Financial and legislative structure from the Central Bank, credit and settlement institutions, micro financial institutions, infrastructure and legislative norms in the banking sector.
The banking infrastructure includes settlement systems between different banks, a deposit insurance system, payment systems for settlements bank cards, as well as audit organizations, consulting companies, processing technology providers and firms specializing in educational services in the banking sector.
The foundations of the banking system are laid down in the Civil Code of the Russian Federation and the Constitution of the country. Additional documents - laws on banks, on the Central Bank of Russia, on the national payment system, about deposit insurance, about consumer credit, as well as other regulations.
If we consider the banking system according to the gradation by levels, then at the first and most high level the Central Bank will be located, and on the second - all other elements.
The Central Bank is the main regulatory and supervisory body in the banking sector. It is he who monopolizes the rules for the implementation of any financial transactions for all participants in the banking system of the country.
The prerogative of the Central Bank is also:
The lowest level of the system is all banking and non-banking organizations that provide financial services to clients and other entities economic relations on Russian territory. That is, this includes Russian commercial banks, microfinance companies, as well as representative offices of foreign credit institutions and their branches.
Banks, in turn, can work both independently and as part of banking associations and holdings. Their activities are regulated by legislative level. The commercial orientation of the work of banks does not exclude their division into private and public. The latter do not necessarily belong entirely to the state - half of the state assets plus one share is enough for this.
According to the form of ownership, banks are divided into joint-stock, cooperative and joint. According to the volume of assets - large, medium and small. According to the internal structure - into branchless and with a large number of branches. According to the operations carried out - into specialized and universal.
Separately, systemically important banks are singled out - the largest in terms of assets and customers, and the most influencing the state's economy. Currently there are 4 on this list state bank, 4 private without foreign capital and 3 private owners with foreign capital.
Schemes of work and permitted types of financial activities for representative offices of foreign banks are enshrined in the relevant legislative acts. The Bank of Russia has the authority to impose restrictions on banking operations foreign banks.
Non-bank credit organizations can only carry out certain types of financial transactions that are established by the Central Bank of Russia. Usually these are credit and settlement operations, as well as collection of bills and cash. NPOs are prohibited from conducting cash transactions, as well as from establishing branches. Non-bank institutions are not included in the system compulsory insurance deposits.
Modern banking system Russia was created as a result of reforming the state credit system that developed during the period of a centrally planned economy, the main elements of which were discussed in Ch. 7. Banks in the Russian Federation are created and operate on the basis of the Federal Law of December 2, 1990 No. 395-1 “On Banks and Banking Activity” (as amended on 21. 03. 02) [СЗ RF. 1996. No. 6. Art. 492; 1998. No. 31. Art. 3829; 1999. No. 28. Art. 3459; Art. 3469; 2001. No. 26. Art. 2586; No. 33 (part 1). Art. 3424; 2002. No. 12. Art. 1093.], which defines credit institutions and banks, lists the types of banking operations and transactions, establishes the procedure for the creation, liquidation and regulation of the activities of credit institutions, etc. The current legislation establishes the basic principles of organizing the Russian banking system, which include the following: a two-tier structure, the implementation of banking regulation and supervision by the central bank, the universality of business banks and the commercial orientation of their activities.
The principle of a two-level structure is implemented through a clear legislative separation of the functions of the central bank and all other banks. central bank RF as the top level of the banking system performs the functions of monetary regulation, banking supervision and management of the system of payments and settlements in the country.
He can conduct banking operations necessary to perform these functions only with Russian and foreign credit institutions, as well as with the Government of the Russian Federation, representative and executive bodies of state power, local governments, state extra-budgetary funds, military units. The Bank of Russia does not have the right to carry out banking operations with legal entities that are not credit institutions, and with individuals (except for military personnel and employees of the Bank of Russia). It cannot directly enter the banking market, provide loans directly to enterprises and organizations, and must not compete with commercial banks.
Commercial banks and other credit organizations form the second, lower level of the banking system.. They mediate in settlements, lending and investing, but do not take part in the development and implementation of monetary policy, but are guided in their work by the parameters set by the Bank of Russia money supply, interest rates, inflation rates, etc. In the course of their functioning, these banks must comply with the standards and requirements of the Bank of Russia for the level of capital, the creation of reserves, etc. The administrative-command system was characterized by a single-level banking system, when one bank (Gosbank of the USSR ) determined the volume and structure of the money supply in circulation, i.e., performed the functions of monetary regulation, and carried out lending to the national economy, establishing the procedure and conditions for issuing and repaying loans to enterprises in various industries.
The principle of banking regulation and supervision by the central bank is reflected in the fact that in the Russian Federation the body of banking regulation and supervision is the Central Bank of the Russian Federation. In the majority European countries banking regulation powers were transferred to special banking supervision bodies: the Banking Commission in France, the Federal Office for Control lending activities in Germany, the Financial Services Authority in the UK, etc. The Bank of Russia, as a regulatory body, sets the rules for conducting banking operations, accounting and reporting for credit institutions, risk limits and other prudential norms for banking activities. He also oversees compliance with established norms and rules, conducts inspections of banks and non-bank credit organizations. The Bank of Russia acts as a licensing authority in relation to credit institutions: it issues and revokes licenses for banking operations, registers bank branches on the territory of the Russian Federation, issues permits for opening foreign branches, as well as for participation in the capital of non-resident credit institutions.
Along with the Bank of Russia, other state bodies also regulate the activities of banks as legal entities. Thus, the interaction of banks in the banking services market, the development of competition between them is subject to regulation by the RF Ministry for Antimonopoly Policy and Entrepreneurship Support. The work of banks in the securities market is regulated and controlled Federal Commission on the securities market. In addition, banks, as taxpayers, are subject to the regulatory influence of the Ministry of Finance of the Russian Federation and the Ministry of Taxes and Duties of the Russian Federation, and as agents of currency control, they interact with the State Customs Committee of the Russian Federation and the Ministry of Foreign Economic Relations of the Russian Federation. However, all these departments for the most part do not establish special norms and requirements for banks, but regulate their activities in accordance with general order just like any other legal entity. The regulatory impact of the Bank of Russia is of a special nature, it applies only to banks, which is associated with their exclusive role in the economy and the need to ensure stable operation for the functioning of the payment system, as well as the safety of savings and cash reserves.
The principle of universality of Russian banks means that all banks operating in the territory of the Russian Federation have universal functionality, in other words, they have the right to carry out all operations provided for by law and banking licenses - short-term commercial and long-term investment. The legislation does not reflect the specialization of banks by the types of their operations.
The universal status of banks makes it possible to reduce risks through the diversification of services, provides comprehensive services to enterprises, and takes into account the specifics of each group of clients to the maximum when developing new banking products. At the same time, the universal status of banks is fraught with danger in the form of conservation of the inefficient structure of banking products, since it creates the opportunity to compensate for the low profitability of some services with the high profitability of others. Execution by one bank of commercial and investment services exacerbates the so-called "conflict of interest" between him and clients, which increases the value of systems internal control in such banks. However, it is now recognized that the universal status of banks meets the basic needs Russian economy and provides favorable conditions for the development of the banking system, adequate to the needs of economic growth.
The principle of the commercial orientation of second-tier banks is expressed in the fact that, according to the legislation, the main goal of the activities of banks and credit organizations in the Russian Federation is to make a profit. In ch. 6 it was shown that in many countries, along with commercial ones, there are also non-profit credit organizations (for example, cooperative banks), which do not set profit as their goal, but are created to meet the needs of their participants in financial services Oh.
Credit and investment intermediation can also be carried out by state-owned banks, whose main goal is not to make a profit. In the Russian Federation, the Law "On Banks and Banking Activities" allows the creation of credit organizations and banks only as commercial organizations operating solely for profit.
The modern banking system of Russia includes the Bank of Russia, credit institutions, branches and representative offices of foreign banks. It should be noted once again that the legislation narrowly interprets the concept of a credit organization, understanding it as a legal entity that, in order to make a profit as the main goal of its activity, on the basis of a special permit (license) of the Central Bank of the Russian Federation, has the right to carry out banking operations provided for by law.
All credit institutions licensed by the Bank of Russia are included in the banking system of the Russian Federation. At the same time, as already noted in Chap. 7, according to the Law "On Banks and Banking Activities" in the Russian Federation, it is possible to create two types of credit organizations: banks and non-bank credit organizations. In turn, the latter can be of three types: settlement, deposit-credit and non-bank credit collection organizations.
Thus, at present, there are practically two groups of credit organizations in the Russian Federation: those included in the banking system, which, based on the content of their activities, can be called banks with a limited range of operations, and those not included in the banking system (credit cooperatives, credit unions, pawnshops, factoring, leasing firms, etc.). The second group of credit organizations is sometimes called parabanking (similar to banking).
Bank according to Russian legislation- is a credit institution that has the exclusive right in the aggregate to carry out the following banking operations:
In accordance with the principle of universality, all Russian banks can develop as universal ones. Despite the fact that some banks have adopted the names “innovation bank”, “mortgage bank”, “agricultural bank”, “municipal bank”, all of them are currently subject to the same norms of banking legislation. The Bank of Russia imposes the same requirements on them, for all of them there are uniform standards governing their activities (with the exception of Sberbank of Russia). Universal status does not exclude the possibility of voluntary specialization of banks in certain operations or activities. Voluntary specialization assumes that the banks themselves and their founders bear full responsibility for decisions on the choice of business areas. It should be noted that municipal banks in Russia, as a rule, are called banks, in the capital of which either the executive bodies of the constituent entities of the Russian Federation or local authorities participate. However, unlike foreign municipal (communal, city) banks, all Russian banks, even if their capital is formed from the property and funds of the budgets of the constituent entities of the Russian Federation or local budgets, operate on the principles of limited liability companies (joint stock companies), and local authorities do not additional responsibility and additional obligations in relation to these banks do not accept. In other words, all so-called municipal banks operate as banks, the main purpose of which is to make a profit, and not to provide financial support for socially significant projects.
