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Ділова іноземна моваДата публикации: 02.03.2020 16:25
Карта НАВЧАЛЬНОЇ роботи студента з дисципліни «Ділова іноземна мова» галузь знань «05-Соціальні та поведінкові науки», спеціальність «051-Економіка» спеціалізація «Міжнародна економіка» III курс VI семестр Заочна форма навчання
*За рішенням кафедри студентам, які брали участь у позанавчальній науковій діяльності — участь у конференції, підготовці наукових публікацій тощо — можуть присуджуватись додаткові бали за поточну успішність, але не більше 10 балів. Підсумковий контроль у кінці VI семестру проводиться у формі екзамену. Оцінка за екзамен складається із середнього показника поточної успішності за перші два семестри вивчення дисципліни та підсумкового контролю, яка фіксується у в екзаменаційній відомості. Для вирахування середнього показника поточної успішності за перші два семестри вивчення дисципліни загальна кількість балів, яку студент набрав протягом цих семестрів, ділиться на два.
TYPES OF BANKS AND THEIR MAIN FUNCTIONS Read the articles about types of banking institutions and their main functions. Text A Whether commercial or public, government or private — there are numerous types of banks, each serving its own specific role. There are several types of banks in the world, and each has a specific role and function — as well as a domain — in which they operate. In broad strokes, banks may be divided into several groups on the basis of their activities and these include investment banks, retail, private, business, and also corporate banks. Many of the larger banks have multiple divisions covering some or all of these categories. Retail banks deal directly with consumers and small business owners. They focus on mass market products such as current and savings accounts, mortgages and other loans, and credit cards. By contrast, private banks normally provide wealth management services to high net worth families and individuals. Business banks provide services to businesses and other organizations that are medium sized, whereas the clients of corporate banks are usually major business entities. Lastly, investment banks provide services related to financial markets, such as mergers and acquisitions. Another way in which banks may be categorised is on the basis of their ownership. They might either be privately held or publicly owned banks. Privately owned banks are motivated by profit in their business operations. Publicly owned banks are held by the state governments of the individual countries and they serve as a nation’s centralized bank, as well as an economic backbone for that particular country. They are also known as central banks. Publicly owned banks, which are controlled by the government, have numerous responsibilities pertaining to the banking sector of the country, such as administering various activities for the commercial banks of that country. They also determine the rates of interest offered by banks doing business in that country, as well as playing a major role in maintaining liquidity in the banking sector. There are several types of notable retail banks. These include the offshore, community and savings banks, as well as the community development banks, building societies, postal savings banks, ethical banks, etc. Offshore banks operate in areas of reduced taxes, as compared to the country in which the investor lives in. This is why most offshore banks are private banks. Community banks are monetary organizations operated on a local basis, while community development banks cater to the populations or markets that have typically not been served properly. Postal savings banks are basically savings banks that operate in conjunction with the national postal systems of that country. Building societies where traditionally mutually owned by their customers. They provide a full range of retail banking services, but with a particular focus on mortgages. Ethical banks do their business based on their own code of conduct. They only accept investments that they perceive to be useful from a social and environmental point of view. There are two types of investment banks - the investment banks that perform underwriting activities, and the merchant banks, a traditional form of banking that performs trade-financing activities.
Text B Banks, like other economic institutions, have been created out of definite needs. The wide use of money and credit increased the importance of financial institutions, which do not serve only as depositories of funds, but also as sources of credit. Without the services of the banks it is unlikely that our modern industrial order could function efficiently. Today the British banking is a complicated tripartite system like a three-layer cake. The system is headed by the Bank of England. The other two layers are: - the commercial or joint stock clearing banks - specialized banking institutions such as merchant banks. The commercial or joint-stock banks deal with the general public. Commercial banks are designed to make a profit for their stockholders. They receive money in the form of deposits, savings or repayments from the public, and then lend it at interest to borrowers. Profit is made primarily from interest. A bank may not necessarily be in business to make a profit. Central banks, for example, provide a country with a number of services, while development banks exist to increase the economic growth of a country and raise the living standard of its population. On the other hand, the aim of commercial banks is to earn profits. They therefore provide and develop services that can be sold at a price that will yield a profit. Obviously, banks do not keep most of the money they receive; indeed the bank will have on hand only enough to pay those customers who want to withdraw their money on a given day. A modern bank usually needs no more than 2 percent of its money in cash. Yet law requires this same bank to deposit a sixth or seventh of its resources in non-earning funds. Commercial banks render various services to companies and individuals. Some of the services are: - to receive or accept from their customers the deposit of money - to collect and transfer money both at home and abroad against deposit and current accounts - to provide overdrafts to both personal and business customers - to lend loans to their customers - to exchange money - to supply economic information and to prepare economic reviews to be published - to make foreign exchange transactions, including spot transactions, forward transactions and swap transactions - to issue various banker’s cards A commercial bank which provides the same range of services year after year is less likely to be successful than one which assesses changes in the demand for its products and which tries to match products to its customer’s needs. New services are constantly being introduced and developed by commercial banks, and the full-service philosophy of many banks means that they are akin to financial supermarkets, offering a wide variety of services.
Text C Banking sector The banking sector in the United Kingdom is unique in its size, breadth and diversity. The UK, and not just London, is home to a large domestic banking industry and a large international industry. However, classification of financial institutions is becoming progressively more difficult as the distinctions between them are being blurred, due primarily to changes in the regulatory framework and to competitive forces within the industry. Nevertheless, some classification is necessary for expository purposes, and there is a need to look at each group of financial institutions in turn, in order to attain a better understanding of their activities and their place within the financial system. In doing so, however, always bear in mind the extent to which financial institutions are increasingly offering a range of financial services which were traditionally offered by separate institutions. Retail and wholesale activities of financial institutions Before looking at each of the groups of financial institutions in more detail, we must first ask the question: what is the difference between the retail and wholesale activities of financial institutions? The major distinction between retail and wholesale activities undertaken by financial institutions is in the size of transactions involved. Retail activities are concerned with deposits and loans that are of relatively low value, and wholesale activities are concerned with high-value deposits and loans. While no hard distinction between retail and wholesale transaction is possible, a transaction of less than £1000,000 would usually be regarded as a retail one. The distinction between retail and wholesale activities also relates to the type of customer involved. Predominantly, retail activities of banks will involve taking in deposits from and making loans to personal customers and small businesses. Notwithstanding this, note that very large organisations will often also need to make use of the retail financial services offered by banks. For example, if an organisation has a number of retail outlets, it will make use of local branches of banks in order to deposit cash and cheques. A third aspect of the distinction between the retail and wholesale activities of financial institutions relates to the distribution system for the services provided. Usually, the provision of retail activities has involved branch networks — best typified by the retail banks and by building societies. Although this is the usual format, note that developments in the technology, in particular, are enabling many retail financial services to be provided without a branch network, while some institutions — such as unit trusts — have never operated a branch network. Thus, telephone banking has been developed, while some building societies have launched ‘postal accounts’. Nowadays, retail financial services are widely available on the internet. A consequence of retail activities involving transactions of relatively low value is the volume of such transactions will generally be very high. The banks, and increasingly the building societies, are as a consequence partly involved in money transmission facilities (such as cheque book accounts, electronic funds transfer and so on) to enable the transfer of funds from one individual or business to another to take place. Wholesale activities, being concerned with high-value transactions, typically involve customers that are larger businesses or else other financial institutions. Since these high-value transactions will be of limited volume, a branch network to support such activities is unnecessary. Due to the high level of competition found in wholesale markets and due to the lower total costs arising to be gained from dealing with limited numbers of high value transmissions, the interest rates on wholesale transactions will generally be market-related rates and will usually be at a much finer margin in comparison to retail transactions. Although the distinction between retail and wholesale activities is a useful one, remember that the distinction is in relation to activities rather than institutions. Many financial institutions will be engaged in both wholesale and retail activities. The retail banks, for example, are heavily engaged in wholesale activities, both in terms of obtaining funds and in lending. The larger building societies typically obtain a proportion of their funds from wholesale sources. The basis of classifications is therefore in terms of an institution’s dominant activity, rather than on its exclusive activity.
