A Dictionary of Finance and Banking

By Brian Butler; David Butler et al. | Go to book overview

I

ICSA Abbreviation for * Institute of Chartered Secretaries and Administrators.

IBBR Abbreviation for Inter Bank Bid Rate. SeeLONDON INTER BANK BID RATE.

IBEL Abbreviation for *interest-bearing eligible liabilities.

IBMBR Abbreviation for Inter Bank Market Bid Rate. SeeLONDON INTER BANK BID RATE.

IBNR claims reserve A reserve held by an insurance company for claims 'incurred but not yet reported'.

IBOR Abbreviation for *Inter Bank Offered Rate.

IBRC Abbreviation for * Insurance Brokers Registration Council.

IBRD Abbreviation for *International Bank for Reconstruction and Development.

ICC Abbreviation for * International Chamber of Commerce.

ICCH Abbreviation for International Commodities Clearing House. SeeLONDON CLEARING HOUSE.

IDA Abbreviation for * International Development Association.

IDR Abbreviation for * International Depository Receipt.

IFA Abbreviation for *independent financial adviser.

IFAD Abbreviation for * International Fund for Agricultural Development.

IFC Abbreviation for * International Finance Corporation.

Ifox Abbreviation for *Irish Futures and Options Exchange.

IGC Abbreviation for Inter-Government Conference. SeeMAASTRICHT TREATY.

IHT Abbreviation for *inheritance tax.

illegal contract A contract prohibited by statute (e.g. one between traders providing for minimum resale prices) or illegal at common law on the grounds of *public policy. An illegal contract is totally void, but neither party (unless innocent of the illegality) can recover any money paid or property transferred under it, according to the maxim ex turpi causa non oritur actio (a right of action does not arise out of an evil cause Related transactions may also be affected. A related transaction between the same parties (e.g. if X gives Y a promissory note for money due under an illegal contract) is equally tainted with the illegality and is therefore void. The same is true of a related transaction with a third party (e.g. if Z lends X the money to pay Y) if the original illegality is known to the third party.

illegal partnership A partnership formed for an illegal purpose and therefore disallowed by law. A partnership of more than 20 partners is illegal, except in the case of certain professionals, e.g. accountants, solicitors, and stockbrokers.

illiquid1. Denoting an asset that cannot readily be converted into cash. 2. Denoting a person or an organization lacking in cash or in assets readily convertible into cash.

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A Dictionary of Finance and Banking
Table of contents

Table of contents

  • Title Page iii
  • Preface v
  • A 1
  • B 23
  • C 48
  • D 91
  • E 112
  • F 131
  • G 152
  • H 164
  • I 168
  • J 190
  • K 192
  • L 194
  • M 211
  • N 233
  • O 247
  • P 258
  • Q 288
  • R 291
  • S 313
  • T 345
  • U 361
  • V 368
  • W 372
  • X, Y, Z 377
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