Emitowanie obligacji bankowych - moda czy konieczność?

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RWKHUEDODQFHVKHHWLWHPV included in the EDQN¶VFRUHFDSLWDO, their amount, scope and conditions for their inclusion in the core capital RIDEDQN>Polish Financial Supervision Authority 2011].

4 _{NSRF (net VWDEOH funding UDWLR – the ratio of own and external VWDELOLW\ funds to LOOLTXLGRUwith limited}

OLTXLGLW\ assets calculated on the assumption of crisis situation (under conditions of extended stress)RUPore LQIRUPDWLRQDERXW prudential regulations introducedE\%DVHO III>%U]R]RZVNL@

IRUWKHEDQNVWRIXOO\XVHWKHSRWHQWLDORIWKHERQGPDUNHWLQWKHQHDUIXWXUHDVSDUW RIWKLVSURFHVVLWLVQHFHVVDU\WRFRUUHFWO\LGHQWLI\WKHEDUULHUVWRLWVGHYHORSPHQW and undertake actions aimed at their removal. The reserve attached to this market VHHPVWREHVLJQLILFDQWDVFXUUHQWO\ERQGVVWLOOFRQVWLWXWHOHVVWKDQRIWKHWRWDO OLDELOLWLHVRI3ROLVKEDQNVDQGWKHYROXPHRILVVXHVRIFRUSRUDWHERQGVZKLFKLQFOXGH EDQNERQGVLQUHODWLRQWR*'3LVRQO\>&RUSRUDWH%RQGV@ %DUULHUVWREDQNERQGPDUNHWGHYHORSPHQWDQGVXJJHVWLRQV UHJDUGLQJWKHLUHOLPLQDWLRQ 7KHEDVLFEDUULHUVLPSHGLQJWKHGHYHORSPHQWRIWKHSULPDU\DQGVHFRQGDU\EDQN ERQGPDUNHWVLQFOXGHWKHLVVXLQJFRVWVDQGWD[VROXWLRQV>3ROLVK)LQDQFLDO6XSHUYLVLRQ Authority 2013, op. cit.@,VVXLQJFRVWVDUHGHWHUPLQHGPDLQO\E\WKHOHYHORIERQG LQWHUHVW7KHLQWHUHVWUDWHIRUORQJWHUPGHEWVHFXULWLHVKDVLQFUHDVHGDVDUHVXOWRI WKHREVHUYDEOHGHFUHDVHLQWUXVWRQWKHILQDQFLDOPDUNHWDFRQVHTXHQFHRIWKH FULVLV$WWHQWLRQVKRXOGEHDOVRSDLGWRWKHSUDFWLFHVRIIRUFLQJXSWKH:,%250RU :,%250LQGLFHVZKLFKDUHPRVWRIWHQWKHEDVLVIRUWKHIRUPXODRIYDULDEOHLQWHUHVW DSSOLHGE\WKHPDMRULW\RILVVXHUVRIQRQWUHDVXU\ERQGV 2WKHUIDFWRUVLQFUHDVLQJWKHFRVWVUHODWHGWRLVVXLQJRIEDQNERQGVLQFOXGH ‡ FRRSHUDWLRQZLWKWUXVWEDQNVWUXVWDFFRXQWVIRUPDOUHTXLUHPHQWV ‡ FRQGLWLRQVWKDWQHHGWREHVDWLVILHGLQRUGHUIRUVHFXULWLHVRWKHUWKDQJRYHUQ-PHQWRQHVWREHHQWHUHGLQWKHOLVWRIWKH1DWLRQDO%DQNRI3RODQGDVVXEMHFW WR5(32WUDQVDFWLRQVLQSDUWLFXODUWKHFRVWVRIWKHLVVXHSURVSHFWXV ‡ LVVXHUDWLQJVDZDUGHGE\UHQRZQHGUDWLQJDJHQFLHV

‡ issues on foreign markets – costs connected with such issues are higher than WKHFRVWVRIGRPHVWLFLVVXHVRQDYHUDJHE\DURXQG5_.

