The Steering Committee of the National Working Group (NWG), appointed in connection with the planned reform of benchmarks, held a meeting on 4 August 2022 and discussed a draft roadmap setting out a schedule for the replacement of WIBOR® reference rates with a new risk-free interest rate benchmark. 

The input data for the new reference rate will be information representing overnight (ON) transactions. The new reference rate will ultimately replace the existing WIBOR®, the key interest rate benchmark as defined in the BMR which is applied in financial contracts (e.g. credit agreements), financial instruments (e.g. debt securities or derivatives) and by investment funds (e.g. to determine the asset management fees).

In the course of their activities in July and August 2022, the NWG expert teams identified, set priorities for and estimated the time consumption of the tasks to be performed by all market participants for the proper and safe replacement of the current Warsaw Inter-bank Bid Rate (WIBID®) and Warsaw Inter-bank Offered Rate (WIBOR®) with the new risk-free interest rate benchmark. The purpose of preparing the roadmap is to carry out a smooth and orderly benchmark reform in Poland. The next step is to for the Steering Committee of the NWG to adopt the roadmap and select a new risk-free interest rate benchmark for the Polish zloty (PLN). 

The Steering Committee of the NWG also discussed a preliminary set of criteria for the new interest rate benchmark. 

The activities of the National Working Group coordinated by the Steering Committee aim to ensure the credibility, transparency and reliability of the process of determining and applying the new interest rate benchmark.

The Steering Committee of the NWG has been joined by a representative of the National Bank of Poland and a representative of the Bank Guarantee Fund.

The current composition of the Steering Committee is as follows:

• Brunon Bartkiewicz – President of the Management Board of ING Bank Śląski – Chair of the Steering Committee of the NWG 
• 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
• 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