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...
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| Format: | Financial Sector Assessment Program (FSAP) |
| Language: | English en_US |
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Washington, DC
2014
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| 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 http://hdl.handle.net/10986/17358 |
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okr-10986-17358 |
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| recordtype |
oai_dc |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
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 |
| spellingShingle |
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 World Bank Financial Sector Assessment Program - Poland : Credit Union Sector Regulatory and Supervisory Framework in Transition |
| geographic_facet |
Europe and Central Asia Poland |
| description |
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. |
| format |
Economic & Sector Work :: Financial Sector Assessment Program (FSAP) |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Financial Sector Assessment Program - Poland : Credit Union Sector Regulatory and Supervisory Framework in Transition |
| title_short |
Financial Sector Assessment Program - Poland : Credit Union Sector Regulatory and Supervisory Framework in Transition |
| title_full |
Financial Sector Assessment Program - Poland : Credit Union Sector Regulatory and Supervisory Framework in Transition |
| title_fullStr |
Financial Sector Assessment Program - Poland : Credit Union Sector Regulatory and Supervisory Framework in Transition |
| title_full_unstemmed |
Financial Sector Assessment Program - Poland : Credit Union Sector Regulatory and Supervisory Framework in Transition |
| title_sort |
financial sector assessment program - poland : credit union sector regulatory and supervisory framework in transition |
| publisher |
Washington, DC |
| publishDate |
2014 |
| url |
http://documents.worldbank.org/curated/en/2014/01/19061521/poland-financial-sector-assessment-program-credit-union-sector-regulatory-supervisory-framework-transition-technical-note http://hdl.handle.net/10986/17358 |
| _version_ |
1764436962664513536 |
| spelling |
okr-10986-173582021-04-23T14:03:37Z Financial Sector Assessment Program - Poland : Credit Union Sector Regulatory and Supervisory Framework in Transition World Bank 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 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. 2014-03-25T18:18:13Z 2014-03-25T18:18:13Z 2014-01 http://documents.worldbank.org/curated/en/2014/01/19061521/poland-financial-sector-assessment-program-credit-union-sector-regulatory-supervisory-framework-transition-technical-note http://hdl.handle.net/10986/17358 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ Washington, DC Economic & Sector Work :: Financial Sector Assessment Program (FSAP) Economic & Sector Work Europe and Central Asia Poland |