Методические указания для развития навыков чтения литературы по специальности «деньги и банки» icon

Методические указания для развития навыков чтения литературы по специальности «деньги и банки»



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Part 1. Application for Credit


Banker: Our discount committee is still discussing your application for credit. I wonder if you’d mind giving us some more information about certain items shown on your balance sheet.

Customer: Not at all.

B.: Is the mortgage on your fixed assets being amortized?

C.: Yes. We’re making semi-annual payment on this obligation.

B.: Your balance sheet show some indebtedness. Are any of your assets pledged as security?

C.: No. That’s just an open note.

B.: Would your company be willing to pledge part of its current assets as collateral security to our loan?

C.: We wouldn’t object to that. Part of this money will be used to retire preset debts and part to expand our operations. Then we can immediately being to liquidate this new liability.

B.: I think we’d better prefer that arrangement


^ Part 2. Granting the Loan on an Open Note


Builder: I received your notice that my note is due. I can pay it off now, but there is a piece of land right next to my property that I’d like to buy.

Banker: I don’t remember your situation exactly. Are your present holding free of encumbrance?

Bu.: My real estate is clear. But there’s a chattel mortgage on my construction equipment.

Ba.: Has this land you want to buy been appraised?

Bu.: Yes. It belongs to an estate and was appraised by order of the court. They estimated its value at $20000.

Ba.: Can it be bought for that figure!

Bu.: I think so. I’d like to make them that offer.

Ba.: Would you consider giving us a trust deed to secure your present note plus the additional funds you’ll need?

Bu.: I might. But I’d thought that my net worth is high enough that I could borrow the amount on my open note.

Ba.: Well, in that case, would your wife agree to be a co-signer?

Bu.: I’m sure she would, because title to the property will be in both our names.

Ba.: Well, it seems to me that you have enough equity in your property for us to make the loan on an open note.


Questions on the dialogue:


Part 1.

    1. What is the customer applying for?

    2. Has the banker decided whether to grant the credit yet or not?

    3. What sort of information is the banker interested in?

    4. How does the banker want to secure the bank’s credit?

    5. How is the company going to use its current assets?


Part 2.

    1. Why is the builder asking for the extension of his note?

    2. What is his present financial standing?

    3. Has the land he wants to buy been appraised?

    4. What sort of guarantee does the banker insist on to secure the funds the builder will need?

    5. What made the builder think that he could borrow the amount on an open note?

    6. Who will hold the title to the property purchased?

    7. Why has the banker agreed to grant the loan on an open note?



Applications for Loans


Banks make their profits by lending the money which customers deposit with them to others who need it for personal or business reasons. Most people need more money than they have currently available at some time in their lives.

To be a borrower you must be a customer of the bank because the money will be lent to you through a bank account. There are two ways in which you may borrow. The first, and easy, is to spend more money than you have in your current account – to overdraw. The second, and the normal way of borrowing larger amounts or for a long period of time is the loan.

If a manager permits an overdraft on current account he is likely to set a limit to the size of the overdraft and may stipulate a date by which the account is back in credit. Businesses whose payments and receipts are often irregular will frequently need to use overdraft facilities and they are often granted to private customers as well particularly when the manager knows that regular payments are made directly into the account.

If a loan is granted it will be a fixed sum immediately available for a fixed period of time. The principal and the interest on it may all become due for payment at the end of that period but for personal loans it is common to arrange that the loan and interest are repaid in equal regular instalments over the period of the loan. A separate account is opened to record the repayments as they are made.

Whether you are seeking money for business or personal reasons there are a number of things that the manager will want to know before he is prepared to grant your request. The obvious facts will be the amount that you seek and the arrangements for re-payment that you are able to suggest. You need to tell him something about the purpose of the loan, a business loan is likely to help you make profits out of which the loan can be repaid with interest and he will wish to judge for himself whether or not this is likely. Personal loans usually have to be repaid out of an income which will not get any bigger and the manager will be particularly anxious to ensure that you are not being too optimistic. In deciding this he will be considerably assisted by his knowledge of you and his estimate of your character.

Sometimes people do not ask for enough money because they are anxious about the burden of the repayments. The manager will be wise enough to try and ensure that you will have sufficient amount of money to do what you want to do. Finally we will consider whether or not you really will be able to repay and what kind of security you can offer against the possibility that you do not repay. In the case of a business the manager may well want to see well prepared, relevant documents such as profit and loss accounts and balance sheets for the most recent years. He would also ask about the expected return from the use of the money and want to see some figures upon which you have based your calculations. For a business good security might be one or more of the assets of the business while personal loans are often secured by such things as life insurance policies on which the bank is making regular payment for you or the deeds of your house.


