The British Bankers’ Association (BBA) fixes a value for LIBOR each
day at 11:00 A.M. London time for each major currency. LIBOR is the
key rate for fixing interest rates around the world. For instance, a variable
interest rate loan in some currency may be priced at 2 percentage points
above LIBOR and adjusted annually. Once a year, the interest rate on the
loan would be adjusted to the currency value of LIBOR plus 2
percentage points.