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EN
The SKOK Credit Unions, despite the fact that they are executing bank activities, don't have the legal status of banks. They aren't also credit institutions in the understanding of the Polish Banking Law Act, though in terms of the EU banking directives they are included in this group. Undoubtedly they are financial institutions, in the broad sense, both on the ground of European and Polish law, because they are providing banking (financial) services on the financial market. The SKOK Credit Unions have the other legal status from the institutions operating on the financial market. The National Credit Union is the only institution entitled to supervise the credit union sector and the TUW-SKOK Mutual Benefit Insurance Company operating the deposit insurance system. The safety net of SKOK credit institutions is based on these institutions in maintaining stable functioning of this special part of the domestic financial market.
Zarządzanie i Finanse
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2012
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vol. 1
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issue 2
561-571
EN
The activity of the financial market supervisory authority must focus on overseeing all types of risks taken by financial institutions, among them the operational risk and the legal risk. Therefore, it seems indispensable for the supervisory authority to be authorised to control and vet central decision-makers in financial institutions. The aim of the present article is to present the currently applied legal solutions in the scope of competencies of the Polish Financial Supervision Authority concerning its influence on the composition of management boards of financial institutions. It also attempts to assess them and presents the author’s suggestions of legal solutions that could be applied in this area. It seems justified to develop regulations that would to the largest possible extent satisfy the interests of the market and at the same time guarantee security of financial institutions’ clients. In this article the author tries to prove that the objection tool in the hands of the Polish Financial Supervision Authority would work better than the instrument of approval.
EN
The financial services which were the essential part of the economy in developed countries happened last years one from the most innovative areas of the economic activity. Taking under the attention of the perspective of the development of the financial services sector in the article the basic categories of determinants favourable were introduced the developmental innovation among financial institutions. The special attention was turned on the relationship of the innovation with the implementation of the conception of the corporate social responsibility, as the particularly important element from the point of the sight of financial institution’s stakeholders.
EN
The goal of the paper is to assess the impact of the recent EU expansion on the structure of financial system in Poland and on competitive position of our financial institutions. Following the large body of scientific research, the level of financial development is asserted to have a strong influence on the development of the domestic economy and society at large. The methodology used combines elements of functional and competitive analyses. It is concluded that Poland's accession to the EU has played a key role in forming very good prospects for our financial system. This role is manifested in three ways - through the impact on the size of our financial system, its structure and international competitiveness. Over the long term, Poland is expected to develop the most competitive and most market-based system in Central Europe, a system that will be the hub for financial transactions and center of financial competence.
EN
This article focuses on the ongoing financial crisis, the worst since the Great Depression, which has led to a global economic recession, mainly resulting from the loss of confidence in financial markets and constraints on the flow of credit. As a result of the financial turmoil, the global economy faces high unemployment, depletion of private savings, bankruptcy of thousands of companies, and shortage of state funding for the provision of social service. Moreover, the experiences of the past two years have demonstrated that in many cases the activities of supervisory bodies are ineffective, incoherent and non-transparent. Both policymakers and economists are looking for answers to the twin questions: who is responsible for the crisis and what should be done to address the problem? It is hardly comforting that many experts had warned about the looming turmoil. Unfortunately, because their predictions were not fulfilled immediately nobody took them seriously.
EN
Financial institutions have a special role in the economy. Monetary financial institutions take part on realizing monetary policy and provide economic subjects with necessary finances. Majority of credits are granted to households from banking institutions. Therefore the objective of this paper is to identify determinants of household credits in Slovakia. The credits to households are positively influenced by disposable income and negatively by unemployment rate, real interest rate and earnings from property.
EN
Bank-receivership represents a strict limitation for shareholders rights and competencies of all bodies of the related bank. It is a reorganisation and restructuring measure which may also impact upon the existing rights of the third persons, including the possibility of suspension of disposal by depositors of their deposits and the suspension of payments and clearing in a bank subject to forced administration. Upon introduction of forced administration, the execution of functions shall be suspended for all bodies of the bank and officers of the bank and the duties of the board of directors and the supervisory board are transferred to the forced administrator of a bank. At the same time, the rights of shareholders are suspended to the specified extent, except for the right to participate and vote at a general meeting convened by the forced administrator of a bank. During this time, the term of office of members of the statutory body and the supervisory board does not elapse. The author deals with the several significant application problems arising specially in the legal regulation of bank-receivership performance, also known as forced administration over a bank, according to Slovak Act on Banks. At first, he provides short introduction into legal regulation of forced administration and in accordance with its purposes and intentions gives proposals for appropriate amendments in systematic order of Slovak Act on Banks. Consequently deals with partial application problems as following: introducing forced administration over a branch office of a foreign bank from non EEAState, the Fit and Proper assessment of forced administrator of a bank, deputy administrator of a bank and their hired professional advisor for receivership purposes, professional competence and integrity of persons appointed as forced administrator and deputy administrator of a bank by the National Bank of Slovakia (NBS) as the financial market supervisory authority, conducting of rights and duties of forced administrator of a bank pursuant to provisions of Act on Banks, etc.
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