Part I statues on Banks and Bank Activities in the Russian Federation
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Working on the textTHE BANQUE DE FRANCEThe Bank of France was established by Napoleon in 1800 as a privately owned company engaged in the banking business. This status persisted until 1936, when the Bank came under official control, the Government acquiring the authority to nominate the Bank's governing bodies. The Bank was nationalised in 1945, and its current statutes were adopted in 1973. They changed details, but not the substance, of the Bank's subordinate position relative to the Government. According to Article 4, "The Bank of France” is entitled to give advice on all questions relating to the currency. It contributes to the formulation and participates in the implementation of the monetary policy decided by the Government". Structure & decision-makingWithin the Bank of France, power is vested in the Governor and the General Council. The Governor, assisted by two Deputy Governors, is responsible for executing the laws, statutes, and deliberations of the General Council, over which he presides. He also exercises all powers not expressly reserved to the General Council. The Governor alone can sign conventions and treaties in the name of the Bank; he appoints and dismisses the Bank's staff (with the exception of the branch managers who are appointed by the Minister of Economics and Finance based on the proposal of the Governor). And, he may exercise any additional powers — concerning, for example, the procedures for the fixing of rates or for market interventions — which are delegated to him by the General Council. In addition to the Governor and the two Deputy Governors, the General Council consists of ten councillors. Nine, chosen for their abilities in the economic, monetary or financial areas, are appointed by a decree of the Cabinet (on the basis of a proposal of the Minister of Economics and Finance). The tenth is elected by the personnel of the Bank. All ten councillors are appointed for terms of six years; one-third of the Government appointees come up for renewal every two years. The General Council, which meets every two weeks, is officially charged with overseeing policy concerning the administration of the Bank, fixing the terms and conditions for the issuance of paper money, setting administered interest rates, and approving agreements concerning the central bank's financial assistance to the State. In practice, the General Council exercises little independent authority vis-a-vis either the Governor or the Treasury. Regulations governing the recruitment, promotion, and conduct of Bank staff are formally adopted by the General Council, although these must be submitted by the Governor to the Minister of Economics and Finance for approval. The law provides the Government with a means to review, and if it so desires, postpone decisions of the General Council. A censeur (auditor) appointed by the Minister of Economics and Finance (along with an alternate) attends all meeting of the General Council. The censeur, usually a senior member of the Treasury (and generally the Director), is charged with supervising the Bank's management on behalf of the State. The censeur may oppose a decision of the General Council, in which case the Governor must have the matter reconsidered at a later time. Overall, the legal framework makes clear that the general lines of monetary policy are drawn up in the Treasury Division, in consultation with the Bank of France. In practice, this process involves frequent contact at all levels between the Bank and the Treasury. Such cooperation is designed to ensure, for example, that the Bank's monetary targets remain consistent with the Government's flow of funds projections. With these general guidelines set, the Bank takes the initiative for policy implementation. To assist in these respects, the Banking Law of 1984 created a consultative body, the National Credit Council. The Council, which meets at least twice a year, is composed of the Minister of Economics and Finance (who serves as Chairman); the Governor of the Bank of France (serving as Vice-Chairman); Members of Parliament; and representatives of the French administration, regional and local Governments, trade unions, and various economic and financial interests. AppointmentsThe Governor and the two Deputy Governors are appointed by an Executive Order of the President of the Republic. The duration of their term in office is indefinite, and they may be dismissed by the President at any time. In the past decade, the Government has implicitly limited the Governor's mandate to five years, although this point has not in fact been tested. The position of Governor of the Banque is undoubtedly the most prestigious in the country, certainly on a level with the status of the Governor of Banca d'ltalia. Ex. I. Read the text. Ex. II. Find English equivalents for the following (see text). давать право, участвовать, денежная политика, принятие решений, доверять (кому-либо), полагать, соблюдать законы, соглашения и договора, от имени (кого-либо), назначать, увольнять, за исключением, дополнительные полномочия, делегировать (передавать кому-либо), способности, на (определенный) срок, руководство. Ex. III. Answer these questions. 