DIFFERENTIATION OF THE EUROPEAN INSURANCE MARKET (Polish example)

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "DIFFERENTIATION OF THE EUROPEAN INSURANCE MARKET (Polish example)"

Transcription

1 Aniela Mikulska Department of Management and Economics Technical University of Gdańsk DIFFERENTIATION OF THE EUROPEAN INSURANCE MARKET (Polish example) 1. Introduction The 2004 enlargement of the European Union by another 10 member countries introduced a change in the quality of Europe s economic relations. The integration of social, political and economic spheres of life entailed a number of consequences, such as the possibility of direct comparisons of living standards across member countries or effectiveness of legal regulations. It also helped to devise and implement programmes aimed at narrowing the civilization gap between the old 15 EU countries and the new members 1. As part of any economy s financial system, the insurance market plays a significant part in stimulating economic growth. Its effective functioning within the EU will facilitate introducing the idea of Uniform Insurance Market. The present state of affairs, however, shows a substantial diversity in the development of the insurance market among the EU member countries. 2. Insurance market s influence on economic growth On the initiative of the CEA 2, the federation of insurers and reassurers, a report was issued in 2006 concerning the active role of the insurance sector in stimulating economy and employment 3. The report presents, in a multifaceted way, the possibilities of applying the insurance system s functions in compliance with the principles of the strategy. The focus is both on engaging the financial markets of the countries involved, together with their legal systems, and also in the microeconomic dimension on ways of effective use of the financial surplus owned by households and enterprises. The extensive cooperation between the private insurance sector and public institutions, stipulated in the report, may contribute to curbing the negative effects of the current social and economic trends. One of such trends is, for example, the ageing societies of highly developed countries, which, combined with the growing inefficiency of the existing pension schemes, results in decreasing economic growth. Economic growth is stimulated by the insurance sector by 4 : improving the financial standing of enterprises under insurance protection; influencing entrepreneurs attitudes by encouraging innovative solutions and competitiveness-oriented investment; creating offers of life, old age or health insurances to significantly relieve the public sector; accumulation of capital; efficiently and without endangering the liquidity of the entrusted assets, an institutional investor is there to mobilize the financial potential necessary for functioning and development of economy (access to credit); 1 1st January 2007 the EU was also joined by Bulgaria and Romania 2 European Insurance and Reinsurance Federation 3 CEA, Insurance sector s contribution to economic growth and employment in EU (2006); original report on: Polish version on: 4 CEA, op. cit., s. 8

2 promoting the idea of risk management, educational activities aimed at raising people s insurance awareness; encouraging stable, long-term consumption (developing trust in the future by safeguarding against possible effects of unfortunate events). In its final part, the report enumerates macro and microeconomic objectives to be met in order to make the EU economy competitive to the USA. This list is preceded by suggestions to politicians responsible, among other issues, for the scope of legal regulations imposed in particular member states that often tend to hamper the development of the insurance sector. Furthermore, the reports mentions research results showing a clear relation between the level of the insurance market and the developing potential of economy Poland as an example of a poorly developed insurance market within the Union The situation of insurance markets varies largely across the member states. It is the Union s policy to give a lot of attention to regional politics, and in the future the question of the insurance sector influencing the country s potential must be addressed. Poland was chosen as an example of an economy showing a low level of the insurance sector development. It is visibly outdistanced by the average index noted in the highly developed economies, often referred to as the old fifteen. Poland s accession partners of 2004 are in a similar situation. The insignificance of the new members contribution to the European insurance market is presented in graph 1. period from June insurances section II insurances section I May mln USD Graph 1. Gross premium of EU member states by sections (w USD m). Source: Szewieczek D., Wieczorek M.: Sektor ubezpieczeń gospodarczych jako ogniwo systemu finansowego w wybranych krajach Unii Europejskiej. [in:] Ubezpieczenia. Red. T. Szumlicz, SGH, Warszawa 2005, s. 25 The situation depicted in the graph (i.e. only minor changes in the collected premium value despite the substantial increase in the European insurance market following the ten new accessions) provokes comparing the results achieved by the 15 directly to the data of particular developing markets, as the average results of the 25 member states are considerably lowered by the scores of the new members. 5 CEA, op. cit., s. 7

3 An attempt at unifying the 2005 data for the EU and other OECD countries with the data acquired in previous years failed due to the fact that many published materials contain information expressed in different currencies (USD or Euro). Apart from that, there is the problem with identifying the real indices for 2004, as the integration took place in the middle of the accounting (calendar) year, and even earlier the accession perspective had undoubtedly a meaningful impact on the markets of the EU candidates. Regrettably, the data published in the PIU 6 report referred to a large extent to the period, which made no supplementing possible. These arguments suggest the need for using, for the purposes of this study, the 2003 data of the old EU countries to provide a background for presenting the current state of affairs in the new members insurance markets, with Poland as an example. Poland, The Czech Republic and Hungary are similar member states in terms of insurance market parameters. In comparative analyses, one of the most commonly used indices is the penetration index that specifies relations between the gross imputed premium and the GNP of the countries in question. This index for EU countries before its enlargement, in 2003, was around 9 per cent, while only 3 per cent in Poland. Poland s situation was not much different from that of the other EU candidates a similar penetration index was noted in Hungary and Slovakia, and in The Czech Republic it was higher 7. According to OECD, in 2004 the penetration index in the UE-15 countries equalled 8,8 per cent, and on average 3.5 per cent for the UE-10 group 8. Poland s results are close to this average both in 2004 and 2005: 3 and 3,25 per cent respectively 9. The average share of property (non-life) insurance premium in the GNP of the richest EU states was in per cent, while for the ten new accessions it was on the level of 2.1 per cent 10. The data collected by KNUiFE for Poland indicate its share at 1.62 per cent in 2004 and 1.69 in The penetration index for sector I (life) insurances is 5.4 per cent for the EU-15, and 1.4 per cent for the EU-10. Its Polish equivalent was 1.38 per cent in 2004 and 1.55 per cent in ,55 1,38 1,69 1,62 premium share in GNP - section I premium share in GNP - section II ,33 1,61 0 0,5 1 1,5 2 2,5 3 3,5 Graph 2. Premium s share in Poland s GNP in (in per cent) Source: KNUiFE 6 Polish Insurance Chamber: ; 7 Szewieczek D., Wieczorek M.: Sektor ubezpieczeń gospodarczych jako ogniwo systemu finansowego w wybranych krajach Unii Europejskiej. [in:] Ubezpieczenia. Red. T. Szumlicz, SGH, Warszawa 2005, s USA 10.6 per cent; CEA, Wkład sektora ubezpieczeń we wzrost gospodarczy i zatrudnienie w UE (2006); original report on: Polish translation on: s Insurance Market 2005, Financial Supervision Committee, ; 10 USA 6.2 per cent; CEA, op. cit.

