The credit system of the Russian Federation is its structure. Credit System of the Russian Federation and its organization
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Credit system Russian Federation
1 . Krsingle System of the Russian Federation and its organization
1.1 Krsingle system at the present stage
The creation of a modern credit system of the Russian Federation was preceded by a long historical period, which was determined by the socio-economic conditions for the development of our country.
The modern credit system of Russia operates in accordance with two specialized federal laws: the law "On banks and banking activities In the RSFSR. Also the Civil Code of the Russian Federation and other regulatory acts. According to it regulatory acts A credit institution is a legal entity, which for the extraction of profits as the main goal of its activities on the basis of a special permit (license) of the Central Bank has the right to carry out banking organizations.
The bank is a credit institution that has an exceptional right to exercise in aggregate, the following banking operations: to attract money from individuals and legal entities into deposits, place these funds from their own behalf and at their own expense on the terms of repayment, payability, urgency, open and conduct banking accounts of individuals and legal entities.
The non-bank credit organization is a credit institution that has the right to carry out separate banking operations.
The Russian banking system is two-level. At the first level, there is a central bank of Russia, which works mainly with credit institutions, on the second - Russian commercial banks, as well as branches and representative offices of foreign banks. The modern banking system of the Russian Federation has experienced two major crisis. The first, in August 1995, the second, which began in August 1998
In order to restore the normal functioning of the banking system and its restructuring in 1999, the Restructuring Agency was created. credit organizations. The Agency's activities are governed by the Law "On the Restructuring of Credit Organization" of July 8, 1999, 44-FZ.
The role of the Central Bank of the Russian Federation as a special body government controlled, relationship with other elements economic Department Manifested through the functions performed by them. Cognition and use of the functions of the Central Bank make it possible to clearly determine the directions of its activities in the country's economy.
1.2 Krsingle System of the Russian Federation
IN Russian Empire There was a three-tiered credit system,
Consisting of the following links:
Structure of the credit system of the Russian Empire until 1917
1. State Bank
2. The banking sector submitted mainly by commercial and savings banks
3. Specialized Credit Institutions (Insurance Companies, Credit Associations, etc.).
Unlike Western countries in Russia, two tiers were developed mainly: the state bank and the private banking sector presented mainly by commercial and savings banks. The third tier has been developed relatively weakly, which was explained low level development of capital markets and securities. At that time, in Russia there were practically no institutions specializing in operations with securities, and their market was presented only three stock exchanges. The only source of income in the country was the issue of so-called monetary signs, which contributed to the naturalization of economic relations and limited the scope of commodity-money relations. In the early 20s, a new economic policy led to the restoration of the credit system, but in a fairly truncated form. Gosbank was created, joint-stock and cooperative commercial banks began to function. By 1925, a credit system was restored, the structure of which looked as follows.
The structure of the USSR credit system in 1925
1. State Bank
2. Banking sector:
1) joint stock banks;
2) cooperative banks;
3) communal banks;
4) Central Agricultural Bank, Republican Agricants;
3. Specialized Credit Institutions:
1) agricultural loan society;
2) credit cooperation;
3) society of mutual loan;
4) savings checks.
The credit system began to function in the framework of the command and administrative management system of the economy and was represented only on three banks, savings cash registers and two insurance organizations.
Structure of the USSR credit system
1. State Bank
2. Stroybank
3. Bank for foreign trade
4. Savings Cash system
5. Warehouses and Ingosstrakh.
As a result of such reorganization, the State Bank, in addition to emission and settlement and cash and cash activities, assumed the provision of short-term loans for industry, transport, communications and other sectors of the economy, as well as long-term loans to agriculture.
The second bank of the country - Stroybank focused its activities on the provision of long-term loans and financing investments in various industries, except agriculture. Bank for foreign trade was engaged in lending to foreign trade, international calculations, as well as operations with foreign currency, gold and precious metals.
The savings checkout system served wide sections of the population by attracting cash savings, pay for services and implementing advantageous government loans.
The Statestrates monopolized the insurance operations of legal and individuals Inside the country, Ingosstrakh carried out operations foreign insurance. A long-term command and administrative functioning of the credit system showed its weak efficiency, especially in the context of the exacerbation of financial and economic problems in the country by the beginning of the 80s. The percentage of the loan remained at a rather low level, which did not stimulate the banks or enterprises to mutual efficiency. All this violated main essence Credit - fee for credit and its return.
Therefore, in the mid-1980s, a bank reform was carried out in connection with the reorganization of the economy, which was expressed in the creation of large sectoral specialized banks.
The structure of the USSR credit system in the mid-80s.
1. State Bank (Gosbank of the USSR)
2. Industrial and construction bank (Promstroybank)
3. Agro-industrial bank (Agroprombank of the USSR)
4. Bank of Housing and Communal Services and Social Development (Zhilsotsbank of the USSR)
5. Bank of labor savings and lending to the population (Savings Bank of the USSR)
6. Bank foreign economic activity the USSR
The peculiarities of this reorganization was that the sectoral specialized bank was given to both short-term and long-term lending. Significant credit resources from Gosbank were transferred to specialized banks. The savings checkout system was transformed into a single Savings bank with numerous branches and departments.
The main task of the reorganization of the banking system was reduced to the conduct of progressive credit Policy, increase the efficiency of the entire credit system. As practice has shown, such reorganization was more negative than positive, since the monopoly of three banks (Gosbank, Stroybank, Vnesheconombank) essentially was replaced by a monopoly of newly created, reorganized, specialized banks.
Gosbank was engaged only by the distribution of resources at the top level, without being able to influence the execution of credit plans. Each bank has implemented independent credit plans using administrative management methods. So banks distributed their resources vertically between their agencies, not paying attention to the profitability of the facilities, and carried out simple financial services and subsidizing enterprises. In mid-1990, in connection with the announcement by the Government, the transition program to the market became obvious that the banking system needs further reorganization. At the end of 1990, the Supreme Council of the USSR adopted the Law on State Bank and Banking Activities, which finally established the bunk banking system in the form of a central bank. Savings bank and commercial banks. According to this law, commercial banks received independent status in the field of attraction of deposits and credit policies, as well as at the definition of interest rates. The right to carry out foreign exchange operations based on a license issued Central Bank. By 1990, a three-tiered credit system begins in the country. By 1991, in connection with the formation of the Russian Federation, as an independent state, a new structure of the credit system is formed, which consists of the following three tiers.
Structure of the credit system of the Russian Federation at the end of 1992.
1. Central Bank of the Russian Federation
2. Banking system:
Commercial banks
Savings Bank of the Russian Federation
3. Specialized non-bank credit institutions
Insurance companies
Investment funds
At the end of 1994, the structure of the Credit System of Russia differs significantly from the structure of 1991-1992.
The structure of the credit system of the Russian Federation at the end of 1994.
1. Central Bank
2. Banking system:
Commercial banks
Savings banks
Mortgage banks
3. Specialized non-bank credit and financial institutions
Insurance companies
Investment funds
Pension funds
Financial and Construction Companies
The new structure of the credit system began to significantly reflect the needs of market economy and increasingly adapt to the process of new economic reforms. Therefore, many parties to the activities of the Banking System of the Russian Federation need further improvement.
Legal status The central bank in most cases is enshrined in the Constitution of the country and is disclosed in a special law. Currently, it is even possible to note a certain tendency of consolidation in the constitutions of the foundations of the legal status of the Central Bank. At the same time, the constitutional legal status of the Bank of Russia includes the following elements: the objectives of the creation, the main tasks and functions, the procedure for the formation of the governing bodies of the Central Bank, the individual fundamental subjects of the maintenance and powers, the basics of the relevance of the Central Bank with other state bodies. Credit is a system of monetary relations that develop over the mobilization of free cash enterprises, organizations and the public and their provision on urgency, repayment and payability. The basic principles of lending include:
1) loan urgency, i.e. loan is provided for a certain period;
2) loan payability. If the face takes a loan, then he pays the percentage of a credit rate; If the person puts his money to the bank, it receives a percentage of the deposit for this. The difference between the credit and deposit rate is called a bank margin. Banking margin is one of the main types of bank revenues. Bank profit is also formed due to commission fees for banking services;
3) The return of the loan implies that the loan must be returned in a strictly set period. As an ensuring timely return of the loan, banks take a deposit, guarantees, guarantees and obligations. At the same time, they can make decisions on the granting loan without collateral, or a blank loan;
4) the target nature of the loan, i.e. The loan is issued under certain needs.
