VI. Join the halves

V. Opposites and synonyms.

IV. Case Study.

The teacher of English of International Economics and Management Department asks the students to work as translators and to present the translation of the text “Функції банку Англії”. The students are asked to be particularly close to the Ukrainian version, translating the pieces of the text, answering the following:

1.

a) Do clients of the Bank of England differ from other ones? b) What are the first three functions of the Bank of England? c) What banks may have accounts with the Bank of England? d) What are the relations of the Government with the Bank of England? e) What is the main source of the funds of the Bank of England?

2. The teacher also asks to complete a diagram, showing the relations of the Bank of England with other financial institutions.

Функції Банку Англії

Як будь-який інший банк, Банк Англії надає ряд послуг своїм клієнтам. Однак клієнти Банку Англії відрізняються від клієнтів інших банків. Можна виділити 3 найбільш важливі групи клієнтів:

1. Комерційні банки. Всі клірингові банки мають рахунки в Банку Англії. У операціях клірингу використовуються рахунки клірингових банків в Банку Англії. Банки зобов'язані мати певну суму на рахунку, і не мають права перевищувати її. (Всі банки, що здійснюють діяльність в Великобританії, містять 0,35 % від суми всіх своїх депозитів на рахунку (депозиті) Банку Англії). Ця норма резервів і забезпечує головне джерело прибутку Банку Англії.

2. Центральні банки інших країн мають рахунки і тримають золото в Банку Англії і можуть вести справи в Лондоні через Банк Англії.

3. Уряд тримає рахунки в Банку Англії, таким чином, платежі, податки до бюджету і платежів з бюджету на соціальні потреби проходять через рахунки Банку Англії.

Відповідно до вищесказаного можна виділити перші три функції Банку Англії:

1. Банк Англії служить банком для комерційних банків

2. Банк Англії служить банком для інших центральних банків

3. Банк Англії служить банком для уряд

For each of the following words you should provide a word with the same or similar meaning and a word which is opposite in meaning.

Word	Synonym	Opposite
to manage
to arrange loans
equivalent
development
credit
prevalent
source
vital
to oversee
to compute
to invest
motive
to negotiate
charter
to fuel
defeat
to back
prudence

On the left there are ten halves of the sentences. On the right there are the other halves of the sentences, though not in the same order. You are required to make complete sentences.

1. On 6 May, 1997, the Chancellor of the Exchequer announced that the new Government was giving the Bank …	a) all aspects of the new arrangements will operate de facto.
2. The Government’s inflation target will be confirmed …	b) without prejudice to that objective, to support the Government’s economic policy, including its objectives for growth and employment.
3. Decisions on interest rate policy will be made by a Monetary Policy Committee (MPC) comprising …	c) a quarterly Inflation Report.
4. The treasury will have the right …	d) with the Governor having the casting vote if there is no majority.
5. The legislation will provide that if, in extreme circumstances, the national interest demands …	e) will be published no later than six weeks after the meeting.
6. Until the legislation comes into force …	f) the Government will have the power to give instructions to the Bank on interest rates for a limited period.
7. The Bank will continue to publish …	g) to be represented in a non-voting capacity and decisions on interest rates will be announced immediately.
8. The minutes of the meetings including a record of any vote, …	h) operational responsibility for setting interest rates and would introduce legislation as soon as possible.
9. The Bank’s monetary policy objective will be to deliver price stability (as defined by the Government’s inflation target) and, …	i) the Governor, the Deputy Governors, two members (who will have executive responsibility within the Bank) appointed by the Governor after consultation with the Chancellor and four members who will be recognized experts in the field appointed by the Chancellors.
10. The MPC will meet on a monthly basis and decisions will be made by a vote of the Committee on a one-person one-vote basis, …	j) in each Budget Statement.
11. The Government has also made proposals relating to Court, the Bank’s role in …	k) could be exercised only through subordinate legislation approved by Parliament.
12. The Government has noted that this power is in line with practice in other countries, and …	l) debt management, the foreign exchange reserves and has initiated a review of the Bank’s finances.

After you have completed your task, try to make up the text “Operational Independence of the Bank of England”.

Дата добавления: 2014-12-29