Dictionary_of_Banking_and_Finance

tab /t b/ noun same as tabulator (informal)

table / te b(ə)l/ noun 1. a diagram or chart 2. a list of figures or facts set out in columns verb to put items of information on the table before a meeting

The report of the finance committee was tabled.

Table A / te b(ə)l e / noun the model articles of association of a limited company set out in the Companies Act, 1985

Table B / te b(ə)l bi / noun the model memorandum of association of a limited company set out in the Companies Act, 1985

Table C / te b(ə)l si / noun the model memorandum and articles of association set out in the Companies Act, 1985 for a company limited by guarantee, having no share capital

Table D / te b(ə)l di / noun the model memorandum and articles of association of a public company with share capital limited by guarantee, set out in the Companies Act, 1985

Table E / te b(ə)l i / noun the model memorandum and articles of association of an unlimited company with share capital, set out in the Companies Act, 1985

table of contents / te b(ə)l əvkɒntents/ noun a list of contents in a

book

tabular / t bjυlə/ adjective in tabular form arranged in a table

tabulate / t bjυle t/ verb to set something out in a table

tabulation / t bjυ le ʃ(ə)n/ noun the arrangement of figures in a table

tabulator / t bjυle tə/ noun a part of a typewriter or computer which sets words or figures automatically in columns

tael /ta l/ noun a measurement of the weight of gold, used in the Far East (= 1.20oz/38g)

tail noun US 1. a spread between the bid price and the lowest acceptable price on US Treasury bills 2. the figures which come after the decimal point (in the quoted price of a bond)

taka / tɑ kə/ noun a unit of currency used in Bangladesh

take /te k/ noun 1. the money received in a shop Our weekly take is over £5,000. 2. a profit from any sale verb 1. to receive or to get the shop takes £2,000 a week the shop receives £2,000 a week in cash sales she takes home £250 a week her salary, after deductions for tax etc. is £250 a week 2. to do a certain action to take action to do something You must take immediate action if you want to stop thefts. to take a call to answer the telephone to take the chair to be chairman of a meeting

In the absence of the chairman his deputy took the chair. to take stock to count the items in a warehouse to take stock of a situation to examine the state of things before deciding what to do 3. to need a time or a quantity It took the factory six weeks or The factory took six weeks to clear the backlog of orders. It will take her all morning to do my letters. It took six men and a crane to get the computer into the building. (NOTE:

taking – took – has taken)

take away / te k ə we / verb to remove one figure from a total If you take away the home sales, the total turnover is down.

take down / te k daυn/ verb US to receive a share allotment

take-home pay / te k həυm pe / noun pay received, after tax, etc., has been deducted After all the deduc-

tions, his take-home pay is only £300 a week.

take off / te k ɒf/ verb 1. to remove or to deduct something He took £25 off the price. 2. to start to rise fast

Sales took off after the TV commercials.

take out / te k aυt/ verb 1. to remove something She’s taken all the money out of her account. 2. to take out a patent for an invention to apply for and receive a patent to take out insurance against theft to pay a premium to an insurance company, so that if a theft takes place the company will pay compensation

‘…capital gains are not taxed, but money taken out in profits and dividends is taxed’ [Toronto Star]

take-out / te k aυt/ noun the act of removing capital which you had originally invested in a new company by selling your shares

take over / te k əυvə/ verb 1. to start to do something in place of someone else Miss Black took over from Mr Jones on May 1st. The buyer takes over the company’s liabilities. 2. to take over a company to buy a business by offering to buy most of its shares

The company was taken over by a large multinational.

takeover / te kəυvə/ noun 1. an act of buying a controlling interest in a business by buying more than 50% of its shares. Compare acquisition 2. the act of starting to do something in place of someone else the take-over period is always difficult there are always problems during the period when one person is taking over work from another

‘…many takeovers result in the new managers/owners rationalizing the capital of the company through better asset management’ [Duns Business Month]

takeover bid / te kəυvə b d/ noun an offer to buy all or a majority of the shares in a company so as to control it

