The investment policy of commercial banks involves the formation of a system of targets investment activity, choosing the most effective ways to achieve them. In the organizational aspect, it acts as a set of measures for organizing and managing investment activities, aimed at ensuring optimal volumes and structure of investment assets, increasing their profitability with an acceptable level of risk. The most important interrelated elements of the investment policy are the tactical and strategic processes of managing the bank's investment activities.
Under the investment strategy understand the definition of long-term goals of investment activities and ways to achieve them. Its subsequent detailing is carried out in the course of tactical management of investment assets, including the development of operational goals for short-term periods and the means of their implementation. The development of an investment strategy is thus the starting point of the investment management process. The formation of investment tactics takes place within the framework of the given directions of the investment strategy and is focused on their implementation in the current period.
It provides for determining the volume and composition of specific investment investments, developing measures for their implementation, and, if necessary, compiling a model for making managerial decisions to exit from investment project and specific mechanisms for the implementation of these decisions.
Banks, buying certain types of securities, seek to achieve certain goals, the main of which include:
Investment security refers to the invulnerability of investments from various shocks in the stock market, the stability of income and liquidity. Security is always achieved at the expense of profitability and investment growth. The optimal combination of security and profitability is achieved by careful selection and constant revision of the investment portfolio.
The main principles of effective investment activity of banks are:
Investment portfolio commercial bank usually consists of various securities issued by the federal government, municipalities and large corporations.
To assess the feasibility of acquiring certain securities, there are two main professional approaches; most large commercial banks carry out both fundamental analysis, as well as technical.
Fundamental analysis covers the study of the activities of industries and companies, analysis financial condition company, management and competitiveness. It consists of industry analysis and company analysis. In an industry analysis, the bank determines the industries that are of greatest interest to it, and then the leading companies are identified in these industries, and among them the company whose shares it is advisable to purchase is selected.
Technical experts are based on the study of exchange (or off-exchange) statistics; analyze the change in supply and demand, the movement of stock prices, the volumes, trends and structure of stock markets on the basis of diagrams and graphs, predict the possible impact of the situation on the market on the demand and supply of securities. The analysis of companies is divided into quantitative and qualitative.
Qualitative analysis is an analysis of the effectiveness of company management; quantitative - studies of various kinds of relative indicators obtained by comparing individual articles financial report companies.
Comparisons are made with similar enterprises and industry average data of the main absolute indicators of its activity (sales volume, gross and net profit), the study of changes and profitability of sales and profitability of capital, in net income per share and the size of the dividend paid on shares. Investment securities generate income for commercial banks in the form of interest income, commissions for the provision of investment services, and market value appreciation.
World experience has not developed an unambiguous approach to the problem of using banks' own funds when acquiring shares of other legal entities: in some countries, the participation of banks in the capital of other structures is not limited (Germany), in some countries it is strictly prohibited (USA, Canada). The Bank of Russia has chosen an intermediate option for regulating this sphere - central bank The Russian Federation may control the operation of the bank, but is not in a position to interfere with the activities of other economic entities that are not credit institutions, and, therefore, is not in a position to determine the degree of commercial risk.
The main risks in investing are associated with the possibility of: loss of all or a certain part of the invested funds; · depreciation of the means placed in securities at growth of inflation; non-payment in full or in part of the expected return on invested funds; Delays in earning income · Emergence of problems with re-registration of ownership of acquired securities.
After determining the investment objectives and types of securities to purchase, banks choose a portfolio management strategy. According to the methods of conducting operations, strategies are divided into active and passive.
All active strategies are based on forecasting the situation in various sectors financial market and active use by bank specialists of forecasts for adjustment of the securities portfolio. Passive strategies use the forecast for the future to a lesser extent. A popular approach in such management practices is indexing, i.e. securities for the portfolio are selected based on the fact that the return on investment must correspond to a certain index and have a uniform distribution of investments between issues of different maturity. At the same time, long-term securities provide the bank with higher income, while short-term securities provide liquidity. A real portfolio strategy combines elements of both active and passive management.
The most important reason for the significant increase in bank investment in securities is the relatively high level of income on them, less risk and high liquidity compared to lending operations.
The most important characteristic of the forms and types of banking investments is their assessment from the standpoint of a combined investment criterion, the so-called magic triangle "profitability-risk-liquidity", which reflects the inconsistency of investment goals and requirements for investment values.
Banks work mainly not on their own, but on borrowed and borrowed resources, so they cannot risk their clients' funds by investing them in large investment projects if this is not secured by appropriate guarantees. In this regard, when developing their investment policy, commercial banks should always proceed from real risk assessments, economic efficiency, financial attractiveness of investment projects, the optimal combination of short, medium and long-term investments. At the same time, the existing investment system is not only an internal affair of the bank itself. In accordance with the basic principles of regulation banking an integral part of any supervisory system is an independent review of the bank's policy, operations and procedures related to the issuance of loans and capital investment, as well as the ongoing management of the loan and investment portfolios.
Consequently, commercial banks must clearly work out and formally fix the most important activities related to the organization and management of investment activities. In essence, it is about the development and implementation of a sound investment policy. The development of the bank's investment policy is a rather complicated process, which is due to the following circumstances. First of all, due to the duration of investment activity, it should be carried out on the basis of a thorough prospective analysis, forecasting of external conditions (state macroeconomic environment and investment climate, investment market conditions and its individual segments, features of taxation and state regulation banking activities) and internal conditions (the volume and structure of the resource base of the market, the stage of its life cycle, goals and objectives of development, the relative profitability of various assets, taking into account risk factors and liquidity, etc.), the probabilistic nature of which makes it difficult to form an investment policy.
In addition, the definition of the main directions of investment activity is associated with large-scale problems of research and evaluation of alternative options for invested decisions, the development of an optimal investment development model from the standpoint of profitability, liquidity and risk. The development of an investment policy is significantly complicated by the variability of the external environment of banks, which determines the need for periodic adjustments in investment policy, taking into account predicted changes and developing a system for prompt response. Therefore, the formation of the investment policy of banks is associated with significant difficulties, even in a steadily developing economy.
A prerequisite for the formation of investment policy is the general business policy of the bank's development, the main objectives of which are priority in the development of strategic objectives of investment activity. As an important component of the overall economic policy, investment policy is a factor in ensuring the effective development of the bank.
The main goal of the investment activity of the bank can be formulated as an increase in the income of investment activity with an acceptable level of investment risk. In addition to the general goal, the development of an investment policy in accordance with the strategy chosen by the bank economic development provides for taking into account specific goals, which are:
Determining the optimal ways to implement the strategic goals of investment activities involves the development of the main directions of investment policy and the establishment of principles for the formation of sources of investment financing. In accordance with these criteria, the following areas of investment policy can be distinguished:
Orientation to one of the above areas is a key link in the formation of investment policy, which determines the composition of investment objects, the source of income, the level of acceptable risk and approaches to investment analysis.
When the investment policy is oriented towards capital growth, the stability of the increase in the market value of investment assets comes to the fore, and their profitability is considered only as one of the factors determining the value of assets.
A policy aimed at capital growth is associated with investing in investment objects, which are characterized by an increased degree of risk due to the possibility of depreciation of their value. An increase in the market value of investment objects can occur both as a result of an improvement in their investment qualities and short-term fluctuations in market conditions. At the same time, the role of the speculative component increases.
The features of this type of investment policy determine the strengthening of the role of perspective aspects of analysis in comparison with retrospective and current analysis in making investment decisions.
The choice of the direction under consideration as a priority is typical for an aggressive investment policy, the purpose of which is to achieve high efficiency of each investment operation, to maximize income in the form of the difference between the price and acquisition of an asset and its subsequent value with a limited investment period.
In the practice of banking activities, the directions of investment policy can be combined in various forms, which, as a rule, make it possible to strengthen the advantages and mitigate the disadvantages. A variant of such a combination is a moderate investment policy, in which the preference is for a sufficient amount of income in the form of both current payments and capital growth with an investment period not limited by strict limits and moderate risk.
The development of an investment policy involves not only the choice of investment directions, but also taking into account a number of restrictions associated with the need to ensure a balance in the investment investments of a commercial bank. Goals and limits are set by legislative and regulations monetary authorities, as well as the management bodies of banks.
central bank Russian Federation regulates the investment activities of commercial banks, identifying priority investment objects and limiting risks by establishing a number of economic standards(use of bank resources for the acquisition of shares, issuance of loans, reservations for the depreciation of securities, bad loans), differentiated risk assessments for investments in various types of assets.
The organization of the investment policy in the bank involves the development of internal guidance documents that fix the basic principles and provisions of the investment policy. The experience of banking practice testifies to the expediency of formulating an investment policy in the form investment program.
Reflecting the goals of investment, the investment program determines the main directions of investments and sources of their financing, mechanisms for making and implementing investment decisions, the most important characteristics of investment assets: profitability, liquidity and risk, their ratio in the formation of the optimal structure of investment investments.
The limit of acceptable risk is the weighted average cost of attracting investment resources. Having established the preferred forms of income during the development of the main directions of investment, the investor determines the share of each form in total income from investments.
Management of investment activities provides for the analysis of the structure of assets to bring them in line with the structure of investment resources and ensure the required level of liquidity. The liquidity of investment assets should be associated with the nature of the liabilities that are the source of their financing.
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Introduction
The investment activity of commercial banks is of strategic importance not only for a particular element of the banking sector, but also for the country as a whole. Solving the problem of increasing the efficiency of investment activities by commercial banks is associated with economic growth, raising the living standards of the population, ensuring socio-economic stability and economic security. A rational investment policy will also ensure the effective development of the commercial bank itself. That is why consideration of the topic "Investment activity of commercial banks" is relevant today, in the context of the increasing role of the banking sector.
The subject of the study is the investment activity of commercial banks aimed at the development of investment in the banking sector. commercial Bank investment financial
The purpose of this course work is a comprehensive study of the investment activities of commercial banks, as well as identifying the problems of investment activities of Russian commercial banks and ways to overcome them.
Based on the goal, the following tasks are defined:
To reveal the essence of the investment activity of a commercial bank.
· Consider the classification and forms of investment activities of commercial banks.
· To study the investment policy of commercial banks.
In the course of writing the term paper, research methods were used: the method of analyzing the economic literature on the theoretical and methodological foundations of the study of the investment activities of commercial banks, methods economic analysis, synthesis.
· The theoretical and methodological basis was the federal laws of the Russian Federation, magazines, newspapers, textbooks of domestic specialists in the field of banking, finance, data from electronic sites.
Chapter 1. Economic bases of investment activity of commercial banks
1.1 The essence of the investment activity of a commercial bank
Modern commercial banks are banks that directly serve the enterprise and organizations, as well as the population - their customers. Commercial banks are the main link banking system. Regardless of the form of ownership, commercial banks are independent subjects of the economy.
The main purpose of the functioning of commercial banks is to maximize profits. Commercial banks act primarily as credit institutions that, on the one hand, attract temporarily free funds from the economy, and on the other hand, use these funds to satisfy the various financial needs of enterprises, organizations and the population.
