Bond Polonia 5.125% ( US857524AA08 ) in USD

Issuer Polonia
Market price 100 %  ▲ 
Country  Poland
ISIN code  US857524AA08 ( in USD )
Interest rate 5.125% per year ( payment 2 times a year)
Maturity 20/04/2021 - Bond has expired



Prospectus brochure of the bond Poland US857524AA08 in USD 5.125%, expired


Minimal amount 1 000 USD
Total amount 1 720 517 000 USD
Cusip 857524AA0
Detailed description Poland is a Central European country with a rich history, vibrant culture, and diverse landscape encompassing plains, mountains, and coastlines.

The Bond issued by Polonia ( Poland ) , in USD, with the ISIN code US857524AA08, pays a coupon of 5.125% per year.
The coupons are paid 2 times per year and the Bond maturity is 20/04/2021







a11-50_424b5.htm
Page 1 of 160
424B5 1 a11-50_424b5.htm 424B5
PROSPECTUS SUPPLEMENT
Filed Pursuant to Rule 424(b)(5)
(To Prospectus Dated April 12, 2011)
Registration Statement No. 333-173450

U.S.$1,000,000,000



THE STATE TREASURY
of
THE REPUBLIC OF POLAND
Represented by
The Minister of Finance
5.125 percent Notes due 2021

_________________________________________________

The Notes will bear interest at the rate of 5.125 percent per year. Interest on the Notes is payable on April 21 and October 21
of each year, beginning on October 21, 2011. The Notes will mature on April 21, 2021. The Notes are not redeemable prior to
maturity. Interest on the Notes will accrue from April 21, 2011.

The Notes will rank equally in right of payment with all other unsubordinated obligations of the Republic of Poland and the
full faith and credit of the Republic of Poland will be pledged for the due and punctual payment of all principal and interest on
the Notes.

The Notes contain provisions regarding future modifications to their terms that differ from those applicable to the Republic of
Poland's outstanding securities which have been previously registered with the U.S. Securities and Exchange Commission
other than the 5¼ percent Notes due 2014 issued in October 2003, the 5 percent Notes due 2015 issued in September 2005, the
6 percent Notes due 2019 issued in July 2009 and the 3 percent Notes due 2015 issued in July 2010. These provisions are
described on pages 59 to 61 of the accompanying Prospectus. Under these provisions, the Republic of Poland may amend
payment and other key provisions of the Notes, including the principal amount and interest rate, with the approval of less than
all the holders of the Notes.
Application has been made to list and trade the Notes on the regulated market of the Luxembourg Stock Exchange. In this
prospectus supplement, references to "regulated market" shall mean a regulated market for the purposes of European
Parliament and Council Directive 2004/39/EC.
_________________________________________________


Per
Total
Note
Public Offering

98.831 U.S.$988,310,000
percent
Underwriting Discount

0.150 U.S.$ 1,500,000
percent
Proceeds to the State Treasury

98.681 U.S.$986,810,000
percent
The Securities and Exchange Commission and state securities regulators have not approved or disapproved these securities, or
determined if this prospectus supplement or the accompanying Prospectus is truthful or complete. Any representation to the
contrary is a criminal offense.
http://www.sec.gov/Archives/edgar/data/79312/000095012711000124/a11-50_424b5.htm
4/19/2011


a11-50_424b5.htm
Page 2 of 160
_________________________________________________
The underwriters are offering the Notes subject to various conditions. The underwriters expect to deliver the Notes to
purchasers on or about April 21, 2011, through the book-entry facilities of The Depository Trust Company, Euroclear or
Clearstream, Luxembourg.

_________________________________________________
CITI
GOLDMAN SACHS INTERNATIONAL
RBS


BANK
PEKAO SA





DEUTSCHE

BANK




SECURITIES


HSBC




ING COMMERCIAL


BANKING
KBC BANK




POLSKISA






PKO BANK
POLSKI SA
SOCIETE






GENERALE

April 14, 2011


http://www.sec.gov/Archives/edgar/data/79312/000095012711000124/a11-50_424b5.htm
4/19/2011


a11-50_424b5.htm
Page 3 of 160

You should rely only on the information contained or incorporated by reference in this prospectus supplement, the
accompanying Prospectus or any free writing prospectus that we provide to you. The State Treasury has not authorized
anyone to provide you with different information. The State Treasury is not making an offer of these securities in any
jurisdiction where the offer is not permitted. You should not assume that the information contained in this prospectus
supplement or the accompanying Prospectus is accurate as of any date other than the date on the front of the document.

