For nearly two years, work has been ongoing on the reform of reference rates – that is, the intended replacement of the Wibor index with a new reference index. This work is happening because transition from old-type indicators, such as Wibor, which was based on interbank market transactions, to new-type indicators, known as risk-free rates, is taking place in all countries. These are based on deposit transactions, of which there are thousands each day. Therefore, the reform ultimately aims to implement a new type of index, as has already been introduced in Switzerland or the United Kingdom. What will this index ultimately be? At present, it is not known – there is an ongoing summary of the public consultations that took place in June. The steering committee of the National Working Group will be announcing further steps in the coming days. It is certain that the WIBOR index will indeed cease to be quoted by the end of 2027. We will know the new index earlier and this new index will come into effect in new credit agreements around the middle of 2025.
“There is no basis for questioning Wibor. Wibor is one of the key reference indicators, directly covered by the provisions of the BMR regulation, which is directly applicable in Poland. All bodies and institutions in our country have clearly confirmed the lack of grounds for questioning Wibor,” Tadeusz Białek, President of the Polish Banks Association, told eNewsroom.pl. “Wibor is just a pretext here for an attempt to free oneself from an obligation. Please note that not only key bodies and institutions in the country have clear statements that there are no grounds for questioning Wibor. There are also clear signals from the courts, as there have already been 33 final verdicts in cases relating to Wibor. In all these verdicts, the courts rejected the plaintiffs’ claims, indicating that there are in fact no grounds for challenging the legality of Wibor. There are also no grounds for challenging the validity of a mortgage contract due to allegations of a supposed lack of knowledge about how the installment can change as a result of changes in interest rates. I also point out that the provisions for security can be potentially very burdensome for the client,” adds Tadeusz Białek.
Source: https://managerplus.pl/reforma-wskaznikow-referencyjnych-wibor-zniknie-do-2027-roku-ale-co-go-zastapi-64097
