AN ENGLISH COURSE FOR STUDENTS OF FINANCE. Учебно-методический комплекс

BLOCK 7

current assets - текущие активы;

fixed assets - основные средства;

gross – валовый;

long term investments - долгосрочные инвестиции;

intangible assets - нематериальные активы;

noncurrent assets - внеоборотные активы;

notes payable to bank - текущая задолженность перед бан- ком;

accounts payable - счета к оплате;

term notes with current maturity - срочные обязательства с выплатой в текущем периоде;

long term debt with current maturity - долгосрочные долго-

вые обязательства с оплатой в текущем периоде.

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Vocabulary Notes

net sales - поступления от продаж;

cost of goods sold - себестоимость продаж;

gross profit - валовая прибыль;

selling expenses - издержки по реализации;

general and administrative expenses - общие и админист-

ративные расходы;

operating profit - прибыль от текущих операций.

EXERCISES

1.Прочтите Vocabulary Notes к каждому тексту.

2.Прочтите и переведите каждую позицию в Financial Reports (Text №1).

3.Сравните цифры по каждой позиции по годам и назо- вите позиции, которые имеют:

1) более высокие показатели;

2) более низкие показатели.

4.Выполните такие же задания по каждому разделу -

№2, №3, №4, №5.

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BLOCK 7

TEST

1.Найдите русские эквиваленты к английским терминам

вколонке слева.

2. Выберите английские эквиваленты к русским терми- нам в колонке слева.

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AN ENGLISH COURSE FOR STUDENTS OF FINANCE

Additional Practice 7.1

Pre-reading questions:

(a)Which of the three areas of financial services, i.e. banking, investment services and insurance will be ready first for unification after 1992?

(b)What does France object to about the investment services directive?

Brussels

The 1992 programme is going to run a bit late for the European Community's financial services companies. The earliest that the whole - more or less - of the industry will be able to take advantage of its single market now looks like being mid-1994.

That is the European Commission's unstated timetable for EC member countries to implement its third life-insurance directive, whose draft it published on February 20th. The directive, which follows a similar directive on non-life insurance published in draft a few months ago, is the last big element in its push to open financial markets that are still highly protected.

The broad idea is that financial service companies should have the right to operate throughout the EC on the basis if a single 'passport', issued by the supervisory authority in their home country. The commission hoped to have the main services - banking. investment and insurance - all liberalized together at the end of 1992. Now it looks as if only the banking directive, adopted by the Council of Ministers* in December 1989, will be operative in time.

A draft investment services directive was submitted by the commission to the council in January 1989, and is much further along the legislative road than the two insurance directives. Yet the obstacles that it has into make it probable that even it will miss the end-1992 deadline.

The directive would let investment banks and stockbrokers serve clients throughout the EC and trade on all EC exchanges,

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BLOCK 7

subjects only to home-country control. Problems arose last November, when France proposed to curb their freedom to trade securities outside recognized exchanges. This has split the EC into the usual north/south, liberal/ interventionist groups. The 12 finance

ministers will try again on February 25th, but progress is unlikely.

Eventually, a compromise will no doubt be reached; probably one saying that small investors should have their orders executed on official markets unless they want other-wise. But all this will take time to negotiate. The council is unlikely to adopt the directive formally much before the end of this year. Governments will then be hard put to get it on to their national statute books by mid-1993.

Do the delays in the investment services and insurance directive matter? The EC is adept at missed deadlines, and end-1992 was never carved in stone. The trouble is that banks, investment houses and insurers are now in competition with each other. Banks therefore will have a head start over their non-banking rivals in selling competitive products across the EC Instead of the single, level playing field for financial services that the Community talks of, the field will indeed de single but still sloping from one end to the other.

Senior commission officials say that it is up to national governments to get a move on. This is wishful thinking. On February 19th the British government began consulting with interested parties on last autumn's non-life-insurance draft directive. This process will take months to complete, and only then, say the British, will they be able to begin serious negotiations in the Council of Ministers.

The draft life directive, whole sharing some principles with the non-life draft, also poses new problems that will take time to resolve. These concern such issues as consumer protection (that is, disclosure*, supervision and so on); calculating technical provisions to meet insurers' liabilities; and the removal of certain national provisions like Belgium's ban on life-insurance policies linked to units trusts*.

The Economist'

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AN ENGLISH COURSE FOR STUDENTS OF FINANCE

Text organization

I. Match the following ideas to the paragraphs refer to.

1.The directive about insurance is the final element for the new open market.

2.The British Government is not moving as quickly as the European Commission wants.

3.Reaching a compromise over French objections will take time.

4.Problems with the draft life-insurance directive are delaying its progress.

5.The single European financial market will not come about before 1994.

6.If banking unification occurs first it will give banks a competitive advantage in the single market.

7.French objections on stock trading have slowed investment services authorization.

8.Permission for financial institutions to act throughout the EEC will be provided by one authorization.

9.Investment services legislation is more advanced than that for insurance.

Comprehension

II. Identify the statements with the area of financial services which they refer to according to the text.

1.The third directive has been published in this area.

2.Only in this area will the directive be ready in time.

3.In this area a draft directive was placed before the Commission in 1989.

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4.Although the preliminary directive in this area was submitted some time ago, it will probably not be ready for 1992.

5.Objections in this area will probably result in divisions within the EC.

6.It will be difficult for governments to get the directive in this area ready before 1993.

7.Institutions in this area may have an advantage over those in other areas.

8.The British Government has just begun discussions regarding a directive in this area.

9.There are two main divisions in this area, each with different types of problem.

III. A number of dates are mentioned in the text. Match the dates in box A with the events they refer to in box B.

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AN ENGLISH COURSE FOR STUDENTS OF FINANCE

Vocabulary

IV. The following words and phrases on the left are taken from the text. Match them with the correct meaning on the right according to how they are used in the passage.

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Oral Practice

Oral Practice

1 fiduciary – опекун.

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AN ENGLISH COURSE FOR STUDENTS OF FINANCE

BROKERAGE SERVICES

3. Dialogue

Customer: I have some corporate bonds that'll mature next month. Can you help me present them for redempton?

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