They made a takeover bid for the company. He had to withdraw his takeover bid when he failed to find any backers. Share prices rose sharply on the disclosure of the takeover bid. to make a takeover bid for a company to offer to buy most of the shares in a company to withdraw a takeover bid to say that you no longer offer to buy the shares in a company the company re-

jected the takeover bid the directors recommended that the shareholders should not accept the offer Share prices rose sharply on the disclosure of the takeover bid.

takeover target / te kəυvə tɑ t/ noun a company which is the object of a takeover bid

takeover timetable / te kəυvəta mte b(ə)l/ noun a timetable of the

various events during a takeover bid

COMMENT: The timetable for a takeover bid is regulated by the London Stock Exchange: the formal documents are sent out by the bidding company some days after it has announced that it is making the bid. From the date of sending out the formal documents, the Stock Exchange allows the company 60 days in which to try and persuade as many shareholders as possible to accept the offer. If less than 50% accept, then the bidder can extend the offer, or increase of the offer, or simply let the offer lapse. If another company now makes a rival offer, it too has 60 days to try to gain enough acceptances.

take-private /te k pra vət/ noun US an arrangement by which a quoted company leaves the Stock Exchange and becomes a privately owned investment

The law firm was figuring in six of the seven take-privates last year. pub-

lic-to-private deal

taker / te kə/ noun a person who wants to buy something There were very few takers for the special offer.

take up / te k p/ verb to take up an option to accept an option which has been offered and put into action

take up rate / te k p re t/ noun the percentage of acceptances for a rights issue

takings / te k ŋz/ plural noun the money received in a shop or a business

The week’s takings were stolen from the cash desk.

tala / tɑ lə/ noun a unit of currency used in Samoa

tally / t li/ noun a note of things counted or recorded to keep a tally of stock movements or of expenses verb to agree, to be the same The invoices do not tally. The accounts department tried to make the figures tally.

tally clerk / t li klɑ k/ noun a person whose job is to note quantities of cargo

tally sheet / t li ʃi t/ noun a sheet on which quantities are noted

tangible assets / t nd$ b(ə)l

sets/, tangible fixed assets

/ t nd$ b(ə)l f kst sets/, tangible property / t nd$ b(ə)l prɒpəti/

plural noun assets which have a value and actually exist (such as buildings, machines, vehicles and fittings)

tangible asset value / t nd$ b(ə)l

set v lju /, tangible net worth

/ t nd$ b(ə)l net w% θ/ noun the value of all the assets of a company less its intangible assets (goodwill, patents, etc.). It is shown as a value per share.

TAO abbreviation taxpayer assistance order

tap /t p/ noun same as tap stock verb to get finance by borrowing from investors, lenders, etc.

taper / te pə/, tapering relief

/ te pər ŋ r li f/ noun a new system of reducing capital gains tax payable when shares are sold, according to the length of time the shares have been held

tap stock / t p stɒk/ noun a government stock issued direct to the Bank of England for sale to investors

COMMENT: Government stocks are normally issued in tranches for sale by tender, but small amounts are kept as ‘tap stock’ for direct sale to investors; the term is applied to any government stocks sold in this way.

target / tɑ t/ noun something to aim for performance targets to be on target to be heading towards the target that has been set to set targets to fix amounts or quantities which employees have to produce or reach to meet a target to produce the quantity of goods or sales which are expected to miss a target not to produce the amount of goods or sales which are expected

They missed the target figure of £2m turnover. verb to aim something at someone, or to take someone or something as a target a campaign that targets the over-50s

‘…he believes that increased competition could keep inflation below the 2.5 per cent target’ [Investors Chronicle]

‘…the minister is persuading the oil, gas, electricity and coal industries to target their advertising towards energy efficiency’ [Times]

Target / tɑ t/, TARGET noun a system set up by the European Central

Bank to deal with cross-border payments between member states of the

EU. Full form trans-european automated real-time gross settlement express transfer

target company / tɑ tk mp(ə)ni/ noun same as takeover

target

‘…in a normal leveraged buyout the acquirer raises money by borrowing against the assets of the target company’ [Fortune]

target market / tɑ t mɑ k t/ noun the market in which a company is planning to sell its goods

target price / tɑ t pra s/ noun a wholesale price within the EU for certain products, such as wheat, which market management is intended to achieve; it is linked to the intervention price

