The Ministry of Finance informs that in 2020 following transactions were concluded on the financial market:

1) Interest Rate Swap Transactions (IRS) in domestic currency,

2) Exchange of foreign currency.

 

1) Interest rate swap transactions had maturity up to 1 year and total notional amounted to PLN 38.0 bn. The aim of these transactions was to distribute debt servicing costs over the time within the years 2020-2021. As a result of concluded transactions debt servicing costs in 2020 has risen and in 2021 has decreased by PLN 2.01 bn.

Conclusion of transaction did not expose Ministry of Finance to market risk. The Supreme Chamber of Control did not raise any objections referring to the rationale and effectiveness of these operations. Settlement of transactions was undertaken according to Eurostat's guidelines and methodology. Information about transactions were included in the fiscal notification for 2020 delivered to the European Commission.

 

2) In 2020, as in previous years, Ministry of Finance exchanged foreign currencies on the financial market and in the central bank. Total exchange on the financial markets amounted to equivalent of EUR 0.037 bn.

The Supreme Chamber of Control did not raise any objections connected with the rationale and effectiveness of these operations.