The banking system of the Russian Federation began to be created much later than in Western countries, and has gone through several stages in its development. Conventionally, five stages can be distinguished: 1st - from the middle of the XVIII century. until 1860 - the period of creation and functioning of banks as state (state); 2nd - from 1860 to 1917 - a period of development and improvement banking system; 3rd - from 1917 to 1930 - the formation of a new banking system; 4th - from 1932 to 1987 - stable functioning of the "socialist" banking system; 5th - from 1988 to the present - the formation of a modern market banking system.
The beginning of the first stage in the development of the banking system was the creation in 1733 of the state loan bank, which to a greater extent played the role of a government pawnshop. But even before that, in Russia already in 1665 in Pskov, the governor Afanasy Ordin-Nashchokin made an attempt to establish a commercial bank, which was not approved by the central government, and the bank never began to function.
The development of the economy required an increase in lending opportunities. Therefore, already in 1754, two banks were created - the State Loan Bank for the Nobility, designed to carry out short-term lending secured by real estate of the nobles, and the Bank for Correction at the St. Petersburg Port of Commerce and Merchants to provide merchants with short-term loans secured by goods, precious metals, as well as the guarantees of city magistrates. However, these banks quickly ceased their activities, faced with the non-repayment of the bulk of loans. The same fate befell the trading commercial banks Petersburg and Astrakhan, created in 1764 to encourage foreign trade.
Along with banks, specialized credit institutions appeared in 1772, accepting demand deposits and issuing loans either secured by a mortgage (Safe cash desks) or secured by precious metals (Loan cash desks). In 1775, Orders of Public Charity appear, forming capital by accepting deposits and issuing short-term loans secured by real estate. Naushnaya since 1786, when the State Land Bank was established for the nobility on the basis of the St. Petersburg and Moscow land banks, institutions of long-term mortgage lending. Among them is the Auxiliary Bank for the Nobility (1797), a feature of which was the issuance of long-term mortgage loans not in money, but in bank notes with a forced exchange rate. They were obligatory for acceptance by both private individuals and the Treasury at a forced cost and brought a certain annual income.
In 1817, the State Commercial Bank was established, which not only accepted deposits, but also carried out giro payments (free transfers - transfers). Among active operations This bank allocated loans and accounting for promissory notes and bills of exchange. At the same time, certain privileges were granted to the bank, in particular, capital and deposits were not taxed and were not used for financing public spending. The state retained some control over the bank by appointing half of the directors and approving bank board decisions regarding active operations. This bank had 12 branches.
In the 50s. 19th century began to take shape preconditions for the expansion of the banking system. After all, in fact, the existing banks were state-owned institutions with inherent usurious features. Therefore, in 1859, decisions were made that marked the beginning of a new stage in the development of the banking system. Its reform of 1861 provided for the liquidation of all state credit institutions and the creation of commercial banks.
The beginning of the reform was the abolition in 1860 of the Loan Bank, whose affairs were transferred to the St. Petersburg Safe Treasury. In the same year it was established National Bank Russia on the basis of the state commercial bank. Simultaneously with the opening of the State Bank, the process of creating private long-term and short-term credit institutions began. Among the long-term most famous were:
By 1872, the Russian banking system consisted of:
At the beginning of the 1880s. in Russia there were 44 joint-stock bank(first appeared in 1864) with 49 branches, 83 mutual credit societies, 729 savings and loan partnerships, 32 commercial banks, 232 city public banks. In addition, banking offices, trading houses, money changers appeared, which carried out a significant number of purely banking operations and also attracted customer funds for high-risk operations.
The extensive development of the banking system was interrupted by the First World War. But by 1914 there were 600 credit institutions and 1800 bank branches, which were divided into state, public and private. The state ones included: State Bank. Redemption commission public debt, State Savings Banks (1834), State Noble Land Bank (1885) and Peasant Land Bank (1881).
Public and private banks included: 50 joint-stock commercial banks, 300 city credit societies and city public banks, zemstvo banks, mutual land credit societies (1866), 80 mutual short term loan, 15,450 savings and loan partnerships, 16,000 credit partnerships, rural, volost and stanitsa banks and cash desks, 11 credit unions, uniting 558 partnerships and 4,724 public peasant institutions of small credit. The largest banks were: the St. Petersburg International Bank (1869), the Russian Bank for Foreign Trade (1871), the St. Petersburg Accounting and Loan Bank (1869), the St. Petersburg Private Commercial Bank (1864), the Azov-Don Commercial bank (1890), Volga-Kama bank (1870).
Since the First World War, the decline of the Russian banking system began, and in 1917 - its complete reorganization.
In 1917, a monopoly on banking was declared, which resulted in the nationalization of private commercial banks and other credit institutions and their merger with the State Bank, renamed the People's Bank of the RSFSR and transferred to the Narkomfin. In 1918, the activities of foreign banks were banned. The development of the policy of "war communism" led to the need for a centralized budget financing which led to the abolition People's Bank and the transfer of its functions in 1920 to Narkomfin. However, the complete decline of the banking system did not follow, since the transition to the NEP in 1921 required its restoration. And already in the same year, the State Bank of the RSFSR was re-established, and in 1922 - consumer cooperation banks and Prombank. In 1922-1924. a number of banks and credit institutions arose, and the banking system again became multi-link.
In 1924, Vneshtorgbank was formed as joint-stock company. Its shareholders were the state, cooperative and public organizations. This bank was administered by the State Bank of the USSR and was engaged in lending to foreign trade operations and international settlements. By 1925, the State Bank, Prombank, Torgbank (serving trade) and Agricultural Bank (crediting Agriculture). At the same time, both central and republican agricultural banks, the Central Bank of Public Utilities (Tsekombank), and cooperative banks (Vsekombank) were singled out. There were also joint-stock, branch, regional banks, primarily the Far Eastern, Central Asian, Bank of Foreign Trade, mutual credit societies, agricultural credit societies, savings banks, credit cooperation. The appearance of these links of the credit system was due to the development of small-scale production, which needed credit. Therefore, the system of cooperative lending served all types of cooperatives, as well as directly to peasants and artisans. At the same time, mutual credit societies became mutual associations of artisans and private entrepreneurs, accepting deposits and granting loans under the control of Narkomfin. The intended purpose of each previously named bank did not mean their rigid specialization. They tried to attract clients from different sectors of the national economy, which reduced their risk and gave stability.
