June 7, 2023


Complete Canadian News World

BNP Paribas has suspended the sale of floating rate loans based on WIBOR

Banque Paribas suspends the granting of variable rate mortgage loans on the basis of WIBOR. Only fixed rate mortgages will still be offered periodically.

Customers who receive an information form with a variable rate loan offer before January 14th will be presented in accordance with the current rules.

The decision to temporarily withdraw variable rate mortgages from the offer is related to the implementation of the recommendations of the Polish Financial Supervisory Authority on the process of replacing the WIBOR benchmark with the WIRON (Warsaw overnight interest rate).

BNP Paribas is the second Polish bank that has recently decided to take a similar step. Earlier, on December 17, 2022, the sale of mortgage loans with a variable interest rate based on the WIBOR rate was suspended by ING Bank Śląski.

Currently, the bank is adapting IT systems, internal procedures and contract models to offer mortgage loans at an interest rate based on the WIRON rate.

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