According to banking legislation, a bank is a credit institution that has the right to raise funds from individuals and legal entities, place them on its own behalf and at its own expense on terms of repayment, payment, urgency, and carry out settlement operations on behalf of customers. Thus, commercial banks provide comprehensive customer service, which distinguishes them from special credit organizations non-banking type, performing a limited range financial transactions and services.
The activity of a commercial bank is determined by the following functions:
Accumulation (raising funds in deposits);
Placement of funds (investment function);
Settlement- cash service clients.
Investment is the investment of capital in sectors of the economy at home and abroad for the purpose of making a profit. Based on this definition, investment activity is the investment of funds, investment, or the total investment activity Money and other values in projects, as well as ensuring a return on investment. But it is important to note that investments are understood as all directions of placement of resources of a commercial bank and operations for the placement of funds for a certain period in order to generate income. In the first case, investments include the entire range of active operations of a commercial bank, in the second, its term component.
Bank investments have their own economic content. Investment activity in the microeconomic aspect - from the point of view of the bank as economic entity- can be considered as an activity in which he acts as an investor, investing his resources for a period of time in the creation or acquisition of real and purchase of financial assets to extract direct and indirect income.
At the same time, the investment activity of banks has another aspect related to the implementation of their macroeconomic role as financial intermediaries. In this capacity, banks help meet the needs of business entities for investment. Demand for them in a market economy arises in monetary form. In addition, banks provide an opportunity to turn savings and savings into investments.
The indicators of investment activity of commercial banks are:
Volume of investment resources of commercial banks;
Index of real value of investment resources;
Volume of bank investments;
The share of investment investments in the total assets of banks;
Structural indicators of banking investments by objects of their application;
Performance indicators of banks' investment activities, in particular, growth in assets and growth in profits based on the volume of investments;
Indicators of alternative profitability of investing in the manufacturing sector compared to investing in profitable financial assets.
The choice of optimal forms of investment by commercial banks in these conditions, taking into account various factors affecting their activities, involves the development and implementation of investment policy.
The economic interests of banks, arising from the essence of these institutions as commercial structures, are to ensure the profitability of their operations while maintaining their liquidity and reliability. Banks work mainly not with their own, but with borrowed and borrowed resources, so they cannot risk their clients' funds by investing them in large investment projects if this is not provided with appropriate guarantees. In this regard, when developing an investment policy, commercial banks should always proceed from real assessments of risk, economic efficiency, financial attractiveness of investment projects, the optimal combination of short, medium and long-term investments. At the same time, the existing investment system is not only an internal affair of the bank itself. In accordance with the basic principles of banking regulation, an integral part of any supervisory system is an independent review of the bank's policy, operations and procedures related to the issuance of loans and capital investment, as well as the ongoing management of loan and investment portfolios.
Consequently, commercial banks must clearly work out and formally fix the most important activities related to the organization and management of investment activities. In essence, we are talking about the development and implementation of a sound investment policy.
1.2 Classification and forms of investment activities of commercial banks
Both in the economic literature and in banking practice, the forms of investment activity of commercial banks are classified on the basis of general criteria for systematizing investment types. However, it seems possible to single out a number of features of banking investment activity, which consists in the following classification of its types:
Real investments;
Financial investments;
Industrial investment;
Investments aimed at the bank's own development.
The most demanded forms of investment activity of modern commercial banks in Russian banking practice are production and financial investments.
Production investments made through the provision of investment loans, as well as various ways of participating in the financing of investment projects, represent a form of the bank's participation in the capital costs of business entities. Investing in an investment project is economically very beneficial for the bank - it receives not only profit, as in lending, but also the opportunity to participate in the management of an enterprise (both created and modernized). This opportunity arises for the bank as a result of the acquisition of the right of shared ownership (block of shares) to the property of the enterprise or the conclusion of an agreement on the participation of management, on the basis of which, among other things, the project is invested. The invested enterprise also benefits from cooperation with the bank - receiving the necessary resources on the terms of the bank's participation, it also receives the interest of this credit institution in the successful implementation of the project, which provides comprehensive assistance in its implementation. However, it should be noted that bank control over the invested enterprise may also have negative consequences due to the fact that a significant concentration of property in the bank manufacturing enterprises reduces the reliability of the financial system, increasing banking risks. To prevent such negative consequences, the regulatory legal acts of the Russian Federation significantly restrict the participation of commercial banks in the activities of enterprises. These restrictions are related to the following provisions:
The ban on banks to engage in production, insurance, trading activities, established at the legislative level;
Limiting the participation of commercial banks in the capital of enterprises, according to which banks can only have up to 25% of their own funds in it;
Restriction to 10% of bank capital of investments in the acquisition of shares of one business entity;
Regulations of the Central Bank of the Russian Federation, limiting the bank's participation in financial and industrial groups.
Financial investments of commercial banks, in contrast to industrial investments, are mainly aimed at investing through securities and investment loans. With the development of the Russian stock market, investments in securities, including debentures(bills, government and municipal securities, certificates of deposit, etc.), equity securities represented by shares of enterprises, as well as derivative securities, are becoming an increasingly popular form of investment. Modern Russian banking practice shows that commercial banks carry out this species investments, both at the expense of own funds, and at the expense of funds and on behalf of investors. At the same time, in order to bind excess liquidity, the Central Bank uses deposits in which, in particular, commercial banks make financial investments.
Another form of financial investment - an investment loan - is based on the provision of a targeted long-term loan aimed at production purposes, on the conditions characteristic of lending (payment, maturity, repayment). However, unlike productive investments, the bank does not acquire the right to a joint economic activity or shareholding. Investment loans are characterized by high risks, to reduce which banks impose a number of additional requirements on borrowers - financial guarantees from reliable banks or the government, highly liquid collateral.
Due to the complexity of obtaining production investments, practically the only form of obtaining the necessary financial resources is real investments, which are capital investments in production activities. The federal law “On investment activities in the Russian Federation carried out in the form of capital investments” includes investments made in the form of new construction, reconstruction, modernization of production, technical re-equipment of existing enterprises. Accordingly, real investments make up the following groups:
Mandatory investments aimed at ensuring that the enterprise can continue its activities (for example, changing the working conditions of the enterprise's employees to the relevant standard indicators established by law; pursuing the environmental policy of the enterprise, etc.);
Investments aimed at improving the efficiency of the enterprise and, accordingly, its competitiveness, with the aim of creating conditions for reducing production costs, carried out through the modernization of equipment, improvement of applied technologies, labor organization;
Investments aimed at expanding production, allowing the enterprise to increase its volumes within the existing production;
Investments aimed at the organization of new projects, as a result of which the production of completely new products or services is organized.
In addition, real investment is carried out in the form of investments in real estate, precious metals, intellectual and property rights. The income from investments in real estate is made up of both an increase in market value and rent. However, this type of investment is effective for large banks, because. has a significant payback period and, accordingly, requires significant long-term sources for investment.
The choice of optimal forms of investment by commercial banks in these conditions, taking into account various factors affecting their activities, involves the development and implementation of investment policy.
1.3 Investment policy of commercial banks
The economic interests of banks, arising from the essence of these institutions as commercial structures, are to ensure the profitability of their operations while maintaining their liquidity and reliability. Banks work mainly not with their own, but with borrowed and borrowed resources, so they cannot risk their clients' funds by investing them in large investment projects if this is not provided with appropriate guarantees.
In this regard, when developing an investment policy, commercial banks should always proceed from real assessments of risk, economic efficiency, financial attractiveness of investment projects, the optimal combination of short, medium and long-term investments.
Investment policy is the activity of a commercial bank, commensurate with the degree of risk, based on active operations with securities and aimed at ensuring profitability and liquidity bank funds generally.
Investment policy commercial organizations should flow from the strategic goals of their business plans, i.e. from a perspective, and ultimately should be aimed at ensuring financial sustainability not only now, but also in the future.
When developing an investment policy, it is necessary to adhere to:
1) the focus of the investment policy on achieving the strategic plans of enterprises and their financial stability;
2) taking into account inflation and risk factors;
3) economic justification of investments;
4) formation of the optimal structure of portfolio and real investments;
5) ranking projects and investments according to their importance and sequence of implementation based on available resources and taking into account the involvement of external sources;
6) choice of reliable and cheaper methods of financing investments;
When these principles are taken into account, many mistakes and miscalculations can be avoided when developing the investment policy of a commercial organization.
The investment policy serves to determine the most priority areas for investing investments that affect the efficiency of the enterprise itself, as well as the country's economy as a whole.
To develop an investment policy and its implementation, commercial organizations create special investment departments in the management structure, which should have at their disposal employees who are well versed in various issues of the investment program. Such specialists, in turn, should be able to independently analyze the market for purchased securities, determine whether a given class and issue of securities is consistent with the goals of the bank, build yield curves, thereby ensuring careful regulation of the investment activities of a commercial bank.
In the management structure of a commercial bank, the activities of the investment department are subordinate. Priority is usually given to the lending and primary reserve departments. However, the management of a commercial bank is a group activity in which all operations must be carried out in concert and in accordance with the investment policy established by the board of directors.
As it changes economic conditions the investment policy of a commercial bank is reviewed and updated based on periodic reports and forecast data from the investment departments.
The state partially regulates the investment policy of banks in a legislative manner. From this follows the need for state control over the investment activities of banks in the banking sector.
Regulators require banks to formulate their investment policy in a written document, highlighting the following:
The degree of risk of late redemption of the security that the bank intends to accept, while all securities must be investment, not speculative.
Planned terms of circulation of securities to maturity, as well as the degree of liquidity of all acquired securities.
The goals that the bank wants to achieve with its investment portfolio.
The degree of diversification of the investment portfolio with which the bank intends to reduce risk.
Inspection authorities carefully analyze the bank's investment portfolio so that speculative goals do not crowd out more important investment tasks in the bank's investment policy.
The effectiveness of the investment policy is evaluated by the payback period of investments, which is determined on the basis of business plan data and preliminary calculations based on the justification of investment projects.
Chapter 2. Organization of investment activity by example savings bank Russia
2.1 General characteristics of the Savings Bank of the Russian Federation
Sberbank of Russia is largest bank Russian Federation and CIS countries. The founder and main shareholder of Sberbank of Russia is the Central Bank of the Russian Federation, which owns 50% of the authorized capital plus one voting share. Other shareholders of the Bank are international and Russian investors. The Bank's ordinary and preference shares have been listed on Russian stock exchanges since 1996. American Depositary Receipts (ADRs) are listed on the London Stock Exchange, admitted to trading on the Frankfurt Stock Exchange and on the OTC market in the United States.
Founded in 1841, Sberbank of Russia today is the leader of the Russian banking sector in terms of total assets. The Bank is the main creditor of the Russian economy and holds the largest share in the deposit market. As of January 1, 2013, Sberbank accounted for 28.9% of total banking assets, 45.7% of retail deposits, 33.6% of corporate loans and 32.7% of retail loans. The capital of Sberbank is 1.7 trillion rubles, which corresponds to 27.4% of the total capital of the Russian banking system.
