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Banking and Monetary System of the Republic of BelarusThe transformation of the centrally-planned economy into a market-type economy required that a finance and credit system be formed in the Republic on the basis of the transition from inherited previous mono-structure of monetary and credit institutions to two-step banking system with a clear division of functions between the central bank and commercial banks. The first of these levels is represented by the National Bank which is the central bank of the Republic of Belarus having large powers. It is independent in its activities and is subordinate to the Parliament only. The second level of the banking system is represented by commercial banks through which the monetary policy of Belarus is implemented. According to the current legislation the commercial banks enjoy a high degree of independence in choosing the main spheres of their activities. As regards their form, the commercial banks may be both state-owned and non-state banks set up by founders (legal and physical persons) on a share or contribution basis. The commercial banks of Belarus have been formed in two ways. The first way was to set up new commercial banks. On the 1st of January 1996, 40 commercial banks were registered in the Republic having universal forms of services. Out of them in 6 banks the control package is owned by founders with the state form of property, 33 banks are non-governmental. Today the share of foreign subjects in the authorized capital of the entire banking system of Belarus does not exceed 10%. At present, in Belarus, there are banks which operate jointly with Russian capital and a bank with the Participation of Swiss and Latvian capitals; a number of subsidiaries and representations of foreign banks have been operated: KommertzBank Germany), Deposit-Credit Bank of Poland, and others. The Republic is a member of the International Monetary Fund, the World Bank, the European Bank for Reconstruction and Development. In February 1993 Belarus set up the Inter-Bank Currency Exchange which is the main instrument of the legal currency market. The trades are performed in four main currencies: US dollar, Euro, Russian ruble and Ukrainian grivna. The National Bank established the official exchange rate of the Belarusian ruble in relation to the US dollar, Euro and the Russian ruble twice a week, on Tuesday and Thursday, on the basis of the auction results. The exchange rates for other currencies are set through computations using the exchange rate of the US dollar at the main currency exchanges of the world. At present the country possesses a large network of offices for the exchange of cash currency. TRANSLATION A.Translate into Russian. The Paris Club The Paris Club is an informal forum where countries experiencing difficulties in paying their debts to governments and private institutions meet with their creditors to restructure these debts. The name might be quite misleading because in reality the Paris Club is not a club, nor is it a formal international organization. It has no offices, no secretariat, and above all, no charter. The Paris Club is an ad hoc institution with no legal status. In part, the Paris Club's confidentiality policy has prevented it from becoming known to a wider public. Creditors refrain from releasing any information pertaining to their assessment of a given debtor's economic and financial situation or to the scope of debt relief granted. The onset of the international debt crisis in the early however, brought public attention to the Paris Club and to its contribution to resolving the balance-of-payment disequilibria experienced by a growing number of developing countries and by some Central and Eastern European countries. B. Translate into English. Коммерческие банки могут быть универсальными или специализированными. Инвестиционные банки специализируются на кредитовании фирм; торговые банки финансируют операции на рынке капитала и внешнеторговую деятельность; сберегательные банки собирают и пускают в оборот сбережения многочисленных, главным образом, мелких вкладчиков. Частные лица и компании открывают банковские счета, по которым проводят различные операции, например, при необходимости снимают наличные деньги либо переводят средства на счета других людей посредством выписывания чеков, прямого дебетования или электронного трансфера. При утрате доверия клиентов к банку все его вкладчики одновременно пытаются изъять из него свои деньги, что приводит к «набегу» на банк. Во избежание подобных ситуаций в большинстве стран существуют государственные органы, которые наблюдают за деятельностью банков. В прошлом Банк Англии устанавливал банковскую ставку – специальную учетную ставку для первоклассных заемщиков. В настоящее время эта ставка отменена. LISTENING
Student Banking Julian Amey gives a talk to first-year international University students in America about the best ways of opening an account with one of the major banks for the period of their studies.
Ex. 1. Think and answer. 1. What kind of account do students usually have? How do they use it? 2. Do students in Belarus have any advantages with banking? What are they? 3. What do students need to open a current account in a bank?
Ex. 2. Make sure that you understand the following words and word- combinations: – a handout; – to be eligible for sth; – to provide evidence; – a certificate of enrolment; – a concession.
Ex. 3.Whilelistening to the text the first time complete the notes. Write no more than three words for each answer. Student Banking
Note: May not be allowed all facilities given to resident students.
