The point is that somewhere along the line, there has to be an actual transaction involved - and the system for deriving the Barclays interbank borrowing rate from those transactions has to be entirely transparent.

BBC: Inconvenient truths about Libor

Libor, CFAs are agreed, should reflect actual interbank borrowing rates, not some hypothetical estimated rate at which banks think they could probably borrow if they wanted to.

FORBES: What Should Be The New LIBOR?

The British Bankers' Association said the interbank cost of borrowing overnight had fallen - a day after interest rate cuts and governments provided additional liquidity.

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