|Savings and Loan association
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Definition of Savings and Loan association
Savings and Loan association
National- or state-chartered institution that accepts savings deposits and
The institutions that regulate and lend to savings and loan associations. The
A loan in which two companies in separate countries borrow each other's currency for a
Related: Call money rate.
A mortgage loan on newly developed property that the builder subsidizes during the
A bank term loan that calls for no amortization.
Overnight, collateralized loan made to a dealer financing his position by borrowing from a
Given the after-tax stream associated with a lease, the maximum amount of conventional
A loan on which the rate paid by the borrower is fixed for the life of the loan.
A Congressionally chartered corporation that
A wholly owned U.S. government corporation
loan made by one unit of a corporation to another unit of the same corporation.
A secured short-term loan to purchase inventory. The three basic forms are a blanket
loans of $1 billion or more. Or, loans that exceed the statutory size limit eligible for purchase or
The schedule for repaying the interest and principal on a loan.
Group of banks sharing a loan. See: syndicate.
The amount a policyholder may borrow against a whole life insurance policy at the interest rate
Give the borrower the possibility of drawing a loan in different currencies.
loans usually represented by conventional mortgages on multi-family rental apartments.
National Futures Association (NFA)
The futures industry self regulatory organization established in 1982.
A process whereby two companies in different countries borrow each other's currency for a
Project loan certificate (PLC)
A primary program of Ginnie Mae for securitizing FHA-insured and coinsured
Project loan securities
Securities backed by a variety of FHA-insured loan types - primarily multi-family
Usually FHA-insured and HUD-guaranteed mortgages on multiple-family housing complexes,
Accounts that pay interest, typically at below-market interest rates, that do not have a
loan to finance current assets, The sale of the current assets provides the cash to repay
A bank loan, typically with a floating interest rate, for a specified amount that matures in between
A loan extended by a bank for a specific purpose. In contrast, lines of credit and revolving
Variable rate loan
loan made at an interest rate that fluctuates based on a base interest rate such as the
Amounts that have been loaned to the company and that it still owes.
Savings Incentive Match Plan for Employees (SIMPLE)
An IRA set up by an employer with no other retirement plan and employing fewer than 100 employees,
Express stipulations included in loan agreements that are designed to monitor
Negative Loan Covenants
loan covenants designed to limit a corporate borrower's behavior
Positive Loan Covenants
loan covenants expressing minimum and maximum financial measures
Registered Retirement Savings Plan (Canada)
Commonly referred to as an RRSP, this is a tax sheltered and tax deferred savings plan recognized by the Federal and Provincial tax authorities, whereby deposits are fully tax deductable in the year of deposit and fully taxable in the year of receipt. The ability to defer taxes on RRSP earnings allows one to save much faster than is ordinarily possible. The new rules which apply to RRSP's are that the holder of such a plan must convert it into income by the end of the year in which the holder turns age 69. The choices for conversion are to simply cash it in an pay full tax in the year of receipt, convert it to a RRIF and take a varying stream of income, paying tax on the amount received annually until the income is exhausted, or converting it into an annuity with guaranteed payments for a chosen number of years, again paying tax each year on moneys received.
Spousal Registered Retirement Savings Plan
This is an RRSP owned by the spouse of the person contributing to it. The contributor can direct up to 100% of eligible RRSP deposits into a spousal RRSP each and every year. Contributing to a spouses RRSP reduces the amount one can contribute to one's own RRSP, however, if the spouse is a lower income earner, it is an excellent way in which to split income for lower taxation in retirement years.
A short term loan to cover the immediate cash requirements until permanent financing is received.
A loan which must be repaid in full on demand.
Farm Improvement and Marketing Cooperatives Loans Act
Fixed Rate Loan
loan for a fixed period of time with a fixed interest rate for the life of the loan.
Borrowed funds having a fixed interest rate.
A loan advanced under an operating line of credit.
A secured loan made to business concerns for a specific period (normally three to ten years). It is repaid with interest, usually with periodical payments.
Canada Savings Bonds
A bond issued each year by the federal government. These bonds can be cashed in at any time for their full face value.
A lump sum that you borrow from a financial institution for a specified period of time. To repay the loan, you pay interest on the entire lump sum, and make payments on a scheduled basis.
RRSP (Registered Retirement Savings Plan) (Canada)
A savings plan registered with Revenue Canada, which allows you to set aside a portion of your earned income now for use in the future. When you contribute to your RRSP, you are eligible to claim a tax deduction. However, cashing RRSPs at a later date will result in the payment of tax.
Mutual funds that seek to preserve capital. This type of fund invests primarily in short-term securities with an average term to maturity of one year or less, or in the case of money market funds, 90 days or less.
secured loan or line of credit
A lump sum of funds (loan), or a revolving source of credit with a pre-established limit (line of credit), for which the customer must provide collateral.
Canadian Life and Health Insurance Association (CLHIA)
An association of most of the life and health insurance companies in Canada that conducts research and compiles information about the life and health insurance industry in Canada.
Commercial Business Loan (Credit Insurance)
An agreement between a creditor and a borrower, where the creditor has loaned an amount to the borrower for business purposes.
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