A
ACH – automated clearing house
ACR – Annual Competition Report
ACS – annual cyclical scenario
AFS – available for sale securities
Agents – Our national network of twelve agencies, spread across the whole of the UK. The Agents meet with around 700 businesses across the UK to discuss business conditions in their region and publish a regular summary of business conditions.
Agents’ summary of business conditions – Our regular summary of reports compiled by our twelve regional Agents following discussions with at least 700 businesses across the UK every reporting period.
AI – artificial intelligence
AIPPF – Artificial Intelligence Public-Private Forum
ALCo – Assets and Liabilities Advisory Committee
AP – authorised participant
APF – Asset Purchase Facility
APR – An annual percentage rate (APR) is the yearly rate charged for a loan or earned by an investment.
APRC – Annual Percentage Rate of Charge
AREF – Association of Real Estate Funds
ARF – Authorities’ Response Framework
ARRC – Alternative Reference Rate Committee
Asset purchases – When a central bank like the Bank of England creates new money electronically to make large purchases of assets – also known as quantitative easing.
ARCo – Audit Risk Committee – One of the Court of Directors sub-committees
AT1 – additional Tier 1
AUM – assets under management
AVA – additional valuation adjustment
AWE – average weekly earnings
B
Bank Rate – The rate of interest we pay to commercial banks for the reserves they hold in their Bank of England accounts. Bank Rate generally influences the interest rate commercial banks offer and charge their customers – see The interest rate (Bank Rate).
Banknote Character Advisory Committee – This committee selects the field from which we want to represent a character on a new banknote and we then ask the public to nominate people from that chosen field – also see Choosing banknote characters.
Basel III – An internationally agreed set of measures developed by the Basel Committee on Banking Supervision in response to the financial crisis of 2007-09. The measures aim to strengthen the regulation, supervision and risk management of banks. In the UK Basel II is implemented through the Capital Requirements Directive.
BBLS – Bounce Back Loan Scheme
BCBS – Basel Committee on Banking Supervision
BCC – British Chambers of Commerce
BCR – Basic Capital Requirements
BCR – binding corporate rules
BEAPFF – Bank of England Asset Purchase Facility Fund Limited – a subsidiary company of the Bank of England, which purchases financial assets such as gilts and corporate bonds to boost economic activity.
BES – biennial exploratory scenario
BHC – bank holding company
BHPS – British Household Panel Survey
BIS – Bank for International Settlements
BLS – Bank Liabilities Survey – a quarterly survey of banks and building societies, which helps us understand how their lending liabilities and capital drives credit and monetary conditions.
BoAML – Bank of America Merrill Lynch
BoJ – Bank of Japan
BRC – British Retail Consortium
BRC – Business Risk Committee
BRRD – Bank Recovery and Resolution Directive
BTL – buy-to-let
BTS – Binding Technical Standards
C
CAPE – cyclically adjusted price/earning ratio
CBDC – Central Bank Digital Currency
CBES – Climate Biennial Exploratory Scenario
CBEST – UK Government National Cyber Security Programme – provides direction on how to conduct a safe yet realistic simulated attack on the people, processes and technology that comprise a firm’s cyber security controls.
CBI – Confederation of British Industry
CBILS – Coronavirus Business Interruption Loan Scheme
CBPS – Corporate Bond Purchase Scheme
CCAR – Comprehensive Capital Analysis Review
CCBS – Centre for Central Banking Studies – Runs an extensive programme of events for central bankers and financial regulators from around the world.
CCFF – Covid Corporate Financing Facility
CCLB – countercyclical leverage buffer
CCP – central counterparty
CCR – Credit Conditions Review – A bi-annual assessment of the latest developments in bank funding and household and corporate credit conditions; last published in April 2018.
CCS – Credit Conditions Survey – This quarterly survey of banks and building societies aims to improve our understanding of trends and developments in credit conditions.