4 In addition to the obvious observation that the insurance penetration of the Polish market is on a very low level, the difference should be stressed between the structure of the collected premium when compared to that of the fifteen EU states. Namely, Section II premiums dominate in Poland, although the fast development of life insurances might foreshadow a close change so that, as is the case in highly developed countries, life insurances will generate a larger part of the total premium. Table 1. Gross imputed premium Poland in (in PLN thousands) dynamics 2005/2004 Section I ,1% Section II ,4% Total ,2% Source: PIU: The 2004 gap between the Union s developed states and the new accessions could also be illustrated by the gross value of the imputed premium per capita (density index). In 2003, the premium was, for the EU-15, 1,410.3 USD in section I and USD in section II. In comparison, the Polish average premium paid by a citizen was 59.9 USD in section I and USD in section II. Just like in the case of economic growth, also in analyzing the per capita insurance premium of the new member countries, a visible rising trend can be noticed, fuelled by the development potential of their economies 11. The possibilities of boosting the highly developed economies are, however, clearly limited. Table 2. Per capita imputed premium in Poland in (previous year=100) dynamics 03/02 dynamics 04/03 dynamics 05/04 Section I 280,29 330,98 398,34 112,73 118,08 120,35 Section II 343,10 387,30 407,52 103,16 112,88 105,22 Total 623,39 718,29 805,86 107,25 115,22 112,19 *) values in PLZ calculated Into the real values of 2005 using the inflation index published by GUS Source: own study based on PIU data; 11 See Appendix- data for

5 section I section II Total Graph 3. Dynamics of the per capita imputed premium in Poland (previous year=100) Source: own study based on PIU data; Another area for comparison to provide arguments for the necessity of a long-term strategy to stimulate economic growth and support both the economies and insurance markets of the new Union members is the range of the insurance sector s investment into economy. The value of assets invested in the EU by insurers in 2003 exceeded 5 billion EUR. Insurers are one of the largest institutional investors. The value of their assets in relation to the GNP varies in particular member states in the UK it exceeds 100 per cent of the GNP, in Holland 50 per cent, in Portugal 20 per cent (the EU average it is over 50 per cent). In the new member states this share is below 10 per cent of the GNP, which is a direct consequence of the insurance market s low level of development 12. In addition to controlling the scale of invested assets, insurers make strategic allocation decisions. In highly developed Union countries, stocks hold an essential share of insurers investments. In contrast, in the new countries capital surplus is usually invested in debt securities 13. Table 3. Structure of main deposits made by insurers in Poland (valid for end of 2005, in per cent) Specification Section I Section II Total Debt securities and other fixed income securities 50,51 61,37 54,55 12 Czekaj K., Szkarłat A.: Portfele inwestycyjne sektora ubezpieczeń w Polsce i wybranych krajach Unii Europejskiej [in]:ubezpieczenia.. Red. T. Szumlicz, SGH, Warszawa 2005, s see: Czekaj K., Szkarłat A.: Portfele inwestycyjne sektora ubezpieczeń w Polsce i wybranych krajach unii Europejskiej [in]:ubezpieczenia. red. T. Szumlicz, SGH, Warszawa 2005, s Similar trends concerning the structure of assets are observed in the USA, Canada and Japan; see: Jończyk B., Ogrodnik H.: Podstawowe trendy występujące w działalności lokacyjnej zakładów ubezpieczeń w wybranych krajach Unii Europejskiej i OECD [in]:ubezpieczenia. red. T. Szumlicz, SGH, Warszawa 2005, s

6 Time deposits 4,10 3,90 4,03 Participation units and investment certificates of trust funds 0,90 4,21 2,13 Stocks and shares in combined units 2,29 16,27 7,49 Other stocks and shares 3,89 5,85 4,62 Loans 1,47 5,90 3,12 Real estate 0,28 1,85 0,86 Other deposits 0,20 0,65 0,37 Life insurance net assets with the insurer s deposit (investment) risk 36,34 0,00 22,83 Total 100,00 100,00 100,00 Source: own study based on KNF data; The structure of deposits undergoes changes in line with the binding legal regulations and attractiveness of particular instruments of the money and capital market. The differences in the choices made by investors in various countries may also result from their differently structured insurance portfolios. Summarizing the comparisons made, what appears to be worth noticing is the big differentiation among EU members, and not just in the perspective of the EU-25 or EU-10 (or the present EU -12), but within the EU-15 itself with its welldeveloped financial and insurance markets. 4. Perspectives of using the insurance market potential of the new member countries for raising the competitiveness of European economy Attitude to risk is basically formed by macroeconomic circumstances and possibilities of predicting their changes: - business outlook and pace of economic growth; - incomes level of market subjects; - macroeconomic policy (its social and fiscal aspects); as well as microeconomic ones: - level of satisfying the need for security (subjective and individualized assessment); - level of insurance awareness; - habits of risk limiting actions (insurance, prevention); - undervalued assets of companies, no real possibilities of providing common and complete insurances. The actions of market subjects and their attitudes to risk handling are strictly determined by the society s level of insurance awareness. This awareness is reflected in the financial balance of insurance companies measured in the gross imputed premium.

7 Awareness is an acquired quality, an intellectual category related to the resources and efficiency of the mind, a reflection of social and economic consciousness. As such, it is of primary importance in constructing a society of knowledge. It may only be raised by using a number of persuasion strategies, such as: high general level of education; high level of economic education; widespread and common insurance education; wide range of insurance advising; professionalism of insurance intermediaries; high quality of insurance services on offer; intensive economic publicity from insurance companies; relatively high attractiveness of insurances against other security guarantees 14. In the scope of (statistical data are only available for his period) it is yet too early to estimate the influence of the EU enlargement on the European insurance market. The accelerated economic growth of the new accessions and the development of the insurance market cannot be sustained for long without raising the insurance awareness of citizens. Long-term trends are difficult to predict, although the forecasts for the EU and its every single member are promising taking into account their economic, political and social situations. The forecasts for Poland 15 indicate a growing inclination of the society for insuring, which is an effect of: growing affluence of society, higher individual consumption and value added in services, rising attractiveness of saving (perspectives of securing the future through insurance investment products), development of financial markets improved banking and insuring products on offer, developing capital markets At the same time, the forecasts stress the low level of insurance awareness of the Poles, which can seriously undermine spreading the effects of the economic growth onto the insurance system. The guidelines arising from these forecasts concern possible ways of taking advantage of the positive economic transformations. For the insurance sector it means current analysis of the situation on financial markets to the effect of restructuring insurance companies portfolio of financial investment in order to maintain the present risk level and high return rate 16. The changes also apply to the savings structure of the Poles, who gradually renounce keeping their financial surplus on bank deposits and choose diversification of risk using available financial instruments. 14 Szromnik A.: Negatywne procesy zmian rynku ubezpieczeniowego w świetle koncepcji błędnych kół. Wiadomości ubezpieczeniowe Nr 7-8/2000, s. 3-15; compare: Bariery rozwoju polskiego rynku ubezpieczeń. Red. Sułkowska W., Zakamycze 2000, s ; 15 Forecast for the insurance market for , PIU; 16 Forecast, op. cit., s. 93.

