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]