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for the first quarter, about 90 basis points lower than last year and about 60 basis points higher than the average payment rate level across our first quarters from 2015 to 2019. And the NII was a little bit suppressed because you had the last full impact on your interest-bearing liabilities. Operator Thank you.
We also executed several liability management transactions during the year. In this regard, we continue to evaluate various liability management opportunities that satisfy our objectives of reducing debt, extending the liquidity runway, simplifying the [Inaudible] structure of our balance sheet, and reducing interest expense.
Walt joined the bank in 2015 and brings 18 years of experience in the financial industry, including various finance, treasury, accounting, audit, and deposit analytic roles. And on loans under $500,000, all collateral requirements have been waived, unusual, shocking. The Motley Fool has positions in and recommends Live Oak Bancshares.
It seems to be non-material for the business moving forward, stemming from some rather old liability associated with its business over the past decade. I want to take the listeners back because I want to start with a couple of alternate universe questions because you talk about 2015. Probably a better move for him.
When I joined Chemours as part of the spin-out in 2015, I was excited to join a new company with really good roots. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. These were based on our leading technologies and our superior manufacturing.
up from 4,000 at the time of our initial public offering in 2015. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. Finally, I'd like to share some very encouraging results from the third-party studies we conducted on our long-term domestic store opportunity.
And the question was if you can find other areas of investment that can generate the types of returns you need for your liability stream, diversification becomes the free lunch. And he said, “Well, it has to be this and that “and it has to be collateralized with a letter of credit.” I think it was 2015.
Any kind, collateral, non-collateral. They don’t have collateral. Now does the FDIC even know how much risk they’re bearing 0 when all the assets are so encumbered that they’re all pledged as collateral? And so, the question is how much gets funded by making promises to investors by debt. RITHOLTZ: Right.
Our focus on data aggregation and analysis also led us to establish our own data science group early as 2015. We don't operate with a cross-collateralized balance sheet like depository institutions. And we have no insurance liabilities. And we are rapidly and significantly expanding our capabilities in artificial intelligence.
And the Japanese regulators were having a tough time with cross collateralization and issues about whether there were balance sheet accounting issues. So, when you’re describing bespoke strategies, I’m assuming your targeting those future liabilities for each of those — those entities? Is that right? RITHOLTZ: Uh-huh.
I had him on the show in 2015 and the thing that was so astonishing, 17.8% Panossian ] 00:08:19 The liabilities, obviously the hedge funds had redemptions. Now they’re suffering from high rates because they have floating rate liabilities that they never hedged. Ritholtz ] 00:03:30 Yeah, Sandberg is a fascinating guy.
Based on the latest production statistics published by the World Steel Association, the EAF method of steelmaking accounted for 50% of global steel production outside of China in 2023, an increase from 44% in 2015 with market share growth in nearly every region. And this trend of EAF share growth is expected to continue.
RITHOLTZ: It’s a liability on the books. MORGENSON: It can be collateralized loan obligations, now it’s big private debt. ” RITHOLTZ: And you had the Gates study in, what, 2015, saying the same thing? MORGENSON: Maybe, but still. MORGENSON: But still, it goes to these people. It is money for nothing.
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