Banking groups. The peculiarity of the modern Russian banking system lies in the predominance of small and medium-sized banks in it, while the main sectors of the national economy are still dominated by large enterprises that require large amounts of external financing. One of the possible ways to overcome the contradiction between the structures of the banking system and the real sector of the economy is the creation of banking groups and banking holdings, which is provided for by the current legislation.
banking group- this is an association of credit institutions that is not a legal entity, in which one (parent) of them exercises, directly or indirectly (through a third party), a significant influence on decisions made by the management bodies of other credit institutions.
Bank holding- this is an association of legal entities with the participation of credit institutions, which is not a legal entity, in which a legal entity (the parent organization of a banking holding), which does not represent a credit institution, has the ability to directly or indirectly (through a third party) significantly influence decisions taken by the credit institution's management bodies organizations.
A commercial organization acting as the head organization of a bank holding company, in order to manage the activities of credit institutions included in the holding, may create a management company of the bank holding company in the form of a business company, the main activity of which is to manage the activities of credit institutions included in the bank holding. The parent business organization must be able to determine decisions management company bank holding on issues within the competence of the meeting of its founders, including its reorganization and liquidation.
The opportunity to have a significant impact on the activities of other credit institutions may arise: firstly, due to the predominant participation of the parent organization in the authorized capital of other credit institutions; secondly, by virtue of an agreement between members of a banking group or a banking holding, which establishes the right of the parent organization to determine the decisions of other credit institutions.
Their parent organizations must notify the Bank of Russia of the creation of banking groups and banking holdings. Since, according to the current legislation [Art. 32 of the Law "On Banks and Banking Activities".] credit institutions are prohibited from entering into agreements and performing concerted actions aimed at monopolizing the banking services market and restricting competition in banking, then the acquisition of shares (stakes) in credit institutions, as well as the conclusion of agreements providing for the implementation control over their activities, should not be contrary to antitrust rules. The Bank of Russia monitors compliance with the latter together with the RF Ministry for Antimonopoly Policy and Entrepreneurship.
Banking Associations. Credit organizations that are part of the banking system may create unions and associations that do not provide for the purpose of making a profit. Their activities are aimed at protecting the interests of member organizations and coordinating their efforts in various areas. Unions and associations of credit institutions are prohibited from carrying out banking operations. In Russia, the largest association is the Association of Russian Banks (ARB). As of January 1, 2000, it had 683 members, including 567 credit institutions, which accounted for 42% of the total number of credit institutions in the Russian Federation. Banks - members of the ARB operate in all economic regions of Russia. The Association unites 75% of banks and their branches in our country, which own about 70% of the registered authorized capital of existing credit institutions and over 80% of all assets of the Russian banking system [Money and credit. 2000. No. 2. S. 12.].
Association of Russian Banks represents the positions of its members in legislative, executive and judicial bodies, as well as in the Bank of Russia, defends their interests, provides a variety of services, and takes a direct part in solving their problems. It organizes the training of banking specialists in various regions of Russia, using regional training and business centers for this. ARB is a founder and takes an active part in the activities of a number of other centers for vocational education and training. It actively develops contacts with international and national banking and business associations, financial and foreign trade organizations.
The information capabilities of the ARB make it possible to provide detailed and high-quality information to its members when they are looking for partner banks, choosing audit firms, and expanding international cooperation. The ARB has its own press organ, Bulletin of the Association of Russian Banks, which is published twice a month and contains a variety of information on the situation in the Russian banking sector.
Along with the ARB, there are 16 territorial banking unions (associations) in the Russian Federation that represent the interests of credit institutions at the regional level and cooperate with the ARB in their activities. The heads of regional banking unions take part in the preparation of proposals for protecting the interests of regional banks, the development of legislative and regulatory acts at the federal and regional levels.
As an example, consider the activities of the Association of Banks of the North-West of Russia. This Association is a non-governmental non-profit organization that unites banks, non-bank credit institutions and other organizations whose activities are related to the functioning of the credit system of the Russian Federation. Currently, 45 organizations are members of the Association. It mainly consists of St. Petersburg banks, including two banks with 100% foreign participation, and banks from other cities with branches in St. Petersburg. Members of the Association are also several organizations that are closely related by the nature of their activities with the banking business. The main goals of the Association are to protect the rights and legitimate interests of its members, to provide assistance to them, to promote the development and strengthening of the financial and credit system of St. Petersburg and the North-West region of Russia.
In order to achieve its goals, the Association performs the following functions: develops and sends proposals to the authorities and administration, as well as to the Bank of Russia and the ARB, on the implementation of the regional monetary policy, regulation of the activities of credit institutions; provides its members with legal, organizational, advisory and other assistance in specific situations, participates in the resolution of property and other disputes between credit institutions at their request; informs credit institutions about decisions of authorities and administration, tax authorities and the Bank of Russia, decisions taken by courts, arbitration and arbitration courts on disputes related to the activities of credit institutions; participates in the organization of conferences, symposiums, seminars, exhibitions on topical issues of monetary policy and banking activities and participates in their conduct; cooperates with Russian and foreign unions, associations and other associations of credit organizations, financiers and commodity producers; contributes to the improvement of the professional level of managers and specialists of credit institutions; organizes and carries out information and publishing activities, informs the public about the situation of the monetary system of the North-West region; publishes the Bulletin of the Association of Banks of the North-West of Russia with various appendices, highlights in it and in the media mass media work experience financial and credit organizations region.
Over the past 12 years since its inception, the Association has become a real economic and political force that has a significant impact on the socio-economic development of the region, and primarily the banking sector and financial markets of St. Petersburg. The result of the activities of the Association was the development of the "Code of Banking", which is signed by the majority of banks - members of the Association. Its adoption is the most important step towards strengthening the confidence of customers in the activities of commercial banks in the city. The Association, together with the Administration of St. Petersburg and a number of commercial banks of the city, is the founder of the only St. Petersburg Fund in Russia for ensuring the safety of deposits and deposits of citizens in commercial banks and actively participates in the development and implementation of programs for its development.
Agency for the Restructuring of Credit Organizations (ARKO). The characterization of the modern structure of the banking system of the Russian Federation will not be complete, if you do not name ARCO, whose place in the banking system does not have a clear legislative definition. It was created in January 1999 to implement the developed program for the restructuring of the banking system. Initially, ARCO was established as a non-banking credit organization "Agency for the Restructuring of Credit Organizations" (NCO "ARCO"), the purpose of which was primarily to overcome the crisis of the banking system, restore its ability to fully ensure the performance of its basic functions. In connection with the entry into force of the Federal Law of July 8, 1999 No. 144-FZ “On the Restructuring of Credit Institutions” (as amended on 21. 03. 02) [SZ RF. 1999. No. 28. Art. 3477; 2002. No. 12. Art. 1093.] in July 1999 NPO ARKO was transformed into the State Corporation Agency for the Restructuring of Credit Institutions, the legal status, functions and powers of which are also determined by the Federal Law of January 12, 1996 No. organizations” (as amended on 28. 12. 02) [SZ RF. 1996. No. 3. Art. 145; 1998. No. 48. Art. 5849; 1999. No. 28. Art. 3473; 2002. No. 12. Art. 1093; No. 52 (part 1). Art. 5141.]. This Law clearly defined the powers to restructure the banking system of the Bank of Russia and the State Corporation "Agency for the Restructuring of Credit Organizations", as well as the conditions and procedures for interaction between the Bank of Russia and ARCO. The latter has the right to carry out the following operations and transactions in relation to credit institutions when carrying out measures for their restructuring:
Operations and transactions of ARCO may be carried out in rubles and foreign currencies. The supreme governing body of ARCO is the Board of Directors, which includes 13 members: 7 representatives of the Government of the Russian Federation, 5 representatives of the Bank of Russia and CEO(member of the Board of Directors ex officio). The sources of financing for the activities of ARCO are the authorized capital and own funds, funds from budgets of various levels, loans from the Bank of Russia, funds from international financial organizations, profits from ARCO itself, etc.
One of the important activities of ARCO is work with assets acquired from credit institutions or transferred to them for management. It acquires assets, including in the form of property complexes, participates in the conclusion of asset purchase and sale transactions as an intermediary, and organizes trading platforms for this. Assets are acquired both from credit institutions managed by ARCO and from other operating and liquidating credit institutions. The purpose of acquiring assets from credit institutions managed by ARCO is to restructure the credit institution in accordance with the agreed plan. The acquisition of assets from other credit institutions is carried out at their market value, which ensures the formation of a market for troubled, low-liquid banking assets.
Roszagranbanki are receivers of foreign banks that were transferred to the balance sheet of the Bank of Russia in accordance with the Decree of the Presidium of the Supreme Council of the Russian Federation of February 10, 1992 No. 2326-1 "On measures to stabilize the financial position of foreign banks with the participation of the capital of the former USSR" [VSND and the Supreme Council of the Russian Federation . 1992. No. 8. Art. 377]. At the same time, the Bank of Russia was allowed to accept shares of foreign banks on its balance sheet and was instructed to carry out operational management of them, make decisions on their preservation, support, reorganization or liquidation. The Bank of Russia was also given the right to review the composition of shareholders of foreign banks. After the collapse of the USSR, Soviet foreign banks found themselves on the verge of ruin due to the fact that they stopped providing them with centralized resources for refinancing loans received from Western countries. In order to prevent bankruptcy and liquidation of Russian foreign banks, the Bank of Russia, together with Vnesheconombank, provided them with a number of rehabilitation loans in various forms. The Bank of Russia also significantly increased its participation in the share capital of Russian foreign banks. Thanks to the measures taken, their network was preserved, but at present they no longer perform the functions for which they were once created.
According to the Strategy for the Development of the Banking Sector of the Russian Federation, the Bank of Russia must withdraw from the shareholders of Russian foreign banks, for which the relevant legislation must be amended.
