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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1) обязательствоRole Play
loan and interest, — whether you would offer all or part of whal is being asked,
3. Conduct the interview:
46 47 portfolio rale of return Unit Five Bank Investments Active Vocabulary advance — reconciliation revenue revenue bonds share slock (US) speculalive lax-exempl working capital yield AI, first class, AA-rating(US) bond bonds issue blue chips capital market cash cash-in-banks diversify (v) fluctuation general obligation bond issue bonds (v) money market municipal bond offering
ные предприятия
2) рынок краткосрочного ссудного капитала
2) коэффициент окупаемости кап италовложений — приведение клиентом учета своих операций в соответствии с. учетом банка; согласование, выверка — 1) доходы 2) государственные доходы
yield inlercsl (v) Dialogue /Read the dialogue in parts. Board Member: 1 notice lhal our cash and cash-in-banks has been building up above Ihe amount required by law. President: I've had the same thoughts. And right now there is a new offering of municipal bonds lhal can be bought at a price lhal will yield 3.5%. B. M.:Are Ihcy general obligation bonds? 48 49 P.: B.M.. P.: Yes, they are. 1 prefer those to revenue bonds, don't you? 1 do. Does this issue have an AA rating? Yes. And they can be had in five to ten-year maturities. В. M.. P.: В. M. They're lax-exempt, you know. Do you think we might also buy some stocks to keep our portfolio well diversified? Well, we might. But stocks arc much more speculative. Unless we slick to blue chip issue. They show less price fluctuation. Questions on the dialogue: 1. What problem is being considered by the President and the Board Member?
lion bonds?
Text The investment policy of a bank is based upon the reconciliation of two conflicting aims. On Ihe one hand the bank wants to make as much profit as it can and for this reason it must lake the risks of lending money. On Ihe other hand its funds belong to its depositors and must be available whenever they wish to make withdrawals. There are Iwo Ihings that Ihe bank must therefore do. First, il must keep a proportion of its asscls in the form of 50 rash lo meel demands. The amount thai Ihis needs lo be varies very lillle from one bank lo another or from one day lo another and experience suggesls thai il is aboul six percent. As a cushion against unexpected demands a further proportion of funds is invested at low rates of return in highly liquid lending mostly to firms in the money and capital markets. The second thing that Ihe bank must do is trf ensure lhal the inveslmcnls il chooses are sale. This also means lhal Ihcy are relalively low yielding since high yields are associaled wilh risk and wilh lending tor long periods of lime. Much of abank's investment is in short and medium lenn government and local government bonds. They yield certain incomes and are readily saleable should Ihe occasion demand. Advances by a bank lo ils customers are the least liquid of Ihcir assels since Ihere are few borrowers who could repay a loan al very shorl notice. However, Ihey are also the most profitable of Ihem yielding Ihe highest rale of return. Advances lo customers arc likely to account for more than two thirds of Ihe banks investment portfolio although Ihis will vary on a day lo day basis since overdrafts arc Ihe most common form of advance and are not immediately controllable by Ihe bank. In general banks do nol lend lo industry for long periods of lime or for inveslmenl projccls. They regard Ihemselves as providing working capital rather than fixed capital. Questions on the text: 1. What Iwo conflicting aims musl a bank reconcile in ils in- vestmenl policy?
5. Which investmenls arc hardly conlrollable by Ihe bank? Why? 51 6. Why don't banks usually invesl in indvislrial projecls? Voeabulaiy Exercises Find proper definitions: Terms Definitions
h) coins and bills II Using the words in brackets, explain the meaning of Ihe following terms:
5. AA rating (a bond, a slock, the value of, a high estimate of) b'. tax-exempl (lax obligation, free from)
10. overdraft (current account, withdraw, exceed). 52 Choose the right answers: 1. "our portfolio" in Ihis dialogue means:
2. "a portfolio well diversified" is: J
3. "price fluctuation" is:
4. "speculative" means:
5. "yield 3.5%" means:
H. "advances" here means:
IV Say what is true and what is false. Correct the. false, sentences: \. Bonds are highly liquid investments.
53 4.It is desirable to diversify one's portfolio.