8 Graph 4. Savings structure of Poles forecast Source: study by Union Investment TFI S.A.[in]: Prognoza rynku ubezpieczeniowego na lata , PIU; s. 93. Analyses of changes in the dynamics of gross imputed premium show that in insurance sector I an effective annual premium growth of 13 and 14 per cent is to be expected in years respectively. In sector II the effective growth for these years is to be 4 and 5 per cent 17. Summary The growth of European economic competitiveness is possible through implementing effective use of production resources, raised productivity, transfer of technologies, building a society of knowledge-based development. New accessions increase the development potential of the EU as a whole, but the use of his potential depends largely on stimulating the entrepreneurial spirit in developing countries. The insurance sector has a lot to offer in this respect. The basic manifestation of efficient performance of insuring is, after all, takeover of risks characteristic of a given economic activity and feeding the financial system with insurance funds. Bibliography: 1. Wkład sektora ubezpieczeń we wzrost gospodarczy i zatrudnienie w UE, CEA; original report: Polish translation on: 2. Szewieczek D., Wieczorek M.: Sektor ubezpieczeń gospodarczych jako ogniwo systemu finansowego w wybranych krajach Unii Europejskiej, [in:] Ubezpieczenia, red. T. Szumlicz, SGH, Warszawa Rynek Ubezpieczeń 2005, Komisja Nadzoru Finansowego, 4. Czekaj K., Szkarłat A.: Portfele inwestycyjne sektora ubezpieczeń w Polsce i wybranych krajach unii Europejskiej, [in]:ubezpieczenia, red. T. Szumlicz, SGH, Warszawa Forecast, op. cit., s. 95.

9 5. Jończyk B., Ogrodnik H.: Podstawowe trendy występujące w działalności lokacyjnej zakładów ubezpieczeń w wybranych krajach Unii Europejskiej i OECD [in]:ubezpieczenia, red. T. Szumlicz, SGH, Warszawa Szromnik A.: Negatywne procesy zmian rynku ubezpieczeniowego w świetle koncepcji błędnych kół, Wiadomości Ubezpieczeniowe Nr 7-8/ Bariery rozwoju polskiego rynku ubezpieczeń, red. Sułkowska W., Zakamycze Forecast for the insurance market for , PIU; Appendix: BASIC INDICES DESCRIBING THE DEVELOPMENT OF THE POLISH INSURANCE MARKET IN Year Number of insurance companies Section I Section II Total Section I Section II Total Basic capital (in PLN thousands) Total foreign capital share in basic capital (in per cent) 18,2% 25,3% 32,7% 50,1% 59,1% 67,8% 71,9% 71,9% 72,1% 72,7% Section I Gross imputed premium (in PLN thousands*)

10 Section II Total Section I Section II Total Gross damages and benefits paid (in PLN thousands*) Gross imputed premium per capita (in PLN*) Section I 105,02 133,03 157,63 200,43 222,42 234,30 248,63 280,29 330,98 398,34 Section II 204,20 270,40 299,25 333,98 333,65 332,05 332,58 343,10 387,30 407,52 Total 309,22 403,43 456,88 534,41 556,07 566,35 581,22 623,39 718,29 805,86 *) values in PLN calculated into real 2005 values using the inflation index published by GUS Source:

State budget borrowing requirements financing plan and its background

State budget borrowing requirements financing plan and its background Public Debt Department State budget borrowing requirements financing plan and its background September 2014 THE MOST IMPORTANT INFORMATION Monthly issuance calendar... 2 MoF comment... 8 Rating agencies

More information

Investment activity of non-life insurance companies in Poland

Investment activity of non-life insurance companies in Poland Investment activity of non-life insurance companies in Poland PhD Marietta Janowicz-Lomott Gdansk University, Poland marietta@bg.univ.gda.pl JEL Classification Codes: G22 Abstract The main area of insurance

More information

The EMU and the debt crisis

The EMU and the debt crisis The EMU and the debt crisis MONETARY POLICY REPORT FEBRUARY 212 43 The debt crisis in Europe is not only of concern to the individual debt-ridden countries; it has also developed into a crisis for the

More information

Annual Report 2007 COMMERCIAL FINANCE WWW.INGCOMFIN.PL

Annual Report 2007 COMMERCIAL FINANCE WWW.INGCOMFIN.PL 2007 Annual Report 2007 COMMERCIAL FINANCE WWW.INGCOMFIN.PL It is with pleasure that I present to you the Annual Report of 2007 which describes the activity of ING Commercial Finance Polska S.A. Last year

More information

The Distribution Channels of Insurance Products in Poland and in Selected European Countries

The Distribution Channels of Insurance Products in Poland and in Selected European Countries The Distribution Channels of Insurance Products in Poland and in Selected European Countries Marta ZIENIEWICZ Poznan University of Economics, Poznan, Poland marta.zieniewicz@ue.poznan.pl Every production

More information

Fewer net errors and omissions, that is a new format of the balance of payments

Fewer net errors and omissions, that is a new format of the balance of payments Fewer net errors and omissions, that is a new format of the balance of payments The size of net errors and omissions in the balance of payments decreased from 4.4% to 2.3% of GDP. This resulted from data

More information

Insurance corporations and pension funds in OECD countries

Insurance corporations and pension funds in OECD countries Insurance corporations and pension funds in OECD countries Massimo COLETTA (Bank of Italy) Belén ZINNI (OECD) UNECE, Expert Group on National Accounts, Geneva - 3 May 2012 Outline Motivations Insurance

More information

Mortgage lending and flood insurance in Poland

Mortgage lending and flood insurance in Poland Mortgage lending and flood insurance in Poland 2011 Agenda 1. General information on mortgage lending in Poland 2. Mortgage lendings and insurance 3. Polish flood exposure 4. Recent Polish major floods

More information

Stability Programme of the Netherlands. December 2008 Addendum

Stability Programme of the Netherlands. December 2008 Addendum Stability Programme of the Netherlands December 2008 Addendum 1. Introduction The European Council of 11 and 12 December agreed on a European Economic Recovery Plan. This European Economic Recovery plan

More information

The Act imposes foreign exchange restrictions, i.e. performance of certain actions requires a relevant foreign exchange permit.

