Dictionary_of_Banking_and_Finance

credit references

used by businesses and banks to assess the creditworthiness of people

credit references / kred trefər(ə)ns z/ plural noun details of

persons, companies or banks who have given credit to a person or company in the past, supplied as references when opening a credit account with a new supplier

credit refusal / kred t r fju z(ə)l/ noun a decision not to give someone credit (NOTE: Anyone who has been re-

fused credit can ask to see the reasons for the decision.)

credit risk / kred t r sk/ noun a risk that a borrower may not be able to repay a loan

credit scoring / kred t skɔ r ŋ/ noun a calculation made when assessing the creditworthiness of someone or something

credit-shelter trust / kred t ʃeltətr st/ noun money put in trust in order to escape federal estate tax

COMMENT: This type of trust is where someone leaves half his estate to his wife and puts the other half into a trust. After his death, his wife can continue to enjoy the income from the trust, and when she dies her estate and also the trust pass to her heirs tax free.

credit side / kred t sa d/ noun the right-hand column of accounts showing money received

credit squeeze / kred t skwi z/ noun a period when lending by the banks is restricted by the government

Crédit Suisse Index / kred t swi sndeks/ noun an index of prices on the

Zurich stock exchange

credit threshold / kred tθreʃhəυld/ noun a limit for credit al-

lowed to a customer

credit transfer / kred t tr nsf% / noun an act of moving money from one account to another

credit union / kred t ju njən/ noun a group of people who pay in regular deposits or subscriptions which earn interest and are used to make loans to other members of the group

creditworthiness / kred t-

w% ðinəs/ noun the ability of a customer to pay for goods bought on credit

creditworthy / kred tw% ði/ adjective having enough money to be able to buy goods on credit We will do some checks on her to see if she is creditworthy.

criminal action / kr m n(ə)lkʃən/ noun a court case brought by the state against someone who is charged with a crime

criminal law / kr m n(ə)l lɔ / noun laws relating to crime

criminal record / kr m n(ə)lrekɔ d/ noun same as police record

crisis / kra s s/ noun a serious economic situation where decisions have to be taken rapidly a banking crisis The government stepped in to try to resolve the international crisis. Withdrawals from the bank have reached crisis level. to take crisis measures to take severe measures rapidly to stop a crisis developing

crisis management / kra s sm n d$mənt/ noun 1. management of

a business or a country’s economy during a period of crisis 2. actions taken by an organisation to protect itself when unexpected events or situations occur that could threaten its success or continued operation (NOTE: Crisis situations

may result from external factors such as the development of a new product by a competitor or changes in legislation, or from internal factors such as a product failure or faulty deci- sion-making, and often involve the need to make quick decisions on the basis of uncertain or incomplete information.)

CRO abbreviation Companies Registration Office

crore /krɔ / noun (in India) ten million

(NOTE: One crore equals 100 lakh.)

‘…the company clocked a sales turnover of Rs.7.09 crore and earned a profit after tax of Rs.10.39 lakh on an equity base of Rs.14 lakh’ [Business India]

‘…the turnover for the nine months ended December 31 registered a 6.26 per cent increase to Rs. 87.91 crores from Rs. 82.73 crores in the corresponding period last year’ [The Hindu]

cross /krɒs/ verb to cross a cheque to write two lines across a cheque to show that it has to be paid into a bank

COMMENT: Crossed cheques have the words ‘A/C payee’ printed in the space between the two vertical lines: all British

cross-border

cheques are now printed in this way. This means that the cheque can only be paid into a bank, and only into the account of the person whose name is written on it – it cannot be endorsed to a third party.

cross-border /krɒs bɔ də/ adjective from one country to another, covering several countries

cross-border capital flows / krɒsbɔ də k p t(ə)l fləυz/ plural noun

movements of capital from one country to another

cross-border listing / krɒs bɔ dəl st ŋ/ noun the listing of a security on stock exchanges in more than one country

crossed cheque / krɒst tʃek/ noun a cheque with two lines across it showing that it can only be deposited at a bank and not exchanged for cash

cross holding /krɒs həυld ŋ/ noun a situation where two companies own shares in each other in order to stop either from being taken over The two companies have protected themselves from takeover by a system of cross holdings.

cross out /krɒs aυt/ verb to put a line through something which has been written She crossed out £250 and put in £500.

