Copy of `Oesterreichische Nationalbank - Dictionary`

The wordlist doesn't exist anymore, or, the website doesn't exist anymore. On this page you can find a copy of the original information. The information may have been taken offline because it is outdated.

Oesterreichische Nationalbank - Dictionary Category: Economy and Finance Date & country: 04/10/2008, AU Words: 3913

equity financing
Equity financing describes an exchange of money for a share of business ownership. This form of financing allows you to obtain funds without incurring debt; in other words, without having to repay a specific amount of money at any particular time. The major disadvantage to equity financing is the dilution of your ownership interests and the possibl...

equity financing
Raising capital by selling stock of a corporation....

equity fund
A mutual fund which invests primarily in stocks, usually common stocks....

equity interest
Equity interests: Long-term equity investments representing major stakes in nonfinancial firms, both publicly traded and privately held, including private equity investment portfolios. Such stakes often involve active management of the firms in the portfolios....

equity investment
Equity investment generally refers to the buying and holding of shares of stock on a stock market by individuals and funds in anticipation of income from dividends and capital gain as the value of the stock rises. It also sometimes refers to the acquisition of equity (ownership) participation in a private (unlisted) company or a startup (a company ...

equity investment
Equity investments are securities which represent ownership in businesses. This ownership is purchased in the form of shares....

equity market
the market in which claims to a share in the ownership of a business are issued and traded. A major difference between equity and debt is that the former does not have to be repaid by the issuer....

equity participation
An ownership position in an organization or venture taken through an investment. Returns on the investment are dependent on the profitability of the organization or venture....

equity price risk
The risk of loss due to movements in equity prices. The ESCB will be exposed to equity price risk in its monetary policy operations to the extent that equities are considered to be eligible as tier two assets....

equity risk premium
The extra return an investor earns from holding equity as opposed to a risk-free security....

equity securities
Any security that represents an ownership stake rather than an IOU. Equity securities include common and preferred stock. Bonds are not equity securities; they are simply loans to the company. Bondholders can expect repayment of principal from the business, while stockholders hope for dividends and price appreciation. In the event the business goes...

equity securities
Funds to operate the corporation may be generated by the sale of shares of stock, that is, equity securities. The equity in the corporate enterprise, that is, the residual value of the assets after the payment of all debts following dissolution, belongs to the shareholders. Equity financing may open up participation in corporate ownership (and, ind...

equity shares
Equity financing describes an exchange of money for a share of business ownership. This form of financing allows you to obtain funds without incurring debt; in other words, without having to repay a specific amount of money at any particular time. The major disadvantage of equity financing is the dilution of your ownership interests, and the possib...

equity-to-asset ratio
expresses the proportion of total assets financed by the owner`s equity capital. It is the reciprocal of the debt-to-asset ratio....

error detection procedures
Methods used by the NCBs/ECB to detect and solve errors during the business day....

error term
a term for everything we do not know about (the error term)....

Erste Bank
Erste Bank der oesterreichischen Sparkassen AG is Austria`s second largest banking group and one of the leading retail banks in Central Europe. Erste Bank is Austria`s oldest savings bank and the central institution of the Austrian savings bank sector....

escalation-deescalation clause
Escalation clause: A provision of a contract which calls for an increase in price in the event of an increase in certain costs. For example, an escalation clause may specify that rent due will increase with inflation. opposite of de-escalation clause....

escalator clause
Escalator Clause: A clause in a contract providing for the upward or downward adjustment of certain items, like interest rates, to cover specified contingencies, like the sale of the property....

escalator clause
Provision in a contract allowing cost increases to be passed on. In an employment contract, an escalator clause might call for wage increases to keep employee earnings in line with inflation. In a lease, an escalator clause could obligate the tenant to pay for increases in fuel or other costs....

