Warsaw, 6 December 2019

GPW Benchmark Submits an Application
Concerning WIBID and WIBOR

PRESS RELEASE

• On 6 December 2019, GPW Benchmark submitted an application with the Polish Financial Supervision Authority (KNF) for the authorisation as administrator of the WIBID and WIBOR Reference Rates
• Due to its systemic importance to the financial market, WIBOR is listed by the European Commission as a critical benchmark alongside LIBOR, EURIBOR, EONIA and STIBOR

On 6 December 2019, according to schedule, GPW Benchmark submitted an application with the Polish Financial Supervision Authority (KNF) for the authorisation as administrator of interest rate benchmarks including a critical benchmark. The complete documentation of the WIBID and WIBOR Reference Rates aligned with the Benchmarks Regulation was attached to the application.

“The submitting  of the WIBID and WIBOR benchmark documentation compliant with the BMR Regulation is a result of GPW Benchmark’s efforts carried out in close partnership with the banking industry and in consultation with public institutions since GPW Benchmark took control of the provision of the rates on 30 June 2017,” said Aleksandra Bluj, Deputy President of GPW Benchmark.

The WIBID and WIBOR reference rates are currently in a transitional period applicable until the KNF authorisation decision, provided that the application is filed before 1 January 2020. It ensures the continuity of the use of WIBID and WIBOR by supervised entities in financial contracts and financial instruments both before and after 1 January 2020.

“We would like thank everyone involved in this demanding phase of the adjustment of the WIBID and WIBOR Reference Rates. The filing of the application does not close the adjustment process. We will now undergo an administrative proceeding, file potential additions and clarifications in the proceeding, and introduce amendments required by the supervisory authority. In parallel, the requirements of the new documentation will be implemented by GPW Benchmark and the Fixing Participants. Before making a decision, the supervisory authority needs to make sure that the provisions of the documentation work in practice. We will be very busy in 2020,” said Aleksandra Bluj.

The WIBID and WIBOR Reference Rate Fixing Participants include: Bank Gospodarstwa Krajowego, Bank Handlowy w Warszawie, Bank Millennium, Bank Polska Kasa Opieki, BNP Paribas Bank Polska, Deutsche Bank Polska, ING Bank Śląski, mBank, PKO Bank Polski, Santander Bank Polska.

“GPW has since the very beginning provided broad support to GPW Benchmark in this process of key relevance to the Polish financial market. WIBID and WIBOR are our priority. We are glad that the work proceeds according to the timetable . GPW will actively support initiatives which makes the money market more active,” said Jacek Fotek, Vice-President of GPW.

Following the authorisation concerning the critical interest rate benchmark WIBOR, GPW Benchmark will be in a position to provide other interest rate benchmarks to the market.

The website www.gpwbenchmark.pl presents selected documents related to the application as well as interest rate indices which may become alternative benchmarks.