金融英語課件6

1、Chapter 6Commercial Banks in the USAThe teaching purpose of this chapterBy the end of the chapter, students should be able to know about the functions of commercial banks in the USA.The bank funding in the USA.Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall2Bank ServicesCommercial

2、 banks provide numerous services in the U.S. financial system. The services can be broadly classified as follows: (1) individual banking, (2) institutional banking, and (3) global banking. Of course, different banks are more active in certain of these activities than others. For example, money cente

3、r banks are more active in global banking.Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall3Individual banking encompasses consumer lending, residential mortgage lending, consumer installment loans, credit card financing, automobile and boat financing, brokerage services, students l

4、oans, and individual-oriented financial investment services such as personal trust and investment services. Eg: Interest and fee income are generated from mortgage lending and credit card financing. Fee income is generated from brokerage services and financial investment services.Copyright 2010 Pear

5、son Education, Inc. Publishing as Prentice Hall4Loans to nonfinancial corporations, financial corporations (such as life insurance companies), and government entities (state and local governments in the U.S. and foreign governments) fall into the category of institutional banking. Also included in t

6、his category are commercial real estate financing, leasing activities, and factoring.Fall into: to belong to or be part of a particular group, or type of things, 屬于Entity: 實體實體; eg: economic entity: 經(jīng)濟實體；political entity: 政治實體如：一個州或一個國家；Government entity: 政府實體即政治機構(gòu)。Copyright 2010 Pearson Education,

7、Inc. Publishing as Prentice Hall5Lease: 租賃租賃Collocations: take out a lease (=start having a lease)：開始：開始一個租賃活動或業(yè)務(wù)一個租賃活動或業(yè)務(wù); renew a lease (=start having a lease again after it has finished)：續(xù)租：續(xù)租; a lease expires/runs out (=a lease stops)：租賃到期：租賃到期 a long lease：長期租賃：長期租賃; a short lease：短期租賃：短期租賃fact

8、oring: 保付代理保付代理保付代理業(yè)務(wù)是在以賒銷(Open Account)為支付方式的貿(mào)易中,由保理商(Factor) 通常是銀行或金融機構(gòu)）向出口商提供的一種集融資,結(jié)算,財務(wù)管理,信用擔(dān)保為一體的綜合性貿(mào)易支付方式,簡稱保理業(yè)務(wù). 分國內(nèi)保理和國際保理兩種.Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall6Loans and leasing generate interest income, and other services that banks offer institutional custo

9、mers generate fee income. These services include management of the assets of private and public pension funds, fiduciary and custodial services, and cash management services such as account maintenance, check clearing, and electronic transfers. Clearing：清算 Custodial: 保管的；Custodian：保管人Copyright 2010

10、Pearson Education, Inc. Publishing as Prentice Hall7Fiduciary來源于羅馬法，既是名詞，又是形容詞既是名詞，又是形容詞，指一個人具有受托人受托人品格中所要求的關(guān)于信任、謹慎善意、坦誠的品格。在布萊克法律辭典1979年第五版（英文）第 563頁中，這樣的一個人在有關(guān)其承諾的事務(wù)中負有因其承諾而生的、首先為受托人受托人利益而行事的職責(zé)。n：被信任的人或受信人，或代理 adj ：誠信的，fiduciary duty: 誠信責(zé)任,誠信eg: Investment banks are fiduciaries to clients, public

11、investors and even the whole society. In breach of such fiduciary duties, the investment banks shall undertake contractual, tort and fiduciary liabilities. 投資銀行對客戶、投資者乃至整個社會承擔(dān)一種特殊的誠信義務(wù)誠信義務(wù)，違反這種誠信義務(wù)，投資銀行要承擔(dān)契約、侵權(quán)和誠信法律責(zé)任。Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall8It is in the ar

12、ea of global banking that banks have begun to compete with another financial institution-investment banking firms. Global banking covers a broad range of activities involving corporate financing and capital market and foreign exchange products and services. Most global banking activities generate fe

13、e income rather than interest income.capital market：資本市場Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall9Corporate financing involves two components. First is the procuring of funds for a banks customers. This can go beyond traditional bank loans to involve the underwriting of secu

14、rities, though the Glass-Steagall Act limits bank activities in this area. In assisting its customers in obtaining funds, banks also provide bankers acceptances, letters of credit, and other types of guarantees for their customers. That is, if a customer has borrowed funds backed by a letter of cred

15、it or other guarantee, its lenders can look to the customers bank to fulfill the obligation. Procure: obtain 獲得，獲取 underwriting of securities：證券承銷 bankers acceptances：銀行承兌匯票； letters of credit：信用證Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall10The second area of corporate financi

16、ng involves advice on such matters as strategies for obtaining funds, corporate restructuring, divestitures, and acquisitions.Divestiture: 撤資； Invest: v.投資投資 Divest v. 撤資撤資 corporate restructuring：公司重組 acquisition：n. 收購兼并Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall11Capital mar

17、ket and foreign exchange products and services involve transactions where the bank may act as a dealer or broker in a service. Some banks, for example, are dealers in U.S. government or other securities. Customers who wish to transact in these securities can do so through the government desk of the

18、bank. Similarly, some banks maintain a foreign-exchange operation, where foreign currency is bought and sold. Bank customers in need of foreign exchange can use the services of the ernment desk：國債柜臺：國債柜臺 Dealer: 交易商；Broker: 經(jīng)紀商Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hal

19、l12In their role as dealers, banks can generate income in three ways: (1) the bid-ask spread, (2) capital gains on the securities or foreign currency used in transactions, and (3) in the case of securities, the spread between interest income earned by holding the security and the cost of funding the

