The pace of growth in investment funds amounted to 63% in Poland in 2005, three times faster then the European average of 22.8%, according to information from Analizy Online, which monitors the investment and pension fund markets. However, Poland 's share in the 5.169 billion euro European market amounted to 0.2% at the end of 2005, compared with Luxembourg 's 23.2%, France's 19.4% and Germany's 14.7%. The share of the Czech Republic and Hungary was 0.1% each.
Investors demonstrated poor demand at the 7-week T-bills auction organised by the State Debt Management Agency. Total valid bids amounted to 40.2 billion forints against the Agency's 30 billion forint offer. Last week at a tender for similar papers the turnout was 154 billion forints against an offer of the same amount. The average yield achieved at the auction yesterday stood at 6.05%, up by 7 basis points from the average yield at last week's tender. The next event in the Agency's schedule is a 35 billion forint offer in 3-month T-bills, which will be organised today.