| Terms |
Definitions |
| Accepted Check |
Refers to the check where the payor states "Paid Accordingly "or "Accepted" on the check that has been endorsed by the payee. The responsibility for payment is the same as that for the acceptor of a bill of exchange. If the above statement is made by the payor on the check, then the drawer and the endorsement person are freed of their responsibility. The check has been accepted by the payor who cannot reject the payment based on insufficient funds. The check could only be accepted based on the deposits or the agreed amount stated in a credit contract.[4] |
| Account Closing |
This refers to closing an existing savings account, loan account and securities account with the original financial institution.[4] |
| Account Opening |
Refers to open savings account, deposit account and securities account with a financial institution.[4] |
| Accounting Approval |
Refers to the issues of vouchers such as bills or quotations requiring the review and approval from the accounting department.[4] |
| Adjustable Rate Mortgage (ARM) |
ARMs refer to mortgages which are priced by adding a markup to benchmark interest rate (such as the average interest rate on time savings deposits offered by major banks). The markup is not adjustable at the bank's discretion during the tenure of the mortgage contract. In the year 2002, the Central Bank of China started to promote the Adjustable Rate Mortgages. [1]
|
Agent Bank
National Treasury Agent Bank |
National Treasury Agent Bank refers to the bank which receives approval from the Department of the Treasury of the Central Bank of China to handle national treasury matters. Besides acting on behalf of the treasury, the Department of the Treasury is also one of the national treasury agent banks. The treasury matters handled by the NTAB mainly include receipts of national treasury funds, cashing of national treasury checks, safekeeping of the deposits of central government agencies, and the custody of notes, securities and certificates of properties owned by the central government agencies.[4]
|
| Asian Development Bank (ADB) |
The Asian Development Bank (ADB), established in 1966, is a multilateral development financial institution with the aim to reduce poverty and promote socioeconomic development in the Asia-Pacific region. At present, the ADB has 66 member countries. Of which, 47 are from the Asia-Pacific region and the other 19 are from Europe and the Americas.[6]
|
| Association of South East Asian Nations, ASEAN |
The ASEAN, established in 1967, was founded by Indonesia, Malaysia, Philippines, Singapore and Thailand. It presently has 10 member countries. It seeks to enhance economic growth, social progress and cultural development to promote prosperity and regional peace and stability in Southeast Asia.[6]
|
| Balance of Payments (BOP) |
The balance of payments is a systematic (flow statistics) statement which records all economic transactions between the residents of an economy and non-residents over a specific time period (such as one quarter, half-year or one year). Every transaction is recorded by two entries with equal values, one entry being a credit and the other a debit. The balance of payments is a summary of the current account, capital account, financial account, and net errors and omissions. The overall balance reflects changes in the "reserve assets" of the Central Bank.[6]
|
| Bank Debentures |
Bank debentures are issued by deposit money banks in order to absorb mid-term or long-term funds. The issuance of bank debentures need to be approved by the government authorities according to the Banking Act and relevant regulations, and principal repayment should start two years or more after issuance.[6]
|
| Bank for International Settlements (BIS) |
The Bank for International Settlements (BIS) was established in 1930 with the initial purpose of settling Germany's reparation payments and claims among the Allies after the end of World War I. Later, its role has changed to an international financial organization to coordinate banking functions for the central bank community. The main mission of the BIS is to foster cooperation among central banks to pursue monetary and financial stability.[6]
|
| Bankers' Acceptances |
Bankers' acceptances refer to drafts produced by domestic or international goods or services transactions and accepted by a bank. The acceptance means The accepting bank receives the request of the client to act as the payer of the draft and an bank employee stamps the draft "accepted" and signs it in order to promise to pay the bill on the maturity date.[6]
|
| Base Rate |
The Central Bank of China has started to promote reforms on the lending pricing system in April 2002. The new lending pricing system is called base rate, which adds a fixed percentile margin over the benchmark interest rate (such as the Central Bank discount rate or the averaged rate of interest traded in the secondary market of short-term bills). The base rate also serves as the short-term lending rate offered by the banks to their prime customers. For general customers, the lending rate takes into account a margin based on various factors such as client's credit, the lending amount, the term and the collateral provided. The added margin cannot be adjusted at the bank's discretion during the terms of the loan contract.[1] |
| Basel Committee on Banking Supervision (BCBS) |
The Basel Committee is created by central banks of G-10 countries. It is under the Bank for International Settlements (BIS), and has become the most important institution in banking supervision worldwide. The committee has twenty-five technical working groups and task forces, but does not possess any formal supranational supervisory authority. Its main mission is to formulate and recommend best practice in banking supervision and encourage convergence toward common standards, such as the New Basel Capital Accord, or Basel Ⅱ, which was recently introduced.[6]
|
| Bearer |
The holder of a note or check who is in procession of the document.[4] |
