Jargon beginning with: l

L / C: See 'Letter of Credit'.

LCB: Local Competitive Bidding. A procedure used in bidding for World Bank funded projects.

LCH: London Clearing House.

Legacy Currencies: The currencies of the member states participating in EMU. The legacy currencies will eventually disappear and be replaced by the Euro.

Legislation: The certification or stamping of documents by the embassy or consulate of an importing country.

Leverage: To borrow, amount of borrowing (used as both a verb and a noun). Influence (used as both a verb and a noun).

Lex Monetae: The principle that the law of the country in whose currency a debt is expressed decides what constitutes the currency in question.

LIB: Limited International Bidding. A procedure used in bidding for World Bank funded projects.

LIBA: London Investment Banking Association.

LIBOR: London Inter-bank Offered Rate. The rate of interest at which first class banks are able to fund themselves in the London Inter-bank Eurocurrency market.

Lien: Claim of a creditor over property.

Limited Recourse: Where, in the context of an export financing operation, the financier is able to look to another party to cover part of the risk of non-payment.

Line of Credit: A loan to a buyer to enable him to pay for a variety of imported goods on extended credit terms.

Living wills: Recovery and resolution plans for large financial institutions, in case they should get into trouble.

LME: London Metal Exchange.

London Club: Used in the context of debt rescheduling arrangements to refer to commercial bank lenders to a debtor nation.

LSE: London School of Economics.

LSE: London Stock Exchange.