Chapter XII banking accounting of a company банковское дело бухгалтерский учет на предприятии

All the three existing types of markets — money markets¹, share (stock) markets² and commodity markets³ - function in close connection with the banking sphere.

Nowadays one can speak of a global banking system although banks, of course, continue to play their local, more traditional role: opening and managing accounts⁴, giving loans, and fulfilling all kinds of other operation to assist agriculture, industry and commerce.

Traditional instruments of international bank payments are letter of credit (discussed in the previous chapter) and documentary collection bills⁵.

Documentary collection bills are presented to the importer's bank or its correspondent by the exporters together with all the shipping, insurance and other documents specified in the contract. If the documents are in order the importers instruct their bank to pay and then collect the shipping documents.

The process of payment from bank to bank has been greatly quickened by the introduction of SWIFT system (Society for Worldwide International Financial Telecommunication)⁶. This network nowadays covers thousands of banks in about a hundred countries. A message to pay money sent through the computers of SWIFT system can be received in the matter of seconds.

The role of correspondent banks⁷ - is nowadays also permanently growing. A correspondent bank is the one which carries the deposit balance of another bank situated in another city of country. This exchange of services between banks greatly facilitates international payments.

Some of the basic terminology connected with banking includes interest rates⁸ (percentages that a bank earns by giving out loans), deposits (i.e. money placed in a bank), remittances⁹ (i.e. transfer of money), etc.

Interest rates and bank rates¹⁰, naturally, differ from country to country, from bank to bank, and from client to client, but one of the most influential indices here is LIBOR (London Inter Bank Ordinary Rate)¹¹.

One of the relatively new developments in banking is the industry of plastic (credit) cards. By issuing credit cards to individual clients and thus encouraging them to spend money, the banks tap the almost inexhaustible resources of the consumer sector. This system was pioneered by the USA where plastic cards have proved a goldmine for banks, but now credit cards are issued by virtually all big banks around the world.

NOTES

1. money market	— денежный (валютный)
	рынок
d. snare (stock) market	— фондовый рынок
3. commodity market	— товарно-сырьевой рынок
4. opening and managing	— открытие и ведение счетов
accounts
5 collection bill	— инкассо
to collect v	— инкассировать
collection n	— инкассирование, инкассо
collection orders	— инкассовое поручение
advice of collection	— инкассовое поручение
6. SWIFT (Society for	— СВИФТ (Международное общество межбанковских коммуникаций)
Worldwide International
Financial Telecom-
munication)
7. correspondent bank	— банк-корреспондент
8. interest rate	— процентная ставка
9. remittance n	— перечисление денег
10. bank rates	— банковские ставки
11. LJBOR (London Interbank	— ставка ЛИБОР (ставка предложения (продав- ца) на лондонском межбанковском рынке депозитов важнейший ориентир процентных ставок на международном рынке ссудных капиталов, фиксируется на основе ставок ведущих банков на 11 часов утра).
Offered Rate)

Some of the expressions used in banking correspondence are as follows:

We should like to open a current a/c in your bank	Мы бы хотели открыть текущий счет в Вашем банке
...to apply for a loan from our bank	... обратиться за ссудой в наш банк
... will be pleased to grant you the loan on the following terms	... с удовольствием предоставим Вам ссуду на следующих условиях
We advise that the sum of... is due...	Напоминаем, что сумма... должна быть выплачена...
We shall be grateful to receive your confirmation that you will be making payment of...	Будем благодарны за подтверждение, что Вы перечисляете...
In accordance with the repayment schedule please remit to us...	В соответствии со схемой погашения долга перечислите нам...
Please state your New York correspondent on whom we may reimburse ourselves.	Пожалуйста, укажите Ваш банк-корреспондент в Нью-Йорке, который возместит нам наши расходы.
Please inform us at whose request the payment order was cancelled.	Пожалуйста, сообщите по чьему требованию было отменено распоряжение на оплату.