Лекции по английскому языку для изучающих банковское и финансовое дело

Лекции по английскому языку для изучающих банковское и финансовое дело
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ENGLISH for BANKING

Рекомендовано

Государственным комитетом

Российской Федерации по высшему образованию

в качестве учебного пособия для студентов

высших и средних специальных

учебных заведений

ПОСОБИЕ

по английскому языку

для изучающих банковское

и финансовое дело

Москва, Издательство «Менеджер»

ББК81.2 С 27

English for Banking. Пособие. Составитель Н. А. Саму-эльян. — М.: Издательство «Менеджер». — 240 с.

Part One

Предлагаемое пособие знакомит читателя со специальной английской банковской лексикой и терминологией и расширяет знания в области банковского дела и финансовых отношений.

Пособие предназначено для работников банков, студентов финансовых вузов и курсов, бухгалтеров, а также широкого круга лиц, интересующихся данной тематикой.

© Издательство «Менеджер».

ISBN 5-8346-0103-0

Unit One

The Structure and Functions of a Bank

^ Active Vocabulary

account

accountant

board of directors

capital

clerk

current account

deposit account

depositor

dividend

draw upon an account (v)

invest (v)

interest

joint slock

loan

profit

reserve

run the hank (v)

shares

shareholder

slateinen t

standing order

счет
бухгалтер
сонет директором
капитал
служащий
текущий счет
депозитный счет
вкладчик
дивиденд
снимать со ('чета

инвестировать
процент, процентный
доход

акционерный капитал
ссуда, заем, кредит
прибыль
резерв, запас
управлять банком
акции
акционер
выписка из
банковского счета
постоянное поручение
клиента банку

Dialogue

Read Иге dialogue in purls.

Student: Who really owns the bank?

Banker: The stockholders own it. In the beginning, they put up the necessary capital and were granted a charier from the government.

5..- Are the members of the board of directors

stockholders?

В.: Oh, yes. They're chosen by the other stockholders to operate the bank.

S.: And the board hires Ihc presidcnl and Ihc vice-prcsi-

denls lo manage H?

B.: Thai's right. Along with the cashier, the tellers and the clerical workers.

5.: 1 guess most of your work has lo do wilh checking

and savings accounts and making loans.

^ B.: Yes. But we invest money loo. Planning the bank's investments is also very important.

S.: Do you divide all the profits among the stockhold-

ers?

B.: Not all of them. The stockholders receive regular dividends. But some of our earnings are held in reserve accounts.

S.: 1 suppose thai would be necessary.

B.: Here's a copy of our lasl published statement. You see, the reserves are shown here as surplus and undivided profits.

Questions on the dialogue:

Who owns the bank?
How does a bank start?
Who chooses the board?
Whal's the board's lask?
Who hires the employees?

b¹. Whal are the bank's main activities?

How are the profits distributed?
How are the stockholders kept informed?

Text 1

As you read the passage, find the. answers to the questions given below.

The English commercial banks have branches in all the major towns and a similar structure and mode of working is common to them all. The owners are the shareholders. At the outset they provdde the necessary capital. They arc all organised on the joint stock principle and are registered public companies.

The Chairman and Board of Directors are elected by the ordinary shareholders at the Annual General Mectingand arc responsible for the efficient management of the bank. The Board is concerned with the overall policy of the bank and the major decisions which put that policy into effect.

The Board will appoint a Managing Director who is directly responsible to them and a member of the Board. They will also appoint the most senior executives who in turn appoint the rest of the clerical staff who will be responsible in different capacities for the day to day running of the bank.

The essence of a bank's activities is the collection of deposits through current accounts and deposit accounts and the use of these funds to provide loans or funds for investment. The current account is the one commonly held and is drawn upon by cheques and standing orders. The deposit account is more in the nature of a savings account. The pattern of investments which a bank decides upon is crucial because, on the one hand, the bank must use the funds wisely to make a profit and, on the other, funds must be available for depositors to withdraw when they wish to do so.

At the end of each business year the Directors recommend and the Annual General Meeting decides how much of the profit should be distributed to the shareholders as dividend, and how much should be retained in the business. In preparation for the Annual General Meeting, a bank publishes its Report and Accounts. These must be sent lo every sharc-

holder and are also available for anyone with an interest in the affairs of the bank. From the published accounts shareholders can easily determine the total profits the bank has earned and how much is available for distribution,

Questions on the text:

Who owns the English commercial bank?,
How docs a bank start?
Who chooses the Board?
What is the Board's task?
Who hires the employees?
What are the bank's main activities?
How are the profits distributed?
How are the shareholders kept informed?

