LEGAL AND INSTITUTIONAL CONDITIONING OF THE DEVELOPMENT OF SECURITISATION LIABILITIES IN POLAND

Abstract

Securitization has been a fast developing financing technique in 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, Polish Parliament voted in the year 2004 several acts supporting selling and transferring of receivables. The most important were: the amendment of the Polish banking law and the new investment funds act. These two acts implemented new solutions enhancing securitization of banking assets and enabled establishing of securitization funds. Because the new regulations seem to have critical influence on securitization development process, this paper presents theoretical and practical aspects of implementing of the amended law. The paper describes also participation of investment funds and capital companies in the process of banking assets securitization.