Several days ago, Credit Unions (Polish: SKOK) have been covered by supervision of the Polish Financial Supervision Authority (PFSA). Within the next three months, Unions’ financial statements will be examined by statutory auditors. Only when the audits are completed, it will be possible to state if the Unions’ assets, or the scale of loans they have granted, are covered by the funds they accumulated to a sufficient extent.
Local governments have abandoned their dreams of the cadastral tax for now, but they are still after higher revenues from land and buildings.They came up with geographical tax progression in order to save the budgets of communes [gmina]. Respectively, the real estate tax rates would be higher in sub-regions where GDP per capita stands above the national average.
For most banks loans from parent banks are the cheapest form of loan funding. The crisis has dried out that source, however, so banks have to devise new methods to raise the necessary capital – claims Andrzej Topiński, Chief Economist of the Credit Information Bureau.
In fear of corruption investors created barriers, which unintentionally contributed to a series of bankruptcies of construction companies. It will be difficult to relax the straightjacket of regulations without triggering more corruption.
When Prime Minister Donald Tusk addressed parliament last week he was speaking to a much wider audience than just the deputies sitting in front of him and the national public – key recipients of his message were the analysts whose recommendations guide the decisions of both equity and fixed income foreign investors.
Many countries, especially European ones, are tormented by the financial crisis that has been evolving since 2007, and the recession developing since the beginning of the year. An attempt to describe this situation using a single keyword is a far-reaching simplification as each of the phenomena gives rise to completely different threats, and consequently requires a different countermeasure.
When adopting last year the act reducing the level of the contribution transferred to Open Pension Funds (OFEs), the government promised another amendment. It was designed to force an increase in competition between the funds, improve their efficiency and reduce management costs. The government failed to keep its promise. This may prove that OFEs are already treated as a temporary solution.
The Government has submitted a draft 2013 budget to the Sejm. With the economic growth planned for 2.2%, revenue is to increase by 2.4% in nominal terms and expenditure by 1.9%, excluding the European funds. Analysis of the figures shows that the Government counts more on the increase in tax revenue rather than on expenditure savings.
The fast pace of technological change means that we are beginning to conceive of computers as capable of doing almost anything, from answering quiz questions to driving a car. Firms need to adapt their business models in order to fully exploit innovation. A natural question arises: what skill set will be required of the workers of the future?
One of the reasons that Poland's economy has managed to survive successive waves of the global economic crisis is that it has a shock absorber in the form of its own currency − which is why support for joining the common currency has waned in recent years both in public opinion and among government leaders.