The head of the country's banking system is the Central Bank of the Russian Federation, which operates on the basis of Federal Law No. 86-FZ of July 10, 2002 "On the Central Bank of the Russian Federation (Bank of Russia)" Federal Law of July 10, 2002 N 86-FZ (as amended on 13 07.2015) "On the Central Bank of the Russian Federation (Bank of Russia)" // Collected Legislation of the Russian Federation. - 2002. - No. 28. - Art. 2790. .
In 2014, the implementation by the Bank of Russia monetary policy carried out under unusual conditions. Events in Ukraine and sanctions of a number of countries against Russian economy had a negative impact on the situation in the domestic financial market, in the banking and real sectors.
In the context of rising geopolitical tensions, a large-scale outflow of capital from the Russian financial market, and a deterioration in the expectations of economic agents regarding the prospects for the development of the economy, there was a drop in investment demand, which was superimposed on a structural slowdown economic growth that started about two years ago. As a result, the state of the Russian economy in 2014 significantly deviated from the scenario described as the baseline in the Guidelines for the Unified State Monetary Policy for 2014 and the period of 2015 and 2016. So, instead of the previously expected pace GDP growth at a level of about 2% in 2014, the Bank of Russia predicts a slowdown in economic growth in the specified period to 0.4%.
At the same time, due to the specific nature of the impact of external factors on the behavior and expectations of economic entities, inflationary risks have increased significantly. Exchange rate dynamics (gradual depreciation of the national currency in late 2013 - early 2014 against the backdrop of changes in the policy of the US Federal Reserve System (FRS) and a sharp depreciation of the ruble in March 2014 in the context of growing geopolitical tensions) became a growth acceleration factor consumer prices, growth of inflationary and devaluation expectations of economic agents. Annual inflation rose to 7.5% in July from 6.1% in January 2014. Restrictions imposed in August on the import of a number of food products from abroad led to an acceleration in the growth of consumer prices. Together with the expected impact on inflation expectations of the discussed changes in the tariff and tax policy this could lead to continued high inflation until the end of 2014.
Under these conditions, the Bank of Russia took decisive action. In order to limit inflationary risks, the key rate was significantly increased. Along with a temporary tightening of the foreign exchange intervention mechanism, this made it possible to stabilize the situation on foreign exchange market and prevent significant financial stability risks from materializing. In addition, the emerging growth interest rates on ruble deposits of banks contributed to the restoration of the inflow of funds into deposits in the national currency and a decrease in the dollarization of bank deposits.
The moderately tight monetary policy pursued by the Bank of Russia creates the prerequisites for stabilizing exchange rate and inflation expectations, restoring the population's propensity to save to normal levels, and is aimed at achieving the medium-term inflation target of 4%.
In 2014, economic growth rates were lower than assumed under the baseline scenario in the Guidelines for the Unified State Monetary Policy for 2014 and the period of 2015 and 2016 (2%). In the I and II quarters of 2014, the GDP growth rates amounted to 0.9 and 0.8% compared to the corresponding period of the previous year, respectively. Increased uncertainty in the prospects for the development of the Russian economy has led to a reduction in investment demand with a significant increase in the outflow of capital from the domestic financial market (Fig. 1.).
Rice. 1. Structure of GDP growth by use elements (percentage points) The main directions of the unified state monetary policy for 2015 and the period of 2016 and 2017. -[ Electronic resource]. - Access mode: http: //www.cbr.ru/today/publications_reports/on_2015 (2016-2017) pr. pdf.
The volume of investments in fixed assets in January-August 2014 decreased by 2.5% compared to the corresponding period of 2013 (in January-August 2013 - by 0.4%). The contribution of gross capital formation to GDP growth in the first half of 2014 was estimated to be negative. The contraction of investment demand determined a decrease in production volumes in construction (except for housing), as well as a significant decrease in output in investment-oriented types of manufacturing activities.
At the same time, the impact of the depreciation of the ruble in late 2013 and early 2014 and changes in the external economic environment on the components of aggregate demand was multidirectional.
The growth of uncertainty and the weakening of the ruble were reflected in a temporary decrease in the propensity of the population to organized savings and an increase in demand for durable goods, which supported an increase in the output of goods intended to meet consumer demand in March-May. There was an increase in demand from the population for real estate. Overall, household final consumption expenditure remained the main source of economic growth, but the pace of its increase in the face of a slowdown in growth real income and retail lending declined. In January-August 2014, consumer spending of the population increased by 2.0% (in January-August 2013 - by 5.%).
The weakening of the ruble led to an increase in the ruble profitability of export operations and the price competitiveness of exported products. Rising prices for imported products and restrictions on the demand side led to a reduction in physical volumes of imports, which, in the context of growing exports, ensured a positive contribution to the growth of the Russian economy from net exports of goods and services.
In the first half of 2014, GDP growth was provided mainly by increasing the gross value added of manufacturing industries, as well as in the sector intermediary services(real estate transactions, financial services), while the contribution of construction, transport, wholesale trade was small or negative.
At the same time in 2014, as well as for several previous years, factors of a structural nature continued to have a restraining effect on economic growth. The weakening of economic activity was accompanied by a long-term downward trend in labor supply, driven by demographic factors. In August 2014, the unemployment rate reached a record low of 4.8% (5.1% seasonally adjusted). The first half of the year also showed other signs of an increase in the labor shortage (underemployment decreased, the number of man-hours worked per worker increased), which in a context of high workload production facilities indicates the limited possibilities of non-inflationary increase in production without increasing labor productivity and modernizing production.
According to estimates, at the end of the year, the volume of GDP may increase by 0.4% (in 2013, there was an increase of 1.3%).
The slowdown in economic growth in the first half of 2014 was predominantly structural in nature. The depth of the output gap against the background of low levels of potential output was relatively small (0.5 - 1.5%).
Rice. 2.
As a result, the downward impact of aggregate demand on inflation was small, and consumer price growth remained at an elevated level. This dynamic has developed under the influence of several factors. The weakening of the ruble led to an acceleration in the growth rate of prices for a wide range of goods and services. In this regard, it is important to understand the reasons for the weakening of the ruble. To a large extent, they were associated with external factors: the scaling down of the Fed's quantitative easing measures and growing uncertainty amid geopolitical tensions. Raising the key rate of the Bank of Russia under these conditions contributed to the stabilization of the foreign exchange market, reducing inflationary expectations and inflationary pressure. In addition to the exchange rate dynamics, the increase in inflation was influenced by temporary factors observed in the markets of certain food products. Among them are the low yield of certain types of vegetables harvested in 2013, the increase in world prices for certain types of food and agricultural raw materials, measures to protect Russian markets from poor-quality imported agricultural products. The annual growth rate of food prices reached 9.8% in June against 6.5% in January.
The growth rate of consumer prices in June reached its maximum value since the beginning of the year and amounted to 7.8% compared to the corresponding period of the previous year.
In July 2014, annual inflation decreased to 7.5%, which was mainly due to lower than in 2013 indexation of regulated prices and tariffs for utilities. The growth of prices for housing and communal services slowed down noticeably (their contribution to the sliding annual inflation decreased to 0.6 percentage points, in July 2013 it was 1 percentage point). At the same time, the decline in inflation in July was slower than forecast, which required a further increase in the key rate of the Bank of Russia.
In August, the annual increase in consumer prices again accelerated to 7.6%, which was to some extent facilitated by restrictions on the import of a number of food products. Under the conditions of accelerating growth in prices for certain food products included in the calculation of core inflation, as well as maintaining the growth rates of prices for non-food products at an elevated level, core inflation increased and amounted to 8.0% in August.
Institute of Economics and Management (JV) FGUAO HE “KFU named after V.I. Vernadsky"
4th year student
Sribnaya Ekaterina Andreevna, Institute of Economics and Management (SP) FGUAO HE “KFU named after V.I. Vernadsky”, Republic of Crimea, Simferopol, Candidate of Economics, Associate Professor of the Department of Public Finance and Banking
Annotation:
This article examines the dynamics of assets and liabilities of the balance sheet of the Central Bank of the Russian Federation, analyzes the dynamics of operations of the Central Bank of the Russian Federation to provide secured loans, and considers the dynamics deposit operations and REPO operations of the Central Bank of the Russian Federation for the period 2014-2016.
In this article, the dynamics of the assets and liabilities of the balance of the Central Bank of the Russian Federation has been analyzed, the dynamics of the operations of the Central Bank of the Russian Federation in providing secured loans have been analyzed and the dynamics of deposit operations and REPO operations of the Central Bank of the Russian Federation for the period 2014-2016 have been examined.
Keywords:
money-credit policy; central bank; assets; passive; balance; credit; deposit operations
money-credit policy; central bank; assets; Liability; balance; credit; deposit operations
Introduction
The monetary policy of the Central Bank of the Russian Federation for 2014-2016 was driven by changes economic situation in the Russian Federation: 1) sanctions imposed by the United States and European Union v. the Russian Federation; 2) change in export and import cash flows; 3) a decrease in the GDP of the Russian Federation; 4) instability of the exchange rate of the national currency; 5) an increase in the price level in the country; 6) decrease in efficiency of activity banking system Russian Federation.
Relevance
During the period 2014-2016, unfavorable trends in the development of the world economy continued, which was due to political factors, as well as the recession economic development In all countries. The recession that took place in the eurozone countries, as well as the weak state of demand in the economies of countries that contribute the largest contribution into world consumption, led to a slowdown in growth countries GDP with emerging markets. All this led to a slowdown in the growth rate of global consumption in the world, which slowed down the use of primary resources.
