The rate of loan interest experiences continuous fluctuations, depending primarily on supply and demand for loan capital and on the rate of profit. These fluctuations deflect the lending rate up and down. Respectively, the rate of loan interest has the limits of its fluctuations - the upper and lower limits. The upper limit of the rate of loan interest is determined by the average rate of profit. It is clear that the borrower cannot give the lender more than the profit that he will receive from the use of the loan. Otherwise, the borrower will have to give away part of his working capital, which is not economically justified. It is appropriate to note that it is usually unprofitable to give away all the profit received from the use of a loan. However, since the rate of profit tends to the average rate of profit, the latter is the upper limit, the upper limit of the rate of loan interest.
The lower limit of the rate of loan interest can be arbitrarily small and cannot be precisely determined. It may fall with an excess of loan capital to its lowest point (not equal to zero), especially if central bank countries are pursuing an expansionary policy in a stable economy. However, when the rate of loan interest becomes very low, then market mechanisms raising interest rates. For example, at a very low rate of loan interest ("cheap money"), the demand for loans increases sharply, exceeding their supply, and it is understandable interest rate rises.
Loan interest is closely related to the credit, loan, profit of the borrower and the price of the goods, while maintaining its specific nature.
The relationship between loan interest and credit follows from the essence of the loan, which is economic relations between the lender and the borrower regarding the return movement of the loaned value. And since it is necessary to pay for the use of a loan in a market economy, it is clear that the existence of loan interest, as payment for the use of a loan, is due to the existence of credit. The differences between the loan interest and the loan are that, firstly, a loan is an economic relationship that arises between the lender and the borrower from the moment they sign loan agreement, providing for both the amount of the loan and the loan interest, while the loan interest is not considered separately from the loan agreement. Secondly, credit as an economic relationship does not have quantitative certainty, and loan interest does not exist without quantitative certainty. Finally, credit as an economic relationship has no direction, while interest on loans has a clearly defined direction - from the borrower to the lender.
The relationship between loan interest and loans follows from their credit nature.
The differences between loan interest and loans are, first of all, in their essence. The loan is the main object of credit relations, and the interest is additional. At the same time, loan interest is a payment for using a loan (and not a loan). Differences in loan interest from loans are also in their quantitative ratio. Thirdly, the loan interest differs from the loan and the nature of the movement: the loan has a returnable nature of the movement, and the loan interest is one-sided (Fig. 11.5).
Rice. 11.5.
Differences between loan interest and loans lie in the fact that the movement of loan interest and loans may not coincide in time. This is due to the fact that the loan interest can be paid in advance or together with a lump-sum repayment of the entire loan or, for example, monthly, systematically, while the loan can be repaid in different ways (in parts or once).
Finally, in the latter, there are economic and legal differences between the loan interest and the loan, in particular, the presence of different obligations of the borrower, recorded in the loan agreement in separate clauses: one obligation is to repay the loan, the other obligation is to pay loan interest in stipulated by the agreement size and within the stipulated time.
The price of a commodity is the amount of money that is paid to the seller of the commodity upon mutual agreement between the payer and the seller on the value of the price.
From the fact that a loan is regarded as a specific commodity, the loan interest paid for the use of it is regarded as the price of the loan.
But, as K. Marx noted, "... If interest is called the price of money capital, then this will be an irrational form of price, completely contradicting the concept of the price of a commodity."
This is due to the fact that the relationship between the price of a commodity and the loan interest as an irrational loan price only external, consisting in the fact that both the price of the goods and the loan interest are paid and have, respectively, the same direction of movement: from the buyer (goods or loans) to the seller (goods or loans).
However, the price of a commodity always moves towards the commodity, and the interest on loans, after the loan is issued, always moves in the same direction as redeemable loan, which, in fact, distinguishes the movement of loan interest from the movement of the price of a commodity.
In addition, the price of a commodity can be considered as equivalent to its nominal value, while the loan interest is only a share of the cost of the loan, determined by the rate of loan interest, which significantly distinguishes the loan interest from the price of the goods (Fig. 11.6).
Rice. 11.6.