Sberbank is a modern universal commercial bank that meets the needs of various customer groups in a wide range of banking services. Sberbank of Russia serves individuals and legal entities, including large corporations, small and medium-sized businesses, as well as state-owned enterprises, constituent entities of the Russian Federation and municipalities. More than 100 million individuals (more than 70% of the Russian population) and about 1 million enterprises (out of 4.5 million registered legal entities in Russia) use Sberbank's services.
Sberbank provides retail clients with a wide range of banking services, including deposits, various types of loans ( consumer loans, car loans and mortgages), as well as bank cards, Money transfers, bank insurance and brokerage services. All retail loans are issued using the Loan Factory technology, designed to effectively assess credit risks and ensure a high quality loan portfolio. Sberbank is the largest issuer of debit and credit cards. joint bank, created by Sberbank and BNP Paribas, is engaged in POS lending under the Cetelem brand, using the concept of "responsible lending".
Sberbank of Russia serves all groups corporate clients, and the share of small and medium-sized companies accounts for more than 20% of the Bank's corporate loan portfolio, the rest is lending to large and largest corporate clients. The Bank also provides deposits, settlement services, design, trading and export financing, cash management services and other basic banking products. The integration of Troika Dialog's business, which was renamed Sberbank Corporate & Investment Banking (Sberbank CIB), enabled Sberbank to offer clients highly professional financial advice and a choice of investment strategies, including highly structured investment banking products, ECM, DCM, M&A, as well as transactions on global markets.
Sberbank of Russia provides banking services in all 83 constituent entities of the Russian Federation, having a unique branch network, which consists of 17 territorial banks and has more than 18,400 branches. In addition, the Bank provides services through remote service channels - one of the world's largest networks of ATMs and self-service terminals (about 68,000 devices). Sberbank is also actively developing its applications " Mobile bank” and “Sberbank Online @ yn” with an impressive client base of more than 9.4 million and 5.4 million active users, respectively.
AT last years Sberbank has significantly expanded its international presence. In addition to the CIS countries (Kazakhstan, Ukraine and Belarus), Sberbank is represented in nine countries of Central and of Eastern Europe(Sberbank Europe AG, formerly VBI) and in Turkey (DenizBank). The acquisition of DenizBank was completed in September 2012 and was the largest acquisition in the Bank's 170-year history. Sberbank of Russia also has representative offices in Germany and China, a branch in India, managed by Sberbank Switzerland AG.
2.2 The main directions of the investment policy of the Savings Bank of Russia
The Savings Bank of the Russian Federation is one of the largest banks in the country and, in a number of ways, economic indicators occupies a leading position in the credit system.
Savings Bank carries out the following banking operations:
Attracts and places funds of legal entities and individuals;
Opens and leads bank accounts individuals and legal entities, carries out settlements on behalf of clients, including correspondent banks;
Collects money, bills of payment and settlement documents and provides cash services for legal entities and individuals;
Buys and sells foreign currency in cash and non-cash forms;
Attracts deposits and places precious metals;
Issues bank guarantees.
In addition to the banking operations listed above, the Bank carries out the following transactions:
Issues guarantees for third parties, providing for the fulfillment of obligations in cash;
Acquires the right to demand from third parties the fulfillment of obligations in cash;
Confidentially manages cash and other property under an agreement with individuals and legal entities;
Carries out transactions with precious metals and precious stones in accordance with the legislation of the Russian Federation;
Leases individuals and legal entities special premises or safes located in them for storing documents and valuables;
Implements leasing operations;
Provides brokerage, advisory and information services.
The Bank is entitled to carry out other transactions in accordance with the legislation of the Russian Federation.
Investment policy NPF Sberbank adheres to a moderately conservative investment strategy aimed at the preservation of capital and its long-term growth with a moderate level of risk. The investment of pension assets in the Fund is carried out through management companies with a reliability rating of at least AA, which are selected on the basis of a tender and a decision of the Fund's Council.
In order to preserve and increase pension assets, the investment activity of the Fund is based on clear and precise investment principles:
1. Ensuring safety is the fundamental principle of the Fund's activity, which ensures the confidence of our clients in the stable receipt of a pension, regardless of the situation in the economy;
2. Ensuring profitability, diversification and liquidity of investment portfolios -- The Fund strives not only to preserve, but also to increase assets to ensure a decent future for our clients;
3. Taking into account the reliability of securities - we never forget about the risks that arise when investing assets, in order to minimize them, the Fund complies with legal restrictions on the placement of pension reserves and investment of funds pension savings, every quarter the Fund reviews the investment portfolio in the direction of industries and companies with better dynamics. In order to minimize risks, the Fund quarterly coordinates the List of Issuer Companies included in the investment portfolio with OJSC Sberbank of Russia;
4. Information openness of the process of investing pension assets -- in order to achieve mutual trust between the Fund and its clients, all the main indicators NPF activities Sberbank are published in the public domain on the website;
5. Transparency of the process of investing pension assets for state, public supervision and control bodies, a specialized depository - the Fund's activities are constantly monitored by the Federal Financial Markets Service and an independent organization - Sberbank Special Depositary LLC, which exercises daily control over the composition and structure of pension funds reserves and funds of pension savings, as well as compliance by the Fund's management companies with investment declarations;
6. Professional management of the investment process.
The NPF of Sberbank, adhering to the established legal restrictions and striving to achieve the set goal, when investing pension savings and placing pension reserves, uses the following benchmark (synthetic index): 20% of shares, 80% of fixed income instruments (bonds, deposits).
In practice, this means the following: the share of shares in investment portfolios is limited to the amount of fixed income that the Fund receives from investing in bonds and bank deposits. The return on investments in liquid stocks included in the top-level quotation lists may vary from year to year, but over long periods of time it exceeds the return on investment in bonds. A portfolio of financial instruments with fixed income (bonds, deposits) allows you to receive a constant coupon / interest income, as well as market income. Coupon/interest income is determined by the issuer and represents a constant component of growth. Market income depends on the situation in the bond market.
In terms of pension savings, a number of specific restrictions are imposed on operations. In particular, the investment portfolio of shares to a greater extent consists of "blue chips", which does not include a number of issuers acceptable for the placement of pension reserves (for example, Gazprom, Rosneft and most of the metallurgical companies).
Due to its leading positions in the banking system and based on the tasks it solves for Sberbank of the Russian Federation, it is the founder of a number of other financial institutions: Industrial Commercial AvtoVAZbank, Vneshtorgbank of the Russian Federation, Housing Initiative Corporation, financial and trading company Sovfintrade, International Moscow Bank and others. In addition, Sberbank of the Russian Federation is a member of the Moscow Interbank Currency Exchange, the Moscow and St. stock exchanges, the Association of Savings Banks and the Association of Russian Banks, the International Institute of Savings Banks (Switzerland), a number of societies and associations for the dissemination plastic cards(Association VISA International, Great Britain), Society for International Interbank Financial Telecommunications - SWIFT (Belgium).
2.3 Analysis of the investment activity of Sberbank of Russia
Sberbank of Russia is the oldest and largest enterprise in the national banking sector. Thanks to my position. Sberbank implements a number of government investment and social programs. By 2011, Sberbank significantly increased its investments in the real sector of the economy from 495.0 billion rubles to 710.1 billion rubles, which is 82.3% of the total balance of loan debt. The increase in the needs of this segment in credit resources allowed the bank to expand the volume of operations and strengthen cooperation with large enterprises, federally significant and structures, exporters and importers, as well as enterprises of the most investment-attractive industries.
In 2011, there was an increase in loan debt in all industries: in industry by 52.7 billion rubles to 361.1 billion rubles ( specific gravity in the portfolio of legal entities decreased from 56.8 to 48.8%), in agriculture by 8.5 billion rubles to 31.3 billion rubles (the share remained unchanged - 4.2%). in construction by 2.1 billion rubles to 20.5 billion rubles (a decrease in the share from 3.4 to 2.8%). in trade and catering by 57.7 billion rubles to 148.6 billion rubles (an increase in the share from 16.7 to 20.1%). in transport and communications by 30.5 billion rubles to 69.6 billion rubles (growth from 7.2 to 9.4%).
The changes that have taken place in 2011 in the structure of investments in various industries indicate that Sberbank of Russia, being a nationwide bank, is not limited to lending to enterprises of the most highly profitable export-oriented enterprises in certain industries, but forms its portfolio in a balanced way in relation to all sectors of the economy giving priority to those projects that aim to shift the economy from a commodity export model to a model focused on sustainable economic growth based on domestic demand.
The Bank's customers and borrowers include the majority largest enterprises DIC of Russia.
Sberbank continued cooperation with OAO Gazprom and major oil companies: OAO Tyumenskaya oil company". OAO NK Rosneft. The volume of the oil company has been increased. OAO NES Rosneft. The volume of lending to enterprises of the Russian Aluminum Group (the largest aluminum producer in Russia) has been increased. OJSC "Siberian-Ural Energy Company". The bank's long-term cooperation with the enterprises of RAO "UES of Russia" and affiliated structures has been strengthened. Cooperation with the State Enterprise RVO "Zarubezhneft", FSUE PO "Sevmash" has begun. CJSC Sevmorneftegaz, as well as with the Financial and Industrial Group INTERROS, within which credit funds were provided for the implementation of the statutory activities of CJSC INTERROS ESTATE.
Significant amounts of credit resources were provided by the Federal State Unitary Enterprise All-Russian State Television and Radio Broadcasting Company to carry out its statutory activities and to replenish working capital, the bank continued cooperation with Acron, the largest producer of nitrogen and complex mineral fertilizers.
Sharply intensified competition in the Russian credit market from non-resident banks, mainly competitive advantage which became the interest and collateral policy, as well as the active replacement by Russian companies, incl. and borrowers of Sberbank of Russia, bond loans placed on Russian and foreign markets, demanded that the Bank take a set of measures to increase the attractiveness of loan products Sberbank of Russia for current and potential borrowers.
In order to strengthen the competitive position of Sberbank of Russia in the corporate lending market, as well as to fulfill the tasks of increasing the volume of the loan portfolio, the bank approved a number of regulatory documents aimed at liberalizing the conditions for lending to bank customers.
Financing of investment and construction projects
The Bank is consistently implementing a strategy to increase the volume of long-term lending operations for enterprises in various sectors of the economy, by increasing the flexibility of lending conditions, expanding the product range, and taking into account the individual needs of the client.
Loan debt of Sberbank in part investment lending, project financing and financing of construction projects in 2011 increased in ruble terms by 1.6 times and reached 153.0 billion rubles by 2012, of which 88.7 billion rubles (58.0%) and 2.2 billion US dollars (42.0%).
Chapter 3. Problems and prospects of investment activity of Russian commercial banks
3.1 Problems of investment activity of Russian commercial banks
At present, the financial resources of the Russian banking system are not enough to effectively support the real sector, meet the needs of all sectors of the economy - in particular, industry, which (unlike the banking system, characterized by the predominance of small and medium-sized banks) is highly concentrated. At the same time, the problem lies in the fact that in the current situation, banks do not effectively redistribute even the investment potential available to them.
