Учебнометодическое пособие Петрозаводск 2010 ббк 81. 2Англ удк 811. 11 Г 613 Рецензенты
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(11) A major acquisition would quicken that process and Anglo Irish is known to be one of the many banks with designs on Irish Central Bank if/when Finance Minister puts it on the market. (12) “We haven’t been asked to bid, but my belief is it will be sold over the next year. We will look at it very closely. Irish Central is a very good bank with a very strong management team and is complimentary to the business we are in.” (13) Foreign banks have actually been moving out of Irish middle banking in recent years because of their lack of local knowledge, according to FitzPatrick. “Because Anglo Irish is an Irish bank, its decisions are made in Dublin, not Frankfurt, London or New York. It gives us a strong advantage,” he said. FitzPatrick believes retail banks will have more success coming into the Irish market because customer efficiency rather than customer service are more important in selling such products. (14) That said he is not so naïve as to fully discount the possibility of Anglo Irish being taken over by a European predator. “We are not encouraging it or feel we need it. But the shareholder is the final arbitrator. It is a possibility; I don’t think it’s a probability. “There is a lot of growth left in Anglo Irish as an independent bank,” he said. FitzPatrick believes Anglo Irish Bank will be well equipped to cope when the current economic boom inevitably comes to an end. “Decisions we make today have to count in three years time. We have to be very careful. Our criteria for lending haven’t changed in the past two years despite the demand,” he said. (15) “The strength of Anglo Irish as a niche bank will come to the fore in difficult times. It will accentuate the differences. We have our greatest growth in difficult times.” There had been suggestions that FitzPatrick would move into a new role of chairman to fill the vacancy. “I enjoy Anglo Irish Bank. I am part of a team here that has done particularly well over the past five years. I have the interest, energy and enthusiasm to continue,” he says. 3) What other heading would you choose for this text instead of “BANK ROLE” out of the following: a) ANGLO IRISH BANK b) A NICHE BANK FOR SPECIFIC CUSTOMERS c) THE MIDDLE BUSINESS MARKET BANK d) UP THE LADDER TO SUCCESS e) Suggest your own variant. 4) Find professionally relevant terms in the text and translate them into Russian, for example: net worth – собственный капитал, стоимость имущества за вычетом обязательств. 6.17 CENTRAL BANKS 1) What is the role of the Central Bank in the Russian Federation? Where are the headquarters of the Central Bank in Moscow (Petrozavodsk)? What bank do you get your salary in? Central banks (reserve banks or monetary authority) are normally government owned banks, often charged with quasi-regulatory responsibilities, e.g. supervising commercial banks, or controlling the cash interest rate. They generally provide liquidity to the banking system and act as Lender of last resort in event of a crisis. Most richer countries today have an “independent” central bank – that is, one which operates under rules designed to prevent political interference. Examples include the European Central Bank, the Banco Central de Chile, the Reserve Bank of Australia, the Reserve Bank of India, the Bank of England, the Bank of Canada, Sveriges Riksbank, the Banco de la República de Colombia, Norges Bank, State Bank of Pakistan, National Bank of Azerbaijan and the U.S. Federal Reserve. Some central banks are publicly-owned, and others are, in theory, privately-owned. In practice, there is little difference between public and private ownership, since in the latter case almost all profits of the bank are paid to the government either as a tax or a transfer to the government. The Bank of Russia (the Central Bank of the Russian Federation) is the central bank of Russia. Its functions are described in the Russian constitution and in the special Federal law. The Bank of Russia was founded on July 13, 1990, but its history traces back to the State Bank of the Russian Empire. According to the constitution, the Bank of Russia is independent from the federal, regional and local government structures. Its primary responsibility is protecting the stability of the national currency, the ruble. It also holds exclusive right to issue ruble banknotes and coins. The Bank of Russia is the main regulator of the banking industry. It is responsible for issuing banking licenses and setting rules of banking operations and accounting standards. The bank serves as a lender of last resort for credit organizations. Its headquarters are on Neglinnaya Street in Moscow. The Bank of England is a state-owned institution and the central bank of the United Kingdom. It is responsible for managing the monetary policy of the country. It was established in 1694 to act as the English Government’s banker, and to this day it still acts as the banker for the UK Government. The Bank has a monopoly on the issue of banknotes in England and Wales. The Bank’s headquarters has been located in London’s main financial district, the City of London, on Threadneedle Street, since 1734. It is sometimes known as “The Old Lady of Threadneedle Street” or just “The Old Lady.” The Federal Reserve System (informally The Fed) is the federal government’s bank or the central banking