SECURITIES AND EXCHANGE COMMISSION
关于财务管理的英文单词
记帐:Bookkeeping Service对帐:Auditing Service联行:Associated Banks Service 或Affiliated Banks Service(我还是不明白这与5有何区别,但Associated和Affiliated不是动词原形,是形容词)代理业务: Agency Service银行卡接柜:Inter-Bank Bankcard Business Service现金审批:Cash Approval Service开销户: Account Opening/Closing Service开户的标牌还可以用:New Account/New Clientbig macs, big/large-cap stock, mega-issue 大盘股offering, list 上市bourse 证交所Shanghai Exchange 上海证交所pension fund 养老基金share 股票valuation 股价underwriter 保险商government bond 政府债券saving account 储蓄账户equity market 股市shareholder 股东delist 摘牌inventory 存货traded company, trading enterprise 上市公司market fundamentalist 市场经济基本规则damage-control machinery 安全顾问efficient market 有效市场opportunistic practice 投机行为entrepreneur 企业家cook the book 做假账regulatory system 监管体系portfolio 投资组合money-market 短期资本市场capital-market 长期资本市场volatility 波动diversification 多元化real estate 房地产option 期权call option 看涨期权put option 看跌期权merger 并购arbitrage 套利Securities and Exchange Commission 〈美〉证券交易委员会dollar standard 美元本位制budget 预算deficit 赤字bad debt 坏账macroeconomic 宏观经济fiscal stimulus 财政刺激a store of value 保值transaction currency 结算货币forward exchange 期货交易intervention currency 干预货币Treasury bond 财政部公债pickup in price 物价上涨Federal Reserve 美联储inflation 通货膨胀deflation 通货紧缩tighter credit 紧缩信贷monetary policy 货币政策foreign exchange 外汇spot transaction 即期交易forward transaction 远期交易quote 报价常见银行英语词汇account number 帐目编号depositor 存户pay-in slip 存款单a deposit form 存款单a banding machine 自动存取机to deposit 存款deposit receipt 存款收据private deposits 私人存款certificate of deposit 存单deposit book, passbook 存折credit card 信用卡principal 本金overdraft, overdraw 透支to endorse 背书endorser 背书人to cash 兑现to honor a cheque 兑付to dishonor a cheque 拒付to suspend payment 止付cheque,check 支票cheque book 支票本crossed cheque 横线支票blank cheque 空白支票rubber cheque 空头支票cheque stub, counterfoil 票根cash cheque 现金支票traveler's cheque 旅行支票cheque for transfer 转帐支票outstanding cheque 未付支票canceled cheque 已付支票forged cheque 伪支票Bandar's note 庄票，银票banker 银行家president 行长savings bank 储蓄银行Chase Bank 大通银行National City Bank of New York 花旗银行Hongkong Shanghai Banking Corporation 汇丰银行Chartered Bank of India, Australia and China 麦加利银行Banque de I'IndoChine 东方汇理银行central bank, national bank, banker's bank 中央银行bank of issue, bank of circulation 发行币银行commercial bank 商业银行，储蓄信贷银行member bank, credit bank 储蓄信贷银行discount bank 贴现银行exchange bank 汇兑银行requesting bank 委托开证银行issuing bank, opening bank 开证银行advising bank, notifying bank 通知银行negotiation bank 议付银行confirming bank 保兑银行paying bank 付款银行associate banker of collection 代收银行consigned banker of collection 委托银行clearing bank 清算银行local bank 本地银行domestic bank 国内银行overseas bank 国外银行unincorporated bank 钱庄branch bank 银行分行trustee savings bank 信托储蓄银行trust company 信托公司financial trust 金融信托公司unit trust 信托投资公司trust institution 银行的信托部credit department 银行的信用部commercial credit company(discount company) 商业信贷公司（贴现公司）neighborhood savings bank, bank of deposit 街道储蓄所credit union 合作银行credit bureau 商业兴信所self-service bank 无人银行land bank 土地银行construction bank 建设银行industrial and commercial bank 工商银行bank of communications 交通银行mutual savings bank 互助储蓄银行post office savings bank 邮局储蓄银行mortgage bank, building society 抵押银行industrial bank 实业银行home loan bank 家宅贷款银行reserve bank 准备银行chartered bank 特许银行corresponding bank 往来银行merchant bank, accepting bank 承兑银行investment bank 投资银行import and export bank (EXIMBANK) 进出口银行joint venture bank 合资银行money shop, native bank 钱庄credit cooperatives 信用社clearing house 票据交换所public accounting 公共会计business accounting 商业会计cost accounting 成本会计depreciation accounting 折旧会计computerized accounting 电脑化会计general ledger 总帐subsidiary ledger 分户帐cash book 现金出纳帐cash account 现金帐journal, day-book 日记帐，流水帐bad debts 坏帐investment 投资surplus 结余idle capital 游资economic cycle 经济周期economic boom 经济繁荣economic recession 经济衰退economic depression 经济萧条economic crisis 经济危机economic recovery 经济复苏inflation 通货膨胀deflation 通货收缩devaluation 货币贬值revaluation 货币增值international balance of payment 国际收支favourable balance 顺差adverse balance 逆差hard currency 硬通货soft currency 软通货international monetary system 国际货币制度the purchasing power of money 货币购买力money in circulation 货币流通量note issue 纸币发行量national budget 国家预算national gross product 国民生产总值public bond 公债stock, share 股票debenture 债券treasury bill 国库券debt chain 债务链direct exchange 直接（对角）套汇indirect exchange 间接（三角）套汇cross rate, arbitrage rate 套汇汇率foreign currency (exchange) reserve 外汇储备foreign exchange fluctuation 外汇波动foreign exchange crisis 外汇危机discount 贴现discount rate, bank rate 贴现率gold reserve 黄金储备money (financial) market 金融市场stock exchange 股票交易所broker 经纪人commission 佣金bookkeeping 簿记bookkeeper 簿记员an application form 申请单bank statement 对帐单letter of credit 信用证strong room, vault 保险库equitable tax system 等价税则specimen signature 签字式样banking hours, business hours 营业时间(Consumer Price Index) 消费者物价指数business 企业商业业务financial risk 财务风险sole proprietorship 私人业主制企业partnership 合伙制企业limited partner 有限责任合伙人general partner 一般合伙人separation of ownership and control 所有权与经营权分离claim 要求主张要求权management buyout 管理层收购tender offer 要约收购financial standards 财务准则initial public offering 首次公开发行股票private corporation 私募公司未上市公司closely held corporation 控股公司board of directors 董事会executove director 执行董事non- executove director 非执行董事chairperson 主席controller 主计长treasurer 司库revenue 收入profit 利润earnings per share 每股盈余return 回报market share 市场份额social good 社会福利financial distress 财务困境stakeholder theory 利益相关者理论value (wealth) maximization 价值（财富）最大化common stockholder 普通股股东preferred stockholder 优先股股东debt holder 债权人well-being 福利diversity 多样化going concern 持续的agency problem 代理问题free-riding