As a result of the growth of disproportions between the development of the real and financial sectors of the economy, the prerequisites were formed not for involvement, but, on the contrary, for ousting banking capital from the real sphere. The current dependence of banks on the market of short money with the deterioration of the financial situation of enterprises and organizations in the real sector of the economy has led to the accumulation of crisis potential.
The growth of risks was the most important factor that discouraged the investment activity of banks, since with an increase in risks, the contradiction between the activation of investment and the task of maintaining the financial stability of banks increases, and the gap between interest rates increases (with an increase in the risk premium included in the interest rate) and the profitability of production.
The main factors hindering the activation of banking investment in production are:
1. High level of investment risk in the real sector of the economy;
2. Short-term nature of the existing resource base of banks;
3. Unformed market for effective investment projects.
The next risk factor is the mismatch of short-term liabilities of Russian banks with investment needs, as a result of which investment lending poses a threat to the bank's liquidity. The calculation of the ratio of funds attracted and placed by banks indicates that short-term investments are the most balanced in terms of resource endowment. As the terms of investments increase, the gap between their volumes and sources of their financing increases up to five times for funds invested for a period of more than three years.
In essence, the market for investment projects has not been formed either. The proposed projects are characterized by insufficient elaboration. Banks are forced to independently deal with the entire range of work associated with project financing.
The main problems in the implementation of investment activities by commercial banks are the high capital intensity and long payback periods of infrastructure projects, the lack of transparency of the legal framework that ensures the protection of long-term investments, in particular, concession legislation. No clear practice tax incentives for investors investing in capital-intensive and long-term projects. There is no systematic approach to investments, investments are fragmented. But according to leading experts of the banking sector, this problem can be solved. To do this, at the state level, it is necessary to determine the priorities of the areas of investment activity, stimulate the flow of funds through the provision of benefits and the creation of free economic zones.
The administrative burden placed on banks in connection with the diversion of resources to perform functions that are unusual for them is still significant. The procedure for capital consolidation (mergers and takeovers of credit institutions) is unreasonably complicated.
3.2 Prospects for development and ways to increase the investment activity of Russian commercial banks
The development potential of the banking sector has not been exhausted. The Government of the Russian Federation and the Bank of Russia proceed from the fact that the banking sector can and should play a more significant role in the economy.
Internal obstacles include poor management systems, weak business planning, poor management in some banks, their focus on questionable services and unfair commercial practices, and the fictitious nature of a large part of the capital of individual banks.
External constraining factors include high lending risks, unresolved a number of key problems of pledge legislation, limited resource capabilities of banks, primarily a shortage of medium-term and long-term liabilities, and an insufficiently high level of confidence in banks on the part of the population.
Besides, Russian economy in general, and the banking sector in particular, have a relatively low investment attractiveness, as evidenced by the dynamics of investment, and in relation to the banking sector - and the declining share of foreign capital.
An essential role in improving the efficiency of the current system of channeling credit resources into production is played by the interest rate policy of commercial banks, which should be designed in such a way that the provision of investment loans is beneficial to both the bank and the borrower. Important and promising areas of lending that need to be developed are syndicated and mortgage loans in the manufacturing area.
The use by banks of such a credit instrument for financing investments as leasing remains very limited. Meanwhile, leasing could become one of the most important tools for mobilizing investment resources and boosting investment activity, acting as a means of strengthening the ties between bank capital and production in conditions where the limited liquidity of enterprises hinders the large-scale development of production, and banks are faced with the need to diversify risks and investment areas to increase its reliability. For banks, leasing operations could be an attractive form of asset allocation. In this case, the bank can act as both a direct lessor and a party financing a leasing transaction.
The scale of such a form of investment activity of commercial banks as investments in securities and shares of enterprises is also insignificant. .
When investing in shares and equity securities of organizations (both residents and non-residents), banks mainly pursue investment goals. The share of securities purchased for investment in total investments ranges from 85 to 90% [APPENDIX No. 3]. The participation of banks in subsidiaries and dependent companies is growing. This reflects, first of all, the growth of banking investments in the development of the financial business itself, and the growing trend towards the integration of financial structures.
Of great importance in increasing the investment activity of the banking system is the creation of a system for stimulating and insuring investments. One of the conditions for the provision of long-term loans by banks for investment projects with high credit and investment risks in the production sector is the availability of state guarantees. Among the measures that contribute to the growth of industrial investments of commercial banks, one can also include the differentiation of economic standards depending on the share of their investments in the real sector of the economy and preferential taxation.
Revision of the previous regulatory system in accordance with the declared priorities of economic policy involves changing the forms and methods of influencing the banking sector, restructuring the banking system, taking into account the tasks of implementing the investment functions of banks in the economy. The restructured banking system must meet the requirements of high reliability, manageability and investment orientation, guarantee the necessary level of supply of credit resources at interest rates affordable for the industrial sector.
Conclusion. Thus, one of the most important tasks of the banking sector is to increase the efficiency of the activities carried out by the banking sector to accumulate funds from the population and organizations and their transformation into loans and investments.
Conclusion
In the course of this work, the tasks set for me were achieved, the organization of the investment activities of commercial banks in the aggregate was considered, a single bank was considered using the example of the Savings Bank of Russia, problems and solutions were identified, the implementation of the investment activities of commercial banks. Based on everything, we can conclude:
The functions of a commercial bank are closely interconnected, that is, the accumulation of funds by the bank implies the further execution of the investment function. The instrument for implementing the latter is investment activity.
The choice of optimal forms of investment by commercial banks, taking into account various factors affecting their activities, involves the development and implementation of investment policy.
The economic interests of banks, arising from the essence of these institutions as commercial structures, are to ensure the profitability of their operations while maintaining their liquidity and reliability. Banks work mainly not with their own, but with borrowed and borrowed resources, so they cannot risk their clients' funds by investing them in large investment projects if this is not provided with appropriate guarantees.
After analyzing the activities of one of the leading banks in our region - Sberbank of the Russian Federation, I came to the conclusion that an effective investment policy plays an important role in the commercial success of its activities. In this regard, when developing an investment policy, commercial banks should always proceed from real assessments of risk, economic efficiency, financial attractiveness of investment projects, the optimal combination of short, medium and long-term investments. At the same time, the existing investment system is not only an internal affair of the bank itself. In accordance with the basic principles of banking regulation, an integral part of any supervisory system is an independent review of the bank's policy, operations and procedures related to the issuance of loans and capital investment, as well as the ongoing management of loan and investment portfolios.
Considering the investment activity of Sberbank of the Russian Federation, it can be said that a large share of the Bank's investment funds was directed to the acquisition of an investment portfolio. The Bank's managers have formed a portfolio that is sufficiently protected from investment risk, and in addition to this, they regularly audit it. Thus, the investment portfolio is constantly up to date. One of the trends in the development of this portfolio was an increase in the share of corporate shares in it.
Also in recent years, the Bank began to develop operations with investment property, which is an asset with a constant growth in value.
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The dual nature of the investment activity of credit institutions. Classification of investment forms of commercial banks. The procedure for the formation of investment tactics. Review of approaches to the investment activity of Russian banks in the securities market.
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Conditions and prospects for the development of investment activities of commercial banks in the real sector of the economy of the Russian Federation. Basic principles of functioning of the investment activity of Russian banks, problems and causes of their occurrence.
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The concept, the most important and essential signs of investment. Essence of investment activity of banks, its types. Analysis of the investment activity of banks in Russia and abroad. Problems and ways of improving investment activity in Russia.
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The essence of the investment activity of a commercial bank. Classification of operations of credit institutions with securities. Problems of banking investment on present stage economic development. Volume of investment resources of commercial banks.
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Definitions and forms of investment activity of commercial banks, its goals. Consideration of the main problems and prospects for the development of banking investment. Generalizing conclusions of investment activity of modern banks in the Russian Federation.
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The concept and forms of investment activity of banks: goals and process, income and risks. Analysis of the investment activity of OAO Investment Commercial Bank Sovcombank in 2012-2014. Financial statements. Problems of development of banking investment.
Banks are an important economic link in the structure of any state. Commercial banks, accumulating money supply through deposits of individuals and legal entities, provide them at the disposal and use of other commercial structures and individuals under various categories of contracts, under various conditions and under various programs. This is necessary both to meet the financial needs of individuals and to ensure the continued operation of legal entities.
There are different forms of interaction between banking organizations and customers. Sometimes the client organization needs an influx of capital investments, the need to enter a wider market or the modernization of existing production. And in such cases, legal entities or individuals need a reliable financial advisor, professional intermediary and deal organizer. And in this case, the investment activity of banks is manifested. The study of this type of activity has led to numerous studies and dozens of published scientific works. We have tried to combine the most important information for our reader and consider general principles, patterns and features of the investment activity of banking organizations.
To date, there are several main models of banks that provide for investment as one of the main activities. AT first model provides for a clear separation of the role of an ordinary commercial bank (providing credit and financial services) and tasks aimed at investing. The model was first put into service in the mid-30s in the United States, after the ratification of the Glass-Steagall Act. Also, such a model has the name Saxon (according to the principle of the greatest distribution). The gradation was observed until 1999, when the introduction of the Graham-Leach law into the legislation allowed ordinary banks to create structural units involved in investing in securities. Since then, the expression "financial supermarket" has appeared in the everyday life of financiers - an organization that deals with all possible financial services.
Second model is called continental (or European) and implies the existence of universal commercial organizations, which include separate divisions involved in securities trading, investment, work in the capital market, as well as the provision of standard credit and financial services. Examples include Deutsche Bank in Germany or Paribas Group in France.
Domestic countries are characterized by the presence of a mixed model. Banks are directly involved in investing in industry, and the securities market is developing more and more every year. There are both universal commercial banks with licenses from the Bank of Russia, and specific organizations whose activities are regulated by the FFMS. The second category includes brokerage, dealer, depository and management activities.
It should be noted that the concept of investment activity of banking organizations is not fixed in the domestic legislation and there are no legal instruments for regulating this particular branch of activity.
Investment banks existing in foreign countries are engaged in providing the following services to their clients:
In order for banks to be able to invest in these areas, they develop several areas, which are conventionally divided into internal and external.
External ones imply the performance of two types of tasks: attraction of third-party investments and support for mergers and acquisitions. In the case of attracting capital investments, most often they are talking about the placement and management of deposits (in particular, securities) of their clients, however, there are also options for third-party investments by launching special methods of investment lending to individuals and legal entities.
When there is a prosperous market in the state market financial system, commercial banks whose goals include investment activity often use the option of mergers and acquisitions as a reliable scheme for making a profit.
The vast majority of domestic companies have not reached the level where the question of the need for M&A procedures becomes clear, for which it is necessary to apply to investment banks.
In the same case, if a banking organization provides mergers and acquisitions services, there are the following areas of activity:
the main task internal investment activities of banking institutions is to ensure the effective functioning of external processes and those departments that deal with investments and bring maximum income. Significant varieties of internal activities are:
In the realities of the domestic market, income from such activities can vary from 100% annual losses to impressive incomes, which amount to hundreds of percent per year.
The investment policy of banking organizations is a set of measures aimed at the development and final implementation of investment management ideas, ensuring the optimal amount of investment for efficient operation, as well as increasing the bank's profitability. The most important condition of the investment policy banking institution is to develop an effective and most profitable strategy.
