Н.В. Банина, О.С. Гайсина, Н.Б. Голубева
ENGLISH for the FINANCIAL SECTOR.
SUPPLEMENTARY COURSE
Учебное пособие
к учебнику “English for the Financial Sector”
для студентов 2 и 3 курсов факультета «Налоги и
налогообложение»
Москва 2015
Федеральное государственное образовательное бюджетное учреждение
высшего профессионального образования
«ФИНАНСОВЫЙ УНИВЕРСИТЕТ ПРИ ПРАВИТЕЛЬСТВЕ
РОССИЙСКОЙ ФЕДЕРАЦИИ»
Кафедра «Иностранные языки -3»
Н.В. Банина, О.С. Гайсина, Н.Б. Голубева
АНГЛИЙСКИЙ ЯЗЫК ФИНАНСОВОГО СЕКТОРА
Учебное пособие
к учебнику “English for the Financial Sector”
для студентов 2 и 3 курсов факультета «Налоги и
налогообложение»
Москва 2015
УДК
ББК
Рецензенты:
М.В.Мельничук, д.э.н., к.п.н, профессор, зав. кафедрой «Иностранные языки – 3» Финансового университета
О.П. Чигишева, к.п.н., доцент, доцент кафедры образования и педагогических наук Южного федерального университета, директор Международного исследовательского центра «Научное сотрудничество»
Банина Н.В., Гайсина О.С., Голубева Н.Б.
Английский язык финансового сектора: учебное пособие по английскому языку к учебнику Яна Маккензи “English for the Financial Sector” для студентов 2 и 3 курсов факультета «Налоги и налогообложение». – М.: Финансовый университет, 2015. - 141 с.
Учебное пособие является дополнением к учебнику Яна Маккензи “English for the Financial Sector” и предназначено для изучения английского языка в сфере финансов. Пособие предлагает информативные материалы по специальной тематике учебника, упражнения для развития навыков чтения, говорения и письма, а также темы для мультимедийных презентаций с использованием программы Power Point. Предлагаемое толкование терминов по специальности и глоссарий также могут способствовать формированию у студентов коммуникативных и социально-культурных компетенций.
Для студентов 2 и 3 курсов, обучающихся по направлению «Экономика», профилю «Налоги и налогообложение» (программа подготовки бакалавра).
УДК
ББК
ISBN © Банина Н.В. 2015
ISBN © Гайсина О.С. 2015
© Голубева Н.Б. 2015
Federal State-Funded Educational
Institution of Higher Professional Education
“FINANCIAL UNIVERSITY
INDER THE GOVERNMENT OF THE RUSSIAN FEDERATION”
Foreign Languages Department -3
N.V. Banina, O.S. Gaissina, N.B. Golubeva
ENGLISH for the FINANCIAL SECTOR.
SUPPLEMENTARY COURSE
Manual
for 2nd and 3rd year students
of the faculty of “Taxes and taxation”
Moscow 2015
Reviewers:
M.V.Melnichuk, doctor of economic sciences, candidate of pedagogical sciences, professor, head of the chair “Foreign languages – 3”, Financial University.
O.P. Chigisheva, candidate of pedagogical sciences, associate professor of the chair “Education and pedagogical sciences” of the Southern Federal University, director of the International research center “Scientific cooperation”.
Banina N.V., Gaissina O.S., Golubeva N.B.
English for the Financial Sector. Supplementary Course: manual for 2nd and 3rd year students of the faculty of “Taxes and Taxation”. – M.: Financial University, 2015. – 141 p.
ISBN
ISBN
The manual is a supplementary course to the student’s book “English for the financial sector” by Ian MacKenzie. It offers information in key areas of finance. The manual provides original texts and exercises to help students to improve their reading, writing and speaking skills. A number of topics are offered for the power point presentations. Explanations of specialist vocabulary in the list of useful words and in glossary can also be helpful for the formation of communicative and socio-cultural competence.
For 2nd and 3rd year students studying “Economics”, specialization “Taxes and Taxation” (bachelor-level program).
УДК
ББК
ISBN © Banina N.V.