escalator clause
Provisions in a contract that tie payments to a price index. When the escalation is complete (i.e., when a 10 percent increase in the price index results in a 10 percent increase in the contract price) the obligation is converted from a nominal to a real one. The most important escalators are cost of living adjustments (COLAs) in wage contracts, wh...

escalator clause
Union contract provision for the raising and lowering of wages according to changes in the cost of living index or a similar standard; most commonly referred to as a Cost of Living Adjustment (COLA)....

essai note
In paper money, a print made to test a design; analogous to a trial strike in coinage....

establish a standing order
an instruction from a customer to his bank to make a regular payment of a fixed amount to a named creditor....

establishment
An establishment is defined as an enterprise, or part of an enterprise, that is situated at a single location and in which only a single (non-ancillary) productive activity is carried out or in which the principal productive activity accounts for most of the value added....

estate tax
An estate tax is currently a tax imposed on assets over the amount of $1.5 million left to heirs....

estate tax
generally a federal tax on the transfer of a dead person`s assets to his heirs and beneficiaries. Although a transfer tax, it is based on the amount in the decedent`s estate (including distribution from a trust at the death) and can include insurance proceeds. Currently such federal taxation applies to the amount of an estate above $600,000, or as ...

estate tax
In the US, a tax imposed by the federal government or state on the net value of a deceased person`s estate after deduction of an exclusion. The net proceeds, after estate tax has been paid, pass to the beneficiaries. If the sole beneficiary is a spouse, no tax is payable....

estimator
An estimator is a rule for `guessing` the value of a population parameter based on a random sample from the population. An estimator is a random variable, because its value depends on which particular sample is obtained, which is random. A canonical example of an estimator is the sample mean, which is an estimator of the population mean....

estimator
An estimator is used to estimate a parameter. Normally a statistic is used as an estimator. Three important characteristics of estimators are: bias, consistency, and relative efficiency....

et seq.
et sequentia - and the following...

EU Council
an institution of the European Community. It is made up of representatives of the governments of the Member States, normally the ministers responsible for the matters under consideration (therefore often referred to as the Council of Ministers). The EU Council meeting in the composition of the Ministers of Finance and Economy is often referred to a...

EU withholding tax
The ultimate aim of the Directive is to enable savings income in the form of interest payments made in one Member State to beneficial owners who are individuals resident for tax purposes in another Member State to be made subject to effective taxation in accordance with the laws of the latter Member State.... Article 11. 1. During the transitional ...

euro
Name of the single European currency introduced in the euro area countries at the beginning of the third stage of Economic and Monetary Union on January 1, 1999. 1 euro is divided into 100 cent. The ISO currency code is EUR, and the symbol € is also used. In January 2002, the twelve euro area countries mastered the euro cash changeover and issued e...

Euro 12
Belgian Finance Minister Didier Reynders is president of the Euro 12 - the regular gathering of EU finance ministers. He wants the Euro 12 empowered to coordinate policies of euro zone countries and act as a counterweight to to the European Central Bank....

Euro 2002 mass media campaign
part of the Euro 2002 information campaign...

euro area
The area encompassing those Member States in which the euro has been adopted as the single currency in accordance with the Treaty and in which a single monetary policy is conducted under the responsibility of the Governing Council of the European Central Bank. The euro area currently comprises 12 Member States....

euro area GDP indicator
Euro area GDP indicator - Indicator-based forecast of quarterly GDP growth in the euro area - In order to monitor better economic developments in the euro area, the Directorate General for Economic and Financial Affairs (DG ECFIN) has developed a short-term model which aims at forecasting the two quarters following the latest estimate of quarterly ...

euro creep
Process by which the European single currency is expected to edge its way into British life. Verification: Marks and Spencer, John Lewis and WH Smith will accept the single currency from the start of 2002. NCP car parks is adjusting its vending machines to accept euros and shopping trolleys at Tesco already have a slot for euro coins....

euro initiative
a public relations program of the Austrian federal government...

euro progress ratio
Rate of substitution of national banknotes by euro banknotes (see context for source)....

