Credit system - it is a set of banking and other credit institutions and relations between them. The credit system of the Russian Federation is shown in fig. 13.1.
In accordance with the Federal Law of February 3, 1996 “On Banks and banking» The banking system of the Russian Federation is a two-tier one and includes the Bank of Russia, credit institutions, as well as branches and representative offices of foreign banks.
Credit organisation - a legal entity that, in order to make a profit as the main goal of its activities, on the basis of a special permit of the Central Bank of the Russian Federation, has the right to carry out Bank operations provided by law.
Bank - a credit institution that has the exclusive right to carry out the following banking operations:
Rice. 13.1. The structure of the credit system of the Russian Federation in deposits of funds of individuals and legal entities, placement of these funds on their own behalf and at their own expense, opening and maintaining bank accounts of individuals and legal entities.
Non-bank credit organization- a credit institution that has the right to carry out certain banking operations provided for by law.
Commercial banks, unlike specialized banks, perform all types of credit operations. Specialized banks perform one or two types of credit operations. Investment banks issue long-term loans, innovative banks - loans for innovation, deposit banks- loans through deposits, accounting banks register bills, savings banks attract small deposits and lend to the population, mortgage banks issue loans secured by real estate.
Specialized financial institutions (SCFIs) are diverse. Leasing companies are engaged in long-term lease of movable and real estate. Factoring firms buy the right to collect accounts receivable. Pawnshops issue loans secured by movable property.
Credit unions are formed by private individuals who issue loans to their members against collateral. Mutual credit societies are close to commercial banks. Credit partnerships are created to serve their members. As for insurance companies, investment and financial companies, pension funds, they were discussed above. Post offices are engaged in transfers, payment of pensions. Postal savings institutions serve as banks in remote areas where there are no bank branches.
Credit organizations can create unions and associations that do not pursue the goal of making a profit, to protect and represent the interests of their members. Unions and associations are prohibited from carrying out banking operations. The law allows the creation of groups of credit institutions and holdings. Groups are created to solve joint problems by concluding an agreement between two or more credit institutions. Holdings are based on controlling the activities of credit institutions with the help of a controlling stake.
Banking system The Russian Federation is in the process of restructuring, the main directions of which are:
The financial crises of 1998 and then 2008 dealt a serious blow to the Russian banking system. She turned out to be partially paralyzed, not always able to make payments to her clients, to pay off creditors in a timely manner. The main causes of the banking system crisis are:
In order to overcome the financial and banking crisis of 1998, the Russian Federation established the Agency for the Restructuring of Credit Institutions (ARKO) - a non-profit organization in the form of a state corporation for the restructuring of credit institutions with unstable financial condition in order to restore and effectively develop the banking system in Russian Federation.
The Agency was liquidated by Federal Law No. 87-FZ dated July 28, 2004 “On Recognizing the Federal Law “On the Restructuring of Credit Institutions” and Certain Provisions of Legislative Acts of the Russian Federation as Invalid, as well as on the Procedure for Liquidating the State Corporation “Agency for the Restructuring of Credit Institutions” ".
The purpose of the Agency's activities was the restructuring of credit institutions under its management in accordance with the requirements and procedures established by law. For the entire period of its existence, the Agency has restructured 21 banks.
Instead of ARCO in January 2004, based on the Federal Law of December 23, 2003 No. 177-FZ “On Deposit Insurance individuals in banks of the Russian Federation" was created Deposit Insurance Agency (DIA)
In order to ensure the functioning of the deposit insurance system, the Agency pays compensation to depositors
" State Corporation "Deposit Insurance Agency". URL: http://www.asv.org.ru/agency/
on deposits upon occurrence insured event; maintains a register of banks participating in the deposit insurance system; controls the formation of the deposit insurance fund, including at the expense of bank contributions; manages the funds of the deposit insurance fund.
With the adoption of the Federal Law of August 20, 2004 No. 121-FZ "On Amendments to the federal law“On the Insolvency (Bankruptcy) of Credit Institutions” and the Repeal of Certain Legislative Acts (Provisions of Legislative Acts) of the Russian Federation, the institution of a corporate bankruptcy manager for insolvent banks has been introduced in Russia, the functions of which are assigned to the Agency.
On October 27, 2008, Federal Law No. 175-FZ “On additional measures to strengthen the stability of the banking system in the period up to December 31, 2014” was adopted, according to which the Agency was also endowed with the functions of financial rehabilitation of banks.
The Agency is a non-profit organization operating in the organizational and legal form of a state corporation. The highest governing body of the Agency is the Board of Directors. It consists of seven representatives of the Government of the Russian Federation, five representatives of the Bank of Russia and CEO Agencies. The volume of the fund of the Deposit Insurance Agency is 109.1 billion rubles. (data as of June 1, 2010).
As of April 21, 2012, within the framework of bank rehabilitation procedures, DIA participated in the capital of the following Russian banks: “Potential” CB, JSCB “ Russian capital”, Soyuz Bank, Otkritie Bank.
1. The credit system of the Russian Federation and its structure. Banking system of the Russian Federation. Main directions
credit system- a set of credit relations adopted in the country, banks and other financial and credit institutions that carry out and organize these relations.
The credit systems of developed countries include the following links:
Central or main bank of the country
Banking sector (various types of banks)
Parabank sector (investment, financial, insurance companies, non-state pension and charitable funds, savings and loan organizations, credit unions)
The Russian credit system has 2 levels:
1. Central Bank of the Russian Federation
2. Commercial banks and other financial credit institutions.
Problems of the Russian credit system:
Most banks are small and medium-sized banks The monopoly position of large banks The underdevelopment of specialized banks The underdevelopment of the corporate securities market The absence of a legislative framework regulating the activities of special banking institutions.
Banking system of the Russian Federation (2 levels):
1.Central bank
2.Commercial banks.
The priority of the state social-ec policy is to ensure high and sustainable rates of economic development. Increasing the role of the banking sector in the development of the economy is one of the main tasks.
Strengthening the protection of the interests of depositors and other creditors of the bank
Improving the efficiency of concentration of resources of legal entities and individuals and their placement
Increasing the competitiveness of Russian banks
Development of a competitive environment and ensuring transparency in the activities of credit organizations
Strengthening confidence in the banking sector on the part of investors, creditors and depositors
Prevention of the use of credit organizations for the implementation of unfair commercial activities, i.e. legalization of income.
At the same time, the process of formation of the credit system revealed certain shortcomings. They were expressed in violations at all levels: small institutions continue to form and exist (banks, Insurance companies, investment funds), which, due to a weak financial base, cannot cope with the needs of clients; commercial banks and other institutions mainly carry out short-term lending operations, underinvesting their funds in industry and other sectors.
Many newly created financial institutions, insurance companies and investment funds are engaged in activities unusual for them: they attract deposits from the population, performing the functions of commercial and savings banks. A number of investment funds, financial companies and banks have built their activities not on genuine commercial basis, but on the principle of a pyramid, which caused a wave of bankruptcies. Besides, high stakes on the short-term loans lead to an unreasonable increase in profits, which are subsequently converted into foreign currency, which depreciates the ruble and leads to increased inflation. Therefore, many aspects of the banking system of the Russian Federation need further improvement.
