Banking And Means Of Payment Vocabulary PDF

Vocabulary list Sciences Eco L2S3 BANKING AND MEANS OF PAYMENT / CREDIT / PUBLIC DEBT / MONETARY SYSTEMS BANKING AND MEANS OF PAYMENT account compte Funds deposited i...

Vocabulary list Sciences Eco L2S3 BANKING AND MEANS OF PAYMENT / CREDIT / PUBLIC DEBT / MONETARY SYSTEMS BANKING AND MEANS OF PAYMENT account compte Funds deposited in a bank that are credited to and subject to withdrawal by the depositor. A type of deposit account, sometimes interest bearing, which enables customers to place funds and withdraw their available current account / checking account compte courant funds on demand, typically by writing a check. deposit account compte de dépôt If paying a bad cheque puts the account holder in arrears by a relatively small amount, the bank may choose to honor the check. overdrawn account compte à découvert When this occurs, the account will remain overdrawn, and the fees charged by the bank will place an extra burden on the account until a sufficient deposit is made. compte d'épargne, compte sur livret (GB); savings account In the US, a deposit account which pays interest, but funds cannot be withdrawn by check writing. compte de dépôt (US) account /bank statement relevé de compte A printed or online statement of all the debit and credit transactions on an account for a given statement cycle. ATM (automated teller machine) / An ATM or cash machine that does not prominently display a bank's name or logo. Fees generally apply to cash withdrawals at distributeur automatique de billets cash dispenser /cash machine non-bank ATMs. Non-bank ATMs generally do not accept deposits. In banking and accountancy, the outstanding balance is the amount of money owned, (or due), that remains in a deposit account balance solde (or a loan account) at a given date, after all past remittances, payments and withdrawal have been accounted for. It can be positive (credit balance) or negative (debit balance). credit balance /debit balance solde créditeur / solde débiteur bank / banking establishment / center banque / établissement bancaire The branch office of a particular bank, for instance, there are 4,500 Bank of America banking centers in the US. A service that allows an account holder to obtain account information and manage certain banking transactions, including bill electronic / online banking banque électronique payment through a personal computer. retail bank / clearing bank / Retail banking is typical mass-market banking where individual customers use local branches of larger commercial banks. banque commerciale commercial bank Services offered include: savings and checking accounts, mortgages, personal loans, debit cards, credit cards, and so forth. Investment banks help companies and governments (or their agencies) raise money by issuing and selling securities in the merchant bank / investment bank (US) banque d'affaires capital markets (both equity and debt). Page 1  Vocabulary list Sciences Eco L2S3 BANKING AND MEANS OF PAYMENT / CREDIT / PUBLIC DEBT / MONETARY SYSTEMS A mutual savings bank is a financial institution chartered through a state or federal government to provide a safe place for credit union / mutual savings bank (US) caisse d'épargne individuals to save and to invest those savings in mortgages, loans, stocks, Bonds and other securities. bank note / bill billet de banque With coins, banknotes make up the cash form of all money. In the 1970s a fake bill was dispensed in gumball machines in the denomination of "TWE DOLLARS." Much of the artwork counterfeit/forged/fake bank note faux billet was duplicated from the real twenty-dollar bill, including the portrait of Andrew Jackson; however, the country name was given as "The Untied States of Anemia." branch (office) succursale cash liquide, espèces Payment in kind refers to payment for goods or services with a medium other than cash. cheque book /check book (US) chéquier endorse endosser if you want to cash a check that has been issued to you, you need to endorse it by signing your name on the back of the check. bad /dud / bouncing cheque chèque sans provision A check which a bank returns unpaid because there are not enough available funds in the account. A check is considered to be stale when it is outstanding for a period of six months or more. A bank is not obligated to pay a stale cheque chèque périmé stale check. the balance of money received when the amount you tender is greater than the amount due; "I paid with a twenty and pocketed change monnaie the change" pièce de monnaie / coin / quid (GB) / buck (US) to work overtime to make an extra buck or two (fam.) une livre sterling ; un dollar A plastic card issued to an individual for the purpose of purchasing goods and services using credit; a credit limit is established credit card / smart card carte de crédit /carte à puce for each card holder. The amount of time represented by checks that are in transit between the date they are deposited to an account and the date they float / check float chèque en circulation are paid. The time between deposit and payment of the check is referred to as the float. Generally, money hoarding is the accumulation of money (in the form of gold at the origin) by people who avoid spending it or hoard money thésauriser investing it in economic projects, because of a risk aversion, or of a preference for liquidity, or of a lack of a better use for the money. Before I open an account with SG Bank, I want to be sure that I can lodge