Overseas currency deposit rates - Euro Interbank lending (LIBOR)
BBA LIBOR offered rates are available for each of thirteen major currencies from sixteen reference banks in London selected by the British Bankers Association (BBA) on the basis of private nominations and discussions with advisory panels of senior market practitioners. These banks are selected to reflect the balance of the market in terms of country of origin and type of institution, on the basis of reputation, scale of market activity and perceived expertise in the currency. The BBA, having discarded the four highest and lowest rates, calculates BBA LIBOR by arriving at an arithmetically averaged rate (rounded up to the nearest 1/16%). The resulting interest rate is the rate broadcast as BBA LIBOR.