As many as sixteen English banks submit each of the interest rates they would charge other banks to borrow money for maturities from overnight to 12 months.
The government resolved this problem by issuing short-term maturities and paying back the long-term bonds.
This process is then repeated 150 times for each of the 15 maturities and the 10 currencies the rate is quoted in.
The maturities range from overnight rates to 12-month rates.
However, some adjustable rate mortgages are based on shorter maturities such as the 1-month and 3-month rate or the longer 1-year rate.