Investment planning involves choosing the best ways to place and distribute financial resources for a certain period of time with the possibility of further providing greater profitability and increasing the number of possible transactions. Since planning is a complex organizational process, the following conditions must be observed in its implementation:
For the investment activity and policy of banks, the key factors are the correct determination of the ratio of the amount of credit funds and their own financial savings, the development of a mutually beneficial strategy for the distribution of dividends for investment projects, as well as the optimization of the existing structure of investment investments. These three indicators are fundamental factors for those commercial banks that are engaged in investment activities.
Every year there are more and more commercial banks that create significant competition. Not only domestic, but also foreign credit and financial organizations become involved in it. In the face of such competition, one of the most important factors is the implementation of investment activities, which is associated with the conduct of transactions in securities. All commercial bank investments have the following distinguishing characteristics:
The investment portfolio is the totality of all existing bank investments from which a profit is made. Banks always strive to get as much profit as possible, but, despite this, a clear ratio of the profitability of projects with their liquidity and financial security must be observed.
A bank that invests in risky projects that are not liquid may become insolvent over time. Accordingly, from the above, we can conclude about the functionality of the investment portfolio.
The need for an investment portfolio is revealed through its direct functions. These features include:
To ensure a constant inflow of funds, diversify income, and reduce the possibility of credit risks, securities with various maturity dates are involved in investment portfolios.
With a decrease in the number of securities, as well as changes in their value, it is possible to reinvest them in other objects that correspond to the current tasks of the investment policy of banking organizations, and also have better characteristics.
Finally, we note that banks, engaged in investment activities, are inherently participants in the organization and maintenance financial support numerous innovative projects and scientific institutions around the world. This means that the investment activity is beneficial not only to its owners, who receive a large profit, but also to the persons in whose favor the investment is made.
"Currency regulation. Currency control", 2012, N 10
The article deals with the features of the activities of investment banks, the features that distinguish them from commercial banks, as well as the main operations for organizing financing for various projects of both corporate and private clients.
Banks as financial intermediaries are the most important component of the economy. Traditional commercial banks, accumulating temporarily free funds by attracting deposits from legal entities and individuals, as well as other financial institutions, provide them for temporary use to corporations and individuals in the form of loans to ensure the continuity of production or meet the needs of individuals.
The interaction of banks with their customers occurs constantly in various forms. So, for example, there comes a stage in the development of a company when it needs to move to a new qualitative level, attract a large amount of funds in the capital market to expand business, modernize production, create new lines of production and new products, enter new markets. In this case, a financial intermediary is required to ensure the company's entry into the capital market, a professional consultant and organizer of transactions. An investment bank becomes such a financial intermediary.
There are various definitions of an investment bank in the economic literature. "Investment banks - financial institutions specializing in operations with long-term capital investments, mainly in the field of creating new fixed assets.
Such a definition can be found in the Encyclopedia of Personal Finance. In the book "The General Theory of Money and Credit" edited by Zhukov E.F. one can find the definition of an investment bank as "a special credit institution that finances and lends investments."
It seems that the most complete definition of an investment bank was proposed by B. Fedorov. "The investment bank specializes in organizing the issuance, guarantee and trading of securities; also provides advice to clients on various financial issues, focuses mainly on wholesale financial markets (in the United States) or a clearing bank specializing in medium and long-term investments in small and medium companies (in the UK)"<1>. An interesting definition proposed by Ya.M. Mirkin: "An investment bank is a universal commercial bank or a full-service broker-dealer company that provides services on the stock market in the field of organizing and guaranteeing the placement of securities, brokerage operations, investment consulting, trust management, corporate financing, business reorganization transactions"<2>.
<1>Fedorov B.G. English-Russian banking encyclopedic dictionary. St. Petersburg: Limbus Press, 1995. 496, p. 212.In this definition, as in a number of others, special emphasis is placed on the tools of investment banks - securities.
From the foregoing, we can conclude about the main features of an investment bank.
Investment bank:
Thus, an investment bank can be defined as a financial institution that concentrates its activities on the capital market, specializing in advising and arranging financing for clients, as a result of which their business undergoes qualitative changes.
There are several models of organization of investment activity of banks. The first model involves the separation of investment banking and commercial banking. The impossibility of combining the activities of attracting deposits and operations with securities ensured the free choice of a deposit in a commercial bank or investments in securities on the stock market, providing protection for commercial bank depositors from fluctuations in the value of securities and falling stock indices. This model was adopted in the USA in the 1930s. last century as a result of the Glass-Steagall Act. In a number of sources, it is called the Anglo-Saxon model. This separation lasted until November 1999, when the Graham-Leach-Bliley Act was passed, allowing commercial banks to set up securities investment companies. Thus, the creation of financial supermarkets became possible. A typical example financial supermarket is Citigroup bank. After the crisis of 2008, only Goldman Sachs and Morgan Stanly remained afloat among the five largest American investment banks, forced to turn to the Fed in order to obtain a reserve window, i.e. get access to Central Bank loans to maintain liquidity.
The second model, traditional for European countries, called continental, involves the functioning of universal banks with divisions engaged in attracting deposits, lending and activities in the capital market, including trading in securities both at the expense of the bank and on behalf of customers, organizing for them to raise funds in the capital market. Examples of such universal transnational banks are the French BNP Paribas and the German Deutsche Bank.
Russia is characterized by an intermediate model of organizing investment banking. The Russian financial market differs rapidly emerging market securities, as well as the high role of banks in investing in industry. Currently, in our country they work as universal banks licensed by the Bank of Russia, as well as brokerage and dealer companies, whose activities in various areas are licensed by the Federal Service for Financial Markets (FFMS). Commercial banks also receive licenses from this service to carry out relevant operations on the stock market. Investment companies, depending on the strategies adopted by their shareholders, may obtain licenses from the Federal Financial Markets Service to conduct brokerage, dealer, depositary activities, and trust management of clients' assets.
In accordance with federal law N 39-FZ "On the securities market" licensed activities include:
The FFMS under the Law issues three types of licenses:
Investment companies, the largest of which are Troika Dialog and Renaissance Capital, which call themselves investment banks, operate on the basis of a license of a professional participant in the securities market, carry out brokerage, dealer and securities management activities, provide a wide range of consulting services on corporate finance. A number of universal banks have an investment block in their organizational structure, some have subsidiaries providing investment banking services. Many have spun off the work of managing client assets into subsidiaries, thus separating their own operations from those of trust management of client assets. Investment blocks are available in the organizational structure, for example, of such banks as Alfa-Bank, Rosbank and Gazprombank. VTB Bank is an example of a banking holding organized on the principle of specialization. Investment banking services within this holding are provided by VTB Capital. It should be borne in mind that, in accordance with domestic legislation, a bank is an institution that provides its customers with a total of three types of banking services - attracting deposits, providing loans, opening accounts and making settlements. This is the definition of a commercial bank.
In the current Russian banking legislation there is no definition of an investment bank and investment banking.
Investment banking mediates both credit relationships and ownership relationships. As a result of investment banking activities, both the client company's own funds and borrowed funds can be significantly increased. In the first case, this happens as a result of an initial or subsequent public offering of shares on an organized market (IPO, SPO), a private placement of company shares, including as a result of attracting a strategic investor. In the second - through the issuance of debt financial instruments (bonds). At the same time, the emerging credit relations are of a specific nature and in some cases can be transformed into property relations using hybrid financial instruments.
A feature of credit relations mediated by investment banking activities are:
Investment banking is very diverse and constantly evolving, offering the market new tools and opportunities. The financial innovations of the last century include the securitization of assets, the issuance of so-called "junk bonds", the creation and organization of the circulation of derivative financial instruments, among which credit default swaps can be distinguished.
Nevertheless, three main areas of investment activity of banks can be distinguished:
The bank's activities in the securities market may be carried out at the bank's own expense and on behalf of clients. On their own behalf and at their own expense, banks can acquire both equity securities (shares) and debt securities (bonds), forming and managing their own securities portfolio. REPO and SWAP operations can be carried out with these securities, they can act as collateral when attracting loans.
On behalf of clients, banks acquire securities at the expense of the client, develop an investment strategy for clients, form and manage a portfolio of securities. The most important direction of work of investment banks is the creation of conditions for collective portfolio investment through the establishment of mutual investment funds and their management. A specific form of collective investment is the OFBU (general funds of banking management) created by banks.
Access of corporate clients to the capital market is carried out with the participation of investment banks that underwrite bonds when raising debt financing or organize an initial (and subsequent) public offering of company shares on an organized market when raising equity financing.
By conducting operations in the securities market at their own expense, banks receive income in the form of the difference between the purchase and sale prices of securities, as well as when investing in bonds in the form of coupon income, similar to interest on a loan granted to the issuer of bonds. When carrying out operations on behalf of and at the expense of the client, the bank receives income in the form of a commission.
An important direction in the work of investment banks in recent decades has been the design of structural products and derivative financial instruments based on various types of assets. The purpose of creating such instruments was to hedge various risks, but as the market developed, they turned into speculative instruments, the volume of which broke away from the volume of underlying assets, significantly exceeding it. An example of such a derivative financial instrument is a credit default swap (CDS).
The work of banks in organizing the securitization of assets should also be highlighted. Securitization has become widespread in recent years as a way to distribute risks, a method for removing a number of assets from the balance sheet. The services of investment banks for the securitization of assets are used by commercial banks and various production companies that have homogeneous assets on their balance sheets that bring constant income.
The second direction of investment banking - corporate financing - is actively developing in Russia. The need to expand business through the acquisition of competing companies, the creation of vertical holding structures, and the attraction of investors in the company's fixed capital, including strategic ones, lead to an increase in demand for the services of corporate finance departments of banks. Such departments have been set up in the largest domestic banks, including banks with foreign capital. For example, in Gazprombank, UniCredit Bank, Nomos-bank.
The corporate finance department generally offers its clients the following services:
This area of investment activity of banks is mainly associated with advising clients and arranging financing.
Thus, when providing services in the field of corporate finance, banks receive income in the form of a commission.
Project financing was widely developed in the 70s. of the last century and stood out as a separate area of investment banking. Project finance can be seen as a way of long-term debt financing of large projects through financial engineering based on loans under cash flow, created directly by the project itself. Project finance can only be viewed as a single package that combines various forms of debt and equity financing and includes all aspects of project development and implementation.
Currently, project financing is used to provide the necessary funds for projects for the creation and reconstruction of industries, the creation of new enterprises and the production of new types of products. At project finance the bank can act as a financial advisor, loan manager, lender. The role of a financial advisor and loan manager is usually performed by an investment bank, which receives remuneration in the form of a commission, the lender is a commercial bank, which receives mainly interest income, as well as a commission.
Individuals are a special client group for investment banks.
They can be divided into several subgroups depending on the amount of funds that can be invested with the help of banks:
This classification is very conditional, since various banks and investment companies use the classification of private clients, depending on the strategy adopted by the bank or company. However, the approach to classification is usually associated with the amount of the client's income and the amount that he either invested or is ready to invest with the help of a bank.
