Obligation Polonia 5% ( US857524AB80 ) en USD

Polonia

100 % ▲

Pologne

US857524AB80 ( en USD )

5% par an ( paiement semestriel )

22/03/2022 - Obligation échue

Prospectus brochure de l'obligation Poland US857524AB80 en USD 5%, échue

1 000 USD

3 000 000 000 USD

857524AB8

La Pologne est un pays d'Europe centrale membre de l'Union européenne et de l'OTAN, connu pour son histoire riche, sa culture vibrante et son économie en croissance.

L'Obligation émise par Polonia ( Pologne ) , en USD, avec le code ISIN US857524AB80, paye un coupon de 5% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 22/03/2022

Prospectus Supplement
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424B5 1 d245507d424b5.htm PROSPECTUS SUPPLEMENT
Table of Contents
PROSPECTUS SUPPLEMENT
Filed Pursuant to Rule 424(b)(5)
(To Prospectus Dated April 12, 2011)

Registration Statement No. 333-173450

The Notes will bear interest at the rate of 5.000 percent per year. Interest on the Notes is payable on March 23 and September 23 of
each year, beginning on March 23, 2012. The Notes will mature on March 23, 2022. The Notes are not redeemable prior to maturity.
Interest on the Notes will accrue from November 3, 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 5 1/4 percent Notes due 2014 issued in October 2003, the 5 percent Notes due 2015 issued in September 2005, the 6 3/8 percent
Notes due 2019 issued in July 2009, the 3 7/8 percent Notes due 2015 issued in July 2010 and the 5 1/8 percent Notes due 2021 issued
in April 2011. These provisions are described on pages 54 to 56 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 Note
Total
Public Offering

98.605 percent
U.S.$1,972,100,000
Underwriting Discount

0.130 percent
U.S.$
2,600,000
Proceeds to the State Treasury

98.475 percent
U.S.$1,969,500,000

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
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a criminal offense.

The underwriters are offering the Notes subject to various conditions. The underwriters expect to deliver the Notes to purchasers on
or about November 3, 2011, through the book-entry facilities of The Depository Trust Company, Euroclear or Clearstream,
Luxembourg.

CITIGROUP
DEUTSCHE BANK SECURITIES
HSBC

October 27, 2011
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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-20.

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.

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TABLE OF CONTENTS

Page
Prospectus Supplement

SUMMARY OF THE OFFERING
S-4

USE OF PROCEEDS
S-6

RECENT DEVELOPMENTS
S-7

DESCRIPTION OF THE NOTES
S-11
TAXATION
S-15
UNDERWRITING
S-18
OFFERING RESTRICTIONS
S-20
GENERAL INFORMATION
S-22
LEGAL MATTERS
S-24
OFFICIAL STATEMENTS AND DOCUMENTS
S-25
Prospectus

USE OF PROCEEDS
1

THE REPUBLIC OF POLAND
2

THE ECONOMY
9

BALANCE OF PAYMENTS AND FOREIGN TRADE
22

MONETARY AND FINANCIAL SYSTEM
28

PUBLIC FINANCE
37

PUBLIC DEBT
45

TOTAL EXTERNAL DEBT
51

DESCRIPTION OF THE SECURITIES
52

ENFORCEABILITY OF JUDGMENTS
60

TAXATION
61

PLAN OF DISTRIBUTION
62

VALIDITY OF THE SECURITIES
63

AUTHORIZED AGENT IN THE UNITED STATES
64

OFFICIAL STATEMENTS AND DOCUMENTS
65

FURTHER INFORMATION
66

INDEX TO TABLES AND SUPPLEMENTARY INFORMATION
T-1

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SUMMARY OF THE OFFERING

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

Securities Offered
U.S.$2,000,000,000 principal amount of 5.000 percent notes due 2022 (the
"Notes").

Maturity Date
March 23, 2022.

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 5.000 percent per annum.

