The Polish Financial Supervision Commission (KNF) published an update on GPW Benchmark SA’s decision to discontinue the calculation of certain WIBID and WIBOR fixing terms and reiterated that supervised entities should immediately refrain from entering into new contracts or issuing financial instruments that reference WIBOR O/N, T/N, SW, 2W or 1Y. KNF added that refraining from using these tenors is also in the legal interest of parties to non-financial contracts, including entities not supervised by KNF. Under GPW Benchmark SA’s announced timeline, WIBOR and WIBID for T/N and 2W will stop being determined from 22 December 2025, and O/N will stop from 1 October 2026. For 1Y, WIBID will cease publication from 22 December 2025 and WIBOR will switch from 22 December 2025 to an algorithmic method intended to apply until 21 December 2026, based on WIBOR 3M plus a correction spread using the publicly consulted dynamic spread correction method with a correction coefficient of 0.57 (five-year calibration period), after which the 1Y tenor is set to be discontinued from 22 December 2026. The 1-week tenor will continue to be calculated as an index for transparency purposes but cannot be used in contracts or financial instruments, while the 1M, 3M and 6M tenors are not affected. The discontinuations were taken under Article 21 of the EU Benchmark Regulation and followed an overall review of WIBID and WIBOR, including KNF’s assessment of the benchmark’s ability to measure the relevant market or economic realities and the benchmark reform roadmap of the National Working Group.

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