Dictionary_of_Banking_and_Finance

has now replaced plaintiff. The other side in a case is the defendant)

right-hand / ra t h nd/ adjective belonging to the right side The credit side is the right-hand column in the accounts. He keeps the address list in the right-hand drawer of his desk.

right-hand man / ra t h nd m n/ noun a man who is the main assistant to someone

right of way / ra t əv we / noun a legal title to go across someone’s property

rights issue / ra ts ʃu / noun an arrangement which gives shareholders the right to buy more shares at a lower price (NOTE: The US term is rights of-

fering.)

right to strike / ra t tə stra k/ noun a legal right of workers to stop working if they have a good reason for it

ring /r ŋ/ noun 1. a group of people who try to fix prices so as not to compete with each other and still make a large profit 2. a trading floor on a commodity exchange

ring binder / r ŋ ba ndə/ noun a file with a stiff cover with rings in it which fit into special holes made in sheets of paper

ring fence / r ŋ fens/ verb 1. to separate valuable assets or profitable businesses from others in a group which are unprofitable and may make the whole group collapse 2. to identify money from certain sources and only use it in certain areas The grant has been ring-fenced for use in local authority education projects only.

hypothecation

ringgit / r ŋ t/ noun a unit of currency used in Malaysia (also called the ‘Malaysian dollar’)

rise /ra z/ noun 1. an increase A rise in the price of raw materials. Oil price rises brought about a recession in world trade. There has been a rise in sales of 10% or Sales show a rise of 10%. Salaries are increasing to keep up with the rises in the cost of living. The recent rise in interest rates has made mortgages dearer. 2. an increase in pay She asked her boss for a rise. He had a 6% rise in January. (NOTE: The US term is raise.) verb to move upwards or to become higher Prices

or Salaries are rising faster than inflation. Interest rates have risen to 15%.Salaries are rising faster than inflation. (NOTE: rising – rose – risen)

‘…the index of industrial production sank 0.2 per cent for the latest month after rising 0.3 per cent in March’ [Financial Times]

‘…the stock rose to over $20 a share, higher than the $18 bid’ [Fortune]

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

‘…the government reported that production in the nation’s factories and mines rose 0.2% in September’ [Sunday Times]

rising screen / ra z ŋ skri n/ noun a panel which moves upwards to protect a cashier in a bank against robbers

risk /r sk/ noun 1. possible harm or a chance of danger to run a risk to be likely to suffer harm to take a risk to do something which may make you lose money or suffer harm 2. at owner’s risk a situation where goods shipped or stored are insured by the owner, not by the transport company or the storage company Goods left here are at owner’s risk. The shipment was sent at owner’s risk. 3. loss or damage against which you are insured 4. he is a good or bad risk it is not likely or it is very likely that the insurance company will have to pay out against claims where he is concerned

‘…remember, risk isn’t volatility. Risk is the chance that a company’s earnings power will erode – either because of a change in the industry or a change in the business that will make the company significantly less profitable in the long term’ [Fortune]

risk-adjusted /r sk ə d$ st d/ adjective calculated after taking risk into account

risk arbitrage / r sk ɑ b trɑ $/ noun the business of buying shares in companies which are likely to be taken over and so rise in price

risk arbitrageur /r sk ɑ b trɑ $% / noun a person whose business is risk arbitrage

risk asset ratio / r sk setre ʃiəυ/ noun a proportion of a bank’s capital which is in risk assets

risk assets /r sk sets/ plural noun assets of a bank which are in securities or bonds which may fall in value

risk-averse / r sk ə v% s/ adjective not wanting to take risks

risk-based / r sk be st/ adjective calculated against a risk

risk-based capital / r sk be stk p t(ə)l/ noun an internationally approved system of calculating a bank’s capital value by assessing the risk attached to its assets (cash deposits and gold, for example, have no risk, while loans to Third World countries have a high risk)

risk capital / r sk k p t(ə)l/ noun same as venture capital

risk-free / r sk fri /, riskless

/ r skləs/ adjective with no risk involved a risk-free investment

‘…there is no risk-free way of taking regular income from your money higher than the rate of inflation and still preserving its value’ [Guardian]

‘…many small investors have also preferred to put their spare cash with risk-free investments such as building societies rather than take chances on the stock market. The returns on a host of risk-free investments have been well into double figures’ [Money Observer]

riskiness / r skinəs/ noun the fact of being risky

risk management / r skm n d$mənt/ noun the work of man-

aging a company’s exposure to risk from its credit terms or exposure to interest rate or exchange rate fluctuations

risk premium / r sk pri miəm/ noun an extra payment (increased dividend or higher than usual profits) for taking risks

risk-weighted assets / r skwe t d sets/ plural noun assets

which include off-balance sheet items for insurance purposes

risky / r ski/ adjective dangerous or which may cause harm We lost all our money in some risky ventures in South America.

