Lizińska, Joanna2013-03-212013-03-212005Ruch Prawniczy, Ekonomiczny i Socjologiczny 67, 2005, z. 3, s. 191-1990035-9629http://hdl.handle.net/10593/5652The paper presents securitisation technology as a source of capital. Securitisation can be defined as a process of converting cash flows arising from underlying assets due to the originator into a smooth repayment stream, thus enabling the originator to raise asset-backed financing (funds). Deals are normally structured by a transfer of receivables from the originator to a newly established company known as a special purpose vehicle, designed to separate the receivables from the insolvency risk of the originator, and referred to as a “true sale”. In the US, securitisation is stable and mature. In Europe, the securitisation market is growing rapidly, and in Poland it is still at an early stage of development, having to cope with number of obstacles including legal and tax issues that hamper securitisation of all asset classes. The rationale for securitisation varies widely from company to company. One of the most frequently cited reasons for undertaking securitisation is a lower cost of funds, which is possible first of all because of the segregation of receivables from the insolvency risk of the originator. Another objective of securitisation may be the freeing of regulatory capital, balance sheet management, funding diversification, transfer of risk or a strategic profile. Market mechanisms in financial markets increasingly displace administrative solutions of allocating scarce capital. Securitisation facilitates disintermediation in financial markets. The use of asset securitisation is propelling the use of market mechanisms to allocate capital.plArtykuł