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BBA glossary puts the crunch on jargon

24 Sep 2007

The global credit crunch is to the fore among new entries featured in a revised glossary of financial terms on the British Bankers' Association website.

Subprime mortgages and "Ninja" loans (a US term for loans to borrowers with "No Income, No Jobs or Assets") are among new additions to the glossary, which will be of use to students and others interested in plain-English explanations for financial terms.

Other complex terms made simple include commercial paper, collateralised debt obligations and BBA LIBOR, the benchmark index of interest rates at which banks borrow money from each other.

The glossary also explains terms associated with the Unclaimed Asset Scheme, which will allow unclaimed money in dormant bank and building society accounts to be invested in community projects, while protecting customers' rights to reclaim their money at any time.

These entries link to the Dormant Accounts section of the BBA website, where customers can use the BBA’s free tracing service to track down forgotten funds.

BBA Chief Executive Angela Knight CBE said:

"Recent events have shown how complex the financial world has become. The language can seem mind-boggling, but people's concerns are generally simple: what does it mean for me, my mortgage, my pension or my ability to pay the bills?"

"The BBA is trying to help people fight through the jargon and make sense of developments that affect us all."

To ensure the glossary remains relevant to people’s needs, users are invited to email suggestions of further terms they would like to see defined.

For further information, please contact:
Press office (020 7216 8989)
Press Office (Out of hours contact) (020 7216 8888)

Notes to Editors

The glossary of financial terms can be found from the link below.

Related Links
BBA Glossary

 
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