I. Paraphrase or explain the following word combinations

Банківська справа

Active vocabulary

statement твердження

prominent видатний

to achieve objective досягати мети

field high in demand галузь, що користається великим попитом

perspective перспектива

scientific evidence наукові факти

to resolve the problem вирішити проблему

to face the problem зштовхнутися з проблемою

transition to the market перехід до ринку

ultimate objective кінцева, головна мета

endeavour старання, пильність

major in Economics вивчати економіку, як основний предмет

solid background міцна підготовка

challenge проблема, складне завдання

to underestimate недооцінювати, нехтувати

sound expertise міцні, спеціальні знання, компетентність

to survive вижити

challenging environment середовище, що пред'являє великі вимоги

persistence завзятість

MY FUTURE SPECIALITY

I fully agree with the statement that what we are now is the result of our own choice. My main life choice was made when I entered Kyiv National Economic University, a prominent economic establishment of higher learning.

My decision to get education in economics was planned well in advance.

I have chosen economics not only because of its great role in our life. As a member of society in which you live, there is no way escaping economics. The study of economics will help you to understand the society and its economic forces better and enable you to live a fuller life.

Besides I am eager to realise intellectual potential that I feel I possess. This objective could be best achieved by building a successful, intellectually - rewarding career in one of the fields high in demand. From this perspective, economics was my natural choice as an exciting and rewarding discipline that is between the natural sciences and humanities, offering the potential for an unusually strong mix of scientific evidence and theoretical argument. Furthermore, modern economic techniques are absolutely essential to resolving the problems faced by the former centrally planned economies in their transition to the market.

I believe that a necessary and the most logical way to contribute to the economic development in my home country is to acquire educational qualification levels of Bachelor, Specialist and Master of Science in Economics. These degree programmes in economics are professionally - oriented and require five or six years of study.

The ultimate objective of this educational endeavour is to obtain knowledge and skills comparable to those of other prospective graduate students who major in Economics at the various European and US universities. The task of building a solid background in economic theory turned out to be a real challenge.

In the view of the above-mentioned the role of foreign languages should not be underestimated. The main purpose of teaching a foreign language at the university is to train specialists capable to make practical use of the foreign language by reading and understanding English books in their speciality, exchanging and acquiring information, co-operating on specific problems with specialists form other countries.

I believe that rapid changes in industrial and market structure in the economy of our country will greatly increase demand for highly skilled specialists with sound expertise in this area, thus providing an opportunity for a successful career in both private and public sectors.

I am very grateful to my Alma Mater for teaching me how to survive in a highly competitive and challenging environment through persistence and hard work.

EXERCISES

I. Paraphrase or explain the following word combinations

- economic establishment of higher learning

- to plan well in advance

- there is no way escaping economics

- acquire educational qualification

- to be a challenge

- competitive and challenging environment

- educational endeavour

- solid background

 

II. Find in the text English equivalents to the following words and word combinations. Make sentences of your own with these phrases:

Твердження; мати інтелектуальний потенціал; досягати мети; галузь, що користується попитом; наукові факти; сучасні економічні технології; вивчати економіку, як основний предмет; зштовхнутися з проблемою; кінцева, головна мета; перехід до ринку; міцні,спеціальні знання, компетентність; середовище, що пред'являє великі вимоги.

III. Fill in the blanks with the proper words and phrases from the box:

Building; statement; the main purpose; a solid background; a highly competitive; transition to the market; our own choice; sound expertise; highly skilled specialists; modern economic techniques; objective; career; scientific evidence; to make practical use; challenging environment.

1. I fully agree with the … that what we are now is the result of ….

2. This … could be best achieved by … a successful, intellectually- rewarding … in one of the fields high in demand.

3. Economics is between the natural sciences and humanities, offering the potential for an unusually strong mix of… and theoretical argument.

4. … are absolutely essential to resolving the problems faced by the former centrally planned economies in their ….

5. The task of building … in economic theory turned out to be a real challenge.

6. … of teaching a foreign language at the university is to train specialists capable … of the foreign language.

7. Rapid changes in industrial and market structure in the economy of our country will greatly increase demand for …with …in this area.

8. I am very grateful to my Alma Mater for teaching me how to survive in … and … through persistence and hard work.

BANKING AS A CAREER

I am a student of Kyiv National Economic University. My speciality is Bank management. I am very keen to start a career job in banking. I`ve been interested in banking since I was at school.

 

Bank is an institution, which handles other people’s money both to their advantage and to its own profit. Historically, the bank has grown out of basic community needs, Firstly, it provided a safe place to store valuables, secondly, a store from which to borrow money for specific purposes and periods, and, thirdly, the means of settling debts without having to carry large amounts of money from place to place.

(A\ the) Banker is a person conducting a banking business.

