You are on page 1of 38

WORKSHEET 1

I.TRANSLATE INTO ROMANIAN:


Almost unnoticed, Japanese companies are starting to turn away from their obsessive pursuit
of market share towards a more western-style stress on profitability and return on equity.
The change will have a profound effect on how corporate Japan manages itself. The shift in
strategy has been partly prompted by a worse-than-expected economic slowdown. But
Japanese companies have also begun to realise that there is a practical limit to the pursuit of
market share. Quite apart from the political constraints imposed by the threat of a
protectionist backlash, there are also sound commercial reasons for changing course. In the
easy credit conditions of the late 1980s, the pursuit of market share almost regardless of cost
led to wasteful spending, diseconomies of scale and a proliferation of products that are now
clogging Tokyo warehouses. Corporate Japan faces the prospect of a third consecutive year of
declining company profits in the fiscal year to March. This will be the first time this has
occurred since 1945, which is one good reason why the Tokyo stock market is depressed.
Other signs of corporate weakness abound. Inventories have soared. Industrial output will
decline by 4% in the first three months, the biggest drop since 1975.The most dramatic
change to come, however, may be in capital spending. Robust private-business investment
has been at the core of Japanese economic strength. Japanese firms indulged in investment
overkill in the so-called Heisei boom which began in late 1986 and ended in 1991.Capital
spending accounted for two-thirds of the growth in real GNP during those five years. But
business spending was even greater than this figure suggests, since firms spent lavishly in the
boom years buying land at crazy prices on which to build unproductive assets like corporate
dormitories. Yet, land is not included in official measures of capital spending.

Aproape neobservate companiile europene incep sa renunte la goana lor obsesiva dupa cota
de piata si sa se indrepte mai mult spre un stil occidental sa puna accentul pe rentabilitate sis
a se intoarca la echitate. Schimbarea va avea un efect profund asupra conducerii corporatiei
japoneze. Schimbarea de strategie a fost, in parte, provocata de o criza economica mai rea
decat era de asteptat. Dar companiile japoneze au inceput sa-si dea seama ca exista o limita
reala in dobandirea cotei de piata. In afara de constrangerile politice impuse de amenintarea
unei reactii protectioniste sunt si cause comerciale intemeiate pentru schimbarea directiei. In
conditiile oferite de creditare usoara la finalul anilor 80, urmarirea cotei de piata indiferent de
cat costa|urmari a dus la o cheltuiala inutila, dezeconomii de scara si proliferarea produselor
care acum blocheaza depozitele din Tokyo. Corporatiile japoneze infrunta perspective unui al
3lea an consecutive in care profitul companiei sa scada in anul fiscal care se incheie in Martie.
Va fi prima data de la 1945 cand se intampla asta ceea ce este o buna explicatie|motiv la
caderea bursei de valori de la Tokyo. Alte semen ale slabiciunii corporative se gasesc in
numar mare. Stocurile au crescut vertiginous. Productia industrial va scade cu 4% in primele
3 luni, cea mai abrupt scadere din anul 1975. Totusi cea mai drastic schimbare ce urmeaza
poate fi in cheltuielile de capital. Marile investitii in afacerile private au stat la baza puterii
economice japoneze. Firmele japoneze (si-) au permis excesul de investitii in timpul asa
numitului boom Heisei care a inceput la sfarsitul anului 1986 si s-a incheiat in 1991.
Cheltuala de capital reprezinta doua treimi din cresterea PNB in timpul acestor 5 ani. Dar
cheltuiala a fost mai mare decat sugereaza aceasta cifra|graphic de cand companiile au cheltuit
peste masura in timpul boom-ului cumparan pamant la preturi uimitoare pe care sa
construiasca bunuri de valoare neproductive ca de exemplu dormitoare ale corporatiei si inca
pamantul nu este inclus in masurile oficiale ale cheltuielii de capital.
II.DECIDE WHICH OF THE THREE ALTERNATIVES GIVEN MEANS
APPROXIMATELY THE SAME THING IN THE CONTEXT OF THE PASSAGE AS
THE WORD(S) IN ITALIC TYPE:
1.market share:a.the business of dealing in stocks and shares; b. an enclosed area in a
market place; c.the proportion of the total demand that is supplied by a particular
manufacturer or brand.
2.equity: a.fairness; b.the part of a companys capital that belongs to the
shareholders; c.a branch of law.
3.slowdown: a.reduction in activity;b.protest by workers in which they deliberately
work slowly and cause problems; c.collapse.
4.backlash:a.revolt; b.acceptance; c.strong reaction against
5.regardless of :a.taking something into account; b.in spite of; c.on condition
6.diseconomies of scale:a.decreases in costs; b.increases in efficiency; c.decreases
in efficiency and rising costs
7.clog:a.free; b.jam; c.not to allow free movement
8.prospect:a.view; b.chance; c.expectation.
9.stockmarket:a.stock exchange; b.open-air market; c.the market in which goods are
traded.
10.inventory :a.detailed list of things; b.raw materials and unsold stock held by a
business; c.list of furniture provided by the owner the tenant.
11.soar :a.tower; b.decrease;c.rocket.
12.overkill:a.lack; b.average; c.excess.
13.figure :a.form; b.person; c.digit
14.lavishly : a.generously; b.economically; c.sparsely.
15.assets : a.liabilities; b.debts; c.possessions.

III.TRANSLATE INTO ENGLISH:


PACIENII FMI SE VINDEC DIN CE N CE MAI GREU
Odinioar era confortabil s crezi c sistemul financiar internaional era un Dumnezeu bun i
drept.rile care nregistrau mari deficite bugetare i mprumutau din strintate pentru a
finana consumul, mai degrab dect investiiile, erau pedepsite prin fuga capitalurilor i
deprecierea monedei naionale.rile care duceau o politic prudent erau recompensate
prin cretere sntoas i un flux stabil al veniturilor din investiii.La adunarea anual din
octaonbrie, de la Washington, reprezentanii FMI i ai Bncii Mondiale, mpreun cu
minitrii de finane i reprezentani ai marilor bnci, s-au confruntat cu o realitate complet
diferit.ri cum sunt Coreea de Sud, Thailanda, Malaezia i Indonezia care, timp de decenii,
au fost considerate modele de dezvoltare pentru restul lumii, au fost rvite de fuga
capitalurilor.n acelai timp, planurile de salvare ale FMI pentru aceste ri nu par s
funcioneze.omajul i nivelul dobnzilor au rbufnit, monedele s-au prbuit i
prosperitatea s-a transformat n pauperizare i revolte.Fluxul fondurilor private ctre aceste
ri s-a ngustat pn la stopare.Chair i Thailanda, care a fcut progrese nsemnate m
modernizarea sistemului su financiar i legislativ, nu se va putea redresa dect peste ani.Pe
ansamblul rilor asiatice lovite de criz se va nregistra n acest an o contracie de 5%,
potrivit Ageniei Standard&Poors, fa de creterea medie de 5% n anii 1996-1997.Cu att
mai grav este faptul c ncercrile de asanare a crizei, care se rostogolete peste noi i noi
piee, nu au avut succes - vezi Rusia i America Latin.Ultima victim este Brazilia, unde
piaa de capital s-a prbuit cu 40% n cteva luni.A aprut, ca urmare teama c o serie de
deficiene vor genera o dezordine n sistemul financiar global.Reverberaiile crizei au ajuns i
n SUA, prin colapsul nregistrat de Fondul de investiii Long-Term Capital Management.

Once it was confortable to believe that the international financial system was a good and right
God. The states that registered a deficit and made loans abroad in order to finance the
consumption rather than the investiments were punished and the capital the capital outflow
the depreciation of the national currency. The countries that had a cautious politics were
repaid with a healthy growth and constant income from investiments. At the annual October
assembly in Washington the representatives of IMf and world bank along with chancellors of
the exchequer and representatives of the big banks faced a reality completly different.
Countries such as South Koree, Thailand, Malysia and Indonisia which for decades have been
considered examples of development for the rest of the world, were rummaged by the
capitals outflow. At the same time, the bailouts of the IMF for this countries dont seem to
work. The unemployment benefit and the interest level fared up, the currency collapsed and
prosperity changed in impoverishment and uprisings.

IV. MATCH THE TERMS IN LIST A WITH THEIR DEFINITIONS IN LIST B;


TRANSLATE THESE TERMS INTO ROMANIAN .

A. exchange rate ; the price at which one curreny can be exchanged for another
currency (rata de schimb)
interest; money chargeable to a loan (dobanda)
mortgage; a loan to purchase property; ( credit ipotecar)
an overdrawn account; a bank account with minus money in it ( cont descoperit, fara
acoperire
savings account; an account that is used maninly for keeping money; (cont de
economii)
current account; an account that cheques are drawn for day-to-day use;(cont current)
pension; .; money paid to people after a certain age (pensie)
disability allowance; money paid to people with a handicap ( alocatie de invaliditate)
child benefit; money given by the government for education,welfare,etc(alocatie)
grant money paid towards the cost of raising a family (suventie)

V.MATCH THE TERMS IN LIST A WITH THEIR CORRECT DEFINITION IN LIST


B, TRANSLATE THEM INTO ROMANIAN AND USE THEM IN SENTENCES OF
YOUR OWN:

A. MONETARY POLICY; movement of capital as if in a steam (politica monetara)


COMMODITY PRICE; amount of money to be paid for a useful article that needs a
manufacturing process before it is ready for the consumer ( pretul materiilor
prime si metalelor pretioase)
EXCHANGE RATE; the price at which one currency can be exchange for another
currency (rata de schimb)
EMPLOYMENT; the state of having paid work to do (ocuparea fortei de
munca)
GROSS DOMESTIC PRODUCT; that part of the national product remaining after
taking away the country`s net income from abroad ( produsul intern brut)
PUBLIC EXPENDITURE; money spent by the government on the needs of the
country, public services, etc (cheltuieli publice)
BALANCE OF PAYMENTS; the difference between the amount of money a
country pays for its imports and the amount it receives for its exports(balanta de
plati);
CAPITAL FLOW; the control of a country`s currency and its system for lending
and borrowing money, especially through the supply of money (flux de capital)
FOREIGN RESERVES; the amount of foreign currency that a country has
(reserve valutare)
STATE ASSETS all property owed by the state (proprietatile statului)

VI. Fill in the blanks with the appropriate words in the list below:

DEBENTURES (obligatiuni), SHARES, ISSUES (emisiuni de actiuni), AUTHORISED


CAPITAL(capital autorizat), LODGE (a depune), SUBJECT , MANAGEMENT
(gestiune), FINANCIAL RESOURCES (resurse financiare), DEMAND (cerere),
FREEDOM, BUSINESS, CAPITAL, LOSS, INCORPORATION(inregistrarea)

Before any business starts, AUTHORIZED CAPITAL must be raised and the amount of
capital and the methods of raising it depend on the type of BUSINESS organisation.The sole
trader has control of his capital with almost complete FREEDOM from external
interference, but his business can succeed only when the commodities are in regular
DEMAND. and the expansion of his business is limited to the FINANCIAL RESOURCE
of the owner.The partners not only take an active part in the MANAGEMENT. of the
business but they share the resulting profit or LOSS as well. The utility service companies
are granted special privileges and rights but they are SUBJECT to restrictions for consumer
protection.Before a public or private company begins business, it must LODGE with the
Register of Business a number of documents.The amount of the CAPITAL must be stated in
the Charter of the Company.The Registrar ISSUES. the Certificate of INCORPORATION .
The working capital is obtained by the issue of DEBENTURES . If a company finds its capital
fails to meet its requirements it can obtain additional funds by the issue of SHARES .
WORKSHEET 2

I.TRANSLATE INTO ROMANIAN:


If the ECB is squeamish about funding governments, it is quite content to provide banks
with cheap, long-term cash that might be used to buy sovereign bonds. Yet the ECBs offer
of unlimited liquidity to banks is not a close substitute for direct bond purchases. The ECBs
qualms put the onus on governments to bolster the euro zones rescue resources to stem a
self-fulfilling run on the bond markets of Italy and Spain. But the EU summit fell short of
what was required, just as all previous such gatherings had. Much diplomatic effort was
wasted on securing a new fiscal compact, which tries to build upon the rubble of the
failed stability and growth pact. The new pact commits euro-zone members to a structural
budget deficit (ie, allowing for the economic cycle) of no more than 0.5% of GDP a year.
This fiscal rule is to be hard-wired into each countrys constitution to make compliance
likelier. Fines for breaching the old pacts limits of a 3% of GDP budget deficit will be
automatic, unless voted down by the bulk of the euro zone. The pacts rigidity would make
recessions worse, and the new fiscal rule would not have kept Ireland or Spain out of
trouble. The commitment to the compact might at least have eased bond-market tensions if it
were presented as a staging post to a fiscal union or to common bonds. Sadly, there was no
mention of Eurobonds in the summits final communiqu. Nor was there enough progress
in increasing the rescue funds for troubled sovereigns. The summit pledged up to 200
billion of new money for the IMF to deal with the crisis in the hope that other contributions
from outside Europe might follow. The euro zones permanent rescue fund, the European
Stability Mechanism (ESM), may come into operation as soon as June, a year earlier than
planned, and will be able to respond to a new emergency as soon as 85% of the euro zone
(by voting weights) gives it clearance. But any increase in its 500 billion kitty will not be
considered until March. Even if the summits pledge of 200 billion to the IMF is matched by
others and then combined with the 250 billion or so that is left in the euro zones temporary
rescue fund, the money available would be barely enough to cover the borrowing needs of
Spain and Italy over the next two years. It is well short of what was needed to persuade
skeptical investors that big euro-zone countries are safe from runs on their bond markets.
And though the Brussels summit ruled that private-sector involvement (ie, losses) would
not be mandatory were a country forced to tap the ESM, reliance on IMF funds to augment
the euro zones own resources will make investors nervous. The IMF usually gets its money
back first, leaving private investors to take any losses. This package was supposed to save
the euro but is clearly inadequate. Unless a more impressive cure for the euros ills is agreed
soon, it is hard to see it surviving the next year intact.

