Ex 2. Fill in the gaps with the words and expressions from the text. 1. Although started as a private bank, it a Central Bank
1. Although started as a private bank, it …… a Central Bank.
2. By the 19th century, the Bank of England had also …… another function associated with central banking – that is being ……, to which other banks could …… when they were ……
3. During the 19th century the Bank of England …… regulating interest rates.
4. A great …… for country banking came in 1797, when the Bank of England ……, England being ……
5. Joint-stock was the name given to companies which are …… who each …… a certain number of shares in the capital.
6. 1854 saw the entrance of …… to the Clearing House.
7. The pattern of …… continued and by 1936 had emerged as eleven banks, holding a total of over 2 million funds, of which …… 87%.
8. In 1833, an Act of Parliament …… joint-stock banks in London, and …… of cheques …… them.
9. A massive …… had grown out of …… of the past.
10. Like their …… of hundreds years ago, today’s bankers seek …… in every possible aspect.
Ex 3. Find in the text the English equivalents for the following:
исключительное полномочие; обратиться за помощью в случае нужды; считаться очень важным; сохранение международной системы золотого стандарта; иметь противоположный эффект; влиять на денежную массу; развивать параллельно; выпускать банкноты малого достоинства; денежный рынок; избыточный доход; ответственность за долгие компании; борьба за выживание; достичь кульминации; более приспособленный к требованиям; отвечать требованиям; ограничить конкуренцию; функционировать максимально эффективно; обналичить чек; выдвигать новые идеи.
Ex 4. Match each term with the appropriate explanation.
Central bank, discount rate, monetary policy, joint-stock company, cheque, gold standard, the Clearing House, diversification
1. The amount charged for a loan, usually expressed as a percentage of the sum borrowed.
2. A company owned by several people who each possessed a certain number of shares in the capital.
3. The control, by the government, of a country’s currency and its system for lending and borrowing money, especially through the supply of money.
4. A monetary system under which the value of the standard unit of currency is by law equal to a fixed weight of gold.
5. An organization based in London for exchanging bills and cheques and other means of payment and settling balances.
6. A direction in writing to a bank to pay a stated sum of money on demand to a named person or organization, or to his or their order, or to bearer.
7. A financial institution conducts the monetary policy by affecting the country’s money supply.
8. The production and offering of a wide range of products, or the running of a number of completely different activities, in order to reduce the risk of losses when business is bad.
Ex 5. Answer the questions and do the assignments.
1. How was the Bank of England established? What accounted for its growth?
2. How does the Bank of England act as a “banker’s bank” and the “lender of last resort”?
3. Expand on the role of the private goldsmith bankers in the development of the British banking system/
4. What’s joint-stock banking? How was it developing?
5. What was the beginning of branch banking? What was the opening of more branches necessary? What accounted for the improvement of the branch system?
6. Characterize the present day banking system of Great Britain. If necessary, use external sources to supplement your answer.
Ex 6. Find in the text the words and phrases that refer to the following notions and comment on them:
1) a practical monopoly of the note issue
2) to conduct monetary policy
3) the need for monetary services
4) the pattern of amalgamation
5) diversification of banking services
Ex 7. Comment on the statements.
1. “The bank … had long governed its operations in the national interest.”
2. “The industrialist banker could assist his own industry since he did not only provide a local means of payment but accepted deposits. Here we have a parallel with the early goldsmith banking.”
3. A massive branch banking system had grown out of the piecemeal development of the past.
Ex 8. Increase your vocabulary.
A. Study the word combinations with the word “bank”. Use them in thesentences of your own.
affiliate bank/bank branch – филиалбанка
cardissuingbank – банк, выпускающийкредитныекарты
bigbank – крупный банк
country/ruralbank – провинциальный банк
databank – банкданных
leadingbank – ведущийбанк
majorbank – крупный, влиятельный банк
statebank – государственный банк
privatebank – частный банк
bankofgoodstanding – банк с солидной репутацией
torunabank – управлять банком
banking – банковскиеоперации, банковскоедело
Other adjectives: commercial/business, clearing, first-class, investment, international, foreign/overseas.
Verbs: to bank, to pay into, to draw on, to deposit money with.
B. Translate.
1. Это крупный, влиятельный банк, имеющий множество филиалов.
2. Он управлял одним из ведущих банков страны.
3. Мой брат учится в Финансовом университете и собирается заниматься банковским делом.
4. Наша компания имеет тесные связи с иностранными банками.
5. В наше время многие люди предпочитают класть деньги в банк, а не хранить их дома.
6. Эта компания располагает обширным банком данных о клиентах.
7. Мы держим свои деньги в провинциальном банке. Это небольшой частный банк, но он пользуется солидной репутацией.
Writing