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All glossary entries


risk-adjusted return on capital


See risk appetite statement (RAS)


A credit institution is “reachable” if it can execute a credit transfer order and/or a direct debit instruction sent by any other bank in a particular currency area.

real effective exchange rate (EER) of the euro

Real euro EERs are nominal euro EERs deflated by a weighted average of foreign, relative to domestic, prices or costs. They are, thus, measures of price and cost competitiveness. See also effective exchange rate (EER) of the euro, nominal effective exchange rate (EER) of the euro

real-time gross settlement (RTGS) system

A settlement system in which processing and settlement take place on a transaction-by-transaction basis in real time.


The transfer of assets from the account of one investor central securities depository (CSD) to the account of another investor CSD, both of which are held with the issuer CSD, in order to reflect the transfer of assets between participants in those investor CSDs. See also investor CSD, issuer CSD

realised gains or losses

Gains/losses arising from the difference between the sale price of a balance sheet item and its (adjusted) cost.


An aggregate in monetary statistics that comprises changes in the MFI balance sheet that are due to a change in the MFI reporting population, to corporate restructuring, to a reclassification of assets and liabilities and to the correction of reporting errors (whenever the reporting error can be totally removed from the series, no specific reclassification needs to be reported). The occurrence of these factors gives rise to breaks in the series and, hence, affects the comparability of successive end-of-period levels.


A procedure to verify that two sets of records issued by two different entities match.

recovery plan

Banks are required to draft recovery plans to prepare for possible financial difficulties and restore their viability in a timely manner during periods of financial distress. The core of the recovery plan outlines a wide range of credible and feasible recovery options to restore viability, for example to improve the capital or liquidity situation.

reference value for the fiscal position

TFEU Protocol No 12 on the excessive deficit procedure sets explicit reference values for the general government deficit ratio (3% of GDP) and the debt ratio (60% of GDP). See also Stability and Growth Pact (SGP)


In the field of direct debits, a claim made by a debtor for the reimbursement of debits effected from its account (with or without a specific reason being indicated by that debtor).


In the field of direct debits, an instruction issued by a debtor prior to settlement, for whatever reason, to the effect that the debtor bank should not make a direct debit payment.


See registry (registrar)


The documenting of the ownership of securities in the records of the issuer, in a registry or in a central securities depository (CSD).

registry (registrar)

An entity that records the ownership of securities on behalf of the issuer.


In the field of payments, a payment transaction whose normal execution is prevented by the payment service provider of either the payer or the payee prior to settlement.

relayed link

A contractual and technical arrangement that allows issuer and investor central securities depositories (issuer and investor CSDs) to hold and transfer securities through an account with a third CSD (a “middle CSD”), which acts as an intermediary.

remote access

Direct access by an institution established in one country to a system (e.g. a payment system, a securities settlement system or a central counterparty (CCP)) established in another country.

remote participant

A participant in a system which operates from a country other than that in which the system in question is located.

remote payment

A payment made from a distance, without the payer and payee being present at the same physical location. Antonym: face-to-face payment

replacement cost risk

The risk that, owing to a party to a transaction failing to meet its obligation on the settlement date, its counterparty may have to replace the original transaction at current market prices (“replacement cost”). See also market risk


See repurchase agreement, repurchase operation

repo operation

See repurchase operation

repurchase agreement

The process of borrowing money by combining the sale of an asset (usually a fixed income security) with the subsequent repurchase of that same asset for a slightly higher price (which reflects the borrowing rate).

repurchase date

The date on which the buyer is obliged to sell back assets to the seller in relation to a transaction under a repurchase agreement. See also repurchase agreement

repurchase operation

A liquidity-providing reverse transaction based on a repurchase agreement.

repurchase price

The price at which the buyer is obliged to sell back assets to the seller in relation to a transaction under a repurchase agreement. The repurchase price equals the sum of the purchase price and the price differential corresponding to the interest on the extended liquidity over the maturity of the operation. See also repurchase agreement

reserve account

An account with the national central bank on which a counterparty's reserve holdings are maintained. The counterparties' settlement accounts with the national central banks may be used as reserve accounts. See also reserve holdings

reserve assets (in a b.o.p. context)

