Information Bulletin 2/2011

Information Bulletin 2/2011 Warsaw, 2011

Compiled from NBP materials by the Department of Statistics as at April 13, 2011. Design: Oliwka s.c. Cover photo: Corbis/Free Layout and print: NBP Printshop Published by: National Bank of Poland Education and Publishing Department ul. Świętokrzyska 11/21, 00-919 Warszawa, Poland phone: (48) 22 63 233, fax: (48) 22 63 1321 www.nbp.pl Copyright by the National Bank of Poland, 2011 ISSN 1230-0020

Contents 1. Economic Developments....4 2. Monetary Developments....8 3. Balance of Payments in February 2011...13 3.1. Negative Balance of Current Account... 13 3.2. Positive Balance of EU Transfers.... 14 3.3. Increase in Non-resident Investment in Poland....14 3.4. Increase of Polish Investment Abroad... 14 3.. Official Reserve Assets... 14 4. Major Decisions of the Monetary Policy Council...16. Statistical Annex.............................................17.1. Tables... 18.2. Figures... 69.3. Seasonally Adjusted Time Series... 74.4. Methodological Notes... 83 3

Economic Developments 1 1 Economic Developments Growth in industrial output has still been high and stood at 10.7% y/y, When compared with 10.3% y/y in the previous reporting period. Adjusted for seasonal factors the industrial output increased by 9.8% y/y. Increase in sales for manufacturing was 11.3% y/y, for gas, electricity and hot water supply 6.7% y/y and for mining 6.9% y/y. Increase in industrial output when compared with the corresponding period of the previous year was reported for 26 (of 34) branches of industry i.a. 1, other mineral non-metallic products (34.8% y/y), metallic products (29.6% y/y), rubber and plastics (24.7% y/y), vehicles, trailers and semi-trailers (up by 24.4% y/y), food and beverages (8.1% y/y) as well as machinery and appliances (12.8% y/y) and furniture (9.8% y/y). Decrease has been reported for machinery and appliances down by 4.1% y/y. Construction and assembly production in February 2011 for enterprises of more than 9 employees has been 23% higher when compared with the corresponding period of the previous year. In January 2011 the above indicator stood at 11.2%. Adjusted for seasonal factors the industrial output increased by 14.4% y/y. Annual PPI indicator in February 2011 was 7.%, versus 6.2% reported a month earlier. Increase in prices was reported for manufacturing (by 7% y/y), gas electricity and hot water supply (up by 3.7% y/y) and in mining (up by 24% y/y). According to the CSO data for January 2011 2 the highest increase in prices for branches of manufacturing characterized with the biggest share in employment was reported for food and beverages (.% y/y), rubber and plastics (3% y/y) as well as vehicles, trailers and semi-trailers (0.6% y/y). Decrease has been reported in other mineral non-metallic products (1.8% y/y), machinery and appliances (2.4% y/y), and furniture (0.6% y/y). Metallic products remained unchanged. Construction and assembly production in February increased by 0.4% y/y. In January the above indicator stood at 0.3% y/y. The CPI for February 2011 went up by 3.6% y/y similarly to the previous month. The highest increase was reported for transportation services (6.% y/y), housing maintenance fees and energy sources (up by.% y/y), food and alcohol-free beverages (% y/y), alcohols and tobacco (up by 4.2% y/y) and prices in healthcare services (3.% y/y). Decrease in prices affected footwear and wearing apparel (down by 4.2% y/y), as well as telecommunication services (1.1% y/y). In February, average employment rate in the enterprise sector stood at 13 thousand up by 4.1% (220 thousand) when compared with a year ago. Increase in employment opportunities for industry has been reported in manufacturing (3.% y/y), in gas electricity and hot water supply (.7% y/y). Decrease in employment has been reported for mining (7.2% y/y). Among branches of manufacturing characterised with the highest share in employment, the increase thereof was reported for vehicles, trailers and semi- trailers (by 10.9% y/y), rubber and plastics (8.4% y/y), metallic products (7.1% y/y), food and beverages (4.3% y/y), other mineral nonmetallic products (3% y/y) as well as furniture (4.% y/y). Decrease has been reported for machinery and appliances (8.% y/y). 1 Branches of manufacturing with average employment over 100 thousand persons. 2 industrial output prices and prices for major sections: mining and quarrying, manufacturing and electricity gas and hot water supply are published by the CSO in advance to detailed data on respective sections. 4 N a t i o n a l B a n k o f P o l a n d

Economic Developments Increase in employment has been reported for administration and support (by 11.6% y/y), living quarters and gastronomy (9.4% y/y), construction (by 8.7% y/y) as well as information and communication (1.4%) and transportation and storage (1,9% y/y) as well as vehicle trade and repair (2.9% y/y). 1 Figure 1. Indices of Gross Domestic Product (corresponding period of the previous year = 100) 106 10 104 103 102 101 100 IV I II III IV I II 2008 2009 2010 III IV Figure 2. Sold Production of Industry (corresponding period of the previous year = 100) 11 110 10 100 9 90 8 80 7 II III IV V VI VII 2010 VIII IX X XI XII I 2011 II Mining and Guarrying Manufacturing Electricity, Gas and Water Supply Figure 3. Sold Production of Industry Prices Indices (corresponding period of the previous year = 100) 12 120 11 110 10 100 9 II III IV V VI VII 2010 VIII IX X XI XII I II 2011 Manufacturing Construction and Assembly Roduction Mining and Guarrying Electricity, Gas and Water Supply Information Bulletin 2/2011

Economic Developments 1 Figure 4. Selected Prices of Consumer Goods and Services (corresponding period of the previous year = 100) 114 112 110 108 106 104 102 100 98 96 94 92 90 II III IV V VI VII 2010 VIII IX X XI XII I 2011 II Alcoholic Beverages and Tobacco Products Housing Transport Foods and Non-Alcoholic Beverages Clothing and Footwear Health Care Communication Figure. Average Paid Employment in Enterprise Sector (corresponding period of the previous year = 100) 108 10 102 99 96 93 90 II III IV V VI VII 2010 VIII IX X XI XII I 2011 II Mining and Guarrying Manufacturing Electricity, Gas and Water Supply Construction Figure 6. Registered Unemployment Persons (corresponding period of the previous year = 100) and Unempoyment Rate 130 12 120 11 110 10 Unemployment Rate (%) 13, 13,0 12, 12,0 11, 11,0 100 II III IV V VI VII 2010 VIII IX X XI XII I 2011 II 10, Registered Unemployment Persons Unemployment Rate 6 N a t i o n a l B a n k o f P o l a n d

Economic Developments Figure 7. Average Monthly Wages and Solaries in Enterprise Sector (corresponding period of the previous year = 100) 12 120 11 110 10 100 9 90 8 II III IV V VI VII VIII IX X XI XII I II 2010 2011 1 Mining and Guarrying Manufacturing Electricity, Gas and Water Supply Construction Number of registered unemployed was 210.2 thousand, up by 48.7 thousand (2.3%) when compared with a year ago. Unemployment rate in the reporting period amounted to 13.2%. Average monthly gross wages and salaries in the enterprise sector stood at PLN 3422.1 and thus was 4.1% higher when compared to a year ago. Increase in wages and salaries was reported for manufacturing (by 4.2% y/y), gas electricity and hot water supply (up by 1.1% y/y) and in mining (up by 1.3% y/y). In non-industrial sections, the increase in average wages and salaries was reported in information and communication (7% y/y), administration and support (by.% y/y), living quarters and gastronomy (1.4% y/y), trade and vehicle repair (4.9%), construction (3% y/y), transportation and storage (4.3% y/y) and construction (3.7% y/y). Two months into 2011 revenues of the national budget stood at PLN 42 billion whereas its expenditure amounted to PLN 6.4 billion. The above amounts were respectively lower by 9,6% and higher by 2.4%, when compared with the corresponding period of the previous year and were 1.4% and 18% of the budgetary estimates for 2011. In February 2011 budgetary deficit amounted to ca. PLN 14.4 billion versus estimated PLN 40.2 billion. Increase has been reported for indirect taxes (12.%) as well as for PIT (2.9%) when compared with last year. Decrease has been reported for CIT (4.%). Information Bulletin 2/2011 7