Poate ca banca central europeana este dezgustata cu privire la finantarile statelor, dar este
fericita sa le asigure bancilor bani lichizi ieftini si pe termen lung care ar putea fi folositi la
cumpararea obligatiunilor suverane. Totusi oferta BCE de lichiditati nelimitate adresata
bancilor nu reprezinta substitute appropriate ale achizitilor de obligatiuni direct. Suspiciunile
BCE au obligat guverne sa consolideze resursele de salvare a zonei euro pentru a impiedica
auto retragerea masiva de pe piata obligatiunilor a Italiei si Spaniei. Dar intalnirea la cel mai
inalt nivel a UE nu a reusit sa-si atinga obiectivele la fel cum s-a intamplat si in cazul
adunarilor precedente. Un effort diplomatux considerabil a fost irosit pe asigurare unui
nouaccord fiscal care incearca sa dezvolte pe ramasitele unui pact de stabilitate si crestere
esuat. Noul pact oblige statele member ale zonei euro la undeficit bugetar structural ( adica
permitand ciclul economic) de nu mai mult de 0,5% din PIB pe un an. Aceasta norma
bugetara trebuie puternic implementata in constitutia fiecarei tari pentru a permite
respectarea ei. Vor fi aplicate in mod automat amenzi pentru incalcarea limitelor vechiului
pact de 3% din deficitul bugetar PIB, doar in cazul in care majoritatea statelor din zona euro
nu voteaza impotriva. Rigiditatea pactului ar urma sa agraveze recesiuneaiar noua norma
bugetara nu ar scuti Irlanda si Spania de probleme. Angajamentul fata de pact ar fi putut sa
calmeze tensiunile pe piata obligatiunilor daca ar fi fost prezentat ca o etapa importanta pt o
uniune fiscal sau pt obligatiunile comune. Din pacate euro obligatiunile nici macar nu au fost
mentionate in comunicatul definitiv de presa din cadrul intalnirii la cel mai inalt nivel. De
asemenea, nu s-a facut un progress semnificativ in incercarea de a creste fondurile de slavare
a tarilor cu probleme financiare. Summit-ul a promis un ajutor in valoare de pana la 200 de
miliarde de euro din bani noi pt ca FMI sa se ocupe de criza financiara in speranta ca ar putea
urma si alte contributii din afara Europei. Este posibil ca fondul permanent de salvare a zonei
euro, Mecanismul European de stabilitate ( MES) sa intre in functiune inca din iunie, cu un
an inainte decat era planificat sis a fie capabil sa intervina in cazul unei noi situatiide urgent
imediat ce 85 % din statele member ale zonei euro ( ca urmare a votului ponderat)
autorizeaza mecanismul. Nicio crestere in fondul sau de 500 de miliarde de euro nu va fi
luata in considerare pana in Martie. Chiar daca ajutorul in valoare de 200 de miliarde de euro
promis de FMI este echivalat de altii si apoi combinat cu cei aproximativ 250 de miliarde de
euro lasati in fondul temporar de valoare al zonei euro, banii disponibili de abia ar fi de ajuns
pt a acoperi nevoile de finantare ale Spaniei si Italiei din urmatorii doi an. Acest lucru nu este
nici pe departe la fel de greu cum a fost convingerea investitorilor sceptici ca tarile mari din
zona euro nu sunt in pericolul retragerii massive de pe piata obligatiunilor. Si desi intalnirea
de la bruxelles a decis ca implicarea sectorului privat ( adica pierderile) nu va fi obligatory
in cazul in care o tara va fi bfortata sa imprumute bani de la MES, nadejdea pusa in fondurile
FMI de a creste propriile resurse ale zonei euro ii va intimida pe investitori. De obicei FMi isi
primeste banii inapoi primul, lasandu-I pe investitorii rpivati sa suporte orice pierdere. Se
presupunea ca acest pachet trebuia sa salveze moneda euro, dar este clar nepotrivit. Va fi
greu ca moneda euro sa ramana intact anul viitor asta daca nu se gaseste un leac
impresionant pentru boala sa.

II.DECIDE WHICH OF THE THREE ALTERNATIVES GIVEN MEANS


APPROXIMATELY THE SAME THING IN THE CONTEXT OF THE PASSAGE AS
THE WORD(S) IN ITALIC TYPE:
1. fund: a) finance or underwrite a business, program, or project; b) a collection of
assets belonging to a trust, held by the trustees for the beneficiaries; c) an investment vehicle
that is made up of a pool of funds collected from many investors
2. sovereign bonds: a) an instrument of indebtedness of the bond issuer to the holders; b)
bonds issued by governments. They can be either local-currency-denominated
or denominated in a foreign currency; c) a bond that a corporation issues to raise
money effectively in order to expand its business.
3. liquidity: a) a high volume of activity in a market.; b)the state of being neither a gas nor a
solid ; c) liquid assets
4. run on: a) a particular type; b) a long vertical hole; c) a situation that occurs when a
large number of bank or other financial institution's customers withdraw their
deposits simultaneously due to concerns about the bank's solvency.
5. bond market: a) primarily includes government-issued securities and
corporate debt securities, and facilitates the transfer of capital from savers to
the issuers or organizations requiring capital for government projects, business
expansions and ongoing operations.; b) a medium that allows buyers and sellers of a
specific good or service to interact in order to facilitate an exchange ; c)
Network of banks, discount houses, institutional investors, and money dealers who borrow
and lend among themselves for the short-term (typically 90 days).
6. fiscal compact: a) reinforced surveillance and coordination of economic policies; b)
financial sanctions for euro-area Member States are imposed in a gradual way; c)
an intergovernmental treaty signed by 25 EU Member States which establishes
that national budgets must be in balance or in surplus under the balanced
budget rule, a criterion that is met if the annual structural government deficit
does not exceed 0.5% of GDP at market prices.
7. budget deficit: a)the amount by which government expenditure exceeds
income from taxation, customs duties, etc., in any one financial year; b)
The amount by which a government's, company's, or individual's income exceeds its
spending over a particular period of time; c) an estimate of income and expenditure for a set
period of time.;
8. Eurobonds: a) a stock or any other security representing an ownership interest ;
b)national bonds denominated in the national currency of the country where it is issued; c)
an international bond issued in Europe or elsewhere outside the country in
whose currency its value is stated;
9. fiscal rule: a) a permanent constraint on fiscal policy through simple numerical limits
on budgetary aggregates; b) relating to government revenue, especially taxes.; c) a legal or
treasury official in some countries;
10. fiscal union: a) an organized association of workers in a trade, group of trades, or
profession, formed to protect and further their rights and interests.; b) the action of joining
together or the fact of being joined together, especially in a political context; c) the
integration of the fiscal policy of nations or states. Under fiscal union decisions
about the collection and expenditure of taxes are taken by common institutions,
shared by the participating governments;
11. sovereigna) a supreme ruler, especially a monarch;b) Self governing; independent
state; c) possessing supreme or ultimate power
12. European Stability Mechanism: a) international financial institution established to
provide financial assistance to non-euro area member states experiencing severe financial
difficulties; b) a non-profit European Union institution based in Luxembourg that makes
loans, makes guarantees, provides technical assistance and provides venture capital for
business projects that are expected to further EU policy objectives; c) an international
organisation located in Luxembourg which was established on 27 September
2012 as a permanent firewall for the eurozone to safeguard and provide instant
access to financial assistance programs for member states of the eurozone in
financial difficulty;
13. euro zone: a)the Member States of the EU ; b) the economic region formed by
those member countries of the European Union that have adopted the euro ; c)
all the states in Europe;
14 borrowing. a) receiving something of value in exchange for an obligation to pay back
something of usually greater value at a particular time in the future; b) taking and using
something that belong to someone else for a period of time before returning it; c)receiving
money from another party with the agreement that the money will be repaid
15. private investors: a) a person or a private company whose shares are privately held
and not traded on a stock market that makes investment; b) money that
a government spends on public services, such as education and health; c) a person who
allocates capital with the expectation of a financial return;

III.Translate into English:Ungaria s-a numrat, mpreun cu Islanda, printre primele victime
europene ale crizei financiare care a debutat n toamna lui 2008, cnd s-a prbuit colosul bancar
Lehman Brothers. A avut urgent nevoie de un ajutor financiar internaional, pe care l-a primit de la
troika finanatoare condus de FMI, coordonat de Comisia European i asistat de Banca Mondial.
Cderea economiei a fost acompaniat i amplificat de efectele perverse ale creditrii n monede
exotice. Aproape toate creditele ungurilor fuseser acordate n franci elveieni i o mic parte n yeni
japonezi. Ungurii au preferat creditele exotice, deoarece erau mai ieftine, forintul fiind, alturi de leu,
una dintre cele mai scumpe monede europene. Ungaria i-a redresat, discret i parial, economia cu
susinerea troiki i a intrat ntr-un con de umbr, datorit provocrilor pe care Grecia le-a pus n faa
pieei financiare internaionale. ntre timp, guvernul care articulase un program de austeritate a fost
alungat n alegeri i a aprut pe scena politic de la Budapesta o alian care a alungat FMI-ul,
ntrerupnd un acord incomod i a aplicat un set nesfrit de politici neortodoxe. ntr-adevr, Ungaria
prea s nu mai aib nevoie de banii pe care FMI & Co. i livra zgrcit i condiionat. Guvernul pusese
mna pe banii fondurilor de pensii private, vreo zece miliarde de euro. Apoi se atepta la ali bani
frumoi, pe care ar fi urmat s-i scoat taxarea suplimentar a bncilor. ntre timp, banii confiscai de
la fondurile de pensii s-au terminat, iar bncile nu au avut profiturile ateptate, aa c n-au putut livra
sume consistente unui buget hmesit. Confiscarea fondurilor de pensii private a avut ca efect
retragerea multor investitori strini de portofoliu din piaa financiar ungar. Pe de alt parte, banii
fondurilor de pensii erau plasai n cea mai mare parte n titluri de stat, deci finanau deficitul bugetar.
Acum, din piaa ungar lipsesc 10 miliarde de euro care ar fi putut susine mprumuturile statului din
piaa financiar intern. Cabinetul condus de Viktor Orbn i-a continuat ns programul de politici
neortodoxe i a atacat independena Bncii Centrale a Ungariei. Orbn a schimbat legea bancar, de
aa manier nct guvernul s poat controla, indirect, deciziile de politic monetar ale Bncii
Centrale. Au aprut speculaii potrivit crora guvernul ungar ar fi dorit s mite att valuta din
vistieria Bncii Centrale pentru a plti datoriile statutului, ct i tiparnia de bani. Ministrul Economiei
a dezminit zvonul privitor la mnuirea valutei, nu i cel referitor la tiparni. Budapesta a lansat
operaiunile de schimbare a legislaiei privind Banca Central spre finalul anului, dorindu-i probabil
s treac neobservat de o pia financiar obsedat de zona euro.

Hungary and Iceland were the first european victims of the financial crisis which began in the autumn
2008, when the banking colossus Lehman Brothers collapsed. It immediatly needed an international
financial aid, which it received from the financing trika headed by IM, coordinating by the European
Commission and assisted by the World Bank. The economic collapse was accompanied and amplified
by the negative side effects of loans denominated inexotic currencies. Almost all the hungarian loans
had been granted denominated in Swiss francs and a small part of them in japanese yens. The
hunarians preferred exotic loans because they were cheaper while the forint together with the
romanian leu was the most expensive european currency. Hungary put quietly and partially its
economy back on track with troikas support and then was forgotten due to the challenges that greece
put in front of the global financial market. Meanwhile the government which had drafted and austerity
programme lost the ellections and on Budapest political arena emerged an alliance wich banished the
IMF cancelling an uncomfortable agreement and applied an endless set of unorthodox policies
.Endeed Hungary seemed not to need the money which the IMF and CO was delivering miserly and
conditionally.The goverment had grabed the private pension funds money , 10 millions euros. Then
the goverment was expecting to receive more money following the banks additional taxation .
Meanwhile the money confiscated from the pension fund ran out and the banks did not make teh
expected profit , so they were not able to deliver big amounts of money to a famished budget . The
private pension funds seising resulted in a run on the hungarian finnancial market . On the other hand
, the money from th e pension funds was denominated mostly in goverment securities , so they were
financing the budget deficit . now the hungarian market lacs 10 million euros wich could have
supported the countrys loans from the internal financial market . But Viktor Orbans cabinet
continued its program of unorthodox policies and jeopardized the hungarian central banks
indipendency .Orban changed the fiscal rule , so that the goverment should control indirectly the
central bank monetary policy decisions . There appeared some speculations according to which the
hungarian goverment would have wanted to move both the foregn currency from the central banks
vaults to pay off the souveraigne debts and the money printing press. The ministery of economy
refutedthe rumor regarding the foreign currency manipulation , but not that regarding the press.
Budapest authorities initiated changing operations regarding the central law towards the end of the
year , probably wanting to go unnoticed on a financial marker obsessed by euro zone .

