Definition
A depositary is essentially a guardian or holder of something valuable, like money, securities, or important documents. Think of it as a super-safe bank or vault. They are responsible for keeping these assets safe and sound. Unlike a regular bank, a depositary might focus more on safekeeping than lending. They act as a reliable custodian. It's like having a responsible babysitter for your precious belongings. Imagine the Federal Reserve as a major depositary for gold reserves.