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ENGLISH-RUSSIAN DICTIONARY OF BUSINESS TERMS 7 страница




A token money is a means of payment whose value or purchasing power as money greatly exceeds its cost of production or value in uses other than as money.

A $10 note is worth far more as money than as a 3 x 6 inch piece of high-quality paper. Similarly, the monetary value of most coins exceeds the amount you would get by melting them down and selling off the metals they contain. By collectively agreeing to use token money, society economizes on the scarce resources required to produce money as a medium of exchange. Since the manufacturing costs are tiny, why doesn't everyone make $10 notes?

The essential condition for the survival of token money is the restriction of the right to supply it. Private production is illegal.

Society enforces the use of token money by making it legal tender. The law says it must be accepted as a means of payment.

In modem economies, token money is supplemented by 10U money.

An IOU money is a medium of exchange based on the debt of a private firm or individual.

A bank deposit is IOU money because it is a debt of the bank. When you have a bank deposit the bank owes you money. You can write a cheque to yourself or a third party and the bank is obliged to pay whenever the cheque is presented. Bank deposits are a medium of exchange because they are generally accepted as payment.

VOCABULARY NOTES

the means of payment средство платежа

medium of exchange средство обращения

a standard of value мера стоимости

a unit of account единица учета

a store of value средство сбережения (сохранения стоимости)

a standard of deferred payment средство погашения долга

subsequently впоследствии

a barter economy бартерная экономика

to swap (also swop; syn. to exchange, to barter) обменивать, менять

to hand over in exchange передать, вручить в обмен

a double coincidence of wants двойное совпадение потребностей

a monetary unit денежная единица

to remind of напоминать

to be worthless обесцениваться

an interest-bearing bank account счет в банке с выплатой процентов

to pay interest приносить процентный доход

to erode зд. фактически уменьшать

hard currency твердая (конвертируемая) валюта

soft currency неконвертируемая валюта

invariably неизменно, постоянно

prisoner-of-war camp лагерь военнопленных

commodity money деньги - товар

token money символические деньги (дензнаки)

inch дюйм (равен 2,5 см)

to melt down расплавить

tiny costs мизерные затраты

legal tender законное платежное средство

to supplement дополнять

IOU money I owe you я вам должен; деньги, долговое обязательство

a bank deposit вклад в банке

Assignments

I. Suggest the Russian equivalents

exchange labour services for money; you must hand over in exchange a good or service; a double coincidence of wants; spend a lot of time and effort; make mutually satisfactory swaps; a barter economy is wasteful; commodity generally accepted in payment for goods; prices are quoted and accounts are kept; the rapid German inflation; its purchasing power is eroded by inflation; it's usually but not invariably convenient; cut back on other uses; exceeds its cost of production; by collectively agreeing; the survival of token money; society enforces the use of token money; token money is supplemented by IOU money; interest-bearing bank accounts



II. Replace the parts in italics by synonyms

sometimes payment can be put off till later, the vital feature of money; its purchasing power is worn away; the money is without value; it is not always convenient; time and effort are rare resources; private production of money is against the law

III. Find in the text opposites to the following words and expressions

take away; reject; planned event; in a minor way; increase; is less than; separately; very large; be under no compulsion to; public

IV. Fill in the gaps with the words and expressions from the text

1. The crucial feature of money is its acceptance as or .

2. People buy and sell goods for money.

3. In a barter economy goods are traded directly or other goods.

4. People must spend a lot of finding others with whom they can make mutually .

5. Society considers it convenient to use to determine of different

goods and services.

6. The unit of account is the unit in which prices are and are kept.

7. During the rapid German inflation German shopkeepers found it to use dollars as .

8. Money is a store of value because it can be used .

9. Nobody would accept money as payment for goods supplied today if the money was going_______ .

10. Since money______ and its real power by inflation, there are

almost certainly better ways to store value.

