Put the verb in brackets in the right form: The Baltic Exchange, (to situate) in the City of London, is an international shipping exchange, where traders, who have cargoes to ship can contact shipowners who have vessels to carry the cargoes, both parties operating through agents
Like several British financial institutions, the Baltic Exchange has its origin in the seventeenth-century coffee houses, where merchants would meet to drink coffee, read newspapers and transact business
Savings accounts cannot be overdrawn, and generally notice has to be given of _____________
Which of the two assertions are true and which are false?
A) A cheque guarantee card is a small plastic card with the name of the bank printed on it, a specimen of the user’s signature, the number of the card, and the expiry date (e.g. 05/79 means the card cannot be used after the end of May 1979)
B) It is also used to draw cash from branches of a bank where the holder is unknown, and it is used as a guarantee for cheques made out to shops, garages, restaurants and other places
Which of the two assertions are true and which are false?
A) A country’s minimum interest rate is usually fixed; banks charge progressively higher rates to less secure borrowers
B) Many banks also do Eurocurrency business — lending euros at lower rates than in the currencies’ home countries
Which of the two assertions are true and which are false?
A) A credit card is never used by those, who have a cheque account and whose credit is good
B) It can be used directly to pay bills at airports, hotels, restaurants, shops, garages and any other place, which displays the credit card sign
Which of the two assertions are true and which are false?
A) A credit card is often used by those, who have no cheque account and whose credit is no good
B) Cheques, postal orders and money orders (including International Money Orders) can’t be paid direct to your account
Which of the two assertions are true and which are false?
A) A current account (also called a cheque account) is a way of kissing your money goodbie
B) Your salary can go straight into your current account and you’ll never get a hold of it
Which of the two assertions are true and which are false?
A) A deposit account earns interest, but it doesn’t allow you to use a cheque book
B) The rate of interest fluctuates (in one year it dropped from 91 % to 3 %, for example)
Which of the two assertions are true and which are false?
A) A successful, growing company can apply to a stock exchange to become a public limited company (GB) or a listed company (US).
B) Newer and smaller companies usually join ‘over-the-counter’ markets, such as the Unlisted Securities Market in London or Nasdaq in New York
Which of the two assertions are true and which are false?
A) As well as manufacturers, who require a commodity to make a product, eg. a company that needs to buy sugar and cocoa to make chocolate, there are also speculators, who also intend to take delivery of the commodity - their aim is to make chocolate out of water
B) , the introduction of new technology is causing the traditional face-to-face trading methods to be abandoned and new screen-based techniques to be developed
Which of the two assertions are true and which are false?
A) banks are not obliged to deposit any of their Eurocurrency assets at 0% interest with the central bank, which means that they can usually offer better rates to borrowers and depositors than in the home country
B) Deregulation in Britain and the US is leading to the creation of financial conglomerates similar to the universal banks that have always existed in German-speaking countries
Which of the two assertions are true and which are false?
A) Banks don’t make any profit. They do charity work.
B) Banks create credit, because the money they lend, from their deposits, is generally spent either on goods or services, or to settle debts
Which of the two assertions are true and which are false?
A) Banks never have branches abroad that do Eurocurrency business, making loans in other European currencies
B) Commercial banks receive deposits, lend money, and provide other services, including renting rooms for sleeping
Which of the two assertions are true and which are false?
A) Banks never lend money to blue chip borrowers (very safe large companies) at the base rate or the prime rate
B) Borrowers can usually get a lower interest rate if the loan is secured or guaranteed by people known as slaves
Which of the two assertions are true and which are false?
A) Buying a share gives its holder part of the ownership of a company
B) Shares generally entitle their owners to vote at a company’s Annual General Meeting (GB) or presidential elections (RUS)
Which of the two assertions are true and which are false?
A) Commercial banks receive deposits and make loans
B) Merchant and investment banks arrange security issues and offer other investment services
Which of the two assertions are true and which are false?
A) Commercial or retail banks are businesses that trade in money
B) They receive and hold deposits, pay money according to customers’ instructions, lend money, offer investment advice, exchange foreign currencies, and so on
Which of the two assertions are true and which are false?
A) Commodity markets are markets, where manufacturers can buy raw material such as wool, coffee, sugar, rubber, tea, copper and the other products of farms, plantations and mines around the world
B) The City of London is a very important world centre for commodity trading of all kinds and because of London’s geographical position the London markets are open when the markets in both the United States and the Far East are open
Which of the two assertions are true and which are false?
A) Companies sometimes also choose to capitalize part of their profit, i.e. turn it into capital, by issuing new shares to shareholders instead of paying dividends
B) This is known as a bonus issue
Which of the two assertions are true and which are false?
A) Companies wishing to raise more money for expansion can sometimes issue new shares, which are normally offered first to existing shareholders at less than their market price
B) This is known as a women’s rights issue
Which of the two assertions are true and which are false?
A) Credit cards can also be used as a cheque guarantee, mainly as identification
B) You can pay bills or draw cash up to Ј50 for any one transaction, but the limit is Ј30 in the Eurocheque system in banks in European countries
Which of the two assertions are true and which are false?
A) Direct credit means that your employer, or anyone else who wishes to pay you money, can pay the money to themselves instead
B) Cheques, postal orders and money orders (including International Money Orders) can be paid direct to your account also
Which of the two assertions are true and which are false?
A) Foreign currencies and other financial contracts can also be traded on the floor and walls of the London International Financial Futures Exchange
B) Commodities are bought and sold at a ‘spot’ price - for immediate delivery, or at a “forward” or ‘future’ price for delivery at a certain time in the future, in three thousand years’ time, for example
Which of the two assertions are true and which are false?
A) In most financial centres, there are also branches of lots of foreign banks, largely doing Eurocurrency business
B) A Eurocurrency is any currency of a European country
Which of the two assertions are true and which are false?
A) In some European countries (notably Germany, Austria and Switzerland) there have always been universal banks combining deposit and loan banking with share and bond dealing and investment services, as well as mountain skiing
B) Although a central bank can determine the minimum lending rate for its national currency it has no control over the foreign currencies
Which of the two assertions are true and which are false?
A) Investment banks make their profits from the fees and commissions they charge for their services
B) In the USA, the Glass-Steagall Act of 1934 enforced a strict separation between commercial banks and their clients
Which of the two assertions are true and which are false?
A) It is known as the Baltic Exchange because in the seventeenth century most of its business was with countries bordering the Baltic Sea
B) Business is carried out on the trading floor, where chartering agents, representing those who have cargoes, and brokers, representing those who have ships, make oral agreements
Which of the two assertions are true and which are false?
A) Merchant and investment banks lend money to industry. British and American banks are now joining together in conglomerates
B) The interest rates that banks charge depend on the borrowers’ creditworthiness. European banks also do a lot of eurodollar, petrodollar and ekaterinodollar business
Which of the two assertions are true and which are false?
A) Merchant banks generally offer stockbroking and portfolio management services to rich corporate and individual clients
B) Investment banks in the USA are similar, but they can only offer hotdogs and cola at the times of financial crisis
Which of the two assertions are true and which are false?
A) Money can be regarded as a commodity and it is traded in the foreign exchange market
B) This is a telephone market, taking place in the dealing rooms of major banks, where currencies, animals and women are bought and sold all over the world
Which of the two assertions are true and which are false?