In the second half of the 1920s. the development of syndicates led to the concentration of all bank loans allocated to the corresponding industry, and their distribution among the trusts. Such syndicates increasingly took on intermediary duties in credit. This gave impetus to the beginning of the reorganization of the banking system. In 1927, the Decree of the Central Executive Committee and the Council of People's Commissars of the USSR "On the principles of building a credit system" was adopted, according to which the State Bank received operational management of the entire banking system, which eliminated the right of independence in the interest rate policy of banks. This resolution also eliminated the specialization of banks. The next step in the reorganization was a strict distinction between short-term and long-term lending. In 1928, Prombank and Electrobank were merged into a single Bank of Long-Term Credits for Industry and Electricity. All short-term loans were to be issued by the State Bank in accordance with quarterly plans. In general, the result of 1927-1929. was the elimination of the specific credit functions of banks, which turned bank lending into a kind of state planned financing.
Credit reform 1930-1932 marked the beginning of a new stage in the development of the banking system. Its essence was to replace commercial and indirect bank lending with direct bank lending. The banking system was restructured on a functional basis: a national bank for short-term credit was allocated and a system of specialized banks was created to serve capital investments. Such a banking system was single-link, consisting of the State Bank of the USSR; four All-Union specialized banks for financing and long-term lending of capital investments - Prombank, Selkhozbank, Tsekombank, Torgbank; Vneshtorgbank, which had a wide network of correspondent relations with foreign banks; and savings banks, which were a single nationwide credit institution serving the general population by attracting free funds, payment for services, placement of loans.
In 1959, the system of long-term banks was reorganized: two banks, Selkhozbank and Tsekombank, were abolished, and their functions were transferred to the State Bank. On the basis of Prombank and Torgbank, the All-Union Bank for Financing Capital Investments, Stroybank, was created. Its functions included financing and long-term lending to enterprises and organizations in various industries. National economy(except rural). The final structure of the banking system by 1960 was as follows: the State Bank, Stroybank, Vneshtorgbank, the system of savings banks. This system lasted for a long time, until 1988.
Regular changes in the country's policy, the transition to market relations led to changes in the banking system. In 1987, the Plenum of the Central Committee of the CPSU took place, which decided to improve it. As a result, along with the State Bank, which played the role of a "bank of banks", 5 branch banks were created - the Industrial and Construction Bank (Promstroybank), which was engaged in lending to industry, construction, transport, and communications; Agro-Industrial Bank (Agroprombank), which provided loans to the agro-industrial complex; Housing and Social Bank (Zhilsotsbank), whose task was to lend and serve housing and social sphere; Savings Bank (Sberbank), transformed from savings banks and serving the population, and Foreign Economic Bank (Vnesheconombank), serving foreign economic activity.
Such a multitude of banks with a single-level system led to the interweaving of their functions, which further exacerbated the reasons for the reorganization of the banking system. The Law “On Cooperation” (1988) came to the rescue, which allowed the formation of cooperative banks that filled the empty niche in lending and raising funds. The first commercial bank was registered in August 1988. Favorable conditions for the opening of banking cooperatives led to a broad wave of banks, a kind of "banking boom". By January 1, 1989, there were 43 commercial banks in the country, a year later - 224, and by the end of 1991 - 1357. However, the bulk of these banks were "one-day banks", which were created only to receive a certain part of the profit, after which they were closed, and in their place were new ones, which offered extremely favorable conditions for customers, but also did not fulfill their obligations.
A certain order came in 1991, when at the end of 1990 two laws were adopted - the Law “On the State Bank” and the “Law on Banks and banking”, in which the conditions for opening a bank, ways and methods of monitoring them were determined. Following these laws, the Law "On Banks and Banking Activities of the Russian Federation" was adopted, which finally established a two-tier banking system in the form of a Central Bank. savings bank and commercial banks. According to this Law, commercial banks received an independent status in the field of attracting deposits and credit policy as well as in setting interest rates. In addition, they were given the right to exercise currency operations based on licenses issued by the Central Bank. Specialized banks turned into commercial banks on the basis of corporatization. By the time these laws were adopted, there were 1,215 commercial and cooperative banks in the country with 2,293 branches.
The new banking system evolved rather complicated and contradictory. By the beginning of 1992, there were already 1414 commercial banks, of which 767 were created on the basis of former specialized banks and 646 were newly formed. But, in fact, their main part consisted of small banks - 1037, or 73% of the total number of banks (authorized capital from 5 to 25 million rubles). There were 24 large banks (authorized capital over 200 million rubles), or 2% of their total number. The main major banks were Sberbank and Vnesheconombank. A feature of the banks of this period was "their instability, the reasons for which were, not least, insufficient qualifications, lack of capital, incorrect interest rate policy, high risk and low liquidity. All this led to a large number of bankruptcies.
By 1994, the banking system could be considered fully developed. It included 2019 commercial and cooperative banks with 4539 branches and 414 credit institutions. The geography of the location of these banks has practically not changed since 1990 - the main part falls on central District- 43.6%, and Moscow remains the leader, where 37.3% of banks operate. In the North Caucasus -13.4% of all banks, in Western Siberia- 8%, in the Volga region - 7.4%, in the Urals - 7.3%, in the Far East - 5.1%, in Eastern Siberia - 3.3%. The least saturated area was Central Chernozemny - 1.5% of the total number of banks. The total capital of banks also increased, it amounted to 968 billion rubles. Speaking about the specialization of banks, it should be noted that almost all of them are basically universal, only some of them, which were created either as "pocket" or on the basis of specialized banks, differ in the direction of their activity. Examples are Neftekhimbank, Promstroybank, Rosselkhozbank, Agroprombank. A special feature of 1994 was the creation of the first mortgage banks providing long-term loans secured by real estate. Among them are Moscow Mortgage Joint-Stock Bank, Mortgage Standardbank, St. Petersburg Mortgage Bank.
