V. Suggest an appropriate synonym for each of the following words:

core, modern, obtain, evolve, reserve, supervision, transfer, responsibility, purpose, maintain, total, advice, intention, problem, principle, obtain, collapse, influence, objective, approximately.

VI. Suggest an appropriate antonym for each of the following words:

public, stability, fall, modern, maintain, difficulty, serious, constantly, to improve.

9. building society	i. an Act of the Parliament of the United Kingdom that created the Financial Services Authority
10. Bank of England	j. an institution that lends money in the form of a mortgage to people who want to buy houses or flats
11. The Financial Services and Markets Act	k. a place where coins are officially made

VIII. Fill in the blanks using the verbs in the right tense-form: to play, to raise, to recognize, to found, to set, to transfer, to achieve, to maintain, to take over, to nationalize, to keep, to give, to work.

Bank of England

The Bank of England is the UK's central bank. Originally ... in 1694 by a group of private bankers ... money for the Crown, it ... as the central banknote issuer in the UK in 1844 and was recognized as responsible for interest rate policy in 1870 but it was only in 1946, 272 years after it was first set up, that the Bank of England

The bank ... a key role in the fight ... inflation under control having been given more independence than ever before by the former Chancellor, Gordon Brown.

One of Brown's first actions as Chancellor in May 1997 was ... more power to the Bank with the formation of the Monetary Policy Committee on which the government does not have a vote.

The Treasury ... the inflation target and the Bank of England has operational responsibility for setting interest rates ... those aims.

In the past the Bank of England was also responsible for the regulation of the banking industry. This function ... to the Financial Services Authority (FSA)

Although the Financial Services Authority ... the responsibility for the supervision of banks in 1998, one of the Bank's continuing core functions is ... financial stability which entails detecting and reducing threats to the financial system as a whole. The Bank ... closely with the FSA and HM Treasury and other institutions.

IX. Fill in the blanks with prepositions:

a. The Bank of England is the Central Bank ... the United Kingdom and one ... eight banks legally authorised to issue banknotes ... the UK. Only Bank of England notes have the status ... legal tender, and only within England and Wales; they are accepted ... Scotland and Northern Ireland along ... other notes. The Bank of England has issued banknotes ... 1694. The Bank of England has not always had a monopoly ... note issue ... England and Wales. Until the middle ... the Nineteenth Century, private banks ... Great Britain and Ireland were free to issue their own banknotes. The Bank Charter Act 1844 began the process which gave the Bank of England exclusive note-issuing powers. ... the Act, no new banks could start issuing notes, and note-issuing banks were barred ... expanding their note issue. Gradually, these banks vanished ... mergers and closures, and their note-issuing powers went ... them. The last private English banknotes were issued ... 1921 ... Fox, Fowler and Company, a Somerset bank. Today, the Bank of England has a monopoly ... banknote issue ... England and Wales.

b. ... 6 May 1997, following the 1997 general election which brought another Labour government to power, it was announced ... the Chancellor of the Exchequer, Gordon Brown, that the Bank of England would be granted operational independence ... monetary policy. ... the terms ... the Bank of England Act 1998 (which came ... force ... 1 June 1998), the bank's Monetary Policy Committee was given sole responsibility ... setting interest rates to meet the Government's stated Retail Prices Index (RPI) inflation target ... 2.5%. The target has now changed to 2% ... the Consumer Price Index (CPI) replaced the Retail Prices Index as the treasury's inflation index. If inflation overshoots or undershoots the target... more than 1%, the Governor has to write a letter to the Chancellor ... the Exchequer explaining why, and how he will remedy the situation.