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The organization of the financial industry AIMS: To learn about: the organization of the financial industry; key vocabulary of banking products and services To learn how to: express permission, necessity and prohibition To practise: asking and talking about terms and conditions of bank accounts Lead in What services does your bank offer? Which of them you use? If you are still studying, what area of finance you want to work in, and why? If you are already working, what area of finance you work in, and why? Would you like to change your field of activity in the future, and why? Has the institution or company you work for changed significantly in recent years? In what ways? Reading 1: Finance and Corporate finance Read the following passage and choose the correct answer: Finance is concerned with the providing funds to individuals, businesses and governments Finance allows these entities to use credit instead of cash to purchase goods and invest in projects For example, an individual firm can raise money through investors to buy a new factory Government can issue bonds to raise money for projects Finance plays an important role in the economy As banks, credit, or other financial institutions providing credit, they help expand the economy by directing funds from savers to borrowers For example, a bank acquires large amounts of money from the deposits of individual saving account holders The bank does not let this money sit idle, but instead provides loan to borrowers who might build a house or expand a business Corporate finance concerns with how businesses raise and spend their money Companies spend or invest funds in projects that might make the firm more profitable, such as a new factory or an innovated product Corporate finance involves selecting projects that maximize profits and make the best use of a company’s funds Sometimes businesses can fund these projects on their own Other times businesses must raise funds from the outside the company Corporate finance also involves finding the best way for businesses to pay for their projects Unit 1: The organization of the financial industry 1 Finance refers to offering funds to ………… A individuals B businesses C governments D all of them are correct In order to raise capital for projects, the government ………… A borrows money from the World Bank B imposes tax on small companies C increases interest rates D issues bonds After getting large deposits from customers, the bank ………… A keeps them in its reserve B lends C pays employees’ salaries D buys foreign currencies The financial institution is as an intermediary since ………… A it gets deposits from customers and then it provides loans to customers B it operates between buyers and the sellers C it takes capital from its reserve and offers to its creditors D it interferes with financial activities Which of the followings not belong to financial markets? A commodities markets B money markets C insurance markets D potential markets Which entities play the role as an intermediary between lenders and borrowers? A Individuals B Banks C Companies D Bond markets A corporate can raise capital by selling ……… to investors A assets B stocks C business plans D human resources ………… is a large company or business organization A corporate B ownership C shareholder D stock Vocabulary You are going to read a passage of Peter Sinclair, the former director of the Centre for Central Banking Studies at the Bank of England, about the financial industry Before you read, check your understanding of banking vocabulary by completing each sentence with a word from the box bonds deposit mortgage shares takeover capital merger pension stocks A ……………… is a loan to buy property Money you put in the bank is called a ……………………… Money paid to a retired person is called a …………………… Securities representing part-ownership of a company are called ………… or …………… The money invested in a business is its ………………… …………….are interest-paying securities issued by companies that need to borrow money A ……………………… is when a company gains control of another one by buying its stocks A ………………………is when two formerly separate companies join together Unit 1: The organization of the financial industry Reading 1: The development of the financial industry Reading the passage of Peter Sinclair talking about the organization of the financial industry 25 years ago, and answer the questions below: Well, twenty-five years ago the financial industry in most countries had two key characteristics One was that pretty well all the banks and financial institutions in that country were owned in that country, and there were few international links - in many cases none So they were national banks belonging to that country The other key