Banking. Lecture notes: briefly, the most important

Lecture notes, cheat sheets
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Banking. Lecture notes: briefly, the most important

Lecture notes, cheat sheets

Table of contents

The credit system of the Russian Federation: essence, structure, meaning

The modern credit system is a set of various financial institutions operating in the loan capital market and carrying out the accumulation and mobilization of money capital. The essence and functions of credit are realized through the credit system.

At present, the structure of the credit system of the Russian Federation consists of three tiers:

1. Central bank

2. Banking system:

▪ Commercial banks

▪ Non-bank credit organizations (NPOs)

▪ Savings banks

▪ Mortgage banks

3. Specialized non-bank credit and financial institutions

▪ Insurance companies

▪ investment funds

▪ pension funds

▪ financial and construction companies

▪ other

The new structure of the credit system has become more reflective of the needs of the market economy and is increasingly adapting to the process of new economic reforms (Denis Shevchuk).

At the same time, the process of establishing the credit system revealed certain shortcomings. They were expressed in violations at all levels: small institutions continue to form and exist (banks, insurance companies, investment funds), which, due to a weak financial base, cannot cope with the needs of clients; commercial banks and other institutions mainly conduct short-term credit operations, insufficiently investing their funds in industry and other sectors (Shevchuk D.A. Fundamentals of Banking. - Rostov-on-Don: Phoenix, 2006).

Many newly created credit and financial institutions, insurance companies and investment funds are engaged in activities that are unusual for them: they attract deposits from the population, performing the functions of commercial and savings banks. A number of investment funds, financial companies and banks built their activities not on a genuine commercial basis, but on the principle of a pyramid, which caused a wave of bankruptcies. In addition, high interest rates on short-term loans lead to an unreasonable increase in profits, which are subsequently converted into foreign currency, which depreciates the ruble and leads to higher inflation. Therefore, many aspects of the banking system of the Russian Federation need further improvement.

Legal basis for the activities of banks in the Russian Federation (Laws "On banks and banking activities", "On the Central Bank of the Russian Federation (Bank of Russia)")

The legal foundations and the definition of the legal status of the activities of banks on the territory of the Russian Federation are the Law "On the Central Bank of the Russian Federation (Bank of Russia)" adopted on April 12.04.95, 7.07.95 and the law "On banks and banking activities" adopted on July XNUMX, XNUMX.

The Law on the Bank of Russia determines the legal status of the Central Bank of the Russian Federation. The law fixes that the property of the bank is owned by the state, and in its activities it is accountable to the legislative and executive bodies of state power. Along with this, the Bank is a legal entity. a person independently performs its functions and in its current activities is independent of the state economic management bodies. According to the Law, the supreme body of the Bank is the Board of Directors, which manages the activities of the Central Bank in the implementation of the government's monetary policy. The chairman of the bank and members of the Council are appointed by the State. Duma on the proposal of the President. The law defines the main functions, directions and activities of the Central Bank. Most of these functions of the Central Bank are monopoly (issuance of cash, control over the activities of CBs and licensing their activities, establishes models of forms and procedures for reporting and making payments, conducting the country's monetary policy and organizing cash circulation, etc.). The law also provides for the reporting of the Central Bank provided by the State. Duma and published in the press.

The Law "On Banks and Banking Activities" defines the concepts of a bank, a credit institution, a non-bank credit institution and a foreign bank, determines the procedure and forms for the formation of banks and the conditions for their registration with the Central Bank of the Russian Federation, defines banking operations, which are the main types of banking activities, and operations that banks may perform in addition to them, establishes the procedure for submitting bank statements and procedures for ensuring the stability of the banking system, protecting the rights and interests of depositors and creditors of credit institutions, the procedure and methods for exercising control of the Central Bank of the Russian Federation over the activities of credit institutions, as well as their relationship between the state and each other. Separately, the law stipulates the procedures for opening branches, representative offices and subsidiaries in the territory of foreign states and savings business.

These two laws distinguish between the activities of commercial banks and the Central Bank of the Russian Federation.

Central banks, their functions (western model)

Traditionally, the Central Bank performs 4 main functions: it carries out the monopoly issue of banknotes, is the bank of banks, the banker of the government, conducts monetary regulation and banking supervision.

The central bank, as a representative of the state, is legally assigned an issuing monopoly only with respect to banknotes, that is, nationwide credit money, which are the universally recognized final means of repaying debt obligations. In some countries, the central bank monopoly issues coins, but minting is usually handled by the ministry of finance (treasury). Banknotes make up an insignificant part of the money supply of industrialized countries, so the functions of the issuing monopoly of the Central Bank are somewhat reduced, although banknote emission is still necessary for payments in retail trade and ensuring the liquidity of the credit system. The higher the share of cash circulation in the country, the more important the value of banknote emission.

It should be borne in mind that the monopoly on the issue of banknotes at the present stage does not at all mean its strict control or linkage with the goals of monetary regulation. The main task of monetary policy is the regulation of non-cash emission, the main source of which is commercial banks. At the same time, the issuing monopoly has turned the central bank into the issuing and cash center of the banking system, since the obligations of the central bank (in the form of both banknotes and deposits of commercial banks) serve as the cash reserve of any commercial bank.

The Central Bank does not deal directly with entrepreneurs and the public. Its main clientele are commercial banks, acting as intermediaries between the economy and the central bank. The latter keeps the free cash of commercial banks, i.e., their cash reserves. Historically, these reserves have been placed by commercial banks with the central bank as a guarantee fund to pay off deposits.

In most countries, commercial banks are required by law to keep a portion of their cash reserves with the central bank. Such reserves are called required bank reserves. The Central Bank sets the minimum ratio of required reserves to banks' deposit liabilities (required reserve ratio). Through accounts opened by commercial banks at the central bank, the latter settles settlements between them. With the introduction of electronic settlement systems, the importance of the central bank's traditional function of the settlement center of the banking system has significantly decreased.

By accepting for storage the cash reserves of commercial banks, the central bank provides them with credit support. He is a lender of last resort for commercial banks, that is, a lender of last resort. Usually, its loans are provided to banks at a rate higher than the market rate, and therefore banks turn to the central bank for support only if there is no other way to get a loan.

Regardless of the ownership of the capital, the central bank is closely connected with the state. In its role as the government's banker, the bank acts as its teller and creditor, and holds accounts for the government and government departments. In most countries, the central bank carries out the cash execution of the state budget. Government revenues from taxes and loans are credited to an interest-free account of the Treasury (Ministry of Finance) at the central bank, from which all government expenses are covered. In some countries, such as the United States, most of the budget funds are placed in commercial banks.

In the context of a chronic deficit of state budgets, the function of lending to the state and managing public debt is being strengthened (Denis Shevchuk). Public debt management refers to the operations of the central bank to place and repay loans, organize the payment of income on them, to carry out conversion and consolidation. The Central Bank uses various methods of public debt management: it buys or sells government bonds in order to influence their rates and profitability, changes the terms of the sale, and in various ways increases the attractiveness of government bonds for private investors.

On behalf of the government, the central bank regulates foreign exchange and gold reserves, and is the traditional custodian of state gold and foreign exchange reserves. It regulates international settlements, balances of payments, participates in the operations of the world market for loan capital and gold. The Central Bank, as a rule, represents its country in international and regional monetary organizations.

All functions of the central bank are closely interrelated. By lending to the state and banks, the central bank simultaneously creates credit instruments of circulation, by issuing and repaying government obligations, and affects the level of loan interest. These functions of the central bank create objective prerequisites for it to perform the function of regulating the entire monetary system of the country and, consequently, regulating the economy. The function of monetary regulation and banking supervision at the present stage is the most important function of the central bank.

The central bank carries out its functions through banking operations - passive and active. Passive operations are called operations through which banking resources are generated, active are operations for the placement of banking resources (Shevchuk D.A. Fundamentals of Banking. - Rostov-on-Don: Phoenix, 2006).

Functions of the Central Bank of Russia

The Federal Law of April 12.04.95, XNUMX established the main functions and operations of the Central Bank of the Russian Federation:

The function of conducting the state monetary policy on the development of a market economy, ensuring the stability of monetary circulation and the purchasing power of the national currency. In fulfilling this function, the Bank takes part in the development of the foundations of the government's economic policy and uses various methods of monetary management of the banking system that fall within its competence.

Function of issuing money and organizing money circulation. The issue of money is a monopoly right of the Central Bank and is solely within its competence. CBs do not have the right to independently issue funds into circulation. The need to issue new money is determined by the realization of national income or the newly created value of the total social product.

The function of lending to commercial banks based on refinancing the portfolio of their resources. The main feature of this function is that the Central Bank, as a “bank of banks,” provides lending only to banking institutions. The lending process consists of restoring the funds of grassroots banks invested in the capital circulation of enterprises in various sectors of the national economy. Loans are provided at refinancing rates established by the Central Bank.

Function of organizing non-cash payments in the national economy. When performing this function, the “bank of banks” establishes the principles of organizing settlements, methods of making payments, forms of forms of monetary documents, stages of their accounting processing and the procedure for performing settlement transactions.

Function of organizing banking operations, accounting and statistical reporting on the work of banks. In connection with this function, the Bank creates rules for financing, lending, settlements and cash transactions, as well as accounting and reporting for the main areas of activity of credit institutions.

Function of state registration of credit institutions. In fulfillment of this function, the Bank reviews the package of documents for opening a new credit institution and decides to grant a license for the right to conduct banking operations. Such licenses are issued only to credit institutions that have qualified personnel to perform the duties assigned to them.

Function of organizing state control over the activities of credit institutions. After the opening of credit institutions and the start of their operations, the Central Bank exercises constant control over their activities. This work is carried out by the bank's cash settlement centers, which house correspondent accounts of lower-level credit authorities. By analyzing the turnover and cash balances on these accounts, RCCs receive the necessary information about the liquidity, solvency and financial condition of the commercial bank.

Function of selling government bonds. loans and crediting of federal budget expenses. The Central Bank is the authorized body of the Ministry of Finance of the Russian Federation for the sale of government bonds. The bonds of these loans are sold by dealer banks, the composition of which is formed by the Ministry of Finance and the Central Bank.

The function of regulating the country's gold and foreign exchange reserves. The Central Bank of the Russian Federation is the main depository of the state's gold and foreign exchange reserves and organizes all operations for the sale and purchase of gold and foreign currencies. Transactions with these values are carried out at supply and demand prices in the gold and foreign exchange markets.

Function of compiling a country's balance of payments. In the context of the detronization of gold, the liquidation of the gold coin standard and monetary parity, the basis for backing the Central Bank banknotes are commodity masses, including goods of domestic and foreign production. In order to control the state of foreign trade, payments and gold and foreign exchange reserves, the Central Bank of the Russian Federation compiles the balance of payments of the Russian Federation.

Passive and active operations of the Central Bank of the Russian Federation

Passive Operations

The main source of central bank resources in most countries is the issue of banknotes (from 54 to 85% of all liabilities). At the present stage, the issue of banknotes is completely fiduciary, that is, it is not backed by gold. The gold backing of banknotes has been abolished, although some countries formally continue to have laws that limit the limits of fiduciary issuance. The official gold content of monetary units has been abolished everywhere.

The modern mechanism for issuing banknotes is based on lending to commercial banks, the state and the increase in gold and foreign exchange reserves. The mechanism of issue predetermines the nature of the banknote credit security. The issue of banknotes when lending to banks is secured by bills of exchange and other bank obligations; when lending to the state - with state long-term obligations, and when buying gold and foreign currency - with gold and foreign currency, respectively. In other words, the assets of the central bank serve as collateral for the issue of banknotes. In this, in particular, the relationship between passive and active operations of the bank is manifested. The size of the passive operation of the central bank "issue of banknotes" depends on its active operations: loans to banks, the Treasury (Ministry of Finance), the purchase of foreign currency and gold. In this sense, we can say that the listed active operations of the central bank are primary in relation to passive ones.

This does not mean, however, that any loan from the central bank to the credit system or the state is associated with a new issue of banknotes. Such loans can be credited to the accounts of commercial banks and the treasury opened with the central bank, in which case there is not a banknote, but a deposit issue of the central bank. The sources of the central bank's resources are the deposits of commercial banks and their required reserves credited to special accounts, as well as the deposits of the treasury (state budget funds). Typically, no more than 4% of the liability is accounted for by the bank's own capital.

Active Operations

The main active operations of central banks include: accounting and court operations; bank investments; transactions with gold and foreign currency.

Accounting and loan operations presented in two types:

▪ loans to commercial banks and the state secured by commercial bills (accepted by reputable banks), treasury bills, government bonds and other securities;

▪ accounting operations - purchase by the central bank of bills from the state and banks. The purchase of bills from commercial banks is called rediscounting, since this involves secondary accounting, a secondary purchase of bills that commercial banks bought from their clients. The difference between the amount that the central bank pays to a commercial bank when purchasing a bill of exchange, and the amount that will be received from the debtor on the bill of exchange when it matures, forms the bank’s income (Shevchuk D.A. Banking operations. - Rostov-on-Don: Phoenix , 2006).

The rate at which the central bank lends to commercial banks and rediscounts their bills is called the official discount rate, or the central bank discount rate.

Bank investments is the purchase of securities by the bank. Central bank investments consist of investments in government securities. The purchase by the central bank of government bonds in most industrialized countries is the main and even the only form of lending to the government. Direct lending to the state, i.e., the provision of a bank loan, is practically absent in these countries (for example, in the USA, Canada, Japan, Great Britain, Switzerland, Sweden) or is limited by law (in Germany, France, the Netherlands). It should be noted that only a small part of government securities is in the portfolio of the central bank. Accordingly, the main creditors of the state are not central, but commercial banks and other financial and credit institutions, companies and the population.

An important, and often the main purpose of the purchase of government securities by the central bank is to regulate the liquidity of the banking system and manage public debt in the course of monetary policy.

Monetary regulation of the economy by the Central Bank (Western and Russian models)

The Central Bank is the main conductor of monetary regulation of the economy, which is an integral part of the government's economic policy, the main goals of which are to achieve stable economic growth, reduce unemployment and inflation, and equalize the balance of payments.

The general state of the economy largely depends on the state of the monetary sphere. In terms of the number of institutions, the volume of credit resources and operations, the base of the entire monetary system is made up of commercial banks and other credit institutions. It is enough to note that from 75 to 90% of the money supply in most countries are bank deposits and only 25-10% are central bank notes. Therefore, state regulation of the monetary sphere can be successful only if the state, through the central bank, is able to influence the scale and nature of the operations of commercial banks. Methods of this influence are diverse, the most common of them are:

▪ change in the discount interest rate or the official discount rate of the central bank (discount or discount policy);

▪ changes in required reserve standards;

▪ operations on the open market, i.e. transactions for the purchase and sale of bills, government bonds and other securities;

▪ regulation of economic standards for banks (the ratio between cash reserves and deposits, liquid assets and deposits, equity and borrowed capital, equity and assets, the amount of a loan to one borrower and capital or assets, etc.).

These methods of monetary regulation can be called general in the sense that they affect the operations of all commercial banks, the loan capital market as a whole.

Selective (selective) methods can also be applied, aimed at regulating certain forms of credit (for example, consumer credit) or lending to various industries (housing construction, export trade). Selective methods include:

▪ direct restrictions on the size of bank loans for individual banks or loans (so-called credit ceilings);

▪ regulation of the conditions for issuing specific types, in particular, establishing a margin, i.e. the difference between the amount of security and the size of the loan issued; deposit rates and loan rates, etc.

The leading method of regulation is the accounting policy. By raising or lowering the official discount rate, the central bank affects the ability of commercial banks and their clients to obtain credit, which in turn affects economic growth, money supply, and the level of market interest. A change in the discount rate of the central bank, causing a corresponding change in the market interest, is reflected in the state of the balance of payments and the exchange rate. An increase in the rate helps to attract foreign short-term capital to the country, and as a result, the balance of payments is activated, the supply of foreign currency increases, the foreign exchange rate decreases and the national currency exchange rate rises accordingly. Lowering the rate has the opposite effect.

A significant impact on the credit resources of commercial banks, their ability to provide loans has a change in the required reserve ratio. Raising it does not mean that most of the bank funds are "frozen" in the accounts of the central bank and cannot be used by commercial banks to issue loans. As a result, bank loans and the money supply in circulation are reduced, and interest on bank loans is increasing. A decrease in the norm of bank reserves leads to an expansion of bank loans and money supply, to a decrease in market interest (Shevchuk D.A. Banking operations. Principles. Control. Profitability. Risks. - M .: GrossMedia: ROSBUH, 2007).

In countries with a developed securities market, the most common method of monetary regulation is open market operations that affect the activities of commercial banks through the amount of resources they have. If the central bank sells securities on the open market and commercial banks buy them, then the resources of the latter and, accordingly, their ability to provide loans to customers is reduced. This leads to a reduction in the money supply in circulation and an increase in the loan interest. By buying securities on the market from commercial banks, the central bank provides them with additional resources and expands their ability to issue loans. Open market operations contribute to the regulation of banking resources, interest rates and government securities.

To regulate short-term interest rates, central bank operations with bills of exchange (treasury and commercial) and short-term government bonds are traditionally used. Selling them limits the availability of the money market and leads to an increase in market interest rates. If the central bank does not want to allow an increase in the market rate of interest, then it provides support to banks by buying short-term securities and bills from them at current market rates.

The traditional means of regulating long-term interest rates are the operations of the central bank with long-term government obligations. The purchase of such obligations by the central bank causes their market price to rise (as a result, the demand for them increases). An increase in the price of bonds means a decrease in their actual yield, which is determined by the ratio of the amount of coupon income on a bond to its market rate. A decrease in the actual yield of long-term bonds leads to a decrease in long-term interest rates in the market. The sale of bonds by the central bank on the open market causes a fall in their price and an increase in bond yields, and hence long-term interest rates. In addition, the purchase and sale of securities affects interest rates through the expansion or restriction of bank cash.

Monetary policy should be considered in a broad and narrow sense. In a broad sense, it is aimed at combating inflation and unemployment, at achieving stable rates of economic development through the regulation of the money supply in circulation, the liquidity of the banking system, and long-term interest rates. In a narrow sense, such a policy is aimed at achieving an optimal exchange rate through foreign exchange intervention, accounting policies and other methods of regulating short-term interest rates. Currency intervention refers to the policy of buying and selling by the central bank of foreign currency to the national currency in the foreign exchange market.

When the central bank sells or buys foreign currency in exchange for national currency, the ratio of supply and demand for foreign currency changes and the national currency exchange rate changes accordingly. If, for example, the Bank of Russia sells dollars on the currency exchange, then the supply of dollars increases and, accordingly, their exchange rate decreases, and the ruble exchange rate rises. When buying dollars, their exchange rate increases.

Monetary regulation of the economy of the Russian Federation is carried out by the Bank of Russia by determining the norms of required reserves, discount rates on loans, conducting transactions with securities, and setting economic standards for banks.

In order to influence the liquidity of the banking system, the Bank of Russia refinances banks by providing them with short-term loans at its discount rate and determines the conditions for granting loans secured by various assets.

The Bank of Russia establishes the following economic standards for banks: the minimum amount of authorized capital; the limiting ratio between the size of the authorized capital of the bank and the amount of its assets, taking into account the risk assessment; liquidity indicators of the bank's balance sheet in the form of a standard ratio between the bank's assets and liabilities, taking into account their maturity, as well as the possibility of selling assets; the minimum amount of required reserves deposited with the Bank of Russia as a percentage of banks' liabilities; the maximum amount of risk per borrower in the form of a certain percentage of the total capital of the bank (when calculating the maximum risk, the concept of risk includes the entire amount of investments and loans to this borrower, as well as obligations issued on his behalf); limiting the size of currency and exchange rate risks; limiting the use of attracted deposits for the acquisition of shares of legal entities.

The Bank of Russia performs the functions of regulating and supervising the activities of banks to maintain the stability of the monetary system, while the Bank of Russia does not interfere in the operational activities of banks.

Regulation and control by the Central Bank of the activities of commercial banks of the Russian Federation

The function of general regulation of the activities of each commercial bank within the framework of the unified monetary system of the country is entrusted to the Central Bank. This regulation is designed to help ensure: the sustainability of the work and strengthening the financial position of a commercial bank; orientation and stimulation of the bank's activities in the field of lending to fulfill the priority tasks of developing the economy and improving the welfare of society; scientific organization of money circulation in the national economy. At the same time, the CBR primarily uses economic management methods (changes in the required reserve ratios placed by commercial banks with the Central Bank of the Russian Federation; changes in the volume of loans provided by the Central Bank of the Russian Federation to commercial banks, as well as interest rates on loans; conducting operations with securities and foreign currency ) and only when they are exhausted - administrative (limiting the volume of credit investments, setting limits on interest rates on loans issued by them, introducing a temporary administration, revoking a license and liquidating a bank).

Also, in order to regulate the activities of commercial banks, the Bank of Russia establishes the following economic standards for banks: the minimum amount of authorized capital; the limiting ratio between the size of the authorized capital of the bank and the amount of its assets, taking into account the risk assessment; liquidity indicators of the bank's balance sheet in the form of a standard ratio between the assets and liabilities of the bank, taking into account their maturity, as well as the possibility of selling assets; the minimum amount of required reserves deposited with the Bank of Russia as a percentage of banks' liabilities; the maximum amount of risk per borrower in the form of a certain percentage of the total amount of the bank's capital (when calculating the maximum risk, the concept of risk includes the entire amount of investments and loans to this borrower, as well as obligations issued on his behalf); limiting the size of currency and exchange rate risks; limiting the use of attracted deposits for the acquisition of shares of legal entities.

Organization by the Central Bank of cash circulation in the Russian Federation

The issue of money is the main source of funds of the Central Bank, used to advance expanded reproduction. The issue of money is carried out in two forms: bank turnover money when lending to commercial banks; cash, providing cash transactions for servicing the national economy and budget.

When lending to commercial banks, the funds of the Central Bank are credited to their accounts in cash settlement centers (RCC). Bank operations related to the issuance of cash to enterprises and organizations are carried out on the basis of cash requests from customers. These applications are submitted to servicing banks and contain all the necessary data on upcoming cash transactions.

Based on the cash applications of enterprises, forecasts of cash turnover of commercial banks are compiled. The income part of these programs is calculated based on the receipt of cash at the cash desks of banks. The receipt of money is organized with the help of collection (delivery to the bank) of cash in trade and purchasing structures, public catering establishments, transport systems and other bodies providing paid services to the population. The expenditure part is forecasted on the basis of forthcoming wage payments and other expenses of enterprises, institutions and organizations.

The amount of money in circulation depends on the ratio of the incoming and outgoing parts of the bank's cash programs. With the growth of entrepreneurial activity, there is a constant excess of the expenditure side of the program over the income and the release of new funds into circulation (Shevchuk D.A., Shevchuk V.A. Money. Credit. Banks. A course of lectures in a concise presentation: Teaching method. Aid. - M: Finance and statistics, 2006).

Refinancing of commercial banks by the Central Bank of the Russian Federation

REFINANCING - exchange of expired securities for new types of securities (words)

The interest rates of the CB are regulated by setting a margin or a ceiling on the increase in the refinancing rates of the CB. Thus, the margin is the differential of interest rates of the Central and commercial banks (Shevchuk D.A., Shevchuk V.A. Macroeconomics: Lecture Notes. - M .: Higher Education, 2006).

Currently, the refinancing rate is set at 12% per annum, which is designed to limit the rate of inflation growth by "compressing" the money supply in circulation. The introduction of such a rate is a temporary measure that characterizes money circulation during the transition to a market economy. In Western countries, the refinancing rates of commercial banks are 6-8% per annum. Such "cheapness" of central bank loans stimulates the active use of borrowed capital to expand entrepreneurship and introduce the achievements of scientific and technical progress into production.

Operations of the Central Bank of the Russian Federation on the open market

The Law on the Bank of Russia provides for the Central Bank to conduct operations on the open market. Article 39 states that open market operations mean the Bank's purchase and sale of treasury bills, government bonds and other government securities, short-term operations with securities with a later reverse transaction.

The essence and purpose of the fund of required reserves of commercial banks in the Central Bank of the Russian Federation

By accepting for storage the cash reserves of commercial banks, the central bank provides them with credit support. He is a lender of last resort for commercial banks, that is, a lender of last resort (Denis Shevchuk). Usually, its loans are provided to banks at a rate higher than the market rate, and therefore banks turn to the central bank for support only if there is no other way to get a loan.

A significant impact on the credit resources of commercial banks, their ability to provide loans has a change in the required reserve ratio. Raising it does not mean that most of the bank funds are "frozen" in the accounts of the central bank and cannot be used by commercial banks to issue loans. As a result, bank loans and the money supply in circulation are reduced, and interest on bank loans is increasing. A decrease in the norm of bank reserves leads to an expansion of bank loans and money supply, to a decrease in market interest (Shevchuk D.A. Pricing. Study Guide. - M .: GrossMedia: ROSBUH, 2008).

Banks of individual elite service - Private banking ("Private banking")

An individual investor is lost in front of the variety of market instruments. The bank comes to the rescue, offering financial advice or taking over the management of the client's portfolio. Since the investor usually seeks to maintain a permanent relationship with the bank, the commission payments that he makes in favor of the bank take on the character of a stable annual interest income. A bank that has proven itself in the field of private wealth management receives a constant stable profit, the existence of which makes it resistant to the influence of adverse market conditions. Powerful Swiss banks are able to take on the most risky transactions knowing that whatever the outcome, they will be securely backed by the amounts they charge to their many private and institutional clients.

Asset management is, of course, the core business of banks serving large private investors, but many other complex operations are also within their remit. Working with private clients includes, among other things, property planning, advice on trading in foreign markets and working with foreign currencies, arranging pensions and lending. The desire to make individual service more diverse raises the reputation of a financial company in the eyes of the client.

One of the leading universities in Russia in the field of finance, banking, property valuation and management is the Moscow State University of Geodesy and Cartography (MIIGAiK), in particular the Faculty of Economics and Territory Management (FEUT).

The market of individual banking services is so wide, the forms of activity on it are so diverse that there is room for specialists to use any financial strategies. Most bankers, when working with individuals, follow the principles traditionally accepted in their companies. Continental savings banks, for example, have so far acted primarily as custodians of capital. In English clearing banks, a wealthy client has the right to expect only a higher level of service. US investment banks are busy selling complex financial products, a significant proportion of which, according to the creators, was intended for the needs of institutional investors. The increase in the number of clients and the growth of their financial competence have recently led to a change in the initial strategies. Bankers in England and on the continent have to take into account the desire of the client not only to keep savings, but also to increase them by personally participating in the investment process.

American experts are forced to make allowance for the dissimilarity of corporate and individual tasks: technologies that have proven themselves among financiers do not always attract wealthy private investors. It is also important for the bank to adapt to the national characteristics of its clients. Thus, the British are characterized by traditional respect for securities, one of the requirements of British clients is a high level of professionalism in this area. The owners of large fortunes in Asia prefer to place assets in real estate and other types of property and are looking for competent advice from bankers regarding this area of finance. The company that will be able to succeed in individual banking services is one where any customer requests are treated with the utmost attention. The banks that do best with large private capital tend to use one of two main tactics. Or, as is customary among English and Swiss bankers, they act primarily as advisers, and the nature of the services is adapted to the very specific requirements of clients belonging to the top of the economic elite; or, as in the case of most US investment banks, they focus on creating highly sophisticated financial products that find buyers among the very wealthy and the wider population. Today, personalized care often includes both of these components. Esteemed British and Swiss companies offer financial instruments designed to target different market segments, while American investment banks open branches to serve the needs of specific clients.

According to Denis Shevchuk, Deputy General Director, Vice President of INTERFINANCE Credit Broker (MORTAGE * BUSINESS LENDING), wealth growth and a more democratic distribution of wealth have become possible due to trade liberalization, the relaxation of customs restrictions and the development of telecommunications systems. Unfortunately, the free circulation of capital opens up scope for illegal actions. Private bankers and law enforcement alike have to balance between the need for due diligence and the unwillingness to shackle or offend the honest investor. In many countries, lawyers have developed special forms of questionnaires, as well as norms of behavior for specialists, allowing a financial company to protect itself from criminal money. Strictness and prudence usually only attract customers, as they are a guarantee of the professionalism and scrupulousness of the bank. Reasonable due diligence measures, carried out in cooperation with skilled bankers, allow a law-abiding client to feel secure.

Banks engaged in personalized service highly value their past. The oldest of them, traditionally existing in the form of partnerships, have been known since the middle of the XNUMXth century.

The vast majority of private banking banks (as well as banks that have branches for dealing with large private capital) open their prospectuses with paragraphs telling about their historical background (Denis Shevchuk). Even newcomers, until recently alien to this financial sphere - for example, US investment banks, are joining the game, presenting their history and traditions in the most tempting light. Here is what the compilers of the prospectus write:

Personal banking has undergone (and is undergoing) significant changes in our time.

Meanwhile, the special style adopted in the treatment of a banker with a client is still alive. Business relations are built here quite peculiarly.

Pictet Bank does not have elevators. They are as out of place here as gray steel furniture, computers or buzzing printers. The visitor descends the stairs. He does not go to the "office", but to the reception room - several doors lead from it to the offices. Pictet's decor is somewhat casual, a common feature of many Geneva banks. Slightly shabby furniture, faded portraits on the walls - meanwhile, having got here, you very soon realize that only very rich people can afford such a neglect of luxury.

Pictet, Bordier and Lombard retain the qualities that are leaving the banking world - charm, individual business style, aversion to impersonality ...

With its own money, Pictet could equip more than one office with the best IBMs. The absence of computers is a sign of fidelity to the traditions that are so appreciated by Pictet customers.

Documents are written by hand. Dead icons printed on the sheet would have caused disapproval from the client. The form of business papers also depends on the desire of the visitor: if a French lady wishes to have correspondence with her in goose quill, blue ink on a red background, Pictet will satisfy her request.

Factors such as history, culture, character, reputation of the company play a significant role at the moment of choosing an adviser or manager.

Credit auctions: essence, order of organization, meaning

The essence of the participation of commercial banks in credit auctions is their receipt of MARGIN, i.e., the difference between the price of acquiring resources and their further resale in the form of a loan to customers. Only head offices of banks that comply with all the necessary requirements of the Central Bank are allowed to participate in credit auctions held by the Central Bank of the Russian Federation. The Central Bank of the Russian Federation allows various ways of organizing auction sales - according to the American method, the Dutch method and with a fixed interest rate.

RџSЂRё American way Applications of participating banks are ranked by the level of the offered interest rate in descending order, and then satisfied in the same order, starting from the maximum offered interest rate until the total amount of credit established at this auction is exhausted. As a result, the amount of the last of the satisfied applications may be reduced.

RџSЂRё Dutch way all applications are satisfied at the cut-off price - the minimum rate offered by banks that have fallen into the circle of buyers.

In the case of fixed rate auction all bids are satisfied, however, if the total amount of these bids exceeds the volume of the loan offered for the auction, all bids are partially satisfied. The degree of satisfaction of applications corresponds to the ratio of the total volume of the auction credit to their total amount.

By holding credit auctions, the Central Bank of the Russian Federation democratized the process of distributing centralized credit resources, providing an opportunity for all commercial banks that meet the established requirements to become buyers of the auction credit. At the same time, the Central Bank of the Russian Federation received an instrument that determines the ratio of supply and demand for funds in the banking system and their "value". An analysis of the situation on the market of credit resources that has developed following the results of the auction makes it possible to reasonably adjust the discount rate of the Central Bank of the Russian Federation, the conditions for holding subsequent auctions and the need to maneuver with other instruments of monetary regulation.

Operations of the Central Bank of the Russian Federation on servicing the public debt of Russia

The function of selling bonds of government loans and lending to federal budget expenses. The Central Bank is the authorized body of the Ministry of Finance of the Russian Federation for the sale of government bonds. The bonds of these loans are sold by dealer banks, the composition of which is formed by the Ministry of Finance and the Central Bank.

Bonds are sold at three market levels:

1. Enterprises, organizations, institutions and population. They freely buy and sell government debt obligations at the expense of temporarily free cash. The main part of the bonds is subject to sale on this market.

2. CBs that place their assets in transactions with government securities. Such operations are characterized by a lower degree of risk compared to business loans to functioning entrepreneurs.

3. The Central Bank itself, which buys the residual (non-repurchased) part of issued bonds. In most countries of the world, central bank legislation prohibits the latter from openly purchasing government bonds. To do this, the bank must be endowed with the powers granted by the legislative and executive authorities.

In addition to distributing government bonds, the Central Bank provides direct crediting of budget expenditures at the expense of its emission fund. In 1992-94 the main part of the fund was used to cover the state's current expenditures in the amount of 75% of the budget deficit. Debt repayment was made at the expense of taxes in the revenue part of the budget. In the absence of income, the loans provided were written off for losses of the Central Bank with subsequent compensation from various sources of funds of the Ministry of Finance. On January 1, 1995, direct lending by the Central Bank of federal budget expenditures was terminated.

Modern inflation: essence, causes, forms of manifestation and their types in the Russian Federation

The term "inflation" means inflation. Indeed, the financing of public expenditures (for example, during periods of extreme economic development during wars, revolutions) with the help of paper-money emission with the cessation of the exchange of banknotes led to a "bloat" of money circulation and depreciation of paper money.

Inflation was characteristic of monetary circulation: in Russia - from 1769 to 1895 (with the exception of the period 1843-1853); United States - during the War of Independence 1775-17783. and the civil war of 1861-1865; England - during the war with Napoleon in the early 19th century; France - during the French Revolution of 1789-1791. Inflation reached especially high rates in Germany after the First World War, when in the autumn of 1923 the money supply in circulation reached 496 quintillion marks, and the monetary unit depreciated a trillion times.

The given historical examples prove that inflation is not a product of the present, but took place in the past.

Modern inflation has a number of distinctive features: if earlier inflation was of a local nature, now it is ubiquitous, all-encompassing; if earlier it covered a longer and shorter period, that is, it had a periodic character, now it is chronic; modern inflation is influenced not only by monetary, but also by non-monetary factors.

Consequently, modern inflation is influenced by many factors.

The first group includes factors that cause an excess of money demand over commodity supply, as a result of which there is a violation of the requirements of the law of monetary circulation. The second group combines factors that lead to an initial increase in costs and prices of goods, supported by the subsequent pulling of the money supply to their increased level. In reality, both groups of factors are intertwined and interact with each other, causing a rise in prices for goods and services, or inflation.

Depending on the predominance of factors of one group or another, two types of inflation are distinguished: demand-pull inflation and cost-push inflation.

Demand inflation caused by the following monetary factors.

The militarization of the economy and the growth of military spending. Military equipment is becoming less and less suitable for use in civilian industries, as a result of which the money equivalent that opposes military equipment turns into a factor that is superfluous for circulation.

The state budget deficit and the growth of domestic debt. For example, the real deficit of the state budget of the Russian Federation in 1992 amounted to 11% of GDP, and in 1994 it should not exceed 9,4% of GDP (or 70 trillion rubles). The deficit is covered by placing government loans on the money market or with the help of additional issue of fiat banknotes of the central bank. The first path is typical for the United States, and the second for Russia, however, since May 1993, the state budget deficit of the Russian Federation began to be covered by allowing government short-term obligations (GKOs) on the market: by mid-1994, they were issued in the amount of 3 billion . rub.

Credit expansion of banks. Thus, as of June 1, 1994, the volume of loans granted by the Bank of Russia to the government amounted to 27 billion rubles, or 655% of its consolidated balance sheet.

imported inflation. This is the issue of the national currency in excess of the needs of trade when buying foreign currency by countries with an active balance of payments.

Overinvestment in heavy industry. At the same time, elements of productive capital are constantly withdrawn from the market, in exchange for which an additional monetary equivalent enters the circulation.

cost inflation characterized by the impact of the following monetary factors on pricing processes.

Price leadership. It was observed from the mid-60s to 1973, when large companies in industries, when forming and changing prices, were guided by prices set by leading companies, i.e., the largest producers in the industry or within the local-territorial market.

Decreased growth in labor productivity and falling production. This phenomenon occurred in the second half of the 70s. For example, if in the US economy the average annual rate of labor productivity in 1961-1973. was 2,3%, then in 1974-1980. - 0,2%, and in industry, respectively, 3,5 and 0,1%. Similar processes were typical for other industrialized countries. A decisive role in slowing down the growth of labor productivity was played by the deterioration in the general conditions of reproduction caused by both cyclical and structural crises.

The growing importance of the service sector. It is characterized, on the one hand, by a slower growth in labor productivity compared to the branches of material production, and on the other hand, by a large share of wages in total production costs, a sharp increase in demand for services in the second half of the 60s and early 70s. In the 1,5s, it was stimulated by a noticeable rise in prices: in industrialized countries, the rise in prices for services was 2–XNUMX times higher than the rise in prices for other goods.

Accelerated growth of costs and especially wages per unit of output. The economic strength of the working class, the activity of trade union organizations do not allow large companies to reduce wage growth to the level of slow growth in labor productivity. At the same time, as a result of the monopolistic practice of pricing, large companies were compensated for their losses due to accelerated price growth, i.e., a wage-price spiral was launched.

Energy crisis. In the 70s, it caused a huge increase in the price of oil and other energy resources. As a result, if in the 60s the average annual growth in world prices for the products of industrialized countries was only 1,5%, then in the 70s it was more than 12%.

In international practice, depending on the magnitude of price increases, inflation is divided into three types:

▪ creeping - if the average annual rate of price growth is not higher than 5-10%;

▪ galloping - with an average annual rate of price growth from 10 to 50% (sometimes up to 100%)

▪ hyperinflation - when price growth exceeds 100% per year (the IMF currently defines hyperinflation as a 50% increase in prices per month)

Money circulation and its structure

Money circulation is the movement of money in cash and non-cash forms, serving the sale of goods, as well as non-commodity payments and settlements in the economy. The objective basis of money circulation is commodity production, in which the world of commodities is divided into goods and money, giving rise to contradictions between them. With the deepening of the social division of labor and the formation of national and world markets under capitalism, money circulation and exchange of the entire total social product, including the incomes of various classes. With the help of money in cash and non-cash forms, the process of circulation of goods, as well as the movement of loan and fictitious capital, is carried out.

Money circulation is divided into two spheres: cash and non-cash. Cash circulation is the movement of cash. It is served by banknotes, change and paper money (treasury bills). In the developed capitalist countries, bank notes issued by the central bank constitute the overwhelming majority of cash circulation. An insignificant part of the issue of money (about 10%) is accounted for by treasuries, which issue mainly coins and small denominations of paper money - treasury notes.

Non-cash circulation is the movement of money of non-cash turnover. They are primarily understood as bank deposits on customer accounts, the use of which is carried out with the help of checks, endorsements, credit cards, wire transfers. Bills of exchange, certificates are also used in money circulation, and in a number of countries - other obligations and requirements.

There is a close and mutual dependence between cash and non-cash circulation: money constantly moves from one sphere of circulation to another, changing the form of cash to a deposit in a bank, and vice versa. Receipts of non-cash funds to bank accounts are an indispensable condition for issuing money. Therefore, non-cash payment turnover is inseparable from the circulation of cash and together with it forms a single money turnover of the country, in which a single money of one name circulates.

Indicators of the volume and structure of the money supply in circulation in the Russian Federation

The most important quantitative indicator of money circulation is the money supply, which is the total volume of purchasing and payment means serving the economic turnover and owned by individuals, enterprises and the state.

To analyze quantitative changes in money circulation on a certain date and for a certain period, as well as to develop measures to regulate growth rates and the volume of money supply, various indicators (monetary aggregates) are used.

In the financial statistics of industrialized countries, the following set of basic monetary aggregates is used to determine the money supply:

▪ aggregate M-1 - includes cash in circulation (banknotes, coins) and funds in current bank accounts;

▪ aggregate M-2 - consists of aggregate M-1 plus time and savings deposits in commercial banks (up to four years);

▪ aggregate M-3 - contains aggregate M-2 plus savings deposits in specialized credit institutions;

▪ M-4 unit - consists of M-3 unit plus certificates of deposit of large commercial banks.

In the United States, four monetary aggregates are used to determine the money supply, in Japan and Germany - three, in England and France - two.

An analysis of the structure and dynamics of the money supply is of great importance in the development of monetary policy guidelines by central banks.

To calculate the total money supply in circulation in the Russian Federation, the following monetary aggregates are provided:

▪ unit M-0 - cash;

▪ aggregate M-1 - equal to aggregate M-0 plus settlement current and other accounts (current accounts, special accounts, capital investment accounts, letters of credit and check accounts, local budget accounts, accounts of budgetary, trade union, public and other organizations, State Insurance funds, long-term loan fund); plus deposits in commercial banks; plus demand deposits in Sberbank;

▪ aggregate M-2 - equal to aggregate M-1 plus time deposits in Sberbank;

▪ aggregate M-3 - equal to aggregate M-2 plus certificates of deposit and government bonds.

The use of various indicators of the money supply allows a differentiated approach to the analysis of the state of money circulation.

A change in the volume of money supply can be the result of both a change in the mass of money in circulation and an acceleration of their turnover. The velocity of circulation of money is an indicator of the intensification of the movement of money when they function as a means of circulation and a means of payment. It is difficult to quantify, so indirect data are used to calculate it.

In industrialized countries, two indicators of the growth rate of money turnover are mainly calculated:

▪ indicator of the speed of circulation in the circulation of income - the ratio of the gross national product (GNP) or national income to the money supply, namely to the M-1 or M-2 aggregate, this indicator reveals the relationship between money circulation and economic development processes;

▪ indicator of money turnover in payment circulation - the ratio of the amount of transferred funds in bank current accounts to the average value of the money supply.

In the Russian Federation, in the practice of statistical work, depending on the completeness of coverage of the circulation of cash, they distinguish: firstly, the rate of return of money to the cash desks of the institutions of the Central Bank of Russia as the ratio of the amount of money received to the bank's cash desks to the average annual mass of money in circulation; secondly, the velocity of circulation of money in cash circulation, calculated by dividing the amount of receipts and disbursements of cash, including the circulation of mail and Sberbank institutions, by the average annual supply of money in circulation.

The change in the velocity of money depends on many factors, both general economic (cyclical development of the economy, economic growth rates, price movements) and purely monetary (the structure of payment turnover, the development of credit operations and mutual settlements, the level of interest rates in the money market, etc. .).