money in a SG bank in France and than withdraw as I lodge money with a bank déposer de l'argent en banque need it from any branch office in China open an account with a bank ouvrir un compte Page 2  Vocabulary list Sciences Eco L2S3 BANKING AND MEANS OF PAYMENT / CREDIT / PUBLIC DEBT / MONETARY SYSTEMS bank with avoir pour banque I used to bank with Bank of America but I now bank with a regional banking establishment. An overdraft occurs when you do not have enough available funds in your account to cover a check or other withdrawal, but the overdraft / NSF (non-sufficient funds) découvert bank pays the items and overdraws your account. overdraft facilities / credit line facilités de découvert / découvert autorisé overdraw (an account) tirer à découvert Last month, I overdrew my account by £200. In modern finance, when a bond pays in kind (PIK), it means that the interest on the bond is paid other than in cash. The most PIK (payment in kind) en nature; prestation en nature common form of this is for the owed to the bondholder to be increased by the amount of current interest. Personal Identification Numbers (PINs) are numbers that customers use with their ATM or Check Card to access their accounts PIN (personal identification number) code confidentiel via ATMs or to make purchases with their Check Card. These numbers should always be kept confidential. receipt reçu A receipt is a a written acknowledgment that a specified sum of money has been received. safe / safe deposit / safety-deposit box coffre-fort A safe-deposit is a fireproof metal strongbox (usually in a bank) for storing valuables Early savings bank books from the US Post Office Savings Bank were fawn coloured , later ones were silver grey colour, but savings book / savings-bank book livret de caisse d'épargne the most familiar was the 'Blue Book' with a plastic cover which was introduced in 1966. standing order virement automatique A stanging order is an instruction to a bank to pay a fixed amount to a person or organization at regular intervals. SWIFT (Society for Worldwide Founded in Brussels in 1973, the Society for the Worldwide Interbank Financial Telecommunication (SWIFT) is a co-operative Interbank Financial système de transfert électronique de fonds organization dedicated to the promotion and development of standardized global interactivity for financial transactions. Telecommunication) teller/cashier caissier The teller or cashier is a bank employee who receives and pays out money. transfer virement A movement of funds from one account to another. withdrawal/ withdraw money retrait / retirer de l'argent A removal of funds from an account. Page 3  Vocabulary list Sciences Eco L2S3 BANKING AND MEANS OF PAYMENT / CREDIT / PUBLIC DEBT / MONETARY SYSTEMS Credit is the provision of resources (such as granting a loan) by one party to another party where that second party does not immediately pay the first party for the resources in full, thereby generating a debt, and instead arranges either to pay for or to CREDIT return those resources (or equivalent value) at a later date. The first party is called a creditor, also known as a lender. The second party is called a debtor, also known as a borrower. Arrears, or arrearages is a legal term for a type of debt which is overdue after missing an expected payment. Arrears accrue arrears / arrearages arriérés / retard dans le remboursement from the date on the first missed payment was due. Cash credit is an account with a bank by which a person , having given security for repayment, draws at pleasure upon the bank cash credit crédit de caisse, prêt d'argent liquide to the extent of an amount agreed upon. Common forms of consumer credit include credit cards, store cards, motor (auto) finance, personal loans (installment loans), consumer credit crédit à la consommation retail loans (retail installment loans) and mortgages. Most industrialized nations have at least one ECA (Export Credit Agency), which is usually a national, public or publicly- export/import credit crédit à l'exportation / l'importation mandated agency that usually supports companies from their home country by providing government-backed loans, guarantees and insurance (Trade Credit Insurance) covering both commercial and political risk (e.g. COFACE in France). The term "frozen credit markets" simply means credit is frozen or very hard to get, even for people or businesses with terrific frozen credit crédit bloqué credit histories. For consumers, that could mean denials on car loans, the lowering of credit-card spending limits or an inability to get a mortgage or open a home-equity line of credit. Microcredit is the extension of very small loans (microloans) to the unemployed, to poor entrepreneurs and to others living in microcredit / microloan micro-crédit poverty who are not considered creditworthy. These individuals lack collateral, steady employment and a verifiable credit history. crédit renouvelable, Revolving credit is a type of credit that does not have a fixed number of payments, in contrast to installment credit. Examples of revolving credit à renouvellement automatique revolving credits used by consumers include credit cards. A secured loan is a loan in which the borrower pledges some asset (e.g. a car or property) as collateral for the loan, which then crédit prêt garanti / crédit en blanc, non becomes a secured debt owed to the creditor who gives the loan. In the event that the borrower defaults, the creditor takes secured/unsecured