what is the sterling overnight interbank average rate 
the sterling overnight interbank average rate is a benchmark interest rate used in the united kingdom the rate which is managed calculated and published by the bank of england is the overnight interest rate that banks and other financial institutions pay for unsecured transactions in the british sterling market transactions must meet certain criteria to qualify among them transactions must be executed between a certain time frame 12 a m and 6 p m and must be worth at least 25 million 2