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

By carrying amount	31.12.2014	31.12.2013
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.

by_carrying_amount_.xlsx

Debt securities by nominal value	31.12.2014	31.12.2013
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%

debt_securities_by_nominal_value.xlsx

Change in financial instruments designated upon initial recognition at fair value through profit and loss	2014	2013
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

change_in_financial_instruments_designated_upon_initial_recognition.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 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 value	31.12.2014	31.12.2013
Financial instruments designated upon initial recognition at fair value through profit and loss	-	2 068
Sell-buy-back liabilities	-	2 071

carrying_value.xlsx

Financial instruments designated upon initial recognition at fair value through profit and loss by carrying amount – 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 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_2014.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 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

as_at_31_december_2013.xlsx

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’.