The largest bank, the controlling stake of which is directly owned by the Government of the Russian Federation, is Vneshtorgbank. Until 2002, the Bank of Russia was the controlling shareholder of this bank, which in 1999 acquired additional ordinary shares of this bank. They were issued by decision of the shareholders to restore its solvency after the 1998 crisis. As a result, the share of the Bank of Russia in the equity capital of Vneshtorgbank increased to 99.9% and amounted to 22.3 billion rubles, or 61.8% of the Bank of Russia's investments in shares Russian and foreign banks [According to annual report Bank of Russia for 1999].
The Bank for Foreign Trade of the Russian Federation (Vneshtorgbank) was established in 1990 and is currently one of the leading banks in the country. Its authorized capital is 42.1 billion rubles. Currently, the Government of the Russian Federation is the largest shareholder of Vneshtorgbank with a share of 99.9%. Its other shareholders are VEP Gazexport, Sberbank, CJSC Energomashexport, OJSC Ingosstrakh, the Chamber of Commerce and Industry of the Russian Federation. As of January 1, 2003, Vneshtrogbank's own funds amounted to 58.7 billion rubles, and net assets - 179.4 billion rubles. Net profit in 2002 amounted to 9.3 billion rubles. In the list of the 1000 largest banks in the world by capital for 2001, published in the authoritative magazine "The Banker", Vneshtorgbank took 174th place - the highest among the banks of Central and Eastern Europe.
Vneshtorgbank is one of the leading creditors of the Russian economy; as of January 1, 2003, its credit investments in the non-financial sector amounted to 75.8 billion rubles. largest specific gravity occupy credit investments in enterprises of the fuel and energy complex, engineering and trade, including foreign trade. Vneshtorgbank has the highest solvency rating for Russian banks from international rating agencies. Russian rating agencies traditionally include it in the highest reliability group.
Vneshtorgbank has one of the most extensive correspondent networks among Russian banks - more than 1,400 correspondent banks, including more than 1,000 abroad, including the CIS. As of January 1, 2003, Vneshtorgbank had 42 branches and 56 additional offices. Abroad, it is represented by 4 subsidiary banks: in Zurich (Switzerland), Limassol (Cyprus), Vienna (Austria) and Luxembourg, as well as an associated bank in Frankfurt am Main (Germany), representative offices in Milan (Italy), Beijing (China) and Kyiv (Ukraine).
In countries in transition to market economy, including in Russia, banks with state participation play a stabilizing role, ensuring the maintenance of confidence in the banking system and lending to the real sector in the face of uncertainty and high financial risks. But for banks with state participation to effectively fulfill their stabilizing role, the state must clearly define the goals and priorities of its participation in the banking system. The absence of specific tasks that these banks must solve within the framework of the ongoing state economic policy at the present time is the main problem of Russian banks with state participation. In addition, there are no clear procedures for monitoring the activities of the latter by the state itself, as well as the effectiveness of the work of state representatives in their governing bodies. The activities of banks with state participation will be effective only if their formation is determined by the presence of clearly defined tasks of a general economic or sectoral nature, which, for one reason or another, cannot be solved by banks operating on commercial basis. Rosselkhozbank can serve as an example of the creation by the state of a bank with clearly defined goals.
Creation concept Rosselkhozbank was approved at the end of December 1999. Its formation is divided into two stages. Initially, Rosselkhozbank should function as a wholesale bank, i.e. lend to borrowers through authorized banks, part of the assets of SBS-Agro was transferred to it, namely loans provided to borrowers from the fund concessional lending. Then it is envisaged to create Rosselkhozbank's own branch network and complete the formation of its authorized capital. The bank was established in the form of an open joint stock company, its founder is ARKO, which in 2000 paid in full the authorized capital in the amount of 375 million rubles, which served as the basis for issuing a banking license to Russian Agricultural Bank. In the future, 51% of the shares of Rosselkhozbank will be redeemed by the Government of the Russian Federation, and the rest - by regional administrations and other shareholders [Russia. Economic and financial situation. Ed. Bank of Russia. 2000. June. S. 38.].
Banks with foreign participation- these are banks, in the authorized capital of which a certain share belongs to non-residents - legal entities and individuals. In this group, banks controlled by foreign capital are especially singled out, that is, those whose controlling stake is owned by non-residents. As of January 1, 2003, there were 129 credit institutions operating in Russia with foreign participation in the authorized capital, of which only 38 were controlled by foreign capital. At the same time, in 28 credit institutions 100% of the authorized capital belonged to non-residents and in 10 - the share of foreign capital exceeded 50% [Russia. Economic and financial situation. Ed. Bank of Russia. 2003 Feb. S. 58.]. The main activities of credit institutions controlled by foreign capital are:
Banks with predominant participation of foreign capital, as a rule, are subsidiaries of well-known foreign banks. The latter, through the establishment of subsidiary banks, accompany their global clients entering the Russian market.
Subsidiary banks receive resources mainly from parent banks, but may also resort to borrowing in international financial markets. Despite the absence of restrictions on attracting deposits individuals, foreign banks are very cautiously entering the Russian market of private deposits. This is due to the high political risks and the high probability of a "panic of investors".
The presence on the Russian banking market of banks controlled by foreign capital helps to attract foreign direct investment in the country's economy, and the expansion of their activities serves as an indirect confirmation of the improvement in the investment climate. Foreign banks use new financial technologies, modern banking products, the latest information systems, which is extremely important for improving the Russian banking system. They are distinguished by high business standards and qualified management. Concern about their own reputation keeps these banks from cooperating with the shadow sector. In this regard, the inflow of foreign capital with a solid reputation is considered by the Bank of Russia and the Government of the Russian Federation as a potential important factor development of the banking sector of the country, contributing to the formation competitive market banking services. In the medium term, it is not envisaged to impose restrictions on the participation of foreign capital in the banking sector. In other words, the quota for the participation of foreign capital in the banking system of Russia, the possibility of introducing which is provided for by the Law "On Banks and Banking" to the total authorized capital of credit institutions registered in the territory of the Russian Federation.] will not be established in the coming years.
At the same time, it should be borne in mind that the increased activity on the Russian market of those foreign banks backed by financial institutions with a dubious reputation is fraught with a potential threat to the stability of the banking system. In this regard, the permissive principle of admission of foreign capital to the Russian banking sector is currently in force, according to which a credit institution is required to obtain prior permission from the Bank of Russia to increase its authorized capital at the expense of non-residents and alienate its shares in favor of the latter.
After the August 1998 crisis, there was a trend towards an expansion of the presence of foreign capital in the Russian banking sector. The volume of foreign investment in the authorized capital of Russian banks (in dollar terms) increased in 1999 by more than 2.7 times. The share of participation of non-residents in the total registered authorized capital of operating credit institutions as of April 1, 2000 amounted to 9.65%[Money and credit. 2000. No. 6. P. 10.], which was due both to an increase in the volume of investments by non-residents in the authorized capital of Russian banks, and a sharp reduction in capital.
At present, the share of non-residents in the total registered authorized capital of Russian credit institutions is low, for example, as of October 1, 2002, it amounted to 5.18% [Russia. Economic and financial situation. Ed. Bank of Russia. 2002 Dec. P. 29.], but there is a tendency of its growth. In the near future, the Bank of Russia, together with the Government of the Russian Federation, intends to develop measures to facilitate the expansion of the activities of banks with the participation of foreign capital, including measures for the free repatriation of profits. In order to attract foreign investment in the Russian banking system, legislative support for the rights of investors should be improved, favorable tax conditions for foreign investment should be created, non-commercial risks reduced, and the transition to international accounting standards should be accelerated.
According to organizational forms, banks are distinguished, created as limited liability companies, and joint-stock banks.
Bank in the form of a limited liability company (LLC)- this is a bank established by one or more persons, the authorized capital of which is divided according to the constituent documents into shares of a certain size. The participants of such a bank are not liable for its obligations and bear the risk of losses associated with the activities of the bank within the value of their deposits. Members who have made contributions not in full shall be jointly and severally liable for the obligations of the bank within the value of the unpaid part of the contribution of each of the participants. A bank created in the form of an LLC may have a single founder, but it does not have the right to be another business entity consisting of one person. The number of participants in a bank in the form of an LLC should not exceed 50. If it exceeds the limit established by law, it should be transformed into an open joint stock company. If this requirement is not met, the bank is subject to liquidation in court.
A bank participant in the form of an LLC has the right to sell or otherwise assign its share (or part thereof) in the authorized capital to one or several other bank participants. The possibility of alienating a participant's share to third parties should be specifically stipulated in the bank's charter.
A participant in such a bank has the right to withdraw from the bank at any time, regardless of the consent of its other members, with the exception of the founders, who do not have the right to withdraw from the membership during the first three years from the date of registration of the bank. The latter is obliged to pay to its participant who submitted an application for withdrawal from it, the actual value of his share within six months from the end of the financial year during which the application for withdrawal was submitted, unless a shorter period is provided for by the charter of the bank. The actual value of the share of the departing participant is determined on the basis of the bank's financial statements for that year and is paid out of the difference between the value of the bank's net assets and the size of its authorized capital. If this amount is not enough to pay the share, the bank is obliged to reduce its authorized capital by the missing amount. If, according to the charter, a share cannot be alienated to third parties, and other participants in the bank refuse to acquire it, the bank is obliged to pay the participant the actual value of his share or to give property in kind corresponding to this value.
This situation contains a potential threat to the financial stability of the bank, since the payment to the participant of the actual value of his share leads to a decrease in the bank's own capital, and, consequently, to an increase in the risk of insolvency. In this regard, the predominant form of creating banks in the Russian Federation is the joint-stock form. However, during the period of mass creation of banks in 1991 - 1995. The main organizational and legal form of Russian banks was the form of a limited liability company (partnership). Currently, among the operating banks, approximately 40% are banks in the form of LLC and 60% in the form of a joint-stock company.
joint stock bank- this is a bank, the authorized capital of which is divided into a certain number of shares, certifying the obligations of its participants (shareholders) in relation to this bank. Shareholders are not liable for the obligations of the latter and bear the risk of losses associated with its activities, within the value of their shares. Shareholders who have not fully paid for the shares shall be jointly and severally liable for the bank's obligations to the extent of the unpaid portion of the value of their shares.
