The evolution of LIBOR
What is LIBOR?
LIBOR is the London Interbank Offered Rate, that is, the interest rate
at which banks offer to lend funds to each other in the international
interbank market. It is an indication of the costs of unsecured borrowing for the banks. It is a benchmark that reflects the interest rate, credit
premium and liquidity premium that a leading bank would expect to be
offered by a similar bank. It is set at 11 a.m. UK time in 10 currencies
and for several maturities. Until 1 February 2014, LIBOR was owned
by the British Bankers
12 The Lib-Lab Pact
Shortly after the immediate repercussions of Jeremy Thorpe’s resignation were
over, with David Steel in place as Leader, a new political dilemma confronted
the Liberals. James Callaghan’s Labour Government lost its wafer-thin majority1
and in March 1977 faced a Commons motion of ‘No confidence’ tabled by
Leader of the Opposition, Margaret Thatcher. Callaghan needed a formal
agreement to secure his position, and the obvious partners for this agreement
were the thirteen Liberal MPs.
Steel had always believed in the potential benefits of co
We begin this volume which examines
mostly hagiographical sources with one which is not only not
hagiographical but remarkable for its very lack of religious content. We
do so for two reasons. First, the Liber Historiae Francorum
( LHF for short) is our most valuable guide through the last
half of the seventh century and the first two decades of the eighth. It
This book provides a compelling account of the rigging of benchmarks during and after the financial crisis of 2007–8. Written in clear language accessible to the non-specialist, it provides the historical context necessary for understanding the benchmarks – LIBOR, in the foreign exchange market and the Gold and Silver Fixes – and shows how and why they have to be reformed in the face of rapid technological changes in markets. Though banks have been fined and a few traders have been jailed, justice will not be done until senior bankers are made responsible for their actions. Provocative and rigorously argued, this book makes concrete recommendations for improving the security of the financial services industry and holding bankers to account.
Hartmann Schedel’s Liber Chronicarum (1493), better known as the Nuremberg Chronicle, pictures and describes world civilisations and illustrious individuals from Creation to 1493. Although its sources and circumstances of production have been extensively explored, the cultural significance of its many woodcut images has received far less attention. This preliminary study highlights relationships between images, audience and the humanist agenda of Schedel and his milieu by examining selected representations of cultural outsiders with reference to external illustrated genres that demonstrated the centrality of Others in German Christian culture. I argue that the Chronicle’s images of ‘foreign bodies’ harnessed their audience’s established fascination with monsters, wonders, witchcraft, Jews and the Ottoman Turks to advance the German humanist goal of elevating the position of Germania on the world historical stage and in so doing, contributed to the emerging idea of a German national identity.
’ ( Turner,
2019 ); militarised and romanticised representations of aid workers ( Taithe, 2020 ); embodied and affective
experiences of both aid workers and aid recipients ( Read, 2018 ; Thorpe & Chawansky,
2020 ); and how the sector may be implicated in the maintenance of gendered
power structures ( Martínez and Libal,
2011 ; Repo & Yrjölä,
2011 ), to cite but a few examples. But there is much work still to do,
especially to ensure a more global conversation around gender
Who knew what when?
In this chapter, I shall focus on the comments and claims made about
LIBOR prior to the beginning of the formal investigations by the FSA
and the CFTC. As usual, after any scandal, the question immediately
arises as to why the regulators had not discovered the wrongdoing
earlier and taken action against those involved. Market rumours had
swirled around LIBOR at the very beginning of the financial crisis
(and, some would claim, before that), but had apparently been ignored.
Regulators should never overlook the possible significance