Переведенная на английский лекция по теме Money and banking (деньги и банковское дело), the role of banks (роль банков), modern banking (современная банковская система)

Two developments turned these goldsmiths into bankers. The first was that people found it a lot easier to give the

Переведенная на английский лекция по теме Money and banking (деньги и банковское дело), the role of banks (роль банков), modern banking (современная банковская система)

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Банковское дело

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Банковское дело

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i> but visit a supermarket that banks with Lloyds. To pay for your shopping you write a cheque against your deposit at Barclays. The supermarket pays this cheque into its account at Lloyds. In turn, Lloyds presents the cheque to Barclays, which will credit Lloyds' account at Barclays and debit your account at Barclays by an equivalent amount. Because you purchased goods from a supermarket using a different bank, a transfer of funds between the two banks is required. Crediting or debiting one bank's account at another bank is the simplest way to achieve this.

However on the same day someone else is probably writing a cheque on a Lloyds' deposit account to pay for some stereo equipment from a shop banking with Barclays. The stereo shop pays the cheque into its Barclays' account, increasing its deposit. Barclays then pays the cheque into its account at Lloyds where this person's account is simultaneously debited. Now the transfer flows from Lloyds to Barclays.

Although in both cases the cheque writer's account is debited and the cheque recipient's account is credited, it does not make sense for the two banks to make two separate inter-bank transactions between themselves. The clearing system calculates the net flows between the member clearing banks and these are the settlements that they make between themselves. Thus the system of clearing cheques represents another way society reduces the costs of making transactions.

 

The Balance Sheet of the London Clearing Banks.

Балансовый отчет лондонских клиринговых банков

Таbl. 7 shows the balance sheet of the London clearing banks. Although more complex, it is not fundamentally different from the balance sheet of the goldsmith-banker shown in Таbl 6. We'll begin by discussing the asset side of the balance sheet.

 

The Balance Sheet of the London Clearing Banks.

Assets

£b

Liabilities£bSterling: Cash Bills and market loans

Advances

Securities

Lending in other currencies Miscellaneous assets

TOTAL ASSETS2,9

34,7

83,0

9,4

54,6

15,5

200,1Sterling: Sight deposits

Time deposits

CDs

 

Deposits in other currencies Miscellaneous liabilities

TOTAL LIABILITIES54,1

59,9

8,1

 

46,2 31,8

200,1

Cash assets are notes and coin in the banks' vaults. However, modem banks' cash assets also include their cash reserves deposited with the Bank of England. The Bank of England (usually known as the Bank) is the central bank or banker to the commercial banks.

Apart from cash, the other entries on the asset side of the balance sheet show money that has been lent out or used to purchase interest-earning assets. The second item, bills and market loans, shows short-term lending in liquid assets.

Liquidity refers to the speed and the certainty with which an asset can be converted back into money, whenever the asset-holders desire. Money itself is thus the most liquid asset of all.

The third item, advances, shows lending to households and firms. A firm that has borrowed to see it through a sticky period may not be able to repay whenever the bank demands. Thus, although advances represent the major share of clearing bank lending, they are not very liquid forms of bank lending. The fourth item, securities, shows bank purchases of interest-bearing hug-term financial assets. These can be government bonds or industrial shares. Although these assets are traded daily on the stock exchange, so in principle these securities can be cashed in any time the bank wishes, their price fluctuates from day to day. Banks cannot be certain how much they will get when they sell out. Hence financial investment in securities is also illiquid.

The final two items on the asset side of the balance sheet show lending in foreign currencies and miscellaneous bank assets. Total assets of the London clearing banks were £200,1 billion. We now shall examine how the equivalent liabilities were made up.

Deposits are chiefly of two kinds: sight deposits and time deposits. Whereas sight deposits can be withdrawn on sight whenever the depositor wishes, a minimum period of notification must be given before time deposits can be withdrawn. Sight deposits are the bank accounts against, which we write cheques, thereby running down our deposits without giving the bank any prior warning. Whereas most banks do not pay interest on sight deposits or cheque (checking) accounts, they can afford to pay interest on time deposits. Since they have notification of any withdrawals, they have plenty of time to sell off some of their high- interest investments or call in some of their high-interest loans in order to have the money to pay out deposits.

Certificates of deposit (CDs) are an extreme form of time deposit where the bank borrows from the public for a specified period of time and knows exactly when the loan must be repaid. The final liability items in Таbl. 7 show deposits in foreign currencies, miscellaneous liabilities, such as cheques, in the process of clearing.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

VOCABULARY NOTES

a financial intermediary - финансовый посредник

to bring together - соединять, сводить вместе

insurance companies - страховые компании

pension lands - пенсионные фонды

the money stock - денежная масса, деньги в обращении

to issue deposits - открывать вклады

the National Girobank - англ. Национальный жиробанк

trustee saving banks - доверительные сберегательные банки

London clearing banks - лондонские клиринговые банки (банки - члены расчетной палаты)

a central clearing house - центральная расчетная палата

inter-bank accounts - межбанковские счета

Barclays - Барклайз банк (Великобритания)

Lloyds - Ллойдз банк (Великобритания)

to credit - кредитовать

to debit - дебетовать

cheque recipient - получатель чека

cash assets - денежные активы

the Bank of England - Банк Англии, Английский банк

interest-earning (syn. interest-bearing) assets - активы, приносящие процентный доход

bills and market loans - векселя и рыночные займы

short-term lending - краткосрочное кредитование

liquid (ant. illiquid) assets - ликвидные активы

liquidity - ликвидность

advances - ссуда в вида аванса

a sticky period - трудный период

securities - ценные бумаги

interest-bearing long-term financial assets - долгосрочные финансовые активы, приносящие процентный доход

government bonds - государственные облигации

industrial shares - промышленные акции

the stock exchange - фондовая биржа

niscellaneous bank assets - прочее имущество банка

sight deposit - депозит до востребования; бессрочный вклад

time deposit - срочный вклад

to withdraw - отзывать (вклад)

to run down a deposit - уменьшать вклад

cheque (checking) accounts - текущий (чековый) счет

to sell off - распродавать

cad in high-interest loans - требовать возврата займов (требовать уплаты процентов)

certificates of deposit - депозитные сертификаты

miscellaneous liabilities ' прочие (другие) пассивы

1. GENERAL DEFINITION OF ACCOUNTING

Today, it is impossible to manage a business operation without accurate and timely accounting information. Managers and employees, lenders, suppliers, stockholders, and government agencies all rely on the information contained in two financial statements. These two reports the balance sheet and the income statement are summaries of a firm's activities during a specific time period. They represent the results of perhaps tens of thousands of transactions that have occurred during the accounting period.

Accounting is the process of systematically collecting, analyzing, and reporting financial information. The basic product that an accounting firm sells is information needed for the clients.

Many people confuse accounting with bookkeeping. Bookkeeping is a necessary part of accounting. Bookkeepers are responsible for recording (or keeping) the financial data that the accounting system processes.

The primary users of accounting information are managers. The firm'

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