Credit can be classified for a number of signs:
1. During the deadlines, the loan is short-term - up to one year (may be issued for 30, 60, 90 days, etc.), medium-term - from one to 5 to 7 years, long-term - over 7 years;
2. Size differences in small, medium and large loans. For the bank and the client, this is determined individually depending on the financial capabilities of each;
3. By type of security, the loan is divided into secured and unsecured, i.e. blank;
4. By types of lenders distinguish the state, bank and commercial loan;
5. By types of borrowers, the loan is personal (issued to a private person), agricultural, industrial, state, etc.
The role of the loan is manifested in ensuring uninterruptedness, continuity of the reproduction process, acceleration of turnover material values and money, restricting the use of cash in circulation.
2. Bankingsystem of the Russian Federation
2 .1 Structure of the banking system
The banking system is the main components of the country's credit system.
The Bank is a financial institution created to attract funds and place them on its own behalf on the terms of repayment, payability and urgency. In countries with market economies, the Bank and its branches are legal entities. In addition, there are still representative offices, agencies and branches of banks that are not.
Currently, a two-level banking system is functioning in Russia.
1. The first level forms the Central Bank of the Russian Federation, or the Bank of Russia, the main functions of which are:
· Monetary emission;
· Regulation cash circulation, as well as the implementation of official monetary and credit and currency policy;
· Implementation of general oversight of credit activities financial institutions and the execution of financial legislation;
· Providing loans by a commercial bank as a lender in the last instance;
· Performing the function of the Government Agent, to which the issuance and repayment of government securities, management with chutters of the government, the implementation of state foreign financial transactions, etc.
2. The second level of the banking system is commercial banks. They can be created in the form of a joint stock company, limited liability companies, with participation foreign capital, foreign, etc. By type of operations, commercial banks are universal and specialized. The main types of commercial banks include:
· Deposit banks, the main activity of which is associated with receptions of deposits and the issuance of short-term loans;
· Investment banksengaged in the accommodation of own and borrowed funds into securities, as well as issuing long-term loans;
· Mortgage banks providing long-term loans secured by real estate;
· Savings and credit societies and Credit societies, etc.
The banking system in the market economy is usually two-level and includes the central bank (emission) and commercial (deposit) banks of various species. The main functions of commercial banks are to attract deposits (deposits) and the provision of loans. For these operations, commercial banks can create money, i.e. Expand the money supply, which distinguishes them from other financial institutions. Banks are also engaged in buying and selling securities.
Banking operations are divided into active, passive and off-balances, i.e. Credit-passive.
Active operations are the nature of the provision of various rado loans, i.e. Placing money.
Passive operations are as follows to attract deposits, receiving loans from other banks and emissions of their own securities. If your own (authorized, shareholder) capital is only the starting point for the creation of the bank, borrowed fundsReceived as a result of passive operations is the basis of banking activities.
For balance operations can be grouped as follows:
· The first group make up traditional financial and stock services (stock management, consultation, mergers, etc.);
· The second group includes services that can be called warranty business. IN this case It is, in the first, and the mediation of banks, i.e. Banks act as guarantors, and, secondly, the direct participation in operations. These services are reflections of banking diversification, as well as evidenced by rapprochement of banking and exchange cases. Among these operations should be called futures operations - the purchase and sale of the conditions of future contracts with fixing their timing; Option - Operation, giving rights to the future transaction; Operation of NIF - a medium-term contract (for 3-5 years) between banks and the issuer of securities that, in case of difficulties with the implementation of these securities, the Bank assumes obligations to buy or providing an equivalent loan, etc.;
· The third group is swaps - the exchanges of debt obligations between the two borrowers. Swaps are used in cases where interested parties have an advantage in certain capital markets, for example, exchange of obligations in various currency.
In addition to the two-level banking system, there is a centralized monobankovskaya system (in the USSR, for example, there was a bank trinity - state bank, Stroybank and Vneshtorgbank), as well as a decentralized banking system.
2.1.2 Central Bank and its operations
Central banks issued a national currency into circulation, the country's gold reserves, the obligatory reserves of commercial banks, acts as the interbank settlement center. He is always an emission bank.
Monetary systems of modern industrial states have undergone a long historical path of development, based on inventive money and national markets.
Initially, the exchange of work products was local and limited to individual markets. At that time, mutual commodity lending to enterprises appeared, the appeal of bills and their accounts in banks. It was the initial period of monetary and banking systems.
Mediterranean trade was based on a high level of entrepreneurship in agriculture and industry. The sale of products of these industries took place with the help of gold money stored in banks. This explains the emergence of commercial banks and their receipts for the storage of gold, called banknotes, or bank payment tickets.
The second stage of monetary systems was characterized by flourishing national Markets, commodity lending and billproof. During this period, the mass education of commercial banks and the issue of banking tickets began. The contingent of commercial banks and their banknotes served as a prototype of future national monetary systems and central banks of modern industrial states.
In England, the first bill of exchange rate arose, served as the main organization of credit money in the remaining countries of the world.
At the third stage of the development of monetary systems, the payment card began to produce large commercial banks. This process served as the basis for the formation of central emission banks in all European countries. One of the main reasons for the transformation of payment tickets of commercial banks to banknotes of central issuing banks was the expansion of cash circulation and bill turnover of enterprises. The issuance of banks of central banks allowed to push the scale of money circulation and ensure extended reproduction of the necessary mass of cash.
The fourth stage of monetary and credit systems has characterized intensive displacement from the turnover of payment tickets of commercial banks by banknotes of central issuing banks. This process was based on the formation of large industrial states, their national markets and the global economy system, cementing international division Labor and foreign trade. At this time, the central emission banks turned into large credit centersproviding national economy with the necessary mass of payment facilities. It stimulated the increase in the performance of social labor, the consciousness of national and transnational concerns and an increase in the production of social product. Banknotes of central banks have become national credit money, freely exchanged on gold and silver.
On the fifth (new) stage of development of monetary systems, industrial states moved from gold and gold standards to banknote and replace banknotes with electronic money. This stage is of great importance, since it is characterized by the globalization of national monetary systems and the transition to the global market of loan capital. The national currency of the United States was nominated for the role of world money instead of gold.
In accordance with Art. 71 of the Constitution of the Russian Federation of the Bank of Russia refers to the federal economic service and is in the introduction of the Russian Federation. In terms of 1 tbsp. 75 of the main law enshrines that monetary emission carried out exclusively the Central Bank of the Russian Federation; And in part 2 of this article, the basic function of the Bank of Russia is determined - protection and ensuring the sustainability of the ruble. It performs this function regardless of other executive bodies. This question is more detailed in the federal law from
10.07.2002 №86-FZ "On the Central Bank of the Russian Federation (Bank of Russia)", approved by the State Duma, 07/27/2002, which establishes that the Bank of Russia is a legal entity whose share capital and other property are state property. At the same time, the legislator established immunity against the property of the Central Bank, determining that its withdrawal and the burden of obligations without the consent of the Bank of Russia is not allowed.
The issues of legal regulation of the Bank of Russia are affected in a number of other federal laws. In particular, the relationship between the Bank of Russia and the credit institutions is regulated by the Federal Law
"On banks and banking activities" and the Law of the Russian Federation "On Currency Regulation and Currency Control".
The principles of the organization of cash flow in the Russian Federation are consolidated by the Federal Law "On the Central Bank of the Russian Federation (Bank of Russia)" and specified in regulatory documents Bank of Russia:
Principle of denominations;
Principle of optional security;
Principle of monopoly;
Principle of uniqueness;
Principle of unconditional commitment;
The principle of unlimited excretion;
The principle of delimitation of competence.
First of all, the Bank of Russia is the authority of the financial authorities, the essence of which is that it develops and implements monetary policy with the government. And in part of its implementation, the Bank of Russia can use interest rates on its own operations, the standards of mandatory reserves of commercial banks, a quantitative limitation of the growth of money supply, etc. Also, indirect methods of impact on other participants in the banking system, in particular, the level of its interest rates should affect the level of interest rates, the standards of mandatory reserves and refinancing - on the volume and structure of the operations of commercial banks. It is especially worth saying the functions of the Bank of Russia, which the law consolidated him in the field of banking credit activities. He must hold state registration and licensing of credit institutions, as well as organizations engaged in their audit, to establish the rules for holding banking operations, accounting and reporting, with the help of the refinancing system organized by him, to fulfill the role of the Last Instance creditor for commercial organizations, supervising their activities.
To prepare analytical and forecast materials, the Central Bank is endowed with the authority to request and receive necessary information, statistical data and other materials such as credit institutions and federal authorities.
The Bank of Russia is an imperative authority, which is manifested not only in its powers, but also in its independence and independence from government agencies. World experience shows: the country's monetary unit is morestable, the greater independence possesses the Central Bank.
The law on the Bank of Russia directly emphasizes his independence in the Pospetse of the Powers granted to him by the Constitution and federal laws: he is forbidden to lend to the federal budget (except when such an opportunity is directly provided by the law on Federal budget) and the budgets of the Russian Federation. In addition to the development and implementation of credit and monetary policy, the Bank has permissions in two the most important areas: It is the supervisory authority for the entire banking system and the body determining the development of the system by calculation in the Russian Federation. To implement the supervisory function, the Bank of Russia has the right to establish specific parameters of mandatory standards that ensure the stability of the banking system.
