English is GREAT!

English Borrowings in the Banking Sphere

Introduction

The topic of my research is English borrowings in the banking sphere.Before our research we made a poll. There were about 60 teenagers at the age of 14 to 17 years old who answered the following questions:

1) What kind of book is a “best seller”?

2) What language did the word “holding” come from?

3) Who is “the dealer”?

4) Where before there appeared banks – in Russia or in England?

5) Write down the word “офис” in English.

6) Do you think the words “businessman” and “business” came from one language?

7) If “the realtor” is a man who sells realty, what does “realty” mean in Russian?

The results of our research you can see on the graph:

It shows that some words which we often use in our everyday life turned out to be unknown or not clear to some teenagers. That is why I decided to make a project which can help to make clear with the words borrowed from the banking sphere which we now use in our everyday life.

I set the following aim and objectives:

The aim is to find the words which were borrowed from the banking sphere and now used in everyday life.

The objectives are:

1) To find information about the development of the banking sphere in England and Russia.

2) To find out which country began the development of the banking sphere earlier.

3) To learn which words from the banking sphere were borrowed from English into the Russian language.

We propose the following hypothesis – the banking system in England started its development earlier which resulted in the number of borrowings taken from the English language that nowadays are used in Russia.

Theoretical part

As we make a research about banks and the vocabulary used in the banking sphere it is logically to assume the following key concepts:

The first key concept of our research is thebanking system.

The banking system is a collection of different types of national banks and credit institutions operating in the framework of the monetary mechanism. It includes the peoples’ Bank, the network of private banks and other credit and settlement centers. The national Bank conducts the state emission and foreign exchange policy is the core reserve system. Private banks perform all types of banking operations. The banking system is the aggregate of operating the country's banks, lending institutions and individual economic organizations that perform banking operations. In addition, the banking system consists of the specialized companies that provide the activities of banks and credit institutions: cash and clearing centers, the organization for the audit of banks, dealers in securities banks, firms, and banks providing equipment, information, and personnel.

The banking system refers to the network of personal and business bank accounts that help deposit and lend consumers money.The aim of the banking system is to provide security and confidence in the economy. If banks were allowed to go bankrupt and consumers lost savings it would cause widespread financial panic and many consumers would withdraw their savings and hold as cash. If there was a withdrawal of money it would cause a shortage of funds for lending.

The second key concept of our research isborrowings.

A borrowing is a word from one language that has been adapted for use in another one. The English language has been described by David Crystal as an “insatiable borrower”. More than 120 languages have served as sources for the contemporary vocabulary of English. Present-day English is also a major donor language – the leading source of borrowings for many languages.

Borrowings increase the lexical richness, are a source of new roots, word-forming elements and precise terms and are a consequence of the social conditions of human life. The process of borrowing is already at the core of linguistic activity.

Practical part

The history of the banking system in England

The Bank of England is the oldest Central Bank in the world. This Institute appeared in the late seventeenth century in England. The banking system of England of 1690s consisted of the bankers-creditors who gave loans fromborrowed funds and jewelers who took the gold in the deposits and then provided loans. In the 1690s as a result of half a century war with France the British government found out that the Treasury is depleted and there is no money. It was impossible for the government to encourage people to buy its bonds after so many years of war or collect taxes at a higher rate.

In 1693 the Committee of the House of Commons was founded with the aim of finding ways to get money for the government. The Scottish financier William Paterson on behalf of his financial group proposed to the government to create the Bank of England, which would issue new notes and covered the deficit. Immediately after the approval of the Bank by the Parliament in 1694 King William and some members of the Parliament rushed to become shareholders of the new "cash factory".

The Parliament gave the new Bank the privilege to include government deposits and to issue new securities to pay for the government debt. The Bank of England immediately issued new money in the amount of 760 000 pounds, which helped to pay the debt. This caused inflation, and during two years the Bank was absolutely insolvent, which gave certain benefits to private jewelers. Banknotes of the Bank of England could be freely exchanged for metal coins.

In 1696 the Bank of England, controlled by the moguls of the ruling political party Whigs, was faced with the threat of competition. The Tory party tried to establish a new National Land Bank and although the company failed, the Bank of England immediately took action. The following year, the Parliament passed a law prohibiting the establishment of large banks in England. According to the same law, the fake of banknotes of the Bank of England was punished by death.

In 1708 the law became even tougher. Now it became illegal to issue promissory notes payable to bearer, (this right was given only to the Bank of England) and create companies with more than 6 people (partners), as well as to provide short-term loans up to 6 months. Thus, competitors of the Bank of England could be small banks with less than seven participants. Despite these conditions, the Bank of England faced strong competition from the side of the Tory party during the stay of Queen Anne on the throne.

In 1711, The South Sea Company (South Sea Company) was created. It was led by Prime Minister Robert Harley and became a strong competitor to the Bank of England, but it went bankrupt after nine years. This bankruptcy exposed the Bank of England onslaught from the part of depositors, and the Bank was given the right to suspend payments by coins. The Bank of England has been subjected a similar onslaught during the accession to the throne of Bonnie Prince Charlie in Scotland. And again the Bank of England suspended payments.

In the second half of the eighteenth century there were private banks issuing promissory notes. By 1793 there were about 400 of them. Funding for continuing wars with France that began in the 1790s, led to the suspension of payments with coins by the third part of the banks of England in 1793, and then by the Bank of England in 1797. Later the rest of the banksjoined it.

The suspension lasted 24 years until the end of the war with France. During this period until 1821, the banknotes of the Bank of England served as real money (though not legalized), and after 1812 until the end of this period became a legal tender.

