Finance Minister

A finance minister is an executive or cabinet position in charge of one or more of government finances, economic policy and financial regulation. It may also be a junior minister in the finance department, the British Treasury, for example has four junior ministers.

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A finance minister's portfolio has a large variety of names across the world, such as "treasury", "finance", "financial affairs", "economy" or "economic affairs". The position of the finance minister might be named for this portfolio, but it may also have some other name, like "Treasurer" or, in the United Kingdom, "Chancellor of the Exchequer".

The duties of a finance minister differ between countries. Typically, they encompass one or more of government finance, fiscal policy, and financial regulation, but there are significant differences between countries:

in some countries the finance minister might also have oversight of monetary policy (while in other countries that is the responsibility of an independent central bank);
in some countries the finance minister might be assisted by one or more other ministers (some supported by a separate government department) with respect to fiscal policy or budget formation;
in many countries there is a separate portfolio for general economic policy in the form of a ministry of "economic affairs" or "national economy" or "commerce";
in many countries financial regulation is handled by a separate agency, which might be overseen by the finance ministry or some other government body.
Finance ministers are also often found in governments of federated states or provinces of a federal country. In these cases their powers may be substantially limited by superior legislative or fiscal policy, notably the control of taxation, spending, currency, inter-bank interest rates and the money supply.

The powers of a finance minister vary between governments. Sometimes the finance minister is the most powerful cabinet post, as in Canada or New Zealand.[1] In the United Kingdom and Australia, the finance minister (called the "Chancellor of the Exchequer" and the "Treasurer" respectively) is in practice the most important cabinet post after the Prime Minister.

In the United States, the finance minister is called the "Secretary of the Treasury", though there is a separate and subordinate Treasurer of the United States, and it is the director of the Office of Management and Budget who drafts the budget.

In the United Kingdom, the equivalent of the finance minister is the Chancellor of the Exchequer. Due to a quirk of history, the Chancellor of the Exchequer is also styled Second Lord of the Treasury with the Prime Minister also holding the historic position of First Lord of the Treasury. This signals the Prime Minister's seniority and superior responsibility over the Treasury.

In Hong Kong the finance minister is called the Financial Secretary, though there is a Secretary for the Treasury subordinate to him.

In Australia, the senior minister is the Treasurer, although there is a Minister for Finance who is more junior and heads a separate portfolio of Finance and Deregulation.

Finance ministers can be unpopular if they must raise taxes or cut spending. Finance ministers whose key decisions had directly benefited both the performance and perception of their country’s economic and financial achievements are recognised by the annual Euromoney Finance Minister of the Year award.

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Do I qualify?

• Within age to contract legally, must be 18 years or older
• You must possess a clear credit record
• The finance must be used to build or alter a residential property
• The building loan is only available to Individual or joint income must be a minimum of R25000, and the property purchase price must be a minimum of R600 000

• Individual or joint income must be a minimum of R25000, and the property purchase price must be a minimum of R600 000
• The builder, contractor or subcontractor must be registered with the NHBRC (National Home Builders Registration Council) for all new dwellings.

• An upfront deposit portion will be required by the bank from the customer to make up the deficit/ shortfall. This will be the difference between the cost of the project and the amount granted by the bank. A minimum deposit of 10% of the total package price (land + contract amount) is required in all instances. The deposit will be based on the lower of the total package price, or FNB's assessed market value on completion.

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I once working

I once worked in a Merchandising department for a large retailer, but what I really wanted was a promotion to the Buying Office. So I watched and waited, literally years, for an opportunity to come up in the Buying Office. Eventually a position for a trainee Buyer was advertised and I, along with many others, applied for it.

I got the position, and the head of the Buying Office said to me “Why didn’t you say you were interested in working with us? We wanted you in our department but you never expressed an interest. I don’t like to poach staff from other departments, but if I had known you were interested I would have made a place for you”.

I’m not saying you can wander about demanding any job you want, but it is worth having a quiet word sometimes and making your preferences known. At the very least you may get some useful advice and information. At best you may get a mentor who will help you achieve your ambitions.

       

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So make it known that you are ambitious, you are capable, and you are willing to work hard. You are seeking promotion and you are willing to move to another area if there is a promotion available.

