Information Bulletin 5/2010

Information Bulletin /2010 Warsaw, 2010

Compiled from NBP materials by the Department of Statistics as at July 13, 2010. 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, 2010 ISSN 1230-0020

Contents 1. Economic Developments.......................................4 2. Monetary Developments.......................................8 3. Balance of Payments in May 2010...............................13 3.1. Negative Balance of Current Account.......................................... 13 3.2. Positive Balance of EU Transfers.............................................. 1 3.3. Increase in Non-Resident Investment in Poland................................... 1 3.4. Increase of Resident Investment Abroad........................................ 1 3.. Official Reserve Assets..................................................... 1 4. Major Decisions of the Monetary Policy Council of the NBP...........16. Statistical Annex............................................17.1. Tables.................................................................. 18.2. Figures................................................................. 70.3. Seasonally Adjusted Time Series.............................................. 7.4. Methodological Notes..................................................... 84

Economic Developments 1 1 Economic Developments CSO data published for May 2010 indicate an improvement in Polish economic climate. Manufacturing have been developing quite rapidly in these past months. In May increase in manufacturing stood at 13.% y/y versus 9.7% y/y a month earlier. Adjusted for seasonal factors the industrial output increased by 10.9% y/y. Increase in sales for manufacturing was 14.% y/y, for gas, electricity and hot water supply.6% y/y and for mining.7% y/y. Increase in industrial output when compared with the corresponding period of the previous year was reported for 2 (of 34) branches of industry 1 i.a. vehicles, trailers and semi-trailers (up by 16% y/y), metallic products (14.7% y/y), rubber and plastics (14.2% y/y), food and beverages (10.9% y/y) as well as other mineral non-metallic products (9.8% y/y). Decrease on the other hand has been reported for machinery and appliances (by 6.8% y/y) as well as furniture (3.8% y/y). Construction and assembly production in May 2010 for enterprises of more than 9 employees has been 2.3% higher than a month before. In April the above indicator stood at 6.3%. Adjusted for seasonal factors the output decreased by 3.4% y/y. Annual PPI indicator in May 2010 was 1.9%, versus -0.4% reported a month earlier. Increase in prices was reported for manufacturing (by 0.7% y/y), gas electricity and hot water supply (up by 1.% y/y) and in mining (up by 17.3% y/y). According to the CSO data for April 2010 2 the highest decrease in prices for branches of manufacturing characterized with the biggest share in employment was reported for vehicles, trailers and semi-trailers (9.1% y/y) other mineral non-metallic products (8% y/y), metallic products (6.7% y/y), machinery and appliances (.7% y/y), rubber and plastics (3.1% y/y), as well as food and beverages (4.% y/y) and furniture (2.1% y/y). Construction and assembly production in May 2010 for enterprises of more than 9 employees remained on the level reported a month before. In April the above indicator stood at 0.3%. The CPI for May 2010 went up by 2.2% y/y versus 2.4% in the previous month. The highest increase was reported for transportation services (8.1% y/y), alcohols and tobacco (up by 7% y/y) and housing maintenance fees and energy sources (up by 3.3% y/y). Prices in healthcare services (3% y/y) as well as food and alcohol-free beverages (0.6% y/y) have also increased. Decrease in prices affected footwear and wearing apparel (down by 4.1% y/y), as well as telecommunication services (1.% y/y). In May 2010 average employment rate in the enterprise sector stood at 320 thousand up by 0.% (28 thousand) when compared with a year ago. Decrease in employment opportunities for industry has been reported in manufacturing (0.7% y/y), in gas electricity and hot water supply (1.7% y/y) and in mining enterprises (0.2% y/y). Among branches of manufacturing characterised with the highest share in employment, the increase thereof was reported for rubber and plastics (4.1% y/y), vehicles, trailers and semi-trailers (by 3.3% y/y), food and beverages (2.3% y/y), metallic products (1.9% y/y), other mineral nonmetallic products (0.9% y/y). Decrease in employment has been reported for machinery and appliances (down by 10.3%) and furniture (0.9% y/y). 1 Branches of manufacturing with average employment over 100 thousand persons. 2 Total 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. 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 13.2% y/y), living quarters and gastronomy (3.8% y/y), construction (by 0.9% y/y) as well as information and communication (0.7%). Among non-industrial branches decrease occurred in and trade and vehicle repair (0.7%) and transportation and storage (by 0.6% y/y). 1 Number of registered unemployed was 1907.9 thousand, up by 224. thousand (13.3%) when compared with a year ago. Unemployment rate amounted to 11.9%, up by 1.2 percentage points when compared with the corresponding period of the previous year. Figure 1. Indices of Gross Domestic Product (Corresponding of the Previous Year = 100) 108 107 106 10 104 103 102 101 100 I I I I I I I 2008 2009 2010 Figure 2. Sold Production of Industry (Corresponding of the Previous Year = 100) 11 110 10 100 9 90 8 80 7 I I I I I I 2009 2010 Total Mining and guarrying Manufacturing Electricity, gas and water supply Figure 3. Sold Production of Industry Prices Indices (Corresponding of the Previous Year = 100) 12 120 11 110 10 100 9 I I I I I 2009 2010 I Total Manufacturing Construction and assembly production Mining and guarrying Electricity, gas and water supply Information Bulletin /2010

