- •Contents
- •Передмова
- •Financial system
- •Finance and financial system
- •II. Vocabulary exercises
- •Revenue sources and revenue-sharing arrangements in Ukraine:
- •A. Dialogue
- •1. Read and translate the dialogue in pairs:
- •Vocabulary list:
- •2. Read the dialogue, translate the Ukrainian remarks into English and act it out:
- •Communicative situations
- •A) Supply the prepositions where necessary.
- •Budgetary policy
- •2. Read the text and name the facts from the text which are new to you: Treasury
- •3.Read the text and say what you know about the budget process in Ukraine:
- •III. Match what statements are true and what are false. Results write to the table:
- •Fiscal management
- •Financial policy. Fiscal sphere
- •A. Dialogue
- •Vocabulary list:
- •2. Read the dialogue, translate the Ukrainian remarks into English and act it out:
- •Communicative situations
- •2.Express your attitude to the following:
- •3.Prepare a short talk on the following:
- •A) Supply the articles where necessary.
- •Financial Policy
- •A) Supply the articles where necessary.
- •Fiscal Policy in the uk
- •A) Fill each gap with a suitable word from the box.
- •A) Read and discuss the texts.
- •Write down five questions about each text.
- •A) Read and discuss the texts.
- •Say what you know about the use of multiyear budgeting and budget classification in Ukraine. Types of Budget Classification
- •A) Read the article quickly and underline the parts about the challenge the transition economies face and the constraints affecting the ability of the governments to meet the challenge.
- •I. Fill in each space with the appropriate words from a, b or c:
- •Taxation
- •What are taxes?
- •Column a
- •Tax system in Ukraine
- •A. Dialogue
- •1. Read and translate the dialogue in pairs: Taxation in Ukraine
- •Vocabulary:
- •2. Read the dialogue, translate the Ukrainian remarks into English and act it out:
- •B. Communicative situations
- •4. Make a short essay on the following:
- •A) Supply the articles where necessary.
- •A) Supply prepositions where necessary.
- •What Is an Excise Duty?
- •Open the brackets putting the verbs in the correct form: Tax Reform in Developing Countries
- •Read the text below carefully and underline the parts of it giving basic ideas about the desired features of a tax system. Tax System Design
- •I. Mark the correct answers on the following questions:
- •II.Fill the tables:
- •III. Match what statements are true and what are false. Results write to the table:
- •Central banking system
- •A. Dialogue
- •1. Read and translate the dialogue in pairs: Banking system in Ukraine
- •Vocabulary:
- •2. Read the dialogue, translate the Ukrainian remarks into English and act it out:
- •1. A) Supply the articles where necessary.
- •Credit Policy
- •A) Supply the prepositions where necessary.
- •3.A) Open the brackets, putting the verbs in the correct form.
- •The Bank of England
- •Fill each gap with a suitable word from the box. Sum up the text in 5-7 sentences. Present your summary in class.
- •Us Activities of Foreign Banking Organizations
- •A) Read and discuss the text.
- •Is Monetary Policy Needed?
- •A) Read and discuss the text.
- •Payment Systems
- •I. For each word or sentence choose the correct definition:
- •II.Match what statements are true and what are false. Results write to the table:
- •Banking system
- •Commercial banks
- •6To transact stock and share business – укладати угоди із цінними паперами
- •Column b
- •A. Dialogue
- •Vocabulary:
- •2. Read the dialogue, translate the Ukrainian remarks into English and act it out:
- •3.Make up a dialogue on the following:
- •B. Communicative situations
- •Make a short essay on the following:
- •1. A) Supply the articles where necessary.
- •2. A) Supply the articles where necessary.
- •Bank Accounts
- •3.A) Supply the prepositions where necessary.
- •The Nature of Banking
- •4. A) Open the brackets putting the verbs in the correct form.
- •5.Look through the text and name the facts which are new to you.
- •Choose the word which best completes each sentence:
- •II.Match what statements are true and what are false. Results write to the table:
- •International monetary system
- •International monetary institutions
- •A. Dialogue
- •Imf’s support for ukrainian reforms
- •1. Read and translate the dialogue in pairs:
- •Vocabulary:
- •2. Read the dialogue, translate the Ukrainian remarks into English and act it out:
- •3. Make up a dialogue on the following:
- •B. Communicative situations
- •A) Supply the articles where necessary.
- •International Monetary Fund
- •2.A) Supply the prepositions where necessary.
- •Your Partner ebrd
- •3. A) Fill each gap with a suitable word from the box.
- •Imbalances pur World Bank – International Bank for Reconstruction and Development (ibrd)
- •Match what statements are true and what are false. Results write to the table:
- •II. Fill the tables:
- •Foreign exchange market. Global financial markets
- •Trading in the foreign exchange market
- •A. Dialogue
- •1. Read and translate the dialogue in pairs: cornerstone of the global financial market
- •Vocabulary
- •2.Read the dialogue, translate the Ukrainian remarks into English and act it out:
- •Communicative situations
- •Global Financial Markets
- •2. A) Fill each gap with a suitable word from the box.
