LIBOR

/ ˈlaɪbɔː /

abbreviation

1. London Inter-Bank Offer Rate: the standard rate of interest for loans between financial institutions

Example Sentences

Times staff writers Libor Jany and Richard Winton contributed to this report.

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Tom Hayes, the former trader who became the face of the Libor scandal, sued UBS UBS 1.53%increase; green up pointing triangle on Monday for $400 million in damages, alleging his former employer made him out to be the “evil mastermind” behind the incident to protect senior executives.

Read more on The Wall Street Journal

Hayes was one of a number of traders who faced criminal charges in the aftermath of the 2008 financial crisis over the manipulation of the London interbank offered rate, or Libor, which was a benchmark rate used in trillions of dollars of financial contracts around the globe before being retired last year.

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To set the daily Libor rate, submitters at banks answered the hypothetical question of how much their institution would have to pay to borrow.

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His lawyers claim the global banking giant misled US authorities with the aim of branding him the "evil mastermind" behind alleged Libor misconduct in an effort to protect its senior executives and minimise regulatory fines.

Read more on BBC