CCSAM – CREST Certified Simulated Attack Manager
CCSAS – CREST Certified Simulated Attack Specialist
CCTIM – CREST Certified Threat Intelligence Manager
CCyB – countercyclical capital buffer
CDE – critical data elements
CDS – credit default swap
CEIC – CEIC Data Company Ltd
CEO – chief executive officer
CETA – Comprehensive Economic and Trade Agreement
CET1 – common equity Tier 1
CfE – Call for Evidence
CFO – chief financial officer
CFRF – Climate Financial Risk Forum
CFTC – Commodity Futures Trading Commission
CG – control group
CGC – control group co-ordinator
CGFS – Committee on the Global Financial System
The Chancellor – The Chancellor leads the Treasury which is the government department for economic and financial matters. Their work includes generating income (through tax and borrowing) and controlling government spending.
CHAPS – CHAPS is a payment system we operate which allows payments made between UK accounts to arrive the same day they are made.
Chief Cashier – Responsible for making sure that our banknotes have the latest anti-counterfeiting technology and that there are enough banknotes in circulation. You can find the Chief Cashier’s signature on every one of our banknotes – see the Chief Cashiers page.
Chief Operating Officer (COO) – The COO has responsibility for the day-to-day operations of the institution, including Human Resources, Finance, Property, IT and Security.
CI – capability indicator
CIPD – Chartered Institute of Personnel and Development
CIPS – Chartered Institute of Purchasing and Supply
CIS – collective insurance schemes
CJEU – Court of Justice of the European Union
CJRS – Coronavirus Job Retention Scheme
CLBILS – Coronavirus Large Business Interruption Loan Scheme
CLO – collateralised loan obligation
CLS – continuous linked settlement
CMA – Competition and Markets Authority
CMA – Chicago Mercantile Exchange
CMBS – commercial mortgage-backed security
CMG – crisis management group
CML – Council of Mortgage Lenders
CoCo – contingent convertible capital instrument
COICOP – classification of individual consumption by purpose
CoL – cost of living
COLA-DSRs – cost of living-adjusted mortgage debt-servicing ratios
Collateral – An asset that a borrower offers a lender to secure a loan. If a borrower fails to repay a loan, the lender can keep or sell the collateral.
ComFrame – Common Framework for the Supervision of Internationally Active Insurance Groups
COREP – Common Reporting
Court of Directors – Sets our strategy and budget and takes key decisions on resourcing and appointments – see the Court of Directors page.
CPMI – Committee on Payments and Market Infrastructures
CP – Consultation Paper – A publication which outlines and invites comments on details of a new policy we are looking to implement.
CPI – consumer prices index – see the inflation page.
CPI inflation – Inflation measured by the consumer prices index.
CPIH – An index of consumer prices that includes a measure of owner-occupiers’ housing costs.
CPMI – Committee on Payments and Market Infrastructures
CRA – Credit Rating Agencies
CRD IV – Capital Requirements Directive IV – An EU legislation that sets prudential rules for banks, building societies and investment firms.
CRD V – Capital Requirements Directive V
CRE – commercial real estate
CREST – Council for Registered Ethical Security Testers
CRM – comprehensive risk measure
CRR – Capital Requirements Regulation
CRR 2 – Capital Requirements Regulation 2
CSD – Central securities depositories
CSDR – Central Securities Depositories Regulation
CSP – Cloud Service Provider
CSPP – corporate sector purchase programme
C-SREP – Capital Supervisory Review and Evaluation Process
CSSE – Centre for Systems Science and Engineering
CST – concurrent stress test
CTP – Critical Third Party
CTRF – Contingent Term Repo Facility
CVA – credit valuation adjustment
D
DAT – Derivatives Assessment Team
DB – defined benefit
DC – defined contribution
DB – defined benefit
DECL Taskforce – The UK Taskforce on Disclosures about Expected Credit Losses
Deputy Governor – We currently have four Deputy Governors each assigned functional responsibility for the following aspects of our work: Monetary Policy, Financial Stability, Markets & Banking and Prudential Regulation.