Activities for the uninterrupted operation of calculation systems includes several elements: the organization of cash circulation, the establishment of standards and rules for the implementation of non-cash settlements, licensing system of calculations.
Also, the law is consolidated by the bank of Russia the monopoly right to emission in cash, organize their appeal.
It is impossible not to say about such a function of the Bank of Russia as a rule-making activity. The range of issues on which the publication of regulatory acts is possible is limited by the overall competence of the Bank of Russia. In addition, their obligation is established for federal government bodies, the authorities of the constituent entities of the Russian Federation, organs local governments and all legal entities and individuals.
Regulatory acts must be signed by the Chairman of the Bank of Russia or his deputy. And only after the publication in the official publishing of the Bank of Russia ("Bulletin of the Bank of Russia") enters into force, excluding cases where the Board of Directors of the Bank of Russia will decide on a different entry date.
Banknotes of the Central Bank are an unlimited legal settlement means, and there are no other structures that would replace it in this capacity and issued banknotes as an unconditional means of payment and repay any debt obligations within the country. They are mandatory for reception at their nominal value throughout the country and in all types of payments, as well as to enroll in accounts, deposits and for translation.
All functions of the central bank are closely interrelated. Loaning state and banks, the Central Bank at the same time creates a credit gun appeal, exercising the release and repayment of government obligations, affects the level of loan interest. The title functions of the central bank create objective prerequisites for performing the function of regulating the entire monetary and credit system of the country and, consequently, the economy regulation. The function of monetary regulation and banking supervision at the present stage is the most important function of the Central Bank.
The Central Bank carries out its functions through banking operations - passive and active. Passive are called operations with which bank resources are formed, active - operations for posting banking resources.
Passive operations of central banks. The main source of resources of the Central Bank in most countries is the emission of banknotes (from 54 to 85% of all liabilities). At the present stage, the issue of banknote is completely fiduciary, i.e. Not secured gold. Gold Provision of Banknotes is canceled, although in some countries the laws that limit the adhesions of the fiduciary emission are formally continued. The official gold content of monetary units is canceled everywhere.
The modern mechanism of emissions of banknotes is based on lending to commercial banks, the state and increasing gold reserves. The emission mechanism predetermines the nature of banknotes. Emissions of banknotes when lending to banks are provided with bills and other banking obligations; When lending to the state - state long-term obligations, and when buying a foreign currency gold, respectively, gold foreign currency. In other words, the provision of banknote emissions is the assets of the Central Bank. In this, in particular, the relationship between passive and active operations of the bank is manifested. The dimensions of the passive operation of the Central Bank "Emissions of Banknotes" depend on its active operations: loans by the bank, the Treasury (Ministry of Finance), buying foreign currency and gold. In this sense, we can say that the listed active operations of the central bank are primarily in relation to passive.
Passive operations include: banknote emissions; deposits of credit institutions, governments and foreign banks; capital and reserves.
This does not mean, however, that any loan of the central bank by a credit system or the state is associated with the new release of banknotes. Such loans can be credited to the accounts of commercial banks and treasury, open in the Central Bank, in this case is not a banknote, but the deposit emission of the Central Bank. The source of the resources of the Central Bank is the contributions of commercial banks and their mandatory reserves credited to special accounts, as well as deposits of treasury (state budget tool). Usually no more than 4% fall own capital bank.
Formation of authorized capital. Like each commercial structure of the establishment of central banks begins with the formation of their own funds, the basis of which are initial authorized capital.
In most industrial countries, the creation of central banks occurs on a joint-stock basis. This means that the authorized capital is formed by the sale of shares to the founders. The composition of the founders is approved by the representative assembly of commercial banks or public administration authorities. These bodies include parliaments and governments of the respective countries. As a rule, shares are sold on the lists of founders, compiled according to adopted acts on the formation of banks. The sale of shares on such lists allows to determine in a preventive order which representatives of the Company will manage the activities of the Central Bank. In modern conditions, the largest central bank of the world is emisy Bank The United States, created on the basis of the Federal Reserve Act of Parliament (Congress) of December 23, 1913, in accordance with this act, the Federal Reserve System of Territorial Banks (Fed) was established in the country.
In Russia, the establishment of the Central Bank occurred at the level of monopolized state Body monetary system. The main task of the Bank consisted of lending to the government's expenses by issuing paper moneyWe called the name of the assignments.
The appliance bank was established at the expense of state budget And therefore issued funds to cover the budget deficit. The determination of the size of the deficit and issue of paper money was carried out by the emperor of Russia. Shares of the Bank did not printed and were not sold to founders, which emphasized the status of the Bank as a lending body for purely government spending. The costs of operating activities of the Bank were made in accordance with its estimates that were included in the expenditure part of the budget. Legal status Embossed a bank for the role of "Pocket" of the state and complete isolation from the needs of the national economy.
In 1797, accounting (discount) offices for "association" by artisan, manufacturer and breeder are established as part of the State Assignment Bank. The obligations of the office included accounting bills and the issuance of direct fitted loans by the entrepreneur.
1817 Accounting Cantors are transformed into public commercial Bankdesigned to carry out short-term lending to the national economy. However, the main part of deposits (213 million rubles, or 89%) was kept in a borrowed bank provided by the Government's cash loans. Therefore, the lending to agriculture, industry and trade carried out banker houses and changers. Initially, the changes were made only by the exchange of paper applements on silver, but subsequently began credit operations on bail bills and inventory.
In 1860, the state bank of the Russian Empire was established on the basis of the established links of the credit system. The creation of the bank took place on a joint-stock basis. Shares were distributed only by subscription. The control package belonged to the government, and the rest of the companies and the commercial bank.
In 1861, the serfdom was canceled, which existed from the times of the first Russian principalities, i.e. Almost 1000 years. The emergence of the free labor market and the issuing bank that issued money tickets to pay wages to workers and employees has favorably affected the development of the national economy. If at the beginning of the 60s, coal mining was 1.5 million tons, then by 1900 it increased to 31 million tons, or more than 20 times. On the basis of coal mining, ferrous metallurgy developed intensively. In 1860-1900 Cast iron smelting increased from 1.2 million tons to 11 million tons or 9 times. The production of machines and mechanisms during the same time 4 times.
The development of the domestic industry has contributed to the highly efficient customs policy of the government. From 1868-1991, the import rates were increased by 4.5 times, cast iron - 10 times, iron and metallurgical products - 3 times, mobile railway composition - 6 times. After the establishment of preferential tariffs by foreign entrepreneurs, it was not profitable to import industrial goods, and they switched to exports of capital, creating new enterprises and industries. Supported by Russian society with the participation of foreign capital, such giants of transport engineering were built as Putilovsky, Kolomna, Sormovsky and Kharkov locomotive plants.
Emission of money. The phenomenal effect of the Central Bank as the Bank of Banks and the main financial pyramid of the Company consists in the monopoly end of the issue in the appeal of new funds. Money emission is the main passive operation of this bank. The emission effect is based on the elimination of gold coins, gold and gas standards and the transition to paper money. In practice, this means that the central bank is able to produce in circulation any amount of money regardless of the country's gold reserve. This is based on modern regulation of money circulation, activities of commercial banks and market economy. When impairing the money and turning them into the brake development of the economy, the state and its central bank may eliminate the money (nullify) in circulation and replace them with new with solid purchasing power. The emission of "heavy" money always serves as a powerful impulse to the creation of a stable economy and the industrialization of the national economy.
The need for emissions is due to the expanded reproduction and implementation of the newly created product that requires new means of payment. On the basis of emission, cash income is paid to the population and the implementation of the profit of commercial structures, i.e. Education national income of society. At the same time, the old, previously issued money render inversely proportional to the impact of the emission. The more old money returns to banks, the less new money needs to be released into the turnover of the farm.
In the first banks of Europe, the release of payment tickets arose as debt receipts of bankers in the adoption of a certain amount of gold. Therefore, for many years, the emission of banknotes of central banks was limited to the sizes of the national gold reserve. As the productivity of public labor, the scale of production and an increase in national income, the issue took independent character. At first, the separation of the emission from the gold reserve occurred with the help of the release rate of money not secured by gold. Such a model of emission was named fiduciary. After the cancellation of the gold-coin standard and free amount of banknotes on gold, the fiduciary emission was replaced by the release of paper money, depending on the needs of commodity and material values. Currently, this procedure for emissions is established in all central banks of industrial countries, including the Russian Federation.
