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Lesson 1
Task 1. The word “BANK” has a wide range of meanings.
Task 2. a) The words below frequently occur in front of “BANK”.
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b) Which of the above word combinations mean:
1. Вал ґрунту; 2. відмілина; 3. земляний насип; 4. кучугура снігу; 5. “банк пляшок” (контейнер для використаних пляшок, скляних банок; зазвичай встановлюється місцевими органами влади на автостоянках; скло йде на виробництво нових пляшок); 6. протилежний берег; 7. свій (рідний) берег; 8. банк даних?
c) Translate into Ukrainian paying special attention to the words in italics.
1. Many generations of the Dutch worked hard to create earth banks which made it possible for them to cultivate soil in the lowlands (the Netherlands).
2. It is very important to separate your glass into the three colours and place them into the correct color-coded bottle bank.
3. River navigation is always complicated by treacherous sand banks.
4. After a long journey he was happy to set foot on the home bank.
5. Nothing troubled me at my parting from the home bank.
6. These soil banks are the remains of the ancient fortress.
7. The traffic was blocked by huge snow banks.
8. The library has an impressive data bank.
9. A man was fishing on the far bank.
10. Great snow banks lined the roads.
Task 3. Read the following example sentences and make up similar sentences of your own.
1. You can’t put it in the bank. – Це ні до чого; від цього немає ніякого толку; “спасибі” в кишеню не покладеш.
2. I have always banked with the Royal Bank. – Я завжди тримав свої гроші в Королівському банку.
3. I’d like to come with you but that’s not a promise; don’t bank on it. – Я із задоволенням пішов би з тобою, але я нічого не обіцяю.
4. Don’t bank on going abroad this summer; we may not have enough money. – Не розраховуй на поїздку закордон наступним літом, у нас може не бути на це грошей.
5. Within the banks of his remembrance he has always been homesick. – Наскільки він міг згадати, він завжди погано переносив розлучення з домівкою.
6. Every spring we have to bank up the river to prevent flooding. – Кожної весни нам доводиться насипати вали вздовж річки, щоб нас не затопило.
7. The wind had banked the snow up against the wall. – Від сильного вітру біля стіни виросла велика кучугура снігу.
8. The morning began fine, but now clouds are banking up. – Ранок був чудовий, але зараз небо затягується хмарами.
9. He gave me down the banks for no coming and telling him. – Він висварив мене за те, що я не прийшов і не розповів йому про це.
10. Yesterday he broke the bank, so today he is in money again. – Учора він зірвав куш (банк), отож сьогодні він знову з грішми.
Task 4. a) Read the notes revealing the meaning of a “BANK HOLIDAY”.
1. банківський вихідний (будь-яке державне свято, під час якого банки не працюють), офіційний вихідний день (окрім неділь, в англійських закладах є ще вісім вихідних днів на рік: Різдво, Новий рік, Велика (страсна) п’ятниця, перший понеділок після Великодня, останній понеділок травня або перший понеділок червня, останній понеділок серпня або перший понеділок вересня, День різдвяних подарунків (Boxing Day) і з 1978 р. – Перше травня; у ці дні банківські працівники відпочивають);
2. банківські канікули (вихідні);
3. банківські канікули (період, упродовж якого банківські операції призупинено за рішенням державних органів; найбільш відомі банків-ські канікули – період мораторію на банківські операції з 6 по 9 березня 1933 року, коли за наказом президента Ф.Д. Рузвельта всі банки США були закриті з метою визначення їхньої платоспроможності в умовах Великої депресії).
b) Answer the questions.
1. What is a bank holiday?
2. How many bank holidays are there in Great Britain?
3. What are they?
4. Is Christmas a bank holiday?
5. Does Boxing Day have anything to do with Christmas?
6. What are the most famous bank holidays in the USA?
7. What was the purpose of arranging bank holidays of the 6th–9th of March 1933 in the United States?
8. What period in history is known as the Great Depression?
9. Can the economic and financial crisis of 2008-2009 be called the Great Depression? Why?
10. Most bank holidays fall to Mondays, don’t they?
11. In the USA bank holidays are also known as national holidays. What equivalent of the term is used in Ukraine?
12. What public holidays are celebrated in this country?
13. Is Good Friday a day off in Ukraine?
14. Since what time has the 1st of May been celebrated in the UK as a bank holiday?
15. What about Ukraine?
Task 5. a) Match the terms in column A with their definitions in column B:
| A | B |
| 1. ethical banks 2. Islamic banks 3. savings banks 4. offshore banks 5. bankers’ banks 6. high-street banks 7. commercial banks 8. postal savings banks | a)the term that denotes main banks used by ordinary people; b)the term used for normal banks to distinguish them from investment banks; (modern usage) banks or divisions of a bank that mostly deal with deposits and loans from corporations or large businesses; c)savings bank associated with national postal systems; d)banks located in jurisdictions with low taxation and regulation. Many of such banks are essentially private banks; e)banks that take their roots in Europe in the 18th – 19th centuries. Their original objectives were to provide easily accessible savings products to all strata of the population. Nowadays, they focus on retail banking: payments, savings products, credits and insurances for individuals or small and medium-sized enterprises; f)banks that prioritize the transparency of all operations and make only what they consider to be socially-responsible investments; g)banks the activities of which revolve around several well established concepts that are based on Islamic canons. Since the concept of interest is forbidden in Islam, all banking activities must avoid interest. Instead of interest, the bank earns profit (mark-up) and fees on financing facilities that it extends to the customers; h)financial institutions that provide financial services to community banks in the USA. Such banks are owned by investor banks and may provide services only to community banks. They are able to provide many services to community banks that typically would be economically available only to large national or multinational banks. |
b) Translate into English.
