Banking. Cheat sheet: briefly, the most important

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

Lecture notes, cheat sheets

Directory / Lecture notes, cheat sheets

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Table of contents

Abbreviations

KB - commercial bank, commercial banks

CB - central bank

c. b. - securities, securities

Yu. l. - legal entity, legal entities

f. l. - natural person, natural persons

r / s - current account

t/s - current account

c/s - correspondent account

b. - it should be

m. b. - maybe (may be)

UK - authorized capital

SK - equity

RCC - cash settlement center

JSC - joint stock company

RZB - securities market

A - asset

P - passive

s/n - salary

Topic 1. Banking system (BS)

BS is a form of organizing the functioning of specialized credit institutions in the country that have developed historically and are enshrined in laws. The concept of BS involves the definition of its components: banks and the system. Banks are credit organizations that attract free funds from individuals and legal entities, accumulate and place them on the basis of repayment, urgency, and payment. Banks are considered as an intermediary organization, trading enterprise, ownership, financial market entity, object of supervision and regulation. Banks are also carriers of such functions as: redistribution, control, cost savings in circulation; but, above all, the accumulation of funds, the intermediary function of regulating money circulation. System - a set of different types of interconnected banks and other credit institutions operating within the framework of a single financial and credit mechanism. BS is an ambiguous concept, it can be considered from a number of positions, as an organizational and institutional scheme. 1) the institutional scheme includes a set of certain elements - institutions and organizations directly or indirectly involved in banking activities, their tasks, functions and operations. 2) the organizational chart combines the functioning in Russia of the types and forms of loans.

Consider the organizational chart: A commercial loan provided for goods by one enterprise to another, which is associated with a frequent shortage of funds to pay for the supply of raw materials, goods. A commercial loan is issued by a promissory note, which is a debt obligation of the debtor to pay the amount of money indicated in it by the due date. The purpose of a commercial loan is to accelerate the sale of products. Consumer credit is associated with lending to the end consumer, i.e. the population. Lenders in consumer credit are business structures, as well as commercial banks and non-profit organizations. By purchasing government securities, as well as lending to government programs, banks also participate in government loans. For an international loan, both creditors and borrowers can be represented quite widely: also banks, credit organizations and special structures of the International Monetary Fund (IMF). A corporate loan that transfers and distributes credit resources: within the industry, does not involve the participation of banking-type credit institutions. In Russia, among the stable banks, there are "banks of the industry", which are included as a subordinate link in the industry hierarchies. Corporate loans are a priority area of their specialization.

The main structure that determines the institutional scheme of the BS of the Russian Federation (RF).

1) The Central Bank is an independent, but state-controlled credit institution whose main tasks include: - ensuring the stability of the national currency, minimizing inflation; - ensuring the efficiency and stability of the BS (withdrawal of licenses, banking audit, placement and issue of securities (securities)). 100% state participation in the capital of bank R.

2) agencies for the restructuring of credit institutions (ARCO) - established by the government and the Bank of Russia (CB RF), whose tasks include: - participation in the liquidation of bankrupt banks; - work with bad assets; participation in management, provision of economic support; - participates in the liquidation of banks, when placing their assets, attracts investments for the implementation of restructuring measures, etc. This includes, in addition to ARCO, other organizations.

3) Banks, the controlling stake of which is owned by the state and the Central Bank - These state-owned banks, being government agents, take on a significant burden of implementing monetary policy (Sberbank, Bank of Moscow), operations with government loans, work with budget accounts.

4) Universal commercial banks. A distinctive feature is: the implementation of a full range of banking activities to attract and place financial resources, settlements and investments, operations with currency, securities. The number of these banks in Russia is large.

5) Specialized commercial banks. They have many restrictions in their operations and transactions, but a high level of quality and professionalism. 6) Non-bank credit organizations, which include: postal savings organizations, credit unions, pension funds, insurance companies.

7) Branches and representative offices of foreign banks.

The institutional scheme for building the Russian BS is based on 3 principles:

1) Hierarchical allocates separate levels in the BS 1. Central Bank and ARCO 2. All credit institutions

2) the functional-regulating principle divides the BS into separate segments - layers based on functions

3) organizational and hierarchical principle - the complete allocation of all functioning elements of the banking system, including the central office, territorial branches, etc.

Topic 2. Commercial loan (CC)

Practically one of the first forms of credit relations in the economy, which gave rise to the circulation of bills and thereby actively contributed to the development of non-cash money circulation, and represent financial and economic relations between legal entities in the form of sales of products or services with deferred payment. The main goal of QC is to accelerate the process of selling goods, and therefore, making a profit. The CC instrument is a promissory note expressing the financial obligations of the borrower towards the lender. The most widespread are 2 forms of bills:

1) Promissory note - a direct obligation of the borrower to pay a specified amount directly to the lender

2) Transferable - a written order to the borrower on the part of the creditor to pay the specified amount to a third party, or to the bearer of the oar

3) A standard contract between a supplier and a consumer, which regulates the procedure for paying for products sold.

QC differs from a bank loan:

▪ the role of creditor is not from specialized credit and financial organizations, but from any legal entity;

▪ is provided exclusively in commodity form; -

▪ the average cost of a CC is always lower than the average bank rate;

▪ when the transaction is legally completed between the lender and the borrower, the fee for this loan is included in the price of the product.

In Russia, this form of lending has until recently been limited to the scope of circulation.

The obstacle for QC is: high rates of inflation; non-payment crisis; insecure partnerships. Currently there are 3 types of QC:

1) Loan with fixed maturity

2) A loan with a return only after the actual sale by the borrower of the goods supplied in installments

3) Lending on an open account, when the delivery of the next batch of goods is carried out until the debt on the previous delivery is paid off.

Relations between legal entities for the sale of goods and services: with deferred payment; with installment payment; with advance payment; with advance payment (Sources of business financing.

Topic 3. Credit system (CS), main links, functions and stages of development in Russia

The Constitutional Court of Russia plays an exceptional role in the development of economic relations. Through the CS, the essence of the functions of the loan is realized with all its forms and methods of lending. CS is a set of financial institutions that accumulate free cash and lend it. Modern CS consists of two levels:

1) Bank of Russia,

2) Commercial banks and other credit institutions carrying out certain banking operations.

The banking system is the most important element of the credit system. The Bank of Russia (CB) performs the function of the main coordinating and regulatory body in the CU. According to the law "On the Central Bank", he, in cooperation with the government of the Russian Federation, develops and implements the state's monetary policy aimed at protecting and ensuring the stability of the ruble. In the process of implementing the credit policy, the Bank of Russia regulates money circulation, expressed in expansion or credit restructuring. The function of the bank is manifested in its operations. Commercial banks are the second link in the CS. The role of commercial banks (CB) differs significantly from the functions of the Central Bank. CB is directly connected with business entities. The role of CB in the credit system:

1) lending to enterprises, the state and the population;

2) issuing and founding activity;

3) counseling.

The credit system includes various forms of credit: an early form - usury - which was widespread under the slave system and federalism. Moneylenders (merchants, money changers) provided loans to peasants and artisans for a certain fee, the level of which was very high, so they quickly enriched themselves. The development of capitalism, with its high need for money, came into conflict with the conditions of usurious credit, which led to the development of other forms. Commercial credit (CC) - provided for goods by one manufacturer to another. K.k. is drawn up by a bill of exchange, which is a written promissory note of the debtor to pay the amount specified in it at the appointed time. The purpose of the c.c. - accelerating the sale of products and profit. K.k. led to the development of bank credit - this is due to the emergence of intermediaries. A bank loan has the property of universality, since the funds redistributed through banks find their application in all spheres of the economy. The bank acts not only as a creditor, but also as a borrower of its own funds (ds), since financial institutions use borrowed funds in their activities.

State form of credit. If the state has a need for additional cash, then it borrows money. The main form of attracting d.s. state issuance and placement of securities (TSB).

International credit is the provision of foreign exchange and commodity resources on the terms of repayment, urgency, payment. Banks, enterprises, states represented by their governments, international and regional organizations can act as creditors and borrowers.

Topic 4. Stages of development of the credit system in the Russian Federation

Before the 1st World War and the revolution, the Russian Federation had a developed credit system. The State Bank (organized in 1860) served as the pivot, and a network of commercial banks was also developed. In 1917 the State Bank was renamed the People's Bank, and a policy of eliminating commodity-money relations in the country was carried out. The industry went into decline. In 1920 there was not a single bank in the country. NEP revived commodity-money relations. Banks were re-established. In the late 20s, a decision was made to reform B.S. in order to mobilize funds in the hands of the state, the money industry and the collectivization of agriculture. For the next 10 years, the banking system was rigidly centralized, headed by the State Bank of the USSR (2 monopoly banks: Stroy Bank of the USSR, Vneshtorgbank of the USSR). In 1987, the BS was reorganized:

Stage 1 - creation of a 2-tier BS (central issuing bank and state special banks); improvement of forms and methods of credit relations with enterprises of various industries.

stage 2 - the creation of the first commercial banks; creation of conditions for financial resources. On the basis of the State Bank, the Central Bank was created - the Central Bank.

Functions of the credit system:

1) redistribution of monetary capital (temporarily free funds are transferred to some entities)

2) accumulation and mobilization of money capital.

3) cost savings (production costs, turnover costs, consumption costs)

4) accelerates the concentration and centralization of capital.

5) stimulating - credit acts as a regulator of the economy.

Loan forms:

1) private (subjects: enterprises, municipal institutions, banks)

2) state (state: in the role of a creditor, borrower or intermediary)

3) international (one of the parties to the loan transaction is a non-resident)

International credit

It is considered as a set of credit relations operating at the international level, the direct participants of which can be international financial and credit organizations (IMF, IBRD), governments of states and individual legal entities, including credit organizations.

Topic 5. Operations of the Central Bank on the open market

The open market policy is the sale and purchase of government securities by the central bank in order to influence the money market. The Central Bank, by selling state securities to commercial banks (CB), limits the credit expansion of the CB, reduces the money supply in circulation, thereby easing the pressure of means of payment on the commodity market and increases the ruble exchange rate. When selling or buying securities The Central Bank is trying to influence the volume of liquid funds k.b. by offering favorable interest. and thereby manage their credit emission. Buying securities on the open market, he increases the reserves of c.b. and increases the money supply. This is used especially effectively during a crisis during a period of high market conditions, the Central Bank offers to buy a bank. central bank in order to reduce their credit opportunities in relation to the economy and the population. The Central Bank can pursue this policy in two ways: 1. it can open the volume of purchase and sale, the level of interest rates at which banks can buy securities. Selling rate of securities set according to their duration. In this case, the impact on the formation of market rates will be indirect. 2. The Central Bank can set interest rates at which it is ready to buy securities.

The success of an open market policy depends on many factors. Banks acquire securities. from the Central Bank only when there is little demand for loans from entrepreneurs and the public, and also when the Central Bank offers securities on more favorable terms. When it is necessary to maintain liquidity and credit activity of a commercial bank (c.b.), the Central Bank acts as a buyer on the open market. In this case, repurchase agreements are used (when the Central Bank undertakes to buy securities from securities with the condition that the latter carry out the reverse process after a while, but at a REPO discount. This discount can be fixed or floating.

State securities market during 96-98 years. exerted a decisive influence on the state of the Russian financial market and acted as the main instrument of the Central Bank's monetary policy. This was determined by the wide presence of non-residents on it, they accounted for 32% of the GKO-OFZ in circulation. Non-residents ensured a massive influx of foreign exchange funds to the GKO-OFZ market, which stimulated the decline in government bond yields. On the other hand, the international financial market began to influence the Russian market and contributed to its crisis. A characteristic feature of the state securities market. in 98 was a consistent change in quotations. The yield of the GKO portfolio (government short-term bonds) increased from 33% to 71%. And the Ministry of Finance carried out their repayment with the help of the federal budget. The Ministry of Finance carried out a restructuring - a voluntary exchange of GKOs for Eurobonds with a maturity of 7-20 years, and also refused to issue GKOs, but the market did not recover radically and trading stopped in August. The Central Bank faced the task of developing a mechanism for restoring the financial market, since open market operations are an important element in regulating the liquidity of the banking system. The Central Bank offered its own short-term zero-coupon bonds of Russia - OBR up to 3 years. The Central Bank provided the CB with the opportunity to use them as collateral for pawn loans and overdraft loans. At the stage of financial market recovery, the importance of the regulatory activities of the Central Bank increases. The position of the market of currency government securities is improving. Now the sector of corporate debt obligations is activated - mortgage-backed bonds, commercial bills, etc., which allows the overflow of state securities. into corporate.

Topic 6. Plastic cards and their types

Plastic cards (PC) perform the functions of a depositary, settlement, cash and credit instrument. According to the technical solution, magnetic and microprocessor PCs are distinguished. Most PCs are magnetic, containing information on a narrow magnetic strip. The card number and surname are needed to issue a "Slip" - a kind of account. But these cards are becoming obsolete and are being replaced by microprocessor or smart cards. The carrier here is a microcircuit.

The Regulation of the Central Bank "on the procedure for issuing bank cards by credit institutions and making settlements for transactions made using them" of 98 establishes requirements for credit institutions regarding the issue or bank cards, the rules for making settlements and the procedure for accounting for transactions using bank cards. The participants of the card circulation are:

1) Issuing bank - issuing a PC and providing settlement and cash services to customers;

2) Client - an individual or legal entity that has entered into an agreement with the issuing bank, providing for the implementation of transactions using a PC within the spending limit;

3) Acquirer - a credit organization that carries out acquiring (activities for the implementation of settlements with trade enterprises using PC);

4) Processing center - a structure that provides information and technological relationship between the participants in the settlements.

Both the issuer, the acquirer and the processing center receive commissions and remuneration. The issuer can issue the following cards to individuals:

1) payment card - the use of this PC allows you to manage the funds in his account within the spending limit for paying for goods and services;

2) Credit card - allows you to carry out transactions in the amount provided by the issuer of the credit line within the spending limit.

Legal entities can be issued credit, corporate cards, giving the right to individuals - employees of this organization to use its accounts.

By purchasing a PC, the client receives a number of advantages:

▪ When using cards abroad, money is issued in local currency

▪ You can get local cash in any country in the world;

▪ When leaving, money does not need to be included in the customs declaration;

▪ Cards are protected from counterfeiting

▪ The bank guarantees 100% deposit protection

▪ Interest is charged on the card account balance based on the rate on demand deposits.

Payroll PCs are widespread. The bank with cards has its own percentage and this helps it to expand its customer base. On the basis of a special placement of the Bank of Russia, commercial banks can distribute PCs of foreign plastic systems:

▪ EuroCard/MasterCard Mass - has 2 action modes: debit and with a monthly renewable limit. A bank client who has had an account in any foreign currency in the equivalent of $3 for 500 months can become a holder

▪ EuroCard/MasterCard GOLD - prestigious PC (for individuals). The holder has the right to receive a loan of $3000

▪ EuroCard/MasterCard BUSINESS - the optimal means of paying entertainment and travel expenses (for employees). Feature - any non-cash payment, with the exception of payments for contracts.

Visa, Diners Club, etc.

Topic 7. Consumer credit (PC) and tools for its implementation

Associated with lending to the end consumer, i.e. the population.

It is provided:

▪ Trading companies in the form of the sale of durable goods with payment of their cost in installments;

▪ Banks and other financial institutions in the form of cash loans for consumer needs;

▪ Enterprises and firms to their employees in the form of goods or money.

The main distinguishing features of the PC:

▪ Borrowers can be individuals;

▪ The purpose of such loans is to use them to meet the needs of the population.

Initially, PC was developed in the form of the sale of goods in large quantities and by trading firms to individuals on condition of payment of their cost in installments over a certain period (Loans to individuals (mortgage, car loan, general purpose loans)). At the same time, the payment amounts included % as a payment for the provided installment plan. Subsequently, apart from two participants, intermediaries in the form of specialized financial companies were included in this transaction. In this case, it is not the seller who becomes the creditor, but the financial company, and the seller received from it the cost of the goods sold. Commercial Banks, in addition to participating in, and sometimes direct control over, PC financial institutions, were themselves involved in providing these loans. When issuing a personal loan, the borrower's ability to repay it is carefully studied, while taking into account his salary and other types of income, expenses, etc.

Prospects for the development of PC in Russia depend on many factors, primarily on the decline in the stabilization of financial markets, as well as the growth and regularity of income for the main part of the population.

Some implementation tools:

Housing certificate - a special type of bonds

Mortgage loan - long-term for improving housing conditions (Mortgage loan: how to get an apartment)

Credit cards

Car loan (Auto loan obtaining technology)

Topic 8. Essence and functions of finance (F). The role of finance in a market economy

Finance represents economic relations associated with the formation, distribution and use of centralized and decentralized funds of funds in order to perform the functions and tasks of the state and ensure conditions for expanded reproduction (Finance and credit).

Ф express monetary relations arising between: - enterprises in the process of acquiring inventory items, selling products and services; - The state and enterprises when they pay taxes. But F is different from money. Money is a universal equivalent, with the help of which, first of all, labor costs are measured, and F is an economic instrument that distributes and redistributes GDP, ND, as well as a means of controlling the formation and use of money.

The essence of F is represented in their functions:

1) Distribution - with the help of this function, the distribution and redistribution of ND is carried out. The distribution of NI is to create the so-called basic or primary income. Their sum = ND. The main incomes are formed during the distribution of ND among the participants in material production. They are divided into 2 groups:

▪ Salary of workers, employees; income of farmers engaged in material production

▪ Enterprise income

However, primary incomes do not form the social funds necessary for the development of the branches of the national economy. Therefore, further distribution is needed.

The redistribution of ND is connected with the intersectoral and territorial redistribution of funds in the interests of more efficient use of enterprise income. Also, ND is redistributed to the non-productive sphere (education, health care, culture). As a result of redistribution, secondary or production incomes are formed, received in the non-productive sphere (social security, management, social insurance). Secondary incomes serve to form the final proportions of the use of ND.

2) Control - is manifested in the control over the distribution of GDP to the relevant funds. Also, this function is aimed at ensuring the dynamic development of public and private production, accelerating scientific and technological progress. Also checks the exact match of legislation on financial matters.

3) Regulatory - associated with government intervention through finance (government spending, taxes, government credit) in the reproduction process. The market economy has not only led to a strengthening of the role of finance in the functioning of enterprises, it has determined a new place for them in the economic system. The purpose of finance is the impact of the financial mechanism on improving the activities of business entities. Business entities bear full responsibility for compliance with loan agreements and settlement discipline. Financial independence of business entities creates the basis for effective management of financial relations and resources.

Topic 9. Inflation (I). Causes, socio-economic consequences and methods of regulation. Features of inflation in Russia

I. is an increase in the general price level in the country and, in connection with this, the overflow of money circulation channels with paper money in excess of the needs for them, the emergence of excess money supply (Money Credit Banks lecture notes).

I. is a crisis state of the monetary system. The reason for I. is the disproportion between various spheres of the national economy, accumulation and consumption; supply and demand; government revenue and spending. There are internal and external factors of inflation: Internal (Non-monetary - monopolization of production, violation of imbalances in the economy, cyclical development of the economy. Monetary - growth in public debt; budget deficit; issue of money; increase in the speed of their circulation.); External - world crises (raw materials, energy, currency).

Forms of manifestation of I.: - an increase in prices for goods and services, which leads to the depreciation of money; - depreciation of the national currency in relation to foreign; - an increase in the price of gold.

Types of inflation:

1) creeping: at an annual rate of price growth of 3-4%; characteristic of developed countries, as stimulating.

2) galloping: with an average annual growth rate of 10-50%; for developing countries.

3) hyperinflation: with annual growth rates over 100%; in countries experiencing a breakdown in their economic structure.

Tempo I.: 2 types

1) Demand-pull inflation: occurs when there is excess demand. Demand for goods is higher than supply, which leads to higher prices. A lot of money with a small number of goods (associated with an increase in military spending; an increase in public debt; credit expansion).

2) Production cost inflation. Causes:

a) a decrease in labor productivity growth, which leads to an increase in costs per unit of production, a reduction in the supply of goods and an increase in prices;

b) expansion of the service sector, the emergence of new types of services with high costs and low levels of production, which leads to a general increase in prices; c)increasing wages as a result of the active work of trade unions; d) high indirect taxes.

The main forms of fighting inflation:

1) Monetary reform - complete or partial transformation of the monetary system in order to strengthen monetary circulation (devaluation, denomination);

2) Anti-inflationary policy - a set of measures for state regulation of the economy aimed at combating inflation:

▪ deflationary policy (by increasing interest rates; increasing the tax burden; organizing the money supply);

▪ income policy - parallel control over prices and wages, by completely freezing them or setting a limit to their growth.

Necessary measures for anti-inflationary policy:

▪ state development and implementation. Programs, economic development, industries and enterprises.

▪ Implementation of antimonopoly policy.

▪ Change and improvement of the tax system

▪ Stimulating credit and investment activities of banks

▪ Changes in monetary policy, which ensures a close relationship between all elements of the market mechanism.

The domestic type of I. differs from all others (the transition from a planned to a market economy). The main non-monetary factor of I. in 90 are: - the crisis of the planned economic system, which manifests itself in a decline in production; - uneconomical production is expressed in the costly nature of production, low labor productivity.

The main monetary factors include: 1) development of monopolistic structures 2) budget deficit 3) credit expansion of banks 4) dollarization of money circulation 5) introduction of privatization checks.

Topic 10. Foreign exchange market (VR): concept, structure, participants

VR is a mechanism that regulates relations for the purchase and sale of foreign currency on the basis of supply and demand, as well as regulates relations for the purchase of goods and services and relations for the provision of loans. VR RF is one of the segments of the financial market. Necessity: there is no single means of payment in the world.

Functions:

1) timely implementation of international payments;

2) regulation of exchange rates (ratio of monetary units of different countries);

3) speculative profit;

4) an instrument of economic policy.

Structure of VR: - exchange (interbank) currency market; - OTC; - futures (terms currency market); - forward (terms currency market) and cash currency market.

Features of the exchange currency market: the highest level of organization; serves settlements related to the export-import of goods and services; it is on the stock exchange that they buy currency for financing; conducts exchange rate policy through the currency exchanges of the Central Bank.

Advantages: one of the cheapest (minimum commissions); cheap source. currencies; liquid foreign exchange market; allows you to quickly and without loss convert the currency into rubles; strengthening the role of regional structures; all operations are strictly regulated (reliability and high liquidity).

OTC market - a system of foreign exchange transactions between commercial banks.

Features of over-the-counter VR: the growth rate is much faster than in the exchange currency market (2 times); this market is larger in terms of volume of operations.

Advantages: less control of the Central Bank; more operational; independence of action; currency transactions are completed faster; high speed of calculations.

Participants: 1) passive participants (irregularly, not en masse, make currency transactions);

2) active (large permanent transactions);

3) depository, clearing (mutually offset) and settlement centers.

From an institutional point of view, BP is a set of banks (transnational banks - they account for 85% of foreign exchange transactions), brokerage firms, corporations (especially transnational companies), the country's central bank.

Topic 11. Bank ratings. Bank Management Assessment (BM)

BM is a system of control measures taken by organizational structures to ensure the movement of credit resources, the purpose of which is to achieve both micro and macroeconomic priorities (Banking management, Management lecture notes, Strategic management lecture notes). Management must be of high quality, effective and adequate, therefore, the question of management assessment arises. Management is reflected as a component of the assessment of banking activities in a number of rating systems (for example, "CAMEL", used in the USA). CAMEL (C - capital adequacy; A - quality of assets; M - quality of management; E - profitability, profitability, profitability; L - liquidity). Three rating methods:

1) number (quantitative indicators);

2) index method (a group of quantitative indicators, for example reliability);

3) point method (camel, expert survey).

The indicators by which BM is assessed are divided into categories:

1) Condition and performance indicators by which bank management is assessed:

a) capital adequacy, asset quality, profitability, liquidity;

b) speed of transactions; c) customer satisfaction, etc.

2) Personnel indicators, their compliance with regulatory requirements:

a) composition and competence;

b) maintaining discipline in domestic policy; c) compliance with all regulations and compliance with laws; d) the ability to anticipate changes in personnel market conditions.

3) Social indicators:

a) staff attitude towards work;

b) the degree to which social problems are solved.

When management is of poor quality, it is the cause of bank risks - this is the so-called mismanagement - a type of management that characterizes both unintentional errors and illegal actions of bank personnel, lack of control.

Mismanagement happens:

a) technical (when the bank is young; inexperienced management; the bank changes management);

b) cosmetic (the goal is to create the appearance that the bank is healthy); c) fraudulent or opportunistic.

Topic 12. Liability management (PM)

UP is the activity of various divisions of the bank aimed at:

1) developing a developed deposit base of the bank;

2) to increase the bank’s own capital;

3) on the growth of bank income;

4) rationalization of the bank's client base.

In the process of liability management, 2 stages can be distinguished:

1) Study of the structure of sources of own and borrowed funds a) determine the amount of own funds and their compliance with the requirements of Instruction No. 1;

b) the degree of riskiness of banking operations; c) pay attention to the immobilization of funds. Immobilization includes: the cost of fixed assets; non-state securities; own funds diverted to payments; factoring funds.

2) Evaluation of the structure of attracted funds for the purpose of subsequent management. The total amount of attracted funds and their distribution by groups are determined: term deposits; demand deposits; funds coming from the sale of shares, etc. This analysis shows one or another predominant group. This is followed by the development of event systems (advertising). To assess the deposit base, the following is used: Deposit utilization ratio = average debt on a loan / average balances on attracted funds. The coefficient shows what part of the deposits is used in lending operations. Ratio < 65, then risky; if > 75 - aggressive credit policy.

CONCLUSIONS (in the process of liability management):

▪ measures are identified

▪ development trends of certain types of liabilities, the medium- and long-term level of liquidity is determined;

▪ the growth rate of the deposit base is determined.

The main ones are:

1) average term of deposits = the amount of deposits of a given type * for the period of their storage. Shows what part of the attracted deposits the bank can use now. 2) instability ratio = (amount of long-term withdrawals of deposits/total amount of deposits) * 100%. Characterizes the level of early withdrawal of time deposits.

Topic 13. Banking policy (BP) and the scope of its implementation

BP - a set of goals, the basic concept of the functioning of the bank. The main questions that banking policy should answer are: "why" - general targets, in the name of which certain actions are taken; "what" - what actions need to be taken; "who" - organizational structures, employees; "how" - specific schemes according to which certain actions should be carried out.

BP includes: - future markets, their analysis; - should contribute to the implementation of the optimal strategy for choosing banking priorities; - a set of risks that the bank has the right to take on; appearance and image; - organizational structure.

BP elements:

1) the name of the bank (should be exclusive);

2) specialization of the bank;

3) priorities of goals (what should characterize the bank in the first place: stability, reliability);

4) slogan

5) customer orientation (which customers will be served);

6) partnerships with the client, their level;

7) powers and responsibilities of organizational structures and personnel;

8) internal control and audit;

9) hierarchy, subordination and rewards;

10) reserve policy;

11) documentation;

12) confidentiality (the degree of confidentiality of information).

BP structure: 1 - segment-credit policy, the main document that regulates it is the credit memorandum, which indicates: the size, the percentage of rates; distribution of powers to issue loans; loan limits; how credit monitoring is carried out, etc.). 2 - segment-deposit policy - develops goals and restrictions for attracting credit resources, including preferences of depositors and certain types of deposits. 3 - segment-pricing policy - determines the amount and amount of payment for the provided banking services. 4 - segment-Investment policy: includes a set and preferences of investment instruments, industries). 5 - Risk Policy: includes a list of risks that need to be analyzed; the degree of risk that the bank can assume; methods of risk management and optimization. 6 - Working with problem clients. 7 - Collateral policy: the most preferred types of reserves and their volumes. 8 - Sanctions: a set of measures applied in case of violations.

Areas of BP implementation:

1) organizational (bank departments);

2) informational (what information is needed to make management decisions);

2) economic (sources of financial support for the activities of a commercial bank and the costs of developing a BP).

Topic 14. Lombard loans (LC)

LK is a form of short-term loan, which is provided as collateral of easily realizable assets. Subjects of collateral under LC can be:

1) Securities, including government bonds, shares of financially stable JSCs, promissory notes of strong issuers, etc. The attractiveness of this pledge from the bank’s point of view is related to:

▪ low storage costs;

▪ the availability of satisfactory methods for determining their current value;

▪ possibility of fairly quick sale on the stock market;

▪ the possibility, in accordance with the agreement, of using incoming dividends from the Central Bank (dividends, interest) as an additional source for repaying debt.

2) Goods and commodity documents (warehouse receipts) It is advisable to use liquid and competitive goods as collateral, since in this case the goods remain in the safe custody of the bank, the most important element of risk reduction is their insurance at the expense of the pledger in favor of the bank.

3) Precious metals (gold bars, silver bars, etc.), but to work with them, the bank must hire quality assessors. The bank must have a special license for operations with precious metals.

4) LC secured by various financial claims - savings deposits, claims for payment of wages.

Under LK, creditors are:

1) The Central Bank, which provides LC to commercial banks on the security of state securities.

2) Commercial banks when lending to their clients.

3) Other commercial organizations

LK borrowers:

1) Commercial banks

2) Enterprises, organizations operating on a commercial basis

3) Individuals

In order to reduce credit risk in case of LK, the collateral is valued below the value from 50 to 90% of the value, taking into account the following factors:

1) Type of security, the possibility of its rapid implementation.

2) Costs associated with the sale of the subject of pledge.

3) The cost of storing the collateral.

4) Level of loan interest

5) Possible expenses for compensation of balance losses in case of non-fulfillment of obligations by the borrower.

The LC is drawn up by a loan agreement and a pledge agreement, which indicates the amount of the valuation of the pledged property and the procedure for reimbursing the borrower's obligations to the bank at the expense of it.

Lombard rates may include:

1) rate on one-day settlement loans (overnight)

2) rate on intraday settlement loans

3) Lombard rates for a period of 3 to 30 days

Topic 15. The concept of liquidity of a commercial bank

Liquidity - the bank’s ability to timely, fully, and without losses ensure the fulfillment of its obligations to all counterparties, including in the future. Without losses means to provide for additional mobilization of liquid assets, without increasing expenses.

Liquidity management methods.

1) centralized - the state (economic standards, required reserves, guarantees, refinancing system, etc.)

2) decentralized - the bank itself and its staff (balance of assets and liabilities, formation of a percentage policy on passive and active operations in order to increase stability).

Topic 16. Formation, distribution and use of bank profits. Factors influencing the amount of profit

Profit reflects the net income generated in the banking industry in the course of operations.

Profit - the excess of income from the sale of services over the costs of their production and sale, one of the most important indicators of the financial results of banking activities. The formation of the bank's profit is determined by the specifics of this commercial enterprise, the range of operations, as well as the current accounting system.

As a result of operations related to the transfer of profits to the bank's funds, its own capital increases, which is a necessary condition for banking stability, the range of its operations expands, additional clients are attracted, and the risk of operations is reduced. Only net profit remaining after taxes can be distributed to bank funds. The procedure for distributing profit among bank funds is determined:

1) Current legislation in the banking sector 2) Approved by the charter of the credit organization and other constituent documents.