Monetary Developments 2 2 Monetary Developments During its March meeting (1 2.03) the Monetary Policy Council decided to keep the interest rates of the NBP unchanged. Thus: the reference rate is 3.7 % the lombard rate is.2%; the deposit rate is 2.2%; the rediscount rate is 3.7%; During the February minimum reserve period 3 POLONIA has been less deviated and less changeable against the reference rate when compared with a month earlier. Average absolute deviation of the POLONIA rate against the reference rate of the NBP stood at 63 base points 4,, whereas the aforementioned changeability measured with standard deviation of POLONIA to the reference rate of the NBP 20 base points (in January: 9 base points and 4 base points respectively). Liquidity increased by PLN 4.2 billion when compared with the previous minimum reserve period. Average level of the open market operations amounted to PLN 89. billion (versus 84.9 in the previous period), of which regular operations stood at PLN 89.4 billion. Throughout the minimum reserve period banks placed the end-of -day deposit on the average level of PLN 0.9 billion. In February average interest on zloty denominated loans for non-financial corporations decreased by 0.1 percentage points to 6.4%. Interest on loans for single proprietors increased by 2.4 percentage points. Interest rates for zloty denominated housing loans for households went up by 0.1 percentage points and stood at 6.2%. Interest rates for zloty denominated consumer loans went up by 0. percentage points and stood at 1.6%. During the respective period banks increased average interest on deposits of households by 0.1% while deposits of non-financial corporations went up by 0.2 percentage points and stood at 3.2%. Value of M3 in February 2011 increased by PLN.9 billion (i.e. 0.8%) and stood at PLN 77 billion. Its annual rate of change increased by 0.1 percentage points and stood at 8.3% y/y. Impact of non-transactional factors referring to exchange rate adjustments, was not significant during the period in question; as a result thereof monetary components of broad money increased by PLN 0.4 billion. Components of the M1 aggregate characterized with high liquidity went up by 1.4 percentage point to 1.9% y/y. Other components of broad money have decreased by 0.4% y/y versus 0.9% y/y growth in the previous month. 3 Reserve requirement and payments settlement period in question is 31.01 to 27.02.2011. 4 Valued at 36-days unified base; variations against reference rate have been calculated in absolute values Interest on loans and deposits refers to new businesses concluded in a given reporting month. Appendices to existing agreements are deemed new businesses. In credit to non-financial corporations, businesses of up to PLN 4 million were included. For calculation method of average interest, please refer to MIR users manual available at www.nbp.pl Statistics\ MBS\ MIR Statistics. 8 N a t i o n a l B a n k o f P o l a n d

Monetary Developments Figure 8. Interest rates on the inter - bank versus basic interest rates of the NBP %,,0 4, 4,0 3, 3,0 2 2, 2,0 1, 2011-01-31 2011-02-01 2011-02-02 2011-02-03 2011-02-04 2011-02-07 2011-02-08 2011-02-09 2011-02-10 2011-02-11 2011-02-14 2011-02-1 2011-02-16 2011-02-17 2011-02-18 2011-02-21 2011-02-22 2011-02-23 2011-02-24 2011-02-2 POLONIA Reference Rate WIBOR ON Lombard Rate WIBOR 3M NBP Deposit Rate Figure 9. Average MFI Deposit Interest Rates on new Bussines, PLN Denominated 7 % 6 4 3 2 II III IV V VI VII VIII IX X XI XII I II III IV V VI VII VIII 2009 2010 IX X XI XII I II 2011 Non-Financial Corporations Households Figure 10. Average MFI Loan Interest Rates on New Business, PLN Denominated % 17 1 13 11 9 7 II III IV V VI VII VIII IX X XI XII I II III IV V VI VII VIII 2009 2010 IX X XI XII I II 2011 Households (loans for consumption) Households (loans for house purchases) Non-Financial Corporations Value of the currency in circulation item increased by PLN 0.8 billion (0.9%) and stood at PLN 91.4 billion. Its annual rate of change increased by 0.8 percentage points and stood at 3.9% y/y. Information Bulletin 2/2011 9

Monetary Developments Figure 11. Share of Currency in Circulation and Overnight Deposits of Domestic Residents in M3, M1 AND M3-M1 Growth (corresponding period of the previous year = 100) Growth Share % 140 60 2 130 120 110 100 8 6 4 2 90 II III IV V VI VII VIII IX X XI XII I II III IV V VI VII VIII IX X XI XII I II III IV V VI VII VIII IX X XI XII I II 2008 2009 2010 2011 0 M3 M1 M1 Share of Currency in Circulation and Overnight Deposits in M3 Figure 12. Share of Currency in Circulation (excluding vault cash) in M1 % 27 26 2 24 23 22 21 20 II III IV V VI VII VIII IX X XI XII I II III IV V VI VII VIII IX X XI XII I II III IV V VI VII VIII IX 2008 2009 2010 X XI XII I II 2011 Figure 13. Deposits and Other Liabilities of MFIs to Non-financial Corporations and Households Included in M3 (corresponding period of the previous year = 100) 130 12 120 11 110 10 100 9 II III IV V VI VII VIII IX X XI XII I II III IV V VI VII 2009 2010 VIII IX X XI XII I II 2011 Non-Financial Corporations Households M3 liquidity ratio measured by the share of cash and overnights in M3 increased by 0.6 percentage points and stood at 7.3%. M1 liquidity measured by the share of currency in circulation in M1 decreased by 0.2 percentage points and stood at 20.6%. 10 N a t i o n a l B a n k o f P o l a n d

Monetary Developments Figure 14. MFI Loans and Other Claims on Non-financial Corporations and Households (corresponding period of the previous year = 100) 10 140 130 120 110 2 100 90 II III IV V VI VII VIII IX X XI XII I II III IV V VI VII 2009 2010 VIII IX X XI XII I II 2011 Non-Financial Corporations Households Figure 1. Bank Loans to Households (corresponding period of the previous year = 100) 180 170 160 10 140 130 120 110 100 II III IV V VI VII VIII IX X XI XII I II III IV V VI VII VIII 2009 2010 IX X XI XII I II 2011 Loans for House Purchases Loans for Consumption Deposits and other liabilities in M3 increased in February by 6.9 billion (1%) and reached PLN 677.4 billion. Its annual rate of change increased by 0.1 percentage points and stood at 8.7% y/y. Deposits of households went up by PLN 6. billion i.e. 1.%. Increase was also reported for deposits of social security funds (PLN 0.2 billion i.e. 4%). Deposits of non-financial corporations decreased by PLN 0.9 billion (0.6%), and deposits of non-monetary financial corporations went down by PLN 1.1 billion i.e. 3%. Major counterpart to creating money in February was increase in credit to domestic sectors 6 (by PLN 6.3 billion, i.e. 0.8% to PLN 761.1 billion). Increase in in external assets net (PLN 4.7 billion i.e..6% to PLN 88.4 billion) and increase in credit to central government net (by PLN 0.2 billion i.e. 0.2% to PLN 118.4 billion) contributed to an increase in money supply. Increase in long-term debt (PLN 3 billion i.e. 1.% to PLN 199.1 billion ) contributed to a decrease in money supply. In February 2011, credit to non-financial corporations in the MFI increased by PLN 1.8 billion (0.8%) and reached PLN 217.8 billion. 6 Credit to MFI against loans, debt purchase as well as guarantees and warrantees. This category does not include interest due and liabilities against securities. Domestic sector includes non-monetary financial institutions, non-financial corporation, non-commercial institutions serving households, self-government and social security funds. Information Bulletin 2/2011 11

