The cessation of WIBID and WIBOR Reference Rates and further steps in the benchmark reform

The Steering Committee of the National Working Group acknowledges the publication, on 18 May 2026, of communications by GPW Benchmark SA and the Polish Financial Supervision Authority (PFSA) regarding the decision to cease to provide the WIBID and WIBOR Reference Rates. According to the information provided, the WIBOR Reference Rate and the WIBID Reference Rate for the key Fixing Tenors 1 month (1M), 3 months (3M) and 6 months (6M) will continue to be determined until 31 December 2036, with the cessation date set for 1 January 2037, which will mark the conclusion of their orderly wind-down period¹. This implies that the WIBID and WIBOR Reference Rates will remain in use during the interim run-off period, allowing for the orderly execution of existing financial contracts and instruments referencing those benchmarks until their expected maturity.

In accordance with GPW Benchmark S.A. orderly approach to the cessation of benchmarks, and considering the KNF’s position, new financial contracts or instruments referencing WIBID or WIBOR should not be concluded after 31 December 2026. 

From 1 January 2027, the WIBID and WIBOR Reference Rates will be used exclusively for legacy exposures during the wind-down period, while remaining subject to public oversight.

In parallel, the financial market is transitioning to a new benchmark, the POLSTR interest rate index, which alongside fixed-rate and periodically fixed-rate products, should be increasingly used in new financial contracts and instruments. This transition is aimed at replacing the WIBID and WIBOR Reference Rates with a new benchmark, in line with the Benchmark Reform Roadmap, while ensuring the continuity and stability of existing contracts and financial instruments.

During the interim run-off period, the WIBID and WIBOR Reference Rates will continue to be determined in accordance with the requirements of Regulation (EU) 2016/1011 (BMR), solely for the purpose of ensuring an orderly and safe wind-down of existing financial contracts and instruments.

The Steering Committee of the National Working Group emphasizes that the above decisions constitute next stage in the implementation of the benchmark reform in Poland and are consistent with the direction set out in the Roadmap. At the same time the adopted transition model, providing for the gradual reduction of exposures to WIBOR Reference Rate across the financial sector, combined with the parallel implementation of POLSTR for new contracts in accordance with standards developed by the National Working Group, supports financial stability and predictability for market participants.

The above decisions impact the reform implementation timeline; therefore, an update to the existing schedule will be required. Relevant information in this respect will be provided in a separate NGR communication.

Detailed information on the cessation of the WIBID and WIBOR Reference Rates and the underlying rationale is available in the communications published on 18 May 2026 by GPW Benchmark SA and the KNF² .

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¹For the avoidance of doubt, it is noted that, in accordance with the GPW Benchmark SA communication of 30 September 2025, the Overnight (O/N) Fixing Tenor will cease to be calculated as of 1 October 2026. Furthermore, the WIBOR Reference Rate for the 1-year (1Y) Fixing Tenor will be determined by the Administrator until 21 December 2026, subject to the powers of the Polish Financial Supervision Authority (PFSA), including the authority to extend this obligation for an additional period of 12 months.