Economic Developments 1 Figure 4. Selected Prices of Consumer Goods and Services (Corresponding of the Previous Year = 100) 114 112 110 108 106 104 102 100 98 96 94 92 90 I I I I I 2009 2010 I Total 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 of the Previous Year = 100) 108 10 102 99 96 93 90 I I I I I 2009 2010 I Total Mining and guarrying Manufacturing Electricity, gas and water supply Construction Figure 6. Registered Unemployment Persons (Corresponding of the Previous Year =100) and Unemployment Rate 130 12 120 11 110 10 Unemployment rate (%) 13. 13.0 12. 12.0 11. 11.0 100 I I I I I 2009 2010 I 10. Registered unemployment persons Unemployment rate 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 Salaries in Enterprise Sector (Corresponding of the Previous Year = 100) 12 120 1 11 110 10 100 9 90 8 I I I I I 2009 2010 I Total Mining and guarrying Manufacturing Electricity, gas and water supply Construction Average monthly gross wages and salaries in the enterprise sector stood at PLN 3346.6 and thus was 4.8% higher when compared to a year ago. Increase in wages and salaries was reported for manufacturing (by 4.8% y/y), gas electricity and hot water supply (up by 7.6% y/y) and in mining (up by 19% y/y). In non-industrial sections, the increase in average wages and salaries was reported in administration and support (by.3% y/y), information and communication (.2% y/y), living quarters and gastronomy (4.3% y/y), trade and vehicle repair (3.%), construction (4.1% y/y) as well as transportation and storage (3% y/y). In May 2010 revenues of the national budget stood at PLN 96.7 billion whereas its expenditure amounted to PLN 128.9 billion. The above amounts were respectively lower by 12.9% and higher by 1.1%, when compared with the corresponding period of the previous year and were 38.9% and 42.8% of the budgetary estimates for 2010. In May 2010 budgetary deficit amounted to ca. PLN 32.1 billion versus estimated PLN 2.2 billion. Decrease has been reported for CIT (2.6%) and for PIT (7.%). Revenues against indirect taxes have been higher (6.1%) when compared with last year. Information Bulletin /2010

Monetary Developments 2 2 Monetary Developments During its May meeting (24 2.0) the Monetary Policy Council decided to keep the interest rates of the NBP unchanged. Thus: the reference rate is 3.%; the lombard rate is %; the deposit rate is 2%; the rediscount rate is 3.7%. During the May 3 minimum reserve period the 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 2 4 base points, whereas the aforementioned changeability measured with standard deviation of POLONIA to the reference rate of the NBP 34 base points (in April: 71 base points and 29 base points respectively). In May the average value of open market operations has been similar to a month ago PLN 74.2 billion versus PLN 74.4 billion; total balance of all NBP operations amounted to PLN 69.1 billion versus PLN 6.3 billion in April. Throughout May minimum reserve period one (1) 3-month repo operation has been carried out by the NBP at PLN 0.2 billion. Balance of repo operations in the aforementioned period totalled PLN.1 billion. Throughout the minimum reserve period banks placed the close of business deposit on the average level of PLN 0.6 billion. In May the average interest on zloty denominated loans for non-financial corporations went down by 0.2 percentage points and stood at 6.%. Interest on loans for single proprietors has been higher by ca. 2.1 percentage points. Interest rates for zloty denominated housing loans for households went down by 0.2 percentage points and stood at 6.7%. Loans denominated in Swiss Francs increased by 0.1 percentage points and stood at 3.3%. Interest rates for zloty denominated consumer loans went up by 0.1 percentage points and stood at 1.8%. During the respective period banks decreased average interest on deposits of households by 0.1% to 3.8% while deposits of non-financial corporations went up by 0.1 percentage points and stood at 3.1%. alue of M3 in May 2010 increased by PLN 16.6 billion (i.e. 2.3%) and stood at PLN 737.9 billion Its annual rate of change increased by 1.6 percentage points and stood at 7.7% y/y. Impact of non-transactional factors referring to exchange rate adjustments, was irrelevant during the period in question; as a result thereof monetary components of broad money increased by PLN 3.6 billion. 3 Reserve requirement and payments settlement period in question is 30.04 to 30.0.2010. 4 alued 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. N a t i o n a l B a n k o f P o l a n d

Monetary Developments Figure 8. Average Monthly Wages and Salaries in Enterprise Sector (Corresponding of the Previous Year = 100) %..0 4. 4.0 3. 3.0 2 2. 2.0 1. 2010-04-30 2010-0-04 2010-0-0 2010-0-06 2010-0-07 2010-0-10 2010-0-11 2010-0-12 2010-0-13 2010-0-14 2010-0-17 2010-0-18 2010-0-19 2010-0-20 2010-0-21 2010-0-24 2010-0-2 2010-0-26 2010-0-27 2010-0-28 WIBOR ON Lombard rate WIBOR 3M POLONIA rate Reference rate NBP deposit rate Figure 9. Average MFI Deposit Interest Rates on New Business, PLN Denominated % 7 6 4 3 2 I I I I I I I I I I I 2008 2009 2010 I Non-financial corporations Households Figure 10. Average MFI Loan Interest Rates on New Business, PLN Denominated % 17 1 13 11 9 7 I I I I I I I I I I I I 2008 2009 2010 Households (loans for house purchases) Households (loans for consumption) Non-financial corporations Components of the M1 aggregate characterized with high liquidity went up by 3.3 percentage point to 13.6% y/y. Other components of broad money have been growing at 1% versus 0. percentage point decrease in the previous month. Information Bulletin /2010

