V. Complete the following sentences
1. For these purposes there exist commercial banks ….
2. The depository institutions are …
3. In some banks customers can …
4. To save money in banks is profitable because …
5. Loans to bank customers are drawn on the funds deposited with …
VI. Agree or disagree to the following.
1. Banking is the transactions carried on by any person or firm engaged in providing financial services to consumers or businesses.
2. Financial services to consumers or businesses are provided only by commercial banks.
3. In other words, banking is the acceptance, transfer, and creation of deposits.
4. Vaults and safes are the means for safeguarding of funds.
5. To save money in banks is unprofitable.
6. The only way to transfer of funds is to use written instruments.
7. Nowadays banks limit their customers’ access to the funds.
8. Loans to bank customers are drawn on the funds deposited with the bank and yield interest, which provides the profits for the banking industry, and the interest on savings accounts.
9. Banks can’t guarantee credit for customers who wish to obtain loans from other institutions.
10. You can’t exchange foreign currency in Russian banks.
VII. Arrange the following into the pairs of synonyms.
| Person | To pay back |
| Firm | Man |
| To store | At present |
| To repay | Enterprise |
| Nowadays | Branch |
| Industry | To give |
| To provide | To keep |
VIII. Find the word that doesn’t suit the others.
1. similar, regular, facility, additional
2. to provide, to obtain, to safe, deposit
3. electronically, often, nowadays, commercial
IX. Answer the following questions.
1. What is banking?
2. What kinds of banks there exist?
3. What are the depository institutions?
4. What are the vaults and safes for?
5. Why is it profitable to save money in banks?
6. How can the transfer of funds be done?
7. How can the customers gain access to their funds and use them?
8. What are loans to bank customers drawn on?
9. Do banks give the interest on savings accounts?
Text VII
I. Read and translate the following words without using a dictionary.
Organization, central, bank, type, structure, category, service, credit, card, investment, financial, product, investor, private, public, fund, fundamental, role, management, deposit, equivalent, cooperative, federation, universal.
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II. Read and translate the text.
BANKS
Banks are organizations that carry out the business of banking, taking deposits and then using those, deposits to make loans. In essence, a bank aims to make a profit by paying depositors a lower rate of interest than the rate the bank charges borrowers. In accounting terms, deposits are considered liabilities (because they have to be repaid), and loans are considered assets.
Banks in most countries are supervised by a central bank, such as the Bank of England in the United Kingdom, the Bundesbank in Germany, the Federal Reserve System in the United States and Central Bank in Russia.
There are many different types of bank, and the banking structure varies from one country to another. Banks can fall into the following categories:
Retail banks are often referred to as commercial banks. In addition to conventional banking services, such as the provision of chequing accounts, they deal in foreign exchange, issue credit cards, provide investment and tax advice, and sell financial products such as insurance. In the United Kingdom the biggest retail banks (by assets) are Barclays Bank, National Westminster Bank, Midland Bank, Abbey National Bank and Lloyds Bank.
Merchant or investment banks act as intermediaries between investors and private or public concerns seeking medium to long-term funds, often acting as underwriters for an issue of shares. Increasingly they have played a fundamental role in advising on mergers and acquisitions, and on management buy-outs. In the United -Kingdom some of the longest established and best-known merchant banks are still privately owned.
Building societies were set up in the United Kingdom to take deposits in order to provide long-term loans (mortgages) to homebuyers. They are owned by their members (those who have deposited money with or borrowed money from them).
Savings Banks were set up with the aim of attracting small savers. They resemble retail banks in the services they provide.
Credit unions are the equivalents of savings banks, and are run as a cooperative nonprofit-making organization. Credit unions are widespread in the United States. France's biggest bank, Credit Agricole, is essentially a federation of more than 3,000 credit unions.
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Universal banks are those, such as Germany's Deutsche Bank, Dresdner Bank, and Commerzbank, which do everything that the above types of banks do.
Vocabulary
checking account – 1) специальный счет, с которого снимаются деньги по чекам клиента; 2) счет, позволяющий в любой момент вносить и снимать деньги (до востребования)
rate of interest – процент, процентная ставка, норма процента
liabilities – задолженность
assets – актив (баланса)
retail bank – банк, занимающийся обслуживанием мелкой клиентуры
underwriter-гарант размещения (займа, акций и т.п.)
issue of shares-выпуск акций
intermediary - посредник
merger – слияние, объединение (коммерческое ,промышленное и т.п.)
acquisition -1) получение; 2) приобретение (действие), сбор
building society.- жилищно-строительное общество
management buy-outs – выкуп права на управление
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