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8/9/2019 Personal Banking, Etc.
1/10
Persona
I
Current
accounts
A
current
account
is
an account
which
allows customers
to
take out or
withdraw
money,
with no
restrictions.
Money in
the account does
not
usually
e:rn
a high rate
of
interest:
the
bank
does not
pay
much
for
'borrowing'
your
money. Howeveq
many people
also have a
savings
account
or deposit account which
pays
more interest
but
has restrictions
on
when
you
can withdraw
your
money. Banks
usually send
monthly
statemxrts listing recent
sums
of
money
going
out,
called debits, and sums of
money
coming
in,
called
credits.
Nearly
all customers
have a
debit
card
allowing
them
to
make
withdrawals
and
do
other
transactions
at csh dispensers.
Most
customers
have
a credit
card
which
can
be
used
for
buying goods
and
services
as
well
as
for
borrowing
money.
[n
some
countries,
people
pay
bills with
cheques.
In
other
countries) banks
dont
issue
chequebooks
and
people
pay
bills
by
bank
fransfer.
These include
standing orders,
which
are
used to
pay
regular fixed
sums
of moneg
and
direct
debits, which are used when the amount
and
payment
date varies.
BrE:
current
account;
AmE: checking account
BrE: cash
dispenser,
cash machine; AmE: ATM
(Automated
Teller
Machine)
BrE: cheque;
AmE:
check
banking
E-banking
In
the
1990s,
many commercial
banks
thought
the
future
would
be
in
telephone
banking and
internet
banking
or
e-banking. But
they discovered that
most
of their
customers
preferred
to
go
to branches
-
local
offices
of the bank
-
especially ones that had
longer
opening
hours,
and
which
were conveniently situated
in
shopping
centres.
BrE:
shopping
centre;AmE:
shopping
mall
Banking
products
and services
Commercial
banks
offer loans
-
fixed sums of money that
are
lent for
a
fixed period
(e.g.
two
years).
They
also
offer
overdrafts,
which allow
customers
to overdraw
an account
-
they
can have
a
debt,
up to
an
agreed
limit,
on
which
interest
is
calculated daily.
This is
cheaper
than
a
loan
if, for
example,
you
only
need to
overdraw for
a short
period.
Banks
also
offer
mortgages
to
people
who
want to
buy
a
place
to
live.
These
are
long-term
loans
on which
the
property
acts
as
collateral or a
guarantee
for
the
bank. If
the borrower
doesn't
repay
the mortgage, the
bank
can repossess the
house
or
flat
-
the bank takes
it
back
from
the
buyer, and
sells
it.
Banks
exchange foreign
currency
for
people going
abroad,
and sell ffaveller's
cheques
which
are
protected
against
loss
or theft. They also offer
advice about investments
and
private
pension plans
-
saving money
for
when
you retire
from work.
Increasingly, banks
also
try to
sell
insurance
products
to their
customers.
BrE:
traveller's
cheque; AmE: traveler's check
8/9/2019 Personal Banking, Etc.
2/10
1
L 1
Complete
the advertisement with
words
from
the box.
Look
at
A
and B opposite
to
help you.
credit card
direct debit
savings
accounts
current accounts
statements
standing
order
debit
card
foreign
currency
traveller's
cheques
r-
a\
{
;+i
"
*.'
':l:
;ll
tting
att
stude
nts
i.2
Find
words in
B opposite
with
the
following
meanings.
1
what
you
can earn
when
you
leave
your
money in
the bank
2
an
amount of money borrowed
from
a bank
for
a certain length
of time,
usually
for
a specific
purpose
3
something
that
acts as a security
or
a guarantee
for
a debt
4
an
arrangement
to withdraw
more money
from
a
bank
account
than
you
have
placed
in it
5
a
long-term loan
to
buy
somewhere
to
live
6 an
arrangement
for
saving
money
to
give you
an income
when
you
stop
working
7
to
take
back
property
that
has
not
been
completely
paid
for
:
3
-\re
the
following
statements
true
or
false?
Find reasons
for your
answers in A,
B
and C opposite.
1
Current
accounts
pay
more interest
than savings
accounts.
2
There is
less
risk for
a
bank
with a
mortgage
than with unsecured
loans
without
collateral.
3 Traveller's
cheques are safer
for
tourists than
carrying foreign
currency.
4
The
majority
of
customers
prefer
to
do
their
personal
banking
at the bank.