The relationship of loan interest with the profit of the borrower is that the loan interest is part of the profit realized by the borrower and represents that part of it that the borrower pays to the lender for using the loan (Fig. 10.1).
Both profit and interest, as part of it, are based on the surplus labor of wage workers in the sphere of the borrower's functioning. However, being part of the profit, the loan interest is fundamentally different from the profit itself. This is due functional features loan interest and profit, since profit is the main estimated indicator of the activity of an enterprise, and loan interest never acts as such.
Bank interest is one of the most developed forms of loan interest in Russia. It arises when one of the subjects of credit relations is a bank.
The Bank, like any credit institution, places in a loan, first of all, not its own, but borrowed funds. The share of income received by the bank is compensation for intermediation, "risk pooling" and credit evaluation. The risk of non-fulfillment of obligations to the bank on its assets exceeds the risk of non-fulfillment of obligations to the depositor on liabilities. Thus, he assumes the risk of non-payment of loans. In addition, depositors allow a lower interest rate on funds transferred to the bank in order not to search for clients and assess their creditworthiness.
The level of bank interest on passive transactions, in addition to the general factors discussed in §13.2, depends on:
The term and amount of attracted resources;
Reliability of a commercial bank;
Strength of relationship with the client.
Interest rate on the interbank money market ceteris paribus, as a rule, exceeds the rate of deposit interest, since it takes into account the costs and interests of the lending institution that provides the loan.
To the private factors underlying the determination of the level of interest on active operations bank include:
Cost of loan capital;
The creditworthiness of the borrower;
The purpose of the loan;
The nature of the collateral;
The term and amount of the loan.
The upper limit of interest for a loan is determined by market conditions. The lower limit is formed taking into account the costs of the bank to raise funds and ensure the functioning of the credit institution.
When calculating the rate of interest in each specific transaction commercial Bank takes into account:
Base interest rate level;
Risk premium subject to the terms of the loan agreement.
The base interest rate (Pbaz) is determined based on the estimated cost of credit investments and the pledged levels of profitability of the bank's lending operations for the coming period:
Pbaz = C 1 +C 2 +P m ,
where FROM 1 - the average real price of all credit resources for the planned period;
FROM 2 - the ratio of planned expenses for ensuring the functioning of the bank to the expected volume of productively placed funds;
P m - the planned level of profitability of bank lending operations with minimal risk.
The average real price of credit resources (C 1) is determined by the arithmetic weighted average formula based on the price of a particular type of resources and its specific gravity in the total amount of funds mobilized by the bank (paid and free).
The average real price of certain types of resources is determined on the basis of the market nominal price of these resources and an adjustment for the required reserve ratio deposited with the Central Bank of the Russian Federation.
In particular,
where C ∂ - average real price of term deposits attracted by the bank;
P ∂ - average market level of deposit interest.
Similarly, the average real price is determined for other sources of funds, which provide for the allocation of funds to the mandatory reserve fund.
The risk premium is differentiated depending on the following criteria:
The creditworthiness of the borrower;
Availability of collateral for the loan;
loan term;
The strength of the relationship between the client and the bank.
Considering that the interest on active operations of the bank plays an important role in generating income, and the payment for attracted resources occupies a significant place in its expenses, the problem of determining the interest margin is of current importance. (Mfact), those. the difference between the average rates for active (Pa) and passive operations of the bank (PP):
Mfact \u003d Pa - Pp
The main factors influencing the size of the interest margin are the volume and composition of credit investments and their sources, the terms of payments, the nature of the applied interest rates and their movement.
In the current practice of lending in our country, as a rule, fixed interest rates are applied, which are not subject to revision until the end of the loan transaction. However, moving along the path of creating a market mechanism, one cannot ignore the experience of Western countries, where at the same time there is a set of interest rates, which, in most cases, are revised depending on market conditions and adapt to it.