Monetary Developments Figure 11. Share of Currency in Circulation and Overnight Deposits of Domestic Residents in M3, M1 and M3 M1 Growth (Corresponding of the Previous Year = 100) Share (%) 140 60 2 130 120 110 100 8 6 4 2 90 I I I I I I I I I I I I I I I I I I 2007 2008 2009 2010 0 M3 M1 M1 Share of currency in circulation and overnight deposits in M3 Figure 12. Share of Currency in Circulation (Excluding ault Cash) in M1 % 27 26 2 24 23 22 I I I I I I I I I I I I I I I I I I 2007 2008 2009 2010 Figure 13. Deposits and Other Liabilities of MFIs to Non-financial Corporations and Households Included in M3 (Corresponding of the Previous Year = 100) 30 2 20 1 10 0 00 9 I I I I I I I I I I I 2008 2009 2010 I Non-financial corporations Households alue of the currency in circulation item increased in May 2010 by PLN 2.7 billion (3%) and stood at PLN 92.1 billion. Its annual rate of change amounted to 0% versus -3.1% in the previous month. M3 liquidity ratio measured with the share of cash and overnights in M3 increased by 1.6 percentage points and stood at.4%. M1 liquidity measured with the share of cash outside vaults in M1 decreased by 0. percentage points and stood at 22.%. 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 of the Previous Year = 100) 10 140 130 120 110 2 100 90 I I I I I I I I I I I 2008 2009 2010 I Non-financial corporations Households Figure 1. Bank Loans to Households (Corresponding of the Previous Year = 100) 80 70 60 0 40 30 20 10 00 I I I I I I I I I I I 2008 2009 2010 I Total Loans for house purchases Loans for consumption Deposits and other liabilities in M3 increased in May by 14.4 billion (2.3%) and reached PLN 638 billion. Its annual rate of change increased by 1. percentage points and stood at 8.% y/y. Deposits of non-financial corporations increased by PLN 6.6 billion (4.2%) and deposits of households went up by PLN 3.6 billion i.e. 0.9%. Increase was reported for deposits of nonmonetary financial corporations (PLN 1.9 billion i.e..7%) and social security funds (PLN 0.7 billion i.e. 12.2%). Major counterpart to creating money in May was increase in external assets net (by PLN 19. billion i.e. 20.1% to PLN 116.2 billion) as well as increase in credit to domestic sectors 6 (up by PLN 16.8 billion, i.e. 2.4% to PLN 706.6 billion). Increase in credit to central government net (PLN 4. billion i.e. 4.1% to PLN 113.2 billion) contributed to an increase in money supply whereas increase in long-term credit (PLN 4.6 billion i.e. 2.% to PLN 187.8 billion) contributed to a decrease in money supply. In May 2010, credit to non-financial corporations in the MFI increased by PLN 3.8 billion (1.8%) and reached PLN 21.9 billion. Its annual rate of change decreased by 1.8 percentage points and stood at.% y/y. Loans with maturity up to 1 year and checking accounts decreased by.2% y/y and loans with maturity from 1 year up to years went down by 11.7% y/y, loans over years decreased by 1,1% y/y. In April these indicators have been -10.8% and -11.8% and -1% respectively. 6 Credit to MFI against loans, debt purchase as well as guarantees and warrantees. This category does no 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 /2010 11

Monetary Developments Figure 16. Bank Loans to Non-financial Corporations (Corresponding of the Previous Year = 100) 140 130 2 120 110 100 90 80 I I I I I I I I I I I 2008 2009 2010 I Total 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 I I I I 2008 2009 I I I 2010 M1/GDP M3/GDP Loans/GDP MIF credit to households increased by PLN 12.4 billion (2.9%) and stood at PLN 441.9 billion. Its annual rate of change increased by 1.2 percentage points and stood at 9.6% y/y. Growth rate of housing loans was 10.9% y/y (up by 3 percentage points). Growth of consumer loans was 7.2% y/y (down by 1 percentage point). According to data for 2010, the monetisation of economy has decreased. M1 and M3 to GDP ratio decreased by 0.2 percentage points to 28.7% and by 0. percentage points and stood at 3.1% respectively. During the respective period credit to domestic sectors against the GDP decreased by 0.9 percentage points and stood at 0.9%. In May average zloty exchange rate in the NBP decreased by 4.% against EUR and 13.1% against USD by 16.7% to CHF and 4.2% against GBP. 7 Exchange rate adjustments have been calculated for the period from end-april 2010 to end-may 2010 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 May 2010 3 Balance of Payments in May 2010 Components of monthly bop are estimated based on monthly payments registered in the banking system, monthly information regarding external trade in goods registered in CELINA system, quarterly information reported by residents investing abroad and public statistics surveys. This version of bop is preliminary and may be subject to further adjustments. 3 3.1. Negative Balance of Current Account Balance of the current account was negative and amounted to EUR 268 million. This balance was influenced by: negative balance of income (EUR 9 million) and trade in goods (EUR 4 million) as well as positive balance of current transfers (EUR 883 million) and services (EUR 29 million). When compared with the year ago the current account (up by EUR 137 million) improved mostly as a result of improvement in the balance of current transfers. In May 2010 exports was estimated at EUR 9,871 million and imports at EUR 10,326 million. When compared with data for May 2009 exports in goods increased by EUR 1,932 million i.e. 24.3% and imports went up by EUR 2,361 million i.e. 29.6%. Negative balance of trade in goods amounted to EUR 4 million versus EUR -26 million in May 2009. Credits against services in May 2010 increased when compared with May 2009 by 22.6% and stood at EUR 1,871 million. Debits increased by 17.