Vocabulary Exercises

Comparison of American and British terms. The dialogue deals with the structure and functions of an American bank, while the text describes an English commercial bank. There are some differences in American and British terminology. Find American terms corresponding to the British ones given below.

British terms

American terms

accountant

cheque

current account

deposit account

managing director

rej>orl and accounts

retained and undistributed profits

to run a bank

shareholder

II

Terms

Capital
Dividend
Deposit account
Retained profits
Current account

Find proper definitions

Definitions

a) a sum of money paid to a shareholder out of profits in relation to his investment

h) an account in a hank from which money can be drawn hy cheque

profits not paid out as dividends
and added to the surplus
the money value of the sharehold
ers stake in the hank or company

e) an account in a hank on which the
depositor receives interest

Money which one person allows another to use for a specified-time and which will then he returned is: a) investment, h)loan, c) interest.

IV

Using the information in the passage, say what is true and ivhal is false. Correct the false sentences

Members of the Board of Directors are shareholders.
All the shareholders participate in running the hank.
All the hank's profits arc divided among the shareholders.
All the retained profits of the hank belong lo the share
holders.
The reserves are shown in the statement as retained.

III

Choose the right answer:

1. The people who decide the general policy of the hank are:
a) shareholders,

h) the hoard of directors, c) the executive staff.

2. The hank's financial position can he discovered from:

a report,
an announcement,
a statement.

3. Bank profits kept -hack for later use are:
a) withdrawals,

h) surplus,

c) retained profits.

4. Earnings remaining after all the expenses of a business ac
tivity have l)een paid arc:

a) dividend, h) capital, c) profit.

Using suffixes -er, -or, -ier, -ent, -ial, etc., give nouns
which are related to the following:
hank invest

cash manage

direct office

deposit own

execute work

hold

VI

^ Find synonyms ever necessary: lo own lо run to collect
•for the following. Use a dictionary when-

lo appoint lo distribute to receive

VII

Find the nouns lhal are qualified in the passage by these
adjectives and make, up sentences of you own:
clerical over-all

necessary day to day

published total

VIII

Explain the following:

to raise capital
to become a public company
to put money into business
an account in a bank from which money can be drawn by
cheque ^!-
profits not paid out as dividends

IX

Fill in the blanks with proper words or phrases:

The board appoints the ..... and the
An employee in a bank who pays out and receives money is

called a ...

The Board of Directors is elected by the ......
The Board may distribute to the shareholders out of

the profits once or twice a year.

5. The may be h igh even after all the bank's expenses are

paid.

6. A bank will need to seek approval for a large to a cus-

tomer.

7. The Board will discuss the bank's in other businesses.

to run a bank
the board of directors
shareholders
current account
deposit account
to make a loan

Text II

Read the passage, and find answers to the. following questions:

1. Why did the banking industry grow quickly over the period

of last 10 years?

2. What did the Nat West do to meet the increasing demand

for its services'?

According to whal are the bank's clerical jobs graded?
Where does everyone start a job in the bank?
Work in which grade ensures more personal contact with

the customer?

6. Which clerk sees to the customers' regular payments l>eing

made on lime?

Which is the best known job in banking?
Which clerk deals with customers' travel requirements?
Which clerk helps customers to manage their financial af-

fairs?

10. Which clerk safeguards the bank's interests in lending

money?

11. Which job in the bank offers the bcsl opportunities to

exercise one's own judgement?

X

Make sentences oft/our own:

1. to put up the necessary capital

2. to be registered as a public company

Job-Career-Profession

The banking industry has «-hanged radically over the lasl 10 years. As part of that industry National Westminster Bank has grown quickly and is still growing. We have more cus-

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11

lomers lhan ever before, people who have realised thai having a hank account is a greater help in organising Ihcir financial affairs. Nal West has built a range of financial services so diverse lhal we can now offer lo our customers assistance across the whole range of money matters — from simple things like cashing cheques and looking after savings to the complexities of insurance, taxation and investment.

It takes a lot of people lo run one of the biggest and mosl 'efficient financial organisations in the world. Our clerical jobs are graded from J lo 4 according lo Ihc demands and responsibilities of each particular position.

