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What is a Bank?





Lesson 2

Task 1.Practice reading the following words.

 

1. to accept [ək`sept] 2. agency [`eıGəntsi] 3. to allow[ə`lau] 4. to alter [`O:ltə] 5. ancient[`eıntənt] 6. association[əֽsəusi`eı∫ən] 7. com­mercial[kə`mə:∫əl] 8. competitive[kəm`petətıv] 9. corporate[`kO:pərət] 10. crisis[`kraısıs] 11. dealt[delt] 12. demand[dı`mα:nd] / [dı`mænd] 13. deposit[dı`pOzıt] / [dı`pα:zət] 14. to derive [dı`raıv] 15. differential [ֽdıfə`rentəl] 16. entity [`entəti] 17. financial [faı`næntəl] 18. Florentine[`flOrəntaın] / [`flO:rənti:n] 19. Genoa[`Genəuə] 20. historically[hı`stOrıkəli] / [hı`stO:rıkəli] 21. impactn[`ımpækt] 22. income [`ınkAm] 23. indispensable[ֽındı`spentsəbəl] 24. insurance[ın`∫uərənts] 25. inventory[`ınvəntəri] / [`ınvəntO:ri] 26. jar [`Gα:] 27. liquidity[lı`kwıdəti] 28. mutual[`mju:t∫uəl] 29. occasional [ə`keıჳənəl] 30. to owe [əu] 31. piggy[`pıgi] 32. private[`praıvət] 33. politics[`pOlətıks] 34. quasi-regulatory[`kweızaıֽregju`leıtəri] / [`kweızaı`regjələtO:ri] 35. to refer[rı`fə:] 36. the Renaissance[rı`neısənts] / [ֽrenə`sα:nts] 37. resort[rı`zO:t] / [rı`zO:rt] 38. retail[`ri:teıəl] 39. spread [spred] 40. to supervise [`su:pəvaız] a. susceptible[sə`septəbəl] 41. systemic[sı`sti:mık] 42. tablecloth[`teıbəlklOθ] 43. technically[`teknıkəli] 44. tougher[`tAfə] / [`tAfər] 45. thrift[ֽθrıft] 46. trace [treıs] 47. to transfer[trænts`fə:] 48. wealth[welθ] 49. withdrawal [wıθ`drO:əl] 50. worth[wə:θ]

 



Task 2.Read the text.

 

Banks are very important. Just like a piggy bank or penny jar, banks are places where we can save our money, keep track of how much we have, and keep it safe.

Banks have influenced economies and politics for centuries. Traces of banking activity can be found even in ancient times. Nowadays a bank account is considered indispensable by most businesses, individuals and governments.

The term bank derives from the Italian word banco – “desk / bench”, used during the Renaissance by Florentine bankers, who made their transactions above a desk covered by a green tablecloth. When a banker was broke his bench that is his “banco” was broken by the angry people. So the English word “bankrupt” consisting of “bank” (i.e. “banco”) and “rupt(ure)”, meaning “the act of breaking”, actually reflects the procedure of “breaking the bench of a banker who failed.”

The first modern bank was founded in Italy in Genoa [`Genəuə] in 1406; its name was Bank of St. George (Banco di San Giorgio). In the 21st century thousands of banks make up an extremely competitive industry of banking. Competing in the field of financial services has become tougher with the entrance of such players as insurance agencies, credit unions, savings and loan associations, check cashing services, credit card companies, etc.

The definition of a bank varies from country to country. U.S. federal law, for example, defines a bank as a “financial institu­tion that accepts demand deposits and makes com­mercial loans.” For that reason, savings and loan associations, mutual savings banks, and credit unions are commonly called thrift institutions or “thrifts.” The term “bank” technically refers only to a commercial bank.

Historically, the primary purpose of a bank was to provide loans to trading companies. Banks provided funds to allow businesses to purchase inventory, and collected those funds back with interest when the goods were sold.

For centuries, the banking industry only dealt with businesses, not consumers. Banking services have expanded to include services directed at individuals, and risks in these much smaller transactions are pooled.

Banks’ activities can be divided into:

· retail banking: dealing directly with individuals and small businesses;

· business banking: providing services to mid-market business;

· corporate banking: directed at large business entities;

· private banking: providing wealth management services to high net worth individuals and families;

· and investment banking: relating to activities on the financial markets.

