Discounting of bills

Japanese: 手形割引 - てがたわりびき（英語表記）discounting of bill

Also simply called "discount." A type of financing method in which a financial institution takes over a bill from the holder (discounter) of a bill that has not yet matured, and issues the amount of the bill minus the interest accrued until maturity (called the discount fee) to the discounter. It is a type of lending business of financial institutions. The bills that financial institutions discount include commercial bills, documentary bills, and bank acceptances, but generally, when people say "bill discount," they are referring to the discounting of commercial bills. The period is shorter and the interest rate is lower than that of bill loans. The discount is based on the creditworthiness of the company that issued the bill, so the most favorable interest rate is applied and moves in line with the official discount rate. If a discounted bill becomes dishonored, the financial institution requests the discounter to buy back the dishonored bill, but this is done based on a right based on a special agreement (such as a bank transaction agreement) that has been concluded in advance between the financial institution and the discounter (business partner), and is called the right to buy back the bill. In this case, the buyback of the bill is considered to be a resale.

Source: Encyclopaedia Britannica Concise Encyclopedia About Encyclopaedia Britannica Concise Encyclopedia Information

Japanese:

単に割引 discountともいう。満期のまだきていない手形の所持人 (割引依頼人) から金融機関がその手形を譲り受け，手形金額から満期までの利息 (割引料という) を差引いた金額を割引依頼人に交付する融資方法の一つで，金融機関の貸付業務の一種。金融機関が割引く手形には商業手形，荷為替手形，銀行引受手形などがあるが，一般に手形割引という場合商業手形の割引をさすことが多い。そして手形貸付よりも期間は短く，利子率も低い。手形の振出人である企業の信用度によって割引してくれるので，最優遇金利が適用され，公定歩合に連動して動く。なお，割引いた手形が不渡りになった場合は，金融機関は割引依頼人に不渡手形の買戻しを請求するが，これはあらかじめ金融機関と割引依頼人 (取引先) の間で締結されている特約 (銀行取引約定書など) に基づく権利によって行われるもので，手形買戻請求権という。そしてこの場合の手形の買戻しは再売買であるとされている。

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