The Luxembourg Stock Exchange takes no responsibility for the contents of this document, makes no representation as to its
accuracy or completeness and expressly disclaims any liability whatsoever for any loss howsoever arising from or in reliance
upon the whole or any part of the contents of this document and the Prospectus.
The distribution of this prospectus supplement and the accompanying Prospectus and the offering of the Notes in certain
jurisdictions may be restricted by law. In particular, offers and sales of the Notes are subject to certain restrictions, details of
which are set out in "Offering Restrictions" on page S-15.
The State Treasury cannot guarantee that the application to the Luxembourg Stock Exchange will be approved and settlement
of the Notes is not conditional upon obtaining this listing.

This prospectus supplement and the accompanying Prospectus will be available free of charge at the principal office of Dexia
Banque Internationale à Luxembourg, société anonyme, the listing agent.

The State Treasury accepts responsibility for the information contained in this prospectus supplement and in the accompanying
Prospectus. To the knowledge and belief of the State Treasury (which has taken all reasonable care to ensure that such is the
case), the information contained in this prospectus supplement and in the accompanying Prospectus is in accordance with the
facts and does not omit anything likely to affect the import of such information.


http://www.sec.gov/Archives/edgar/data/79312/000095012711000124/a11-50_424b5.htm
4/19/2011


a11-50_424b5.htm
Page 4 of 160

TABLE OF CONTENTS

Page

Prospectus Supplement

SUMMARY OF THE OFFERING
S-1
USE OF PROCEEDS
S-3
DESCRIPTION OF THE NOTES
S-4
TAXATION
S-8
UNDERWRITING
S-13
OFFERING RESTRICTIONS
S-15
GENERAL INFORMATION
S-17
LEGAL MATTERS
S-19
OFFICIAL STATEMENTS AND DOCUMENTS
S-20

Prospectus
USE OF PROCEEDS
1
THE REPUBLIC OF POLAND
2
THE ECONOMY
9
BALANCE OF PAYMENTS AND FOREIGN TRADE
23
MONETARY AND FINANCIAL SYSTEM
29
PUBLIC FINANCE
39
PUBLIC DEBT
47
TOTAL EXTERNAL DEBT
54
DESCRIPTION OF THE SECURITIES
56
ENFORCEABILITY OF JUDGMENTS
65
TAXATION
66
PLAN OF DISTRIBUTION
67
VALIDITY OF THE SECURITIES
68
AUTHORIZED AGENT IN THE UNITED STATES
69
OFFICIAL STATEMENTS AND DOCUMENTS
70
FURTHER INFORMATION
71
INDEX TO TABLES AND SUPPLEMENTARY INFORMATION
T-1


iii
http://www.sec.gov/Archives/edgar/data/79312/000095012711000124/a11-50_424b5.htm
4/19/2011


a11-50_424b5.htm
Page 5 of 160

SUMMARY OF THE OFFERING

Issuer
The State Treasury of the Republic of Poland, represented by the Minister of Finance.

Securities Offered U.S.$1,000,000,000 principal amount of Notes due 2021 (the "Notes").

Maturity Date April
21,
2021.

Redemption Basis At par on maturity.

Ranking
The Notes will rank equally in right of payment with all other unsubordinated obligations of the Republic
of Poland and the full faith and credit of the Republic of Poland will be pledged for the due and punctual
payment of all principal and interest on the Notes.

Interest Rate
The Notes will bear interest at the rate of 5.125 percent per annum.

Interest Payment
April 21 and October 21 of each year commencing October 21, 2011 for the period commencing from
Dates
and including April 21, 2011, as described herein.

Markets
The Notes are offered for sale in those jurisdictions both within and outside of the United States where it
is legal to make such offers. See "Offering Restrictions".

Further Issues
The State Treasury reserves the right from time to time without the consent of the holders of the Notes to
issue further securities having identical terms and conditions (except for the issue date and public
offering price), so that such securities may be consolidated with, form a single series with and increase
the aggregate principal amount of, the Notes.

Listing
Application has been made to list the Notes on the regulated market of the Luxembourg Stock Exchange.