Grade 1. This is the mosl junior of Ihe clerical jobs. Because we believe in a system of progressive promotion, everyone slarls here, no matter whal they see as Iheir ultimate role. You will probably begin by preparing customers' statements, sorting cheques and learning to use accounting machines.

Grade 2. Work in this grade gives you more personal contact with the customers. This is particularly so when looking after Ihe enquiry coupler, helping Ihe customers lo solve any problems they may have wilh Ihcir accounts, answering their questions, outlining the bank's services.

Other grade 2 jobs which you could find yourself doing include controlling your Branch's records. Duties cover opening new accounts, transferring existing accounts lo and from our many Branches throughout the country and ensuring lhal information relating lo your customers is kepi up lo dale.

Then Ihere is Ihe Standing Order Clerk. Many of our customers arrange for regular payments lo be made from Ihcir accounts for such items as mortgage deductions, insurance premiums and subscriptions. 11 is the Standing Order Clerk who ensures that these payments are made correctly and on time.

Perhaps the best known of all Ihe jobs in banking is lhal of the cashier and thai is usually a grade 2 job. Al the counter you will meet many different people, your own customers,

customers from other branches and banks as well as people who do not have a bank account. You will be dealing wilh many thousands of pounds every day so accuracy is vital.

Grade 3. By Ihe time you reach Ihis slage the work is becoming more complex and each job carries a greater degree of responsibility. Being a foreign clerk, for instance, means lhal you will be dealing wilh customers' Iravel rcqujremenls, supplying foreign currencies and Iravel cheques and assisting with passport applications and Iravel insurance.

The Sale Custody Clerk helps customers lo manage Iheir financial affairs, acting on Iheir behalf to buy or sell slocks and shares, obtaining advice from stockbrokers, or arranging insurance cover. Also Ihcre are valuables and documents, which customers deposit at Ihe branch for safe keeping, to be looked after — which explains the lille of Ihe job.

Grade 4. This is Ihc senior of the clerical grades and contains among others the jobs which really involve you for the first lime in one of Ihe bank's major aclivitics — lending money. Whether the loan is lo a privalc individual, lo a small business or lo a large industrial company the bank will often require some form of security lo be provided by Ihe borrowers as lo reduce the risk lo the bank. Such security can conic in many different forms including mortgages over houses or life policies and there are several legal formalities lo be completed before the bank's interests arc fully safeguarded. Dealing wilh these formalities is Ihe job of Ihc Security Clerk who naturally works closely wilh Ihe Branch Manager.

Even more involved wilh Ihc Manager is Ihe Manager's Clerk who acls as a Personal Assistant providing all the in-formalion needed for the day to day control of accounts. As Manager's Clerk you will be given opportunity to exercise your own judgement in a number of matters.

Adapted from National Westminster Bank's booklet.

12

13

identification in lieu of issue (v) legal tender mature (v) negotiable payee

payer sight draft

Unit Two

Currency and Other Forms of Exchange

^ Active Vocabulary

accept a bill (v)

bank draft

bank money order

bank nolc, note, bill (US)

bearer

bill of exchange

cash (v)

cashier's check (US)

certificate

certified check ;.-

certify (v) i

cheque, check (US)

traveller's cheque

coin

creditor

credit standing

currency

denomination

discount a bill (v) endorse/indorse (v)

forms of exchange honour a bill (v)

акцептовать вексель
банковская тратта
банковский денежный
перевод
банкнота

предъявитель, держатель
переводной вексель
получать наличные,
обналичивать
кассирекий чек
сертификат, свидетельство
удостоверенный чек
заверять, удостоверять
чек
дорожный чек
монета
кредитор
кредитоспособность
денежное обращение,
деньги, валюта
достоинство, ценность;
деноминация

- дисконтировать вексель

индонсировать, делать
передаточную надпись
формы обмена

— акцептовать вексель

идентификация ценных бумаг
вместо
выпускать в обращение
законное платежное средство
наступать (о сроке платежа)
отчуждаемый, передаваемый
ремитент, получатель платежа

по кредитным обязательствам

— плательщик но кредитным обязатель
ствам

— вексель на предъявителя

Dialogue

Read Hie dialogue.

Student: The bank must use just about every form of exchange in a day's work.

Cashier: Just about. Of course, we constantly handle coins and bills of every denomination.

S.: They're what you call legal lender.

C.: Yes. Or currency. A nation's currency is its legal

tender.