Questions on the text:


    1. What two kinds of borrowings are possible?

    2. In what circumstances an overdraft on current account is permissible?

    3. How are personal loans usually repaid?

    4. Will you pay back more than you borrowed? What will the difference be?

    5. What information will the manager require for a personal loan?

    6. What information will he require for a business loan?

    7. What other things will he take into account?

    8. What will he need from you to make the loan safer for him?

    9. What does a businessman mean by his expected rate of return?

    10. Why might this be important to the bank manager?

    11. What kind of things might you offer as collateral for a personal loan?



Exercise1.

Find proper definitions:


^ TERMS DEFINITIONS

  1. Mortgage a) anything owned that has financial value

  2. Collateral security b) an asset, such as real estate, which can not be readily

  3. Asset changed into money

  4. Open note c) assets other than real estate which can be readily changed

  5. Current asset into money

  6. To pledge d) to promise as security

  7. Fixed asset e) some security in addition to the main security for money

  8. Real estate lent

  9. Chattel mortgage f) an agreement to give up collateral which has been pledged

  10. Deed if a debt is not paid

  11. Equity g) a note, the payment of which is not guaranteed by

  12. Property collateral security

  13. Principal h) anything owned, especially real estate or land

  14. Instalment i) land including anything constructed on it

  15. Loan j) a mortgage on any personal or movable possessions such

  16. repayments as furniture or equipment

  17. Balance sheet k) a document which proves legal ownership of real estate

  18. Profit and loss account l) the value of the piece of property beyond any

  19. Real property indebtedness held against it

m) a statement of the assets and liabilities of a business

which shows its position at a particular date

n) a payment towards a larger sum usually made at regular intervals

o) the amount of the loan itself before any interest is added

p) a statement which shows the calculation of the results of

doing business for a particular period of time

r) a fixed sum of money borrowed for a fixed period of time

s) land of buildings

t) amounts of money which are given to a creditor in settlement of a debt or a loan


Exercise 2.

Choose the right answer:


  1. “application for loan” means:

  1. granting loan,

  2. asking to the granted loan,

  3. refusal to grant loan.




  1. “balance sheet” denotes:

  1. total profit,

  2. total revenues,

  3. a document which shows the state of a business at a particular moment.




  1. “indebtedness” here means:

  1. repayment,

  2. owing thanks,

  3. debt, borrowing.




  1. “security” in this sense is:

  1. bonds, share certificates and other titles to property,

  2. safety,

  3. a guarantee of payment.




  1. “principal” here means:

  1. the most important information,

  2. the amount of the original loan,

  3. the chief item or person.




  1. “my loan is due for repayment” means:

  1. my loan has reached maturity,

  2. my loan has been paid off,

  3. my loan has been extended.




  1. “holding free of encumbrance” means:

  1. holding heavily in debt,

  2. the encumbrance isn’t very large,

  3. property or security clear of indebtedness.




  1. “my net worth” means:

  1. the value of one’s holdings after all obligations have been paid,

  2. any personal or movable possession,

  3. net earnings.




  1. “a co-signer” denotes:

  1. a person who holds a deed to the property,

  2. a person who signs a document with another person and shares the obligation,

  3. a lawyer who prepares a trust deed.




  1. “title to property” is:

  1. the record or proof of ownership of property,

  2. the name of the person who owns the property,

  3. a word indicating a high financial rank.




  1. “my expected return” means:

  1. when I expect to come back,

  2. the amount of money I expect to have to repay,

  3. the income I expect to receive from doing business.




  1. “deeds” are:

  1. actions,

  2. documents showing how well my business is doing,

  3. documents which prove that I own a particular piece of real property.



Exercise 3.

Fill in the blanks:


Last week Mr. Ager went to his bank to apply for a … as he wishes to purchase a piece of land right to his own. He applied for a … and the bank asked him for a statement of his business affairs including a … account and a … .

The bank manager was happy to grant the loan but wanted some form of … from Mr. Ager and asked him if he would offer one or more of his fixed … as … . The bank was prepared to make the loan for ten years expected Mr. Ager to pay off the annual … and some of … each year in two equal … every six months.


