X. Make comments on the following charts, paying attention to the information given below

The Printing Works of the Bank of England operate in support of the Bank’s first core purpose: maintaining the integrity and value of the currency. The trends of continuously improving productivity and reducing new note unit costs were maintained for the 10^th successive year despite increases in pay rates and the cost of materials – mostly paper. Make comments on the following charts.

*The unit cost data are not clearly comparable with the figures for the cost of producing Bank of England notes shown in the statements of account of the Issue Department, since the latter are prepared on a cash basis.

The recent modernization programme – initially of equipment, followed by the major refurbishment of plant and buildings – has now initially bee completed.

  Proportion of the Bank’s operating cost   Report & Accounts

Of equal importance is the continuing Printing Works 2000 Programme which aims to encourage staff to focus on three key values: team working, continuous improvement and customer partnership. Most teams have completed the initial re-design of their working methods and all have transferred to a new pay structure, which rewards the acquisition of skills and demonstration of competencies.

XI. Complete the following sentences using your own words:

1. If the inflation rate is low, it _____.

2. The Personnel Division’s purpose is to help the Bank recruit, _____.

3. Decisions on interest rate policy are made _____.

4. The Bank of England Act 1946 requires the Bank to pay to HM Treasury, in lien of dividend on the Bank’s capital, a sum _____.

5. Today the Bank of England, the central bank of the UK, has three core purposes: _____.

6. Most countries have a central bank: for example the USA (give its name) _____, Germany _____, France _____, Ukraine _____, and Japan _____.

7. The Bank of England is one of the _____.

8. Like any other bank, the Bank of England offers _____.

9. All the clearing banks _____.

10. The first objective of any central bank is _____.

11. Interest rates affect _____.

12. The Bank can try to influence the exchange rate using _____.

XII. Study the text given below and explain in English the meaning of the following words and word combinations:

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