The British Bankers' Association is striving to make the London Interbank Offered Rate as representative as possible of banks' borrowing costs. It opened the Libor up to accept quotes from banks outside London. "This is being done so we don't lose contributors who may in the current financial climate decide they wish to consolidate their operations," said John Ewan, a BBA director. "There are plenty of banks which are very similar to the other Libor banks that can't currently quote because they may not be physically located in London."

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