Regarding the essence of credit, there are many definitions, the most widespread of which is its definition as a form of movement of the loan fund (G.A. Schwartz, I.V. Levchuk, V.I. Rybin). The definition given by O.I. Lavrushin: "... the transfer by the creditor of the loaned value to the borrower for use on the basis of repayment and in the interests of public needs."
Credit is a form of movement of money capital of the creditor. It ensures the transformation of the creditor's capital (own or borrowed in the form deposits) to borrower's capital. Credit relations are financial relations between the lender and the borrower associated with the circulation of capital in order to increase its value.
According to Lagutin, credit is a form of manifestation of credit relations, a form of movement of borrowed capital..
Tagirbekov under credit operations in the narrow sense means active banking operations, and in the broad sense - activities that result in the formation of the relationship between the lender and the borrower to provide financial resources .
A loan is a provision by a bank or a credit institution of money to a borrower in the amount and on the terms stipulated by the loan agreement, and the borrower undertakes to return the amount received and pay interest on it, such a definition is offered by Balabanov.
The subjects of credit relations are legal entities and individuals. A creditor is a person providing funds (own and borrowed) for temporary use. Lenders - banks, enterprises, pension and in investment funds, etc., participating in a loan transaction, expect to receive a profit in the form of loan interest. Borrower - a person who receives resources for temporary use. Borrowers can be legal entities and individuals, as well as the state.
A prerequisite for credit transactions is, on the one hand, the presence of "free" Money from the lender and the need for cash from the borrower. The lender mobilizes and places in loans temporarily free resources in the sphere of exchange, while the borrower uses the funds received in the sphere of production and exchange
Credit can be in cash or in kind.
Sources of credit resources are temporarily free funds of legal entities and individuals. These include: depreciation deductions, stable liabilities, part of the profits of enterprises, savings of citizens, state budget funds and off-budget funds etc.
A loan transaction is always formalized by an appropriate agreement (general loan agreement, agreement, loan agreement), which must be signed by the head of the bank and the chief accountant of the bank (or persons authorized to conclude these agreements) and the head and chief accountant of the borrower's legal entity (or limes, authorized to conclude these agreements), as well as affixed with seals of the creditor bank and the borrower - a legal entity.
A loan agreement is a written agreement between commercial bank and a borrower, for which the bank undertakes to provide a loan for an agreed amount within a specified period and for a specified fee. The borrower undertakes to use and repay the loan issued by the bank, as well as to comply with all the terms of the agreement.
The essence of the loan is manifested in the accumulation of temporarily free funds of one person and their transfer for a fee for temporary use to another person.
Credit is the basic concept and determines economic basis credit mechanism along with ways, forms and methods of organizing credit relations. The basis of credit relations is the essence of credit, which is revealed through its functions. In this way, credit facility designed to provide practical implementation credit functions. A similar approach is found in the works b. C . Pashkovsky, N.D. Barkovsky, who define the credit mechanism as a specific embodiment, form of manifestation, organization and implementation of credit relations.
By issuing loans to legal entities and individuals, banks require not only the repayment of loans within the prescribed period, but also the payment of interest for using them. In the conditions of market relations, interest is an objective companion of a loan, an integral part of a loan operation, since a loan operation is an act of commercial sale for a certain period of money. Banks cover their expenses and make a profit from income in the form of interest fees.
Loans from commercial banks can be classified according to various characteristics and criteria. The most convenient is the following classification of bank loans according to:
1. purpose and nature of the use of borrowed funds;
2. the presence and nature of the security;
3. terms of use;
4. methods of provision and methods of repayment;
5. nature and method of payment of interest;
6. number of creditors.
According to the purpose and nature of the use of borrowed funds allocate: loans to commercial and industrial enterprises; real estate loans; consumer loans; agricultural loans; current credit; a loan against securities; loans related to bill circulation; interbank loans; loans to non-bank financial institutions; loans to the authorities.
By the presence and nature of collateralallocate: secured (lombard) loans; unsecured (blank) loans. The bulk of bank loans are issued against collateral, which is one of the principles of bank lending.
Forms of securing obligations to repay a loan can be: pledge of the borrower's property; guarantee or surety; assignment in favor of the bank of contracts, claims and accounts of borrowers to a third party; a borrower's liability insurance contract for non-payment of debt on a loan; travel and shipping documents; securities; life insurance policies; other monetary claims of the borrower against a third party. Unsecured (blank) loans, called trust in banking practice, are provided only under the obligation of the borrower to repay the loan. By terms of use(urgency) loans are divided into: urgent; perpetual (on demand); overdue; delayed.
Term - these are loans that are provided by the bank for a period fixed by agreement with the borrower. They are of three types: short-term up to 1 year; medium-term from 1 to 3 years; long-term over 3 years. Perpetual loans include loans issued by the bank for an indefinite period - the so-called demand loans.
By methods of provision and methods of repaymentbank loans allocate: methods of granting loans; ways to pay them off.
By delivery methodsdifferent loans issued: in a one-time order; in accordance with the open credit line (credit limit, loans as needed); guaranteed loans.
According to the methods of repayment, loans are distinguished that are repaid: gradually; lump sum payment at the end of the term; in accordance with special conditions stipulated in the loan agreement.
By the nature and method of payment of interestallocate loans with: fixed interest rate; floating interest rate; payment of interest as the borrowed funds are used (ordinary loans); payment of interest simultaneously with the receipt of borrowed funds (discount loan).
By number of creditors loans of commercial banks are divided into: provided by one bank; syndicated (consortium) loans; parallel.
Parallel loans involve the participation of several banks in their provision. Here a loan is issued to one borrower different banks, but on the same agreed terms.
The main forms of credit are commodity, banking, consumer, state and international.
A commodity (commercial) loan is a loan provided by one entrepreneur to another in the form of a deferred payment. The instrument of commodity credit is a bill, the object is a commodity. A bank loan is a loan provided by a credit institution to legal entities and individuals in cash. consumer credit- a loan provided to individuals for the purchase of durable goods (however, the highest interest rates are set for this loan). State loan - a loan in which the state is either a lender or a borrower, lenders are legal entities and individuals for whom the loan is an additional source of guaranteed income. International credit - credit applied in the international sphere
The elements of the long-term lending system consist of three main blocks:
1) state banks as public property;
2) elements relating to the content of special and particular laws of the credit sector;
3) forms and methods of use, that is, the implementation of these laws.