The acceleration of the circulation of money is facilitated by the replacement of metallic money with credit, the development of a system of mutual settlements, the introduction of computers in banking, the use of electronic means of monetary settlements.

When money depreciates, consumers increase their purchases of goods in order to protect themselves from a fall in the purchasing power of money, which speeds up money circulation. Ceteris paribus, the acceleration of the velocity of money is equivalent to an increase in the money supply and is one of the factors of inflation.

Monetary systems, their main elements (Western model)

The monetary system is a form of organization of monetary circulation in the country, which has developed historically and is enshrined in national legislation. Monetary systems were formed in the 16-17 centuries. with the emergence and establishment of the capitalist mode of production, although some of their elements appeared in an earlier period. As commodity-money relations and the capitalist mode of production develop, significant changes occur in the monetary system.

The type of monetary system depends on the form in which money functions: as a commodity - a universal equivalent or as signs of value. In this regard, the following types of monetary systems are distinguished:

▪ systems of metal circulation, in which the monetary commodity directly circulates and performs all the functions of money, and credit money is exchanged for metal;

▪ systems of circulation of credit and paper money, in which gold is forced out of circulation.

Depending on the metal, which in a given country was adopted as a universal equivalent, and the base of monetary circulation, bimetallism and monometallism are distinguished.

The modern monetary system includes the following elements: monetary unit; price scale; types of money; emission system; state or credit apparatus.

An integral part of the monetary system is the national monetary system, although it is relatively independent.

A monetary unit is a legally established monetary unit that serves to measure and express the prices of all goods. The monetary unit is usually divided into small multiples. Most countries have a decimal division system.

The official scale of prices lost its economic meaning with the development of state-monopoly capitalism and the cessation of the exchange of credit money for gold. As a result of the Jamaican currency reform of 1976-1978. the official price of gold and the gold content of monetary units have been cancelled.

The types of money that are legal tender are mainly credit bank notes, as well as paper money (treasury notes) and small change. If in industrialized countries, as a rule, they do not issue government paper money in the narrow sense of the word (treasury notes), then in some developing countries they are common.

The emission system in developed capitalist countries means the issuance of bank notes by central banks, and treasury notes and coins by treasuries in accordance with the legally established emission law. The main channel for the issue of money in these countries is deposit-check issue: an increase in deposits in customer accounts and, accordingly, the mass of checks servicing the payment turnover. Commercial banks and other credit institutions participate in it (Shevchuk D.A. Fundamentals of Banking. - Rostov-on-Don: Phoenix, 2006).

Due to the fact that monetary policy is closely connected with credit policy, under the conditions of modern capitalism, state monetary and credit regulation of the economy is carried out. Since the 70s, many industrialized countries have introduced targeting, that is, setting targets in regulating the growth of money supply in circulation and credit, which are followed by central banks in their policies.

The characteristic features of modern monetary systems of industrially developed capitalist states are (Denis Shevchuk):

▪ abolition of the official gold content, collateral and exchange of banknotes for gold;

▪ transition to credit money that is not redeemable for gold, which is degenerated into paper money;

▪ issuing money into circulation not only through bank lending to the economy, but also to a large extent to cover government expenses (issue collateral is mainly government securities);

▪ predominance of non-cash turnover in money circulation;

▪ strengthening of state monopolistic regulation of monetary circulation.

Formed during and after the global economic crisis of 1929-1933. currency blocs ensured the preservation in developing countries of monetary systems dependent on metropolitan countries that controlled the issuing institutions and their operations. The size of the emission was determined by the state of the balance of payments, and not by the needs of the economy. During and after the Second World War, on the basis of pre-war currency blocs, currency zones were created, the characteristic features of which are: maintaining a firm exchange rate against the main currency; storage of national currencies in the banks of the hegemonic country; preferential procedure for currency settlements within the zone.

In the early 80s, in most small states, including island states, national monetary systems were created, ensuring the stability of which is the most important condition for the normal development of national economies.

Features of the monetary system of the Russian Federation

The Law "On the Monetary System of the Russian Federation" dated September 25, 1992 establishes the legal basis for the functioning of the Russian monetary system.

The official monetary unit (currency) is the ruble. The law on the monetary system prohibits the issuance of other monetary units and monetary surrogates, and emphasizes the responsibility of persons who cut the unity of monetary circulation. The official ratio between the ruble and gold or other precious metals is not established. The exclusive right to issue cash, organize and withdraw it from circulation on the territory of the Russian Federation belongs to the Central Bank of the Russian Federation.

The types of money that have legal tender value are bank notes (banknotes) and metal coins, samples of which are approved by the Central Bank of the Russian Federation. Banknotes and metal coins are unconditional obligations of the Central Bank and are backed by its assets. They are obligatory for acceptance at their face value throughout the Russian Federation in all types of payments, as well as for crediting to accounts, deposits, letters of credit and for transfer.

Payments on the territory of the Russian Federation are carried out in the form of cash and non-cash payments. Forms of non-cash payments are determined by the rules established by the Central Bank in accordance with the legislative acts of the Russian Federation.

The Central Bank approves samples of payment documents used for non-cash payments: payment orders, bills of exchange, checks, etc.

The law divided the powers of the government and the Central Bank in the field of making banknotes. The Central Bank is only responsible for planning the volume of their production. It is also responsible for:

▪ creation of reserve funds of banknotes and coins;

▪ determination of rules for storage, transportation and collection of cash;

▪ establishing signs of payment of banknotes and the procedure for replacing and destroying banknotes;

▪ approval of the rules of cash transactions in the household.

The Government of the Russian Federation, together with the Central Bank, develops the main directions of economic policy, including monetary and credit. The implementation of monetary regulation of the economy of the Central Bank is carried out by using tools generally accepted in a market economy: determining the size and interest rate of refinancing (discount rate), reserve requirements and conducting operations on the open market. It regulates the amount and rate of growth of the money supply.

To carry out issuance and cash regulation, cash services for commercial banks, as well as enterprises, organizations and institutions, the main territorial departments of the Central Bank, cash settlement centers have circulating cash desks for accepting and issuing cash, as well as reserve funds of banknotes and coins. In 1992, regional reserve funds of banknotes and coins were also created in individual main territorial departments of the Central Bank. The balance of cash in the working cash register is limited, since it is included in the total amount of money in circulation. If the amount of money in the working cash register exceeds the established limit, then the excess money is transferred from the working cash register to the reserve funds.

Reserve funds of banknotes and coins are stocks of tickets and coins not put into circulation in the vaults of the Central Bank. These funds are created by order of the Central Bank, which sets their value based on the size of the turnover cash desk, the volume of cash circulation, storage conditions. The formation of reserve funds makes it possible to meet the needs of the national economy in cash, promptly renew the money supply in circulation, maintain the necessary banknote composition, and reduce the cost of transporting and storing banknotes.

The issuance of cash into circulation is carried out on the basis of an issuance permit - a document giving the right to support the working capital at the expense of reserve funds. In commercial banks, such funds are not created - they have operating cash desks, the maximum balance of money in which is determined in agreement with the Central Bank or its management. Cash services for commercial banks are carried out by settlement and cash centers on the basis of contracts.

Interbank loans in commercial banks of the Russian Federation

Commercial banks can replenish their credit resources at the expense of the resources of other banks, i.e., at the expense of interbank loans. Free credit resources are traded by financially stable commercial banks, which always have a surplus of resources. In order for these resources to generate income, banks seek to place them, directly or through intermediaries (exchanges), in other borrowing banks. For a bank, placing credit resources in other banks is advantageous compared to placing funds in an economy, since the guarantee of repayment of a loan from the bank is greater than from the economy. In addition to solid banks, banks that are at the stage of organization and development have free credit resources.

The terms of repayment of credit resources are very different - from 1 day to several years. The interbank loan rate is usually lower than interest rates on loans provided to business executives and correlates with the official discount rate of the Central Bank of the Russian Federation. The reason for attracting credit resources by the borrowing bank from other banks is to satisfy the needs of its customers for borrowed funds, that is, to expand their credit investments, and the need to regulate bank liquidity.

In the case of a loan from one bank to another directly, their relationship is formalized by an agreement that reflects the terms of the loan, the rate, the responsibility of the parties, etc.

In connection with the tightening of the credit policy of the Central Bank of the Russian Federation, which is expressed in an increase in the level of the discount rate and an increase in the required reserves, the demand of commercial banks for additional credit resources in the form of interbank loans increased. The attractiveness of interbank loans is also related to the fact that these funds are not taken into account as resources when calculating the amount of required reserves transferred by the Central Bank of the Russian Federation. For many banks that have not yet sufficiently adjusted their work on deposit transactions with the population or their clientele, interbank lending is a significant additional resource, although quite expensive.

In the conditions of a poorly developed interbank market in Russia, attracting interbank loans for short periods - from 1 to several days - is particularly difficult (associated with the weak technical support of banks), although these loans contribute to the normalization of the current liquidity of banks.

To characterize the state of the interbank loan market at present, a number of the largest banks in Russia and information and analytical agencies have approved a number of indicators: MIBOR (the average rate on interbank loans provided by the 9 largest banks of the Russian Federation), MIBID (the average rate at which the same banks are ready to buy interbank loans) and MIACR (average actual rate on interbank loans in these banks).

Interest rate policy of Russian banks

An important means of competition between banks for attracting resources is a varied interest rate policy, because the receipt of income on invested funds serves as a significant incentive for clients to make deposits. The level of deposit interest rates is set by each bank independently, focusing on the discount rate of the Central Bank of the Russian Federation, the state of the money market and based on its own deposit policy. For certain types of deposit accounts, the amount of income is determined by the term of the deposit, the amount, the specifics of the operation of the account, the volume and nature of related services, and finally, it depends on the client’s compliance with the conditions of the deposit (Shevchuk D.A., Shevchuk V.A. Money. Credit. Banks: Course lectures in a concise presentation - M: Finance and statistics, 2006).

In order to interest depositors in placing their funds in the bank, various methods of calculating and paying interest are used: simple and compound interest.

Simple interest - the actual balance of the deposit is used as the basis for the calculation, and with the established frequency, based on the interest stipulated by the agreement, the calculation and payment of income on the deposit take place.

Compound interest (calculated interest on interest). In this case, after the expiration of the settlement period, interest is charged on the deposit amount and the resulting amount is added to the deposit amount. Thus, in the next billing period, the interest rate is applied to a new base that has increased by the amount of previously accrued income. Compound interest is advisable to use if the actual payment of income is carried out at the end of the term of the deposit.

Attractive for the depositor is the use of an interest rate that progressively increases depending on the time the funds are actually in the deposit. This procedure for accruing income stimulates an increase in the period of storage of funds and protects the deposit from inflation.

Some banks, in order to compensate for inflationary losses, offer interest payments in advance. In this case, the depositor, when placing funds into the account, immediately receives the income due to him. If the agreement is terminated ahead of schedule, the bank will recalculate the interest on the deposit and the overpaid amounts will be deducted from the deposit amount.

For a depositor who chooses a bank for the purpose of placing funds, other things being equal, the procedure for calculating the interest rate for which banks use the base 365-366, and the other 360 days a year, which is reflected in the amount of income, can become decisive.

Stocks: types and characteristics

The share is a certificate of making a share in the capital of a joint-stock company, giving the right to control by voting, to receive income from the activities of the company, to a share in its own funds.

Registered and bearer shares are distinguished according to the method of registration. Registered shares provide for the designation of the name of the owner on the letterhead or share certificate. The name of the owner (holder) is not indicated on bearer shares. According to the legislation of the Russian Federation, shares can only be registered.

Depending on the type of rights, shares are divided into ordinary and preferred. Preferred shares (preferences, prefactions) give their holders privileges that ordinary shares do not have. The first privilege relates to assets: in the liquidation of a company, the claims to the assets of prefaction holders are satisfied in the first place compared to holders of ordinary shares. The second privilege relates to dividends: holders of prefactions usually receive a fixed dividend, expressed either in a certain amount of money or as a percentage of the nominal value. A fixed dividend is set for preferred shares when they are issued. When paying dividends, dividends on prefactions are paid first, then dividends on ordinary shares.

Securities in the Russian Federation. Types and characteristics

The classification of securities is primarily determined by their intended purpose, which in turn determines the conditions of issue, quotation and their profitability. On this basis, securities are divided into:

1) shares of private companies, mixed and state companies;

2) bonds of joint-stock companies, banks and financial institutions;

3) semi-securities (vouchers);

4) Financial instruments (bills, savings, deposits, investment certificates);

5) government securities:

a) GKOs with a three-month validity period b) GKOs with a six-month validity period c) GKOs with an eight-month validity period d) GKOs with a one-year validity period e) Bonds of domestic foreign currency loans and Vnesheconombank f) financial instrument (gold certificate of the Ministry of Finance of the Russian Federation).

shares serve three main purposes. Firstly, their release is necessary when organizing a joint-stock company in order to provide a new enterprise with a certain initial capital for the development of economic activity. Secondly, this is the attraction of additional financial resources already in the course of economic activity. Thirdly, the issue of shares is used for an exchange for the purpose of merging with another company. The profitability of shares is determined solely by the payment of dividends on them.

Bonds issued by companies serve the sole purpose of raising funds to renew fixed capital, replace equipment, and expand production capacity. As a rule, bonds are issued in three cases, when corporations or companies do not have enough own financial sources (profit and depreciation) to expand their economic activities.

A feature of bonds issued by companies is differentiated terms: from one or more years. Bond yields are usually determined by the annual interest payment (which is quite high).

The next important type of securities are bonds issued by the central government and local governments, usually to cover budget deficits. The fact is that the executive branch does not have enough tax revenues to balance its budget expenditures, and money emission leads to inflation. Therefore, an important additional element of cost coverage is government loans, i.e., the issue of bonds by various levels of executive power (central and local) for different periods - from several weeks to several years. Depending on the period of issue of bonds, their income fluctuates, that is, the percentage paid to buyers by the state.

Thus, the securities market, depending on the type of securities, is divided into markets for shares, private bonds and government bonds. The last two are sometimes called the bond market. Between these types of securities there is constant competition in terms of profitability, that is, we are talking about the ratio of dividend on shares to interest paid on private and government bonds, on the one hand, and the ratio between interest on private and government bonds, on the other.

Loan capital market: structure and functions

Loan capital is money lent for a certain percentage subject to repayment.

The modern structure of the loan capital market is characterized by two main features: temporary and institutional.

On a temporary basis, they distinguish between the money market, in which loans are provided for a period of several weeks to one year, and the capital market itself, where funds are issued for longer periods: from a year to five and from five or more.

On an institutional basis, the modern loan capital market implies the presence of two main links: the credit system (a set of various financial institutions) and the securities market, which is divided into the primary market, where new issues of securities are sold and bought, the exchange (secondary) market, where previously issued securities are bought and sold, as well as the over-the-counter (street) market, where securities are sold that cannot be sold on the stock exchange.

The temporal and institutional features of the loan capital market are characteristic of all countries. At the same time, the state of the national market is judged on an institutional basis, that is, by the presence of two main tiers: the credit system and the securities market.

The functions of the loan capital market are determined by its essence and the role it plays in the system of the capitalist economy, as well as by the tasks of reproducing capitalist production relations.

There are five main functions of the loan capital market (Denis Shevchuk):

1. Maintenance of commodity circulation through credit;

2. Accumulation or collection of monetary savings of enterprises, population, state, as well as foreign clients;

3. Transformation of monetary funds directly into loan capital and its use in the form of capital investments to service the production process;

4. Servicing the state and the population as sources of capital to cover government and consumer spending;

5. Accelerating the concentration and centralization of capital, promoting the formation of powerful financial and industrial groups.

These functions of the loan capital market are aimed at maintaining the capitalist mode of production and ensuring the functioning of the economic system of state-monopoly capitalism. Reflecting the accumulation and movement of monetary capital, the loan capital market is organically connected with the movement of value in its monetary form, with the formation and use of various monetary funds in the form of credit resources and securities. Through the market of loan capital as an economic category, it is possible to measure and determine the movement, volume, direction of monetary funds used for the development of capitalist reproduction, to establish the class spectrum of the use of monetary capital, and its impact on socio-economic relations.

Securities market: structure and functions

1) shares of private companies, mixed and state companies;

2) bonds of private companies, mixed and public companies and corporations;

3) government bonds issued by the central government and local authorities.

A feature of bonds issued by companies is differentiated terms: from one or more years. Bond yields are usually determined by the annual interest payment (which is quite high).

Primary securities market. Methods of issue of securities

The primary securities market, as a rule, covers only new issues of securities and mainly the placement of bonds of commercial and industrial corporations (the latter come into direct contact through investment banks and banking houses with financial institutions) that purchase these securities. Through the primary market, the reproduction process is mainly financed. There is a collective investor in the primary market represented by large credit and financial institutions, primarily CBs, insurance companies, pension and investment funds. Primary turnover has its own methods of trading securities, mainly bonds, allowing direct communication between the issuer of securities and their buyer. However, the only organizing intermediary here is investment banks. The primary market, which has its own placement methods, is an independent, rather complex and branched mechanism. However, this mechanism does not have its own specific place for trading securities, unlike the exchange. The peculiarity of the primary market also lies in the fact that it passes through itself new issues of shares and bonds, which then, when they are subsequently bought and repurchased, go to the stock exchange. But the vast majority of new bonds are not returned to the stock exchange and are in the hands (assets) of financial institutions.

The main role of the primary market is related to the trading of bonds, but shares are also sold on it. In these cases, mediation is usually undertaken by the investment. banks, banking houses and specialized brokerage and dealer firms. The volume and value of shares of primary turnover are significantly inferior to those of the stock exchange, but there is a tendency to their growth. The wide entry of shares, for example, in the United States, to the primary market is associated mainly with the peculiarities of diversification processes and speculative transactions, as well as with the specifics of the formation of new companies. In addition, the costs of listing shares here may be lower than on the stock exchange, where expensive specialized intermediaries usually operate. Assessing the quantitative and cost ratio of the primary market and the stock exchange, we can say that in quantitative terms the primary market is larger than the stock market, since the first receives a large number of issues of securities every year. At the same time, in terms of value, the exchange market can be larger than the primary one, since a lot of expensive stock values are concentrated on the exchange. In addition, frequent speculation, booms, and inflation push the stock price up.

Emission methods include:

Underright - subscription;

Direct (direct) - the direct sale of corporations to investors, bypassing banks, acting only as consultants;

Public - when several banks merge and begin to place on the terms of the issuing corporation;

Competitive bidding - auctions;

New technology of placement of securities - corporations create special departments that directly place securities.

Stock exchange: organizational and functional mechanism in the Russian Federation

The exchange is a market where they sell their securities, mainly shares, on the one hand, corporations and financial institutions in need of additional funds, and on the other hand, individuals, various organizations seeking to profitably invest personal savings. Corporations selling shares on the stock exchange sell investors (buyers) a share of their property.

At the same time, the peculiarity of the exchange as a securities market is that it mainly sells and buys shares of old issues, i.e., there is a transfer of existing shares from one owner to another. These types of transactions usually do not generate new capital, but they do create what is known as liquidity to increase the amount of cash. Without liquidity, savers would not buy new share issues.

The purchase of shares by an investor is not only the acquisition of a share of ownership in some enterprise, but also the responsibility and certain financial risk of the entrepreneur. If the company makes a profit, the buyer of shares will receive a reward in the form of additional income, otherwise he will remain without a dividend or lose his contribution in the event of the company's bankruptcy.

Investors are attracted to stocks because their value can grow much faster than deposits in banks or government securities. In the conditions of an economic boom, inflationary processes, the price of a share grows especially quickly. At the same time, the profit from such growth is purely theoretical and can only be realized through the sale of shares. The attractiveness of this form of capital investment is also explained by certain tax incentives.

In general, the exchange accepts a significantly larger number of depositors indirectly, mainly through the pension funds of enterprises, which partially invest in securities through the exchange.

Characteristics of the secondary securities market

The secondary securities market is a stock exchange where they sell their securities, mainly shares, on the one hand, corporations and financial institutions in need of additional funds, and on the other hand, individuals, various organizations seeking to profitably invest personal money. Corporations, selling shares on the stock exchange, sell investors (buyers) a share of their property.

At the same time, the peculiarity of the exchange as a securities market is that it is mainly used to sell and buy shares of old issues, i.e., there is a transfer of existing shares from one owner to another. These types of transactions usually do not lead to the formation of new capital, but they create the so-called liquid funds, allowing you to increase the amount of cash. Without the availability of liquidity (the ability to sell shares at any time), investors would not buy new issues of shares.

Operations for the sale of shares are carried out on the exchange, that is, in certain markets or places. At the same time, central and regional exchanges are distinguished.

The purchase of shares by an investor is not only a share of ownership in some enterprise, but the responsibility and certain financial risk of the entrepreneur. The buyer of the shares will be rewarded in the form of additional income if the corporation or company makes a profit. Otherwise, the shareholder will be left without a dividend. He may also lose his contribution if the company goes bankrupt.

In general, the exchange accepts a significantly larger number of depositors indirectly, mainly through the pension funds of enterprises, which partially invest in securities through the exchange.

Features of retail banking services - Retail banking ("Retail banking")

The provision of retail banking services is one of the promising areas of the banking business, which is becoming more and more important for domestic credit institutions day by day (Denis Shevchuk). Meanwhile, work with the population has its own specifics. In particular, when organizing it, it is necessary to provide mass customer service, create a network of additional offices, operating cash desks and exchange offices, and expand the list of services offered as much as possible. In transactions with individuals, as a rule, small amounts of money are involved, therefore, when implementing this service, the bank will have to minimize its costs in this area. Hence the stringent requirements for the means that automate it.

The software package can be designed to automate the front- and back-office divisions of the bank and covers almost all areas of its activities in servicing individuals. Databases and algorithms are designed and developed in such a way that they can serve a large number of clients at the same time. There are various schemes for organizing the information and accounting process: online (when transactions are simultaneously performed with a single database in several bank divisions) and offline (when the databases of these divisions are separated). Software products built within the framework of a single ideology can be used in divisions of a credit institution with a different number of employees, volume and range of operations performed.

The system automates a wide range of retail banking services, including the following operations:

▪ on household deposits in rubles and foreign currency (with the implementation of logical and arithmetic control over the correct execution of these operations);

▪ with plastic cards;

▪ currency exchange (including acceptance for collection and examination) and with traveler's checks;

▪ with securities, lottery tickets, commemorative coins and precious metals;

▪ with safe deposit boxes;

▪ for accepting utility payments using cash registers and without using them;

▪ on accounting of valuables stored in various departments of the bank, as well as their acceptance for collection at the evening cash desk and the recounting desk;

▪ other incoming and outgoing cash transactions, as well as issuing cash using an electronic cashier.

Activity can be automated operating cash desks outside the cash node installed in trade organizations, allowing you to pay for goods both in the national currency and in the currency of other states.

The system can implement universal "Operating cash desk", which allows you to work with various types of valuables (currency, plastic cards, payment documents, securities and forms, coins, ingots) and provides a unified accounting of these valuables within the organizational and staffing structure of the bank.

The system allows you to implement any organizational and staffing structure of a credit institution, using flexible mechanisms for distributing user rights, assigning necessary functions, and combining users into groups (teams, shifts).

It is possible to automate both the calculation of taxes for various types of transactions, and the maintenance of accounts of non-resident clients in accordance with the requirements of the tax authorities.

The execution of transactions must comply with all the requirements of the current regulatory and legislative acts of the Central Bank of the Russian Federation and the Savings Bank of Russia for the provision of services to individuals (both residents and non-residents).

The system allows you to carry out in the central branch of the bank arithmetic and logical control of operationsheld in subordinate branches. Thanks to the flexible mechanism for reflecting transactions performed on the bank balance sheet (account account assignment), the client can set up any accounting posting schemes these operations.

Integration with other back office applications allows you to set up the necessary technological chains to meet almost any accounting requirements for various types of banking services. To work with the database, you can use SQL queries and restore the database in case of its destruction as a result of a system failure.

The essence of money, their functions

The essence of money lies in the fact that it is a specific commodity type, with the natural form of which the social function of the universal equivalent grows together.

The essence of money is expressed in the unity of three properties:

▪ universal direct exchangeability;

▪ crystallization of exchange value;

▪ materialization of universal working time.

Consequently, the money that arose from the resolution of the contradictions of the commodity is not a technical means of circulation, but reflects deep social relations.

In its evolution, money appears in the form of metal (copper, silver, gold), paper, credit and a new type of credit money - electronic money.

Money performs five functions: measures of value; means of circulation; means of formation of treasures, savings and savings; means of payment; world money.

Theories of money and inflation

The evolution of the theories of money is determined by the economic and political conditions of development, but all these theories are aimed at developing practical recommendations in the field of economic policy.

In the theories of money, three main areas should be distinguished: 1. Metallic; 2. nominalistic; 3. Quantitative.

metal theory identified money with precious metals - gold and silver and reflected the interests of the commercial bourgeoisie and its direction in political economy - mercantileism. According to this theory, the source of society's wealth is foreign trade, the surplus of which ensures the flow of precious metals into the country.

Nominalist theory denied the intrinsic value of money to justify the defacement of coins in order to increase the revenue of the treasury. The essence of nominalism was most clearly manifested in the theory of the German economist G. Knap. Its main provisions boiled down to the following: money is a product of the state legal order, a creation of state power; money is a charter means of payment, i.e., signs endowed by the state with payment power; The main function of money is a means of payment.

Quantity Theory of Money explains the level of commodity prices and the value of money by their quantity in circulation and became dominant in Western economic thought at the beginning of the 60th century as an important part of the neoclassical theory of reproduction. The most popular are two options - transactional and Cambridge. In the 80-XNUMXs, there was a revival of the quantity theory of money in the form of one of the neoclassical trends in political economy - monetarism, according to the theory of which the amount of money in circulation is the determining factor in the formation of the economic situation, since there is a direct relationship between changes in the money supply in circulation and the value of the gross national product.

Currently, there are three main directions in the theory of inflation:

1. Keynesian theory of inflation caused by excess demand. Representatives of this theory proceed from an analysis of the income and expenses of business entities and their impact on increasing demand. They believe that increased demand from the state and entrepreneurs leads to increased production and employment. At the same time, an increase in population demand leads to inflation, since demand is unproductive in nature;

2. Monetarist quantitative concept. Representatives of this school of thought view inflation as a monetary phenomenon, that is, the result of an excess amount of money in circulation and propose to maintain it at a moderate level, since inflation causes an increase in industrial production;

3. Extraordinary Cost Theory. This theory explains the rise in prices by an increase in production costs, associated mainly with an increase in wages.

Credit money, their types

The expansion of commercial and bank credit in the economy, in conditions where commodity relations have acquired a comprehensive character, has led to the fact that credit money, which belongs to the highest sphere of the socio-economic process and is governed by completely different laws, has become the general commodity of contracts.

The immediate form of commodity circulation is C-M-C, that is, the transformation of a commodity into money and the reverse transformation of money into a commodity. For the circulation of goods, a specific commodity is allocated from their environment, endowed with monetary functions. In the conditions of developed capitalist production, when not the circulation of goods, but the circulation of capital becomes ubiquitous, the latter also allocates from its Environment a part of capital, which is given monetary functions.

In simple commodity production, circulation is separated from production, and commodities find social recognition only through their conversion into money. Under capitalist production, which is characterized by the formula M-C-M, circulation is only one of the moments of production. In this case, the product does not need to receive public recognition only through money. He finds it in the very process of production, acting as capital, which is a social relation. Money expresses here a social bond that was already established before it began to function.

As circulation develops, the money form becomes more and more fleeting. At the same time, goods are increasingly gaining social recognition not so much through money, but directly in the process of production. Therefore, the labor time contained in them already in the process of production begins to appear as socially necessary, as a result of which the commodities turn out to be capable of being correlated with each other already at this stage, and not after they have been previously equated with the money commodity in circulation. Thus, credit money arises when capital takes possession of production itself and gives it a completely different, modified and specific form than before. They do not grow out of circulation, like commodity-money in the pre-capitalist formation, but out of production, out of the circulation of capital.

Since the main object of exchange relations under capitalism is not the commodity as such, but commodity capital, the role of money is played not by the money commodity, but by money capital. Consequently, it is not money that appears in the form of money capital, but money capital in the form of credit money.

Credit money has gone through the following evolution: bill, accepted bill, banknote, check, electronic money, credit cards.

Bill, its essence, types

A bill of exchange is a written obligation of the debtor (promissory note) or an order from the creditor to the debtor (bill of exchange - draft) to pay the amount indicated on it after a certain period. A promissory note and a bill of exchange are a type of commercial bill. There are also financial bills, that is, debt obligations arising from the provision of a certain amount of money on credit; their variety is treasury bills (here the debtor is the state). Friendly bills are put on top of each other for the purpose of their subsequent accounting in the bank. Bronze (or inflated) bills - debt obligations that do not have real security.

The characteristic features of the bill are:

▪ abstractness - the specific type of transaction is not indicated on the bill of exchange;

▪ indisputability - mandatory payment of the debt up to the adoption of compulsory measures after the notary draws up an act of protest;

▪ negotiability - transfer of a bill of exchange as a means of payment to other persons with an endorsement on its back (giro or endorsement), which creates the possibility of mutual offset of bill obligations.

The circular force of a bill increases as the number of endorsements increases. But such bills had limited circulation due to the lack of information about the solvency of girants. The limitation of the circulation of bills was overcome with the help of bank acceptance of bills, which received a payment guarantee from large banks.

However, despite this, the use of the bill has its limits: firstly, the bill serves only wholesale trade; secondly, even in wholesale trade, the balance of mutual claims is settled in cash; thirdly, a limited circle of persons who are confident in the solvency of the drawer and endorsers (girants) are involved in the circulation of bills.

Government securities (western model)

Marketable securities, which account for 2/3 of the total debt and which are freely sold and bought, are represented by treasury bills, notes and bonds.

Promissory notes - obligations for 3, 6 and 12 months - do not contain interest coupons and are sold at a discount from face value, but are redeemed at full face value. As a rule, they are placed among financial institutions and commercial and industrial corporations, and are also used as a secondary reserve of liquid funds. This provides loan capitalists with the appropriation of interest income, since term deposits do not bring additional income.

Notes - medium-term bonds with a term of one to 5 years, which can be used for the subsequent payment of taxes. Interest on them is paid once every six months. The use of notes, as well as certificates of indebtedness, enables corporations to earn large returns on funds earmarked for taxes until due date.

Bony - long-term bonds for a period of 5 to 25 years, the interest on which is paid twice a year.

Difficulties in the placement of government securities led to the issuance of non-marketable securities, consisting of savings bonds and tax savings notes. The latter can be presented for payment at any time at the request of the depositor. However, under the current conditions for early presentation, the interest is sharply reduced. The main purpose of issuing non-marketable securities is to attract the public's money savings.

Commercial banks: essence, types and role in the economy (Western model)

A commercial bank is a commercial institution created to attract funds from legal entities and individuals and place them on its own behalf on the terms of repayment, payment of urgency, as well as other banking operations. On the one hand, a bank, like any other enterprise, is created to satisfy the interests of the bank's owner (shareholders) and public interests (clients). On the other hand, a bank is a special type of enterprise that organizes and carries out the movement of loan capital, providing profit to the owners of the bank (Denis Shevchuk).

Commercial banks can be classified according to a number of features: by the nature of ownership (state, joint-stock, cooperative, private, municipal and mixed); by types of operations (universal and specialized); on a territorial basis (international, republican, regional and serving several regions of the country); by industry orientation (industrial, agricultural, construction, trade).

The main functions of commercial banks are:

▪ mobilization of temporarily free funds and turning them into capital;

▪ lending to enterprises, the state, the population;

▪ issue of credit money;

▪ making settlements and payments on the farm;

▪ issuing and founding function;

▪ consulting, presentation of economic and financial information.

In modern conditions, the influence of banks on the economy is increasing. The activity of credit institutions is not limited to the accumulation and placement of the growing mass of funds of companies, enterprises and part of the population. They contribute to the accumulation of capital, not only actively intervening in all aspects of economic life, but also directly participating in the activities of functioning capital or exercising control over it. Thanks to banks, there is a mechanism for the distribution and redistribution of capital across spheres and branches of production, which to a large extent ensures the development of the national economy, depending on the objective needs of production. By financing the additional needs of industrial, transport, and agricultural enterprises for investment and expansion of production, banks have the opportunity to influence the creation of a progressive reproductive structure of the national economy.

Commercial banks: essence, types and role in the Russian economy

In accordance with the legislation of the Russian Federation, a bank is a commercial institution created to raise funds from legal entities and individuals and place them on its own behalf on the terms of repayment, payment for urgency, as well as other banking operations. On the one hand, a bank, like any other enterprise, is created to satisfy the interests of the bank's owner (shareholders) and public interests (clients). On the other hand, a bank is a special type of enterprise that organizes and carries out the movement of loan capital, ensuring profit for the owners of the bank.

The formation of a banking system corresponding to a developed market economy in the Russian Federation began in 1987 and was subsequently accompanied by an increase in the number of commercial banks.

The main functions of banks are: mobilization of temporarily free funds and their transformation into capital; lending to enterprises, the state and the population; issue of credit instruments of circulation (credit money); implementation of settlements and payments in the economy; issuing and founding activity; consulting, provision of economic and financial information.

In developed countries, thanks to banks, there is a mechanism for the distribution and redistribution of capital across spheres and branches of production, which to a large extent ensures the development of the national economy, depending on the objective needs of production. By financing the additional needs of industrial, transport, and agricultural enterprises for investment and expansion of production, banks have the opportunity to influence the creation of a progressive reproductive structure of the national economy.

At present, the activity of commercial banks of the Russian Federation in lending to enterprises does not effectively influence the structural and investment policy. In the activities of many commercial banks, lending is not the main place. The need for a qualitative improvement in lending in the activities of commercial banks of the Russian Federation requires an increase in the allocation of resources for investment purposes, the introduction of new forms of lending into banking practice.

During the period of transformation of the Russian economy, the regulation of deposit emission has become an acute problem. Instability of monetary circulation, inflation on a significant scale required the Central Bank of the Russian Federation to pursue a policy of limiting the supply of credit resources to commercial banks. Limiters on the ability of commercial banks to increase the money supply are, first of all, reserve requirements and the level of the interest rate of the Central Bank when lending to commercial banks. In addition, the Central Bank has set limits on the growth of centralized loans and directs them to priority sectors of the national economy.

Nevertheless, at present, in modern conditions, the trend continues to expand the functions of commercial banks, which, in order to improve banking liquidity, generate income, and take positions in the market, develop operations and services that were previously uncharacteristic for banks (Denis Shevchuk).

Passive operations of commercial banks of the Russian Federation

The liability of the bank's balance sheet consists of capital and current items. Capital articles of liability - share capital, reserve capital and retained earnings; current items - primarily bank deposits (deposits) and some others.

Passive operations are called operations with the help of which bank resources are formed.

Banking resources are divided into own and borrowed. Of great importance are passive operations, as a result of which the bank's own capital is formed. The presence of this capital serves as the basis for attracting foreign funds. The sources of equity capital are: share capital (authorized fund), reserve capital (reserve and other funds formed from profit) and retained earnings.

The attracted funds of commercial banks form the predominant part of banking resources and consist of deposits (deposits) and credits (loans) received by the bank. Acceptance of funds from depositors and other creditors is the main type of passive operations of banks.

The main source of attracted funds are deposits, which make up a significant part of all liabilities of commercial banks. Deposits are divided into the following types: demand deposits, time and savings deposits, and are the main source of banking resources.

Other sources of bank resources are cash funds that the bank raises on its own in order to ensure its liquidity. An increase in demand for bank loans, an increase in inflation rates, on the one hand, and a relatively slow growth in demand deposits, on the other, made it necessary for banks to attract additional sources. Among them - loans received from other banks; securities sold under repurchase agreements; loans in the Eurodollar market. They are called managed liabilities. These liabilities give banks the opportunity to compensate for deposit losses, to be prepared for unforeseen circumstances (for example, an unexpected outflow of deposits, unexpected loan applications).

Commercial banks can obtain loans by acquiring reserve funds from central banks. Such funds are deposit balances held in accounts with central reserve banks. As a result of unexpected inflows of deposits or contraction of loans, commercial banks can create excess reserves that do not generate income, which they provide for a short time at the disposal of other banks. Reserve funds differ from other forms of bank credit in that they are funds held in accounts at reserve banks: drafts drawn into these accounts are paid immediately.

Obtaining a loan from the central reserve bank is a traditional passive operation of commercial banks associated with the provision of assistance to them by the central bank in case of a temporary shortage of reserves (Denis Shevchuk).

Repurchase agreements emerged as new sources of resources for commercial banks. Such an agreement may be between a bank and a firm (or dealers in government securities). When a firm wants to invest a large amount of money for a very short period of time, it puts it into a buyback agreement because it has a lot of liquidity. The firm can return the funds the next day and receive only slightly lower interest on them than on certificates of deposit. These agreements have become an important channel for the placement of temporarily free funds.

Eurocurrency loans are a financial instrument for managing passive operations arising from deposits denominated in foreign currency and kept in commercial banks of a given country. Eurocurrency banking business has acquired a global character. Eurodollars are the leading eurocurrency in the structure of the international loan capital market. Commercial banks that have such deposits use them for lending operations.

Formation of own resources of Russian banks

The share capital is formed by issuing bank shares, voluntary monetary and material contributions of shareholders (founders) of the bank. Accumulation of profit is the main resource for increasing share capital. Its increase is carried out by decision of the meeting of shareholders (shareholders) by determining the dividend paid to shareholders from the profits received, as well as by selling additional shares. The share price depends on the level of dividends. With the growth of the dividend, the market value of the bank's shares increases and thus the income of shareholders increases, and hence the registration value of the share capital. At the same time, the demand for shares expands, which makes it possible for the bank to issue an additional series of shares. However, since the additional issue of shares is associated with certain costs, this method of increasing capital is used if it affects the profitability of the bank as a result of effective lending and investment.

The reserve capital (reserve fund) is formed from annual deductions from profits, the amount of which is established by the meeting of shareholders. This capital is intended to cover possible losses on the bank's operations (for example, from outstanding loans) and other purposes related to securing the bank's obligations. Its minimum size is regulated in accordance with banking legislation.

Retained earnings is the part of the profit remaining after the payment of dividends and deductions to the reserve capital. Its increase is possible due to the accumulation of profits by investing the bank's income in certain types of assets (loans or investments).

In the structure of balance sheet liabilities, the share of own capital is insignificant. However, it should be sufficient to fulfill the obligations assumed by the bank, protect the interests of depositors and other creditors, and prevent the bank from going bankrupt. Controls the activities of commercial banks, the state requires the maintenance of a certain level of equity capital. Thus, the Central Bank of the Russian Federation establishes capital adequacy ratios for commercial banks. This indicator is determined by the minimum allowable size of the bank's authorized capital and the maximum ratio of its entire capital to the amount of assets, taking into account risk assessment.

Attracted resources of commercial banks in the Russian Federation

Demand deposits (termless deposits) can be withdrawn by the depositor or transferred to another person at the first request of the owner. A current account is opened for the depositor, on which one can receive cash at any time or write out a check (or other settlement and payment document). The vast majority of exchange transactions (payment turnover) is carried out with the help of demand deposits, which perform the function of a medium of exchange.

Term deposits are credited to deposit accounts for an indefinite period and interest is paid on them. The owner of the deposit receives a certificate of deposit, which indicates the invested amount, interest rate, maturity and other terms of the agreement. The interest rate depends on the size and term of the deposit. Term deposits cannot be withdrawn by checks. Before the due date of the payment, the depositor can withdraw the deposit only after prior notice provided for by the agreement. On occasion, deposits may be withdrawn without prior notice, but in doing so, the client generally loses interest in the form of a penalty for early withdrawal.

Banks can issue time deposits for any amount with any characteristics.

Most varieties of certificates are not transferable to another person, and therefore can only be converted into cash by returning them to the bank that issued them.

Large size certificates of deposit are a new type of certificates. They attract large firms and banks, are short-term (issued for a period of not more than a year) and can be transferred to another person. The owner of such a certificate can sell it for cash before maturity on the secondary market. These certificates are bought by investors involved in securities transactions.

Term deposits for the bank, as a rule, are more attractive, because for a certain period they allow it to keep a smaller reserve (i.e., provide liquidity) than demand deposits (which can be withdrawn at any time).

Savings deposits are non-checkable, interest-bearing deposits that can be withdrawn immediately. There are the following types of deposits: savings book accounts (the depositor must present the book in order to make a deposit or withdrawal); accounts with a statement of the state of the savings deposit (the depositor deals with the bank through the mail without using savings books); money market deposit accounts. The latter are a new type of savings deposits that do not use a savings book to record transactions, and the interest rates are adjusted weekly by each bank independently in accordance with changing market conditions.

The deposits described above are the main source of bank resources. The structure of deposits in commercial banks varies depending on the money market conditions and state regulation of the rate of interest on deposits. By carrying out passive transactions related to deposits, managers control the situation, taking into account the volume of costs for different categories of deposits, possible risks, and make efforts to attract deposits and optimize their structure.

Liability management in commercial banks of the Russian Federation

The theory of liability management, which develops and supplements the liquidity management policy of commercial banks, is based on the following two statements.

First, a commercial bank can solve the liquidity problem by attracting additional funds by buying them on the capital market. In reality, this statement has found practical implementation in Western countries.

Secondly, a commercial bank can ensure its liquidity by resorting to extensive borrowing of funds from the Federal Reserve System or from correspondent banks, as well as to loans received on the Eurocurrency market.

In the Russian banking system, financial instruments for managing the liquidity of commercial banks through passive operations of managed liabilities) are currently very limited. This is due to reasons related both to certain difficulties and complexities of the transition of the entire economy of the national economy to market relations, and to the fact that the banking system of the Russian Federation is still too young, is at the stage of formation, development and, in fact, has very little operating experience. For these reasons, CBs in many respects do not correspond to the real images of commercial banks that have established themselves in countries with stable market economies.

The low activity of many commercial banks in the Russian Federation is associated with very severe economic consequences, including their closure and bankruptcy. Therefore, those banks that quickly master the arsenal of global liquidity management practices will ensure for themselves a stable, reliable, competitive nature of work in banking systems as a whole.

Active operations of commercial banks of the Russian Federation

Banking assets, like liabilities, consist of capital and current items. Capital items of assets - land, buildings owned by the bank; current - bank cash, discounted bills and other short-term liabilities, loans and investments. From the point of view of liquidity and profitability, four groups of banking assets can be distinguished.

