Wpływ reform regulacyjnych na finansowanie inwestycji infrastrukturalnych. Opinia polskich ekspertów w konsultacjach Rady Stabilności Finansowej

• Authors: Andrzej Dżuryk

Title variants

EN

The impact of financial reforms on infrastructure finance. Position of Polish experts in Financial Stability Board’s consultations

Abstracts

EN

Financial Stability Board carried out consultations to assess impact of financial reforms, mainly Basel III and new OTC derivatives regulations, on infrastructure finance, to identify if there are any major unintentional negative effects of the new legislation. Polish consultations initiated and managed by European Financial Congress involved 20 experts, and final position was reached through modified Delphi method. The conclusions from the research indicate that the impact of OTC derivatives market reforms on infrastructure finance is limited, while Basel III led to increased cost and shortened tenor of financing. Thus an unintended consequence of the reforms is the dominance of external financing in form of on balance sheet corporate finance over typical for such projects leveraged project finance.

PL

Rada Stabilności Finansowej przeprowadziła konsultacje, których celem była ocena wpływu reform regulacyjnych, głównie Bazylei III i reformy pozagiełdowych instrumentów pochodnych, na finansowanie inwestycji infrastrukturalnych oraz identyfikacja istotnych negatywnych skutków tych regulacji. W konsultacjach w Polsce, zainicjowanych i zorganizowanych przez Europejski Kongres Finansowy, wzięło udział 20 ekspertów a końcowe stanowisko opracowano przy wykorzystaniu zmodyfikowanej metody delfickiej. Wnioski z badania wskazują, że wpływ reformy pozagiełdowych instrumentów pochodnych na finansowanie infrastruktury jest ograniczony, natomiast Bazylea III spowodowała przede wszystkim zwiększenie kosztu a także skrócenie przeciętnego okresu finansowania. Stąd niezamierzoną konsekwencją reform jest większy udział zewnętrznego finansowania korporacyjnego, opartego o bilans spółki, wobec typowego dla tego rodzaju przedsięwzięć lewarowanego, zewnętrznego finansowania projektowego.

Keywords

PL

finansowanie inwestycji infrastrukturalnych; reformy regulacji finansowych; Bazylea III; reformy rynku derywatów OTC

EN

infrastructure finance; financial regulatory reforms; Basel III; OTC derivatives market reforms

• Publisher: Bankowy Fundusz Gwarancyjny
• Journal: Bezpieczny Bank
• Year: 2019
• Volume: 75
• Issue: 2
• Pages: 32-50

Dates

published

2019

Contributors

author

Andrzej Dżuryk

• Uniwersytet Gdański

• https://orcid.org/0000000240557773

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Identifiers

DOI

10.26354/bb.2.2.75.2019

Biblioteka Nauki

2035116