James Earnest Investments

London Interbank Offered Rate (from Investopedia)

An interest rate at which banks can borrow funds, in marketable size, from other banks in the London interbank market. The LIBOR is fixed on a daily basis by the British Banker's Association. The LIBOR is derived from a filtered average of the world's most creditworthy banks' deposit rates for larger loans with maturities between overnight and one full year.

This rate is quite high now, reflecting the reluctance of banks to lend to one another, and thus the "credit crisis" we are now experiencing.