Unit Five

Active vocabulary


Advance 1) аванс, авансировать

2) ссуда, заем

Al, first class, AA-rating (US) первоклассный

Bond 1) облигация

2) закладная

3) долговое обязательство

Bonds issue выпуск облигаций, заем

Blue chips первоклассная ценная бумага

Capital market рынок долгосрочного ссудного капитала

Cash наличные деньги, кассовая наличность

Cash-in-banks банковская наличность

Diversify вкладывать капитал в различные предприятия

Fluctuation колебания, изменения курса

General obligation bond облигация под общее обязательство

Issue bonds выпускать облигации

Money market 1) денежный рынок

2) рынок краткосрочного ссудного капитала

Municipal bond облигация муниципалитета

Offering ценные бумаги, предлагаемые к продаже

Portfolio портфель ценных бумаг

Rate of return 1) норма прибыли

2) коэффициент окупаемости капиталовложений

Reconciliation приведение клиентом учета своих операций с

Учетом банка; согласование, выверка

Revenue 1) доходы

2) государственные доходы

Revenue bonds облигации, обеспеченные доходами от определенного

объекта

Share акция

Stock (US) акция

Speculative 1) спекулятивный

2) рискованный

Tax-exempt не облагаемый налогом

Working capital оборотный капитал

Yield 1) доход по ценным бумагам

2) доход в виде процентов на вложенный капитал

Yield interest приносить процентный доход


Dialogue

Read the dialogue in parts.


Board Member: I notice that our cash and cash-in-bank has been building up above the amount required by law.

President: I’ve had the same thoughts. And right now there is a new offering of municipal bonds that can be bought at a price that will yield 3.5%.

B.M.: Are they general obligation bonds?

P.: Yes, they are. I prefer those to revenue bonds, don’t you?

B.M.: I do. Does it issue have an AA rating?

P.: Yes. And they can be had in five to ten-year maturities. They’re tax-exempt, you know.

B.M.: Do you think we might also buy some stocks to keep our portfolio well diversified?

P.: Well, we might. But stocks are much more speculative.

B.M.: Unless we stick to blue chip issue. They show less price fluctuation.


Questions on the dialogue:


    1. What problem is being considered by President and the Board Member?

    2. How can the bank invest its funds profitably at present?

    3. Why does the President prefer to invest in general obligation bonds?

    4. What does the President know about a new offering of municipal bonds?

    5. Where else can they invest the bank’s funds?

    6. What sort of stocks are they going to invest in and why?



Bank Investments


The investment policy of a bank is based upon the reconciliation of two conflicting aims. On the one hand the bank wants to make as much profit as it can and for this reason it must take the risks of lending money. On the other hand its funds belong to its depositors and must be available whenever they wish to make withdrawals.

There are two things that the bank must therefore do. First, it must keep a proportion of its assets in the form of cash to met demands. The amount that this needs to be varies very little from one bank to another or from one day to another and experience suggests that it is about six percent. As a cushion against unexpected demands a further proportion of funds is invested at low rates of return in highly liquid lending mostly to firms in the money and capital markets.

The second thing that the bank must do is to ensure that the investments it chooses are safe. This also means that they are relatively low yielding since high yields are associated with risk and with lending for long periods of time. Much of a bank’s investment is in short and medium term government and local government bonds. They yield certain incomes and are readily saleable should the occasion demand.

Advances by a bank to its customers are the least liquid of their assets since there are few borrowers who could repay a loan at very short notice. However, they are also the most profitable of them yielding the highest rate of return. Advances to customers are likely to account for more than two thirds of the banks investment portfolio although this will vary on a day to day basis since overdrafts are the most common form of advance and are not immediately controllable by the bank.

In general banks do not lend to industry for long periods of time or for investment projects. They regard themselves as providing working capital rather than fixed capital.


Questions on the text:


    1. What two conflicting aims must a bank reconcile in its investment policy?

    2. What must the bank do to be ready to meet demand for cash on the part of its customers?

    3. Why does the bank prefer rather low yielding investments?

    4. Which investments do usually yield high returns?

    5. Which investments are hardly controllable by the bank? Why?

    6. Why don’t banks usually invest in industrial projects?



Exercise 1.

Find proper definitions:


^ TERMS DEFINITIONS


  1. Tax a) the pattern of investments held by a bank

  2. Yield b) a government or local government security

  3. Cash c) the actual return from a particular investment

  4. Bond d) a unit of ownership in a company

  5. Stock/share e) a stock thought to be of highest quality

  6. AA rating f) money collected by a government for its support

  7. Portfolio g) the speed with which an investment can be redeemed for cash

  8. Liquidity h) coins and bills



Exercise 2.