The first group of bank assets is primary reserves. These are the most liquid assets, which include bank cash, checks and other payment documents in the process of collection, funds for corr. accounts with other commercial banks. Such assets do not generate income, but serve as the main source of the bank's liquidity.

The second group of assets is secondary reserves. These are low-yielding but highly liquid assets, which include bills of exchange and other short-term securities, demand loans and short-term loans to prime borrowers. The main purpose of this group of assets is to serve as a source of replenishment of primary reserves.

The third - the most important part of bank assets - a portfolio of bank loans. Bank loans are the most profitable, but also the most risky assets. This group of assets is the main source of the bank's profit.

The fourth group of banking assets is formed by a portfolio of securities (portfolio of bank investments). The formation of this portfolio has two goals: to bring income to the bank and to be an addition to secondary reserves as long-term securities mature and turn into short-term ones.

Up to 80% of banking assets account for accounting and loan operations, or credit operations and operations with securities. The first type includes lending operations. Operations in which banks act as guarantors, but do not invest their own funds, do not appear in the balance sheet asset, but are reflected in off-balance accounts and are called off-balance sheet, in addition to various types of guarantees, this includes unused obligations to provide loans, futures transactions with currencies and securities, various intermediary and trust operations. At the present stage, the share of bank profits received from off-balance sheet operations has sharply increased.

Increasing use of securities as a method of mobilizing resources ("securitization", "titrization") has influenced the structure of banking operations in several ways. First of all, the proportion of commercial banks' operations with securities increased. The second direction is the transformation of bank claims on their borrowers into securities, usually bonds ("securitization"). The most common form is the issuance of bonds by a bank based on the obligations of borrowers on a mortgage loan. By selling bonds on the secondary market, banks refinance mortgage loans to their customers. Finally, securitization led to an expansion of off-balance sheet trading in securities.

Loan operations of commercial banks in the Russian Federation: essence, types, characteristics

Depending on the economic content and purpose, accounting and loan (credit) operations are divided as follows:

▪ loans for commercial purposes:

a) for temporary needs to finance the current working capital needs of industrial, commercial, and agricultural enterprises;

b) for capital investments, expansion and modernization of fixed capital in various industries; c) for stock market speculation;

▪ consumer or personal loans for housing construction, purchase of durable consumer goods, payment for education, treatment, etc.

By category of borrowers, bank loans are distinguished:

▪ joint-stock companies and private enterprises;

▪ credit and financial institutions;

▪ government and local authorities.

Bank loans may be unsecured or secured (collateral).

By maturity, loans are divided into demand loans and term loans. The latter are divided into short-term (from 1 day to 1 year), medium-term (from a year to 8 years) and long-term (more than 8 years).

Bank loans according to the method of repayment are divided into two - direct and in installments. According to the first, the entire principal debt is repaid on one end date by a lump-sum payment (excluding interest), according to the second, the loan is written off in equal installments throughout the term of the loan agreement and is usually applied to medium-long-term loans.

Sources of loan repayment depend on the type of loan. Short-term loans are usually repaid by liquidating the inventory or receivables for which the borrower received the loan. Medium-term and long-term loans are repaid from the profit received from the use of the loan. Interest on a loan may also be paid in a lump sum at the end of the loan term or in equal installments throughout the life of the loan.

Documents submitted by the borrower for obtaining a loan from a commercial bank of the Russian Federation

To obtain a loan, an enterprise must submit the following documents to the bank serving it:

1. Application-petition for a loan (it indicates the amount, purpose and term of the requested loan).

2. Feasibility study of the need for a loan (allows you to judge the effectiveness of the loan, the results of the payback period and, therefore, the terms of the loan repayment) or business plan

3. Copies of contracts or other documents confirming the purpose of the loan in accordance with the feasibility study and the possibility of its repayment.

4. Balances: annual and as of the last reporting date (used to determine the solvency and creditworthiness of the client)

5. Draft loan agreement (according to the form adopted by this bank).

6. A pledge agreement or a guarantee agreement, or a borrowers' liability insurance agreement in case of loan default. Depending on the form of loan repayment security chosen in agreement with the bank, they are attached to the loan agreement.

7. Urgent obligation - an order to repay the loan in accordance with the established deadlines.

8. Certificate of borrowed funds received from other banks (indicate the creditor bank, the amount of the loan taken, the form of its security and the repayment period).

If an enterprise applies for loans to other banking institutions, i.e., not at the location of the main account - settlement account, it must submit in writing to this bank institution a loan application containing the following information: full and abbreviated name of the borrowing enterprise, with indicating the form of ownership, the method of capital formation, the composition of structural divisions and branches; legal address of the enterprise; name of the bank institution where the current account is opened; name of the founders; by whom and when the enterprise was registered; main activities; business plan (or protocol of intent); the amount of authorized capital, including paid-up capital; the book value of the property owned by the enterprise, including fixed and working capital, of which they are pledged or insured; the purpose and amount of the loan requested; desirable conditions for obtaining a loan (term, interest rate, repayment procedure: one-time, phased, proposed types of collateral); names of the heads of the enterprise and economic services who have the right to sign on bank documents.

Simultaneously with the loan application, the borrowing company must submit to the bank its charter and balance sheet, notarized, as well as other statistical reporting, allowing, together with the balance sheet, to judge its solvency and profitability, copies of the memorandum of association, registration certificate, a card with sample signatures of the first persons and enterprise print.

Forms of loan security

The banking legislation of the Russian Federation provides that the issuance of a loan by commercial banks should be made under various forms of loan security. The most important types of credit collateral widely used abroad and adopted by commercial banks of the Russian Federation are: collateral, guarantees, guarantees, credit risk insurance, assignment (cession) in favor of the bank of the borrower's claims and accounts to a third party, etc.

The borrower can use one or several forms at the same time as loan collateral, which is fixed in the loan agreement. Security obligations for loan repayment are drawn up together with the loan agreement and are a mandatory annex to it (Shevchuk D.A. Banking operations. - Rostov-on-Don: Phoenix, 2006).

Operations of commercial banks of the Russian Federation with securities

1. Issue of shares

2. Issuance and redemption of marketable debt

3. Bank investments in securities

4. Intermediary operations of the bank

5. Pledge transactions with securities

Investment activity of Russian banks

Currently, investment banks do not operate in the Russian Federation, their functions are performed by the largest commercial banks that provide loans to medium-term and long-term investment projects.

In modern conditions, the role of commercial banks in financing the Russian economy on a new technological basis is significantly increasing. Large banks carry out in practice the transfer of capital to more profitable, promising industries, bearing direct responsibility for their choice. Financing long-term investment programs involves the analysis and control of the current activities of enterprises by banks, but not all enterprises are ready for this. Where this happens, banks become direct active participants in the development of strategies and financial support for the innovative activities of enterprises and scientific organizations within the framework of new organizational structures.

The seriousness of banks' intentions in terms of investments in the real sectors of the economy is also evidenced by the development by large banks of such a line of activity as project financing.

One of the effective ways to solve the problem of investment is the creation of financial and industrial groups, holdings. CBs actively supported the idea of such associations, however, the actual creation of such groups in most cases is not formally registered. This is due to the reasons for the imperfection of legislation, the underdevelopment of the institution of private property, the slowdown in land reform, as well as the incompatibility of the forms of accounting for production and financial structures.

Nevertheless, there is a basis for expanding investment financing from banks, since there are free funds that could be invested: the process of real accumulation of funds at enterprises and among the population resumed at the end of 1993.

However, CBs face some rather difficult problems. Working with investments, banks are now virtually the only element in the system of private institutions that finance investment projects in industry. So, there are no marketing centers, enterprises for the preparation of investment projects and investment design; the design of credit rating bureaus that collect information about the quality of a potential borrower or investment institution has just begun; there is no depository network; investment funds have not received sufficient development. As a result of all this, the costs of banks in preparing and implementing an investment project are extremely high, and the risk at each stage is high, since there are many economic factors that can negatively affect the investment process of banks. At the same time, the expansion of the activities of commercial banks in the investment sphere depends on such factors as granting commercial banks greater independence and rights, maintaining the trend of increasing the efficiency of long-term investments and reducing the profitability of short-term financial transactions, the direction of the state investment policy to encourage private investment, and the stabilization of the banking system itself, going through times of crisis.

Asset management of commercial banks

Income from accounting and loan operations, interest and dividends from investments in securities are the main source of bank profits. However, when forming banking assets (asset management), no bank can proceed only from their profitability. The main task of managing bank assets is to ensure sufficient profitability and at the same time reliability of the bank for its customers. In world practice, there are several approaches to the management of banking assets. With one or another approach to management, the bank's management allocates resources differently between different groups of assets.

The "general fund of funds" is based on the idea of distributing the total amount of bank resources (general fund of funds) between different types of assets, regardless of the source of resources. For the implementation of a specific active operation in accordance with this model, it does not matter from which source the funds came: from demand deposits or term deposits. This approach does not take into account the different liquidity requirements for different deposits.

With another method of asset management - "banks within banks" - the formation of assets is carried out depending not only on the total amount, but also on the structure of the attracted resources. Thus, a large share of funds mobilized with the help of demand deposits should be placed in primary and secondary reserves, and the share of term deposits - in loans and securities. In accordance with this method, several "liquidity-profitability centers" are determined, which are used to place funds raised from various sources. Such centers are called "banks within a bank". In a bank, as it were, there is a "bank of demand deposits", "bank of time deposits", "bank of fixed capital".

Having established the belonging of funds to different "banks" in terms of their liquidity and profitability, the bank's management determines the order of their placement from each "bank". Placement of funds from each "bank" is carried out independently of other "banks".

Since demand deposits require the highest coverage of liquid assets, a significant part of the funds from the "demand deposit bank" will be directed to primary reserves. The rest will go mainly to secondary reserves and only a small part to short-term loans.

Otherwise, the funds of the "term deposit bank" will be distributed. A larger part will go to the formation of a secondary reserve, the provision of medium-long-term loans, and long-term securities. Regulation of bank investments is an independent area of asset management.

Liquidity of credit institutions of the Russian Federation. Liquidity indicators

The liquidity of a commercial bank is the ability to use its assets as cash or quickly turn it into cash. The need to manage the liquidity of the banks themselves is complemented by government regulation in the interests of macroeconomics. By setting the Central Bank of liquidity indicators and norms, monitoring compliance with these requirements and general supervision of the activities of banks, the states manage the operations of the CB, thereby ensuring the stability of the banking system, protecting the interests of depositors and creditors, and essentially implementing the state monetary policy.

With regard to the Russian banking system, during the transition of the national economy of the country to market relations, including the financial and credit system, the Central Bank, based on its powers in the field of state monetary policy, the implementation of the functions of banking regulation and supervision of the activities of credit institutions, in accordance with Instruction No. 1 "On the procedure for regulating the activities of credit organizations" dated January 30.01.96, 1.03.96, established the following mandatory economic liquidity ratios for CBs from March XNUMX, XNUMX:

1. Current liquidity - H2 - (the ratio of the amount of liquid assets to the amount of the bank's liabilities on demand accounts and for up to 30 days) - is determined by the so-called. "golden banking rule" - the amount and timing of the bank's financial requirements must correspond to the size and timing of its obligations. Maintaining H2 at the required level (accordingly, balance sheet liquidity) means that the bank must comply with a strict correspondence between the terms for which depositors' funds are attracted and the terms for which these funds are placed in active operations. From the standpoint of mandatory supervision by the Central Bank of ensuring that the CBs have the minimum established limit of H2, this is a direct form of protecting the interests of the population in their deposits. Min. add. value from 1.02.97 - 30%, from 1.02.98-50%, from 1.02.99-70%

2. Instant liquidity - H3 - (the ratio of the amount of highly liquid assets to the amount of liabilities on demand accounts) - means the bank's ability to fulfill its obligations to depositors at the current moment. Min. add. value from 1.02.97 - 20%.

3. Long-term liquidity - H4 - (the ratio of loans issued by the bank with a maturity of more than a year to the bank's capital, as well as to the bank's obligations on deposit accounts, loans received and other debt obligations for a period of more than a year) - in terms of economic content, this ratio has the same functional meaning as and H2 and H3, evaluating and monitoring the bank's activities to ensure its liquidity and timely fulfillment of debt obligations. Max. add. the value of c is 120%.

4. The ratio of liquid assets and total assets of the bank - H5 - means in what extreme proportions it is necessary and economically feasible to maintain the ratio of the components of the calculation of H5, so that they simultaneously provide both the proper level of balance liquidity and a high level of profitability of the bank on active operations. In the event of a decrease in H5 - the bank loses liquidity, with an increase - real losses in income from active operations. Value from 1.02.97-20%.

Financial risks

Risk is a cost expression of a probabilistic event leading to losses. The higher the chance of making a profit, the higher the risk. Risks are formed from deviations of actual data from the assessment of the current state and future development. Thus, it is possible to make a profit only if the opportunities for incurring losses (risks) are foreseen (weighted) in advance and secured. Therefore, the problems of risks in the activities of commercial banks should be given considerable attention. The main ones include: the development of a classification of banking risks, the basis for assessing and methods for calculating the economic and political and other risks of a bank, an individual borrower, a group of enterprises, an industry, a republic, a country.

The most important elements underlying the classification of banking risks are: 1. type or type of commercial bank; 2. sphere of influence or occurrence of banking risk; 3. composition of the bank's clients; 4. risk calculation method; 5. degree of banking risk; 6. distribution of risk over time; 7. nature of risk accounting; 8. the ability to manage banking risks; 9. bank risk management tools.

The main task of the scientific management of bank risk operations is to determine the degree of admissibility and justification of a particular risk and make an immediate practical decision aimed either at using risk situations or developing a system of measures that reduce the possibility of bank losses from conducting a particular operation.

Characteristics of the bank's assets in terms of providing liquidity, profitability

Liquid assets are loans issued by the bank, the maturity of which is due within the next 30 days, including taking into account the documented prolongation, as well as other payments in favor of the bank to be transferred within these terms.

Currently, asset management theory is based on three methodological statements:

1. A commercial bank can maintain liquidity if its assets are placed in short-term loans and repaid on time. This statement is confirmed only under the condition of normal economic development, but not in the conditions of an economic downturn, when liquid funds are so necessary. In addition, this statement does not take into account the need for credit resources in a developing economy, as well as the stability or instability of bank deposits.

2. A commercial bank can be liquid if its assets can be moved or sold to other creditors or investors for cash. In practice, the sources of liquid resources are certain types of securities that can be easily converted into cash.

3. The liquidity of a commercial bank can be planned if the loan repayment schedule is based on the future income of the borrower. Consequently, bank liquidity can be influenced by changing the structure of the maturity of loans and investments. In practice, this statement has become the basis for the formation and management of an investment portfolio with the help of the stepping effect. The method of pursuing an investment policy by commercial banks, using the effect of stepping income and expenses, is called diversification.

Realizing in practice the theoretical provisions concerning the liquidity of commercial banks, banks are forced to balance between profitability, liquidity and solvency.

Banks that are unable to provide liquidity in some unforeseen situations may be insolvent, and eventually, possibly bankrupt. That is why the issue of bank liquidity management is of fundamental importance and occupies one of the paramount places in the practice of world banking.

The need for liquidity is determined by the nature of bank loans and depends to the same extent on the amount of cash. In turn, attracting deposits depends on the investment opportunities available to the bank. All these factors are interconnected and united by a single strategy for managing the liquidity of commercial banks, called portfolio management of a commercial bank (managing the assets and liabilities of the bank, pursuing the achievement of profitability, solvency and liquidity).

Forms of credit: commercial, banking, consumer, state, international

There are two main forms of credit on the market: commercial and banking. They differ from each other in the composition of participants, the object of loans, the dynamics, the amount of interest and the scope of operation.

commercial loan is provided by one operating enterprise to another in the form of the sale of goods on a deferred payment basis. The instrument of such a loan is a bill paid through a commercial bank. A feature of commercial credit is that loan capital here merges with industrial capital. The main purpose of such a loan is to speed up the process of selling goods and the profits contained in them. The interest on a commercial loan, which is included in the price of the goods and the amount of the bill, is usually lower than on a bank loan. The size of a commercial loan is limited by the amount of reserve capital available to industrial and trading companies.

Bank loan provided by banks and other financial institutions to legal entities, the public, the state, foreign clients in the form of cash loans. A bank loan exceeds the boundaries of a commercial loan in terms of direction, timing, size and has a wider scope. Replacing a commercial bill with a bank one makes this loan more flexible, expands its scale, and increases security. A bank loan has a dual character: it can act as a loan of capital for functioning enterprises, companies, or in the form of a loan of money, that is, as a means of payment for paying debts. As the credit system develops and expands, the growth rate of bank credit increases. Currently, there are several forms of bank loans:

Consumer credit, as a rule, is provided by trading companies, banks and specialized financial institutions for the purchase of goods and services by the population with installment payment. Usually, with the help of such a loan, durable goods are sold. Loan term - years, interest - from 10 to 25. In case of non-payment on it, the property is withdrawn by the creditor.

State loan should be divided into public credit and public debt. In the first case, state credit institutions lend to various sectors of the economy. In the second case, the state borrows money from banks and other financial institutions in the capital market to finance the budget deficit and public debt. At the same time, in addition to credit institutions, government bonds are bought by the population, legal entities, i.e. various enterprises and companies.

International credit is both private and public in nature, reflecting the movement of loan capital in the sphere of international economic and monetary and financial relations.

Financial services of commercial banks (leasing, factoring, trust transactions)

Commercial banks provide a variety of services for which fees, charges and fees are charged, generating separate income. The volume and variety of these banking services has grown significantly in recent years, and this is becoming an important source of banking profits. Let's consider three types of the specified operations: leasing, factoring and trust operations.

Leasing is the leasing by banks of machines, equipment, vehicles, industrial facilities to industrial enterprises and the conclusion of a leasing (lease) agreement with them. Thus, instead of issuing a loan to the enterprise for the purchase of these funds, the bank itself buys and leases them, retaining ownership, while receiving rent (leasing payments), and not loan interest. Leasing is a specific form of investment financing for an enterprise. There are three parties involved in a leasing operation: a lessor (usually a specialized financial company controlled by a bank or being its subsidiary), a lessee (an industrial or trade association that leases equipment) and a supplier (an industrial or commercial enterprise supplying the object of a leasing transaction). For the period of the leasing contract, an obligatory condition is the insurance of the leasing object. In fact, financial leasing is a form of long-term purchase lending, differing from a regular sale and purchase transaction by the moment of transfer of ownership of the object of the transaction to the consumer.

Factoring operations - a kind of trade and commission operations, combined with lending to the client's working capital, which are carried out by special factoring firms that are closely associated with banks or are their specialized branches and companies. Factoring transactions consist in the fact that the bank buys from its customers their claims to debtors, paying them from 70 to 90% of the claims in the form of an advance payment and paying the remaining part in strictly stipulated terms (minus interest for the loan), regardless of the receipt of payment from debtors . Factoring is a universal system of financial customer service, since the latter may not keep accounting records of their claims, may not check the solvency of their buyers and are able to accumulate the liquid funds they need, and banks can determine the financial risk when purchasing claims, because they have information (due to the existence of an extensive information computer network in industrialized countries) on the financial situation of most enterprises, including foreign ones.

Trust (trust) operations - banking services related to relationships by proxy. Trust departments of commercial banks act on behalf of clients as a trustee and carry out operations related mainly to property management. Trust operations are divided into three main types: inheritance management; performance of operations by proxy and in connection with guardianship; agency services. Banks receive a commission on trust transactions. The volume of fiduciary operations should be such as to recoup the costs associated with these operations and provide the bank with a profit.

Settlement operations of commercial banks

Settlement transactions carried out by commercial banks include operations on payment orders, payment requests, checks, letters of credit, bills of exchange and credit cards. The procedure for carrying out these operations includes their documentation, document flow, accounting and control. The rules for their improvement, established by the Central Bank of the Russian Federation, are mandatory for enterprises of all forms of ownership. When documenting, settlement documents must comply with the requirements of established standards and contain the necessary details.

Payment request - this is a settlement document containing the requirement of the recipient of funds to the payer to pay a certain amount through the bank. Payment claims are most appropriate when paying for goods and services. There are payment requirements with preliminary and subsequent acceptance. The disadvantages of settlements with payment requests are a long document flow and the possibility of non-payments due to lack of funds from the payer.

Payment order is a settlement document containing an instruction from the payer to the bank to transfer a certain amount from his account to the beneficiary's account. Payment orders are most widely used in settlements for agricultural products purchased from collective farms and state farms, as well as in advance payments for services and goods, advance payments, and the predominant part of non-commodity payments, for example, to the budget. The disadvantage is that suppliers may become dependent on buyers who may delay issuing payment orders.

Settlement check - a document containing an instruction from the drawer to the bank to transfer a certain amount from his account to the account of the holder's check. Settlement checks should be distinguished from money checks for which cash is issued from the bank: they cannot be given change in cash. Checks are used in payments for goods accepted according to acceptance documents, as well as for transport services. This is one of the guaranteed forms of payment. Payment of checks is secured by a bank loan or from a specially created deposit.

Letter of credit - an order from the buyer's bank to the supplier's bank for the shipped goods or services rendered on the terms stipulated in the buyer's letter of credit application. Letters of credit are used in out-of-town settlements for goods, mainly for one-time deliveries. The disadvantages of the letter of credit form of payment include the delay in cargo turnover: the goods are shipped only after receiving the letter of credit.

Control over the correctness of settlements between economic agencies is carried out by commercial banks themselves and their institutions. The RCC controls the correctness and completeness of the completion of settlements (mutual reconciliation of accounts). For normal settlements, CBs must maintain credit balances in their accounts. Banks and RCCs are responsible for the violations committed, however, filing a complaint or lawsuit does not suspend operations, but provides for certain penalties. The organization of settlements must meet the requirements of reliability, predictability and optimal payment terms. However, at the present stage of development, the implementation of settlements has a number of difficulties (registration of additional documentation of CBs, poor technical support of the RCC, a large number of documents in the current 4 forms of settlements, unauthorized access to information). The settlement systems in the Central Bank of the Russian Federation and the Bank of Russia are constantly being improved: the forms of settlements are being unified, standardization and typification of settlement and payment documents are being carried out, the Central Bank of the Russian Federation is creating an electronic payment system designed to reduce the time of settlements and the abundance of paper documents.

The wording is usually used cash settlement services (RKO).

The main forms of cashless payments in the Russian Federation

The type of settlement documents and the organization of workflow in the bank, payers and recipients of money determine the following main forms of non-cash payments: payment requests, payment orders, settlement checks and letters of credit.

Settlement check - a document containing an order from the drawer to the bank to transfer a certain amount from his account to the account of the check holder. Payment checks should be distinguished from cash checks, for which cash is issued from the bank: they cannot be used to give change in cash. Checks are used in payments for goods accepted according to acceptance documents, as well as for transport services. This is one of the guaranteed forms of payment. Payment of checks is secured by a bank loan or from a specially created deposit.

Such guaranteed forms of payment as checks and letters of credit are beneficial for suppliers in settlements with inaccurate payers or buyers whose solvency is unknown to them. For payers, depositing one's own funds for issuing a letter of credit or buying a checkbook in separate accounts delays the circulation of money and may lead to temporary financial hardship. To prevent this, it is advisable to resort to obtaining short-term loans for these purposes.

Formation of check circulation in the Russian Federation (checks of commercial banks)

Payments by checks - a form of non-cash payments, in which the account holder (drawer) gives a written instruction to the payer to make a payment to the holder of the check in the amount specified in it. When paying by checks from checkbooks, the company deposits a certain amount of funds in a separate account. In the checkbook, the bank indicates the total amount limit (limit) for which checks are allowed to be issued. The bank may enter into an agreement with solvent enterprises without depositing funds in a separate account and guarantee payments on checks to the drawer. Settlements by checks are used when paying for goods accepted according to acceptance documents, with constant settlements with transport organizations and communications enterprises. This is one of the guaranteed forms of payment. Payment of checks is secured by a bank loan or from a specially created deposit.

Since March 1, 1992, the Regulations regulating the use of checks in payment transactions have been in force (the Regulations in a number of points deviate from the traditional, generally recognized international theory and practice of check circulation, stipulated by the Uniform Check Law approved by the Geneva Convention of 1931). The payer is a bank or other credit institution that has received a license from the Central Bank of the Russian Federation to carry out banking operations and makes a payment against a presented check. A check is usually drawn to a bank where the drawer has funds.

Bearer and order checks may be transferred into possession of any other person by simple delivery or by means of an endorsement (endorsement). Payment under a check can be guaranteed in whole or in part by means of a guarantee for the payment of a check (aval). A check payment guarantee can be given by any person (availer), except for the payer.

The check is payable upon presentation to the relevant payer within: 10 days if the check is issued on the territory of the Russian Federation, 20 days if on the territory of the CIS and 70 days if on the territory of any other state. For additional protection of the check in case of loss, forgery, the check drawer or check holder can cross the check, i.e. draw two parallel lines on the front side of the check. Crossing can be general, if there is no designation between the lines or there is a "bank" mark, and also special, when the name of the payer is entered between the lines. The issuer or holder of a check may prohibit the payment of a check in cash by inscribing "settlement" on the front side. The settlement check is intended only for non-cash payments.

Checks issued outside the Russian Federation with payment on its territory must comply with the requirements for the details of checks and its preparation, provided for by the Regulations on Checks. A check issued on the territory of the Russian Federation with payment abroad must meet the requirements of the legislation of the state at the place of payment.

Since July 1, 1992, in the territory of the Russian Federation, for settlements through the institutions of the Central Bank of the Russian Federation, checks have been used that have the designation "Russia" on the front side and two parallel lines denoting a common crossing. These checks were used by individuals and legal entities and were a means of payment. Since November 1992, they have been applied by legal entities only within individual administrative units. Individuals use settlement checks to pay for goods and services - a nominal monetary document that can be issued at any Sberbank institution for any amount within the deposit or cash deposit.

Main forms of international payments

The main forms of international settlements used by banks when conducting foreign trade operations by their clients include collection and letters of credit. With such forms of payment, the importer makes a payment, and the exporter receives the currency, provided that the goods are shipped in accordance with the terms of the concluded contract. A letter of credit and collection can be a form of payment for the sale of goods both for cash and on credit. Forms of collection and letters of credit are different (simple collection, documentary collection, revocable letter of credit, irrevocable letter of credit, which in turn are revocable and irrevocable, and irrevocable - confirmed and non-confirmed, etc.) and each of them is reflected in the applicable practice of international settlements . Letters of credit payments are governed by the Uniform Rules for Letters of Credit issued by the International Chamber of Commerce in 1993 (version No. 500), and for collection by the Uniform Rules for Collection issued in 1995 (No. 522).

In the foreign trade practice of the Russian Federation, such forms of payment as bank transfer, check, open account are used less frequently and are used more often for transactions of a non-commercial nature.

Foreign exchange operations of Russian banks

Currency operations:

▪ operations related to the transfer of ownership and other rights to currency values, including operations related to foreign currency as a means of payment and payment documents in foreign currency;

▪ import and shipment to the Russian Federation and export and shipment from the Russian Federation of currency values

▪ implementation of international monetary payments

Operations with currency:

1. Current currency transactions: transfers from and to the Russian Federation of foreign currency for settlements without deferred payment for the export and import of goods, work and services, as well as for settlements of export-import transactions related to lending for a period not exceeding 180 days; receiving and providing financial loans for a period not exceeding 180 days; transfers to and from the Russian Federation, dividends and other income on deposits, investments, loans and other transactions related to the movement of capital; transfers of a non-commercial nature, including transfers of the amount of wages, alimony, inheritance, and other similar operations.

2. Operations related to the movement of capital: direct investments, i.e. investments in the authorized capital of enterprises in order to attract income and obtain rights to participate in the management of the enterprise; portfolio investments (acquisition of securities); transfers in payment of the right of ownership to buildings, structures and other property, including land and its subsoil, which, according to the legislation of the country of its location, belong to real estate, as well as other rights to real estate; submission and receipt of a deferred payment for a period of more than 180 days for the export-import of goods, works and services.; provision and receipt of financial loans for a period of more than 180 days; all other currency transactions that are not current currency transactions.

The listed currency transactions can be carried out by the subject of currency transactions. Legislatively, they can be: citizens of the Russian Federation, stateless persons and foreigners; legal entities; other organizations that are not legal entities; state.

Foreign exchange market in the Russian Federation: participants, structure

Currency markets are operations centers where transactions are made for the purchase and sale of currencies based on supply and demand.

The participants of the foreign exchange market are: firstly, commercial banks. These are not only large banks, but also medium and small banks, and all of them tend to concentrate operations on large exchanges; secondly, non-banking financial institutions: hedge funds (mainly speculative funds) and pension funds (these institutions do not act directly on the market, but use the intermediary of banks. Their role is increasing, since their transactions reach large sizes and they are not subject to the rules for reasons of precaution as banking institutions); thirdly, enterprises and individuals. Large companies operate almost like banks and carry out transactions that are not always related to meeting their commercial needs. In addition, small and medium-sized companies "feed" the banks with their own funds; fourthly, brokers working on large exchanges. Their role is constantly changing with technological changes. They should always be able to provide banks with services that bankers cannot find either in direct transactions with other institutions or using new technology (electronic quotation); and, finally, fifthly, central banks playing the role of a regulator. However, in a free trade system, central bank interventions are relatively rare and are used to eliminate erratic exchange rate fluctuations.

The motivation for entering the foreign exchange market can be the satisfaction of commercial purposes (spot market, futures market, options market, financial futures market), pure speculation, and intervention. All these operations determine the trends of the foreign exchange market.

The "working" order of the foreign exchange markets can be subdivided by organization, functions and operations:

1. Internal organization of banks: drawing up a list of counterparty banks; determination of the degree of risk for each individual counterparty; introduction of limits for currency positions during and at the end of the day; position tracking; organization of a back office responsible for registering transactions, sending confirmation messages and messages about the transfer of funds, tracking correspondent accounts, accounting.

2. International markets. The basic principles of their functioning: to be true to the given word; a clear statement of the purpose of the rate request: the price for the transaction, the price for information; determination of exchanged amounts without prior clarification; Validity period of the exchange rate offered for the transaction: usually several tens of seconds, except for a special indication of the quoter; immediate written confirmation of transactions by telex, fax or through the SWIFT system; dispute resolution; introduction of codes of professional ethics.

3. The course of the exchange day in international markets: opening: analysis of the received and expected information, consideration of the evolution of exchange rates after the close of the previous day, contacts with existing exchanges in order to understand the situation of the day; first-year education; firm or unstable quotation; arbitrations; customer relations; maintaining a currency position.

Mortgage banks and their operations (western model, experience in the Russian Federation)

Mortgage banks - banks that specialize in providing loans secured by real estate - land and buildings. These include land banks, which issue long-term loans, mainly secured by land.

The resources of mortgage banks are their own savings and mortgage bonds. Mortgage banks tend to carry out regular banking operations, which allows them to increase their income and maintain links with the broader money market.

Mortgage bonds are long-term securities issued against the security of real estate and bearing a fixed interest. Mortgage bonds are issued both by mortgage banks and commercial and industrial corporations.

Mortgage bank resources are used to provide mortgage loans.

A mortgage loan is a long-term loan secured by real estate. The pledge of real estate for the purpose of obtaining a loan is also called a mortgage.

This loan allows entrepreneurs to increase their productive use of capital and landowners to finance the purchase of additional land. It is provided by special mortgage banks (in countries where they are available), as well as commercial, agricultural and other banks.

For a mortgage loan, in addition to long-term, it is typical to leave the pledged property in the hands of the debtor, who continues to exploit it. Re-mortgaging is allowed with obtaining an additional loan, if the value of the property is not depleted by previous mortgages and the debtor has the economic ability to pay interest and repay the debt.

Currently, a mortgage loan is expanding its scope - loans are mainly used for the construction of residential buildings, commercial buildings and an increase in production assets, that is, the scale of operations related to urban real estate is growing, urban mortgages are expanding (Denis Shevchuk).

Interest rates on mortgage loans, as a rule, are differentiated depending on the financial situation of the borrowers.

If the debt is not paid on time, the borrower loses the property, which is the loan security.

Long-term cash savings, formed by issuing mortgage bonds, accumulated in the mortgage market, which was part of the securities market. The subject of transactions in the mortgage market is mortgage bonds. The source of resources is the monetary savings of corporations, the population, and the state, accumulated in the accounts of credit and financial institutions involved in mortgage transactions.

In modern conditions, the resources of the mortgage market are actively used to update and expand the production assets of commercial and industrial corporations, finance agriculture and housing construction.

Mortgage credit is subject to state regulation, which follows from the general direction of the increasing role of monetary regulation of the economy of developed capitalist countries after the Second World War. This regulation includes ensuring the liquidity of mortgage banks, the obligatory storage of a certain part of the funds attracted by them in central banks, control over the volume of credit operations and the issue of securities, and other measures.

After 1917 mortgage banks in Russia were liquidated. In 1992, an investment land bank was created in Russia.

The shareholders of this bank could conduct large-scale operations with land and real estate, receive secured loans, participate in regular land auctions of the bank, and also use the services provided by the bank.

Investment banks and their operations (western model, experience in the Russian Federation)

Investment banks are special lending institutions that finance and lend investments. These banks are non-identical banking institutions, which is due to the peculiarities of the loan capital market and the differences in the banking legislation of individual industrialized countries.

Investment banks, like other banks in capitalist states, carry out passive and active operations. Passive operations include operations through which banks form their resources, and active operations through which they allocate these resources.

The resources of investment banks are formed at the expense of their own and borrowed funds, primarily through the issuance and placement of securities.

Active operations include the provision of loans against securities, as well as banking investments. These transactions are also called stock transactions.

In developed cap. countries, large banks provide direct long-term industrial credit to large industrial enterprises secured by factories, plants and equipment. Such a loan often develops into financing industry by banks, when they invest part of their funds in the development of an enterprise and become its participants, i.e., there is a merging of banking and industrial capital. Stock transactions also serve as a form of financing by the banks of the bourgeois state, since government securities occupy a significant place in the bank's securities portfolio.

Bank investments are the purchase of securities by banks when these securities become the property of the bank. The participation of investment banks in financing investments in different countries is not identical and is carried out taking into account the specific organizational structure of these banks.

Financing and lending of capital investments in the territory of Russia has been carried out for a long time and is partially carried out at present by banks of long-term investments. For the first time such banks were created in 1922. In the last years of the existence of the USSR, credit institutions that financed capital investments were: Promstroybank of the USSR, Agroprombank of the USSR, Zhilsotsbank of the USSR, Savings Bank of the USSR.

Subsequently, in connection with the formation of the Commonwealth of Independent States, new adjustments were made to the structure of long-term investment banks, primarily in Russia. The banking system of Russia (as well as the system of long-term investment banks) has not yet acquired a finished form and is in the process of formation.

There are two types of investment banks - First - one who is engaged in mediation in the securities market; second - commercial banks specializing in long-term lending.

Savings banks and their operations (Western model)

In the UK, two types of savings banks have historically developed: trust savings banks and the National Savings NPO NSB) - the largest savings bank. It opens two types of accounts: ordinary and investment. Withdrawal of funds from the account (up to £20) can be carried out at any post office at the first request of the client (larger amounts are withdrawn upon prior notice several days in advance). Investment accounts earn higher interest than regular accounts. The client has the right to open an investment account only if he has a deposit in a regular account in the amount of at least 50l. Art. Withdrawal of the deposit is carried out with a mandatory notification one month in advance. NSB account balances are used to invest in government securities.

Trust Savings Banks are local banks established in most small towns and serving each specific area, therefore, these banks do not compete with each other and are more like savings banks than banks, despite the recent expansion of banking operations. The main type of service is the opening of several types of accounts (regular, special investment current), the mode of maintaining which is somewhat different from maintaining similar accounts with the NSB (accounts are opened for one depositor in only one bank, but you can close it and receive the amount due in any of the banks and etc.). Trust banks also take part in the implementation of the UK's special system for mobilizing public funds for recipients of small incomes. These banks are also allowed to lend to corporations and individual borrowers.

In France, the savings business is represented by a network of postal savings banks and a network of savings banks, the main operations of which are the provision of loans for housing construction, stimulated by the state with the help of subsidies, and consumer needs. Lending to individuals is carried out using the "loan after accumulation" method. The leading role in the structure of savings banks is occupied by the National Center for Savings Banks, whose functions include representing the interests of savings banks in relations with the treasury, commercial and foreign banks, managing subsidiaries, managing the structure of savings banks, and monitoring the activities of local savings banks.

The main means of payment used by savings banks are checkbooks and credit cards.

The flexible structure of investments allows the state to pursue a unified strategy in the field of interest rate policy, monetary circulation and social protection of the interests of the least well-to-do part of the population, while maintaining the independence of the savings bank maneuver in the development of operations with the clientele.

In Germany, savings banks are mainly state-owned and they account for most of the assets in the state's credit system. The main passive operations are the attraction of savings from the population, active operations are mainly the issuance of long-term mortgage and utility loans.

Savings banks of the Russian Federation

The Savings Bank of the Russian Federation was created with the aim of attracting temporarily free funds of the population and enterprises and their effective placement on the terms of repayment, payment, urgency in the interests of the bank's depositors and the development of the economy. The Bank is engaged in credit and settlement services for business structures, carries out foreign exchange transactions for settlements of clients with foreign partners. With the transition to market relations, the Savings Bank of the Russian Federation promotes the investment of the population's savings in the economy through participation in the securities market or directly through the acquisition of means of production and independent entrepreneurial activity. The Bank concentrates a significant amount of deposits and operations, has a wide network of institutions, branches, a significant number of employees.

The main functions are:

▪ placement of raised funds in the economy and in transactions with securities;

▪ credit and settlement services for enterprises and organizations;

▪ lending to consumer needs of the population;

▪ carrying out cash settlements and payments on the farm and with the population;

▪ issue, purchase, sale and storage of bills, checks, certificates and other securities;

▪ consulting and provision of economic and financial information;

▪ provision of commercial services (factoring, leasing, etc.)

▪ founding function;

▪ carrying out currency transactions and international payments.

One of the most important functions of Sberbank is to attract funds from the population and enterprises that are temporarily not used for current consumer purposes. Thanks to this function, depositors receive state-guaranteed income in the form of interest on free funds invested in the bank.

Passive operations reflect the attraction of funds from enterprises and the population, and active operations reflect the use of these funds on a credit basis.

Passive operations include operations on: acceptance and storage of deposits of the population and enterprises; settlements of citizens and enterprises for their financial obligations of various kinds; sale and purchase of government and other securities.

Sberbank's active operations are associated with the provision of loans to banks, organizations and the public within the limits of the resources at its disposal. Loans are issued for consumer needs; for the placement of public funds in government and other securities; in loans to commercial banks and other legal entities by transferring the resources of the Central Bank of the Russian Federation.

The development of Sberbank's operations was significantly influenced by factors related to changes in economic conditions in society, the most important of which are the elimination of Sberbank's monopoly and increased competition between commercial banks for attracting household funds; increase in demand for credit; dynamics of the price structure, supply of goods and services and corresponding expenditures of the population; differentiation of the population by income level; interest rate policy of banks; opening privatization accounts of citizens for the acquisition from the state and municipalities of state and municipal enterprises, shares in the capital of joint-stock companies and partnerships, as well as the acquisition of other objects of state and municipal property in the territory of the Russian Federation.

The Bank seeks to maximally observe the interests of depositors and takes care of satisfying its own interests, seeking to obtain the greatest profit from lending and other activities.

Insurance companies and their operations

Currently, insurance companies have four organizational forms:

1. Shareholder form

2. On a "mutual basis" (the company does not issue shares, and each policy holder is a co-owner of the company on the basis of an insurance policy)

3. Mutual exchange. It is essentially formed on a cooperative basis and the participants exchange insurance risks, insuring themselves and do not sell insurance to the side.

4. Lloyd's system, consisting of syndicates, which usually include insurance companies and insurance brokerage firms on shares. Responsibility for insurance risk is distributed among the members of the syndicate or among all participants in Lloyd's.

A feature of the accumulation of capital of insurance companies is the receipt of insurance premiums from legal entities and individuals, the amount of which is calculated on the basis of insurance tariffs, or rates, as well as investment income. The specificity of capital accumulation in insurance companies is mainly reduced to the calculation of insurance premiums. However, it differs for life insurance and property insurance. The formation of savings also depends on the expansion of the insurance market, the introduction of new types of insurance and the improvement of existing types of insurance.

The result of the financial activity of insurance companies is the profit and reserves of insurance premiums as the difference between the insurance premium and the payment of insurance compensation, plus operating costs. Profit always settles in the company, and the reserves of contributions as future obligations to policyholders are directed to investments.

Passive operations are formed mainly at the expense of insurance premiums paid by legal entities. and physical faces. The share of other liability items is insignificant.

Active operations consist of investments in government bonds of the central and local governments, bonds and shares of private corporations, mortgages and real estate, and policy loans.

The structure of active and passive operations of life insurance companies is slightly different from the structure of property insurance companies (the latter are forced to have more liquid funds due to the fact that they do not have long-term funds), but nevertheless property and casualty insurance companies are also a supplier of long-term capital together with life insurance companies, which are the main suppliers of long-term capital to the national markets of leading Western countries.

A distinctive feature of property insurance companies is that they maintain their profitability not through insurance operations, but through investments and income from them. This is due to the fact that many types of property insurance operations are unprofitable for many companies and in some cases losses are covered by income from investments, and not by the insurance reserve.

Pension funds and their operations

The creation and development of pension funds is a new phenomenon in the loan capital market, in the securities market and in general in the credit system of the capitalist countries.

The organizational structure of pension funds differs from the structure of other financial institutions in that it does not provide for joint-stock, cooperative or unit ownership. As a rule, pension funds are created in private corporations that own them, but the pension fund is transferred to commercial banks or insurance companies for management. Such a pension fund is called uninsured. However, if the corporation enters into an agreement with the insurance company to which it transfers insurance premiums and ensures further payment of pensions, the pension fund is called insured.

The basis of passive operations of pension funds are resources coming from corporations, enterprises, as well as contributions from workers and employees. The more powerful and richer the corporation, the smaller the contribution of workers and employees. The peculiarity of the accumulation of capital of pension funds is that it is formed mainly at the expense of contributions from entrepreneurs, workers and employees, accumulated in the same way as in life insurance, for rather long periods and invest these funds in government and private securities. Most of the assets of pension funds are securities of private corporations.