- •The Eurocurrency Market
- •3.Read the text quickly to find the types of most widely used swaps: Foreign Exchange Swaps
- •4. Read the text quickly to find answers to the following questions:
- •Foreign Exchange Options
- •Choose the correct answer:
- •Match what statements are true and what are false. Results write to the table:
- •Financial markets. The stock market
- •Stock markets
- •A. Dialogue
- •The corporate securities market in ukraine
- •Vocabulary
- •2. Read the dialogue, translate the Ukrainian remarks into English and act it out.
- •B. Communicative situations
- •2.A) Supply the prepositions where necessary.
- •Equity Market
- •3.A) Open the brackets putting the verbs in the correct form.
- •4. A) Fill each gap with a suitable word from the box below.
- •The New York Stock Exchange
- •5. A) Read the text below quickly and name organizations involved in the issues.
- •The New Issue Market
- •I. Choose the correct answer:
- •II.Match what statements are true and what are false. Results write to the table:
- •III.Fill the tables:
- •Financial markets. The bond market
- •Trading in the bond market
- •A. Dialogue
- •Vocabulary
- •2. Read the dialogue, translate the Ukrainian remarks into English and act it out:
- •3.Make up a dialogue on the following:
- •B. Communicative situations
- •You have an exam. The question is: “What is the difference between debt and equity market?”
- •Prepare a short talk on the following:
- •1. A) Supply the articles where necessary.
- •The Eurobond Market
- •2. A) Supply the prepositions where necessary.
- •3. A) Read the text.
- •4. A) Look through the text below to say what types of securities are described in it.
- •Us Government Securities
- •I.Choose the correct answer:
- •II. Match what statements are true and what are false. Results write to the table:
- •III. Fill the tables:
- •Financial management
- •Financial function
- •Financial ratios
- •A. Dialogue
- •Ratio analysis
- •Vocabulary list:
- •Read the dialogue, translate the Ukrainian remarks into English and act it out:
- •1. A) Supply the articles where necessary.
- •A) Read the text.
- •Corporate Governance
- •3. Read the text and say how investment risks can be reduced:
- •Investment Management
- •4. A) Supply the prepositions where necessary.
- •Financial Capital
- •5. A) Fill each gap with a suitable word from the box.
- •I. For each word or sentence choose the correct definition:
- •II. Match what statements are true and what are false. Results write to the table:
- •Accounting
- •Accounting principles and concepts
- •Book-keeping:
- •The double-entry bookkeeping:
- •A. Dialogue
- •1. Read and translate the dialogue in pairs: accountancy in a free-market economy
- •Vocabulary list:
- •2. Read the dialogue, translate the Ukrainian remarks into English and act it out:
- •3. Speak about the work of public accountants, private accountants, and accountants who work for units of the government and non-for-profit firms. B. Communicative situations
- •1. A) Supply the prepositions where necessary.
- •2. A) Read the text and single out the main facts and present them in a short review.
- •Read the text that follows to find the answers to the following questions:
- •Financial Statements And Their Elements
- •Balance sheet
- •Liabilities
- •Revenues
- •Expenses
- •Gains and losses
- •Choose the correct answer:
- •II. Match what statements are true and what are false. Results write to the table:
- •Auditing
- •Performing an audit
- •Audit strategy:
- •Audit risk:
- •A. Dialogue
- •1. Read and translate the dialogue in pairs: auditing in ukraine
- •Vocabulary:
- •2. Read the dialogue, translate the Ukrainian remarks into English and act it out:
- •3.Make up dialogues on the following:
- •B. Communicative situations
- •Discuss with your friends:
- •1. A) Read the texts and do the tasks that follow.
- •2.A) Supply the prepositions where necessary.
- •Auditors’ Report
- •3.A) Open the brackets putting the verbs in the correct form.
- •Misuse of Public Funds
- •4.A) Supply the articles where necessary.
- •Fill in each space with the appropriate words from a, b or c:
- •II. Which is correct:
- •III. Match what statements are true and what are false. Results write to the table:
- •IV. Fill the tables:
- •Glossary
- •Phraseology of reports and speeches coherent and generalization phrases
- •Phrases that are used in admission expressions
- •Nouns: common and possessive case
- •Count and noncount nouns
- •Some common noncount nouns
- •Using nouns as modifiers
- •The indefenite aricle
- •The definite article
- •No article
- •Personal pronouns
- •Possessive pronouns
- •Reflexive pronouns
- •Indefinite pronouns
- •Quantitive pronouns
- •Demonstrative pronouns
- •Degrees of comparison of adectives and adverbs
- •Numerals
- •The functions of the verb «to be»
- •The functions of the verb «to have»
- •The functions of the verb «to do»
- •General questions
- •Tag questions
- •Question words when
- •More questions with how
- •Modal verbs can; could to be able to
- •May; might
- •Must; be to; have to; have got to
- •Should; ought to
- •Will; would
- •Indefinite pronoun «one»
- •The pronouns «both, either and neither»
- •Senquence of tenses
- •The infinitive
- •The prepositional infinitive complex
- •The objective infinitivecomplex
- •The subjective infinitive complex
- •The participle
- •Complexes with the participle the objective participle complex
- •The subjective participle complex
- •The gerund. Forms and functions
- •The gerundal complex
- •Conditional sentenses
- •Irregular verbs
- •Reference list
4. A) Open the brackets putting the verbs in the correct form.
b) Say what you have learnt from the text about international banks.
