Libor ignored the crisis in Cyprus that's roiling financialmarkets, showing the global benchmark for $300 trillion ofsecurities remains divorced from reality six months afterregulators laid out a plan to fix it.

Just four of the 18 banks contributing to the London interbankoffered rate in U.S. dollars increased submissions last week toshow a rise in their estimated borrowing cost, as concern grewabout bank runs and bailouts in Europe. UBS AG and BNP Paribas SAwere among those reporting no change.

That week, the average cost to insure banks against defaultsoared 12 percent, credit-default swaps show. The amount lenderspaid to borrow cash from each other overnight, as measured by theovernight-indexed swap rate, rose more than 8 percent.