The London Interbank Offered Rate is the annualised interest rate at which banks obtain unsecured loans from each other. It is quoted each business day for 10 currencies for 15 maturity periods from overnight to twelve months. Each rate is the result of a calculation based on submissions from a group of the largest, most active banks in each currency that Libor is quoted for. Libor rates are the most widely used benchmark for short-term money market rates.

See also: http://www.bbalibor.com/bba/jsp/polopoly.jsp?d=1627, LIBID, LIMEAN, Money Market