Form and
The Notes will be issued in the form of one or more global notes, or the Global Notes, in fully registered
Settlement
form, without coupons, which will be deposited on or about April 21, 2011, the Closing Date, with
Citibank, N.A., London as custodian for, and registered in the name of Cede & Co., as nominee of, The
Depository Trust Company, or DTC. Except as described in this prospectus supplement, beneficial
interests in the Global Notes will be represented through accounts of financial institutions acting on
behalf of beneficial owners as direct and indirect participants in DTC. Investors may elect to hold
interests in the Global Notes either through DTC in the United States or outside of the United States
through Euroclear Bank S.A./N.V. or Clearstream Banking, société anonyme, if they are participants in
such systems, or indirectly through organizations that are participants in such systems.



S-1
http://www.sec.gov/Archives/edgar/data/79312/000095012711000124/a11-50_424b5.htm
4/19/2011


a11-50_424b5.htm
Page 6 of 160

Except as described in this prospectus supplement, owners of beneficial interests in the Global Notes will
not be entitled to have the Notes registered in their names, will not receive or be entitled to receive
physical delivery of the Notes in definitive form and will not be considered holders of the Notes under
the Notes or the fiscal agency agreement governing the Notes. See "Description of the Securities--Form
and Settlement" in the Prospectus. It is expected that delivery of the Notes will be made, against
payment therefor in same-day funds, on or about April 21, 2011.

Withholding Tax Principal of and interest on the Notes are payable by the State Treasury without withholding or deduction
for withholding taxes subject to certain exceptions, including withholding taxes that may be imposed
pursuant to a European Union Directive on the taxation of savings, to the extent set forth in this
prospectus supplement and in the attached Prospectus under the heading "Description of the Securities--
Payment of Additional Amounts".

Governing Law
The Notes shall be governed by, and interpreted in accordance with, the laws of the State of New York.

Collective Action
The Notes will contain provisions regarding voting on amendments, modifications and waivers. These
Clauses
provisions are commonly referred to as collective action clauses and are described more fully on
pages 59 to 61 of the accompanying Prospectus. Under these provisions, the State Treasury may amend
certain key terms of the Notes, including the maturity date, principal amount, interest rate and other
payment terms, with the consent of the holders of at least 75 percent of the aggregate principal amount of
the outstanding Notes. These provisions differ from those applicable to the Republic of Poland's
outstanding securities which have been previously registered with the U.S. Securities and Exchange
Commission other than the 5¼ percent Notes due 2014 issued in October 2003, the 5 percent Notes due
2015 issued in September 2005, the 6 percent Notes due 2019 issued in July 2009 and the 3 percent
Notes due 2015 issued in July 2010.


S-2
http://www.sec.gov/Archives/edgar/data/79312/000095012711000124/a11-50_424b5.htm
4/19/2011


a11-50_424b5.htm
Page 7 of 160

USE OF PROCEEDS

The net proceeds from the sale of the Notes will be used to finance the Republic of Poland's State budget borrowing
requirements or for general financing purposes. The State Treasury estimates the net proceeds will be approximately
U.S.$986,510,000.

S-3
http://www.sec.gov/Archives/edgar/data/79312/000095012711000124/a11-50_424b5.htm
4/19/2011


a11-50_424b5.htm
Page 8 of 160

DESCRIPTION OF THE NOTES

The Notes are issued under the Fiscal Agency Agreement, known as the Agency Agreement, to be dated as of April 21, 2011,
among the State Treasury, Citibank N.A., London, known as the Fiscal Agent, and Dexia Banque Internationale à
Luxembourg, société anonyme, known as the Luxembourg Agent, and, together with the Fiscal Agent, known as the Agents,
the form of which has been filed as an exhibit to the Registration Statement under Schedule B declared effective on April 13,
2011.

The following description briefly summarizes some of the provisions of the Notes and the Agency Agreement. You should
not assume this summary is complete. You should read the Registration Statement, including the exhibits, and in particular
"Description of the Securities" in the attached Prospectus.

General
The Notes:


Mature on April 21, 2021.

Bear interest at a rate of 5.125 percent per annum.


Are to be issued pursuant to the Agency Agreement.


Will be issued without coupons in lawful money of the United States of America in denominations of U.S.$1,000 and
integral multiples thereof.

Will rank at least equally in right of payment with all other unsecured and unsubordinated payment obligations of the
Republic of Poland, except for such obligations as may be preferred by mandatory provisions of applicable law. The
Republic of Poland will give no preference to one obligation over another on the basis of priority of issue date or
currency of payment.


