[REVISION HISTORY]

Poland financial benchmark reform

Updated 4 times since CLSTR started tracking revisions of this situation.

What changed

2026-09-23 05:21 UTC → 2026-10-07 04:11 UTC · added ~~removed~~

Poland is transitioning its financial reference rate benchmarks from WIBOR to a new indicator named POLSTR. This reform, overseen by the National Working Group (NGR), affects hundreds of billions of zlotys. Early concerns regarding the process focused on a lack of transparency in the NGR, with critics noting that the committee does not publish detailed meeting minutes or reports on rejected alternatives. The President of the Office of Competition and Consumer Protection (UOKiK), Tomasz Chróstny, declined to join the NGR to maintain neutrality, warning that the group is heavily dominated by the financial sector and expressing concern that banks might shift operational risks onto borrowers. As the transition progresses, the Polish Financial Supervision Authority (KNF) has proposed legislative changes to allow mortgage interest rates to be based on the National Bank of Poland (NBP) reference rate. This serves as an ‘emergency plan’ similar to models used in Germany, France, and the United Kingdom. In September 2026, the transition entered a practical implementation phase. PKO Bank Polski and PKO Bank Hipoteczny announced they would be the first to offer new mortgage loans based on the POLSTR index starting September 3. Unlike WIBOR, which incorporates model-based quotes, POLSTR is designed to be based exclusively on real transactions in the interbank market. Following this, ING Bank Śląski announced it would begin offering mortgage loans based on the POLSTR 1M Compound Rate starting September 28. These products allow customers to choose between variable rates, consisting of the index plus a bank margin, or periodically fixed rates. On October 7, 2026, mBank announced it would cease selling new mortgage loans based on the WIBOR index, transitioning instead to the POLSTR 1M Compound Rate. New applicants can select variable rates or five-year fixed-rate options.

Versions

Only revisions since CLSTR began indexing content versions appear here. Select a version to see what changed compared to the one before it.