On 29 March 2024, the Steering Committee of the National Working Group for benchmark reform (hereinafter: ‘Steering Committee of the NWG’) unanimously decided to commence a review and analysis of risk-free-rate (RFR) replacement choices for WIBOR benchmark, including both WIRON and other possible interest rate indices or benchmarks. Formal request in this respect was filed by the Ministry of Finance.

The purpose is to review the decision of the Steering Committee of the NWG adopted in September 2022, based on a wider scope of market information in the dynamically changing macro-economic environment of the Polish economy. 

We are at a point where the functioning and the characteristics of alternative interest rate indices or benchmarks can be more comprehensively assessed in the context of the needs of all parties to the existing financial contracts, especially consumers, and the need to ensure the stability of the financial system, including security and continuity of financial transactions and contracts. 

In light of the foregoing, certain changes may be made with regard to the milestones of the current Roadmap, but without changing the final deadlines regarding the completion of the benchmark reform. Decisions in this regard will be made by the Steering Committee of the NWG and communicated separately following the completion of the review, including public consultation. 

Work on the reform is ongoing and will be continued with the aim to ensure the most effective and safe completion of the process of replacing the WIBOR and WIBID benchmarks with a new RFR benchmark.