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1、Part2 Bankingo2.1 Financial institutionso2.2 Personal bankingo2.3 Commercial and retail bankingo2.4 Investment bankingo2.5 Central bankingo2.6 Islamic bankingo2.7 Interest rateo2.8 Money marketo2.9 Money supply and control12.1 Financial institutionsoIn the 20th century, most banks are specialized in
2、 the following areas:oRetail banks(零售银行) or commercial banks（商业银行）;oInvestment banks（投资银行）;oInsurance companies（保险公司）;oBuilding societies（建房互助协会）=savings and loans associations（储蓄贷款协会）.Make loans, receive depositsGive financial advice; Raise capital; Organize mergers and takeover bidsSpecialized in
3、mortgages2DeregulationoIn 1980s and 90s, the financial industry changed radically because of the deregulation(缩小国家对经济干预的范围).oBefore deregulation, commercial banks in US, Britain and Japan was forbidden to do investment banking business.oToday, many international conglomerates（大集团） offer a complete r
4、ange of financial services to satisfy all financial needs.3Specialized banks（专业银行）oCentral banks（中央银行）: issue currency and carry out the governments financial policy.oPrivate banks（私人银行）: manage the assets of rich people or high net worth individuals.oClearing banks（清算银行）: pass cheques and other pay
5、ments through the banking system.oNon-bank financial intermediaries（非银行金融中介）: offer products like personal loans, credit cards and insurance, such as car manufacturers, department stores.4Exercises: which types of banks do the following belong to?o1. The federal reserve was founded by Congress in 19
6、31 to provide the nation with a safer, more flexible, and more stable monetary and financial system.o2. We provide a full range of products and services, including advising on corporate strategy and structure, and raising capital in equity and debt markets.5o3. How can we help you? we can:nBuild a l
7、ong-term, one-to-one relationship with your banker.nManage your familys diverse business and personal assets.nBuild a portfolio tailored to your familys unique needs.nPlan an active role in managing your assets.6o4.Nearly twelve million cheques and credits pass through the system each working day. C
8、heque volumes reached a peak in 1990 but usage has fallen since then, mainly owing to increased use of plastic cards and direct debits by personal customers.7o5. why bank with us? Because we offer:nA comprehensive range of accounts and services.nOver 1600 branches, many with Saturday opening.nFree w
9、ithdrawals from over 31000 cash machines.nOnline and telephone banking for round-the-clock access to your accounts.82.2 Personal bankingo2.2.1 current accounts 经常账户oCurrent accounts=checking accounts, allow customers to take out or withdraw（取出） money freely with a lower rate of interest.oSavings acc
10、ount=deposit account（储蓄账户）, pay more interest but have restriction on when you can withdraw your money.oBanks usually send monthly statements listing recent sums of money going out, called debits （借方）, and sums of money coming in, called credits（贷方）9oDebit card （借记卡）: make withdrawals and do other t
11、ransactions at ATM ( Automatic Teller Machine, 自动提款机)oCredit card （贷记卡，信用卡） : be used for buying goods and services and borrowing money.oIn some countries, people pay bills with cheque or bank transfer（银行转帐）.ocheque=check, ATM=cash dispenser=cash machine102.2.2 Banking products and servicesoCommerci
12、al banks offer loans, overdraft（透支） for small sums of money; banks also offer mortgages to people who want to buy a house or flat. oThese are long-term loans on which the property acts as collateral （抵押品） or a guarantee for the bank. If the borrower cant repay the mortgage, the bank can repossess（收回
13、） it.11oBanks exchange foreign currency（外币） for people going abroad, and sell travelers cheques（旅行支票）.oBanks also offer advice about investments and private pension plans（个人养老金计划）-saving money for when you retire from work.122.2.3 E-bankingoIn the 1990s, many commercial banks thought the future woul
14、d be in telephone banking（电话银行） and internet banking or e-banking（网上银行）. oAs a matter of fact, most of their customers preferred to go to branches（分支机构）-local offices of the bank especially ones that had longer opening hours（营业时间）, and were conveniently situated.132.3 Commercial and retail bankingo2
15、.3.1 commercial and retail banksoWhen people have extra money, they may choose to deposit（存放） it in a bank account, at a commercial or retail bank, and the bank pays interest to the depositors（存款者）.oThe bank then uses the money that has been deposited to grant loans（发放贷款）. Banks make a profit by cha
16、rging a higher rate of interest to borrowers than they pay to depositors.142.3.2 creditoBanks also create credit（创造信用）- make money available for someone to borrow.oThe capital a bank has and the loans it has made are its assets.oThe customers deposits are liabilities because the money is owed to som
17、eone else.oBanks have to keep a certain percentage of their assets as reserves（存款准备金）, which is known as the reserve requirement（准备金要求）.152.3.3 loans and risksoBefore lending money, a bank has to assess(评估) or calculate the risk involved. oMost retail banks have standardized products（标准化产品） for pers