1. When was the Bank of France established? 2. When did the Bank come under official control? 3. Who contributes to the formulation & participates in the implementation of the monetary policy decided by the Government? 4. In what way is the power within the Bank of France vested? 5. What are the main duties of the Governor? 6. Who are the ten councillors & how are they appointed? 7. How often does the General Council meet? 8. Are the regulations governing the recruitment, promotion & conduct of Bank staff adopted by the General Council? 9. Who is charged with supervising the Bank's management on behalf of the State? 10. Where are the general lines of monetary policy drawn up? 11. What is designed to ensure that the Bank's monetary targets remain consistent with the Government's flow of funds projections? 12. What did the Banking law of 1984 create? 13. Who may be dismissed by the President at any time? 14. Has the Government limited the Governor's mandate to five or seven years. 15. What is the position of Governor of the Banque in the country? Ex. IV. Complete these sentences. 1. According to Article 4, "The Bank of France is entitled .... 2. The Governor alone can sign conventions & treaties ... 3. All ten councillors are appointed for terms of six years; one-third ... 4. In practice, the General Council exercises little independent authority... 5. The censeur, usually a senior member of the Treasury (& generally the Director), is charged with ... 6. In practice, this process involves frequent contact at all levels ... 7. The Council, which meets at least twice a year, is composed of... 8. The duration of their term in office is indefinite, & they may be dismissed by ... Ex. V. Retell the text. UNIT IIGrammar exercisePut the verbs in brackets into the correct form (use the Past Indefinite or the Present Indefinite tense). 1. During the cold war the 1.300-kilometre border between Finland & the Soviet Union (to be) one of the calmest. 2. Individual parts of consumer goods (to originate) in countries outside the final assembly location. 3. In the West Midlands output (to fall) by 4% last year. 4. In 1991 Asian countries (to consume) 23% of the world's energy. 5. Only minimal financial reporting rules (to exist) in Switzerland. 6. Japan (to buy) 76% of its oil from the Middle East in the 1-st quarter of this year. 7. People with high incomes (to buy) plenty of household & personal goods. 8. About 40.000 people a year (to leave) Ireland in the 1980s. 9. Central banks now (to rule) the foreign-exchange market. 10. The 15-year civil war in Lebanon (to kill) or (to displace) many thousands of people. 11. Prices (to differ) from town to town & (to create) an incentive for private trade. 12. Barter (to have) no role in an efficient market economy. Active words & word combinationsannual credit ceilings — ежегодный максимальный объем кредитов to make an announcement — делать заявление discount rate — учетная ставка to make use — использовать, воспользоваться to repurchase agreements — заключать соглашения о покупке ценных бумаг с их последующим выкупом по фиксированной цене market instruments — рыночные инструменты to become known — становиться известным/понятным intervention in the market — интервенции на рынке, вторжение на рынок с чем-либо advances or loans to the state — ссуды или займы государству with the authorisation — с разрешения the current agreement — текущее, настоящее соглашение to set a ceiling — установить верхний предел bank loans — банковские займы, банковская ссуда real value — реальная стоимость revaluation of the foreign exchange — переоценка обеспечения под конверсионные операции to be reduced by — быть сокращенным на interest-free — беспроцентный to place responsibility — возлагать ответственность expenditure — затраты, расходы distribution of profits — распределение прибыли general supervision — общий надзор audit commission — аудиторская комиссия Working on the textANNOUNCEMENT of POLICY DECISIONS The annual monetary targets are formally announced by the Governor to the National Credit Council. (The National Credit Council used to announce the annual credit ceilings, which were previously used to implement policy). Mid-year changes in policy objectives are generally announced in the same way. The National Credit Council is required to make an Annual Report to the Minister of Economics and Finance (which is, in practice, written by the staff of the Bank of France). Although it does not publish its minutes, the National Credit Council generally does make a brief announcement at the end of its meetings. Changes in the discount rate are announced after they are formally approved by the General Council. But over the past two decades, the discount rate has become a minor tool of monetary policy. The Bank currently makes use of regular auctions, repurchase agreements and other market instruments to effect a change in the level of interest rates. As a result, a change in the Bank's view