In November, domestic TS debt increased by PLN 0.6bn to PLN 646.2bn, which was the result of an increase in debt to domestic banks by PLN 0.7bn (to PLN 263.6bn) and a decrease in debt to foreign investors by PLN 0.1bn (to PLN 192.2bn). Indebtedness to the domestic non-bank investors, however, did not change compared to the previous month and amounted to PLN 190.5bn. As a result at the end of November, the share of banks in domestic TS debt increased to 40.8% compared to the previous month (40.7%), and the share of non-residents decreased to 29.7% (29.8%). The share of domestic non-bank investors did not change and amounted to 29.5%.

(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 "Others" category) and thus is deducted from the banking sector category.
 

		Nominal T-bonds and T-bills outstanding at the end of November 2018 (PLN million)
		T-bonds	T-Bills	Total
Banks		263 576,06	0,00	263 576,06
Foreign investors*		192 196,31	0,00	192 196,31
Insurance funds		63 049,93	0,00	63 049,93
Pension funds		2 168,53	0,00	2 168,53
Investment funds		58 220,94	0,00	58 220,94
Individuals		19 706,55	0,00	19 706,55
Non-financial sector		1 235,57	0,00	1 235,57
Others	Total	46 074,25	0,00	46 074,25
	Including MoF	0,00	0,00	0,00
Total		646 228,12	0,00	646 228,12

(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 "Others" category.
 

		Nominal T-bonds and T-bills outstanding at the end of November 2018 (PLN million)
		T-bonds	T-Bills	Total
Banks	Total	263 576,06	0,00	263 576,06
	Including MoF	0,00	0,00	0,00
Foreign investors*		192 196,31	0,00	192 196,31
Insurance funds		63 049,93	0,00	63 049,93
Pension funds		2 168,53	0,00	2 168,53
Investment funds		58 220,94	0,00	58 220,94
Individuals		19 706,55	0,00	19 706,55
Non-financial sector		1 235,57	0,00	1 235,57
Others		46 074,25	0,00	46 074,25
Total		646 228,12	0,00	646 228,12

* The face value of Treasury securities located on Omnibus accounts (new form of register of securities designed for non-residents) at the end of the month is included in "Foreign investors" category.

Historical data are available in the file portfele.xls
Last update - 31.12.2018 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 November 2018

		Institutional distribution of non-residents holdings in Treasury securities issued on the local market at the end of November 2018 (PLN million)
		T-bonds	T-Bills	Total
Banks		5 706,59	0,00	5 706,59
Central banks		38 636,04	0,00	38 636,04
Public institutions		3 725,58	0,00	3 725,58
Insurance funds		10 043,32	0,00	10 043,32
Pension funds		13 481,05	0,00	13 481,05
Investment funds		30 995,05	0,00	30 995,05
Hedge funds		2 415,30	0,00	2 415,30
Individuals		58,44	0,00	58,44
Non-financial entities		8 587,87	0,00	8 587,87
Others		28 207,62	0,00	28 207,62
Total		141 856,85	0,00	141 856,85
Omnibus accounts**		50 339,46	0,00	50 339,46
Non-residents total		192 196,31	0,00	192 196,31

Geographical distribution of non-residents holdings in Treasury securities issued on the local market at the end of November 2018

		Geographical distribution of non-residents holdings in Treasury securities issued on the local market at the end of November 2018 (PLN million)
		T-bonds	T-Bills	Total
Europe - eurozone		39 772,08	0,00	39 772,08
Europe - EU non-eurozone		9 726,22	0,00	9 726,22
Europe - non-EU		4 912,19	0,00	4 912,19
Africa		48,37	0,00	48,37
South America (incl. Caribbean)		1 051,15	0,00	1 051,15
North America		12 786,34	0,00	12 786,34
Australia and Oceania		1 904,88	0,00	1 904,88
Asia (excl. Middle East)		66 304,32	0,00	66 304,32
Middle East		5 351,29	0,00	5 351,29
Total		141 856,85	0,00	141 856,85
Omnibus accounts**		50 339,46	0,00	50 339,46
Non-residents total		192 196,31	0,00	192 196,31

** 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 November 2018

		Geographical distribution of central banks holdings in Treasury securities issued on the local market at the end of November 2018 (PLN million)
		T-bonds	T-Bills	Total
Europe - eurozone		18,70	0,00	18,70
Europe - EU non-eurozone		0,00	0,00	0,00
Europe - non-EU		0,00	0,00	0,00
Africa		27,76	0,00	27,76
South America (incl. Caribbean)		50,00	0,00	50,00
North America		0,00	0,00	0,00
Australia and Oceania		0,00	0,00	0,00
Asia (excl. Middle East)		36 533,42	0,00	36 533,42
Middle East		2 006,15	0,00	2 006,15
Total		38 636,04	0,00	38 636,04

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
02.11.2018	192 437,74	0,00	192 437,74
05.11.2018	192 521,25	0,00	192 521,25
06.11.2018	193 615,22	0,00	193 615,22
07.11.2018	193 354,39	0,00	193 354,39
08.11.2018	192 495,28	0,00	192 495,28
09.11.2018	192 861,23	0,00	192 861,23
12.11.2018	192 487,93	0,00	192 487,93
13.11.2018	191 363,17	0,00	191 363,17
14.11.2018	193 578,33	0,00	193 578,33
15.11.2018	193 707,33	0,00	193 707,33
16.11.2018	191 642,63	0,00	191 642,63
19.11.2018	191 747,88	0,00	191 747,88
20.11.2018	190 908,80	0,00	190 908,80
21.11.2018	191 341,75	0,00	191 341,75
22.11.2018	191 395,27	0,00	191 395,27
23.11.2018	192 397,86	0,00	192 397,86
26.11.2018	190 607,83	0,00	190 607,83
27.11.2018	192 066,50	0,00	192 066,50
28.11.2018	190 019,75	0,00	190 019,75
29.11.2018	190 698,43	0,00	190 698,43
30.11.2018	192 153,45	0,00	192 153,45

Historical data are available in the file nierezydenci.xls
Last update - 31.12.2018