Transfer of profit:

▪ during the current year according to established standards

▪ at the end of the year after approval of the annual balance sheet, as well as the profit and loss statement.

Profit Categories

1) balance sheet profit - total

2) net profit = book profit-taxes

3) profit remaining at the disposal of the bank = net profit-dividends

4) retained earnings = profit remaining at the disposal of the bank - deductions to reserve capital - deductions for the creation of special funds.

Retained earnings - an additional insurance fund that can be used if necessary in various areas

Topic 17. Transactions and operations with exchange goods

According to organizational forms, the exchange market (stock or currency exchange) and the over-the-counter market are distinguished.

Exchange the market is a securities market carried out by stock exchanges. The procedure for participation in trading for issuers, investors and intermediaries is determined by the exchanges.

OTC the market is the sphere of circulation of securities that are not admitted to quotation on stock exchanges.

The mechanism for concluding transactions on the stock exchange.

Stock Exchange is an organized and regularly functioning market for the purchase and sale of securities. Organizationally, the stock exchange is presented in the form of an economic entity involved in the circulation of securities. Under the appeal of the central bank. This means their purchase and sale, as well as other actions provided for by law and leading to a change in the owner of securities. The exchange is a non-profit organization and does not pursue the goal of making its own profit (How to play on Russian exchanges). As an economic entity, the exchange provides premises for transactions with securities, provides settlement and information services, gives certain guarantees, and imposes restrictions on trading in securities. and receives a commission from transactions. Thus, the activity of the exchange is based on the principles of self-sufficiency, and the members of the exchange do not receive income from its activities. According to the law "On the securities market." Art. 11 stock exchanges are created in the form of a non-commercial partnership. The stock exchange does not have the right to engage in activities as an investment institution, as well as issue securities, with the exception of its own shares. A prerequisite for the activity of the exchange is the presence of a license from the Ministry of Finance.

The exclusive subject of the activity of the stock exchange is: the provision of the necessary conditions for the normal circulation of securities, the determination of their market price and the proper dissemination of information on them.

Functions exchanges are: organization of operations for the sale and purchase of securities, redistribution of financial resources, provision of securities to issuers. additional financial resources, providing savers with the opportunity to save and profitably use their accumulated funds, information support for agents of the exchange market, identifying the market value of securities. and etc.

In world practice, there are 2 main types of stock exchanges: a closed one, in which only members of the exchange can participate in trading, and an exchange with free access for visitors. The legislation of the Russian Federation provides for the existence of only closed exchanges, and the lease of brokerage places to non-members of the stock exchange is prohibited.

The main operations on the stock exchange are carried out by intermediaries - investment institutions (a legal entity of any organizational and legal form; it can operate on the securities market as an intermediary [financial broker], investment consultant, investment company, investment fund.

Topic 18. Organizational structure of a commercial bank, the role and functions of individual units

Commercial banks are credit organizations of a non-state nature that carry out banking operations on a business basis to service legal entities and individuals. They operate on the basis of licenses issued by the Central Bank of Russia.

The organizational structure includes: the board of the bank; bank board; bank affairs management; legal affairs unit; management of financing control; stock center; accounting department; settlement center; depository; Human Resources Department; security service, etc. The board of the bank is the governing body. The executor is the chairman of the board and his deputy. The work of the board and members of the board of the bank is regulated by special provisions. The structure of the business management organization includes such units as the office and the secretariat, the personnel department and others. Accounting - a structural unit that carries out accounting, which reflects all operations of the bank in cash. The balance sheet, documentation, accounts are used. According to accounting data, the accounting department prepares financial statements. The operational department of the bank provides settlement and cash services to customers, settlement, credit, cash and other operations, as well as draws up open settlement, current and other accounts of customers.

The functions of a commercial bank can be performed by various structural divisions:

1) management of foreign exchange transactions;

2) settlement center (solving problems related to the maintenance of office equipment, software, development and implementation of new services);

3) automation of banking technologies (selection, development, installation and operation of software products).

One of the most important areas of the bank: economic analysis, internal control, improvement of banking activities.

A depository is a special banking structure that provides acceptance and storage of valuables. A special security department of the bank ensures the safety and reliability of the functioning of the bank's divisions.

Topic 19. Classification of bank loans

A bank loan is one of the most common forms of credit relations in the economy, the object of which is the process of transferring money directly to a loan. Loans can be classified according to a number of criteria: By maturities.

On-call loans - subject to return within a fixed period after receipt of an official notification from the creditor.

Short term loans - provided to fill the temporary shortage of own working capital of the borrower.

Medium term loans - up to a year.

Long term - used for investment purposes. (construction). 3-5 years or more. According to the method of repayment.

Loans repaid by a lump sum (payment) on the part of the borrower. The traditional form of repayment of short-term loans.

Installment loans throughout the term of the loan agreement. According to the method of collecting loan interest.

Loans with interest is paid in equal installments by the borrower during the entire term of the loan agreement.

Loans, interest for which is held by the bank at the time of their direct issuance to the borrower. By availability of collateral.

trust loans, the form of return security is directly a loan agreement.

secured loans. Collateral - property (real estate or securities) Loans secured by financial guarantees from third parties. A formalized obligation of the guarantor to compensate for any damage. For the intended purpose.

General loans (for any need for financial resources) and purpose loans. By category of potential borrowers. Agricultural loans (government loans). Commercial loans (trade and services). Loans to intermediaries on the stock exchange. Mortgage loans to property owners. Interbank loans - the interaction of credit institutions.

Topic 20. Accounting policy of the Central Bank

The discount rate is used by the Central Bank in transactions with CBs for the accounting of short-term government bonds, commercial bills and other securities that meet the requirements of the Central Bank. Thus, the official discount rate of the Central Bank is the discount charged by it when buying securities from the CB. prior to their due date.

The leading method of regulation is the accounting policy. The change in the discount rate refers to the indirect instruments of monetary regulation. Its widespread use is due to its ease of use. If the Central Bank aims to reduce the lending capacity of banks, then it raises the official discount rate, which causes a rise in the cost of refinancing loans; if the goal of the Central Bank is to expand access to bank loans, then it lowers the rate. By raising or lowering the official discount rate, the Central Bank affects the ability of CBs and their clients to obtain loans, which in turn affects economic growth, the money supply, and the level of market interest. A change in the discount rate of the Central Bank, causing a corresponding change in 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.

Topic 21. Borrower rating

It is based on a point system for assessing creditworthiness. Creditworthiness ratios, depending on the actual value compared to the standard, are determined by class: 1 class (100-150 points) - first-class, 2 (150-200) - acceptable, 3 (more than 200) - below the standard.

They count according to 4 standards: K. (coefficient) of absolute liquidity, K. of intermediate coverage, general K. of coverage, K. of security.

1) K. (coefficient) of absolute liquidity = the most liquid assets / the amount of short-term liabilities of the borrower. The most liquid assets: cash, short-term financial investments in securities, receivables up to 30 days. Shows how the borrower is currently able to repay short-term obligations at the expense of the most liquid assets available. Norm - 0,1-0,3

2) intermediate coverage ratio = current assets, / current liabilities. Current assets: accounts receivable up to a year, finished products in stock, the most liquid assets. Shows what part of short-term liabilities can be repaid after the sale of short-term liquid assets. The norm is not less than 1.

3) total coverage ratio = working capital / current liabilities. Working capital = current assets + inventories + work in progress. Shows how much the borrower can repay short-term obligations by realizing all working capital. Norm - not less than 2.

5) security ratio = equity / balance sheet. Shows how the activity is financed by equity. Normal - the higher the better. Trade - 0,3, construction - 0,4, industry - 0,6

Topic 22. Lending on a checking account (CC), its organization

KK - (conto - account, correspondent - current (lats)). - lending on a current account. A type of loan provided to a borrower to make payments in the absence of funds in his current account (s/c) or current account. Issued based on current needs for working capital and is renewable. The need for CC arises when there is a gap in the movement of the borrower’s financial flows in the time between the receipt of funds to the account from proceeds from sales of products and payments for goods and services supplied, with tax authorities, social insurance, etc.

Lender - KB, borrowers - legal entities, legal entities, who take out a loan to pay for purchased goods and services, pay utility bills and other payments.

A loan is granted on a checking account, which consists of two accounts: a cash account and a loan account. For debit - the amount of the loan received as a result of cash gaps with the client, write-off of funds, cash withdrawal. For a loan - the repaid debt and% on it, the receipt of funds to the account from the client's partners, the deposit of cash.

With CC, CB imposes strict requirements on the borrower, but the general ones are: stable financial indicators (according to the 1st class of creditworthiness), the presence of a stable value of net profit or income, a good position in the market for several years, the presence of permanent partners.

Features of QC:

1) before concluding an agreement, the bank conducts a creditworthiness analysis. Then loans are provided without additional documents on financial status 2) the maximum amount of debt is set differentially for each client. The debt limit is defined as the difference between the average need for working capital and own working capital. 2) the bank reserves part of the funds to provide a loan upon request. 3) a maximum permissible debt repayment period is established (usually long). 4) lack of material security for the loan 5) there are 2 types of interest:

a) deposit% - if there are funds on the account, b) loan% - calculated from the daily balance of the loan debt in accordance with the calculated % rate for the current account.

Topic 23. Overdraft

Overdraft - (over the remainder (English)) - variety current credit. - lending on a current account. A type of loan provided to a borrower to make payments in the absence of funds in his account or current account.

It represents a form of short-term lending to the client’s total need for funds when there is insufficient funds in the account to make payments and settlements. Specific features of overdraft:

1) creditor - not only CB, but also the Central Bank, 2) borrowers - a) CB, if correspondent relations allow the possibility of overdraft. b) CB divisions in the process of intrabank settlements, c) f.l. - entrepreneurs. For regular f.l. overdraft is not provided.

Features of the overdraft operation:

1) all transactions are reflected on the borrower’s account, t/c or cash account, 2) the overdraft is negotiated upon the initial conclusion of a cash settlement service agreement (CSA) with the bank. 3) debt limit is most often not provided. 4) overdraft terms are fixed in the agreement (no more than 10-15 days). If the deadline is violated, the debt is transferred to the category of ordinary loans. 5) the loan fee is determined as the amount of the actual overdraft amount + % rate. 6) lending is reflected in special accounts.

Topic 24. Mortgage

1. Mortgage lending (MC)

Mortgage lending is a form of providing a loan secured by various types of real estate. Based on the purpose of applying for a loan, there are:

1) short-term loan (current need for funds), 2) long-term (financing of capital construction, reconstruction, development of land). A common point is the use of real estate to ensure loan repayment.

Features of real estate as a collateral:

1) acceptability (sustainability of consumer characteristics over time, 2) sufficiency (high cost of real estate to compensate for both direct and indirect costs associated with the process of selling real estate and other transaction costs (for example, legal). 3) property (residential houses, privatized apartments, dachas, garages) d.b. is free, and its owners live and are registered elsewhere.

If the property is jointly owned, it will become a pledge only with the written permission of all owners.

Advantages of a mortgage over other loans:

1) the property retains its basic qualities for a long time, which makes it possible to organize lending to the client for a period of 10-30 years. 2) the price of real estate increases over time (even faster with inflation), which is a more complete guarantee for the lender and protection against losses. 3) additional protection of the rights of the pledgee bank is provided through state registration of the real estate pledge. 4) simplicity and accessibility of organizing control over the safety of the collateral, which relieves the creditor-mortgagor from unnecessary control costs.

As lenders and borrowers under the IC can protrusion. f.l. and Yu.l., and KB.

2. Scheme of organization of mortgage lending

Steps of the IC process:

1) a package of documents that characterizes the borrower as a j.l. or f.l., characteristics of its financial condition (balance sheet, form No. 2 (profit and loss)), application for a loan, feasibility study (feasibility study) of the loan (business plan), guarantees, information about the property (certificate of right of ownership, a copy of the BTI passport, a BTI certificate on the book value of the building and% depreciation, certificates of the absence of an arrest on this object.

2) Valuation of real estate. It is produced by bank specialists or a real estate company is invited. Demand and supply in the real estate market, location, type of building, ecology, availability of amenities are taken into account)

3) negotiation of the terms of the contract with the borrower. Terms, procedure for calculating %%, loan amount, return. The loan amount is calculated from the cost of the possible sale of the object in the future if the borrower fails to fulfill its obligations.

In Russia, the term of a mortgage loan is 12-15 months, abroad - 15-20 years.

4) conclusion of a loan agreement and an agreement and a pledge of real estate. To reduce the risk, the owner insures the property in favor of the bank for the term "of the mortgage agreement. The agreement must reflect the requirements of the RF Law "On Pledge" - information on the type of pledge, the timing and amount of fulfillment of obligations.

5) state registration of various types of pledge agreements.

3. Types of mortgages

In global banking practice, instead of an agreement to pledge real estate, a mortgage is drawn up - a mortgage note, which certifies the lender’s right to receive reimbursement of loan costs from the value of the mortgaged property if the terms of the agreement are violated by the borrower. Types of mortgages:

1) with a fixed interest rate, at which the rate does not change during the term of the agreement. This type is used in countries with a stable economic situation and low inflation rates. Otherwise, this type may cause losses to the bank.

2) with an adjustable % rate. % is linked to the yield index on long-term government bonds; then changes in accordance with changes in the index of government obligations. There are 2 types of limits:

a) limits for one-time rate changes (± 2%) b) limits for maximum rate changes for the entire lending period (± 6%). The adjustment occurs once a year on the day the contract is concluded.

3) adjusted for inflation.

4) for young families. Initially, the rate is very low, but over the years it grows, as if in proportion to the growth of family income.

Topic 25. Factoring

1. Factoring (F): concept and types

F - a multi-purpose operation related to short-term lending to a client through the acquisition of debt obligations from buyers of products, services, works, suppliers of raw materials, equipment; with the insurance of the bank's clients against the risk of non-payment by their partners or the risk of non-payment by the clients themselves in relation to their suppliers and creditors; with control over the financial condition of suppliers and the solvency of buyers; with the organization of accounting for the movement of products and payments for it; with advising bank clients in terms of sales and advertising of goods, works, services.

Factoring criteria (convention adopted in 88 by the International Institute for the Unification of Private Law, “On International Factoring”):

1) providing lending in the form of advance payment of business requirements, 2) maintaining accounting records for the supplier, including accounting for products, services, and works sold, 3) collecting the supplier’s debt, 4) insuring the supplier against credit risk.

Participants in the factoring operation:

1) factoring department of CB or a special factoring company, 2) product supplier, 3) product buyer 4) additional participants:

a) a commercial bank that provides borrowed sources, or participates in the management company of a subsidiary factoring company. b) an insurance organization that insures the risk of damage to transported goods.

2. Types of factoring

1) Full service agreement. It includes: protecting the client from the risk of non-payment on the part of the buyer, organizing accounting for sold products and the state of receivables, providing the client with funds by prepaying the debt obligations of his buyers. Advance payment can be made in accordance with the agreement on a certain date or after a specific period of time from the moment of purchase (sale) of debt obligations (more often on the 3rd working day). The preliminary sale and payment of debt obligations may be carried out in the full amount of debt obligations or in part thereof. Full advance payment is carried out only in relation to the most reliable clients, since the risk of the bank increases. The remuneration for factoring comes from the client as a separate fact, as a result of which, in case of violation of the terms of the contract, the problem of cost compensation (for a loan and %) increases dramatically. Therefore, the advance payment is usually 70-80% of the amount of debt obligations. The rest of the amount of debt obligations is reimbursed by the client minus the factoring fee after receipt of payment from the client's buyers to the account of the factor department.

2) Open F - the client's partners are notified of the existence of a factoring agreement. By a special telegram or letter, they are informed about the change in the account details, payment for which is now carried out to the address of the factor department.

3) Closed F (more expensive than open) - funds from payers still go to the client's account, which transfers them to the factor department with the addition of a commission. Here the process of circulation of funds is slowed down. The factor department needs additional funding for operations and the risk of non-payment increases, since claims from other parties may appear on the client's account.

4) F with the right of recourse. The factor-department can return the debt-obligations to the client if the payer refuses to pay. But the department does not return the commission (the view is beneficial for the bank).

5) F without the right of recourse. The Bank fully assumes the risk of non-payment by the payer. The Bank bears the costs of defending its interests in court.

6) International F. One of the partners is a non-resident of the Russian Federation. Here, in addition to the usual risks, currency, postal and transfer risks are added.

Topic 26. Leasing operations

Leasing (L) is a form of financial investment in fixed assets, in which a special leasing company (bank department) acquires property for the lessee and transfers it for use for a certain period with subsequent redemption.

Difference between leasing and rent:

1) when renting, the subject of the transaction is the temporarily vacant property of the lessor, which he used previously. For leasing, property is purchased by a leasing company specifically for the customer. 2) leasing relations are built between 2 participants: the owner and the user; in leasing - + supplier, investor, CB (lending the transaction). 3) the tenant receives property for production and personal purposes. When leasing - only for production.

Difference between leasing and credit:

1) the material form of the loan, not the monetary form; 2) the leased equipment remains the property of the lender. 3) the loan amount is determined based on the value of the property (primary or residual).

The object of leasing is any movable and immovable property from the category of fixed assets - fixed assets (machines, equipment, computers, production lines).

Advantages of leasing:

1) purchase of property without a one-time large investment of funds. 2) allows the use of advanced technology in conditions of rapid obsolescence. 3) meeting seasonal needs, transporting products. That is, getting rid of investments in equipment that is only needed for a period of the year.

Lessors:

1) financial and credit institution, commercial bank or its division.

2) a leasing company - a) a financial leasing company (only for transactions) b) a specialized leasing company (+ a range of services for the maintenance, repair of equipment, training, advises how to use it). c) brokerage leasing companies - intermediaries between participants (often - subleasing).

3) a subdivision of any enterprise that has sources of financing for leasing and its implementation + to its core business.

Lessee - y.l. or a citizen-entrepreneur who receives property under a leasing agreement.

Leasing equipment supplier - (seller) manufacturer.

Leasing types

1) financial L - with full payback, in which the lessor reimburses the cost of the leased object and generates profit during the term of the contract.

Features of financial L:

1) the manufacturer is involved, who performs additional functions (installation, repair). 2) the term of the contract is approximately = the standard service life of the property, after which it can be purchased by the lessee at the residual value 3) the object is chosen by the lessee. 4) the condition for the acquisition of property is its transfer to a specific lessee (unique equipment). 5) the amount of depreciation deductions as part of leasing payments should be close to the cost of the leased property. 6) the risk of accidental death or damage is borne by the lessor

2) Operational L - the property is transferred for a period significantly less than the normative one. So the lessor leases the property several times.

Features:

1) the term of the contract is no more than 2-6 years 2) the contract may be terminated by the lessee at any time. 3) the risk on the lessor of not finding a subsequent user. 4) to reduce risks, the lessor insures the property, which also adds to his expenses under L.

3) Returnable L - is used when the enterprise lacks financial resources for development. An enterprise can provide its equipment to a leasing company or design bureau and use it under an L-ga agreement (usually financial, with a buyout).

4) Internal L - all participants are residents.

5) International L - one of the participants is a foreign partner.

Leasing agreement

The methodological recommendations of the Ministry of Economy of the Russian Federation are taken as the basis for calculating leasing payments. Payment factors are affected by:

1) the cost of the object L. 2) its depreciation period 3) the possibility of using accelerated depreciation. 4) type and term of the leasing transaction. 5) leasing payment schedule 6) conditions L, including redemption at residual value. 7) the cost of credit resources that are additionally attracted for the transaction, 8) the amount of the lessor’s commission. 9) VAT. 10) customs duties 11) risk insurance 12) commission of intermediaries.

An important incentive for the development of leasing relations is tax incentives for participants. For the lessor - 1) exemption from income tax under agreements" for 3 years. 2) exemption from VAT when providing leasing services, but retaining VAT on acquired objects. 3) partial exemption from customs duties and taxes on temporarily imported international objects into the territory of the Russian Federation leasing.

Advantages for the lessee over a loan:

1) 100% acquisition of property without diversion of own funds, 2) tax benefits, 3) the risk of obsolescence and other risks lie with the lessor. 4) the ability to use more equipment, vehicles at low costs, 5) no deposit required.

Disadvantages:

1) higher cost 2) losses due to an increase in leasing payments as a result of inflation 3) preservation of leasing payments until the end of the contract, regardless of the obsolescence of the equipment.

CB's interest in leasing operations:

1) competition in the market for standard banking services pushes towards new types of services. 2) L. has real material security in the form of property owned by the lessor, so there is no problem of realizing property rights to sell the pledge. 3) the bank expands its circle of reliable clients. 4) according to the agreement, the bank has a stable income for a long time. 5) tax benefits.

Topic 27. Passive operations (PO) of a commercial bank

Software is the bank's activity aimed at creating its own and borrowed sources of funds for their further use for conducting operations and generating income. CB liabilities: relationship groups:

1. Relations arising between the owners of the bank on the formation of the management company in accordance with the standards established by the Central Bank.

2. The relationship between a bank and its customers to deposit customer funds in various forms in bank accounts.

3. Relations on the formation of sources of funds to pay off bank expenses are formed in connection with the need to pay interest on deposits, deposits and other bank funds, with the payment of interest on the bank's placed securities (bonds, deposit and savings certificates), with the conduct of transactions (salary , depreciation, material costs, energy, safety, etc.).

4. Relations for the receipt and distribution of banking profits, including: for the payment of taxes, for the payment of dividends to bank owners, for the formation of reserve capital, for increasing the authorized capital (AC), the banking development fund, etc.

5. Relations regarding the formation of special reserve funds intended to insure risks for certain bank operations. In accordance with the existing procedure, banks form the following funds:

а) reserve for ships and other stationed facilities of a similar nature.

б) Provision against depreciation of investments in securities.

в) Provision for other active operations. The process of their formation and use is built by analogy with the reserve for possible losses on loans. The common point for all of them is the allocation of funds for their formation to the expenses of the bank. They are formed and used in strict accordance with the instructions of the Central Bank.

6. Relations between the bank and investors regarding the placement of securities on the market. and the emergence of obligations to repay the securities on time and pay interest on them.

7. Relations between the CB and the Central Bank of the Russian Federation in regulating certain aspects of passive operations, in terms of the extent of attracting funds in them, in regulating the procedure for creating mandatory reserves from attracted funds.

According to the qualitative content, the liabilities of CBs are divided into 2 categories:

1. Own capital (funds).

2. Attracted resources from different clients.

Purpose of passive operations:

1) formation and increase of equity capital 2) attraction of funds from investors, creditors, etc. for carrying out active operations. 3) formation of reserve and insurance funds for compensation of losses. 4) raising additional funds through the issue of securities. 5) creating conditions for remuneration and encouraging bank employees to solve their property and utility problems 6) creating conditions for cost-effective (profitable) operation of the bank to ensure the interests of the state, the owner, in order to develop the bank itself, its structure, etc. 7 ) creation of an effective and efficient control system to limit risks in passive transactions, protect the interests of depositors and creditors. 8) formation of an attractive interest rate policy for passive transactions.

Types of passive operations

Among the passive operations of the design bureau, the following types can be distinguished:

1) issue of securities bank 2) deductions from profits to bank funds 3) deposit operations 4) attraction of interbank loans.

1. Issue of central bank jar. 2 categories: - equity securities. (stock); - debt securities (bonds, savings certificates of deposit). Comparative analysis of fundraising. A) Through shares B) through bonds. C) according to the terms of circulation a) untimely, they give the right to manage the bank b) for a certain period, they do not give the right to manage D) danger for the owners a) you can lose a controlling stake in management, the percentage is not regulated, from the point of view of the bank’s costs, issuing shares will cost the bank more, than bonds. b) interest is regulated, bondholders have priority rights on interest, etc.

2. Operations related to the deduction of profits to bank funds. As a result, the bank's equity capital increases. Only net profit, i.e., what remains after paying taxes, can be distributed to bank funds. The procedure for distributing profits among bank funds is determined by the current legislation in the banking sector, the current charter of the credit organization and other constituent documents. 3 options:

a) during the current year according to established standards b) at the end of the year, after approval of the annual balance sheet, as well as the profit and loss statement. c) the current state, its operational tasks. Increasing the bank's capital stock is a necessary condition for the bank's sustainability, expanding the range of its operations, and attracting additional clients from among legal entities. and f.l., as well as reducing the risks of operations in terms of its possible compensation (reimbursement).

3. Deposit operations are bank activities aimed at attracting funds from a legal entity. and f.l. persons in various forms and for different periods. The exception is funds from other banks. The role of deposit operations in a bank depends on:

a) from the history of the development of the bank. As the bank develops: - the role of deposit operations increases, which gradually come to the fore among the sources of the bank's activities; - the structure of deposit operations changes from the point of view of the bank's clients. Work begins first with legal entities. After 2 years of formation, the bank gets the opportunity to attract personal funds - as the bank develops, the forms of attracting customer funds change (they expand significantly: bills, certificates, the number of deposits increases, various forms of deposits, etc.).

4. Attracting funds from other banks. The Central Bank of the Russian Federation, other commercial banks, and foreign banks can act as a lender. Interbank funds in the form of loans are used by commercial banks, as a rule, in the following situations:

1) newly created banks, due to the underdevelopment of the deposit client base and the need to conduct active operations, have a need to obtain interbank loans. Such banks are characterized by high dependence on the interbank market. This situation is negative for a number of reasons: - unfavorable changes in provisions are possible in the interbank market (changes in loan terms, shortage of resources in the interbank market); - a sharp increase in interest rates. For large banks that have a sufficient deposit base, interbank loans are attracted to carry out certain banking operations, due to their particular attractiveness at the moment. Banks' applications as borrowers are sporadic. Acquisition of interbank loans in order to regulate the liquidity of commercial banks. CBs must report monthly to the Central Bank on liquidity.

Topic 28

IC - a set of authorized, reserve and other funds of the bank, formed at the expense of the owners and profits, insurance reserves for operations and retained earnings. In a market economy, the UK plays an important role: - it serves as a guarantee for the bank's obligations to depositors-creditors and can be considered as a value that guarantees the protection of the interests of depositors-creditors; - is a reserve of funds that allow the bank to maintain solvency. SK is not subject to return to shareholders; - the amount of own funds available to the bank determines the scale of its functioning, the volume of operations; - IC is a source of development of the material and technical base of the bank (at the expense of it, buildings, equipment, computer technology are purchased).

Essence of the IC: IC is a financial and economic category and can be considered as a system of relations:

a) between the founders and the bank regarding: - accumulation of funds for the creation of the bank; - regarding the distribution of part of the bank’s profit among its owners through the payment of dividends on shares or income, in accordance with the amount contributed. b) the relationship between the bank and its partners in active operations regarding the effective use of bank funds. c) regarding the formation and use of bank reserves, protecting it from losses and guaranteeing the interests of depositors-creditors d) the relationship between the bank as a whole and its staff to create social conditions, as well as possible material incentives. e) administrative and economic relations between the bank and the Central Bank to regulate banking activities, compliance with mandatory standards related to the bank’s insurance system.

The size of the SC is determined by the CB independently, depending on a number of factors: - the volume of the SC limits the maximum size of the bank's active operations; - the value of the SC is determined by the nature of active transactions, i.e., an increase in the share of high-risk transactions requires an increase in the SC; - the amount of SC required by the bank depends on the specifics of its clients, in particular, working with several large borrowers requires more SC than servicing numerous small clients; - the level of the required SC depends on the degree of development of the credit market; - the size of the required SC is largely determined by the credit policy pursued by the Central Bank. The composition of the UK: UK, reserve capital, additional capital, economic incentive funds, bank profit.

Gross Equity = funds + reserves + book profit

Net = funds, reserves + retained earnings

Fixed capital \uXNUMXd MC + share premium + gratuitous deductions + part of profit, funds, reserve for operations with securities. - intangible assets - treasury shares - uncovered losses

Additional capital = revaluation of property + reserve for operations with securities. + part of the profit + received loans + attracted shares - overdue receivables

SC = Primary + Secondary

Real SC = SC - issued loans - MC funds placed

Functions of the IC bank

1. Protective function - the possibility of compensation to depositors in the event of liquidation of the bank; maintaining the solvency of the bank by creating reserves included in the UK. A bank is considered solvent as long as its SC remains untouched. 2. Operational. It consists in allocating funds at the expense of the IC (created reserves) for the purchase of bank buildings, special equipment, special vehicles, storage equipment, expanding the network of branches, creating financial reserves in case of potential losses. 3. Regulatory. It is associated with the special interest of society in the successful functioning of the banking system, as well as the exercise of control over banking operations. The regulatory function is implemented: - through the procedure for establishing a credit organization and its licensing; - through the regulation of the minimum size of the UK, as well as the UK; - through the establishment of mandatory economic standards for the activities of credit institutions (Instruction No. 1); - through the approval of the rules for conducting specific banking operations, accounting and reporting; - through the regulation of the limits of the open currency position, etc.

Topic 29. Organization of interbank lending (IBK)

The interbank loan market in the Russian Federation is represented by three main types of loans:

1*long-term loans from 3 to 6 months,

2*loans with terms from 1 to 3 months,

3*from several days to 1 month.

The dynamics of the profitability of the 1st interbank loan has the following characteristic features: 1. The most stable trend 2. Significant connection with the movement of macroeconomic indicators. 2 and 3 are characterized by: 1. Pronounced cyclical dynamics of transaction volumes, 2. High liquidity of these money market instruments. 3. The profitability of these loans is related to the period of provision. Types of interest rates in the interbank loan market: 1. MIBID rate - the announced rate of banks for attracting loans, the weighted average. 2. MIACR is the weighted average actual rate on actually provided loans. 3. MIBOR - weighted average announced for the provision of loans (set by sellers). The reasons why the Central Bank attracts funds in times of crisis: - lack of money, - the Central Bank attracts deposits in order to provide commercial banks, - to regulate money circulation in order to withdraw the excess part. The role of the Central Bank in the interbank lending market: 1. The Central Bank, through its regulatory legal acts, regulates operations in the interbank lending market, establishes the rules for accounting for loans granted, the calculation and payment of interest. 2. The Central Bank, through setting rates for its operations, influences the level of interest rates on the interbank lending market.

RMBC members:

▪ creditors (Central Bank of the Russian Federation and KB),

▪ borrowers (CBs, other credit organizations and the Central Bank).

Key players divided into categories:

a) loan users, b) operators at RMBK.

Operators are divided:

a) dealer banks (provide and receive loans, engage in currency conversion, work in the stock market. Act on their own behalf and at their own peril and risk), b) operating system banks (role of intermediaries. Income - commissions).

Not the main participants of the interbank market (RMBC):

1) Banks whose operations on the interbank lending market are irregular. 2) Russian information and information-analytical agencies and services serving the market. 3) Foreign agencies operating in the Russian Federation (Reyters). 4) Foreign banks providing loans to Russian banks.