1. Комерційний (торговельний) банк; 2. банк банків (назва, що застосовується до Англійського банку, федеральних резервних банків і великих банків США, які проводять операції з дрібними банками); 3. ісламські банки; 4. офшорні банки; 5. поштово-ощадні банки; 6. ощадні банки / каси; 7. роздрібні банки (орієнтовані на роботу з населенням, а не організаціями); 8. банки соціальної відповідальності.
Task 6. Answer the questions about the above mentioned types of banks.
1. Which of the above banks are ruled by religious principles in their activities?
2. For which type of banks is social responsibility the corner stone of business activities?
3. Which banks mostly deal with deposits and loans from corporations or large businesses?
4. What makes services of high-street banks available for the general public?
5. What advantages do offshore banks provide to customers?
6. Who are the customers of bankers’ banks?
7. Which banks were originally directed at providing easily accessible savings products to all strata of the population?
8. Which type of banks use in their activities the national postal system?
Task 7. Think and answer.
1. Can religious / ethical principles place limits on profit-seeking activities of banks? Explain.
2. Can banking activities fall under the categories of retailing and wholesaling?
3. Are bankers’ banks charged with the function of supervising smaller banks?
4. Can all types of banks get access to the national postal system? Is it only the prerogative of postal savings banks?
5. Why are many people suspicious of offshore banks’ activities?
6. Are there high-street banks in Ukraine?
7. Who do you bank with?
8. Have you ever banked with a savings bank?
9. What type of banks would you like to open an account with? Why?
Task 8. Study the following word-formation pattern.
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Task 9. a) Match the terms in column A with their definitions in column B:
| A | B |
| 1. banker 2. banking 3. bankroll 4. bankable 5. banknote 6. bankrupt 7. bankruptcy | a) (especially in AmE) a supply of money for a particular purpose; b)a person who owns a bank or who has an important job in a bank; an organization that lends money or provides the services of a bank; c)a piece of paper money; d)likely to make money for somebody / something; accepted to a bank. When used about an actor or performer it denotes that they are very popular, and therefore likely to make a film or show a financial success; e)the state of being bankrupt; (formal) a complete lack of good qualities; f)the work done by banks and other financial institutions; the activity of using the services that a bank offers (e.g. paying money into or taking money out of a bank account); g)without enough money to pay what you owe, especially when this has been officially decided by a court; not having something that has value; |
b) Translate into Ukrainian paying special attention to the words in italics.
1. This is a bankrupt ideology.
2. Where do you do your banking?
3. You can now do your banking online.
4. The recession led to a flood of bankruptcies.
5. There is another bankrupt software company.
6. The company’s name is its most bankable asset.
7. About 20% of our customers use Internet banking.
8. We were given a bankroll of £1,000 to start the project.
9. There could be further bankruptcies among small banks.
10. The bank is looking at ways of retraining its senior bankers.
11. The company’s bankers are aiming to sell the studio for $7 bn.
12. You may find it difficult to get to a bank during banking hours.
13. Years of mismanagement had left the region virtually bankrupt.
14. The company has used some of its bankroll to bring in talented designers.
15. The quality of the paper, watermarks and intricate engravings make banknotes extremely difficult to counterfeit.
Task 10. a) Make up word combinations with “BANKRUPT” and “BANKRUPTCY”.
| to go | |
| to face | BANKRUPT |
| to file for | |
| to declare | |
| to be declared | BANKRUPTCY |
| to declare yourself |
b) Translate into English.
1. Постати перед банкрутством / зазнати банкрутства.
2. Бути визнаним (названим) банкрутом.
3. Збанкрутувати. Припинити платежі.
4. Заявляти про неплатоспроможність.
5. Оголосити про банкрутство.
6. Оголосити себе банкрутом.
Task 11. Translate into Ukrainian paying attention to the words in italics.
1. They would face bankruptcy if they had to repay the loan. 2. The company filed for bankruptcy (= asked to be officially bankrupt) earlier this year. 3. Her husband went bankrupt two years ago. 4. The company was declared bankrupt in the High Court. 5. Many of the companies that they had invested in went bankrupt. 6. He declared himself bankrupt in 2008. 7. Many small farmers are facing bankruptcy. 8. The company declared bankruptcy in 2009.