cross rate / krɒs re t/ noun an exchange rate between two currencies expressed in a third currency

cross-selling /krɒs sel ŋ/ noun the act of selling insurance or other financial services at the same time as a mortgage

crowding out / kraυd ŋ aυt/ noun a situation where there is little money for private companies to borrow, because the government’s borrowings are very heavy

crown /kraυn/ noun a word used in English to refer to the units of currency of several countries, such as the Czech Republic, Denmark, Norway and Sweden,

crown jewels /kraυn d$u əlz/ plural noun the most valuable assets of a company (the reason why other companies may want to make takeover bids)

crude petroleum /kru d pə-

trəυliəm/ noun raw petroleum which has not been processed

cum /k m/ preposition with

cum all /k m ɔ l/ adverb including all entitlements

cum coupon /k m ku pɒn/ adverb with a coupon attached or before interest due on a security is paid

cum dividend /k m d v dend/, cum div /k m d v/ adverb including the next dividend still to be paid

cum rights /k m ra ts/ adverb sold with the right to purchase new shares in a rights issue

cumulative / kju mjυlət v/ adjective added to regularly over a period of time

cumulative interest / kju mjυlət vntrəst/ noun the interest which is

added to the capital each year

cumulative preference share

/ kju mjυlət v pref(ə)rəns ʃeə/, cu-

/ kju mjυlət v pr f% d stɒk/ noun a preference share which will have the dividend paid at a later date even if the company is not able to pay a dividend in the current year

curb exchange / k% b ks tʃe nd$/ same as American Stock Exchange

currency / k rəns / noun 1. money in coins and notes which is used in a particular country 2. a foreign currency, the currency of another country (NOTE: Cur-

rency has no plural when it refers to the money of one country: He was arrested trying to take currency out of the country.)

‘…today’s wide daily variations in exchange rates show the instability of a system based on a single currency, namely the dollar’ [Economist]

‘…the level of currency in circulation increased to N4.9 billion in the month of August’ [Business Times (Lagos)]

currency backing / k rənsib k ŋ/ noun gold or government securities which maintain the strength of a currency

currency band / k rənsi b nd/ noun the exchange rate levels between which a currency is allowed to move without full devaluation

currency basket / k rənsi bɑ sk t/ noun a group of currencies, each of which is weighted, calculated together as a single unit against which another currency can be measured

currency clause / k rənsi clɔ z/ noun a clause in a contract which avoids problems of payment caused by changes in exchange rates, by fixing the exchange rate for the various transactions covered by the contract

currency conversion systems

/ k rənsi kən v% ʃ(ə)n s stəmz/ plural noun computer software used to convert accounts from one currency to another automatically

currency futures / k rənsifju tʃəz/ plural noun purchases of foreign currency for delivery at a future date

currency movements / k rənsimu vmənts/ plural noun changes in

exchange rates between countries

currency note / k rənsi nəυt/ noun a bank note

currency reserves / k rənsi r -

z% vz/ noun foreign money held by a government to support its own currency and to pay its debts

currency swap / k rənsi swɒp/ noun an agreement to use a certain currency for payments under a contract in exchange for another currency (the two companies involved can each buy one of the currencies at a more favourable rate than the other)

current / k rənt/ adjective referring to the present time the current round of wage negotiations

‘…crude oil output plunged during the past month and is likely to remain at its current level for the near future’ [Wall Street Journal]

current account / k rənt ə kaυnt/ noun 1. an account in an bank from which the customer can withdraw money when he or she wants. Current accounts do not always pay interest. to pay money into a current account

Also called cheque account (NOTE:

The US term is checking account.) 2. an account of the balance of payments of a country relating to the sale or purchase of raw materials, goods and invisibles current account balance of payments a record of imports and exports, payments for services, and invisibles, etc.

‘…a surplus in the current account is of such vital importance to economists and currency traders because the more Japanese goods that are exported, the more dollars overseas

customers have to pay for these products. That pushes up the value of the yen’ [Nikkei Weekly]

‘…customers’ current deposit and current accounts also rose to $655.31 million at the end of December’ [Hongkong Standard]

current assets / k rənt sets/ plural noun the assets used by a company in its ordinary work, e.g. materials, finished goods, cash and monies due, and which are held for a short time only

current balance / k rənt b ləns/ noun the balance in an account at the start of a day’s trading. Also called led-

ger account

current cost accounting / k rəntkɒst ə kaυnt ŋ/ noun a method of

accounting which notes the cost of replacing assets at current prices, rather than valuing assets at their original cost. Abbreviation CCA

current liabilities / k rənt la ə-

b l tiz/ plural noun the debts which a company has to pay within the next accounting period. In a company’s annual accounts, these would be debts which must be paid within the year and are usually payments for goods or services received.

