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How Libor Affects Rates on Loans
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The London Interbank Offered Rate or LIBOR is a measure of the average interest rate for short term loans banks make to each other. It also acts as a measure of well a bank is doing. The importance of LIBOR comes from its use in setting the interest rates on trillions of dollars of coporate loans, home mortgages and other financial contracts. This is done by setting the rates on loans at a "spread" over LIBOR. Risky borrowers pay more, say 5 percentage points above LIBOR, safer borrowers may pay just half a percentage point above LIBOR. LIBOR originated in the 1980's.
LIBOR (the London interbank offered rate) and its diminishing importance in gauging global financial health
05/29/2008
During the 2008 crisis the libor rate jumped sharply. In today's financial markets with banks flush with cash the borrowing between banks has dropped significantly, making libor less useful.
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