IV. Provide synonyms for the words/phrases and use them in sentences of your
own:
put the onus on: to have an obligation, to make someone responsible for sth.
Substitute: replacement
Purchases: acquisitions
fall short of: fail to meet
fine: sanction, penalty
bulk: majority
rigidity:inflexibility, severity
pledge: promise
rescue fund: saving fund, bailout fund
give clearance: to authorize, permit
kitty: pool, money savings

V.Match the words/phrases in List A with the words/phrases in List B below to


form collocations, define the terms thus obtained, translate them into
Romanian and then use them in sentences of your own:
Europena exchange rate mechanism: The European Exchange Rate Mechanism (ERM)
was a system introduced by the European Economic Community on 13 March 1979, as part
of the European Monetary System (EMS), to reduce exchange rate variability and achieve
monetary stability in Europe, in preparation for Economic and Monetary Union and the
introduction of a single currency, the euro, which took place on 1 January 1999. (
mecanismul european al ratelor de schimb)
Sovereign debt: the amount of money that a countrs government has borrowed typically
issued as bonds denominated in a reserve currency ( datorii suverane)
European financial stability facility: The European Financial Stability Facility (EFSF) was
created as a temporary crisis resolution mechanism by the euro area Member States in June
2010. The EFSF has provided financial assistance to Ireland, Portugal and Greece. ( fondul
european de stabilitate financiara)
Cap budget deficit: a budget deficit is an indicator of financial health in which
expeditures exceed revenue ( a limita deficitul bugetar)
Foreign currency reserves: the amount of foreign currency reserves that are held by the
Central bank of a country ( rezerve valutare)

VI. Translate the following terms into English and use them in your own
sentences:
Fond de investitii: investement fund
participatie la o proprietate: ownership stake
achizitii publice; public procurement
teren; land, piece of property
a detine o proprietate; to own property
cota de participare; shareholding, share
obiect de activitate: the core business
portofoloiu de produse: product portfolio
institutie de credit: credit institution

VII. MATCH THE TERMS IN LIST A WITH THEIR DEFINITIONS IN LIST B;


TRANSLATE THESE TERMS INTO ROMANIAN .
A.1. Gold standard; b) the system, currency abandoned in the Depression of the 1930s, by
which the value of a currency was defined in terms of gold, for which the could be exchanged;
( etalon de aur)
2. output; e) a quantity produced or manufactured during a certain time ( productie)
3. corporation tax; g) taxes against profits earned by businesses during a given taxable
period; ( impozit pe profit pe firma)
4. state-owned borrowers; c) when state-owned enterprises acts as borrowers, they must fit
within an annual limit for new borrowing determined by debt sustainability; ( debitori de stat
5. entrepreneurial companies; f) a company having to do a person who organizes and
manages any enterprise, esp. a business, usually with considerable initiative and risk; (
intreprinderi)
6. domestic market: j) the supply and demand of goods, services, and securities within a
single country piata interna
7. saver; h) a person who regularly saves money through a bank or recognized scheme; (
deponent)
8. banking union: d) a political vision for more EU integration with the objective to
strengthen and extend the regulation of the banking sector ( uniune bancara)
9. hard currency; i) Stable, convertible currency (such as the Euro, US dollar, or Yen) or that
enjoys the confidence of investors and traders alike; ( valuta forte)
10. deflation : a) a general decline in prices, often caused by a reduction in the supply of
money or credit ( deflatie)

VIII.PUT EACH OF THE FOLLOWING WORDS OR PHRASES INTO ITS CORRECT


PLACE IN THE TEXT BELOW:
BANKS, CURRENCY,GOODS, SAVINGS, DEPOSITING,INVESTMNETS, SELL, BUY, EARN,
MONEY, SHELLS, COINS, EXCHANGE RATE, PAPER BILLS, VALUE, CHANGE.
Money is what people use to buy things. People spend money on goods. and services. Many people
save part of their money by depositing in a bank. People earn money by performing services. They
also earn money from investiments, including government bonds, and from savings . money can
be anything that people agree to accept in exchange for the things they sell or the work they do.
Ancient people used such varied things as shells ........, and cattle as money. Today, most nations use
metal coins and paper bills . Different countries coins and bills look different and have different
names. A person can change his money for the money of any country according to the exchange
rate . Usually, such rates are set by the central banks of a country. The value of a countrys
currency may change, depending on the economic and political conditions in that country.

IX.MATCH THE TERMS IN LIST A TO THEIR ANTONYMS IN LIST B; TRANSLATE


BOTH TERMS INTO ROMANIAN AND USE THEM IN SENTENCES OF YOUR OWN:

A. REVENUE- expenditure ( castig- cheltuieli)


NET- gross ( net-brut)
PROFIT- loss ( profit0-pierdere)
SUPPLY- demand ( oferta-cerere)
WHOLESALE- retail (vanzare en gros- vanzare cu amanuntul)
STOCKS- debt ( actiuni- datorie)
PRIVATE SECTOR- public sector ( sector privat- sector public)
STATE-OWNED ENTERPRISE- privately-owned enterprise ( intreprinderi detinute- private)
CREDIT- debit ( credit- debit)
BLUE-COLLAR WORKERS- white-collar workers ( muncitori- functionari)
BOOM- collapse ( crestere economica brusca- declin economic)
SKILLED LABOUR- unskilled labour (muncitor calificat- muncitori necalificati)
TAKE ON NEW STAFF- lay off ( a angaja un nou personal- a concedia)
LENDING- borrowing ( imprumut
SHOP FLOOR- board room ( atelier- sala de consiliu de administratie)
WORKSHEET 3

I.TRANSLATE INTO ROMANIAN:


With the Dow Jones Industrial Average back at 9,000 or thereabouts, you might be
forgiven for thinking that the financial traumas affecting much of the world economy this
year had never happened.When the Federal Reserve cut interest rates by another quarter
of a point on November 17th, the third such change in seven weeks, its chairman, Alan
Greenspan, hinted that it might be the last cut for some time: the danger had indeed
subsided, he explained, though the economy was still feeling some strain.And for good
measure the IMF has announced its new package of assistance for Brazil; with this in
place, you might argue, the chances are much better that the recent financial contagion will
stop.Things are looking up - arent they? We doubt it. Nobody knows what will happen in the
world economy over the coming months.It may be that a smooth adjustment to the shocks of
the past year will happen after all - meaning that growth merely slows in America and
Europe, rather than coming to a halt or worse.But this pleasant prospect has been advanced
little, if at all, by the most recent changes in policy.The proper verdict on the latest cut in
American interest rates, as on the new financial package for Brazil, is that policymakers
seem hardly any less confused today than they were when the trouble started. Why another
cut in American interest rates deemed wise ? Perhaps Alan Greenspan knows something
dreadful about financial fragility in America that the markets do not.Maybe another Long-
Term Capital Management is about to cave in; possibly, regulators preliminary inquiries
into the risks that banks and securities houses have been taking in their dealings with
hedge funds have turned up some horrors.None of this would have come under the heading
of good news: if this is why the Fed acted it would be wrong to regard cut as cause for
rejoicing.

Indicele Dow Jones Industrial Average situandu-se din nou la aproximativ 9000, ati putea fi
iertati daca ati crede ca problemele financiare care au afectat mare parte din economia
globala nu au existat niciodata. Atunci cand Sistemul Federal de Rezerve al SUA a scazut rata
dobanzii cu inca un sfert de punct, pe 17 noiembrie, fiind a treia modificare de acest fel in
doar 7 saptamani, presedintele acestuia, Alan Greenspan, a sugerat ca ar putea fi ultima
scadere din perioada urmatoare: intr-adevar, pericolul s-a diminuat, explica el, desi
economia e inca susceptibila. In plus, FMI a anuntat noile masuri de sprijin financiar/pachet
de sprijin pentru Brazilia; luand asta in considerare, ati putea sustine ca sunt mai mari
sansele ca recenta molima financiara/molipsire sa se incheie. Situatia pare sa se
imbunatateasca, nu-I asa? Ne indoim de asta. Nimeni nu stie ce se va intampla cu economia
mondiala in lunile urmatoare. E posibil ca o mica ameliorare a problemelor de anul trecut sa
apara pana la urma asta insemnand o usoara incetinire a cresterii in America si Europa,
mai degraba decat o stagnare sau mai rau. Concluzia bazata pe ultima scadere a ratei dabanzii
in America sip e noile masuri de sprijin financiar pentru Brazilia, este ca economistii par la
fel de derutati ca la inceputul crizei. De ce decizia de a scadea rata dobanzii in America a
parut inteleapta? Poate ca Alan Greenspan stie ceva ingrozitor despre instabilitatea
financiara din America, ce pietele nu stiu. Poate va fi introdusa a noua Administrare pe
Termen lung a Capitalului; poate investigatiilr/ cercetarile preliminare ale autoritatilor de
reglementare asupra riscurilor pe care bancile si casele de valori mobiliare si le-au asumat in
afacerile/ tranzactiile cu fonduri de hodging au scos la iveala niste orori. Niciuna din astea nu
ar fi aparut cu titlul de veste buna: daca acesta este motivul pentru care (Fed) Sistemul
Federal de Rezerva al SUA a actionat, atunci nu ar trebui sa privim scaderile ca un motiv de
bucurie.

II.Choose the explanation which best illustrates the meaning of the underlined
words as they are used in the text above:
1.Dow Jones Industrial Average: a.the name of a company; b.the New York Stock
Exchange; c.the worlds best known index of the movement of prices of common
stock on the New York Stock Exchange
1.interest rate: a.the amount of your interest for something; b.the cost or price of
borrowing money; c.a period of time
3.point: a.fullstop; b.an item on the agenda; c.one hundredth of a cent
4.cut :a.reduction; b.stop; c.commission
5.package of assistance :a.a relief delivery of goods; b.humanitarian aid; c.a set of
financial arrangements destined to help a specific recipient
6.contagion :a.catching disease; b.something which can spread very quickly and
affect a lot of other areas; c.encouraging phenomenon
7.policy :a.document stating that one is insured; b.general course of action, planned
and determined in advance by the top management; c.actions planned to hold down
inflation
8.policymaker: a.economist; b.insurance agent; c.decision-making factors involed in
the determination of a general policy
9.regulator : a.devices used to make a machine operate; b.equipment; c.persons
involved in establishing new regulations
10.securities : a.freedom from danger; b.something valuable given to a lender by a borrower
to support his intention to repay a loan; c.stocks, shares and bonds which are bought
as investments.

III.Translate into English: Bursa de Valori mizeaz pe artificii


1. Cu un puternic iz de tranziie, Bursa ncearc acum s se descotoroseasc de
ntreprinderile slabe, care i-au fcut loc pe piaa de capital.Artificiile de pn acum n-au
avut efectul scontat. Un investitor strin este, n primul nd, interesat de performanele firmei
la care cumpr aciuni.Dac realizeaz c lucrurile nu sunt aa cum par, devine nencreztor
i suspicios.Este cazul ntreprinderilor ale cror performane sunt umflate de manageri, dar
care, de fapt, au lichiditi reduse i, de cele mai multe ori, nu sunt tranzacionate de o lung
perioad de timp.Directorul general al Bursei de Valori Bucureti, tefan Farmache, sper c
la nceputul anului viitor imaginea Bursei va fi alta.O soluie ar fi scoaterea de pe listing a
ntreprinderilor ai cror mamageri nu respect criteriul transparenei i nu ne dau toate
datele obligatorii cotrii la burs spune el.Este o schimbare de faad, totui.Pe pieele
dezvoltate, o ntreprindere care nu respect regulamentul bursei este scoas de la
tranzacionare i nu este cotat pe ascuns.Bursa din Romnia nu are ns acest interes,
deoarece ncaseaz 0,6% din volumul oricrei tranzacii, fie ea ct de mic.Preedintele
Comisiei Naionale de Valori Mobiliare, tefan Boboc, d o alt variant: transferul
societilor cu probleme de lichiditi de pe Burs la Rasdaq.Soluia ar putea fi pus n
practic din 99.Dar, oricum, nu rezolv dect parial problemele Bursei. Volumul
tranzaciilor va fi la fel de sczut, deoarece urmeaz o perioad neagr pentru piaa de capital
din Romnia.Iarna, activitatea economic scade, de asemenea i nivelul tranzaciilor.Anul
viitor va fi unul electoral, de aceea economia va trece pe locul doi.Va urma o jumtate de an
post-electoral, cnd aleii vor stabili noua politic a pieei de capital.Cnd s mai relansm
Bursa? se ntreab tefan Boboc.

2. n zilele noastre, crile de credit reprezint o modalitate de plat fr numerar, utilizat n


ntreaga lume.Au fost introduse datorit avantajelor pe care le prezint.Comoditatea i
sigurana pe care le ofer utilizarea crilor de credit sunt principalele motive pentru care
oamenii s-au obinuit s le plteasc.Cnd cumperi ceva, prezini pur i simplu cartea de
credit vnztorului, iar plata se face automat din contul bancar.Dei n Romnia crile de
credit reprezint nc o modalitate de plat foarte puin folosit, utilizarea lor va deveni o
necesitate din ce n ce mai acut n viitor.Prima banc care a emis o carte de plat n lei este
Banca Romn pentru Dezvoltare.Ea se adreseaz n principal oamenilor de afaceri i poate fi
utilizat pe tot teritoriul Romniei.

The Stock Exchange places its stake on artifices/ trickeries


With a strong smack of transition, the Stock Exchange is now trying to get rid of the
small companies which have made their way on the capital market. The artifices/ trickeries
havent had the expected result so far. A foreign investor is, first of all, interested in the
efficiency/performances of the firm/company they want to buy stocks from. If he figures out
that things are not as they seem, he becomes sceptic and suspicious. This is the case of
companies whose efficiency/ output are inflated but the managers, but they actually have low
liquidity and, most of the times, they havent been traded by a long period of time. The CEO
of the Bucharest Stock Exchange, Stefan Farmache, is hoping that, early next year, the image
of the Stock Exchange will be different. A solution would be to remove from the listing all
the companies whose managers do not comply with the transparency criteria and do not give
us all the compulsory data for listing, he declared. However, there is a change on the surface.
On the developed markets, a company that doesnt comply with the regulations is removed
from trading and it isnt listed on the sly/ covertly. Yet, the Stock Exchange in Romania isnt
interested in this, because it gets 0,6 % from the amount of any transaction, no matter how
small it is. The president of the National Securities Commission, Stefan Boboc, comes with
another idea: the transfer of the companies with liquidity problems from the Stock Exchange
to Rasdaq. The idea could be put in practice from 99. But, anyway, it solves only partially
the Stock Exchange problems. The amount of transactions will be still low, because there
follows a difficult period for the capital market in Romania. In winter, the economic activity
decreases, as well as the level of transactions. Next year will an election year, thats why the
economy will be on the second place. It will be followed by a post-election half year, whtn the
elected ones will lay down/ draft the new capital market policy. When are we supposed to
launch the Stock Exvchange?, is Stefan Boboc asking himself.

2. Nowadays, credit cards represent a cashless payment method used worlwide. It


was introduced due to its advantages. The convenience and safety offered by the use of credit
cards are the main reasons why people got used to pay them. When you buy something, you
just show the credit card to the seller and the payment is done automatically from the bank
account. Even if in Romania the credit cards still represent a rarely used payment method, in
the future they will be used more and more. The first bank that issued a domestic payment
card is BRD (Romanian Bank for Development). It addresses mainly to business men and can
be used throughout Romania.

