Warsaw, 29 April 2024

Communique of GPW Benchmark on the summary of public consultations

• In March 2024, GPW Benchmark presented a consultation document on a change to the WIRON method^[1]. The proposed changes related to certain elements of the method, which hold a status of key elements of the method, however the proposed changes do not constitute a material change to the method.
• The public consultation for both Polish and foreign entities ended in the first decade of April 2024.
• Having considered the responses and justifications sent as part of the public consultation, the Administrator, in accordance with the process under the Procedure for Review and Change of Methods, submitted them to the Oversight Committee of Interest Rate Benchmarks (“OC IRB”).

The Administrator, having regard to the Steering Committee of the National Working Group on Benchmark Reform (“NWG SC”) communiqué of 3 April 2024 on the initiation of the process of review and analysis of alternative RFR-type indices for the WIBOR benchmark^[2], taking into account the position of the OC IRB, decided to suspend the implementation of the change of WIRON method until the review initiated by the NWG SC is completed. At the same time, in view of the decision to suspend changes to the WIRON method, GPW Benchmark will not launch the provision of the WIRON Compound Index until this review is resolved^[3]. The Administrator takes into account in the decision that the review of WIRON as a benchmark index was proposed by Ministry of Finance^[4]. Taking into account the position of the OC IRB, GPW Benchmark has decided to include information on the WIRON benchmark in the consultation document in accordance with the variant supported by the participants in the current consultation.

To download the summary, click here.