199. Now account - оборотные счета (текущие счета) по сберегательным вкладам.

200. Ats account - автоматические счета трансфертных услуг.

201. M2 - a more broadly defined money supply; equal to M1 plus noncheckable savings deposits and small time deposits (deposits of less than $ 100,000).

202. Noncheckable savings account (нечековый сберегательный счет) - a savings account against which a check may not be written; a savings account which is not a NOW, ATS, or share draft account.

203. Time deposit (срочный вклад) - an interest-earning deposit in a depository institution which may be withdrawn by the depositor without a loss of interest on or after a specific date or at the end of a specific period of time.

204. M3 - a still more broadly defined money supply; a monetary aggregate consisting of M2 plus large time deposits (deposits of $ 100,000 or more).

205. Liquidity (ликвидность) - is the ease with which an asset can be exchanged for money without a significant loss of value.

206. Asset (актив) - anything with a monetary value owned by a firm or individual.

207. Near money («почти деньги») - are financial assets that are like money except that they do not serve as a medium of exchange.

208. Monetary multiplier (денежный мультипликатор) - the multiple of its excess reserve by which the commercial banking system can expand the money supply and demand deposits by making new loans (or buying securities); and equal to one divided by the required reserve ratio.

Тема 8. Кредитно-банковская и финансовая система

Bank - a financial institution that regulates money flow for regular market circulation.

Financial institutions (or financial intermediaries):

209. Financial intermediaries (финансовые посредники) - are institutions that serve as go-between linking savers and borrowers.

210. Depository institutions (депозитные учреждения) - are commercial banks and other financial institutions (savings and loan associations, mutual savings banks, and credit unions) that obtain funds by accepting deposits from the public.

211. Other financial intermediaries (другие финансовые посредники) - finance companies, insurance companies, and pension funds - acquire funds by collecting premiums or by borrowing.

Depository institutions can be classified broadly into two types: commercial banks and thrift institutions.

212. Commercial banks (коммерческие банки) - are depository institutions that make short-term loans primarily to businesses rather than to households.

Until recently, commercial banks were the only depository institutions that offered demand deposits, or checking accounts.

213. Demand deposits (бессрочный вклад) - are accounts on which depositors can write checks to obtain their deposits at any time.

214. Thrift institutions (or thrifts) (сберегательные учреждения) - are financial institutions that make long-term loans primarily to households.

215. Savings and loan association (ссудно-сберегательная ассоциация) - a firm which is owned by stockholders, accept deposits primarily from small individual savers, and lends primarily to individuals to finance the purchases of residences.

216. Mutual savings bank (взаимно-сберегательный банк) - a firm without stockholders which accept deposits primarily from small individual savers and which lends primarily to individuals to finance the purchases of residences.

217. Credit union (кредитный союз) - associations of persons who are employed at the same firm or are members of the same labor union, which sells shares to (accepts deposits from) its members and makes loans to them.

218. The Federal Reserve System (Федеральная резервная система) - is the central bank and monetary authority of the United States; consists of 12 regional banks, but key policy decisions are made by the Board of Governors in Washington.

219. Central bank (Центральный банк) - is government-operated bank whose chief function is the control of the nation's money supply; holds reserves of commercial banks.

220. Federal Reserve Bank (Федеральный резервный банк) - is any one of the twelve banks chartered by the United States government to control the money supply and perform other functions.

221. Federal Open Market Committee (Федеральный комитет по операциям на открытом рынке) - the twelve-member group that determines the purchase-and-sale policies of the Federal Reserve Banks in the market for United States government securities.

222. Open market operations (операции на открытом рынке) - the buying and selling of US government securities by the Federal Reserve Banks intended to change the economy's supply of money.

223. Discount rate (учетная ставка) - the interest rate which the Federal Reserve Banks charge on the loans they make to depository institutions.

How depository institutions operate:

224. Net worth of the bank (чистая стоимость собственного капитала банка) - is the difference between a bank's assets and its liabilities.

225. A liability (обязательство, пассив, задолженность фирмы или отдельного лица) - is anything that is owned to another individual or institution; a debt with a monetary value.

226. The bank's balance sheet (балансовый отчет банка) - a statement of the assets, liabilities, and net worth of the bank.

Assets = liabilities + net worth

Reserve accounts:

Banks are required by the Federal Reserve System to hold in reserve a certain percentage of their deposits.

227. The required reserve ratio (обязательная резервная норма) - is the proportion of deposits that a depository institution must hold in the form of reserves.

228. Required reserve (legal reserve) (обязательный резерв) - the specified minimum percentage of its deposit liabilities which member bank must keep on deposit at the Federal Reserve Bank in its district, or in vault cash.

229. Vault cash (кассовая наличность) - the currency a bank has in it’s safe (vault) and cash drawers.

230. Excess reserve (избыточный резерв) - the amount by which a member bank's actual reserve exceeds its required reserve; actual reserve minus required reserve.

231. The federal funds market (рынок федеральных средств) - provides for day-to-day lending and borrowing of reserves among depository institutions.

232. The federal funds rate (ставка на рынке федеральных средств) - is the interest rate prevailing in the federal funds market.

233. A bank holding company (банковский холдинг) - is a corporation that owns banks.

234. Sterilization (банковская стерилизация) - is the process whereby the Federal Reserve System uses open market operations to offset the effects of its foreign currency transactions on the domestic money supply.