credit garanti possession of the asset used as collateral and may sell it to satisfy the debt by regaining the amount originally lent to the borrower. Bridge loans are used when you have a home for sale and need the proceeds from the sale to purchase a new home. If your swing-line credit / swing loan current home doesn't sell in time, you can get a bridge loan, which pays off the old mortgage, uses that home as collateral and crédit relais / bridge loan allows you to close on the new house. When the old home does sell, you pay off the bridge loan and continue paying the traditional mortgage on the new home. In finance, a swap is a derivative in which two counterparties agree to exchange one stream of cash flows against another SWAP swap, crédit croisé stream. These streams are called the legs of the swap. The five generic types of swaps, in order of their quantitative importance, are: interest rate swaps, currency swaps, credit swaps, commodity swaps and equity swaps. Page 4  Vocabulary list Sciences Eco L2S3 BANKING AND MEANS OF PAYMENT / CREDIT / PUBLIC DEBT / MONETARY SYSTEMS creditor créancier "The global financial crisis has highlighted a curious success story: A bank that doles out loans to some of the world's poorest, credit status / worthiness / solvency solvabilité least-creditworthy people continues to have a payback rate of nearly 100 percent." (AP , August 2009) credit worthy / solvent solvable credit risk / consumer credit rating risque de crédit Credit risk determines the interest rate, more or less, and entities go bankrupt if they fail to repay. An individual or company unable to make payments on the principal and interest on outstanding loans (i.e. debt service) is said service a debt rembourser une dette to be "unable to service one's debt." Debt collection agencies have a reputation for engaging in threatening behavior, harassment, and coercion. However, in many debt collection recouvrement de créances countries, collection agencies are governed by laws that prohibit certain abusive practices. debtor débiteur "Default" essentially means a debtor has not paid a debt. "Insolvency" is a legal term meaning that a debtor is unable to pay his defaulter débiteur défaillant debts. "Bankruptcy" is a legal finding that imposes court supervision over the financial affairs of those who are insolvent or in default. Foreclosure is a process that allows a lender to recover the amount owed on a defaulted loan by selling or taking ownership foreclosure saisie (repossession) of the property securing the loan. The foreclosure process begins when a borrower/owner defaults on loan payments (usually mortgage payments) and the lender files a public default notice. A note and acknowledgment of personal debt (from the phrase "I owe you" or "I owe unto") that is generally limited to casual IOU (I owe you) reconnaissance de dette usage between acquaintances. accrued interest intérêts courus To come to one as a gain, addition, or increment: interest accruing in my savings account. A variable-rate loan is a loan made at an interest rate that fluctuates depending on a base interest rate (such as the prime rate or increase / reduce the interest rate relever / baisser le taux d'intérêt LIBOR) that is inscreased or reduced. deferred / outstanding interest intérêts différés / échus, non payés The amount of unpaid interest that has accrued on your loan(s) up to the last accrual date (usually the previous month end). fixed interest taux fixe A fixed interest rate loan is a loan where the interest rate doesn't fluctuate during the fixed rate period of the loan. indebtedness dettes, endettement An obligation to pay money to another party Page 5  Vocabulary list Sciences Eco L2S3 BANKING AND MEANS OF PAYMENT / CREDIT / PUBLIC DEBT / MONETARY SYSTEMS versement, mensualité / installment / by installments Installment credit is a type of credit that has a fixed number of payments, in contrast to revolving credit. par versements échelonnés lender bailleur de fond, prêteur loan prêt, emprunt, avance The Federal Home Loan Mortgage Corporation (FHLMC), known as Freddie Mac, is a government sponsored enterprise (GSE) of the United States federal government. It was created in 1970 to expand the secondary market for mortgages in the US. Along home loan / real estate loan / prêt immobilier with other GSEs, Freddie Mac buys mortgages on the secondary market, pools them, and sells them as mortgage-backed residential housing loan securities to investors on the open market. This secondary mortgage market increases the supply of money available for mortgage lending and increases the money available for new home purchases. loan agreement convention, contrat de prêt a loan on real estate that is usually secured by a mortgage loan collateral garantie de prêt Property acceptable as security for a loan The life of the loan or the amount of time the loan will remain in existence until the debt is paid off such as a 30-year loan loan maturity date d'échéance d'un prêt having a maturity of 30 years. loan on mortgage/mortgage loan prêt, emprunt hypothécaire A mortgage loan is a secured loan in which the collateral is property, such as a home. loan on personal property/ on crédit mobilier Personal property, roughly speaking, is private property that is moveable, as opposed to real property or real estate. movables A loan shark is a person or body that offers unsecured loans at high interest rates to individuals, often backed by blackmail or loan-sharking prêt à des