GILT Definition

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GILT is a bond issued by the UK government. Gilts are equivalent to a U.S. Treasury security.

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WHOLLY OWNED SUBSIDIARY is an entity whose parent owns virtually 100% of its common stock.

FUNCTIONAL CURRENCY, generally, is the currency of record for any given entity. Within the context of foreign currency, it is the currency which a foreign subsidiary handles on a day-to-day basis in generating net cash flows. It is normally the currency of the country in which the subsidiary operates, but may be the currency of the parent company.

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