AUTHORS: Dr. Aleksander BĄKOWSKI (editing) Marzena MAŻEWSKA (editing)

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "AUTHORS: Dr. Aleksander BĄKOWSKI (editing) Marzena MAŻEWSKA (editing)"

Transcription

1

2 AUTHORS: Dr. Aleksander BĄKOWSKI (editing) Marzena MAŻEWSKA (editing) Elwira KOPROWSKA-SKALSKA Jacek KOTRA Dr. Karol LITYŃSKI Marek MIKA Ewa POPIELCZAK Dr. Andrzej SIEMASZKO Małgorzata SNARSKA-ŚWIDERSKA Anna TÓRZ

3 REVIEWER: Professor Edward Stawasz The publication has been co-financed from the European Social Fund under the systemic project Development of human resources through promotion of knowledge, transfer and popularisation of innovation (the Operational Programme Human Capital, measure 2.1.3). The electronic version of this publication is available on the Innovation Portal The publication prepared by the experts of Polish Business and Innovation Centres Association. Opinions and arguments presented in the publication do not reflect the position of the Polish Agency for Enterprise Development, but only the position of the Authors. Copy available free of charge Copyright by Polska Agencja Rozwoju Przedsiębiorczości, Warsaw 2012 ISBN

4 Marek MIKA LOCAL LOAN FUNDS Loan funds, operating in Poland for twenty years, have become a permanent feature of Polish financial system. They are non-profit institutions that allocate all generated profit to the achievement of their statutory objectives. They are separate organizational and financial entities within the meaning of applicable law, and their core business is focused on providing financial services in the form of granting loans. The main objective of a loan fund is to provide financing sources and possibilities for entities from the sector of micro, small and medium-sized enterprises, and to facilitate this group s access to external sources of financing (outside capital). During the economic downturn, when the effects of the global financial crisis are felt and when access to other forms of external financing, including bank loans, is limited, loan funds are often the only source of financial support for companies seeking external funding sources. In addition to direct financing of current and investment needs of SMEs, loan funds support local development (by providing advisory and training services); their impact is particularly positive in terms of improving the activity of the local labor market. These actions contribute favorably to the competitiveness and innovativeness of the economy not only on the local or regional level, but also nationally. The acquired funds are used to finance current operations and investment needs, in particular in the early stages of development of enterprises. Loans can be applied for by entrepreneurs who cannot rely on financing from traditional banks nor have a limited access to it. Loan funds are based on well-designed and systematically implemented organizational standards and procedures for the provision of loan services. They operate on the basis of individual lending regulations and follow the rules of professional ethics. Characteristics of this group of financial institutions include the following aspects: - they are local institutions and conduct their business in a specific (territorially limited) area, - the range of products and services they offer is tailored to the needs of businesses and individuals operating in a particular area, - they focus on providing financial services to a specific group of clients - mostly to micro, small and medium-sized enterprises, - they apply simplified principles and rules for evaluating the creditworthiness of clients, making loan-granting procedures less complicated and more user-friendly for the potential clients. At the end of 2011, 86 institutions engaged in lending activities were in operation, 12 of which did not disclose the results of their operations or do it only occasionally, which may be due to the negligible value of these services in the context of their activities. Although only a slight alteration has been observed in the number of loan funds as compared to 2010, significant changes have taken place. In the present analysis, local branches and subsidiaries are not

5 regarded as separate funds1. The study was, however, based on data relating to funds that have appeared on the market or those that provided the results of their activities. The collected data and information gathered through telephone interviews indicate that nine funds stopped or temporarily suspended their lending activities, while one has been liquidated as an institution. An important change in the market is the transformation of the largest loan fund to date - Fundusz Mikro sp. z o.o. based in Warsaw into a bank. The exclusion of this organisation from the sector of loan funds resulted in substantial changes in values as regards a variety of information characterizing the loan fund industry in Poland. The majority of loan funds which presented the results of their activity (66) are members of the Polish Association of Loan Funds (40). Map 1. Loan funds in Poland in Their results are presented in summary data of the institutions running them, for example, data on Polish Entrepreneurs Foundation (PEF) outlines all the results of sub-regional loan funds established and managed by the PEF as branch offices, such as "Gryf", "Kujawiak", "Odra" "Pomeranus" etc., or the Canadian Loan Program.

6 The largest number of funds are located in Śląskie Voivodeship (10), while the smallest number (2) operate in Opolskie Voivodeship. Between five and seven loan funds function in the remaining voivodeships. Figure 1. Number of loan funds in Table 1. Number of loan funds per voivodeship in Territorial distribution of loan funds Voivodeship: Dolnośląskie Kujawsko-Pomorskie Lubelskie Lubuskie Łódzkie Małopolskie Mazowieckie Opolskie Podkarpackie Podlaskie Pomorskie Śląskie Świętokrzyskie Warmińsko-Mazurskie Wielkopolskie Zachodniopomorskie Total:

7 Organizational and legal forms The change in the number of funds in 2012 had no impact on the structure of their organisational and legal forms. The majority are association and foundations, although the number of commercial companies is steadily growing. Figure 2. The structure of loan funds, broken down by their organisational and legal form, in (in %) The period between the previous and the current study was one of relative stability in relation to organizational change and the number of entities whose main focus of activity is the provision of loans. Loan funds have started the process of creating and developing a network of regional branches, subsidiaries or local offices providing services to clients. According to the available data, more than 50% of the funds do not have branch offices. The majority of them started their lending activities relatively late, or their accumulated equity value qualifies them as small and very small (and, consequently, they do not need to set up local branches). Entities holding a large loan capital and with broader experience in the market have been developing a network of regional branches. More than 49% (49.2%) of loan funds have at least one regional office. 31% of the total number of loan funds have one regional office, while 7.4% have more than five offices. This confirms the tendency of the disappearance of a clear division between local and regional loan funds (in terms of their reach and significance), which to a large extent was an artificial division, in a way dictated by political considerations, for instance by the "Capital for the entrepreneurial" governmental project. The latter provided for the construction of a loan fund system which consisted of 16 regional/ provincial funds (by definition, voivodeship authorities were to hold equity in the latter) and 100 local funds. According to the rules of the program, this division naturally entailed variety

