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20. Trading assets

By carrying amount  31.12.2015 31.12.2014
Debt securities 766 641 1 915 120
issued by the State Treasury, of which: 648 695 1 825 454
Treasury bonds PLN 640 009 1 825 454
Treasury bonds EUR 8 686 -
issued by local government bodies, municipal bonds PLN 48 596 50 563
issued by non-financial institutions, of which: 46 122 22 146
corporate bonds PLN 46 052 22 137
corporate bonds EUR 70 9
issued by other financial institutions, of which: 5 344 2 326
bonds issued by WSE PLN 5 238 2 248
corporate bonds PLN 106 78
issued by banks 17 884 14 631
Shares in other entities – listed on stock exchanges 9 910 5 137
Investment certificates 6 648 3 891
Allotment certificates - 278
Total 783 199 1 924 426
trading_assets.xlsx

Debt securities by nominal value 31.12.2015 31.12.2014
Treasury bonds PLN 630 764 1 741 972
Municipal bonds PLN 46 156 48 067
Corporate bonds PLN 69 992 38 323
Corporate bonds EUR 75 9
Treasury bonds EUR 8 630 -
trading_assets_2_pkobp.xlsx

The average yield on debt securities issuedby the State Treasury 31.12.2015 31.12.2014
  2,1472% 1,9975%
trading_assets_3_pkobp.xlsx

Change in trading assets 2015 2014
Balance at the beginning of the period 1 924 426 479 881
Currency translation differences 14 919 58
Increases 153 956 971 204 794 395
Decreases (155 112 529) (203 348 345)
Changes in fair value (588) (1 563)
Balance at the end of the period 783 199 1 924 426
trading_assets_4_pkobp.xlsx

As at 31 December 2015 and as at 31 December 2014 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 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).

Carrying amount 31.12.2015 31.12.2014
Trading assets 831 303 926 977
Liabilities due to sell-buy-back transactions 829 114 927 553
trading_assets_5_pkobp.xlsx

Initial Settlement Deposit of the Central Securities Depository of Poland (KDPW)

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

Carrying amount/fair value 31.12.2015 31.12.2014
Value of the deposit 7 998 7 998
Nominal value of the pledge 8 000 8 000
Type of the pledge treasury bonds treasury bonds
Carrying amount of the pledge 8 038 8 112
trading_assets_6_pkobp.xlsx

Debt securities by maturity as at 31 December 2015 (by carrying amount) 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 188 761 - 267 575 98 281 94 078 648 695
issued by local government bodies - - 3 587 2 940 42 069 48 596
issued by other financial institutions - - 5 768 31 322 9 032 46 122
issued by non-financial institutions - - 47 4 287 1 010 5 344
issued by banks - - 40 14 498 3 346 17 884
Total 188 761 - 277 017 151 328 149 535 766 641
trading_assets_7_pkobp.xlsx

Debt securities by maturity as at 31 December 2014 (by carrying amount) 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 other financial institutions - - 183 20 226 1 737 22 146
issued by non-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_8_pkobp.xlsx