Bank Holiday

Bank Holiday :

Bank Guarantee - banking

Unilateral contract between a bank as guarantor and a beneficiary as warrantee in which the bank commits itself to pay a certain sum if a third party fails to perform or if any other specified event resulting in a default fails to take place - letter of credit.

Bank Holding Company - banking

Any company which directly or indirectly owns or controls, with power to vote, more than five percent of voting shares of each of one or more other banks.

Bank Holiday - banking

A day on which banks are closed.

Bank Note- banking

Paper issued by the central bank, redeemable as money and considered to be full legal tender.

Bank Note Rate – banking / foreign exchange

Exchange rate used in bank note dealing.

Bank Release - banking

A document issued by a bank, after it has been paid or given an acceptance, giving authority to a person to take delivery of goods.

Bankruptcy - law

(a) The status of an individual or legal entity who does not have the financial resources needed to pay debts as they come due

(b) The legal proceedings for declaring bankruptcy and discharging or restructuring debts. Laws related to these proceedings vary greatly among different countries. In the United States, bankruptcy proceedings are brought before bankruptcy courts. In some countries, a bankruptcy is dealt with through administrative agencies and a bankrupt person must first attempt to make a com¬position with creditors - composition with creditors.

Bank Wire Service - banking

A private wire service linking over 250 banks through the facilities of Western Union. This service serves as a message system for transfer of funds and infor¬mation for the member banks.

Bankers Bank - banking

A bank that is established by mutual consent by independent and unaffiliated banks to provide a clearing¬house for financial transactions.

Bankers Draft - banking

A draft payable on demand and drawn by, or on behalf of, a bank upon itself. A banker’s draft is consid¬ered cash and cannot be returned unpaid.

Banque Daffaires - banking

A French bank involved in long-term financing and in the ownership of companies, usually industrial firms. Synonymous with merchant bank.

Bar Code Character - logistics

Within a bar code, a series of bars and spaces that identify a specific letter, number or other data. A se¬ries of bar code characters makes up the entire bar code - bar code - bar code scanner

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