2. The Central Bank of Russia (CBR), its goals, functions and operations.
The Central Bank is an institution of the upper level of the banking system.
Commercial banks and non-bank credit - financial institutions - the lower level of the banking system.
The Central Bank is the center of the state's credit system. This is a body that regulates and controls the activities of all institutions of the lower level of the banking system.
Monetary regulation of the economy;
Issue of credit money;
Control over the activities of credit institutions;
Definitions and Operations
Required reserves - part of the bank's resources deposited on demand
authorities to an interest-free account at the central bank. This directly limits
opportunities for lending and deposit issuance.
Operations on open market - operations central bank for sale
commercial and treasury bills, government bonds and other securities
securities, as well as short-term transactions with securities
with a later transaction. During a period of high market conditions, the Central Bank offers commercial banks to buy securities at favorable rates for them in order to reduce their credit opportunities. During a crisis, on the contrary, the Central Bank creates refinancing opportunities for commercial banks and puts them in such conditions when it is profitable for them to sell their valuable assets to the central bank.
paper. These operations serve primarily to regulate demand and
suggestions.
Capital Market Control - procedure for issuing shares and bonds, including
standard rules-requirements, order of issue, official limit of external
borrowing relative to self-financing, bond issuance quotas, etc.
Access to markets - regulating the opening of new banks, permitting operations by foreign banking institutions.
Currency interventions - buying and selling currencies to influence the exchange rate and,
therefore, on the supply and demand of the monetary unit. Certainly taken into account
To implement the tasks assigned to the Central Bank of the Russian Federation, it performs the following functions:
In the field of money circulation with the government of Russia develops and conducts a unified public policy, aimed at protecting and ensuring the stability of the national currency . The Bank has the exclusive right to issue cash and organize their circulation.
In the field of strengthening and developing the banking system The Central Bank of the Russian Federation is the body of banking regulation and supervision over the activities of commercial banks. Its supervisory and regulatory functions are expressed in state registration banks and licensing of banking services .
In the field of supporting the stability of the banking system The Central Bank of the Russian Federation acts as a bank of banks. It means that commercial banks, as a rule, keep their free money and the money of their clients on correspondent accounts with the institutions of the Bank of Russia, which, being a bank of banks, acts as a lender of last resort.
In the field of settlements The Central Bank of the Russian Federation establishes the rules for making non-cash cash payments and the conditions for the use of cash. It organizes systems of high-speed electronic money settlements and determines the procedure for their operation.
In the field of foreign exchange, when these relations are directly related to the stability of the ruble and servicing export-import operations, the Central Bank of the Russian Federation performs currency regulation, i.e., determines the official exchange rate; organizes the purchase and sale of foreign currency on exchanges and over-the-counter markets; determines the procedure for settlements with foreign states; manages the country's gold and foreign exchange reserves; buys and sells gold and other precious metals.
3. Monetary policy of the Central Bank.
The main task of monetary credit policy the central bank is to maintain a stable purchasing power monetary unit and ensuring an elastic system of monetary
payments and settlements. At the same time, central bank policy is one of the
important constituent parts general economic regulation of the state, aimed at maintaining high market conditions, preventing crisis declines in production and
There are three main tools monetary policy:
The decision of the arbitration court to declare the debtor bankrupt means the decision to open bankruptcy proceedings against this debtor. The term of bankruptcy proceedings, as a rule, does not exceed 1 year. However, court of Arbitration the right to extend it for 6 or more months. According to the Law "On nest. (bankr.) kr. op." (clause 3, article 48) after compiling the register of creditors' claims, the bankruptcy trustee must draw up an interim liquidation balance sheet (contains information on the composition of the property and accounts payable of the bank) no later than 6 months (the deadline can be extended) after the opening of bankruptcy proceedings.
The arbitration court, having considered the report of the bankruptcy trustee on the results of the work done, issues a ruling on the completion of the bankruptcy proceedings. The bankruptcy commissioner must submit it to the state body within 10 days from the date of the said ruling. registration of legal entities. This definition is the basis for entering into the state. register of legal persons recording the liquidation of the debtor. From the moment when such a record is made, the powers of the bankruptcy trustee are terminated, the bankruptcy proceedings are considered completed, and the debtor is liquidated.
7. Economic standards for the activities of banks and control over their observance.
Centrally established economic standards include the following indicators:
Ø capital adequacy ratio;
Ø liquidity ratios for the balance sheet of a credit institution;
Ø standards for limiting major risks in the area of attracting and allocating resources.
By means of economic standards, firstly, the absolute and relative level of equity capital of a credit institution is regulated, secondly, the liquidity of the balance sheet, thirdly, diversification of active and passive operations of a credit institution, fourthly, the creation of each credit institution centralized reserves to ensure financial stability the banking system as a whole.
Another answer:
The Central Bank may establish the following main economic standards banking activities:
2) deductions from the bank's profit for the formation or increase
3) obtaining loans from other legal entities.
(expand as best you can)
With the help of the first two forms of passive operations, the first
a large group of credit resources - own resources. Next two
forms of passive operations create the second large group of resources -
borrowed, or attracted, credit resources.
11. Characteristics of KB resources: sources, composition and structure of resources.
The resources of a commercial bank (banking resources) are its authorized capital and funds, as well as funds raised by banks as a result of passive operations and used for active bank operations. Further, it should be noted that the concept of “bank resources” is broader than the concept of “credit resources”, since the former are provided not only for lending purposes, but also for financing and carrying out other active operations of banks.
The credit resources of a commercial bank are part of the equity and borrowed funds, in cash, directed to active lending operations. Moreover, at the time of using credit resources, they cease to be a resource for the bank, since they are no longer a reserve (loan repayment is a risky operation), but become invested credit resources.
12. Own capital, its functions and structure. Capital adequacy of the bank and its assessment.
The bank's capital is a necessary condition for its creation and functioning. The composition of capital includes: cash funds.
The bank's own funds occupy a small share of their resources, which is now declining. The insignificant share of own funds in the bank's resource is explained by the following reasons:
1. Banks are intermediaries and work with other people's resources.
2. Banking assets are mainly monetary claims, which are highly liquid and mobile.
However, the role of equity capital is exceptionally large due to the functions
1. Protective– means that equity capital: - serves as a source of protection for depositors when the bank ceases operations for any reason;
It is the main guarantor of the bank's liquidity when the outflow of funds exceeds the inflow;
Acts as a source of compensation unexpected costs, losses and damages.
2. Operational- consists in the fact that the bank's capital is a source of financing costs and the creation of a material and technical base, as well as the formation of a financial reserve. In addition, the bank needs its own funds for its registration, as well as financing of activities in the first period of operation.
3. Regulatory- by regulating the size of own funds and the procedure for the formation of capital, the Central Bank ensures the stability of a particular bank and the banking system as a whole.
Since the liquidity of banks is closely related to the activities of enterprises and the safety of the savings of the population, the capital of the bank allows the state to evaluate its activities.
Sufficient size own funds allows the bank to raise funds from traditional sources and at the usual% rates.
The bank's capital is not homogeneous in its composition and has a different structure in certain periods.
The following factors influence the volume and structure of capital:
Asset quality
Directions for using profit
Reproduction of fixed assets and replenishment of working capital.