taux usuraires, prohibitifs threats of violence. grant a loan accorder un prêt short /medium / long term loan prêt à court /moyen / long terme Short term debt is generally considered to be one year or less, long term is more than ten years. Medium term debt falls between terms of a loan conditions de prêt these two boundaries. principal capital The total amount of money being borrowed or lent The cost of credit includes interest, arrangement fees and any other charges. Some costs are mandatory, required by the lender base rate /prime rate taux de base, taux de référence as an integral part of the credit agreement. Other costs, such as those for credit insurance, may be optional. The terms of the loan should be clearly specified on the loan agreement. William received a notice from his mortgage company that he was in default and they would begin foreclosure proceedings if he rembourser ; amortir; purger une redeem did not redeem the mortgage within the next 15 days. William promptly paid the two monthly payments that he had missed hypothèque plus a late-payment penalty. Rescheduled loans are bank loans that are usually altered to have longer maturities in order to assist the borrower in making the rescheduling of a debt ré-échelonnement d'une dette necessary repayments. Page 6  Vocabulary list Sciences Eco L2S3 BANKING AND MEANS OF PAYMENT / CREDIT / PUBLIC DEBT / MONETARY SYSTEMS repay/ reimburse /refund rembourser subscriber souscripteur usurer / usury usurier / usure A usurer lends money at interest, especially at an exorbitant or unlawfully high rate. National debt is money owed by any level of government (either central government, federal government, municipal government GOVERNMENT / PUBLIC / dette publique or local government). The annual government deficit, however, refers to the difference between government receipts and NATIONAL DEBT spending. Bail out in economics and finance is a term used to describe a situation where a bankrupt or nearly bankrupt entity, such as a bail out / bailing out renflouer / renflouement corporation or a bank, is given a fresh injection of liquidity, in order to meet its short term obligations. Often bail outs are by governments, or by consortia of investors who demand control over the entity as the price for injecting funds. External debt is that part of the total debt in a country that is owed to creditors outside the country. The debtors can be the external /foreign debt dette extérieure government, corporations or private households. The debt includes money owed to private commercial banks, other governments, or international financial institutions such as the IMF and World Bank. Examples of debt burden indicators include the (a) debt to GDP ratio, (b) foreign debt to exports ratio, (c) government debt to debt burden endettement current fiscal revenue ratio etc. Under the Jubilee 2000 banner, a diverse coalition of groups joined together to demand debt cancellation at the G7 meeting in debt forgiveness / cancellation effacement de la dette Cologne, Germany. As a result, finance ministers of the world's wealthiest nations agreed to debt relief on loans owed by qualifying countries Debt overhang is a fiscal situation of a government, predominantly in developing countries. It describes a situation where the debt overhang surendettement debt of a country exceeds its future capacity to pay it. Debt relief is the partial or total forgiveness of debt, or the slowing or stopping of debt growth, owed by individuals, debt relief allègement de la dette corporations, or nations. It concerns underdeveloped and developing countries and in particular the Heavily Indebted Poor Countries (HIPC), a group of 37 least developed countries with the highest levels of poverty and debt overhang. debt securities fonds d'état, titres de créances Governments borrow money in a currency in which the demand for debt securities is strongest. manquer à ses engagements / Sovereign borrowers such as nation-states generally are not subject to bankruptcy courts in their own jurisdiction, and thus may default / default on a debt ne pas s'acquitter d'une dette be able to default without legal consequences. A sovereign bond is a bond issued by a national government. Bonds issued by national governments in the country's own government bond / sovereign bond obligation, titre de créance, bon du trésor currency are also referred as government bonds. The International Monetary Fund (IMF) is an international organization that oversees the global financial system by observing IMF (International Monetary Fund) FMI, Fonds monétaire international exchange rates and balance of payments, as well as offering financial and technical assistance. Its headquarters are located in Washington, D.C., USA. Page 7  Vocabulary list Sciences Eco L2S3 BANKING AND MEANS OF PAYMENT / CREDIT / PUBLIC DEBT / MONETARY SYSTEMS A risk-free bond is a theoretical bond that repays interest and with absolute certainty. In practice, government bonds are treated risk-free bond obligation sans risque as risk-free bonds, as governments can raise taxes or indeed print money to repay their domestic currency debt. The World Bank (the Bank) is a bank that makes loans to developing countries for development programs with the stated goal of reducing poverty. The World Bank and its two constituent parts of the Bank, the International Bank for Reconstruction and World Bank Banque mondiale Development (IBRD) and the International Development Association (IDA), achieve