IV.Define the following terms in English; provide their Romanian translation


and use each of them in sentences of your own:
LEVERAGED BUY-OUT: is the acquisition of another company using significant amount of
borrowed money to meet the cost of acquisition (achizitii pe datorie)
JUNK BONDS: A junk bond refers to high-yield or noninvestment-grade bonds. Junk bonds
are fixed-income instruments that carry a credit rating of BB or lower by Standard & Poor's,
or Ba or below by Moody's Investors Service. Junk bonds are so called because of their higher
default risk in relation to investment-grade bonds. ( obligatiuni cu risc ridicat)
EQUITY: the value of an asset less the value of all liabilities on that asset (capital propriu)
MAJORITY STAKE: the ownership of 50% plus one of the stock in a publicly traded
company; the right to control a company because you own a group of shares that together are
more than any other shareholder has. (pachet majoritar)
TO DIVEST: to sell something, especially a business or a part of a business ( a vinde)
UTILITY: a service that is used by the public, such as an electricity or gas supply or a train
service (serviciu public)
GREENMAIL: the act of buying enough shares in a company to be able to control it, in order
to force the owners of the company to buy back these shares at a very high price ( santaj
economic)
BID: offer a particular amount of money for something that is for sale and compete against
other people to buy it, especially at a public sale of goods or property ( oferta intr-o licitatie)
CORE BUSINESS: offer a particular amount of money for something that is for sale and
compete against other people to buy it, especially at a public sale of goods or property
(activitate principal)
MERGER: the act or process of combining two or more business into one business
(fuzionare) an occasion when two or more companies join together to make one larger
company
BUSINESS COMMUNITY: the body of individuals who manage business (comunitate de
afaceri)
CORPORATE LADDER: A term used to describe the hierarchy of a company's organizational
structure. The concept reflects the levels that must be climbed to get to the top of the
hierarchy. ( ierarhie corporative)
HOLDING COMPANY: Type of business organization that allows a firm (called parent) and
its directors to control or influence other firms (called subsidiaries). ( societate mama)
SUBSIDIARY: a company that is owned by a larger company ( filiala)
PREDATOR: a person or group that robs victimizes or exploits others for gain (pradator)
VENTURE CAPITAL: Also called risk capital.
Venture capital is a type of funding for a new or growing business. It is needed to create new
jobs in start-ups ( capital de risc)
FREE-LANCE: doing particular pieces of work for different organizations, rather than
working all the time for a single organization (liber profesionist)
TO GO PUBLIC: to become a company in which anyone can invest
The company went public in 2013.

V.Translate the following terms into Romanian:


cash dispenser (distribuitor de numerar); standing order( ordin de plata); overdraft
(descoperire de cont); mortgage (ipoteca); retail bank (banca care ofera servicii bancare cu
amanuntul); flotation (lansare pe piata bursiera); face value (valoare nominal); blue
chip(actiuni care se vand bine); insider share-dealing (utilizarea abusiva de actiuni in
interiorul companiei); maturity (scadenta|termen); buy-and-hold investor (investitor pasiv);
capital gains (castig de capital); stockbroker ( agent de bursa); internal auditor (auditor
intern); par (paritate|valoare niminala); bearer certificate ( titularul certificatului); assets
(bun, actiune); commodities (materie prima si metale pretioase); foodstuffs (produs
alimentar); hedge fund (fonduri speculative)

VI. Give the English term which best captures the meaning of the following
definitions:
1.to place money in a bank: Deposit
2.the money used in countries other than ones own: Foreign currency
3.available cash and how easily other assets can be turned into cash: liquidity
4.the date when a loan becomes repayable: maturity
5.when a company buys or acquires another one: Take over
6.when a company combines with another one: merging
7.taking care of all a clients investments: Portofolio management
8.a company considered to be without a risk: blue chip
9.ability to pay liabilities when they become due: current ratio
10.anything that acts as a security or guarantee for a loan: collateral

VII.Match up the terms in list A with the corresponding definition in list B;


provide their Romanian equivalents and use them in sentences of your own:
A. 1.issuing bonds: e. interest rate stated on a bond when it's issued obligatiuni emise
2. pension funds: c.retirement money fond de pensii
3. default: j. non-payment - neplata
4. price appreciation: d.increase in the value of an asset which is in excess of the asset's
depreciable cost, and is due to economic and other factors cresterea preturilor
5. deregulation: b.the ending or relaxing of legal regulations - liberalizare
6.capital gains: a. profits that an investor realizes when he or she sells the capital asset for a
price that is higher than the purchase price castig de capital
7.equity financing: i. the process of offering securities as an attempt to raise funds finantare
prin capital propriu
8.liquid: f . easily sold (turned into cash) - lichiditate
9.yield: g. raising capital by selling company stock to investors. In return for the investment,
the shareholders receive ownership interests in the company - randament
10.coupon: h. the amount of interest paid by a fixed interest security - cupon

VIII. Match the terms below to their correct definitions; provide the Romanian
translations of these terms and use them to fill in the sentences below:

A. 1. limited liability company(LLC): c. a form of incorporation that limits the amount of


liability undertaken by the company's shareholders societate comerciala cu
raspundere limitata
2. private limited company: e. a type of company that offers limited liability,
or legal protection for its shareholders but that places certain restrictions on
its ownership societate private cu raspundere limitata
3. public limited company(PLC): b. a company whose securities are traded on a stock
exchange and can be bought and sold by anyone societate pe actiuni (SEA)
4. futures: d. a financial contract obligating the buyer to purchase an asset (or the
seller to sell an asset), such as a physical commodity or a financial instrument, at a
predetermined future date and price contract de vanzare la termen
5. derivatives: a. a security whose price is dependent upon or derived from one or
more underlying assets instrument de financiare derivate

C. 1. A _FUTURES_ contract specifies a transaction that will take place in the future. 2. A
_PRIVATE LIMITED COMPANY_ is a company that does not have share capital, but is
guaranteed by its members, who agree to pay a fixed amount in the event of the company's
liquidation.3. In a LIMITED LIABILITY COMPANY_, the debts of the company are separate
from those of the shareholders.4. DERIVATIVES_ are generally used as an instrument to
hedge risk, but can also be used for speculative purposes. 5. A PUBLIC LIMITED
COMPANY_'s stock can be acquired by anyone and holders are only limited to potentially
lose the amount paid for the shares.
WORKSHEETS 4-5

PART I

I.TRANSLATE INTO ROMANIAN:


A. One major macro-economic objective is to ensure price stability with free markets.
Price stability means that prices neither rise nor fall too rapidly; that the rate of inflation
(measured as the rate of change of prices from one period to the next) is close to zero. The
desire to maintain free markets is based on the political judgment in the U.S. that prices
and wages should be set in decentralized private markets or bargaining rather than by
government decision. The desire for this form of organization is based on the economic
judgment that free-market determined prices are an efficient way of organizing output and
keeping markets responsive to peoples tastes. The most common way to measure the overall
price level is the consumer price index, popularly knows as CPI. The CPI measures the
cost of a fixed basket of goods (items like food, shelter, clothing, and medical care) bought
by the typical urban consumer. The overall price left is often denoted by the letter P.
Following this line or argument, the rate of inflation is the rate of growth or decline of the
price level, say, from one year to another. The figure below illustrates the rate of inflation for
the CPI from 1929 to 1984. Over this entire period, inflation averaged 3.2 percent. Note,
however, that there was enormous variation of inflation in different years, varying from
minus 10 percent in 1932 to a high of plus 14 percent in 1947. This figure shows the year-
over-year increase in consumer prices as measured by the CPI. During the Depression, prices
actually fell. Since World War II, however, deflation (or falling prices) has been rare. Note the
upward trend of inflation from 1960 to 1980, followed by the steep decline, or deflation, after
1980 that resulted from recession, high unemployment and falling oil prices. The objective
of price stability with free markets is more subtle than those concerning output and
employment. It is clearly undesirable to impose an absolutely rigid set of prices, such as has
sometimes been the case in communist countries, or during times of wartime price controls
in market economies. A frozen price structure would prevent the invisible hand of markets
from allocating goods and inputs there would be no efficient way to induce energy
conservation or to discourage the production of horse-drawn buggies, for instance.

B. Unlike the clearing banks, merchant banks do not normally provide services to the
general public. They are specialized wholesale banks with a small staff and no branch
network, which raise loans for large companies and governments, and provide financial
and investment advice. They are involved in the financing of international trade, and will
accept, or guarantee, Bills of Exchange, which is why they are sometimes referred to as
accepting houses. The rapid advances in technology make a branch network less important
than it used to be as a basis for offering services to the public. The present trend is for all
banks to offer a wide range of financial services to all types of customers.

II. Choose the explanation which best illustrates the meaning of the underlined
words as they are used in the text above:
1. price stability: a) a situation in which prices in an economy change much over time; b) a
situation in which an economy would not experience inflation or deflation; c) the situation
whereby the prices of goods and services offered in
the marketplace either change very slowly or do not change at all.
2. free market: a) an economic system in which prices are determined by
unrestricted competition between privately owned businesses; b) system in which
the prices for goods and services are set by a government; c) an economic system in which
there is no competition and there is government control;
3. consumer price index: a) measures that there is no change changes in the price level of
a market basket of consumer goods and services purchased by households ; b) a measure
that examines the weighted average of prices of a basket of consumer goods and
services, such as transportation, food and medical care; c) an index of the lack of
variation in prices for retail goods and other items;
4. basket of goods: a) a relatively fixed set of consumer products and services
valued and used on an annual basis to track inflation in a specific market or
country; b) the goods that you put in your basket when you go shopping; c) a set of
consumer products used to assess the consumers buying behaviour
5. urban consumer: a) consumers living is suburban areas; b) consumers living in
sparsely populated areas; c) the all-urban consumer population consists of all
urban households;
6. rate of inflation: a) the rate at which the general level of prices for goods and
services is rising, and, subsequently, purchasing power is falling; b)
a measure of how slow a currency loses its value.; c) a measure of changing prices calculated
on a daily basis.
7. unemployment: a) the state of being idle; b)money paid by the government to someone
who has a job; c)the total number of people who do not have jobs in a particular
place or area;
8. market economy: a) an economy in which decisions regarding investment,
production and distribution are based on supply and demand, and prices of
goods and services are determined in a free price system; b) an economic system in
which there is government intervention or central planning; c)
a capitalistic economic system in which there is no free competition;
9. energy conservation: a) the total energy of an isolated system cannot changeit is said
to be conserved over time; b) reduction in the amount of energy consumed in
a process or system, or by an organization or society, through economy,
elimination of waste, and rational use; c) a law governing the relations between the
state and energy;
10. clearing bank: a) a commercial bank that is part of a network of banks that
can clear checks for its clients regardless of whether or not the
check originates from the same commercial bank; b) a bank that settles a transaction
between a payer and a payee; c) a system established to settle between individuals;
11. merchant bank: a) a financial institution that provides capital to companies in the
form of short-term loans; b) a bank that provides regular banking services to the general
public.; c) a bank that deals mostly in (but is not limited to) international
finance, long-term loans for companies and underwriting;
12. wholesale bank: a)a bank which offers services
to government agencies, pension funds, other institutional customers and to
large corporations ; b) a bank that offers retail services; c) a bank that manages small
scale loans;
13. raise loans: a) the act of a business raising operating
capital or other capital by borrowing; b) increase the amount of money borrowed; c) collect
money for working capital or capital expenditures by selling bonds, bills, or
notes to individual and/or institutional investors. ;
14. Bill of Exchange: a) a written order by one party (the drawer) to another
(the drawer) to pay a certain sum
for payment of goods and/or services received; b) an open latter asking for money; c)
a non-binding payment instrument;
15. financial services: a) services provided by an individual to another individual; b)
services and products provided to consumers and businesses by financial
institutions such as banks, insurance companies, brokerage firms, consumer
finance companies, and investment companies all of which comprise the
financial services industry; c) guidance services offered to individuals
III. TRANSLATE INTO ENGLISH:
Rusia, MMM-2011. Este ca i cum fosta conducere a FNI ar nfiina acum FNI-2011, o nou
piramid financiar, nimic altceva dect o schem Ponzi i, mai mult dect att, ar vorbi deschis
despre acest lucru. Asta se ntmpl acum n Rusia i Ucraina. Peste 2 milioane de persoane nu au
rezistat tentaiei i i-au investit deja banii.Reeaua MMM-2011 a fost construit de Serghei
Mavrodi, aceeai persoan care a organizat i MMM Invest n Rusia, n anul 1994. Atunci,
Mavrodi a lansat o schem Ponzi bazat pe investiii n aciuni ale companiei MMM Invest,
valoarea crora cretea ncontinuu, aducnd randamente de cteva zeci de procente
lunar.Proiectul financiar s-a dezvoltat fulminant, ajungnd, n doar ase luni, la aproximativ 30
de milioane de deponeni, creterea preului de 127 de ori i adunnd o sum echivalent cu o
treime din bugetul Federaiei Ruse.Atunci, autoritile ruse au demarat o serie de controale care
s-au finalizat cu acuzaia de evaziune fiscal i neplata impozitelor, motive pentru care Mavrodi a
fost condamnat la nchisoare, unde, ns, nu a stat mult timp.Ulterior, acesta a candidat pentru
un loc n Parlamentul Rusiei, pentru a-i asigura imunitatea parlamentar. Cu toate acestea,
imunitatea parlamentar i-a fost ridicat, iar brbatul a disprut, fiind cutat de servicii timp de
peste cinci ani. Pn la urm, a fost gsit i a executat o pedeaps cu nchisoarea de 4 ani i
jumtate.ns datoriile ctre fotii deponeni nu mai are cum s i le achite. Din informaiile
autoritilor ruse, Mavrodi a rmas, de pe vremea vechiului MMM, cu datorii ctre deponeni n
valoare de aproximativ 4 miliarde de ruble. n luna ianuarie 2011, Serghei Mavrodi a anunat pe
blogul su nceputul unei noi piramide financiare. Dei n prezentarea pe care o face noii scheme
el spune ct se poate de clar c reeaua nu produce niciun alt venit n afar de sumele pe care le
investesc persoanele nou intrate n sistem, peste dou milioane de persoane, majoritatea din
Rusia i Ucraina, i-au investit deja banii, iar contribuia medie este de circa 1.000 de euro, dup
cum spun unii participani. n mod paradoxal, muli dintre fotii deponeni ai MMM ngroa
rndurile noului MMM-2011. Brbatul nu ascunde ctui de puin c este vorba de o schem
Ponzi: "Este o piramid financiar. Participnd n ea, riscai mult i putei pierde n orice moment
toi banii. Nu uitai acest lucru!", spune el pe blogul su. "Nu exist nicio operaiune cu hrtii de
valoare, nicio relaie cu participanii profesioniti ai pieei hrtiilor de valoare, nu cumprai nicio
hrtie de valoare! (...) Cei care au intrat primesc bani doar pe seama celor care intr dup ei",
explic Mavrodi.n prezent, autoritile ruse i ucrainene fac eforturi disperate pentru a opri
dezvoltarea noii scheme Ponzi, avnd n spate deja experiena anului 1994, cnd MMM Invest
ajunsese s fie considerat drept o ameninare la adresa siguranei naionale.n mai multe regiuni
ale Rusiei, procurorii au interzis accesul populaiei la blogul lui Serghei Mavrodi. Acesta ns i-a
fcut un alt blog i continu s gestioneze reeaua financiar.n acelai timp, autoritile din
Ucraina ncearc s interzic i ele accesul la site-ul efului reelei, ns deocamdat legislaia nu
le permite acest lucru, din cauza domeniului ".com" unde i-a nregistrat site-ul. Oricum, chiar
dac site-ul su ar fi interzis, Mavrodi spune c exist site-uri proxi prin intermediul crora
utilizatorii vor putea accesa n continuare informaiile despre MMM-2011.Aproximativ 500.000
de ucraineni au devenit investitori la noua schem Ponzi, potrivit portalului ucrainean
Economiceskie novosti.Statul are ajutorul bncilor n lupta mpotriva schemei financiare. Banca
ucrainean Privatbank a anunat, la finele lunii septembrie, c va bloca plile online pe care le fac
participanii la reeaua social-financiar MMM-2011. Astfel, banca a anunat c va considera
suspecte tranzaciile care se fac n sistemul MMM-2011.MMM-2011 este prezentat n primul
rnd ca o reea social i abia apoi financiar, iar Mavrodi d asigurri c nu ctig nimic din
aceast piramid, deoarece nu este implicat.Practic, n momentul n care se nscrie, participantul
la sistem primete un bonus de 20 de dolari cu care poate cumpra aa-numiii dolari
MMM.Cursul acestei valute fictive este stabilit de Serghei Mavrodi de dou ori pe sptmn i
are un trend cresctor, astfel nct persoanele care au cumprat astzi dolari MMM s-i poat
revinde cu un oarecare ctig, de exemplu, peste o lun.Profiturile pe care le promite MMM-2011
sunt de 20%-30% ajungnd pn la 60% pe lun. Altfel spus, nmulii suma depus cu 9 i vei
obine ctigul realizat timp de un an la un randament de 20% pe lun i nmulii-o cu 23,5
pentru a afla ctigul promis la un randament de 30% pe lun, acesta din urm fiind accesibil
pensionarilor.Exist i un sistem de bonificaii: pentru fiecare juctor nou adus n sistem, o
persoan primete 20% din suma pe care o investete nceptorul n prima tran, urmnd s
primeasc cte 10% din fiecare tran ulterioar.Reeaua este organizat n echipe de cte zece
persoane, care au cte un coordonator i care sunt organizate n grupuri de cte 100 de persoane,
conduse i acestea de cineva, i apoi n grupuri de cte 1.000 de oameni cu un lider, urmate de cea
mai mare grupare de cte 10.000 de persoane.