Task 12. a) Study the following words.
| Technical words · To be / go insolvent (= to be unable to pay debts) – збанкрутувати; стати неплатоспроможним; · to liquidate / wind up a company (= to sell its assets, pay its debts, etc.) – ліквідувати компанію; · a company is put / goes into liquidation – ліквідується; Neutral words · to be / go bankrupt – збанкрутувати; припинити платежі; · to go out of business – припинити свою діяльність; збанкрутувати; Informal / idiomatic words · togo broke – збанкрутувати; розоритися; · togo under – зазнати банкрутства; збанкрутувати; розоритися; · togo bust– розоритися, прогоріти; “вилетіти в трубу”; · togo belly up – збанкрутувати; “випустити дух”; · togo to the wall – збанкрутувати, розоритися, прогоріти; “вилетіти в трубу”; зазнати невдачі, фіаско, провалитися; бути змушеним поступитися місцем, зійти зі сцени. |
b) Think and answer.
1. Do many companies go out of business these days?
2. Why do many businesses go to the wall?
3. Who has the right to wind up a company?
4. Can banks as “great money machines” go insolvent?
5. What can make a bank go bust?
6. Who undertakes the debts of a bank that goes belly up?
7. Who secures the rights of depositors of banks which go into liquidation?
8. Can the Central Bank go broke?
9. Are families likely to go under because of money mismanagement?
10. Can a country go bankrupt?
Task 13. a) The words below frequently occur after “BANK”.
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b) Which of the above word combinations means:
1. A person who works in a bank, receiving and paying out money, helping customers, keeping records of accounts;
2. the sending of money from one account in one bank to an account in any branch of the same bank or another;
3. an arrangement with a bank that allows you to keep your money there and to pay money in and take money out;
4. a small plastic card that you use for making payments or for getting money from the bank;
5. the amount that a customer pays their bank for the service it provides;
6. money that a company, an organization, etc. owes to a bank;
7. the amount of money that you have in your bank account;
8. an amount of money that you leave (deposit) in a bank?
Task 14. Translate into Ukrainian paying attention to the words in italics.
1. You can open a bank account with as little as €100. 2. Do we have enough funds in our bank account? 3. We’ll pay the money directly into your bank account. 4. They’re encouraging children to open bank accounts. 5. There are no bank charges if your account stays in credit. 6. Banks sometimes do not incur bank charges. 7. The airline is aiming to pay off its $100 million bank debt within six months. 8. Bank deposits rose to €135 billion. 9. When the bank clerk showed up in an expensive new car, tongues wagged. 10. Bank cards greatly facilitate payments. 11. He spends without regard to his bank balance. 12. You should allow five to seven working days for a bank transfer to be made. 13. Payment may be made by bank transfer to the following account. 14. We accept cheques supported by a bank card for payments over £50. 15. My bank balance is always low at the end of the month.
Task 15. a) Read and translate the passage.
Bank Staff
Most people keep their money in bank accounts as it is dangerous to carry around a sack of money to pay bills. A bank can have the accounts of thousands of people in it! This means that a bank needs to have lots of workers doing many different kinds of jobs.
Greeters help to welcome the customers. They should stand near the entrance and welcome customers as they enter and exit the bank. This could be by shaking hands or by saying hello. They should always make the customers feel welcome and happy to be in the bank. Striking up a conversation with waiting customers is another way to make the customers feel comfortable.
Bank “tellers” are the people who help customers with their bank accounts. Customers come to tellers and tell them that they want to open an account, deposit or withdraw money.
Whenever customers put money in their account, they make out a deposit slip, a form stating their account number and the amount they are putting into the bank. Customers give their money and deposit slip to a teller, who notes the amount.
When the customer gives the teller his or her money, the teller must count it and check to see that the amount of money is the same as the amount the customer wrote down on the deposit slip. When customers need to take out money, they make out a withdrawal slip and give it to the teller.
Security guards help to protect the money in the bank. Some of the guards will bring money to the vault; others will keep the vault safe. Each time a teller takes a deposit from a customer, a guard should bring the deposit box to the vault. At least two guards should be watching the vault at all times.
Custodians help to keep the bank clean. They should have access to the entire bank area, as they are responsible for the cleanliness of the bank. They can empty trash cans, vacuum the carpets, scoop snow off of the sidewalks, etc.
Banks are very important in our society and that means bank workers are important too.
Vocabulary notes:
1. greeter [gri:tə] / [gri:tər] – людина, яка на вході вітає клієнтів банку, відвідувачів ресторанів, готелів, казино;
2. to deposit (money) [dı`pOzıt] – покласти в банк, депонувати;
3. to withdraw (money) [wıð`drO:] – знімати, забирати (гроші з банківського рахунку);
4. teller – касир у банку; банківський службовець;
5. to make out – складати (документ); виписувати (чек);
6. deposit slip – бланк, який заповнюють при внесенні суми на поточний рахунок;
7. withdrawal slip [wıð`drO: ə l] – витратний ордер;
8. vault [vO:lt] – приміщення для збереження цінностей; сховище; сейф;
9. deposit box – сейф для зберігання цінностей у банку;
10. custodian [kA`stəudiən] – амер. двірник, прибиральник; сторож, охоронець;
b) Answer the questions.
