As of debtor nations. Under that plan the International Clearing Union or international central

Bank would have given overdrafts to debtor countries and by so doing would have created

Deposits for the creditor countries in terms of its special currency called bancor, in a similar

way to normal banking operations. However, interest would be charged not only on the debtor’s

overdrafts, but also on the creditor’s deposits. Although the Keynes Plan was not accepted

at the Bretton Woods Conference, the principle that a surplus country had “obligations” was

Accepted and a scarce-currency clause written into the International Monetary Fund agreement.

Commentary and Notes to Text 12.7.1.1

A debtor nation — страна-должник

Special currency called bancor — банкор, особая валюта, предложенная Дж. Кейнсом для

Международных расчетов по долгам

To be charged — взиматься

Obligations — обязательства

12.7.1.2. Read the text “Commercial Banks” and make a summary of it.

(!) Commercial Banks

Commercial banks are privately owned banks operating cheque current accounts, receiving deposits,

Taking in and paying out notes and coin and making loans, in the UK through a large number

Of branches. Sometimes they are referred to as retail (wholesale banking) or deposit banks. In the

USA these banks are sometimes referred to as member banks (Federal Reserve System) and in