In our country, the gold-coin standard arose during the monetary reform of 1895-1897. In addition to the gold, silver and copper coins were released, as well as credit Tickets Central Bank (Banknotes). As of January 1, 1914, a total amount of 2.5 billion rubles was included in appeal, including 1775 million rubles. Banknotes, 494 million RUB. Gold and 223 million rubles. Silver coins.
Emissions were carried out on a fiduciary basis. The size of the main emission was established at 600 million rubles. Half of this amount was subject to the provision of a gold reserve of the central bank. Additional emission could only occur with the total (100%) provision of gold. Thus, when issuing banknotes in the amount of 1775 million rubles. The gold reserve was 1455 million rubles. (1775 - 600/2).
After the reform, the Government and the Central Bank of Russia continued to follow the rigid course of the Fiduciary emission model in 1898-1913. Gold stock of the bank increased from 1.2 to 1.8 billion rubles, exceeding the amount of banknotes in circulation. This allowed free to swap paper money on gold. However, the glory of an uncomfortable payment agent due to the complexity of manufacturing, transportation and storage was firmly established for gold coins.
Like most countries of the world, the "Deternalization" of gold occurred in Russia during the First World War, and the country moved to the release of paper money. During the period of monetary reform 1922-1924. The chasing of gold and silver coins resumed, but they were priorized and did not find use in national economy.
The natural transition of the Russian Federation to a market economy based on the liberalization of prices and shock therapy caused an explosion of inflation and flooding money circulation by hypotherapy paper money. For 1992-1995 Retail prices for basic foodstuffs have increased 10,000 times. Old Treasury and Banking Tickets Dignity in 1, 5, 10 and 25 rubles. were withdrawn from circulation and replaced by bills with dignity from 100 to 500,000 rubles. The country's money circulation was in the state of stagnation, or the growth of emissions in the reduction of agricultural and industrial production.
One of the most important issues of the work of central banks is to determine the upper and lower limits of the emission of money. The founders of the theory of labor value of the social product and the price as a monetary form of expressing the cost of goods (W. Petty, K. Marx) believed that the lower limit of the amount of money in circulation is associated with the scale of the cumulative product and the rate of treatment of the national monetary unit. They put forward the law of the number and cost of money as a specific form of the law of value in the field of monetary circulation.
According to this law, the proportion of the exchange of goods and money depends on their value, and this determines the amount of money in circulation. The classic scheme of the action of this law is manifested in the conditions of gold - a coin standard and free exchange of banknotes on gold.
The formula of the amount of money states that the amount of money in circulation is directly proportional to the amount of prices of goods sold and inversely proportional to the speed of circulation of national money.
This means that the issue of money should be strictly limited by the value of commodity and material values, applying to all sectors of the national economy.
In accordance with the theory of the utmost usefulness of the social product and prices for goods (E. Bow-Baberk, F. Visa and K. Menger) The amount of money in circulation depends on the demand and suggestions for goods in the markets. At the same time, several degrees of freedom of commodity prices are modeled depending on the satisfaction of primary, secondary, tertiary and subsequent individual needs. For example, the highest prices are installed on the prestigious items and shoes, and the lowest ones on the items that have come out of fashion. This means that prices have nothing to do with the cost of goods, but depend on the wealth of people or the amount of money in their arms in individual groups and the entire population. Since the money produces central banks, the state can establish their total number and thereby regulate the effective demand and prices for goods.
The development of the market economy of industrial states showed that the quantitative theory of money opens up more opportunities for state regulation reproduction process than the cost concept. This is based on the capitalial use of money or their release for the fulfillment of large state and other programs.
In our country, the largest representative of the state-owned economy with the help of the amount of money was I.T. Posochekov (1652-1726). In the work "Book about poverty and wealth" (1724), he argued the need to issue paper money for the expenditures of the government of Peter I, related to the development of the national economy of the Russian Empire. However, at that time, our country was not ready to create a civilized monetary credit system.
Development of the capital concept of money as the main means of economic stimulation of society continued by N.S. Morderovin. In the book on "reasoning about the benefits that may follow from the establishment of private provinces of banks" (1813), he put forward a plan for the restoration of the national economy destroyed during the Patriotic War from Russia with France. The cornerstone of this plan is a recommendation on the creation of a two-level monetary system with a low-level form of commercial banks. Mordvinov believed that the institutions of territorial (provincial) commercial banks would cause the prosperity of agriculture, industry, trade, cities and raising the wealth of all sections of Russian society, since ensuring its effective demand.
Counterweights of the capital understanding of money and loan is modern monetarism, whose preacher is an American economist M. Friedmen. His concept proceeds from the fact that the growth rate of the money supply cannot be higher than the growth rate of the internal gross product (GDP).
In the conditions of a developed market economy and the oversaturation of the commodity masses, monetarist measures are an effective economy management tool. However, in the economy with a low degree of satisfaction market demand (for example, in Russia) they are not suitable for practical application. This is due to the lack of market economic structures of the consumer society and the acute shortage of scarce products and consumer goods. In such economies, the national economy can develop only in the help of large-scale investment programs that require huge funds.
Storage of state and local budgets. Both in the United States and in the Russian Federation, central banks perform the function of an authorized cassier of the Treasury. This means that the relevant budget accounts are focused on the central bank and its local authorities, which are conducted by monetary operations related to the execution of the income and consumables of the federal and local budgets. The size of these parts is developed by the ministries of finance and is approved by the lower and upper chambers of parliaments. At the same time, the ratio of budgetary parts has a decisive effect on the Bank's operations as the Treasury Cashier. If the revenue part exceeds the expenditure, then cash balances forming bank liabilities appear on the budget accounts. With the return ratio, the Bank is forced to conduct budget lending operations, which reduces its resources for the national economy.
Storage of cash reserves of commercial banks. One of the most important types of passive operations of central banks is the storage of cash reserves of commercial banks. In the mid-1990s of our century, the reserve rate of the Central Bank of the Russian Federation (Central Bank of the Russian Federation) was established at 21% and 2 times higher than the US Fed rate. The high level of reserve rates created "expensive" money and restrained the development of the inflationary process. Currently, this rate is reduced to 10%, which meets international standards.
The main active operations of central banks include: accounting and loan operations; bank investment; Operations with gold and foreign currency.
Accounting and loan operations are represented by two species:
Loans to the commercial bank and the state secured by commercial bills (accepted by solid banks), treasury bills, state Bonds and other securities;
Accounting - Purchase by the Central Bank of bills from the state and banks. Buying bills of bills in commercial banks is called euros, since the secondary accounting occurs, secondary purchase bills that bought commercial banks from their customers. The difference between the amount that the Central Bank pays the Commercial Bank when buying a bill, and the amount that will be received from the debtor on the bill at the occurrence of its repayment, form the bank's income.
The rate in which the Central Bank provides a loan to the commercial bank and reappeats their bills, is called an official discount rate, or a central bank's accounting rate.
Bank investments are a purchase of securities bank. Investments of the Central Bank consist of investments in government securities. Purchase by the Central Bank of state obligations in most industrialized countries serves the main and even unique form of lending to the government. Direct lending to the state, i.e. The provision of a bank loan, in these countries is practically absent (for example, in the US, Canada, Japan, Great Britain, Switzerland, Sweden) or limited law (in Germany, France, the Netherlands). It should be paid to the fact that in the portfolio of the Central Bank there is only a minor part of government securities, their main mass is resold in the bank in the securities market. Accordingly, the main lenders of the state are non-central, and commercial banks, etc. Financial and credit institutions, companies and the population.
Important, and not rare the main purpose of buying a central bank of state securities is to regulate the liquidity of the banking system and the management of public debt during monetary policy.
Russia's national debt was almost entirely formed as a result of direct lending to the state by the Central Bank. However, the Law on the Central Bank of the Russian Federation (Bank of Russia) provides that the latter can provide a loan to the Ministry of Finance only by purchasing securities.
The group of active operations of central banks includes lending to commercial banks, state expenses and the purchase of gold and foreign currency. On these channels, emission resources of central banks enter the cash circulation of the respective countries.
Lending to commercial banks is the main group of active operations of central banks. The importance of these operations is to create credit money to advance expanded reproduction, ensuring the production and circulation of the total public product with the necessary mass of payment funds entering the money back through commercial banks. These banks are not entitled to independent emissions, and therefore their operations are carried out within the emission funds allocated by the Central Bank.
The formation of commercial banks took place on the effect of turnover of inventory values, bills of enterprises and their accounting in the credit system. Accounting bills requires a huge mass of funds and restoring the resources of commercial banks invested in the capital circulation of functioning entrepreneurs. In world banking practice, this is happening by means of refinancing commercial banks. The content of refinancing consists in overcoming bills and local authorities of the Central Bank. Lending bills of commercial banks occurs at the accounting rate of the Central Bank, operating during these operations.
As mutual lending to enterprises and the turnover of their bills, directly fitted bank loans will exchange bills replaced by the provision of regular credits of the Central Bank. However, according to the tradition, the terms "Accuracy account" and "refinancing" of the portfolio of resources of commercial banks have been preserved to our time.
