[00:00.00]Chapter 1 Banks in Modern Society
[00:01.82]第一章现代社会中的银行
[00:03.63]Unit 1 Basic Roles and Services of a Bank
[00:05.79]第一单元银行的基本职能和服务
[00:07.94]What is a bank?
[00:09.44]如何定义银行?
[00:10.95]It may be advisable to define a bank as an institution for doing financial work.
[00:14.59]可以将银行定义为从事金融工作的机构.
[00:18.23]Notes:What is a bank?
[00:20.58]如何定义银行?
[00:22.94]It may be advisable to define a bank as an institution for doing financial work.
[00:36.48]可以将银行定义为从事金融工作的机构.
[00:50.02]A modern bank provides many services.
[00:51.87]现代银行提供多种服务.
[00:53.71]One of the most important of these is regular pass book savings.
[00:56.41]其中最重要的一项就是存款储蓄.
[00:59.12]If you go to a bank to open a savings account,
[01:00.87]如何你去银行开立储蓄户头,
[01:02.62]first of all you'll be asked to fill out a signature card.
[01:04.91]首先你得填写签名卡.
[01:07.21]Notes:If you go to a bank to open a savings account,
[01:09.71]如何你去银行开立储蓄户头,
[01:12.20]first of all you'll be asked to fill out a signature card.
[01:13.95]首先你得填写签名卡.
[01:15.70]saving account,
[01:24.82]demand-deposit or checking-accounts,
[01:29.52]time-deposit
[01:31.51]Then you'll be given a passbook in which your initial deposit would be recorded.
[01:34.60]然后你会得到一张存折,上面记载了你的初次存款.
[01:37.70]All deposits and with-drawals from your account are entered into your passbook.
[01:40.30]你帐上所有存、取款都将记入你的存折.
[01:42.90]This means that the passbook
[01:44.24]这就是说存折
[01:45.59]contains an actual record of saving you have at any one time.
[01:48.08]实实在在记录着你每一次的储蓄情况.
[01:50.58]With a regular passbook savings account,
[01:52.38]如果是活期存折储蓄帐户,
[01:54.18]you would be able to withdraw money whenever you needed it.
[01:56.88]一旦需要,你随时可以取款.
[01:59.59]All you would have to do is to fill out a withdrawal order and present it,
[02:02.24]需要做的只是填写取款单,
[02:04.89]along with your passbook,to the teller.
[02:06.59]然后与存折一并交给出纳
[02:08.29]Another important service that banks provide is traveler's checks.
[02:10.59]银行的另一项服务就是旅行支票.
[02:12.88]If you went on a vacation or traveled on business to another city or state,
[02:15.59]如果你去另外一个城市或其它州出差或度假,
[02:18.29]you would probably want to bring some traveler's c
hecks with you.
[02:20.29]你很可能想携带旅行支票.
[02:22.29]They have two important advantages over cash.
[02:24.13]比起现金,旅行支票有两个重要的优势.
[02:25.97]One is that your money is always safe.
[02:27.71]一是你的钱一直会很安全,
[02:29.45]If the checks are lost or stolen,you can receive a refund for the total amount.
[02:32.24]如果支票遗失和被盗,你会得到如数的退赔.
[02:35.04]Another is that they are more convenient.
[02:36.49]另外一个优势就是旅行支票颇为方便.
[02:37.94]For this service the bank charges 1 percent of the amount of the check.
[02:40.08]银行的这项服务要占支票面额百分之一的费用.
[02:42.22]Still another service that banks provide is safe-deposit boxes,
[02:44.77]银行还提供了一项服务,就是贵重物品保管箱.
[02:47.31]where you can keep important documents and valuable jewelry.
[02:49.51]你可以在保管箱里存上重要文件和贵重珠宝.
[02:51.70]If kept in you own home,your valuables might be lost or stolen.
[02:54.35]如果将贵重物品放在家里,或许会失丢或被窃.
[02:57.01]They might also be destroyed by fire or flood.
[02:58.81]或许还会毁于水灾或火灾.
[03:00.61]Safe-deposit boxes are kept in vaults that are usually burglar-proof and fireproof.
[03:03.95]贵重物品保管箱通常存放在防盗、防火的保险库中.
[03:07.30]Notes:
[03:09.49]Safe-deposit boxes are kept in vaults that are usually burglar-proof and fireproof.
