The LIBOR (London Interbank Offered Rate) was the average rate offered in the London Interbank Market by one first-ranked bank to another for term deposits in several currencies for several periods. It served as a benchmark interest rate that indicated borrowing costs between banks.
The administrator of LIBOR is ICE Benchmark Administration Limited (IBA). Rates were published daily at 11.45 a.m. London time, two business days prior to the commencement of the relevant interest period.
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