‘…while the bank has scaled back some of its more risky trading operations, it has retained its status as a top-rate advisory house’ [Times]

rival / ra v(ə)l/ noun a person or company that competes in the same market

a rival company to undercut a rival

riyal /ri ɑ l/ noun a unit of currency used in Saudi Arabia, Qatar and Yemen

ROA abbreviation return on assets

robber / rɒbə/ noun a person who carries out a robbery

robbery / rɒbəri/ noun the offence of stealing something from someone using force, or threatening to use force

robust /rəυ b st/ adjective strong, able to survive in difficult circumstances

robustness /rəυ b stnəs/ noun the fact of being strong financial robustness the fact of being in a strong position financially

ROCE abbreviation return on capital employed

rock /rɒk/ noun the company is on the rocks the company is in great financial difficulties

rock bottom /rɒk bɒtəm/ noun sales have reached rock bottom sales have reached the lowest point possible

‘…investment companies took the view that secondhand prices had reached rock bottom and that levels could only go up’ [Lloyd’s List]

rocket / rɒk t/ verb to rise fast Investors are rushing to cash in on rocketing share prices. Prices have rocketed on the commodity markets.

ROE abbreviation return on equity ROI abbreviation return on investment

roll /rəυl/ noun something which has been turned over and over to wrap round itself The desk calculator uses a roll of paper. We need to order some more rolls of fax paper. verb to make something go forward by turning it over or pushing it on wheels They rolled the computer into position.

rolled-up coupons / rəυld pku pɒnz/ plural noun interest coupons on securities, which are not paid out, but added to the capital value of the security

rolling account / rəυl ŋ ə kaυnt/ noun a system where there are no fixed account days, but stock exchange transactions are paid at a fixed period after each transaction has taken place (as opposed to the British system, where an account day is fixed each month)

rolling budget / rəυl ŋ b d$ t/ noun a budget which moves forward on a regular basis (such as a budget covering a twelve-month period, which moves forward each month or quarter)

rolling plan / rəυl ŋ pl n/ noun a plan which runs for a period of time and is updated regularly for the same period

rolling settlement / rəυl ŋ

set(ə)lmənt/ noun US same as rolling account

roll over / rəυl əυvə/ verb to roll over a credit to make credit available over a continuing period to roll over a debt to allow a debt to stand after the repayment date

‘…at the IMF in Washington, officials are worried that Japanese and US banks might decline to roll over the principal of loans made in the 1980s to Southeast Asian and other developing countries’ [Far Eastern Economic Review]

rollover / rəυləυvə/ noun an extension of credit or of the period of a loan, though not necessarily on the same terms as previously

rollover credit / rəυləυvə kred t/ noun credit in the form of a me- dium-term loan, covered by a series of short-term loans

rollover mortgage / rəυləυvəmɔ d$/ noun a short-term mortgage which is renegotiated with different terms every five years or so

roll up / rəυl p/ verb to extend a loan, by adding the interest due to be paid to the capital

Romalpa clause noun a clause in a contract, whereby the seller provides that title to the goods does not pass to the buyer until the buyer has paid for them

COMMENT: Called after the case of Aluminium Industrie Vaassen BV v Romalpa Ltd.

rotation /rəυ te ʃ(ə)n/ noun the act of taking turns to fill the post of chairman by rotation to let each member of the group act as chairman for a period then give the post to another member two directors retire by rotation two directors retire because they have been directors longer than any others, but can offer themselves for re-election

Roth account / rɒθ ə kaυnt/, Roth IRA / rɒθ a rə/ noun an individual retirement account in which earnings can be withdrawn tax free at age 59½ provided that they have been invested in the account for more than five years

rouble / ru b(ə)l/ noun a unit of currency used in Russia and Belarus (NOTE:

The US spelling is ruble.)