20、 purchase of that security. bid-ask spread: 買賣差價; Spread: 差額，差價 Capital gain: 資本收益Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall13The financial products that banks have developed to manage risk also yield income. These products include interest rate swaps, interest rate agreement

21、s, currency swaps, forward contracts, and interest rate options. Banks can generate either commission income (that is, brokerage fees) or spread income from selling such products.Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall14Swap: exchange swap sth for sth: He swapped his watch

22、 for a box of cigars. swap something with somebody : The girls chatted and swapped clothes with each other. interest rate swaps（利率互換）（利率互換）:A deal between banks or companies where borrowers switch floating-rate loans for fixed rate loans in another country. These can be either the same or different

23、currencies.多家銀行或公司之間的交易，借貸人將浮息貸款轉(zhuǎn)換為另一個國家的定息貸款，兩項貸款可以是同一貨幣或不同的貨幣。In an interest rate swap, the principal amount is never exchanged, 利率互換中，本金量不會發(fā)生變化。Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall15currency swap（貨幣互換）: A swap that involves the exchange of principal and interest in o

24、ne currency for the same in another currency. 將一種貨幣的本金及利息交換成為另一種貨幣本金或利息的互換。forward contract（遠期合約）: A cash market transaction in which delivery of the commodity is deferred until after the contract has been made. Although the delivery is made in the future, the price is determined at the initial trad

25、e date. 一種現(xiàn)金市場交易，將交付商品的日期延遲到簽訂合約后。雖然商品在未來交付，但價格在最初交易日決定。Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall16Interest rate option（利率期權(quán)）（利率期權(quán)）: Interest rate options allow your company to actively manage its interest rate exposure by providing a form of “insurance” against adverse mark

26、et moves while still allowing you to benefit from favorable market moves. Like all insurance, a premium is typically paid for that protection. That premium can be minimized or eliminated by selling an option that limits some of your upside market potential.利率期權(quán)可以讓您的公司積極管理利率風(fēng)險，它在市場出現(xiàn)不利走勢時為您提供保險，在市場出現(xiàn)

27、有利走勢時讓您受益。正如所有保險一樣，保障要付出費用，這費用可以通過出售（在升市時限制獲利潛力的）期權(quán)而得以減少或免除。The three basic structures are the Interest Rate Cap, Interest Rate Floor, and the Interest Rate Collar。利率期權(quán)的三個基本結(jié)構(gòu)是：利率上限，利率下限，利率上下限。Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall17Bank FundingThere are three sources of

28、funds for banks: (1) deposits, (2) nondeposit borrowing, and (3) common stock and retained earnings. Banks are highly leveraged financial institutions, which means that most of their funds come from borrowing-the first two sources we refer to. Included in nondeposit borrowing are borrowing from the

29、Federal Reserve through the discount window facility, borrowing reserves in the federal funds market, and borrowing by the issuance of instruments in the money and bond markets.discount window: 貼現(xiàn)窗口貼現(xiàn)窗口federal funds market: 聯(lián)邦基金市場聯(lián)邦基金市場Copyright 2010 Pearson Education, Inc. Publishing as Prentice Ha

30、ll18Deposits-There are several types of deposit accounts. Demand deposits (checking accounts) pay no interest and can be withdrawn upon demand. Savings deposits pay interest (typically below market interest rates), do not have a specific maturity, and usually can be withdrawn upon demand.Demand depo

31、sits: 活期存款活期存款Savings deposits: 儲蓄存款儲蓄存款Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall19Time deposits, also called certificates of deposit, have a fixed maturity date and pay either a fixed or floating interest rate. Some certificates of deposit can be sold in the open market pri

32、or to their maturity if the depositor needs funds. Other certificates of deposits cannot be sold. If a depositor elects to withdraw the funds from the bank prior to the maturity date, a withdrawal penalty is imposed. Time deposits: 定期存款定期存款 Certificates of Deposit(CDs): 定期存單定期存單 maturity date: 到期日到期

33、日Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall20Borrowing at the Fed discount window-The Federal Reserve Bank is the bankers bank-or, to put it another way, the bank of last resort. Banks temporarily short of funds can borrow from the Fed at its discount window. Collateral is ne

34、cessary to borrow, but not just any collateral will do. The Fed establishes (and periodically changes) the type of collateral that is eligible. Currently it includes: (1) Treasury securities, federal agency securities, and municipal securities, all with a maturity of less than six months, and (2) co

35、mmercial and industrial loans with 90 daysor less to maturity. Collateral: 抵押品 Treasury securities: 國庫券 municipal securities: 市政債券Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall21The interest rate that the Fed charges to borrow funds at the discount window is called the discount r

36、ate. The Fed changes this rate periodically in order to implement monetary policy. Bank borrowing at the Fed to meet required reserves is quite limited in amount, despite the fact that the discount rate generally is set below the cost of other sources of short-term funding available to a bank. This

37、is because the Fed views borrowing at the discount window as a privilege to be used to meet short-term liquidity needs, and not a device to increase earnings.discount rate: 貼現(xiàn)率貼現(xiàn)率Rediscount Rate: 再貼現(xiàn)率再貼現(xiàn)率Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall22Continual borrowing for long

38、 periods and in large amounts is thereby viewed as a sign of a banks financial weakness or as exploitation of the interest differential for profit. If a bank appears to be going to the Fed frequently to borrow, relative to its previous borrowing pattern, the Fed will make an “informational” call to

39、ask for an explanation for the borrowing. If there is no subsequent improvement in the banks borrowing pattern, the Fed then makes an “administrative counseling” call in which it tells the bank that it must stop its borrowing practice.Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall23Other nondeposit borrowing-Most deposits have short maturities. Bank