Bank Pocztowy encourages customers to sign annexes to loan agreements. This is related to the reform of benchmarks and the planned replacement of WIBOR by WIRON.
The WIRON (Warsaw Interest Rate Overnight) index is to replace the WIBOR index soon. The withdrawal of products and instruments using WIBOR is to take place in 2024, according to the roadmap published at the end of September last year on the website of the Polish Financial Supervision Authority. The entire reform is to be completed in 2025.
This will be an important change for borrowers. WIBOR together with the bank’s margin are components of the loan interest rate. Therefore, the amount of installments paid depends on the WIBOR quotes – and after the changes on WIRON.
Banks are preparing for reform. In recent weeks, Bank BNP Paribas and ING Bank Śląski have announced that they are suspending the granting of mortgage loans with a variable interest rate based on WIBOR.
In turn, Bank Pocztowy published on its website information for holders of loans with interest calculated on the basis of the WIBOR index.
Bank Pocztowy encourages you to sign annexes
“We encourage you to sign an annex to the loan agreement. In this way, you will be able to continue the loan agreement with us without interruptions and not worry about what will happen when WIBOR stops being developed and published or loses its representativeness,” reads the Bank’s statement. post office.
As explained, banks determine interest rates on loans, deposits, structured products, debt securities and other financial instruments based on reference indicators. Thanks to benchmarks, contracting parties are able to determine their mutual obligations and settle transactions.
Bank Pocztowy did not specify the date by which the annex should be signed. “The annex we have prepared does not have a specific date when it should be signed. However, we encourage you to sign the annex as soon as possible to protect your contract against the effects of a possible regulatory event that may occur in the future” – it was indicated.
As emphasized, the annex must be signed by all persons who are parties to the contract. Signing up is free.
What happens if the consumer does not sign the addendum? “If you do not sign the annex at this moment, it will not affect your contract. However, it will be important if the so-called regulatory event occurs, i.e. the cessation of developing and publishing the indicator or a significant change in the indicator” – explained the bank.
The annex can be signed at Bank Pocztowy outlets.
Main photo source: postal.pl