GPW Benchmark S.A. Communique. The Cessation Of WIBID And WIBOR Reference Rates For Certain Fixing Tenors

GPW Benchmark S.A., the administrator of interest rate benchmarks, has decided to cease to provide the WIBID and WIBOR Reference Rates for the following Fixing Tenors on the dates indicated below:

• Overnight (O/N) - as of October 1, 2026,
• Tomorrow/Next (T/N) - as of December 22, 2025,
• 2 weeks (2W) - as of December 22, 2025,
• 1 year (1Y):
  • as of December 22, 2025, based on the current method,
  • as of December 22, 2026, consistently with an obligation imposed on the administrator by the supervisory authority to continue publishing the benchmark pursuant to Article 21 of the BMR, after a change in the method of the WIBOR for the 1Y Fixing Tenor is made.

The cessation dated October 1, 2026 for the O/N Fixing Tenor and December 22, 2025 for the T/N and 2W Fixing Tenors indicates the days on which WIBID and WIBOR rates for those Fixing Tenors are no longer determined for the first time. For the 1Y Fixing Tenor, as of December 22, 2025, WIBID for that Fixing Tenor will not be published anymore, while WIBOR will be determined for the first time based on the algorithmic method intended to be used until December 21, 2026.

The decision to cease to provide WIBID and WIBOR Reference Rates for certain Fixing Tenors was made pursuant to Article 21 of the BMR[1], taking into account the overall results of the cyclical assessment of the WIBID and WIBOR Reference Rates, the conclusions and recommendations of the Polish Financial Supervision Authority submitted to the administrator in connection with its own assessment of the WIBOR reference rate's ability to measure a given market or economic reality, and in response to the Polish Financial Supervision Authority's communique referring to the results of this assessment[2]. The decision to cease to provide certain Fixing Tenors fits in the actions set out in the Roadmap of the National Working Group for Benchmark Reform[3] adopted by its Steering Committee, and at the same time aligns the shape of the Polish money market yield curve with the structure of certain foreign, current and historical money market yield curves. The decision therefore supports the implementation of the Roadmap for the process of replacing the WIBOR and WIBID Reference Rates for those Fixing Tenors whose Transactionality Levels (such as in the case of T/N and 1Y) are relatively low and whose scope of usage is limited, and supports the introduction of a new interest rate benchmark.

The Administrator assessed how the aforementioned WIBID and WIBOR Reference Rates for certain Fixing Tenors should be ceased pursuant to Article 21(1)(b) of the BMR. In connection with this assessment, the Polish Financial Supervision Authority, in accordance with the results of its own assessment referred to in Article 21(2)(b) of the BMR, required GPW Benchmark S.A., pursuant to Article 21(3) BMR, to continue publishing WIBOR for 1Y Fixing Tenor for a period of 12 months starting from the date of cessation indicated by the Administrator, i.e. from December 22, 2025, to December 21, 2026, i.e. the time when this Fixing Tenor can be ceased in an orderly fashion. During the supervisory communication, the PFSA confirmed the principles and procedure for a change of method of calculation of WIBOR for this Fixing Tenor (taking into account public consultations), which, starting from December 22, 2025, shall be determined based on an algorithmic method based on the value of WIBOR calculated for the 3M Fixing Tenor and an adjustment spread. The consultation paper will be published on October 1, 2025, and the subject of the consultation will be a method of calculating the adjustment spread used in the algorithmic method. The WIBOR for the 1Y Fixing Tenor based on the amended method will be provided during the run-off period until its discontinuation on December 22, 2026 and it is not intended to be used in any new contracts and financial instruments.

The obligation to provide the WIBOR for the 1Y Fixing Tenor for a 12-month period does not apply to the WIBID for the 1Y Fixing Tenor, which does not have the status of a critical benchmark. This obligation does not apply to the other Fixing Tenors, i.e. O/N, T/N and 2W, whose cessation dates have been defined by the administrator.

Taking into account the scope of usage of the WIBOR (and WIBID) for the O/N Fixing Tenor on the domestic market compared to the other Fixing Tenors that are being ceased, a longer cessation period has been established for this Fixing Tenor. The indicated cessation date for this Fixing Tenor will allow financial market entities to gradually transition from WIBOR for the O/N Fixing Tenor to the new POLSTR benchmark, which was designated by the Steering Committee of the National Working Group as the replacement for WIBOR in case of its cessation.

The decision to cease the T/N and 2W Fixing Tenors is justified by the low level of their usage and application. At the same time simplifying the domestic money market yield curve by their cessation leads to an increase in the Transactionality Level of the WIBOR for the 1M Fixing Tenor due to the a shift of transaction set previously used to determine the WIBOR for the 2W Fixing Tenor.

The 1-week Fixing Tenor, i.e. SW, remains a point on the money market yield curve, but will be calculated as an index as defined by the BMR in order to ensure transparency of information. The values of index calculated for the SW Fixing Tenor cannot be used in contracts and financial instruments.

The cessation of certain Fixing Tenors translates into the need to amend certain elements of the WIBID and WIBOR Reference Rates method, including revisions of certain analytical procedures that do not meet the criteria for a material change of WIBID and WIBOR method, which will also come into effect on December 22, 2025.