The amount of own funds is determined by the bank independently, taking into account the standards established by the Bank of Russia.
capital adequacy - a relative indicator that characterizes the activities of the bank, taking into account its financial stability in the event of possible risks from active operations.
Capital adequacy is determined in accordance with Instruction No. 000 dated 01/01/2001 in the form standard H1. It regulates the risk of bank insolvency and determines the requirements for the minimum amount of own funds necessary to compensate for credit and market risks. The own funds adequacy ratio is defined as the bank's own funds to the bank's assets, weighted by risk. This standard includes:
value credit risk on contingent credit related commitments (CCR)
the amount of credit risk on futures transactions (CRS)
The amount of market risk (RR)
H1 \u003d (K / S Kri (A1 - Pk1) + KRV + KRS + PP) * 100
13. The procedure for the formation and increase of the authorized capital of a commercial bank.
Authorized capital (UK)– the minimum (min) amount of own funds, which guarantee the interests of the bank's creditors.
Features of the management company as a source of own funds :
1. It is a resource that is constantly at the disposal of the bank and can be used by it for various purposes.
2. It is a resource for the formation of highly liquid and highly profitable assets.
The minimum size of the authorized capital for banks is established by law (5 million euros (today)).
The MC is formed at the expense of:
· "JSC", through the sale of shares or the transfer of material assets.
In accordance with the law, annual deductions must be at least 5% net profit until the fund reaches the specified value. The funds of the bank's funds created from the profits of previous years may be credited to the reserve fund.
The total amount of deductions to the reserve fund cannot exceed the amount of the net profit of the current year. How to use funds reserve fund determined by the board of directors in accordance with the law.
The funds of the reserve fund can be used for the following purposes:
1. Placement of losses based on the results of the reporting year.
2. An increase in the UK, through the capitalization of funds. The funds of the reserve fund are transferred to the UK only if its amount exceeds min.
The creation of a modern credit system of the Russian Federation was preceded by a long historical period, which was determined by the socio-economic conditions of the development of our country.
The history of the credit system has gone through several stages of formation. Until 1917, our credit system developed according to capitalist laws, which reflected the corresponding socio-economic formation. In structure, functions and operations, it approached the model of the credit system of the leading capitalist countries of that time. AT Russian Empire there was a three-tiered credit system, which consisted of the following links.
The structure of the credit system of the Russian Empire until 1917
National Bank The banking sector, represented mainly by commercial and savings banks Specialized credit institutions (insurance companies, credit partnerships, etc.) In contrast to Western countries, two tiers were developed in Russia: the State Bank and the private banking sector. The third tier was relatively poorly developed, which was explained low level development of capital and securities markets. At that time in Russia there were practically no institutions specializing in transactions with securities, and their market was represented by only three stock exchanges. Therefore, the accumulation and mobilization functions in the capital market were performed mainly by commercial banks.
In the first months after the revolution of 1917, all credit institutions (banks and insurance companies) were nationalized, and the People's Bank was created on the basis of the State Bank. The civil war that began in early 1918 essentially eliminated the credit system, since in the absence of commodity-money relations, credit lost its significance. This confirms the fact of the merger People's Bank with Narkomfin (Ministry of Finance). The only source of income in the country was the issue of so-called banknotes, which contributed to the naturalization of economic relations and limited the scope of commodity-money relations. In the early 1920s, a new economic policy led to the restoration of the credit system, but in a rather truncated form. The State Bank was created, joint-stock and cooperative commercial banks began to function. By 1925, the credit system was restored, the structure of which was as follows.
The structure of the credit system of the USSR in 1925
State Bank Banking Sector: joint-stock banks(Prombank, Electrobank, Vneshtorgbank, Yugovostochny Bank, Far East Bank, Central Asian Bank); cooperative banks (Vseuobank, Ukrainbank); communal banks (Tsekobank and local communal banks); Central Agricultural Bank, republican agricultural banks Specialized and financial institutions: agricultural credit societies; _ mutual credit societies: savings banks The structure of the credit system was represented by three tiers and expressed the new socio-economic relations that had developed in the country by the beginning of the 30s. The peculiarity of the new credit system was that most of its links were state property, then came cooperative and the smallest - capitalist (mainly with mutual credit societies). At the same time, the credit system was represented mainly by branch and specialized banks and lending societies .
In the new structure of the credit system, there were no insurance companies and institutions involved in transactions with securities. This was due to the creation of a state-owned insurance company and its withdrawal from the credit system, as well as a very limited securities market in the form of stock turnover between various state-owned shareholder organizations. Thus, the accumulation and mobilization of monetary resources was practically carried out by banks under state ownership.
In subsequent years, the credit system underwent further changes under the influence of the credit reform of the 1930s, when all types of property were eliminated, except for state property. The credit system was turned into a single-tier, or single-link system, expressing the socio-economic needs of that time associated with the implementation of plans for industrialization and collectivization. The credit system began to function within the framework of the command-administrative system of economic management and was represented by only three banks, savings banks and two insurance organizations.
The structure of the credit system of the USSR
State Bank Stroybank Bank for Foreign Trade _ System of Savings Banks Gosstrakh and Ingosstrakh As a result of this reorganization, the State Bank, in addition to issuing and cash settlement activities, took over the provision of short-term loans to industry, transport, communications and other sectors of the economy, as well as long-term loans to agriculture .
The second bank in the country, Stroybank, focused its activities on providing long-term loans and financing investments in various sectors of the economy, except for agriculture.
The Bank for Foreign Trade was engaged in lending to foreign trade, international settlements, as well as operations with foreign currency, gold and precious metals.
The savings bank system served the general population by attracting cash savings, paying for services, and selling winning government loans.
Gosstrakh monopolized the insurance operations of legal entities and individuals within the country, Ingosstrakh carried out foreign insurance operations (insurance of property of foreigners, Soviet property abroad, export-import cargo, vehicles) .
All accumulated cash These organizations created the so-called loan fund of the country, which was subsequently distributed and redistributed in the form of loans to various sectors of the economy.
The long-term command and administrative functioning of the credit system showed its poor efficiency, especially in the context of the exacerbation of financial and economic problems in the country by the beginning of the 1980s. Credit essentially ceased to play the role of an active instrument of influence on the scientific and technical renewal of the economy. Most of the loans served as a second budget, since the loans were not repaid by enterprises. As a result, many loans were written off or there was a process of refinancing of enterprises. This applied in particular to a large number planned-unprofitable enterprises and agriculture. The interest rate for loans remained at a rather low level, which did not stimulate either banks or enterprises to mutual efficiency. All this violated the main essence of the loan - payment for the loan and its repayment.
Therefore, in the mid-1980s, in connection with the reorganization of economic management, a banking reform was carried out, which resulted in the creation of large branch specialized banks.
The structure of the credit system of the USSR in the mid-80s
State Bank (Gosbank of the USSR) Industrial and Construction Bank (Promstroibank) Agro-Industrial Bank (Agroprombank of the USSR) Bank of Housing and Communal Services and social development(Zhilsotsbank USSR) Bank of labor savings and lending to the population (Savings Bank of the USSR) Bank for Foreign Economic Affairs of the USSR The peculiarity of this reorganization was that the sectoral specialized banks were given the right to both short-term and long-term lending. Significant credit resources from the State Bank were devoted to specialized banks. The State Bank retained its issuing, settlement, controlling functions, as well as lending to the non-production sector. The system of savings banks was transformed into a single Savings Bank with numerous branches and departments.
