Unit 6 Banking

1. KEY VOCABULARY (SB: page 56) Learn

The banking sector in the United Kingdom is made up of a variety of institutions supervised by the country’s central bank, The Bank of England (US: The National Reserve). This bank looks after the government’s finance and monetary policy and acts as banker to other banks.

`1 However, for the general public and many businesses, banking services are provided by commercial banks, or clearing banks, which have branches throughout the country. These banks offer a wide range of services, which include accepting deposits, making loans and managing customers’ accounts. Merchant banks, on the other hand, do not deal with the public but specialize in services for companies or corporate customers. They are particularly active in arranging mergers and acquisitions and in advising on aspects of corporate finance.

2. BANKING TERMS. Add the missing translations. Learn for a quiz

•to borrow / to lend money • back office processing

• chequebook • bank statement(выписка о счете)

• credit card • high interest deposit account

• to debit (списать со счета) • traveler’s cheque (аккредитив)

• to credit (положить на счет)

• overdraft –превышение кредита •cash machine or cash point

• business loans • pension planning

• life insurance •international service • overdrafts (превышение кредита)

• balance (состояние счетa) •leasing (сдача в аренду / найм)

•current account • to take a mortgage (ипотечный кредит)

• savings account • online or electronic banking

• references (реквизиты)

• to debit (списать со счета)

3. BUSINESS SKILLS FOCUS: NEGOTIATING (TB: page 27) Learn the skills you may need to become a better negotiator. In what life situations you might need these skills?

1. Self-control is a key quality – you should be careful not to let emotional reactions influence your judgment.

2. Being able to reach a compromise is a crucial ingredient and it is important to understand that you may have to make concessions.

3. Understanding the position of the other side is essential if you are going to reach an agreement.

4. Allowing time for arguments to be developed and not making hasty decisions are two important qualities.

5. Distinguishing what is important from what is not helps to focus on the main issues.

6. Reacting calmly to criticism will help to increase the chances of a successful outcome.

7. Doing the background research before entering a negotiation means that you will be able to anticipate problems that may arise and the positions people will adopt on certain issues.

8. Looking for a solution that can benefit both parties is the key to win negotiations.

9. Being able to deal with stress will enable you to remain composed during a negotiation.

10. Listening carefully to what people have to say is essential in order to understand exactly what they are expecting from you and to seek clarification where necessary.

4. A LETTER OF APOLOGY Read the letter and write a letter of apology on any imaginary situation using the phrases:

Dear Mr.Chase

On behalf of the National Credit Bank, I would like to express our sincere apologies for $60 overdraft charge that was mistakenly debited from your account. We have traced the error and found that it was due to an inaccurate entry in our computer files.

We also apologise for not handling the matter sooner.

Unfortunately Mrs Henry has been off sick and so your message was not passed on.

We have now credited your account with the $60 and, as avalued customer, we would like to invite you to the opening of th Jacson Pollock exhibition which our bank is sponsoring. I am enclosing two tickets.

Yours sinserely

………………

Assistant Branch Manager

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