I. Key terms:

Discount

• скидка, знижка - reduction in the face value of a financial claim, such as a Bill of Echange or Treasury Bill, by the amount of money represented by the interest due on the claim during the remainder of its maturity. The reduction involved is the discount. It also denotes the action of selling a claim at a discount, i.e. to discount;

Lenser of last resort

• кредитор останньої інстанції - an institution, normally a central bank, that stands ready to lend to the commercial banking system, when the latter is in overall shortage of funds. (The latter position will arise when extra large payments out of the banking system, such as seasonal tax payments (e.g. periodic corporation tax payments by companies), reduce the banking system’s holdings below the reserves. The central bank will, in such cases, lend at short term to the banking system until such time as funds return through normal depositors.)

Commercial bill

• комерційний акредитив - any bill other than a Treasury bill. Commercial bills are bank bills or trade bills – Bills of Exchange are devided into these categories.

Eligible bill

• першокласний комерційний вексель, акцептований першокласним банком - a bank bill issued by a bank on the eligible list which may be rediscounted at the Bank of England.

Big Bang

• “Біг-бенг” - the term used to encapsulate the changes culminating on 27 October with abandonment of the commission agreementbetween members of the London Stock Exchange and of strict segregation of jobbers and brokers.

Gilts, gilt-edged securities

• золотообрізні цінні папери - fixed interest UK government securities traded on the London Stock Exchange. They are called gilt-edged because it is certain that interest will be paid and that they will be redeemed (where appropriate) on the due date.

Standby credit

• резервний (гарантійний кредит) - credit guaranteed in a note issurance facility or European facility.

Short-dated securities

• которкострокові цінні папери - gilts, bonds, bills of Echange or other securities that have a stated date for redemption (repayment) of their nominal value.