The Central Bank of the Russian Federation develops a course of monetary policy depending on the influence of external and internal factors, on the state of the Russian economy and the economy in the world, and also depending on the short-term, medium-term and long-term prospects for economic development.
aim This article is an analysis of the monetary policy of the Central Bank of the Russian Federation.
In accordance with the goal set in the work, the following tasks:
1. The dynamics of assets and liabilities of the balance sheet of the Central Bank of the Russian Federation for the period 2014-2016 has been studied.
2. The dynamics of operations of the Central Bank of the Russian Federation to provide secured loans for the period 2014-2016 is analyzed.
3. The dynamics of deposit operations and REPO operations of the Central Bank of the Russian Federation for the period 2014-2016 is considered.
Materials and methods: research and subsequent conclusions were built on the basis of the studied material, legislative acts, textbooks and scientific articles of domestic and foreign scientists on the relevant issues.
In the process of writing the article, we used the following methods of scientific knowledge:
Results:
G.G. Fetisov, O.I. Lavrushin note that monetary regulation in the state includes monetary, foreign exchange and financial policy. central bank. V.N. Shanaev emphasizes that government politicians, including the economic policy of the state and the monetary policy of the central bank must be consistent and must not contradict each other.
Dynamics of the balance sheet assets of the Central Bank of the Russian Federation for the period 2014-2016 presented in table 1.
Table 1
Dynamics of the balance sheet assets of the Central Bank of the Russian Federation for the period 2014-2016
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Indicators |
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1. Precious metals |
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Growth rate of precious metals to the indicator of 01.12.2014 |
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Growth rate of precious metals compared to the previous year |
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2. Funds placed with non-residents and securities of foreign issuers |
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Growth rate of funds placed with non-residents, and valuable papers foreign issuers to the indicator of 01.12.2014 |
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Growth rate of funds placed with non-residents and securities of foreign issuers compared to the previous year |
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3. Loans and deposits |
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Growth rate of loans and deposits to the indicator of 01.12.2014 |
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Growth rate of loans and deposits compared to the previous year |
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4. Securities |
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Growth rate of securities against the indicator of 01.12.2014 |
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Growth rate of securities to the previous year |
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debt obligations of the Government of the Russian Federation |
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Growth rate of debt obligations of the Government of the Russian Federation as compared to December 01, 2014 |
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Growth rate of debt obligations of the Government of the Russian Federation compared to the previous year |
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5. Requirements for the IMF |
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Growth rate of claims to the IMF as compared to December 1, 2014 |
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Growth rate of claims on the IMF compared to the previous year |
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6. Other assets |
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Growth rate of other assets as compared to December 01, 2014 |
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Growth rate of other assets compared to the previous year |
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Total asset |
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Growth rate of all assets compared to 01.12.2014 |
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Growth rate of all assets compared to the previous year |
In the assets of the balance sheet of the Central Bank of the Russian Federation for the period 2014-2016. there was an increase in precious metals (by 79.20%), funds placed with non-residents and securities of foreign issuers (by 16.37%), claims on the IMF (by 82.18%), other assets (by 2546.69% ). There was also a decrease in loans and deposits (by 45.66%), securities (by 13.95%). This is explained by the fact that during the specified period the situation in the monetary, financial and foreign exchange markets stabilized, which allowed the Central Bank of the Russian Federation to increase gold and foreign exchange reserves and reduce debt to creditors. However, commercial banks faced a liquidity deficit, which was caused by an outflow of liquidity from the banking sector due to an increase in the amount of cash in circulation due to an increase in payments to households at the end of the year, as well as foreign exchange transactions the Central Bank of the Russian Federation for the sale of foreign exchange funds within the framework of monetary policy.
At the end of 2015, the situation with the liquidity of banks depended on the dynamics of autonomous factors in the formation of liquidity, as well as the increased demand for bank reserves at the end of the year. This led to an increase in banks' debt to the Central Bank of the Russian Federation.
Dynamics of liabilities of the balance sheet of the Central Bank of the Russian Federation for the period 2014-2016 presented in table 2.
table 2
Dynamics of liabilities of the balance sheet of the Central Bank of the Russian Federation for the period 2014-2016
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Indicators |
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1. Cash in circulation |
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Growth rate of cash in circulation to the indicator of 01.12.2014 |
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Growth rate of cash in circulation to the previous year |
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2. Funds on accounts with the Central Bank of the Russian Federation |
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The growth rate of funds on accounts with the Central Bank of the Russian Federation as compared to December 1, 2014 |
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Growth rate of funds on accounts with the Central Bank of the Russian Federation compared to the previous year |
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of which: Government of the Russian Federation |
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Growth rate of funds of the Government of the Russian Federation as compared to December 01, 2014 |
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The growth rate of funds of the Government of the Russian Federation compared to the previous year |
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credit organizations- residents |
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Growth rate of funds of resident credit institutions as compared to 01.12.2014 |
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Growth rate of funds of resident credit institutions compared to the previous year |
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3. Funds in settlements |
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Growth rate of funds in calculations to the indicator of 01.12.2014 |
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Growth rate of funds in calculations to the previous year |
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4. Commitments to the IMF |
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Growth rate of liabilities to the IMF as compared to December 1, 2014 |
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Growth rate of liabilities to the IMF compared to the previous year |
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5. Other liabilities |
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Growth rate of other liabilities as compared to December 01, 2014 |
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Growth rate of other liabilities compared to the previous year |
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6. Capital |
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The growth rate of capital to the indicator of 01.12.2014 |
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Capital growth rate vs. previous year |
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Total liabilities |
In the liabilities of the balance sheet of the Central Bank of the Russian Federation for the period 2014-2016. there was an increase in cash in circulation (by 2.77%), liabilities to the IMF (by 116.63%), capital (by 294.82%). There was also a decrease in funds on accounts with the Central Bank of the Russian Federation (by 9.71%), funds in settlements (by 55.47%), and other liabilities (by 95.25%).
This is due to the improved situation in the state's foreign exchange market, the decrease in fluctuations in the exchange rate of foreign currency against the ruble, as well as the floating exchange rate policy of the Central Bank of the Russian Federation. All of the above allowed the Central Bank of the Russian Federation to increase its gold and foreign exchange reserves and increase its level of sustainability and stability.
Dynamics of operations of the Central Bank of the Russian Federation to provide secured loans for the period 2014-2016 presented in table 3.
Table 3
Dynamics of operations of the Central Bank of the Russian Federation to provide secured loans for the period 2014-2016
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Indicators |
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Total intraday loans, million rubles |
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Growth rate of intraday loans as compared to December 01, 2014 |
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Growth rate of intraday loans compared to the previous year |
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Total overnight loans, million rubles |
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Growth rate of overnight loans to the indicator of 01.12.2014 |
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Growth rate of overnight loans to the previous year |
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Lombard loans, total, million rubles |
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Growth rate of pawnshop loans compared to 01.12.2014 |
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Growth rate of pawnshop loans compared to the previous year |
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Loans secured by assets and guarantees, total, million rubles |
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Growth rate of loans secured by assets and guarantees against the indicator of 01.12.2014 |
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Growth rate of loans secured by assets and guarantees against the previous year |
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Loans secured by gold, total, million rubles |
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Growth rate of gold-backed loans vs. 01.12.2014 |
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Growth rate of gold-backed loans vs. previous year |
Students, graduate students, young scientists who use the knowledge base in their studies and work will be very grateful to you.
Introduction
2.2 Grade financial activities Bank of Russia based on its annual reports
2.3 Analysis active operations Bank of Russia
2.4 Analysis of passive operations of the Bank of Russia
3.1 Monetary policy instruments and their use in 2007
3.2 Measures taken by the Bank of Russia to improve the banking system and banking supervision in 2007
3.3 Measures taken by the Bank of Russia to improve financial markets and payment system in 2007
Conclusion
List of sources used
Applications
Introduction
The modern banking system is characterized by two fundamental features: firstly, this system is regulated (and along with self-regulation there is centralized regulation by the central bank), and secondly, market (the end result of the activities of credit institutions is the implementation of banking services on the market). in an increasingly competitive environment).
The central bank in any state occupies a special place in the credit financial system. The importance of the central bank lies in the fact that it is responsible for conducting monetary policy and the stability of the banking system as a whole.
The main objectives of the Bank of Russia are:
protection and sustainability Russian ruble, including its purchasing power and exchange rate against foreign currencies;
development and strengthening of the banking system of the Russian Federation, i.е. The Bank of Russia is the body of banking regulation and supervision of the activities of credit institutions.
Based on the main goals of the Bank of Russia, the main task is to minimize the negative socio-economic consequences of the loss of liquidity by credit institutions. The implementation of this task involves the prevention of a systemic banking crisis, reducing the uncontrolled loss of banking liquidity. Obviously, the solution of these problems depends not only on the procedures for regulating credit institutions, but also on the general economic conditions of their commercial activities, which is especially important in modern conditions.
This thesis is a study of the features of the activities of the Central Bank of the Russian Federation.
Achieving this goal determines the solution of the following tasks:
study of the history of the emergence of the institution of the Central Bank;
study of monetary policy instruments and functions of the Central Bank;
studying the history of creation and determining the status of the Bank of Russia;
analysis of the financial activities of the Bank of Russia;
study of the activities of the Government of the Russian Federation and the Bank of Russia regarding the prospects for the development of the banking sector in Russia.
The object of study of this thesis is the Central Bank of the Russian Federation (Bank of Russia).
The subject of this thesis research is the features of the activities of the Bank of Russia.
