《金融英语听说》Unit3
Unit 3
Lending Business
Warm-up
1. Match the Chinese terms in Column A with their English equivalents in Column B.
Answers for Reference
1 汽车贷款auto loan
2 个人房屋贷款personal housing loan
3 次级按揭贷款subprime mortgage loan
4 信贷风险credit risk
5 商业贷款commercial loan
6 财务状况financial standing
7 按揭抵押的房产mortgaged property
8 利率风险interest rate risk
9 分期付款pay by instalments
10一次性付款pay in a lump sum
2. Discuss in pairs and answer the following questions.
Answers for Reference
1. Do you know the types of personal loans offered by Canadian Imperial Bank of Commerce (CIBC)?
Personal housing loan 个人住房贷款
– Personal second-hand housing loan 个人二手房屋贷款，个人再交易住房贷款
– Personal commercial space purchase loan 个人商业用房贷款
– Individual housing loans at fixed interest rate 固定利率个人住房贷款
– Personal housing mixed loan 个人住房组合贷款
– Individual housing provident fund loan 公积金个人房屋贷款
– Personal mortgage loan 个人住房抵押贷款
Personal purchase loan 个人消费贷款
Personal operation loan 个人经营贷款
Personal auto loan 个人汽车贷款
Personal housing improving loan 个人房屋维修贷款
Personal consumer durables loan 个人耐用品消费贷款
Commercial educational loan 商业助学贷款
Government-subsidized educational loan 政府助学贷款
Personal loan backed by pledged rights 个人产权质押贷款
2. What do you think should be prepared for a loan proposal before you go to apply for a personal housing loan to CCB? valid identify certificate 有效身份证明, e.g., ID card 身份证, Hukou 户口, certificate of permanent residence 永久居民证or passport 护照
Employment certificate 工作证
Property right/title certificate 房产证
Income statement 收入证明
3. What should be considered if you were handling a loan proposal as a manager of the Credit Department?
People 借款人(the identification of potential borrower, information about the person, their family, their income, their financial standing, etc. 申请借款人的身份、个人信息、家庭状况、收入、资信等)
Purpose 借款的用途(the purpose of the borrowing and how to use the money borrowed 借款的目的以及如何使用借款) Payment 还款计划(how to effect repayment: by instalments or in a lump sum 如何还款：分期付款还是一次付清)
– Repayment schedule 还款计划
– Amount of the loan granted 审批贷款的金额
– Term of the loan 贷款的期限
Protection 还款保障(what to be used as collateral or security for the loan and who to be the guarantee 什么做贷款的抵
押品以及谁是担保人)
Perspective 还款风险预测(the assessment of risk of credit in perspective 客观地评估信用风险)
Short Dialogues
Task 1 Multiple Choice
Listen carefully and choose the best answer to the question after each dialog.
Scripts & Answers
Dialog 1 M: Hi, Xiaohong. There is news about bankruptcies of some U.S. banks. It seems the banks are subject to some risks in their operation.
W: Yes. Excessive interest rate ri sk can pose a significant threat to a bank’s earnings and capital base.
M: Do you know the exact meaning of the interest rate risk?
W: It is difficult to explain it in a few words. Let me see, eh… Generally
speaking, interest rate risk is the risk arising from the change in value of
an interest-bearing asset, such as a loan or a bond, due to fluctuation in
interest rates. As rates rise, the price of a fixed rate bond will fall. As rates
fall, the price of the bond will rise.
M: So the task of control over the interest rate risk would be critical to banks, because the change in interest rates will affect the value of a bank’s interest-bearing assets.
W: Right, but sometimes it is beyond the control of one bank.
Question: What is usually considered the cause of interest rate risk according to the woman? (D)
译文男：嗨，晓红。有些关于美国银行破产的新闻。银行的经营似乎容易受到某些风险的影响。
女：是。过度的利率风险会威胁到银行的收益和资本基础。
男：你知道利率风险的准确含义吗？
女：几句话很难说清楚。让我想想，嗯??。一般来说，利率风险产生于附息资产，如贷款或债券的价格变化，其价格因利率的上下浮动而变化。当利率上升时，固定利率债券的价格就下跌。当利率下跌时，这些债券的价格就上涨。
男：所以对于银行来说，控制利率风险的任务是至关重要的，因为利率的变化会影响到银行的附息资产的价值。女：对。但有时不是一家银行可以控制局面的。
Dialog 2 M: Professor Wang, would you tell me what would happen if a bank hadinadequate liquidity?