‡ $QRWKHUVLPLODUO\VLJQLILFDQWEDUULHUWRGHYHORSPHQWRIWKHEDQNERQGPDUNHW LQYROYHVWKHWD[VROXWLRQVDSSOLFDEOHLQ3RODQG7KHVHLQFOXGHLQSDUWLFXODU ‡ IRUHLJQ LVVXHV UHJDUGLQJ WKH ZLWKKROGLQJ WD[ :+7 DOVR NQRZQ DV µWD[ DW

source’,

‡ lack of tax solutions generating development impulses with regard to the market RIWKHEDQNV¶RZQERQGV

‡ XQIDYRXUDEOHWD[VROXWLRQVUHJDUGLQJWKHGRPHVWLFLQGLYLGXDOLQYHVWRUV Another impediment here involves regulatory issues related to licensing and RUJDQL]DWLRQDOVHSDUDWLRQRIWKHEDQNV¶EURNHUDJHDFWLYLWLHV7KXVDEDUULHUWRGH-YHORSPHQWWDNHVWKHIRUPRIWKHQHHGWRREWDLQE\WKHEDQNVWZRRUPRUHVHSDUDWH

5 _{In addition, in the case of foreign issues, in view of the large volatility on foreign markets, the difficulties}

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permits for individual types of services and investment activities, and the need for RUJDQL]DWLRQDOVHSDUDWLRQRIWKHEURNHUDJHDFWLYLW\DVSDUWRIWKHEDQN¶VRUJDQL]DWLRQDO structure.

$QRWKHU LPSRUWDQW LVVXH GHWHUPLQLQJ WKH SDFH RI WKH EDQN ERQG PDUNHW GH-velopment is the increase in transparency of criteria that are used for classifying VHFXULWLHV IRU 5(32 WUDQVDFWLRQV ZLWK WKH 1DWLRQDO %DQN RI 3RODQG 7KH SRWHQWLDO SRVVLELOLW\ RI XVLQJ EDQN ERQGV IRU VXFK WUDQVDFWLRQV ZRXOG LQFUHDVH WKHLU DWWUDF-WLYHQHVVZKLFKLQWXUQZRXOGLQFUHDVHWKHFKDQFHVRIWKHVXFFHVVRIDERQGLVVXH +RZHYHUWKHDSSOLFDEOHUXOHVDGPLWWLQJILQDQFLDOLQVWUXPHQWVIRUWKLVW\SHRIWUDQV-DFWLRQSXEOLVKHGRQWKHZHEVLWHRIWKH1DWLRQDO%DQNRI3RODQGDUHQRWVXIILFLHQWO\ transparent. $QRWKHUVLPLODUO\LPSRUWDQWEDUULHULPSHGLQJWKHGHYHORSPHQWRIWKHEDQNERQG PDUNHWLQYROYHGHPDQGUHGXFWLRQVUHVXOWLQJDPRQJRWKHUWKLQJVIURPWKHELQGLQJ OHJDO UHJXODWLRQV VWDWXWRU\ DQG UHJXODWRU\ OLPLWV WKDW UHVWUDLQ WKH VKDUH RI WKHVH securities in the portfolios of Investment Fund Companies and Open Pension Funds WKDWDUHWKHPDLQLQYHVWRUVRQWKHGHEWPDUNHWLQ3RODQG

One of the institutions which has suggested a series of solutions aimed at elimi-QDWLQJ WKH PDMRULW\ RI WKH EDUULHUV SUHVHQWHG KHUH LV WKH 3ROLVK %DQN $VVRFLDWLRQ =%35HFRJQL]LQJDERYHDOOWKHFRQVWUDLQWVLQWKHIRUPRIXQIDYRXUDEOHUXOHVIRU ZLWKKROGLQJWD[DSSOLFDWLRQLWSURSRVHVWKHIROORZLQJVROXWLRQV

 VWDWXWRU\ H[HPSWLRQ IURP WD[DWLRQ RI LQWHUHVW RQ ORQJWHUP ERQGV LVVXHG E\ WKHEDQNVRU

ZDLYHURIWKHFROOHFWLRQRIZLWKKROGLQJWD[RQORQJWHUPERQGVLVVXHGE\EDQNV according to the Regulation of the Minister of Finance, similar to the case of Polish JRYHUQPHQWHXURERQGVRUFHUWDLQERQGVLVVXHGE\ORFDOJRYHUQPHQWXQLWVHJERQGV LVVXHGE\WKHFDSLWDOFLW\RI:DUVDZ

