Moving away from WIBOR in 2023 is unrealistic: experts
18:36
Abandoning the WIBOR index, which is the basis for calculating credit costs, is to take place as early as next year, the government has announced. However, the market has reservations as to whether such a major change can be implemented within a few months.
WIBOR is, in simple terms, an index used to calculate the cost of credit. It is strongly dependent on interest rates. If interest rates go up, as they have in recent months, WIBOR goes up and so do credit costs. Hence the recent large increases in mortgage rates. In view of the increases and the difficult situation for many borrowers, the government has announced that it will move away from WIBOR, starting next year.
"We think, as a banking sector, that this deadline of January 1, 2023, is an unrealistic date and not because it is the banks that will not manage to adjust. We are also talking about foreign issuers and financial entities that will have to adjust," Bożena Graczyk, deputy CEO of ING Bank Śląski, pointed out.
Przemek Gdański, President of the Board of Executives of BNP Paribas Bank Polska also expressed reservations about such a quick departure from WIBOR. And even more bluntly.
"Such a quick change will lead to chaos," he said.
