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Московская финансово-промышленная академия Турук И.Ф.

Оконишникова А.Т.

Reading Practice in English for Students of Finance Москва 2004 Турук И.Ф., Оконишникова А.Т. Reading Practice in English for Students of Finance / Московская финансово-промышленная академия, М., 2004. с.98.

© Турук Ирина Федоровна, 2004 © Оконишникова Августина Тихоновна, 2004 © Московская финансово-промышленная академия, 2004 2 Оглавление Введение........................................................................................................... 4 Block 1. Functions of the Financial System and the Financial Markets........... 5 Block 2. The Study of Money and Capital Markets....................................... 12 Block 3. Money and Banking.......................................................................... 17 Block 4. The Central Bank of the Russian Federation.................................... 25 Block 5. British Banking................................................................................. Block 6. Barclays Bank Account.................................................................... Block 7. Dialogues in a Bank.......................................................................... Block 8. Financial Reports.............................................................................. Final Test......................................................................................................... Grammar Reference........................................................................................ Supplementary reading.................................................................................... Vocabulary...................................................................................................... Введение Учебное пособие предназначено для студентов, специализирующихся в области финансов и банковского дела. Целью данного пособия является отработка навыков разных видов чтения специальной литературы, усвоение терминологической лексики данной области знаний и повторение грамматических структур в письменной речи.

Пособие содержит тексты по финансам и банковскому делу, отражающие специфику лексики данного подъязка и грамматические структуры типичные для специального текста. Тексты сгруппированы тематически в блоки – 8 блоков. Терминологический слой текста раскрывает понятия, присущие данной области знаний. Под термином понимается слово (или словосочетание), языковой знак которого соотнесен с соответствующим понятием в системе понятий данной области науки. Термину свойственно наличие у него строгой, точной дефиниции и однозначности содержания.

В каждом блоке выделяются термины, которые нужно выучить и, приводятся определенные задания для выполнения в письменной или устной форме, и тесты.

Для нахождения эквивалента термину в русском языке нужно пользоваться терминологическим словарем данной профессиональной области. В целях правильного понимания синтаксических структур текста необходим аналитический подход к переводу текста на базе грамматических основ навыка чтения специального текста.

В конце пособия прилагается краткий грамматический справочник и список основных терминов (Vocabulary).

Раздел Supplementary Reading включает тексты для дополнительного чтения. Ряд текстов предназначен для перевода со словарем, а ряд текстов – для понимания общего содержания прочитанного. Понимание прочитанного проверяется Self-Test questions, на которые Вы должны ответить после прочтения текста.

Авторы выражают благодарность аспиранту Мельникову Р. М. за помощь в создании терминологического словаря.

Block 1. Functions of the Financial System and the Financial Markets A. Functions of the Financial System The great importance of the financial system in our daily lives can be illustrated by reviewing its different functions. There are seven basic functions of the financial system in a modern economy.

Savings Function As we noted earlier, the system of financial markets and institutions provides a conduit for the public's savings. Bonds, stocks, deposits, and other financial claims sold in the money and capital markets provide a profitable, relatively low-risk outlet for the public's savings. Those savings flow through the financial markets into investment so that more goods and services can be produced in the future, increasing society's standard of living. When savings flows decline, however, the growth of investment and of living standards tends to fall.

Wealth Function For those businesses and individuals choosing to save, the financial instruments sold in the money and capital markets provide an excellent way to store wealth (i.e., to preserve value or hold purchasing power) until funds are needed for spending in future periods. While we might choose to store our wealth in "things" (e.g., automobiles and clothes), such items are subjects to depreciation and often carry great risk of loss. However, bonds, stocks, deposits and other financial instruments do not wear out over time, usually, generate income, and normally, their risk of loss is much less than would be true of other forms of stored wealth. In 1986 well over $21 trillion in securities, deposits, and so on were held by businesses, households, and governments in the U.S. economy. Individuals and families alone held almost $11 trillion in stocks, bonds, and other financial instruments. These holdings represent stored purchasing power which will be used in future periods to finance purchases and increase society's standard of living.

Liquidity Function For wealth that is stored in financial instruments, the financial marketplace provides a means of converting those instruments into ready cash with little risk of loss. Thus, the financial system provides liquidity for savers holding financial instruments but in need of money. In modern societies money consists mainly of deposits held in banks. Money is the only financial instrument possessing perfect liquidity;

it can be spent as it is without the necessity of converting it into some other form. However, money generally earns the lowest rate of return of all assets traded in the financial system, and its purchasing power is seriously eroded by inflation. That is why savers generally minimize their holdings of money and hold bonds and other financial assets until spendable funds really are needed.

Credit Function In addition to facilitating the flow of savings into investment and providing liquidity for stored wealth, the financial markets furnish credit to finance consumption and investment spending. Credit consists of a loan of funds in return for a promise of future payment. Consumers frequently need credit to purchase a home, buy groceries, repair the family automobile, and retire outstanding debt. Businesses draw upon their lines of credit to stock their shelves, construct buildings, meet payrolls, and grant dividends to their stockholders. State, local, and federal governments frequently borrow to construct buildings and other public facilities and cover daily cash expenses until tax revenues flow in.

*The volume of credit extended by the money and capital markets today is huge \ and growing rapidly, total net credit funds raised in U.S.

financial markets in 1987 (including issues of corporate stock) exceeded $ billion, compared to just over $400 billion as recently as 1982. Growth of the economy, inflation, and the tax deductibility of interest payments all appear to have fueled this rapid growth in credit usage by American households and institutions.

Payments Function The financial system also provides a mechanism for making payments for goods and services. Certain financial assets, mainly checking accounts and NOW (negotiable order of withdrawal) accounts, serve as a medium of exchange in the making of payments. Plastic credit cards issued by many banks, credit unions, and retail stores give the customer instant access to short-term credit but also are widely accepted as a convenient means of payment. Another type of plastic card-the debit card is used today to charge a buyer’s deposit account for purchases of goods and services and transfer the proceeds instantly by wire to the seller's account. Debit cards and other electronic means of payment, including computer terminals in homes, offices, and stores, are likely to displace checks and other pieces of paper as the principal means of payment in the years ahead.

Risk Function The financial markets offer businesses, consumers, and governments protection against life, health, property, and income risks. This is accomplished, first of all, by the sale of life and property-casualty insurance policies. Policies marketed by life insurance companies identify a family against possible loss of income following the death of a loved one. Property casualty insurers protect their policyholders against an incredibly wide array of personal and property risks ranging from ill health, crime and storm damage to negligence on the nation's highways. *In addition to making possible the selling of insurance policies, the money and capital markets have been used increasingly by businesses and consumers to "self insure" against risk. This simply means building up one's holdings of securities, deposits, etc., as a precaution against future loss. The liquidity of most financial instruments makes it easy to raise spendable cash quickly in an emergency.

Policy Function *Finally, in recent decades the financial markets have been the principal channel through which the federal government has carried out its policy of attempting to stabilize the economy and avoid excessive inflation.

By manipulating interest rates and the availability of credit, government can affect the borrowing and spending plans of the public which, in turn, influence the growth of jobs, production, and the prices of goods and services.

*This task of economic stabilization has been given largely to central banks, such as the Federal Reserve System.

B. The Financial Markets and Financial System Of course, not all factor income is consumed. A substantial proportion of after-tax income received by households each year - $104 billion in 1987 – is earmarked for personal saving. In addition, business firms save billions of dollars each year to build up equity reserves for future contingencies and to support long-term capital investment. For example, in 1987, U.S. corporation earned $334 billion in after-tax profits, of which $112 billion was set aside (undistributed) for possible future needs. It is here that the third kind of market – the financial market – performs a vital function within the economic system. The financial markets channel saving – which come mainly from households – to those individuals and institutions who need more funds for spending them are provided by current income. The financial markets are the heart of the financial system, determining the volume of credit available, attracting savings, and setting interests rates and security prices.

The definition of savings differs depending upon what type of unit in the economy is doing the saving. *For households, saving is what is left over out of current income after current consumption expenditures are made. In the business sector, savings include current net earnings retained in the business after payment of taxes, stockholder dividends, and all other cash expenses. Government saving arises when there is a surplus of revenues over expenditures.

Most of the funds set aside as savings flow through the financial markets to support investment by business firms and governments. Investment generally refers to the acquisition of capital goods, such as buildings and equipment, and the purchase of inventories of raw materials and goods to sell.

The makeup of investment varies with the particular unit doing the investing.

For a business firm, expenditures on fixed assets, such as buildings, equipment, and inventories are investment expenditures. Households invest when they buy a new home. However, household purchases of furniture, automobiles, and other durable consumer goods are generally classified as consumption spending (i.e., expenditures on current account) and not investment (i.e., expenditures on capital account). Government spending for public facilities is another form of investment.

Modern economies require enormous amounts of investment in capital goods - drill presses, warehouses, schools, airports, and thousands of similar items - in order to produce goods and services for consumers. Investment in new equipment increases the productivity of labor and ultimately leads to a higher standard of living. However, investment often requires huge amounts of funds, often far beyond the resources available to a single firm or government. By selling financial claims (i.e., stocks, bonds, etc.) in the financial markets, though, large amounts of funds can be raised quickly, and the loan repaid out of future income. Indeed, the financial markets operating within the financial system make possible the exchange of current income for future income.

Those who supply funds in the financial markets receive only promises in return for the loan of their money. *These promises are packaged in the form of attractive financial claims and financial services, such as stocks, bonds, deposits, and insurance policies. Financial claims promise the supplier of funds a future flow of income, which may consist of dividends, interest, capital gains, or other returns. But there is no guarantee that the expected flow of future income will ever materialize. However, suppliers of funds to the financial system expect not only to recover their original commitment of funds but also to earn additional income as a reward for waiting and for the assumption of risk.

Vocabulary Notes 1. financial claims – финансовые претензии;

2. low-risk – низкий риск сбыта;

3. means of converting – конвертируемое средство;

4. financial assets – финансовые активы;

5. tax revenues – налоговые поступления;

6. checking accounts – проверка счетов;

7. means of payment – средства платежа;

8. debit-card – расчетная карта (дебетовая карта);

9. electronic means of payments – электронное средство платежа;

10. spendable cash – свободная наличность;

11. long-term capital investments – долгосрочные капитальные инвестиции;

12. financial market – финансовый рынок;

13. acquisition of capital goods – приобретение капитала;

14. fixed assets – основные средства;

15. consumer goods – потребительские товары;

16. productivity of labor – производительность труда;

17. vulnerable to collapse – расположен (уязвимый) для крушения;

18. bill is said to be dishonored – говорят, что вексель не оплачен.

Test 1. Дополните следующие предложения, выбрав соответствующее по смыслу слово из колонки справа.

1. When saving flows …, however, the growth of 1. consumption investment and of living standards tends to fall. 2. decline 2. The financial markets furnish credit to finance … 3. purchase and investment spending. 4. flow 3. Those savings … through the financial markets into 5. expenditures investment so that more goods and services can be 6. supplier produced in the future. 7. access 4. Consumers frequently need credit to … a home.

5. Plastic credit cards issued by many banks give the customer instant … to short-term credit.

6. For a business firm, … on fixed assets, such as buildings are investment expenditures.

7. Financial claims promise the … of funds a future flow of income.

Во всех тестах нужно записывать ответы в виде комбинации цифр, например, 2 - 2. Выберите русские эквиваленты к английским словам в колонке слева (например: 1 – 4).

1. assets 1. налог 2. expenses 2. текущий 3. tax 3. доход 4. revenue 4. активы 5. issue 5. выручка 6. income 6. расходы 7. current 7. выпуск 3. Выберите английские эквиваленты к русским словам в колонке слева.

1. определить 1. consist of 2. выполнять 2. protect 3. обладать 3. support 4. требовать 4. require 5. поддерживать 5. possess 6. защищать 6. perform 7. состоять (из чего-то) 7. determine 8. уменьшать 8. decline Exercises 1. Выпишите выделенные термины из текстов А и В, переведите их и запомните.

2. Найдите в словаре перевод следующих глаголов, запишите их и запомните.

to review to refer to to perform to consist to decline to erode to increase to facilitate to hold to include to purchase to accept to generate to accomplish to avoid to support to determine to require to flow to preserve to possess to produce to supply to protect to recover to differ 3. В отмеченных звездочкой предложениях определите время и залог сказуемых и переведите эти предложения на русский язык (см.

Грамматический справочник стр. 56).

4. Прочтите текст А и переведите его письменно на русский язык.

5. Запишите определения каждой функции денежной системы, используя новые слова.

6. Прочтите и переведите письменно текст В на русский язык.

7. Найдите в тексте В предложения, которые характеризуют “Financial Markets”.