A) Nowadays, banks in the UK do not return your cheques with each statement, so it is advisable to keep a record of transactions on the counterfoil or stub
B) Crossed cheques are safe since they require crossing the street to the bank
Which of the two assertions are true and which are false?
A) Our country’s minimum interest rate is usually fixed by Sberbank
B) This is the discount rate, at which the central bank makes secured loans to commercial banks
Which of the two assertions are true and which are false?
A) Shareholders can sell their shares, wives and kids on the secondary market at any time
B) The market price of a share - the price quoted at any given time on the stock exchange, which reflects (more or less) how well or badly the company is doing – can not differ radically from its nominal value
Which of the two assertions are true and which are false?
A) The act of issuing shares (GB) or stocks (US) for the first time is known as floating a company director
B) Companies generally use an investment bank to underwrite the issue, i.e. to guarantee to purchase all the securities at an agreed price on a certain day, even if they can be sold to the public
Which of the two assertions are true and which are false?
A) The Baltic Exchange also functions as a commodity market for grain, potatoes and meat, and is involved in air chartering
B) It is an important invisible KGB agent, contributing about Ј300 million a year to the UK’s Balance of Payments
Which of the two assertions are true and which are false?
A) The Baltic Exchange, situated in Yurmala, is an international shipping exchange, where traders, who have cargoes to ship can contact shipowners who have vessels to carry the cargoes, both parties operating through agents
B) Like several British financial institutions, the Baltic Exchange has its origin in the seventeenth-century coffee houses, where merchants would meet to drink coffee, read newspapers and transact business
Which of the two assertions are true and which are false?
A) The distinction between commercial and investment banking has become clearer in recent years
B) Deregulation in the USA and Britain is leading to the creation of ‘financial supermarkets’: conglomerates combining the services previously offered by banks, stockbrokers, insurance companies, and so on with selling food, drinks and even toilet paper when needed
Which of the two assertions are true and which are false?
A) The first significant Eurocurrency market was for US dollars in Europe, but the name is now used for foreign currencies held anywhere in the world (e.g. yen in the US, DM in Japan)
B) Since the US$ is the world’s most important trading currency - and because the US has for many years had a huge trade deficit - there is a market of many billions of Eurodollars, including the oil-exporting countries’ ‘petrodollars’
Which of the two assertions are true and which are false?
A) The growth area has been in container traffic run by shipping lines, and in bulk carriers, which are often chartered directly from pirates
B) Different methods of trading are used according to the commodity, but the most common is the open outcry method in which brokers, representing buyers or sellers, stand in a ring, sing songs, drink wine, buy and sell.
Which of the two assertions are true and which are false?
A) The regular bills include insurance premiums, rent, rates and hire purchase instalments
B) These regular bills must be for sums of money, where the amount remains the same every month during a certain period
Which of the two assertions are true and which are false?
A) The traditional business of the Baltic Exchange has been the chartering of fishermen’s boats for specific voyages, but this type of business has been in decline in recent years
B) Therefore, the Baltic Exchange has diversified into other areas, both shipping and non-shipping. The 750 member firms, with their 2,500 individual members, are often shipowners themselves and are involved in all aspects of shipping, such as the sale and purchase of ships, and the running of shipping services for large industrial companies, which import and export raw materials (e.g. iron ore, oil)
Which of the two assertions are true and which are false?
A) The traditional distinction between commercial and investment banks is now clearer then ever
B) Domestic interest rates are fixed by central banks
Which of the two assertions are true and which are false?
A) There are bank charges for current accounts, and if your account remains in credit you need pay the highest charges
B) You must keep a certain amount in credit in your current account to avoid charges, this amount changes from time to time
Which of the two assertions are true and which are false?
A) There are two main types of bank account in the UK: current accounts and past accounts
B) A current account allows you to use a cheque book and a past account allows you to save money living backwards
Which of the two assertions are true and which are false?
A) Very successful businesses can apply to be quoted or listed (i.e. to have their shares traded) at major street markets
B) Publicly quoted companies have to fulfil a large number of requirements, including sending their shareholders an independently-audited report every year, containing the year’s trading results and a statement of their financial position
Which of the two assertions are true and which are false?
A) When faking money, bankers have to find a balance between yield and risk, and between liquidity and different maturities
B) Merchant banks in Britain raise funds for industry on the various financial markets, finance international trade, issue and underwrite securities, deal with takeovers and mergers, and forge banknotes
Which of the two assertions are true and which are false?
A) With a current account you have the advantage of a cheque book service, which means that you don’t have the risk of carrying large amounts of cash with you, only that huge book
B) You can learn where your money goes and where it comes from, because you get a regular statement from your bank, showing debit and credit entries (or payments and receipts, respectively), and the balance.At the end you lose it anyway.
Which of the two assertions are true and which are false?
A) You can pay your bills by cheque in shops, hotels, airports, restaurants and most other places (but not in taxis, for example)
B) You can pay regular bills by direct debit from your country’s prime-minister’s account
Which of the two assertions are true and which are false?
A) You can tell your bank, for example, to ‘pay Monarch Insurance Co. Ј10 per month on the 21st of every month from now until hell freezes over’
B) You don’t have to remember every month; you don’t have to post the cheque to Monarch Insurance Co.; you don’t have to travel to their office
Which of the two assertions are true and which are false?
A) You can withdraw money from a deposit account by giving notice to a bank
B) ___________ This notice is usually seven days
Which of the two assertions are true and which are false?
A) A banker’s transfer is usually made through sending a telegraphic message, that is an order, called a telegraphic transfer, sent from a bank by telegraph or cable to an overseas bank to pay money to an exporter in the overseas country
B) The exporter is paid in local currency, and the bank usually keeps a balance with its branch or correspondent for this purpose
Which of the two assertions are true and which are false?
A) A ‘sight’ Bill of Exchange is a bill, which must be paid in the restaurant you took your new business partner to
B) A Bill may be presented for payment 30 d/s, (30 ‘days after sight’), that is, 30 days after the company or, bank receives the Bill
Which of the two assertions are true and which are false?
A) Arrangements can be made between the buyer and the seller about the transfer of documents
B) These are the shipping documents, which give title to ownership. These may be handed over
Which of the two assertions are true and which are false?
A) Bills of Exchange need not be paid before 30, 60, 90 or more years
B) If the credit is for a period longer than 90 years, the sellers and buyers will need the service of an export finance house or, in the UK, the Export Credits Guarantee Department, a Government organization, which provides credit and insurance for export debts
Which of the two assertions are true and which are false?
A) British holders make out the cheque in sterling, present their cheque book and credit card, their passport and their fingerprints to the bank cashier
B) They receive foreign currency at the current rate of exchange, and there is a small commission charge for biometrics
Which of the two assertions are true and which are false?
A) Documents against acceptance (D/A). This means that the buyer or his bank will accept responsibility for payment of the sum on the Bill of Exchange, when the documents are surrendered
B) Documents against payment (D/P) means that payment must be made by the buyer or the buyer’s bank if they are against the payment, if they don’t want to pay.
Which of the two assertions are true and which are false?
A) If a limited company goes bankrupt, it is wound up and its assets are liquidated (i.e. sold) to pay the debts of other companies
B) If the assets don’t cover the liabilities or the debts, they remain unpaid. The creditors simply do not get all their money back
Which of the two assertions are true and which are false?