current price / k rənt pra s/ noun today’s price

current rate of exchange / k rənt re t əv ks tʃe nd$/ noun today’s rate

of exchange

current yield / k rənt ji ld/ noun a dividend calculated as a percentage of the current price of a share on the stock market

curve /k% v/ noun a line which is not straight, e.g. a line on a graph The graph shows an upward curve.

cushion / kυʃ(ə)n/ noun money which allows a company to pay interest on its borrowings or to survive a loss

We have sums on deposit which are a useful cushion when cash flow is tight.

custodial /k stəυdiəl/ adjective referring to custody, to holding valuable items for someone

custodial account /k stəυdiəl ə-

kaυnt/ noun an account in which money is held for someone, usually a child, by a custodian

custodian /k stəυdiən/ noun a person or company that looks after valuable items for someone, in particular money or other assets belonging to a child

custody / k stədi/ noun control of a thing under the law, as when holding valuables or share certificates in safekeeping for someone

custom / k stəm/ noun 1. the use of a shop by regular shoppers to lose someone’s custom to do something which makes a regular customer go to another shop 2. a thing which is usually done It is the custom of the book trade to allow unlimited returns for credit. the customs of the trade the general way of working in a trade

custom-built / k stəm b lt/ adjective made specially for one customer

He drives a custom-built Rolls Royce.

customer / k stəmə/ noun a person or company that buys goods The shop was full of customers. Can you serve this customer first please? She’s a regular customer of ours. (NOTE: The

customer may not be the consumer or end user of the product.)

‘…unless advertising and promotion is done in the context of an overall customer orientation, it cannot seriously be thought of as marketing’ [Quarterly Review of Marketing]

customer appeal / k stəmər ə pi l/ noun what attracts customers to a product

customer identification file

/ k stəmər a dent f ke ʃ(ə)n fa l/ noun US a computer record which a bank keeps on each customer, containing information about the customer’s credit rating. Abbreviation CIF

customer service department

/ k stəmə s% v s d pɑ tmənt/ noun a department which deals with customers and their complaints and orders

customise / k stəma z/, customize verb to change something to fit the special needs of a customer We use customised computer terminals.

customs / k stəmz/ plural noun the government department which organises the collection of taxes on imports, or an office of this department at a port or airport He was stopped by customs. Her car was searched by customs. to go through customs to pass through the area of a port or airport where customs officials examine goods to take something through customs to carry something illegal through a customs area without declaring it the crates had to go through a customs examination the

crates had to be examined by customs officials

customs barrier / k stəmz b riə/ noun customs duty intended to make trade more difficult

customs broker / k stəmzbrəυkə/ noun a person or company that

takes goods through customs for a shipping company

customs clearance / k stəmzkl ərəns/ noun 1. the act of passing

goods through customs so that they can enter or leave the country 2. a document given by customs to a shipper to show that customs duty has been paid and the goods can be shipped to wait for customs clearance

customs declaration / k stəmz deklə re ʃ(ə)n/ noun a statement show-

ing goods being imported on which duty will have to be paid to fill in a customs declaration form

customs duty / k stəmz dju ti/ noun a tax on goods imported into a country

customs entry point / k stəmzentri pɔ nt/ noun a place at a border

between two countries where goods are declared to customs

customs examination / k stəmz

z m ne ʃ(ə)n/ noun an inspection of goods or baggage by customs officials

customs formalities / k stəmz fɔ m l tiz/ plural noun a declaration of goods by the shipper and examination of them by customs

customs officer / k stəmz ɒf sə/ noun a person working for the Customs and Excise Department

customs official / k stəmz ə-

f ʃ(ə)l/ noun a person working for the Customs and Excise Department

customs seal / k stəmz si l/ noun a seal attached by a customs officer to a box, to show that the contents have not passed through customs

customs tariff / k stəmz t r f/ noun a list of taxes to be paid on imported goods

customs union / k stəmz ju njən/ noun an agreement between several countries that goods can travel between them, without paying duty, while goods

from other countries have to pay special duties

cut /k t/ noun 1. the sudden lowering of a price, salary or the number of jobs

price cuts or cuts in prices he took a cut in salary, he took a salary cut he accepted a lower salary 2. a share in a payment She introduces new customers and gets a cut of the sales rep’s commission. verb 1. to lower something suddenly We are cutting prices on all our models. We have taken out the second telephone line in order to try to cut costs. to cut (back) production to reduce the quantity of products made 2. to reduce the number of something to cut jobs to reduce the number of jobs by making people redundant he cut his losses he stopped doing something which was creating a loss