ISBN © Gaissina O.S.
© Golubeva N.B.
ВВЕДЕНИЕ
Настоящее учебное пособие предназначено для студентов 2 и 3 курсов, обучающихся по направлению «Экономика», профилю «Налоги и Налогообложение». Пособие составлено в соответствии с требованиями Федеральных образовательных стандартов и является дополнением к учебнику Яна Маккензи “English for the Financial Sector”.
Пособие включает 12 тематических разделов, построенных по единому принципу и соответствующих тематике разделов учебника: организация финансовой деятельности, банковское дело, бухгалтерский учёт, финансирование международной торговли, обмен валюты, акционерный капитал, слияния и поглощения, управление активами и др. Материал учебного пособия по каждой из тем структурирован по единому принципу. Для закрепления тем, после каждого специального текста в части А (Section A) даны упражнения для достижения его правильного понимания и обсуждения. В части В (Section B) предлагаются упражнения, имеющие целью закрепление специальной лексики по теме в устной и письменной речи на английском языке, а также грамматические упражнения на лексической основе данной темы.
В приложении к основной части приводится список тем для подготовки мультимедийных презентаций, а также лексика по специальности с переводом на русский язык для студентов 2 курса (Units 1-6) и глоссарий для студентов 3 курса (Units 7-12).
Данное пособие было выполнено членами авторского коллектива Гайсиной О.С. (Units 1-6), Баниной Н.В. (Units 7-9) и Голубевой Н.Б. (Units 10-12).
UNIT I
FINANCIAL SECTOR
Warm up
1. What organizations make up the financial sector?
2. Can you name some of the largest Russian banks?
3. Which of the services the banks typically offer did you personally use?
Section A
Reading 1
Financial Services Industry
National economy of any country is made up of different industries and business sectors. For the most developed countries the industry of financial services, also known as the finance and insurance industry, is one of the leading ones. Companies, providing financial services, are key players on the money, the currency, the stock, and the futures and derivatives markets. They perform a wide range of operations, such as investing, lending, insurance, securities trading and securities issuance. Financial sector includes such organizations as banks, investment funds, insurance companies, brokerage houses, real estate agencies, accounting and auditing firms, involved in the creation, storage, utilization, management, and manipulation of money.
The financial services industry constitutes the largest group of companies in the world in terms of earnings and equity market capitalization. 7% of all employees in the UK belong to the financial services sector. In the USA the proportion of finance industry in all corporate income has been on the rise for many decades. Presently this sector creates 7.5% of the GDP and represents about one fifth of the market capitalization of top 500 American companies. Finance industry in the United States comprises over half of total non-farm business profits.
However this industry is not the largest one in terms of revenue or the number of employees. Individuals often start small businesses that offer personal investment services. The industry is also slow growing and extremely fragmented. Numerous smaller banks and investment companies thrive in it side by side with major Wall Street firms, such as Merrill Lynch, Goldman Sachs and Citigroup.
Discussion
Answer the following questions:
1. Can you name a few markets dominated by financial services companies?
2. What is the share of the group of financial services companies in equity market?
3. What kind of operations do financial services companies perform?
4. Name a few organizations belonging to the financial sector involved in the storage, utilization and management of money.
Reading 2
Types of Banks
There are different types of banking institutions operating in different countries. However, all of them have common features, and the most important of them is making profits by attracting deposits and using the collected money to extend credits at higher interest rates. The bankers consider deposits to be their liabilities and loans are viewed as assets.
Banking organizations can be structured into the following categories:
Commercial or retail banks. Such banks mainly keep checking accounts of their clients, issue credit and debit cards, sell insurance and other financial products, deal in foreign exchange, offer consulting services on tax and investments and provide other basic banking services.
Investment or merchant banks. Their activities are focused on making profits by helping businesses and other organizations to seek relatively long-term funds and issue shares and bonds. They give advice on mergers and acquisitions, participate in management buy-outs.
Savings banks. Resembling retail banks in the offered services, they cater to the needs of small savers.