18、onal customers（个人客户）, such as personal loans（个人贷款）, which has the same terms and conditions (条款).16oFor corporate customers（公司客户）, banks have more complicated risk assessment（风险评估）.oBanks have to find a balance between liquidity（流动性） and different maturities（到期日）. They also have to balance yield（收益）
19、 and risk.17Exercises:o1.If you need instant access to all your money, this is the bank account for you.o2.Our products for corporate customers include business overdrafts, loan repayments that reflect your cash flow, and commercial mortgage.18o3.Our local branch managers are encouraged to help loca
20、l businesses and are authorized to grant loans and overdrafts.o4. We offer standardized loans: you can be sure you wont get less favorable terms and conditions than our other personal customers.192.4 Investment bankingo2.4.1 Raising capital 筹集资金oInvestment banks act as intermediaries（中介）, help compa
21、nies and governments raise capital by issuing securities（发行有价证券） such as stocks and bonds, and often underwrite（认购、包销） securities issues.20oWhen companies offer stocks for sale for the first time, it is called initial public offerings (IPOs).oThrough this way, companies can raise funds from public,
22、institutional investors （机构投资者）, such as insurance companies, investments funds （投资基金）, and pension funds.21oInvestment banks also have a stock-broking（股票经纪） and dealing department（交易部门） to execute orders（执行命令） for clients.oThis department also offers advice to investors.222.4.2 mergers and acquisit
23、ionsoInvestment banks often represent firms in mergers（合并） and acquisitions（收购）, and divestitures（剥离，出售）.oMerger: two companies join together to form a new one.oAcquisition: one company buys another one.oDivestiture: a company sells a subsidiary.oAll these services charge fees according to the resul
24、t.232.4.3 consulting and researchoBecause of great experience in financial transactions and large network of contacts with investors and companies that could be interested in a merger or acquisition, investment banks can provide consulting business（咨询业务） to give advice about strategic planning（战略计划）
25、 or financial restructuring（金融重组）.24oLarge investment bank also have extensive research departments with analysts（分析员） and forecasters（预测员） who specialize in the valuation（评估） of different markets, industries, companies, securities and currencies.252.5 Central bankingo2.5.1 The functions of central
26、banksoCentral banks are not “banks”, but governmental institutions（政府部门）.oSome central banks are responsible for monetary policy （货币政策） - trying to control the rate of inflation （通货膨胀率） to maintain financial stability （金融稳定）.26oIn many countries, the central bank supervises （监督）and regulates（控制） the
27、 banking system and the whole financial sector. oIt also collects financial data（金融数据） and publishes statistics, and provides financial information（金融信息） for consumers.oAnother function of central banks is to print and issue currency（发行货币）-put banknotes into circulation（使货币进入流通领域）.272.5.2 Central ba
28、nk and commercial bankoCommercial banks have to keep a certain amount of their deposits to the central bank.oWhen Commercial banks meet a bank run（挤兑）, central banks act as lender of last resort（最终求助借款人）, but central banks dont always bail out（ rescue banks in difficulty，救市）.oReserve-asset ratio（存款准
29、备金率）: the minimum percentage of its deposits a bank has to keep in the central bankoA bank run= a run on the bank282.5.3 Central bank and exchange rateoCentral banks manage a countrys reserve of gold（黄金储备） and foreign currencies（外汇）.oThey try to influence the exchange rate（汇率） by intervening（干预） on
30、the currency markets, and moving the rate up and down by buying or selling their currency to change the balance of supply and demand（供求平衡）.29Exercises:o1. Monetary policy, including setting interest rates, is designed to maintain financial stability.o2. If theres a bank run and the bank goes bankrup
31、t, this can have a rapid effect on the whole financial system.o3. On one day in 1992, the bank of England lost over 1billion in the currency markets, trying to protect the exchange rate of the pound.bank, currency, exchange, financial, monetarymarkets, run, system, policy, rate, stability302.6 Islam
32、ic bankingo2.6.1 Interest-free banking 无利率银行oIslamic banking do not pay interest to depositors or charge interest to borrowers. Instead they invest in companies and share the profits（分享收益） with their depositors.oInvestment financing and trade financing are done on a profit and loss sharing (盈亏共享，a v
33、ery close bank-customer relations) basis. This form of financing is similar to that of venture capitalists.312.6.2 Types of accountsoCurrent accounts（经常账户） in Islamic banks give no return（无利息） to depositors. They are a safekeeping arrangement（保管协议） between the depositors and the bank, which allows t
