Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

LIBOR definition

What does LIBOR mean? In legal practice, LIBOR (the London Interbank Offered Rate) is the benchmark interest rate historically used in loans, bonds and derivatives to set floating interest. It was produced daily from panel-bank submissions of estimated unsecured wholesale funding costs in the London interbank market. LIBOR is not a statutory definition; it is a descriptive benchmark term used across finance documents and regulated as a “benchmark” under the UK and EU Benchmarks Regulation. For sterling and most other currencies, panel-bank LIBOR ceased on 31 December 2021; US dollar LIBOR ceased on 30 June 2023. In the UK, the FCA temporarily required “synthetic”...

UK LIBOR reform: Wheatley Review, statutory and regulatory measures, ICE administration and Waterfall, and market transition to RFRs (SONIA)—LMA/ISDA guidance [Archived]

Published by a LexisNexis Banking & Finance expert

Practice notes

This PractICE Note:

sets out what LIBOR is
gives a concise overview of the developments influencing LIBOR in recent years and the anticipated forthcoming changes
examines in depth the Wheatley review and the measures taken to carry out its recommendations—please note these sections cover historical developments and are not maintained

For up-to-date developments concerning LIBOR, see LIBOR developments tracker [Archived].

What is LIBOR?

LIBOR (the London Inter-Bank Offered Rate) is the interest rate at which one bank (acting as lender) offers funds to another bank (as borrower) within the London inter-bank market. It is commonly employed as a benchmark across a wide range of finance transactions.

From 1986 until 1 February 2014, LIBOR was administered by the British Bankers’ Association (BBA) (since 1 July 2017, the BBA has been part of UK Finance). Rates overseen by the BBA were generally termed ‘BBA LIBOR’ to differentiate them from a particular bank’s own LIBOR. On 1 February 2014, responsibility for administering LIBOR transferred to ICE Benchmark Administration (IBA), a subsidiary of the Intercontinental Exchange Group (ICE). The rates produced by IBA are referred to as ‘ICE LIBOR’...

To view the latest version of this document and thousands of others like it, sign-in with LexisNexis or register for a free trial.

Web page updated on 22/05/2026

Popular documents

Using the Judicial College Guidelines to assess general damages in personal injury claims

When evaluating a general damages claim, the practitioner ought initially to refer to the Judicial College Guidelines (JCG)...

Tomlin orders in England and Wales: CPR guidance on drafting, confidentiality, approval, variation, enforcement, limitation, CCA issues, court-specific requirements, sample wording and precedents

This Practice Note This Practice Note reviews mechanisms used in settling litigation. A Tomlin order consists of a consent order paired with a schedule. It operates to stay proceedings on terms that have been agreed. The provisions contained in the schedule may remain confidential. This Practice Note describes the scope of confidentiality attaching to the schedule and sets out how it differs from a standard consent order. Sample wording for a Tomlin order is included, alongside links to precedents, as well as guidance on court approval. It also addresses varying, setting aside and enforcing a Tomlin order, including the considerations the court will take into account when handling applications for each. Further guidance is provided on interpreting and applying the relevant provisions of the CPR; however, some courts and divisions impose very specific requirements for both drafting and approval, and for approaching the schedule and confidentiality issues. Accordingly, you must consider the particular rules and court guide provisions in the forum where your claim is proceeding when drawing up the Tomlin order...

Precedent: Deed of Surrender of Lease with Optional Premium, Settlement and Release, Landlord, Mortgagee and Guarantor Consents, Reimbursement and HM Land Registry Provisions (England and Wales)

Date [ date ] Parties [ name of Landlord ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Landlord) [ name of Tenant ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Tenant) [ [ name of Guarantor ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Guarantor) ] [ [ name of Mortgagee ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Mortgagee) ] Definitions Within this Deed, the terms below shall be interpreted as follows: [ Annual Rent • the annual sum reserved under the Lease; ] [ Insurance Rent • the Tenant’s share of the Landlord’s costs of insuring the Property (as set out in the Lease); ] Lease • the lease of the Property dated [ date ], entered into between (1) [ the Landlord OR [ name ...

Precedent Statutory Declaration: Standard Wording under the Statutory Declarations Act 1835

I, [ name ], of [ address ], solemnly and sincerely state that: [ Matters to be verified, set out in numbered paragraphs ] I make this solemn statement in good conscience, believing it to be true, and pursuant to the provisions of the Statutory Declarations Act 1835. DECLARED at [ details ] this [ day ] day of [ month and year ] Before me ................................................................................ [ signature of the person before whom the declaration is made ] A [ commissioner for oaths OR [ solicitor OR [ insert other qualification ] ] authorised to administer oaths ]...