their aims through the provision of low or no interest loans and grants to countries with little or no access to international credit markets. The Bank is a market based non- profit organization, using its high credit rating to make up for the low interest rate of loans. Federal Reserve System / the Fed Banque centrale américaine Currently, Ben Bernanke serves as the Chairman of the Board of Governors of the Federal Reserve System. The European Central Bank (ECB), dreated in 1998, is one of the world's most important central banks, responsible for European Central Bank / ECB Banque centrale européenne, BCE monetary policy covering the countries of the Eurozone. A monetary system secures the proper functioning of money by regulating economic agents, transaction types, and money supply. Apart from monetary systems based on money, there do also exist systems based on "favours". One example of this is MONETARY SYSTEMS the LETS system. LETS, or Local Exchange Trading Systems, are local community trading groups where members exchange their goods and services with each other. Barter and money are different means of balancing an economic exchange. Barter is used in societies where no monetary system barter / swapping troc / échange exists. Swapping is the increasingly prevalent informal bartering system in which participants in Internet communities trade items of comparable value on a trust basis. The dollar was steady yesterday after the seven leading industrial nations reaffirmed their pledge to work together to bolster the bolster / prop up / support soutenir (marché / monnaie) currency. In 1995, the International Monetary Fund (IMF) estimated that capital flight amounted to roughly half of the outstanding capital flight / outflow fuite de capitaux foreign debt of the most heavily indebted countries of the world. currency devise An advantage of issuing bonds in a currency such as the US dollar, the pound sterling, or the euro is that many investors wish to currency crisis crise monétaire invest in such bonds. Soft currency indicates a type of currency whose value may depreciate rapidly or that is difficult to convert into other currencies. soft/weak currency devise faible It is generally less desirable than hard currency to users. Soft currency can be in the form of paper, electronic or debt-based "IOUs" which have in the past been used in place of hard currency. hard/strong currency devise forte single currency monnaie unique currency /monetary area / zone zone monétaire For countries in the Eurozone, the euro is the local and single currency. Page 8  Vocabulary list Sciences Eco L2S3 BANKING AND MEANS OF PAYMENT / CREDIT / PUBLIC DEBT / MONETARY SYSTEMS currency exchange change currency trader / exchange broker agent de change The forex market exists wherever one currency is traded for another. It is by far the largest financial market in the world, and currency exchange market / marché des changes includes trading between large banks, central banks, currency speculators, multinational corporations, governments, and other foreign exchange market/ forex / FX financial markets and institutions. Devaluation is a reduction in the value of a currency with respect to other monetary units. It specifically implies an official devalue / devaluation dévaluer / dévaluation lowering of the value of a country's currency within a fixed exchange rate system, by which the monetary authority formally sets a new fixed rate with respect to a foreign reference currency. exchange rate taux de change The European Exchange Rate Mechanism, ERM, was a system introduced by the European Community in March 1979, as part European Exchange Rate Mechanism mécanisme des taux de change of the European Monetary System (EMS), to reduce exchange rate variability and achieve monetary stability in Europe, in / ERM preparation for Economic and Monetary Union and the introduction of the euro. The People's Republic of China recently unpegged their currency, which was formerly pegged to the US dollar, and allowed it to float a currency / let a currency float laisser flotter une monnaie float within a carefully managed range of values relative to the dollar and other currencies. About 70% to 90% of the foreign exchange transactions are speculative. In other words, the person or institution that bought or hedge fund fonds spéculatifs sold the currency has no plan to actually take delivery of the currency in the end; rather, they were solely speculating on the movement of that particular currency. Hedge funds have gained a reputation for aggressive currency speculation since 1996. International Monetary System /IMS système monétaire international The global network of government and commercial institutions within which currency exchange rates are determined. European Monetary System / EMS système monétaire européen The basic short-term rate of interest in the Eurodollar market and the rate to which many Eurodollar loans and deposits are tied. London Interbank Offered Rate/ LIBOR taux des devises à Londres The LIBOR is similar in concept to that of the prime rate in the United States except that it is less subject to individual bank management. Many countries peg their currencies to the U.S. dollar. When the Federal Reserve makes changes to American monetary policy, peg / fix to indexer it affects those currencies as well. revalue / revaluation réévaluer / réévaluation A rise of currency to the relation with a foreign currency in a fixed exchange rate. Page 9