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 are concentrated in the city of London.

2. The Bank of England and the most important commercial, . are situated in close proximity to one another.

3. They are also concerned with the employment in 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.

1. merchant banks

2. branches

3. promote

4. idle funds

5. serves

6. customers

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 7. short-term	6. дочерняя компания 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.