Syn. to open a letter of credit

terms of a letter of credit – условия аккредитива

to pay off smb – рассчитаться с кем-либо

to pay off bonds – погасить облигации

COMPREHENSION CHECK

I. Give English equivalents to the following:

Центральный банк, международный банк, учетная ставка, государственный банк, резервные требования, операции на открытом рынке, долгосрочное финансирование, краткосрочное финансирование, обязательный резерв, проценты, процентная ставка, банковская ссуда, денежная наличность, кассовый резерв, страховая компания, доверительный сберегательный банк, открыть депозит, срочный вклад, бессрочный вклад, эмиссионный банк, брокерские операции с недвижимостью, трастовое управление, депозит до востребования, операции банков с крупными промышленными предприятиями.

II. Read and translate the definitions of the basic banking terms:

1. Central bank — a bank for banks. America’s central bank is the Federal Reserve System.

2. National banks — commercial banks that are chartered by the federal government.

3. State banks — commercial banks that are chartered by state governments.

4. Discount rate — the interest rate charged to banks for borrowing from the Federal Reserve System.

5. Reserve requirements — the portion of demand deposits that banks must keep as cash in the vault or as deposits with a Federal reserve bank.

6. Open market operations — the purchase and sales of the U. S. government securities by the Federal Reserve banks intended to change the economy’s supply and demand.

7. The required reserve (legal reserve) — the specified minimum percentage of its deposit liabilities which member bank must keep on deposit at the Federal Reserve bank in its district or in vault cash.

8. The required reserve ratio — the proportion of deposits that a depository institution must hold in the form of reserves.

9. Excess reserves — the amount by which a member bank’s actual reserve exceeds its required reserve; actual reserve minus required reserve.

10. Credit — immediate purchasing power that is exchanged for a promise to repay it, with or without interest, at a later date.

11. Creditor — a person or organization to whom money is owed.

12. Interest — payment for using someone else’s money (from the debtor’s perspectives); income derived from allowing someone else to use one’s capital (from the creditor’s perspective).

13. Interest rate (interest) — the price of borrowing money or the price received for lending money, expressed as a percentage.

14. Simple interest — a fixed rate on a stated sum; the same amount is paid or accumulated each year irrespective of the amount borrowed.

15. Compound interest — the interest that is calculated each year on capital plus interest already accumulated.

16. Bank loan — a fixed amount lent by a bank to a customer for an agreed time and on specified terms.

17. Short-term financing — money that will be used for a period of one year or less and then repaid.

18. Long-term financing — money that will be used for longer than one year.

19. Vault cash — the currency a bank has in its safes (vault) and cash drawers.

III. Choose the necessary word and put it in the sentence:

competition, services, raise, a price, payments, large-scale, retail,

smaller-scale

1. New ... are constantly being introduced and developed by commercial banks.

2. Development banks exist to increase the economic growth of a country and ... the living standard of population.

3. The aim of commercial banks is to provide and develop services that can be sold at ... that will yield a profit.

4. Many banks offer a combination of wholesale and ... banking.

5. The wholesale banking provides ... ... services to companies and other banks.

6. The retail banking provides ... ... services to the general public.

7. Deposits ... and credits are the basis of the services offered by banks.

8. The increased ... between the banks contributes to the development of international business.

IV. Translate into English:

1. Различают два вида государственных банков: центральные банки и государственные коммерческие банки.

2. По страновой принадлежности банки делятся на отечественные, иностранные и совместные.

3. По степени независимости можно выделить самостоятельные и дочерние банки.

4. В зависимости от масштабов деятельности – крупные, средние и мелкие банки. Показателем для определения масштабов деятельности банка является его уставный капитал.

5. По характеру экономической деятельности — эмиссионные, коммерческие, специализированные банковские учреждения.

6. По срокам выдаваемых кредитов — банки краткосрочного и долгосрочного кредита.

· Банки долгосрочного кредитования выдают кредиты на срок свыше 5 лет.

· Банки краткосрочного кредита выдают кредиты на срок до 3 лет.

8. По хозяйственному признаку (в зависимости от отрасли, которую банки обслуживают в первую очередь):

· промышленные банки (обслуживают промышленность),

· торговые банки (обслуживают торговлю),

· сельскохозяйственные банки (обслуживают сельское хозяйство).

9. B действительности в чистых формах перечисленные виды банков не существуют, каждый банк характеризуется своими отличительными чертами.

