S

Subsidiary of a credit institution

A credit institution is considered to have a subsidiary if it owns more than 50 percent of another company's equity capital, directly or indirectly.

Supervisory requirements

All credit institutions have to comply with the stipulations of the State Ordinance on the Supervision of the Credit System, as well as the Bank's supervisory directives.

T

Tier 1 capital (supervisory term)

Core capital

Tier 2 capital (supervisory term)

Supplementary capital

Time deposits

These deposits may take the form of accounts in respect of which there is a written contract in force with the depositor that (possibly except under penalty) neither the whole nor any part of such deposit may be withdrawn before the date of maturity. Time deposits of non-financial public enterprises should not be included under time deposits. Time deposits may take the form of certificates of deposit, whether negotiable or non-negotiable.

Tourism

Comprises the activities of persons traveling to and staying in places outside their usual environment for not more than one consecutive year for leisure, business and other purposes. The usual environment of a person consists of a certain area around his/her place of residence plus all other places he/she frequently visits.

Tourism expenditure

All travel related expenditures made by stay-over visitors, before, during, and immediately after a trip. The total tourism expenditure is the tourism expenditure in Aruba plus the estimated accommodation part of pre-paid packages.

Tourist

A visitor who stays at least one night in a collective or private accommodation in the place visited.

Treasury bills

A short-term borrowing medium, issued by the Government of Aruba through the Centrale Bank van Aruba. The duration is usually 3 months.

U

Unearned income

Interest accrued on loans but not received. It applies only to those types of loan where the interest is added in advance to the principal.