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18. Trading assets

By carrying amount31.12.201431.12.2013
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 value31.12.201431.12.2013
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 assets20142013
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 amount31.12.201431.12.2013
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 value31.12.201431.12.2013
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 2014up to 1 month1 - 3 months3 months –  1 year1 - 5 yearsover 5 yearsTotal
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 2013up to 1 month1 - 3 months3 months –  1 year1 - 5 yearsover 5 yearsTotal
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