Funding Must provide (2)...............................................................I can support myself. Services will depend on personal circumstances and discretion of Bank Manager.
Opening an account Take with me: (3)........................................................... and letter of enrolment. Recommended account: (4) ............................................................................…. Bank supplies: (5) ..........................and cheque card which guarantees cheques.
Other services Cash card: (you can (6) ...........................................................cash at any time.) Switch/Delta cards: (take the money (7) ...........................…….....the account.)
Overdraft Must have (8) ......................................................................................………… Sometimes must pay interest.
Opening times Most banks open until (9) .........................................................during the week. Some open for a limited lime on Saturdays.
Ex. 4. After listening to the text the second time answer the questions. 1. What is the safest way of keeping money according to the speaker? 2. What banks does the speaker recommend students? 3. Are international students eligible to all the facilities offered to resident students? 4. Under what conditions can international students open a current account? 5. What concessions can a bank provide them with? 6. What is the advantage with the card called Switch or Della?
Ex. 5. Act as a student who had been listening to the speaker and share the information with the students who had missed the meeting. Put down some notes of a plan before you speak.
SPEAKING A. The polite formula: If you expect the other person to do what you ask (A), or to know the information (I) that you want, use:
If you are not sure whether the other person will do what you ask (A), or knows the information you want (I), use:
Ex. 1. Act as a customer who visits a bank and asks a series of questions about the bank services. Use different forms of polite requesting information. Model. The account has been credited with the dividend. Can you tell me whether my account has been credited with the dividend? 1) the kinds of current account available; 2) the normal bank charges on overdrawn account; 3) the frequency of sending statements ( How often…); 4) interest rate on deposit account; 5) current level of interest they charge on loans; 6) getting an appointment to discuss the cash flow problem with a loan officer; 7) checking whether the cheque paid in last Monday has been cleared.
Ex. 2. Read the short conversations in a bank. Pay attention to the formula of expressing request. Practice the conversations with your partner. 1. A. I want to change some English money into euro (Belarusian roubles/ dollars; ..). Can you help me? B. Certainly, sir. The exchange rate today is …euros to the pound (Belarusian roubles to the dollar; ..). How much do you want to exchange?
2. A. I’d like to transfer some money to my account in London, please. B. You have an account here, madam? How urgent is it? Would you like us to send it by mail transfer?
3. A. I’d like to know how long it takes for a cheque to clear. I paid the cheque into the account on Friday. B. Unless it’s a local cheque it will take a full five working days to clear. That means we should be able to treat it as paid by this time next week.
Ex. 3. Make a dialogue with your partner. Use these phrases in the conversation.
Dialogue 1
Read the dialogue and do the tasks that follow.
Ex. 1.The dialogue deals with the structure and functions of an American bank. You should keep in mind that there are some differences in American and British terminology. Give the American terms corresponding to the British ones given below.
Ex. 2.Work with your partner. Make up a dialogue using different forms of requesting information and the following questions. Model: – What is discussed in the dialogue? – Could you tell me what is discussed in the dialogue. 1. Who owns the bank? 2. How does a bank start? 3. Who chooses the board? 4. What’s the board’s task? 5. Who hires the employees? 6. What are the bank’s main activities? 7. How are the profits distributed? 8. How are the stockholders kept informed?
Dialogue 2
Read the dialogue and do the tasks that follow. Application for Credit
Ex. 1.Role-play the dialogue.
Ex. 2.Apply to the bank for a loan to support your studies/your trip abroad/renting a flat.
B. Role Play Three different groups of inexperienced young business people in a small town require capital for their businesses. They all apply to the local branch of Megabank. The tree groups of would-be borrowers must develop financial arguments that they think will convince the bankers. The group prepareing the role of the bankers has to think of questions about the viability of the future businesses: will they be successful, and why? Or why might they not be successful? The roles are: 1. A junior manager (and assistants) at the bank, responsible for new local small businesses. To lend or not to lend, that is the question. 2. A group of young people who want to open a small specialist record shop seilling CDs of dance music. 3. A group of young people who want to buy an existing take-away business (the lease on the premises, the kitchens, the delivery scooters, and so on). The business is profitable, and well-known in the town, with loyal customers. The new owners can keep the same telephone number, and either keep or change the name. 4. A group of students who already operate a part-time computing consultancy service, advising small business on what hardware and software to buy, and how to set up a website. They want to borrow money to buy more computers for themselves, on which to try out elaborate new software programs. Your teacher will give you further details about the roles. You have to prepare your questions or arquments in a group, after which one or two members of the groups of borrowers will be chosen to negotiate with the bankers.
