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People also ask
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What does pledged mean in banking?
Société Bic S.A., commonly called Bic and stylized as BiC, is a French manufacturing corporation based in Clichy, Hauts-de-Seine. It was founded in 1945 by French aristocrat Marcel Bich and produces specifically disposable items; namely stationery, lighters, and shaving razors.
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What is meant by BIC in banking?
The abbreviation BIC stands for “Bank Identifier Code”, which is the code the service provides. SWIFT could be considered the name of the system, and BIC the coded identifier the system uses to verify the bank identity. However, the terms are used interchangeably when referring to the code needed to make a transaction.
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What is bic pledging?
The Borrower-in-Custody (BIC) Program allows the pledge of collateral in the form of loans held in custody of the depository institutions. This can be used as collateral to secure advances for the Discount Window, Payment System Risk (PSR), or the Treasury, Tax, and Loan program.
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What are BIC loans?
The Borrower-In-Custody of Collateral (BIC) Program is an arrangement that permits depository institutions (DIs) in sound financial condition to pledge loan collateral for Discount Window purposes and retain possession or control of said collateral.
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What does "borrower-in-custody" mean?
The Borrower-In-Custody of Collateral (BIC) Program is an arrangement that permits depository institutions (DIs) in sound financial condition to pledge loan collateral for Discount Window purposes and retain possession or control of said collateral.
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