DGI – domestically generated inflation
DIF – designated investment firm
DLT – distributed ledger technology
DMP – Decision Maker Panel
DMO – Debt Management Office
DP – Discussion Paper – A paper which sets out our views and analysis in relation to a particular topic.
D-SIB – domestic systemically important bank
DSR – debt-servicing ratio
DTA – deferred tax asset
DTI – debt to income
DTCC – Depository Trust and Clearing Corporation
DTO – Derivatives Trading Obligation
DvP – delivery versus payment
DVA – debit valuation adjustment
DWF – Discount Window Facility
E
EAD – exposure at default
EBA – European Banking Authority
EBIT – earnings before interest and tax
EBITDA – earnings before interest, taxes, depreciation and amortisation
EC – European Commission
ECAI – external credit assessment institution
ECB – European Central Bank
ECC – Economic Consultative Committee
ECL – expected credit loss
ECTR – Extended Collateral Term Repo
ED – Executive Director
EDTF – Enhanced Disclosure Task Force
EEA – European Economic Area
EEA – Exchange Equalisation Account
EFFR – effective federal funds rate
EFSF – European Financial Stability Facility
EIOPA – European Insurance and Occupational Pensions Authority
EL – Eligible liabilities
ELA – Emergency Liquidity Assistance
EME – emerging market economy
EMIR – European Market Infrastructure Regulation
EOTHO – Eat Out to Help Out
EPG – Energy Price Guarantee
ERI – exchange rate index
ERM – equity releases mortgage
ESA – European Supervisory Authorities
ESCB – European System of Central Banks
ESFS – European System of Financial Supervision
ESMA – European Securities and Markets Authority
ESRB – European Systemic Risk Board
ET – Executive Team
ETF – exchange-traded fund
EU – European Union
EUI – Euroclear UK & Ireland Limited
Euribor – euro interbank offered rate
EUWA – European Union Withdrawal Act 2018
F
FCA – Financial Conduct Authority – The regulator of the conduct of financial services firms and financial markets in the UK.
FCCM – Financial Collateral Comprehensive Method
FDI – foreign direct investment
FDSF – Firm Data Submission Framework
Federal Reserve – The central bank of the United States (also known as ‘the Fed’).
FEMR – Fair and Effective Markets Review
FICC – fixed income, currency and commodities
Financial sector continuity – The three UK financial authorities – the Bank of England, HM Treasury and the Financial Conduct Authority – work together to make sure the UK financial sector runs smoothly, efficiently and effectively.
FINREP – financial reporting
FinTech – financial technology
FISIM – financial intermediation services indirectly measured
FLS – Funding for Lending Scheme – A scheme launched by the Bank of England and the Treasury in 2012, to encourage bank and building societies to lend more to households and businesses.
FMI – Financial market infrastructure – The network processes and systems that allow financial transactions to take place.
FMI – Financial Market Intermediary
fmi CBCM – FMI Cross-Border Crisis Management
FMID – Financial Market Infrastructure Directorate (of the Bank of England)
FMLC – Financial Markets Law Committee
FOIA – Freedom of Information Act
FOMC – Federal Open Market Committee
FOS – Financial Ombudsman Service
FPC – Financial Policy Committee – Our committee that identifies, monitors and takes action to remove or reduce risks in the financial system – to protect and enhance its resilience.
FPS – Faster Payments Service
FRC – Financial Reporting Council
FRF – Future Regulatory Framework
FRN – floating-rate note
FSA – Financial Services Authority
FSAC – Financial System Advisory Committee
FSAP – Financial Sector Assessment Program
FSB – Financial Stability Board – An international body that monitors and makes recommendations about the global financial system.
FSCS – Financial Services Compensation Scheme
FSMA – Financial Services and Markets Act 2000 – An Act of the UK Parliament that created the Financial Services Authority (FSA) as a regulator for insurance, investment business and banking, and the Financial Ombudsman Service to resolve disputes as a free alternative to the courts. In 2013 the FSA was replaced by the Prudential Regulation Authority (part of the Bank of England) and the Financial Conduct Authority.