problem 搭便车问题information asymmetry 信息不对称retail investor 散户投资者institutional investor 机构投资者agency relationship 代理关系net present value 净现值creative accounting 创造性会计stock option 股票期权agency cost 代理成本bonding cost 契约成本monitoring costs 监督成本takeover 接管corporate annual reports 公司年报balance sheet 资产负债表income statement 利润表statement of cash flows 现金流量表statement of retained earnings 留存收益表fair market value 公允市场价值marketable securities 油价证券check 支票money order 拨款但、汇款单withdrawal 提款accounts receivable 应收账款credit sale 赊销inventory 存货property,plant,and equipment 土地、厂房与设备depreciation 折旧accumulated depreciation 累计折旧liability 负债current liability 流动负债long-term liability 长期负债accounts payout 应付账款note payout 应付票据accrued espense 应计费用deferred tax 递延税款preferred stock 优先股common stock 普通股book value 账面价值capital surplus 资本盈余accumulated retained earnings 累计留存收益hybrid 混合金融工具treasury stock 库藏股historic cost 历史成本current market value 现行市场价值real estate 房地产outstanding 发行在外的a profit and loss statement 损益表net income 净利润operating income 经营收益earnings per share 每股收益simple capital structure 简单资本结构dilutive 冲减每股收益的basic earnings per share 基本每股收益complex capital structures 复杂的每股收益diluted earnings per share 稀释的每股收益convertible securities 可转换证券warrant 认股权证accrual accounting 应计制会计amortization 摊销accelerated methods 加速折旧法straight-line depreciation 直线折旧法statement of changes in shareholders’equity 股东权益变动表source of cash 现金来源use of cash 现金运用operating cash flows 经营现金流cash flow from operations 经营活动现金流direct method 直接法indirect method 间接法bottom-up approach 倒推法investing cash flows 投资现金流cash flow from investing 投资活动现金流joint venture 合资企业affiliate 分支机构financing cash flows 筹资现金流cash flows from financing 筹资活动现金流time value of money 货币时间价值simple interest 单利debt instrument 债务工具annuity 年金future value 终至present value 现值compound interest 复利compounding 复利计算pricipal 本金mortgage 抵押credit card 信用卡terminal value 终值discounting 折现计算discount rate 折现率opportunity cost 机会成本required rate of return 要求的报酬率cost of capital 资本成本ordinary annuity普通年金annuity due 先付年金financial ratio 财务比率deferred annuity 递延年金restrictive covenants 限制性条款perpetuity 永续年金bond indenture 债券契约face value 面值financial analyst 财务分析师coupon rate 息票利率liquidity ratio 流动性比率nominal interest rate 名义利率current ratio 流动比率effective interest rate 有效利率window dressing 账面粉饰going-concern value 持续经营价值marketable securities 短期证券liquidation value 清算价值quick ratio 速动比率book value 账面价值cash ratio 现金比率marker value 市场价值debt management ratios 债务管理比率intrinsic value 内在价值debt ratio 债务比率mispricing 给……错定价格debt-to-equity ratio 债务与权益比率valuation approach 估价方法equity multiplier 权益乘discounted cash flow valuation 折现现金流量模型long-term ratio 长期比率undervaluation 低估debt-to-total-capital 债务与全部资本比率overvaluation 高估leverage ratios 杠杆比率option-pricing model 期权定价模型interest coverage ratio 利息保障比率contingent claim valuation 或有要求权估价earnings before interest and taxes 息税前利润promissory note 本票cash flow coverage ratio 现金流量保障比率contractual provision 契约条款asset management ratios 资产管理比率par value 票面价值accounts receivable turnover ratio 应收账款周转率maturity value 到期价值inventory turnover ratio 存货周转率coupon 息票利息inventory processing period 存货周转期coupon payment 息票利息支付accounts payable turnover ratio 应付账款周转率coupon interest rate 息票利率cash conversion cycle 现金周转期maturity 到期日asset turnover ratio 资产周转率term to maturity 到期时间profitability ratio 盈利比率call provision赎回条款gross profit margin 毛利润call price 赎回价格operating profit margin 经营利润sinking fund provision 偿债基金条款net profit margin 净利润conversion right 转换权return on asset 资产收益率put provision 卖出条款return on total equity ratio 全部权益报酬率indenture 债务契约return on common equity 普通权益报酬率covenant 条款market-to-book value ratio 市场价值与账面价值比率trustee 托管人market value ratios 市场价值比率protective covenant 保护性条款dividend yield 股利收益率negative covenant 消极条款dividend payout 股利支付率positive covenant 积极条款financial statement财务报表secured deht担保借款profitability 盈利能力unsecured deht信用借款viability 生存能力creditworthiness 信誉solvency 偿付能力collateral 抵押品collateral trust bonds 抵押信托契约debenture 信用债券bond rating 债券评级current yield 现行收益yield to maturity 到期收益率default risk 违约风险interest rate risk 利息率风险authorized shares 授权股outstanding shares 发行股treasury share 库藏股repurchase 回购right to proxy 代理权right to vote 投票权independent auditor 独立审计师straight or majority voting 多数投票制cumulative voting 积累投票制liquidation 清算right to transfer ownership 所有权转移权preemptive right 优先认股权dividend discount model 股利折现模型capital asset pricing model 资本资产定价模型constant growth model 固定增长率模型growth perpetuity 增长年金mortgage bonds 抵押债券。
私募证券投资基金 基金业协会 证券指引
私募证券投资基金基金业协会证券指引
一、私募证券投资基金
私募证券投资基金，一般指经Securities and Exchange Commission（SEC）登记的，通过有限合伙投资者投入资金，由合伙人担任受托人，投资于股票，债券，衍生工具等金
融衍生品的基金。
这种基金不对一般大众开放，进入门槛较高，而且投资者通常被要求投
入较大金额才能成为投资者，其特点是投资时间较长，价格不容易受到市场行情的影响，
收益较为稳定。
私募证券投资基金的投资行为受到当地证券监管机构的监管，并不存在波动性很大的
风险和对市场的影响，并且受到严格的资本要求限制，一般来说只有有较大资金的机构成
员和企业才能进入。
二、基金业协会
基金业协会是基金业发展的领导机构，旨在促进基金行业的发展，为投资者保护和提
供咨询服务，进一步发展行业标准，评级制度和政策法规，促进基金行业的规范发展。
该
协会通过对基金行业的资产管理、基金会的经营情况、行业的发展趋势等等的调查及分析，从而帮助会员企业积极发展，并且为该行业提供支持、协助及管理服务。
三、证券指引
证券指引是证券监管机关为投资者提供的投资建议，其主要内容包括：投资者应首先
了解自身的投资特征，如资产规模、利润率、抗风险能力等；考虑市场趋势，找出投资行
业的时机；利用投资技术评估股票、期货、外汇、金融衍生品的投资价值；了解企业的财
务报表，了解财务状况和市场环境；结合新闻事件，形成对投资对象的综合分析，从多方
面做出投资判断；根据市场、投资机构及行业前景，考虑投资组合选择，进行分散投资；
应按照证券法规，尊重市场规则，科学组合能够实现长期稳定的投资收益。
财经英语词汇翻译(S1)