There are many different terms used for types of banks: central banks, commercial banks, investment banks, savings banks, cooperative banks, mortgage banks, Gyro banks. Commercial banks are banks in the classic business of taking deposits and lending money. The aim of commercial banks is to earn profit. Typically, a bank consists of some departments, divisions and branches. At the heard of it there is the Council and the Board. The ordinary shareholders at the Annual General Meeting elect the Board.

The Board is concerned with the overall policy of the bank and the major decisions, which put that policy into effect. At the end of each business year the Board recommends and the Annual General meeting decides how much should be retained in the business. In preparation for the Annual General Meeting, a bank published its Report and Accounts. These must be sent to every shareholder and are 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.

It takes a lot of employees to run the bank. The clerical jobs are graded according to the demands and responsibilities of each particular position.

The most junior of the clerical jobs is bank clerk or the grade economist. He or she begins by preparing customer’s statements, sorting sheenes and learning to use accounting machines. The second grade is an economist of the second category. This work gives more personal contact with customers. The next grade is the position of a leading economist. By the time he or she reaches this grade the work is becoming more complex. The last grade is a chief economist. This is the senior of the clerical grades. He or she works closely with the branch manager and acts as his assistant providing all the information needed for the day-to-day control of accounts, for lending money. He or she is given opportunity to exercise your own judgment in a number of matters.

Anyway, I am sure in order to have a good position I must be very hard working and I’ll become a successful and prosperous banker.

 

EXERCISES

Q...?

A. Historically, the bank has grown of community needs.

B. Q...?

C. Commercial banks are banks in the classic business of, taking deposits and lending money.

E. Q...?

G. Q...?

I. Q...?

To be interested in banking

To grow out of basic needs

To be available for anyone

Banking System of Ukraine

The National Bank of Ukraine serves as the country's central bank which pursues a uniform state monetary policy to ensure the national currency stability.

Commercial banks are formed as joint-stock companies or as com­panies on an equal footing with both legal and natural persons in­volved

The banks act in accordance with the “Constitution of Ukraine, the Law of Ukraine “On the National Bank of Ukraine,” On Banks and Banking, the Ukrainian legislation on joint-stock companies and other economic entities, as well as with the normative regulations of the National Bank of Ukraine and their Statutes

Starting from January 1, 1998, the banking system of Ukraine has transfered to the International accounting and statistics standards.

Banking system of Ukraine consists of two levels — the National Bank of Ukraine at the higher level and commercial banks at the lower level. The National Bank of Ukraine activity is aimed at form­ing the system of finance and credit of the state and controlling the credit system lower level section activity. Lower level section activity is aimed at available resources mobilization and their employment in crediting and investing subjects of management as well as getting profits and capital accumulation in order to refund economy. At the background of finance and money stabilization the money reform was successfully carried out in 1996 — the own money unit — Ukrainian hrivnya — was put into circulation. Stability of national money laid the foundation of positive changes in economy, having provided the proper financial conditions, stable criteria, which must interest inves tors. Long-term credits of banking system are growing.

 

Task: Summarize the information you have learnt from text B.

TEXT C

Banks and Banking

When it comes to dealing with money, the banks provide a variety of services essential to trade and to the eco­nomy of a country. There are two main types of bank:

1. Central banks

These are the institutions which control the banking of the entire country; they work together with the government to control the country's economy. The central bank of the United Kingdom is the Bank of England, in the USA it is the Federal Reserve Sys­tem, in single-currency Europe the European Cent­ral Bank, etc.

The central bank has a number of different functions:

a) To issue banknotes and coins, the country's cur­rency. These notes and coins are legal tender in the country where they are produced; this means that traders in that country may not refuse them when they are offered as payment.

b) To look after the country's gold reserves.

c) To make sure that the country's currency keeps its value.

d) To act as bankers for the government and the other banks.

e) To keep inflation under control. Inflation hap­pens when there is a lot more money (in the form of banknotes and credit) available than there are goods for sale (in other words, when demand for the goods exceeds supply). When this happens, prices increase sharply and often. To stop it, the central bank needs to take money out of circula­tion, for example by increasing interest rates (this makes borrowing more expensive and means that fewer people will apply for credit), and by in­creasing the amount of money which all banks have to deposit with the central bank.

 

central bank центральний банк

currency валюта

legal tender законний платіжний засіб

inflation інфляція

supply and demand пропозиція та попит

circulation обіг

interest rate процентна ставка

 

2. Commercial banks

These are the public or private banks which people use for their everyday money matters. If you have a bank account for example, it will be at a commercial bank.

There are three basic types of bank account:

• Current account. This type of account is used for everyday transactions such as paying bills, trans­ferring money and drawing cheques. You can have an overdraft on this type of account (that means you can withdraw more money than you have in the ac­count, although you will have to pay interest for this service), but you don't usually receive interest on the money you pay in.