The following years brought nothing particularly new to the development of the banking system. First, the growth in the number of banks continued - in 1995 they became 2517, and since 1996 their reduction began: on January 1, 1996 - 2295, on October 1, 1996 - 2030, and on October 1, 1997 - 1764. At the same time, there were more registered banks - 2558.
But despite this, the structure of commercial banks in the country does not change. To date, the same trends remain characteristic:
Gradually improving, the banking system of the Russian Federation is increasingly beginning to become a developed system, and not only externally, but also in the essence of the operations carried out. The network of branches and representative offices is expanding both within the country and abroad, and the network of non-bank credit institutions is growing. The policy of the Central Bank of the Russian Federation, aimed at increasing the stability and reliability of the banking system, should lead to the development of large, competitive, stable banks and the gradual displacement of small ones.
9.1. History of the development of the banking system in Russia
The progressive reforms of Peter I, aimed at fundamental changes in all areas, including trade and finance, led to the need to form a credit system. Production begins to come to the fore, absorbing merchant capital. Fertile ground is being created for the development of certain types of industry. AB this time, the word “credit” itself came into the Russian language (from the German “credit”) with the meaning of “authority”. A credit (loan) system emerged, headed by a loan bank. And from 1729, after the death of Peter I, a system of private credit developed, which gave merchants the right to exchange bills. However, the death of the emperor played a disastrous role, slowing down the development of credit institutions for several decades.
It was only in 1731 that a “project on a state bank” was prepared, submitted to the Commission on Commerce, in which it was planned to provide loans to banks, merchants and landowners at 6% per annum for a period for one year, provided for the right to rewrite the loan for the next year. By the decree of Elizaveta Petrovna of May 13, 1754, from which the history of banking in Russia begins, the State Noble Loan Bank was created with the aim of "reducing interest-bearing money throughout the state." It consisted of virtually independent estate banks: the Noble Loan Bank with offices in St. Petersburg and Moscow and the Merchants' Bank in St. Petersburg (Bank for the Board in the St. Petersburg Port of Commerce).
The Noble Loan Bank was founded on the initiative of P. Shuvalov, and initially only Great Russian nobles could use its services. The Noble Bank issued loans in the amount of no more than 1000 rubles. one borrower for a period of one year secured by gold, silver, precious stones, villages and villages together with the peasants. Nobles and landowners basically took out a loan to pay off their debts, not thinking about its return, trying only to get an installment plan for debts. They considered loans as another way to cheat and profit, did not return the money, deceiving the banks.
This situation had a direct impact on the activities of the bank, which was forced after a while to stop issuing loans and constantly delay the return of loans already issued.
merchant bank also had a sad experience due to the insufficient culture of the population. The reason for this was the mentality of the then merchants and industrialists, who conducted foreign trade under the motto "if you don't cheat, you won't sell." However, the activity of the Merchants' Bank was more successful than that of the Nobles, since its borrowers invested the money they received in trade, sometimes risky, put it into circulation, receiving significant profits and at least sometimes returning loans. Already in 1786, the Noble Loan Bank in St. Petersburg was renamed the State Loan Bank, which began to issue loans to the nobility for 20 years and cities for 22 years.
In case of non-payment on time, the mortgaged estate was taken into custody until the loan expired or until the entire debt was repaid. Demand for loans in the new loan bank exceeded supply. Credits were distributed right and left, which led to the fact that most of them were never returned.
Banks, based on their nature, since their inception have been focused on working with customers, bringing them and themselves income, which could only be obtained through trade or production. But in 18th century Russia given essential condition was grossly violated by political decisions that focused primarily on lending to nobles and landowners, and then to merchants and other merchants. In combination with the above, this resulted in an unsuccessful start to the spread of credit institutions in Russia. The commercial and industrial class mastered innovations with difficulty, turning to credit with great reluctance. It should be especially noted that this was typical not only for Russia, but also for Western Europe, where until the last quarter of the XVIII century. even in such large economic centers, like London and Hamburg, it was believed that business should be conducted on its own capital. This is now a loan is not considered an indicator of the insolvency of the borrower, and even, on the contrary, has become a way to increase the reputation, of course, only in the case of its timely and full return.
Thus, the banking system of Russia in the 18th century, or, more precisely, the credit system, developed at a low pace, gaining credit and money turnover.
At the beginning of the XIX century. on the initiative and with the full assistance and support of the state, the first estate-type credit institutions began to appear: reserve cash funds, worldly borrowed capital, communal cash desks, specific banks, savings banks for state peasants, rural and volost banks, as well as savings and loan banks. The latter were created in order to provide individuals participating in them with the opportunity to save, use loans, and in the most extreme cases, benefits. The cash desks were engaged in issuing loans to people who were not members, under the guarantee of one or two members of the cash desk, depending on the size of the loan. The remaining funds were usually issued to members of the fund on bail. valuable papers and spent on the purchase of securities of public or private companies.
The emergence of all of the above credit institutions is associated with the large-scale development of the lands of Novorossia. In this regard, mention should be made of the establishment in 1814 on Ezel Island in Novorossia of the first peasant bank, which was mainly engaged in issuing targeted loans for specific, mainly agricultural, purposes. In the 20s of the XIX century. the first banking houses in Russia began to appear, for example, Juncker and Co., founded in 1818 in Moscow. In the 1930s and 1940s, the first merchant banks. Their number constantly increased and reached 150 by 1857. In the pre-reform era, the progressive development of the banking sector of the country's economy forced the government to actively intervene in the life of the financial and credit system, limiting and strictly regulating the work of its institutions. However, until the beginning of the 90s of the XIX century. in Russia there was no special banking legislation. The restrictions were random in nature, their purpose was to somehow streamline the new trends.
