Лекции по английскому языку для изучающих банковское и финансовое дело. Лекции по английскому языку для изучающих банковское и финансов. Составитель Н. А. Самуэльян
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Parti Test. Fill in the missing words: There are many companies who wish to export and are asked to credit terms to the prospective buyer who do not wish to be concerned with the and administrative burdens involved and this function can be readily under taken by the export house. The simple effect of such "handing over" of the administration can overcome flow problems as the export finance is able to arrange for cash to be made upon An finance house is well suited to undertake business involving more than one UK supplier, particularly when one does not wish to be responsible for committing its own for the benefit of sub-contractors or partners in a joint The export finance house in these circumstances can finance in the UK in relation to the customer's require ments. Active Vocabulary: leasing hire purchase instalment merchant bank down payment equity fixed-rate — bond — floating-rate note — interest rate — trustee — forfeiting service — aval — commitment fee — eligible — лизинг покупка с оплатой в рассрочку взнос при уплате частями торговый банк первоначальный взнос; первый взнос при покупке
3) обыкновенная акция с фиксированной процентной ставкой 1) облигация 2)закладная
комиссионные за неиспользованную часть кредита приемлемый 189 TEXT Read the text below concentrating on its contents and terminology: Medium-terra finance. An exporting company may find with some contracts that it needs credit for periods longer than two years, which is normally the limit for financing exports by methods so far described. Where credit is required for more than two years, there are other options, the most important of which are described below. Leasing. Where there is a large item of capital equipment involved, an exporter may find it more beneficial to sell the product to a leasing company which then provides it to the overseas buyer on a lease agreement. The exporter receives immediate payment from the leasing company without further recourse. Instalment finance. An exporting company can also finance its export order by arranging hire purchase for an overseas buyer, either through a finance house in the buyer's country or through a UK finance company purchasing the goods from the exporter outright and receiving instalments from the buyer through an overseas finance company. Merchant banks. Merchant banks have traditionally specialised in arranging medium and long-term export finance. In additon by using their associates and other close banking connections abroad, they are able to advise on and arrange finance for the exports of other industrialised countries under their own national schemes. Merchant banks can also arrange Eurocurrency loans of all types. Eurocurrency loans are often required to cover the front-enfl finance, i.e. normally the financing of down payments by buyers for large projects abroad. For certain projects it is sometimes possible to arrange other types of finance e.g. equity participations, co-financing loans from international development agencies or aid funds. In suitable cases arrangements can be made for medium-term, fixed-rate finance in the Eurobond markets by way of private placements or public offerings of bonds to finance major overseas projects. Alternatively it is sometimes possible to issue floating-rate notes which provide medium-term finance at floating interest rates but subject to a minimum fixed rate. All or some of these elements can be combined to give a complete package which can provide up to 100 per cent of the financing of acceptable projects. Security for the finance normally involves government, bank or other first class guarantees. However, in appropriate cases it is possible to secure the loan and to service the debt from future project income. A merchant bank can acl as agent or trustee for all the lenders in a particular package. In this way it becomes the sole point of contact between borrowers and lenders throughout the life of the credit facilities provided. Forfeiting. Some UK banks oiler a forfeiting service to companies exporting capital goods and requiring credit for periods up to seven years. With forfeiting, the bank purchases from an exporter bills of exchange or promissory notes signed by an overseas buyer at a certain discount. If a buyer has arranged an aval, i.e. unconditional guarantee for each bill or note from an internationally recognised major bank, then the exporter can receive finance from the UK bank at finer rates, without having to obtain ECGD-backed sources of finance. Medium-term ECGD-backed finance. ECGD provides a specific bank guarantee to a bank to finance export credit terms of two years or more. The finance is covered by bills of exchange drawn on the overseas buyer or by promissory notes in favour of the exporter. To obtain a bank guarantee, an exporter must have ECGD insurance, usually the supplemental extended terms or specific cover. 190 191 Once bills have been accepted on behalf of an overseas buyer and confirmed as valid by a bank abroad there is no recourse to the exporter. Evidence of shipment and an ECGD warranty are required in the same way as for short-term guarantees. Contracts with a minimum value of Jl million can be financed in foreign currency, usually US dollars or Deutsche-marks. Interest is payable at a preferential rate, depending on the length of credit and the particular country of the overseas buyer. The UK bank charges a commitment fee. Contracts with buyers in EEC countries are not eligible. An exporter must, at the earliest possible moment in contract negotiations, check that ECGD is willing to provide insurance cover and a specific bank guarantee, and at the same time check with the UK bank for its agreement in principle to provide the finance, given ECGD backing. Preshipment finance is also available on contracts of over Jl million, subject to certain limitations imposed by ECGD. Comprehension .Answer the following questions:
5. What part do merchant banks play traditionally in ex port/import trade?
10. What is an aval? 11. What are the advantages of an aval arrangement for the exporter?
bank are they provided by? 14. What is the export finance provided by ECGD covered by?
