- •Курс английского языка для финансистов
- •Предисловие
- •Unit 1. Economic environment a. Text what is economics all about?
- •B. Dialogue business climate in russia
- •Vocabulary list
- •Exercises
- •Discussion
- •In order to get prepared for participation in the class discussion of the above questions, write several paragraphs on the following:
- •Reading practice
- •Unit 2. Public finance a. Text finance and financial system
- •B. Dialogue budget organization and budget process
- •Vocabulary list
- •Exercises
- •Discussion
- •A) The Budget Message of the Mayor
- •April 27, 1995
- •In order to get prepared for participation in the class discussion of these questions, write several paragraphs on the following:
- •Reading practice
- •Unit 3. Fiscal management a. Text financial policy. Fiscal sphere
- •B. Dialogue effective fiscal policy
- •Vocabulary list
- •Exercises
- •A) Financial Policy
- •B) Fiscal Policy in the uk
- •Discussion
- •A) Multiyear Budgeting
- •B) Types of Budget Classification
- •A) Fiscal Policy in Transition Economies: a Major Challenge
- •B) On Macro- and Microeconomics
- •In order to get prepared for participation in the discussion of the questions, write a short essay on the following:
- •Reading practice
- •Transition Economies Need to Reform Social Safety Nets
- •Unit 4. Central banking. Monetary policy a. Text central banking system
- •B. Dialogue banking system in russia
- •Vocabulary list
- •Exercises
- •Us Activities of Foreign Banking Organizations
- •Discussion
- •A) Is Monetary Policy Needed?
- •B) Payment Systems
- •In order to get prepared for participation in the class discussion of the questions, write a summary of the interview in Ex. 13. Follow the plan suggested below:
- •Reading pra ctice
- •Unit 5. Banking system a. Text commercial banks
- •B. Dialogue
- •Interview With a Bank Manager
- •Vocabulary list
- •Exercises
- •B) Bank Accounts
- •B) The Nature of Banking
- •Discussion
- •A) Bank Loans and Overdrafts
- •In order to get prepared for participation in the class discussion of the questions, write a short essay on:
- •Reading practice
- •Unit 6. Taxation a. Text what are taxes?
- •B. Dialogue taxation in russia
- •Vocabulary list
- •Exercises
- •What Is an Excise Duty?
- •Tax Reform in Developing Countries
- •Discussion
- •In order to get prepared for participation in the class discussion of the questions, write a short essay on the following:
- •Reading practice
- •Unit 7. International monetary system a. Text
- •International monetary institutions
- •B. Dialogue
- •Imf's support for russian reforms
- •Vocabulary list
- •Exercises
- •International Monetary Fund
- •Your Partner ebrd
- •World Bank – International Bank for Reconstruction and Development (ibrd)
- •Discussion
- •In order to get prepared for participation in the class discussion of the questions, write a short essay on:
- •Reading practice
- •Unit 8. Financial markets. The bond market a. Text trading in the bond market
- •B. Dialogue the bond market
- •Vocabulary list
- •Exercises
- •Discussion
- •In order to get prepared for participation in the class discussion of the above questions, write a short essay on the following:
- •Reading practice
- •Unit 9. Financial markets. The stock market a. Text stocks and markets
- •B. Dialogue the corporate securities market in russia
- •Vocabulary list
- •Exercises
- •Discussion
- •A) Bulls, Bears and Stags
- •B) Options and Short Selling
- •In order to get prepared for participation in the class discussion of the questions, write a short essay on the following:
- •Reading practice
- •The New Issue Market
- •Unit 10. Investment activity a. Text
- •Investments
- •B. Dialogue
- •Investment climate
- •Vocabulary list
- •Exercises
- •Investment Companies
- •3 Food Giants Build Local Yogurt Plants
- •Discussion
- •B) Brazil Attracts Foreign Investors
- •C) Investment in the uk
- •In order to get prepared for participation in the class discussion of the questions, write a short essay on the following:
- •Reading practice
- •Investment Skill Is a Rare Commodity
- •Investment Trusts
- •Unit 11. Foreign exchange market. Global financial markets a. Text trading in the foreign exchange market
- •B. Dialogue cornerstone of the global financial market
- •Vocabulary list
- •Exercises
- •The Eurocurrency Market
- •Discussion
- •In order to get prepared for participation in the class discussion of the questions, write several short paragraphs about:
- •Reading practice
- •Unit 12. Financial management a. Text finance function
- •B. Text financial ratios
- •C. Dialogue ratio analysis
- •Vocabulary list
- •Exercises
- •Discussion
- •A) Corporate Governance
- •B) Investment Management
- •A) Investment Decision Making
- •B) Investment Project Appraisal
- •In order to get prepared for participation in the class discussion of these questions, write a short paragraph on the following:
- •Reading practice
- •Unit 13. Accounting a. Text accounting principles and concepts
- •B. Dialogue accountancy in a free-market economy
- •C. Dialogue public and private accountants
- •Vocabulary list
- •Exercises
- •Discussion
- •In order to get prepared for participation in the class discussion of the questions, write a short paragraph, explaining:
- •Reading practice
- •Balance Sheet
- •A. Balance sheet
- •Unit 14. Auditing a. Text performing an audit
- •B. Dialogue auditing in russia
- •Vocabulary list
- •Exercises
- •Ex. 4. Say in a few words what the main text is about. Use the opening phrases from
- •Sweden.