The Act imposes foreign exchange restrictions, i.e. performance of certain actions requires a relevant foreign exchange permit. RESPONSIBILITIES OF THE NATIONAL BANK OF POLAND RESULTING FROM THE FOREIGN EXCHANGE ACT 1. FOREIGN EXCHANGE PROVISIONS Foreign exchange regulations, which constitute part of the financial legislation,

More information

Forecasting Chinese Economy for the Years 2013-2014

Forecasting Chinese Economy for the Years 2013-2014 Forecasting Chinese Economy for the Years 2013-2014 Xuesong Li Professor of Economics Deputy Director of Institute of Quantitative & Technical Economics Chinese Academy of Social Sciences Email: xsli@cass.org.cn

More information

Polish insurance market: growth and potential

Polish insurance market: growth and potential Polish insurance market: growth and potential Polish Insurance Association June 2012 Table of contents 1. Polish insurance market general information 2. Non life insurance in Poland 3. Life insurance in

More information

Directions In The Development Of Commercial Insurance In Poland And Lithuania

Directions In The Development Of Commercial Insurance In Poland And Lithuania Comparative Economic Research, Volume 17, Number 1, 2014 10.2478/cer-2014-0009 JUSTYNA WITKOWSKA *, AUŠRINĖ LAKŠTUTIENĖ ** Directions In The Development Of Commercial Insurance In Poland And Lithuania

More information

Foreign currency lending: the flow and the stock problem

Foreign currency lending: the flow and the stock problem Foreign currency lending: the flow and the stock problem Júlia Király Ádám Banai 2nd NBRM Research Conference "Policy Nexus and the Global Environment: a New Consensus Emerging from the Crisis?" 26 April

More information

State budget borrowing requirements financing plan and its background May 2013

State budget borrowing requirements financing plan and its background May 2013 Public Debt Department State budget borrowing requirements financing plan and its background May 2013 THE MOST IMPORTANT INFORMATION Monthly issuance calendar... 2 Record high level of foreign investors'

More information

Definition of Public Interest Entities (PIEs) in Europe

Definition of Public Interest Entities (PIEs) in Europe Definition of Public Interest Entities (PIEs) in Europe FEE Survey October 2014 This document has been prepared by FEE to the best of its knowledge and ability to ensure that it is accurate and complete.

More information

THE INSURANCE MARKET OF THE REPUBLIC OF MOLDOVA IN TERMS OF INVESTMENT POTENTIAL

THE INSURANCE MARKET OF THE REPUBLIC OF MOLDOVA IN TERMS OF INVESTMENT POTENTIAL THE INSURANCE MARKET OF THE REPUBLIC OF MOLDOVA IN TERMS OF INVESTMENT POTENTIAL PhD Angela TIMUŞ * Cristina UNGUR ** Abstract The financial market of the Republic of Moldova has been characterized by

More information

EXPLORATION OF FUTURE TENDENCIES OF THE LITHUANIAN LIFE INSURANCE MARKET

EXPLORATION OF FUTURE TENDENCIES OF THE LITHUANIAN LIFE INSURANCE MARKET ISSN 1392-1258. ekonomika 2009 85 EXPLORATION OF FUTURE TENDENCIES OF THE LITHUANIAN LIFE INSURANCE MARKET Larisa Belinskaja Assoc. Professor of the Faculty of Economics, Business Department, Vilnius University,

More information

The challenge of Brazilian pension funds imposed by the international crises

The challenge of Brazilian pension funds imposed by the international crises Brazilian Economic Insights Nº. 68 August 3, 2009 The challenge of Brazilian pension funds imposed by the international crises By Adriana Inhudes, André Albuquerque Sant Anna, Ernani Teixeira Torres Filho

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

CONSIDERATIONS REGARDING EU LIFE INSURANCE MARKET

CONSIDERATIONS REGARDING EU LIFE INSURANCE MARKET CONSIDERATIONS REGARDING EU LIFE INSURANCE MARKET Ec. Ana Preda, Ph.D Student University of Craiova Faculty of Economics and Business Administration Craiova, Romania Abstract: The main feature characterizing

More information

Innovative Economy 2007 2013

Innovative Economy 2007 2013 1 Operational Programme Innovative Economy 2007 2013 National Strategic Reference Framework 2007 2013 Warsaw, 1 October 2007 2 Publisher: Ministry of Regional Development Wspólna street no 2/4, 00-926

More information

ENDOGENOUS DETERMINANTS OF INVESTMENTS IN FARMS OF SELECTED COUNTRIES OF CENTRAL AND EASTERN EUROPE

ENDOGENOUS DETERMINANTS OF INVESTMENTS IN FARMS OF SELECTED COUNTRIES OF CENTRAL AND EASTERN EUROPE Vol. 14, Issue 3, 014 PRINT ISSN 84-7995, E-ISSN 85-395 ENDOGENOUS DETERMINANTS OF INVESTMENTS IN FARMS OF SELECTED COUNTRIES OF CENTRAL AND EASTERN EUROPE Dariusz KUSZ 1, Stanisław GĘDEK 1, Maria RUDA,

More information

Non-Government-Guaranteed Bonds in the Petroleum Fund - NBIM

Non-Government-Guaranteed Bonds in the Petroleum Fund - NBIM Page 1 of 7 Non-Government-Guaranteed Bonds in the Petroleum Fund From 2002, the Government Petroleum Fund will be investing a large portion of the portfolio in non-government bonds. The benchmark index

More information

INSURANCE IN POLISH SMALL AND MEDIUM-SIZED ENTERPRISES SURVEY RESULTS FOR THE PERIOD OF 2010-2012

INSURANCE IN POLISH SMALL AND MEDIUM-SIZED ENTERPRISES SURVEY RESULTS FOR THE PERIOD OF 2010-2012 ACTA UNIVERSITATIS LODZIENSIS FOLIA OECONOMICA 286, 2013 Damian Gajda *, Tomasz Jurkiewicz ** INSURANCE IN POLISH SMALL AND MEDIUM-SIZED ENTERPRISES SURVEY RESULTS FOR THE PERIOD OF - Abstract. The sector

More information

CEE HOUSEHOLDS - NAVIGATING TROUBLED WATERS

CEE HOUSEHOLDS - NAVIGATING TROUBLED WATERS CEE HOUSEHOLDS - NAVIGATING TROUBLED WATERS Federico Ghizzoni Head of CEE Banking Division and Poland s Markets Division Deputy CEO and Management Board Member for CEE-Bank Austria Debora Revoltella Head

More information

Attribution 4.0 International (CC BY 4.0) This presentation is licensed under a Creative Commons Attribution 4.0 International license.