The presence of such a capacious concept of the credit mechanism forces us to turn to his understanding of the loan itself. Under a loan from SB. Steinschleiger understands the specific form of the formation of means of payment and the transformation of funds into loans, which involves not a sale, but a return movement of value. But in this definition there is no essential feature of the loan - payment. Therefore, its use is possible in a centralized economy, but not entirely true in the current conditions of market relations.
Credit relations and the market of credit resources are an organic component market economy. The market provides conditions for targeted movement of loans in those areas national economy where they can be used most effectively. An important stimulus for banks is the competition for attracting credit funds in the market of credit resources. Commercial banks are independent and independent in their credit policy. It should be noted that, in contrast to the money turnover (non-cash and cash), in the field of lending there are no detailed instructions centrally developed by the Central Bank of Russia.
By buying resources on the free market of credit resources and selling them to enterprises (firms), commercial banks have a direct impact on the development of the national economy. At the expense of loans, enterprises ensure the organization of both the current economic turnover and the expanded reproduction of fixed capital (fixed assets), the creation of additional production capacity and entire industrial facilities.
The volume of lending to the national economy, on the one hand, should not exceed a certain critical limit, beyond which inflationary processes begin to intensify, and, on the other hand, should provide stimulation for the development of national production.
The effectiveness of the credit policy is determined by the correct choice of the parameters of credit relations, among which the most important are: the value of the loan interest, the conditions for the availability of a loan for domestic economic entities; level of credit risk; term of the loan. Lending parameters should be built in such a way as to stimulate the final results of the economic activity of commodity producers.
Credit plays an important role in the further reform of the Russian economy and the revival of national production. The end result of lending may be the development and increase in the efficiency of the national economy.
When considering the functions of credit, one should take into account their difference from the role of credit. If functions are a manifestation of the essence, an expression of the public purpose of a loan, then the results of its use are revealed through the role based on the functions performed. But, despite the difference between the concepts of functions and roles, they are interconnected.
Through the use of credit functions economic entities and society as a whole achieve efficiency of production, acceleration of circulation and growth of incomes. Because of this, the clarification of the functions of credit is of great practical importance in order to ensure such conditions under which they would manifest themselves most effectively.
distribution functionthe loan is found both during the accumulation of funds and during their placement, that is, through the loan, the distribution of funds on a repayable basis. This function is clearly manifested in the process of providing temporary funds to enterprises and organizations (as well as the savings of the population) to meet their needs for monetary resources. Thus, farms are provided with the necessary working capital and resources for investment.
An important function of a loan is creation of credit means of circulation to replace cash(emission function). It manifests itself in the fact that means of payment are created in the process of lending, i.e. turnover is provided with money, both in cash and in non-cash forms.
Important in a market economy is the stimulating function of credit. By its economic nature, the lending process cannot but stimulate the effective use of the loan by the borrower. Borrowers use the loan as fully as they really need to realize their own economic interests. On the part of the lender, the stimulating factor is the interest rate. Each lender tries to constantly increase its credit resources.
The control function of the loan is that in the process of lending, mutual control (of both the lender and the borrower) is carried out over the use and repayment of the loan. Control is a component of the overall mechanism for managing the lending process. Successful credit management requires combining the efforts of credit control with the focus of business entities on making a profit from providing (receiving) a loan.
All functions of credit are interconnected; their interaction ensures the qualitative stability of credit relations. Of course, if you wish, you can select a wider range of credit functions: accumulation temporarily free funds; regulation of money circulation; savings in circulation costs; mediating the circulation of capital, etc. But it is the four functions identified above that are the main ones; they form the constitutive features of credit.
Since credit operations consist in the placement by banks on their own behalf, on their own terms and at their own risk of funds raised legal entities(borrowers) and citizens, these operations are the most risky for banks. The main method of reducing credit risk is credit policy.
With the help of such a mechanism, credit policy is implemented.
Economics and law: a dictionary-reference book. - M.: University and school. L. P. Kurakov, V. L. Kurakov, A. L. Kurakov. 2004 .
CREDIT MECHANISM OF MONEY CIRCULATION- (English credit mechanism of money circulation) - the formation of means of payment of non-cash circulation and their movement, the issuance of cash from the cash desks of banks and their return to these cash desks during credit operations. When making loans and...
- (see CREDIT FACILITY) ...
Margin trading - conducting speculative trading operations using money and / or goods provided to the trader on credit against the security of a specified margin amount. From simple loan margin differs in that ... ... Wikipedia
CREDIT MULTIPLIER- a certain quantitative ratio, on the basis of which the crediting mechanism of a commercial bank operates. K.m. shows how much banks increase the money supply through credit emission through a multi-deposit expansion of their ... ... Foreign economic explanatory dictionary
financial mechanism- A system of institutions that ensure the organization, regulation and planning of finances, ways of forming and using financial resources from the state as a whole, state and non-state economic entities, local authorities ... ... Technical Translator's Handbook
MULTIPLIER credit, bank, cash, deposit- increase mechanism money supply on deposit accounts compared to the initial amount of money in the process of movement of non-cash banknotes through the system of commercial banks. Occurs only when the central bank performs ... ... Financial and Credit Encyclopedic Dictionary
Aggregate financial instruments and methods of regulation economic processes and relationships. The financial mechanism includes prices, taxes, duties, benefits, fines, sanctions, subsidies, subsidies, as well as bank credit and deposit interest,… … Financial vocabulary
Component economic mechanism, a set of financial incentives, levers, tools, forms and methods of regulating economic processes and relations. The financial mechanism includes, first of all, prices, taxes, duties, benefits, fines… Economic dictionary
financial mechanism- an integral part of the economic mechanism, a set of financial incentives, levers, tools, forms and methods of regulating economic processes and relations. The financial mechanism includes primarily prices, taxes, duties, benefits, ... ... Dictionary of economic terms
An element of the entire economic mechanism, a set of financial instruments, levers, forms and methods of regulating economic processes. f.m. includes prices, taxes, duties, benefits, fines, sanctions, subsidies, subsidies, banking ... ... Encyclopedic Dictionary of Economics and Law
credit mechanism.
The credit market is the sphere of circulation of loan funds. The model of any credit transaction can be represented as a chain consisting of at least three agents (a savings holder, one or more financial institutions and a recipient), a chain along which credit resources move
The mechanism of the credit market is an integral part of the credit mechanism of each a separate bank including lending principles, credit planning and credit management. With the help of a credit mechanism, the bank conducts a credit policy.
