3.3. Define the following statements as true (T) or false (F):
1. The goldsmiths of the 17-century were at the bottom of the banking appearing.
2. Merchants usually rented extra space in goldsmiths strong rooms for living. 3. The goldsmiths gave certificates of deposit in exchange of coin to merchants. 4. Deposit taking characterizes by given someone some values for safekeeping. 5. One merchant could give money to another by writing a document to his goldsmith. 6. Chequing means the process of payment for something without using cash. 7. Generally the goldsmiths were rich people. 8. The goldsmiths never lent their own money to merchants. 9. There is no any distinction between notes issued by goldsmiths and those that were given to merchants in exchange of deposit of coin. 10. Governments never supported the goldsmiths.
4. Lets play the game:
Nowadays banks are extremely popular. Payment in them is good enough too of course. Thats why graduates are keen on working there. What about you? Can you work in a bank? Lets check it now. Firstly write down the names of the main bank professions and definitions to them:
Accountant () should be very responsible and well-organized in order not to make accounting mistakes.
Bank teller ( ) should be able tocount money correctly and to draw cheques.
Marketolog () is a specialist who studies tastes of buyers and promotes goods.
Finance Manager ( ) is responsible for financial resources of the organization.
Financial director ( ) is the head of the financial service of the organization, knows everything about money flow in the organization.
Financial analyst ( ) organizes computer networks to make information exchange better.
Auditor () checks accounting and tax reporting of the companies
Consultant () consults clients.
Administrative director ( ) is responsible for stability of working of the organization, buys the office equipment, and chooses the administrative personnel.
PR-specialist ( ) createsimage of the company, promotes its interests, contact with Mass Media, and organizes press-conferences.
Risk manager (-) is responsible for the risk of the Bank system.
Office manager ( ) controls the activity of the department.
Choose the profession which better suites you.
Your partner will be a Bank Director, you a job-seeker. You will come to his/her office and apply for a job. First of all you should write a CV Curriculum Vitae. You can see the plan:
CURRICULUM VITAE
NAME:
DATE OF BIRTH: .
ADDRESS: .
TELEPHONE NUMBER: ..
MARITAL STATUS: .
HEALTH:
EDUCATION: ..
WORKING EXPERIENCE: .
OTHER QUALIFICATIONS: (E.g. computer skills, communicative English)
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HOBBIES:
REFFERENCES: the following people have offered to write reference for me: .
4.2. Your partner should ask you the following questions:
1.What job will you apply for? 2. If you get this job, how long will you work
here? 3. Why are you better suited for this job than other applicants? 4. What are your career plans? 5. Are you ready to work overtime? 6. What pay do you expect? 7. Do you work better in a team or alone?
Start working!
5. Here is the active vocabulary which will be useful for you. Read it very attentively and remember:
| advanced computer technology | |
| at interest | |
| ATM (Automatic / Automated Teller Machine) cashmachine | |
| to withdraw some money from a bank | |
| get the money out of the ATM | / () |
| bank | |
| bank of issue / circulation | |
| clearing bank | |
| commercial bank | |
| correspondent / agent bank | - |
| databank / data base / pull of data | |
| investment bank | |
| issuing bank | , |
| local bank | |
| merchant bank | |
| originating bank | , / |
| private bank | |
| savings bank (Br.En.), thrift (Am.En.) | |
| to deposit money with a bank | , |
| to pay money into a bank | |
| bank branch | |
| international branch | |
| a branch system | |
| banking know-how | , - |
| be at the forefront of smth. | |
| capability | |
| cash flow | |
| computerised banking system | |
| confirmation of the deal | |
| corporate | |
| corporate customer | -, |
| corporate plan | |
| corporate property | |
| corporate structure | |
| corporate bond | |
| corporate image | |
| currency position | , |
| customer services | |
| data | |
| dealings | , |
| direct dealings in foreign trade | |
| to have dealings with smb. | -, |
| deposit | , |
| bank deposit | |
| demand deposit, sight deposit | |
| fixed deposit, time deposit | |
| short deposit | |
| safe deposit | |
| to place money on deposit | |
| to pay a deposit | |
| duty | , , , |
| clerical duties | |
| global interbank telex | |
| go on-line | |
| hardware | |
| to interface with a network | |
| interface | , |
| to market | , |
| to market the goods to retailers | |
| network | |
| to be connected / linked to a network | |
| on-line computer | , |
| on-line data base | |
| on-line diagnostics | |
| on-line processing | |
| on-line system | |
| on-line tutorial | , |
| to have on-line access to the database | |
| portfolio | |
| portfolio management | |
| real-time data | |
| software | |
| word processing software | |
| a software application | |
| a software house | |
| a software supplier | |
| state-of-the-arts | , |
| state-of-the-arts technology | |
| teller / bank teller / bank clerk | , |
| via | -, |
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6. Match the words with their synonyms:
| a bank | the act of rendering valid |
| teller | bank machine |
| via | a subdivision or a subdepartment |
| modem | the means by which the accomplishment of anything is rendered easier |
| ATM | percent |
| confirmation | cashier |
| facility | by way of, by means of |
| interest | an establishment for the deposit, custody, remittance and issue of money |
| a branch | a device that links a computer system and a telephone line |
7. Read the text and translate it paying attention to the vocabulary:
Bank
Bank is an organization that holds money, important documents and other valuables in safe keeping, and lends money at interest. It can also arrange mortgages and insurance, and be involved in a number of financial trading activities.