Attribution 4.0 International (CC BY 4.0) This presentation is licensed under a Creative Commons Attribution 4.0 International license. Attribution 4.0 International (CC BY 4.0) This presentation is licensed under a Creative Commons Attribution 4.0 International license. Therefor you are free to share and adapt this presentation even for

More information

Ownership transfer Critical Tax Issues. Johan Fall, Anders Ydstedt March, 2010

Ownership transfer Critical Tax Issues. Johan Fall, Anders Ydstedt March, 2010 Ownership transfer Critical Tax Issues Johan Fall, Anders Ydstedt March, 2010 Ownership transfer Critical Tax Issues 1 Ownership transfer Critical Tax Issues INTRODUCTION In tough economic times family

More information

BS2551 Money Banking and Finance. Institutional Investors

BS2551 Money Banking and Finance. Institutional Investors BS2551 Money Banking and Finance Institutional Investors Institutional investors pension funds, mutual funds and life insurance companies are the main players in securities markets in both the USA and

More information

The Reverse Mortgage-a Response to Ageing Polish Society

The Reverse Mortgage-a Response to Ageing Polish Society 2011 International Conference on Financial Management and Economics IPEDR vol.11 (2011) (2011) IACSIT Press, Singapore The Reverse Mortgage-a Response to Ageing Polish Society Iwa Kuchciak 1 + 1 University

More information

/ Insurance. Regional Highlights * Bosnia and Herzegovina. karanovic/nikolic. /March 2015/

/ Insurance. Regional Highlights * Bosnia and Herzegovina. karanovic/nikolic. /March 2015/ / Insurance Regional Highlights * /March 2015/ The insurance sector in South Eastern Europe has undergone considerable change in recent years, marked by Croatia s accession to the EU, amendments to legislation

More information

Alcohol Consumption in Ireland 1986-2006 A Report for the Health Service Executive

Alcohol Consumption in Ireland 1986-2006 A Report for the Health Service Executive Alcohol Consumption in Ireland 1986-2006 A Report for the Health Service Executive Prepared by Dr. Ann Hope This report should be referenced: Hope, A. (2007). Alcohol consumption in Ireland 1986-2006.

More information

REGULATION OF PENSION FUND INVESTMENTS IN BULGARIA DEVELOPMENTS AND TRENDS

REGULATION OF PENSION FUND INVESTMENTS IN BULGARIA DEVELOPMENTS AND TRENDS REGULATION OF PENSION FUND INVESTMENTS IN BULGARIA DEVELOPMENTS AND TRENDS Ivanka Daneva, PhD Executive Director of Pension Insurance Company Saglasie JSC Abstract: The experiences sharing in relation

More information

THE LOW INTEREST RATE ENVIRONMENT AND ITS IMPACT ON INSURANCE MARKETS. Mamiko Yokoi-Arai

THE LOW INTEREST RATE ENVIRONMENT AND ITS IMPACT ON INSURANCE MARKETS. Mamiko Yokoi-Arai THE LOW INTEREST RATE ENVIRONMENT AND ITS IMPACT ON INSURANCE MARKETS Mamiko Yokoi-Arai Current macro economic environment is of Low interest rate Low inflation and nominal wage growth Slow growth Demographic

More information

THE CURRENT ACCOUNT OF ROMANIA EVOLUTION, FACTORS OF INFLUENCE, FINANCING

THE CURRENT ACCOUNT OF ROMANIA EVOLUTION, FACTORS OF INFLUENCE, FINANCING THE CURRENT ACCOUNT OF ROMANIA EVOLUTION, FACTORS OF INFLUENCE, FINANCING Abstract Camelia MILEA, PhD The balance of the current account is a tool used to establish the level of economic development of

More information

The Japanese economy?

The Japanese economy? The Japanese economy? Franz Waldenberger Japan Center and Munich School of Management --University Munich LMU waldenberger@bwl.lmu.de 1 Outline 2 1. GDP economic recovery 2. GDP per head two lost decades

More information

4 Distribution of Income, Earnings and Wealth

4 Distribution of Income, Earnings and Wealth 4 Distribution of Income, Earnings and Wealth Indicator 4.1 Indicator 4.2a Indicator 4.2b Indicator 4.3a Indicator 4.3b Indicator 4.4 Indicator 4.5a Indicator 4.5b Indicator 4.6 Indicator 4.7 Income per

More information

economic development in Central and Eastern Europe and its effects on Austria

economic development in Central and Eastern Europe and its effects on Austria economic development in Central and Eastern Europe and its effects on Austria Brief Analysis June 2010 Austria s highest Triple-A sovereign rating is not at risk even in the face of the exposure of its

More information

THE COUNTRY STRATEGY OF THE INTERNATIONAL INVESTMENT BANK for the Russian Federation

THE COUNTRY STRATEGY OF THE INTERNATIONAL INVESTMENT BANK for the Russian Federation THE COUNTRY STRATEGY OF THE INTERNATIONAL INVESTMENT BANK for the Russian Federation (Main provisions) This country strategy for 2013-2015 has been drawn up as an elaboration of the Development Strategy

More information

EIOPA Stress Test 2011. Press Briefing Frankfurt am Main, 4 July 2011

EIOPA Stress Test 2011. Press Briefing Frankfurt am Main, 4 July 2011 EIOPA Stress Test 2011 Press Briefing Frankfurt am Main, 4 July 2011 Topics 1. Objectives 2. Initial remarks 3. Framework 4. Participation 5. Results 6. Summary 7. Follow up 2 Objectives Overall objective

More information

Resolution No. 391/2008 of the Polish Financial Supervision Authority. of 17 December 2008

Resolution No. 391/2008 of the Polish Financial Supervision Authority. of 17 December 2008 Resolution No. 391/2008 of the Polish Financial Supervision Authority of 17 December 2008 on issue of Recommendation S (II) concerning good practices related to mortgage-secured credit exposures Pursuant

More information

Econ 102 Economic Growth Solutions. 2. Discuss how and why each of the following might affect US per capita GDP growth:

Econ 102 Economic Growth Solutions. 2. Discuss how and why each of the following might affect US per capita GDP growth: Econ 102 Economic Growth Solutions 2. Discuss how and why each of the following might affect US per capita GDP growth: a) An increase of foreign direct investment into the US from Europe is caused by a

More information

e outside t N of the merged around merged shares clearance. Santander and KBC Bank entered into an Bank Zachodni WBK KBC, have also NOT FOR OR INTO OR

e outside t N of the merged around merged shares clearance. Santander and KBC Bank entered into an Bank Zachodni WBK KBC, have also NOT FOR OR INTO OR NOT FOR DISTRIBUTION TO ANY U.S. PERSON, IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES OF AMERICA, ITS TERRITORIES AND POSSESSIONS (INCLUDING PUERTO RICO, THE U..S. VIRGIN ISLANDS,

