Glossary
Down Payment (Own Contribution)
The amount of money you have available and invest when purchasing an asset with a loan — for example, a home or a car. It represents the initial payment that must be made upfront for the loan to be granted for the purchase of a long-term asset or property.
Dual Education System (Work-Based Learning)
A form of education for acquiring professional qualifications by students in grades 11 and 12, carried out in partnership between a vocational school and enterprises where practical training takes place.
Dynamic Currency Conversion (DCC)
A financial service used in international transactions when a customer from one country makes a purchase with a credit or debit card in another country. The service allows the transaction to be processed at the point of sale in the cardholder's home currency. Usually, this involves additional fees and a less favourable exchange rate.
Early Repayment (Prepayment)
Full or partial repayment of a loan obligation before the contractually agreed term. The conditions for early repayment are regulated in the European Standardised Information Sheet (ESIS).
Eco-Friendly Product - glossary for children
A product that is made in a way that is kind to the environment.
Electronic Money Institution (EMI)
A type of financial institution authorised to issue electronic money and provide payment services. Unlike traditional banks, EMIs do not typically offer full banking services like loans or deposits but focus mainly on enabling electronic payments, storing monetary value digitally, and facilitating online transactions. They are regulated to ensure the safety and security of electronic funds and provide users with convenient alternatives to cash or traditional bank transfers.
Emergency Fund
A type of safety net designed to cover unforeseen expenses. Typically, it is the amount needed to cover a person’s or household’s essential expenses for 6 months, and for self-employed individuals or those with irregular income – even up to 12 months.
Emergency Fund - glossary for children
Saved money that is kept for unexpected expenses.
Employee - glossary for children
A person who mainly does administrative or specialised work for pay, employed by an employer – another person, an organization, or a business.
Partners