% and stood at EUR 1,608 million. Balance of services was positive and amounted to EUR 29 million. The balance of services comprised: positive balance of transportation (EUR 217 million), positive balance of travel (EUR 14 million) and other services (EUR 28 million). Balance of income was negative and amounted to EUR 9 million. In the corresponding period of the previous year this balance was also negative and stood at EUR 993 million. The balance comprised: negative balance of income on investments (EUR 1,147 million) and positive balance of salaries and workers remittances (EUR 192 million). olume of negative balance of income on investment was determined by EUR 1,017 million income of non-resident investors against their capital invested in Polish entities (including: reinvested profits EUR 7 million, dividends paid EUR 388 million and interest on loans received EUR 72 million). Negative balance of income was also influenced by interest paid to non-resident creditors on loans received (EUR 124 million) as well as interest paid to portfolio investors against debt securities (EUR 26 million). During the past 12 months (i.e. from June 2009 to May 2010) negative balance of current account amounted to EUR,817 million, whereas in the corresponding period of June 2008 to May 2009 this deficit stood at EUR 11,768 million. Improvement of the negative balance of current account (up by EUR 7,021 million) resulted mainly from decreasing negative balance trade in goods (from EUR 12,280 million to EUR 3,727 million). At the same time positive balance of negative balance of income (from EUR 9,111 to EUR 10,91) and positive balance of current transfers decreased from EUR 6,0 million to EUR,317 million. Information Bulletin /2010 13

Balance of Payments in May 2010 Balance of Payments (mln EUR) 3 Specification 2009 2010 Cumulated ** I* * I 2008 2009 I 2009 2010* A. Current Account -40-336 -268-11,768 -,817 Trade in goods -26-262 -4-12,280-3,727 Exports f.o.b. 7,939 9,848 9,871 108,983 108,309 Imports f.o.b 7,96 10,110 10,326 121,263 112,036 Balance of services 1 264 29 3,68 3,08 Credits 1,23 1,867 1,867 22,767 21,880 Debits 1,368 1,603 1,608 19,199 18,372 Balance of income -993-881 -9-9,111-10,91 Credits 498 74 6 6,7,784 Debits 1,491 1,4 1,20 1,686 16,699 Balance of current transfers 49 43 883 6,0,317 Credits 870 890 1,244 11,819 11,294 Debits 411 347 361,764,977 B. Capital Account 239 601 14 3,860 4,300 Credits 37 637 216 4,781 4,74 Debits 136 36 62 921 44 C. Financial Account 2,41 3,42 31 18,330 30,987 Polish investment abroad -197-469 -627-1,63-2,999 Foreign direct investment in Poland 214 899 27 6,337 10,666 Portfolio investment assets 449-11 40 1,988-1,309 Equity securities 82-88 -66 13-1,130 Debt securities 367 77 106 1,47-179 Portfolio investment liabilities 1,612 1,867 1,294-76 19,742 Equity securities 174 431 866-980 3,641 Debt securities 1,438 1,436 428 404 16,101 Other investment assets -363 1,470-1,732 9,461-1,467 NBP -80 4 0-640 -43 Goverment sector -2-10 -21-79 -172 MFI (NBP excluded) -109 881-1,812 8,860-108 Other sectors -172 9 101 1,320-72 Other investment liabilities 620 96 1,409 4,720 6,88 NBP 87 1,24-72 -10,68 3,309 Goverment sector -1 10-2 -312 1,62 MFI (NBP excluded) 263-667 1,39 13,70 7 Other sectors 321-01 174 1,940 1,822 Financial derivatives 80-310 -110-1,947-04 D. Errors and ommissions -96-1,47 788-17,070-13,03 Total A D 1,284 2,260 1,20-6,648 16,43 E. Official Reserve Assets -1,284-2,260-1,20 6,648-16,43 * Preliminary information. ** Cumulated data are presented progressively in the 12 month perspective. Exports during the past 12 months was estimated at EUR 108,309 million and imports at EUR 112,036 million. When compared with data for the previous period (i.e. June 2008 May 2009) exports decreased by EUR 674 million i.e. 0.6% and imports went down by EUR 9,227 million i.e. 7.6%. 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 May 2010 3.2. Positive Balance of EU Transfers Balance of EU transfers was positive and amounted to EUR 791 million, of which balance as reported in current transfers stood at EUR 807 million and in capital transfers it stood at EUR 204 million. Membership premiums paid by Poland to the EU budget amounted to EUR 220 million. 3.3. Increase in Non-Resident Investment in Poland Balance of non-resident investment in Poland was positive and amounted to EUR 2,960 million. This balance was determined by net inflow of capital against portfolio investment as well as other investment. 3 Balance of foreign direct investment in Poland was positive and amounted to EUR 27 million. The components of this balance were: positive reinvested profits (EUR 7 million), net inflow of funds in the form of debt securities (EUR 40 million), net outflow of funds against equity capital of Polish direct investment enterprises (EUR 70 million). Major counterpart to the balance of foreign direct investment in Poland has been a single transaction by which a non-resident sold stock of Polish entity mostly to foreign portfolio investors. Balance of the foreign portfolio investment was positive and amounted to EUR 1,294 million. Net non-resident investment in equity securities stood at EUR 866 billion. Net inflow of capital against resident investment in debt securities stood at EUR 428 billion. Those were mostly Treasury Bonds issued on the domestic market which have offset the repurchase of CHF 400 million worth of bonds issued on the external market. Increase of Polish liabilities abroad in other investment (EUR 1,409 million) The volume of this item has been greatly determined by increase in liabilities of the banking system mostly against increased non-residents deposits in Polish banks (EUR 1,22 million). The enterprise sector has also increased its liabilities abroad by EUR 174 million. 3.4. Increase of Resident Investment Abroad Polish investment abroad increased by EUR 2,319 million. This balance was influenced by increase in assets against other investments (EUR 1,732 million). Polish banks increased their holdings abroad by EUR 1,32 million. During the period in question Polish enterprises have increased their assets against direct investment by EUR 627 million and considering the simultaneous decrease in other investment by EUR 101 million. 3.. Official Reserve Assets Increase in official reserve assets (by EUR 1,20 million) resulted from transactions for the NBP s clients as well as NBP s own transactions. aluation adjustments and exchange rate fluctuations led to a EUR 2,61 million increase in this item. olume of official reserve assets by the end-may 2010 amounted to EUR 70,289 million. Information Bulletin /2010 1

