金融英语翻译题第三章

第三章

1、Depository institutions are highly regulated because of the important role that they play in the country’s financial system. Demand deposit accounts are the principal means that individuals and business entities use for making payments,and government monetary policy is implemented through the banking system.Because of their important role,depository institutions are afforded special privileges such as access to federal deposit insurance and access to a government entity that provides funds for liquidity or emergency needs.

由于存款机构在国家金融体系中起着至关重要的作用，对其监管也是非常严格。活期存款账户是个人和企业主要的支付工具，且政府货币政策也是通过银行系统来实施的。由于其重要作用，存款机构被赋予许多特权，如可以加入联邦存款保险，或是在流动性需求和紧急情况下求助于政府机构提供现金。

2、All depository institutions face interest rate risk.Managers of a depository institution who have particular expectations about the future direction of interest rates will seek to benefit from these expectations.Those who expect interest rates to rise may pursue a policy to borrow funds for a long time horizon范围，界限and lend funds for a short time horizon.If interest rates are expected to drop, managers may elect to borrow short and lend long.

所有的存款机构都面临着利率风险。对利率的未来变动方向有特别预期的存款机构的管理者则希望从其预期中获利。预期利率上升，存款机构会选择长借短贷的策略。如果预期利率下降，则会选择短借长贷的策略。

3、The percentage of a depository institution’s assets held as secondary reserves will depend both on the institution’s ability to raise funds from the other sources and on its management’s risk preference for liquidity versus yield.

存款机构持有次级储备的比例取决于他从其他渠道筹集资金的能力以及管理者对流动性和收益的风险偏好。

4、Realizing the need for banks to obtain liquidity during periods of economic stress,the federal government wanted to establish a banking system that would have an entity that banks could borrow from,sort of a“lender of last resort”.The U.S.Congress accomplished this with the passage of the Federal Reserve Act of1913.This legislation established the Federal Reserve System(FRS)as the central banking system.Banks that were members of the FRS were

entitled to all the services that the FRS was empowered授权to provide by the legislation.

意识到银行在经济紧缩期需要保持流动性后，联邦政府希望能够建立一个银行体系，其中有一个可以向其他银行借款以充当“最终借款人”角色的机构。1913年，美国国会通过了《联邦储备法案》，建立了联邦储备体系作为中央银行体系。加入联邦储备体系的商业银行可以获得美联储提供的所有法定服务。

5、Today,banks are regulated and supervised by several federal and state government entities.At the federal level,supervision is undertaken by the Federal Reserve Board,the Office of the Comptroller of the Currency,and the Federal Deposit Insurance Corporation.The assets of a bank are insured by the Federal Deposit Insurance Corporation.

现在，美联储和州政府机构共同对商业银行进行监管。在联邦层面，实施监管的机构包括：联邦储备委员会、货币监理署和联邦存款保险公司。银行的资产由联邦存款保险公司投保。

6、At one time,some of the bank activities were restricted by federal legislation.More specifically,the Banking Act of1933contained four sections barring commercial banks from certain investment banking activities.These four sections are popularly referred to as the Glass-Steagall Act.After decades of debate regarding the need for such restrictions,the Glass-Steagall Act was repealed with the enactment of the Gramm-Leach-Bliley Act in November1999,which expanded the permissible activities for banks and bank holding companies.

在过去，某些业务受到联邦法律的严格限制，特别是1933年的《银行法案》中包含4部分法案，将商业银行和投资银行业务严格分割开来。这4部分法案一般被称为《格拉斯—斯蒂格尔法案》，在对这种限制进行了几十年的争论后，1999年11月通过的《格雷姆—里奇—比利雷法案》取代了《格拉斯—斯蒂格尔法案》，这一法案扩大了银行和银行控股公司的业务范围。

7、Because reserves are placed in non-interest-bearing accounts,there is an opportunity cost associated with excess reserves.At the same time,there are penalties imposed on banks that do not satisfy the reserve requirements.Thus,banks have an incentive to manage their reserves so as to satisfy reserve requirements as precisely as possible.由于准备金存于无息账户中，存在超额准备金会带来机会成本。同时，如果未达到法定存款准备金要求，银行将会受到处罚。因此，银行有动机来管理其准备金，以尽可能准确地满足准备金要求。

8、Bank borrowing at the Fed to meet required reserves is quite limited in amount,despite the fact that the discount rate generally is set below the cost of other sources of short-term funding available to a bank.This is because the Fed views borrowing at the discount window as a privilege to be used to meet short-term liquidity needs, and not a device to increase earnings.

虽然事实上贴现率一般要低于银行从其他渠道获得的短期资金成本，但银行从美联储借入用于满足法定存款准备金的资金数额是很有限的，这是因为美联储贴现借款是用来满足短期流动性的，而非用于增加收入。

9、With the high volatility of interest rates in the1970s,followed by the historically high level of interest rates in the early1980s,all depository institutions began to loss funds to competitors exempt from ceilings,such as the newly formed money market funds;this development forced some increase in ceilings.The ceilings in place since the middle of the1960s did not protect the S&Ls;the institutions began to suffer from diminished profits,and increasingly from operating losses.A large fraction of S&Ls became technically insolvent 破产者as rising interest rates eroded asset market values to the point where they fell short of the liabilities.

由于20世纪70年代利率波动性很大，以及随后20世纪80年代早期的高利率水平，所有存款机构由于没有利率上限竞争者而开始失去融资。这迫使利率上限有所提高。从20世纪60年代中期开始适当的利率上限不再保护储蓄贷款协会；一些机构开始出现利润减少和亏损增加。当利率升高到使资产市场价值小于负债时，大部分储蓄贷款协会协会便出现偿付困难。

10、Savings Banks are institutions similar to S&Ls.They can be either mutually owned or stockholder owned.The principal assets of savings banks are residential mortgages.Because states have permitted more portfolio diversification than was permitted by federal regulators of S&Ls,savings bank portfolios weathered funding risk far better than S&Ls.The principal source of funds for savings banks is deposits. Typically,the ratio of deposits to total assets is greater for savings banks than for S&Ls.

储蓄银行与储蓄贷款协会类似。它们可以是共同所有制，也可以是股东所有制。储蓄银行的主要资产是住房抵押贷款。由于州允许的投资组合比联邦对储蓄贷款协会所准许的组合更加多元化，所以储蓄银行投资组合在应付资金风险方面要远远好于存款储蓄协会。通常，就存款率而言，储蓄银行比储蓄贷款协会更大。

11、Credit unions are the smallest and the newest of the depository institutions.They can obtain either a state or federal charter.Their unique aspect is the“common bond”requirement for credit union membership.They are either cooperatives or mutually owned.There is no corporate stock ownership.The dual双重的purpose of credit union is to serve their members’savings and borrowing needs.

信用合作社是最小且最新的存款机构。它既可以在州注册，也可以在联邦注册。其特殊性在于对信用合作社会员资格的“共同特征”的要求。它既可以是合作制又可以使共同所有制，而不存在股份公司制。信用合作社的双重目的是满足社员的储蓄和借款要求。