In the coming years, an important change is coming to the Polish financial market, which will affect millions of borrowers. We are talking about the withdrawal of the WIBOR reference rate and the introduction of a new mechanism in its place - WIRF (Warsaw Interbank Reference Rate - Warsaw Financial Market Index) , which in the future is to be called POLSTR (Polish Short Term Rate) . This change is not accidental - it is part of a global trend aimed at modernizing and increasing the transparency of reference rates used in finance.
The end of the WIBOR era
WIBOR, or Warsaw Interbank Offered Rate , has for years served as the main reference rate for loans granted in Polish złoty. It was calculated based on data from the interbank market, and sometimes – in the absence of real transactions – based on binding offers to conclude a deposit. Although it worked for a long time, its design did not fully meet the modern requirements of transparency and resistance to manipulation.
WIRF – a new benchmark
In place of WIBOR, the aforementioned WIRF – Warsaw Interbank Reference Rate will appear. Importantly, the new indicator was developed specifically for the Polish market and applies only to transactions in Polish złoty. In the case of euro loans, separate indicators will continue to apply, such as the €STR (Euro Short-Term Rate).
WIRF will be calculated based on actual, unsecured deposit transactions between banks. GPW Benchmark will be responsible for its publication – an institution that oversees its reliability and timeliness.
When will the change happen?
The schedule is already known – the first financial products based on WIRF are to appear in mid-2025 – these will mainly be treasury bonds. Then the new indicator will start to appear in new credit agreements. The process of transforming already concluded credit agreements will start in early 2027.
What does this mean for people repaying loans?
The change of the reference rate from WIBOR to WIRF may raise questions and uncertainty, but in practice it was planned to be as least impactful as possible for borrowers.
a) new agreements – from mid-2025, banks will offer loans with interest based on WIRF plus the bank's margin. This means that the WIBOR indicator will no longer be used in trading.
b) current credit agreements – agreements already concluded and based on the WIBOR index will be gradually updated. In order to avoid sudden changes in installments, a so-called corrective spread will be introduced, which is to reduce the differences between the old and new index in such a way that customers will not feel the change being introduced. Banks will be obliged to provide borrowers with appropriate information.
Why is the introduction of WIRF good news?
The new reference rate is to be more transparent than WIBOR, based on real data and harder to manipulate . This means greater security and predictability for bank customers. Although the transition period may be a bit chaotic, in the long run WIRF should increase the stability of the financial system.
Summary
The transition from WIBOR to WIRF is a big change, but it is well thought out and planned with the interests of borrowers in mind. It is a good idea to follow information on this topic now and prepare for the upcoming changes in credit agreements. A conscious customer is a safe customer - especially in the face of financial novelties.
W przypadku jakichkolwiek pytań w kwestiach związanych z WIBOREm zapraszamy do kontaktu pod adresem e-mail kontakt@kancelaria-pozniak.pl lub pod numerem telefonu +48 665 246 969.