A bomb is hanging over Polish banks. We are facing a major crisis.

• More and more PLN loan holders are considering suing banks over the use of the WIBOR index.
• Bankers and experts emphasize that WIBOR operates in accordance with EU and Polish regulations, and undermining it could cause economic chaos.
• The key decision in this case will be made after the CJEU ruling, the verdict of which is expected in 2025 or 2026.

More and more holders of PLN loans are considering lawsuits against banks, inspired by the path previously chosen by Swiss franc loan holders.

In January, the court issued a non-final judgment invalidating a loan agreement based on the WIBOR index. Banks warn that mass undermining of such agreements could have serious consequences for the stability of the entire economy.

Adam Marciniak, CEO of VeloBank, in an interview with money.pl, emphasized that WIBOR is a stable indicator that operates in accordance with European and Polish regulations.

I consider attempts to undermine it to be unfounded and potentially harmful to the entire economy, he said.

- WIBOR responds to changes in the economic situation and inflation in a predictable manner and consistent with monetary policy - he added.

In his opinion, the case is being fueled by law firms seeking to profit from suing banks. "Ultimately, challenging the WIBOR rate would mean significant problems for consumers, because we're talking about a possible collapse of the banking system, and if it doesn't function, customers will suffer as well. Therefore, I believe challenging the WIBOR rate is unjustified and will create unnecessary chaos in the financial market."

We are facing a major crisis. A bomb is hanging over Polish banks.

As a reminder, banks are awaiting the CJEU ruling on WOBOR (C-471/24). The District Court in Częstochowa submitted its ruling in 2024.

• In its response to the CJEU, the government objected to the treatment of Directive 93/13 as a tool to undermine the benchmark regime .
• The risk that what happened with Swiss franc loans will come true is very low, EY Polska experts recently said.
• The final ruling of the CJEU is expected at the earliest in the fourth quarter of 2025 or in the first half of 2026.

Przemysław Gdański, CEO of BNP Paribas, believes that the current discussions around WIBOR do not raise any major concerns, and the government's attitude towards this matter is optimistic.

In his opinion, in the case of WIBOR we see a certain unification of opinions and this gives rise to optimism regarding the final, common-sense decision.

- This is already a de facto pan-European issue and any questioning of WIBOR-based loans would de facto open the way to questioning all other agreements and this would be a real threat - said Przemysław Gdański during the results conference.