Od WIBOR do WIRON - przesłanki reformy wskaźników referencyjnych stopy procentowej a stabilność polskiego systemu finansowego

Magdalena Kozińska

doi:10.26354/bb.3.2.91.2023

Published : 2023-07-28

Vol. 91 No. 2 (2023)

From WIBOR to WIRON - reasons for the interest rate benchmark reform and the stability of the Polish financial system

Magdalena Kozińska

https://orcid.org/0000-0001-8767-6545

DOI: https://doi.org/10.26354/bb.3.2.91.2023

Abstract

Recently, many initiatives have been observed around the world aimed at reforming the methods of calculating benchmark rates in order to make them dependent on real transactions to the extent possible. From 2018, similar actions were taken in Poland in order to fully adjust the interest rate benchmarks to the so-called BMR Regulations. Since 2018, work has also been carried out in parallel to create the risk-free rate. The aim of the article is to assess the reasons for the interest rate benchmark reform in Poland taking into account its purposefulness, as well as the stability and security of the functioning of the Polish economy (financial and real sphere). Such a reform is an expression of the Polish financial market's desire to meet the most demanding international standards. Undoubtedly, the actions taken in Poland should be considered justified and in line with international practice. However, for this reform to be implemented effectively, it is necessary to address the identified threats, e.g. ensuring a sufficient number of transactions on the basis of which the benchmark is calculated, providing reliable legal and operational grounds for the introduction of the new WIRON index and undertaking educational activities among Poles, including financial institutions employees, to ensure understanding of the activities carried out.

Keywords:

interest rate benchmarks, WIBOR, WIBID, WIRON, BMR, financial stability

JEL Codes

E43, G11, G12, G13, G18

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Kozińska, M. (2023). From WIBOR to WIRON - reasons for the interest rate benchmark reform and the stability of the Polish financial system. Safe Bank, 91(2), 60–90. https://doi.org/10.26354/bb.3.2.91.2023

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