COMMENT: Target prices are set in terms of fixed agricultural units of account, which are converted into different national currencies using adjusted exchange rates known as ‘green rates’ (in the UK, the ‘green pound’ ). A system of levies on non-EU agricultural imports is used to protect target prices when they are set above the general level of world prices. In addition, the EU has established an internal price support system based on a set of intervention prices set slightly below the target price. If the level of supply is in excess of what is needed to clear the market at the target price, the excess supply is bought by the Community at the intervention price, thereby preventing overproduction from depressing the common price level as would normally happen in a free market.

tariff / t r f/ noun a rate of charging for something such as electricity, hotel rooms or train tickets

tariff barrier / t r f b riə/ noun the customs duty intended to make imports more difficult to impose tariff barriers on or to lift tariff barriers from a product

task /tɑ sk/ verb to give someone a task to do

tax /t ks/ noun an amount of money charged by government as part of a person’s income or on goods bought basic tax income tax paid at the normal rate to lift a tax to remove a tax The tax on fuel charges has been lifted. The tax on company profits has been

lifted. tax deducted at source tax which is removed from a salary or interest before the money is paid out verb to make someone pay a tax, to impose a tax on something Businesses are taxed at 40%. Income is taxed at 35%.Luxury items are heavily taxed. The government is proposing to tax businesses at 50%.

tax abatement / t ks ə be tmənt/ noun a reduction of tax

taxable / t ksəb(ə)l/ adjective which can be taxed

taxable income / t ksəb(ə)lnk m/ noun income on which a person has to pay tax

taxable items / t ksəb(ə)l a təmz/ plural noun items on which a tax has to be paid

taxable supply / t ksəb(ə)l sə pla / noun a supply of goods which are subject to VAT

tax adjustments / t ks ə-

d$ stmənts/ plural noun changes made to tax

tax adviser / t ks əd va zə/, tax consultant / t ks kən s ltənt/ noun a

person who gives advice on tax problems

tax allowance / t ks ə laυəns/ noun a part of the income which a person is allowed to earn and not pay tax on

tax assessment / t ks ə sesmənt/ noun a calculation by a tax inspector of the amount of tax a person owes

taxation /t k se ʃ(ə)n/ noun the act of taxing

tax avoidance / t ks ə vɔ d(ə)ns/ noun the practice of legally trying to pay as little tax as possible

tax bill / t ks b l/ noun an amount of tax (to be) paid

tax bracket / t ks br k t/ noun a section of people paying a particular level of income tax

tax break / t ks bre k/ noun an allowance which can be set off against tax

tax code / t ks kəυd/ noun a number given to indicate the amount of tax allowance a person has

tax concession / t ks kən seʃ(ə)n/ noun an act of allowing less tax to be paid

tax court / t ks kɔ t/ noun US a court which deals with disputes between taxpayers and the Internal Revenue Service

tax credit / t ks kred t/ noun 1. a sum of money which can be offset against tax 2. the part of a dividend on which the company has already paid tax, so that the shareholder is not taxed on it

tax-deductible / t ks d d kt b(ə)l/ adjective which can be deducted from an income before tax is calculated these expenses are not tax-deductible tax has to be paid on these expenses

tax deductions / t ks d d kʃənz/ plural noun US 1. money removed from a salary to pay tax 2. business expenses which can be claimed against tax

tax-deferred /t ks d f% d/ adjective US where the payment of federal income tax is put back to a later date

tax-deferred retirement plan

/t ks d f% d r ta əmənt pl n/,

tax-deferred savings plan /t ks d -

f% d se v ŋz pl n/ noun US a savings plan into which a person can regularly put a certain proportion of income, with tax only being payable on retirement

tax deposit certificate /t ks d -

pɒz t sə t f kət/ noun a certificate showing that a taxpayer has deposited money in advance of a tax payment (the money earns interest while on deposit)

tax-efficient /t ks f ʃ(ə)nt/ adjective referring to an investment which helps avoid tax