财经英语词汇翻译(S1)财经英语词汇翻译(S1)财经英语词汇翻译(S1)safe custody business 保管业务safe custody fee 保管费safe deposit box rental received 保管箱租项收入safeguarding assets 保障资产safety factor 安全系数safety margin of profitability 盈利能力的安全界限sakura bank, limited 樱花银行salaried employee 受薪雇员salaried office 受薪职位salaries tax 薪俸税salaries tax assessment 薪俸税评税salaries tax borne by the employer 由雇主代付的薪俸税salaries tax payable 应缴的薪俸税salaries tax payer 缴交薪俸税人士salaries tax return 薪俸税报税表salaries tax threshold 薪俸税的免缴税入息额salary 薪金；薪俸salary adjustment 薪金调整salary earner 受薪人士salary rate index 薪金率指数salary statement 薪俸结算书sale and purchase agreement 买卖协议sale by auction 拍卖sale by private treaty 以私人协约形式售卖sale by public auction 公开拍卖sale by tender 招标出售sale of assets 售卖资产sale proceeds 售卖得益；销售收入sales account 销货帐sales commission 销售佣金sales counter 销售柜台sales price index 销售价格指数sales tax 销售税sampling frame 抽样范围sampling theory 抽样理论samurai bond 武士债券；外国日元债券sanction 认许；制裁sanwa bank, limited 三和银行sanwa international finance limited 三和国际财务有限公司satisfaction 清偿savings 储蓄；节省款项；节省开支额savings account 储蓄账户savings deposit 储蓄存款savings rate 储蓄率；储蓄存款利率scale of brokerages 经纪佣金收费表scale of fees 收费率；收费表schedule 清单；一览表；细目单；附表schedule of charges 费用表schedule of dealing 交易清单schedule of property 财产清单schedule of proportion 比例表schedule of rates 标准收费表scheme of arrangement 债务偿还安排scheme of control 管制计划scheme of control agreement 《管制计划协议》schengen agreement 《神根协议》schroders asia limited 宝源亚洲有限公司scrip 临时股票scrip dividend 以股代息scrip dividend scheme 以股代息计划scrip issue 红股发行scripless dealing of shares 无单股份交易seanza forum of bank supervisors 东南亚、新西兰与澳洲银行业监理组织search fee 查册费seasonal adjustment 季节性调整seasonal deficit 季节性赤字seasonal fluctuation 季节性波动seasoned securities 优质证券；价格稳定的证券second and third liner 二三线股second board 第二板市场second calculation 第二计算法second line stock 二线股票second mortgage 第二按揭；第二抵押权second participant 第二参与者second quarter economic report 19xx 《一九ｘｘ年第二季经济报告》secondary insider 次要的内幕人士secondary listing 第二上市secondary market 二级市场；次级市场；第二市场secondary mortgage market 第二按揭市场secondary production 第二级生产；第二产业secretary for economic services 经济局局长secretary for financial services 财经事务局局长secretary for the treasury 库务局局长sectional group 个别利益集团sector 界别；行业；机构sectorial index 分类指数secular trend 长期趋势secure 担保；抵押secured bond 有担保债券secured creditor 有抵押债权人secured loan 担保贷款；有抵押贷款securing debenture 担保债权证securities 证券securities advisory council 证券事务咨询委员会securities analyst 证券分析员securities and exchange commission 证券管理委员会〔证管会〕〔台湾〕；证券交易委员会〔美国〕securities and futures appeals panel 证券及期货事务上诉委员会〔证券及期货事务监察委员会〕securities and futures commission 证券及期货事务监察委员会〔证监会〕securities and investment board 证券及投资管理局〔英国〕securities borrowing 证券借用securities business 证券买卖业务securities commission 证券事务监察委员会〔现称证券及期货事务监察委员会〕securities compensation fund 证券赔偿基金securities compensation fund committee 证券赔偿基金委员会〔证券及期货事务监察委员会〕securities dealer 证券交易商securities dealers' deposit fund 证券交易商按金基金securities exchange of thailand 泰国证券交易所securities for money 贷款抵押物securities foundation 证券业培训基金securities institute of australia 澳大利亚证券学会securities introducing broker 证券介绍经纪securities investment adviser 证券投资顾问securities journal, the 《证券月刊》securities law 《证券法》securities lending 证券借贷securities market 证券市场securities officer 证券主任securities payable to bearer 须付款予持有人的证券securities register system 证券登记系统securities review committee 证券业检讨委员会securities review committee report 《证券业检讨委员会报告书》securities section 证券组〔财经事务局〕securities underwriter 证券包销商securitization of debt 债务证券化security 抵押品；保证金；保证security account 保付户口security by bond 担保契据形式的保证security features 防伪特色〔银行纸币〕security for note issue 发行纸币的保证物security instrument 保证文书security interest 担保权益security to the payment of money 付款保证seed capital 种子资本segregated account 独立账户；独立户口segregated trust account 独立信托账户sehk options clearing house limited 联交所期权结算所有限公司sehk traded option 在联交所买卖的期权seizure 检取；扣押selective allowance 选择性免税额selective marketing basis 选择性销售方式selective tender 选择性投标；选择性招标self-assessment 自我评税self-clearing member 自行结算会员〔香港联合交易所有限公司〕self-correcting mechanism 自动调节机制self-financing 财政自给；自筹资金self-liquidating project 自动还本工程self-regulation 自律；自行规管；自行监管sell 卖出sell off 抛售；沽盘sell order 卖盘sell short 卖空；沽空；抛空seller's price 卖价；卖方价格selling dealer 卖方交易商selling hedge 沽空对冲selling pressure 沽售压力selling price 售价senior securities 优先证券seoulbank 汉城信托银行separate assessment 夫妇分别评税separate client account 独立客户帐目separate debt 独有的债项；各别的债项separate estate 各别产业separate estates account 各别产业的帐目separate instrument 独立文书separate listing 独立上市separate property 各别的财产separate share trading account 独立股票交易账户separate taxation for married couples 夫妇分开评税sequestration 暂押；扣押serial bond 分期还本债券series of transactions 连串交易service-led economy 以服务业为主导的经济set-off 抵销；对销set-off and transfer report 比对转帐报告set-off of the property tax 豁免物业税settled property 预先分配的财产settlement 交收；结算；交割；清偿；授产安排settlement backlog 积压交收settlement bank 结算银行settlement cap 交收限价settlement date 交收日期settlement of debts 清偿债务；偿还债务settlement of physical shares 股份实物交收settlement period 交收期限；结算期settlement price 结算价格；平仓价格settlement risk 结算风险；交收风险settlement system 交收制度；结算系统settlor 财产授予人seven-year exchange fund note 七年期外汇基金债券sewage services trading fund 污水处理服务营运基金shacom finance limited 上商财务有限公司shadow director 影子董事；幕后董事shanghai commercial bank ltd. 上海商业银行shanghai securities central clearing and registration corporation 上海证券中央登记结算公司shanghai stock exchange 上海证券交易所share 股份；股票；份额share beneficially owned 实益股份；实益拥有股份share capital 股本share certificate 股票share dealing 股票交易；股票买卖share in issue 已发行股份；已发行股票share investment 股份投资share margin lending “按仓”贷款share market 股票市场share of a business 生意股份share of mutual fund 互惠基金股份share of profit 利润份额share on local register 当地登记册所载的股份share option 股票期权；认股权；股份认购权share pending listing 等候上市股份share premium account 股份溢价账户share price 股票价格share registrar 股票过户登记处；过户处；股份登记员share repurchase 股份购回；股份回购share rights 股权share split 股份拆细；拆股share transfer 股票过户share warrant 认股权证share warrant to bearer 不记名认股权证shareholder 股东shareholders' fund 股东资金shareholding 持有股份sharp increase 急剧上升；暴升；飞涨shell company 空壳公司shell reactivation “借壳”上市；“买壳”上市；空壳公司重新活动shenzhen foreign exchange trading centre 深圳外汇交易中心shenzhen securities registration company limited 深圳证券登记公司shenzhen stock exchange 深圳证券交易所shinhan finance limited 新韩金融有限公司shizuoka bank, ltd. 