Inclusion of the main points in the clause defining the credit facility will allow the bank's management to identify the strengths and weak sides its activities, and positions in relation to competitors - to determine a common line of conduct and ensure a uniform approach to customers.
World banking practice, based on many years of experience in a changing market environment and competitive rivalry of lending institutions, has developed a kind of "code of conduct" for banks, in other words, a set of rules aimed at conducting a balanced credit policy and to a large extent minimize the risk of lending operations. And although the organization of credit relations between a bank and customers depends on the size of the bank, the size of the loan portfolio, the type of loan, the qualifications of bank employees responsible for issuing loans, nevertheless, the process of lending to any bank, if possible, must be divided into several stages, each of which contributes to quality characteristics loan and determines the degree of its reliability and profitability for the bank.
1. Formation of a portfolio of loan applications. A client applying to a bank for a loan must submit an application containing the initial information about the required loan, the proposed security. Based on the information received, the Bank carries out a preliminary selection of the most attractive offers and creates on their basis an information portfolio of loan applications for further work. It is at this stage that the loan officer should prepare for negotiations and obtain as complete information as possible about the potential borrower. The loan officer, if necessary, can inquire about the financial situation of the borrower in the bank serving him. Before negotiating, the loan officer examines the financial and reference documents of the client in advance. This refers to cards with sample signatures, certified in the prescribed manner; balance for the last reporting date; declaration of income and expenses (for individuals and cooperatives); a feasibility study of the loan, which indicates a short list of the types of activities of the enterprise and the amount of tax paid; the purpose for which the loan is requested; a list of items of expenditure made at the expense of the received loan; the expected volume of output of products or services rendered in monetary terms, and, if necessary, in kind, indicating the prices per unit of products or services; planned sales market for products; guarantee letters.
In foreign lending practice, the accompanying documents submitted to the bank along with the application, as a rule, include financial statements for the last three years certified by an independent audit firm, internal financial and management reports of the company, a cash flow statement for the previous year; forecast materials; tax returns; business plans containing a detailed study of projects or other activities financed by the bank.
2. Consideration of the application and negotiation with the future borrower. According to American analysts, 35-40% of overdue loans arise as a result of an insufficiently deep analysis of the financial position of the borrower at the preliminary stage of negotiations.
The application goes to the loan officer, who, after considering it, conducts a preliminary conversation with the future borrower - directly with the head of the enterprise or his representative. This conversation is of great importance for resolving the issue of a future loan: it allows the loan officer not only to find out many important details of the loan application, but also to draw up a psychological portrait of the borrower, to find out the professional readiness of the company's management, the realism of its assessments of the situation and development prospects of the enterprise.
During the conversation, the interviewer should not seek to find out all aspects of the enterprise; it should focus on the key, basic issues of greatest interest to the bank. It is recommended to distribute the questions into 4-5 groups. Sample questions are provided below.
Information about the client and his company: whether the firm is a sole proprietorship, partnership or corporation; how long ago the company was established; what is its structure; who are the owners, how many shares they have; what is the experience and qualifications of managers; whether the enterprise is profitable; who are the main suppliers and buyers; under what conditions the product is sold.
Questions about the loan request: how much money the company intends to receive from the bank; How is this amount calculated? whether the forecast of financial needs is accurate enough; whether the conditions under which the client wants to receive a loan are taken into account, the life of the assets financed with the loan; whether the terms of the loan take into account the client's ability to repay the loan on time.
Issues related to loan repayment: how the client intends to repay the loan; how much cash is received during the operating cycle; whether the client has a special source of loan repayment; whether there are persons ready to give a guarantee and what is their financial situation.
Questions about loan collateral: what collateral will be pledged; who is the owner of the security; where the collateral is stored; whether it is under the control of the client and whether someone's special permission is required in order to sell the collateral; how the valuation of the property that is supposed to be used as security was made; whether the collateral is corruptible; what are the costs of holding the collateral.
Questions about the client's relationships with other banks: which banks are currently used by the client; whether he applied to other banks for a loan; why the client came to this bank; whether there are outstanding loans and what their nature is.
When receiving an application for a loan, the bank must study not only various aspects of the loan transaction, but also assess the personal qualities of the borrower - the head of the company. Assessing the personality of the client, the bank focuses on the following points: decency and honesty; professional abilities; age and state of health; the presence of a successor (in case of illness and death); material security. The bank should not provide a loan to an enterprise whose management is not trustworthy, i.e. if there are indications that the borrower will not scrupulously adhere to the terms of the loan agreement. It is preferable for a bank to deal with a client who owns a house and has lived in it for a number of years, who also does not often change jobs, is married, has a family, children, etc. This serves, as a rule, as evidence of trustworthiness and gives a certain guarantee that the client will not stop paying the debt in an extreme situation. If the client has previously received a loan from this bank or if he has a solid deposit account here, this significantly increases his chances of obtaining a loan. The head of the enterprise should ideally be of average return and have a solid vocational training in the chosen field commercial activities. The bank should be especially careful to monitor whether the company has obligations to other credit institutions. For example, if the buildings owned by the firm are already mortgaged, this seriously undermines its solvency.
3. Assessment of the creditworthiness of the borrower and the risk associated with issuing a loan. After the conversation, the loan officer must decide whether to continue working with the loan application or refuse. If the client's proposal differs in some important aspects from the principles and guidelines of the bank's policy in the field of credit operations, then the application should be resolutely rejected. In this case, it is necessary to explain to the applicant the reasons why the loan cannot be granted. If, on the basis of the results of the preliminary interview, the loan officer decides to continue working with the client, then he must conduct an in-depth and thorough examination of the financial situation of the enterprise - the borrower. This is one of the most important stages of the lending process, as it allows you to anticipate the likelihood of timely repayment of loans and the effectiveness of their use. To do this, each bank applies its own analysis methodology, the main points of which were discussed in subsection 4.2.
4. Making a decision on the expediency of issuing a loan and the form of its provision - structuring the loan. In the case of a favorable conclusion on the creditworthiness of a potential borrower, a commercial bank decides on the possibility of issuing a loan and, focusing on the creditworthiness class, develops the terms of a loan agreement. This stage is also called loan structuring. In the process of structuring, the bank employee dealing with this loan determines the position of the bank in relation to the main parameters of the loan: type of loan, amount, term, collateral, interest rate, repayment scheme and other conditions.