2WKHU DOWHUQDWLYH VROXWLRQV VXJJHVWHG E\ =%3 UHJDUGLQJ WKH PLWLJDWLRQ RI WD[ EDUULHUVLQFOXGH

– HTXDOL]DWLRQRIWD[DWLRQSULQFLSOHVDSSOLFDEOHWRIRUHLJQLQYHVWRUVQRQUHVLGHQW OHJDOSHUVRQVZLWKUHVLGHQWVE\ZD\RIH[WHQGLQJWKHSULQFLSOHRIQHWLQWHUHVW taxation on non-resident persons6_;

– harmonization of the withholding tax rate for foreign natural and legal persons DWDOHYHORI7_.

=%3 WRJHWKHU ZLWK WKH ERQG PDUNHW RSHUDWRU LQ 3RODQG WKH FRPSDQ\ %RQG6-pot SA, also proposes the introduction of temporary tax changes consisting in the

6 _{7KHWD[EDVH of domestic investors may EH UHGXFHGE\WKH cost RIREWDLQLQJILQDQFLQJ (revenue interest}

minus interest of cost RI REWDLQLQJ financing A foreign investor, UHTXLUHG WR SD\ a flat-rate income tax, FDQQRWUHGXFHWKHEDVLVRIWD[RI the cost of financing, which decreases the attractiveness of investments in securities issued E\ ORFDOEDQNV.

7 _{)ODWUDWHLQFRPHWD[UDWHRQLQWHUHVWIRUIRUHLJQQDWXUDOSHUVRQLVWKHUDWHIRUWKHIRUHLJQOHJDO}

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D introducing to the Personal Income Tax Act a facilitation in the form of DVLPSOLILHGPHWKRGRIFDOFXODWLQJWKHWD[DEOHEDVHWKDQNVWRWKHSRVVLELOLW\ RIFRPELQLQJDVSDUWRIFDSLWDOJDLQVLQWHUHVWJDLQHGRQDFFRXQWRIFRXSRQ SD\PHQWV LQ FRQQHFWLRQ ZLWK D JLYHQ VHFXULW\ ZLWK SURILWV ORVVHV RQ WKH disposal of securities9_,

ELQWURGXFWLRQRIDIDFLOLWDWLRQFRQVLVWLQJLQWKHSRVVLELOLW\RIDFFRXQWLQJIRUWKH LQFRPHIURPLQYHVWPHQWVLQVHFXULWLHVE\HQWLWLHVNHHSLQJVHFXULWLHVDFFRXQWV of natural persons under principles corresponding to the principles used in the FDVHRIDQQXDOSHUVRQDOLQFRPHWD[VHWWOHPHQWVPDGHIRUHPSOR\HHVE\WKHLU employers, provided that the entity keeping a securities account consents to it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¶VOLTXLGLW\ 1RWDOORIWKHDERYHPHQWLRQHGSURSRVDOVZHUHIXOO\DFFHSWHGE\WKH1DWLRQDO %DQNRI3RODQGHJWKHFULWHULDXVHGWRFODVVLI\VHFXULWLHVIRUFRQGLWLRQDOWUDQVDFWLRQV DQGWKH3ROLVK)LQDQFLDO6XSHUYLVLRQ$XWKRULW\HJWKHQXPEHURISHUPLWVQHFHV-VDU\WRFRQGXFWDEURNHUDJHDFWLYLW\E\EDQNV7KHUHIRUHWKH\VKRXOGEHVXEMHFWWR consultations. 8 _{7DNLQJLQWRDFFRXQWWKHWRWDOYDOXHRIFRUSRUDWHERQGVLVVXHVFRUSRUDWHVDQGEDQNVWR*'3OHVVWKDQ}

 WKH HVWLPDWHG LPSDFW RI WKH SURSRVHG FKDQJHV WR WKH VWDWHEXGJHW GXULQJ WKH WUDQVLWLRQ SHULRG ZRXOG EHQHJOLJLEOHDQGLQWKH\HDUV±ZRXOGEHDWWKHDSSURSULDWHOHYHORI±POQ3/1±POQ3/1 and –39.7 mln PLN.