A joint-stock bank, like any other joint-stock company, is liable for its obligations with all its property. But he is not responsible for the obligations of his shareholders.
A joint stock bank may be open or closed. joint stock company, which is reflected in its charter and company name.
Shareholders of a bank of an open joint stock company (OJSC) may alienate their shares without the consent of other shareholders. Such a bank has the right to conduct an open subscription for shares issued by it and to carry out their free sale. He may also conduct a closed subscription, if this is not prohibited by his charter or the requirement of legal acts of the Russian Federation. The number of shareholders of such a bank is not limited.
A bank whose shares are distributed only among its founders or other previously defined group of persons is recognized as a closed joint stock company (CJSC). Such a bank is not entitled to conduct an open subscription for shares issued by it or otherwise offer them to an unlimited circle of persons. The number of shareholders of a bank of a closed company should not exceed 50. If it exceeds this limit, then the bank must be transformed into an open company within one year. Otherwise, it is subject to liquidation in court.
New opportunities for diversifying the structure of the banking system are opened up by such an organizational and legal form of banks, permitted by Russian banking legislation, as additional liability companies (ALCs). A company established by one or more persons, the authorized capital of which is divided into shares, the size of which is determined by the constituent documents, is recognized as such.
Members of an ALC jointly and severally bear subsidiary liability for its obligations with their property in the same multiple for all to the value of their contributions, determined by the constituent documents of the company. In case of bankruptcy of one of the participants, its liability for the obligations of the company is distributed among the other members in proportion to their contributions (unless a different procedure for the distribution of responsibility is provided for by the constituent documents of the company).
World experience shows that the form of an additional liability company is typical for such credit organizations as mutual credit societies, mutual savings, cooperative banks, etc. In the Russian Federation, banks in the form of additional liability companies do not currently exist.
Branches and representative offices of banks. In the Russian Federation, all banks and other credit organizations have the right to open separate subdivisions - branches and representative offices, information about which must be contained in their charter. Branches and representative offices of a credit organization are not legal entities. They carry out their activities on the basis of the regulations approved by the credit institution that created them, and are considered open from the moment the Bank of Russia is notified.
A branch of a credit institution is its separate subdivision located outside the location of the credit institution and carrying out on its behalf all or part of the banking operations stipulated by the license of the Bank of Russia issued to the credit institution. The representative office of a credit institution is its separate subdivision, located outside the location of the credit institution, representing its interests and protecting them. The representative office does not have the right to carry out banking operations. It is created to ensure the representative functions of the bank, transactions and other legal actions. It is not engaged in cash and credit services for customers and does not have a correspondent sub-account. To carry out business expenses, a current account is opened for him.
As of January 1, 1999, Russian credit institutions had 4,453 branches and 183 representative offices in the Russian Federation. By January 1, 2000, the number of branches decreased to 3923. During the same period, the branch network of Sberbank decreased from 1852 to 1689 branches. In 2000 - 2001 the process of reducing the branch network of Russian credit institutions continued. As of January 1, 2002, only 3,433 branches of credit institutions were operating in the Russian Federation, including 1,233 branches of Sberbank. As of December 1, 2002, the branch network of banks was reduced to 3331 [Russia. Economic and financial situation. Ed. Bank of Russia. 2002 Dec. S. 48.]. The number of representative offices of Russian banks in Russia by the end of 2002 amounted to 158.
A credit institution (branch) may also open internal structural subdivisions outside the location of the parent organization and branch: additional offices, operating cash desks outside the cash desk, exchange offices.
With the permission of the Bank of Russia, credit institutions may establish branches and establish subsidiaries on the territory of a foreign state. To open foreign representative offices, you only need to notify the Bank of Russia. In 2002, only 4 branches of Russian credit institutions operated in foreign countries. By the end of 2002, the number of representative offices of Russian credit organizations in the far abroad reached 29, in the CIS and Baltic countries - 15 [Ibid. S. 29.].
Results of transformations. Analyzing more than ten years of formation and development of domestic banks, which are at the epicenter of the domestic economy and are an integral part of economic complex our country, there are several main points. First, there has been a change in the role of banks in the country's economy. Secondly, the legal space for the activities of credit institutions was created. Thirdly, the integration of the Russian banking system into the global financial market has begun. Fourthly, commercial banks and the system as a whole have accumulated some experience in overcoming crisis situations and realized the need for restructuring.
Transformation of the socio-economic environment in the late 1980s - early 1990s contributed to the growth of the prestige of banking, a fundamental change in the functions and tasks of credit institutions, the emergence of new problems and prospects. Nevertheless, during this period, the banking system has experienced several crises. Their main reason was internal system problems, among which it should be noted: a low level of capitalization, insufficient for the organization of a full-fledged credit service industry, agriculture and other sectors of the economy; focus on current tasks, lack of a long-term strategy; the arrival of a significant number of untrained workers as a result of low requirements for the professional qualifications of bank personnel, which had a negative impact on the quality of banks' work and the stability of the system as a whole; unjustified growth of personnel in the banking sector due to the high level of wages. So, in the early 1990s. there were 20-30 clients for each employee of a domestic bank, while in Western banks- from 100 to 300.
These problems led to the following shortcomings in banking: during the entire period of radical reforms, the main function was practically not performed - the transformation of savings into investments; there was a separation from the real economy caused by basic deformations of the economic system; the extremely limited scale of short-term loans remained and there were virtually no long-term loans to the real sector of the economy; For a long time, the largest volume in banking assets was occupied by investments in government securities and foreign currency; there was no interbank credit market; dominated by the methods of the old management, associated with a low level of professionalism of the top management of banks, etc.
At the same time, it should be noted that the state of the Russian banking sector reflects the general state of the economy, financial sphere, systems of taxation and legal regulation . Therefore, another group of reasons that led to a sharp aggravation of the situation in the banking system, along with intra-banking difficulties, is directly related to the market transformations themselves. Their lack of validity and inconsistency, together with the problems accumulated over the previous years, caused political destabilization, the collapse of the economy, a budget deficit, depreciation of banking assets and personal savings of the population. By the end of the 1990s. the volume of industrial production decreased by 58%, GDP decreased by more than 40%, even the simple reproduction of fixed production assets stopped. The economy turned out to be "deployed" from the real sector (11). Among the most significant factors that caused the crisis are the advantage of extensive development of the economy without a significant increase in the technical level of production and product quality; steady involvement of natural and raw materials in the national economic turnover, increased disproportions in the main factors of production, the growth of capital-intensive industries, an increase in the material and energy intensity of production with a simultaneous decrease in labor productivity, a fall in world prices for energy resources, a gradual reduction in sources of accumulation for expanded reproduction; deepening of inter-level inconsistency of managerial influences, etc.
In addition, the course of market reforms is significantly affected by the peculiarities of the Russian economy, determined by subjective and objective factors. These are, first of all, the gigantic scale of the territory, the high level of monopolization of production, the sectoral system of management and social division of labor, the deep structural and material and financial disproportionality of the economy, the low standard of living of the population, etc. All this complicates and slows down the transition to market relations, makes it unacceptable to use in pure form of the concepts of building a market economy existing in the West and foreign experience.
Tasks of the new stage. The current stage of market transformations of the Russian economy can still be called transitional. It is characterized by the insufficient development of a number of important markets and market institutions, the relevant legal and information support, weak integration in industry, unavailability of loans for enterprises in the real sector both in terms of rates and terms, high inflation rates, continued capital flight from the country, etc. The need to form a rational economic structure requires further transformation. They should be aimed at strengthening the institutional foundation, supporting priority industries and life support systems for the population, developing the financial sector, and widely introducing modern management and information technologies in banking, insurance, investment and other structures.
At the same time, it is important to consolidate the emerging positive trends by concentrating resources and selectively supporting structural changes by the state.
The progressive technical backwardness of Russia by the beginning of the XXI century. poses a real threat. According to the Center for Economic Conjuncture under the Government of the Russian Federation in 2001, the degree of depreciation of the active part of fixed assets exceeded average(15 years) and amounted to: in the chemical and petrochemical industry - about 80%, in mechanical engineering, oil refining, production of building materials - more than 70% (4, p. 3 - 12).
In 2001, there was a positive trend in investment activity, amounting to 7.8% (15, p. 13). In accordance with the medium-term program of social economic development Russia for 2002 - 2004 the annual increase in investments in fixed capital should be at least 10 - 20%. Increased investment activity is expected to be maintained for 5-7 years. Sources of renewal of fixed assets are domestic savings, loans, foreign investment. A radical improvement in the investment climate, as well as the priority development of sectors that could realize the competitive advantages of Russia, are significant factors in the renewal of fixed assets.
Important role in mobilizing domestic capital for the implementation long-term investments in the large-scale re-equipment of production and the agro-industrial complex is assigned to the banking sector. But in 2001, the share of bank loans in the investments of enterprises and organizations of all forms of ownership in fixed assets was only 2.9%. It was observed to decrease by 1.9% compared to 1999 (5). The intensification of the activities of credit institutions to transform the savings of the population and enterprises into investments is constrained by a shortage of medium- and long-term banking resources. At the end of 2001, the share of deposits with a term of more than one year was about 7% of the total liabilities of the banking sector (as of July 1, 1998, this figure was at the level of 8%), and household deposits in real terms amount to only 83.7% of the pre-crisis level .
