Poland the works on legal regulation of the principles of conducting the process of securitisation have been continuing for several years. Finally, on 1/4/2004 the parliament passed the novella to the Banking Law, and on 27/5/2004 - the new Act on Investment Funds, which have eradicated the barriers obstructing application of this technique in the process of capital raising. The work on the new Act on Securitisation amending other acts in order to make the method more easily applicable in practice. Consequently, the introduction of a new technique of financing companies and banks into the Polish legal system ought to contribute to their increased competitiveness, and have a positive effect upon the development of the financial market in our country.(author's abstract)

Słowa kluczowe

EN

Asset securitisation

PL

Sekurytyzacja aktywów

• Czasopismo: Studia i Prace Kolegium Zarządzania i Finansów / Szkoła Główna Handlowa
• Rocznik: 2005
• Numer: z. 53
• Strony: 55--69

Twórcy

autor

Robert Jagiełło

• Szkoła Główna Handlowa w Warszawie

Bibliografia

• Article 4 of the Act on Lien and Lien Register of 6/12/1996.
• Article 7 of the Act on the Tax on Legal Transactions of 9/9/2000.
• Draft of the Act on Securitisation of 23/7/2003, www.sejm.gov.pl, information acquired on 02/07/2004.
• European Securitisation Forum, Dealogic Bondware, Thomson Financial Securities Data, J.P. Morgan Inc., EuroWeek.
• Global ABS/CDO Weekly Market Snapshot; Global Structured Finance Research; J.P. Morgan Securities Inc.; for the years 1996-2003.
• Glogowski, E., Munch, M., Nowe usługi finansowe, PWN, Warszawa 1996.
• Handbook of Asset - Backed Securities, Lederman, Dow Jones & Irwin, Homewood, 1988, p. 4.
• Justification of the draft of Securitisation Act in: www.sejm.gov.pl, information acquired on 02/07/2004.
• Zombirt, J., Czy stosować sekurytyzację, "Rynek terminowy", No. 4/2001, p. 22.