静冈银行short 空头；空仓；淡仓；卖空；超卖short call 认购期权淡仓short covering 补仓；补空仓；空头补进short futures contract 淡仓期货合约short notice 短期通知书short notice and time deposit 短期通知及定期存款short of liquidity 资金紧绌short position 空仓；淡仓；空头；短盘short sell securities 卖空证券short selling 卖空；沽空；抛空short selling system 证券沽空制度short-dated securities 短期证券shortfall 差额；不足之数shortfall in expenditure 实际开支低于原来预算short-term deposit 短期存款short-term indicator of economic condition 短期经济指标short-term interest rate 短期利率short-term paper 短期票据short-term rating 短期评级shroff account number 收款账号siam commercial bank public company limited 汇商银行significant shareholder 持有大量股票的股东；重要股东silent partner 只拥有股权而不参与业务的合伙人；隐名合伙人silver 银silver currency 银制流通货币silver standard 银本位；银本位制simple guide to bankruptcy, a 《破产案简介》simple guide to compulsory winding-up of companies, a 《强制公司清盘案简介》simple interest 单利；以单息计算的利息simple portfolio 简单的投资组合simultaneous econometric model 联立计量经济模式simultaneous equation model 联立方程模式sin hua bank limited 新华银行sin hua finance company limited 新华财务有限公司singapore dollar 新加坡元singapore international monetary exchange 新加坡国际金融交易所singapore stock exchange 新加坡证券交易所singapore strait times index 《新加坡海峡时报》指数single assessment 单一评税single entry system 单式簿记制度single equation model 单方程模式single fund 单一基金single market, the 单一市场〔欧洲〕single parent allowance 单亲免税额single premium 整付保费single premium policy 整付保费保单single tender 单一投标sinking fund 偿债基金size criterion 资产限额准则〔银行业〕size of issue 发行量size of the economy 经济规模slacken 放缓；呆滞slow down 减慢；放缓；退减slow trading 交投呆滞sluggish 市势疲弱；市况呆滞sluggish turnover 交投呆滞slump 急跌；下挫small and medium enterprise 中小型企业small and medium enterprises committee 中小型企业委员会small bankruptcy 小额破产案small business 小型企业small claims tribunal 小额钱债审裁处small claims tribunal suitors fund account 小额钱债审裁处诉讼人储存金账户small depositor 小额存户small economy 小规模经济体系small estate 小额遗产smart card 智能卡；聪明卡snake 蛇形浮动；蛇形浮动汇率制soaring market 旺市；好市；暴涨的市况social security assistance index of prices 社会保障援助价格指数social welfare expenditure 社会福利开支societe de compensation des marches conditionels 巴黎期权市场结算所societe generale 法国兴业银行societe generale asia limited 法国兴业亚洲有限公司society of actuaries of the united states of america 美国精算师公会society of chinese accountants and auditors 华人会计师公会society of worldwide interbank financial telecommunication 环球银行财务电讯协会socio-economic infrastructure 社会经济基础建设soft currency 软货币；弱势货币soft dollar practice 收取非金钱利益的做法soft market 市况疲软sole executor 唯一的遗嘱执行人sole proprietor 独资经营者sole proprietorship 独资经营sole trustee 单一受托人soliciting business 招揽生意solid growth 稳健增长solvency 偿债能力；偿付能力solvency fund 无偿付能力赔偿基金source of additional revenue 额外收入。
pd储量和sec储量
pd储量和sec储量PD储量（Proved reserves of oil）和SEC储量（Securitiesand Exchange Commission reserves）是指油田或油井中已发现的、可以经济利用的储量。
这些储量是石油公司决策和投资的重要依据，对于评估油田价值和公司潜在盈利能力至关重要。
PD储量是由石油业内的专业人士通过各种勘探技术和生产数据所估算出来的。
这些数据包括地质勘探、钻井和生产测试等。
PD储量通常按照沉积岩层、生产能力和采收率等因素进行分类。
在估算PD储量时，一般采用了风险概率法，基于各种不同风险的情况进行分类，例如，90%可信度的储量、50%可信度的储量等。
PD储量可以作为石油公司报告给证券交易委员会等机构的依据，以展示公司的资产价值和潜力。
SEC储量是指美国证券交易委员会所认可的石油公司公布的储量数据。
SEC通过制定规定和准则来明确储量估算的标准和方法。
具体来说，SEC要求把储量区分为三类：可开发储量（proved developedreserves）、可开发未开发储量（proved undeveloped reserves）和潜在储量（unproved reserves）。
可开发储量是指已经通过生产设备或者采油设备进行生产，可以确定的储量。
这些储量具有商业开发的潜力，并且可以在合理的经济限制下进行开采。
可开发未开发储量是指已经通过地质勘探确定并已获得采许，但尚未安排投资和开发的储量。
这些储量可能需要进一步的投资和工程设计等工作，才能够进入开采阶段。
潜在储量是指尚未经过充分勘探和评估的、可能存在的石油资源。
这些储量尚不确定是否可以以目前的技术和经济条件进行开采，因此没有被包括在SEC储量中。
PD储量和SEC储量之间存在一些区别和联系。
首先，PD储量的估算一般是由油田开发商和石油公司自行进行的。
而SEC储量需要遵守严格的规则和要求，必须报告给证券交易委员会等机构审核。
美国证券交易委员会（SEC）
美国证券交易委员会（SEC）美国证券交易委员会（SEC）美国证券交易委员会 Securities and Exchange Commission。
缩写为：SEC。
根据《1934年证券交易法》于当年成立的美国联邦政府专门委员会，旨在监督证券法规的实施。
委员会由五名委员组成，主席每五年更换一次，由美国总统任命。
美国证券交易委员会(US Securities and Exchange Commission，英文缩写SEC）是隶属于美国联邦政府一个独立的金融管理机构，直接对国会负责，具有一定的立法和司法权。
1934年根据证券交易法令而成立。
对全国和各州的证券发行、证券交易所、证券商、投资公司等拥有根据法律行使管理和监督的权力。
SEC的职能是：旨在监督一系列法规的执行，以维护证券发行者、投资者和交易者的正当权益。
防止证券活动中的过度冒险、投机和欺诈活动，维护稳定的物价水平，配合联邦储备委员会以及其它金融监管机构，形成一个明确、灵活、有效的金融体系。
SEC英文全称the U.S. Securities and Exchange Commission，美国证券交易委员会，美国证券交易监督委员会, 美国证监会。
美国根据1934年《证券交易法》设立的负责美国证券业所有相关部门法规的监督和管理的机构，它的主要目的是为投资者提供最大的保护及最小的证券市场干预，设法建立一个投资信息系统，一方面促成投资者作出正确的投资选择，引导投资方向；另一方面利用市场投资选择把发行量低、超过市场资金供给承受能力的证券发行排斥于市场之外。
SEC有5名成员，全部由总统任命，参议员批准，任期5年，委员全属专职，不得兼任其他公职，也不得直接或间接从事证券交易。
委员会中推选一人为主席，负责与总统联系，SEC直接对国会负责，每年须就全国证券市场的情况和对证券法的执行情况，向国会提交书面报告。
SEC把全美国分为九个区，每个区设分委员会，负责执行和落实管理政策和管理措施。
金融词汇英语翻译(S)
金融词汇英语翻译(S)金融词汇英语翻译(S)S&P 500 Index 标准普尔500种股份指数Samurai bonds 武士债券Sales return 销货退回SEAQ 证券交易所自动报价系统 (英国)SEATS 证券交易所另项交易系统 (英国)SEC 证券交易委员会( 美国)Second junior subordinated debenture 更次一级公司债Second liner/second line stock 二线股Secondary offering 二级发行；次级发行Sector Fund 产业基金；板块基金Secular 长期性；非周期性Secured debt 有担保债务Securities 证券Securities and Futures Commission 证券及期货事务监察委员会- (证监会)( )Securities Exchange Commission 证券交易委员会( 美国) Securities Exchange of Thailand 泰国证券交易所Securitization 证券化 - 将资产（通常是各种形式的债务）转换为证券。
这些证券的交易比根底资产的.交易更为自由和廉价，而且产生的收益高于将资产用作贷款抵押品所获得的利润。
一个例子是房产抵押贷款证券，它将缺乏流动性的独立房产抵押贷款会聚成单种可交易的资产。
Seed financing 种子资金融通Seed stage [投资] 种子期Sell short 卖空；抛空Sell-side analyst 卖方分析员 - [股市] 受雇于投资银行或经纪行的股票研究分析员。
Selling concession 销售特许佣金 - [股市] 在售出股票或投资者指派基准上，支付给承销团成员的总差额的其中一部份。
销售特许佣金是鼓励销售的方法之一。
Senior debt 优先债务Separate listing 独立上市Settlement 交割；结算；清算Settlement risk 交割风险；清算风险 - 作为一种特殊形式的对手信用风险，交割风险是因付款的非同时交换而引起。
sec第144号规则
sec第144号规则SEC第144号规则是指美国证券交易委员会（Securities and Exchange Commission，简称SEC）制定的规则，它是关于私募股权融资（Private Placement）的规定。