• Deposit account. This type of account may be used for short-term, small savings; the money paid in earns a small amount of interest. It is not possible to draw cheques or have an overdraft on this type of

account, but it is possible to transfer money to it from a current account.

• Investment account. Money paid into this type of account earns more interest, but the customer has to inform the bank in advance when he wants to with­draw his money. If it is a fixed-term account, he may not be able to withdraw the money for a certain period agreed with the bank (for example, five years). This type of account may be used for larger, long-term savings.

 

commercial bank комерційний банк

bank account банківський рахунок

current account поточний рахунок

transaction (банківська операція)

to transfer money переказувати гроші

to draw a cheque виписувати чек

overdraft перевищення кредиту (овердрафт)

to withdraw money знімати гроші з рахунку

deposit account депозитний рахунок

savings заощадження

investment account інвестиційний рахунок

fixed-term account строковий рахунок

Exercise 1. What kind of bank account do you think each of these people might have opened?

1. A twelve-year-old child inherits J10,000, which he won't be able to touch until he's 18.

2. An elderly woman keeps $200 in her handbag "for emer­gencies". She is persuaded to pay it into a bank account for safety.

3. An 18-year-old begins work and needs an account so that his wages can be paid at the end of the month.

4. A couple with young children wins a large amount ofmoney in the lottery.

5. A student needs a bank account for her grant.

6. A teenager wants to save money to buy a motor-bike.

Another function of the commercial banks is to pro­vide credit, in the form of:

• Overdrafts, where the customer can take out more money than he has in his account up to a cer­tain limit agreed with the bank. He has to pay the money back whenever requested by the bank, and he also has to pay a relatively high rate of interest when­ever he is overdrawn. For this reason, an overdraft is not the best option for long-term borrowing.

• A loan is cheaper if a large amount of money has to be borrowed over a longer period. It is usually taken out for one item such as a car or a house, and is repaid in monthly instalments along with a fixed rate of interest. A loan used to buy a house or land is called a mortgage.

• Credit cards such as Visa or American Express are used to buy goods without needing to pay for them immediately. The customer receives a monthly statement and can either pay the entire amount in full (in which case no interest has to be paid) or in monthly instalments (plus a fixed rate of interest).

 

credit кредит

loan позичка

mortgage закладна (іпотека)

credit card кредитна картка

 

Exercise 2. What kind of credit did each of these bank customers ask for?

1. Mr. and Mrs. Garrington sold their old house and bought a new one. However, as the new house was much largerand more expensive, they needed credit to pay the difference.

2. Jenny is a student whose income only just meets her ex­penses. In the winter months her heating and electricity bills are higher, and without credit she wouldn't always be able to pay them.

3. Adam wants to buy a car, but only has enough savings to buy an old one. He would rather make use of his bank's credit facilities to buy a newer model which hopefully wouldn't need repairing so often.

4. Mrs. Brown has her own company. She travels a lot on business and likes to make use of her bank's credit facilities to spread her expenses over a longer period.

5. Mr. Price has to pay the rent for his apartment on the first day of every month. However, he only receives his salary on the third day of the month. Without his bank's credit facilities, he wouldn't always be able to pay the rent.

Other commercial bank services include:

• Standing order facilities, where the same amount of money is transferred from one account to another at regular intervals. For example, somebody might set up a standing order to pay the rent automatically every month.

• Direct debit facilities, where a varying amount of money is transferred from one account to another at regular intervals. For example, somebody might set up direct debit facilities to pay his telephone bill automatically every month.

• Advising their customers on making investments, for example in gold, property or shares.

• Safe facilities for their customers to lock up va­luable articles such as jewellery or important documents.

• Providing foreign currency and traveller's cheques.

• Paying out cash (for example from cash dispens­ers) and accepting cash deposits.

• Providing cheques and carrying out cheque trans­actions.

 

standing order постійне замовлення

direct debit пряме дебітування

investment інвестиція, вкладення грошей

propertes майно

shares акції

safe сейф

cash dispenser банкомат

deposit платіж, внесок

 

 

Task: Summarize the information you have learnt from text C.

Answer the following questions:

1. What makes you choose the banking speciality?

2. Who supervises and regulates the banking system of Ukraine?

3. How many levels does the banking system of Ukraine consist of?

4. What types of banks do you know?

5. What is the aim of commercial banks?

6. Since when has the banking system transferred to the International Acounting Standards?

7. When was the Ukrainian hrivnya put into circulation?

8. According to what laws do the Ukrainian banks act?

9. Who elects the Board of the bank at the Annual General Meeting of shareholders?

10. What does a bank publish for the Annual general meeting?

 

 

Translate the following sentences from Ukraine into English:

1. Я цікавлюся банківською справою ще зі школи.

2. Національний банк України регулює та контролює банківську систему України.