The main task of reorganizing the banking system was to pursue a progressive credit policy and improve the efficiency of the entire credit system. However, as further practice showed, such a reorganization was more negative than positive, since the monopoly of three banks (Gosbank, Stroybank, Vneshekolnombank) was essentially replaced by the monopoly of newly created, reorganized, specialized banks.
The central, single-tier structure of the banking system consolidated the sphere of influence of banks according to the departmental principle. Enterprises, as before, were assigned to banks and did not have the right to choose in obtaining credit resources. Banks' circulation costs have risen sharply due to an increase in banking machine, its growth wages and organized expenses.
The State Bank was engaged only in the distribution of resources at the top level, not being able to influence the implementation of credit plans. Each bank implemented independent credit plans using administrative management methods. Thus, they distributed their resources vertically among their institutions, not paying attention to the profitability of investing funds, and carried out simple financial services and subsidies for enterprises.
The monopoly position of special banks and the centralized fixing of resources did not allow trading in money or creating money markets. In addition, banks began to introduce artificial fees from enterprises and the population for ordinary Banking services. As a result, credit and monetary resources continued to play a passive role and could not rationally influence the course of economic development.
As positive measures of the banking reorganization of 1987, one can name the streamlining of non-cash payments, the termination of crediting losses, excess stocks of inventory items, as well as the issuance of loans to replenish lost working capital, the suspension of the withdrawal of excess credit funds from economic circulation and their replacement with their own resources. enterprises. As a result of these activities, credit resources were released in the amount of more than 75 billion rubles. However, such positive measures were significantly offset by the negative consequences of the banking reform.
As a response to the negative consequences of banking reform in 1988-1989. commercial and cooperative banks began to be created mainly on the basis of the monetary accumulations of various industries. During the first period 1988-1989. about 150 commercial and cooperative banks were created. A new two-tier structure of the banking system began to take shape: the State Bank and specialized banks- the first tier, commercial and cooperative banks - the second tier.
In mid-1990, with the government's announcement of a market transition program, it became clear that the banking system needed further reorganization. In particular, the government program noted the need to create an efficient two-tier banking system, consisting of the State Bank and commercial banks, into which the specialized banks created in 1987 should also be transformed.
Along with this program, the executive and legislative bodies of the country considered an alternative program for the transition to the market - "500 days", which proposed the creation of a three-tier banking system, which, in addition to the State Bank and commercial banks, was supplemented by a network of specialized financial institutions represented by insurance companies, land banks, investment funds. , credit partnerships, pension funds, brokerage and leasing companies. The 500 Days program expanded the number of future capital market participants through the prospective creation of specialized credit institutions, but essentially incorrectly replaced the concept of "credit system" with the concept of "banking system". The first concept is broader than the second, which is limited to banks only. In addition, the concept of "loan fund" remained in the program, while in market conditions it should be replaced by "capital market".
The concept of the structure of the new credit system has almost completely passed into the program of the Union government "The main directions of development National economy and the transition to the market ", adopted in the fall of 1990 by the Supreme Soviet of the USSR. However, here too a professional mistake was made, since the banking system essentially meant the creation of a new credit system.
At the end of 1990, the Supreme Soviet of the USSR adopted the law "Law on the State Bank and Banking", which finally established a two-tier banking system in the form of the Central Bank (Gosbank), 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 determining interest rates. In addition, they were given the right to exercise currency operations based on licenses issued by the Central Bank.
The law of 1990 changed the functional activity of the State Bank: in addition to the issuing, settlement function, it began to control the activities of commercial banks by establishing mandatory reserve norms for them and keeping them in the accounts of the Central Bank. The adoption of the law in 1990 contributed to the creation of a wide network of commercial banks in all regions of the country.
Specialized banks were turned into commercial banks. Already in 1988-1989. Separate specialized credit and financial institutions began to emerge. As an alternative to the two state insurance institutions - Gosstrakh and Ingosstrakh, the insurance companies Tsentrorezerv, Dalross, Asko, and others were formed on a commercial basis.
At the same time, several investment companies and banks. By 1990, i.e. By the time the "Law on Banks and Banking Activities" was adopted, a three-tiered credit system began to take shape in the country. By the end of 1991, in connection with the formation of the Russian Federation as an independent state, a new structure of the credit system was being formed, which consists of the following three tiers.
The structure of the credit system of the Russian Federation at the end of 1992
Central Bank of the Russian Federation Banking system Commercial banks Savings bank of the Russian Federation Specialized non-bank credit institutions: insurance companies Other investment funds The current structure of the credit system of the Russian Federation is approaching the model of the credit system of industrialized countries. But the point is that the third tier is the weakest link in the new credit system. It is represented mainly by insurance companies, while the development of other types of specialized credit institutions requires the full functioning of the capital market and its second element - the securities market. The creation of the latter is possible in the conditions of relatively wide privatization of state property. This is what should stimulate the development of the third tier of the credit system.
The new banking system is still developing in a complex and contradictory way. By the beginning of 1992, there were 1,414 commercial banks operating in the Russian Federation, of which 767 were created on the basis of former specialized banks and 646 were newly formed. The total compound fund amounted to 76.1 billion rubles. However, the main drawback of the new banking system is the large number of small banks - 1037, or 73% of the total number of banks, with an authorized capital of 5 to 25 million rubles, while banks with an authorized fund of more than 200 million rubles. there were 24, or 2% of their total number.
Therefore, small commercial banks could not effectively organize customer service and guarantee the safety of their deposits. In addition, the characteristic negative aspects of the entire banking system are the lack of qualified personnel; weak material and technical base; lack of competition; unavailability of services for a number of clients due to the high level of interest. The years 1993-1994 were characterized by further growth in the number of commercial banks and other credit and financial institutions, which was due to the expansion of privatization, the development of the securities market, and the further promotion of market reforms.
By the end of 1994, about 2400 commercial banks, more than 2 thousand insurance companies, a large number of investment funds (companies) were operating in Russia, mortgage banks, non-state pension funds, financial and construction companies, private savings banks and a number of other lending institutions.
At the end of 1994, the structure of Russia's credit system differed significantly from that of 1991-1992.
The structure of the credit system of the Russian Federation at the end of 1994
Central Bank Banking System: Commercial Banks Savings Banks Mortgage Banks Specialized Non-Banking Financial Institutions Insurance Companies Investment Funds Pension Funds Financial and Construction Companies Other The new structure of the credit system has become more reflective of the needs of the market economy and more and more adapted to the process of new economic reforms.
At the same time, the process of formation of the credit system revealed certain shortcomings. They were expressed in violations at all levels: small institutions continue to form and exist (banks, insurance companies, investment funds), which, due to a weak financial base, cannot cope with the needs of customers; commercial banks and other institutions mainly conduct short-term credit operations, underinvesting their funds in industry and other sectors.
Many newly created credit and financial institutions, insurance companies and investment funds are engaged in activities that are unusual for them: they attract deposits from the population, performing the functions of commercial and savings banks. A number of investment funds, financial companies and banks built their activities not on a genuine commercial basis, but on the principle of a pyramid, which caused a wave of bankruptcies in 1993-1994. In addition, high interest rates on short-term loans lead to an unreasonable increase in profits, which are subsequently converted into foreign currency which depreciates the ruble and leads to increased inflation. Therefore, many aspects of the banking system of the Russian Federation need further improvement.
