why were libid and libor phased out 
the london interbank offer rate libor and bid rate libid were reference rates that were used to measure the cost of lending and borrowing money between british banks however the validity of libor was questioned in the 2012 rate fixing scandal when it was discovered that some bankers were colluding to manipulate the reference rate the two rates were slowly phased out starting in 2021 the final libor was published in 2023 