Air pollution is one of the important environmental problems in Poland. The main cause of its occurrence is emissions associated with individual heating of buildings. The reduction of the primary energy demand in a building is influenced by its proper thermal modernization, including in particular insulating. In view of the above, this article presents the results of studies on the possible environmental benefits of thermal modernization of single-family houses for the area of Southern Poland. The analysis was limited to determining the impact of measures to reduce air pollution emissions by insulating the building envelope of single-family houses. The research was conducted for two voivodeships: Śląskie and Małopolskie. Its aim is to identify the financial costs and achievable ecological effects of the thermal modernization of single-family buildings. The geographical selection of the research area was based on the fact that it covers the most polluted region in Poland. This region is characterized by many features that influence poor air quality. Among these features, the most important are: diversified building structure, a diverse topography, and very high population density. To limit multiple variables, we have selected a scenario method that has already been used in similar research. Four scenarios were established to show the relationship between the value of emission reductions and the level of funding for thermal modernization. The analysis allows a comparison of the effectiveness of individual variants and the transposition of their results into the possibilities of action in the region. This research will help to supplement the knowledge of the impact of insulating building envelopes on reducing pollutant emissions by reducing the energy demand of a building. They also identify a possible link between the level of this reduction and the grant amount for thermal modernization. As a result, it was found that a high share of external funding—stimulating the tendency of the inhabitants of the analyzed voivodeships to effective thermal modernization, and thus reducing the buildings’ energy consumption—has a significant impact on the improvement of air quality.

The premise for the selection of the topic discussed in this article is the lack of research on the level of reduction of air pollutant emissions by the use of photovoltaic micro-installations in single-family buildings, both in Poland and other countries of Central and Eastern Europe. Therefore, the Authors made an attempt to estimate the scale of air pollution reduction (in particular CO2) in the area of the urbanized Metropolitan area of Krakow, which is one of the most polluted regions in Poland. The installation of photovoltaic panels on single-family buildings, co-financed by the government My Electricity Program, is the investment cost in improving the air quality in this region, and thus increasing the well-being of its inhabitants.

The planned incorporation into the Polish legal system in the near future and, consequently, the introduction of Companies Investing in Real Estate Leasing or Rental (FINN) into the Polish capital market will result in an institutional change within the financial system. Similarly to closed-ended investment funds and real estate joint-stock companies, the FINN companies will specialize in investing capital in the residential real estate market, and later perhaps also in the commercial real estate market. The principles of FINN’s activities included in the legislative draft are modelled directly on the legal regime of the Real Estate Investment Trust (REIT), therefore, they will be subject to numerous prohibitions and limitations, introducing organizational controls and restrictions to the investments, which however is rationally justified. These procedures aim at creating an entity with a structure of a relatively neutral, passive real estate broker or intermediary, focused solely on generating benefits for investors-shareholders. The initiation of the FINN market in Poland, and thus the scale of the ensuing institutional change, will be determined by the inclination of joint stock companies from the WIG-Nieruchomości index (Warsaw Stock Exchange Real Estate Index) to transform into FINN companies. In turn, this inclination will be determined by the conditions of institutional change – mostly of a legislative and market-driven character. With this in mind, the aim of this study is to conduct a preliminary analysis of the conditions of institutional change and present a forecast of the development potential of the WIG-Nieruchomości companies, which, due to their very similar scope and form of activity, constitute the main functional basis for the emergence of the FINN market as a new, separate segment of the capital market in Poland.

Celem artykułu jest identyfikacja problemu niedopasowania terminowej struktury zapadalności aktywów i wymagalności pasywów banku, a w szczególności specjalistycznego banku hipotecznego. Niedopasowanie jest konsekwencją różnych oczekiwań deponentów i kredytobiorców i może spowodować istotne zagrożenie stabilności finansowej banku. Największe niedopasowanie wywołuje rosnący udział długoterminowego kredytu hipotecznego w portfelu kredytowym sektora bankowego. Próbą zneutralizowania problemu niedopasowania było wprowadzenie długoterminowego listu zastawnego. Warunki rynkowe nie pozwalają jednak na to, by list zastawny odegrał znaczącą rolę w rozwiązywaniu tego problemu. Słowa kluczowe: specjalistyczny bank hipoteczny, list zastawny, luka finansowania, niedopasowanie terminów zapadalności aktywów i wymagalności pasywów, ryzyko systemowe.

Obligacje bankowe jako narzędzie wydłużania średniego terminu wymagalności pasywów banków w Polsce Banking Bonds as a Tool for Lengthening the Average Maturity of Banks' Liabilities in Poland Słowa kluczowe: obligacja bankowa, terminowa struktura zapadalności aktywów i wymagalności pasywów banku, luka finansowania