Monetary Developments Figure 16. Bank Loans to Non-financial Corporations (corresponding period of the previous year = 100) 140 130 2 120 110 100 90 80 II III IV V VI VII VIII IX X XI XII I II III IV V VI VII 2009 2010 VIII IX X XI XII I II 2011 Over 1 year up to years Up to 1 year (including current accounts) Over years Figure 17. Share of Monetary Aggregates and MFI Loans and Other Claims on Other Domestic Residents in GDP % 0 4 40 3 30 2 20 IV I II 2008 2009 III IV I II 2010 III IV M1/GDP M3/GDP Loans/GDP Loans with maturity up to 1 year and checking accounts increased by 2.9% y/y and loans with maturity from 1 year up to years went down by 10.1% y/y, loans over years increased by.6% y/y. MIF credit to households increased by PLN 3.7 billion (0.8%) and stood at PLN 479. billion. Its annual rate of change increased by 1.2 percentage points and stood at 13.7% y/y. Growth rate of housing loans was 22.% y/y (up by 2.3 percentage points). Growth of consumer loans was 0.7% y/y (down by 0.3 percentage points). According to data for Q4 2010, the monetisation of economy has increased. M1 and M3 to GDP ratio increased by 0.4 percentage points to 31.8% and by 1.2 percentage points and stood at.4% respectively. During the respective period credit to domestic sectors against the GDP increased by 0.6 percentage points and stood at 3.6%. In February average zloty exchange rate in the NBP 7 decreased by 1.1% against EUR, 1.% against CHF and 1.8% against GBP. Increase has been reported against UDS by 0.3%. 7 Exchange rate adjustments have been calculated for the period from end-january 2011 to end-february 2011 based on average exchange rate at the NBP. 12 N a t i o n a l B a n k o f P o l a n d

Balance of Payments in February 2011 3 Balance of Payments in February 2011 Components of monthly bop are estimated based on monthly payments registered in the banking system, quarterly information reported by residents investing abroad as well as public statistics surveys. This version of bop is preliminary and may be subject to further revisions. 3 3.1. Negative Balance of Current Account Balance of the current account was negative and amounted to EUR 68 million. This balance was influenced by: negative balance of income (EUR 1,314 million) and trade in goods (EUR 163 million) as well as positive balance of current transfers (EUR million) and services (EUR 237 million). In the corresponding period of 2010 the current account balance was positive and stood at EUR 12 million. In February 2011, exports was estimated at EUR 10,309 million and imports at EUR 10,472 million. When compared with data for February 2010 exports increased by EUR 993 million i.e. 10.7% and imports went up by EUR 1,002 million i.e. 10.6%. Negative balance of trade in goods amounted to EUR 163 million. In the corresponding period of the previous year this balance was also negative and stood at EUR 14 million. Credits on services in February 2011 went up by EUR 344 million when compared with February 2010 i.e. 21.8% and stood at EUR 1,921 million. Debits increased by EUR 269 million i.e. 19.0% and amounted to EUR 1,684 million. This positive balance of services comprised positive balance of transport (EUR 207 million) and travel (EUR 2 million) as well as negative balance of other services (EUR 22 million). In February 2011, the balance of income was negative and amounted to EUR 1,314 million. In the corresponding period of the previous year this balance was also negative and stood at EUR 660 million. The balance comprised positive balance of compensation of employees (EUR 101 million) and negative balance of income on investments (EUR 1,41 million). Negative balance of income on investments was primarily determined by EUR 1,07 million income of non-resident investors against their capital invested in Polish entities (including: reinvested profits EUR 87 million, interest on debt instruments EUR 179 million, and dividends EUR 40 million). Negative balance of income was also influenced by interest paid to portfolio investors against debt securities (EUR 2 million) as well as interest paid to non-resident creditors on loans received (EUR 20 million). During the past 12 months (i.e. from March 2010 to February 2011) negative balance of current account amounted to EUR 13,683 million, whereas in the corresponding period (March 2009 to February 2010) this deficit stood at EUR 6,669 million. Negative balance of current account increased by EUR 7,014 million. Deterioration in the negative balance of current account resulted mainly from increase in the negative balance of trade in goods (from EUR 2,892 million to EUR,964 million) and balance of income (from EUR 11,848 million to EUR 14,26 million). Meanwhile a decrease has been reported in positive balance of current transfers (from EUR 4,877 million to EUR 3,721 million) and positive balance of services (from EUR 3,194 million to EUR 2,816 million). Exports during the past 12 months amounted to EUR 12,240 million and imports stood at EUR 131,204 million. When compared with data for the previous period (i.e. March 2009- February 2010) exports increased by EUR 21,078 million i.e. 20.2% and imports went up by EUR 21,10 million i.e. 22.6%. Information Bulletin 2/2011 13

Balance of Payments Monetary in Developments February 2011 3.2. Positive Balance of EU Transfers In February 2011, the balance of EU transfers was positive and amounted to EUR 1,764 million of which: balance as reported in current transfers stood at EUR 1,246 million and in capital transfers at EUR 1,343 million. Membership premiums and contributions paid by Poland to the EU budget amounted to EUR 82 million. 3 3.3. Increase in Non-resident Investment in Poland Balance of foreign investment in Poland was positive and amounted to EUR 4,06 million. This balance was determined by net inflow of other investment. Balance of foreign direct investment in Poland was positive and amounted to EUR 938 million. This balance comprised: positive reinvested earnings (EUR 87 million), net inflow of equity capital to Polish direct investment enterprises (EUR 188 million), and net outflow of debt instruments (EUR 107 million). In February 2011, balance of the foreign portfolio investment was positive and amounted to EUR 389 million. Non-resident investment in equity securities issued by Polish entities decreased by EUR 146 million (net outflow of capital). During the respective period, net outflow of capital has also been reported against debt securities (EUR 243 million). This position has been greatly influenced by the State Treasury s purchase of debt securities issued on external markets, which has been partially offset by net inflow against non-resident purchase of debt securities issued on the domestic market by the State Treasury. Increase of Polish liabilities abroad in other investment increased by EUR 3,97 million. This balance has been influenced by increase in liabilities of: the National Bank of Poland up by EUR 1,60 million (mainly against passive repurchase agreements), the banking sector up by EUR 1,2 million (of which EUR 1,491 million against deposits placed by non-residents) and the government sector by 1,012 million (loans received from international organisations). In the respective period the enterprise sector decreased its foreign liabilities by EUR 18 million (mostly as a result of other loans received). 3.4. Increase of Polish Investment Abroad Polish investment abroad increased by EUR 810 million. During the period in question Polish enterprises have increased their foreign assets in direct investment by EUR 60 million, portfolio investment by EUR 9 million and other investment by EUR 24 million. 3.. Official Reserve Assets Increase in official reserve assets (by EUR 4,678 million) resulted from NBP s own transactions and transactions on behalf of its clients. Valuation adjustments and exchange rate fluctuations led to a EUR 28 million increase in this item. Balance of official reserve assets by the end-february 2011 was EUR 74,898 million. 14 N a t i o n a l B a n k o f P o l a n d

Balance of Payments in February 2011 Balance of payments (EUR mln) Specification 2010 2011 Cummulated ** II I* II* III 2010- II 2011 III 2010- II 2011* A. Current account 12-1 334-68 -6 669-13 683 Trade in goods -14-67 -163-2 892-964 Exports f.o.b. 9 316 10 279 10 309 104 162 12 240 Imports f.o.b 9 470 10 346 10 472 107 04 131 204 Balance of services 162 213 237 3 194 2 816 Credits 1 77 1 944 1 921 20 730 2 372 Debits 1 41 1 731 1 684 17 36 22 6 Balance of income -660-1 318-1 314-11 848-14 26 Credits 340 30 379 098 390 Debits 1 000 1 668 1 693 16 946 19 646 Balance of current transfers 1 164-162 4 877 3 721 Credits 1 870 241 1 468 11 100 8 942 Debits 706 403 913 6 223 221 B. Capital account 2 19 1 397 4 122 7 168 Credits 66 174 1 409 4 400 7 74 Debits 14 1 12 278 406 C. Financial account 1 466 3 906 3 863 30 414 30 344 Polish investment abroad -14-917 -60-3 419-4 660 Foreign direct investment in Poland 1 192 1 42 938 10 17 7 14 Portfolio investment -assets 83 19-181 -718-486 Equity securities 134-116 -11-784 -840 Debt securities -1 13-30 66 34 Portfolio investment - liabilities 1 602 1 206-389 18 471 1 08 Equity securities 42-2 -146 1 9 173 Debt securities 1 60 1 208-243 16 16 9 912 Other investment - assets -1 401 840-24 793-1 641 National Bank of Poland 4 1 0-636 14 Goverment sector -11 49-38 -190-129 3 MFI (NBP excluded) -772 1 233 104 2 982-193 Other sectors -622-889 -90-1 363-1 333 Other investment - liabilities 247 1 47 3 97 118 1 174 National Bank of Poland -26 317 1 60 2 27 3 043 Goverment sector -21 14 1 012 1 044 3 017 MFI (NBP excluded) 90 1 467 1 2-80 7 616 Other sectors 204-341 -18 2 32 1 498 Financial derivatives -103-124 167-348 -282 D. Errors and ommissions -1 29-1 48 103-13 641-12 108 A - D 1 001 1 246 4 678 14 226 11 721 E. Official reserve assets -1 001-1 246-4 678-14 226-11 721 * Preliminary information ** Cumulated data are presented progressively in the 12 month perspective. Information Bulletin 2/2011 1