To write this thesis, the theoretical base of textbooks and teaching aids was used, the legislative framework legal documents and statistical data of the official information website of the Bank of Russia.
1. Central banks and the basics of their activities
1.1 The history of the institution of the Central Bank
The Central Bank in any state occupies a special place in the credit and financial system. Unlike commercial banks and other credit institutions, the central bank is a government body responsible for the volume money supply and loans to the economy as a whole. The emergence of central banks dates back to the middle of the 19th - the beginning of the 20th century, since it was during this period that the governments of most countries legally assign control over the issue of money into circulation to certain banks. The institution of the central bank was formed gradually and went through a rather long period of evolution.
It is difficult to say where and when the first central bank appeared. Some economists consider the beginning of the date of creation of the bank, which later began to perform the functions of the central bank. In accordance with this criterion, the first central bank was the Riksbank - the Bank of Sweden, founded in 1668. The Bank of England was formed in 1694, the Bank of France - in 1800.
Other economists attribute the emergence of a central bank to the acquisition of a privilege or exclusive right to issue banknotes. Thus, the Bank of France begins issuing banknotes in 1803 and becomes the largest issuing center. For quite a long period of time, banknotes of the Bank of France remained private money, but they were recognized as reliable, since they were exchanged for gold. It wasn't until 1870 that Bank of France notes received the status of legal tender. The Bank of England acquires the exclusive right to issue banknotes in 1844. An interesting fact is that before that, in 1826, the Bank of England received the monopoly right to issue banknotes within a radius of 65 miles from London. The fact is that during this period banks issued a large number of their own banknotes. The variety of banknotes and the lack of a single monetary standard significantly hampered trade. The unreliability of issued banknotes and the distrust of the population caused the financial crisis of 1825. Therefore, the introduction of a monopoly on banknote emission within the largest commercial and financial center of the country should have contributed to stabilization. In 1844, measures were taken to centralize the issue of banknotes. Be that as it may, the role of the central bank is not only and not so much determined by the issuance of banknotes, as is commonly believed: in France and some other countries, the treasury can issue money into circulation along with the central bank.
The importance of the central bank lies in the fact that it is responsible for the conduct of monetary policy and the stability of the banking system as a whole. From this point of view, the time frame for the emergence and formation of central banks is shifted to a later date. For example, the Bank of France becomes responsible for conducting monetary policy only in 1945, after its nationalization. Much earlier, the functions of the central bank began to be performed by the Bank of England, remaining joint stock bank. Nationalization in 1946 gave him broad powers to control the activities of other banks. As a rule, European central banks for a fairly long period of time until the 1940s. at the same time, they performed the functions of ordinary banks, opening accounts for private clients, lending to the issue of securities, and providing other banking services to commercial and industrial companies and individuals. In the course of evolution, their commercial activity gradually declined. Unlike Europeans, a peculiar US central bank in the form of the Federal Reserve System was created in 1913 specifically to perform general economic functions.
There is a tradition of considering the features of the national central bank in comparison with the Bank of England, which serves as a kind of standard. The formation of the institution of the central bank in England had a rather noticeable impact on the creation of central banks in other countries. Moreover, it is believed that the foundations of monetary theory were laid by economists who discussed the problems of English banking and monetary policy. Therefore, without detracting from the experience of the countries of continental Europe and the United States, which in many ways turns out to be more interesting, we will use the same logic, especially since a look at the English model can be useful for understanding the role that central banks play in modern financial systems.
The role of the central bank in the English model is determined by three functions: 1) monetary control; 2) prudential control; 3) accommodation public debt on the most favorable terms.
The function of monetary control assumes as the main goal the stabilization of the price level by means of control over the money supply. The main content of the Law on the Bank of England adopted in 1844 (the act of Robert Peel) was reduced to securing this function for the Bank of England. To stabilize prices, the Act prescribed strict adherence to the quantity theory of money, namely, the money supply growth rule, the meaning of which was that the growth rate of the money supply corresponded to the growth rate of real production in the economy. From the mid 1980s. in a policy aimed at achieving price stability, the monetary authorities began to use interest rates.
Prudential control, control over banking risks, is aimed at minimizing the possibility of financial crises and the costs incurred by society as a whole in the event of such crises. The Banking Rights Act (1914) allowed for a discretionary monetary policy. The term "discretionary policy" literally means "a policy carried out at one's discretion on the basis of prudence." This meant that the Bank of England was allowed to provide additional liquidity to banks in the event of a speculative overheating of the banking sector. The transition from a strict to a discretionary rule was the result of a series of financial crises (1847, 1857, 1866). As a result of the catastrophic decline in bank reserves, additional money was needed and the 1844 Act was suspended.
In exercising prudential control, the Bank of England acts as a lender of last resort. This term appeared in 1797. The concept was developed by the English economists Henry Thornton (1802) and Walter Bagit (1873). From 1844 until the beginning of the 20th century, the Bank of England acted as the lender of last resort in accordance with the Thornton-Bagit model. It assumed the observance of certain principles or lending rules for the central bank, which have become classic in this concept: 1) the provision of temporary, short-term loans; 2) collateral; 3) providing loans only to solvent banks, which are exposed to risks as a result of the failure of banks with poor management; 4) the issuance of loans is carried out at penalty, i.e., inflated interest rates, so as not to turn into a creditor of the first instance instead of the last; 5) the rescue of individual banks should not prevail over the responsibility for the stability of the financial system as a whole.
The 1914 Act formalized the Bank of England's responsibility as lender of last resort for the stability of the financial system. It became the ultimate provider of liquidity for the bank or banks and was given the authority to make as many loans as needed to address the threat of a liquidity crisis. In recent years, the distribution of responsibility between authorities has changed significantly. Under the 1998 Act, the Bank of England, as the central bank, is responsible for ensuring the stability and efficiency of the financial system as a whole. Responsibilities for the supervision of banks were transferred and enshrined in the Law on financial services markets in 2000 to a new regulator, the Financial Services Authority, established in 1997.
When placing government debt on the most favorable terms, the Bank of England acts as an agent in the initial placement of bonds and is not a direct creditor to the government. During a period of increasing overall deficit state budget the government is tempted to monetize the public debt. The monetization of public debt means that the Bank of England buys bonds from the public on the open market, thereby increasing the monetary base (cash and bank reserves), which, as a rule, leads to an excessive growth in the money supply and causes inflation, which in turn reduces the real cost of public debt. Such hidden method financing the state budget deficit is complemented by the possibility of obtaining seigniorage, since there are requirements for the mandatory placement of bank reserves in interest-free accounts with the central bank.
It is important to emphasize that there is an internal conflict between the three functions that complicates the policy of the central bank and explains the inconsistency in its activities. For example, it is impossible to strictly adhere to the monetary rule if the central bank has to print more money as a lender of last resort. The modern version of this problem is the conflict between the high interest rate policy to stabilize prices and the effect of this policy on the health of the banking system. During periods of rising interest rates, the level of credit risk and insolvency of borrowers, which leads to a decrease in the profitability of banks and even bankruptcies.
If in 1900 central banks existed in 18 countries (in total there were 30 independent states in the world), then in 2000 - in more than 170 countries. Despite historical and economic peculiarities, the role of the central banks of various countries essentially corresponds to the classical English model, although a slightly different terminology is adopted. The Central Bank performs the functions of the state body for conducting monetary policy, the bank of banks and the bank of the government. However, it's not just terminology. In the course of evolution, the functions of the central bank did not remain unchanged. In the past, the essence of monetary control was to supply the economy with money. The central bank had to give elasticity to money and bank reserves, i.e., to change the money supply in response to changes in the demand for money from the real sector of the economy. Currently, the central bank is seen as the institution responsible for designing and implementing monetary policy, changing the money supply to achieve economic goals, such as economic growth, price stability, and curbing inflation.
The function of the bank of banks is wider than the lender of last resort in a critical situation. Banks conduct payments and settlements through correspondent accounts opened with the central bank. The settlement network of the central bank is not the only way to conduct non-cash payments. Nevertheless, by regulating the process of making payments and supervising banks, the central bank ensures the normal operation and guarantees the stability of the financial system.
The role of the central bank as the government's bank has also changed. Historically, since their inception, central banks have attracted resources to lend to government spending. The state received share premium due to the exclusive, monopoly right of the central bank to create money, as well as profit from the commercial activities of the bank. At present, there is little central bank lending to governments. In many countries, including Russia, there are legislative restrictions on the right of the central bank to provide loans to the government for financing budget deficit, buy government securities at their initial placement, as well as conduct Bank operations with persons who are not banking organizations. The issuing activity of a central bank is more determined by the objectives of monetary policy than by considerations of seigniorage. Central banks perform mainly the tasks of the so-called fiscal agent of the state, i.e. they maintain the accounts of the treasury and manage the public debt.
One of the key policy questions is to what extent the responsibility for all three functions should lie with a single institution. In 1995, an exhaustive analysis of the arguments for and against the separation of the functions of monetary policy and banking supervision was carried out and no convincing arguments were found in favor of one model or another, consistent with the fact that about half of the 27 countries studied separated these functions. between various government institutions, making the central bank only responsible for price stability, while the other half united.