concerning the appropriate level of interest rates is more likely to become known indirectly through its intervention in the market, rather than through a formal announcement. The Governor of the Bank of France is also required to present an Annual Report to the President of the Republic. Central bank financingLimitations on central bank financing of the Government are not specified in law. The Law of 3 January 1973 states only that central bank advances or loans to the state are set by agreement between the Minister of Economics and Finance and the Governor, with the authorisation of the General Council and the approval of Parliament. The current agreement governing the Bank's financial relations with the Government was signed in September 1973 and has not been modified since then. The agreement set a ceiling of 20,500 million francs (interest-free) on central bank loans to the Government. (Since this amount was specified in nominal terms, its real value and relation to GNP have declined with time). In order to neutralise the effect of the periodic revaluations of the foreign exchange reserves held by the Foreign Exchange Stabilisation Fund, the agreement also stipulated that the maximum amount of the Bank's assistance to the Government may be increased by any loss, or reduced by any profit, made by the Fund. Currently, central bank loans to the Government are interest-free. Budgetary proceduresThe Law of 3 January 1973 places responsibility for the Bank's budget with the General Council. The General Council draws up the Bank's estimated expenditures, makes up the annual accounts, and proposes the distribution of profits and the dividend to be paid to the State. The participation of the censeur (appointed by the Minister of Economics and Finance) in the General Council enables the Government to follow the budgetary process closely. Auditing arrangementsIn addition to the general supervision of the activities of the Bank of France by the Government's censeur, the central bank is subject to supervision by the Audit Commission (Cour des Comptes), responsible for the supervision of all public agencies and undertakings. The Governor also submits an Annual Report on the Bank's operations to the President of the Republic. LESSON 2. Unit I Active words & word combinationsto replace with — заменять Land Central Banks — земельные центральные банки an interim central bank — временный центральный банк to pend the foundation — закладывать основу to enjoy independence — обладать независимостью money in circulation — денежная масса в обороте/обращении to safeguard the currency — защищать, охранять валюту to make decisions — принимать решения the votes cast — поданные голоса the executive organ — исполнительный орган to administer the decisions — контролировать выполнение решений foreign exchange transactions — операции с иностранной валютой open market operations — операции на открытом/свободном рынке to be explicit about — четко оговаривать to undermine — подрывать to be independent of instructions — не зависеть от чьих-либо указаний, инструкций on request — по просьбе/на запрос to have no right to do smth. — не иметь право что-либо сделать to put motions — зд. ставить вопрос/выдвигать предложение to make a nomination — выдвигать кандидатуру/делать назначение holders of offices — руководители структур/подразделений to prevent an appointment — препятствовать назначению in accordance with the contract — в соответствии с контрактом Working on the textTHE DEUTSCHE BUNDESBANK The first German central bank, the Reichsbank, was established in 1876. After the Second World War, the Allied Occupation authorities replaced the Reichsbank with several Land Central Banks in the occupied western zones. In 1948, they created the Bank Deutscher Lander, which was to serve as an interim central bank, pending the foundation of a new German state. The Basic Law of the Federal Republic passed in 1949 required the Federal Government to replace the central banking legislation imposed during the Occupation and establish a new central bank. Eight years later, on 26 July, 1957, the Deutsche Bundesbank was established. Like its predecessor, The Bundesbank enjoys significant independence from the Federal Government. According to Article 3 of the Bundesbank Act, its principal responsibility is "to regulate the quantity of money in circulation and of credit supplied to the economy with the aim of safeguarding the currency". This provision lies at the heart of the friction which has arisen in Europe, given that other European Community central banks have different responsibilities. Structure and decision-makingThe Governing Board of the Deutsche Bundesbank is the Central Bank Council, which is composed of the President and Vice-President of the Bundesbank, the other members of the Directorate and the Land Central Bank Presidents. The Central Bank Council determines the money and credit policy of the Bank. It generally meets every two weeks and makes its decisions by a simple majority of the votes cast. The Directorate is composed of the President and Vice-President of the Bundesbank and up to eight