Interest Payment Dates
March 23 and September 23 of each year commencing March 23, 2012 for the
period commencing from and including November 3, 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 Settlement
The Notes will be issued in the form of one or more global notes, or the Global
Notes, in fully registered form, without coupons, which will be deposited on or
about November 3, 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.

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,
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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
November 3, 2011.

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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 Clauses
The Notes will contain provisions regarding voting on amendments, modifications
and waivers. These provisions are commonly referred to as collective action
clauses and are described more fully on pages 54 to 56 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, together with the existing

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 5 1/4 percent Notes due 2014
issued in October 2003, the 5 percent Notes due 2015 issued in September 2005,

the 6 3/
8 percent Notes due 2019 issued in July 2009, the 3 7/8 percent Notes due
2015 issued in July 2010 and the 5 1/8 percent Notes due 2021 issued in April
2011.

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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.$1,969,200,000.

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RECENT DEVELOPMENTS

Eurozone Crisis

Poland's economy was affected by the 2008-2009 global financial crisis but began to recover in the last quarter of 2009. Poland's
GDP increased by 4.4% in the first quarter of 2011 and by 4.3% in the second quarter of 2011, as compared to the first quarter of
2010 and the second quarter of 2010, respectively. Growth is still expected for the full year 2011 and the first quarter of 2012,
although at a slower rate than the first half of 2011. Poland's debt ratios have been below the Maastricht criteria since 2004. In
addition to prudent fiscal policies, Government officials believe that Poland's strong banking sector has been an important underlying
factor in maintaining a healthy fiscal position. Although many countries had intervened in and supported their respective banking
sector with government financing, there was no need to take any such measures in Poland because the banks have maintained good
liquidity levels and equity coverage, and a low rate of non-performing loans. Considering these developments, the recent turmoil in
the EU sovereign debt market has not had any material impact on Poland's public finances or economy due, the Government believes,
to Poland's strong fiscal balance and strong banking sector. However, as the EU sovereign debt crisis has spread beyond smaller euro
zone countries to larger economies, such as Italy, growth in the countries comprising the euro zone has significantly decreased,
including in Germany, one of Poland's largest export partners. In addition, many EU countries are implementing austerity measures
that may adversely impact growth in these countries. Given the strong trade, economic and political ties between Poland and the rest
of its EU trading partners, any material deterioration in the economy of an EU member state or any material deterioration in market
conditions due to the uncertainties arising from problems in the EU could have negative effects on Poland's economy or assets. In
addition, because international investors' reactions to the events occurring in one country sometimes appear to demonstrate a
"contagion" effect, in which an entire region or class of investment is disfavored by international investors, Poland could be
adversely affected by negative economic or financial developments in other countries. Furthermore, general economic volatility on a
global scale has caused a depreciation in the zloty, which resulted in interventions by the Polish Central Bank aimed to stabilize the
exchange rate on three separate occasions in 2011.

Depreciation of the Polish Zloty

Between March 30 and September 30, 2011, the zloty depreciated by 9.9 percent against the euro. This depreciation was due, in part,
to a general growth in aversion to currency risk and an increase of global capital flows towards higher rated assets. The NBP sold a
certain amount of foreign exchange on the market on September 23, September 30, and October 3. The interventions were in line with
MPC monetary policy guidelines which (since 2006) state that "the floating exchange rate regime does not rule out foreign exchange
interventions should they turn out necessary to ensure domestic macroeconomic and financial stability, which is conducive to meeting
the inflation target in the medium term." While the depreciation increases the debt service costs of borrowers with foreign exchange
loans, the NBP estimates that the effect on household consumption would be limited. At the same time, the ability of borrowers to
repay their loans is quite resilient to exchange rate moves. The NBP estimates show that exchange rate developments and
subsequently, labour market developments are important for credit risk.