Block 2. The Study of Money and Capital Markets *The money and capital markets are the mechanism for converting the public's savings into investments in buildings, machinery and equipment, public facilities, and inventories of goods and services that make it possible for the economy to grow, for new jobs to be created, and for living standards to rise. *It is the financial system that handles most of the payments made for purchases of food, clothing, shelter, automobiles, and tens of thousands of other goods and services. That system also generates credit to sustain the public's spending and standard of living and stores future purchasing power in the form of stocks, bonds, and other securities. And the money and capital markets make possible the liquidation of those securities whenever cash is needed for immediate spending.

The financial system offers risk protection to businesses and individuals through sales of insurance policies and hedging instruments such as options, futures, and swaps. And both domestic and international financial systems today carry the great burden of public policy, serving as the conduit for government actions designed to promote economic growth, a stable international economy, low unemployment, and stable prices of goods and services.

A. The Money Market versus the Capital Market The flow of funds through the financial markets may be divided into different segments, depending upon the characteristics of financial claims being traded and the needs of different groups. One of the most important divisions in the financial system is between the money market and the capital market.

The money market is designed for the making of short-term loans. It is the institution through which individuals and institutions with temporary surpluses of funds meet borrowers who have temporary funds shortages.

Thus, the money market enables economic units (principally business firms and governments) to manage liquidity. By convention, a security or loan maturing within one year or less is considered to be a money market instrument. *One of the principal functions of the money market is to finance the working-capital needs of corporations and to provide governments with short-term funds in lieu of tax collections. The money market also supplies funds for speculative buying of securities and commodities.

*In contrast, the capital market is designed to finance long-term investments by businesses, governments, and households. Trading of funds in the capital market makes possible the construction of factories, highways, schools, and homes. Financial instruments in the capital market have original maturities of more than one year and range in size from small loan to very large, multimillion dollar credits.

Who are the principal suppliers and demanders of funds in the money market and capital market? In the money market commercial banks and the most important institutional supplier of funds (lender) to both business firms and governments. Nonfinancial business corporations with temporary cash surpluses also provide substantial short-term funds to banks, securities dealers, and other corporations in the money market. On the demand for funds side the largest borrower in the American money market is the U.S.

Treasury, which borrows several billion dollars weekly. *The largest and best known corporations and securities dealers are also active borrowers in the money market through their offerings of short-term notes. *Finally, there is the Federal Reserve System, which is charged by Congress with responsobility for regulating the flow of money and credit in the U.S.

financial system and keeping the money market functioning smoothly. Due to the large size and strong financial standing of these well-known money market borrowers and lenders, money market instruments are considered to be high-quality "near money" IOUs The principal suppliers and demanders of funds in the capital markets are more varied than in the money market. Families and individuals, for example, tap the capital market when they borrow to finance a new home State and local governments rely upon the capital market for funds to build schools and highways and provide essential services to the public. The U.S.

Treasury draws upon the capital market in issuing long-term notes and bonds to pay for federal government programs. The most important borrowers in the capital market are businesses of all sizes, which issue long-term IOUs to cover the purchase of equipment and the construction of new plant and other facilities. Ranged against these many borrowers in the capital market are financial institutions, such as banks, insurance companies, and pension funds, that supply the bulk of long-term funds.

B. Divisions of the Money and Capital Markets The money market and the capital market may be further subdivided into smaller markets, each important to selected groups of demanders and suppliers of funds. Within the money market, for example, is the huge Treasury bill market. Treasury bills - a short-term government IOU - are a safe and popular investment medium for financial institutions and corporations of all sizes.

Nearly as large in total dollar volume is the market for negotiable certificates of deposit (CDs) issued by the largest, best-known commercial banks and other depository institutions. Depository institutions use the funds raised from CDs and other sources to extend loans to corporations and other borrowers. Two other important money market instruments evidencing loans to corporations are bankers' acceptances and commercial paper - both short term IOUs issued by large, well-established borrowers of funds. *Still another portion of the money market is devoted to trading in federal funds, which are essentially reserve balances of banks held at the Federal Reserve and with other banks that are immediately transferable anywhere by wire. Another segment of the money market reaches around the globe to encompass suppliers and demanders of short-term funds in Europe, Asia, and the Middle East. This is the vast and largely unregulated Eurocurrency market, where bank deposits denominated in the world's major trading currencies - the dollar, the franc, the pound, the yen, and the mark are loaned to corporations and governments all over the globe.

*The capital market, too, is divided into several major sectors, each having special characteristics and its own collection of suppliers and demanders of funds. For example, the largest segment of the capital market is devoted to mortgage loans to support the building of homes, apartments, and business structures such as factories and shopping centers. State and local governments sell their tax-exempt (municipal) bonds in another sector of the capital market. Households borrow in yet another segment of the capital market, using consumer loans to make purchases ranging from automobiles to home appliances. There is also an international capital market represented by Eurobonds and Euronotes.

Probably the best-known segment of the capital market is the market for corporate stock represented by the major exchanges, such as the New York Stock Exchange (NYSE) and the Tokyo Exchange and a vast over-the counter (OTC) market for individual stocks. No matter where it is sold, however, each share of stock (equity) represents a certificate of ownership in a corporation, entitling the holder to receive any dividends that may be paid out of current company earnings. Corporations also sell a huge quantity of corporate notes and bonds in the capital market each year to raise long-term funds. These securities, unlike shares of stock, are pure IOUs, evidencing a debt owed plus an obligation to pay interest to the holder.

Vocabulary Notes 1. temporary funds shortages – временные фондовые нехватки;

2. treasury bill – казначейский вексель;

3. short-term funds – краткосрочные ресурсы;

4. eurocurrency market – рынок Европейской валюты;

5. mortgage loan – ипотечный заем, закладная;

6. tax-exempt bonds – облигации не облагающиеся налогом;

7. consumer loans – потребительские кредиты;

8. corporate notes and bonds – корпоративные ценные бумаги;

9. share of stoсk – пакет акций;

10. “near money’ IOUs – квази денежные ценные бумаги.

Test 1. Дополните следующие предложения, выбрав соответствующее по смыслу слово из колонки справа.

1. It is financial system that handles most the … made 1. liquidation for purchases. 2. flow 2. And the money and capital markets make possible the 3. payments … of those securities whenever cash is needed for 4. insurance immediate spending. policies 3. The … of funds through the financial markets may be 5. suppliers divided into different segments. 6. mortgage loans 4. Financial instruments in the capital market have 7. maturates original … of more than one year.

5. The financial system offers risk protection to businesses and individuals through sales of ….

6. The principal … and demanders of funds in the capital markets are more varied then in the money market.

7. For example, the largest segment of the capital market is devoted to … to support the building of homes.

2. Выберите русские эквиваленты к английским словам слева.

1. spendings 1. собственность 2. option 2. валюта 3. unemployment 3. ценные бумаги 4. securities 4. потребитель 5. demander 5. выбор 6. currency 6. безработица 7. ownership 7. затраты 3. Выберите английские эквиваленты к русским словам слева.

1. выпускать 1. to promote 2. предлагать 2. to issue 3. продвигать 3. to offer 4. обеспечивать 4. to provide 5. зависеть 5. to depend on 6. повышать 6. to consider 7. рассматривать 7. to raise 8. начислять издержки 8. to charge Exercises 1. Выпишите подчеркнутые термины из текстов, переведите их и запомните.

2. В подчеркнутых предложениях найдите глагол “to be” (is, was, are и т.д.) и определите его функцию. Переведите эти предложения (см.

Грамматический справочник стр. 67).

3. К следующим глаголам найдите в словаре русские эквиваленты и запомните их.

to create to devote to promote to finance to difine to charge to provide to tap to consider to rely to offer to issue to convert to cover to manage to handle to depend on to supply to range to raise 4. Переведите письменно текст А и В, пользуясь словарем в конце пособия.

5. Прочтите текст С и запишите на русском языке подробно что такое “Money market and Capital market”.

Block 3. Money and Banking A. Money and Functions Although the crucial feature of money is its acceptance as the means of payment or medium of exchange, money has three other functions. It serves as a unit of account, as a store of value, and as a standard of deferred payment. We discuss each of the four functions of money in turn.

The Medium of Exchange Money, the medium, is used in one half of almost all exchange.

Workers exchange labour services, for money. People buy or sell goods in exchange for money. We accept money not to consume it directly but because it can subsequently be used to buy things we do wish to consume. Money is the medium through which people exchange goods and services.

To see that society benefits from a medium of exchange, imagine a barter economy.

A barter economy has no medium of exchange. Goods are traded directly or swapped for other goods.

*In a barter economy, the seller and the buyer each must want something the other has no offer. Each person is simultaneously a seller and a buyer. *In order to see a film, you must hand over in exchange a good or service that the cinema manager wants. *There has to be a double coincidence of wants. *You have to find a cinema where the manager wants what you have to offer in exchange.

Trading is very expensive in a barter economy. People must spend a lot of time and effort finding others with whom they can make mutually satisfactory swaps. Since time and effort are scarce resources, a barter economy is wasteful. The use of money - any commodity generally accepted in payment for goods, services, and debts - makes the trading process simpler and more efficient.

Other Functions of Money The unit of account is the unit in which prices are quoted and accounts are kept.

In Britain prices are quoted in pounds sterling;

in France in French francs. It is usually convenient to use the units in which the medium of exchange is measured as the unit of account as well. However there are exceptions. During the rapid German inflation of 1922-28 when prices in marks were changing very quickly, German shopkeepers found it more convenient to use dollars as the unit of account. Prices were quoted in dollars even though payment was made in marks, the German medium of exchange.

*Money is a store of value because it can be used to make purchases in the future. *To be accepted in exchange, money has to be a more of value.

Nobody would accept money as payment for goods supplied today if the money was going to be worthless when they tried to buy goods with it tomorrow. But money is neither the only nor necessarilly the best store of value. Houses, stamp collections, and interest-bearing bank accounts all serve as stores of value. Since money pays no interest and its real purchasing power is eroded by inflation, there are almost certainly better ways to store value.

Finally, money serves as a standard of deferred payment or a unit of account over time. When you borrow, the amount to be repaid next year is measured in pounds sterling. Although convenient, this is not an essential function of money. *UK citizens can get bank loans specifying in dollars the amount that must be repaid next year. Thus the key feature of money is its use as a medium of exchange. For this, it must act as a store of value as well. And it is usually, though not invariably convenient to make money the unit of account and standard of deferred payment as well.

In warcamps, cigarettes served, as money. In the nineteenth century money was mainly gold and silver coins. These are examples of commodity money, ordinary goods with industrial uses (gold) and consumption uses (cigarettes) which also serve as a medium of exchange. To use a commodity money, society must either cut back on other uses of that commodity or devote scarce resources to producing additional quantities of the commodity.

But there are less expensive ways for society to produce money.

A token money is a means of payment whose value or purchasing power as money greatly exceeds its cost of production, or value in uses other than as money.

The essential condition for the survival of token money is the restriction of the right to supply it. Private production is illegal.

Society enforces the use of token money by making it legal tender. The law says it must be accepted as a means of payment In modern economies, token money is supplemented by IOU money.

An IOU money is a medium of exchange based on the debt of a private firm or individual.

A bank deposit is IOU money because it is debt of the bank. When you have a bank deposit the bank owes you money. They can write a cheque to уоu or a third party and the bank is obliged to pay whenever the cheque is presented. Bank deposits are medium of exchange because they are generally accepted as payment.

B. Central Banking. The Bank and the Money Supply In this section we study the ways in which a central bank can affect the supply of money in the economy. The narrowest measure of the money supply is currency in circulation outside the banking system plus the sight deposits of commercial banks against which the private sector can write cheques. Thus money supply is partly a liability of the Bank (currency in private circulation) and partly a liability of commercial banks (chequing accounts of the general public).

*We now describe the three most important instruments through which the Bank might seek to affect the money supply: reserve requirements, the discount rate, and open market operations.

Reserved Requirements A required reserve ratio is a minimum ratio of cash reserves to deposits that the central bank requires commercial banks to hold.

If a reserve requirement is in force, commercial banks can hold more than the required cash reserves but they cannot hold less. If their cash falls below the required amount, they must immediately borrow cash, usually from the central bank, to restore their required reserve ratio.

Suppose the commercial banking system has 1 million in cash and for strictly commercial purposes would normally maintain cash reserves equal to 5 per cent of sight deposits. Since sight deposits will be 20 times cash reserves, the banking system will create 20 million of sight deposits. Suppose the Bank now imposes a reserve requirement that banks must hold cash reserves of at least 10 per cent of sight deposits. Now banks can create only p. 10 million sight deposits against their cash reserves of p. 1 million.

