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 marketPortfele03.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
- Last updated on:
- 30.04.2025 15:01 Anna Czarnecka
- First published on:
- 31.07.2019 15:02 Anna Czarnecka