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Banking

7.6.2018, , Zdroj: Verlag Dashöfer

401
Banking

Edward Thomas

1. BANKING

Look at the table below. Can you find the antonym-type words and phrases that are commonly used in the banking sector? Find the correct spaces, and the correct forms, for these words in the sentences below it. (Some may be only forms of these words eg. credited - past form of verb.)

 

1. Credit (vb) a) Deposit
2. Save (vb) b) Debit
3. Current account / checking account c) Overdraft
4. Invest d) Lend
5. Withdraw e) Savings account
6. Borrow f) Spend
7. Assets (n) g) Divest
8. Savings (n) h) Liabilities

Correct answers are here1

A) Billy was surprised to find that his ………………………. had been ………………………. whit € 100,000 more than he expected. His employers had made a mistake with his monthly wage.

B) Each month I ………………………. about € 2,000 into my account, but I ………………………. about the same amount.

C) I want to ………………………. some money in a new business. I´ll ………………………. some from my friends and some from my bank.

D) Banks ………………………. money to customers at certain rates. Sometimes they agree a borrowing limit when an account is opened called an ………………………..

E) When you are thinking of investing money in a business, pay careful attention to the balance of ………………………. against ……………………….. This tells you how healthy a company's finances are.

F) British people used to ………………………. more money than they do today - these days they are encouraged to ………………………. it all to keep the economy growing though retail sales.

G) I think it would be better to put your ………………………. in a ………………………. rather than them in an old sock under your bed.

H) My investment in this company is adding so much to the ………………………. column of my portfolio of shares that I am thinking of ………………………. from it.

Correct answers are here2

2. BANKING BARBARA, THE PERSONAL FINANCE AGONY AUNT

(an „agony aunt” is a newspaper writer who offers advice to readers on interesting topics.)

Question: „Dear Barbara, I am a young person who wishes to open a bank account for the first time, because I'm nervous about where to keep the money I am getting for my part-time job. Please tell me what to do. I am lost!”

Answer: „Don't panic! One thing I've noticed is that young people often have very different ways of dealing with the first money they earn. When I was young, I and my friends used to earn money from little jobs like babysitting. Some of my friends couldn't wait to go shopping and ……………………….3 all their money as soon as they had it.

Others were very disciplined and ……………………….4 every penny they made. I like to think

that I found a good approach when I opened my own ……………………….5 while at secondary school.

Actually, I already had a special ……………………….6 that my grandparents had opened for me when I was born. I put birthday and Christmas gifts from them and other relatives into this

account to ……………………….7 for special purchases, like a new computer. All or part of my

babysitting earnings could be ……………………….8 directly into my new account.

I really enjoyed managing my own money. Because of the bank account, I found I was more

likely to ……………………….9 a larger amount of my earnings.

If you like the idea of starting your own bank account, the first thing to do is call around to your local banks, or visit their websites. Most of them have accounts that do not charge monthly 1) maintenance fees. Try to find a bank without 2) charges for 3) withdrawals You also need to decide how much you will deposit in the bank every month.

Another thing you need to look at is whether you need to keep a minimum 4) balance in the account – for example €100 to avoid maintenance fees.

If you're older, and living away from home, for example at university, you should also see if

the account offers an ……………………….10 5) facility, and if so, is it free?

While you're doing this, you can try to find an account which pays a reasonable amount of 6) interest. This can be difficult when you open a current account, as these offer very little interest. Savings accounts though may not let you access your money quickly.

When you open your account, you should make sure you receive a 7) debit card, 8) cheque book, and a book of 9) paying-in slips. You will receive a 10) pin number which you will need to memorise. You can change it to something memorable, like your first pet's name, or something!

These days, you will also receive a password for an internet site where you can check your balance at any time. You can do a lot of things by internet now- depending on your bank's level of modernisation. The one thing you should make sure is that you learn the location of a few 11) cashpoints, so that you can ……………………….11 money in cash form quite easily. Oh, and don't forget to look out for your detailed monthly 12) statement which details all the ……………………….12 and ……………………….13 to and from your account, which can make interesting and important reading! That's really all you need to know at present. Happy personal banking!”

Read the above response from advisor „Banking Barbara”, and fill the gaps with the words we have already studied in 4.1. Remember that you might need a different form of a word, eg. you might need the past form of a verb, or to use the plural noun form of a word which you have learnt in its verb form eg. „earnings” (n) instead of „earn” (vb). Some words are repeated.

Look also at the highlighted words, which haven't been introduced yet in this unit. Maybe you can guess their meaning from context if you don't know them. You will be able to test your knowledge of them in next exercise!

