Personal banking

Personal banking

Referring to the business when banks carry out transactions with customers directly, rather than with other banking institutions or with large corporations.

Industry: Banking

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Personal banking

Purchases and sales of financial instruments that do not take place in organized exchanges such as the New York Stock Exchange or the Chicago Board of Trade are termed over the counter. The phrase ...

P & I

Banking; Personal banking

Principal and interest as in the principal and interest required for periodic loan repayments.

PAC tranche

Banking; Personal banking

Planned amortization class tranche. A REMIC security created to receive selected cash flows from a pool of underlying mortgages securing the REMIC. PAC tranches use a structure similar to a sinking ...

PAC Z tranche or PAC Z bond

Banking; Personal banking

A CMO Z bond with some call and extension protection provided by collars. Like other Z bonds, a PAC Z bond earns interest that is accrued but not paid in cash for a defined time period.

pair-off

Banking; Personal banking

A security purchase transaction that is closed out or sold on or before the settlement or expiration date. In a pair-off, the investor commits to purchase a security. Then, prior to the predetermined ...

par

Banking; Personal banking

(1) The principal or maturity value of a non-amortizing, debt security.(2) The current face of a mortgage-backed security. See par line.(3) The price at which the face value of a debt security equals ...

par line

Banking; Personal banking

The parity price at which the yield of a mortgage-backed bond equals its net coupon rate. Because of the delay days, the par line is not 100 but instead is somewhat lower. Par line is not constant ...