Under these conditions, all assets and liabilities are usually divided into four categories in accordance with the speed of regulation of interest payments and the transition to a new level of rates. There is the following classification:
A. Assets and liabilities subject to immediate and full renegotiation of interest rates when market conditions change.
B. Full regulation within three months.
C. Assets and liabilities for which rates are revised for a period exceeding three months.
D. Assets and liabilities at fully funded rates.
The interaction of these factors is determined by comparing the first two categories of assets (A + B) with similar liabilities, taking into account the current market situation.
During a period when interest rates are rising, the ratio is more favorable for the bank when
those. the number of assets with flexible interest rates exceeds the corresponding amount of liabilities, and therefore the gap in rates for active and passive operations widens - the interest margin grows.
On the contrary, when the market level of interest falls, it is desirable to adhere to the following ratio, when
and underpin fixed-rate assets with liabilities characterized by urgency to renegotiate interest payments.
For effective management of income from lending operations, the minimum interest margin is determined and analyzed, which characterizes the current value of costs not covered by commissions and other income received, for each ruble of productively placed funds:
where P b- expenses for ensuring the functioning of the bank (all expenses, except for the amounts of accrued interest);
D P- other income of a credit institution (income, except for receipts from active operations of the bank); reimbursement by customers of postal and telegraph expenses, received fees for services rendered to enterprises, interest and commissions received in addition in previous years, and claimed interest and commissions overpaid to clients in previous years, other income;
BUT ∂ - an asset of the bank's balance sheet that generates income on invested funds: credit investments, purchased securities, funds transferred to enterprises to participate in their business activities, etc.
The above approaches are used by commercial banks when pursuing an interest rate policy on active and passive operations.
INTEREST RATE
The interest rate is the relative amount of interest payments on loan capital for a certain period of time (usually a year). It is calculated as the ratio of the absolute amount of interest payments for the year to the amount of loan capital.
Interest rates can be fixed or floating.
A fixed interest rate is set for the entire period of use of borrowed funds without the unilateral right to review it. A floating interest rate is a rate for medium and long-term loans, which consists of two parts: a moving basis, which changes in accordance with market conditions (usually the interbank rate of supply of credit resources) and a fixed value, usually unchanged throughout the entire period of lending or circulation of debt valuable papers.
In the monetary sphere, economically developed countries multiple interest rates apply. Gradually, in Russia, the structure of interest rates is approaching the international one.
The interest rate system includes monetary and stock markets: betting on bank loans and deposits, treasury, bank and corporate bills, interest on government and corporate bonds, interbank market interest rates and many others. Comparative dynamics of interest rates is shown in fig. 18.7. The data of fig. 18.7 indicate the existence of a close relationship between the dynamics of individual market interest rates: bank rates on loans and deposits, interest rates on interbank loans and the yield on government securities. Let's consider further the most important types of interest rates.
Year (as of January 1) for interbank loans; -in- yield GKO; deposit rate; - - interest rate on loans, rub.
Rice. 18.7. Comparative dynamics of interest rates for various instruments in Russia
INTEREST RATE
The discount rate is the official lending rate for commercial banks by the central bank. The discount rate is one of the main instruments by which central banks different countries regulate the amount of money in circulation, the rate of inflation, the state of the balance of payments and the exchange rate.
Refinancing of commercial banks can be carried out either through direct short-term lending or through rediscounting of commercial bills. In Russia, only one method of refinancing is currently used - direct lending to commercial banks by the Bank of Russia.
Example 18.3. In 1997-1998, the Bank of Russia worked on the issue of the expediency of organizing the rediscount of promissory notes of enterprises engaged in export operations with commercial banks.
The following scheme was planned; a commercial bank takes into account the company's bill of exchange and, if it is necessary to back it up with short-term resources, presents the bill for re-discounting to the Bank of Russia with the obligatory endorsement, thereby assuming joint and several liability for payment of the bill.
The positive aspect of this scheme was the direct connection of credit emission with the needs of the development of production. In practice, this project was not implemented.
A decrease in the official interest rate leads to a reduction in the cost of credit resources and an increase in their supply on the market; on the contrary, its increase leads to a contraction of the money supply, a slowdown in inflation, but at the same time, to a reduction in investment.