C. Discuss the following issues. 1. Whom is an overdraft mostly used by and what are the advantages with it? Can students in your country make use of it? 2. What are the commodities that a bank trades in your country? 3. What changes have there been in personal banking recently? What further changes do you foresee in future? 4. If you possess a large sum of money, what are the pros and cons for the following: – putting it into a stock; – buying a bundle of lottery tickets; – taking it to (local) Las Vegas; – buying gold; – investing in real estate; – buying shares; – putting it in a bank? 5. How would you comment on the saying: “When America sneezes, the whole world catches a cold”? 6. What are the basic financial institutions in your country? 7. How can you get a loan from a bank in your country? 8. What large projects are being financed, or have recently been financed by foreign banks in your country? Find the information to make short reports in the class.
VOCABULARY
account n – счёт current(Br)/checking(Am) ~ –текущий/расчётный счёт deposit(Br)/time(Am) ~ – депозитный/срочный вклад overdrawn ~ счет с отрицательным балансом bankruptcy n – банкротство blue chip n – голубая фишка (акции крупных, пользующихся уважением компаний) bondn – облигация, ценная бумага borrowing n – заем, кредит broke adj – бедный, без гроша to go ~ – разориться cancel v,n – аннулировать, отменять cater v – ориентироваться, обслуживать charge v, n – назначать цену, относить на счет; плата cheque(GB)/check(US) n – счет to clear a ~/syn. to stop a ~ – оплатить счет circulation n – обращение, кругооборот collateral n – обеспечение кредита, залог credit n – кредит, доверие to be in~ syn.to be in the black – быть кредитоспособным, иметь деньги на счету extension of ~ – предоставление кредита currency n – валюта, деньги custody n – опека, попечение in safe ~ – на сохранении deposit v – депонировать, положить на хранение deposit n – вклад, депозит, взнос demand(BrE)/checking(AmE)~ – вклад до востребования savings(Br)/time(Am) ~ – срочный, накопительный вклад depositor n – вкладчик deregulation n – децентрализация insurancen – страхование intermediaryn – посредник lendv – давать взаем, предоставлять кредит loan n – кредит, заем maturityn – срок платежа, погашения merger n – слияние mortgagen – ссуда на покупку жилья, ипотека overdraft n – овердрафт; сумма, выдаваемая банком клиенту сверх остатка на его текущем счёте offsetv – возмещать, компенсировать paid-in-capital –оплаченная часть акционерного капитала pledge v – отдавать залог, закладывать portfolio n – перечень ценных бумаг price n – цена futures ~ – фьючерская цена (цена на покупку или продажу товара с доставкой в будущем) spot ~ цена на наличный товар, «спотовая цена» rate n – ставка, уровень base/discount ~ – учетная процентная ставка центробанка interest ~ – процентная ставка required reserve (ratio) –предписываемые законом резервы reserve requirements –резервные требования quote v – назначать цену, котировать savings n – сбережения, накопления sharen – акция shiftv – перемещать, переводить spread n (syn. margin) – спрэд (разница между предполагаемыми ценами покупки и продажи) short notice –краткосрочное уведомление standing order –постоянное поручение statementn – отчёт, баланс takeover n – поглощение trusteen – попечитель, опекун value n – ценность, стоимость face/nominal ~–номинальная стоимость valuablesn pl – ценности, драгоценности underwritev – гарнтировать размещение, подписывать withdraw v – отзывать обратно, снимать со счета yield n – доход по ценным бумагам с фиксированным процентом
GLOSSARY
· Discount rate– The interest rate a central bank charges on loans of reserves to banks. · Exchange rate– The number of units of one nation’s currency that equals one unit of another nation’s currency. · Federal Reserve System–the twelve central banks in the USA that service banks and other financial institutions within each of the Federal Reserve districts, popularly called the Fed. · Nominal interest rate– the annual percentage amount of money that is earned on a sum loaned or deposited in a bank. · Open market operations– the buying and selling of government securities by a central bank. · Required reserve ratio– the percentage of deposits that a central bank requires a bank to hold in vault cash or on deposit with it. · Required reserves– the minimum balance that a central bank requires a bank to hold in vault cash or on deposit with it. 
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