Choose the right answer:


  1. “our portfolio” in this dialogue means:

  1. a wallet,

  2. a list of stocks and bonds belonging to the bank,

  3. a list of bank’s fixed assets.




  1. “a portfolio well diversified” is:

  1. one yielding high interest,

  2. entirely made up of blue chip stocks,

  3. one made up of a variety of stocks and bonds.




  1. “price fluctuation” is:

  1. a price stability,

  2. an increase in prices,

  3. a changing back and forth in the price.




  1. “speculative” means:

  1. risky,

  2. disequilibrating,

  3. negotiable.




  1. “yield 3,5%” means:

  1. earn 3,5%,

  2. treble the price,

  3. rise by 3,5%.




  1. “advances” here means:

  1. approaches from one person to another,

  2. improvements in a bank’s position,

  3. loans and overdrafts for customers.



Unit Six


Active Vocabulary

Broker брокер, маклер

Brokerage 1) брокерское вознаграждение, комиссионные

Брокера

2) брокерское дело, маклерство, посредничество

Firm of (stock) brokers брокерская фирма

Brokerage house (US) брокерская фирма

Commercial bank коммерческий банк

Credit union кредитный союз

Disbursement выплата в порядке погашения

Exchange equalization account валютный уравнительный счет

Fiduciary доверенное лицо, фидуциар

Finance company финансовая компания

Lend ссужать, давать взаймы, одалживать

Lending institution кредитное учреждение

National bank национальный банк

Savings and loan Association (US) ссудно-сберегательная ассоциация

Ration нормировать

Security, securities ценные бумаги

State bank государственный банк

Stock exchange (S.E., St.Ex.) фондовая биржа

Scrutiny проверка

Subscribe (v) подписываться на ч.-л., приобретать по

подписке

Subject to подлежащий чему-либо

The Treasury казначейство, министерство финансов

United States Treasury (Department) (US) казначейство, министерство финансов (ам.)

To some extent в какой-то мере, до какой-либо степени

Transaction сделка

Trust траст, кредит

Trust company трастовая компания


Dialogue

Read the dialogue in parts.


Types of Banking Institutions

Student: What type of bank is this?

Banker: We’re a commercial bank.

S.: Does that mean that your services are limited?

B.: To some extent. For instance, we can’t offer the fiduciary services that a trust company can.

S.: What are they?

B.: Well, they have to do with the administration of trust and estates.

S.: Suppose I wanted to buy or sell some securities. Does your bank handle such transactions?

B.: Yes, through our brokerage house.

S.: Is your broker a member of the stock exchange?

B.: Yes.

S.: This is a state bank, isn’t it?

B.: That’s right.

S.: Do you offer fewer services that a national bank?

B.: No. In general, the only difference is that a state bank gets its charter from the state it’s in, and the national bank gets its charter from the federal government in Washington, D.C.

S.: Are there banks that don’t offer regular commercial services?

B.: Oh, yes. For example Savings and Loan Associations and the Federal Land Banks are only lending institutions.

S.: Would you say a savings and loan association is a bank?

B.: No. I’d rather call it a financial institution.

S.: How about a credit union?

B.: That’s not really a bank, either.

S.: And a finance company is something entirely different.

B.: Yes.


Questions on the dialogue:


    1. What regular services does a commercial bank offer to its customers?

    2. What is the difference between a national bank and a state bank?

    3. Which institutions deal with fiduciary services?

    4. What do you understand by fiduciary services?

    5. What is the job of a broker?

    6. Where are brokerage transactions concluded?

    7. What services are offered by:

  • Savings and Loan Associations?

  • Federal Land Banks?

  • Credit unions?



Types of Banking Institutions


The reason for which the Bank of England was founded in 1694 was to look after the Government’s debt, commonly called the National Debt, and this is still a most important function. A large proportion of the debt is made up of Government bonds, that is pieces of paper stating that the holder has subscribed such-and-such a sum of money and is entitled to so much interest per year. Two world wars have helped to swell the issue of bonds to some $ 40,000 million. Another sizable slice of debt is in the form of Treasury bills which are rather like bonds with a very short life span before the Government buys them back again and so repays the loan. Their purpose is to provide the government with day-to-day money to cover the inevitable gaps which occur between its disbursements, e.g. on such things as unemployment benefit and its receipts from taxation. A third type of debt is the group of National Savings Securities, of which ordinary Post Office (now National Savings Bank) accounts and Premium Bonds are perhaps the best-known examples.

