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In 1892 Greenwich mean time was adopted on the railways and in the post-offices, making a difference of twenty minutes with mean Amsterdam time.
Time Difference Greenwich Mean Time or GMT is the time standard against which all other time zones in the world are referenced.
The rate is determined every London business day morning at 11 a.m. Greenwich Mean Time by the British Bankers Association (BBA).
Every business day at 11 a.m. Greenwich Mean Time (London time) the BBA determines the LIBOR rates for that specific day.