Most banks are profit-making, private enterprises. However, some are owned by government, or are non-profits. Central banks are normally government owned banks, often charged with quasi-regulatory responsibilities, e.g. supervising commercial banks, or controlling the cash interest rate. They generally provide liquidity to the banking system and act as the lender of last resort in event of a crisis.

A bank generates a profit from the differential between the level of interest it pays for deposits and other sources of funds, and the level of interest it charges in its lending activities. This difference is referred to as the spread between the cost of funds and the loan interest rate.

Lending activities still provide the bulk of a commercial bank’s income. Many other financial activities were added over time. For example banks are important players in financial markets and offer financial services such as investment funds. Banks also accept and hold deposits, collect and transfer funds.

The changing economic environment has a significant impact on banks and thrifts. They are susceptible to many forms of risk which have triggered occasional systemic crises.



Risks include:

· liquidity risk (the risk that many depositors will request withdrawals beyond available funds);

· credit risk (the risk that those who owe money to the bank will not repay);

· and interest rate risk (the risk that the bank will become unprofitable if rising interest rates force it to pay relatively more on its deposits than it receives on its loans), among others.

Banking crises have developed many times throughout history when one or more risks materialize for a banking sector as a whole. Prominent examples include the bank run that occurred during the Great Depression, the U.S. Savings and Loan crisis in 1980s and early 1990s, the Japanese banking crisis during the 1990s, and, of course, the financial crisis of 2008 which altered the world’s financial landscape.

 

Vocabulary Notes:

1. piggy bank [`pıgi `bæŋk] – скарбничка-свинка (дитяча скарбничка у вигляді свинки);

2. penny jar [`peni `Gα:] – банка для зберігання грошей;

3. to keep track (of) – прослідковувати;

4. trace [treıs] – слід; відбиток; ознака;

5. indispensable [ֽındı`spentsəbəl] – необхідний, дуже потрібний; обов’язковий, такий, що не припускає ніяких винятків;

6. to derive (from) [dı`raıv] – походити (від); виводити (з);

7. the Renaissance [rı`neısənts] / [ֽrenə`sα:nts] – епоха Відродження, Ренесанс;

8. Florentine [`flOrəntaın] / [`flO:rənti:n] – флорентійський; флорентієць;

9. competitive [kəm`petətıv] – конкуруючий, суперницький; конкуренто-спроможний; конкурсний;

10. insurance agency [ın`∫uərənts `eıGəntsi] – страхова агенція;

11. credit union – кредитна спілка, кредитний кооператив;

12. savings and loan association [`seıvıŋz ənd `ləun əֽsəusi`eı∫ən] – позиково-ощадна асоціація;

13. check cashing – отримання готівки по чеку;

14. credit card company – компанія, що працює з кредитними картками;

15. demand deposit [dı`mα:nd dı`pOzıt] – безстроковий вклад; депозит, видача якого здійснюється за першою вимогою;

16. com­mercial loan [kə`mə:∫əl `ləun] – комерційна позика; підтоварна позичка;

17. mutual savings bank [`mju:t∫uəl `seıvıŋz bæŋk] – взаємно-ощадний банк;

18. thrift institution (thrift) [ֽθrıft ֽıntstı`tju:∫ən] – ощадний заклад, ощадна установа;

19. inventory [`ınvəntəri] / [`ınvəntO:ri] – матеріальні цінності; товарно-матеріальні запаси; запаси, матеріально-виробничі запаси; наявні товари;

20. interest [`ıntrəst] – відсоток, процент;

21. to pool (transactions) [pu:l] – об’єднувати в загальний фонд; об’єднувати в пул;

22. retail banking [`ri:teıəl `bæŋkıŋ] – банківські послуги дрібним клієнтам;

23. business banking – банківське обслуговування комерційних клієнтів;

24. corporate banking [`kO:pərət `bæŋkıŋ] – корпоративні банківські послуги;

25. business entity [`bıznəs `entəti] – фірма, компанія, комерційна організація; господарська (економічна) одиниця;