Using suffixes -at, -able, -ory, -ive, elc., give adjectives which are related to the following verbs: change profits control sell desire speculate negotiate transfer pay value VI For each of the adjectives formed in exercise V, find the noun which could be described by it. Write one noun to each adjective. VII Combine the words listed below into meaningful two or three word expressions: bank fluctuation member bond general local authority blue-chip issue obligation liquid investment price VIII For each of the following phrases, find the expression in the text that explains it: 1. a slock of the highest quality
fluctuation 9. Ihe amount of cash needed by a firm for day lo day aclivily 10. a protective barrier against the unexpected 54 55 stock exchange (S.E., Sl.Ex.) scrutiny subscribe (v) subject to The Treasury United States Treasury (Department) (US) to some extent transaction trust trust company Unit Six Types of Banking Institutions Active Vocabulary broker brokerage firm of (slock) brokers brokerage house (US) commercial bank credit union disbursement exchange equalization account fiduciary finance company lend (v) (lent, lent) lending institution national bank savings and loan Association (US) ration (v) security, securities state bank - брокер, маклер -1) брокерское вознаграждение, комиссиопые брокера 2) брокерское дело, маклерство , поеред! i ичество брокерская фирма брокерская фирма
одалживать кредитное учреждение национальный банк ссудно-еберегательная ассоциация (ам) нормировать ценные бумаги государственный банк фондовая биржа проверка
Dialogue Read the dialogue in parts. Types of Banking Institutions Student: What type of bank is this? Banker: We're a commercial bank. S. B. S. B. S. B. S. B. Does that mean that your services arc limited? To some extent. For instance, we can't offer the fiduciary services that a trust company can. What are they? Well, they have lo do with pre^dminislralion of trusts and estates. Suppose 1 wanted lo buy or sell some securities. Docs your bank handle such transactions? Yes, through our brokerage house. Is your broker a member of the slock exchange? Yes. 56 57 S.: В.: В.: This is a state bank, isn't it? That's right. Do you offer fewer services than a national bank? No. In general, the only difference is that a state bank S. В. gets its charter from the slate it's in, and the national bank gets its charter from the federal government in Washington, D.C. Are there banks that don't offer regular commercial services? Oh, yes. For example Savings and Loan Associations and the Federal Land Banks arc only lending institutions. Would you say a savings and loan association is a bank? в. S. в. S. в. No. I'd rather call it a financial institution. How about a credit union? That's not really a bank, either. And a finance company is something entirely different. Yes. Questions on the dialogue:
Text The reason for which the Bank of England was founded in 1694 was lo look afler Ihe Government's debl, commonly called the National Debt, and this is still a most important function. A large proper lion of the debl is made up of Government bonds, that is pieces of paper staling that the holder has subscribed such-and-such a sum of money and is entilled to so much interest per year. Two world wars have helped to swell the issue of bonds to some $,40,000 million. Another sizable slice of debl is in the form of Treasury bills which arc rather like bonds wilh a very shorl life span before Ihe Gov-ernmenl buys Ihem back again and so repays Ihe loan. Their purpose is to provide Ihe governmenl wilh day-lo-day money lo cover Ihe inevitable gaps which occur belween ils disburse-inenls, e.g. on such Ihings as uncmploymenl benefil and ils receipls from laxation. A Ihird type of debl is the group of National Savings Securities, of which ordinary Post Office (now Nalional Savings Bank) accounts and Premium Bonds are perhaps the best-known examples. The Bank of England is Ihe ullimale source from which Ihe general public can oblain cash. Other English banks used lo issue Iheir own notes, but now they all use the Bank of England notes. Scottish banks have continued lo issue Iheir own, hut it is an expensive undertaking, and is closely controlled by Ihe cenlral bank in England. The Bank also looks afler Ihe bank accounl of the Government just like an ordinary bank docs for its customers. Into this accounl go all lax receipls and/any other transfers of money from Ihe various banks, and out of il go all payments. Because all the imporlanl inslilulions in the Cily main lain accounls al Ihe Bank, Iransfers of money between Ihem and Ihe Governmenl, which go on every day, are made very easily. The Bank merely debils one aecounl and credits another. The Bank also holds accounls for important inlernalional inslilulions like Ihe World Bank, for just over a hundred cen- 58 59 tral banks and also for some ordinary foreign banks, making a total