II. Retell the text.

FINANCIAL INSTITUTIONS

I. Study the vocabulary:

savings bank ощадний банк

life-insurance company компания,що страхує життя

credit union кредитна спілка

pension fund пенсійний фонд

brokerage firm брокерська фірма

II. Read and translate the text.

There are different types of financial institutions. They are mostly the same in all countries and act as financial intermediaries between savers and borrowers and present a payment mechanism. They perform two central functions: create different financial assets and liabilities, and provide specific financial services.

At the centre of the financial structure of any country is its central bank (in Ukraine it is the National bank of Ukraine, in the USA – the Federal Reserve System, in Great Britain – the Bank of England). It advises the Government to make the country`s financial policy, issues national currency, regulates money supply and supervises other financial institutions such as commercial and savings banks.

Commercial banks receive deposits from their customers and give different loans and other financial services to businesses and individuals, finance industry for commerce, sell and exchange foreign currencies, invest great sums of money for the price known as interest rate.

Non-bank financial institutions are: Life-insurance companies, Credit unions, Pension funds, brokerage firms, commercial/consumer financial companies. All of them using their own or customers` funds make secured loans for business purposes charging high interest rate, invest money into conservative securities (bonds) or speculate securities (stocks and bonds) at the Exchange.

Most financial transactions take place by checking (deposit-GB) account, so most of money is in checking account balance. One-fourth of any countries money is in cash: bills (notes – GB) and coins. People also use money substitutes: different credit cards, issued by banks and accepted by hotels, department stores and restaurants.

III. Retell the text.

<== попередня сторінка	\|	наступна сторінка ==>
I. Read and translate the text.	\|	So what bookkeepers and accountants do?

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