The National Standards Reform Working Group has begun work to replace WIBOR with a new indicator, the Finance Ministry has reported. The aim of the work is, inter alia, the preparation of a roadmap.
The work of the National Working Group on WIBOR will begin
The standards reform provides, inter alia, as follows: Introduction of a new interest rate standard. NGR was created to do just that, which is to start work on replacing WIBOR. “The purpose of the work of the NGR is to prepare a roadmap and timetable of activities for the effective and safe implementation of the individual elements of the process leading to the replacement of the WIBOR reference rate with a new benchmark” – Report to the Ministry of Finance.
Will WIBOR be filtered?
As stated by the Ministry of Finance, the work in progress is related to the development of a new index, the adaptation of settlement and trading systems, as well as interest schedules with a new type of reference index. In addition, a forward curve will be created to allow for the determination of forward interest rates.
The Ministry of Finance informed that the Steering Committee, i.e. the Ministry of Finance, the Office of the Polish Financial Supervisory Authority, the GPW Benchmark, the Polish Development Fund and ING Bank Śląski are supervising the work of the NGR.
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WIBOR replacement. When will it be implemented?
There is no official date specified in law when WIBOR replacement will be implemented. The government announced that it could be held on January 1, 2023. In contrast, representatives of the Polish financial sector say that the date proposed by the government is unrealisticMoreover, it threatens with unpredictable consequences that the Polish financial system will face. They stress that this process should extend over several years.
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