COMPREHENSION TASKS
Ex.1. Find English equivalents to the word combinations given below Поштовий рахунок, засоби переказу грошей, електронний переказ грошей, операції з великими сумами грошей, менша маржа, зменшені загальні витрати, обмежений обсяг, банківські послуги по телефону, окремі покупці, основна діяльність, додаткова діяльність, чековий рахунок, невеликі торгівельні заклади, операції з невеликими сумами грошей, загальноринкові процентні ставки, великі суми депозитів.
Ex.2. Mark the sentences T (true) or F (false) according to the information in the texts (from Analytical reading assignment). 1. Classification of financial institution is difficult because too many types of them operate in the British banking market. 2. The major distinction between retail and wholesale financial institution is only in the type of customers they serve. 3. All retail banks have a wide network of branches. 4. Most banks are involved in different forms of money transfers. 5. The number of transactions made by wholesale banks is generally less than that made by retail financial institutions. 6. Wholesale banks usually charge more for their services. 7. Exclusive activities of financial institutions aren’t usually used as a basis for their classification.
Ex.3. Complete the text with the words and word combination from the box and translate it into Ukrainian.
A bank is a (1) … which deals with other people's money i.e. money given by depositors. A bank acts as a connecting link between (2) … of money. Banks collect money from those who have surplus money and give the same to those who are in need of money. A bank accepts money from the people in the form of (3) … which are usually repayable on demand or after the expiry of a fixed period. It gives safety to the deposits of its customers. It also acts as a (4)… of its customers. A bank (5)… in the form of loans to those who require it for different purposes. A bank provides easy (6)… to its customers in the form of cheques and drafts. It also brings bank money in circulation. This money is in the form of cheques, drafts and other (7)…. A bank is a profit seeking institution having (8)…approach. Banking is an evolutionary concept. There is continuous (9)…of the functions, services and activities of a bank.
Ex.4. Complete the text using these words Accounts, current account, lent, bank loan, debt, liabilities, cheque, customers’ depositors , deposits, overdraft, returns, salary, transfer, liquidity, spread, wages, optimize, standing orders, withdraw
Commercial banks are businesses that trade in money. They receive and hold (1)..., pay money according to (2) ... instructions, (3) ... money, etc. There are few people in Britain who do not have bank (4) ... . Traditionally, factory workers were paid (5) ... in cash on Fridays. Non-manual workers, however, usually receive a monthly (6) ... in the form of a cheque or a (7) ... paid directly into their bank account. A (8) ... (US: checking account) usually pays little or no interest, but allows the holder to (9) ... his or her cash with no restrictions. Deposit accounts (in the US also called time or notice accounts) pay interest. They do not usually provide (10) ... (US: check) facilities and notice is often required to withdraw money. (11) ... and direct debits are ways of paying regular bills at regular intervals. Banks offer both loans and overdrafts. A (12) ... is a fixed sum of money, lent for a fixed period, on which interest is paid; banks usually require some form of security or guarantee before lending. An (13) ... is an arrangement by which a customer can overdraw an account, i.e. run up a debt to an agreed limit; interest on the (14) ... is calculated daily. Banks make a profit from the (15) ... or differential between the interest rates they pay on deposits and those they charge on loans. They are also able to lend more money than they receive in deposits because (16) ... rarely withdraw all their money at the same time. In order to (17) ... the return on their assets (loans), bankers have to find a balance between yield and risk, and (18) ... and different maturities, and to match these with their (19) ... (deposits). The maturity of a loan is how long it will last; the yield of a loan is its annual (20) ... – how much money it pays – expressed as a percentage.
TRANSLATION TASK
Ex. Translate the following text into English Аналіз багатовікової світової історії банківської справи та механізму функціонування грошового ринку дає підстави віднести до банківської діяльності комплекс з трьох посередницьких операцій: - приймати грошові вклади від клієнтів; - надавати клієнтам позички і створювати нові платіжні засоби; - здійснювати розрахунки між клієнтами. Виконання цього комплексу операцій можна вважати визначальною економічною ознакою банку взагалі — як центрального, так і комерційного. Вказані операції є базовими, вони створюють первинну сферу банківської діяльності. Це місце їх визначається самою природою грошового ринку. Уявімо собі таку гіпотетичну ситуацію, коли на грошовому ринку діє тільки один фінансовий посередник. Щоб ринок міг функціонувати нормально, цей посередник повинен прийняти на вклади всі вільні грошові кошти від продавців, передати їх покупцям і здійснити розрахунки по їх зобов'язаннях один з одним та з третіми особами. Тільки в цьому випадку попит і пропозиція на грошовому ринку будуть реалізовані і такий посередник виконає повністю свою посередницьку місію. При невиконанні будь-якої з цих операцій зв'язок між попитом і пропозицією на грошовому ринку буде розірваним або він повинен буде здійснюватися у формі прямих контактів між продавцями і покупцями грошей. Отже, комплекс з трьох базових операцій створює первинну сферу банківської діяльності, а фінансовий посередник, що виконує цей комплекс, є банківським інститутом, банком в економічному розумінні. В дійсності фінансові посередники, крім базових, можуть виконувати й багато інших, не базових, але потрібних для грошового ринку операцій. Такі банки прийнято називати універсальними. Але якщо фінансовий посередник виконує не всі базові операції (тільки одну чи дві з них), чи можна його вважати банком в економічному розумінні? На нашу думку, якщо такий посередник не забезпечує комплексу базових операцій грошового ринку, він не є банком в повному розумінні цього слова, а скоріше це частина такого банку, яка може існувати тільки в кооперації з іншими подібними посередниками, що виконують решту базових операцій грошового ринку. Такі банки прийнято називати спеціалізованими. Якщо ж посередник грошового ринку не виконує жодної з названих базових операцій, тобто позбавлений ознак банку, його відносять до небанківських фінансових інститутів.
FUNDAMENTALS OF BANKING ACTIVITIES. HOW BANKS WORK Read the articles. Text A The structure of a bank The British commercial banks have branches in all the major towns and a similar structure and mode of working is common to them all. The owners are the shareholders. At the outset they provide the necessary capital. They are all organised on the joint stock principle and are registered public companies. The Chairman and Board of Directors are elected by the ordinary shareholders at the Annual General Meeting and are responsible for the efficient management of the bank. The Board is concerned with the overall policy of the bank and the major decisions which put that policy into effect. The Board will appoint a Managing Director who is directly responsible to them and a member of the Board. They will also appoint the most senior executives who in turn appoint the rest of the clerical staff who will be responsible in different capacities for the day to day running of the bank. At the end of each business year the Directors recommend and the Annual General Meeting decides how much of the profit should be distributed to the shareholders as dividend, and how much should be retained in the business. In preparation for the Annual General Meeting, a bank publishes its Report and Accounts. These must be sent to every shareholder and are also available for anyone with an interest in the affairs of the bank. From the published accounts shareholders can easily determine the total profits the bank has earned and how much is available for distribution.
Text B Bank services Commercial banks offer a wide range of services to their clients. These services can be broadly classified into 3 parts. They are: • Payment services • Financial intermediation • Other or ancillary services Payment services. The Payment service is a backbone of the entire money flow in the economy. Payments are an essential part of everyday life, which underpin all forms of economic activity, and affect everyone — as individuals and businesses. We all make a variety of payments every day with the expectation that these payments are secure and reliable. Most consumers are unaware of what happens behind the scenes, but, by their very nature, payment systems require a high degree of co-operation by numerous different stakeholders for a payment system to function. The UK payment industry environment can be broadly categorised into the following payment types:
Compared with other countries, the UK payments market is categorised by high proportions of electronic and card payments. Whilst the vast majority of payments are made between UK counterparties, payments to and from Europe and the rest of the world are steadily increasing. Financial intermediation. This is one of the oldest functions of banks which received deposits from customers and then on-lent these funds to borrowers. This is the core business of the banking system and it will continue as long as the Banking system exists. There are three general types of bank accounts offered by the banks, a basic bank account, a current account and a savings account. Whether you are starting or expanding a business, you may need to seek financial help from an external source. Banks offer short- and long-term debt finance via loans and overdrafts as well as other types of finance. These are available by application to any high street bank, usually involving a quick decision process. Other or ancillary services. These are newer services which were launched by different financial institutions are available by application to any high street bank. These services include investment advice, foreign exchange facilities, wealth management, brokerage, safe deposit boxes and vaults, custody services, and so on. These services generate income for the bank in the form of commission which is also termed as Non-fund income for banks. We will consider them later.