8 in the value of fund recapitalization. The need of finding new sources of capital and of implementing projects on schedule, and also ensuring a timely distribution of available financing meant that the funds focused on activities that were far removed from their original area of operation. This expansion was typical of funds with large and very large loan capital. Such local funds (operating within the area a poviat(s) or one voivodeship) were transformed into regional funds (operating on the level of a voivodeship(s)) or nationally (the entire country). Notwithstanding the above, loan funds have retained their characteristic features outlined at the beginning of this paper. Table 2. Percentage structure of loan funds according to the number of local branch offices Number of local branch offices Percentage structure No branch office 50.8% One branch office 31.5% Two branch offices 2.9% Three branch offices 7.4% Over five branch offices 7.4% Total 100% Size and structure of capital At the end of 2010, total capital held by loan funds amounted to PLN 1,565,958,869.27, whereas on , total capital of loan funds amounted to PLN 1,656,943, This very large increase in capital, totalling over PLN 978 million, was the result of acquiring capital from Regional Operational Programmes (in 11 voivodeships, funds were recapitalized as part of ROP and in 5 voivodeship the JEREMIE initiative was introduced) 2. The analysis provided for the following classification of funds operating in the market: up to PLN 3 million (very small), PLN 3-10 million (small), PLN million (medium), PLN million (large) and over PLN 40 million (very large). Although at the end of 2011, the funds with less than PLN 3 million of capital accounted for more than 14% of the total number of entities, their share in the total amount of capital was just over 1%. 2 The JEREMIE program is a joint initiative of the European Commission and the European Investment Bank. The abbreviation comes from "Joint European Resources for Micro to Medium Enterprises". The idea behind this initiative is to increase the competitiveness of the European economy in the global market. The JEREMIE Investment Fund offers assistance in creating or improving the system of financing and development of SMEs through the use of financial instruments, such as loans or guarantees. These instruments may be used continuously and on a revolving basis, as opposed to aid in the form of a grant, which can be used only once.

9 Figure 3. Number of loan funds in the market according to the value of capital held by them at the end of The distribution of the number of institutions running loan funds according to value of capital held by the funds is relatively uniform. However, the structure of the value of their capital has changed considerably. Table 3. Structure of the number of funds according to the value of their capital Value of the capital up to 3 million 14.3% 3-10 million 22.7% million 22.5% million 20.2% over 40 million 20.3% Total 100% Percentage structure of the number of funds Table 4. Structure of loan funds broken down by the value of the loan capital held by them Percentage share of groups of loan fund broken down by the value of loan capital Very small (<PLN 3 million) 38.60% 30.80% 17.10% 1.11% Small ( PLN 3 million <10 million) 34.30% 27.70% 20.00% 5.58 % Medium ( PLN 10 million<20 million) 18.60% 20.00% 22.90% 12.64% Large ( PLN 20 million<40 million) 2.90% 15.40% 24.29% 22.23% Very large ( PLN 40 million) 5.70% 6.20% 15.71% 58.44% Total % % % %

10 Over the last four years, significant changes have taken place in terms of the amount of capital held by each fund category. At the end of 2011, the share of very large funds, holding more than PLN 40 million of capital, amounted to nearly 60% (58.4%) and, in comparison with the data from the end of 2010, it had increased more than threefold. Target groups of funding services The main target group (beneficiaries) of loan funds are micro, small and mediumsized enterprises from the region (voivodeship) in which a given fund s seat is located. The target group of loan funds has not changed recently: it consists of micro, small and mediumsized enterprises. Given the change in the maximum amount of the loan (up to PLN 500,000), small and medium entrepreneurs are a growing group of service beneficiaries. In 2011, there was a decline in the share of micro enterprises (from 93% to 77.3%) to the benefit of small businesses (from 6% to 17.8%), as well as in the share of medium-sized enterprises (nearly 3.8%) in the total number of clients of loan funds. Some of the funds implementing the Jeremie initiative can provide loans of up to PLN 1 million. Data collected through the questionnaires submitted by the participating funds shows that 22.2% of the total number of loans goes to start-up companies, but only 15.7% of loan capital is used to finance these loans. The remaining 84.3% is granted to companies operating in the market for more than 12 months. Figure 4. Structure of the number of loans broken down by the types of enterprises If for the sake of comparison of loan funds with other financial institutions, we assume that start-up companies (for example, as defined by banks) are companies operating for no more than two or even three years, then nearly 40% of all clients of loan funds are start-up companies. This would confirm the belief that loan funds remain the closest business partners for start-ups.

11 Figure 5.Structure of loans broken down by categories of enterprises A very important element in the development of loan funds consists in building solid relationships with clients. It turns out that more than 35% of borrowers are returning clients. This is a proof of client's satisfaction with the service, of the fact that their expectations are met, and that the services provided meet their needs. Returning clients are the best evidence confirming that the funds perform their task well. Loans granted Since their beginning until the end of 2011, loan funds granted more than 71 thousand loans with a total value of nearly PLN 2,881,000,000. The average value of a loan amounted to PLN 65,500, and it increased significantly as compared to the average value of a loan in 2010, which was PLN 38,900. A significant decrease in the number of loans serviced was observed - from 900 to 332, and the average number of newly granted loans dropped to 132. This is a result of changes in the strategy of operation of the funds and of their offer. Acquiring considerable funding from ROP and from the Jeremie initiative, increasing the maximum loan amount, and extending the period for which it is awarded (up to 96 months), allowed loan funds to grant fewer loans, but with much higher amounts and for significantly longer periods of time. Securities Loan securities remain the same as compared to previous years: the most popular forms are bills of exchange or civil law guarantee (considered sufficient in case of small loan amounts, along with mortgages). Cooperation between loan funds and guarantee funds has not improved; the main reason is that guaranteeing a loan provided by a loan fund by a guarantee fund from the same region is regarded as unacceptable double financing. Cooperation between loan funds and guarantee funds from different regions, if they use ROP funds, is prevented by the impossibility of transferring funds outside of a given voivodeship.

12 However, cooperation can and does take place when funds finance their operations with their own capital. The lowest interest rate amounted to 5.93%, even though, for example, funds implementing the Jeremie initiative provided loans with much lower interest rates (with the use of public aid). Own contribution amounted to 20% of the value of a project. Purpose and value of loans The majority of loans were granted for investment purposes (62%), investment and current operations (15.7%), as well as current operations (22.3%), with respective values of 63.7%, 15.7% and 20.6% (in the percentage structure). It is worth to mark that 65% of the funds have innovative companies in their loan portfolios. Figure 6. Structure of the number of loans broken down by their purpose Figure 7. Structure of the value loans granted broken down by their purpose

13 Loans with a value of over PLN 50,000 were the most popular group and accounted for over 78% of all loans disbursed in The value of 60% of loans range between PLN 50,000 and PLN 300,000; the value of the greatest number of loans granted ranged between PLN 120,000 and PLN 300,000. The smallest number of loans had a value of up to PLN 10,000 - they accounted only for 1% of all loans. Figure 8. Structure of loans broken down by their value Servicing the funds A statistical loan fund employs an average of 6 staff in charge of direct servicing of the borrowing process. Some of the staff employed in the fund is also involved in other services provided by the institution running the fund, such as: advisory services (45% of institutions operating loan funds), educational services (50%) and consulting services (38%). Additional proceeds from the provision of these services supplement the budget of loan funds. The average operating budget of a fund amounts to PLN 1,168, Figure 9. Structure of financing the operating budget of funds in 2011