11. UK citizens can get bank loans___ the amount that next year.

12. When you borrow, the amount to be repaid next year is

measured in______________________________ .

13.______________ are ordinary goods with (gold) and (cigarettes), which also serve as a medium of exchange.

14. To use a commodity money, society must either other uses of that commodity or devote____________________________ to producing of the commodity.

15. A token money is a means of payment whose as money greatly

its cost of production or value in uses other .

16. By , society economizes on the scarce resources required to produce money as .

17. The essential condition for the survival of token money is to supply it.

18. Society enforces the use of token money by making it .

19. In modem economies, token money by .

20. An IOU money is a medium of exchange based on 1.

21. is IOU money because it is a debt of the bank.

V. Find in the text English equivalents for the following

основная (ключевая) черта (2 варианта); средство платежа; средство обращения; мера стоимости; средство сбережения (средство сохранения стоимости); единица учета; средство погашения долга; в обмен на; может быть впоследствии использовано; обмениваться товарами и услугами; бартерная экономика; измеряться); обесцененный; платить проценты; покупательная способность; промышленное использование; потребитель­ское использование; деньги - товар; денежные знаки (символические деньги); денежная стоимость; ограничение права; вклад в банке; банков­ская ссуда; законное платежное средство; долговое обязательство

VI. Explain in English

double coincidence of wants; deferred payment; medium of exchange; purchasing power; monetary value; legal tender; IOU

VII. Answer the questions

1. Why do people accept money?

2. Dwell on the functions of money.

3. Dwell on different kinds of money.

4. What's a barter economy? Why is trading expensive in a barter economy?

5. What currency can be used as the unit of account? Speak on the current situation in Russia.

6. What does IOU stand for?

VIII. Translate into English using all the active possible

1. Существует несколько функций денег. Во-первых, и прежде всего, деньги являются средством платежа, или обращения; деньги можно использовать при покупке и продаже товаров и услуг. Деньги выступают также мерой стоимости. Общество считает удобным использовать денежную единицу в качестве масштаба для соизмерения относительных стоимостей различных благ и ресурсов.

Деньги служат средством сбережения. Поскольку деньги являются наиболее ликвидным товаром, то есть таким, который можно без про­блем продать (обменять), то они являются очень удобной формой хране­ния богатства. Это, однако, не единственная форма хранения богатства. Во время упадка в экономике, при высокой инфляции и обесценении денег, население, скорее всего, будет хранить богатство в виде недвижи­мости или других дорогостоящих товаров - предметах искусства, драго­ценностях.

Деньги, которые, в сущности, являются долговыми обязательствами государства, коммерческих банков и сберегательных учреждений, имеют стоимость благодаря товарам и услугам, которые приобретаются за них на рынке.

 

 

Unit 19.

 

 

THE ROLE OF BANKS (РОЛЬ БАНКОВ)

The following story is going to explain the role of banks. In the past most societies used different objects as money. Some of these were valuable because they were rare and beautiful, others- because they could be eaten or used. Early forms of money like these were used to buy goods. They were also used to pay for marriages, fines and debts. But although everyday objects were extremely practical kinds of cash in many ways, they had some disadvantages, too. For example, it was difficult to measure their value accurately, divide some of them into a wide range of amounts, keep some of them for a long time, use them to make financial plans for the future. For reasons such as these, some societies began to use another kind of money, that is, precious metals.

People used gold, gold bullion, as money. Those were dangerous times, and people wanted a safe place to keep their gold. So they deposited it with goldsmiths, people who worked with gold for jewellery and so on and also had a guarded vault to keep it safe in. And when people wanted some of their gold to pay for things with, they went and fetched it from the goldsmith.