26. private banking[`praıvət `bæŋkıŋ]– приват-банкінг, банківське обслуговування заможних фізичних осіб (надання VIP-клієнтам ексклюзивного набору інвестиційних і пов’язаних з ними послуг);

27. wealth management [welθ] – керування багатствами (майном) (комплекс високоякісних консультаційних послуг, які охоплюють усі аспекти фінансового життя клієнта: фінансові вкладення, планування, бухгалтерський облік та оподаткування, юридичні питання та ін.);

28. high net worth individuals / families – особи / сім’ї із значним власним капіталом (фінансовими засобами);

29. investment banking – інвестиційно-банківська діяльність; послуги інвестиційного банку; послуги банку з інвестування; інвестиційна банківська справа; розміщення нових випусків цінних паперів (банком, що виступає в ролі посередника);

30. financial market [faı`næntəl] – фінансовий ринок;

31. quasi-regulatory responsibility [`kweızaıֽregju`leıtəri] / [`kweızaı`regjələtO:ri] – напіврегуляторні функції;

32. to supervise [`su:pəvaız] – наглядати, здійснювати нагляд (за); завідувати;

33. cash interest rate– касова відсоткова ставка;

34. the lender of last resort [rı`zO:t] – кредитор останньої інстанції;

35. differential [ֽdıfə`rentəl] – диференціал; різниця в оплаті;

36. spread [spred] – спред; маржа; надбавка до базисної ставки відсотка; відсоткова надбавка;

37. loan interest rate – відсоток / процент позики; відсоткова / процентна ставка позики;

38. income [`ınkAm] – прибуток; дохід; надходження; заробіток;

39. investment funds [ın`vestmənt `fAndz] – інвестиційні фонди; фонди капітального будівництва;

40. to accept deposits [ək`sept dı`pOzıts] – приймати депозити;

41. to hold deposits – тримати вклади;

42. to collect funds – збирати, отримувати гроші;

43. to transfer funds [trænts`fə: `fAndz] – переказувати гроші;

44. impact(on) [`ımpækt] – вплив, дія; імпульс;

45. susceptible(to) [sə`septəbəl] – вразливий, сприйнятливий;

46. to trigger – ініціювати; дати початок;

47. occasional [ə`keıჳənəl] – випадковий, рідкісний; такий, що трапляється час від часу;

48. systemic crisis [sı`sti:mık `kraısıs] – системний ризик; структурний ризик; ринковий ризик; ризик несприятливих коливань цін;

49. liquidity risk [lı`kwıdəti `rısk] – ризик браку ліквідності; ризик ліквідності; ризик, пов’язаний з браком ліквідності;

50. withdrawal [wıθ`drO:əl] – відкликання; виведення; взяття назад; вилучення, видалення

51. credit risk – кредитний ризик; ризик неповернення кредиту; позичальник (у банку); клієнт (у кредитній установі);

52. to owe [əu] – бути винним, заборгувати;

53. interest rate risk – ризик зміни відсоткової ставки; відсотковий ризик;

54. the Great Depression– Велика депресія;

55. to alter [`O:ltə] – змінювати(ся), переробляти.

 

Task 3.Agree or disagree with the following statements.

 

1. Piggy banks or penny jars act as the lender of last resort in event of a crisis.

2. Banks have influenced economies and politics since the time of the Great Depression.

3. Traces of banking activity can be found even in ancient times.

4. Unlike businesses and individuals, governments do not have accounts in banks.

5. The term “bank” derives from the word “ban” meaning a curse (прокляття, анафема); when a banker was broke angry people banned (cursed) him.

6. The first modern bank was founded in Italy in the early 15th century.

7. Modern banks face severe competition.

8. Insurance agencies, credit unions, savings and loan associations, check cashing services, credit card companies are tough competitors.

9. There is no one single definition of bank.

10. The term “bank” technically refers only to a commercial bank.

11. For centuries, the banking industry only dealt with individual consumers, not businesses.

12. Banks’ activities can be divided into several categories.

13. Most banks are non-profit government enterprises.

14. Central banks are normally profit-making private enterprises.

15. A bank generates a profit from the spread between the cost of funds and the loan interest rate.

16. Lending activities provide an insignificant part of a commercial bank’s income.

17. Banks are affected by the changing economic environment.

18. Banks and thrifts are susceptible to many forms of risk.

19. Banking crises have developed four times so far.

20. The financial crisis of 2008 altered the world’s financial landscape.

Task 4. In the text What is a Bank?” (Task 2) find the words similar in meaning.

