THE BANK OF ENGLAND

Britain is a major financial centre, housing some of the world's leading banking, securities and other financial services and markets. The heart of the industry is the collection of banks and other financial institutions in and around the "Square Mile" in the City of London. This area has the greatest concentration of banks in the world - responsible for about 20 per cent of total international bank lending, the largest foreign exchange market in the world, with an average daily turnover of about $ 200,000 million.

The Bank of England is the central bank of the United Kingdom. Most countries have their own central bank: the Federal Reserve System in the United States, the Deutsche Bundesbank in Germany, the Banque de France, the Bank of Japan.

The Bank of England was founded in 1694 and it is one of the oldest central banks of the world. It started as a commercial bank with private shareholders, and developed a large private banking business, but after 1946 it began to act as public institution carrying out public functions. Now it is considered to be the government's bank. The Bank has always had the right to issue bank

notes in England and Wales, and acquired the monopoly after the Bank Charter Act of 1844. It is known as banker to both banks and the government increasing its influence on monetary policy. It accepts responsibility for advising the government to make the country's financial policy. The Bank also takes on a degree of responsibility for maintaining money and capital markets in London, and watches over the soundness of the banks.

The Bank's functions are: first, maintaining the value of the nation's money, mainly through policies and market operations agreed with the government, it regulates the money supply in the country which is one of the most important functions; second, ensuring the soundness of the financial system, including direct supervision of banks and participants in some City financial markets; and third, promoting the efficiency and competitiveness of the financial system, notably in the field of domestic and international payment and settlement systems, so that the City of London can serve industry and commerce at home and maintain its place as the world's leading international financial centre.

Vocabulary:

responsible –відповідальний

bank lending – банківське кредитування

average daily turnover – середній щоденний обіг

to be founded – бути заснованим

shareholder – акціонер

to act – діяти

public institution – громадська установа

to acquire – набувати

soundness – міцність

supervision – нагляд

participant – учасник

competitiveness – конкурентоспроможність

domestic – внутрішній, вітчизняний

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