The Bank of England
The Bank of England is Britain's central bank. Founded in 1694, it (to he) the world's second oldest central bank, being six years younger than Sweden's Riksbank. It was privately owned until it (to nationalize) in 1946.
The Governor, Deputy Governor, and 16 Directors who form the Court of Directors (to appoint) by the sovereign on the recommendation of the Prime Minister.
The Bank of England is both monetary authority and bank supervisor, it is charged with the control of the banking system in the interests of the nation. The chief functions of the Bank of England are to act as the Government's bank in the widest possible sense. The main Government account is the central Exchequer Account in the Bank, to which all Government revenues eventually (to credit), and from which all Government payments originate. Other major ministerial accounts also (to keep) in the Bank and the major expenses of Government departments (to disburse) from, these accounts.
The Bank does not lend money to the Government» If the Government needs funds it (to borrow) the sums required by issuing Treasury bills or by selling stocks. Treasury bills are short-term securities, offered for sale by tender, repayable three months after issue. The Bank's function is to balance every day the sums received against the sums needed, never allowing idle balances to accumulate. If moneys (to receive) in excess of requirements, the Bank buys back Treasury bills, adding them to its portfolio.
The Bank of England are bankers to the commercial banks, and also to the discount and accepting houses. The ordinary commercial banks (to keep) about half of their cash, assets on current accounts with the Bank of England, which therefore acts as the "Bankers' Bank", using these deposits for the day-to-day settlement of indebtedness between the banks. A lot of overseas central banks and international bodies have accounts with the Bank of England to facilitate a wide variety of international transactions and to promote trade and prosperity.
The Bank is the central note-issuing authority. New notes (to issue) and worn notes (to withdraw) in very large numbers every day.
The Bank performs registration activities as registrar of government stocks and stocks of nationalized industries. It also (to pay) dividends when they fall due.
The Bank acts as the Government's agent for the administration of exchange control and protects the gold and foreign exchange reserves.
Being monetary authority in the country, the Bank implements the Government policy in the money market and the loan market by raising or lowering Bank Rate.
Because of its influential position in. the financial affairs of the country the Bank gives useful financial advice to the Treasury to assist it in forecasts of the economic situation and the balance-of-payments position. The Bank also advises companies on capital structure and finance.
The style of work of the Bank much (to admire) by the world and (to give) the credit for the safe and successful growth of London as the world's number one international banking centre.
Words you may need:
sovereign n монарх
charge (with) v (зд.) поручать
Exchequer n казначейство
credit v записывать в кредит
disburse v платить, оплачивать (из государственных средств)
sale by tender продажа на торгах
idle adj (зд.) свободный, неиспользованный
discount house учетный дом
accepting house акцептный дом
settlement of indebtedness урегулирование задолженности
registrar n регистратор, регистрационное бюро
to fall due наступать (о сроке выплаты)
exchange control валютный контроль
Bank Rate ставка Центрального банка
Ex. 11. Translate the questions into Russian:
Что такое «Банк Англии»?
Когда он был основан?
Когда он был национализирован?
Кем назначаются Управляющий, Председатель и 16 Директоров?
Какова роль Банка Англии?
Каковы главные функции Банка Англии?
Даёт ли Банк денежные ссуды правительству?
Как правительство получает фонды, которые ему необходимы?
Что такое «Казначейские векселя»?
Какую роль играет Банк Англии для коммерческих банков, учётных домов, и акцептных домов?
Сколько валюты хранят обычные коммерчески банки на счетах в Банке Англии?
Имеют ли зарубежные центральные банки и международные организации счета в Банке Англии?
Является ли Банк Англии центральным органом по выпуску валюты?
Действует ли Банк Англии как агент правительства по управлению валютным контролем и защищает ли золотые запасы и запасы иностранной валюты?
Ex. 12. Correct yourself:
1.What is the Bank of England?
2. When was it founded?
3. When was it nationalized?
4. Whom are The Governor, Deputy Governor and 16 Directors appointed by?
5. What is the role of the Bank of England?
6. What are the chief functions of the Bank of England?
7. Does the Bank of England lend money to the Government?
8. How does the Government get funds it needs?
9. What are Treasury bills?
10. What role does it play for commercial banks, discount and accepting houses?
11. How much cash do the ordinary commercial banks keep on current accounts with the Bank of England?
12. Do many overseas central banks and international bodies have accounts with the Bank of England?
13. Is the Bank the central note-issuing authority?
14. Does the Bank act as the Government’s agent for the administration of exchange control and protect the gold and foreign exchange reserves?