34、he depositors to withdraw their money at any time, and permits the bank to use this money.32oSavings accounts（储蓄账户） can pay a return to depositors, depending on the banks profitability（赢利性）, but there is no fixed rate of return（无固定收益）.oInvestment accounts（投资帐户） are fixed-term（定期） deposits which cann
35、ot be withdrawn before maturity. They receive a share of the banks profits.332.6.3 Leasing and short-term loansoIf a customer wants to finance a purchase of expensive goods, Islamic bank can buy it for a customer with a leasing（租赁） or hire purchase（分期付款购买） arrangement. oThe bank also can lend money
36、without interest but to cover its expenses with a service charge（服务费）.34The comparison of Conventional banks and Islamic banksConventional banks:Pay interest to depositors;Charge interest to borrowers;Lend money to finance personal consumption goodsIslamic banks:Give no return on current accounts; s
37、hare profits with holders of savings and investment accounts;Share borrowers profit (or losses);Buy items for personal customers with a HP352.7 Interest rateoAn interest rate（利率） is the cost of borrowing money. It is usually set by the central bank, as part of monetary policy（货币政策）, designed to keep
38、 inflation（通货膨胀） low.36oIf interest rate are set too low, the demand for goods and services grows faster than the markets ability to supply them. This causes prices to rise so that inflation occurs.oIf interest rate are set too high, this lowers borrowing and spending. This brings down（降低） inflation
39、, but also reduces output（产出） and employment（就业）.372.7.1 Different interest ratesoThe discount rate（贴现率） is the rate that the central bank sets to lend short-term funds to commercial banks.oThis is the base rate（基准利率） of commercial banks.oBanks make their profit between the interest rate they charge
40、 borrowers and the rates pay to depositors, known as a margin or spread.oBase rate=prime rate 银行优惠贷款利率，银行最低利率38oThe rate that borrowers pay depends on their creditworthiness（信誉）, also known as credit standing or credit rating（信用级别）.oLong-term loans such as mortgages often have floating or variable i
41、nterest rates（浮动利率） that change according to the supply and demand for money.oLeasing or hire purchase (HP，分期付款协议) agreements have higher interest rates than bank loans and overdrafts.392.8 Money marketoThe money markets consist of a network of corporations, financial institutions, investors and gov
42、ernments, which need to borrow or invest short-term capital (up to 12 months)oThrough the money markets, borrowers can find short-term liquidity by turning assets into cash, deal with irregular cash flows-more cheaply than commercial banks.oSimilarly, investors can make short-term deposits with inve
43、stment companies at competitive interest rates.402.8.1 Common money market instrumentsoTreasury bills (T-bills，国库券) are bonds issued by governments. They are sold at a discount from their normal value（票面价值）. The most common maturity is three months.oCommercial paper（商业票据） is a short-term loan issued
44、 by major companies, also sold at a discount. It is unsecured（不安全）.oCertificates of deposit (CDs，存单) are short- or medium-term, interest-paying debt instruments（债务工具）. They are known as time deposits.onormal value=par value=face value41Repos 回购协议oA repurchase agreement (repo，回购协议) is a combination o
45、f two transactions.oA holder of government securities (usually T-bills) sells the securities to a lender and agrees to repurchase them at an agreed future date at an agreed price.422.9 Money supply and controlonarrow money（狭义货币）: only include currency and sight deposit（活期存款）.obroad money（广义货币）: incl
46、ude savings deposits（储蓄存款） and time deposits（定期存款）, as well as money market funds, certificate of deposit, commercial paper, repurchase agreements, and things like that.432.9.1 Measuring money supplyoquantity of money(货币数量) = money supply（货币供应量） velocity of circulation（流通速度）ovelocity of circulation
47、（流通速度）: how quickly it moves from one institution or bank account to another.442.9.2 Changing the money supplyoIn order to prevent inflation（抑制通胀）, the monetary authorities（货币当局） use monetary policy（货币政策） to try to control the amount of money in circulation and its growth.nChange the discount rate o
48、f short-term funds that is lent to commercial banks.nChange commercial banks reserve-asset ratio.nBuy or sell T-bills in open-market operations（公开市场业务） with commercial banks.452.9.3 Monetarism 货币主义oMonetarist economists are those who argue that if you control the money supply, you can control inflat
49、ion.nOpinion 1: inflation is caused by too much monetary growth（货币增长）: too much new money being added to the money stock;nOpinion 2: the growth of money supply comes from increased economic activity: more goods sold and more services performed.46Exercises: true or falseo1. Most money exists on paper
50、, in bank accounts, rather than in notes and coins.o2. Banking customers can withdraw time deposits whenever they like.o3. The amount of money spent is the money multiplied by its velocity of circulation.o4. Central banks can try to control the money supply.o5. Commercial banks can choose which percentage of their deposits they keep in their reserves.47