1.2 Monetary policy instruments and functions of the Central Bank
In monetary policy, there is a rather complex hierarchy of goals, a variety of methods and tools with which it is carried out. It is often quite difficult to distinguish between what is the goal and what is the means to achieve it. In addition, there are different points of view on the question of whether monetary policy should be discretionary or should it be some kind of rules enshrined in legislation. These monetary policy concerns have affected the Federal Law on the Central Bank. In principle, any operation of the Central Bank can be considered as an instrument of policy, since it is the largest of the banks and is endowed with such powers that any of its actions can affect financial markets. The so-called monetary policy benchmarks can be different. This is a question of monetary theory, which is more in line with the strategic goals of policy: targeting the money supply, interest rates or inflation. The term "targeting" literally means maintaining the specified values of the target parameters (from the English target - goal). For example, targeting the interest rate of the interbank market is that the central bank buys and sells securities open market in an amount sufficient to maintain the interest rate on interbank loans at a given level.
In Art. 35 of the Law lists the main monetary policy instruments of the Bank of Russia. In the same article, along with the tools, the establishment of benchmarks for the growth of the money supply is indicated. This is probably not entirely correct for two reasons. First, benchmarking, or so-called targeting, is a monetary policy goal, not a tool. Secondly, targeting the money supply is not necessary in every situation in the economy. Conversely, fluctuating the money supply to achieve strategic goals and thus targeting other parameters, such as interest rates, may be more effective.
By instruments of monetary policy, economists understand the operations and ways in which the central bank can change bank reserves, the money supply, and the volume of lending to the economy. The main set of such instruments includes: 1) open market operations; 2) bank refinancing and interest rates on central bank operations; 3) reserve requirements; 4) deposit operations; 5) direct quantitative restrictions.
There are some basic principles for applying these tools in practice. The main thing is the principle of efficiency, which means the ability to accurately and quickly obtain results that correspond to the intended goals. One can also single out the principle of equal treatment of all credit institutions, regardless of their size, which is achieved by standardizing the rules and procedures for conducting operations. In addition, simplicity, transparency, consistency, and reliability of tools are important. Simplicity and transparency ensure a correct understanding of the true intentions and purposes of using the tools. The principle of consistency means that rules and procedures should not be changed too frequently so that the central bank and its counterparties can build on past experience when engaging in monetary policy activities. The principle of reliability requires minimization of financial and operational risks. Finally, the cost of transactions should be minimal for both parties.
Open market operations are the buying and selling of government securities by the central bank. Purchases on the open market are paid for by the central bank by increasing (crediting) the reserve account of the seller's bank. The total reserves of the banking system are increasing, which, in turn, leads to an increase in the money supply. Accordingly, the sale of open market securities by the central bank will lead to the opposite effect: the total reserves of banks decrease, and, other things being equal, the money supply decreases. Sales of papers on the open market in this case are used for sterilization, i.e., the absorption of excess money supply. Since the central bank is the largest open market dealer, an increase in the volume of purchase and sale transactions will lead to a change in the price and yield of securities. Therefore, the central bank can influence interest rates in this way. If the expectations of market participants were constant, the central bank could change both short-term and medium-term and long-term interest rates and thereby influence the level of economic activity. The effectiveness of this tool is somewhat reduced by the fact that the expectations of market participants are not entirely predictable. Some analysts and investors will decide that by increasing the volume of purchases, the central bank is pursuing an expansionary policy aimed at lowering interest rates, increasing output, investment and consumer spending. Others will perceive such a policy as a further increase in the money supply and inflation. Inflationary expectations will lead to an increase in interest rates and a decrease in economic activity. Nevertheless, open market operations are considered the most effective instrument of monetary policy. The advantages are that: 1) the central bank can control the volume of transactions; 2) transactions are quite accurate, it is possible to change bank reserves by any given amount; 3) they are reversible, since any mistake can be corrected by a reverse transaction; 4) the market is liquid and the speed of transactions is high, it does not depend on administrative delays.
In the open market, central banks use two main types of transactions: direct transactions and repurchase agreements. Direct transactions mean the purchase and sale of securities with immediate delivery. The buyer becomes the unconditional owner of the securities. Such transactions do not have a maturity date. Interest rates are set at the auction. REPO transactions are carried out on the terms of a repurchase agreement. Direct REPO transactions mean the purchase of securities by the central bank with the obligation of the dealer to buy them back after a certain period of time. When concluding reverse REPO transactions, or paired ones (sometimes they are also called mismatch), the central bank sells securities and assumes the obligation to buy them back from the dealer after a certain period of time. Such transactions are convenient in that the repayment periods may vary.
According to the types of open market operations, they are divided into dynamic and protective ones. Dynamic open market operations are aimed at changing the level of bank reserves and the monetary base. They are of a permanent nature, and direct transactions are used in their implementation. Protective operations are carried out to adjust reserves in case of their unexpected deviations from a given level, i.e., they are aimed at maintaining the stability of the financial system and bank reserves. REPO transactions are used for such transactions. REPO transactions were widely used by the Bank of Russia from 1996 until the financial crisis of 1998. The subject of transactions were GKO and OFZ - PK. The condition for concluding a direct repo deal was the dealer's short position based on the results of trading within the limit set by the Bank of Russia. That is, transactions were concluded only when the dealer's obligations exceeded the amount of funds previously deposited in the trading system. After the crisis, the Bank of Russia allowed inter-dealer REPO - the conclusion of REPO transactions with GKO - OFZ between dealers that meet certain criteria. It was assumed that this would allow the Bank of Russia to reduce the volume money issue through a more rapid redistribution of bank reserves.
The use of open market operations as an instrument of monetary policy depends on the level of development, the institutional environment and the degree of liquidity of the government securities market. After the financial crisis of 1998, the Bank of Russia did not have such an opportunity. Operations are hampered by the absence of government securities in demand in the Central Bank's portfolio. Their renewal will depend on the decision of the Government of the Russian Federation to re-register a sufficient part of the portfolio into securities with market characteristics. Therefore, as an alternative to open market operations, the Bank of Russia began to issue and place its own bonds. At first, this was prevented by legislative restrictions on the volume of securities and taxation. After solving these problems, the issue was resumed. In September 2001, the Bank of Russia held an auction to place two issues on total amount 0.85 billion rubles with terms of 14 and 21 days and a weighted average yield of 9.7% and 10.3%.
As an analogue of operations on the open market, the Bank of Russia also uses foreign exchange interventions. Foreign exchange interventions are the purchase and sale of foreign currency in the domestic market to increase or sterilize the money supply. In principle, the mechanism of foreign exchange interventions is not much different from open market operations - the sale of dollars by the Central Bank reduces bank reserves, the purchase increases. However, the use of this tool is also accompanied by certain effects. Foreign exchange interventions affect the exchange rate of the ruble against the dollar. The sale of dollars by the central bank will lead to an increase in the exchange rate of the ruble, the purchase - to its fall. Thus, the central bank can correct short-term fluctuations in the exchange rate of the national currency. It should be noted that the dynamics of the national currency exchange rate in the long term is determined by factors beyond the control of the central bank, and in this case, its attempts to influence the national currency exchange rate may lead to the depletion of foreign exchange reserves. If the central bank intervenes in foreign exchange to correct short-term fluctuations in the exchange rate, then it loses control over bank reserves and, consequently, over the money supply. Therefore, assuming that transactions in the domestic foreign exchange market will retain the role of an “operational channel for regulating” bank reserves, the Bank of Russia plans, in addition to foreign exchange interventions, to use a more flexible instrument - currency swaps, which allow adjusting the level of liquidity of the foreign exchange market without creating additional pressure on the ruble exchange rate. A swap is a currency transaction of buying and selling a currency on the terms of immediate delivery with a simultaneous reverse forward transaction. By purchasing foreign currency from banks in the form of a swap, the Bank of Russia actually lends to banks.
Bank refinancing is another instrument of monetary policy. When a central bank lends to a bank, that bank's correspondent account with the central bank is credited. The passive part of the central bank's balance sheet is increasing (in the item "funds in accounts with the Bank of Russia"), and the total reserves in the banking system are increasing. At the same time, the assets of the central bank increase by the amount of the loan. Thus, an increase in refinancing increases the amount of borrowed reserves in the banking system, the monetary base and the money supply, while a reduction decreases it.
The central bank can influence the volume of refinancing in two ways: by influencing the value of the interest rate on loans or by affecting the value of loans at a given interest rate using the refinancing policy.
The mechanism for using the interest rate is quite simple: an increase in the refinancing rate means an increase in the cost of central bank loans, so banks will reduce the amount of borrowing from the central bank, a decrease in the rate will lead to more active borrowing and the volume of refinancing will increase. The Bank of Russia may set one or more interest rates for various types of transactions: the refinancing rate, the Lombard rate, the rate for REPO transactions, for overnight loans. The refinancing rate of the Bank of Russia plays the role of the base rate. The Bank of Russia Can carry out an interest rate policy without fixing the interest rate. Then the interest rates for a particular operation are set as a result of the auction.
The refinancing policy affects the volume of lending to banks through the mechanism for issuing loans and involves the determination by the central bank of the goals, forms, conditions and terms of lending. In the early 1990s The main forms of bank refinancing by the Bank of Russia were loans in the form of debit balances on correspondent accounts and centralized loans. The debit balances of correspondent accounts reflect, in principle, the normal need of banks for liquidity, caused by the time gap between payments and the receipt of funds. Nevertheless, debit balances arose automatically and were rightly regarded by the Bank of Russia as an unauthorized use of its resources. Refinancing, in this form, had neither a clearly defined goal nor security. At the same time, the Bank of Russia carried out refinancing in the form of centralized loans. Centralized loans were intended to support a number of sectors of the national economy. They were provided without collateral, at a preferential rate, and were often sent by banks for other purposes. Such loans were of a clear issuance nature. Since the mid 1990s. The Bank of Russia switched to using market mechanisms refinancing. He began to provide Lombard loans placed through auctions, and extended the principle of security to all other types of lending. Currently, the Bank of Russia uses mainly intraday and overnight loans to adjust bank liquidity.
