I. Key terms:

Bank correspondent	банк-кореспондент - a bank in one country that acts as an agent for a bank in another country, e.g. in the transmission of funds;
Gross domestic product (GDP)	валовий національний продукт - the money value (at market prices) of the goods and services produced by the economy in a period of time, usually a year or a quarter. No allowance is made for expenditure on the replacement of capital assets.

II. Answer the following questions:

1. What is the role of banking institutions in the process of world worldwide informatization of society?

2. In what way does economic nature of banks express their specific function?

3. Name the services proposed by modern banking system of the country.

4. How do different types of banks differ?

5. What are the main aspects of banking activity and what is the main principle of it?

6. Describe the ways of interbank payments.

III. Find in the text the following words and word combinations and translate the sentences in which they are used:

Information technologies; communication facilities; facilities of treatment and saving information; worldwide informatization; banking legislation; free money facilities; economic units; returning; paying obligations; rental basis; deposit-loan; cash-cashless operations; cash-credit; realization of transactions; paying documents; instructions of clients; issue of warrants; bank-correspondents; maintenance of accounts; issue of paying documents; sale of the currency; freedom banks funds; attracted resources management; dispose of the bank incomes; bank’s correspondent account; contractor; to perform the payments; cashless order; non-cash settlements; electronic facilities; interbank payments; hardware; information protection; electronic payment.

IV. Study and present the information given in the text: opening a bank account

According to the Law of Ukraine On Banks and Banking" of March 20, 1991, No. 872-XII, entities of business activity have the right to choose a bank. They can open settlement (current) accounts and other accounts for keeping monetary costs with a bank and executing all banking operations in any bank of Ukraine of their choice and with the consent of the bank according to the procedure determined by the National Bank of Ukraine. Before providing adequate conditions for control over executing operations on accounts in banks, including tax payments and all compulsory payments, till January 1, 1999, entities of business activity have the right to open settlement accounts in no more than two banks of Ukraine. Business activity entities, within three working days from the day of opening or closing the next account in bank, determine one of the accounts in national currency as the main one. Indebtedness, which is written off beyond doubt, has to be added on the latter. Business activity entities have to inform appropriate tax inspectors and the bank, in which they open an extra account. Taxation organ has the right to apply financial sanctions for unduly informing banks or business activity entities about opening or closing accounts in banks in sum of Hr 20.17 - 100.17 Hr 340 - 1700 The procedure for opening accounts in banks in Ukraine is established by the Regulation No.3 "On Opening Accounts in National and Foreign Currency by Banks", which was approved by the Resolution of the Boards of Directors of the National Bank of Ukraine, No.121 of May 17, 1996. Granting a copy of the document, which proves the fact of having been taxation registered, is one of the important terms of opening banking accounts.