Pension funds managed by banks are widely used by the latter to purchase large blocks of shares in large corporations. This allows you to concentrate in the hands of several funds most of the securities, especially shares.

Along with private pension funds created by private corporations, there are also public ones. They are usually established at the level of the central government or local governments. The basis of the passive operations of these funds are the funds of the budgets of various government levels and the contributions of the workers. Active operations are concentrated mainly in investments in government securities and, to a small extent, in corporate securities. In the activities of state pension funds, there are specific differences across countries in terms of organization, forms of activity and investment of funds.

Investment companies and investment funds (western model, experience in the Russian Federation)

This is a new form of financial institutions whose main activity is to raise funds by issuing their own shares, which are then invested in the securities of industrial and other corporations. Thus, through the acquisition of securities, they carry out, on an equal basis with other financial institutions, financing various sectors of the economy.

Currently, there are investment companies of closed and open types. The difference lies in the timing of the issue of their own shares - the first issue immediately in a certain amount, the second gradually, in certain portions, mainly to new buyers. A more convenient form is a public company (mutual funds), because the constant issue allows you to increase investment in the securities of the corporation.

A feature of investment companies is that among the buyers of their securities, the share of credit and financial institutions and commercial and industrial corporations is increasing.

The development of investment companies is closely related to the dynamics and scale of the securities market. The higher the level of development of the latter, the higher the degree of development of investment companies.

The basis of passive operations of investment companies are the proceeds from the sale of their own securities, share capital, reserve fund, real estate of the company.

Active operations are specific and differ from similar operations of other financial institutions. The bulk of the assets of investment companies consists of shares of various companies and corporations, and more recently they have invested in corporate bonds. There is a specialization of investments: some companies concentrate their investments in ordinary shares, others in preferred shares, and still others in bonds. In addition, there is industry specialization.

Since the development of investment companies depends on the securities market, mainly shares, frequent fluctuations in share prices affect the financial condition of investment companies, since the fall in share prices and especially stock market crashes slow down their development, and in some cases lead to bankruptcy.

Investment companies attract large segments of the population to investment activities, thanks to which it is possible to mobilize significant funds for investment in the economy and create an illusion that everyone can become a shareholder and thus an owner. Usually, small investors are attracted during the period of the stock market boom, on the rise of the growth of the stock price, however, in the face of deteriorating market conditions, they suffer big losses. The practice of Western countries shows that, after all, the main contributors are large individual and collective investors, and the control over the activities of investment companies is carried out by the largest shareholders.

Theories of credit

A loan is a bank operation to provide a borrower with funds on a loan on terms of urgency, repayment and payment of interest.

There are two theories of credit: naturalistic and capital-creating.

naturalistic theory of credit. Representatives of the naturalistic school gave a distorted interpretation of the essence of credit and its role in the capitalist economy. The fallacy of their views lay in the fact that they did not understand the circulation of industrial capital in monetary form, and consequently the independent role of loan capital and its specifics. As a result, they interpreted credit as a way of redistributing material values in kind, while in reality credit is a movement of loan capital. Identifying loan and real capital, naturalists did not understand not only the role of credit and its creator - banks, but also its dual nature, by virtue of which credit can contribute both to the expansion of capitalist reproduction and to the aggravation of its contradiction. Positive aspects - naturalists correctly believed that credit does not create real capital, which is formed in the production process. They showed the dependence of credit on production, without exaggerating its role, emphasizing the dependence of interest on fluctuations and profit dynamics.

Capital-creative theory of credit. The main postulate is that credit occupies a position independent of the reproduction process, and it plays a decisive role in the development of the economy. The theory was constantly improved, new concepts were introduced into it. Keynes played an active role in the development of the theory, who substantiated the principles of credit regulation of the economy, according to which credit determines economic development. Theoretical concepts of Keynes, adopted by the ruling circles as methods of regulation, contributed to the withdrawal of the capital economy. countries from the crisis in 29-33 years. and eased the depth of recessions in the post-war years. In the postwar years, the theory was developed as followers by two groups of economists - the Neokensian school of monetary regulation and the group of R. Goldsmith, p. Kuznets, H.Dugel, D.Krimer. Each of these groups contributed to the development of the theory... For example, the second group, studying the loan capital market, traced a certain dependence of the development of the economy on the accumulation of money capital, the dynamics of the capital market and credit. They show that corporations, the state, and the population cannot develop on the basis of their own financial resources and require constant injections of funds from the capital market. The merit of these scientists lies in the fact that they created a clear structure and parameters for the functioning of the capital market and the credit system. The capital-creating theory is further developed in the theory of monetarism, the essence of which lies in the fact that the implementation of the containment of the money supply and the increase in interest rates. This theory was also called "anti-inflationary" because its recommendations were used in the economic policy of the US and Western ruling circles. Europe from the 80s to our time. Although these measures helped to reduce the rise in prices in the 80-90s, they did not eliminate inflation and its root causes in Western countries.

The essence, functions and role of credit in the market economy of the Russian Federation

Credit in the conditions of the transition of the Russian Federation to the market is a form of movement of loan capital, i.e., monetary capital provided as a loan. Credit ensures the transformation of money capital into loan capital and expresses the relationship between lenders and borrowers. With its help, free cash capital and income of enterprises, the personal sector and the state are accumulated and converted into loan capital, which is transferred for temporary use for a fee. Loan capital is redistributed between industries, rushing, taking into account market guidelines, into those areas that provide higher profits or are given preference in accordance with the national economic development programs of the Russian Federation. Therefore, credit performs a redistribution function, actively used by the state in regulating production proportions and managing total monetary capital. Credit is capable of having an active impact on the volume and structure of the money supply, payment turnover, and the speed of circulation of money; during the period of the Russian Federation’s transition to a market economy, it creates the basis for accelerating the development of non-cash payments and introducing new methods of payment, which helps save circulation costs and increase the efficiency of social reproduction in general. . Thanks to credit, there is a faster process of capitalization of profits, and therefore concentration of production.

The transition of the Russian Federation to a market economy, an increase in the efficiency of its functioning, the creation of the necessary infrastructure cannot be ensured without the use and further development of credit relations. Credit stimulates the development of productive forces, accelerates the formation of sources of capital to expand reproduction based on the achievements of scientific and technological progress. Regulating the access of borrowers to the loan capital market, providing government guarantees and benefits, the state orients banks towards preferential lending to those enterprises and industries whose activities correspond to the tasks of implementing national programs of socio-economic development. Credit support plays an important role in the development of farms, small businesses, in the introduction of other types of entrepreneurial activity in the domestic and foreign economic space.

International financial institutions

International regional monetary and financial organizations - institutions created on the basis of interstate agreements for the purpose of regulating international economic, including monetary and financial relations. These organizations include: the Bank for International Settlements, the International Monetary Fund, the International Bank for Reconstruction and Development, and regional development banks.

The Bank for International Settlements (BIS) is the first interstate bank organized as an international bank of central banks, organized in 1930 by a number of issuing banks in England, France, Italy, Germany, Belgium, Japan and a group of American banks headed by the Morgan banking house.

One of the tasks of the BIS was to facilitate the settlement of German reparation payments and war debts, as well as to promote cooperation between central banks and settlements between them. The BIS still retains its main function of the coordinator of the central banks of the leading developed countries and currently performs deposit and loan operations, currency, stock transactions, purchase and sale and storage of gold, acts as an agent of central banks, makes settlements between the countries of the European Monetary System, performs functions as a depository of the European Coal and Steel Associations, performs operations on behalf of the OECD and its member countries. Being a Western European international bank, it carries out interstate regulation of monetary and credit relations.

The International Monetary Fund (IMF) is an international monetary and credit organization with the status of a UN specialized agency. The official goals are: to promote the development of international trade and monetary cooperation by establishing norms for the regulation of exchange rates and control over their observance, a multilateral system of payments and the elimination of foreign exchange restrictions; providing member states with foreign currency funds to equalize the balance of payments. In 1947, the fund included 49 countries, in 1991 - 155. Votes among countries in the governing bodies of the IMF are distributed in accordance with the quota of contributions established for each of them, the value of which depends on the economic development of the country and its role in the world capitalist economy and international trade .

Member countries of the IMF are required to provide it with information on official gold reserves and foreign exchange reserves, the state of the economy, balance of payments, money circulation, foreign investment, etc. These data are used by private banks to determine the solvency of borrowing countries.

It is important to note that a country's membership in the IMF is a prerequisite for its entry into the International Bank for Reconstruction and Development, as well as for obtaining soft loans from its subsidiary, the International Development Association.

The International Bank for Reconstruction and Development (IBRD) is a specialized agency of the United Nations, an interstate investment institution, established simultaneously with the IMF. The official goal of the IBRD is to assist member countries in developing their economies by providing long-term loans and credits, guaranteeing private investment.

The sources of the bank's resources, in addition to equity capital, are the placement of bond issues, mainly in the US market, and funds received from the sale of bonds.

IBRD usually provides loans for up to 20 years to expand the production capacity of the bank's member countries. They are issued under the guarantee of the governments of the member countries. IBBR also provides guarantees for long-term loans from other banks. Like the IMF, it requires the obligatory provision of information on the financial position of the borrowing country, the facilities being lent, and the content of the bank's mission examining these facilities.

In recent years, the IBRD has dealt with the problem of settling the external debt of developing countries and provides structural loans to regulate the structure of the economy and improve the balance of payments.

In addition to the IBRD, the following financial institutions have been established: the International Development Association (IDA) (the main purpose is to provide soft loans to developing countries), the International Finance Corporation (established to encourage the investment of private capital in the industry of developing countries) and the Multilateral Investment Guarantee Agency (implements investment insurance against political risk in the event of expropriation, war, civil unrest, and broken contracts).

In addition, regional banks emerged in the 60s (Inter-American Development Bank, African Development Bank, Asian Development Bank), the main purpose of which is to develop economic cooperation and integration of developing countries, to overcome external dependence.

The regional monetary organizations of the Common Market include: the European Investment Bank (EIB), the European Monetary Cooperation Fund (EUFS) and the European Bank for Reconstruction and Development (EBRD), of which Russia is a member and whose main goal is to play the role of a stimulator and accelerator for attraction of capital in the infrastructure sector of the countries of Central and Eastern Europe, which will contribute to the speedy transition of the Eastern European countries to economic stability and the introduction of the convertibility of their currencies.

Essence and functions of banking marketing

In foreign banking practice, the concept of banking marketing as a tool for implementing a global consumer-oriented strategy has been firmly entrenched. The essence of banking marketing is the solution of the following tasks:

1. Establishment of existing and potential markets for banking services.

2. Selecting specific markets and establishing customer needs

3. Setting long- and short-term goals for the development of existing and new types of services.

4. Introduction of new types of services into practice and control of the bank over the implementation of implementation programs.

To study the markets of banking services and potential consumers, banks use traditional industrial marketing techniques, such as typology and segmentation (market segmentation, geographic segmentation, demographic segmentation, psychographic segmentation, geodemographic segmentation), as well as the activity opposite to segmentation - market aggregation.

The main function is the marketing strategy - the choice of the best ways to achieve the bank's goals by means of marketing (Denis Shevchuk). Like all other commercial enterprises, banks must determine their development on the basis of specific end goals that they have set for themselves. The formulation of the specific objectives of the bank is extremely important, since it gives a clear direction to all the actions of the bank in the market and makes all the private decisions of the bank on various issues more efficient and consistent. The formulation of the bank's goals is also important from the standpoint of explaining to employees, shareholders, and customers the main purposes and activities of the bank. To achieve the set goals, each bank develops its own strategy. Banks with a complex organizational structure and an extensive branch network cannot be limited to a single strategy that satisfies all levels of their organization, but create a pyramid of interrelated strategies: a bank's consolidated strategy - a regional bank strategy - a branch strategy - a specific sales strategy. A properly developed and clearly formulated strategy is the basis for coordinated actions of all departments of the bank, information exchange, etc. The strategy developed and accepted for implementation by the bank must be constantly analyzed by the bank for compliance with the goals and specific practical tasks of the bank.

Almost all banks have their own marketing strategy, but far from every bank it takes official forms, is clearly formulated and brought to all levels. The bank's strategy should provide answers to the following questions: how is the bank going to achieve the goal? What markets is he targeting? How is he going to get into these markets? What services is he going to offer the market?

Essence and functions of banking management

Management is the science of the most rational system of organization and management. Banking management has certain specifics, due to the nature of the activities of this division of the social division of labor. The bank acts as a kind of business enterprise (Denis Shevchuk).

The essence of banking management is: ensuring the cost-effective operation of the bank as an economic entity in the money market; ensuring the liquidity of the bank's balance sheet as a guarantee of the bank's reliability, observance of the interests of the creditor and depositor; maximum satisfaction of the needs of customers in the volume, structure and quality of services provided by the bank, which determine the duration and stability of business relations; a combination of successful solution of production, commercial and social problems of this team; creation of an effective system of training, retraining and placement of specialists, which allows them to realize their potential to the fullest extent.

In accordance with these goals, banking management focuses on the implementation of a number of quantitative, qualitative and social indicators.

Quantitative indicators relevant to all areas of banking management. The number of bank customers and their accounts, the volume of deposits, credit investments, investments; the volume of transactions and services performed by the bank - this is just some list of indicators used to analyze and evaluate the overall performance.

Qualitative indicators can be divided into several types. The first group consists of indicators of income and expenses of the bank. With their help, the bank's profitability is managed. The second group covers indicators of the rate of turnover of funds, the complexity of the costs of transactions, the speed of processing documents. The third group includes indicators of the degree of satisfaction of customer requests in terms of the volume, structure and quality of services provided by the bank. This also includes the ability of the bank to ensure the confidentiality of business negotiations, the safety of information.

Social indicators characterize the development of professional training of team members, their attitude to work, the degree of solution of social problems.

Also, the functions of banking management include compliance with the requirements of the state for banks in order to protect the interests of owners of cash deposits and deposits. In addition to such laws, there are a number of mandatory standards and regulations aimed at ensuring the liquidity of credit institutions, which means that there are certain limits in the independence of decision-making, due to compliance with mandatory standards and regulations, and the need for managers in the constantly changing money market conditions to look for ways to ensure the liquidity of the bank.

Credit, investment and financial consulting

Credit consulting - provision of consulting services in the field of attracting credit and investment financing for legal entities and individuals.

The range of problems solved by consulting is quite wide. And the specialization of companies providing consulting services can be different: from a narrow one, limited to any one direction of consulting services (for example, audit), to the widest one, covering a full range of services in this area. Accordingly, each specialist (or each firm) working in this field, puts the concept of consulting in its own meaning and gives it its own shade, determined by the direction of a particular company.

Credit consulting, according to Shevchuk Denis Aleksandrovich, is a new type of business that is actively spreading today. Taking into account the ever-increasing interest of our clients in funds attracted from outside for business development, an objective need arose for the development of such a type of service as loan consulting.

According to Denis Shevchuk, Deputy General Director, Vice President of "Credit Broker INTERFINANCE" (MORTAGE * BUSINESS LENDING), Website: http://www.deniskredit.ru, the offer of various loan programs by banks is also growing. Each of them not only offers the client special conditions, but also requires him to provide a completely specific set of documents and guarantees. It is becoming more and more difficult for a potential recipient of a loan to navigate independently in this area and it is becoming easier to get lost in this stream.

Let's try to define consulting in the broadest sense of the word.

Consulting is a kind of intellectual activity, the main task of which is to analyze, substantiate the prospects for the development and use of scientific, technical, organizational and economic innovations, taking into account the subject area and client problems.

Consulting solves the issues of management, economic, financial, investment activities of organizations, strategic planning, optimization of the overall functioning of the company, doing business, research and forecasting sales markets, price movements, etc. In other words, consulting is any assistance provided by external consultants, in solving a particular problem.

The main goal of consulting is to improve the quality of management, increase the efficiency of the company as a whole and increase the individual productivity of each employee.

When do clients turn to a consulting company for help?

According to popular belief, the services of external consultants are used primarily and primarily by those organizations that find themselves in a critical situation. However, assistance in critical situations is by no means the main function of consulting. In what cases and who turns to a consulting company for help?

Firstly, in cases where an enterprise with a reliable status plans to restructure the entire system, associated either with expansion, or with a change in the form of ownership, or with a radical change in the spectrum of the enterprise's activities and reorientation to more promising and / or profitable business areas .

Secondly, in cases where an enterprise with a reliable status, in order to assert its position in the market and create the necessary image in the eyes of potential partners, turns to the services of a consultant (for example, an auditor), conducts an audit of its activities (for example, an audit) and then makes its results public.

Thirdly, in cases where the enterprise is in a critical situation (or even on the verge of collapse) and is unable to get out of this situation on its own due to the lack of experience and internal resources for an adequate and timely response to the current situation. The services of a consultant (consulting firm) in this case are of the nature of crisis consulting.

Professional consulting services have been provided in Russia for more than ten years. Despite such a long period, a clear understanding of why to invite consultants and whether they should be invited at all, among potential consumers of consulting services has not yet developed. The reason for this is largely an inadequate understanding of what consultants can and cannot do, when it makes sense to invite them, and what are the necessary conditions for successful cooperation with consultants.

According to Denis Aleksandrovich Shevchuk, the main task of consultants is to assist clients in solving their managerial problems.

They can solve this problem in several ways:

▪ Find a problem and suggest solutions. In a situation where the client realizes that he has a problem, but cannot determine what exactly it is, what its true causes are, consultants can analyze the situation and identify the problem and the reasons for its occurrence, as well as develop and offer the client ways to solve it . This is the so-called expert consulting, when consultants themselves do all the work to identify and solve the problem.

▪ Help the client find the problem himself and determine ways to solve it. There are situations when a client is ready to identify a problem and solve it, but lacks some methodological support to successfully implement his intentions. Then consultants can provide the client with this methodological support and go with him all the way from identifying a problem to solving it.

This approach is called process consulting, i.e. consulting in the course of the client's management activities.

▪ Teach the client how to find and solve problems. Creating a system of practical knowledge in the client, a mechanism that allows him from now on to find and solve his problems is the essence of the third approach, called educational consulting.

With this approach, the consultant does not participate directly in the process of finding and solving problems, but only trains the client and checks the correctness of the "homework".

In practice, all three approaches often intersect and complement each other. Emphasis shifts depending on what the client most needs: to find a solution to the problem for him, or to help him solve the problem, or to be taught how to solve it.

Determining the extent of this need, as well as the need to involve consultants in general, depends on a number of factors:

▪ Time. As a rule, any problem introduces its own time constraints. Depending on how much time is available to solve a particular problem, a choice is made in favor of one approach or another. Typically, expert consulting is the fastest way to solve a problem if the invited consultant has proven methods for solving such problems.

▪ Labor resources. Each problem requires labor resources spent on its solution. When the scale of the problem is large enough, it can be quite difficult to allocate people who will be exclusively focused on solving it, given that all of the client's full-time employees have their own day-to-day responsibilities as part of the ongoing business. At the same time, hiring and maintaining a special staff of specialists in case of every problem, as some companies sometimes prefer to do, is not economically feasible.

Consultants in this case are an additional workforce that is available when needed and removed when the need has passed.

▪ Money. Hiring consultants requires costs. Depending on what financial resources the client can allocate to solve the problem, one or another counseling approach is chosen. As a rule, training consulting is the cheapest way to solve problems if the client has the necessary labor resources and time to train them.

▪ Knowledge. The level of specialized knowledge is no less a critical factor than time or money. Of course, knowledge can be obtained through self-education.

However, the degree of consolidation of knowledge and the skills of their practical application will be different in this case. It is no coincidence that the effectiveness of full-time education is higher than that of distance learning. In addition, self-education is learning from your own mistakes, while by attracting consultants, you can learn from others.

▪ Objectivity. The consultant provides an independent, outside perspective on the client's problems. Due to his independence, he is free from cliches and prejudices that the client has developed over the years of his activity and which are often themselves sources of problems. The consultant may ask questions that the client himself does not think about because, due to established habits, he does not consider them questions. Finally, the consultant is a disinterested person in the sense that his only interest is the most effective solution to the client's real problems and he has no interests of his own within those problems.

It should also be noted what a consultant cannot or should not do for a client and why they should not be invited (on the example of INTERFINANCE, www.denisshevchuk.narod.ru, www.interfinance.ru):

▪ Decision making. The consultant, as a rule, cannot make decisions for the client. The client himself is responsible for his business, responsible to the owners, contractors, staff and himself, and he is the one to make the final decisions. The consultant only offers possible solutions, gives recommendations on the optimal solution, but does not make the decisions themselves.

▪ Playing with the law. The consultant cannot and under no circumstances should give the client recommendations that are contrary to current legislation. Any recommendation, the implementation of which brings the client into conflict with the law, is a threat to the client’s business and in itself creates a serious problem.

Thus, the consultant cannot and should not, by solving some problems of the client, create other, sometimes more serious problems for him - problems with the law.

▪ Participation in conflicts. The consultant cannot and should not participate in the client’s internal conflicts. An extremely unethical situation is when some people in the client’s management invite consultants in order to “overthrow” others. The consultant must always rise above personal or group conflicts, act as an independent arbiter, and seek solutions that are beneficial to the business as a whole, and not to individuals or groups of individuals.

▪ Formal results. The purpose of consulting assistance is to solve the client's problems, and not to write a consulting report. The task of a consultant should not be to create reports that are beautiful in form and empty in content, “candy wrappers” that are used to create the appearance of useful management activities. Therefore, you should not invite a consultant to write such a report, which will then be stored in a desk drawer and taken out from time to time for display - this is too expensive and an unjustified way to make an impression.

Based on the above, it is possible to formulate cases when it is necessary to invite consultants. Generally speaking, consultants should be called in when there is a managerial problem that the client wants to solve. However, the participation of a consultant is especially effective in the typical situations listed below:

▪ When the problem is complex, systemic in nature. If the scale of the problem is such that to solve it it is necessary to carry out radical comprehensive changes in the management system and business building principles, it is best to invite outside experts who will bring fresh ideas and provide the necessary labor resources. Solving complex problems usually requires significant labor and specialized knowledge.

▪ When the problem is of a one-time, situational nature. If a client is faced with a problem that is caused by a combination of specific circumstances and is not of a recurring, routine nature, and also requires a prompt solution, it is more effective not to create internal organizational capacity to solve it, but to carry out a one-time invitation to consultants. At the same time, inviting consultants to solve routine, everyday tasks, i.e., to carry out current management activities, is not effective.

▪ When there are differences in views on a problem and how to solve it within the client's management or between management and owners. In this situation, consultants are the optimal independent arbiter, capable of objectively assessing the problem and offering objectively justified ways to solve it.

▪ When solving a problem could have serious consequences, including strategic, financial or social ones. This is a situation similar to the previous one, with the only difference that in this case the cost of solving the problem and the associated responsibility are quite high. Therefore, the client's management may require independent expert support for identifying and solving the problem. Sometimes this is a way for the client to share responsibility with the consultant, not in terms of making a decision, but in terms of developing it.

There may be other situations when it is better to invite a consultant. The common criteria for all of them are:

▪ Presence of a problem;

▪ Lack of time or human resources to solve the problem;

▪ Lack of special knowledge to solve the problem;

▪ High price issue.

There is no need to say that the invited consultant must be a conscientious professional - this is a prerequisite. However, there are a number of fundamental factors that determine the success of the client's interaction with consultants:

▪ Correct selection of a consultant. No consultant can know everything. Some consultants are good for solving certain types of problems, others are good for others.

Therefore, the right selection of a consultant for a specific problem is extremely important. It should be borne in mind that a well-known name does not always guarantee the correct selection. There are many highly specialized and simply obscure consultants that the client may not know about until he encounters a problem that requires their participation. The main thing here is to evaluate the methodology and practical experience that the consultant offers to solve the client's problems.

▪ Communication. The consultant and the client must use a similar conceptual framework or, in other words, speak the same language. Otherwise, a situation may arise when the consultant, using his analytical tools, will be able to identify the problem and find ways to solve it, but the client may not understand the consultant’s recommendations. Therefore, it is necessary to agree in advance on the meaning of those concepts and terms used by both the client and the consultant.

▪ Level of training. Recommendations are effective only when implemented. But in order to use the consultant’s recommendations, the client sometimes needs to have an appropriate minimum level of training. Just as the implementation of even a detailed technological process requires a certain level of technical training, so the implementation of the most detailed management recommendations requires a certain level of management training. If such a problem arises, additional measures must be taken to ensure such preparation.

▪ Understanding goals and objectives. There are situations when the client is unclear about what exactly he wants, but he is determined to achieve it. This usually leads to the most serious problems in the client's interaction with the consultant. Therefore, it is necessary to jointly decide on goals and objectives, and only then start working.

Thus, the second part of the question formulated in the title of this article can be answered as follows: you need to study in any case - knowledge will never hurt, even if (one might say - especially if) consultants are invited (using the example of INTERFINANCE, www.denisshevchuk. narod.ru, www.interfinance.ru).

According to Denis Shevchuk, Deputy General Director, Vice-President of "Credit Broker INTERFINANCE" (MORTAGE * BUSINESS LENDING), the training itself, without the practical application of the acquired knowledge, is worth little. When was the last time any of the top managers of enterprises had the opportunity to attend a serious educational course? And what part of the knowledge they have gained is actually applied today in everyday management practice? When working with consultants, regardless of the type of consultation, knowledge is directly embodied in practical activities, or, conversely, acquired in the process of solving specific problems.

In any case, the decision on the first part of the question - to invite or not to invite consultants - remains with the client. Consultants, as always, can only give the necessary recommendations, which was done in this article.

According to Denis Shevchuk, Deputy General Director, Vice President of INTERFINANCE Credit Broker (MORTAGE * BUSINESS LENDING), the service of obtaining financing from credit institutions is in demand among enterprises implementing investment projects, the cost of which significantly exceeds the cost of projects implemented earlier, and also in the absence of own experience in bank lending (www.deniskredit.ru).

The implementation of such projects may include a work plan to increase the investment attractiveness of the enterprise as a Borrower.

A team of consultants, which includes diversified highly qualified specialists (financiers, lawyers, economists, marketers, etc.), can provide the client with a full range of services - from preparing a business plan to finding and identifying a financial source (bank, investment company, investment fund, private investors, etc.) in order to assist enterprises and organizations - potential borrowers - in preparing documents for obtaining a loan, choosing forms and methods of lending, searching for investors and arranging financing.

The consulting services and products offered by the Credit Agency (credit broker) are as close as possible to the requirements of investors - banks and other credit institutions and investment companies.

Actively cooperating with various banks, The credit agency offers clients the organization of financing - search and selection of banks for lending to investment projects, financing the development of production, its reorganization and technical re-equipment, as well as obtaining loans to replenish working capital.

As part of the Credit consulting service, we offer support for the procedure for obtaining a loan, namely:

▪ general familiarization with the lending market in Moscow

▪ provision of information and selection of the most optimal loan program and bank

▪ assistance in collecting and preparing a package of documents for obtaining a loan

▪ agreeing on a package of documents with the bank and submitting an application for a loan

By applying for a loan consultation, you will not only save precious time spent searching for a suitable program, but also receive the most reliable information about the bank and the conditions for obtaining a loan, which often differs significantly from that provided by the bank for advertising purposes.

Business lending, according to credit broker employees, despite the unstable state of the economy, involves the possibility of some banks making a decision in a short time (from 1 to 10-15 days), before opening an account, accounting for management (unofficial) reporting, a group of companies. Crises are not a hindrance if you use the advice of professionals.

Despite the crisis in the Russian economy, most business lending experts agree that this banking sector in Russia will develop.

Let us consider in detail the currently existing business financing opportunities.

Legal entities:

All types of loans, including:

▪ overdraft (unsecured loan against turnover, up to 50% of average monthly receipts to the account from third-party counterparties, excluding payments to ourselves within a group of companies);

▪ loan to replenish working capital;

▪ loan for business development;

▪ loan for the purchase of a business;

▪ loan for the purchase of real estate (including commercial mortgage);

▪ loan for the purchase of equipment;

▪ loan to cover cash gaps;

▪ credit line;

▪ factoring;

▪ leasing;

▪ pawn business lending;

▪ bank guarantees.

▪ investments in Russian enterprises (including investments in new companies (up to a year) in Moscow).

Applying to credit brokers who have experience in full-time work in banks (preferably in senior positions in specialized divisions), allows you to conduct an express analysis of financial statements and potential creditworthiness, increase maximum lending limits (amounts), optimize taxation, increase credit attractiveness and speed up consideration applications, get the opportunity of priority preferential consideration of applications in banks.

For individual entrepreneurs:

▪ loan;

▪ credit line.

Adjustment factors (discount) applied within the framework of business lending programs (According to Deputy General Director Denis Aleksandrovich Shevchuk):

Real estate objects (buildings, structures, individual premises in a building, unfinished capital structure): no more than 0,8.

Equipment: no more than 0,7.

The subject of pledge may be office and computer equipment, as well as personal property of individuals. Pledge valuation of office and computer equipment, personal property is carried out by a loan officer on the basis of a visual inspection, study of documentation and information on the market value of similar objects and application of a correction factor of not more than 0,6 to the market value.

In the case of a pledge of equipment, trade pavilions (registered as temporary structures) may be considered along with technological, production, etc. equipment. Their collateral value is assessed by applying a correction factor of no more than 0,6 to the market value.

Vehicles: no more than 0,7.

Goods in circulation (goods, finished products, etc.): no more than 0,6.

For goods in circulation, as a rule, the purchase price of these goods by the pledgor without VAT (for purchased goods) / production cost of goods (for goods of own production) is taken as the market value. At the same time, the issue of the competitiveness of this price in the market must be studied by a loan officer.

Prior to accepting property as a pledge, a loan officer, when visiting the place of business, conducts an inspection and verification of the actual availability of property, compliance with data on the quantity and assortment (by type and generic characteristics), checks for the availability of documents confirming ownership. When pledging goods in circulation, certificates of conformity must be checked (selectively, but not less than 10 positions).

Loan amount = collateral amount * discount

The amount of collateral is the liquid market value (which can be sold quickly, usually slightly below the normal market value).

MINIMUM TERMS FOR CONSIDERATION OF APPLICATIONS: from 1-5 days to a month.

FLEXIBLE APPROACH TO COLOR: up to 1000000 rubles without collateral, loans with partial collateral. Any liquid property (including purchased equipment and real estate) is accepted as collateral for other loans. LARGE RANGE OF SUM.

BASIC REQUIREMENTS FOR THE BORROWER:

The presence of a stable and profitable business with a period of actual existence of at least 6 months is mandatory.

The term of official business registration is at least 6 months.

No negative credit history. Absence of facts of non-fulfillment of obligations.

BASIC REQUIREMENTS FOR A BUSINESS OWNER:

Citizenship of the Russian Federation.

Age - from 25 to 60 years old inclusive (for men under 28 years old, the issue is settled with the draft authorities).

No criminal record.

No negative credit history.

Representatives of business today have a sufficient choice among banks that are ready to give "money in growth" and support various business projects. Entrepreneurs only need to be well versed in the conditions and interest rates in order to choose the most beneficial loan program for themselves.

Entrepreneurs are often interested in the question: does the possibility of obtaining a loan depend on the legal form under which a small business is registered. For example, many are sure that there is a prejudice in banks regarding "individual entrepreneurs", it is much more difficult to get a loan with this form of ownership than, say, for a limited liability company (LLC).

However, this setting is far from reality: for banks that are seriously engaged in lending to small and medium-sized businesses, the legal status of the organization does not affect either the number of documents for obtaining a loan, or interest rates, or lending conditions, that is, to all representatives of this sector of the economy. activities are subject to the same requirements.

Some banks have restrictions on other parameters, such as the share of foreign capital, but the form of ownership of the company does not matter. However, there is a limitation for legal entities: the share of the state or non-residents in the authorized capital should not exceed 49%.

The documents that are required for obtaining a loan for small and medium-sized enterprises mainly relate to both the legal status and financial statements. In a bank, for example, you will be required to: a certificate of state registration, a certificate of registration with the tax authority, copies of passports of an individual entrepreneur and guarantors, a copy of the income statement for the last two reporting dates, copies of the pages of the book of income and expenses for 6 months , certificates of the presence or absence of loans in servicing banks.

It is also necessary to provide an extract from the servicing banks on account turnover (debit turnover or credit turnover) for the previous 12 months, as well as information on monthly turnover. Additional documents that banks are often asked to provide are directly related to the company's activities: copies of lease agreements for premises, copies of contracts with buyers and suppliers, copies of documents confirming the ownership of property offered as collateral (contracts, invoices, acts, payment documents, certificates property) and so on.

An individual approach to each legal entity can be explained by a huge number of variations in the parameters of small and medium-sized businesses in modern Russia. Everything is subject to the attention of credit analysts: from organizational and legal documents of the enterprise itself to lease agreements for premises and utility bills. If you divide the documents into groups, then you can select constituent documents, financial documents, documents confirming the ownership of property provided as security, as well as additional documents confirming the conduct of business. Terms of crediting enterprises in each bank are different.

Consideration of an application in banks takes from three working days to several weeks, subject to the provision of a complete package of documents, so enterprises wishing to receive a loan must take this fact into account in advance. Often, clients complain that banks take a long time to consider their applications, but from practice I can say that usually such clients do not follow the instructions of the bank and do not fulfill everything that is asked of them on time, thereby delaying the decision-making process on the possibility of lending.

Due to the focus of most banks on the "individual approach" to each borrower-representative of small or medium-sized businesses, entrepreneurs have the opportunity to vary the interest rate. You should think about obtaining a loan for your company in advance and cooperate as much as possible with credit analysts on issues related to documents: in this case, you can choose the most favorable lending conditions for the company.

Significant time savings, and often many other costs, will allow you to get a timely appeal to credit brokers, but only if in the staff of such a company all employees previously worked in banks in senior positions. The abundance of so-called "certified brokers" who listened to advertising lectures in ordinary companies, seriously discredits the profession of a credit broker. Ideally, the more banks a credit broker worked in, the better.

List of documents for the Borrower

1. Questionnaire - application in the form of the Bank.

2. Passport (1) for individuals who are:

▪ business owners;

▪ parties to the transaction (borrower, guarantors);

▪ managers (having the right of first signature) of legal entities included in the Client's group of companies.

For men under 28 years of age, an additional copy of the military ID.

3. Certificate of state registration (3) (making an entry in the Unified State Register of Legal Entities / EGRIP).

4. Certificate of registration with the tax authority (3)

5. Licenses (3) and/or other documents giving the right to carry out activities.

6. Constituent documents (3) (Articles and Memorandum). Additionally, if applicable: Decisions on making changes and/or additions to the constituent documents, as well as certificates of state registration of such changes and/or additions.

7. Documents confirming ownership (3) the personal property of business owners.

Financial documents

1. Financial (tax) reporting (3) with a stamp, or a postal receipt and a description of the attachment, confirming the delivery to the IMTS, as of the last reporting date (for the last reporting period).

1.1.

Balance sheet (Form No. 1) and Gains and losses report (Form No. 2), or

1.2.

Single tax returnpaid in connection with the application of the simplified taxation system, as well as a receipt (payment order) confirming the payment of a single tax for the last period, or

1.3.

Tax return for a single tax on imputed income for certain types of activities, as well as a receipt (payment order) confirming the payment of a single tax for the last period.

2. Income and expense ledger (3) organizations and/or individual entrepreneurs who apply the simplified taxation system or are payers of UTII for the last 3 months.

3. Accounting documents (statements) containing information on receipts to the cash desk and to settlement accounts broken down by banks for 6 months monthly.

4. Breakdown of receivables and payables(1) no later than the 1st day of the month in which the application was submitted.

6. Certificate of commitment (1) in the form of the Bank not later than on the 1st day of the month in which the application was submitted.

7. List of property used in business and inventory items(1) no later than the 1st day of the month in which the application was submitted.

Documents confirming economic activity

1. Contracts (agreements) with main suppliers and consumers (3). At least 6 (at least 3 with suppliers and at least 3 with consumers) with the largest counterparties in terms of settlements.

2. Documents confirming the right to use the premises(3)(warehouse, office, points of sale).

Forms of submission of documents:

(1) Original

(3) A copy certified by the organization / individual entrepreneur

The responsible officer of the Bank may additionally request other additional documents necessary for making a decision on granting a loan.

A business financing option is a loan secured by housing for any purpose, essentially a mortgage option. Quite often, business owners use this product. There are two options: mortgage of an apartment and mortgage of a house (cottage).

The residential building that is the subject of pledge must meet the following requirements:

1.1. be located in a settlement on the territory of which other residential buildings suitable for habitation are located;

1.2. have an access road that provides year-round access to the land plot on which the residential building is located, by motor transport;

1.3. be suitable for permanent habitation;

1.4. have a constant power supply from an external source through the connected network from the power supply organization;

1.5. be provided with a gas, steam or stove heating system, as well as cold water supply;

1.6. be in proper technical condition and not have significant defects in structural elements and engineering equipment, which can subsequently lead to an accident at home;

1.7. pass the cadastral registration, comply with the floor plan issued by the body carrying out the technical inventory of the property, which is determined on the basis of the data of the valuation report made by a professional appraiser;

The land plot that is the subject of pledge must meet the following requirements:

▪ have a permitted use (intended purpose): for gardening, housing or summer cottage construction;

▪ requirements specified in clauses 1.1., 1.2. and 1.9.

General requirements. The subject of collateral can be both the Residential Premises, for the purchase of which a mortgage loan was provided, and the existing Residential Premises.

1. The Residential Premises should not be under arrest or prohibition, should not be encumbered with the right of third parties, with the exception of the right of residence, there should be no disputes regarding the Residential Premises. If a person who is not one of the owners (pledgers) of the mortgaged Residential Premises plans to be the sole borrower under the loan agreement, then it is necessary to demand that one of the owners (pledgers) of the Residential Premises be involved as the second borrower (co-borrower).

2. The dwelling is a separate apartment or a separate Residential building for permanent residence (cottage or semi-detached house (townhouse)). The rooms of a communal apartment can only be pledged if, to secure one loan, all rooms (premises) of the communal apartment are pledged, i.e., in aggregate, the pledged rooms (premises) will constitute a single Residential Premises.

3. The Residential Premises is connected to electric, steam or gas heating systems that provide heat to the entire area of the Residential Premises, or has an autonomous life support system.

4. The dwelling has entrance doors, windows and a roof (for apartments on the upper floors).

5. When granting a loan secured by existing housing, Residential Premises shall not be accepted as collateral in the following cases:

▪ When the owners (one of the owners) of the Residential Premises are minor children;

▪ When persons who are not members of the mortgagor’s family are registered in the Residential Premises for a long period of time (1 year or more).

6. When one of the owners (pledgers) of the Residential Premises is a person over 65 years of age, the mortgage agreement is subject to mandatory notarization.

7. The building in which the subject of pledge is located must meet the following conditions and requirements:

a) is located in Moscow or the Moscow Region;

b) is not in emergency condition;

c) not be registered for major repairs (if information is available);

d) is not in plans for reconstruction or demolition (if information is available);

e) have a reinforced concrete, stone or brick foundation;

f) depreciation of a building built earlier than 1970 should not be more than 70%.

8. Ownership of the Residential Premises must be confirmed by the relevant title documents (certificate of ownership, registered contract of sale of the Residential Premises, barter agreement, etc.), drawn up in accordance with the requirements of the current legislation.

9. Technical documentation (explication, floor plan) must comply with the data specified in the USRR. If the Residential Premises is re-equipped without an appropriate permit, such Premises can be accepted as a pledge only on the condition that the Pledgor legalizes the redevelopment within 6 months from the date of the conclusion of the mortgage agreement (the emergence of a mortgage by virtue of law), and if it is impossible to legalize the redevelopment, the Pledgor is obliged, within 9 months from the date of conclusion of the mortgage agreement (the emergence of a mortgage by virtue of law), to bring the Residential Premises into a state corresponding to the data specified in the technical documentation.

10. When acquiring (mortgaging) a separate Residential House, the land plot located under such a house is simultaneously acquired, registered in a mortgage. Ownership of a land plot must be confirmed by the relevant title documents (certificate of ownership, registered land purchase and sale agreement, other agreement), drawn up in accordance with the requirements of the current legislation. The original cadastral plan of the land plot must be attached to the document for the land, which must be pledged together with the Residential Building.

10.1. If the land plot is provided on a leasehold basis, then simultaneously with the house, the leasehold rights to the land plot must also be pledged. The lease agreement for a land plot must be concluded for a period not less than the term of the loan agreement, or contain an indication of the extension of the agreement for a new term. If the lease agreement contains a condition on obtaining the consent of the lessor to pledge the rights to lease the land plot, then such consent must be obtained before the conclusion of the pledge agreement, if such a requirement to obtain the consent of the lessor does not contradict the current legislation.

10.2. If the mortgagor does not have the right of ownership or the right to lease the land plot located under the Residential Building, then when lending against the security of the existing housing, such property is not accepted as security.

When lending secured by purchased housing, the Residential House can be accepted as security, provided that the seller of the Residential House has the right to lease the land plot located under the Residential House.

The crisis in the American mortgage market provoked a global crisis in the money market. Many Russian banks found themselves in a difficult position. The lack of financial resources and their widespread rise in prices have led to insufficient funding. As a result, the financial resources of a number of banks allocated for the issuance of mortgage loans were exhausted.

Due to the inability to quickly replenish their potential, many banks hastily tightened lending conditions for mortgage transactions, and some even temporarily abandoned mortgages. A frequent occurrence in today's practice of banks is the delay in the consideration of an application for a loan without explaining the reasons. At the same time, many borrowers who had already received the bank's approval for issuing a loan were faced with the fact of raising the rate on a mortgage loan.

Not only the banks themselves faced problems, but also potential borrowers who were forced to abandon real estate purchase transactions due to sudden bank failures and delays in issuing loans.

It is not uncommon for approved borrowers to wait for their money for two or three or more months. In the context of rising real estate prices, a delay of several months leads to a significant increase in the cost of the apartment.

Banks, which were less focused on foreign borrowing, relying on their own resources when issuing mortgage loans, continue the process of lending to mortgage borrowers. In general, a sufficient number of banks still offer very competitive conditions, but they have raised mortgage rates, significantly increased the down payment and tightened lending conditions.

