Financial Sector Assessment Program - Poland : Credit Union Sector Regulatory and Supervisory Framework in Transition

A World Bank-International Monetary Fund (IMF) mission visited Warsaw February 19 - March 5, 2013, to undertake an update of the Financial Sector Assessment Program (FSAP) conducted in 2006. The team was led by Luc Everaert (IMF) and Brett Coleman (World Bank) and included Karl Driessen, Nancy Rawlings, Yinqiu Lu, Jorge Chan-Lau, Rishi Ramchand (all IMF), Katia D'Hulster, Heinz Rudolph, Andrey Milyutin, John Pollner, Ignacio Tirado (all World Bank), as well as external experts David Walker (Canadian Deposit Insurance Corporation), Monnie Biety (independent consultant), and Fernando Montes-Negret (former World Bank and IMF). This note is prepared by Monnie Biety. The primary focus of this note is on the legal, regulatory, and supervisory framework of Poland's credit unions (SKOKs) at a time when the authorities are transitioning them to a stronger, more stable footing. The note reviews the law, regulations, and supervision regime in force at the time of the FSAP mission and suggests ways to help strengthen the SKOKs in a phased manner that gives viable SKOKs the necessary time and support to meet the new requirements. While the draft law was not reviewed during the FSAP as it was anticipated that there were to be many changes to the draft, key aspects of the draft law were analyzed using information and reports gathered that discussed the contents of the law. The note concludes with a discussion of these elements of the draft law. Numeric data used in this report were provided by National Association of Savings and Credit Unions (NASCU) during the FSAP mission, with some corrections provided by KNF post mission.

