In its final efforts to replace WIBOR, the Warsaw Interbank Offered Rate, as a benchmark interest rate with WIRON, formerly known as WIRD, the Warsaw Interest Rate Overnight index, the National Working Group for the benchmark reform (NWG) has now come up with and seeks feedback on
(1) recommendations as to the rules and methods of applying the WIRON interest rate index (or indices from the WIRON Compound Indices Family) when entering into new contracts in PLN for factoring products (excluding discounting products) for benchmark-based products in PLN offered by financial market entities and
(2) recommendations as to the methods of applying the WIRON interest rate index (or indices from the WIRON Compound Indices Family) when entering into new contracts in PLN for leasing products for benchmark-based products in PLN offered by financial market entities.
Both documents specify best practices as regards the use of specific WIRON rates and the calculation methodology to be applied when entering factoring or leasing agreements with clients, respectively.
Public consultation on the NWG’s recommendations on factoring and leasing products
ID
21708
Other Features
banks
benchmark
interest rate
Date Published: 2023-02-02
Regulatory Framework: Benchmark Regulation (BMR)
Regulatory Type: consultation
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