• Could the problem that may affect the Polish financial market be bigger than the CHF credit problem?
• Has the Polish financial market learnt from the CHF credit experience?

The requirements of the Benchmark Regulation (BMR) oblige banks to put measures in place to deal with material changes to, or the discontinuation of, the benchmark used to set the interest rate on the credit agreement. It is also necessary to reflect these measures in contractual relationships with customers. Supervised entities are further required, where feasible and reasonable, to identify one or more alternative benchmarks that could be used as a reference to replace the benchmarks that have been discontinued, together with a justification as to why such benchmarks could be a suitable alternative. Failure to comply with the requirements set out above raises the risk of customer-consumer challenging the contractual terms, particularly when interest rates are rising.

This raises a number of questions that the speakers will attempt to answer during the debate:

•  What risk-migitaging actions are the banks undertaking?
•  Is the exposure to contract discontinuation effectively secured?
•  Are contingency plans for substantial changes in the indicators’ development and for the discontinuation of indicators reliably prepared by the banks?
• Is the banks’ current practice secure in this respect?
•  Are banks prepared for the LIBOR phase-out announced for 2021/2022?
•  Do banks communicate with consumers on the need to change the terms of the contract due to LIBOR phase-out?
•  Will the consumers accept proposed solutions with regard to LIBOR indexing?
•  Will the lack of indication of specific alternative indicators to WIBOR be considered as abusive clauses?