Text 4 banking in ukraine

Exercise 4.1 Study the vocabulary:

1) to develop steadily	1) впевнено розвиватись
2) to offer services	2) пропонувати послуги
3) tight fiscal policy	3) жорстка фіскальна політика
4) to combat inflation	4) подолати інфляцію
5) settlement system	5) розрахункова система
6) to meet customers demands	6) відповідати запитам клієнтів
7) traveller's cheques	7) дорожні чеки
8) to pass the law	8) приймати закон
9) to pay a vital support	9) надавати життєво необхідну підтримку
10) currency operations	10) валютні операції

Exercise 4.2 Read and translate the text:

Starting from almost nil,- when even Ukraine's Central Bank was little more than a transit for funds coming from Moscow, a new Ukrainian banking system has managed to materialise in just a few short years. It has been steadily developing and growing. Our financial institutions range from credit unions to full-scale banks offering up to 30 different types of services.

The activity of these banks - most of them commercial - is overseen by the country's central bank, the National Bank of Ukraine (NBU). Although the NB is under jurisdiction of the country's legislature.

Regardless of the NB's tight fiscal policy – aimed to combat inflation - Ukrainian banks are still working at increasing their resources and capital shares, and technically improving their banking operations.

In so doing they hope to promote Ukraine's economic development, bring its banks to world standards, and enter the world banking system.

Most of the country's largest banks are already connected to the SWIFT international settlement system. As well, a number of banks, in the effort to meet growing customers demands have established correspondence accounts with foreign banks, and started working with credit cards and traveller's cheques. The Interbank electronic payment system was launched.

These new commercial banks have already gained experience from working in the Ukrainian and foreign financial markets. The Ukrainian Association of Banks - the largest banking association in the country - views banks, both small and large, as paying a vital supporting role in the country's transitions to a market economy.

Banking activity in Ukraine is regulated by the law «On banks and banking» passed by Ukrainian Parliament in March 1990. So far, the law has undergone four revisions, and has also been amended by Government decrees.

Currency operations are regulated by the Decree issued by the government and the instructions of the NBU.

Exercise 4.3 Match the two parts of the sentences:

1. A new Ukrainian system	a) is regulated by the law
2. The activity of commercial banks	b) has been steadily developing and growing
3. NBU is under jurisdiction	c) system was launched
4. The Interbank electronic payment	d) is overseen by NBU
5. Banking activity in Ukraine	e) of the country's legislature

Exercise 4.4 Choose the word that best completes the sentence:

1.Our financial institutions range from (credit unions / trade unions) to (full-scale banks / public companies).

2. NBU (oversees / punishes) the activity of all commercial banks of Ukraine.

3. Tight fiscal policy is aimed (to combat inflation / to transit funds).

4. The Interbank electronic payment system was (launched / forbidden).

5. The Ukrainian Association of Banks is the largest (industrial / banking) association in the country.

6. Banking activity in Ukraine is regulated by the (law / Decree issued by the government).

7. Commercial banks have already gained (experience / loss of liberty) from working in the Ukrainian and foreign financial markets.

8. NBU is under the (jurisdiction / supervision) of the country's legislature.

Exercise 4.5 Match the following banking terms with their definitions:

1. Banking system	a) The use of taxation and government spending to influence the economy.
2. Central bank	b) The network of institutions responsible for providing banking services.
3. Credit card	c) A cheque issued by a bank, to enable a traveller to obtain cash in a foreign currency when abroad.
4. Traveller's cheque	d) A bank that provides financial and banking services for the government of a country and its commercial banking system as well as implementing the government's monetary policy
5. Fiscal policy	e) A small plastic card issued by a bank, allowing the holder to purchase goods or services on credit

Exercise 4.6 Give English equivalents from the text for the following word combinations:

1. Почати з нуля

2. Під юрисдикцією

3. Світові стандарти

4. Працювати з кредитними картками

5. Кредитні спілки

6. Законодавство країни

7. Сприяти економічному розвитку

8. Банківська діяльність

9. Ринкова економіка

10. Набувати досвід