Credit system of the Russian Federation
The creation of a modern credit system of the Russian Federation was preceded by a long historical period, which was determined by the socio-economic conditions of the development of our country.
The history of the credit system has gone through several stages of formation. Until 1917, our credit system developed according to capitalist laws, which reflected the corresponding socio-economic formation. In terms of structure, functions and operations, it approached the model of the credit system of the leading capitalist countries of that time. In the Russian Empire, there was a three-tiered credit system, which consisted of the following links.
The structure of the credit system of the Russian Empire until 1917
State Bank Banking sector, represented mainly by commercial and savings banks Specialized credit institutions (insurance companies, credit partnerships, etc.) In contrast to Western countries, two tiers were developed in Russia: the State Bank and the private banking sector. The third tier was relatively poorly developed, which was explained by the low level of development of capital and securities markets. At that time in Russia there were practically no institutions specializing in transactions with securities, and their market was represented by only three stock exchanges. Therefore, the accumulation and mobilization functions in the capital market were performed mainly by commercial banks.
In the first months after the 1917 revolution, all credit institutions (banks and insurance companies) were nationalized, and the People's Bank was created on the basis of the State Bank. The civil war that began in early 1918 essentially eliminated the credit system, since in the absence of commodity-money relations, credit lost its significance. This confirms the fact of the merger of Narodnogobank with Narkomfin (Ministry of Finance). The only source of income in the country was the issue of so-called banknotes, which contributed to the naturalization of economic relations and limited the scope of commodity-money relations. In the early 1920s, the new economic policy led to the restoration of the credit system, but in a rather truncated form. The State Bank was created, joint-stock and cooperative commercial banks began to function. By 1925, the credit system was restored, the structure of which looked as follows.
The structure of the credit system of the USSR in 1925
State Bank Banking sector: joint-stock banks (Prombank, Electrobank, Vneshtorgbank, Yugovostochny Bank, Far East Bank, Central Asian Bank); cooperative banks (Vseuobank, Ukrainbank); communal banks (Tsekobank and local communal banks); Central Agricultural Bank, republican agricultural banks Specialized and financial institutions: agricultural credit societies; mutual credit societies: savings banks The structure of the credit system was represented by three tiers and expressed the new socio-economic relations that had developed in the country by the beginning of the 30s. - capitalist (mainly with mutual credit societies). At the same time, the credit system was represented mainly by branch and specialized banks and lending companies.
In the new structure of the credit system, there were no insurance companies and institutions involved in transactions with securities. This was due to the creation of a state-owned insurance company and its withdrawal from the credit system, as well as a very limited securities market in the form of stock turnover between various state-owned shareholder organizations. Thus, the accumulation and mobilization of monetary resources was practically carried out by banks under state ownership.
In subsequent years, the credit system underwent further changes under the influence of the credit reform of the 1930s, when all types of property, except for state property, were liquidated. The credit system was turned into a one-tier or one-tier system, expressing the socio-economic needs of that time associated with the implementation of plans for industrialization and collectivization. The credit system began to function within the framework of the command-administrative system of economic management and was represented by only three banks, savings banks and two insurance organizations.
The structure of the credit system of the USSR
State Bank Stroybank Bank for Foreign Trade The system of savings banks Gosstrakh and Ingosstrakh As a result of this reorganization, the State Bank, in addition to issuing and cash settlement activities, took over the provision of short-term loans to industry, transport, communications and other sectors of the economy, as well as long-term loans to agriculture.
The second bank in the country - Stroybank focused its activities on providing long-term loans and financing investments in various sectors of the economy, except for agriculture.
The bank for foreign trade was engaged in lending to foreign trade, international settlements, as well as operations with foreign currency, gold and precious metals.
The system of savings banks served the general population by attracting monetary savings, paying for services, and selling winning government loans.
Gosstrakh monopolized the insurance operations of legal entities and individuals within the country, Ingosstrakh carried out foreign insurance operations (insurance of property of foreigners, Soviet property abroad, export-import cargo, vehicles).
All the accumulated funds of these organizations created the so-called loan fund of the country, which was subsequently distributed and redistributed in the form of loans to various sectors of the economy.
The long-term command and administrative functioning of the credit system showed its poor efficiency, especially in the context of the exacerbation of financial and economic problems in the country by the beginning of the 1980s. Credit has essentially ceased to play the role of an active instrument of influence on the scientific and technical renewal of the economy. Most of the loans served as the second budget, since the loans were not returned by enterprises. As a result, many loans were written off or there was a process of refinancing of enterprises. In particular, this applied to a large number of planned unprofitable enterprises and agriculture. The interest rate for credit remained at a rather low level, which did not stimulate either banks or enterprises to mutual efficiency. All this violated the main essence of the loan - payment for the loan and its repayment.
Therefore, in the mid-80s, in connection with the reorganization of economic management, a banking reform was carried out, which resulted in the creation of large specialized banks.
The structure of the credit system of the USSR in the mid-80s
State Bank (Gosbank of the USSR) Industrial and Construction Bank (Promstroibank) Agro-industrial Bank (Agroprombank of the USSR) Bank of Housing and Communal Services and Social Development (Housing and Social Bank of the USSR) Bank of Labor Savings and Population Credit (Savings Bank of the USSR) Bank for Foreign Economic Activity of the USSR The peculiarity of this reorganization was that the industry specialized banks were given the right to both short-term and long-term lending. Significant credit resources from the State Bankwere committed to specialized banks. The State Bank retained its issuing, settlement, controlling functions, as well as lending to the non-production sector. The system of savings banks was transformed into a single Savings Bank with numerous branches and departments.
The main objective of the reorganization of the banking system was to pursue a progressive credit policy, improve the efficiency of the entire credit system. However, as further practice showed, such a reorganization was more negative than positive, since the monopoly of three banks (Gosbank, Stroybank, Vneshekolnombank) was essentially replaced by the monopoly of newly created, reorganized, specialized banks.
The central, single-tier structure of the banking system consolidated the sphere of influence of banks according to the departmental principle. Enterprises, as before, were assigned to banks and did not have the right to choose in obtaining credit resources. Dramatically increased the costs of circulation of banks due to the increase in the banking apparatus, the growth of its wages and organized costs.
The State Bank was engaged only in the distribution of resources at the top level, not being able to influence the implementation of credit plans. Each bank implemented independent credit plans using administrative management methods. Thus, they distributed their resources vertically among their institutions, not paying attention to the profitability of investing funds, and carried out simple financial services and subsidies for enterprises.
The monopoly position of special banks and the centralized allocation of resources did not allow trading in money or creating money markets. In addition, banks began to impose artificial fees from enterprises and the public for ordinary banking services. As a result, credit and monetary resources continued to play a passive role and could not rationally influence the course of economic development.
As positive measures of the banking reorganization of 1987, one can name the streamlining of non-cash payments, the cessation of crediting losses, excess stocks of inventory items, as well as the issuance of loans to replenish lost own working capital, the suspension of the withdrawal of excess credit funds from economic circulation and their replacement with the own resources of enterprises. As a result of these activities, credit resources were released in the amount of more than 75 billion rubles. However, such positive measures were significantly offset by the negative consequences of the banking reform.