- •Independent Auditors' Report to the Board of Directors and Stockholders of_______Company
- •Discussion
- •In order to get prepared for participation in the class discussion of the questions, write several paragraphs on the following:
- •Reading practice
- •Banking correspondence
- •Dictionary of key words
- •Contents
Banking correspondence
Most correspondence in banking is done through letters and telexes, fax messages and SWIFT ones. Special forms are also widely used.
Here is a layout of a typical letter:
Note: Ref means "reference". References are quoted to indicate what a piece of correspondence refers to ("Your ref) and the correspondence to refer to when replying ("Our ref).
Re is a Latin abbreviation of in re which means "the subject title". It is used after the salutation.
p.p is another Latin abbreviation of per pro, which is sometimes used in signatures and means "for and on behalf of.
The following salutations are used in letters: "Dear Sirs", "Dear Sir", "Dear Madam". In the USA a letter may usually open with "Gentlemen:".
message сообщение
SWIFT (Society for Worldwide Interbank Financial Telecommunication) международная организация СВИФТ (основана в 1973 г.)
form бланк
layout (зд.) расположение рубрик (в письме)
typical характерный, типичный
sender отправитель
reference ссылка, референс
receiver получатель
salutation приветствие
subject title предмет письма
body (зд.) текст письма
complimentary close заключительная фраза
payment order платежное поручение
abbreviation сокращение
to quote приводить, цитировать
to indicate указывать
for and on behalf of от имени и по поручению
* * *
Correspondence may deal with information about changes in the bank in question (see an example of such letter on p. 340).
to deal (with) иметь дело (с)
in question о котором идет речь
correspondent корреспондент; (зд.) банк-корреспондент
to announce объявлять
senior старший
effective вступающий в силу
to be composed of состоять из
division отделение (управление)
to amend вносить поправки
records документы
in line with в соответствии с
department отдел
concerned соответствующий
Note: There are a few ways of writing dates at the head of letters and documents. They are as follows:
October 6, ... (year) 6th October ... (year)
6 October, ... (year) 6th October ... (year)
* * *
After a visit to a certain bank a foreign banker usually sends a letter of thanks for hospitality received upon arrival in his country:
The Sanwa Bank Limited INTERNATIONAL HEADQUARTERS 1-1-1, OTEMACH1, CHIYODA-KU TOKYO, 100
Bank for Foreign Economic Affairs Moscow Russia
Dear Mr. Ivanov:
Having recently returned to Tokyo I take this first opportunity to thank you for the hospitality you extended to Mr. Nishimura and me when we were honoured to call on your fine institution. I found our meeting and discussion to be fruitful and interesting, certainly assisting us to achieve the objective of our trip. I very much appreciate your kind suggestion on our providing flexibility of loan facilities. As I explained during our meeting, we shall keep this suggestion in mind under the condition of Japanese financial market. At the same time, we respectfully ask you to consider our sincere proposal that you open a US Dollar account with our bank. I have heard that Mr. Larin, your Deputy Chairman, will be visiting Japan this autumn. I look forward to seeing him again and to discussing subjects of mutual interest. In offering kindest personal regards, I look forward to ways of expanding business activities we are privileged to enjoy with your esteemed bank. Please pass on my best wishes to Mr. Radionov, your Deputy General Manager. Yours faithfully, ............................... |
hospitality гостеприимство to consider рассматривать
opportunity возможность sincere искренний
to extend оказывать proposal предложение
to appreciate ценить mutual обоюдный
flexibility гибкость regards пожелания
loan facility кредит privileged привилегированный
suggestion предложение to enjoy пользоваться
respectfully почтительно esteemed уважаемый
Most banks advertise their services. Here is an example of how Chase Bank International does that:
Chase Bank International Chicago, P.O. Box-A-3950 Chicago, Illinois June 3, 19XX
ATTENTION: MANAGER-INTERNATIONAL OPERATIONS
Dear Chase Correspondent, DOING BUSINESS IN THE MIDWEST USA? We can help you and your customers do business in America's principal industrial region. Chase Bank International-Chicago Branch (CBI-C), has a dedicated, professional staff trained to provide innovative, flexible import and export trade finance services. We offer full correspondent banking services. Our modest size allows easy monitoring of every transaction. Chase-Chicago offers you same day turnaround for your letters of credit, fast money transfers, and efficient collection services. Your Chase New York account will serve for all CBI transactions. If your bank does not already have our private test key, CBI-Chicago will be most happy to exchange test keys. Please write or telex your request. A Chase Bank International-Chicago brochure and a directory of the CBI team are enclosed for your easy reference. Chase appreciates your business and Chase Chicago looks forward to being of service to you and your customers.