The first category of clients, and in some cases the second, are served by divisions of a private bank (private banking). Serving these clients, the bank performs the function of a broker, carrying out transactions for the acquisition of financial assets on behalf of and at the expense of the client, and carries out trust management of the client's financial assets. For this group of customers, so-called structured products are created. Notes are an example of such a structural product. The base of notes can contain various stocks, bonds, stock indices, prices for exchange goods.
Mutual investment funds are created for mass clients as a form of collective investment. Mutual funds can invest in stocks, bonds, real estate and even works of art. Another form of collective investment for the mass client segment is general bank management funds (BMF). OFBU - a form of collective investment of assets, in which the bank pools the funds of private investors and companies for professional management in order to generate income in the stock and derivatives markets. OFBUs are similar to mutual funds, only as management company in this case the bank acts. The opportunity to participate in collective investment provides an individual with a number of advantages. Having no special knowledge and skills, a small or intermediate (has more funds than a small one, but not enough to become a client of a private bank) investor can use the services of a professional participant in the securities market. In the case of a mutual fund - as a rule, an investment company, in the case of an OFBU - a bank. A mutual fund or OFBU can have a variety of strategies, from conservative to aggressive. Funds of a mutual fund or fund can be invested in various financial market instruments - stocks, corporate bonds, municipal and government bonds. By accumulating the funds of small investors, managers of mutual funds or OFBUs invest large amounts of funds in the market, which gives their clients the advantages of wholesale buyers in the securities market. In addition, this form of investment makes it possible to diversify assets, and therefore can help reduce risks. In the course of its activities, OFBU does not pay income tax, but individual pays income tax at a rate of 13% only when leaving the fund. In addition, there are strict requirements for the disclosure of information about the activities of mutual investment funds and general banking management funds, which ensures that investors control their activities. In this regard, such forms of collective investment are the most common type of private investment in the West and are becoming more common in Russia.
In accordance with the strategy of the bank, approved by its board of directors, the main directions of the bank's activities are determined, including the nature of its activities in the securities market, the goals and objectives of this activity, the possibility of taking risks of a certain type and the amount of these risks. Based on the strategy of the bank, its policies are formed, usually adopted by the board of the bank. The main ones include the credit policy and the bank's asset and liability management policy. These are two main documents that determine the nature of the bank's activities in the securities market.
The bank's asset and liability management policy is designed to determine their structure, the share of various groups of assets and liabilities in the structure of the bank's balance sheet. As part of the asset and liability management policy, regulates the bank's activities in the money and financial markets, determining the volume of operations in these markets, the nature of operations, money and financial market instruments, investments in which are permitted by the specified policy of the bank. In this case, the money market is understood as a market in which short-term (up to one year) loans are attracted and placed, as well as the purchase and sale of foreign currency. Operations in this market are carried out, as a rule, by professional participants - banks and financial companies. Other business entities are entering money market through their commercial banks.
The main objectives of the bank's own operations with securities are:
Based on the above goals and on the basis of the bank's asset and liability management policy, credit policy, limits are set within which operations can be carried out in the money and financial markets. Responsibility for determining and adjusting the limits for conducting transactions in the money and financial markets credit committee and an asset and liability management committee.
The main limits are:
In order to maintain liquidity, the bank creates so-called "secondary reserves". Secondary reserves are a group of bank assets formed as a result of its operations in the financial market. These assets are enough short term can be transformed into primary reserves and used to make current payments on the bank's obligations. Their main purpose is to serve as a source of replenishment of primary reserves, i.e. ensure the bank's liquidity. In addition, this group of assets makes a profit, and depending on the situation on the financial market, the profitability of its individual instruments can be quite high. Among experts there is no single point of view on what securities can be classified as secondary reserves. As a rule, this group includes reliable and highly liquid securities. Usually these are government bonds. The policy of the bank and the decisions of the asset and liability management committee determine the composition and structure of the secondary reserves of a particular bank.
The investment portfolio of the bank is formed with the aim of making a profit. The share of debt instruments and shares in the portfolio is determined by the bank's policy and decisions of its collegial bodies. Investments in various financial market instruments and securities of individual issuers are made within the established limits.
In order to hedge market risks, the Bank conducts operations with derivative financial instruments, acquiring exchange-traded futures, entering into forward contracts, transactions for the purchase of interest rate swaps, credit default swaps, and options.
The activities carried out by the bank at its own expense also include dealer activities. In accordance with domestic legislation, it includes conducting operations at the bank's own account for the purchase and sale of securities on its own behalf with the announcement of the purchase and sale prices. In this case, the bank has obligations to conduct transactions at the announced price. In addition to the price, the dealer has the right to announce other essential conditions securities purchase and sale agreements: the minimum and maximum number of securities to be bought or sold, as well as the period during which the announced prices are valid. The dealer has a legal obligation to conclude a contract on the announced terms.
Dealer activity is licensed. The main motivation for applying for the relevant license is the desire of the bank to become a so-called market maker, i.e. an organization that significantly influences the dynamics of market prices for securities.
The bank's work in the securities market on behalf of clients includes conducting operations within the framework of licensed brokerage and depositary activities, and managing client assets. An important direction of the bank's work in the securities market on behalf of clients is the trust management of client assets.
In the case of trust management of securities, the bank conducts operations on its own behalf on behalf of the client for a commission. Operations are carried out in the interests of the client during the period specified in the trust management agreement. In accordance with this agreement, securities, funds intended for investment in securities, cash and securities resulting from the management of the client's assets may be under management. Within the framework of an asset trust agreement, a bank may carry out a large number of transactions for the purchase and sale of securities, selling some financial market instruments and acquiring others. In this case, the owner of the securities is the client of the bank, who receives a report from the trustee on the state of his portfolio at intervals specified by the agreement. Assets of clients accepted for trust management must be segregated. The manager, when carrying out his activities, is obliged to indicate that he acts as a manager. Often banks create subsidiaries to manage clients' assets. In trust management, banks seek to avoid a conflict of their interests and the interests of the client, as well as the interests of clients who have transferred their assets for management. Informing about a possible conflict of interest between a potential client and existing clients is mandatory before concluding a trust management agreement.
The depository activity of the bank is related to the provision of services for the storage and accounting of certificates of securities, registration of the transfer of ownership of securities. The depositary is usually a separate structural unit jar.
The work of the depository with clients is based on the depository agreement, according to which the depositary is paid a commission. At the same time, the conditions of depositary activity are the same for all clients and are an integral part of the depository agreement.
When concluding a depository agreement, there is no transfer of ownership of securities from the depositor to the depository.
The depository shall not have the right to dispose of the depositor's securities, manage them or perform any actions on behalf of the depositor that are not provided for by the depository agreement.
To carry out work on trust management of clients' assets and depository activities, a bank needs to obtain a license from the Federal Financial Markets Service.
O.Yu.Dadasheva
department "Banking management"
FGOBU VPO "Financial University
under the Government of the Russian Federation"
COURSE WORK
Subject: “Money. Credit. Banks»
on the topic: "Investment activities of commercial banks"
Introduction
Chapter 1. Theoretical aspects investment activities of a commercial bank
1 Essence and forms of investment activity of a commercial bank
2 The process of investment activity of a commercial bank
2 Classification of operations of credit institutions with securities
Chapter 3. Problems of development of investment of commercial banks
2 Conditions and prospects for the development of investment activities of a commercial bank
Conclusion
Applications
Introduction
The investment activity of commercial banks is of strategic importance not only for a particular element of the banking sector, but also for the country as a whole. Solving the problem of increasing the efficiency of investment activities by commercial banks is associated with economic growth, raising the living standards of the population, ensuring socio-economic stability and economic security. A rational investment policy will also ensure the effective development of the commercial bank itself. That is why consideration of the topic "Investment activity of commercial banks" is relevant today, in the context of the increasing role of the banking sector.
This course work is devoted to an important problem for a developing economy - the investment activity of a commercial bank. The need to intensify the participation of banks in the investment process stems from the interdependence of the successful development of the banking system and the economy as a whole. On the one hand, commercial banks are interested in a stable economic environment, which is a necessary condition for their activities, on the other hand, the stability of economic development largely depends on the degree of stability and elasticity of the banking system, its effective functioning. However, since the interests a separate bank as commercial entities are focused on obtaining maximum profit with an acceptable level of risk, the participation of banks in investing in the economy is carried out only under favorable conditions.
mobilization by banks of funds for investment purposes;
provision of investment loans;
investments in securities, shares, equity participations(both at the expense of the bank and on behalf of the client).
The purpose of the course work is to get acquainted with the investment activity of the bank, on the basis of this, to identify the conditions and prospects for the development of the investment activity of a commercial bank in the real sector of the Russian economy.
In accordance with the goal, the main tasks of the work are:
to study the theoretical foundations of the investment activities of commercial banks;
Consider the formation and organization of the investment activities of commercial banks: pay attention to the formation of the investment portfolio of commercial banks and, directly, to the classification of operations conducted by commercial banks with securities;
To reveal problems and ways of development of investment activity of Russian commercial banks at the present stage of economic development.
Methodological basis The work was served by the works of the authors: Alekseeva D.G., Tavasieva A.M., Lavrushin O.I., Zharkovskaya I.O. and other sources. Also, for writing the term paper, such electronic sources were used as: Department of Research and Information of the Bank of Russia. Annual review of the financial market for 2012 and the website of the Central Bank of the Russian Federation.
CHAPTER 1. THEORETICAL ASPECTS OF THE INVESTMENT ACTIVITY OF A COMMERCIAL BANK
1.1 Essence and forms of investment activity of a commercial bank
Today, the banking system is one of the most important and integral structures of a market economy, in which commercial banks play a basic role. Commercial banks act primarily as specific credit institutions that, on the one hand, attract temporarily free funds from the economy, and on the other hand, satisfy the various financial needs of enterprises, organizations and the population through these borrowed funds.
Analyzing the essence of the investment activity of a commercial bank, let us turn to the consideration of some concepts that determine the theoretical basis of this issue.
Typically, investment means long-term investments capital in any enterprise, business, project. However, the following definition should be considered more correct. Banking investments are the investments of banking resources on long term into securities in order to obtain direct and indirect income. The bank receives direct income from investments in securities in the form of dividends, interest or resale profits. Indirect income is formed on the basis of expanding the influence of banks on customers through the ownership of a controlling stake in their securities.
Investment activity is an investment and a set of practical actions for their implementation. The subjects of investment activity are investors, including banks, and the objects of investment activity are newly created and modernized fixed and current assets, securities, targeted cash deposits, scientific and technical products, and other property objects.
The main areas of participation of banks in the investment process in the most general view the following:
· mobilization by banks of funds for investment purposes;
· provision of investment loans;
· investing in securities, shares, equity participations (both at the expense of the bank and on behalf of the client).
These areas are closely related to each other. By mobilizing capital, savings of the population, other free funds, banks form their resources for the purpose of their profitable use. The volume and structure of operations for the accumulation of funds are the main factors influencing the state of the credit and investment portfolios of banks, the possibility of their investment activities.
