LIBOR is published by the British Bankers' Association (BBA) after 11:00 am (and generally around 11:45 am) each day (London time). It is a filtered average of inter-bank deposit rates offered by designated contributor banks, for maturities ranging from overnight to one year. There are 16 such contributor banks and the reported interest is the mean of the eight middle values (the interquartile mean). The shorter rates (i.e., up to six months) are usually quite reliable and tend to precisely reflect market conditions. The actual rate at which banks will lend to one another continues to vary throughout the day.