Issuing of Savings Treasury Bonds in the Years 2015–2018 and Their Impact on Public Debt – Legal and Financial Aspects (Emisje skarbowych obligacji oszczednosciowych w latach 2015–2018 a dlug publiczny – aspekty prawne i finansowe)

aim of the study is to analyse and assess the legal basis for issuing savings treasury bonds in Poland and to determine the impact of the value of these issues on public debt in Poland. The assumption was made that savings bonds are a special type of government bonds. The paper uses dogmatic-legal and empirical-analytical methods. As a result, it was shown that savings treasury bonds are used by the state not only to incur public debt but also as an instrument supporting the implementation of various government social programmes involving public financial resources, mainly in the sphere of social security. The analysis of the sales results of savings bonds in the years 2015–2018 showed that they had a slight impact on the growth of public debt in Poland. To a certain extent, for their buyers, they may be an alternative form of capital accumulation to banking savings deposits. Despite tax exemption, interest on savings bonds did not affect significant development of voluntary pension insurance in the form of individual retirement accounts.