Types of Banks
A bank is an institution that deals in money and provides other financial services. Banks are at the heart of any financial system. Banking is the business a bank is engaged in. There exist different types of banks but their names may vary from one country to another. Central banks such as the National Bank (Ukraine), the Bank of England (UK) or the Federal Reserve System (US) look after the government’s finance and monetary policy, act as bankers for the state and for commercial banks, manage a country's reserves of gold and foreign currencies, and are responsible for issuing banknotes. Commercial banks deal directly with the public. They offer a wide range of services such as accepting deposits, making loans and managing customers’ accounts. The aim of commercial banks is to earn profit. Merchant banks don’t deal with the public. They provide services for companies. They specialize in raising capital for industry, arranging flotations, takeovers and mergers, and investment portfolios. Investment banks are firms that control the issue of new securities (shares and bonds). Savings banks are financial institutions that specialize in providing services such as savings accounts as opposed to general banking services.
Exercises in Word Study
Ex.1. Form nouns from the following adjectives: banking, financial, national, governmental, commercial, profitable, industrial, monetary.
Ex.2. Give the English for: установа, яка має справу з грошима; надавати фінансові послуги; банківська справа; Національний банк України; піклуватися про монетарну політику; відповідати за емісію грошей; комерційний банк; приймати депозити; надавати позику; заробляти прибуток; торговельний банк; придбання контрольного пакета акцій; злиття (підприємств); інвестиційний банк; ощадний банк; ощадний рахунок.
Ex.3. Match words from list A with words from list B that have a similar meaning:
Ex.4 Find suitable opposites to the following words and phrases: definite; to control; to lose profit; commercial banks; withdrawal.
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