rough /r f/ adjective approximate, not very accurate

rough calculation / r f k lkjυ-

le ʃ(ə)n/ noun a way of working out a mathematical problem approximately, or the approximate result arrived at I made some rough calculations on the back of an envelope.

rough draft /r f drɑ ft/ noun a plan of a document which may have changes made to it before it is complete

rough estimate /r f est mət/ noun a very approximate calculation

rough out / r f aυt/ verb to make a draft or a general design of something, which may be changed later The finance director roughed out a plan of investment.

round /raυnd/ adjective in round figures not totally accurate, but correct to the nearest 10 or 100 verb to make a fractional figure a full figure, by increasing or decreasing it Some figures have been rounded to the nearest cent.

round down / raυnd daυn/ verb to decrease a fractional figure to the nearest full figure

round-tripping / raυnd tr p ŋ/ noun 1. the practice of borrowing at one rate of interest and lending the same money short-term at a higher rate (used to borrow on overdraft, when short-term deposit rates are higher) 2. US the practice of buying securities and then selling them quickly

round up / raυnd p/ verb to increase a fractional figure to the nearest full figure to round up the figures to the nearest pound

‘…each cheque can be made out for the local equivalent of œ100 rounded up to a convenient figure’ [Sunday Times]

routing / ru t ŋ/ check routing symbol

royalty / rɔ əlti/ noun money paid to an inventor, writer or the owner of land for the right to use their property, usually a specific percentage of sales, or a specific amount per sale The country will benefit from rising oil royalties. He is still receiving substantial royalties from his invention.

RPB abbreviation recognised professional body

RPI abbreviation retail price index

RPM abbreviation resale price maintenance

RRP abbreviation recommended retail price

RSP abbreviation retail service provider

RTGS abbreviation real-time gross settlement

rubber check / r bə tʃek/ noun US a cheque which cannot be cashed because the person writing it does not have enough money in the account to pay it

(NOTE: The UK term is bouncing cheque.)

rubber stamp / r bə st mp/ noun a stamp with rubber letters or figures on it to put the date or a note on a document

He stamped the invoice with the rubber stamp ‘Paid’. verb to agree to something without discussing it The board simply rubber stamped the agreement.

rule /ru l/ noun a statement that directs how people should behave It is a company rule that smoking is not allowed in the offices. The rules of the organisation are explained during the induction sessions. as a rule usually As a rule, we do not give discounts over 20%. verb 1. to give an official decision The commission of inquiry ruled that the company was in breach of contract. The judge ruled that the documents had to be deposited with the court. 2. to be in force or to be current Prices which are ruling at the moment. The current ruling agreement is being redrafted.

rulebook / ru lbυk/ noun a book which lists the rules by which the members of a union or self-regulatory organisation must operate

rule of 72 / ru l əv sev(ə)nti tu / noun a calculation that an investment will double in value at compound interest after a period shown as 72 divided by the interest percentage (so interest at 10% compound will double the capital invested in 7.2 years)

ruling / ru l ŋ/ adjective in operation at the moment, current We will invoice at ruling prices. noun a decision

The inquiry gave a ruling on the case.

According to the ruling of the court, the contract was illegal.

run noun /r n/ 1. a period of time during which a machine is working a cheque run a series of cheques processed through a computer 2. a rush to buy something The Post Office reported a run on the new stamps. a run on the bank a rush by customers to take deposits out of a bank which they think may close down a run on the pound a rush to sell pounds and buy other currencies verb /r n/ to manage or to organise something She runs a mail-order business from home. They run a staff sports club. He is running a multimillion-pound company. 1. to be in a particular state or to be taking place in a particular way The meeting was running late. 2. to continue or to last The lease runs for twenty years. The lease has only six months to run.