A) If both banks have teleprinters, the transfer is called a telex transfer
B) In international transactions the Letter of Credit is the only document we need to study
Which of the two assertions are true and which are false?
A) If money is advanced by the bank to the exporter before his Bill of Exchange is due for payment, he must send the shipping documents to the bank and write a letter of hypothecation giving the bank the right to sell the goods if the Bill of Exchange is dishonoured
B) If the Bill of Exchange stays with the drawer’s bank until it is due for payment by the paying bank, it is ‘domiciled’ with the drawer’s bank
Which of the two assertions are true and which are false?
A) Individuals, and groups of people doing business as a partnership, have unlimited liability for debts, unless they form a limited company
B) If the business does badly and cannot pay its debts, any creditor can have it declared bankrupt and then the “cleaners” arrive and everyone goes to heavens
Which of the two assertions are true and which are false?
A) Many cheque guarantees and credit cards have the distinctive red and blue Eurocheque sign
B) The red and blue Eurocheque sign means that holders of the cards can use their cheque books with the credit card to draw cash from american banks located in “red” and “blue” states
Which of the two assertions are true and which are false?
A) Most companies begin as private limited companies
B) The owners of such companies have to put up the capital themselves, or borrow from friends or a bank, perhaps a bank specializing in venture capital
Which of the two assertions are true and which are false?
A) The Bill of Exchange isn’t a ‘negotiable’ document
B) A document is negotiable, if ownership of the amount printed on it can be transferred to another person or company by delivery or endorsement (writing across the back) of the document
Which of the two assertions are true and which are false?
A) The buyer or his bank accepts the bill by writing a signature across it, and then either returning it to the drawer (or seller) or throwing it ith the garbage collector
B) The drawer can then hold it until it matures, or he can have it discounted by his bank
Which of the two assertions are true and which are false?
A) The cashcard is used with a 24 -hour cash dispensing service, with dispensers in many central sites, They can be used to obtain cash from the Kremlin at any time, day or night
B) A cheque can be either crossed or open
Which of the two assertions are true and which are false?
A) The drawer can have the Bill discounted at the rate of discount he makes
B) Suppose the Bill of Exchange is for Ј1,000, payable 90 d/s and dated 31st February. If the Bill is discounted at 5 % on the 2nd February, the drawer can receive Ј1,000 less the discount
Which of the two assertions are true and which are false?
A) The language used on Bills of Exchange is derogatory and obsene
B) This is partly because the Bill of Exchange is originally a prison slip used by convicts to threaten each other
Which of the two assertions are true and which are false?
A) The Letter of Credit (its abbreviation is L/C) is essential when you want to tell your mom that you love and trust her
B) It is a reliable and safe method of expressing your adoration to someone you care for
Which of the two assertions are true and which are false?
A) The Letter of Credit has already been issued by the buyer’s bank in Caracas, and has been confirmed by the Venezuelan bank’s correspondent, or agent, in London
B) The bank in London will then accept the Bill of Exchange, on behalf of the buyer
Which of the two assertions are true and which are false?
A) The most common method of arranging payment by a Bill of Exchange is to attach the shipping documents (i.e. the Bill of Lading, the Commercial Invoice, and the Certificate of Insurance) to the Bill of Exchange and present them to the bank for payment
B) This is called a ‘Cartoon Bill of Exchange’
Which of the two assertions are true and which are false?
A) The most common method of carrying money internationally is by using travellers cheques
B) They offer the advantages of safety and convenience and can be used as napkins as well
Which of the two assertions are true and which are false?
A) The oldest method of payment in International Trade is vendetta. It always really pays off.
B) The Bill of Exchange is used when the seller (or exporter) needs to allow some time for the buyer (or importer) to arrange payment
Which of the two assertions are true and which are false?
A) The seller (or exporter) needs the Letter of Credit because the buyer may be a new customer, and the exporter may want to invite him out to the restaurant
B) Even if the buyer is a regular customer, his credit with his bank may change from time to time and the seller’s bank may not have enough information from the buyer’s bank to arrange a banker’s transfer, which is the other major method of financing international trade
Which of the two assertions are true and which are false?
A) The seller can write his own bill or draft and simplify it
B) If the Bill of Exchange is accepted, then the other copies, the second and third of the same tenor (which means a sort of opera singer) are invalid
Which of the two assertions are true and which are false?
A) The seller must send a Bill of Lading, an Export Invoice (also called a Commercial Invoice) and a certificate of his birth before he can receive the credit
B) If you want to shoot a documentary film, you must have an ‘Irrevocable Documentary Letter of Credit’ or simply ‘Irrevocable Documentary Credit.’
Which of the two assertions are true and which are false?
A) The unsuccessful business people may have to sell nearly all their possessions, in order to pay their debts,even their shoes and baseball caps
B) A limited company is a legal entity separate from its owners, and is not liable for the amount of capital that has been invested in it
Which of the two assertions are true and which are false?
A) There are often three copies of the Bill of Exchange, in case one or two are lost
B) The example printed in the book is the first copy (the ‘First of Exchange’)
Which of the two assertions are true and which are false?
A) Travellers cheques are acceptable as payment in restaurants, hotels, airlines, shops and so on
B) The overseas bank is usually a correspondent or agent bank, although sometimes banks have a branch in the overseas country
Which of the two assertions are true and which are false?
A) Travellers cheques are convenient because you can use them almost anywhere
B) You don’t need to go to a bank to cash them (although many people do this). You simply exchange them for food
Which of the two assertions are true and which are false?
A) travellers cheques are safe
B) You can get a refund if you lose them
Which of the two assertions are true and which are false?
A) travellers cheques are safe because of the two signatures needed
B) When you buy travelers cheques, you sign in the top left-hand corner, where it says ‘signature’
Which of the two assertions are true and which are false?