W: There will be dire consequences, I think. You know that liquidity is a
prime concern in banking operation and a shortage of liquidity has often
been a trigger for bank failures. However, holding assets in a highly liquid form tends to reduce the income from that asset. M: It is known that cash is the most liquid asset.
W: Exactly. Cash is liquid but pays no interest. So banks usually try to reduce liquid assets as far as possible. Without sufficient liquidity to meet the demands of their depositors, nevertheless, a bank would experience the risk of a bank run. Question: Which of the following is the key reason that liquidity is a prime concern in banking operation according to the conversation? (B)
译文男：王教授，请问假如银行流动资产不足，会怎么样呢？
女：我认为后果会很严重。你知道资产变现能力是银行经营重点关注的问题，流动资产匮乏往往是银行倒闭的导火索。但是，持有流动性过高的资产可能减少资产的收入。
男：众所周知，现金是流动性最高的资产。
女：确实如此。现金的流动性高但不获利。所以银行会尽可能地减少流动资产的持有量。但是，如果银行没有足够的流动资产去满足储户的要求，就会遭受储户挤兑的风险。
Dialog 3 M: Lin, our teacher told us today that all the loans made by a commercial bank will be classified into five catalogs: normal, observational, inferior, questionable, and losing. Now, I want to know how to determine which catalog one loan goes to. Would you tell me about it?
W: Well, it is not an easy job. But it is necessary for the credit risk analysis. As far as I know, the credit risk classification is made according to the repayment capacity of the borrower. If a loan is classified as inferior, questionable or losing, it is said to be a bad loan. The bank will be required to prepare bad loan reserve and the banking regulators will do something for the loan.
M: I see that it is a measure to prevent credit risk.
Question: What is implied if a loan is classified as an observational one? (D)
译文男：林，老师今天告诉我们说商业银行的贷款都会分为五类：正常、关注、次级、
可疑和损失。现在我想知道如何确定一笔贷款的类别。你能给我讲讲吗？
女：哦，这不是个简单的事情。但对于信用风险分析是必要的。据我所知，信用风险分类是按照借款人的还款能力确定的。假如一笔贷款被确定为次级、可疑或损失，那么就属于不良贷款。银行就要预备一笔不良贷款准备金，银行管理人员就有事可做了。
男：我知道，这是防范信用风险的措施。
Dialog 4 M: Diana, what do you think of the subprime mess in the United States?
W: I’ve heard of the word hundreds of times these days. As far as I know, it is one of the huge risks caused by hedge funds, and the conflicts of interest have led a lot of banks and companies, especially investment banks into trouble. They are all the consequences of financial deregulation. Some people commented that they would reverse field in time to prevent another 1929.
M: Some economic strategy has attracted a lot of criticism recently. They have come into force in the name of free-market efficiency. People criticized that some policies have replaced real productive innovation with financial engineering and shifted wealth from families to corporations, and put the entire American economy at ever greater risk.
Question: What are they talking about? (B)
译文男：黛安娜，对于美国的次贷危机你怎么看？
女：这些天我已经数百次听到这个词了。据我所知，这是对冲基金惹的一场大祸。各种利益的冲突导致许多银行和企业，尤其是投资银行陷入困境。这是撤销金融管制产生的后果。有人评论说他们将及时调整方向，以免重复1929 年的悲剧。
男：最近有些经济战略受到许多批评。这些政策是以提高自由市场效率的名义实施的。有人批评说某些政策用金融操控手段取代了真正富有成效的革新，把财富从家庭转移到公司，从而使整个美国经济处于高度风险之中。
For Reference
hedge fund: 对冲基金（也称避险基金或套利基金）意为―风险对冲过的基金‖，起源于50年代初的美国。其操作宗旨是利用期货、期权等金融衍生产品以及对相关联的不同股票进行实买空卖、风险对冲的操作技巧，在一定程度上规避和化解投资风险。世界上第一个有限合作制的琼斯对冲基金诞生于1949年。20世纪80年代，随着金融自由化的发展，对冲基金才有了更广阔的投资机会，从此进入了快速发展的阶段。到90年代，由于世界通货膨胀的威胁逐渐减少，同时金融工具日趋成熟和多样化，对冲基金进入了蓬勃发展的阶段。据英国《经济学人》的统计，从1990年到2000年，3000多个新的对冲基金在美国和英国出现。2002年后，对冲基金的收益率有所下降，但对冲基金的规模依然不小，据英国《金融时报》2005年10月22日报道，截至目前为止，全球对冲基金总资产额已经达到1.1万亿美元。
deregulation n. 撤消管制
engineer vt. 图谋，操纵，巧妙地处理
Task 2 Short Answer Questions
Listen carefully and answer the question after each dialog.