Will not be redeemable prior to maturity at the option of the State Treasury or of the registered holders thereof.

Will not be subject to any sinking fund provided by the State Treasury for the amortization of the Notes.

At maturity, you will receive 100 percent of the principal amount of your Notes, plus accrued and unpaid interest to the
maturity date. The State Treasury may, without the consent of the holders of the Notes, issue additional notes having the same
rank and the same interest rate, maturity and other terms as the Notes. Any additional notes, together with the Notes, may
constitute a single series of Notes under the Agency Agreement.
Interest:


Will be payable on the dates set forth on the cover of this prospectus supplement in lawful money of the United States
of America to the registered holders of the Notes at the close of business on April 1 and October 1, as the case may
be, prior to the payment date, each a Record Date.


Will be calculated on the basis of a 360-day year of twelve 30-day months.

Will accrue from April 21, 2011.


Payments will begin on October 21, 2011.


S-4
http://www.sec.gov/Archives/edgar/data/79312/000095012711000124/a11-50_424b5.htm
4/19/2011


a11-50_424b5.htm
Page 9 of 160

Fiscal Agent

The Agency Agreement governs the duties of the Agents. The State Treasury may maintain deposit accounts and conduct
other banking transactions in the ordinary course of business with the Agents.

Citibank N.A., London, is the Fiscal Agent of the Notes under the Agency Agreement.
The Fiscal Agent is an agent of the State Treasury, is not a trustee for the holders of the Notes and does not have the
responsibility or duty to act for the holders of the Notes as would a trustee.
Form and Registration

The Notes will be issued in the form of one or more fully registered global notes, or the Global Notes, which will be deposited
with, or on behalf of, The Depository Trust Company, New York, New York, the Depositary or DTC, and registered in the
name of Cede & Co., the Depositary's nominee. Beneficial interests in the Global Notes will be represented through book-
entry accounts of financial institutions acting on behalf of beneficial owners as direct and indirect participants in the
Depositary. Investors may elect to hold interests in the Global Notes in the United States through the Depositary or in Europe
through Euroclear Bank S.A./N.V., or Euroclear, or Clearstream Banking, société anonyme, or Clearstream, Luxembourg, if
they are participants of such systems, or indirectly through organizations which are participants in such systems. Euroclear
and Clearstream, Luxembourg will hold interests on behalf of their participants through customers' securities accounts in
Euroclear's and Clearstream, Luxembourg's names on the books of their respective depositaries, which in turn will hold such
interests in customers' securities accounts in the depositaries' names on the books of the Depositary.

The Clearing Systems
The Depositary advises that it is a limited-purpose trust company organized under the New York Banking Law, a "banking
organization" within the meaning of the New York Banking Law, a member of the Federal Reserve System, a "clearing
corporation" within the meaning of the New York Uniform Commercial Code, and a "clearing agency" registered pursuant to
the provisions of Section 17A of the Securities Exchange Act of 1934, or the Exchange Act. The Depositary holds securities
deposited with it by its participants and facilitates the settlement of transactions among its participants in such securities
through electronic computerized book-entry changes in accounts of the participants, thereby eliminating the need for physical
movement of securities certificates. The Depositary's participants include securities brokers and dealers (including the
underwriters), banks, trust companies, clearing corporations and certain other organizations, some of which (and/or their
representatives) own the Depositary. Access to the Depositary's book-entry system is also available to others, such as banks,
brokers, dealers and trust companies that clear through or maintain a custodial relationship with a participant, either directly or
indirectly.

Euroclear advises that the system it operates, the Euroclear System, was created in 1968 to hold securities for its participants,
or Euroclear Participants, and to clear and settle transactions between Euroclear Participants through simultaneous electronic
book-entry delivery against payment, thereby eliminating the need for physical movement of certificates and any risk from
lack of simultaneous transfers of securities and cash. Euroclear provides various other services, including securities lending
and borrowing and interfaces with domestic markets in several countries. Euroclear Participants include banks (including
central banks), securities brokers and dealers and other professional financial intermediaries and may include the
Underwriters. Indirect access to the Euroclear System is also available to other firms that clear through or maintain a custodial
relationship with a Euroclear Participant, either directly or indirectly.