Dynamics of the refinancing rate
research since 1992 is shown in fig. 18.8. The data of the graph allow illustrating the policy of the Bank of Russia aimed at reducing the money supply in 1993-1995, as well as after the 1998 crisis, and stimulating investment in subsequent years.
refinancing
Bank of Russia
Rice. 18.8. Dynamics of the refinancing rate of the Bank of Russia
BANK INTEREST RATES ON LOANS
Bank interest is one of the most developed forms of loan in Russia.
percent. This form appears when one of the subjects
credit relations is the bank.
The bank, like any credit institution, places in a loan, first of all, not its own, but borrowed funds. The share of income received by the bank represents the compensation for intermediation, the risk of default assumed by the bank, and the credit rating of the borrower. The risk of non-fulfillment of obligations to the bank on its assets exceeds the risk of non-fulfillment of obligations to the depositor on liabilities. Thus, the bank assumes the risk of default on loans. In addition, depositors allow a lower interest rate on funds transferred to the bank, so as not to search for clients and assess their creditworthiness.
When determining the rate of interest in each specific transaction, a commercial bank takes into account:
base interest rate level; ?
risk premium.
The base interest rate (Pbaz) is determined based on the planned "cost" of loan capital and the pledged level of profitability of the bank's lending operations for the coming period:
Pbad \u003d C, + C2 + Mn, (18.4)
where C, is the average real price of all credit resources for the planned period;
C2 - the ratio of the planned expenses for ensuring the work of the bank to the expected volume of productively placed funds;
Mn - the planned level of profitability of bank lending operations with minimal risk.
The average real price of credit resources (С^ is determined by the arithmetic weighted average formula based on the price of a particular type of resources (Су) and its share in the total amount of funds mobilized by the bank (paid and free).
The average real price of certain types of resources is set on the basis of the market nominal price of these resources and adjustments for the required reserve ratio deposited with the Bank of Russia:
FROM; = Market nominal interest rate:
: (100 - required reserve ratio). (18.5)
Example 18.4. Commercial bank A raised funds by issuing a simple interest-bearing bill at a rate of 16% per annum. If this bill was purchased by another commercial bank, the real price of the said borrowing for bank A will remain at the level of 16% per annum, since no deductions are made to the Required Reserve Fund (FOR) in accordance with the current procedure for operations with credit institutions.
If this bill acquires another entity, the real price of the loan will increase for Bank A to 17.6% per annum due to the unproductive diversion of 10% of the resources attracted to the FOR:
16% : (100% - 10%) = 17,6%.
The risk premium is differentiated depending on the following main criteria: ?
borrower's creditworthiness; ?
availability of collateral for the loan; ?
loan term; ?
the strength of the relationship between the client and the bank credit history client.
Thus, the upper limit of interest for a loan is determined by market conditions. The lower limit is formed taking into account the costs of the bank to raise funds and ensure the functioning of the credit institution.
Example 18.5. An illustration of the above principle of forming interest rates on lending operations, depending on these factors, can be a comparison of the level of rates on identical loans provided in the first case in the usual "cash" form and in the second case - for the purpose of purchasing bank bills.
If the rate on a cash loan is 25% per annum, the real cost of attracted resources (taking into account the FOR) is 12%, then the rate on a "promissory note" loan will be about 13% per annum (25% - 12%), since the bank does not bear the cost of attracting resources for lending purposes.
The private factors underlying the determination of the level of interest on the bank's active operations include:
cost of loan capital; ?
borrower's creditworthiness; ?
the purpose of the loan; ?
the nature of the loan security; ?
term and amount of the loan.
DEPOSIT RATES
Deposit rates on passive operations of banks are subject to the influence of the same market processes as rates on active operations, therefore, the direction of their fluctuations is approximately the same. The deposit rate is always several points lower than the credit rate, the difference is called the "spread", or "interest margin? -; at the expense of it, the costs of ensuring the work of the bank are covered and profit is formed.
Deposit rates are closely related to other monetary and stock market rates. For example, a legal entity wishing to deposit a certain amount of money with a certain yield has alternative proposals: to purchase a package of government bonds, to buy corporate bonds on the organized market or bills of exchange on the unorganized market. A deposit in a bank is more convenient in terms of registration, as a rule, the client knows the solvency of the bank, but even so, the availability of alternative options for depositing funds means that banks cannot underestimate interest rates on deposits too much.