FSR – Financial Stability Report – Our bi-annual report that sets out our Financial Policy Committee’s view on the stability of the UK financial system and what it is doing to remove or reduce any risks to it.
FSRIF – Financial Services Regulatory Initiatives Forum
FSSR – Financial Stability Strategy and Risk
FTA – free trade agreement
FTSE – Financial Times Stock Exchange
FVA – funding valuation adjustment
FVO – fair value option
FVOCI – fair value through other comprehensive income
FVTPL – fair value through profit and loss
FX – foreign exchange
FXJSC – The London Foreign Exchange Joint Standing Committee – A forum for discussion concerning the wholesale foreign exchange market.
G
G7 – group of seven major economies: Canada, France, Germany, Italy, Japan, the United Kingdom and the United States.
G10 – Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, Sweden, Switzerland, the United Kingdom and the United States
G20 – group of twenty finance ministers and central bank governors
GFC – global financial crisis
GfK – Gesellschaft für Konsumforschung – Germany’s largest market research institute.
GLAC – gone-concern loss-absorbing capacity
GDP – gross domestic product – GDP is a measure of the size and health of a country’s economy over a period of time (usually one quarter or one year). It is also used to compare the size of different economies at a different point in time.
Governor – In addition to their duties as Governor, they also chair the Monetary Policy Committee, Financial Policy Committee and the Board of the Prudential Regulation Committee.
G-SIB – global systemically important bank
G-SIFI – Globally Systemically Important Financial Institution
G-SII – global systemically important insurer
GUUG – group on UTI and UPI Governance
H
HEW – housing equity withdrawal
HLA – higher loss absorbency
HMRC – His Majesty’s Revenue and Customs
HMT – His Majesty’s Treasury
Hibor – Hong Kong interbank offered rate
HICP – harmonised index of consumer prices
HPI – house price index
HQLA – high-quality liquid asset
I
IADB – Interactive Database – now known as the The Database.
IAIG – Internationally Active Insurance Groups
IAIS – International Association of Insurance Supervisors
IAS – International Accounting Standard
IAS 39 – International Accounting Standards 39
IBA – ICE Benchmark Administration
IBES – Institutional Brokers’ Estimate System
IBS – important business service
ICAAP – Internal Capital Adequacy Assessment Process
ICB – Independent Commission on Banking
ICE – Intercontinental Exchange
ICE/BofAML – Intercontinental Exchange/Bank of America Merrill Lynch
ICMA – International Capital Market Association
ICP – Insurance Core Principles
ICPFs – insurance companies and pension funds
ICR – interest coverage ratio
ICS – Insurance Capital Standard
ICT – information and communications technology
ICT SREP – Information and Communication Technology Supervisory Review and Evaluation Process
ID – international directorate
IEA – International Energy Agency
IEO – Independent Evaluation Office – The IEO assesses our performance. It was established in 2014 to increase public trust in the Bank and improve its openness, learning culture and public accountability.
IFRS – International Financial Reporting Standard
IFRS 9 – International Financial Reporting Standard 9
IFS – Institute for Fiscal Studies
IIF – Institute of International Finance
ILS – Insurance Linked Securities
IM – initial margin
IMF – International Monetary Fund
IMM – internal model method
IMSG – Implementation Monitoring Standing Group
Inflation Attitudes Survey – A quarterly survey, conducted by TNS on our behalf, that accesses public attitudes to inflation, opinions about us and awareness of our work.
Interest rate – The interest rate is usually shown as a percentage of the amount you borrow or save. This is paid as interest over the course of a year. So if you put £100 into a savings account that offers a 1% interest rate, then you’d have £101 a year later. If the interest rate was 2%, you’d get £102, and so on – see The interest rate page.