Major Decisions of the Monetary Policy Council of the NBP 4 Major Decisions of the Monetary Policy Council of the NBP 1. Resolution No 9/2004 of the MPC 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 /2010 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 200 I 2006 I I I I I I 2007 I I I I I I 2008 I I I I I I 2009 I I I I I I 2010 I I current prices constant prices the same month previous year = 100 previous month = 100 current prices constant prices the same month previous year = 100 previous month = 100 the same month previous year = 100 % previous month = 100 million zloty % % million zloty % % % 1 2 3 4 6 7 8 December previous year = 100 the same month previous year = 100 previous month = 100 % % % 9 10 11 8,834.0 109.6 98.7,774.0 108.2 11. 100.7 99.8 100.7 100.2 99.3 4,731.4 109.8 92.0 1,619.9 92.2 27.8 100.6 100.2 100.2 100.3 100.2 4,3.3 110.2 100.0 1,827.3 96. 113.1 100.7 100.0 100.2 100.7 99.9 63,377.0 116.4 116.4 2,43.4 11. 134.0 100.4 99.9 100.1 100.9 100.7 8,06.7 10.7 90.4 2,761.3 104.1 112.4 100.7 100.7 100.8 101.7 101. 62,009.4 119.1 107.3 3,690.1 113.4 133.3 100.9 100. 101.3 102.3 100.4 64,229.7 112.2 102.6 4,611.0 11.7 124.6 100.8 99.7 101.0 103.0 100.9 61,127.7 114.3 93.8 4,117. 104.9 88.8 101.1 100.0 101.0 103. 100.7 62,440.6 112.7 102.1 4,641.9 114.8 112.9 101.6 100.3 101.3 103.0 99.8 67,42.6 111.4 108.6,46.6 122.7 118. 101.6 100.2 101. 103.4 99.9 69,849.6 114.0 104.3 6,189.8 129.8 110. 101.2 100.1 101.6 102.9 99.4 67,840.8 111.2 97. 4,883.9 12.4 79.1 101.4 100.0 101.6 102.2 99.3 63,407.8 106. 94.1 7,107.3 120.3 14.2 101.4 99.8 101.4 102.4 99. 63,983.9 114.1 99.9 2,713.6 14.1 37.8 101.6 100.4 100.4 103.0 100.7 62,823.9 112.1 97.8 3,017. 14.2 110.6 101.9 100.3 100.7 103.4 100.3 72,02.4 110.9 114.6 3,633.6 139.4 120.4 102. 100. 101.1 103.1 100. 66,34. 112. 91.7 4,02.0 136.3 108.9 102.3 100. 101.6 101.9 100.4 68,244.6 108.2 102.6 4,636.4 11.4 112.7 102.3 100. 102.2 101.9 100.4 68,460.7 10.7 100.1,196.3 104.1 112. 102.6 100.0 102.2 101.3 100. 67,897.1 110.6 98.1,297.7 118.9 100.9 102.3 99.7 101.9 100.8 100.2 68,40.1 108.4 100.1,780.7 114.7 109.0 101. 99.6 101.6 101.4 100.4 71,73.7 10.4 10.6 6,09.0 101.3 104.7 102.3 100.8 102.3 101. 99.9 78,43. 110.9 109.7 7,023.6 10. 11.0 103.0 100.6 103.0 101.6 99.6 73,761.9 108. 9.3 6,169.1 112.1 84.0 103.6 100.7 103.7 102.2 99.9 67,213.8 10.8 91.7 9,112.9 114.0 147.7 104.0 100.3 104.0 101.9 99.2 71,003.4 110. 104.4 3,316.1 108.6 36.0 104.0 100.7 100.7 102. 101.3 72,393.8 114.7 101. 4,106. 121.3 123.6 104.2 100.4 101.1 102.8 100. 72,976.1 100.7 100.7 4,768.1 116.8 11.8 104.1 100.4 101. 102. 100.2 7,716.2 114.4 104.1,396.9 120.9 112.8 104.0 100.4 101.8 101.9 99.8 69,21.7 101.4 90.9,836.6 11.9 107.9 104.4 100.8 102.6 102.4 100.8 73,360.1 106. 10.2 6,782.8 119.4 11.9 104.6 100.2 102.9 102.2 100.3 71,441.1 104.8 97.3 6,10.1 113.4 9.8 104.8 100.0 102.8 101.7 99.8 6,42.2 9.6 91.2 6,49.7 102.9 98.9 104.8 99.6 102.4 101.4 100.1 7,674.2 10. 116.6 7,203.1 109.6 111.4 104. 100.3 102.8 102.0 100.4 77,012.1 98.0 101.9 7,980.2 10.6 110.8 104.2 100.4 103.2 102.4 100.0 66,889. 89.4 86.9 6,378.9 100.4 79.9 103.7 100.2 103.4 102.2 99.8 6,023.9 94.4 96.9 9,43.6 102.0 10.1 103.3 99.9 103.3 102.7 99.6 62,409.7 84.7 93.7 3,638. 107.4 37.9 102.8 100. 100. 103.6 102.3 6,264.4 8.4 102.4 4,24.1 101.9 117.2 103.3 100.9 101.3 10.7 102.6 7,180.0 98.1 11.6 4,887. 101.2 11.1 103.6 100.7 102.0 10. 100.0 69,333.0 87.8 93.1,46.0 100. 112.0 104.0 100.7 102.7 104.8 99.1 67,88.4 94.8 98.2,863.3 100.3 107.7 103.6 100. 103.2 103.7 99.7 72,174.2 9. 106.0 6,811.1 100. 116.2 103. 100.2 103.4 104.1 100.8 69,437.0 9.6 97.4 7,172.4 110.7 10. 103.6 100.1 103. 102.8 98. 66,09.3 100.1 9.6 7,108.1 111.0 99.2 103.7 99.6 103.1 102.2 99.6 7,33.0 98.7 11.0 7,41.6 10.7 106.1 103.4 100.0 103.1 101.6 99.8 77,012.0 98.7 101.9 8,130.2 102.7 107.6 103.1 100.1 103.3 102.0 100.4 74,4.1 109.9 96.8 6,948.1 109.9 8. 103.3 100.3 103. 101.9 99.6 71,090.4 107.4 94.6 9,788.6 103.2 141.0 103. 100.0 103. 102.1 99.8 67,008.0 108. 94.6 3,048.1 84.7 31.1 103. 100.6 100.6 100.2 100.4 68,678.6 109.2 103.1 3,170.3 7.3 104.2 102.9 100.2 100.9 97.6 99.9 81,494.0 112.3 118.9 4,322.7 89.2 136.2 102.6 100.3 101.2 97.4 99.8 74,673.4 109.9 90.9,094.6 93.9 118.0 102.4 100.4 101.6 99.6 101.4 76,869.0 114.0 102.0,994.8 102.3 117.6 102.2 100.3 101.9 101. 101.6 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. 200 I 2006 I I I I I I 2007 I I I I I I 2008 I I I I I I 2009 I I I I I I 2010 I I. Construction Price Index the same month previous year = 100 previous month = 100 6. Number 7. Average of employed, employment, corporate corporate sector sector total total 8. Number of unemployed 9. Unemployment rate 10. Average monthly employee earnings, gross, corporate sector 11. National Budget revenue & expenditure financial surplus/deficit revenue expenditure and net foreign lending/ borrowing % % thousands thousands thousands % zloty million zloty million zloty million zloty 12 13 14 1 16 17 18 19 20 21 102.3 100.1 4,972.0 4,799.0 2,773.0 17.6 2,789.08 179,772.2 208,132.9-16,330.2 102.3 100.1,049.0 4,862.0 2,866.7 18.0 2,471.09 19,92.1 18,819.9 1,304.4 102.2 100.1,09.0 4,861.0 2,86.9 18.0 2,26.22 32,031.8 38,748.0 -,303.7 102.2 100.2,071.0 4,870.0 2,822.0 17.8 2,613.67 46,78.0 6,060.4-7,197.4 102.2 100.3,088.0 4,889.0 2,703.6 17.2 2,70.0 63,33.9 73,424.1-6,888.0 102.3 100.3,108.0 4,901.0 2,83.0 16. 2,49.70 77,923.4 92,641.3-11,321. 102. 100.4,126.0 4,918.0 2,487.6 1.9 2,624.93 92,310.6 110,004.8-13,82.1 102.6 100.4,134.0 4,928.0 2,443.4 1.7 2,647.80 109,927.7 12,471.1-11,113.7 103.2 100.6,149.0 4,943.0 2,411.6 1. 2,611.93 128,240. 142,723.0-9,614.9 103.8 100.7,19.0 4,97.0 2,363.6 1.2 2,611.16 144,181.7 18,791.9-9,44.9 104.3 100.6,178.0 4,971.0 2,301.8 14.9 2,67.99 162,709.3 179,346.0-11,334.8 104.4 100.3,19.0 4,986.0 2,287.3 14.8 2,79.6 180,304.8 198,88.3-12,0.0 104.6 100.4,171.0 4,99.0 2,309.4 14.8 3,027.1 197,639.8 222,702.9-18,17.9 10.0 100.,23.0,048.0 2,36.8 1.1 2,663. 22,407. 19,263.4 4,061.8 10.6 100.7,271.0,070.0 2,331.1 14.8 2,687.48 38,233.3 41,22.6-1,074.0 106.4 100.9,294.0,089.0 2,232. 14.3 2,82.71,396. 60,73. -2,70.9 107.1 101.0,303.0,10.0 2,103.1 13.6 2,786.29 81,18.6 83,276. 1,319.0 107.8 101.0,320.0,116.0 1,98.1 12.9 2,776.92 98,039.2 102,336.4-89. 