Jargon beginning with: e

EBA: Euro Banking Association. A group of banks, formerly known as the ECU Banking Association, which has put in place a payment system to handle payments in euro.

EBA: European Banking Authority - a European banking industry regulatory body that on 1st January 2011 replaced CEBS - Committee of European Banking Supervisors.

EBRD: European Bank for Reconstruction and Development. London-based development bank set up to assist the countries of eastern and central Europe return to market economies.

ECA: See 'Export Credit Agency'.

ECB: European Central Bank which is responsible for monetary policy of the Eurozone countries including setting interest rates.

ECGD: Export Credits Guarantee Department. The state export credit agency of the United Kingdom.

ECOFIN: Council of Finance and Economic Ministers of the European Union

Economic value added: The amount of real value added to a business over a particular period or by a particular transaction, once the cost of capital is deducted from the gross profit.

ECU: European Unit of Account. A so-called "basket currency" made up of the EU currencies. The forerunner of the euro used by the European Commission for accounting purposes and also for financial transactions such as bond issues and loans.

EEA: European Economic Area.

EFAMA: European Fund & Asset Management Association - "the representative association for the European investment management industry"

EFSF: European Financial Stability Facility - "EFSF’s mandate is to safeguard financial stability in Europe by providing financial assistance to euro area Member States," its website explains.

EIOPA: European Insurance and Occupational Pensions Authority - a European regulatory body for the insurance and occupational pension industry which came into being on 1st January 2011. It replaced CEIPOS, Committee of European Insurance and Occupational Pensions Supervisors.

EMI: European Monetary Institute, the forerunner of the European Central Bank.

EMIR: European Market Infrastructure Regulation - a piece of European regulation promoting standardisation for clearing, reporting and risk mitigation of over the counter (OTC) derivatives. It is expected to take effect in 2012.

EMS: European Monetary System. A forerunner of EMU, it was aimed at improving monetary stability.

EMU: Economic and Monetary Union. A process by which the majority of countries of the European Union link their economies and unify the currencies.

Endorsement: Wording and signatures applied usually to the reverse of certain documents, in order to transfer the rights that they confer. Such documents include Bills of Exchange, Bills of Lading and insurance documents.

EONIA: Euro Overnight Index Average. An overnight funding rate for euro.

ERM: Exchange Rate Mechanism - a system of adjustable exchange rates used by Eurozone member countries whereby their currencies operated within defined exchange rate bands.

ERM II: Exchange Rate Mechanism 2. Similar to ERM, it is a system to assist the countries which are not members of the euro to work towards membership through adhering to common economic convergence criteria.

ESA: European Supervisory Authority - there are three ESAs that regulate European financial services. They are: the European Securities and Markets Agency (ESMA), the European Banking Agency (EBA) and the European Insurance and Occupational Pensions Authority (EIOPA). They replace the level 3 (otherwise known as Lamfalussy) committees: Committee of European Banking Supervisors (CEBS), Committee of European Securities Regulators (CESR) and Committee of European Insurance and Occupational Pensions Supervsiors (CEIOPS).

Escrow Account: Funds held in a designated account for a specific purpose, which can be disbursed once certain conditions have been met.

ESFS: European System of Financial Supervisors

ESMA: European Securities and Markets Authority - a European securities industry regulatory body that, on 1st January 2011 replaced CESR - Committee of European Securities Regulators.

ESRB: European Systemic Risk Board - the independent European Union supervisory body responsible for overseeing the financial system within the EU. It came into being in December 2010 in response to the global financial crisis.

EUR: Currency code for the euro.

EUR 1 A: Document used in relation to trade with European Union countries to prove the origin or goods.

Eurex: The German Stock Exchange group formerly known as the Deutsche Terminbörse.

Euribor: A rate used for Euro interest rate fixings based upon dealings in the markets of Euro zone.

Euro: The currency of the countries of the European Union following Economic and Monetary Union. (See EMU)

Euro LIBOR: A rate used for Euro interest rate fixings based upon dealings in the London market. Also referred to as "BBA euro LIBOR".

Eurocurrency: Funds deposited in centres outside the normal territory for its currency. Thus "eurodollars" are deposited with banks outside the USA etc. Such funds re-lent by banks are termed "eurocurrency loans".

European Union: Currently a group fifteen European countries including: Austria, Belgium, Denmark, Finland, France, Germany, Greece, Italy, Luxembourg, The Netherlands, Portugal, Republic of Ireland, Spain, Sweden and the United Kingdom.

EVA: Economic value added

Ex Quay: A delivery term under which the seller accepts up to delivery in to a named port including import duties and unloading costs. Refer to 'Incoterms' for standard definition.

Ex Ship: A delivery term under which the seller prices his goods to include all costs including cost, insurance and freight, import duties and any other expenses up to the place where the buyers takes delivery, such as his works or warehouse. Refer to 'Incoterms' for standard definition.

Ex Works, Ex Warehouse or Ex Store: A delivery term under which the buyer collects goods from the sellers works, warehouse or storage facility. Refer to 'Incoterms' for standard definition.

Expiry Date: See Validity Date.

Export Credit Agency: A state owned or supported export finance organisation which guarantees overseas debtors payment obligations in respect of export credit loans. It may also subsidize the interest payable on such loans.