The Steering Committee of the National Working Group (NGR) for benchmark reform has accepted a request from benchmark administrator GPW Benchmark S.A. for recognition of transaction data held by GPW Benchmark S.A as adequate and appropriate for determination of historical values of WIRON. The data have been verified and provided by the banks that declared their willingness to act as contributors of input data for the calculation of transaction-based indices, including WIRON, which is determined on the basis of deposit transactions concluded with credit institutions, financial institutions and large companies consistently with the administrators methodology. 

The verification of transaction data has been carried out for the years 2017, 2018 and for 2019 until February 2020, and the process has been confirmed individually by potential contributors. In February 2020, a Procedure for Data Delivery came into force as an annex to the Rules of Conduct for WIBID and WIBOR Fixing Participants; the Procedure ensures top quality of transaction data delivered to administrator on its basis, due to the nature of the rules laid down in the Procedure. 

The Steering Committee of the NGR has recognised and confirmed, on the basis of the request and information from GPW Benchmark and data contributors, that the transaction data held by GPW Benchmark are the best representation of information that can be used to calculate the historical value of a risk-free-rate benchmark, that is from 2019, and the simulation of historical performance of the index in 2017 and 2018. At the same time, they can be used to carry out tasks and analyses related with setting a spread adjustment (that is, serve as confirmed proxy data).