Język Polski
English
Published
:
2014-10-30
Monetary Policy Instruments and the Polish Credit Unions
Maria Magdalena Golec
Abstract
Cooperative Savings & Credit Unions (Polish credit unions) were classified as monetary institutions but they had no access to the instruments of monetary policy. At the same time, they were not obliged to maintain a required reserve at the central bank. As a result of legislative changes, the National Association of Cooperative Savings & Credit Unions gained access to shortterm credit in the NBP. Since 2014, Credit unions are now required to maintain a required reserve. The construction of the required reserve is similar to the cooperative banks' reserve requirements. This article examines the potential impact of those two instruments on the liquidity of the credit unions (reserve requirement and extra reserve). The study shows a strong positive correlation between the deposit interest rate in credit unions, central bank interest rates, interbank market interest rates, the Central of Credit Unions interest rates, and bank deposit interest rates.(original abstract)Keywords:
Credit unions, Banks obligatory reserves, Interest rate, Monetary policy instrumentsMost read articles by the same author(s)
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Golec, M. M. (2014). Monetary Policy Instruments and the Polish Credit Unions. Zeszyty Naukowe Wyższej Szkoły Bankowej W Poznaniu, 56(5). Retrieved from https://journals.wsb.poznan.pl/index.php/znwsb/article/view/1104