以下是对SEC第144号规则的多角度全面回答：1. SEC第144号规则的背景和目的：SEC第144号规则于1997年颁布，主要是为了限制控股股东、董事、高级管理人员等内部人员在未注册的公开市场上出售其所持有的证券，以防止滥用内幕信息和市场操纵行为，保护投资者利益，维护公平交易。
2. SEC第144号规则的适用范围：SEC第144号规则适用于非公开发行的证券，包括私募股权融资、股份回购、员工股票期权等。
该规则规定了内部人员出售这些证券的限制和要求。
3. SEC第144号规则的限制和要求：根据SEC第144号规则，内部人员在出售其持有的证券之前，必须满足一系列条件，包括持有期限、交易量限制、信息披露等。
持有期限一般为一年或两年，交易量限制为一年内不得超过1%的流通股份，而且必须进行及时的信息披露。
4. SEC第144号规则的影响：SEC第144号规则对内部人员的证券交易行为施加了限制，有助于防止内幕交易和操纵市场。
它增加了对内部人员的监管和透明度，提高了市场的公平性和投资者的信心。
5. SEC第144号规则的例外情况：SEC第144号规则也规定了一些例外情况，使得某些内部人员可以在不受限制的情况下出售证券。
例如，如果内部人员是通过公开市场购买的证券，或者是在公司进行注册的股权计划下获得的证券，他们可以在一定条件下提前出售。
综上所述，SEC第144号规则是为了保护投资者利益和维护公平交易而制定的规则，它对内部人员出售证券的行为施加了限制和要求。
这些规定有助于防止内幕交易和市场操纵，提高市场的透明度和公平性。
同时，该规则也允许一些例外情况下内部人员提前出售证券。
金融学名词解释
1、Private placement:Nonpublic sale of securities to a financial institution.译:私募：非公开销售有价证券给金融机构。
2、Bid and ask prices:Prices quoted by market makers at which they are willing to buy and sell securities.译:买卖价:市场推动者所报的他人愿意买入和卖出证券的价格。
3、Settlement date:Date by which payment for the purchase of securities must be made；Date by which delivery of securities sold must be made.译:交收日:购买证券的款项必须结清的日子；卖出的证券必须交付的日子。
4、Margin:Investor's equity in a security position.译:保证金:投资者证券头寸中的股权份额。
5、Short position:Sale of borrowed securities in anticipation of a price decrease.译:做空:预期价格下跌卖出借入的证券。
6、Money supply:Total amount of money in circulation.译：货币的流通总量。
7、IPO（initial public offering）:First sale of common stock to the general public.译：首次公开发行：首次公开向公众发行流通股股票。
8、Foreign exchange market:Market for the purchase and sale of currencies.译:外汇市场：买卖货币的市场。
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for the 1st quarter of the 2005 financial year, which covers the period from 2005-01-01 to 2005-03-31including abbreviated financial statements prepared in accordance with International Accounting Standardsin the currency : PLNand abbreviated financial statements prepared in accordance with International Accounting Standardsin the currency : PLNsubmission date : May 16, 2005SELECTED FINANCIAL DATA1st quarter year-to-date 1st quarter year-to-date 1st quarter year-to-date 1st quarter year-to-date period from 01/01/05to 03/31/05 period from 01/01/04to 03/31/04 period from 01/01/05to 03/31/05 period from 01/01/04 to 03/31/04I. Interest income443 422387 326110 43380 797II. Fee and commission income166 817160 96241 54533 577III. Profit / (loss) on banking activity 546 691509 855136 152106 357IV. Operating profit / (loss)166 270118 42741 40924 704V. Profit / (loss) before tax 166 595118 96141 49024 816VI. Net profit / (loss)138 52292 31434 49919 257VII. Change in cash 879 078(523 947)215 265(110 409)VIII. Total assets 33 798 5318 276 448IX. Due to NBP723177X. Due to financial sector4 432 215 1 085 343XI. Due to non-financial sector and public sector 16 140 945 3 952 530XII. Shareholders' equity 6 396 840 6 070 2501 566 432 1 279 159XIIII. Share capital 522 638522 638127 981110 133XIV. Number of shares130 659 600130 659 600130 659 600130 659 600XV. Book value per share (PLN / EUR) 48,9646,4611,999,79XVI. Capital adequacy ratio (%)22,4222,42XVII. Earning per ordinary share (PLN / EUR)4,142,850,960,62XVIII. Interest income435 420373 145108 44077 839XIX. Fee and commission income 141 688148 24535 28730 924XX. Profit / (loss) on banking activity 517 732485 001128 940101 173XXI. Operating profit / (loss)146 768104 95636 55221 894XXII. Profit / (loss) before tax 146 768104 95636 55221 894XXIII. Net profit / (loss)118 98481 46429 63316 994XXIV. Change in cash 879 130(523 929)215 278(110 405)XXV. Total assets 33 375 6178 172 887XXVI. Due to NBP723177XXVII. Due to financial sector4 865 909 1 191 544XXVIII. Due to non-financial sector and public sector16 069 4633 935 025SECURITIES AND EXCHANGE COMMISSIONConsolidated quarterly report QSr 1 / 2005(for banks)Pursuant to § 93 section 2 and § 94 section 1 of the Regulation of the Council of Ministers of March 21, 2005(Journal of Laws No. 49, item 463)data from the abbreviated consolidated financial statementsin PLN '000in EUR '000data from the abbreviated financial statementsXXIX. Shareholders' equity 6 299 176 6 008 352 1 542 517 1 266 116 XXX. Share capital522 638522 638127 981110 133 XXXI. Number of shares130 659 600130 659 600130 659 600130 659 600 XXXII. Book value per share (PLN/ EUR) 48,2145,9811,819,69 XXXIII. Capital adequacy ratio (%)21,8921,89XXXIV. Earnings per ordinary share (PLN/ EUR)3,722,510,860,55 XXXV. Declared or distributed dividends per ordinary share(PLN/ EUR)*11,971,852,930,39* The presented ratios are related to, respectively: declared dividends from the appropriation of the 2004 profit and from retained earnings as well as from dividends distributed in 2004 from the appropriation of the 2003 profit.CONSOLIDATED BALANCE SHEET03/31/05 end of quarter (current year)12/31/04 end of quarter (current year)ASSETSI. Cash and due from NBP 1 348 314841 114 II. Financial assets for trading 5 334 849 5 317 3951. equity instruments 1 2091512. debt instruments 1 721 867 1 212 1213. derivative instruments 3 611 773 4 105 123 III. Financial assets available for sale 6 027 314 6 119 2711. equity instruments27 74828 0772. debt instruments 5 999 566 6 091 194 IV. Loans and other receivables (including financial leases)18 422 05718 788 787 1. from financial sector8 338 8398 363 780 of which: from other monetary financial institutions7 383 1907 298 580 2. from non-financial sector10 083 06710 423 700 of which: from corporate customers7 089 4367 546 1923. from central and local