External assets that are readily available to and controlled by monetary authorities for meeting balance of payments financing needs, for intervention in exchange markets to affect the currency exchange rate, and for other related purposes (such as maintaining confidence in the currency and the economy, and serving as a basis for foreign borrowing). See also international reserves template

reserve base

The sum of the eligible balance sheet items (in particular liabilities) that constitute the basis for calculating the reserve requirement of a credit institution. See also minimum reserves

reserve holdings

Counterparties' holdings on their reserve accounts which serve to fulfil reserve requirements. See also minimum reserves

reserve ratio

The ratio defined by the central bank for each category of eligible balance sheet items included in the reserve base. The ratios are used to calculate reserve requirements. See also minimum reserves

reserve-related liabilities

Predetermined and contingent short-term net drains on the Eurosystem, similar to reserve assets and other foreign currency assets of the Eurosystem.


An amount set aside out of distributable profits, which is not intended to meet any specific liability, contingency or expected diminution in value of assets known to exist at the balance sheet date.


The location (dwelling, place of production or other premises) within the economic territory of a country, from which an institutional entity engages and intends to continue engaging (indefinitely or for a finite period of, as a rule, one year or more) in economic activities and transactions on a significant scale. See also resident


An individual or entity defined in Council Regulation No 2533 of 23 November 1998 (as amended) concerning the collection of statistical information by the European Central Bank, and in line with the ESA 2010, as having a centre of predominant economic interest in the economic territory of a country, i.e. the euro area in the case of Eurosystem statistics. See also residence

residential property price indicator

A measure of the average changes over time in prices of residential dwellings (including both new and second-hand houses and flats). There is no harmonised methodology, and euro area aggregates are currently based on heterogeneous national indicators.

residual maturity

Time remaining until the maturity date of a debt instrument.

resolution plan

In contrast to recovery plans, resolution plans are not drawn up by the banks but are prepared and regularly updated by the Single Resolution Board and national resolution authorities. A resolution plan comprises a comprehensive description of credible and feasible resolution actions which may be implemented under the Single Resolution Mechanism if a bank meets all the conditions for resolution. It prepares the measures and the process for the potential orderly resolution of a bank by ensuring the continuity of its critical functions. See also recovery plan

retail bank interest rates

See MFI interest rates

retail funds transfer system

A funds transfer system which typically handles a large volume of payments of relatively low value in forms such as cheques, credit transfers and direct debits.

retail payment

A non-time-critical payment of relatively low value. These payments are typically made outside of the financial markets and are both initiated by and made to individuals and non-financial institutions. Antonym: large-value payment

retail sales

The turnover in the retail trade (excluding sales of motor vehicles and motorcycles and excluding repairs) invoiced during the reference period; all duties and taxes, with the exception of VAT, are included.

retailer card

A card issued by a merchant for use at specified merchant outlets.


Funds sent back by the payee to the payer following settlement of the original payment instruction. The term “return” is used in connection with both direct debits and credit transfers.

revaluation accounts

Balance sheet accounts for registration of the difference in the value of an asset or liability between the adjusted cost of its acquisition and its valuation at an end-of-period market price, when the latter is higher than the former in the case of assets, and when the latter is lower than the former in the case of liabilities. They include differences in both price quotation and/or market exchange rates.

reverse repo

See reverse sale and repurchase agreement ("reverse repo")

reverse sale and repurchase agreement ("reverse repo")

A contract under which a holder of cash agrees to the purchase of an asset and, simultaneously, agrees to re-sell the asset for an agreed price on demand, or after a stated time, or in the event of a particular contingency. Sometimes a repo transaction is agreed via a third party ("triparty repo"). See also repurchase agreement

reverse transaction

An operation whereby the central bank buys or sells assets under a repurchase agreement or conducts credit operations against collateral.

risk appetite statement (RAS)

A formal statement in which the management body expresses its views on the amounts and types of risk that the institution is willing to take in order to meet its strategic objectives.


return on assets


return on equity


return on risk-adjusted capital


residential real estate

RTGS system

See real-time gross settlement (RTGS) system


Regulatory Technical Standards


risk-weighted asset