[03:15.29]burglar-proof,
[03:27.39]a waterproof coat,
[03:30.18]a bulletproof car,
[03:32.98]a soundproof room
[03:35.98]To get a safe-deposit box,
[03:37.38]你要想使用贵重物品保管箱,
[03:38.78]you would have to fill out a signature card and pay a yearly rental fee.
[03:41.18]就得填写签名卡并且付上一年的租金.
[03:43.58]You would be given a key to your box,and the bank would keep another key.
[03:45.78]你会拿到一把开箱的钥匙,而银行会留存另一把.
[03:47.97]It is impossible to open your box without both keys.
[03:50.31]没有两把钥匙就不能打开你的箱子.
[03:52.65]The banks takes another precaution as well.
[03:54.89]银行还采取了另一预防措施.
[03:57.14]Before you can open the box,you must sign a slip of paper.
[03:59.23]你在开箱之前,必须在纸上签名.
[04:01.32]Your signature is compared with the one on your signature card.
[04:03.36]这一签名将与你在签名卡上的签名相对比.
[04:05.39]You'll not be allowed to open your box unless the employee
[04:07.34]你不允许打开箱子,
[04:09.29]at the bank is satisfied that the signature is genuine.
[04:11.28]直到银行雇
员确信签名是真迹后.
[04:13.28]One another important service,
[04:14.58]还有一项重要服务
[04:15.87]one which many businessmen who travel a great deal take advantage of,
[04:18.31]就是许多经常旅行的商人所利用的服务,
[04:20.75]is the credit card.
[04:22.05]即信用卡.
[04:23.34]Credit cards are the convenient way of paying hotel bills and other expenses.
[04:25.93]信用卡是支付酒店帐单和其他费用的便利手段.
[04:28.51]They can also be used for cash advances.
[04:30.41]信用卡还可以用来预支现金.
[04:32.30]All charges made on your card are sent to the bank,
[04:34.46]你卡的一切款项会送到银行,
[04:36.61]and you are billed once a month for the total amount.
[04:38.31]要求你每月付一次总帐.
[04:40.01]There is no charge(except for cash advances) if the payment is received promptly.
[04:43.26]除非预支现金,如能及时付款,无需任何费用.
[04:46.51]To get a credit card,you must fill out an application
[04:48.46]你如果想拥有一张信用卡,就必须填写申请表,
[04:50.40]that requires you to supply such personal information as your monthly salary and other income.
[04:53.45]提供诸如你每月工资和其他收入之类的个人资料.
[04:56.49]If your credit is not good,the bank will not issue such a credit card.
[04:58.74]如果你的信誉不好,银行就不会给你发卡.
[05:00.98]Of course,this information is kept confidential.
[05:02.93]当然这一情况是保密的.
[05:04.88]Most of the services described above do not provide a major source of income for the bank.
[05:08.13]上述大多数业务并不能为银行提供主要的收入来源.
[05:11.38]How,then,does the bank itself make its money?
[05:13.27]那么银行是如何赚钱的呢?
[05:15.17]Its largest source of income is through loans.
[05:17.22]最大的收入来源还是贷款.
[05:19.27]The majority of loans made are known as commercial loans
[05:21.48]大多数贷款以商业贷款
[05:23.68]---loans made to businesses and not to individuals.
[05:26.78]贷给企业而不是个人的款项,最为人所熟知.
[05:29.87]In addition,banks make real estate loans to individuals for the purchase of houses or land,
[05:33.27]此外银行也向想购买住房或土地的个人提供房地产贷款,
[05:36.67]and they also give personal loans to people
[05:38.65]还向想购买新车
[05:40.64]who want to buy a new car or a new appliance
[05:42.48]或新设备的人提供个人贷款.
[05:44.32]It is hard to imagine
[05:45.52]很难想象,
[05:46.72]how the complex business affairs of our modern world could be carried out
[05:49.22]人们将如何处理现代社会复杂的商业事
务,
[05:51.71]without the many services that a bank provides.
[05:53.66]假如说没有银行提供的许许多多的服务.
[05:55.60]Unit 2 Commercial Banks
[05:57.15]第二单元商业银行
[05:58.69]Section One Advances
[06:00.18]第一部分放款
[06:01.67]When a trading banker refers to his bank's business,
[06:03.72]当商业银行提及其银行业务时,
[06:05.77]it means primarily its advance business.
