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Ivan Todorov, Kalina Durova and Aleksandar Aleksandrov

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Ivan Todorov, Kalina Durova and Aleksandar Aleksandrov

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Ivan Todorov, Kalina Durova and Aleksandar Aleksandrov

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Ivan Todorov, Kalina Durova and Aleksandar Aleksandrov

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Ivan Todorov, Kalina Durova and Aleksandar Aleksandrov

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Ivan Todorov, Kalina Durova and Aleksandar Aleksandrov

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Ivan Todorov, Kalina Durova and Aleksandar Aleksandrov

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Ivan Todorov, Kalina Durova and Aleksandar Aleksandrov

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Katarzyna Cymbranowicz

Abstract

The article discusses the problem of people who are working, but struggle with poverty. The phenomenon of ‘working poor’ is subjected to a taxonomic analysis, in which the subjective scope is limited to selected European states and the time span to the last twelve years. The aim of the article is to show the relation between work and poverty on European labour markets, including clarifying the level and structure of ‘working poor’. In order to achieve such a research goal, the results of The European Union Statistics on Income and Living Conditions were used, and thanks to the information obtained from the Eurostat database, it was possible to carry out comparable statistical analyses. On the basis of the obtained results, it can be concluded that the working poor phenomenon exists in Europe and in future may get stronger and pose a serious challenge for European labour markets.

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Magdalena Kozińska

Abstract

The passive side of a bank’s balance sheet is characterized by considerable variety. Additionally, the intention of the supervisors is that the bank losses are covered according to a specific order, which foresees that the owners are the first to be exposed, followed by the creditors (but some of the bank’s liabilities are essential for the continuation of the operations and it is not recommended that they are redeemed or converted into shares). The sequence of covering losses expected in the supervisory regulations is often inconsistent with the order resulting from the hierarchy of claims established in the bankruptcy law. In such a situation, implementing actions involving the write-down or conversion into shares of subsequent categories of debt may entail breaking the basic principles of bankruptcy and resolution law: the pari passu and no-creditor-worse-off rules. The purpose of the article is to identify situations in which the indicated rules are breached, as well as to review and evaluate national solutions that have been implemented to ensure compliance with the above mentioned rules. To this end, the relationship between the structure of the passive side of the bank balance sheet, supervisory regulations in the area of capital adequacy and the resolution principles were analyzed. As a result, four situations have been identified where there is a risk of breaking the already mentioned rules. The review of national solutions implemented to address the problem suggests that they lead mainly to its shift to the next category in the claims’ hierarchy, but does not eliminate it. A similar effect is also provided by the amendment of the BRR Directive, which aims mainly to harmonize solutions introduced at national level.