1. Open the brackets, putting the verbs in the correct form.

2. Compare the FED, the NBU and the Bank of England, using information from the unit.

The Bank of England

The Bank of England is Britain's central bank. Founded in 1694, it (to be) the world's second oldest central bank, being six years younger than Sweden's Riksbank. It was privately owned until it (to nationalize) in 1946.

The Governor, Deputy Governor, and 16 Directors who form the Court of Directors (to appoint) by the sovereign on the recommendation of the Prime Minister.

The Bank of England is both monetary authority and bank supervisor, it is charged with the control of the banking system in the interests of the nation. The chief functions of the Bank of England are to act as the Government's bank in the widest possible sense, The main Government account is the central Exchequer Account in the Bank, to which all Government revenues eventually (to credit), and from which all Government payments originate. Other major ministerial accounts also (to keep) in the Bank and the major expenses of Government departments (to disburse) from these accounts.

The Bank does not lend money to the Government. If the Government needs funds it (to borrow) the sums required by issuing Treasury bills or by selling stocks. Treasury bills are short-term securities, offered for sale by tender, repayable three months after issue. The Bank's function is to balance every day the sums received against the sums needed, never allowing idle balances to accumulate. If moneys (to receive) in excess of requirements, the Bank buys back Treasury bills, adding them to its portfolio.

The Bank of England is a banker to the commercial banks, and also to the discount and accepting houses. The ordinary commercial banks (to keep) about half of their cash assets on current accounts with the Bank of England, which therefore acts as the "Bankers' Bank", using these deposits for the day-to-day settlement of indebtedness between the banks. A lot of overseas central banks and international bodies have accounts with the Bank of England to facilitate a wide variety of international transactions and to promote trade and prosperity.

The Bank is the central note-issuing authority. New notes (to issue) and worn notes (to withdraw) in very large numbers every day.

The Bank performs registration activities as registrar of government stocks and stocks of nationalized industries. It also (to pay) dividends when they fall due.

The Bank acts as the Government's agent for the administration of exchange control and protects the gold and foreign exchange reserves.

Being monetary authority in the country, the Bank implements the Government policy in the money market and the loan market by raising or lowering Bank Rate.

Because of its influential position in the financial affairs of the country the Bank gives useful financial advice to the Treasury to assist it in forecasts of the economic situation and the balance-of-payments position. The Bank also advises companies on capital structure and finance.

The style of work of the Bank much (to admire) by the world and (to give) the credit for the safe and successful growth of London as the world's number one international banking centre. Words you may need:

	Англійський варіант	Російський варіант	Український варіант
1	sovereign	монарх	монарх
2	charge (with)	поручать	доручати
3	exchequer	казначейство	казначейство
4	credit	записывать в кредит	записувати в кредит
5	disburse	платить, оплачивать (из государственных средств)	платити, оплачувати (з державних коштів)
6	sale by tender	продажа на торгах	продаж на торгах
7	idle	свободный, неиспользованный	вільний, невикористаний
8	discount house	учетный дом	обліковий будинок
9	accepting house	акцептный дом	акцептний будинок
10	settlement of indebtedness	урегулирование задолженности	врегулювання заборгованості
11	registrar	регистратор, регистрационное бюро	реєстратор, реєстраційне бюро
12	to fall due	наступать (о сроке выплаты)	наступати (про термін виплати)
13	exchange control	валютный контроль	валютний контроль
14	Bank Rate	ставка Центрального банка	ставка Центрального банку

Ex. 7. Fill each gap with a suitable word from the box. Sum up the text in 5-7 sentences. Present your summary in class.

institutions impact banks

apply operating legislation

engage branches responsibili­ties

conduct activities powers