IOSCO – International Organization of Securities Commissions
IPO – initial public offering
IR – Inflation Report – our quarterly report that set out the economic analysis and inflation projections that the Monetary Policy Committee uses to make its interest rate decisions. This was replaced by the MPR.
IRB – internal ratings based
IRC – incremental risk charge
IRRBB – interest rate risk in the banking book
ISA – individual savings account
ISDA – International Swaps and Derivatives Association
ISIN – International Securities Identification Number
ISM – Institute for Supply Management
ISPV – Insurance special purpose vehicleIST – Insurance Stress Test
J
JSS – Job Support Scheme
K
KRX – Korea Exchange
L
LBG – Lloyds Banking Group
LCD – Leveraged Commentary & Data
LCH – London Clearing House
LCR – liquidity coverage ratio
LDI – liability-driven investment
LFS – Labour Force Survey
LGD – loss given default
Libor – London interbank offered rate
Liquidity – How quickly assets (such as cash or cash equivalents) can be bought or sold.
LME – London Metal Exchange
LTI – loan to income
M
M&A – mergers and acquisitions
MA – monetary analysis
MA – Matching Adjustment
MBF – market-based finance
MBS – mortgage-backed security
MCOB – Mortgages and Home Finance: Conduct of Business sourcebook
MDA – maximum distributable amount
MFCI – Monetary and Financial Conditions Index
MFI – monetary financial institution
MI – market intelligence
MIDAS – mixed-data sampling
MiFID – Markets in Financial Instruments Directive
MiFIR – Markets in Financial Instruments Regulation
MIP – mortgage interest payment
MLAR – Mortgage Lenders and Administrators Return – A quarterly statistical release aggregated from data on mortgage lending activities provided by around 340 regulated mortgage lenders and administrators.
MMC – Money Markets Committee
MMF – money market fund
MMLC – Money Markets Liaison Committee
MMR – Mortgage Market Review
MoU – Memorandum of Understanding
Monetary policy – The process by which we set the interest rate – and sometimes carries out other measures – in order to reach a target rate of inflation.
mpc – marginal propensity to consume
MPC – Monetary Policy Committee – The MPC make decisions about how we try to reach the inflation target set by HM Treasury – also see the monetary policy page.
MPC minutes – Minutes of the Monetary Policy Committee meeting – these meetings usually take place 8 times a year.
MPC Summary – Monetary Policy Committee Summary – published with the MPC minutes.
MPE – multiple point of entry
MPR – Monetary Policy Report
MREL – minimum requirement for own funds and eligible liabilities
MSCI – Morgan Stanley Capital International Inc.
MSROD – Markets Strategy and Risk Operations Division
MTIC – missing trader intra-community
MtM – mark-to-market
N
NAV – net asset value
NBFI – non-bank financial institutions
NBPSP – non-bank payment services provider
NBSU – New Bank Start-up Unit
NCEME – non-China emerging market economy
NCS – Note Circulation Scheme – The NCS governs the distribution, processing and storage of our banknotes.
NCSC – National Cyber Security Centre
NedCo – Non-Executive Directors’ Committee
NGFS – Network for Greening the Financial System
NHS – National Health Service
NII – net interest income
NIIP – net international investment position
NIM – net interest margin
NIPs – non-investment products
NISU – New Insurer Start-up Unit
NLW – National Living Wage
Nominations Committee – One of the Court of Directors sub-committees.
NPA – new payments architecture
NPISH – non-profit institutions serving households
NPL – non-performing loan
NPSO – new payment system operator
NS&I – National Savings and Investments
NSFR – net stable funding ratio
NSSC – National Security Strategy Committee
NtA – Nationalising the Acquis
NTNI – non-traditional, non-insurance
O
OBR – Office for Budget Responsibility
OCI – other comprehensive income
OCIR – operational continuity in resolution
OCP – Occasional Consultation Paper
OECD – Organisation for Economic Co-operation and Development
OEIF – open-ended investment fund
OFC – other financial corporations
OFVI – other fair valued items
Ofgem – Office of Gas and Electricity Markets
OFI – other financial institution
Ofwat – Water Services Regulation Authority
OIS – overnight index swap
OMT – outright monetary transaction
ONS – Office for National Statistics – The ONS collect, analyse and disseminate statistics about the UK’s economy, society and population.
