Discussion about developing securitisation in Poland with participation of securitisation investment funds

Motivation: The paper refers to the issue of development of securitisation in Poland. Securitisation is a multipurpose financial technique commonly used in many countries, especially in those with highly developed capital markets. Such technique supports assets and liabilities management, transfers risks as well as leads to creation innovative, assets-based securities. As Polish financial institutions, especially banks, are facing new challenges related to regulatory capital, long-term financing, non-performing debts and taxation, we examine if securitisation may be developed and successfully used on Polish financial market. In the paper, we discuss the development securitisation in Poland, focusing on legal, financial and structural aspects. Aim: the aim of the paper is to evaluate the conditions of using and developing securitisation in Poland with regard to performing as well as non-performing assets. We also evaluate the role and significance of securitisation investment funds, i.e. special type of investment funds operating in Poland, which are evaluated as the most suitable SPVs for securitisation. Results: upon the research, we conclude that in Poland the most dynamically developing segment of securitisation is that based on non-performing debts, and its significance will be growing altogether with the growth and consolidation of Polish debt collection market. We also conclude that the major barrier related to development of this area of finance is a lack of precise legal and tax regulations

Discussion about developing securitisation in Poland with participation of securitisation investment funds

Motivation: The paper refers to the issue of development of securitisation in Poland. Securitisation is a multipurpose financial technique commonly used in many countries, especially in those with highly developed capital markets. Such technique supports assets and liabilities management, transfers risks as well as leads to creation innovative, assets-based securities. As Polish financial institutions, especially banks, are facing new challenges related to regulatory capital, long-term financing, non-performing debts and taxation, we examine if securitisation may be developed and successfully used on Polish financial market. In the paper, we discuss the development securitisation in Poland, focusing on legal, financial and structural aspects.Aim: the aim of the paper is to evaluate the conditions of using and developing securitisation in Poland with regard to performing as well as non-performing assets. We also evaluate the role and significance of securitisation investment funds, i.e. special type of investment funds operating in Poland, which are evaluated as the most suitable SPVs for securitisation.Results: upon the research, we conclude that in Poland the most dynamically developing segment of securitisation is that based on non-performing debts, and its significance will be growing altogether with the growth and consolidation of Polish debt collection market. We also conclude that the major barrier related to development of this area of finance is a lack of precise legal and tax regulations

Characteristics and prospects of development of securitisation investment funds market in Poland

Motivation: Securitisation investment funds are considered as the most suitable vehicle for the process of securitisation. The paper refers to the issue of establishing, functioning and development of securitisation investment funds in Poland, which are special type of closed-end investment funds managed by investment fund companies (IFC).Aim: The aim of the paper is an appraisal of the securitisation investment funds market in Poland with a special attention paid to its evolution and prospects of development. In the paper a securitisation investment fund was presented as a one of the type of investment funds in Poland based on the Polish legislation. We enclose the results of the survey conducted in Poland amongst the mentioned funds and present the appraisal of major stimulants and barriers of development of securitisation and securitisation investment funds market.Results: Upon the research we find that despite low level of using of securitisation in the past its perspectives of development are appraised positively by IFCs. Majority of questioned IFCs indicate existence of particular barriers for development of securitisation in Poland. According to IFCs with and without securitisation investment funds, the most problematic areas are: lack of proper regulations and high complexity of the securitisation itself. From the point of view of investment funds industry securitisation is evaluated as of average interest despite funds are leading in development of the considered financial technique in Poland

Characteristics and prospects of development of securitisation investment funds market in Poland

Motivation: Securitisation investment funds are considered as the most suitable vehicle for the process of securitisation. The paper refers to the issue of establishing, functioning and development of securitisation investment funds in Poland, which are special type of closed-end investment funds managed by investment fund companies (IFC). Aim: The aim of the paper is an appraisal of the securitisation investment funds market in Poland with a special attention paid to its evolution and prospects of development. In the paper a securitisation investment fund was presented as a one of the type of investment funds in Poland based on the Polish legislation. We enclose the results of the survey conducted in Poland amongst the mentioned funds and present the appraisal of major stimulants and barriers of development of securitisation and securitisation investment funds market. Results: Upon the research we find that despite low level of using of securitisation in the past its perspectives of development are appraised positively by IFCs. Majority of questioned IFCs indicate existence of particular barriers for development of securitisation in Poland. According to IFCs with and without securitisation investment funds, the most problematic areas are: lack of proper regulations and high complexity of the securitisation itself. From the point of view of investment funds industry securitisation is evaluated as of average interest despite funds are leading in development of the considered financial technique in Poland

Young people and banking products and services in Poland: fundamental aspects

Motivation: This paper is devoted to the issue of using banking products and services by young people, i.e. children under the age of 13, youths from 13 to 17 years of age and young adults from 18 to 25 years of age. Considering the current fast digitalization in banking as well as increased competition on the financial market, the group of young people naturally becomes an object of interest to banks.Aim: The work is aimed at characterising young people as the clients of banks. In particular the aim of the study is to identify the motives, terms and legal aspects of servicing young people by banks as well as to characterize reasons and frequency of using banking products and services by young people. To deepen the knowledge in scope of functioning of children youths and young adults on the market of banking products and services, the authors of this study have taken to carry out research through literature studies, legal regulations analysis and obtaining opinions of young people in the survey.Results: The basic motivation for servicing children, young people and young adults is linking a young client with a bank for a long period of time. Educational and social motives also exist. According to the research the majority of young people in Poland uses bank products and services. Such people start using banking offers mostly when they became adult and the share of users changes with the age, place of residence, formal education level and level of subjective financial knowledge. Young people decide to use bank products and services because of the need. They use banking products and services every day or several times per week