14 As demonstrated above, loan funds rely on grants and project subsidies in the financing of their budgets to a relatively small extent, as compared to other types of institutions. Barriers to development Data analysis allowed to identify three main barriers which, in the opinion of management team members, remain the essential elements hindering the activities of loan funds. Table 5. Barriers to the development of loan funds Type of barrier Weight disadvantageous economic situation in the region, apathy and stagnation 3.1 insufficient capital 2.9 imprecise legal regulations 2.7 seekers of "easy money" 2.3 shortage of persons willing to start their own businesses 1.9 limited interest in services provided by loan funds 1.7 problems in co-operation with local and regional institutions, lack of support 1.6 difficulties in appointing a team in charge of evaluating business ventures 1.1 adverse attitude to loan funds 0.9 Disadvantageous economic situation is considered to be the main barrier, which is a significant indication of the slowing down of the future development of companies; finding new sources of capital remains an important problem for loan funds, considered by them to be an important barrier to their development. Legal regulations ranked third, as they are still not adjusted to the specific type of activity typical of loan funds.

AUTHORS: Dr. Aleksander BĄKOWSKI (editing) Marzena MAŻEWSKA (editing)

AUTHORS: Dr. Aleksander BĄKOWSKI (editing) Marzena MAŻEWSKA (editing) 1 AUTHORS: Dr. Aleksander BĄKOWSKI (editing) Marzena MAŻEWSKA (editing) Elwira KOPROWSKA-SKALSKA Jacek KOTRA Dr. Karol LITYŃSKI Marek MIKA Ewa POPIELCZAK Dr. Andrzej SIEMASZKO Małgorzata SNARSKA-ŚWIDERSKA

More information

Cohesion Policy funding opportunities for community energy initiatives in Central and Eastern Europe

Cohesion Policy funding opportunities for community energy initiatives in Central and Eastern Europe Community energy across Europe - making it happen Cohesion Policy funding opportunities for community energy initiatives in Central and Eastern Europe Markus Trilling CEE Bankwatch Network Brussels 6 October

More information

Q PL DOMAIN NAME MARKET. nask s Report for the second quarter of Alina Wiśniewska-Skura, Marzena Pastuszka

Q PL DOMAIN NAME MARKET. nask s Report for the second quarter of Alina Wiśniewska-Skura, Marzena Pastuszka Text: Alina Wiśniewska-Skura, Marzena Pastuszka Compilation of data gathered from the.pl domain name registry system: Izabela Domagała English translation: Piotr Studziński-Raczyński.PL DOMAIN NAME MARKET

More information

Ministerstwo Cyfryzacji

Ministerstwo Cyfryzacji ASM - CENTRUM BADAŃ I ANALIZ RYNKU SOCIAL AND EVALUATION RESEARCH DEPARTMENT Presentation of the survey findings: Impact of digitalization on the operation of the public administration offices in Poland

More information

Putting best agricultural practises into work

Putting best agricultural practises into work Putting best agricultural practises into work HOW CAN 48 POLISH FARMS REACH 3 000 ADVISORS AND 1 600 000 FARMERS The Baltic Deal Vision A greener agriculture for a bluer Baltic Sea driven by knowledge

More information

Selected economic factors impacting tourist travel in Poland between 2000 and 2012 and a forecast for 2013 2017

Selected economic factors impacting tourist travel in Poland between 2000 and 2012 and a forecast for 2013 2017 Geotourism 1(36) 2014: 25 32 http://dx.doi.org/10.7494/geotour.2014.36.25 Selected economic factors impacting tourist travel in Poland between 2000 and 2012 and a forecast for 2013 2017 Paweł Kućmierz,

More information

Q2 2015 .PL DOMAIN NAME MARKET NASK S REPORT FOR THE SECOND QUARTER OF 2015

Q2 2015 .PL DOMAIN NAME MARKET NASK S REPORT FOR THE SECOND QUARTER OF 2015 .PL DOMAIN NAME MARKET Q2 2015 NASK S REPORT FOR THE SECOND QUARTER OF 2015 Text and editing: Izabela Domagała, Katarzyna Sobczyk, Anna Gniadek, Paweł T. Goławski English translation: Piotr Studziński-Raczyński

More information

SPATIAL DIVERSIFICATION OF FOREIGN TOURIST TRAFFIC IN POLAND

SPATIAL DIVERSIFICATION OF FOREIGN TOURIST TRAFFIC IN POLAND INFRASTRUKTURA I EKOLOGIA TERENÓW WIEJSKICH INFRASTRUCTURE AND ECOLOGY OF RURAL AREAS Nr 2/IV/2013, POLSKA AKADEMIA NAUK, Oddział w Krakowie, s. 5 14 Komisja Technicznej Infrastruktury Wsi SPATIAL DIVERSIFICATION

More information

DETAILED DESCRIPTION OF THE PRIORITIES OF HUMAN CAPITAL OPERATIONAL PROGRAMME 2007-2013

DETAILED DESCRIPTION OF THE PRIORITIES OF HUMAN CAPITAL OPERATIONAL PROGRAMME 2007-2013 DETAILED DESCRIPTION OF THE PRIORITIES OF HUMAN CAPITAL OPERATIONAL PROGRAMME 2007-2013 Warsaw, 1 June 2009 LIST OF CONTENTS I. Information on the human capital operational programme... 8 1. Status of

More information

EUROPEAN COMMISSION. Brussels, 30.06.2009 C(2009)5363 corr.

EUROPEAN COMMISSION. Brussels, 30.06.2009 C(2009)5363 corr. EUROPEAN COMMISSION Brussels, 30.06.2009 C(2009)5363 corr. Subject: State aid N 405/2008 Regional aid scheme for investments in energy, telecommunications infrastructure, research and development infrastructure

More information

Prepared by Agnieszka Garbacz Economic Information Department Polish Information and Foreign Investment Agency S.A.