(NOTE: running – ran – has run)

‘…applications for mortgages are running at a high level’ [Times]

‘…with interest rates running well above inflation, investors want something that offers a return for their money’ [Business Week]

runaway inflation / r nəwe n-

fle ʃ(ə)n/ noun very rapid inflation, which is almost impossible to reduce

run down / r n daυn/ verb 1. to reduce a quantity gradually We decided to run down stocks or to let stocks run down at the end of the financial year. 2. to slow down the business activities of a company before it is going to be closed

The company is being run down.

run into / r n ntυ/ verb 1. to run into debt to start to have debts 2. to amount to Costs have run into thousands of pounds. he has an income running into five figures he earns more than £10,000

running costs / r n ŋ kɒsts/ plural noun money spent on the day-to-day cost of keeping a business going

running total / r n ŋ təυt(ə)l/ noun the total carried from one column of figures to the next

running yield / r n ŋ ji ld/ noun a yield on fixed interest securities, where the interest is shown as a percentage of the price paid

run to settlement / r n təset(ə)lmənt/ noun a futures sale which

runs until the actual commodity is delivered

run up / r n p/ verb to make debts or costs go up quickly He quickly ran up a bill for £250.

rupee /ru pi / noun a unit of currency used in India, Mauritius, Nepal, Pakistan and Sri Lanka (NOTE: Written Rs

before the figure: Rs. 250)

rupiah /ru piə/ noun a unit of currency used in Indonesia

Russell index / r s(ə)l ndeks/ noun any of various indices published by the Russell Company in Tacoma, Washington

COMMENT: The Russell 3000 Index lists the 3000 largest companies (almost all the companies whose shares are traded in the USA); this index is subdivided into two, the Russell 1000 Index lists the 1000 largest companies in the 3000 Index, and the Russell 2000 Index lists the remainder. There are other indices.

SA abbreviation société anonyme or sociedad anónima

s.a.e. abbreviation a stamped addressed envelope Send your application form to the personnel officer, with an s.a.e. for reply.

safe /se f/ noun a heavy metal box which cannot be opened easily, in which valuable documents and money can be kept Put the documents in the safe. We keep the petty cash in the safe. adjective out of danger keep the documents in a safe place in a place where they cannot be stolen or destroyed

safe deposit / se f d pɒz t/ noun a bank safe where you can leave jewellery or documents

safe deposit box /se f d pɒz t bɒks/ noun a small box which you can

rent to keep jewellery or documents in a bank’s safe

safeguard / se f ɑ d/ verb to protect something or someone The duty of the directors is to safeguard the interests of the shareholders. noun something that provides protection

safe investment /se f n vestmənt/ noun something, e.g. a share, which is not likely to fall in value

safe keeping /se f ki p ŋ/ noun the fact of being looked after carefully

We put the documents into the bank for safe keeping.

safety / se fti/ noun 1. the fact of being free from danger or risk to take safety precautions or safety measures to act to make sure something is safe 2.for safety to make something safe, to be safe to take a copy of the disk for safety Put the documents in the cupboard for safety.

safety margin / se fti mɑ d$ n/ noun a time or space allowed to make sure that something can be done safely

safety regulations / se fti re jυ-

le ʃ(ə)nz/ plural noun rules to make a place of work safe for the employees

SAIF abbreviation savings association insurance fund

salami fraud /sə lɑ mi frɔ d/ noun a fraud where a very small amount of money is removed from each transaction and put into a suspense account (the amounts – 1p or 1c per transaction – are so small that no one notices them, but over a period of time they build up to large sums of money)

salaried / s lərid/ adjective earning a salary The company has 250 salaried staff.

salaried partner / s lərid pɑ tnə/ noun a partner, often a junior one, who receives a regular salary in accordance with the partnership agreement

salary / s ləri/ noun 1. a regular payment for work done, made to an employee usually as a cheque at the end of each month The company froze all salaries for a six-month period. If I get promoted, my salary will go up. The salary may be low, but the fringe benefits attached to the job are good. She got a salary increase in June. scale of salaries or salary scale a list of salaries showing different levels of pay in different jobs in the same company 2. an amount paid to an employee, shown as a monthly, quarterly or yearly total

(NOTE: The plural is salaries.)

salary cheque / s ləri tʃek/ noun a monthly cheque by which an employee is paid

salary cut / s ləri k t/ noun a sudden reduction in salary

salary deductions / s ləri d -

d kʃənz/ plural noun money which a company removes from salaries to pay to the government as tax, National Insurance contributions, etc.

salary package / s ləri p k d$/ noun same as pay package

salary reduction / s ləri r -

d kʃ(ə)n/ noun the act of removing money from an employee’s salary to put into a pension plan

salary review / s ləri r vju / noun same as pay review She had a salary review last April or Her salary was reviewed last April.

salary scale / s ləri ske l/ noun same as pay scale He was appointed at the top end of the salary scale.