Organization of interbank lending. One of the main elements of organizing interbank lending is the formation of interbank interest rates. Their economic purpose is as follows: 1. They are the current rates at which interbank funds are attracted and sold 2. These rates are indicators of the RMBK, i.e., guidelines for other interest rates. 3. These interest rates can serve as stimulants for attracting resources to the interbank market and pumping them from other segments. In foreign practice, there are several levels of interest rates in the interbank market: 1. Official interest rates established by the Central Bank (discount, refinancing, pawnshop) 2. Interbank rates for the supply of credit resources by the country's leading banks to first-class borrowers. As a rule, they are higher than official interest rates, but not always. 3. Prime rate is the base rate. At this rate, croup. CBs provide loans to prime non-bank borrowers, i.e., corporations. The conclusion of a transaction on the interbank market can take place in the form of a general agreement, which stipulates the conditions of credit transactions for a specific period. An agreement on interbank lending includes: - the volume of credit resources, - the level of the interest rate, - the duration of either the agreement or the receipt of a loan, - the rights, obligations and responsibilities of the parties. The interest rate remains unchanged throughout the entire term of the contract.

Topic 30. Credit risk. Evaluation criteria and regulation methods

Credit risk - the risk existing for the creditor of non-payment by the borrower of the main debt and interest on it. Risk management methods (its minimization):

▪ by diversifying the bank’s loan and investment portfolio;

▪ by preliminary analysis of creditworthiness, i.e. the borrower’s ability to repay the loan;

▪ by assessing the cost of loans issued and monitoring loans issued previously.

1) Diversification of credit risk assumes the dispersal of the opportunities available to banks for lending and investing in securities. Credit risk increases as total lending increases and the degree of concentration of loans among a limited number of borrowers increases. Therefore, banks prefer, with a constant volume of credit investments, to provide loans for smaller amounts to a larger number of independent customers. The distribution of loans and securities is carried out. by terms (regulation of the share of short-, medium- and long-term investments, depending on the expected change in the market situation); according to the purpose of loans (seasonal, for construction, etc.); by type of collateral (for various types of assets); by the method of setting the rate for the loan (fixed or variable); by industry, country, etc.

For the purpose of diversification, credit rationing is carried out - banks set floating lending limits or credit ceilings for borrowers, beyond which loans are not provided, regardless of the level of the interest rate.

2) Credit analysis - calculation of indicators characterizing the riskiness of the financial position of the prospective borrower, and their analysis. These are the indicators of solvency:

▪ absolute liquidity ratio shows to what extent short-term liabilities can be repaid at the expense of highly liquid assets = (cash + short-term financial investments) / short-term liabilities (norm = 0,2-0,25);

▪ intermediate coverage ratio shows whether the company will be able to pay off its short-term obligations in a timely manner = (cash + short-term financial investments + accounts receivable) / short-term obligations (0,7-0,8);

▪ total coverage ratio shows whether there are enough liquid assets to pay off short-term liabilities - the difference from the previous coefficient is that reserves and costs are still added to the numerator (1-2,5);

▪ financial independence ratio = equity / total balance. In addition, the bank needs to evaluate future receipts, net proceeds, at the expense of which the loan will be repaid, based on the calculation of the net proceeds ratio. The indicators of the financial stability of the enterprise are also calculated:

▪ ratio of borrowed and working capital;

▪ working capital turnover ratio (sales proceeds / average cost of working capital), etc.

Credit risk analysis can be carried out based on the study of 5 factors:

▪ the character (capacity) of the borrower: his reputation, readiness to repay the debt. The nature is determined based on data on past loan repayments and expert assessments;

▪ the borrower’s ability to repay the debt (it is important here to calculate his profit after taxes, as well as assess the possibilities of selling assets and attracting another source of lending);

▪ capital (equity capital - net) of the borrower;

▪ the economic situation and the degree of dependence of the borrower on it (the worst situation is considered in terms of the ability to repay the debt).

In a number of cases (primarily when making a decision to grant a consumer loan, when a potential borrower cannot submit its balance sheet for analysis), when assessing risk, a bank can use models credit score. In this case, the borrower is asked to fill out special standardized questionnaires. Points are awarded depending on age, gender, marital status, monthly income, residence, employment in a particular industry and length of work in a particular place, availability of a savings account in a bank, real estate, insurance policy, etc. To make a positive decision, it is necessary that the total score exceeded a certain level (Analysis of financial and economic activities).

Based on the creditworthiness analysis data, borrowers are classified, creditworthiness ratings are set, the volume of lending, the amount and methods of fixing interest rates, the maturity of loans, requirements for their collateral, etc. are determined. At the same time, the bank is guided by the fact that the higher its risk, the more should be the profit of the bank and the more detailed should be the loan agreement.

Interest rates on the loan should compensate the bank for the cost of funds provided for the term, the risk of changes in the value of collateral and the risk of default by the borrower.

In the process of current monitoring of a loan, a bank usually evaluates:

▪ capital adequacy of the borrower;

▪ the quality of its assets;

▪ quality of management and control at the enterprise;

▪ liquidity;

▪ profitability.

Depending on these indicators and the degree of credit risk of the bank, five categories of loans:

1) an ordinary loan - which will be repaid in accordance with the schedule, the risk for which is within acceptable limits for the bank;

2) a loan that has some features (for example, incomplete documentation), i.e., causing some doubts;

3) a loan, the risk of which is higher than usual, but the probability of default by the borrower of its obligations does not exceed 20%;

4) doubtful - the probability of bank losses is approximately 50%;

5) clearly unprofitable, when repayment of the loan is unlikely.

If the borrower's creditworthiness worsens, the bank may require a change in the terms of the loan agreement or protection of its interests (increasing the rate for the loan, paying fines and penalties, revising the loan repayment schedule, etc.) or urgently repaying the loan.

The correctness of the estimates and decisions made by the bank depends on the experience and knowledge of its staff.

Topic 31. Central Bank: status, functions, basic operations

The Central Bank occupies a special position among all legal entities engaged in management or economic activity. On the one hand, it is a public administration body, and on the other hand, it acts as a commercial enterprise that trades in money, although profit is not the goal of its activity.

Criminal Code of the Central Bank - federal property. The Central Bank has the right to dispose of the Criminal Code at its discretion. No state body has the right to dispose of the Criminal Code of the Central Bank.

The goals of the Central Bank:

1) protecting and ensuring the stability of the ruble, including ensuring the purchasing power of the ruble, establishing its objective exchange rate in relation to the currency;

2) development and strengthening of the banking system;

3) ensuring the effective and uninterrupted functioning of the payment system both within the country and with the outside world.

Based on these goals, one can

Functions of the Central Bank:

1) The Central Bank, together with the government, develops and implements monetary policy to protect and ensure the stability of the ruble;

2) has a monopoly on the issue of cash and its turnover;

3) is an organization that has the right of last resort in matters of lending;

4) establishes the rules for all payments in the Russian Federation;

5) registers all credit organizations and issues licenses to them;

6) registers securities emissions. all credit institutions;

7) in the field of foreign economic activity (FEA), organizes currency control, carries out currency regulation, using the instrument of currency purchase and sale;

8) organizes settlements with foreign countries;

9) takes part in the analysis and forecasting of the state of the economy, its balance of payments as a whole, and by region. This work is carried out once a year for a report in the State Duma.

Central Bank Management. In accordance with the law, the Central Bank is accountable to the State Duma.

The Central Bank is managed by the Board of Directors (Chairman, approved by the State Duma, and 12 members of the Board of Directors, elected by the State Duma on the proposal of the Chairman of the Central Bank and work for 4 years). The Board of Directors meets at least once a month. Its functions: - approval of the annual report; - consideration of the cost estimate of the Central Bank; - consideration of amendments to the Criminal Code; - determination of the procedure for admission of foreign capital to the banking system of the Russian Federation.

Under the Central Bank, the National Banking Council was created, consisting of representatives: the Ministry of Finance (1), the Ministry of Economy (1), the Chairmen of the Chambers of the Armed Forces (2), from the President (1), from the Government (1), experts (several).

Functions of the National Banking Council: *formation of the concept of development of the banking system of the Russian Federation; *consider projects and main directions of monetary and foreign exchange policy; *consider the most important issues of regulating the activities of all credit institutions in the country.

The Central Bank cannot participate in the capitals of newly established credit institutions, but may participate in the capitals and activities of international organizations. UK Central Bank = 3 billion rubles. The Central Bank is not entitled to give loans to finance the budget deficit and other needs of the government, as well as to buy state securities. at their initial release and placement on the stock market. The Central Bank and its institutions are exempt from paying all taxes, fees and customs duties. When organizing cash circulation, no official ratio between the ruble and gold is established.

The following are assigned to the Central Bank instruments:

- establishing interest rates on transactions carried out by him. These are the minimum rates at which the Central Bank carries out operations in order to influence the interest rate policy in the country and specifically the market interest rate.

- standards for required reserves deposited with the Central Bank, are set as a percentage of the obligations of credit institutions. Reserve requirements in accordance with the law must not exceed 20% of the liabilities of credit institutions and are differentiated by type of credit institutions and banks;

- open market operations - purchase and sale of state securities, the limit of such operations is set by the Board of Directors;

- refinancing of banks. The forms, procedure and conditions of refinancing are determined by the Central Bank at the time of such transactions;

- currency regulation - purchase and sale of currency on the market in order to influence the ruble exchange rate and influence the total demand and supply of money;

- setting benchmarks for the growth of the money supply carried out on the basis of calculations for monetary aggregates, which show the state of cash and non-cash funds involved in the circulation of goods and money;

▪ direct quantitative restrictions in monetary policy. Carrying out monetary policy, the Central Bank carries out the following operations:

▪ providing loans for a period of no more than 1 year, secured either by securities or other assets;

▪ purchase and sale of checks, promissory notes and bills of exchange in the form of commodity origin with a maturity of no more than 6 months.

▪ purchase and sale of bonds, certificates of deposit and other securities with a maturity of up to 1 year.

▪ issuance of guarantees and guarantees to other credit organizations, purchase and sale, storage of documents, currency; opening accounts in Russian and foreign credit institutions.

Topic 32. System of interbank communications (swift, reuters)

The development of the world market entails an increase in the volume of foreign exchange, credit, financial, settlement transactions. The workflow and the number of business papers are increasing. Information flows transcend national borders. As a result, a data bank is formed for the information services market on a global scale. There is an exchange of information between market sources, the transfer of information about exchange rates and securities, interest rates, the situation in different markets, the reliability of partners, etc. To improve the efficiency of international monetary and settlement operations, their maximum computerization is necessary.

Brussels, 1973 - The Worldwide Interbank Financial Telecommunications Network (SWIFT) is created. Officially in operation since 1977. Mission:

1) high-speed transmission of banking and financial information 2) sorting and archiving of information.

The Russian Federation joined SWIFT in 1989 (more than 230 banks).

Payment for the use of the network at the international level - according to tariffs. When joining the network, a fee is paid (changes annually).

SWIFT does not perform currency clearing functions.

Swift covers control, authentication of the sender and recipient, distribution of messages by urgency, encryption of information (regular messages - within 10 minutes, urgent - 1 minute). Messages are then transmitted through the direct communication channel of the recipient, if it is included in the network, or remains in the database until required.

The main achievement of SWIFT is the creation and use of banking documentation standards recognized by the international organization ISO. This avoids the complexities and errors of international banking. calculations.

The successful functioning of SWIFT lies in the standardization of message formats, i.e., the development of a single "language of banks".

Typical messages: movement of customer payments, interbank movement of payments, data on credit and foreign exchange transactions, bank current account statements (including entries in Debit and Credit accounts).

Operations are standardized: sale and registration of securities, balance sheets for clients, trading in precious metals, traveler's checks, guarantees, etc.

SWIFT publishes a quarterly directory of bank information codes, a user manual, etc.

Since the second half of the 80s. a new START system has been developed - an automated system for monitoring the correct implementation of account entries = "accuracy has been increased, data processing has been accelerated, errors have been identified =" the work of bank employees has been facilitated.

SWIFT serves more than 160 countries (80% of international payments).

Other automated interbank settlement systems:

"SEDEL" - for trade in securities.

"Reuters monitor service" - for currency transactions and information services.

Topic 33. The concept of development of the settlement network of the Central Bank of the Russian Federation

To improve the level of customer service, it is necessary to ensure the efficiency, continuity, quality, confidentiality of settlement operations, to carry them out at the world level using the most modern and promising technologies.

It depends on the capabilities of the Bank of the Russian Federation, its settlement network. It is important to create a Unified Federal Settlement Center, reorganize and develop the settlement network of the Central Bank of the Russian Federation in accordance with the "Strategy for the Development of the Payment System of the Russian Federation" and the "Concept of the Central Bank's Real-Time Gross Settlement System".

The main condition for increasing the efficiency of settlements is the development of all forms of settlements:

a) direct correspondent relations with the presence of correspondent accounts, b) intra-bank with the use of inter-branch settlement accounts, c) clearing, on the basis of non-bank credit organizations.

Competitiveness in the settlement system helps to improve the quality of customer service.

It is important that credit institutions can choose the method of making a payment based on the requirements of the client and economic feasibility for themselves.

Tariffs for settlements - there should be a compromise between the bank's need for resources and the client's need for operational settlements.

It is necessary for the development of competitiveness that:

a) The Central Bank published a methodology for calculating the tariffs for making payments in its settlement system, the tariff policy for the next period (3-5 years) for the price orientation of banks when making decisions on investing in their own technologies

b) the banking community, together with the Central Bank, have developed procedures that exclude unfair competition in the settlement services market and the establishment of dumping prices.

To involve cash in circulation into banking circulation, new technologies are being introduced:

1) payments using plastic cards, 2) use of “electronic money”, 3) making payments through the Client-Bank system, with real-time management of a bank account from anywhere in the Russian Federation.

It is important that the settlement system provides credit institutions with a wide range of options for organizing payment processing (from a completely electronic method to a less efficient, but cheaper paper form). To do this, the Central Bank must introduce a single format throughout the country. Provide for sending banks to promptly receive data on the progress of the payment until the funds are credited to the beneficiary's account, determine the measures of responsibility of participants in settlements, including the Central Bank.

Commercial banks together with the Central Bank should develop recommendations on:

1) unification of settlement document formats (possibly based on SWIFT), which will speed up the relationship between counterparty banks, standardized output formats of automated banking systems. 2) use of the SWIFT-RUR system for ruble payments between correspondent banks. 3) transition of the banking systems of the Russian Federation to international accounting and auditing standards.

Such a settlement system must respect banking secrecy and protect information from unauthorized access. etc.

Topic 34. Globalization of financial markets

Globalization of financial markets is a free interstate flow of capital as a result of the unification of national markets. Involves:

1) the activities of credit and financial institutions and the international movement of capital are liberalized. 2) unification of national and banking systems, their mutual penetration into the global financial market.

The most global is the loan capital market - the introduction of modern information technologies, means of communication and information, the liberalization of national markets, the admission of non-residents to them, and the reduction of restrictions on the verification of certain transactions.

The result of globalization is a gigantic increase in the volume of financial flows in the world.

The annual volume of the foreign exchange market is 430 trillion dollars, the daily volume is 1,3 trillion.

Bank loans market - 40 trillion, securities market - 20 trillion.

Globalization of credit and stock markets - the volume of international. loans increased 20 times, the volume of securities increased. and their types.

A large role belongs to institutional investors - pension funds, insurance funds, investment companies.

Globalization occurs in two directions:

1) international lending, 2) portfolio investment (the predominant type of financial flows both in volume and time), significantly exceeds foreign direct investment and international loans. This process is reflected in the securitization of credit relations, which are increasingly carried out not in the form of a loan, but through the purchase and sale of securities.

Securitization - 1) replacement of the bank's traditional lending operations with operations with securities. 2) activation of the work of banks in the stock markets.

The international movement of capital in the form of loans, credits, securities trading, foreign exchange transactions is 50 times more than international trade.

In modern conditions, information is of great importance, being one of the main prerequisites for the globalization of financial markets. The system of worldwide banking communications Swift - (founded in 1973 by a group of 250 countries) - transfers of clients and banks, transmission of notices and requests for transfers, loans, deposits, Debit and Credit postings, account statements.

Pros of the system:

1) simplification of payments, fast, high speed of payment, high degree of protection, cheap, confidentiality of information.

Topic 35. Indicators characterizing the state of the securities market

To assess the state, trends in the development of the securities market. The following main indicators are used:

1) Market capitalization - is the product of the market value of securities. (Pi) by the number of securities. (Qi) in circulation.

K = sum of Pi*Qi

2) Market turnover - the product of the market value of securities. on the number of securities for which transactions were actually made.

O = sum of Pi*Ci

3) Market Indices - calculated indicators characterizing the change in prices of selected securities. Most often, indices are calculated on shares. The index shows:

1) price movement;

2) is a price reference, 3) the main instrument for futures contracts and options.

Problems associated with index calculation:

1) what amount of c.b. take for calculation;

2) how to calculate the index.

3 ways to calculate the index:

a) a simple arithmetic average (plus - ease of calculation, minus - smoothing of processes of different importance).

b) by capitalization.

When calculating indices, it should be provided. adjustment system to eliminate the influence of non-market factors.

When calculating the indices, the closing price of the exchange or the price fixed at a specific point in time is taken.

At the same time, the index fixed at the moment does not have much significance, but its deviation for a certain period of time (month, decade, week, day) matters. These changes are reflected in graphs.

Topic 36. Problems of lending to the real sector of the Russian economy

Investments in the real sector, due to their high risk, are unattractive for banking capital compared to more profitable and reliable financial assets.

Operations in the financial market (purchase and sale of foreign currencies, operations with securities) bring such a profit that is impossible in the material sphere. Therefore, loans from commercial banks (and CB funds) are mainly used not in the sphere of production and circulation of products, but in the sphere of circulation that does not serve the production process.

The transfer of capital from the sphere of production to the sphere of circulation \uXNUMXd "aggravation of imbalances in the economy + the reason for the high interest rates for long-term loans due to the high risk of loan default (payment crisis) and their inflationary depreciation.

Problems:

1) In conditions of high inflation and low welfare of the population, it is impossible to provide loans to individuals (although there are a number of exceptions - for example, consumer lending). 2) A high degree of risk in issuing a loan for a long term; 3) the absence or insufficient development of a legal framework. 4) banks do not have a long-term resource base, because 1) low incomes of the population, 2) distrust of the population in banks as a result of crises, 3) high inflation = impossibility of long-term deposits, not covered by interest on deposits.

Necessary: for economic recovery and development

1) increase production volume and efficiency

2) improving the conditions for the sale of goods

3) loans to the production sector

Measures:

1) tax benefits for enterprises 2) preferential loans, government incentives for lending in priority areas, 3) return of funds from abroad, regain the trust of the population, it is necessary to reduce the dollarization of the economy, deposit insurance system.

The bank must control the use of funds, develop reliable methods for assessing the borrower, the quality of collateral, and measures to reduce risks.

Credit consulting - provision of consulting services in the field of attracting credit financing.

Why do you need a loan broker?

1. There are several hundred banks in Moscow, they all say that they lend, they indicate this service on their websites.

2. In reality, most banks do not lend to clients "from the street", rather they need money from clients to finance the business of the founders and firms friendly to the founders (real owners).

3. Some banks were specially created to raise funds for the purposes of their creators.

4. Those (few) banks that lend are inundated with applications, most of which are initially impassable or illiterate from the point of view of bankers who value their time and who are easier to refuse than to engage in free training of clients in financial matters.

5. As a rule, the main profitability of many banks is operations that have nothing to do with lending to clients "from the street."

6. Many bank employees have plans to raise funds from customers, swindle them into "different services", dynamize for as long as possible - as a result, there is no loan, and the bank received income.

7. The actual terms for considering clients "from the street" are many times longer than those declared, sometimes several months.

8. For "off the street" clients, it is necessary to immediately collect dozens of documents, for "our own" - a preliminary decision remotely.

9. Wasted time and money is much more expensive than the average broker's fee.

Attention: a competent credit broker must have experience in STAFF WORK IN A BANK, preferably in a MANAGEMENT POSITION and IN SEVERAL BANKS, as well as profile (economic or legal education).

There are few such brokers, as a rule they work privately or in small companies.

Large brokers, as a rule, hire people with no or minimal work experience, they earn on the stream, at random.

!!! We save YOUR TIME AND MONEY - interaction and solution is carried out remotely via the Internet.

!!! We have the widest range of really lending banks.

!!! Increasing credit attractiveness and speeding up the consideration of applications.

!!! Priority preferential consideration with fast turnaround times.

!!! Prices are significantly lower than competitors due to efficient work technologies: pre-qualification 5000 rubles. plus, upon receipt of funds, the contractual percentage (depending on the situation, mortgages for individuals 1%, business loans on average 2-3% - actually lower than competitors).

Topic 37. Business valuation (OB)

The subject of OB is the market value of the capital of the company being valued.

3 approaches to OB: profitable, costly, comparative. Each of them relies on specific information and evaluates different aspects.

1) Profitable - defines the cost of equity as the sum of the current values of the future income of the enterprise. Information: forecast data on sales proceeds, cash flow. It is impossible to apply for enterprises with significant financial assets, but in the conditions of a stable financial crisis.

2) Cost approach - defines the cost of a company's equity capital as the sum of the market value of its assets minus borrowed funds. Information for calculation: the current state of assets and debts. The cost of assets = the total cost of their recreation - depreciation. The scope of the approach is a company with significant tangible assets. Otherwise, the appraiser will face the problem of determining the market value of intangible assets.

3) Comparative approach - the value of the company's own capital is determined by the time it takes to sell it in the presence of a sufficiently formed market. The probable price of the business being valued may be the actual sale price of a similar firm listed on the market.

The results of the comparative method are quite effective and have a good objective basis. 2 types of information:

1) market (price) - data on the actual prices for the purchase and sale of shares of a similar company.

2) financial - accounting statements for the current year and previous periods, financial statements, other information (usually for 5 years).

3 comparative approach methods:

1) analogue company method (capital market method) - based on the use of prices formed by the open stock market.

2) the method of transactions (sales) - focused on the acquisition price of the enterprise as a whole or a controlling stake.

3) the method of industry coefficients (ratios) - uses the recommended relationship between the price and certain financial parameters. (this method is not very common due to the small information base)

Topic 38

There are 3 approaches to valuation activities:

1) cost-based (uses those enterprises that potentially do not generate income, but it is necessary to evaluate the property) 2) comparative (can be used to evaluate any property, but if there is sufficient information about the results of recent sales), 3) profitable (2 methods based on: the main one is the direct capitalization method and the method of discounting future income (suitable for those types of property that are capable of generating income, as well as when valuing a block of shares).

Mortgage investment analysis - a type of income approach that is used to evaluate real estate purchased with a mortgage loan. Feature: the market value of the asset does not coincide with the amount of equity capital invested in it, since the real estate was partially purchased with borrowed funds.

Income capitalization method - the value of the object is determined based on the conversion of annual net operating income into value using a capitalization ratio, which includes the rate of return on investment and the rate of return of capital. The capitalization rate depends on:

1) the investor’s requirements for the rate of return on invested equity capital, 2) the interest rate, loan term, mortgage debt ratio.

Discounted cash flow method - the value of real estate consists of the amount of the mortgage loan received and the current value of equity. Equity = the investor's discounted cash income for the holding period + the discounted proceeds from the proposed sale at the end of the holding period.

Specificity:

1) the discount rate corresponds to the rate of return on equity capital required by the investor, 2) the appraiser used cash receipts on equity capital rather than net operating income as income for the holding period.

3) the proceeds from the proposed sale of real estate at the end of the period is the difference between the resale price and the balance of mortgage debt at that date.

So, Mortgage Investment Analysis is a simulated income approach to real estate valuation. During the evaluation process, it is necessary to analyze the specific financing conditions of the property being evaluated and compare them with typical market financing conditions. Based on the identified differences, an appropriate adjustment for financing conditions is calculated, which transforms the fair market value of the property into a price.

Topic 39. Land valuation

An integral element of any real estate property, its natural basis is a land plot. The land has the right to the income generated by the entire property, since the cost of buildings and structures on the land plot is secondary in nature and acts as an additional contribution to the value of the land plot. The benefits from the use of the land plot are used for an unlimited time.

In modern conditions in Russia, land is one of the most difficult objects of economic assessment as part of real estate. Reasons for the difficulty of assessment:

1) the specifics of this object, 2) the lack of development of the notarial legal framework, 3) the underdevelopment of the land market in the country.

The specificity of land and its difference from other types of real estate is due to its features:

1) land is a natural resource that cannot be freely reproduced, 2) when assessing, it is necessary to take into account the possibility of multi-purpose use of land:

a) as the main means of production (agricultural and forest lands), b) as a space for socio-economic development (location of various real estate objects). C) the land fund is the basis for the formation of the living environment of the population, and ensures environmental safety, especially the forest and water resources. D) the concept of physical and functional wear and tear is not used to assess value (Real estate valuation and management: lecture notes, Real estate economics: lecture notes, Buying a house and land).

With all these qualities, the land belongs to the valuation. The object of appraisal is a land plot without real estate objects located on it and in its depths. A land plot is a part of the earth's surface that has a functional boundary, area, location, legal status and other characteristics reflected in the state land cadastre and documents of state registration of rights to land.

Land valuation is subdivided into mass and cadastral valuation of land plots and regional valuation of a single land plot.

The purpose of the cadastral valuation is to determine the value of all land plots within the boundaries of administrative-territorial entities (oblast, region, city) by valuation zones at the beginning of the next year.

Market appraisal - determination of the market value of a land plot on the date of appraisal by an independent appraiser in accordance with accepted standards and evaluation methods:

1) income approach: *direct capitalization method, *income capitalization by periods, *income balance technique.

2) comparative: *sales comparison method, *transfer method

3) costly: *withdrawal method, *development cost determination method, *assessment based on infrastructure costs.

In advanced economies, all 3 methods are used whenever possible. Differences in estimates indicate either errors in the assessment or an imbalance in the land market.

Topic 40. Mortgage loan and mortgage bank: essence and differences

Mortgage - a loan provided for a long time for the purchase of real estate, serving as collateral. A distinctive feature is the combination of the collateral object and the acquired object. A mortgage loan differs from other types of loans in that:

1) the property retains its qualities for a long time, which makes this type of lending the maximum in terms of terms. 2) the price of real estate only increases over time, which contributes to the full guarantee of creditors.

3) in the case of a mortgage, additional protection of the rights of the pledgee bank is ensured by means of state registration of a pledge of real estate. This allows you to trace the subsequent pledges of real estate and other changes that threaten the interests of the creditor. 4) ease of control over the safety of collateral, which saves the lender from unnecessary expenses.

These features make mortgage lending attractive for CBs in a market economy and a good legal framework.

Mortgage banks - carry out credit operations to attract and place funds on a long-term basis secured by real estate. Mortgage banks' resources are mostly formed from their own funds, and attracted through the issuance of mortgage bonds or mortgage bonds secured by mortgages of their clients; through the implementation of relatively reliable securities. (bonds of local authorities). Now there are very few mortgage banks, since their functions have been transferred to insurance companies and universal commercial banks and other credit institutions.

According to the analysis of mortgage lending in the Russian Federation, banks are the most active participants in this process + regional administrations.

Problems of banks in the mortgage market:

1) search for long-term resources (loans for only 2-5 years, and the rest from the bank’s own funds) 2) impossibility of conducting transactions with mortgage lending instruments on the secondary market (lack of a secondary mortgage market).

One of the options for an efficient, integrated system of mortgage lending and providing liquidity to banks issuing mortgage loans is to use "wholesale" sources formed through the secondary market for mortgage loans. In the primary market, lenders (CBs) issue mortgage loans to the population. In order to ensure quick repayment of credit resources and solve the problem of their own liquidity, lenders sell mortgage loans issued by them in the secondary market to the Agency for Housing Mortgage Lending specially created for this purpose or to another operator of the secondary market.

Topic 41. Features of a corporate loan

One of the most important activities of the CB is lending. The main subjects of bank lending are joint-stock and private companies, financial institutions, the population, federal and local authorities. Particular attention deserves corporate clients - legal entities, bank customers (except for credit institutions, the population, the subjects of the Federation, municipalities).

High inflation, devaluation of the national currency, lack of a credit system can lead to a deep crisis not only in the banking sector, but also in the economy as a whole. In developed countries, the dependence of corporations on bank lending is decreasing, and for Russian enterprises it is practically the only source of funds.

The main functions of organizing lending to corporate clients by the bank:

1) macroeconomic - perform the main banking tasks of accumulating monetary resources for investment, development of the country's economy.

2) microeconomic - obtaining basic income, contributing to an increase in the profitability and reliability of banks.

Features of corporate lending:

1) high volume, 2) high yield, 3) high risk.

In Russian conditions, corporate lending is one of the most risky active operations, and an unreasonable approach to its implementation can lead to a loss of liquidity and, as a result, to bankruptcy.

Topic 42. Valuation of securities

Equity securities (stock). Estimation is associated with the life cycle (release, placement, circulation)

1) First stock valuation - upon issue (nominal valuation) - the value indicated on the letterhead of the share (characterizes the share of the authorized capital per 1 share at the time of establishment). UK JSC = the sum of the par values of the shares.

2) Second assessment - in case of their initial placement - issuance valuation - the price at which it was acquired by the first holder. Under the law, the issue price is greater than or equal to the nominal value (equal to the establishment).

For subsequent issues, valuation at the issue price oriented to the market (Share premium = issue price - nominal). Share premium goes to equity.

3) 3rd stage of emission - the prospect of selling shares is determined - market valuation (required when transforming an OJSC into a CJSC, purchasing a voting stake, issuing a loan secured by shares).

Market value - the price at which the seller, who has complete information and is not obliged to sell, and the buyer under the same conditions, would agree to buy. The market price of a share is the value in current prices for transactions concluded at any given time.

Market (exchange) price - at which shares are bought and sold on the secondary market. It is installed at the auctions of the stock exchange. Reflects the actual price of the stock, subject to a large volume of transactions. This is the price of execution of transactions, the price of real sale = dividend / loan interest * 100%

4) in valuation, book value = total assets / assets in circulation is important. It is determined by experts for investment, audit check - during listing, liquidation.

5) Cost estimate - based on indicators characterizing its quality:

A) P/E = current market price / earnings per share E = earnings / number of outstanding shares

Used to compare the value of comparable securities. If the P / E is high, then the stock may be overvalued and the price underestimated.

B) D/P = dividend per common share / current market price per common share - shows the current market return on the stock.

C) D/E = dividend per share / earnings per share. If low, then the company's profitability is high, the prospect of its growth.

Bonds (debt securities). Evaluation 1) at face value - on the balance sheet, that is, the amount that is borrowed and is subject to return upon the expiration of the loan. It is the base value. Usually the bond is issued with a high face value (for wealthy investors), the redemption of the bond is at a fixed nominal price. 2) Issue price - market price at the time of issue, m.b. above, below and equal to the face value. 3) market - based on the situation in the financial market + the proximity of the maturity date (the closer, the higher) + the right to a regular fixed income (the higher, the lower) + the reliability of investments (degree of risk).

4) Market price = market price of a bond / nominal price of a bond (used when comparing market prices of bonds with different denominations).

Topic 43. Bank transfer (BP). Its role in the system of cashless payments and the process of organizing

BP - an order from one bank to another to pay a certain amount to the recipient of the transfer (in international settlements, banks carry out transfers on behalf of their clients).

