Revolution for borrowers. “We are close to a choice”

– The reform schedule will be maintained and we do not anticipate any changes to the final reform deadline, which is scheduled for the end of 2027. We have completed the consultations that were announced in May and lasted throughout June. We are currently at the stage of drawing conclusions from these recommendations. In the near future, (…) rather counting in days, we will publish a statement from the National Working Group on further actions. We are close to selecting the final indicator that will replace the WIBOR indicator and will also replace the WIRON indicator – said Białek.

The President of the Polish Bank Association stressed that “we need to be patient, because we are still working within the steering committee on the appropriate path for further events on the road map.”

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According to the so-called road map, the WIBOR reference rate currently used on the market (on which, for example, interest rates on loans or bonds depend) is to be replaced by a new indicator by the end of 2027. In March this year, the Minister of Finance Andrzej Domański asked for another review of alternative indicators to WIBOR.

At the end of April 2022, the then Prime Minister Mateusz Morawiecki announced that from January 1, 2023, the government will want to impose on banks the use of a reference rate other than WIBOR, more favorable for borrowers.

In early August 2022, most participants in the public consultation on the reform of indicators indicated WIRF as an alternative to WIBOR. However, a month later, the NGR Steering Committee selected WIRD as the target indicator for Poland, whose name was subsequently changed to WIRON.