Prepared by Agnieszka Garbacz Economic Information Department Polish Information and Foreign Investment Agency S.A. The Electronics Market in Poland Prepared by Agnieszka Garbacz Economic Information Department Polish Information and Foreign Investment Agency S.A. Warsaw, October 21 The Electronics Market in Poland

More information

Marcin FELTYNOWSKI ICT CLUSTERS DIAGNOSIS IN POLAND

Marcin FELTYNOWSKI ICT CLUSTERS DIAGNOSIS IN POLAND JOURNAL Vol. 11 ( 4). December 2012 P u b l i c a t i o n o f T e r n o p i l N a t i o n a l E c o n o m i c U n i v e r s i t y 403 International Economy Marcin FELTYNOWSKI ICT CLUSTERS DIAGNOSIS IN

More information

Q NASK S REPORT FOR THE FIRST QUARTER OF PL Domain Name Market NASK S REPORT FOR THE FIRST QUARTER OF 2013

Q NASK S REPORT FOR THE FIRST QUARTER OF PL Domain Name Market NASK S REPORT FOR THE FIRST QUARTER OF 2013 NASK S REPORT FOR THE FIRST QUARTER OF 2013.PL Domain Name Market Q1 2013 Text and editing: Alina Wiśniewska-Skura Izabela Domagała Paweł T. Goławski English translation: Piotr Studziński-Raczyński All

More information

Dz. U. [Journal of Laws] 2004.167.1758

Dz. U. [Journal of Laws] 2004.167.1758 Dz. U. [Journal of Laws] 2004.167.1758 2005-10-01 amended Dz.U.2005.94.788 Article 3 2005-10-24 amended Dz.U.2005.183.1538 Article 185 2008-10-25 amended Dz.U.2008.180.1112 Article 1 2009-01-01 amended

More information

SPECIALISTS REMUNERATION ANALYSIS. Prepared for the Polish Information and Foreign Investment Agency

SPECIALISTS REMUNERATION ANALYSIS. Prepared for the Polish Information and Foreign Investment Agency SPECIALISTS REMUNERATION ANALYSIS Prepared for the Polish Information and Foreign Investment Agency Spis treści Early 2015 business tendency and labour market evaluation... 4 Raises and remuneration by

More information

Land Tenure and Land Cosolidation Land Banking and Public Land Management Prague Regional Workshop, June, 2010

Land Tenure and Land Cosolidation Land Banking and Public Land Management Prague Regional Workshop, June, 2010 Land Tenure and Land Cosolidation Land Banking and Public Land Management Prague Regional Workshop, 21-24 June, 2010 Agricultural Property Agency 00-215 Warszawa ul. Dolańskiego 2 POLAND Phone/fax: +48

More information

The regional variation of foreign direct investment in Poland

The regional variation of foreign direct investment in Poland Scientific Journal Warsaw University of Life Sciences SGGW Problems of World Agriculture volume 14 (XXIX), number 4, 2014: 83 91 Elżbieta Kacperska 1 Department of Agricultural Economics and International

More information

34th month summary 30.08.2013

34th month summary 30.08.2013 34th month summary 30.08.2013 Projekt realizowany przy wsparciu finansowym instrumentu finansowego LIFE+ Komisji Europejskiej oraz Narodowego Funduszu Ochrony Środowiska i Gospodarki Wodnej Project cofinanced

More information

Senior loan officer opinion survey. on bank lending practices and credit conditions 3 rd quarter 2015

Senior loan officer opinion survey. on bank lending practices and credit conditions 3 rd quarter 2015 Senior loan officer opinion survey on bank lending practices and credit conditions 3 rd quarter 2015 Senior loan officer opinion survey on bank lending practices and credit conditions 3 rd quarter 2015

More information

Economic aspects of small biogas plants and financial support mechanisms in Poland Anna Oniszk-Popławska EC BREC IEO

Economic aspects of small biogas plants and financial support mechanisms in Poland Anna Oniszk-Popławska EC BREC IEO Economic aspects of small biogas plants and financial support mechanisms in Poland Anna Oniszk-Popławska EC BREC IEO Baltic Manure turning manure problems into business opportunities 23th November 2011

More information

JEREMIE. for financial institutions

JEREMIE. for financial institutions 24 JEREMIE for financial institutions 24 Ladies and Gentlemen, It is with great satisfaction that I bring to you this publication, which presents our Partners involved in the implementation of the JEREMIE

More information

ANNUAL REPORT OF BANK DnB NORD POLSKA SA FOR THE YEAR 2012

ANNUAL REPORT OF BANK DnB NORD POLSKA SA FOR THE YEAR 2012 ANNUAL REPORT OF BANK DnB NORD POLSKA SA FOR THE YEAR 2012 BANK DnB NORD POLSKA SA MEMBER OF DNB Contents About the Bank and the DNB Group 3 Financial performance of Bank DnB NORD Polska SA for the year

More information

REPORT ON THE CONDITION OF SMALL AND MEDIUM-SIZED ENTERPRISE SECTOR IN POLAND IN 2011-2012

REPORT ON THE CONDITION OF SMALL AND MEDIUM-SIZED ENTERPRISE SECTOR IN POLAND IN 2011-2012 REPORT ON THE CONDITION OF SMALL AND MEDIUM-SIZED ENTERPRISE SECTOR IN POLAND IN 2011-2012 selected chapters from the complete version of the Report available in Polish PARP, 2013 Report on the condition

More information

Labour market and employment issues. www.segel.pl

Labour market and employment issues. www.segel.pl Labour market and employment issues Contents of Presentation About myself About Segel Polska Sp. Z o.o. The concept of salary reports Salaries in Western Pomerania compared with Poland Employment costs

More information

EU-Japan Centre for Industrial Cooperation. Dr. Silviu Jora, General Manager

EU-Japan Centre for Industrial Cooperation. Dr. Silviu Jora, General Manager EU-Japan Centre for Industrial Cooperation Dr. Silviu Jora, General Manager Origins and Mission 1987: the Centre was established as a EC-METI joint venture (joint budget, joint programme, joint management)

More information

ADVANTAGES AND DISADVANTAGES OF MICRO, SMALL AND MEDIUM COMPANIES

ADVANTAGES AND DISADVANTAGES OF MICRO, SMALL AND MEDIUM COMPANIES AND DISADVANTAGES OF MICRO, SMALL AND MEDIUM COMPANIES Publication co-funded by the European Union under the European Social Fund. AND DISADVANTAGES OF MICRO, SMALL AND MEDIUM COMPANIES December 2011 /

More information

NGOs in Poland Basic facts

NGOs in Poland Basic facts NGOs in Poland Basic facts Based on research 2004 Klon/Jawor Association Warsaw 2004 Klon/Jawor Association, 5/5 Szpitalna str., 00-031 Warsaw, Poland Tel. (48 22) 828 91 28, fax (48 22) 828 91 29, klon@klon.org.pl

More information

The impact of digitization on the operation of public administration offices in Poland in 2014

The impact of digitization on the operation of public administration offices in Poland in 2014 The impact of digitization on the operation of public offices in Poland in 2014 December 2014 Table of contents 2 PROJECT INFORMATION 3 Electronic invoices 28 MAIN FINDINGS 9 Computer literacy 33 III SURVEY

More information

Priority axis II SUPPORT FOR THE ENVIRONMENT AND CAPACITY OF ENTERPRISE FOR R&D&I ACTIVITY... 53

Priority axis II SUPPORT FOR THE ENVIRONMENT AND CAPACITY OF ENTERPRISE FOR R&D&I ACTIVITY... 53 Table of contents 1. STRATEGY FOR THE OPERATIONAL PROGRAMME S CONTRIBUTION TO THE UNION STRATEGY FOR SMART, SUSTAINABLE AND INCLUSIVE GROWTH AND TO THE ACHIEVEMENT OF ECONOMIC, SOCIAL AND TERRITORIAL COHESION...

