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1 An initial sum which the holder of an insurance policy must bear before any claim is met by the insurer. It is most often used in car insurance, e.g. the first £50 of any claim has to be borne by the insured party.

2 A bank or other financial institution's margin of assets over liabilities. See also excess reserves.

3 In the USA, a situation in which a bank has greater reserves with the Federal Reserve than is required.

4 See excess shares.

Subjects: Financial Institutions and Services.

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