A loan broker is essentially a financial lawyer. You can go to court yourself - or you can hire a lawyer, you can get a haircut at home at the mirror yourself - or you can go to a specialist’s hairdresser, someone repairs his Cossack himself - and someone gives his Mercedes to a car service. It is a mistake to think that a loan broker is a magician and distributes loans to everyone. If he is a specialist, has a specialized higher education (and not just courses) and experience of real full-time work in banks (preferably in different and relevant departments in senior positions, and not just internships), then he will significantly increase the likelihood of a positive loan decision (so how a competent lawyer will increase your chances in court and in the preparation of legal documents) and the speed of decision making.

I can add that during a crisis it is useful to spend your free time on self-education, studying economic and legal literature. Bank employees have a habit of getting angry if loan applicants are illiterate in economic and legal matters. A broad outlook allows you to find a common language with bankers faster, because banking has long been considered one of the most highly intelligent professions, some employees have 2-3 higher educations and constantly improve their knowledge.

There are many scammers, who, as a rule, do not have even a minimum experience in banks before, offering a guarantee of 100% obtaining a loan: this is a 100% fraud or an outright crime that will be XNUMX% revealed sooner or later (with corresponding consequences for both the client and the false assistant) . This is clear to any experienced banker. In any bank, business loans and mortgages (and often other types of loans) are issued after the decision of the credit committee, this is a collegiate body, while the client is previously checked by various bank services. One person, even a big boss (unless, of course, this is the owner of the bank) cannot, by definition, make such decisions alone, especially an intermediary. A competent intermediary with full-time experience in banks can significantly increase the likelihood of approval - this is already a reality, but will never guarantee a XNUMX% loan. Its role is educational and lobbying. Credit brokerage is useful to everyone. On the one hand, the broker simplifies the procedure for obtaining a loan for clients, on the other hand, it attracts new "quality" clients to banks.

Cooperating with us, you get access to the best offers on the Russian credit market. We work with banks that actually lend, and not just declare.

Our employees have experience in banking in senior positions (including top management, board), economic and legal education, authors of books and articles on economic and legal topics in leading publications. This sets us apart from our competitors. Trust your business to professionals! Many of our competitors do not have experienced bank employees, especially those with managerial experience in specialized departments, but they undertake to advise, and at higher prices, make gross mistakes in documents, work on a stream (maybe someone will get a loan)! In our opinion, a loan broker must have experience in accepting and promoting loan applications (both legal entities and individuals) in banks (and not just know their names and have business cards of "familiar" bankers, some bankers distribute hundreds of business cards) and know all the technologies from within, as well as higher economic and legal education (our employees have 2-3 specialized higher educations).

The duration of the work depends on the type of activity of your company and the requested loan amount. Non-standard cases are discussed individually.

We accept offers from banks, partners and investors, realtors and fellow brokers. We are constantly expanding the list of credit products.

What is the reason for success?

Firstly, in the high professional level of the company's employees.

Secondly, in the provision of high-quality services in the shortest possible time.

Thirdly, in an individual approach to each client and guarantees of the quality of the services provided.

Fourthly, in the reliability of the company, compliance with business ethics and confidentiality.

The presence of a stable and profitable business with a period of actual existence of at least 6 months is mandatory for all programs for legal entities and individual entrepreneurs.

Credit brokerage is useful to everyone. On the one hand, the broker simplifies the procedure for obtaining a loan for clients, on the other hand, it attracts new "quality" clients to banks. For banks, cooperation with credit brokers is interesting because they expand their client base, getting less "problem" borrowers as a result. Credit brokers begin to work with a client only after they are convinced that they can really help him. If the borrower is unpromising, the broker will not even take him to the bank. When working with brokers, banks reduce the cost of advertising and marketing services - brokers themselves bring clients to them. In some banks, for clients brought by a broker, discounts on interest rates are provided. In the West, lending to small businesses is an assembly line that operates according to standard rules and procedures. It is this principle that makes it possible to form a large loan portfolio from small loans. Our market is just getting there. The development of this service can lead to a sharp increase in the number of successfully received loans by entrepreneurs and an increase in the literacy of borrowers. Credit consulting came to Russia from the West, where today this market is a powerful and highly developed industry: with the help of credit brokers, the population and small businesses receive up to 60-75% of loans. In Russia, the share of brokers in attracting loans is about 1-2%. However, they appeared relatively recently - in the early 2000s. At the same time, the formation of the credit brokerage market took place against the backdrop of distrust of brokers by potential borrowers themselves and bankers.

Small businesses often have to go through hell to get a loan. Many businessmen do not have enough experience and qualifications to competently "package" and "sell" their business plan to loan officers. Entrepreneurs often bring a bunch of completely unnecessary documents, but they forget one and only certificate, without which the bank will not work with the borrower. As a result, going to the banks can be very long. Equally important is the quality of the documents. A business plan written on the knee, a school notebook with real reporting, an intricate ownership structure do not simplify the procedure for issuing loans. Many entrepreneurs still come to the bank with just such a set. Another problem is the ignorance of businessmen about the requirements of banks, which require confirmation of the borrower's solvency. And for this you need to describe your business as clearly, in detail and in a form understandable for bankers, show the ownership structure, draw up a competent business plan, from which the loan officer will understand where the money received will go and how soon they will "beat off". As a result, it turns out to be insulting: an entrepreneur, according to the real indicators of his business, could have received a loan, but the bank refused, as the businessman was unable to correctly present his business and prove the effectiveness of the use of borrowed funds.

Banks are formal structures, they work with documents, pay great attention to execution, and every comma matters to them. For entrepreneurs, documents are not the main thing in business, and they never think about commas. It turns out that for some, the form is important, and for others, the content. Loan brokers here act as "packers" who help with experienced advice to dress the content in a form acceptable to banks. Why are there so few loans in the country? Not because there is no money. Banks have money, and a lot. Everything rests on the sluggishness of the distribution system. Bank loan officers work in a matrix that they are unwilling or unable to go beyond. When a client comes to them, they "scan" him, and if he does not match at least one item, then he no longer fits into the matrix. This means that the loan will be denied. The current situation resembles a closed dam, when in the upper part the water is already spilling with might and main and flooding cities and villages (banking liquidity), and at the other end of the dam there are gates (credit committees of banks) that drain water (money) strictly limited due to instructions, hindering the release of excess liquidity into the real sector. The task of credit brokers is to drill holes in this dam, open the gates and download the surplus money to the real sector of the economy - that is, businessmen and consumers. There are many scammers, who, as a rule, do not have even a minimum experience in banks before, offering a guarantee of 100% obtaining a loan: this is a 100% fraud or an outright crime that will be XNUMX% revealed sooner or later (with corresponding consequences for both the client and the false assistant) . This is clear to any experienced banker. In any bank, business loans and mortgages (and often other types of loans) are issued after the decision of the credit committee, this is a collegiate body, while the client is previously checked by various bank services. One person, even a big boss (unless, of course, this is the owner of the bank) cannot, by definition, make such decisions alone, especially an intermediary. A competent intermediary with full-time experience in banks can significantly increase the likelihood of approval - this is already a reality, but will never guarantee a XNUMX% loan. Its role is educational and lobbying.

The mechanism of work of credit brokers is relatively simple. A client who wants to get a loan comes to the company, the consultant finds out various details and subtleties of his business and selects the ideal loan product in a particular bank. But the client must be absolutely honest, tell everything without concealment, otherwise it will be extremely difficult for the broker to work with him.

However, everything here is just at first glance. There are several types of players on the market. The first are semi-legal or frankly black brokers who, using their connections and not disdaining bribery, simply take the client by the hand, lead them to their familiar banker and disappear, they can engage in obvious falsification, a damaged credit history is the easiest punishment ( http: / /www.deniskredit.ru).

Professional market participants call such “brokers” swindlers and predict their imminent departure; people discredit the entire institution of credit brokers, but with the formation of a civilized market they will disappear. The second type of brokers are exclusively intermediaries; they process the information provided by the borrower and indicate to him a bank that can issue a loan on acceptable terms. The third group of players - consultants - approach the client more thoroughly. After applying, the broker analyzes the borrower’s condition, understands the company’s ownership structure, identifies positive and negative factors, and evaluates the weight of each of them. After this, he selects a bank that can satisfy the client’s needs on the most favorable terms, helps the borrower collect the necessary documents, and checks them before submitting them to the bank. At the same time, sometimes a client fails to get a loan, but not because everything is completely bad for him, but only because he was not careful enough about the documentation. The broker can point out the shortcomings to the client, advise how to correct them, and after eliminating the flaws, take him to the bank, tell the client which bank to choose, discuss with him the model (terms, collateral) and the goals of raising a loan.

How to get a mortgage loan

What is mortgage and home loans

Mortgage lending is becoming more and more popular in Russia every year. A mortgage allows you to buy a home today and pay its full cost over the next few years. This is much more convenient than saving money, exposing significant savings to inflationary and other risks.

Tips for the borrower

Buying an apartment is a complex and responsible process. If you spend a little time studying this topic, you can make your work much easier, significantly reduce possible losses and avoid disappointments. You must understand that the time spent on studying this issue will pay off in the money saved. So here are our tips:

You should not choose a mortgage bank just because it has the lowest declared interest rates.

In the process of choosing a lender bank, interest rates play an important role, but we should not forget that there are additional fees for granting and servicing a loan, which in some cases can significantly increase the overall cost of the loan. It is better to ask right away what lump-sum payments you will need to make additionally and what additional fees you will have to pay during the entire loan period.

In addition, the interest rate indicated by the creditor bank is not always charged on the real balance. For example, a change in loan debt can be taken into account when calculating interest after 3 months after the actual repayment of the principal debt, and this will significantly increase your payments for using the loan. Thus, your real interest rate on the loan may be much higher than the nominal one.

Also, you should not forget about the quality of the service offered to you. The friendliness and professionalism of the bank's specialists will allow you to greatly facilitate the procedure for obtaining a loan, choose the most suitable loan product for you and make the most reasonable choice regarding the housing you are purchasing.

When deciding on the choice of a creditor bank, try not to outsource the clarification of loan conditions to your relatives or friends, because it can be like playing a damaged phone: The information that reaches you will not reflect the real state of affairs.

Require the lender's written confirmation of consent to grant a loan.

After receiving a message from the bank (most likely verbal) that you are satisfied with the bank as a borrower, you must demand confirmation from the bank in writing, describing the main conditions of the upcoming loan transaction.

Think before you use a sales agent (realtor) who acts on the side of both the seller and the buyer.

This kind of agent, most often, cannot represent and protect the interests of both parties to the transaction at the same time. In this case, usually, the agent is more attentive to the interests of the seller, rather than the buyer. If you buy an apartment, then try to hire your agent (lawyer, lawyer), who will represent only your interests in this transaction.

Do not make a purchase of an apartment without professional technical expertise and due diligence.

Any statement of the seller about the technical condition of the apartment must be documented. Remember that when buying housing on the secondary market, you are more likely to encounter parquet swelling or ceiling leakage, so try to find out exactly when the apartment was last overhauled and redecorated.

To check the technical condition of an apartment, it is best to hire an independent technical expert who, based on the results of the inspection, would draw up a written conclusion, which would indicate all the advantages and disadvantages of the technical condition of the apartment at the time of its inspection.

Also, special attention should be paid to checking the legal purity of the apartment. In professional language, such a check is called <checking the purity of the title>. This term implies the identification of all persons who have any rights to this apartment or may potentially have them, checking for encumbrances from third parties and infringement of the rights of former apartment owners in previous alienation transactions.

It should be noted that in this matter there is no better ally and assistant than the creditor bank. The creditor bank is even more interested than you in the quality and liquidity of mortgage loan collateral.

Do not sign any documents without first reading them.

Never sign documents in a hurry. Ask your counterparty for copies of the contracts, carefully read them, and if you have any questions, then try to resolve them well in advance before signing the documents. It would be more preferable to carefully read all the documents again before signing them at the time of the transaction.

Tax breaks

By purchasing a new apartment on credit, you can enjoy significant income tax benefits.

Since January 1, 2001, a new procedure for calculating and applying income tax benefits has been in force. In accordance with the new Tax Code, a taxpayer may deduct from his taxable income the amounts actually spent on new construction or the acquisition of a residential house or apartment in the Russian Federation, as well as amounts used to pay interest on mortgage loans received by the taxpayer in banks of the Russian Federation .

The total amount of this deduction may not exceed 1,000,000 rubles, excluding amounts used to pay interest on mortgage loans. You can calculate the amount of savings on income tax right now using the Tax Calculator.

Even if you started using the relief before January 1, 2001, according to leading tax advisers, you can continue to use it in accordance with the Income Tax Law, deducting from your total taxable income the amounts used to repay the mortgage loan, including the principal debt and interest.

F.A.Q.

How do I determine my documented monthly income?

The Bank will determine the maximum loan amount you can qualify for based on your average monthly documented income over the past twelve months. In this case, it should be especially noted that the bank will take into account the income of both spouses.

What happens if I can't repay the loan?

If during the repayment of the loan you are unable to make payments in full due to objective reasons, the bank will try to help you and work out a mutually acceptable solution. Such a solution could be, for example, deferral of payments on account of repayment of the principal debt.

However, if these temporary economic measures do not work and you are unable to make mortgage payments, you will have to sell the apartment and use the proceeds from the sale to repay the debt to the bank. With the money left from the sale, you can buy yourself another home.

How is a mortgage loan for real estate purchase different from a regular loan?

Unlike other types of lending, a mortgage loan can only be granted for the purchase of housing, while the main collateral for it is the pledge (mortgage) of the housing being purchased.

For how many years can I get a loan?

Credit is issued for a period of up to 15-25 years. The bank offers loan products, focusing on various customers. If you have the opportunity to pay an additional amount to repay the loan in excess of the planned repayment schedule, you, having warned the bank in advance, will have the opportunity to make both partial and full early repayment of the loan. The bank will accept an additional amount from you to repay the loan and recalculate the amount of monthly payments, or, at your request, reduce the loan term.

Who checks the legal "purity" of the apartment?

Documents confirming the ownership of the seller of the apartment and the purity of the title are checked by the insurance company. An appraisal company will conduct an additional inspection of the apartment.

So, now, when buying an apartment, you are not alone with the "market", but you can have competent allies who will defend your interests.

How is the settlement with the seller of the apartment?

The bank issues money to the seller of the apartment after the state registration of the contract for the sale of the apartment at the expense of credit funds and the transfer of ownership to the borrower. An additional, but necessary condition for the actual provision of a loan is documentary evidence of the payment of the down payment.

Such a payment scheme is the safest for the buyer of an apartment and reliable for the seller.

What are the average rates of insurance companies for the three types of insurance?

The cost of all three types of mortgage insurance usually amounts to no more than 1,5 percent of the remaining loan amount. As a rule, insurance contracts are concluded for one year with the payment of an insurance premium for this period.

When extending the insurance policy for each subsequent year, the amount of the insurance premium will be less, since it is calculated in accordance with the amount of the loan balance as of the date of conclusion of the insurance contract (taking into account the principal repayment made by the borrower).

What types of insurance accompany a mortgage loan?

A prerequisite for obtaining a loan is insurance of 3 types:

▪ insurance of the purchased apartment against the risks of damage and destruction;

▪ insurance of ownership of the subject of the mortgage (i.e., the apartment you are buying);

▪ life and disability insurance of the borrower.

Insurance protects the borrower and the bank from additional risks. If an insured event occurs, the insurance company will transfer the necessary amount to the bank to repay the loan, and the borrower will be relieved of the need to make further repayment of the loan. Insurance costs are borne by the borrower.

How long after submitting the documents can I expect to receive a loan?

The term for consideration by the bank of an application for a mortgage loan does not exceed two weeks. Having received a positive decision from the Bank's Credit Committee, you will have to decide on the final choice of an apartment and conclude a loan agreement.

Then you need to draw up a deal for the sale and mortgage of the apartment. After the state registration of this transaction, you will become the owner of a new apartment.

Will I have to pay rent?

Do you mean maintenance payments? Yes, because the apartment belongs to you, and you will live in it.

Moreover, as the owner of the apartment, you will bear all the costs associated with the payment of real estate taxes, the operation and repair of the apartment, and you will also bear the costs associated with the operation and repair, including capital, of the entire house and adjacent territory.

What are the benefits of a mortgage loan?

By purchasing housing on credit, you get the opportunity to live in your own new apartment today, and pay for it gradually over several years.

At the same time, you are granted a substantial income tax relief. In accordance with the new Tax Code, a taxpayer can deduct from his taxable income the amounts actually spent on the purchase of a residential house or apartment, as well as the amounts used to pay interest on mortgage loans. The total amount of this deduction may not exceed 1,000,000 rubles, excluding amounts used to pay interest on mortgage loans.

To obtain a mortgage loan from a bank, there is no need to provide any additional collateral in addition to the purchased housing.

Who is looking for an apartment?

You have the opportunity to search for an apartment on your own or with the help of real estate companies.

What is a mortgage loan?

A mortgage loan is money that a bank provides to a client for the purchase of an apartment or house. For the use of the provided loan, the client pays interest to the bank, and also repays the borrowed funds on a monthly basis (www.denisshevchuk.narod.ru).

Acquired housing through the loan will be pledged (mortgage) from the bank until the full repayment of the mortgage loan by the client. A mortgage loan is usually issued for a long term. The maximum loan term is 15-25 years.

Who is looking for an insurance company?

The bank will offer you a list of insurance companies. These are the largest Russian insurers that have offered minimum tariffs for compulsory types of insurance.

What is the legal framework for mortgage lending?

Among the numerous laws and legal acts of the Russian Federation, a number of documents that directly regulate mortgages can be distinguished:

▪ Civil Code of the Russian Federation (Articles 37, 131, 209, 246, 260, 329, 365, 387, 488; entire paragraph 3, chapter 23);

▪ Federal Law of July 16, 1998 No. 102-FZ “On Mortgage (Pledge of Real Estate)”;

▪ Federal Law of July 21, 1997 No. 122-FZ “On state registration of rights to real estate and transactions with it.”

▪ Shevchuk D.A. Civil process. - Rostov-on-Don: Phoenix, 2006.

However, it should be remembered that the issuance of a mortgage loan is a banking operation, therefore, the specific procedure for issuing and servicing mortgage loans is regulated by banking legislation.

What is the role of the insurance company?

To obtain a mortgage loan, the borrower must draw up three types of insurance contracts:

▪ Insurance contract for the purchased apartment against the risks of damage and destruction;

▪ Insurance contract for the risk of loss of ownership of the purchased apartment;

▪ Life and disability insurance agreement for the borrower.

Such insurance is a mandatory requirement of the loan agreement. The Bank provides a list of insurance companies participating in the compulsory mortgage insurance program, which will issue all three types of insurance at minimum rates.

The Bank provides mortgage lending both in the markets of finished and under construction housing in Moscow and the Moscow Region, St. Petersburg and the Leningrad Region, etc.

You can get a mortgage loan under programs in other cities, through a network of banks.

Getting a mortgage loan from a bank is simple and affordable for everyone. Mortgage lending programs developed by us simplify the process of obtaining a loan as much as possible. The borrower does not require a large number of documents, does not require third-party guarantees. All bureaucratic procedures are kept to a minimum (www.denisshevchuk.narod.ru).

STEP #1. PRELIMINARY CALCULATION OF THE MORTGAGE CREDIT

First of all, you need to assess what kind of apartment loan you need and how much apartment loan you can get with your family's monthly income. For convenience, we have developed a Mortgage Calculator.

STEP #2. FILLING IN THE PRELIMINARY QUESTIONNAIRE

After a preliminary determination of the loan amount using the Mortgage Calculator, you need to contact the bank's employees to fill out a preliminary borrower's questionnaire.

STEP #3. DOCUMENTATION FOR OBTAINING A LOAN FOR AN APARTMENT

To obtain a mortgage loan in our bank does not require a large number of documents. When filling out and collecting the necessary documents, your personal bank consultant will help you. Based on the submitted documents, the bank decides on the possibility of granting a loan.

STEP #4. SELECTING AN APARTMENT

After receiving confirmation of the possibility of obtaining a loan from the bank, you can proceed to the choice of an apartment. You are not limited in the choice of the seller of the apartment - it can be any real estate company or an individual. You can buy an apartment on the secondary housing market or a new apartment. The title documents for the apartment will be checked by the insurance company, and the market value will be determined by an independent appraisal company recommended by the bank.

STEP #5. SIGNING CONTRACTS

After choosing a suitable apartment, you sign a loan agreement with the bank and draw up an apartment purchase and sale agreement. After signing all the agreements, the bank provides you with a mortgage loan.

Mortgage Dictionary

What is a mortgage?

For the first time the term "mortgage" appeared in Greece at the beginning of the VI century. Translated from Greek, mortgage means a pledge, in which the pledged property - usually land and other real estate - remains pledged to the creditor until the person who received the loan fulfills the monetary obligation.

Currently, mortgage lending is the main mechanism for solving the housing problem in Europe and America, where almost 90% of apartments and houses are purchased on credit. Mortgage is not a new service for the Russian economy, but it still remains unfamiliar to many potential consumers. This is due to the fact that the process of mortgage lending is surrounded by a lot of prejudices that have emerged as a result of insufficient awareness of Russians about the possibilities of this financial service. But the mechanisms that have proven their effectiveness throughout the world cannot go unnoticed in Russia, where the situation has now developed when the formation of a system of long-term mortgage lending has become not only an urgent, but also a feasible task.

A mortgage is attractive, first of all, because it allows you to become a homeowner in a fairly short time, move into a new apartment, register all members of your family, and pay its cost over the next few years without fear of rising real estate prices. This is much more convenient than saving money, exposing significant savings to inflationary and other risks, or renting an apartment, since the amount of monthly loan payments is comparable to the monthly rent for a similar apartment. Another advantage of buying an apartment on credit is the opportunity to take advantage of income tax incentives, which currently amount to 1 rubles. The reliability and safety of buying an apartment with a mortgage loan lies in the fact that the apartment undergoes a thorough legal check by the bank and the insurance company and is fully registered in the ownership of the borrower upon receipt of the loan.

Buying real estate with a mortgage today is considered the most progressive and reliable way to solve the housing problem. It remains only to choose the most optimal mortgage program, taking into account the currency of the loan, rates and terms that suits you.

In order to help you understand the intricacies associated with obtaining a mortgage loan, we have developed a dictionary of mortgage terms.

Loan amortization

Loan amortization is the process of gradually repaying the principal of a mortgage loan and paying interest. Mortgage payments are usually made monthly. The payment schedule is fixed in the loan agreement between the lender and the borrower.

Underwriting

Underwriting - assessment of the borrower's solvency (sufficiency of income to cover loan payments), solvency (quality level of performance of loan obligations), borrower's assets (availability of sufficient liquid assets necessary to make a down payment and pay related transaction costs).

Annuity payments

Annuity payments - monthly equal payments on account of repayment of the loan and interest for the use of credit funds.

mortgage agreement

Mortgage agreement - an agreement under which one party (mortgagee), which is a creditor, has the right to satisfy its monetary claims against the other party (mortgagor).

Credit agreement

Credit agreement - an agreement between a credit institution (creditor) and a borrower, according to which the lender undertakes to provide funds (credit) in the amount and on the terms provided for by this agreement for the borrower to purchase a property, and the borrower undertakes to return the received amount of money and pay interest from it.

Early loan repayment

Early repayment of a loan is a voluntary payment by the borrower of the balance of the loan debt ahead of schedule stipulated by the loan agreement. The borrower is the recipient of a mortgage loan who pledges some real estate as security for the loan.

Mortgage

Mortgage - a registered security that establishes the right of its owner to receive performance on a monetary obligation. Issued by the borrower when obtaining a mortgage loan.

Mortgage

A mortgage is a mortgage on real estate.

Mortgage

Mortgage loan - funds issued for a long period of time by a credit institution secured by real estate.

Mortgage Calculator

Mortgage calculator - a tool that allows you to calculate the amount of future payments on a loan depending on income, term and size of the loan.

Credit history

Credit history - information about what loans the borrower took from banks, how disciplined the loan was repaid and interest was paid.

Credit Committee

The credit committee is a collegial body for making credit decisions in a bank that approves or rejects the candidacies of specific borrowers and approves the specific conditions for lending to each of them.

Creditworthiness of the borrower

The creditworthiness of the borrower is the readiness of the borrower to fulfill the financial obligations assumed. It is determined on the basis of an analysis of his credit history.

Property valuation

Real estate appraisal is the process of determining the market value of a property. Conducting an independent assessment of the mortgaged property is a prerequisite for issuing a mortgage loan.

Solvency of the borrower

Solvency of the borrower - the ability of the borrower to repay the loan in a timely manner. It involves the analysis of income and expenses.

Co-borrower

Co-borrower - a person who becomes a co-owner of the acquired property and, together with the main borrower, is responsible to the lender for the repayment of the loan. As a rule, the spouse is the co-borrower. In this case, the income of the co-borrower is taken into account when calculating the loan amount.

loan account

Loan account - a borrower's personal account opened with a creditor bank for transferring loan funds and for subsequent crediting of loan payments to it.

LIBOR rate

The LIBOR rate is the weighted average rate for refinancing loans set by the London Interbank Exchange.

MosPrime rate

The MosPrime rate is an independent indicative rate calculated by the National Monetary Association (NVA) on the basis of ruble deposit rates announced by the leading participants of the Russian money market to first-class financial institutions. When banks are included in the list for setting the MosPrime rate, their reputation, financial position, volume of operations and experience in the Moscow money market are taken into account.

Legal base

Tax Code of the Russian Federation - part one of July 31, 1998 N 146-FZ and part two of August 5, 2000 N 117-FZ - articles 20, 220;

Civil Code of the Russian Federation (articles 37, 131, 209, 246, 260, 329, 365, 387, 488, 855, 935, paragraph 3, chapter 23);

Law of the Russian Federation "On income tax from individuals";

Instruction of the State Tax Service of the Russian Federation of June 29.06.1995, 35 N 28.04.1999 (as amended on April XNUMX, XNUMX) "On the application of the law of the Russian Federation "On income tax from individuals"";

Shevchuk D.A. Civil process. - Rostov-on-Don: Phoenix, 2006;

Shevchuk V.A., Shevchuk D.A. Banking Law: Proc. allowance. - M.: RIOR Publishing House, 2005;

www.denisshevchuk.narod.ru www.interfinance.ru www.interfinance.info www.pavlino-rus.narod.ru www.zheleznodorozhni.narod.ru www.corporateresources.narod.ru www.mgu-frank.narod.ru

Scheme of creating a credit organization

It is no secret that the creation of a credit organization (bank or NCO) is a complex process from an economic and legal point of view. In this article, I tried to summarize my experience in organizational work and analysis of regulatory documents for the creation of banks and non-bank credit organizations.

This scheme is published for the first time in domestic literature and complies with the requirements of the Federal Law "On the Central Bank of the Russian Federation (Bank of Russia)" (Collected Legislation of the Russian Federation, 2002, N 28, Art. 2790; 2003, N 2, Art. 157), Federal Law "On banks and banking activities" (Bulletin of the Congress of People's Deputies of the RSFSR and the Supreme Council of the RSFSR, 1990, N 27, item 357; Collection of Legislation of the Russian Federation, 1996, N 6, item 492; 1998, N 31, item 3829; 1999, N 28, items 3459, 3469, 3470; 2001, N 26, item 2586; N 33 (part I), item 3424; 2002, N 12, item 1093; 2003, N 27 (part I) , item 2700; N 50, item 4855; N 52, item 5033), the Federal Law "On Limited Liability Companies" (Sobraniye Zakonodatelstva Rossiyskoy Federatsii, 1998, N 7, item 785; N 28, item 3261 ; 1999, N 1, item 2; 2002, N 12, item 1093), the Federal Law "On Joint-Stock Companies" (Collected Legislation of the Russian Federation, 1996, N 1, item 1; N 25, item 2956; 1999 , N 22 2672, Art. 2001; 33, N 3423 (part I), art. 2002; 12, N 1093, Art. 45; No. 4436, art. 2003; 9, N 805, art. 2001), the Federal Law "On State Registration of Legal Entities and Individual Entrepreneurs" (Sobraniye Zakonodatelstva Rossiyskoy Federatsii, 33, N 3431 (Part I), Art. 2003; 26, N 2565, Art. 52; N 5037, Art. 29) and in accordance with the decision of the Board of Directors of the Bank of Russia (Minutes No. 2003 of December 29, XNUMX).

Peculiarities of the state registration of credit institutions with foreign investments, as well as the procedure for issuing by the Bank of Russia a banking license to a credit institution whose bankruptcy proceedings have been terminated due to the repayment of its obligations by decision of the founders (participants) or a third party (third parties), are established by other regulatory acts of the Bank of Russia.

Preparation and submission to the Bank of Russia of a request for the possibility of using the chosen name of a bank or a non-bank credit institution (NCO) (the response of the Bank of Russia within 5 working days);

Preparation of an Application for registration, a decision to establish, a bank charter, a business plan with a provision on the procedure for conducting settlements, minutes of a meeting of the board of directors on the election of a chairman of the board of directors;

Preparation of questionnaires for candidates for the positions of the head of the bank, chief accountant and his deputies;

Preparation of a written communication indicating the list of members of the board of directors and containing information on the absence of grounds preventing the election of these persons to the board of directors;

Preparation of an explanatory note on the technical fortification of premises for carrying out operations with valuables (including equipment for fire and security alarms and alarms) and on the organization of security, ensuring the protection of personnel life and the safety of valuables; a plan for the location of premises for the placement of a credit institution with an explication (the size of the occupied area and the purpose of the premises); a plan for the location of premises for performing transactions with valuables with an explication (the size of the occupied area and the purpose of the premises); a document (agreement of intent) confirming the consent of the security company to conclude an agreement for the provision of security services with the credit institution after its state registration; licenses for the implementation of non-state (private) security activities of a security company with which an agreement has been reached on concluding an agreement for the provision of security services; act of acceptance of means of security, fire and alarm signaling into operation; certificates of conformity for equipment (including protective equipment) of premises for performing transactions with valuables; as well as preparation of an obligation to provide premises for rent (sublease) and the consent of the owner in case of sublease;

Payment of the state duty for registration and license fee;

Obtaining the consent of a territorial branch of the Bank of Russia for the acquisition of more than 20% of shares in the authorized capital of an NPO (preparing an application, sending an application to a territorial branch of the Bank of Russia, the decision is made after 30 days from the date of receipt of the said application), as well as sending a notice of acquisition of more than 5% shares in the authorized capital of the bank;

Preparation of the list of founders of the bank;

Documents for obtaining a license

Sending the documents specified in paragraphs 2-9 to the territorial office of the Bank of Russia (the period for consideration of documents is three months)

In the event of a positive conclusion under paragraph 10, the documents are sent to the Bank of Russia (the consideration period does not exceed 6 months from the date of submission of a set of documents to the territorial office of the Bank of Russia);

In case of a positive decision on paragraph 11, the documents are sent to the body that carries out state registration of legal entities;

After the state registration of the bank and making the corresponding entry in the Unified State Register of Legal Entities, the constituent documents are sent to the appropriate territorial institution of the Bank of Russia;

After the receipt by the territorial branch of the Bank of Russia of the documents under paragraph 13, it shall, within one day, send to the Bank of Russia a notice of the state registration of the bank, as well as notify the founder of the state registration of the bank (it shall indicate the details of the account for payment of the authorized capital) and send him the original certificate of state registration;

Within 3 working days after receiving the notification under clause 14, the Bank of Russia sends the following documents to the territorial office of the Bank of Russia: 2 copies of the certificate of state registration of the bank in the form established by the Bank of Russia; 2 copies of each of its founding documents;

The territorial branch of the Bank of Russia issues documents under paragraph 15 within 3 working days from the date of their receipt

Sample conditions for obtaining a loan for organizations of one of the banks in Moscow

LIST

documents submitted for obtaining a credit service

(for legal entities)

INITIALLY PROVIDED:

Loan Application (according to the attached form).

Profiles (according to the attached form). [1]

REPORTING: Balance sheet and Form No. 2 on 5 last reporting dates.

After receiving an additional request from the Bank:

Constituent documents (for the Borrower, Guarantor, Pledgor):

Memorandum of Association, Charter - copies certified by a notary, or by an authority that carries out state registration of legal entities. These copies must contain a note from the head confirming their validity.

List of affiliates

Changes to the constituent documents - with a mark of the body that carries out state registration of legal entities; or a copy of the Certificate of making an entry in the Unified State Register of Legal Entities on state registration of changes made to the constituent documents of a legal entity, certified by the seal and signature of the head, is provided.

Certificate of registration of the enterprise - a notarized copy; if the legal entity was registered before July 1, 2002, an additional certificate of making an entry in the unified state register of legal entities about a legal entity registered before July 1, 2002 is provided - a notarized copy or a copy certified by a seal and signature leader;

Certificate from the tax office on registration, certificate from statistical authorities, [2]

Bank card with sample signatures, [3]

Protocol on the election of the head of the enterprise; an order appointing a chief accountant or, if the enterprise does not have a chief accountant position, an order assigning accounting responsibilities to the head of the enterprise; contract (employment agreement) of the manager with the borrower company (or a letter stating the absence of such a contract); passports of the manager and chief accountant (certified by the passport holders), [4]

Extract from the Unified State Register of Legal Entities for the current date (original).

A copy of the office lease agreement.

Permits and licenses for the implementation of credited activities regulated by law.

Feasibility study use of the loan (business plan), which should reflect:

▪ characteristics of the production and commercial activities of the enterprise;

▪ information about the production potential of the enterprise and the conformity of its products with analogues sold on the domestic and foreign markets;

▪ content of the business transaction for which the loan is requested;

▪ estimated terms of production, acquisition and sale of products (goods, works, services) indicating the cost of a unit of production;

▪ calculation of the payback of the lending project, providing a complete list of costs for the implementation of the project, the amount of expected revenue from the sale of products (goods, works, services), as well as the financial result from the implementation of the project, indicating the amounts required to fully repay the loan debt, all tax payments and the expected profit of the enterprise.

Credited transaction documents

▪ copies of contracts for the supply of goods or other agreements for the payment of which the requested credit funds are expected to be used;

▪ copies of contracts for the sale of products (works, services) in the volume and for the period, ensuring the repayment of the loan and interest within the requested period;

▪ copies of contracts (storage, services or certificate of ownership) of office and warehouse premises;

▪ passports of import and export transactions (if available).

Documents required to confirm the security

7.1. When pledging real estate - a copy of the purchase and sale agreement; a notarized copy of the certificate of ownership of the building; BTI documents not older than one year (extract from the technical passport in form No. 1a, explication, floor plan) for the building; a copy of the land lease agreement for detached buildings or a notarized copy of the certificate of ownership of the land plot and a plan of the land plot, certified by Moskomzem.

Real estate must be valued by a company agreed with the bank.

7.2. When pledging inventory items - information about the availability of pledged assets in the warehouse as of the last accounting date, indicating the name of the product, unit of measurement, purchase and sale price per unit and total cost, as well as primary accounting data: warehouse accounting cards, contracts ( contracts), on the basis of which the goods were received, customs declarations, invoices, specifications, certificates, etc. [5]

Property provided as collateral for credit services is subject to compulsory insurance in a company agreed upon with the bank.

Lease agreement or documents confirming ownership of the warehouse where the property is stored.

7.3.When pledging securities: for shares - an extract from the register about ownership and the absence of restrictions, for bonds and bills - the originals.

7.4.When pledging precious metals in bullion: registration certificate of the State Assay Supervision Inspectorate, quality passport (certificate of conformity), purchase and sale agreement.

7.5.When lending against guarantees (guarantees) [6] - documents confirming the solvency of the guarantors (guarantors), including balance sheets for the last 5 reporting dates with form No. 2 and certificates confirmed by banks on the flow of funds on the current account for the last 6 months , copies of constituent documents (for non-customers of the Bank).

Copies of property insurance documents (If there are any).

Audit report.

Advertising brochures.

Documents characterizing the financial position of the borrower (for the Borrower, Guarantor, Pledgor):

▪ balance sheet for the last 5 reporting dates with attached form No. 2; [7]

▪ decoding of receivables and payables, indicating the name of the debtor-creditor, the amount of debt, the date of occurrence and the planned deadline for fulfilling obligations; [8]

▪ decoding of short-term and long-term financial investments (balance sheet accounts 06 and 58) indicating the type of securities, issuer, book value or par value, maturity date, as well as the name of the enterprise, amount of investment and share in the authorized capital (in cases of the borrower’s participation in other enterprises);

▪ list of fixed assets indicating the name, year of manufacture, book value (real estate, vehicles, etc.);

▪ a short explanatory note about the causes of losses (if any) and the prospects for covering them;

▪ decoding of existing loan debt (guarantees received) with copies of loan agreements (guarantee agreements) and security agreements attached;

▪ a certificate of guarantees issued by the enterprise in favor of third parties (indicating the principal, the amount of the guarantee and its duration) or a certificate of their absence;

▪ certificate of fixed expenses of the enterprise:

a) the amount of average monthly payments for rent, utilities, security, salaries, advertising, etc.;

b) the amount of average quarterly taxes.

▪ certificate of turnover on current accounts in Banks (from the banks themselves), where the company is providing settlement and cash services for the last 12 months, certificate of absence of card index 2, presence/absence of loan debt.

▪ certificate of absence of overdue debts to the federal budget, budgets of constituent entities of the Russian Federation, local budgets and extra-budgetary funds, overdue wages to employees.

A comment:

All copies of documents submitted to the Bank must be certified by the seal and signature of the head

The Bank reserves the right to request additional information from the Borrower.

The Borrower has the right to provide additional documents not listed in this list, allowing, in his opinion, to get a more complete picture of his business and financial situation

The borrower should take into account that incorrect information or failure to provide the necessary documents may lead to a delay in making a decision on the possibility of providing credit services or to the refusal of such.

All the necessary information on the formation of a package of the documents listed above can be obtained from the Credit Department by phone.

The amount of interest rates set by the bank and the availability of commissions depending on the type of lending.

Standard rates for credit products:

Overdraft:

Credit line:

Credit:

Additional commissions for processing (issuing, reviewing) a loan are NOT CHARGED.

Depending on the financial performance of the organization, loan rates may be revised downward. The turnover of the organization, the financial result from the work of the organization with the Bank, the parameters of the transaction are taken into account.

The bank’s ability to calculate the maximum lending limit per borrower based on the documents provided.

The maximum limit for a borrower on an overdraft, a credit line is set based on the turnover of the Organization passing through the current account.

When setting a limit on a loan, an assessment of the financial condition of the organization is carried out and the Credit Committee makes a decision on the amount of the loan.

Then, within this limit, the borrower selects credit resources in the context of various credit products (credit line, loan, overdraft, leasing).

Each type of loan product has its own limits and procedure.

The interest rates set by the bank and the presence of commissions depending on the loan instrument.

See p.1.

2) Duration of the loan agreement:

▪ overdraft, credit line:

The term of the agreements is 6 months. Agreements concluded with clients for the first time no more than 2 months, subject to positive cooperation, the validity period can be extended up to 6 months.

▪ one-time issue:

from 1 to 3 years

▪ investment lending:

considered individually. So far, only projects for the construction of housing.

a) List of additional documents for obtaining an investment loan.

b) Your bank’s own limit per borrower/group of related borrowers.

US$19 million

3. What type of collateral does the bank prefer?.

real estate equipment

The amount of discounts, depending on the type of collateral.

Real estate ~ 20%

Equipment ~ 50% (negotiable)

Securities ~ 50% (depending on the type of securities)

Goods in stock ~ 50% (negotiable)

5. Bank requirements for the ratio of “soft” (inventory and goods in circulation) and “hard” (real estate and equipment) collateral for a one-time issue.

The ratio is not set. It all depends on the Organization's situation regarding the availability of certain collateral. The discount is set on the type of collateral.

6. Requirements for insurance companies (collateral insurance).

If the collaterals are already insured - the Credit Committee evaluates the insurance company and decides on the acceptability of the insurance.

10 insurance companies are accredited with the bank - at the choice of the Client.

7. Requirements for the valuation of collateral (appraisal company).

Appraisal companies to choose from (several).

8. The ability to maintain the borrower’s turnover - not from the first month, but according to an agreed schedule - as revenue grows.

The amount of the overdraft limit and the credit line will also depend on the size of the turnover. With an increase in speed - an increase in the limit.

It is possible to consider turnovers that have passed through accounts in other banks.

9. The need for notarization of the mortgage agreement.

Mortgage lending is considered on an individual basis.

10. Bank requirements for providing direct debit from the accounts of the borrower and guarantor.

By decision of the Credit Committee, individually, not strictly established.

11. Requirements for registration/location of the borrower (Moscow, regions, etc.).

Priority - Moscow, Moscow region, regions where branches are located.

The BANK also considers loan applications from organizations whose main business and collateral are located in Moscow, the Moscow Region - but are registered in another city/region.

12. Possibility of lending to projects from scratch (project financing).

Probably not. But it depends on the project itself and the organization itself.

13. Conditions for providing factoring.

Factoring is not.

14. Addition.

As a kind of loan product: technical loan. Optimization of financial flows within the framework of the legislation. Simultaneous placement of a deposit (purchase of a bill) with the issuance of a loan. The cost of the service is from 2% per annum. Schema options are available.

LIST OF DOCUMENTS REQUIRED FOR CONSIDERATION OF THE APPLICATION (legal entity)

Juristic documents:

Copies

1. Memorandum of association / decision of the founder;

2. Charter;

3. Certificate of state registration;

4. Certificate of registration with the tax authority;

5. Letter on making an entry in the Unified State Register of Legal Entities (for legal entities registered before 01.07.02);

6. Card with samples of signatures;

7. Information letter of the territorial body of statistics;

8. Orders on the appointment of the General Director, Chief Accountant;

9. A copy of the passports of the founders, General Director, Chief Accountant.

Accounting data

1. Quarterly reports (balance sheet + f. No. 2) for the last 5 reporting dates *;2. Analysis 41, 50, 51, 90 for the previous 12 months, the form of submission - per month (51 accounts are provided broken down by servicing banks)*;

3. Turnover balance sheets for 60, 62, 66, 76 in the context of "counterparties" for the last 3 months, form of submission - per month*;

4. Certificates of availability/absence of loans in servicing banks, certified by the seal of the bank, certificates of the presence or absence of file cabinet No. 2 (for each of the servicing banks) *;

5. Extract from servicing banks on account turnover (debit turnover/credit turnover) for the previous 12 months. Turnover information - per month;

* Verify with the seal of the organization and the signature of the responsible person

Management accounting data

Revenue for the last 12 months, form of provision - monthly;

Deciphering the items of the management balance sheet:

▪ List of fixed assets and equipment used by the Borrower in running a business (regardless of the owner or whether it is listed on the balance sheet) - name, model, year of manufacture, acquisition cost, market value.;

▪ Warehouse certificate on the amount of inventory (name, quantity, cost of acquisition);

▪ List of debtors (including deferred payments granted, prepayments to suppliers, loans issued) - indicating the counterparty, amount, date of occurrence and date of repayment;

▪ List of creditors (including received advances, deferred payments, bank loans and private loans, debt to the budget and extra-budgetary funds, debt under leasing and factoring agreements) - indicating the counterparty, amount, date of occurrence and date of repayment;

▪ Certificate of the enterprise’s expenses for the last 6 months, monthly, broken down by item: goods, wages, rent, utilities, taxes (accrual), transportation costs, communications, advertising, entertainment expenses, etc.

