Activities of the National Working Group for benchmark reform

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The National Working Group for benchmark reform (NWG) was appointed in connection with the planned reform of benchmarks in Poland, involving, among others, the introduction of a new interest rate benchmark, with input data being information representing overnight (ON) transactions. The NWG aims to ensure the credibility, transparency and reliability of the process of determining and applying the new interest rate benchmark.

The group’s activities involve participation of representatives of the Ministry of Finance, the National Bank of Poland, the Polish Financial Supervision Authority, the Bank Guarantee Fund, the Polish Development Fund Group, the Warsaw Stock Exchange, the National Depository for Securities, Bank Gospodarstwa Krajowego, GPW Benchmark, leading commercial banks, banks affiliating cooperative banks, investment fund management companies, insurance undertakings, and professional associations of financial market entities. 

The NWG’s activities are monitored and coordinated by the Steering Committee composed of:

  • Tadeusz Białek – Vice-President of the Polish Bank Association – Chair of the NWG Steering Committee  
  • Aleksandra Bluj – Vice-President of the Management Board of GPW Benchmark – Deputy Chair of the Steering Committee of the NWG 
  • Paweł Borys – President of the Management Board of the Polish Development Fund – Deputy Chair of the Steering Committee of the NWG
  • Marek Lusztyn – Vice-President of Management Board of mBank SA – Deputy Chair of the NWG Steering Committee
  • Paweł Szałamacha – Member of the Management Board of the National Bank of Poland – Member of the Steering Committee of the NWG 
  • Piotr Patkowski – Undersecretary of State at the Ministry of Finance – Member of the Steering Committee of the NWG
  • Marcin Mikołajczyk – Deputy Chair of the KNF Board – Member of the Steering Committee of the NWG 
  • Grzegorz Owczarek – Director of the Resolution Planning Department, Bank Guarantee Fund – Member of the Steering Committee of the NWG 

Information from the work of the National Working Group