Lending to enterprises by commercial banks is of great importance for the development of all sectors of the national economy. Business - loans of commercial banks stimulate the continuity of the circuit and turnover of individual capital of functioning entrepreneurs and create conditions for solving the scale of economic and financial activities. This is especially important for the scope of material production, where the value of the cumulative social product is created.
Circulation capital and return of loans of commercial banks determine the credit nature of the cash issuance of central banks. The issue of cash and bank turnover money on credit began to stimulate the efficiency of loans and ensure their return to the initial locations of the movement, i.e. Banks. The circular nature of cash movements allows central banks to maintain the specified monetary circulation parameters and limit "super-emission", or release of new funds without returning old.
Government management of the market economy implies guaranteed maintenance of the Central Bank of the activities of commercial banks. This is due to the fact that the latter are the working link of the monetary system directly organizing credit relations in the national economy. From them, a lot of the successful work of market economic structures depends. Loss of commercial banks from the total chain credit relations The farm complicates national entrepreneurship and can cause losses and bankruptcy of market economic structures. Guaranteed assistance to central banks with lower links is carried out by "sanitation" balances, allocating target loans for preferential interest rates, providing funds for writing off lightweight debt on loans and other measures.
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The credit system is the established combustion of credit relations, forms and implementation methods credit operations, as well as the credit institutions operating in it. A two-level credit system is currently operating in Russia: the top level occupies the Central Bank of the Russian Federation and the Nizhny - commercial banks and financial and credit institutions.
28.1. Central Bank of Russia
In Russia, the State Bank was established in 1860. Currently, the top authority of the Central Bank of the Russian Federation is the Board of Directors, which determines the main directions of its activities and manages and managing it. This is a collegial body, which includes the chairman of the Bank of Russia and 12 members of the Board of Directors. The first is appointed by the position of the State Duma for a period of 4 years by a majority vote from the total number of deputies. The second works on a permanent basis in the Bank of Russia.
Legal regulation of the activities of banks is carried out by the Constitution of the Russian Federation, the Federal Law "On Amendments to Amendments to the RSFSR Law" On Banks and Banking Activities in the RSFSR ", Federal Law" On the Central Bank of the Russian Federation (Bank of Russia) ", other federal laws and regulations of the Bank Russia.
The main objectives of the Central Bank of the Russian Federation are:
protection and provision of sustainability of national currencies - rubles, including its purchasing power and course in relation to foreign currencies;
development and strengthening of the banking system of the Russian Federation;
ensuring the effective and uninterrupted functioning of the calculation system.
Functions of the Central Bank of the Russian Federation
1. The Central Bank of the Russian Federation develops and conducts unified state monetary policy in collaboration with the Government of the Russian Federation. He asks the main directions of the economic policy of the Government of the Russian Federation and uses economic levers to regulate the money supply in circulation and send it to the relevant sectors of the economy. Ensuring cash circulation on the territory of Russia, the Central Bank of the Russian Federation should be carried out by organizing the production, transportation and storage of banknotes and coins, establishing the rules of collection of cash, determining the procedure for conducting cash operations Development of solvency of money signs.
2. The Central Bank of the Russian Federation monopoloily carries out the issuance of cash and organizes their appeal. Behind him, as a representative of the state, a monopoly on the issuance of banknotes in appeal was enshrined. This feature is one of the oldest performed by the bank. It is necessary first of all to exclude abuse and facilitating a single monetary policy within the framework of the economic system. The issue of money in appeal is the main source of funds for the Central Bank of the Russian Federation.
3. The Central Bank of the Russian Federation is the creditor of the last instance and organizes the refinancing system of commercial banks, that is, it provides them with loans in cases where they have exhausted their resources or have no opportunity to replenish them from other sources.
4. The Central Bank of the Russian Federation establishes the rules, forms, deadlines and standards for the implementation of non-cash settlements. It is an organ coordinating, regulating and licensing the organization of settlement systems, including clearing, in the Russian Federation. The total period of non-cash payments should not exceed 2 operational days within the subject of the Russian Federation and 5 operational days within the Russian Federation.
5. The Central Bank of the Russian Federation is developing rules for holding banking operations, accounting and reporting for the banking system. The main ones are the rules for lending to enterprises and business organizations by commercial banks. They provide for the implementation of control functions on the timely return of the funds provided and their consumption for intended purpose.
6. The Central Bank of the Russian Federation carries out state registration of credit institutions and organizations engaged in auditing. The main areas of banking regulation of the Central Bank of the Russian Federation are licensing and registration of banks and credit institutions, as well as the establishment of economic standards that commercial banks should adhere to in their activities.
7. The Central Bank of the Russian Federation supervises the activities of credit institutions, which includes a system of measures, with the help of which the stable and secure functioning of the banking system is ensured and financial markets generally. This is done with the purpose of timely detection and prevention, situations that threaten the interests of investors and other lenders and adversely affect the stability of banks.
8. The Central Bank of the Russian Federation establishes economic standards for banks and credit institutions. Their appointment is to regulate the risk volumes that the bank assumes and creating a security system in case of damages. The system of economic standards is aimed at ensuring the sustainable functioning of each bank and the stability of the entire banking system.
9. Registration of securities emissions by credit institutions in accordance with federal laws - an important function of the Central Bank of the Russian Federation. The sale of bonds of these loans is carried out by banks dealers, which determine the Central Bank of the Russian Federation and the Ministry of Finance. It is made by enterprises, organizations, institutions and population, commercial banks and the Central Bank of the Russian Federation.
10. The Central Bank of the Russian Federation exercise currency regulation, determines the procedure for making calculations with foreign states, currency control. The Central Bank of the Russian Federation issues licenses to credit institutions for the right to carry out foreign exchange operations, issues regulations that are mandatory for the execution in the Russian Federation by residents and non-residents, establishes uniform forms of accounting, reporting, documentation and statistics of currency transactions.
11. The Central Bank of the Russian Federation is payment balance Countries for the monitoring of foreign trade, payments and gold reserves. It reflects the ratio of payments and revenues to the country of foreign currency, on the basis of which the balance of the balance is calculated, which is of great importance for the ruble rate in relation to foreign currencies and has an impact on it.
All these eleven functions of the Central Bank of the Russian Federation are closely interrelated. For their implementation, he analyzes and predicting the state of the Russian economy as a whole and by region.
28.2. Commercial banks
Commercial banks are credit organizations that have the right to carry out the following banking operations in aggregate:
attracting cash and legal entities into deposits;
accommodation specified means on his own behalf and at his own expense on the terms of repayment, payability, urgency;
opening and maintenance of bank accounts of individuals and legal entities.
However, the activities of banking institutions are much more diverse. This system is capable of self-regulation, i.e. response to environmental changes, development, improvement.
In Russia, banks can be created on the basis of any form of ownership - private, collective, joint-stock, mixed, collaborative (with the involvement of foreign capital).
According to the method of forming the authorized capital, banks are divided into shareholders created in the form joint stock companies closed and open types and mutuals created in the form of a limited liability companies.
The highest management body of the bank of the shareholder type is the general meeting of shareholders, which solves all the strategic objectives of the bank. The general leadership of the Bank is carried out by the Council, which determines the general areas of the Bank's activities, considers the draft credit and other plans of the bank, approves the plans of income and expenses and profits of the Bank, considers issues of opening, closing the Bank's branches and other issues related to the Bank's activities. Directly the activities of the commercial bank leads the Board. It is responsible to the general meeting of shareholders and the Board of the Bank.
Definition of the Bank as an institution that accumulates free money and places them on a returnable basis, allows you to allocate passive and active operations in its activities.
Operations related to the formation of resources of the bank belong to passive. Their essence is to attract various types of deposits, receiving loans from other banks, the issue of own securities, as well as other operations, as a result of which bank resources are increasing.
Bank resources include own funds of banks attracted and borrowed funds.
Equity includes joint-stock (authorized), reserve capital, retained earnings.
Regardless of the organizational and legal form of the Bank, its share capital is fully formed by the contributions of participants - legal entities and individuals - and serves the provision of their obligations.
The size of the authorized capital, the procedure for its formation and change is determined by the Bank's Charter. In addition to the authorized capital, their own funds include emission income (if the shares are sold at a price higher than the denomination), the cost of free property received, profit and funds created from the profits confirmed by the audit conclusion, income from the revaluation of property (additional capital).
Own funds have important For the activities of commercial banks. Reducing the share of equity sometimes leads to bankruptcy of banks.
The main part of the bank resources form attracted funds. The commercial bank has the opportunity to attract funds of enterprises, organizations, institutions, publics and other banks in the form of deposits (deposits) and the opening of the relevant accounts.