Thus, when the central bank imposes a reserve requirement in excess of the reserve ratio that prudent banks would anyway have maintained, the effect is to reduce the creation of bank deposits, reduce the value of the money multiplier, and reduce the money supply for any given monetary base.

Similarly, when a particular reserve requirement is already in force, any increase in the reserve requirement will reduce the money supply.

When the central bank imposes a reserve requirement in excess of the reserves that banks would otherwise have wished to hold, the banks are creating fewer deposits and undertaking less lending than they would really like. Thus a reserve requirement acts like a tax on banks by forcing them to hold a higher fraction of their total assets as bank reserves and lower fraction as loans earning high interest rates. Can the banks do anything about it?

*Although there are profitable lending opportunities, the banks can take advantage of them only if they can increase their cash reserves. In principle, they could try to borrow cash from the central bank. If the point of a reserve requirement is to reduce the money supply, the central bank will be reluctant to lend banks the cash they want to make additional loans, increase deposits, and expand the money supply. *With lucrative lending opportunities around - the banks may be able to induce the private sector to exchange cash in circulation for bank deposits. Banks can offer more generous interest rates on time deposits or stay open later to encourage people to make greater use of chequing facilities.

One form of reserve requirement that has been especially popular in the UK is the use of special deposits. Commercial banks were required to deposit some of their cash reserves in a special deposit at the Bank, and this money could not be counted as part of the banks'cash reserves in meeting their reserve requirements. Varying the amount required as special deposits gave the Bank another level for controlling deposit creation by the banking system and the size of the money multiplier.

C. The Discount Rate The second instrument of monetary control available to the central bank is the discount rate.

The discount rate is the interest rate that the Bank charges when the commercial banks want to borrow money.

When the discount rate was an important part of monetary control in the UK it was used to be known as the Bank Rate, or Minimum Lending Rate (MLR).

Suppose banks think the minimum safe ratio of cash to deposits is per cent. For the purposes of this argument it does not matter whether this figure is a commercial judgement or a required ratio imposed by the Bank on any particular day, banks are likely to have a bit of cash in hand. Say their cash reserves are 12 per cent of deposits. How far dare they let their cash reserves fall towards the minimum level of 10 per cent?

*Banks have to balance the interest rate they will get on extra lending with the dangers and costs involved if there is a sudden flood of withdrawals which push their cash reserves below the critical 10 per cent figure. This is where the discount rate conies in. Suppose market interest rates are 8 per cent and the central bank makes it known it is prepared to lend to commercial banks at 8 per cent. *Commercial banks may as well lend up to the hill and drive their cash reserves down to the minimum 10 per cent of deposits. The banks are lending at 8 per cent and, if the worst comes to the worst and they are short of cash, they can always borrow from the Bank at 8 per cent. Banks cannot lose by lending as much as possible.

Suppose however that the Bank announces that, although market interest rates are 8 per cent, it will lend to commercial banks only at the penalty rate of 10 per cent. Now a bank with cash reserves of 12 per cent may conclude that it is not worth making the extra loans at 8 per cent interest that would drive its cash reserves down to the minimum of 10 per cent of deposits.

There is too high a risk that sudden withdrawals will then force the bank to borrow from the Bank at 10 per cent interest. It will have lost money by making these extra loans. It makes more sense to hold some excess cash reserves against the possibility of a sudden withdrawal.

Thus, by setting the discount rate at penalty level in excess of the general level of interest rates, the Bank can induce commercial banks voluntarily to hold additional cash reserves. Since bank deposits now become a lower multiple of banks' cash reserves, the money multiplier is reduced and the money supply is lower for any given level of the monetary base.

D. A Plain Man's Guide to Investment I'm often asked for advice on investments. But it is impossible for me to give readers a satisfactory answer without knowing more about their individual financial situation. On one hand, the average investor would like to make a quick profit in a short time;

on the other, he wants to save money for his retirement and is unwilling to take risks. Of course, an investor can hardly expect a maximum profit with a minimum risk. Nevertheless, it may be useful to lay down a few guidelines.

*Banks are such useful organizations that we sometimes forget that they exist by lending people money and so they have to borrow money from others. In effect, every customer at a bank is lending the bank money but if he wants to be free to draw it out at any moment (current account), the bank will not pay him any interest on the loan. If he puts the money in a deposit account, he is paid interest. The bank does not promise him immediate repayment but in practice the customer can obtain his money quite quickly if he needs it. So it is sensible to have enough money in the current account to meet immediate requirements but to take advantage of the interest rates by keeping the rest in a deposit account.

Deposit accounts are subject to tax, however, and they are not a very good investment if the cost of living rises fast. Building societies usually offer the investor a better rate of interest and tax is deducted before payment to the investor. A building society does not promise to repay money on demand, but in practice it is usually does so. If you are a shareholder in a building society, the society is more likely to lend you money when you want to buy a house.

If you save money regularly and you want to make sure that your savings do not lose value as the cost of living rises, you can join the government's "Save As You Earn" scheme. This offers you tax-free interest linked to changes in the cost of living index, but you must promise to save a certain amount every month for at least five years.

In the past, the stock market offered investors the opportunity of making quite good profits (or sometimes, rather heavy losses) in a relatively short time. Since the 1960s, however, such gains have been taxed and it is not much comfort to the investor to know that he is given the opportunity of balancing his losses against his gains before taxation. Unit trusts are a way of reducing the risks. The investor entrusts his money to experts and they invest it for him in a number of different shares. If the experts choose wisely, unit trusts are more likely to guarantee him a profit than shares in one company, but the profit will not be as great as the most successful company shares would provide. Property usually increases in value more quickly than the cost of living, but if you sell someone a house you can only escape taxation if you are living in it at the time.

You may conclude that investment is so complicated that it is simpler to keep your money under the bed. But this is the most certain way to lose it.

The pound has been falling in real value since the 1930s and this state of affairs is not likely to change in the near future.

Vocabulary Notes 1. medium of exchange – средство обмена;

2. the unit of account – единица расчета (учета);

3. standard of deferred payment – уровень отсроченных платежей;

4. purchasing power – покупательная способность;

5. reserve requirements – резервные требования;

6. discount rate – ставка дисконтирования;

7. open market operations – операции на открытом рынке;

8. scarce resources – редкие ресурсы;

9. pound sterling – 1 фунт стерлингов;

10. token money – бумажные деньги;

11. money multiplier – денежный мультипликатор;

12. prudent bank – осторожный банк;

13. lucrative lending – выгодный, прибыльный заем;

14. tax-free index – индекс налогового освобождения.

15. sight deposit – вклад клиента на предъявителя.

Test 1. Дополните следующие предложения, выбрав соответствующее по смыслу слово из колонки справа.

1. People must spend a lot of time and effort finding 1. purchases others with whom they can make mutually satisfactory … 2. owe. 3. swaps 2. Money is a store of value because it can be used to 4. token money make … in the future. 5. liability 3. When you have a bank deposit the bank … you money. 6. interest 4. Thus money supply is partly a … of the bank and partly 7. loan a … of commercial banks.

5. The modern economics … is supplemented by your money.

6. The modern economics … is specifying in dollar the amount that must be repaid next year.

7. Since money pays no.. and its real purchasing power is eroded by inflation there are certainly better ways to store value.

2. Выберете русские эквиваленты к английским словам слева.

1. barter economy 1. скидка 2. discount 2. бартерная экономика 3. goods 3. выгоды 4. payment 4. счет 5. account 5. товары 6. debts 6. долги 7. benefits 7. платеж 3. Выберите английские эквиваленты к русским словам слева.

1. сокращать 1. to owe 2. покупать 2. to reduce 3. занимать (деньги) 3. to consume 4. терять 4. to borrow 5. владеть (собственностью) 5. to lose 6. расширять 6. to swap 7. обменивать 7. to expand 8. быть должным 8. to oron Exercises 1. Выпишите выделенные термины из текстов, переведите их и запомните.

2. Выпишите отмеченные звездочкой предложения из текста А.

Подчеркните модальные глаголы и их эквиваленты и переведите эти предложения (см. Грамматический справочник стр. 63).

3. К следующим глаголам найдите в словаре русские эквиваленты, запишите их и запомните.

to consume to increase to offer to require to swap to balance to trade to reduce to follow to lose to repay to lay down to serve to join to owe to draw out to expand to impose to conclude 4. Переведите текст А на русский язык письменно, пользуясь словарем в конце пособия.

5. Прочтите и переведите текст В устно, пункты 6,7,8 –письменно.

6. Прочтите текст С и запишите подробно ответ на вопрос “What is the Discount Rate?” на русском языке.

7. Прочтите текст D и ответьте на следующие вопросы:

a. What does the investor want?

b. What are the main functions of the Bank?

c. What does the stock market offer investors?

d. What do the experts do?

Block 4. The Central Bank of the Russian Federation The Central Bank of the Russian Federation (CBR) is one of the few central banks in the former communist countries of Europe that does not claim to have been set up exactly like the German Bundesbank. This is just as well, because it has more formal responsibilities and powers than the Bundesbank under the constitution and under the (revised) central-bank law of April 1995. This may not be a good thing.

Unlike the Bundesbank, the CBR is constitutionally independent.

Article 75 of the constitution passed in December 1993 and reproduced in full below states that:

1. The monetary unit in the Russian Federation shall be the Rouble.

Issuance of money shall be carried out exclusively by the Central Bank of the Russian Federation. *The introduction and issue of other money in the Russian Federation shall not be allowed.

2. Protecting and ensuring the stability of the rouble shall be the principal function of the Central Bank of the Russian Federation, which it shall discharge independently from other bodies of state authority.

3. A system of taxes to be collected for the federal budget and the general principles of taxation and levies in the Russian Federation, shall be established by federal law.

4. State loans shall be issued in the manner specified in federal law and shall be accepted on a voluntary basis.

*The central-bank law was adopted in 1992, but amended a number of times since, most recently in April 1995. Under the law, the candidate for the post of CBR governor is proposed by the president and confirmed or rejected by the Duma. The governor then proposes the twelve members of the board of directors to the Duma. The governor and members of the board of directors have tenure for four years. This tenure is secured by considerable, but not foolproof, protection from outside interference. The CBR and the government are legally obliged to consult each other about their areas of responsibilities for the purpose of co-ordination only. The relationship is symmetrical in law.

The CBR makes a report to the Duma on monetary conditions, but does not receive instructions from the Duma or any other body. The CBR is statutoryly - but not constitutionally - prohibited from monetary financing of the budget deficit. This definition does not prevent the CBR indirectly financing the budget by buying government securities in the secondary market.

The CBR is uniquely responsible for:

• monetary policy, • banking supervision, • inter-bank settlement;

and is • banker to the federal government.

It shares responsibilities for:

• holding (the bulk of) FX reserves, with the government;

• the exchange-rate targets and regime, with the government;

• the securities supervision of banks, with the Federal Securities Commission.

The government is formally responsible for exchange-rate policy and the CBR for implementation. The government has tended to share the lead on policy with the CBR, probably because there has been a high degree of convergence in thinking between the two organisations, eg, on the introduction of (and later modifications to) the rouble corridor.

Feb-95 Jun-95 Oct-95 Feb-96 Jul-96 Nov-96 Mar-97 Jul-97 Dec- Source: Reuters and Russian European Centre For Economic Policy In practice, central-bank independence does not derive exclusively from the law;

there is also popular and elite support for the notion. Furthermore, a plethora of responsibilities can:

• blur the institution's 'focus';

• lead to potential conflicts:

- between instruments and targets, - with the government over exchange-rate policy and implementation, and - with the Federal Securities Commission over the supervision of the banks' securities operations;

• enhance the scope for policy and administration errors which cross contaminate and impair the institution's prestige.

The CBR's independence is yet to be fully tested. So far, the picture is open.

• *The executive, acting in union with the Duma, passed a law forcing the CBR to hand over RUR5trn (USDIbn) to the budget in June 1996. This was the first time the CBR's independence had been challenged in this way;

the CBR appealed to the Constitutional Court in early July to review the law in the light of Article 2 of the 'central-bank law', under which 'the Bank of Russia is fully empowered to own and control its property and taking away property without its consent is not allowed', according to a Western law firm in Moscow. The CBR and the government eventually came to an arrangement that established the precise legal rules for the transfer of CBR profits to the government. This seems to be broadly in line with the arrangements in western European countries.

• The CBR seems to identify fighting inflation as its prime task and stabilising the RUR as a means of achieving low inflation. If inflation started to rise, rather than fall in line with the IMF and budget targets, it is unclear whether the CBR would raise rates and allow the RUR to appreciate. Such a difficult choice might be delayed for some years - that is, until economic recovery has gathered sufficient momentum to provoke overheating.

