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you are here: > Glossary
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| Account | ||
| An Account is a registry of pecuniary transactions, including the disclosure and reporting of such transactions. There are five (5) main types of Accounts for the Bank: Master (Account), Asset (Accounts), Asset Underwritten Currency (Accounts), Liability (Accounts) and Liability Underwritten Currency (Accounts). The Master Account is the primary universal account for a particular Member or non-member and represents their registered number or temporary agreement number if not a member. An Asset Account is an account used for the deposit of assets, including the creation of new securitized asset instruments against these assets. The Asset Underwritten Currency Accounts are the accounts used for currency trading at the Sovereign Credit level and below. A Liability Account is an account used for the recording of any debt instruments redeemed through Liability to Asset Programs of the Bank. A Liability Underwritten Currency Account is an account used for the recording of any debt based currency redeemed through being attached to a redeemed Liability Instrument such as a Bond or other Security. | ||
| Accounting Unit | ||
| The unit of account for the Globe Union Reserve Bank is the Globe Silver Credit. One million (1,000,000) Globe Silver Credits are equal to one (1) Universal Gold Credit, while one (1) Globe Silver Credit is equal to one thousand (1,000) Standard Union Sovereigns. | ||
| Accounting Functions, Globe Union Reserve Bank | ||
| The Globe Union Reserve Bank operates its key financial and accounting functions through ten (10) separate entities: Treasury Division, General Administration Division (GAD), Strategic Ratings Division (SRD), Assets Exchange Division (AEX), Capital Redemption Division (CRD), Budget Planning Division (BPD), Accounting Standards Division (ASD), Risk Underwriting Division (RUD), Globe Relief and Reconstruction Agency (GRRA) and Globe Dispute Settlement Exchange (GDSX). | ||
| Accounting Standards Division (ASD) | ||
| One of the ten (10) Divisions (departments) of the Globe Union Reserve Bank. The Accounting Standards Division (ASD) of the Bank is the Division responsible for maintaining Accounting standards, and general account information for Members. |
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| Adequate Safeguards | ||
| Consistent with the Charter of the Globe Union Reserve Bank, the Bank makes its resources of assets and asset backed currencies available to Members under adequate safeguards. The Bank considers the principal safeguard to be highly detailed, actuarial and economic plans through improvements to the Ucadian Statistical Model. In addition, the adoption by Members of transparent accounting, reporting and auditing systems also contribute to adequate safeguards that capital provided to Members shall be used most effectively. | ||
| Arrangement | ||
| A decision by the Globe Union Reserve Bank that gives a Member or Non-Member the assurance that the institution stands ready to provide Triple Asset Underwritten capital reserves in accordance with the terms of the decision during a specified period of time. A Globe Union Reserve Bank arrangement—which is not a legal order or contract—is approved by the Executive Board in support of an economic program under which the member undertakes a set of policy actions to reduce economic imbalances and achieve sustainable growth. |
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| Arrears | ||
| A stock of outstanding debt, either domestic or external, resulting from payments not being made when due. Arrears of the government may arise, for example, from a failure to pay interest or amortization obligations when due or when there is a delay in paying bills to contractors, wages to civil servants, or retirement benefits to pensioners beyond the date that these payments are legally obligated to be made. It is a prime responsibility of the Globe Union Reserve Bank to assist through its programs such as the Liability to Asset Exchange Redemption Program (LAXP) to provide sufficient capital to members and non-members to reduce and eventually eliminate the stocks of outstanding debt throughout the world. |
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| Asset | ||
| An Asset is some tangible and real object which is regarded to possess a formal unique identity and value. As such, an asset is seen in economic terms to be a net store of real value. The value attributed to an asset, by tradition, popular belief, uniquess and other metrics may be highly subjective and wildly variable over time, culture and conditions. Whilst precious metals are regarded today in bullion form as a reliable asset, historically the most valuable assets of civilization remain its cultural artefacts, particular objects regarded as having sacred and supernatural personality. The most valuable asset today is the supremely sacred covenant Pactum De Singularis Caelum also known as the Covenant of One Heaven valued at 300,000,000 Supreme Credits. | ||
| Asset Account | ||
| An Asset Account is an account used for the deposit of assets, including the creation of new securitized asset instruments against these assets. An Asset Account is one of five (5) main types of Accounts for the Bank. Only tangible and underwritten assets may be deposited into an Asset Account. There are Three Types of Asset Accounts: Trust, Bond and Currency. An Asset Trust Account holds assets in trust that do not currently underwrite any lesser securitized assets or currencies. An Asset Bond Account is when Assets are used to underwrite a Bond and are held in trust as assurance for that Bond. An Asset Currency Account is when an Asset is used as underwriting for a currency. | ||
| Assets Exchange Division (AEX) | ||
| One of the ten (10) Divisions (departments) of the Globe Union Reserve Bank. The Assets Exchange Division (AEX) of the Bank is the Division responsible for overseeing all Assets Exchange Programs such as the Liability to Asset Currency Exchange Redemption (LAXP) program. |
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| Asset Underwritten Currency | ||
| Any Currency that is based upon the underwriting and assurance of tangible assets and/or securitized assets, as opposed to debt instruments. All Currencies issued by the Bank, such as Supreme Credits, are Triple Asset Underwritten Currencies. | ||
| Asset Underwritten Currency Account | ||
| Asset Underwritten Currency Accounts are the accounts used for currency trading at the Sovereign Credit level and below underwritten by tangible and securitized assets registered in an associated Asset Account of the Bank. A Asset Underwritten Currency Account is one of five (5) types of Accounts of the Bank. There are six (6) types of Asset Underwritten Currency Accounts: Consolidated Currency Trading Account, Currency Deposit Account, Currency Transfer Account, Currency Contribution Account, Currency Investment Account and Currency Redemption Account. | ||
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