[06:07.97]主要是指放款业务.
[06:10.18]The provision of credit by way of advances to customers
[06:12.68]以放款方式向客户提供贷款
[06:15.17]is central to the business of trading banks
[06:17.27]是商业银行的中心任务,
[06:19.38]because it yields the bulk of their income,
[06:21.22]因为放款是它们大量收入的来源
[06:23.06]demands the most important policy decisions at every level of bank administration,
[06:26.05]需要各级银行管理机构的重要决策,
[06:29.04]and constitutes the channel through
[06:30.79]并且建立了渠道,
[06:32.54]which trading banks exercise the greatest influence on a country's economy.
[06:35.64]使商业银行由此对国家的经济产生重大影响.
[06:38.73]A bank advance can take two forms,loan or overdraft.
[06:41.12]银行放款可以采取两种形式：贷款或透支.
[06:43.51]The distinction between the two methods does not matter greatly to the customer.
[06:46.32]这两放款方式的差别对客户关系不大.
[06:49.13]With the overdraft method,
[06:50.28]采用透支方法借款,
[06:51.43]the amount of the agreed advance is noted in the customer's account.
[06:53.57]银行议定的放款金额在客户帐户上注明
[06:55.71]as the limit up to which he may overdraw his account,
[06:57.71]作为该客户可以透支的而,这种差别对于存款和放款的总额确有不同.
[07:33.04]If advances take the form of loans,
[07:34.60]如果放款采取贷款的形式,
[07:36.15]new credit granted immediately increases advances and deposits by the full amount.
[07:39.25]发放的新贷款立即全数转入放款和存款中.
[07:42.34]In the case of overdrafts,
[07:43.69]至于透支方式的放款,
[07:45.03]advances and deposits are increased only as the overdraft is used.
[07:47.72]只有在使用透支的情况下放款和存款才会增加.
[07:50.41]If figures for unexercised overdrafts were available and were added to deposits
[07:53.22]如果未动用透支的数额有效并被转入存款,
[07:56.03]this difference,too,would disappear.
[07:57.57]这种差别也就不存在了.
[07:59.11]A bank is usually happy to take on new customers,
[08:01.02]银行通常乐于接纳新客户,
[08:02.93]Notes:A bank is usually happy to take on new customers,
[08:08.41]Notes:take on
[08:14.92]We've decided to take on a new clerk in the accounts department.
[08:17.11]我们决定为会计部聘请一名新的办事员.
[08:19.30]but it naturally scrutinizes more closely outside applicants,
[08:22.00]但是对于非往来客户申请者,对他们的信贷资信情况
[08:24.69]of whose credit standing it has no direct knowledge
[08:26.59]不直接了解,自然要仔细地审核；
[08:28.50]and always makes it a condition of the advance
[08:30.09]并且把这作为一种情况
[08:31.69]that the applicant transfer his ordinary banking business to itself.
[08:34.19]总以申请者将其普通银行业务过户到本行为放款条件.
[08:36.70]Nor are all advances formally approved and backed by written security.
[08:39.25]不是每笔放款都需要正式批准和书面担保.
[08:41.80]The Australian trading banks are much less strict than American banks
[08:44.20]澳大利亚商业银行比美国银行要宽松得多;
[08:46.60]about debit balances incur red by customers overdrawing their accounts by small amounts
[08:49.80]帐户出现小额的
[08:53.00]and for short periods without formal approval.
[08:55.05]和短期的透支金额,客户未经批准.
[08:57.10]Business firms in good standing with their bank
[08:58.64]与银行保持良好信誉的商务公司
[09:00.19]can usually also count on getting a small overdraft for a short period,
[09:02.64]指望得到短期的小额透支
[09:05.10]of perhaps a few weeks,without formal security.
[09:07.29]或许只有几个星期,通常也可以在无正式担保时.
[09:09.49]Notes:
[09:11.18]Business firms in good standing with their bank
[09:15.68]can usually also count on getting a small overdraft for a short period,
[09:20.56]of perhaps a few weeks,without formal security.
[09:24.77]Notes:count on
[09:32.06]You cannot count on the weather being fine.
[09:33.90]你不能指望天气会好起来.
[09:35.74]The overdrafts of very large companies are commonly unsecured.
[09:37.93]相当大的公司透支通常无需担保.