The contribution (deposit) is the cash transferred to the bank to their owner for storing under certain conditions. Operations related to the involvement of cash in deposits are called deposit. Deposits for commercial banks are the main type of their passive operations and, consequently, the main resource of active credit operations.
Depending on the term and order of seizure, deposits are divided into urgent and demand.
Urgent deposits are funds made by the Bank's client for a certain period. For them, interest pays, the value of which depends on the term and size of the contribution. The bank is interested in attracting term deposits, as they allow the Bank to plan their credit policy for a longer period.
One of the types of term deposits are deposit certificates - a written certificate of the Bank on making funds, giving the right to deposit to receive at the end of the established amount of the deposit amount and interest on it. A deposit certificate is issued only to legal entities. For individuals are used savings certificatesissued by the Bank for both fixed time and demand.
The contributions "to demand", as well as on current accounts, can be withdrawn by depositors on the first request without prior notice to the Bank by the Client. The contributions "to demand" are unstable, they depend on depositors, the Bank cannot take them into account in their credit policy, therefore, low interest is paid according to these contributions.
An important source of banking resources are interbank loans, i.e. Loans received from other banks. In modern conditions, commercial banks for operational cash involvement use the ability of the interbank resource market, which takes place for sale of funds mobilized by other credit institutions. Short-term interbank loans predominate on the loan market. The interbank mechanism is the main source of borrowed credit resources of commercial banks. It is implemented, as a rule, within the framework of correspondent relations and provides for the discovery of correspondent accounts with one banks in others to carry out payment and settlement operations on behalf of each other.
Commercial banks, as mentioned, receive loans and the Central Bank in the form of overcame of bills, in the order of refinancing and in the form of pawls.
Active operations of commercial banks are associated with the placement of bank resources. Mobilized and own cash banks are used to lend the clientele and carrying out their entrepreneurship.
There are two main types of active operations of commercial banks: loan and investment.
Loading operations make up the basis of the Bank's active activities in the placement of its resource base. They bring to banks a significant part of income.
Another major active operation of commercial banks is investment activities, in the course of which banks are an investor, investing resources in securities - shares, bonds, government debt obligations, financial instruments. For example, the bank's active operations with promissory bills include accounting (discount) and overcompaning operations, credit transactions for acceptance, billing, issuing bill guarantee, etc. As a result of investments, the Bank becomes the owner of the securities portfolio. The nature of the banking involves the need to maintain a portfolio of securities in such a state that allows you to quickly convert at least a part of the available assets in cash (by selling them on the market or obtain securities of the loan securities in the Central Bank).
The main content of the Bank's investment policy is to determine the circle of securities that are most beneficial to investment, optimizing the structure of the investment portfolio for each specific period.
The peculiarity of the bank is that it becomes such from the position of legislation only if at the same time at least three operations that were called purely banking: deposit, credit and calculation.
Due to the fact that russian legislation It provides for the obligatory storage of cash of enterprises, organizations in bank accounts, the bank is an intermediary between the supplier and the buyer, the taxpayer and the budget and other subjects of the monetary relations. The estimated can be carried out by conducting accounting records On customer accounts. Such an order primarily ensures the control of the state over the performed economic operations enterprises, as well as the possibility of expanding the scope of non-cash settlements, which is preferable to calculations in cash.
Under the influence of increasing interbank competition, a tendency towards expanding the operations of commercial banks is manifested, among which factoring, leasing and trust operations can be distinguished.
28.3. Inventory and financial institutions
The most important credit and financial institutions are:
investment companies;
financial companies;
loans-savings associations;
credit unions;
pension funds;
insurance companies;
charitable funds.
These organizations play a prominent role in the accumulation of savings of the population and are important suppliers of loan capital.
The growth of the influence of these institutions has been promoted by three main reasons: income growth in developed countries; active development of the securities market; Providing these institutions of special services that can not provide banks. In addition, a number of specialized institutions (insurance companies, pension funds), in contrast to banks, can accumulate cash savings for quite a long time and, therefore, to make long-term investments.
The main forms of activity of these institutions in the loan capital market are reduced to the accumulation of population savings, providing loans through bond loans to corporations and the state, capital mobilization through all types of shares, providing mortgage and consumer loans, as well as credit mutual assistance.
Control questions
What institutions are included in the Russian credit system?
Name the main functions of the Central Bank of the Russian Federation.
What types of commercial banks do you know?
What institutions relate to credit and financial institutions?
The credit system is a set of credit relations that exist in the country, forms and methods of lending, banks or other credit institutions that organize and carry out such a relationship.
The credit system of the state is a set of credit and financial institutions that create accumulating and providing funds on urgency conditions, payability and repayment.
The modern national credit system consists of three main links:
· Banking system;
· Specialized non-bank credit and financial institutions;
· Credit associations.
The basis of the credit system is the banking system. Depending on the cooding of the agencies of the institutions, one-level and two-level banking systems distinguish.
A single-level banking system is based on horizontal connections between the set of banks, the universalization of operations carried out by them. As part of a single-level system, all the institutes that are included in it, including the central bank, perform the same functions on credit and consideration of the clientele.
A two-tier banking system consists of a central bank as a senior governing body and non-state banks - lower links. Its functioning is based on the principles of vertical and horizontal connections.
The low link of the banking system form independent banking institutions, including the main place belongs to the Commercial Universal Type Commercial Banks performing all types of credit, settlement and financial transactions.
A special place in the loan system is occupied by a group of non-bank institutions, which includes postal savings organizations, pawnshops, credit unions and other education.
The credit system of the Russian Federation consists of:
1. Central Bank
2. Banking system:
Commercial banks
Savings banks
Mortgage banks
3. Specialized non-bank credit and financial institutions
Insurance companies
Investment funds
Pension funds
Financial and Construction Companies
The banking system of the Russian Federation consists of 2 levels: the Central Bank of the Russian Federation and the credit institutions (commercial banks and non-bank credit institutions).
The Central Bank of the Russian Federation (Central Bank of the Russian Federation) is a legal entity, exercises its expenses at the expense of its own income and is not registered in tax authorities. Authorized capital And other property of the Central Bank of the Russian Federation is federal property. Profit profit is not the purpose of the Bank of Russia. The main objectives of the Central Bank of the Russian Federation are:
1. Protection and ensuring the sustainability of the ruble, including its purchasing power and course in relation to foreign currencies.
2. Development and strengthening of the banking system of the Russian Federation.
3. Ensuring the effective and uninterrupted functioning of the calculation system.
The Central Bank of the Russian Federation creates, due to its profit, reserves and funds of various purposes in the sizes necessary for the implementation of their functions, as well as independently of profits and losses of the Revaluation Fund for operations with currency valuesThe procedure for the formation and use of reserves and funds is determined by the Board of Directors of the Bank of Russia. The Central Bank of the Russian Federation is accountable to the State Duma of the Federal Assembly of the Russian Federation. Commercial banks represent the second level of the banking system. The main difference from the central is the lack of money emissions. At the same time, the differences between them are diverse and deep in the forms of ownership, organizational and legal form, the nature of the activity.
By the nature of the activities, banks can be divided into:
Universal (having the right and carrying out all or almost all types of banking operations). Universal banks make up the basis of the banking system and are able to provide their customers to 200 types of services;
Specialized, whose activities are focused on the provision of a narrow spectrum financial services To its customers.
Specialized banks in turn are divided into investment, ship-savings and mortgage banks.
Investment banks - Special credit institutions Mobilizing long-term loan capital and representing its borrowers (entrepreneurs and state) through the issuance and placement of bonds and other types of borrowed obligations.
Savings institutions (savings banks and cash regulations) - credit institutions, the main function of which is to attract savings and temporarily free cash. Deposits of the population are involved in current investment and other accounts.
Mortgage banks - credit institutions specializing in the extradition of long-term loans secured by real estate - land and buildings. Loans are used to build residential buildings and other structures, expansion of enterprise production capacity. For the loan granted the percentage. In case of non-payment of debt for real estate, it becomes either another owner or the ownership of the bank.
Parabankovskie institutions are focused either to maintain certain types of clientele, or to implement mainly one or two types of services. Their activities are concentrated mostly on servicing a small market segment and, as a rule, providing services to specific clientele.
Postal savings institutions are one of the most important and oldest elements of the credit system. Through post offices, they accumulate population deposits, carry out credit and settlement service of the population.
Specialized non-bank credit and financial institutions include pawnshops, credit unions, society of mutual lending, pension funds, etc.
