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MPs' Libor report scathing

The influential Treasury Select Committee has concluded ex-Barclays boss Bob Diamond was "highly selective" when he gave evidence to MPs on the Libor fixing scandal, and criticised the Bank of England and the FSA for their "failings" on the matter.

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What exactly is Libor?

Canary Wharf Credit: Yui Mok/PA

Libor - or the London Interbank Offered Rate - measures the rate at which banks borrow from each other.

Each day, a panel of banks set out what rates they think they can borrow from others over a range of periods - from overnight up to 12 months.

The data is collated, the top and bottom estimates are removed and the rest are then averaged to give a figure.

Libor is considered to be a key gauge of the financial system's health.

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