 

1.Essential, necessary; 2. exceedingly; 3.to relate to; 4.to grant; 5.company; firm; 6. financial management; 7.liable to; open to; impressionable; 8. to give rise (to); set off; 9. removal; 10. responsible for.

 

Task 5. Find synonyms among the following words.

 

1.To accept; 2.to affect; 3.to alter; 4.to be in debt to; 5.to change; 6.commercial; 7.comparatively; 8.to compel; 9.consumer; 10.controlling; 11.credit; 12.deal; 13.to derive (from); 14.to differ; 15.differential; 16.duty; 17.to establish; 18.establishment; 19.field; 20.to force; 21.to form; 22.to found; 23.funds; 24.goal; 25.to happen; 26.to hold; 27.industry; 28.influence; 29.institu­tion; 30.to keep; 31.loan; 32.to make up; 33.money; 34.to occur; 35.to originate; 36.to owe; 37.profit-making; 38.purchaser; 39.purpose; 40.to receive; 41.relatively; 42.responsibility; 43.severe; 44.spread; 45.supervising; 46.tough; 47.transaction; 48.to vary.

 

Task 6.Fill in the blanks with the most appropriate terms from the box.

went bankrupt effect altered lending bankruptcy
investment bank assets distrust bankers comes down

 

Even in the business world, what goes up sometimes (1)_____, and if the company is big, the sound of the fall is louder and clearer. Lehman Brothers, one of the oldest and largest banks in New York, (2)_____ on September 15, 2008 with no one to rescue it. A press release on that day by Lehman Brothers Holdings Inc. (LBHI), the 158-year-old U.S. investment bank, (3)_____ the American financial landscape. This is the largest (4)_____ in the history of the United States with $638 billion in (5)_____ listed and the largest failure of an (6)_____. The collapse of Lehman had a multiplier (7)_____ worldwide, severely weakening other big banks and sharply increasing the level of fear and (8)_____ inside the system that caused (9)_____ to sharply reduce their (10)_____.

Another bank crisis happened in early 2013, when the oldest Swiss bank Wegelin admitted having facilitated US citizens in tax dodging. Bank governors confessed in New York Court the fact that during 10 years Wegelin had let about 100 US citizens conceal $1.2 billion from tax authorities.

The bank agreed to pay the fine of $58 million to the US authorities

Wegelin Bank was founded in the town of St. Gallen 35 years prior to the US independence – in 1741.

, прекратит свою деятельность в качестве финансового учреждения, передает в пятницу агентство Рейтер.

Руководство банка признало в суде Нью-Йорка, что на протяжении десяти лет позволило почти 100 гражданам США укрыть от налоговых органов 1,2 миллиарда долларов. Банк согласился выплатить американским властям 58 миллионов долларов штрафа. Когда эта процедура будет закончена, Wegelin "перестанет действовать как банк".

Банк Wegelin из швейцарского города Санкт-Галлен был образован в 1741 году – за 35 лет до того, как США объявили о своей независимости.

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Task 7.The words below are frequently confused. Study each pair of words. Pronounce them and translate into your native tongue. Explain the difference between the words in each pair.

 

1. law [lO:] – low [ləu] / [lou]; 2. vary [`veəri] / [`veri] – very [`veri]; 3. loan [ləun] – lawn [loun]; 4. track [træk] – trace [treıs]; 5. whole [həul] / [houl] – hole [həul] / [houl]; 6. repay [ri`peı] – replay [ֽri:`pleı]; 7. accept [ək`sept] – except [ık`sept]; 8. politics [`pOlətıks] / [`pα:lətıks] – policy [`pOləsi] / [`pα:ləsi]; 9. to own [əun] / [oun] – to owe [əu] / [ou]; 10. found [faund] – founded [`faundıd]; 11. procedure [prəu`si:Gə] – proceed [prə`si:d]; 12. systemic [sı`sti:mık] / [sı`stemık] – systematic [ֽsıstə`mætık]; 13. liquidity [lı`kwıdəti] – to liquidate [`lıkwıdeıt]; 14. competitive [kəm`petətıv] – competing [kəm`pi:tıŋ].

