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

same everywhere.

In the UK, the commercial banking system comprises about 600 registered

banks, the National Girobank operating through post offices, and a dozen

trustee saving banks. Much the most important single group is the London

clearing banks. The clearing banks are so named because they have a central

clearing house for handling payments by cheque.

A clearing system is a set of arrangements in which debts between banks

are settled by adding up all the transactions in a given period and paying

only the net amounts needed to balance inter-bank accounts.

Suppose you bank with Barclays 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


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 |Јb |Liabilities |Јb |

|Sterling: Cash Bills and |2,9 |Sterling: Sight deposits |54,1 |

|market loans |34,7 |Time deposits | |

|Advances |83,0 |CDs |59,9 |

|Securities |9,4 | | |

|Lending in other |54,6 |Deposits in other |8,1 |

|currencies Miscellaneous |15,5 |currencies Miscellaneous | |

|assets |200,1 |liabilities |46,2 |


| | | |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 Ј200,1 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


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.


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


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's

accounting system provides the information dealing with revenues, costs,

accounts receivables, amounts borrowed and owed, profits, return on

investment, and the like. This information can be compiled for the entire

firm; for each product; for . each sales territory, store, or individual

salesperson; for each division or department; and generally in any way that

will help those who manage the organization. Accounting information helps

managers plan and set goals, organize, motivate, and control. Lenders and

suppliers need this accounting information to evaluate credit risks.

Stockholders and potential investors need the information to evaluate

soundness of investments, and government agencies need it to confirm tax

liabilities, confirm payroll deductions, and approve new issues of stocks

and bonds. The firm's accounting system must be able to provide all this

information, in the required form.


The basis for the accounting process is the accounting equation. It

shows the relationship among the firm's assets, liabilities, and owner's


Assets are the items of value that a firm owns —'cash, inventories,

land, equipment, buildings, patents, and the like.

Liabilities are the firm's debts and obligations — what it owes to


Owner's equity is the difference between a firm's assets and its

liabilities — what would be left over for the firm's owners if its assets

were used to pay off its liabilities.

The relationship among these three terms is the following:

Owners' equity = assets - liabilities

(The owners' equity is equal to the assets minus the liabilities)

For a sole proprietorship or partnership, the owners' equity is shown

as the difference between assets and liabilities. In a partnership, each

partner's share of the ownership is reported separately by each owner's

name. For a corporation, the owners' equity is usually referred to as

stockholders ' equity or shareholders ' equity. It is shown as the total

value of its stock, plus retained earnings that have accumulated to date.

By moving the above three terms algebraically, we obtain the standard

form of the accounting equation:

Assets = liabilities + owners' equity

(The assets are equal to the liabilities plus the owners' equity)


A balance sheet (or statement of financial position), is a summary of a

firm's assets, liabilities, and owners' equity accounts at a particular

time, showing the various money amounts that enter into the accounting

equation. The balance sheet must demonstrate that the accounting equation

does indeed balance. That is, it must show that the firm's assets are equal

to its liabilities plus its owners' equity. The balance sheet is prepared

at least once a year. Most firms also have balance sheets prepared semi-

annually, quarterly, or monthly.


An income statement is a summary of a firm's revenues and expenses

during a specified accounting period. The income statement is sometimes

called the statement of income and expenses. It may be prepared monthly,

quarterly, semiannually, or annually. An income statement covering the

previous year must be included in a corporation's annual report to its



The information contained in these two financial statements becomes

more important when it is compared with corresponding information for

previous years, for competitors, and for the industry in which the firm

operates. A number of financial ratios can also be computed from this

information. These ratios provide a picture of the firm's profitability,

its short-term financial position, its activity in the area of accounts

receivables and inventory, and its long-term debt financing. Like the

information on the firm's financial statements, the ratios can and should

be compared with those of past accounting periods, those of competitors,

and those representing the average of the industry as a whole.


