Structure of investors
In May the debt in domestic TS increased by PLN 23.4bn and amounted to PLN 1,317.7bn. This was the result of an increase in debt towards both domestic banks (including the NBP) and domestic non-bank investors by PLN 11.8bn (to PLN 684.6 billion) and by PLN 13.0bn (to PLN 475.9 billion), respectively, and a decrease in debt towards non-residents by PLN 1.4bn (to PLN 157.2 billion). As a result, the share of domestic banks (including the NBP) did not change compared to the previous month and amounted to 52.0% (51.0% at the end of December 2024), while the share of domestic non-banking investors in the domestic TS debt increased to 36.1% from 35.8% in April (36.4% at the end of December 2024). However, the share of non-residents in the domestic TS debt diminished to 11.9% compared to 12.3% in the previous month (12.7% at the end of December 2024).
(A) The face value of Treasury Securities used as collateral of state budget deposits in commercial banks is presented in "Ministry of Finance" subcategory (within "General government institutions" category) and thus is deducted from the banking sector category.
Nominal T-bonds and T-bills outstanding at the end of May 2025 (PLN million) | ||||
T-bonds | T-Bills | Total | ||
Banks | 653 092,77 | 21 978,58 | 675 071,35 | |
Foreign investors* | 157 081,00 | 142,65 | 157 223,65 | |
Insurance funds | 70 517,07 | 522,55 | 71 039,62 | |
Pension funds | 24 414,40 | 30,50 | 24 444,90 | |
Investment funds | 85 406,63 | 109,00 | 85 515,63 | |
Households** | 163 923,47 | 0,00 | 163 923,47 | |
Non-financial corporations** | 6 515,65 | 85,87 | 6 601,52 | |
General government institutions | Total | 122 086,59 | 1 150,00 | 123 236,59 |
Including MoF | 9 508,00 | 0,00 | 9 508,00 | |
Others | 9 762,28 | 849,05 | 10 611,33 | |
Total | 1 292 799,88 | 24 868,20 | 1 317 668,08 |
(B) The face value of Treasury Securities used as collateral of state budget deposits in commercial banks was retained within "Banks" category and thus is not presented in "General government institutions" category.
Nominal T-bonds and T-bills outstanding at the end of May 2025 (PLN million) | ||||
T-bonds | T-Bills | Total | ||
Banks | Total | 662 600,77 | 21 978,58 | 684 579,35 |
Including MoF | 9 508,00 | 0,00 | 9 508,00 | |
Foreign investors* | 157 081,00 | 142,65 | 157 223,65 | |
Insurance funds | 70 517,07 | 522,55 | 71 039,62 | |
Pension funds | 24 414,40 | 30,50 | 24 444,90 | |
Investment funds | 85 406,63 | 109,00 | 85 515,63 | |
Households** | 163 923,47 | 0,00 | 163 923,47 | |
Non-financial corporations** | 6 515,65 | 85,87 | 6 601,52 | |
General government institutions** | 112 578,59 | 1 150,00 | 113 728,59 | |
Others | 9 762,28 | 849,05 | 10 611,33 | |
Total | 1 292 799,88 | 24 868,20 | 1 317 668,08 |
* The face value of Treasury securities located on Omnibus accounts (a form of securities register designed for non-residents) at the end of the month is included in “Foreign investors” category.
** As of September 2020, the category "households" replaced the existing category "individuals" and the category "non-financial corporations" replaced the category "non-financial entities". Domestic investors have been extended by category "General government institutions". The scope of entities included in these categories is described in the Regulation of the Minister of Finance of 8 June 2020.
Historical data are available in the file portfele.xls
Last update - 30.06.2025
Detailed information on institutional and geographical distribution of non-residents holdings is available in the following tables and in the attached files: Struktura_nierezydentów.xlsm, Nierezydenci_kraje.xlsx, Portfele_nierezydentów_po_seriach.xls. Additionally, a new category “omnibus accounts” was distinguished among foreign entities due to the fact that there is no possibility to identify investors entitled to securities registered on these accounts.