salary structure / s ləri str ktʃə/ noun the organisation of salaries in a company with different rates of pay for different types of job

‘…the union of hotel and personal service workers has demanded a new salary structure and uniform conditions of service for workers in the hotel and catering industry’ [Business Times (Lagos)]

sale /se l/ noun 1. an act of giving an item or doing a service in exchange for money, or for the promise that money will be paid for sale ready to be sold to offer something for sale or to put something up for sale to announce that something is ready to be sold They put the factory up for sale. His shop is for sale. These items are not for sale to the general public. on sale ready to be sold in a shop These items are on sale in most chemists. 2. an act of selling goods at specially low prices The shop is having a sale to clear old stock.The sale price is 50% of the normal price.

‘…the latest car sales for April show a 1.8 per cent dip from last year’s total’ [Investors Chronicle]

sale and lease-back / se l ən li s b k/ noun the sale of an asset, usually a building, to somebody else who then leases it back to the original owner

sales /se lz/ plural noun 1. money received for selling something Sales have risen over the first quarter. 2. items sold, or the number of items sold

sales analysis / se lz ə n ləs s/ noun an examination of the reports of sales to see why items have or have not sold well

sales book / se lz bυk/ noun a record of sales

sales budget / se lz b d$ t/ noun a plan of probable sales

sales chart / se lz tʃɑ t/ noun a diagram showing how sales vary from month to month

sales curve / se lz k% v/ noun a graph showing how sales increase or decrease

sales department / se lz d -

pɑ tmənt/ noun the section of a company which deals with selling the company’s products or services

sales drive / se lz dra v/ noun a vigorous effort to increase sales

sales executive / se lz zekjυt v/ noun a person in a company or department in charge of sales

sales figures / se lz f əz/ plural noun total sales

sales force / se lz fɔ s/ noun a group of sales staff

sales forecast / se lz fɔ kɑ st/ noun an estimate of future sales

sales invoice / se lz nvɔ s/ noun an invoice relating to a sale

sales journal / se lz d$% n(ə)l/ noun the book in which non-cash sales are recorded with details of customer, invoice, amount and date (these details are later posted to each customer’s account in the sales ledger)

sales ledger / se lz led$ə/ noun a book in which sales to each customer are entered

sales ledger clerk / se lz led$əklɑ k/ noun an office worker who deals with the sales ledger

sales literature / se lz l t(ə)rətʃə/ noun printed information which helps sales, e.g. leaflets or prospectuses

salesman / se lzmən/ noun a man who sells an organisation’s products or services to customers, especially to retail shops He is the head salesman in the carpet department. His only experience is as a used-car salesman. Salesmen are paid a basic salary plus commission. We have six salesmen calling on accounts in central London.

sales manager / se lz m n d$ə/ noun a person in charge of a sales department

sales mix / se lz m ks/ noun the sales and profitability of a wide range of products sold by a single company

sales mix profit variance / se ls m ks prɒf t veəriəns/ noun the dif-

fering profitability of different products within a product range

salesperson / se lz p% s(ə)n/ noun a person who sells products or services to retail shops on behalf of a company

(NOTE: The plural is salespeople.)

sales representative / se lz repr -

zentət v/, sales rep / se lz rep/ noun same as salesperson We have six sales representatives in Europe. They have vacancies for sales representatives to call on accounts in the north of the country.

sales return / se lz r t% n/ noun a report of sales made each day or week or quarter

sales returns / se lz r t% nz/ plural noun items sold which are returned by the purchaser

sales returns book /se ls r t% nz bυk/ noun a ledger giving details of goods returned by purchasers, including invoice number, credit notes, quantities, etc. Abbreviation SRB

sales revenue / se lz revənju / noun US the income from sales of goods or services (NOTE: The UK term

is turnover.)

sales slip / se lz sl p/ noun a paper showing that an article was bought at a certain shop Goods can be exchanged only on production of a sales slip.

sales target / se lz tɑ t/ noun the amount of sales a sales representative is expected to achieve

sales tax / se lz t ks/ noun a tax which is paid on each item sold (and is collected when the purchase is made). Also called turnover tax

sales value / se lz v lju / noun the amount of money which would be received if something is sold

sales volume / se lz vɒlju m/ noun the number of units sold (NOTE: The UK

term is turnover.)

