1) What has its antecedents far back in time as all governments   have   faced   the  need   to  secure   revenues? 

  2) When does modern Treasury have its principal roots?

  3) What did require a bureaucracy to organize the operation of the revenue system?

  4) The perception was reinforced by two major concerns of 19th-century policy‚ wasn’t it?

  5) What have persistently been at the heart of the economic management strategy of the Treasury?

Find the English equivalent s of the following Russian

Phrases in the text .

  1)  Огромный рост;  

  2) государственные расходы; 

  3) военное вмешательство;   

    4) ревизионно-контрольный отдел;   

  5) экономические отношения.

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Fill in the gaps with the words from the box.

Each word can be used only once.

  1) The __________ has its antecedents far back in time as all governments   have   faced   the  need   to  __________   revenues.  

 2) The increase in __________ produced a proliferation of __________ to pay for it.

 3) New customs and excise duties were __________ and there were increases in those __________ in operation.

4) The __________ and influence of the Treasury became extremely __________.

5) Incumbent administrations have __________ the Treasury view and __________ policies consistent with its aims.

Circle the Odd Word Out.

1) 18th‚ 20th‚ 1866;

2) control, duty‚ task;

3) an, in, of;

4) economic, fiscal‚ revenue;  

5) created, have‚ were.

Translate the sentences into English

using the Present Perfect Continuous Tense.

  1) Господин Смирнов работает над этой задачей уже три месяца, так что мы скоро решим её.

2) Какая система налогообложения действовала в этой стране до сих пор?

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3) Сколько времени они рассматривают поправки к законопроекту об ассигновании?

  4) Хотя существует много видов проверки в этой сфере, мы уверены, что в этом случае применялся финансовый контроль.

5) Наши эксперты не работают над градостроительным проектом Московской области уже 2 года.

Text

Banking

       A bank deals in money and money substitutes; it also provides a range of financial services. In a formal sense, it borrows or receives “deposits” from firms, individuals, and (sometimes) governments and,

on the basis of these resources, either makes “loans” to others or purchases securities, which are listed as “investments.” In general, it covers its expenses and earns its profits by borrowing at one rate of interest and lending at a higher rate. In addition, commissions may be charged for services rendered.

        A bank is under an obligation to repay its customers’ balances either on demand or whenever the amounts credited to them become due. For this reason, a bank must hold some cash (which for this purpose may include balances at a bankers’ bank, such as a central bank) and keep a further proportion of its assets in forms that can readily be converted into cash. It is only in this way that confidence in the banking system can be maintained. In its turn, confidence is the basis of “credit.” Provided its promises are always honored (for example, to convert notes into gold or deposit balances into cash), a bank can “create credit” for use by its customers—either by issuing additional notes or by making new loans (which in turn become new deposits). A bank is able to do this because the public believes the bank can and will without question honor these promises, which will then be accepted at their face value and circulate as money. As long as they remain outstanding, these promises continue to constitute claims against that bank and can be transferred by means of checks or other instruments from one party to another. In essence, this is what is known as “deposit banking.” With some variations, it is the accepted basis   of   commercial   banking as  practiced  in  the  modern  world.

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Indeed, deposit banking cannot be said to exist as long as the assets held by a bank consist only of cash lodged by depositors. Once the accounts of banks begin to show more deposits than cash, part of these deposits must represent loans that have been made by a banker to his customers, that is, deposits created by the banking system.

       It is more interesting, therefore, to establish why banking systems in the several countries do differ from one another, sometimes in quite material respects. The problems that face banks are much the same the world over but there is considerable variety in the solutions that are put forward to resolve them. Hence, it is in the details of organization and technique that one tends to find the differences. Yet there is a tendency for the differences to become less pronounced because of growing efficiency in international communication and the

disposition to emulate practices that have proved successful elsewhere. Those differences that survive are largely the result of influences deriving from the economic and sociopolitical environment. These similarities and differences can be discussed in terms of: (a) the structure of commercial banking systems; and (b) the varying emphases in the types of business that are done by banks in different countries.

       Although one must be careful not to oversimplify, it is possible to classify banking structures as falling within one or another of certain broad categories. For example, “unit banking” still describes fairly accurately the commercial banking arrangements that obtain over large areas in the United States, which has nearly fourteen thousand banks and not very many more bank branches. In a number of other countries it is more usual to find a small number of commercial banks, each of which operates a highly developed network of bank branches. In England and Wales, for example, only 11 banks (5 much larger than the rest) do nearly all the domestic banking business through more than 11,500 branches and agencies. Between these two extremes, there are many instances of “hybrid” systems, where the services of banks that are national in scope are supplemented by those that restrict their activities to either a region or a locality. Examples of such banking systems would be those of France and India. Although these hybrid systems are slowly changing their  character  (banks are  tending  to  become  fewer in number  and

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individually larger, often with networks of branches), so far they have remained different enough from the two other main types of banking systems to warrant separate classification.

Exercises