Russia, MMM-2011. Its like the FNI former leadership would now establish the FNI-2011, a
new financial pyramid, nothing more than a Ponzi scheme and, moreover, its like it would
openly talk about it. This is what is now happening in Russia and Ukraine.
More than 2 million people could not resist the temptation and have already invested their
money. The MMM-2011 net was established by Serghei Mavrodi, the same who also
organized MMM Invest in Russia, in 1994. Back then, Mavrodi launched a Ponzi scheme
based on investments in MMM Invest company shares, whose value was constantly
increasing, producing returns of dozens percents a month. The financial project had a
soaring/fulminant development, gathering in just 6 months some 30 deponents/depositors,
increasing the price by 127 times and raising a sum tantamount/of the same value as one third
of the Russian Federation budget.
Back then, the Russian authorities launched several controls which resulted in charges with
tax evasion and non-payment of taxes, for which Mavrodi was sentenced to prison, where,
however, he did not stay much time. Afterwards, he stood for elections for a seat in Russias
Parliament, so as to grant himself parliamentary immunity. Nevertheless, the parliamentary
immunity was take away from him, and the man disappeared, with services(?) looking for
him for more than 5 years. Eventually, he was found and served a 4-and-a-half-year sentence.
However, he cannot pay the debts he has to his former deponents/depositors. According to the
information the Russian authorities have, Mavrodi, since the time of the former MMM, got
stuck in debts to depositors by approximately 4 billion rubles.
In January 2011, Serghei Mavrodi announced on his blog the launching of a new financial
pyramid. Although in the new scheme presentation he clearly states that the net does not
generate any other income than the amounts of money invested by the people newly entered
in the scheme, over 2 million people, most people in Russia and Ukraine have already
invested their money, and the average contribution is of about 1000 euro, according to some
participants. Paradoxically, a large number of the MMM former deponents/depositors is
joining the new MMM-2011. The man is not at all hiding the fact that we are talking about a
Ponzi scheme: Its a financial pyramid. By taking part in it, you are taking huge risks and
you can lose all your money anytime. Remember that! There are no stock operations, no
connection with the professional stock participants, you dont buy any stock! (...) Those who
entered receive money on behalf of those who enter after them, Mavrodi explains.
Currently, the Russian and Ukrainian authorities are making desperate efforts to prevent the
new Ponzi scheme from developping, having experienced the trouble in 1994, when MMM
Invest had started being considered a threat to national security. In several regions of Russia,
prosecutors banned the population from having access to Sergei Mavrodis blog. However, he
created another blog and continues to manage the financial net. At the same time, the
Ukrainian authorities are also trying to ban access from the net managers website, but for the
moment the legislation does not allow them to do so, because of the .com field where he
registered his site. Anyways, even if his site was banned, Mavrodi says there are proxi sites
by means of which users would still have access to MMM-2011 information. Some 500,000
Ukrainian people became investors in the new Ponzi scheme, according to the Ukrainian
portal, Economiceskie novosti. The state needs the banks to join in the fight against the
financial scheme. At the end of September, the Ukrainian bank Privatbank announced that it
would block the online payments which the participants to the MMM-2011 social-financial
net are making. This way, the bank announced it would consider the transactions made in the
MMM-2011 system suspicious.
MMM-2011 is first of all presented as a social and then as a financial net, and Mavrodi
assures he is not making any profit out of this pyramid, because he is not involved. Basically,
the moment he registers, the participant to the system gets a bonus of 20 $ with which he can
buy the so-called MMM dollars. The exchange rate of this fictitious currency is established
twice a week by Mavrodi and it has an uptrend(?), so that the people who today have bought
MMM dollars could resell them with some profit, for example, in a month. The profits which
MMM-2011 promises are from 20% to 30%, reaching up to 60% a month. In other words,
multiply the invested sum by 9 and you will get the profit made in one year at an out-turn(?)
of 20% a month and multiply it by 23,5 in order to find out the promised profit at an out-turn
of 30% a month, the latter being accesible to pensioners.
There is also a bonus system: for each new player brought into the system, a person gets 20%
of the sum which the player invests in the first instalment, so that after he would get 10% of
each subsequent instalment. The net is organised by teams of each 10 members, which have a
coordinator and which are organised into groups of each 100 people, also
coordinated/controlled by someone, and then organised into groups of 1,000 people with a
leader, followed by the largest group- of each 10,000 people.

IV.FILL IN THE BLANKS WITH THE APPROPRIATE WORDS IN THE LIST


BELOW:

A. ASSIGN; INDIVIDUALS; CHANGE; MANNER; SINGLE; DIRECTED; ACCOMPLISH;


GROUPS; BEYOND;JOB.

Organisations or GROUPS. of people are necessary because many objectives are BEYOND.
the capabilities of one or two individuals. Even broad objectives, however, are CHANGED by
the cumulative behaviours of SINGLE individuals within the organization. The JOB of the
manager is to see that the behaviour of individuals is DIRECTED toward the organisations
objectives in the most efficient and effective MANNER . Therefore, the manager is expected
to recruit INDIVIDUALS with the same objectives as the organisation, to ASSIGN individuals
to the right place and to also ACCOMPLISH the individuals behaviour to accomplish the
organisations objectives.

B. ACCOUNT; CASH; DUE; INWARD; KIND; TO MAKE; ORDER; OUTWARD; OVERDUE;


PART; RESULTS; TO STOP; TO SUSPEND; SYSTEM; TERMS.

Interest is charged on OVERDUE payments. A payment ORDER has been issued. We have
asked the bank to STOP payment of the cheque, as it was lost. The bank has been faced with a
liquidity crisis, so payments have been SUSPENDED . The payee has accepted the draft, and
consequently has promised to MAKE payment at maturity. The amount will be DUE for
payment in two weeks. Our TERMS of payment are cash with order. A(n) INWARD payment
means money received by the organization, whereas a(n) OUTWARD payment means
payment made to others. Payment on COUNT means PART payment of a debt. Payment by
RESULTS is a payment SYSTEM in which an employee`s pay is directly linked to his
performance. Fringe benefits are a form of payment in KIND . A cash discount is allowed for
prompt payment in CASH .

Due = neachitat, restant ; Overdue restant, care depaseste data limita ; Charge on-
perceputa; Payment order- ordin de plata; Payee- beneficiarul platii; Fringe benefits-
beneficii suplimentare; Payment in kind- plata in natura; Payment by results: plata in functie
de rezultate

V.FILL IN THE BLANKS WITH THE APPROPRIATE WORDS BELOW;


TRANSLATE THE TEXT INTO ROMANIAN:
Metallic; banks; minting; receipts; profit; safe-deposit vaults; transactions; weighted;
recalled; withdrawls; costs; central bank; counterfeit; bankers; shipping; payments;
deposited; credit system; exchange; finance; counting; accounts; money-changing; coins

The first SAFE DEPOSIT VALUTS were operated in ancient Egypt by royal palaces and
temples. RECEIPTS were issues to those who DEPOSITED their goods in these vaults and
written orders were required for WITHDRAWLA from them. The common form of money
at that time was precious metals in WEIGHTED quantity. In Alexandria, in the Ptolemaic
period (305-30 BC), granaries were organized into a ____ of state grain _____. Their
main PROFIT were recorded in a _____. This bank system operated as a giro system.
______ were transferred from one account to another without the physical EXCHANGE of
money. The ancient Greeks developed money in the form of silver and bronze ____ around
600 BC. _____ coins was much quicker and more convenient that weighing them, so the
use of coins for every day TRANSACTIONS spread rapidly. Greek BANKERS developed
other services, including ____ services, because of the variety of coins used. They developed
a _____ which provided merchants with _____ to pay for SHIPPING their goods.
During the Middle Ages, European monarchs controlled the production, or MINTING of
coins. The value of the royal coins often exceeded their _____ value and minting COST.
The English monarchs RECALLED all the coins and issued new ones every few years. This
enabled them to reduce the circulation of COUNTERFEIT coins and make a PROFIT from
the metals used.
(NOTE giro system = a method of transferring money by instructing a bank to directly
transfer funds from one bank account to another without the use of checks.)

VI.MATCH EACH TERM WITH THE APPROPRIATE DEFINITION:


A. A. 1.accelerated depreciation: e)a system of calculating depreciation that attributes higher
amounts to the wear and tear of an item in the years immediately following its purchase than
it does in subsequent years; ( Amortizare accelerata)

2.balance sheet; g) a document showing the value of a company at a set date expressed in
terms of assets and liabilities; ( Bilant)

3.breakeven point; i) the point at which the firm covers all its expenses and begins to make a
profit; ( Rentabilitate)

4.cash flow; b)the amount of money a company has available to reinvest in its business;
( Flux de numerar)

5.to consolidate; k)to present the financial documents of several separate legal entities
together ( Consolidare)

6.earnings per share; d)the profits of a company divided by the number of shares issued;
( Rezultat pe actiune)

7.goodwill; ; c) an intangible asset which includes the value of a firms clientele, trademark,
patents and the experience of its staff; ( Fond commercial)

8.fixed assets; j)items that figure on a balance sheet such as land, machinery, lorries, etc.;
( Active fixe)

9.straight-line depreciation: h)a system of calculating depreciation whereby the price of an


item is divided by the number of years it is expected to last
( Amortizare liniara)
;10.price-earnings ration; f) the value of a share on the Stock Exchange divided by net profit
per share ( Raport pret castig)

11.profit and loss account: a) document that shows how much a company makes or loses over
a given period. It does not include such features such as land, goodwill, etc
( Soldul contului)

VII. The verbs/ verb phrases below may be used to describe various movements
on the money market; match the English terms to their definitions.. Provide
their Romanian equivalents.