More information

POLISH INFORMATION AND FOREIGN INVESTMENT AGENCY INFORMATION TECHNOLOGY SECTOR IN POLAND

POLISH INFORMATION AND FOREIGN INVESTMENT AGENCY INFORMATION TECHNOLOGY SECTOR IN POLAND POLISH INFORMATION AND FOREIGN INVESTMENT AGENCY Foto: Alexander Raths Fotolia.com INFORMATION TECHNOLOGY SECTOR IN POLAND IT Sector worldwide There are several trends which may be observed on the global

More information

Family Businesses and the Polish Economy Opportunities and Challenges

Family Businesses and the Polish Economy Opportunities and Challenges Family Businesses and the Polish Economy Opportunities and Challenges Project co-financed by the European Union under the European Social Fund, commissioned by the Human Resources Development Unit (PAED).

More information

2015 EX-POST EVALUATION

2015 EX-POST EVALUATION 2015 EX-POST EVALUATION Of the project entitled Enhancement of regional competitiveness through Corporate Social Responsibility measures FINAL REPORT Evaluation conducted by: PREPARED BY: Aleksandra Stanek-Kowalczyk

More information

Support for business in Poland, Russia and Romania

Support for business in Poland, Russia and Romania Zeszyty Naukowe DWSPiT. Studia z Nauk Społecznych, 2014 (7), s. 93 117 Zdzisław Pólkowski Andreea-Cătălina Maria Support for business in Poland, Russia and Romania 1. Introduction To start or develop a

More information

R&D Expenditures in Poland. Voivodship Perspective

R&D Expenditures in Poland. Voivodship Perspective Barometr Regionalny Tom 12 nr 2 R&D Expenditures in Poland. Voivodship Perspective Aleksandra Zygmunt Opole University of Technology, Poland Abstract The main purpose of the paper is R&D expenditures analysis

More information

Polish Agency for Enterprise Development

Polish Agency for Enterprise Development 2012 Polish Agency for Enterprise Development We support good governance Management is an imposition of order on chaos Henry M. Boettinger The Polish Agency for Enterprise Development (PARP) is a state

More information

PROGRAMMING: vision of the region MAŁOPOLSKA

PROGRAMMING: vision of the region MAŁOPOLSKA PROGRAMMING: vision of the region MAŁOPOLSKA a region full of opportunities, promoting the comprehensive development of its people and a modern economy; deriving its strength from the activity of its inhabitants,

More information

Europe is one of the highest developed regions of the

Europe is one of the highest developed regions of the Introduction Having become a member of the Union, Poland again takes a prominent place in Europe. The EU policies and the accompanying financial support accelerate its economic modernisation, promoting

More information

The unemployed the untapped resources of Polish economy

The unemployed the untapped resources of Polish economy Study of Human Capital in Poland 2011 Report from a survey of unemployed conducted in 2010 as part of Study of Human Capital in Poland The unemployed the untapped resources of Polish economy Konrad Turek

More information

POLISH LOAN GUARANTEE SYSTEM

POLISH LOAN GUARANTEE SYSTEM POLISH LOAN GUARANTEE SYSTEM 1 SME in Polish Economy 99.78% of all enterprises 96.28% of them are micro-enterprises generate of 49.4% of GDP employ 66.4% of all working people have 64.2% share in sale

More information

FunduszeEuropejskieszansą

FunduszeEuropejskieszansą FunduszeEuropejskieszansą rozwojupwpolsce SPISTREŚCI 1 Wstęp 2 Funduszeunijnenarealizacjęzadańpublicznych 3 Partnerstwopubliczno-prywatnewPolsceinaświecie x x x 4 Projektymieszaneczyli Pwpowiązaniuzfunduszamieuropejskimi

More information

European Investment Bank Handbook for Beneficiaries JESSICA Projects eligible under Measure 1.6 of the Regional Operational Programme of

European Investment Bank Handbook for Beneficiaries JESSICA Projects eligible under Measure 1.6 of the Regional Operational Programme of www.pwc.com 20 September 2012 European Investment Bank Handbook for Beneficiaries JESSICA Projects eligible under Measure 1.6 of the Regional Operational Programme of Mazowieckie Voivodeship 2007-2013

More information

Management Board Report of the Alior Bank S.A. Group for the first half of 2014

Management Board Report of the Alior Bank S.A. Group for the first half of 2014 Management Board Report of the Alior Bank S.A. Group for the first half of 2014 Table of contents I. Summary of Alior Bank's operations in the 1st half of 2014... 4 Major business initiatives executed

More information

ACT. of 30 April on the Principles of Financing Science. (Journal of Laws [Dz. U.] of 4 June 2010) Chapter 1. General Provisions

ACT. of 30 April on the Principles of Financing Science. (Journal of Laws [Dz. U.] of 4 June 2010) Chapter 1. General Provisions Journal of Laws [Dz. U.] No. 96/2010, Item 615 2011-10-01 amended by Journal of Laws [Dz. U.] No. 84/2011, Item 455 Article 13 2012-01-01 amended by Journal of Laws [Dz. U.] No. 185/2011, Item 1092 Article

More information

FunduszeEuropejskieszansą

FunduszeEuropejskieszansą FunduszeEuropejskieszansą rozwojupwpolsce P ProjektrealizowanywramachkonkursudotacjiorganizowanegoprzezMinisterstwoRozwojuRegionalnego, współfinansowanegoześrodkówunieuropejskiejwramachprogramuoperacyjnegopomoctechniczna

More information

FunduszeEuropejskieszansą

FunduszeEuropejskieszansą FunduszeEuropejskieszansą rozwojupwpolsce P ProjektrealizowanywramachkonkursudotacjiorganizowanegoprzezMinisterstwoRozwojuRegionalnego, współfinansowanegoześrodkówunieuropejskiejwramachprogramuoperacyjnegopomoctechniczna

More information

POLISH INFORMATION AND FOREIGN INVESTMENT AGENCY. The Golden Sites 2008 Presentation of the top 16 investment sites in Poland

POLISH INFORMATION AND FOREIGN INVESTMENT AGENCY. The Golden Sites 2008 Presentation of the top 16 investment sites in Poland POLISH INFORMATION AND FOREIGN INVESTMENT AGENCY The Golden Sites 2008 Presentation of the top 16 investment sites in Poland Finalists of the III edition of Poland s National Competition Grounds for medal