government sector151 1 307 V. Financial assets held to maturity--VI. Interest receivable on financial assets75 58764 305 VII. Tangible fixed assets743 697747 6511. real estate and equipment694 259700 1762. Investment properties49 43847 475 VIII. Intangible assets, of which: 1 327 223 1 309 766 1. goodwill 1 244 839 1 243 645 IX. Investments in undertakings accounted for under the equitymethod82 63586 955 X. Income tax assets219 749227 5581. current 3 503-2. deferred216 246227 558 XI. Other assets217 106401 124 XII. Non-current assets held for sale--Total assets33 798 53133 903 926 LIABILITIESI. Due to NBP723718 II. Financial liabilities for trading 3 602 693 4 194 2901. liabilities from short sale of securities -268 1172. derivative instruments 3 602 693 3 926 1733. other liabilities--III. Financial liabilities at amortized cost22 096 75822 065 7571. deposits20 573 16020 245 389a) financial sector 4 432 215 3 333 241 of which: other monetary financial institutions 2 440 145 1 859 091b) non-financial sector15 731 61316 381 140c) central and local self-government sector409 332531 0082. liabilities from own issues-- of which: bonds3. other liabilities 1 523 598 1 820 368 IV. Financial liabilities from transfers of financial assets789 851751 277 V. Interest payable on financial liabilities71 23057 423 VI. Provisions50 22653 7241. Disputes15 16614 4562. Off-balance sheet commitments35 06039 268 VII. Income tax liabilities -13 6111. current 13 6112. deferred-VIII. Other liabilities790 210528 216 Total liabilities27 401 69127 665 016EQUITYI. Share capital522 638522 638 II. Unpaid contributions to share capital (negative value)--III. Equity reserves 3 077 176 3 077 176 of which: issue premium 2 485 534 2 485 534 IV. Revaluation reserve33 08919 6511. differences from valuation of financial assets available for sale9 101(9 371)2. differences from valuation of tangible fixed assets23 98829 0223. foreign exchange gains and losses--4. other--V. Other reserves, of which: 2 625 415 2 124 5161. retained earnings (losses brought forward)488 921(6 944)2. general risk fund390 000390 000 VI. Profit / (loss) - current year138 522494 929 VII. Dividends distributed during the financial year (negativevalue)VIII. Minority interestsTotal equity 6 396 840 6 238 910 Total liabilities and equity33 798 53133 903 926 Capital adequacy ratio (in %)22,4220,07 Book value 6 396 840 6 238 910 Number of shares130 659 600130 659 600 Book value per share ( in PLN)48,9647,75 Diluted number of shares--Diluted book value per share (in PLN)--OFF-BALANCE SHEET ITEMS03/31/05 end of quarter (current year)12/31/04 end of quarter (current year)I. Contingent liabilities granted and received 13 796 51813 963 9271. Contingent liabilities granted10 874 36111 011 586a) financial8 481 8418 643 172 - import letters of credit issued127 319168 073 - lines of credit granted8 268 8048 353 740 - deposits to be distributed85 718121 359 b) guarantees 2 392 520 2 368 414 - guarantees 2 376 011 2 351 306 - export letters of credit confirmed16 50917 1082. Contingent liabilities received 2 922 157 2 952 341a) financial-335 975b) guarantees 2 922 157 2 616 366 - guarantees received 2 922 157 2 616 366 II. Current off-balance sheet transactions 3 468 494453 050 III. Term off-balance sheet transactions251 638 707191 454 555 IV. Other (of which) 5 660 101 5 267 673 - collateral received 5 660 101 5 267 673 Total off-balance sheet items274 563 820211 139 205CONSOLIDATED INCOME STATEMENT1st quarter (current year)1st quarter (current year)period from 01/01/05 to 03/31/05 period from 01/01/04to 03/31/04I. Interest income and equivalent income443 422387 326 II. Interest expense and equivalent expense(183 046)(164 966) III. Net interest income260 376222 360 IV. DividendsV. Fee and commission income166 817160 962 VI. Fee and commission expense(22 278)(17 833) VII. Net fee and commission income144 539143 129 VIII. Net income realized on assets and financial liabilities otherthan valued at fair value through the p&l account29 626 5 053 IX. Net profit on assets and financial liabilities for trading 3 71534 020X. Net profit on foreign exchange (revaluation)108 435105 293XI. Profit / (loss) on banking activity 546 691509 855XII. Other operating income 15 06116 642XIII. Other operating expenses(13 940)(6 460)XIV. Profit / (loss) on other operating income/expenses 1 12110 182XV. General administrative expenses (342 372)(366 292)XVI. Depreciation & amortization(34 585)(37 189)XVII. Profit / (loss) on sale of assets other than assets for sale (305)(32)XVIII. Net (charges to) / releases of provisions 1 37737 153XIX. (Net) charges for diminution in value(5 826)(35 427)1. (Net) charges for diminution in value of financial asset that are not valued at fair value through p&l account(5 826)(35 427)a) financial assets available for saleb) loans valued at amortized cost (including financial leases)(5 826)(35 427)c) assets held to maturity and valued at amortized cost 2. (Net) charges for diminution in value--a) tangible fixed assetsb) investments in real estate c) intangible assets of which: goodwillXX. Profit / (loss) on fixed assets and assets for disposal for sale 169177XXI. Operating profit166 270118 427XXII. Share in profits / (losses) of undertakings accounted for under the equity method325534XXIII. Profit / (loss) before tax 166 595118 961XXIV. Corporate income tax (28 073)(26 647) 1. current (68 380)(94 380) 2. deferred40 30767 733XXV. Net profit / (loss) (excluding minority shareholders)XXVI. Profit / (loss) of