sales volume profit variance

/se lz vɒlju m prɒf t veəriəns/ noun the difference between the profit on the number of units actually sold and the forecast figure

saleswoman / se lzwυmən/ noun a woman who sells an organisation’s products or services to customers

salvage / s lv d$/ noun 1. the work of saving a ship or a cargo from being destroyed 2. goods saved from a wrecked ship, from a fire or from some other accident a sale of flood salvage items (NOTE: no plural) verb 1. to save goods or a ship from being destroyed

We are selling off a warehouse full of salvaged goods. 2. to save something from loss The company is trying to salvage its reputation after the managing director was sent to prison for fraud.The receiver managed to salvage something from the collapse of the company.

salvage money / s lv d$ m ni/ noun payment made by the owner of a ship or a cargo to the person who has saved it

salvage vessel / s lv d$ ves(ə)l/ noun a ship which specialises in saving other ships and their cargoes

same /se m/ adjective being or looking exactly alike

‘…previously, only orders received by 11 a.m. via the Internet could be delivered the same day, and then only for a limited range of items. With fast packaging and inspection, same-day delivery is now possible anywhere in Tokyo’ [Nikkei Weekly]

same-day funds / se m de f ndz/ plural noun money which can be withdrawn from an account the same day as it is deposited

same-store sales / se m stɔ se lz/ noun sales for the same stores over an earlier period

‘…it led the nation’s department stores over the crucial Christmas season with an 11.7% increase in same-store sales’ [Fortune]

‘…its consistent double-digit same-store sales growth also proves that it is not just adding revenue by adding new locations’ [Fortune]

sample / sɑ mpəl/ noun 1. a small part of an item which is used to show what the whole item is like Can you provide us with a sample of the cloth or a cloth sample? 2. a small group which is studied in order to show what a larger group is like We interviewed a sample of potential customers. verb 1. to test or to try something by taking a small amount of it to sample a product before buying it 2. to ask a representative group of people questions to find out

what the reactions of a much larger group would be They sampled 2,000 people at random to test the new drink.

sampling / sɑ mpl ŋ/ noun 1. the testing of a product by taking a small amount a sampling of European Union produce 2. the testing of the reactions of a small group of people to find out the reactions of a larger group of consumers

samurai bond / s mυra bɒnd/ noun an international bond in yen launched on the Japanese market by a non-Japanese corporation. Compare

bulldog bond, shogun bond, Yankee bond

S&L abbreviation savings and loan (association)

S&P abbreviation Standard and Poor’s

SARL abbreviation société anonyme à responsabilité limitée

save /se v/ verb to keep (money), not to spend (money) He is trying to save money by walking to work. She is saving to buy a house.

save-as-you-earn / se v əz ju% n/ noun GB a scheme where employees can save money regularly by having it deducted automatically from their wages and invested in National Savings. Abbreviation SAYE

saver / se və/ noun a person who saves money

save up / se v p/ verb to put money aside for a special purpose They are saving up for a holiday in the USA.

savings / se v ŋz/ plural noun money saved (i.e. money which is not spent)

He put all his savings into a deposit account.

savings account / se v ŋz ə kaυnt/ noun an account where you put money in regularly and which pays interest, often at a higher rate than a deposit account

savings and loan / se v ŋz ən

ləυn/, savings and loan association

/ se v ŋz ən ləυn ə səυsie ʃ(ə)n/ noun US a financial association which accepts and pays interest on deposits from investors and lends money to people who are buying property. The loans are in the form of mortgages on the security of the property being bought. S&Ls are regulated by the Office of

Thrift Supervision and are protected by the Savings Association Insurance Fund. Abbreviation S&L. Also called

thrift (NOTE: The UK term is building society.)

COMMENT: Because of deregulation of interest rates in 1980, many S&Ls found that they were forced to raise interest on deposits to current market rates in order to secure funds, while at the same time they still were charging low fixed-interest rates on the mortgages granted to borrowers. This created considerable problems and many S&Ls had to be rescued by the Federal government.