1. Where do most people keep their money?
2. Why is it convenient to keep money in a bank account?
3. When did you go to a bank last? Who greeted you at the entrance of the bank?
4. Is it security guards who greet people as they enter and exit the bank?
5. What are the main tasks of greeters?
6. What requirements should greeters meet to perform their tasks efficiently?
7. Could you work as a greeter? Why?
8. What functions do bank tellers perform?
9. What do customers make out when they want to open an account?
10. When do customers make out withdrawal slips?
11. What should a guard bring each time a teller takes a deposit from a customer?
12. How many security guards should be watching the vault at all times? Why?
13. Who is responsible for the cleanliness of the bank?
14. Why should custodians have access to the entire bank area?
15. Who else do banks employ apart from greeters, tellers, security guards and custodians?
Task 16. Translate into English.
1. Відкрити рахунок у банку – це зручно. 2. Щоб перевірити баланс рахунку не потрібно звертатися до касира в банку: для цього є банківська картка. 3. Банківські комісійні платежі за банківські перекази останнім часом істотно зросли. 4. Існують різні категорії банківських службовців. 5. Банківські клерки, що вітають клієнтів на порозі банку, мають створювати в них відчуття комфорту. 5. Банківські касири повинні ретельно перевіряти бланки, які клієнти заповнюють при внесенні суми на поточний рахунок. 6. Клієнт заповнює витратний ордер, коли знімає гроші з рахунку. 7. Сховище у банку має охороняти принаймні два охоронці. 8. Охоронці особисто слідкують за тим, як гроші клієнта попадають у сейф для зберігання цінностей у банку. 9. Прибиральники повинні мати доступ до всіх приміщень банку. 10. Робота банківських клерків надзвичайно важлива.
Lesson 2
Task 1. Practice reading the following words.
| 1. to accept [ək`sept] 2. agency [`eıGəntsi] 3. to allow[ə`lau] 4. to alter [`O:ltə] 5. ancient[`eınt∫ ə nt] 6. association[əֽsəusi`eı∫ən] 7. commercial[kə`mə:∫əl] 8. competitive[kəm`petətıv] 9. corporate[`kO:p ə rət] 10. crisis[`kraısıs] 11. dealt[delt] 12. demand[dı`mα:nd] / [dı`mænd] 13. deposit[dı`pOzıt] / [dı`pα:zət] 14. to derive [dı`raıv] 15. differential [ֽdıfə`rent∫əl] 16. entity [`entəti] 17. financial [faı`nænt∫əl] 18. Florentine[`flOr ə ntaın] / [`flO:r ə nti:n] 19. Genoa[`Genəuə] 20. historically[hı`stOrıkəli] / [hı`stO:rıkəli] 21. impact n [`ımpækt] 22. income [`ınkAm] 23. indispensable[ֽındı`spentsəbəl] 24. insurance[ın`∫uər ə nts] 25. inventory[`ınv ə nt ə ri] / [`ınv ə ntO:ri] 26. jar [`Gα:] | 27. liquidity[lı`kwıdəti] 28. mutual[`mju:t∫u ə l] 29. occasional [ə`keıჳən ə l] 30. to owe [əu] 31. piggy[`pıgi] 32. private[`praıvət] 33. politics[`pOlətıks] 34. quasi-regulatory[`kweızaıֽregju`leıt ə ri] / [`kweızaı`regjələtO:ri] 35. to refer[rı`fə:] 36. the Renaissance[rı`neısənts] / [ֽrenə`sα:nts] 37. resort[rı`zO:t] / [rı`zO:rt] 38. retail[`ri:teıəl] 39. spread [spred] 40. to supervise [`su:pəvaız] a. susceptible[sə`septəbəl] 41. systemic[sı`sti:mık] 42. tablecloth[`teıbəlklOθ] 43. technically[`teknıkəli] 44. tougher[`tAfə] / [`tAfər] 45. thrift[ֽθrıft] 46. trace [treıs] 47. to transfer[trænts`fə:] 48. wealth[welθ] 49. withdrawal [wıθ`drO: ə l] 50. worth[wə:θ] |
Task 2. Read the text.
What is a Bank?
Banks are very important. Just like a piggy bank or penny jar, banks are places where we can save our money, keep track of how much we have, and keep it safe.
Banks have influenced economies and politics for centuries. Traces of banking activity can be found even in ancient times. Nowadays a bank account is considered indispensable by most businesses, individuals and governments.
The term bank derives from the Italian word banco – “desk / bench”, used during the Renaissance by Florentine bankers, who made their transactions above a desk covered by a green tablecloth. When a banker was broke his bench that is his “banco” was broken by the angry people. So the English word “bankrupt” consisting of “bank” (i.e. “banco”) and “rupt(ure)”, meaning “the act of breaking”, actually reflects the procedure of “breaking the bench of a banker who failed.”
The first modern bank was founded in Italy in Genoa [`Genəuə] in 1406; its name was Bank of St. George (Banco di San Giorgio). In the 21st century thousands of banks make up an extremely competitive industry of banking. Competing in the field of financial services has become tougher with the entrance of such players as insurance agencies, credit unions, savings and loan associations, check cashing services, credit card companies, etc.
The definition of a bank varies from country to country. U.S. federal law, for example, defines a bank as a “financial institution that accepts demand deposits and makes commercial loans.” For that reason, savings and loan associations, mutual savings banks, and credit unions are commonly called thrift institutions or “thrifts.” The term “bank” technically refers only to a commercial bank.