The form of the loan is determined depending on the category of the borrower and the features of the event being financed. For example, when financing some long-term event and with a particularly trusting attitude towards the borrower, the bank can open a credit line for him.
The loan amount is usually individual, as it is determined by the financial needs and capabilities of the lender and the borrower. But the wrong definition of the loan amount can cause serious problems. If the amount is underestimated (for example, instead of the required 300 thousand rubles, 100 thousand rubles were received), then the borrower will soon need another 200 thousand rubles. and the original loan will not be repaid on time. The bank will have to choose between two equally unpleasant options: to provide additional credit or lose the money that has already been loaned out. Therefore, the bank, having received the client's calculations, must itself assess the required loan amount, making the necessary adjustments.
The longer the loan term, the higher the risk, the more likely that unforeseen difficulties will arise and the client will not be able to repay the debt in accordance with the agreement.
Ultimately, the term of the loan-lending transaction determines the time limits for the use of the loaned funds and settlements for the repayment and payment of the loan. The specific terms of transactions are always the result of a compromise between the divergent interests of the lender and the borrower. But despite the individual nature of each contractual agreement, in banking a certain unification is applied, which results in loans and credits for 1-2-3-6-9-12 months.
The interest rate on the loan is determined by both parties independently and depends on the cost of credit resources, the nature of the loan and the degree of risk associated with it. Typically, rates are ranked depending on the calculated credit class of the borrower. In cases where the creditworthiness of the client cannot be assessed with sufficient accuracy, bank lending rates are closely linked to the availability and reliability of collateral for the loan. The law provides only one limitation size limit interest rate for the use of a loan: a commercial bank is not entitled to provide in an agreement with a client interest rate exceeding the interest rate of the Bank of Russia by more than 3%.
The procedure for repaying the loan is determined by the bank in agreement with the client, depending on the amount and regularity of profit, usually quarterly. To do this, a loan repayment schedule is developed. The correct timing of debt repayment also has a major impact on the success of a loan transaction. If the bank determines too tight loan repayment terms, then the borrower may be left without the capital necessary for normal functioning, and profits will not grow as originally planned.
The bank must determine the deadline for repayment of the loan with the exact date of repayment entered into the agreement and provide for the conditions for extending the repayment period (prolongation) in case of late receipt of funds.
When choosing collateral, the bank should be guided by the main provisions. But in any case, the issue of collateral should be resolved after the loan transaction is considered acceptable to the bank.
5. Conclusion of a loan agreement and registration of the borrower's credit file. Having made a positive decision on issuing a loan and structuring the loan, the bank negotiates with the client and develops a compromise version of the agreement that suits both parties. At the same time, the bank must take into account the degree of financial constraint of the borrower, the availability of alternative sources of credit from competing credit institutions. If the client's room for maneuver is limited, the bank may insist on stricter conditions in terms of repayment terms, collateral, loan costs, etc.
A loan agreement is a detailed document signed by the participants in a loan transaction and which contains detailed description all terms of the loan. At the same time, the bank must have a written decision of the board of the bank certifying the authority of officials to sign the agreement. The loan file must contain:
1. Application for a loan of the established form.
2. Articles of association, memorandum of association, decision to register an enterprise, sample signature card, tax inspection registration card.
3. The last annual (quarterly) balance with appendices 2 and 5 and the balance for the last day of the worked month with a mark.
4. Financial plan profit and loss for the coming quarter (a copy of the plan submitted to the tax office).
5. Feasibility study financial transaction for which the loan is requested, the expected profit from its implementation with a detailed calculation of the cost (costs) of the transaction, linking the profit from the transaction with the results of the entire enterprise.
6. Copies of agreements, contracts, protocols of intent, payment documents confirming the reality of the transaction, the project.
7. Draft agreement on pledge with a list of property offered as a pledge, or other documents that ensure the repayment of the loan (guarantee, etc.).
8. Coordination with the KUGI, if the enterprise has a share of state ownership.
9. In case of obtaining a loan for new construction:
a) certificate of the person who owns the ownership of the land plot under construction, the nature and duration of this right;
b) permission of local authorities for construction, reconstruction;
c) data on the availability of an approved project documentation and the conclusion of non-departmental expertise, including environmental.
10. Audit report for the last 2-3 years of work for enterprises with foreign investment and joint-stock companies, for the rest - in the case of large loans.
11. Loan agreement with a mandatory lawyer's visa.
12. A detailed conclusion on the advisability of issuing a loan by an expert employee (head credit department).
13. Questionnaire of the client.
14. Urgent obligation on the date of repayment of the loan, a card with sample signatures, executed and certified in the prescribed manner, permission to open a loan account.
Also, in order to better control the progress of repayment of the loan, the credit file contains correspondence on the loan (client correspondence, telephone conversations, etc.) and current materials on the client's creditworthiness (information received from other banks, telephone inquiries, etc.). ), as well as other financial and economic information (financial reports, analytical tables, loan repayment schedules, etc.).
It would be good to acquaint clients receiving a loan from a bank with the Criminal Code of the Russian Federation dated 06/13/96, or rather, with two articles: Articles 176 and 177. preferential terms lending by providing the bank with knowingly false information about the financial situation, the client is punished with a fine in the amount of 200 to 500 minimum dimensions wages, arrest from 4 to 6 months or imprisonment from 2 to 5 years. Article 177 "Malicious evasion of repayment of credit debt" provides for a fine in the amount of 200 to 500 minimum wages, compulsory work for a period of 185 to 240 hours, arrest from 4 to 6 months or imprisonment for up to 2 years.
All documents on the borrower's credit case are filed in a folder, on the cover of which the name of the borrower, the number of the loan agreement, the date of its conclusion, the code, the number of the loan account in the bank are indicated.
A loan agreement can be considered concluded only from the moment a certain amount is provided. It is at this moment, but not earlier, that the client's obligation to repay the loan arises. Usually, a bank provides a customer with a loan by crediting the appropriate amount at a time or in installments to the customer's settlement (or other) account.