other members. It is the executive organ of the Bundesbank and is responsible for administering the decisions of the Central Bank Council. In addition, the Directorate is responsible for all transactions with the Federal Government, transactions with banks operating throughout the Federal Republic, foreign exchange transactions, and open market operations. The Bundesbank operates a main office, known as a Land Central Bank, in every Land, including Berlin. The Land Central Banks are responsible for both transactions with the public authorities in the Land and transactions with banks in their area. Each Land Central Bank is headed by a Managing Board, which consists of a President, a Vice-President, and in the larger Lander, of a third member. The Bundesbank Act is explicit about the relations between the Bundesbank and the Federal Government. Thus Article 12 calls upon the Bank to support the general economic policy of the Federal Government, "but only insofar as* this support does not undermine its assigned task of preserving monetary stability". It further states that the Bundesbank "shall be independent of instructions from the Federal Government". The Bundesbank Act commits both the Federal Government and the Bundesbank to cooperation and mutual consultation. Article 13 states that the Bundesbank shall "advise the Federal Government in monetary policy matters of major importance and provide it with information on request". The Federal Government should invite the Bundesbank President and Vice-President to all Cabinet meetings at which issues affecting monetary policy (such as the financing of the Federal budget) are discussed. Similarly, Government Ministers or their representatives are entitled to attend all meeting of the Central Bank Council. They may propose motions to the Council, but they have no right to vote. They can, however, delay any Central Bank Council decision by two weeks. In practice, the Government has never formally exercised its power to delay a Central Bank Council decision. On occasion, members of earlier Governments have put motions to the Central Bank Council (only to be voted down). AppointmentsMembers of the Bundesbank Directorate, including the President and the Vice-President, are nominated by the Federal Government and appointed by the President of the Federal Republic for a period of eight years, or in exceptional circumstances for shorter periods of at least two years. Directorate members can and generally are reappointed until they reach the retirement age of 68. The Land Central Bank Presidents who serve on the Central Bank Council are nominated by the Bundesrat, the upper house of parliament which represents the Lander. In making a nomination, the Bundesrat is required to follow the recommendation of the political authority in the Land concerned. Like the members of the Directorate, Land Central Bank Presidents are appointed by the President of the Federal Republic for eight-year (renewable) terms. (Vice-Presidents of the Land Central Banks are nominated by the Central Bank Council and appointed by the President of the Bundesbank). Before any Directorate member or Land Central Bank President can be appointed by the President of the Federal Republic, the Central Bank Council is required to comment on the nomination. The Central Bank Council pays particular attention to the requirement of the Bundesbank Act, which stipulates that holders of both offices must have "special professional qualifications". The Council's role is purely advisory, however. In practice, a negative comment from the Council has not prevented an appointment. The Bundesbank Act thus provides for the appointment of all but one of the members of the Directorate and the Land Central Bank Presidents. In this way, it ensures that the general Government is not able to nominate directly a majority of the Central Bank Council, thereby subverting the intentions of the Act in preventing the Government from usurping the prerogatives of the central bank in general, and reaching monetary decisions of an inflationary nature in particular. The autonomy of the Members of the Council is also enhanced by the fact that they cannot be dismissed in accordance with their contract before the end of their terms, other than for reasons of personal misconduct (the details of which are not defined). Ex. I. Read the text Ex. II. Find English equivalents for the following (see text). заменить (что-то на что-то), служить (в качестве), заменить, предшественник, федеральное правительство, в обращении (о деньгах), лежать в основе, обязательства, определять денежную и кредитную политику, простое большинство, (про)ведение (дела), возглавлять, сохранять стабильность, взаимные консультации, первостепенная важность, откладывать решение. Ex. III. Answer these questions1. When was the first German central bank established? 2. What did the Allied Occupation authorities do after the Second World War? 3. What did the Basic Law of the Federal Republic passed in 1949 require? 4. When was the Deutsche Bundesbank established? 5. Which provision lies at the heart of the friction which has arisen in Europe? 6. What is the Governing Board of the Deutsche Bundesbank? 7. Does the Central Bank Council determine the money & credit policy of the Bank? 8. What is Directorate responsible for? 9. Where does the Bundesbank operate a main office? 10. What does Article 12 call upon? 11. Who shall advise the Federal Government in monetary policy matters of major importance & provide it with information on request? 12. Who is entitled to attend all meetings of the Central Bank Council? 13. Can any Central Bank Council decision be delayed? 14. Has the Government ever exercised its power to delay a Central Bank Council decision?