But a check isn't legal lender. No. However checks are a very common form of exchange, and they are generally accepted in lieu of currency.

S.: Are traveller's checks currency?

C.: Not in a slricl sense. Bui Ihey're immediately ne-

gotiable everywhere. For instance, even merchanls will cash them under mosl circumslances.

S.: The bearer need only present proper identification.

C.: Thai's righl.

S.: Well, whal's a bank nole? Is lhal currency?

C.: Definitely. Bank notes arc issued by the banks of

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the Federal Reserve System, and they're legal lender just as silver certificates are. Thai's what 1 thought. But gelling haek to checks, why are bank drafts sometimes preferred over checks?

S.: С..

5.: С.:

Well, in the case of a check, Ihe parly who signs it is the only one who guarantees payment. But a bank draft is issued and guaranteed by a bank. Is that true of cashier's checks, too? Yes. And also of certified checks and bank money orders.

What about sight drafts? Now, sight drafts are different. They're a form of

request for payment through a bank.

Questions on the dialogue:

What forms of exchange are called legal lender?
Why are checks a common form of exchange?
How are traveller's checks useful?
Which banks in the USA may issue bank notes?
What is the difference between a check and a bank draft?
What do cashier's checks, certified checks and bank drafts
have in common ?
How do sight drafts differ?

Text

The work of bank centres around money and financial services. Virtually any activily involving money or advice about financial matters is undertaken by all the commercial banks. The immediate service offered by the bank is the receipt for deposit of coins, notes and cheques and (he cashing of cheques, through current accounts. Coins and notes in circulation have the stalus of "legal lender" lhat is to say they must be laken in payment of a debt although the extenl to which this applies

in the case of coins is deliberately restricted for the sake of convenience.

The most common means of payment, particularly for significant sums of money, is the cheque since it is both safer and more convenient than using cash. However, it is not legal tender and creditors can refuse to accept it if they wish. Normally both national cheques and traveller's cheques arc readily negotiable if the bearer has some means of proving his identity and the creditor can be sure that the cheque will be «honoured». To assist the use of cheques banks now provide their customers with bankers cards which, when used in association with a cheque, will guarantee it up to a stated maximum. If a customer wishes to make payments of large amounts of money by cheque and is not known to the creditor, then he may obtain a «certified cheque» from his bank. Such a cheque is signed by the bank and therefore payment is guaranteed.

Those trading overseas, or in conditions where there may be a significant time lapse between sending out goods and their receipt by the customer, may use a Bill of Exchange as a means of payment. This is really a post dated cheque which assures the creditor payment but also gives the buyer opportunity to inspect the goods before the transaction is completed. Those whose credit standing is unknown may have to get the Bill «accepted» before a creditor will take it. Such a process guarantees payment and most work of this kind is undertaken by the merchant banks. Because Bills arc post dated creditors may have to wait some time for their money. They can overcome this problem by endorsing the Bill and then cither discounting it with a Discount House or a bank or passing it on to another trader in settlement of a debt of their own. By the time it comes to maturity a Bill may have passed through several hands and on each occasion it must be endorsed. The commercial banks participate in this activity in two ways: in

part by lending money to the discount houses and in part by

discounting bills for their own customers.

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17

Questions on the text:

What forms of money are called legal tender?
Why are cheques a common form of exchange?
What is the main purpose of a banker's card?
What is the special feature of a certified cheque?
What is the main use of a Bill of Exchange?
Why does a Bill sometimes have to be "accepted"?
In which two ways might a creditor who needed the money
dispose of a Bill?

Vocabulary Exercises

List all the forms of money mentioned in Ihe passage and match them with the following definitions:

1. A bank's unqualified guarantee to pay a specified sum to a

specified individual or organization.

A negotiable instrument issued only by the Bank of En
gland and signed by the -Chief Cashier of the Bank.
A written order to a bank to pay a slated amoun I of money.
A negotiable instrument issued by a bank in exchange for
cash and readily usable in most parts of the world.
Token money largely used for small purchases and trans
actions.
A written order to a bank to pay a staled amount of money

to a slated person or, after endorsement, lo Ihe bearer on or wilhin a staled lime after a given date.

II

Choose the right answer: 1. "We constantly handle coins and bills" means:

cash Ihem under most circumstances,
deal with them,

_c) receive them. 2 "bills of every denomination" denote:

_a) bank notes of different values,

bank notes of various sizes,
other means of exchange. ^
3. "Legal tender" is: •• u

a type of paper currency, •'
a requirement to accept in settlemenl of a debt,
money guaranleed by a government.

