Co-op Bank has developed an internal framework for pricing foreign currency loans as the global banking industry transitions from the London Interbank Offered Rate (LIBOR) that has been the dominant benchmark for decades.
LIBOR is the benchmark interest rate at which major global banks lend to one another. It is being phased out by June 30, 2023, after big banks were found to have manipulated the rate for years, causing distrust in the financial industry.
