Reference Rates
For several years, a reform of interest rate benchmarks – such as WIBID, WIBOR, EURIBOR, and LIBOR – has been underway. In the European Union, its legal framework is defined by the 2016 Benchmark Regulation (BMR), which aims to enhance the credibility and safety of benchmark rates and improve the methodologies used to determine them. As a result, some benchmarks have been adjusted to meet the new requirements (e.g., WIBID, WIBOR, EURIBOR), while others have been discontinued or replaced (LIBOR CHF was replaced by SARON). New benchmarks are also being developed, known as risk‑free rates (RFR), including SARON, SOFR, WIRON, and POLSTR. Banks, preparing for similar changes, are introducing so‑called fallback clauses into their agreements, specifying the procedures to follow in the event of modifications to benchmark rates. In Poland, the key reference rates remain WIBID and WIBOR, as well as newly introduced benchmarks such as WIRON and POLSTR.
The National Working Group (NGR) on benchmark reform is working on the implementation of a replacement for the WIBOR rate, in line with the principles set out in the EU Benchmark Regulation (BMR) and based on best practices adopted in developed European financial markets where similar transitions have already taken place. The NGR’s work follows an established Reform Roadmap.
The creation of the NGR was initiated by the Polish Financial Supervision Authority (KNF). Its members include representatives of the Ministry of Finance, the National Bank of Poland, the Polish Financial Supervision Authority, the Bank Guarantee Fund, the Polish Development Fund (PFR S.A.), GPW Benchmark S.A., as well as key institutions of the domestic financial market whose activities are closely linked to benchmark rates. The work of the NGR is overseen and coordinated by the Steering Committee.
As a result of the work completed to date, the Steering Committee has decided to select POLSTR as the target interest rate benchmark that will replace WIBOR if the latter ceases to be published.
The planned replacement of WIBOR with the new POLSTR benchmark aligns with the global shift toward reference rates based on overnight transactions – so‑called risk‑free rates (RFR). This trend was initiated by the Benchmark Regulation adopted in 2016 by the European Parliament and the Council of the EU.
POLSTR is expected to become the benchmark used in credit products offered by banks, as well as in existing loan agreements. The replacement of WIBOR will occur either under the contractual provisions of a given agreement or through a regulation issued by the Minister of Finance specifying the appropriate substitute.
WIBOR is a benchmark reflecting the interest rate at which banks could place funds (deposits) with other banks for a specified term (GPW Benchmark – Q&A).
It is not a fixed or unchanging rate; it is determined by GPW Benchmark S.A. on each business day.
In December 2022, the Polish Financial Supervision Authority issued a special statement confirming that the methodology used to calculate WIBOR, as well as the activities of GPW Benchmark S.A., comply with applicable legal requirements.
A similar communication was published by the Financial Stability Committee, whose members include representatives of the National Bank of Poland, the Polish Financial Supervision Authority, the Ministry of Finance, and the Bank Guarantee Fund.
The WIRON (Warsaw Interest Rate Overnight) index is calculated on the basis of overnight deposit transactions concluded between banks (data‑contributing institutions) and credit institutions, financial institutions, as well as large corporates.
Initially, WIRON was designated as the alternative interest rate benchmark intended to replace WIBOR. This decision was taken by the NGR Steering Committee in September 2022. In March 2024, a review and reassessment of this decision began. Following this review, in December 2024 the NGR Steering Committee—taking into account a broader range of analyses and market information, including the combined assessment of quantitative and qualitative characteristics in the dynamically changing macroeconomic environment of the Polish economy—decided to select POLSTR as the alternative interest rate benchmark intended to replace WIBOR.
More information can be found on the GPW Benchmark website and in communications regarding the activities of the National Working Group, available on the website of the Polish Financial Supervision Authority.
The administrator of the WIBID, WIBOR, WIRON and POLSTR rates is GPW Benchmark S.A., an entity entered in the register of benchmark administrators maintained by the European Securities and Markets Authority (ESMA). The company holds the authorisation issued by the Polish Financial Supervision Authority, as required under the Benchmark Regulation (BMR). Both WIRON and POLSTR are classified as risk‑free rate (RFR) benchmarks.
More information is available on the GPW Benchmark website and in communications regarding the activities of the National Working Group (NGR), published on the website of the Polish Financial Supervision Authority.
Announcements on the discontinuation of the calculation of WIBID and WIBOR Reference Rates for selected Fixing Tenors
- Discontinuation of the calculation of WIBID® and WIBOR® Reference Rates for selected Fixing Tenors (GPW Benchmark communication)
- Discontinuation of the ON, TN, SW, 2W and 1Y Fixing Tenors of the WIBOR interest rate benchmark (KNF communication)
- Public consultation announcements
- Consultation document – Amendment to the methodology for calculating the WIBOR benchmark for the 1Y Fixing Tenor during its orderly wind‑down (PDF)
Selected communications from the work of the National Working Group
- Launch of the development of the POLSTR Interest Rate Index and the POLSTR Compounded Index Family by GPW Benchmark S.A.
- Updated Roadmap for the discontinuation of the WIBID and WIBOR benchmarks and the implementation of the POLSTR index
- NGR Steering Committee approved the updated Roadmap for replacing the WIBOR and WIBID benchmarks
- NGR Steering Committee selected the name POLSTR for the index previously operating under the technical name WIRF
- NGR Steering Committee selected the proposed index from the WIRF group as the target interest rate benchmark intended to replace WIBOR
- Information on the work of the National Working Group on benchmark reform
- Decision on selecting the proposed index from the WIRF group as the target interest rate benchmark intended to replace WIBOR