minority shareholders XXVII. Net profit / (loss)138 52292 314Net profit / (loss) (annualized)541 137372 415Weighted average number of ordinary shares 130 659 600130 659 600Net profit / (loss) per ordinary shares (in PLN)4,142,85Diluted weighted average number of ordinary shares --Diluted profit / (loss) per ordinary share (in PLN)--Share capital Equity reserves Revaluation reserve OtherreservesRetained earnings /(lossesbrought forward)Net profit / (loss) (current year)Opening balance as of January 1, 2004522 638 3 068 974(13 212) 2 082 580286 543- changes in adopted accounting principles 3 19944 835(42 688)- corrections of fundamental errorsAdjusted opening balance as of January 1, 2004522 638 3 072 173(13 212) 2 127 415243 855Differences from current valuation at fair value of financial assets available for sale30 946Adjustments in respect of deferred income tax on valuation of financial assets available for sale (5 879)Disposal of fixed assets(100)100Foreign exchange gains / (losses)Other increases / decreases in capital (specify title of change)Net profit / (loss) for 1st quarter of 200492 314Dividends distributed Transfers to capitalClosing balance as of March 31, 2004522 638 3 072 17311 755 2 127 515243 85592 314Opening balance as of January 1, 2005522 638 3 077 17619 651 2 131 460487 985- changes in adopted accounting principles 2 479936- corrections of fundamental errorsAdjusted opening balance as of January 1, 2005522 638 3 077 17622 130 2 131 460488 921CHANGES IN CONSOLIDATED SHAREHOLDERS' EQUITYAttributable to the Company's shareholdersDifferences from current valuation at fair value of financial assetsavailable for sale 19 744Adjustments in respect of deferred income tax on valuation of financialassets available for sale (3 752)Disposal of fixed assets(5 033) 5 033Foreign exchange gains / (losses)Other increases / decreases in capital (specify title of change)Net profit / (loss) for 1st quarter of 2004138 522 Dividends distributedTransfers to capitalClosing balance as of March 31, 2005522 638 3 077 17633 089 2 136 494488 921138 522 CONSOLIDATED CASH FLOWS STATEMENT1st quarter year-to-date 1st quarter year-to-dateperiod from 01/01/05 to 03/31/05 period from 01/01/04to 03/31/04I. Cash at the beginning of the reporting period972 156 1 211 882 II. Net cash flows from operating activities943 345(577 343) III. Net cash flows from investing activities(44 088)(23 022) IV. Net cash flows from financing activities (20 178)76 418 V. Cash at the end of the reporting period 1 851 235687 935 Total net cash flows879 078(523 947)BALANCE SHEET03/31/05 end of quarter (current year)12/31/04 end of quarter (current year)ASSETSI. Cash and due from NBP 1 348 314841 114 II. Financial assets for trading 5 333 324 5 316 9621. equity instruments--2. debt instruments 1 721 612 1 211 8393. derivative instruments 3 611 712 4 105 123 III. Financial assets available for sale 6 327 687 6 423 7051. equity instruments328 121332 5112. debt instruments 5 999 566 6 091 194 IV. Loans and other receivables (including financial leases)17 793 64818 315 271 1. from financial sector8 430 6078 675 599 of which: from other monetary financial institutions7 383 1907 298 580 2. from non-financial sector9 362 9799 638 395 of which: from corporate customers7 085 7997 373 7093. from central and local government sector62 1 277 V. Financial assets held to maturity--VI. Interest receivable on financial assets75 58764 305 VII. Tangible fixed assets732 815735 4901. real estate and equipment683 377688 0152. investment properties49 43847 475 VIII. Intangible assets, of which: 1 326 892 1 309 578 1. goodwill 1 244 839 1 243 645 IX. Income tax assets221 337237 2051. current--2. deferred221 337237 205 X. Other assets216 013401 435 XI. Non-current assets held for sale--Total assets33 375 61733 645 065 LIABILITIESI. Due to NBP723718 II. Financial liabilities for trading 3 602 693 4 194 2901. liabilities from short sale of securities 268 1172. derivative instruments 3 602 693 3 926 1733. other liabilities--III. Financial liabilities at amortized cost21 781 35521 916 608 1. deposits20 935 37220 667 770ABBREVIATED FINANCIAL STATEMENTSa) financial sector 4 865 909 3 814 669 of which: other monetary financial institutions 2 440 145 1 859 091b) non-financial sector15 660 14016 322 099c) central and local self-government sector409 323531 0022. liabilities from own issues-- of which: bonds3. other liabilities845 983 1 248 838 IV. Financial liabilities from transfers of financial assets789 851751 277 V. Interest payable on financial liabilities71 15257 720 VI. Provisions49 13552 6331. Disputes14 07513 3652. off-balance sheet commitments35 06039 268 VII. Income tax liabilities 6 84123 5091. current 6 84123 5092. deferred--VIII. Other liabilities774 691506 326 Total liabilities27 076 44127 503 081 EQUITYI. Share capital522 638522 638 II. Unpaid contributions to share capital (negative value)--III. Equity reserves 3 044 585 3 044 585 of which: issue premium 2 485 534 2 485 534 IV. Revaluation reserve33 08919 651 1. differences from valuation of financial assets available for sale9 101(9 371)2. differences from valuation of tangible fixed assets23 98829 0223. other--V. Other reserves, of which: 2 579 880 2 106 5881. retained earnings (losses brought forward)458 285(9 973)2. general risk fund390 000390 000 VI. Profit / (loss) - current year118 984448 522 VII. Dividends distributed during the financial year (negativevalue)Total equity 6 299 176 6 141 984 Total liabilities and equity33 375 61733 