tax evasion / t ks ve $(ə)n/ noun the practice of illegally trying not to pay tax

tax-exempt /t ks zempt/ adjective 1. referring to a person or organisation not required to pay tax 2. which are not subject to tax

tax exemption / t ks zempʃən/ noun US 1. the fact of being free from payment of tax 2. the part of income which a person is allowed to earn and not pay tax on

tax-exempt special savings account /t ks zempt speʃ(ə)lse v ŋz ə kaυnt/ noun formerly, an

account into which money can be placed to earn interest free of tax, provided it is left untouched for five years. Abbreviation TESSA

tax-favoured investment / t ksfe vəd n vestmənt/ noun an invest-

ment which offers tax-reducing incentives

tax-filing program / t ks fa l ŋ

prəυ r m/ noun computer software to help draw up your income tax return

tax form / t ks fɔ m/ noun a blank form to be filled in with details of income and allowances and sent to the tax office each year

tax-free /t ks fri / adjective with no tax having to be paid tax-free goods

tax haven / t ks he v(ə)n/ noun a country or area where taxes are low, encouraging companies to set up their main offices there

tax holiday / t ks hɒl de / noun a period when a new business is exempted from paying tax

tax inspector / t ks n spektə/ noun an official of the Inland Revenue who examines tax returns and decides how much tax someone should pay

tax loophole / t ks lu phəυl/ noun a legal means of not paying tax

taxpayer / t kspe ə/ noun a person or company that has to pay tax basic taxpayer or taxpayer at the basic rate Corporate taxpayers are being targeted by the government.

taxpayer advocate / t kspe ə

dvəkət/ noun a government official whose duty is to adjudicate in cases where ordinary taxpayers complain of treatment by the tax authorities

Taxpayer Assistance Order

/ t kspe ə ə s st(ə)ns ɔ də/ noun a court order allowing a company to recover debts from a taxpayer’s salary before tax is paid basic taxpayer or taxpayer at the basic rate Abbreviation

TAO

tax planning / t ks pl n ŋ/ noun planning how to avoid paying too much tax, by investing in, e.g., tax-exempt savings schemes or offshore trusts

tax relief / t ks r li f/ noun an allowance to pay less tax on certain parts of someone’s income

tax schedules / t ks ʃedju lz/ plural noun a six types of income as classified for tax

tax shelter / t ks ʃeltə/ noun a financial arrangement (such as a pension

scheme) where investments can be made without tax

tax threshold / t ks θreʃhəυld/ noun a point at which another percentage of tax is payable The government has raised the minimum tax threshold from £4,000 to £4,500.

tax year / t ks j ə/ noun a twelve month period on which taxes are calculated (in the UK, 6th April to 5th April of the following year)

T-bill / ti b l/ US same as Treasury bill (informal)

teaser / ti zə/, teaser ad / ti zər d/ noun an advertisement that gives a little information about a product in order to attract customers by making them curious to know more

teaser rate / ti zə re t/ noun a specially good interest rate on a new product, used to encourage savers to switch funds to that product. It is replaced by a normal rate when enough subscribers have invested in it.

technical / tekn k(ə)l/ adjective 1. referring to a particular machine or process The document gives all the technical details on the new computer. 2. referring to influences inside a market (e.g. volumes traded and forecasts based on market analysis), as opposed to external factors, such as oil-price rises, wars, etc.

‘…market analysts described the falls in the second half of last week as a technical correction’ [Australian Financial Review]

‘…at the end of the day, it was clear the Fed had not loosened the monetary reins, and Fed Funds forged ahead on the back of technical demand’ [Financial Times]

technical analysis / tekn k(ə)l ə-

n ləs s/ noun a study of the price movements and volumes traded on a stock exchange

technical correction / tekn k(ə)l

kə rekʃ(ə)n/ noun STOCK EXCHANGE a situation where a share price or a currency moves up or down because it was previously too low or too high

technical decline / tekn k(ə)l d -

kla n/ noun a fall in share prices because of technical analysis

technology stocks /tek nɒləd$i stɒks/, tech stocks / tek stɒks/ plural

noun shares in companies specialising in electronics, communications, etc.