system of the United States. It lets other banks borrow money. The banks then let people and companies take the money from them. The banks then pay money at a rate called the Federal Funds Rate. This number is set by the Federal Reserve Board and is changed whatever money is in the country. The paid rate is called the “overnight lending rate” because money is borrowed for a short time. 2) Name the statements which are true: a) Central Banks are always government owned ones. b) The Bank of Russia is the oldest bank in Europe. c) The Bank of Russia is the main regulator of banking industry in the country. d) The Bank of England acts as the banker for the UK Government. e) The headquarters of the Bank of England is in the City of London, on Downing street f) The Federal Reserve System is the central banking system of the USA. g) One can borrow money from the Federal Reserve System for a long period of time. 6.18 DEMAND GROWS FOR BANKING FROM HOME 1) What banking services can be transacted from home (open an account, pay bills, transfer between accounts, receive information about mortgages, loan money, etc.)? 2) Look at the phrases, taken from the text: banking from home, to launch a 24-hour banking service, to open an account, to pay bills, mortgage, to transfer, insurance schemes, a savings account, to transact. What do they mean? Banking from home is growing in popularity. Almost everything you can do in a bank can now be transacted from the comfort of your home. Tyson Service Bank (TSB), whose new 24-hour banking service will be launched in the coming weeks, is the latest bank to join the ranks of phone banking service providers. “Much of this has been going on in an informal way for a long time,” said TSB’s Head of Marketing Sean Curtiss. “All we are doing is rationalizing the process.” Like its competitors in this field, the TSB service will offer the facility to open a working account, transfer between accounts, pay bills and receive information about mortgages and other bank products. One step ahead technologically, the new Internet banking services provided by Bank of Ireland and Allied Irish Bank (AIB) are proving a huge success. Bank customers can do everything they normally do by phone through computer, including transferring money and paying bills. “We are overwhelmed by the response – over 6,500 customers are now using on-line banking,” said Bank of Ireland’s Creeda Mahon. Although there are no on-line product sales as yet, information on mortgages, insurance schemes and savings accounts can be got from the bank’s web site. Brian Dinihue of AIB confirmed that its Internet service had received much interest since its launch. “So far the consensus is that it works very well but we are open to suggestions on how we can improve it,” said Donohue. “We are not selling product yet but plan to ask our Internet customers what they would like to see next and will act accordingly.” 3) Say if the statements are true, false or there is no evidence in the text: a) Tyson Service Bank (TSB) will launch a 24-hour banking service, b) some banks in Europe, such as Allied Irish Bank, c) the Bank of England and the Bank of Russia started the home banking service some years ago, which proved a great success, d) TSB will offer a number of facilities, such as opening a working account, e) transferring between accounts, paying bills, getting information about mortgages, f) The Banks are open to suggestions on how they can improve. 6.19 AT THE BANK 1) Answer the questions: a) Would you like to work in a bank? Why or why not? b) How often do you go to a bank? What do you usually do at a bank? Larry Hardy needs to get some money for a trip that he has to take. So, he takes time at lunch to stop by his bank to cash a check. He decides to go to the drive-in window to save time. He is pleasantly surprised to see that his neighbor, Emma Wilson, is now working at the bank. He presents his check for $300 and his identification card to Mrs. Wilson. She verifies his signature and account number and asks Larry how he would like his money. He says: “Let me have $100 in tens and the rest in twenties.” 2) Ask questions to these answers: a) He’s going to cash a check. b) During his lunch time. c) He wants to save time. d) She’s his neighbor. e) His check and identification card. f) It is for $300. g) First, she verifies his signature and account number. h) He gets tens and twenties. 6.20 GETTING A LOAN 1) Answer the questions: a) Is your flat cozy and comfortable? Do you want to improve your flat? What do you want to do with the place you live in? b) Have you ever taken a bank loan? What was the loan for? Sam Slater wants to add a recreation room to his house, but he doesn’t have enough money. He decides to go to his bank to ask for a home improvement loan. Mrs. Kelly, the loan officer at the bank, is very pleasant and helpful. She and Sam discuss his money needs and the terms for getting a home improvement loan. Sam is glad that the interest rate is not very high. After Mrs. Kelly asks Sam a number of questions, she fills out loan application form. She tells Sam that his interest rate for a loan will be reviewed by some of the bank officers. She tells him that she will call him in two weeks with the result. 