金融英語-2-banking省公開課金獎(jiǎng)全國(guó)賽課一等獎(jiǎng)微課獲獎(jiǎng)

Part2Banking2.1Financialinstitutions2.2Personalbanking2.3Commercialandretailbanking2.4Investmentbanking2.5Centralbanking2.6Islamicbanking2.7Interestrate2.8Moneymarket2.9Moneysupplyandcontrol1/472.1FinancialinstitutionsInthe20thcentury,mostbanksarespecializedinthefollowingareas:Retailbanks(零售銀行)orcommercialbanks（商業(yè)銀行）;Investmentbanks（投資銀行）;Insurancecompanies（保險(xiǎn)企業(yè)）;Buildingsocieties（建房互助協(xié)會(huì)）=savingsandloansassociations（儲(chǔ)蓄貸款協(xié)會(huì)）.Makeloans,receivedepositsGivefinancialadvice;Raisecapital;OrganizemergersandtakeoverbidsSpecializedinmortgages2/47DeregulationIn1980sand90s,thefinancialindustrychangedradicallybecauseofthederegulation(縮小國(guó)家對(duì)經(jīng)濟(jì)干預(yù)范圍).Beforederegulation,commercialbanksinUS,BritainandJapanwasforbiddentodoinvestmentbankingbusiness.Today,manyinternationalconglomerates（大集團(tuán)）offeracompleterangeoffinancialservicestosatisfyallfinancialneeds.3/47Specializedbanks（專業(yè)銀行）Centralbanks（中央銀行）:issuecurrencyandcarryoutthegovernment’sfinancialpolicy.Privatebanks（私人銀行）:managetheassetsofrichpeopleorhighnetworthindividuals.Clearingbanks（清算銀行）:passchequesandotherpaymentsthroughthebankingsystem.Non-bankfinancialintermediaries（非銀行金融中介）:offerproductslikepersonalloans,creditcardsandinsurance,suchascarmanufacturers,departmentstores.4/47Exercises:whichtypesofbanksdothefollowingbelongto?1.ThefederalreservewasfoundedbyCongressin1931toprovidethenationwithasafer,moreflexible,andmorestablemonetaryandfinancialsystem.2.Weprovideafullrangeofproductsandservices,includingadvisingoncorporatestrategyandstructure,andraisingcapitalinequityanddebtmarkets.5/473.Howcanwehelpyou?wecan:Buildalong-term,one-to-onerelationshipwithyourbanker.Manageyourfamily’sdiversebusinessandpersonalassets.Buildaportfoliotailoredtoyourfamily’suniqueneeds.Plananactiveroleinmanagingyourassets.6/474.Nearlytwelvemillionchequesandcreditspassthroughthesystemeachworkingday.Chequevolumesreachedapeakin1990butusagehasfallensincethen,mainlyowingtoincreaseduseofplasticcardsanddirectdebitsbypersonalcustomers.7/475.whybankwithus?Becauseweoffer:Acomprehensiverangeofaccountsandservices.Over1600branches,manywithSaturdayopening.Freewithdrawalsfromover31000cashmachines.Onlineandtelephonebankingforround-the-clockaccesstoyouraccounts.8/472.2Personalbanking2.2.1currentaccounts經(jīng)常賬戶Currentaccounts=checkingaccounts,allowcustomerstotakeoutorwithdraw（取出）moneyfreelywithalowerrateofinterest.Savingsaccount=depositaccount（儲(chǔ)蓄賬戶）,paymoreinterestbuthaverestrictiononwhenyoucanwithdrawyourmoney.Banksusuallysendmonthlystatementslistingrecentsumsofmoneygoingout,calleddebits（借方）,andsumsofmoneycomingin,calledcredits（貸方）9/47Debitcard（借記卡）:makewithdrawalsanddoothertransactionsatATM(AutomaticTellerMachine,自動(dòng)提款機(jī))Creditcard（貸記卡，信用卡）