• The government has formal responsibility over the exchange-rate regime and targets and has been working in harmony with the CBR on the design and implementation of policy. However, the government could frustrate the CBR's actions in, for example, fighting inflation if it chose to impose a faster rate of RUR depreciation or a devaluation, or prevent an interest-rate rise by, eg, changing the parameters of the corridor.

Open-market Operations *The CBR conducts open-market operations and has now acquired a large portfolio of federal securities. This constitutes indirect lending to the government;

direct lending is prohibited. The IMF puts limits on this indirect lending, but there is nothing in domestic legislation, which regulates this practice. Last year, the CBR kept its stock of lending to the finance ministry unchanged and, therefore, provided no direct financing on the margin to the government. However, the CBR acquired RUR23trn of securities -almost certainly government rouble securities such as T-bills -taking holdings to nearly RUR59trn. Some of this acquisition of securities could reflect the exchange of new finance-ministry securities in cancellation of part of the finance-ministry's historic debt to the CBR. This suggests the CBR could hold as much as 25% of the stock of RUR237trn of GKOs and OFZs issued at end 1996 and is a major player on the primary and secondary markets in government securities. As the government's banker, it would presumably be obliged to strive to meet the objectives of its client with respect to the quantity and cost of the securities the government issues and to secondary-market conditions.

Central Bank of the Russian Federation RURtrn 1 Jan 1996 1 Dec % 1996 change Assets Gold 11,6 29.8 Foreign exchange 82.8 88.6 Vault cash 0.1 0.9 Credits to Min Fin 58.4 58.7 Securities 35.7 58.9 Other credits 15.0 10.3 - Int'l settlements 5.4 4.4 - Other 16.4 55.3 Total 225.5 307.0 Liabilities Authorised capital 3.0 3.0 Reserves and funds 26.9 25.7 - Foreign exchange 11.4 19.6 Cash 83.5 101.2 Commercial banks 35.5 41.0 Budget funds, etc 18.4 17.3 - Funds in settlement 6.0 5.5 - Other 43.9 96.8 Total 225.5 307.0 Note: The CPI rose by 20% from December 1995 to November 1996.

Monetary and Exchange-Rate Policy Central-bank Policy The primary responsibility of the Central Bank of Russia is the stability of the currency:

'Protecting and ensuring the stability of the rouble shall be the principal function of the Central Bank of the Russian Federation, which it shall discharge independently from other bodies of state authority (Article 75 of the constitution passed in December 1993).

*The CBR's monetary policy is also determined by its obligations as a co-signatory to the CBR/government memorandum on monetary, financial and economic policies to the IMF in relation to the extended financing facility agreed by the IMF in March 1996 and in April 1997. Following most countries' lead, Russia has not published its agreements with the IMF, although it (but not the IMF) is free to do so. We believe the agreement includes upper limits on CBR credits (including indirect credits through secondary-market purchases of government securities) made to the government and on CBR net domestic assets (which are equivalent to loans to the domestic sector). These ceilings have the ultimate aim, according to IMF models, of reining in inflation by controlling the extension of credit and broad-money creation. The ceiling on CBR credits to the government should be consistent with the government's fiscal policy as agreed with the IMF. We believe there are also other limits, eg, a ceiling on the budget deficit and a floor on budget revenues. This would normally be within the context of targets (but not contractual obligations) for inflation and understandings about the exchange rate.

Vocabulare Notes 1. unlike Bundesbank – в отличие от Бундесбанка;

2. secondary market – вторичный рынок;

3. banking Supervision – наблюдение за банком;

4. interbank settlement – межбанковский расчет;

5. exchange rote policy – политика валютного курса;

6. monetary policy – денежная политика.

Test Дополните следующие предложения, выбрав соответствующие слова из колонки справа.

1. The governor then … the twelve members of 1. monetary unit the board of directors of the Duma.

2. The IMF puts limits on this indirect lending? 2. exchange rate But there is nothing in domestic …? Which policy regulates this practice.

3. … … in the Russion Federation shall be the 1. proposes Rouble.

4. Protecting and ensuring the stability of the 3. legislation rouble shall be the principle … of the Central Bank of the Russion Federation, which it shall descharge independently from other bodies of state outhority.

5. The government is formally responsible for 5. function … - … … and the CBR for implementation.

2. Выберите русские эквиваленты к английским словам в колонке слева:

1. taxation 1. предел 2. unit 2. выпуск, эмиссия 3. issue 3. оценка 4. budget 4. налогообложение 5. evaluation 5. бюджет 6. margin 6. маржа 3. Выберите английские эквиваленты к русским словам в колонке слева:

1. предлагать 1. to achieve 2. подтверждать 2. to appreciate 3. принимать 3. to accept 4. запрещать 4. to propose 5. достигать 5. to conferm 6. оценивать 6. to prohibit Exercises 1. Выпишете выделенные термины из текста, переведите их и запомните.

2. Найдите в словаре перевод следующих глаголов, запишите и запомните их.

to claim to prohibit to discharge to prevent to establish to enhance to accept to pass to issue to appeal to propose to empower to amend to identifty to confirm to achieve to secure to appreciate to adopt to derive to impair 3. В выделенных звездочкой параграфах подчеркните сказуемое в страдательном залоге, определите время и переведите на русский язык.

(см. Грамматический справочник стр. 58).

4. Прочтите и переведите письменно весь текст.

5. Расскажите на английском языке о центральном банке, раскрыв основные положения (its independence, its formation, its responsibilities, etc).

Block 5. British Banking *The British Banking System has developed over the past few hundred years to become one of the most highly specialised financial centres in the western world.

The head offices or main branches of banking institutions are concentrated in the City of London. *The Bank of England and the most important commercial, merchant banks all are situated in close proximity to one another.

The Bank of England is the central bank of the United Kingdom. It acts as a banker to the Government and to the other banks;

as the central note issuing authority;

as agent of the Government for important financial operations;

and as its adviser on many other aspects. The Bank also undertakes management of the National Debt and (as agent of the Treasury) the administration of exchange control.

The Bank of England in some of its functions serves as an agent of the Government and it is through the bank that monetary policy is implemeted. It is not, however, part of the Civil Service. The commercial banks, whose primary business is receipt transfer and encashment of different types of deposits, can be grouped as follows:

London clearing banks (Barclays, Lloyds, Midland, National Westminster -the "Big Four"), the Scottish and Nothern Ireland banks, the British overseas commonwealth banks, foreign banks.

Overseas Banks In London there are from 110 to 120 banks, the bulk of whose business is carried on overseas. Many of these banks were set up in the nineteenth century to provide banking facilities to their customers throughout the world but mainly in the British overseas territories. *Many of them afterwards amalgamated and the London clearing banks have considerable interest in some of the largest.

The business of British overseas banks may be described as being basically that of exchange dealers and sources of credit for financing monetary transacions between Britain and the countries in which they are represented, as well as between third countries (these facilities also include acceptance credits, generating bills of exchange which can be negotiated at respective discount rates). They are also concerned with the employment in London of their temporary idle funds. They provide a means by which funds intended for investment саn readly be switched from one part of the world to another. Thus they facilitate movement of resources between London and abroad, as well as attracting deposits to London from overseas customers.

Foreign Banks *The number of foreign banks in London and in other major cities in recent years has rapidly expanded. US and Japanese banks are the most prevalent but not at all surprisingly there are also increasing members from various European countries.

Representation takes different forms. *Some banks operate through subsidiaries whilst others have opened branches in their own name. There are also large numbers of representative offices, which do not handle banking business but mainly promote and facilitate business relationships. Quite often a representative office serves as the first step towards setting up a branch or other institution.

The Merchant Banks Third term defines the group of banks known as (a) accepting Houses, which specialise in acceptance credit, and (b) issuing houses, which are primarily concerned with raising credit on behalf of domestic and overseas borrowers and, where appropriate, with organising a market for placement of bonds or shares. Some of them belong to both groups at the same time. *Most have greatly extended the scope of their interests in domestic financing, particularly in advising on amalgamations and take-overs, as well as in investment management, hire purchase and leasing finance, they also play an important part in the international short-term capital market (sometimes called "parallel" money market).

*A feature of British banking over the past few years has been the discontinuous blurring of the distinctive features that distinguish commercial and merchant banks.

Standing apart in the British banking system are the discount houses, National Gimbank, Post office Giro, National Savings Bank and Trustee Savings Bank.

Laws affecting banking in Britain are not part of a written constitution, but are contained in a large number of Acts of Parliament relating to Banking.

The Stock Exchange The International Stock Exchange touches the lives of the majority of people in the United Kingdom. More than 9 million individuals now own shares. Nearly every adult in the UK saves or invests money in some form.

The Exchange exists to provide a channel through which these savings can reach those who need finance.

*The Stock Exchange has its main administrative centre in the City of London. There are also centres in Glasgow, Liverpool, Birmingham and Dublin.

The modern Exchange was not created overnight The first Joint Stock Company was formed in London in 1553. In 1694 the King, William III, and Parliament were seeking ways to fund the war with France. Their solution was to set up the Bank of England.

*The Exchange has developed through the years to become the electronic marketplace as it is today. The Exchange developed a terminal based quotation system, the Stock Exchange Automated Quotations (SEAQ). Market Makers now enter their competing, buying and selling prices on to SEAQ terminals in their offices - anywhere in the UK or overseas.

*The market has been renamed "The international Stock Exchange of the United Kingdom and the Republic of Ireland Ltd". *The Exchange has been changing radically in recent years.

Vocabulary Notes 1. merchant bank – торговый банк;

2. clearing bank – банк, занимающийся клиринговыми операциями;

3. overseas bank – зарубежный банк;

4. foreign bank – иностранный банк;

5. temporary idle funds – временные свободные фонды;

6. accepting house –акцептный дом;

7. issuing house – финансовое учреждение, выпускающее ценные бумаги;

8. take-over – снятие со счета;

9. leasing finance –лизинг финансов;

10. discount houses – дисконтные дома;

11. terminal based– основанный на конечном покупателе;

12. quotation system – система котировки;

13. hire purchase – покупка в рассрочку;

14. idle funds – бесприбыльные фонды.

Test 1. Дополните следующие предложения, выбрав соответствующее по смыслу слово из колонки справа.

1. The head offices or main … of banking institution 1. merchant banks are concentrated in the city of London. 2. branches 2. The Bank of England and the most important 3. promote commercial, … are situated in close proximity to 4. idle funds one another. 5. serves 3. They are also concerned with the employment in 6. customers London of their temporary ….

4. There are also large numbers of representable offices which do not handle banking business but mainly … and facilitate business relationship.

5. Thus they facilitate movement of resources between London and abroad, as well as attracting deposits to London from overseas ….

6. Quite often a representative office … as the first step towards setting up a branch or other institution.

2. Выберите русские эквиваленты к английским словам в колонке слева.

1. transaction 1. презентация 2. shares 2. акции 3. bonds 3. облигации 4. representation 4. краткосрочный 5. subsidiary 5. котировка 6. quotation 6. дочерняя компания 7. short-term 7. запись 3. Выберите английские эквиваленты к русским словам в колонке слева.

1. обслуживать 1. to seek 2. обеспечивать 2. to serve 3. определять 3. to provide 4. содержать 4. to define 5. искать 5. to contain 6. содействовать 6. to fosilitate Exercises 1. Выпишите выделенные термины, переведите их и запомните.

2. К следующим глаголам найдите в словаре русские эквиваленты и запомните их.

to develop to exist to amalgamate to read to facilitate to seek to switch to change to define to rename to expand to promote to contain to exist 3. В выделенных звездочкой предложениях подчеркните глагол «to have» и определите его функцию. Переведите их (см. Грамматический справочник, стр. 67).

4. Переведите текст письменно со словарем.

5. Запишите основные функции каждого вида банка на английском языке.

Block 6. Barclays Bank Account Why a Bank Account Makes Sense You'll find managing your money is easier and safer with a bank account.

A Barclays Bank Account allows you to make payments without having to use cash. Your salary can be paid direct into the account. If you have a regular amount to pay out on a specific date each month, you can arrange a standing order or direct debit with your branch so that the bill is paid automatically.

But whether you're paying someone by direct debit, paying in money or withdrawing cash, every transaction will appear on your bank statement. So you'll always be able to keep track of your finances If you find you need further information about your Barclays Bank Account, or on any financial matter all you have to do is to apply to your branch and talk things over with your Personal Banker or another member of staff.

You don't need to make an appointment. But if you need specific advice on, for example, insurance or investment we'll arrange for you to see one of the Bank's specialists.

A Current Account with Three Options to Choose from The Barclays Bank Account offers a choice of three options, all with no charges for everyday transactions.

