Which of the following statement(s) is/are correct about the ‘London Interbank Offered Rate (LIBOR)’?
1. It is used to determine the cost of borrowing for many financial instruments, including loans, mortgages and derivatives.
2. It is the average rate at which major banks in London are willing to borrow funds from each other in the interbank market.
3. India has recently moved from Secured Overnight Financing Rate to LIBOR.
Select the correct codes from below -