Poland Said to Mull Alternatives to Wiron Loan Benchmark

Poland is considering whether to complete its switch of money market benchmarks to the Wiron rate or replace its legacy interbank rate with another index, Bloomberg report, according to people familiar with the discussions.

• "Banks are having trouble with the Wiron, which is based on historical interest on corporate deposits, due to differences in rates offered to smaller and bigger companies, according to the people. There’s no plan to delay the transition away from Wibor, which will be retired at the end of 2027"
• "Other money market benchmarks under consideration include the WIRF rate, which reflects the cost of lending between financial institutions, or the WRR, indicating the cost of repurchase agreements"
• Last year, authorities delayed the switch away from Wibor by three years to give the financial industry more time for preparations.