Another factor preventing credit institutions from investing in production is the high level of risk due to the insufficient pace of structural transformations in the economy. Thus, credit investments in the real sector of the economy by the end of 2001 exceeded the pre-crisis level (as of July 1, 1998) by 35.5%. At the same time, the volume of overdue debt on these loans in January-September 2001 increased by 47%, which is 1.3 times higher than the growth rate of lending (15, pp. 22, 23). In addition, it should be noted the limited demand for loans from solvent borrowers. The reason for this situation, along with high stakes percent is the low degree of trust between banks and enterprises, which is explained by the non-transparency of both the financial and non-financial sectors of the economy.
The ability to access detailed and reliable information on the performance indicators, capital structure and financial position of any business entity, understandable to informed users, contributes to the growth of economic activity.
From a macroeconomic point of view, the following question arises: which sector of the economy is more in need of restructuring - banks and other financial institutions, industry or agriculture? Some researchers of the problems of the monetary sphere express the opinion that restructuring should begin with the banking system. But commercial banks can operate stably and successfully only in a steadily developing economy, and their performance is largely determined by the quality of the client base, since solvent borrowers with good financial condition contribute to improving banking stability.
Obviously, banking restructuring cannot be considered as a separate phenomenon, since its activities are closely related to the conditions that the state of the real sector of the economy sets. The close relationship between the financial and credit and other sectors of the economy determines the need for reforms in all areas at the same time, contributing to the transformation of the production, non-production and financial sectors, as well as state legal and tax regulation. Therefore, overcoming negative factors in the life of the banking system, as well as adapting to new economic conditions that led to the disruption of established relationships and proportions, the formation of new fundamental approaches to the organization of banking, should be carried out in line with national reforms.
The Strategy for the Development of the Banking Sector (19), approved by the Government of the Russian Federation and the Bank of Russia, determines that the benchmarks for its transformation are to achieve the following indicators: the ratio of banking system assets and GDP - 45 - 50%, capital and GDP - 5 - 6%, loans to real sector and GDP - 15 - 16%, while the share of such loans in banking assets should be 40%. For comparison, we present the values of these indicators for 2001: banking assets and GDP - 33.4%; capital and GDP - 4.1%, loans to the real sector and GDP - 11.3%, the share of such loans in relation to banking assets - 33.7%.
The timing of achieving the goals and solving the immediate tasks of reforming the banking sector, the dynamics of quantitative parameters depend largely on the overall pace and nature of economic development and structural transformations in the Russian economy in terms of the following key indicators for the banking sector: the real volume and structure of GDP; dynamics of inflation, exchange rate and market interest rates; level of monetization of the economy, reduction in the share of barter transactions, non-monetary and cash forms of payment. Therefore, for the effectiveness of the reforms, it is necessary to coordinate the actions of the Government of the Russian Federation and the Central Bank of the Russian Federation with the interested participation of the credit institutions themselves in accordance with the macroeconomic trends of the Russian and international financial markets.
The role of the state. State assistance to restructuring processes is expressed in the performance of the following functions:
The state policy regarding the restructuring of the banking sector is aimed at ensuring systemic stability and creating the necessary conditions for the development of the banking services market based on healthy intra-industry and inter-industry competition (19). The state forms the legal framework for banking activities, exercises control over the implementation of legislative norms, prevents the use of the banking sector for illegal transactions, during reorganization procedures ensures the protection of the legitimate interests of creditors and depositors, as well as the transparency of the reform. At the same time, uniform requirements are imposed on the activities of all credit institutions in accordance with established principles, taking into account commercial interests and prudential standards. State influence on the banking sector is carried out mainly by indirect methods, but direct influence through participation in the capital of credit institutions in conditions of economic instability will be preserved.
Solving the problems of restructuring involves taking into account regional characteristics and interests. This requires an active federal policy aimed at strengthening the processes of interregional integration, reducing the differentiation of levels of socio-economic development of regions, ensuring the free movement of goods, services and labor throughout the territory of the Russian Federation. At the same time, it is especially important to continue improving interbudgetary relations in order to create legal, financial and economic mechanisms that increase the responsibility of regional and local authorities for decisions made.
Thus, the subsequent development of the country's economy will be determined by nationwide consolidation, by combining the efforts of the main participants in socio-economic and political processes - the state, business and society.
An important fundamental document is the Program for the socio-economic development of the country for 2002-2004 adopted by the Government of the Russian Federation, which is part long term strategy. The Medium-Term Program has absorbed the experience of 2000-2001. for the implementation of socio-economic measures and is aimed at creating a favorable business climate in the country and conditions for economic growth, increasing sustainability financial system, the effectiveness of social protection of the population and, in general, the preservation of the market course of reforms.
One of the main tasks identified by the Program is the strengthening and improvement of the banking system, which has an important role to play in moving Russia along the path of market reforms. Further restructuring will increase the functional significance of the banking system in the country's economy. A strong, revitalized banking industry can provide credit support restructuring of the non-financial sector, as well as the creation and operation of innovation networks, which are a promising direction for the integration of economic entities from all sectors of the economy.
However, the formation of a market banking system is ambiguous, in the course of which progressive movement is replaced by deep crises. In addition, according to experts, the banking system does not yet play an active role in accelerating economic growth, and the positive dynamics of domestic production in recent years (1999-2002) is based mainly on self-financing of enterprises in the real sector. Therefore, the need to solve such problems as the stabilization of development banking business, expanding lending to the real sector, strengthening legal framework banking activities, the transition to international standards, improving the quality of the performance of basic functions, attracting depositors and investors, countering the use of banks for laundering illegally obtained income, and a number of others require subsequent restructuring of the banking system, which will occur under the influence of global trends.
Problems of the Russian banking system. The unfavorable situation in the country's economy and the banking sector did not arise unexpectedly. The current phase of the crisis of the banking system has a permanent sluggish character with periodic exacerbations - in the autumn of 1994, in August 1995 and 1998. to restore the normal functioning of banks could no longer bring the desired results.
1998 crisis The August 1998 crisis exposed the weaknesses of the banking system. It became obvious that the difficulties of individual banks should be considered as problems of the banking system as a whole, therefore, a radical restructuring of the entire banking industry is necessary.
The sharp and for the majority of the country's population unexpected depreciation of the ruble in that period led to the withdrawal of deposits of individuals in rubles and foreign currency. There was a massive outflow of resources from the banking system. The volume of individual deposits decreased from August 1 to December 1, 1998 in real terms by 47.1% in rubles and by 52.4% in foreign currency (5).
Attention should be paid to the fact that six months before the crisis, competition for liabilities developed widely. This allowed banks in that period not only to survive, but also to increase the volume of their business. In the market of private deposits, the leading position was occupied by big banks which were widely known. Thus, Inkombank and SBS-Agro managed to more than double the amount of borrowed funds from citizens in 8 months of 1998.
Therefore, it was the large systemically important banks that suffered the greatest losses during the mass withdrawal of funds.
In the pre-crisis period, the financial dependence of banks on non-residents reached a high level. By August 1998, the active growth of Russian banks' borrowings on the international financial market was manifested in a large volume of liabilities to non-resident banks on loans, deposits and other attracted funds in the amount of $11.2 billion. and under fixed-term contracts for the supply of currency - 15.1 billion dollars. After the default was announced, the flow of foreign interbank loans ceased.
Consequences of the crisis. The loss by commercial banks of a significant amount of their resources, the freezing of the most liquid assets, the forced liquidation of assets to meet the rush demand for cash and other negative factors led to the disruption of the normal functioning of banks. The domestic interbank market turned out to be paralyzed. There were failures in the work of the payment system, a number of banks stopped payments of their clients, including payments to the budget of all levels and extra-budgetary funds. The banking system was unable to fulfill the function of servicing the economic turnover of the country, which increased the demonetization of the economy. Banks' obligations to Russian and foreign creditors and customers were not fulfilled, which led to a loss of confidence in them by the population, enterprises and foreign partners. It was due to the loss of confidence in the entire banking system that the country's economy suffered the greatest damage, which has not yet been overcome.
The situation was aggravated by the deficit of the capital base of credit institutions, which did not allow maintaining liquidity at the required level. There was a significant reduction in the total banking liquidity with a simultaneous deterioration in the quality loan portfolio and rising bad debt. As a result, the number of problem banks increased sharply, their share in the total assets of operating banks increased from 12.1% in August to 43.8% in December 1998. Over the same period, the losses of the banking system increased from 2.5 to 36.4 billion rubles. . (5).
manifestations of the crisis. External manifestations of the crisis of the banking system were:
The reasons that led to this situation can be grouped into three groups:
A negative external factor was a combination of economic and monetary and financial problems, which were expressed in the budget deficit, the growth of domestic and external debt, the inability of the state to fulfill its obligations under issued securities, payment of salaries, pensions, etc. The economy was negatively affected by the fall in world prices for oil and other commodities, which resulted in a significant decrease in export earnings in the structure of the balance of payments.
There was a large debt of the state, banks and other financial institutions to foreign investors. There was a significant jump in inflation in the complete absence of additional emissions and inflationary expectations. At the same time, the gold and foreign exchange reserves of the Bank of Russia were sharply reduced; from July 1 to September 1, 1998, it spent 9.1 billion dollars. to maintain the exchange rate. The work of most banks was focused on the stable functioning of the government securities market and a predictable exchange rate, therefore, the factors listed above caused the destabilization of the situation in the banking sector and provoked the emergence of a crisis.
Despite the fact that macroeconomic circumstances largely determine the activities of banks from outside, the crisis could not have acquired such proportions if the banking system had been more resilient. The unstable situation within the banking system was associated with a number of unresolved problems, which included a low level of the capital base, a large amount of overdue credit debt, underestimation of credit risks, predominant focus on speculative operations, etc. The current situation was aggravated by the insufficient development of legal norms for the activities of credit institutions, their rehabilitation and bankruptcy, as well as the inadequacy of supervisory requirements.
Many specialists noted the formalism in the formulation of banking supervision, as a result of which the situation of the provision of unreliable economic and financial information by banks turned out to be possible. One of weaknesses The established supervisory system can be called its focus on the average universal bank, which in no way limited the focus on immediate benefits and did not stimulate the expansion of banks' work with industry, agriculture and other sectors of the real sector.