Ex. IV. Complete these sentences. 1. In 1948 they created the Bank Deutscher Lander, which was to serve ... 2. Like its predecessor, the Bundesbank enjoys significant independence ... 3. The Central Bank Council determines ... 4. In addition, the Directorate is responsible for all transactions with ... 5. The Land Central Banks are responsible for both transactions with the public authorities ... 6. The Bundesbank Act is explicit about... 7. The Bundesbank Act commits both the Federal Government... 8. They may propose motions to the Council ... Ex. V. Retell the text. UNIT II Active words & word combinationsto publish announcements — публиковать заявления lombard rates — процентная ставка по кредитам под залог monetary growth — рост денежной массы written press release — письменное официальное сообщение для печати, написанный пресс-релиз to provide information — обеспечивать информацией decisions & activities — решения и действия to authorize — уполномочивать, разрешать to grant short-term cash advances — представлять краткосрочные денежные кредиты special funds — специальные фонды to range from ... to ... — колебаться в пределах от...до per inhabitant — на каждого жителя a right to borrow — право на привлечение кредитов an upward limit — верхняя граница to lend — размещать кредитные ресурсы, давать взаймы to issue directly — непосредственно выпускать to purchase bonds — покупать ценные бумаги (выпущенные правительством) the secondary market — вторичный рынок government supervision — правительственный надзор (контроль) in agreement with — согласно договору to serve as the basis — служить основой deductions for reserves — резервные отчисления Working on the textANNOUNCEMENTS OF POLICY DECISIONS Article 33 of the Bundesbank Act provides that the Bundesbank shall publish announcements intended for the general public — particularly the calling in of banknotes, the setting of interest rates, discount rates, and minimum reserve requirements — in the Federal Gazette. Such decisions, including changes in the level of the discount and Lombard rates, or in the annual target for monetary growth, are announced after the meeting of the Central Bank Council in which they are decided. Announcements are often made by the Bundesbank President at a press conference following the meeting. Announcements are also made in the form of written press releases. In addition, the Bank maintains an automatic telephone answering machine to provide information on its decisions. However, unlike the Open Market Committee of the Federal Reserve, the Central Bank Council never publishes the minutes of its meetings. The Bank's publications, including its Monthly and Annual Reports, provide broader analyses of monetary policy conditions and explanations of the Bank's decisions and activities. Central Bank financingArticle 20 of the Bundesbank Act authorises the Bundesbank to grant short-term cash advances to the Federal Government, to its Special Funds (the Federal Railways, Federal Post Office, Equalisation of Burdens Funds, and the ERP Special Fund), and to Lander Governments. The amounts of such credit are, however, strictly limited. The credit ceiling for the Federal Government has been DM 6 billion. The ceilings applied to the various Special Funds range from DM 50 million to DM 600 million. And the ceiling for Lander Governments is DM 40 per inhabitant in the large Lander, and DM 80 per inhabitant in the Land of Berlin and the Free and Hanseatic Cities of Bremen and Hamburg. It should be noted that these ceilings do not imply a right to borrow; rather, they represent an upward limit on what the Bank may choose to lend (pre-unification data). The Bundesbank Act prohibits the Bundesbank from purchasing bonds issued directly by these same public authorities. However, the Bundesbank may purchase bonds on the secondary market, but only for the purpose of regulating the money market, specifically for influencing the levels of bank liquidity and interest rates. Budgetary proceduresThe Bundesbank is not required, and does not, publish a budget. The Bank decides upon its own expenditures without any Government supervision, but is controlled in respect of its expenditure by the Federal Court of Audit (Bundesrechnungshof). Auditing proceduresThe Directorate is responsible for drawing up the annual accounts of the Bank. The accounts are then audited by one or more auditors appointed by the Central Bank Council in agreement with the Federal Court of Audit. After the Central Bank Council has