[09:40.13]But insistence on written security
[09:41.62]但是强调局面担保
[09:43.11]is probably more general in Australia than in England
[09:45.20]在澳大利亚,或许比在英国更为普遍.
[09:47.28]where business and particularly personal advances
[09:49.14]在英国,企业、特别是个人贷款
[09:50.99]are still frequently granted on the good name
[09:52.99]仍然常常依靠其良好的信誉
[09:54.99]and the bank's knowledge of the customer alone.
[09:56.79]和银行单方面对客户的了解而定.
[09:58.60]The usual procedure,when a new advance is sought,
[10:00.59]当寻求一笔新贷款时,通常的程序是:
[10:02.59]is for the customer to put his request to the bank manager
[10:04.43]客户向银行经理呈交申请,
[10:06.28]who will require information about the applicant's business and financial position
[10:08.82]由银行经理对申请人的业务和财物状况、
[10:11.37]the purpose of the advance,
[10:12.52]贷款目的、
[10:13.67]security offered and arrangements for repayment;
[10:15.51]所示担保和还款计划等进行咨询.
[10:17.35]if the applicant is not well known to the bank,
[10:18.79]如果银行不很了解申请人的话,
[10:20.23]he may ask for references.
[10:21.62]有可能要求其提供担保人.
[10:23.02]For advances up to a certain amount,
[10:24.26]对于一定数量的放款,
[10:25.50]the manager has authority to sanction the advance at his own discretion,
[10:27.89]经理有权自行批准,
[10:30.28]though the amount varies from bank to bank
[10:31.78]这个数量因不同银行而异
[10:33.29]and with the size of the manager's branch;
[10:34.88]也与经理所在银行的大小而不同,
[10:36.47]it may also vary according to whether credit policy is tight or easy.
[10:39.22]同时,也根据信贷政策的宽松度而改变.
[10:41.96]When the advance is approved,
[10:43.71]这笔贷款一经同意,
[10:45.46]the bank's security department prepares security documents
[10:47.76]银行信贷部就准备提交
[10:50.06]which may require detailed investigation and valuation.
[10:52.46]详细的调查和评估担保文件.
[10:54.86]When these are completed,
[10:56.07]当一切完成后,
[10:57.27]the agreed limit is recorded in the customer's advance account.
[10:59.51]银行同意的贷款数额则记入客户的预付款帐
户.
[11:01.76]All advance accounts are kept under regular review,
[11:03.81]所有预付款帐户都要定期检查,
[11:05.86]and customers may be requested to
[11:07.72]并且要求客户
[11:09.57]comply with the formal or informal repayment arrangements.
[11:11.87]遵守正式或非正式的还款计划.
[11:14.17]Section 2 Commercial Bank's Credit Creation
[11:16.47]第二部分商业银行的信用创造
[11:18.77]It is the ability of the commercial banks to create money
[11:20.82]商业银行有创造货币的能力
[11:22.87]in the form of demand deposits by making loans and investments
[11:26.26]因发放贷款,进行投资,以活期存款的形式
[11:29.66]that distinguishes commercial banks from other financial institutions.
[11:32.51]而与其他金融机构相区别.
[11:35.35]While some thrift institutions have acquired demand deposit authority,
[11:38.66]尽管一些储蓄机构也获得了提供活期存款的授权,
[11:41.96]their participation in money creation is limited relative to banks
[11:45.06]但与商业银行相比它们创造信用的能力十分有限,
[11:48.15]which hold their nearly all business demand deposits
[11:50.06]由于商业银行拥有几乎所有企业的活期存款、
[11:51.97]and the majority of individual and government demand deposits.
[11:54.71]绝大部分个人和政府的活期存款.
[11:57.45]The banking system can build up deposits by increasing loans and investments,
[12:00.21]银行可以通过发放贷款、进行投资来增加存款,
[12:02.96]so long as banks keep enough currency and reserves
[12:04.77]只要保持足够的货币和储备
[12:06.57]to meet the requirement imposed on them by regulation
[12:08.66]满足法定的规定,
[12:10.75]and to redeem whatever amounts the holders of deposits want to convert to currency.
[12:13.94]并且保证存款人实现变现的需要.
[12:17.12]This is a unique attribute that is often difficult for the layman to understand
[12:19.92]银行的这一特点对于业外人士很难理解,
[12:22.71]and that occasionally even baffles bankers.