List A: 1.to reach an all time high: d. to come to a level unsurpassed in some respect up to
the present ( a atinge un nivel record)
2.to hold steady (about prices): g. remain fixed and not moving or changing suddenly ( a se
mentine)
3.to top: h. exceed (an amount, level, or number); be more than ( a depasi)
4.to pick up (about prices): i. gain in value; (a creste, a se mari preturile)
5.to rise steadily: f. increase at a steady rate or pace ( a creste constant)
6.to plummet/nosedive; c. fall or drop suddenly in amount, value, etc ( a scade brusc)
7.to level off; j. to detect feeble, small increase / fairly large/significant increase. ( a se
stabiliza)
8.to see a slight/substantial rise: a. stop rising or falling and stay at the same level ( a
inregistra o usoara crestere)
9.to witness a dramatic fall: b. take note / observe a sudden, very great and often surprising
upward change
10.to rocket/to soar: e.to increase quickly and suddenly ( a creste vertiginos)

VIII. Use the English terms above to fill the blanks in the sentences below
1. House prices now seem to be leveling of after the steep rises of the last few years. 2. If
inflation continues to rise, prices will reach an all time high . 3. August has seen a
substantial rise in the number of unemployed. 4. Canadas share of US demand is
projected ____ at 16%, as US demand increases alongside its exports. 5. The 1980s
witnessed a dramatic fall in unemployment. 6. Donations are expected to top
$1,000,000 by the end of the month. 7. The divorce rate has risen steadily since the 1950s.
8. Stock prices plummeted 40 percent during the scandal. 9. Sales soared from 1,000
units last week to 5,000 units this week. 10. Prices seem to picked up again.

IX. Use the VPs above to translate the sentences below into English:

1. Preturile obiectelor/articolelor de imbracaminte pentru femei s-au redresat spre


sfarsitul anului.
The women clothing/apparel prices have picked up to the end of the year.

2. Preturile legumelor au atins un nivel constant la sfarsitul lunii august.


The vegetables prices have leveled off at the end of August.

3. In 2000 s-a inregistrat o usoara crestere a vanzarilor de aparate de uz casnic.


The 2000s saw a slight rise in domestic electrical appliances sales
The 2000s saw a slight rise in sales of the domestic electrical appliances.

4. Preturile apartamentelor au crescut vertiginos spre sfarsitul anilor 90.


The appartments prices have rocketted/soared to the end of the 90s.

5. Vanzarile de telefoane inteligente s-au prabusit spre sfarsitul perioadei.


Smartphone sales plummetted to the end of the period/ time?

6. In 2012 am asistat la o cadere spectaculoasa a vanzarilor de case noi.


In 2012 we witnessed a dramatic fall of new houses sales.

7. In 2007 valoare ratei dobanzii a atins un record absolut.


In 2007 the value of interest rate has reached an all time high.

8. Preturile au ramas neschimbate intre 1988 si 1990.


The Prices
held steady between 1988 and 1990.

9. Preturile bunurilor de larg consum au inregistrat o crestere continua intre 1989 si


2014.
Consumer goods price have risen steadily between 1989 and 2014.

10. Vanzarile de discuri ale acestui cantaret au depasit doua milioane la sfarsitul anului.
Album sales of this artist have topped ?? up 2 million sells at the end of the year.

X. Choose the correct alternative to complete the sentences below; translate


these sentences into Romanian.

1. The cost of living climbed as high as 3.1% on a year-to-year basis in June.


a. slipped; b. climbed ; c. plummeted
In iunie, costul vietii a crescut de la 3,1% de la un an la altul.

2. British operating profits tumbled from 51 million to 19.2 million last year
a. edged down ; b. skyrocketed; c. tumbled
Anul trecut, profitul operational din Marea Nritanie a scazut 51 de milioane de lire sterline la
19,2 mil de lire sterline.

3. Industrial output grew by 25.6% over the previous tear, a Chinas total economy shot
ahead by more than 12%.
a. shot ahead; b. slid; c. edged up
Productia industrial a crescut cu 25,6% de-a lungul ultimului an, iar economia toatala a
chinei a avansat cu mai mult de 12%

4. Lodzs rapid growth in the 19th century between 1877 and 1914 the population leapt from
50,000 to almost 500,000 meant there was little town planning.
a. slumped; b. nosedived ; c. leapt
Dezvoltarea rapida a orasului Lodz in sec XIX- intre 1877 si 1914 populatia a crescut brusc de
la 50.000 la 500.000- a insemnat ca nu a existat o planificare urbana.

5. Farm prices surged 0.7% from September as raw milk prices continued their rise.
a. edged up; b. rocketed; c. surged
Preturile agricole au crescut cu 0,7% pe masura ce preturile la lapte crud continua sa creasca.

6. Total car production slid 5% because of lower sales in the US, where all European car
makers are struggling with weak demand.
a. shot ahead ; b. increased; c. slid
Productia totala de masini a scazut cu 5% din cauza vanzarilor mai mici din SUA in timp ce
toti producatorii de masini europene se confrunta cu cereerea scazuta.

7. A year ago, people selling their homes routinely received as many as six offers, with the
winning bid often higher than the asking price. Prices skyrocketed as much as 35% in a
single month last year.
a. edged up; b. skyrocketed ; c. firmed
In urma cu un an, cei care isi vindeau casa primeau in mod obisnui 6 oferte iar oferta
castigatoare era adesea mai mare decat pretul cerut. Preturile au crescut vertiginous cu 35%
intr-o singura luna, anul trecut.

8. Japanese production has plummeted, falling by 9% fromits peak in 1991.


a. risen ; b. edged down; c. plummeted
Capacitatea de productie a japoniei e in declin scazand cu 9% fata de apogeul la care se afla in
1991.

9. The dollar slumped to its lowest level against the Euro for 18 months.
a. slumped ; b. rose; c. advanced
Timp de 18 luni dolarul a scazut la cel mai jos nivel in fata Euro.

10. Sales held steady, but margins more than halved from 5.6 to 2.4%, and profits crumbled
from 29.7 million to 12.1 million
a. drifted lower; b. leapt; c. crumbled
Vanzarile sunt stabilite, dar marjele au scazut la mai putin de jumatate de la 5,6 la 2,4% iar
profiturile au scazut de la 29,7 milioane de lire sterline la 12,1 milioane.

XI. The nouns underlined in the sentences below are use to talk about rising and
falling prices. Translate these sentences into Romanian.

1.Nicoli insists that last weeks good results and accompanying hike in the share price should
prove to the skeptics that the company is already on track. 2. A further rally in Euro Disney
saw the shares touch 1575p, an advance of 20p. 3. Adobe plummeted $ 4.125 a share to close
at $ 15.625, a drop of 40% from levels at the beginning of the month. 4. The shares stayed at
250p despite the decline in the wider stock market. 5. A 22% profit rise took packaging
group Boxmore to 187p, a jump of 10p. 6. The FT-SE 100 index of leading shares jumped
105.6 to close at 2,843.9. The surge, which added 21.7 billion to share values, was the
biggest one-day rise since April 10, the day after the general election.7. A slip of 16 sent
shares in Thorn EMI down to 972 p. 8. The banks share prices promptly took a 50p nose-
dive as astonished investors digested the results, which exceeded even the most pessimistic
forecasts. 9. Despite the crash in Japanese share prices last year, the Nikkei 225 has risen by
600% in dollar terms since the beginning of this year. 10. The regional aircraft business was
met with a slump in the share prices from 199p to 113p.
1. Nicoli insista ca rezultatele bune de saptamana trecuta si cresterea
concomitenta mare a pretului actiunilor ar trebui sa le demostreze
scepticilor faptul ca deja compania se afla pe drumul cel bun.
2. La o intrunire ulterioara a Euro Disney, actiunile au atins 1575 de puncte,
reprezentand un marire de 20 de puncte.
3. Adobe a scazut pretul unei actiuni cu 4.125 $ pentru a inchide la 15.625 $,
o scadere|declin|depreciere de 40 % fata de nivelul de la inceputul lunii.
4. Actiunile s-au mentinut la 250 puncte in ciuda declinului de pe piata de
valori mai mare.
5. Compania de ambalaje Boxmore a inregistrat o crestere a profitului de
22% la 178 de puncte, o crestere brusca de 10 puncte.
6. Indicele FTSE 1001 al actiunilor de top/ de prima importanta au crescut
brusc cu 105,6 cu inchidere la 2,834.9. Cresterea brusca, care a sporit
valoarea la 21,7 miliarde de lire sterline la pretul actiunilor, a fost cea mai
mare crestere inregistrata intr-o singura zi, nemaiavand loc din aprilie
2010, ziua ulterioara alegerilor generale.
7. O scadere de 16 (puncte) a provocat coborarea actiunilor Thorn EMI
pana la 972 de puncte.
8. Pretul actiunilor bancii a suferit un picaj de 50 de puncte, investitorilor
uimiti venindu-le greu sa creada rezultatele care au depasit chiar si cele
mai sumbre previziuni.
9. In ciuda prabusirii de anul trecut a preturilor actiunilor japoneze, Nikkei
225 a crescut cu 600 %, calculat in dolari, de la inceputul acestui an.
10. Compania de aeronave locala| aeriana regionala a suferit o scadere
brusca a pretului actiunilor de la 199 de puncte la 113 puncte.

1
Indicele FTSE 100 este indicele primelor 100blue chip-uri, companiile cu cele mai
mare capitalizare de pia de pe bursa de valori din Londra.
XII. Choose the correct alternative to complete the sentences below. Translate
the sentences into Romanian:

1. More people were pessimistic about the coming 12 months. The decline in confidence was
more severe in Scotland.
a. advance; b. jump; c. decline
Mai multi oameni erau pesimisti in privinta urmatoarelor 12 luni. Scaderea increderii a fost
mai accentuate in scotia.

2. The company lifted its annual profits to June by 105% to 7.5 million, with a 66% hike in
turnover.
a. hike; b. drift ; c. collapse
Compania si-a marit profiturile anuale pana in iunie cu 105% la 7,5 mlioane de lire sterline,
avand o crestere brusca de 66% a cifrei de afaceri.

3. The dollars dipto a fresh low of EUR 1,3860 failed to upset the market.
a. rise ; b. dip; c. surge
Scaderea dolarului la un nou nivel scazut, de 1,3860 EUR nu a tulburat|nelinistit piata.

4. Germanys industrial strength took a nose-dive from second position in 1992 to 11th place
now.
a. retreat ; b. nose-dive; c. crash
Forta industriala a Germaniei a suferit un picaj de pe pozitia a doua in care afla in 1992 la
locul 11 in present.

5. Though the drop isnt enough to be called a slump, analysts said the hideen danger is that a
small retreat in steel consumption could trigger a nasty price war.
a. collapse; b. crash ; c. retreat
Desi scaderea nu este atat de mare ca sa fie numita criza, analistii au spus ca pericolul ascuns
il reprezinta faptul ca o mica scadere a cererii/ consumului de otel ar putea declansa un
razboi al preturilor neplacut.

6. Japans production of cars, trucks and buses in September fell 4.1% from a year ago to
1,120,317 units because of a plummet in exports.
a. plummet ; b. slip ; c. nose-dive
In septembrie, productia de automobile, camioane si autobuze a scazut cu 4,1 % fata de anul
trecut, la 1,120,317 unitati, din cauza unei scaderi masive a exporturilor.

7. Its money mountain has mushroomed from 217 million to 503 million, a massive leap
of 132%.
a. leap ; b. drop; c. drift
Muntele de bani a crescut de la 217 milioane de lire sterline la 503 milioane de lire sterline,
reprezentand un salt urias de 132 %.

8. A dramatic 40% slump in steel prices has sent British Steel spiraling into the red.
a. rise ; b. drift ; c. slump
O scadere dramatica de 40 % a pretului otelului a dus la indatorarea companiei British Steel.

9. A surge in cold-drink sales during hot and sunny May and June helped Cadbury
Schweppes push pre-taxes profits ahead 13% to 126 million.
a. fall ; b. surge ; c. collapse
O crestere/ un val a vanzarilor de bauturi reci in perioada lunilor calde si insorite, mai si
iunie, a ajutat Cadbury Schweppes sa creasca profitul inainte de impozitare cu 13 %, la 126
milioane de lire sterline.
10. Industrial output has stabilized, after falling 60% in 1991-1992, the most precipitous
economic collapse in Eastern Europe.
a. drift ; b. dip ; c. collapse
Productia industriala s-a stabilizat, dupa ce a scazut cu 60 % intre anii 1991- 1992,
reprezentand cea mai abrupta prabusire economica sin estul Europei.

XIII. Translate the sentences below into English; pay attention to the nouns
indicating rising and falling prices:

1. Pretul unei actiuni are o asemenea valoare incat ar mai bine sa determine o crestere a
pretului inainte de a trece la o noua emisiune de actiuni. 2. Directorul general a
decalarat ca scaderea pretului actiunilor firmei spreste ingrijorarea privind valoarea
de baza a actiunilor. 3. Domnul Smith are posibilitatea de a achizitiona pana la 10%
din actiunile firmei la valoarea de piata, ceea ce probabil va face dupa
scaderea/alunecarea pretului actiunilor firmei. 4. Pretul acestei masini a inregistrat o
crestere extraordinara de 75% in ultimii doi ani. 5. Unii analisti atrubuie tendinda de
scadere a preturilor obligatiunilor greutatilor pernamente cu care se confrunta acum
piata de capital. 6. Analistii pietii prevad o scadere drastica a preturilor
electrocasnicelor. 7. Actiunile catorva firme producatoare de confectii au inregistrat
scaderi semnificative dupa ce s-au facut publice perspectivele unor castiguri scazute
in anul urmator. 8. Din 2008 economia lumii se afla intr-o criza accentuata.
2. . (1) The share price has such a value that it would be better to bring to a price hike
before crossing to a new equity issue.
3. (2) The general manager stated that the firms share prices drop accrues/enhances te
worry/fear concerning the initial/base share amount.
4. (3) Mrs. Smith has the possibility to purchase up to 10 % of firms share at market
amount/value,thing that he will do after the firms share price slips.
5. (4) The price of this car scored an advance / a hike of 75% for the past 2 years.
6. (5) Some analyst ascribe the downturn course of bond price to constantly difficulties
that the capital market is facing with.
7. (6) The market analyst foresee a slump of white goods/household appliences price.
8. (7) The Shares o some manufacturing companies recorded a drop off after being
given to the publicity the perspectives of some low incomes next year.
9. (8) From 2008 worlds economy is in a stressed crisis.