Two developments turned these goldsmiths into bankers. The first was that people found it a lot easier to give the seller a letter than it was to fetch some gold and then physically hand it over to him. This letter transferred some of the gold they had at the goldsmith's to the seller. This letter we would nowadays call a cheque. And, of course, once these letters or cheques, became acceptable as a way of paying for goods, people felt that the gold they had deposited with the goldsmith, was just as good as gold in their own pockets. And as letters or cheques, were easier to carry around than gold, and a lot less dangerous, people started to say that their money holdings were what they had with them plus their deposits. So a system of deposits was started. The second development was that goldsmiths realized they had a great deal of unused gold lying in their vaults doing nothing. This development was actually of greater importance than the first.

Now let's turn to the first bank loan ever and see what happened. A firm asked a goldsmith for a loan. The goldsmith realized that some of the gold in his vault could be lent to the firm, and of course he asked the firm to pay it back later with a little interest. Of course, at that moment the goldsmith was short of gold, it wasn't actually his gold, but he reckoned it was unlikely that everyone who had deposited gold with him would want it back at the same time, at any rate - not before the firm had repaid him his gold with a little interest. He thought it safe enough.

  Assets Liabilities
1. Old-fashioned goldsmith 2. Gold lender 3. Deposit lender: Step 1 4. Deposit lender: Step 2 Gold $100 Gold $90+loan $10 Gold $100+loan $10 Gold $90+loan $10 Deposits $100 Deposits $100 Deposits $110 Deposits $100

To understand what actually happened in this simple transaction let's consider the following table.


The first row shows what the goldsmith did before he made this loan. He had a hundred dollars of gold, which he owed to the people who had deposited it with him, so his assets and liabilities were the same. But when he lent, say, $10 of gold to the firm, he actually had only $90 of gold in his vault plus the value of his loan. His assets still equalled his liabilities, but he was going to get some interest.

It so happened that the firm, that took out the loan, didn't really want to carry that $10 of gold around, so it asked the goldsmith if, instead of actually taking the gold, it could be given a deposit. The third row of Tabl. 6 shows what happened then. Although the goldsmith's assets and liabilities were the same, but were thenworth $110, not $100. When the firm wrote a cheque for $10, and that person came in to collect his $10 worth of gold, the goldsmith's assets failed, but so did his liabilities (the fourth row of the table). The important point to notice here is that it made no difference to the goldsmith whether his initial loan was in actual gold or in a form of a deposit.

Now let's turn to the question of reserves. Reserves are the amount of gold that is immediately available in the vault to meet depositors' demands. People originally deposited $100 of gold with the goldsmith. The goldsmith lent $10, leaving himself with $90. As a banker he was relying on the fact that not everyone would want their gold back at the same time. If they had done, he couldn't have paid out. His reserves of $90 were not enough.

The goldsmith in the table has a 100% reserve ratio. The reserve ratio is the ratio of reserves to deposits. Once he has made his loan, he has a 90% deposit ratio. This is a small risk with a small profit. How much dare he lend out in order to make a profit through his interest charges? What are the risks involved? Suppose the goldsmith took too much of a risk He lent 80% of the gold he had. This panicked people. They doubted he could pay them all back, he was bound to lose some of the gold he had lent, so they rushed to get their gold back before it was too late. That was what we would now call a run on the bank, a financial panic. And the financial panic leads to exactly what people fear, the bank cannot pay them, goes bankrupt, and they go bankrupt as well.

VOCABULARY NOTES

rare редкий

fines штрафы

to measure their value accurately точно измерить их стоимость (ценность)

to divide into a wide range of amounts разделить на много частей (ма­леньких или больших)

precious metals драгоценные металлы

gold bullion золотой слиток

to deposit with хранить, вкладывать

a goldsmith золотых дел мастер

worked with gold for jewellery делал золотые украшения

a guarded vault охраняемый подвал, хранилище

to fetch приносить, доставать

to transfer переводить, передавать

once these letters or cheques, became acceptable as a way of paying for goods как только (когда) эти письма, или чеки, стали приниматься при оплате товаров

their money holdings деньги, которые им принадлежали, которыми они владели

a bank loan банковская ссуда, заем

a little interest небольшой процент

the goldsmith was short of gold у мастера не было достаточно золота

to reckon полагать, считать

at any rate во всяком случае

a transaction сделка

to owe быть должным

assets and liabilities активы и пассивы

the value of his loan стоимость ссуды, которую он дал

to equal равняться, быть равным

the firm didn't really want to carry that gold around, so it asked the goldsmith if, instead of actually taking the gold, it could be given a deposit фирма не хотела держать золото при себе (носить золото с собой) и вместо того, чтобы на самом деле его забрать, попросила мастера принять это золото на хранение в виде вклада