TRANSLATION TASKS
Ex.1. Translate the following article into English. Комерційні банки є основною ланкою кредитної системи держави. В зв’язку з тим, що їх діяльність залежить від суспільної довіри та значно впливає на економічне життя країни, їх організаційна структура і управління ними повинні бути на самому високому рівні. Акціонери банку вибирають Раду Директорів, які мають великі повноваження для виконання своїх зобов’язань. Від них очікується прийняття таких стратегічних рішень і така якість керування діяльністю банку, які забезпечать безпеку фондів та рентабельність операцій. Однак Рада Директорів не керує безпосередньо повсякденними операціями банку. Директори вибирають голову Ради Директорів (голова правління), який постійно інформує Раду Директорів про становище банку та про практичну реалізацію прийнятої ним політики. Президент є адміністративним головою банку і відповідає за управління оперативною діяльністю банку. Голова правління, президент, а також віце-голова складають вище керівництво банку. Вони ведуть справи банку, наймають службовців та контролюють їх роботу. До числа інших високих посадовців у банку відносять віце-президентів, що очолюють лінійні управління, робітників траст-відділу, скарбника і інших службовців, що відповідають за здійснення банківських операцій. У банківських відділах вищою посадовою особою є управляючий, який підпорядковується керівнику відповідного управління у головній конторі. Кількість банківських управлінь та відділів залежить від величини та характеру діяльності банку. Але відсутність того чи іншого відділу зовсім не означає, що ці операції банком не виконуються. Спеціальні відділи організують тільки в тих банках, де об’єм операцій настільки великий, що для виконання їх потребують декілька працівників. В організаційній структурі банків реалізуються як оперативні так і штабні функції. До перших відносять функції, що безпосередньо пов’язані з виконанням поставлених перед банком завдань, — це такі види діяльності як кредитування, інвестування, довірчі операції, прийом внесків та їх обслуговування та ін. Функції штабного персоналу — це надання консультацій, а також бухгалтерський облік, аналіз господарської діяльності, прийом на роботу (надання робочих місць) та підвищення кваліфікації службовців, маркетинг, контроль, методична робота, планування будівництва та ремонт. У невеликих банках ці функції не розділяють і деякі керівники та рядові службовці займаються і тим, і іншим. Чим більший банк, тим чіткіше розмежовуються оперативні та штабні функції.
Ex.2. Read the text about the types of accounts offered by the banks in the UK. While reading look for the answers to the following questions. Translate two abstracts into Ukrainian.
What are the reasons for opening a bank account? What facilities are provided for a basic account holder? What features does a current account have? What types of account are used by those who wish to save? What should a customer consider to choose the “right” bank account?
TYPES OF BANK ACCOUNT There are two types of bank account for managing everyday money: a basic bank account and a current account. Banks also offer a range of accounts designed for medium or longer-term savings. Savings or 'term' accounts usually pay more interest than current accounts. Basic bank accounts Basic bank accounts offer a convenient place to keep money you need for everyday use. You can arrange to have wages, State Pension and benefits or tax credits paid into one. You can also pay in cheques or cash free of charge, and set up 'direct debits' which pay regular bills automatically from your account. With a basic bank account you get a cash card which you can use at a bank machine to withdraw cash. Some also offer a 'debit card' that you can pay for items with, and get 'cashback'; but with a basic account these will only work if there's enough money in your account. You don't get a cheque book with a basic bank account, and you can't take out more money than is in the account ('go overdrawn'). For this reason basic bank accounts are useful for anyone worried about overspending. Current accounts have more features than basic bank accounts. For example, they usually offer: • cheque book • cheque guarantee card (acts as a 'guarantee' so makes cheques more widely acceptable) • debit card (some allow payments without checking your account) • direct debits (automatic bill payments direct from your account) • standing orders (regular set payments from your account to someone of your choice) • BACS (Bankers' automated clearing service) — the facility to accept payments directly into your account (e.g. from your employer), or for you to make one-off payments to someone else out of the account • overdraft facility — the bank may allow you to go overdrawn up to a certain amount; but you need to arrange this in advance and charges apply (you pay extra charges if you go overdrawn without an agreement) Some current accounts pay interest on money you leave in the account, but the rate is usually low. Savings accounts Banks offer a wide range of savings accounts. The main differences between them are how quickly you can get at your money, the minimum amount required to keep the account open and the type and rate of interest paid. Many credit unions offer savings accounts, where you can pay money in and take money out. You can also have your benefits or wages paid straight into some Credit Union accounts. Some Credit Unions offer budgeting accounts, where you pay in a set amount each week/month and they then pay agreed household bills as they become due.
THE BANK OF ENGLAND: HISTORY AND PRESENT DAYSRead the articles Text A Central Banking A central bank, reserve bank, or monetary authority is a public institution that manages the nation's currency, money supply, and interest rates. Central banks also usually oversee the commercial banking system of their respective countries. In contrast to a commercial bank, a central bank possesses a monopoly on creating the nation's money, and usually prints the national currency, which usually serves as the nation's legal tender. Examples include the European Central Bank (ECB), the Federal Reserve of the United States, and the People's Bank of China. The primary function of a central bank is to manage the nation's money supply (monetary policy), through active duties such as managing interest rates, setting the reserve requirement, and acting as a lender of last resort to the banking sector during times of bank insolvency or financial crisis. Central banks usually also have supervisory powers, intended to prevent commercial banks and other financial institutions from reckless or fraudulent behavior. Central banks in most developed nations are institutionally designed to be independent from political life. In Europe prior to the 17th century most money was commodity money, typically gold or silver. However, promises to pay were widely circulated and accepted as value at least five hundred years earlier in both Europe and Asia. Although central banks today are generally associated with fiat money, the 19th and early 20th centuries central banks in most of Europe and Japan developed under the international gold standard, elsewhere free banking or currency boards were more usual at this time. Problems with collapses of banks during downturns, however, was leading to wider support for central banks in those nations which did not as yet possess them, most notably in Australia.
Text B From a National to a Central bank From the middle of the 17th century, England and London in particular, buzzed with ideas — indeed the era has been dubbed 'the age of projects' — but one which kept coming to the fore was the notion of a national bank. People sensed that the country was on the brink of a tremendous expansion of trade, but one vital element was lacking: what was needed was a bank or "fund of money" — more liquidity, in modern parlance — to drive the trade of the country. Calls for a National Bank in England In England the argument for some kind of bank to gather momentum after the Glorious Revolution of 1688 when William of Orange and Queen Mary jointly ascended the throne of England. The political economist Sir William Petty had recognized from the example of the Dutch that successful credit-based trading could benefit a nation in many ways and help to enlarge its sphere of influence: he wrote in 1682 "What remedy is there if we have too little money? We must erect a Bank, which well computed doth almost double the Effect of our coined Money; and we have in England Materials for a Bank which shall furnish Stock enough to drive the Trade of the whole Commercial World". Dutch William had brought to his adopted country an understandable desire to help his native country in its war against the French and this proved to be the catalyst necessary for the idea of a national bank to be accepted, albeit grudgingly by some. But it took a London-based Scots entrepreneur, William Paterson, to propose the scheme that eventually found favor: his first, proposed in 1691, had been rejected for several reasons. This was partly because, as he wrote in 1695, "Others said this project came from Holland and therefore would not hear of it, since we had too many Dutch things already". Under his scheme, in return for a loan of £1 million, the bills issued by his company should be made legal tender. This idea proved to be more than a century ahead of its time, and consequently unacceptable to the Parliamentary Committee. So, Paterson’s plan was accepted and the necessary Act passed. The public were invited to invest in the new project and it was these subscriptions totaling £ 1.2 million that were to be on-lent to Government in return for a Royal Charter. The Government’s immediate motive for creating the Bank was its pressing need for money. Peterson himself said that the government accepted his proposal only “as a lame expedient for £ 1.2 million”. And for some time afterwards the Government saw the Bank in that light — renewals of its charter had to be paid for with loans, often painfully negotiated from the Bank to the Exchequer. There was little in the Act creating the Bank to hint at what it would become — certainly no suggestion of a central bank, scarcely a hint of banking at all. But the charter was enough. The Bank was big, it was incorporated with limited liability (extremely rare then) and it set out to take full advantage of this position.