approved the Bundesbank's accounts, they are published by the Directorate. The report of these auditors serves as the basis for an audit carried out by the Federal Court of Audit. The report, along with the comments of the Federal Court of Audit, must be communicated to the Federal Ministry of Finance. The Minister of Finance thus receives, but does not control or approve, the Bank's accounts. Such profits of the Bank which are in excess of the authorised deductions for reserves, are transferred to the Federal Government! LESSON 3 Unit I Active words & word combinationsnationalisation — национализация transfer of ownership —передача собственности the bank's stock — капитал банка bouts of inflation — периодические изменения уровня инфляции currency degradation — девальвация валюты court of directors — совет директоров to employ full-time — работать полный рабочий день commercial banking — коммерческая банковская деятельность a trade unionist — деятель профсоюзного движения non-executive directors — неруководящие директора subordination to the government — подчинение правительству policy coordination — координация политики contacts at all levels — контакты на всех уровнях collation of (monthly) data — сопоставление ежемесячных данных Monetary Committee — кредитно-денежный комитет monetary conditions & trends — состояние и перспективы валютного рынка interest rate policy — политика регулирования процентных ставок the Director for Home Finance — начальник департамента финансов страны chancellor of the Exchequer — министр финансов to retire in rotation — увольняться по очереди Working on the text THE BANK OF ENGLAND The Bank of England Act of 1946 consisted primarily of the provisions necessary to bring about the nationalisation of the central bank, which is of course more than 300 years old. It provided for the transfer of ownership of the Bank's stock, authorised the Government to appoint the Bank's senior officials, and empowered the Treasury to issue directives to the Bank, but made no reference to monetary policy or to the Bank's role in formulating and implementing it. This fundamental weakness helps to explain why post-war Britain has suffered severe bouts of inflation and currency degradation. Structure and decision-makingThe Bank of England is formally governed by its Court of Directors which consists of the Governor, Deputy Governor, and 16 Directors, no more than four of whom can be employed full-time by the Bank. The 12 (non-executive) Directors are drawn from commercial banking, industry and academia; since 1946, one has usually been a trade unionist. The Court meets weekly, but has not been active in important policy decisions, in part because of worries about outside non-executive Directors obtaining inside information on future policy changes. Its principal role has therefore been to serve as a sounding board for the Governor. In practice, the Bank is managed by the Governor, with the assistance of the Deputy Governor, and the four Executive Directors. The Bank's subordination to the Government is firmly grounded in the Bank of England Act, which stipulates that the Chancellor may issue directions to the Bank of England after consultation with the Governor. This power was not designed to permit day-to-day interference by the Treasury in the ordinary work of the Bank, but rather to ensure that, in the event of disagreement, the Government would have the last word. In fact, although disagreements have arisen between the Treasury and the Bank, the process of policy coordination has ensured that no Chancellor has ever issued a directive to the Bank. There is considerable contact at all levels between the Bank of England and the Treasury. The Chancellor and Governor, for example, meet at least once a week. The precise details of the arrangements for meeting at more junior levels change over time, but at least for some years there has been a formal process of coordination that coincides with the collation of monthly data. Each month, the Monetary Committee within the Bank of England meets under the direction of one of the Executive Directors to form preliminary judgments on monetary conditions and trends. These judgments form the basis of discussions held in a smaller meeting with the Governor and senior officers. The process culminates in a report, which reviews both domestic and international monetary conditions and sets out the Bank's views on the appropriate interest rate policy for the forthcoming weeks. A similar report is also prepared within the Treasury. The two reports are then discussed at a meeting of senior Bank and Treasury officials, held at the Treasury and chaired by the permanent secretary to the Treasury. The senior Bank official in attendance is the Director for Home Finance. Subsequent to these meetings, the Governor of the Bank of England regularly lays out the Bank's views in writing to the Chancellor of the Exchequer, who is then responsible for making ultimate policy decisions. AppointmentsThe Governor, Deputy Governor and Directors of the Bank of England are all appointed by the Crown, which in practice means the Prime Minister