Financial establishment takes vacation on national days of recreation (4,8)

I believe the answer is:

bank holidays

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'days of recreation' is the definition.
The answer and definition can be both related to time as well as being plural nouns.
Maybe they are linked in a way I don't understand?

'financial establishment takes vacation on national' is the wordplay.
'financial establishment' becomes 'bank' (I've seen this before).
'takes' is a charade indicator (letters next to each other).
'vacation on national' becomes 'holidays' (I am not sure about this - if you are sure you should believe this answer much more).
'bank'+'holidays'='BANK HOLIDAYS'

Can you help me to learn more?

(Another definition for bank holidays that I've seen is " Times off for tellers".)

I've seen this clue in The Irish Times.

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