COMPREHENSION TASKS
Ex.1. Mark the sentences T (true) or F (false) according to the information in the texts (from Analytical reading). 1. The modern central bank does not compete with banks operating in the private banking sector. 2. Most central banks act as a banker to the government, as a banker to the commercial banks 3. The traditional methods for controlling the money supply include only open market operations. 4. A central bank cannot stabilize the price level in the country. 5. If a central bank announces a lower rate, it signals that it is trying to lower demand, in order to keep the inflation. 6. Setting monetary policy — deciding on the level of interest rates necessary to meet the inflation target - is a matter for the Bank and the Treasury. 7. The first objective of any central bank is to safeguard the value of the currency in terms of what it will purchase at home and in terms of other currencies. 8. Unlike some central banks, the Bank can act independently of government. 9. The 2009 Act introduces a number of important changes regarding the responsibilities, powers and role of the Bank. 10. The Bank is not always involved in the supervision of certain other institutions — primarily those operating as brokers and market makers in the professional (or wholesale) financial markets where the Bank itself is active such as gilts, bullion and foreign exchange. 11. The Bank of England is unlikely to be most familiar to the public as the name on the banknotes. 12. The Bank itself has only 2 branches. 13. The average life of a Bank note ranges from a year for a 5 pound note to 3-4 years for a 50 pound note. 14. Banknotes are printed on special watermarked paper and much technical and design effort goes into making them difficult to counterfeit.
Ex.2. Fill in the blanks in this passage, using the following words: a) influence, b)to raise demand, c)securities, d) aggregate demand, e)market, f)to hold, g)control, h) a regular basis, i) charged to, j)continues.
MONETARY CONTROL or PRICE STABILITY Banks play an important role in creating money, but so does the central bank. The traditional methods for controlling the money supply include the following: 1) Open 1___operations. 2) Buying and selling 2_____in the financial markets. 3) Reserve ratios: in some countries, banks are required 3___a certain fraction of deposits as cash reserves, and the central bank can 4_____the money supply. 4) Discount rate: the rate 5 _____commercial banks when they want to borrow money from the central bank. Thus, a central bank can stabilize the price level by the exercise of monetary policy, through 6___of the money supply and/or the use of interest rates. Nowadays most central banks in developed countries have a committee that meets on 7 ____ and decides what interest rate meets some government target. Any change in the interest rate should affect 8____, which in turn will keep inflation in check. For example, if a central bank announces a lower rate, it signals that it is trying 9_____, in order to keep the inflation rate from falling below the set target. Targeting the money supply growth rate is no longer fashionable, though in some countries, notably Japan, it 10 _____, but in addition to setting interest rates to control demand.
Ex.3. Read the text on Central Banking given above and complete the information below 1. The most important functions of a central bank are: 1)______ 2)______ 3)______ 4)_______ 5)______ 6)_______ 7)_______ 8)_________. 2. The modern central bank is a _________ institution. 3. _____ key debates dominate in the central banking literature. 4. Thus, a central bank can stabilize the price level ____________. 5. Discount rate is the rate __________ 6. Most central banks in developed countries nowadays __________ 7. If a central bank announces a lower rate, ________
Ex.4. Join the halves
Ex.5. Complete the following sentences using your own words 1. If the inflation rate is low, it _____. 2. The Personnel Division’s purpose is to help the Bank recruit, _____. 3. Decisions on interest rate policy are made _____. 4. The Bank of England Act 1946 requires the Bank to pay to HM Treasury, in lien of dividend on the Bank’s capital, a sum _____. 5. Today the Bank of England, the central bank of the UK, has three core purposes: _____. 6. Most countries have a central bank: for example the USA (give its name) _____, Germany _____, France _____, Ukraine _____, and Japan _____. 7. The Bank of England is one of the _____. 8. Like any other bank, the Bank of England offers _____. 9. All the clearing banks _____. 10. The first objective of any central bank is _____. 11. Interest rates affect _____. 12. The Bank can try to influence the exchange rate using _____. TRANSLATION TASKSEx.1. Translate the text into Ukrainian. Monetary policy Central banks implement a country's chosen monetary policy. At the most basic level, this involves establishing what form of currency the country may have, whether a fiat currency, gold-backed currency (disallowed for countries with membership of the International Monetary Fund), currency board or a currency union. When a country has its own national currency, this involves the issue of some form of standardized currency, which is essentially a form of promissory note: a promise to exchange the note for "money" under certain circumstances. Historically, this was often a promise to exchange the money for precious metals in some fixed amount. Now, when many currencies are fiat money, the "promise to pay" consists of the promise to accept that currency to pay for taxes. A central bank may use another country's currency either directly (in a currency union), or indirectly (a currency board). In the latter case, exemplified by Bulgaria, Hong Kong and Latvia, the local currency is backed at a fixed rate by the central bank's holdings of a foreign currency. In countries with fiat money, the expression "monetary policy" may refer more narrowly to the interest-rate targets and other active measures undertaken by the monetary authority
Ex. 2. Translate the text into English. Функції Банку Англії Як будь-який інший банк, Банк Англії надає ряд послуг своїм клієнтам. Однак клієнти Банку Англії відрізняються від клієнтів інших банків. Можна виділити 3 найбільш важливі групи клієнтів: 1. Комерційні банки. Всі клірингові банки мають рахунки в Банку Англії. У операціях клірингу використовуються рахунки клірингових банків в Банку Англії. Банки зобов'язані мати певну суму на рахунку, і не мають права перевищувати її. (Всі банки, що здійснюють діяльність в Великобританії, містять 0,35 % від суми всіх своїх депозитів на рахунку (депозиті) Банку Англії). Ця норма резервів і забезпечує головне джерело прибутку Банку Англії. 2. Центральні банки інших країн мають рахунки і тримають золото в Банку Англії і можуть вести справи в Лондоні через Банк Англії. 3. Уряд тримає рахунки в Банку Англії, таким чином, платежі, податки до бюджету і платежі з бюджету на соціальні потреби проходять через рахунки Банку Англії. Відповідно до вищесказаного можна виділити перші три функції Банку Англії: 1. Банк Англії служить банком для комерційних банків. 2. Банк Англії служить банком для інших центральних банків. 3. Банк Англії служить банком для уряду.
ORDERS, ORDER ACKNOWLEDGEMENTS An order resembles a routine request and can be sent in reply to an offer or quotation. In some cases companies order something from an advertisement, a price-list or a catalogue. From the viewpoint of letter-writing, placing an order is simple. Very often the purchasing department of the company or the buyer fills in an order form which has a date and a reference number. Although they may choose to write a letter to make certain points quite clear. Here are the steps:
1. Identify the purpose in the first sentence. Examples: a) I would like to order a copy of Microwave Mania by Arlene Mckean. b) Please send me the following items from your spring catalogue.
If you are ordering something from an advertisement, it is helpful if you mention the name and the date of the magazine or newspaper in the first sentence. Example: I would like to order ten X-365 Workbenches advertised in the October issue of the «Modern Furniture».
