With reference to my last post about the use of the words "tenor" and "tenure" in an MAS/ABS pamphlet about home loans, I have received the following reply from MAS:
Dear Mr Koo
I refer to your email of 4 July 2007 to Stomp copied to MAS. We would like to clarify that we did not receive your earlier email.
2 We appreciate your interest in the ABS-MoneySENSE home loan guide. We used the term "loan tenor" in the guide as it is the more widely accepted term in the financial industry to describe the duration of a loan and other debt obligation. For instance, three financial dictionaries make reference to the term "tenor" instead of "tenure". The definition of "tenor" from the Barron's Dictionary of Banking Terms (third edition) is appended for your reference.
(a) shorthand reference for maturity on a note or financial instrument.
(b) designates a time when a draft is payable: on sight (when presented), a given number of days after presentment, or a given number of days after the date of the draft.
(c) terms set for payment of a draft, i.e. when delivered (a sight draft) or at a future date (a time draft).
Tenure: This word is not found in the Barron's Dictionary of Banking Terms (third edition)."
3 We hope this has clarified your concerns. Thank you for your feedback.
[Name removed to protect the innocent.]
Consumer Issues Division, MAS
[Telephone number removed to prevent MAD people from calling.]
So there you have it - the final verdict is that I was wrong and MAS was right after all. I apologise unreservedly to MAS for my ignorance and for making a joke out of the use of the word "tenor" in the pamphlet. I am very grateful to MAS for pointing out my mistake. I am so sorry for the error.
But hey, wait a minute... I googled "loan tenor" and found 809 hits on the web. However, when I googled "loan tenure", I found 18,200 hits instead, almost 22.5 times that of the former! Alright, "loan tenor" may be the "more widely accepted term in the financial industry" but it certainly doesn't appear to be so in the IT industry. Maybe those 18,200 webpages are written by lay persons and not by people in the banking industry.
Oh well, the professionals always have their own views of things. They also like to go by the book or shall I say "3 books" in this case, i.e. 3 financial dictionaries. (Ah, so that's how they got their 3 "tenors", haha.)
And they couldn't find the word "tenure" in the Barron's Dictionary Of Banking Terms? Hmm... maybe they should just junk it and look in the web instead?
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