Quintrop, one of Northlands leading banks is to begin exporting computerized banking systems to the USA, Europe and the Far East. The bank which is well-known for being at the forefront of electronic banking, is confident that there is a world-wide market for its state-of-the-arts solutions to the rapidly changing needs of international banking. Quintrops rise to electronic market leadership began in 1985, when it established a subsidiary company for the sole purpose of selecting hardware, developing sophisticated software applications and building a comprehensive on-line network for the bank.
All the banks 260 domestic branches have been connected to the network since 1989. The banks other international branches in 21 countries were linked to the network in 1990.
Among the real-time software packages which the bank has designed and operated, and which it now intends to market, is the Sylvia system. This integrates a dealing function, global interbank telex and telecommunications system, a branch system including management, clerical and teller functions and an ATM function.
A portfolio and trust management system is also available, which includes a securities facility providing an on-line and real-time connection to the stock-exchange. Purchases can be made via a terminal, and the whole operation is paperless. A feature which Quintrop is developing as part of its concept of tomorrows bank is a display service whereby corporate customers will be able to interface personal computers directly with the banks network by means of the telephone line and a modem.
7.1. Answer the following questions:
1.What countries did Quintrop begin exporting its computerized banking
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systems to? 2. What is the bank well-known for? 3. What is the bank confident of? 4. For what purpose was a subsidiary Quintrop established? 5. How many branches are connected with the banks network? 6. What does the Silvia system integrate? 7. What is an application module in the Silvia system? 8. What does a portfolio and management system provide? 9. What feature is Quintrop developing?
7.2. Translate the word combinations from Russian into English using your active vocabulary: , , , , , , , , , ; , ; , , , , , .
7.3. 
1. A network is
a) a programme which instructs a computer what to do.
b) a number of computers in different places.
c) a number of computers that are linked for shared use.
2. ATM withdrawals are
a) sums of money transferred to an account electronically.
b) sums of money taken out of a bank account via an automatic telling machine.
c) statements issued by an automotive telling machine.
3. An interface is
a) a connecting link between two computer systems.
b) a place where someone sits to work with a computer.
c) a system where two or more texts appear on the screen at the same time.
8. Write down the names of the general bank financial products in your exercise books:
Banks financial products
loan credit card mortgage savings account
9. Read the following definitions:
ATM (automatic teller machine)an automatic machine by means of which one can get some cash.
Bank an organization that holds money, important documents and other valuables in safe keeping, and lends money at interest.
Bank account money held at a bank for a clients use whenever he wishes to withdraw it.
Bank charges interest on an overdraft, or for handling a clients affairs while abroad, etc.
Bank rate the rate of interest charged by a central bank for loans.
Bank statement a record of withdrawals and payments of a clients account, including charges made by the bank sent at the end of each month.
Branch the local office of the bank.
Cheque a means of paying money by writing a request to a bank to pay a person a sum of money.
Current account money lodged with a bank which can be withdrawn on demand by means of cheques. No interest is paid by a bank on current account.
Deposit account used for saving money. There has to be given a notice some time in advance before money can be withdrawn.
Duty a government levied, put on goods entering a country.
Interface a connecting link between two computer systems.
Long credit (also long-term credit) bills need not be paid for a certain period of time.
Mortgage money lent at a rate of interest to enable a property, or
(fixed rate m./ variable business, to be bought.
Rate m.)
Network a number of computers in different places.