Scripts & Answers
Dialog 1 M: Good news, guys. I’ve got my loan proposal granted.
W: Congratulations. But be sure that you can get enough money to repay the loan when it is due.
M: What will happen if I could not repay the loan?
W: The bank will sell your mortgaged house and the payment will be used to repay the loan.
M: Oh, it is terrible. I’ll of course repay it on time because I ha ve a very
rational repayment plan and a good job.
Question: What will happen if a borrower could not repay the loan to the lending bank?
The bank will sell the mortgaged house and the payment will be used to repay the loan.
译文男：好消息，伙计们。我的贷款申请通过了。
女：祝贺你。但你要保证你有足够的钱偿还到期贷款。
男：如果还不上会怎么样？
女：银行会把你抵押的房子卖掉，所得的房款用来归还贷款。
男：哦，太可怕了。我肯定会按时还款，因为我有很合理的还款计划和很好的工作。
Dialog 2 W: Hey, do you member that the teacher told us that there are 5 Ps to be considered while handling a loan proposal?
M: Yes, they are critical factors for a manager of the credit department to
make correct assessment of the credit risks.
W: What are the 5 Ps? People, Purpose, Payment, and …?
M: And Protection and Perspective.
W: Right. It is easy to get the meaning of the first three Ps, but the last two Ps are difficult to understand.
Question: What are the 5 Ps?
People, Purpose, Payment, Protection and Perspective.
译文女：嗨，你记得老师说过收到贷款申请后，必须考虑5 个P 么？
男：对。这是信贷部经理进行正确的信贷风险评估时要考虑的关键因素。
女：什么是5 个P? 借款人、借款用途、还款计划、还有??？
男：还有还款保障和还款风险预测。
女：对了。前3 个P 很容易理解，后两个比较费解。
Dialog 3 W: Excuse me, would you please tell me how many types of personal housing loans are offered by your bank CCB?
M: It is a pleasure. CCB offers many types of personal housing loans,
including personal second-hand housing loans, personal commercial space purchase loans, individual housing loans at fixed interest rates, personal
housing mixed loans, individual housing provident fund loans and personal mortgage loans.
W: What is an individual housing provident fund loan? I don’t understand the meaning of ―housing provident fund‖.
M: It’s a special type of personal housing loan designed for those who
have deposited a percentage of their income in their individual housing
provident fund account, and when they need money to buy a house, they
can apply for it at a prime rate of interest.
Question: How many types of personal housing loans are mentioned in the conversation and what are they?
Six types. They are personal second-hand housing loans, personal commercial space purchase loans, individual housing loans at fixed interest rates, personal
housing mixed loans, individual housing provident fund loans and personal mortgage loans.
译文女：打扰一下，你能告诉我你们建行提供的个人住房贷款有几种么？
男：很乐意。建行提供多种个人住房贷款，包括个人二手房贷款、个人商用房屋贷
款、个人固定利率房屋贷款、个人房屋混合贷款、个人公积金购房贷款、个人房屋抵押贷款。
女：什么叫个人住房公积金贷款？我不明白―住房公积金‖是什么意思。
男：这是一种特殊形式的个人住房贷款。人们首先把收入的一部分存入其个人公
积金账户，当他们需要贷款买房时，可以按优惠利率申请这种贷款。
Task 3 Listening and Simulating
Listen to the dialogs and fill in the blanks with what you’ve heard, and then simulate the dialogs in pairs.