Basic principles of commercial banking best (to demonstrate) in the case of international banks. These institutions are the dominant traders in the Euromarkets and the foreign exchange markets and are very active in some domestic credit and bond markets. The Eurocurrency market (to consist) of banks, commonly referred to as "Eurobanks", which accept deposits and ((to lend) in foreign currencies. Most of the banks active in the Eurocurrency market also (to trade) extensively in the foreign exchange markets. The Eurobanks concerned include some of the largest banks in the world.
Eurobanks are typically London branches of these large international banks and primarily (to engage) in intermediation in short-term deposits denominated in currencies other than Sterling. Eurosterling dealing (to take) place outside of British jurisdiction. The large American and Japanese banks (to dominate) the Eurocurrency business, but major British banks also (to be) very active throughout the 1980's. Some of the large world commercial banks also (to form) "consortium" banks as special purpose joint ventures set up to deal in the Eurocurrency market. From the parent bank's point of view, the Eurobank branch or consortium (to be) able to operate outside the range of domestic banking regulations and therefore (to achieve) considerable cost economies due to the absence of reserve requirements and other regulatory costs. International cooperation on capital adequacy standards (to begin) to erode this privileged position. As a result, the global financial intermediation activities of international banks are now increasingly subject to some form of international control. A further advantage of Eurobanking (to stem) from the scale of borrowing and lending in this market. This means that major economies of scale can be realized by banks. These factors explain why Eurocurrency deposit and lending rates fall within the equivalent domestic values. Thus the Eurosterling loan rate (to be) lower than the British domestic bank loan rate and the Eurosterling deposit rate (to be) higher than the British deposit rate. The resulting very narrow profit margin in the Eurocurrency market is only possible due to the transaction and regulatory cost savings achievable in this market compared with equivalent domestic markets.
5.Look through the text and name the facts which are new to you.
A crucial aspect of the development of a country’s domestic banking system and financial markets is the payment system, which is used by enterprises and individuals to discharge obligations incurred in a market economy. Payment systems are the foundations on which stable and efficient economy can be built. The principal objective of the payments system is to support the country’s economy. Moreover, the payment system is one of the first paces where financial difficulty fail to meet their payment obligations.
The payment system is the apparatus through which obligations resulting from economic activity are discharged by transfers of monetary value. Obligations can be discharged through the payment system using cash or deposits held in banks. In the case of payments made using bank deposits, it is necessary to use some form of payment instrument, such as a paper or electronic credit or debit payment, to move funds. For a debit payment, such as a check, the receiver of money (the payee) initiates an instruction to the bank holding the deposit of the sender of money (the payer), ordering the paying bank to pay. This is done by representing a check, which must be honoured by the payer, who is the customer of the paying bank, once the check is authenticated.
For a credit payment, such as a payment order, the party making the payment initiates an instruction to his bank to pay money to the intended receiver by initiating a payment order.
When using deposit money in banks to make payment, the process for discharging an obligation can be divided into two parts. The first part is clearing, the process by which payment information is conveyed between the payer and payee and between the banks holding the accounts of the two parties to the transactions. Once a payment is initiated, clearing should take place quickly and reliably in order to minimize financial risk as funds are being transferred. Commercial banks play an important role as intermediaries in the clearing process because they provide account services to the public.
The second part of the process for discharging an obligation using deposit money in banks is settlement in which the actual transfer of monetary value associated with the payments is made. Banks play a role in settlement because it is through the accounts held on their books that the transfer of monetary value occurs. Commercial banks settle for the non-bank public and sometimes for other banks with which they have correspondent account relationships.
The central bank, where all commercial banks hold accounts, is often used by commercial banks as the settlement entity for interbank transfers.
Clearing and settling payments can be complex. Therefore, an efficient payment system requires a high degree of cooperation and coordination among banks, which usually occurs through a clearing house. A clearing house is a legal entity, owned and controlled jointly by its member banks. Its primary function is to coordinate the exchange and settlement of payments among its members.
The activities of the clearing house might be limited simply to coordinating the physical exchange of payments among banks, for example, by organizing efficient and speedy transportation of payment documents. Clearing houses may also provide processing services to their members, in which case they may operate fairly large data processing and data communications systems to process payment instructions. Payment systems face a number of risks, like liquidity risk, credit risk, cross-currency settlement risk and systemic risk.
Thus confidence in a payment system is crucial in a market oriented economy. In the long term each country is likely to need a safe and efficient payments system for households; legislation governing payments; and a sound financial sector, including financially and operationally sound banks.
Words you may need:
crucial – вирішальний, критичний
to discharge obligations – виконувати зобов’язання
payee – одержувач платежу
to initiate an instruction – давати вказівку
payer – платник
to honour the check – сплатити чек
payment order – платіжне доручення
convey – передавати
correspondent account – кореспондентський рахунок
systemic – системний
TESTS