Insufficient attention to crediting the production process, the possibility of obtaining a quick income in speculative areas of activity led to a significant increase in the share of credit organizations in the banking system that do not meet the needs of the economy, which was one of the causes of the crisis.
The rapid growth of banks in the early 1990s. contributed to the uncertainty of the economic situation, when one system of the economy was destroyed, and a new one was not created. The same applied to the situation in the legal sphere. The problem was not only the need to form a new legislative framework, but also to create an effective mechanism for its application.
In such circumstances, the procedure for obtaining a banking license was simplified, and since the rate of return in this area was one of the highest, there was a sharp increase in the number of commercial banks against the backdrop of a general economic depression. Many of these banks were focused on issuing short-term loans at inflated interest rates and conducting operations that bring the greatest immediate income. The adoption by the Central Bank of the Russian Federation of regulatory legal acts that stimulate the responsible behavior of credit institutions has led to a gradual reduction in one-day banks. It should be noted that the presence of such banks in a market economy can be considered a normal phenomenon, but as long as their number does not exceed a certain threshold. It is then that they become a problem for the banking system as a whole and can initiate the emergence of crisis situations.
A significant part of the funds of domestic and foreign banks operating in our market at that time was used to purchase GKOs and OFZs. About 11% of all Russian banks had investments in the amount of more than 20% of working assets, for subsidiary foreign banks this figure was higher - 50% (6, p. 29). GKO and OFZ as instruments financial market played a significant role in its development and acquired high attractiveness for investors. They were used by banks as a tool current liquidity and were an important source of income. At the same time, no one was embarrassed by the contradiction expressed in the fact that government securities, the least risky in their essence, provided the highest yield. The level of rates on them formed the lower limit for market rates on loans to non-financial borrowers. In addition, they served as collateral for obligations to non-residents. The size of investments in GKOs roughly corresponded to the amount of funds attracted by banks from the population. As a result, the banks became hostages state budget, and the suspension of payments on these instruments served as an impetus for the aggravation of the crisis situation. In addition to investments in GKOs and OFZs, dollars were a significant competition for production, which are highly attractive both for keeping the savings of individuals and for investing bank capital.
Thus, the sphere of operational activities of banks in the pre-crisis situation can be characterized as follows: small scale of lending to enterprises in the real sector, a steady growth in investments in securities in conditions of extremely high returns on market financial instruments, and, in particular, government debt, speculation in the foreign exchange market. The paradox of the situation lies in the fact that operations that for quite a long time predetermined relatively more favorable financial results of the banking system compared to other sectors of the Russian economy, including intensive use of the opportunities of government securities markets, international credit resources, as well as household funds, had in the period crisis has a devastating impact on the financial condition of most banks (12).
Banks and the real sector. As already noted, many problems of the banking industry were associated with the isolation of banking from the real sector of the economy. At the same time, there were at least two objective reasons preventing banks from intensifying their work with the real sector of the economy - the insolvency of most enterprises and the low level of bank capital.
The low quality of the loan portfolio was largely determined by the level of bank management, which was reflected in the weak control of banks over the issuance and targeted use of loans, the formal attitude to the business plans submitted by enterprises, the assessment of the creditworthiness of borrowers and the level of security of funds issued. Complicating the situation with the repayment of loans is still not canceled by the order of payments established by law, providing for the repayment of loan debt in the last place. The problematic situation with loans was aggravated by the risks that increased due to the shutdown of most of the country's production and the low financial discipline of the remaining borrowers. Industry and agriculture were mostly unprofitable, so they were unable to repay the loans received.
These circumstances were of a macroeconomic nature, banks were not able to have a direct impact on them. A large volume of loans extended to various sectors of the economy and not repaid on time reduced the stability of the banking system. Overdue debt in 1998 had a steady growth dynamics: at the beginning of the year it was 4.7% of the total volume of loans placed, in August - 5.7%, and at the end of the year - already 10.1%. The increase in "bad" debts was both a prerequisite for the crisis of the banking system and its symptom.
The bankruptcy of many credit institutions was provoked by the so-called problem of uncontrolled growth, i.e., the desire to expand the range of operations carried out without taking into account the actually available resources and in the absence of appropriate control over their conduct. This problem manifested itself in the unreasonable expansion of the branch network, when, due to the lack of effective management, many branches brought only losses. Expenses for the construction of expensive offices, the maintenance of the administrative apparatus, social and cultural facilities, and housing and communal services increased. At the same time, real incomes were often not taken into account, and expenses were actually carried out at the expense of clients' funds.
In an effort to expand their sphere of influence, many banks acquired industrial enterprises. The losses of these enterprises, the decline in share prices created additional problems for banks. Initially, the growing costs of banks were covered by high margins, which were determined by the level of inflation in the country. But after 1996 the situation changed. The slowdown in inflation led to a reduction in financial market rates and, consequently, in bank margins. Many banks failed to restructure their work in accordance with the new conditions, and their costs continued to be significant.
Low level of management. The low level of management played a destructive role in the course of events. The inefficiency of the management system found its expression in the neglect of the banking strategy and the predominant focus on short-term results, the low qualification of managers and staff, insufficient knowledge of the market situation, and most importantly, the prospects for its development. A number of negative factors, such as swelling of the management apparatus, an increase in the number of meetings and repeated approvals for making daily decisions, and others, led to the fact that the bank's management system ceased to adequately respond to incoming objective information and made wrong decisions.
The most striking example is the participation of almost all banks (but to varying degrees) in the GKO-OFZ pyramid. At the same time, two investment rules were violated, which apply to any cases of funds placement: do not exceed the maximum risk per borrower, even if this borrower is the state, and remember that interest rates and the risk of investing funds are directly dependent. GKO and OFZ were among the most risky securities, because the state promised to high interest with a budget deficit and minimal tax revenues, even though the risk ratio set by the Bank of Russia for this group of assets was zero.
Banking analysts failed to adequately assess the situation with overvalued profitability of market financial instruments, in particular government securities, which led to the loss of a significant part of assets that were considered highly liquid with a low risk ratio. The extreme manifestation of the violation of the functioning of the management system was the numerous non-compliance by banks with the current legislation, the requirements of banking supervision and the massive revocation of licenses from insolvent banks.
It should be noted that the negative impact on the quality of management was exerted by external conditions characterized by a high degree uncertainty and risk. The associated increase in the number of factors that need to be taken into account when making managerial decisions, as well as rapidly changing circumstances, reduced the likelihood of obtaining the desired result. The low efficiency of managerial actions is largely due to the inability to determine with a sufficient degree of certainty the consequences of the steps taken in the current situation.
Thus, problems at the level of specific banks were mainly related to the lack of a management system corresponding to the constantly growing volume of operations performed and the number of branches. In addition, the preponderance of the personal interests of various groups involved in the management of the bank, in many cases led to the violation of its economic interests as a whole, including those of its customers. Often, bank managers realized their goals without coordinating with the overall development strategy of banks. The leaders of some of the major banks that are involved in the political life of the country used the available resources to solve ideological problems that are not directly related to banking.
The low level of responsibility of bank management was largely determined by the lack of an effective mechanism for delimiting rights and obligations between bank management and their shareholders. Significant influence on the adoption of managerial decisions was exerted by large shareholders who are simultaneously clients of banks and members of their financial and industrial groups. As a result, the banks' policy was aimed at realizing the interests of these shareholders without taking into account the interests of other depositors, creditors, and customers.
It should be noted that the identified shortcomings should not be extended to the activities of all banks without exception. Some credit institutions during the crisis continued to perform basic banking functions without losing solvency and liquidity. Thanks to their work, it was possible to save the banking system from complete destruction during that difficult period. But there were also such causes of the crisis that were associated with the problems of specific credit institutions and did not manifest themselves in the practice of the rest, that is, they did not acquire a systemic character.
Analyzing the difficulties encountered by commercial banks with liquidity, solvency, and others, we can conclude that these problems were associated not only with the outbreak of the crisis. Even before August 1998, the bankruptcy of credit institutions had become widespread, and by that time about 700 banking licenses had been revoked. The emergence of problems is primarily due to the operating conditions of Russian banks: the presence of a variety of risks, their high magnitude, the lack of adequate, and in many cases any insurance systems at all, the unstable and high volatility of the processes taking place in the economy and the banking system. In addition, this is due to the extent to which management in the bank (primarily liquidity) corresponds to the actual conditions of its activities and how quickly and adequately it can change if these conditions change. Thus, the crisis of the Russian banking system reflected the accumulated shortcomings in the activities of banks, banking legislation, state policy, and banking supervision. The situation that developed after August 1998 was not accidental, it turned out to be just a manifestation and inevitable result of the negative phenomena of the country's economic development. Such fundamental factors as high inflation, the state budget deficit, the decline in production, the growing number of unprofitable enterprises, the devaluation of the ruble, the investment crisis, distrust of ongoing reforms, largely determined the state of the banking system. Therefore, in order to normalize its activities, along with the solution of internal problems, it is necessary to improve the macroeconomic situation as a whole.
Restructuring of the banking sector. The implementation of banking restructuring is determined by the strategy adopted by the Government of the Russian Federation and the Central Bank of the Russian Federation for the transformation of the banking industry in conjunction with the restructuring of the country's economy, which makes it possible to implement the principle of consistency in solving major national economic problems. The implementation of this methodological approach is based on the consideration of the banking sector as a system that operates in a certain socio-economic environment and interacts with other systems.
Recently, the concept of "restructuring" has been widely used to refer to various social, economic and political processes. The terms "restructuring", "economic restructuring", "debt restructuring", and later "industrial restructuring" began to be used by economists in the early 1990s.