;. "both cheques and Iravcllcr's cheques are readily accepted" means:

able to be given lo anolhcr parly,
certified by the bank thai funds arc available,
endorsed by an officer of Ihc bank.

5. "Ihe cheque will be honoured" means:

lhal il will be readily accepted by creditors,
lhal it will be treated with respect,
lhal Ihe bank will be ready lo cash il.

6. "a bearer" is:

a person who is named as payee on Ihe exchange docu
ment,
an officer of the bank who endorses the cheque,

c) the person offering Ihc exchange documenI and'demand
ing payment.

Ill

Say what is true and what is false. Correct the false sentences:

1. Coins and bills of every denomination are called legal ten-

der.

Cheques are rarely accepted in lieu of currency.
To cash a Iravcller's cheque Ihe bearer need only present
proper identification.

4. Bills of Exchange are not legal lender.

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19

A cheque is always guaranteed by a bank.
Certified cheques are always guaranteed by a bank.

IV

Using suffixes -cation, -cate, -ment, -ion, -ance, -ature,

etc., give nouns which are related to the following verbs:

accept prefer

certify present

circulate regulate

denominate settle

endorse signify

invest sign

identify stale

pay transact

V

^ Using prefaces dis-, П-, in-, ir-, un-, non-, etc., give nega
tives which are related to the following:
accepted maturity

common negotiable

certified necessary

honoured regular

legal significant

VI

^ Combine the words listed below into meaningful two or three word expressions as possible:

account

bank

bill

circulation

cashier

deposit

proper

profit

regular

reserve

shareholders

surplus

honoured

investment

identification

legal

money

maturity

transaction traveller work undistributed

nation note

participation payment

discount endorsing earnings fellow

VII

For each of the following phrases find another one in the. text thai explains it:

ivioncy issued by the central bank of a country.
A piece of currency made of metal.
Unit of the bank note's value.
A document in settlement of a large debt guaranteed by
the bank.
A document which establishes the identity of a person set
tling by cheque.

H. Cashing in a Bill of Exchange before it is due for payment. 7. The bank's readiness to accept a cheque for payment.

VIII

Fill in the blanks with proper words or phrases:
bank notes honoured

bearer identification

coins issued

currency traveller's cheques

1. While travelling I do nol like to carry large amounts of

1 prefer to have which arc immediately negotiable.
Traveller's cheques are ..... in different denominations.
To cash the traveller's cheque the should present proper

identification.

However, there are merchants who will not accept
traveller's cheques even though you present proper
1 collect of every denomination.

20

21

Active Vocabulary

active account accrue (v) balance (v)

cancel a cheque (v) --.

compound interest

credit (v)

debit (v)

deposit

fund

genuine

insurance

insure against (v)

interest on bank credits

joint account

ledger

liquid

maturity

notice

outstanding
IX

Write sentences of your own:

to sign a cheque
to accept a cheque
to cash a cheque
to make payment by cheque
to certify a cheque
to endorse a cheque
to make out a cheque
to accept liability for
to present your identification document

10. to settle business accounts

Unit Three

Depositing Money with a Bank

активным депозитный счет
накапливаться

сальдировать, подводить итог,
закрывать счета

аннулировать чек
сложные проценты
кредитовать
дебетовать
вклад, депозит,задаток
запас, резерв, dpoim
подлинный, неподдельный
страхование
страховать(ся)

процент но банковскому
кредиту

совместный счет
бухгалтерская книга
ликвидный
срок платежа
извещение, уведомление
1) выпущенный в обращение
2) не предъявленный

overdraft overdraw (v)

к платежу, задолженный

овердрайгг, превышение
кредитного лимита
допускать OBCp;u>adrr,
превышать кредитный лимит

passbook

per annum principal

банковская расчетная книжка,-
депозитная книжка,
сберегательная книжка
ежегодно

— 1) номинал векселя
2) капитал

posting

rale of interest

reconcile (v)

commission

service charge (US)

term

time certificate

transferable

.3) основной должник

проводка
процентная ставка
выверять счет

) комиссионный счет

срок выполнения обязательств!
срочный сертификат
переводной

Dialogue

Read Иге dialogue.

Cashier: Now this is the checking account ledger. Each page * is a record of a customer's deposits and withdrawals.

Student: Anclyou give a copy of this to the customer.

