The Role of the Financial Engineering Instruments in the Allocation of EU Funds – the Results of the Research Based on the Example of the Kuyavian-Pomeranian Voivodship

The aim of the paper is to present the role of the financial engineering instruments and their implementation in the 2014-2020 financial perspective based on the example of kuyavian-pomeranian voivodeship. The analysis has been based on the reference books on the subject as well as on the results of own research based on the survey questionnaire carried out among the enterprises in the kuyavian-pomeranian voivodeship titled: The perspectives of the utilization of the EU funds in the form of the returnable instruments by the enterprises in the kuyavian-pomeranian voivodeship for the 2014-2020 financial perspective. The advantages of the financial engineering instruments speak in favor of the amplification of their share in financing within the European Union Funds. However, it shall not mean giving up on subsidies which are indispensable for the financing of various projects. The decision whether to apply the returnable or subsidized financing of the specific undertakings shall be preceded by a detailed analysis, which enables to identify the financial gap in the given sector requiring support.Maciej Tokarski: [email protected]ł Kufel: [email protected] Tokarski - Doctor, Assistant professor at Institute of Finance, Faculty of Finance and Management, WSB University in Toruń, Poland.Paweł Kufel - Doctor, Assistant professor at Institute of Management, Faculty of Finance and Management, WSB University in Toruń, Poland.Maciej Tokarski - WSB University in ToruńPaweł Kufel - WSB University in ToruńBera, A., Tokarski, M.: Zaawansowane usługi wsparcia dla mikro, małych i średnich przedsiębiorstw w ramach regionalnych programów operacyjnych na przykładzie województw zachodniopomorskiego i kujawsko-pomorskiego – jak zwiększyć szansę na otrzymanie dotacji? (Advanced support services for micro, small and medium enterprises within the framework of regional operational programs on the example of the Zachodniopomorskie and Kujawsko-Pomorskie voivodships – how to increase the chance of receiving grants?), Zeszyty Naukowe Uniwersytetu Szczecińskiego (Scientific Papers of the University of Szczecin) no. 81 (2012).Bobrowska, M.: Fundusze Europejskie w formie pomocy zwrotnej (European funds in the form of repayable aid), Fundusze Europejskie w Polsce (European Funds in Poland) no. 31 (2013).Czykier-Wierzba, D.: Inicjatywa Jeremie w polityce spójności Unii Europejskiej na lata 2007-2013 i jej funkcjonowanie w Polsce (Jeremie’s initiative in cohesion policy of the European Union for 2007-2013 and its functioning in Poland), Journal of Management and Finance no. 2 (2013).Czykier-Wierzba, D.: Wpływ strategii “Europa 2020” na politykę spójności w Unii Europejskiej w wieloletnich ramach finansowych na lata 2014–2020 i wnioski dla Polski (Impact of the Europe 2020 strategy on cohesion policy in the European Union in the Multiannual Financial Framework 2014-2020 and conclusions for Poland), Journal of Management and Finance no. 14 (2016).Dobija, E.: Geneza i istota funkcjonowania zwrotnych instrumentów finansowania małych i średnich przedsiębiorstw w Polsce ze środków unijnych: przypadek Jeremie (The origin and essence of the functioning of repayable instruments of financing small and medium enterprises in Poland from EU funds: case of Jeremie), Studia i Prace Kolegium Zarządzania i Finansów SGH w Warszawie (Studies and Works of the Collegium of Management and Finance of the Warsaw School of Economics) no. 139 (2014).Gawrychowski, M.: Pożyczka zamiast dotacji czyli rozmnażanie euro (Loans instead of subsidies – the multiplication of the euro), 2017. www.m.obserwatorfinansowy.pl.Jaworski, J., Tokarski, M.: Inicjatywa JEREMIE jako forma wsparcia rozwoju mikro, małych i średnich przedsiębiorstw na przykładzie województwa pomorskiego i kujawskopomorskiego (The JEREMIE initiative as a