Additional documents

▪ Copies of premises rental agreements,

▪ Copies of contracts with buyers and suppliers.

▪ Copies of documents confirming ownership of the property offered as collateral (agreements, invoices, acts, payment documents, certificates of ownership).

Note: If the activity is carried out by a group of enterprises under a single management, information in the above volume is required for each of the enterprises included in the group.

LIST OF DOCUMENTS REQUIRED FOR CONSIDERATION OF THE APPLICATION (PBUL, individual entrepreneur)

Juristic documents

▪ Copies of documents: certificate of state registration, certificate of registration with the tax authority, card with sample signatures, copy of the certificate of inclusion in the Unified State. register of individual entrepreneurs (for private legal entities registered before 01.01.2004/XNUMX/XNUMX), information letter from the territorial statistics body.

▪ Copies of passports of the entrepreneur and guarantors.

Financial documents

▪ Copy of the income statement, Copies of pages of the book of income and expenses.

▪ Certificate from the tax authority about open current/currency accounts.

▪ Statement of the movement of funds on settlement accounts for the previous 12 months, certified by the Banks (from each bank).

▪ Certificate of availability/absence of loans from other banks, certified by the bank’s seal, as of the date of filing the loan application, copies of loan agreements. Certificates about the presence or absence of card index No. 2 (for each of the servicing banks).

▪ List of fixed assets and equipment - name, model, year of manufacture, acquisition cost, market value.

▪ Warehouse certificate on the amount of inventory (name, quantity, cost of acquisition).

▪ List of debtors (including deferred payments granted, prepayments to suppliers, loans issued) - indicating the counterparty, amount, date of occurrence and date of repayment.

▪ Revenue for the previous 12 months on a monthly basis, management data.

▪ Certificate of expenses for the last 6 months, monthly, broken down by item: goods, wages, rent, utilities, taxes (accrual), transportation costs, communications, advertising, hospitality, etc.

▪ Copies of premises rental agreements, copies of agreements with buyers and suppliers.

▪ Copies of documents confirming ownership of the property offered as collateral (agreements, invoices, acts, payment documents, certificates of ownership).

LOAN APPLICATION

1. Name of the enterprise ____________________

2. Legal address _____________________

3. Actual (postal) address_________________

4. Founders_______________

5. Availability of accounts in other banks (not specified in the Borrower's Questionnaire)

___________________________

6. Full name company manager and chief accountant

____________________________

7. Full name representative of the enterprise for negotiations with the Bank (position, phone)

_____________________________

8. Form of lending (check as necessary)

9. The amount of the requested loan _______ rubles / US dollars.

10. Loan term ______________

11. Acceptable interest rate __________

12. The purpose of the loan and a brief scheme of the transaction

_________________________________________

13. Offered security (real estate, goods, securities, precious metals, etc.)

_________________________________________

14. Availability of an insurance policy for the proposed security (indicate the name of the insurance company, the sum insured and the expiration date of the policy)

_________________________________________

15. Date of filling out the application _________________

Supervisor / ____________ /

Chief Accountant / ____________ /

QUESTIONNAIRE No. 1 OF THE BORROWER (GUARANTEE) - LEGAL ENTITY

1. Company name

1.1. Full ____________________________________

1.2. Abbreviated _______________________________

1.3. Foreign (if any) _________________

2. Legal form _______________

3. TIN ________________________________________________

4. State registration number _______

5. Date of registration (re-registration) ___________

6. Registration organization __________________

7. Registration certificate number ____________

8. Main activities ___________________

9. Start date of activity _____________

10. Address:

10.1. Legal

10.1.1. City _______________________

10.1.2. The outside _______________________

10.1.3. House _________________________

10.1.4. Housing (building) ____________

10.1.5. Office (apartment) ______________

10.2. Actual (postal)

10.2.1. City ________________________

10.2.2. The outside ________________________

10.2.3. House __________________________

10.2.4. Housing (structure) _____________

10.2.5. Office (apartment) _______________

10.3. Warehouses (if available)

10.3.1. City _________________________

10.3.2. The outside _________________________

10.3.3. House ___________________________

10.3.4. Housing (structure) ______________

10.3.5. Office (apartment) ________________

10.3.6. Area (sq. m) ________________

11. Contact details:

11.1. Telephone _________________________

11.2. Fax _____________________________

11.3. Email _________________

11.4. Website ______________________________

12. Codes of forms of federal state statistical observation:

12.1. OKPO _____________________________

12.2. OKONH ____________________________

12.3. OKFS _____________________________

12.4. OKOPF ____________________________

12.5. OKOGU _____________________________

12.6. OKATO _____________________________

13. Availability of accounts:

13.1.1. Estimated _________________________

13.1.2. Current currency _________________

13.2. In other banks

14. Amount of registered and paid authorized capital _____________

15. Employee data:

15.1. General director

15.1.1. Surname ___________________

15.1.2. Name ________________________

15.1.3. Middle name ___________________

15.1.4. Date of birth "___" _________ 19 __

15.1.5. The passport:

series _____________,

date of issue _________,

passport issuing authority _________________

15.2. Chief Accountant

15.2.1. Surname ___________________

15.2.2. Name ________________________

15.2.3. Middle name ___________________

15.2.4. Date of birth "___" _________ 19 __

15.2.5. The passport:

series _________________,

date of issue ______________,

authority issuing the passport __________________

16. Founders - legal entities:

17. Founders - individuals:

18. Participation in other organizations (more than 25% of the authorized capital):

19. Branches, representative offices

20. Is the organization part of the holding (if yes, then describe the structure of the holding and the distribution of functions and activities among legal entities in its composition, on a separate sheet, a diagram of relationships in the holding)

_______________________________________

21. Participation in other organizations or joint activities with other organizations

22. Sales system (for trade organizations)

23. Main suppliers (names of the five largest organizations-suppliers of goods, works, services and the share of each in the total volume of supplies)

24. Main buyers (names of the five largest organizations-buyers of goods, works, services, the share of each in the total sales volume)

25. Main competitors (name, market share, competitive advantages of the company)

_______________________________________

26. Number of employees

26.1. Regular ________________

26.2. Under the contract ____________

26.3. Full _________________

27. Existence of litigation and legal disputes (Yes/no. If yes, describe the nature of the dispute and the decision taken by the relevant authority).

___________________________________________

28. Credit history for the last 2 years, including current obligations:

29. Fixed assets:

29.1. Owned:

29.1.1. Real estate

29.1.2. Other property (equipment, vehicles)

29.2. On rent (leasing):

29.2.1. Real estate

29.2.2. Other property (equipment, vehicles)

30. The influence of seasonality and other factors on the activities of the enterprise

____________________________________________

31. Tax incentives (please tell us about the tax incentives you have and the terms for which they are granted)

____________________________________________

32. Date of last audit and audit firm _____________

The Bank guarantees that all information provided by the client in this questionnaire will be used strictly confidentially and only for making a decision on the merits of his application to the Bank.

The Client hereby confirms and guarantees that all information contained in this questionnaire is true and complete and does not object to the Bank's right to verify the authenticity.

Leader:

_____________________________________

/____________________/

(indicate the full name of the position) (signature) (Last name, initials)

QUESTIONNAIRE No. 2 FOR A INDIVIDUAL (CEO, founder, guarantor)

1. Surname ________________________________

2. Name _____________________________________

3. Middle name ________________________________

4. Date of birth "___" _________ 19 __

5. Place of birth ___________________

6. Citizenship ____________________

7. Passport:

series _____________,

date of issue ______________,

passport issuing authority ________________

8. Residence:

8.1. By registration _______________

8.2. Actual _______________

9. Family composition:

10. Education

11. Previous places of work (at least the last two)

12. Availability of property, including property registered to close relatives (spouse, children):

12.1. Real estate (residential, non-residential premises, suburban real estate):

12.2. Vehicles:

12.3. Shares and shares in other organizations:

12.4. Deposit deposits:

The date __________________

Signature _______________

Organization stamp

QUESTIONNAIRE No. 3 FOR THE FOUNDER OF A LEGAL ENTITY (more than 25% of the authorized capital)

33. Company name

33.1. Full _________________

33.2. Abbreviated ________________

33.3. Foreign (if any) ____________________

34. Legal form __________________

35. TIN _______________

36. State registration number ________________

37. Date of registration (re-registration) _______________

38. Registration organization ______________

39. Registration certificate number _________________

40. Main activities ________________________

41. Start date of activity ___________________

42. Address:

42.1. Legal

42.1.1. City _______________

42.1.2. The outside _______________

42.1.3. House ________________

42.1.4. Housing (structure) ___

42.1.5. Office (apartment) _____

42.2. Actual (postal)

42.2.1. City _______________

42.2.2. The outside _______________

42.2.3. House _________________

42.2.4. Housing (structure) ____

42.2.5. Office (apartment) _____

43. Contact details:

43.1. Telephone _____________

43.2. Fax _________________

43.3. Email _______________

43.4. Website ___________________

44. Codes of forms of federal state statistical observation:

44.1. OKPO ______________

44.2. OKONH ____________

44.3. OKFS ______________

44.4. OKOPF ____________

44.5. OKOGU _____________

44.6. OKATO ____________

45. Availability of bank accounts

46. Employee data:

46.1. General director

46.1.1. Surname ________________

46.1.2. Name _____________________

46.1.3. Middle name ________________

46.1.4. Date of birth "___" _________ 19 __

46.1.5. The passport:

series _______________,

date of issue ____________,

passport issuing authority _____________________

46.2. Chief accountant Surname

46.2.1. Surname __________________

46.2.2. Name ______________________

46.2.3. Middle name _________________

46.2.4. Date of birth "___" _________ 19 __

46.2.5. The passport:

series _______________,

date of issue ____________,

passport issuing authority _____________________

The Bank guarantees that all information provided by the client in this questionnaire will be used strictly confidentially and only for making a decision on the merits of his application to the Bank.

The Client hereby confirms and guarantees that all information contained in this questionnaire is true and complete and does not object to the Bank's right to verify the authenticity.

Leader:

________________________

/ __________________ /

(indicate the full name of the position) (signature) (Last name, initials)

WARRANTY APPLICATION

1. Company name ____________________

2. Legal address ___________________________

3. Actual (postal) address _________________

4. Founders ___________________________________

5. Availability of accounts in other banks (not specified in the Borrower's Questionnaire)

____________________________

6. Full name company manager and chief accountant

_________________________

7. Full name representative of the enterprise for negotiations with the Bank (position, phone)

____________________________________

8. The amount of the requested guarantee is ______________ rubles / US dollars.

9. Warranty period ____________________

10. Acceptable interest rate _________________

11. The purpose of the guarantee and a brief scheme of the transaction

_________________________________

12. Offered security (real estate, goods, securities, precious metals, etc.)

____________________________________

13. Availability of an insurance policy for the proposed security (indicate the name of the insurance company, the sum insured and the expiration date of the policy)

____________________________________

14. Date of application completion _______________

Supervisor __________________

Chief Accountant ______________

Lending technology "Overdraft" ("Credit line for turnover")

1. Limit.

Lending limit

The limit value is determined as a percentage of the average monthly credit turnover for the last 3 months, in accordance with the overdraft limit scale.

For clients switching to the Bank, an overdraft can be provided after 1 month of the client's work on a current account with the Bank. At the same time, for the analysis of credit turnovers, turnovers on accounts with the Bank for the last month and turnovers in the previous Bank for 2 months are taken.

* - References on turnover are accepted from banks included in the list of 200 largest banks of the Russian Federation in terms of assets as of the last reporting date, published in Expert, Money magazines.

2. Tariffs.

** - the term of agreements concluded with clients for the first time is no more than 2 months, subject to positive cooperation with the client, the term of the agreement can be extended up to 6 months.

3. "Score scale for the quality of credit turnover".

*** - the value of the normative value of the five-day moving average is determined as 80% of the minimum average monthly value of the five-day moving average for the last three months. The normative value of the moving average may be less than the total overdraft limit set for the client based on the results of the scoring of the turnover quality.

**** - the average monthly indicator of the number of receipts is calculated for each analyzed month, and the minimum average monthly indicator is taken to assess the quality of turnover.

4. Scale for determining the credit limit using overdraft technology.

5. Standard form of agreements concluded with clients for lending using overdraft technology.

5.1. The interest rate on the loan and the fee for maintaining the limit are paid according to the schedule on a monthly basis.

5.2. The agreement establishes the conditions for maintaining the specified volume of credit receipts to the current account per month, the condition for maintaining the specified volume of credit receipts for the current account for five working days (the normative value of the five-day moving average) and sanctions in case of violation of these conditions (closing the limit).

5.3. Each tranche under the current agreement is issued for a period until the end of the agreement.

5.4. Payment orders of the Client with execution on the same day are accepted only in the amount of the free overdraft limit.

6. Monitoring compliance with the conditions for providing an overdraft.

6.1. The main indicator for daily monitoring under the current agreement is the standard value of the 5-day moving average, which is determined in the amount of 80% of the minimum value of the five-day moving average in any of the months for the analyzed period for the last 3 months.

6.2. If, during the monitoring process for the current five-day period, the credit turnover on the client's account is less than 95% of the standard five-day moving average, the overdraft limit is automatically closed (the client can no longer use the limit, credit proceeds are written off to repay the debt). When the amount of credit turnover is restored to the normative value on the account, the limit is restored after 3-5 days, during which the Bank's employees are convinced that the client's turnover has been restored.

Project finance as a banking service

The essence of project financing is that the object of financing provided by the Bank is a specific investment project, and not the overall production and economic activity of the enterprise receiving the funds. Consequently, the main source of return on invested funds is the profit from the implementation of the investment project, separated from the financial results of the activities of the project initiators (Shevchuk D.A. Organization and financing of investments. - Rostov-on-Don: Phoenix, 2006).

Project financing is implemented through various forms and sources of financing: credit, financial leasing, selection of an investor and acquisition of a share in the authorized capital of the project initiator, establishment of a new special company with equity participation of the project initiator and attracted co-investors, issue of targeted bonded loans, etc. Financial results from the implementation of the project and the expected excess liquidity should ensure the repayment of obligations on attracted loans and interest on them, as well as ensuring an acceptable return to investors on invested capital.

Project financing has certain advantages that distinguish it favorably from other forms of financing:

▪ It differs from conventional lending (including syndicated lending) in that it is not impersonal, but targeted. At the same time, the source of repayment and security for the loan is the cash flows generated by the project itself, and not the entire economic activity of the borrowing company;

▪ from venture financing in that it is not accompanied by large risks that always accompany the development and implementation of new technologies and new products. During project financing, at the initial stage, the Bank assesses the acceptability of risks, the experience of the project team, the possibility of implementing the project and makes a fundamental decision;

▪ forms of financing such as factoring and leasing are characterized by more stringent technologies compared to project financing, and require collateral in the form of receivables from reliable counterparties (for factoring), or certain types of equipment (for leasing).

The main features of project financing are:

▪ the presence of an independent project company in the legal and economic sense as the carrier of the project with its own income - a source of return of investment resources;

▪ proportionate distribution of risks among all project participants (i.e. equipment supplier, lender, buyer, project initiator);

▪ adequate provision of equity capital of the project company at the expense of shareholders and investors;

▪ the presence of a detailed business plan with a package of examinations carried out by companies, the conclusions of which are recognized by the creditor or the attracted investor;

▪ a sufficient amount of income (cash-flow) for the entire period of attracting resources from a business unit to cover production costs, as well as to service debt obligations in relation to creditors;

The advantages of Project Finance (unlike other investment technologies) for the investment seeker are as follows:

▪ the ability to attract volumes of investment resources significantly exceeding the cash assets of the investment seeker;

▪ implementation of “start up” projects;

▪ reduction of project risks and their distribution among several project participants;

▪ absence of strict requirements for the financial condition of the borrowing company (a new company can be created to implement the project);

▪ the possibility of minimizing country risks by creating a project company in the country of origin of the capital, and an operating company (as a 100% subsidiary of the project company) in the country of its implementation;

▪ the possibility of introducing a moratorium and repaying the principal debt for the period of disbursement of capital costs and bringing the project to production capacity.

At the same time, the applicant for investment must understand the reasonable requirements from the Bank, as a lender and co-organizer of the project:

▪ the need for pre-project work to develop an investment project: development of a business plan, with economic, financial, technical, environmental, organizational, legal, commercial and marketing expertise of the project;

▪ relatively long period of consideration of the application for the project itself, compared to commercial lending;

▪ the Bank's commission for organizing and supporting the project, in addition to the interest rate on the loan;

▪ the inevitability of involving the assets of the investment seeker in the project;

▪ strict monitoring of the project by investors and creditors at all stages of the investment process.

Corporate finance

▪ Organization of financing of company acquisition projects using borrowed funds (LBO and MBO transactions)

▪ Construction of a comprehensive financial model for the company, determination of the optimal financing structure and maximum debt amount

▪ Arrangement of debt financing for the transaction

▪ Structuring transactions, conducting negotiations on the acquisition of a company

Advising on mergers and acquisitions, acquisitions/sales of companies (controlling, blocking, non-controlling stakes, non-core assets)

▪ Assessment of the market value of acquisition/sale objects, negotiations with shareholders

▪ Determination of the share conversion ratio in mergers and acquisitions

▪ Conducting an analysis of the financial and economic activities of the company (due diligence)

▪ Search for portfolio and/or strategic investors (domestic and foreign)

Organization of attraction of a bonded loan

▪ Analysis of the client’s need to attract resources through a bond, examination of the decision on a bond loan

▪ Estimation of costs for organizing and servicing a bond loan

▪ Development of a presentation package for the client, including an information memorandum

▪ Performing the services of an organizer of a bond issue, selecting underwriters and guarantors of the issue

▪ Working with potential buyers

▪ Preparation of the issue prospectus and other documents

▪ Full information support of the bond issue

Organization of placement of shares on the exchange and over-the-counter market and increase in market capitalization

▪ Estimation of the cost of entering the stock market

▪ Preparation of an investment memorandum and presentation materials for the issuer

▪ Services of the organizer of the initial public offering of shares

▪ Advising on the preparation of the issue of American and global depositary receipts (ADR, GDR)

▪ Services for restructuring companies and increasing market capitalization and liquidity of their shares

▪ Search for a strategic or financial investor

(Shevchuk D.A. Organization and financing of investments. - Rostov-on-Don: Phoenix, 2006)

Business plan: compilation methodology

In world practice, almost all investment projects are described using business plans. Venture firms receive thousands of business plans a year. They are also requested by commercial banks, industrial companies, individual investors. A business plan is a generally accepted medium of business information.

The development of market relations in Russia occurred spontaneously, and the need for business planning appeared quite late. The first business plans, like an “overseas curiosity,” appeared in Russia in the 90s, while at the same time most enterprises continued to use more conventional feasibility studies.

With the development of a market economy and international relations, the need to develop a business plan is no longer in doubt. And already in 1994-95. it becomes a mandatory document used to "improve methods for calculating the economic efficiency of design solutions and the commercial feasibility of investments."

Russian entrepreneurs sometimes misunderstand the meaning and purpose of a business plan and do not pay enough attention to it. For the most part, this attitude is caused by the idea of a business plan as some kind of "reporting", useless document. It is believed that when developing business plans, a huge amount of information is wasted, and then the developed document is put in a box and forgotten. This is not true. Efforts spent on planning are never in vain, because the accumulated experience allows you to avoid major mistakes and maximize the use of available resources.

Sometimes business plans are written by employees or company management, and sometimes they are delegated to consulting companies.

Five percent of the project cost spent on planning saves up to fifty percent of the total project costs!

The main goal of developing a business plan

▪ plan the company’s economic activities for the immediate and long-term periods in accordance with market needs and the ability to obtain the necessary resources.

According to research by INTERFINANCE, a well-developed business plan defines and reveals all the main issues for the project, calculates the finances of the enterprise and predicts various scenarios for the development of the situation:

▪ How production will develop

▪ How the product will be sold, work performed or service provided

▪ What will this idea bring?

What steps should be taken in a favorable environment (economic, political, competitive) and under unforeseen circumstances.

A business plan should always be ready. If you want to attract loans, investments or finance an interesting project - in all these cases you will urgently need a business plan.

In accordance with these standards, the structure of a business plan should include the following sections:

▪ Resume

▪ Description of the enterprise and industry

▪ Description of products (services)

▪ Marketing and sales of products (services)

▪ Production plan

▪ Organizational plan

▪ Financial plan

▪ Project focus and efficiency

▪ Risks and guarantees

▪ Applications

1. Resume

A resume is an independent promotional document containing the main points of everything business plan. The executive summary is the only part of the business plan that all potential investors read. The summary is the judge of the entire project, so it is important to include concise and clear information about the project in the summary. The summary answers the main questions of the investor: the size of the loan, the purpose of the loan, the repayment period, guarantees, co-investors, the project's own funds.

All subsequent paragraphs of the business plan decipher the information from the summary and prove the correctness of the calculations.

2. Description of the enterprise and industry

This section describes:

▪ General information about the company

▪ Financial and economic indicators of the enterprise’s activities

▪ Management structure and personnel composition

▪ Areas of activity, products, achievements and prospects

▪ Economic sector and its prospects

▪ Partnerships and social activity

3. Description of products (services)

For any entrepreneurial project, a visual representation of a product or product produced using your technology is necessary. It is best if it is a natural sample, its photograph or drawing. The business plan provides a description separately for each type of product.

▪ Approximate section structure.

▪ Name of product (service)

▪ Purpose and scope of application

▪ Brief description and main characteristics

▪ Competitiveness of products (services), in which parameters it is superior to competitors, in which ones it is inferior to them

▪ Patentability and copyright

▪ Availability or need for product licensing

▪ Degree of readiness for production and sale of products

▪ Availability of a quality certificate for products

▪ Safety and environmental friendliness

▪ Delivery conditions and packaging

▪ Warranties and service

▪ Operation

▪ Disposal after end of use

4. Marketing and sales of products (services)

The information in this section is intended to convince the investor that there is a market for your products (services). Buyers are divided into wholesale buyers, retailers, end users. Consumers are characterized by industry, location (if these are enterprises) or by age, gender, etc. (if this is the population). Among the consumer characteristics of the goods, such as appearance, purpose, price, strength, service life, safety of use and others stand out.

Sample section structure:

▪ Description of consumer requirements for products (services) and your ability to satisfy these requirements

▪ Description of competition. Identification of competitors and analysis of their strengths and weaknesses. Analysis of enterprise capabilities

▪ Description of the sales market for products (services)

▪ Description of the delivery of goods from the place of production to the place of sale or consumption. The full description includes: packaging, warehousing at the point of production, picking for shipment, transportation to the point of sale, pre-sales service, sales, after-sales service. Description of the sales channel for products (services) - retail store, small wholesale bases or stores, traveling service (agents, traveling salesmen), etc.

▪ Strategy for attracting consumers based on opportunities (possible options: advertising campaigns, free samples, participation in exhibitions, etc.). Price and sales volume of products. Analysis of the sensitivity of sales volume to price changes

5. Production plan

This section provides general information about the enterprise, the calculation of production costs for the planned sales volume, direct (variable) and general (fixed) costs of production, calculation of the cost of production, an estimate of current production costs.

Sample section structure:

General information about the enterprise

▪ Description of the location of the enterprise (in many cases a determining factor for the success of the project). Availability of necessary transport connections, engineering networks (electricity, water, heat, sewerage, communications, etc.), resources, as well as proximity to the sales market

▪ Technology used and level of qualification of performers

▪ Space requirement

▪ Staffing

▪ Meeting the requirements to ensure environmentally friendly production for the environment and the safety of workers

Volume of production

Staff costs

Staff costs include:

▪ costs for management personnel (director, chief engineer, production manager, accountants, planners, etc.);

▪ costs for production personnel (designers, technologists, repair workers, etc.);

▪ costs for other employees (marketers, storekeepers, security).

Expenses for raw materials, materials and components

The calculation is performed for each type of product or service.

Estimated current costs

This subsection provides current costs for the production of products (services). Production costs or, in other words, production costs are classified into direct (variables, i.e., depending in proportion to changes in production volumes) and general (constant, not dependent on changes in production volumes).

Variable cost calculation

Variable costs include:

▪ Costs of raw materials and components, components

▪ Costs for production personnel

▪ Costs of fuel, electricity (in some cases)

Calculation of fixed costs

Fixed costs include:

▪ Production costs (rental, repair and maintenance of equipment, fuel and energy)

▪ Trade costs (advertising, product promotion activities, sales)

▪ Administrative costs (administrative staff salaries, utilities, communication services, travel expenses, etc.)

6. Organizational plan

This section explains how the steering group is organized and describes the main role of each member. Project management team and leading specialists, legal support, available or possible support and benefits, organizational structure and project implementation schedule, mechanism for supporting and motivating key managers.

7. Financial plan

The purpose of the section is to show the main points from the mass of financial data. Here, standards are given for financial and economic calculations, direct (variable) and fixed costs for production of products, calculation of the cost of production, cost estimates for the project, the need and sources of financing, the table of expenses and incomes, the flow of real money (cash flow), forecast balance.

Approximate section structure (According to INTERFINANCE research,):

▪ Costs of the preparatory period

▪ Costs of the current (main) period

▪ Calculation of project revenues

▪ Costs associated with servicing a loan (leasing)

▪ Calculation of tax payments

▪ Other receipts and payments

▪ Profit and loss statement

▪ Flow of real money

▪ Forecast balance

8. Direction and effectiveness of the project

The section indicates the direction and significance of the project, indicators of the effectiveness of its implementation, and analyzes the sensitivity of the project.

9. Risks and warranties

Entrepreneurial risks and possible force majeure circumstances are shown, guarantees for the return of funds to partners and investors are given.

10. Applications

Applications help to unload the main text from the details and provide potential partners and investors with additional visual materials:

▪ confirming and disclosing information about the enterprise (copies of the registration certificate, charter and constituent agreement of the enterprise, existing licenses and certificates, honorary diplomas and certificates, copies of press materials about the activities of the enterprise, reviews of customers and partners in joint activities, etc.);

▪ characterizing the product (photo, drawing, drawing, patent, reviews, test results and product certification, other information);

▪ confirming the demand for products (marketing research materials, comparative data on competitors, contracts, protocols of intent and applications for the supply of products);

▪ showing production capabilities (photos of the enterprise, its leading sections, equipment, copies of production certification documents, etc.);

▪ revealing the organizational and legal readiness of the project (organizational structure diagram, project implementation mechanism, extracts from regulatory documents, etc.);

▪ justifying financial and economic calculations (calculations, tables, etc.);

▪ confirming the reality of risk prevention measures, neutralizing force majeure circumstances and the reality of loan repayment guarantees (letters of guarantee, contracts, composition and value of collateral, extracts from legislative and regulatory documents, other materials).

▪ confirming the focus, significance (scale) and effectiveness of the project (decisions, programs, plans, acts, letters, reviews, etc.)

Typically, a business plan for an enterprise contains the following sections:

▪ Summary of the enterprise business plan

▪ Information about the project initiator

▪ Licensing and legal plan

▪ Manufactured products

▪ Marketing market research

▪ Enterprise production plan

▪ HR plan

▪ Enterprise investment plan

▪ Financial plan

▪ Risk factors of the enterprise’s business plan and strategy for reducing them

▪ Calculations of performance indicators of an enterprise’s business plan

▪ Appendices to the enterprise business plan

The exact content of the enterprise’s business plan depends on the industry and type of activity of the enterprise (Shevchuk D.A. Organization and financing of investments. - Rostov-on-Don: Phoenix, 2006).

Offshore - tax and financial planning

Tax and financial planning is a set of LEGAL methods to get your business out of the excessive tutelage of the state, and protect you from fear of it. There will always be loopholes in laws that can be exploited, but what matters most is how to exploit them. You can do everything on the forehead, and then any of your mistakes can lead to much worse consequences than the banal payment of all existing taxes. Therefore, the best thing is to seek the help of tax consultants.

Traditionally, an offshore zone is considered to be a country with favorable tax legislation and the absence of any currency restrictions. For ease of understanding, we can divide all offshore jurisdictions into two main groups (according to research by INTERFINANCE):

1. Countries that do not levy corporate taxes, provided that the activities of a company registered in such a country are carried out outside its borders, and the company itself is owned exclusively by non-residents of this country. These countries include: Bahamas, British Virgin Islands, Vanuatu, Niue, Cayman Islands, Nauru, Liberia, Turks and Caicos Islands, Panama, Seychelles, etc. The countries of this group, as a rule, are not members of any international agreements for the avoidance of double taxation.

2. Countries where a minimum level of taxation is established either in relation to certain types of income, or in relation to the place of their extraction, or in relation to companies that are controlled by non-residents. These countries include Cyprus, Hungary, Switzerland, Luxembourg, the Netherlands. A characteristic feature of the countries of this group is the presence of numerous intergovernmental agreements on the avoidance of double taxation.

Very conditionally, a number of territorial entities or administrative divisions of countries with a strict tax system, in which legal entities registered under local jurisdiction are exempt from local taxes or pay them in a much smaller amount, can also be classified as offshore jurisdictions. It should be noted that such companies remain taxpayers with respect to state or federal taxes. Countries where similar tax regimes exist include the USA, Canada and even Russia (Ingushetia, Uglich, Altai, etc.).

Basic requirements for creating an offshore company (according to research by INTERFINANCE):

1. Choice of name. As a rule, the future owner of the company must propose three names in order of preference. However, in most jurisdictions there are certain restrictions when choosing a company name. So, for example, it is not allowed to include in the name without the special permission of the registering authority the words: "Bank", "Trust", "Insurance", "Royal", "State", "National", "Charity", "University", etc. d.

2. The company may be incorporated in the form of a joint stock company or a limited liability company and must have a registered address and/or a registered agent in the country of incorporation.

3. In most cases, the directors and shareholders of an offshore company can be individuals or legal entities. To maintain confidentiality, nominee shareholders and directors can be used. In the latter case, nominee directors, as a rule, issue a general power of attorney to the actual owner of the offshore company to exercise all powers necessary to conduct its activities. It should also be noted that Russian legislation prohibits Russian residents from investing in the authorized capital of foreign companies without obtaining the appropriate prior permission from the Central Bank of the Russian Federation and, at the same time, does not contain any restrictions for Russian residents to be managers or directors of such foreign legal entities.

4. And finally, the most important requirement: an offshore company cannot operate in the country of its registration.

The standard package of constituent documents of an offshore company usually includes:

▪ Certificate of Company Registration (Certificate of Incorporation);

▪ Memorandum of Association;

▪ Articles of Association;

▪ Statement of Appointment of the First Directors;

▪ Company seal;

▪ Legalized copies of constituent documents.

I would like to dwell on the last point in more detail. What is the legalization of documents for and what is this procedure?

The need for legalization of company documents arises when such documents are used in any other country other than the country where the company is registered. In fact, legalization is the performance of a number of certain legally significant actions (certifying the authenticity of a document, certifying the signatures of officials who signed such a document, etc.) to give legal force in the territory of one state to documents originating from another state.

There are two ways to legalize documents:

I. Legalization of documents through Apostille. This procedure is regulated by the Hague Convention of October 5, 1961, which has been joined by more than 65 countries, including Russia. In accordance with the convention, the authenticity of a document is certified by affixing a special stamp - "Apostille" - to such a document by an official in the country of origin of the document. This procedure allows the use of documents legalized in this way on the territory of all countries that have acceded to the Hague Convention.

II. Consular legalization of documents. This procedure is governed by the Vienna Convention on Consular Relations of 1963 and the internal regulations of the States involved. In fact, this procedure is a certification of the authenticity of a document or the fidelity of a copy of a document to the original and the subsequent certification of forthcoming signatures and seals of officials. For example, first the notary certifies the authenticity of the copy of the document to its original, then the signature of the notary is certified by the appropriate official of the Ministry of Justice (or the Supreme Court), then the signature and seal of the official of the Ministry of Justice is certified by the appropriate official of the Ministry of Foreign Affairs, after that the consul of the country where the data will be used documents, certifies the signature of an official of the Ministry of Foreign Affairs of the country of origin of the document and, finally, the process of consular legalization is completed when the appropriate official of the Ministry of Foreign Affairs in the country where the documents will be used certifies the signature of the consul. The consular legalization procedure takes much longer than the legalization of documents through Apostille, but it is necessary if the documents will be used in a country that is not a party to the 1961 Hague Convention on Apostille. Most of the Arab countries, Ukraine and some CIS countries, a number of Asian and African countries are not parties to the Hague Convention.

Over the past fifty years, the governments of a number of industrialized foreign countries, experiencing an acute shortage of funds necessary to finance increasing budget expenditures, have repeatedly increased the aggregate level of taxation of their citizens and legal entities registered in these countries. Moreover, the tax system itself has changed significantly in most industrialized countries. Tax authorities have practically ceased to be guided in determining taxable income by only one territorial criterion, i.e., the location of sources of income. The dominant criterion has become citizenship, residency or permanent residence (domicile). At the same time, in many cases, confirmation of residence for legal entities began to be the fact of their state registration, and all income received both in the country of location of the legal entity and in any other place abroad fell under taxation. Given the growing globalization of international trade and financial transactions, such changes could not but affect the activities of transnational corporations and companies carrying out exclusively foreign business, which in many cases led to double taxation of income received. The response to tightening tax regimes in industrialized countries has been the rapid growth of the offshore industry, especially in the small, newly formed and poor states of Latin America and Oceania.

The increased demand for services to create “tax-free” companies and the modernization of offshore legislation in a number of tax haven states led to the creation of the concept of an International Business Company. Initially, the basis for this concept was laid by the British Virgin Islands International Business Companies Act, which came into force in 1984 (British Virgin Islands International Business Companies Act, 1984). Subsequently, the concept of an international business company became widespread in the legislative acts of most offshore centers in the Caribbean region, Asia and the Pacific. It should be noted that the same concept of the International Business Company formed the basis of the Federal Law of the Russian Federation on the Center for International Business "Ingushetia", adopted by the State Duma of Russia in December 1995.

International business companies have flexibility and ease of management, have guaranteed tax exemptions and are not required to provide financial reports on their activities. Other positive features of the legislation on International Business Companies include fast registration time, low costs for its establishment and subsequent maintenance. Moreover, legislative acts provide for almost complete confidentiality in respect of the names of owners and directors, since such information is not only not included in the Register of Companies, but may not be reported to the registering authority at all. Thus, international business companies are an ideal mechanism that can complement most of the created trust structures.

Considering such companies as non-resident, the state authorities of the countries of the tax haven in the future are not interested in either the activities of such companies or their financial condition. The only exceptions are financial, banking, insurance companies and companies of trustees.

It is clear that such initial confidentiality regarding any information about an international business company attracts not only individuals who want to reduce their overall taxation, but also individuals involved in financial fraud or illegal activities.

And if at the registration stage it is indeed practically impossible to determine who will conduct an honest business, especially since the principle of the “presumption of innocence” is enshrined in the legislative systems of almost all civilized countries, then in the future such a task can easily be entrusted to banks and other financial institutions that carry out settlements on behalf of their clients. The result is a widespread tightening of government control over banking operations. Guided by the “know your client” rule and frightened not so much by the scale of “dirty money” laundering operations, but by severe government penalties for facilitating such operations, banking institutions in different countries increasingly began to require detailed information about all owners when opening a bank account for an offshore company and directors of the firm, the nature of operations, the size and sources of client funds.

If we consider that the basis of the banking system of many tax haven states are branches of large international banks, especially English ones, we can conclude that many former or current colonial offshore zones are still controlled by the Bank of England, which has the ability to obtain information on financial operations of legal entities carried out through controlled banking structures.

Such actions by regulatory authorities in different countries are increasingly showing a trend where the measures taken to prevent illegal activities are applied to the same extent to perfectly legal bank transfers. And the leadership in this matter undoubtedly belongs to the United States, where the Bank Secrecy Act, 1970, passed by Congress back in 1970, requires the provision of sufficiently detailed information to the United States government authorities on cash transfer transactions in excess of US$ 10 both within the US and outside of it. The Drug Abuse Control Act (USAnti-DrugAbuseAct, 000) and the most famous Money Laundering Control Act (USMoneyLaunderingControlAct, 1986) that followed this act only tightened the requirements for providing such reporting and expanded the capabilities of regulatory authorities and special services. At the same time, the American tax service (InternalRevenueService-IRS), which has free access to such banking information, can use it for its own purposes. For example, hand her over to the authorities of another country - under circumstances that are not related to any criminal or any other investigation - either in accordance with a bilateral tax treaty (if the information exchange clause provides for the transfer of such information), or in accordance with a bilateral agreement on the exchange of information. It is especially worth noting that the laws of most industrialized countries, and primarily the United States, consider tax evasion as a criminal offense, as well as failure to comply with the requirements imposed by the already mentioned United States Bank Secrecy Act, entails criminal liability.

Considering that the vast majority of transactions in US dollars are made through US bank accounts, control over bank accounts makes it possible to bring charges not only to drug dealers, but to all those who in one way or another try to reduce their tax losses or save their savings, while remaining in the shadow.

According to one prominent New York lawyer, the scope of the Money Laundering Control Act covers financial transactions carried out by foreign nationals in any country in the world, if even the smallest part of money transfers pass through the territory of the United States.

In the fight to prevent money laundering, the US government puts some pressure on countries with more liberal tax systems and attractive investment policies, including offshore jurisdictions. Thus, under pressure from the United States, the Swiss financial authorities obliged all Swiss banks to keep strict records of information about all persons associated with offshore companies or trusts, not only in relation to directors, founders, trustees, but also, most importantly, in relation to beneficiaries, i.e. e. owners of property or those persons who directly or indirectly invest their capital in a trust or company. Banks are entrusted with the task of finding out the origin of the funds received and their sources. This situation was established in 1992 by a special directive of the Swiss Federal Banking Commission and is reflected in the new Code of Conduct of the Bankers' Association, approved by the Swiss Bankers Association.

However, it should be noted that such information cannot be disclosed by Swiss banks to a third party except by decision of a Swiss court, if the latter is presented with irrefutable evidence that the account holder or persons involved in this account are involved in a criminal offense. And although the adoption of such decisions was accompanied by heated debates in the country's parliament and proposals for a tougher policy and the exchange of information with other countries, a rather compromise and more balanced approach prevailed in Switzerland, caused by the fear of losing the attractive status of one of the world's largest financial centers. Moreover, with the uncontrolled transmission of information, state bodies of other countries will be able to obtain information about their citizens, one way or another evading taxes.

The views of most Swiss bankers on this subject are reflected in the words of a private Geneva bank manager: “Tax evasion is not a criminal offense in Switzerland. And although some people think that taxation is akin to legalized racketeering, we should not go so far. We "We believe that this is a private matter for each individual taxpayer and his conscience. We are simply not police officers or judges, and we believe that it is not our duty to make any moral or ethical judgment on this matter."

Following Switzerland, many financial centers have also required local banks to have detailed information about their customers. However, the current legislation of most offshore jurisdictions, based on well-developed laws on the protection of bank secrecy, a long history of judicial precedents and the absence of bilateral agreements on the exchange of information with other countries, are a significant obstacle to the uncontrolled transfer of information constituting bank secrecy. Such a system allows the veil of banking secrecy to be opened only in exceptional cases when there is convincing evidence of criminal activity and only by decision of the local court, which, when considering a particular case, will be guided exclusively by the rules of the lexfori (laws of the location of the court - lat.). Although this complicates the conduct of investigative actions and the procedure for bringing charges, it makes it possible to separate “dirty money” from capital received by reducing tax losses. Moreover, tax evasion is not considered a criminal offense by offshore governments.

Of course, the actions taken by the world community to prevent money laundering will not fail to affect offshore centers, and, most likely, a certain compromise between industrialized countries and tax haven countries will be reached. However, it is unlikely to expect any significant changes in the general policy or tax regime of offshore jurisdictions. It will likely become more difficult to use offshore companies for illegal purposes, such as drug trafficking, deliberate bankruptcy or financial fraud, as governments in tax haven countries, valuing their reputation as not so much an offshore as a respectable financial center, will use their banking systems to take preventive measures with for the purpose of suppressing criminal activity.

Brief overview of jurisdictions (according to interfinance research):

British Virgin Islands.

1. State status - British Dependent Territory.

2. The legal system is based on English common law.

3. Taxation - resident companies pay a 15% income tax, non-resident companies are exempt from taxes.

4. Offshore companies operate under the International Business Companies Act 1984.

5. The name can be in any language. The ending must indicate the limited liability of the company.

6. Authorized capital - the minimum is not set. The issued capital must be paid in full.

7. Shares may be registered and bearer.

8. The minimum number of directors is one, both individuals and legal entities can be directors.

9. No local director required.

10. The registered office must be in the British Virgin Islands.

11. The registered agent must be in the British Virgin Islands.

12. Accounting and audit report is not required.

13. There is no currency control for non-residents.

14. Commercial secrecy - only information from the Register of Companies is available to the general public: Certificate of incorporation, registered address and registered agent. Names and addresses of directors are not available.

Bahamas.

▪ State status: Independent state of the British Commonwealth.

▪ Legal system: based on English common law, supplemented by the Laws of the Commonwealth of the Bahamas.

▪ Taxation: there is no direct taxation (profit taxes, income taxes, etc.)

▪ Company Law: International Business Companies Act 1989

▪ Authorized capital: The minimum is not established.

▪ Minimum number of directors: one.

▪ Accounting and audit report: not required

▪ Registration time: from the moment of receiving the order to the moment of receiving legalized documents - seven working days.

▪ Currency control: absent for non-residents.

Vanuatu.

1. State status: independent state. Vanuatu is part of the British Commonwealth of Nations, as well as its French counterpart.

