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The London InterBank Offered Rate (LIBOR)

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   Chart: U.S. Prime Rate vs. Fed Funds Target Rate vs. 1-Month LIBOR vs. 3-Month LIBOR


The London InterBank Offered Rate, or LIBOR, is the annualized, average interest rate at which a select group of large, reputable banks that participate in the London interbank money market can borrow unsecured funds from other banks. There are many different LIBOR rates (maturities range from overnight to 12 months) for five currencies:

  • CHF (Swiss Franc)
  • EUR (Euro)

  • GBP (Pound Sterling)

  • JPY (Japanese Yen)

  • USD (US Dollar)

In the United States, the most common LIBOR maturities used in pricing loans -- 1, 3, 6 and 12 months -- can be found below.

Back in the mid-1980's, the world banking system adopted LIBOR as a much needed benchmark for short-term, interbank loans. LIBOR rates are now internationally recognized indexes used for pricing many types of consumer and corporate loans, debt instruments and debt securities across the globe. For example, LIBOR is used as an index for a large percentage of adjustable-rate mortgages (ARM) in The United States.

LIBOR rates are fixed every UK business day by the ICE Benchmark Administration (IBA).

The Fed Funds Target Rate, America's benchmark interest rate, and the U.S. Prime Rate are controlled by America's central bank: the U.S. Federal Reserve. LIBOR rates, however, are not controlled or regulated by England's central bank, or any other central bank for that matter. Scroll down this page to read about how LIBOR is fixed.
Current US Dollar LIBOR Rates§
Maturity Rate (%)
One-Month LIBOR 0.24375
Three-Month LIBOR 0.4142
Six-Month LIBOR 0.6539
Twelve-Month LIBOR 0.97385
The above-listed LIBOR rates were updated on November 27, 2015±.
Source: ICE
The Current US Prime Rate 3.25%
The Current
Target Range for
the Fed Funds Rate
0% - 0.25%

Chart: U.S. Prime Rate vs. Fed Funds Target Rate
vs. 1-Month LIBOR vs. 3-Month LIBOR

Free Updates


How U.S. Dollar (Eurodollar) LIBOR Works

How does the IBA fix LIBOR rates denominated in U.S. dollars? Just before 11:00 a.m. GMT, it polls a specific panel of highly reputable, high-volume banks which participate in the London wholesale money market. The IBA finds out the rate at which each bank on the panel could borrow Eurodollars from other banks, for specific maturities. The IBA figures out the trimmed arithmetic mean for each maturity, then publishes these rates at about 11:45 a.m. GMT. The American banks included in the panel surveyed by the IBA for U.S. dollar fixing are:

  • Bank of America N.A.*
  • JP Morgan Chase Bank N.A.*
  • Citibank N.A.*

There are 15 non-U.S. banks surveyed for U.S. dollar fixing in London. These banks are:

  • Bank of Tokyo-Mitsubishi UFJ Ltd
  • Barclays Bank plc
  • BNP Paribas SA*
  • Credit Agricole Corporate & Investment Bank
  • Credit Suisse AG*
  • Deutsche Bank AG*
  • HSBC Bank plc
  • Lloyds TSB Bank plc
  • Rabobank Intl CCRB (Cooperatieve Centrale Raiffeisen - Boerenleenbank B.A)
  • Royal Bank of Canada
  • Société Générale*
  • Sumitomo Mitsui Banking Corporation Europe Limited
  • The Norinchukin Bank
  • The Royal Bank of Scotland plc
  • UBS AG

* = London Branch

A Eurodollar is a US dollar deposited in any bank outside the United States.

For more on how LIBOR works, click here.

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± = The table below lists bank holidays in the United Kingdom. There will be no updates for the above-listed LIBOR rates on these days:
Bank Holidays In The UK: 2015
New Year's Day January 1
Good Friday April 3
Easter Monday April 6
Early May Bank Holiday May 4
Spring Bank Holiday May 25
Summer Bank Holiday August 31
Christmas Day December 25
Boxing Day December 28
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