form of support for the development of micro, small and medium enterprises on the example of the Pomeranian and Kujawsko-Pomorskie voivodships), Zeszyty Naukowe Uniwersytetu Szczecińskiego (Zeszyty Naukowe Uniwersytetu Szczecińskiego) no. 111 (2014).Nicolaides, P.: Financial Engineering Instruments and their Assessment Under EU State Aid Rules. College of Europe, Department of European Economic Studies, Bruges European Economic Policy Briefings no. 26 (2013).Pełka, W.: Rola instrumentów inżynierii finansowej w alokacji funduszy Unii Europejskiej (The role of financial engineering instruments in the allocation of European Union funds), Studia Biura Analiz Sejmowych (Studies of the Sejm Analysis) no. 31 (2012).Szczepański, M.: Pozadotacyjne instrumenty finansowe w polityce spójności UE po 2013 r. – wymiar wspólnotowy i krajowy (Adopted financial instruments in EU cohesion policy after 2013 – international and national dimension), Warszawa: Ministerstwo Rozwoju Regionalnego, 2011.Świstak, M.: Fundusze unijne na lata 2014-2020: programowanie na poziomie unijnym i krajowym (EU funds for 2014-2020: programming at EU and national level), Unia Europejska.pl no. 224 (2014).Tokarski, A., Tokarski, M.: Barriers and Benefits of Financing projects with European Funds by micro, small, and medium-sized enterprises (MSMEs) in Poland, Journal of Management and Financial Sciences no. 21 (2015).Tokarski, M., Konieczka, T.: Działalność inwestycyjna wsparta dotacjami unijnymi a pozycja finansowa przedsiębiorstwa (Investment activity supported by EU grants and financial position of the company), in: Sojaka, S. (eds.): Rachunkowość. Dylematy praktyki gospodarczej (Accounting. Dilemmas of economic practice), Toruń: Wydawnictwo Naukowe Uniwersytetu Mikołaja Kopernika, 2012.Tokarski, M., Tokarski, A.: Zwiększenie dostępności źródeł finansowania dla sektora mikro, małych i średnich przedsiębiorstw województwa kujawsko-pomorskiego w latach 2007-2013 poprzez fundusz powierniczy JEREMIE (Increasing the availability of financing sources for micro, small and medium enterprises of the Kujawsko-Pomorskie voivodship in the years 2007-2013 through the trust fund JEREMIE), Roczniki Naukowe Wyższej Szkoły Bankowej w Toruniu (Annals School of Banking in Toruń) no. 12 (2013).Uryga, J., Jagielski, W., Bienias, I.: Środki unijne – klasyfikacja, funkcjonowanie, ewidencja i rozliczanie (EU funds – classification, functioning, accounting and settlement), Gdańsk: Ośrodek Doradztwa i Doskonalenia Kadr Sp. z o.o., 2007.EU: Council Regulation (EC) no. 1083/2006 laying down general provisions on the European Regional Development Fund, the European Social Fund and the Cohesion Fund, and repealing Regulation (EC) no. 1260/1999.EU: Regulation (EC) no. 1081/2006 of the European Parliament and of the Council on the European Social Fund and repealing Regulation (EC) no. 1784/1999.EU: Commission Regulation (EC) no. 1828/2006 laying down detailed rules for the implementation of Council Regulation (EC) no. 1083/2006 laying down general provisions on the European Regional Development Fund, the European Social Fund and the Cohesion Fund as well as Regulation (EC) no. 1080/2006 of the European Parliament and of the Council on the European Regional Development Fund.EU: Regulation (EU) no. 1303/2013 of the European Parliament and of the Council of 17 December 2013 laying down common provisions on the European Regional Development Fund, the European Social Fund, the Cohesion Fund, the European Agricultural Fund for Rural Development and the European Maritime and Fisheries Fund, as well as laying down general provisions on the European Regional Development Fund, the European Social Fund, the Cohesion Fund and the European Maritime and Fisheries Fund, and repealing Council Regulation (EC) no. 1083/2006.PL: Regulation of the Minister of Regional Development of 26 October 2011 on the financial aid from the financial engineering instruments under the Regional Operational Programmes.20722