Major Decisions of the Monetary Policy Council 4 Major Decisions of the Monetary Policy Council 1. Resolution No 9/2004 of the Monetary Policy Council dated August 2, 2004 on reference rate, interest on refinanced loans, interest on deposits with agreed maturity and rediscount rate of the NBP. 4 16 N a t i o n a l B a n k o f P o l a n d

Statistical Annex Statistical Annex INFORMATION BULLETIN 2/2011 17

Statistical Annex. Tables.1. Tables Table 1. Basic Economic Data. 1. Industrial output 2. Construction output 3. Consumer Price Index 4. Producer Price Index current prices the same month previous year = 100 constant prices previous month = 100 current prices the same month previous year = 100 constant prices previous month = 100 the same month previous year = 100 previous month = 100 December previous year = 100 the same month previous year = 100 previous month = 100 million zloty % % million zloty % % % % % % % 1 2 3 4 6 7 8 9 10 11 XII 2006 63 407.8 106. 94.1 7 107.3 120.3 14.2 101.4 99.8 101.4 102.4 99. I 2007 63 983.9 114.1 99.9 2 713.6 14.1 37.8 101.6 100.4 100.4 103.0 100.7 II 62 823.9 112.1 97.8 3 017. 14.2 110.6 101.9 100.3 100.7 103.4 100.3 III 72 02.4 110.9 114.6 3 633.6 139.4 120.4 102. 100. 101.1 103.1 100. IV 66 34. 112. 91.7 4 02.0 136.3 108.9 102.3 100. 101.6 101.9 100.4 V 68 244.6 108.2 102.6 4 636.4 11.4 112.7 102.3 100. 102.2 101.9 100.4 VI 68 460.7 10.7 100.1 196.3 104.1 112. 102.6 100.0 102.2 101.3 100. VII 67 897.1 110.6 98.1 297.7 118.9 100.9 102.3 99.7 101.9 100.8 100.2 VIII 68 40.1 108.4 100.1 780.7 114.7 109.0 101. 99.6 101.6 101.4 100.4 IX 71 73.7 10.4 10.6 6 09.0 101.3 104.7 102.3 100.8 102.3 101. 99.9 X 78 43. 110.9 109.7 7 023.6 10. 11.0 103.0 100.6 103.0 101.6 99.6 XI 73 761.9 108. 9.3 6 169.1 112.1 84.0 103.6 100.7 103.7 102.2 99.9 XII 67 213.8 10.8 91.7 9 112.9 114.0 147.7 104.0 100.3 104.0 101.9 99.2 I 2008 71 003.4 110. 104.4 3 316.1 108.6 36.0 104.0 100.7 100.7 102. 101.3 II 72 393.8 114.7 101. 4 106. 121.3 123.6 104.2 100.4 101.1 102.8 100. III 72 976.1 100.7 100.7 4 768.1 116.8 11.8 104.1 100.4 101. 102. 100.2 IV 7 716.2 114.4 104.1 396.9 120.9 112.8 104.0 100.4 101.8 101.9 99.8 V 69 21.7 101.4 90.9 836.6 11.9 107.9 104.4 100.8 102.6 102.4 100.8 VI 73 360.1 106. 10.2 6 782.8 119.4 11.9 104.6 100.2 102.9 102.2 100.3 VII 71 441.1 104.8 97.3 6 10.1 113.4 9.8 104.8 100.0 102.8 101.7 99.8 VIII 6 42.2 9.6 91.2 6 49.7 102.9 98.9 104.8 99.6 102.4 101.4 100.1 IX 7 674.2 10. 116.6 7 203.1 109.6 111.4 104. 100.3 102.8 102.0 100.4 X 77 012.1 98.0 101.9 7 980.2 10.6 110.8 104.2 100.4 103.2 102.4 100.0 XI 66 889. 89.4 86.9 6 378.9 100.4 79.9 103.7 100.2 103.4 102.2 99.8 XII 6 023.9 94.4 96.9 9 43.6 102.0 10.1 103.3 99.9 103.3 102.7 99.6 I 2009 62 409.7 84.7 93.7 3 638. 107.4 37.9 102.8 100. 100. 103.6 102.3 II 6 264.4 8.4 102.4 4 24.1 101.9 117.2 103.3 100.9 101.3 10.7 102.6 III 7 180.0 98.1 11.6 4 887. 101.2 11.1 103.6 100.7 102.0 10. 100.0 IV 69 333.0 87.8 93.1 46.0 100. 112.0 104.0 100.7 102.7 104.8 99.1 V 67 88.4 94.8 98.2 863.3 100.3 107.7 103.6 100. 103.2 103.7 99.7 VI 72 174.2 9. 106.0 6 811.1 100. 116.2 103. 100.2 103.4 104.1 100.8 VII 69 437.0 9.6 97.4 7 172.4 110.7 10. 103.6 100.1 103. 102.8 98. VIII 66 09.3 100.1 9.6 7 108.1 111.0 99.2 103.7 99.6 103.1 102.2 99.6 IX 7 33.0 98.7 11.0 7 41.6 10.7 106.1 103.4 100.0 103.1 101.6 99.8 X 77 012.0 98.7 101.9 8 130.2 102.7 107.6 103.1 100.1 103.3 102.0 100.4 XI 74 4.1 109.9 96.8 6 948.1 109.9 8. 103.3 100.3 103. 101.9 99.6 XII 71 090.4 107.4 94.6 9 788.6 103.2 141.0 103. 100.0 103. 102.1 99.8 I 2010 67 008.0 108. 94.6 3 048.1 84.7 31.1 103. 100.6 100.6 100.2 100.4 II 68 678.6 109.2 103.1 3 170.3 7.3 104.2 102.9 100.2 100.9 97.6 99.9 III 81 494.0 112. 119.1 4 322.7 89.1 136.2 102.6 100.3 101.2 97.4 99.8 IV 74 673.4 109.7 90.8 094.6 93.7 117.8 102.4 100.4 101.6 99.6 101.4 V 76 869.0 113. 101.6 994.8 102.3 117. 102.2 100.3 101.9 101.9 102.0 VI 82 6.0 114.3 106.8 7 468.8 109.6 124. 102.3 100.3 102.2 102.1 101.0 VII 78 608.2 110. 94.1 7 240.8 100.8 97.0 102.0 99.8 102.0 103.8 100.1 VIII 77 306.7 113.6 98.2 7 726.9 108.4 106.7 102.0 99.6 101. 104.0 99.8 IX 86 461.3 111.8 113.1 8 70.9 113.4 111.0 102. 100.6 102.1 104.3 100.1 X 8 403.3 108.0 98.4 8 896. 109.4 103.8 102.8 100. 102.6 103.9 100.0 XI 84 11.0 110.0 98.6 7 926.3 114.2 89.2 102.7 100.1 102.8 104.7 100.4 XII 82 301.7 111.4 9.8 11 010.1 112.3 138.7 103.1 100.4 103.1 106.2 101.2 I 2011 77 949.0 110.3 93.6 3 390.7 111.2 30.8 103.6 101.2 101.2 106.2 100.4 II 81 483.6 110.7 103. 3 913.1 123.0 11.4 103.6 100.2 101.4 107.3 101.0 18 N a t i o n a l B a n k o f P o l a n d

