Securitisation Funds in Poland in Investment Fund Companies’ Perspective

Abstract

Abstract The main objective of the paper is identification and characteristics of a new research area that combines collective investment schemes and process of securitisation. In the paper we provide a descriptive analysis of securitisation investment funds in Poland and consider their role in the process of securitisation. We also identify major issues related to the development of the securitisation and securitisation funds market. The paper contains considerations related to the potential and to the direction of the securitisation funds development in Poland. In the paper we used critical analysis of legal solutions in Poland, as well as statistical data analysis. The work is based on statistical data of the domestic market of investment funds from The Chamber of Fund and Asset Management. The background for the analysis is the results of the original research prepared and conducted by the authors. The questionnaire was directed at management boards of nineteen Investment Fund Companies, which manage securitisation investment funds in Poland. At present a share of securitisation funds in the investment funds market in Poland isn’t large, however it is very quickly increasing. We can observe that the development of the securitisation fund market is intense. Despite this, the participation of investment funds in the process of securitisation is still in an early stage in Poland, however its influence on the future development of securitisation is considered as high. In Poland, Investment Fund Companies systematically increase the offer of securitisation funds by creating funds directed to individual investors (non-dedicated). Investment certificates of non-dedicated securitisation funds may encourage individual investors to diversify their investment portfolios. The potential development of the domestic market of securitisation funds is related to the legal and tax aspects of securitisation in Poland and the efficient cooperation between entities in the securitisation process.