Presenting a check for payment

43. Gentlemen,

44. Enclosed please find a check in the amount of... which is to be deposited in our account №....

45. We would like to be informed of the results as soon as possible.

46. Thank you for your cooperation.

47. Yours sincerely,

48. Enclosure:

49. Сheck

PAYMENT ORDER

50. Dear Sirs,

51. Please cable on our behalf... from our account №... to the order of... in... to their account with.... (bank) in payment of invoice №... dated...

52. Expenses are to be charged to the receiver.

53. Thank you for your cooperation.

54. Yours sincerely

APPLICATION FOR CREDIT

55. For further financing of our business activities we would like to have some information about your conditions for granting: a credit on our current account; an overdraft on our current account; a long-term loan; a discount credit in the amount of...

56. We would also like to be informed of the credit margin you will be able to grant us.

57. We require this credit: for short term; only occasionally; only until payment is received; to pay for raw materials.

58. We have been your customer for the past five years. This will enable you to check on our credit rating.

59. Enclosed, please, find our balance sheets for the past three years. We are looking forward to your considering this matter and granting us a credit.

DELAY IN PAYMENT or NON-PAYMENT

60. Dear Sirs,

61. The remitters state that the beneficiaries have not received these funds. Please investigate this matter and let us know the date of payment or reason for delay or non-payment.

62. Yours faithfully

A LETTER SENT WHEN THE REMITTANCE HAS NOT BEEN RECEIVED

63. Gentlemen:

64. We refer to the letter dated April 23, 2006, copy enclosed for easy reference. Please be advised that we have reviewed our records and cannot locate ever receiving the above remittance. So that we may further investigate this matter kindly supply us with photocopies of the checks, if copies are not available, with a complete description of each item, including American Traveller's Cheques.

65. We thank you for your cooperation and hope to be hearing from you soon.

66. Very truly yours

CENTRAL BANK

The Bank of England

I. Study the vocabulary:

central bank центральний банк

hence звідси, отже

financial stability фінансова стабільність

contribution внесок

healthy economy здорова економіка

foreign exchange and gold reserves резерви іноземної валюти та золота

core purposes головні цілі

monetary stability грошова стабільність

stable prices стабільні ціни

confidence довіра

inflation інфляція

target ціль

interest rates процентні ставки

transparently прозоро

safeguard захист, охорона

value of the currency вартість валюти

purchase покупка, придбання

monetary policy грошова політика

objective мета, ціль

economic growth економічне зростання

detect виявляти

entail викликати, спричиняти

threat загроза

intelligence розвідка, обслідування

lender of last resort останній кредитор у критичній ситуації

account рахунок

issue of notes and coins випуск банкнот і монет

redemption погашення, вилучення

redeem погашати, вилучати

the treasury bill казначейський вексель

exchange equalization account фонд стабілізації валюти

 

II. Read and translate the text.

The Bank of England is the central bank of the Unitet Kingdom. The Bank’s building is located in the City of London, in Threadneedle Street and hence it is sometimes known as The Old Lady of Threadneedle Street or The Old Lady. The Bank was founded in 1694, nationalized in 1946, and gained operational independence in 1997. Standing at the centre of the UK’s financial system, the Bank is committed to promoting and maintaining monetary and financial stability as its contribution to a healthly economy.

The Bank’s roles and functions have evolved and changed over its three-hundred year history. Since its foundation, it has been the Government’s banker and, since the late 18^th century, it has been the banker to the banking system more generally – the bankers’ bank. As well as providing banking services to its customers, the Bank of England manages the UK’s foreign exchange and gold reserves.

The Bank has two core purposes – monetary stability and financial stability.

Monetary stability means stable prices and confidence in the currency. Stable prices are defined by the Government’s inflation target, which the Bank seek to meet through the decisions on interest rates taken by the Monetary Policy Committee, explaining those decisions transparently and implementing them effectively in the money markets.

The first objective of any central bank is to safeguard the value of the currency in terms of what it will purchase at home and in terms of other currencies. Monetary policy is directed to achieving this objective and to providing a framework for non-inflationary economic growth. As in most other developed countries, monetary policy operates in the UK mainly through influencing the price of money, in other words the interest rate.