Task 8.Study the following pairs of words. Mind the differences as well as similarities in pronunciation of the nouns and verbs.

 

NOUN   VERB
resort [rı`zO:t] deposit [dı`pOzıt] income [`ınkAm] transfer [`træntsfə:] impact [`ımpækt] – – – – – to resort [rı`zO:t]; to deposit [dı`pOzıt]; to income [`ınkAm]; to transfer [trænts`fə:]; to impact [ım`pækt];

 

Task 9. Some words can be used both as a noun and as a verb. Complete the table with the appropriate words from the text What is a Bank?” (Task 2).

 

ІМЕННИК ДІЄСЛОВО ПЕРЕКЛАД
1. користь, вигода; прибуток, дохід; нажива давати користь, бути корисним; користуватися; мати користь; скористатися; отримувати прибуток; -----------
2. рівень; ступінь; плоска, горизонтальна поверхня; рівнина; зрівнювати, згладжувати; визначати різницю висот; нівелювати; вирівнювати; цілитися; -----------
3. верхів’я, витік; першопричина, початок; джерело, криниця; отримувати; встановити походження; -----------
4. пропозиція; пропозиція ціни; спроба; пропонувати; траплятися; висувати; пропонувати до уваги; -----------
5. дія; акт, діяння; документ; закон; постанова (парламенту, суду); діяти; чинити, поводити себе; робити запис, заносити (в акт тощо). -----------

 

Task 10.Recollect the contexts in which the following words are used in the text What is a Bank?” (Task 2).

 

1. Jar;

2. resort;

3. interest;

4. players;

5. landscape;

6. environment.

 

Task 11.“Odd man out.” In each line cross out a word (word combination) that in its meaning differs from the others. Explain your choice.

 

1. chair – bench – bank;

2. to own – to repay – to owe;

3. spread – profit – investment funds;

4. piggy bank – bank account – penny jar;

5. credit union – thrift – commercial bank;

6. the lender of last resort – central bank – thrift;

7. mid-market business – retail banking – individuals;

8. large business entities – mid-market business – corporate banking;

9. liquidity risk –withdrawals beyond available funds – bad debt losses;

10. savings and loan association – commercial bank – mutual savings bank.

Task 12.Use the prepositions from the box in the following phrases. Refer to the text “What is a Bank?” (Task 2) to check your answers.

 

into in×4 on×3 beyond  
with at×2 for×2 from×2 throughout
to×6 of×3 during between  

 

 

1. … that reason; 2. to keep track …; 3. … ancient times; 4. sources … funds; 5. to pay … deposits; 6. to receive … loans; 7. … the Renaissance; 8. the term derives …; 9. the level … interest; 10. the differential … smth.; 11. to owe money … the bank; 12. risks … smaller transactions; 13. to vary … country … country; 14. to refer … a commercial bank; 15. dealing directly … individuals; 16. withdrawals … available funds; 17. banks’ activities are divided …; 18. services directed … individuals; 19. … the field of financial services; 20. to develop many times … history; 21. directed … large business entities; 22. susceptible … many forms of risk; 23. important players … financial markets; 24. a significant impact … banks and thrifts; 25. to provide liquidity … the banking system; 26. providing services … mid-market business.

 

Task 13. a)Make the difference between the following terms.

CREDIT vs. LOAN
WHICH WORD?

  Consider the pros and cons of opening a line of credit from a bank versus securing a loan. Credit Pros: · Improves cash flow and financial independence; · Only have to pay interest on the amount you’ve spent, not on the total amount of credit line; · Usually easier to qualify for a line of credit than for a commercial loan; · Easily accessible funds for emergencies; · Builds business credit; Cons: · Temptation to spend beyond ability to re-pay; · Potential for high interest rates; · Not best-suited for buying equipment or real estate; · Can become entangled with personal credit; · Deepening of debt; Loans Pros: · Lower interest rates than credit; · Fixed borrowed amount; · Better choice for making equipment, real estate and other significant purchases; · Potential for credit repair or improved credit score by paying off balance; · Availability for loans to be tailored to give advantages to small businesses; Cons: · Acquiring approval for a bank loan is more difficult than getting a business credit line; · If your business fails, it might be necessary to sell other assets to re-pay debt; · Acquiring a large amount of debt at once; · Not as flexible as credit; does not work to improve cash flow.

