EN
The business activity called “investment banking” is in communis opinio classified as private law area, owing to the fact that this scope of activity is mainly conducted by private entities. However, current anti-crisis efforts taken by the States and various public financial institutions, allows us to ask the fundamental question related to existence or not existence of business activity called “State (public) investment banking”, which is based on public law rules. Unlike the widespread private investment banking business area, the main activity which could be taken by state (public) investment banking entities is the organization of the process of financing the public expenses by using the capital market instruments. In addition, the State is also obliged to regulate the financial liquidity mechanism, especially in the banking sector, on the basis of credit instruments and capital market instruments. In both cases, the final effect of such activities is not strictly connected with obtaining the profits (gains), but is rather connected with improving the mechanism of public finance area, public budget and financial system stability. Under the Polish law, mentioned public functions and duties are executed by the National Bank of Poland, the Ministry of Finance and state-owned banks. The idea of “State (public) investment banking” can be also treated as an example of using the private law mechanism and institution in the public law area, what is typical for present financial markets.