Sincerely, (Signature)....................
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principal основной
dedicated преданный своему делу letter of credit аккредитив
to train обучать transfer перевод
innovative новаторский collection инкассо
flexible гибкий private конфиденциальный
modest скромный test key ключ (для шифровки)
monitoring контроль directory справочник
transaction операция, транзакция team команда
turnaround время для обработки документа for easy reference для сведения
* * *
The inability to trace the documents sent may be a reason for originating a letter of the following type:
inability невозможность, неспособность to refer to ссылаться на
reason причина to enclose прилагать (к письму)
to originate возникать, давать начало (чему-л.) to confirm подтверждать
Р/О (payment order) платежное поручение in fact в действительности
to trace находить enquiry запрос
receipt получение
* * *
Non-acceptance of some documents may be another reason for writing a letter like the one on p. 344.
non-acceptance неполучение (письма) item пункт, вопрос (то, о чем говорится выше)
ref. – reference ссылка (номер)
collection инкассо drawee(s) плателыцик(и)
to advise сообщать to await ожидать
Note 1. То avoid repetition, the word item usually replaces the word collection.
Note 2: The words плательщик, клиент, банк, банкир and the like are usually used in correspondence in the plural form: drawees, customers, (clients), bankers, etc.
* * *
One of the main causes why a correspondent sends a message is non-payment. See an example of such a letter on p. 345.
contents содержание to insist (on) настаивать (на чем л.)
telex телекс to verify выверять, проверять
principal(s) доверитель, заказчик, комитент matter вопрос
to cable телеграфировать
to state заявлять to re-present предъявлять вновь
to quote открывать кавычки in due course своевременно, должным
to unquote закрывать кавычки образом
Note: The language of a telex message is similar to that of a cable, so articles and prepositions are omitted.
* * *
Here is a telex pertaining to the omission of currency in the telex payment order:
pertaining to относящийся к currency валюта
omission пропуск to omit пропускать
division отдел PLS = please пожалуйста
ATTN = attention внимание to confirm подтверждать
outward внешний to effect payment осуществлять платеж
remittance перевод to quote (зд.) указывать
FVR = favour польза COL = collation сличение
VAL = value date дата валютирования
* * *
Standard forms are used in banking correspondence when applicable. Here is a standard form of payment order:
advice авизо current account текущий счет
principal доверитель, заказчик, комитент to debit дебетовать
credit advice кредитовое авизо an account (with) счет (в указанном
to pay платить бланке)
for account of за счет value стоимость
under advice при уведомлении less за вычетом
by order of по поручению (кого-л.) cable (зд.) телеграфный
details (зд.) назначение commission комиссионные
to credit кредитовать net чистый
* * *
It so happens that sometimes a bank effects a double payment. Here is an extract from a letter about this:
Bankers Trust Company 1 Appold Street, Broadgate, London EC2AHE ................ Direct Line:......... Assistant Manager Switchboard:..........