108.3 100.9,342.0,144.0 1,89.1 12.3 2,869.69 11,346.7 118,993.3-76.8 108. 100.6,36.0,160.0 1,86.1 12.1 2,893.71 137,62.3 137,111.0 4,082.8 108.4 100.,381.0,182.0 1,821.9 11.9 2,88.97 17,377.4 17,073.3 4,182.4 108.1 100.4,38.0,192.0 1,777.8 11.6 2,88.83 174,924.3 174,74.4 4,208.7 107.9 100.4,417.0,220.0 1,720.9 11.3 2,91.67 19,131.4 199,3.3-24.6 107.8 100.2,431.0,233.0 1,719.4 11.2 3,092.01 21,68. 221,710.3-1,341.7 107.6 100.2,407.0,237.0 1,746.6 11.2 3,24.14 236,367. 22,323.9-11,069.2 107.4 100.3,37.0,339.0 1,813.4 11. 2,97.4 22,6.4 18,248.1 4,33.7 107.0 100.4,63.0,363.0 1,778. 11.3 3,040.46 43,303.9 43,440. 33.8 106. 100.4,70.0,376.0 1,702.2 10.9 3,12.96 64,69. 62,86.6 422. 106.0 100.,79.0,382.0 1,60.7 10.3 3,144.87 90,618.6 90,064.3-42.8 10.2 100.3,77.0,383.0 1,2.6 9.8 3,076.14 108,826. 110,703.4-2,642.8 104.7 100.3,81.0,383.0 1,4.3 9.4 3,222.47 127,70.9 131,086.6-3,74.9 104.3 100.3,87.0,392.0 1,422.9 9.2 3,234.96 10,887.8 13,632. -1,379.2 104.0 100.2,78.0,391.0 1,404.4 9.1 3,172.4 172,997.2 173,314.6 2,099.8 103.7 100.1,88.0,39.0 1,376.6 8.9 3,176.84 192,377.8 196,602.4-901.0 103.4 100.1,90.0,397.0 1,32.3 8.8 3,247.77 213,802.8 22,288.1-7,939.9 103.2 100.0,72.0,386.0 1,398. 9.1 3,326.94 23,010.1 249,982.9-11,403.4 102.9 99.9,17.0,33.0 1,473.8 9. 3,428.01 24,083.8 278,674.3-21,063.8 102.4 99.9,47.0,374.0 1,634.4 10.4 3,21.7 27,743.8 24,82.8 800.3 101.8 99.8,27.0,32.0 1,718.8 10.9 3,19.6 46,7.0 2,00.9-6,367.0 101.3 99.9,498.0,32.0 1,78.8 11.1 3,332.6 6,726.9 76,946.7-11,698.2 100.7 99.9,487.0,309.0 1,719.9 10.9 3,294.76 89,338.4 104,644. -14,662.2 100.3 99.8,472.0,292.0 1,683.4 10.7 3,193.90 111,123.4 127,480.1-1,202. 99.9 100.0,463.0,280.0 1,68.7 10.6 3,287.88 134,389.0 11,078.2-16,912.7 99.6 99.9,43.0,273.0 1,676.1 10.7 3,361.90 160,027.6 17,064.7-1,420. 99.3 99.9,40.0,270.0 1,689.0 10.8 3,268.69 183,330. 198,986.3-14,706.2 99.2 100.0,40.0,267.0 1,71.9 10.9 3,283.18 202,82.0 223,92.7-17,369.8 99.1 100.1,449.0,267.0 1,744.3 11.1 3,312.32 22,673.4 249,92.0-16,017.1 99.2 100.1,449.0,26.0 1,811.1 11.4 3,403.92 20,937.0 27,279.1-14,837.3 99.3 100.0,418.0,2.0 1,892.7 11.9 3,62.40 274,183. 298,028. -,288.7 99.3 99.8,474.0,301.0 2,02. 12.7 3,231.13 22,137. 26,916.7-9,88.6 99.4 99.9,468.0,293.0 2,101. 13.0 3,288.29 38,207.1,042.7-18,648.4 99. 100.0,478.0,294.0 2,076.7 12.9 3,493.42 7,022.1 79,729.7-13,931. 99.7 100.1,49.0,308.0 1,973.8 12.3 3,398.67 79,877.6 106,834.6-14,6.9 100.0 100.1,0.0,320.0 1,907.9 11.9 3,346.61 96,739. 128,881.6-21,43.6 INFORMATION BULLETIN /2010 19

Statistical Annex. Tables Table 1. Basic Economic Data, Cont. 200 I 2006 I I I I I I 2007 I I I I I I 2008 I I I I I I 2009 I I I I I I 2010 I I total revenues of which: sales of goods & services total operating costs of which: cost of sales pre-tax profit/loss 12. Corporate financial performance statutory deductions net profit/loss cost to sales ratio net margin quick liquidity ratio million zloty million zloty million zloty million zloty million zloty million zloty million % % % 22 23 24 2 26 27 28 29 30 31 total current assets accounts receivable and associated claims accounts payable million zloty million zloty million zloty 32 33 34 1,314,630.6 809,174. 1,20,067.3 80,407.7 64,963.8 13,4.1 1,409.7 9.1 3.9 97.3 396,349.1 18,943.9 17,697........................... 329,614. 203,981.9 313,760.1 201,822.7 1,864.4 3,849.0 12,01.4 9.2 3.6 100.3 396,632.3 18,323.9 144,717.0.......................... 691,8.3 427,10.4 63,326.6 420,984.8 38,26.3 7,682.4 30,843.9 94.4 4. 99.3 422,166. 171,72.4 16,18.3.......................... 1,079,802.7 66,331.4 1,016,729.1 66,727.4 63,093.0 12,368.8 0,724.2 94.2 4.7 103.0 443,711.4 180,847.6 163,807.3.......................... 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.......................... 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.......................... 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.......................... 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........................... 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.......................... 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.......................... 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.......................... 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.......................... 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.......................... 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........................... 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.......................... 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.......................... 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.......................... 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.......................... 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 Total required reserves held of which: Total current account declared vault cash 200 I 2006 I I I I I I 2007 I I I I I I 2008 I I I I I I 2009 I I I I I I 2010 I I % % % % % % % % % % % million zloty million zloty million zloty 1 2 3 4 6 7 8 9 10 11 12 13 14 4.0 6.00 3.0 4.7. 3. 3. 3. 3. 0.0 0,9 2 12,06.3 12,06.3. 4.0 6.00 3.0 4.7. 3. 3. 3. 3. 0.0 0,9 2 12,147.1 12,147.1. 4.2.7 2.8 4.0. 3. 3. 3. 3. 0.0 0,9 2 12,161.8 12,161.8. 4.00.0 2. 4.2. 3. 3. 3. 3. 0.0 0,9 2 12,30.9 12,30.9. 4.00.0 2. 4.2. 3. 3. 3. 3. 0.0 0,9 2 12,30.9 12,30.9. 4.00.0 2. 4.2. 3. 3. 3. 3. 0.0 0,9 2 12,49.2 12,49.2. 4.00.0 2. 4.2. 3. 3. 3. 3. 0.0 0,9 2 12,98. 12,98.. 4.00.0 2. 4.2. 3. 3. 3. 3. 0.0 0,9 2 12,861.2 12,861.2. 4.00.0 2. 4.2. 3. 3. 3. 3. 0.0 0,9 2 13,002.6 13,002.6. 4.00.0 2. 4.2. 3. 3. 3. 3. 0.0 0,9 2 13,002.6 13,002.6. 4.00.0 2. 4.2. 3. 3. 3. 3. 0.0 0,9 2 13,38.1 13,38.1. 4.00.0 2. 4.2. 3. 3. 3. 3. 0.0 0,9 2 13,969.9 13,969.9. 4.00.0 2. 4.2. 3. 3. 3. 3. 0.0 0,9 2 13,969.9 13,969.9. 4.00.0 2. 4.2. 3. 3. 3. 3. 0.0 0,9 2 14,26.1 14,26.1. 4.00.0 2. 4.2. 3. 3. 3. 3. 0.0 0,9 2 14,827.4 14,827.4. 4.00.0 2. 4.2. 3. 3. 3. 3. 0.0 0,9 2 14,827.4 14,827.4. 4.2.7 2.8 4.0. 3. 3. 3. 3. 0.0 0,9 2 1,278.3 1,278.3. 4.2.7 2.8 4.0. 3. 3. 3. 3. 