OPEC – Organization of the Petroleum Exporting Countries
Operational resilience – The ability of firms and the financial system as a whole to absorb and adapt to shocks, rather than contribute to them – see the financial sector continuity page.
OPIC – Operations, People and Innovation Committee
ORC – Operational Risk Committee
ORSA – Own risk and solvency assessment
ORMF – Operational Risk Management Frameworks
OSFs – operational standing facilities
O-SII – other systemically important institution
P
PAYE – Pay As You Earn
P&L – profit and loss
PBR – Pre-Budget Report
PCA – Personal Current Account
PCP – personal contract purchase
PD – probability of default
PFE – potential future exposure
PFMI – Principles for Financial Market Infrastructures
PMI – purchasing managers’ index
PNFC – private non-financial corporation
Polymer – A durable yet thin and flexible plastic film made from polypropylene. Our latest banknotes are made from polymer.
PPF – Pension Protection Fund
PPI – payment protection insurance
PPI – producer price index
PPP – Prudent Person Principle
PPP – purchasing power parity
PRA – Prudential Regulation Authority – The PRA is responsible for the prudential regulation and supervision of 1,500 banks, building societies, credit unions, insurers and major investment firms.
PRC – Prudential Regulation Committee – The PRC has responsibility within the Bank for exercising the Banks functions as the Prudential Regulation Authority as set out in the Bank of England Act 1998 and the Financial Services and Markets Act 2000.
PS – Policy Statement
PSD – product sales data
PSG – policy standing group
PSP – payment service providers
PSR – Payment Systems Regulator
PT – penetration testing
PTSP – penetration testing service provider
PTF – principal trading firm
PtTB – price to tangible book
PVA – prudential valuation adjustment
PwC – PricewaterhouseCoopers
Q
QB – Quarterly Bulletin – Our QB explores topics on monetary and financial stability and includes regular commentary on market developments and UK monetary policy operations.
QCCP – qualifying central counterparty
QE – quantitative easing – When a central bank like the Bank of England creates new money electronically to make large purchases of assets – also known as asset purchases.
QIS – Quantitative Impact Study
R
R&D – research and development
RAF – Resolvability Assessment Framework
RAP – resolvability assessment process
RBS – Royal Bank of Scotland
RCF – revolving credit facility
RCV – regulatory carry value
REC – Recruitment and Employment Confederation
RegTech – regulatory technology
REITS – real estate investment trusts
Remuneration Committee – One of the Court of Directors sub-committees
Resolution – The process by which we can step in to make sure that a bank that is failing does so in an orderly way – see the Resolution page.
RFB – ring-fenced body – These are the retail banking services that will be separated from the operations of large banks, so that consumers can continue to access them even if the banks other operations are affected by a financial shock.
RFI – relevant financial institutions
RFR – Risk-Free Reference Rates
RICS – Royal Institution of Chartered Surveyors
RMD – risk management division
RNIV – risks not in VaR
RoA – return on assets
RoE – return on equity
ROU – Risk Oversight Committee
Royal Mint – Based in Llantrisant, South Wales, the Royal Mint is responsible to make and distribute United Kingdom coins.
RPI – retail price index
RPI inflation – inflation measured by the retail prices index
RTI – Real Time Information
RTGS – Real-Time Gross Settlement – An infrastructure operated by us that holds accounts for banks, building societies and other institutions. The balances in these accounts can be used to move money in real time between these account holders.
