Poland reform of financial benchmarks moves toward POLSTR

Poland is undergoing a major reform of its financial reference rate benchmarks, a process affecting hundreds of billions of zlotys. The National Working Group (NGR), established by the Polish Financial Supervision Authority, is overseeing the transition from WIBOR to a new indicator named POLSTR, which was officially announced in January 2025.

Critics have raised concerns regarding the transparency of the reform process, noting that the Steering Committee does not publish detailed meeting minutes, discussion protocols, or reports on rejected alternatives. This lack of public documentation has led to speculation that the banking sector may attempt to delay the transition by two years.

The President of the Office of Competition and Consumer Protection (UOKiK), Tomasz Chróstny, stated that the agency declined to participate in the NGR to maintain neutrality. He noted that the group is heavily dominated by representatives of the financial sector, including the President of the Polish Bank Association. Chróstny warned against the potential for banks to shift operational risks onto borrowers and emphasized that UOKiK will focus on monitoring how banks communicate new rules and fulfill information obligations to consumers.