(they) were worth $110 их стоимость составляла, они оценивались (имели ценность) в 110 долларов

to write (syn. to draw, to issue, to make out) a cheque выписать чек

his assets failed зд. его активы снизились

to fail (о банках) обанкротиться

initial loan первоначальная ссуда

reserves резервы

the amount of gold that is immediately available in the vault запасы (количество) золота, которое всегда находится (и может быть немедленно получено) в хранилище банка

depositors' demands требования вкладчиков

leaving himself with $90 оставив себе только 90 долларов

to rely on рассчитывать, надеяться на что-либо

the reserve ratio резервная норма

dare осмеливаться

to make a profit through his interest charges получить прибыль за счет платежа процентов

What are the risks involved? Чем он рискует?

to panic (panicked) пугать, приводить в панику

to doubt сомневаться

he was bound to lose some of the gold он непременно должен был потерять часть золота

a run on the bank натиск вкладчиков на банк

the financial panic финансовая паника

to fear опасаться, страшиться

to go bankrupt обанкротиться

Assignments

I. Suggest the Russian equivalents

they wanted their gold to pay for some things with; two developments turned these goldsmiths into bankers; it transferred some of the gold they had...to the seller; the goldsmith was short of gold; the risks involved; to make a profit through his interest charges; a goldsmith took too much of a risk; he was bound to lose some of the gold

II. Fill in the gaps with the words and expressions from the text

1. In the past most societies used different objects as to buy , to

pay for .

2. Some of these were valuable because they were____ , others- because they .

3. People used gold, , as money. .

4. People_________ their gold with______ , people who also had to keep gold safe in.

5. When people wanted some of their gold to _ , they went and it from the goldsmith.

6. People found it a lot easier _____ the seller , that we would

nowadays call________ , than it was____ some gold and then to him.

7. Once these letters or cheques, became_ as a way of for goods,

people felt that the gold they_______________ with the goldsmith, was just as gold in then own_______________ .

8. People started to say that their__ were what they plus their .

9. Goldsmiths realized they had a great deal of lying in their vaults .

10. This development was actually of than the first.

11. At the moment of his first loan the goldsmith , it wasn't actually

__ gold, but he it was that everyone who gold with him would want it back .

12. The third row shows that although the goldsmith's were the same, but $110, not $100.

13. When the firm________________ for $10, and that person came in his $10 worth of gold, the goldsmith's_________________ .

14. It made________________ to the goldsmith whether his was in or in a form of .

15. Reserves are the amount of gold that is to meet .

16. As a banker he_____ the fact that_____ would want their gold at the same time.

17. The reserve ratio is the ratio of to .

18. How much______________ he lend out in order to through ?

19. People_________________ he could pay them all back, he to lose some of the gold he had lent, so they______________ to get their gold back before .

20. The__ or_________________ , leads to exactly what people : the bank cannot them,____ , and they_______________ as well.

