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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Active Vocabularyat par clearinghouse clear (v) collection collection charge commercial paper (US) correspondent bank debenture discount house drawee bank endorse (indorse) (v) endorse with recourse (v) face value foreign exchange honour a cheque (v) incorporated industrial bank по номинальной стоимости .клиринговая палата
81 instalment knock-down price liable listed stocks money at call and short notice payee quotation recall (v) redeem (v) discount, rediscount (v) (US) refinance (v) remit (v) -взнос в уплату в рассрочку -сбитая (минимальная) цена -обязанный, ответственный, подле- жащий -акция, зарегистрированная на бирже -деньги до востребования или при краткосрочном уведомлении -получатель платежа -котировка -отзывать, аннулировать -выкупать, погашать, изымать -учитывать -рефинансироват remit -ремитировать, переводить, пере- сылать Dialogue Read the dialogue: Interbank Relations in the USA Student: How many correspondent bank accounts do you have? Banker: We have reserves in six banks. Two of the accounts arc inactive. S.:Do you use any clearinghouse other than the Fe- deral Reserve Bank? B.:Yes, we also get a daily letter from our central bank in St. Lawrence. .S,:Are you allowed to make a collection charge on your items from your central bank? В.:No. We've agreed to clear them at par. S.:Will your correspondent banks purchase any in- stalment loans that you're not licensed to handle? B.:Yes, any lhat our customers are willing to endorse to them. 5.: Do they advise you on your investments, like com- mercial papers and short-term debentures? B.:Oh, yes. And each week our New York correspon- dent sends us their report on financial and economic trends, including quotations on listed and unlisted stocks. S.:And they handle your foreign exchange? В.:Thai's right. S.:Suppose I'm remitting by check on your bank an amount due on my note to a bank in California. Will that bank send the check directly to you for collection? B.:It could do that. But it'll probably send the check through the regular channels. S.:What does that mean? B.:Well, the bank lo which your check is payable will send il lo Ihe Federal Reserve Bank in its Reserve District. The transit dcparlmenl of that bank will send il to the Federal Reserve Bank in our Reserve Dislricl. From there it's sent to us. —--- S.:How many Reserve Districts are there? В.:There are twelve, with one Reserve Bank in each District. Also, most of our larger banking inslilu-lions like ours are members of Ihc Syslem, and all checks and olher Hems of exchange flowing I hrough the Syslem are cleared at par. S.: Par means face value? B.:Yes. And every bank that handles an item endorses it with recourse. S.:Does lhal mean lhal if a check isn't honoured by the drawee bank, it's finally returned to the payee, who is held liable for Ihc amount? 83 Text The Discount Houses and the Money Market  В.:That's right. 5.: To become member of the System, was your hank required to subscribe to any slock in the Reserve Bank in your District? В.:Yes. And, to explain further, all national banks must be members of the System. Incorporated State Banks, including commercial hunks, mutual savings banks, trust companies and industrial banks, may join the System. S.:Other than handling items of exchange, what ser- vices do Federal Reserve Banks offer member banks? B.: As fiscal agents of the United Stales Treasury, they assist in the issue and redemption of government bonds and the refinancing of bonds that have reached maturity. They'll also accept from us any paper thai can be rediscounled, if our cash reserve becomes low. Questions on the dialogue:
Dotted about the City, but mostly close to Ihe Bank of England are Ihe eleven discount houses. These relatively small City businesses make their living by borrowing money from those who have it to spare and investing il ij) various easily liquidated paper assets. In particular, they finance the Government by buying its Treasury bills each week. To the Bank of England this "covering" of the weekly Treasury bill issue by the discount houses is a useful service. The quid pro quo of this arrangement is that the Bank of England will act as "lender of the last resorl" to the houses, if il so chooses, or buy paper assets from the houses lo provide them'with cash when they can'l obtain il elsewhere. To understand the role of lender of last resort it is necessary first lo have grasped Ihe extremely delicate nature of the discount houses' business. Practically all the money which they invest has itself been lent lo Ihem. Whal is more, mosl of il will have been lent lo them for very short periods of. lime like a week or even overnighl, or else il will be subject
