LEGAL CONDITIONS FOR THE FINANCING OF LOCAL GOVERNMENT UNITS INVESTMENTS BY PARABANKING FINANCIAL INSTRUMENTS IN POLAND
Journal Title: International Journal of Legal Studies ( IJOLS ) - Year 2019, Vol 5, Issue 1
Abstract
The regulations on debt limits introduced in 2014 caused adapting by local government units two ways of proceeding. The first consists in "classic" adaptation to the provisions of the Public Finance Act, through the restructuring of budget expenditures and the devel-opment of a financial surplus, allowing for safe incurring of new obligations and possible servicing of "old" debt. The second way is what can be called the form of the "Creative accounting", involving the use of non-bank financial institutions (quasi-banks) or the use of financial operations other than bank loans and municipal bond issues. These are lease-back agreements, reverse sale of real estate, as well as unnamed agreements causing debt restructuring (e.g. subrogation, forfeiting or factoring), installment payments, as well as subsidies to the capital of municipal companies.<br/><br/>financial law, quasi-bank, public finance law, operating surplus, individual debt ratio, financial instruments, public debt<br/><br/>
Authors and Affiliations
Tomasz Wołowiec
Keywords
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- EP ID EP640741
- DOI 10.5604/01.3001.0013.3252
- Views 93
- Downloads 0
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