5 Bank
branches
are now
all
in
shopping
centres.
8/9/2019 Personal Banking, Etc.
3/10
Commercial
and
retail
banking
Commercial
and
retail
banks
'S7hen
people
have more
money than they
need
to spetr{
thev
mav
chooee to
save
it.
They
deposit
it in
a
bank
account,
at a commercial
or
retail
banlq and
dre bank
generally
pays
interest
to
the depositors.
The bank then uses
the
monev
that
has
been
deposited
to
grant
loans
-
lend
money
to
borrowers
who
need
more
money
dran drev
have
available.
Banks
make
a
profit
by charging
a
higher rate
of
interest
to
borrowers dran
ey
pay
to
depositors.
Commercial
banks can
also
move
or
transfer money
from
one customer's
bank
account
to
another one at the same
or
another
bank,
when
the
customer
asks
them
to.
E
I
ganks
also
create
credit
-
make
money
available
for
someone
to borrow
-
because
the
money
they
lend,
from
their deposits,
is usually
spent and so transferred
to another bank
account.
The
capital a bank
has
and the
loans
it
has made are
its
assets.
The
customers'
deposits
are liabilities
because
the
money
is
owed
to
someone else.
Banks have
to
keep a certain
percentage
of their
assets as
reseryes
for borrowers
who
want
to withdraw
their
money.
This is
known
as
the
reserve
requirement.
For
example,
i{
the
reserve requirement
is 10o/",
a bank that receives
a
100 deposit can
lend
90
of it. If
the
borrower spends
the
money
and
writes
a cheque
to
someone
who
deposits
the
90,
the
bank
receiving
that
deposit
can lend
81. As the
process continues,
the
banking system
can
expand the
first
deposit
of
100
into
nearly
1,000. In this
wa5
it creates
credit
of
almost
900.
I
-
Loans and risks
Before lending money,
a
bank
has
to
assess or
calculate
the
risk involved. Generally,
the
greater
the
risk for
the
bank of
not
being
repaid, the higher the
interest rate they
charge.
Most retail
banks
have standardized
products
for
personal
customers,
such
as
personal
loans.
This means
that
all
customers
who
have been
granted
a
loan have the same
terms
and
conditions
-
they
have
the
same
rules
for
paying
back the
money.
Banks have more complicated
risk
assessment
methods
for
corporate
customers
-
business
clients
-
but
large companies
these days
prefer
to
raise
their
own
finance
rather than
borrow
from
banks.
Banks
have
to
find a
balance betr,veen
liquidity
-
having
cash available
when depositors
want
it
-
and
different
maturities
-
dates
when
loans
will be
repaid. They also
have
to
balance
yield
-
how much
money a
loan
pays
-
and
risk.
-
1
rEAnnrvT
I
,
I
ysur^Jq>|,
FOR ]H
-
U,
8/9/2019 Personal Banking, Etc.
4/10
2O."1
Complete
the sentences
from
banks' websites.
Look
at
A
and
C
opposite
to
help
you.
m.2
Match
the
two
parts
of
the
sentences.
Look
at
A,
B and
C
opposite
to
help
you.
1
Banks lend
savers'deposits
2 They
also create credit by
3 How
much credit banks can create
4
Before
lending
money,
5
The
interest rate
on
a
loan
6 Banks
always
need liquidiry
a
banks have to assess
the
risk
involved.
b depends
on the
reserve
requirements.
c depends
on
how
risky it
is
for
the
bank
to
lend
the
money.
d so
they
can't
lend
all their
money
in
loans
with long
maturities.
e lending
the same original
deposit
several
times.
f
to
people
who
need
to borrow
money.
t 3
Find
verbs
in A,
B and
C
opposite
that
can
be used
to
make word
combinations with the
nouns
below.
Then use some of
the verbs
to
complete
the sentences.
1 With
standardized
products,
all
customers
are
...........................
the
same
interest
rate.
2
Banks generally
know
from
experience
how much
cash to keep in their reserves for
customers
who
want
to
...........................
it.
3
Banks
carefully
study the
financial situation of
a
company
to
...........................
the
risk involved
in
lending
it money.
We offer
standardized
loans:
you
can be
sure
you
won't
get
less favourable terms
T f
and
.............................
than our other
I t
k"J
8/9/2019 Personal Banking, Etc.
