Modification of credits. WIRON will replace WIBOR. Who will earn, who will lose: who is already paying off and only taking out a mortgage for an apartment [4.12.2022]

WIRON, or Warsaw Interest Rate Overnight (formerly WIRD), will become one of the most important factors in determining the interest rate on loans in Poland. It is a widely criticized substitute for WIBOR. What exactly is WIRON? What determines? How will it affect the loan installments? Will it be more favorable and more transparent from the point of view of Polish borrowers than WIBOR?


Recall that WIBOR (Warsaw Interbank Offered Rate) is mainly the interest rate on the interbank market in Poland. When banks lend each other money, the ratio is used to calculate the final repayment amount consisting of the loan and its interest.

LIBOR is not a fixed indicator. We know its height every working day at 11.00 on the basis of data provided by banks. However, since recently operating banks in Poland are generally characterized by excess liquidity and do not have to borrow, there have been voices of criticism that WIBOR has become a fictitious indicator. In a certain simplification established on the basis of an aside: bank X contacts bank Y, asking “if we wanted to borrow money from you, what would your terms and interest rate be?”.

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