Bibliographic Details

Main Author:	World Bank
Language:	English en_US
Published:	Washington, DC 2014-01
Subjects:	ACCOUNTING, ACCOUNTING PRINCIPLES, ACCOUNTING RECORDS, ACCOUNTING STANDARDS, ACCOUNTING SYSTEMS, ADMINISTRATIVE ACTIONS, ALM, AMOUNT DUE, ARREARS, ASSET CLASS, ASSET LIABILITY MANAGEMENT, ASSET RATIO, ASSETS RATIO, AUDITING, BALANCE SHEET, BANK ACCOUNT, BANK GUARANTEE, BANKING SECTOR, BANKING SYSTEMS, BANKRUPT, BOND, BOND INSURANCE, BONDS, BOOK VALUE, BORROWER, BUSINESS PLAN, BUSINESS PLANS, CAPITAL ACCOUNT, CAPITAL ADEQUACY, CAPITAL ADEQUACY RATIOS, CAPITAL ADEQUACY REQUIREMENTS, CAPITAL BASE, CAPITAL CONCENTRATION, CAPITAL GROWTH, CAPITAL REQUIREMENTS, CAPITAL STANDARDS, CAPITALIZATION, CASH FLOW, CLAIM, CODE OF ETHICS, COLLATERAL, COMMERCIAL BANKS, COMMERCIAL LOAN, COMMERCIAL PAPER, COMMERCIAL TERM, CONFLICT OF INTEREST, CONFLICTS OF INTEREST, CONSOLIDATION, CONSOLIDATION PROCESS, CONSUMER PROTECTION, CONTRACTUAL RIGHTS, CORRECTIVE ACTION, COUNTRY CREDIT, CREDIT BUREAU, CREDIT CONTROL, CREDIT INSTITUTIONS, CREDIT UNION, CREDIT UNIONS, CREDITORS, CREDITS, DEBIT CARD PRODUCTS, DEBT, DEBTS, DEPOSIT, DEPOSIT GUARANTEE, DEPOSIT INSURANCE, DEPOSIT INSURANCE SCHEME, DEPOSIT INSURANCE SYSTEM, DEPOSITORS, DEPOSITS, DISPOSITION, DIVIDEND, DIVIDENDS, ECONOMIC CONDITIONS, ECONOMIC SHOCKS, ENFORCEMENT OF SECURITY, EQUITY INVESTMENTS, EXTERNAL BORROWING, EXTERNAL CREDIT, FACE VALUE, FINANCIAL DATA, FINANCIAL INFORMATION, FINANCIAL INSTITUTION, FINANCIAL INSTITUTIONS, FINANCIAL MANAGEMENT, FINANCIAL PROBLEMS, FINANCIAL RATIOS, FINANCIAL RESOURCES, FINANCIAL SERVICES, FINANCIAL SITUATION, FINANCIAL STATEMENT, FINANCIAL STATEMENTS, FINANCIAL STRENGTH, FINANCIAL SUPPORT, FINANCIAL SUSTAINABILITY, FINANCIAL SYSTEM, FIXED ASSETS, FOREIGN CURRENCY, FOREIGN EXCHANGE, FOREIGN EXCHANGE RISK, GOVERNANCE STRUCTURES, GUARANTEE FUND, HOLDING, INCOME STATEMENT, INFORMATION SYSTEM, INFORMATION TECHNOLOGY, INSOLVENCY, INSURANCE COMPANY, INSURANCE CORPORATION, INTEREST INCOME, INTEREST PAYMENTS, INTEREST RATE, INTEREST RATE RISK, INTEREST RATE RISKS, INTEREST RATES, INTEREST RATES ON LOANS, INTERNAL AUDIT, INTERNAL AUDITS, INTERNATIONAL BANK, INTERNATIONAL CREDIT, INTERNATIONAL STANDARD, INTERNATIONAL STANDARDS, INVESTING, INVESTMENT ACTIVITIES, INVESTMENT ACTIVITY, INVESTMENT POLICY, LAWS, LEGAL RIGHT, LEGAL RIGHTS, LIABILITY, LIEN, LINE OF CREDIT, LINES OF CREDIT, LIQUID ASSETS, LIQUIDATION, LIQUIDATIONS, LIQUIDITY, LIQUIDITY MANAGEMENT, LIQUIDITY PROBLEM, LIQUIDITY RATIO, LLC, LOAN, LOAN AMOUNTS, LOAN APPLICATION, LOAN APPROVAL, LOAN BALANCE, LOAN CONTRACT, LOAN DECISION, LOAN DEMAND, LOAN DOCUMENTATION, LOAN LOSS, LOAN LOSS PROVISIONING, LOAN LOSSES, LOAN PAYMENTS, LOAN PORTFOLIO, LOAN REPAYMENT, LOAN SIZE, MANDATE, MARKET VALUE, MATURITIES, MATURITY, MATURITY DATES, MERGERS, MINIMUM CAPITAL RATIO, NATURAL DISASTERS, NET LOSS, NET PROFIT, NEW CREDIT, OPERATING EXPENSES, OPERATIONAL RISKS, OUTSTANDING LOAN, OVERDUE LOANS, PENALTIES, PORTFOLIO, PORTFOLIO DIVERSIFICATION, PORTFOLIOS, PRINCIPAL REPAYMENT, PROBLEM LOANS, PROFITABILITY, PRUDENTIAL STANDARD, PRUDENTIAL STANDARDS, REDEMPTION, REGULATORY FRAMEWORK, REGULATORY RESTRICTIONS, REGULATORY STANDARDS, REHABILITATION PLANS, REHABILITATION PROGRAMS, REORGANIZATION, REORGANIZATION PROCEEDINGS, REPAYMENT SCHEDULE, RESERVE, RESERVE FUND, RESERVE FUNDS, RESERVE REQUIREMENT, RESERVES, RESTRICTIONS ON LOANS, RETAINED EARNINGS, RISK MANAGEMENT, RISKY LOANS, SAVINGS, SAVINGS ACCOUNTS, SAVINGS DEPOSITS, SECURITIES, SETTLEMENT, SETTLEMENT SERVICES, SETTLEMENTS, SMALL LOANS, SOLVENCY, SOUND FINANCIAL FOOTING, SOUND FINANCIAL INSTITUTIONS, SUPERVISORY AGENCY, SUPERVISORY AUTHORITIES, SUPERVISORY BOARD, SUPERVISORY BOARDS, SUPERVISORY FRAMEWORK, SUPERVISORY POWERS, SYSTEMIC STABILITY, TERM DEPOSITS, TITLE, TRANSACTION, TRANSPARENCY, VALUATION, VALUATION OF COLLATERAL, VARIABLE INTEREST RATES, WINDING UP, WITHDRAWAL,
Online Access:	http://documents.worldbank.org/curated/en/2014/01/19061521/poland-financial-sector-assessment-program-credit-union-sector-regulatory-supervisory-framework-transition-technical-note https://hdl.handle.net/10986/17358
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