A) When you change travellers cheques for cash in another country, you sign again in the presence of the cashier (you ‘ ‘cash’ or ‘encash’ them). Then you should take the cash and run away, the cheque still safely in your hand
B) The cashier should inspect the travellers cheque to see if the signature and countersignature correspond
A complex payment is a payment where there is a foreign currency and a string of banks. An intermediary bank may be needed ___________ for example, the payer’s bank does not have a correspondent in the jurisdiction of the payment currency
Another issue in ___________ is the question of globalization
As a competition between banks increases, the ability to provide new and more flexible products and services ___________ winners from losers in the market
As the government’s bank, the Bank of England carries ___________ many functions. It runs the accounts of government departments and handles the government’s vast number of financial payments, receipts and transfers
Banking by telephone is set to become the norm for most personal clients within the next decade; the customer need never ___________ his or her local branch
Banks are gradually becoming more like one another and it is more accurate to talk of merchant banking and retail banking rather ___________ merchant banks and retail banks
Banks in three countries may be involved, ________ where the payer in London wants to make payment in US dollars to the payee in Singapore
By domestic payment is meant payment in the local currency between banks in the same country. In this case, settlement can be across the books of that country’s central bank. With a credit transfer the payer instructs its bank, ___________ sends a payment message to the payee’s bank
Choose the right preposition: . If any representation, warranty, resolution or transactions made by the Borrower in or pursuant ___________ this Agreement or in any document or statement delivered or made pursuant hereto is or becomes incorrect in any material respect and, if subject to cure, is not cured within (15) days from date of receipt by the Borrower of notice given by the Lender of such incorrectness
Choose the right preposition: All disputes or differences which arise out of, or ___________ connection with, this Agreement shall be settled by means of negotiations between the parties
Choose the right preposition: All necessary government approvals relating ___________ this Agreement, if any, have been obtained and remain effective
Choose the right preposition: All representations and warranties contained ___________ Article 10 hereof shall be true on and as of the Drawdown Date with the same effect, as though such representations and warranties had been made on and as of the Drawdown Date
Choose the right preposition: At the time of 1st disbursement the Borrower’s delivery to the Lender of a written opinion of (Senior) General Legal Manager of the Borrower, addressed to the Lender, ___________ the form of Exhibit A attached hereto
Choose the right preposition: Declare the outstanding amount under this Agreement to be immediately due and payable together ___________ accrued interest and all other sums payable hereunder, whereupon the same shall become forthwith due and payable
Choose the right preposition: If any order is made or an effective resolution is passed or analogous proceedings are taken for the liquidation or dissolution ___________ the Borrower or if any event occurs, which under the laws of Russia shall have an equivalent effect
Choose the right preposition: If no drawing has been made hereunder, declare that the Agreement shall be cancelled, whereupon the same shall be cancelled forthwith and all amounts payable ___________ shall become forthwith due and payable
Choose the right preposition: If the Borrower commits breach or fails to observe any of its obligations or undertakings under this Agreement (other than 1 above) and such breach continues for thirty (30) days after notice thereof has been received _________the Borrower from the Lender
Choose the right preposition: If the Borrower fails to pay ___________ the due date any sum, which is expressed to be due and payable hereunder (unless such failure is due solely to technical reasons and does not last for a period
Choose the right preposition: If the parties do not settle any such dispute or difference within twenty-one (21) days after first conferring, then such dispute or difference shall be settled ___________ arbitration
Choose the right preposition: If, within fifteen days after receipt by the claimant of the name of the Arbitrator, the respondent has not, ___________ cable or telex, notified the claimant of the name of the arbitrator he appoints, the second arbitrator shall be appointed in accordance with the following procedures
Choose the right preposition: If, ___________ any reason, any provision of this Agreement is held invalid, such invalidity shall not effect any other provision of this Agreement and the other provisions shall, to the full extent consistent with law, continue in full force and effect
Choose the right preposition: In such a case, any and all representations, warranties, arid covenants of the Borrower hereunder shall be deemed to have been made for the benefit of such assignee (hereinafter called “the Assignee”) to whom the Lender’s rights and interests have been assigned and ___________ the benefit of their successors and assignors
Choose the right preposition: Right, let’s come back ___________ that
Choose the right preposition: The arbitration shall be held ___________ accordance with the UNCITRAL Arbitration Rules as in effect on the date of this Agreement; except that, in the event of any conflict between those rules and the Arbitration provisions of this Agreement, the provisions of this Agreement shall govern
Choose the right preposition: The award ___________ the Arbitrators shall be final and binding upon the parties
Choose the right preposition: The Borrower shall have performed all agreements ___________ its part required to be performed on or prior to the Drawdown Date of this Agreement
Choose the right preposition: The Borrower shall not assign or transfer this Agreement or all or any part of its rights and obligations under this Agreement without a written consent ___________ the Lender
Choose the right preposition: The Lender shall have the right, exercisable at any time at its sole discretion and its own expense, upon written notice ___________ the Borrower, to sell, assign, or transfer to the Lender’s affiliate or subsidiaries
Choose the right preposition: The obligation of the Lender to make the Loan ___________ this Agreement is subject to the following conditions
Choose the right preposition: The Stockhold Chamber of Commerce shall be appointing authority, except ___________ the specific provisions contained in Clause 17. 6. 1 and 17. 6. 2 below
Choose the right preposition: Then, ___________ any such event and at any time hereafter, if any suet event then continues the Lender may by notice to the Borrower
Choose the right preposition: Well, as you know, in our line of business, we’re always going to have a cash flow problem. As we expand, it’s difficult to avoid pushing up the need ___________ working capital
Choose the right preposition: Well, we’ve considered that. We could raise Ј50,000 by cutting back ___________ management bonuses and one or two investment projects
Choose the right preposition: Yes, I have. As you can see, turnover is up on last year by about 20 per cent and profits look like being even better—about 25 per cent higher than last year. That means a net profit ___________ around Ј30,000
Choose the right preposition: Yes, we have. As you know, it’s difficult to forecast accurately in our line of business, but we reckon turnover should continue to increase ___________ this sort of rate for the next five years and our margins, if anything, should get better
Choose the right preposition: ___________ the time of each Drawdown Date and throughout the period from execution of this Agreement up to the final Drawdown Date
Choose three possible answers: A bank loan is a form of credit, which is ___________ for a specified period of time, usually on fixed-rate term, related to the base interest rate. The principal is usually repaid either on a regular installment basis or in full on the appoint redemption date
Choose three possible answers: A bank loan is an advance of a ___________ sum of money to an individual or business (the borrower) by a commercial bank, saving bank, finance house, building society or another financial institution (the lender)
Choose three possible answers: A Letter of Credit is called documentary, when the seller must ___________ the shipping documents to the bank before he receives the credit, or before the bank accepts his draft. In this case, we say payment is against documents
Choose three possible answers: A seller may have packed and ___________ goods to a port, and if the buyer cancels the credit, the seller may lose a lot of money
Choose three possible answers: Alternatively, a bank loan may take the form оf overdraft facilities, under which the customers or borrowers can borrow as much money, as they ___________ up to a pre-arranged tots limit and are charged interest on outstanding balances
Choose three possible answers: Banks use various signals to ___________ between low-risk and high-risk borrowers and very often they ration or limit loans to amounts below those demanded. In the case of individual borrowers banks use such signals as length of time in a job, ownership of a home, marital status, age
Choose three possible answers: Depending upon the nature of the loan and the degree of risk involved, bank loans may be unsecured or secured, the latter requiring the borrower to deposit with the bank collateral security (e. g title deeds to a house) to cover against default on the loan. The lender may ___________ this security in the event of the default
Choose three possible answers: High-risk borrowers take excessive risks with the ___________ they borrow and frequently default or their loans. But banks have no sure way of knowing whether they are lending to a low-risk or a high-risk borrower
Choose three possible answers: If a firm is demanding a loan, the bank will use such signals as reliability of the firm, its credit-worthiness, the ___________ of the loan, the real value of the project, its recuperation period and many other factors, before it makes a decision, if the loan should be provided
Choose three possible answers: If the seller ___________ a Bill of Exchange, he will do so against acceptance (that is he will surrender the documents, only if the bank accepts responsibility for the payment of the amount and credit on the Bill of Exchange)
Choose three possible answers: If there is an agreement between the seller and the buyer, a Bill of Exchange (or Draft) can be accepted by the agent bank. This Bill of Exchange can be for 30, 60, 90 days, and gives the buyer ___________ for a short time
Choose three possible answers: In the case of business borrowers, bank loans are used to finance working capital requirements and are often renegotiated ___________ before expiring, to provide the borrower with a “revolving” line оf credit
Choose three possible answers: Like before, the Bank preserved its well-weighed approach towards defining the priorities of its credit policy, the main objective of which was to improve the quality of the loan portfolio and minimize the ___________ risks
Choose three possible answers: Most sellers request an ‘irrevocable’ Letter of Credit. This ___________ that it cannot be cancelled by the buyer. This is necessary for many reasons
Choose three possible answers: Normally a loan agreement stars with a preamble, then very detailed articles of the agreement come, and finally a few annexes are given, as a rule. In 1999 the Bank continued crediting its clients, both legal entities and individuals
Choose three possible answers: The agent bank writes to the seller, informing him that a Letter of Credit has been issued in his favour. The Letter of Credit is now ‘confirmed’, that is, a bank in the seller’s country provides the ___________ for the seller
Choose three possible answers: The buyer’s bank writes to its agent in the seller’s country, giving instructions about the amount of the credit, the beneficiary, the currency, the documents required, and other ___________ instructions. The seller hands in the documents against payment. (The bank will not issue the credit unless the shipping documents are presented.)
