Task I Read the text and answer the questions. The English commercial banks have branches in all the major towns and a similar structure and mode of working is common to them all. The owners are the shareholders. At the outset they provide the necessary capital. They arе all organised on the joint stock principle and are registered public companies.

The Chairman and Board of Directors are elected by the ordinary shareholders at the Annual General Mectingand arc responsible for the efficient management of the bank. The Board is concerned with the overall policy of the bank and the major decisions which put that policy into effect.

The Board will appoint a Managing Director who is directly responsible to them and a member of the Board. They will also appoint the most senior executives who in turn appoint the rest of the clerical staff who will be responsible in different capacities for the day to day running of the bank.

The essence of a bank's activities is the collection of deposits through current accounts and deposit accounts and the use of these funds to provide loans or funds for investment. The current account is the one commonly held and is drawn upon by cheques and standing orders. The deposit account is more in the nature of a savings account. The pattern of investments which a bank decides upon is crucial because, on the one hand, the bank must use the funds wisely to make a profit and, on the other, funds must be available for depositors to withdraw when they wish to do so.

Questions on the text:

1. Who owns the English commercial bank?

2. How does a bank start?

3. Who chooses the Board?

4. What is the Board's task?

5. Who hires the employees?

Task II. Complete the sentences in reported speech.

1) Mr Blake said: «The weather is cold in Moscow in February».

2) Fred said: «I have invented a new computer program».

3) He said: «I will have finished this paper by tomorrow».

4) «Don't tell her the truth»- said they to him.

5) He said to the shop assistant: «How much does it cost? »

Use the verbs in the passive.

1) A lot of new models (to launch) to the market every year.

2) New products (to advertise) in specialized journals.

3) Business problems (to discuss) on the phone or at the talks.

4) Rome (not to build) in a day.

5) Thousands (to destroy) during the Great Fire of London.