Episode 154

EPISODE 154
LEVEL A2

READING COMPREHENSION

 

Swiss banks – a safe haven for money from around the world

Switzerland is not only well-known for chocolate and its watch-making industry. It is also famous for its unique banking and financial system. Banks play an important role in Switzerland’s economy. Swiss banks have been considered to be the most secretive in the world for many centuries. About a third of all money held outside a person’s home country – hundreds of billions of dollars – is deposited in Swiss banks. Switzerland has two large banks – UBS and Credit Suisse. Private banking also has a century-long tradition in this alpine country. Currently, about 130000 people work in the banking sector. Major banks have overseas branches that employ thousands. Switzerland’s popularity as a safe bank haven has many reasons. For one, the country has a very stable and prosperous economy, and one of the highest per capita incomes in the world. It has been neutral for many centuries, especially during the two world wars. In addition, the Swiss franc is one of the most stable currencies in the world. Lately, however, the Swiss government has been under constant pressure by other countries to change their bank laws, making it possible to reveal the names of possible drug dealers or international criminals. EU officials claim that more and more citizens are moving their money to Switzerland to escape taxation in their home country. Income that is not reported to the government is often deposited in Swiss banks.

 

Exercise 1

Match the bolded words and expressions from the text with their definitions:

1. __________________ = in the Alps
2. __________________ = a hundred million
3. __________________ = part of a company that operates in another city or country
4. __________________ = a hundred years
5. __________________ = the money a country uses
6. __________________ = to put, place
7. __________________ = the system by which a country’s money and goods are produced and used
8. __________________ = to give work to
9. __________________ = to get away from
10. __________________ = place where you can put something in order to protect it from danger
11. __________________ = rules that a country passes
12. __________________ = very important
13. __________________ = not taking part in wars or helping other countries
14. __________________ = person in a high position in the government or other organisations
15. __________________ = countries across the ocean
16. __________________ = the money every citizen earns in a year
17. __________________ = having financial success
18. __________________ = to make sth publicly known
19. __________________ = private, guarded,
20. __________________ = only one of its kind; very special

 

 

I know English idioms!

In this lesson’s text we read about Switzerland and its banking system. Switzerland is not, however, only famous for banks. An important part of its economy is watch making. And as we know that Swiss people are very hard-working and precise, we shouldn’t be surprised by the idiom – comparison: “like clockwork” (jak w zegarku). Let’s study these examples:

• Since the recent improvements to the service, the buses are running like clockwork.
• The negotiations went like clockwork.

 

Phrasals, phrasals…

 

As the topic of this lesson is banks, let’s study a “bank”-related phrasal verb:

to bank on sb/sth = to expect something or depend on it happening (liczyć na)

• Can I bank on your support?
• I wouldn’t bank on him coming earlier.

 

Grammar corner

Income that is not reported to the government is often deposited in Swiss banks. This sentence from our reading text contains examples of the passive voice. We use passive voice when we don’t need to say WHO does something but WHAT actually happens.

For example:
People buy our goods despite rather high prices. – Our goods are bought despite rather high prices.

Change these sentences into the passive ones, like in the example above:
1. Workers in France manufacture these Renault cars. – These …
2. Farmers grow rice in India. – Rice …
3. A mechanic always repairs my car. My car …
4. People make watches in Switzerland. Watches …

 

GLOSSARY
safe haven – bezpieczna przystań, „raj”
well-known – dobrze znany
watch-making – zegarmistrzostwo
industry – przemysł
famous – słynny
unique – wyjątkowy
economy – gospodarka
to be considered – być uważanym
secretive – tajemniczy
century – wiek (sto lat)
billion – miliard
to deposit – zdeponować
alpinie – alpejski
currently – obecnie
major – główny
overseas – zagraniczny (zamorski)
branch – oddział
to employ – zatrudniać
for one – na przykład
stable – stabilny
risky – ryzykowny
to operate – prowadzić działalność
prosperous – prosperujący
per capita – na głowę
income – dochód
especially – zwłaszcza
in addition – dodatkowo
currency – waluta
however – jednakże
pressure – presja, ciśnienie
bank law – prawo bankowe
to reveal – ujawnić
drug dealer – handlujący narkotykami
criminal – przestępca
official – urzędnik wysoki rangą
to claim – twierdzić
citizen – obywatel
to move – przenosić
to escape – uciec od, uniknąć
taxation – opodatkowanie
government – rząd

 

download lesson (pdf)