As your needs change you can move from one option to the next without difficulty. To apply for a different option all you need to do is to complete a straightforward application form and we'll do the rest.

Whichever option you choose, your account number does not change.

So your Barclays Connect or Barclaybank card, standing orders, direct debits and so on are unaffected.

The Options in Brief Interest Option • Cheque book.

• A Barclays Connect or Barclays bank card can be applied for.

• Interest paid quarterly on cleared credit balances.

• A Personal Overdraft facility can be applied for up to a maximum of $5,000.

Instant Option • A Barclays connect or Barclaybank card can be applied for.

• A higher rate of credit interest than the Interest option.

• Please note a cheque book is not issued with this option and there are no Personal Overdraft facilities.

Flexible Option • Cheque book.

• A Barclays Connect or Barclaybank card can be applied for.

• A Personal Overdraft facility can be applied for up to a maximum of $5,000.

We also offer students a special version of The Barclays Bank Account, known as The Barclays Student Bank Account. To apply for a Personal Overdraft you must be 18 or over (20 in Jersey). Please note:

Barclays is a responsible lender and when considering your application for an overdraft, your financial circumstances will be appraised.

And remember, if you should run into difficulties, please, contact us immediately.

Full details of each of the options are available in the booklet titled 'How a Bank Account can help you which can be obtained from any Barclays branch or by writing.

Bank Charges With The Barclays Bank Account, there are no charges for everyday sterling transactions within the UK, whatever your balance. In practice, this means you will not be charged for the following sterling items:

• cheques you write on your account;

• credits paid into your account;

• regular bank statements;

• standing orders or direct debits (within the UK);

• Barclays, Lloyds, Bank of Scotland or Royal Bank of Scotland cash dispenser transactions1;

• Barclays Connect Entries2.

There is no limit on the number of such transactions you can make.

However, for other services including Personal Overdrafts, stopping cheques, safe custody and foreign transactions (eg, transfer of funds to someone overseas, and the negotiation of cheques drawn abroad -whether in Transactions at other banks or cash dispensers displaying the Visa sign are subject to a 1.5% handling charge.

Transactions at other banks or cash dispensers displaying the Visa sign are subject to a 1.5% handling charge.

foreign currency or sterling), a charge may be made. Further details can be obtained from any Barclays branch. When we make a change to our charges we will provide a revised Personal Customer Tariff before we make the changes.

Your Statement As a Barclays customer you will be sent a regular statement, enabling you to keep track of your spending. It is a record of all the payments that have gone in and out of your account. Your statement may not reflect all payments that you may have made to date. Please bear these payments in mind when you receive your statement.

Using Barclays Cheque Book What is a Cheque?

In very simple terms, a cheque is a written instruction by you (the drawer) to the Bank to pay money to someone (the payee];

Generally, a cheque which is presented more than six months after the date on it is treated as out of date.

Barclays standard cheques are non-transferable and have the words 'Account Payee' printed within the crossing (the two parallel lines through the middle). Put simply, this helps to ensure that each of your cheques can only be paid into the account of the party to whom you have made it payable thereby helping to prevent stolen cheques from being paid into a thief’s account. Please bear in mind that any payee without a current/deposit account will find it difficult to withdraw funds against such a cheque.

How to Pay for Goods and Services by Cheque Most retailers will accept your cheque as payment for goods and services, provided it is supported by a valid cheque guarantee card.

Barclays Connect or Barclaycard Visa act as cheque guarantee cards.

They can be used to guarantee personal cheques issued within the United Kingdom for amounts up to the guarantee limit shown on the reverse of the card for any one transaction.

You simply present the card with your cheque and then the payee writes your card number on the back of the cheque.

Of course, you should not issue a cheque for more than the funds available in your account unless previously agreed with your branch.

How to Obtain Cash with a Cheque When you want to withdraw money from your own branch, all you need to do is to write a cheque payable to 'cash' and hand it to the cashier.

There may be times when you want to withdraw money from other branches of Barclays. If you have a Barclays Connect card or Barclaycard Visa, you can use it as identification to cash your personal Barclays cheques for up to $100 per day. Present the card with your cheque book and sign the cheque in front of the cashier.

How to Get a New Cheque Book We monitor how many of your cheques have been processed, and you should automatically receive a new cheque book before you run out.

If one doesn't arrive, however, you'll find a page in your cheque book which is a re-order form. Just send or hand over the completed form to your account holding branch.

How to Stop a Cheque If you want to stop the payment of a cheque that has been issued from your account, simply telephone or call into your branch. You will need to quote your account number, the cheque number, the amount and date on the cheque and the name of the payee. Your branch will stop payment of the cheque providing it has not already been paid prior to you contacting them. If you telephone the details through to your branch, you must confirm your instruction immediately in writing. A charge will be made to stop a cheque unless it has been lost or stolen.

If you have used a Barclays cheque guarantee card to issue a cheque, it cannot be stopped.

Using your Barclays plastic cards As a Barclays Bank Account customer, you can apply for a Barclays Connect or Barclay bank card.

How to pay for goods and services using Barclays connect Barclays Connect is our versatile Visa payment card which deducts the money you spend from your current account. It's accepted at over 400, Visa and Delta outlets in the UK and at over nine million worldwide. It combines the convenience of paying by Visa card with the control you get by spending from your current account. Instead of writing out a cheque in most supermarkets, restaurants or petrol stations, simply hand your Barclays Connect card to the cashier or retailer who will process the transaction.

All you have to do is to sign the voucher and the amount will be debited from your account in the same way as a cheque.

It's a cash dispenser card and cheque guarantee card as well, allowing you to pay just about any way you like.

How to obtain cash using your Barclays connect or Barclaybank card When you need cash you can use your Barclays Connect or Barclaybank card to withdraw up to $200 per day (provided that sufficient funds are available in your account) from over 6,200 Barclays, Lloyds, Bank of Scotland and Royal Bank of Scotland cash dispensers, day or night, free of charge.

You will need to use your Personal Identification Number (PIN) which will be sent to you shortly after you receive your Barclays Connect or Barclaybank card. You can change your Barclays Connect or Barclay bank PIN quickly and easily to one of your own choice, as often as you like at any Barclays cash dispenser. This may help to make it easier for you to memories your PIN.

A Barclays Connect card can also be used over the counter in Barclays branches. Just tell the cashier how much you need, hand over the card and sign a voucher. (Saturday morning cash withdrawals are restricted to a maximum of $200 per day.) Making regular payments One of the benefits of a Barclays Bank Account is that it can make managing your money easier.

Standing orders and direct debits will allow regular payments such as your mortgage, electricity and insurance to be paid on time without you having to worry about writing a cheque. They are shown on your statement along with other transactions.

Standing orders These are ideal for regular payments where the amount is likely to remain the same for a period of time. All you have to do is to ask your branch to set up a standing order, giving the name of the person or company to be paid and their bank details.

Direct debits These work in a similar way to a standing order, but the advantage of a direct debit is that it is particularly useful when the amount or frequency of payment is variable.

A direct debit differs in that you instruct your branch to allow your suppliers (the originator) to collect payments from your account. If the amount or frequency of the payment changes, you will be notified by the originator before it is deducted from your account.

How to stop a standing order or direct debit If you want to stop a standing order or direct debit payment you can write, telephone or call into your branch. You will need to quote the name of the party to whom the payment is being made, the amount and the date that the payment is due. If you telephone your branch with the details you must confirm your instruction immediately in writing. Alternatively, a direct debit can be stopped by writing to the party to whom it is payable.

Test 1. Дополните следующие предложения, выбрав соответствующее по смыслу слово из колонки справа.

1. A Barclays Bank account allows you to make 1. account payments without having to use …. 2. cash 2. Your salary can be paid direct into the …. 3. charge 3. Most … will accept your cheque as payment for 4. retailers goods. 5. withdraw 4. A … will be made to stop a cheque unless it has been lost or stolen.

5. When you want to … money from your own branch, all you need to do is to write a cheque payable to “cash” and hand it to the cashier.

2. Выберите русские эквиваленты к английским словам в колонке слева.

1. salary 1. бухгалтерская запись 2. interest 2. ведомость 3. entry 3. вексель 4. bill 4. чек 5. statement 5. процент 6. cheque 6. зарплата 3. Выберите английские эквиваленты к русским словам в колонке слева.

1. подтверждать 1. to obtain 2. подписать 2. to sign 3. получить 3. to remember 4. обработать 4. to confirm 5. помнить 5. to process 6. передать 6. to contact 7. связаться 7. to hand Exercises 1. Выпишете выделенные термины из текстов, переведите их и запомните.

2. Найдите в словаре перевод следующих глаголов, запишите и запомните их.

to apply to confirm to remember to deduct to contact to obtain to treat to hand to sign to debit to monitor to process 3. Прочтите текст, переведите его и напишите основные положения о деятельности банка “Barclays Bank” на русском язык, а затем на английском.

Block 7. Dialogues in a Bank 1. Dialogue Student: What type of bank is this?

Banker. We're a commercial bank Student: Does that mean that your services are limited?

Banker: To some extent. For instance, we can't offer the fiduciary services that a trust company can Student: What are they?

Banker: Well, they have to do with the administration of trusts and estates.

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

Banker: Yes. Through our brokerage house.

Student: Is your broker a member of the stock exchange?

Banker: Yes.

Student: This is a state bank, isn't it?

Banker: That's right Student: Do you offer fewer services than a national bank?

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

Student: Are there banks that don't offer regular commercial services?

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

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

Banker: No. I'd rather just call it a financial institution.

Student: How about a credit union?

Banker: That’s not really a bank, either.

Student: And a finance company is something entirely different.

Banker: Yes.

Brokerage services 2. Dialogue Customer: I have some corporate bonds that'll mature next month.

Can you help me present them for redempton?

Banker: Surely. Where are they payable?

Customer: At one of the banks in New York Banker: Are they the registered or the coupon type?

Customer: They're registered in the names of both me and my wife.

Banker: You’ll both have to assign them.

Customer: Yes, I know. And when the proceeds have come in, could you help me reinvest the funds in some preferred stocks?

Banker: Oh, yes. Our brokerage house can bid on some shares for you.

Customer: They charge the usual broker's commission, I suppose.

Banker: Yes, they charge the same as any reliable house. They have a seat on both the New York and the American Exchanges.

Customer: I’ve also thought of taking a filer on some common stocks, if I could find a good growth industry.

Banker: Well, the market looks favorable right now.

Governmental controls 3. Dialogue Customer: Why does there have to be so much governmental control of banking?

Banker: Well, of course, the main objective of all these controls is to protect the depositor.

Customer: How about the borrower?

Banker: Yes, there are legal ceilings on the interest rates a bank may charge on loans.

Customer: This is protection against what they call usury.

Banker: That's right. Then there are controls that protect both the bank and the customer from loss by embezzlement.

Customer: By an audit of the books?

Banker: Partly. But also by requiring that each employee be bonded.

Customer: Don't these controls have something to do with financial conditions? I mean, doesn't the government try to protect the country against deflation and inflation?

Banker: Yes. But that gets pretty involved in monetary theory.

Customer: Well, didn't the government step in during the depression and put restrictions on bank operations?

Banker: Yes, it did. For one thing, it was necessary to build up the people's confidence in banks and discourage hoarding.

Structure and functions of a bank in the u.s.

4. Dialogue Customer: Who really owns the bank?

Banker: The stockholders own it. In the beginning they put up the necessary capital and were granted a charter from the government.

Customer: Are the members of the board of directors stockholders?

Banker: Oh, yes. They’re chosen by the other stockholders to operate the bank.

Customer: And the board hires president and the vice-presidents to manage it.

Banker: That’s right along with the cashier, the tellers, and the clerical workers.

Customer: I guess most of your work has to do with checking and savings accounts and making loans.

Banker: Yes. But we invest money, too. Planning the bank's investments is also very important.

Customer: Do you divide all the profits among the stockholders?

Banker: Not all of them. The stockholders receive regular dividends.

But some of our earnings are held in reserve accounts.

Customer: I suppose that would be necessary.

Banker: Here's a copy of our last published statement you see, the reserves are shown here as surplus and undivided profits.

Currency and other forms of exchange in the u.s.

5. Dialogue Student: The bank must use just about every form of exchange in a day's work.

Cashier: Just about. Of course, we constantly handle coins and bills of every denomination.

Student: They're what you call legal tender?

Cashier. Yes. Of course. A nation's currency is its legal tender.

Student: But a check isn't a legal tender.

Cashier: No. However, checks are a very common form of exchange, and they're generally accepted in lieu of currency.

Student: Are traveler's cheeks currency?

Cashier: Not in a strict sense. But they're immediately negotiable everywhere. For instance, even merchants will cash them under most circumstances.

Student: The bearer need only present proper identification.

