A report of Dec 2002 by Fitch states: "While securitisation as a legal concept is not yet developed in Poland, there is marked interest by both the private sector financial community as well as the Polish regulatory authorities. Accordingly, Fitch Ratings understands the status of securitisation to be at an early stage.."

Talking of the prospects and the problems in development of the Polish securitisation market, this report states as follows:

"Bank assets typically represent the bulk of securitisations and are thus most likely to be involved in Poland’s expected securitisation programmes. This would be for both funded programmes, with the aim of raising capital, as well as unfunded (synthetic) programmes, with the aim of relieving the capital adequacy ratio (CAR) through substantially reducing credit default risk from the bank’s financials. In both cases, the future seems to provide even more motivation for such transactions, as the new Basle Accord’s CAR is expected to rise.

However, synthetic and funded securitisation of banking assets is hindered by a number of obstacles, including banking confidentiality laws. No information about obligors may be released by banks to a third party without the obligors’s written approval to disclose such information. Accordingly, credit event information cannot be released. Practically, it is rather unlikely to obtain such an approval from current obligors and the incorporation of a consent clause into new lending contracts will be difficult as the receiver of such information (eg SPV, Servicer) has to be specified by name. In terms of consumer assets, apart from banking secrecy, there are strict regulations regarding the protection of individuals’ data."