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Why is LIBOR being discontinued?
LIBOR was introduced in the 1980’s as a benchmark interest rate that was intended to reflect banks’ average cost of short-term, wholesale unsecured borrowing. Over time, and particularly during the financial crisis that began in 2007, banks became less and less reliant on inter-bank lending. As a result, the number and dollar volume of transactions from which LIBOR was derived declined dramatically. To make up for this shortfall, LIBOR panel banks resorted to using “expert judgment” when submitting various rates used in calculating LIBOR. This left it susceptible to manipulation and fraud.
In 2017, the UK Financial Conduct Authority (FCA), the regulator for LIBOR, announced that after December 31, 2021, the panel banks would no longer be required to submit settings for LIBOR. (This has since been revised to June 30, 2023, for most LIBOR tenors.) This announcement effectively started the countdown to the end of LIBOR.
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Old National Bank’s Pay It Forward ‘Acts of Kindness’ Campaign Helps Feed, Clothe Families and More
Old National Bank’s (ONB) Pay It Forward “acts of kindness” campaign continued for an eighth straight year, led by its internal Associate and
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How Trump’s Tariffs Impact Small Businesses And Entrepreneurs
The recent Trump administration’s tariffs are stirring the markets, causing some of the most pronounced volatility in market history. However, small businesses are not immune from the recent tariffs.
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The Silent Profit Killers Lurking Inside Your Business
Here are the most commonly overlooked ways businesses lose money.
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How Operational Efficiency Saves Money for Your Business
For business owners and operational managers, improving operational efficiency can significantly reduce costs, enhance productivity, and boost profitability.
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Providing financial empowerment education within communities
Old National Bank dedicates resources to advance financial education and empowerment programs throughout the bank’s entire footprint. ONB’s
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Old National Bank Community Growth Plan Expanded to $9.5 Billion Supporting Historically Underserved in Communities
In February 2022, Old National announced a five-year, $8.3 billion Community Growth Plan (CGP) focused on expanding our longstandingcommitment to
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Old National Bank: Providing Transparency, Protection and Security for Clients of All Ages
At Old National Bank we strive to gain our clients’ trust by always treating them fairly and with complete transparency. We do this by having policies
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Imports and Exports: 5 Things Your Small Business Needs to Know
Inflation is serving as a drag on the retail economy, but ecommerce is still flowing. In the US, ecommerce sales broke the $1 trillion barrier for the