Balance of Payments

At the request of the Polish authorities, a mission from the Statistics Department of the International Monetary Fund (IMF) visited
Poland in June 2011 to provide technical assistance in improving the country's balance of payments statistics. The principal objective
of the staff mission was to review work that the NBP and Central Statistical Office recently completed that resulted in the revisions in
the external sector accounts that were released on June 29, 2011. The mission also advised the NBP on areas of potential future
investigations to improve the quality of its external sector statistics. The mission welcomed the in-depth research undertaken by the
authorities into the reasons behind a high and increasing level of errors and omissions in the Polish balance of payments accounts in
recent years. It concluded that the revisions to the Polish data that were published on June 29, 2011 are based on appropriate
compilation techniques.

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The following table sets out Poland's balance of payments and related statistics for the periods indicated.

2006

2007

2008

2009

2010

(U.S.$ millions)

Current account
(13,147) (26,501) (34,957) (17,155) (21,873)
Balance on Goods
(7,372)
(19,066) (30,659) (7,617)
(11,810)
Goods: exports f.o.b.
117,468 145,337 178,427 142,085 165,709
Goods: imports f.o.b.
124,474 164,403 209,086 149,702 177,519
Balance on Services
736

4,758

5,006

4,795

3,098

Services: Credit
20,592
28,914 35,549 28,986 32,718
Services: Debit
19,856
24,156 30,543 24,191 29,620
Balance on Income
(9,748)
(16,387) (12,882) (16,551) (16,923)
Income: Credit
9,040

10,140
11,126 7,304

7,099

Income: Debit
18,788
26,527 24,008 23,176 24,198
Balance on Current Transfers
3,237

4,194

3,578

2,218

3,762

Current transfers: Credit
8,235

10,397
11,172 10,349 9,936

Current transfers: Debit
4,998

6,203

7,594

8,131

6,174

Capital Account
2,105

4,771

6,115

7,040

8,620

Capital account: Credit
2,573

5,410

7,089

7,438

9,216

Capital account: Debit
468

639

974

398

596

Financial Account
13,261
38,067 39,039 34,902 37,813
Direct investment abroad
(9,168)
(5,664)
(4,613)
(4,562)
(5,530)
Direct investment in Poland
19,876
23,651 14,978 13,022 9,104

Portfolio investment assets
(4,649)
(6,340)
2,358

(1,448)
(1,094)
Equity securities
(2,996)
(5,882)
1,457

(1,862)
(1,013)
Debt securities
(1,653)
(458)
901

414

(81)
Portfolio investment liabilities
1,706

113

(4,723)
16,202
26,649
Equity securities
(2,128)
(470)
564

1,579

7,875

Debt securities
3,834

583

(5,287)
14,623
18,774
Other investment assets
(3,919)
(1,771)
5,217

5,275

(4,216)
Monetary authorities
9

(225)
(699)
(1,023)
28

Central and local government
(30)
(323)
(116)
(174)
(244)
MFI (excluding Central Bank)
(1,937)
2,677

7,236

7,232

(1,865)
Other sectors
(1,961)
(3,900)
(1,204)
(760)
(2,033)
Other investment liabilities
10,104
30,124 26,815 8,105

13,246

Monetary authorities
(765)
7,253

(6,178)
2,898

1,709

Central and local government
(1,192)
(1,429)
(1,529)
2,751

2,685

MFI (excluding Central Bank)
5,589

14,555
23,602 (471)
5,588

Other sectors
6,472

9,745

10,920
2,927

3,264

Financial derivatives
(689)
(2,046)
(993)
(1,692)
(448)
Net errors and omissions
261

(3,300)
(12,161) (10,045) (9,426)
Overall Balance
2,480

13,037
(1,964)
14,742
15,134
Official Reserve Assets
(2,480)
(13,037) 1,964

(14,742) (15,134)
Source: NBP

Current Government and Politics

The most recent Parliamentary elections were held on October 9, 2011. Following these elections the Civic Platform (PO) party
received 39.18 percent of the vote, the Law and Justice (PiS) party received 29.89 percent of the vote, the Palikot Movement party
received 10.02 percent of the vote, the Polish People's Party (PSL) received 8.36 percent of the vote and the Democratic Left
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