 

b) Translate into Ukrainian paying special attention to the words in italics.

 

1. He exceeded his credit limit.

2. I don’t like buying things on credit.

3. Jim took out a loan to pay for his car.

4. The bank refused to extend their credit.

5. Borrowers can take out a loan for £84,000.

6. How soon do you have to pay off the loan?

7. You can get interest-free credit on all our products.

8. The group can’t get credit to buy farming machinery.

9. Some suppliers will not give credit to their customers.

10. The country has no access to foreign loans or financial aid.

11. Kenya was still paying off a multimillion-dollar loan to the IMF.

12. The president wants to make it easier for small businesses to get bank loans.

13. You can ask a dealer for a discount whether you pay cash or buy on credit.

14. Senator Bill Bradley outlined his own tax cut, giving families $350 in tax credits per child.

15. Japan has provided about $2.5 billion in credits to Russia and about $50 million in direct aid.

 

Task 14. Translate into English.

1.Банк – це місце, де ми можемо тримати свої гроші у безпеці. 2.Банки впливали на економіку та політику впродовж століть. 3.Сліди банківської діяльності можна віднайти у стародавні часи. 4.Термін “банк” походить з італійської мови. 5.Перші банкіри вели свій бізнес за столами, покритими зеленими скатертинами. 6.Банківська галузь у 21 столітті є надзвичайно конкурентною. 7.Банк – це фінансова установа, яка приймає безстрокові вклади і надає комерційні позики. 8.Термін “банк” суто технічно стосується комерційного банку. 9.Ощадно-позичкові асоціації, взаємно-ощадні банки, кредитні спілки не є банками, а ощадними установами (ощадними касами). 10.Першочерговим завданням банків було надання позик торговельним компаніям. 11.Упродовж століть банки мали справу лише з торговельними підприємствами, а не споживачами. 12.Сучасні банківські послуги спрямовані також і на фізичних осіб. 13.Більшість банків – це комерційні приватні підприємства. 14.Центральні банки зазвичай перебувають у державній власності. 15.Центральні банки контролюють комерційні банки, а також касову відсоткову ставку. 16.У випадку кризи центральні банки діють як кредитори останньої інстанції. 17.Позичкова діяльність забезпечує основну частку доходів комерційного банку. 18.Банки є важливими гравцями на фінансових ринках. 19.Банки та ощадні установи зазнають багатьох форм ризику. 20.Банківські кризи виникали багаторазово впродовж історії.

Task 15.Answer the following questions.

1. What spheres of human life have banks influenced for centuries?

2. Does banking date back to ancient times?

3. Is having a bank account a commonplace these days?

4. What is the origin of the term “bank”?

5. When was the first modern bank founded?

6. What makes the banking industry highly competitive these days?

7. Why does the term “bank” technically refer only to a commercial bank?

8. What was the primary purpose of banks?

9. Has the banking industry dealt with consumers for centuries?

10. How can bank activities be divided?

11. Who does retail banking deal with?

12. What branch of banking is directed at large business entities?

13. Are there non-profits among banks?

14. What are central banks usually charged with?

15. Which banking institution acts as the lender of last resort in event of a crisis?

16. How does a bank generate a profit?

17. What activities provide the bulk of a commercial bank’s income?

18. What other financial activities do banks perform?

19. What forms of risk are banks and thrifts susceptible to?

20. Have banking crises developed many times throughout history? What are the recent examples?

Task 16. Say what you know about:

1. The origin of the word “bank”.

2. The activities of early bankers.

3. Types of financial institutions.

4. Branches of banking in the 21st century.

5. The importance of central banks.

6. Many forms of risk banks are susceptible to.

7. The reasons and consequences of financial crises.

8. The most prominent banking crises.

 

Task 17.Write a composition on one of the following topics.

 

1. Money answers all things.

2. Of evils upon earth, money is / isn’t the worst.

3. A piggy bank vs. a bank account.

4. Banking crises: the trouble for moneybags or the overall disaster?

 

 

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