9 _{,QWHUHVWLQFRPHDQGSURILWORVVIURPWKHVDOHVRIGHEWVHFXULWLHVDUHWZRGLVWLQFWILQDQFLDOFDWHJRULHV}

however, the total earnings from interest and security sale are the real economic result of individual investor IURPDVHFXULW\&RPELQLQJLQFRPHIURPLQWHUHVWDQGQHWSURILWORVVIURPVDOHRIVHFXULW\ZLOOVLPSOLI\WKH technology of calculation of tax due.

10 _{This will cause µH[HPSWLRQ¶RILQGLYLGXDOLQYHVWRUVIURPWKHUHTXLUHPHQWRIVHOIELOOLQJtax in this regard.}

It is worth noting that the Ministry of Finance is working on a draft amendment WRWKH%RQG$FWLQRUGHUWRPDNHLWHDVLHUIRUHQWHUSULVHVDQGFRPSDQLHVZLWKORFDO JRYHUQPHQWSDUWLFLSDWLRQWRLVVXHERQGV7KHVHUHJXODWLRQVDUHWRIDFLOLWDWHLVVXLQJ RI QHZ LQVWUXPHQWV VXFK DV SHUSHWXDO ERQGV DQG FODULI\ WKH ULJKWV RI KROGHUV RI VXERUGLQDWHGDQGUHYHQXHERQGV7KH\DVVXPHWKHLQWURGXFWLRQRIDQHZLQVWLWXWLRQ WRWKH3ROLVKOHJDORUGHULHWKH%RQG+ROGHUV¶0HHWLQJDQGWKHPRVWLPSRUWDQWLV-sue from the viewpoint of securitization isWRWKH3ROLVKOHJDORUGHULHWKH%RQG+ROGHUV¶0HHWLQJDQGWKHPRVWLPSRUWDQWLV-sues, they are to specify the principles of RSHUDWLRQDQGWKHLVVXHULJKWVIRUVSHFLDOSXUSRVHYHKLFOHV639+RZHYHUWKHGUDIW GRHVQRWVHWWOHWKHWD[LVVXHVZKLFKLQWKHEDQNHUV¶RSLQLRQDUHWKHPRVWLPSRUWDQW ones. What is meant here is the severe collection of withholding tax in the case of IRUHLJQLVVXHVDQGXQIDYRXUDEOHWD[VROXWLRQVUHJDUGLQJVXESDUWLFLSDWLRQLQWKHFDVH of securitization.

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,VVXLQJRIEDQNV¶RZQERQGVWKDWHPHUJHRQWKHGHEWLQVWUXPHQWVPDUNHWGRHVQRW constitute a significant source of financing for their activity. However, the changing economic reality resulting from the crisis on the financial markets and the need for LPSOHPHQWLQJQHZSUXGHQWLDOUHJXODWLRQVKDYHDQLQIOXHQFHRQWKHEDQNV¶LQWHUHVW LQERQGV1HYHUWKHOHVVLQRUGHUIRUWKHEDQNVWRXVHIXOO\WKHSRWHQWLDORIWKHGHEW instruments market, it is necessary for the market regulators to eliminate several PDMRU EDUULHUV 7KLV LQFOXGHV FRVWV UHODWHG WR WKH LVVXLQJ RI ERQGV WD[ LVVXHV DQG FODVVLILFDWLRQRIEDQNERQGVLQWRWKHFDWHJRU\RIVHFXULWLHVVXEMHFWRI5(32WUDQV-DFWLRQV7KHVHSURSRVDOVVKRXOGPDNHERQGVPRUHDWWUDFWLYHWRSRWHQWLDOLQYHVWRUV ERWKLQVWLWXWLRQDODQGLQGLYLGXDO7KXVWKHLQFUHDVLQJGHPDQGIRUERQGVZLOOFUHDWH DVSDFHIRUWKHLUFRQVLGHUDEO\ZLGHUXVHE\WKHEDQNVZLWKWKHDLPRIHQULFKLQJWKHLU deposit offer and improving their results.

