Building societies and Banks
Transcript:
Hello!
What is a building society? If you think that a building society is a company that builds buildings, then this Peter’s Pill is for you.
Banks (banche) and Building societies (Casse di risparmio) are different types of financial institutions that help people and businesses with their money.
Banks are owned by (sono di proprietà di) people who invest money to make profits. They offer many services like current accounts (conti correnti) and savings accounts, loans (prestiti), mortgages (mutui), and ways to invest money. Banks can be big and have branches (filiali) all over the country or even in other countries. The government makes sure (si assicura che) banks follow rules to protect customers and the economy.
Building societies are different because they are owned by their customers. They came into existence in the late 18th century in the United Kingdom, Australia, New Zealand, and several Commonwealth countries with the aim to help people save money and buy homes. Building societies mainly focus on giving out mortgages (erogazione di mutui) and providing (offrire) savings accounts. Some also have other services like current accounts and insurance. The government also regulates building societies to keep them fair (eque) and safe.
Similar institutions exist in other European countries like the Sparkasse” in Germany, “Caja” or “Caixa” in Spain, “Caisse d’Epargne” in France and “Cassa di risparmio” in Italy.
Building societies have a history of helping regular people buy homes when it was hard to find affordable (convenienti) places to live. They started by letting people pool (unire) their savings to help each other buy houses. Over time, they became an important part of the mortgage market.
In recent years, some building societies turned into regular banks due to changes in rules and competition. This led to fewer (ha portato a un minor numero di) building societies, but some of them continue to work as member-owned (di proprietà dei membri) organisations, just like they did in the past.
Therefore, the main aim (obiettivo principale) of banks is to make profits for their shareholders, while building societies aim to help people save and buy homes with a mutual ownership structure.
Thank you, and see you next time for more Peter’s Pills to improve your legal English.
Read more about Building Societies here: “The History of Building Societies“.
Legal English – Sommario delle Lezioni
- Legal English – Peter’s Pills – Lesson 59 – Appurtenent vs In gross
- Legal English – Peter’s Pills – Lesson 58 – Building societies and Banks
- Legal English – Peter’s Pills – Lesson 57 – Valid, void and voidable contracts
- Legal English – Peter’s Pills – Lesson 56 – Rescission
- Legal English – Peter’s Pills – Lesson 55 – Golden expressions
- Legal English – Peter’s Pills – Lesson 54 – Pre-emption right vs Right of first refusal
- Legal English – Peter’s Pills – Lesson 53 – What do we mean by “agent” of a company?
- Legal English – Peter’s Pills – Lesson 52 – Voting at a meeting
- Legal English – Peter’s Pills – Lesson 51 – Contracts vs Deeds
- Legal English – Peter’s Pills – Lesson 50 – Executive and Non-Executive Directors
- Legal English – Peter’s Pills – Lesson 49 – Transfer of shares vs transmission of shares
- Legal English – Peter’s Pills – Lesson 48 – They, them, their for singular nouns
- Legal English – Peter’s Pills – Lesson 47 – Jointly and severally
- Legal English – Peter’s Pills – Lesson 46 – Invoice words
- Legal English – Peter’s Pills – Lesson 45 – Quotation
- Legal English – Peter’s Pills – Lesson 44 – Gazumping and Gazundering
- Legal English – Peter’s Pills – Lesson 43 – English words that the English do not understand
- Legal English – Peter’s Pills – Lesson 42 – Easement vs Profit à prendre
- Legal English – Peter’s Pills – Lesson 41 -er, -or and -ee names
- Legal English – Peter’s Pills – Lesson 40 – The Objects Clause
- Legal English – Peter’s Pills – Lesson 39 – When is Latin hot, and when is it not?
- Legal English – Peter’s Pills – Lesson 38 – Default
- Legal English – Peter’s Pills – Lesson 37 – Company Agent
- Legal English – Peter’s Pills – Lesson 36 – Injunction (false freind)
- Legal English – Peter’s Pills – Lesson 35 – Mortgage
- Legal English – Peter’s Pills – Lesson 34 – Freehold, Leasehold and Commonhold estates
- Legal English – Peter’s Pills – Lesson 33 – Transferor, Transferee and Transmittee
- Legal English – Peter’s Pills – Lesson 32 – Tax evasion, tax mitigation and tax avoidance
- Legal English – Peter’s Pills – Lesson 31 – Numbers
- Legal English – Peter’s Pills – Lesson 30 – Ordinary resolutions vs special resolutions
- Legal English – Peter’s Pills – Lesson 29 – AGM vs EGM
- Legal English – Peter’s Pills – Lesson 28 – A going concern
- Legal English – Peter’s Pills – Lesson 27 – Collocations: Violate, breach, break, disobey and infringe
- Legal English – Peter’s Pills – Lesson 26 – Company meeting words
- Legal English – Peter’s Pills – Lesson 25 – Mortgagor vs Mortgagee
- Legal English – Peter’s Pills – Lesson 24 – Fixed charges vs Floating charges
- Legal English – Peter’s Pills – Lesson 23 – Doctrine
- Legal English – Peter’s Pills – Lesson 22 – Construe
- Legal English – Peter’s Pills – Lesson 21 – Sign vs Execute
- Legal English – Peter’s Pills – Lesson 20 – The closing statement
- Legal English – Peter’s Pills – Lesson 19 – Writing Business Emails
- Legal English – Peter’s Pills – Lesson 18 – Limited companies
- Legal English – Peter’s Pills – Lesson 17 – Annual Accounts
- Legal English – Peter’s Pills – Lesson 16 – Meetings
- Legal English – Peter’s Pills – Lesson 15 – Attorney-at-law vs Attorney-in-fact
- Legal English – Peter’s Pills – Lesson 14 – Here and there compounds
- Legal English – Peter’s Pills – Lesson 13 – Subject Matter
- Legal English – Peter’s Pills – Lesson 12 – The clear days rule
- Legal English – Peter’s Pills – Lesson 11 – Shareholder, Member or Holder of shares?
- Legal English: Peter’s Pills – Lesson 10 – Competition Law
- Legal English: Peter’s Pills – Lesson 9 – Lasting Power of Attorney
- Legal English: Peter’s Pills – Lesson 8 – Guardianship
- Legal English: Peter’s Pills – Lesson 7 – Damage vs Damages
- Legal English: Peter’s Pills – Lesson 6 – Legal Doublets
- Legal English: Peter’s Pills – Lesson 5 – Escrow
- Legal English: Peter’s Pills – Lesson 4 – Memorandum of Association vs Articles of Association
- Legal English: Peter’s Pills – Lesson 3 – Sign legibly
- Legal English: Peter’s Pills – Lesson 2 – Deed poll
- Legal English: Peter’s Pills – Lesson 1 – Party, counterparty and counterpart
AUTORE
Peter Liebenberg è uno specialista nella formazione delle persone nella conoscenza della lingua inglese. Ha creato molti corsi nel campo dell’inglese per professionisti, tra cui English for banking, English for business e English for Insurance, ma ha sempre avuto un debole per l’inglese legale. Altri corsi che ha creato comprendono Phrasal Verbs I e II. Quando Peter non fa formazione, corre a Parco Sempione, crea arte nel suo studio sulla Martesana e fa volontariato.