Update of the Roadmap for the Reform of Interest Rate Benchmarks in Poland

On 30 June 2026, the Steering Committee of the National Working Group decided to update the Roadmap document in light of the current progress of the benchmark reform in Poland and prevailing market conditions. This includes, in particular, the announcements published on 18 May 2026 by GPW Benchmark SA and the Polish Financial Supervision Authority (KNF) regarding the cessation of development of WIBID and WIBOR benchmark rates. The update also reflects input received from all entities actively involved in the National Working Group work, including international clearing houses and domestic financial market institutions.

Key updates to the Roadmap vs. March 2025 timeline:

• September 2025 – accelerated publication of updated ISDA Definitions and ISDA Protocol,
• September 2025 – announcement by GPW Benchmark SA on the cessation of selected WIBID and WIBOR fixing tenors (O/N, T/N, SW, 2W, 1Y), in line with the schedule published at GPW Benchmark¹,
• August – October 2025 - update of the full set of recommendations for new production across all product categories based on POLSTR,
• November 2025 – first issuance of floating-rate Treasury bonds linked to POLSTR,
• November 2025 – launch by the first commercial bank of POLSTR-based lending products for corporate clients,
• December 2025 – publication of recommendations for legacy portfolios of corporate banking products,
• April 2026 – update of recommendations for legacy portfolios of debt securities,
• May 2026 – publication of recommendations for discount instruments (new production and legacy portfolios),
• May 2026 – GPW Benchmark SA announcement on the cessation of WIBID and WIBOR for tenors 1M, 3M and 6M as of 31 December 2036, and the commencement of their orderly wind-down period²,
• May 2026 – the Polish Financial Supervision Authority (KNF) communication on the cessation of WIBOR for 1M, 3M and 6M tenors,
• May 2026 – the Polish Financial Supervision Authority (KNF) position stating that no statutory replacement benchmark needs to be designated for WIBOR³,
• June 2026 – the Financial Stability Committee adopted a position confirming that there is no requirement to designate a replacement benchmark for the key interest rate benchmark WIBOR. The position was acknowledged by the representative of the Minister of Finance, who confirmed that, under the current circumstances, no designation of a replacement benchmark by way of a legal act is required⁴,
• June 2026 – launch by KDPW-CCP of clearing services for OIS derivatives based on POLSTR, 
• by end-Q3 2026 – readiness of international clearing houses to offer clearing of POLSTR-based OIS derivatives,
• From the beginning of  2027 – discontinuation of the use of WIBID and WIBOR in new contracts and financial instruments, except for derivatives used for interest rate risk or liquidity risk management of legacy portfolios entered into by the end of 2026. This approach is aligned with the assumptions of the orderly wind-down of WIBID and WIBOR, resulting from, inter alia, updates to contractual relationships between the benchmark administrator and benchmark users, as well as supervisory measures undertaken by KNF and supported by applicable legislation restricting the use of WIBOR in new production.