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Federal Reserve Board

May 04, 2021

LIBOR Fading Away: What Lenders and Borrowers Should Know

This is a supplement to our prior articles regarding the phasing out of LIBOR (see “LIBOR Is Fading Away” and “LIBOR Is Fading Away; But, Perhaps, Not as Quickly as Thought“). For decades, lenders have extended credit facilities, both large and small, using LIBOR-based interest rates and documents relating to these facilities.» Read More

Nov 17, 2020

LIBOR Is Fading Away

Please note that this has been updated on December 3, 2020, at “LIBOR Is Fading Away; But, Perhaps, Not as Quickly as Thought.”

For decades, lenders have extended credit facilities, both large and small, using LIBOR-based interest rates and documents relating to these facilities, such as promissory notes as adjustable mortgages, and often contain LIBOR-related provisions.» Read More

Sep 17, 2020

Bretton Woods, Bank Herstatt, and FedNow: The Origins of the International Payment System

The international payment system was put together at a beautiful New England country lodge, the Mount Washington Hotel, at the base of Mt. Washington in New Hampshire, in the closing months of World War II in 1944. One of the fundamental agreements reached by the 730 delegates from 44 nations at the United Nations Financial and Monetary Conference over three weeks in July was that American dollars were convertible into gold at the fixed rate of $35 per ounce.» Read More

Jun 10, 2019

Municipal Securities and New Required Financial Disclosures

History and Background

According to the financial press municipal bonds are selling like the proverbial “hot cakes.” Investors seeking yield are disappointed by the Federal Reserve Board’s decision to delay for some time any further interest rate increases, generally depressing yields.» Read More

Jun 03, 2019

“Measure for Measure:” LIBOR, SOFR, and the U.S. Dollar ICE Bank Yield Index

History

Until the 1980s, banks and especially banks located outside the United States (and even more, those in Europe) had to deal with ever-growing U.S. dollar deposits, known as Eurodollars. These Eurodollars arose from both the Marshall Plan expenditures after World War II and the climbing amount of imports into the U.S.» Read More