More on the topic of the state's credit system. Credit System of the Russian Federation:
- 1.1. Commercial banks - the main link of the banking system of the Russian Federation
- Sustainable economic growth as a stabilization condition of the economy
- 10. "The problem of state regulation of the economy (GRE). The state budget"
- Currency regulation and currency control in the Russian Federation. Currency operations
- § 2. Place of enforcement proceedings in the system of Russian law
- §one. The effectiveness of the current system of compulsory execution of jurisdictional acts
- § 2.1. Features of the legal provisions of the functions of the Central Bank of the Russian Federation
- Rights and obligations of public-private partnerships
- § 1. Public authorities providing security in the field of economics
- Laws of the functioning of the system of Russian criminal law
- Detection of the essence and purpose of administrative responsibility for tax offenses
- § 1. Concept, structure and signs of banking systems of Russia
- § 2. Entrepreneurship of quasibank credit organizations
- Copyright - Advocacy - Administrative Right - Administrative Process - Antimonopoly-Competitive Law - Arbitration (Economic) Process - Audit - Banking System - Banking Law - Business - Accounting - Treatment Law - Public Law and Management - Civil Law and Process - Money Appeal, Finance and Credit - Money - Diplomatic and Consular Law - Negotiable Law - Housing Law - Land Law - Election Law - Investment Law - Information Law - Executive Production - History of State and Law - History of Political and Legal Exercises - Competitive Law -
Credit system - This is a combination of banking and other credit institutions and relations between them. The credit system of the Russian Federation is shown in Fig. 13.1.
In accordance with the Federal Law of February 3, 1996, the banking system of the Russian Federation is two-level and includes the Bank of Russia, credit organizations, as well as branches and representative offices of foreign banks.
Credit organisation - A legal entity, which to extract profits as the main goal of its activities on the basis of a special permission of the Central Bank of the Russian Federation has the right to carry out banking transactions provided for by law.
Bank - A credit institution that has an exceptional right to implement the following banking operations: attraction
Fig. 13.1. The structure of the Credit System of the Russian Federation into deposits of funds of individuals and legal entities, posting these funds from its own behalf and at its own expense, discovery and maintenance of bank accounts of individuals and legal entities.
Non-bank credit organization - a credit institution that has the right to carry out separate banking operations provided for by law.
Commercial banks, in contrast to specialized perform all types of credit operations. Specialized banks perform one or two types of credit operations. Investment banks provide long-term loans, innovative banks - innovation loans, deposit banks - loans due to deposits, accounting banks make accounting bills, Sberbanks attract minor deposits and lend people, mortgage banks issue loans secured by real estate.
Specialized financial and credit institutions (SPFU) are diverse. Leasing firms are engaged in long-term rental of movable and real estate. Factoring firms are bought by the right to recover accounts receivable. Lombards give loans secured by movable property.
Credit unions are formed by private individuals, give loans to their members under provision. Mutual loan society is close to commercial banks. Credit partnerships are created to serve their members. As for insurance companies, investment and financial companies, Pension funds, then it was about them above. Post offices Are engaged in translations paid pensions. Postal and savings institutions perform the functions of banks in remote areas, where there are no branches of banks.
Credit organizations can create alliances and associations, not pursuing the goals of profit extraction, for sewn and representing the interests of their members. Unions and associations are forbidden to carry out banking operations. The law is allowed to create groups of credit institutions and holdings. Groups are created to solve joint tasks by entering into an agreement between two or several credit institutions. Holdings are based on control of credit institutions using a controlling stake.
The RF banking system is in the restructuring stage, the main directions of which are:
- Reducing the number of newly emerging banks;
- elimination of small non-competitive credit institutions;
- specialization and reorganization of banks;
- concentration of banking capital;
- The creation of transnational banking and financial and industrial entities.
Financial crises of 1998, and then and 2008 inflicted a serious blow to the banking system of the Russian Federation. It turned out to be partially paralyzed, not always able to hold payments to their customers, paying timely with creditors. The main reasons for the crisis of the banking system are:
- lack of orientation of banks on the real sector of the economy;
- The rate on speculative business - to obtain colossal interest from the investment of assets into government securities, which predetermined a high level of risks;
- The weakness of management systems in banks, which affected the inability to assess their condition and adequately respond to taking place changes;
- Hedging risks of non-residents who invest in GKO-OFZ, large banks by carrying out urgent transactions for the supply of foreign currency.
In order to overcome the financial and banking crisis of 1998, the Russian Federation created agency for the restructuring of credit institutions (ARKO) - a non-profit organization in the form of a state corporation to restructure credit institutions with unstable financial state In order to restore and efficiently develop the banking system in the Russian Federation.
The agency has been liquidated by the Federal Law of July 28, 2004 No. 87-FZ "On the recognition of the Federal Law" On the Restructuring of Credit Organizations "and certain provisions of the legislative acts of the Russian Federation, as well as on the procedure for the liquidation of the State Corporation" Agency for Restructuring Credit Organizations " "
The aim of the Agency's activities was the restructuring of credit institutions under its management, in accordance with the requirements and procedures, which are established by law. For all the time of its existence, 21 banks were restructured by the Agency.
Instead of Arco in January 2004, on the basis of the Federal Law of December 23, 2003 No. 177-FZ "On insurance of deposits of individuals in banks of the Russian Federation" was created Deposit Insurance Agency (QA)
In order to ensure the operation of the Deposit Insurance System, the Agency pays to the Depositors of Reimburs
"State Corporation" Deposit Insurance Agency ". URL: http: // www.asv.org.ru/agency/
on deposits upon an occurrence insurance case; leads the register of banks - participants in the deposit insurance system; Controls the formation of the Deposit Insurance Fund, including due to bank contributions; Manages the funds of the Deposit Insurance Fund.
With the adoption of the Federal Law of August 20, 2004 No. 121-FZ "On Amendments to the Federal Law" On Insolvency (Bankruptcy) of Credit Organizations "" and the recognition of the invalid strength of some legislative acts (provisions of legislative acts) of the Russian Federation "Institute has been introduced in Russia The corporate competitive manager of untenable banks whose functions are assigned to the agency.
On October 27, 2008, Federal Law No. 175-FZ was adopted "On additional measures to strengthen the stability of the banking system in the period up to December 31, 2014", according to which the agency was also endowed with the functions of financial recovery of banks.
Agency is non-Profit Organizationacting in the organizational and legal form of the state corporation. The highest authority of the Agency is the Board of Directors. It consists of seven representatives of the Government of the Russian Federation, five representatives of the Bank of Russia and cEO Agencies. The Fund of the Deposit Insurance Agency - 109.1 billion rubles. (data on June 1, 2010).
As of April 21, 2012, in the framework of the recovery procedures, the ASV participated in the capital of the following Russian banks: "Potential" of the KB, AKB "Russian Capital", Bank Soyuz, Opening Bank.
Modern credit system is a combination of various credit and financial institutions operating in the market of loan capital and carrying out accumulation and mobilization of money capital. Through the credit system, the essence and functions of the loan are implemented.
Currently, the structure of the Credit System of the Russian Federation consists of three tiers:
1) Central Bank;
2) banking system:
Commercial banks;
Savings banks;
Mortgage banks;
3) Specialized non-bank credit and financial institutions:
Insurance companies;
Investment funds;
Pension funds;
Financial and construction companies and others.
The new structure of the credit system has become a greater degree to reflect the needs of the market economy and increasingly adapts to the process of new economic reforms.
The main functions of the current credit system:
1. Monetary function carried out by credit institutions (banks). The implementation of this feature is to work with depositors' money, providing loans, providing information and consulting;
2. Regulatory function, carried out by the Central Bank of the Russian Federation, supervision departments. The implementation of this function is to carry out operations on the "open market", in determining accounting, varying the norm of reserves;
3. The regulatory function is carried out by the Central Bank of the Russian Federation, the Ministry of Finance of the Russian Federation. The implementation of this function is aimed at compliance with the rules of "Games", i.e. legislative and legal framework for the functioning of the banking system, ensuring reliable information on the activities of banks.
The Central Bank of the Russian Federation (Bank of Russia) is the top level of the two-level banking system in the Russian Federation, which consists of a bank of Russia and commercial banks (and other credit institutions). The Bank of Russia controls the activities of credit institutions, issues and recalls their licenses for banking operations, and already credit organizations work with other legal entities and individuals.
The Central Bank of the Russian Federation is independent of the administrative and executive bodies of state power. It can be dissolved and liquidated only by a special legislation. The Bank of Russia is economically independent, that is, exercises its expenses at the expense of its own income. However, the Bank of Russia in conducting monetary policy is not guided by the desire for profits, and the policy of improving the state of the economy as a whole.
The Bank of Russia is the Bank of Banks, it provides loans and accepts deposits only from deposit institutions. He has the right to release monetary signsthat, thereby, form a suggestion of paper money. Such a function of other banks in the Russian Federation has no.
The Bank of Russia is headed by the Chairman of the Bank and has its own charter. The Chairman is appointed for a period of 5 years.
