18. Trading assets | Annual Report 2014

By carrying amount	31.12.2014	31.12.2013
Debt securities	1,915,120	467,931
issued by the State Treasury, of which:	1,825,454	395,202
Treasury bonds PLN	1,825,454	390,660
Treasury bonds EUR	-	4,542
issued by local government bodies, municipal bonds PLN	50,563	41,907
issued by non-financial institutions, of which:	22,146	23,892
corporate bonds PLN	22,137	23,892
corporate bonds EUR	9	-
issued by other financial institutions, of which:	2,326	6,762
bonds issued by WSE PLN	2,248	6,628
corporate bonds PLN	78	134
issued by banks	14,631	168
Shares in other entities - listed on stock exchanges	5,137	10,799
Investment certificates	3,891	1,151
Rights to shares	278	-
Total	1,924,426	479,881

trading_assets.xlsx

Debt securities by nominal value	31.12.2014	31.12.2013
Treasury bonds PLN	1,741,972	389,455
municipal bonds PLN	48,067	39,158
corporate bonds PLN	38,323	30,618
corporate bonds EUR	9	-
Treasury bonds EUR	-	4,174
The average yield on debt securities issued by the State Treasury	2.00%	3.79%

debt_securities_by_nominal_value.xlsx

Change in trading assets	2014	2013
Balance at the beginning of the period	479,881	277,566
Currency translation differences	58	(71)
Increases	204,794,395	378,331,420
Decreases	(203,348,345)	(378,129,976)
Changes in fair value	(1,563)	942
Balance at the end of the period	1,924,426	479,881

change_in_trading_assets.xlsx

As at 31 December 2014 and as at 31 December 2013 the Group did not have transferred financial assets, which are derecognised from the financial statements for which the Group would continue involvement in those assets.

Transferred trading assets, which are not derecognised from the statement of financial position

Financial assets which the Group does not derecognise from the financial statements include the assets pledged as collateral for liabilities due to sell-buy-back transactions (treasury bonds). The carrying amounts of transferred trading assets and related liabilities as at 31 December 2014 and as at 31 December 2013 were as follows:

Carrying amount	31.12.2014	31.12.2013
Trading assets	926,977	1,682,616
Sell-buy-back liabilities	927,553	1,684,506

carrying_amount.xlsx

Initial Settlement Deposit of the National Depository for Securities (KDPW).

The Brokerage House of PKO Bank Polski SA holds bonds in the National Depository for Securities pledged as collateral for settlement of transactions with the Clearing House.

Carrying amount/fair value	31.12.2014	31.12.2013
Value of the deposit	7,998	7,589
Nominal value of the pledge	8,000	8,000
Type of the pledge	Treasury bonds	Treasury bonds
Carrying amount of the pledged asset	8,112	7,990

carrying_amount_fair_value.xlsx

Trading assets by carrying amount - by maturities

As at 31 December 2014	up to 1 month	1 - 3 months	3 months – 1 year	1 - 5 years	over 5 years	Total
Debt securities
issued by the State Treasury	54,632	7,281	488,236	709,697	565,608	1,825,,454
issued by local government bodies	-	255	596	7,535	42,177	50,563
issued by non-financial institutions	-	-	183	20,226	1,737	22,146
issued by other financial institutions	34	-	-	2,292	-	2,326
issued by banks	102	-	-	11,949	2,580	14,631
Total	54,768	7,536	489,015	751,699	612,102	1,915,120

trading_assets_by_carrying_amount_by_maturities.xlsx

As at 31 December 2013	up to 1 month	1 - 3 months	3 months – 1 year	1 - 5 years	over 5 years	Total
Debt securities
issued by the State Treasury	50,070	1,082	141,700	175,947	26,403	395,202
issued by local government bodies	-	20	47	7,901	33,939	41,907
issued by non-financial institutions	-	-	29	21,096	2,767	23,892
issued by other financial institutions	-	72	-	6,658	32	6,762
issued by banks	-	-	114	54	-	168
Total	50,070	1,174	141,890	211,656	63,141	467,931

debt_securities.xlsx