Mr...... Managing Director, International Settlements and Correspondent Accounts Directorate The Bank for Foreign Economic Affairs of the USSR 15, В. Cherkassky Lane Moscow 103626 Russia London, 24 October ... Dear Mr...... Further to my letter dated 25 May this year and in answer to your reply dated 1 st August... , ref..., I write concerning the duplicate payment from your account ...... for USD 14,350.00 (less fees USD 16.50) value date 1 October ... and repeated on 15 October... . In your above mentioned reply you asked me to comment on the reason for non-execution of your MT 199 cancellation request dtd October 14th ... . After consultation with my colleagues in New York, they have provided the following explanation: The cancellation request read as follows: "re our MT 100 dd 981014 for USD 14350 value 981011 F/O Ephremovskij Zavod Sinteticheskogo Kauchuka ref... Please cancel this payment order as erroneously sent sorry regards." The pymt order of 981014 was however for value date 981014 and the b/o was Ephremovskij Zavod Sinteticheskogo Kauchuka, and the ref was ... . The pymt order 981011 was for value date 981011 ref... and did not have any of the information that was mentioned in the request for cancellation. Therefore because the cancellation request could not be matched exactly to either payment order, we were not in a position to make a cancellation as the references and other data have to match precisely.
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double двойной МТ 100-customer transfer клиентский перевод
extract отрывок (сообщение СВИФТ)
switchboard коммутатор in favour of в пользу
settlements расчеты erroneously ошибочно
further to в дополнение к b/o = by order of по поручению;
concerning относительно (зд.) поручитель
fees комиссионные pymt = payment платеж
to comment комментировать to mention упоминать
non-execution неисполнение to match соответствовать
МТ 199 сообщение в свободном формате exactly точно
относительно клиентского перевода to be in a position быть в состоянии
(сообщение СВИФТ) data информация, данные
did = dated датированное (числом) precisely точно
cancellation аннулирование
* * *
Here is a swift message about payment under a L/C:
free свободный
narrative изложение prompt скорый
party сторона to appreciate ценить
to make available предоставить pic = public limited company открытая
drawing (зд.) списание; частичная акционерная компания
оплата по аккредитиву
* * *
То effect international settlements and carry out exchange operations banks establish correspondent relations and sign agency arrangements.
Here is a letter from a Turkish bank to the Bank for Foreign Economic Affairs to this end:
Toprakbank A.S, Head Office 31 July XX Buyukdere Caddesi Nilufer Han ours 1103 No. 103 80300 Istanbul, Turkey N 829/1103
Dear Sirs,..... With reference to your letter dated of July 19, ... we would like to inform you of our acceptance concerning the Establishment of Agency Arrangements between our banks. In this respect we propose the following method of settlements. All settlements are effected in the form of documentary Letters of Credit, collections and payment orders. Documentary Letters of Credit Your bank may open by mail, by telex or by swift Letters of Credit in favour of beneficiaries in the Russian Federation with advice through our bank. Under such Letters of Credit your bank will effect payment upon receipt of our tested telex confirming dispatch of the documents in accordance with the terms of Letters of Credit or provide for telex reimbursement on your correspondent. Our bank may open by mail, by telex or by swift Letters of Credit in favour of beneficiaries in your country with advice through your bank. Under such Letters of Credit our bank will effect payments upon receipt of documents or reimburse you upon receipt of your tested telex confirming dispatch of documents in accordance with the terms of Letters of Credit. Collection orders of our banks will be executed in accordance with the instructions contained therein. Mail, telex and swift payment orders of your bank will be executed by our bank upon receipt of advice from our correspondents confirming crediting cover to our accounts with them. We would ask you to remit cover under your transfers to our bank accounts mainly with our main correspondent bank for the settlements in foreign currencies – Bank for Foreign Trade of Russia, Moscow. Commissions for execution of operations will be charged in accordance with the effective tariffs of our Banks. Mail, telex and swift expenses will be charged at actual cost. Please consider the above method of settlements and advise us of your consent or remarks if any. Please also find enclosed our List of Terms and Conditions. The List of our Authorized Signatures, our swift authenticator key and telegraphic test key will be sent to your address under separate mail. Encl. as mentioned
Yours faithfully.
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settlements расчеты therein = in it в нем
exchange валюта cover покрытие
to establish устанавливать to charge взимать
agency arrangements агентское соглашение effective действующий
at actual cost по фактической стоимости
acceptance принятие
in this respect в этой связи consent согласие
letter of credit аккредитив remarks замечания
collection инкассо List of Terms & Conditions (зд.) список
in favour of в пользу услуг
advice извещение authorized уполномоченный
to reimburse возмещать (рамбурсировать) authenticator key ключ (определитель
подлинности кода)
dispatch отправка under separate mail (cover) отдельной
receipt получение почтой; в отдельном пакете
tested ключеванный