telebanking / teli b ŋk ŋ/ noun same as telephone banking

telegraphic transfer / tel r f ktrɑ nsfə/ noun a transfer of money from one account to another by telegraph

telephone banking / tel fəυnb ŋk ŋ/ noun a service by which a bank customer can carry out transactions over the phone using a password. It may involve direct contact with a bank representative or may be automated used the phone dial.

telephone order / tel fəυn ɔ də/ noun an order received by telephone

Since we mailed the catalogue we have received a large number of telephone orders.

teller / telə/ noun a person who takes cash from or pays cash to customers at a bank

tem /tem/ pro tem

tenancy / tenənsi/ noun an agreement by which a tenant can occupy a property

tenant / tenənt/ noun a person or company which rents a house, flat or office to live or work in The tenant is liable for repairs.

tender / tendə/ noun an offer to do something for a specific price a successful tender an unsuccessful tender

to put a project out to tender, to ask for or invite tenders for a project to ask contractors to give written estimates for a job to put in or submit a tender to make an estimate for a job to sell shares by tender to ask people to offer in writing a price for shares verb to tender for a contract to put forward an estimate of cost for work to be carried out under contract to tender for the construction of a hospital

tenderer / tendərə/ noun a person or company that tenders for work The company was the successful tenderer for the project.

tendering / tendər ŋ/ noun the act of putting forward an estimate of cost To be successful, you must follow the tendering procedure as laid out in the documents.

tender offer / tendə ɒfə/ noun a method of selling new securities or bonds by asking investors to make of-

fers for them, and accepting the highest offers

tenge / teŋ e / noun a unit of currency used in Kazakhstan

tenor / tenə/ noun a time before a financial instrument matures or before a bill is payable

term /t% m/ noun 1. a period of time when something is legally valid during his term of office as chairman the term of a lease We have renewed her contract for a term of six months. The term of the loan is fifteen years. 2. part of a legal or university year

term account / t% m ə kaυnt/ noun same as term deposit

term assurance / t% m ə ʃυərəns/ noun a life assurance which covers a person’s life for a period of time (at the end of the period, if the person is still alive he receives nothing from the insurance) He took out a ten-year term insurance.

term CD / t% m si di / noun a certificate of deposit which matures in more than twelve months

term deposit / t% m d pɒz t/ noun money invested for a fixed period at a higher rate of interest

terminal bonus / t% m n(ə)lbəυnəs/ noun a bonus received when

an insurance comes to an end

termination clause / t% m -

ne ʃ(ə)n klɔ z/ noun a clause which explains how and when a contract can be terminated

term insurance / t% m n ʃυərəns/ noun same as term assurance

term loan / t% m ləυn/ noun a loan for a fixed period of time

terms /t% mz/ plural noun the conditions or duties which have to be carried out as part of a contract, or the arrangements which have to be agreed before a contract is valid to negotiate for better terms He refused to agree to some of the terms of the contract. By or Under the terms of the contract, the company is responsible for all damage to the property.

‘…companies have been improving communications, often as part of deals to cut down demarcation and to give everybody the same terms of employment’ [Economist]

‘…the Federal Reserve Board has eased interest rates in the past year, but they are still at

historically high levels in real terms’ [Sunday Times]

term shares / t% m ʃeəz/ plural noun a type of building society deposit for a fixed period of time at a higher rate of interest

terms of payment / t% mz əvpe mənt/ plural noun the conditions for paying something

terms of reference / t% mz əvref(ə)rəns / plural noun areas which a committee or an inspector can deal with Under the terms of reference of the committee, it cannot investigate complaints from the public. The committee’s terms of reference do not cover exports.

terms of sale / t% mz əv se l/ plural noun the conditions attached to a sale

terms of trade / t% mz əv tre d/ plural noun the ratio of a country’s import prices to export prices

tertiary industry / t% ʃəri ndəstri/ noun an industry which does not produce raw materials or manufacture products but offers a service such as banking, retailing or accountancy