More information

Why Treasury Yields Are Projected to Remain Low in 2015 March 2015

Why Treasury Yields Are Projected to Remain Low in 2015 March 2015 Why Treasury Yields Are Projected to Remain Low in 5 March 5 PERSPECTIVES Key Insights Monica Defend Head of Global Asset Allocation Research Gabriele Oriolo Analyst Global Asset Allocation Research While

More information

Rating Methodology by Sector. Life Insurance

Rating Methodology by Sector. Life Insurance Last Updated: March 26, 2012 Rating Methodology by Sector Life Insurance *This rating methodology is a modification of the rating methodology made public on July 13, 2011, and modifications are made to

More information

186 ACT. of 24 April 2009

186 ACT. of 24 April 2009 186 ACT of 24 April 2009 on Financial Intermediation and Financial Counselling and on amendments and supplements to certain laws The National Council of the Slovak Republic has adopted the following Act:

More information

Measuring performance Update to Insurance Key Performance Indicators

Measuring performance Update to Insurance Key Performance Indicators Measuring performance Update to Insurance Key Performance Indicators John Hele Member of Executive Board and CFO of ING Group Madrid 19 September 2008 www.ing.com Agenda Performance Indicators: Background

More information

SURVEY OF INVESTMENT REGULATION OF PENSION FUNDS. OECD Secretariat

SURVEY OF INVESTMENT REGULATION OF PENSION FUNDS. OECD Secretariat SURVEY OF INVESTMENT REGULATION OF PENSION FUNDS OECD Secretariat Methodological issues The information collected concerns all forms of quantitative portfolio restrictions applied to pension funds in OECD

More information

European Insurance Market: Opportunities and challenges

European Insurance Market: Opportunities and challenges European Insurance Market: Opportunities and challenges Violeta Ciurel, Ph.D, LLIF General Manager European and International Affairs ING Group - Amsterdam November, 12, 2007 New York Global Financial

More information

X. INTERNATIONAL ECONOMIC DEVELOPMENT 1/

X. INTERNATIONAL ECONOMIC DEVELOPMENT 1/ 1/ X. INTERNATIONAL ECONOMIC DEVELOPMENT 1/ 10.1 Overview of World Economy Latest indicators are increasingly suggesting that the significant contraction in economic activity has come to an end, notably

More information

Press Release Corporate News Vienna, 18 March 2015

Press Release Corporate News Vienna, 18 March 2015 Press Release Corporate News Vienna, 18 March 2015 IMMOFINANZ with stable operating performance in the first three quarters, Net profit reduced New share buyback program resolved KEY FIGURES (in MEUR)

More information

NN Group Insurance International

NN Group Insurance International NN Group Insurance International Robin Spencer, CEO International Insurance Capital Markets Day 19 November 2015 Portfolio of mature and developing international markets Top 3 positions in CEE 1 life insurance

More information

Economic Commentaries

Economic Commentaries n Economic Commentaries Sweden has had a substantial surplus on its current account, and thereby also a corresponding financial surplus, for a long time. Nevertheless, Sweden's international wealth has

More information

ROMANIA S PRIVATE HEALTH INSURANCE MARKET POTENTIAL

ROMANIA S PRIVATE HEALTH INSURANCE MARKET POTENTIAL Annals of the University of Petroşani, Economics, 12(3), 2012, 159-166 159 ROMANIA S PRIVATE HEALTH INSURANCE MARKET POTENTIAL GHEORGHE MATEI, BIANCA VOLINTIRU * ABSTRACT: The significant gap between the

More information

Household wealth and retirement savings

Household wealth and retirement savings Household wealth and retirement savings What we have learned from a joint research with OECD and OEE Daniele Fano Head of the Pioneer Global Asset Management Unit Introduction Retirement is one of the

More information

The Tax Burden of Typical Workers in the EU 28 2015

The Tax Burden of Typical Workers in the EU 28 2015 The Tax Burden of Typical Workers in the EU 28 2015 James Rogers Cécile Philippe Institut Économique Molinari, Paris Bruxelles TABLE OF CONTENTS Abstract 2 Background 2 Main Results 3 On average, a respite

More information

Analysis of economic situation in the countries of Central and Eastern Europe in the second quarter of 2007

Analysis of economic situation in the countries of Central and Eastern Europe in the second quarter of 2007 The National Bank of Poland International Department International Comparative Studies Division Analysis of economic situation in the countries of Central and Eastern Europe in the second quarter of 7

More information

The Polish economy and banking sector perspectives as seen from Q IV 2011 Bank financing and the Polish energy sector.

The Polish economy and banking sector perspectives as seen from Q IV 2011 Bank financing and the Polish energy sector. The Polish economy and banking sector perspectives as seen from Q IV 2011 Bank financing and the Polish energy sector. Warsaw, 29 th November 2011 Emilii Plater 53 Table of contents Polish economy...........

More information

ECB-PUBLIC OPINION OF THE EUROPEAN CENTRAL BANK. of 5 August 2015

ECB-PUBLIC OPINION OF THE EUROPEAN CENTRAL BANK. of 5 August 2015 EN ECB-PUBLIC OPINION OF THE EUROPEAN CENTRAL BANK of 5 August 2015 on a draft law on specific terms of restructuring of home loans denominated in foreign currency (CON/2015/26) Introduction and legal

More information

Rating Methodology by Sector. Non-life Insurance

Rating Methodology by Sector. Non-life Insurance Last updated: March 26, 2012 Rating Methodology by Sector Non-life Insurance *This rating methodology is a modification of the rating methodology made public on July 13, 2011, and modifications are made

More information

NN GROUP FINANCIAL SUPPLEMENT 1Q2016

NN GROUP FINANCIAL SUPPLEMENT 1Q2016 NN GROUP FINANCIAL SUPPLEMENT 1Q2016 NN GROUP FINANCIAL SUPPLEMENT 1Q2016 INTRODUCTION The Financial Supplement includes quarterly financial trend data and is published on a quarterly basis. Figures are

More information

PROJECTION OF THE FISCAL BALANCE AND PUBLIC DEBT (2012 2027) - SUMMARY

PROJECTION OF THE FISCAL BALANCE AND PUBLIC DEBT (2012 2027) - SUMMARY PROJECTION OF THE FISCAL BALANCE AND PUBLIC DEBT (2012 2027) - SUMMARY PUBLIC FINANCE REVIEW February 2013 SUMMARY Key messages The purpose of our analysis is to highlight the risks that fiscal policy