2. Add information to identify exactly what you are ordering. Study the catalogue, advertisement, etc. to find all the identifying information — for example, page number, catalogue or item number, the name of product exactly as it is written. Identify any choices you have to make: size, colour, and so on.
3.Organize the details for easy reading. Look at a catalogue other form for an example of how to organize information in a clear, easy- to-read format. A table format is a good choice, especially if you are ordering several items. If you are asking your reader to make a decision, for example, «If the Tripmaster hiking boots are not available in half sizes, please send size 9, along with the Tripmaster innersole, catalogue 19 54806, size 9», make it stand out very clearly from the text. Order fillers are expected to work quickly, so you want important information to be noticed rather than skimmed over.
4. Close with payment and delivery details. Confirm the terms of payment. State in your letter if a cheque or money order is enclosed. If you are paying by credit card or an account, remember to include the account number and the expiry date and type of card (if applicable). Sign the letter with your signature as it appears on your card. You may also request payment on delivery (p.o.d) if the catalogue or advertisement indicates that this is an option. Here are some examples. We have enclosed a cheque for $855.35. $ 799.95 plus tax and shipping charges. Charge these goods to our account on the regular 1/10, net/30 terms. We would like to confirm that payment is to be made by irrevocable letter of credit which we have applied to the bank for... You should also confirm the agreed discounts and the delivery dates. For example. We will certainly take advantage of the cash discounts you offered for prompt settlement. We would like to thank you for the 25 % trade discount you allowed us. Delivery before April is a firm condition of this order. Please confirm that you can deliver the goods before the beginning of September.
It is also essential that you should advise the firm as to how you want the goods packed and sent to ensure prompt and safe delivery, so that if the consignment does arrive late, or in a damaged state, your letter is evidence of the instructions you gave. For example. Please send the goods by air as we need them urgently. We advise delivery by scheduled freighter to avoid any unnecessary delays. The goods should be wrapped individually in thick paper which is reinforced at both ends. At the end you can also encourage further cooperation. For example. a) We hope that this will be the first of many orders we will be placing with you. b) If the goods sell well, we shall send further orders. c) We look forward to receiving your shipment (acknowledgement) confirmation.
Acknowledging Orders. Many businesses live or die according to the volume of orders received. The link between order acknowledgements and business success is less clear. For that reason business people have a tendency to play down the importance of letters of acknowledgement. Many people look upon acknowledging orders as nothing but a routine and time-consuming chore. Some organizations send only preprinted postcards in acknowledgement. Other sellers, reasoning that the promptly shipped order will soon be delivered to the buyer, send no acknowledgement. While the postcard is preferable to no acknowledgement at all, a letter is desirable and more personal. Correspondents should recognize that while orders are routine for the seller, they may not be so routine for the buyer. Future business with the buyer often depends on the way the seller handles the present order.
Order Acknowledgement Guide. - Tell the buyer that the order was received and is being filled according to directions. - Identify the order clearly enough to prevent the reader from confusing it with another order. - Give the buyer the details of shipment — how it is being shipped and when the buyer should receive it. - State the financial arrangement if it was not made clear prior to shipment - Express appreciation for the order - Encourage more orders in the future.
No matter how small the order being acknowledged is, its potential may be considerable. If served well, today’s new customer may be tomorrow’s major purchaser. Customers — whether old and valued or brand new — are receptive to a statement of appreciation and to an assurance that the order will be sent promptly.
Letter Acknowledging an Order:
Harris Hardware Supply 2495 Industrial Parkway Edmonton, Alberta T5B 2C8 April 30, 20 Ms. Irene Klar Box 935 Cold Lake AB TOA 1VO
Dear Ms. Klar,
Subject: Your order for X-365 Workbenches
Your order for 20 X-365 workbenches is being processed and will be shipped within 48 hours.
Since you included a cheque for the full purchase price and shipping charges, we are pleased to give you a $100 credit on your next purchase.
We hope that you will be pleased with the workbenches, just as thousands of other customers have been. We believe that you will find that they truly resist all types of scratches, dents, and burns. This feature, plus the stability ensured by the four sturdy legs which support the table, means that you will be able to enjoy them for many years to come.
And when you decide to order tools, remember that Harris Hardware Supply carriers a full line of manual and power tools. These tools, like the workbench, are designed to provide good service and take hard use.
Use the enclosed order blank and postage-paid envelope for placing your next order. We look forward to serving you again.
Sincerely, Maynard Harris Sales Manager
Encl:2
Acknowledging Delayed Orders. Certain merchandise occasionally may be out of stock. In acknowledging the order, the seller must inform the buyer that the merchandise will be available soon.
Many organizations that receive a tremendous volume of orders do not acknowledge orders unless shipment is delayed. Major retailers fill most orders almost immediately — the goods arrive as quickly as any acknowledgement would. If prices or delivery times have changed, the customer must be notified. If the goods ordered are no longer available, you must also inform the customer of it and offer a substitute. Do not, however, offer any substitute that is not clearly appropriate. It is better to lose one sale and retain the good will of a customer than to provide a substitute with which the customer will ultimately be displeased. TRANSLATE INTO UKRAINIANTask 1. Remember the following useful expressions and translate into Ukrainian sentences 4, 6, 8, 11, 14, 15, 16, 18, 19, 25. Placing orders 1. We enclose our official Order № ... . 2. Our Indent № 26 is enclosed ... . 3. We have pleasure in sending you an order for ... . 4. With reference to your quotation, we enclose our order for immediate delivery. 5. Please send us the undermentioned goods. 6. We can accept your offer on the terms quoted and are pleased to place an order for. 7. Thank you for letting us have samples of ... We should be glad if you would send us. 8. Will you please arrange early shipment of ... . 9. As the goods are urgently required, we should be grateful for delivery by … . 10. Please confirm that you can supply this quantity by the required date. 11. If any items are out of stock, please submit a quotation for a substitute. 12. If pattern № 65A is not available please send 63 or 67B instead. 13. As we are out of this line, please send the nearest you have in stock to the enclosed sample. 14. We have it to your discretion to supply a suitable substitute, should you not have what we want, but the price must not exceed 35 /- per cwt/ provided the price is not more than 10% higher. 15. The quality (weight, colour) must be up to sample ... . 16. First-class material and workmanship are essential. 17. Only vegetables packed so as to be in fresh condition on arrival can be accepted. 18. We enclose a trial order. If the quality is up to our expectations, we shall send further orders subject to this guarantee. Acknowledging Orders 19. Your order is already being processed / filled / carried out / executed, and delivery will be made in accordance with your instructions. 20. We confirm that delivery will be made by March 15th, as requested. 21. Delivery will be made immediately on receipt of your cheque / remittance / letter of credit, etc. 22. We trust that this initial order will lead to further dealings between our two companies. Refusing Orders 23. We regret to inform you that the goods ordered are out of stock / temporarily out of stock / no longer available. 24. We can offer you a substitute, which is the same price and of similar quality to the goods ordered. 25. We are at present supplying only to wholesalers, and therefore refer you to Messrs ..., who would be pleased to supply your needs. 26. We are obliged to you for your order, which we have passed to our agents for attention.
Task 2. Translate the letters into Ukrainian: Letter 1 Dear Sirs,
We have received both your quotation of 1st February and the samples of MEN’S SUITINGS, and thank you for these. While appreciating the good quality of your suitings we find the prices of these materials rather high for the market we wish to supply. We have also to point out that very good suitings are now available in Eastern countries from several manufacturers, and all of these are at prices from 10 % to 15 % below yours. We should like to place our order with you, but must ask you to consider whether you can make a more favourable offer. As our order would be worth around ... you may think it worthwhile to make a concession.