acting on the advice of the Chancellor of the Exchequer after consultation with the Governor (or where the appointment of the Governor is concerned, usually with senior Bank officials, present and past). All are appointed for renewable terms; five years in the case of the Governor and Deputy Governor, four years for the Directors. (Four of the sixteen Directors retire in rotation each February). However, the Bank of England Act does not provide the Government with the power to dismiss senior Bank officials. Since the officers are formally appointed by the Grown, they can only be dismissed by the Crown. Presumably a government could request the Crown to dismiss the Governor, but such an eventuality has never occurred. Ex. I. Read the text. Ex. II. Find English equivalents for the following (see text). постановления, осуществлять, принимать меры, ссылаться на, страдать от чего-либо, привлекать (из), частично, получать информацию, при содействии, нормальная работа, гарантировать, раз в неделю, совпадать с чем-либо, под руководством, составлять основу, председательствовать, присутствующий, излагать в письменном виде, отвечать за что-либо, увольнять, предположительно. Ex. III. Answer these questions. 1. What did the Bank of England Act of 1946 primarily consist of? 2. Why did the post-war Britain suffer from inflation & currency degradation? 3. Who formally governs the Bank of England? 4.What is the principal role of the Court? 5. Where is the Bank's subordination firmly grounded in? 6. When may the Chancellor issue directions to the Bank? 7. Has the Chancellor ever issued a directive to the Bank? 8. Are there any contacts between the Bank of England & the Treasury? 9. How often do the Chancellor & the Governor meet? 10. What kinds of reports are prepared within the Bank & the Treasury? 11. Who is the senior Bank official in attendance? 12. What does the Governor regularly lay out in writing to the Chancellor of the Exchequer? 13. Who is appointed by the Crown? 14. Whose advice does the Prime Minister act on where the appointment of the Governor is concerned? 15. Does the Bank provide the government with the power to dismiss senior Bank officials? 16. Could a government request the Crown to dismiss the Governor? Ex. IV. Complete these sentences I.It provided for the transfer of ownership of the Bank's stock... 2. The 12(non-executive) Directors are drawn from commercial banking ... 3. This power was not designed to permit day-to-day interference by the Treasury ... 4. The precise details of the arrangements for meeting at more junior levels ... 5. These judgments form the basis of discussions held in ... 6. Subsequent to these meetings, the Governor of the Bank of England regularly ... 7. All are appointed for renewable terms; five years in the case of... 8. Since the officers are formally appointed by the Crown, they can ... UNIT II Grammar exercise Put the verbs in brackets into the correct form (use the Past Perfect tense). 1. By the end of July the privatisation agency (to raise) $212m, over 60% of its annual target. 2. Post & Telecommunications Minister said last year that the government (to exhaust) all the investment mechanisms. 3. By 1994 output (to fall) to 20% of 1989 levels & inflation lopped 3,600%. 4. The employment cost index increased only 0,6%, less than many (to expect). 5. The government said again Wednesday that tax collection (to improve) in October. 6. In 1985 Taiwan's labour costs were one-tenth of America's; by last year the ratio (to rise) to one-third. Active words & word combinationsannual budget — бюджет (смета) на год monetary aggregate — денежная масса nominal income — номинальный доход economic & financial indicators — экономические и финансовые показатели the supply of money — сумма денег в обращении, денежная масса to evaluate monetary conditions — давать оценку кредитно-денежного состояния (условий) expenditure plans — планируемые расходы (затраты) to devalue — девальвировать (проводить девальвацию) to announce devaluation — объявлять о девальвации to extend loans — предоставлять займы direct loans — прямые займы direct financing — прямое финансирование limits on purchases — ограничения на покупки government paper — правительственная газета to overspend — слишком много тратить budgetary problems — бюджетные проблемы budgetary independence — бюджетная независимость publish accounts — публиковать (финансовые) отчеты chartered accountant — привилегированный бухгалтер Working on the textANNOUNCEMENT OF POLICY DECISIONS The Bank of England is accountable to the Chancellor of the Exchaequer, who in turn is responsible for monetary policy before Parliament. The Chancellor may thus both announce and answer question on monetary policy. Since 1980, the Government has set out its views on monetary policy in a so-called Medium-Term Financial Strategy (MTFS) at the time of its annual spring budget. The MTFS has undergone considerable evolution in the past decade. Originally, it specified a target for the annual growth of a broad monetary aggregate for the forthcoming four year period. However, the authorities soon concluded that the aggregate