Scripts & Answers
Dialog 1 M: Morning, Madam. I’m going to apply for a loan. I don’t know the conditions for a loan and the documents to be prepared for the application.
W: Could you tell me your purpose of the loan?
M: I want to buy a car.
W: Oh, well, you’d better apply for an auto loan. I think you’re satisfied with the loan conditions because you have a good social status and make a good salary. You just bring with you the documents such as your ID card, a certificate of employment, a certificate of income and make a credible repayment plan.
译文男：早上好，女士。我准备申请贷款。不知道申请贷款要什么条件和应该准备哪
些文件？
女：你能告诉我你为什么申请贷款吗？
男：我想买车。
女：哦，你最好申请汽车贷款。我觉得你符合贷款条件，因为你有很好的社会地
位和高薪工作。你只需带上身份证、工作证、收入证明，做一份可信的还款
计划就可以了。
Dialog 2 M: Ah, I understand that banks face many types of risk. The U.S. subprime crisis is an example.
W: You are right. The major type of risk is called credit risk.
M: I see eye to eye with you on it. Credit risk is the risk of loss due to a
debtor’s non-payment of a loan or other lines of credit. If a bank was
involved in the credit risk, it could not get back the loans from some
clients. Some people may not have sound creditworthiness or they are
really in trouble and not able to repay the money.
W: So banks must have some measures to prevent the risks.
译文男：嗯，我明白银行面临着很多风险。美国的次贷危机就是例子。
女：你说得对。主要的风险是信用风险。
男：我完全同意。信用风险就是因为债务人拒绝偿还贷款或别的信用额度而产生
损失的风险。假如银行遭遇信用风险，他们就无法从某些客户那里收回贷
款。可能有些人的信用度不高，或者他们真的有困难，不能还款。
女：所以银行必须有防范风险的措施。
Useful Expression
I see eye to eye with you on it. 我完全同意。
Dialog 3 W: Excuse me, I am told that your bank provides personal consumer durables loans for those who are prepared to buy some expensive domestic fixtures, such as computers, washing machines, fridges, air conditions, and so on.
Would you please tell me the qualification for such a loan?
M: It is my pleasure. Our target clients for the personal consumer durables loans are Chinese citizens aged between 18 and 60 years with full legal
capability.
W: Well, I think I’m qualified for the loan, but how to apply for it?
M: Frankly speaking, it is very simple to apply for a personal consumer durables loan. Here is the leaflet on step-by-step guide of the loan application. Please read it and prepare all the documents required and fill in the application form.
译文女：打扰一下，听说你们银行为那些打算购买贵重家电的人提供个人耐用品贷款，
比如买计算机、洗衣机、冰箱、空调等，你能告诉我这种贷款的申请资格吗？
男：很乐意。我们的目标客户是凡年满18 周岁至60 周岁，并且具有完全法律行
为能力的中国公民。
女：哦，我想，我有资格申请。但怎么申请呢？
男：坦率地说，申请个人耐用消费品贷款很简单。这是有关贷款申请步骤的宣传
单。请阅读后，按要求准备好需要的文件，并填写这份申请表。
III Long Conversations
Conversation 1 Apply for an Auto Loan
Task 1 Previewing
1. Discuss in pairs and answer the following questions.
Answers for Reference
1. What do you know about auto loans?
Commercial banks offer personal auto loans in RMB to individuals to help financing
auto purchases. The interest rate on auto loans w ill be set according to the banks’ regulations.
2. How much do you think will be granted for a personal auto loan proposal?
If the purchased automobile is for self-use, the line of credit shall not exceed 80% of
the purchase price. And the term of the loan shall not exceed 5 years at maximum.
3. What can be used as security or collateral for personal auto loans?
The purchased autos or any other property may be used as security or collateral and third-party guarantees are required.
2. Translate the following English into Chinese.
Answers for Reference
Chinese English
a rate of 6.78% per annum 6.78%的年利率
by equal monthly instalments按月等额分期付款
third-party guarantee第三方担保
collateral抵押品
mortgaged house抵押的房屋
account balance账户余额
freeze an account冻结账户
pledge-backed property质押的财产
credit record信用记录
Task 2 Multiple Choice
Listen to the conversation carefully and choose the best answer to each of the following questions.
