The Central Bank of Poland published a statement from the Financial Stability Committee after its macroprudential supervision meeting, confirming that the committee upheld its recommended countercyclical buffer rate at 2%. The rate currently in force is 1% under a Ministry of Finance regulation applicable from 25 September 2025, while the second-stage 2% rate is due to apply from 30 September 2026. The Finance Ministry representative accepted the recommendation and confirmed that no further legislative action was needed. The committee said its synthetic assessment of systemic risk had fallen from the previous quarter as legal risk related to foreign currency housing loans and the risk of WIBOR being undermined both declined, although the risk linked to the free credit sanction increased. Geopolitical risk remains the main vulnerability in the Polish financial system, followed by free credit sanction risk, risk from the foreign currency loan portfolio and WIBOR-related risk. In discussing the Court of Justice of the European Union judgment in case C-744/24, the committee said implementation of the Consumer Credit Directive 2 should be used to rationalise civil law sanctions in consumer credit rules and follow a minimum implementation approach, reiterating earlier concerns about abuse of the free credit sanction by specialised claims management entities. On benchmark reform, the committee noted GPW Benchmark S.A.'s plan to discontinue WIBID and WIBOR, including the key WIBOR benchmark, from 1 January 2037 through an orderly liquidation and agreed with the Polish Financial Supervision Authority that the more than 10-year transition period removes the need to designate a substitute benchmark. It also shared the Polish FSA's view that no new agreements should be entered into and no financial instruments should be offered involving WIBOR from 1 January 2027, although derivative instruments used to hedge interest rate or liquidity risk could continue until 31 December 2036. Separately, the committee reviewed banks' preparedness for the Long-term Funding Ratio recommendation, adopted an opinion on draft amendments to Recommendation WFD, and scheduled its next regular macroprudential meeting for September 2026.
Central Bank of Poland2026-06-19
Central Bank of Poland says Financial Stability Committee upholds 2% countercyclical buffer recommendation and sees no need for a WIBOR substitute
The Central Bank of Poland published a Financial Stability Committee statement confirming that the committee upheld its recommended 2% countercyclical buffer, with the 2% rate already due to take effect on 30 September 2026 and no further legislation seen as necessary. The committee said systemic risk had eased overall, although free credit sanction risk had risen, and it backed an orderly end to WIBOR without a substitute benchmark. It also supported stopping new WIBOR-linked agreements and instruments from 1 January 2027, except derivatives used for hedging until 31 December 2036.