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Vocabulary
Section IV Banking and Financing The Commercial Banks The banks handling the major part of the domestic banking business in the United Kingdom are limited liability companies which, in the main, are subject to the ordinary law relating to such companies. Some of the main features of the United Kingdom commercial banks are:
United Kingdom members of the British Bankers' Association include 11 London clearing banks, 5 banks in Scotland and 3 in Northern Ireland; they control some 13.000 branches and had total net deposits of over 9.230 million.
of 2 on each cheque, many payments - and even relatively small payments - are made by cheque. The average monthly value of cheques, drafts, bills and bankers effects cleared through the London and Provincial Clearing Houses was 29.889 million; and many cheques do not, for various reasons, pass through clearing houses. In addition, a growing volume of payments is effected through the credit transfer scheme: the average monthly value of the credit clearing through the London Clearing House is 657 million.
8 per cent between cash reserves and total deposits (of which rather more than a half are repayable on demand, the remainder being mainly deposits at interest and subject to notice). The banks make advances to customers partly in the form of overdrafts and partly in the form of loans (with or without collateral security); in either case, the advance is normally for a short term only unless renewed. The ratio of London clearing bank advances to total deposits declined from about 43 per cent in 1938 to about 17 per cent at the end of the war, but gradually climbed back to settle down to a level of 26 to 30 per cent for a number of years from 1951. After the withdrawal in 1958 of official requests to the banks to restrict the level of their advances, the percentage again moved up, and by July 1961, when the banks were again asked to restrain their lending, was over 47 per cent. In May 1965 the ratio of advances to total deposits was 53 · 5 per cent, well above the 1938 level. The analysis shows the relative size of bank advances outstanding in recent years to different sectors of the economy. The increase in the volume has been accompanied by innovations in bank lending practice, including the introduction of schemes for personal loans repayable by fixed monthly instalments over periods up to two years, and facilities for limited service accounts at low cost. Another development was the acquisition by many banks of share capital in hire-purchase finance companies.
right to issue notes; these issues, apart from an amount specified by legislation for each bank, must be fully covered by Bank of England notes and by coin. Britain, 1966 Exercise I. Remember the correct pronounciation of these words: liability [,lai 'biliti] commercial [k 'm : l] cheque [t ek] provincial [pr 'vin l] ratio ['rei io ] Exercise II. Learn the following English terms and their Russian equivalents. Give your own sentences with them. сlearing bank - банк, осуществляющий безналичные денежные операции; to clear a cheque - оплатить чек безналичным путем (провести чек через банковскую систему с одного счета на другой); banker's effects - имущество, собственность банкира; Clearing House - расчетная палата; subject to notice - с условием уведомления; collateral security - ценные бумаги в качестве обеспечения; to settle down - успокоиться (о рынке); установиться (о ценах); limited service accounts - расчеты за некоторые услуги; hire purchase - покупка с оплатой в рассрочку; to issue notes - выпускать банкноты. Exercise III. Read the following verbal phrases and pay attention to the prepositions used after them: to be subject to… to clear through the bank… to effect through transfer scheme... Exercise IV. Look through the text to find English equivalents of the following terms and give the sentences with them: компания с ограниченной ответственностью; проводить вексель или чек через банк; осуществлять платежи по системе перевода кредита; обеспечение имуществом, ценными бумагами; ограничить предоставление займа (кредита); приобретение акционерного капитала; предоставленная ссуда; вклад до востребования; вклад под проценты. Exercise V. Find in the text the sentences that correspond to the statements:
Exercise VI. Translate the following sentences into English:
Exercise VII. Answer the questions about the text:
Exercise VIII. Find in the dictionary definitions of the synonyms with the meaning of a) "гарантия"; б) "взнос", "оплата", "обеспечение": a) guarantee, security, provision, collateral, ensuring; b) fee, contribution, installment, payment, premium. Exercise IX. Read the text and divide it into some meaningful parts, giving the proper title to each of them: Financing of International Trade In the nineteenth century, the rapid growth of British industry, commerce and shipping under the stimulus of the industrial revolution made Britain the market as well as the workshop of the world. It became the site for the chief world market in raw materials, freight, insurance, and precious metals. A sound commercial banking system and a flexible system of central bank control have been built up, while specialized institutions such as discount houses, merchant banks, accepting houses, the stock exchanges, investment trusts and finance corporations have evolved to satisfy particular needs for short-term or long-term finance. The facilities provided by merchant banks and accepting houses, for example, have long been used to finance shipments of goods not only to and from Britain, but also between overseas countries themselves. At the same time, the banks which were already engaged in financing trade naturally developed to become channels for finance for longer-term ventures. British capital invested in overseas countries has assisted their development, increased their output and exports, and provided markets for manufactured goods. A number of specialized institutions have also been established in recent years to assist the provision of financial services for overseas countries. The Foreign Exchange Market The Foreign Exchange Market is subject to United Kingdom exchange control regulations governing the purchase and sale of foreign currencies in the sterling area, but these regulations have been progressively relaxed in recent years. The turnover of the market has increased materially since the introduction in December 1958 of external convertibility for the principal European currencies. The market consists of about 130 authorised banks and nine firms of brokers, all linked together by telephone in the United Kingdom, and by telephone, telex and cable with overseas centres. Britain, 1978 Exercise X. Write a summary of the text with the following phrases:
Exercise XI. Reproduce the main text, using the words given in Exercises II, III, IV. Exercise XII. Practise talking about:
Exercise XIII. Read and learn the following flashes of conversation. Use them in your own dialogues:
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