C.,

Thai's right. That's hisstalemcnt, which he receives with all his cancelled checks. Then he reconciles ill with his own records.

S.

C. S. C. S. C.

This one is a joint account, isn't it? And prelly| active. ' Yes, it is.

What's this debil? That's our service charge. 1 notice an overdraft here in April. I'm afraid we've had lo remind this customer and his wife several limes lhal Ihey must keep a sufficient balance to cover all on Islanding checks.

C. .•

S. : C.:

S. : C.

S. : C.

S. C.

Will I have to learn lo recognize all our customers

signatures.

Yes, you will . Any check we cash must have a genu-

ine signature. But we keep a file of them that you

can refer to.

Will I be doing any posting of this ledger?

No, I'm afraid. Nol till you are employed in our

bank.

Well, suppose one has some funds on hand, I'm

wondering whelher he ought lo pul them in a sa-

vings account.

It's a good idea, if he wants lo keep his investment

fairly liquid. And he might also think of a lime de-

posit.

What's the difference?

Well, first of all, his lime deposit is for a specified ,

term, bul he can make wilhdrawals from his sa-

vings accounl al any lime, allhough as much as Ihirly

days' nolice of wilhdrawal may be required.

Do Ihey draw Ihe same rale of inlercsl?

The bank pays Ihc maximum 4% per annum al ma-

lurily on a one year lime certificate. Interest on a

savings account accrues al the rale of 3%.

How do you figure Ihc in leresl on a savings accoun I?

H's compounded and credited lo Ihc account

semi-anmmlly.

You mean added to the principal?

Yes. And we issue each customer a passbook on his savings accounl in which each deposit and with-

drawal is entered.

Is either type of aceounl Iransferable?

Only lime certificates.

Arc these deposits insured?

Yes. We're a member of Ihe Federal Deposit Insur-

ance Corporation.

24

25

Questions on the dialogue:

What is a checking account ledger? ,
Why does the bank send a copy of the statement with a]|
checks cancelled to every customer?
Are service charges debited or credited to an account?

What happens when a cashier notices an overdraft on
somebody's account?
What does a teller have to do before he cashes a check?
What advice would you offer to a customer who has some
funds on hand?
Why is it profitable to deposit your funds for a specific
term?
How is the interest on a savings account figured?

9. Which type of account is transferable?
lO.How are customer's deposits protected?

Text

There are two general reasons for using a bank account.
The first and most common is thel'onvenicncc and safety pro
vided by a current account at a bank. The second is that small
and perhaps regular surpluses are available to be saved, and
for this purpose a bank provides deposit accounts. ,

A deposit account will not offer a high rale of interest and would not be the best way to save large sums of money for any long period of time, but it is designed to make saving simple, convenient and safe. II is especially appropriate for those who may save small amounts from lime to lime without any planned regularity or for those who wish to save for a particular purpose in the immediate future, for example for; annual holidays or for the purchase of a major item such as a| car.

Most customers of a bank who have opened a deposil account will also have a current account and Ihis makes the transfer ol amounls of money from one lo Ihe other an easy

matter. Regular payments inloade[>osit account can l>e made through a standing order lo the bank who will automatically transfer the agreed amount according lo your instructions. Other payments are made on standard forms but it is most convenienl and provides a useful record if the depositor uses a paying in book. Intcresl is calculated every^ix months and added lo the account. The rale of interest varies from time lo lime and is publicly adverlised in any bank. Because Ihe bank uses money deposited with them to lend to others it normally requires aboul seven days nolice of inlcnlion lo withdraw money from a deposit account, but unless Ihcre is a heavy demand for money Ihey arc nol likely lo insist on Ihis and cash is often immediately available to those who wish lo wilh-draw it. There is an assumption lhal such nolice was given and you would lose sevei, day's inleresl on Ihe money.

The increasing need for securily and Ihe use of computers in wage payments have combined to make it more common to have a bank account than lo be without one. This kind of account is a current one and its most common use is a single regular paymenl in either a weekly wage or a monthly salary and regular payments oul to meet Ihe normal everyday expenses. Mosl payments are still made by cheque although the use, of Ihe standing order or the direct debit is becoming very common. II is normally expecled lhal a current account-will remain in balance and customers who regularly maintain an agreed minimum balance are often given Ihe services of the bank without charge. In general, however, charges are made which vary with the size of the balance, Ihe amount of use of the bank's services and Ihe number of Iransaclions. If the account is overdrawn a further charge, which is interest on the overdrawn amount, is also made.