Building societies. Their aim is to take deposits and extend long-term loans (mortgages) to homebuyers. These societies offer mortgages and demand-deposit accounts and are often backed by insurance companies. The owners of such organizations are their members.
Universal banks. This category represents a banking system in which banks offer a wide variety of financial services, both commercial and investment. The services may include credit, loans, deposits, asset management, investment advisory services, payment processing, securities transactions, underwriting and financial analysis.
Discussion
Answer the following questions:
1. What banks are most suitable for the needs of retail clients?
2. How do commercial banks typically make money?
3. What are the functions of building societies?
4. What services do universal banks provide?
5. What kind of banks work with small savers?
Reading 3
Commercial Banks
Commercial banks are the most common financial institutions, usually called ‘banks’. Typically they handle the banking needs of large and small businesses. However, they can function as retail banks as well, working directly with individual customers. Banks that focus purely on retail clientele are relatively few, and most retail banking is conducted by separate divisions of large and small banks. The term commercial is meant to distinguish such banks from investment ones. But in fact, nowadays many large investment banks establish special divisions that offer the services of commercial or retail banks.
A commercial bank or the commercial division of a bank accepts deposits from customers, raises capital from investors or lenders, and then uses that money to make interest-bearing loans to other customers and offer attractive investment products. Banking loans (such as personal loans, commercial loans, and mortgage loans) are used by people and businesses to buy goods or expand business operations, which in turn leads to more deposited funds that make their way to banks. Efficient allocation of accumulated capital makes the bank more profitable and increases the price of its shares. If a bank can lend money at a higher interest rate than it has to pay for the collected funds, it makes money.
Commercial banks typically provide security and convenience to their customers by offering safe keeping for their money and documents not only in vaults and safe deposit boxes, but also in cash deposits in checking and savings accounts.
As payment agents, banks make commercial transactions much more convenient; it is not necessary to carry around large amounts of physical currency when merchants can accept checks, drafts, debit or credit cards and Letters of credit issued by the banks. Processing payments with the use of such instruments, banks actually underwrite financial transactions by lending their reputation and credibility to the transaction. A check is basically just a promissory note between two people, and without a bank's name and information on that note, no merchant would accept it. The use of debit cards allows account holders to pay for goods without cash at hand and to arrange wire transfers.
Retail banking likewise is the business of taking deposits, making consumer loans, mortgages and the like, offering different banking products. Customer deposits gathered by retail banking represent an extremely important source of funding for most banks. Retail banking is the banking that almost everybody will find most familiar. Also known as consumer banking or personal banking, retail banking is the visible face of banking to the general public, with bank branches located in abundance in most major cities.
Discussion
Answer the following questions:
1. What kind of banks do small businesses mostly rely on?
2. Why is retail banking an important part in the scope of operations of most banks?
3. Why are the banks interested in extending commercial loans?
4. What do you think must a bank do to be able to increase payments for collected funds?
5. What should commercial banks do to have the price of their shares go up?
6. What are the alternatives of physical currency offered by banks?
7. What are the most popular ways of safe keeping of clients’ money in banks?
8. What are the uses of debit cards?
Section B
Exercise 1.
a) Translate into Russian the following sentences:
1)After the great depression the U.S. Congress required that commercial banks only engage in banking activities, whereas investment banks were limited to capital market activities. This separation was mostly repealed only in the 1990s.
2)Commercial banks often function as retail banks as well, serving individual members of the public along with businesses.
3)A commercial bank can also refer to a bank or a division of a bank that mostly deals with deposits and loans from corporations or large businesses.
4) A commercial bank accepts various types of deposits, payable after a certain time period, such as current account deposits, saving account deposits, fixed deposits.
5) For a client with a variety of financial needs, doing business with a single diversified firm is highly convenient, because this reduces the imperative to shop around for services from different providers and makes unnecessary to have too many accounts and complicated record keeping.
b) Make sure you have learned these expressions in English:
1) участвовать в банковской деятельности
2) также выполнять функции розничных банков
3) заниматься депозитами и займами
4) принимать текущие депозиты, сберегательные и срочные депозиты
5) искать услуги у различных провайдеров