Scripts & Answers
W: Hello, Mr. Smith. Please have a seat. What can I do for you today?
M: I want to borrow some money to buy a car. A friend of mine, Jack Richardson, bought a new car last week. He told me that he got his loan here.
W: Oh, yes. I remember him. I was the loan officer who attended to the business for him.
M: He said that you were very helpful. I know very little about loans and I hope you can introduce them to me.
W: No problem. What questions do you have?
M: First, I want to know if loans for buying cars are commercial loans or personal loans.
W: Neither, Mr. Smith, they’re auto loans. Commercial loans are the loans extended to businesses. Personal loans are made to individuals, but not for buying cars.
M: Thank you! Got it. But how much money can I get for an auto loan?
W: I’m afraid you should tell me your use of the car first.
M: For personal use. Is there any difference?
W: Yes. If you use the loan to purchase automobiles for personal use, you may borrow up to
80% of the purchase price.
M: Wonderful. What about the interest rate?
W: The current rate is 6.78% per annum. It is a floating rate, you know.
M: What’s the term of the loan?
W: The term of the loan shall not exceed 3 years. How do you plan to repay the loan, by instalments or in a lump sum?
M: I want to repay the loan by monthly instalments, equally, of course.
W: OK. How much money do you need for the loan?
M: 80% of the purchase price of the car, er…, that is RMB 80,000 yu an. But do you need any guarantee for the loan?
W: That is exactly what I’m going to tell you. To apply for personal auto loans, you need to provide guarantee, such as pledge-backed property, mortgaged autos that you purchase, mortgaged houses, or third-party guarantees.
M: Third-party guarantee?
W: Absolutely. Besides, we’ll also check your credit record to make sure that you always paid
back your loans in the past. Excuse me, do you have any current account with our bank?
M: Yes, we have a RMB current account as well as a USD time deposit with your bank.
W: What is the average balance of your current account?
M: About a 4-digit number. Oh, yes, I want to use my USD time deposit as the collateral. The account balance is $20,000 and the term is 5 years. The money is saved for my daughter. I’ll send her to study abroad. Is it all right?
W: That’s very good. I think there will be no problem. But I have to tell you that the account would be frozen during the period of the loan. Is there any problem?
M: No problem.
W: All right. Now what you need to do is to fill out this application form and prepare your documents.
M: Thank you very much. I’ll start right now.
Questions 1 to 5 are based on the conversation you have just heard.
(A) 1. What are they talking about?
(C) 2. What kind of loan will the customer get from the bank?
(A) 3. What is the current rate of interest on auto loans?
(B) 4. What will be used as collateral by the customer?
(A) 5. What should the customer do first if he applies for the loan?
Task 3 Short Answer Questions
Listen to the conversation again and answer the following questions.
Answer for Reference
1. For what purpose does the man apply for a loan?
He wants to buy a car.
2. What is the credit line on auto loans for personal usage?
Up to 80% of the purchase price.
3. How much does the man want to borrow from the bank?
RMB 80,000 yuan.
4. What will happen to his deposit account when it is used as collateral for the loan?
The account would be frozen during the period of the loan.