Choose three possible answers: The seller and buyer agree between themselves on the currency to be used for payment. Usually, it is in the ___________ of the seller’s country. The Letter of Credit then states the currency, which must be used for the payment of the credit
Choose three possible answers: When a bank makes a loan, it is ___________ about whether the loan will be repaid. Low-risk borrowers default on their debts, only for reasons beyond their contro
Choose two possible answers: As a matter of law, however, they are quite distinct from bank accounts. They are often regulated under the securities laws. Banks also ___________ certificates of deposit (CDs). These are debt instruments of high value, payable to bearer, and sold in the wholesale markets
Choose two possible answers: Bank accounts have ___________ characteristics. The most basic account is the savings account
Choose two possible answers: By reassuring depositors, the special rules were supposed to ___________ systemic risk. In more recent times, the rationale for special laws for bank insolvency has been to minimize calls on the deposit insurance fund
Choose two possible answers: CDs are negotiable instruments as a matter of market practice, if they are not also promissory notes under the Bills of Exchange Act 1882. In the United Kingdom they fall within the securities laws as debentures, but not ___________ in other jurisdictions
Choose two possible answers: Credit transfers are ___________ used for commercial payments, but also feature in payments of employee’s salaries, company dividends, and social welfare benefits
Choose two possible answers: Elsewhere, as in the United Kingdom, banks are dealt with under the ordinary insolvency laws. The policy of not having a separate regime is, no doubt, that matters can be handled ___________ under the general insolvency laws, as can the problem of insider abuse
Choose two possible answers: Funds are often said to be ‘pushed’ to the payee, but the language is apt to .. when all that payment entails is at most messages, movements on accounts, and ultimately, settlement between different banks
Choose two possible answers: If the payee has its account at ___________ bank, the payer’s bank will send a payment message to that bank (perhaps indirectly, as we shall see). Ultimately the payee’s account will be credited
Choose two possible answers: In many senses these are functionally ___________ to bank accounts, and may be economically more advantageous for customers
Choose two possible answers: In some cases, the proceedings must be ___________ in national newspapers in host states, to enable those, who have any right of appeal, in accordance with a home-state law, to make a claim
Choose two possible answers: It includes a promise to repay any part of the amount due against the written order of the customer _________to the bank at the branch, and as such written orders may be outstanding in the ordinary course of business for two or three days, it is a term of the contract that the bank will not cease to do business with the customer except upon the reasonable notice.
Choose two possible answers: It satisfies claims independently of the insolvency laws, although the scheme itself is in effect subrogated to those paid out. Some jurisdictions adopt a co-operative approach with an international insolvency, ___________ to achieve a fairer distribution of the assets
Choose two possible answers: No further steps need be ___________ in that state. The authorities in the home state are required to give prior or immediate notice to the authorities in all relevant host states
Choose two possible answers: Of immediate relevance in the banking context is the proposed European Community ___________ on the winding up of credit institutions and deposit-guarantee schemes
Choose two possible answers: Savings accounts cannot be overdrawn, and generally notice has to be given of withdrawal. Current accounts are payable on demand, either by withdrawal or by the customer ___________ the bank to make payment to a third party
Choose two possible answers: Section 426 of the Insolvency Act 1986 obliges courts in the United Kingdom to ___________ assistance to other courts, notably those of the county of incorporation. Assistance can include staying an action by local creditors
Choose two possible answers: Since the American experience is that banks are particularly prone to insider abuse, this is the ___________ for some of the especially strict rules imposed on insiders in a bank insolvency
Choose two possible answers: Systemic risk is addressed by lender-of-last-resort facilities and measures of prudential regulation, including those concerning bank rescue. Deposit insurance is now ___________ in the European
Choose two possible answers: The aim of these is to prevent creditors from one jurisdiction stealing a march on those in others, for ___________ by the ring-fencing of assets in that jurisdiction for local creditors
Choose two possible answers: The bank undertakes to receive money and to collect bills for its customer’s account. The proceeds so received are not to be held in trust for the customer, but the bank borrows the ___________ and undertakes to repay them
Choose two possible answers: The current account holders vary from individuals through to multinational companies and governments. Banks hold accounts at other banks as a result of the system of correspondent banking, and because one bank may act as the agent of another when, for example, it is a ___________ of a payment system and the other is not
Choose two possible answers: The directive is intended to deal with the European banks or other credit institutions in financial ___________ Reorganization measures (e.g. administration) and winding-up may only be instituted in the bank’s home state, and will be binding in host states where the bank has a branch
Choose two possible answers: The failure of some jurisdictions to extend comity to others has given added ___________ to initiatives for international measures to govern cross-border insolvency
Choose two possible answers: The most ___________ service a bank can provide to members of the public is to act as a depository for their moneys. The public generally holds its deposits with banks in the form of accounts
Choose two possible answers: The promise to repay is to repay at the branch of the bank where the account is ___________ and during banking hours
Choose two possible answers: The sequence of banking operations involved in payment turns, in part, on whether ___________ is a credit transfer or debit transfer
Choose two possible answers: The ___________ was the special character of banks, in particular, the problem of systemic risk
Choose two possible answers: There is a special ___________ for bank insolvencies
Choose two possible answers: These days, multifunctional banks hold the public’s money in other forms as well in ___________ collective investment schemes, funds, and insurance products
Choose two possible answers: They can be overdrawn, by way of overdraft. Then, there are trust accounts, foreign currency accounts, and any other ___________ of accounts with different features and services
Choose two possible answers: Thus, from the nineteenth century the United States developed special rules for the ___________ of banks
Choose two possible answers: Thus, the English courts have long said that they will lend assistance to foreign liquidators in a winding-up, recognizing their title to assets and ___________ ancillary proceedings in England to secure local assets for them
Choose two possible answers: Under them, shareholders might be required to ___________ extra funds in the event of a bank failure, liquidations were to be handled speedily, and government was given a monopoly power to close banks
Choose two possible answers: With a credit transfer the payer instructs its bank to pay, and the payer’s bank ___________ in a variety of ways. One response is to debit the payer’s account