:beusedforbuyinggoodsandservicesandborrowingmoney.Insomecountries,peoplepaybillswithchequeorbanktransfer（銀行轉(zhuǎn)帳）.cheque=check,ATM=cashdispenser=cashmachine10/472.2.2BankingproductsandservicesCommercialbanksofferloans,overdraft（透支）forsmallsumsofmoney;banksalsooffermortgagestopeoplewhowanttobuyahouseorflat.Thesearelong-termloansonwhichthepropertyactsascollateral（抵押品）oraguaranteeforthebank.Iftheborrowercan’trepaythemortgage,thebankcanrepossess（收回）it.11/47Banksexchangeforeigncurrency（外幣）forpeoplegoingabroad,andselltraveler’scheques（旅行支票）.Banksalsoofferadviceaboutinvestmentsandprivatepensionplans（個(gè)人養(yǎng)老金計(jì)劃）-savingmoneyforwhenyouretirefromwork.12/472.2.3E-bankingInthe1990s,manycommercialbanksthoughtthefuturewouldbeintelephonebanking（電話銀行）andinternetbankingore-banking（網(wǎng)上銀行）.Asamatteroffact,mostoftheircustomerspreferredtogotobranches（分支機(jī)構(gòu)）---localofficesofthebank–especiallyonesthathadlongeropeninghours（營(yíng)業(yè)時(shí)間）,andwereconvenientlysituated.13/472.3Commercialandretailbanking2.3.1commercialandretailbanksWhenpeoplehaveextramoney,theymaychoosetodeposit（存放）itinabankaccount,atacommercialorretailbank,andthebankpaysinteresttothedepositors（存款者）.Thebankthenusesthemoneythathasbeendepositedtograntloans（發(fā)放貸款）.Banksmakeaprofitbychargingahigherrateofinteresttoborrowersthantheypaytodepositors.14/472.3.2creditBanksalsocreatecredit（創(chuàng)造信用）-makemoneyavailableforsomeonetoborrow.Thecapitalabankhasandtheloansithasmadeareitsassets.Thecustomers’depositsareliabilitiesbecausethemoneyisowedtosomeoneelse.Bankshavetokeepacertainpercentageoftheirassetsasreserves（存款準(zhǔn)備金）,whichisknownasthereserverequirement（準(zhǔn)備金要求）.15/472.3.3loansandrisksBeforelendingmoney,abankhastoassess(評(píng)定)

orcalculatetheriskinvolved.Mostretailbankshavestandardizedproducts（標(biāo)準(zhǔn)化產(chǎn)品）

forpersonalcustomers（個(gè)人客戶）,suchaspersonalloans（個(gè)人貸款）,whichhasthesametermsandconditions(條款).16/47Forcorporatecustomers（企業(yè)客戶）,bankshavemorecomplicatedriskassessment（風(fēng)險(xiǎn)評(píng)定）.Bankshavetofindabalancebetweenliquidity（流動(dòng)性）anddifferentmaturities（到期日）.Theyalsohavetobalanceyield（收益）

andrisk.17/47Exercises:1.Ifyouneedinstantaccesstoallyourmoney,thisisthebankaccountforyou.2.Ourproductsforcorporate

customersincludebusinessoverdrafts,loanrepaymentsthatreflectyourcashflow,andcommercialmortgage.18/473.Ourlocalbranchmanagersareencouragedtohelplocalbusinessesandareauthorizedtogrant

loansandoverdrafts.4.Weofferstandardizedloans:youcanbesureyouwon’tgetlessfavorabletermsandconditionsthanourotherpersonal

customers.19/472.4Investmentbanking2.4.1Raisingcapital籌集資金Investmentbanksactasintermediaries（中介）,helpcompaniesandgovernmentsraisecapitalbyissuingsecurities（發(fā)行有價(jià)證券）suchasstocksandbonds,andoftenunderwrite（認(rèn)購(gòu)、包銷）securitiesissues.20/47Whencompaniesofferstocksforsaleforthefirsttime,itiscalledinitialpublicofferings(IPOs).Throughthisway,companiescanraise