Historically, the primary purpose of a bank was to provide loans to trading companies. Banks provided funds to allow businesses to purchase inventory, and collected those funds back with interest when the goods were sold.
For centuries, the banking industry only dealt with businesses, not consumers. Banking services have expanded to include services directed at individuals, and risks in these much smaller transactions are pooled.
Banks’ activities can be divided into:
· retail banking: dealing directly with individuals and small businesses;
· business banking: providing services to mid-market business;
· corporate banking: directed at large business entities;
· private banking: providing wealth management services to high net worth individuals and families;
· and investment banking: relating to activities on the financial markets.
Most banks are profit-making, private enterprises. However, some are owned by government, or are non-profits. Central banks are normally government owned banks, often charged with quasi-regulatory responsibilities, e.g. supervising commercial banks, or controlling the cash interest rate. They generally provide liquidity to the banking system and act as the lender of last resort in event of a crisis.
A bank generates a profit from the differential between the level of interest it pays for deposits and other sources of funds, and the level of interest it charges in its lending activities. This difference is referred to as the spread between the cost of funds and the loan interest rate.
Lending activities still provide the bulk of a commercial bank’s income. Many other financial activities were added over time. For example banks are important players in financial markets and offer financial services such as investment funds. Banks also accept and hold deposits, collect and transfer funds.
The changing economic environment has a significant impact on banks and thrifts. They are susceptible to many forms of risk which have triggered occasional systemic crises.
Risks include:
· liquidity risk (the risk that many depositors will request withdrawals beyond available funds);
· credit risk (the risk that those who owe money to the bank will not repay);
· and interest rate risk (the risk that the bank will become unprofitable if rising interest rates force it to pay relatively more on its deposits than it receives on its loans), among others.
Banking crises have developed many times throughout history when one or more risks materialize for a banking sector as a whole. Prominent examples include the bank run that occurred during the Great Depression, the U.S. Savings and Loan crisis in 1980s and early 1990s, the Japanese banking crisis during the 1990s, and, of course, the financial crisis of 2008 which altered the world’s financial landscape.
Vocabulary Notes:
1. piggy bank [`pıgi `bæŋk] – скарбничка-свинка (дитяча скарбничка у вигляді свинки);
2. penny jar [`peni `Gα:] – банка для зберігання грошей;
3. to keep track (of) – прослідковувати;
4. trace [treıs] – слід; відбиток; ознака;
5. indispensable [ֽındı`spentsəbəl] – необхідний, дуже потрібний; обов’язковий, такий, що не припускає ніяких винятків;
6. to derive (from) [dı`raıv] – походити (від); виводити (з);
7. the Renaissance [rı`neısənts] / [ֽrenə`sα:nts] – епоха Відродження, Ренесанс;
8. Florentine [`flOr ə ntaın] / [`flO:r ə nti:n] – флорентійський; флорентієць;
9. competitive [kəm`petətıv] – конкуруючий, суперницький; конкуренто-спроможний; конкурсний;
10. insurance agency [ın`∫uər ə nts `eıGəntsi] – страхова агенція;
11. credit union – кредитна спілка, кредитний кооператив;
12. savings and loan association [`seıvıŋz ə nd `ləun əֽsəusi`eı∫ən] – позиково-ощадна асоціація;
13. check cashing – отримання готівки по чеку;
14. credit card company – компанія, що працює з кредитними картками;
15. demand deposit [dı`mα:nd dı`pOzıt] – безстроковий вклад; депозит, видача якого здійснюється за першою вимогою;
16. commercial loan [kə`mə:∫əl `ləun] – комерційна позика; підтоварна позичка;
17. mutual savings bank [`mju:t∫u ə l `seıvıŋz bæŋk] – взаємно-ощадний банк;
18. thrift institution (thrift) [ֽθrıft ֽıntstı`tju:∫ən] – ощадний заклад, ощадна установа;
19. inventory [`ınv ə nt ə ri] / [`ınv ə ntO:ri] – матеріальні цінності; товарно-матеріальні запаси; запаси, матеріально-виробничі запаси; наявні товари;
20. interest [`ıntrəst] – відсоток, процент;
21. to pool (transactions) [pu:l] – об’єднувати в загальний фонд; об’єднувати в пул;
22. retail banking [`ri:teıəl `bæŋkıŋ] – банківські послуги дрібним клієнтам;
23. business banking – банківське обслуговування комерційних клієнтів;
24. corporate banking [`kO:p ə rət `bæŋkıŋ] – корпоративні банківські послуги;
25. business entity [`bıznəs `entəti] – фірма, компанія, комерційна організація; господарська (економічна) одиниця;
26. private banking [`praıvət `bæŋkıŋ]– приват-банкінг, банківське обслуговування заможних фізичних осіб (надання VIP-клієнтам ексклюзивного набору інвестиційних і пов’язаних з ними послуг);