Restructuring tasks. Banking restructuring is an evolutionary process based on the concept of entrepreneurship, adapted to the national characteristics of the country, and differentiated by the levels of transformation being carried out. The main tasks of banking restructuring at the present stage are:
The documents adopted by the Government of the Russian Federation and the Bank of Russia on reforming the monetary sector deal mainly with systemic changes, including the creation of favorable conditions for the functioning of credit institutions, the expansion of freedom commercial activities in the banking sector, the modernization of the taxation system, the solution of legal and other issues. Particular attention is paid to macroeconomic indicators, while the tasks of commercial banks are considered through the target settings of the system as a whole.
Multilevel concept of restructuring. When forming system-wide provisions, it is necessary to focus on the micro level, i.e., at the level of a single commercial bank. The organization of the process should be based on the identification of priority areas for improving the functioning of the regional and primary links of the system, as well as the delimitation of the main tasks by management levels. Only under the condition of uniting the aspirations of all parts of the banking system to improve their activities, it is possible to achieve a positive result as a whole. In this regard, it seems timely and appropriate to develop a multi-level concept of banking restructuring, which should identify, disclose and bring to a specific program of action the targets for the transformation of credit institutions within a single system based on identifying potential and existing problems using priority-process structuring. To do this, it is necessary to identify the main, i.e., determining the life of the banking industry, processes, identify horizontal and vertical links that mediate the implementation of these processes, and also combine into a single whole all stages of production and sale of banking products and services for selected positions.
This approach contributes to the systematization of guidelines and methods of banking restructuring.
The basis for developing the concept of banking restructuring is a strategic approach to its implementation. The formation of an effective development strategy that defines a program for both the medium and long term, taking into account general economic and regional characteristics, is a condition for optimizing reforms and an integral part of the concept of transforming commercial banks. Strategic changes should contribute to the evolution of a commercial bank, its progressive development. Therefore, the use of a creative entrepreneurial approach that contributes to the positive functioning of the bank becomes a necessary condition for the implementation of the strategy.
The conceptual basis of banking restructuring in the unity of the variety of forms of its implementation can be represented in the form of a diagram (see figure).
Bank restructuring is carried out at several levels, which include:
It should be noted that there is a close relationship between the levels of restructuring. Changes taking place in one bank ultimately affect the qualitative and quantitative characteristics of the banking system as a whole. And, conversely, the transformation of the banking system cannot but affect the activities of specific credit institutions. “Is it necessary to restructure individual credit organizations? Absolutely yes! Is it possible, by restructuring only individual credit institutions and not having a common vision of the system of credit institutions that should emerge at the end of the restructuring process, to restore the ability of the system of credit institutions to fully ensure the performance of its basic functions? Certainly not” (20, p. 143). In addition, a system-wide approach dictates the need for continuous refinement of the guidelines for the activities of the Bank of Russia in order to meet the requirements it imposes on commercial banks in a constantly changing external environment.
Stages of restructuring. Banking restructuring is historical. It is a single permanent process, within which three stages are distinguished: anti-crisis, stabilization, innovation (see figure).
These stages are cyclically repeated in the spiral of the development of society. The transformation or termination of social relations lead to a change in the stages of restructuring, which have a certain time limit. The heterogeneity of the stages of restructuring is determined by such factors as the reasons for the transformations, their goals, the role of management in this process, the interests of various groups of participants, etc. It does not require proof that the purpose of banking restructuring determines the direction of its implementation.
A feature of anti-crisis restructuring can be called a clear formalization of goals. The bank's management is focused on overcoming negative phenomena and achieving a certain level of specified indicators. The purpose of the stabilization restructuring is to keep the banking business within the framework of the achieved results and prevent a possible rollback [In the future, we will consider stabilization restructuring as part of the anti-crisis stage.]. Innovative restructuring is aimed at improving the banking business. It is closely related to the entrepreneurial approach, in which case banking should be seen as a scheme that needs to be improved and changed whenever there is a suitable opportunity for this (1, p. 196). Therefore, the goal of the innovation stage is subject to permanent refinement in accordance with the current external situation and internal banking needs, but in any case, it is necessary to proceed from an orientation towards the long-term sustainable development of the banking business.
From the point of view of initiating the process, restructuring can be divided into voluntary, activated by the credit institution itself, and mandatory, carried out by decision of the Bank of Russia. Anti-crisis restructuring can be either mandatory or initiated by the bank's management, while innovative restructuring is voluntary.
The differences between the stages of restructuring reveal the role of management in their implementation. Obviously, management is of decisive importance for each of the stages.
The management of a commercial bank at the anti-crisis stage contributes to the achievement of a specific result in a certain period of time. The innovative stage involves the use of strategic approaches, focus on the process, which in the current period may even be unprofitable, but in the long run will bring success. At the same time, previously unused developments and technologies are tested as sources of competitive advantage, new contacts are established, which may not always turn out to be successful finds. However, when overcoming a crisis situation, the bank's management cannot afford to take on the risks of innovation, since unsurmounted negative phenomena have already created a high level of risk, so the range of sources of competitive advantages is significantly limited [This does not apply to the situation of the intersection of the innovative and anti-crisis stages.]. But in any case, regardless of the stage of restructuring, a conservative attitude to risks should be maintained.
Management is always carried out in someone's interests. The stage of overcoming crisis phenomena, as a rule, is associated with the change of owners, the instability of their positions, as well as with the infringement of their rights. Therefore, when making managerial decisions, the interests of managers often prevail. The transition to the innovative stage is characterized primarily by the delimitation of the rights of shareholders (participants) of the bank and managers, which occurs due to the achievement of compliance with the established legislative norms of the actual practice of their application. This provides an increase in intra-bank confidence and manageability of the bank. It should be noted that trust is the basis of the banking business. The certainty of internal relationships with the conscientious fulfillment of their duties by the bank's management contributes to an increase in the degree of transparency of its activities, which has a beneficial effect on the expansion client base and allows you to maintain long-term stable relationships with depositors, creditors and other counterparties.
During the transition from one stage to another, restructuring, as a rule, is spontaneous, but then it acquires a fixed legal framework.
Forms of restructuring. Restructuring has various forms of manifestation.
It can be carried out while maintaining the organizational and spatial boundaries of the banking business. In some cases, it becomes necessary to change these boundaries. Varieties of these forms can be combined into two groups, which include:
The forms of restructuring of the first group determine the organic growth of banks, which occurs on the basis of a gradual expansion of the banking business at the expense of their own resources accumulated in the course of their activities. These forms include: 1) diversification and internationalization of the banking business, contributing to the expansion of the banking portfolio; 2) specialization associated with the concentration of efforts on certain types of activities.
Diversification, in turn, can be carried out in three directions: a) the development of new types of banking activities and product lines, which allows maintaining competitive advantages in traditional banking markets; b) the use of conventional banking services in new areas and to meet new needs; c) moving to an area not related to the current business.
A variety of diversification is internationalization, a distinctive feature of which can be called a change in the geographical environment of the banking business. Internationalization is riskier, more expensive, and a radical departure from past experience (1, p. 194). The incentive to enter new geographic markets is their potential capacity, which allows, under favorable macroeconomic conditions, to receive high profits. Despite the fact that the new working conditions require some time to adapt and introduce modern technologies and methods of work, income growth is possible almost immediately by increasing the deposit base and reducing the cost of attracting loans in the interbank market.
When a bank specializes in one or more areas, the increase in profitability is achieved through the growth of investments in specific activities, which leads to the achievement of undoubted leadership in a particular area.
The second group of forms of restructuring is united by the need to choose a way to transform banking activities, when the following question arises: should we rely only on internal sources, developing the internal banking potential, or go along the path of creating new organizational structures and using their resources? There are several possibilities for the formation of such structures: a) the division of the bank into independent parts or the separation of individual links from its composition; b) a merger with other banks or their absorption, leading to the establishment of full control; c) joining other banks; d) formation of consolidated groups or other associations with non-financial sector enterprises.
As a rule, the final consolidation of new structures is preceded by the creation of strategic alliances, in which the bank acquires a non-controlling stake in other banks or companies, and there may also be an exchange of shares between them.
When banks participate in other companies by transferring part of the shares as their market capitalization grows, the incurred costs associated with the penetration into a new business are reduced. At the same time, when using own shares to finance such projects, there is a risk of absorption by these companies.
Reorganization banking structures can also be viewed at the horizontal and vertical levels. In the first case, the so-called coordinated merger occurs, when partners operate in the same segments of the financial market with the same composition of clients. The main objective of such a merger is to reduce costs. In the second case, the association is based on the mutual complementation of partners with “processes, systems, structures” in order to develop new products, expand markets and attract new customers.
In the case of a horizontal merger of financial institutions, complementarity of business areas of partners plays a significant role. An example is the desire of foreign banks to expand their activities through participation in the investment and insurance business, which is explained by the attractiveness of these markets, which allow increasing sales volumes and earning additional income.
Another direction of the association - the vertical integration of banking structures - is associated with the merger of commercial banks, savings banks, credit partnerships, mortgage banks. This process has not only become widespread in individual countries (Germany, Austria), but also goes beyond national borders, in particular, it has covered the entire financial sector of the Scandinavian countries. For example, in Sweden in the early 1990s. on the basis of 11 merged savings banks, Swedbank was formed, which became one of the largest universal banks; in Denmark, in 1998, Kapital Holding was formed on the basis of the merger of the third largest bank's assets, Baikyuben Gyrobank ( Bikuben Girobank) with the second largest mortgage bank Realcredit Danmark (Real-kredit Danmark). Under the influence of global trends leading to increased competition and the need to search for new sources of development, the scale and number of operations to merge banks, as well as the latter with other structures, continue to grow.
The expansion of organizational-spatial boundaries has a number of advantages.
First of all, it becomes possible to use the resources of other economic entities, their specific developments and technologies, and marketing research.