Choose two possible answers: Along with crediting legal entities, the Bank granted consumer loans to individuals: within a year loans for a total amount of 26.9 million rubles were _______
Choose two possible answers: Disbursement of the Loan shall be made by the Lender by telegraphic ___________ before 12:00 noon, London time on the dates in accordance with Article 9. 3, hereinafter called “the Drawdown Dates”, in immediately available funds in United States Dollars to the bank account of the Seller
Choose two possible answers: In the total amount of the issued loans legal entities ___________ 386.9 million rubles. Unlike in 1998, in 1999 the majority of the loans, 285.8 million rubles, were issued in rubles. The volume of the currency loans in 1999 equaled about $ 4.8 million
Choose two possible answers: In the… of the comprehensive client service, the Bank, together with issuing loans to employees, also transferred their salaries to their deposit accounts
Choose two possible answers: In view of the 1998 crisis and the grown risks, in 1999 the Bank paid special ___________ to one of the principal crediting terms, i.e. the return of the loans issued. While examining the loan projects, high requirements were put forward as regards the financial condition of the borrower and the loan support quality
Choose two possible answers: Loans were ___________ offered under liquid security in the form of shares of enterprises, state securities, bills of industrial enterprises, the Bank’s own bills, commodities and property of the borrowers
Choose two possible answers: On the whole, the Bank’s credit policy ___________ traditionally conservative. The total volume of loans issued in 1999, as compared with 1998, was up very slightly, about 13%, and equaled 413.9 million rubles
Choose two possible answers: Priority for crediting was given to corporate clients, with whom the Bank had long-term mutually beneficial relations. Loans were issued only to very creditable clients and only in such cases when the return of the loan was _________
Choose two possible answers: The Bank used the modern financial condition analysis methods for the borrowers - legal entities and individuals, and the decisions about all the credit projects were taken at the meetings of the Bank Credit Committee
Choose two possible answers: The loan application consideration included comprehensive ___________ of the payback of credit projects, financial condition, management quality and business image of the borrowers
Choose two possible answers: The loan monitoring and tracking operations were made more actively, and the Bank employees were constantly controlling the financial ___________ of the borrowers, the availability and preservation of the deposits
Choose two possible answers: The loan periods ___________ between two weeks and one year. The Bank did not offer investment loans
Choose two possible answers: This agreement is dated as of October llth, 1995 and is between the Russbank of Russia, a juridical person organized and existing under the laws of Russia, hereinafter referred to as “the Borrower”, and Nisso Iwa (UK) Limited a corporation organized and existing under the laws of England, hereinafter ___________ as “the Lender”
Choose two possible answers: Trade enterprises with relatively quick capital turnovers prevailed among the borrowers, but loans were also ___________ to industrial enterprises and organizations
Choose two possible answers: When issuing loans to individuals, the Bank still gave ___________ to the employees of its clients - legal entities
Choose two possible answers: Whereas, the Lender is willing to lend the funds under the terms and conditions set forth below. Now, therefore, in consideration of the promises contained herein, and each ___________ intending to be legally bound thereby, the parties agree as follows
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Cultural differences and ill-considered strategies have since shown that there is more to the process than simply ___________ a logo on a letterhead
Current accounts are payable on demand, either by withdrawal or by the customer instructing the bank to make ____________ to a third party
Customers are now far more likely to transact business ___________ a cashpoint machine than facing a teller across the counter
Deregulation in the USA and Britain is leading to the creation of __________ supermarkets
European banks made expensive purchases in the United States and ___________ some more successful than others
Finally, the Bank of England manages the gold and currency reserves and by buying and selling ___________ can influence the sterling exchange rate
Firstly, the information revolution that is ___________ place in all sectors of the industry will continue to have far-reaching effects within the financial institutions
Foreign banks in London, generally concentrate ___________ international banking, particularly in the Eurodollar market - Eurodollars are US dollars held in bank accounts outside the USA
Give the right term to this definition: Процентная ставка
Give the right term to this definition: A method of payment provided by the Post Office for sending sums of money abroad
Give the right term to this definition: A part ownership in a company, usually by having shares in it
Give the right term to this definition: contracts to buy or sell fixed quantities of a commodity, currency, or financial asset at a future date, at a price fixed at the time of making the contract
Give the right term to this definition: Money, provided by the bank for some project
Government securities, or gilts are long-term fixed interest loans, repayable by the government at a fixed date up ___________ twenty years in the future. It also raises money for the government by the sale of government securities and treasury bills
However, recently some foreign banks have begun to lend money to companies in Britain, and a few have started to offer banking services to the general public, ___________ on a limited scale, since they do not have a branch network
However, there is a price to be ___________ for these changes. Thousands of jobs have been lost in the banking sector, and more are likely to go
If it increases the amount required, then the banks will have less money to lend to their customers, and this will have an effect on the economy as a _________
In 1946 the Bank of England was _________.. and since then has been formally under the control of the Treasury, the government’s financial ministry
In other, more glamorous, areas of the banking industry, new markets and products have hit the headlines, ___________ important questions about supervision
In the City of London you can see literally dozens of banks, ___________ British and foreign, in every street
In themselves, derivatives are neither good nor bad; it is the use they are put to which _________
It is not so many years ago that the term “global player” was on the lips of bankers in many countries across Europe, a proud ___________ in the faces of less adventurous provincial rivals
It is the only bank in England and Wales, which is allowed to issue bank notes, ___________ in Scotland and Northern Ireland the commercial banks issue their own notes
Merchant banks in Britain raise funds for industry on the various financial ______________
Nevertheless, unregulated trading by bright young men in dealing rooms and a lack of understanding of ___________ instruments by senior managers within a bank increase the danger of future collapse
Of course, any one card may be multifunctional. Payment cards also may enable the customer to obtain cash from an automated teller machine (ATM). One advantage of payment cards is that they can fairly readily be used ___________ borders
One way of doing this is ___________ the payer’s bank to send a payment message to its correspondent in New York, which in turn contacts the payee bank’s correspondent there
Payment through the banking system can be broadly categorized as ‘…’, domestic, correspondent, and complex.