Euro Showcase
Eurosystem PR program for the introduction of euro banknotes and coins...

euro unit
The unit of the single currency as defined in the Regulation on the introduction of the euro which will enter into force at the starting date of the third stage of Economic and Monetary Union Translation services of the European Commission...

EURO.NM
EURO.NM, a pan-European group of five exchanges providing equity capital for new and high-risk companies, ceased to exist in December 2000, but the participating national high-growth stock exchanges will continue to provide equity financing for start-ups....

eurobond
Bond denominated in U.S. dollars or other currencies and sold in countries other than the one in whose currency the issue is denominated. (Bridge Fixed Income Financial Glossary)...

EuroCalculus
EuroCalculus (in German) is an Excel spreadsheet to perform calculations of euro cash requirements for retailers....

Eurodollar
Deposits denominated in U.S. dollars at banks and other financial institutions outside the United States. Although this name originated because of the large amounts of such deposits held at banks in Western Europe, similar deposits in other parts of the world are also called Eurodollars....

Eurogroup
The Eurogroup is an informal body composed of the finance ministers of euro area Member States; the European Commission and, upon invitation, the ECB participate in Eurogroup meetings. The responsibility shared by the ECB and the Eurogroup for issues related to the euro exchange rate concerns consultations with third parties - for example at the G7...

euroization
EUROIZATION is the use of the euro by a country as its own currency; the linking of a currency`s value to that of the euro; or, the use of the euro for accounting purposes....

EuroMTS
EuroMTS is Europe`s largest electronic trading platform for Euro denominated government benchmarks, comprising Italian, German, French, Dutch, Belgian, Spanish, Austrian, Portuguese and Finnish issues. EuroMTS is incorporated in England and its shares are held by international financial institutions with a strong presence in at least two of the thr...

Euronext NV
amalgamated European stock exchange...

European Banking Federation
The European Banking Federation (FBE ) is the united voice of the banks of the European Union (EU) and the European Free Trade Association (EFTA) countries. The FBE represents over 4000 banks, large and small, with almost 20 000 billion euros in assets....

European Communities
European Communities (EC). The collective body that resulted in 1967 from the merger of the administrative networks of the European Atomic Energy Community (EURATOM), the European Coal and Steel Community (ECSC), and the European Economic Community (EEC). The singular term has also been widely used....

European Community Household Panel
The European Community Household Panel (ECHP) is a survey based on a standardised questionnaire that involves annual interviewing of a representative panel of households and individuals in each country, covering a wide range of topics: income, health, education, housing, demographicss and employment characteristic, etc. The total duration of the EC...

European Council
provides the European Union with the necessary impetus for its development and defines the general political guidelines thereof. It brings together the Heads of State or Government of the Member States and the President of the European Commission....

European Council
The European Council brings together the Heads of State or Government of the fifteen Member States of the European Union and the President of the European Commission. It should not be confused with the Council of Europe (which is an international organisation) or with the Council of the European Union. The European Council is hosted by and takes pl...

European Council
The Treaty establishing the European Community shall be amended in accordance with the provisions of this Article....the words `Council meeting in the composition of the Heads of State or Government` shall be replaced by `European Council`;...

European Investor Outreach Program
The EIOP Promoting Investment in the Western Balkans The European Investor Outreach Program (EIOP) has been established by the World Bank Group`s Multilateral Investment Guarantee Agency (MIGA) to promote foreign direct investment (FDI) in the Western Balkans. The countries covered by the program include Albania, Bosnia and Herzegovina, Croatia, FY...

European Monetary Agreement
(EMA), international governmental organization to facilitate settlement of balance of payments accounts between member states. The EMA, which was administered by the Organization for Economic Cooperation and Development (OECD), existed from 1958 until 1972, replacing the European Payments Union. The EMA provided for the convertibility of the curren...

European option
An option that can only be exercised at maturity, as opposed to an American option....