Yours faithfully,
Letter 2 Dear Sirs,
It is with pleasure that we advise you of the despatch of your order 24, 25 H.P. Electric Motors which has been shipped by s.s. «SEA FOAM», due at your port on July 5. The motors are to your exact specifications, and are securely packed in strong wooden containers, which should stand up to the roughest transport conditions. We are sure they will reach you in good order. Each motor has been thoroughly tested and now carries our full guarantee. Our technical representatives in your country will be pleased to advise you on any point of fitting or maintenance; they also hold an adequate stock of spare parts. We thank you for the renewed expression of confidence in us which this order shows, and you may be sure that the goods now on the way to you are of the same high standard of workmanship. We enclose with this letter details of other electrical machines and components, all of which we think you may need at some time. You may rely on us always to give you prompt attention.
Yours faithfully,
Letter 3 Dear Sir,
I thank you very much for your order of September 18, but I regret I am not able to supply the half-hose to your pattern. These are last year’s stock, and are no longer obtainable. I enclose however a similar article, which I can supply at the price you quote. I shall be obliged by your instructions about these, and meanwhile am dispatching the rest of your order to-day, and trust the goods will reach you in good order, and give you every satisfaction. Again thanking you, and assuring you always of my best attention. Yours faithfully, TRANSLATE INTO ENGLISHTask 1. Translate the letters into English: Лист 1. Шановний пане!
Додається замовлення № ДР 4316. Ми погоджуємося із 15% оптовими знижками, які ви пропонуєте для цього замовлення та з умовами здійснення платежу (вексель на пред’явника, готівка при отриманні документів. Проте, ми сподіваємося, що ви готові переглянути ці умови, якщо ми вирішимо розмістити ще одне замовлення. Будь ласка, надішліть вантажні документи та вексель на пред’явника до Нортмінстерського банку за адресою, Бірмінгем, B3 1SQ, Діл Стріт. Якщо на вашому складі немає товарів, які ми замовили, будь ласка, не надсилайте замінювачів. Ми були б раді доставці в межах 3 тижнів та з нетерпінням чекаємо вашого підтвердження.
Щиро ваш... Лист 2. Шановні панове!
Ми із зацікавленістю вивчили переглянутий (revised) поточний прейскурант на офісні шафи вашого виробництва. Якщо ваші умови будуть для нас прийнятні, ми б бажали розмістити наше пробне замовлення на 4 найменування, які перераховані в вашій пропозиції, по 6 одиниць кожного. Ми зберігаємо за собою право відізвати (to withdraw) наше замовлення, якщо товари не будуть доставлені до 2 лютого. Ми сподіваємося, що Ви обов’язково доставите нам товари в обумовлений термін.
З повагою Дж. Сміт
22 січня 20 __ р. Лист 3. Шановний пане Андерсенд! Ми підтверджуємо отримання Вашого замовлення від 4 березня цього року на інвентар з доставкою в березні-квітні двома партіями. У нас на складі є всі найменування, вказані у списку в Додатку 1. Ми хочемо нагадати про те, що протягом двох місяців Ви повинні одержати відповідну імпортну ліцензію. При цьому всі витрати за Ваш рахунок. Просимо підтвердити отримання. З нетерпінням очікуємо на Вашу відповідь.
З повагою A. Браун 12.03.20__ р.
Task 2. Make up a letter according to the situation. Ви вдячні Intertextile за переглянутий прейскурант. Ви повідомляєте, що Вас відвідав представник Intertextile у Берліні, і Ви обговорили всі деталі угоди. Разом з листом Ви надсилаєте бланк офіційного замовлення. Зазначте, що всі умови надруковані на зворотній стороні замовлення. SALES LETTERS Each year millions of sales letters are mailed to consumers, many of who routinely discard them and refer to them as «junk mail». That which is «junk mail» to many consumers is called direct mail advertising by advertisers and is big business. Experts consider direct mail a more precise advertising medium than television and newspapers, each of which is ordinary directed at the general population. Such letters appeal to the potential customer. A strong sales letter can reinforce your sales message, significantly enhance the image of your company in the mind of your prospect and get your foot in the door. Writing good sales letters is an art. For some people it is a full-time occupation — and a well-paying one. Since such letters are mailed out in tremendous quantities, a response rate of 1 to 2 percent is considered good. While you may never become a part of the direct mail advertising business, much of the writing you will do in business will be aimed at trying to persuade your reader. The obstacles you face will be similar to those encountered by the direct mail writer. When you try to persuade someone, you are trying to sell that person on an idea or on a course of action. By becoming familiar with the strategy of the sales letter, you can become a more effective persuader. Sales letters generally fall into two categories, solicited and unsolicited. The unsolicited sales letters don’t present information likely to be considered good news by the reader. In fact, the reader may not even be interested in the message at first. The challenge facing the sales letter writer in this case is to create a message that, although unsolicited, will stimulate a relatively uninterested reader. The solicited letter is easier since the reader has expressed interest, sought information, or made specific inquiry. Preparation. Before beginning to write a sales letter, you should learn as much as possible about the idea, service, or product to be offered to the reader. You should thoroughly understand all aspects of a product before trying to sell it. You should certainly have the following information about the product: - exactly what it can do - the materials from which it is made - the expertise through which it was developed - its outstanding features - ways in which it differs from its competitors - price - extent of the maintenance required, and the expertise required to perform it - accompanying warranty, if any. Steps for effective sales letters. While writing a sales letter, you should follow a certain sequence of steps. Whether you are trying to sell something or trying to convince the reader to pursue a certain course of action, the steps called the AIDA formula (other names exist) have proven effective: 1. Attract the reader’s ATTENTION. 2. Stimulate the reader’s INTEREST. 3. Develop a DESIRE within the reader. 4. Encourage the reader to take a specific ACTION.
I. Attention Remember the three attention factors: the unexpected, the reinforcing, and the relevant. The first sentence of an unsolicited sales letter must grab the reader while leading to the remainder of the letter. - Some of the common methods used are: - Make a thought-provoking statement: «The best thing about our new line of purses is something you can’t see». - Present a startling fact: «Ninety-five out of 100 families would be bankrupt if they missed just three pay cheques». - Offer a bargain. «Imagine, two pairs of shoes for the price of one». - Describe something that currently is happening. «Today more than 500 families enjoy the Press Journal with breakfast». - Present a direct challenge. «Try to tear the enclosed piece of rubberized plastic and you’ll understand why our seat covers won’t wear out». - Tell an interesting anecdote. “Until I was 25 years old I thought that you had to be rich to afford a new car. The day I visited Bill Smith’s Auto Market was the day I learned otherwise. That was also the day I bought my first new car”.
II. Interest. In this section, you usually introduce the product and provide the reader with good reasons for buying it. In the interest step, therefore, you are both describing the product and suggesting its value to the reader. In attempting to stimulate the reader’s interest the writers should emphasize some central selling point of the product. If you have successfully stimulated the reader’s interest, that interest may now be changing to a desire for the product.
III. Desire. In the desire selection, the writer moves the reader from the “like to have that” category to the “really need that” position. Since the reader may still be balking at the letter’s basic idea, this selection must justify the desire for the product.
IV. Action. The writer has pointed out the most significant features of the product as well as how the reader will benefit from its use. All that remains is for the reader to take the desired action. The writer must now tell the reader what action is. If you want the reader to complete the enclosed form and mail it in, say so as specifically as possible. Some otherwise good sales letters are rendered ineffectively by the lack of the clear action closing. The last paragraph should be brief yet purposeful. It tells the reader specifically what to do and includes a reminder of how the reader will benefit. Although we have emphasized a step-by-step approach to writing sales letters, the steps are not always separate and distinct. In some sales letters the Interest and Desire steps may be indistinguishable. You may not recognize the point at which one step ceases and another begins, but the sequence of steps is obvious. Following this sequence of steps is more important than keeping the steps separate.
