Meaning of “eligible bank” in the English Dictionary

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"eligible bank" in Business English

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eligible banknoun [ C ]


in the UK, a bank that is approved by the Bank of England to accept particular bills of exchange (= documents ordering payment for goods or services), which the Bank of England has agreed to buy immediately:

Most of the major banks that operate in the City of London are on the list of eligible banks maintained by the Bank of England.

(Definition of “eligible bank” from the Cambridge Business English Dictionary © Cambridge University Press)