5/10
Financial
institutions
H
ill[l|
rt
,lrd
flr
r
iSrd
rle
;trd
Types
of
financial
institution
;tn:;;'"';l'"tf
"**
from
a
lecture
about
banliing'
For
most of the 20th
century'
most
banks
operated
in
one
curty
onry
(in
the
us,
in
one
*,::lifi..l*,"ni
kindt
of banks
dd
'fJ.i".a
kiid'
:f-lY:'.iliiiiii",",**
wi
indiv'uab
and
.
Retail
banks
or
commer(
small
comPanies:
.
received
dePosits
.
made
loans.
(See
Unit
20)
.
tnvestment
banks
worked
with
big
companls:
o
qave
financial
advice
:
;;ilitaf-
increased
the
amount
of
lllf
companies
had
bv
issffiittlt-:l"tes
and
bon&
.
organized
mergers
and
takeover
Dtos'
.
lnsurance
companles
.
-piuiAuO
life
insurance
and
pensions'
'
:"'liiff:.i:To'tsus"'
Manv
have
now
become
normal
boids:
2 a(-=':hat
Vag
Lwterest
'-""'
'''
'
-tt'c
at
a
f:'xed
f,"twre
;r.r::
(see
Unit
33)
ilrlrqcf-.
"'rt;'\'ttc
t(
M)re
'-.,.'i,.'--r=
.
"\
gelhe(
(see
Unit
39)
l,lrPtJ'vcr
bivdt'tthew
owe
.
'-:
;.'.'-)
/.
-)
1:l2rs
lo
atqwLYe
ar
'r.',
,,:--rr,
rute
(see Unit
39)
stooks
or
shar?s:
certL{t'cates
,-,
Urrr'-r'2
Owe
wwLt
Of
:.'.,':rslrt
if
a
"on*yawg
\see
Unit
29)
ffi
n."
commercial
banks'
ru
Deregulation
The
financial
industry
changed
radically
in
1
980s
and
90s
when
it
was
deregulated'
i'i:tffit;J"tiation:
rures
ano
reourltillfj: lL',":.t;::T'''
erurts
utrtvu'
xcial
banks
doing
investment
and
Japan
prevented
commt
--t^-
rrn|6)^\t
ffiil.i,i;;is.
some
other
countries
(Germanv'
Switzerland)
already
had
unfuti'ut
banks
doing
all
kinds
of
dcreqwl.ataj.:
theve
a(e
wow
{ewev
v est/tctlo
ws
awd
r eqv"Lati'ows
thaw
before
o o
vugLov*er
atts
"
c o
wLP
a
wL
es
fcrv,,red.
bV
vwevqers
awa
raleecve(see
Unit
40)
financial
business'
.
i:il
i
f
i
u=,
rn,.,n
u,i
o'.
I
:li
qr-",::i:;T"
:ilJ-.
;L;ii
ii.""r
::'::
J:llYl::::'i1
::iiffi
:'::i
;'
;;i'sl'
ii
nanciar
institution
ror
arl
their
financial
needs.
I
re
specialized
banks
Other types of banks
still
have
specialized
fun:t13lt:^.,.
.
central
banks
issue
*;;;i;;
carry
out
the
government's
financial
PolicY
o privat
banRs
manage
the
assets
of
rich
people
or
high
net
worth
individuals
.
clearing
banks
pass
cheques
and
other
payments
through
the
banking
sYstem
"i["itiiti.ncial
intermediaries
such
as
car
manuf
acturers,
food
retaiterfanJ"g:ryllti.:t:f:"::*
"ntt
;';ii:1i-;''i
ro*''
credit
cards
uno'**
.I
-
l
'rl',-lx,,o,1,;l,'.;iru::ffi
il'"iil":.xli"';;'""bank'commercia'bank
ffi
'
;iffi
'
*'.''-#';"';n'
;"0
t"'
8/9/2019 Personal Banking, Etc.
6/10
21.^t
Find
words
in A
and B opposite
with
the
following
meanings.
1
a
company offering
financial
services
2
the
money
a
company
uses,
raised by
way
of shares and bonds
3 when
two
formerly separate
companies
agree
to
join
together
4
a company
formed by the
merger
or
takeover
of several
other
companies
5 the ending
of
some
rules
and restrictions
6
when a company
offers
to
buy
the
shares
of
another
company
to
gain
conrol of
it
21 .2
Before
financial
deregulation,
which
types of
financial institutions did these
types of
business?
Look
at
A
opposite
to
help
you.
