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Glossary of financial terms
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EXPLANATION OF FINANCIAL TERMS

E111

A form, obtainable from your local post office, that grants you basic medical cover if you have a mishap on a journey in continental Europe.

EGM

Extraordinary general meeting. Any official gathering of shareholders other than at the annual meeting.

Earnings cap

The salary limit on which pension contributions and benefits are based. For 1997/98 the cap was £84,000. It affects contributors to personal pensions and members who joined a final salary scheme after June 1, 1989.

Enterprise Investment Scheme

A scheme that provides income and CGT relief for people prepared to risk investing in a single unquoted or AIM-listed trading company. Investors can become directors of the EIS companies in which they invest. Maximum investment is £150,000 a year.

Equity

Another word for a share.

Equity release

A scheme by which older homeowners seek to unlock part of the value of their property. They use the capital to boost their income by taking a special interest-only loan against the value of the house. Anybody considering this type of loan, must pay particular attention to the small print so they do not receive any nasty surprises later. Professional advice is recommended.

Ethical Investment

Some investment funds have a restricted investment policy which does not allow them to invest in shares of certain types of companies, such as those involved in the production of armaments, tobacco or alcohol.

Euro

The new European currency. Euro can also refer to a eurobond. This does not mean a European bond in money market speak. It refers to a bond issued in a currency other than that of the country in which it was issued.

Execution-only

A cheap dealing facility with no research or advice attached.

 


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