2. Legal system: English model of common law.

3. Types of companies:

▪ Local companies (local),

▪ Exempted,

▪ International.

4. Legislation on offshore companies: International Companies Act 1992.

5. Name: The name must indicate the limited liability of the company with the words Limited or Ltd.

6. Taxation: Exempt and international companies are not taxed.

7. Authorized capital: the minimum is not set.

8. Shares may be in any currency with or without par value. Shares can be registered and bearer.

9. The minimum number of directors is one, he can also hold any position and be the sole shareholder.

10. Directors and secretary may be corporate.

11. Registered office required.

12. Registered agent required.

13. Accounting and audit report is not required.

14. Commercial secrecy: only information from the Register of Companies is available to the general public.

15. There is no currency control.

Каймановы острова.

1. State status: British Dependent Territory.

2. Legal system: based on English common law.

3. Taxation: direct taxation (taxes on profits, income and other taxes), completely absent.

4. Company law: The Cayman Islands Companies Act 1960, based on the English Companies Act 1948.

5. Type of company: Tax-exempt company

6. The name must indicate the limited liability of the company.

7. Authorized capital - the minimum is not set.

8. Shares must have a nominal value, may be registered and bearer.

9. The minimum number of directors is one, both individuals and legal entities can be directors.

10. The minimum number of shareholders is one.

11. Registered office must be in the Cayman Islands.

12. Accounting and audit report is not required.

13. An annual report is required.

14. The AGM must be held in the Cayman Islands.

15. Meetings of directors may be held anywhere.

16. There is no currency control.

17. Commercial secrecy - only information from the Register of Companies is available to the general public: Certificate of incorporation, registered address and registered agent. Names and addresses of directors are not available.

Mauritius.

1. State status: independent state.

2. Legal system: based on the continental and Anglo-Saxon models of law.

3. The name can be anything, the ending must indicate the limited liability of the company.

4. Company law: International Companies Act 1994

5. Taxation: none for non-resident companies.

6. Authorized capital: - the minimum is not set, it can be set in any currency.

7. Shares may be with or without par value, may be registered and bearer.

8. The minimum number of directors is one, both individuals and legal entities can be directors.

9. The minimum number of shareholders is one.

10. Accounting and audit required.

11. The registered office must be located in Mauritius.

12. The General Annual Meeting of Shareholders may be held anywhere.

13. Meetings of directors may be held anywhere.

14. There is no currency control.

15. Commercial secrecy - only information from the Register of Companies is available to the general public.

Niue.

1. State status: a self-governing state under the protectorate of New Zealand, is part of the British Commonwealth of Nations.

2. Legal system: common law.

3. Companies Law: International Business Companies Law of 1994

4. Title: Can be in any language and must contain a word or acronym indicating limited liability. If the company is registered in Russian, the name must be translated into English in the registration certificate. The words "Trust", "Insurance" are excluded.

5. Taxation: none.

6. Authorized capital: the minimum is not set.

7. Shares may be in any currency with or without par value. Shares can be registered and bearer.

8. The minimum number of directors is one, he can also hold any position and be the sole shareholder.

9. Directors and secretary may be corporate.

10. Registered office required.

11. Registered agent required.

12. Accounting and audit report is not required.

13. Commercial secrecy: only information from the Register of Companies is available to the general public.

14. There is no currency control.

Nevis.

1. State status: independent state, part of the British Commonwealth

2. Legal system: based on English common law, some branches of law (for example, corporate) have been significantly influenced by American law.

3. The name can be anything, the ending must indicate the limited liability of the company.

4. Company Law: Commercial Companies Act 1984

5. Taxation of residents on income can reach up to 50%. Non-resident companies are not subject to taxation.

6. Shares may be with or without par value, registered or bearer. Issued shares must be paid in full.

7. Share capital of US$100,000 or 1,000 shares of no par value.

8. Minimum number of directors: three recommended, corporate directors allowed. If the number of shareholders is less than three, then the number of directors must not be less than the number of shareholders.

9. Accounting and audit report is not required.

10. An annual report is not required.

11. Registered office is not required.

12. The General Annual Meeting of Shareholders may be held anywhere.

13. Directors meetings can be held anywhere

14. There is no currency control for non-residents.

15. Commercial secrecy - only information from the Register of Companies is available to the general public.

Panama.

1. State status: independent state.

2. Legal system: based on civil law, with some elements of Anglo-Saxon law (trusts, company law).

3. Company Law: Law No. 32 of 1927 and certain provisions of the Panama Code of Commerce. Law No. 25 of July 12, 1995 governs the regulations for private foundations in Panama.

4. The name can be in any language, but contain an indication that it is a joint-stock company (SA, Corp., Inc., etc. The word Limited or its abbreviation LTD is not allowed. - because it indicates a different type organizations.).

5. Taxation: Franchise tax - US$150, no direct taxes for non-resident companies

6. Authorized capital: the minimum is not set,

7. Shares may be in any currency with or without par value. Shares can be registered and bearer. Bearer shares must be paid in full.

8. All meetings must be held in Panama, unless otherwise specified in the Memorandum of Association.

9. Minimum number of directors: three (no local director required).

10. Minimum number of shareholders: one.

11. Registered office is not required.

12. Registered agent required.

13. An accounting and audit report is not required if the corporation operates outside of Panama.

16. Commercial secrecy: only information from the Register of Companies is available to the general public:

14. There is no currency control for non-residents.

Netherlands.

1. State status: independent state.

2. Legal system: continental.

3. Types of companies:

▪ Private company (Besloten Vennotschap - BV),

▪ Public company (NV).

4. Before registering a company by non-residents, it is necessary to obtain the approval of the Ministry of Justice.

5. Dutch companies are required to open an account with any financial institution in the Netherlands.

6. Legislation: Civil Code 1992

7. Taxation: corporate income tax rate reaches 40%, other taxes.

8. Shares: can only be with par value.

9. Name: the name must end with the words (BV or NV),

10. Minimum number of directors: one, corporate directors are allowed.

11. Minimum number of shareholders: upon registration - two, after registration - one. They can be legal entities and individuals.

12. The registered office must be in the Netherlands.

13. Share capital (BV, minimum for a private company - Dfl160,000 for a public company NV, minimum Dfl140,000)

14. Accounting and audit report: required.

15. The Annual Meeting can be held anywhere.

16. There are no foreign exchange controls for non-resident companies.

17. There is no commercial secrecy.

Switzerland.

1. State status an independent state.

2. Legal system: continental.

3. Company law: Civil Code 1907, Code of Obligations 1881, Companies Law 1992.

4. Main types of companies: Joint stock company with limited liability (Aktiengesellschaft - AG). Private limited company without shares (Gesellschaft mit beschrankter Haftung - GmbH).

5. Taxation: each canton has its own taxation. Federal income tax is levied at a progressive rate from 3,6% to 9,8%. Contonal (local taxes) rates range from 5% to 35%. In addition, there is a tax on share capital at the level of the confederation - 0,825% and at the level of the cantons (for example, in Zurich - 0,375%). Many cantons have preferential taxation (Zug, Friborg)

6. SA/AG shares have par value shares denominated in local currency. SARL/GmbH have no shares.

7. Minimum authorized capital: SFr 100,000. At the time of registration, at least 40% must be paid.

8. Minimum number of directors: one. If there is only one director, he must be a resident of Switzerland. Corporate directors are not permitted.

9. Minimum number of shareholders: three. Shareholders may be nominal.

10. Accounting and audit required.

11. An annual report is required.

12. Meetings of directors: as a rule, they are held in the territory of Switzerland, since residents of Switzerland constitute the majority in the Board of Directors.

13. The general annual meeting must be held in Switzerland.

14. There is no currency control.

United Kingdom.

1. State status: independent state.

2. Legal system: Anglo-Saxon.

3. Company name: The ending must indicate limited liability. It is forbidden to use the words in the title: (Royal, International, etc.).

4. Company Law: Corporate Act 1985 and Corporate Act 1989

5. Types of companies: private limited companies.

6. Taxation: from 25% to 33% income tax, other taxes and fees.

7. Shares must have a par value (regular par value - 1 GBP), be registered. Issued shares must be fully paid.

8. Minimum number of directors: one, cannot act as a secretary. A local director is not required.

9. Secretary: at least one.

10. Minimum number of shareholders: two.

11. Registered office must be in the UK.

12. Accounting and audit report required. The auditor must be approved by the Register of Companies.

13. Authorized capital: the minimum is not set.

14. The AGM may be held anywhere.

15. There is no currency control.

17. Commercial secrecy - only information from the Register of Companies is available to the general public: registered office, names of directors, shareholders of the secretary, Memorandum and Articles of Association, annual report, taxes paid, mortgages.

Hungary.

1. State status: independent state.

2. The legal system is continental.

3. Company Law: The Companies Act (No. VI) 1988, with subsequent amendments and additions.

4. Types of companies: Limited Liability Company (Kft) and Joint Stock Company (Rt).

5. Taxation: Hungarian resident companies pay tax on all their income, regardless of where they are derived. Non-resident companies pay taxes on income derived only in Hungary at a progressive rate of up to 44%. Offshore Hungarian companies pay income tax from 3,25% to 5,4%. Fee when establishing a company: 2% of the paid-up share capital. These companies are subject to double taxation agreements (with Russia and Ukraine), which is an important advantage in building tax optimization schemes.

6. Shares must be at par value. When registering Kft, you must immediately pay at least 50% of the authorized capital, the remaining 50% must be paid within a year. Upon registration (Rt), the authorized capital must be paid in full.

7. The minimum number of directors is one. Corporate directors are not permitted. Under Hungarian law, the majority of directors and employees must be residents of Hungary.

8. The minimum number of shareholders is one.

9. The firm must be 100% foreign owned.

10. The company must have an account in a Hungarian bank.

11. The authorized capital is 3,000,000. HUF (about 15,000 USD), 50% of the authorized capital is paid upon registration, the other 50% during the year. The main contributions of the founders may be different, however, the amount of the main contributions individually cannot be less than 100,000 HUF.

12. An accounting and audit report is required, and the auditor and accountant must be residents of Hungary. Legal support on the territory of Hungary must be provided by Hungarian lawyers.

13. The firm and its founders may not have ownership in other Hungarian companies.

14. The general annual meeting may be held anywhere.

15. There are no currency controls for offshore companies.

16. No commercial secrecy.

Luxembourg.

1. State status: independent state.

2. Legal system: continental.

3. Company law: Commercial Companies Act 1915, Holding Companies Act 1929

4. Taxation: residents are subject to income received in any country, non-residents are taxed in Luxembourg at various rates, reaching up to 51,25% on income exceeding 1,350,000 Flux., in addition, individuals must pay a property tax of 0,5% , in addition, income tax regardless of the place of its receipt, a maximum of 39,39%, tax on dividends 15%, on the transfer of licensing rights 10-12%.

5. The holding company of 1929, created in accordance with the law of 1929, is exempt from income tax, property and dividends, in addition, no tax is levied on interest. Capital tax is 1%, payable upon registration of the company.

6. Minimum number of directors: for a joint stock company (SA) - 3 directors, for a limited liability company (Sarl) - one director.

7. Shareholders: At least two shareholders, shareholders and directors have no nationality restrictions.

8. Minimum authorized capital: 1,250,000. FLUX. The minimum paid is 1,000,000. FLUX. Subject to full payment of the shares, the shares may be issued to bearer.

9. Accounting and audit reports required

10. For a holding company, the following ratios must be met:

Liabilities other than bonds to issued capital 3:1,

Bonds to paid-in capital 10:1.

13. The registered office must be located in Luxembourg.

14. Meetings of directors and shareholders may be held anywhere.

15. There are no exchange controls for holding companies.

USA.

The first thing I would like to note is that in the United States there are no offshore companies in the sense in which this term is used, for example, to define companies registered in the Bahamas or the British Virgin Islands. Taxation of companies in the United States is carried out at two levels: at the level of each specific state where the company operates or is registered and at the federal level. Moreover, the main tax burden for American taxpayers relates to federal taxes: income tax, corporate profit tax, excise taxes, etc. All US federal taxes are paid regardless of where the company derives its income. The criterion for tax liability in relation to federal taxes for a US taxpayer legal entity is only the fact of its registration in any of the fifty states. While the main criterion by which local taxes are levied in most states is the place where the income is generated. Thus, if a company is registered in a state, such as Delaware, Wyoming or Nevada, and does not operate there, then income from these activities will not be subject to local taxes in the state where the company is registered. But in any case, any company registered in the United States will be required to pay federal taxes on its income, regardless of where the source of such income is located.

▪ State status: Independent state.

▪ Legal system: based on English common law.

▪ Taxation: Federal income tax from 15% to 39%, the average income tax rate of each state is in the range of 5-8%.

▪ Authorized capital: The minimum is not established.

▪ Minimum number of directors: one.

▪ Accounting report: required

▪ Registration time: One working week

▪ Double tax treaties have been concluded with 43 countries, including Russia.

▪ Currency control: absent.

Banking career. Employment technique

People who are looking for a job often panic. How and where to look? What to do? As in any step-by-step business, you need instructions. To sort everything out. At work. ru such instructions have already been compiled.

1st step. look around

What will you need?

What to do

▪ Job site

▪ Employment newspaper.

▪ Employment forums.

▪ Conversation with a smart friend; sandwiches, jam, tea.

▪ View vacancy announcements for your own and related specialties. Find out the requirements of employers and salary levels.

▪ Read useful articles in the newspaper

If the result of studying the labor market is lost illusions, it's okay. You can retrain or deepen your knowledge in the courses.

2nd step. Create resume

What will you need?

What to do

▪ Resume samples.

▪ Instructions "How to write a resume."

▪ Resume of a successful applicant (friend, relative).

The purpose of the resume is one - to convince the employer that you meet his requirements and are suitable for the position. Your job is to brag about your education or work experience. Write about this in your resume first of all.

Eliminate unnecessary, and even more unprofitable information for yourself. It is better to omit information about your personal qualities and personal life.

If you are applying for several different positions, make several resumes - for each vacancy.

3rd step. Involve everything and everyone

What will you need?

What to do

▪ The latest issue of the newspaper with vacancies.

▪ Job site.

▪ Contacts of the companies where you would like to work.

▪ Contacts of recruitment agencies, employment services or job fairs.

▪ Help from loved ones and colleagues.

Choose the most suitable job search methods for you. It's best not to limit yourself to just one.

Submit your resume.

Check job postings daily, wherever possible.

Study on the site and in the newspaper not only "your" heading, but also the alphabetical index of vacancies. Use the search for vacancies by parameters.

Contact the HR departments of the selected companies directly.

Recruitment agencies are primarily interested in established specialists. Employment services are focused on problem job seekers. Job fairs are held from time to time and should be monitored.

4th step. Contact the employer

Phone.

It is desirable that the applicant is available to the employer at any time of the day.

E-mail box for sending resumes and receiving answers from employers. You can open a free mailbox on Yandex.ru, Rambler.ru, Mail.ru.

Be sure to ask your questions before calling. Beeping and bleeping on the phone will discourage the employer from continuing to communicate.

During a telephone conversation, goodwill and attention will be required from you. Remember your main task at this stage is to arrange an interview.

When submitting your resume by mail, be sure to write a short cover letter. For example: "Dear <name>, I'm interested in your job posting for <position name> in <name of source>. My experience matches your requirements, so please take a look at my CV."

If the employer's phone number is listed in the job posting, call. Meet with the personnel officer, find out about his next steps and arrange a follow-up call.

5th step. Prepare for an interview

Documents that the employer may require: resume, work book, educational diplomas, letters of recommendation, etc.

Preferably a business suit (even if your profession allows freestyle clothing).

Prepare a comprehensive story about yourself, your experience and work achievements.

Think about counter questions: about future responsibilities, working conditions, etc. Remember that the candidate's passivity in the interview and his lack of questions are assessed as a minus.

I recommend getting rid of bad habits - they can be the reason for refusal, especially in foreign companies. Nobody needs employees who constantly go on "smoke breaks".

Many men fundamentally ignore women who smoke (both at work and in their personal lives).

Don't be late for your interview.

An interview is not an exam. This is just an introduction to future colleagues. Excessive excitement will only hurt. Don't panic! And good luck to you.

You can contact recruitment agencies for help. Sometimes it is paid (if it is an agency specialized in banking), sometimes not (if it is non-core).

For example:

Personnel agency LLC "CORPORATE RESOURCES" of INTERFINANCE group of companies

Consultation on employment in a bank - from 500 rubles.

Drawing up a professional bank resume - from 500 rubles.

Sending resumes to banks and recruitment agencies specializing in them - from 3000 rubles.

Assistance in passing an internship in the chosen direction and specialty in friendly companies - 50-350 USD. (finance, law, consulting, personnel, accounting, audit, international relations, information technology and other prestigious areas).

(www.deniskredit.ru).

Resume sample:

Last name

First name

Middle name

Address:

Phone:

Email:

TARGET

getting a job as a bank specialist

EXPERIENCE

OOO "The Last Company"

October 2002 - present temp. - Sales specialist communication with existing clients search for new clients sales support March 2001 - September 2002 - Sales assistant communication with clients by phone preparation of documents meeting clients in the office October 2000 - March 2001 - Courier delivery of documents to company clients execution of small orders

CJSC "Penultimate Company"

July 1999 - October 2000 - Secretary on the phone talking on the phone with the company's customers, looking for new customers, receiving faxes, etc.

EDUCATION

September 1994 - June 1999

Moscow State University of Geodesy and Cartography

Faculty of Economics and Territory Management, specialty - "Management of the organization"

red diploma

SKILLS AND KNOWLEDGE

Windows, MS Office, Internet - an experienced user extensive experience in sales, transaction support, preparation of documents knowledge of 1C, "Galaktika", "Sail" programs

CERTIFICATES

certificate in English

PUBLICATIONS

a number of articles in the newspaper "Financial newspaper"

participation in the preparation of the collection

KNOWLEDGE OF LANGUAGES

English, fluent

AWARDS

winner of the competition "Best Sales Manager 2002"

OTHERS

I don't smoke, I'm married, I have a driver's license, business trips are possible. Hobbies - sports, reading

Graduate Qualification - Banking Specialist

Qualification characteristics of the graduate.

The graduate must be ready for professional activities in the implementation and accounting of banking operations, reporting and financial and economic settlements in banks and other financial institutions.

The main activities of a banking specialist:

financial and credit:

▪ carrying out deposit and other operations to raise funds;

▪ collection and analysis of information about the financial condition of clients;

▪ registration of operations for the provision of loans, control over their use and repayment, safety of collateral;

▪ carrying out leasing operations, operations with securities, foreign currency and other banking operations and transactions;

▪ providing cash services to clients, monitoring clients' compliance with cash discipline;

▪ performing financial and economic calculations used in banking operations;

▪ registration, maintenance and storage of documentation on transactions and transactions performed;

▪ preparation of economic information for the purposes of analysis and synthesis;

accounting and operating room:

▪ carrying out cash transactions;

▪ maintaining accounts of legal entities and individuals, correspondent accounts of credit institutions.

Lists of documents required to open an account

1. The list of documents required for opening a current account, a special bank account for a legal entity:

1. Completed (signed and sealed) application for opening an account

2. A executed bank account agreement (when concluding an agreement that is drawn up on several sheets, the signature of the Client, as well as an authorized employee of the Bank, must be contained on each sheet of the Agreement), tariffs signed on each sheet (in the form of the Bank) in 2 copies.

3. The charter or a document replacing it, and the memorandum of association, if it is provided for by the current legislation - copies certified by a notary or by the body that carries out state registration of legal entities. These copies must contain a note from the head or authorized representative of the Client confirming their validity.

4. A copy of the decision (minutes) on the establishment of a legal entity certified by the seal and signature of the head or authorized representative of the Client.

5. A notarized copy of the state registration certificate. If a legal entity was registered before July 1, 2002, an additional certificate of making an entry in the unified state register of legal entities about a legal entity registered before July 1, 2002 - a copy certified by a notary.

6. In case of making changes and additions to the constituent documents of the organization, notarized copies or copies certified by the registering body of all changes and additions, as well as a notarized copy of the Certificate of making an entry in the Unified State Register of Legal Entities on state registration of changes made to the constituent the documents.

7. A copy of the protocol (decision) of the authorized body of the organization on the appointment of the head certified by the seal and signature of the head or authorized representative of the Client. In cases where the constituent documents contain references to documents that may limit the scope of authority of the head, it is necessary to submit copies of the relevant documents certified by the signature of the head and the seal of the Client (contract with the head, decisions of higher management bodies of the organization, etc.). Instead of submitting these documents, an extract from the contract with the head can be submitted on his right to dispose of the organization's property without restrictions or indicating specific restrictions (or "Statement on the non-conclusion of a contract (agreement)" (standard form ZAYAV / 17 dated 03.06.2004) , as well as "Statement of authority" (standard form APPLICATION / 3 dated 03.06.2004) Instead of two documents - "Statement on the non-conclusion of a contract (agreement)" and "Statement of authority" one application can be submitted - in the form approved by the bank.

8. A copy of the order on appointment of the chief accountant (or other accounting employee) certified by the seal and signature of the head or authorized representative of the Client. In the absence of a chief accountant or other accounting employee in the staff of the Client, an Application for acceptance of documents with one first signature is provided (standard form APPLICATION / 9 dated 03.06.04 and / or a copy of the order of the head on assignment of duties certified by the seal and signature of the head or authorized representative for accounting for the head of the Client).

9. Certified by the seal and signature of the head or authorized representative of the Client, copies of powers of attorney (orders) on granting the right of first signature of settlement and cash documents to other persons indicated in the "first signature" field of the bank card.

10. Copies of powers of attorney (orders) certified by the seal and signature of the head or authorized representative of the Client on granting the right of the second signature of settlement and cash documents for the chief accountant to other persons indicated in the "second signature" field of the bank card.

11. A copy of the certificate of registration with the tax authorities, certified by a notary. This copy must contain a mark of the head or authorized representative of the Client confirming its validity.

12. Original or copy of the information letter on USREO registration (statistics codes).

13. Bank card certified by a notary or an authorized employee of the Bank.

14. Questionnaire of a client - a legal entity.

15. Copies of documents proving the identity of the persons named in the card with samples of signatures and seal imprints and the authorized person who submitted the documents for opening an account.

16. Migration card - copy. [9]

17. A document confirming the right of a foreign citizen (stateless person) to reside (stay) in the Russian Federation (visa, temporary residence permit or residence permit) - a copy. [10]

18. Power of Attorney to open an account / to transfer documents for opening an account (if the signing / submission of documents required for opening an account is carried out by a person who is not a manager).

19. Other documents in accordance with the requirements of the current legislation.

In case of opening an account for a separate subdivision of a legal entity, the bank is additionally provided with:

20. A notarized copy of the Regulations on a separate subdivision, containing a note from the head or authorized representative of the Client confirming its validity.

21. A copy of the document on the appointment of the head of a separate subdivision, certified by the signature of an authorized person.

22. Power of attorney for the head of a separate subdivision.

23. A notarized copy of the document on registration with the tax authority as a taxpayer at the location of the separate subdivision.

24. Bank card certified by a notary or an authorized employee of the Bank.

25. Application of a legal entity to open an account for its separate subdivision.

The list of documents required for opening a bank account for an individual entrepreneur:

1. Completed (signed) application for opening an account

3. A notarized copy of the certificate of state registration of an individual as an individual entrepreneur or, if an individual entrepreneur was registered before January 1, 2004, a notarized copy of the certificate of making an entry in the unified state register of individual entrepreneurs about an individual entrepreneur registered until 01.01.2004

4. A copy of the certificate of registration with the tax authorities, notarized. This copy must contain a mark of the individual entrepreneur or his authorized representative confirming its validity.

5. Bank card certified by a notary or an authorized employee of the Bank.

6. Completed questionnaire of the Client - an individual entrepreneur

7. Copies of identification documents of the persons named in the card with sample signatures and seal imprints and the authorized person who submitted the documents for opening the account. [eleven]

8. Migration card - copy. [12]

9. A document confirming the right of a foreign citizen (stateless person) to reside (stay) in the Russian Federation (visa, temporary residence permit or residence permit) - a copy. [13]

10. Power of Attorney to open an account / to transfer documents for opening an account (if the signing / submission of documents necessary for opening an account is carried out by a person who is not an individual entrepreneur).

11. Other documents in accordance with the requirements of the current legislation.

The list of documents required to open a bank account for an arbitration manager:

[14]

1. A set in accordance with the list of documents required for opening a current account, a special bank account for a legal entity.

2. The decision of the arbitration court on the appointment of an arbitration manager (a copy certified by the court or notarized). This copy of the court decision must contain a mark of the arbitration manager or his authorized representative confirming its validity.

The list of documents required for opening a savings account by the founders of the legal entity being created:

1. A completed application for opening an account.

2. A completed agreement with the Bank for opening a savings account (according to the Bank's form) (when concluding an agreement, which is drawn up on several sheets, the signature of the Client, as well as an authorized employee of the Bank, must be contained on each sheet of the Agreement) - 2 copies.

3. The original of the minutes of the meeting of founders (if the founder is in one person - the decision) on the establishment of the organization.

4. Draft articles of association, memorandum of association or agreement on creation (if the memorandum or agreement on establishment is provided for by the current legislation) - originals or notarized copies or copies certified by the person opening the account.

5. In case of opening an account by a legal entity, in addition to the above documents, a set of documents is submitted similar to the set for opening a current account for a legal entity in accordance with the list of documents required for opening a current account, a special bank account for a legal entity, with the exception of the documents specified in paragraph .item 1. and 2.

6. Copies of documents proving the identity of the founder (individual) entering into the agreement and the authorized representative (if any). [15]

7. Migration card - copy. [16]

8. A document confirming the right of a foreign citizen (stateless person) to reside (stay) in the Russian Federation (visa, temporary residence permit or residence permit). [17]

9. Power of attorney to open an account / to transfer documents for opening an account (if the signing / submission of documents necessary for opening an account is carried out by a person who is not the founder).

10. Completed questionnaire of the Client - an individual (in case of opening an account by the founder - an individual).

The list of documents required to open a bank account for a lawyer operating through a lawyer's office:

1. A completed (signed and stamped) application for opening an account.

3. A copy of the certificate of registration with the tax authorities, notarized. This copy must contain a mark of the lawyer or his authorized representative confirming its validity.

4. Bank card certified by a notary or an authorized employee of the Bank.

5. Copies of identification documents of the persons named in the card with sample signatures and seal imprints and the authorized person who submitted the documents for opening the account. [eleven]

6. A copy of the lawyer's certificate certified by the lawyer or his authorized representative.

7. Completed questionnaire of the Client - an individual in the form approved by the Bank.

8. Power of attorney to open an account / to transfer documents for opening an account (if the signing / submission of documents necessary for opening an account is carried out by a person who is not the founder).

The list of documents required for opening a bank account with a notary:

1. Completed (signed and stamped) application for opening an account.

3. License for the right to notarial activities - a notarized copy. At the same time, the copy cannot be certified by the notary who opens the account. This copy of the license must contain a notary's or his authorized representative's mark confirming its validity.

4. Order of the Ministry of Justice on the appointment of a notary - a notarized copy. At the same time, the copy cannot be certified by the notary who opens the account. This copy of the order must contain a notary's or his authorized representative's mark confirming its validity.

5. A copy of the certificate of registration with the tax authorities, notarized. At the same time, the copy cannot be certified by the notary who opens the account. This copy must contain a mark of a notary or his authorized representative confirming its validity.

6. Bank card certified by a notary or an authorized employee of the Bank. At the same time, the bank card cannot be certified by the notary who opens the account.

7. Copies of documents proving the identity of the persons named in the card with samples of signatures and seal imprints and the authorized person who submitted the documents for opening an account.

8. Completed questionnaire of the Client - an individual.

9. Power of Attorney to open an account / to transfer documents for opening an account (if the signing / submission of documents necessary for opening an account is carried out by a person who is not a notary).

10. Other documents in accordance with the requirements of the current legislation.

The list of documents required to open a bank account, a special bank account for a legal entity - a non-resident of the Russian Federation:

1. A completed (signed and stamped) application for opening an account.

3. Copies of constituent documents certified by a notary. These copies must contain a note from the head or authorized representative of the Client confirming their validity.

4. A document certifying state registration (or an extract from the commercial (banking) register) - a notarized copy, the validity of which is confirmed in writing by a representative of a non-resident.

5. A notarized copy of the permission of the national (central) bank of a foreign state, if such permission is required to open a ruble account in accordance with the legislation of the country of registration of the non-resident. [19] This copy of the permit must contain a note from the Client’s manager or authorized representative confirming its validity.

6. A copy of the protocol (decision) of the authorized body of the organization on the appointment of the head certified by the seal and signature of the head or authorized representative of the Client. In cases where the constituent documents contain references to documents that may limit the scope of authority of the head, it is necessary to submit copies of the relevant documents certified by the signature of the head and the seal of the Client (contract with the head, decisions of higher management bodies of the organization, etc.). Instead of submitting these documents, an extract from the contract with the head can be submitted on his right to dispose of the organization's property without restrictions or indicating specific restrictions (or "Statement on the non-conclusion of a contract (agreement)" (standard form ZAYAV / 17 dated 03.06.2004) , as well as "Statement of authority" (standard form APPLICATION / 3 dated 03.06.2004) Instead of two documents - "Statement on the non-conclusion of a contract (agreement)" and "Statement of authority" one application can be submitted - in the form approved by the bank.

7. A copy of the order on appointment of the chief accountant (or other accountant) certified by the seal and signature of the head or authorized representative of the Client. In the absence of a chief accountant or other accountant in the staff of the Client, an Application for acceptance of documents with the first one signature (standard form APP/9 dated 03.06.04) and / or a copy of the order of the head on the assignment certified by the seal and signature of the head or authorized representative accounting responsibilities on the head of the Client.

8. Copies of powers of attorney (or orders) certified by the head on granting the right to dispose of funds on the account (or the right to first sign settlement and cash documents) to persons who have the right of first signature in addition to the head.

9. Copies of powers of attorney (or orders) certified by the head on granting the right of the second signature of settlement and cash documents to persons having the right of the second signature in addition to the chief accountant.

10. Bank card certified by a notary or an authorized employee of the Bank.

11. A copy of the certificate of registration with the tax authorities of the Russian Federation, notarized. This copy must contain a note from the head or authorized representative of the Client confirming its validity.

12. Completed application form of the Client - a legal entity in the form approved by the Bank.

13. Copies of identification documents of the persons named in the card with sample signatures and seal imprints and the authorized person who submitted the documents for opening the account. [eleven]

14. Migration card - copy. [21]

15. A document confirming the right of a foreign citizen (stateless person) to reside (stay) in the Russian Federation (visa, temporary residence permit or residence permit) - a copy. [22]

16. Power of Attorney to open an account / to transfer documents for opening an account (if the signing / submission of documents required for opening an account is carried out by a person who is not a manager).

To open an account in the name of a representative office or branch, in addition to the above documents, the following documents must be submitted to the bank:

17. Notarized copies of documents certifying their registration, and for representative offices - also accreditation.

18. A notarized copy of the regulation on the representative office (branch), the validity of which is confirmed in writing by the representative of the non-resident.

19. A copy of the document on the appointment of the head of a separate subdivision, certified by the signature of an authorized person.

20. Power of attorney for the head of the branch, giving the right to the head of the branch (representative office) to sign the contract and manage the funds on the account (copy certified by the head).

All documents confirming the status of a non-resident and issued outside the Russian Federation must either be legalized at the embassy (consulate) of the Russian Federation abroad or must contain an apostille in accordance with the Hague Convention of 1961. Legalization of documents (apostille) is not required if an international treaty of the Russian Federation Federation, these requirements have been cancelled. All documents must be submitted to the Bank with a translation into Russian, the accuracy of their translation must be certified by a notary of the Russian Federation.

APPLICATION FOR OPENING A SAVINGS ACCOUNT for the formation of the authorized capital in accordance with the current procedure for state registration of legal entities in the Russian Federation

"____" _______________________ G.

By this statement

_______________________________

(for the founder - legal entity: full name of the legal entity, location, bank details; for the founder - individual: full name, passport details, citizenship)

asks to open a savings account intended for payment of the authorized capital

_______________________________

(full name of the organization undergoing state registration)

undergoing state registration

Founder ______________ (signature)

ACCOUNT OPENING APPLICATION

FROM: _____________________

(full and exact name of the legal entity / full name of an individual entrepreneur (lawyer, notary))

ADDRESS: _________________

(location of the organization / place of residence of an individual entrepreneur (lawyer, notary))

PLEASE OPEN _____________ (settlement, current currency, etc.) ACCOUNT IN CURRENCY ____________ (indicate account currency)

PLEASE PROVIDE STATEMENTS TO THE AUTHORIZED PERSONS ON THE NEXT DAY AFTER THE OPERATION IS PERFORMED AT THE REQUEST OF THE AUTHORIZED PERSONS.

OPENING OF ACCOUNT IS CARRIED OUT ON THE BASIS OF THE LAW OF THE RUSSIAN FEDERATION "ON BANKS AND BANKING ACTIVITY", CURRENT INSTRUCTIONS OF THE BANK OF RUSSIA, INTERNAL DOCUMENTS OF INVESTSBERBANK (JSC).

WE HAVE READ AND AGREE WITH THE CURRENT TARIFFS OF THE BANK.

WE WILL NOTIFY YOU IN WRITTEN IMMEDIATELY OF ALL CHANGES.

MANAGER: ________________ (position, full name and signature)

CHIEF ACCOUNTANT: ______________ (full name and signature)

"___" _______________________ G.

CLIENT QUESTIONNAIRE - LEGAL ENTITY

Part 1 (to be completed by the Bank's Client)

I undertake to report any changes to the specified information. I undertake to provide the Bank with information about all beneficiaries.

/_______/ (signature) /_________/ (signature transcript) _______ 200___ (the date)

Note. If any information specified in the form changes, a completed form with new information is submitted to INVESTSBERBANK (OJSC)

Part 2 (To be completed by a Bank employee)

Information about the Client's representatives - individuals (for Clients who open or already have an account with the Bank - information about the persons indicated in the "First Signature" field of the card with samples of signatures and seal imprints, in other cases - information about representatives acting on behalf of the Client )

I undertake to notify you of any changes to the above information.

_________ (signature) /__________________/(full name) ______________200___g. (date of)

M.P..

Note. If any information specified in the form changes, a completed form with new information is submitted to the BANK (OJSC).

Annex 1 to the questionnaire of the Client - a legal entity

Information about the representatives of the Client - legal entities (including information about the management company)

I undertake to notify you of any changes to the above information.

_________ (signature) /__________________/(full name) ______________200___g. (date of)

M.P..

Note.Appendix 1 is completed if the Client has representatives - legal entities. If any information specified in the Appendix is changed, completed Appendix 1 with new information is submitted to the BANK (OJSC).

Annex 2 to the questionnaire of the Client - a legal entity

Information about the persons for whose benefit the Client (beneficiaries) acts in the course of banking operations and other transactions (in particular, on the basis of an agency agreement, agency agreements, commissions, trust management)

Information about beneficiaries - legal entities

I undertake to notify you of any changes to the above information.

_________ (signature) /__________________/(full name) ______________200___g. (date of)

M.P..

Note. Appendix 2 is completed if the Client has legal entities as beneficiaries. If any information specified in Appendix 2 changes, a completed Appendix 2 with new information is submitted to the BANK (OJSC).

Annex 3 to the questionnaire of the Client - a legal entity

Information about beneficiaries - individuals

I undertake to notify you of any changes to the above information.

_________ (signature) /__________________/(full name) ______________200___g. (date of)

M.P..

Preferably on client's letterhead

POWER OF ATTORNEY

_____________________ (place and date of issue in words)

_____________________ (full name of the organization),

registered ____________________ (name of body, registration number and date of registration)

(hereinafter referred to as the "Company"),

represented by __________ (position, full name), acting __ on the basis of __________, authorizes __________ (full name),

passport: series _____, No. __________, issued by _____________ (date and name of the authority that issued the passport),

negotiate, transfer, receive and sign any documents necessary for opening bank accounts or related to opening accounts (with the exception of the right to sign the following documents: applications for opening accounts, bank account agreements, the Bank's tariffs for settlement and cash services and the Client's questionnaire) , as well as confirm the validity of the transferred copies of documents.

I certify the signature. __________ (full name) __________ (sample signature)

____________________ (position, name of organization)

____________________ (full name, signature, seal)

STATEMENT

From ____________________ (full name of the head, position of the head, full name of the organization) (hereinafter referred to as the Organization)

account number

I declare that at the moment the powers of its executive (participants, shareholders, etc.) bodies to dispose of the Organization’s property are not limited by internal documents, decisions of the general meeting of __________ and other management bodies of the Organization.

In the event of restrictions, I undertake to immediately notify the Bank in writing and submit certified copies of the relevant documents.

In addition, I hereby inform you that the contract (agreement) between the Organization and his __________ (the position of the head of the Organization, full name) was not concluded.

Head __________ (signature)

M.P, "____" __________ 200__

"____" __________ 200__ g.

STATEMENT

Due to the lack of cash settlements and cash at the organization

____________________

Account No.

we do not present the calculation of the cash balance limit.

Supervisor __________

Chief Accountant __________

STATEMENT

I hereby inform you that the contract (agreement) between _____________ (name of organization)

and his _____________ (full name, position of the head of the organization))

did not conclude.

Head __________ (signature)

M.P, "____" __________ 200__

"____" __________ 200__ g.

STATEMENT

In connection with the imposition of responsibilities for accounting on myself personally, I ask you to accept settlement documents

_____________________

account number

with one first signature.

Supervisor __________

PAYMENT to establish a cash balance limit for the enterprise and issue permission to spend cash from proceeds, coming to the cashier, for _____ year

Company name ____________________ (stamp)

____________________.

(Suma in cuirsive)

Please allow the proceeds to be spent on: wages and payments of a social nature, the purchase of agricultural products from the population, the purchase of containers and things from the population, travel expenses, the purchase of office supplies and household equipment, payment for urgent repairs, payment for fuels and lubricants, payment of compensation for losses under insurance contracts for individuals .

(Underline whatever applicable)

* In case of sharp changes in revenue or expense, data for the last month is given.

** The amount of revenue (expense) divided by the number of working days (hours) of the enterprise.

*** Newly organized enterprises show the expected amount of revenue (expense).

Head of the enterprise __________

Chief Accountant ___________

DECISION OF THE ESTABLISHMENT OF THE BANK

Set a limit in the amount of _____ thousand rubles.

____________________ (Suma in cuirsive).

I authorize the spending of proceeds on: wages and payments of a social nature, the purchase of agricultural products from the population, the purchase of containers and things from the population, travel expenses, the purchase of office supplies and household equipment, payment for urgent repairs, payment for fuels and lubricants, payment of compensation for losses under insurance contracts for individuals .

(Underline whatever applicable)

If an enterprise has a debt to the budget and extra-budgetary funds, the right to spend cash proceeds is canceled, all cash proceeds must be credited to the current account until the debt is fully repaid.

Head of bank institution ______________

Dictionary of economic terms

Abstraction - mental distraction in the process of cognition from the non-essential aspects of the phenomenon under consideration in order to reveal its essence.

Authoritarian - imperious, based on blind obedience to authority.

Agency - an organization that performs certain tasks for institutions or individuals (for example, a transport agency).

Aggregation - association, integration of indicators into groups according to some principle.

adapt - adapt to the prevailing conditions.

Adequate - equal, identical.

Adept - adherent of any idea, doctrine.

Administer - to manage by orders, to command.

Acre - unit of area in the English system of measures; 1 acre is equal to 0,4 hectares.

Asset - part of the balance sheet of the enterprise, including all types of material values (money, goods, etc.).

shares - securities that testify to the participation of their owners in a joint-stock company and bring a dividend (income).

Alternative - each of mutually exclusive possibilities.

Alternative - allowing one of two or more possibilities.

Altruism - unselfish concern for the welfare of others.

Depreciation - Gradual depreciation of fixed assets of production (buildings, structures, machinery, equipment), allowing them to transfer their cost in parts to manufactured products.

Analysis - the actual or mental decomposition of an object into its component parts.

Anarchy - anarchy, disorder, chaos.

Anomaly - irregularity, deviation from the norm.

Antagonist - adversary, adversary.

Antinomy - a contradiction between two positions recognized as equally correct.

Antitrust Law - laws prohibiting the practice of reducing competition and the capture of the entire market by monopolies in order to raise prices.

Arbitrator - an arbitrator elected by the disputing parties by their mutual agreement.

Range - selection of different types and varieties of goods.

Associate - mentally connect.

Auditor - a person who checks the financial activities of the company.

Outsiders - enterprises of any branch of production that are not included in monopolistic associations of entrepreneurs in this branch.

Balance - a set of indicators that characterize the ratio or balance in any constantly changing phenomenon.

Bank - a financial institution accepting cash deposits on demand for a specified period, as well as issuing credit (loans).

Banknotes - interest-free obligations (bank notes) issued by public or private banks, the main type of credit money.

Banking system - a set of banking institutions serving money circulation and credit (debt) relations. In Russia, this system includes the Central Bank. Foreign Trade Bank, Savings Bank, commercial banks and credit institutions that have received permission to carry out certain banking operations.

bank capital - money capital placed in the bank.

Bankrupt - an insolvent debtor.

Market Entry Barriers - obstacles to the emergence of new market participants (restrictions on access to sources of raw materials, large amounts of initial capital, etc.).

Cashless payments - transfers in the bank of amounts from the payer's accounts to the beneficiary's account or by mutual set-off of claims without the participation of cash.

Unemployed - a person who can work, wants to work, but does not have a job.

"White collars" - workers engaged primarily in mental work (lawyers, doctors, educators, office workers, etc.).

Бестселлер - a book that is in high demand.

Exchange - the market for goods, securities, currencies, as well as an institution engaged in mediation in the recruitment of labor.

Behaviorism - direction in psychology that studies the behavior of humans and animals.

Bony - a type of securities, short-term obligations that give their holder the right to receive a certain value or service from a certain person or institution within a specified period.

Boom - accelerated growth in production, prices and a number of other economic indicators.

Budget - 1) a list of cash income and expenses of the state and enterprise for a certain period;

2) the totality of income and expenses of a person or family for a certain period.

Bureaucracy - the highest stratum of government officials.

Vacant position - an unoccupied position in an enterprise or institution.

Gross national product (GNP) - the total market value of all finished goods and services produced in the country during the year.

