Ubs dictionary of Banking
partial acceptance / Teilakzept / acceptation partielle / accettazione parziale
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| partial acceptance / Teilakzept / acceptation partielle / accettazione parziale
An acceptance which varies from the terms of the bill itself, e.g. in that it calls for payment of only part of the amount. See also bill of exchange. partial convertibility / Teilkonvertibilität / convertibilité limitée / convertibilità parziale Partial convertibility means that a currency can be converted into other currencies at least to a certain extent. See also full convertibility, convertibility. partial dividend / Abschlagsdividende/ dividende intérimaire / dividendo interinale See interim dividend. participating bond / Participating Bond / obligation participante / participating bond A corporate bond that, in addition to a fixed interest rate, offers the right to a share in net profit. participation capital Synonym for participation certificate capital. participation certificate / Partizipationsschein / bon de participation / buono di partecipazione Abbr.: PC. A security (registered or bearer) incorporating the right to participate in the ownership (equity) of a corporation, with some legally prescribed rights but without other rights granted to shareholders (e.g. the right to vote at shareholders' meetings). In Switzerland, participation certificates serve a similar function to dividend right certificates and are issued against cash contribution for the purpose of raising capital. As is the case with capital stock, participation certificates form part of the equity capital of a company. The minimum par value in Switzerland is CHF 0.01. participation certificate capital / Partizipationskapital / capital-participation / capitale di partecipazione Also: participation capital. Capital raised in addition to a company's share capital, as provided for in its articles of association. Legally governed in Switzerland by OR 656b. Participation capital may not exceed two times share capital. No minimum capital or minimum contribution (unlike with share capital). passive management / passives Management / gestion passive / gestione passiva Portfolio management strategy where the manager tracks a benchmark index while making as few transactions as possible in order to minimize transaction costs. payable in advance / pränumerando / payable par anticipation / pagabile anticipatamente Expression denoting that interest is payable at the beginning of the interest period (year, six months, etc.). Also used for any other payments made ahead of time (e.g. rents). Opposite: payable in arrears. payable in arrears / postnumerando / payable à terme échu / pagabile posticipatamente Term used to denote that interest is payable (and credited) at the end of the interest period (year, six months, etc.). Also used for any other retrospective payments (e.g. salaries). Opposite: payable in advance. pay-as-you-go system / Umlageverfahren / système de la répartition / sistema di ripartizione Financing method used by pension funds under which employees' contributions during a particular period cover the benefits paid out to the retirement beneficiaries during that period. The Swiss state old age and surviving dependants' pension scheme (AHV) is a pay-as-you-go system. Opposite: funded system. payee / Wechselnehmer / preneur d'un effet / prenditore Also referred to as the recipient. Person or company to whom or to whose order the amount written on a bill, cheque or negotiable instrument by the drawer is to be paid. payer Synonym for drawee (1). paying agent / Zahlstelle / domicile de paiement / domicilio di pagamento Agent or bank appointed by the issuer of securities to carry out all ongoing transactions that arise for the owners of the said securities, e.g. payment of dividends and interest coupons. paying office Synonym for paying agent. paying-in slip / Einzahlungsschein / bulletin de versement / polizza di versamento Form which can be used at either a bank or a post office to make a deposit or transfer money in favour of a recipient. See also bank payment slip with reference number. payment (of securities subscribed) / Liberierung / libération / liberazione Payment for the securities allotted under subscriptions to new or conversion issues. In the case of equities, this can be either full or partial, depending on whether only part or all of the share's par value is paid. See also non-paid-up capital. payment guarantee / Zahlungsgarantie / garantie de paiement / garanzia di pagamento A payment guarantee secures any claims by the seller on the buyer for payment of the contract price by the agreed date. Often used in the import-export business instead of a documentary credit where delivery is against 'open account'. The guarantee amount is as a rule the contract price or a part thereof. The term mostly