‘…state-owned banks cut their prime rates a percentage point to 11%’ [Wall Street Journal]

‘…the US bank announced a cut in its prime from 10½ per cent to 10 per cent’ [Financial Times]

cutback / k tb k/ noun a reduction

cutbacks in government spending

cut down on / k t daυn ɒn/ verb to reduce suddenly the amount of something used The government is cutting down on welfare expenditure. The office is trying to cut down on electricity consumption. We have installed networked computers to cut down on paperwork.

cut in / k t n/ verb to cut someone in on a deal to give someone a share in the profits of a deal (informal)

cutoff date / k tɒf de t/ noun a date when something is stopped, such as the final date for receiving applications for shares, or the date when the current trading account ends and the next account begins

cut-price / k t pra s/ adjective sold at a cheaper price than usual He made his money selling cut-price goods in the local market. You can get cut-price petrol in some petrol stations near the border.

cut-price store / k t pra s stɔ / noun a store selling cut-price goods

cut-throat competition / k t θrəυtkɒmpə t ʃ(ə)n/ noun sharp competi-

tion which cuts prices and offers high discounts

CWO abbreviation cash with order

cycle / sa k(ə)l/ noun a period of time during which something leaves its original position and then returns to it

cyclical / s kl k(ə)l/ adjective which happens in cycles

‘…consumer cyclicals such as general retailers should in theory suffer from rising interest rates. And food retailers in particular have cyclical exposure without price power’ [Investors Chronicle]

cyclical factors / s kl k(ə)l f ktəz/ plural noun the way in which a trade cycle affects businesses

cyclical stocks / s kl k(ə)l stɒks/ plural noun shares in companies which move in a regular pattern (such as shares in a turkey producer might rise in the period before Christmas)

daily / de li/ adjective done every day

daily interest, interest calculated daily or on a daily basis a rate of interest calculated each day and added to the principal

daily consumption / de li kən-

s mpʃən/ noun an amount used each day

daily sales returns / de li se lz/ plural noun reports of sales made each day

Daimyo bond / da mjəυ bɒnd/ noun a Japanese bearer bond which can be cleared through European clearing houses

dalasi /də lɑ si/ noun a unit of currency used in the Gambia

damp down / d mp daυn/ verb to reduce to damp down demand for domestic consumption of oil

danger money / de nd$ə m ni/ noun extra money paid to employees in dangerous jobs The workforce has stopped work and asked for danger money. He decided to go to work on an oil rig because of the danger money offered as an incentive.

data / de tə/ noun information available on computer, e.g. letters or figures

All important data on employees was fed into the computer. To calculate the weekly wages, you need data on hours worked and rates of pay. (NOTE:

takes a singular or plural verb)

data acquisition / de tə kw -

z ʃ(ə)n/ noun the act of gathering information about a subject

data bank / de tə b ŋk/ noun a store of information in a computer

database / de təbe s/ noun a set of data stored in an organised way in a computer system We can extract the lists of potential customers from our database.

data capture / de tə k ptʃə/, data entry / de tə entri/ noun same as data

acquisition

data mining / de tə ma n ŋ/ noun the use of advanced software to search online databases and identify statistical patterns or relationships in the data that may be commercially useful

data processing / de təprəυses ŋ/ noun the act of selecting

and examining data in a computer to produce information in a special form

Datastream / de təstri m/ noun a data system available online, giving information about securities, prices, stock exchange transactions, etc.

date /de t/ noun 1. the number of the day, month and year I have received your letter of yesterday’s date. date of receipt the date when something is received 2. to date up to now interest to date interest up to the present time verb to put a date on a document The cheque was dated March 24th. You forgot to date the cheque. to date a cheque forward to put a later date than the present one on a cheque

dated / de t d/ adjective 1. with a date written on it Thank you for your letter dated June 15th. 2. out-of-date The unions have criticised management for its dated ideas.

date draft / de t drɑ ft/ noun a draft which has a certain maturity date

date of bill / de t əv b l/ noun a date when a bill will mature

date of record / de t əv rekɔ d/ noun the date when a shareholder must be registered to qualify for a dividend

date stamp / de t st mp/ noun a stamp with rubber figures which can be moved, used for marking the date on documents

dawn raid /dɔ n re d/ noun a sudden planned purchase of a large number of a company’s shares at the beginning of a day’s trading (NOTE: Up to 15% of a

company’s shares may be bought in this way, and the purchaser must wait for seven days before purchasing any more shares. Sometimes a dawn raid is the first step towards a takeover of the target company.)

