Consider the following statements about LIBOR and choose the wrong statement
1
LIBOR stands for The London Interbank Offered Rate
2
The five currencies for which LIBOR is computed are Swiss franc, euro, pound sterling, Japanese yen and US dollar.
3
LIBOR serves maturities that range from overnight to 10 years
4
The LIBOR Scandal came to light in 2012, which is a major episode of financial collusion in which one of the world’s most influential benchmark interest rates was manipulated by various banks.
5
LIBOR will be phased out and eventually be replaced by Secured Overnight Financing Rate (SOFR) by June 2023