译文女：你好！史密斯先生。请坐。今天要办什么业务？
男：我要贷款买辆车。我的朋友杰克·理查森上周买了新车。他告诉我是在你这
里办的贷款。
女：哦，是的。我记得他。我就是负责处理这笔贷款的工作人员。
男：他说你给予了很大的帮助。关于贷款我知道得很少。希望你能够给我介绍一下。女：没问题。你有些什么问题？
男：首先，我想知道买车的贷款属于商业贷款还是个人贷款？
女：都不是，史密斯先生，是汽车贷款。商业贷款指为企业提供的贷款。个人贷
款是对针对个人的，但不是用来买车的。
男：谢谢！我懂了。我能借多少钱作为汽车贷款呢？
女：恐怕你要先告诉我买车的用途。
男：我个人使用。有区别吗？
女：有。如果你因个人使用而贷款购买汽车，你可以最高借到车款的80%。
男：太好了。利率是多少呢？
女：目前的年利率是6.78%。你知道，这是浮动利率。
男：贷款期限是多长？
女：贷款期限不能超过3 年。你打算怎么偿还贷款？分期付款还是一次性付清？男：我想按月分期付款。当然是每月等额。
女：行。你需要多少？
男：购车款的80%，嗯? .。那就是8 万元人民币。可是，你们需要贷款担保吗？女：我正要告诉你这个。申请个人汽车贷款时，需要提供担保，比如质押财产、
抵押你购买的汽车、抵押房屋，或者第三方担保。
男：第三方担保？
女：对。另外，我们还要审核你的信用记录，确保你以前一直按时偿还贷款。请问，你在我们银行有活期账户吗？
男：有啊。我们在你们银行有一个人民币活期账户，还有一笔美元定期存款。
女：活期账户的平均余额是多少？
男：大约4 位数吧。哦，对了。我打算用我的美元定期存款做担保。账户余额是2 万美元，期限5 年。这笔钱是为我女儿存的。我准备送她去外国读书。行吗？
女：非常好。我想可以了。但我必须告诉你，在贷款期间，我们要冻结你的美元
账户。有没有问题？
男：没问题。
女：好。那您现在需要做的就是填写申请表和准备文件。
男：非常感谢。我马上做。
IV Lectures or News Reports
A Lecture Lending Business
Task 1 Previewing
Match the technical terms in Column A with their Chinese equivalents in Column B.
Answers for Reference
1 commercial lending商业贷款
2 sole proprietor独资商人
3 partnership合股公司
4 private limited company私营有限公司
5 public company上市公司
6 business and commercial sector商贸行业
7 sole trader独资经营者
8 overdraft透支
9 lending criterion贷款原则
10acquisition of a commercial building商业大楼的收购
Task 2 Multiple Choice
Listen to the lecture carefully and choose the best answer to each of the following questions.
Scripts & Answers
Well, today, I’d like to introduce the lending business.
We all know that lending to commercial customers is more complex than lending to personal customers. This is because commercial customers are involved in a much wider range of activities. Commercial lending refers to lending services to sole proprietors (sole traders), partnerships, private companies and public limited companies. As the term implies, commercial lending services offered by banks provide financial assistance to business and commercial sectors. In Hong Kong, the most popular is the trade financing in import-export sectors, followed by building and construction, wholesale and retail business, and of course, manufacturing and production sectors. Depending on the size of the operation, the need for financing in the commercial sector may range from a few thousand to billions of Hong Kong dollars.
The duration of the commercial loan may be short-term (up to 12 months), medium-term (1-5 years), or long-term (5 years and more). Thus, a sole trader may require bank finance for his export bills or a loan (30 days term) against his imports, while a public company may acquire a long-term loan facility for the acquisition of a commercial building. Therefore, the sole trader may request an overdraft on his current account from the bank, while the public company is likely to ask for a loan for specific purpose with a repayment schedule over a longer period of time. Since commercial lending involves a much wider scope and range of lending criteria and procedures, it deserves a separate discussion next time.
Questions 1 to 5 are based on the lecture you have just heard.
(D) 1. What does commercial lending refer to?
(A) 2. In which of the following sectors is trade financing most popular?
(C) 3. What benefits can be obtained by the business and commercial sectors from commercial lending services?
(A) 4. What is the loan called if its duration is only 12 months?
(C) 5. What kind of loan will a public company need for the acquisition of a commercial building?
Task 3 Filling in the Blanks
Listen to the lecture again and fill in the blanks with what you’ve he ard.
Answers for Reference
Lending to commercial customers is more complex than lending to personal customers because commercial customers are involved in a much wider range of activities. Commercial lending refers to lending services to different types of companies, businesses, enterprises or
manufacturers. The purpose of commercial lending services by banks is to offer financial assistance to commercial sectors,
for example, import-export sectors, building and construction, wholesale and retail business, and manufacturing and production sectors. The need for financing in the commercial sector may range from a few thousand dollars to billions of dollars. The commercial loan may be short-term, medium-term or long-term. An sole trader may require bank finance for his export bills, while a public limited company may acquire a long-term
loan facility for the acquisition of a commercial building. Therefore, the sole trader may request an overdraft on his current account from the bank, while the public company is likely to ask for a loan for specific purpose with a repayment schedule over a longer period of time.