The investment activity of banks is seen as a business of providing two types of services: increasing cash by issuing or placing securities on their primary market; connecting buyers and sellers of existing securities in the secondary market while acting as brokers and / or dealers.
The following indicators can be used as indicators of the investment activity of banks:
· the volume of investment resources of commercial banks;
· volume of bank investments;
· the share of investment investments in the total assets of banks;
· performance indicators of banks' investment activities, in particular, growth in assets per investment volume, profit growth per investment volume;
· indicators of the alternative return on investing in the manufacturing sector compared to investing in profitable financial assets.
It should be noted that from the point of view of economic development, the investment activity of banks includes investments that contribute to generating income not only at the level of the bank, but also of society as a whole (unlike those forms of investment activity that, while providing an increase in the income of a particular bank, are associated with the redistribution public income). Therefore, from the point of view of macroeconomics, the criterion for referring to investment activity is the productive orientation of the bank's investments.
The classification of the forms of investment activity of commercial banks in the economic literature and banking practice is carried out on the basis of general criteria for systematizing the forms and types of investments:
1.In accordance with the object of investment, it is possible to allocate investments in real economic assets(real investments) and investments in financial assets (financial investments). Bank investments can also be differentiated by more private investment objects: investments in investment loans, term deposits, shares and equity participations, in securities, real estate, precious metals and stones, collectibles, property and intellectual rights, etc.
Real investments, as a rule, make up an insignificant share in the total volume of bank investments. More typical for banks as financial and credit institutions are financial investments.
Banks' financial investments include investments in securities, term deposits with other banks, investment loans, shares and shares. As the stock market develops, investments in securities are becoming increasingly important: debt obligations (bills, certificates of deposit, state and municipal securities, other types of obligations issued by legal entities), equity securities (shares) and derivative securities.
2.Depending on the purpose of investments, bank investments can be direct, aimed at ensuring the direct management of the investment object, and portfolio, carried out with the expectation of receiving income in the form of a flow of interest and dividends or due to an increase in the market value of assets.
3.According to the purpose of investments, it is possible to single out investments in the creation and development of an enterprise and organization and investments not related to the participation of the bank in economic activities.
Investments in the creation and development of enterprises and organizations include two types: investments in the economic activities of other enterprises and investments in the bank's own activities. The bank's investments in the economic activities of third-party organizations are carried out through participation in their capital expenditures, formation or expansion of the authorized capital. When participating in the authorized capital through the purchase of shares, shares, shares, commercial banks become co-owners of the authorized capital and acquire all the rights provided by law.
Investments in the bank's own activities include investments in the development of its material and technical base and improvement of the organizational level. Depending on the direction of investment, we can distinguish:
· investments that improve the efficiency of banking activities. They are aimed at creating conditions for reducing banking costs by improving technical equipment, improving the organization of banking activities, working conditions, staff training, research and development;
· investments focused on the expansion of banking services. Such investments involve the expansion of resource and client base, an increase in the range of banking operations, the creation of new divisions capable of providing the production of new types of banking services;
· investments related to the need to comply with the requirements of state regulatory bodies. These investments are made, if necessary, to meet the requirements of regulatory authorities in terms of creating certain conditions for banking activities.
4.According to the sources of funds for investment, a distinction is made between the bank's own investments made at its expense and client investments made by the bank at the expense and on behalf of its customers.
5.According to the terms of investments, investments can be short-term (up to one year), medium-term (up to three years) and long-term (over three years).
.Investments of commercial banks are also classified by types of risks, regions, industries and other characteristics.
Efficiency from investments in the development of the bank is achieved if, as a result of the costs incurred, the improvement of its financial condition is ensured. Determining the volume and structure of investments in own activities, carried out in the process of developing a bank's investment plan, should be based on accurate technical and economic calculations. Exceeding the required volume of investments may lead to liquidity imbalance, decrease in the bank's income base and decrease in the efficiency of banking activities.
1.2 The process of investment activity of a commercial bank
It is important to have an idea about the process of investment activities of commercial banks. The investment policy of commercial banks involves the formation of a system of targets for investment activity, the choice of the most effective ways to achieve them. In the organizational aspect, it acts as a set of measures for organizing and managing investment activities, aimed at ensuring optimal volumes and structure of investment assets, increasing their profitability with an acceptable level of risk. The most important interrelated elements of the investment policy are the tactical and strategic processes of managing the bank's investment activities.
Under the investment strategy understand the definition of long-term goals of investment activities and ways to achieve them. Its subsequent detailing is carried out in the course of tactical management of investment assets, including the development of operational goals for short-term periods and the means of their implementation. The development of an investment strategy is thus the starting point of the investment management process.
The formation of investment tactics takes place within the framework of the given directions of the investment strategy and is focused on their implementation in the current period. It provides for determining the volume and composition of specific investment investments, developing measures for their implementation, and, if necessary, compiling a model for making managerial decisions on exiting an investment project and specific mechanisms for implementing these decisions.
Banks, buying certain types of securities, seek to achieve certain goals, the main of which are:
· investment security;
· return on investment;
investment growth;
· liquidity of investments.
Security is always achieved at the expense of profitability and investment growth. The optimal combination of security and profitability is achieved by careful selection and constant revision of the investment portfolio.
In addition to general goals, the development of an investment policy in accordance with the economic development strategy chosen by the bank provides for taking into account specific goals, which are:
· ensuring the safety of banking resources;
· expansion of the resource base;
· diversification of investments, the implementation of which reduces the overall risk of banking activities and leads to an increase in the financial stability of the bank;
· minimization of the share of non-income-producing assets (cash, funds on correspondent accounts in central bank) by replacing part of them with short-term investments that have a degree of liquidity comparable to cash, but at the same time bring some income;
· obtaining an additional effect when acquiring shares of financial institutions, purchasing branches, establishing subsidiary financial institutions as a result of increasing capital and assets, a corresponding expansion of the scale of operations, mobile redistribution of existing resources, diversifying funds, entering new markets, saving current costs.
After determining the investment objectives and types of securities to purchase, banks choose a portfolio management strategy. According to the methods of conducting operations, strategies are divided into active and passive.
All active strategies are based on forecasting the situation in various sectors of the financial market and the active use by banking specialists of forecasts for adjusting the securities portfolio.
Passive strategies use the forecast for the future to a lesser extent. A popular approach in such management practices is indexing, i.e. securities for the portfolio are selected based on the fact that the return on investment must correspond to a certain index and have a uniform distribution of investments between issues of different maturity. A real portfolio strategy combines elements of both active and passive management.
A prerequisite for the formation of investment policy is the general business policy of the bank's development. The process of forming the investment policy of the bank in the most general form is presented in Appendix 1.
Determining the optimal ways to implement the strategic goals of investment activities involves the development of the main directions of investment policy and the establishment of principles for the formation of sources of investment financing. In accordance with these criteria, the following areas of investment policy can be distinguished:
· investing in order to receive income in the form of interest, dividends, payments from profits;
· investing for the purpose of generating income in the form of an increase in capital as a result of an increase in the market value of investment assets;
· investment with the aim of generating income, the components of which are both current income and capital gains.
When choosing the first direction of investment policy, the stability of income is of decisive importance. This direction provides for investing in fixed income assets for a long period of time with minimal risk, high investment reliability, guaranteed income, risk level and the possibility of their hedging. Particular attention is paid to the retrospective and current aspects of the analysis, the collection and processing of information characterizing the movement interest rates, profitability of securities, rating of the company - issuers of securities.
When the investment policy is oriented towards capital growth, the stability of the increase in the market value of investment assets comes to the fore, and their profitability is considered only as one of the factors determining the value of assets. A policy aimed at capital growth is associated with investing in investment objects, which are characterized by an increased degree of risk due to the possibility of depreciation of their value.
In the practice of banking, both directions of investment policy can be combined in various forms, which, as a rule, make it possible to enhance the advantages and mitigate the disadvantages. A variant of such a combination is a moderate investment policy, in which the preference is for a sufficient amount of income in the form of both current payments and capital growth with an investment period not limited by strict limits and moderate risk.
The Central Bank of the Russian Federation regulates the investment activities of commercial banks, defining priority investment objects and limiting risks by establishing a number of economic standards (the use of bank resources to acquire shares, issue loans, reserve for the depreciation of securities, bad loans), differentiated risk assessments for investments in various types of assets.
Chapter 2. Formation and organization of investment activities of a commercial bank
1 Formation of an investment portfolio by a commercial bank
To implement the developed investment process: the choice of the purpose of investment activity, the most favorable strategy from the possible ones, an investment portfolio is formed.
The bank's securities portfolio is a set of bank securities, selected in a certain way for the purpose of increasing capital, making a profit for the bank and maintaining its liquidity. The procedure for compiling a securities portfolio is the bank's portfolio strategy. The content of the securities portfolio determines its structure - the ratio of specific types of securities. The priority of certain goals corresponds to different types and types of the bank's securities portfolios.
There are portfolios of securities:
) balanced, fully consistent with the investment strategy of the credit institution;
) unbalanced, not corresponding to the investment strategy of the credit institution.
The goals of formation of securities portfolios include:
) receipt of income;
) preservation of capital;
) ensuring capital gains in case of an increase in the price of securities.
The formation of a portfolio of securities includes a number of stages:
) choice of portfolio type and definition of its nature;
) assessment of portfolio investment risk;
) portfolio structure modeling;
) portfolio structure optimization.
The portfolio may be focused more on reliability or profitability. The nature of the securities portfolio may be:
) conservative or balanced;
) aggressive:
) unsystematic.
The conservative investment strategy is based on the maximum security of the safety of invested funds. This strategy is most suitable for those investors who do not want to risk their money. This strategy is also suitable for investors who are not going to make long-term investments.
An aggressive portfolio uses an aggressive investment strategy that is characterized by high rates possible profit in the future. It serves the interests of those investors who are willing to take on a high degree of risk of incurring losses in order to obtain high profits. An aggressive investment strategy corresponds to an investment portfolio made up of stocks of various companies.
An unsystematic portfolio is formed randomly without a specific system.
Securities portfolios can be fixed, that is, maintain their structure for a specified period, and changing, having a variable structure of securities, the composition of which is constantly updated in order to obtain the maximum economic growth.
In terms of maturity, securities portfolios can be oriented towards including only short-term or medium-term and long-term securities.
An important stage in the formation of an investment portfolio is the selection of specific investment objects for inclusion in the investment portfolio based on an assessment of their investment qualities and the formation of an optimal portfolio.
In accordance with the purpose of investment, the formation of a portfolio of securities can be carried out on the basis of a different ratio of income and risk, characteristic of a particular type of portfolio. Depending on the type of portfolio chosen, securities with appropriate investment properties are selected.
The investment portfolio management process is aimed at maintaining the main investment qualities of the portfolio and those properties that correspond to the interests of the holder. The set of methods and technical capabilities applied to the portfolio is called the management style. There are active and passive styles of portfolio management.
The active management style consists in predicting the amount of possible income from investing funds. With active management, any portfolio is considered temporary. When the difference in expected returns disappears, then the components or the entire portfolio are replaced by another.