645 065 Capital adequacy ratio (in %)21,8919,28 Book value 6 299 176 6 141 984 Number of shares130 659 600130 659 600 Book value per share ( in PLN)48,2147,01 Diluted number of shares--Diluted book value per share (in PLN)--OFF-BALANCE SHEET ITEMS03/31/05 end of quarter (current year)12/31/04 end of quarter (current year)I. Contingent liabilities granted and received 13 796 51813 963 9271. Contingent liabilities granted10 874 36111 011 586a) financial8 481 8418 643 172 - import letters of credit issued127 319168 073 - lines of credit granted8 268 8048 353 740 - deposits to be distributed85 718121 359 b) guarantees 2 392 520 2 368 414 - guarantees 2 376 011 2 351 306 - export letters of credit confirmed16 50917 1082. Contingent liabilities received 2 922 157 2 952 341a) financial-335 975b) guarantees 2 922 157 2 616 366 - guarantees received 2 922 157 2 616 366 II. Current off-balance sheet transactions 3 468 494453 050 III. Term off-balance sheet transactions251 653 353191 473 315 IV. Other (of which) 5 660 101 5 267 673 - collateral received 5 660 101 5 267 673 Total off-balance sheet items274 578 466211 157 965INCOME STATEMENT1st quarter (current year)1st quarter (current year)period from 01/01/05 to 03/31/05 period from 01/01/04to 03/31/04I. Interest income and equivalent income435 420373 145 II. Interest expense and equivalent expense(183 969)(165 064) III. Net interest income251 451208 081 IV. Dividends 583V. Fee and commission income141 688148 245 VI. Fee and commission expense(17 790)(15 593) VII. Net fee and commission income123 898132 652 VIII. Net income realized on assets and financial liabilities otherthan valued at fair value through the p&l account29 626 5 053 IX. Net profit on assets and financial liabilities for trading 3 30133 729 X. Net profit on foreign exchange (revaluation)108 873105 486 XI. Profit / (loss) on banking activity517 732485 001 XII. Other operating income12 68015 418 XIII. Other operating expenses(12 125)(5 936) XIV. Profit / (loss) on other operating income/expenses5559 482 XV. General administrative expenses(329 961)(355 606) XVI. Depreciation & amortization(34 443)(37 021) XVII. Profit / (loss) on sale of assets other than assets for sale(305)(32) XVIII. Net (charges to) / releases of provisions 1 39437 011 XIX. (Net) charges for diminution in value (8 204)(33 879) 1. (Net) charges for diminution in value of financial asset that are notvalued at fair value through p&l account(8 204)(33 879)a) financial assets available for sale 1 548b) loans valued at amortized cost (including financial leases)(8 204)(35 427)c) assets held to maturity and valued at amortized cost2. (Net) charges for diminution in value --a) tangible fixed assetsb) investments in real estatec) intangible assetsof which: goodwillXX. Profit / (loss) on fixed assets and assets for disposal for saleXXI. Operating profit146 768104 956 XXII. Profit / (loss) before tax146 768104 956 XXIII. Corporate income tax(27 784)(23 492)1. current (65 626)(92 034)2. deferred37 84268 542 XXIV. Net profit / (loss) (excluding minority shareholders)118 98481 464Net profit / (loss) (annualized)486 042327 794 Weighted average number of ordinary shares130 659 600130 659 601 Net profit / (loss) per ordinary shares (in PLN)3,722,51 Diluted weighted average number of ordinary shares--Diluted profit / (loss) per ordinary share (in PLN)--Share capital Equity reserves RevaluationreserveOtherreservesRetainedearnings /(lossesbroughtforward)Net profit /(loss)(currentyear)Opening balance as of January 1, 2004522 638 3 044 585(13 212) 2 115 273277 646 - changes in adopted accounting principles(45 109) - corrections of fundamental errorsAdjusted opening balance as of January 1, 2004522 638 3 044 585(13 212) 2 115 273232 537 Differences from current valuation at fair value of financial assetsavailable for sale 30 946Adjustments in respect of deferred income tax on valuation of financialassets available for sale (5 879)Disposal of fixed assets(100)100Foreign exchange gains / (losses)Other increases / decreases in capital (specify title of change)CHANGES IN SHAREHOLDERS' EQUITYNet profit / (loss) for 1st quarter of 200481 464 Dividends distributedTransfers to capitalClosing balance as of March 31, 2004522 638 3 044 58511 755 2 115 373232 53781 464Opening balance as of January 1, 2005522 638 3 044 58519 651 2 116 561438 549- changes in adopted accounting principles 2 47919 736- corrections of fundamental errorsAdjusted opening balance as of January 1, 2005522 638 3 044 58522 130 2 116 561458 285 Differences from current valuation at fair value of financial assetsavailable for sale 19 744Adjustments in respect of deferred income tax on valuation of financialassets available for sale (3 752)Disposal of fixed assets(5 033) 5 033Foreign exchange gains / (losses)Other increases / decreases in capital (specify title of change)Net profit / (loss) for 1st quarter of 2004118 984 Dividends distributedTransfers to capitalClosing balance as of March 31, 2005522 638 3 044 58533 089 2 121 595458 285118 984 CASH FLOWS STATEMENT1st quarter year-to-date 1st quarter year-to-dateperiod from 01/01/05 to 03/31/05 period from 01/01/04to 03/31/04I. Cash at the beginning of the reporting period972 013 1 211 861 II. Net cash flows from operating activities941 199(476 567) III. Net cash flows from investing activities(43 906)(22 424) IV. Net cash flows from financing activities (18 163)(24 938) V. Cash at the end of the reporting period 1 851 143687 932 Total net cash flows879 130(523 929)。