Cashier: That's right.

Student: Well, what's a bank note? is that currency?

Cashier: Definitely. Bank notes are issued by the banks of the Federal Reserve System, and they're legal tender just as silver certificates are.

Student: That's what I thought. But getting back to checks, why are bank drafts sometimes preferred over checks?

Cashier: Well, in the case of a check, the party who signs it is the only one who guarantees payment. But a bank draft is issued and guaranteed by a bank Student: Is that true of cashier's checks, too?

Cashier: Yes. And also of certified checks and money orders.

Student: What about sight drafts?

Cashier: Now, sight drafts are different. They're a form of request for payment through a bank 1. Прочтите диалоги, которые могут иметь место в банке.

2. Запишите, переведите и запомните выделенные предложения, которые вы можете использовать в своих беседах.

Block 8. Financial Reports Consolidated financial report of the large financial holding company 1. Consolidated statements of income of Citicorp and subsidiaries In millions of dollars 1999 Interest revenue Loans, including fees 22927 Deposits with banks 1002 Federal funds sold and securities purchased under resale 402 agreement Securities, including dividends 3670 Trading account assets 692 Loans held for sale 549 29242 Interest expense Deposits 10775 Trading account liabilities 88 Purchased funds and other borrowings 1984 Long-term debt 1853 14700 Net interest revenue 14542 Provision for credit losses 2837 Net interest revenue after provision for credit losses 11705 Fees, commissions, and other revenue Fees and commissions 7547 Foreign exchange 1569 Trading account 888 Securities transactions 332 Other revenue 3270 13606 Operating expense Salaries 6270 Employee benefits 1333 Total employee 7603 Net premises and equipment 2505 Restructuring-related items and merger-related costs 154 Other expense 6756 17018 Income before taxes 8293 Income taxes 3098 Net income 5195 Vocabulary Notes • financial report - финансовый отчет;

• financial holding company - финансовая холдинговая компания;

• consolidated statements of income - консолидированный отчет о прибылях и убытках;

• subsidiary - дочерняя компания;

• interest revenue - процентный доход;

• fees - гонорары, комиссионные платежи;

• deposits with banks - депозиты в других банках;

• federal funds sold - предоставленные межбанковские кредиты;

• securities purchased under resale agreement - ценные бумаги, приобретенные по соглашению об обратном выкупе;

• trading account assets - активы торгового счета;

• loans held for sale - ссуды для перепродажи;

• interest expenses- процентные расходы;

• trading account liabilities - обязательства по торговому счету;

• purchased funds - полученные межбанковские кредиты;

• other borrowings - другие заемные средства;

• long-term debts - долгосрочные долговые обязательства;

• net interest revenue - чистый процентный доход;

• provision for credit losses - резерв на возможные потери по ссудам;

• foreign exchange - операция с иностранной валютой;

• securities transactions - операции с ценными бумагами;

• operating expenses- операционные расходы;

• employee benefits - премии сотрудникам банка;

• premises – помещения;

• restructuring-related items - расходы по реструктуризации • merger-related costs - расходы по слияниям;

• income before taxes - доход до налогообложения;

• income taxes - налоги на прибыль;

• net income - чистый доход.

2. Consolidated balance sheets of Citicorp and subsidiaries In millions of dollars 1999 Assets Cash and due from banks 11385 Deposits at interest with banks 12095 Securities, at fair value Available for sale and short-term and other 46592 venture capital 4160 Trading account assets 31540 Loans held for sale 4463 Federal funds sold and securities purchased under resale 6048 agreements Loans, net consumer 148715 Commercial 96738 Loans, net of unearned income 245453 Allowance for credit losses (6679) (6617) Total loans, net 238774 Customers' acceptance liability 1133 Premises and equipment, net 4900 Interest and fees receivable 3836 Other assets 23644 Total 388570 Liabilities Non-interest-bearing deposits in U.S. offices 19492 Interest-bearing deposits in U.S. offices 49462 Non-interest-bearing deposits in offices outside the U.S. 12132 Interest-bearing deposits in offices outside the U.S. 179627 Total deposits 260713 Trading account liabilities 27429 Purchased funds and other borrowings 25096 Acceptances outstanding 1222 Accrued taxes and other expense 8416 Other liabilities 13204 Long-term debt 26443 Stockholder's Equity Common stocks — — Surplus 5844 Retained earnings 20498 Accumulated other changes in equity from nonowner sources (295) (603) Total Stockholder's Equity 26047 Total 388570 Vocabulary Notes • balance sheet – баланс;

• cash and due from banks - касса и корреспондентские счета в других банках;

• deposits at interest with banks - межбанковские процентные депозиты;

• fair value - оценочная стоимость;

• available for sale – легкореализуемые;

• venture capital - венчурный капитал;

• consumer loans - ссуды физическим лицам;

• commercial loans - ссуды деловым предприятиям;

• loans net of unearned income - ссуды за вычетом наращенных, но не полученных процентов;

• allowance for credit losses - скидка на возможные потери по ссудам;

• customers' acceptance liability - обязательства клиентов по акцептным кредитам;

• interest and fees receivable - проценты и комиссии к получению;

• interest-bearing deposits - депозиты, приносящие процентный доход;

• non-interest-bearing deposits - депозиты, не приносящие процентный доход;

• acceptances outstanding - обязательства по банковским акцептам;

• accrued taxes - накопленные налоговые обязательства;

• stockholder's equity - акционерный капитал;

• common stocks - обыкновенные акции;

• surplus - добавочный капитал;

• retained earnings - нераспределенная прибыль;

• accumulated other changes in equity from nonowner sources - другие накопленные изменения в стоимости капитала, не обусловленные финансовыми операциями с владельцами акций.

3. Consolidated statement of cash flows of Citicorp and subsidiaries In millions of dollars 1999 Cash flows from operating activities Net income 5195 Adjustments to reconcile net income to net cash provided by operating activities Provision for credit losses 2837 Depreciation and amortization of premises and equipment 917 Amortization of goodwill and acquisition premium costs 297 Provision (benefit) for deferred taxes 115 (103) Restructuring-related items and merger-related costs 154 Venture capital activity (863) (698) Net gain on sale of securities (332) (524) Changes in accruals and other, net (793) (4760) Net decrease (increase) in loans held for sale 550 (1493) Net decrease (increase) in trading account assets 2127 Net (decrease) increase in trading account liabilities (2742) (815) Total adjustments 2267 Net cash provided by operating activities 7462 Cash flows from investing activities Net (increase) decrease in deposits at interest with banks (452) Securities - available for sale Purchases (58617) (59137) Proceeds from sales 25079 Maturities 28740 Net decrease in federal funds sold and securities sold under 840 repurchase agreements Net increase in loans (115743 ( Proceeds from sales of loans ) 87906 ) Business acquisitions (2150) (3890) Capital expenditures on premises and equipment (1114) (1408) Proceeds from sales of premises and equipment, subsidiaries 1281 and affiliates, and other real estate owned Net cash used in investing activities (34230) (27459) Cash flows from financing activities Net increase in deposits 34578 Net (decrease) increase in federal funds purchased and (2445) (823) securities sold under repurchase agreements Net increase (decrease) in commercial paper and funds 2027 (3764) borrowed Proceeds from issuance of long-term debt 3909 Repayment of long-term debt (4354) (6951) Dividends paid (4625) (884) Contribution from Citigroup parent company 321 Redemption of preferred stock - (1040) Proceeds from issuance of common stock Treasury stock repurchases (483) Net cash provided by financing activities 29411 Effect of exchange rate changes on cash and due from banks (289) Net increase in cash and due from banks Cash and due from banks at the beginning of the year 2354 Cash and due from banks at end of year 9031 11385 Supplemental disclosure of cash flow information Cash paid during the year for Interest 13415 Income taxes 2551 Vocabulary Notes • statement of cash flows - отчет о движении денежных средств;

• cash flows from operating activities - денежные потоки от текущей деятельности;

• adjustments – корректировки;

• reconcile - согласовывать, приводить в соответствие;

• depreciation - уценка;

• goodwill - деловая репутация;

• acquisition premium costs - издержки на выплату премии прежним владельцам поглощенной компании;

• deferred taxes - отсроченные налоговые платежи;

• net gain on sale of securities - чистая прибыль от реализации ценных бумаг;

• accruals – начисления;

• cash flows from investing activities - денежные потоки от инвестиционной деятельности;

• deposits at interest with banks - депозиты в других банках, по которым выплачиваются проценты;

• securities available for sale - легко реализуемые ценные бумаги;

• proceeds from sales - поступления от продаж;

• maturity – срок платежа по векселю;

• business acquisitions - поглощения других компаний;

• capital expenditures – капиталовложения;

• real estate – недвижимость;

• cash flows from financing activities - денежные потоки от финансовой деятельности;

• commercial papers - краткосрочные векселя;

• issuance of long-term debt - эмиссия долгосрочных долговых обязательств;

• repayment – погашение;

• contribution from parent company - финансовая помощь от материнской компании;

• redemption of preferred stock - выкуп привилегированных акций;

• treasury stock repurchases - выкуп собственных акций у акционеров;

• exchange rate - обменный курс;

• supplemental disclosure of information - дополнительное раскрытие информации.

4. Financial report of the small enterprise.

‘Balance sheet of HiFi Sounds’ In dollars 1999 Assets Cash 794 Marketable securities 0 Accounts receivable 5776 Inventory 6073 Prepaid expenses 415 Other current assets 173 Current assets 13231 Gross fixed assets 11162 Less accumulated depreciation (992) (651) Net fixed assets 10170 Long-term investments 0 Intangible assets 0 Other noncurrent assets 336 Total assets 23737 Liabilities and Equity Notes payable – bank 2114 Accounts payable 7688 Accruals 1959 Income tax payable 87 Current maturity - term notes 0 Current maturity - long term debt 474 Other current liabilities 0 Current liabilities 12322 Deferred tax liability 173 Term notes 0 Long-term debt 3015 Other noncurrent liabilities 224 Total liabilities 15734 Common stock – par 93 Paid-in surplus 6985 Retained earnings 925 (2462) Stockholders' equity 8003 Total liabilities and equity 23737 Vocabulary Notes • marketable securities - ценные бумаги, имеющие рыночную котировку;

• accounts receivable - счета к получению;

• inventory - производственные запасы;

• prepaid expenses - расходы оплаченные;

• current assets - текущие активы;

• fixed assets - основные средства;

• gross – валовый;

• long-term investments - долгосрочные инвестиции;

• intangible assets - нематериальные активы;

• noncurrent assets - внеоборотные активы;

• notes payable to bank - текущая задолженность перед банком;

• accounts payable - счета к оплате;

• term notes with current maturity - срочные обязательства с отплатой в текущем периоде;

• long-term debt with current maturity - долгосрочные долговые обязательства с оплатой в текущем периоде.

5. Income Statement of HiFi Sounds In dollars 1999 Net sales 54120 Cost of goods sold 38101 Gross profit 16019 Selling expenses 7732 General and administrative expenses 2944 Depreciation and amortization 1004 Other operating expenses 1351 Total operating expenses 13031 Operating profit 2988 Interest on marketable securities 0 Other income (including long-term investments) 2224 Interest expense - term notes 0 Interest expense - notes payable 239 Interest expense - long-term debt 41 Other noninterest expense 0 Profit before taxes 4932 Income taxes 1545 Net profit 3387 Dividends 0 Retained earnings 3387 Vocabulary Notes • net sales - поступления от продаж;

• cost of goods sold - себестоимость продаж;

• gross profit - валовая прибыль;

• selling expenses - издержки по реализации;

• general and administrative expenses - общие и административные расходы;

• operating profit - прибыль от текущих операций.

Test 1. Найдите русские эквиваленты к английским терминам в колонке слева.

1. gross 1. баланс 2. balance sheet 2. касса и корреспондентские 3. consumer loans счета в других банках 4. cash and due from banks 3. валовой 5. allowance 4. ссуды физическим лицам 6. fees 5. комиссионные платежи 7. interests revenue 6. скидка (на товары) 8. premises 7. помещения 9. net income 8. ссуды для перепродажи 10.loans held for sale 9. процентный доход 10. чистый доход 2. Выберите английские эквиваленты к русским терминам в колонке слева.

1. операционные расходы 1. available for sale 2. легкореализуемые 2. acceptances outstanding 3. счета к получению 3. accounts receivable 4. обязательства по банковским 4. accruals акцептам 5. maturity 5. погашения 6. issuance 6. начисления 7. real estate 7. эмиссия 8. treasury stock repurchases 8. выкуп собственных акций у 9. proceeds from sale акционеров 10. operating expenses 9. недвижимость 10. поступления от продаж Exercises 1. Прочтите Vocabulary Notes к каждому тексту.

