e London Interbank Offered Rate.

a London Interbank Offered Rate.

UNDP benchmarked the performance of its investment portfolio against the generally accepted London Interbank Offered Rate (LIBOR) 12 month rate.

Other tribunals simply referred to a “commercially reasonable” rate, such as the London Interbank Offered Rate (LIBOR).

UNDP benchmarked the performance of its investment portfolio against the 12-month London Interbank Offered Rate (LIBOR).

“LIBOR” stands for the “London Interbank Offered Rate,” the rate of interest at which banks borrow funds from other banks in the London interbank market.

For example, in 2002, the Cuban company CUBAMETALES paid out an additional $8.6 million, since the costs reached through credits granted with different traders ranged between 6 per cent to 11 per cent over the LIBOR (London interbank offered rate), while financial costs on the international market average around the LIBOR plus 2 per cent.

These promissory notes each had a maturity period of two years and bore interest of the London Interbank Offered Rate (LIBOR) minus 1 per cent to be paid every six months, with the fourth and final interest payment to be made on the maturity date of the relevant promissory note.

For a case where the London interbank offered rate (LIBOR) was applied, see CLOUT case No. 103, Arbitration; note that this arbitral award was later annulled on the grounds that international trade usages do not provide appropriate rules to determine the applicable interest rate; see Cour d'appel de Paris, France, 6 April 1995, Journal du droit international, 1995, pp. 971 ff.

The Board had not specifically conducted a performance audit of the portfolio strategy and returns on investments. The Board used the generally accepted London Interbank Offered Rate (LIBOR) as a performance measure as it was a useful tool to measure performance of short-term investments.