As a response to the negative consequences of banking reform in 1988-1989. commercial and cooperative banks began to be created mainly on the basis of monetary accumulations of various industries. During the first period, 1988-1989. about 150 commercial and cooperative banks were created. A new two-tier structure of the banking system began to emerge: State-owned banks specialized banks - the first tier, commercial and cooperative banks - the second tier.
In mid-1990, with the government's announcement of a market transition program, it became clear that the banking system needed further reorganization. In particular, the government program noted the need to create an efficient two-tier banking system, consisting of the State Bank and commercial banks, which should also be transformed into specialized banks created in 1987.
Along with this program, the executive and legislative bodies of the country considered an alternative program for the transition to the market - "500 days", which proposed the creation of a three-tier banking system, which, in addition to the State Bank and commercial banks, was supplemented by a network of specialized financial institutions represented by insurance companies, land banks, investment funds, credit partnerships. , pension funds, brokerage and leasing companies. The "500 days" program expanded the number of future capital market participants through the prospective creation of specialized credit institutions, but essentially incorrectly replaced the concept of "credit system" with the concept of "banking system". The first concept is broader than the second, which is limited to banks only. In addition, the concept of "loan fund" remained in the program, while in market conditions it is necessary to replace it with the "capital market".
The concept of the structure of the new credit system was almost completely transferred to the program of the Union government "Basic directions for the development of the national economy and the transition to a market economy," adopted in the fall of 1990 by the Supreme Soviet of the USSR. However, here, too, a professional mistake was made, since the banking system essentially meant the creation of a new credit system.
At the end of 1990, the Supreme Soviet of the USSR adopted the law "Law on the State Bank and Banking", which finally established a two-tier banking system in the form of the Central Bank (Gosbank), 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 determining interest rates. In addition, they were given the right to carry out foreign exchange transactions on the basis of licenses issued by the Central Bank.
The 1990 law changed the functional activity of the State Bank: in addition to the issuing, settlement function, it began to control the activities of commercial banks by establishing mandatory norms for their reserves and their storage in the accounts of the Central Bank. The adoption of the law in 1990 contributed to the creation of a wide network of commercial banks in all regions of the country.
Specialized banks were turned into commercial banks. Already in 1988-1989. separate specialized credit and financial institutions began to emerge. As an alternative to the two state insurance institutions - Gosstrakh and Ingosstrakh, the insurance companies Tsentrorezerv, Dalross, Asko, and others were formed on a commercial basis.
At the same time, several investment companies and banks were created. By 1990, i.e. By the time the "Law on banks and banking activity" was adopted, a three-tiered credit system began to take shape in the country. By the end of 1991, in connection with the formation of the Russian Federation as an independent state, a new structure of the credit system was being formed, which consists of the following three tiers.
The structure of the credit system of the Russian Federation at the end of 1992
Central Bank of the Russian Federation Banking system Commercial banks Savings bank of the Russian Federation Specialized non-bank credit institutions: insurance companies Other investment funds The current structure of the credit system of the Russian Federation approaches the model of the credit system of industrialized countries. But the fact is that the weakest link in the new credit system is the third tier. It is represented mainly by insurance companies, and the development of other types of specialized credit institutions requires the full functioning of the capital market and its second element - the securities market. The creation of the latter is possible under conditions of relatively broad privatization of state property. This is what should stimulate the development of the third tier of the credit system.
The new banking system is still developing in a complex and contradictory way. By the beginning of 1992, 1,414 commercial banks were operating in the Russian Federation, of which 767 were created on the basis of former specialized banks and 646 were newly formed. The total compound fund amounted to 76.1 billion rubles. However, the main drawback of the new banking system is the large number of small banks - 1037, or 73% of the total number of banks, with an authorized capital of 5 to 25 million rubles, while banks with an authorized fund of more than 200 million rubles. there were 24, or 2% of their total number.
Therefore, small commercial banks could not effectively organize customer service and guarantee the safety of their deposits. In addition, the characteristic negative aspects of the entire banking system are the lack of both qualified personnel; weak material and technical base; lack of competition; unavailability of services for a number of clients due to the high level of interest. The years 1993-1994 were characterized by further growth in the number of commercial banks and other credit and financial institutions, which was due to the expansion of privatization, the development of the securities market, and the further promotion of market reforms.
By the end of 1994, there were about 2,400 commercial banks operating in Russia, more than 2,000 insurance companies, a large number of investment funds (companies), at the same time mortgage banks, non-state pension funds, financial and construction companies, private savings banks and a number of other credit institutions began to be created.
At the end of 1994, the structure of Russia's credit system differed significantly from 1991-1992.
The structure of the credit system of the Russian Federation at the end of 1994
Central Bank Banking System: Commercial Banks Savings Banks Mortgage Banks Specialized Non-Banking Financial Institutions Insurance Companies Investment Funds Pension Funds Financial and Construction Companies Other The new structure of the credit system has become more reflective of the needs of the market economy and more and more adapted to the process of new economic reforms.
At the same time, the process of formation of the credit system revealed certain shortcomings. They were expressed in violations at all levels: small institutions continue to form and exist (banks, insurance companies, investment funds), which, due to a weak financial base, cannot cope with the needs of customers; commercial banks and other institutions mainly carry out short-term lending operations, underinvesting their funds in industry and other sectors.
Many newly created credit and financial institutions, insurance companies and investment funds are engaged in activities that are unusual for them: they attract deposits from the population, performing the functions of commercial and savings banks. A number of investment funds, financial companies and banks built their activities not on a genuine commercial basis, but on the principle of a pyramid, which caused a wave of bankruptcies in 1993-1994. In addition, high interest rates on short-term loans lead to an unreasonable increase in profits, which are subsequently converted into foreign currency, which depreciates the ruble and leads to higher inflation. Therefore, many aspects of the banking system of the Russian Federation need further improvement.
The mechanism of functioning of the credit system
The modern credit system is a combination of various credit and financial institutions operating in the loan capital market and carrying out the accumulation and mobilization of money capital.
The essence and functions of credit are realized through the credit system. Credit is the movement of loan capital, which is loaned out on terms of repayment for a certain percentage.
Credit performs the following functions: accumulation and mobilization of monetary capital; redistribution of money capital; cost savings; acceleration of the concentration and centralization of capital; regulation of the economy.
There are two main forms of credit on the market: commercial and banking. They differ from each other in the composition of participants, the object of loans, the dynamics, the amount of interest and the scope of operation.
commercial loan provided by one going concern to another in the form of a sale of goods on a deferred payment basis. The instrument of such a loan is a bill paid through commercial Bank. As a rule, the object of commercial credit is commodity capital, which serves the circulation of industrial capital, the movement of goods from the sphere of production to the sphere of consumption. The peculiarity of commercial credit is that loan capital is merged with industrial capital. The main purpose of such a loan is to speed up the process of selling goods and the profits contained in them. The interest on a commercial loan, which is included in the price of the goods and the amount of the bill, is usually lower than on a bank loan. The size of a commercial loan is limited by the amount of reserve capital available to industrial and trading companies.
Bank loan provided by banks and other financial institutions to legal entities (industrial, transport, trading companies), the population, the state, foreign clients in the form of cash loans.
