The London Interbank Offered Rate is the average interest rate estimated by leading banks in London that they would be charged if rowing from other banks. It is usually abbreviated to Libor ( /ˈlaɪbɔr/) or LIBOR, or more officially to BBA Libor (for British Bankers’ Association Libor) or the trademark bbalibor. It is a benchmark, along with the Euribor, for interest rates all around the world.
Libor rates are calculated for different lending periods: overnight, one week, one month, two months, six months, etc., and published daily after 11 am (London time) by Thomson Reuters. Many financial institutions, mortgage lenders and credit card agencies set their own rates relative to (and typically higher than) Libor
Lovely. Another bank trick. Just what we all need.