5. Choose the right variant:

1) The Bank of Russia also regulates the banks through ___ of bank licenses.

a) vocation b) revocation c) vacations d) vacant

2) Bank confidentiality ___ part of the law on banking activities.

a) does b) are c) is d) as

3) Offshore banks ___ outside Russia.

a) operating b) operate c) operates d) operation

4) ___ there any legal division of banks into types in Russia?

a) are b) do c) does d) is

5) What is the Bank of Russia responsible ___ ?

a) with b) at c) for d) after

6) A fine can ___ on a credit institution.

a) impose b) imposed c) be imposed d) to be imposed

7) What financial institutions ___ business with Russians?

a) are b) make c) do d) does

8) The Bank of Russia monitors the banks operating in ___ Baltic states.

a) - b) the c) a d) that

9) No specific bank secrecy laws exist relating to the confidentiality of a bank’s operations, ___?

a) do they b) don’t they c) are they d) isn’t it

10) ___ the Bank of Russia require the reorganization of the credit institutions?

a) do b) is c) ought d) can

1	2	3	4	5
6	7	8	9	10

6. Refer the given statements to the corresponding paragraphs of the text:

1. If necessary, the Bank of Russia regulates the banks’ activities through a number of sanctions. (§) ___

2. Banks in Russia are subject to the law on banking activities. (§) _________

3. In Russia it is not usual to classify banks into different types. (§) _________

4. Many banks doing business with Russians are not supervised by the Bank of Russia. (§) _________

5. The Bank of Russia cooperates much with the leading banks of the world. (§) _________

6. The Bank of Russia has a lot of tools to regulate Russian banks. (§) _________

7. The Bank of Russia does its best to prevent any questionable activities of offshore banks serving Russians. (§) _________

7. Tick off the true statements:

1. The banks that currently operate in the Russian Federation are not supervised by any financial institution.

2. Special laws govern a bank’s service of its customers.

3. Offshore banks operating outside Russia can do business with Russians.

4. The Bank of Russia can’t supervise offshore banks operating outside Russia.

5. At present in the Russian Federation operate numerous financial institutions.

6. Banking activities are regulated by specific bank secrecy laws.

7. The Bank of Russia never imposes fines on credit institutions.

8. The Bank of Russia doesn’t cooperate with law enforcement agencies.

8. Tick off the right answers to the questions below:

1) What is the main responsibility of the Bank of Russia?

1. To impose fines on credit institutions.

2. To monitor offshore banks doing business with Russians.

3. To regulate the banks currently operating in Russia.

2) What rights does the Bank of Russia have?

1. To appoint temporary administration and to impose fines.

2. To apply a number of sanctions to credit institutions and to grant licenses to non-bank financial institutions.

3. To grant licenses to commercial banks.

3) Does the Bank of Russia have supervisory authority over the whole bank business with Russians?

1. Yes, it does.

2. No, it doesn’t.

3. At some periods it does.