The National Working Group for benchmark reform (NWG) was appointed in connection with the planned reform of benchmarks in Poland, involving, among others, the introduction of a new interest rate benchmark, with input data being information representing overnight (ON) transactions. The NWG aims to ensure the credibility, transparency and reliability of the process of determining and applying the new interest rate benchmark.

The group’s activities involve participation of representatives of the Ministry of Finance, the National Bank of Poland, the Polish Financial Supervision Authority, the Bank Guarantee Fund, the Polish Development Fund Group, the Warsaw Stock Exchange, the National Depository for Securities, Bank Gospodarstwa Krajowego, GPW Benchmark, leading commercial banks, banks affiliating cooperative banks, investment fund management companies, insurance undertakings, and professional associations of financial market entities. 

The NWG’s activities are monitored and coordinated by the Steering Committee composed of:

• Tadeusz Białek – President of the Polish Bank Association – Chair of the NWG Steering Committee  
• Aleksandra Bluj – Vice-President of the Management Board of GPW Benchmark – Deputy Chair of the Steering Committee of the NWG 
• Paweł Borys – President of the Management Board of the Polish Development Fund – Deputy Chair of the Steering Committee of the NWG
• Maciej Reluga – Member of the Management Board of the Santander Bank Polska SA – Deputy Chair of the NWG Steering Committee
• Artur Soboń – Member of the Management Board of the National Bank of Poland – Member of the Steering Committee of the NWG 
• Jurand Drop – Undersecretary of State at the Ministry of Finance – Member of the Steering Committee of the NWG
• Marcin Mikołajczyk – Deputy Chair of the KNF Board – Member of the Steering Committee of the NWG 
• Grzegorz Owczarek – Director of the Resolution Planning Department, Bank Guarantee Fund – Member of the Steering Committee of the NWG 

Information from the work of the National Working Group

• The Steering Committee of the National Working Group for benchmark reform has adopted a paper on Methods of applying the RFR and selected rules for calculating compound rates.

• Steering Committee of the NWG decided to commence a review and analysis of risk-free-rate (RFR) replacement choices for WIBOR benchmark
• Communication from the NWG Steering Committee on changes in the expected Roadmap for benchmark reform
• The NWG Steering Committee has adopted a Recommendation on the rules and methods of conversion of WIBOR-based debt instruments
• Summary of the conclusions from the public consultation on Recommendation on the rules and methods of conversion of WIBOR-based debt instruments
• Public consultation on the NWG’s recommendation on the rules and methods of conversion of legacy issues of WIBOR-based debt instruments
• The NWG Steering Committee has adopted a Recommendation on applying a fallback rate for the WIBOR benchmark in interest rate derivatives
• Conclusions from the public consultation on the Recommendation of the NWG on applying a fallback rate for the WIBOR benchmark in interest rate derivatives 
• Public consultation on the NWG’s recommendation on interest rate derivatives
• The Steering Committee of the National Working Group has endorsed recommendations on products, achieving the key milestone of the Reform Roadmap
• New papers of the National Working Group for benchmark reform
• Summary of conclusions from the public consultation on Recommendation on the application of the WIRON index in issues of floating-rate debt securities
• WIRON has become interest rate index
• Public consultation on the NWG’s recommendations on factoring and leasing products
• Another two OIS transactions have been executed in the Polish market
• Public consultation on the draft Recommendation for new contracts for products in PLN
• The NWG Steering Committee has endorsed a recommendation on the standard OIS transaction based on WIRON
• First OIS transaction using WIRON
• Public consultation on the NWG’s recommendations on OIS and bonds
• The Steering Committee of the National Working Group has recognised transaction data for the calculation of the WIRON
• Roadmap for the replacement of WIBOR and WIBID benchmarks
• The Steering Committee of the National Working Group has held a discussion on the selection of a new benchmark and on the update of the draft Roadmap
• Steering Committee of the National Working Group has selected WIRD® as an alternative interest rate benchmark
• The Steering Committee of the National Working Group has discussed a draft roadmap for benchmark reform
• National working group for the reform of benchmarks started work