A bank loan exceeds the boundaries of a commercial loan in terms of direction, timing, and size. It has a wider scope. A significant replacement of a commercial bill with a bank one makes this loan more elastic, expands its scale, and increases security. The dynamics of banking and commercial loans is also different. Thus, the volume of commercial credit depends on the growth of the decline in production and turnover. The demand for a bank loan is mainly determined by the state of debts in various sectors of the economy. However, it is also subject to cyclical fluctuations in the economy. A bank loan has a dual character: it can act as a loan of capital for functioning enterprises, companies or companies in the form of a loan of money, i.e. as a means of payment for the payment of debts.
As the credit system develops and expands, the growth rate of bank credit increases.
Currently, there are several forms of bank loans.
consumer credit As a rule, it is provided by trading companies, banks and specialized financial institutions for the purchase of goods and services by the population with installment payment. Usually, with the help of such a loan, durable goods (cars, refrigerators, furniture, household appliances) are sold. The term of the loan is 3 years, the percentage is from 10 to 25. The population in the industrial developed countries spends 10 to 20% of their annual income on covering consumer credit. In case of non-payment on it, the property is seized by the creditor.
Mortgage issued for the purchase or construction of housing, the purchase of land. It is provided by banks (except for investment) andspecialized credit and financial institutions. The loan is also issued in installments. The highest level mortgage loan- USA, Canada, England. The interest on the loan varies depending on the economic situation - from 15 to 30 or more.
State loan should be divided into public credit and public debt. In the first case, state credit institutions (banks and other credit and financial institutions) lend to various sectors of the economy. In the second case, the state borrows money from banks and other financial institutions in the capital market to finance budget deficit and public debt. At the same time, in addition to credit institutions, government bonds are bought by the population, legal entities, i.e. various businesses and companies.
International credit is both private and public in nature, reflecting the movement of loan capital in the sphere of international economic and monetary and financial relations.
usurious loan persists as an anachronism in a number of developing countries where the credit system is poorly developed. Typically, such a loan is issued by individuals, money changers, and some banks. The peculiarity of this loan is extremely high interest(from 30 to 200 and above).
The modern credit system includes two basic concepts: a set of credit-settlement and payment relations, which are based on certain, specific forms and methods of lending; a set of functioning credit and financial institutions (banks, insurance companies, etc.). The first concept is usually associated with the movement of loan capital in the form of various forms of credit. The second means that the credit system, through its numerous institutions, accumulates free funds and directs them to enterprises, the population, and the government.
The modern credit system of the capitalist countries in the postwar years has undergone major structural changes; the role of banks has decreased and the influence of other credit and financial institutions (insurance companies, pension funds, investment companies, etc.) has increased. This was expressed both in the growth of the total number of new credit and financial institutions, and in the increase in their share in the total assets of all credit and financial institutions. Such evolutionary processes have also affected many developing countries.
Important processes in the modern credit system of capitalist countries were: the concentration and centralization of banking capital; further strengthening of competition between different types of financial institutions; continued merging of large credit and financial institutions with powerful industrial, trade, transport corporations and companies; internationalization of the activities of credit and financial institutions and the creation of international banking associations and groups.
The credit system operates through credit facility. It represents, firstly, a system of connections for the accumulation and mobilization of money capital between credit institutions and various sectors of the economy, secondly, relations associated with the redistribution of money capital between credit institutions themselves within the framework of the current capital market, and thirdly, relations between credit institutions and foreign clients.
The credit mechanism also includes all aspects of the loan, investment, founding, intermediary, advisory, accumulation, redistribution activities of the credit system represented by its institutions.
In the post-war period, the credit system helped to create conditions for a significant increase in production, capital accumulation and the development of scientific and technological progress. Thanks to credit in its various forms, there is a mobilization of money capital and a huge concentration of capital investments in key, technically the most progressive sectors of the economy. Only powerful banks and insurance companies can carry out credit operations on the scale necessary to finance modern large-scale industrial, transport and other facilities. Public funds involved in the financing of capital investments also often come to the farm in the form of credit.
The credit system plays a crucial role in maintaining the high rate of national economic accumulation, which is characteristic of most industrialized countries. However, in the United States this figure is somewhat lower than in other industrialized countries. This is primarily due to the fact that the processes of accumulation of money capital in the United States were influenced by such factors as frequent fluctuations in the market situation, the high share of military spending in the national income and budget, the fall in the purchasing power of money, the large share of investments in the non-productive sphere, the stability of the securities market until the end of 60 -s.
Credit occupies an important place in solving the problem of selling goods and services on the market. The great growth in consumer and liquid-mortgage lending to the population greatly expanded the market for consumer durables and played a significant role in the rapid development of the relevant industries and construction.
The international conditions for reproduction are also largely shaped in connection with the development of credit relations in various forms and with the activities of banks on the world stage. These factors contributed to the growth of international trade, which in turn boosted production.
Monetary crises, which usually accompany cyclical economic crises and significantly intensify them, were weakly expressed until the late 70s and early 80s. Their most acute forms - the onslaught of depositors on banks, the massive demand for ssvd, the bankruptcy of banks - were practically absent until the indicated time. This was due to many profound changes in the economy, in particular, an increase in elasticity monetary system in the absence of a gold standard, changes in the structure of credit institutions and the loan capital market, state-monopoly regulation.
At the same time, the credit system in the post-war period largely contributed to the strengthening of the social and property gap between different strata of society. More specifically, point to the following factors. The joint stock business, which is a peculiar form of credit business, has been the source of a colossal growth in the personal fortunes of the richest people in society over the past two decades. At the same time, the accumulation of the credit system of savings of the working people chained them to the existing capitalist system and therefore often served as a tool for additional financial exploitation. The latter became particularly evident and effective in connection with inflation, which continually devalued savings in terms of their real purchasing power, especially in the 1970s.
Although the credit system did not experience acute "traditional" crises in the post-war period, as in 1929-1933, the credit expansion of banks, the growth of the credit superstructure, the swelling of mortgage and consumer loans required urgent measures. government intervention to prevent a crisis in the credit sector, which was closely related to the crisis of the international monetary system.
In the presence of general patterns of development, the credit systems of individual countries have their own characteristics. In the 19th century England had the most developed and ramified credit system. Now the United States is such a leader in many respects. Other countries often seek to adopt the organizational forms and methods of US financial institutions, especially investment insurance companies, corporate pension funds, consumer credit institutions. At the same time, a number of Western European countries are characterized by state institutions larger scale and universal nature than in the United States.
The processes of concentration in the banking sector, which largely determine the development of the credit system, have a number of important features in the postwar period. Significant changes also occur in the operations of banks and, in particular, in the forms of their relations with industry. A combination of functions, and specialization is characteristic, i.e. allocation of special types of financial institutions with their own specific functions.
The monopoly steel of capitalism led to the emergence of new credit and financial institutions, which began to develop rapidly after the crisis of 1929-1933. There was a more complete delimitation of functions between various financial institutions within the credit system. Insurance companies (mainly life insurance companies), pension funds, investment companies, savings and loan associations and other specialized institutions have rapidly grown and taken the most important positions in the loan capital market. They have become the main source of long-term capital for money market, let's push out cosser banks in this area.
