leading indicators
Leading indicators are data series that typically change before the wider economic conditions they are used to monitor. Their movements may signal the direction of subsequent developments in areas such as output, employment or…
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legal convergence
Legal convergence denotes the changes required in a Member State’s domestic law before its central bank can participate fully in the EU monetary framework. The relevant provisions must conform to the Treaty on European…
less significant institution (LSI)
A less significant institution (LSI) is a bank whose routine prudential supervision is carried out by a national competent authority within the Single Supervisory Mechanism. The European Central Bank monitors these institutions indirectly rather…
letter of credit (L/C)
A letter of credit is a bank’s commitment to pay an exporter or other named beneficiary once the documents presented meet the conditions set out in the credit. It is normally issued on behalf…
leverage ratio
The Basel III leverage ratio indicates the extent to which a bank’s activities are financed by Tier 1 capital rather than debt. It is calculated against total exposure and stated as a percentage, without…
liability
Liabilities are amounts or duties that a business owes to other parties and expects to discharge in the future. They may arise from borrowing, purchases made on credit, unpaid wages or taxes, and other…
longer-term refinancing operation
Longer-term refinancing operations are part of the Eurosystem’s routine liquidity-provision framework. They are conducted each month through standard tenders and normally run for three months. Under the reverse-transaction arrangement, eligible counterparties receive funds against…
loro account (vostro account)
A loro account is recorded by a correspondent bank for a customer bank in an interbank relationship. On the correspondent’s balance sheet, it represents a liability to the customer bank. The customer bank records…
loss-sharing rule
A loss-sharing rule determines how a financial shortfall is borne when a participant in a payment or other financial system fails to meet its obligations, or when the system itself becomes unable to settle.…
Coverage: Mobile Phone
Within the Human Opportunities Index, the coverage rate is the proportion of children who benefit from a specified opportunity, such as access to a basic service. It indicates the average level of access among…