Young people and banking products and services in Poland: the results of empirical studies

Motivation: Banks tend to offer increasingly innovative, distinctive products, to introduce new sales channels, as well as to search for new customers. A special group, more often served by banks, are young people.Aim: The main aim of this study is evaluating the types, preferences and patterns of using banking offers as well as to evaluate major channels of accessing banking products and services by children, youths and young adults. The authors used studies of literature, analysed bank products and services for young people as well as conducted survey research on a group of people under 25 years.Results: Young people represent a primarily multi-product approach and their level of financial knowledge determines the use of modern solutions as well as a high diversity of products. Young people that use banking products and services rarely decide to use offers of other financial institutions

Possibility of Using a Geopolymer Containing Phase Change Materials as a Sprayed Insulating Coating - Preliminary Results

Geopolymers have been known for decades and classified as inorganic polymers, characterized by high resistance to high temperatures. They can be successfully used for the thermal insulation of buildings, especially in the foamed form. The addition of phase change materials (PCMs) in such materials may also increase the heat capacity of the materials, therefore, using them for building cladding can increase the thermal comfort of the building and prevent it from overheating. This study tests the addition of PCMs to geopolymers by spraying and presents the results. Additionally, the study includes preliminary experience concerning the technology of applying these materials, along with selected test results that assess the properties of the produced coatings. The results indicate that the addition of PCMs in the amount of 15% can increase the heat capacity of geopolymer materials by about 150-180%, and the foamed geopolymer coatings produced have a thermal conductivity in the range of 0.07-0.09 W/mK

Impact of Flax Fiber Reinforcement on Mechanical Properties of Solid and Foamed Geopolymer Concrete

The main objective of this study is to develop the advanced composites for civil engineering applications as material for the building industry, especially for an insulation purpose. The research processes include several steps. Firstly, the prototype elements, such as bricks and elevation elements were performed from eco-friendly composite -flax fiber reinforced geopolymer. The elements were designed to take into consideration for environment. Geopolymers are environmentally friendly, sustainable, and resource efficient, including energy demand. Next, the wall was built from these elements and exposed during the three months in a relevant environment. The main conclusion of the research is that the kind of fibers is important for the mechanical properties of the composite, including the fact that for those different fibers could be more beneficial for different raw materials, giving higher strength properties. The significant influence on the mechanical properties of the composites has the adhesion between fiber and material used as a matrix. The adhesion depends among others on the previous treatment of the fibers

The efficacy of art therapy in psychiatric patients

Introduction: Art therapy is a form of psychotherapy that uses art media as its primary mode of expression and communication and enables individuals to use art to creatively express themselves. Art therapy is used to improve cognitive and sensorimotor functions, foster self-esteem and self-awareness, cultivate emotional resilience, promote insight, enhance social skills, reduce and resolve conflicts and distress. Purpose: The purpose of the review is to present the different uses of art therapy in psychiatric patients. State of knowledge: National Institute for Health and Clinical Excellence identifies that arts therapies, including art therapy or art psychotherapy, dance movement therapy, body psychotherapy, drama therapy and music therapy, are considered to improve negative symptoms of psychosis. Improved social skills are likely to be associated with increases in prosocial behaviours. Art therapy interventions are effective in reducing trauma symptom severity and anxiety in traumatized adults. Art and music therapy programs were effective in reducing the degree of depression. Summary: Art therapy is a part of therapy in many psychiatric diseases, including depressive disorders, post-traumatic stress disorder and psychotic disorders. Although the effectiveness of art therapy has been confirmed by some studies, this topic should still be investigated so that art therapy can become more effective and available for bigger group of patients

Available treatment methods for endometriosis

Introduction and and purpose of paper: The aim of this paper was to present modern methods of treatment for endometriosis. Endometriosis is a chronic inflammatory condition of women that is characterized by the implementation of endometrial tissue outside the uterus. It affects 7 to 15% of menstruating women, and 35 to 50% of women treated for infertility. State of knowledge: Diagnosis of endometriosis is made on the basis of well-collected gynecological history, clinical examinations and imaging techniques. The golden standard for diagnostics is laparoscopy with subsequent histological examination of the material collected during the procedure. Among the methods of treatment in women with endometriosis, pharmacological and surgical treatment is applied. The pharmacological agents most commonly used in endometriosis are: combined hormonal contraceptives, progestins and anti-progestins, GnRH agonists and antagonists, aromatase inhibitors, Danazol and non-steroidal anti-inflammatory drugs (NSAIDs). Pharmacological treatment is only symptomatic, not cytoreductive, therefore, to remove endometriosis lesions, surgery should be performed. There are two ways to perform surgery: laparotomy and laparoscopy. Surgical treatment of endometriosis may be associated with local excision of lesions and sometimes even removal of the entire organ. Treatment should be conducted in consultation with the patient and her wishes. Conservative treatment is most commonly used among women of reproductive age. Summary: The pharmaceutical or surgical treatment require an individual approach and deliberated informed consent of patient. Pharmacological treatment is only symptomatic, not cytoreductive, therefore, to remove endometriosis lesions, surgery should be performed