Деловой английский / Banking

Money & Banking

«Money makes money and the money makes the money money makes makes more money» Benjamin Franklin.

«Money makes a man» John Clark.

«Money often cost too much» Ralph Emerson.

Money makes the world go around

Money is anything that is generally accepted by people in exchange for the things they sell or the work they do.

Forms of money:

Most common: silver and gold;

Early forms: rice (China), dogs’ teeth (Papua New Guinea), small tools (China), quartz pebbles (Ghana), gambling counters (Hong Kong), shells (India), metal disks (Tibet).

Today: paper bills, coins made of various metals, and checking account deposits.

The money in use in a country is called currency. In the United States, for example, the basic unit is the U.S. dollar. Canada uses the Canadian dollar, France franc, Great Britain the pound sterling, and Russia the ruble.

Main uses:

1. Medium of exchange

2. Serves as a unit of account

3. Store of wealth

Money in banking

In 1609 created first bank in Amsterdam. It’s solved problem quantity and quality of coins. A merchant brought bank’s good and wretched coins to the bank. Bank weighed them. The weight of pure metal was then credited to his account. Second discovery was a lent (заём). Important thing is borrower (заёмщик) and depositor (вкладчик) never come at same the time for their deposits.

In 1716 in Paris John Law sold an idea for new kind of bank. Deposit secured by land rather than silver or gold. His bank crashed because money support by unexciting gold and silver mines in America.

In 1694 Bank of England was formed. The Bank regulated creation of money. Bank became a monopolist and customers of commercial banks transferred gold to Bank of England. Commercial bank should be borrowing money from the Bank of England, which so have regulated function.

Coinage was the invention of the Greeks, paper money was the invention of America (Benjamin Franklin).

Heaviest and biggest coins used in Island of Yap. They are made of stone with hole in the center. The lightest and smallest coins were the gold coins use in Southern India.

English monetary system. 1971 British money changed to decimal-based (десятичная система). In one pound 100 pence. Before that it contains 20 shillings.

Bank institution. In USA existing two types of banks. It’s commercial (for business) and saving (for private). Main difference between this types its loan which can be granted.

Smart card. It’s a credit or debit card, which keeps a record of transaction conducted with the card. The card can remember all operation of your account.

Definition

Banking (банковское дело) - in general terms, the business activity of accepting and safeguarding money owned by other individuals and entities, and then lending out this money in order to earn a profit.

Types of English banks

Main bank – The Bank of England. This bank look after the government’s finances and monetary policy and acts as banker to other banks.

Commercial banks or clearing banks. Provide wide range of services which include accepting deposits, making loans and managing customer’s accounts.

Merchant banks. Specialize in service for companies or corporate customers.

Banking words

Words	Translation
Chequebook (US checkbook)	Чековая книжка
Bank statement	Выписка из банковского счёта
Credit card	Кредитная карточка
Debit card	Расходная карточка (для безналичной оплаты путём списания со счета владельца)
Bill (US check)	Банкнота (США)
Travellers cheques/checks	Дорожные чеки
Bank notes (US bills)	Банкнота, банкнот, кредитный билет,
Coins	Монеты
Cash machine or cashpoint (US ATM)	Банкомат
Bounds	Облигации
Real estates	Недвижимость
Stocks	Акции
Hot currency	Конвертируемая валюта
Soft currency	Неконвертируемая валюта
Idle money	Бездействующие деньги
Monetary	Денежный
Loan	Заём
Default	Неуплата
Merchant	Купец/торговец
Bank rate	Учётная ставка банка
To borrow	Занимать
Original deposit	Первоначальный депозит
Repay loans	Операции на открытом рынке
Securities	Ценные бумаги
To issue in excess	Выпускать банкноты в избытке
To secure deposits	Гарантировать надёжность вкладов

Traditional banking

Traditional services provided by bank: giving credit, saving money, exchanging money, payments, transfer, making loans, deposits, managing customer’s accounts, mortgage, foreign business, customers’ accounts.

Words	Description & Translation
Current account / cheque account (US checking account)	Used for writing cheques, paying by debit card and paying bills (текущий счёт, открытый счёт).
Joint account	Совместный счёт (компаньонов, супругов)
In the black	Used when money on current account under zero (сумма на счету больше нуля).
Go into red	Used when money on current account below zero (сумма на счету ниже нуля).
Overdraft	Превышение кредита, задолженность банку. Имеет свой максимум.
Interest rate	Размер процентной ставки
Deposit account/saving account	Used for keeping money for long term (депозитный счёт).
Credit card	Кредитная карточка (форма безналичного расчёта)
Pay off	Расплачиваться, выплатить (до конца)
Mortgage	Закладная, залог, ипотека/ипотечный кредит, кредит под недвижимость

New ways of banking

New services provided by bank: internet banking, transfer money to other accounts, telephone banking, bank statement.

Words	Description & Translation
Banking charges	Комиссия, взимаемая банком
Telephone banking	Банковские услуги по телефону
Account balance	Состояние счёта
Internet banking	Банковское обслуживание через Интернет