Under the loan agreement, the client is obliged to repay the received loan on time, pay the bank interest for using the loan, not evade bank control, and not worsen its economic and financial condition, comply with the intended purpose of the loan received, provide and guarantee the availability of collateral under the loan agreement for the entire loan term, i.е. until the day the loan is actually repaid. For violation of the deadline for repaying the loan received, the client is obliged to pay increased interest to the bank, which should also be noted in the contract. But this has a significant drawback, because as a result, the overdue debt begins to grow at double payment rates with the transfer of overdue interest to the same account of overdue loans, followed by interest on interest. According to internationally recognized standards of bank lending, interest accrual on debt overdue beyond a certain period of time is terminated. In domestic practice, this problem has not been solved so far, and the "Regulation on the procedure for calculating interest" excludes the possibility of terminating accruals on overdue loans. One of the options for solving the problem for the bank is to include sanctions for late payment in the form of fines and penalties in lending agreements. Replacing the payment of arrears by higher rates one-time fines, the bank gets the opportunity to transfer the fees charged for an overdue loan to the accounts of debtors and thus avoid accruing interest on interest.
After completing all the procedures for drawing up and signing a loan agreement in the accounting department, in order to carry out all calculations for issuing and repaying a loan, accruing and collecting interest, the bank’s loan department transfers an urgent obligation on the loan repayment date, signed by the head, chief accountant and certified by the borrower’s seal, as well as an order on opening a loan account with reference to the number and date of the loan agreement, indicating the type of loan, its code. Based on these documents, enterprises open special and simple loan accounts. From special loan accounts, loans are provided to trade and supply and marketing organizations (for the payment of wages, for making payments to the budget, etc.). The loan is repaid by transferring funds from the sale of products to the credit of the special loan account, as well as by systematic or episodic write-off of funds from the borrower's current account. From simple loan accounts, loans are issued to other borrowers to pay for purchased inventory items and services, for temporary needs. The loan is repaid in an indisputable manner from the borrower's current account upon the maturity of the loan specified in the obligation. Moreover, an enterprise can have several loan accounts if it uses several loans at the same time. In the bank's balance sheet, these accounts are included in the section "Credit and settlement operations", the nomenclature of which corresponds to the indicators of the credit plan. If there are no funds on the borrower's current account on the loan repayment date, then the loan is classified as overdue and is recorded on the overdue loans account. Each borrower opens one personal account. When the borrower deposits the amount in the first place interest is repaid, then the overdue debt, and the remaining amount is used to repay the urgent payment.To calculate interest on loans, personal accounts are opened by objects (loan codes), by the terms of use of the loan and by the amount of interest rates.When calculating interest, the interest rate is divided by the number days in a year (360 days), the resulting number is multiplied by the balance of the debt and the number of days in the period for which interest is paid.
Ultimately, the conditions for issuing a loan, as well as its accounting and repayment, depend on the lending methods used, which are based on the mutual benefit of a loan transaction for the client and for the bank, and are negotiated when concluding a loan agreement.
6. Control over the fulfillment of the terms of the contract and repayment of the loan (credit marketing). This is also a very important step in the lending process, since its ultimate goal is to ensure that the principal and interest on the loan are repaid on time. At this stage, the bank controls the regularity of receipt of interest for the use of the loan, conducts scheduled and unscheduled inspections on the ground with the preparation of an inspection report. In the course of such checks, the compliance of the loan spending with its intended purpose, provided for in loan agreement. In addition, the bank checks invoices, contracts for the sale of inventory items, examines extracts from the borrower's bank and the balance sheet as of the last reporting date. Next, the loan officer of the bank acquaints the borrower with the act or certificate of the audit. The loan officer regularly notes in the credit position the movement of debt on the loan, the receipt of interest on it and informs the client's bank, if necessary. In the event of a deterioration in the financial situation of the client and the risk of non-repayment of the loan, the loan officer informs his management about this in order to take appropriate measures. The appearance of a problem loan is usually not unexpected: an experienced financier can detect signs of danger long before the client's inability to repay the loan becomes apparent. Careful analysis of financial statements against past reports reveals warning signs such as a sharp increase in accounts receivable, declining liquidity ratios, falling sales, operating losses, etc. Bad symptoms are failure to provide the information requested by the bank on time or financial statements, the avoidance of company executives from telephone and personal contacts with the bank, the client's fascination with the creation of new enterprises or the purchase of real estate, the accumulation of speculative stocks, the loss of important clients, etc. The behavior of the borrower's business partners (inquiries about the solvency of its suppliers, cancellation of insurance by an insurance company) or the communication of other departments of the bank (for example, the appearance of a balance on the client's account at this bank) can tell the credit department a lot.
If a bank discovers a bad loan that is fraught with default, it must act immediately. The best way out is to discuss matters with the borrower and develop a coping program crisis situation. This option is more preferable than declaring the borrower bankrupt. Litigation of the borrower may have a negative effect if the latter proves that the actions of the bank caused him damage and brought him to bankruptcy.
If the client can be convinced that the situation can be corrected, the bank may offer to sell assets, reduce staff, reduce overhead costs, change the marketing strategy, change the company's management, etc. Banks can also (though still rarely) use more advanced methods of controlling the state of affairs of the borrower in the form of joint activities with him or even equity participation in a joint stock company.
7. Repayment of the loan with interest and closing of the credit case. This is the final stage of the credit relationship between the bank and the borrower. As a rule, 2-4 weeks before the loan maturity, the loan officer contacts the borrower and clarifies the loan repayment prospects. If the client asks for an extension, then he is obliged to send an official letter to the bank within five days, detailing the reasons for not repaying the loan on time. With a positive decision on the prolongation of the loan, an additional agreement is drawn up to the loan agreement. This document indicates the new loan repayment terms and the interest rate (if changed). When the loan is due to be repaid, the loan officer checks the fact of its repayment and the correctness of the listed interest according to the accounting documents. If necessary, the liquidation of the debt is carried out by issuing a collection order for an indisputable write-off of funds with interest due.
In the event of an overdue debt, the following procedure applies:
in the event of a loan being transferred to an overdue loan account, the loan officer draws up a memorandum indicating the reasons and prospects for repaying the debt;
within a week, the debtor is sent a letter of claim for the return of the loan, which is transferred to the management of this enterprise or sent by registered mail to the legal address of the enterprise. After a 2-month period, if the loan is not repaid, according to the current legislation, the case is referred to arbitration or to the court.