The Bank of England is the ultimate source from which the general public can obtain cash. Other English banks used to issue their own notes, but now they all use the Bank of England notes. Scottish banks have continued to issue their own, but it is an expensive undertaking, and is closely controlled by the central bank in England.

The Bank also looks after the bank account of the Government just like an ordinary bank does for its customers. Into this account go all tax receipts and any other transfers of money from the various banks, and out of it go all payments.

Because all the important institutions in the City maintain accounts at the Bank, transfers of money between them and the Government, which go on every day, are made very easily. The Bank merely debits one account and credits another. The Bank also holds accounts for important international institutions like the World Bank, for just over a hundred central banks and also for some ordinary foreign banks, making a total of nearly two hundred accounts.

The Exchange Equalisation Account is the name of the fund in which are held the gold and foreign currency reserves of the country. The managers of the fund have the task of intervening from time to time in the otherwise free market for foreign currency, so as to influence the price of the pound in line with Government policy, or simply to try to maintain a reasonable orderly market.

The pound is not the only currency whose price has to be carefully controlled. Most of the major world currencies have the same problems, and all greatly benefit from international cooperation. Dealing with other central banks and managing money on an international scale has become an important side of the Bank’s work. Every month the Governor flies to Basle to spend a week-end in conference with his opposite numbers from the central banks of other western industrial countries.

The object of the bank’s management in the monetary field is to support the Government’s activities in other fields, e.g. taxation policy, export promotion and so on. The methods of control used by the Bank are based on a system in which money available to be borrowed should be rationed by price, not by orders from the Bank or The Treasury.

The Battery of instruments of control the bank has may be summarized as follows:

    1. ^ Suggestion and request. From time to time the Bank will make suggestions to the other institutions in the City, indicating the policy the authorities intend to pursue. If they want specific action, the Government makes a “request” like the following:

“Notice to banks.

All banks and finance houses are asked not to provide either loans to person or check trading facilities for the purchase of…”

    1. ^ Open market operations. This is the name given to the activities of the Bank in the financial market for control purposes. The point is that by its interventions the Bank can influence markets to move in the directions which it desires.

    2. Special deposits and supplementary deposits. From time to time, the Government may wish to reduce the amount of money that people can borrow in order to reduce the amount they spend. An effective way of doing this is to reduce what the banks have available foe lending, and this is done by requiring them to deposit more money at the Bank of England in special accounts from which it cannot be withdrawn until the Bank says so.



Questions on the text:


  1. Why and when was the Bank of England founded?

  2. What type of securities make up the National Debt?

  3. What is the money raised in this way spent on?

  4. Enumerate the most important functions of the Bank of England.

  5. What is the object of a central bank’s management in the monetary field?

  6. What principle does the Bank of England follow in exercising its control over the monetary policy?

  7. What instruments of control has the bank got at its disposal?



Exercise 1.

Say what is true and what is false. Correct the false sentences:


  1. Commercial bank’s services are limited.

  2. Fiduciary services are handled by trust companies.

  3. Commercial banks don’t deal with brokerage services.

  4. American state banks offer fewer services than a national bank.

  5. The interest on deposits is usually higher in savings and loan associations.

  6. Savings and loan associations offer regular commercial services.

  7. Every English bank issues its own notes.

  8. All the important institutions in the City maintain accounts at the Bank of England.

  9. The amount of money available for British borrowers depends on The Treasury orders.



Exercise 2.

Complete the following:


1. We remit money orders.

A person who remits is a …

A person to whom the money order is remitted is a …


2. We transfer bank drafts.

A person who transfers them is a …

A person to whom they are transferred is a …


3. You draw out a cheque.

A person who draws a cheque is a …

The bank on which the cheque is drawn is a …

A person to whom the cheque is made payable is a …


4. One can pledge assets as security.

A person who pledges assets as security is a …

A person to whom assets are pledged is a …


5. Loans are granted.

A person who grants a loan is a …

A person to whom a loan is granted is a …

A person to whom one’s affairs are trusted is a …


Exercise 3.

Fill in the blanks:


In every capital city there are numerous institutions which make loans. There are numerous … institutions. One can also borrow money from the … , though their major function is accepting deposits. People who need a loan for the purchase of land can apply for it to a … . If you need to borrow money for the purchase or repair of your house or just make saving deposits you can call at a … . Many individual companies run … which are formed by combining savings of the people working there. They make loans to their members at a low … . Anyone having problems with trusts or estates can seek advice at a … . They deal with … matters. People interested in the purchase of stocks or shares usually go to a … which specializes in handling… .





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