NEGOTIABLE CERTIFICATE OF DEPOSIT Definition

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NEGOTIABLE CERTIFICATE OF DEPOSIT is a security generally issued in increments of $1 million and, if created in good delivery form, salable in the national market through a securities dealer or a bank investment depart­ment prior to maturity.

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EXCESS EARNINGS is that amount of anticipated benefits that exceeds a fair rate of return on the value of a selected asset base (often net tangible assets) used to generate those anticipated benefits.

X-INEFFICIENCY is the failure to minimize costs or maximize returns. (Sometimes referred to as X-efficiency, but carrying the same meaning.)

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