Characteristics and prospects of development of securitisation investment funds market in Poland

Abstract

Motivation: Securitisation investment funds are considered as the most suitable vehicle for the process of securitisation. The paper refers to the issue of establishing, functioning and development of securitisation investment funds in Poland, which are special type of closed-end investment funds managed by investment fund companies (IFC). Aim: The aim of the paper is an appraisal of the securitisation investment funds market in Poland with a special attention paid to its evolution and prospects of development. In the paper a securitisation investment fund was presented as a one of the type of investment funds in Poland based on the Polish legislation. We enclose the results of the survey conducted in Poland amongst the mentioned funds and present the appraisal of major stimulants and barriers of development of securitisation and securitisation investment funds market. Results: Upon the research we find that despite low level of using of securitisation in the past its perspectives of development are appraised positively by IFCs. Majority of questioned IFCs indicate existence of particular barriers for development of securitisation in Poland. According to IFCs with and without securitisation investment funds, the most problematic areas are: lack of proper regulations and high complexity of the securitisation itself. From the point of view of investment funds industry securitisation is evaluated as of average interest despite funds are leading in development of the considered financial technique in Poland.