corresponds to the period allowed for payment, plus 15 days for example. See also bank guarantee. payment order / (1) Zahlungsauftrag (2) Anweisung / (1) ordre de paiement (2) assignation / (1) ordine di pagamento (2) assegno (1) An order to a bank from a customer instructing it to make a payment in favour of a third party. (2) Authorization to transfer money, securities or other fungibles for the account of the authorizing party to another person entitled to receive the same in his own name (Article 466, Swiss Federal Code of Obligations). Article 1147 stipulates that payment orders not designated as bills of exchange but made out expressly to the order of a beneficiary and otherwise meeting the requirements of a drawn bill are bill-like payment orders. payment transfers / Zahlungsverkehr / trafic des paiements / operazioni di pagamento Also: payment operations. Money debt payments. Payment transfers are said to be cashless when effected as accounting entries only, i.e. without transferring physical money. payoff diagram / Pay-off-Diagramm / diagramme pay-off / diagramma di pay off Also: payout diagram; payoff profile. Graph representing the correlation between the amount paid out for a derivative on maturity and the spot price of the underlying. payout diagram Synonym for payoff diagram. payoff profile Synonym for payoff diagram. pay-out ratio / Gewinnausschüttungsquote / coefficient de couverture du dividende / rapporto dividendo/utile Also: payout ratio. A financial statistic expressing the ratio of cash flow to distributed earnings as a percentage of net profit. It indicates what proportion of the earnings generated in a given year were actually distributed.  Top
Pc PC Abbr. for participation certificate. Top
Pe PEG ratio / PEG-Ratio / ratio PEG / coefficiente PEG Abbr. for price/earnings growth. Price/earnings ratio divided by projected average earnings growth as a percentage. penny stock / Penny-Stock / penny stock / penny stock Stock issued at a price of less than one dollar, usually for the purpose of attracting buyers who feel that they are getting a bargain by being able to buy a lot of shares for little money. Usually highly speculative shares and often of questionable value. people's share / action populaire / Volksaktie / azione popolare Also: widely held share. (1) Share issued in Germany in connection with privatizations of public sector companies and offered to a broad section of the population. (2) In Switzerland: share which is widely held by the general public. See also low-priced share. PER / KGV / PER / P/U Abbr. for price/earnings ratio. per capita income / Pro-Kopf-Einkommen / revenu par tête / reddito pro capite A measure representative of a country's wealth, generally arrived at by dividing the gross national product, gross domestic product or national income by its population. Per capita income is widely used to compare the state of a country's economy over time or relative to other countries. performance / Performance / performance / performance (1) Change in the price of a security. (2) Change in an index covering part or all of a market. (3) Change in the income generated by a portfolio. (4) Effect produced by the investment policy employed by an investment advisor or a fund management company measured against the investment targets. performance bond / Performance-Bond / performance bond / performance bond Bond, usually issued by a bank, guaranteeing specific monetary payment to a beneficiary if the purchaser or maker fails to perform or acts in violation of a contract. In the United States, a performance bond puts the issuer under obligation to render the performance himself. See also bank guarantee. permanent holdings / dauernde Beteiligungen / participations permanentes / partecipazioni permanenti Long-term investment in another company, e.g. through the acquisition of shares (an equity interest). Unlike investing in fixed-interest securities, primarily to benefit from the expected return and/or possible capital gains, permanent holdings aim to exert an influence on the management of the company in which the equity interest is held or to achieve similar objectives. Depending on the circumstances, permanent holdings may have the object of securing a certain share of a company's equity (minority or majority holding). Article 25 of the Swiss Banking Law Ordinance requires that permanent holdings of the Swiss banks be stated separately from other assets carried in the balance sheet. Article 25c stipulates that supplementary notes must be prepared giving details of permanent holdings. perpetual annuity / ewige Rente / rente perpétuelle / rendita perpetua Government bond that need never be redeemed (but may be, at the discretion of the government); only the payment of interest is guaranteed. Issued most commonly in France and the United Kingdom, where such bonds are known as consols (short for