In order to ensure the highest quality of our services, we use small files called cookies. When using our website, the cookie files are downloaded onto your device. You can change the settings of your browser at any time. In addition, your use of our website is tantamount to your consent to the processing of your personal data provided by electronic means.
Back

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 market
Portfele05.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
Information on the publication of the document
Last updated on:
30.06.2025 15:03 Anna Czarnecka
First published on:
31.07.2019 15:02 Anna Czarnecka