Английский язык: Сборник текстов и упражнений. Бодргина Л.И - 72 стр.

       1. Deposits are (placed, bank, money, in, a, account).
       2. The depositors (banks, the, mutual, own, savings).
       3. Uses of funds of commercial banks are (municipal bonds, loans, business
and consumer, mortgages, government securities, and).
       4. Commercial banks raise funds by (deposits, savings, issuing checkable,
deposits, and, time deposits).
       5. Commercial banks use their funds (commercial, loans, to make, consumer,
and, mortgage).
       6. Savings and loan associations traditionally (loans, funds, use, their, to
make, mortgage).
       7. Mutual savings banks (deposits, accepting, raise, funds, by).
       8. Sources of funds of (banks, commercial, and, savings, loan, associations,
mutual, banks, savings, and, credit unions) are deposits.
       9. Credit unions acquire (consumer, deposits, from, funds, and, make, loans).
       10. Depository institutions are (accept, financial intermediaries, that, depo-
sits, individuals and institutions, and, make, from, loans).
       11. Thrift institutions are (associations, savings, and, banks, loan, savings, or,
unions, credit).
       12. Government securities (government, issued, securities, are, by, a).
       13. Commercial banks (loans, accounts, specialize, in, checking, and, short-
term).
       14. Banks play (money, a, role, creation, critical, in, of).




                                   UNIT 18
                               BANK OF ENGLAND

     The Bank of England was established privately in 1694 and chartered by the
government in return for a loan. The bank was also allowed to issue its own notes.
Although started as a private bank, it gradually evolved into a Central Bank.
     The Bank of England was the first central bank. It serves as the banker to the
government of the United Kingdom, with sole authority to issue notes in England
and Wales, and also as the banker to the country’s commercial banks. Until 1946
the bank was privately owned, but it had long governed its operations in the na-
tional interest.
     From its founding in 1694 it acted as the government’s banker, lending it
money to fund the national debt. It soon acquired a practical monopoly of the note
issue; eventually other banks began keeping deposits with the Bank of England
and using it as a clearing house for their transactions with one another. By the 19th
century, the Bank of England had become a “banker’s bank”. It had also acquired
another function associated with central banking- that of being the “lender of last
resort”, to which other banks could turn for aid when they were hard pressed.
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