Key terms and abbreviations


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


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


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

CM collateral management

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


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

DWP - Department for Work and Pensions


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

Effective Rate - Average interest rate calculated as a function of average loan/deposit balances and interest payable/receivable on those balances

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

EVIA - European Venues & Intermediaries Association


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.

FY - financial year


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

GVA - gross value added


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

HVPS - high-value payment system


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

IT - information technology


JSS - Job Support Scheme


KRX - Korea Exchange


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

LTV - loan to value


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


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

NURS - non-UCITS retail scheme


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

OTC - over-the-counter


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

P2P - peer to peer


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&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


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


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


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

UWC - unit wage cost


VA - volatility adjustment

VaR - value-at-risk

VAT - Value Added Tax

VEAP - vulnerable euro-area periphery

VED - vehicle excise duty

VIX - CBOE volatility index


WEO - IMF World Economic Outlook

WMBA - Wholesale Market Brokers' Association

WTO - World Trade Organisation


XBRL - eXtensive Business Reporting Language

XVA - x-value adjustment



This page was last updated 25 April 2024