At the end of the 30s of the XIX century. the government initiated the widespread introduction of small credit institutions like banks into the peasant environment. Thus, in 1837, communal cash desks were established in the state estates of the former Belotok region, the capital of which was intended for interest-free loans to peasants for up to three years for the purchase of food and seeds. In the same year, banks were opened for specific peasants. In general, the creation of class-type credit institutions marked the beginning of the massive development of banking among the peasantry, giving the peasants the right to use loans and receive loans, which in itself indicated an expansion of civil and economic freedoms dependent part of the population.
In connection with the preparation and implementation of the reform of 1861 in Russia, the term “credit” is fixed on a par with the already current terms “loan” and “loan”, which is used not only in the economic sphere, but also in criminal law. After the abolition of serfdom by the Manifesto of February 19, 1861, and with the beginning of the reform of the banking system of Russia, credit institutions of the estate type continued to develop in the form of rural and volost banks.
A truly real banking system in Russia began to take shape in the second half of the 19th century. (since the 70s), when capitalist relations were established in the country. In the late 1950s and early 1960s, the old banking firms of Stieglitz, Jacobi, Zhadimirsky ceased to exist. They were replaced by new ones - Meyer, Gunzburg, Kaiger and others. the number of city banks tripled, and the amount of their capital increased almost fourfold. In 1864, with the active support of the Minister of Finance M. Kh. Reitern, the first commercial bank was established in Russia. The largest researcher in the history of joint-stock commercial banks in Russia, I. I. Levin, wrote: "For joint-stock commercial banks, M. X. Reitern did more than any other of his successors." Since 1868, joint-stock commercial banks began to be established everywhere.
In a matter of years, the Russian banking system has come out of a state of hibernation for centuries, has taken a giant step forward. As a result of the banking reform, an extensive credit system was created, banks of a new type were organized, qualitatively different banking operations appeared and began to develop rapidly. The banking system included: the State Bank, commercial joint-stock banks, mortgage banks, mutual credit societies, city banks, credit cooperation, pawnshops, including in the form of joint-stock companies.
In the context of the crisis and the impoverishment of the countryside, another element of the banking system appears - credit cooperatives that arose in Russia almost simultaneously with their formation in Germany in the 50s of the 19th century. The first such institutions in Russia were established back in the 60s of the 19th century, mainly in the form of savings and loan partnerships like the credit institutions of the same name operating in Germany (Schulze-Delitze partnerships). Formally, anyone living in the area of its activity could join the partnership. The capital consisted of shares, and loans were issued on a personal trust and secured for up to nine months with a three-month grace period. Net profit distributed among the members according to the size of the share.
In the 90s of the nineteenth century. increased participation of the banking system in economic life country, which was accompanied by economic recovery and rapid industrial growth. The main activity of banks was lending to commodity turnover. Banks embarked on the path of financing industry, which marked the beginning of the merging of banking and industrial capital. These initiatives were so successful that by the end of the 1990s, banks began to unite into banking groups in order to jointly finance the industry. However economic crisis 1899–1903 dealt a sensitive blow precisely to those industries with which banks were most closely associated. Nevertheless, banks continued to finance patronized enterprises even at a loss. The main direction of the development of banking operations of that time was the lending of trade turnover, which led to the expansion of other forms of lending. Banks began to widely carry out commodity-commission transactions and trade at their own expense.
Having overcome the economic crisis, the Russian banking system developed, reformed, and was replenished with new financial institutions. In this regard, in 1911, the Moscow People's Bank was created, designed to strengthen the ties of small credit cooperation with open market. The bank's shareholders were small credit institutions and individuals involved in order to strengthen financial basis activities of the bank, the scope of which included both short-term purely banking (accounting for bills, issuing loans, making payments and settlements), and intermediary operations with a variety of goods. The Bank also had the right to issue term bonds in its own name and to issue them instead of money for discounting bills secured by pledges and for secured loans.
In the XX century. Russia entered with a relatively developed credit system, in which the leading role belonged to the State Bank and joint-stock banks. But already in 1917, in the process of nationalization, the share capitals of private banks were confiscated, which were transferred to state property which, in turn, led to the formation of a state monopoly on banking. Subsequently, the former private banks and the State Bank of Russia merged into a single State Bank of the RSFSR, mortgage banks and credit institutions serving the middle and small urban bourgeoisie were liquidated, and transactions with securities were eventually banned. The banking system was organically built into the command-administrative management model and was administratively subordinate to the government and, above all, to the Ministry of Finance. This is how the banking system developed in the USSR, based on the following principles: state monopoly on banking; fusion of all credit institutions into a single nationwide bank, concentrating in it the entire monetary turnover of the country. Listing the negative aspects of this banking system, which existed until 1987, the main ones should be noted: the loss of banking specialization, monopoly and uncontrolled emission of credit and bank money.
On December 2, 1990, the Laws “On the State Bank of the USSR” and “On Banks and Banking Activities in the RSFSR” were adopted. Thus, for the first time in many years, the activities of banks received a legislative basis. Banks were declared independent legal entities, economically independent institutions, not liable for the obligations of the state (just as the state is not liable for the obligations of banks). The institutional foundations of the new banking system began to be laid.
At the top level of the system is the Bank of Russia, at the second - a wide network of commercial banks. The Bank of Russia must decide on the implementation of state policy in the field of money circulation and credit, in connection with which it is exempt from operations with other clientele, except for commercial banks. It is also a single body coordinating the activities of credit institutions: it performs many functions of managing the processes of organizing credit and settlement financial services for the state. However, the Bank of Russia performs control and supervisory functions only in relation to banking institutions and institutions specialized in purely banking operations and licensed by him.
During the reform years of the 90s of the XX century. more than 2,500 independent banks have emerged in Russia, and there are quite a few credit institutions that carry out separate banking functions. For comparison: it took about 80 years (from 1781 to 1860) to create 1000 banks in the USA, there are still much fewer banks in other countries.
