Definition of LIBOR

What does the term "LIBOR" mean? What is the definition of the term "LIBOR"?

First off, LIBOR stands for:

London Interbank Offered Rate

LIBOR is the rate at which banks in the London interbank market borrow unsecured funds from each other.

The definition of LIBOR (source: Wikipedia.org):

"The rate at which an individual Contributor Panel bank could borrow funds, were it to do so by asking for and then accepting inter-bank offers in reasonable market size, just prior to 11.00 London time."

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