Bank reduced levies, avoiding initial easing (10)
I believe the answer is:
relaxation
'easing' is the definition.
(I know that relaxation is a type of easing)
I don't understand the rest of the clue.
Can you help me to learn more?
(Other definitions for relaxation that I've seen before include "fun" , "leisure" , "(Period of) rest" , "repose" , "Chilling out" .)