Management of the Bank of Russia is carried out on a collective basis by the Board of Directors of the Bank. Bank of Russia has a large number of their departments throughout the countries
The Bank of Russia exercises its functions in accordance with the Constitution of the Russian Federation and the Federal Law "On the Central Bank of the Russian Federation (Bank of Russia)" and other federal laws. According to Article 75 of the Constitution of the Russian Federation, the main function of the Bank of Russia is to protect and ensure the sustainability of the ruble, and monetary emission is carried out exclusively by the Bank of Russia. In accordance with Article 4 of the Federal Law "On the Central Bank of the Russian Federation (Bank of Russia)", the Bank of Russia performs the following functions:
In cooperation with the Government of the Russian Federation, develops and conducts a single monetary policy;
Monopoloily carries out the issuance of cash and organizes cash circulation;
He is a lender of the last instance for credit institutions, organizes the system of their refinancing;
Establishes the rules for making calculations in the Russian Federation;
Establishes the rules for holding banking operations;
Carries out the maintenance of budget accounts of all levels of the budget system of the Russian Federation, unless otherwise established by federal laws, through settlements on the instructions of the authorized executive bodies and state extrabudgetary funds, which are assigned to the organization of the execution and execution of budgets;
Carries out effective management of foreign exchange reserves of the Bank of Russia;
Takes decision O. state registration credit institutions, issues licenses to credit organizations to carry out banking operations, suspends their action and recalls them;
Supervises the activities of credit institutions and banking groups;
Registers issuance of securities with credit institutions in accordance with federal laws;
Exercises independently or on behalf of the Government of the Russian Federation, all types of banking operations and other transactions necessary to fulfill the functions of the Bank of Russia;
Organizes and implements currency regulation and currency control in accordance with the legislation of the Russian Federation;
Determines the procedure for making calculations with international organizations, foreign states, as well as with legal entities and individuals;
Establishes the rules for accounting and reporting for the banking system of the Russian Federation;
Establishes and publishes official foreign currencies in relation to the ruble;
Takes part in the development of the forecast of the balance of payments of the Russian Federation and organizes the preparation of the balance of payments of the Russian Federation;
Sets the procedure and conditions for the implementation of currency exchanges for the organization of conducting operations for the purchase and sale of foreign currency, sells, suspension and feedback from permits to currency exchanges to the organization of operations for buying and selling foreign currency. (Functions for issuing, suspension and feedback by currency exchanges to the organization of operations for the purchase and sale of foreign currency, the Bank of Russia will carry out from the date of entry into force of the Federal Law on making appropriate amendments to the Federal Law "On the licensing of certain types of activities");
Analyzes and predicting the state of the economy of the Russian Federation as a whole and by regions, first of all monetary, currency and financial relations, publishes relevant materials and statistical data;
Performs other functions in accordance with federal laws.
The main objectives of the Bank of Russia are: protection and ensuring the sustainability of the ruble, including its purchasing power and course in relation to foreign currency; development and strengthening of the banking system of the Russian Federation; Ensuring the effective and uninterrupted functioning of the calculation system.
The main tasks of the CBR are the regulation of monetary circulation, carrying out a single monetary policy, protection of interests of investors, banks, supervision of the activities of commercial banks and other credit institutions, the implementation of operations on foreign economic activity.
Thus, the Bank of Russia is in its essence equivalent to the central emission banks of other countries. As its main function, the Bank of Russia forms and implements the state's credit-monetary policy. The range of activities of the Bank of Russia is very wide: from the action as an agent of the state and management of banking holding-companies to ensure the required amount of money.
Problems of development of the credit system of Russia.
In the near decade, high rates should be provided in Russia economic growthwhich will greatly increase the standard of living of the population. Low inflation is the basis for ensuring the sustainability of the ruble, the formation of positive expectations of economic agents, reduce risks and, accordingly, adopting informed decisions on savings, investments and consumer spending. Therefore, a credit policy aimed at a sustainable decline in inflation makes a significant contribution to strengthening the potential of economic growth and modernization of the structure of the economy. Thus should be stopped on some monetary policy issues in more detail. So:
1. Currently, Russia as a country with an open and insufficiently diversified economy, highly dependent on the external economic and financial situation, does not have the ability to move to the regime of a free floating exchange rate of the ruble. On the channels of the current account of the balance of payments, the proposal of foreign currency sustainably exceeds demand. Account of operations with capital and financial instruments Unstable both in terms of volumes and in the direction of financial flows. In such conditions, as many countries, the practice of a managed floating exchange rate is needed, primarily in order to eliminate sharp fluctuations in the national currency exchange rate.
2. Currently, the Russian economy in the context of transboundary capital flows is largely reacting to changes in foreign interest rates. In this regard, the Bank of Russia is forced during interest and currency policy to take into account the difference between interest rates within the country and abroad. In conditions when a monetary proposal is formed mainly through the purchase of foreign currency by the Bank of Russia currency market, ROLE interest rate As an active credit policy tool is limited. Nevertheless, conditions are currently being formed to increase the role of interest rates when conducting credit policies. In the coming period in the face of the functioning of the Stabilization Fund of the Russian Federation, which ensures the sterilization of redundant liquidity in the economy, in addition to the long-term stability of the state budget, the Bank of Russia will expand the scope of refinancing of credit institutions as necessary.
3. B. last years There is a weakening of the short-term relationship between monetary aggregates and consumer price index. Therefore, the boundaries of the growth of money supply are not rigidly given and deviating the dynamics of the money supply from the settlement trajectory do not imply an immediate adjustment of the Bank of Russia's policy. Nevertheless, the characteristics of the money supply remain an important guideline to evaluate both current monetary conditions and inflation expectations and determining the medium-term trend of inflation. This approach is implemented through the preparation of the Bank of Russia's monetary program and the subsequent monitoring of its indicators.
4. Dependence russian economy from foreign economic conjuncture and continuation structural transformations The economy makes the necessary support for the Bank of Russia's credit policy actions of the Government of the Russian Federation in the field of budgetary, tax, tariff, structural and social policy. In this regard, measures to form the Stabilization Fund of the Russian Federation, restricting the growth of regulated prices, tariff and non-tariff regulation of the foreign economic sphere, carried out by the Government of the Russian Federation, are an important part of the anti-inflation policy in Russia.
At the same time, the process of becoming a credit system revealed certain problems and disadvantages in all its structural links. The main one can attribute the following:
Small commercial banks continue to exist, which due to a weak financial base can not cope with customer needs;
the main problem mortgage system Russia lies in the underdevelopment of the housing market and the inconsistency of housing prices by the average level of income of the population;
Lack of real conditions for the development of the corporate securities market as a basis for the functioning of investment banks;
The lack of a real legislative framework for regulating the market of specialized non-bank institutions.
All these problems significantly inhibit the development of the Russian credit system in its early approximation to the state of credit systems of industrialized countries.
Prospects for the development of the credit system of Russia
Exceptional importance for the successful development of the Russian credit system has the establishment of adequate needs of economic growth in the interaction of banks with the real sector.
Commercial banks, on the one hand, are interested in lending to the real sector. This is classic bank operation with well-studied risks. But on the other hand, there are two significant problems associated with the insufficient security of banks in the relationship of the lender - the borrower and short-term liabilities. Banks cannot expand crediting, because the state does not protect their interests in the event of problems with returning loans.
An even more difficult problem is to activate the investment activities of banks. While in the economy, monetary surrogates, barter, non-payment, banking system can not actively implement investment activities. The country has not yet matured the conditions for long-term savings and no commercial bank will not go to the risks of long investment without government guarantees.
Apparently, the structure of the domestic credit system in terms of the prevalence of bank institutions will not undergo changes.
As part of the adoption of strategic decisions, the Government and the Bank of Russia have not proposed anything fundamentally new, which could somehow significantly change the established configuration of the domestic credit system. So-called "Program of Gref" - the program of socio-economic development of the country until 2010 - does not contain any cardinal measures that can really radically improve the current credit system. This program offers normative measures (strengthening oversight, accelerating the elimination of insolvent credit institutions, a change in the types of issued licenses, etc.), which are so carried out by the Bank of Russia, although quite slowly.
It is characteristic that a number of measures proposed by the government, aimed, first of all, to raise the capitalization of the banking system and the development of new technologies. Among them, we note first of all awareness of the need to equate the taxation of banks to the taxation of enterprises (both at the rates and in terms of costs), as well as the creation of a full-fledged legislative framework for electronic documents in Russia.
The national interests of the country require the formation of an independent, sustainable credit system. It is with national priorities that a policy with regard to banks involving foreign capital should be associated. The thesis that the wide admission of these credit institutions on russian market Banking services will strengthen competition and, accordingly, will accelerate the effective development of the industry is not entirely corrected. It is unlikely possible in this case to talk about equal competition, as not specific banks will compete, but the stability and stability of a western country with instability and changes in Russia. In this regard, it is necessary to weighively approach the activities of foreign credit institutions.