Night safe provides a useful means of putting cash or cheques into safety after banking hours by opening a small steel door or letter-box in the outer wall of a bank.
Outstanding account money which has been owned to smb or smth for a long time.
Overdraft money lent by a bank, who normally charge interest, to enable a client to draw cheques from his current account up to an agreed amount.
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Short credit (also short-term credit) bills must be paid very soon after receipt of goods
To give a credit to give a time allowance before payment is due.
10. Now check the knowledge of your partner! In Ex.10 close the left column with the left hand. Read the definitions from the right column. Your partner should guess the term.
11. In the following text you will find the information about the usage of the banking services. Read the text carefully and give a summary of it in pen:
Banking Services
Nowadays banks perform the main part of the work of transferring money from a customer to a seller by operating the system of payments in the economy. Almost everyone in the world uses or has ever used banking services. Families keep their savings there, and banks pay them interest rates on their deposits and give them loans to buy expensive goods. Companies conduct payments through them. Commercial organizations which work at the market and in production take loans for their needs and conduct all payments with buyers and sellers through them. Landowners and owners of real estate take loans from the banks to buy an estate or to make use of it and pay back loaned money.
There are a great number of services provided by banks:
1) The provision of safe deposit facilities for money and valuable s.
2) The lending of money: this is the most profitable activity of the banks and the one which provides most of their income.
3) The issuing of banknotes: in England and Wales this right is restricted to the Bank of England. But some banks in Scotland and Northern Ireland retain the right to issue their own banknotes.
4) The provision of efficient money transmission services (e.g. cheques, credit cards).
In addition to these basic functions modern banks provide a wide range of other financial services. For instance, establishing a bank account. One of the first things you should do after arriving the United States is to establish a bank account. It is not a good idea to carry large amounts of cash or keep it in your living quarters.
Most banks have main offices in the center of cities and towns, and also have smaller offices called branches in other parts of the city or town as well as in suburban locations.
Bear in mind that banks are private businesses. They are all different and each wants to get your business. You should check with several banks in order to determine which bank offers the best services for your needs.
You should also plan to open both a checking and savings accounts at the same bank, simply because it will be more convenient for you. For example, if you have a savings account and a checking account in the same bank you can often make a call and ask to transfer funds from your saving account to your checking account. Interests rates on saving and checking accounts vary from bank to bank. Investigate and compare various banks and their rates of interests on accounts before you decide where to open an account.
Cashiers cheques. A cashiers cheque is a cheque written for you by your bank. You give the bank the money (or it is taken from your account) and the clerk writes a cashiers cheque charting a small fee for the service. Usually cashiers cheques are written for large amounts to transfer money from one place to another.
A cashiers cheque is easier to cash than a personal check, and it is safer than carrying a large amount of cash. You are not to cash a cashiers cheque at a branch of your bank it can be cashed at any bank or business.
It is vital to remember that everything in the economy is controlled by money, and banks are a tool-kit for the economy controlling the money circulation between firms, depositors and loaners, and offering services to make that circulation easier for them.
12. Lets play the game. You are a bank employee. Clients will come and ask you information about financial products that your bank offers, such as loans, credit cards, mortgages, and savings accounts.
a) First, you will explain your banks financial products. Then when the client opens an account or applies for a loan, mortgage, or a credit card, you will write down their credit profile.
As a bank employee you should ask your clients the following questions:
What do you do for a living? How much is your monthly salary? What was your gross income last year?
Do you have any credit cards? How much debt do you have on your credit card?
Do you own a car? How much is it worth? Do you make monthly payments on it? How much do you owe?
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Do you have any outstanding loans? What are your monthly payments? How much do you owe?
Do you own a house? What is your house appraised at?
Do you have a mortgage? What is your monthly mortgage payment?
Are you renting? How much is your monthly rent payment?
b) To begin with, lets read the dialogue as an example of your dialogue with a client:
BE: Please have a seat. How can I help you?
C: Well, Im interested in taking out a mortgage, but I would like some information first.
BE: Id be happy to answer any questions you have. What would you like to know?
C: What kind of mortgages do you offer?
BE: We have a variable rate mortgage and a fixed rate mortgage.
C: Could you explain the difference please?
BE: Sure. (Explains different mortgages)
Do you have any questions regarding what I just told you?
C: No. Id like to apply for a fixed mortgage.
BE: Ok. Ill need to set up a bank profile list. So Ill need to ask you some questions about your personal finances. Can you spell your name for me?