In addition to influencing the monetary base and money supply, refinancing is used as a tool to stabilize the banking system. This is the most effective way to provide additional reserves and, accordingly, liquidity to banks during crisis shocks. In the crisis situation of 1998, the Bank of Russia provided loans to sanator banks that carried out measures to rehabilitate problem banks, loans in support of measures to repay obligations to depositors, loans in support of measures to increase financial stability and stabilization loans. Loans were granted by decision of the board of directors to systemically important banks that experienced serious liquidity problems due to the financial crisis. They were long-term - from 1--2 and 6 months to 1 year. Banks receiving such loans had to meet certain requirements. The Bank of Russia constantly monitored the fulfillment by borrowing banks of lending conditions, including inspections and analysis of the financial condition of the bank, the implementation of the financial recovery plan, the loan repayment and interest payment schedule, as well as the direction of use of the loan. In this capacity, the Bank of Russia acted as a lender of last resort.
One of the traditional forms of refinancing is the rediscounting of bills by the central bank, the meaning of which is that the central bank rediscounts (buys) bills already discounted by banks. The rediscount of bills of exchange has general patterns: 1) bills of exchange must meet certain requirements regarding types, maturities, guarantees, etc.; 2) the volume of accounting credits is limited; 3) the discount rate is announced. The attitude to the rediscount of bills as a form of refinancing is not unambiguous. On the one hand, it is believed that changes in the monetary base due to the rediscount of bills better reflect the needs of the real sector of the economy. On the other hand, the rediscount of bills is considered as an issuing form of refinancing. However, the importance of rediscounting bills is currently decreasing due to the reduction in the use of bills in trade. In Russia, the possibility of refinancing in the form of rediscounting promissory notes was considered. The Central Bank has adopted a corresponding regulation. However, there are a number of factors hindering such operations of the Central Bank. These include, in particular, the underdevelopment of the customs of the bill market, as well as the presence on the market a large number"friendly", "bronze" and counterfeit bills.
As already noted, the volume of refinancing depends on the cost of central bank loans, i.e., the level of the refinancing rate. Nevertheless, the refinancing rate is usually considered not so much as a tool to influence the volume of lending, but rather as an indicator of the intentions of the central bank. By changing the refinancing rate, the central bank announces its intentions regarding monetary policy. The problem is that a change in the refinancing rate can be viewed by financial market analysts in two ways. For example, an increase in the refinancing rate could be interpreted as the central bank's intention to slow inflation, or as an admission of its inability to contain inflation and passively adjust the refinancing rate to rising interest rates. In the latter case, the effect of the rate change will be insignificant.
Analyzing the advantages and disadvantages of the refinancing policy as an instrument of monetary policy, the following should be noted. Refinancing policy has less direct impact on the monetary sector. It is possible to directly determine the required change in loan reserves, but it is not known by how much the refinancing rate needs to be changed in order for banks to apply for loans from the central bank. In addition, the costs for banks to use the refinancing facility are high, firstly because applying for a loan from the central bank may entail a greater degree of supervision and control from the latter, and secondly, because obtaining loans from the central bank can be interpreted by market participants as a sign of bank weakness. Finally, changing the refinancing rate turns out to be an ineffective tool due to the ambiguous impact on financial markets. Table 1 presents the refinancing rates of the Central Bank of the Russian Federation for the period from February 17, 2003 to the present.
The third most powerful and at the same time least used tool of monetary policy is reserve requirements. Central banks have the right to require banks to keep reserves in a certain proportion to deposits. The required reserves ratio is set by the Board of Directors of the Bank of Russia as the amount of required reserves as a percentage of the bank's liabilities. It cannot exceed 20% and cannot be changed by more than five points at a time. The procedure for depositing required reserves with the Bank of Russia is also established by the Board of Directors.
Table 1 - Refinancing rate of the Central Bank of the Russian Federation
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Regulatory document |
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Telegram of the Central Bank of the Russian Federation of October 20, 2006 No. 1734-U |
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Telegram of the Central Bank of the Russian Federation of June 23, 2006 No. 1696-U |
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Telegram of the Central Bank of the Russian Federation of December 23, 2005 No. 1643-U |
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Telegram of the Central Bank of the Russian Federation of June 11, 2004 No. 1443-U |
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Telegram of the Central Bank of the Russian Federation dated January 14, 2004 No. 1372-U |
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Telegram of the Central Bank of the Russian Federation of June 20, 2003 No. 1296-U |
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Telegram of the Central Bank of the Russian Federation of February 14, 2003 No. 1250-U |
The impact of reserve requirements on the monetary sector is different from that of other monetary policy instruments. A change in reserve requirements does not change bank reserves and the monetary base, but it does change the money multiplier. A decrease in the reserve ratio increases the multiplier and, accordingly, the money supply. An increase in the reserve ratio reduces the value of the multiplier and reduces the money supply. At the same time, changes in the reserve ratio may affect the volume of lending to the real sector of the economy. An increase in the required reserve ratio limits the ability of banks to lend to the economy, since it requires holding a larger amount of liquid funds in relation to deposits. Conversely, a decrease in the reserve ratio increases credit opportunities banks and reduces the cost of lending to the economy.
There are some misconceptions about the reasons for mandatory reserve requirements. Compliance with reserve requirements does not, contrary to popular belief, protect banks from bankruptcy. The use of required reserves is carried out only after the revocation of the bank's license and the commencement of bankruptcy proceedings. This fact is all the more evident in the Russian banking system, since, unlike in other countries, banks cannot use part of the required reserves as liquidity. This part is not stored on correspondent accounts, as in Western countries, but on a reserve account with the Bank of Russia. Moreover, in case of violation of the required reserve ratios, the Bank of Russia has the right to write off in an indisputable manner the amount of outstanding funds from the correspondent account of the bank. Therefore, reserve requirements can only partly be considered as a way to ensure the bank's liquidity. The main reason for reserve requirements is the use of this tool to conduct monetary policy. If the central bank keeps reserve requirements constant, then this stabilizes the money multiplier and the central bank can use open market operations with greater accuracy. If the reserve ratio falls, then this can be interpreted as a relinquishment of control over the money supply. An increase in the reserve ratio is also highly undesirable, since it has a powerful effect on the position of banks. Banks are forced to restructure their assets, which destabilizes the situation in the financial markets.
Maintaining the amount of required reserves is not an easy task for banks. The reserves are subject to fluctuations in connection with payments and the inflow and outflow of funds in deposit accounts. In addition, banks tend to keep required reserves to a minimum, as these are non-revenue assets and therefore represent a cost to banks. At the same time, the mechanism for maintaining reserves is important for the effective conduct of monetary policy. Therefore, central banks apply the technique of averaging reserves, that is, they require banks to place reserves at the average level for a certain period. The period for which the required amount of reserves is determined is called the billing period. For Russian banks billing period is 1 month (for US banks - 2 weeks). Banks make the calculation of reserves for the billing period according to the average chronological and once a month, for example, on the first day, they compare the calculated value with the reserved one. If there are not enough funds in the reserves, the bank transfers the missing amount from the correspondent account to the reserve account in the BR. Then comes the storage period, that is, the period during which the established amount of reserves is maintained. For Russian banks, the storage period is the next month. It should be noted that the longer the time interval between the calculation period and the storage period, the less the relationship between the real value of reserves and monetary policy. Therefore, the Bank of Russia has the right and periodically reviews the procedure for depositing required reserves in order to increase the efficiency of using this instrument.
In theory, there are different points of view regarding the need for reserve requirements. The regulation of the reserve ratio has a powerful multiplier effect on the money supply, on the one hand, and on the liquidity of banks, on the other. This explains the rather rare use of this tool. At present, the Bank of Russia has also committed itself not to review the reserve ratio too often and has set the reserve ratio at 10% for all deposits of legal entities and deposits in foreign currency. individuals. For deposits of individuals in rubles, the norm is equal to 7%.
Deposit operations represent the attraction of free funds of banks in term deposits of the Bank of Russia. Deposit operations are referred to as so-called permanent access windows or permanent operations. In principle, standing operations should be understood as a set of short-term operations of the central bank to provide or sterilize liquidity in the money market, carried out at the initiative of banks. Refinancing operations are carried out to provide liquidity. Deposit operations are intended to sterilize free banking liquidity. They are held in two ways: on fixed terms or on auction terms. The Bank of Russia fixes the minimum amount, deposit term and interest rate. Such deposit operations are carried out using the Reuters-dealing system. Deposit auctions are held as an interest-bearing competition for bank bids, with the Bank of Russia setting the maximum initial interest rate. Deposit transactions are concluded only with resident banks in rubles.
An increase in the volume of attracted deposits, unlike, for example, the sale of securities on the open market or reverse REPO operations, does not reduce the monetary base. Such operations have the effect of "tying up" excess reserves of banks, holding back the growth of the money supply. It is believed that deposits are attractive only for banks that do not have other options for managing free reserves. In addition, many banks prefer low-yielding central bank deposits to more profitable but riskier financial instruments. The interest rate on deposits forms the lower limit of rates money market and is the minimum rate in the system of official central bank interest rates.