[12:24.71]即使银行家也时常感到困惑.
[12:26.71]As contrasted with the banking system as a whole,however,
[12:29.81]当然,与银行整体系统相比,
[12:32.90]an individual bank cannot expect that the deposits it creates will remain with it.
[12:35.91]单个银行不可能将它创造的存款保留在自己的银行内.
[12:38.91]The money it can lend and invest,at any moment,
[12:40.80]在任何时候,它只能将以下款项用于贷款和投资;
[12:42.70]is its excess of cash
[12:43.99]即:在所拥有的现金,
[12:45.28]and bank balances over required reserves and minimum cash requirements.
[12:48.34]存款余额中超出法定储备和最低现金持有量的部分
[12:51.40]The individual bank must stand ready
[12:52.94]作为单个的银行它必须
[12:54.48]to pay out the deposits it creates when it makes new loans
[12:56.72]随时付出通过贷款创造的存款,
[12:58.97]Notes:
[13:00.46]The individual bank must stand ready to pay out the deposits it creates when it makes new loans
[13:08.17]Notes:stand
[13:14.25]How do things stand at the moment?
[13:15.76]目前事情的状况如何?
[13:17.26]and to pay for securities it buys upon delivery.
[13:20.46]当证卷的投资交割时也必须支付.
[13:23.66]In practice,out of the vast aggregate of financial transactions the individual bank gains
[13:27.41]实际操作中,每家银行可从日常大量的金融交易中获得,
[13:31.15]and loses funds in the course of each day's business
[13:33.70]也可能推动资金.
[13:36.25]From its net gains the bank can increase its loans and investments.
[13:38.89]资金若是净增加;可以用于贷款和投资.
[13:41.52]If the bank has net losses it must collect loans or sell investments.
[13:44.07]资金若是净减少,它就必须收回贷款或者售出投资.
[13:46.62]As one of the theoretical aggregate of all banks
[13:48.62]作为银行总量的一部分,
[13:50.62]it competes for its share of the deposits
[13:52.51]每家银行须通过竞争获得自己的份额
[13:54.40]that the banking system as a whole may create
[13:56.15]从整个银行体系由此创造的存款总量中
[13:57.90]when additional reserves are supplied by the Central Bank.
[13:59.90]当中中央银行向银行体系增加储备资金时,
[14:01.90]A bank does not create credit in a vacuum;
[14:04.06]银行不是在真空中创造信用,
[14:06.21]it creates credit in order to supply the funds that are needed by the community it serves
[14:09.31]而是为了满足社区资金的需要
[14:12.40]and the nation of which it is a part.
[14:13.80]它服务的社区以及它所在国家.
[14:15.20]Bank loans and investments may finance production,
[14:17.04]银行贷款和投资可以为生产、
[14:18.88]distribution,investment,consumption,and the needs of government.
[14:22.08]销售、投资、消费和政府需要提供资金.
[14:25.28]Credit enables goods to move through the channels of trade,
[14:27.28]信用能使货畅其流,
[14:29.28]People to acquire homes,factories to be built,workers to buy automobiles,
[14:32.37]人们获得住房,建设工厂,工人购买汽车,
[14:35.47]the nation to finance its defense,
[14:36.96]国家为防御提供资金,
[14:38.45]and many other useful or profitable purposes.
[14:40.54]以及满足
许许多多其他有用或者有利的目的.
[14:42.63]Without credit business as we know it would be almost impossible,
[14:45.03]没有信用,我们所谈到的企业几乎无法生存,
[14:47.43]and our standard of living would never have been attained.
[14:49.29]我们目前享有的生活水平根本无法达到.
[14:51.14]Bank credit supplies money where and when it is needed,
[14:53.34]银行信贷在需要的时间和地方提供货币,
[14:55.53]and the repayment of bank credit removes money from circulation
[14:57.78]通过银行贷款的偿还从流通中收回货币,
[15:00.02]when the specific need for it has passed
[15:01.68]而当某一需要不存在时.
[15:03.34]When the economists speak of a balanced economy
[15:05.68]当经济学家谈及经济commercial banks supply liquidity to the economy.
[16:27.56]商业银行为经济提供的流动性.
