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1. Complete the passage below using the appropriate word or phrases from the box.

commercial banks the Bank of England clearing banks

merchant banks branches

The banking sector in the United Kingdom is made up of a variety of different institutions which are supervised by the country's central bank, 1 .This bank not only looks after both the government's finance and monetary policy but it also acts as banker to other banks. However, for the general public and many businesses, banking services are provided by the 2 (also called the 3 ) which have offices or 4 throughout the country. These banks offer a wide range of banking services which include accepting deposits, making loans and managing their customers' accounts.

5 on the other hand, do not deal with the public but specialise in providing services to companies or corporate customers. They are particularly active in arranging mergers and acquisitions and in advising on aspects of corporate finance.

2. Answer the questions to the text “Picture the scene” on page 58 of nIiB sb.

1. What information is it most difficult to get before the bank opens? 2. What facility makes it possible to get access to the private data stored on the Bank of Scotland’s central computers? 3. What is Bankers Automated Clearing Services used for? 4. What does Clearing House Automated Payment System initiate? 5. How can you make surplus funds work hard for you? 6. How does Home and Office Banking Service save your time? 7. How are the costs of on-line HOBS services minimized? 8. How is the access to your personal data protected? 9. Is corporate HOBS compatible with such packages as Sage and Pegasus? 10. What BACS function saves you from having to re-key similar data each week?

3. Read the text about Jane Sadler on page 60 of nIiB sb and frame questions to which the following words and phrases provide the answers.

1. Account. 2. £300 . 3. On 15th February. 4. As a debit. 5. From a cashpoint machine. 6. Debited. 7. Her monthly salary. 8. £955.45.

4. Listen to the dialogue “Types of Bank Accounts” and commentaries coming after it. Give English definitions to the words and expressions in bold print. Learn the dialogue by heart and dramatise it with a classmate.

Types of Bank Accounts

Luiz: Where are you going?

Iona: I’m going to the bank to open an account.

Luiz: What kind of account: a savings account, a checking account, or a CD?

Iona: Um, I’m not sure, but I’m sure someone at the bank can help me decide.

Luiz: You’ll also need to decide if you want an interest-earning account or not, and don’t forget to ask for free checking. Pick a bank that doesn’t have monthly service charges.

Iona: Okay, thanks…

Luiz: And make sure you know if there’s a minimum balance required, because if the account dips below that minimum, you’ll be charged a fee.

Iona: Yes, right, I’ll be sure to do that. Well, I’d better get going…

Luiz: You probably want to open a checking and a savings account, so make sure you link those accounts. That should give you overdraft protection, in case you ever bounce a check.

Iona: Okay, I’ll definitely keep all of that in mind. I’d better go. Samil is waiting for me.

Luiz: Are you thinking of opening a joint account with your boyfriend?

Iona: We’re considering it…

Luiz: Pool your money and open a CD. That way, you’ll lock in a good interest rate and neither of you can touch the money until the CD matures.

Iona: We’ll think about it. Thanks.

Luiz: Oh, and…

Iona: Would you like to come with us to the bank and help us open our accounts?

Luiz: Really? But I don’t want to interfere.

Iona: You, interfere? I can’t imagine you ever trying to interfere.

(From ESL Podcast 537.)

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