PRAWNE ORAZ INSTYTUCJONALNE UWARUNKOWANIA ROZWOJU SEKURYTYZACJI WIERZYTELNOŚCI W POLSCE
LEGAL AND INSTITUTIONAL CONDITIONING OF THE DEVELOPMENT OF SECURITISATION LIABILITIES IN POLAND

Summary/Abstract: Securitization has been a quickly developing financing technique in the US and European capital markets for almost thirty years. In Poland, such kind of financial operation is still used very rarely. In practice, there have been conducted just few securitization transactions, mostly related to receivables from medical goods and services supplies. When analyzing the main barriers of securitization in Poland, one has to take into consideration the lack of concise legal regulations, the complicated nature of securitization itself and relatively high costs of agency. To omit the most severe obstacles in developing securitization in Poland, the Polish Parliament voted in the year 2004 several acts supporting the selling and transferring of receivables. The most important were: the amendment to the Polish banking law and the new investment funds act. These two acts implemented new solutions enhancing securitization of banking assets and enabled the establishing of securitization funds. Because the new regulations seem to have critical influence on the securitization development process, this paper presents theoretical and practical aspects of implementing the amended law. The paper also describes participation of investment funds and capital companies in the process of banking assets securitization.

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