3. (NON) - COMMUNICATION LEAFLET

You receive a leaflet from the bank, and in it the terminology of their service is explained. The language is the same as that used by „Banking Barbara”. Unfortunately the printers mixed the definitions up. Can you put them back into the correct order?

 

1. Maintenance fees a) Every month we add a little money to your account because we invest the money so that it makes more money.
2. (Transaction) charges b) Every month we take a little bit of money from your account because we have to pay to keep it working properly.
3. Withdrawals c) Every month we'll send you a letter which tells you what you've spend and what you've put into the account. You can use it to see whether you're saving anything or whether you're near to zero in your account!
4. Balance d) This is a secret number which you can use to access your account, especially to withdraw money.
5. Overdraft facility e) At the end of each month this is what you will really be interested in! You should make sure it's a number close to what you expected, and if it isn't you should contact us to make sure nothing has gone wrong in the calculations for your account.
6. Interest f) This is the money that is paid every time money is withdrawn from your account. It's not much, but it's necessary to help keep our system running properly.
7. Debit card g) We'll give you a little book so that you can record the times when you pay in money to your account.
8. Paying-in book h) When you start banking with us you will have an automatic limit of €100- if you are a student and want to increase this amount, you should organise to meet one of our many fine advisors at the bank itself.
9. Cheque book i) We'll issue you with a card which means that you can take money in cash from our many cash points. You can also use it to pay in shops and the money will go from your account to the shop's account electronically!
10. Pin number j) You will receive a little book with slips of paper which you can use to pay in shops or send safely by post.
11. Statement k) The times when you take money from your account- there should be a list of these, with times, dates and locations, on your monthly bank statement.

Correct answers are here14

4. VERBS WITH NOUNS: PERSONAL BANKING

The language of personal banking requires exact meanings and has its own kind of language. Often this means collocating verbs with nouns. Look at the verbs and nouns below. Can you put the right ones together? There are more verbs than nouns listed here. The verbs and nouns may collocate in several ways. You should find at least one for each verb. To help you, there are six sentences below with gaps for you to fit the words into a context, and some of them include one letter of the word to give extra help.

 

verb noun
set up statement
take out pin number
check fee
debit interest
credit money
withdraw a loan
deposit balance
receive an overdraft
memorise an account
charge                    
earn                     
accrue                     

Correct answers are here15

1. I'm going to ……………………….16 my ……………………….17.

2. I have some ………………………. to ……………………….18.

3. Every month I ………………………. a ………………………. from my bank which gives me my starting ……………………….19 and my finishing ………………………..

4. Unfortunately, every time I ………………………. a ………………………. money, a ………………………. is ……………………….20.

5. When you finally ……………………….21 your money you get the amount saved plus interest ………………………..

6. I know I paid the bill! They ………………………. my account.

Correct answers are here22

5. A DIFFERENT SIDE TO BANKING

Read the below text - it is about international banking. Then answer the questions which follow.

There are some who believe that too loose monetary policy has caused a serious recession that may be similar in seriousness to the Great Depression of the 1930's. Pessimists worry that currency market chaos shows that a major credit crisis is happening which will combine with high inflation and cause economies to contract ie. go into recession. They argue that central banks such as the ECB, the BoE, and the Federal Reserve have allowed too much freedom for risky lending.

According to the European Central Bank- one of the biggest of the central banks which help to manage the world economy- its job is to create the conditions for price stability which will lead to job creation, and economic growth. This it must do through control of monetary policy.

Critics say that it has failed in its job of keeping in inflation low. Others say that inflation had to rise because the prices of commodities such as oil have risen. The main instrument of monetary policy is usually considered to be interest rates. Interest rates were kept low throughout the period of economic growth which occurred before the economic crisis began.

The general targets of the ECB are not the whole story though. The ECB has many other jobs. One is to help member states of the EU in making and supervising financial regulations. It is in this regulatory area that it might have failed to stop banks from taking too many risks in giving loans to people without enough security to support them.

The financial crisis, also called a „credit crunch”, began in the US but was also similar in the UK (not a Eurozone member) and Spain (a Eurozone member).

During a period of economic growth, many small commercial banks lent money to homeowners to buy their houses. These mortgages were often not supported properly by the financial circumstances of the people who took them.

When many people were unable to repay their mortgages, the value of the property fell, and the liquidity of the banks fell. Other, bigger, investment banks, found that as underwriters of the debts of the smaller banks, their profits fell and their liquidity was reduced. Reduced liquidity meant lower lending, which meant that consumer spending was lowered and the whole economy began to be hurt.

The story is only beginning; there will be many economic „knock ons”- consequences – and the failure of banks and perhaps the failure of central banks which try to support them, may damage the world economy in a dramatic way.

The text above tries to describe what has happened in the world of international banking during the early

 
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