INTERBANK INTEREST RATES
Interbank interest rate - the interest rate on loans in the interbank market. Such rates are the most flexible and are more focused on market conditions. The interbank market is wholesale market credit resources; it provides commercial banks with access to resources for the purposes of providing liquidity and generating income on temporarily free money, which cannot be placed on more favorable conditions. The most famous in the international financial market are LIBOR rates.
LIBOR is a scale of interest rates applied by London-based banks that operate in the Euro-currency interbank market and offer funds in different currencies and for different terms: 1, 2, 6 and 12 months. Each major London bike independently sets and changes the LIBOR rate depending on market conditions. In a narrow sense, this is the average LIBOR interest rate on the supply of funds largest banks Great Britain. Traditionally, LIBOR rates have been used as a "moving basis" for loans at a floating interest rate.
The Russian interbank market has certain peculiarities. This is predominantly a short term market. financial resources; The bulk of transactions are concluded on an overnight basis. Interest rates are determined by market conditions and at the same time depend on the assessment of the solvency of a commercial bank. Such an assessment is carried out in the process of setting and reviewing the limit credit risk for each counterparty bank with which agreements on interbank operations are concluded.
In Russia, there are the following aggregated interbank market rates (Table 18.1):
MIBID - the average interest rate of the daily rates announced by the largest Moscow banks for attracting interbank loans;
MIBOR is the average interest rate of the interbank lending placement rates announced daily by the largest Moscow banks;
MIACR is the average weighted by the volume of actual transactions interest rate on the provision of interbank loans by commercial banks.
Table 18.1
Example of aggregate rates Point rate Loan term 1 day 2 to 7 days 8 to 30 days 31 to 90 days 91 to 180 days MIBID 0.77 2.14 3.74 5.82 7.63 MIBOR 1.8 4 .05 6.39 7.24 9.22 MIACR 1.45 2.36 3.19 5 - As a rule, the level of rates in the interbank market, other things being equal, exceeds deposit rates, but is formed at a lower level than rates on active operations. Interest margin on transactions in the interbank market may be minimal due to large volumes and low level transaction costs and execution. This conclusion is generally confirmed by the data on the dynamics of average interest rates by types of banking operations for the period from 1995 to 2003 (see Fig. 18.7).
TERM STRUCTURE OF INTEREST RATES
The ratio between long-term and short-term interest rates, called the term structure of interest rates, is important both for the borrower, who determines how long to borrow, and for the lender, deciding on the urgency of a loan or purchase debt obligation. Thus, it is very important to understand how long-term and short-term interest rates are related and what underlies their difference. There are several main theories on this issue.
The theory of market segmentation is based on the following premise: each borrower and lender in the monetary market has certain preferences in terms of placement and attraction of funds. So if industrial enterprise it is necessary to finance the technical re-equipment of some kind of production, then it needs long-term resources, if an agricultural enterprise needs to finance seasonal work, for example, sowing, then it needs short-term borrowed funds. The same can be said about investors who have preferences for specific terms of placement of free cash.
According to this theory, the yield curve - a graph that reflects the relationship between the yield of debt obligations and their maturity, depends on the ratio of supply and demand in the short and long term. financial markets. Thus, the yield curve rises if the supply of funds in the short-term market exceeds the demand, but there is a shortage of resources in the long-term market. Otherwise, the yield curve falls. If the yield curve is flat, then there is a balance of demand and supply of resources in both markets.
The theory of liquidity preference. According to this theory, interest rates on long-term debt exceed those on short-term debt for two main reasons. Investors generally prefer to invest in short-term assets due to their greater liquidity and less risk of losing value over time. At the same time, borrowers tend to prefer long-term borrowings, since borrowing short term resources involves the risk of repaying the debt, while at the same time it is impossible to raise additional funds in the event of an unfavorable set of circumstances. Therefore, borrowers are willing to pay increased percentage on long-term loans to increase their stability. These preferences of both borrowers and lenders result in a maturity risk premium (MRP) under normal circumstances.