DAX index noun an index of prices on the Frankfurt stock exchange. Full form

Deutsche Aktien index

day /de / noun 1. a period of 24 hours

There are thirty days in June. The first day of the month is a public holiday. days of grace the time given to a debtor to repay a loan, to pay the amount purchased using a credit card, or to pay an insurance premium Let’s send the cheque at once since we have only five days of grace left. Because the shopowner has so little cash available, we will have to allow him additional days of grace. three clear days three whole working days to give ten clear days’ notice Allow four clear days for the cheque to be paid into the bank. 2. a period of work from morning to night she took two days off she did not come to work for two days she works three days on, two days off she works for three days, then has two days’ holiday to work an eight-hour day to spend eight hours at work each day 3. one of the days of the week

day book / de bυk/ noun a book with an account of sales and purchases made each day

day order / de ɔ də/ noun an order to a stockbroker to buy or sell on a certain day

day release /de r li s/ noun an arrangement where a company allows a worker to go to college to study for one or two days each week The junior sales manager is attending a day release course.

day shift / de ʃ ft/ noun a shift worked during the daylight hours (from early morning to late afternoon)

day trader / de tre də/ noun a person who buys shares and sells them within the same day

day work / de w% k/ noun work done during a day

DCF abbreviation discounted cash flow dead /ded/ adjective not working

dead account /ded ə kaυnt/ noun an account which is no longer used

dead-cat bounce / ded k t baυns/ noun a slight rise in a share price after a sharp fall, showing that some investors are still interested in buying the share at the lower price, although further sharp falls will follow

deadline / dedla n/ noun the date by which something has to be done to meet a deadline to finish something in time to miss a deadline to finish something later than it was planned

We’ve missed our October 1st deadline.

deadlock / dedlɒk/ noun a point where two sides in a dispute cannot agree The negotiations have reached deadlock or a deadlock. to break a deadlock to find a way to start discussions again after being at a point where no agreement was possible verb to be unable to agree to continue negotiations

talks have been deadlocked for ten days after ten days the talks have not produced any agreement

dead loss /ded lɒs/ noun a total loss

The car was written off as a dead loss.

deal /di l/ noun a business agreement, affair or contract The sales director set up a deal with a Russian bank. The deal will be signed tomorrow. They did a deal with an American airline. to call off a deal to stop an agreement

When the chairman heard about the deal he called it off. verb 1. to deal with to organise something Leave it to the filing clerk – he’ll deal with it. to deal with an order to work to supply an order 2. to buy and sell to deal with someone to do business with someone to deal in leather or options to buy and sell leather or options he deals on the Stock Exchange his work involves buying and selling shares on the Stock Exchange for clients

dealer / di lə/ noun 1. a person who buys and sells a used-car dealer 2. a person or firm that buys or sells on their own account, not on behalf of clients

dealer bank / di lər b ŋk/ noun a bank which deals on the stock exchange or which deals in government securities

dealing / di l ŋ/ noun 1. the business of buying and selling on the Stock Ex-

dealing floor

change, commodity markets or currency markets dealing for or within the account buying shares and selling the same shares during an account, which means that the dealer has only to pay the difference between the price of the shares bought and the price obtained for them when they are sold 2. the business of buying and selling goods to have dealings with someone to do business with someone

dealing floor / di l ŋ flɔ / noun 1. an area of a broking house where dealing in securities is carried out by phone, using monitors to display current prices and stock exchange transactions 2. a part of a stock exchange where dealers trade in securities

dealing-only broker / di l ŋ əυnlibrəυkə/ noun a broker who buys and

sells shares for clients, but does not provide any advice and does not manage portfolios (as opposed to a full-service broker)

dear /d ə/ adjective expensive, costing a lot of money Property is very dear in this area.

dear money / d ə m ni/ noun money which has to be borrowed at a high interest rate, and so restricts expenditure by companies. Also called tight

money

death benefit / deθ ben f t/ noun insurance benefit paid to the family of someone who dies in an accident at work

death duty / deθ dju ti/ noun US a tax paid on the property left by a dead person. Also called death tax (NOTE:

The UK term is inheritance tax.)

death in service / deθ n s% v s/ noun an insurance benefit or pension paid when someone dies while employed by a company

death tax / deθ t ks/ noun same as death duty

debenture /d bentʃə/ noun agreement to repay a debt with fixed interest using the company’s assets as security

The bank holds a debenture on the company.

