21. Financial instruments designated upon initial recognition at fair value through profit and loss

By carrying amount 31.12.201431.12.2013
Debt securities 13,804,860 15,204,756
issued by central banks, NBP money market bills 10,998,812 13,997,228
issued by the State Treasury, of which: 2,478,708 956,893
Treasury bonds PLN 2,452 213 931,325
Treasury bonds UAH 26,495 25,568
issued by local government bodies, of which: 253,817 250,635
municipal bonds EUR 139,882 136,700
municipal bonds PLN 113,935 113,935
issued by non-financial institutions – corporate bonds PLN 511 -
issued by banks – structured bonds PLN 73,012 -
Participation units in ICF (insurance capital funds)* 1,918,288 -
Total 15,723,148 15,204,756

*  Related to insurance products belonging to the investment products group where the risk borne by the policyholder.

Debt securities by nominal value31.12.201431.12.2013
NBP money market bills PLN 11,000,000 14,000,000
Treasury bonds PLN 2,371,934 899,531
Treasury bonds UAH 15,497 25,571
municipal bonds EUR 106,558 103,680
municipal bonds PLN 100,000 100,000
corporate bonds PLN 500 -
structured bonds PLN 74,141 -
The average yield on debt securities issued by the State Treasury 1,96% 3,09%

Change in financial instruments designated upon initial recognition at fair value through profit and loss20142013
Balance at the beginning of the period 15,204,756 12,629,711
Take of control over subsidiary 5,599,561 -
Currency translation differences (5,792) 5,044
Increases 637,674,906 682,869,926
Decreases (642,818,356) (680,292,581)
Changes in fair value 68,073 (7,344)
Balance at the end of the period 15,723,148 15,204,756

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 in their entirety, but the Group is continuing involvement in those assets.

Transferred financial instruments designated upon initial recognition at fair value through profit and loss
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 financial assets designated upon initial recognition at fair value through profit and loss and related liabilities as at 31 December 2014 and as at 31 December 2013 were as follows:

Carrying value31.12.201431.12.2013
Financial instruments designated upon initial recognition at fair value through profit and loss -  2 068 
Sell-buy-back liabilities  -   2 071 

Financial instruments designated upon initial recognition at fair value through profit and loss by carrying amount – maturities

As at 31 December 2014up to 1 month 1 - 3 months3 months – 1 year 1 - 5 yearsover 5 yearsTotal
Debt securities            
issued by central banks 10,998,812 - - - - 10,998,812
issued by the State Treasury 411,437 - 150,515 1,441,084 475,672 2,478,708
issued by local government bodies - - - 253,817 - 253,817
issued by banks 10,124 14,068 48,820 - - 73,012
issued by non-financial institutions - - - 511 - 511
Total 11,420,373 14,068 199,335 1,695,412 475,672 13,804,860

As at 31 December,2013up to,1 month1 - 3 months3 months – 1 year1 - 5 yearsover 5 yearsTotal
Debt securities            
issued by central banks 13,997,228 - - - - 13,997,228
issued by the State Treasury 1,084 - 188,349 767,460 - 956,893
issued by local government,bodies - - - 113,935 136,700 250,635
Total 13,998,312 - 188,349 881,395 136,700 15,204,756

Financial instruments designated upon initial recognition at fair value through profit and loss are recognised in accordance with IAS 39.9, which was described in detail in the note 2.6.4.1. ‘Financial assets and liabilities designated at fair value through profit and loss’.