1
arranging
mergers
2
offering
life insurance
3
issuing shares
and bonds
4 providing mortgages
5 receiving deposits
and
making
loans
to
individuals and small
companies
6
giving
financial
advice
to
companies
7
organizing
(or
defending
against) takeover
bids
I
providing pensions
21
.3
The
exrracts
below
are
from
websites.
Which
types
of
banks do the websites belong
to?
Look
at
A
and
C
opposite
to
help
you.
The Federal Reserve
was founded
by Congress
in
.1913
to
provide
the
nation
with
a
safer,
more
flexible, and
more
stable
monetary
and financial
system.
How
can
we
help
you?
We can:
Build
a
long-term,
one-to-one nelationship
with your
banker.
Manage
your
family's divense
business
and
personal
assets.
Build
a
portfolio
tailoned
to
youn
family's unique
needs.
Play an active
role in
managing
youf
assets.
,,:i.r,-*,,r,grdll*d,i1
Nearly
twelve
million
cheques and
credits
pass
through the
system
.u.h
*orking
aay.
Ctt.qre
-
I i,
volumes
reached a
peak
in
r99o but usage
has fallen
since
then,
mainly owing to
increased
use
of
[i
plastic
cards
and
direct
debits
by
personal customers.
I
Why bank
with
us? Because
we offer:
I
a
comprehensive
range of
accounts
and services
r
over 1,600
branches/
many
with
Saturday
opening
I
free withdrawals
from
over
31,000
cash machines
r
online and
telephone
banking
for round-the-clock access
to
your
accounts
r
We
provide
a
f'ull range of
p.odu.t,
und ,.rui""r, including
uAuiring
on .orporu,"
r,ru,.t;
lt ii
:
and structure, and
raising
capital
in equity and
debt markets.
l
li
: li:
8/9/2019 Personal Banking, Etc.
7/10
I
Investment
banking
Raising
capital
Ruth
Henly
works
in an
investment
bank
in
New
Yo*'
'Unlike
commercial
banks,
investment
banks
like
ours
don't
lend
money.
Instead
we
act
as
intermediaries
between companies and investors'
.We
help companies
and
gouernmlnts
raise
capital
by
issuing
securities
sr
a,
,t.k,
and
bonds
-
that
is,
we
offer
them
for
sale'
'We
often
underwrite
securities
issues:
in
other
wordE
'\Me
guarantee
to
buy
the
securities
ourselves
if
we
cant
find
other
purchasers'
As
well
as
initial
public
offerings
(IPOs),
when
companies
offer
stock
for
sale
for
the
first
time,
ere
"re
th.r
occasions
when
they
raise
funds'
For
example,
they
might
want
to expand
their
operadong
or
to
acquire
"rroih"t
company'
or
to-reduce
their
amount
Lf
d.bt,
or
to
finance
a
specific
proiecl
They
don't
only
raise
capital
from
the
public
they can
sell
stocks
or
shares
to
institutional
investors
like
insurance
companies;
investment
funds
-
companies
that
invest
th.
on.y'of
lots
of
small
investors,
and
pension
funds
-.o*purri.,
that
invest
money
that
will
later
be
paid
to
retired
workers.
'we
also
have
a
stockbroking
znd
dsaling
department.
This
executes
orders
-
buys
and
sells
stocks
for
clients
-
*niZft
is
brokinf,
arid
trades
with
our
o\
/n
money'
which
is
."ii"g.
The stockbroking
department
also
offers
advice
to irrvestors.'
BrE:
flotation;
AmE:
initial
public
offering
(lPO)
]|
Mergers
and acquisitions
.lnvestment
banks
often
represent
firms
in
mergers
and
acquisitions
(see
Unit
21),
and
divestitures.
A
divestiture
o
*n.n
a
company
sells
a
subsidiary
-
another
company
that
it
owns.
Most
of
the
fee
-
the
money
the
c|mpany
pays us
for the
service
-
will
depend
on
o,
.o*fi.i-g
the
deal
,o..rony.
This
givls
ttte
ua"t
a
good
reason
to make
sure
that
the
transaction
succeeds"
re
Consulting
and
research
,Largecorporations
have
their
own
finance
and
corporate
development
departments'
But
they
often
use
an
investment
bank
like
ours
beca,rsg
like
a
consulting
firm,
we
can
offer
I
t"iia.",
advice,
and
we
have
a
lot
of
experience
in
financial
transactions'
\7e
also
I
h"ii"
f"rr.