fundsfrompublic,institutionalinvestors（機(jī)構(gòu)投資者）,suchasinsurancecompanies,investmentsfunds（投資基金）,andpensionfunds.21/47Investmentbanksalsohaveastock-broking（股票經(jīng)紀(jì)）anddealingdepartment（交易部門）toexecuteorders（執(zhí)行命令）forclients.Thisdepartmentalsooffersadvicetoinvestors.22/472.4.2mergersandacquisitionsInvestmentbanksoftenrepresentfirmsinmergers（合并）andacquisitions（收購(gòu)）,anddivestitures（剝離，出售）.Merger:twocompaniesjointogethertoformanewone.Acquisition:onecompanybuysanotherone.Divestiture:acompanysellsasubsidiary.Alltheseserviceschargefeesaccordingtotheresult.23/472.4.3consultingandresearchBecauseofgreatexperienceinfinancialtransactionsandlargenetworkofcontactswithinvestorsandcompaniesthatcouldbeinterestedinamergeroracquisition,investmentbankscanprovideconsultingbusiness（咨詢業(yè)務(wù)）togiveadviceaboutstrategicplanning（戰(zhàn)略計(jì)劃）orfinancialrestructuring（金融重組）.24/47Largeinvestmentbankalsohaveextensiveresearchdepartmentswithanalysts（分析員）andforecasters（預(yù)測(cè)員）whospecializeinthevaluation（評(píng)定）ofdifferentmarkets,industries,companies,securitiesandcurrencies.25/472.5Centralbanking2.5.1

ThefunctionsofcentralbanksCentralbanksarenot“banks”,butgovernmentalinstitutions（政府部門）.Somecentralbanksareresponsibleformonetarypolicy（貨幣政策）

-tryingtocontroltherateofinflation（通貨膨脹率）

tomaintainfinancialstability（金融穩(wěn)定）.26/47Inmanycountries,thecentralbanksupervises（監(jiān)督）andregulates（控制）thebankingsystemandthewholefinancialsector.Italsocollectsfinancialdata（金融數(shù)據(jù)）andpublishesstatistics,andprovidesfinancialinformation（金融信息）forconsumers.Anotherfunctionofcentralbanksistoprintandissue

currency（發(fā)行貨幣）---put

banknotesintocirculation（使貨幣進(jìn)入流通領(lǐng)域）.27/472.5.2CentralbankandcommercialbankCommercialbankshavetokeepacertainamountoftheirdepositstothecentralbank.WhenCommercialbanksmeetabankrun（擠兌）,centralbanksactaslenderoflastresort（最終求援借款人）,

butcentralbanksdon’talwaysbailout（rescuebanksindifficulty，救市）.Reserve-assetratio（存款準(zhǔn)備金率）:theminimumpercentageofitsdepositsabankhastokeepinthecentralbankAbankrun=arunonthebank28/472.5.3CentralbankandexchangerateCentralbanksmanageacountry’sreserveofgold（黃金貯備）andforeigncurrencies（外匯）.Theytrytoinfluencetheexchangerate（匯率）byintervening（干預(yù)）onthecurrencymarkets,andmovingtherateupanddownbybuyingorsellingtheircurrencytochangethebalanceofsupplyanddemand（供求平衡）.29/47Exercises:1.Monetarypolicy,includingsettinginterestrates,isdesignedtomaintainfinancialstability.2.Ifthere’sabankrunandthebankgoesbankrupt,thiscanhavearapideffectonthewholefinancialsystem.3.Ononedayin1992,thebankofEnglandlostover1billioninthecurrencymarkets,tryingtoprotecttheexchangerateofthepound.bank,currency,exchange,financial,monetarymarkets,run,system,policy,rate,stability30/472.6Islamicbanking2.6.1Interest-freebanking無利率銀行Islamicbankingdonotpayinteresttodepositorsorchargeinteresttoborrowers.Insteadtheyinvestincompaniesandsharetheprofits（分享收益）withtheirdepositors.Investmentfinancingandtradefinancingaredoneonaprofitandlosssharing(盈虧共享，averyclosebank-customerrelations)basis.Thisformoffinancingissimilartothatofventurecapitalists.31/472.6.2TypesofaccountsCurrentaccounts（經(jīng)常賬戶）inIslamicbanksgivenoreturn（無利息）todepositors.Theyareasafekeepingarrangement（保管協(xié)議）betweenthedepositorsandthebank,whichallowsthedepositorstowithdrawtheirmoneyatanytime,andpermitsthebanktousethismoney.32/47Savingsaccounts（儲(chǔ)蓄賬戶）canpayareturntodepositors,dependingonthebank’sprofitability（贏利性）,butthereisnofixedrateofreturn（無固定收益）.Investmentaccounts（投資帳戶）arefixed-term（定時(shí)）depositswhichcannotbewithdrawnbeforematurity.Theyreceiveashareofthebank’sprofits.33/472.6.3Leasingandshort-termloansIfacustomerwantstofinanceapurchaseofexpensivegoods,Islamicbankcanbuyitforacustomerwithaleasing（租賃）orhire

