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"Banque de France is the French equivalent of the Bank of England". | "Banque de France is the French equivalent of the Bank of England". | ||
''Financial “equivalence” is not, er, | ''Financial “equivalence” is not, er, equivalent, to colloquial “equivalence”.''}} | ||
When you get given something — [[credit support]], for example — that at some point you’ll have to give back, the deal is you have to give an ''identical'' thing back. | It barely need being said, but let’s say it: this site is about financial stuff. When we talk about “equivalence”, we mean ''financial'' equivalence. This is a narrow, specialised meaning. When you get given something — [[credit support]], for example — that at some point you’ll have to give back, the deal is you have to give an ''identical'' thing back, in the sense of having not just the same issuer, same maturity date and ranking [[pari passu]] with what you were given in the first place, but actually being from the same series, with the same [[ISIN]]. For all purposes, the ''same''. | ||
Nowadays, where all securities are held in electronic book-entry form, or on a [[blockchain]] or something like that,<ref>Actually, maybe it ''does'' mean something on a [[blockchain]]: each entry in the legible is its own distinct thing, defiantly [[non-fungible]], [[ontologically]], even if it ''is'' fungible ''financially''. Odd.</ref> this doesn’t really mean a great deal, but in the old days, when securities were printed on paper, it did. The only securities commonly printed on paper these days are bank notes: One British five pound note is equivalent to another British five pound note, but is not equivalent to a Jersey five pound note, because even though Jersey is in a currency union with sterling, the Jersey note is not legal tender in England. | |||
{{equivalent vs identical}} | |||
Now, when it comes to return it, ''dilemma'': you’ve been mucking around with it. You don’t still ''have'' “it”. You could go and buy a ''new'' “it” and return that, but the ''exact old “it”'' they gave you — that’s goneski. | Now, when it comes to return it, ''dilemma'': you’ve been mucking around with it. You don’t still ''have'' “it”. You could go and buy a ''new'' “it” and return that, but the ''exact old “it”'' they gave you — that’s goneski. | ||