Exercise 11. Translate the article, using the vocabulary, given after it.

 

Euro Pressures help spur French savings reforms

The French government is to allow banks to determine interest rates payable on a range of taxable savings accounts, in a significant step towards the deregulation of the financial services sector imposed by creation of the single European currency, the euro.

It is also to cut the interest rates on a number of tax-free savings products, and establish an advisory committee which will play an important role in determinating the level of the rates paid to depositors in the future. The action comes as the authorities have been coming under pressure to reduce interest rates on products that distort competition and create a heavy financing burden on the state.

The French government still directly controls the interest rates on savings schemes which contain nearly FFr 3,000bn ($500bn) in deposits and which often pay significantly above market rates.

Bankers argued yesterday that the new European Central Bank would have forced the government to deregulate the system if it had not taken the initiative on its own, and that the creation of the euro would otherwise have put an unbearable pressure on the system by allowing other Europeans to open tax-free accounts supported by the French state.

Interest payable on the Livret A, Livret Bleu and Codevi tax-free schemes – which currently hold over FFr 1,000bn in deposits – will from June 15 be cut from 3.5 per cent to 3 per cent. An estimated 47m French hold Livret A accounts, making the reduction in rates particularly sensitive. It has been reduced just twice in the last 12 years, each time triggering a considerable political blacklash.

The decision to bring rates more in line with the market is also a competitive blow to the Post Office, Credit Mutuel and the Caisse d’Epargne savings network, which have until now had the exclusive right to distribute some of these products.

However, the government has packaged the decision as a way to reduce the cost of financing low-income housing – the purpose for which the Livret A was created.

The rates on a series of taxable savings products will in future be left to the discretion of the banks. Banks will also be free to set the interest rate payable on the Livret Jeune savings scheme – currently standing at 4.7 per cent – as long as the rate remains above the level of the Livret A.

The committee to be established to advise on future rates for the tax-free schemes is likely to include representatives of low-income housing operators, savers, consumers and businesses.

 

VOCABULARY

Euro, single European currency        евро, единая валюта для стран членов европейского союза

To bring in line                                  установить единообразие, ввести в соответствие с
чем-либо

Low-income housing                        жилье для граждан с низкими доходами

To determine interest rates                установить процентную ставку

Payable on a range of taxable           по широкому кругу накопительных

savings accounts on savings              счетов, подлежащих налогообложению,

schemes                                             по схемам накопления

To trigger                               вызывать

A considerable political backlash      существенные политические последствия

To spur                                              побуждать, подстрекать

 

Exercise 12. Answer the following questions:

 

1. What is this article about?

2. In what way will the adoption of Euro impact the French banking system?

3. Who controls the interest rates on saving schemes in France?

4. Why is the decision to bring rates in line with the market not favorable for some institutions?

5. What are these institutions?

6. What is the French government to allow banks freely to do?

7. What did the bankers argue about?

8. What is the committee to be established to advise on future rates for the tax-free schemes likely to include?

 

Exercise 13. Find the Russian equivalents for the following:

 

1. to determine interest rates

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2. deregulation of the financial services sector

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3. creation of the single European currency

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4. on a number of tax-free savings products

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5. to establish an advisory committee

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6. to distort competition and create a heavy financing burden on the state

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7. to pay significantly above market rates

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8. to deregulate the system

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9. to trigger a considerable political backlash

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10. to have an exclusive right

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11.to package a decision

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12. to include representatives of low-income housing operators

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Exercise 14. Find the synonyms for the words  in italics:

 

1. The French government is to allow banks to determine interest rates

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2. It is also to cut the interest rates on a number of tax-free savings products

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3. To establish an advisory committee

__________________________________________________________________________

4. To play an important role in determinating the level of the rates

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5. Bankers argued yesterday that the new European Central Bank would have forced the government to deregulate the system

__________________________________________________________________________

6. The decision to bring rates more in line with the market is also a competitive blow to the Post Office,…

__________________________________________________________________________

7. However, the government has packaged the decision as a way to reduce the cost of financing low-income housing

__________________________________________________________________________

8. Banks will also be free to set the interest rate payable on the Livret Jeune savings scheme

__________________________________________________________________________

9. The committee to be established to advise on future rates for the tax-free schemes is …

__________________________________________________________________________

 

Exercise 15. Translate the sentences into English:

1. Введение единой европейской валюты евро привело к необходимости сокращения вмешательства государства в деятельность финансового сектора.

___________________________________________________________________________________________________________________________________________________________________________________________________________________

 

2. В качестве важного шага в этом направлении французское правительство намерено позволить банкам самим устанавливать процентную ставку по широкому кругу накопительных счетов, подлежащих налогообложению.

____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

 

3. До сих пор под прямым контролем со стороны французского правительства находятся процентные ставки по схемам накопления, относящиеся к вкладам, составляющим почти три триллиона французских франков.

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4. В настоящее время накопительные счета по схеме Levret A имеются у 47 млн. жителей Франции, что объясняет особый интерес к повышению процентных ставок со стороны французской общественности.

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5. За последние двенадцать лет процентные ставки сокращались дважды, и каждый раз это действие вызывало существенные политические последствия.

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6. Решение правительства о сближении процентных ставок с существующими ставками на рынке подрывает конкурентоспособность других накопительных схем, которые до последнего времени имели исключительное право на предоставление подобного вида банковских услуг.

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