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Debt Issue

A fixed corporate or government obligation, such as a bond or debenture. A debt issue is a financial obligation that allows the issuer to raise funds by promising to repay the lender at a certain point in the future and in accordance with the terms of the contract.

 Debt issues include notes, bonds, certificates, mortgages, leases or other agreements between the issuer (the borrower) and lender. Debt issues, such as bonds, are issued by corporations to raise money for certain projects or to expand into new markets; municipalities, states and U.S. and foreign governments issue debt to finance a variety of projects such as social programs or infrastructure plans.

Corporations and municipal, state and federal governments offer debt issues as a means of raising needed funds. In exchange for the "loan," the issuer must make payments to the investors (the lender) in the form of interest payments. The interest rate is often called the "coupon," and interest payments are paid using a predetermined schedule and rate. 

When the debt issue matures, the issuer repays the face value to the investors. Short-term bills typically have maturities between one and five years; medium term notes mature between six and twelve years; and long term bonds generally have maturities longer than 12 years. Certain large corporations, such as Coca-Cola and Walt Disney, have issued bonds with maturities as long as 100 years.

Corporate debt issues are commonly issued through the underwriting process in which one or more securities firms or banks purchase the issue in its entirety from the issuer and subsequently resell the issue to interested investors. The underwriters impose a fee on the issuer.

The process for government debt issues is different since these are typically issued in an auction format. In the United States, for example, investors can purchase bonds directly from the government through its dedicated website. A broker is not needed, and all transactions, including interest payments, are handled electronically.

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There are several different types of syndicates, including underwriting syndicates, banking syndicates and insurance syndicates. A professional financial services group formed temporarily for the purpose of handling a large transaction that would be hard or impossible for the entities involved to handle individually. Syndication allows companies to pool their resources and share risks.





For example, an underwriting syndicate is a group of investment banks that works together to issue new stock to the public. The bank that takes the lead in this endeavor is called the syndicate manager. Thirty days after the sale is complete, or if the securities cannot be sold at the offering price, the syndicate will break up.

Some other types of syndicates represent a joint effort, but are not temporary.

A professional financial services group formed temporarily for the purpose of handling a large transaction that would be hard or impossible for the entities involved to handle individually. Syndication allows companies to pool their resources and share risks.

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Debt Issue

DEFINITION of 'Debt Issue'
A fixed corporate or government obligation, such as a bond or debenture. A debt issue is a financial obligation that allows the issuer to raise funds by promising to repay the lender at a certain point in the future and in accordance with the terms of the contract. Debt issues include notes, bonds, certificates, mortgages, leases or other agreements between the issuer (the borrower) and lender. Debt issues, such as bonds, are issued by corporations to raise money for certain projects or to expand into new markets; municipalities, states and U.S. and foreign governments issue debt to finance a variety of projects such as social programs or infrastructure plans.

INVESTOPEDIA EXPLAINS'Debt Issue'
Corporations and municipal, state and federal governments offer debt issues as a means of raising needed funds. In exchange for the "loan," the issuer must make payments to the investors (the lender) in the form of interest payments. The interest rate is often called the "coupon," and interest payments are paid using a predetermined schedule and rate. When the debt issue matures, the issuer repays the face value to the investors. Short-term bills typically have maturities between one and five years; medium term notes mature between six and twelve years; and long term bonds generally have maturities longer than 12 years. Certain large corporations, such as Coca-Cola and Walt Disney, have issued bonds with maturities as long as 100 years.

Corporate debt issues are commonly issued through the underwriting process in which one or more securities firms or banks purchase the issue in its entirety from the issuer and subsequently resell the issue to interested investors. The underwriters impose a fee on the issuer.

The process for government debt issues is different since these are typically issued in an auction format. In the United States, for example, investors can purchase bonds directly from the government through its dedicated website. A broker is not needed, and all transactions, including interest payments, are handled electronically.

Refine Your Financial Vocabulary
Gain the Financial Knowledge You Need to Succeed. Investopedia’s FREE Term of the Day helps you gain a better understanding of all things financial with technical and easy-to-understand explanations. Click here to begin developing your financial language with this daily newsletter.

INVESTOPEDIA EXPLAINS'SYNDICATE'

There are several different types of syndicates, including underwriting syndicates, banking syndicates and insurance syndicates. 