2. Прочтите и переведите каждую позицию в Financial Reports (Text №1).

3. Сравните цифры по каждой позиции по годам и назовите позиции, которые имеют:

1) более высокие показатели;

2) более низкие показатели.

4. Выполните такие же задания по каждому тексту - №2, №3, №4, №5.

Final Test Выберите термин к соответствующему определению справа.

1. money 1. Temporary accumulation of wealth while it is 2. balance sheet needed for new purchases currency. Two of the 3. medium of components of the money supply – coins and paper exchange money.

4. store of value 2. Statement of a funds financial position on a 5. credit card particular date.

6. commercial 3. Means of facilitating exchange and eliminating the bank need for a barter system.

7. insurance 4. A financial institution to the amount specified from company funds on deposit.

8. check 5. Plastic card in making credit purchases;

special credit arrangement between issues card holders and merchants.

6. Profit-making business that holds deposits of individuals and business in the form of checking or saving accounts and issues these funds to make loans to individuals and business.

7. Business that provides protection for policy holders in return for premium payments discount rate – interests rate changed by the Federal Reserve System on loans to members.

8. Generally accepted as a means of paying for goods and services.

· 1. revenues 1. Information on a firm’s cash receipt and cash 2. exchange payments that presents the sources and uses of cash 3. asset for the firm.

4. liability 2. Funds reserved from sales of products and services 5. equity and from interest payments, dividends, royalties and 6. selling rents.

expenses 3. Process of which two or more parties give some of 7. statement value to one to satisfy fell needs.

of cash flow 4. Claim of the form creditors.

8. fixed 5. Claim against the assets of a business.

assets 6. Anything of value owned or leased by a business.

7. Relatively permanent assets expected to be used for periods.

8. Expenses incurred in marketing and distributing goods and services.

Grammar Reference Грамматический справочник Личные формы глагола в предложении.

1. Времена глагола в действительном и страдательном залогах.

Изъявительное наклонение.

Глагол в английском языке имеет личные и неличные формы.

Личные формы глагола согласуются с подлежащим в лице и числе и являются сказуемым в предложении.

Личные формы глагола выражают время, залог и наклонение.

Неличные формы глагола по лицам и числам не различаются.

Глагол неличной формы не имеет времени и не может быть самостоятельно глагольным сказуемым.

К неличным формам глагола относятся: причастие (Participle), герундий (Gerund) и инфинитив (Infinitive).

В систему английских глагольных времен входят четыре группы:

Indefinite Tenses, Continuous Tenses, Perfect Tenses, Perfect Continues Tenses.

Времена группы Indefinite указывают на факт совершения действия, на повторность действия, на обычный характер действия в настоящем, прошедшем или будущем периодах времени.

Времена группы Continuous указывают на процесс совершения действия в определенный момент в настоящем, прошедшем или будущем или указывают на действие постоянного характера, происходящее непрерывно в течение какого-то периода времени.

Глаголы в форме Continuous переводятся на русский язык только формами глагола несовершенного вида, (читаю, читала, буду читать).

Времена группы Perfect указывают на законченность действия к определенному моменту времени в настоящем, прошедшем или будущем. Глаголы в форме Perfect обычно переводятся на русский язык глаголами совершенного вида, (прочитала, прочту).

Времена группы Perfect Continuous указывают на то, что действие продолжалось в течение короткого периода времени до определенного момента в настоящем, прошедшем или будущем и продолжается в данный момент, (прочитала и продолжаю читать). Каждая группа имеет формы для выражения настоящего, прошедшего и будущего времени.

Значение и употребление времени глагола в страдательном залоге такое же, как и времен глагола в действительном залоге;

формы образования различны.

Сводная таблица всех временных форм глагола в действительном залоге (в утвердительной, вопросительной и отрицательной форме) Запомните формальные признаки (подчеркнутые), по которым определяются времена глагола в предложении.

Present Past Indefinite Future 1) I, we, you, they work. 1) I, he, she, we, you, 1) I, we shall work 2) He, she works they worked 2) He, she, you, they Do I work? 2) I, he, she, we, you, will work they thought. Shall we work?

Does she work? Did he work? Will he work?

I do not work Did you think? We shall not work.

She does not work He did not work. He will not work.

You did not think.

Continuous 1) I am working. 1) I, he, she, was 1) I, we shall be 2) He, she is working. working working 3) We, you, they are 2) We, you, they were 2) He, she, you, they working. working. will be working.

Is he working? Was he working? Shall I be working?

He is not working He was not working I shall not be working Perfect 1) I, we, you, they 1) I, she, we, you, they 1) I, we shall have have worked had worked. worked.

2) He, she has worked. Had you worked? 2) He, she, you, they Have you worked? You had not worked will have worked.

He has not worked Shall we have worked?

We shall not have worked.

Perfect Continuos 1) I, we, you, they 1) I, he, she, we, you, 1) I, we shall have been have been working. they had been working. working.

2) He, she has been Had he been working? 2) He, she, you, they working. He had not been will have been Have you been working? working. working?

I have not been working Shall we have been working?

I shall not have been working.

Образование времен в страдательном залоге Все времена в страдательном залоге образуются из вспомогательного глагола “to be” в соответствующем лице, числе и времени и смыслового глагола в форме причастия прошедшего времени (Participle II).

Пример: Не is asked, he will be asked.

Перевод сказуемого в страдательном залоге Когда сказуемое выражено глаголом в страдательном залоге, оно указывает на то, что действие совершается над лицом или предметом, обозначенным подлежащим данного предложения.

На русский язык глагол-сказуемое в страдательном залоге чаще всего переводится:

а) Сочетанием глагола “быть” с краткой формой причастия.

Пример: Heat was transformed into work.

Перевод: Тепло было превращено в работу.

б) Глаголом с окончанием “ся”.

Пример: The energy is dissipated in the iron in form of heat.

Перевод: Энергия рассеивается в железе в форме тепла.

в) Глаголом в 3-м лице множественного числа действительного залога в неопределенно-личном предложении.

Пример: A new device for measuring pressure is being designed now Перевод: Сейчас конструируют новый прибор для измерения давления.

Пример: The engineer was asked to test the device.

Перевод: Инженера попросили испытать механизм.

Сводная таблица всех временных форм глагола в страдательном залоге Запомните формальные признаки (выделены жирным шрифтом), по которым можно определить времена глагола в предложении.

Present Past Indefinite Future 1) I am asked 1) I, he, she was asked. 1) I, we shall be asked.

2) He, she is asked 2) We, you they were 2) He, she, you, they will 3) We, you, they are asked. be asked.

asked. Were you asked? Will he be asked?

Am I asked? I was not asked. He will not be asked.

I am not asked.

Continuous 1) I am being asked. 1) I, he, she was being 2) He, she is being asked. asked.

3) We, you, they are 2) We, you, they were being asked. being asked.

Is he being asked? Was he being asked?

He is not being asked. He was not being asked.

Perfect 1) I, we, you, they have 1) I, he, she, we, you, they 1) I, we shall have been been asked. had been asked. asked.

2) He, she has been asked. Had he been asked? 2) Нe, she, you, they will Has he been asked? He had not been asked. have been asked.

He has not been asked. Will you have been asked?

You will not have been asked.

В английском языке встречаются такие конструкции в страдательном залоге, где подлежащее может быть переведено на русский язык только косвенным дополнением.

Пример: Не was told to bring the tools.

Перевод: Ему велели принести инструменты.

Если в английском предложении после сказуемого, выраженного глаголом в страдательном залоге, стоит отделяемый предлог (т.е.

предлог без последующих слов, к нему относящихся), то при переводе соответствующий русский предлог ставится в начале предложения, и, таким образом, подлежащее английского предложения переводится предложным дополнением. Если предлог на русский язык не переводится, то подлежащее переводится существительным в соответствующем падеже без предлога. Предложения такого типа обычно переводятся на русский язык неопределенно-личными предложениями.

Пример: Your invention was spoken of at the last meeting.

Перевод: О вашем изобретении говорили на прошлом собрании.

Пример: Не was sent for as he was the only one to help us.

Перевод: За ним послали, так как он был единственным, кто мог помочь нам.

Пример: This book is being looked through now.

Перевод: Эту книгу сейчас просматривают.

Если в английском предложении с глаголом в страдательном залоге указано действующее лицо, выраженное предложным дополнением с предлогом “by”, последнее часто переводится на русский язык подлежащим.

Пример: Your luggage will be looked after by somebody.

Перевод: Кто-нибудь присмотрит за вашим багажом.

2. Сослагательное наклонение Сослагательное наклонение указывает на то, что говорящий рассматривает действие не как реальный факт, а как желательное, предполагаемое, условное или возможное.

Формы сослагательного наклонения 1. Простая форма (синтетическая), которая совпадает с формами изъявительного наклонения за исключением следующих случаев:

а) глагол to be в Present Subjunctive имеет форму “be” для всех лиц:

I be we be he,she, it be you be they be б) глагол “to have” в Present Subjunctive имеет форму “have” для всех лиц:

I have, he have, she have, it have в) остальные глаголы в Present Subjunctive не имеют окончания { s} в 3-ем лице ед.числа he speak г) глагол “to be” в Past Subjunctive имеет форму “were” для всех лиц:

I were, he were, she were, it were 2. Сложная форма (аналитическая), которая образуется из сочетания вспомогательных глаголов should или would или модальных глаголов could, might с инфинитивом;

последние частично сохраняют свое лексическое значение.

Таблица форм сослагательного наклонения Синтетические Аналитичес кие ask Present I, he, she Subjunctive have we, you, they be asked Past Subjunctive should или I, he, she were would + we, you, they Indefinite Infinitive Perfect should или I, he, she Subjunctive would + Perfect had been, had asked we, you, they Infinitive Грамматическая форма времен в сослагательном наклонении не соответствует действительному периоду времени. Формы Present Subjunctive и Past Subjunctive относят действие к настоящему или будущему периоду времени, а форма Perfect Subjunctive относит действие к прошедшему периоду времени. Все эти формы сослагательного наклонения обычно переводятся на русский язык сочетанием глагола в прошедшем времени с частицей бы или с союзом чтобы.

Употребление сослагательного наклонения В простых предложениях;

Пример: Success attend you!

Перевод: Пусть успех сопутствует вам!

В сложных предложениях:

1. В придаточных предложениях подлежащих, в том числе после безличных оборотов типа it is necessary, it is important.

Пример: It is necessary that one of the surfaces of a bearing be made of some material that has a low coefficient of friction.

Перевод: Необходимо, чтобы одна из поверхностей подшипника была бы сделана из материала, имеющего низкий коэффициент трения.

2. В придаточных дополнительных предложениях.

Пример: They recommended that thorough laboratory tests should be conducted before the system is installed in the airplane Перевод: Они рекомендовали, чтобы были бы проведены тщательные лабораторные испытания, прежде чем система будет установлена на самолете.

3. В придаточных обстоятельственных предложениях цели с союзами that, so that;

lest - чтобы не.

Пример: They gave him a list of instructions lest he should repeat the mistakes made in his previous work.

Перевод: Они дали ему список инструкций, чтобы он не повторил бы ошибок, сделанных в его предыдущей работе.

4. В придаточных обстоятельственных предложениях сравнения или образа действий с союзами as if, as though - как будто.

Пример: Не listens as if he were greatly interested in our conversation. Перевод: Он слушает, как будто бы он очень заинтересован нашим разговором.

5. В уступительных придаточных предложениях с союзами и союзными словами though, although - хотя(бы);

even if, even though - даже если бы ни;

wherever, по matter where - где бы ни;

wherever, no matter who - кто бы ни.

Пример: Whatever the nature of the tube and the arrangement of the electrode be, an emitting electrode should be present.

Перевод: Каким бы ни был тип лампы и устройство электрода, необходим излучающий электрод.

6. В условных предложениях.

Условные предложения сослагательного наклонения бывают 2-х типов и выражают:

1) Условие выполнимое, относящееся к настоящему или будущему периоду времени. В этом случае в главном предложении употребляются формы should или would + Infinitive, а в придаточном - простая форма Past Subjunctive.

Условное предложение такого типа переводится на русский язык глаголом в прошедшем временем с частицей “бы”.

Пример: If the coil were wound on an iron frame and if there were a soft iron core in the centre, the field would be much stronger.

Перевод: Если бы катушка была намотана на железную раму и если бы в центре был мягкий железный сердечник, то поле было бы на много сильнее.

2) Условие невыполнимое, относящееся к прошедшему периоду времени. В этом случае в главном предложении употребляются формы should или would + Perfect Infinitive, а в придаточном предложении простая форма Perfect Subjunctive. Такие условные предложения переводятся на русский язык так же, как и условные предложения 1 типа.