Arthroplasty of the knee six months after surgery, the return to fitness

Degenerative joint disease (osteoarthritis) is a chronic disorder of the musculoskeletal system, which significantly reduces the efficiency of movement and daily functioning difficult. The last twenty years is a huge progress in the diagnosis and treatment of degenerative changes in the knee joint. Currently knee replacement is a fundamental activity in patients with large destructive changes in the joint. Studies carried out in the clinic Trauma Surgery at the University Teaching Hospital in Wroclaw, ul. Borowski group of 105 patients. In this study, we observed that there was an improvement of quality of life after surgery, knee replacement, especially in people at a younger age. The pain persisted completely, but reduced in intensity. Women often suffer from arthritis and achieve better results on the knee. It was also shown that younger people better cope with the activities of daily living and have less pain from the knee joints. This suggests that a return to efficiency and improve the functioning of younger people should be achieved in a shorter time than adults, whose efficiency is further limited by the patient's age

Alcohol in minors - a harmless fad or a serious problem?

Introduction and purpose: Alcohol has been known for centuries. In recent years, awareness of the effects of its consumption has been growing and acceptance of the drink has been declining. Despite this, there is an increase in young alcohol consumption and a decrease in the age of alcohol initiation. In this work, the problem of alcohol consumption by minors will be reviewed based on the evaluation of hospitalizations in the Clinical Department of Toxicology and Cardiology of the Stefan Cardinal Wyszynski Regional Hospital in Lublin in 2022. The aim of the study is to draw attention to this important, although often downplayed, problem. Material and method: The study was retrospective in nature. It used an analysis of the records of 120 intoxications in people under the age of 18, from which a group of alcohol-poisoned people was distinguished, consisting of 37 cases. Results: Hospitalization of 7 patients aged 13 to 18 years was reported due to alcohol intoxication. Of these, 22 (59.5%) female and 15 (40.5%) male patients were singled out. Most were urban residents 29 (78.4%). Isolated alcohol intoxication was the cause of 18 hospitalizations(48.6%). The remaining cases were accompanied by drug intoxication 11 hospitalizations (29.7%) and drug intoxication 8 hospitalizations (21.6%). All analyzed intoxications were intentional, of which 9 (24.3%) were suicide attempts. In 14 cases (37.9%), patients were burdened with mental illness, the most common of which was depressive disorders. There were no deaths in the study group. Conclusions: Alcohol should be forbidden and unacceptable in the family and young people's environment. Parents and young people should be made aware of the harmful effects, psychological, social and health consequences of its consumption

Premenstrual syndrome - theories and facts - something everyone should know

Premenstrual syndrome (PMS- Premenstrual Syndrome) is a group of cyclic somatic or psychological symptoms occurring during the luteal phase of the cycle and disappearing with the onset of menstruation. The purpose of this work is to draw attention to this important but often underestimated problem, trace its pathomechanism and identify treatment methods. The interaction of many factors and predispositions is responsible for the occurrence of PMS/PMDD (PMDD- premenstrual dysphoric disorder). One of the most important is ovulatory cycles and cyclically repeated changes in ovarian hormone secretion- fluctuations in progesterone, estradiol and prolactin levels during the various phases of the cycle. The association of emotional disturbances, severe stress and disturbances in the neurotransmitter system of the central nervous system, as well as many other factors, mentioned in the article below, is described. Various methods are used to treat PMS/PMSS, ranging from less to more invasive, including lifestyle changes, cognitive-behavioral therapy, and pharmacotherapy and surgical treatment.  Currently, SSRIs-serotonin reuptake inhibitors-are considered the main therapy, as well as hormonal treatment-the two-pill. A review of the literature shows that PMS/PMDD is a real problem that reduces quality of life and has a negative impact on family and social relationships. Increased public awareness and interest by physicians of many specialties in this problem will enable faster diagnosis and implementation of effective therapy, thereby minimizing the negative social impact

Alcohol in minors - a harmless fad or a serious problem?