27. wealth management [welθ] – керування багатствами (майном) (комплекс високоякісних консультаційних послуг, які охоплюють усі аспекти фінансового життя клієнта: фінансові вкладення, планування, бухгалтерський облік та оподаткування, юридичні питання та ін.);
28. high net worth individuals / families – особи / сім’ї із значним власним капіталом (фінансовими засобами);
29. investment banking – інвестиційно-банківська діяльність; послуги інвестиційного банку; послуги банку з інвестування; інвестиційна банківська справа; розміщення нових випусків цінних паперів (банком, що виступає в ролі посередника);
30. financial market [faı`nænt∫əl] – фінансовий ринок;
31. quasi-regulatory responsibility [`kweızaıֽregju`leıt ə ri] / [`kweızaı`regjələtO:ri] – напіврегуляторні функції;
32. to supervise [`su:pəvaız] – наглядати, здійснювати нагляд (за); завідувати;
33. cash interest rate – касова відсоткова ставка;
34. the lender of last resort [rı`zO:t] – кредитор останньої інстанції;
35. differential [ֽdıfə`rent∫əl] – диференціал; різниця в оплаті;
36. spread [spred] – спред; маржа; надбавка до базисної ставки відсотка; відсоткова надбавка;
37. loan interest rate – відсоток / процент позики 2) відсоткова / процентна ставка позики;
38. income [`ınkAm] – прибуток; дохід; надходження; заробіток;
39. investment funds [ın`ves t mənt `fAndz] – інвестиційні фонди; фонди капітального будівництва;
40. to accept deposits [ək`sept dı`pOzıts] – приймати депозити;
41. to hold deposits – тримати вклади;
42. to collect funds – збирати, отримувати гроші;
43. to transfer funds [trænts`fə: `fAndz] – переказувати гроші;
44. impact (on) [`ımpækt] – вплив, дія; імпульс;
45. susceptible (to) [sə`septəbəl] – вразливий, сприйнятливий;
46. to trigger – ініціювати; дати початок;
47. occasional [ə`keıჳən ə l] – випадковий, рідкісний; такий, що трапляється час від часу;
48. systemic crisis [sı`sti:mık `kraısıs] – системний ризик; структурний ризик; ринковий ризик; ризик несприятливих коливань цін;
49. liquidity risk [lı`kwıdəti `rısk] – ризик браку ліквідності; ризик ліквідності; ризик, пов’язаний з браком ліквідності;
50. withdrawal [wıθ`drO: ə l] – відкликання; виведення; взяття назад; вилучення, видалення
51. credit risk – кредитний ризик; ризик неповернення кредиту; позичальник (у банку); клієнт (у кредитній установі);
52. to owe [əu] – бути винним, заборгувати;
53. interest rate risk – ризик зміни відсоткової ставки; відсотковий ризик;
54. the Great Depression – Велика депресія;
55. to alter [`O:ltə] – змінювати(ся), переробляти.
Task 3. Agree or disagree with the following statements.
1. Piggy banks or penny jars act as the lender of last resort in event of a crisis.
2. Banks have influenced economies and politics since the time of the Great Depression.
3. Traces of banking activity can be found even in ancient times.
4. Unlike businesses and individuals, governments do not have accounts in banks.
5. The term “bank” derives from the word “ban” meaning a curse (прокляття, анафема); when a banker was broke angry people banned (cursed) him.
6. The first modern bank was founded in Italy in the early 15th century.
7. Modern banks face severe competition.
8. Insurance agencies, credit unions, savings and loan associations, check cashing services, credit card companies are tough competitors.
9. There is no one single definition of bank.
10. The term “bank” technically refers only to a commercial bank.
11. For centuries, the banking industry only dealt with individual consumers, not businesses.
12. Banks’ activities can be divided into several categories.
13. Most banks are non-profit government enterprises.
14. Central banks are normally profit-making private enterprises.
15. A bank generates a profit from the spread between the cost of funds and the loan interest rate.
16. Lending activities provide an insignificant part of a commercial bank’s income.
17. Banks are affected by the changing economic environment.
18. Banks and thrifts are susceptible to many forms of risk.
19. Banking crises have developed four times so far.
20. The financial crisis of 2008 altered the world’s financial landscape.
Task 4. In the text “ What is a Bank?” (Task 2) find the words similar in meaning.
1. Essential, necessary; 2. exceedingly; 3. to relate to; 4. to grant; 5. company; firm; 6. financial management; 7. liable to; open to; impressionable; 8. to give rise (to); set off; 9. removal; 10. responsible for.
Task 5. Find synonyms among the following words.
1. To accept; 2. to affect; 3. to alter; 4. to be in debt to; 5. to change; 6. commercial; 7. comparatively; 8. to compel; 9. consumer; 10. controlling; 11. credit; 12. deal; 13. to derive (from); 14. to differ; 15. differential; 16. duty; 17. to establish; 18. establishment; 19. field; 20. to force; 21. to form; 22. to found; 23. funds; 24. goal; 25. to happen; 26. to hold; 27. industry; 28. influence; 29. institution; 30. to keep; 31. loan; 32. to make up; 33. money; 34. to occur; 35. to originate; 36. to owe; 37. profit-making; 38. purchaser; 39. purpose; 40. to receive; 41. relatively; 42. responsibility; 43. severe; 44. spread; 45. supervising; 46. tough; 47. transaction; 48. to vary.