More information

Q4 2014 .PL DOMAIN NAME MARKET NASK S REPORT FOR THE FOURTH QUARTER OF 2014

Q4 2014 .PL DOMAIN NAME MARKET NASK S REPORT FOR THE FOURTH QUARTER OF 2014 Q4 2014.PL DOMAIN NAME MARKET NASK S REPORT FOR THE FOURTH QUARTER OF 2014 Text and editing: Izabela Domagała, Anna Gniadek, Paweł T. Goławski English translation: Piotr Studziński-Raczyński All the information

More information

WARSAW SCHOOL OF ECONOMICS

WARSAW SCHOOL OF ECONOMICS WARSAW SCHOOL OF ECONOMICS mgr Ewelina Florczak The summary of doctoral dissertation THE TITLE SOCIAL ENTERPRISE IN LOCAL ENVIRONMENT 1 Rationale topic A social enterprise as a business entity is subject

More information

Pharmaceutical and Biotechnological Sector in Poland

Pharmaceutical and Biotechnological Sector in Poland Pharmaceutical and Biotechnological Sector in Poland Economic Information Department Polish Information and Foreign Investment Agency Warsaw 2011 The pharmaceutical and biotechnological sector is considered

More information

OPEN PENSION FUNDS MARKET

OPEN PENSION FUNDS MARKET POLISH FINANCIAL SUPERVISION AUTHORITY OPEN PENSION FUNDS MARKET IN 2006 Pension Investments Supervision Department Warsaw 2007 OPEN PENSION FUNDS MARKET IN 2006 Table of Contents: Introduction...3 Effectiveness

More information

SME LOANS UNDER THE JEREMIE FLPG FINANCIAL INSTRUMENT

SME LOANS UNDER THE JEREMIE FLPG FINANCIAL INSTRUMENT SME LOANS UNDER THE JEREMIE FLPG FINANCIAL INSTRUMENT GENERAL INFORMATION This publication has been produced with the assistance of Operational Programme Development of the Economy 2007-2013, co-financed

More information

Polish Information and Foreign Investment Agency. The Golden Sites 2007

Polish Information and Foreign Investment Agency. The Golden Sites 2007 The Golden Sites 2007 Finalists of edition II of Poland s Nationwide Competition Grounds for a medal 2007 Zachodniopomorskie Voivodship Goleniów Kujawsko-pomorskie Voivodship Toruń Pomorskie Voivodship

More information

SMEs access to finance survey 2014

SMEs access to finance survey 2014 EUROPEAN COMMISSION MEMO Brussels, 12 November 2014 SMEs access to finance survey 2014 This memo outlines the results of a survey undertaken by the European Commission to provide policy makers with evidence

More information

Labour market and human resources in Małopolska

Labour market and human resources in Małopolska 1 Labour market and human resources in Małopolska We are very pleased to present to you this report on the labour market and human resources in Małopolska and the city of Kraków. This study has been undertaken

More information

Ministry of Agriculture and Rural Development. RURAL DEVELOPMENT PROGRAMME for 2007-2013 (RDP 2007-2013)

Ministry of Agriculture and Rural Development. RURAL DEVELOPMENT PROGRAMME for 2007-2013 (RDP 2007-2013) Ministry of Agriculture and Rural Development RURAL DEVELOPMENT PROGRAMME for 2007-2013 (RDP 2007-2013) Warsaw, July 2007 1 1. TITLE...6 2. MEMBER STATE...6 2.1. GEOGRAPHICAL AREA COVERED BY THE PROGRAMME...

More information

Q1 2012. Manpower. Employment Outlook Survey Poland. A Manpower Research Report

Q1 2012. Manpower. Employment Outlook Survey Poland. A Manpower Research Report Manpower Q1 212 Employment Outlook Survey A Manpower Research Report Manpower Employment Outlook Survey Contents Q1/12 Employment Outlook 1 Regional Comparisons Sector Comparisons Global Employment Outlook

More information

Promoting Economic and Social Cohesion in Europe

Promoting Economic and Social Cohesion in Europe Promoting Economic and Social Cohesion in Europe The EIB helps to deliver growth, jobs and cohesion in Europe by supporting the implementation of EU regional policy. Through a mixture of loans and advisory

More information

Who educates us when the school is over?

Who educates us when the school is over? Study of Human Capital in Poland 2011 Report from a survey of training firms and institutions, supplemented with the results of studies of general population and employers conducted in 2010 as part of

More information

Students the future force of Polish economy

Students the future force of Polish economy Study of Human Capital in Poland 2011 Report from a survey of the students of higher education and analysis of fields of education conducted in 2010 as part of Study of Human Capital in Poland Students

More information

Half Year Report 2009

Half Year Report 2009 Half Year Report 2009 Oliver Borrmann Andreas van Bon Ralph Günther Dear shareholders and business partners, The second quarter of 2009 failed to bring an upturn in our business of venture capital direct

More information

Poland s secondary education: future employees in the making

Poland s secondary education: future employees in the making Study of Human Capital in Poland 2011 Report from a survey of students of upper secondary s and analysis of fields of education conducted in 2010 as part of Study of Human Capital in Poland Poland s secondary

More information

1 st. Annual Greek Roadshow. London, September 20-21, 21, 2006

1 st. Annual Greek Roadshow. London, September 20-21, 21, 2006 1 st Annual Greek Roadshow London, September 20-21, 21, 2006 History - Profile 1925 1964 1997 2001 2003 Founding Year Part of Emporiki Bank Group, Initial Public Offering (ASE) Major change in Shareholders

More information

SCIENTIFIC JOURNAL. NR 801 SERVICE MANAGEMENT Vol. 12 2014

SCIENTIFIC JOURNAL. NR 801 SERVICE MANAGEMENT Vol. 12 2014 SCIENTIFIC JOURNAL NR 801 SERVICE MANAGEMENT Vol. 12 2014 Magdalena Ławicka Szczecin University UNIVERSITY and BUSINESS COOPERaTION IN POlaND abstract Nowadays, a close cooperation between science and

More information

Absorption of EU Funds in the Context of Polish Enterprises Competitiveness Measured by Profitability Ratios

Absorption of EU Funds in the Context of Polish Enterprises Competitiveness Measured by Profitability Ratios Quarterly Journal OeconomiA copernicana 2015 Volume 6 Issue 1, March p-issn 2083-1277, e-issn 2353-1827 www.oeconomia.pl Wildowicz-Giegiel, A., & Wyszkowski, A. (2015). Absorption of EU Funds in the Context

More information

9 ACCESS TO CAPITAL FOR YORK REGION SMALL BUSINESSES

9 ACCESS TO CAPITAL FOR YORK REGION SMALL BUSINESSES 9 ACCESS TO CAPITAL FOR YORK REGION SMALL BUSINESSES The Planning and Economic Development Committee recommends the adoption of the recommendation contained in the following report dated May 19, 2009,

More information

AL 98-9 Subject: Access to Financing for Minority Small Businesses Date: July 15, 1998

