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]