.r.*ork
of
contacrs,
and
relationships
with
investors
and
companies
that
could
be
interested
in
a
merger
or
acquisition'
If
we've
worked
on
a
transaction
with
a
company'
we
know
a
lot
about
its
business'
This
means
*.
."r,
give dvice
"bo,r,
,rr"r.gic
planning
-
deciding
what
do
to
in
the
future
-
or
financial
restmcturing
-
changing
th"
*uy
the
business
is
financed'
Large
investment
banks
also
have
extensiv.
,"r."rlh
.p".,*"n
t
with
analysts
and
forecasters
who
specialize
in
the
valuatio.,
oidiff.r.nt'markets,
industries,
companies'
securities
and
currencies.
Analysts
try
to
work
out
how
much
things
are
worth
now'
and
forecasters
studY
the
Prospects
for
the
future"
8/9/2019 Personal Banking, Etc.
8/10
22.1
Complete the
table
with
words
from
A,
B and
C opposite and
related
forms.
Put a
stress
mark
in front
of
the
stressed
syllable
in
each
word.
The
first
one
has been
done
for
you.
22,2
Complete
the
sentences
from
newspaper
articles
with
words
from
the
box.
analytical
acquiring
advised
divesting
fees IPOs
merged
underwritten
Deutsche
Telekom's
IPO was
l:l
by
Goldman
Sachs.
i
,iit"r..::....x::ait:l:.:1111111111111.,111,111;1,l3i1ll:i.,',.,.,..,*t,t,,,,,,11i
During their
acquisition
of
il:.'
Mannesman,
Vodafone
were
by
UBS.
:ll,lirrrr:r,....r,.,.ri
:...rriiai:llirjltl"rrr:rr::"lii'rrr:r't::':'rr'rr'tttttt'it"t"ttt'
Lorge
multinqtionols
qre
olwqys
1
less successful
ports of
1:
their
business
qs
well
os
...........................
successful
componies.
,:'
.r,ri....,.1,:ii ........,a,igiii.,.14r1t::11rr:,:r:.:.r.,.:,,.,,,r., ,,rulilli::tt'r':llllllilii' lif
iir'::tl
4
Big
Wall Street
banks
earned millions
of
r:l
dollars
in consulting
...........................
from
Enron
before the company
collapsed.
::ri:::.rl
lili.1ala,it:.rx:::,,:.r,1.liiliia.::.:.., --.--,..,i9.1lliia.il.::.::,:.r.ir,,,,,,,,:,alirrl{'
5
When Mitsubishi
Tokyo
Financial Croup
with
UFJ
Holdings,
they
became
the
world's
biggest
bank.
J'
t:.
{:l
11l
,:,,:::{{li{l
In
2000,
the
global
value of
,r:
was
over
$220
billion.
1:
22,3
Match
the
words
in
the box
with
the
definitions
below.
Look
at
A,
B and C opposite
to
help you.
financial restructuring
consulting
firm forecasters
institutional
investor
strategic
planning
pension
fund
subsidiary
valuation
1
a company
of experts
providing
professional
advice
to
businesses
for
a
2
a
frnancial
institution
that
invests
money
to
provide
retirement
income
3 deciding
what
a company
is
going
to do
in
the
future
4 people
who
try to
predict what will
happen
in
the
future
5
a
company
that
is
partly
or
wholly
owned
by another one
6
a financial
institution
that
purchases securities
7
making changes
to
how
a company
is financed
8
establishing
how
much
something
is
worth
fee
for employees
8/9/2019 Personal Banking, Etc.
9/10
Cen
tral
ba n
king
rhe
functions
of central
banks
A
journalist
is interviewing
Professor
John
'Webb.
an
expert
in
central
banking.
\fell,
most
countries
have
a central
bank
that
provides
financial
services
to
the
government
and
to
the
banking
system.
If
a
group
of
countries have
a
common
currency,
for
example
the
euro, ther- also
share
a
central
bank,
such
as
the European
Cenrral
Bank
in
Frankfurt.
Some
central
banks
are responsible
for
monetan-
policr-
-
rning
ro
conrrol the rate
of
inflation
to
maintain
financial
stability. This
inr-olr
es
changing
interest
rates.
The
aim is to
protect
the
value
of
the currency
-
what it rvill
purchase
at home
and
in
orher
currencies.
In
many
countries,
the
central
bank supervises
and regulates
the
banking
s)-srem
and the
whole financial
sector.