Overdrafts are not permitted automatically and anything other than a small temporary overdraft would have to be by agreement wilh the bank manager. Such a facility- is often useful particularly when there is a shorl lerm disbalance between income and cxpendilure. On the olher hand, since

26

27

4.'Compound

Maturity
Principal
Charge

8. Rale of interest
money in a current account does not attract interest, it is not a good idea to maintain large cash balances, these would be belter transferred to a deposit account or to an alternative form of saving.

Questions on the text:

What are the two main reasons for opening a bank ac
count?
Which type of account is used by those who wish to save?
What kind of saving is this type of account most suited to?
What is a standing order?

5. Why does a bank sometimes need notice of intention to
withdraw money from saving accounts?

b'. What is the most common use of current accounts?

Why are some customers not charged for the facility of a
current account?
Why is it not a good idea to retain large balance in a cur
rent account?

Vocabulary Exercises

Find proper definitions

Terms

Definitions

1. Debit

a) I he unpaid balance or portion of a
loan or investment on which the

interest is figured

2. Balance

3. Overdraft

an amount by which withdrawals
are greater than the balance in an
account
the poinl at which a loan or invest
men I is due

28

d) the amount which has to be paid 1'or

the use of a bank's services byacur-rcnt account holder

a figure in the ledger indicating
a withdrawal or a change
the amounl remaining in an accounl

g) figure interest on the principal plus
any accrued interest

h) the amount per hundred pounds which is added to the balance of a deposit account

II

Using the words in brackets as a guide, explain Uie meaning of the following terms:

deposit (put into, an account)
withdrawal (an accounl, remove from)
standing order (transfer, automatic, bank, customer, in
structions)
joint accounl (two or more people, owned by)

5. slalemenl (a customer's deposits and withdrawals, a

record)

H. overdraft (current account, balance) 7. interest (Ihc use of money, pay for) H. nolice (one's intentions, an announcement of) 9. insurance (loss, protection against, government agency or

another specializing in)

III

Choose the right answer: J. "a current accounl" is:

one which is available for the time being,
one in which savings arc held,

29

с) one which is used all the time for day-to-day transae| tions.

2. "a canceled cheque" means:

worthless cheque,
stamped to indicate that payment has been made,
crossed cheque.

3. "a genuine signature" is:

a person's name written by himself,
a person's name written correctly,
legible signature,

4. "an outstanding cheque" means:

unpaid cheque,
written but not yet presented for payment,
overdue cheque. ,

5. "a deposit account" is:

one from which regular payments are made,
one in which savings are held,
one from which withdrawals can be made by cheque.

6. "rale of interest" is:

the percentage of each unit of money paid for its use,
rate of profitability,
portion of an investment on which the interest is calcu
lated. I

\
1. "an overdraft" is: я

a)an amount by which the balance in a current account
exceeds the value-of a cheque drawn from it, j

b) an amount by which the value of a cheque exceeds the^:balance in the current account,

c) an excessive balance in a current account.

iv '^ •"• •• '•• ;

Say ivlial is true and what is false. Correct Иге sentences:

1. The teller has to learn to recognize all customers' signa-

tures.

If you want to keep your investment fairly liquid, put it in
a deposit account.
You cannot make withdrawals from your deposit account.
Interest is paid by the bank on both current accounts and
deposit accounts.
Withdrawals arc made from a deposit account by cheque
or standing order.
Money is easily transferable irom a current account to a
deposit account.
The rate of interest on deposit accounts is fixed.
It is easier to get money out of a deposit account than it is
from a current account.

Give verbs which correspond lo the following nouns:

Verbs

Nouns

Assumption

Debit

Deposit

Maturity

Notice

Overdraft

Statement

Withdrawal

30

31

VI

to maintain to credit to permit to cancel to pay in

^ Find synonyms: to debit to deposit to reconcile to sign to accrue

VII

Collocations. 3

1 . Find llic nouns which are qualified in the text by lhe.s?\ adjectives and write one noun to each adjective:

general especially

most minimum

regular short-term .j

interest	overdraft
certificate	balance
charge	withdraw
cheque	service
deposit	saviVigs
account

2. Combine, the words listed below into meaningful two or\ three word expressions.

VIII

For each of the following phrases find the expression in the text or in the dialogue that explains it:

to record figures in a ledger
to compare one's own records with the bank's statement
and make them agree
money paid for the use of someone's money
to increase in quantity
the date when a loan or investment is due
a specified period of lime