(Bank employee starts a credit evaluation and asks questions about the clients personal finances).
c) The list of clients is for the bank employee, the cards with roles for the clients. If you are ready to play, lets start.
The list of clients
Roles for the clients:
13. Read and translate the text, then do the tasks after it:
Canadian Payments System
Although a wide variety of payment media are available in Canada today, the largest number of payments is still settled by the hand-to-hand exchange of currency coin and Bank of Canada notes. In terms of the value of all transactions, however, cheques and other drawn on transferable held at banks and near-banks are the most important payment media.
Central to Canadian payment system are institutional arrangements for the clearing and settlement of money transfers between financial institutions. Such arrangements are necessary because during each business day deposit-taking institutions accept thousands of cheques and other payment orders, each representing a cash claim. Clearing refers to the process of settling these claims against each other in a manner that reduces the number of settlements that have to be made and thereby increases the efficiency of the clearing process.
In 1980 the federal government established the Canadian Payments Association (CPA) as a regulated public purpose organization to establish and operate a national clearing and settlements system and to plan the evolution of the national payment system.
Today individuals frequently make payments with plastic credit cards instead of with currency and, particularly, cheques. When credit card holders use their cards to pay for purchases, the card-issuing institution guarantees the payee payment and at the same time extends a loan at prearranged terms to the card user. Credit cards are not money, but, like cheques, are a means for transferring money, typically from an individuals deposit account to those of sellers of goods and services.
Although the Canadian payment system is still largely paper based, electronic funds transfer systems are increasingly replacing the use of paper. Many companies as well as governments offer direct deposit or pre-authorized debits services whereby customers pre-authorize companies to debit their accounts automatically for money owed each billing period and to pay their salaries directly by crediting their accounts.
A growing number of individuals conduct their day-to-day banking transactions using Automated Teller Machines (ATM). ATMs allow individuals to withdraw cash, make deposits, transfer funds between accounts, and inquire about their account balances. In 1991, almost 12,000 ATMs were used throughout the country.
Businesses use electronic transfer systems for cash concentration. Large companies with many offices or stores move funds, typically overnight, electronically from scattered accounts into one account. This allows them to economize on their cash balances and to earn higher interest on them.
13.1. State whether the following statements are true (T) or false (F):
1.Still the most Canadians use cash and cheques to pay goods and services.
2.Institutional arrangements for transferring money are used for avoiding a pile of cheques during routine of the day.
3.CPA is an organization which deals with money day-to-day matters and is busy with arranging of the national payment system.
4.Plastic credit cards are not popular and old-fashioned in Canada today.
5.ATMs are very convenient only for business people who deal with electronic transferring of money.
13.2. Find the sentences in the text expressing the same idea as in the statements given below:
1.Today money transactions are easier done by means of so-called credit card.
2.We can have overdraft if it is arranged in advance.
3.Many companies now prefer to transfer wages and salaries of their employees directly to their accounts.
4.Via ATM one can be aware of his account transactions.
5.More and more companies intend to use electronic technologies when they are dealing with money.
13.3. Add to your active vocabulary the following words and word combinations and keep them in mind:
| a 20% increase in | 20 - |
| a 4 % increase over | 4 |
| in advance | |
| to advance a salary | |
| after tax profit | |
| charge | , , , |
| abnormal charge | |
| an annual charge | |
| a maximum charge | |
| a monthly charge | |
| a standard charge | |
| a weekly charge | |
| free of charge | |
| at ones own charge | |
| for a small charge | |
| extraordinary surplus | |
| housing lending | |
| in the year to end | , |
| intense competition from smb | |
| fierce competition from smb | |
| loan | , . |
| bank loan / advance / credit | / |
| business loans outstanding | |
| back to back loan | |
| bridging loan | |
| foreign loans | |
| government loan | |
| hard loan | , , |
| interest-free loan | |
| no-purpose loan | |
| personal loan | |
| secured loan | |
| short-term loan | |
| soft loan | |
| tied loan | (, ) |
| loan account | |
| loan agreement | / |
| loan capital | |
| loan market | |
| loan note | / |
| loan stock | |
| loan value | |
| arrange / organize a loan | |
| ask the bank for a loan | |
| ask for a bank loan | |
| negotiate a loan | / |
| pay interest on a loan | |
| take out a loan | / |
| on loan | , |
| to lend / loan | , |
| net interest income | |
| net profit | |
| operating express / loss | , |
| operating profit | , |
| profit before tax | |
| slowdown |
13.4. Translate word combinations from Russian into English:
1. ;
2. ;
3. , ;
4. 1996 ;
5. ;
6. ;
7. ;
8. ;
9. ;
10. ;
11. ;
12. ;
13. ;
14. ;
15. .