Study a form sales letter for students:
George R. Hanes National Credit Marketing manager Giant Corporation
You are invited to apply for a Giant Credit Card — one of the most useful and valuable credit cards a student can have. It’s easier to get a Giant Credit Card than you might think. And there are so many advantages to having a Giant Credit Card especially right now, while you’re at school. Among them: • Your Giant Credit Card is good at 2, 500 Giant stores coast to coast. Wherever you live, travel or move, you have credit available at a nearby Giant. Your Giant Credit Card opens the door to an incredible range of over 200, 000 products and services — and everything Giant sells is backed by our famous guarantee of “Your Money Back Unless Completely Satisfied.” • You can take advantage of Giant Special Sales — even though you may be short of cash. With a Giant Charge Account you can stretch your payments over many months if you wish. • You can save time and unnecessary travel by shopping from Giant catalogues. Just mail or phone in your order and say. “Charge it.” • There are never any hidden charges. All Giant finance charges are always fully disclosed. No membership fee, either, unlike some other credit cards. To apply for your Giant Credit Card, just fill in and mail the enclosed form — the postage is already paid. Or, if it’s more convenient, bring in your application to the Credit Department of the Giant store in your area. Giant believes responsible young adults deserve credit. Sincerely, George R. Hanes COMPLETE THE EXERCISESExercise I. Find the English equivalents corresponding to the following Ukrainian phrases. Викидати як непотрібне; непотрібна пошта; пряма реклама; бажаний результат; переконувати читача; стикатися з перешкодами; умовляти; лист у відповідь на інший; знання та досвід; необхідний догляд; гарантія; послідовність кроків; підсилювальний; захоплювати читача; ствердження, що примушує думати; факт, що сильно дивує; прямий виклик; привертати увагу; винагорода, яку можна отримати; стимулювати інтерес читача; наявність робочих місць; ігнорувати основну ідею; підтверджувати бажання.
Exercise II. Translate the following letters into Ukrainian. Letter 1 ASTRO LIEFLONG SIDING LIMITED 2490 Scott Road Winnipeg, Manitoba R3H 0H3 September 20, 20___
HOW WOULD YOU LIKE TO ... 1. make your house more attractive and valuable? 2. reduce your heating and cooling expenses by 35 percent? 3. never again have to paint your house? Home ownership is an expensive proposition. It takes plenty of time and money to maintain a house properly. As a home owner, you’re most certainly aware of your many responsibilities. If you are like most of us, you’re always looking for ways to make home ownership easier. If you can do this and save money at the same time, so much the better. Just imagine your house looking better than ever and your having more time to enjoy it. How would you like to spend weekends doing what you want to do rather than painting and fixing the house? Astro Lifelong Siding will help you take a lot of the work out of home maintenance. You can always recognize people who own homes sided with Astro Lifelong Siding because they smile a lot. Who wouldn’t smile when their heating and cooling bills are cut by 35 percent? Besides, you can retire your paintbrush because your home will never need painting again. You will save energy and money at the same time for only $4999. You will save more than that in maintenance expenses in three to five years and your house will look better than ever. Fill out the enclosed postage-paid card and mail it today. I’ll send you a brochure that will open your eyes. When you realize how Astro Lifelong Siding will increase the value of your home, you’ll say, “Why didn’t I do this sooner?”
Sincerely, Edward Robinson President
Letter 2 November 20____
Dear Sirs,
In the field of the food preserved, English jams and marmalades have been regarded as the best for a century and a half. Competition has not affected their quality of attraction. Their reputation is spread by everyone who tastes them. English fruit farmers supply «Farmers» with the best quality produce from their orchards and gardens. Careful selection and preserving ensure the quality of the well-known «Farmers» jams, and marmalades that are supplied to stores all over the world in 1 lb jars, or 2 lb tins. Please refer to the enclosed price-list, and let us know your requirements on the form attached. You may be able to profit from special terms on your initial order. Delivery can be made shortly after we receive your order. «Farmers» look forward to hearing from you soon.
Yours faithfully, Farmers Fruit Products
Exercise ІІI. Write 3 sales letters from the following notes:
1. The Continental sports Company Ltd. announces the opening of a new factory in Springvale, Scotland to produce skis made of glass fibe reinforced with plastic — special polyester provides elasticity and strength; — originally planned to make ski poles of plastic too; — in collaboration with the British Light Alloy Company of Brixton; — ski poles, manufactured of special light metal conical tube; — skis and poles being offered at special prices; — price list enclosed; — order form enclosed.
2. You are a manager and work for the Ultimate watch company, which is about to introduce its Chronograph, a wristwatch designed especially for runners. Its main features are: it displays hours, minutes, and seconds on a digital face; it is also a stopwatch and displays elapsed time in minutes, seconds, and hundredths of seconds; it has fewer moving parts than any other chronograph; it is shock- and water-resistant; it carries a two-year warranty.
3. You own a sporting goods store in Kyiv and have completed a mailing list of all of the members of the various bicycle clubs in your area. Try to sell the readers on continuing to enjoy the benefits of cycling exercise by purchasing a new Exercycle. The Exercycle is manufactured in Ukraine, weighs only 10 kg. and sells for $110. It is a stationary bike, 120 cm long and 75 cm high. The handlebar, which in 55 cm long, is easily adjusted, without tools, for persons of any height.
TRANSLATE INTO ENGLISHTranslate the following letters into English: Лист 1.
Шановні панове!
Дякуємо за Ваш лист з поясненням щодо неможливості сплатити пільговий рахунок на 2500 дол. Ми розуміємо ваші проблеми, але в нас є свої фінансові зобов’язання, тому ми наполягаємо на тому, щоб ви сплатили за рахунком протягом 10 днів. Чекаємо вашого наступного грошового переказу.
З повагою Д. Кузьменко
3 березня 20…р. Лист 2. Шановні панове!
На жаль, ми не можемо продовжити ваш кредит, оскільки це викликає проблеми з рухом готівки (cash flow). Однак, зважаючи на ситуацію, що склалася, ми пропонуємо вам сплатити половину зазначеної суми чеком найближчим часом, а решту протягом двох тижнів. Чекаємо вашого грошового переказу та підтвердження того, що сума буде сплачена до кінця місяця.
З повагою В. Деркач
15 травня 20 …р. Лист 3. Шановні панове!
Ми додаємо копію повідомлення про відкриття акредитиву на Вашу користь, дійсного до вересня 20…р. Ви можете виставити тратту на нас на повну суму рахунка-фактури зі сплатою через 60 днів. Наступні документи мають додаватися до тратти: коносамент, комерційний рахунок-фактура; страховий поліс, сертифікат якості. Сума акредитиву містить суму рахунка-фактури, комісію за дисконтування переказного векселя та банківські витрати. З повагою І. Литвиненко Лист 4 Шановні панове!
На виставці, що проходила у Берліні минулого тижня, ваш представник продемонстрував обладнання вашої фірми і повідомив умови продажу. Ми готові розмістити пробне замовлення на 100 одиниць. Оскільки ваш представник підтвердив наявність обладнання на складі, ми надали доручення нашому банку відкрити підтверджений і безвідкличний акредитив на $ на вашу користь.
З повагою
BANKING CORRESPONDENCECOMMERCIAL BANK FACILITIES IN THE UK A current account can be opened by anyone in the UK provided they can prove their identity with, e.g. a driving license, international ID card, or passport. The advantages of this type of account include being able to make payments by cheque. For extra security the customer, when paying by cheque, is required to use a cheque card, which makes the bank responsible for the cheque passed, up to the limit stated on the card. This also acts as a cash card allowing money to be drawn from cash dispensers even when the bank is closed Although cheques can be drawn immediately, it can take three working days before the amount is debited or credited to an account. When depositing cash or cheques, a paying-in slip is used to record the deposit. Its counterfoil, with the bank's stamp and cashier's initials, acts as proof that the deposit: was made. It is possible to overdraw a current account, i.e. take out more money than there is in credit. Many banks offer current accounts where overdraft facilities are automatically included, sometimes at no extra charge. Many companies have more than one current account, e.g. a Number 1 account for paying wages and overheads, and a Number 2 account for paying suppliers.
Deposit accounts Banks offer several types of deposit account, e.g. instant access accounts, where money can be withdrawn at any time, and notice accounts, where advance notification has to be given for withdrawal, e.g. thirty, sixty, or ninety days.
