Say what you know about commercial banks in Russia

Unit twenty one

The Bank of England

Text

After the session on Banking Sector Mr. Hill suggested that in the afternoon the participants should visit the museum of the Bank of England. It was one of the external visits of the Programme.

The museum of the Bank of England is located practically in the building of the Bank, in the City of London. The museum has a lot of exhibits showing the history of the Bank from its foundation in 1694 to its role today as the nation's central bank. Visitors can also see a video on the history of the Bank.

Here is a part of the text of the video:

To understand the role and importance of the Bank better we should learn first how it emerged.

During the seventeenth century banking in England was in the hands of goldsmiths who held deposits, made loans to the mer­chants and the Crown. But even the wealthiest goldsmiths could not carry on a deposit and lending business on the scale the Govern­ment required.

So in sixteen ninety four a joint stock company to raise money for the Government and finance wars was incorporated. It later got to be known under the title "Bank of England".

Although privately owned and financed, the Bank of England de­veloped essentially as a government bank, raising money to finance the needs of the British Government, managing its national debt, printing banknotes and minting coins.

In 1946 the Bank was nationalized and it operates today as the UK's central bank executing monetary policy on behalf of the Government and supervising the markets in one of the world's larg­est and most sophisticated centres.

Besides the Bank has always been a repository of gold...

After seeing the video the participants of the Programme made a round of the museum and asked Mr. Hill a few questions.

Participant: Excuse me, Mr. Hill. May I ask you a question?

Mr. Hill: Why, certainly.

Participant: One day I heard the nickname of the Bank. Old Lady. Such a funny name! Where does it come from?

Mr. Hill: Nobody knows exactly. Different explanations are given. Many of us associate this nickname with an old cartoon. This cartoon shows the Prime Minister asking an old lady sitting on the money-chest marked "Bank of England" for gold coins.

Participant: So, that's it! Very fascinating indeed!

Words and expressions

to suggest	[s@'³est]	предлагать
He suggests that they should visit the museum		Он предложил им посе­тить музей.
afternoon		вторая половина дня (после 1200)
in the afternoon		днем
to be located		находиться, размещаться
the City (of London)		Сити
lot		партия
a lot of...		много
exhibit	[Ig'zIbIt]	экспонат
to show (showed, shown)		показывать
foundation		основание
sixteen ninety four		1694 г.
nation		нация, народ
central		центральный
visitor		посетитель
importance		важность
to emerge	[I'mý³]	появляться, возникать
century		век
the seventeenth century		семнадцатый век
goldsmith		ювелир
to hold (held, held)		держать, сдерживать
to hold deposits		держать депозиты
to make (made, made) loans to somebody		предоставлять кредиты кому-либо
crown		корона
the Crown		английская корона, знак качества
wealth	[welT]	богатство
wealthy		богатый
wealthiest		самый богатый
to carry on		вести, проводить
to carry on business		вести дела
to carry on a deposit business		заниматься депозитами
to carry on «i lending business		заниматься кредитованием
scale		масштаб
on the scale		в масштабе, в объеме
on the scale the Govern­ment		в объеме, установленном правительством
required	[rI'kwaI@d]	требуемый
joint stock company		акционерное общество
to raise money		собирать деньги, изыски­вать средства
war	[wþ]	война
to incorporate	[In'kþp@reIt]	регистрировать
The company was incor­porated in 1694		Компания была основана в 1694 г.
It got to be known-		Это стало известно
title		заголовок
under the title		под заголовком, как
although	[þl'Dou]	хотя
essentially		существенно
to manage		управлять, руководить
debt	[det]	долг
to manage debts		управлять долгами
to print		печатать
banknote		банкнота
to mint coins		чеканить монеты
to execute a policy		проводить политику
on behalf of somebody	[bI'h¸f]	от имени кого-либо
to supervise something/ somebody		руководить чем-либо/кем-либо
large		большой
market		рынок
largest		самый большой
sophisticated	[s@'fIstIkeItId]	изощренный, замыслова­тый
the most sophisticated martket		самый богатый рынок
repository of gold		хранилище золота
to make a round of...		совершать обход по
nickname		прозвище
old		старый
funny		смешной
explanation		объяснение
to associate		ассоциировать
cartoon	[k¸'tün]	карикатура
prime minister		премьер-министр
money-chest		сундук с деньгами
fascinating	['f{sIneItIÎ]	прекрасный, очарователь­ный, зачаровывающий

Exercises

1. Read the following:

• the Bank of England the nation's central bank	• in the City of London one of the external visits
the museum of the Bank	on behalf of the Government
the history of the Bank	the session
the building of the Bank	the programme
	the markets
	the nickname

He suggested that the participants should go to the museum of the Bank.

2. Underline the answers true to the text:

• When did Mr. Hill suggest that the group should visit the museum of the Bank of England?	Before the session on Banking Sector. After the session on Banking Sector Diring the session on Banking Sector
• Was this visit on the Programme?	Yes, it was No, it wasn't It isn't quite clear
• Where is the museum of the Bank of England located?	In the very centre of the Bank of England. Rather far from the Bank of England. Practically in the building of the Bank of England.
• When was the Bank founded?	In 1694. In 1794. In 1894.

• What video can visitors see at the museum of the Bank of England?	On the history of the City. On the history of London. On the history of the Bank.
• What original material does the Unit quote?	The video. The audio recording. The lecture of Mr. Hill.
• What did the participants do then?	They asked the lecturer a few questions. They asked Mr. Hill a few questions. They asked the Group Leader a few questions.

3. Underline the verbs and translate the sentences into Russian:

To understand the role and importance of the Bank better we should learn first how it emerged.

In 1694 a joint stock company to laise money for the Govern­ment and finance wars was incorporated.

This Bank is privately owned and financed.

It raises money to finance the needs of the British Government.

It manages the national debt.

It prints banknotes and mints coins.

In 1946 the Bank was nationalized.

It operates today as the UK's central bank.

It executes monetary policy on behalf of the Government.

It supervises the markets in London.

Besides it has always been a repository of gold.