Institutional distribution of non-residents holdings in Treasury securities issued on the local market at the end of May 2025
Institutional distribution of non-residents holdings in Treasury securities issued on the local market at the end of May 2025 (PLN million) | ||||
T-bonds | T-Bills | Total | ||
Banks | 9 326,82 | 37,05 | 9 363,87 | |
Central banks | 21 421,14 | 0,00 | 21 421,14 | |
Public institutions | 2 027,62 | 0,00 | 2 027,62 | |
Insurance funds | 2 466,32 | 0,00 | 2 466,32 | |
Pension funds | 17 173,99 | 0,00 | 17 173,99 | |
Investment funds | 21 541,44 | 55,00 | 21 596,44 | |
Hedge funds | 1 347,11 | 0,00 | 1 347,11 | |
Households** | 541,14 | 0,60 | 541,74 | |
Non-financial corporations** | 1 358,90 | 0,00 | 1 358,90 | |
Others | 17 424,51 | 0,00 | 17 424,51 | |
Total | 94 628,99 | 92,65 | 94 721,64 | |
Omnibus accounts*** | 62 452,01 | 50,00 | 62 502,01 | |
Non-residents total | 157 081,00 | 142,65 | 157 223,65 |
Geographical distribution of non-residents holdings in Treasury securities issued on the local market at the end of May 2025
Geographical distribution of non-residents holdings in Treasury securities issued on the local market at the end of May 2025 (PLN million) | ||||
T-bonds | T-Bills | Total | ||
Europe - eurozone | 33 762,04 | 19,25 | 33 781,29 | |
Europe - EU non-eurozone | 2 471,26 | 55,00 | 2 526,26 | |
Europe - non-EU | 9 077,33 | 18,40 | 9 095,73 | |
Africa | 52,49 | 0,00 | 52,49 | |
South America (incl. Caribbean) | 827,60 | 0,00 | 827,60 | |
North America | 6 839,45 | 0,00 | 6 839,45 | |
Australia and Oceania | 1 250,45 | 0,00 | 1 250,45 | |
Asia (excl. Middle East) | 37 133,32 | 0,00 | 37 133,32 | |
Middle East | 3 215,05 | 0,00 | 3 215,05 | |
Total | 94 628,99 | 92,65 | 94 721,64 | |
Omnibus accounts*** | 62 452,01 | 50,00 | 62 502,01 | |
Non-residents total | 157 081,00 | 142,65 | 157 223,65 |
*** Omnibus accounts – accounts run by direct participants of the National Depository (KDPW) who are not holders of securities registered on these accounts. Introduction of omnibus accounts facilitated foreign investors access to Polish Treasury securities market. Due to the previous regulations holding separate account dedicated for operations on Polish market was required which formed cost and organizational barrier.
Geographical distribution of central banks holdings in Treasury securities issued on the local market at the end of May 2025
Geographical distribution of central banks holdings in Treasury securities issued on the local market at the end of May 2025 (PLN million) | ||||
T-bonds | T-Bills | Total | ||
Europe - eurozone | 0,00 | 0,00 | 0,00 | |
Europe - EU non-eurozone | 0,00 | 0,00 | 0,00 | |
Europe - non-EU | 0,00 | 0,00 | 0,00 | |
Africa | 27,59 | 0,00 | 27,59 | |
South America (incl. Caribbean) | 2,20 | 0,00 | 2,20 | |
North America | 0,00 | 0,00 | 0,00 | |
Australia and Oceania | 6,00 | 0,00 | 6,00 | |
Asia (excl. Middle East) | 18 807,02 | 0,00 | 18 807,02 | |
Middle East | 2 578,32 | 0,00 | 2 578,32 | |
Total | 21 421,14 | 0,00 | 21 421,14 |
Non-residents holdings in marketable T-bonds and T-bills
Day | Non-residents holdings in marketable T-bonds and T-bills* (PLN million) | ||
T-bonds | T-Bills | Total | |
02.05.2025 | 160 600,73 | 137,05 | 160 737,78 |
05.05.2025 | 159 594,72 | 137,05 | 159 731,77 |
06.05.2025 | 159 485,85 | 137,05 | 159 622,90 |
07.05.2025 | 159 527,31 | 137,05 | 159 664,36 |
08.05.2025 | 163 490,49 | 137,05 | 163 627,54 |
09.05.2025 | 166 047,20 | 137,05 | 166 184,25 |
12.05.2025 | 161 625,57 | 137,65 | 161 763,22 |
13.05.2025 | 159 778,16 | 142,65 | 159 920,81 |
14.05.2025 | 159 097,90 | 142,65 | 159 240,55 |
15.05.2025 | 157 996,75 | 142,65 | 158 139,40 |
16.05.2025 | 157 393,91 | 142,65 | 157 536,56 |
19.05.2025 | 160 665,65 | 142,65 | 160 808,30 |
20.05.2025 | 158 255,63 | 142,65 | 158 398,28 |
21.05.2025 | 157 720,28 | 142,65 | 157 862,93 |
22.05.2025 | 157 113,14 | 142,65 | 157 255,79 |
23.05.2025 | 155 640,22 | 142,65 | 155 782,87 |
26.05.2025 | 156 266,30 | 142,65 | 156 408,95 |
27.05.2025 | 156 183,58 | 142,65 | 156 326,23 |
28.05.2025 | 155 718,53 | 142,65 | 155 861,18 |
29.05.2025 | 155 382,07 | 142,65 | 155 524,72 |
30.05.2025 | 156 592,51 | 142,65 | 156 735,16 |
Historical data are available in the file nierezydenci.xls
Last update - 30.06.2025
Materials
Nominal T-bonds and T-bills issued on the domestic marketPortfele05.xls 0.58MB Nominal T-bonds issued on the domestic market by series
Portfele_po_seriach05.xls 2.53MB Nominal T-bonds issued on the domestic market held by non-residents by series
Portfele_nierezydentow_po_seriach05.xls 2.51MB Institutional and geographical distribution of non-residents' holdings in Treasury Securities issued on the domestic market
Struktura_nierezydentow05.xlsm 0.47MB Non-residents' holdings in marketable T-bonds and T-bills
Nierezydenci_05.xls 0.49MB Non-residents' holdings in Treasury Securities issued on the domestic market by countries
Nierezydenci_kraje05.xlsx 0.30MB
- Last updated on:
- 30.06.2025 15:03 Anna Czarnecka
- First published on:
- 31.07.2019 15:02 Anna Czarnecka