III. Find in the text English equivalents for the following

использовать золото (слитки) в качестве денег; отдавать на хранение; золотых дел мастер; (банковское) хранилище (охраняемый подвал); заби­рать у мастера; стали приниматься в качестве платежа за товары; неис­пользуемое золото; оставив себе только 90 долларов; простая сделка; не­большой риск с небольшой прибылью; расплатиться; обанкротиться (2 вар.); финансовая паника; натиск вкладчиков на банк

IV. Answer the questions

1. What did people use as money? Give some examples.

2. What were the reasons that made some societies start using precious metals as money?

3. Who were the original bankers? Where did they keep gold?

4. What are the 2 developments that turned the goldsmiths into bankers? Which of them is of greater importance?

5. What kind of letter did people give to the seller as a payment? What's it called nowadays?

6. Why did people start to say that their money holdings were what they had with them plus their money deposits?

7. How was the system of deposits started?

8. What did a firm ask a goldsmith for? Did he agree to it? On what terms?

9. Explain the information in the first and in the second rows of the table.

10. What did the firm want to do with the gold it had borrowed from the goldsmith? What would we call a deposit today?

11. Explain the information in the third and the fourth rows of the table.

12. What was the goldsmith relying on as a banker?

13. What is reserves and a reserve ratio? What is the goldsmith's reserve ratio after making the loan?

14. Why is it said that the goldsmith took too much of a risk? How much did he lend? What did people do? What is it called nowadays?

V. Translate into English using all the active possible

Когда царствует процветание, можно ожидать, что банки расширят кредит до максимума своих возможностей. Наоборот, когда на экономи­ческом горизонте появляются тучи депрессии, банкиры поспешно берут назад свои предложения о займах, стремясь к безопасной ликвидности, даже если для этого потребуется пожертвовать потенциальным доходом от процента. Банкиры могут опасаться крупномасштабных изъятий вкла­дов паникующим населением и сомневаться в способности заемщиков выплатить ссуду.

 

 

Unit 20.

 

MODERN BANKING

(СОВРЕМЕННАЯ БАНКОВСКАЯ СИСТЕМА)

The goldsmith bankers were an early example of a financial intermediary.

A financial intermediary is an institution that specializes in bringing lenders and borrowers together.

A commercial bank borrows money from the public, crediting them with a deposit. The deposit is a liability of the bank. It is money owed to depositors. In turn the bank lends money to firms, households or governments wishing to borrow.

Banks are not the only financial intermediaries. Insurance companies, pension funds, and building societies also take in money in order to relend it. The crucial feature of banks is that some of their liabilities are used as a means of payment, and are therefore part of the money stock.

Commercial banks are financial intermediaries with a government licence to make loans and issue deposits, including deposits against which cheques can be written.

Let's start by looking at the present-day UK banking system. Although the details vary from country to country, the general principle is much the same everywhere.

In the UK, the commercial banking system comprises about 600 registered banks, the National Girobank operating through post offices, and a dozen trustee savings banks. Much the most important single group is the London clearing banks. The clearing banks are so named because they have a central clearing house for handling payments by cheque.

A clearing system is a set of arrangements in which debts between banks are settled by adding up all the transactions in a given period and paying only the net amounts needed to balance inter-bank accounts.

Suppose you bank with Barclays but visit a supermarket that banks with Lloyds. To pay for your shopping you write a cheque against your deposit at Barclays. The supermarket pays this cheque into its account at Lloyds. In turn, Lloyds presents the cheque to Barclays, which will credit Lloyds' account at Barclays and debit your account at Barclays by an equivalent amount. Because you purchased goods from a supermarket using a different bank, a transfer of funds between the two banks is required. Crediting or debiting one bank's account at another bank is the simplest way to achieve this.

However on the same day someone else is probably writing a cheque on a Lloyds' deposit account to pay for some stereo equipment from a shop banking with Barclays. The stereo shop pays the cheque into its Barclays' account, increasing its deposit. Barclays then pays the cheque into its account at Lloyds where this person's account is simultaneously debited. Now the transfer flows from Lloyds to Barclays.

