The Steering Committee of the National Working Group (NWG), appointed in connection with the planned reform of benchmarks, held a meeting on 18 August 2022 and discussed the methodology for selection of a new risk-free rate (RFR) for the Polish zloty (PLN) and the mandatory criteria for such rate. The Steering Committee also discussed an update of the draft Roadmap specifying the schedule for replacement of WIBOR® and WIBID® benchmarks with a new risk-free interest rate benchmark in Poland. The purpose of preparing the roadmap is to carry out a smooth and orderly benchmark reform in Poland.

The Steering Committee of the NWG is planning to select a new RFR benchmark for PLN and adopt the Roadmap at its next meeting. The next step for the Steering Committee of the NWG will be to recommend standards for the application of the new RFR in banking, lease and factoring products.

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 following persons participated in the meeting:

• 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