Credit and debit cards Credit cards offer credit facilities to customers buying goods or services in shops, by mail order, or on the Internet. You use the card to make basic transactions, which are then reflected on your bill. A credit card is a card that allows you to borrow money against a line of credit, otherwise known as the card’s credit limit (a limit to the amount the customer can spend on most cards), and credit card companies charge a basic fee plus monthly interest. Worth noting: you are charged interest on your purchases, though there is no interest charged if you do not carry your balance over from month to month. Debit cards offer the convenience of a credit card but work in a different way. Debit cards draw money directly from your checking account when you make the purchase. They do this by placing a hold on the amount of the purchase. Then the merchant sends in the transaction to their bank and it is transferred to the merchant's account. The fundamental difference between a debit card and a credit card account is where the cards pull the money. A debit card takes it from your banking account and a credit card charges it to your line of credit.
Standing orders and direct debits Customers making regular payments, such as rent, or mortgage repayments, can ask the bank to transfer the money to the payee on a particular day every month. A standing order or a direct debit are two ways of doing this. For a standing order, the amount to be paid is specified in advance. For a direct debit, the bank pays the amount charged by the payee.
Loans and overdrafts Loans and overdrafts for large amounts usually require a formal agreement. A loan will usually be covered by negotiable securities, e.g. shares, with repayment specified on the agreement. The money for a loan is immediately deposited in the customer’s account. In the case of an overdraft, the customer is given permission to overdraw an account up to a certain limit.
EXAMPLES
Opening a current account
In this example, the owner of a shop is applying to open a current account. The bank manager will acknowledge the letter, tell the customer that the account has been opened and the money credited, and either enclose a chequebook or let her know that one is being prepared.
NTA Bank 25 Green Road Tewksbury Great Britain
Dear Mr. Smith
I would appreciate it if you could open a current account for me under my trading name R & S Fashions Ltd. Enclosed you will find two specimen signatures, my own and that of my partner Ms Catherine Sidden. Both signatures will be required on all cheques. I also enclose a reference from Mr Stephen Young, who banks with your branch, and a cheque for £284.00 with a paying-in slip.
Yours sincerely
Request for a standing order
Coutts Bank 254 Threadneedle St London EC2R 8AH
We have just moved to new premises at the above address and would like to pay our monthly rent of £3,276.00 to our landlords, Short & Long, 13 Black Street, London SW25LN, by standing order. Would you please arrange for £3,276.00 to be transferred from our No. 2 account to their account with Credit Bank, Deadenwall Street, London, on the 1st of every month, beginning 1 March this year? Please would you confirm that the arrangement has been made.
Yours faithfully
Advice of an overdrawn account Banks prefer not to stop cheques because of the embarrassment it can cause the customer, but if there is no arrangement for overdraft facilities, and the cheque, in the bank manager’s opinion, is too large it may be stopped. In the case of Mr Newes, however, the bank manager lets the credit transfer go through. Naturally, the manager would not use an email for this confidential transaction.
Dear Mr Newes
Account No. 8535794864 I am writing to inform you that you now have an overdraft of £1,098 on your current account. We passed your last credit transfer to Lakers Ltd as you have a substantial credit balance on your deposit account. If you require overdraft facilities on your current account, I suggest that you contact me and we can discuss a formal arrangement.
Yours sincerely
Reply to advice of an overdrawn account
Dear Mrs Walles
Thank you for your letter of 8 April. I apologize for not being aware that I had a debit balance on my current account. I have now checked into this and discover that the reason for my account being overdrawn was that I had received a post-dated cheque for £3,725 from a customer, and this had not been cleared. However, to avoid a repetition I have transferred £3,525 from my deposit account into my current account, and this should ensure against overdrawing in future. Thank you for passing the credit transfer to Lakers despite the debit balance it created.
Best regards,
Request for an overdraft or loan
Dear Mr Miller
I would like to make an appointment with you to discuss an overdraft or a loan to enable me to expand my business. I have been testing the market with a new line of office equipment, and have found that demand for it, both here and overseas, has exceeded my expectations. In the past six months alone I have had over £28,000 worth of orders, half of which I have been unable to fulfil because of my limited resources. I would need a loan for about £11,000 to buy additional equipment and raw materials. I can offer £6,000 in ordinary shares, and £2,500 in local government bonds as part security. I estimate it would take me about nine months to repay a loan of this size. I enclose an audited copy of the company’s current balance sheet, which I imagine you will wish to inspect prior to our meeting. I look forward to hearing from you.
Yours sincerely
Dear Mr Terner
With reference to our meeting on 5 November, I am pleased to tell you that the credit for £11,000 which you requested has been approved. We discussed an overdraft, but agreed it would be better if the credit were given in the form of a loan at the current rate of interest (%), calculated on half-yearly balances. The loan must be repaid by 13 July 20__, and we will hold the £6,000 ordinary shares and £2,500 local government bonds you pledged as security. We agreed that the other £2,500 would be guaranteed by Mr H. Frieght, your business associate. I would appreciate it if you could ask him to sign the enclosed guarantor's form, and if you could sign the attached agreement. The money will be credited to your current account and will be available from 23 October subject to your returning both forms by that time. I wish you success with the expansion of your business and look forward to hearing from you.
Yours sincerely TRANSLATE INTO UKRAINIANTranslate the following letters into Ukrainian, paying attention to the underlined words and phrases: Letter 1 Dear Mr. Smith
I would appreciate it if you could open a current account for me under my trading name R & S Fashions Ltd. Enclosed you will find two specimen signatures, my own and that of my partner Ms Catherine Sidden. Both signatures will be required on all cheques. I also enclose a reference from Mr Stephen Young, who banks with your branch, and a cheque for £284.00 with a paying-in slip.
Yours sincerely Letter 2 Dear Sir
We have just moved to new premises at the above address and would like to pay our monthly rent of £3,276.00 to our landlords, Short & Long, 13 Black Street, London SW25LN, by standing order. Would you please arrange for £3,276.00 to be transferred from our No. 2 account to their account with Credit Bank, Deadenwall Street, London, on the 1st of every month, beginning 1 March this year? Please would you confirm that the arrangement has been made.
Yours faithfully Letter 3 Dear Mr Newes
I am writing to inform you that you now have an overdraft of £1,098 on your current account. We passed your last credit transfer to Lakers Ltd as you have a substantial credit balance on your deposit account. If you require overdraft facilities on your current account, I suggest that you contact me and we can discuss a formal arrangement.
Yours sincerely
TRANSLATE INTO ENGLISHTranslate the following letters into English: Лист 1.
Панове!
Наш банк був би радий бути довгочасним партнером Вашої компанії. Що стосується Вашої пропозиції, ми можемо повідомити Вам, що наш банк може надати Вам кредит у розмірі $10.000 з розстрочкою погашення у 8 років, ставка — 22 % річних зі щоквартальними виплатами. Основна сума також може бути організована за нашою допомогою, якщо Вас влаштують вищезазначені умови кредиту.
З повагою Лист 2.
Шановний пане Кліффорд!
Мені приємно повідомити Вам, що наш банк погодився надати позику за поточною відсотковою ставкою у розмірі 18 тис фунтів. Ви маєте повернути позику до 1 червня 20__ року. Крім акцій та облігацій, запропонованих Вами в якості часткової застави, ми б хотіли отримати гарантію повернення позики (guarantee of repayment), підписану вашим бізнес-партнером, паном Фріманом.
Гроші надійдуть на Ваш поточний рахунок і будуть доступні з 30 вересня. Лист 3.
Шановний пане Олліс!
Ми з жалем повідомляємо, що ми не в змозі запропонувати Вам кредит, про який Ви просили. Наше рішення обумовлено поточними важкими умовами кредитування та перевищення Вами банківського сальдо на суму у 12 тис. фунтів. Ми радимо Вам звернутися до іншої фінансової установи, проте сподіваємося бути корисними у майбутньому.
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