purchase（分期付款購(gòu)置）arrangement.Thebankalsocanlendmoneywithoutinterestbuttocoveritsexpenseswithaservicecharge（服務(wù)費(fèi)）.34/47ThecomparisonofConventionalbanksandIslamicbanksConventionalbanks:Payinteresttodepositors;Chargeinteresttoborrowers;LendmoneytofinancepersonalconsumptiongoodsIslamicbanks:Givenoreturnoncurrentaccounts;shareprofitswithholdersofsavingsandinvestmentaccounts;Shareborrowers’profit(orlosses);BuyitemsforpersonalcustomerswithaHP35/472.7InterestrateAninterestrate（利率）isthecostofborrowingmoney.Itisusuallysetbythecentralbank,aspartofmonetarypolicy（貨幣政策）,designedtokeepinflation（通貨膨脹）low.36/47Ifinterestratearesettoolow,thedemandforgoodsandservicesgrowsfasterthanthemarket’sabilitytosupplythem.Thiscausespricestorisesothatinflationoccurs.Ifinterestratearesettoohigh,thislowersborrowingandspending.Thisbringsdown（降低）inflation,butalsoreducesoutput（產(chǎn)出）andemployment（就業(yè)）.37/472.7.1DifferentinterestratesThediscountrate（貼現(xiàn)率）istheratethatthecentralbanksetstolendshort-termfundstocommercialbanks.Thisisthebaserate（基準(zhǔn)利率）ofcommercialbanks.Banksmaketheirprofitbetweentheinterestratetheychargeborrowersandtheratespaytodepositors,knownasamarginorspread.Baserate=primerate銀行優(yōu)惠貸款利率，銀行最低利率38/47Theratethatborrowerspaydependsontheircreditworthiness（信譽(yù)）,alsoknownascreditstandingorcreditrating（信用級(jí)別）.Long-termloanssuchasmortgagesoftenhavefloatingorvariableinterestrates（浮動(dòng)利率）thatchangeaccordingtothesupplyanddemandformoney.Leasingorhirepurchase(HP，分期付款協(xié)議)agreementshavehigherinterestratesthanbankloansandoverdrafts.39/472.8MoneymarketThemoneymarketsconsistofanetworkofcorporations,financialinstitutions,investorsandgovernments,whichneedtoborroworinvestshort-termcapital(upto12months)Throughthemoneymarkets,borrowerscanfindshort-termliquiditybyturningassetsintocash,dealwithirregularcashflows---morecheaplythancommercialbanks.Similarly,investorscanmakeshort-termdepositswithinvestmentcompaniesatcompetitiveinterestrates.40/472.8.1CommonmoneymarketinstrumentsTreasurybills(T-bills，國(guó)庫(kù)券)arebondsissuedbygovernments.Theyaresoldatadiscountfromtheirnormalvalue（票面價(jià)值）.Themostcommonmaturityisthreemonths.Commercialpaper（商業(yè)票據(jù)）isashort-termloanissuedbymajorcompanies,alsosoldatadiscount.Itisunsecured（不安全）.Certificatesofdeposit(CDs，存單)areshort-ormedium-term,interest-payingdebtinstruments（債務(wù)工具）.Theyareknownastimedeposits.normalvalue=parvalue=facevalue41/47Repos回購(gòu)協(xié)議Arepurchaseagreement(repo，回購(gòu)協(xié)議)isacombinationoftwotransactions.Aholderofgovernmentsecurities(usuallyT-bills)sellsthesecuritiestoalenderandagreestorepurchasethematanagreedfuturedateatanagreedprice.42/472.9Moneysupplyandcontrolnarrowmoney（狹義貨幣）:onlyincludecurrencyandsightdeposit（活期存款）.broadmoney（廣義貨幣）:includesavingsdeposits（儲(chǔ)蓄存款）andt