More information

THE ROLE OF CENTRAL BANKS IN FINANCIAL SUPERVISION. THE EUROPEAN UNION PERSPECTIVE

THE ROLE OF CENTRAL BANKS IN FINANCIAL SUPERVISION. THE EUROPEAN UNION PERSPECTIVE THE ROLE OF CENTRAL BANKS IN FINANCIAL SUPERVISION. THE EUROPEAN UNION PERSPECTIVE ANNA JURKOWSKA-ZEIDLER Faculty of Law and Administration, University of Gdansk Abstract There are two main arguments for

More information

The ING Foundation for Polish Arts

The ING Foundation for Polish Arts ING COMMERCIAL FINANCE POLAND ANNUAL REPORT 2011 The ING Foundation for Polish Arts All images presented in Annual Report belong to The ING Foundation for Polish Arts. The ING Foundation for Polish Arts

More information

ERASMUS FOR YOUNG ENTREPRENEURS : A NEW EXCHANGE PROGRAMME

ERASMUS FOR YOUNG ENTREPRENEURS : A NEW EXCHANGE PROGRAMME PRESS DOSSIER INDEX PRESS DOSSIER...1 INDEX...2 ERASMUS FOR YOUNG ENTREPRENEURS : A NEW EXCHANGE PROGRAMME...3 WHO CAN PARTICIPATE?...5 WHAT BENEFITS AND FOR WHOM?...6 HOW DOES IT WORK? STRUCTURE AND IMPLEMENTATION...7

More information

Dwelling prices, total. Apartment prices. House prices. Net wages

Dwelling prices, total. Apartment prices. House prices. Net wages Macro Research Macro Research - The Estonian Economy 22 September, 215 The Estonian Economy Newsletter Risks at the housing market Growth of house prices one of the fastest in Europe House prices have

More information

The investment fund statistics

The investment fund statistics The investment fund statistics Narodowy Bank Polski (NBP) publishes data reported by investment funds which have been defined in Art. 3 section 1 of the Act of 27 May 2004 on investment funds (Journal

More information

Recommendation for a COUNCIL RECOMMENDATION. on the 2015 National Reform Programme of Portugal

Recommendation for a COUNCIL RECOMMENDATION. on the 2015 National Reform Programme of Portugal EUROPEAN COMMISSION Brussels, 13.5.2015 COM(2015) 271 final Recommendation for a COUNCIL RECOMMENDATION on the 2015 National Reform Programme of Portugal and delivering a Council opinion on the 2015 Stability

More information

Postbank Group Interim Management Statement as of September 30, 2013

Postbank Group Interim Management Statement as of September 30, 2013 Postbank Group Interim Management Statement as of September 30, 2013 Preliminary Remarks Macroeconomic Development Business Performance Preliminary Remarks This document is an interim management statement

More information

V.I.G. a model expansion. Adopting to a changing environment. Distribution is key in insurance. Exploiting potential going forward

V.I.G. a model expansion. Adopting to a changing environment. Distribution is key in insurance. Exploiting potential going forward V.I.G. Getting in shape for economic recovery in CEE RCB Institutional Investors Conference, Zürs -15 April 2010 Contents A 2 A B C D V.I.G. a model expansion Adopting to a changing environment Distribution

More information

Sebastian Skuza * Introduction

Sebastian Skuza * Introduction Sebastian Skuza * Possibility of Utilizing Resources of Open Pension Funds in Cooperation with The Bank Gospodarstwa Krajowego in Scope of The Realization of The Polish Investments Programme Introduction

More information

IMMIGRATION TO AND EMIGRATION FROM GERMANY IN THE LAST FEW YEARS

IMMIGRATION TO AND EMIGRATION FROM GERMANY IN THE LAST FEW YEARS IMMIGRATION TO AND EMIGRATION FROM GERMANY IN THE LAST FEW YEARS Bernd Geiss* Germany, Destination for Migrants Germany is in the middle of Europe and has common borders with nine countries. Therefore,

More information

The Public Finance Sector DEBT MANAGEMENT STRATEGY. In the years 2006-2008

The Public Finance Sector DEBT MANAGEMENT STRATEGY. In the years 2006-2008 The Public Finance Sector DEBT MANAGEMENT STRATEGY In the years 2006-2008 Ministry of Finance Warsaw, September 2005 The Public Finance Sector DEBT MANAGEMENT STRATEGY in the years 2006-08 I. INTRODUCTION

More information

Households Wealth Composition Across OECD Countries and Financial Risks Borne by Households

Households Wealth Composition Across OECD Countries and Financial Risks Borne by Households ISSN 1995-2864 Financial Market Trends OECD 8 Households Wealth Composition Across OECD Countries and Financial Risks Borne by Households Isabelle Ynesta * The first section of this article presents a

More information

European regional policy and its implementation in Poland in 2007-2013. Selected aspects

European regional policy and its implementation in Poland in 2007-2013. Selected aspects Kazimiera Wilk Wroc!aw School of Banking European regional policy and its implementation in Poland in 2007-2013. Selected aspects Abstract. The main information about the existence and evolution of European

More information

Julia Stefanova. Bulgarian Academy of Sciences, Sofia, Bulgaria

Julia Stefanova. Bulgarian Academy of Sciences, Sofia, Bulgaria Journal of US-China Public Administration, January 2015, Vol. 12, No. 1, 51-59 doi: 10.17265/1548-6591/2015.01.006 D DAVID PUBLISHING Venture Capital in Central and Eastern Europe: A Comparative Analysis

More information

BORROWING AND DEBT MANAGEMENT GUIDELINES OF THE GOVERNMENT OF THE REPUBLIC OF LITHUANIA FOR 2015 2017 CHAPTER I GENERAL PROVISIONS

BORROWING AND DEBT MANAGEMENT GUIDELINES OF THE GOVERNMENT OF THE REPUBLIC OF LITHUANIA FOR 2015 2017 CHAPTER I GENERAL PROVISIONS APPROVED BY Government of the Republic of Lithuania Resolution No 1437 of 15 December 2014 BORROWING AND DEBT MANAGEMENT GUIDELINES OF THE GOVERNMENT OF THE REPUBLIC OF LITHUANIA FOR 2015 2017 CHAPTER

More information

52 ARTICLE The relationship between the repo rate and interest rates for households and companies

52 ARTICLE The relationship between the repo rate and interest rates for households and companies ARTICLE The relationship between the repo rate and interest rates for households and companies Figure A. Rates for new mortgage agreements for households and the repo rate 8 9 Average mortgage rate Short

More information

Macroeconomic Management With Open Capital Accounts

Macroeconomic Management With Open Capital Accounts Macroeconomic Management With Open Capital Accounts György Szapáry Central Bank of Hungary IMF-Singapore Regional Training Institute Seminar, Crisis Prevention in Emerging kets, Singapore, y 1-11, Introduction

