Banking

Banking is the business activity of banks or similar institutions.

Banks sell financial services such as car loans, home mortgage loans, business loans, checking accounts, and credit card services.

Some people keep their money in the bank. Others borrow money, if they want to buy cars, houses or start businesses. Banks are intermediaries for those who save and those who borrow.

People’s savings form a pool of money. This money belongs to the depositors. The bank uses the money to make loans.

The owners of the bank are the shareholders. At the beginning they provide the necessary capital. All banks are organized on the joint stock principle and are registered public companies.

The bank is managed by the Board of Directors headed by the Chairman. The Board of Directors and the Chairman are elected by the shareholders at the Annual General Meeting. The Board exercises general leadership and determines the overall policy of the bank. The Board appoints a Managing Director who is a member of the Board and is responsible to it. The Managing Director appoints the senior executives who in turn appoint the staff.

There are commercial banks, saving banks, saving and loan associations, cooperative banks, and credit unions.

Commercial banks mostly serve business customers and support trade and industry.

Saving banks, saving and loan associations, cooperative banks, and credit unions are thrift institutions or thrifts. They usually serve individual customers.

Though there are differences between banks and thrifts, they often offer the same services to their customers (car loans, commercial loans, etc.)

11. Выпишите из текста английские эквиваленты следующих слов и выражений:

Банковское дело, заем на приобретение автомобиля, чековый счет, посредники, сбережения, вкладчики, общий фонд (пул), акционеры, председатель, совет директоров, осуществляет общее руководство, назначает сберегательные банки, сберегательные учреждения.

12. Письменно ответьте на следующие вопросы:

1. What is banking?

2. What financial services do banks sell?

3. Whom does money in the bank belong to?

4. How is the bank managed?

5. What kind of banks do you know?

13. Опишите один из банков вашего города.

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Учебно-методическое издание

Журавлева Ольга Анфиногентовна

Методические указания и контрольные задания

по английскому языку для студентов

экономических специальностей

очно-заочной и дистанционной форм обучения

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Южно-Российский государственный технический университет

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346500, г. Шахты, пл. Ленина, 1

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