13.5. Choose the suitable answer:
| 1.The banks exposure is a) how much financial risk the bank is open to. b) how much advertising does the bank does. c) how much the bank earns. | 2.A data base is a) the place where a company keeps its main computer. b) a room with a lot of computers in it. c) a large collection of data stored in a structured form. |
| 3.The banks books are a) a useful list of customers addresses and phone numbers. b) plans showing how much money the bank expects to earn and spend. c) a set of records in which the banks accounts are kept. | 4.Credits are a) plastic cards used instead of money. b) sums of money paid into a bank account. c) the amount of money in a bank account. |
| 5.The economic environment is a) an area of the economy. b) financial laws and regulations. c) the economic situation. |
13.6. Fill in the gaps where necessary:
1.A 20% increase profits 100m.
2.Which is being sold Bank Scotland 900m.
3. the year to end March.
4.Be depressed a change.
5.Be sold December 1995.
6. a truly comparative basis.
7.An increase net profit.
8.With the slowdown housing lending.
9.A 3% increase the year-earlier figure.
10.Be distorted the sale its unit.
13.7. Match the words with their synonyms:
| Operating profit | To distort |
| Outstanding | Static |
| To let fall to a lower state or position | Slowdown |
| An increase | A group of things or persons regarded as a n individual |
| Environment | The net profit made by a company before adding or deducting extraordinary items |
| To change from the true meaning | Remaining after all amounts owed have been taken off |
| Exhibiting no change, movement or development | Augmentation |
| Unit | The conditions in which people live, work, etc. |
| Net | Still existing or unpaid |
13.8. Insert the suitable word:
| loan | automatic teller machine | commercial credits |
| bank | closed down | loan interest |
| deposit | earnings | banker |
| account | amount | safety |
| teller | with |
1. Nowadays people have got used to . This kind of service saves time
and is quite convenient. 2. My father is the , he runs the . 3. I was somewhat frustrated: the notice on the door of the bank said . 4. If you are concerned about the of your , make a in your bank. 5. He was very curious about the bank which Ive opened my account. 6. Currently theyve got no money in their . 7. The is very high. 8. The banks in this country grant to promote trade. 9. Our company was very happy to get a . 10. The checks the of money left in somebodys account.
14. Make up the dialogues using your active vocabulary in the following situations:
1. Discuss the current situation in the sphere of banking in your own country. 2.
Discuss the advantages of the electronic banking systems. 3. Discuss the problem of bankruptcy of banks in your country. 4. A client of your bank has expressed an interest in opening a Sterling Current Account. Offer him the facility on your terms and conditions: you would operate a current account in his name, transact all standard banking items, and operate the account free of charge for six months, except for a daily telex statement charge. 5. Discuss questions of security at the bank whose services you use. Do you think it is safe to deposit your money in that bank?
This applause is for you!
Your business partners.
1. , . . / C. . . : , 1993.
2. , . . Business English / . . . : -. , 2010.
3. , . . Welcome to the World of Public Relations. : . . . . / . . , . . . .: . . . , 2001.
4. , . . . English for Managers: . . . . . 2- ., . / . . , . . , . . . .: , 2007.
5. , . . . / . . , . . , . . . .: , 1991.
6. , . . : : . . / . . . : . , 1999.
7. , . . . English for Students of Communications: . . . . / . . , . . , . . . .: , 2007.
8. Newsom, D. Public Relations Writing: form and style / D. Newsom, B. Carrell. 6th ed. Belmont, Calif.: Wadsworth, 2001.
9. Norman, S. Export English. An intermediate course of business English based on the radio series by Clive Moffat / S. Norman. London: BBC English by Radio and Television, 1990.
10. French, J. T. You are in Business! Building Better English Skills / J. T. French. New-York: Addisonwesley, 1984.
11. Binhammer, H. H. Money, Banking and the Canadian Financial System / H. H. Binhammer. 6th ed. Scarborough: Nelson Canada, 1993.
12. Jones, L. New International Business English: Student's Book / L. Jones, R. Alexander. Cambridge University Press, 2000.
13. Jones, L. New International Business English: Communication skills in English for business purposes / L. Jones, R. Alexander. Cambridge University Press, 2000.
