State (Public) Investment Banking
The business activity called “investment banking” is in communis opinio classified
as private law area, owing to the fact that this scope of activity is mainly
conducted by private entities. However, current anti-crisis efforts taken by the
States and various public financial institutions, allows us to ask the fundamental
question related to existence or not existence of business activity called “State
(public) investment banking”, which is based on public law rules. Unlike the widespread
private investment banking business area, the main activity which could
be taken by state (public) investment banking entities is the organization of
the process of financing the public expenses by using the capital market instruments.
In addition, the State is also obliged to regulate the financial liquidity
mechanism, especially in the banking sector, on the basis of credit instruments
and capital market instruments. In both cases, the final effect of such activities is
not strictly connected with obtaining the profits (gains), but is rather connected
with improving the mechanism of public finance area, public budget and financial
system stability. Under the Polish law, mentioned public functions and duties are
executed by the National Bank of Poland, the Ministry of Finance and state-owned
banks. The idea of “State (public) investment banking” can be also treated as an
example of using the private law mechanism and institution in the public law
area, what is typical for present financial markets.
 10-2012 Zapadka.pdf | 341 kB |