Participants:

1) the transferor - the debtor 2) the transferor's bank that accepted the order, 3) the bank that credits the transfer amount to the transferee 4) the transferee.

In the form of BP, advance payments are made on account of final settlements, payment for collection. BP is carried out by mail or telegraph, respectively, by postal or telegraphic orders.

General scheme:

1) contract for the goods 2) documents accompanying the cargo, 3) application for transfer, 4) payment document, 5) the recipient's bank credits the payment to the recipient's account.

Interbank settlements are the basis of non-cash payments. Currently, they are being built on the basis of a system of inter-branch turnover and cash settlements. A cash account is opened at the Central Bank; local central banks are represented by RCCs, in which CB accounts are opened.

Topic 44. Financial market: structure, functions, participants

Financial market - an organized or informal system of trading in financial instruments. In this market, money is exchanged, credit is granted, and capital is mobilized. The main role in the financial market is played by financial institutions that direct cash flows from owners to borrowers. The goods are money and securities. The financial market is designed to establish direct contacts between buyers and sellers of financial resources.

Types of financial market: currency, gold and capitals.

On the monetary foreign exchange transactions take place in the market. The basis of this market are banks and other credit institutions.

On the gold market cash, wholesale and other transactions with gold are made, including with standard gold bars. The bulk of transactions with physical gold is carried out between banks and specialized firms; futures and options trading in gold is concentrated on derivatives exchanges.

In the market capital long-term capital and debt obligations are accumulated and circulated. It is the main type of financial market in a market economy, with the help of which companies seek sources of financing for their activities. The capital market is divided into:

1) securities market (primary, secondary, exchange and over-the-counter) and 2) loan capital market. Primary market of securities - this is the market that serves the issue and primary placement of securities. The secondary market is a market where previously issued securities are purchased and sold. The existence of a secondary market itself stimulates the activity of the primary market. By organizational form: exchange market (stock or currency exchange) and over-the-counter market. The stock market is a securities market operated by stock exchanges. The procedure for participation in trading for issuers, investors and intermediaries is determined by the exchanges. The over-the-counter market is the sphere of circulation of securities that are not admitted to quotation on stock exchanges.

The organizational structures of the financial market include various financial institutions: financial and banking institutions, insurance companies, etc., but the key among them are stock exchanges, the constant functioning of which has a significant impact on the sphere of financial and credit relations. Although the stock exchanges are significantly inferior in terms of the volume of transactions to the over-the-counter turnover of securities, they nevertheless play a huge role in the redistribution of financial resources and their efficient use.

Meaning of financial market:

1) invest money in production, which allows you to increase the country’s production capacity and accumulate resource potential;

2) with the help of the financial market, the development of enterprises and industries that provide maximum profit to investors is facilitated;

3) the flow of capital carried out in financial markets contributes to the acceleration of scientific and technical progress and the rapid implementation of scientific and technical achievements;

4) the financial market makes it possible to cover the budget deficit in a civilized way, because it is in the financial market that free funds are found to cover growing government spending.

Exchange Rates and Solving Economic Problems

The acceleration of the growth of the ruble against the US dollar is predicted by the world's leading investment banks. According to the conclusions of analysts, the real exchange rate of the ruble against the dollar: 1 dollar = 10-15 rubles. At the same time, they believe that the ruble will grow less rapidly against the euro.

The result of the strengthening of the ruble will be a significant slowdown in the Russian economy inflation.

Currency market analysts were talking about the fact that the dollar will have to fall very strongly this year.

The ruble will inevitably strengthen.

The same familiar factors continued to influence the mood of financiers: weak US economic data, a growing US foreign trade deficit, a decrease in foreign capital inflows into the United States, and much more.

A tradition of deceit, manipulation and deceit, and creative problem-solving, has been a feature of American life since the early days of the British colonies: the first known swindler in American history was Captain Samuel Argall, appointed Lieutenant Governor of the Colony of Virginia in 1616; two years later, he seized everything that belonged to the community and fled, leaving six goats from the entire community wealth; everything that could be taken away, he loaded onto his ship and sold in England at a great profit. Having paid for the services of lawyers with part of his booty, he was able not only to get away from the court, but, having distributed bribes to the right people, he received a peerage for his services in the development of new territories in America and was appointed representative of the British crown to the Council of the American Colonies. A tradition of deceit, manipulation and deceit, and creative problem solving, has been a feature of American life since the early days of the British colonies. The first known swindler in American history was Captain Samuel Argall, who was appointed Lieutenant Governor of the Virginia Colony in 1616. Two years later, he seized everything that belonged to the community and fled, leaving six goats out of all the community's wealth. Everything that could be taken out, he loaded onto his ship and sold in England at a great profit. Having paid for the services of lawyers with part of his booty, he was able not only to get away from the court, but, having distributed bribes to the right people, he received a peerage for his services in the development of new territories in America and was appointed representative of the British crown to the Council of the American Colonies.

Economic crime in Russia looks like naive provincialism compared to the polished style of the giant fraud of the Western commercial world, especially the US. This is the most obvious advantage of Western civilization over Russia. The Western man gets enough training in business rationalization and respect for the law. He will not fool someone over trifles. Deception on trifles is not productive. Economic crime in Russia looks like naïve provincialism compared to the polished style of the giant swindle of the Western commercial world. This is the most obvious advantage of Western civilization over Russia. The Western man gets enough training in business rationalization and respect for the law. He will not fool someone over trifles. Deception on trifles is not productive. To pay its obligations, the Fed can issue exactly as much money as it needs. At the same time, the devaluation of the dollar is a hidden US default, a hidden visible repayment of obligations, but the actual payment of these obligations discounted by the amount of devaluation of money. It is for this reason that when I say default, I mean in the first place a significant devaluation of the US dollar.

1838 - First US default.

Rather, it was the default of municipal bonds popular at that time in eight southern US states (Arkansas, Indiana, Illinois, Louisiana, Maryland, Michigan, Mississippi and Pennsylvania), as well as Florida, which at that time did not have the rights of the state. The default was justified by "dislike of foreigners and fear of foreign influence." What needs to be known here is that most of both municipal bonds and US Treasury bonds were in the hands of foreigners, mostly British investors. The British actively bought these bonds, despite the fact that only a couple of decades ago they were at war with the United States (1812-14). Therefore, there were clear sociological and psychological reasons for the Americans to "dump" their former colonizers. The economic reasons for the default are the active borrowing of the southern states, the repayments and interest payments of which were refinanced by subsequent borrowings. Thus, financial pyramids, painfully familiar to Russians and Ukrainians, were rebuilt. Previously, the states had the opportunity to refinance to pay off the principal amount of the debt and pay interest in the Second National Bank of the United States, the prototype of the US Central Bank (Federal Reserve System - Fed). However, in 1836 this bank was closed and the only hope of the American states was the external market, the capacity of which is limited. “When the bank was liquidated, the states lost the ability to borrow funds from the bank to pay interest on their bonds. As a result, the United States acquired the reputation of an unreliable borrower, and the British dubbed this country a “nation of swindlers.” At this time, the popularity of the United States as a safe depository of money declined sharply, which was formed during the Napoleonic Wars of the early 1848th century due to the unique geographic location of the country.By the way, both the British and other foreign investors continued to invest their money in the United States, even after the default.The reason for this was the truly huge prospects for enrichment, which in Old Europe was long gone, and social tensions in Europe were higher, threatening revolutions, political instability, and the abolition of private property (Karl Marx's "Communist Manifesto" was published in XNUMX).

1893-95 - the second US default.

Although the matter did not come to the actual default, the US Treasury managed to avoid it only by paying the financiers a huge amount. At the end of the 1861th century, the United States was still a debtor country that owed foreigners more than it earned from them. The result of this dependence was a deterioration in the US balance of payments and a sharp decrease in the US gold reserve (at that time, the gold reserve was a kind of analogue of foreign exchange reserves). The latter was explained, among other things, by a decrease in state budget revenues, primarily due to protectionist tariffs, as well as due to an increase in pensions for veterans of the civil war of 65-1893. Thus, in April 90, only a quarter of the dollars in circulation were backed by gold. In the early 1893s of the XIX century, foreign investors panicked in connection with the debate about the gold or silver backing of the dollar and began to actively sell American securities and export gold from the United States. In the autumn of 80, the value of the gold reserve was reduced to $100 million, although a few years earlier, $1894 million was recognized as an acceptable level of reserves. In August 60, the federal budget deficit (the first deficit recorded after the Civil War) reached $65 million The situation was saved only by a banking syndicate led by Pierpont Morgan and Auguste Belmont (representative of the Rothschild banking house in the USA), which placed US Treasury bonds in the amount of $6 million in England for a very decent reward. was saved from ignominious bankruptcy and US default. The banking syndicate on this deal earned about $9 million, or more than XNUMX% of the placement amount. Even at the time, this was a fantastically huge underwriting percentage, reflecting the magnitude of the US Treasury's problem.

In the future, as we shall see, the US government took simpler and cheaper decisions, not declaring a default on government obligations, but devaluing the US dollar.

In the meantime, it was in the 90s of the 1879th century that the United States, not without the influence of British investors, made the final choice in favor of the gold standard of the dollar, despite active attempts since XNUMX to introduce bimetallism (backing the dollar with both gold and silver).

1933 third US default

As the inauguration of President Franklin D. Roosevelt approached in 1933, the financial system of the United States was in grave danger. The fear that Roosevelt would devalue money drove speculators to exchange dollars for gold, which caused the Treasury to lose its gold reserves at a tremendous rate. On March 5, the day of his inauguration, Roosevelt issued an executive order in which he announced a bank holiday until Thursday, March 9, and also stopped the exchange of dollars for gold and ordered US citizens to turn in their gold bars and coins. In order for bank settlements to continue to take place, temporary money was introduced - certificates of the Clearing House and other evidence of claims for bank assets. At the same time, the gold content of the US dollar was reduced: the price of gold pegged to the dollar was raised from $20.67 per troy ounce to $35, i.e., the dollar was devalued by more than 69% at once. As journalists of The New York Times noted, "the legal aspect of the devaluation was also important, since earlier it was especially emphasized that the depreciation of government and corporate bonds was impossible. Their owners were assured that they would be able to get dollars at the old gold rate - 20.67". In fact, the article on the payment of gold under public and private contracts worth more than $100 billion was annulled. The amount of losses on dollars devalued in this way amounted to about $60 billion (in current prices, more than $800 billion) - instead of 4.84 billion. ounces of gold (150 thousand tons), if the entire debt was presented for conversion into gold, investors were "offered" 2.86 billion ounces (90 thousand tons). By the way, currently the world's proven gold reserves are estimated at 1 billion troy ounces (about 31 thousand tons), and the reserves of central banks amount to 36 thousand tons. Thus, the abolition of the conversion of the dollar into gold was an inevitable step, since the obligations denominated in US currency far exceeded the amount of explored and existing gold reserves.

At the same time, the conversion of foreign dollars remained, albeit at a new, largely devalued rate.

After changing the gold content of the dollar and prohibiting Americans from converting it into gold, investors began to go to court demanding compensation for the damage caused by changing the gold content of the dollar. On February 18, 1935, the Supreme Court of the United States put a final end to these cases, which supported the gold law by a majority of votes. He concluded that the government's withdrawal of the gold equivalent of its own bonds was generally illegal, but stressed that nothing could be done about it. The court stated that the US Congress had the power to change bond contracts. In fact, it was announced that, despite the violation of the law and the US Constitution, the President, Government and Congress had the right to change the terms of their obligations, referring to the poor state of the country's economy and the threat of mass bank failures, and after it, enterprises. After four years of the Great Depression, public opinion did not oppose this wrongdoing by top US officials, tacitly sanctioning the redistribution of wealth.

1971 fourth US default

On Monday, August 15, 1971, President Nixon announced that, from now on, the United States would cease converting foreign-circulating dollars into gold, thus unilaterally revising the international monetary system that had existed for 25 years. How many pounds, marks, yen and francs can be bought with one dollar tomorrow depends on the decisions of other countries. In some countries, the dollar will "float", rising and falling in daily trading. A period of turmoil is inevitable in foreign currency markets, which means uncertainty for US tourists, exporters and importers.

The President said he took this action to prevent "an attack by international speculators" on the dollar. He did not raise the official price of gold, which had been $35 an ounce since 1934. By the time of this statement, there was growing concern in the world about the stability of the dollar, whose rigid peg to gold had long since failed to reflect its true value. So, back in 1968, a book by Adam Smith (a pseudonym of a well-known journalist, not to be confused with an English economist of the 2000th century) "The Exchange - a game for money" was published, published in Russia in XNUMX.

In order not to misinterpret, I will give a few excerpts from it, which even today, 35 years later, look so modern.

“One day in the spring, or maybe not in the spring, it will rain, or maybe it won’t,” said Gnome from Zurich. “The market will bubble and gurgle, the mood around will be the most peaceful, housing construction will be on the rise, and all brokers will be watching the ticker tape with frantic energy calling their clients. On Wednesday the market will begin to falter, and on Thursday it will weaken. Taking profits, the sages will say, taking profits...

The only stocks that will go up on Thursday will be American South Africa and House Mines, that is, gold stocks... On Friday evening, the Treasury will make a quiet little announcement... The Treasury will say that we are living in a modern era. And gold is a relic of barbarian times. Therefore, the Treasury will say, we are decoupling gold from the dollar, and let them now float independently of each other...

The dollar is a true international currency. Some would like to believe this forever, because alternatives are crumbling and international trade is undermined by widespread uncertainty. So all the states of the world are getting together and trying to find something else, some kind of international checking account. Meanwhile, mistrust of the dollar is growing because every year there is a trade deficit... Vietnam costs you a ton of gold... the money you spend there goes to the Indochina Bank, owned by the French. From there they go to Paris and become a gold claim placed on New York. Did you know that the Chinese are raking in the gold?...

...Black market dollars go to Hanoi, where they are sent by Viet Cong guerrillas. From Hanoi, dollars travel to Hong Kong, where the Bank of China (communist) exchanges them for foreign currency pounds. These pounds are then presented to the London Gold Fund for exchange for gold, after which the bullion is flown on Pakistan International Airlines from London - via Karachi - to Beijing...

You have the most powerful economy in the world. Even Vietnam was unable to inflict noticeable damage on it - you are spending less on armaments in percentage terms than six years ago. But internationally you have serious problems. The position you are in does not correspond to the resources you have. This is not 1948. You can no longer be a good daddy to everyone and everything on this planet. It is very difficult to reconcile your posture as the saviors of humanity with the existing deficit of your trade balance... Only gold matters. The claims on your gold are already twice your gold reserves, even if you decide to leave your currency unbacked. When debts arise, creditors call the tune...

...1966 was the first year in which all gold stocks in all countries moved down. All the gold mined last year went into chests...

...Of course, your Treasury will never voluntarily devalue the dollar. But they have committed themselves to supply gold at thirty-five dollars an ounce, and as the speculators have more and more gold, and the Treasury has less and less, it is quite certain that one fine day..."

The result of the devaluation - by the end of the 70s of the 1971th century, the dollar lost half its value against the German mark and one third against the Japanese yen. Since 9, gold has risen in price by 35 times (from $325 per ounce to $4.4) to date, while prices have risen by 1971 times. Thus, the net devaluation of the gold content of the dollar from 2002 to the present (summer 111) was 100%, i.e. for 1971 dollars in 2002 you can buy half as much gold as in 3 dollars. By the way , the broad money supply M1971 from August 2002 to the summer of 10 grew more than XNUMX times. And if gold at that time was underestimated by about two times, then even now, in relation to the mass of dollars in circulation, it is underestimated - by about the same two times.

This measure, combined with the limitation of wage and price growth, tax cuts and the federal budget, made it possible to:

▪ reduce unemployment from 6.1% in August 1971, the highest level in the previous 10 years, to 4.6% in October 1973;

▪ improve the situation in industry - capacity utilization rose above the key level of 80, supporting the growth of industrial production volumes; - Over the next year and a half, US GDP growth averaged 7%. So we can say that the Americans fulfilled their task - by reducing the burden on the dollar, they played into the hands of exports, supporting industry.

At the same time, the financial markets were shattered - interest rates shot up to 1973% in 10, simultaneously collapsing the balance of payments to a deficit of 0.43% of GDP (due to capital flight from the US). Note that the subsequent devaluation of the dollar led to the oil shock of 1973. But that was later, and in the short term the United States definitely won. And again at the expense of foreign investors, along with holders of gold reserves.

At the moment, if the dollar devalues, the already depressing balance of payments (deficit of 1.1% of GDP) will take a serious hit - in the short term, an improvement in the trade balance will not compensate for the volume of capital flight from the United States.

Conclusions

Recent events in the global financial markets of the world indicate a high probability of dollar devaluation

▪ active buying of gold and silver is observed (there are scenarios where the price of gold could reach $2003 per ounce in 800, and for silver $200 per ounce - compare with current prices of $325 and $5, respectively);

▪ over the past six months, the dollar has lost more than 10% of its value against leading currencies, despite the visible political and economic problems of Europe and Japan.

If economic growth in the United States does not begin in the very near future (at least in 2002), which does not provide additional revenues to the country's budget and does not return foreign investors to the US capital market and does not restore confidence in the dollar and the balance of payments, the US dollar will be devalued .

However, this will not be a voluntary act of desperation, but only a forced measure to reduce the burden on the federal budget (huge debt and interest payments on Treasury debts), as well as stimulate economic growth.

America's current problem is debt. Debts to all. Debts for interest and interest-free (cash).

Any banker knows that when the limit on one borrower reaches the upper limit, he is forced to either reduce his debt (if he works at a profit, which cannot be said about the United States now - the federal budget deficit is proof of this), or declares a default. You must be prepared for the worst case, and then the events of September 11 will have a completely different color for you.

Now tell me, who benefits from these crises? - asked the president and answered his own rhetorical question: - Not a worker, not an investor, not a true producer of wealth. International currency speculators win.

US President Richard Nixon August 15, 1971, in a speech that introduced the floating dollar.

The main thing I want to tell you here is that if you think that the US has never "thrown" anyone, you are mistaken. It is not the first time for Americans to sacrifice foreign investors by blaming them or the international environment for their troubles.

Topic 45. Financial system (FS): concept, elements, basics of construction

FS - a set of various spheres (links) of financial relations, each of which is characterized by features in the formation and use of funds of funds, a different role in social reproduction. The financial system consists of:

a) national finances - federal, regional, local budgets, the state credit system, the state insurance system, the pension fund, off-budget funds, etc.

b) finances of economic entities - finances of enterprises, commercial banking system, commercial lending and insurance, collateral, exchange systems.

National centralized funds of monetary resources are created by distributing and redistributing the national income created in the branches of material production. The forms of their use are budgetary and extrabudgetary funds that meet the needs of the state in solving economic, political and social problems. Other forms and methods of formation and use of monetary funds are used by the credit and insurance links of the financial system. Decentralized cash funds are formed from cash funds and the savings of the enterprises themselves.

The basis of the financial system is the finances of enterprises - they are directly involved in the process of material production. The source of centralized state funds of funds is the national income created in the sphere of material production.

General government finance - leading role: in ensuring certain rates of development of all sectors of the national economy; redistribution of financial resources between sectors of the economy and regions of the country, production and non-production areas, as well as forms of ownership, individual groups and strata of the population.

The state budget is the main link in the financial system - a form of formation and use of a centralized fund of funds to ensure the functions of public authorities. With the help of the budget, the national income is redistributed, which creates the opportunity to maneuver with money and purposefully influence the pace and level of development of social production, which makes it possible to influence the country's unified economic and financial policy. In modern conditions, state budget funds are directed to the implementation of investment policy, subsidizing enterprises, financing the conversion of defense industries, which contributes to the formation of a rational structure of social production, building up scientific and technical potential, and updating the material and technical base. Budget expenditures on the socio-cultural sphere have not only social, but also economic significance, since they represent the most important part of the costs of reproducing the labor force and serve to improve the material and cultural standard of living of the people.

Off-budget funds are funds from the federal government and local governments associated with the financing of expenses not included in the budget. These funds are formed at the expense of mandatory target deductions, which are set as a percentage of the wage fund and are included in the cost of production. They have a strictly designated purpose, which guarantees the use of funds in full. The separate functioning of off-budget funds allows for prompt financing of the most important social events.

State credit reflects credit relations regarding the mobilization by the state of temporarily free funds of enterprises, organizations and the population on a repayment basis to finance government spending. Individuals and legal entities act as lenders, and the state acts as a borrower. The state attracts additional financial resources by selling bonds, treasury bills and other types of state securities on the financial market. This form of credit allows the borrower to direct the mobilized additional financial resources to cover the state budget deficit without issuing for these purposes. State credit is also used to stabilize money circulation in the country.

The Insurance Fund provides compensation for possible losses from natural disasters and accidents, and also contributes to their prevention.

The finances of enterprises of various forms of ownership, being the basis of the country's unified financial system, serve the process of creating and distributing the social product and national income. The security of centralized monetary funds with financial resources depends on the state of the finances of enterprises. At the same time, the active use of enterprise finances in the process of production and sale of products does not exclude the participation of the budget, bank loans, and insurance in this process. Under market conditions, enterprises independently distribute revenues, form and use production and social funds, and seek the necessary funds to expand production using credit resources and financial market opportunities.

Topic 46. Financial mechanism (FM) of the economic structure, its composition and content

Finances act as an instrument of influence on the production and trade process of an economic entity. This influence is carried out through the financial mechanism.

FM - this is a system of financial leverage, expressed in the organization, planning and stimulation of the use of financial resources.

The FM structure includes 5 interrelated elements:

1) Financial methods - a way of influencing financial relations on the economic process. They operate in two directions: in the line of managing the movement of financial resources and in the line of market commercial relations (planning, forecasting, self-financing, investment, taxation, insurance, rent, leasing). The action of financial methods is manifested in the formation and use of monetary funds.

2) Financial leverage - the application of the financial method (profit, income, depreciation, rent, interest rates, exchange rate quotes, forms of payment).

3) Legal support - laws, decrees, resolutions, orders of ministries, charter.

4) Regulatory support - instructions, standards, norms, guidelines.

Topic 47. Essence, goals and methods of financial analysis (FA)

F - a method for assessing and forecasting the financial condition of an enterprise based on its financial statements. FA is a way of accumulation, transformation and use of information of a financial nature. The content and main goal of the FA is to assess the financial condition and identify opportunities to improve the efficiency of an enterprise with the help of a rational financial policy.

2 types of financial analysis:

1) internal carried out by employees of the company. The information base of such an analysis is much wider and includes any information within the enterprise and useful for making managerial decisions. Accordingly, the possibilities of analysis are expanded. 2) external the analysis is carried out by analysts who are outsiders for the enterprise and therefore do not have access to the internal information base of the enterprise. External analysis is less detailed and more formalized.

FA goals:

1) assessment of the current and future financial condition of the enterprise;

2) assessment of possible and appropriate rates of development of the enterprise;

3) identifying available sources of funds and assessing the possibility of mobilizing them; forecasting the position of an enterprise in the capital market.

FA methods:

1) Non-formalized - these are methods that are based on the description of analytical procedures at a logical level (method of expert assessments).

2) Formalized - based on formalized analytical dependencies.

FA methods:

1) reading reporting - studying the absolute indicators of reporting;

2) vertical analysis - assessment of the share of individual reporting items compared to the total;

3) horizontal - this is an analysis of changes in various reporting items compared to the previous period;

4) trend - calculations of relative deviations of reporting indicators for a number of years compared to the base period

5) calculation of financial indicators - a description of financial proportions between various reporting items. It consists of two stages: calculating the coefficient and comparing it with some criterion.

Topic 48. Letter of credit form of payment: its essence and scope

Export-import operations can be complicated by a number of circumstances: time and risk of transportation, customs formalities, import-export restrictions, as well as the fact that the buyer and seller are separated from each other by borders; in addition, a situation is possible when the parties do not know anything about the business reputation and honesty of the partner.

Under these conditions, the buyer needs that he will receive exactly the goods that were ordered; it is in the interests of the seller to receive payment for the goods as soon as possible.

To ensure the observance of the interests of both parties in international banking practice, documentary letters of credit are widely used.

Letter of credit - an obligation taken by the bank on behalf of the buyer to pay the entire cost of the goods within a certain period of time upon presentation of predetermined documents. A letter of credit gives the seller a guarantee to receive payment from the buyer.

Documentary Credit Scheme.

1. The importer and exporter enter into a contract that specifies that payments for the delivered goods will be made in the form of a letter of credit. Letters of credit are issued by banks on the basis of receipt of an application from the importer (applicant under the letter of credit), which actually repeats all the conditions of the section of the contract relating to the procedure for payments.

2. After the conclusion of the contract, the exporter prepares the goods for shipment, of which he notifies the importer.

3. Having received such notice, the buyer sends to his bank an application for opening a letter of credit, in which he indicates all the necessary conditions. The bank that opens the letter of credit (issuing bank) acts on the basis of the orderer's instructions.

4. After the opening of the letter of credit, in which the issuing bank indicates how the funds will be credited, the letter of credit is sent to the exporter (beneficiary) in whose favor it is opened. In this case, the issuing bank sends a letter of credit to the beneficiary, as a rule, through the bank that serves it and whose tasks include advising the letter of credit to the exporter (advising bank).

5. Having received a letter of credit from the issuer, the advising bank, by external signs, checks its authenticity and transfers it to the beneficiary. The advising bank also receives a copy of the letter of credit or telex, since it is authorized to receive the documents under the letter of credit from the beneficiary, check them and send them to the issuing bank.

6. Having received a letter of credit, the beneficiary checks it for compliance with the terms of the contract. If the beneficiary agrees with the terms of the letter of credit opened in his favor, he will ship the goods within the established time limits.

7. The exporter receives the transport documents from the carrier.

8. The exporter submits them together with other documents required by the letter of credit (invoices, specifications, certificates, etc.) to his bank within no more than 21 days.

9. After verification, the exporter's bank sends the documents to the issuing bank for payment, indicating in its cover letter how the proceeds should be credited.

10. Having received the documents, the issuer checks them and then transfers the payment amount to the exporter's bank.

11. At the same time, the issuing bank collects funds from the importer by debiting his account.

12. The exporter's bank credits the proceeds to the beneficiary.

13. The importer, having received documents from the issuing bank, takes possession of the goods.

A feature of the letter of credit form of payment is that the seller does not care about the solvency and desire of the buyer to make a payment. The seller insures his claim by the fact that the bank gives him a payment obligation, which depends only on the provision of certain documents and the fulfillment of the conditions of the letter of credit.

After the conclusion of the contract, the exporter prepares the goods for shipment, which he notifies the importer, as a rule, by telex.

Having agreed to pay for the imported goods using a letter of credit, the buyer applies to his bank with a request to issue such a letter of credit. The buyer fills out an application and submits it to the bank.

Application. A letter of credit is a reliable and most convenient method, primarily for the exporter, compared to all other means of payment (collection, payment by check, advance payment, net payment). A letter of credit most fully ensures the timely receipt of export proceeds. Payments in the form of a documentary letter of credit are more typical for transactions involving payment against the presentation of documents by the exporter (cash payment) or the provision of a short-term (up to 1 year) commercial loan to the buyer. The use of a documentary letter of credit to pay the full cost of goods when paying for a medium-term commercial loan is extremely insignificant.

Types of letters of credit: A REVOCIABLE L/C may be changed or canceled by the issuing bank at any time without prior notice to the beneficiary. IRREVOCABLE CONFIRMED LETTER OF CREDIT provides an additional guarantee of payment from another bank that is not the issuing bank. The bank that confirmed the letter of credit assumes the obligation to pay for the documents that comply with the terms of the letter of credit if the issuing bank refuses to make payment. A TRANSFERABLE letter of credit focuses on the needs of international trade and allows a reseller to transfer its right to receive funds from a client's letter of credit to a supplier. A REVOLVING letter of credit is issued for an amount that remains unchanged for a specified period of time. With a letter of credit WITH "RED CLAIMS", the seller may demand from the correspondent bank an advance payment for the agreed amount, which is intended to finance the production or purchase of goods supplied under the letter of credit.

In a letter of credit WITH INSTALLMENT PAYMENT, the beneficiary receives payment not upon handing over the documents, but at a later date stipulated in the letter of credit.

Topic 49. Banking marketing and its features. The specifics of the banking product and the conditions for its promotion to the market

Banking marketing is the search for the bank to use the most profitable markets for banking products, taking into account the real needs of the clientele.

The main task of marketing is to focus the manufacturer on the needs of specific consumers (Marketing lecture notes).

Banking marketing is a financial activity, as a result of which cash flow and types of services are directed from the producer to the consumer, otherwise it is an activity to attract financial resources for specific business entities in the right place, at the right time, at a balanced price. In the conditions of creating a market economy, when the bank’s activities become multilateral, it is necessary to take into account the demand for various banking services (the bank’s performance of the necessary actions in the interests of the client). Such services become paid, which turns the bank into a trading organization. These are not only traditional services for lending, non-cash accounts, cash issuance, but also such as factoring, leasing, trust, consulting, information, etc. Various methods are used to attract clientele and develop services. Based on the method of communicating with clients, banking marketing is divided into:

1) Active marketing is manifested in widespread advertising, the use of communications and communications to popularize banking activities (telemarketing, holding conferences, surveying large groups of the population). It is important that bank employees are interested in the development of such services (material interest). 2) Passive marketing - publication in the press of information about the position of the bank, the benefits of certain of its services, etc.

Bank marketing uses the market and real price of resources. (The real price takes into account the fact that banks must transfer part of their resources to the reserve fund of the Central Bank and therefore it is the market price adjusted for the required reserve ratio).

BANK MARKETING SOLVE THE NEXT. TASKS:

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

2. Selecting specific markets and establishing customer needs;

3. Establishment of long- and short-term goals for the development of 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 their potential consumers, banks use such techniques as 1) Typology involves identifying consumer groups based on socio-economic and demographic factors. 2) Segmentation involves the division of the market into separate sections, which are characterized by the specifics of supply and demand.

Banks can segment the market according to two principles:

▪ by product (credit, operational, investment, trust services market)

▪ by client (real estate owners, corporations, government market, clients of trust departments)

There are several features by which segmentation can be carried out:

▪ Geographical;

▪ demographic segmentation (social, professional and age composition of the population);

▪ psychological (behavioral);

▪ geodemographic (combines demographic and geographic).

Bank Marketing Goals - identification of internal reserves and potential of the bank. Factors influencing the goals: the requirements of shareholders and shareholders, the internal resources of the bank, the general culture of the bank.

Marketing strategy is the choice of the best ways to achieve the bank's goals by means of marketing. The bank has a hierarchical structure of goals:

▪ long-term goals of the bank (maximization of profit, survival, etc.);

▪ medium-term goals (increase in market share, increase in income in terms of

per share, expansion of the clientele);

▪ short-term goals (return on investment capital assets, staff development).

Topic 50. Banking management. The essence and prospects of development in the Russian Federation

bank management considers the problems of organization and management of the bank and its personnel, ensures the effective operation of the bank in the most rational ways (bank management). Management is associated with the subject of management - the bank, the central figure is the manager, who, as a qualified worker, is able to organize the efficient work of the entire team.