译文
今天，我打算介绍一下贷款业务。
我们都知道贷款给商业客户比贷款给个人客户要复杂得多。这是因为商务客户涉及的业务范围广得多。商业贷款指借款给独资经营者（独资商人）、合股公司、私营有限公司以及上市公司。顾名思义，银行的商业贷款业务给商贸行业提供财政援助。在香港，进出口业的贸易融资最受欢迎，其次是建筑业、批发零售业，当然还有生产制造业。依据其经营规模的大小，商贸行业的融资需求少则几千港元，多则数十亿港元。商业贷款的期限可以是短期（最长12 个月）、中期（1 至5 年）或长期（5 年以上）。因此，独资商人可以要求银行为其出口票据融资或需要一笔（期限为30 天的）进口商品质押贷款。而上市公司可以为其收购某商业大楼而获得长期信贷的特色服务。所以，独资经营者也许需要对其银行的活期账户透支，而上市公司则可能需要用于专门用途而且还款期限比较长的贷款。因为商业贷款涉及的贷款原则规模和范围更广，步骤更复杂，因此需要在下次单独进行讨论。
A News Report News on the Citigroup
Task 1 Previewing
Translate the following English into Chinese.
Answers for Reference
Chinese English
行政长官；执行总经理chief executive
紧急会议emergency meeting
辞职resignation
遭受打击take a hit of
资产缩水asset mark down
信贷方面的损失credit-related loss
消费债consumer debt
资产组合portfolio
国际扩张international expansion
次级按揭贷款subprime mortgage
Task 2 Short Answer Questions
Listen to the news report and answer the following questions.
Scripts & Answers for Reference
China Radio International. You are listening to China Radio International news program. Citigroup shareholders may have finally gotten what they wanted—the resignation of Chairman and Chief Executive Charles Prince—but Wall Street’s worries are far from over. At an emergency meeting of the Citi board on Sunday, the nation’s largest bank announced Prince’s widely expected departure, but also estimated it would take additional losses of $8 billion to $11 billion. In the third quarter, it already took a hit of $6.5 billion in asset mark downs and other credit-related losses. Citigroup’s not alone in its debt problems. When borrowers with poor credit stopped paying their mortgages, many banks not only had to take losses on those subprime mortgages, they also saw instruments in their portfolios backed by mortgages decreased in value. No one knows how much longer home prices will keep falling, and whether problems related to the housing market will start affecting other types of consumer debt.
Also to be seen is how much longer the credit markets will stay tight, and if the currently strong portions of the economy will be made more difficult by banks’ inability to make loans.―It’s the lending practices,‖ said Steven Goldman, chief market strategist. ―How much is that going to be damaged?‖
Prince, 57, became Chief Executive of Citigroup in October 2003. Many shareholders criticized him openly. Shares closed Friday at $37.73, about 20 percent below where they were when Prince became CEO. ―There’s no change of strategy that
we see, actually, going forw ard,‖ Bischoff said, noting that the company still plans to focus on international expansion, at least until a new CEO is chosen.
Questions 1 to 5 are based on the news report you have just heard.
1: Which bank is mentioned in the news report?
Citigroup Inc.
2: What happened to the bank on Sunday?
An emergency meeting of the Citi board was held.
3: What was the cause of the losses to the nation’s largest bank?
Borrowers with poor credit stopped paying their mortgages.
4: What was the estimated additional loss of Citigroup?
From $8 billion to $11 billion.
5: What was the price of Citi shares on Friday?
$37.73.
Task 3 True or False
Listen to the news report again and decide whether the following statements are true or false.
Answers for Reference
F 1. Citigro up shareholders don’t want Chairman and Chief Executive Charles Prince
to resign. (Citigroup shareholders may have finally gotten what they wanted—the resignation of Chairman and Chief Executive Charles Prince.)
T 2. It’s estimated that Charles’ departure would take additional losses of $8 billion to $11 billion.
T 3. Banks suffer from losses caused by subprime mortgages as well as depreciation in instruments value.