RTP – reserve tranche position
RTSO – recognised payment system operators
RWAs – risk-weighted assets
S
s166 – Section 166 of the Financial Services and Markets Act
SA – Standardised approach
S&P – Standard and Poor’s
SA-CCR – standard approach to counterparty credit risk
SAECC – Symmetric adjustment of the equity capital charge
SAR – special administration regime
SCB – Standard Chartered Bank
SCC – standard contractual clause
SCO – secondary competition objective
SCP – single collateral pool
SCR – solvency capital requirement
Sealing Committee – One of the Court of Directors sub-committees.
SEC – Securities and Exchange Commission
SEISS – Self-Employment Income Support Scheme
SEPA – Single Euro Payments Area
SFT – securities financing transaction
SFTR – Securities Financing Transactions Regime
SFX – Structural Foreign Exchange
SI – statutory instrument
SIC – Standard Industrial Classification
SIF – Sustainable Insurance Forum
SIFI – systemically important financial institution
SIMMTM – Standard IM Model
SIMR – senior insurance managers regime
SIV – structured investment vehicle
SLC – Securities Lending Committee
SLRC – Securities Lending and Repo Committee
SLS – special liquidity scheme
SM&CR – Senior Managers and Certification Regime
SME – small and medium-sized enterprise
SMF – Senior Management Function
SMF – Sterling Monetary Framework – Our operations in the sterling money markets.
SML – survey of mortgage lenders
SMMT – Society of Motor Manufacturers and Traders
SMR – Senior Managers Regime
SOC – security operation centre
SOFR – secured overnight financing rate
Solvency II – Sets out regulatory requirements for insurance firms and groups, covering financial resources, governance and accountability, risk assessment and management, supervision, reporting and public disclosure.
SONIA – Sterling Overnight Index Average – A widely used interest rate benchmark and the reference rate for sterling Overnight Indexed Swaps (OIS).
SoP – Statement of Policy
SPE – single point of entry
SPV – special purpose vehicle
SRB – systemic risk buffer
SREP – Supervisory Review and Evaluation Process
SRPC – Supervision Risk and Policy Committee (Bank governance forum)
SRS – supervisory risk specialists
SS – Supervisory Statement – The PRA will issue supervisory statements when it wishes to set out its expectations of firms without implementing these into the Rulebook.
SSB – standard setting body
SSS – securities settlement systems
SST – supervisory stress-testing
STC – simple, transparent and comparable
STDF – stress testing data framework
Stress testing – Banking stress tests examine the potential impact of a hypothetical adverse scenario on the individual institutions that make up the banking system, and the system as a whole.
STSD – stress testing strategy division
SVaR – stressed value-at-risk
SVB – Silicon Valley Bank
SVR – standard variable rate
SVT – standard variable tariff
SWES – system-wide exploratory scenario
SWIFT – Society for Worldwide Interbank Financial Telecommunication
T
T2 – tier 2
T-bills – Treasury bills
TECRF – Temporary Expanded Collateral Repo Facility
TFP – total factor productivity
TFS – Term Funding Scheme – Provides funding to banks and building societies at rates close to Bank Rate.
TFSME – Term Funding Scheme with additional incentives for SMEs
TI – threat intelligence
TISP – threat intelligence service provider
TLAC – total loss-absorbing capacity
TLC – total labour cost
TLTRO – targeted longer-term refinancing operation
TMTP – transitional measures on technical provisions
TPR – temporary permissions regime
TPR – The Pensions Regulator
TR – trade repository
TSC – Treasury Select Committee
TUC – Trades Union Congress
U
UCITS – undertakings for collective investment in transferable securities
UKDT – UK deposit takers supervision
ULC – unit labour cost
UPI – unique product identifier
UTI – unique transaction identifier
V
VA – volatility adjustment
VaR – value-at-risk
VAT – Value Added Tax
VEAP – vulnerable euro-area periphery
VED – vehicle excise duty
W
WEO – IMF World Economic Outlook
WMBA – Wholesale Market Brokers’ Association
WTO – World Trade Organisation
X
XBRL – eXtensive Business Reporting Language
XVA – x-value adjustment