It
also collects
financial
data and publishes
stadsrics,
and provides
financial
information
for
consumers.
In most
counrries. rhe
cenrral
bank
prints
"nd
irr.r",
currency
-
putting
banknotes into
circulation.
It
also
parricipates
in
clearing
cheques
(see
Unit
21)
and settling
debts
among commercial
banlis.
The
central
bank
and
the
commercial
banks
\7ell,
commercial
banks
have
to
keep
resen'es
-
a cenain
amounr
of their
deposits
-
for
customers
who
want
to withdraw
their moner''.
These
are held
br- the
centrafbank,
which
can
also
change
the reserve-asset
ratio
-
the
minimum percentage
of its
deposits
a bank
has
to
keep
in
its
reserves.
If
one
bank
goes
bankrupt,
it
can
quickly
affect the
stabilin'
of
the
whole financial
system.
And if
depositors
think
a
bank
is
unsafe
they might
all try to
rvithdraw
their
money.If
this
happens
it's
called
a bank
run
or
a
run
on the
bank,
and
the
bank will quickly
use up
its
reserves.
Central
banks can
act as lender
of
last resort,
which
means
lending
money
to
financial
institutions
in
difficulry
to allow
them
to
make paymenrs.
But
cenrral
banks
don't
always bail
out
or
rescue
banks
in
difficulry
because this
could lead
banks
to
take
risks
that
are
too
big.
ru
m
Mlh,
trM
I
ffiirut
f,
rtmh
n
rmh
;r
"ffi
llll
r
o dtt
rru
fltp
r &l
r0urmd
'hru,
mffiil
D,
o@
>
1{fr
i {li
>iln
D
m|tl
t0r
'F.
rlt&e
r
lMu
m
rWitl
ln
dh
LL@
ffim$f
\fhat
are the
main functions
of central
banhs?
How
exactly
does
the
central
bank supen ise
the commercial
banks?
Central
banks
and
exchange
rates
Central
banks
manage
a country's reserves
of gold
and foreign
currencies.
They
can
try
to
have
an influence
on the
exchange rate
-
the
price
at
which
their
currency
can
be
converted
into
other
currencies.
They
do this
by
intervening
on
the
currency markets,
and
moving
the rate
up
or
down
by buying
or
selling
rheir
currency.
(See
Unit
44) This
changes
the
balance of
supply
-
how
much
is
being sold
-
and
demand
-
how
much
is
being
bought.
8/9/2019 Personal Banking, Etc.
10/10
2
3.
1
Match
the
two
parts
of the
senrences.
Look
at
A
and
B
opposite
to
help
you.
1
The
central
bank
will
sometimes
lend
money
2
Banks
would
probably
srart
taking
too
many
risks
3
Central
banks
are
usually,.rporrribl.
fo,
4
The
central
bank
can
alter
5
There
will
be
low
and
stable
inflation
a if
they
could
always
be
sure
of
rescue
by
the
central
bank.
b
if
there is
a
run
on
a
commercial
bank.
c
if
monetary
policy
is
successful.
d
printing
and
distributing
banknotes.
e
the
amount
of
money
commercial
banks
are
able
to
lend.
23
'2
complete
the
text
from
the
website
of
the Federal
Reserve,
the
central
bank
of
the
united
Stares.
Look
at
A
opposite
to
help
you.
Today
the
Federal
Reserve,s
duties
fall
into
four general
areas:
)
conducting
the
nation,s (a)
..............
..........
policy;
> (b)
""""'
and
regulating
banking
institutions
and
protecting
the
redit
rights
of
consumers;
)
maintaining
the
(c)
.....
of the
financial
system;
and
l
providing
certain
(d)
..............
services
to
the
US
government,
the
ubric,
financiar
institutions,
and
foreign
onicir
iniiltutions.
23'3
Make
word
combinations
using
a
word
from
each
box.
one
word
can
be
used
rwice.
Then
use
the word
combinations
to
complete
the
sentenc.,
i.to*.
Look
at
,
g
""
c
opposite
to
help
you.
--t
3
l,f
li
ii
If
there's
a
.................
on
the
whole
and
the
bank
goes
bankrupt,
this
can
have
a
rapid
effect
3
On
one
day
in
1992.
the
Bank
of
England
losr
over
{1
billion (more
than
half
of
the
country,s
foreign
reserves)
in
the
of
the pound.
Recommended