Task 6. Fill in the blanks with the most appropriate terms from the box.
| went bankrupt | effect | altered | lending | bankruptcy |
| investment bank | assets | distrust | bankers | comes down |
Even in the business world, what goes up sometimes (1) _____, and if the company is big, the sound of the fall is louder and clearer. Lehman Brothers, one of the oldest and largest banks in New York, (2) _____ on September 15, 2008 with no one to rescue it. A press release on that day by Lehman Brothers Holdings Inc. (LBHI), the 158-year-old U.S. investment bank, (3) _____ the American financial landscape. This is the largest (4) _____ in the history of the United States with $638 billion in (5) _____ listed and the largest failure of an (6) _____. The collapse of Lehman had a multiplier (7) _____ worldwide, severely weakening other big banks and sharply increasing the level of fear and (8) _____ inside the system that caused (9) _____ to sharply reduce their (10) _____.
Task 7. The words below are frequently confused. Study each pair of words. Pronounce them and translate into your native tongue. Explain the difference between the words in each pair.
| 1. law [lO:] – low [ləu] / [lou]; 2. vary [`veəri] / [`veri] – very [`veri]; 3. loan [ləun] – lawn [loun]; 4. track [træk] – trace [treıs]; 5. whole [həul] / [houl] – hole [həul] / [houl]; 6. repay [ri`peı] – replay [ֽri:`pleı]; 7. accept [ək`sept] – except [ık`sept]; 8. politics [`pOlətıks] / [`pα:lətıks] – policy [`pOləsi] / [`pα:ləsi]; | 9. to own [əun] / [oun] – to owe [əu] / [ou]; 10. found [faund] – founded [`faundıd]; 11. procedure [prə u `si:Gə] – proceed [prə`si:d]; 12. systemic [sı`sti:mık] / [sı`stemık] – systematic [ֽsıstə`mætık]; 13. liquidity [lı`kwıdəti] – to liquidate [`lıkwıdeıt]; 14. competitive [kəm`petətıv] – competing [kəm`pi:tıŋ]. |
Task 8. Study the following pairs of words. Mind the differences as well as similarities in pronunciation of the nouns and verbs.
| NOUN | VERB | |
| resort [rı`zO:t] deposit [dı`pOzıt] income [`ınkAm] transfer [`træntsfə:] impact [`ımpækt] | – – – – – | to resort [rı`zO:t]; to deposit [dı`pOzıt]; to income [`ınkAm]; to transfer [trænts`fə:]; to impact [ım`pækt]; |
Task 9. Some words can be used both as a noun and as a verb. Complete the table with the appropriate words from the text “ What is a Bank?” (Task 2).
| № | ІМЕННИК | ДІЄСЛОВО | ПЕРЕКЛАД |
| 1. | користь, вигода; прибуток, дохід; нажива | давати користь, бути корисним; користуватися; мати користь; скористатися; отримувати прибуток; | ----------- |
| 2. | рівень; ступінь; плоска, горизонтальна поверхня; рівнина; | зрівнювати, згладжувати; визначати різницю висот; нівелювати; вирівнювати; цілитися; | ----------- |
| 3. | верхів’я, витік; першопричина, початок; джерело, криниця; | отримувати; встановити походження; | ----------- |
| 4. | пропозиція; пропозиція ціни; спроба; | пропонувати; траплятися; висувати; пропонувати до уваги; | ----------- |
| 5. | дія; акт, діяння; документ; закон; постанова (парламенту, суду); | діяти; чинити, поводити себе; робити запис, заносити (в акт тощо). | ----------- |
Task 10. Recollect the contexts in which the following words are used in the text “ What is a Bank?” (Task 2).
| 1.jar; 2.players; 3.interest; | 4.resort; 5.landscape; 6.environment. |
Task 11. “Odd man out.” In each line cross out a word (word combination) that in its meaning differs from the others. Explain your choice.
1. chair – bench – bank;
2. to own – to repay – to owe;
3. spread – profit – investment funds;
4. piggy bank – bank account – penny jar;
5. credit union – thrift – commercial bank;
6. the lender of last resort – central bank – thrift;
7. mid-market business – retail banking – individuals;
8. large business entities – mid-market business – corporate banking;
9. liquidity risk –withdrawals beyond available funds – bad debt losses;
10. savings and loan association – commercial bank – mutual savings bank.
Task 12. Use the prepositions from the box in the following phrases. Refer to the text “What is a Bank?” (Task 2) to check your answers.
| into | in ×4 | on ×3 | beyond | |
| with | at ×2 | for ×2 | from ×2 | throughout |
| to ×6 | of ×3 | during | between |
| 1. … that reason; 2. to keep track …; 3. … ancient times; 4. sources … funds; 5. to pay … deposits; 6. to receive … loans; 7. … the Renaissance; 8. the term derives …; 9. the level … interest; 10. the differential … smth.; 11. to owe money … the bank; 12. risks … smaller transactions; 13. to vary … country … country; | 14. to refer … a commercial bank; 15. dealing directly … individuals; 16. withdrawals … available funds; 17. banks’ activities are divided …; 18. services directed … individuals; 19. … the field of financial services; 20. to develop many times … history; 21. directed … large business entities; 22. susceptible … many forms of risk; 23. important players … financial markets; 24. a significant impact … banks and thrifts; 25. to provide liquidity … the banking system; 26. providing services … mid-market business. |
Task 13. a) Make the difference between the following words.