0.0 0,9 2 1,10.8 1,10.8. 4.0 6.00 3.0 4.7. 3. 3. 3. 3. 0.0 0,9 2 1,10.8 1,10.8. 4.0 6.00 3.0 4.7. 3. 3. 3. 3. 0.0 0,9 2 1,849.6 1,849.6. 4.7 6.2 3.3.00. 3. 3. 3. 3. 0.0 0,9 2 1,826.9 1,826.9. 4.7 6.2 3.3.00. 3. 3. 3. 3. 0.0 0,9 2 1,826.9 1,826.9. 4.7 6.2 3.3.00. 3. 3. 3. 3. 0.0 0,9 2 16,378.7 16,378.7..00 6.0 3..2. 3. 3. 3. 3. 0.0 0,9 2 16,702.7 16,702.7..00 6.0 3..2. 3. 3. 3. 3. 0.0 0,9 2 16,966.2 16,966.2..2 6.7 3.8.0. 3. 3. 3. 3. 0.0 0,9 2 17,466.1 17,466.1..0 7.00 4.0.7. 3. 3. 3. 3. 0.0 0,9 2 17,606.6 17,606.6..7 7.2 4.3 6.00. 3. 3. 3. 3. 0.0 0,9 2 17,862.7 17,862.7..7 7.2 4.3 6.00. 3. 3. 3. 3. 0.0 0,9 2 18,200.8 18,200.8..7 7.2 4.3 6.00. 3. 3. 3. 3. 0.0 0,9 2 18,200.8 18,200.8. 6.00 7.0 4. 6.2. 3. 3. 3. 3. 0.0 0,9 2 18,64.6 18,64.6. 6.00 7.0 4. 6.2. 3. 3. 3. 3. 0.0 0,9 2 19,120.3 19,120.3. 6.00 7.0 4. 6.2. 3. 3. 3. 3. 0.0 0,9 2 19,120.3 19,120.3. 6.00 7.0 4. 6.2. 3. 3. 3. 3. 0.0 0,9 2 19,643. 19,643.. 6.00 7.0 4. 6.2. 3. 3. 3. 3. 0.0 0,9 2 20,11.0 20,11.0..7 7.2 4.3 6.00. 3. 3. 3. 3. 0.0 0,9 2 20,11.0 20,11.0..00 6.0 3.0.2. 3. 3. 3. 3. 0.0 0,9 2 21,089.0 21,089.0. 4.2.7 2.7 4.0. 3. 3. 3. 3. 0.0 0,9 2 21,089.0 21,089.0. 4.00.0 2.0 4.2. 3. 3. 3. 3. 0.0 0,9 2 21,793.4 21,793.4. 3.7.2 2.2 4.00. 3. 3. 3. 3. 0.0 0,9 2 22,66.0 22,66.0. 3.7.2 2.2 4.00. 3. 3. 3. 3. 0.0 0,9 2 22,80.9 22,80.9. 3.7.2 2.2 4.00. 3. 3. 3. 3. 0.0 0,9 2 22,80.9 22,80.9. 3.0.00 2.00 3.7. 3.0 3.0 3.0 3.0 0.0 0,9 2 19,439.2 19,439.2. 3.0.00 2.00 3.7. 3.0 3.0 3.0 3.0 0.0 0,9 2 19,78.4 19,78.4. 3.0.00 2.00 3.7. 3.0 3.0 3.0 3.0 0.0 0,9 2 19,699.6 19,699.6. 3.0.00 2.00 3.7. 3.0 3.0 3.0 3.0 0.0 0,9 2 19,630.4 19,630.4. 3.0.00 2.00 3.7. 3.0 3.0 3.0 3.0 0.0 0,9 2 19,630.4 19,630.4. 3.0.00 2.00 3.7. 3.0 3.0 3.0 3.0 0.0 0,9 2 20,02.9 20,02.9. 3.0.00 2.00 3.7. 3.0 3.0 3.0 3.0 0.0 0,9 2 20,148.4 20,148.4. 3.0.00 2.00 3.7 4.00 3.0 3.0 3.0 3.0 0.0 0,9 2 20,148.4 20,148.4. 3.0.00 2.00 3.7 4.00 3.0 3.0 3.0 3.0 0.0 0,9 2 20,409.0 20,409.0. 3.0.00 2.00 3.7 4.00 3.0 3.0 3.0 3.0 0.0 0,9 2 20,17.1 20,17.1. 3.0.00 2.00 3.7 4.00 3.0 3.0 3.0 3.0 0.0 0,9 2 20,681.8 20,681.8. 3.0.00 2.00 3.7 4.00 3.0 3.0 3.0 3.0 0.0 0,9 2 20,746.4 20,746.4. 1 7-day operation from January 200. 2 of the rediscount rate. INFORMATION BULLETIN /2010 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 Total 1-week of which: 2-week 3-week -week 6-week 8-week 200 I 2006 I I I I I I 2007 I I I I I I 2008 I I I I I I 2009 I I I I I I 2010 I I million zloty million zloty 1 16 17 million zloty 18 million zloty 19 million zloty 20 million zloty 21 million zloty 22 2 2,300.00 0.00 0.00 0.00. 0.00 0.00 2 4,300.00 0.00 0.00 2,000.00. 0.00 0.00 2 2,000.00 0.00 0.00 0.00. 0.00 0.00 2 2,300.00 0.00 0.00 0.00. 0.00 0.00 2 3,000.00 0.00 0.00 0.00. 0.00 0.00 2 2,000.00 0.00 0.00 0.00. 0.00 0.00 2 2,000.00 0.00 0.00 0.00. 0.00 0.00 2 2,000.00 0.00 0.00 0.00. 0.00 0.00 2 2,000.00 0.00 0.00 0.00. 0.00 0.00 2 2,000.00 0.00 0.00 0.00. 0.00 0.00 2 1,600.00 0.00 0.00 0.00. 0.00 0.00 2 1,600.00 0.00 0.00 0.00. 0.00 0.00 2 4,200.00 0.00 0.00 0.00 2,200.00 0.00 0.00 2 1,800.00 0.00 0.00 0.00 0.00 0.00 0.00 2 1,800.00 0.00 0.00 0.00 0.00 0.00 0.00 2 2,000.00 0.00 0.00 0.00 0.00 0.00 0.00 2 1,800.00 0.00 0.00 0.00 0.00 0.00 0.00 1 900.00 0.00 0.00 0.00 0.00 0.00 0.00 1 00.00 0.00 0.00 0.00 0.00 0.00 0.00 1 00.00 0.00 0.00 0.00 0.00 0.00 0.00 1 800.00 0.00 0.00 0.00 0.00 0.00 0.00 2 1,400.00 0.00 0.00 0.00 0.00 0.00 0.00 2 1,000.00 0.00 0.00 0.00 0.00 0.00 0.00 1 1,000.00 0.00 0.00 0.00 0.00 0.00 0.00 2 11,00.00 0.00 0.00 0.00 0.00 4,00.00 0.00 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1 00.00 0.00 0.00 0.00 0.00 0.00 0.00 1 1,00.00 0.00 0.00 0.00 00.00 0.00 0.00 2 7,300.00 2,800.00 3 0.00 0.00 0.00 0.00 0.00 2 10,700.00 0.00 0.00 2,200.00 0.00 0.00 0.00 3 7,600.00 0.00 0.00 0.00 0.00 0.00 0.00 4 6,400.00 0.00 0.00 0.00 0.00 0.00 0.00 3 4,800.00 0.00 0.00 0.00 0.00 0.00 0.00 3 3,600.00 0.00 0.00 0.00 0.00 0.00 0.00 4 6,100.00 0.00 0.00 0.00 0.00 0.00 0.00 4 9,100.00 0.00 0.00 0.00 0.00 0.00 0.00 4 9,900.00 0.00 0.00 0.00 0.00 0.00 0.00 4 2,900.00 0.00 0.00 0.00 0.00 0.00 0.00 4 6,600.00 0.00 0.00 0.00 0.00 0.00 0.00 10,400.00 0.00 0.00 0.00 0.00 0.00 0.00 4 6,00.00 0.00 0.00 0.00 0.00 0.00 0.00 4 9,00.00 0.00 0.00 0.00 0.00 0.00 0.00 7,400.00 0.00 0.00 0.00 0.00 0.00 0.00 4,000.00 0.00 0.00 0.00 0.00 0.00 0.00,800.00 0.00 0.00 0.00 0.00 0.00 0.00 4 4,000.00 0.00 0.00 0.00 0.00 0.00 0.00 3 1,700.00 0.00 0.00 0.00 0.00 0.00 0.00 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3 2,700.00 0.00 0.00 0.00 0.00 0.00 0.00 4,200.00 0.00 0.00 0.00 0.00 0.00 0.00 6,700.00 0.00 0.00 0.00 0.00 0.00 0.00 4 3,300.00 0.00 0.00 0.00 0.00 0.00 0.00 4 3,900.00 0.00 0.00 0.00 0.00 0.00 0.00 3 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: 10-week 13-week 2-week 26-week 28-week 39-week 48-week 49-week 2-week 200 I 2006 I I I I I I 2007 I I I I I I 2008 I I I I I I 2009 I I I I I I 2010 I I million zloty 23 million zloty 24 million zloty 2 million zloty 26 million zloty 27 million zloty 28 million zloty 29 million zloty 30 million zloty 31 0.00 200.00. 0.00. 0.00.. 2,100.00 0.00 200.00. 0.00. 0.00.. 2,100.00 0.00 0.00. 0.00. 0.00.. 2,000.00 0.00 0.00. 0.00. 0.00.. 2,300.00 0.00 0.00. 1,000.00. 0.00.. 2,000.00 0.00 0.00. 0.00. 0.00.. 2,000.00 0.00 0.00. 0.00. 0.00.. 2,000.00 0.00 0.00. 0.00. 0.00.. 2,000.00 0.00 0.00. 0.00. 0.00.. 2,000.00 0.00 0.00. 0.00. 0.00.. 2,000.00 0.00 0.00. 0.00. 0.00.. 1,600.00 0.00 0.00. 0.00. 0.00.. 1,600.00 0.00 0.00. 0.00. 0.00.. 2,000.00 0.00 0.00. 0.00. 0.00.. 1,800.00 0.00 0.00. 0.00. 0.00.. 1,800.00 0.00 0.00. 0.00. 0.00.. 2,000.00 0.00 0.00. 0.00. 0.00.. 1,800.00 0.00 0.00. 0.00. 0.00.. 900.00 0.00 0.00. 0.00. 0.00.. 00.00 0.00 0.00. 0.00. 0.00.. 00.00 0.00 0.00. 0.00. 0.00.. 800.00 0.00 0.00. 0.00. 0.00.. 1,400.00 0.00 0.00. 0.00. 0.00.. 1,000.00 0.00 0.00. 0.00. 0.00.. 1,000.00 0.00 3,000.00. 0.00. 2,000.00.. 2,000.00 0.00 0.00. 0.00. 0.00.. 0.00 0.00 0.00. 0.00. 0.00.. 00.00 0.00 0.00. 0.00. 0.00.. 1,000.00 0.00 00.00. 1,000.00. 0.00.. 3,000.00 0.00 1,00.00. 1,00.00. 0.00..,00.00 0.00 3,300.00. 0.00. 0.00.. 4,300.00 0.00 2,000.00. 