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Group begins work on reform of rate indicators

Poland’s Financial Supervision Commission (UKNF) has created a commission to set new financial indicators for the WIBOR rate.

The WIBOR is the interest rate for the vast majority of zloty-denominated commercial loans, and is used in 98 percent of Polish mortgages.

According to a UKNF press release: “The activities of a national working group (NGR) concerning the reform of indicators (used in financial markets – PAP)… has begun.”

It added that the NGR would prepare a road map and a timetable for the efficient and secure implementation of a process that will replace the WIBOR interest rate indicator with a new reference rate indicator.

The activities of the NGR will include work on developing a new indicator and its adaptation to trading and billing systems. 

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