In principle, all biochemical reactions are reversible, though some ar
e more reversible than others. The classical ribonuclease mechanism in
volves a reversible transphosphorylation step, followed by quasi irrev
ersible hydrolysis of the cyclic intermediate. We performed isotope-ex
change and intermediate-trapping experiments showing that the second h
ydrolysis step is readily reversible in the presence of RNase A or RNa
se T1. As a consequence, the equilibrium between a phosphodiester and
a 2',3'-cyclophosphate accounts for all catalysed reactions, even if t
he leaving/attacking group is a water molecule. Therefore, ribonucleas
es are transferases rather than hydrolases. The equilibrium constant f
or the catalysed interconversion is close to 1 M. From this result, we
estimate the effective concentration of the 2'-hydroxyl nucleophile i
n the cyclization step to be 10(7) M. The high effective concentration
of the vicinal hydroxyl group balances the strain-associated and solv
ation-associated instability of the pentacyclic phosphodiester.