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23. Investment securities available for sale

 31.12.201431.12.2013
Debt securities available for sale, gross 21,961,102 13,870,733
issued by the State Treasury 12,781,051 8,818,500
Treasury bonds PLN 12,601,236 8,616,517
Treasury bonds USD 149,582 181,823
Treasury bonds UAH 30,233 20,160
issued by local government bodies, municipal bonds PLN 4,480,325 3,440,753
issued by non-financial institutions  3,475,594 1,000,549
corporate bonds PLN 2,960,217 1,000,549
corporate bonds EUR 315,965 -
corporate bonds USD 199,412 -
issued by banks, corporate bonds 1,224,132 610,931
corporate bonds PLN 1,112,705 558,814
corporate bonds EUR 90,867 -
corporate bonds UAH 20,560 52,117
Impairment allowances of debt securities available for sale - (3,296)
corporate bonds PLN - (3,296)
Total net debt securities available for sale 21,961,102 13,867,437
Equity securities available for sale, gross 447,492 235,800
Equity securities not admitted to public trading 395,412 161,514
Equity securities admitted to public trading 52,080 74,286
Impairment allowances of equity securities available for sale (129,369) (30,159)
Total net equity securities available for sale  318,123 205,641
Total net investment securities available for sale 22,279,225 14,073,078
available_for_sale.xlsx

Debt securities by nominal value31.12.201431.12.2013
Treasury bonds PLN 12,348,504 8,499,608
municipal bonds PLN 4,388,019 3,361,853
corporate bonds PLN 4,058,660 1,579,343
Treasury bonds UAH 35,666 21,147
Treasury bonds USD 146,088 182,768
corporate bonds UAH 19,091 50,329
corporate bonds EUR 404,919  - 
corporate bonds USD 200,998  - 
The average yield on debt securities in issue:    
in Poland 2.12% 3.35%
in Ukraine:    
in USD 10.95% -
in UAH 22.68% 9.00%
debt_securities_by_nominal_value.xlsx

Change in investment securities available for sale 20142013
Balance at the beginning of the period 14,073,078 12,205,130
Take of control over subsidiaries 1,680,696 -
Currency translation differences 23,111 (7,575)
Increases 50,734,768 45,177,267
Decreases (44,342,865) (43,222,205)
of which change in impairment allowance 126,675 10,212
Changes in fair value recognised in other comprehensive income 110,437 (79,539)
Balance at the end of the period 22,279,225 14,073,078
change_in_investment_securities_available_for_sale.xlsx

Details on risk related to investment securities available for sale has been described in the note 53 ‘Credit risk management’.

Investment debt securities available for sale by carrying amount - maturities

As at 31 December 2014up to 1 month1 - 3 months3 months - 1 year1 - 5 yearsover 5 yearsTotal
Debt securities            
issued by the State Treasury 373,065 55,508 270,605 7,865,617 4,216,256 12 781,051
issued by local government bodies 524 5,324 253,275 1,523,879 2,697,323 4,480,325
issued by non-financial institutions 290,339 84,458 498,351 1,429,631 1,172,815 3,475,594
issued by banks 7,735 52,139 10,459 1,153,799   1,224,132
Total 671,663 197,429 1,032,690 11,972,926 8,086,394 21 961,102
investment_debt_2014.xlsx

As at 31 December 2013up to 1 month1 - 3 months3 months - 1 year1 - 5 yearsover 5 yearsTotal
Debt securities            
issued by the State Treasury 3,563 17,658 345,879 6,939,901 1,511,499 8,818,500
issued by local government bodies - 4,523 127,574 999,750 2,308,906 3,440,753
issued by non-financial institutions 68,085 16,566 62,536 685,456 164,610 997,253
issued by banks 19,543 989 31,585 509,284 49,530 610,931
Total 91,191 39,736 567,574 9,134,391 4,034,545 13,867,437
investment_debt_2013.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.

Bank Deposit Guarantee Fund

In accordance with Article 25 of the Act on the Bank Guarantee Fund (Bankowy Fundusz Gwarancyjny) dated 14 December 1994 (Journal of Laws 2009, No. 84, item 711 with subsequent amendments) the following assets are pledged as collateral for liabilities towards the Bank Guarantee Fund:

 31.12.201431.12.2013
Value of the fund 901,339 800,545
Nominal value of the pledge 930,000 830,000
Type of the pledge Treasury bonds Treasury bonds
Maturity of the pledge 25.01.2025 25.01.2015
Carrying amount of the pledged asset 915,957 839,777
value_of_the_fund.xlsx

Assets represent Treasury bonds with maturities sufficient to secure their carrying amount over the period defined by the Act. The Fund is increased or decreased on 1 July of each year, in proportion to the amount providing the basis for calculation of mandatory reserve deposits. Those funds are treated as assets held as collateral for own liabilities.