XIV. Use the terms listed below to fill the gaps in the text below; provide a
translation of the text into Romanian:

meltdown; collapse; crash; free fall; record high; low; wipe off;; all-time high

Better economic news helped wall Street gain 2.3%, hitting an record high. European stock
exchanges did well too. Frankfurt, Milan, Zurich and Stockholm all reached new highs for the
year. Tokyo share prices advanced broadly under the lead of Sony and other electrical issues,
pushing the Nikkei to a ______ in relatively active trading. But eupohoria easily gives way to
pessimism. When share prices fall a long way, commentators talk about billions of dollars,
yen or whatever being ____ share values. With prices falling to new _____, people may
talk about a market _____ or ____ . If prices fall a very long way and there seems to be no
limit to the amount they may drop, people use the parachuting image of _____.
Commentators may even compare events to a nuclear accident like Chernobyl and talk about
a market ______.

Cresterea economica din ultima perioada ,a adus Wall Street-ului un castig de 2,3%,atingand
un record absolut. La fel si bursele de valori europene au inregistrat cresteri
.Frankfurt,Milan,Zurich si Stockholm au atins toate cresteri substantiale/recorduri in acest an.
In Tokyo ,preturile actiunilor au crescut considerabil sub conducerea campaniei Sony si a
altor companii producatoare de electrocasnice, iar compania Nikkei a atins cel mai inalt nivel
din cate s-au cunoscut vriodata comparative cu tranzactionarea active. Atunci cand preturile
actiunilor sunt in scadere ,comentatorii/analistii vorbesc de miliarde de dolari,yeni sau orice
avand o valoare scazuta a actiunilor.Cu preturile care scad continuu pana se ajunge la un nou
crah economic,oamenii pot vorbi despre o prabusire a pietei sau inlaturare/stergere definitive.
Daca preturile scad incontinuu si se pare ca nu se preconizeaza nici o valoare pana la care ar
putea descreste,oamenii se gandesc la imaginea parasutei de cadere libera.
Analistii/Comentatorii pot compara acest fenomen chiar cu un accident nuclear la fel ca cel
de la Cernobil, si sa vorbeasca despre un dezastru nuclear a pietei.
WORKSHEET 5

I.TRANSLATE INTO ROMANIAN: The role of the central banks

A central bank (reserve bank or monetary authority) is created by government legislation.


It normally has the legal right to create money. It can print money to increase the supply,
or exchange money for securities. It can sell securities to decrease the money supply. It is
responsible for maintaining stability in the banking system of its country, or a group of
member states. In times of financial crisis, the central bank acts as lender of last resort
(i.e., extending credit when no one else will) to the banking sector. Some central banks, such
as the Bank of England, are involved in coordinating, with solvent banks, lifeboat rescues of
banks in crisis. The mandate of most central banks is to carry out their governments fiscal
and monetary policy to ensure a stable economy and currency. Some central banks set their
countrys official interest rate. They do this to manage inflation (a rise in the price of a
basket of goods), as well as deflation. Central banks can influence money supply, interest
rates, and foreign exchange rates. They also manage the countrys foreign exchange, gold
reserves, plus the governments stock register. Central banks structures and conditions
vary significantly within and across nations. The European Central Bank (ECB) operates
across several countries. The Federal Reserve Bank (Fed) operates across all states in the
USA. Central banks are managed by a board of directors, The head of the central bank is
usually a governor or president. All governments have some influence over their central
bank. In the USA, the chairman of the Federal Reserve Bank is appointed by the president.
However, his or her appointment must be confirmed by Congress. In some countries, the key
monetary policy decisions are made by committees or individuals, independent of the
political appointee. The Monetary Policy Committee of the Bank of England, for example,
is dominated by representatives of private corporations. In most countries, a central bank
carries out supervision and regulation of the banking industry. Some central banks
still require trading banks to maintain a certain amount of their deposits as reserves.
However, most central banks address credit risk by requiring trading banks to meet certain
capital requirements. These requirements (called capital requirements) require banks to
hold a percentage of their assets as capital. The Basel Capital Accords current guideline is
8% for international banks. This means that when a bank reaches its lending limit, 92%
of assets, it must raise additional capital if it wishes to continue to increase its lending.
Central banks may also provide financial services such as transfer of funds, banknotes and
coins or foreign currency. The Bank of Japan, for example, is a central bank that is actively
engaged in financial transactions with other financial institutions. In this role, the central
bank is known as the bank of banks. In some countries, this may be the responsibility of a
government department such as the ministry of finance. Most central banks are state-owned.
However, many economists view government intervention in the monetary policy of a
country as undesirable. Advocates of an independent central bank argue that the power to
create money, and the power to spend it (e.g. funding government budgets), should be
separate. Independence, it is argued, creates a more credible monetary policy.
Consequently, the financial market reacts more in line with the direction indicated by the
central bank. It is also argued that political interference or pressure may lead to boom and
bust economic cycles as governments attempt to manipulate the economy before an election
for short-term political gain. This may result in higher employment and consumer
spending, but lead to higher inflation in the long term. During the 1990s, many countries,
influenced by research correlating central bank independence with low and stable inflation,
increased central bank independence. Critics of this trend say independence can weaken the
central banks public accountability. They argue that central bank independence needs to
be balanced with accountability to the public and their elected representatives.
I.
Rolul bancilor centrale
O banca central ( o banca de rezerve sau autoritate monetara ) este infiintata conform
legislatiei guvernamentale. In mod normal, are dreptul de a produce bani. Poate tipari bani
pentru a mari rezervele sau poate schimba bani pe titluri de valoare. Poate vinde titluri de
valoare pentru a scadea rezerva de bani. Este responsabila de mentinerea stabilitatii in
sistemul bancar al tarii respective sau a unui grup de state membre. In perioade de criza,
banca centrala este un creditor de ultima instanta in sectorul bancar ( adica prelungeste un
credit cand nicio alta banca nu o face). Unele banci centrale, cum ar fi Banca Angliei,
coordoneaza, alaturi de bancile solvabile, salvarea bancilor aflate in criza. Majoritatatea
bancilor centrale au rolul de a stabili politica monetara si fiscala a statului de care apartin,
pentru a asigura o moneda si o economie stabila. Unele banci centrale stabilesc rata oficiala a
dobanzii in tara lor. Fac asta pentru a controla inflatia ( o crestere a pretului cosului de
bunuri si servicii1), dar si deflatia. Bancile centrale pot influenta rezervele financiare, ratele
dobanzii si ratele de schimb valutar. Ele administreaza si devizele tarii, rezerva de aur si
registrul de stocuri al guvernului. Structura si conditiile bancilor centrale variaza in mod
semnificativ in cadrul unui stat, cat si intre state. Banca Centrala Europeana (BCE)
opereaza/functioneaza in mai multe tari. Rezerva Federala (Fed) opereaza in toate statele din
SUA. Bancile central sunt administratate de catre un Consiliu de Administratie. Seful bancii
centrale este, de obicei, un guvenator sau presedinte. Toate statele au o oarecare influenta
asupra bancilor lor centrale. In SUA, presedintele Bancii Federale de Rezerve este numit de
catre presedintele SUA. Totusi, numirea acestuia sau a acesteia trebuie confirmata de catre
Congres. In unele tari, deciziile importante de politica monetara sunt luate de catre
comitete/comisii sau personae fizice(?), indiferent de cel numit politic. De exemplu, in
Comitetul de Politica Monetara al Bancii Centrale a Angliei predomina reprezentanti ai
corporatiilor private. In majoritatea tarilor, banca centrala supervizeaza si reglementeaza
sectorul bancar. Unele banci centrale inca le solicita/cer bancilor comerciale sa aiba ca
rezerva o anumita suma din depozitele acestora. Totusi, majoritatea bancilor centrale aduc in
discutie riscurile de credit, cerand bancilor comerciale sa indeplineasca anumite cerinte de
capital. Aceste cerinte (numite cerinte de capital) presupun ca bancile sa detina un procent din
activele lor ca si capital. Recomandarea actuala a Acordului de la Basel privind capitalul
bancar este de 8 % pentru bancile internationale. Asta inseamna ca atunci cand o banca atinge
limita de creditare, 92 % din active, are nevoie de capital suplimentar daca doreste sa
crediteze in continuare. De asemenea, bancile centrale pot oferi servicii financiare, cum ar fi
transferul de fonduri, bancnote si monede sau valuta. Banca Japoniei, de exemplu, este o
banca centrala care se implica activ in tranzactiile financiare cu alte institutii financiare. Cand
are acest rol, banca centrala este cunoscuta ca banca bancilor. In unele tari, aceasta
responsabilitate revine unor departamente guvernamentale, cum ar fi Ministerul de Finante.
Majoritatea bancilor centrale se afla in proprietatea statului. Totusi, interventia statului in
politica monetara a unei tari este privita de economisti ca fiind de nedorit. Sustinatorii
bancilor centrale independente afirma ca puterea de a crea/face/produce bani si puterea de a ii
cheltui (de ex. finantarea bugetelor guvernamentale) ar trebui sa fie separate. Se sustine faptul
ca independenta duce la o politica monetara mai credibila. Prin urmare, piata financiara se
conformeaza mai mult instructiunilor/indrumarilor bancii centrale. Se mai sustine faptul ca
presiunea sau interventia politica ar putea duce la fluctuatii economice/cicluri economice, pe
masura ce guvernele incearca sa manipuleze economia inaintea unor alegeri, pentru castiguri
politice de scurta durata. Aceasta poate avea ca rezultat o ocupare mai mare a fortei de munca

1
Basket of goods - A collection of products, raw materials and services which comprise the Consumer Price
Index (CPI) over a period. The group typically indicates consumer buying behavior across a diverse set of
offerings.
si cresterea cheltuielilor consumatorilor, dar pe termen lung poate duce la cresterea inflatiei.
In anii 90, multe tari au crescut/sporit independenta bancilor centrale, fiind influentate de
cercetari care corelau independenta bancii centrale cu o inflatie mica si stabila. Criticii acestei
tendinte afirma ca independenta poate diminua responsabilitatea sociala a bancii. Acestia
sustin ca independenta bancii centrale trebuie echilibrata cu responsabilitatea fata de public si
fata de reprezentantii alesi.

II. Choose the explanation which best illustrates the meaning of the underlined
words as they are used in the text above:
1. print money1: a) to produce physical money to replace old currency which is
removed from circulation; b) to write banknotes; c) to copy banknotes and coins
2. print money2: a) to print money electronically; b) to inject more money into the
economy, virtually out of thin air; c) to credit money to private banks
3. money supply: a) cash and checking deposits ; b) a group of safe assets that households
and businesses have; c) the total amount of money in circulation or in existence in
a country.
4. lender of last resort: a) any of the banks in the country that offers loans to other
insitutions ; b) an institution that offers loans to banks or other eligible
institutions that are experiencing financial difficulty or are considered highly
risky or near collapse.; c) the last source of credit
5. interest rate: a) a rate paid to use money ; b) a rate paid by the creditor; c) the
proportion of a loan that is charged as interest to the borrower, typically
expressed as an annual percentage of the loan outstanding
6.governments stock register: a) a record of government transactions covering state-
owned companies; b) a record of transactions of a publicly-traded company
for transfers, issues of stock, buybacks and other actions related to
the company's stock; c) a paper ledger;
7. Federal Reserve Bank: a) one of the banks in the USA; b) a bank located in one of the
states in the USA ; c); The central bank of the United States and the most powerful
financial institution in the world.
8. chairman: a) the holder of the chair; b) the director of the bank ;c) the president of
the governing body of the Federal Reserve System;
9. political appointee: a) (US) any employee who is appointed by the President,
the Vice President, or agency head; b) one who is appointed to a position or office ; c) a
beneficiary under legal appointment
10. supervision of the banking industry: a) checking the effectiveness of banking ; b)
monitoring and examining the condition of banks and their compliance with
laws and regulations; c) providing safe storage for money
11. regulation of the banking industry : a) issuing specific regulations and
guidelines to govern the operations, activities and acquisitions of banking
organizations; b) gathering information on trends in the financial industry; c) landing
money to qualified borrowers
12. credit risk: a) when the borrowers defaults on payments; b) when the borrowers pays
back; c) the likelihood that a borrower will default on any type of debt by failing
to make required payments
13. capital requirements: a) the amount of capital a bank or other financial
institution has to hold as required by its financial regulator; b) a percentage of the
assets that must be held by the bank; c) non-liquid assets to be held by the bank
14. Basel Capital Accord: a) a bank asset classification system ; b) international
banking regulations put forth by the Basel Committee on Bank Supervision,
which set out the minimum capital requirements of financial institutions with
the goal of minimizing credit risk; c) an agreement dealing with risk management
15. lending limit: a) the minimum amount a bank can lend to a single borrower; b) any
amount a bank can lend to a borrower ; c) the maximum amount a bank can lend to a
single borrower;
16. monetary policy: a) the process by which the monetary authority of a
country controls the supply of money; b) targeting a rate of interest for the purpose of
promoting economic growth and stability; c) a way to control the economy
17.consumer spending: a) spending covering durable goods; b) spending covering
nondurable goods ; c)the amount of money spent by households in an economy
18. public accountability: a) to be accountable to a private entity ; b)
obligations of public enterprises and agencies to be answerable
for fiscal and social responsibilities, to those who
have assigned such responsibilities to them; c) liability in court

IV. Provide synonyms for the words/phrases and use them in sentences of your
own:
extend credit: Make or renew any loan ( extinderea creditului) ( cred ca e asa)
He asked for extended credit from three to six months.

Mandate: authority, decree, command, order, ( ordin, mandat)


The legislature has the mandate to create laws.

Governor: Director, manager (director) The head of a bank, especially but not necessarily a
central bank. For example, the highest post in the Bank of England is called the Governor.
The governor of the bank was fired.

Guideline: general rule, instruction


The director issued guidelines for working safely.

raise capital:

government department ;

advocate: promote, recommend, defender


Im an advocate of animal rights.

in line with: according to, conforming to, corresponding to; in agreement with ( a
corespunde)
The president is in line with the plans discussed.

Accountability: responsibility; liability


Accountability is an important theme for companies.

