General Glossary

General Glossary

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Accept a commercial bill 
Act by which the drawee (who must make a payment) accepts their obligation deriving from a commercial bill (bill of exchange, promissory note, etc.). The signature of the drawee on the obverse of the document is equivalent to their acceptance.
A word composed of the initials of other words. The top of the obverse of euro banknotes features the acronyms of the European Central Bank (ECB) in all its possible variants in the official languages in the European Community.
Advance bank guarantee  
A document issued by a financial institution which, while not constituting a firm commitment, expresses an intention to grant a definitive guarantee to the interested party.
A person to whom another person grants power of attorney to act in their name. In the banking sector, a credit institution agent is a natural or legal person (it can be another credit institution) to which the institution has granted power of attorney to act in their name with clients, negotiating or entering operations that are typical of a credit institution's activity.
An amount which is paid annually for the purpose of amortising a debt, loan or debenture loan. It is comprised of two parts: one corresponding to the capital to be returned and another corresponding to the interest.
A returned, bad or overdrawn cheque  
A drawee cheque for which the issuing person does not have sufficient funds to honour its payment. It is a fraudulent act committed against a third party and is considered a crime.
Asset-backed bond  
Security issued by a securitisation special purpose entity and backed, with regards investors, by the assets used to constitute said special purpose entity, normally acquired from an institution that seeks to attain funding in this way. Mortgage assets (lending) from a financial institution are usually used to constitute securitisation special purpose entities.
Asset operations  
Any operation carried out by a credit institution wherein the public funds are invested and which entails a certain level of risk. For example, customer credit or loans. This denomination originates from the fact that the book entry is made under assets in the credit institution's balance sheet.
Atypical financial contracts 

The result of a combination of two types of products with different characteristics: a deposit, normally short-term, which is usually remunerated higher than market rate, and another product, normally longer term, which can take different forms (a share in an investment fund or other deposit, the remuneration of which may be linked to the quotation price of a share or combination of shares or to the evolution of a stock market index, using different formulas to apply said index). These contracts are not traded on organised secondary markets, and therefore this "deposit" does not allow early repayment, even if the evolution of benchmark indexes were to recommend it. The information brochures of these products are registered at the National Securities Market Commission (CNMV). They are complex, high-risk products for which a credit institution receives money or securities or both from its customers, assuming a refund obligation at an amount which depends on the evolution of a share, a basket or a stock market index. Consequently, there is no commitment to fully refund the capital received.

Authorised signature  
The signature of the person who a current account holder authorises to dispose of funds (authorised person)