Theory of expectations. According to this theory, the interest rate on debt depends on the expected rate of inflation. We can say that according to the theory of expectations, the nominal interest rate on debt obligations with a maturity in t years will be
/=r+e(0, (18.6)
where r is the real "risk-free rate" of interest;
e is the expected inflation rate for t years.
Practice shows that each of the considered theories is justified. The term structure of interest rates, which is reflected in the yield curve of debt obligations, is determined by the interaction of a group of factors: the ratio of demand and supply of resources in the long-term and short-term financial markets, preference for liquidity on the part of investors, and the level of expected inflation. Certain factors may dominate in certain time intervals.
The same principles of forming the structure of interest rates depending on the maturity of debt obligations apply to the Russian monetary market. A significant impact is exerted by the high level of inflation (see Figure 18.5), which has reduced the volume of long-term lending to a minimum, the lack of complete trust investors to government debt obligations after the 1998 crisis and the difficulty of predicting the state of the monetary and credit market.
INTEREST MARGIN
Since the interest on active bank operations plays an important role in generating income, and the payment for attracted resources occupies a significant place in the composition of expenses, the problem of determining the interest margin (Mfact) is relevant, i.e. the difference between the average rates for active (Pa) and passive (Pp) operations of the bank.
A credit boundary is a conditional line separating a part of the economy (or a specific subject) where a certain form of credit is used, from a part (or subject) where it is not used. In a narrow sense, the credit limit is credit limits.
At the macro level, the credit boundary is determined by the sectors of the economy where this or that form of credit is used, or by specific countries - with an international loan.
At the micro level, the credit boundary is determined by a specific borrower and lender, i.e. whether the lender can issue a loan this borrower or it is inappropriate.
Insufficient creditworthiness of the borrower is the qualitative boundary of the loan.
Is the bank able to issue a large loan to one borrower - does it allow the bank's capacity or available resources, lending limits, mandatory economic standards. Whether the client is able to use the requested loan amount for the purposes specified in the loan application - the quantitative limit of the loan.
It is clear that the bank will not issue a commodity commercial loan (but it can take into account a bill of exchange drawn up at commercial lending), and the enterprise - a bank loan. But both can give consumer loan(an enterprise lends money only to its employee - again the limit of lending).
In the same case, when a bank can lend to one borrower in some industry (micro level) and refuse another in the same industry, as well as lend to a certain industry and not lend to another (macro level), this is mainly determined by the level of profitability of the operation, the probability of loan repayment , the presence of inter-farm relations, etc.
So, bank lending in Russia it is bad for production because of its low profitability, in contrast to trade or other intermediary operations, that is, a bank cannot lend to itself at a loss - here is the limit of bank lending.
On the contrary, government credit is aimed at supporting low-profit or unprofitable, but vital industries, such as housing and communal services. As a rule, state credit is not used in highly profitable industries - here is the border of state lending (macro level). For one reason or another, a state loan can support a particular enterprise and not be issued to another enterprise in the same industry or territory - this is the border state loan at the micro level.
The state can also indirectly influence the limits of lending, for example, by subsidizing interest rates for agricultural producers, with mortgage lending, etc.
Credit limits may vary depending on economic situation in the country and the world (macro level) and the financial condition of specific economic entities, primarily banks (micro level).
In a crisis, the boundaries of lending are narrowing, which is also typical for a real financial and economic crisis. In particular, lending to the real sector of the economy is reduced, mortgage credit lending, long-term lending in general.
The state, on the contrary, expands the regulation of lending boundaries, for example, it tries to stabilize the interest rate and revive mortgage lending, subsidizes the interest rate consumer lending for the purchase of certain car models (it is unclear whether foreign cars are included in this list). But the main thing is that the state is trying to push the boundaries of lending to the real sector, which is experiencing financial problems during the crisis. Moreover, not only targeted lending to individual industries and specific enterprises is carried out, which also takes place, but lending to the economy as a whole, as a rule, through several links banking system: Bank of Russia - state-owned banks (Sberbank, VTB, Russian Agricultural Bank, etc.) - commercial banks- enterprises. This scheme has already been repeatedly used, it is estimated as ineffective: the money does not reach the real sector, which, according to many estimates, is observed in Russia in the current period as well.