After the full repayment of the loan and the corresponding interest, the credit business is closed. On a separate sheet, the dates of issuance and repayment of the loan, calculations for the calculation of interest and the dates of their transfer are indicated (the sheet is filed in the file). Further on this sheet, a note is made "the loan was returned in full with interest, credit case No. __ is closed (closing date)". The mark is certified by the signatures of the loan officer and the chief accountant of the bank, and the head of the planning and economic department of the bank makes a mark on the transfer of the loan file to the archive, where it is stored for three years from the date of its closure.
Appendix A shows the statistics of granted loans and debts on them for 2010.
The principle of lending.
The principle of repayment means that the financial resources received from the lender are subject to return or repayment by the borrower in full. The borrower is responsible to the lender for the complete repayment of the loan. This principle finds its practical expression in the repayment of a specific loan by transferring the appropriate amount of money to the account of the bank that granted it. Financial stability business firm, its belonging to the category of reliable borrowers is a guarantee of loan repayment.
The principle of urgency means the need to repay the loan at a precisely defined time, and not at any time convenient for the borrowing company, i.e. The loan is issued for a fixed period. The term of using the loan depends on the time of existence of the actual need for the loan. All loans are divided into short-term, medium-term and long-term, depending on the period for which they are provided. In Russian financial practice, short-term loans are considered loans for up to one year, while medium-term and long-term loans are considered loans for more than one year.
The loan repayment period is provided for in the loan agreement, while the repayment periods can be specific or conditional, when the terms are specified in the course of lending. If there are financial possibilities and at the request of the borrowing company, the loan can be repaid earlier than the term specified in the agreement. Violation of the term is a sufficient reason for the creditor to apply economic sanctions to the borrowing company. Long delay in repayment of loan debt (in accordance with Russian legislation- more than three months) may become the basis for declaring the borrower insolvent.
However, by agreement of the lender and the borrower, credit organizations can provide a deferment in repayment of the loan, prolong the loan transaction.
The principle of payment means that the loan is provided to the borrower with the condition of its return with interest, which form the profit of the credit institution. Thus, this principle expresses the need not only for the direct return by the borrowing company of credit resources received from the bank, but also for payment of the right to use them. The amount of interest is set in the form of annual norms or rates, while interest rates can be fixed or floating. Fixed interest rates remain the same throughout the life of the loan, while floating rates are subject to change. The use of floating rates is typical for periods with high inflation rates. Interest can be calculated monthly or quarterly. When calculating the amount of interest, simple or compound interest can be applied. When accruing using the simple interest method, the loan period coincides with the interest calculation period and the interest rate is applied to the unchanged initial loan amount. Compound interest are applied in the case when during the crediting period interest is accrued by periods within the crediting term and the rates are applied to the amount with interest accrued in the previous period.
The amount and type of interest are established by agreement between the bank and the borrowing company. The amount of interest is influenced by a number of factors of both micro and macroeconomic nature:
degree of risk of loan repayment;
loan repayment period;
the amount of expenses for obtaining a loan and monitoring its use;
pace of the inflationary process;
cyclical development of a market economy, etc.
The principle of financial security of the loan expresses the need to ensure protection property interests lender in case of a possible violation by the borrowing company of its obligations and finds practical application in such forms of lending as loans secured or secured by financial guarantees. In this way, this principle means that, under the terms of lending, the borrower is obliged to guarantee the lender the repayment of the loan, and if this requirement is refused, the lender must have grounds for withdrawing illegally retained funds from the borrower's circulation. Credit may not material support if the lender is absolutely sure of the solvency and obligation of the borrower.
The pledge must be issued in the form of a separate agreement. The advantage of collateral for the bank is the high probability of repaying the loan, since in the event of its non-repayment, the bank gets the opportunity to satisfy its claim from the value of the pledged property. In addition, the right to satisfy a claim by a creditor in a loan transaction with collateral is preferential to a number of other creditors.
As a rule, property or property rights, rights of use or possession of property are transferred as a pledge. Loan collateral can be inventory items, securities, currency, settlement documents etc., with the exception of property withdrawn from circulation, claims inextricably linked with the personality of the borrower, in particular claims for compensation for harm caused to life and health.
Pledge can be property that is already pledged to secure previous claims, such a pledge is called a subsequent pledge. When using a subsequent pledge, the borrowing company is obliged to inform each subsequent creditor-pledge holder of information about all the pledges of this property that currently exist. Values, the implementation of which is difficult, are accepted by banks as collateral with great reservations.
Under the terms of the pledge, the pledged property may remain with the borrower or be transferred into the possession of the lender. The pledgee usually accepts securities and foreign currency, and leaves other items with the pledger. The subject of pledge may be left with the borrower under lock or seal of the creditor, as well as with the imposition of signs indicating the pledge. Such a pledge is called hard. When a property right is pledged, confirmed by a security, the latter may be deposited with a notary.
In foreign credit practice, it is accepted that the ratio of the loan amount to the amount of collateral should be: for inventory items - no more than 85% of their value; against obligations of debtors depending on their reliability - from 50 to 90%; for shares - up to 80%; for government securities - up to 95% of their market value.
The financial service of an entrepreneurial firm must monitor the fulfillment of the terms of the loan agreement and the pledge agreement, since violations of the conditions can lead to the termination of the loan agreement, and this, in turn, to the withdrawal of borrowed capital and a decrease in the total volume of sources financial support entrepreneurial activity.
Return bank loan may also be secured by a surety or a bank guarantee.
Under a surety agreement, the surety undertakes to be responsible to the creditor of a third party for the fulfillment by the latter of his obligations in full or in part. The guarantor is liable to the creditor to the same extent as the debtor company, including the payment of interest, reimbursement of legal costs for debt collection and other losses of the creditor caused by non-performance or improper performance of obligations by the debtor. The contract may provide for the guarantor both subsidiary (sole) and joint and several liability with the debtor.
The guarantee is terminated: after the loan is returned to the bank by the borrowing company; in the event of the transfer of the debt to another person, if the guarantor has not agreed to be responsible for the new debtor, as well as in the event of the expiration of the period specified in the surety agreement for which it is given.
A bank guarantee is a written obligation of a credit institution, issued at the request of another person - the principal, to pay the principal's creditor - the beneficiary, in accordance with the terms of the obligation given by the guarantor, a sum of money upon presentation by the beneficiary of a written demand for its payment.
The company also uses a bank guarantee to attract additional debt capital, while the price is important bank guarantee, which, together with the interest on the loan, must ensure the requirement of self-sufficiency. The firm must make sure that the guarantor will fulfill its obligations to the beneficiary upon receipt of the relevant requirements and documents from him.