T 4. Banks’ inability to make loans worsens the current market situation.
F 5. Shares closed Friday about 12 percent below where they were when Prince became
CEO. (20%)
译文
中国国际广播电台。您正在收听的是中国国际广播电台新闻节目。
花旗集团公司股东们或许最终得到了他们希望的结果—花旗集团董事长兼首席执行官查尔斯·普林斯离任—但华尔街的担忧远胜于此。
本周日花旗董事会召开紧急会议，美国最大的银行宣布了众望所归的普林斯的离任，但估计该行会额外损失80 至110 亿美元。第三季度，该行遭受了资产缩水以及其他与信贷相关的损失65 亿美元。
不止花旗集团一家身陷债务困境。当信用不良的借款人停止支付按揭贷款时，许多银行不仅要承担次级贷款的损失，还要眼睁睁地看着他们的以按揭贷款为担保的组合资产的票据价值缩水。谁也不知道房屋的价格什么时候停止下跌，也不知道与房地产市场相关的问题是否会影响其他品种的消费债务。还需要观望的是信贷市场紧缩还要多长时间，而且当前经济的领衔领域是否会因为银行无力发行贷款而更加困难。
斯蒂文·戈德曼，市场战略专家说：―这是贷款惯例，这样下去损失究竟是多少呢？‖
普林斯，现年57 岁，2003 年10 月就任花旗首席执行官。许多股东公开批评他。花旗的股票本周五收市价为37.73 美元，比当初他上任时下跌了20%。―实际上目前我们看到公司没有进行任何战略上的改变，‖ 比肖夫说。他还强调公司仍然致力于国际扩张，至少新的首席执行官上任之前是这样。
V Technical Terms
About Categories of Loan
1. personal loan 个人贷款
2. commercial loan 商业贷款
3. banking advance 银行贷款，银行垫款
4. overdraft 透支
5. personal consumer durables loan 个人耐用消费品贷款
6. auto loan 汽车贷款
7. mortgage loan 按揭贷款
8. subprime mortgage 次级按揭贷款
9. mortgage backed securities 以按揭抵押贷款为担保的债券
About Personal Housing Loan
1. personal second-hand housing loan 个人二手房贷款，个人再交易住房贷款
2. personal commercial space purchase loan 个人商业用房贷款
3. individual housing loans at fixed interest rate 固定利率个人住房贷款
4. personal housing mixed loan 个人住房组合贷款
5. individual housing provident fund loan 公积金个人住房贷款
6. personal mortgage loan 个人住房抵押贷款
About Credit Risks
1. non-payment of a loan 贷款断供，拒绝偿还贷款
2. fluctuation in interest rate 利率波动
3. inadequate liquidity 流动资金不足
4. liquid asset 流动资产
5. liquidity requirement 流动资金要求
6. emergency standby credit line 紧急备付信用额度
7. bad loan reserve 贷款坏账准备金
8. free market efficiency 自由市场效率
9. default on the loan 还贷违约
10. mortgage deed 按揭贷款契据
11. liquidity position 流动资金头寸；流动资金情况
12. collateral 抵押品
13. security 担保品
14. asset mark down 资产缩水
15. credit-related loss 与信用相关的损失
16. portfolio 资产组合
17. consumer debt 消费者债务
About Credit Risk Assessment
1. line of credit (=credit line, credit limit. 信贷额度
2. credit worthiness 信贷可靠性，偿还能力
3. credit standing 资信状况
4. financial standing 财务状况
5. credit risk analysis 信用风险分析
6. credit rating 信用评级
7. credit grade 信用等级
About Loan Application
1. loan proposal 贷款申请
2. pledged house 质押房屋
3. mortgaged property 按揭抵押的财产
4. repayment plan 还款计划(=repayment schedule)
5. certificate of income 收入证明
6. loan conditions 贷款条件
7. prime rate of interest 优惠利率
8. capital base 资本基础，资金基础
9. term of a loan 贷款期限(=loan term)
10. by instalments 分期付款
11. by equal monthly instalments 按月等额分期付款
12. process the loan proposal 处理贷款申请
13. approve /decline a loan proposal 批准或拒绝贷款申请
14. down payment 分期付款的首期付款