Information about benchmarks

Changes in benchmarks – what you should know

For many years, the regulations concerning interest rate reference benchmarks have been changing.
This includes such benchmarks as: WIBID, WIBOR, EURIBOR or LIBOR.  In the European Union, the basis for these changes is the BMR Regulation, a document that sets out how benchmarks should be developed.
As a result of the changes, the calculation methodology of certain benchmarks (e.g. EURIBOR) has been adjusted or they have been replaced with new ones (e.g. CHF LIBOR has been replaced by SARON).  Work is in progress on some of the benchmarks.

What is the situation in Poland?

In Poland, the most commonly used benchmarks are WIBID and WIBOR.  The development of these benchmarks is the responsibility of GPW Benchmark S.A. which is supervised by the Polish Financial Supervision Authority (KNF).

At the same time, work is underway to introduce a new benchmark, conducted by:

• Administrator – GPW Benchmark S.A., responsible for administering these benchmarks, and
• the National Working Group for the reform of reference benchmarks (NGR) which includes representatives of the KNF, the Ministry of Finance, the Bank Guarantee Fund, the National Bank of Poland and the banking sector. 

In December 2024, the NGR announced that the new benchmark on the Polish financial market will be POLSTR, which will replace the currently used WIBID and WIBOR.

When will the changes take place?

As of October 1, 2026, O/N WIBID and O/N WIBOR, will no longer be published.
As of January 1, 2037, WIBID and WIBOR for the 1M, 3M and 6M tenors will no longer be published, i.e. for one month, three months and six months.

What are we doing for you to prepare for the changes?

We have prepared a fallback plan so that your agreements will function correctly after a material change to the benchmark or after its discontinuation.

• We have introduced appropriate provisions into concluded agreements, known as fallback clauses, which describe the procedures to be followed in the event of a temporary or permanent cessation of publication of the benchmark or its material change.
• We are working on the introduction of the POLSTR benchmark in new products and services.
• When WIBOR is discontinued, we will replace it in existing agreements with the applicable reference benchmark.

We will introduce the changes in accordance with legal regulations and the provisions of the agreements.  All information important will be available on our websites.

Answers to frequently asked questions

When will the POLSTR benchmark be introduced to new agreements? 
We plan to offer new products based on POLSTR in 2026.

When will the benchmarks change in agreements that are already in force?

• O/N WIBID and O/N WIBOR  – October 1, 2026 – based on provisions already included in the agreement (the fallback clause) or after signing an annex.
• 1M, 3M, 6M WIBOR – January 1, 2037 – based on GPW Benchmark’s decision to discontinue the development of WIBOR under an orderly wind-down process.

Will POLSTR-based products be cheaper than WIBOR-based?
The objective of the benchmark reform is not to reduce interest rates.

In the case of agreements that are already in force, EU regulations (the BMR Regulation) and national regulations provide for the possibility of applying an adjustment so that the change of the benchmark is neutral for both parties. The method of determining the adjustment will be set out in legal regulations or in the provisions of customers’ agreements.

Do customers need to do anything now?
No, currently our customers do not need to take any actions.  If this changes, we will inform them well in advance.
However, if customers’ agreements do not contain provisions on a fallback clause, they may sign, free of charge, an annex to the mortgage loan agreement.  The annex will introduce fallback clauses into their loan agreement.