A professional financial services group formed temporarily for the purpose of handling a large transaction that would be hard or impossible for the entities involved to handle individually. Syndication allows companies to pool their resources and share risks.

For example, an underwriting syndicate is a group of investment banks that works together to issue new stock to the public. The bank that takes the lead in this endeavor is called the syndicate manager. Thirty days after the sale is complete, or if the securities cannot be sold at the offering price, the syndicate will break up.

Some other types of syndicates represent a joint effort, but are not temporary.

DEFINITION OF 'SYNDICATE'

A professional financial services group formed temporarily for the purpose of handling a large transaction that would be hard or impossible for the entities involved to handle individually. Syndication allows companies to pool their resources and share risks.

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Income

The Income Balance records financial flows stemming from transactions (receipts and payments) between residents and non-residents related to income from Labor, Direct Investment, Portfolio Investment and Other Investment (loans and deposits).

Moreover, according to the new methodology based on the 6th edition of the IMF Balance of payments Manual, it comprises flows between the General government and the rest of the world (mainly EU) that relate to taxes and subsidies on products and production (part of previous current transfers).

Statistical data on all categories of income except those related to bonds are reported to the Bank of Greece by the resident monetary financial institutions intermediating in the settlement of such transactions. Also, the Central Securities Depository provides data on non-residents’ transactions (purchases and sales) in shares traded in the Athex.

Since 2003, bond interest payments under Portfolio Investment Income are calculated not on cash, but on an accruals basis (for more information see Bank of Greece Press Release – Balance of payments – APRIL 2005).

Since 2003, Direct Investment Income also records reinvested direct investment earnings, estimations based on the data collected by the Bank of Greece directly from firms operating in Greece within a direct investment relationship.

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Is it right for you?

Debt consolidation.
Debt consolidation loans aren't right for everyone. It's important to check all of the other options available and make sure you're making the right choice. While consolidating debt often sounds like a promising solution, this could make your situation worse.

Download our debt consolidation guide, or browse through the guide using the navigation on the left hand side.

What is debt consolidation?
Consolidating debt usually involves taking out new credit to pay off existing credit. Most people do this to reduce the interest rate on their debt, to bring down their monthly payment amount or to reduce the number of companies they owe money to.

Debt consolidation can be a useful strategy in some situations but for many it can involve extra costs, and potentially makes a difficult situation much worse. That's why it's best to get expert debt advice before taking out a consolidation loan.

Debt consolidation or debt management?
Debt consolidation and debt management are two different things but it's easy to get confused between the terminology used when trying to sort out your debts. Debt consolidation involves taking out new credit to pay off your debts and debt management is where you negotiate affordable payments with the companies you currently owe money to.

Both can lead to lowering payments but are completely different ways of dealing with debt. If you're not sure which option suits your circumstances then we can help.

Try our debt consolidation calculator to see whether you need debt consolidation or debt advice. If you need to get help with your debts then we'd recommend you use our Debt Remedy tool or call our helpline and we'll help you work out a personal action plan to get out of debt.

See through the marketing
Debt consolidation is often made to sound like a great solution but it's important to try and see through the sales patter and look at the facts.

Selling point of debt consolidation Reality
"Consolidate all of your debts into one place" Many people taking out consolidation loans will end up spending on credit again, so many still have lots of accounts to deal with.
"Lower your monthly payments" By lowering your payments you're more than likely going to take longer to repay your debts.
"Reduce your interest rates" Even with lower interest rates, consolidation loans can often end up with higher total interest to pay because they're generally taken out over a longer time period.
"Manageable monthly payments" Consolidation loan payments aren't always affordable. Without a proper budget in place it's hard to know.
"Government Debt Consolidation" Some companies will imply there are Government Debt Consolidation schemes to help with debts. No such schemes exist.
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Secured consolidation loans
Some consolidation loans will require you to secure the debt against your home. We'd strongly recommend that you don't use these types of loans to consolidate unsecured debts. If you fall behind with a secured consolidation loan in the future you will be at risk of house repossession.


debt consolidation guide
Debt consolidation guide
Debt consolidation guide introduction

What is debt consolidation?

Unsecured debt consolidation loans

Secured debt consolidation

Debt consolidation with a bad credit rating

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