European option
An option which is only exercisable at expiry....

European Payments Council
The European Payments Council (EPC) is the decision-making and coordination body of the European banking industry in relation to payments. Our declared purpose is to support and promote the creation of the Single Euro Payments Area (SEPA). .. The EPC`s intention is to create a Single Euro Payments Area, working as a single domestic payments market ...

European System of Accounts
A system of uniform statistical definitions and classifications aimed at achieving a harmonised quantitative description of the economies of the Member States. The ESA is the Community`s version of the world System of National Accounts 1993. The ESA 95 is a new version of the European system, implementation of which began in the course of 1999 in a...

European System of Central Banks
The ESCB is composed of the European Central Bank (ECB) and the national central banks of all 15 Member States, i.e. it includes, in addition to the members of the Eurosystem, the national central banks of the Member States which did not adopt the euro at the start of Stage Three of Economic and Monetary Union (EMU). The ESCB is governed by the Gov...

European University Association
The European University Association (EUA) represents and supports higher education institutions in 46 countries, providing them with a unique forum to cooperate and keep abreast of the latest trends in higher education and research policies....

European University Institute
The European University Institute was created in 1972 by the Member States of the founding European Communities. Its main objective is to provide advanced academic training to Ph.D students and to promote research at the highest level....

Eurosystem
The Eurosystem comprises the ECB and the NCBs of the Member States which have adopted the euro in Stage Three of Economic and Monetary Union (EMU). There are currently 11 NCBs in the Eurosystem (since 2001: 12 NCBs). If and when all 15 Member States participate in the euro area, the term `Eurosystem` will become a synonym for the ESCB. The Eurosyst...

Eurosystem`s international reserves
the reserve assets of the euro are consist of the Eurosystem`s reserve assets, i.e. the reserve assets of the Euroepan Central Bank (ECB) and the reserve assets held by the national central banks (NCBs) of the participating Member States. Reserve assets must be under the effective control of the relevant monetary authority, whether the ECB or the N...

Eurosystem`s Strategic Stock
`Eurosystem`s Strategic Stock` shall mean the stock of euro banknotes stored by NCBs to cope with a demand for euro banknotes which cannot be met from the logistical stocks. ECB/2002/NP8...

evening work
The definitions of evening work and night vary considerably so that it is not easy to establish a strictly common basis for all Member States. Generally speaking, however, `evening workers` can be considered to be work done after the usual hours of working time in this Member State, but before the usual sleeping hours. This implies the possibility ...

event of default
an event stipulated in an agreement as constituting a default. Generally, the occurrence of a failure to pay or deliver on the due date, breach of agreement and insolvency are events of default....

event risk
Exposure to loss from a change in the credit quality of an issue or issuer resulting from a merger or acquisition, a leveraged buyout, a product failure, or some other development with a major impact on the issuer`s business or capitalization. ifciGL...

event risk
Specific risk includes the risk that an individual debt or equity security moves by more or less than the general market in day-to-day trading (including periods when the whole market is volatile) and event risk (where the price of an individual debt or equity security moves precipitously relative to the general market, e.g., on a take-over bid or ...

EWMA
exponentially weighted moving average...

exchange control
Rationing of foreign exchange, typically used when the exchange rate is fixed and the central bank is unable or unwilling to enforce the rate by exchange-market intervention...

exchange rate channel
one channel (macroeconomic) by which monetary policy impulses may be transmitted; ultimately affects output (Y)....