consolidated annuities). For some years large companies have also issued bonds and notes without fixed maturities (perpetual floating rate notes). perpetual bond / ewige Anleihe / emprunt perpétuel / prestito perpetuo Bond with no maturity date. Perpetual bonds make regular interest payments, but never redeem the principal amount. To get back the capital invested in such bonds, investors must sell them on an exchange. personal account / Privatkonto / compte privé / conto privato Bank account operated as a current account by private individuals with special interest and withdrawal conditions. See also savings account. personal identification number See PIN. personal loan / (1) Kleinkredit (2) Personalkredit (3) Privatkredit / (1) petit crédit (2) prêt personnel (3) crédit privé / (1) piccolo credito (2) prestito personale (3) credito privato (1) Loan for a relatively small amount, repayable in instalments and usually granted to salaried employees for personal consumption and durable goods purchases. Personal loans can be used at the borrower's discretion and not tied to a specific purpose. See also consumer credit. (2) Credit granted to a private person for non-commercial purposes solely on the basis of that person's creditworthiness, income and financial circumstances. See also unsecured credit. (3) Loan granted to private persons for non-commercial purposes, e.g. consumer credit. The amount and term of a personal loan depend on the needs of the borrower. personal loan company / Privatkreditinstitut / établissement de crédit privé / istituto di credito privato Credit institution specializing in granting personal or consumer loans and financing instalment purchasing (hire purchase in UK). Top
Ph phone banking / Phone-Banking / phonebanking / phone banking Also: telephone banking. Service offered to customers to check the status of their accounts or issue payments or stock market orders over the phone as part of a comprehensive service package available 24 hours a day. See also electronic banking. Top
Pi pillar 3a / Säule 3a / prévoyance liée / pilastro 3a Component of Switzerland's three-pillar pension system. While contributions to pillar 1 (state pension) and minimum provisions under pillar 2 (occupational pensions) are required by law (compulsory savings), pillar 3 pension plans are optional private schemes. They are divided into pillar 3a schemes (tax-privileged) and pillar 3b schemes (unrestricted access savings). For persons in gainful employment, payments into pillar 3a schemes are tax-privileged up to an annual maximum. PIN / PIN-Code / code NIP / codice PIN Abbr. for personal identification number, and also referred to ungrammatically as PIN number or PIN code. Personal alphanumeric code for the electronic identification of a customer using an account card, e.g. to withdraw cash from an ATM. Top
Pl place of payment / Zahlungsort / lieu du règlement / luogo di pagamento Also: place of performance. Place where the debtor is to fulfil his/her obligation to pay. placement commission Synonym for selling commission. placement on commission / kommissionsweise Platzierung / placement à la commission / collocamento su commissione The placement of securities by the issuer at his/her own risk. The banks act as subscription agents and obtain a placement commission for any subscriptions effected through their efforts. See also: firm underwriting. plain vanilla bond / Plain-Vanilla-Bond / obligation «plain vanilla» / plain vanilla bond Bond issued without conversion or warrant clauses but with a fixed term to maturity, fixed interest rate, regular interest payments on dates specified in advance and unconditional repayment of the bond amount at maturity. See straight bond. «Plain vanilla» is also used in connection with other financial products (e.g., options, swaps) to indicate a standard form without special characteristics. plastic money / Plastikgeld / monnaie plastique / moneta di plastica Slang term for all plastic cards, such as VISA, MasterCard and Maestro card, used to make cashless payments. platinum See precious metals. pledge / Verpfändung / nantissement / costituzione in pegno Transfer of assets to secure payment of an obligation, but generally without transfer of title or ownership, on the basis of a pledge agreement. In the event of default, the creditor can realize the pledged assets and satisfy his claims from the proceeds (execution). In the banking business, pledging securities is the most common credit collateralizing transaction, especially in the case of current account credits and loans. See also Lombard loan, collateral loan. pledged collateral / Faustpfand / gage / pegno manuale Valuable assets, such as securities, merchandise, etc., deposited and pledged as security for the repayment of a loan. Top
Pm PMI Abbr. for Purchasing Managers' Index. Top
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