COMMENT: In the UK, debentures are always secured on the company’s assets. In the USA, debenture bonds are not secured.

debenture bond /d bentʃə bɒnd/ noun US 1. a certificate showing that a debenture has been issued 2. an unsecured loan

debenture capital /d bentʃək p t(ə)l/ noun a capital borrowed by a company, using its fixed assets as security

debenture holder /d bentʃəhəυldə/ noun a person who holds a de-

benture for money lent

debenture stock /d bentʃə stɒk/ noun a capital borrowed by a company, using its fixed assets as security

debit / deb t/ noun an amount entered in accounts which shows an increase in assets or expenses or a decrease in liabilities, revenue or capital. In accounts, debits are entered in the left-hand column. Compare credit verb to debit an account to charge an account with a cost His account was debited with the sum of £25.

debitable / deb təb(ə)l/ adjective which can be debited

debit balance / deb t b ləns/ noun a balance in an account showing that more money is owed than has been received Because of large payments to suppliers, the account has a debit balance of £1,000.

debit bureau / deb t bjυərəυ/ noun a centralised system for checking a customer’s credit rating when he or she presents a cheque as payment

debit card / deb t kɑ d/ noun a plastic card, similar to a credit card, but which debits the holder’s account immediately through an EPOS system

debit column / deb t kɒləm/ noun the left-hand column in accounts showing the money paid or owed to others

debit entry / deb t entri/ noun an entry on the debit side of an account

debit interest / deb t ntrəst/ noun an interest on debts, such as overdrafts

debit note / deb t nəυt/ noun a note showing that a customer owes money

We undercharged Mr Smith and had to send him a debit note for the extra amount.

debits and credits / deb ts ənkred ts/ plural noun money which a company owes and money it receives, or figures which are entered in the ac-

debit side

counts to record increases or decreases in assets, expenses, liabilities, revenue or capital

debit side / deb t sa d/ noun a left-hand column of accounts showing money owed or paid to others

debt /det/ noun money owed for goods or services The company stopped trading with debts of over £1 million. to be in debt to owe money he is in debt to the tune of £250,000 he owes £250,000 to get into debt to start to borrow more money than you can pay back the company is out of debt the company does not owe money any more

to pay back a debt to pay all the money owed to pay off a debt to finish paying money owed to reschedule a debt to arrange for the repayment of a debt to be put off to a later date to service a debt to pay interest on a debt

The company is having problems in servicing its debts. debts due money owed which is due for repayment

debt collection / det kə lekʃən/ noun the act of collecting money which is owed

debt collection agency / det kə-

lekʃən e d$ənsi/ noun a company which collects debts for other companies for a commission

debt collector / det kə lektə/ noun a person who collects debts

debt-convertible bond / det kən-

v% t b(ə)l bɒnd/ noun a floating-rate bond which can be converted to a fixed rate of interest. droplock bond

debt counselling / det kaυnsəl ŋ/ noun the work of advising people who are in debt of the best ways to arrange their finances so as to pay off their debts

debt instrument / det nstrυmənt/ noun a document by which someone promises to repay a debt (NOTE: Debt in-

struments include such things as IOUs, CDs and bank notes.)

debtor / detə/ noun a person who owes money

debtor nation / detə ne ʃ(ə)n/ noun a country whose foreign debts are larger than money owed to it by other countries

‘…the United States is now a debtor nation for the first time since 1914, owing more to foreigners than it is owed itself’ [Economist]

debtor side / detə sa d/ noun the debit side of an account

debt-service ratio /det s% v sre ʃiəυ/ noun the debts of a company

shown as a percentage of its equity

debt servicing / det s% v s ŋ/ noun the payment of interest on a debt

debt swap / det swɒp/ noun a method of reducing exposure to a long-term Third World debt by selling it at a discount to another bank

decelerate /di seləre t/ verb to slow down

deciding factor /d sa d ŋ f ktə/ noun the most important factor which influences a decision A deciding factor in marketing our range of sports goods in the country was the rising standard of living there.