Banking management has its own characteristics. They are largely determined by the fact that the bank, using the borrowed resources of other economic entities, must dispose of them so that they bring income both to the bank itself and to its customers. The Bank is a partner of many enterprises and organizations it serves, so trust between them is especially important. It is necessary to take into account the benefits of relationships and use the opinion of people to the best extent when making decisions.

Management directions are determined taking into account the main tasks. A clear formulation of analytical work is necessary to identify supply and demand for banking services in the region, to assess the importance of loans in economic development (Management lecture notes).

It is necessary to properly use equity and manage it in such a way as to receive high dividends and satisfy the social needs of the team, manage the profitability of the bank, systematize income and expenses, reduce costs, evaluate the bank's management by:

▪ quantitative indicators (amount of capital, number of clients, etc.);

▪ qualitative indicators: capital adequacy, quality of capital, income and liquidity, speed of banking operations, comprehensiveness of services, adequacy of risks taken;

▪ personnel assessment: composition and competence of the administration, adequacy of following and implementing the main provisions of internal policy, compliance with regulatory standards and legal requirements;

▪ social indicators: compliance with qualifications of responsibility and remuneration, social climate in the team, degree of resolution of social issues, partnerships.

Topic 51. Forms of collateral for bank loans. Pledge operations of banks

Banking legislation stipulates that banks must issue loans against various forms of loan collateral. The most important types of credit collateral are: collateral, guarantees, suretyship, credit risk insurance, assignment (assignment) in favor of the bank of the borrower's claims and accounts to a third party, etc. The borrower can use one or more forms as collateral. Security obligations for loan repayment are drawn up together with the loan agreement and are a mandatory attachment to it (business loan obtaining technology).

PLEDGE AGREEMENT. The collateral must ensure not only the repayment of the loan, but also the payment of the corresponding interest and penalties under the agreement. In addition, the market value of the mortgaged property may decline over time, so in all cases the value of the collateral should be higher than the size of the loan requested. The subject of collateral is any property, as well as securities. and property rights. Pledgor is a person to whom the pledged item belongs by right of ownership or full economic management. There are two types of collateral:

a) in which the collateral may remain with the pledgor;

b) in which the subject of pledge is transferred to the disposal of the pledgee. The first type of collateral is the most common.

GUARANTEE AGREEMENT - the guarantor undertakes to be responsible to the creditor of another person (borrower, debtor) for the latter’s fulfillment of his obligation. With a guarantee, the guarantor, along with the debtor, is also liable to the creditor for failure to fulfill the obligation. A guarantee is a special type of surety agreement used to secure an obligation only between legal entities. As a guarantor - a higher organization, the founder and any other organizations, including a bank. The only condition in this case is the stability of the financial position of the guarantor himself. The guarantee is formalized by a letter of guarantee, which is presented to the lending bank.

Credit risk insurance as a form of ensuring loan repayment is a mutually beneficial transaction for all participants. The borrower is guaranteed against loss of business reputation in case of late repayment of the loan; the bank receives high guarantees of loan repayment, although it is not a direct participant in the insurance transaction; The insurance company receives remuneration for its services (Insurance disputes).

CESSION - assignment in favor of the bank of the borrower's claims and accounts to a third party, formalized by a special agreement or contract. The Bank has the right to use the proceeds received only to repay the loan and pay interest on it.

Pledge transactions. One of the types of active banking operations is lending secured by securities. and property. The peculiarity of credit transactions secured by collateral is that a loan is not issued for the entire cost, but only for 50-70%.

A pawnshop loan is a short-term loan secured by easily salable property. C.b. can be used as collateral and in contract credit. To determine the lending limit, the borrower provides the CB with a working capital flow plan. The debt limit on a current account is defined as the difference between the enterprise’s need for working capital and the available sources of working capital (Bank operations).

Banks can open special loan accounts for enterprises, for which bills of exchange are accepted as security. Typically, the amount of the loan provided is 60-90% of the bill amount. These loans are structured as demand loans and are called call loans. They pay interest rates similar to the rates on loans, but for the bank such loans are more profitable, because in the event of non-repayment of the loan, it can be covered by the amounts received in payment of bills. Unlike accounting for bills of exchange, when receiving an on-call loan, the bills of exchange are transferred to the bank only as collateral and interest on the on-call account is accrued as the funds are used, which allows the company to reduce the actual loan rate (Lending to small and medium businesses).

Topic 52. The essence of the securities market (SM), its tasks and functions

Under RZB understand economic relations regarding the issue, placement and circulation of securities.

Main Markets, which are dominated by financial relations are: - Bank capital market, - RZB, - Foreign exchange market, - Insurance and pension funds market.

Place RZB can be assessed from two positions: from the point of view of the volume of funds raised from various sources and from the point of view of investing free cash in any market. Attraction of funds can be carried out at the expense of internal sources (profit) and external (borrowed) sources (issuance of securities, bank loans). The ratio between internal and external sources should be as 75% and 25% respectively. Attracting free cash in the RZB should be carried out taking into account the following indicators: 1. The degree of market liquidity 2. The level of market profitability 3. The level of risk of capital loss and failure to receive the expected profit 4. Taxation conditions.

RCB functions: It is conditionally possible to distinguish general market and specific functions.

General market functions: 1- commercial function, making a profit from operations in this market. 2 - pricing function, provides the process of price formation and their constant change. 3- information function, the market produces and brings to its sites information about the subjects and objects of trade. 4- regulatory function, the market creates the rules of trade and participation in it, the procedure for resolving disputes between participants, establishes priorities, control and management bodies.

Specific Functions: 1.

Redistributive. The market redistributes funds between spheres of the economy, and also finances the state budget deficit on an inflationary basis (without issuing money). 2.

Hedging. That is, insurance of securities market participants against unfavorable price changes, which became possible thanks to the emergence of derivative securities, as well as special mechanisms for concluding transactions.

Topic 53. The structure of the securities market (SM), characteristics of its participants

RZB is a complex structure with many characteristics.

There are the following types of markets: 1. Primary and secondary 2. Organized and unorganized 3. Exchange and over-the-counter 4. Traditional and computerized 5. Cash and urgent. Depending on the stage of securities circulation:

primary market - this is a market that provides the issue of securities. into circulation, its first appearance on the market. Acquisition by their original owners.

Secondary market - this is the market on which previously issued securities are traded, this is the purchase and sale of securities. and other forms of transfer of ownership rights during the full life cycle of securities. Depending on the level of market regulation: organized and unorganized.

At first, the appeal of the c.b. takes place according to firmly established rules., on the second, the participants independently agree on all issues. Depending on the place of trade.

Stock market - trade in securities conducted on stock exchanges, however, most types of securities. traded outside the stock exchange. Always organized.

OTC (non-exchange electronic trading systems) - trading. c.b. bypassing the stock exchange with varying degrees of organization. Depending on the type of trade: Traditional market - a traditional form of trading securities. in which buyers and sellers of securities meet in a certain place and public public trading takes place (exchange trading) or closed trading takes place (Sources of business financing).

Computer market - various forms of trade in securities. based on the use of computer networks and modern means of communication. It is characterized by: the absence of a meeting place, trading is reduced to the introduction of bids for the purchase and sale, continuity in time. Depending on the terms for which transactions with securities are concluded.

cash market - (CASH and SPOT market) the market for the immediate execution of transactions, while technically their execution can take up to 3 days if the supply of securities is required. in physical form. The futures market is a market with a delay, usually for several months, of the execution of a transaction. RZB participants are f.l. or organizations that sell or buy securities, serve their turnover and settlements on them. There are the following main groups of participants: 1. Sellers (issuers) 2. Professional intermediaries (brokers and dealers) 3. Buyers (investors) -rating agency) 4. Regulatory and control bodies.

Salespeople (issuers and owners of securities) - carry out the issue and placement of securities. in the primary market and their further sale in the secondary market. Issuers are the state, commercial enterprises and organizations.

Buyers: Depending on the status, one can single out: an institutional investor is a j.l. investing money in securities; an individual investor is a f.l. investing money in securities

Depending on the from the purpose of investment: portfolio investor - an investor who forms and manages a portfolio of securities. Strategic investor - inv. managing the share of ownership in the form of securities.

Depending on the on the degree of risk: a timid investor is an investor who invests money in securities. for the purpose of their preservation. An aggressive investor is an investor who carries out 60-65% of speculative transactions with shares. Moderate investor. Sophisticated investor. An incompetent investor - incurs losses.

Professional intermediaries: A broker is a professional intermediary who carries out transactions at the expense of a client on the basis of an agency agreement or a commission agreement. A dealer is a professional intermediary who carries out transactions at his own expense and on his own behalf. Margin - credit.

Banks carry out lending to securities market participants in the amount of margin, as well as form and manage portfolios of securities.

Depositories - exist at stock exchanges. Transfer of ownership rights to securities. as a result of transactions as well as their storage. The registrar transfers ownership rights to the securities. based on the results of the transaction.

Topic 54. Regulation of the securities market

It is a not a chaotic transaction for the purchase and sale of securities, it is an organized process based on the principles of state regulation and self-regulation.

State regulation is based on compliance certain principles: 1. Observance of all interests of all participants 2. Openness and publicity 3. Public trust and benefit.4. maximum use of information 5. Ensuring healthy competition to improve the quality of services.

RZB regulation has the following objectives:1. Maintain order in the market, 2. Protect participants from individual fraud.3. ensuring free pricing based on supply and demand.

The regulatory process at the RZB includes: 1. Creation of a regulatory framework for the functioning of the market 2. Selection of professional participants 3. Control over compliance with rules and regulations and a system of sanctions for violation.

The most important the principles of state policy on the RZB are: 1. The principle of state regulation, which is expressed in the implementation of measures to protect the rights of market participants on the basis of licensing and regulation of all types of professional activities in the market. 2. The principle of the unity of the regulatory framework on the territory of Russia 3. The principle of minimal government intervention and maximum self-regulation. 4. The principle of equal opportunities, i.e. the state stimulates competition while ensuring the equality of all participants before the regulatory authorities and the lack of advantages of state-owned enterprises in the securities market over commercial ones. 5. The principle of continuity of state policy. 6. The principle of orientation to world experience.

In its composition, state regulation The securities market should provide for: 1. Formation of the regulatory framework 2. Use of the system of control over the functioning of the securities market 3. Licensing of professional activities at the securities market 4. Registration of the issue of securities. 5. Creation of taxation systems.

Self-regulatory organizations - these are non-profit and non-governmental organizations created by professional participants of the RZB on a voluntary basis with the aim of regulating certain aspects of the market on the basis of state support and conferring state status.

Purpose of creation: 1. Providing the necessary conditions for professional activity at the RZB 2. Development and control over compliance with the standards of professional activity at the RZB. 3. Protecting the interests of securities owners.

Rights of self-regulatory organizations: 1. Develop rules and standards for the implementation of professional activities and operations with securities. and exercise control over their observance 2. To carry out the training of officials as well as the issuance of qualification certificates to professional participants. The status of a self-regulatory organization is given by the federal commission for the securities market.

PARTAD - professional association of registrars, transfer agents and depositories.

Topic 55. Financial areas of banking management. Comprehensive management of liabilities and assets of the bank

Financial areas of banking management: 1. Banking policy 2. Liability management 3. Asset management 4. Liquidity management 5. Profit management.

1) Banking Policy (BP). The presence of a BP allows the design bureau not to blindly follow the existing economic situation, but to form an adequate response that makes it possible to make maximum use of the positive aspects and neutralize the negative ones (bank management).

The main questions to be answered by the BP are: - why (in the name of what) certain actions should be carried out; - what actions should be taken; - which structural units, specific employees should perform specific operations; - according to what schemes and scenarios operations should be carried out.

The structure of banking policy: credit policy, deposit policy, pricing, investment, risk policy, diversification policy, etc.

2) Liability management. The bank's objectives in managing liabilities:

1) prevent the attraction of resources that do not generate income. 2) Attract credit resources in quantity and quality sufficient to carry out active operations. 3) Seek and attract easily accessible resources 4) Conduct an analysis of resources of “dubious” origin and it is advisable not to attract them to the bank - this can lead to a decline in the bank’s image, drag it into criminal areas, risk operations and cause an outflow of clients.

Liability management is carried out in two directions: - quality management of a specific banking product, - portfolio management of banking products.

3) Asset management:

1) ensuring profitability. 2) maintaining liquidity. 3) ensuring the return of invested funds. 4) safety of the asset (neutralization of possible losses due to excessive risk of clients or due to changes in market conditions). 5) development of new territories, industries, social strata. 6) formation of a range of banking services.

4) Liquidity management - includes a set of actions and methods for managing an asset (A) and a liability (P). Maintaining liquidity is liquidity management. 5) Comprehensive management of A and P. Coordination of A and P on a number of key indicators: - in terms of timing, - in terms of cost, - in terms of interest rate sensitivity and environmental changes (interest rate risk is managed), - in terms of the formation of reserves against risks (credit risk and liquidity risk), - by business areas, social strata, territories.

Topic 56. KB resources, their formation and quality assessment

Banking resources (BR) are formed as a result of banks' passive operations. BR includes: - own funds, - borrowed funds, - borrowed funds. The set of BR is used for the bank's active operations.

Own funds:

1) authorized capital (UK) 2) reserve fund and other funds 3) retained earnings 4) additional capital 5) insurance reserves.

Involved funds: come from clients and the bank acts as a borrower:

1) deposit and savings operations, 2) interbank credit 3) loans from the Central Bank of the Russian Federation 4) bond issue (Banking lecture notes).

Topic 57. Investment activities of banks and its directions

Investments are usually long-term investments in industry, agriculture and other sectors of the economy within the country and abroad in order to make a profit (Investment). Investment operations of a commercial bank are the activities of a bank for the placement (investment) of bank resources in securities, real estate, authorized capital of enterprises, precious metals, etc. The main factors that determine the direction and goals of the bank are the need for income and liquidity, the willingness of management to sacrifice liquidity in the name of profit and vice versa (Organization and financing of investments).

According to the purpose of investment, bank investments are divided into:

1) Direct investments - for the purpose of direct management of the investment object (controlling stake of securities, investment of capital in production by purchasing patents, licenses, know-how, etc.) 2) Portfolio investments - carried out in the form of creating portfolios of securities. b., owned by various issuers and not providing controlling participation and direct management of the investee. So, goals investment operations of the bank: - expansion and diversification of the bank's income base, - increase in financial stability and risk reduction, - expansion of the client base, types of services, - increased influence on clients (through control of their securities) Safety of funds + diversification + liquidity

In addition, the bank's investment activities must satisfy the needs of clients in various forms of investment, ensure the bank's competitiveness and have a social orientation, i.e., maintain the image of the bank as a socially significant element. The main difference between investments and other areas of placement of bank assets is that funds are invested not to meet current needs, but to meet the needs of the future period (Corporate Finance).

Topic 58

RKO includes the opening and maintenance of bank accounts for legal entities. and f.l. RKO is the criterion by which a bank differs from a non-bank credit institution (also attracting and placing funds at the expense and on behalf of the bank). RKOs are characterized by both features of passive operations: cash balances on the account are credit resources, and active ones: they generate income in the form of commissions. RKO as borrowed funds is an easier way, cheaper than deposits, securities, interbank loans.

1. Bank account and carrying out operations on it (Bank operations). The task of conducting non-cash payments between legal entities and f.l. assigned to the banks. To this end, banks carry out cash settlement services for clients. To become a client of the bank and get on RKO y.l. and f.l. must open a bank account and conclude an agreement on cash settlement. A bank account is used to store funds belonging to the client - the owner of the account, as well as to account for the receipts and disposals of funds. Account types.

Checking account - for Yu.L. and residents (or for individual entrepreneurs). Designed to credit revenue, received loans, payments to suppliers, taxes, salaries, contributions to funds.

Temporary current account (savings account) - for newly created legal entities To accumulate the contributions of the founders to the Criminal Code. Account payments are not made.

Current account - for organizations not engaged in entrepreneurial activities (religious, charitable). For settlements in accordance with the statutory goals of the organization.

budget accounts - for enterprises and organizations to which funds are allocated from the federal and local budgets for targeted use.

Current currency accounts - for enterprises, organizations and entrepreneurs in authorized banks.

Transit currency accounts - for enterprises and organizations - exporters for crediting in full the proceeds in foreign currency subject to the obligatory sale of a part of this currency in the domestic market of the Russian Federation.

Correspondent accounts banks open for each other and the Central Bank. NOSTRO and LORO. One of the main types of transactions carried out using a bank account is the implementation of cashless payments.

Forms of non-cash payments: settlements by payment orders (PP), settlements by collection, settlements by letter of credit, settlements by checks, etc.

1) PP calculations. PP - this is a written order of the payer to the bank to pay the specified amount in this order to the person designated as the recipient of funds at the expense of the payer on the account. The bank credits funds to the beneficiary's account.

2) Collection settlements - this is a form of non-cash settlements, when the client instructs the bank to carry out actions at the expense of the client to receive a payment from the payer in favor of the client. Settlement documents: collection order, payment request-order.

3) Settlements under a letter of credit - the bank, acting on behalf of the payer, undertakes to make payments to the recipient. Issuing bank - the payer's bank that issued the letter of credit. Nominating bank - a bank serving the recipient of funds. A letter of credit is the most complex and expensive type of cashless payment. Types: covered, uncovered, revocable and irrevocable.

4) Payments by checks. Check - c.b. containing an unconditional order from the drawer to the bank to pay the amount specified therein to the drawer.

Other forms of non-cash payments:

1) using plastic cards 2) clearing - offset of mutual claims 3) settlements with traveler's checks - an alternative to cash. 4) electronic payments.

Cash service: acceptance of cash from the client and crediting to his account, debiting funds from the client's account and issuing them in the form of cash; collection of customer funds.

Profit and risks of the bank when implementing cash settlements. The main risk is the impossibility of timely processing of client payments, the risk of loss of liquidity + operational risk (computer network failures, incorrect deposits). Incompetent management of bank assets and liabilities.

Topic 59. CB balance. Its structure. Goals and methods of analysis

The CB balance is a summary summary table that reflects generalized articles characterizing passive and active operations on a specific date. CB balances are divided into annual and intermediate: semi-annual, quarterly, monthly. Every month, on the 1st day, the bank submits a balance to the main department of the Central Bank of the Russian Federation.

Assets:

1) cash, accounts in the Central Bank. 2) funds in banks and credit institutions. 3) investments in securities. 4) credits to enterprises, organizations, population. 5) fixed assets (OS) and intangible assets (IA). 6) other assets.

Passive: Obligations:

1) Central Bank funds. 2) funds from banks and credit organizations. 3) customer funds, including public deposits. 4) debt obligations issued by the bank. 5) other obligations. Own funds:

1) Authorized capital (AC). 2) Other funds and other own funds. 3) profit (loss) for the reporting year. 4) use of profits. 5) retained earnings (loss).

Balance analysis bank is necessary when establishing correspondent relations of one bank with another, providing loans and other interbank relations.

Analysis task bank - establishing the reliability, solvency of the bank, its ability to cover possible losses at its own expense. The balance of the bank is a means of advertising to attract potential customers and partners, a means of banking management.

Methods of analysis. 1) Horizontal analysis. 1) is built on the basis of grouping A and P (separately). A balance is taken for two dates. 2) the growth rate is determined: the total amount of the group as of the last date is divided by the total amount of the group’s items as of the penultimate date. Using horizontal analysis, it is possible to: determine the growth rate of balance sheet items, determine trends in changes in items, predict an increase or decrease in the amount of items. That is, the dynamics of changes in balance sheet items are considered.

2) Vertical analysis (structural analysis). It is built on the basis of determining the specific gravity of individual groups. Specific gravity = balance group sum / net balance * 100%. 1) Allows you to determine the structure of liabilities and assets, i.e. how much is a particular group. 2) evaluate the composition of the client base 3) determine the cost of bank resources 4) identify the main types of active operations 5) identify the bank's dependence on MDBs 6) determine the bank's most and least effective investments 7) prepare measures to manage P and A.

3) Ratio analysis. To assess the structure of liabilities:

1) Customer Base Ratio = the amount of deposits f.l. and y.l. / total amount of funds attracted by the bank. Shows the quality of the resource base + sustainability and independence from interbank loans and budgetary funds. (= 1) 2)

Customer base diversification ratio = attracted funds f.l. / borrowed funds y.l. Shows the degree of sustainability of the resource base. (if 0 then work only with y.l.) 3) Coverage ratio = net equity capital / amount of funds raised. The degree to which investors’ interests are protected by their own capital. To assess the asset structure:

1) Capital adequacy ratio = net capital / amount of income generating assets. If K > 1 - means do not work. 2) Current liquidity ratio = bank's liquid assets / demand liabilities. K < 1 is bad, =1 - ideal, > 1 - eats up capital. 3) Risk protection ratio = provisions for possible losses on loans / outstanding loans. Shows how many income-producing assets can be compensated for by the profits earned and the reserves created.

Topic 60. Issuance strategy of issuers in modern conditions

In order to carry out the issue of securities, the issuer develops an issue strategy. Of course, it will be specific to each individual issuer, but at the same time, it is possible to establish mandatory issues that should be addressed in its development. These should include:

1) setting the purpose of the issue in accordance with the place that the issuer occupies in the industry and in the economy. Determining the purpose of the issue should follow from the development concept of the issuer and the place it occupies or plans to occupy in the industry (Finance and credit). This will allow the issuer to solve the problem of competitiveness, as well as to determine the amount of capital required and its structure.

General objectives of the issue for all types of issuers: - attraction of the necessary funds; - reconstruction of property; - debt securitization; - risk reduction; - improvement of financial planning.

2) Calculation of its volume. When setting emission volumes, the issuer must take into account objective restrictions. The par value of all ordinary shares must be the same (How to play on Russian exchanges). Preferred shares must be no more than 25%. The volume of the issue of bearer shares must correspond to the ratio established by the FCSM (FFMS) to the value of the paid-up AC.

3) Selection of the type and type of produced paper. based on comparative characteristics of their investment properties. Shares: ordinary, preferred. Bonds: classic (ordinary and unsecured), secured, callable, convertible. The choice of one or another central bank. for the issuer will mainly depend on the purpose of the issue. A joint stock company can issue different types of shares and bonds.

4) analysis of the state of the securities market. and possibilities for placement of produced securities.

5) choice of emission form. Primary, subsequent, open, closed, subscription, conversion, among the founders during the primary issue, among shareholders during subsequent issues.

6) substantiation of the method of emission 7) establishment of the form of existence and the nature of the disposal of property rights enshrined in the issued securities.

8) calculation of the issue price or the manner in which it is established. Nominal price - valuation of securities. during the period of its release, what is indicated on its front side. Issue price - the price of securities. by which it is acquired by its first holder.

9) choice of underwriter. The intermediary assumes obligations to the issuer for the issue and placement of securities. for reward.

10) definition of costsrelated to the emission.

11) emission efficiency analysis. Choosing certain securities. for emission, it should be borne in mind that this applies only to emission securities. According to the federal law "On the securities market" to emission c. b. include those that are placed in separate issues and have the same amount of rights, regardless of the period of their acquisition (for JSCs, these are shares and bonds).

Topic 61. Investment properties of shares

A share is an emission security that secures the rights of its owner (shareholder) to receive part of the JSC’s profit in the form of dividends, to participate in the management of the JSC and to part of the property remaining after its liquidation. The issuer resorts to issuing shares due to the fact that:

1) this is a statutory method for forming a criminal code. 2) The JSC is not obliged to return to investors their capital invested in the purchase of shares. 3) payment of dividends is not guaranteed. 4) the amount of dividends can be set arbitrarily, regardless of profit. Having received funds through the placement of issued shares, the issuer has the opportunity to use them to form production and non-production fixed and working capital.

An investor in stocks is attracted by the following:

1) the right to vote. 2) capital gain (price increase). 3) additional benefits (discounts on products). 4) right of first refusal to purchase newly issued shares. 5) the right to part of the property upon liquidation. But the acquisition of shares is also associated with risk: - non-payment of dividends, the rise in share prices is not stable, etc. Holders (shareholders) can be divided: - physical (private and individual), - collective, - corporate. Investing in shares is a type of financial investment, i.e. investing money in financial assets with the aim of generating income. The components of income will be dividends and market value growth.

The main factors influencing stock returns include:

1) size of dividend payments 2) fluctuations in market prices 3) inflation rate 4) tax climate. Investors' money is mainly directed to those securities where the maximum fluctuation of the exchange rate difference occurs, determined by supply and demand, and not by production efficiency. Investments are distinguished: 1. If long-term investments, then the income is dividends 2. If at the end there is still a sale, then this is dividends + sale price. 3. If dividends were not paid, then income is formed as the difference between the purchase and sale prices.

Topic 62. Investment properties of bonds

Bond - issuance security, which secures the right of its holder to receive from the issuer a bond within the period stipulated by it, its nominal value and the percentage of this value fixed in it or other property equivalent. The difference between a share and a bond is that by buying a share, an investor becomes one of the owners of the company, and by buying a bond, he becomes a creditor. Bonds have a limited circulation period, after which they are redeemed.

Advantage of bonds over stocks: - first, interest on bonds is paid and then dividends on shares, - the shareholder has the right to the property during liquidation that remains after the payments of loans on bonds. Bonded loans are resorted to by companies when there is a need for additional financial resources, the government and state bodies. Through the placement of bonds, there is no threat of interference in the management of the company. But the company must meet the requirement of creditworthiness. People's savings are invested in bonds to generate income. The bond has a nominal and market value.

Nominal price of the bond printed on the bond itself, indicates the amount of the loan. Bonds are an attractive investment object for the buyer, i.e., a resale commodity.

Market price bonds is determined from the situation prevailing in the market. The rate of a bond is the value of the market price of a bond, expressed as a percentage of its face value. Bonds, being an object of investment in the stock market, bring a certain income. It is added up: periodically paid interest + change in the value of the bond for the corresponding period + income from reinvestment of interest received. Interest on bonds is paid 1-2 times a year.

Topic 63

Bill - this is a non-emission security. A bill gives the holder the right to demand payment within a specified period of time of a certain amount of money from the payer of the bill. A bill of exchange can be compared to a promissory note. But it differs in the following:

1) A bill is an abstract obligation. 2) A bill of exchange is an unconditional obligation, i.e. payment on a bill of exchange does not depend on any conditions. 3) A bill of exchange is a monetary document with a strictly defined set of details. A defect in the form of a bill of exchange is the absence or incorrect details, i.e., non-compliance with formal requirements - the bill of exchange loses its validity. 4) The bill is distinguished by joint and several liability, i.e., the full liability of each person obligated on the bill to the legal holder of the bill. 5) The subject of a bill of exchange can only be money 6) A bill of exchange is transferred from one person to another using an endorsement - an endorsement. The bill performs two main functions: it acts as a means of payment and with its help you can apply or get a loan.

Bill of exchange (Draft) - is a written document containing an unconditional order of the drawer to the payer to pay a certain amount of money on time and in a specific place to the holder. A promissory note is a written document containing a simple and unconditional obligation of the drawer (debtor) to pay a certain amount of money at a specified time and in a specific place to the holder of the bill.

In Russia, promissory (solo) bills are the most popular.

They are actively used in the following areas:

1) attracting temporarily available funds. A bill of exchange is more profitable than a deposit, because taxes are lower. 2) bill lending. The loan interest rate for the borrower is lower (as a rule). 3) bill of exchange as a means of payment. A “settlement” bill of exchange is a bill of exchange that is purchased at a discount to cover accounts payable to the drawer in the amount of the bill amount. Depending on the economic essence, bills are divided into: commercial - it is based on a specific commodity transaction.

Financial - based on a financial transaction related to the movement of money.

Bank - a unilateral obligation of the bank - the issuer of the bill to pay the bill holder the specified amount within the prescribed period.

Bronze - One of the faces is fictional.

Friendly, Counter.

Topic 64. Secondary securities: features of issue and circulation

Secondary c.b. - is a security that represents a property right to another security. and the income from it. Secondary c.b. are based primarily on stocks, bonds, and mortgages. They can be produced in two forms:

1) in the form of the same securities, for example bonds based on a pool of mortgages, they are called transitional. Transfer of rights from owners of certain types of securities. to owners of other types of securities. 2) in a form different from the main securities:

a) in the form of independently tradable acquisition rights, usually shares. To such c.b. include: - stock warrants, - subscription rights, - premium options. b) in the form of depository certificates (certificates and receipts). For example, American Deposit Receipts ADR for shares. There are no secondary types of securities in Russian legislation.

The main types of secondary pulp., representing the rights to purchase basic securities, are stock warrants and subscription rights.

Stock warrants is a security that gives its owner the right to purchase a certain number of shares or bonds of a company within a specified period of time at a fixed price. The life of a stock warrant is 10-20 years or unlimited. The price fixed in a warrant usually exceeds the current market price of the share by 15%.

Subscription rights is a security that entitles the company's shareholders to subscribe for a certain number of newly issued shares or bonds of this company at a set price within a set period. Shareholders have a privileged right to subscribe to newly issued securities. The subscription period lasts for several weeks. The main differences between a stock warrant and a subscription: - the first ones are received by buyers of new preferred securities. and the second - the company's shareholders, - stock warrants are issued for a long period, and the second - for a short one. - the price of a stock warrant is higher than the market value, and the subscription price is lower. A depositary receipt is a security that testifies to the ownership of a certain number of shares of a foreign company deposited in the country of location of this company, the circulation of which is carried out in another country. American Depository Receipt - ADR. The attractive qualities of ADRs for investors are: 1. Purchase of securities. with a higher level of return than the shares of national companies 2. Opportunities to enter the market of another country in the absence of knowledge about foreign stock markets. 3. No need to convert received dividends, etc.

Topic 65. Options: general characteristics, properties and basic option strategies

An option contract is an agreement according to which one of its parties, called the owner (buyer), acquires the right to buy (sell) any asset at a set price before or on this date specified in the future from its other party, called the subscriber ( seller), or the right to refuse to execute the transaction with the payment for these rights to the subscriber of a certain amount of money, called a premium. An option that gives the right to buy an asset is called a call option or call option. An option that gives the right to sell an asset is called a put option, or put option. The asset underlying the option always has two prices: the current market price, or the spot price and the exercise price fixed in the option. The option has an expiration date. Options are divided into exchange and non-exchange options.

Stock options are concluded only on exchanges, are fully standardized, have a short-term character (3 months - a year). Non-exchange options: their market is formed by dealer banks. They are divided into long-term and short-term. The main types of long-term non-exchange options are options "caps" and "floras". The need for them is associated with the need to conclude options for a long period (3-5 years).

There are interest, currency and commodity caps and floors.

Stock Options. Typically, the exchange establishes a list of companies that may be the subject of option contracts. Stocks that are allowed to enter stock options are generally the most liquid. The standard construction of a share option: - the size of the option (1000 shares), - the price of the option, - the minimum change in price, - the minimum change in the value of the contract, - the period for which the option is concluded, - the exercise of the option (physical delivery of shares at the strike price of the option).

Interest Options - These are options based on changes in the price of various debt obligations.

Currency Options, which are based on the change in the rates of freely convertible currencies in relation to the national currency.

