Poland forces WIBOR reform on reluctant market with fines, threats and mass mailings

Poland's WIBOR benchmark is set to be replaced by a new rate indicator, but the financial market is resisting the reform. Authorities are resorting to contractual penalties, threats to revoke licences, and new legislation enabling letters to be sent to over 3 million borrowers. This is the second instalment of a behind-the-scenes report on Operation PolSTR and the forced rollout of the new rate.