Comprehension. Complete the, following on the basis of the information given in the lext:
192 193 5. Medium and long-term export credits are usually secured by
by to 10. When the bills have been accepted by an overseas buyer and confirmed by his bank 11. It is risky for the British exporter to enter export nego- tiations without
9. An unconditional guarantee for a bill. 10. Bills recognized by the bank as good. 1 1 . Finance cannot come back to the exporter. 12. Money paid for bank operations.  Ill The text you have just read introduces several terms which are either already known to you (e.g. hire-purchase, instalment, interest rate etc.) and listed in the Active-Vocabulary section to remind you, or terms meaning the same in Russian (e.g. leasing). Hence, there should be no difficulties in understanding its contents. On the other hand, however, there are some points to be discussed: first the meaning of finance which may be both a noun or a verb. Then the term option meaning here choice or possibility. Equity participation means here shareholding Notice also combination with "Euro" (e.g. Eurobond, Eurocurrencies, Euromarket). Remember also that similarly to a cheque drawn on a firm or an individual, you can also draw a bill of exchange on the buyer. Give the proper financial term for their following descriptive definitions listed below: r
194 Complete the following: 1 . At the earliest possible moment in export contract negotiations the exporter applies to ..... and ..... to make sure that the bank ...... 2. When ECGD agrees to ..... and the contract ..... the ex- porter ......
6. When the goods have ..... and the shipping documents with ECGD insurance warranty ..... to ..... the UK bank 7. Once the documents and bills sent by the UK bank have by finance 195 Test. Fill in the missing words: Leasing This form of has grown considerably in the last de cade and offers the use of without the investment of capital or other liquid The advantages of leasing locally in the country of are:
costs. 3. The lessee may negotiate rental over a period which matches the useful life of the Midland Montagu Leasing Limited, a of the Midland Bank Group, can assist exporters of goods in introduc ing them and their .. to major leasing in most parts of the world. In certain countries where the Group has es tablished a operations, first hand assistance can be given to the in his negotiations with the overseas buyer in the provision of facilities. Unit Eight Medium Term Export Finance Part II The text to follow is not preceded by a list of new words, as all its terminology should be already known to you. By reviewing the vocabulary of previous units check your understanding of the basic financial terminology. TEXT Read the text below concentrating on its contents and terminology: Buyer credit. For the larger or more complex contracts it is often the best course for the finance to be provided in the form of a loan direct to an approved borrower who is not necessarily the buyer in the country concerned, rather than to an exporter. Single project finance. Buyer credit financing facilities are provided with the support of a guarantee from ECGD which enables I lie bank to advance a large proportion of the finance at fixed and preferential rates of interest. It is available on contracts for capital goods and related services with a value greater than £1 million, provided that the buyer is not an EEC country. As a general rule, the facility covers 80 per cent of the UK content but a proportion of local costs also can sometimes be included. The balance of the financing is expected to be provided by the buyer and this can be very often arranged by a bank as a separate loan on commercial terms. 197 The interest rate for financing guaranteed by ECGD is usually not only lower than the ruling commercial rate but is also fixed for the entire period of the loan which is particularly important for larger projects. As well as the supply contract between an exporter and an overseas buyer, a buyer credit involves three separate agreements: a loan agreement between the lending bank and the overseas buyer or borrower; a guarantee agreement between ECGD and the lending bank; and a premium agreement between ECGD and the exporter. A loan agreement is concluded between the bank and an ECGD-approved overseas borrower. This provides for funds to be paid to an exporter on presentation of documentation specified in the loan agreement (which confirms that the sum claimed is due for payment). If the supply contract allows, it is possible under the loan agreement for funds to be paid to an exporter before delivery or at different stages of a project's progress and execution. The loan agreement also slates the conditions to be met before finance is made available and sets out arrangements for payment of interest and repayment of principal. It also includes provisions for default under the agreement; any arbitration and termination of the supply contract; and, where appropriate, insurance. All bank commissions and fees arising from the agreement are payble by the overseas tor-rower. It is essential that an exporter approaches ECGD and a bank at an early stage of negotiations with an overseas buyer so that they can indicate the conditions for any support, including the credit terms and the interest rale. How buyer credit works is illustraled on Ihe next pages. Lines of credit. Buyer credit facilities arc usually provided in support of a single export supply contracl, bul il is also possible to extend credit to an overseas buyer by providing a single loan facility to cover a number of separate supply contracts. This is the line of credil arrangemenl. A line of credil can take two dislincl forms. A general purpose line of credit — covering a number of differenl requirements of capital goods not related to a specific project — is usually negotiated by a UK bank with a bank or other financial inslilution in the overseas country concerned. The need for a line of credil is determined after prior discussion between interested parties in both countries. The banks concerned Ihen publicise Ihe line of credil lo polenlial exporters. A project line of credit — by definilion confirmed lo a specific projecl — is often established by the main exporter or conlraclor or by an overseas buyer. The finance available under lines of credil is normally 80 lo 85 per cent of the contracl value. 10 per cent (sometimes less) of each contracl price is usually paid direclly by an overseas buyer wilhin 30 days of signalure of Ihe conlracl and further direcl paymenls made on a pro rala basis according lo Ihe value of each shipment lo Ihe buyer. The lenglh of credil will vary according lo Ihe conlracl value allhough general purpose lines of credil usually range between two and five years. ECGD slipulales a minimum contract value which can be as low as J10,000. |