Introduction and purpose: Alcohol has been known for centuries. In recent years, awareness of the effects of its consumption has been growing and acceptance of the drink has been declining. Despite this, there is an increase in young alcohol consumption and a decrease in the age of alcohol initiation. In this work, the problem of alcohol consumption by minors will be reviewed based on the evaluation of hospitalizations in the Clinical Department of Toxicology and Cardiology of the Stefan Cardinal Wyszynski Regional Hospital in Lublin in 2022. The aim of the study is to draw attention to this important, although often downplayed, problem. Material and method: The study was retrospective in nature. It used an analysis of the records of 120 intoxications in people under the age of 18, from which a group of alcohol-poisoned people was distinguished, consisting of 37 cases. Results: Hospitalization of 7 patients aged 13 to 18 years was reported due to alcohol intoxication. Of these, 22 (59.5%) female and 15 (40.5%) male patients were singled out. Most were urban residents 29 (78.4%). Isolated alcohol intoxication was the cause of 18 hospitalizations(48.6%). The remaining cases were accompanied by drug intoxication 11 hospitalizations (29.7%) and drug intoxication 8 hospitalizations (21.6%). All analyzed intoxications were intentional, of which 9 (24.3%) were suicide attempts. In 14 cases (37.9%), patients were burdened with mental illness, the most common of which was depressive disorders. There were no deaths in the study group. Conclusions: Alcohol should be forbidden and unacceptable in the family and young people's environment. Parents and young people should be made aware of the harmful effects, psychological, social and health consequences of its consumption

Restructuring proceedings as a positive effect of implementing the instruments of the New Chance Policy in the Polish economy in the years 2016–2018

You can respond to a business crisis in two ways: either by saving it (restructuring or remodelling the company and limiting, at least temporarily, creditor rights, while preserving the jobs and assets of the restructured entrepreneur) or by liquidating it (by realization of the estate and thus liquidation of the economic entity with a partial satisfaction of creditors and simultaneous return of tangible assets to trading). Thus, both liquidation and reorganization are possible in most countries. The problem of the accuracy of choice between the liquidation of an enterprise and its restructuring is one of the main topics of interest for practitioners and theorists dealing with the bankruptcy of enterprises. The decision to restructure constitutes an alternative to declaring an enterprise bankrupt. The aim of the article is to present kinds of restructuring proceedings, taking into account their characteristics, advantages and disadvantages, benefits and threats resulting from the multitude ofrestructuring proceedings including an analysis and statistics concerning the analysed phenomenon in the Polish economy in the years 2016–2018

The Increase of the Availability of Financial Resources for Micro, Small and Medium-sized Enterprises of the Kuyavian-Pomeranian Voivodeship in the years 2007-2013 through JEREMIE Holding Fund

JEREMIE (Joint European Resources for Micro-to-Medium Enterprises) is a non-subsidized mechanism for the support of micro, small and medium-sized enterprises. It is a joint initiative of the European Commission, European Investment Bank (EIB) and the European Investment Fund (EIF), which is based upon revolving financial instruments. The concept of the creation of the initiative was to fill the financial gap in the scope of the financial instruments for the support of the MSMEs sector and to increase the supply of capital, including the risk capital for the enterprises, particularly for the smallest ones which conduct their business activities at the regional level. Contrary to European means, the aid offered within JEREMIE is not a direct refinancing in its nature, The aim of this paper is to present the essence of the JEREMIE initiative, the benefits which it offers for the enterprise in Poland, with special attention paid to the possibility of increasing the MSME sector financing. The analysis was based on data relating to the construction and use of JEREMIE distribution in the Kujavian-Pomeranian region. In the 2014-2020 financial framework proposal, the Jeremie initiative is to be continued and the funds available for its implementation are set to increase, compared to the financial framework 2007-2013