Words T2

Bank guarantee

A bank guarantee is a guarantee from a lending institution ensuring the liabilities of a debtor will be met. In other words, if the debtor fails to settle a debt, the bank covers it. A bank guarantee enables the customer, or debtor, to acquire goods, buy equipment or draw down loans, and there by expand business activity.

Spanish translation: Aval bancario 

Examples:

- 'The Minister explained that bank guarantees had initially been imposed on enterprises registered with the Ministry in order to safeguard worker rights.'
Found in: http://m.gulfnews.com/news/uae/government/smes-excused-from-bank-guarantees-starting-october-2016-1.1867358

- With a bank guarantee you can cover performance and payment obligations.

Banker Blanket Bond (BBB)

This is an insurance for the bank to cover against the losses which might happen due to criminal act/ dishonest act carried out by employee. Usually a bank can choose to insure a specific employee like a bank manager. It can also choose to insure itself so that any prospective employee who joins the bank and takes up any position is
automatically covered by the insurance rules. Criminal acts like robbery and forgery by bank employee are covered under this insurance provision.

Spanish translation: Póliza Global Bancaria

Examples:

-  ‘The key policies are professional liability insurance (otherwise known as errors and omissions or professional malpractice insurance); directors' and officers' liability insurance; bankers blanket bond fidelity/crime insurance; and an umbrella commercial general liability policy.’

Found in: United Nations Office for Project Services accountability framework and oversight policy (Annual session 2008), page 4.

-  ‘Any organization that is involved in the provision of financial services to third parties needs to consider Bankers Blanket Bond insurance.’  

Found in: http://www.willisfinexglobal.com/fi_bankers_blanket.html

Individual Savings Account (ISA)

A type of investment account in the UK in which the tax on income is lower than usual, and there is no tax on profits made from an increase in the value of shares

Spanish translation: Cuenta de ahorro individual.

Examples:

-  ‘Your full allowance can be saved in one of our cash ISAs or invested in our stocks and shares ISA.’

Found in: https://www.triodos.co.uk/en/personal/ethical-isas/

-  ‘The Innovative Finance Isa sounded so promising. You would earn decent
interest when the stock market is volatile and other savings returns are
at rock-bottom — and all within a tax-free wrapper.’

Found in: http://www.thetimes.co.uk/article/the-unloved-child-of-the-isa-family-5mxvb50wv 

Overdraft

The amount of money you owe to a bank when you have spent more money than is in your bank account; an arrangement that allows you to do this.

Spanish translation: Descubierto

Examples:

-  ‘A decision by the competition regulator not to recommend a cap on excessive overdraft charges could be re-examined, the Financial Conduct Authority says.’

Found in:  http://www.bbc.com/news/business-37845849

-  I had to arrange an overdraft to pay for the car.