Finance Glossary » B

Bad Credit

ukeconomics — Wed, 01 Apr 2009 11:12:56 +0000

The term “Bad Credit” relates to having a credit history which may be deemed unworthy of credit by lenders considering a loan or other credit application.

Certain financial products have been developed for those with “bad credit”, and hence are preceeded by it, such as a “Bad Credit Loan” or “Bad Credit Bank Account“.

Bankruptcy

ukeconomics — Tue, 30 Dec 2008 16:45:41 +0000

A legal process for individuals who are unable to pay their debts. All their assets pass to an official receiver for sale towards repaying their creditors. Once discharged, normally in 12 months, the person is relieved from paying the remaining debt.

Banks

ukeconomics — Mon, 06 Oct 2008 14:30:37 +0000

A bank is a financial institution whose primary activity is to act as a payment agent for customers and to borrow and lend money.

The first modern bank was founded in Italy in Genoa in 1406, its name was Banco di San Giorgio (Bank of St. George).

Many other financial activities were added over time. For example banks are important players in financial markets and offer financial services such as investment funds. In some countries such as Germany, banks are the primary owners of industrial corporations while in other countries such as the United States banks are prohibited from owning non-financial companies. In Japan, banks are usually the nexus of cross share holding entity known as zaibatsu. In France “Bancassurance” is highly present, as most banks offer insurance services (and now real estate services) to their clients.

Source: Wikipedia

Related Resources:

The Bank of England
The Bank of Scotland