feature was that financial institutions were specialized, so in Britain we had institutions that lent to people who wanted to borrow to buy houses - that means arranging mortgages - so we had specialized things called building societies doing that We had retail banks where individuals and companies kept bank deposits and which made loans to cover short-term outlays and in some cases longer-term investment Then we had another range of institutions like insurance companies to provide life insurance or pensions, and we had investment banks - sometimes called merchant banks These weren't retail banks; they didn't deal with individuals, they dealt with big companies They gave the companies financial advice, maybe arranging mergers, or fighting off a takeover bid, and helped to raise capital, for example by issuing shares or bonds Were most financial institutions national, or international? Were most financial institutions specialized, or did they offer lots of services? What kinds of financial institutions traditionally did the following types of business? Complete the table making loans issuing shares or bonds arranging mergers arranging mortgages providing pensions arranging or fighting takeover bids giving financial advice to companies offering life insurance receiving deposits Retail banks Building societies Insurance companies Investment banks Unit 1: The organization of the financial industry Reading 2: Going international Peter Sinclair says about recent changes in the financial industry, and answer the questions below In the old days in Britain, the merchant or investment banks were pretty well all British and there were big boundaries between building societies and insurance companies and all these other types of companies Well, now if you look at the picture, many banks have become universal banks; perhaps 'banks' is the wrong word Lots of institutions all the things that I have just described - insurance, mortgages, advice, raising capital for companies, and retail banking besides, and the other great change is that so many of the financial institutions – and it is not just true of Britain, true of pretty much everywhere else - are now international So, for example in Britain, two of the big four retail banks have changed ownership: one was taken over by Hong Kong and Shanghai Bank, that was the Midland Bank previously, and it's now changed its name to Hong Kong and Shanghai Bank and it really isn't a British bank any more; and another, National Westminster, was taken over by the Royal Bank of Scotland But if you look at, say, countries like the Czech Republic or Hungary or Poland or New Zealand too, and plenty of other small countries around the world, all their financial institutions pretty well are now owned by foreigners, by German companies, or French companies or Austrian companies - whatever it might be - and the huge international financial institutions are typically, though not all of them, American; and you can now think of the City of London, the world's leading centre for foreign exchange dealings and a great deal of finance, as rather like Wimbledon In other words it's a great big international stage, happens to be in London, but most of the players are foreign; they are nearly all foreign companies that do, for example, the investment banking and so many other things So internationalization and, if you like, homogenization of these hitherto specialized financial institutions Those are the two big recent trends Questions What has recently happened to banks in Britain and many other countries? In what way does Peter Sinclair compare the City of London to the Wimbledon tennis tournament? Which two words does Peter Sinclair use to summarize the two big recent trends in banking? Discussion Has your bank changed in any of the ways described by Peter Sinclair? Unit 1: The organization of the financial industry Vocabulary You are going to read about changes in the banking industry Before you read, check your understanding of the words (1-8) below by matching them with their definitions (a-h) conglomerates a abolished or ended rules and restrictions depositors b sums of money paid as penalties for breaking the law deregulated c groups of companies that have joined together fines d control of something by rules or laws prohibited e guaranteeing to buy a company's newly issued stocks if no one else does regulation f made it illegal to something repealed g people who place money in bank accounts underwriting h cancelled or ended (a law) Reading 3: Regulation and deregulation Read the article, and complete it using the words (1-8) from the Vocabulary exercise above Regulation and deregulation In the late 1920s, several American commercial banks that were (1) ……………… security issues for companies