Statistical Annex. Tables Table 1. Basic Economic Data. Cont.. Construction Price Index the same month previous year = 100 previous month = 100 6. Number of employed. corporate sector 7. Average employment. corporate sector 8. Number of unemployed 9. Unemployment rate 10. Average monthly employee earnings. gross. corporate sector revenue 11. National Budget revenue & expenditure expenditure financial surplus/ deficit and net foreign lending/ borrowing % % thousands thousands thousands % zł million zloty million zloty million zloty 12 13 14 1 16 17 18 19 20 21 XII 2006 104.6 100.4 171 4 99 2 309.4 14.8 3 027.1 197 639.8 222 702.9-18 17.9 I 2007 10.0 100. 23 048 2 36.8 1.1 2 663. 22 407. 19 263.4 4 061.8 II 10.6 100.7 271 070 2 331.1 14.8 2 687.48 38 233.3 41 22.6-1 074.0 III 106.4 100.9 294 089 2 232. 14.3 2 82.71 396. 60 73. -2 70.9 IV 107.1 101.0 303 10 2 103.1 13.6 2 786.29 81 18.6 83 276. 1 319.0 V 107.8 101.0 320 116 1 98.1 12.9 2 776.92 98 039.2 102 336.4-89. VI 108.3 100.9 342 144 1 89.1 12.3 2 869.69 11 346.7 118 993.3-76.8 VII 108. 100.6 36 160 1 86.1 12.1 2 893.71 137 62.3 137 111.0 4 082.8 VIII 108.4 100. 381 182 1 821.9 11.9 2 88.97 17 377.4 17 073.3 4 182.4 IX 108.1 100.4 38 192 1 777.8 11.6 2 88.83 174 924.3 174 74.4 4 208.7 X 107.9 100.4 417 220 1 720.9 11.3 2 91.67 19 131.4 199 3.3-24.6 XI 107.8 100.2 431 233 1 719.4 11.2 3 092.01 21 68. 221 710.3-1 341.7 XII 107.6 100.2 407 237 1 746.6 11.2 3 24.14 236 367. 22 323.9-11 069.2 I 2008 107.4 100.3 37 339 1 813.4 11. 2 97.4 22 6.4 18 248.1 4 33.7 II 107.0 100.4 63 363 1 778. 11.3 3 040.46 43 303.9 43 440. 33.8 III 106. 100.4 70 376 1 702.2 10.9 3 12.96 64 69. 62 86.6 422. IV 106.0 100. 79 382 1 60.7 10.3 3 144.87 90 618.6 90 064.3-42.8 V 10.2 100.3 77 383 1 2.6 9.8 3 076.14 108 826. 110 703.4-2 642.8 VI 104.7 100.3 81 383 1 4.3 9.4 3 222.47 127 70.9 131 086.6-3 74.9 VII 104.3 100.3 87 392 1 422.9 9.2 3 234.96 10 887.8 13 632. -1 379.2 VIII 104.0 100.2 78 391 1 404.4 9.1 3 172.4 172 997.2 173 314.6 2 099.8 IX 103.7 100.1 88 39 1 376.6 8.9 3 176.84 192 377.8 196 602.4-901.0 X 103.4 100.1 90 397 1 32.3 8.8 3 247.77 213 802.8 22 288.1-7 939.9 XI 103.2 100.0 72 386 1 398. 9.1 3 326.94 23 010.1 249 982.9-11 403.4 XII 102.9 99.9 17 33 1 473.8 9. 3 428.01 24 083.8 278 674.3-21 063.8 I 2009 102.4 99.9 47 374 1 634.4 10.4 3 21.7 27 743.8 24 82.8 800.3 II 101.8 99.8 27 32 1 718.8 10.9 3 19.6 46 7.0 2 00.9-6 367.0 III 101.3 99.9 498 32 1 78.8 11.1 3 332.6 6 726.9 76 946.7-11 698.2 IV 100.7 99.9 487 309 1 719.9 10.9 3 294.76 89 338.4 104 644. -14 662.2 V 100.3 99.8 472 292 1 683.4 10.7 3 193.90 111 123.4 127 480.1-1 202. VI 99.9 100.0 463 280 1 68.7 10.6 3 287.88 134 389.0 11 078.2-16 912.7 VII 99.6 99.9 43 273 1 676.1 10.7 3 361.90 160 027.6 17 064.7-1 420. VIII 99.3 99.9 40 270 1 689.0 10.8 3 268.69 183 330. 198 986.3-14 706.2 IX 99.2 100.0 40 267 1 71.9 10.9 3 283.18 202 82.0 223 92.7-17 369.8 X 99.1 100.1 449 267 1 744.3 11.1 3 312.32 22 673.4 249 92.0-16 017.1 XI 99.2 100.1 449 26 1 811.1 11.4 3 403.92 20 937.0 27 279.1-14 837.3 XII 99.3 100.0 418 2 1 892.7 12.1 3 62.40 274 183. 298 028. - 288.7 I 2010 99.3 99.8 474 301 2 02. 12.9 3 231.13 22 137. 26 916.7-9 88.6 II 99.4 99.9 468 293 2 101. 13.2 3 288.29 38 207.1 042.7-18 648.4 III 99. 100.0 478 294 2 076.7 13.0 3 493.42 7 022.1 79 729.7-13 931. IV 99.7 100.1 49 308 1 973.8 12.4 3 398.67 79 877.6 106 834.6-14 6.9 V 100.0 100.1 0 320 1 907.9 12.1 3 346.61 96 870.8 128 917.0-21 447.7 VI 100.1 100.1 23 336 1 843.9 11.7 3 403.6 114 41.2 11 019.9-2 114.6 VII 100.2 99.9 33 30 1 812.8 11. 3 433.32 139 68.2 174. -22 448.9 VIII 100.2 100.0 37 32 1 800.2 11.4 3 407.26 160 144.3 197 120.2-24 446.2 IX 100.2 100.0 0 364 1 812.6 11. 3 403.68 181 363.2 220 898.7-26 23.7 X 100.1 100.0 6 37 1 818.6 11. 3 440.22 204 30.2 246 240.4-27 872.0 XI 100.0 100.0 68 381 1 88.3 11.7 3 2.67 226 867.2 269 480.3-23 904. XII 100.0 100.1 48 379 1 94.7 12.3 3 847.91 20 302.4 294 893.7-13 33.7 I 2011 100.3 100.1 68 01 2 10.0 13.0 3 391.9 24 618.3 27 380.3-1 203.6 II 100.4 100.1 69 13 2 10.2 13.2 3 422.14 41 970.7 6 391.3-13 126.4 INFORMATION BULLETIN 2/2011 19

Statistical Annex. Tables Table 1. Basic Economic Data. Cont. 12. Corporate financial performance revenues of which: sales of goods & services operating costs of which: cost of sales pre-tax profit/ loss statutory deductions net profit/loss cost to sales ratio net margin quick liquidity ratio current assets accounts receivable and associated claims accounts payable million zloty million zloty million zloty million zloty million zloty million zloty million zloty % % % million zloty million zloty million zloty 22 23 24 2 26 27 28 29 30 31 32 33 34 XII 2006 1 497 784.6 913 993.1 1 411 4.6 907 44.6 86 339.3 16 42. 69 796.8 94.2 4.7 101.0 48 836.2 181 16.2 173 916.0 I 2007............. II............. III 386 981.3 237 44.0 363 327.0 233 11.0 23 664.6 4 693.2 18 971.4 93.9 4.9 100.9 466 019. 18 690.7 169 39.4 IV............. V............. VI 802 928.0 488 84.7 70 466.0 481 036.8 2 478. 9 72.8 42 72.7 93..3 99.8 492 128.7 196 012.8 179 73.6 VII............. VIII............. IX 1 236 7.2 7 229.0 1 17 468.3 74 298.7 79 138.1 14 607.9 64 30.2 93.6.2 100.1 1 990. 20 186.4 186 63. X............. XI............. XII 1 713 204.6 1 042 788.6 1 608 41.4 1 033 78. 104 828.2 18 639.2 86 189.0 93.9.0 98.9 28 370.3 201 960.7 194 900.8 I 2008............. II............. III 438 477.9 266 037.9 412 782.0 263 42.3 2 693.6 313. 20 380.1 94.1 4.6 100.7 36 088.4 208 126.7 190 363.8 IV............. V............. VI 918 374.4 2 626.8 863 611.6 0 31.1 4 772.6 10 487.1 44 28. 94.0 4.8 98.9 71 46.0 224 381.0 201 282.3 VII............. VIII............. IX 1 400 691. 843 418.8 13 221 332.7 842 8.2 79 398.2 1 740.0 63 68.2 94.3 4. 100.1 86 701.7 22 47.4 204 606.1 X............. XI............. XII 1 903 409.4 1 130 677.9 1 823 49.8 1 14 389.3 79 986.8 16 92.9 63 033.9 9.8 3.3 9.1 91 419.1 218 983.8 21 966.9 I 2009............. II............. III 43 49.6 26 978.0 440 12.4 26 862.3 13 382.2 3 621.7 9 760. 97.1 2.2 94.8 93 99.6 227 42.7 207 430. IV............. V............. VI 927 341.3 43 280.8 882 269.7 47 003.8 4 078.0 8 022.3 37 0.6 9.1 4.0 97.1 606 99.3 232 23.1 211 296.0 VII............. VIII............. IX 1 41 674.7 828 622.2 1 342 742. 83 873.8 72 93.1 12 909.2 60 043.9 94.8 4.2 101.1 606 721.0 233 01.7 21 619.8 X............. XI............. XII 1 932 978.3 1 131 43.3 1 837 000.3 1 149 117. 9 914. 17 049.1 78 86.4 9.0 4.1 102.2 606 843.1 224 184. 222 340.2 I 2010............. II............. III 47 778.6 268 942.1 434 978.4 273 449. 22 827.2 4 46.8 18 280.4 9.0 4.0 10.0 97 602.1 224 946.8 208 732.2 IV............. V............. VI 96 711.8 63 770.3 906 11.1 71 447.9 0 7.7 8 767.3 41 808.4 94.7 4.4 103.6 636 761.2 244 024.8 229 222.7 VII............. VIII............. IX 1 472 871.0 872 624.0 1 391 377. 881 423.3 81 117.1 13 82.7 67 34.4 94. 4.6 10.7 64 961.1 20 086.0 232 911.1 X............. XI............. XII 2 029 730.8 1 200 633.1 1 922 01.9 1 217 468.1 107 488. 18 043.1 89 44. 94.7 4.4 10. 663 29.1 248 204.4 243 430.4 I 2011............. II............. 20 N a t i o n a l B a n k o f P o l a n d