At the same time, it was repeatedly proposed that the Central Bank of the Russian Federation refinance commercial banks directly, without the mediation of state banks, against the growth of their credit requirements for the real sector, i.e., in essence, targeted and controlled lending to enterprises.
Let us consider the limits of lending in a narrow concrete sense - in the form bank limits lending.
So, with one-time lending, the ability of a credit institution to issue a loan is determined promptly when concluding a loan agreement for each specific loan operation. In this situation, credit limits are not determined. With closer interaction between counterparties of a loan transaction, there is a need (and opportunity) to more correctly determine strategies, prospects, mutually beneficial cooperation, reduce the period and costs of negotiating and drawing up contracts for each loan operation. In this situation, there is a need to determine the limits of lending in a narrow sense - in the form of lending limits.
Lending limits are understood as the maximum loan amount that the borrower has the opportunity to receive from a credit institution.
Lending limits are issued by opening a credit line - the obligation of a credit institution to the borrower to lend to him within a specified time interval in the amount determined by the limit.
A credit line is often used in foreign economic relations and is opened by a credit institution to an importer-borrower for settlements within one major trade transaction. In this case, the credit line is called a framework. With a number of renewable credit transactions within a certain period, a revolving credit line is issued.
When opening a credit line analytical accounting loans are maintained on personal accounts opened for each part of the issued (or received) loan on the balance sheet accounts of banks, in accordance with the actual terms for the provision of each tranche of the loan. Accounting for a loan on the balance sheet of the enterprise-borrower is carried out in a general manner.
Lending limits are of several types and are reflected in different ways on specific off-balance sheet accounting accounts of credit institutions. accounting entry on these accounts determines the practical accounting meaning of the credit limit, and the very concept of "credit limit", on the contrary, - economic sense this wiring.
Order of the Ministry of Finance of Russia dated October 31, 2002 No. 94n “On Approval of the Chart of Accounts for Accounting for the Financial and Economic Activities of Organizations and Instructions for Its Application” (as amended) reflecting credit limits on off-balance accounts financial accounting enterprises are not included. However, this is quite acceptable on off-balance accounts of management accounting for analysis and control over the use of reserved credit resources (limits) of the enterprise, which is especially relevant and appropriate for the management of the largest companies and their subsidiaries, such as oil and gas companies.
Let's return to the varieties of bank lending limits.
When reflecting a credit line with an issue limit total amount granted loan should not exceed maximum size(limit) determined by the contract.
The issuance limit (credit boundary) on the balance sheet of the creditor bank is reflected in the credit of the passive off-balance sheet account 91316 “Unused credit lines for the provision of loans”, and the actually issued loan tranches are debited from this account. On the balance of the borrowing bank, when receiving an interbank loan, the disbursement limit (credit limit) is debited to the active off-balance sheet account 91416 “Unused credit lines for obtaining loans”, and the loan received against an open credit line is debited to the credit of the account. Amounts are written off from the named account after receiving each next tranche of the loan against the credit line or after the termination of the loan agreement within the open credit line.
When reflecting a credit line with a debt limit during the term of the loan agreement, the amount of the borrower's one-time debt should not exceed the limit established by the agreement.
The debt limit (loan limit) is reflected on the balance sheet of the creditor bank for the loan of the passive off-balance account 91317 “Unused limits on granting loans in the form of “overdraft” and “under the debt limit””. On the balance sheet of the borrowing bank, when receiving an interbank loan, the debt limit (loan limit) is debited from the active off-balance sheet account 91417 “Unused limits on obtaining interbank loans in the form of “overdraft” and “under the debt limit””.
Credit institutions may limit (set credit limits) the amount of the credit line by including in the loan agreement conditions on the simultaneous establishment of both the disbursement limit and the debt limit, and also apply other additional conditions for these purposes.
