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PL
Niniejsze opracowanie ma następująca strukturę. W pierwszej części zaprezentowano ewolucję modelu biznesowego agencjo ratingowych wraz z przedstawieniem struktury rynku ratingu. W drugiej części dokonano krytycznej analizy ich działalności ze szczególnym uwzględnieniem potencjalnego konflikty interesów występującego w relacjach pomiędzy emitentami a agencjami ratingowymi. W ostatniej części wskazano propozycje zmian modelu biznesowego agencji ratingowych oraz dokonano przeglądu nowych regulacji agencji ratingowych w USA i w Europie.(fragment tekstu)
EN
The credit rating agencies(CRA) become important players in the financial markets. The aim of the paper is to present the evolution of the business model of these institutions which took place Turing the global financial crisis. Moreover, the authors' intention was to show the problems that were caused directly or indirectly by the CRA. Such improper behaviour of CRA lead to the loosing of trust in the credit rating process. The reactions of financial authorities in the USA and the European Union was the enforcement of regulation activities. The paper has the following structure: the first part deals with the change of the CRA business model from the "investor pays " to "issuer pays ". In the second part the criticisms of CRA was presented. The last part presents the regulation processes in the USA and EU.(original abstract)
EN
Available funds might be invested both in the capital market and in the bank. While the risk of investing in the capital market is well-known and widely discussed, investing funds in the bank rarely draws attention to the risk of capital loss due to the bank's insolvency or its bankruptcy. However, global financial crisis has shown that it is a mistake. Through the analysis of published financial statements, it is possible to get to know the bank's financial condition and avoid the risk of insolvency. Moreover, it is also possible to use the ratings published by the independent rating agencies that provide information about the banks' financial condition and by giving them to the public, make easier the optimal financial decisions, particularly in the investment area. The main aim of the study is to present the role of credit rating agencies in process of evaluating banks' financial conditions and their importance in investment decisions of potential customers.
EN
Creating a safe, more transparent and accountable European financial system require, among others, the new regulations of credit rating agencies. The changes that were necessary to make the activities of credit rating agencies more transparent and accountable are presented by showing the rating as a tool to measure and control risk, the controversy surrounding the ratings and criticism of the rating agencies, as well as changes in the regulation of credit rating agencies based on the Regulation of the European Parliament and of the Council of the European Union, No. 513/2011 of 11 May 2011.
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