Statistical Annex. Tables Table 2. Financial Market Basic Information 1. NBP interest rates 2. Reserve requirement Reference rate 1 Lombard rate Deposit rate Rediscount rate Discount rate Reserve requirement ratio on zloty deposits Reserve requirement ratio on foreign currency deposits (zloty equivalent) demand time demand time Reserve requirement ratio on repo operations Interest on reserve requirement required reserves held current account of which: declared vault cash % % % % % % % % % % % million zloty million zloty million zloty 1 2 3 4 6 7 8 9 10 11 12 13 14 XII 2006 4.00.0 2. 4.2. 3. 3. 3. 3. 0.0 0.9 1 13 969.9 13 969.9. I 2007 4.00.0 2. 4.2. 3. 3. 3. 3. 0.0 0.9 1 14 26.1 14 26.1. II 4.00.0 2. 4.2. 3. 3. 3. 3. 0.0 0.9 1 14 827.4 14 827.4. III 4.00.0 2. 4.2. 3. 3. 3. 3. 0.0 0.9 1 14 827.4 14 827.4. IV 4.2.7 2.8 4.0. 3. 3. 3. 3. 0.0 0.9 1 1 278.3 1 278.3. V 4.2.7 2.8 4.0. 3. 3. 3. 3. 0.0 0.9 1 1 10.8 1 10.8. VI 4.0 6.00 3.0 4.7. 3. 3. 3. 3. 0.0 0.9 1 1 10.8 1 10.8. VII 4.0 6.00 3.0 4.7. 3. 3. 3. 3. 0.0 0.9 1 1 849.6 1 849.6. VIII 4.7 6.2 3.3.00. 3. 3. 3. 3. 0.0 0.9 1 1 826.9 1 826.9. IX 4.7 6.2 3.3.00. 3. 3. 3. 3. 0.0 0.9 1 1 826.9 1 826.9. X 4.7 6.2 3.3.00. 3. 3. 3. 3. 0.0 0.9 1 16 378.7 16 378.7. XI.00 6.0 3..2. 3. 3. 3. 3. 0.0 0.9 1 16 702.7 16 702.7. XII.00 6.0 3..2. 3. 3. 3. 3. 0.0 0.9 1 16 966.2 16 966.2. I 2008.2 6.7 3.8.0. 3. 3. 3. 3. 0.0 0.9 1 17 466.1 17 466.1. II.0 7.00 4.0.7. 3. 3. 3. 3. 0.0 0.9 1 17 606.6 17 606.6. III.7 7.2 4.3 6.00. 3. 3. 3. 3. 0.0 0.9 1 17 862.7 17 862.7. IV.7 7.2 4.3 6.00. 3. 3. 3. 3. 0.0 0.9 1 18 200.8 18 200.8. V.7 7.2 4.3 6.00. 3. 3. 3. 3. 0.0 0.9 1 18 200.8 18 200.8. VI 6.00 7.0 4. 6.2. 3. 3. 3. 3. 0.0 0.9 1 18 64.6 18 64.6. VII 6.00 7.0 4. 6.2. 3. 3. 3. 3. 0.0 0.9 1 19 120.3 19 120.3. VIII 6.00 7.0 4. 6.2. 3. 3. 3. 3. 0.0 0.9 1 19 120.3 19 120.3. IX 6.00 7.0 4. 6.2. 3. 3. 3. 3. 0.0 0.9 1 19 643. 19 643.. X 6.00 7.0 4. 6.2. 3. 3. 3. 3. 0.0 0.9 1 20 11.0 20 11.0. XI.7 7.2 4.3 6.00. 3. 3. 3. 3. 0.0 0.9 1 20 11.0 20 11.0. XII.00 6.0 3.0.2. 3. 3. 3. 3. 0.0 0.9 1 21 089.0 21 089.0. I 2009 4.2.7 2.7 4.0. 3. 3. 3. 3. 0.0 0.9 1 21 089.0 21 089.0. II 4.00.0 2.0 4.2. 3. 3. 3. 3. 0.0 0.9 1 21 793.4 21 793.4. III 3.7.2 2.2 4.00. 3. 3. 3. 3. 0.0 0.9 1 22 66.0 22 66.0. IV 3.7.2 2.2 4.00. 3. 3. 3. 3. 0.0 0.9 1 22 80.9 22 80.9. V 3.7.2 2.2 4.00. 3. 3. 3. 3. 0.0 0.9 1 22 80.9 22 80.9. VI 3.0.00 2.00 3.7. 3.0 3.0 3.0 3.0 0.0 0.9 1 19 439.2 19 439.2. VII 3.0.00 2.00 3.7. 3.0 3.0 3.0 3.0 0.0 0.9 1 19 78.4 19 78.4. VIII 3.0.00 2.00 3.7. 3.0 3.0 3.0 3.0 0.0 0.9 1 19 699.6 19 699.6. IX 3.0.00 2.00 3.7. 3.0 3.0 3.0 3.0 0.0 0.9 1 19 630.4 19 630.4. X 3.0.00 2.00 3.7. 3.0 3.0 3.0 3.0 0.0 0.9 1 19 630.4 19 630.4. XI 3.0.00 2.00 3.7. 3.0 3.0 3.0 3.0 0.0 0.9 1 20 02.9 20 02.9. XII 3.0.00 2.00 3.7. 3.0 3.0 3.0 3.0 0.0 0.9 1 20 148.4 20 148.4. I 2010 3.0.00 2.00 3.7 4.00 3.0 3.0 3.0 3.0 0.0 0.9 1 20 148.4 20 148.4. II 3.0.00 2.00 3.7 4.00 3.0 3.0 3.0 3.0 0.0 0.9 1 20 409.0 20 409.0. III 3.0.00 2.00 3.7 4.00 3.0 3.0 3.0 3.0 0.0 0.9 1 20 17.1 20 17.1. IV 3.0.00 2.00 3.7 4.00 3.0 3.0 3.0 3.0 0.0 0.9 1 20 681.8 20 681.8. V 3.0.00 2.00 3.7 4.00 3.0 3.0 3.0 3.0 0.0 0.9 1 20 746.4 20 746.4. VI 3.0.00 2.00 3.7 4.00 3.0 3.0 3.0 3.0 0.0 0.9 1 21 102.0 21 102.0. VII 3.0.00 2.00 3.7 4.00 3.0 3.0 3.0 3.0 0.0 0.9 1 21 102.0 21 102.0. VIII 3.0.00 2.00 3.7 4.00 3.0 3.0 3.0 3.0 0.0 0.9 1 21 49.2 21 49.2. IX 3.0.00 2.00 3.7 4.00 3.0 3.0 3.0 3.0 0.0 0.9 1 21 649.0 21 649.0. X 3.0.00 2.00 3.7 4.00 3.0 3.0 3.0 3.0 0.0 0.9 1 21 649.0 21 649.0. XI 3.0.00 2.00 3.7 4.00 3.0 3.0 3.0 3.0 0.0 0.9 1 22 02.1 22 02.1. XII 3.0.00 2.00 3.7 4.00 3. 3. 3. 3. 0.0 0.9 1 2 947.6 2 947.6. I 2011 3.7.2 2.2 4.00. 3. 3. 3. 3. 0.0 0.9 1 26 2.6 26 2.6. II 3.7.2 2.2 4.00. 3. 3. 3. 3. 0.0 0.9 1 26 448.9 26 448.9. 1 of the rediscount rate INFORMATION BULLETIN 2/2011 21