Deposit operations as an instrument of monetary policy have the same drawback as the policy of refinancing - not quite a direct impact on the monetary sphere. To increase the volume of deposits, it is necessary to raise interest rates. At the same time, the decision on the use of excess reserves remains with the banks. If deposit rates turn out to be higher than market rates, then banks will consider deposits as an alternative to other operations, which will lead to the curtailment of financial markets. Therefore, the use of deposit operations is a necessary measure due to the limited capacity of the Bank of Russia in the open market.
Central banks also have other instruments of monetary policy. In particular, the Bank of Russia has the right to establish direct quantitative restrictions, which in Western practice are called selective control. Direct quantitative restrictions mean the establishment of limits on the refinancing of banks and other credit institutions and the performance of certain banking operations.
Central banks have quite a variety of instruments, with a greater or lesser degree of efficiency, allowing to conduct monetary policy, influencing the monetary sphere of the economy.
2. Analysis and evaluation of the activities of the Central Bank of Russia
2.1 History of creation and status of the Bank of Russia
In the first half of 1990, a National Bank RSFSR, and at the end of the year the Law on the Central Bank of the Russian Federation (Bank of Russia) was adopted, according to which it became the main Bank of the RSFSR, accountable to the Supreme Council of the RSFSR. The Law defined the functions of the Bank in the field of organization monetary circulation, monetary regulation, foreign economic activity and regulation of the activities of joint-stock and cooperative banks. At the same time (in December 1990) the Laws “On the State Bank of the USSR” and “On Banks and Banking Activity” were adopted. It was supposed to create a unified system of central banks based on a common monetary unit (ruble) and performing the functions of a reserve system, which would include the State Bank of the USSR and established at that time on the basis of the republican offices of the bank national banks.
In November 1991, the Supreme Soviet of the RSFSR declared the Central Bank the only body in the country for state monetary and foreign exchange regulation of the economy. Until January 1, 1992, the Central Bank of the Russian Federation was instructed to take into its full economic jurisdiction and management the material and technical base and other resources of the State Bank of the USSR, the network of its institutions, enterprises and organizations. The State Bank of the USSR was abolished on December 20, 1991, and all its assets and liabilities, as well as property on the territory of the Russian Federation, were transferred to the Central Bank of the Russian Federation (Bank of Russia). When the creation of a central bank became apparent, there was a discussion about who should control it. There are three control options based on the form of ownership of the capital of the central bank. Control can be:
state, if the capital of the bank belongs to the state (Bank of England, Bank of France);
joint stock, if the capital of the central bank is owned commercial banks(US Federal Reserve System);
mixed, if there is a joint-stock form of capital with the participation of the state ( National Bank Austria, Bank of Switzerland).
In the Russian Federation, the property of the Bank of Russia is federal property. The Bank of Russia owns, uses and disposes of property, including gold and foreign exchange reserves. Seizure and encumbrance of the property of the Bank of Russia without its consent is not allowed, unless otherwise provided by federal law. The state is not responsible for the obligations of the Bank of Russia, and the Bank of Russia - for the obligations of the state, if they have not assumed such obligations or unless otherwise provided by federal law. The Bank of Russia carries out its expenses at the expense of its own income.
The peculiarity of the organizational and legal form of the Bank of Russia is associated with the dual nature inherent in all central banks. It simultaneously acts as a state body pursuing policy in financial sector, and in the role of the bank - the subject of commercial activity. Moreover, the conduct of politics is associated with transactions in the financial markets. At the same time, the Central Bank has large, in a certain sense, unlimited opportunities for commercial activity and profit, primarily because it is a monopolist in the issuing sphere. In order to control the actions of the bank in the interests of society, the state, as the owner, limits its rights to own, use and dispose of property by the goals of activity, which include the protection and stability of the ruble; development and strengthening of the banking system of the Russian Federation; ensuring the efficient and uninterrupted functioning of the payment system. The Law specifically emphasizes that profit is not the goal of the Bank of Russia. After approval of the annual financial reporting The Bank of Russia transfers to the federal budget 50% of the actual profit received, remaining after taxes.
In practice, it is difficult to separate central bank profit-maximizing operations from financial stabilization operations. For example, speculative operations with open market securities can be thought of as defensive operations in order to correct seasonal fluctuations in the liquidity of the banking system. Therefore, control issues remain a stumbling block of various interests.
general characteristics Institute of the Central Bank economists is reduced to the fact that it is an independent state body. In other words, the central bank is a state body, the structure of which is isolated from the rest government agencies, and, therefore, he has the ability to use his own power independently of other state bodies.
It is believed that the independence of the central bank is a guarantee of the effectiveness of monetary policy aimed at stabilizing prices and the purchasing power of the national monetary unit. In order to fight inflation, the central bank must win the trust of the public and have a reputation as a body that strictly fulfills its obligations. The central bank should be able to make promises independently of the government. Governments tend to be concerned about economic growth. Therefore, if the central bank is an agent of the government or is under its pressure, then monetary policy will be aimed at increasing output and inflation. Empirical studies have shown that in developed countries there is indeed a high correlation between inflation rates and the degree of central bank independence.
Central bank independence should not be understood in an absolute sense. Even with complete formal independence, there is always political pressure on the manager, and it is not always possible to resist such pressure. On the other hand, the issue of independence is a matter of coordinating fiscal and monetary policies. If the government and the central bank had the same goals, and if those goals were what the economy really needed, then coherence would be preferable to independence.
The main principles or criteria for central bank independence include the following:
appointment of management, chairman or governor of the central bank. The degree of independence will be determined by the procedure for appointing the head of the central bank. For example, such options are possible. The manager is appointed by: a) the board of the bank; b) legislature, Parliament; c) executive and legislative power jointly; d) collective executive power (government); e) one - two representatives of the executive power (the chairman of the government and/or the minister of finance). It is easy to see that possible options listed in descending order of central bank independence;
term of office of the manager and members of the board. The longer the term, the more independent the central bank governor. The Chairman of the CBR is appointed by the State Duma for a term of 4 years. In comparison, the chairman of the board of governors of the US Federal Reserve System and its members are appointed by the president with the approval of Congress for 14 years;
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Having listened to the information of the Chairman of the Central Bank of the Russian Federation on the activities of the Central Bank of the Russian Federation (Bank of Russia) on the regulation, control and supervision of financial markets in 2013-2016, the Federation Council of the Federal Assembly of the Russian Federation notes the following.
In difficult macroeconomic and foreign policy conditions associated with the effect of financial sanctions, structural constraints on the Russian economy, and its negative growth rates, the activities of the Bank of Russia ensured the stability of financial markets, the confidence of economic agents in the financial system and the national currency, and a reduction in inflation to 5.4 percent .
Significant results of the work of the Bank of Russia in 2013–2016 were the active introduction of regulatory innovations that meet the requirements Basel Committee on banking supervision, adoption and implementation of the Corporate Governance Code, high activity in clearing market sectors from unscrupulous participants, creation of a modern financial market infrastructure that meets international standards, the launch of the national payment system "Mir", as well as the system for transmitting financial messages of the Bank of Russia.
In addition, a complete reformatting of certain types of activities, such as insurance activity, activities of non-state pension funds and micro financial institutions, actuarial and credit rating agencies. A system of prudential supervision over the activities of non-state pension funds is being created.
The system of combating the legalization of proceeds from crime and the financing of terrorism, as well as the protection of the rights of consumers and investors in relations with financial market participants, is being improved. The availability of financial products and services is increasing, and effective interaction with financial market participants on the development and regulation of the industry is ensured.
Approaches are being formed that determine the transition to proportional regulation in the markets of credit and non-credit financial institutions, as well as additional mechanisms for the financial rehabilitation of credit institutions. The introduction of proportional regulation will allow credit institutions with different amounts of capital to maintain competitive advantages by applying a differentiated approach to their regulation and supervision, commensurate with the risks assumed by credit institutions.
There has been a transition from a structural liquidity deficit in the banking sector to its surplus, which creates favorable conditions for reducing the cost of credit resources in the financial markets.
Satisfying the needs of credit institutions for liquidity, the Bank of Russia successfully conducts operations to provide it, and in the event of an excess of liquidity, operations to absorb it, including ensuring stability in the foreign exchange market when selling large blocks of shares held in state property. At the same time, when “curtailing” permanent instruments for regulating liquidity, it is necessary to continue to maintain emergency channels for its provision in order to promptly prevent significant fluctuations in the level of liquidity, thereby maintaining the stability of the banking system.
Significant easing exchange rate ruble in 2014–2015, the decline in the quality of assets of credit institutions required additional capital raising in the banking system in order to maintain its stability and capital adequacy at a level that meets regulatory requirements. Additional capitalization of the banking system carried out in 2015 at the expense of federal budget more than 800 billion rubles in total ensured the solution of this problem, and also supported lending to business entities.
At the same time, it should be noted that the banking sector has not yet formed an effective mechanism for using the resources of the banking system to increase the investment activity of economic agents.
One of the most actual problems the economy remains affordable lending to the real sector of the economy.
In this regard, structural changes carried out by the Bank of Russia in the monetary policy and regulation of financial markets should be aimed, among other things, at creating conditions for attracting financial resources into the real sector of the economy and increasing the competitiveness of the banking sector, which will ensure long-term economic growth.
This task is reflected in the Guidelines for the Development of the Financial Market of the Russian Federation for 2016–2018, prepared for the first time and approved by the Board of Directors of the Bank of Russia, which are intersectoral in nature and form the vector for the development of the Russian financial market in the medium term.
In order to protect the rights and legitimate interests of citizens, the Bank of Russia needs to strengthen control and supervisory functions in financial market sectors that are of high social importance for mass consumers of financial services: customer credit credit and microfinance organizations, compulsory insurance civil liability owners Vehicle, activities for the return of overdue debts.
