institution

institution in‧sti‧tu‧tion [ˌɪnstˈtjuːʆn ǁ -ˈtuː-] noun

1. [countable] a large important organization:

• Japanese institutions are steadily increasing their presence in Europe.

• the Royal Institution of Chartered Surveyors

deˈpository instiˌtution [countable]

FINANCE BANKING a bank or other financial institution into which people can pay money so that it can be held there and earn interest:

• Inflation often kept market interest rates above the level that depository institutions were allowed to pay.

fiˈnancial instiˌtution [countable] FINANCE BANKING

an organization such as a bank where people, companies, or governments put their money, which it invests to produce a profit:

• There was some buying of shares by investment funds and financial institutions.

2. [uncountable] the introduction of a new system or rule:

• Most companies are in favour of the institution of a common economic policy.

3. [countable] LAW an established system or custom that is accepted in law:

• the institution of private property

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institution UK US /ˌɪnstɪˈtjuːʃ^ən/ noun

► [C] a large and important organization, such as a bank: »

Traders said a certain institution had been trying to sell a lot of shares.

»

Various City institutions were involved in the deal.

»

Many government institutions will be affected by the spending cuts.

► [C] a custom or tradition that has existed for a long time and is accepted as an important part of a particular society: »

the institution of marriage

► [U] the introduction of a law, system, etc.: »

Many are now calling for the institution of a quota system in Parliament and other political bodies to ensure equality.

→ See also DEPOSITORY INSTITUTION(Cf. ↑depository institution), FINANCIAL INSTITUTION(Cf. ↑financial institution), THRIFT INSTITUTION(Cf. ↑thrift institution)