金融英语-2-banking

Part2Banking,2.1Financialinstitutions2.2Personalbanking2.3Commercialandretailbanking2.4Investmentbanking2.5Centralbanking2.6Islamicbanking2.7Interestrate2.8Moneymarket2.9Moneysupplyandcontrol,2.1Financialinstitutions,Inthe20thcentury,mostbanksarespecializedinthefollowingareas:Retailbanks(零售银行)orcommercialbanks（商业银行）;Investmentbanks（投资银行）;Insurancecompanies（保险公司）;Buildingsocieties（建房互助协会）=savingsandloansassociations（储蓄贷款协会）.,Makeloans,receivedeposits,Givefinancialadvice;Raisecapital;Organizemergersandtakeoverbids,Specializedinmortgages,Deregulation,In1980sand90s,thefinancialindustrychangedradicallybecauseofthederegulation(缩小国家对经济干预的范围).Beforederegulation,commercialbanksinUS,BritainandJapanwasforbiddentodoinvestmentbankingbusiness.Today,manyinternationalconglomerates（大集团）offeracompleterangeoffinancialservicestosatisfyallfinancialneeds.,Specializedbanks（专业银行）,Centralbanks（中央银行）:issuecurrencyandcarryoutthegovernmentsfinancialpolicy.Privatebanks（私人银行）:managetheassetsofrichpeopleorhighnetworthindividuals.Clearingbanks（清算银行）:passchequesandotherpaymentsthroughthebankingsystem.Non-bankfinancialintermediaries（非银行金融中介）:offerproductslikepersonalloans,creditcardsandinsurance,suchascarmanufacturers,departmentstores.,Exercises:whichtypesofbanksdothefollowingbelongto?,1.ThefederalreservewasfoundedbyCongressin1931toprovidethenationwithasafer,moreflexible,andmorestablemonetaryandfinancialsystem.2.Weprovideafullrangeofproductsandservices,includingadvisingoncorporatestrategyandstructure,andraisingcapitalinequityanddebtmarkets.,3.Howcanwehelpyou?wecan:Buildalong-term,one-to-onerelationshipwithyourbanker.Manageyourfamilysdiversebusinessandpersonalassets.Buildaportfoliotailoredtoyourfamilysuniqueneeds.Plananactiveroleinmanagingyourassets.,4.Nearlytwelvemillionchequesandcreditspassthroughthesystemeachworkingday.Chequevolumesreachedapeakin1990butusagehasfallensincethen,mainlyowingtoincreaseduseofplasticcardsanddirectdebitsbypersonalcustomers.,5.whybankwithus?Becauseweoffer:Acomprehensiverangeofaccountsandservices.Over1600branches,manywithSaturdayopening.Freewithdrawalsfromover31000cashmachines.Onlineandtelephonebankingforround-the-clockaccesstoyouraccounts.,2.2Personalbanking,2.2.1currentaccounts经常账户Currentaccounts=checkingaccounts,allowcustomerstotakeoutorwithdraw（取出）moneyfreelywithalowerrateofinterest.Savingsaccount=depositaccount（储蓄账户）,paymoreinterestbuthaverestrictiononwhenyoucanwithdrawyourmoney.Banksusuallysendmonthlystatementslistingrecentsumsofmoneygoingout,calleddebits（借方）,andsumsofmoneycomingin,calledcredits（贷方）,Debitcard（借记卡）:makewithdrawalsanddoothertransactionsatATM(AutomaticTellerMachine,自动提款机)Creditcard（贷记卡，信用卡）:beusedforbuyinggoodsandservicesandborrowingmoney.Insomecountries,peoplepaybillswithchequeorbanktransfer（银行转帐）.cheque=check,ATM=cashdispenser=cashmachine,2.2.2Bankingproductsandservices,Commercialbanksofferloans,overdraft（透支）forsmallsumsofmoney;banksalsooffermortgagestopeoplewhowanttobuyahouseorflat.Thesearelong-termloansonwhichthepropertyactsascollateral（抵押品）oraguaranteeforthebank.Iftheborrowercantrepaythemortgage,thebankcanrepossess（收回）it.,Banksexchangeforeigncurrency（外币）forpeoplegoingabroad,andselltravelerscheques（旅行支票）.Banksalsoofferadviceaboutinvestmentsandprivatepensionplans（个人养老金计划）-savingmoneyforwhenyouretirefromwork.,2.2.3E-banking,Inthe1990s,manycommercialbanksthoughtthefuturewouldbeintelephonebanking（电话银行）andinternetbankingore-banking（网上银行）.Asamatteroffact,mostoftheircustomerspreferredtogotobranches（分支机构）-localofficesofthebankespeciallyonesthathadlongeropeninghours（营业时间）,andwereconvenientlysituated.,2.3Commercialandretailbanking,2.3.1commercialandretailbanksWhenpeoplehaveextramoney,theymaychoosetodeposit（存放）itinabankaccount,atacommercialorretailbank,andthebankpaysinteresttothedepositors（存款者）.Thebankthenusesthemoneythathasbeendepositedtograntloans（发放贷款）.Banksmakeaprofitbychargingahigherrateofinteresttoborrowersthantheypaytodepositors.,2.3.2credit,Banksalsocreatecredit（创造信用）-makemoneyavailableforsomeonetoborrow.Thecapitalabankhasandtheloansithasmadeareitsassets.Thecustomersdepositsareliabilitiesbecausethemoneyisowedtosomeoneelse.Bankshavetokeepacertainpercentageoftheirassetsasreserves（存款准备金）,whichisknownasthereserverequirement（准备金要求）.,2.3.3loansandrisks,Beforelendingmoney,abankhastoassess(评估)orcalculatetheriskinvolved.Mostretailbankshavestandardizedproducts（标准化产品）forpersonalcustomers（个人客户）,suchaspersonalloans（个人贷款）,whichhasthesametermsandconditions(条款).,Forcorporatecustomers（公司客户）,bankshavemorecomplicatedriskassessment（风险评估）.Bankshavetofindabalancebetweenliquidity（流动性）anddifferentmaturities（到期日）.Theyalsohavetobalanceyield（收益）andrisk.,Exercises:,1.Ifyouneedinstantaccesstoallyourmoney,thisisthebankaccountforyou.2.Ourproductsforcorporatecustomersincludebusinessoverdrafts,loanrepaymentsthatreflectyourcashflow,andcommercialmortgage.,3.Ourlocalbranchmanagersareencouragedtohelplocalbusinessesandareauthorizedtograntloansandoverdrafts.4.Weofferstandardizedloans:youcanbesureyouwontgetlessfavorabletermsandconditionsthanourotherpersonalcustomers.,2.4Investmentbanking,2.4.1Raisingcapital筹集资金Investmentbanksactasintermediaries（中介）,helpcompaniesandgovernmentsraisecapitalbyissuingsecurities（发行有价证券）suchasstocksandbonds,andoftenunderwrite（认购、包销）securitiesissues.,Whencompaniesofferstocksforsaleforthefirsttime,itiscalledinitialpublicofferings(IPOs).Throughthisway,companiescanraisefundsfrompublic,institutionalinvestors（机构投资者）,suchasinsurancecompanies,investmentsfunds（投资基金）,andpensionfunds.,Investmentbanksalsohaveastock-broking（股票经纪）anddealingdepartment（交易部门）toexecuteorders（执行命令）forclients.Thisdepartmentalsooffersadvicetoinvestors.,2.4.2mergersandacquisitions,Investmentbanksoftenrepresentfirmsinmergers（合并）andacquisitions（收购）,anddivestitures（剥离，出售）.Merger:twocompaniesjointogethertoformanewone.Acquisition:onecompanybuysanotherone.Divestiture:acompanysellsasubsidiary.Alltheseserviceschargefeesaccordingtotheresult.,2.4.3consultingandresearch,Becauseofgreatexperienceinfinancialtransactionsandlargenetworkofcontactswithinvestorsandcompaniesthatcouldbeinterestedinamergeroracquisition,investmentbankscanprovideconsultingbusiness（咨询业务）togiveadviceaboutstrategicplanning（战略计划）orfinancialrestructuring（金融重组）.,Largeinvestmentbankalsohaveextensiveresearchdepartmentswithanalysts（分析员）andforecasters（预测员）whospecializeinthevaluation（评估）ofdifferentmarkets,industries,companies,securitiesandcurrencies.,2.5Centralbanking,2.5.1ThefunctionsofcentralbanksCentralbanksarenot“banks”,butgovernmentalinstitutions（政府部门）.Somecentralbanksareresponsibleformonetarypolicy（货币政策）-tryingtocontroltherateofinflation（通货膨胀率）tomaintainfinancialstability（金融稳定）.,Inmanycountries,thecentralbanksupervises（监督）andregulates（控制）thebankingsystemandthewholefinancialsector.Italsocollectsfinancialdata（金融数据）andpublishesstatistics,andprovidesfinancialinformation（金融信息）forconsumers.Anotherfunctionofcentralbanksistoprintandissuecurrency（发行货币）-putbanknotesintocirculation（使货币进入流通领域）.,2.5.2Centralbankandcommercialbank,Commercialbankshavetokeepacertainamountoftheirdepositstothecentralbank.WhenCommercialbanksmeetabankrun（挤兑）,centralbanksactaslenderoflastresort（最终求助借款人）,butcentralbanksdontalwaysbailout（rescuebanksindifficulty，救市）.Reserve-assetratio（存款准备金率）:theminimumpercentageofitsdepositsabankhastokeepinthecentralbankAbankrun=arunonthebank,2.5.3Centralbankandexchangerate,Centralbanksmanageacountrysreserveofgold（黄金储备）andforeigncurrencies（外汇）.Theytrytoinfluencetheexchangerate（汇率）byintervening（干预）onthecurrencymarkets,andmovingtherateupanddownbybuyingorsellingtheircurrencytochangethebalanceofsupplyanddemand（供求平衡）.,Exercises:,1.Monetarypolicy,includingsettinginterestrates,isdesignedtomaintainfinancialstability.2.Iftheresabankrunandthebankgoesbankrupt,thiscanhavearapideffectonthewholefinancialsystem.3.Ononedayin1992,thebankofEnglandlostover1billioninthecurrencymarkets,tryingtoprotecttheexchangerateofthepound.,bank,currency,exchange,financial,monetary,markets,run,system,policy,rate,stability,2.6Islamicbanking,2.6.1Interest-freebanking无利率银行Islamicbankingdonotpayinteresttodepositorsorchargeinteresttoborrowers.Insteadtheyinvestincompaniesandsharetheprofits（分享收益）withtheirdepositors.Investmentfinancingandtradefinancingaredoneonaprofitandlosssharing(盈亏共享，averyclosebank-customerrelations)basis.Thisformoffinancingissimilartothatofventurecapitalists.,2.6.2Typesofaccounts,Currentaccounts（经常账户）inIslamicbanksgivenoreturn（无利息）todepositors.Theyareasafekeepingarrangement（保管协议）betweenthedepositorsandthebank,whichallowsthedepositorstowithdrawtheirmoneyatanytime,andpermitsthebanktousethismoney.,Savingsaccounts（储蓄账户）canpayareturntodepositors,dependingonthebanksprofitability（赢利性）,butthereisnofixedrateofreturn（无固定收益）.Investmentaccounts（投资帐户）arefixed-term（定期）depositswhichcannotbewithdrawnbeforematurity.Theyreceiveashareofthebanksprofits.,2.6.3Leasingandshort-termloans,Ifacustomerwantstofinanceapurchaseofexpensivegoods,Islamicbankcanbuyitforacustomerwithaleasing（租赁）orhirepurchase（分期付款购买）arrangement.Thebankalsocanlendmoneywithoutinterestbuttocoveritsexpenseswithaservicecharge（服务费）.,ThecomparisonofConventionalbanksandIslamicbanks,Conventionalbanks:Payinteresttodepositors;Chargeinteresttoborrowers;Lendmoneytofinancepersonalconsumptiongoods,Islamicbanks:Givenoreturnoncurrentaccounts;shareprofitswithholdersofsavingsandinvestmentaccounts;Shareborrowersprofit(orlosses);BuyitemsforpersonalcustomerswithaHP,2.7Interestrate,Aninterestrate（利率）isthecostofborrowingmoney.Itisusuallysetbythecentralbank,aspartofmonetarypolicy（货币政策）,designedtokeepinflation（通货膨胀）low.,Ifinterestratearesettoolow,thedemandforgoodsandservicesgrowsfasterthanthemarketsabilitytosupplythem.Thiscausespricestorisesothatinflationoccurs.Ifinterestratearesettoohigh,thislowersborrowingandspending.Thisbringsdown（降低）inflation,butalsoreducesoutput（产出）andemployment（就业）.,2.7.1Differentinterestrates,Thediscountrate（贴现率）istheratethatthecentralbanksetstolendshort-termfundstocommercialbanks.Thisisthebaserate（基准利率）ofcommercialbanks.Banksmaketheirprofitbetweentheinterestratetheychargeborrowersandtheratespaytodepositors,knownasamarginorspread.Baserate=primerate银行优惠贷款利率，银行最低利率,Theratethatborrowerspaydependsontheircreditworthiness（信誉）,alsoknownascreditstandingorcreditrating（信用级别）.Long-termloanssuchasmortgagesoftenhavefloatingorvariableinterestrates（浮动利率）thatchangeaccordingtothesupplyanddemandformoney.Leasingorhirepurchase(HP，分期付款协议)agreementshavehigherinterestratesthanbankloansandoverdrafts.,2.8Moneymarket,Themoneymarketsconsistofanetworkofcorporations,financialinstitutions,investorsandgovernments,whichneedtoborroworinvestshort-termcapital(upto12months)Throughthemoneymarkets,borrowerscanfindshort-termliquiditybyturningassetsintocash,dealwithirregularcashflows-morecheaplythancommercialbanks.Similarly,investorscanmakeshort-termdepositswithinvestmentcompaniesatcompetitiveinterestrates.,2.8.1Commonmoneymarketinstruments,Treasurybills(T-bills，国库券)arebondsissuedbygovernments.Theyaresoldatadiscountfromtheirnormalvalue（票面价值）.Themostcommonmaturityisthreemonths.Commercialpaper（商业票据）isashort-termloanissuedbymajorcompanies,alsosoldatadiscount.Itisunsecured（不安全）.Certificatesofdeposit(CDs，存单)areshort-ormedium-term,interest-payingdebtinstruments（债务工具）.Theyareknownastimedeposits.normalvalue=parvalue=facevalue,Repos回购协议,Arepurchaseagreement(repo，回购协议)isacombinationoftwotransactions.Aholderofgovernmentsecurities(usuallyT-bills)sellsthesecuritiestoalenderandagreestorepurchasethematanagreedfuturedateatanagreedprice.,2.9Moneysupplyandcontrol,narrowmoney（狭义货币）:onlyincludecurrencyandsightdeposit（活期存款）.broadmoney（广义货币）:includesavingsdeposits（储蓄存款）andtimedeposits（定期存款）,aswellasmoneymarketfunds,cert