2013 | 4 | 4 | 185-197
Article title

Possibility of Utilizing Resources of Open Pension Funds in Cooperation with The Bank Gospodarstwa

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The current macroeconomic situation in Europe gives rise to the phenomenon called the equity gap. With regard to the above, government programmes aimed at supporting economic growth by stimulating investments were created in countries such as France and Great Britain. On 12th October 2012 the Prime Minister presented the Sejm with a plan of actions aiming at stimulating economic growth in Poland. One of the elements of this plan is the „Polish Investments” Programme. The aim of this Programme is the assurance of financing in the amount of PLN 40 billion provided for the realization of infrastructural investments until 2015, and in total in the amount of PLN 90 billion in the period of the next six years. The Programme is directed at ventures with growth potential and based on long-term financing of investments significant for the national economy and strategic interests of the State. The realization of the Programme is based on two pillars which are to provide financing for investment ventures — the Bank Gospodarstwa Krajowego and the Company Polskie Inwestycje Rozwojowe SA. Each of these institutions may be recapitalized with shares of State Treasury companies of the value of up to PLN 10 billion. The Author notices two potential barriers in the legislation currently in force, which prevent the possibility of wider financing of long-term investments, including those performed in scope of the „Polish Investments” Programme. These barriers are: 1. Issues of underwriting services offered by open pension funds. 2. Equalization of limits for debt securities of the Bank Gospodarstwa Krajowego with the limit of the State Treasury. In the Author’s opinion the removal of the above mentioned barriers could influence the tightening of cooperation between open pension funds and the Bank Gospodarstwa Krajowego. The changes proposed by the Author seem to be appropriate actions with regard to directing streams of resources from open pension funds and the provision of future beneficiaries of such funds with investment security.
Physical description
  • Krajowego in Scope of The Realization of The „Polish Investments” Programme PhD, Faculty of Management, University of Warsaw, ul. Szturmowa 1/3, 02-678 Warszawa
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