LIBOR, the London Inter-Bank Offered Rate, was an interest rate benchmark calculated from estimates submitted by a panel of leading banks in London stating what they believed they would be charged to borrow from other banks, published across several currencies and maturities. For decades it served, alongside the Euribor, as a primary benchmark for short term interest rates worldwide, underpinning the pricing of a very large volume of loans, bonds and derivatives. Following a rate rigging scandal and a loss of confidence in the underlying interbank lending market it was meant to measure, LIBOR was discontinued, with its last rates published on 30 June 2023, and replaced by rates such as the Secured Overnight Financing Rate.
Facts
Classification
Release FrequencyStandard published release cadence for LIBOR (official statistical release schedule). In the Other Atlases
- Also in Geography Atlas: London, located there.
Sources
1. Wikipedia
Wikimedia Foundation
Libor (Wikipedia)
WikipediaWikipedia, "Libor", lead sectionQuote, Wikipedia, "Libor", lead section
The London Inter-Bank Offered Rate was an interest rate average calculated from estimates submitted by the leading banks in London. Each bank estimated what it would be charged were it to borrow from other banks. It was the primary benchmark, along with the Euribor, for short-term interest rates around the world. Libor was phased out at the end of 2021, with market participants encouraged to transition to risk-free interest rates such as SOFR and SARON.
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