Walutowe instrumenty pochodne wbudowane w umowy leasingowe
Currency derivatives embedded in lease agreements

Summary/Abstract: Derivatives are contracts with following characteristics: a) its value changes in response to change in variable not specific to a party to a contract, b) it requires no initial investment or an initial investment that is smaller than would be required for other types of contracts that would be expected to have similar response to changes in market factors; and c) it is settled at future date. Derivatives may be freestanding of embedded. The paper analyses only currency derivatives embedded in lease contracts; freestanding derivatives are not considered in the paper. Currency derivatives are not separated from lease contract if: a) a contract is financial lease – because liabilities in the lessee financial statements or receivables in lessor financial statements are then translated at closing exchange rate, b) a contract is operating lease denominated: − in the currency of substantial party to the contract, − in the currency in which lease agreements are concluded routinely around the world, − in the currency in which lease agreements are concluded routinely in the local market. The aper comes to the conclusion that US dollar is rather not a currency in which lease contracts for office buildings are routinely concluded in Poland.

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