The British Bankers Association (BBA) has issued a short press statement entitled Defining L in the BBA LIBOR.

Currently, the notes that accompany the definition of BBA LIBOR state that: "Contributions [to the rate fixing process] must represent rates formed in London and not elsewhere."

In the press statement the BBA states that with immediate effect the notes that accompany the definition of BBA LIBOR are amended to read:

"Contributions must represent rates at which a bank would be offered funds in the London Money Market."

The BBA states that the amendment "will not affect the way in which current contributors formulate their rate submissions. However, it may allow banks that participate in the London markets, whose eligibility for inclusion in the fixing was not previously clear, to apply to join panels."

View Defining L in the BBA LIBOR, 19 June 2009