decile / desa l/ noun one of a series of nine figures below which one tenth or several tenths of the total fall

decimal / des m(ə)l/ noun correct to three places of decimals correct to three figures after the decimal point (e.g. 3.485)

decimalisation / des m(ə)la -

ze ʃ(ə)n/, decimalization noun the process of changing to a decimal system

decimalise / des m(ə)la z/, decimalize verb to change something to a decimal system

decimal point / des m(ə)l pɔ nt/ noun a dot which indicates the division between the whole unit and its smaller parts (such as 4.75)

COMMENT: The decimal point is used in the UK and USA. In most European countries a comma is used to indicate a decimal, so 4,75% in Germany means 4.75% in the UK

decimal system / des m(ə)ls stəm/ noun a system of mathematics based on the number 10

decision-maker /d s $(ə)n me kə/ noun a person who takes decisions

declaration / deklə re ʃ(ə)n/ noun an official statement

declaration of bankruptcy

/ dekləre ʃ(ə)n əv b ŋkr ptsi/ noun an official statement that someone is bankrupt

declaration of income

declaration of income

/ dekləre ʃ(ə)n əv nk m/ noun same as income tax return

declare /d kleə/ verb to make an official statement of something, or announce something to the public to declare someone bankrupt The company declared an interim dividend of 10p per share. to declare goods to customs to state that you are importing goods which are liable to duty Customs officials asked him if he had anything to declare. to declare an interest to state in public that you own shares in a company being discussed or that you are related to someone who can benefit from your contacts

declared /d kleəd/ adjective which has been made public or officially stated

declared value /d kleəd v lju / noun the value of goods entered on a customs declaration

decline /d kla n/ noun 1. a gradual fall the decline in the value of the dollar a decline in buying power The last year has seen a decline in real wages. 2. the final stage in the life cycle of a product when the sales and profitability are falling off and the product is no longer worth investing in verb to fall slowly or decrease Shares declined in a weak market. New job applications have declined over the last year. The economy declined during the last government. The purchasing power of the pound declined over the decade.

‘Saudi oil production has declined by three quarters to around 2.5m barrels a day’ [Economist]

‘…this gives an average monthly decline of 2.15 per cent during the period’ [Business Times (Lagos)]

‘…share prices disclosed a weak tendency right from the onset of business and declined further, showing losses over a broad front’ [The Hindu]

decrease noun / di kri s/ a fall or reduction The decrease in the prices of consumer goods is reflected in the fall in the cost of living. Exports have registered a decrease. Sales show a 10% decrease on last year. verb /d kri s/ to fall or to become less Imports are decreasing. The value of the pound has decreased by 5%.

deduct /d d kt/ verb to take money away from a total to deduct £3 from

95 deep discounted rights issue

the price to deduct a sum for expensesAfter deducting costs the gross margin is only 23%. Expenses are still to be deducted. tax deducted at source tax which is removed from a salary, interest payment or dividend payment on shares before the money is paid

deductible /d d kt b(ə)l/ adjective which can be deducted these expenses are not tax-deductible tax has to be paid on these expenses

deduction /d d kʃən/ noun the removing of money from a total, or the amount of money removed from a total

Net salary is salary after deduction of tax and social security. The deduction from his wages represented the cost of repairing the damage he had caused to the machinery. deductions from salary or salary deductions or deductions at source money which a company removes from salaries to give to the government as tax, national insurance contributions, etc.

deed /di d/ noun a legal document or written agreement

deed of assignment / di d əv ə-

sa nmənt/ noun a document which legally transfers a property from a debtor to a creditor

deed of covenant / di d əvk vənənt/ noun a signed legal agree-

ment by which someone agrees to certain conditions, such as the payment of a certain sum of money each year

deed of partnership / di d əvpɑ tnəʃ p/ noun agreement which sets up a partnership

deed of transfer / di d əvtr nsf% / noun a document which transfers the ownership of shares

deep discount / di p d skaυnt/ noun a very large discount

‘…when it needed to make its financial results look good, it shipped a lot of inventory. It did this by offering deep discounts to distributors’ [Forbes]

deep discounted bonds /di pd skaυnt d bɒndz/ plural noun Euro-

bonds which are issued at a very large discount but which do not produce any interest

deep discounted rights issue

/di p d s kaυnt d ra ts/ noun a rights issue where the new shares are priced at