Credit organizations can credit the client's bank account if there is insufficient or no money on it to pay settlement documents from this account, if the terms of the agreement bank account this transaction, called “overdraft” lending, is envisaged. In this case, the client becomes a borrower of the bank and a loan account is opened for him on the terms of "overdraft".
Crediting by the bank of the client's bank account in case of insufficiency or lack of money is carried out for a specified period with a limit - the maximum amount for which crediting in the form of "overdraft" can be carried out.
In case of an overdraft, a personal account is opened for the client on balance accounts of the second order “Credit granted in case of a lack of funds on a correspondent, settlement, current account (“overdraft”)”, for borrowers - individuals- on the "overdraft" deposit account for the period of validity of the bank account agreement (deposit agreement) or an additional agreement to it.
The limit for “overdraft” lending (loan limit) is reflected on the balance sheet of the creditor bank for the loan of the passive off-balance sheet account 91317 “Unused limits on granting loans in the form of “overdraft” and “under the debt limit””. On the balance of the borrowing bank, when receiving an interbank loan, the overdraft limit (loan limit) is debited from the active off-balance sheet account 91417 “Unused limits for obtaining interbank loans in the form of “overdraft” and “under the debt limit””.
Thus, taking into account the foregoing, it is proposed to attribute the definition of lending boundaries to the principles of lending, along with the most important ones - urgency, security, repayment, payment.
Bank of Russia Regulation No. 302-P dated March 26, 2007 “On the Rules for Maintaining accounting in credit institutions located on
territory Russian Federation" (with changes).
Credit limits Credit limits are determined by the level of development of credit relations in which the process of credit implementation balances the supply and demand for credit resources in a stable, moderate and affordable for the vast majority of normally functioning borrowers, the interest rate. At the microeconomic level, the limits of the loan are determined by: and the volume of demand for a loan from borrowers at the nominal rate of a bank loan and the available ...
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11.1. Credit limits
11.1. Credit limits
The boundaries of the loan are determined by such a level of development of credit relations, in which the process of implementing the loan balances the supply and demand for credit resources in conditions of a stable, moderate and affordable interest rate for the vast majority of normally functioning borrowers.
At the microeconomic level, credit limits are determined by:
a) the volume of demand for a loan from borrowers at the nominal rate of a bank loan and the available market rate of loan interest;
b) the nature of fluctuations in the needs of the borrower in fixed and working capital;
c) according to the state of provision of the borrower with own capital and the efficiency of its use;
d) the efficiency and payback of projects for which funds are borrowed.
Under these conditions, the dynamics bank interest becomes the main indicator of compliance and breach of credit boundaries. Subjective attempts to increase the level of lending inevitably lead to the appearance of excess means of payment in circulation and negative consequences for individual enterprises and the economy as a whole. And vice versa, fast growth bank interest indicates an insufficient supply of credit, that is, a violation of the boundaries of credit and "under-crediting" of the economy.
The macroeconomic level of credit limits is formed under the influence of volumes and rates GDP growth, structure and level of development financial system and states public finance, goals and methods of implementation of the state monetary policy, development of market relations.
11.2. Interest limits
Loan interest has certain limits, because. rate increases cannot be unlimited.
There are objective upper and lower limit of their rates.
upper border loan interest determines the average profitability of enterprises and the level of income (savings) of individual customers.
The borrower who received the loan must repay the loan, pay interest, receive income. At the same time, the borrower's income rate should not be below the socially average level. Therefore, the interest rate must be calculated with the possibility of obtaining this necessary profit. If the interest rate is initially high so much that it absorbs all profits, then the use of a loan is inappropriate.
Objective criterion lower bound interest on the loan are the costs of the bank. The main thing in the banking pricing system is the establishment of a "dead point" of profitability. Its indicator is the minimum difference of 5 rates on active and passive operations min % margin.
Bank costs:
Accumulation and placement of resources;
Expenses for the creation of required reserves of the bank;
To create various development funds of the bank;
Losses on depreciation of bank capital.
Therefore, when choosing a pricing strategy, the bank must take care of compensating all costs.
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