TESSA abbreviation tax-exempt special savings account

test run / test r n/ noun a trial made on a machine

thin market /θ n mɑ k t/ noun a market where there are not many shares available for sale, so the price is distorted (NOTE: The opposite is a liquid

market.)

thin trading /θ n tre d ŋ/ noun a day’s trading where not many shares are offered for sale, so few bargains are

made (NOTE: The opposite is a liquid market.)

third /θ% d/ noun one part of something which is divided into three to sell everything at one third off to sell everything at a discount of 33% the company has two thirds of the total market the company has 66% of the total market

Third Market /θ% d mɑ k t/ noun same as over-the-counter market

third party / θ% d pɑ ti/ noun a person other than the two main parties involved in a contract (i.e. in an insurance contract, anyone who is not the insurance company nor the person who is in-

sured) the case is in the hands of a third party the case is being dealt with by someone who is not one of the main interested parties

third party insurance / θ% d pɑ ti

n ʃυərəns/ noun insurance to cover damage to any person who is not one of the people named in the insurance contract (that is, not the insured person nor the insurance company)

third quarter /θ% d kwɔ tə/ noun a period of three months from July to September

Third World / θ% d w% ld/ noun the countries of Africa, Asia and South America which do not all have highly developed industries (dated) We sell tractors into the Third World or to Third World countries. Third World loans are causing problems to banks in the main developed countries.

Threadneedle Street / θredni d(ə)l stri t/ noun a street in the City of

London where the Bank of England is situated. Old Lady of Threadneedle

Street

3i abbreviation Investors in Industry

three quarters /θri kwɔ təz/ noun

75% Three quarters of the staff are less than thirty years old.

threshold / θreʃhəυld/ noun the point at which something changes

threshold agreement / θreʃhəυld ə ri mənt/ noun a contract which says that if the cost of living goes up by more than a certain amount, pay will go up to match it

threshold price / θreʃhəυld pra s/ noun in the EU, the lowest price at which farm produce imported into the EU can be sold

thrift /θr ft/ noun 1. a careful attitude towards money, shown by saving it spending wisely 2. US a private local bank, savings and loan association or credit union, which accepts and pays interest on deposits from small investors

‘…the thrift, which had grown from $4.7 million in assets in 1980 to 1.5 billion this year, has ended in liquidation’ [Barrons]

‘…some thrifts came to grief on speculative property deals, some in the high-risk junk bond market, others simply by lending too much to too many people’ [Times]

thrifty / θr fti/ adjective careful not to spend too much money

tick /t k/ noun 1. credit (informal)

All the furniture in the house is bought on tick. 2. a mark on paper to show that something is correct or that something is approved Put a tick in the box marked ‘R’. 3. one step (up or down) in the price of a government bond or of financial futures verb to mark with a sign to show that something is correct Tick the box marked ‘R’ if you require a receipt.

(NOTE: The US term is check in this meaning.)

ticker / t kə/ noun US a machine (operated by telegraph) which prints details of share prices and transactions rapidly (formerly printed on paper tape called ‘ticker tape’, but is now shown online on computer terminals)

ticker symbol / t kə s mb(ə)l/ noun US a letter used to identify a stock on the ticker tape system

COMMENT: All securities listed on the US stock exchanges are identified by letter symbols on ticker tape. So shares in Hilton are referred to as HLT, Texaco as TX, Xerox as XRX, etc.

tie /ta / verb to attach or to link something to something The interest rate is tied to the RPI.

tied loan /ta d ləυn/ noun a loan which involves a guarantee by the borrower to buy supplies from the lender

tie in / ta n/ verb to link an insurance policy to a mortgage

tier /t ə/ noun a level

COMMENT: The British stock market is said to have two tiers: the first is the London Stock Exchange, with its listed securities. The second tier (which is linked to the first) is the Alternative Investment Market (AIM) which has less strict criteria for admitting securities, and is often used as a first stage in obtaining a main Stock Exchange quotation.