V. The terms in list A designate various types of banks. Match these terms with
the corresponding definition in list B; provide their Romanian equivalents and
use them in sentences of your own:

A: central bank; 3. a national bank that provides financial and banking services for its
country's government and commercial banking system; ( banca central)
A central bank usually prints the national currency.

trading bank; 9. banks concerned with sophisticated, often innovative transactions that most
often involve corporate customers ( banca de tranzactionare)
international bank; 5. a facility that allows depository institutions in the United States to
offer deposit and loan services to foreign residents and institutions;
A crisis could affect the international bank.

commercial bank (retail bank); ; 10. typical mass-market banking in which individual
customers use local branches of larger commercial banks. Services offered include savings
and checking accounts, mortgages, personal loans, debit/credit cards and certificates of
deposit (banca comerciala)
Commercial banks can make secured and unsecured loans. (imprumuturi cu sau fara
garantie)

savings bank; 2. a non-profit-making financial institution receiving small deposits at interest;


(casa sau banca de economii)
Sberbank is a Russian savings bank.

savings and loan association; 7. an institution which accepts savings at interest and lends
money to savers for house or other purchases; (casele de economii si imprumut)
Savings and loan association is state or federally chartered.

credit union; 4. a non-profit-making money cooperative whose members can borrow from
pooled deposits at low interest rates ( cooperative de credit sau cooperative financiara)
Credit union accept deposit and make loans like a bank.

financial service company; 6. services and products provided to consumers and businesses
by financial institutions such as banks, insurance companies, brokerage firms,
consumer finance ; (societate care furnizeaz servicii financiare)
American Express is one of the largest financial service company.

hybrid financial institution; 8. commercial bank; (

correspondent bank: 1. a financial institution that provides services on behalf of another,


equal or unequal, financial institution ( banca corespondenta)
A correspondent bank can be an intermediary between two banks.

VI. Provide the Romanian equivalents of the following English terms; use the
English terms in sentences of your own:
ATM bancomat
I forgot to bring euros with me to France, so on arriving in Paris, I had to find an Atm.
Collateral- garantie
Greg used his car as collateral for the loan.
Credit line- linie de credit
I have a thousand dollar line of credit with that store, so I will buy a new sofa today. I
opened a line of credit at the bank to use in case of emergencies.
Current account- cont current
I'd like to pay this money into my current account.
Electronic banking- tranzactii bancare electronice
Electronic banking is initiated through devices like cards or codes that let you, or those you
authorize, access your account.
Debt collection recuperarea datoriilor
A debt collection is a type of account that's been sent to a third-party debt collector.
Installment- rata
Loans are repaid in monthly instalments over an agreed period.
Loan sharking- camatarie
The city is facing with a racketeering conspiracy that included gambling, loan-sharking, and
extortion
Mortgage-imprumut ipotecar
Tom took out a mortgage and bought a house.
Overdraft suma extrasa fara acoperiri
I only have $5 left in my account; I'll have to use my overdraft to pay my bills between
now and payday.
Pawn shop casa de amanet
He couldn't buy more than he already had, without having to take some of the items to other
pawnshops or to auction houses.
Savings account cont de deposit
I put my tax refund into my savings account
To service a debt- a plati datoria
The company was unable to service her debt .
Syndicated loan imprumut sindicalizat
Chupa Chups used these funds to cancel part of the 2002 syndicated loan (EUR 20 million)
and to cover other treasury needs.
Unsecured loan- imprumut fara garantie
If you have good credit, it's easy to obtain an unsecured loan.
Statement of account /bank statement extras de cont
I'll check my bank statement to see if you cashed my cheque.

VII. Provide the English equivalents of the following Romanian terms; use the
English terms in sentences of your own:
a subscrie titluri de valoare - underwrite securities

A scoate bani din cont withdraw money


I would like to withdraw a hundred pounds from my account.

Tras/tragator marksmen
police said the marksman grew concerned the situation would escalate and others could be
hurt.
Deposit la vedere demand deposit/deposit held at call/ sight deposit
The increase in transaction accounts resulted in a greater volume of corporate sight deposits.
Deposit la termen term deposit
Closing a term deposit before the end of the term, or maturity, comes with the consequence of
lost interest on the principal.
Seiful bancii vault
The bank manager unlocked the vault.
Titular de cont account holder
He used to keep parallel record of banking with himself and whenever an account holder
demanded the money back through cheque he by consulting his private record paid him the
amount.
A andosa un cec- to endorse
The cheque was endorsed by Conroy and then given to him
Platitor/beneficiarul platii payer
The payer of the bill will be given a receipt.
Functionar/casier bancar teller
The teller asked for my account number.

VIII. Fill in the blanks with the appropriate terms below:


non-deposit taking; fee; company; funds; borrowers; intermediation;

The inflow and outflow of FUNDS provide the financial institutions with the main source
of profit and the process of directing the savings to borrowers is of great benefit to both
savers and BORROWERS as well as to the national economy. The process of matching
against a COMPANY the needs of lenders with those of the borrowers is known as financial
INTERMEDIATION . A financial intermediary may be a deposit-taking organization such
as a bank or a building society or a NON-DEPOSIT TAKING institution, namely an
insurance FEE or a pension fund.

IX. The following terms designate various means of payment. Match the terms
with the correct definition; provide their Romanian equivalents; use the
English terms to fill the blanks in the sentences below; translate these sentences
into Romanian:

.
Bill of Exchange (cambie) - 3.a written order to a person requiring them to make a
specified payment to the signatory or to a named payee
Promissory note (bilet la ordin) - 7. a signed document containing a written promise
to pay a stated sum to a specified person or the bearer at a specified date or on demand
I.O.U. (contract de mprumut) - 6. a signed document acknowledging a debt
Bankers draft/bank draft (certificat bancar) - 1. a type of check where the payment
is guaranteed to be available by issuing bank
Letter of credit (scrisoare de credit/acreditiv) - 9. letter issued by a bank to another
bank (especially one in a different country) to serve as a guarantee for payments made
to a specified person under specified conditions
Standing order (ordin de plat) - 4. an instruction to a bank by an account holder to
make regular fixed payments to a particular person or organization
Documentary letter of credit (L/C) (acreditiv documentar) - 10. a written promise of
payment provided by a buyer to a seller that is guaranteed to clear by a particular bank
Cash with order (plat concomitent cu comanda) - 5. payment for goods in which
the buyer pays when ordering and in which the transaction is binding on both parties
Bearer check (cec la purttor) 8. A cheque where the money can be paid to any
person who presents it to the bank, not just to a person named on thecheque
Bank transfer (transfer bancar) - 2. an act of moving money from a bank account to
another account

1. In foreign trade, you must use the services of a bank to make payments. Payments can be
done by, for istance, bank draft. = Trebuie s folosim serviciile bancare pentru a face pli
n sfera comerului internaional. Plile pot fi realizate, de exemplu, prin intermediul unui
certificat bancar.
2. There are three parties to a bill of exchange: the creditor, who draws the bill, the debtor
upon whom the bill is drawn; and the person to whom the money is to be paid. = Cambia are
3 pri componente: creditorul, care pltete factura, debitorul, n numele cruia se pltete
factura i persoana care primete suma de bani.
3. To ensure prompt shipment, we enclose a documentary letter of credit for $ 5,000 on the
Jones&Smith Bank made out to your order. = Pentru o livrare rapid, se ntocmete un
acreditiv documentar de $ 5.000 la banca Jones&Smith care va acoperi suma comenzii
dumneavoastr.
4. Payment will be made via bank transfer. = Plata se va face prin transfer bancar.
5. We accept orders from abroad only if payment is made by cash with order . = Acceptm
comenzi din strintate doar daca plata se face concomitent cu comanda.
6. A bearer check is payable to anyone who presents it, usually over the counter of the
paying bank. = Un cec la purttor poate fi pltit de oricine l prezint la ghieul bncii.
7. The term I.O.U. is an abbreviation, in phonetic terms, of "I owe you." = Termenul I.O.U.
este o abreviere de la i sunt dator.(?)
8. I use a standing order to have my bills paid every month. = Folosesc un ordin de plat
pentru achitarea facturilor lunare.
9. People write a promissory note when they make an signed, unconditional promise to pay a
certain amount of money on demand at a specified time. = Oamenii scriu un bilet la ordin
atunci cnd fac o promisiune semnat i necondiionat de a plti o anumit sum de bani,
solicitat la un moment dat.
10. The bank issued a letter of credit on behalf of the Importer to pay the Exporter a given
sum of money within a specified time, providing that the Exporter presents documents which
comply with the terms laid down in the document. = Banca e emis scrisoare de credit n
numele importatorului pentru ca acesta s i plteasc exportatorului o sum de bani ntr-un
anumit interval de timp, avnd n vedere c exportatorul deine documente ce respect
termenii contractului.

X. Translate into English:


A.1.Cambia trebuie andosata. 2.Suntem nevoiti sa cerem rambursarea banilor.3.Nu se va
plati nici un comision.4.In mod normal ar trebui sa vi se faca plata in termen de 30 de
zile.5.Documentele trebuie eliberate contra sumei de 20 000$.6.Aceasta marfa n-ar trebui
transportata cu trenul.7. Banca Martin`s nu poate fi in nici un caz trasa la raspundere.8.Va
trebui sa acceptati acest amendament ca facind parte din acreditiv.9.Va trebui sa prezentati
documentele pentru acest credit.10. Viramentul ar fi trebui sa se efectueze pana la sfarsitul
lunii, dar inca nu am primit avizul de credit.11.Conform uzantelor noastre, va trebui sa
analizati acest cont current inainte de a debloca conturile. 12. Trasul nu si-a putut onora
cambia la data scadentei. Va trebui sa luam legatura cu un avocat.13. Cresterea pretului la
principala nostra materie prima va duce la o crestere cu 4% a pretului cu
ridicata.14.Exercitiul financiar pe anul trecut s-a incheiat de curand cu un venit brut de
aproximativ doua milioane de franci.15.Devizul pentru reparatii se ridica la suma de doua
milioane de dolari si prevad ca vom avea probleme cu agentul nostru de asigurari.
B. 1.Am verificat bilanul i contul de rezultate fr s gsesc nici cea mai mic eroare.Totui
a dori s verific iar cifrele activului imobilizat.2.Ultimele rezultate naintea impozitrii
evideniaz o cretere de 46% fa de primul trimestru al anului.3.Previziunile pentru
consumul de alimente congelate sunt de aa natur nct mai multe grupuri intenioneaz s
aplice o nou strategie de marketing.4.Programul de lucru al ageniilor de publicitate este
foarte flexibil doarece mai mult de 30% din peronal lucreaz cu norm redus.5.Att
controlul calitii ct i comenzile pentru piese de schimb sunt urmrite prin intermediul
calculatorului.6.De ct timp este descoperit contul dvs. ? 7.Fluxul de numerar cuprinde i
transferurile de numerar, nu doar transferurile care influeneaz fondul de rulment.8.n
Anglia conturile curente purttoare de dobnd exist doar din 1990.9.Banca v va acorda un
mprumut doar dac avei un loc de munc stabil.10.Asamblarea mainilor noastre pe banda
de montare este eficient datorit aplicrii unui sistem care evit stocarea inutil a pieselor
de schimb.
C. n zilele noastre, crile de credit reprezint o modalitate de plat fr numerar, utilizat
n ntreaga lume.Au fost introduse datorit avantajelor pe care le prezint.Comoditatea i
sigurana pe care le ofer utilizarea crilor de credit sunt principalele motive pentru care
oamenii s-au obinuit s le plteasc.Cnd cumperi ceva, prezini pur i simplu cartea de
credit vnztorului, iar plata se face automat din contul bancar.Dei n Romnia crile de
credit reprezint nc o modalitate de plat foarte puin folosit, utilizarea lor va deveni o
necesitate din ce n ce mai acut n viitor.Prima banc care a emis o carte de plat n lei este
Banca Romn pentru Dezvoltare.Ea se adreseaz n principal oamenilor de afaceri i poate fi
utilizat pe tot teritoriul Romniei.

1. The bill of exchange(cambie: titlu de credit) needs to be endorsed.


2. We feel the need(we are forced) to ask for reimbursement of the money.
3. No commission will be paid.
4. Normally, your payment should be made within 30 days.
5. The papers need to be issued against payment(at the value of) 20.000 $.
6. This merchandise(these goods) should not be carried by train.
7. There is no way Martin Bank could be held responsible.
8. You will have to accept this amendment as part of the credit.
9. You will have to present the papers for this credit.
10. The transfer should be made until the end of the month, but we still have not received the
credit note.
11. According to our practice, you will have to analyse this current account before unblocking
the accounts.
12. The drawee could not honor his bill of exchange at due date. We will have to contact a
lawyer.
13. The rise in price for our main raw material will lead to a 4% rise in wholesale price.
14. The previous financial year(?) has recently ended with a gross income of approximately 2
million francs.
15. The repair programme/quote/estimate amounts to a 2 million $ sum and I foresee that we
will have problems with our insurance agent/broker.

B.
1. I checked the balance sheet and the outturn account with no errors found. However, I
would like to check again the figures in the non-current asset.
2. The last results before tax show a rise of 4% compared to the first quarter of the year.
3. The forecasts for frozen food consumption are such that several groups intend to apply a
new marketing strategy.
4. The working programme of the advertising agencies is very flexible, since more than 30%
of the staff works part-time/at reduced time of work.
5. Both the quality control and the spare parts orders are monitored by means of/through
computer.
6. How long has your account been overdraft(?)?
7. The cash flow comprises cash transfer as well, not only the transfers which influence the
working capital.
8. In the U.K., the current accounts bearing interests have existed only beginning with
1990.
9. The bank will grant you a loan only if you have a stable job.
10. Our machines assembly on mounting tape(?) is efficient due to the application of a
system which avoids unneccessary storage of spare parts.

C. Nowadays, credit cards are a way of paying without cash, used throughout the world.
They were introduced due to the advantages they provide us with. The convinience and the
security which using credit cards offers are the main reasons for which people got used to
pay for them. When buying something, you just show the credit card to the seller and the
payment is automatically made from your bank account. Although in Romania they are stil a
not that popular way of paying, using them will turn into an urgent neccessity in the future.
The first bank issuing a credit card in RON(Lei) is tha Romanian Bank for Development. It is
mainly targeted at/it mainly addressed to business people and it can be used throughout all
Romania.

You might also like