III. Give Russian equivalents for the following
To carry out, to take deposits, to make loans, in essence, to make a profit, to be supervised by, to vary from one country to another, in addition to, issue credit cards, provide investment, to act as intermediaries, to play a fundamental role, in order to, with the aim of attracting small savers, nonprofit-making organization, to be widespread.
IV. Insert the missing words given in brackets.
1. … , a bank aims to make a profit by paying depositors a lower rate of interest than the rate the bank charges borrowers.
2. Banks … 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.
2. Retail banks often … as commercial banks.
4. Building societies … in the United Kingdom … in order to provide long-term loans (mortgages) to homebuyers.
5. Credit unions …, and are run as a cooperative nonprofit-making organization.
(To take deposits, to be the equivalents of savings banks, to refer to, in most countries, in essence, to be set up)
V. Complete the following sentences.
1. Banks are organizations that carry out …
2. In accounting terms, deposits are considered …
3. In addition to conventional banking services, …
4. Merchant or investment banks act as intermediaries between…
5. In the United -Kingdom some of the longest established and …
VI. Agree or disagree to the following.
1. Banks are organizations that carry out the business of banking, taking deposits and then using those", deposits to make loans.
2. A bank aims to make depositors richer by paying them a higher rate of interest than the rate the bank charges borrowers.
3. There are different types of banks, but their structure is the same.
4. Retail banks are quite different from commercial banks.
5. 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.
6. In the United -Kingdom some of the longest established and best-known merchant banks belong to the government.
7. Building societies were set up in the United Kingdom to take deposits in order to provide short-term loans to car buyers.
8. Savings Banks were set up with the aim of attracting large enterprises.
9. Credit unions are the equivalents of savings banks, and are run as a cooperative nonprofit-making organization.
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10. Credit unions are widespread in New Zealand.
11. Austalia's biggest bank, Credit Agricole, is essentially a federation of more than 1,000 credit unions.
12. Universal banks can provide all kinds of operations.
VII. Mate adjectives in the left hand column with the nouns in the right hand column.
| Accounting | Role |
| Central | Exchange |
| Different | Terms |
| Banking | Bank |
| Checking | Structure |
| Foreign | Cards |
| Credit | Product |
| Financial | Society |
| Fundamental | Types |
| Building | Accounts |
VIII. Continue the chain.
1. the Bank of England in the United Kingdom, the Bundesbank in Germany, … and ….
2. Barclays Bank, National Westminster Bank, … , … and ….
3. Germany's Deutsche Bank, …, and ….
IX. Answer the questions.
1. What does banking business consist of?
2. V/hat are the aims of banks?
3. What are the types of banks?
4. What banking services do retail banks provide?
5. What are the biggest retail banks in the United Kingdom?
6. What is the role of investment banks?
7. Whom belong some of the longest established and best-known merchant banks in the United –Kingdom?
8. What institutions were set up in the United Kingdom to take deposits in order to provide long-term loans (mortgages) to homebuyers?
9. Savings Banks were set up with the aim of attracting small savers, weren’t they?
10. Are credit unions widespread in The United States or in Great Britain?
Text VIII
I. Read and translate the following words without using a dictionary.
Function, standard, barter economy, person, resource, process, collection, inflation, finally, production, metal, to economize, legal, modern, private, firm, individual, deposit.
II. Read and translate the text.
MONEY AND BANKING
Money and its Functions
The main feature of money is its acceptance as the means of payment or medium of exchange. Nevertheless, money has other functions. It is a standard of value, a unit of account, a store of value and a standard of deferred payment.
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The Medium of Exchange
Money, the medium of exchange, is used in one half of almost all exchange. Workers work for money. People buy and sell goods in exchange for money. We accept money not to consume it directly but because it can ubsequent1y be used to buy things we do wish to consume. Money is the medium through which people exchange goods and services.
In barter economy there is no medium of exchange. Goods are traded directly or swapped for other goods.
In a barter economy, the seller and the barter each must want something the other has to offer. Each person is simultaneously a seller and a buyer. There is a double coincidence of wants.
Trading is very expensive in a barter economy. People must spend a lot of time and effort finding others with whom they can make mutually satisfactory swaps. Since time and effort are scarce resources, a barter economy is wasteful.
Money is generally accepted in payment for goods, services, and debts and makes the trading process simpler and more efficient.
Other Functions of Money
Money can also serve as a standard of value. Society considers it convenient to use a monetary unit to determine relative costs of different goods and services. In this function money appears, as the unit of account, is the unit in which prices are quoted and accounts are kept.
To be accepted in exchange, money has to be a store of value. Money is a store of value because it can be used to make purchases in the future.
Houses, stamp collections, and interest bearing bank accounts all serve as stores of value. Since money pays no interest and its real purchasing power is eroded by inflation, there are almost certainly better ways to store value.
Finally, money serves as a standard of deferred payment or a unit of account over time. When you borrow, the amount to be repaid next year is measured in money value.
Different Kinds of Money
Golden coins are the of commodity money, because their gold content is commodity.
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A token money is a means of payment whose value or purchasing power as money greatly exceeds its cost of production or value in uses other than as money.
A $10 note is worth far more as money than as a 3x6 inch piece of high-quality paper. Similarly, the monetary value of most coins exceeds the amount you would get by melting them down and selling off the metals they contain. By collectively agreeing to use, token money, society economizes on the scarce resources required to produce money as a medium of exchange. Since the manufacturing costs are tiny, why doesn’t everyone make $10 notes? The essential condition for the survival of token money is the restriction of the right to supply it. Private production is illegal.
Society enforces the use of token money by making it legal tender. The law says it must be accepted as a means of payment. In modern economies, token money is supplemented by IOU money. An IOU money is a medium of exchange based on the debt of a private firm or individual.
A bank deposit is IOU money because it is a debt of the bank. When you have a bank deposit the bank owes you money. You can write a cheque to yourself or a third party and the bank is obliged to pay whenever the cheque is presented. Bank deposits are a medium of exchange because they are generally accepted as payment.
Vocabulary
The means of payment – средство платежа
medium of exchange –средство обращения
a standard of value - мера стоимости
a unit of account – единица учета
a store of value – средство сбережения (сохранения стоимости)
a standard of deferred - средство погашения долга (отсроченный платеж)
subsequently - впоследствии
to swap (also swop; syn. to exchange, to barter) –обменивать, менять
to hand over in exchange – передать, вручить в обмен
a double coincidence of wants – двойное совпадение потребностей
to remind of - напоминать
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to be worthless -обесцениваться
an interest-bearing bank account – счет в банке с выплатой процентов
to pay interest – приносить процентный доход •
to erode – зд. Фактически уменьшать
hard currency – твердая конвертируемая валюта
soft currency – неконвертируемая валюта
invariably – неизменно, постоянно
commodity money – деньги-товар
token money – символические деньги (дензнаки)
inch – дюйм (2,54 см)
to melt down – расплавить
tiny costs – мизерные затраты
legal tender – законное платежное средство
to supplement - пополнить
IOU money – деньги, налоговое обязательство;
IOU – сокр. от I owe you – я вам должен ( форма долговой расписки)
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