1. General Definition of Accounting

|general |общий |

|accounting |счет |

|account |(бухгалтерский) учет ведение счетов |

|impossible |невозможный |

|manage |зд. руководить, управлять |

|without |без |

|accurate |точный |

|lender |кредитор, заимодавец |

|stockholder |акционер |

|agency |зд. ведомство, орган |

|rely (on) |полагаться (на) |

|statement |зд. отчет |

|report |отчет |

|balance sheet |балансовый отчет, баланс |

|income statement |отчет о доходах |

|summary |обобщенный отчет, итоги |

|specific |конкретный |

|represent |представлять |

|perhaps |возможно |

|transaction |сделка, деловая операция |

|occur |зд. происходить, иметь место |

|accounting period |отчетный период |

|report |сообщать |

|needed |нужный |

|client |клиент |

|confuse |смешивать (в уме), путать |

|bookkeeping |счетоводство, ведение бухгалтерских книг,|

| |бухгалтерия |

|responsible |ответственный |

|record |записывать, вести учет |

|data |данные |

|process |обрабатывать |

|user |пользователь |

|provide |обеспечивать |

|deal (with) |зд. иметь отношение (к) |

|revenue |доход |

| | |

| | |

| | |

|accounts (debt) receivables |дебиторская задолженность (долг, который |

| |следует получить компании, счета |

| |дебиторов, счета к получению |

| |сумма |

|amount |занимать, брать взаймы |

|borrow |быть должным |

|owe |выгода, прибыль |

|profit |инвестиция, инвестирование |

|investment |прибыль на инвестированный капитал |

|return on investment |и тому подобное собирать |

|and the like compile |территория продажи |

|sales territory |магазин |

|store | |

|individual salesperson |отдельный продавец |

|division |зд. сектор |

|department |отдел |

|generally |вообще |

|in any way |зд. в любой форме |

|set goals |ставить цели |

|control |контролировать, управлять |

|evaluate |оценивать |

|potential investor |потенциальный инвестор |

|soundness |надежность |

|confirm |подтвердить |

|tax |налог |

|liability |зд. пассив; задолженность |

|payroll |платежная ведомость (по зарплате) |

|deduction |удержание, вычеты |

|approve |зд. утверждать, одобрять |

|issue |выпуск |

|stock |амер. акции, англ. ценные бумаги |

|bond |облигация |

|be able |быть способным |

|provide |предоставлять |

|in the required form |в требуемом виде |

2. The Basis for the Accounting Process

|basis |основа |

|accounting equation |бухгалтерская сбалансированность |

| |(дебет и кредит) |

|relationship |соотношение |

|assets |активы, авуары, зд. актив баланса |

|own |владеть |

|item of value |материальные ценности |

|owner |владелец, собственник |

|debt |долг |

|obligation |обязанность, обязательство |

|owner's equity |собственный (уставной) акционерный |

| |капитал |

|pay off |расплачиваться (с) |

|term |зд. понятие, значение |

|sole |единоличный |

|proprietorship |право собственности |

|partnership |партнерство, товарищество |

|share |доля |

|report |сообщать |

|is referred (to) |зд. называться |

|stockholder's equity |доля акционера |

|retained earning |нераспределенная прибыль |

|accumulate |накапливаться |

|to date |зд. к определенному времени |

|move |зд. переставлять |

|above |вышеуказанный |

|algebraically |алгебраически |

|obtain |получать |

3. A Balance Sheet

|statement |зд. отчет |

|summary |сводка, краткое изложение |

|particular |конкретный |

|various |различный |

|enter |входить |

|demonstrate |показывать |

|indeed |действительно |

|balance |уравновешиваться |

|that is |то есть |

|prepare |готовить |

|at least |по крайней мере |

|once |один раз 1 |

|semiannually |раз в полгода |

|quarterly |ежеквартально |

4. An Income Statement

|income statement |отчет, счет прибылей (и убытков) |

|summary |сводка |

|cover |охватывать, учитывать |

|previous |предыдущий |

|annual report |годовой отчет |

5. The Importance of the above two Statements

|importance |важность |

|compare |сравнивать |

|competitor |конкурент |

|a number (of) |ряд |

|ratio |соотношение, коэффициент |

|provide |зд. давать |

|profitability |доходность |

|account receivable |сумма, причитающаяся к получению, |

| |дебиторская задолженность |

|long-term |долгосрочный |

|debt financing |долговое финансирование |

| |(т.е. путем получения займов) |

|like |как |

|those |зд. заменяет слово «отчеты» |

|accounting period |отчетный период |

|average |средняя величина |

|as a whole |в целом |

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