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Administrative Board of Review (ABoR)
A governance structure of the Single Supervisory Mechanism, established by the ECB according to Article 24 of the SSM Regulation, for the purposes of carrying out, on request, independent internal administrative reviews of the supervisory decisions taken by the ECB and ensuring that such decisions conform with the ECB’s supervisory tasks and procedures. The Administrative Board of Review is composed of five individuals of high repute from Member States, with a proven record of professional supervisory experience and relevant knowledge in the fields of banking or other financial services (but not staff of a national competent authority, the ECB, or another EU institution).
asset-backed securities purchase programme
A merchant or other entity that accepts a payment instrument presented by a client in order to transfer funds to that merchant or other entity.
This term has two meanings. 1) In the field of transfer systems, it refers to the inclusion of a transfer order for funds or securities in a system’s operations for further processing, potentially following various checks (e.g. regarding technical standards or the availability of funds), as specified in the rules of the system. 2) In the field of cards, it refers to the process whereby a particular brand of card is accepted by a terminal, merchant or other entity.
automated clearing house (ACH)
An electronic clearing system in which payment orders are exchanged among participants (primarily via electronic media) and handled by a data-processing centre.
The legal and political obligation of an independent institution to properly explain and justify its decisions to the citizens and their elected representatives, thereby making it responsible for fulfilling its objectives. The ECB is accountable to the European citizens and, more formally, to the European Parliament.
acquirer (card acquirer)
In point-of-sale (POS) transactions, the entity (usually a credit institution) to which the acceptor (usually a merchant) transmits the information necessary in order to process the card payment. In automated teller machine (ATM) transactions, the entity (usually a credit institution) which makes banknotes available to the cardholder (whether directly or via the use of third-party providers).
The day-count convention applied for the calculation of interest on a credit, implying that the interest is calculated over the actual number of calendar days over which the credit is extended, on the basis of a 360-day year. This day-count convention is applied in Eurosystem monetary policy operations.
The body of EU legislation, including its interpretation by the Court of Justice of the European Union, by which all EU Member States are bound.
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