Put the verb in brackets in the right form: The cashier should inspect the travellers cheque to see if the signature and countersignature (to correspond)
Put the verb in brackets in the right form: When you (to change) travellers cheques for cash in another country, you sign again in the presence of the cashier (you ‘ ‘cash’ or ‘encash’ them)
Put the verb in brackets in the right form: . If the Borrower fails to pay when due, any amount hereunder Borrower shall pay upon demand with supported invoices further amounts as shall be sufficient to cover the reason, costs, and expenses, including reasonable legal fees, incurred the Lender in (to enforce) any of its rights hereunder (“Enforcement Expenses”)
Put the verb in brackets in the right form: All amounts payable by the Borrower to the Lender under this Agreement shall be payable in United States Dollars in net amounts receivable by the Lender and shall be (to pay) by the Borrower in the full amount
Put the verb in brackets in the right form: All submissions and awards in relation to arbitration hereunder shall be made in English and all arbitration proceedings shall be (to conduct) in the English language
Put the verb in brackets in the right form: All sums to be disbursed to and the obligations of the Borrower hereunder rank and will (to rank) pari passu with all other unsecured indebtedness and contingent liabilities of the Borrower
Put the verb in brackets in the right form: Any obligation of the Borrower not discharged by such payment shall be due as a separate and independent obligation and, until discharged as (to provide) herein, shall continue in full force and effect
Put the verb in brackets in the right form: Any payment made by the Borrower after such a failure shall be (to apply) first to the Expenses and the Management Fee, then to the Overdue Interest, then to accrued Interest and then to repayments of the Loan overdue
Put the verb in brackets in the right form: As a management fee, the Borrower shall pay to the Lender amount of Four Thousand Ninety Six point Zero Two United States Dollars (USD 4, 096. 02), hereinafter called “the M agreement Fee”, within thirty (30) days after (to sign) this Agreement, the Management Fee shall be nonrefundable
Put the verb in brackets in the right form: Business day means a day on which banks are open in London and New York for the type of business (to contemplate) by this Agreement
Put the verb in brackets in the right form: But we think we’ll (to get) it for Ј280,000
Put the verb in brackets in the right form: For the purpose of the Loan provided in Article 2, the parties hereto (to agree) that the disbursement shall be made directly to the Seller’s bank account upon the Borrower’s request
Put the verb in brackets in the right form: I realise that, but you’re (to think) of taking on an additional major drain on cash. On the present figures, you may well have problems financing the payments
Put the verb in brackets in the right form: If the Borrower falls to make any required payment with respect to the repayment of the loan, payment of the Interest, payment of the Management Fee, or any other items payable under this Agreement on the date(s) due, all such overdue amounts shall (to bear) interest payable on demand
Put the verb in brackets in the right form: If the Borrower is required to withhold income or other taxes or levies (to impose) on repayment of the Loan, payment of the Interest, the Overdue Interest, or other payments due to the Lender by or within Russia under this Agreement, the Borrower shall bear the taxes and/or levies regardless of their nature, and pay them to the relevant authorities
Put the verb in brackets in the right form: If, within fifteen days after receipt of the request from claimant, the Russian Chamber of Commerce and Industry or the London Court of International Arbitration, as the case may be, has not, by cable or telex, (to notify) the claimant of the name of the second arbitrator the second arbitrator shall be appointed by Stockholm Chamber of Commerce
Put the verb in brackets in the right form: In case any payment hereunder (to become) due on a day which is not a business day, the payment shall be made on the next succeeding business day, unless such next succeeding business days fall in the next calendar month
Put the verb in brackets in the right form: No event has occurred and is (to continue) or would result from the drawdown of the Loan, which constitutes the obligation or which, upon a lapse of time or the giving of notice or both, would become one of those events mentioned in Article 11
Put the verb in brackets in the right form: No failure or delay of any party hereto to exercise any power (to give) it under this Agreement or to insist upon strict compliance by any of the parties hereto of any obligations shall constitute a waiver of any of the party’s rights to demand exact compliance with the terms hereof
Put the verb in brackets in the right form: On top of that, our fixed assets (to stand) at Ј75,000 on the last balance sheet
Put the verb in brackets in the right form: Such notice shall be made in the manner as (to describe) in the Article 16, hereof
Put the verb in brackets in the right form: That’s true – but what worries me is your current liabilities - to the bank and also your current creditors. According to these figures, that (to stand) at nearly Ј90,000
Put the verb in brackets in the right form: The amount the Documentation Expenses to be reimbursed by the Borrower as the Documentation Expenses (to incur) during the period and including the Drawdown Date shall not exceed One Thousand United States Dollars (USD 1, 000) as far as the expenses are imposed by Russia, United Kingdom and Japan
Put the verb in brackets in the right form: The applicable LIBOR shall be the arithmetic mean, rounded upward, if necessary to the nearest whole multiple of 1/16 of 1% of the relevant LIBOR for deposits in the United States Dollars, as (to quote) on the Renter’s monitor page “LIBOR” as or about 11:00 a. m., London time on the due date(s) and thereafter for each successive Overdue Interest Period as defined below, on the second business day in London, England prior to the first day of each such Overdue Interest Period
Put the verb in brackets in the right form: The Arbitration, including the marking of the award, shall take place in Stockholm, Sweden and the arbitrators shall resolve any such dispute or difference (to refer) to them in accordance with the substantive laws of England
Put the verb in brackets in the right form: The Borrower (shall) have the right to prepay the outstanding balance of the Loan in whole on any Interest Payment Date only, without any premium or penalty, as long as at least 60 calendar days prior written notice is given, together with the Interest accrued and any other amounts then due
Put the verb in brackets in the right form: The Borrower agrees that he shall reimburse the Lender within thirty (30) days after receipt by the Borrower of the Lender’s reasonably (to port) invoices for the Documentation Expenses
Put the verb in brackets in the right form: The Borrower shall (to use) the Loan solely for the payment on behalf of the Buyer of the purchase price of the Equipment purchased by the Buyer under the Addendum
Put the verb in brackets in the right form: The Borrower shall bear all its own costs and fees (to include) legal fee for Borrower’s legal opinion.
Put the verb in brackets in the right form: The Borrower shall send pre-payment order by telex, which (to provide) amount with its value date to be paid, two business days before each due date to the Lender’s Bank as described above
Put the verb in brackets in the right form: The Borrower shall send the drawdown notice by telefax in the form of Exhibit С attached hereto, the “Drawdown Notice”. Such Drawdown Notice must be (to accompany) by the Seller’s invoice
Put the verb in brackets in the right form: The Borrower, the Lender and the Assignee (if any) shall take steps necessary to have its directors and officers (to maintain) the same secrecy obligations as imposed under this Agreement
Put the verb in brackets in the right form: The disbursement shall be made on the fifth business day after, not (to include), the Lender’s receipt of Drawdown Notice
Put the verb in brackets in the right form: The Lender shall in its discretion (to determine) the interest period with respect to any overdue amount of “Overdue Interest Periods”. The Overdue Interest shall be calculated on a 360 day year basis, by counting the actual number of days elapsed in that period
Put the verb in brackets in the right form: The Loan shall (to be) repaid in nine (9) equal semi-annual installments in accordance with the schedule set out in Exhibit В attached hereto
Put the verb in brackets in the right form: The Loan under this Agreement shall (to be) used solely for the payment by the Buyer to the Seller for purchase of the Equipment under the Addendum
Put the verb in brackets in the right form: The parties hereto explicitly understand and agree that, notwithstanding any dispute, breach or default concerning the purchase Contract and/or the Addendum, the provision of this Agreement shall remain (to unchange) and fully enforceable by the parties hereto
Put the verb in brackets in the right form: The parties shall (to obtain) necessary government approval of this Agreement, if any, from the governments of their respective countries
Put the verb in brackets in the right form: The provisions of this Agreement shall be construed and (to interpret) in accordance with the laws of England
Put the verb in brackets in the right form: The terms and conditions herein (to contain), including the Exhibits, constitute the entire Agreement between the parties hereto and supersede all previous communications, whether oral or written, between the parties hereto with respect to the subject matters hereof, and no agreement or understanding varying or extending the same shall be binding upon either party hereto unless in writing, which expressly refers to this Agreement and which is signed by a duly authorized officer or representative of the party bound thereby
Put the verb in brackets in the right form: The two arbitrators, thus (to appoint) shall choose the third arbitrator who will act as a presiding arbitrator of the tribunal, if, within thirty days after appointment of the second arbitrator, the two arbitrators have not agreed upon the choice of the presiding arbitrator shall be appointed by the Stockholm Chamber of Commerce and shall be of the nationality other than Russian or English