84 85 necessary money, or it may lend the required sum charging at least the minimum lending rate. This rate is defined as the lowest rale at which the Bank of England will lend and is fixed each week a little above the Treasury bill rate for that week. The chief sources for cash for the discount houses — often known collectively as the discount market — are the banks, particularly the commercial banks. These are the ordinary High Street banks with which we arc all familiar. Their business requires them to hold a certain proportion of the money which the general public has deposited with them in a liquid form, that is in the form of cash or some assets which can be turned into cash quickly and without losing its value. For example, a building or something like that is not a liquid asset because it takes lime to sell, a quick sale can only be achieved if Ihc owner is prepared lo see it go at a knockdown price. Loans lo the discount market are ideal from the point of view of the commercial or any other type of bank. They can be at an agreed rale for an agreed period, allhough il can be for as shorl as Ihey like, in which case the houses call Ihem "fixtures", or they can be simply "al call", again al an agreed rale, and Ihen Ihcy can be withdrawn whenever the lender needs them. An important part of the job of the money manager in a discount house is to make sure lhat he has the right balance between fixtures and call money. If there is a general trend in lhc_markel for rates of interest lo rise so that borrowers have lo pay more this week than last and will have lo pay more next week than this, it is in the interests of Ihe house lo persuade inslilutions to lend lo it for fixed periods. Otherwise call money will be quickly withdrawn and offered back to Ihem again al a higher rale! Similarly, when Ihc rate in the markel is rising, Ihe houses Ihcm-selves take care not lo make loo many long-term loans, the rale of interest on which will soon fall below the general markel rale. The houses lhat can judge best which way things will go make the grealesl profit. Questions on the text:
ing long" be hazardous?
Vocabulary Exercises I Five lypes of banks are menlioned in the dialogue. Find them and match Ihem wilh the definitions given below.
II Using the words in brackets as a guide, explain the meaning of the following terms: 1. clearing house (checks drawn on one another, exchange,banks, an office, where) 86 87
9. transit department (to do with, other banks, having, drawn, on, the collection of checks) 10. discount house (institution, the City of London, promis sory notes, buys, resells) III Choose the best answer: 1. "to clear items of exchange at par" means:
2. "commercial papers" in the U.S.A. arc:
3. "a quotation on listed slocks" is: a) making a bid for slocks accepted for sale on a slock ex change, b) a slalemcnl of the current price of slocks accepted for sale on a slock exchange. 4. "to endorse a check with recourse" means: a) to be legally responsible for making payment of the amount due, b) to endorse in such a way thai the parly which endorses it must make payment if the other parly to the transac lion refuses payment. IV Say what is true and what is false. Correct the false, sentences: 1. Correspondent banks make a collection charge on any item of exchange from Iheir central banks.
X. Minimum lending rale is the same as Ihe Treasury bill rale. i). Your car is your liquid asset. K). If rales of interest are on the increase, banks are willing to lend money for fixed periods. 88 89 Word groups. For each of the verbs listed below, find two nouns which are related to them: assist invest collect manage draw pay endorse subscribe VI Using prefixes un-, in-, dis-, etc., give negative adjectives which are related to the, following: active important cleared licensed direct listed endorsed regular honoured sufficient VII minimum national paper rale reserve short-term stale transil Treasury trust value debentures discount district federal face house instalment issue lending letter loan market Combine the words listed below into meaningful livo or three word expressions: asset account bank bill correspondent central collection charge company commercial daily department VIII Fill in the blanks: The central banking system of the United States is called It differs from that of most other countries' in that it consists not of one bank but of twelve and some twenty four branches under the control of the Federal Reserve Board in Washington. The Federal Reserve Banks perform a lot of services for Checks flowing through the System are cleared at These checks are endorsed in such a way that the parties who endorse them must make payment if the other to the transaction refuse The checks are The Federal Reserve Banks assist their banks in many other ways. For instance when their cash becomes low, the Federal Reserve Banks will accept frohr them any notes that can be sold below their value at matu rity. They will accept any notes that can be They also help in the of new bonds to replace ones that have ma tured. IX Demonstrate Ihe meaning of Иге following expressions in sentences of your own:
10. to make the greatest profits 90 91 |