3. Банківська система України складається з двох рівнів: національний банк України та комерційні банки.

4. Існує багато різних термінів для назви банків: комерційні банки, інвестиційні банки, ощадні, іпотечні банки.

5. Мета комерційних банків – заробляти прибуток.

6. Банківська система України перейшла на міжнародні стандарти з 1 січня 1998 року.

7. Українська гривня була введена в обіг у 1996 році.

8. Банки України діють відповідно до закону про банки.

9. Акціонери банку обирають правління банку на щорічних загальних зборах.

10. Банк друкує свій звіт у підготовці до щорічних загальних зборів акціонерів.

 

 

Банківська справа

Active vocabulary

statement твердження

prominent видатний

to achieve objective досягати мети

field high in demand галузь, що користається великим попитом

perspective перспектива

scientific evidence наукові факти

to resolve the problem вирішити проблему

to face the problem зштовхнутися з проблемою

transition to the market перехід до ринку

ultimate objective кінцева, головна мета

endeavour старання, пильність

major in Economics вивчати економіку, як основний предмет

solid background міцна підготовка

challenge проблема, складне завдання

to underestimate недооцінювати, нехтувати

sound expertise міцні, спеціальні знання, компетентність

to survive вижити

challenging environment середовище, що пред'являє великі вимоги

persistence завзятість

MY FUTURE SPECIALITY

I fully agree with the statement that what we are now is the result of our own choice. My main life choice was made when I entered Kyiv National Economic University, a prominent economic establishment of higher learning.

My decision to get education in economics was planned well in advance.

I have chosen economics not only because of its great role in our life. As a member of society in which you live, there is no way escaping economics. The study of economics will help you to understand the society and its economic forces better and enable you to live a fuller life.

Besides I am eager to realise intellectual potential that I feel I possess. This objective could be best achieved by building a successful, intellectually - rewarding career in one of the fields high in demand. From this perspective, economics was my natural choice as an exciting and rewarding discipline that is between the natural sciences and humanities, offering the potential for an unusually strong mix of scientific evidence and theoretical argument. Furthermore, modern economic techniques are absolutely essential to resolving the problems faced by the former centrally planned economies in their transition to the market.

I believe that a necessary and the most logical way to contribute to the economic development in my home country is to acquire educational qualification levels of Bachelor, Specialist and Master of Science in Economics. These degree programmes in economics are professionally - oriented and require five or six years of study.

The ultimate objective of this educational endeavour is to obtain knowledge and skills comparable to those of other prospective graduate students who major in Economics at the various European and US universities. The task of building a solid background in economic theory turned out to be a real challenge.

In the view of the above-mentioned the role of foreign languages should not be underestimated. The main purpose of teaching a foreign language at the university is to train specialists capable to make practical use of the foreign language by reading and understanding English books in their speciality, exchanging and acquiring information, co-operating on specific problems with specialists form other countries.

I believe that rapid changes in industrial and market structure in the economy of our country will greatly increase demand for highly skilled specialists with sound expertise in this area, thus providing an opportunity for a successful career in both private and public sectors.

I am very grateful to my Alma Mater for teaching me how to survive in a highly competitive and challenging environment through persistence and hard work.

EXERCISES

I. Paraphrase or explain the following word combinations

- economic establishment of higher learning

- to plan well in advance

- there is no way escaping economics

- acquire educational qualification

- to be a challenge

- competitive and challenging environment

- educational endeavour

- solid background

 

II. Find in the text English equivalents to the following words and word combinations. Make sentences of your own with these phrases:

Твердження; мати інтелектуальний потенціал; досягати мети; галузь, що користується попитом; наукові факти; сучасні економічні технології; вивчати економіку, як основний предмет; зштовхнутися з проблемою; кінцева, головна мета; перехід до ринку; міцні,спеціальні знання, компетентність; середовище, що пред'являє великі вимоги.

III. Fill in the blanks with the proper words and phrases from the box:

Building; statement; the main purpose; a solid background; a highly competitive; transition to the market; our own choice; sound expertise; highly skilled specialists; modern economic techniques; objective; career; scientific evidence; to make practical use; challenging environment.

1. I fully agree with the … that what we are now is the result of ….

2. This … could be best achieved by … a successful, intellectually- rewarding … in one of the fields high in demand.

3. Economics is between the natural sciences and humanities, offering the potential for an unusually strong mix of… and theoretical argument.

4. … are absolutely essential to resolving the problems faced by the former centrally planned economies in their ….

5. The task of building … in economic theory turned out to be a real challenge.

6. … of teaching a foreign language at the university is to train specialists capable … of the foreign language.

7. Rapid changes in industrial and market structure in the economy of our country will greatly increase demand for …with …in this area.

8. I am very grateful to my Alma Mater for teaching me how to survive in … and … through persistence and hard work.