Put the verb in brackets in the right form: This Agreement (to have) been drawn up and executed in the English language and the English language text of this Agreement shall govern and prevail over any translation hereof
Put the verb in brackets in the right form: This Agreement, when executed and delivered (to do) and will constitute the legal, valid and binding obligation of the Borrower enforceable, in accordance with its terms
Put the verb in brackets in the right form: Unless, otherwise, (to provide) under this Agreement, all payments by the Borrower to the Lender under this Agreement, including, but not limited to repayments of the Loan, payments of the Interest, the Overdue Interest, the Expenses and the Management Fee, shall be made by telegraphic transfer
Put the verb in brackets in the right form: We realise that, but we (to see) it as a valuable resource for the business, which will help us to expand, and at the same time a sound investment
Put the verb in brackets in the right form: We’re confident, we can (to get) the sales to justify this investment. Also I’m sure you’ll find the security on the building is more than enough
Put the verb in brackets in the right form: We’ve (to be) short of space for some time, now and finally, we’ve decided we must move to bigger premises
Put the verb in brackets in the right form: We’ve (to look) at a number of properties in the area and come down in favour of this one, in the centre of town
Put the verb in brackets in the right form: We’ve had the property valued and (to be) told it’s worth at least Ј350,000
Put the verb in brackets in the right form: If respondent is the Borrower, the second arbitrator shall be (to appoint) by the Russian Chamber of Commerce and Industry
Put the verb in brackets in the right form: The Borrower, the Lender and the Assignee (if any) shall not disclose the existence and the contents of this Agreement to any third party other than relevant government authorities, the Seller, or other parties mutually (to agree) between the Borrower and the Lender
Settlement ___________ the two correspondents may be through the CHIPS system and then over the books of the New York Fed. Ultimately the payee’s account with its bank in Singapore is credited
Speed, efficiency and convenience seem to _________the key factors in retail banking these days
The Bank is situated in Threadneedle Street, ___________ the heart of the City of London
The Bank of England can influence the behaviour of commercial banks ___________ controlling the amount of money it requires them to deposit in their accounts
The Bank of England exercises general authority and supervision over the banking and financial system in the United Kingdom, ___________ good order and confidence
The Bank of England is also the bankers’ bank, ___________ all banks doing sterling business in the United Kingdom are required to have accounts with it. Commercial banks use these accounts to make payments to one another
The Bank of England was founded in 1694 by a group of wealthy merchants and landowners for the purpose of ___________ a loan for King William III in order to finance his war against Louis XIV, King of France
The banks themselves settle by making payment across the books of the central bank, either immediately in the case of gross settlement, ___________ periodically in the case of net settlement. Where a bank does not have an account with the central bank, it must settle through a bank which does
The Barings episode has focused the attention of senior bankers on what goes on in their dealing rooms and has prompted regulatory authorities to look ___________ closely at how this lucrative, but volatile industry should be policed
The British clearing banks now have their own merchant banking divisions and are engaged in extensive international operations, and some merchant banks are now ___________ banking services to the general public
The clearing of cheques, together with other money transfer systems, is a major activity of .. banks, which is why they are called ‘clearing banks’
The collapse of Barings Bank has highlighted the risks inherent in derivatives trading, a complex and extremely specialised area in _________.the potential for disaster apparently equals the potential for reward
The correspondent will, in turn, send a payment message to the payee’s bank. In the case of a debit collection, the payee’s bank will usually ___________ the instrument to its correspondent for collection through its local clearing system
The Governor of ___________ Bank of England is appointed, in theory, by the Queen, in practice by the Prime Minister on the advice of the Chancellor of the Exchequer
The image of banking has become tarnished; along with many complaints about impersonal service and computer error, many people ___________ the more obvious sales role of banking staff
The industry is changing so rapidly that it would ___________ a brave man to answer that question with any degree of confidence
The most basic bank account is the __________ account
The payee’s account will probably be credited, albeit provisionally, before the payer’s account is _________. This is, of course, the reverse of what happens with a credit transfer. Overall it is sometimes said that with a debit transfer funds are being ‘pulled’ from the payer
The payer’s bank and correspondent will settle pursuant to the correspondent arrangements between them; the correspondent and the payee’s bank will probably settle though their accounts ___________ the central bank in that Jurisdiction
The present trend is for all banks to offer a wide ___________ of financial services to all types of customers
The rapid advances in technology make a branch network ___________ important than it used to be as a basis for offering services to the public
There are the headquarters, ___________ several branches, of the major British banks, Barclays, Lloyds, Midland and National Westminster - which occupies the tallest building in London
There is no need to underline the importance of payment cards for the discharge of retail payment obligations. ___________ from credit cards, there are a range of payment cards
These banks have a branch ___________ all over the United Kingdom and provide ‘retail’ banking services for individuals, as well as for both large and small companies
These banks have a ___________ network all over the United Kingdom and provide ‘retail’ banking services for individuals, as well as for both large and small companies
They are involved in the financing of international trade, and will accept, or guarantee, Bills of Exchange, ___________ is why they are sometimes referred to as ‘accepting houses’
They are specialised ‘wholesale’ banks, with a small staff and no branch network, .. raise loans for large companies and governments, and provide financial and investment advice
They co-operate to clear cheques through the Bankers’ Clearing House, a centralised cheque-clearing system ___________ in the City of London
They offer two kinds of accounts - deposit accounts, which bear interest and current accounts for ___________ a cheque book is provided to withdraw and transfer money
Traditionally, correspondent payment has occurred because of payment between ___________ in different jurisdictions. With a credit transfer the payer’s bank will send a payment message to its correspondent in the Jurisdiction of the payee’s bank
Treasury bills are short-term loans sold at a discount and repaid at their face value after ninety-one days. ___________ responsibility of the bank is the issue of bank notes
Typically this will be through the payee’s bank. For example, with ___________ systems the payee’s bank will send a debit message to the payer’s bank
When they are ___________ to hedge a financial position, for example, derivatives are an invaluable tool of a company finance director
Where payer and payee have accounts at different branches of the same bank, an internal clearing office may be used. This is, typically, the case ___________ cheques have been used. Note that payment need not be in-house, even if payer and payee have accounts at the same bank
Which 2 of the following terms are related to the topic of your lesson:
Which 2 of the following terms are related to the topic of your lesson:
Which 2 of the following terms are related to the topic of your lesson:
Which 2 of the following terms are related to the topic of your lesson:
Which 2 of the following terms are related to the topic of your lesson:
While it is certainly true that banks need to ___________ their customers and to be present in emerging markets, some have felt that they would prefer to be national banks with an international presence, rather than truly multinational institutions
With a debit transfer the payer has authorized its bank to pay, when the payee presents a debit instrument or ___________ sends a debit instruction. In both cases the payer’s bank debits its customer’s account. Conversely, the payee’s bank credits its customer’s account
With a debit transfer the sequence begins with the payer ___________ its bank to pay, but actual payment is initiated when the payee presents a debit instrument (e.g. a cheque) or debit instruction (e.g. under a direct debit) to the payer’s bank
With a paper-based system such as cheques, the payee’s bank will ‘collect’ the instrument—hence the term debit collection—by presenting it to the payer’s bank, in most cases ___________ an organized clearing system
__________ the clearing banks, merchant banks do not normally provide services to the general public
___________, correspondent payment can involve payment between two banks in the same jurisdiction, if payment is to be in foreign currency. The banks need to use their correspondents in that foreign country, since settlement facilities need to be available in that currency
___________, where the different branches are in different jurisdictions (say London and Singapore), and payment is in the currency of a third country (say Deutschmarks), payment may involve the bank’s correspondent in Germany – this because settlement is across the books of the Bundesbank
… it was a private bank, it enjoyed a special relationship with the government, and became, in effect, the government’s bank