Gross product - the totality of all goods and services created at the enterprise, sector of the economy for a certain period.

Currency - the monetary unit of the given state and banknotes of foreign states.

Exchange rate - the price at which the national currency of one country is exchanged for another.

Bill - a type of security, a written promissory note in a form strictly prescribed by law, which is issued by a borrower of money to a creditor with an obligation to pay by a certain date the amount of money indicated in the bill.

The Great Depression - the world economic crisis of 1929-1933.

Venture capital - capital that is used to create scientific and technical innovations prepared for implementation in production.

Vertical integration - associations of a group of enterprises that carry out successive stages of production of finished products and are the property of one company.

Vertical concentration - expansion of the enterprise by including other enterprises or their divisions that perform different stages of manufacturing the finished product.

Complementary Products - pairs of products for which an increase in the price of one of them leads to a decrease in demand for the other product.

Substitute goods - such pairs of products for which an increase in the price of one product leads to an increase in demand for the other product.

Imputation - 1) expenses for the acquisition and use of necessary resources;

2) monetary income, which is sacrificed by the firm - the owner of the resources, using them for its own production of goods, rather than selling them on the market to other consumers.

opportunity cost - cash income donated by the company - the owner of the resources, using them for their own production of products, and not selling them on the market to other consumers.

External effect - the result of the production or consumption of a good, the impact of which on third parties (who are neither sellers nor buyers) is not reflected in the price of this good.

Reproduction - continuous renewal of the process of production of material goods and services.

welfare - social programs in the United States, according to which the state provides assistance to the elderly, the disabled, the unemployed, children from poor families and other people who are experiencing difficulties due to various circumstances.

Galloping inflation - a relatively rapid increase in prices for goods and services (from 20 to 200% per year).

Guaranteed minimum wage - the lowest wage rate accepted by the state, which is established, as a rule, for unskilled workers of all enterprises, regardless of the form of ownership.

Harmony - consistency, harmony in a combination of something.

Hyperinflation - exceptionally rapid growth of commodity prices (by 50% or more per month) and the money supply in circulation, leading to the breakdown of normal economic ties.

Hypothesis - a scientific assumption put forward to explain a phenomenon and requiring verification by experience.

Hypothetical - conjectural, based on a hypothesis.

Global - worldwide.

Homogeneous - having the same properties.

Horizontal Integration - association of enterprises engaged in the same economic sector.

Government securities - government-issued securities (eg, savings bonds, Treasury accounts) that can be easily exchanged for money.

State socialism - a socio-economic system in which the state owns and centrally manages the decisive sectors of the economy, regulates the levels of prices and incomes of all members of society in a planned manner.

gulden - gold, and then silver monetary unit of Germany, Austria and some neighboring countries.

Dime - US silver coin, equal to 1/10 dollar, or 10 cents.

Deduction - logical inference from general judgments to particular ones.

business cycle - the same as the economic cycle.

Demography - the science of population.

Denationalization - the transformation of state property into non-state forms of ownership (private, joint-stock, etc.), or the transfer of the property of one country to the property of another state.

money balance - equality of the amount of money exported from the country to the amount of money imported.

money standard - the circulation of gold in the form of money.

Deposits - sums of money or securities entrusted to banks for storage and use.

Certificate of Deposit - a written certificate certifying the contribution of a sum of money (deposit) to the bank.

Depression - the stagnant phase of the economic cycle that follows the crisis (decline in production) and is usually characterized by weak demand for goods, mass unemployment, low prices for goods and services.

destructive - disrupting the normal structure of something.

Determination - a condition or factor that has a determining effect on a phenomenon.

Deficit - lack, lack of something.

GNP Deflator (Gross National Product) - the price index for all finished goods and services, used to correlate monetary (nominal) GNP with the value of real GNP.

Deflation - a decrease in the general price level and an increase in the purchasing power of the monetary unit.

Decentralization - 1) transfer of part of the functions of central government to lower government bodies;

2) destruction or weakening of centralization.

Diversification - Expansion of the range of manufactured products.

Dividend - part of the profit, which for the reporting period is due to a member of the joint-stock company per share owned by him.

Dynamic Model - a theoretical description of the process of changing a phenomenon.

Imbalance - disequilibrium of the main economic indicators.

Discrete - discontinuous, consisting of separate parts.

Discrimination - restriction or deprivation of the rights of a certain group of citizens on the basis of race or nationality, on the basis of gender, on religious and political convictions.

Differential rent - the differential income of the landowner, which is formed due to the fact that products from the best land plots in terms of fertility and location are sold on the market under production conditions on the worst plots.

Product differentiation - physical and other differences between the goods of different companies, causing buyers to prefer the goods of one company over the goods of other companies (at the same price level).

Doctrine - teaching, scientific theory.

Dominate - dominate, dominate

Dualistic - dual, forked.

Natural monopoly *a type of production that provides all enterprises and the population with the most important economic conditions (supply of water, gas, electricity, public services, etc.) does not allow competitive rivalry between private firms and gives great savings from the enlargement of the economy.

natural oligopoly - several large enterprises in the same industry, which give the greatest benefits from a significant scale of mass production.

Natural rate of unemployment - the proportion of the unemployed in the entire labor force who are temporarily unemployed and looking for work due to constant changes in the number of jobs in the national economy.

Small business life cycle - the time from the moment of formation of a small enterprise until the end of its existence due to economic instability and lack of capital.

Strike - stopping production by workers in order to force the management of the enterprise to accept the conditions of the trade union.

Mortgage - a legal document confirming the agreement of the company to pledge land, buildings and other property belonging to it against its debt and giving the creditor the right to receive ownership of the pledged values in case of non-payment of the debt.

Law of imputed increasing costs (law of production costs) - when replacing the production of one good with the production of another product, it is necessary to increase the amount of resources (funds) expended to obtain an increasing number of additional units of another product, since the resources are unsuitable for their full use in the production of replaced products.

Law of diminishing returns (law of diminishing returns) - with an increase in one and the invariance of all other types of production costs, a point will be reached beyond which the value of the manufactured product will decrease.

Okun's law - an increase in the share of unemployed in the total labor force above the natural unemployment rate by 1% leads to a decrease in the volume of gross national product production by 2,5%.

Substitution - the choice of one of the useful goods, made with certain limited monetary and other resources.

Employment - Provision of workers with appropriate jobs.

Wages - the amount of money paid for the use of someone's labor.

Zemstvo statistics - statistical work (quantitative accounting), which was carried out by zemstvos (local governments created in a number of provinces of European Russia) to examine mainly the state of agriculture and the processes of its socio-economic development.

Gold standard - monetary circulation, in which central banks or the government are obliged to buy and sell gold at a fixed price, expressed in national currency.

Identification - identification, assimilation.

Hierarchy - a number of positions, titles, etc. in order of subordination and transition from lower to higher.

Production costs - the cost of means of production and labor for the manufacture of products.

Import - importation of foreign goods into the country.

Import of capital - import of foreign capital into the country.

Investment - the use of money to acquire real capital (equipment, machinery, industrial buildings, etc.) intended for the production of goods and services.

Investment goods - goods that are needed to increase the size of production.

Индексация - increase in cash income and savings of citizens due to the growth of consumer prices.

Price index - the ratio of the nominal price of a certain set of goods and services (market "basket") in a given period of time to the price of the same set in the corresponding base period (the value of which is taken as 100%), multiplied by 100 (expressed as a percentage).

Individualism - a view that places the selfish interests of the individual above public interests.

Individual - a separate person, personality.

Indigo - a blue dye, which was first extracted from plants, and then made chemically.

Indicator - a device, a device that displays the progress of a process, its qualitative and quantitative characteristics.

Endorse - make an endorsement on the back of a security - a bill of exchange, a check, which certifies the transfer of rights under this document to another person.

Induction - logical conclusion from particular, isolated cases to a general conclusion.

Innovation - creation and implementation of various innovations that generate significant changes in socio-economic practice.

Institute * 1) the name of research institutions and many higher educational institutions;

2) social institution - a certain organization of social activity and social relations, embodying the norms of economic, political, legal, etc. life of society, as well as social rules of life and behavior of people.

institutional - associated with such an organization of social relations, which is based on certain norms and rules of life and behavior of people.

Integration - combining parts into a whole.

Intensive - reinforced, tense.

Intensification - the use of more and more efficient means of production and more advanced forms of labor organization and technologies based on the achievements of scientific and technological progress.

Interpretation - interpretation, clarification of a particular text.

inflation expectations - the behavior of market participants, expecting an inevitable rise in prices.

Inflation - the rise in prices caused by the overflow of the sphere of circulation with paper money in excess of their normal needs.

Price information function - data on the level and dynamics of price changes in the market, which help manufacturers of goods to better determine what to create, how to do it and for whom to produce, and buyers - to determine the value for them of purchases of goods and services.

Treasury Department - a special government body in charge of finance and cash support of the state budget.

Casuistry - resourcefulness in proving false or doubtful statements.

Casuistic - based on casuistry.

Capital - the value of the means of production used to make a profit.

Cartel - a monopolistic association of entrepreneurs, whose members agree on the size of production, markets, terms of sale, prices, terms of payment, etc., while maintaining industrial and commercial independence.

Category - 1) a general concept that reflects the most essential properties and relationships of phenomena;

2) a group of objects, phenomena with any common characteristics.

Quart - a unit of volume of liquids and bulk solids (in the UK - 1,1 liters, in the USA - 0,9 liters).

Quota - the share in the total volume of production or sales of products established within the framework of the cartel agreement for each of its participants.

Class - 1) a set of objects or phenomena that have common characteristics;

2) a large group of people who differ from other groups in various socio-economic characteristics.

Clerk - employee of the institution, conducting office work.

Customer - 1) regular buyer or customer;

2) a person using the services of a credit institution, lawyer, etc.

The colony - a country or territory deprived of independence and under the rule of a foreign state.

command economy - a method of organizing an economic system in which material resources are state property, and the direction and coordination of economic activity is carried out through central planning.

Combine - the association of industrial enterprises of different, but technologically related production sectors, in which the products of one enterprise serve as raw materials, semi-finished products or auxiliary material for another.

Combination - combination, connection of something in a certain order.

Combination - connection, combination in any association of a number of enterprises.

Commercial - trading.

Commercial Bank - a credit institution that has received state permission to accept cash and other deposits, as well as to provide loans, issue securities, and carry out settlement and payment transactions.

Company - industrial, trade, transport and other association of entrepreneurs.

Compensate - to reward, compensate for what is lost or given up.

Complementary Goods - complementary useful things, and an increase in the price of one of them entails a decrease in the volume of demand for another (for example, gasoline and a car).

Component - an integral part of something.

Compromise - an agreement reached through mutual concessions.

Conglomerate - a monopoly association of enterprises owned by one firm and engaged in the production of heterogeneous products.

Competition - the struggle between commodity producers for more favorable conditions for the production and sale of goods on the market.

consulting firm - a firm that provides business advice on capital investment, etc.

Conservative - upholding the immutability of something, inert, hostile to all innovations.

Contingent production - to establish for some purpose a limit quantity, a norm of something (for example, in foreign trade, to establish a certain amount of a particular product that a country can import or export abroad).

Contract - a contract, an agreement with mutual obligations for the contracting parties.

Capital concentration - an increase in its size at one enterprise at the expense of its own income and borrowed funds.

Production concentration - the concentration of an increasing volume of output at enterprises growing in size.

conformism - opportunism, passive acceptance of the existing order of things.

Concept - 1) this or that understanding of phenomena, processes;

2) a single, defining plan, the leading thought of any scientific work, published work.

Conjuncture - a set of features that characterize the current state of the economy in a certain period.

cooperative socialism - a theory that considers cooperation as one of the means of peaceful gradual transformation of capitalism into socialism.

Cooperation - 1) a form of labor organization in which a large number of people jointly participate in the same or different, but interconnected labor processes;

2) a form of organization based on joint shared ownership of members of the cooperation;

3) a form of long-term and stable connections between economically independent enterprises engaged in the joint production of certain products on the basis of specialization.

Coordination - coordination, combination, putting in order.

Basket of consumer goods and services - a set of basic consumer goods and services (food, clothing, housing, fuel, transport and medical care) that are typical for an urban dweller.

Corporate - pertaining to a corporation.

Corporation - 1) in a number of countries - the name of the joint stock company;

2) union, a group of persons united by a community of professional and class interests.

Adjust - make amendments, correct something.

correlate - establish correlation between interrelated phenomena.

Correlation - 1) correlation, correspondence, interdependence of phenomena;

2) in mathematical statistics - a concept that denotes a causal relationship between phenomena.

Corruption - bribery, venality of officials, public and political figures.

Cosmopolitanism - renunciation of state and national sovereignty (independence), national traditions and culture in the name of world political integration.

Quotation - setting the rate (price) of securities or foreign currency, as well as determining the price of consignments of goods on the stock exchange.

Demand elasticity coefficient - an indicator characterizing the degree of quantitative change in demand (in percent) to a change in the price level (in percent).

Credit - 1) lending goods and money;

2) a loan of money or goods as capital on the terms of repayment after a certain time of the value of the borrowed funds plus interest (income of the owner of the provided values).

Credit card - a special payment and settlement document that the bank issues to its depositors for non-cash payment for goods and services.

Credit system - a single set of all credit institutions that provide various persons (private or legal) with property or money for a time, on a repayment basis and with the payment of interest (income of a credit institution); This system is headed by the central bank of the country.

credit expansion - stimulating lending operations of banks (policy of "cheap money") in the expectation that lending will contribute to the economic revival and growth of production.

Creditor - A lender who lends something.

Supply curve - a graphical expression of the relationship between the price of a product and the quantity of this product that sellers want to offer on the market.

Demand curve - graphical display of the relationship between the price of a product and the amount of demand presented by buyers for this product.

Phillips Curve - a graphical expression of the following mutual change in the levels of unemployment and inflation in the economy: inflation is high with low unemployment and low - with high unemployment.

Crisis - a periodically recurring phenomenon in a developed market economy, expressed in the overproduction of goods that are not marketable, in the deterioration of all economic indicators.

Criterion - a hallmark, a measure.

Cumulative - a process during which the strength and speed of its action increase and accumulate.

Share price - its selling price, which is directly proportional to the amount of the dividend (earnings per share) and inversely proportional to the level of interest on loans.

Liquidity - the ease with which various savings and securities can be turned into cash and spent on the purchase of goods and services.

Liberalism - 1) views that defend freedom of enterprise and democracy;

2) free-thinking.

Liberal - supporter of liberalism.

Limited - limited by the limit of something.

Linear programming - finding extreme (extreme - minimum and maximum) values of linear functions (certain quantitative dependencies).

Local - local, not going beyond certain limits.

Macroeconomics - a section of economic theory that studies the national economy as a whole.

Manipulation - a clever trick.

Manufactory - an enterprise in which the manual labor for the manufacture of one item is divided in detail into many separate operations.

Marginalism - a current of economic thought that studies - in accordance with the theory of marginal utility - marginal economic values.

Mark - the monetary unit of Germany, named after the measure of weight of the same name (half a pound of silver).

Medicare - in the United States, the program of state free medical care for the elderly.

Reclamation of - radical improvement of land for agricultural use by draining swamps, artificial irrigation, strengthening loose sands, etc.

Manager - hired manager in production, management specialist.

Exchange value - the ability of a commodity to be exchanged for other goods in certain exchange ratios.

Mercantile - petty prudence, huckstering.

Metamorphosis - transformation, for example, during a market exchange, the value of a commodity is converted into a corresponding amount of money.

Methodology - 1) a set of techniques, methods used in any science;

2) the doctrine of the scientific method of knowledge.

Metropolis - a state that owns the colonies it has captured.

Minimal salary - the lowest wage for predominantly unskilled workers, established by the state for all enterprises and institutions.

Mile - a unit of length used mainly in maritime affairs (1,852 km).

Missionary - a person engaged in the dissemination of religion among the population with a different religion.

Mobility - mobility.

Model - 1) a sample of any product;

2) diagram, image or description of any phenomenon or process in nature and society.

To upgrade - make it modern by introducing various improvements.

Modification - modification, transformation of something, characterized by the appearance of new properties.

Monetarism - economic theory, according to which the amount of money in circulation is the determining cause of changes in the economic situation and the emergence of inflation.

Monetary - a phenomenon associated with the amount of money in circulation.

Monopolistic competition - a type of rivalry between a large number of firms that produce similar, but not completely interchangeable products, usually protected by a trademark, patent or brand name.

Monopoly - the exclusive right of production and trade belonging to one person, a certain group of persons or the state.

Monopsony - the exclusive right to buy products of a certain type, owned by one buyer.

Motive - motivating reason, reason for action.

Motivation - the process of inducing and stimulating people to activities aimed at achieving individual and general goals of the organization.

Multiplier - the number by which it is necessary to multiply the change in any component of the total (general) expenses in order to obtain the final value of the increase in income.

hired labor - the labor of workers who sell their labor to the employer.

Capital accumulation - increasing its size at the expense of the company's own income and borrowed funds.

Taxes - obligatory payments levied by the state from enterprises, organizations and the population.

Nationalization - transformation of private property into state property by way of redemption of property or gratuitous alienation.

National income - newly created value in the country for a certain period.

Natural economy - a type of economy in which the products of labor are produced for domestic consumption, and not for sale on the market.

Incompetent - not having the knowledge to judge something.

Non-productive classes - public groups of people who are not directly involved in the production of material goods (landlords, usurers, etc.).

unproductive labor - a type of labor that is not directly related to the production of material goods.

retained earnings - part of the profit of a joint-stock company, which the company does not pay to its shareholders as dividends and which remains at its disposal.

Imperfect competition is the rivalry of market participants in the conditions of the existence of monopolies, monopolistic competition, oligopoly and oligopsony.

Instability - instability.

Unfair competition - a type of competition between firms in the market, in which different methods of eliminating a rival are used and unacceptable ways of achieving their goals are used (for example, imposing on other firms the purchase of goods they do not need).

Nickel - American 5 cent coin.

Rated price - the price of the goods indicated in the price list or on the goods themselves.

Nominal interest rate - the interest rate expressed in the national currency at the current exchange rate, without adjustment for inflation.

Nominal - being something only in name, but not fulfilling its purpose.

Nominal GNP (gross national product) - the value of all finished goods and services, expressed in current prices at the time of change, without adjustment for changes in the price level.

Regulatory Knowledge - knowledge based on people's value judgments about what the economy should be like and what economic goals and economic policies should be.

Rate of surplus value - the ratio of surplus value (the value produced by the worker and not paid to him) to the cost of his labor force (wages), expressed as a percentage (multiplied by 100).

Rate of return - the ratio of profit to the amount of capital employed or to the amount of production costs (cost of production), expressed as a percentage.

Interest rate - the ratio of interest (payment for the use of credit) to the amount of loan capital, expressed as a percentage.

rationing - to establish a measure, the average value of something, for example, the rate of output of a worker.

Nostalgia (social) - longing for the past state of society.

Bond - a type of security that brings holders a predetermined income.

Exchange - mutual exchange of activities between people, occurring in the process of production or in the form of the exchange of products of labor in the market.

Capital turnover - its continuous movement through the spheres of production and circulation.

Working capital - part of the capital that is spent on raw materials, materials, fuel and energy and returned to its owner in one turn - the time of creating the finished product.

Treatment - the process of exchanging goods for other goods with the help of money.

Socially necessary working time - the time required for the manufacture of goods under socially normal conditions of production and with an average level of labor intensity and average skill of workers.

Municipality - the primary form of social organization that arose on the basis of natural, consanguineous ties and then transformed into a neighboring, territorial organization of the rural population.

Object - an object, a phenomenon to which any activity of people is directed.

Objective - existing outside and independently of consciousness, inherent in the object itself.

Revitalization - the phase of the economic cycle, in which, after the crisis and stagnation, production begins to rise to the pre-crisis level.

Olithopolistic competition - a type of rivalry between large firms in a particular industry, which is conducted for the best product quality, its high scientific and technical level and the best customer service.

Oligopoly - a group of large firms that sell the main part of the products of a particular industry, which allows them to influence the price level.

Oligopsony - large buyers (enterprises or the state) who carry out the majority of purchases and influence the prices of purchased products in their own interests.

OPEC - a cartel created by oil-producing countries to regulate the production and prices of oil on international markets.

Opponent - 1) opponent in a dispute;

2) a person objecting to the speaker.

Optimal - the most favorable, the most appropriate.

Optimization - choosing the best option from a variety of possible.

Wholesale prices - the prices at which enterprises supply large quantities of their products to other firms, as well as at which manufacturers sell their products to intermediaries or wholesalers.

Wholesale market - a type of market in which large quantities of goods are sold for subsequent sale in retail trade.

Option - the right to choose or change the terms of an exchange transaction.

Organic composition of capital - the ratio of the value of constant capital (costs of means of production) to the value of variable capital (wages), which corresponds to the technical structure of production (the ratio of the value of means of production to the number of employees).

Orthodox - consistent, steadily adhering to any doctrine, worldview.

Main capital - part of the capital in production spent on the purchase of machinery, equipment, structures and buildings, the cost of which is transferred to the finished product over a long time.

open inflation - rising prices, not restrained by the state.

GNP lag - loss of output of the gross national product caused by unemployment.

Paradigm - a theory adopted as a model for solving research problems.

Paradox - a peculiar opinion, sharply at odds with the public, contradicting (sometimes outwardly) common sense.

Sponsors A firm jointly owned by two or more people who are jointly responsible for any losses of the firm and share the profits.

Parcel - a very small piece of land.

Patent - a certificate issued by the government to the inventor for the exclusive use of the invention made.

patent monopoly - the exclusive right to own and use a patent acquired by any firm or individual entrepreneur.

Paternalism - the "fatherly" attitude of entrepreneurs towards their employees and the holding of charitable events for this purpose.

Penitentiary - relating to punishment.

Penny - a bargaining chip of Great Britain, equal to 1/100 of a pound sterling.

Initial capital accumulation - the starting point for the formation of capitalism, which consisted in the accumulation of significant funds from private individuals necessary for the creation of capitalist enterprises, as well as in the formation of a mass of hired workers.

Peredelnaya community - a rural (territorial) community, where communal land was periodically redistributed between members of the community.

Redistribution of income - secondary distribution of primary incomes (wages, interest, rents and profits) at the time of their taxation by the state tax.

Capital turnover period- the time during which all the capital spent on production is fully paid off and returned to its owner.

Permanent - permanent, uninterrupted.

Floating exchange rate - free price of currency (money).

Plan - the work planned for a certain period, indicating its goals, content, scope, methods, sequence and deadlines.

To plan - to make plan.

plantation economy - a large farm cultivating special industrial crops (sugar cane, cotton, tea, coffee, etc.).

Side effects of economic activities - the same as external effects.

Household census - Population census, taking into account the presence of family households in rural areas.

Income tax - the main type of direct taxes levied by the state on the income of individuals and legal entities (wages, profits, etc.).

Rise - the phase of the economic cycle during which production increases on a large scale compared with the previous period.

Positive Economics - a part of economic theory that studies facts and the relationships between them.

Political Science - a special branch of science that studies the political life of society, problems of domestic policy, international relations.

Constant capital - 1) the cost of the means of production, which does not change its value during the production process;

2) fixed capital.

Asset portfolio - all types of securities invested in property and owned personally by the investor or legal entity (organization).

Portfolio investment - all securities that are directed to long-term capital investments (domestic or abroad) in enterprises of various sectors of the national economy.

Postulate - an indisputable truth that does not require proof.

Use value - usefulness of the good.

Fees - collections of money by the relevant state bodies (when they perform certain functions) in the amounts provided for by the legislation of this country.

Marginal efficiency of capital - the expected value of the rate of return (degree of capital gain) on additional capital, which decreases with each additional unit of capital.

Liquidity preference - the desire of the owner of money to store his capital in the most liquid, mobile form - in the form of cash.

Surplus value - part of the value created by the labor of a worker, which is alienated in favor of the owner of the means of production and spent on public needs.

Surplus working time - the part of the working time that the employee spends in excess of the necessary time spent for himself.

surplus product - part of the total product of the worker's labor, which goes to the owner of the means of production and is spent on social purposes.

Surplus labor - part of the worker's labor in excess of the labor that is necessary for him to maintain his life and working capacity.

Profit - the difference between the amount of money received for the goods and services sold and the total costs of the enterprise for their production and sale on the market.

Preference shares - shares on which the dividend (income) is paid before the payment of dividends on ordinary shares and the owners of which have an advantage in receiving part of the property of the joint-stock company upon its liquidation.

priority - superiority (in discovery, invention, etc.).

roll over - extend the term of the contract, loan, debt obligation, etc.

marginal utility - additional utility that a consumer derives from one additional unit of a good or service.

marginal propensity to consume is the proportion of income growth by which consumption increases.

Marginal efficiency of capital - achievement of the maximum output for each additional unit of fixed capital, at which the increase in production for its last unit no longer exceeds the costs of its acquisition.

marginal product - the increase in output received by any factor of production through the use of an additional unit of this factor.

Proposal - the quantity of goods that sellers are willing to sell to the buyer at a particular price.

Businessman - 1) a person who establishes his own business in the hope of making a profit;

2) a person who organizes and manages an enterprise and assumes the risk of running a profitable business.

Entrepreneurial profit - part of the profit remaining at the disposal of the entrepreneur after paying interest on the capital taken on loan.

Entrepreneurship - managerial and organizational skills necessary for most business leaders in order for the production of goods and services to be profitable.

Presumption - 1) recognition of the fact of legal accuracy until the contrary is proven;

2) an assumption based on probability.

Forecast - prediction, prediction based on certain data.

Forecast - make forecasts.

Design - draw up projects - technical documents (drawings, calculations, layouts) of newly constructed technical means, as well as a plan.

Productivity - the amount of goods and services that workers create in a certain time.

productive goods - means of production.

Productive labor - the type of labor expended in production on the creation of material wealth.

production function - quantitative dependence of output on the use of production factors.

Production capabilities - the largest volume of output that the economy is able to produce with the full use of available resources.

Prole - An employee who does not have the means of production.

Protectionism - an economic policy aimed at protecting the national economy from foreign competition by imposing high duties on goods imported into the country, restricting or completely prohibiting the import of a number of foreign goods, and other similar measures.

Percent - payment for the use of someone's money, as well as income received for granting someone the right to use their own capital.

Interest rate - the ratio of the amount of interest to the amount of loan capital, multiplied by 100.

Work force - 1) a person’s ability to work;

2) employees.

Goods Market Equilibrium - equality of aggregate demand to the value of the expected output of goods at the prevailing price level.

Equilibrium interest rate- the interest rate, which is formed when the demand for loan capital and its supply in the loan capital market are equal.

Equilibrium price - the market price at which the demand for certain goods is equal to the volume of their supply.

Equilibrium amount - equality of volume of demand and volume of supply at the equilibrium price.

Equilibrium level of employment - compliance of the quantity of labor supply in the labor market with the demand of entrepreneurs.

Radicalism - advocacy and application of decisive, radical measures in solving problems of theory and practice.

Radical - 1) radical, basic, effective;

2) decisive, left-wing.

Distribution - determination of the share of production participants in the use of the created product and income.

Rational Expectations - the ability of economic entities to independently predict (foresee) the development of the economy and make the best decisions.

Real interest rate - interest rate in monetary terms, taking into account inflation.

Real gross national product - GNP, expressed in current market prices, adjusted for changes in the price level.

Real income - the amount of goods and services that can be bought with nominal (expressed in money) income.

Remodel - to reorganize, organize in a new way.

Rent - any regularly received income from capital, property or land that does not require entrepreneurial activity from its recipients.

Profitability - profitability, profitability.

Representativeness - representativeness, indicativeness of any observations in statistics.

Retrospective - facing the past, devoted to the consideration of the past.

Реферат - 1) statement of the essence of any issue;

2) public report.

reexport - re-export from the country of goods previously imported from abroad, without their processing.

Risk premium (insurance premium) - payment of an amount of money to an insurance company in exchange for an insurance policy (certificate), under which it will be possible to compensate for losses from unforeseen circumstances.

Usury - providing cash loans at a very high interest rate.

Market - sphere of purchase and sale of goods and services.

Currency market A market where the currency of one country is exchanged for the currency of another country.

Market investment - a kind of loan capital market, where long-term capital investments are sold and bought for a certain percentage.

Certificate Market - a market where certificates are sold and bought - bonds of special government loans and documents indicating large deposits in a bank for a long time.

Balance - the difference between cash receipts and expenditures for a certain period.

Sanction - to assert something with one's authority, to allow, approve, recognize as lawful, correct.

Segregation - the racist policy of separating blacks and other peoples of color from whites.

Syndicalism - a trend in the labor movement, negatively related to any state and political struggle, recognizing the achievement of only economic goals.

Syndicate - a monopoly association of entrepreneurs that takes over the sale of all manufactured goods, depriving enterprises of commercial independence in order to limit competition, increase prices and increase profits.

Synthesis - a method of studying the subject in its integrity, in the unity and interconnection of its parts.

System - 1) a set of economic units, institutions that are united into a single whole;

2) a set of principles that serve as the basis for any doctrine;

3) the form of social structure, for example, the state system.

Participation system - a method of strengthening economic power, in which large owners acquire a controlling stake in the parent joint-stock company, which in turn owns controlling stakes in other companies - subsidiaries, grandchildren, etc., which are therefore subordinate to the parent company.

propensity to consume - such a distribution of the total income of society, in which the population increases the share of income that goes to current consumption.

Mixed economy - an economic system in which elements of public ownership of the means of production are combined with private property, and the state and private entrepreneurs play an important role in organizing the national economy as a whole.

Sovereign - English gold coin of one pound sterling.

Perfect competition - a kind of rivalry in the market of homogeneous products, where there are many sellers and buyers, and not one of them individually can influence market prices and does not have full knowledge of the state of the market.

Board of directors - elected representatives of the joint-stock company.

Total income - the sum of all incomes received by households, entrepreneurs and the state.

Average rate of profit - an equal rate of profit on equal capitals, which is formed in conditions of free competition.

Means of labor - part of the material factors of production, with the help of which material wealth is created.

Stable - stable, not changing.

Payment rate - the amount of remuneration corresponding to the position held and the level of qualifications of employees.

Stagnation - stagnation in production, trade, etc.

Statics - a state of rest or balance.

Statistics - 1) quantitative accounting of mass phenomena;

2) a science that processes and studies quantitative indicators of the development of production and society, their relationships and changes.

Standard - norm, sample, measure, basis.

Status - state, legal status.

Stereotype - pattern, stencil, repeating without change.

Stimulus - an incentive to action, a motivating reason.

The value of money in modern conditions - the amount of goods and services that can be exchanged for a unit of money, the purchasing power of a monetary unit.

Labor cost - the cost of material goods and services that are necessary for the reproduction (restoration) of the labor force.

Strategic - essential, important for achieving common general goals at any stage of development.

Structural unemployment - Unemployment, which is caused by changes in the structure of the national economy, the movement of labor from one area to another.

Subsidy - cash benefit.

Substance - the basis, the essence of something.

substitute - a substitute or a new industrial product that replaces an existing one.

substitution - replacement of one by another, usually similar in properties, according to purpose.

Subject - human.

Sovereignty - supremacy, supreme rights; complete independence from other states in the internal affairs of a given country.

Sovereign - supreme, independent.

Supermarket - a large self-service store, supermarket.

Tautology - a definition that repeats in a different form what was said earlier.

Customs - a government agency that controls the transportation of goods (including luggage and postal items) across state borders and collects customs duties and fees.

Tariffs - 1) a rate system that determines the amount of payment for various services;

2) system of wage rates.

Teleology - the doctrine according to which everything in nature is arranged expediently and any development is the implementation of predetermined goals.

Term - a word or a combination of words that accurately denotes a certain concept used in science, technology, art.

Technology - a set of methods of processing, manufacturing, changing the state, properties, form of raw materials, materials or semi-finished products in the production process.

Technostructure - a layer of highly qualified specialists (scientists, engineering and technical intelligentsia, managers, etc.) who take part in the management of production, in the development and implementation of the economic policy of the state.

Title - the basis of any right.

Trade balance - equality of the value of goods exported from a country to the value of goods imported into a given country.

Trade Deficit - the amount by which the import of goods into the country exceeds their export from the country.

Trading capital - a special type of capital specializing in the purchase and sale of goods.

Totalitarian state - a form of state characterized by complete control by state authorities over all spheres of society, the actual elimination of constitutional rights and freedoms.

Transnational - going beyond the boundaries of one state, international.

Transfer payments - payments by a government or firm to a household of money (or transfers of goods and services) that represent a redistribution of wealth, such as social security benefits, pensions, charity.

Transformation - transformation, transformation.

Trust - a monopolistic association of entrepreneurs, in which the merged enterprises lose their commercial and production independence and are subject to a single management.

Labor theory of value - the theory according to which the value of any commodity is determined by the amount of labor expended on its production.

Truism - well-known, hackneyed truth.

A uniform - uniform.

Unia personal - the union of two wealthy families by marriage between their representatives.

The unemployment rate - the share of the unemployed among the entire labor force.

Service - a useful type of labor that directly satisfies any human need.

Discount rate - 1) the interest rate at which the central bank lends to banks that borrow to cover the deficit of their reserves;

2) the interest rate charged by the bank when recording (purchasing) securities or when providing a loan, the repayment of which is secured by the pledge of these securities.

Founder's profit - the difference between the sum of the prices of shares sold at the rate and their nominal value - the actual capital invested in the joint stock company.

Factors of production - production reserves - capital, human resources, entrepreneurship and natural resources.

Fatalism - belief in the inevitability of fate, predestination, rock.

fatal - fatal, inevitable, inevitable.

The Federal Reserve - US central bank.

Federal Reserve Bank - one of the twelve district banks included in the US Federal Reserve System.

farmer - the owner of an agricultural enterprise, farm.

Фетишизм - blind worship of something.

Fixed exchange rate - fixed price of the currency, set by the state.

Fictitious capital - capital enclosed in securities (stocks, bonds, etc.) and representing not a value, but only the right to receive income.

Philanthropy - charity, helping the needy.

Finance - the totality of all funds at the disposal of the enterprise, the state, as well as the system of their formation, distribution and use.

The company - an economic, industrial, commercial enterprise that enjoys the rights of a legal entity (as an independent subject of civil rights and obligations).

Fiscal - relating to the interests of the state treasury; the use by the state of its rights to impose taxes and spend the funds received.

Franc - the monetary unit of France, Belgium, Switzerland and a number of other countries, equal to 100 centimes.

Freight - payment for the carriage of goods by water.

Frictional unemployment - temporary, permanent unemployment.

Fusion - the merger of two or more joint-stock companies, a form of centralization of capital involved in the production of related products.

Function - act, work.

Money function - their purpose, the main of which is to be a measure of the value of goods.

Pound - a unit of mass in many countries, having a different size - from 317 to 560 grams.

Pound - British currency, equal to 100 pence.

futures deal - a deal on the prospective supply of goods or the future purchase and sale of securities.

Price The value of a good or service expressed in terms of money.

Offer price - the price of the seller, below which he does not want to sell goods.

Production cost - in conditions of free competition, the price equal to the cost of production of a unit of output and the average (total, the same for all enterprises) profit.

Demand price - the price above which buyers will not buy goods of a certain type.

Qualification - 1) periodic census of population, industry, etc.;

2) the conditions for allowing a person to enjoy certain political rights.

Securities - documents (shares, bonds, etc.) that express any property right of the owner and generate a certain income are the subject of purchase and sale on the securities market.

Price discrimination - selling at the same time the same product to different buyers at different prices.

Price competition - the rivalry of entrepreneurs, which is conducted by lowering the prices of goods sold.

Cent - 1) US small change coin equal to 1/100 of a dollar;

2) small change coins of Australia, Canada, the Netherlands and some other countries.

Centralization - 1) concentration of leadership or management in a single center;

2) consolidation of already created capital.

Cyclical unemployment - unemployment that occurs during one of the phases of the economic cycle - a crisis decline in production.

Economic cycle - periodic fluctuations to which the economy undergoes, going through phases of crisis (recession), depression, recovery and recovery (boom).

Check deposit - a deposit in a commercial bank or savings institution, on which a check can be written (a special document containing a written order to a bank or savings institution to issue or transfer a certain amount of money from the current account of the person who signed the account).

net production - the total cost of production minus the cost of the means of production expended.

Pure capitalism - an economic system in which material resources are private property and the state does not interfere in the regulation of a free market economy.

Shilling - 1) an English coin and a British unit of account equal to 12 pence, or 1/20 of a pound sterling;

2) Austrian monetary unit equal to 100 groschen.

Demand Scale - a table that shows the change in the quantity of a product that can be purchased at a given time, depending on the change in the price of the product.

Evolution - the process of change, development.

Selfishness - selfishness, preference for one's own interests over the interests of the public.

Equivalent - something (for example, an object, a quantity) that is equivalent or corresponding in some respect to something, replacing it or serving as its expression.

Exogenous - external origin, caused by external causes.

Eclecticism - lack of unity, integrity, consistency in beliefs; an unprincipled combination of heterogeneous and opposing views.

Econometrics - a scientific discipline that studies the quantitative aspects of economic phenomena and processes by means of mathematics and statistical analysis.

Economics - a modern trend in economics, which studies mainly applied economic problems related to the use of scarce economic resources in order to maximize the satisfaction of needs, as well as to ensure equilibrium in the market system.

Economic policy - a course of action aimed at improving the regulation of the economy.

Economic growth - an increase in the total volume of production in the country for a certain period.

Economies of scale - reduction of average production costs as the scale of production increases, which causes an increase in profits.

Expansion - expansion of spheres of influence in the economy and other spheres of society.

Expert - a specialist in any field who conducts research on a certain issue, after which he presents a reasonable conclusion.

Exploitation - appropriation of the products of other people's labor without compensation for these values.

Export - 1) export of goods ofcountries for the purpose of their sale or use in other countries;

2) export of capital - placing it abroad.

Expropriation - forced alienation of something.

Extreme - extreme, extreme.

Demand elasticity - a measure of the willingness of buyers to purchase a given product or service; the change in quantity demanded (as a percentage) relative to the percentage change in the price of the good.

Emigrate - to move from one's homeland to some foreign country.

Emission - issue of securities, bank notes, money.

Empirical - based on experience.

Endogenous - explained by internal causes; arising from internal causes.

Essay - Essay (scientific, historical, journalistic).

Effect - the result, a consequence of something, the action of some cause, force.

Production efficiency - the ratio of the final result of production to the costs of labor and means of production to obtain it.

Effective Demand - a volume of aggregate demand that leads to an increase in employment, an increase in incomes of the population and an increase in profits.

Effect of scale Same as economies of scale.

Legal monopoly - the exclusive right to produce and sell certain goods, based on the use of patents and other legal documents.

Yard - English measure of length, equal to 0,9144 meters.

Notes

1. Questionnaires are filled out in the following cases:

a) the borrower applies to the Bank for a credit service for the first time;

b) used the Bank’s credit services, but did not fill out the form; c) more than 9 months have passed since the date of filling out the previous questionnaire.

2. All listed documents are submitted:

a) for non-clients of the Bank - notarized copies;

b) for clients - copies certified by the head of the enterprise indicating the date of certification.

3. It is submitted only by non-customers of the Bank, certified by a notary or by the bank in which the current account is opened.

4. All of the above documents are submitted in copies certified by the head of the enterprise.

5. Primary accounting data is provided selectively.

6. Considered as an additional type of security.

7. Copies of balance sheets marked by the tax inspectorate, certified by the signature of the head and the seal of the enterprise, are provided.

8. In the case of a large number of debtors or creditors, the largest amounts are indicated.

9. The documents specified in clauses 16 and 17 are provided if there are foreign citizens (stateless persons) among the persons having the right of the first signature.

10. If an international agreement provides for a visa-free regime, then the Client may not have a document confirming the right of a foreign citizen (stateless person) to reside (stay) in the Russian Federation.

11. Documents are certified in the manner prescribed by the bank.

12. The documents specified in clauses 8 and 9 are provided if the individual entrepreneur is a foreign citizen or stateless person, or there are foreign citizens (stateless persons) among the persons with the right of first signature.

13. If an international agreement provides for a visa-free regime, then the Client may not have a document confirming the right of a foreign citizen (stateless person) to reside (stay) in the Russian Federation.

14. The concept of "arbitrator" includes the concepts: temporary, external and competitive managers.

15. Documents are certified in the manner prescribed by the bank.

16. Documents specified in p.p. 7 and 8 are provided if the founder is a foreign citizen or stateless person.

17. If an international agreement provides for a visa-free regime, then the Client may not have a document confirming the right of a foreign citizen (stateless person) to reside (stay) in the Russian Federation.

18. Documents are certified in the manner prescribed by the bank.

19. A copy of the permission of the national (central) bank of a foreign state is required to open an account for non-residents from Belarus, Vietnam, Georgia, Kazakhstan, Lithuania, Moldova, Tajikistan, Turkmenistan, Uzbekistan, Ukraine. For non-residents from other countries, additional approval is required from the Legal Support Directorate (if there is a lawyer in the additional office, branch - with the lawyer of the additional office (branch) on the issue of granting such permission.

20. Documents are certified in the manner prescribed by the bank.

21. Documents referred to in paragraphs. 12 and 13 are submitted if there are foreign citizens (stateless persons) among the persons with the right of first signature.

22. If an international agreement provides for a visa-free regime, then the Client may not have a document confirming the right of a foreign citizen (stateless person) to reside (stay) in the Russian Federation.

Author: Shevchuk D.A.

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A gas giant called NGTS-1b is located in the constellation Dove, 600 light years from Earth. The mass of NGTS-1b is 20% less than the mass of Jupiter, and the temperature on the surface reaches 530 degrees Celsius.

Scientists have identified NGTS-1b as the largest planet compared to the size of its companion star. The fact is that a gas giant the size of Jupiter revolves around a star half the size of our Sun.

Such a discrepancy was recorded for the first time in the universe and contradicts the theory according to which small stars form solid celestial bodies around them, but not gas giants. For the formation of the latter, much more material is needed than a modest-sized luminary can "collect".

"The discovery of NGTS-1b was a complete surprise - such massive planets, as we thought, do not exist around such small stars. This is the first exoplanet that we have found with our new NGTS installation (the newest Transit Survey observation object designed to search for transit planets). Now we hope to find out how common these types of planets are in the galaxy, and thanks to NGTS we are quite capable of doing this, said Professor Peter Whitley from the University of Warwick.

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