What is LIBOR?
LIBOR is an interest rate based on the rates at which banks lend to each other. LIBOR was one of the main interest rate benchmarks used in financial markets, but it is being phased out. Historically it has determined interest rates for financial contracts around the world, worth trillions of pounds.
LIBOR has been commonly referenced in both financial contracts, such as loans or deposit facilities, and non-financial contracts such as commercial leasing contracts and the discount rate for valuations.