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1. $FWRI-XO\RQ3XEOLF2IIHULQJ&RQGLWLRQV*RYHUQLQJWKH,QWURGXFWLRQRI)LQDQFLDO,Q-VWUXPHQWV WR 2UJDQLVHG 7UDGLQJ DQG 3XEOLF &RPSDQLHV &RQVROLGDWHG WH[W -RXUQDO RI /DZV RI 2009, no. 185, item 1439 as amended.

2. $FWRI-XQHRQERQGV&RQVROLGDWHGWH[W-RXUQDORI$FWVQRLWHPZLWK VXEVHTXHQWDPHQGPHQWV

3. /DWHVWWUHQGVLQEDQNLQJUHJXODWLRQV3ROLVK)LQDQFLDO6XSHUYLVLRQ&RPPLVVLRQKWWSZZZNQI JRYSO,PDJHV0B%U]R]RZVNLBWFPSGI

4. 5DPRWRZVNL-Issues of debt securities will still be unprofitableZZZREVHUZDWRUILQDQVRZ\ 5. 5HSRUWRQWKHVLWXDWLRQRIEDQNVLQWKHILUVWKDOIRI3ROLVK)LQDQFLDO6XSHUYLVLRQ$XWKRULW\

Warsaw 2012, p. 18.

6. 5HSRUWRQWKHZRUNRIWKH*URXSIRUWKHLVVXHRIORQJWHUPRZQERQGVE\EDQNV3ROLVK)LQDQFLDO Supervision Authority, Warsaw 2013.

7. 5HVROXWLRQ1RRIWKH3ROLVK)LQDQFLDO6XSHUYLVLRQ$XWKRULW\RI2FWREHURQWKH RWKHUEDODQFHVKHHWLWHPVLQFOXGHGLQWKHEDQN¶VFRUHFDSLWDOWKHLUDPRXQWVFRSHDQGFRQGLWLRQV IRU WKHLU LQFOXVLRQ LQ WKH FRUH FDSLWDO RI D EDQN -RXUQDO RI $FWV 3ROLVK )LQDQFLDO 6XSHUYLVLRQ Authority of 2010, no. 1, position 8.

8. 5HVROXWLRQ1RRIWKH3ROLVK)LQDQFLDO6XSHUYLVLRQ$XWKRULW\RI'HFHPEHURQ WKHRWKHUEDODQFHVKHHWLWHPVLQFOXGHGLQWKHEDQN¶VFRUHFDSLWDOWKHLUDPRXQWVFRSHDQGFRQGL-WLRQVIRUWKHLULQFOXVLRQLQWKHFRUHFDSLWDORIDEDQN-RXUQDORI$FWV Polish Financial Supervision Authority of 2011, no. 1, position 1.

9. 7KH%DQNLQJ$FWRI$XJXVW&RQVROLGDWHGWH[W-RXUQDORI$FWVQRLWHP as amended. 10. 7KHRXWORRNRIFRUSRUDWHERQGPDUNHW±UHSRUWIURPWKHFRUSRUDWHERQGPDUNHWWKHUHSRUWSUH-SDUHGE\DJURXSRIDQDO\VWV&RUSRUDWH%RQGVSOZZZFRUSRUDWHERQGVSOGRFV&%UDSRUWBYSGI ,VVXLQJRIEDQNERQGV±IDVKLRQRUQHFHVVLW\" 7KLVDUWLFOHDWWHPSWVWRDQVZHUWKHTXHVWLRQZKHWKHUWKHHPHUJLQJLVVXHVRIEDQNERQGVDUHLQ-GLFDWLYHRIDSDVVLQJIDVKLRQRUWKHEHJLQQLQJRIDODVWLQJWUHQGDVDUHVXOWRIQHZFDXWLRQDU\VWDQGDUGV JUDGXDOO\HQFRXUDJLQJEDQNVWRH[WHQGORDQSHULRGV 7KHDUWLFOHDOVRLGHQWLILHVWKHPDLQEDUULHUVWRIXUWKHUGHYHORSPHQWRIWKHPDUNHWIRUWKLVW\SHRI security in Poland and suggestions for their elimination.

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