LEGAL RESERVES
\lˈiːɡə͡l ɹɪsˈɜːvz], \lˈiːɡəl ɹɪsˈɜːvz], \l_ˈiː_ɡ_əl ɹ_ɪ_s_ˈɜː_v_z]\
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Lawful, mandated minimum monetary amount a financial institution maintains as security. Cannot be used to pay depositors. Must exist in legally prescribed form, such as cash. Credit in the local economy is regulated by national financial authorities through manipulating the legal reserve requirements. Banks, building societies, credit unions, and insurance companies are such financial institutions legally bound. Also known as statutory reserves.
By Henry Campbell Black
Word of the day
basidiomycota
- comprises fungi bearing the spores on basidium: Gasteromycetes (puffballs); Tiliomycetes (comprising orders Ustilaginales (smuts) and Uredinales (rusts)); Hymenomycetes (mushrooms; toadstools; agarics; bracket fungi); in some classification systems considered a division of kingdom comprises fungi bearing spores on a basidium; includes Gasteromycetes (puffballs) Tiliomycetes comprising the orders Ustilaginales (smuts) and Uredinales (rusts) Hymenomycetes (mushrooms, toadstools, agarics bracket fungi).