Polish banks and GPW Benchmark should guarantee irrefutable data for benchmark, says c. bank governor
The Warsaw Stock Exchange benchmark rate administrator GPW Benchmark together with banks should strive to guarantee the unquestionable quality of the input data and the index that is eventually to replace the WIBOR benchmark, Poland's central bank NBP governor Adam Glapinski assessed.
"A shadow is also cast over the image of the financial system by the prolonged work related to the benchmark reform," Glapinski said in a speech at the annual meeting of the banking community, posted online by Poland's central bank NBP on Friday.
"In our opinion, in the process of replacing WIBOR with the risk-free rate, the priority should be to ensure that the data provided by banks for the purpose of calculating this index is reliable and free of errors," he added.
According to Glapinski, the administrator of the benchmark indices [GPW Benchmark - PAP ed.] should, together with Polish lenders, strive to guarantee the unquestionable quality of the input data and the index that is ultimately to replace the WIBOR benchmark.
"Poland's central bank NBP is always there to help whenever it is within our power to do so," the governor said.
Earlier this week, Poland's Steering Committee of the National Working Group for the reference rate reform (KS NGR) has selected an index with the working name WIRF- as a successor to the WIBOR benchmark.
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