In 1833 services to accept deposits were allowed. In the future the "country" banks, which previously could exchange their banknotes in coins, got the right to exchange them for banknotes of the Bank of England. All these changes have strengthened the position of the Bank of England, and from that moment it started to function as a full-fledged universal Bank, and the "country" banks kept their reserves in the Bank. Intensive development of capitalism has led to the fact that in 1844 the Bank of England got a monopoly of note issue through legislation. Thus was established an institution that could provide greater stability of monetary circulation on this stage of development of capitalism, when there was a mass creation of newjoint stock companiesand the development of trade both within the country and abroad was at heightened pace.

In 1946 the Labor government attempted the nationalization of the Bank which led it into the category of "public corporations". The share capital was transferred to the Treasury, and its former owners received generous compensation in the form of state bonds for the sum of four times the nominal value of the shares. The Bank, therefore, did not become part of the government apparatus, but was authorized to "request information from bankers and give them recommendations."

The history of the banking system in Russia

The history of banking in Russia dates back to the decree of Empress Anna Ioannovna, who ordered to grant loans of monetary office at 8% per annum. The key products were precious.

The first Russian credit institutions in the modern sense appeared in 1754. At the direction of ElizavetaPetrovnawere created nobility borrowed banks in St. Petersburg and Moscow and Merchants Bank in St. Petersburg. In 1786, they were disbanded, and on their basisthe State Loan Bankwas established, which was to lend money mainly to the State.

Since 1758 Russia had Copper bank with the starting capital of two million rubles. Its functions included granting of loans, and they were given by copper, while it was required to return the loan by silver.In 1769 it the first paper money – ruble banknotes were issued. To service the emissions the Assignation Bankwas established.

The first commercial bank was established in 1817. It was the State commercial bank specializing in lending to merchants.

And in 1842 in St. Petersburg and Moscow were the first savings banks, from which Sberbank of Russiatraces its history.

In 1860 the State Commercial Bank was reorganized into the State Bank of the Russian Empire. After the monetary reform by the Finance Minister Sergei YuljevichWitte 1897 it was defined the role nowadays performed by the central banks: issuance and management of monetary policy.

The present development of the banking began in Russia after the abolition of serfdom, when the industry began to develop. Prior to that, the total number of commercial banks was about 20. And in the period from 1861 to 1872 there were 33 joint stock commercial banks and 11 –joint land banks.

By 1914 there were 53 joint stock commercial banks which had 778 branches.

As a result of the 1917 revolution, all credit institutions were nationalized and their funds were transferred to the newly created.

The State Bank, which was later transformed into the Peoples’ Bank of the RSFSR, and in 1922 – into the State Bank of the USSR.In addition, in 1922 the savings bank started working, named then Gostrudsberkass.

Again, commercial banks have appeared in Russia only in 1988. On July 13, 1990 on the basis of the Russian Republic Bank of the State Bank of the USSR was established by the Central Bank of the Russian Federation (the Bank of Russia).

As for October 1, 2015 in Russia there are 714 banks.

Conclusion

As a result of our research we made the following conclusions:

1) The development of the banking sphere in England began earlier than in Russia.

2) This led to the fact that the majority of the words and terms in the everyday use of the bank clerks in Russia were borrowed from the English language.

3) A big number of the words from the banking sphere are now used in everyday life.

I think the results of my research can be used:

1) To enlarge the vocabulary of senior students and future university students on the topic “Economics”;

2) To hold after-classes activities on the topic “Economics and Banks”

Business vocabulary for a specific use

биллинг — billing — от bill — счёт, билет, система ведения счёта
брокер — broker, восходит к старофранцузскому «торговец вином»
дефолт — default — невыполнение обязательств, несоблюдение правил
инсайдер — insider (inside = внутри) — человек, имеющий доступ к конфиденциальной информации
лизинг — leasing (lease = аренда, сдача внаём)
копирайтер — copywriter — рекламный специалист, создающий идеи, концепции и тексты для всех видов рекламы.
мерчендайзер — merchandiser
мерчендайзинг— merchandising, merchandise — товар, английским заимствовано из французского, дословно: товароведение
нейминг — разработка названий для товаров, услуг и организаций (naming = называние)
промоушн — promotion — дословно: продвижение, «раскрутка»
промоутер — promoter — человек, занимающийся продвижением чего-либо, также пишут: промотор, промоутор
пресс-релиз — press-release — представление в прессу инфосообщения компанией о себе
стартап — startup — небольшая компания, разрабатывающая новое изделие с неизвестным результатом
офис — office
риелтор — realtor — от realty — недвижимость
франчайзинг — franchising — заимствовано английским из фр. franchise — франшиза
холдинг — holding — один из видов бизнес-структур

Business vocabulary for everyday use

бестселлер — bestseller — хорошо продающаяся книга
бизнес — business (от слова busy [занятый]) — занятие, дело
бизнесмен — businessman — предприниматель
дилер — dealer — торговец от deal — заключать сделки
дистрибьютер — distributor — оптовый агент, перепродающий («распределяющий») товар через собственную сеть покупателей
маркетинг — marketing (market = рынок)
менеджер — manager (manage = руководить, управлять), от лат. manus — рука
менеджмент — management
маркетинг — marketing (market = рынок)
менеджер — manager (manage = руководить, управлять), от лат. manus — рука
пиар — PR (сокр. publicrelation) — связи с общественностью
прайслист — pricelist — список цен
офис — office
риелтор — realtor — от realty — недвижимость