Poland is in the course of numerous economic and social changes. Market mechanisms in our country must finally be established. These changes will be increasingly visible on the real property market as well, and may result in a chance for our country to make a substantial progress in the construction industry and hence also in its financing. In this context particular attention should be paid to foreign experience, which abounds in many interesting solutions. Adaptation of those into the Polish environment may be of a significant importance for evolution of the market of mortgage claims refinancing.

A significant role may be played by two instruments, i.e. mortgage bonds and mortgage-backed securities (MBS), which enjoy a strong and established position on the European financial markets. The mortgage banking system has a very short, slightly over 4-year tradition in the post-war Poland. Therefore MBS, which take their roots from the Anglo-Saxon economic area, have not been issued in Poland so far. It should be borne in mind, however, that issuance of both financial instruments is a part of a relatively new process of securitisation. A growing interest in those instruments on the European markets encourages considering the possibility of utilising MBS in Poland.

The article analyses this modern technique of raising capital. The structure of the article allows readers to familiarize with the basics of securitisation and understand its mechanisms. Securitisation is a form of financing based on assets. Due to this, the word asset should be given particular attention, in the context of asset securitisation. Needless to say, the term refers to the issue of securitisation of banking receivables as a narrow, specific type of this complex process.