"вп D, Vocabulary

4. l. Learn the vocabulary and make up your own sentences.

sweeping changes — changes that affect many people and make

a big difference

spur (v) — to urge or encourage forcefully to work harder, perform better, etc.

thrift 6^7/ — in the US, a savings and loan association or savings bank rate of return — the amount of profit that a particular investment will make, expressed as a percentage real estate — land or buildings

housing development — a piece of land on which houses have been built, usually close together, in a planned way

home-equity loan — an additional loan that a borrower takes out on a particular property, as a way to obtain money

down payment — the first payment made in the repayment of a large debt such as a mortgage

money market deposit account — an account held on the money market

flurry (n) — sudden confusion or excitement latitude (n) — freedom to do, say, etc. what one likes money market mutual fund — fund that invests in certificates of deposit (= money put into banks for a particular period of time), commercial paper (= money lent to companies for short periods of time), and treasury bills (= government borrowing over short period of time) rather than shares, company bonds, etc.

encroachment (n) — gradually taking more control of someone’s rights, property, responsibility, etc.

undermine (v) — to weaken or destroy gradually overstate (v) — to state too strongly, making things appear better, worse, or more important than they really are

smart card — a small plastic card with an electronic chip that records and remembers information

dub (v) — to name humorously or descriptively

pay check — a check that pays someone’s wages

4. 2. Give English equivalents to the following words and expressions:

• смарт-карта; интеллектуальная карта;
• сберегательное учреждение (сберегательный банк или ссудо-сберегательная ассоциация);
• кредит, обеспеченный жилым домом по рыночной стоимости минус сумма первой ипотеки;
• окрестить, дать прозвище;
• радикальные/разительные перемены;
• чек на получение заработной платы;
• волнение; суета, суматоха;
• побуждать, подстрекать;
• свобода; самостоятельность;
• жилая застройка, жилищное строительство;
• преувеличивать;
• недвижимое имущество, недвижимость;
• вторжение, захват (постепенный), посягательство;
• норма прибыли;
• инвестиционный фонд открытого тина;
• первая выплата, аванс;
• подрывать;
• депозитный счет денежного рынка.

4. 3. Choose an appropriate word or expression from the box to complete the following sentences.

flurry              encroachments              rates of return undermine

spurred              latitude              home-equity loans

1. Sweeping changes in the banking industry have been ...
   by competition from other financial institutions.
2. Other financial institutions generally offer higher ... than do banks and thrifts.
3. Banks and thrifts have developed new loan “products” such as ... (loans based on the value of one’s house) and low- or zero-down-pay- inent mortgages
4. This change has set up a ... of purchases of small security firms by banks.
5. Bank failures might... confidence in the entire banking system.
6. Banks have pressed for further ... in engaging in security-related activities.
7. To counter... of mutual fund companies, banks want changes in the law.

4. 4. Give synonyms for the italicized words in each sentence below, or briefly explain their meaning.

1. Although banks and thrifts remain the main institutions offering checkable deposits, their shares of total financial assets (value of things owned) are declining.
2. Pension funds, insurance companies, securities-related fitms, and especially mutual funds have all expanded their shares of financial assets.
3. They would like to offer stock accounts, much as mutual fund companies and security-related companies do now.
4. Globally, financial capital increasingly flows in search of the highest risk-adjusted returns.
5. In the future, account holders will he able to load sums from their E-cash accounts onto so-called stored-value cards.