AL 98-9 Subject: Access to Financing for Minority Small Businesses Date: July 15, 1998 AL 98-9 Subject: Access to Financing for Minority Small Businesses Date: July 15, 1998 TO: Chief Executive Officers of all National Banks, Department and Division Heads, and all Examining Personnel PURPOSE

More information

Importance of SMEs and the Role of Public Support in Promoting SME Development

Importance of SMEs and the Role of Public Support in Promoting SME Development Creating A Conducive Legal & Regulatory Framework for Small and Medium Enterprise Development in Russia A Policy Dialogue Workshop, St. Petersburg, Russia September 14-16, 2003 Importance of SMEs and the

More information

Key Data on the. Authors: dus.org

Key Data on the. Authors: dus.org Key Data on the Scale of Microlending in the U.S. February 2011 Authors: William Girardo, Research Associate Elaine L. Edgcomb, Director 1 Dupont Circle, NW, Suite 700 Washington, DC 20036 Website: www.field

More information

BANK OCHRONY ŚRODOWISKA S.A. WARSZAWA, UL. ŻELAZNA 32 FINANCIAL STATEMENTS FOR THE 2014 FINANCIAL YEAR WITH AUDITOR S OPINION AND AUDIT REPORT

BANK OCHRONY ŚRODOWISKA S.A. WARSZAWA, UL. ŻELAZNA 32 FINANCIAL STATEMENTS FOR THE 2014 FINANCIAL YEAR WITH AUDITOR S OPINION AND AUDIT REPORT WARSZAWA, UL. ŻELAZNA 32 FINANCIAL STATEMENTS FOR THE 2014 FINANCIAL YEAR WITH AUDITOR S OPINION AND AUDIT REPORT TABLE OF CONTENTS AUDITOR S OPINION... 3 REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS

More information

Merger of BZ WBK and Kredyt Bank February 2012

Merger of BZ WBK and Kredyt Bank February 2012 1 Merger of BZ WBK and Kredyt Bank February 2012 Disclaimer 2 This Investor Presentation contains forward-looking statements. These forward looking statements are found in various places throughout this

More information

CASE STORY ON GENDER DIMENSION OF AID FOR TRADE. Banking on Women Pays Off: Creating Opportunities for Women Entrepreneurs

CASE STORY ON GENDER DIMENSION OF AID FOR TRADE. Banking on Women Pays Off: Creating Opportunities for Women Entrepreneurs CASE STORY ON GENDER DIMENSION OF AID FOR TRADE Banking on Women Pays Off: Creating Opportunities for Women Entrepreneurs Banking on Women Pays Off Creating Opportunities for Women Entrepreneurs International

More information

Labour market and human resources in Kraków and Małopolska

Labour market and human resources in Kraków and Małopolska Labour market and human resources in Kraków and Małopolska 1 Table of contents General characteristics of labor market in Małopolska (2010/2011)... 2 Recruitment of employees - legal issues... 3 Employment

More information

Final report summary

Final report summary Final report summary The evaluation research on the status of preparation of local government units to apply for funding from the Regional Operational Program (ROP) for Lower Silesia Voivodship 2007 2013

More information

Barriers of foreign investment attractiveness in the podkarpackie region in the opinion of joint venture companies

Barriers of foreign investment attractiveness in the podkarpackie region in the opinion of joint venture companies Barriers of foreign investment attractiveness in the podkarpackie region... 191 Dr inż. Katarzyna Puchalska Chair of Theory of Economics and International Relationships University of Rzeszów Barriers of

More information

POLAND POLAND RURAL DEVELOPMENT PROJECT. Closing Project Management Report no. 19

POLAND POLAND RURAL DEVELOPMENT PROJECT. Closing Project Management Report no. 19 POLAND POLAND RURAL DEVELOPMENT PROJECT Closing Project Management Report no. 19 (April 1, 2005 August 31, 2005) Foundation of Assistance Programmes for Agriculture Address: ul. Wspólna 30 00-930 Warszawa

More information

Bank Zachodni WBK Group Results 2013. 30th January, 2014

Bank Zachodni WBK Group Results 2013. 30th January, 2014 Bank Zachodni WBK Group Results 2013 30th January, 2014 Bank Zachodni WBK S.A. ("BZ WBK") cautions that this presentation contains forward-looking statements. These forward-looking statements are found

More information

Manpower Q Employment Outlook Survey Poland

Manpower Q Employment Outlook Survey Poland Manpower Q2 2012 Employment Outlook Survey Manpower Employment Outlook Survey Contents Q2/12 Employment Outlook 1 Regional Comparisons Sector Comparisons Global Employment Outlook 9 International Com parisons

More information

REVIEW OF THE SURVEY OF ENTERPRISES ON BUSINESS FINANCING. Second half

REVIEW OF THE SURVEY OF ENTERPRISES ON BUSINESS FINANCING. Second half + REVIEW OF THE SURVEY OF ENTERPRISES ON BUSINESS FINANCING 2016 2013 Q1 REVIEW OF THE SURVEY OF ENTERPRISES ON BUSINESS FINANCING Second half ISSN 2424-4791 (ONLINE) REVIEW OF THE SURVEY OF ENTERPRISES

More information

grants for innovation Grants for innovation

grants for innovation Grants for innovation grants for innovation Grants for innovation Innovative Economy, 2007-2013 The Operational Programme Innovative Economy, 2007-2013 (OP IE) is one of the six National Strategic Reference Framework programmes

More information

INTERNATIONAL INVESTMENT BANK. Risk Management Strategy

INTERNATIONAL INVESTMENT BANK. Risk Management Strategy INTERNATIONAL INVESTMENT BANK Risk Management Strategy 2013 1 Contents I. GENERAL... 3 II. RISK MANAGEMENT SYSTEM... 3 III. RISK PROFILE... 4 IV. RISK CLASSIFICATION... 5 V. RISK APPETITE... 5 2 I. GENERAL

More information

The socio-economic structure of the non-farming rural population in Poland

The socio-economic structure of the non-farming rural population in Poland INSTITUTE OF AGRICULTURAL AND FOOD ECONOMICS NATIONAL RESEARCH INSTITUTE The socio-economic structure of the non-farming rural population in Poland no 82.1 Warsaw 2007 Alina Sikorska Paweł Chmieliński

More information

in business and in decision-making A SURVEY on women entrepreneurs

in business and in decision-making A SURVEY on women entrepreneurs in business and in decision-making A SURVEY on women entrepreneurs Table of contents 3 4 4 5 12 12 13 14 16 17 0 INTRODUCTION 0 ANALYSIS OF THE RESULTS Type of Enterprises Profile of the business woman

More information

The Broadband Network in Eastern Poland (SSPW) Project. Warsaw, 29th November 2013

The Broadband Network in Eastern Poland (SSPW) Project. Warsaw, 29th November 2013 2013 The Broadband Network in Eastern Poland (SSPW) Project Warsaw, 29th November 2013 Scope of the Broadband Network for Eastern Poland (SSPW)project: 5 regional core and distribution networks in Eastern

More information

Prepared by Mikołaj Rogiński Economic Information Department Polish Information and Foreign Investment Agency S.A.

