British Bankers Association launch Website for LIBOR
20 May 2009
The BBA has launched a dedicated website of LIBOR resources – www.bbalibor.com – for businesses, students and anyone with an interest in how the markets set interest rates for borrowing.
LIBOR– short for the London Inter-Bank Offered Rate – reflects the interest rates banks charge each other when they borrow money for the short term (for durations ranging from overnight to one year, in 10 currencies). In recent months it has been seen as the best indicator for the availability of credit in the world’s financial markets, and has been gradually falling since the world’s financial stability initiatives were announced in October 2008. This demonstrates the gradual but continuing thaw in the lending markets, which are the engine room for the global economy.
John Ewan, the director for BBA LIBOR, said:
“Only 18 months ago LIBOR was virtually unknown to the public: only economists followed its daily moves. Today it is as well-known – and as keenly watched – as the Bank of England’s base rate, since so many loans are linked to it.”
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