XI Answer the following questions

1) When were the first Russian coins minted?

2) Whose reforms is the kopeck`s emergence connected with?

3) Who brought into circulation the coins of various denominations?

4) What can you say about Count Kankrin`s Reform?

5) Who set up a new monetary system in Russia?

Unit VI

Moscow Narodny Bank

Pretext Tasks

I.Vocabulary list:

II. Translate the following words or word combinations without the dictionary.

financial position, market management, licensed bank, qualified specialist, market economy, finance, region, project, export, banks, business in Russia, central bank, authorized, financial services, Russian-owned, Europen banks, offshore, advisory services.

III. Give the English equivalents to the following Russian phrases.

финансовые организации, банковское дело, лицензированный банк, центральный банк финансовые услуги, регулируется банком Англии, Московский народный банк, банк корреспондент, зарубежные (оффшорные) представители, главное управление, финансирование торговли, торговые банки, восточная Европа, сеть банков.

IV. Give the Russian equivalents to the following:

Russian – owned bank, the offshore representative, UK – licensed bank, trade finance, European bank, financial institution,trade and finance window, market economy, customers of bank, to provide, financial services, network of bank, to facilitate business in Russia, to be fully authorized, trade finance, to project, advisory services, to specialize in import-export operations, foreign exchange.

V. Moscow Narodny Bank

Read and translate the text:

Find the answers in the text.

1. When and where was MNB established?

2. How many employees are there in MNB?

3. Is MNB the only Russian bank that has a full UK banking license?

4. Who are the customers of MNB mostly?

5. Is MNB also a big participant in project finance connected with capital projects in
Russia?

Moscow Narodny Bank is a Russian-owned, UK-licensed bank. MNB is a very traditional type of bank. MNB was established in London in 1919. It became the offshore representative of the Soviet government after the Bolshevik revolution in 1917. For years it was the foreign exchange and trade finance window for the Soviet government. Other eastern European banks also have long established London operations. But other have moved in since the transition to a market economy began in central and eastern Europe.

It is now a financial institution headquartered in London, owned by the Russian central bank but regulated by the Bank of England. MNB employs about 200 people. So far, MNB is the only Russian bank to have a full UK banking license.

The customers of MNB are mostly state institutions that specialize in import-export operations. But its principal clients today are the 300 major Russian banks, to which it provides financial services using its vast network of correspondent banks. MNB is also big participant in project finance connected with capital project in Russia.

This year, MNB has found itself returning to its roots. It has set up a new Russian bank. Mosnarbank, specifically to facilitate business in Russia and CIS. MNB says Mosnarbank is the first UK bank to be fully authorized to do business in the region by both the Russian Central Bank and the Bank of England.

Mosnarbank will specialize in the treasury, trade finance and project advisory services.

After text exercises