Introduction………………………………………………………………………3
1. The emergence and development of the banking system in Russia…………………………………………………………………………..4
1.1. Essence and evolution of banking activity……………….4
1.2. Emergence and development of banks in Russia………………………7
1.2.1.Banks in Tsarist Russia……………………………………………….7
1.2.2.Soviet period of banking……………………….12
1.3.Modern banking system…………………………………15
PRACTICAL PART…………………………………………………27
Test……………………………………………………………………………..27
Task №1…………………………………………………………………..28
Task №2………………………………………………………………………30
Task №3………………………………………………………………………31
Task №4…………………………………………………………………...32
Task №5………………………………………………………………………34
Task №6………………………………………………………………………35
List of sources used…………………………………….37
INTRODUCTION
banking institution is a financial organization that produces, stores, provides, distributes, exchanges, controls money and the circulation of money and securities. Banks- these are special economic institutions that accumulate funds, provide credit, carry out cash settlements, issue money and securities, and also mediate in mutual payments and settlements between states, enterprises and individuals. A legally strict definition of a bank is given by the Law on Banks and Banking Activity:
Bank- a commercial institution that is a legal entity, which, in accordance with this law and on the basis of a license issued by the Central Bank of Russia, has been granted the right to raise funds from legal and individuals and on its own behalf to place these funds on the terms of repayment, payment and urgency, as well as to carry out other banking operations.
Bank - these are enterprises inherent in any normally functioning economic formation, they are engaged in lending and financing industry and trade at the expense of monetary capital attracted in the form of deposits and by issuing their own means of payment (stocks, bonds, etc.).
Banking system - the most important of the structures of the market economy, conducting, concentrating the bulk of credit and financial transactions, the leading part of the credit system.
1. ORIGIN AND FEATURES OF DEVELOPMENT OF THE BANKING SYSTEM IN RUSSIA
1.1 The essence and evolution of banking
In the ordinary sense for ordinary person A bank is a storehouse of money. In fact, such a definition of a bank does not reveal its essence, place and role in the market conditions. The term "bank" comes from the word banca (Italian - money changer's bench, money table), which meant the place where in the Middle Ages Italian money changers laid out their coins for exchange. The money changers gradually expanded the range of their operations from a simple exchange of coins to the implementation of non-cash payments and bills of exchange.
In the legislative acts of most countries, the concept of "bank" means an organization that accepts deposits, conducts settlements and lending, usually short-term. However, there is no single, generally accepted definition of a bank. In France, at the end of the 20th century, a distinction was introduced between credit institutions that have the right to accept deposits on demand and for up to 2 years, and other institutions that are deprived of this right. In the UK in 1979, they drew a line between banks and other credit institutions.
At present, commercial banks, large savings institutions, various financial companies are very often engaged in exactly the same operations.
In the Russian economic literature, a bank is defined as a large credit institution, where credit is issued not only for consumption, but also for business transactions and, finally, the creditor (banker), at the behest of his clients, performs settlement and other operations. A bank is such a stage in the development of credit business in which credit, monetary and settlement operations in their totality are concentrated in a single center.
Banks are an indispensable attribute of a commodity-money economy. Historically, they have been side by side. The beginning of the circulation of the monetary form of value can also be considered the beginning of banking, and the degree of development of banking and activity has always, one way or another, corresponded to the degree of development of commodity-money relations in the economy.
The prerequisites for the formation of banks as institutions, and indeed the banks themselves, were the ancient temples in the Ancient East, Greece, Rome, and then in Medieval Europe. Constant influx to the temples Money came from the state. As part of their economy, in temples, along with free storage of property, operations for paid storage begin to be carried out. The temples are simultaneously involved in granting loans. The expansion of lending operations allowed them to buy and sell land collect taxes, manage state property.
In ancient civilizations, with any loan, as well as with the collection of interest, usury closely went along, i.e. loans at high interest rates. Loan operations of temples were formalized with special observance of legal norms. Thus, the temples carried out the main monetary transactions, contributed to the emergence credit operations, carried out various operations, improved the payment turnover.
Banking of the modern type was developed in the Middle Ages in Italy. Monetary taxes for the maintenance of the church, paid in coins from different countries, flocked to Italy from all over Europe. And so a special class of money changers appeared, who not only exchanged one coin for another and stored valuables, but also contributed to an increase in the turnover of bills.
At the beginning of the 15th century, the first banks of the modern type arose. Bank in Genoa, and then banks in Venice and Florence. At the beginning of the 17th century, in the likeness of Italian banks, the first banks were created in Amsterdam and Hamburg. In the Netherlands, in lands that were not connected by regular river or sea routes, the establishment of banks had the same foundations as in ancient times, i.e. intermediary role of temples or individual merchants. In Germany, on the basis of various branches of Italian trading houses, German trading houses began to develop. They had no charter and were not required to publish balance sheets. To organize the execution of monetary transactions, it was necessary to obtain state certificate a certain sample.
It is practically impossible to establish a specific historical date for the emergence of banks. This is because the elements of the development of banking differed to some extent in Italy, Greece, Egypt, Babylon and other countries, and long before the new era. In Greece, there was a fairly developed banking activity. Initially, banking operations were carried out by companies of priests. Subsequently, the need for credit prompted individuals to engage in banking operations. Greek bankers, already in the 5th century BC, had a certain specialization. The bankers themselves were directly involved in accepting deposits. A class of money changers separated from them, who later became experts in determining the authenticity of the price of circulating coins. The third category of bankers carried out the issuance of small loans.
1.2. The emergence and development of banks in Russia
1.2.1 Banks in Tsarist Russia
It is generally accepted that banking activity in Russia begins in the first half of the 18th century. The first step in creating a bank-like institution in Russia was created at the beginning of the 18th century.
In fact, the history of the development of banking in Russia has deeper roots. In Russia, as a result of active trade with German cities, the main centers of monetary transactions were determined - Novgorod and Pskov. Monasteries, temples, churches served as the place of existence of trading houses. They were engaged in monetary transactions: the formation of their own capital at the expense of entrance fees of the merchants, the acceptance of deposits, the issuance of loans, the receipt of various privileges in the use of income. Gradually, collateral relations begin to develop and spread. Russia accepted the main provisions of the Byzantine state law and also adopted their organization of cash transactions.
