'Competency' definitions:

Definition of 'competency'

noun

The quality of being adequately or well qualified physically and intellectually [syn: competence, competency] [ant: incompetence, incompetency]

From: GCIDE

Competence \Com"pe*tence\, Competency \Com"pe*ten*cy\, n. [Cf. F. comp['e]tence, from L. competentia agreement.]
1. The state of being competent; fitness; ability; adequacy; power. [1913 Webster]
The loan demonstrates, in regard to instrumental resources, the competency of this kingdom to the assertion of the common cause. --Burke. [1913 Webster]
To make them act zealously is not in the competence of law. --Burke. [1913 Webster]
2. Property or means sufficient for the necessaries and conveniences of life; sufficiency without excess. [1913 Webster]
Reason's whole pleasure, all the joys of sense, Lie in three words -- health, peace, and competence. --Pope. [1913 Webster]
Superfluity comes sooner by white hairs, but competency lives longer. --Shak. [1913 Webster]
3. (Law) (a) Legal capacity or qualifications; fitness; as, the competency of a witness or of a evidence. (b) Right or authority; legal power or capacity to take cognizance of a cause; as, the competence of a judge or court. --Kent. [1913 Webster]
5. the quality of being adequately or well qualified physically and intellectually, especially possession of the skill and knowledge required (for a task). [WordNet 1.5 +PJC]