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Banking and financia
ex. 3
| Question | Answer |
|---|---|
| clearing system | How authorized banks or other financial institutions settle payments at the end of each trading day, transferring money from the payers' to the payees' accounts. |
| collateral/security | Properties or assets providing security to the lender in case the borrower fails to pay back the loan. |
| covenant | Restrictions placed on the borrower by the bank. |
| financial services | Providers of banking, insurance and investment products. |
| surplus funds | Money remaining after all liabilities and taxes have been paid. |