The Pskov loan law issued credit transactions on special "boards". Introduced into circulation debentures- bills. According to Russkaya Pravda, the protection and procedure for ensuring the property interests of the creditor, as well as the collection of debt, were regulated.
During the XIII-XVI centuries, the execution of monetary transactions was localized by a reduction international trade, the lack of support for the princes and their cities. In these times, a loan acted as a kind of gift (the use of interest was strictly prohibited).
Banks as specific economic institutions began to be created in Russia only in the middle of the 18th century. At that time, trading was carried out only for cash. Industry developed mainly at the expense of state funds. The spread of commercial credit in Russia was late (compared to Europe). The government and large landowners acted as the first borrowers, and individual entrepreneurs acted as creditors. This situation made it possible to uncontrollably raise the interest on the loan. This was one of the incentives for the creation of state-owned banks.
Their predecessor was the Monetary Office established in 1733 in St. Petersburg. Its purpose was to issue loans to all comers secured by gold and silver, at the rate of 8% per annum. Later, in 1754, two estate banks were established: Noble and Commercial. The bank for the nobility had a fixed capital of 750,000 rubles. It had its branches in Moscow and St. Petersburg. The scope of activity was: 1) granting credit; 2) granting loans to landlords secured by estates. The landlord could take on bail real estate a loan up to 10,000 rubles, at 6% with payment in three years, since these were very attractive conditions, then the fee for private loan reached 20% per annum.
A few years later, these banks were closed. This happened due to the fact that short-term loans, due to late repayment, turned into long-term ones, and the borrowers were basically the same persons (large landowners, landowners).
During the reign of Catherine II, as well as in 1764, two state-owned commercial banks were opened. One in St. Petersburg, the other in Astrakhan. They promoted foreign trade. But they didn't last that long either. Petersburg, due to the depletion of resources, was closed in 1782. Astrakhan after a big fire turned into a charitable institution in 1767.
The reign of Alexander I is marked in the history of banking by the development of accounting offices, their distribution throughout the country. But since the bill of exchange turnover was poorly developed in the country, as well as the lack of funds, these offices did not have a significant impact on the trade and industry of Russia. In 1818, a state-owned commercial bank was opened instead.
The creation and establishment of this bank was aimed at improving the credit institutions of Russia, whose position was undermined by large issues of banknotes, issuance of long-term loans and borrowings for the needs of the government. To stop all this, it was supposed to carry out the following reforms.
Banks in the modern sense, as institutions that accept deposits and issue loans, appeared in the late Middle Ages, in the middle of the 17th century. The prerequisite for the emergence of banks was the emergence of savings, the need for their reliable storage, as well as the need for additional financial resources of the emerging capitalist economy and international trade.
Issuing activity of banks was preceded by deposit activity. This happened in England, in the first banks of Hamburg and Amsterdam. But in general, banking activity has acquired significant importance precisely with the beginning of issuing activity. Instead of money and jewelry transferred to the banker for storage, people began to receive receipts (banknotes), which could be transferred from hand to hand.
It was only after bankers had succeeded in gaining the trust of the public through the circulation of banknotes that people began to deposit large sums of money in banks, secured only by a book entry. Moreover, the bankers were able to lend on any large scale from the amounts deposited in their banks only when they were able to pay cash on their notes in case of a sudden increase in the demand of depositors. The issue of banknotes was the area where the first banking problems, and it was here that States most strongly sought to establish a monopoly through the system of issuing licenses.
The prototype of the current two-tier banking system was the banking system of England, which took shape from the second half of the 17th century. The first level of the banking system is represented by the central (issuing) bank. At the second level, there are commercial banks of various types and non-bank credit and financial institutions.
mulberries ( investment companies, investment funds, Insurance companies, pension funds, pawnshops, trust companies and credit unions and associations, etc.). Such a system developed as a result of the evolution of the banking system of England from the end of the 16th century, and from the 18th century. this model gradually spread to other countries. From the number developed countries the model of a two-tier tightly regulated banking system was the last to be officially adopted by the United States at the beginning of the last century.
In the XX century. centralized system banking business began to be considered not only as a habitual phenomenon, "but also as one of the prerequisites for achieving higher levels economic development. The feasibility of the current system is virtually unquestioned. Belief in the desirability of central banks has become universal, and only methods of regulation are discussed and practiced. In the last two decades of the XX century. there was a desire to strengthen control through the establishment of international banking institutions, as well as through international cooperation between the central banks of various states.
However central bank is not the result of natural development. It is created at the initiative of the government, enjoys special privileges and has special obligations. As a rule, the central bank acts as the banker of the government and ordinary banks and has a monopoly or pre-emptive right to issue paper money. FROM
other functions and characteristics are associated with this privilege central bank: it holds the bulk of the country's foreign exchange reserves and gold reserves, and its short-term bonds and banknotes make up most of the cash reserves of conventional banks. By regulating the volume of money supply and the level of interest rates, the central bank controls the amount money supply, the country's banking system and the general situation in the credit market.
The central bank may originate from a private institution with the aim of making a profit. Another reason for the emergence of a central bank may be the need to help finance government spending. It is this reason that underlies the creation of the Bank of England, the same prerequisites for the emergence of a central bank in France and in other countries. The Bank of England, whose establishment in 1694 heralded the birth of a two-tier banking system, came into being as a result of a rather fortuitous political event. To meet his financial needs, King Charles II was forced to
to a certain extent rely on loans from London bankers. The British royal court, having lost the confidence of the London bankers due to the refusal of Charles
II pay their debts, sought to find a replacement source of loans. Subsequently, King William III and his government turned to the scheme of the Scottish financier William Patterson, according to which an institution called the Governor and Company of the Bank of England was created.
The establishment of this institution was formalized in the Tunnage Act, which, among many other articles, provided for the formation of the Bank "to improve the collection of funds and transfer to the treasury 1,200 thousand pounds sterling." At that time, this event looked absolutely insignificant.