Currently, the constituent entities of the Russian Federation attract loans from credit institutions to finance their budget deficits. At the same time, credit institutions provide loans to the constituent entities of the Russian Federation on the same terms as to economic entities, despite the fact that the constituent entities of the Russian Federation are more reliable borrowers, as they have financial support from the federal budget.
The Bank of Russia needs to develop legal and regulatory measures aimed at reducing interest rates on loans provided to the subjects of the Russian Federation by credit institutions. At the same time, it is expedient for the subjects of the Russian Federation to expand the practice of borrowing in the bond market.
In order to maintain trust between economic agents in financial markets, in the implementation of legal regulation, credit ratings assigned according to the national rating scale should be more actively used as basic indicators when assessing the ability of legal entities and public legal entities to fulfill their financial obligations.
In the context of the accelerated development of information and communication technologies in the financial sector, cross-border criminal groups have stepped up their activities, engaged in both direct theft of financial resources and the creation of special software tools that disrupt the functioning of the entire financial infrastructure, which is one of the sources of external threats to the national security of the state.
The Bank of Russia must maintain a high professional level of its employees involved in the implementation of information technologies in the financial sector, and raise system requirements for the level of information security of financial market entities.
Ensuring price and financial stability, the Bank of Russia, together with the Government of the Russian Federation, needs to pursue a coordinated monetary and economic policy that guarantees the stability of the Russian economy and a steady increase in its growth rates, regardless of external restrictions.
In general, supporting the activities of the Bank of Russia in the regulation, control and supervision of financial markets, and also taking into account the need for further improvement and development of the Russian financial market, the Federation Council of the Federal Assembly of the Russian Federation decides:
1. Take note of the information of the Chairman of the Central Bank of the Russian Federation on the activities of the Central Bank of the Russian Federation (Bank of Russia) in relation to the regulation, control and supervision of financial markets in 2013–2016.
take measures, including measures of a regulatory nature, aimed at improving the conditions for attracting loans by the constituent entities of the Russian Federation, including through the expansion of bonded borrowings, lowering interest rates on loans provided by credit institutions to the constituent entities of the Russian Federation;
continue work to identify and suppress illegal schemes for the withdrawal of capital from the Russian Federation;
to continue work on the further development of the national payment system "Mir", providing for measures to increase its accessibility, competitiveness and attractiveness for credit institutions and citizens;
speed up the inclusion of credit rating agencies entered by the Bank of Russia in the register of credit rating agencies whose methodology for carrying out rating activities of this type of credit institutions has been verified by the Bank of Russia for compliance with the requirements stipulated by the Federal Law “On the Activities of Credit Rating Agencies in the Russian Federation, on Amendments to article 76 1 of the Federal Law “On the Central Bank of the Russian Federation (Bank of Russia)” and the invalidation of certain provisions of the legislative acts of the Russian Federation”, in the list of credit rating agencies whose credit ratings of the issuer (issue) of securities are used when making decisions on the inclusion of securities securities to the Lombard List of the Bank of Russia, and are also used as a criterion for inclusion in the Lombard List of the Bank of Russia of securities issued under bond programs, and not individual bond issues;
determine the procedure for disclosing information obtained as a result of the exercise of supervisory functions about a credit institution with its consent;
develop a simplified form for the published reporting of a credit institution, allowing consumers of financial services to make responsible decisions, taking into account financial indicators activities of this credit institution;
prepare proposals for amending the legislation of the Russian Federation on non-state pension funds in terms of vesting the Bank of Russia with additional powers to establish requirements for the procedure for maintaining analytical personalized accounting by non-state pension funds;
determine the requirements for standardization by self-regulatory organizations of the procedure for interaction between non-state pension funds and citizens in terms of the services they provide;
strengthen control over the activities of insurance medical organizations in order to increase the efficiency of their activities.
No. 66477–7 “On Amendments to Certain Legislative Acts of the Russian Federation” (regarding the creation of a multi-level banking system);
No. 66499–7 “On Amendments to Certain Legislative Acts of the Russian Federation” (in connection with the creation of additional mechanisms for the financial rehabilitation of credit institutions);
No. 997129–6 “On Amendments to Article 26 of the Federal Law “On Banks and Banking Activities” and the Federal Law “On audit activity“, having considered the feasibility of transferring regulation and supervision of audit companies who carry out mandatory audit accounting (financial) statements of financial organizations, the Bank of Russia;
No. 47538–6/10 “On Amendments to Parts One and Two of the Civil Code of the Russian Federation and Certain Legislative Acts of the Russian Federation”, providing for the possibility of resolving the assignment of a monetary claim under state (municipal) contracts to a third party;
No. 1108602-6 “On Amending Article 12 of the Federal Law of April 25, 2002 No. 40-FZ “On compulsory insurance civil liability of vehicle owners”, providing for the possibility for the insured person to independently choose a service station, use new spare parts during the restoration repair, as well as a significant increase in the warranty period for the components (parts) used during the repair;
No. 694881-6 “On Amendments to Certain Legislative Acts of the Russian Federation with regard to streamlining the mechanism for providing assistance to citizens for the restoration (acquisition) of property lost as a result of fires, floods and other natural disasters”;
No. 46023–7 “On Amendments to Chapter 23 tax code Russian Federation” (in terms of the definition tax base with respect to income in the form of interest on outstanding bonds Russian organizations);
No. 925980–6 “On Amendments to the Federal Law “On Combating the Unlawful Use of Insider Information and Market Manipulation and on Amendments to Certain Legislative Acts of the Russian Federation” (in terms of clarifying the list of insider information).
amend the relevant regulations legal acts of the Government of the Russian Federation in order to use credit ratings assigned according to the national rating scale by credit rating agencies entered by the Bank of Russia in the register of credit rating agencies, whose methodology for carrying out rating activities of this type of credit institutions has been tested by the Bank of Russia for compliance with the requirements stipulated by the Federal Law “On activities of credit rating agencies in the Russian Federation, on amending Article 76 1 of the Federal Law “On the Central Bank of the Russian Federation (Bank of Russia)” and repealing certain provisions of legislative acts of the Russian Federation”, as the main criterion for selecting or establishing requirements for credit organizations when using their services by state structures, as well as for other purposes of state regulation;
continue the implementation of the assistance program for certain categories of mortgage borrowers housing loans(loans) that found themselves in a difficult financial situation, approved by Decree of the Government of the Russian Federation dated April 20, 2015 No. 373, retaining compensation payments only for mortgage housing loans, obligations for which are denominated in foreign currency, through joint-stock company"Agency for Housing Mortgage Lending";
speed up work on reforming the current pension system, aimed at achieving the principles of its convenience, reliability and profitability, including through the creation of a single pension administrator;
to consider the possibility of participation of credit organizations with different amounts of capital in programs for subsidizing interest rates when lending to agricultural producers.
5. Recommend to the Government of the Russian Federation and Supreme Court of the Russian Federation to consider the possibility of submitting to the State Duma of the Federal Assembly of the Russian Federation a draft federal law aimed at improving criminal legislation in terms of provisions relating to banking sector, providing:
allocation in a separate chapter of the Criminal Code of the Russian Federation of crimes in the field of banking;
introduction of criminal liability of officials of credit institutions for failure to reflect attracted deposits of citizens on the balance sheet of a credit institution;
the introduction of special offenses providing for liability for abuse of power in the banking sector.
6. Recommend to the Government of the Russian Federation, together with the Bank of Russia, to accelerate the implementation of a pilot project for the remote identification of individuals for remote receipt of banking services, while eliminating additional costs for users of banking services.
7. Recommend that government authorities of constituent entities of the Russian Federation intensify their work on obtaining credit ratings according to the national rating scale from credit rating agencies entered by the Bank of Russia in the register of credit rating agencies in order to optimize the cost of servicing the public debt of the corresponding constituent entity of the Russian Federation.
8. The Committee of the Federation Council on the budget and financial markets inform the chamber about the implementation of this resolution during the autumn session of 2017.
9. Control over the implementation of this resolution shall be entrusted to the Federation Council Committee on the Budget and Financial Markets.
10. This resolution comes into force from the date of its adoption.
Chairman
Federation Council
Federal Assembly
Russian Federation
IN AND. MATVIENKO
The emergence of central banks is closely related to the historical development of banking systems. Initially, the concept of "central bank" meant the largest bank, which had extended connections in the banking system. In various countries, the so-called "main bank" has many names, for example, in the United States it is the Federal Reserve System, in China - National Bank. As for the Russian Federation, here the function of the "main bank" is performed by the Central Bank of the Russian Federation (CBR). The principles of organization and activities of the Central Bank of the Russian Federation, its status, tasks, functions, powers are determined by the Constitution of the Russian Federation, the Law on the Central Bank and other federal laws.
The Central Bank of the Russian Federation is under the jurisdiction of the state, being the creditor of the final instance. One of the main functions of the Central Bank of the Russian Federation is to control and supervise the activities of commercial banks, as well as their licensing. Unlike other state authorities, the Bank of Russia is legal entity, which has an authorized capital of 3 billion rubles. An important function of the Central Bank of the Russian Federation is currency regulation and currency control. As part of this function, the Bank of Russia cooperates with by the World Bank, as well as with the banking systems of other states. Also, the Central Bank of the Russian Federation is the issuing center of the country, it issues money into circulation exclusively in cash, it is important to note that the “main bank” of the Russian Federation has a monopoly on the issue.
