The rates of interest at which banks lend to each other are often used in financial agreements and contracts as reference rates. On this page we highlight some useful sources for current and historical interbank rates.
What's on this page?
- London Interbank Offered Rate (LIBOR)
- Sources for historical LIBOR rates
- LIBOR timeline
- Euro Interbank Offered Rate (EURIBOR)
- Tokyo Interbank Offered Rate (JBA TIBOR)
London Interbank Offered Rate (LIBOR)
The London Interbank Offered Rate, better known as LIBOR, was established by the British Bankers' Association in the mid-1980s. The responsibility for administering LIBOR was handed over to ICE Benchmark Administration Ltd on 31 January 2014.
Sources for historical LIBOR rates
The Financial Times publishes LIBOR rates in its print edition. The data is provided by ICE. Only the last year's rates are available from the FT Data Archive (subscription required).
The monthly journals Business Moneyfacts and Moneyfacts provide figures for 'LIBOR - 3 month interbank' (closing rate on last day of month) for the current year and the previous five years. The ICAEW Library & Information Service holds issues of Business Moneyfacts from 2010 onwards.
Bank of England
The Bank's Statistical Interactive Database provides Sterling mean interbank lending rates (under Wholesale interest and discount rates).
The London Interbank Offered Rate was established by the British Bankers' Association in the mid 1980s and the first figures were published in January 1986.
The British Bankers' Association produced a dedicated BBA LIBOR website (no longer available) which explained the system and listed those banks which made up the contributor panels for each currency calculated, including the panel for the Sterling LIBOR rate. The data was collected by a company on behalf of the BBA and underwent a fixing process before the LIBOR rate was released each business day. The individual contributor panels for each currency calculated, including the panel for the Sterling LIBOR rate. The data was collected by a company on behalf of the BBA and underwent a fixing process before the LIBOR rate was released each business day. The individual contributor rates from each bank that made up the panel were not freely available through the website but could be found through some subscription based services such as Bloomberg.
In June 2012 it was revealed that the LIBOR submissions from at least one bank had been manipulated, affecting the overall LIBOR rate. Three days later, on 2 July 2012, the Chancellor of the Exchequer announced the establishment of the Wheatley Review with a remit to 'undertake a review of the framework for the setting of LIBOR.'
Wheatley Review of LIBOR
An initial discussion paper was published on 10 August 2012. The ICAEW submitted a response to the review and announced plans to 'develop guidance for auditors on providing assurance on interest rate benchmarks' in a press release in September 2012.
The final report was published on 28 September 2012 with a ten point plan for the comprehensive reform of LIBOR which includes recommendations that the BBA should transfer responsibility for LIBOR to a new administrator and that a new code of conduct for submitters be established.
Section 4.30 of the final report also states that 'The Review welcomes the project announced by the Institute of Chartered Accountants of England and Wales (ICAEW) to develop guidance for providing external assurance on interest rate benchmark submissions, including LIBOR, based upon standards set out by the International Auditing and Assurance Standards Board. The Review recommends that the ICAEW work with the new LIBOR administrator to ensure that their guidance informs and is consistent with the code of conduct.'
On 17 October 2012 the Government announced that they would accept the recommendations of Martin Wheatley’s independent review of LIBOR in full. The announcement was made in a written ministerial statement from Greg Clark, Financial Secretary to the Treasury.
The Government launched a consultation on 28 November 2012 seeking the views of industry and the public on legislation to implement the key recommendations of the Wheatley Review of LIBOR. The consultation closed on 24 December 2012.
The Hogg Tendering Advisory Committee for LIBOR (London Interbank Offered Rate) was established in February 2013 to recommend a new administrator for LIBOR.
On 9 July 2013, the Hogg Tendering Advisory Committee announced that the British Bankers' Association (BBA) has accepted its recommendation that NYSE Euronext should be the new LIBOR administrator.
On 13 November 2013 Intercontinental Exchange Group acquired NYSE Euronext, with the ICE press release stating that "NYSE Euronext Rate Administration Limited (which will become the new administrator for LIBOR subject to FCA authorisation) will be renamed ICE Benchmark Administration Limited."
The responsibility for administering LIBOR was handed over to ICE Benchmark Administration Ltd on 31 January 2014.
On 27 July the FCA Chief Executive Andrew Bailey indicated that LIBOR will be phased out by the end of 2021 and replaced by an alternative reference rate. The details of this transition are still to be determined.
The next stage of the transition away from LIBOR was announced by the Bank of England and the FCA on November 2017. The Sterling Overnight Index Average (SONIA) will be established as the primary sterling interest rate benchmark by the end of 2021.
On 18 November NYSE:ICE announced a consultation on their intention to cease publication of all LIBOR settings
The Financial Services Faculty are maintaining a Libor Transition hub, with guidance, webinars, articles and a timeline
Euro Interbank Offered Rate (EURIBOR)
The Euribor website includes historical rates back to 1998. The Euribor is co-sponsored by the European Banking Federation (FBE) and the Financial Markets Association (ACI) and is adminstered by the European Money Markets Institute. It is described by the FBE as 'the benchmark rate for euro money market transactions' and is the rate at which 'euro interbank term deposits within the euro zone are offered by one prime bank to another prime bank'.
Tokyo Interbank Offered Rate (JBA TIBOR)
The TIBOR is sponsored by the Japanese Bankers' Association (JBA) which has been publishing daily Japanese Yen TIBOR rates since November 1995 and Euroyen TIBOR rates since March 1998. In 2014 the publication of TIBOR was passed to a new body - the JBA TIBOR Administration. Information about the TIBOR, the contributing banks and an archive of historical rates are available from the JBA TIBOR Adminstration website.
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