From the very first years, the newly formed bank occupied an exceptional position in comparison with other banks. In 1697, the government allowed him to increase his own capital and thereby expand the issue of banknotes. The government gave the Bank a monopoly on government settlements: all payments to the government had to be made through the Bank, which led to a significant increase in the prestige of the Bank. It was determined that no other bank could be established through the passage of a special law by Parliament. Finally,
The law stated that no actions of the Governor and CO under the Bank of England could serve as a basis for the use of private property of any of the members of the corporation as compensation for damage. This meant granting the Bank the privilege of limited liability. All other banking institutions in a similar privilege was denied over the next century and a half.
In the XVIII century. the relationship between the Bank and the government grew ever stronger. The concentration of privileges in the hands of the Bank provided him with an exceptionally prestigious and influential position in the financial world. Small private firms had considerable difficulty competing with the Bank in the same business areas, and most private banknotes in London ended around 1780. Another consequence of this development was that small banks turned to the practice of keeping their funds at the Bank of England. , which has already begun to acquire the features of a central bank.
In the first half of the XIX century. through a system of legislative acts restricting free banking entrepreneurship, a system of centralized banking business with a single reserve system was finally formed. The Law of 1844 put an end to the disputes, which proclaimed the final monopolization of issuing activity in the hands of the Bank of England.
The existing two-level centralized system was characterized by the following features
concentration of issuing activity in the Bank of England Bank of England notes are recognized as legal tender,
legislative restriction on the creation of deposit banks, on the issue activity of existing banks and a ban on bank mergers,
control of the Bank of England over the activities of other banks and the total money turnover,
significant state intervention in the field of banking, regulation of banking operations and their restrictions
Simultaneously with the formation of the banking system in England, similar processes took place in Scotland. However, development banking sector in Scotland it took place independently from England and somewhat differently At first, the practice of issuing permissive concessions to banks prevailed. Unlike the Bank of England, the Bank of Scotland set out from the outset to set up branches. When its monopoly rights came to an end in 1716, the Bank of Scotland tried to resist the prospect of competition fiercely, but in 1727 a second charter was awarded to the Royal Bank of Scotland. of Scotland). This created a competitive environment in Scotland.
Obtaining a charter meant that the bank had limited liability rights Nova Scotia had no restrictions on the banking activities of joint stock companies, if the shareholders were willing to accept unlimited liability for the bank's debts. Therefore, very soon joint-stock banks without a charter began to appear everywhere. All other banks were established in accordance with the ordinary laws. There were no restrictions on the number of partners, and after a short period of abuse in the early stages of the development of banking, the business passed into the hands of large and financially strong joint-stock companies.
The Scottish system had certain specific features that distinguished it from the very beginning from the systems that existed in other countries. It included intense competition between banks and strict adherence to the practice of regular mutual redemption of banknotes, the exchange of banknotes took place twice a week, and balances
the branch system was mastered here almost from the very beginning, and in comparison with other countries, the intensity of the development of the deposit business and credit instruments turned out to be much higher.
22 joint-stock banks (with 97 branches) and 11 private banks At this time legislation was just passed in England allowing the formation of joint-stock banks, and even the Bank of Angcia had not yet established a single branch. failure - the bankruptcy of the Air Bank, when the cumulative damage suffered by the population was estimated at around 36,000 pounds, while in England with its centralized system of bankruptcy and termination of banking, periodically took on a mass character
Scotland's network of resilient, uninterrupted
banks with an already highly developed deposit industry, its apparent success and lack of prohibitive abuses impressed the British, who had by then witnessed the collapse of a huge number of small ordinary banks. To an even greater extent, this system inspired free banking supporters on the continent Scotland were forced to work on general rules established by British law.
The Scottish banking system was an example of free banking, the main features and principles of which were adopted by the US banking system and, to a certain extent, remained there until the 1930s. 20th century
The special privileges and dominance of the central bank impose obligations on it that overshadow the goal of making a profit. This is confirmed today by the Bank of England and the US Federal Reserve.
as a "lender of last resort" the central bank comes to the rescue of conventional banks when they run short of reserves It is believed that, having the opportunity to ignore the goal of making a profit, the central bank, by adjusting the parameters of the monetary market, such as interest rates serves public purposes. For example, before 1914 he was firmly committed to the gold standard, and now he controls inflation and at the same time stimulates production and employment (to the extent that these goals are feasible and compatible).
Free banking is a system in which banks operate and issue means of payment subject only to general company law. A bank may not need special permission to start operations if it can show prospects for profitable operations, raise sufficient capital and win the trust of the public. It has the same rights and obligations as any other commercial enterprise. Its means of payment is an ""unconditional obligation to redeem" or to be exchanged for the main (legal) means of payment.
On the present stage development of a market economy, the question of the structure of the banking system arose again - in theoretical discussions since 1988, in the works of a number of economists (Lawrence White, John Selgin). However, changes in the system of banking supervision in Great Britain and Japan (1998), Germany (2002), the formation of the euro area and the European Central Bank, which have been growing since the 1980s. globalization processes, deregulation financial markets testify to the beginning "erosion" of the traditional two-tier banking system.
Moreover, the tasks of managing inflation rates, money circulation, ensuring the stability of the national currency cannot be solved within the framework of only the banking sector and the regulation of only banking activity: a huge number of different financial companies, funds, associations, etc., traditionally engaged in banking operations, but outside the control of central banks and not regulated by them. As a result, the higher the level of development and diversification of financial markets, the lower the effectiveness of the actions of the central bank.
The beginning of the history of banking dates back to the 7th century BC. The so-called money changers or usurers provided services for carrying out exchange operations back in the days of ancient Babylon. The first bank notes were called hudu (gudu) and circulated on a par with gold of the highest standard.
Within the territory of Ancient Greece usurers were called repasts. These people not only exchanged coins, but also accepted material values for storage. Around the same time, the first non-cash payments were born, which were carried out through debiting and accruing buyers' funds on special accounts.
