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Structure of investors

In March the debt in domestic TS increased by PLN 30.9bn and amounted to PLN 1,284.9bn. This was the result of an increase in debt towards both domestic banks (including the NBP) and domestic non-bank investors by PLN 19.3bn (to PLN 671.5 billion) and by PLN 13.1bn (to PLN 452.9 billion), respectively, and a decrease in debt toward non-residents by PLN 1.5bn (to PLN 160.6 billion). As a result, the share of domestic banks (including the NBP) increased to 52.3% from 52.0% in February (51.0% at the end of December 2024), while the share of domestic non-banking investors in the domestic TS debt increased slightly to 35.2% from 35.1% in the previous month (36.4% at the end of December 2024). However, the share of non-residents in the domestic TS debt decreased to 12.5% compared to 12.9% in February (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 March 2025 (PLN million)
T-bonds T-Bills Total
Banks 648 870,51 17 091,58 665 962,09
Foreign investors* 160 382,76 172,05 160 554,81
Insurance funds 69 958,78 614,75 70 573,53
Pension funds 22 174,84 31,50 22 206,34
Investment funds 78 812,09 109,00 78 921,09
Households** 155 529,80 0,00 155 529,80
Non-financial corporations** 6 514,75 17,24 6 531,99
General government institutions Total 113 229,37 1 150,00 114 379,37
Including MoF 5 500,00 0,00 5 500,00
Others 9 759,09 528,08 10 287,17
Total 1 265 231,97 19 714,20 1 284 946,17


(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 March 2025 (PLN million)
T-bonds T-Bills Total
Banks Total 654 370,51 17 091,58 671 462,09
Including MoF 5 500,00 0,00 5 500,00
Foreign investors* 160 382,76 172,05 160 554,81
Insurance funds 69 958,78 614,75 70 573,53
Pension funds 22 174,84 31,50 22 206,34
Investment funds 78 812,09 109,00 78 921,09
Households** 155 529,80 0,00 155 529,80
Non-financial corporations** 6 514,75 17,24 6 531,99
General government institutions** 107 729,37 1 150,00 108 879,37
Others 9 759,09 528,08 10 287,17
Total 1 265 231,97 19 714,20 1 284 946,17

* 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 - 30.04.2025 r.

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 March 2025

  Institutional distribution of non-residents holdings in Treasury securities issued on the local market at the end of March 2025 (PLN million)
T-bonds T-Bills Total
Banks 8 528,54 137,05 8 665,59
Central banks 21 643,29 0,00 21 643,29
Public institutions 2 139,50 0,00 2 139,50
Insurance funds 2 617,54 0,00 2 617,54
Pension funds 20 206,17 0,00 20 206,17
Investment funds 21 162,20 35,00 21 197,20
Hedge funds 1 172,03 0,00 1 172,03
Households** 521,63 0,00 521,63
Non-financial corporations** 1 098,22 0,00 1 098,22
Others 16 545,45 0,00 16 545,45
Total 95 634,58 172,05 95 806,63
Omnibus accounts*** 64 748,18 0,00 64 748,18
Non-residents total 160 382,76 172,05 160 554,81


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

  Geographical distribution of non-residents holdings in Treasury securities issued on the local market at the end of March 2025 (PLN million)
T-bonds T-Bills Total
Europe - eurozone 34 054,46 68,85 34 123,31
Europe - EU non-eurozone 2 647,36 85,00 2 732,36
Europe - non-EU 7 874,87 18,20 7 893,07
Africa 52,49 0,00 52,49
South America (incl. Caribbean) 816,94 0,00 816,94
North America 7 486,59 0,00 7 486,59
Australia and Oceania 1 190,91 0,00 1 190,91
Asia (excl. Middle East) 38 718,28 0,00 38 718,28
Middle East 2 792,69 0,00 2 792,69
Total 95 634,58 172,05 95 806,63
Omnibus accounts*** 64 748,18 0,00 64 748,18
Non-residents total 160 382,76 172,05 160 554,81

*** 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 March 2025

  Geographical distribution of central banks holdings in Treasury securities issued on the local market at the end of March 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) 19 439,26 0,00 19 439,26
Middle East 2 168,24 0,00 2 168,24
Total 21 643,29 0,00 21 643,29


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
03.03.2025 159 253,66 100,05 159 353,71
04.03.2025 157 635,09 100,05 157 735,14
05.03.2025 160 734,61 100,05 160 834,66
06.03.2025 161 240,76 100,05 161 340,81
07.03.2025 163 186,71 100,05 163 286,76
10.03.2025 162 302,64 100,05 162 402,69
11.03.2025 160 213,77 120,05 160 333,82
12.03.2025 160 196,38 120,05 160 316,43
13.03.2025 160 061,27 120,05 160 181,32
14.03.2025 158 548,17 120,05 158 668,22
17.03.2025 158 205,86 120,05 158 325,91
18.03.2025 156 963,82 825,05 157 788,87
19.03.2025 157 193,53 125,05 157 318,58
20.03.2025 160 115,62 125,05 160 240,67
21.03.2025 156 413,85 122,05 156 535,90
24.03.2025 158 317,87 222,05 158 539,92
25.03.2025 157 908,03 178,05 158 086,08
26.03.2025 160 530,44 222,05 160 752,49
27.03.2025 160 293,56 222,05 160 515,61
28.03.2025 159 036,78 172,05 159 208,83
31.03.2025 159 914,34 172,05 160 086,39

Historical data are available in the file nierezydenci.xls
Last update - 30.04.2025
 

 

Materials

Nominal T-bonds and T-bills issued on the domestic market
Portfele03.xls 0.57MB
Nominal T-bonds issued on the domestic market by series
Portfele​_po​_seriach03.xls 2.51MB
Nominal T-bonds issued on the domestic market held by non-residents by series
Portfele​_nierezydentow​_po​_seriach03.xls 2.48MB
Institutional and geographical distribution of non-residents' holdings in Treasury Securities issued on the domestic market
Struktura​_nierezydentow03.xlsm 0.47MB
Non-residents' holdings in marketable T-bonds and T-bills
Nierezydenci​_03.xls 0.49MB
Non-residents' holdings in Treasury Securities issued on the domestic market by countries
Nierezydenci​_kraje03.xlsx 0.29MB
Information on the publication of the document
Last updated on:
30.04.2025 15:01 Anna Czarnecka
First published on:
31.07.2019 15:02 Anna Czarnecka