FINANCIAL INSTITUTION Definition

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FINANCIAL INSTITUTION is an institution (public or private) that collects funds (from the public or other institutions) and invests them into financial assets.

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DESIGNATED RECEIPTS is that revenue which is identified for a specific purpose.

BASLE COMMITTEE was set up by the Bank for International Settlements and is based in Basle. The Committee drew up international capital adequacy standards for banks and was once known as the Cooke Committee, after a former chairman.

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