[16:29.91]Through their ability to lend and invest,
[16:31.56]通过它们的贷款和投资能力,
[16:33.20]they can provide money immediately
[16:34.60]商业银行可以立即提供货币
[16:36.00]in consideration of assets or efforts that have a future money value.
[16:38.70]考虑到一定资产或有一定未来货币价值的成果,
[16:41.40]Commercial banks use many different means
[16:42.85]商业银行利用很多不同的方法
[16:44.30]and organizational forms to supply this liquidity.
[16:46.25]和组织形式提供流动性；
[16:48.20]Seasonal self-liquidating business loans,
[16:50.00]季节性、自偿性商业贷款、
[16:51.80]consumer home-mortgage loans,tax anticipation notes,
[16:54.86]消费者房产抵押贷款、预税金票据、
[16:57.91]business term loans,bank credit cards,and many other forms are used.
[17:01.01]企业长期贷款、银行信用卡,以及其他许多形式.
[17:04.10]In larger banks,
[17:04.95]在大银行里,
[17:05.80]departments are generally established to specialize in certain forms of lending.
[17:08.30]通常设立不同的专业部门处理各种具体贷款.
[17:10.79]The foreign departments of some large banks,for example,
[17:12.69]例如一些大银行的国际部
[17:14.58]are almost separate institutions in themselves.
[17:16.53]本身几乎是一个分立的机构.
[17:18.47]In smaller banks,one or a small number of bank officers
[17:20.63]在一些小银行中,一个或几个银行职员
[17:22.78]is generally responsible for bank loans and investments;
[17:25.17]负责贷款和投资业务,
[17:27.56]however,farm lending or consumer credit is frequently departmentalized.
[17:30.91]但是,农业贷款和消费信用通常由专业部来办理.
[17:34.25]The important aspect is not the particular means or organizational form,
[17:37.05]重要的不是具体的方法和组织形式,
[17:39.84]but the bank's active effort
[17:40.94]而是银行积极努力
[17:42.03]to supply the funds that are needed in the community that it serves.
[17:44.73]为服务的社区提供所需要的资金服务.
[17:47.42]Section 3 the Payment Collection of Commercial Banks.
[17:50.51]第三部分商业银行的支付与托收
[17:53.61]The commercial banking system
[17:55.00]商业银行系统
[17:56.40]not only creates the principal means of payment(demand deposits)
[17:59.80]不仅创造了主要支付手段--活动存款
[18:03.19]and serves as the custodian of this supply of money
[18:05.24]充当货币供应的庇护神,
[18:07.29]but also provides the means by which payments c
an be simply and expeditiously made.
[18:10.65]而且还是提供简单、迅捷的支付方法.
[18:14.01]This is the collection system through which checks,primarily,
[18:16.50]通过这一系统,主要是支票、
[18:19.00]but also notes,drafts,coupons,
[18:20.64]也包括票据、汇票、息票
[18:22.29]and money transfers by letter and telegraph
[18:23.88]通过信件和电报的资金转移活动
[18:25.48]are made each day in tremendous and ever-increasing volume
[18:27.67]每天都大量进行,而且日益增长.
[18:29.86]As we move toward a ystem.
[20:01.32]在联邦储备系统中的规定十分详尽.
[20:04.32]Nevertheless,if one includes the payment and receipt of fundsthrough the teller's window,
[20:07.17]但是,如果包括通过出纳窗口进行资金收支,
[20:10.02]more man-days are spent by banks in the performance of the collection function
[20:13.57]银行用于履行托收业务职能所花费的人工要高
[20:17.12]than in any other.
[20:18.27]比在银行其他任何一种功能上
[20:19.42]Available figures indicate that close to one third of bank operating costs,
[20:22.37]现有数字表明:银行业务费用将近三分之一
[20:25.33]exclusive of interest paid,
[20:26.58]除了银行的利息支出以外,
[20:27.83]are the direct costs of their teller,transit,and bookkeeping operations.
[20:30.68]直接用于出纳、资金转移和记帐业务.
[20:33.53]The growth in use of bank credit cards as the means of payment may shift these costs
[20:36.62]具的普及化可能将这些费用转移,
[20:39.72]but will probably not reduce them.
[20:41.42]但不可能减少.
[20:43.12]From the viewpoint of bank policy,
[20:44.42]从银行政策的角度来看,
[20:45.73]the system is primarily a service function.
[20:47.62]托收系统的业务主要是一种服务功能.