The number of transactions concluded is increasing due to cross-selling and the use of common distribution channels for financial products. Employees of merging companies are beginning to spread banking services, offering bank cards, deposits and other forms in a single package with their standard products. The merger allows consolidating efforts to improve the quality of services provided, and small banks have access to the necessary, but previously inaccessible, investment resources. The positive reputation of a partner is essential for doing business and strengthening the client base. It is also necessary to note the temporary advantage that allows to accelerate the penetration of the bank into a new industry and its expansion into new markets. All of the above factors reduce the risks of developing a non-traditional field of activity, which could arise if the bank started working in this area from scratch.
The growth of mergers or acquisitions in the banking sector is favorably influenced by new information technologies that create a single information space and help to overcome misunderstandings between merging banks. In addition, an important component of success in expanding organizational boundaries is the presence of business development potential, supported by any form of organic growth, since the risk of failing new acquisitions increases sharply in cases where one's own business does not develop on its own (10, p. 111).
The answer to the question about the correct choice of the direction and form of restructuring depends on the degree of justification for its implementation, for which it is necessary to assess all possible consequences in advance and anticipate the occurrence of problems in the future. But it becomes obvious only in the process of implementing reforms.
The classification of types of restructuring can be presented in the form of a table.
A feature of the formation of banking in modern Russia is the high rate of organic growth. This is facilitated by the fact that commercial banks were originally created as universal and operate in various segments of the financial market. In accordance with the Law "On Banks and Banking Activities", commercial banks can carry out a wide range of transactions with securities, provide consulting services to corporate clients, etc. Insurance support for the banking business is provided, as a rule, through established subsidiaries.
The development of new areas of activity (for example, non-state pension provision) is carried out by Russian banks through the use of internal resources, and new structures are created within each bank or as subsidiaries (dependent) companies, while business technologies are developed on their own.
It is known that development at the expense of own resources is a proof of competitiveness and outstripping market growth rates. But in Russian reality, the mobilization of internal capabilities is also connected with the fact that there are no financial structures on the domestic market that may be of interest to commercial banks (based on the experience of past years, many insurance, investment and other companies turned out to be financial pyramids). Working with foreign partners is associated with the danger of being absorbed by them, and foreign companies themselves are cautious about domestic market. Therefore, banks do their best to independently service all financial flows of customers.
Attempts to diversify their activities, relying only on internal capabilities, by investing significant funds were also made in the 1990s. some European financial institutions. The reason for this was the too high acquisition price or problems with the choice of a merger partner. Some of them have been successful, such as the German Commerzbank, which is expanding investment activity in Germany and beyond. For the majority of banks, the use of the merger mechanism turned out to be more effective, the cumulative amount of which in 1997 alone amounted to $600 billion. and has a constant growth trend.
The Strategy for the Development of the Russian Banking System focuses on the importance of a wider application of mergers and takeovers. One of the reasons for this is the need to increase the capital of banks in accordance with the requirements of international standards. This form of reorganization of credit institutions is provided for by the current legislation, as well as regulatory documents of the Bank of Russia. In accordance with the statistical data, there was no merger of banks in our country until 1998, and today it is practically absent.
After the development by the Central Bank of the Russian Federation at the end of 1997. normative documents, which determine the procedure for the reorganization of banks in the form of mergers and acquisitions and establish a number of benefits for merging banks (no requirements for minimum size authorized capital as to a newly created bank, etc.), some large banks announced a merger, for example, the Bank of Moscow and Mosbusinessbank, but the outbreak of the crisis stopped this process.
As a rule, when carrying out reorganization, the procedure of accession is more often used. This is due to the more complex implementation of mergers, the main problem of which is to ensure the continuity of the activities of credit institutions and the procedure for interaction between supervisory authorities during the period of consideration of documents and the decision to issue a new license. The issue of assessing the value of banks in the process of reorganization also remains unresolved.
From the point of view of using the potential of other companies in Russian banking practice, the most widespread are financial and industrial groups, created by banks with corporate clients operating in the non-financial sector and having stable cash flows. The motive for the acquisition of enterprises in the real sector of the economy was the need for commercial banks in cheap credit resources. Therefore, some experts believe that at the present stage for the Russian economy, the reverse process of diversification is much more relevant - the formation of a normal institution of financial intermediation, i.e., the creation of conditions that encourage banks to concentrate on credit and deposit operations (14, p. 33) .
Summarizing the above topical issues of restructuring the banking system, we can draw the following conclusions. Russian commercial banks have a high capacity for organic growth, which determines the specifics of their restructuring. The main task of the current stage of development of commercial banks in our country is not the diversification of services, but the concentration of efforts on improving the quality of the execution of banking operations directly, in particular lending to enterprises and organizations. The forms of restructuring of domestic banks do not correspond to the forms of restructuring of foreign banks, therefore, one cannot blindly copy foreign experience, and when meeting the requirements of international organizations for building the Russian banking system, it is advisable to proceed from the national characteristics and interests of our country.
Thus, to determine the conceptual boundaries of banking restructuring, the following aspects are the most significant:
Banking Law Rozhdestvenskaya Tatyana Eduardovna
6. Banking system of the Russian Federation
Currently, in the Russian Federation, as in most countries of the world, there is a two-tier banking system.
Part 1 Art. 2 of the Banking Law contains a provision that banking system The Russian Federation includes the Bank of Russia (upper level), credit institutions, as well as branches and representative offices of foreign banks (lower level). Under foreign bank means a bank recognized as such under the laws of a foreign state in whose territory it is registered.
The Law adopts a narrow approach to defining the elements of the banking system: it includes only entities entitled to directly carry out banking operations (with the exception of representative offices of foreign banks).
The Banking Law also mentions banking groups, banking holdings, unions and associations of credit organizations.
banking group an association of credit institutions that is not a legal entity is recognized, in which one (parent) credit institution exercises, directly or indirectly (through a third party), a significant influence on decisions taken by the management bodies of another (other) credit institution (credit institutions). Significant influence here means the ability to determine decisions made by the management bodies of a legal entity, the conditions for its business activities due to participation in its authorized capital and (or) in accordance with the terms of an agreement concluded between legal entities that are part of the banking group and (or ) to the bank holding, to appoint the sole executive body and (or) more than half of the collegiate executive body of the legal entity, as well as the ability to determine the election of more than half of the board of directors (supervisory board) of the legal entity.
Bank holding a non-legal entity is recognized as an association of legal entities with the participation of a credit institution (credit institutions), in which a legal entity that is not a credit institution (the parent organization of a bank holding company) has the ability to directly or indirectly (through a third party) exert a significant influence on decisions taken management bodies of the credit institution (credit institutions).
Unions and associations are associations of credit institutions (non-profit organizations) that are not pursuing the purpose of making a profit and are created to protect and represent the interests of their members, coordinate their activities, develop interregional and international relations, meeting scientific, informational and professional interests, developing recommendations for the implementation of banking activities and solving other joint tasks of credit institutions. Unions and associations of credit institutions are prohibited from carrying out banking operations.
According to Art. 2 of the Banking Law, these structures (banking groups, bank holdings, unions and associations of credit institutions) are not directly included in the banking system of the Russian Federation, however, other points of view are expressed in the literature.
test questions
1. Formulate the features of banking law.
2. What is meant by banking law?
3. What is the subject of legal regulation of banking law?
4. Name the main methods of legal regulation inherent in banking law.
5. List the sources of banking law.
6. List the main federal laws governing banking legal relations.
7. Give a general description of the Federal Law "On the Central Bank of the Russian Federation (Bank of Russia)".
8. Give a general description of the Federal Law "On Banks and Banking".
9. What regulatory legal acts does the Bank of Russia adopt?
10. What is the role of norms international law in the regulation of banking activities in the Russian Federation?
11. What elements are included in the banking system of the Russian Federation?
12. What is meant by a banking group? banking holding?
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Financial and legislative structure of the Central Bank, credit and settlement institutions, microfinance organizations, infrastructure and legislative norms in the banking sector.
The banking infrastructure includes settlement systems between various banks, a deposit insurance system, bank card payment systems, as well as audit organizations, consulting companies, processing technology providers and firms specializing in educational services in the banking sector.
The foundations of the banking system are laid down in the Civil Code of the Russian Federation and the Constitution of the country. Additional documents - laws on banks, on the Central Bank of Russia, on the national payment system, on deposit insurance, on consumer credit, as well as other regulations.
If we consider the banking system according to the gradation by levels, then the Central Bank will be at the first and highest level, and all other elements will be at the second.
The Central Bank is the main regulatory and supervisory body in the banking sector. It is he who monopolistically establishes the rules for the implementation of any financial transactions for all participants in the country's banking system.
The prerogative of the Central Bank is also:
The lowest level of the system is all banking and non-banking organizations that provide financial services to clients and other subjects of economic relations in Russia. That is, this includes Russian commercial banks, microfinance companies, as well as representative offices of foreign credit institutions and their branches.
Banks, in turn, can work both independently and as part of banking associations and holdings. Their activity is regulated at the legislative level. The commercial orientation of the work of banks does not exclude their division into private and public. The latter do not necessarily belong entirely to the state - half of the state assets plus one share is enough for this.
According to the form of ownership, banks are divided into joint-stock, cooperative and joint. According to the volume of assets - large, medium and small. According to the internal structure - into branchless and with a large number of branches. According to the operations carried out - into specialized and universal.
Separately, systemically important banks are singled out - the largest in terms of assets and customers, and the most influencing the state's economy. At the moment, there are 4 state-owned banks, 4 private banks without foreign capital and 3 private traders with foreign capital on this list.
Schemes of work and permitted types of financial activities for representative offices of foreign banks are enshrined in the relevant legislative acts. The Bank of Russia has the authority to impose restrictions on the conduct of banking operations by foreign banks.
Non-bank credit organizations can only carry out certain types of financial transactions that are established by the Central Bank of Russia. Usually these are credit and settlement operations, as well as collection of bills and cash. NPOs are prohibited from conducting cash transactions, as well as from establishing branches. Non-bank institutions are not included in the mandatory deposit insurance system.