More information

OHIO. The European Union. Why the EU Matters for the Buckeye State. Indiana University. European Union Center

OHIO. The European Union. Why the EU Matters for the Buckeye State. Indiana University. European Union Center OHIO & The European Union Why the EU Matters for the Buckeye State Indiana University European Union Center Table of Contents Why does the EU Matter? 1 Ohio s Trade with the EU 2 The EU s Investments in

More information

In a Search for Regulations on Risk Management, Internal Control and Internal Audit

In a Search for Regulations on Risk Management, Internal Control and Internal Audit In a Search for Regulations on Risk Management, Internal Control and Internal Audit Jacek Socha IAS Conference 17 October 2006 pwc Agenda Background Sarbanes-Oxley Act lessons learnt and benefits EU response

More information

Allianz Roadshow USA November 2000

Allianz Roadshow USA November 2000 Investor Relations Allianz Roadshow USA November 2000 AV Medienzentrale 10.00 I. Introduction Who are we? Henning Schulte-Noelle Chairman and CEO Paul Achleitner Finance Joachim Faber Asset Management

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

Employment in Poland 2012

Employment in Poland 2012 BRIEFING NOTE Employment in Poland 2012 1. Employment Cost 2. Legal System 3. Employer s obligations 4. Types of employment contract 5. Working time 6. Holiday 7. Sick pay 8. Parenthood rights 9. Mass

More information

POST- CRISIS BUSINESS MODEL OF BANKS IN THE REGION

POST- CRISIS BUSINESS MODEL OF BANKS IN THE REGION POST- CRISIS BUSINESS MODEL OF BANKS IN THE REGION Dr. György Surányi Resident Regional Head 16-17, November, 29 BEFORE THE CRISIS: A MACROECONOMIC OVERVIEW 2 GDP GROWTH RATES WELL ABOVE THE EMU AVERAGE...

More information

Comparison of micro and macro frameworks

Comparison of micro and macro frameworks OECD Framework for Statistics on the Distribution of Household Income, Consumption and Wealth OECD 2013 Comparison of micro and macro frameworks The main framework developed for analysis of income at the

More information

The European Union s Economic and Monetary Union

The European Union s Economic and Monetary Union The European Union s Economic and Monetary Union Lesson Focus Question How do individuals, businesses, and economies benefit from using the Euro? Introduction In this lesson students will examine the benefits

More information

Chart 9.1 Non-performing loans ratio and structure of non-performing loans (right) 25% 80 06/08 03/11 03/09 12/07 12/08 06/09 09/09 12/09 09/08 06/11

Chart 9.1 Non-performing loans ratio and structure of non-performing loans (right) 25% 80 06/08 03/11 03/09 12/07 12/08 06/09 09/09 12/09 09/08 06/11 Financial Stability Report 21 H1 9. MONITORING BANKING SECTOR RISKS 9.1 CREDIT RISK (88) Loan portfolio quality improved and banks were more active in writingoff the loss loans from their balance sheets.

More information

Insurance Market In Poland 2015-2017, CEE Insurance Series

Insurance Market In Poland 2015-2017, CEE Insurance Series Brochure More information from http://www.researchandmarkets.com/reports/3281042/ Insurance Market In Poland 2015-2017, CEE Insurance Series Description: Insurance Market in Poland 2015-2017 is the latest

More information

Prospects for the Construction Industry. Oebele Vries

Prospects for the Construction Industry. Oebele Vries Prospects for the Construction Industry Oebele Vries Economic framework Credit crisis: deep global recession Strongly decreasing investment demand Lack of commercial credit possiblities Bottom has been

More information

Bank Zachodni WBK Group

Bank Zachodni WBK Group Bank Zachodni WBK Group III Q 2004 Performance Investor Relations 18 November 2004 BZWBK Member of AIB Group 1 Delivery Channels Bank Zachodni WBK S.A. is one of the largest banks operating in the Polish

More information

Privatization in Central and Eastern Europewe

Privatization in Central and Eastern Europewe Privatization in Central and Eastern Europewe ŁukaszZalicki, Partner at Ernst & Young Privatization - what s next Warsaw May 13th, 13 Central and Eastern European Countries - CEECs Czech Rep., Estonia,

More information

Statistical Data on Women Entrepreneurs in Europe

Statistical Data on Women Entrepreneurs in Europe Statistical Data on Women Entrepreneurs in Europe September 2014 Enterprise and Industry EUROPEAN COMMISSION Directorate-General for Enterprise and Industry Directorate D SMEs and Entrepreneurship Unit

More information

Global Investment Trends Survey May 2015. A study into global investment trends and saver intentions in 2015

Global Investment Trends Survey May 2015. A study into global investment trends and saver intentions in 2015 May 2015 A study into global investment trends and saver intentions in 2015 Global highlights Schroders at a glance Schroders at a glance At Schroders, asset management is our only business and our goals

More information

Commerzbank: Strategy successful net profit of over 1 billion euros and dividend

Commerzbank: Strategy successful net profit of over 1 billion euros and dividend IR release 12 February 2016 Commerzbank: Strategy successful net profit of over 1 billion euros and dividend Operating profit in 2015 more than doubled to EUR 1,909 m (2014: EUR 689 m) Operating profit

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

The Benefits of a Working European Retail Market for Financial Services

The Benefits of a Working European Retail Market for Financial Services EFR Study Benefits of a Working EU Market for Financial Services 1 Friedrich Heinemann Mathias Jopp The Benefits of a Working European Retail Market for Financial Services Report to European Financial

More information

Chart I.1. Difference between Primary Surplus (PS) and Bond Yield Spreads in Selected EU 1 Countries

Chart I.1. Difference between Primary Surplus (PS) and Bond Yield Spreads in Selected EU 1 Countries LIST OF CHARTS Chart I.1. Difference between Primary Surplus (PS) and Bond Yield Spreads in Selected EU 1 Countries Chart I.2. Gross Debt Stock and Budget Deficits of Selected Countries as of 2010 1 Chart

More information

This chapter assesses the risks that were identified in the first chapter and elaborated in the earlier chapters of this report.

This chapter assesses the risks that were identified in the first chapter and elaborated in the earlier chapters of this report. 5. Risk assessment This chapter assesses the risks that were identified in the first chapter and elaborated in the earlier chapters of this report. 5.1. Qualitative risk assessment Qualitative risk assessment

More information

Regulation of Foreign Currency Mortgage Loans. - the case of transition countries in Central and Eastern Europe

Regulation of Foreign Currency Mortgage Loans. - the case of transition countries in Central and Eastern Europe Regulation of Foreign Currency Mortgage Loans - the case of transition countries in Central and Eastern Europe 4 th World Bank conference on Housing Finance in Emerging Markets Washington, D.C., May 26-27,

More information