Exchange Rate Information Desk
lt. Rücksprache mit Fr. Pauli/BACK Stelle im Treasury - Back Office, die für Auskünfte zu div. Wechselkursen zuständig ist (21.12.2004)...

exchange rate mechanism II
...Whereas the European Council has in its Resolution of 16 June (...) agreed to set up an exchange rate mechanism (hereinafter referred to as `ERM II`) when the third stage of economic and monetary union begins on 1 January 1999......

exchange rate risk
The risk that a business` operations or an investment`s value will be affected by changes in exchange rates. For example, if money must be converted into a different currency to make a certain investment, changes in the value of the currency relative to the American dollar will affect the total loss or gain on the investment when the money is conve...

exchange-rate system
The IMF has a classification of exchange rate regimes with eight categories: (1) dollarization/euroization (fixed; no separate legal tender), (2) currency board (fixed; currency fully backed by foreign exchange reserves), (3) conventional fixed ped (fixed; peg to a currency or currency basket with a band of at most +/- 1%), (4) horizontal band (int...

excise tax
An excise tax is levied on the purchase of a specific commodity or group of commodities (e.g., on liquor, tobacco). A sales tax is one levied on all commodities, with only a few specific exclusions (e.g., on all purchases except food)....

Executive Board
One of the decision-making bodies of the European Central Bank (ECB). It comprises the President, the Vice-President and four other members appointed by common accord by the Heads of State or Government of the Member States which have adopted the euro...

executive staff
A separately defined category of members of the workforce who perform (some of) the functions of an employer or entrepreneur (Works Constitution Act & 5(3)). This entails a certain polarization of interests between them and other employees . According to the Act, executive staff are individuals who possess independent authority to engage and dismis...

exercise
The act of a call (put) option holder buying (selling) the underlying product or its cash equivalent....

exercise
The action taken by the holder of a call option if he wishes to purchase the underlying futures contract or by the holder of a put option if he wishes to sell the underlying futures contract....

exergue
Lower segment of a coin or medal, usually divided from the rest of the field by a horizontal line, and often containing the date, value, ornament or identification symbols....

expansionary fiscal policy
Expansionary fiscal policy is an increase in government purchases or a decrease in taxes....

expansionary fiscal policy
That means that government spending is greater than the rate of taxation, so it is a boost to the economy. The disadvantage to this is that a budget deficit will ultimately build up...

expediency
Appropriateness to the purpose at hand; fitness....

expenditure
Expenditure - A disbursement or liability incurred for the acquisition of a good or service. (Compare with Expense.)...

expenditure approach
The expenditure approach measures GDP by adding together money spent buying this year`s output: personal consumption expenditures (C), gross private domestic investment plus stockbuilding (I), government purchases of goods and services (G), and net exports (NX)....

expense
Expense - A cost properly identifiable with the operations of a period (e.g. fiscal year) or with revenues earned during that period; i.e. expenses are recorded in the accounting periods (e.g. fiscal years) in which they apply, regardless of when liabilities are incurred or payments are made. Expenses include both expenditures and accrued expenses ...

experience adjustments
The effect of differences between previous actuarial assumptions and what has actually occurred....

expertise
A capability of a person to perform an operation in a limited domain with exceptional results when compared to others capable of performing the same operation. Expertise may depend on abstractions, such as individual mental models, rather than on knowledge alone...

expiration date
Options on futures generally expire on a specific date during the month preceding the futures contract delivery month. For example, an option on a March futures contract expires in February but is referred to as a March option because its exercise would result in a March futures contract position....

expiry
The last date an option can be traded or exercised....

explained variance
Explained variance is part of the variance of any residual that can be attributed to a specific condition (cause). The other part of variance is unexplained variance. The higher the explained variance relative to the total variance, the stronger the statistical measure used....

exponential moving average
A moving average calculated by weighting recent values more heavily than older values....

Extended Custodial Inventory
The Federal Reserve distributes a large amount of currency to overseas markets through Extended Custodial Inventory (ECI) facilities and other depository institutions. The Federal Reserve established ECIs in 1996 to facilitate the introduction of new-design U.S. currency to the international community, to recirculate fit bank notes in overseas mark...

external assets
External assets are holdings of cash in non-euro area currencies, holdings of securities issued by non-euro area residents, loans to non-euro area residents (including banks), and gold and special drawing rights (Rs) held by the Eurosystem....