10. Центральные банки многих стран являются государственными, их капитал принадлежит государству, что позволяет осуществлять свою политику и операции в соответствии с требованиями экономики, а не с целью получения прибыли.

11. Центральный банк выполняет функции главного регулирующего органа платежной системы страны.

12. Эмиссионный банк — это банк, осуществляющий выпуск денежных знаков, банкнот, являющийся центром и регулятором банковской системы. В настоящее время в роли эмиссионного банка выступает центральный банк страны.

13. Коммерческие банки осуществляют кредитно-расчетное обслуживание промышленных, торговых и других предприятий и организаций, а также населения.

14. Специализированные банковские учреждения (ипотечные, инвестиционные, сберегательные, отраслевые и прочие банки) могут заниматься кредитованием какого-либо определенного вида деятельности, например внешнеэкономической.

V. Answer some questions:

1. What does a bank organization and operation depend on?

2. What types of banks do you know?

3. Do central banks provide a country with a number of services?

4. What is the aim of development banks?

5. What is the aim of commercial banks?

6. What does the full-service philosophy of many banks mean?

7. How can you explain the difference between wholesale and retail banking?

8. What three essential functions have both types of banking?

9. Why are these functions very important for bank operation?

10. What factors make banking an international business?

11. How have the major banks of the world established extensive international operations?

Литература

Основная: 1, 2, 5, 6.

Дополнительная: 1, 2, 3, 4, 11.

TOPIC 11.

INTERNATIONAL BANKING AND INTERNATIONAL ECONOMIC INSTITUTIONS

WORLD BANK

Large banks today are truly transnational enterprises. International banks, like domestic banks, act as financial intermediaries. But they operate in different legal environment. The laws regulating domestic banking in each nation are typically very restrictive, yet many nations allow international banking to operate largely unregulated. Because they are not hampered by regulations, international banks typically can offer depositors and borrowers better terms than could be negotiated at a domestic bank.

The World Bank is the world’s foremost intergovernmental organization concerned with the external financing of the economic growth of developing countries. The official title of the institution is the International Bank for Reconstruction and Development (IBRD).

The World Bank's activities are focused on developing countries, in fields such as human development (e.g. education, health), agriculture and rural development (e.g. irrigation, rural services), environmental protection (e.g. pollution reduction, establishing and enforcing regulations), infrastructure (e.g. roads, urban regeneration, electricity), and governance (e.g. anti-corruption, legal institutions development).

The World Bank often relies on the IMF to encourage countries to make difficult economic reforms.

Voting power in the Bank (as well as in the IMF) is determined by the size of each member nation’s subscription. Ultimate power, through weighted voting, rests with the Board of Governors of the Bank. The governors meet annually in September. The day-to-day affairs of the Bank are determined by executive directors who live permanently in Washington, D.C. They hire a president, who, in turn, hires a staff.

The World Bank Group is a group of five international organizations responsible for providing finance and advice to countries for the purposes of economic development and poverty reduction, and for encouraging and safeguarding international investment. The group and its affiliates have their headquarters in Washington, D.C., with local offices in 124 member countries.

The World Bank Group consists of

• the International Bank for Reconstruction and Development (IBRD), established in 1945,

• the International Finance Corporation (IFC), established in 1956,

• the International Development Association (IDA), established in 1960,

• the Multilateral Investment Guarantee Agency (MIGA), established in 1988 and

• the International Centre for Settlement of Investment Disputes (ICSID), established in 1966.

The World Bank Group has had a significant positive effect on the flow of capital to the poorer countries of the world, both directly and indirectly, and knowledge of Third World problems has increased enormously.

COMPREHENSION CHECK

I. Give English equivalents to the following:

Предоставления долгосрочных займов и кредитов, ресурсы банка, акционерный капитал, размещение облигационных займов, управлять денежными ресур­сами, работать с правительственны­ми облигациями, специализироваться на кредитовании производства, предоставлять консультативные услуги при разработке программ развития с целевыми инвестициями, структурная перестройка и модернизация предприятий.

II. Read the words and guess their meanings:

financial intermediaries, domestic banking, international banking, to offer depositors and borrowers better terms, foremost intergovernmental organization, developing countries, reasonably satisfied, the prospects for repayment, short-term financing, long-term financing, agriculture and rural development, environmental protection, to provide loans at preferential rates, additional votes which depend on financial contributions to the organization, the living standards of people in the developing world.

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