Options on futures contracts - These are options concluded on existing types of futures contracts.

Topic 66. Characteristics of the corporate securities market

Issuance corporate securities issued in the form of shares and bonds. Conditionally modern history of the Russian corporate securities market. can be divided into 3 stages: 1.

At the first stage (1990-1992)) the formation of the legislative base of the Russian securities market began. The procedure for licensing and certification for the securities market was established.

Second phase (1993 - early 1994) - this is the beginning, development and closing of privatization checks that were issued by the state. We exchanged them for shares of enterprises, sold them. Also, the presence of various kinds of pseudo-securities (MMM). This undermined the confidence of the private investor in this market. Since the second half of 1994, a new stock market began to take shape, in which shares of already existing JSCs are traded. A market of large investors and intermediaries is being formed.

For the third stage (second half of 1994 - present) development of the corporate securities market. typical: 1. Further development of the legislative framework, 2. Termination and transformation of the activities of check investment funds 3. Increase in stock market participants 4. Rapid development of insurance and non-state pension funds 5. Formation of a large bill of exchange market in the country 6. Creation of an organized stock market infrastructure (registrars , depositories, clearing houses) 7. Creation of the market of the first futures contracts (currency).

The Russian corporate stock market is conditionally divided into two parts:

The most liquid stock market, with shares of approximately 20-30 companies related to the oil and gas, energy, metallurgy, etc. industries, which are constantly sold and bought at market prices

2. The market for all other shares, primarily regional enterprises.

In addition to issuers, about 3000 investment companies, 2000 CBs, 1000 insurance organizations and non-state pension funds can currently be classified as stock market participants. The Russian stock market largely operates at the expense of foreign capital. In 1995, the exit of Russian corporate securities began. to external stock markets through the mechanism of depository receipts (ADRs). The main problems of the Russian stock market: - development of the infrastructure of the stock market, - increase in the information openness of the market, - creation of a complete legislative and other regulatory framework, - involvement in the market turnover of an increasing number of shares of Russian joint-stock companies.

Topic 67. Futures contracts: general characteristics, properties and organization of trade

A futures contract is a standard exchange contract for the sale and purchase of an exchange-traded asset after a certain period in the future at a price set by the parties to the transaction at the time of its conclusion. The futures contract is fully standardized. It is concluded in the course of exchange trading. The guarantor of its execution is the exchange itself. The conclusion of a futures contract on the terms of its buyer is called "buying" the contract, and on the terms of the seller - "selling". Acceptance of a contractual obligation is called "opening a position". Liquidation of an obligation - "closing a position". Futures contracts are divided into 2 classes: commodity and financial.

Commodity futures are classified according to the following groups of exchange goods: - agricultural raw materials and semi-finished products (grain, meat), - timber and lumber, - non-ferrous and precious metals, - oil, gas, gasoline, etc.

Financial futures are divided into 4 main groups: currency, stock, percentage and index.

Currency futures - futures contracts for the purchase and sale of any convertible currency. They are concluded on the exchange, with a full level of standardization and a mechanism for guaranteeing them.

Stock futures - These are futures contracts for the purchase and sale of certain types of shares. They are not widely distributed.

Interest rate futures - these are futures contracts for changing interest rates (short-term) and for the purchase and sale of long-term bonds (long-term).

Index futures - these are futures contracts for changing the values of stock market indices. A futures contract for an exchange rate is a standard exchange contract for the sale and purchase of a certain type of currency on a specific day in the future at the rate set at the time of the conclusion of the contract. The structure of the currency futures: - contract price, - size, - minimum exchange rate change, - change in the contract value, - period for which the contract is concluded, - delivery under the contract.

Topic 68. Government securities (GS): general characteristics, procedure for placement and circulation

Government securities are a form of existence of the state internal debt; these are debt securities, the issuer of which is the state.

Issuance of government securities can be used to solve the following main tasks: 1. Financing the state budget deficit (without additional issuance of money into circulation), 2. Financing targeted state programs in the field of housing construction, social security, etc. 3. Regulation of economic activity: money supply in circulation, impact on inflation, etc.

Benefits of government securities: - high level of reliability for investment and minimal risk of loss, - the most preferential taxation.

Placement of government securities usually carried out: 1. Through central banks or ministries of finance. 2. In paper (blank) or paperless forms (in the form of entries on accounts in authorized depositories). The trend is to increase the paperless form. 3. By various methods: auctions, open sale to everyone, closed distribution among a certain circle of investors, etc. Government securities occupy a leading position in the bond market, 50%, medium-term and long-term bonds have the largest share.

Main problems of the government securities market: - short-term nature (high inflation), - taxation, - organization of regional markets (free capital of territories), - the need to involve free funds of the population in the government securities market, etc.

Types of government securities. By type of issuer:

1. C.b. federal government

2. Regional securities

3. C.b. public institutions

4. Central banks, which have been given the status of state.

According to the form of negotiability: market and non-market. By terms of circulation: Short-term, medium-term (1-10) and long-term. By income payment method: 1. Interest-bearing securities, 2. Discount securities, 3. Indexed bonds, 4. Winning bonds, 5. Combined bonds.

Topic 69. Regulation of commercial banks

Regulation of credit and banking institutions - this is a system of measures by which the state, through the Central Bank, ensures the stable and safe functioning of banks, prevents destabilizing processes in the banking sector (Money Credit Banks lecture notes).

Functions of the general regulation of the activities of banks assigned to the Central Bank. This regulation is intended to ensure: 1. - stability of work and strengthening of the financial position of the bank; 2. - orientation and stimulation of the bank's activities in the field of lending to fulfill the priority tasks of the economy and improve the welfare of society; 3. - the scientific organization of money circulation in the national economy. At the same time, the Central Bank uses primarily economic methods of management and then administrative ones. Taking into account the current situation in the economy, the Central Bank regulates the activities of banks through the use of such a set of economic measures as: - changing the norms of required reserves placed by banks with the Central Bank; - change in the volume of loans issued by the Central Bank to banks, as well as interest rates on loans; - carrying out transactions with securities and currency. For these purposes, the Central Bank issued instruction No. 1. In accordance with these regulatory documents, the Central Bank forms reserve fund of the credit system of the Russian Federation. The following funds are donated to this fund: - temporarily available funds in settlement and current accounts, as well as those contributed to deposits by enterprises, organizations and citizens. Loans from other banks are not included in these funds. The fund was created in order to timely fulfill its obligations to clients to return previously raised funds. The Central Bank changes the norms of required reserves. The reserved part is for demand deposits - 16%, for time deposits - 10-14%.

The economic impact of the Central Bank on banks can be carried out by providing them with centralized credit resources for the purposes of subsequent granting of loans to business entities. If the credit resources of individual banks are insufficient, and loans from other banks have been exhausted, the Central Bank may provide loans to such banks on the terms of a loan agreement. At the same time, the Central Bank influences by economic methods the credit and interest policies pursued by banks in relation to their borrowers. To regulate the activities of banks, the Central Bank can also use administrative methods.

In case of violation credit institution regulations, instructions of the Central Bank right:

1. Collect from the credit institution a fine of up to 1% of the amount of the paid AC 2. Demand from the credit institution activities on the financial rehabilitation of a credit institution, including: changes in the structure of assets, replacement of managers, reorganization of a credit institution (appoint a temporary administration to manage a credit institution for up to 18 months, revoke a banking license).

Banking supervision has 2 goals: 1. - protection of bank depositors from possible losses; 2. - maintaining stability in the financial market by preventing systemic risks. When the Central Bank exercises the function of supervision and control over the activities of banks, its tasks include:

▪ issuance of licenses for banking activities;

▪ checking reports provided by banks;

▪ on-site audits;

▪ control over compliance with banking operations standards.

Topic 70. Regional finance: composition and role in the organization of market relations

Public finances are monetary relations regarding the distribution and redistribution of the value of the social product and part of the national wealth, associated with the formation of financial resources at the disposal of the state and its enterprises and the use of public funds for the costs of expanding production, meeting the growing socio-cultural needs of members of society, the needs national defense and administration. Public finances include federal and regional finance. The composition of public finances includes: budgets of different levels of government, extra-budgetary funds, state credit, finances of state enterprises. Local budgets are an independent part of the budget system of the Russian Federation as a sovereign state. Local budgets provide financing for more than 80% of budget expenditures on health care, more than 60% of expenditures on education; large budgetary funds are directed to the development of industrial and social infrastructure.

Local budgets have multiple sources of income: - deductions from taxes of a higher level; - part of the corporate property tax; - property tax f.l.; - tax on property passing by way of inheritance and donation; - land tax; - state duty, etc. Local self-government bodies have the right to form targeted off-budget and foreign exchange funds. The resources of these funds are formed from:

a) voluntary contributions and donations from citizens, enterprises, institutions and organizations for relevant purposes;

b) amounts of fines for environmental pollution and irrational use of natural resources;

c) the amount of fines for damage and loss of objects of historical and cultural heritage, natural monuments d) other income of off-budget funds in accordance with the law. Funds from extra-budgetary and foreign exchange funds are on special accounts opened by the local administration, are not subject to withdrawal and are spent for their intended purpose.

Costs local budgets are carried out at the expense of their incomes and subventions received from the budgets of a higher territorial level. State credit relations arise in connection with the mobilization of temporarily free funds of enterprises, organizations and the population and their transfer for temporary use to public authorities to ensure financing of public expenditures. Attraction by the state of temporarily free funds y.l. - and f.l. is carried out by selling bonds, treasury bills and other types of state securities on the financial market. (issue and sale of bonds of local authorities).

Recently, local budgets have been developing rapidly due to the increasing role and influence of local authorities: the scale of the local economy is growing, the functions of local authorities are expanding and becoming more complicated. Local budgets are increasingly being used to regulate economic processes, influence the distribution of productive forces, help increase the competitiveness of products manufactured by local enterprises, create territorial infrastructure, and finance the costs of reproduction of labor resources. Local budgets play an important role in the implementation of social programs.

Topic 71. State budget: concept, functions and role in the country's economy

Financial relations that develop between the state and enterprises, organizations, institutions and the population are called budgetary. The state budget - these are monetary relations arising from the state with y.l. and f.l. regarding the redistribution of national income in connection with the formation and use of the budgetary fund intended for financing the national economy, social and cultural events, the needs of defense and public administration.

The essence of the state budget as an economic category is realized through the distribution and control functions. By using distributive function the budget is the concentration of funds in the hands of the state and their use to meet national needs.

Control function allows you to find out how timely and fully financial resources are at the disposal of the state and whether they are used effectively. The budget is used as an instrument of state regulation of the economy, stimulation of productive and social processes. In the new economic conditions, it is necessary to change the direction of investment of budgetary funds. Are of great importance public investment in progressive sectors of the economy, in providing strategic directions for its development. Through taxes, tax incentives, the volume and direction of budget financing, it is possible to influence various aspects of management, accelerate the renewal of production assets, the fastest introduction of scientific and technological achievements into production, and increase profitability. In the future, the role of the state budget in social processes will increase. This is due to the fact that it is budget funds in conjunction with extra-budgetary funds that are the financial basis for the implementation of social transformations.

State budget expenses. Expenditures of the federal budget of the Russian Federation are classified:

1) by their role in the process of reproduction:

▪ costs associated with financing material production

▪ costs of maintaining the non-production sector;

2) by functional purpose: - the cost of financing the national economy; - for social and cultural events; - defense of the country; - maintenance of the management apparatus; - law enforcement and security; - fundamental research and scientific and technical (NT); - the cost of servicing the public debt. There are expenses current (salary, purchase of goods and services, payments on public debt) and capital (investments in construction, repair, etc.).

Topic 72. Tax system and its structure. Tax policy

Tax system- this is a set of taxes established by the legislative branch and levied by the executive branch, as well as methods and principles of constructing taxes. The tax system is one of the most important levers regulating the financial relations of an enterprise with the state in the context of the transition to a market economy. The structure of the tax system is determined by the socio-economic structure of society. The composition of the tax system is diverse and includes a large number of taxes (Tax planning for an accountant: how to legally reduce taxes, Accounting, taxation, management accounting: tutorial, Audit, International accounting (IFRS)). At the basis of their classification There are different principles:

1) Based on their use, taxes are divided into general and special (targeted).

General taxes are depersonalized and go to the single cash desk of the state. They are intended for national events.

Special taxes have a strictly defined purpose and usually form off-budget funds. 2) Depending on the body that collects the tax and at whose disposal it is received, taxes are: federal, taxes of federal subjects, local. 3) Based on the objects of taxation, taxes can be classified into direct and indirect.

Direct are set directly on income and property. To indirect include taxes on goods and services included in the price or tariff.

Principles of building a tax system: - uniformity - hard taxation for the rich and sparing for the poor; - certainty - that is, the payer must know exactly the place, time, method and amount of payment; - convenience - to simplify the act of tax payment; - thrift - the cost of collecting taxes should be minimal; - one-time taxation of the same object for a certain period; - stability of the tax system for a long time, etc.

Tax policy - this is a system of state measures in the field of taxes and is an integral part of financial policy.

Objectives of tax policy:

1) Providing the state with financial resources;

2) Creation of conditions for regulating the economy of the country as a whole;

3) Smoothing out the inequality in income levels of the population that arises in the process of market relations.

3 types of tax policy:

1. Maximum tax policy - characterized by the principle of "take everything you can." In this case, a situation arises when tax increases are not accompanied by an increase in government revenues. 2.

Reasonable income policy - promotes the development of entrepreneurship, providing it with a favorable tax climate. But income is declining. 3.Policy a fairly high level of taxation with significant social protection. Tax revenues are used to increase various social funds. The Russian Federation is characterized by a combination of the second and third types (Optimization of taxation of an enterprise: methods, schemes, ways and means (analysis)).

Topic 73. Methods of monetary regulation of the economy

The monetary policy of the Central Bank is aimed either at stimulating monetary emission - credit expansion, i.e., revival of the conjuncture in the face of a decline in production, or at limiting monetary emission during periods of economic upswing accompanied by "overheating" of the conjuncture - credit restriction. Achievement of these goals occurs with the help of several methods of monetary regulation:

I. Establishing upper and lower limits on the money supply in circulation. The introduction of such limits makes it possible to control the proportions of reproduction of the social product and the entrepreneurial activity of market economic structures. In the Russian Federation, a unique system of centralized regulation of monetary circulation has emerged, developed by domestic economists (Money Credit Banks lecture notes, Finance and credit, Economic theory lecture notes, History of economics textbook). This system is based on cash planning of cash turnover of market economic structures and banking authorities. 1) At the first stage, enterprises and organizations submit applications for cash (cash applications) to the servicing bank. 2) At the second stage, grassroots banks and their higher levels, based on cash requests from enterprises, draw up their cash programs, which reflect the need for cash in their area of activity. These programs are submitted to the Central Bank;

3) At the third stage, the Central Bank draws up a consolidated program for the cash turnover of grassroots banks and their provision of emission fund resources. This program is an integral part of bank refinancing;

4) At the fourth stage, local banks are informed of the Central Bank's emission resources allocated to them;

5) At the fifth stage, territorial management of cash turnover of grassroots banks is carried out with the redistribution of free funds between individual territories, regions, republics and regions. The experience of the Russian Federation has shown that drawing up cash programs allows banks to control the state of cash circulation, prepare for cash transactions and avoid delays in their issuance.

II. Establishment of fixed interest rates on loans for commercial banks. Changing interest rates either expands or contracts the money market, which has a corresponding impact on commodity-producing sectors of the national economy. As a rule, a decrease in interest rates causes an increase in business activity, a revival of production and the promotion of goods to target markets. Raising rates has the opposite economic effect. Combining interest rates allows the Central Bank to control loan prices and effectively use it for the development of the national economy. Central Bank refinancing rate.

III. Establishment of mandatory reserve standards for accounts with the Central Bank. The reserved portions of the working capital of the commercial bank make it possible to limit the issue of new money and, if necessary, provide credit assistance to banks experiencing temporary financial difficulties. The calculation of the required reserve ratio is carried out on the basis of the bank's attracted resources, i.e., cash balances in current, time and savings deposit accounts (for demand accounts 16%, for time-term accounts from 31 to 90 days 13%, over 90 days - 10%, for accounts in foreign currency - 5%).

IV. Using part of the Central Bank's emission funds to purchase government bonds and directly cover the budget deficit.

The Central Bank performs the function of cash services for the budget and becomes the cashier of the state. By conducting open market operations, the Central Bank increases (when buying securities) or decreases (when selling securities) the volume of own reserves of the CB separately and the banking system as a whole, which entails a change in the cost of the loan and, as a result, demand for money.

V. Purchase of gold and foreign currency to regulate the balance of payments and the exchange rate

The Central Bank is the main depository of the country's gold and foreign exchange reserves. The Central Bank is allowed to conduct foreign exchange interventions to influence the exchange rate and the total demand and supply of money. When the balance of payments deteriorates, the Central Bank resorts to foreign exchange interventions on the MICEX, thus maintaining the currency corridor.

Topic 74. Essence and functions of money. Money supply. Monetary Aggregates

Essence of money lies in the fact that it is a specific commodity type, with the natural form of which the social function of a universal equivalent merges. The essence of money is expressed in the unity of three properties: - universal direct exchangeability; - crystallization of exchange value; - materialization of universal working time (Money Credit Banks lecture notes, Finance and credit, Economic theory lecture notes, History of economics textbook).

Money functions:

1) As measures of value. Money as a universal equivalent measures the value of all goods.

2) As means of circulation. Commodity circulation involves two changes in the forms of value: the sale of one product and the purchase of another. In this process, money plays the role of an intermediary in the exchange of two goods: commodity-money-commodity (T-M-T).

3) As a means of creating treasures, accumulations and savings.

4) As a means of payment - arose in connection with the development of credit relations in the capitalist economy. In this function, money is used to sell goods on credit and to pay wages to workers and employees.

5) World money. World money serves as: a universal means of payment, a universal means of purchase, the materialization of social wealth. The most important quantitative indicator of money circulation is money supply - the total volume of purchasing and payment means serving economic turnover and belonging to 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 the growth rate and volume of the money supply, various indicators are used (monetary aggregates): М1 = cash in circulation (banknotes, coins) and funds in current bank accounts; M2 = M1 + term and savings deposits in commercial banks (up to 4 years); M3 = M2 + savings deposits in specialized credit institutions; M4 = M3 + certificates of deposit of large commercial banks.

The following aggregates are used to calculate the total money supply in the Russian Federation: M0 = cash; M1 \u0d MXNUMX + settlement, current and other accounts (settlement, special accounts, capital investment accounts, letters of credit and checking accounts, budget, trade union accounts) + deposits in commercial banks + demand deposits in Sberbank; M2 = M1 + term deposits in Sberbank; M3 = M2 + certificates of deposit and government bonds. A balance is necessary between the aggregates, otherwise there is a violation of monetary circulation. Practice shows that equilibrium occurs when M2 > M1 and it is strengthened when M2 + M3 > M1.

2 factors influence the money supply:

1) The amount of money supply is determined by the state - the issuer of money. 2) The rate of turnover of money - the intensity of the movement of money when they perform the functions of circulation and payment. The velocity of money circulation is influenced by general economic factors, i.e., the cyclical development of production, its growth rate, price movements, as well as monetary factors, i.e. the structure of payment turnover (the ratio of cash and non-cash money), the development of credit operations, the level of interest rates , the use of electronic money in settlements.

Topic 75. Monetary system: concept and elements

Monetary system - this is a form of organization of monetary circulation in the country, which has developed historically and is enshrined in national legislation (Money Credit Banks lecture notes, Finance and credit)... 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:

1. Metal handling systems, in which the monetary commodity directly circulates and performs all the functions of money, and credit money (bill, accepted bill, check, credit card) is exchanged for metal.

2. Credit and paper money circulation systems - gold has been forced out of circulation. Depending on the exchange of signs of value for gold, there are gold coin, gold bullion and gold exchange (exchange for the currency of the country that exchanges its banknotes for gold coins or bullion) standards. The modern monetary system includes elements:

1) Monetary unit - a legally established currency, which serves to measure and express the prices of all goods

2) Official price scale lost economic sense with the cessation of the exchange of credit money for gold.

3) Types of money, which are legal tender, are mainly bank notes, as well as paper money and coins.

4) 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 emission legislation.

5) State or credit apparatus - in various countries, state monetary and credit regulation of the economy is carried out. The monetary system of the Russian Federation functions in accordance with the Federal Law on the Central Bank of the Russian Federation of April 12.04.1995, XNUMX, which determined its legal foundations. The official currency of the Russian Federation is ruble. The ratio between the ruble and precious metals is not established by law. The official exchange rate of the ruble against foreign currencies is set by the Central Bank and published in the press. The Central Bank has the exclusive right to issue cash, organize their circulation and withdrawal on the territory of the Russian Federation. He is responsible for the state of monetary circulation in order to maintain normal economic activity in the country. The types of money that have legal tender value are banknotes and metal coins, which are backed by all the assets of the Central Bank, including gold reserves, government securities, and reserves of credit institutions held in accounts with the Central Bank.

Topic 76. System of cashless payments. Her role, elements. Forms of non-cash settlements

Cashless payments - these are calculations carried out between f.l. and y.l. without the use of cash by transferring funds through a bank from the settlement (current) account of the payer to the account of their recipient.

Cashless payments have found wide application in the development of the banking system.

Principles of organizing cashless paymentsA: 1. All enterprises and organizations are required to keep their funds in bank accounts. In the cash desks of enterprises it is allowed to leave the amount of cash within the established norms. 2. The vast majority of non-cash payments must be made through a bank. 3. The demand for payment must be made either before or after the shipment of the goods, so that payments are not delayed. 4. Payments are made from clients' bank accounts only with their consent. 5. Several forms of settlements and types of payments have been established, which enterprises can choose at their discretion. Non-cash payments help to reduce distribution costs in the form of additional costs for printing, storage, transportation, etc. The basis of non-cash payments is interbank settlements.

Forms of non-cash payments. According to this, the following instruments: Payment orders - this is a payment document containing the payer’s order to the bank to transfer a certain amount from his account to the recipient’s account.

Payments by checks. When paying by checks, the account holder (drawer) gives a written order to the payer (the bank that issued settlement checks) to pay a certain amount indicated in the check to the recipient of funds (check holder).

Letters of credit payments. A letter of credit is an instruction from the buyer's bank to the supplier's bank to pay the invoices of this supplier for the shipped goods or services rendered on the terms specified in the letter of credit application. The following types of letters of credit are opened for the buyer: 1. - covered (deposited) - these are letters of credit, at the opening of which the issuing bank that opened the letter of credit transfers the payer's own funds or the loan granted to him at the disposal of the supplier's bank to a separate account for the entire duration of the obligations under the letters of credit. 2. - an uncovered (guaranteed) letter of credit can be applied if 2 banks servicing settlement customers have correspondent accounts with each other. Each letter of credit must indicate whether it is revocable or irrevocable.

The advantage of this form of payment is that there is no delay in paying for products and services, the money is prepared in advance and the recipient of the funds is sure that he can immediately, even on the day of shipment, receive the money due to him.

Settlements by payment requests-orders. A payment request-order is a settlement document containing the requirement of the recipient of funds to the payer to pay a certain amount through the bank. Both forms are filled out by the supplier. The payment request - on his behalf, and the payment order - on behalf of the payer.

Settlement of payment requests. Payment requests are widely used in the acceptance form of settlements, when payments are not made immediately after the shipment of the goods and the issuance of trade documents. Having shipped the goods, the supplier issues payment requests in the appropriate number of copies and submits them for collection. The bank, accepting documents for collection, undertakes to send them on time to the bank institution serving the buyer, collect funds from him there and transfer them to the supplier's settlement account.

Payments in the form of plastic cards.

According to the economic content, debit and credit cards are distinguished. Credit cards are associated with the opening of a line of credit in a bank, which enables the owner to use credit when purchasing goods and when receiving cash loans. Debit cards are designed to receive cash from ATMs or purchase goods using electronic terminals. The money is debited from the cardholder's bank account.

Topic 77

Currency transactions include transactions related to: 1. - with the transfer of ownership of currency values, 2. - using currency as a means of payment, as well as rubles in the implementation of foreign economic activity, 3. - with export and shipment to Russia (and back) currency values, 4. - with the implementation of international money transfers. Operations with foreign currency and securities in foreign currency are divided into current operations and operations related to the movement of capital.

To current operations include transfers to Russia and back of foreign currency for settlements without deferred payment for exports and imports of goods, works and services, as well as transfers for settlements of foreign trade operations related to lending for a period not exceeding 180 days. Current operations also include the receipt and provision of loans for a period not exceeding 180 days, transfers from Russia and to Russia of interest, and dividends and other income on deposits, investments, loans and other operations related to the movement of capital. Transfers to and from Russia of a non-commercial nature, such as salary, pension, inheritance, alimony, etc., are also current transactions.

Foreign exchange transactions related to capital movements, include:

▪ direct investment, i.e. investing in the management company of an enterprise in order to generate income and obtain rights to participate in the management of the enterprise,

▪ portfolio investments, i.e. purchasing securities prices,

▪ providing and receiving financial loans for a period of more than 180 days,

▪ all other currency transactions are not current.

To determine the nature of the operation, the period of the transaction is of fundamental importance. When importing goods, the starting date of the transaction is the date of shipment, which is understood as the date of loading on board, dispatch or acceptance for carriage, indicated in the transport documents. The starting date of the transaction for the export of goods is the date of customs clearance of each individual shipment. Obligations under the transaction are considered fulfilled on the day of receipt of funds to the exporter's account. The object of transactions in the Russian foreign exchange market are currencies and currency values, the concept of which is formulated in the Law of the Russian Federation "On currency regulation and currency control" of 1992.

Spot currency transactions. The essence of a spot currency transaction is the purchase and sale of currency on the terms of its delivery by counterparty banks on the second business day from the date of conclusion of the transaction at the rate fixed at the time of its conclusion. The delivery date of the currency is called the “value date”, i.e. it is the date when the relevant funds are actually due to be available to the parties to the transaction. In a spot currency transaction on the market, the telegraphic transfer rate is usually used.

Currency futures transactions. Futures transactions represent the purchase and sale of assets at a price fixed at the time of the transaction with the execution of the transaction after a certain period of time. This purchase and sale is carried out on the basis of signing a futures contract.

Currency futures is a contract for the purchase and sale of currency in the future, according to which the seller assumes the obligation to sell, and the buyer to buy a certain amount of currency at a set rate and within a specified period.

Foreign exchange forward transactions.

Forward transactions - these are transactions for the purchase and sale of currency by banks in the over-the-counter foreign exchange market, subject to their payment at the rate agreed upon at the time of the conclusion of the transaction after a certain time after the conclusion of the contract. In the forward market, forward contracts are bought and sold, which differ in volume and terms of the contract - 1, 3, 6, 9 and 12 months. At the time of the transaction, no deposits or other amounts are transferred.

Goals of forward operations: real buying and selling of currency, insurance, speculation.

Topic 78. Securities portfolio: general characteristics, types, principles and procedure for formation and management

An investment portfolio is understood as a certain set of securities owned by f.l. Or a legal entity acting as an integral control object. A portfolio type is its investment characteristic based on the ratio of return and risk. An important feature of the portfolio type classification is how and from what source the income is received: growth in the market value or due to current payments of interest and dividends.

Growth portfolio is formed from the shares of companies whose market value is growing. The purpose of this portfolio is to increase its capital value along with the receipt of dividends. Aggressive growth portfolio - maximum capital gains, stocks of young companies, the risk is huge, but the return is high. Conservative growth portfolio - the least risky, stable companies, aimed at capital preservation. Portfolio of medium growth - a combination of aggressive and conservative.

Income Portfolio - this type of portfolio is aimed at obtaining high current income - interest and dividend payments. Buying c.b. with high current payouts. Regular income portfolio - highly reliable securities. and generating average income with a minimum level of risk. A portfolio of income securities - high-yield bonds, securities, bringing high income with average risk. Portfolio of growth and income. Balanced portfolio - balancing income and risk.

Money market portfolios - the goal is the complete preservation of capital. This portfolio includes cash and marketable assets.

Portfolios of securities exempt from tax, contains government debt obligations.

Portfolios consisting of ts.b. state structures.

Portfolios consisting of ts.b. various industries.

Formation and management of a portfolio is the area of activity of professionals, and the created portfolio is a product that can be sold in parts or in whole. RZB is volatile, so it is necessary portfolio management. Management comes down to: - maintaining the initially invested funds, - achieving the maximum level of income, - ensuring the investment orientation of the portfolio. Monitoring - a detailed analysis of the market. Its development, performance of companies, assessment of the investment qualities of the securities. The main problem to be solved in portfolio formation - this is the distribution by the investor of a certain amount of money among various alternative investments (stocks, bonds, cash, etc.) in order to achieve the goal. The investor strives to get the maximum profit.

Topic 79. Legal framework for valuation activities

The main document is Law No. 135-FZ of 1998 "On valuation activities in the Russian Federation."

The authorized body for monitoring the implementation of valuation activities in the Russian Federation, which determines the main goals, principles and directions of the state policy on valuation in the Russian Federation, is Ministry of Property Relations.

Strategic goal valuation activity - the creation in the Russian Federation of a system of valuation activities that is developing and adapted to external conditions, providing high-quality valuation services.

Near term goal - creation of legal and methodological base. Independent valuation activity is an independent type of entrepreneurial activity. The main function of the state is to create a system of legal regulation of valuation activities. This is a system of licensing, control. The main mechanisms for regulating appraisal activity: - licensing of appraisers, a system of standards, unification of training programs for the training and certification of specialists, a system for certification of the quality of services, a system for insuring civil liability of appraisers, a system for monitoring the implementation of legislation.

Licensing of valuation activities are handled by executive authorities and the Ministry of Property Relations. The Ministry has the right to issue a business valuation license (Property Valuation and Management Lecture Notes).

There are 2 assessment systems - mandatory and optional (optional). Mandatory assessment is arranged in the following cases:

1) when involving in the transaction objects that belong in whole or in part to the Russian Federation or municipalities. 2) if a dispute arises about the value of the valuation object.

When legislation does not contain a requirement for assessment, an optional (or optional) one is applied.

The status of an appraiser is a set of rights and obligations of an appraiser, the responsibility that he bears for his professional actions. The status is also established with the help of legal principles. The most important of these is the principle of independence.

The rights of the appraiser (Article 14 of the Law) and obligations (Article 15 of the Law) - 2 groups - to the state and to the customer. + must keep copies of reports for 3 years.

Topic 80

Market bases include:

Market value is the estimated amount for which the property should be exchanged on the valuation date between a willing buyer and a willing seller in a commercial transaction after proper marketing.

consumer value - represents the value of real estate, calculated without taking into account costs and taxes, associated with a purchase and sale transaction.

Non-market bases include:

Residual value replacement of the sum of the current market value of the land in its current use and the current cost of restoration.

Implementation cost is the estimated amount which the valuer believes, at the valuation date, can reasonably be expected to occur in the future between a willing buyer and a willing seller in a commercial transaction after proper marketing (Property Valuation and Management Lecture Notes).

Insurance value - which is written in the insurance policy.

