European Bank for Reconstruction and Development

The European Bank, with its headquarters in London, was established in May 1990. It is the first international financial institution of the post-Cold War period. Its purpose is to foster the transition towards open market oriented economies and to promote private and entrepreneurial initiative in the countries of Central and Eastern Europe. The European Bank will endeavour to help the economies of these countries integrate into the international economy, with particular concern for strengthening democratic institutions, respect for human rights and for environmentally sound policies. In fulfilling its purpose, the Bank performs a wide range of functions designed to assist countries with operations to implement structural economic reforms, including demonopolization, decentralization and privatization. The European Bank has the following departments: merchant banking (merchant bank — a bank that provides banking services for business), development banking, finance, personnel and administration, project evaluation, secretary general, chief economist, communications and press, internal audit. The Bank has 59 members: 57 countries and two institutions — the European Investment Bank (EIB) and the Economic Community (EC), known as the European Economic Community or Common Market.

1) When the European Bank was established? 2) Where its headquarters is? 3) What its purpose is? 4) What the European Bank will endeavour to do? 5) What the European Bank’s requirements to integrate into the international economy are? 6) What the European Bank perform in fulfilling does its purpose? 7) What departments the European Bank does have? 8) What members the European Bank have does?

VI. Agree or disagree with the following statements.

1) The European Bank’s headquarters is in Paris. 2) The European Bank was founded in 1980. 3) The European Bank’s ambition is to favour the transition to a planned economy. 4) The European Bank’s aim is to promote business initiative. 5) The European Bank will help less developed countries join into the international economy. 6) Industrial nations should strengthen democratic institutions. 7) Commonwealth countries must respect human rights. 8) The countries of European Union have to conduct environmentally sound policies. 9) The European Bank brings the underdeveloped countries to ruin with privatization. 12) The European Bank assists the open market oriented economies with monopolization. 13) The European Bank lends the open market oriented economies a helping hand with centralization.

VII. Translate the following words, phrases and statements from Russian into English.

Пытаться; оценка; особый; забота; укреплять; уважение; ряд; осуществлять; торговый; проект; благоприятствовать; частная инициатива; банковские услуги; экономическое развитие; штаб-квартира; учреждать; переход; ориентированный на; предприниматель; управление кадрами; внутренняя ревизия; относящийся к борьбе с загрязнением окружающей среды.

1) Европейский банк реконструкции и развития был учреждён в 1990 году. 2) Его цель состоит в том, чтобы благоприятствовать переходу к рыночной экономике. 3) Банк осуществляет множество функций. 4) Банк помогает странам осуществить приватизацию. 5) Банк имеет множество отделов. 6) Банк предоставляет долгосрочные кредиты развивающимся странам.

VIII. Complete the following statements.

1) The European Bank has its headquarters in … 2) It was established … 3) It is the first … 4) Its purpose is … 5) The European Bank will endeavour … 6) Its particular concern is … 7) The Bank performs … 8) These functions are designed to assist … 9) The European Bank has … departments and … members.

Банк Англии. Европейский инвестиционный Банк.

Study the words and the word-combinations.

directives — инструкции;

increase — рост;

viability — жизнеспособность;

consistency — согласованность;

adjustable — регулируемый;

variable — переменный;

maturities — сроки платежа;

disburse — платить;

charge — требовать;

commitment fee — комиссия за обязательство предоставить кредит;

Banking — банковские услуги;

issue — эмиссия;

balance sheet — балансовый отчет;

Exchange Equalisation Account — Фонд (счет) стабилизации валюты (золотые и валютные резервы страны);

equalize — уравнять;

treasury bill — казначейский вексель (краткосрочная, срок действия до 1 года, правительственная ценная бумага, регулярно поступающая в обращение);

I. Scan through the text. Restore the word order in the questions that follow and answer them.