Prepared by Mikołaj Rogiński Economic Information Department Polish Information and Foreign Investment Agency S.A. The Machinery Sector in Poland Prepared by Mikołaj Rogiński Economic Information Department Polish Information and Foreign Investment Agency S.A. Warsaw, October 2010 The Machinery Sector in Poland ::

More information

Cluster Benchmarking in Poland Edition 2014

Cluster Benchmarking in Poland Edition 2014 0 Cluster Benchmarking in Poland Edition 0 General Report Bogusław Plawgo Cluster Benchmarking in Poland Edition 0 Report Warsaw 0 The project Cluster Benchmarking in Poland Edition 0 is financed by the

More information

The Use of Leasing Amongst European SMEs Executive Summary November 2011 A report prepared for Leaseurope

The Use of Leasing Amongst European SMEs Executive Summary November 2011 A report prepared for Leaseurope The Use of Leasing Amongst European SMEs Executive Summary A report prepared for Leaseurope With the support of Executive Summary This report, written by Oxford Economics for Leaseurope, the federation

More information

EMPLOYMENT CREATION VISAS (PERMANENT INVESTOR VISAS) EB-5

EMPLOYMENT CREATION VISAS (PERMANENT INVESTOR VISAS) EB-5 12000 Biscayne Boulevard Suite 106 Miami, Florida 33181 Phone (305) 895-0300 Fax (305) 895-0306 EMPLOYMENT CREATION VISAS (PERMANENT INVESTOR VISAS) EB-5 CHECKLIST OF DOCUMENTS REQUIRED TO SUPPORT EMPLOYMENT

More information

The Principles of Property Purchasing by Foreigners in Poland**

The Principles of Property Purchasing by Foreigners in Poland** GEOMATICS AND ENVIRONMENTAL ENGINEERING Volume 1 Number 3 2007 El bieta Jasi ska*, Joanna Klajn* The Principles of Property Purchasing by Foreigners in Poland** 1. Introduction The Polish real estate market

More information

Administration Announces New Small Business Commercial Real Estate and Working Capital Programs

Administration Announces New Small Business Commercial Real Estate and Working Capital Programs Fact Sheet Administration Announces New Small Business Commercial Real Estate and Working Capital Programs President Obama announced today two new small business lending initiatives to help increase access

More information

Business Organizations

Business Organizations 7 A wide variety of legal arrangements may be used to carry on business activity in Canada. Some of the more commonly used arrangements are corporations, limited partnerships, partnerships, trusts, co-ownerships,

More information

CONSOLIDATED TEXT OF ARTICLES OF ASSOCIATION OF CYFROWY POLSAT SPÓŁKA AKCYJNA SEATED IN WARSAW

CONSOLIDATED TEXT OF ARTICLES OF ASSOCIATION OF CYFROWY POLSAT SPÓŁKA AKCYJNA SEATED IN WARSAW CONSOLIDATED TEXT OF ARTICLES OF ASSOCIATION OF CYFROWY POLSAT SPÓŁKA AKCYJNA SEATED IN WARSAW (consolidated text with amendments implemented on January 16, 2015, adopted by the Supervisory Board in resolution

More information

Fortis Bank Polska S.A.

Fortis Bank Polska S.A. OPINION OF THE INDEPENDENT AUDITOR AND REPORT SUPPLEMENTING THE OPINION ON THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2004 OPINION OF THE INDEPENDENT AUDITOR To the General Meeting

More information

It is worth investing here 2015-03-29 17:51:30

It is worth investing here 2015-03-29 17:51:30 It is worth investing here 2015-03-29 17:51:30 2 In the Łódź voivodeship there are a lot of institutions supporting domestic and foreign investors. Among others, they include: the Regional Investors and

More information

What are the programme priorities? What is CENTRAL EUROPE? CENTRAL EUROPE provides funding for cooperation projects covering four thematic areas:

What are the programme priorities? What is CENTRAL EUROPE? CENTRAL EUROPE provides funding for cooperation projects covering four thematic areas: What is CENTRAL EUROPE? What are the programme priorities? CENTRAL EUROPE is a new EU programme that encourages transnational cooperation among the countries of Central Europe to improve innovation, accessibility

More information

SME Finance Monitor. Q3 2014: Management Summary. An independent report by BDRC Continental, November 2014. providing intelligence

SME Finance Monitor. Q3 2014: Management Summary. An independent report by BDRC Continental, November 2014. providing intelligence SME Finance Monitor Q3 2014: Management Summary An independent report by BDRC Continental, November 2014 providing intelligence Shiona Davies Director Tel: 020 7490 9124 shiona.davies@bdrc-continental.com

More information

THE ACCESS TO FINANCE IN MOLDOVA - BANKING COMPARED TO MICROFINANCE ORGANIZATIONS

THE ACCESS TO FINANCE IN MOLDOVA - BANKING COMPARED TO MICROFINANCE ORGANIZATIONS THE ACCESS TO FINANCE IN MOLDOVA - BANKING COMPARED TO MICROFINANCE ORGANIZATIONS Viorica POPA, PhD Student Abstract The objective of this article is the comparative analysis of the banking sector with

More information

ARTICLES OF ASSOCIATION OF QUMAK JOINT-STOCK COMPANY I. GENERAL PROVISIONS

ARTICLES OF ASSOCIATION OF QUMAK JOINT-STOCK COMPANY I. GENERAL PROVISIONS Appendix No 1 to the Resolution No 13 of the General Meeting of 11 June 2015 (Consolidated text) ARTICLES OF ASSOCIATION OF QUMAK JOINT-STOCK COMPANY I. GENERAL PROVISIONS 1 1. The name of the Company

More information

Commonwealth Caribbean Regional Conference. Investing in Youth Exploring Strategies for Sustainable Employment. Financing and Financial Mechanisms

Commonwealth Caribbean Regional Conference. Investing in Youth Exploring Strategies for Sustainable Employment. Financing and Financial Mechanisms Commonwealth Caribbean Regional Conference Investing in Youth Exploring Strategies for Sustainable Employment Financing and Financial Mechanisms Presented by Ian Chinapoo May 25 th, 2011 Outline: Background

More information

The assessment of Getin Noble Bank S.A. situation including the assessment of the internal control system

The assessment of Getin Noble Bank S.A. situation including the assessment of the internal control system The assessment of Getin Noble Bank S.A. situation including the assessment of the internal control system and the risk management system essential for the Company made by the Supervisory Board of Getin

More information