The Bank of Russia, despite its legal "independence", has a close relationship with the government of the Russian Federation. The government keeps its cash on accounts with the Central Bank, and also develops the monetary policy of the state. In turn, the Bank of Russia participates in the development economic policy Government of the Russian Federation. When considering bills relating directly to financial policy State Chairman of the Central Bank of the Russian Federation has the right to take part in meetings of the State Duma and the Government of the Russian Federation.
The main objectives of the activities of the Bank of the Russian Federation in a market economy are:
1) protection and stability of the ruble;
2) development and strengthening of the banking system of the Russian Federation;
3) ensuring the efficient and uninterrupted functioning of the payment system.
The "new" fourth goal for the Central Bank of the Russian Federation will be the introduction of a three-tier banking system. This was announced at the forum at the end of 2016 "Banks of Russia - XXI century" by the head of the Central Bank of the Russian Federation Elvira Nabiullina. “We believe that the creation of a three-tier banking system should help improve the structure banking business and create opportunities to improve the efficiency and stability of various banks,” said the head of the Central Bank of the Russian Federation. During the implementation of the reform, most of the financial institutions will enter the category of regional ones. The implementation of the three-tier system is planned on January 1, 2018. This reform involves the division between banks into systemically important, universal (in previous editions - federal) and small (previously they were called regional).
The banking system seems to be a mature, fully formed market institution, which, over the 27 years of the formation of the Russian market economy, has mastered a significant potential for independent development. However, this period was accompanied by many crisis situations and phenomena. Such circumstances demanded an urgent and immediate response from the main bank of the country. The main task for the Central Bank of the Russian Federation during the crisis of 2014-2015 was the strengthening Russian currency, by creating a "currency corridor". This method allows you to reduce the risks associated with foreign partners, as well as more accurately predict the economic situation within the country.
In 2016-2017, the Russian economy nevertheless began to stabilize, a package of anti-crisis measures implemented by the Central Bank of the Russian Federation and the Government provided significant support in this. "Revitalization" of the economy is also associated with the expansion of the scale of production and cooperation with new economic partners.
In the banking system of Russia, the Central Bank of the Russian Federation is defined as the main bank of the country and the lender of last resort. The functions of the Central Bank as a lender of last resort are that it is obliged to lend to commercial banks in order to maintain their lending and settlement capacity.
To analyze the activities of the Central Bank of the Russian Federation in modern conditions, it is necessary to analyze individual indicators of the activities of credit institutions over the past three years (Table 1).
Table 1.
Analysis of individual performance indicators of credit institutions for 2014-2016
|
Indicators |
2014, million rubles |
2015, million rubles |
2016, million rubles |
deviation, thousand rubles |
|
Assets: |
||||
|
Loans to non-financial organizations |
28 041 556 |
32 342 684 |
31 437 459 |
3 395 903 |
|
Loans to resident financial institutions (except for credit institutions) |
1 374 713 |
1 512 958 |
2 466 219 |
1 091 506 |
|
Loans to individuals |
11 320 723 |
10 672 952 |
10 794 149 |
526 574 |
|
Unsecured consumer loans(portfolio of homogeneous loans) |
6 465 540 |
5 663 210 |
5 452 942 |
1 012 598 |
|
Capital and financial result: |
||||
|
Capital (own funds) |
7 862 185 |
8 891 204 |
9 235 377 |
1 373 192 |
|
Profit of the current year |
780 722 |
263 694 |
788 429 |
7 707 |
|
Commitments: |
||||
|
Deposits of individuals |
18 087 076 |
21 491 188 |
23 674 252 |
5 587 176 |
|
Loans received from the Bank of Russia |
6 742 866 |
4 931 284 |
2 449 804 |
4 293 062 |
|
Total: |
80 675 381 |
85 769 174 |
86 298 631 |
5 623 250 |
The largest deviation dynamics was caused by such an indicator as loans received from the Bank of Russia (4,293,062 million rubles). This is largely due to the large number of revoked licenses among commercial banks. You can also observe a decrease in lending to individuals (526,574 thousand rubles). The main reason for this decline is the careful selection of potential borrowers; at the moment, not all citizens have a decent reputation in credit institutions. In general, the dynamics of the deviation of individual performance indicators of credit institutions over the past three years amounted to 5,623,250 million rubles, which indicates high level efficiency of the Central Bank.
The main function of the Central Bank of the Russian Federation, as mentioned earlier, is to control the activities of commercial banks, as well as issuing licenses to them.
Recently, there has been a downward trend in the number of unscrupulous banks, which we can see in Figure 1.
Figure 1. The number of licenses revoked by the Central Bank of the Russian Federation in the period from 2012 to 2016
Between 2012 and 2016 the total number of revoked licenses amounted to 340, which indicates the tightening of the requirements of the Central Bank of the Russian Federation for commercial banks. The reason for the sharp increase in revoked licenses in the period from 2013 to 2014. (35 licenses revoked in 2013, 85 in 2014) has become a focus of the new management on questionable transactions, misreporting and increase in poor quality assets.
In the banking system of the Russian Federation, there is such a thing as a backbone bank, the essence of which is determined by the Central Bank of the Russian Federation. The systemic bank is banking institution, whose liabilities are at least 10% of the total liabilities of the entire banking system. In other words, this big banks, which are the leading creditors of individual states and the entire banking system as a whole. They are responsible for almost all the liquidity of the banking sector, and financial crises begin with just such banks.
Each year, the Central Bank of the Russian Federation determines 10 systemically important banks. In 2017, this list did not change, as it has not changed for three recent years. The ten systemically important banks are presented in the following table.
Table 2.
Systemically important banks of the Russian Federation as of March 1, 2017
|
Name of the credit organization |
||
|
JSC UniCredit Bank |
||
|
Bank GPB (JSC) |
||
|
VTB Bank (PJSC) |
||
|
JSC "ALFA-BANK" |
||
|
PJSC Sberbank |
||
|
PJSC Bank FC Otkritie |
||
|
PJSC ROSBANK |
||
|
PJSC Promsvyazbank |
||
|
JSC Raiffeisenbank |
||
|
JSC Rosselkhozbank |
Every year the Central Bank of the Russian Federation publishes the "TOP-100" of reliable banks. The reliability rating of Russian banks includes reporting on property, loans and non-core assets (Net Assets indicator) as of November 2016. It is presented in the following table.
|
Name of the bank |
thousand rubles |
thousand rubles |
Change, % |
|
|
Sberbank of Russia |
||||
|
VTB Bank of Moscow |
||||
|
Gazprombank |
||||
|
FC Otkritie |
||||
|
Rosselkhozbank |
||||
|
Alfa Bank |
||||
|
National Clearing Bank |
||||
|
Credit Bank of Moscow |
||||
|
Promsvyazbank |
According to the above table, the top three banks include Sberbank of Russia, VTB Bank of Moscow, Gazprombank.
Another important function performed by the Central Bank of the Russian Federation is the setting of the refinancing rate.
The refinancing rate is the amount of interest on an annualized basis payable to the Central Bank of Russia for loans granted by the central bank to credit institutions. Since January 1, 2016, the value of the Refinancing Rate has been equated to the value of the key rate set by the Central Bank. When approving the refinancing rate, the Central Bank of the Russian Federation is guided by the level of the following parameters:
The change in the refinancing rate is clearly shown in Table 4.
Table 4
Change in the refinancing rate from 2009 to 2017.
|
Period from which the rate is valid |
Rate, (%) |
Document |
|
Information from the Bank of Russia dated March 24, 2017 |
||
|
09/19/16 - 03/26/17 |
Information from the Bank of Russia dated September 16, 2016 |
|
|
14.06.-18.09.16 |
Information from the Bank of Russia dated 06/10/2016 |
|
|
1.01. – 06/13/16 |
Information from the Bank of Russia dated May 11, 2015 |
|
|
09/14/12 - 12/31/15 |
Bank of Russia Directive No. 2873-U dated September 13, 2012 |
|
|
26.12.11 - 13.09. 12 y. |
Bank of Russia Directive No. 2758-U dated December 23, 2011 |
|
|
3.05.11 - 25.12. 11 y. |
Bank of Russia Directive No. 2618-U dated April 29, 2011 |
|
|
02/28/11 - 05/2/11 |
Bank of Russia Directive No. 2583-U dated February 25, 2011 |
|
|
01.06. 10 - 27.02.11 |
Bank of Russia Directive No. 2450-U dated May 31, 2010 |
|
|
30.03. 10 - 31.05. 10 y. |
Bank of Russia Directive No. 2439-U dated April 29, 2010 |
|
|
03/29/10 - 04/29/10 |
Bank of Russia Directive No. 2415-U dated March 26, 2010 |
|
|
02/24/10 - 03/28/10 |
Bank of Russia Directive No. 2399-U dated February 19, 2010 |
|
|
28.12.09 - 23.02. 10 y. |
Bank of Russia Directive No. 2369-U dated December 25, 2009 |
Not so long ago, on March 24, 2017, the Board of Directors of the Bank of Russia decided to reduce the key rate to 9.75% per annum. The Board of Directors says inflation is decelerating faster than forecast, while inflation expectations continue to decline and economic activity continues to recover. Under these conditions, while maintaining a moderately tight monetary policy, the target inflation rate of 4% will be reached by the end of 2017 and will be maintained further.
Considering the current conditions of the market economy in Russia, we can say that the Central Bank plays a key role, it is a powerful instrument of the state in pursuing a single monetary policy (regulating economic growth rates, mitigating cyclical fluctuations, curbing inflation, achieving a balance in foreign economic relations), while this, without interfering with the operational activities of commercial banks.
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