The principle of the targeted nature of the loan extends to many credit operations and is expressed in the obligatory targeted use of funds received from the lender. This principle finds practical expression in the relevant section of the loan agreement, which establishes the specific purpose of the loan. Violation of the obligation to use the loan for the intended purpose may be the basis for early withdrawal of the loan or the introduction of an increased loan interest.
Organizational bases of activity of the organizations in the Russian FederationThe lending mechanism involves a specific method of granting a loan, the choice of which depends on the characteristics of the production and commercial cycle of the borrower, the uniformity of receipt of proceeds from sales, credit history, as well as the nature of the borrower's need for borrowed funds.
Credit is provided to legal entities only in a non-cash form by crediting funds to the borrower's current account. Loans can be provided to individuals as non-cash form as well as in cash. Loans in foreign currency are provided only in non-cash form to both individuals and legal entities.
Loan options:
The repayment of the loan and the payment of interest on it can be made by debiting funds from the borrower's current account on his payment order. With a lack of funds in his current account, the bank first collects interest on the loan, and then the principal amount of the debt.
Individuals can repay loans and pay interest on them from their bank accounts based on written orders, and by postal order and cash deposit. If the debtor does not return the amount of the debt on time, then it is transferred to the overdue debt account.
Accounting for interest on transactions is carried out in the following order:
The base rate for interest calculation is:
Development of a credit operations strategy (memorandum).
Each bank develops its own credit policy, reflecting the goals, principles and conditions for issuing a loan, which are reflected in the social document-memorandum.
The credit policy of each bank should be based on three main principles:
Memorandum "On credit policy" defines:
Acquaintance with a potential borrower.
Assessment of the creditworthiness of the borrower and the risk associated with issuing a loan.
At this stage, the coefficients characterizing the solvency, liquidity of the client are studied, its financial statements, a deeper analysis of the documentation is carried out, the business plan of the borrower is studied.
The result of work at this stage is the conclusion of a loan agreement (undocumented).
Preparation and conclusion of a loan agreement and security obligations for issuing a loan. The legal department of the bank conducts legal examination of the text of the agreement. After issuing a loan, a specialist in the credit department forms a credit file for the borrower.
Credit monitoring provides a control in the course of lending.
The Bank constantly monitors the terms of the loan agreement: the credit limit (compliance), the intended use of the loan, timely payment of interest, the safety of the borrower's creditworthiness.
In the process of individual control, the bank employee must evaluate:
As a result of credit monitoring, problem loans may be identified, i.e. those loans that cannot be repaid.
Scheme of the lending process
The specificity of modern lending practice is that Russian banks do not have a unified regulatory and methodological framework for organizing the credit process. Former bank instructions were focused on distribution credit system and sectoral approach to lending and turned out to be unacceptable in market conditions. Therefore, each commercial bank develops its own approaches to the organization of the credit process, taking into account the generally accepted foreign countries initial provisions and advanced domestic experience.
The lending process can be conditionally divided into several stages:
1) development of a strategy for credit operations;
2) acquaintance with a potential borrower;
3) assessment of the creditworthiness of a potential borrower and the risk associated with issuing a loan;
4) clearance credit documentation and granting credit;
5) credit monitoring (subsequent control in the process of lending).
Development of a credit operations strategy. The organization of the credit process is based on the credit strategy and policy developed by the commercial bank itself. The credit strategy is being developed as part of general strategy bank and consists in choosing such target markets, types of credit operations, customer groups, sectors of the economy and regions of the country that would create a balance between the areas of activity already mastered by the bank and new ones that promise additional income, but associated with additional risks, and on this basis would provide competitive advantages before other banks. The development of a credit strategy is usually the responsibility of the board of directors of a commercial bank. Control over the implementation of the developed credit strategy, as a rule, is assigned to credit committee jar.
The credit policy includes those specific goals that guide the credit committee in issuing loans and exercising control over lending. This policy proceeds from the approved credit strategy, is developed, as a rule, for the next year and is issued in the form of a special document - "Guidelines (regulations) on the credit policy of the bank." The development of a competent credit policy that ensures the reliability and profitability of credit operations is essential element banking management. It determines the acceptable level of risk that the bank can take on.
Acquaintance with a potential borrower. At this stage, the scope of the client's activity, the direction of the sale of his products, the state of affairs in this business now and in the future, the main suppliers, buyers, the legal status of the borrower are studied, the purpose of the loan is studied, the compliance of the client's needs with the current credit policy of the bank is determined, the type of loan is established , its form, term, sources of repayment of the loan and payment of interest on it.
Assessment of the creditworthiness of the borrower and the risk associated with issuing a loan. The assessment of the borrower's creditworthiness involves an assessment of his personality, business reputation, credit history, solvency (i.e., the ability to repay the loan taken at the expense of current cash receipts or from the sale of assets). unified methodology there is no assessment of the borrower's creditworthiness, each bank develops its own approaches to this analysis. In the process, all available materials are used, both received from the client and available in the credit archive.
To consider the issue of issuing a loan, borrowers submit a standard package of documents to the bank.
Any economic, including credit, transaction requires a certain documentation. Oral negotiations conducted by the client with the bank, at the initial, preliminary stage, one way or another end with the submission of a written application to the credit institution (justifying the need for a loan for certain purposes). "At hand" the bank should also have materials that allow it to determine the financial situation of the client, his creditworthiness. It is therefore necessary for the bank to have, and for the client to present, a balance at the beginning of the year. Domestic and foreign banks practice requirements for obtaining a balance sheet for the last 2-3 years, if necessary, request a balance sheet for the next monthly date. Together with the balance sheet, the enterprises submit profit and loss statements to the bank.
Justification for the need for a loan (also called a feasibility study) contains a client's request for a loan for specific purposes, in the required amount, at a certain percentage and for a specific period.
In general, the set of documents submitted by clients to the bank is regulated by the Regulation “On the procedure for providing (placement) credit institutions funds and their return (repayment) ”of the Central Bank of the Russian Federation of August 31, 1998 No. 54-P. According to this provision, all documentation is divided into three groups (Fig. 1).
rice. 1. The structure of the documentation submitted to the bank by enterprises-borrowers for obtaining a loan
Along with a written application to the bank for a loan in some countries, there is a special documentary form - a general statement - the borrower's obligation to fulfill the requirements arising from the terms of the loan transaction. This special form is absent in most developed countries(for example, it is not available in Germany or France), it has been replaced by the loan agreement itself, which has a template mandatory form, including declaring the client's obligation to comply with the requirements and rules of the credit institution. Russian commercial banks also abandoned the practice of presenting this obligation. Along with this commitment statement, forward commitments are used. A term obligation is presented in a certain form, it fixes the borrower's obligation to repay this loan taken for specific purposes, in a fixed amount and at a specific time.