Banking appeared in Russia in the 17th century. The first merchant credit organizations functioned in Pskov as far back as 1665. During the reign of Anna Ioannovna, loans were issued at a certain percentage, and the mint acted as a lender. In 1754, on the basis of the decree of Elizaveta Petrovna, the first credit institutions appeared in Russia - the Merchants' Bank in St. Petersburg, as well as Noble loan banks in both capitals.
The history of the emergence of banks begins long before the advent of a new era. The starting point can be called the time of the emergence of commodity-money relations, when the need arose for the storage of money and exchange. At the same time, in a number of countries (Italy, Babylon, Greece), trading books were kept, the priests and a couple of their servants were trustees in the organization of primary banking, who kept records of funds and their movement with fixation and making miscalculations in a written source.
The summary records contained the amounts, the names of the owners of the funds, in addition, one or more persons were indicated who, being trusted, could take the savings on behalf of the owner. The emergence of banks was determined by the need to collect taxes for the government of the state and for the development of temples, and keeping records of them. Documents recorded in ancient Greece confirm the issuance at interest against written obligations to return. The described factors do not mean the presence of a holistic banking system adopted in our time, but served as the initial stages preceding the emergence of banks as a structure.
In the 7th century BC e. The history of the development of banking begins with the Babylonian merchants-usurers and the appearance of bank notes intended for exchange for gold, with the ancient Greek money changers offering services for the exchange and exchange of coins, the storage of monetary savings. The fact of conducting non-cash transactions performed by writing off certain amounts of money from the client's account, which is kept by the trapezit (responsible person), is described. In the second century A.D. e. The royal banks of the great states of Thebes, Memphis and others kept records and storage of taxes, received income from the activities of their own enterprises, spending funds on the maintenance of the state, the army and weapons.
Argentarii of Ancient Rome issued loans, attracted deposits from the population, engaged in physical transfer money to other cities. Bankers gained popularity due to the development of trade over long distances, the availability of funds from various states and the need to exchange one for another in special shops (from Italian - banko). The Church in the Middle Ages hindered the development of interest-bearing debt obligations, threatening them with non-burial, a terrible judgment. Major banks noted in the Republic of Genoa (time of existence - 12-19 centuries), in the Republic of Venice, created at the end of the 16th century.
World banking systems at the present stage imply 2 types of separation. The system with an independent Central Bank operated in the following countries: Japan, France, Belgium, Germany, Switzerland and a number of others. But with the understanding of the importance of the formation of the currency in the world market as a reserve and settlement for a number of foreign economic transactions, the federal reserve system is more competitive.
The federal system is inherent in the United States, which is why the dollar is applicable as the main currency in the vast majority of states. A number of countries wishing to gain a foothold in the world market have become part of European Union, took the European currency for the main state. Thus, there was a merger of the central banks of a number of countries into a single European federal bank, which took its rightful place on the world stage, moving the dollar. Russia is also striving not to lose its leadership and not get bogged down in the global crisis, strengthening ties and offering settlements between countries in national currency(ruble), bypassing the conversion into the generally accepted dollar.
The development of banking in Russia was marked by not so fast and purposeful pace of development as in the main part of European states. According to the stages of development, it is divided into the banking systems of Tsarist Russia, Soviet and modern. It is known that in the days of Tsarist Russia there were a number of prohibitions, including under pain of execution, on the issuance of credit funds and their acceptance among the population, so as not to contribute to the growth of poverty, therefore, the country still has the mental property of borrowing the missing funds without commissions among friends and relatives without recourse to intermediaries. The process of development of banks as an industry fell on the period of the abolition of serfdom, increasing the potential lost over the years.
In Soviet times, all enterprises were nationalized, including banks, with the formation of the State Bank. In the post-Soviet period, the Russian banking system has undergone a number of difficult stages of reform.
With the development of capitalism, the banking system of Russia was formed according to the European type, dividing into state-owned banks, private companies and foreign enterprises. The State Bank was subordinated to the bulk of joint-stock banks, the state did not allow anyone to take a leading role in the designated area. The main share of funds was in the capital and large cities. Depending on the estate of a person, he could apply to a bank of his level - the hierarchy of banks flourished. Foreign companies included German and French capital.
Banking in pre-revolutionary Russia flourished on the basis of attracted funds from depositors, most often legal entities, and loans issued against bills of exchange, pledge of goods, receipts, securities and other documents. A large share of the loan capital (about 60%) was secured by loans secured by shares and bonds.
The main prerequisites for the development of banking before the new era appeared with the development monetary system, its promotion and creation additional features. Thus, the prerequisite for the development of the banking industries of lending and debiting was the emergence of creditors and borrowers, the formation of foreign exchange operations - the emergence of exchange shops specializing in the exchange of coins or the full exchange of money of other states, wandering along with merchants.
In the 17th century, it became clear that the banking structure would become the most powerful economic tool in view of the already formed prerequisites for the globalization of the industry in the world. World commodity markets, the emergence of economic claims from different states, the complexity of doing business in the territories of other countries - these factors contributed to the creation of world banking.
The Soviet period of banking activities was characterized by complete centralization and nationalization of banks. The command and administrative apparatus assumed the existence of a single-level banking structure, called the State Bank (or People's Bank). All banks became the property of the state, managing territorially the funds of enterprises and individuals.
The State Bank was engaged in the issue of money, gave out for a short time, carried out cash settlement. received long-term loans legal entities from the organization Stroybank USSR. The deposits of individuals were transferred to the State Labor Savings Banks of the USSR. Soon the system was recognized as less successful than in countries with market economy, becoming a prerequisite for changing the course of development of the country's credit system.
Advice from Sravni.ru: Despite the early appearance of the first financial institutions, as well as credit institutions, the development of banking in Russia today lags significantly behind the similar segment of the economy in the EU, the USA, as well as Japan and some other countries in a number of ways. Seven decades of the planned economy have led to a serious backlog of the industry from world standards. Today, banking in the Russian Federation is experiencing a rebirth and is rightly considered one of the most dynamically developing segments of the state economy.