Пример: If we had come some minutes earlier we should have met the delegation at the plant.

Перевод: Если бы мы пришли на несколько минут раньше, мы бы встретились с делегацией на заводе.

Примечание: Следует иметь в виду, что в английском языке существуют условные предложения, в которых сказуемое стоит в одном из времен изъявительного наклонения. Такие предложения переводятся на русский язык в соответствующем времени изъявительного наклонения.

Пример: If light is cut off, the flow of electrons from the cathode ceases and the current is reduced to zero.

Перевод: Если свет выключается, поток электронов от катода прекращается и ток уменьшается до нуля.

Условные предложения вводятся союзами и союзными словами if – если;

provided (that), providing (that), on condition (that) - при условии если, при условии что;

in case (that) в случае если;

supposing (that), suppose (that)- если бы, в случае, unless.

Пример: I should not have been able to realise what a wonderful instrument it was if I had not seen it in action.

Перевод: Я не смог бы понять, какой это прекрасный прибор, если бы не видел его в действии.

Пример: They would finish the work in time, provided they had had the necessary material.

Перевод: Они закончили бы работу вовремя, если бы (при условии) у них был весь необходимый материал.

Примечание: Слово provided в предложении может встречаться в различных функциях и в зависимости от этого по-разному переводится, а) provided - глагол-сказуемое в Past Indefinite:

Пример: We provided the expedition with all the necessary equipment.

Перевод: Мы обеспечили экспедицию всем необходимым оборудованием.

б) provided - причастие прошедшего времени в функции определения:

Пример: The expedition provided with all the necessary equipment will start to-morrow.

Перевод: Экспедиция, снабженная всем необходимым оборудованием, отправится завтра.

в) provided - союз “если”, смотри пример выше.

В научной литературе встречаются бессоюзные условные предложения, в которых наблюдается обратный порядок слов, т.е.

сказуемое или часть его (вспомогательный глагол) ставится перед подлежащим. Такая инверсия в предложении является признаком условного предложения в сослагательном наклонении.

Пример: Were molecules separated slightly the force between them would be attractive.

Перевод: Если бы молекулы были слегка разделены, то между ними возникла бы сила притяжения.

3. Модальные глаголы и их эквиваленты Модальные глаголы выражают не действие, а отношение говорящего к действию, выраженному последующим инфинитивом Модальные глаголы имеют не все временные формы, отсутствующие временные формы восполняются эквивалентами модальных глаголов.

Таблица модальных глаголов и их эквивалентов Модаль ные глаголы Значение Present Past Future и их эквива ленты Can возможность can сould - am to be able совершения was shall is (to) действия be able(to) be..able(to) be able(to) are (физического) were will May (возможность may might am to be совершить was shall be..allowed arebe..allowed be allowed(to) allowed действие с is (to) разрешения were will или с to) (to) вероятнос- тью) 3 Must must - - to have have (to) had (to) shall have (to) (to) has (to) will долженст- вование to be (to) am (to) was (to) shall be (to) is (to) were (to) will are (to) should should - ought (to) ought (to) - to be am was shall obliged (to) obliged (to) be obliged (to) obliged is (to) are were will 1) I can sing -я могу петь, 2) May I sing? - мне можно петь? 3) He had to sing yesterday - он должен был петь вчера.

Модальные глаголы могут употребляться в сочетании с любой формой инфинитива.

Наибольшие трудности представляет перевод сочетаний модальных глаголов с Infinitive Passive и Perfect Infinitive.

Сочетание модальных глаголов с Perfect Infinitive Модальные глаголы must, may и might в сочетании с Perfect Infinitive выражают возможность или вероятность действия, относящегося к прошлому и обычно переводятся словами должно быть, возможно.

Пример: Не must have lost his book somewhere.

Он должно быть потерял свою книгу где-то.

Пример: Не may have got the article he needed.

Он возможно достал статью, которая была ему нужна.

Глаголы can и could в отрицательной форме в сочетании с Perfect Infinitive выражают сомнение в возможности совершения действия в прошлом и обычно переводятся при помощи слов «не может быть».

Пример: Не cannot have made such a serious mistake.

Перевод: Не может быть, чтобы он допустил такую серьезную ошибку.

Модальные глаголы ought (to), should, could, might в сочетании с Perfect Infinitive указывают на то, что действие, которое могло или должно было бы свершиться, не совершилось.

Пример: You should have changed the current strength at all points of the circuit.

Перевод: Вам следовало бы изменить силу тока во всех точках цепи.

Сочетание модальных глаголов с infinitive passive Сочетание модальных глаголов с Infinitive Passive указывает, что подлежащее является объектом, на который направлено действие, выраженное инфинитивом. Поэтому подлежащее английского предложения часто переводится на русский язык дополнением, прямым или предложным.

Пример: The man was so excited that he could not be understood.

Перевод: Человек был так возбужден, что его нельзя было понять.

4. Многофункциональные глаголы Функции глаголов SHOULD и WOULD 1. Глаголы SHOULD и WOULD могут в предложении употребляться как вспомогательные глаголы:

1) при согласовании времен в придаточных дополнительных предложениях для выражения будущего времени (формы Future in the Past).

Пример: Не said that he would show the delegation the new model of the ship spoken of everywhere.

Перевод: Он сказал, что покажет делегации новую модель корабля, о котором везде говорят.

2) для образования аналитической формы сослагательного наклонения.

Пример: If the whole expansion were performed in one cylinder, the cylinder would not withstand the high initial steam pressure.

Перевод: Если бы расширение полностью совершилось в одном цилиндре, то этот цилиндр не выдержал бы высокого, первоначального давления пара.

2. Глаголы should и would в предложении могут употребляться как модальные глаголы со своим смысловым значением:

SHOULD - для выражения долженствования:

Пример: Radioactive materials should be shielded for storage and during manipulation.

Перевод: Радиоактивные материалы необходимо экранировать (букв. должны быть экранированы) при хранении и работе с ними.

WOULD - а) для выражения нежелания, противодействия усилиям человека (обычно в отрицательной форме):

Пример: The mother insisted on her son's going to the country, but the boy wouldn’t follow her advice.

Перевод: Мать настаивала на том, чтобы ее сын поехал за город, но мальчик не захотел последовать ее совету.

Пример: We tried hard to set the car in motion, but it wouldn’t start.

Перевод: Мы упорно старались запустить автомобиль, но он никак не запускался.

б) для указания на повторность действия в прошлом:

Пример: Whenever I came to see them, the girl would sit there.

Перевод: Когда бы я ни пришел к ним, девочка всегда сидела там.

Функции глагола то do в предложении Глагол to do может употребляться в предложении в следующих функциях:

1. В качестве смыслового глагола в значении совершать, делать, выполнять.

Пример: An electric motor does mechanical work.

Перевод: Электрический мотор совершает механическую работу.

2. В качестве вспомогательного глагола:

а) для образования вопросительной и отрицательной форм времен группы Indefinite.

Пример: Why do we call this compression ignition engine by the name «diesel»?

Перевод: Почему мы называем этот двигатель с зажиганием от сжатия «дизелем»?

б) для подчеркивания действия, выраженного глаголом-сказуемым в утвердительных предложениях. При переводе таких предложений на русский язык употребляются слова действительно, именно, все же и т.п.

Пример: We do realize what great importance this discovery has for the future work.

Перевод: Мы действительно понимаем, какое громадное значение для нашей будущей работы имеет это открытие.

в) для замены смыслового глагола во избежание его повторения. В этом случае глагол to do переводится тем глаголом, который он заменяет.

Пример: The last experiment gave us much better results than did the previous ones.

Перевод: Последний эксперимент дал нам гораздо лучшие результаты, чем дали предыдущие.

Функции глагола ТО HAVE в предложении Глагол to have может употребляться в предложении в следующих функциях:

1. В качестве вспомогательного глагола для образования времен Perfect:

Пример: We have just studied this law.

Перевод: Мы только что рассмотрели этот закон.

2. В качестве модального глагола, выражающего долженствование.

В этом случае за глаголом to have всегда следует инфинитив с частицей to Пример: In arranging the elements in the periodic system Mendeleyev had to leave gaps.

Перевод: Располагая элементы в периодической системе, Менделеев должен был оставлять пустые места.

3. В качестве смыслового глагола в значении «иметь». В таком случае за глаголом to have всегда следует дополнение:

Пример: Аll molecules have the same average energy at any given temperature.

Перевод: Все молекулы имеют одну и ту же среднюю энергию при любой данной температуре.

4. Глагол to have может также выполнять каузативную функцию, т.е. выступать в значении заставлять, устраивать, делать так, чтобы в сочетаниях типа:

a) to have + прямое дополнение + инфинитив (без частицы “to”) Пример: We shall have him tell the truth.

Перевод: Мы заставим его сказать правду (мы сделаем так, чтобы он сказал правду).

б) to have + прямое дополнение + Participle II.

Пример: I had their plans prepared in time.

Перевод: Я сделал так, чтобы их планы были готовы вовремя.

Функции глагола ТО BE в предложении Глагол “to be” в английском предложении может употребляться в следующих функциях.

1. В качестве вспомогательного глагола а) участвовать в образовании времен Continuous. В этом случае за глаголом to be всегда следует Participle 1.

Пример: The two cars were travelling at the same rate and reached the place of destination at the same time.

Перевод: Два автомобиля шли с одной и той же скоростью и достигли места назначения в одно и то же время.

б) участвовать в образовании времен в страдательном залоге. В этом случае за глаголом to be всегда следует Participle II.

Пример: The path followed by a projectile is called its trajectory.

Перевод: Путь, по которому следует снаряд, называется его траекторией.

2. В качестве глагола-связки в именном сказуемом. В этом случае за глаголом to be всегда следует именная часть (существительное, прилагательное и т.д.).

Пример: The price of these products are very expensive.

Перевод: Цена на эти товары очень высокая.

3. В качестве смыслового глагола в значении «находиться».

Пример:This computer is in our laboratory.

Перевод: Этот компьютер находится в нашей лаборатории.

МНОГОФУНКЦИОНАЛЬНЫЕ СЛОВА IT Личное местоимение Формальное Формальное Вводное слово Указате он, она, оно подлежащее в дополнение в льное (о неодушевленных безличных предложениях местоиме предметах) предложениях с ние «это» эмфатическим оборотом 1. Speaking of analitic 1. It is warm 1. Vacuum tubes It is silver that is What is it?

geometry we must Тепло make it possible the best Что это?

know that it uses 2. It is necessary to convert part conducting It is a lamp.

geometric figures to to do this work. of their output metal. Это лампа.

illustrate and to Необходимо power into Именно facilitate the solution сделать эту visible light. серебро of algebraic problems работу. Вакуумные является Говоря об лампы дают наилучшим 3. It is important аналитической that all be возможность проводящим геометрии, мы превратить металлом.

present at the должны знать, что часть своей lecture выходной она использует Важно, чтобы геометрические все мощности в фигуры, чтобы присутствовали видимый свет.

иллюстрировать и на лекции.

облегчать решение It seemed to us алгебраических задач that the engine 2. Finally I found the was out of order.

article I had been Нам показа looking for. 1 started лось, что translating it at once. двигатель не в Наконец я нашел порядке.

статью, которую я искал. Я сразу же начал переводить ее.

ONE Числительное Неопределенно-личное Слово-заменитель для местоимение замены ранее упомянутого существительного I know only one One should keep in mind this. The simplest kind of lever is solution of this Нужно помнить это правило. one in which the arms are of problem. equal length.

Я знаю только одно Простейший вид рычага есть решение этой рычаг с плечами одинаковой задачи. длины.

THAT Указательное Союз Союзное слово Слово-заменитель местоимение во избежание повторения существительного At that point 1. They say that the Give us a material The result of this the line drops report will be that can withstand experiment is much down to zero. followed by a very high better than that В той точке discussion. temperature. (those) of the линия падает Говорят, что за Дайте материал, previous one (ones).

до нуля. докладом который может Результат этого последует выдержать очень опыта гораздо дискуссия. высокую лучше чем температуру. результат (результаты) предыдущего опыта (предыдущих опытов) 2. That the device stopped working surprised everyone.

To, что механизм перестал работать, всех удивило.

THERE Формальное подлежащее в Наречие конструкциях типа there is There are many different ways of 1. Не can hardly find any water there.

calculation. Он едва ли сможет найти там воду.

Есть различные способы 2. There the current is steady.

вычислений. Сила тока там стабильна.

AS Наречие - как, в качестве Союз - так как, когда, в то время как, как.

1. This arrangement is adopted as being 1. As a current flows through a conductor, it more economical. sets up a magnetic field in the neighborhood Это устройство принято как более of the latter.

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