There may be several of these obligations: it all depends on how long the loan is granted - conditional or specific. In the previous Russian practice, banks used both term obligations with conditional and specific maturity of the loan. The specific term fixed the date at which the loan must be repaid by the client. The conditional term determined the date when the maturity of the loan was revised (in this case, this term obligation was replaced by another, new obligation). Many Russian banks have ceased to require term obligations from customers, bearing in mind that the loan repayment period is fixed in the loan agreement, which from a legal point of view, if it is properly drawn up, is sufficient reason to write off funds from the borrower's accounts to repay the loan debt.
A loan agreement is the most important document that defines the rights and obligations of participants in a loan transaction. It contains the economic and legal responsibilities of the parties. A strictly defined form of a loan agreement recommended commercial banks central bank RF does not exist. In countries such as Germany, Austria, standard forms of a loan agreement are recommended both with legal and individuals. In France such type form developed exclusively for individual borrowers, believing that banking practice is so diverse that it is not possible to recommend any single model of a loan agreement.
Nevertheless, the loan agreement has a well-defined frame around which the entire scheme of the agreement is built. Of course, it fixes the full name of the participants, their legal addresses; subject of the contract, amount, term, repayment procedure, interest rate, commission amount, security and guarantees. In general, the terms of lending are determined quite accurately. Particular importance is attached to credit clauses, which give the bank the right to exercise its right to repay the loan and pay interest at the expense of the resources and property of both the client and his guarantors in the event of a delay in payment, non-compliance with contractual conditions.
Special sections are devoted to the obligations of both the client and the bank.
In addition to the loan agreement, if necessary, a pledge agreement can also be concluded. In practice, it happens like this: if a pledge is present in a loan transaction, then a pledge agreement is necessarily concluded, and often, for the strength of the signature of the client and the bank, they are additionally certified by a notary. "Regulations on the procedure for the provision (placement) of funds by credit institutions and their return (repayment)" obliges banks to have a number of internal documents, including those reflecting:
the bank's policy on the placement (provision) of loans;
accounting policy and approaches to its implementation;
procedure for making decisions on lending;
distribution of powers between departments and officials;
procedure for lending to clients of a credit institution.
A credit transaction implies the emergence of an obligation of the borrower to repay the corresponding debt. Specific practice shows that the existence of an obligation (in different forms) does not yet mean warranty and timely return. The emergence of inflationary processes in the economy can cause the depreciation of the amount of the loan, and the deterioration financial condition borrower - violation of the terms of repayment of the loan. Therefore, the international experience of banking activities has developed a mechanism for organizing a loan repayment, including: a) the procedure for repaying a particular loan at the expense of proceeds (income); b) legal consolidation of its repayment procedure in the loan agreement, c) the use of various forms of ensuring the completeness and timeliness of the reverse movement of the loaned value.
The form of securing the repayment of a loan should be understood as a specific source of repayment of the existing debt, legal registration the rights of the creditor to use it, the organization of the bank's control over the sufficiency and acceptability of this source.
If the mechanism of loan repayment at the expense of proceeds (income) and its consolidation in loan agreements are the main prerequisite for repayment of the loan, then the definition of forms of security for the return is a guarantee of this return. This guarantee is required for high degree risk of late payment.
Thus, in banking practice, the sources of repayment of loans are divided into primary and secondary. The primary source is the proceeds from the sale of products, the provision of services or income received by an individual.
Foreign bankers consider it their "golden" rule, when considering the possibility of concluding a credit transaction, to focus primarily on the primary source. Therefore, in the process of studying a loan application, the main attention is paid to the analysis cash flows client, the prospects for the development of the industry and business of this client, the state of the client's relationship with suppliers and buyers. If the bank has doubts about the prospects for the receipt of proceeds (income) by the borrower, the loan transaction will not take place.
The real guarantee of loan repayment is the proceeds (income) only from financially stable enterprises. These include: companies with high level profitability and high equity capital. Such enterprises have not only a systematic inflow of cash, but also an increase in cash in terms of generating profits, as well as replenishing equity capital.
For financially stable enterprises that are first-class clients of the bank, legal consolidation in the loan agreement of repayment of loans at the expense of incoming proceeds seems to be quite sufficient. In this case, a purely trusting relationship develops between the bank and the borrower, which implies the fulfillment by the borrower of its obligations to repay loans without providing any additional guarantees.
More often in practice there is a situation when there is a certain risk of timely receipt of revenue. Risk factors can be related both to the production process or the sale of valuables, as well as the state of settlements with buyers, changes in market conditions, seasonal fluctuations, etc.
In all these cases, it becomes necessary to have additional guarantees for the repayment of the loan, which requires the search for secondary sources. These include: pledge of property and rights, assignment of claims and rights, guarantees and guarantees, insurance. These forms of securing the repayment of a loan are drawn up by special documents that have legal force and fix a certain procedure for repaying the loan to the lender in the event that the borrower does not have funds when the obligation is due. The use of secondary sources of loan repayment is a laborious and lengthy process. Efficiency existing forms ensuring the repayment of a loan depends on the effectiveness of the legal mechanism, the legal and economic literacy of the relevant employees, and the observance of business ethics by the guarantors of payment obligations. Creating a system of guarantees for a lender (bank) of timely repayment of a loan is of particular relevance in Russia due to the instability of the financial condition of many borrowers, insufficient experience in market conditions of businessmen, bankers, and lawyers.
Literature:
1. Development strategy financial market Russian Federation for 2006-2008 [ Electronic resource]: approved by order of the Government of the Russian Federation of June 1, 2006 No. 793-r // http://www.akdi.ru/econom/program/71.htm
2. Finance and credit [text]: textbook / under. ed. prof. M.V. Romanovsky, prof. G.N. Beloglazova. - 2nd ed., revised. and additional .. - M .: Higher education, 2008. - 609 p.
3. Money, credit, banks: textbook / I.V. Merkulova, A.Yu. Lukyanov. – M.: KNORUS, 2010, S. 352
