3.1 Use the correct tense of the verbs in brackets.

1. The Managing director hoped the sales manager (make) a more effective decision next week.

2. They noted that sales (rise) by 20%

3. The accountant explained profit (become) too small recently.

4. The customer said he (want) the goods as soon as possible.

5. He thought it (be) impossible to increase sales.

3.2 Continue the sentences using the right form of the verb in indirect speech.

1. The lecturer said, “Strategic planning includes defining the company’s objectives” The lecture said that….

2. The manager said, “One of the key concepts is that of the Product Life Cycle” The manager said that….

3. A sales manager reported, “ The forgotten concept led to wrong decision-making”

A sales manager reported that….

4. He repeated, “We will look beyond the present situation and develop a long-term strategy”. He repeated that…

Банки. Структура и функции Banks

1. Read the text

Bank is an organization that holds money, important documents and other valuables in safe keeping, and lends money at interest. It may also arrange mortgages and insurance, and be involved in a number of financial trading activities.

Banks are among the most important financial institutions in the economy and are essential business in thousands of local towns and cities. They are the principle source of credit for householder and for most local units of government (schools, districts, cities, countries, etc.).

Banks must be identified by the functions (serviced or roles) they perform in the economy.

While many people believe that banks play only a narrow role in the economy – taking deposits and making loans – the modern bank has had to adopt new roles in order to remain competitive and responsive to public needs.

Banking’s principle roles today are as follows:

• The intermediation role;

• Payment role;

• The guarantor role;

• The agency role;

The policy role;

The principles of banking system organization are the following:

Credit system is built in two level scheme;

Central bank as “banker’s bank” is on the top level and has real control levers of credit and money circulation;

The second level of credit system is commercial bank

Vital functions performed by full-service banking institutions

The credit function

the trust function

the brocerage function

the insurance function

The essence of bank’s activities is the collection of deposits through current accounts and deposit accounts and the use of these funds to provide loans or funds for investment.

Safe keeping –на хранении

Mortgages – ипотека, закладная

Household – семья, домочадцы; домашнее хозяйство

Intermediation – посредничество

Thrift – бережливость

Underwrite – гарантировать размещение

Source of credit – источник кредитов

Control level – ручка управления, средство воздействия (контроля)

2. Answer the questions

1. What kind of organization is a bank?

2. Are banks among the most important financial institutions in the economy?

3. How must banks be identified?

4. What are banking’s principle roles?

5. Name the vital functions performed by full-service banking institutions?

6. What are bank’s main activities?