2,000.00. 0.00.. 2,400.00 0.00 0.00. 2,400.00. 0.00.. 2,400.00 0.00 0.00. 1,800.00. 0.00.. 1,800.00 0.00 2,800.00. 0.00. 0.00.. 3,300.00 0.00 3,900.00. 0.00. 700.00.. 4,00.00 0.00 1,00.00. 1,00.00. 1,800.00..,100.00 0.00 0.00. 0.00. 600.00.. 2,300.00 0.00 0.00. 0.00. 0.00.. 6,600.00 0.00 0.00.,400.00. 0.00..,000.00 0.00 0.00. 0.00 1,000.00 0.00..,00.00 0.00 0.00 2,700.00 0.00 0.00 0.00.. 6,800.00 0.00 0.00 0.00 0.00 0.00 0.00.. 7,400.00 0.00 0.00 0.00 0.00 0.00 0.00. 1,000.00 4,000.00 0.00 0.00 0.00 0.00 0.00 0.00. 0.00,800.00 0.00 0.00 0.00 0.00 0.00 0.00. 0.00 4,000.00 0.00 0.00 0.00 0.00 0.00 0.00. 0.00 1,700.00 0.00 0.00 0.00 0.00 0.00 0.00. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00. 0.00 2,700.00 0.00 0.00 0.00 0.00 0.00 0.00. 0.00,200.00 0.00 0.00 0.00 0.00 0.00 1,200.00. 0.00,00.00 0.00 0.00 0.00 0.00 0.00 0.00. 0.00 3,300.00 0.00 0.00 0.00 0.00 0.00 0.00 1,400.00 0.00 2,00.00 INFORMATION BULLETIN /2010 23

Statistical Annex. Tables Table 2. Financial Market Basic Information, Cont. 3. Treasury bill tenders, cont. Demand declared by bidders (at face value) of which for: Total 1-week 2-week 3-week -week 6-week 8-week 10-week 200 I 2006 I I I I I I 2007 I I I I I I 2008 I I I I I I 2009 I I I I I I 2010 I I million zloty million zloty million zloty million zloty million zloty million zloty million zloty million zloty 32 33 34 3 36 37 38 39,339.90 0.00 0.00 0.00. 0.00 0.00 0.00 1,400.48 0.00 0.00 9,73.73. 0.00 0.00 0.00 7,344.04 0.00 0.00 0.00. 0.00 0.00 0.00 4,803.7 0.00 0.00 0.00. 0.00 0.00 0.00 7,82.47 0.00 0.00 0.00. 0.00 0.00 0.00 3,86.36 0.00 0.00 0.00. 0.00 0.00 0.00 2,90.98 0.00 0.00 0.00. 0.00 0.00 0.00 4,324.1 0.00 0.00 0.00. 0.00 0.00 0.00,67.93 0.00 0.00 0.00. 0.00 0.00 0.00 6,108.91 0.00 0.00 0.00. 0.00 0.00 0.00 4,460.27 0.00 0.00 0.00. 0.00 0.00 0.00 3,877.64 0.00 0.00 0.00. 0.00 0.00 0.00 14,642.16 0.00 0.00 0.00 10,248.88 0.00 0.00 0.00 4,067.64 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3,420.48 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2,761.8 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2,694.67 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,342.23 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,930.64 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,113.98 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,108.87 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3,883.73 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2,418.63 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,61.12 0.00 0.00 0.00 0.00 0.00 0.00 0.00 12,938.11 0.00 0.00 0.00 0.00 6,713. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,967.46 0.00 0.00 0.00 0.00 0.00 0.00 0.00 6,734.32 0.00 0.00 0.00 3,773.00 0.00 0.00 0.00 20,81.96 11,782.00 3 0.00 0.00 0.00 0.00 0.00 0.00 1,036.1 0.00 0.00 4,024.70 0.00 0.00 0.00 0.00 17,143.79 0.00 0.00 0.00 0.00 0.00 0.00 0.00 16,067.9 0.00 0.00 0.00 0.00 0.00 0.00 0.00 13,098.3 0.00 0.00 0.00 0.00 0.00 0.00 0.00 10,003.8 0.00 0.00 0.00 0.00 0.00 0.00 0.00 9,694.46 0.00 0.00 0.00 0.00 0.00 0.00 0.00 17,831.66 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2,36.28 0.00 0.00 0.00 0.00 0.00 0.00 0.00 12,441.22 0.00 0.00 0.00 0.00 0.00 0.00 0.00 13,887.0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 32,787.12 0.00 0.00 0.00 0.00 0.00 0.00 0.00 14,368.67 0.00 0.00 0.00 0.00 0.00 0.00 0.00 16,770.8 0.00 0.00 0.00 0.00 0.00 0.00 0.00 27,884.3 0.00 0.00 0.00 0.00 0.00 0.00 0.00 11,28.39 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,124.38 0.00 0.00 0.00 0.00 0.00 0.00 0.00 9,179.22 0.00 0.00 0.00 0.00 0.00 0.00 0.00,4.43 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 11,383.0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 13,76.38 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,646.19 0.00 0.00 0.00 0.00 0.00 0.00 0.00 14,962.7 0.00 0.00 0.00 0.00 0.00 0.00 0.00 9,649. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3 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, cont. Demand declared by bidders (at face value) of which for: 13-week 2-week 26-week 28-week 39-week 48-week 49-week 2-week 200 I 2006 I I I I I I 2007 I I I I I I 2008 I I I I I I 2009 I I I I I I 2010 I I million zloty million zloty million zloty million zloty million zloty million zloty million zloty million zloty 40 41 44 43 44 4 46 47 74.7. 0.00. 0.00.. 4,8.33 810.44. 0.00. 0.00.. 4,84.31 0.00. 0.00. 0.00.. 7,344.04 0.00. 0.00. 0.00.. 4,803.7 0.00. 3,140.64. 0.00.. 4,711.83 0.00. 0.00. 0.00.. 3,86.36 0.00. 0.00. 0.00.. 2,90.98 0.00. 0.00. 0.00.. 4,324.1 0.00. 0.00. 0.00..,67.93 0.00. 0.00. 0.00.. 6,108.91 0.00. 0.00. 0.00.. 4,460.27 0.00. 0.00. 0.00.. 3,877.64 0.00. 0.00. 0.00.. 4,393.28 0.00. 0.00. 0.00.. 4,067.64 0.00. 0.00. 0.00.. 3,420.48 0.00. 0.00. 0.00.. 2,761.8 0.00. 0.00. 0.00.. 2,694.67 0.00. 0.00. 0.00.. 1,342.23 0.00. 0.00. 0.00.. 1,930.64 0.00. 0.00. 0.00.. 1,113.98 0.00. 0.00. 0.00.. 1,108.87 0.00. 0.00. 0.00.. 3,883.73 0.00. 0.00. 0.00.. 2,418.63 0.00. 0.00. 0.00.. 1,61.12 1,668.7. 0.00. 1,240.17.. 3,31.64 0.00. 0.00. 0.00.. 0.00 0.00. 0.00. 0.00.. 1,967.46 0.00. 0.00. 0.00.. 2,961.32 1,022.6. 1,724.19. 0.00.. 6,03.12 1,21.90. 1,318.84. 0.00.. 8,441.07 6,699.93. 0.00. 0.00.. 10,443.86 8,296.20. 3,146.60. 0.00.. 4,624.79 0.00. 6,426.88. 0.00.. 6,671.6 0.00. 3,916.72. 0.00.. 6,086.86 4,7.71. 0.00. 0.00..,118.7 7,042.73. 0.00. 2,101.86.. 8,687.07 3,061.4. 3,066.4. 3,137.10.. 16,271.19 0.00. 0.00. 2,84.7.. 9,86.47 0.00. 0.00. 0.00.. 13,887.0 0.00. 21,242.09. 0.00.. 11,4.03 0.00. 0.00 866.3 0.00.. 13,02.32 0.00 2,239.17 0.00 0.00 0.00.. 14,31.68 0.00 0.00 0.00 0.00 0.00.. 27,884.3 0.00 0.00 0.00 0.00 0.00. 2,896.38 8,632.01 0.00 0.00 0.00 0.00 0.00. 0.00 1,124.38 0.00 0.00 0.00 0.00 0.00. 0.00 9,179.22 0.00 0.00 0.00 0.00 0.00. 0.00,4.43 0.00 0.00 0.00 0.00 0.00. 0.00 0.00 0.00 0.00 0.00 0.00 0.00. 0.00 0.00 0.00 0.00 0.00 0.00 0.00. 0.00 11,383.0 0.00 0.00 0.00 0.00 0.00. 0.00 13,76.38 0.00 0.00 0.00 0.00 2,63.4. 0.00 12,992.74 0.00 0.00 0.00 0.00 0.00. 0.00 14,962.7 0.00 0.00 0.00 0.00 0.00 3,613. 0.00 6,036.00 INFORMATION BULLETIN /2010 2