1 to protect against loss or damage Я, at the rate of 5% each year

9, an instruction to a banker to'make a payment at regular
intervals

10. an instruction to a banker to make a single payment to a
specified person j

Ц. the amount on which the money paid for its use is calculated

on my deposit account this payment for the use of my
money builds up at the rale of 3%
another type of account into which my salary is paid ev
ery month
Ihe amount which 1 have to pay the bank for Ihe use of
Iheir services
theamounl by which my current account holding is greater
than nothing
my statement shows me lhat 1 owe the bank money

IX

Fill in the blanks:

Mr Collins and his wife have a current account in both their

names. They have a They both work and put money inlo

the account. They both make Sometimes they gel mixed

up about the amounts of money they have removed from their

account. They gel confused about their Once or twice

the amount remaining in their account has become loo low.

They have had too small a The next cheque they wrole

was for more money than they had in their account. They had

an The only way they could restore the balance was to

get a record of their deposits and withdrawals from the bank.

So they asked for a They also had the cheques which had

been stamped to indicate that payment had been made. They

had their cheques. Then they added up Ihe cheques lhal

had heen written but had not been paid by the bank ycl.
They totalled their cheques. They also subtracted from

32

2 1619

33

their balance the bank charges and interest on the Fi-;

nally they managed to make their records agree with the
bank's statement. They their account.

Unit Four Applications for Loans

Demonstrate the meaning of the following expressions in sentences of your own:

to reconcile a statement with one's own records
to have a joint account
to have an overdraft
to cover an outstanding cheque
to send your banker a standing order
to make a withdrawal
to calculate interest on
to pay interest

34

Active Vocabulary:

amortize (v)

repaid by annual installments appraise (v)

assets

fixed assets

current assets

balance sheet

chattel

chattel mortgage (US)

clear

collateral security

collateral

debt

deed

1) погашать долг в рассрочку

2) обеспечивать постепенную
выплату займа

выплаченный в рассрочку оценивать, определять стоимость

имущество, достояние, средства; активы; фонды; капитал

основные средства,
основные фонды
текущие активы
балансовый отчет
движимое имущество
ипотечный кредит
осуществлять клиринг
векселей, чеков; выплачивать
по чеку клиента
имущественное обеспечение,
обеспечение ценными
бумагами
обеспечение; залог;
дополнительное обеспечение
долг, задолженность,
обязательство
документ, скрепленный
подписью и печатью

35

Banker:
discount ( v)

encumbrance equity

estate estimate (v)

holding

holdings

indebtedness

instalment

legal charge

liabilities

liquidate (v)

mortgage

net value,

net worth (US)

obligation

pledge (v) property

real estate (US)

retire (v)

securities

title

trust

trust deed (US)

— 1) дисконт, учет векселей

2) процент скидки, станка учета|

закладная, долг, обязательство
1) маржа

доля акционера в капитале
обыкновенная акция

имущество, состояние
1) оценивать

подсчитывать
составлять смету

— 1) владение акциями
2) пакет акций

'— вклады, авуары

— задолженность

1) очередной взнос
2) частичный платеж
законная плата
денежные обязательства
ликвидировать, погашать
ипотека; залог; закладная
чистая стоимость компании;
собственный капитал
долговое? обязательство; облига
ция

закладывать
1) собственность
2) имущество
недвижимость
погашать долговое обязательство.
ценные бумаги, фонды
право собственности
]) траст, доверительный фонд
2) кредит / давать в кредит
акт учреждения доверительной
собственности

36

Dialogue

Head the dialogue.

!• Application for Credit

Our discount committee is still discussing your

application for credit. I wonder if you'd mind gi-

ving us some more information about certain

items shown on your balance sheet.

Customer:

B. :

C. :

B. :

C. :
B. :

Not at all.

Is the mortgage on your fixed assets being amor-

tized?

Yes. We're making semi-annual payments on this

obligation.

Your balance sheet show some indebtedness. Are

any of your assets pledged as security?

No. That's just an open note.

Would your company be willing to pledge part

of its current assets as collateral security to our

Joan?

C. ;

We wouldn't object to that. Part of this money will l>e used to retire present debts and part to expand our operations. Then we can immedi-

ately begin to liquidate this new liability.

1 think we'd better prefer that arrangement.

B.

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