2) Ask questions to the answers: a) Because he doesn’t have enough money. b) A home improvement loan. c) She is a loan officer. d) Yes, she is very helpful. e) They discuss Sam’s money needs. f) No, it isn’t very high. g) Mrs. Kelly fills out the form. h) Some of the bank officers will review the interest rate. 6.21 Credit card 1) Do you have a credit card? Is it convenient to have and use it? 2) Scan the text and find the information on: a) the date of the credit card invention, b) what a secured credit card is, c) the opportunities for fraud in the credit card system, and what they created, d) the improvements to card security. (1) A credit card system is a type of retail transaction settlement and credit system, named after the small plastic card issued to users of the system. A credit card is different from a debit card in that the credit card issuer lends the consumer money rather than having the money removed from an account. Most credit cards are the same shape and size, as specified by the ISO 7810 standard. (2) A credit card user is issued the card after approval from a provider (often a general bank, but sometimes from a captive bank created to issue a particular brand of credit card, such as American Express Centurion Bank), in which they will be able to make purchases from merchants supporting that credit card up to a pre-negotiated credit limit. When a purchase is made, the credit card user indicates his/her consent to pay, usually by signing a receipt with a record of the card details and indicating the amount to be paid. More recently, electronic verification systems have allowed merchants (using a strip of magnetized material on the card holding information in a similar manner to magnetic tape or a floppy disk) to verify that the card is valid and the credit card customer has sufficient credit to cover the purchase in a few seconds, allowing the verification to happen at time of purchase. (3) Some services can be paid for over the telephone by credit card merely by quoting the number embossed onto the card (the credit card number), and they can be used in a similar manner to pay for purchases from online vendors. (4) Each month, the credit card user is sent a statement indicating the purchases undertaken with the card, and the total amount owing. The cardholder must then pay a minimum proportion of the bill by a due date, and may choose to pay more or indeed pay the entire amount owing. The credit provider charges interest on the amount owing (typically, a fairly high rate much higher than most other forms of debt). Typically, credit card issuers will waive interest charges if the balance is paid in full each month, which allows the credit card to serve as a form of revolving credit. (5) As well as profits through interest, card companies charge merchants fees for money transfer. When the companies formally or informally prevent these fees from being passed on to credit card users but instead require them to be spread among all customers, this raises the possibility of a harmful market imperfection through the mechanism of the Tragedy of the commons, especially as some credit providers give their users incentives such as frequent flier miles or gift certificates. Australia is currently acting to reduce this by allowing merchants to apply surcharges for credit card users. Credit card companies generally do provide a guarantee that the merchant will be paid on legitimate transactions regardless of whether the consumer pays their credit card bill. However, credit card companies generally will not pay a merchant if the consumer challenges the legitimacy of the transaction and will fine merchants who have a large number of chargebacks. (6) The credit card was the successor of a variety of merchant credit schemes. The concept of paying merchants using a card was invented in 1950 with Diners Club’s invention of the charge card, which was similar but required the entire bill to be paid with each statement. Credit card service was first offered in 1951. (7) In recent times, credit card portfolios have been exceedingly profitable to banks, largely due to the booming economy of the late nineties. However in the case of credit cards, such high returns go hand in hand with risk. (8) A secured credit card is a special type of credit card in which you must first put down a deposit between 100% and 150% of the total amount of credit you desire. Thus if you put down $1000, you will be given credit in the range of $500–$1000. This deposit is held in a special savings account. The owner of the secured credit card is still expected to make regular payment, as he or she would with a regular credit card, but should he or she default on a payment, the card issuer can deduct payments on the card out of the deposit. Secure credit cards are an advantage to anyone with poor or no credit history. They are often offered to people as a means of rebuilding one’s credit. Secured credit cards are available with both Visa and MasterCard logos on them. (9) As well as convenient, accessible credit, the cards offered consumers an easy way to track expenses, which is necessary both for monitoring personal expenditure and the tracking of work-related expenses for taxation and reimbursement purposes. They have now spread worldwide, and are offered in a huge variety of permutations with differing credit limits, repayment arrangements (some cards offer interest-free periods, while others do not but compensate with much lower interest rates), and other perks (such as rewards schemes in which points “earned” for purchasing goods with the card can be reclaimed for further goods and services). |