Herald of the National Bank of Ukraine, May 2000

VIII. Read the memorandum (memo) written by the Kyiv National University teacher, who is responsible for the students practicing at one of the NBU departments (International Banking Department).

1) Memo 1

To: the students A.Kovalenko and T.Ivanchenko From: Mr.Osadchiy 1. Give the definition of the b/e (bill of exchange). 2. Study thoroughly the letter advising dispatch of a bill. Panton Manufacturing Ltd have completed an order for a Dutch customer. They now advice him that the agreed bill of exchange has been sent off. 3. Answer my questions: - Where has the b/e been sent? - When should the bill be paid? - How can Mrs. Haas get the shipping documents?   Thanks. Your teacher, Mr.Osadchiy

Panton Manufacturing Ltd. Panton Works, Hounslow, Middlesex, TW6 2BQ   Tel: [phone] Registered No. England 266135 Telex: 21511 Fax: [phone] Mr. B.Haas, 2nd March 20- B.Haas B.V., Heldingstraat 180-2, Postbus 5411, Amsterdam 1007, NETHERLANDS   Dear Mrs Haas, Order No. 8842 Thank you for your order which has now been completed and is being sent to you today. As agreed we have forwarded our bill, No. 1671 for £860.00 with the documents to your bank, Nederlandsbank, Heldringstraat, Amsterdam. The draft has been made out for payment 30 days after sight, and the documents will be handed to you on acceptance. Yours sincerely, D. Panton Managing Director

B/E No. 1671 5th March 20—   30 days after sight pay to the order of Panton Manufacturing Ltd. London Eight hundred and sixty pounds only value received payable at current rate of exchange for Banker's sight drafts on London.   To. B Haas B.V. Heldrmgstraat 180-2 Amsterdam 1007 Signed ________________ Managing Director  

2) Memo 2

To: the students A.Kovalenko and T.Ivanchenko From: Mr.Osadchiy 1. Here is the bill mentioned in the previous memo. The bill has already been accepted by the drawee, who has named a bank in London, which she wants to use to clear the bill. 2. Study the bill and give your answers to the following questions: - What type of draft is it? - How much is it for? - Who is the payee? - When must the draft be paid? - What is the rate of exchange?   Thanks. Your teacher, Mr.Osadchiy

3) Words to remember. Give the translation:

a commercial bank a merchant bank to open an account a current/deposit/savings/budget account a specimen signature a balance a transaction Giro system a cheque/Eurocheque/traveller's cheque a cheque card cash card cash dispenser a credit card to honor a cheque to cancel a cheque to stop a cheque a paying-in/withdrawal/transfer slip notice of withdrawal a counterfoil a cashier negotiable securities a guarantor a loan an overdraft to overdraw overdraft facilities to call in an overdraft interest minimum lending rate (MLR) inflation

bank charges a standing order a direct debit overseas customer credit status confirming houses new issue/bullion/Euro-bond market shipping/insurance/foreign exchange market a bill of exchange a drawer a drawee a sight draft/bill days after sight (d/s) documents against payment (D/P) documents against acceptance (D/A) a foreign bill an inland bill a clean bill to discount a bill to endorse a bill a dishonored bill to protest a bill a letter of credit (L/C) a revocable/irrevocable letter of credit an importer an exporter an agent confirmed credit commission confirming bank

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