weren't able to sell the stocks to the public, because there wasn't enough demand So they used money belonging to their (2) ………………… to buy these securities If the stock price later fell, their customers lost a lot of money This led the government to step up the (3) ………… of banks, to protect depositors' funds, and to maintain investors' confidence in the banking system In 1933 the Glass-Steagall Act was passed, which (4) ……………… American commercial banks from underwriting securities Only investment banks could issue stocks for corporations In Britain too, retail or commercial banks remained separate from investment or merchant banks A similar law was passed in Japan after World War II Half a century later, in the 1980s and 90s, many banks were looking for new markets and higher profits in a period of increasing globalization So most industrialized countries (5) ……………… their financial systems The Glass-Steagall Act was (6) ………………… A lot of commercial banks merged with or acquired investment banks and insurance companies, which created large financial (7) ……………… The larger American and British banks now offer customers a complete range of financial services, as the universal banks in Germany and Switzerland have done for a long time The law forbidding US commercial banks from operating in more than one state was also abolished Unit 1: The organization of the financial industry In Britain, many building societies, which specialized in mortgages, started to offer the same services as commercial banks Yet in all countries, financial institutions are still quite strictly controlled, either by the central bank or another financial authority In 2002, ten of Wall Street's biggest banks paid (8) ……………… of $1.4 billion for having advised investors, in the 1990s, to buy stocks in companies that they knew had financial difficulties They had done this in order to get investment banking business from these companies - exactly the kind of practice that led the US government to separate commercial and investment banking in the 1930s Put the sentences (a-d) below in the right order on the timeline, and write the time period that each sentence refers to The first one has been done as an example a Major US banks were fined for giving bad advice to investors b Commercial banks used their investors' money to buy securities and many depositors lost money c Many banking regulations were ended and big financial conglomerates were formed d New laws in the US and Britain separated commercial and investment banks 1900 b-1920s 2000 Look at the following statements Are they true or false, according to the article? a The Glass-Steagall Act was the result of the behaviour of investment banks b The British and American financial markets are now completely unregulated c German and Swiss banks did all types of banking business at a time when American and British ones were not allowed to d During the 20th century, many financial markets first became more regulated, and then less regulated e Large American banks no longer the kind of things that led to the separation of investment and commercial banking in the 1930s Discussion o Which are the largest banks (or financial conglomerates) in your country? o To what extent is banking regulated in your country? What are the advantages and disadvantages of this? Unit 1: The organization of the financial industry Language focus Permission, necessity and prohibition A The Reading article gives information about banking regulations - how banking is controlled by rules Look at the following sentences and underline the words that are used to describe things that are permitted, necessary, not necessary, or prohibited (forbidden) Although banks are allowed to open on Saturdays, most of them don't Banks aren't allowed to charge less than the minimum interest rate Commercial banks have to deposit part of their reserves at the central bank If you have a credit card, you don't need to pay cash If you keep at least $1,000 in the bank, you don't have to pay charges Today, retail banks need to react to competition from building societies Our policy states that we can't lend you more than one month's salary You can pay me back at the end of the month You must keep at least $1,000 in the account if you want free banking 10 You mustn't use this loan for any other purpose 11 You needn't go to the bank - you can it on the internet B Put the sentences into the correct columns, according to their meaning The first one has been done as an example Meaning Permission Sentence number Verbs used Necessity or obligation No necessity or no obligation Prohibition Be allowed to These verbs change if we talk about the past: Present Past can / can't must mustn't is / are [not) allowed to has / have to doesn't / don't have