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§ 5. The perfect participle (active):

  • 'having' + past participle: e. g., having written;

  • the perfect participle emphasizes that the first action is complete be­fore the second one starts, but is not normally necessary in combina­tions of this kind, except when the use of the present participle might lead to confusion. Reading the instructions, he snatched up the fire extinguisher might give the impression that the two actions were si­multaneous. Here, therefore, the perfect participle would be better: Having read the instructions, he snatched up the fire extinguisher.

F.l. Translate the following sentences into Russian paying attention to the participles.

  1. Provided banks carry more risks more capital should match these risks.

  2. Assuming the rules are due to be applied in January 2007 bank capi­tal rules must be practically set in stone by May 2003.

  3. The study suggests that the complex new risk weightings will produ­ce appropriate levels of capital for most of the world banks granted they are applied to different types of asset.

  4. Granted, the Federal Reserve has always said that it would apply Ba­sel 2 only to "internationally active" banks. The surprise is that this means so few.

  5. Given that Basel 1 will not be deemed equivalent within the EU after 2006 American banks will not be able to operate in the EU.

  6. Does global monetary policy need to be eased? A strange question to ask in the US, given that its economy is currently stretched as tight as a drum.

  7. Members of the European Parliament (MEPs) might also try to res­hape the new rules following the attempt of American congressmen.

  8. Today's inflation report from the Bank of England shows that follo­wing the Governments tough action to get the economy back on the track, growth is set to strengthen through next year with inflation falling to its 2.5 per cent target.

F.2. Make up your own sentences using: provided, granted, assu­ming, given, following, etc.

F.3. Identify all the '-ing' forms in the text "Recent Developments in Money and Banking" and translate the sentences into Russian.

F.4. Choose a verb from the box to complete the spaces in the article.

Including underlying encouraging running

happening loss-making

Deutsche Bank Sees Signs of an Upturn

Patrick Jenkins in Frankfurt and Phil Davis, «Financial Times» Deutsche Bank on Wednesday said it had seen "(1)... signs" of a turn-round of markets, as it reported a first-quarter loss.

The €219 m ($ 244 m) net loss had been widely expected after the Ger­man bank warned earlier this week of E 1.2 bn in writedowns on its equity portfolio.

The loss, for the period to March 31, compares with a profit of € 597 m in the same period last year.

But Deutsche said (2) ... pre-tax profits were up 72 per cent to €950 m, mainly driven by high bond issuance income — a performance that echoed recent first quarter results from the big US banks.

In addition, a programme of cost-cutting had reduced headcount by 15,000 to 71,000 in little over a year.

Josef Ackermann, chairman, said: "In view of our strongly reduced cost base and improved risk profile, we are well prepared to profit quickly and comprehensively from a market turnround. We are already seeing the first (3)... signs of this (4)...."

Of the writedowns, € 500 m related to Gerling, the (5)... insurer in which Deutsche has a 34.5 per cent stake.

On Tuesday Deutsche and Swiss Re said they would pump a combi­ned € 180 m into the embattled group.

Aside from Gerling, Deutsche said it would make net writedowns of €400 m against other investments (6)... its stakes in Fiat, the (7)... Ita­lian industrial group; EFG Eurobank in Greece; and Germany's MG Technologies.

A further €200 m would be written off against the private equity portfo­lio, which is currently (8) ... down, (9) ... €100m for goodwill impair­ment.

The charges were partially offset by € 503 m in asset sales, notably that of Deutsche's custody business.

G. Speak up

G.l. Answer the following questions.

  1. What are the main services a bank should provide?

  2. Which foreign banking system do you most admire? Why? G.2. Discussion topics.

  1. Discuss the strengths and weaknesses of the banking system in your own country.

  2. Give your reasons for and against state-owned banks.

H. Reading the English newspaper

H.l. Read the article and do the exercises.

Bad Debts and More Bad News

Krishna Guha, "Financial Times"