VOCABULARY NOTES

securities ценные бумаги

interest-bearing long-term financial assets долгосрочные финансовые активы, приносящие процентный доход

government bonds государственные облигации

industrial shares промышленные акции

the stock exchange фондовая биржа

miscellaneous bank assets прочее имущество банка

sight deposit депозит до востребования; бессрочный вклад

time deposit срочный вклад

to withdraw отзывать (вклад)

to run down a deposit уменьшать вклад

cheque (checking) accounts текущий (чековый) счет

to sell off распродавать

call in high-interest loans требовать возврата займов (требовать уплаты процентов)

certificates of deposit депозитные сертификаты

miscellaneous liabilities прочие (другие) пассивы

Assignments

I. Suggest the Russian equivalents

institution that brings lenders and borrowers together; crediting them with a deposit; with a government licence; as a means of payment; handling payments by cheque; a set of arrangements; adding up all the transactions; to balance inter-bank accounts; the net amount; to calculate the net flows between banks; costs of making transactions; cash assets are notes and coin; to purchase interest-earning assets; bills and market loans; asset-holders; lending to households and firms; the major share of clearing bank lending; interest-bearing long-term financial assets; price fluctuates; a period of notification; high-interest investments

II. Replace the parts in italics by synonyms

debited at the same time; interest-bearing assets; current assets; to support the firm for a difficult period of time; firms may not be able to repay when the bank demands; demand deposit; to draw money from a bank account

III. Fill in the gaps with the words and expressions from the text

1. A financial intermediary is an institution that specializes in .

2. A commercial bank ____________ money from the public, them with a deposit, which is___________ of the bank.

3. As liabilities are used as____ , and are part of .

4. Commercial banks are with a government licence to and

5. The clearing banks are so named because they have for .

6. A clearing system is a set of____________ in which between banks are .

7. Lloyds presents the cheque to Barclays, which will Lloyds' account at Barclays and your account at Barclays by____________ amount.

8. Because you purchased goods from a supermarket using ,

between the two banks is required.

9. Barclays then _ _ into its account at Lloyds where this person's account is .

10. The clearing system calculates between the member clearing banks, thus representing another way society____ of making transactions.

11. Modern banks' include notes and coin in the banks' vaults and their

__ deposited with .

12. The other entries on the asset side of show money that has been or used to purchase_______________________ .

13. The second item,_ , shows .

14. Money itself is thus asset of all.

15. The third item,_________ , shows lending to .

16. Although advances represent of clearing bank lending, they are not of bank lending.

17. The fourth item,____________ , shows bank purchases of , which can be or .

18. Although these assets are traded daily on , their price from day

to day, hence financial investment in securities is also .

19. Deposits are chiefly of two kinds: and .

20. Whereas can be withdrawn whenever the depositor wishes, without giving the bank______ , a minimum__ must be given before can be

21. Whereas most banks do not pay interest on or , they can afford to pay interest on .

22. Since they have notification of any withdrawals, they have plenty of time to sell of ' or call in in order to have the money to pay out deposits.

23. CDs are an___ form of where the bank borrows from the public for and knows exactly when____ .

IV. Increase your vocabulary

Prepositions

to borrow from; to purchase from

to bank with; to deposit with

to credit with; to lend to

to take in; to call in loans

to write a cheque against a deposit

to pay the cheque into account

an account at a bank

Make sentences of your own using these phrases.

V. Find in the text English equivalents for the following

финансовый посредник; банковские пассивы; страховая компания; пенсионный фонд; строительное общество; предоставлять ссуды: открыть депозит; доверительный сберегательный банк; клиринговый банк; цен-трапьная расчетная палата; кредитовать счет; дебетовать счет; перевод суммы денег (фондов); получатель чека; банк - член расчетной палаты;, балансовый отчет; активы; денежные активы; кассовый резерв; кратко­срочные ссуды; переводить в деньги; авансовая ссуда; ценные бумаги; правительственные облигации; акции какой-либо промышленной ком­пании; фондовая биржа; неликвидный; прочее имущество; бессрочный вклад (депозит до востребования); отзывать вклад по предъявлении; срочный вклад; не предупреждая заранее; текущий (чековый) счет; вы­плачивать проценты; депозитный сертификат





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