Savings Association Insurance Fund / se v ŋz ə səυsie ʃ(ə)n n-

ʃυərəns f nd/ noun an insurance fund set up in 1989 to provide insurance to savings and loan associations. Abbreviation SAIF

savings bank / se v ŋz b ŋk/ noun a bank where you can deposit money and receive interest on it

savings bond / se v ŋs bɒnd/ noun in the USA, a document showing that money has been invested in a government savings scheme. Interest on US savings bonds is tax exempt. (NOTE: The

UK term is savings certificate.)

savings certificate / se v ŋz sə-

t f kət/ noun a document showing that you have invested money in a government savings scheme (NOTE: The US

term is savings bond.)

savings-related share option scheme / se v ŋz r le t d ʃeəɒpʃən ski m/ noun a scheme which al-

lows employees of a company to buy shares with money which they have contributed to a savings scheme

SAYE abbreviation save-as-you-earn

SBA abbreviation small business administration

SBF abbreviation Société des Bourses Françaises

scale /ske l/ noun 1. a system which is graded into various levels scale of charges or scale of prices a list showing various prices scale of salaries a list of salaries showing different levels of pay in different jobs in the same company 2. to start in business on a small scale to start in business with a small staff, few products or little capital

scale down / ske l daυn/ verb to lower something in proportion

COMMENT: If a share issue is oversubscribed, applications may be scaled down; by doing this, the small investor is protected. So, in a typical case, all applications for 1,000 shares may receive 300; all applications for 2,000 shares may receive 500; applications for 5,000 shares receive 1,000, and applications for more than 5,000 shares will go into a ballot.

scale up / ske l p/ verb to increase something in proportion

scalp /sk lp/ verb US to buy or sell to make a quick profit

scalper / sk lpə/ noun 1. US a person who buys and sells something to make a large rapid profit (e.g. by buying and reselling tickets for a popular sporting event) 2. a trader who buys and sells the same futures on the same day

scam /sk m/ noun a fraud, an illegal or dishonest scheme (informal) Many financial scams only come to light by accident.

scarce currency /skeəs k rənsi/ noun same as hard currency

scarcity value / skeəs ti v lju / noun the value something has because it is rare and there is a large demand for it

scatter diagram / sk təda ə r m/ noun a chart where points are plotted according to two sets of variables to see if a pattern exists

scenario /s nɑ riəυ/ noun the way in which a situation may develop, or a description or forecast of possible future developments

‘…on the upside scenario, the outlook is reasonably optimistic, bankers say, the worst scenario being that a scheme of arrangement cannot be achieved, resulting in liquidation’ [Irish Times]

schedule / ʃedju l/ noun 1. a timetable, a plan of how time should be spent, drawn up in advance The managing director has a busy schedule of appointments. Her secretary tried to fit me into her schedule. on schedule at the time or stage set down in the schedule

The launch took place on schedule. to be ahead of schedule to be early The building was completed ahead of schedule. to be on schedule to be on time

The project is on schedule. We are on schedule to complete the project at the

end of May. to be behind schedule to be late I am sorry to say that we are three months behind schedule. 2. a list, especially a list forming an additional document attached to a contract the schedule of territories to which a contract applies Please find enclosed our schedule of charges. See the attached schedule or as per the attached schedule. 3. a list of interest rates 4. a form relating to a particular kind of income liable for UK income tax

Schedule A / ʃedju l e / noun a schedule under which tax is charged on income from land or buildings

Schedule B / ʃedju l bi / noun a schedule under which tax was formerly charged on income from woodlands

Schedule C / ʃedju l si / noun a schedule under which tax is charged on profits from government stock

scheduled / ʃed$u ld/ adjective listed in a separate schedule

Schedule D / ʃedju l di / noun a schedule under which tax is charged on income from trades or professions, interest and other earnings not derived from being employed

Schedule E / ʃedju l i / noun a schedule under which tax is charged on income from salaries, wages or pensions

Schedule F / ʃedju l ef/ noun a schedule under which tax is charged on income from dividends

scheme /ski m/ noun a plan, arrangement or way of working Under the bonus scheme all employees get 10% of their annual pay as a Christmas bonus.He has joined the company pension scheme. We operate a profit-sharing scheme for managers. The new payment scheme is based on reward for individual effort.

scheme of arrangement / ski m əv ə re nd$mənt/ noun a scheme

drawn up by an individual or company to offer ways of paying debts, so as to avoid bankruptcy proceedings. Also

called voluntary arrangement

schilling / ʃ l ŋ/ noun a unit of currency used before the euro in Austria

scorched earth policy / skɔ tʃt% θ pɒl si/ noun a way of combating a takeover bid, where the target company