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GDANSK, Dec 10 (Reuters) - A committee made up of representatives of Poland's government, banks and financial institutions has selected an index marked with the technical name WIRF- to replace the Warsaw Interbank Offered Rate (WIBOR) benchmark, Poland's Financial Supervision Authority (KNF) said on Tuesday.

WIBOR has so far been the reference interest rate for loans on the Polish interbank market. The selection of the new benchmark was preceded by a review and analysis of risk-free rate alternatives to WIBOR, a process that was started on March 29.

Following the review, the Steering Committee of the National Working Group modified its earlier decision to select the Warsaw Interest Rate Overnight (WIRON) index as the replacement.

The WIRF- benchmark index, whose final name will be determined later in the process, is a version of the Warsaw Index for Financial Market (WIRF) which is based on unsecured deposits of credit and financial institutions, referred to collectively as the eligible transactions pool

The choice of WIRF- aligned with feedback from market participants, who favoured it for the homogeneity of its eligible transactions pool, low volatility and potential for creating an active derivatives market, KNF said.

(Reporting by Rafal W. Nowak; Editing by Milla Nissi)

((RafalWojciech.Nowak@thomsonreuters.com; +48 58 769 66 63;))