|
|
| Consider the pros and cons of opening a line of credit from a bank versus securing a loan. Credit Pros: · Improves cash flow and financial independence; · Only have to pay interest on the amount you’ve spent, not on the total amount of credit line; · Usually easier to qualify for a line of credit than for a commercial loan; · Easily accessible funds for emergencies; · Builds business credit; Cons: · Temptation to spend beyond ability to re-pay; · Potential for high interest rates; · Not best-suited for buying equipment or real estate; · Can become entangled with personal credit; · Deepening of debt; Loans Pros: · Lower interest rates than credit; · Fixed borrowed amount; · Better choice for making equipment, real estate and other significant purchases; · Potential for credit repair or improved credit score by paying off balance; · Availability for loans to be tailored to give advantages to small businesses; Cons: · Acquiring approval for a bank loan is more difficult than getting a business credit line; · If your business fails, it might be necessary to sell other assets to re-pay debt; · Acquiring a large amount of debt at once; · Not as flexible as credit; does not work to improve cash flow. |
b) Translate into Ukrainian paying special attention to the words in italics.
1. He exceeded his credit limit.
2. I don’t like buying things on credit.
3. Jim took out a loan to pay for his car.
4. The bank refused to extend their credit.
5. Borrowers can take out a loan for £84,000.
6. How soon do you have to pay off the loan?
7. You can get interest-free credit on all our products.
8. The group can’t get credit to buy farming machinery.
9. Some suppliers will not give credit to their customers.
10. The country has no access to foreign loans or financial aid.
11. Kenya was still paying off a multimillion-dollar loan to the IMF.
12. The president wants to make it easier for small businesses to get bank loans.
13. You can ask a dealer for a discount whether you pay cash or buy on credit.
14. Senator Bill Bradley outlined his own tax cut, giving families $350 in tax credits per child.
15. Japan has provided about $2.5 billion in credits to Russia and about $50 million in direct aid.
Task 14. Translate into English.
1. Банк – це місце, де ми можемо тримати свої гроші у безпеці. 2. Банки впливали на економіку та політику впродовж століть. 3. Сліди банківської діяльності можна віднайти у стародавні часи. 4. Термін “банк” походить з італійської мови. 5. Перші банкіри вели свій бізнес за столами, покритими зеленими скатертинами. 6. Банківська галузь у 21 столітті є надзвичайно конкурентною. 7. Банк – це фінансова установа, яка приймає безстрокові вклади і надає комерційні позики. 8. Термін “банк” суто технічно стосується комерційного банку. 9. Ощадно-позичкові асоціації, взаємно-ощадні банки, кредитні спілки не є банками, а ощадними установами (ощадними касами). 10. Першочерговим завданням банків було надання позик торговельним компаніям. 11. Упродовж століть банки мали справу лише з торговельними підприємствами, а не споживачами. 12. Сучасні банківські послуги спрямовані також і на фізичні особи. 13. Більшість банків – це комерційні приватні підприємства. 14. Центральні банки зазвичай перебувають у державній власності. 15. Центральні банки контролюють комерційні банки, а також касову відсоткову ставку. 16. У випадку кризи центральні банки діють як кредитори останньої інстанції. 17. Позичкова діяльність забезпечує основну частку доходів комерційного банку. 18. Банки є важливими гравцями на фінансових ринках. 19. Банки та ощадні установи зазнають багатьох форм ризику. 20. Банківські кризи виникали багаторазово впродовж історії.
Task 15. Answer the following questions.
1. What spheres of human life have banks influenced for centuries?
2. Does banking date back to ancient times?
3. Is having a bank account a commonplace these days?
4. What is the origin of the term “bank”?
5. When was the first modern bank founded?
6. What makes the banking industry highly competitive these days?
7. Why does the term “bank” technically refer only to a commercial bank?
8. What was the primary purpose of banks?
9. Has the banking industry dealt with consumers for centuries?
10. How can bank activities be divided?
11. Who does retail banking deal with?
12. What branch of banking is directed at large business entities?
13. Are there non-profits among banks?
14. What are central banks usually charged with?
15. Which banking institution acts as the lender of last resort in event of a crisis?
16. How does a bank generate a profit?
17. What activities provide the bulk of a commercial bank’s income?
18. What other financial activities do banks perform?
19. What forms of risk are banks and risks susceptible to?
20. Have banking crises developed many times throughout history? What are the recent examples?
Task 16. Say what you know about:
1. The origin of the word “bank”.
2. The activities of early bankers.
3. Types of financial institutions.
4. Branches of banking in the 21st century.
5. The importance of central banks.
6. Many forms of risk banks are susceptible to.
7. The reasons and consequences of financial crisis.
8. The most prominent banking crisis.
Task 17. Write a composition on one of the following topics.
1. Money answers all things.
2. Of evils upon earth, money is / isn’t the worst.
3. A piggy bank vs. a bank account.
4. Banking crises: the trouble for moneybags or the overall disaster?
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