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The role of covered bonds in increasing financial sector stability in Poland
Andrzej Dżuryk
Abstract
The structural liquidity gap constitutes the most serious systemic risk in Polish banking market. Long term loans, and particularly mortgage loans, are financed by short term deposits. The key instrument to help solve this problem could be covered bonds, which are a type of well collateralized bond issued by mortgage banks. Presently, mainly due to weak economics under the current regulations, there are just two mortgage banks in Poland, and the share of covered bonds in financing mortgage loans is marginal. This article describes recommendations to develop covered bonds to increase the stability of the Polish financial market.
Keywords:
liquidity gap, mortgage banks, financial market stabilization, funding sources extension, covered bonds market developmentMost read articles by the same author(s)
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