was not linked closely enough to their ultimate objective (nominal income) and, equally important, that they could not exercise sufficient control over the supply of money. For this reason, the MTFS currently specifies a wide range of economic and financial indicators for use in evaluating monetary conditions and guiding monetary policy. Amendments to policy may also be announced at any time by the Chancellor, but typically they emerge at an occasion like the Mansion House speech or the Autumn Statement setting out the Government's expenditure plans. The present Government has departed disastrously from this tradition — the Prime Minister pledging never to devalue sterling at an occasion in Scotland only a week or so before the pound was devalued; and the Chancellor announcing the devaluation outside the Treasury building. For its part, the Bank of England also evaluates current monetary policy conditions and requirements in both its Quartely Bulletin and its Annual Report. The Annual Report is laid before Parliament, but has never been subject to debate; and it is highly improbable that MPs ever bother to read it. After all, only a handful took the trouble to read the Maastricht Treary. The Governor and other officers are, however, regularly examined on the policies and administration of the Bank of England by Parliamentary Select Committees. Central Bank financingThe Bank of England may extend direct short term loans to the Treasury to cover its current budget spending requirements. It does not participate significantly in the direct financing of the Treasury, but there exist no specific limits on Bank purchases of Government paper in the market. Manifestly, therefore, it is open to any government to overspend recklessly and without constraint for electoral purposes, like the present Major Administration. It is certainly ironic that the Major Government's difficulties reflect, to a considerable extent, its willingness to overspend in order to achieve electoral victory. For, behind the scenes, the intractable budgetary problems arising from that permissiveness undoubtedly contributed to the collapse of the Government's policies on 16th September 1992. The Prime Minister's public stance of inflexible opposition to devaluation, which he portrayed as a betrayal of the country, masked his irresponsibly permissive fiscal stance. Budgetary proceduresThe Bank of England Act implicitly grants the central bank budgetary independence. Until the 1970s, the Bank was not even required to publish accounts. The recommendations of a Select Parliamentary Committee led the Bank to publish its accounts with its Annual Report (beginning in 1971). Auditing arrangementsThe accounts of the Bank of England are audited annually by a leading firm of chartered accountants. MONETARY DECISION-MAKING IN THE UNITED KINGDOM BANK OF ENGLANDChancellor of the Governor Exchequer Deputy Governor 4 Executive Directors 12 Outside Directors Makes ultimate monetary Court of Directors: Governor: policy decisions; May issue policy directive Formal governing body, Manages Bank; to the Bank of England but in ptactice, acts as adviser Implements monetary to the Governor policy Ex. I. Read the text. Ex. II. Find English equivalents for the following (see text). подвергаться чему-либо, указывать на что-либо, предстоящий, прийти к выводу, связывать, осуществлять контроль, возникать, отклоняться от чего-либо, со своей (его, ее) стороны, подвергать чему-либо, взять на себя труд, покрывать, расходовать слишком много, в значительной степени, готовность, способствовать чему-либо, скрывать, даровать, требовать, ведущий (-ая). Ex. III. Answer these questions. 1. Who is the Bank of England accountable to? 2. Where has the Government set out its views on monetary policy? 3. What does the MFTS currently specify? 4. When do amendments to policy typically emerge? 5. Where does the Bank of England evaluate current monetary policy conditions? 6. Do MPs bother to read the Annual Report? 7. Who is regularly examined on the policies & administration of the Bank of England? 8. What may the Bank of England extend to the Treasury? 9. Are there specific limits on Bank purchases of Government paper in the market? 10. What can any government do for election purposes? 11. When did the Government's policies collapse? 12. Why did the Government's policies collapse? 13. What did the Prime Minister portray as a betrayal of the country? 14. What grants the central bank budgetary independence? 15. Does the Bank publish its accounts? 16. Who audits the accounts of the Bank of England? Ex. IV. Complete these sentences. 1. Originally, it specified a target for the annual growth of a broad ... 2. The present Government has departed disastrously from this tradition ... 3. After all, only a handful took the trouble to read ... 4.It does not participate significantly in the direct financing ... 5. For, behind the scenes, the intractable budgetary problems ... 6. The recommendations of a Select Parliamentary Committee led ... 7. The accounts of the Bank of England are audited annually ...I
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