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Ex.2 Insert the names of the following types of financial institutions in the spaces in the text.

Commercial banks, hedge funds, non-bank financial intermediaries, investment banks, Islamic banks, private banks, stockbrokers.


Retail banks or1_________________ (often called High Street banks in Britain) receive deposits from, and make loans to, individuals and small companies2 _______________________ work with big companies, giving financial advice, raising capital by issuing stocks or shares and bonds, arranging mergers and takeover bids, and so on. They also generally offer stock broking and portfolio management services to rich corporate and individual clients. Wealthy individuals can also use 3__________ , which provide them with banking and investment services, and 4 , which are private investment funds for wealthy investors (both individuals and institutions) that use a wider variety of (risky) investing strategies than traditional investment funds, in order to achieve higher returns.

In the USA, where many banks went bankrupt following the Wall Street Crash in 1929, a law was passed in 1934 (the Glass-Steagall Act) that separated commercial banks and investment banks or stock broking firms. For the rest of the 20th century, there were regulations in the US, Britain and Japan that prevented commercial banks from doing investment banking business. In other countries, including Germany and Switzerland, large banks did all kinds of financial business. But starting in the 1980s, many rules were ended by financial deregulation, and Glass- Steagall was repealed in 1999. Large banks became international conglomerates offering a complete range of financial services that were previously provided by banks,5________________________ and insurance companies.

6___________________ , in Islamic countries and major financial centres, offer interest-free banking. They do not pay interest to depositors or charge interest to borrowers, but invest in companies and share the profits (or losses) with their depositors.

Some car manufacturers, food retailers and department stores now offer products like personal loans, credit cards and insurance. Technically these are not banks but7 _____________________.

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Over to you | Ex.3 Vocabulary

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