Securities clearance accounts and cash accounts with Euroclear are governed by the Terms and Conditions Governing Use of
Euroclear and the related Operating Procedures of the Euroclear System and applicable Belgian law, collectively, the
Euroclear Terms and Conditions. The Euroclear Terms and Conditions govern transfers of securities and cash within the
Euroclear System, withdrawals of

S-5
http://www.sec.gov/Archives/edgar/data/79312/000095012711000124/a11-50_424b5.htm
4/19/2011


a11-50_424b5.htm
Page 10 of 160

securities and cash from Euroclear and receipts of payments with respect to securities in the Euroclear System. All securities
in the Euroclear System are held on a fungible basis without attribution of specific certificates to specific securities clearance
accounts. Euroclear acts under the Euroclear Terms and Conditions only on behalf of Euroclear Participants and has no record
of or relationship with persons holding through Euroclear Participants.

Distributions with respect to the Notes held beneficially through Euroclear will be credited to the cash accounts of Euroclear
Participants in accordance with the Euroclear Terms and Conditions, to the extent received by Euroclear.

Clearstream, Luxembourg advises that it is incorporated under the laws of Luxembourg as a professional
depositary. Clearstream, Luxembourg holds securities for its participating organizations, or Clearstream Participants, and
facilitates the clearance and settlement of securities transactions between Clearstream Participants through electronic book-
entry changes in accounts of Clearstream Participants, thereby eliminating the need for physical movement of
certificates. Clearstream, Luxembourg provides to Clearstream Participants, among other things, services for safekeeping,
administration, clearance and settlement of internationally traded securities and securities lending and
borrowing. Clearstream, Luxembourg interfaces with domestic markets in several countries. As a professional depositary,
Clearstream, Luxembourg is subject to regulation by the Luxembourg Monetary Institute. Clearstream Participants are
recognized financial institutions around the world, including underwriters, securities brokers and dealers, banks, trust
companies, clearing corporations and certain other organizations and may include the Underwriters. Indirect access to
Clearstream, Luxembourg is also available to others, such as banks, brokers, dealers and trust companies that clear through or
maintain a custodial relationship with a Clearstream Participant, either directly or indirectly.
Distributions with respect to the Notes held beneficially through Clearstream, Luxembourg will be credited to cash accounts of
Clearstream Participants in accordance with its rules and procedures, to the extent received by Clearstream, Luxembourg.

Title to book-entry interests in the Notes will pass by book-entry registration of the transfer within the records of Euroclear,
Clearstream, Luxembourg or DTC, as the case may be, in accordance with their respective procedures. Book-entry interests in
the Notes may be transferred within the Euroclear System and within Clearstream, Luxembourg and between Euroclear and
Clearstream, Luxembourg in accordance with procedures established for these purposes by Euroclear and Clearstream,
Luxembourg. Book-entry interests in the Notes may be transferred within DTC in accordance with procedures established for
this purpose by DTC. Transfers of book-entry interests in the Notes between Euroclear and Clearstream, Luxembourg and
DTC may be effected in accordance with procedures established for this purpose by Euroclear, Clearstream, Luxembourg and
DTC.

Definitive Notes

Individual certificates in respect of the Notes will not be issued in exchange for the Global Notes, except in very limited
circumstances. If DTC or each of Euroclear and Clearstream, Luxembourg notifies the State Treasury that it is unwilling or
unable to continue as a clearing system in connection with the Global Notes or, in the case of DTC only, DTC ceases to be a
clearing agency registered under the Exchange Act and in each case a successor clearing system is not appointed by the State
Treasury within 90 days after receiving such notice from Euroclear, Clearstream, Luxembourg or DTC or on becoming aware
that DTC is no longer so registered, the State Treasury will issue or cause to be issued individual certificates in registered form
on registration of transfer of, or in exchange for, book-entry interests in the Notes represented by such Global Notes upon
delivery or such Global Notes for cancellation.

If such certificates are issued and so long as the Notes are listed on the Luxembourg Stock Exchange and the rules of the
Luxembourg Stock Exchange require, the Luxembourg Agent will act as paying agent and transfer agent in Luxembourg and
the holders of the Notes will be able to receive payments thereon and effect transfers thereof at the offices of the Luxembourg
Agent, 69 route d'Esch, L-2953

S-6
http://www.sec.gov/Archives/edgar/data/79312/000095012711000124/a11-50_424b5.htm
4/19/2011