Fill in the gaps with the words given below.

The name “current account” comes from the French word “courant”, or “running” in English. It implies that ___ money 1___ is being paid into and out of the account as often as the ___ customer 2___ finds convenient. The ___ balance 3___ of the account changes from day to day, as the various ___ transactions 4___ proceed. The usual method of ___ paying 5___ money into a current account is by means of a ___ cheque 7___. The cheque may instruct the bank to pay in cash or ___8 to transfer ___ the sum concerned to the account of some other customer.

 

 

There are a few types of savings ___1___ in the practice of English banks. They are instant savings accounts, regular savings accounts and tax exempt special savings accounts (TESSA). Instant savings account ___2 provide,___ instant access but no ___3___. Regular savings accounts require a customer to ___ Deposit 4___ a fixed or minimum sum regularly. In return, __ the interest rate _5___ is higher than with instant savings account. But not all banks __ offer _6___ this product. Every Englishman over 18 can have a TESSA and only one. Interest on the account is free of ___ income tax 7___. The account must stay ___8___ for five years. Customers can ___9___ their TESSA to whichever bank is paying the most ___10 attractive, ___ interest rate. Withdrawals are permitted, but they can tell on the interest rate.

Deposit, income tax, attractive, offer, accounts, cheque book, the interest rate, transfer, open

 

2. Make sentences using all these words:

9) Banks (services, provide, to, whom, as, current, they, account, reliable, regard). Provide current account services to whom they regard as reliable

10) If the customer (to withdraw, is, it, cash, wants, by, means, done, of a cheque). Wnts to withdraw cash it can be doe b means of cheque

11) Current account holders (no, usually, for, commission, pay, services, ordinary, charges). Usually for ordinary services pay no commission charges.

12) Many banks (ATM cards, their, for, provide, and, current account holders, debit cards). Provide atm and deposit cards for their current account holders

13) Banks require (for, kind, a, long-term, a, and, both, personal, of security, some, loan).

14) It’s not for the banker (how much, to suggest, he, to lend, the customer, would be willing). To suggest how much he will be willing to lend to the customer

15) To be a borrower you (a customer, because, be, of the money, must, the bank, through, will be lent, a bank account).

16) If a loan (be, is granted, it, a, immediately, be, fixed, for, sum, will, available, a, period of time, fixed).

Read 5 questions and match them with the correct answers.

a. What do you give to the bank when you open a bank account?

b. How much do you need to open a bank account in England?

c. What is an example of your signature called?

d. What do you pay the bank for its services?

e. How can you get these services free of charge?

Answers:

a. The name and addresses of two people and specimen signature.

b. One pound sterling.

c. A specimen signature.

d. A commission or an account charge.

e. If you keep a certain amount of credit in your account.

 

Match each term with the definition.

 

7. Debit	A. an unpaid balance on which the interest is figured
8. Balance	B. an amount by which the withdrawals are greater than the balance in the account
9. Overdraft	C. the amount which has to be paid for bank services by a current account holder
10. Charge	D. the amount which is added to the balance of a deposit account
11. Rate of interest	E. the amount remaining in an account interest

 

Over to you:

 

Supply the missing questions for the part of A. Act out the dialogue with a partner.

Deposit accounts and investment

A: ………

B: Well, to put in simply, a current account is used for handling day-to-day finances, whereas a deposit account is really for saving money. That’s why children can opne me.

A: ………

B: Yes, that’s right. In fact, you can save regularly by transferring a certain sum every month from your current account to your deposit account, where it can earn interest. You can do this by standing order.

A: ………

B: Well, when you open the account, we give you a paying-in book. With this you can deposit money at any branch, but if you don’t have it with you, you can use one of the branch’s Bank Giro credit slips.

A: ………

B: Then you use a withdrawal slip. But don’t forget to give us a week’s notice. If you want money immediately, you lose some interest.

A: ………

B: For the short-term saver, yes. If you can leave your money with us for a longer period, like six months, you could open a Special Savings Account.

A: ………

B: Well, as we have your money for a minimum of six months we pay you interest at 1% above normal rate or Base Rate, which is fixed by the Bank of England.

A: ………

B: This is very completed. It depends on how much money you want to invest or for how long. Also it’s possible to lose money with some forms of investment, whereas deposit and savings accounts are safe. Generally, the greater the risk, the bigger the return. Now, if you tell me a little more about your finances, I’ll try to advise you.

 

12. Say which of the following accounts you would prefer and give your reasons:

- current account;

- deposit account;

- regular savings account.

Speak about the new banking services when have been introduced for the last decade. Give examples.

 

Unit II

International Financial Institutions

Vocabulary Notes

55. to incorporate – объединять, включать

56. to assume – принимать на себя

57. to be involved in – быть вовлеченным

58. war-torn – разоренный войной

59. alleviation – облегчение

60. to borrow from capital markets – заимствовать на рынке капитала

61. non-profit organizations – некоммерческие организации

62. affluent – обильный, богатый

63. to honour – зд. платить в срок

64. to support endeavors – приветствовать начинания

65. venture capital – капитал на создание нового предприятия

66. to disburse – расплачиваться

67. prior to – предшествующий

68. to replenish smth. – пополнять

 

Reading Tasks.

1. Understanding main points:

33. What are the main objectives of the World Bank?

34. What was the main focus of the World Bank in the 80^th?

35. How are the funds of the World Bank replenished?

36. What are supplementary services provided by the World Bank to member states?

37. Why does the Board of Directors meet so frequently?