Taxable value - is calculated according to the methods of tax structures.

Recycling cost - this is the value of tangible assets that have reached the limit state due to complete wear and tear and have lost their usefulness. Book value, initial cost, residual value, salvage value.

Topic 81. Credit portfolio of the bank. principles of its formation and quality assessment

Loan portfolio (KP) - this is the totality of loans issued to the f.l. and Yu.L. Rational CP is the formation and distribution of credit resources in which:

1) the loans issued would correspond to the available credit resources in terms of terms and amounts; 2) the level of profitability of credit operations would be the maximum possible in the given economic conditions. 3) the degree of risk in credit transactions would not exceed the acceptable level.

The process of forming a credit agreement is carried out in several stages (Credit policy of banks: goals, elements and features of formation (using the example of a commercial bank)):

1 stage. Analysis of factors affecting the demand and supply of loans

2 stage. Evaluation of the credit potential of the bank. Credit potential is assessed, on the one hand, by the total amount of funds available to credit institutions, on the other hand, by those intangible assets that it owns (personnel qualifications, forms and methods of work, lending experience, information and other banking technologies in the field of lending)

3 stage. Assessment of credit resources - the amount of funds that the bank has directed or plans to direct in lending operations.

4 stage. Identification of the balance between credit potential and issued loans. Allows you to identify the degree of liquidity, deficiencies and excess resources.

5 stage. Analysis of issued loans according to various criteria.

6 stage. Determining the adequacy of the formed reserve for possible loan losses.

7 stage. Assessment of profitability and efficiency of the loan portfolio. Evaluation of the loan portfolio in terms of the amount of loan investments in the overall activities of the bank, the efficiency of the use of credit resources, the level of interest rates, the amount of income from lending operations. For this analysis, one can use the method INEK.

1. Total credit ratio activity = loans issued / gross assets * 100%. Shows the role of credit operations in the activities of the bank (0,65-0,87%)

2. Utilization ratio of borrowed funds = loans issued / amount of funds raised net * 100%. If "1, then the bank invests the attracted funds in other operations.

3. Efficiency ratio for the use of borrowed funds = gross funds raised / total loans issued * 100%. The coefficient shows to what extent the attracted funds are used as credit resources.

4) Credit risk ratio = net assets / debt * 100%. Shows the extent to which the bank's assets are invested in lending operations.

5) Refinancing ratio = interbank borrowing + % / interbank loan + % *100%.

6) Profitability ratio of credit operations = operating income for the period / total accounts payable. It shows how much each ruble invested in a loan brings to the bank, what is the return.

Topic 82. Deposit operations of commercial banks

Deposit operations - these are the operations of banks to attract funds to deposits and their placement. There are passive and active deposit operations.

PASSIVE deposit operations consist in attracting funds from enterprises, institutions, banks and the public in term and demand deposits. The share of deposit operations usually accounts for up to 95% of liabilities.

According to the economic content, deposits are divided into 3 groups:

1. Term deposits (with a variety - certificates of deposit) are classified by terms: deposits with a term of up to 3 months; from 3 to 6; from 6 to 9; from 9 to 12; over 12.

The disadvantages of term deposits for clients are their low liquidity and the impossibility of using these funds for settlements and payments, as well as for receiving cash. For the bank, the disadvantage is the need to pay increased interest on deposits and thus reduce the margin (the difference between the interest on active and passive operations).

2. Demand deposits are classified depending on the nature and ownership of the funds held in the accounts:

a) funds on the settlement, current, budget accounts of enterprises and organizations;

b) funds on special accounts for the storage of funds of various intended economic purposes (own funds of enterprises intended for capital investments; funds of enterprises in settlements; funds on correspondent accounts for settlements with other banks; funds of local budgets).

Demand deposits are the most liquid, since their owners can use their money at any time, but for them the bank is obliged to reserve 16% in the Central Bank (while for time deposits over 12 months - 10%).

3. Savings deposits of the population are divided depending on the features of their storage into fixed-term, fixed-term with additional contributions, youth-premium, bearer, savings certificates, plastic cards, etc..

Beneficial to banks - are long-term and can be used for long-term investments. The disadvantage is that they are subject to political, psychological and economic factors, which increases the threat of a rapid outflow of funds from these deposits and loss of bank liquidity.

4. Correspondent accounts. Funds on the accounts of other banks opened with this bank are, in fact, deposits and they can be considered as attracted resources accounted for on the Loro account.

2 types of correspondent accounts:

1) foreign exchange - opened by foreign banks in other banks and intended for storing currency and making payments for import-export transactions;

2) rubles - help speed up payments between regions (payments take place in 1-3 days) and are easier to use than payments through the RCC (payments take 3-5 days for telegraphic transfers, and 10-18 days for postal transfers).

ACTIVE deposit operations are associated with the placement of temporarily free resources of some banks in other credit institutions: in commercial banks on a Nostro account or in the Central Bank. For balances on a correspondent account in foreign currency, interest is accrued in favor of the correspondent, and for balances on a correspondent account in Russian banks, the issue of accrual or non-accrual of funds is decided by agreement between the banks. Funds in an account with the Central Bank do not generate income, but funds on cash account in other banks and investments in state bonds bring income to the bank.

Topic 83

Bill - this is a document drawn up in the form prescribed by law and containing an unconditional abstract monetary obligation.

Accounting for bills.

The development of bill circulation allows commercial banks to introduce new credit operations with bills:

1) Accounting for bills - an operation in which the bill holder transfers (sells) bills to the bank by endorsement (endorsement) before the maturity date and receives the bill amount minus a certain percentage (discount or discount rate). The accounting credit is used to finance the turnover of goods and is of a short-term nature. The accounting credit is based on commodity and trade bills, reflecting the actual production and movement of goods.

Loans secured by bills of exchange.

The Bank may provide loans to the client secured by bills of other drawers. Banks can open special loan accounts for enterprises, against which bills are accepted. Typically, the amount of credit provided is 60-90% of the bill amount. These loans are formalized as demand loans and are called call, loans. Repayment of a loan against a promissory note occurs in the usual manner, after which the borrower is returned to the borrower from the security in the amount corresponding to the amount contributed to repay the debt. If funds are not received from the borrower, then the amounts received as payment of bills of exchange are used to repay the debt.

Loan repayment - by transferring funds by order of the client from his account, or by offsetting payments on a bill secured by the loan.

Promissory note credit

Promissory note credit - short-term lending (up to 6 months) through the provision of legal entities any form of ownership loans in the form of bank bills. Loans are allocated according to the main principles of lending: security, maturity, payment, targeted use. It is desirable for the recipient to have an account in this bank.

Under the loan agreement, the borrower receives in his name bank bills with a maturity not earlier than a fixed date. The borrower undertakes to repay the issued loan on time = face value and pay interest on it.

The maturity date of the bill is set by agreement of the parties.

Disposal of bills

Aval is a guarantee, according to which the availer assumes responsibility to the holder of the bill for the fulfillment of obligations under the bill by any responsible person (the drawer, endorser (made an inscription on the transfer of the bill), acceptor (accepted the inscription)). The bank, as an avalist, is obliged to pay the bill in case of failure to fulfill the obligations of the responsible persons. By paying the bill, the bank acquires the right to receive the amount on it. When issuing an aval, the bank charges a commission from the client.

Topic 84. Forfaiting

Forfaiting is the purchase of claims arising from supply contracts. Along with the assignment of claims under the contract, bills of exchange are usually forfeited, which are avalized by the debtor's bank. The subject of the transaction may be promissory notes of the debtor, with which he pays for the goods received, or bills accepted by the debtor, issued to him by the supplier of the goods. In forfaiting, the buyer bank fully assumes the risk of non-payment by the importer under the contract.

Topic 85

Operational cash desk - a special subdivision of the Bank that provides settlement and cash services on the territory of the enterprise.

OPERATING CASH needed by businesses that offer goods and services to the public, such as car dealerships, consumer electronics stores, large retail stores, jewelry stores, wholesalers, real estate and travel companies.

The operating cash desk is a universal tool for working with cash and allows:

▪ to pay for goods, pay foreign currency, which is converted into rubles, the ruble equivalent is credited to the organization’s account;

▪ refuse to have your own cash register, which eliminates shortages, daily reports, money counting, registration of cash documents, delivery of cash to the bank, examination of banknotes for authenticity, etc.;

▪ save money by reducing internal costs;

▪ increase the speed of turnover of funds - funds received as payment for goods or services from individuals are credited to the organization’s account “day to day”;

▪ increase the safety of cash handling;

▪ use the additional opportunity to obtain loans from the Bank servicing the operating cash desk;

▪ pay for goods using plastic cards.

The operating cash desk carries out the following operations:

▪ Acceptance of cash from individuals in any currency for goods and services, with their subsequent crediting to the account of a legal entity;

▪ acceptance of payments for goods with transfer of funds abroad;

▪ acceptance and issuance of savings deposits, demand deposits in rubles and foreign currency;

▪ sale and purchase of securities;

▪ foreign exchange transactions;

▪ transfers of funds in rubles and foreign currency with and without opening an account;

▪ payment of cash rubles and foreign currency using plastic cards and traveler's checks;

▪ issuance of funds for employee salaries and social payments, as well as for travel expenses.

The cost of building a ticket office is usually 3 - 5,5 thousand US dollars. The fee for monthly maintenance of the cash desk (daily collection, counting and packaging of cash, software maintenance) will be 750-900 US dollars.

To open an operating cash desk, you need a cash roomcorresponding to the requirements of the Bank of Russia. The cashier's workplace is separated from the customers by a bulletproof armored glass partition, has a special intercom and a cash tray, and is equipped with an alarm button (pedal). Alarm signals are output to the centralized security point or to the duty department of the police station. The cash desk is equipped with the necessary office equipment: computer, modem, printer.

Tariffs for servicing the operating cash desk are set additional agreement. The Bank develops an individual work technology for each enterprise.

Packing, counting banknotes, paperwork and the delivery of proceeds to the collectors of the bank is carried out by the cashier of the operating cash desk.

Topic 86. Electronic payment system "Client-Bank"

The "Client-Bank" system allows:

manage accounts directly from the workplace in your office or at home. The system will significantly speed up and increase the reliability of banking operations, eliminating the need to bring payment documents to the Bank on a daily basis. The office can be located anywhere in the world, since the System requires only a computer equipped with the "Client" subsystem, a modem and a telephone

Create and transfer to the Bank all main types of monetary settlement documents with control over the correctness of entering the main details:

▪ payment order

▪ application for transfer

▪ instruction for the mandatory sale of currency

The capabilities of the System allow you to speed up the preparation of new documents (in addition, it is possible to import documents prepared in advance by the accounting program installed on your computer). Thanks to the "Client-Bank" System, it is possible to send any electronic document in any format (certificates, requests, etc.), which will allow you to receive the information you need from the Bank in a timely manner.

▪ receive your account statements in real time with full applications, which makes it possible to quickly carry out ruble and currency transactions

▪ reliably protect payment documents from unauthorized access, because the encryption and digital signature program eliminates the possibility of forgery of documents in the System, maintaining the legal force of electronic documents

▪ maintain archives of payment documents. The system automatically saves payment documents and allows you to search for information in the archive.

Topic 87. Collection services

The Bank's services for the transportation of valuables, cash in rubles and foreign currency are diverse and include the following main areas:

1. Collection of trading proceeds, collection and transportation of cash with subsequent crediting to the Company's account.

2. Delivery of cash from the bank to the office upon request.

3. Delivery of wages for employees of the organization (including the selection of banknotes of the required denomination).

4. Accompanying trusted persons of the Company carrying out the transportation of valuables, using the special transport of the Bank and armed guards.

5. Collection of cash proceeds on weekends.

Topic 88. Overdraft lending program

Overdraft lending is designed to promptly maintain the company's solvency in case of short-term delays in the receipt of funds to the current account (cash gaps).

The credit limit is set depending on the volume of receipts and the number of transactions on the current account; it is calculated as the average credit turnover for 3-5 days. Loans are provided in rubles and foreign currency. The minimum established limit is equivalent to 600 rubles.

The amount of an overdraft loan can be 10-30% from the average monthly volume of cash receipts to the enterprise’s current account with the Bank.

Advantages of this type of loan:

This type of loan does not require hard collateral. The basis for obtaining it is a stable turnover on the company's accounts.

The absolute value of interest on an overdraft loan compares favorably with interest accrued on term loans due to more efficient management of loan debt.

A preliminary decision on the possible amount of an overdraft loan and interest rates can be made on the basis of the company's turnover on its accounts in other banks.

It is possible to obtain a loan within a month after the start of the enterprise's work on the Bank's accounts.

During the term of the loan agreement, it is possible to recalculate the credit limit at the request of the borrower.

The repayment of the loan is carried out by the Bank without the participation of the Borrower, upon receipt of funds to the client's account.

Topic 89

Metal accounts (accounts in precious metals) are of two types:

▪ anonymized metal accounts (non-allocated);

▪ metal custody accounts (allocated).

Impersonal metal accounts are maintained without saving individual characteristics, metal of a certain sample in grams is taken into account.

Safekeeping metal account is a client's account for accounting for precious metals transferred for safekeeping to the Bank with the preservation of their individual characteristics (name, quantity, sample, manufacturer, serial number, etc.). A metal account for safekeeping provides for:

▪ storage and accounting of precious metals transferred for safekeeping to the bank, while preserving their individual characteristics (name, number of bars, fineness, manufacturer, serial number, etc.),

▪ transfer of metal from one account to another,

▪ issuance of precious metals from the account,

▪ the possibility of using precious metals to obtain loans,

▪ charging for storage of precious metals in accordance with current tariffs.

All transactions on metal accounts are carried out by the Bank only on behalf of the Clients. It is possible to transfer precious metals from an unallocated metal account to a safekeeping account and vice versa.

Topic 90. Commemorative and investment coins of the Bank of Russia

The result of the strengthening of the ruble will be a significant slowdown in the Russian economy inflation.

Currency market analysts were talking about the fact that the dollar would have to fall heavily.

The ruble will inevitably strengthen.

The sentiments of financiers continued to be influenced by all the same familiar factors: weak economic data for the US, a growing foreign trade deficit, a decrease in the inflow of foreign capital into the United States, and much more.

There is a question of alternative investments.

Investment coins are popular with customers as they combine monetary value with artistic beauty, ease of acquisition with a bargain sale.

All investment coins, in accordance with the second part of the Tax Code, circulate without charging VAT. Memorables - with VAT. The market value of coins changes depending on world prices for precious metals. Investment coins are products of traditional, highly automated minting production, the circulation of which can reach several million pieces. There are no mirror surfaces on coins of this type. The fields, drawings and inscriptions have the same surface texture; the reliefs do not contrast with the fields.

Banks buy commemorative and investment coins directly from the Bank of Russia. It's just that a client - an individual cannot buy there directly - only at a bank or from someone (individual or legal entity) who has already bought.

At the moment, the Bank of Russia sells investment coins:

1. George the Victorious (Metal - gold)

Denomination - 50 rubles. Sample - 99,99 Au.

The content of chemically pure metal is 7,78 grams.

Diameter - 22,60 mm.

2. George the Victorious (Metal - silver)

Denomination - 3 rubles. Sample - 99,99 Ag. The content of chemically pure metal is 31,10 grams. Diameter - 39,00 mm.

Commemorative coins are issued periodically.

The Bank of Russia sells commemorative coins made of precious metals to banks at a price including VAT. In turn, banks sell coins to customers at prices that also include VAT.

The market value of coins depends on a number of factors:

metal cost.

Coin quality.

Circulation of the coin.

The time since the coin was issued.

The acquisition of coins and their subsequent sale is possible in two ways:

Option 1 - direct redemption of coins by the bank at its own expense, with subsequent sale.

Option 2 - commission - redemption of coins at the expense and on behalf of the client.

Comparison of options is shown in Table 1.

Table 1

The Bank has the right to redeem investment and commemorative coins made of precious metals, which are legal tender, from the population. Not all banks are involved in buybacks - this information is available on the Internet.

The bank redeems the coins at the price of the metal.

For this purpose, the bank announces purchase quotes daily.

The purchase of a coin is made after the examination.

The examination includes a visual inspection of the coin and a comparison of the parameters of the coin with the catalog of coins.

If there are no mechanical damages, grease spots, other defects on the coin and the capsule of the coin, if the obverse / reverse of the coin corresponds to the parameters of the catalog, the coin is recognized as redeemable.

If necessary, the bank (in case of doubt) has the right to measure the parameters of the coin (diameter, thickness, weight). The measurement of the parameters of the coin is carried out at the cash desk of the bank in the presence of the client.

From the comment received in the security service (Sat), the bank, in case of any doubt, refuses to accept the coin from the client.

After the examination of the coin, the bank:

Forms a contract for the purchase and sale of coins.

Forms an act of acceptance - transfer of coins.

Generates incoming and outgoing documents for the cash register.

The procedure for redeeming coins takes from 30 minutes and depends on the number of coins.

To start the procedure for redeeming coins in a bank, you must:

Purchase a coin scale.

Buy measuring equipment.

Hire an employee (cashier) who knows the rules for working with coins made of precious metals, or send an employee for training.

When the Client applies for the purpose of selling the Coin(s), the bank employee:

Informs the Client about the purchase price of Coins from individual clients.

Informs the Client that the Coins are bought only in good quality: Coins have a smooth, shiny/mirror/shiny (depending on the type of coins) surface of the field and relief, clear, clear lines of drawings. It is not allowed to have scratches, burrs and notches visible to the naked eye, non-concentric location of the edge, spots, fingerprints, etc. on the surfaces of the coin.

If the Client agrees with the proposed conditions, the bank employee:

Asks to present a document proving the identity of the Client to identify the identity of the Client and draw up cash documents;

Checks the quality of accepted Coins.

Draws up an incoming cash order in 3 copies;

Draws up an account cash order for Coins in 3 copies;

Signs in the incoming and outgoing cash orders and invites the Client to sign them;

Takes the Coins from the Client and transfers them for storage.

Transfers, in accordance with the established procedure, receipt and expenditure cash orders for carrying out control procedures to the controlling employee;

Transfers in the prescribed manner the receipt and expenditure cash warrants to the cashier;

Cashier:

Verifies the data of the Client's identity document with the data specified in the cash documents;

Issues cash to the Client from the Cash Desk indicated in the outgoing cash order.

Signs in the incoming and outgoing cash orders, stamps the cash register.

Transfers to the Client incoming and outgoing cash warrants.

As part of its issuing activity, the Bank of Russia puts into circulation commemorative coins made of precious and non-precious metals and bullion coins made of precious metals, which are distributed both within the country and abroad. The Bank of Russia has been engaged in this activity since its foundation - since 1992 (previously, in 1965 - 1991, commemorative and investment coins were issued by the State Bank of the USSR).

The central place in the issues of the Bank of Russia in recent years has been occupied by coins of the historical and sports series, such long-term programs as "Outstanding Personalities of Russia", "Architectural Monuments of Russia", "Russia in the UNESCO World Cultural and Natural Heritage", "Golden Ring of Russia", " Armed Forces of the Russian Federation", "Red Book", "Let's Save Our World", "Lunar Calendar" and others.

In 1996, for the first time, Russian citizens were offered new coins for the domestic market for investment purposes. This is a gold chervonets of 1975-1982 of ordinary quality and a silver coin of 1995 with the image of a sable.

In accordance with the decision of the Board of Directors of the Bank of Russia dated March 5, 2001, ordinary quality gold chervonets and the Sobol silver coin circulate in the Russian Federation as legal tender along with new designs of coins put into circulation since January 1, 1998.

In February 2006, the Bank of Russia put into circulation a new gold coin for investment purposes with the image of St. George the Victorious, and in 2009 - a similar silver coin. At the moment, only these coins are investment coins (that is, VAT is not added when selling, unlike commemorative ones).

Gold chervonets of ordinary quality, gold coin "George the Victorious", silver coin "Sable", as well as gold coins of the "Signs of the Zodiac" series have the status and technical characteristics of coins made of precious metals, operations with which in accordance with the provisions of Article 149 of the second part of the Tax Code Russian Federation are not subject to value added tax. These provisions, as well as the relatively low cost of manufacturing the above coins, make it possible to circulate them at prices close to the value of the precious metals they contain.

According to the experts of Credit Broker deniskredit.ru, this creates the prerequisites for the use of gold and silver coins as an independent tool for investing free cash.

Detailed information on coins of 1992 and subsequent years of issue is contained in the Commemorative Coins Database.

Coins of the Bank of Russia are produced at the Moscow and St. Petersburg Mints, are distinguished by a high level of artistic design and impeccable quality of coinage, are recognized and in steady demand both in Russia itself and abroad, have been repeatedly awarded prizes according to the results of surveys conducted by specialized foreign numismatic publications and organizations.

The distributors of commemorative and investment coins of the Bank of Russia in the domestic market are credit organizations of the Russian Federation (currently there are more than 100 commercial banks, for example, CB Rublevsky LLC).

Since the 70s, coins have been issued in Russia from precious metals for collection and investment purposes. During the Soviet period, all of them were intended for sale on the international market, and on the territory of the USSR they were sold only to foreigners for freely convertible currency. Only in the 90s, as a number of legislative and administrative bans and restrictions were lifted, these coins began to be sold in Russia for Russian rubles - a domestic coin market emerged and developed. Today you can find commemorative and investment coins made of gold, silver, platinum and palladium with issue dates starting from 1975.

The Russian coin market is a network of credit institutions, numismatic firms and clubs in most regions of the Russian Federation. Employees of commercial banks, trade organizations, numismatists are involved in operations with coins, who are constantly faced with the problem of identifying coins, determining their authenticity.

This memo does not pretend to be a universal methodological guide to identifying counterfeit and counterfeit coins; it attempts to highlight this problem from the standpoint of practical work with domestic coins, to formulate the main recommendations that can form the basis of such work.

To begin with, let us recall the basic concepts applied to the description of a coin.

The front side of the coin (obverse) bears the image of the official symbols (the state emblem, the emblem of the Bank of Russia, the artistic symbols of Moscow), the face value of the coin, the year of issue. In addition, the designation of the precious metal according to the periodic system of D.I. Mendeleev, the alloy sample, the mass of chemically pure precious metal in the coin in grams and the trademark of the mint-manufacturer are applied to the obverse.

On the reverse side (reverse) there are portraits of the anniversaries, drawings and motifs related to the topic to which the coin is dedicated, or other symbols. There are exceptions when the face value of the coin is located on the reverse (gold chervonets 1923 and 1975-1982).

The edge of the coin disc on the sides of the obverse and reverse is framed by a piping that protrudes above the relief image of both sides of the coin and has the shape of a continuous narrow ring in plan view.

The side surface of a coin is called a edge.

All drawings and inscriptions applied to the obverses and reverses of coins are executed in relief, that is, protruding above the field - flat areas devoid of any images and inscriptions. Gold chervonets issued in the USSR also have an inscription on the edge "PURE GOLD 1 ZOLOTONIK AND 78,24 SHARE (P L)", made not in relief, but in deep font.

The totality of all alphabetic and digital inscriptions found on a coin (on the obverse, reverse and edge) is called a legend.

The ligature weight of a coin is its total weight in grams.

The content of the precious metal in a coin reflects the absolute value of the amount of chemically pure precious metal in the coin in grams.

The assay of a coin shows the ratio between the amount of chemically pure precious metal in a coin and its total (ligature) weight. It is expressed by the number of weight units of chemically pure precious metal in 1000 weight units of the ligature mass of the coin.

According to the features of the technological process of minting, coins are divided into two main groups:

▪ performed as “proof” (or “proof-like”);

▪ performed in normal (“A/C”) or improved (“B/A”) quality.

Proof quality coins are produced by a method that allows to obtain a clean, mirror-like field and a matte relief image and inscriptions on the surface of the coin. As a rule, these are collectible coins, the issue of which is timed to coincide with anniversaries and memorable dates, significant events in history and the present, or dedicated to topical issues of culture, environmental protection, and other similar topics. The drawings of their reverses are often complex in composition, multifaceted; the inscriptions indicate the subject to which the issuance of the coins is dedicated.

Recently, the mints of a number of countries have been mastering a new minting technology called reverse frosted, in which a silky matte field is formed on the surface of the coin, and individual details of the relief pattern are made using the "proof" technique.

Coins of ordinary quality are products of traditional highly automated minting production: course and small change coins (circulating at face value as real means of payment), as well as coins made of precious metals for investment purposes, the circulation of which can reach several million pieces. There are no mirror surfaces on the coins of this type, the fields, drawings and inscriptions have the same surface texture, the reliefs do not contrast with the fields. The drawings on the reverses of such coins are often simple, one-dimensional.

Coins of improved quality differ from coins of ordinary quality mainly in that they do not have small scratches visible without the use of special technical means, which is achieved through the use of automatic machines and equipment equipped with devices that prevent the finished coins from coming into contact and, thereby, eliminating the possibility of formation there are scratches on their surface...

In the history of coins, which has more than 2700 years, the following types of abuse are known.

Coin counterfeiting in the narrow sense of the term is the illegal manufacture of coins or the alteration of genuine coins in order to sell them as rare numismatic specimens. Forged, as a rule, old, rare samples of coins with a high numismatic value. At the same time, the attackers either completely make an imitation of a numismatic rarity, or “remake” a coin that is similar in appearance, but usually inexpensive, changing certain design details in it in order to pass it off as a rare, more expensive one. There are known methods of counterfeiting rare coins, such as the use of old chased tools (stamps), which were subject to certain changes, the connection of the obverse and reverse sides of two different genuine coins, sawing off the design details of an ordinary coin and soldering new details characteristic of a rare coin, changing the appearance authentic coins by engraving, making imitation of coin rarities by electroforming, etc. Since there are no rare numismatic specimens among the coin issues of the USSR and the Russian Federation, this problem is not relevant for this memo.

Illegal reduction in the mass of a coin in order to appropriate the precious metal takes place in cases where an attacker steals a small amount of metal by scraping it from certain sections of the coin, sawing off the edge, edging, evenly erasing the entire surface of the coin and other mechanical influences. After such "treatment" the coin is returned to circulation as a full-fledged one.

Illegal reduction in the weight of the coin was common during the period of circulation of a large number of valuable coins made of precious metals (for example, during the era of the gold standard, when the denominations of coins corresponded to their market "metal" value). For quite a long century of their lives, gold and silver coins, acting as means of payment, constantly passing from hand to hand, from one purse to another, were subject to natural wear and tear: they acquired traces of scuffs, scratches, dents from falling on hard surfaces or checking "on tooth", etc. These natural defects of the coins, as well as the features of the reliefs applied to them, were used by attackers to mask scrapings, sawing, biting and other mechanical influences used to separate metal particles from the coin.

Although modern coins made of precious metals do not participate in the payment turnover and practically do not wear out, the possibility of coins with a reduced amount of metal appearing on the domestic market cannot be completely ruled out.

Counterfeiting is the illegal production of coins and their introduction into circulation under the guise of genuine ones to generate income.

To identify coins made of precious metals of the ordinary assortment, which are discussed in this memo, as well as to identify counterfeits among them, it is quite enough to know the basic properties of metals, technical parameters and design features of genuine coins, as well as be able to use simple, affordable and inexpensive tools. Of course, some experience of practical work with coins is required.

This technique is based on the principle of comparing the design details of the coin under study and its technical parameters with genuine samples and the requirements of industry standards (technical specifications) for coins in force in the Russian Federation.

It is necessary to be aware that a modern coin made of precious metal is a product of rather high complexity.

Firstly, it is a work of art, a sculpture of a small form, it often depicts portraits, figures of people, animals, and various objects with a high degree of resemblance to the originals.

Secondly, highly specialized, strictly standardized minting production ensures high-quality design of coin surfaces in compliance with strictly specified technical and geometric parameters, their uniformity for the entire circulation.

The combination of these features creates significant difficulties for counterfeiters, since accurate reproduction of complex relief patterns of genuine coins and ensuring an acceptable level of quality in the technical processing of counterfeits, even using factory equipment (not minted), not to mention artisanal conditions, is associated with great problems.

Using the technologies available to counterfeiters (casting, electroforming, etc.) it is impossible to solve these problems, since none of these methods allows you to fully reproduce the technological specifics of minted production.

One of the most important problems for a counterfeiter is the choice of raw materials.

Let's compare the main properties of chemically pure metals and a number of alloys that can be used to make counterfeit coins.

The table below shows that the more valuable noble metal - gold - is most reliably protected from counterfeiting by nature itself: in appearance and color, only copper alloys are similar to gold, but they have half the density. Consequently, similar in appearance (color, luster) and identical in weight coins made of gold and, for example, bronze will differ sharply in geometric dimensions (volume). And vice versa, when reproducing the geometric volumes of a genuine gold coin, a bronze counterfeit will be almost twice as light as the original. In addition, the surface of a product made of any copper alloy retains a "golden" sheen for a very short time.

A number of white non-ferrous metals are closer in density to silver - also a white metal, however, most of them give out oxides - dull grayish films that cover them in air. Tin and lead, in addition, markedly differ from silver in their higher ductility.

In addition, being a member of the group of white metals, silver differs from them not only in its resistance to atmospheric oxygen, but also in its characteristic “silver” hue, which differs from the shades of non-ferrous metals in this group: cold, dull, gray, bluish-gray, etc. .

For a person who knows these features and has certain practical skills, it is not very difficult to distinguish non-ferrous metals from precious ones in appearance and density.

The totality of the requirements of the current standards for the technical parameters of coins made of precious metals and the peculiarities of their decoration represent a completely sufficient arsenal both for reliable protection of these coins from falsification and for determining their authenticity.

In this regard, knowledge of the following requirements of industry standards, which are strictly observed when minting coins at mints, is very useful.

1. The edging of the coin must protrude above the relief pattern and the inscription on the obverse and reverse. Thus, being on a flat surface, the coin rests only on the edge, without swinging.

2. The images of the obverse and reverse are oriented in the same direction along the vertical axis of the coin, like the pages of a book relative to the spine. The displacement of the image axes of the obverse and reverse relative to each other is allowed by no more than 1 mm along the edge.

3. The edging of the coin must be whole, continuous, uniform in width.

4. Visible displacements of the edge, solid and dotted circles and circular inscriptions of the coin relative to the center of its disk are not allowed.

5. For each type of coin, standard values of the ligature mass in grams, diameter and thickness (according to the edge) in millimeters, as well as the limits of permissible deviations (tolerances) are established. These data are contained in the annual catalogs of the Bank of Russia "Commemorative Coins of Russia", as well as in the information letters of the Department of Cash Circulation of the Bank of Russia, sent to distributors. The diameter and thickness of the coin must be the same in all parts of the disc of the coin.

6. The color of the coin must be even and uniform over its entire surface. Over time, under the influence of the natural environment, a patina is formed on silver coins - a film of various shades. The patina does not damage the metal of the coins, but rather protects it from further oxidation.

