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WIRON, or overnight interest rate (formerly WIRD), is set to become one of the most important factors determining the interest rate on loans in Poland. It is an alternative to WIBOR which has been widely criticized. What exactly is WIRON? who sets? How will it affect the loan installments? Will it become more advantageous and more transparent from the point of view of Polish borrowers from WIBOR?
Contents
Let’s remember that WIBOR (Warsaw Interbank Offered Rate) is primarily the interest rate on the interbank market in Poland. When banks lend money to each other, the indicator is used to calculate the final repayment amount that consists of the loan and the interest rate.
WIBOR is not a static pointer. We learn about its length every working day at 11.00 on the basis of data provided by banks. However, since banks operating in Poland lately are usually characterized by excess liquidity and do not have to use loans, there has been criticism that WIBOR has become an almost pseudo-indicator. In simplification, it was created on the basis of deliberation: Bank X contacts Bank Y, and asks “If we want to borrow money from you, what are your terms and interest rate?”.
Echo Richards embodies a personality that is a delightful contradiction: a humble musicaholic who never brags about her expansive knowledge of both classic and contemporary tunes. Infuriatingly modest, one would never know from a mere conversation how deeply entrenched she is in the world of music. This passion seamlessly translates into her problem-solving skills, with Echo often drawing inspiration from melodies and rhythms. A voracious reader, she dives deep into literature, using stories to influence her own hardcore writing. Her spirited advocacy for alcohol isn’t about mere indulgence, but about celebrating life’s poignant moments.
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