However, the fall specific gravity commercial banks does not mean a reduction in their role in the economy. They continue to perform the most important functions of the credit system: settlement operations, deposit and check issue, short-term and medium-term financing, as well as a certain part of long-term financing.
Credit and financial institutions carry out their functions in the economy in three main areas: the provision of loan capital and cash savings of the population; possession of fictitious capital. A wide network of specialized financial institutions made it possible to collect free cash capital and savings and put them at the disposal of commercial and industrial corporations and the state. Thus, the development of the credit system was one of the most important prerequisites for ensuring a relatively high rate of capital accumulation, one hundred contributed to the growth of production and the implementation of the scientific and technological revolution.
State regulation
State regulation of credit and financial institutions is one of the most important elements in the development and formation of the credit system of capitalist countries.
Main directions state regulation are: the policy of the central bank in relation to financial institutions, especially banks; tax policy governments in mixed (semi-state) or state credit institutions; legislative measuresexecutive and legislature regulating the activities of various institutions of the credit system.
In industrialized countries, the policy of the central bank extends mainly to commercial and savings banks and is carried out in the following forms: accounting policy; regulation of the reserve requirement; open market operations; direct impact on credit.
Accounting policy The central bank consists in accounting and rediscounting commercial bills received from commercial banks, which, in turn, receive from industrial, trading and transport companies. The Central Bank issues credit resources to pay for bills and sets the so-called discount rate. As a rule, the accounting policy of the central bank is aimed at limiting the rediscount of bills, setting a maximum loan amount for each bank. Thus, the impact on the volume of loans issued. Accounting policy is usually combined with state regulation of interest rates on deposits and loans. Although banks generally independently determine interest on deposits and loans, they nonetheless focus on the discount rate of the central bank - the so-called discount window.At the same time, it should be noted that each country has its own specifics of accounting policy, determined by traditions, the development of the credit system, the role of the state and the central bank in the economy.
The next form of central bank regulation is determination of the reserve requirement for commercial banks. The meaning of this form of regulation is that commercial banks are required to keep part of their credit resources in an interest-free account with the central bank. The reserve ratio may decrease or increase depending on the situation on the capital market. Its increase leads to a limitation of the credit expansion of commercial banks and, conversely, a decrease leads to an expansion of credit resources. Reserve norms vary significantly by country and range from 5 to 20.
The policy of regulating the reserve ratio applies mainly to all types of banks (and in a number of countries to some special financial institutions), which determine interest rates on loans. Most other financial institutions in interest rate policy followed by commercial banks. Using the reserve ratio central bank affects the whole loan interest, which, in turn, affects the profitability of certain securities (stock and bond prices).
Another form of central bank regulation of the credit system is open market operations with government bonds through their purchase and sale by credit and financial institutions. By selling government bonds, the central bank thereby reduces the monetary resources of banks and other financial institutions and thus contributes to an increase in the interest rate in the loan capital market. This makes credit institutions legally required to buy a certain portion of government bonds, thus financing the budget deficit and public debt.
The form of regulation is also direct state influence the central bank on the credit system through direct instructions from the control bodies in the form of instructions, directives, and the application of sanctions for violations. In a number of cases, the central bank exercises control over large loans, limits on bank loans, and random checks of credit institutions. However, direct impact methods mainly apply to commercial and savings banks and, to a lesser extent, to other financial institutions.
One of the methods of regulation is tax policy. It consists of changing tax rates on the profits received by various credit and financial institutions. As a rule, the latter are subject to income tax, like all other legal entities operating in certain economic conditions. At the same time, the collection of taxes varies significantly across countries and credit institutions in accordance with their functional specifics. An increase in taxes can help reduce lending and lending operations and increase interest rates. On the contrary, the reduction of taxes on the income of these institutions leads to the expansion of such operations and may contribute to lower interest rates. Therefore, the tax impact is a fairly effective government regulation of the credit system.
In a number of countries, unlike industrial and commercial companies, financial institutions have certain tax incentives. They usually apply to specialized non-bank financial institutions (insurance, investment, financial companies, charitable foundations).
Another regulatory method of the credit system is participation of the state in the activities of financial institutions. This is expressed in three main directions: the acquisition of part of the credit institutions by the state through nationalization; the organization of new institutions as an addition to private ones; the participation of the state through the acquisition of shares in financial institutions and, thus, the creation of mixed institutions.
Through this method, the state has a fairly effective impact on the functioning of the entire credit system. The method of regulation by creating state property is quite widespread in the countries of continental Europe and in developing countries. So, in France, Germany, Italy, Portugal, Turkey, the Scandinavian countries, a fairly large government sector in the credit system, despite the recent expansion of the privatization process. In France, through the nationalization of a number of banks and insurance companies in the early 80s, the credit sector of the state was significantly expanded. It should be noted that in most industrialized countries state property in the credit system extends to the banking sector. This allows the state to quickly and efficiently solve the problem of public debt by selling government securities to its credit institutions and, at the expense of the latter, to finance large investment projects national scale. In addition, in the presence of state and semi-state credit institutions, the demand and supply of loan capital, the dynamics of its market, and interest rates are influenced.
Legislative measures carried out by the central government, local authorities, and the legislature have a great influence on the regulation of the credit system. They develop packages of laws and regulations governing various areas activities of credit and financial institutions. At the same time, the main regulatory function is performed by the central executive and legislative authorities, which create the main laws that determine the activities of credit and financial institutions.
Within the executive branch, the main regulatory bodies are the central bank and the ministry of finance. In a number of countries, additional central government regulatory bodies are being established. They usually operate in countries with a relatively high level of nationalization of the credit system. Thus, in France, in addition to the central bank and the Ministry of Finance, the National Credit Council, the Bank Control Commission, and the Exchange Operations Commission participate in the regulation of the credit system.
Along with the executive bodies, legislative bodies (parliaments) take an active part in regulation. In their structure, there are special committees, commissions, subcommittees that adjust both government policy and the activities of the credit system. nor can be supplemented by other bodies of Parliament. Thus, in the US Congress for a long time the Commission on securities regulating the investment activity of credit and financial institutions.
A special place in state regulation is occupied by insurance companies (especially life insurance companies) as providers of long-term loans in the loan capital market. The main object of their regulation are insurance tariffs (insurance premium rates). At the same time, the main regulatory body is usually the Treasury Department (the exception to this rule is the United States, where insurance rates are regulated by the executive bodies of the states). A feature of the regulation of the credit system with the help of insurance rates is that insurance companies seek to raise rates, especially in the field of property insurance, since it is unprofitable. Therefore, the level of insurance tariff limits for property insurance regulated quite tightly by both the Treasury and local authorities, if they are involved in this, as in the United States.
Thus, the system of state regulation of the credit system in industrialized countries is a complex, effective and rather contradictory mechanism. However, it took a long time to develop, having passed the stages of adaptation and structural changes. The modern mechanism for regulating the credit system was largely facilitated by such events as the crisis of 1929-1933, the post-war recovery, the monetary and financial crisis of the 60-70s, inflation and the bankruptcy of commercial and savings banks in the 70-80s.
Bibliography
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2. P. SAMUELSON. ECONOMY. MOSCOW NPO "ALGON" VNIISI "MACHINE-BUILDING" 1993. II VOL.
