Subject: ELEMENTS OF BANKING

Fill in the blank spaces with the correct answersDuring the staff orientation ceremony, there were so many questions about the Banking System. One of them relates to a document that is a Negotiable Instrument issued from a creditor to a debtor, but it is not channelled through the Clearing System, however, it can be discounted. This is known as………..a…………  Kojo was amazed to be told that one can assume a Secondary Liability for a debt, default and miscarriage of another person and he is known as…………b…………. As part of the Anti-Money Laundering processes, …………c…………. is the process of identifying your clients and checking they are who they say they are. It was stated that Financial Instruments to be sold could either be for a shortH term or long term and the market for Short Term Securities is called……………d…………. Whereas the market where the instruments are initially traded before they can be re-sold is also known as…………..e………… It is also refreshing to note that there exist a Financial Instrument which is also short term in nature under which credit worthy borrowers are able to borrow directly from corporate bodies. It is known as…………f…………. During. During the discussion it came to light that as a Lender of Last Resort the………..g…………. decided to increase the rates at which it provided loans to the other banks.One of the customers exclaimed that as a…………..h……….., he has deposited his land document at the bank for Safe Keeping, and should he decide to use it to secure a business Loan Facility he will be known as………….i……….. and the bank will beand………j…………..