Tier One / t ə w n/ noun a first level of core capital which banks have (covering basic equity capital and disclosed reserves) to conform to the guidelines of the Basle Agreement

Tier Two / t ə tu / noun a second level of capital which banks have (this applies to undisclosed debts, and provisions against bad debts) to conform with the guidelines of the Basle Agreement

tie up / ta p/ verb 1. to attach or to fasten something tightly The parcel is

tied up with string. The ship was tied up to the quay. 2. to invest money in one way, so that it cannot be used for other investments He has £100,000 tied up in long-dated gilts. The company has £250,000 tied up in stock which no one wants to buy.

‘…a lot of speculator money is said to be tied up in sterling because of the interest-rate differential between US and British rates’ [Australian Financial Review]

tie-up / ta p/ noun a link or connection The company has a tie-up with a German distributor. (NOTE: The plural

is tie-ups.)

tight /ta t/ adjective which is controlled, which does not allow any movement The manager has a very tight schedule today – he cannot fit in any more appointments. Expenses are kept under tight control.

‘…mortgage money is becoming tighter’ [Times]

‘…a tight monetary policy by the central bank has pushed up interest rates and drawn discretionary funds into bank deposits’ [Far Eastern Economic Review]

‘…the UK economy is at the uncomfortable stage in the cycle where the two years of tight money are having the desired effect on demand’ [Sunday Times]

tighten / ta t(ə)n/ verb to make something tight, to control something The accounts department is tightening its control over departmental budgets.

‘…the decision by the government to tighten monetary policy will push the annual inflation rate above the previous high’ [Financial Times]

tighten up on / ta t(ə)n p ɒn/ verb to control something more strictly The government is tightening up on tax evasion. We must tighten up on the reps’ expenses.

tight market /ta t mɑ k t/ noun a market where there is only a small spread between bid and offer prices

tight money /ta t m ni/ noun same as dear money

tight money policy /ta t m nipɒl si/ noun a government policy to restrict money supply

till /t l/ noun a drawer for keeping cash in a shop

till float / t l fləυt/ noun cash put into the cash box at the beginning of the day to allow business to start

till money / t l m ni/ noun cash held by banks

time /ta m/ noun 1. a period during which something takes place, e.g. one hour, two days or fifty minutes 2. the number of hours worked 3. a period before something happens to keep within the time limits or within the time schedule to complete work by the time stated

time and a half / ta m ənd ə hɑ f/ noun the normal rate of pay plus 50% extra

time and method study / ta m ənmeθəd st di/ noun a process of exam-

ining the way in which something is done to see if a cheaper or quicker way can be found

time and motion expert / ta m ənməυʃ(ə)n eksp% t/ noun a person

who analyses time and motion studies and suggests changes in the way work is done

time and motion study / ta m ənməυʃ(ə)n st di/ noun a study in an

office or factory of the time taken to do certain jobs and the movements employees have to make to do them

time bill / ta m b l/ noun a bill of exchange which is payable at a specific time after acceptance

time deposit / ta m d pɒz t/ noun a deposit of money for a fixed period, during which it cannot be withdrawn

time limit / ta m l m t/ noun the maximum time which can be taken to do something to set a time limit for acceptance of the offer The work was finished within the time limit allowed. The time limit on applications to the industrial tribunal is three months.

time limitation / ta m l m te ʃ(ə)n/ noun the restriction of the amount of time available

time of peak demand / ta m əv pi k d mɑ nd/ noun the time when

something is being used most

time rate / ta m re t/ noun a rate for work which is calculated as money per hour or per week, and not money for work completed

times /ta mz/ preposition indicating the number of times something is multiplied by another shares selling at 10

times earnings shares selling at a P or E ratio of 10

timescale / ta mske l/ noun the time which will be taken to complete work Our timescale is that all work should be completed by the end of August. He is working to a strict timescale.

time share / ta m ʃeə/ noun a system where several people each own part of a property (such as a holiday flat), each being able to use it for a certain period each year

time-sharing / ta m ʃeər ŋ/ noun 1. same as time share 2. an arrangement for sharing a computer system, with different users using different terminals

timetable / ta mte b(ə)l/ noun a list of appointments or events The manager has a very full timetable, so I doubt if he will be able to see you today.