to need to needn't / don't need to was / were [not) able to OR could / couldn't had to was / were not allowed to OR couldn't was / were[not)allowed to OR could / couldn't had to didn't have to needed to didn't need to Unit 1: The organization of the financial industry Examples: - I had a credit card, so I didn't need to pay cash - I had to keep $1,000 in the account C Complete each sentence using a verb Look back at the Reading and Listening exercises to find the information you need In the 1970s, US commercial banks ……………….do business in more than one state Today, US banks ……………….operate in several states Today, American banks …………………be specialized any more For most of the 20th century, commercial banks …………………issue shares Banks ………………….sell stocks to their own customers if it is not in the customers' interest Today, building societies …………………….restrict their activity to mortgages German banks were always ……………………do business with both large companies and small individual customers Before deregulation, foreign banks …………………operate in many countries Even after deregulation, banks still…………………… obey a lot of laws 10 Twenty-five years ago, most banks ………………….worry about foreign competition Unit 1: The organization of the financial industry New words: − finance → financial − prohibit [,prouhi'bi∫n] − former : tổ chức [,ɔ:gənai'zei∫n] (n) (n) ['fɔ:mə] →formerly (n) (v) [,insti'tju:∫n] ['eəriə] (adj) ['fɔ:məli] ['kæpitl] − deposit [di'pɔzit] →depositor : trước đây, cũ (adv) (n) :khoản tiền gửi (ở ngân hàng) (n) [di'pɔzitə] (n) [∫eə] : (v) chấp ; (n) việc chấp (n) : tiền trợ cấp, lương hưu (n) = stock − to take over : tiếp quản, tiếp tục ['prɔpəti] − to retire : cổ phần, cổ phiếu (n) : tiếp quản (một công ty cách mua đa số cổ phần nó) ['teik'ouvə] − property : người gửi tiền : việc hợp ['mɔ:gidʒ] ['pen∫n] − takeover : vốn (n) ['mə:dʒə] − mortgage − share : thể chế, việc thành lập : trái phiếu − capital − pension (n) : phạm vi, vùng − bond (n) − merger cấm : thuật ngữ, kỳ hạn ['ɔ:gənaiz] →organization − area [fə'bid]: (n) [tə:m] − institution (adj) (v) = forbid [prə'hibit] − organize : tài [fai'nỉn∫l] →prohibition − term (n) ['fainæns] [ri'taiə] (n) : tài sản, bất động sản (v) : nghỉ hưu − securities [si'kjuərətiz] (pl.n) : chứng khoán − represent [,repri'zent] (v) : tượng trưng cho, đại diện cho, trình bày ['ounə∫ip] (n) : quyền sở hữu − ownership − invest [in'vest] − interest ['intrəst] (v) : đầu tư (n) : lãi suất − interest rate : lãi suất − to gain control : giành kiểm soát − separate ['sepəreit] (adj) − specialize ['spe∫əlaiz] − insurance [in'∫uərəns] (v) (in) (n) : riêng biệt, khác : chuyên : bảo hiểm Unit 1: The organization of the financial industry − society − summarize − recent (n) [sə'saiəti] : đoàn thể , hội (v) : tổng hợp (adj) Ỉ recently (adv) : gần ['sʌməraiz] ['ri:snt] − trend : (v) có xu hướng ,(n) xu hướng − conglomerate − regulate − abolish (v) : bãi bỏ quy định (v,n) [ri'pi:l] : hủy bỏ, bãi bỏ (một đạo luật) (v) ['ʌndərait] [ə'bɔli∫] : khối kết : điều chỉnh [di:,regju'lei∫n] − underwrite (n) (v) ['regjuleit] − deregulate − repeal [kən'glɔməreit] : nhận bảo hiểm (rủi ro) (v) : hủy bỏ − restrict [ri'strikt] (v) Ỉrestriction[ri'strik∫n] (n) : hạn chế, giới hạn − penalty ['penlti] − confident − merchant − behaviour (n) (adj) : toàn cầu (n) (adv) [bi'heivjə] [ri'zə:v] : tin tưởng : thương nhân ['gloubəlai’zei∫n] ['striktli] : tin tưởng, tự tin (n) ['mə:t∫ənt] →globalization − reserve (adj) ['kɔnfidəns] ['gloubəl] − strictly : hình phạt, tiền phạt, tình bất lợi ['kɔnfidənt] →confidence − global (n) : chặt chẽ, cách nghiêm khắc (n) : hành vi, cách cư xử (v) : dự trữ, đặt trước − react (v) − obligate : phản ứng ['ɔbligeit] →obligation − characteristic − feature − outlay : việc tồn cầu hóa (v) [,ɔbli'gei∫n] : bắt buộc (n) [,kỉriktə'ristik] (n) ['fi:t∫ə] ['autlei] (n) : nghĩa vụ, bổn phận :(adj) tiêu biểu , (n) đặc điểm : nét đặc biệt, đặc trưng : tiền chi tiêu, kinh phí − to fight someone/ something off : đẩy lùi, đánh bại − internationalization (n) : quốc tế hóa − homogenization − hitherto [hɔ'mɔdʒinai’zei∫n] [,hiđə'tu:] (adv) (n) : làm cho đồng : Unit 1: The organization of the financial industry 10 ... the article, and complete it using the words (1- 8) from the Vocabulary exercise above Regulation and deregulation In the late 19 20s, several American commercial banks that were (1) ……………… security... (n) : riêng biệt, khác : chuyên : bảo hiểm Unit 1: The organization of the financial industry − society − summarize − recent (n) [sə'saiəti] : đoàn thể , hội (v) : tổng hợp (adj) Ỉ recently (adv)... needed to didn't need to Unit 1: The organization of the financial industry Examples: - I had a credit card, so I didn't need to pay cash - I had to keep $1, 000 in the account C Complete each sentence