Polish Bank to replace the Warsaw Interbank Offered Rate (WIBOR)
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In May 2022 the Polish Government announced its intention to replace WIBOR with a new benchmark as early as on 1 January 2023, and GPW Benchmark S.A. published the proposed three new benchmarks - WIDM, WIFM and WRR. GPW Benchmark launched a public consultation on these benchmarks. The consultation concerns a selection of the optimal benchmarks, as well as a selection of the parameters for the method of their development.
What will the new benchmark look like? Will it automatically replace WIBOR in the existing finance documents? Will replacing a benchmark trigger the amending of the finance documents? You will find answers to all these questions in our new publication prepared by Anna Mądra, partner, Bartosz Jagodziński, A&O Consultant and Justyna Stelmach, Senior PSL.