Statistical Annex. Tables Table 2. Financial Market Basic Information, Cont. 3. Treasury bill tenders Face value of bills offered for sale Number of tenders during month of which: 1- week 3- week - week 6- week 13- week 2- week million zloty million zloty million zloty million zloty million zloty million zloty million zloty 1 16 17 18 19 20 21 22 XII 2006 2 4 200.00 0.00 0.00 2 200.00 0.00 0.00. I 2007 2 1 800.00 0.00 0.00 0.00 0.00 0.00. II 2 1 800.00 0.00 0.00 0.00 0.00 0.00. III 2 2 000.00 0.00 0.00 0.00 0.00 0.00. IV 2 1 800.00 0.00 0.00 0.00 0.00 0.00. V 1 900.00 0.00 0.00 0.00 0.00 0.00. VI 1 00.00 0.00 0.00 0.00 0.00 0.00. VII 1 00.00 0.00 0.00 0.00 0.00 0.00. VIII 1 800.00 0.00 0.00 0.00 0.00 0.00. IX 2 1 400.00 0.00 0.00 0.00 0.00 0.00. X 2 1 000.00 0.00 0.00 0.00 0.00 0.00. XI 1 1 000.00 0.00 0.00 0.00 0.00 0.00. XII 2 11 00.00 0.00 0.00 0.00 4 00.00 3 000.00. I 2008 0 0.00 0.00 0.00 0.00 0.00 0.00. II 1 00.00 0.00 0.00 0.00 0.00 0.00. III 1 1 00.00 0.00 0.00 00.00 0.00 0.00. IV 2 7 300.00 2 800.00 2 0.00 0.00 0.00 00.00. V 2 10 700.00 0.00 2 200.00 0.00 0.00 1 00.00. VI 3 7 600.00 0.00 0.00 0.00 0.00 3 300.00. VII 4 6 400.00 0.00 0.00 0.00 0.00 2 000.00. VIII 3 4 800.00 0.00 0.00 0.00 0.00 0.00. IX 3 3 600.00 0.00 0.00 0.00 0.00 0.00. X 4 6 100.00 0.00 0.00 0.00 0.00 2 800.00. XI 4 9 100.00 0.00 0.00 0.00 0.00 3 900.00. XII 4 9 900.00 0.00 0.00 0.00 0.00 1 00.00. I 2009 4 2 900.00 0.00 0.00 0.00 0.00 0.00. II 4 6 600.00 0.00 0.00 0.00 0.00 0.00. III 10 400.00 0.00 0.00 0.00 0.00 0.00. IV 4 6 00.00 0.00 0.00 0.00 0.00 0.00. V 4 9 00.00 0.00 0.00 0.00 0.00 0.00 2 700.00 VI 7 400.00 0.00 0.00 0.00 0.00 0.00 0.00 VII 4 000.00 0.00 0.00 0.00 0.00 0.00 0.00 VIII 800.00 0.00 0.00 0.00 0.00 0.00 0.00 IX 4 4 000.00 0.00 0.00 0.00 0.00 0.00 0.00 X 3 1 700.00 0.00 0.00 0.00 0.00 0.00 0.00 XI 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 XII 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 I 2010 3 2 700.00 0.00 0.00 0.00 0.00 0.00 0.00 II 4 200.00 0.00 0.00 0.00 0.00 0.00 0.00 III 6 700.00 0.00 0.00 0.00 0.00 0.00 0.00 IV 4 3 300.00 0.00 0.00 0.00 0.00 0.00 0.00 V 4 3 900.00 0.00 0.00 0.00 0.00 0.00 0.00 VI 4 600.00 0.00 0.00 0.00 0.00 0.00 0.00 VII 3 3 900.00 0.00 0.00 0.00 0.00 0.00 0.00 VIII 4 4 000.00 0.00 0.00 0.00 0.00 0.00 0.00 IX 2 1 200.00 0.00 0.00 0.00 0.00 0.00 0.00 X 2 1 200.00 0.00 0.00 0.00 0.00 0.00 0.00 XI 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 XII 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 I 2011 3 4 700.00 0.00 0.00 0.00 0.00 0.00 0.00 II 4 6 300.00 0.00 0.00 0.00 0.00 0.00 0.00 2 2-day bills. 22 N a t i o n a l B a n k o f P o l a n d

Statistical Annex. Tables Table 2. Financial Market Basic Information, Cont. 3. Treasury bill tenders Face value of bills offered for sale of which: 26- week 27- week 28-week 39-week 48--week 49-week 0-week 1-week 2-week million zloty million zloty million zloty million zloty million zloty million zloty million zloty million zloty million zloty 23 24 2 26 27 28 29 30 31 XII 2006 0.00.. 0.00.... 2 000.00 I 2007 0.00.. 0.00.... 1 800.00 II 0.00.. 0.00.... 1 800.00 III 0.00.. 0.00.... 2 000.00 IV 0.00.. 0.00.... 1 800.00 V 0.00.. 0.00.... 900.00 VI 0.00.. 0.00.... 00.00 VII 0.00.. 0.00.... 00.00 VIII 0.00.. 0.00.... 800.00 IX 0.00.. 0.00.... 1 400.00 X 0.00.. 0.00.... 1 000.00 XI 0.00.. 0.00.... 1 000.00 XII 0.00.. 2 000.00.... 2 000.00 I 2008 0.00.. 0.00.... 0.00 II 0.00.. 0.00.... 00.00 III 0.00.. 0.00.... 1 000.00 IV 1 000.00.. 0.00.... 3 000.00 V 1 00.00.. 0.00.... 00.00 VI 0.00.. 0.00.... 4 300.00 VII 2 000.00.. 0.00.... 2 400.00 VIII 2 400.00.. 0.00.... 2 400.00 IX 1 800.00.. 0.00.... 1 800.00 X 0.00.. 0.00.... 3 300.00 XI 0.00.. 700.00.... 4 00.00 XII 1 00.00.. 1 800.00.... 100.00 I 2009 0.00.. 600.00.... 2 300.00 II 0.00.. 0.00.... 6 600.00 III 400.00.. 0.00.... 000.00 IV 0.00. 1 000.00 0.00.... 00.00 V 0.00. 0.00 0.00.... 6 800.00 VI 0.00. 0.00 0.00.... 7 400.00 VII 0.00. 0.00 0.00. 1 000.00.. 4 000.00 VIII 0.00. 0.00 0.00. 0.00.. 800.00 IX 0.00. 0.00 0.00. 0.00.. 4 000.00 X 0.00. 0.00 0.00. 0.00.. 1 700.00 XI 0.00. 0.00 0.00. 0.00.. 0.00 XII 0.00. 0.00 0.00. 0.00.. 0.00 I 2010 0.00. 0.00 0.00. 0.00.. 2 700.00 II 0.00. 0.00 0.00. 0.00.. 200.00 III 0.00. 0.00 1 200.00. 0.00.. 00.00 IV 0.00. 0.00 0.00. 0.00.. 3 300.00 V 0.00. 0.00 0.00 1 400.00 0.00.. 2 00.00 VI 0.00. 0.00 0.00 0.00 0.00.. 600.00 VII 0.00. 0.00 0.00 0.00 0.00.. 3 900.00 VIII 0.00. 0.00 0.00 0.00 0.00.. 4 000.00 IX 0.00. 0.00 0.00 0.00 0.00.. 1 200.00 X 0.00. 0.00 0.00 0.00 0.00.. 1 200.00 XI 0.00. 0.00 0.00 0.00 0.00.. 0.00 XII 0.00. 0.00 0.00 0.00 0.00.. 0.00 I 2011 0.00 1 200.00 1 00.00 0.00 0.00 0.00.. 2 000.00 II 0.00 0.00 0.00 0.00 0.00 2 000.00 1 00.00 1 100.00 1 700.00 INFORMATION BULLETIN 2/2011 23

