LIBOR

April 28, 2017 admin123@ No comments exist

 

LIBOR  London Interbank Offered Rate

The world’s most important no.  Sets interest rates globally.  Changes daily. Based on estimates from a group of banks worldwide, of the lowest rate at which they can borrow.

Started 1969 – for the 1st time, London banker, Minos Zombanakis, got a GROUP of banks to lend $80m at a VARIABLE rate to the Shah of Iran.  Cheating can be automated: 12 banks found colluding to manipulate LIBOR in 2012

Guessed the Word?  Series 3  (7/7)  [photo: geralt]

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