takeover timetable

tin /t n/ noun a valuable metal, formerly traded on commodity markets at an artificially high international price managed by the International Tin Council to protect tin producers from swings in the price

tip /t p/ noun 1. money given to someone who has helped you The staff are not allowed to accept tips. 2. a piece of advice on buying or doing something which could be profitable The newspaper gave several stock market tips. She gave me a tip about a share which was likely to rise because of a takeover bid. verb 1. to give money to someone who has helped you He tipped the receptionist £5. 2. to say that something is likely to happen or that something might be profitable He is tipped to become the next chairman. Two shares were tipped in the business section of the paper. (NOTE: [all verb senses] tip-

ping – tipped)

tip sheet / t p ʃi t/ noun a newspaper which gives information about shares which should be bought or sold

title / ta t(ə)l/ noun a right to own a property She has no title to the property. He has a good title to the property.

title deeds / ta t(ə)l di dz/ plural noun a document showing who is the owner of a property

TOISA noun an ISA into which the capital from a matured TESSA can be put. Full form TESSA-only ISA

token / təυkən/ noun something which acts as a sign or symbol

token charge / təυkən tʃɑ d$/ noun a small charge which does not cover the real costs A token charge is made for heating.

token payment / təυkən pe mənt/ noun a small payment to show that a payment is being made

token rent / təυkən rent/ noun a very low rent payment to show that some rent is being asked

tolar / təυlɑ / noun a unit of currency used in Slovenia

toll /təυl/ noun a payment for using a service (usually a bridge or a road)

We had to cross a toll bridge to get to the island. You have to pay a toll to cross the bridge.

toll call / təυl kɔ l/ noun US a long-distance telephone call

toll free / təυl fri / adverb, adjective US without having to pay a charge for a long-distance telephone call to call someone toll free a toll-free number

COMMENT: Toll-free numbers usually start with the digits 800.

tombstone / tu mstəυn/ noun an official announcement in a newspaper showing that a major loan or a bond issue has been subscribed, giving details of the banks which have underwritten it

(informal)

top /tɒp/ noun the highest point or most important place She rose to the top of her profession. adjective highest or most important to give something top priority to make something the most important item, so that it is done very fast

‘…the base lending rate, or prime rate, is the rate at which banks lend to their top corporate borrowers’ [Wall Street Journal]

‘…gross wool receipts for the selling season appear likely to top $2 billion’ [Australian Financial Review]

top-flight / tɒp fla t/, top-ranking

/ tɒp r ŋk ŋ/ adjective in the most important position Top-flight managers can earn very high salaries. He is the top-ranking official in the delegation.

top-hat pension / tɒp h t penʃən/ noun a special extra pension for senior managers

top management /tɒpm n d$mənt/ noun the main directors of a company

top official /tɒp ə f ʃ(ə)l/ noun a very important person in a government department

top-ranking / tɒp r ŋk ŋ/ adjective same as top-flight

top-slicing / tɒp sla s ŋ/ noun the practice of selling part of a holding in a share which is equivalent to the original cost of the investment, leaving another part still held which represents the gain made

top up / tɒp p/ verb to add to something to make it more complete He topped up his pension contributions to make sure he received the maximum allowable pension when he retired.

tort /tɔ t/ noun harm done to a person or property which can be the basis of a civil lawsuit

total / təυt(ə)l/ adjective complete or with everything added together The total amount owed is now £1000. The company has total assets of over £1bn.The total cost was much more than expected. Total expenditure on publicity is twice that of last year. Our total income from exports rose last year. the cargo was written off as a total loss the cargo was so badly damaged that the insurers said it had no value total income all income from all sources noun an amount which is complete, with everything added up

The total of the charges comes to more than £1,000. verb to add up to costs totalling more than £25,000 (NOTE: UK

English is totalling – totalled, but the US spelling is totaling – totaled.)

Total Index / təυt(ə)l ndeks/ noun an index of share prices on the Oslo Stock Exchange

total invoice value / təυt(ə)lnvɔ s v lju / noun the total amount

on an invoice, including transport, VAT, etc.

total return / təυt(ə)l r t% n/ noun the total capital growth and reinvested income on an investment at the end of any given period