Statistical Annex. Tables Table 2. Financial Market Basic Information. Cont. 3. Treasury bill tenders Face value of bills offered for sale of which: 1- week 3- week - week 6- week 13- week 2- week 26- week million zloty million zloty million zloty million zloty million zloty million zloty million zloty million zloty 32 33 34 3 36 37 37 39 XII 2006 14 642.16 0.00 0.00 10 248.88 0.00 0.00. 0.00 I 2007 4 067.64 0.00 0.00 0.00 0.00 0.00. 0.00 II 3 420.48 0.00 0.00 0.00 0.00 0.00. 0.00 III 2 761.8 0.00 0.00 0.00 0.00 0.00. 0.00 IV 2 694.67 0.00 0.00 0.00 0.00 0.00. 0.00 V 1 342.23 0.00 0.00 0.00 0.00 0.00. 0.00 VI 1 930.64 0.00 0.00 0.00 0.00 0.00. 0.00 VII 1 113.98 0.00 0.00 0.00 0.00 0.00. 0.00 VIII 1 108.87 0.00 0.00 0.00 0.00 0.00. 0.00 IX 3 883.73 0.00 0.00 0.00 0.00 0.00. 0.00 X 2 418.63 0.00 0.00 0.00 0.00 0.00. 0.00 XI 1 61.12 0.00 0.00 0.00 0.00 0.00. 0.00 XII 12 938.11 0.00 0.00 0.00 6 713. 1 668.7. 0.00 I 2008 0.00 0.00 0.00 0.00 0.00 0.00. 0.00 II 1 967.46 0.00 0.00 0.00 0.00 0.00. 0.00 III 6 734.32 0.00 0.00 3 773.00 0.00 0.00. 0.00 IV 20 81.96 11 782.00 2 0.00 0.00 0.00 1 022.6. 1 724.19 V 1 036.1 0.00 4 024.70 0.00 0.00 1 21.90. 1 318.84 VI 17 143.79 0.00 0.00 0.00 0.00 6 699.93. 0.00 VII 16 067.9 0.00 0.00 0.00 0.00 8 296.20. 3 146.60 VIII 13 098.3 0.00 0.00 0.00 0.00 0.00. 6 426.88 IX 10 003.8 0.00 0.00 0.00 0.00 0.00. 3 916.72 X 9 694.46 0.00 0.00 0.00 0.00 4 7.71. 0.00 XI 17 831.66 0.00 0.00 0.00 0.00 7 042.73. 0.00 XII 2 36.28 0.00 0.00 0.00 0.00 3 061.4. 3 066.4 I 2009 12 441.22 0.00 0.00 0.00 0.00 0.00. 0.00 II 13 887.0 0.00 0.00 0.00 0.00 0.00. 0.00 III 32 787.12 0.00 0.00 0.00 0.00 0.00. 21 242.09 IV 14 368.67 0.00 0.00 0.00 0.00 0.00. 0.00 V 16 770.8 0.00 0.00 0.00 0.00 0.00 2 239.17 0.00 VI 27 884.3 0.00 0.00 0.00 0.00 0.00 0.00 0.00 VII 11 28.39 0.00 0.00 0.00 0.00 0.00 0.00 0.00 VIII 1 124.38 0.00 0.00 0.00 0.00 0.00 0.00 0.00 IX 9 179.22 0.00 0.00 0.00 0.00 0.00 0.00 0.00 X 4.43 0.00 0.00 0.00 0.00 0.00 0.00 0.00 XI 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 XII 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 I 2010 11 383.0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 II 13 76.38 0.00 0.00 0.00 0.00 0.00 0.00 0.00 III 1 646.19 0.00 0.00 0.00 0.00 0.00 0.00 0.00 IV 14 962.7 0.00 0.00 0.00 0.00 0.00 0.00 0.00 V 9 649. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 VI 11 813.9 0.00 0.00 0.00 0.00 0.00 0.00 0.00 VII 14 098.60 0.00 0.00 0.00 0.00 0.00 0.00 0.00 VIII 10 729.39 0.00 0.00 0.00 0.00 0.00 0.00 0.00 IX 4 88.60 0.00 0.00 0.00 0.00 0.00 0.00 0.00 X 1 837.8 0.00 0.00 0.00 0.00 0.00 0.00 0.00 XI 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 XII 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 I 2011 10 303.34 0.00 0.00 0.00 0.00 0.00 0.00 0.00 II 11 074.72 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2 2-day bills. 24 N a t i o n a l B a n k o f P o l a n d

Statistical Annex. Tables Table 2. Financial Market Basic Information. Cont. 3. Treasury bill tenders Face value of bills offered for sale of which: 27- week 28- week 39- week 48- week 49- week 0- week 1- week 2- week million zloty million zloty million zloty million zloty million zloty million zloty million zloty million zloty 40 41 42 43 44 4 46 47 XII 2006.. 0.00.... 4 393.28 I 2007.. 0.00.... 4 067.64 II.. 0.00.... 3 420.48 III.. 0.00.... 2 761.8 IV.. 0.00.... 2 694.67 V.. 0.00.... 1 342.23 VI.. 0.00.... 1 930.64 VII.. 0.00.... 1 113.98 VIII.. 0.00.... 1 108.87 IX.. 0.00.... 3 883.73 X.. 0.00.... 2 418.63 XI.. 0.00.... 1 61.12 XII.. 1 240.17.... 3 31.64 I 2008.. 0.00.... 0.00 II.. 0.00.... 1 967.46 III.. 0.00.... 2 961.32 IV.. 0.00.... 6 03.12 V.. 0.00.... 8 441.07 VI.. 0.00.... 10 443.86 VII.. 0.00.... 4 624.79 VIII.. 0.00.... 6 671.6 IX.. 0.00.... 6 086.86 X.. 0.00.... 118.7 XI.. 2 101.86.... 8 687.07 XII.. 3 137.10.... 16 271.19 I 2009.. 2 84.7.... 9 86.47 II.. 0.00.... 13 887.0 III.. 0.00.... 11 4.03 IV. 866.3 0.00.... 13 02.32 V. 0.00 0.00.... 14 31.68 VI. 0.00 0.00.... 27 884.3 VII. 0.00 0.00. 2 896.38.. 8 632.01 VIII. 0.00 0.00. 0.00.. 1 124.38 IX. 0.00 0.00. 0.00.. 9 179.22 X. 0.00 0.00. 0.00.. 4.43 XI. 0.00 0.00. 0.00.. 0.00 XII. 0.00 0.00. 0.00.. 0.00 I 2010. 0.00 0.00. 0.00.. 11 383.0 II. 0.00 0.00. 0.00.. 13 76.38 III. 0.00 2 63.4. 0.00.. 12 992.74 IV. 0.00 0.00. 0.00.. 14 962.7 V. 0.00 0.00 3 613. 0.00.. 6 036.00 VI. 0.00 0.00 0.00 0.00.. 11 813.9 VII. 0.00 0.00 0.00 0.00.. 14 098.60 VIII. 0.00 0.00 0.00 0.00.. 10 729.39 IX. 0.00 0.00 0.00 0.00.. 4 88.60 X. 0.00 0.00 0.00 0.00.. 1 837.8 XI. 0.00 0.00 0.00 0.00.. 0.00 XII. 0.00 0.00 0.00 0.00.. 0.00 I 2011 4 437.64 2 897.0 0.00 0.00 0.00.. 2 968.20 II 0.00 0.00 0.00 0.00 2 901.0 2 730.00 2 444.00 2 999.22 INFORMATION BULLETIN 2/2011 2