Discussion About Developing Securitisation in Poland With Participation of Securitisation Investment Funds

• Autorzy: Michał Buszko , Dorota Krupa
• Języki publikacji: EN

Abstrakty

EN

Motivation: The paper refers to the issue of development of securitisation in Poland. Securitisation is a multipurpose financial technique commonly used in many countries, especially in those with highly developed capital markets. Such technique supports assets and liabilities management, transfers risks as well as leads to creation innovative, assets-based securities. As Polish financial institutions, especially banks, are facing new challenges related to regulatory capital, long-term financing, non-performing debts and taxation, we examine if securitisation may be developed and successfully used on Polish financial market. In the paper, we discuss the development securitisation in Poland, focusing on legal, financial and structural aspects. Aim: the aim of the paper is to evaluate the conditions of using and developing securitisation in Poland with regard to performing as well as non-performing assets. We also evaluate the role and significance of securitisation investment funds, i.e. special type of investment funds operating in Poland, which are evaluated as the most suitable SPVs for securitisation. Results: upon the research, we conclude that in Poland the most dynamically developing segment of securitisation is that based on non-performing debts, and its significance will be growing altogether with the growth and consolidation of Polish debt collection market. We also conclude that the major barrier related to development of this area of finance is a lack of precise legal and tax regulations. (original abstract)

Słowa kluczowe

EN

Investment funds; Liability; Liability security; Asset securitisation

PL

Fundusze inwestycyjne; Wierzytelności; Zabezpieczenie wierzytelności; Sekurytyzacja aktywów

• Czasopismo: Ekonomia i Prawo
• Rocznik: 2016
• Tom: 15
• Numer: nr 3
• Strony: 279--294

Twórcy

autor

Michał Buszko

• Nicolaus Copernicus University in Toruń, Poland

autor

Dorota Krupa

• Nicolaus Copernicus University in Toruń, Poland

Bibliografia

• Buszko, M. (2009). Sekurytyzacja syntetyczna oraz syntetyczne produkty CDO. In P. Karpuś, & J. Węcławski (Eds.), Rynek finansowy w erze zawirowań. Lublin: Wydawnictwo UMCS.
• European Commission. (2015). Proposal for a regulation of the European Parliament and of the Council lying down common rules on securitisation and creating a European framework for simple, transparent and standardised securitisation and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No1060/2009 amd (EU) No 648/2012 (COM(2015) 472).
• Fabozzi, F.J., & Kothari, V. (2008). Introduction to Securitisation. Hoboken: John Wiley & Sons. doi:10.1002/9781118266892.
• Fabozzi, F.J., Davis, H.A., & Choudhry, M. (2006). Introduction to Structured Finance. Hoboken: John Wiley & Sons. doi:10.1002/9781119197249.
• Gorton, G., & Metrick, A. (2012). Securitization. NBER Working Paper Series, 18611. doi:10.3386/w18611.
• Kendall, L.T. (2000). Securitization: A new Era in American Finance. In L.T. Kendall, & M.J. Fishman (Eds.), A Premier on Securitization. Cambridge: MIT Press.
• KNB. (2007). Sekurytyzacja w krajach Unii Europejskiej oraz w polskim systemie bankowym. Wyniki ankiety badawczej. Retreived 15.09.2016 from https://www.knf.gov.pl.
• KPF. (2016). Wielkość polskiego rynku wierzytelności zarządzanego przez członków KPF. Retreived 20.10.2016 from https://kpf.pl.
• Kothari, V. (2006). Securitisation. The Financial Instrument of the Future. Singapore: John Wiley & Sons. doi:10.1002/9781118390429.
• Krupa, D. (2008). Zamknięte fundusze inwestycyjne. Warszawa: CeDeWu.
• Lockwood, B.M., Mond, D., & Fabozzi, F.J. (2001). The Anatomy of a Securitisation. In F.J. Fabozzi (Ed.), Accessing Capital Markets through Securitisation. New Hope: Frank J. Fabozzi Associates.
• UKNF. (2013). Raport z prac grupy ds. sekurytyzacji wierzytelności bankowych. Retreived 15.11.2016 from https://www.knf.gov.pl.
• Ustawa z dnia 15 stycznia 2015 r. o obligacjach [Act of January, 15 2015 on bonds] (Dz.U. 2015 poz. 238) (Poland).
• Ustawa z dnia 23 kwietnia 1964 r. - Kodeks cywilny [Civil Code of April 23, 1964] (Dz.U. 1964 nr 16 poz. 93) (Poland).
• Ustawa z dnia 27 maja 2004 r. o funduszach inwestycyjnych i zarządzaniu alternatywnymi funduszami inwestycyjnymi [Act of May 27, 2004 on investment funds and management of alternative investment funds] (Dz.U. 2004 nr 146 poz. 1546) (Poland).
• Ustawa z dnia 29 sierpnia 1997 r. - Prawo bankowe [Banking Law of August 29, 1997] (Dz.U. 1997 nr 140 poz. 939) (Poland).
• Waszkiewicz, A. (2004). 'Papierowe' bogactwo sekurytyzacji, Bank i Kredyt, 35(4).
• Waszkiewicz, A. (2011). Ryzyko sekurytyzacji a kryzys finansowy. Warszawa: Oficyna Wydawnicza SGH.

Identyfikatory

DOI

10.12775/EiP.2016.018