Passive management is based on the notion that the market is efficient enough to be successful in stock selection or timing and involves building a well-diversified portfolio with long-term expected returns and risks. Passive style is characterized by low turnover, minimum level overhead and low level specific risk.
A bank that forms a portfolio of securities constantly solves the problem of optimizing the structure of this portfolio - achieving the optimal degree of diversification of securities in the portfolio.
To find an efficient portfolio of stocks, it is necessary to calculate all admissible sets of portfolios based on the risk-return ratio and display the boundary on which the resulting portfolios with minimal risk will lie for a given return.
The efficient frontier is the frontier that defines the efficient set of portfolios. Portfolios located to the left of the efficient frontier go beyond the boundaries of the admissible set, and therefore are not admissible for consideration. Portfolios located to the right and below the effective frontier are inefficient, because there are portfolios that provide a higher return for a given level of risk, or a lower risk for a given level of return. The effective frontier starts with the portfolio that has the lowest standard deviation. Portfolios that lie on the efficient frontier and are above and to the right of the efficient portfolio with minimal risk will also be efficient.
2.2 Classification of operations of credit institutions with securities
As noted earlier, there are three main classes of banking operations with securities - active, passive and intermediary (commission) operations.
The main active transactions with securities include:
· Investments in shares for the purpose of investment;
· Investments in shares, bonds of a speculative (short-term) nature (form the bank's own portfolio of shares);
· Promissory notes discounting - purchase of interest-bearing or discount bills from their issuer or from their holder before maturity at a discount;
· REPO operations - the purchase of securities under resale agreements (one party buys a package of securities, less often bonds, with a simultaneous obligation to sell it back to the other party at a certain time at an agreed price).
Main passive operations:
· Issuance, sale and servicing of own bills;
· Issue and maintenance of own shares;
· Sale/purchase of own deposit and savings certificates.
The main intermediary (commission) operations include:
· Implementation of brokerage customer service - conclusion of transactions on behalf of and on behalf of the client on the exchange and over-the-counter markets;
· Assistance in placement and sale of own client securities (bonds, promissory notes);
· Depositary (custodial) services consist of storage, accounting and re-registration of securities, corporate actions with issuers.
Appendix 2 presents the structure of Russian credit institutions' investments in securities for 2012, illustrating the main transactions and their volume.
In 2012, the growth in the volume of financial resources attracted by credit institutions contributed to the increase in their investments in securities. However, due to the continued uncertainty of price expectations on the Russian stock market, as well as a more significant increase in other areas of investment, the share of securities in the structure of their assets decreased.
In 2012, credit institutions applied predominantly conservative investment strategies in the capital market due to persistently high investment risks on the Russian stock market. Investments of credit institutions in equity securities in January-October 2012 decreased by 6.9%, mainly due to shares of non-financial institutions.
In 2012, credit institutions increased their investments in debt securities. In January-October 2012, the volume of investments of credit institutions in debt obligations increased by 10.5%, mainly due to debt obligations transferred without derecognition. This is probably due to the growth in the volume of REPO transactions. Investments in debt obligations of the Russian Federation decreased by 29.2%. Also in 2012, investments in foreign securities increased by credit institutions (by 3.9% in January-October 2012). At the same time, investments in foreign securities of credit institutions grew more slowly compared to the securities of residents.
There was no significant increase in the investment risks of credit institutions due to the increase in investments in foreign securities, since the share of such investments in the structure of securities portfolios remained relatively low. As of November 1, 2012, it amounted to 14.9% for credit institutions.
Summing up, it can be noted that the results of investment activities of credit institutions have improved compared to 2011. The net income received by credit institutions from operations with securities in January-September 2012 amounted to 251.6 billion rubles. Thus, in 2012 there was an increase in the securities portfolios of credit institutions.
Chapter 3. Problems of development of banking investment
1 Problems of banking investment at the present stage of economic development
The inflow of private national and foreign capital into the investment sphere is hindered by political instability, inflation, imperfection of legislation, underdevelopment of industrial and social infrastructure, insufficient Information Support. Commercial activity encounters many bureaucratic factors. The interconnection of these problems enhances their negative impact on the investment situation.
AT market economy a set of political, socio-economic, financial, socio-cultural, organizational, legal and geographical factors, inherent in a particular country, attracting and repelling investors, it is customary to call it an investment climate. The ranking of the countries of the world community according to the investment climate index or its inverse indicator of the risk index serves as a general indicator of the country's investment attractiveness.
Russia still lacks its own system for assessing the investment climate and its individual regions. Investors are guided by the assessments of numerous firms that regularly monitor the investment climate in many countries of the world, including Russia. However, assessments of the investment climate in Russia, given by foreign experts at their regular meetings, held outside the Russian Federation and without the participation Russian experts, appear to be less reliable. In this regard, the task arises of forming, on the basis of research conducted at the Institute of Economics of the Russian Academy of Sciences National system monitoring of the investment climate in Russia, major economic regions and subjects of the Federation. This will ensure the inflow and optimal use of investments, serve as a guide Russian banks in own credit policy.
Although domestic market shares over the past few years has shown steady growth, its "narrowness" due to the reluctance of most companies to become public and infrastructure problems act as factors holding back investment. Moreover, recently there has been a tendency to move the trade in securities of domestic companies to Western exchanges.
Experts have serious complaints about pricing on the Russian stock market. Thus, in developed markets, the formation of the market price of a share occurs, as a rule, on the basis of fundamental factors, primarily an assessment of the financial condition of the company (its net profit, revenue and other indicators). In Russia, the current share price largely depends on speculative tendencies, which, of course, carries with it a high investment risk.
Among the negative factors of the current state of the Russian stock market, experts attribute the unwillingness of even the largest domestic companies to carry out initial public offerings. Since 1999, there have been only a few initial public offerings on the Russian stock market. Practice shows that if a company is interested in real capital raising, then it applies for this to London or New York, since foreign investors have greater financial opportunities compared to domestic investors. In part, the same reason leads to an increase in the share of Western trading floors in the total volume of trading in domestic shares. And, as you know, where the trading activity is higher, there the main formation of the share price takes place.
Thus, the Russian stock market in its current state can hardly be considered a reliable mechanism capable of ensuring the steady growth of the economy and the well-being of citizens. If Russia can create a strong stock market, then not only will companies be able to raise relatively “cheap” money in sufficient quantities, but ordinary savers will also benefit from a wider range of investment vehicles. That is, ordinary citizens will be able to receive more income on your savings and do so with less risk.
In recent years, a layer of enterprises and entrepreneurs who have accumulated large amounts of capital has developed in Russia. Due to the instability of the economic situation in the country, large funds are transferred into hard currency and deposited in Western banks. The outflow of monetary resources (potential investments) from Russia is several times higher than their inflow.
The technology of carrying out market reforms involves a sequence of steps, along with stimulating capital inflow, measures are immediately taken to prevent its outflow.
investment commercial bank credit
3.2 Conditions and prospects for the development of investment activities of commercial banks
In 2013, while the uncertainty of price expectations in the Russian stock market persists, credit institutions and most types of non-banking financial institutions will continue to apply predominantly conservative investment strategies in the capital market. The volume of their investments in securities will be determined by the situation on the Russian stock market. Some of the legal innovations of 2012 may favorably affect the investment opportunities of credit institutions and non-banking financial institutions in the capital market in 2013. For example, the influx of shareholders into share investment funds(PIF) will probably contribute to the emergence of new types of funds - exchange-traded mutual funds. Development of new areas of insurance, in particular compulsory insurance civil liability owners of hazardous facilities, will serve as an incentive to increase the volume of insurance premiums collected by insurers. Some experts do not exclude the possibility of softening in 2013 the legislative requirements for the composition and structure of the assets of insurers, NPFs and MCs participating in the GPT, which may also have a positive impact on the investment opportunities of these institutions in the capital market.
The participation of banks in the securities market will largely be determined by the pace of its development. In those sectors where the participation of banks is noticeable (these are government securities in rubles and in foreign currency, as well as the corporate bond market), they will retain their positions as issuers and as investors. However, it can be assumed that in the near future the financing of the economy will continue to be carried out mainly through lending.
In choosing investment objects, Russian investors often focus on the following principles.
First, it is necessary to choose the most promising sectors of the economy, the products of which are in the greatest demand, the markets for the products of these sectors should only grow. Traditionally, the first attractive sector is oil. Oil is an international commodity and is easy to value. A company's market capitalization per barrel of reserves or production is already a basis for comparison Russian companies with foreign ones. The next sectors of interest to investors are telecommunications and energy.
Secondly, it is necessary to choose enterprises, information about all aspects of whose activities is fully available to shareholders, that is, transparent companies in the sense of finance.
The third component of a potentially successful company is professional management.
Of great importance when choosing shares for investment is the assessment of the impact of the liquidity of shares (in other words, the tradability of shares) on their market value. As a stock becomes more liquid, moving up the liquidity levels, an increasingly higher liquidity premium enters the market price - the share price rises.
Based on the impact of liquidity on the market value of a share, it may be sufficient profitable strategy search for companies that are on the verge of transition from the category of low liquidity to the category of fairly liquid ones. Investors betting on rising liquidity seek to outperform the market by finding businesses that are partially undervalued. In every branch of Russian industry there are cheap, illiquid enterprises with solid net profit, with competitive products and a wide sales market, as well as a strong management team.
It is necessary to develop the institutional investment infrastructure, which should become more and more international and integrated. The more versatile the composition of such an infrastructure is, the more fully it will be able to realize the capabilities of various states, investment technologies and attract resources on more convenient and favorable conditions.
Conclusion
In this course work, the features of the investment activity of a commercial bank are fully considered in relation to the tasks set.
Summing up the course work, we can draw the following conclusions.
The value of the investment activity of a commercial bank is especially high today, in the face of an increase in the growth rate of the banking sector in our country.
Bank investments have their own economic content. Investment activity in the microeconomic aspect - from the point of view of the bank as an economic entity - can be viewed as an activity in which it acts as an investor, investing its resources for a period of time in the creation or acquisition of real and purchase of financial assets to generate direct and indirect income.
At the same time, the investment activity of banks has another aspect related to the implementation of their macroeconomic role as financial intermediaries.
Based on the studied theoretical material, the paper presents the concept of investment activity, which most objectively reflects it. economic essence. Thus, investment activity is the investment of funds, investment or the total activity of investing money and other values in projects, as well as ensuring the return on investment.
Also in the course work, the formation of the process of investment activity was considered, since, in my opinion, for the good functioning of a commercial bank, it is necessary to form a system of investment activity targets and choose the most effective ways to achieve them.
The process of forming an investment portfolio, in turn, is associated with the selection of a certain set of investment objects for investment activities. The essence of portfolio investment is to improve investment opportunities by giving a set of investment objects those investment qualities that are unattainable from the standpoint of a single object, and are possible only with their combination. The structure of the investment portfolio reflects a certain combination of the bank's interests.
The last chapter of this course work is devoted to the problems of banking investment (a number of main problems are identified, their causes are identified), the conditions and prospects for the development of investment activities of commercial banks.
List of used literature
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Attachment 1
Figure 1: The process of forming the bank's investment policy
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