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.

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There has been less focus on the "undertakings" which Barclays was also forced to make to the CFTC, about how it would calculate and report its interbank borrowing rates in future.

BBC: Inconvenient truths about Libor

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

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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The popularity of central banks' overnight borrowing facility is just one of the ways of measuring how much (or how little) interbank lending has eased recently.

FORBES: Market Scan