Glossary
Money Market Instruments
Short-term financial instruments with high liquidity and low risk, primarily used for cash flow management and securing short-term financing. They have a maturity of up to one year and are traded on specialized money markets. Key money market instruments include certificates of deposit, government securities (treasury bills), commercial papers, reverse repurchase (repo) agreements, and interbank deposits. These instruments are used by banks, government institutions, corporations, and investors to preserve cash with minimal risk and quick access to liquidity.
Money Transfer - glossary for children
Sending money from one account to another account without using cash.
Monthly Instalment
A financial obligation under a loan that is paid monthly. For credit cards, a minimum monthly payment is specified. Failure to pay it results in an increase of the outstanding debt.
Mortgage
A real right over immovable property, through which the property is used as collateral for future claims of the creditor. The mortgage allows the creditor to claim the property or part of its value in case the debtor fails to fulfil their obligations. It is commonly used for mortgage loans, construction loans, or other financial obligations related to real estate.
Mortgage Loan
A long-term loan from a bank or financial institution, secured by real estate. It is primarily used for purchasing a home or land, but can also be used for renovations, refinancing, or other financial needs. The loan is repaid in regular installments over a period of 10–30 years. Until the loan is fully repaid, the property remains pledged to the lender, who has the right to seize it in case of default.
Motor Third-Party Liability Insurance
A compulsory insurance that covers damages caused to third parties by the policyholder while operating a motor vehicle. Through the Guarantee Fund, which manages the security reserve, claims of injured parties under this compulsory insurance are guaranteed and paid. Each injured party is entitled to full compensation up to the minimum compulsory insurance amounts established for the respective policy.
M-token
A mobile application that serves as a means of verifying the cardholder's identity and confirming consent for making electronic payments.
Multi-Factor Authentication (MFA)
An access security method in which a user must verify their identity using two or more independent factors (for example, something they know, something they have, or something they are). This approach significantly enhances security when accessing systems, accounts, and services.
Multilateral Agreement on the Green Card System
An agreement regulating motor third-party liability insurance, which includes the member states of the European Union, the countries of the European Economic Area, and other third countries participating in the international Green Card system.
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