Financial stability entails detecting and reducing threats to the financial system as a whole. Such threats are detected through the Bank’s surveillance and market intelligence functions. They are reduced by strengthening infrastructure, and by financial and other operations, at home and abroad, including, in exceptional circumstances, by acting as the lender of last resort.

The functions of the Bank of England are very similar to the functions of any central bank and, in fact, many of the central banks throughout the world were modeled on the Bank of England so that it is not surprising that their functions follow the same lines. These are as follows:

· operating the government’s accounts;

· controlling the issue of notes and coins;

· the issue and redemption of the government stocks;

· the treasury bill issue;

· operating the exchance equalization account;

· carrying out the government’s monetary policy;

· the Bank’s international role;

· operating accounts for the banks;

· lender of last resort;

· supervising the banks.

III. Answer the questions using the information from the text.

1. What is the central bank of the United Kingdom''

2. When was the Bank founded?

3. What is the other name of the Bank of England?

4. When was the Bank of England nationalized?

5. What is meant by the term 'the Government's banker'?

6. What core purposes does the Bank have?

7. What does monetary stability mean?

8. What is the first objective of any central bank?

9. What does financial stability mean?

10. What are the main functions of the Bank of England?

COMMERCIAL BANKS

I. Read and translate the text.

A commercial bank is a type of financial intermediary and a type of bank. Commercial bank has two possible meanings:

· Commercial bank is the term used for a normal bank to distinguish it from an investment bank.

This is what people normally call a “bank”. The term “commercial” was used to distinguish it from an investment bank. Since the two types of banks no longer have to separate companies, some have used the term “commercial bank” to refer to banks which focus mainly on companies. In some English-speaking countries outside North America, the term “trading bank” was and is used to denote a commercial bank. After the great depression and the stock market crash of 1929, the U.S. Congress passed the act requiring that commercial banks only engage in banking activities (accepting deposits and making loans, as well as other fee based services), whereas investment banks were limited to capital markets activities. This separation is no longer mandatory.

In Great Britain the term retail banks is used to include all of the banks which have branch networks through which they are able to offer a wide range of services to a large number of customers. Sometimes the term high street banks is used to mean the \same thing, and on occasions the term commercial banks is used, though less commonly these days.

 

II. Retell the text.

ENGLISH BANKS

I. Study the vocabulary:

	banking	банківська справа
	to complicate complicated	ускладнювати, заплутувати складний, заплутаний
	tripartite	потрійний, трьохсторонній
	layer	шар, пласт
	cake	торт, кекс
	to head	очолювати
	to establish	відкривати, установлювати
	royal	королівський
	governor	керуючий
	to appoint	призначати
	queen	королева
	minister prime minister	міністр прем’єр-міністр
	deputy	заступник
	court of directors	нарада
	to consist (of)	складатися (з)
	banknote	банкноти, паперові гроші
	to mint	карбувати
	to lend	позика
	to borrow	позичати
	to manage	управляти
	debt national debt	борг державний борг
	reserve gold reserve	резерв, запас золотий запас
	joint	спільний, загальний
	stock joint stock joint stock company/bank	акція акційний капітал акціонерна компанія/банк
	clearing clearing bank	кліринг, безготівкові розрахунки між банками кліринговий банк
	institution	заклад
	discount discount house	дисконт, знижка обліковий дім
	merchant merchant bank	торговельний, комерційний торговельний банк
	public general public	громадськість населення
	upwards upwards of	верх, більше, вище понад
	to render	виявляти, надавати
	to collect	збирати
	to provide	постачати
	overdraft	овердрафт
	review	огляд
	spot spot transaction spot price	спот, негайний угода спот ціна спот
	forward forward transaction	майбутній, терміновий форвардна угода
	swap swap transaction	своп, обмін угода своп
	advisory	консультативний
	issue	емісія, випуск
	securities	цінні папери
	to represent representative office	представляти представництво
	subsidiary	дочірня компанія