of nearly two hundred accounts. The Exchange Equalisation Account is the name of the fund in which are held the gold and foreign currency reserves of the country. The managers of the fund have the task of intervening from lime to time in the otherwise free market for foreign currency, so as to influence the price of the pound in line with Government policy, or simply to try to maintain a reasonably orderly market. The pound is not the only currency whose price has to be carefully controlled. Most of the major world currencies have the same problems, and all greatly benefit from international cooperation. Dealing with other central banks and managing money on an international scale has l>ecomc an important side of the Bank's work. Every month the Governor (lies to Basle to spend a week-end in conference with his opposite numbers from the central banks of other western industrial countries. The object of the Bank's management in the monetary field is to support the Government's activities in other fields, e.g. taxation policy, export promotion and so on. The methods of control used by the Bank are based on a system in which money available to be borrowed should be rationed by price, not by orders from the Bank or The Treasury. The battery of instruments of control the Bank has may (>e summarized as follows: 1. Suggestion and request. From lime to lime the Bank will make suggestions to the olher institutions in the City, indicating the policy the authorities intend to pursue. If they want specific aclion, the Government makes a "request" like the following: "Notice to banks. All banks and finance houses are asked not to provide either loans to persons or check trading facilities for the purchase of..." 2. Open market operations. This is the name given to the activities of the Bank in the financial markets for control pur- poses. The point is thai by its interventions the Bank can influence markets to move in the directions which it desires. 3. Special deposits and supplementary deposits. From lime to lime, the Government may wish to reduce the amount ol'money lhal people can borrow in order lo reduce Ihe amount they spend. An effective way of doing this is 10 reduce what the banks have available for lending, and this is done by requiring them to deposit more money at the Bank of England in special accounts from which it cannol be withdrawn unlil the Bank says so. Questions on the text:
monelary field? b'. Whal principle does Ihe Bank of England follow in exercising its control over the monetary policy? 7. What instruments of control has Ihe Bank got al ils disposal ? Vocabulary Exercises 1 • ^ Find Ihe names of banking and financial inslilutious men-Honed in the dialogue and Ihe lexl and match Ihem ivilh Ihe definitions given in the exercise 1. A bank whose major services are accepting and prolecling money for deposit and paying cheques issued by the deposi tors, laws permit lo invest for profit a portion of Ihis money. 2. A bank which has a charier from the federal government. •1 A bank which has a charier from a slale government 60 61
II Using the words in brackets as a guide, explain the meaning of the following terms:
HI Say what is true and what is false. Correct the false sentences:
4. American stale banks offer fewer services than a national bank. 5. The interesl on deposils is usually higher in savings and loan associalions. 6. Savings and loan associations offer regular commercial ser vices.
IV Study the following example: We employ people. A person who employs is an employer. A person who is employed is an employee. The suffix -er is generally used for a person who docs the action. The suffix -ее is generally used for a person to whom something is done. It has passive meaning. Complete the. following: 1. We remit money orders. A person who remits is a A person to whom the money order is rernitled is a 2. We transfer bank drafts. j A person who transfers them is a A person lo whom Ihey are transferred is a 3. You draw out a cheque. A person who draws a cheque is a The bank on which the cheque is drawn is a A person to whom the cheque is made payable is a 4. One can pledge assets as security. 62 63  A person who pledges assets as security is aA person to whom assets are pledged is a 5. Loans are granted. A person who grants a loan is a A person to whom a loan is granted is a 6. A person to whom one's affairs are trusted is a VI Using prefixes il-,im-, in-, ir-, un-, поп-,etc., give nega tive adjectives which are related to the following: expensive negotiable regular important orderly spieificd legal payable stable matured proper sufficient movable profitable transferable VII Combine the words listed below into meaningful two or three word expressions as possible:
VIH For each of the. following phrases, find the. expression in llie text that explains it: \, restricted range of services
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