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Structure of investors

In April the debt in domestic TS increased by PLN 9.3bn and amounted to PLN 1,294.3bn. This was the result of an increase in debt towards both domestic banks (including the NBP) and domestic non-bank investors by PLN 1.3bn (to PLN 672.8 billion) and by PLN 10.0bn (to PLN 462.9 billion), respectively, and a decrease in debt toward non-residents by PLN 1.9bn (to PLN 158.6 billion). As a result, the share of domestic banks (including the NBP) decreased slightly to 52.0% from 52.3% in March (51.0% at the end of December 2024), while the share of domestic non-banking investors in the domestic TS debt increased to 35.8% from 35.2% in the previous month (36.4% at the end of December 2024). However, the share of non-residents in the domestic TS debt diminished to 12.3% compared to 12.5% in March (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 April 2025 (PLN million)
T-bonds T-Bills Total
Banks 646 368,95 18 361,29 664 730,24
Foreign investors* 158 499,09 137,05 158 636,14
Insurance funds 69 408,03 709,55 70 117,58
Pension funds 22 607,11 30,50 22 637,61
Investment funds 80 230,65 109,00 80 339,65
Households** 160 353,65 0,00 160 353,65
Non-financial corporations** 6 482,87 74,93 6 557,80
General government institutions Total 120 207,91 1 150,00 121 357,91
Including MoF 8 020,00 0,00 8 020,00
Others 9 075,11 486,88 9 561,99
Total 1 273 233,37 21 059,20 1 294 292,57

(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 April 2025 (PLN million)
T-bonds T-Bills Total
Banks Total 654 388,95 18 361,29 672 750,24
Including MoF 8 020,00 0,00 8 020,00
Foreign investors* 158 499,09 137,05 158 636,14
Insurance funds 69 408,03 709,55 70 117,58
Pension funds 22 607,11 30,50 22 637,61
Investment funds 80 230,65 109,00 80 339,65
Households** 160 353,65 0,00 160 353,65
Non-financial corporations** 6 482,87 74,93 6 557,80
General government institutions** 112 187,91 1 150,00 113 337,91
Others 9 075,11 486,88 9 561,99
Total 1 273 233,37 21 059,20 1 294 292,57

* 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 - 30.05.2025

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 April 2025

  Institutional distribution of non-residents holdings in Treasury securities issued on the local market at the end of April 2025 (PLN million)
T-bonds T-Bills Total
Banks 8 767,79 37,05 8 804,84
Central banks 20 909,73 0,00 20 909,73
Public institutions 2 335,95 0,00 2 335,95
Insurance funds 2 635,88 0,00 2 635,88
Pension funds 17 593,61 0,00 17 593,61
Investment funds 22 315,62 50,00 22 365,62
Hedge funds 1 303,50 0,00 1 303,50
Households** 536,03 0,00 536,03
Non-financial corporations** 1 308,26 0,00 1 308,26
Others 17 516,94 0,00 17 516,94
Total 95 223,30 87,05 95 310,35
Omnibus accounts*** 63 275,79 50,00 63 325,79
Non-residents total 158 499,09 137,05 158 636,14


Geographical distribution of non-residents holdings in Treasury securities issued on the local market at the end of April 2025

  Geographical distribution of non-residents holdings in Treasury securities issued on the local market at the end of April 2025 (PLN million)
T-bonds T-Bills Total
Europe - eurozone 33 931,27 18,65 33 949,92
Europe - EU non-eurozone 2 469,33 50,00 2 519,33
Europe - non-EU 8 164,28 18,40 8 182,68
Africa 52,49 0,00 52,49
South America (incl. Caribbean) 897,92 0,00 897,92
North America 7 695,66 0,00 7 695,66
Australia and Oceania 1 197,99 0,00 1 197,99
Asia (excl. Middle East) 37 607,04 0,00 37 607,04
Middle East 3 207,32 0,00 3 207,32
Total 95 223,30 87,05 95 310,35
Omnibus accounts*** 63 275,79 50,00 63 325,79
Non-residents total 158 499,09 137,05 158 636,14

*** 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 April 2025

  Geographical distribution of central banks holdings in Treasury securities issued on the local market at the end of April 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) 18 290,06 0,00 18 290,06
Middle East 2 583,88 0,00 2 583,88
Total 20 909,73 0,00 20 909,73


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
01.04.2025 163 012,43 172,05 163 184,48
02.04.2025 160 583,47 172,05 160 755,52
03.04.2025 160 608,00 172,05 160 780,05
04.04.2025 162 487,87 172,05 162 659,92
07.04.2025 161 589,39 172,05 161 761,44
08.04.2025 161 462,27 187,05 161 649,32
09.04.2025 161 872,40 137,05 162 009,45
10.04.2025 157 973,03 137,05 158 110,08
11.04.2025 160 305,78 137,05 160 442,83
14.04.2025 157 142,35 137,05 157 279,40
15.04.2025 155 672,11 137,05 155 809,16
16.04.2025 156 006,84 137,05 156 143,89
17.04.2025 157 260,01 137,05 157 397,06
18.04.2025 156 701,27 137,05 156 838,32
22.04.2025 157 668,14 137,05 157 805,19
23.04.2025 157 910,14 137,05 158 047,19
24.04.2025 156 833,91 137,05 156 970,96
25.04.2025 157 443,42 137,05 157 580,47
28.04.2025 158 421,81 137,05 158 558,86
29.04.2025 157 280,57 137,05 157 417,62
30.04.2025 158 016,86 137,05 158 153,91

Historical data are available in the file nierezydenci.xls
Last update - 30.05.2025
 

 

Materials

Nominal T-bonds and T-bills issued on the domestic market
Portfele04.xls 0.57MB
Nominal T-bonds issued on the domestic market by series
Portfele​_po​_seriach04.xls 2.52MB
Nominal T-bonds issued on the domestic market held by non-residents by series
Portfele​_nierezydentow​_po​_seriach04.xls 2.50MB
Institutional and geographical distribution of non-residents' holdings in Treasury Securities issued on the domestic market
Struktura​_nierezydentow04.xlsm 0.47MB
Non-residents' holdings in marketable T-bonds and T-bills
Nierezydenci​_04.xls 0.49MB
Non-residents' holdings in Treasury Securities issued on the domestic market by countries
Nierezydenci​_kraje04.xlsx 0.29MB
Information on the publication of the document
Last updated on:
30.05.2025 15:01 Anna Czarnecka
First published on:
31.07.2019 15:02 Anna Czarnecka