The coin of "proof" and "proof-like" quality has a smooth, mirror surface of the field and a matte relief of drawings and inscriptions. The following single deviations are allowed, which are visible to the naked eye and do not impair the appearance of the coins:

▪ risks (thin, web-like lines formed by a light mechanical smoothing effect on the surface of the coin, without clearly visible signs of its destruction), located directly at the edge, or near the inscription, or at the borders of the relief design, as well as on the edge and engraving in the case of the side being made coins with a matte field;

▪ small dusty dots of light colors: light gray, bluish, white, as well as small dusty shiny dots;

▪ faint reflections on the matte surface on one of the elements of the relief design, on the edging, or on the field of the coin if it is matted;

▪ insignificant difference in shade of the matted design (or field in the case of matting) on different coins of the same denomination;

▪ weak halo of a matte field and slight tarnish of the mirror field of the coin.

7. The edge of a coin made of precious metal is most often formed by the corrugation method: narrow rectilinear protrusions are formed on the surface of the edge during minting, located perpendicular to the plane of the coin disk.

The height, width of the corrugations, as well as the distances between them are the same for each type of coin.

The official description of each type of coin indicates the exact number of corrugations of the edge and the features of their location.

Minor bevels of the sharp edges of the edging, small burrs on it and light short scratches on the margins of the obverse and reverse are allowed on coins of ordinary quality. Bevels and burrs of edges of the edging of coins made as "proof" and "proof-like" are also allowed. Therefore, by measuring the thickness of a coin with a caliper, you can get a value that exceeds the maximum allowable according to specifications. To avoid such distortions, the thickness of the coin should be measured with a micrometer in the area of the inner edge of the edge.

An equally important means of protecting a coin is the combination of elements of the decoration of its obverse and reverse, their location and clarity of elaboration. The more complex the drawings on the coin, the more small details on it, the more difficult it is for the counterfeiter to reproduce them close to the original. It is small details, such as dots, risks, curls of ornaments, elements of letters, numbers, etc., their location relative to other parts of the pattern, that play an important role in recognizing counterfeit or counterfeit coins.

It is appropriate to note that the modern "proof" minting technology, for which special machine tools and equipment are used, is in itself an insurmountable barrier for counterfeiters: in the entire history of the application of this technology (it appeared in the form described above about 20 years ago), not one country of the world, not a single fact of the appearance of a counterfeit proof coin was noted.

Therefore, when working with coins of this kind, the main attention should be paid to the state of the surface, the features of the decoration and the physical condition, that is, the presence of possible mechanical damage. The high quality of processing of all surfaces of the "proof" coin makes it easy to detect any, including the smallest, traces of instrumental impact on the coin. (Even the touch of a fingertip to the mirror field of such a coin leaves a greasy mark on it that is difficult to remove).

Thus, the problem of illegal reduction in the weight of the coin and falsification of coins is more related to coins of ordinary minting quality.

It can be:

▪ reducing the height of the edge around the entire circumference or in certain areas by erasing it with an abrasive tool;

▪ notching and biting individual sections of the edge;

▪ cutting the edge along the entire plane or in separate areas;

▪ drilling the coin alloy on the edge or on one of the planes of the coin, followed by sealing (pressing, soldering) the holes with another metal similar in color to the coin alloy;

▪ scraping coin metal with a flat tool from the surfaces of the coin;

▪ production of coins from base metals or from low-grade alloys of precious metals coated with a layer of high-grade precious metal;

▪ making the entire coin from a precious metal alloy of a lower standard than the original;

▪ production of a coin from a non-ferrous metal similar in color to the original precious metal.

Any deviations from the requirements of the standards, changes in the design details of coins, traces of mechanical impact on them, signs of falsification are easily detected by carefully examining the surfaces of the coin under study through a magnifying glass with two to four times magnification, measuring its diameter and thickness with a caliper, micrometer (or other similar instrument) and its weighing on general-purpose scales of I-II accuracy classes according to GOST 24104-88E with the corresponding maximum weighing weight.

To facilitate this work, it is recommended to inspect a dubious coin, comparing it with a reference sample of a genuine coin.

Files, scrapes, polished places of pressing (soldering) of foreign metals stand out against the background of even, untouched areas of the surface of the coin by the nature of the luster, the angle of light reflection, and clearly visible boundaries between the treated and untouched surface.

Foreign metal differs from the color of the main coin alloy in color.

Saws of the corrugations of the edge (along the whole circle or in separate sections) reduce their height and increase their width, reduce the diameter and weight of the coin. The corrugations applied to the edge of a counterfeit coin with a cutting tool differ sharply from those obtained during minting: they are not high, not the same in size, and can be separated by characteristic cut grooves.

Forgeries made by casting are distinguished by blurred, blurred outlines of patterns, and sometimes by an oily surface of the field.

Erasing, sawing off the edge along the entire circumference is often accompanied by damage to the highest points of the relief of coin patterns and the formation of clearly visible flat edges in these places.

Scrapings give themselves away by the angles of reflection of light and the subtle risks left by the tool.

Thus, if the technical parameters of the studied coin made of precious metal (mass, diameter, thickness) are within the limits allowed by the standards, there are no traces of mechanical influences on its surface, and there are no deviations from the reference sample in the details of its design, there is no reason to doubt its authenticity. .

Topic 91. Electronic money and payments

This topic describes the most popular electronic money: webmoney (WebMoney) and Yandex. Money, as well as a brief educational program on installation and operation.

To become a member of the WebMoney Transfer system, you need to install a client interface on your personal computer, PDA or mobile phone, register in the system and accept its terms, while receiving a WM-identifier - your unique number. The registration process also involves entering personal data and confirming their accuracy through the WM-certification service. Each user has a WM-passport - a digital certificate compiled on the basis of the personal data provided by him.

All transactions in the system are instant and irrevocable.

Depending on your technical capabilities, working conditions or wishes, WebMoney provides you with free tools for working with the system and making payments:

WM Keeper Classic- is a separate program installed on the user's computer

WM Keeper Light- a web application that does not require installation of client software on the user's computer. The results of the work are transmitted to the user's browser via a secure https connection

Telepat- designed for real-time calculations using mobile devices

Each member of the system has a certain business level (BUSINESS LEVEL). BL is a public summary characteristic of the level of business activity of the owner of the WM-identifier, which is calculated based on data on:

duration of active use of WebMoney Transfer;

the number of correspondents with whom the user had transactions;

the volume of transactions carried out;

claims or positive feedback against the user

The BL value can be seen in the WM Keeper dialog when working with a specific counterparty, as well as on the pages of the system's services.

The system supports several types of title units backed by various assets and stored on the respective e-wallets:

WMR - the equivalent of Russian rubles (purse type R),

WMZ - equivalent of US dollars (purse type Z),

WME - Euro equivalent (type E wallet),

WMU - the equivalent of the Ukrainian hryvnia (purse type U),

WMB - the equivalent of Belarusian rubles (purse type B),

WMY - the equivalent of Uzbek sums (purse type Y),

WMC and WMD - the equivalent of WMZ for credit operations on C- and D-purses

New! WMG - gold equivalent (purse type G)

Attention! When transferring funds, the same type of wallets are used, and the exchange of various title units is carried out in exchange services.

All payments in the system are instant and irrevocable.

Security and Privacy

WebMoney Transfer technology has been developed taking into account modern security requirements for information management systems via the Internet.

Establishing the truth of information is a key moment in ensuring the security of any data passing through the System.

WebMoney Transfer provides 3 types of authentication:

▪ using files with secret keys. To run WM Keeper Classic you need: a unique 12-digit WM identifier, a password (assigned by the user), as well as files with a secret key and wallets that are stored in the computer’s memory. ATTENTION! Be sure to back up your key files and wallets on removable media and store them in a safe place! This will greatly facilitate the restoration of access to your wallet in the event of loss or destruction of files on your computer;

▪ using personal digital certificates;

▪ using the e-Num authorization system, which ensures the highest level of information security. The fundamental innovation is that critical personal data no longer needs to be stored on the computer itself. Authorization is ensured through the use of one-time session pairs: login number and password number, which change each time you log in to the system and are not repeated. Protection is provided both by cryptography and at the architectural level using the so-called one-time pad. The secret key for accessing data is stored not in the computer, but in the user’s mobile phone, which allows it to be used when working from different computers, and also eliminates the risk of damage or theft of the key by Trojans and other malicious programs.

The architecture of the system excludes unauthorized access to users' WM-purses and does not allow making payments using WM-purses with no funds.

All operations in the system - storing WebMoney on wallets, issuing invoices, settlements between participants, messaging - are performed in encrypted form, using an information protection algorithm similar to RSA, with a key length of more than 1040 bits. For each session, unique session keys are used, which ensures guaranteed confidentiality of transactions and information exchange.

At the system level, stability is provided in relation to communication breaks. When making a transaction, the funds are always either on the sender's WM-wallet or on the recipient's WM-wallet. There is no intermediate state in the system. Thus, in principle, a situation cannot arise when WM-funds are lost.

In addition to the built-in technological mechanisms, the system supports additional services, which are configured by users themselves.

Identification

When registering, a WebMoney Transfer participant is assigned a unique number - a 12-digit WM-identifier (WMID) required to work in the system.

To verify the identity of the owner of a WM-identifier, WM-certification is valid in the system.

Users of the system can use automated tools to identify and authenticate participants when building their own applications (see the "For Developers and Webmasters" section).

Confidentiality

If desired, using the settings of the WM Keeper program, you can close your personal information (first name, last name, e-mail, postal address, etc.) from being viewed by other WebMoney Transfer participants. In this case, when making transactions, the second party will not be able to obtain the specified information about you.

If in the future your trading partner requires you to provide some of the above personal information and you agree to this requirement, then the WM Keeper program settings will allow you to make this information available.

It is impossible to determine the numbers of the WM purses you use using your WM-ID. If you wish, you can install any number of versions of WM Keeper on your computer and log in using different WM-IDs.

For each transaction, the system charges a fee of 0.8% of the payment amount, but not less than 0.01WM. In this case, the maximum commission does not exceed:

WMZ WME WMR WMU WMB WMY WMG

50 50 1500 250 100 000 55 000 2

The exception is transactions between the same type of wallets of the same WM-identifier, in which no commission is charged.

For making credit transactions from the owners of type D purses, the system charges a fee of 0.1% of the amount of each loan provided by them, but not less than 0.01 WMZ.

To use an account, you need to activate it, and not just create it.

For operations on input/output of funds to/from the system, a fee is charged in accordance with the current tariffs of agents.

WM Keeper

Interface for working in the WebMoney Transfer system.

WM Keeper Light

WM Keeper Light does not require installation of the program on the user's computer. The results of the work are transferred to the client's browser via a secure https connection.

To work with WM Keeper Light, it is enough to install a WebMoney Transfer x.509 client certificate on your computer and launch a browser. WM Keeper Light supports various browser versions, so it can work on any platform.

WM Keeper Light is designed for those WebMoney Transfer clients who, for one reason or another, do not want or are unable to install the "full" version of WM Keeper Classic on their personal computer. WM Keeper Light can be accessed from any computer connected to the Internet, including mobile devices.

To register and log in to WM Keeper Light, there are 2 methods of authorization:

Through a personal digital certificate installed on the user's computer in the certificate store.

Through the e-num authorization system.

Authorization with a personal digital certificate

Registration and obtaining a personal digital certificate is possible in Microsoft Internet Explorer or Netscape and is performed at www.wmcert.com.

We recommend that you use the current versions of browsers available from the Microsoft and Netscape websites.

To launch the WM Keeper Light server application, install the certificate and go to https://light.webmoney.ru.

Installation includes the following steps:

Registration and obtaining a personal certificate.

Saving a personal certificate and creating a backup copy.

Installing and using a personal certificate.

The secret key required to access the WM-identifier is contained in the certificate. During operation, the personal certificate must be installed in the certificate store.

A fundamental security innovation is that sensitive personal data no longer needs to be stored on the computer itself. Authorization is provided through the use of one-time session pairs: login-number and password-number, which change each time you log in and do not repeat.

Saving and backing up a personal certificate

When enrolled, the certificate and the resulting private key are saved so that they can be exported from the local computer's certificate store to back up the client's personal certificate. When you complete the enrollment operation, you must export the personal certificate, make a backup copy of it, and delete it from the certificate store, because you do not want to leave it in the store in exported mode. Export is launched from the "Certificate Manager" (in Internet Explorer - "Internet Options" dialog, "Contents" tab, "Certificates" button). After exporting to a file, you can install a personal certificate on any of your computers by clicking on it.

Installing and using a personal certificate

The most acceptable option for installing a personal certificate on the user's computer is the "Strong private key protection" mode. This mode is set by the "Enable strong private key protection" flag in the dialog asking for a password when installing a personal certificate. However, it is not recommended to install a personal certificate in exported mode.

In the "Strong private key protection" mode, each time a personal certificate is accessed, a dialog box will be displayed asking for permission for the program to use the private key. Since with an SSL connection this access is only carried out at the initial stage, the selected mode will not be too onerous. It is advisable to set a more strict regime for accessing the private key (using a password) if unauthorized persons can access the personal computer at any time.

Attention!

After the end of the session with WM Keeper Light, we recommend deleting the personal certificate from the certificate store. Otherwise, it can be used by those who gain access to your computer. In the "Strong private key protection" mode with a password, this will be difficult, but password protection is not always sufficient, especially when it comes to accessing significant funds. The easiest way to install a certificate is from a PFX file (by double clicking on the file).

Recommendations for connecting and launching WM Keeper Light

A browser is used to register and launch WM Keeper Light. The connection is established over the HTTPS protocol using a secure connection - the 128-bit version of SSL). Authorization of the WM Keeper Light client is performed on the basis of a personal certificate. We recommend using the latest versions of browsers.

Attention!

Before the expiration of the personal digital certificate for the received WM ID (certificate is issued for one year), you must renew / renew the certificate for this WM ID. This operation is available two weeks before the certificate expires on the certification service page. The current personal certificate for the WM ID you are renewing must be installed and you must select it when entering the specified page. Two weeks before the expiration of the certificate, the system notifies you of the need for renewal at the postal address you specified in your registration data.

WM-ID WMID

The unique identification number of the system participant, consists of 12 digits.

WebMoney title signs

Universal accounting units used for settlements in the WebMoney Transfer system.

WM wallet

An electronic account for transactions with WebMoney title units. The purse number, consisting of 12 digits with a prefix, serves as payment details for the owner of the WM-identifier.

WM wallet type

A prefix before the purse number indicating the correspondence of the title units stored on the purse to a certain type of collateral (currency) provided by one of the Guarantors of the system.

Guarantee

A commercial or credit organization that provides deposit/withdrawal of funds to/from the system on behalf of the owners of WM-purses of the corresponding type.

WM-passport

A digital certificate issued to a WebMoney Transfer participant who has submitted his personal data to the Certification Center (certified by a notary or a representative of the Certification Center).

Characterizes the status of the participant in the system.

Account

A WM-transaction request from a participant contains the number, amount and purpose of the operation.

Message

Arbitrary data sent between participants, the authenticity and integrity of which is certified by the Center for Certification of transactions of the WebMoney Transfer system.

EDS (electronic digital signature)

A binary sequence obtained by computation (cryptographic procedure) using a secret key and a public electronic message. EDS allows you to control the integrity of an electronic message and uniquely identify its author. EDS is an electronic analogue of a conventional signature on paper documents, although it has its own characteristics. The properties of the mathematical algorithm for creating and verifying an EDS are a guarantee that such a signature cannot be forged by unauthorized persons. At the same time, the use of asymmetric cryptography allows the owner of the secret key to sign the message, and to verify it - to any user who has the corresponding public key. At the same time, it is impossible to re-sign the modified message without having the secret key. Thus, by transmitting a message and an EDS along with it, it is possible to guarantee the recipients the immutability of the document and the author of the signature.

EDS verification

A cryptographic procedure that checks the integrity and authenticity of an electronic message based on the public key and the public electronic message.

Key

A binary sequence recorded in the user's computer memory (on a floppy disk or other medium). The key consists of two parts: a private key and a public key. The secret key is stored only by the user, and is used when performing EDS, encryption, decryption. The public key can be stored on the system's certification server and is readable by all users of the WebMoney Transfer system. The public key is used to verify the digital signature, encrypt and decrypt.

Authentication

Authentication, establishing the truth of information solely on the basis of the internal structure of the information itself, regardless of the information source. In the SSL protocol, authentication is carried out by verifying a digital signature. The EDS of the verified subject can be verified using its public key, but at the same time, a correct signature can only be created if the subject's private key is known only to the owner (i.e., the subject). Thus, knowing the public key of the client and offering him to sign a block of data, it is possible, by verifying his signature, to accurately identify and authenticate him.

Certification

Authentication of information objects by a third party not involved in the process of information exchange. Using the authentication described above, you can verify the authenticity of the source of the message when two objects interact. However, this requires that the interacting entities exchange some key information before the actual data transfer begins. This information includes the algorithm used for authentication and the key. The problem arises when it is necessary to verify the authenticity of an object that has not previously participated in the information exchange. The only way to achieve this is to delegate the right to authenticate to a third party. The third party is called the "Certificate Authority". In order to verify the authenticity of the Certification Authority exchanges information with the object, the authenticity of which he confirms.

Certificate Authority (CA)

A hardware and software complex that implements the functions of issuing user public key certificates and lists of revoked certificates.

List of revoked certificates

A file containing identifiers for early revoked certificates corresponding to compromised user secrets.

Certificate

Identification information about the user and his public key, signed with an EDS using the secret key of the Certification Authority. The public key certificate of the Certification Authority is available to all users of the system, and each of them can verify the authenticity of the certificates of other users. There are three types of digital certificates used in SSL: a server certificate, a personal certificate, and a CA certificate.

Personal certificate

The document issued by the CA to each of the interacting objects, the authenticity of which it must certify. A personal certificate contains information about the object (for example, WM identifier, e-mail), as well as its private key, and serves to identify the client.

CA certificate

Used to authenticate a Certification Authority. It is used to sign a server certificate and a personal certificate. The CA certificate must be stored on the server and on the client computer so that the server and browser can verify the authenticity of the certificates it has signed.

Server Certificate

Allows you to verify the identity of the web server.

Certificate Store

A special place in the computer's memory (smart cards and token devices are possible) that stores the system's digital certificates.

The issuance of title units of a certain type is carried out by the Guarantor, an organization that stores and manages the security of the issue, establishes the equivalent of an exchange for the declared property rights, published on the website of the System and in the WebMoney Keeper software an offer for the purchase and sale of title units of a guaranteed type, providing a legally significant introduction to economic circulation of title units of the guaranteed type in accordance with the laws of the country of registration.

What is Yandex. Money?

Yandex. Money is a payment system that allows you to:

▪ make secure payments online

▪ securely store all information about your deposits and payments

Manage your funds in Yandex. Money can be directly on the site money.yandex.ru.

Who needs Yandex. Money?

Yandex. Users of any services need money - both virtual and real. Instead of wasting time on trips, standing in many queues, the owners of Yandex. Money is paid for all services at a convenient time and in one place - on the site money.yandex.ru.

What is "Yandex. Wallet" and "Internet. Wallet" and what is the difference between them?

Yandex. Wallet is a Wallet accessed through the Yandex. Of money. They can be used from any computer. Internet. A wallet is a program that is installed on your computer. You can install copies of the Internet. Wallet for multiple computers. You can use a version that is more convenient for you, but remember that using the program you cannot access Yandex. Wallet, and using the web interface - to the Internet. Wallet. You need to choose one thing or have two different Wallets, independent of each other.

The methods of depositing and withdrawing money are the same for Yandex. Wallets and the Internet. Wallets, only the way of managing the Wallet differs (web interface or program). Both Wallets are included in the same Yandex.Money system. When entering money into the system, you do not need to specify the type of your Wallet, since Yandex. Wallets and the Internet. Wallets do not intersect.

How to use Wallet?

It's very simple: log in to Yandex (enter your username and password) and go to the Yandex. Of money. You will see the amount you have in your Wallet and a list of your last few payments. To add money to the Wallet, pay for something or view a detailed transaction history, you will need to enter a payment password.

If you are using the Internet. Wallet, see the information in the "Internet. Wallet" section.

Can the wallet be used from anywhere, or only from one computer?

The wallet can be used from any computer with internet access. However, we remind you that entering your data and password from someone else's computer may not be safe, as this information can be stolen by spyware.

If you are using the Internet. Wallet, see the information in the "Internet. Wallet" section.

Do I have an account where my money is kept?

Yandex. Money is not a bank. A "virtual account" is opened for you with a unique number (the same as the account of a mobile subscriber), which you replenish in any convenient way for further settlements with suppliers of goods and services and other users. When depositing money into the system, you receive an unallocated monetary obligations of the operator, signed by an analogue of his handwritten signature, that is, an electronic analogue of cash, which are used as a means of payment via the Internet. At the same time, it should be taken into account that all funds in the Yandex.Money system are secured by real bank accounts of the operating company placed in banks.

Is it possible to pay to another person and not to the store?

Yes, you can send money to another person by selecting "Transfer" in Wallet. To do this, you need to know the recipient's Wallet number or his Yandex e-mail.

Is it possible to save information about the payment to the store or the user of the system so as not to re-enter all the data?

All information is saved automatically. The last six payments are displayed on the main page on the right under the heading "Repeat last payments", when you click on the name of the payment, an already completed payment form appears. Earlier payments can be repeated through the transaction history: when you click on the name of the payment, a page with detailed information will appear, on this page there is a "Repeat" button to the right of the amount. The Yandex.Money system operates only in Russian rubles.

How to become a user of the Yandex.Money payment system?

Connecting to the Yandex.Money payment system is extremely simple. To do this, you need to activate the Wallet on the Yandex. Of money. After that, you can deposit money into your account in any way convenient for you.

If you already have mail on Yandex, you can activate the Wallet by logging in with your login. If not, you will have to register with Yandex first. Login for Yandex. Mail and Yandex. One money.

I don't live in Russia. Can I become a user of the Yandex.Money payment system?

The Yandex.Money system is intended only for residents of the Russian Federation. In particular, please note that you can only request a refund from the system in Russia, and for this you need to present a Russian passport.

Is a bank account or credit card required to work with Yandex. Money?

No. To become a client of the system, neither a bank account nor a credit card is needed. It is enough to register in the Yandex.Money payment system and deposit money into your Wallet.

Do I need to provide information about myself when registering?

Yes, it is necessary. In case of loss of the password or damage to the program files necessary to access the Wallet, we will be able to return to you the funds you previously deposited into the system only if you have indicated your passport data or the data of the document replacing the passport. Rules for applying for a refund.

Is an Internet connection required when making payments in the Yandex.Money system?

Yes. Yandex. Money is an online payment system. This means that at the time of making a payment and receiving a response about its result, you need to be connected to the Internet.

Is it possible to exchange Yandex. Money to other electronic money?

You can, through exchange offices from the section Exchange office

Does the Yandex.Money system issue its own currency?

No, the Yandex.Money system operates only in Russian rubles.

How can I find out who sent me money?

If you use Yandex. Wallet, you can see information about the payment in the History of operations section. Information about which account number and for what the transfer was made can only be seen if the payment was made from Yandex. Wallet or Internet program. Wallet version 2.4.2.0 and above. If the payment was made from the old version of the Internet program. Wallet (version 2.1.0.3 and below), then the information is not displayed.

If you are using the Internet. Wallet, see the information in the "Internet. Wallet" section.

What is the payment password for?

The payment password is necessary for greater security of your account from unauthorized access by unauthorized persons. Any actions in the Yandex.Money system must be confirmed with a payment password. Never share it with anyone. Learn more about the payment password.

Do Yandex.Money employees know my payment password?

No. No one knows and should not know but you. User passwords are stored in encrypted form, and no one has access to them.

What is a code number?

The code number is 5 or more digits that you must come up with when creating an account in the Yandex.Money system. You will need it if you forget your payment password: enter the code number and date of your birth, and the password will be restored. Remember or write down the code number! You can change it in the section "Payment data" (it is available after entering the payment password).

Can I set Wallet to send money automatically?

Neither Yandex. Wallet, no Internet program. The wallet cannot be set up to send money automatically. All operations are performed only at the request of the user and are confirmed by the payment password.

Can I create several accounts for one Yandex account?

No, It is Immpossible.

I already have the Internet program installed. Wallet. Do I need to register with Yandex to continue working with it?

To work with the payment system using the Internet. Wallet, it is not necessary to register on Yandex.

I have Yandex. Wallet and Internet program. Wallet. I want to use money from Yandex. Wallet when working with the Internet program. Wallet. How should I do it?

No way. Set up the Internet program. Wallet in such a way that she uses money from Yandex. Wallet, impossible. The reverse is also impossible.

How long is a wallet with a zero balance stored?

While there are no time limits, however, the Yandex.Money system reserves the right to change its policy on this issue.

We paid for the goods through your system, now we need documents for accounting.

The invoice and act are issued by the organization that provides the relevant work, services, on the basis of an independent agreement between it and the user. The Yandex.Money system only fulfills the order of this organization in terms of accepting payments for its services (goods). All document flow between the user and the Yandex.Money system takes place electronically. On the basis of the concluded Agreement on the use of the Yandex.Money system, such document flow is equated to paper document flow, and no other documents are issued to the user in confirmation of payment acceptance. In addition, please note that, in accordance with the System Use Agreement, a legal entity cannot be a Yandex user. Of money.

To obtain documents confirming payment for a particular product/service, you need to contact the seller of the product/service.

To receive a scanned copy of the payment order, please contact our support team.

Can a legal entity be the owner of a Wallet in the Yandex.Money system?.

No. Wallets are opened only for individuals.

The author recommends practicing on small amounts before the first large payment.

Topic 92. Employment in a bank (work in a bank)

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.

1nd step.

Look around.

What is needed.

What to do.

Job site.

Employment newspaper.

Forums about employment.

Conversation with a smart friend; sandwiches, jam, tea.

View vacancy announcements for your own and related specialties. Find out the requirements of employers and the level of salaries.

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 is needed.

What to do.

Resume samples.

Instructions on 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.

3nd step.

Involve everything and everyone.

What is needed.

What to do.

Fresh issue of the newspaper with vacancies.

Job site.

Contacts of those companies where you would like to work.

Contacts of recruitment agencies, employment services or job fairs.

Help from relatives 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.

4nd 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 was interested in your job posting for 'position title' posted in 'name of source'. My experience is quite consistent with 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.

5nd 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 turn to recruitment agencies for help. Sometimes it’s paid (if it’s an agency specialized in banking), sometimes it’s not (if it’s a non-core agency).

"Credit broker INTERFINANCE (deniskredit.ru)"

Vacancies: agent for the sale of banking products

Agent for the sale of banking products (banking sales) in Moscow

Attracting customers, telephone sales, increasing sales - sales consultant for banking products (sales specialist for banking products).

Independent organization of sales of banking products (credit broker service).

Remote work - Part-time employment.

Attracting clients for the services of a mortgage broker and / or business loans (loan broker).

Cooperation with realtors and real estate agents, bank employees...

High interest! There is no fix!

Mutual recommendations.

With successful cooperation, it is possible to register as a full-time employee (without a fix!).

It is possible to have an internship for graduates and students.

Assistance in finding employment in banks for successful agents selling banking products.

E-mail: denisshevchuk@narod.ru, info@interfinance.ru

Tel. 8903-529-0033, (495) 972-0607

Shevchuk Denis Alexandrovich

Resume sample:

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.

Topic 93. Lists of documents required to open an account (for a legal entity)

Documents required to open an account for a resident legal entity:

1. Certificate of state registration of a legal entity;

2. Certificate of making an entry in the Unified State Register of Legal Entities about a legal entity registered before 01.07.2002/XNUMX/XNUMX;

3. Certificate of registration of the legal entity with the tax authority;

4. Charter;

5. Memorandum of Association (for associations and unions, as well as for partnerships and limited and additional liability companies, with the exception of limited and additional liability companies founded by one person);

6. Amendments to the constituent documents (or a new edition);

7. Licenses (permits) issued to a legal entity for the right to carry out relevant activities, which is a credit institution, credit consumer cooperative, insurer, insurance broker, mutual insurance company, stock exchange, currency exchange, pawnshop, leasing company, non-state pension fund, management company (an investment fund, a mutual investment fund or a non-state pension fund), a specialized depository (an investment fund, a mutual investment fund or a non-state pension fund), a professional participant in the securities market;

8. Letter from the State Statistics Committee of the Russian Federation on the assignment of codes and classification features;

9. Extract from the Unified State Register of Legal Entities, issued not earlier than 30 calendar days before the date of its transfer to the Bank;

10. Decision (minutes) of the authorized body on the election of the sole executive body;

11. Documents confirming the authority of the persons indicated in the card of signature samples and seal imprints: an order from the head or a power of attorney on granting the right to first or second signature of settlement documents.

Order on the appointment of the chief accountant / accountant. If there is no position of an accountant in the organization's staffing table, an order from the sole executive body to assign the duties of the chief accountant to itself or to transfer accounting to another person on a contractual basis;

Documents confirming the personal composition of the bodies of the legal entity (this information can be indicated by the legal entity in the client's questionnaire or presented in the form of a list signed by an authorized person; information on the personal composition of the general meeting of shareholders (for joint-stock companies) can be presented in the form of an extract from the register of shareholders , certified by the head of the client);

12. For branches (representative offices) of legal entities, the following shall be submitted additionally:

▪ Regulations on the branch (representative office);

▪ notification of registration with the tax authority of a legal entity at the location of a separate division on the territory of the Russian Federation;

▪ documents confirming the authority of the head of a separate division (order or decision on appointment and power of attorney).

13. A power of attorney to open an account and a copy of an identity document if, on behalf of a legal entity, an application for opening an account is signed by a person who is not the head of the legal entity;

14. Copies of documents proving the identity of the persons indicated in the card of signature samples and seal imprints;

15. Card with samples of signatures and a seal imprint in the form established by the Bank of Russia, certified by a notary or CB;

16. An application for opening an account, a bank account agreement (in 2 copies) and a client questionnaire filled out and signed by a legal entity in the form approved by the Bank;

The documents provided for in paragraphs 1-14 are submitted in the form:

▪ copies certified by a notary or government agency that issued/registered the document or

▪ copies made and certified by the Bank or

▪ copies certified by the signature of an official and the seal of a client - a legal entity with a mandatory decoding of the position, surname, first name, patronymic (if any) of the signatory when providing the Bank with the original for comparison or

▪ originals.

This list may be expanded by the Bank when considering documents for opening an account in individual cases.

Documents required to open an account for a non-resident legal entity:

1. Documents confirming the legal status of a legal entity under the laws of the country in whose territory this legal entity was established:

▪ constituent documents;

▪ documents confirming state registration of a legal entity;

2. For branches (representative offices) of non-resident legal entities, the following are additionally provided:

▪ Regulations on the branch (representative office);

▪ a document confirming state accreditation of the branch (representative office) in the Russian Federation;

▪ documents confirming the appointment to the position and powers of the head of the branch (representative office);

3. Certificate of registration with the tax authority (registration with the tax authority) in the Russian Federation;

4. Licenses (permits) issued to a legal entity for the right to carry out activities subject to licensing (if licenses are available);

5. Documents confirming the powers of the sole executive body (head) of the legal entity;

6. Documents confirming the authority of the persons indicated in the card of signature samples and seal imprints: an order from the head or a power of attorney on granting the right to first or second signature of settlement documents.

A document confirming the election (appointment) of a person authorized by the constituent documents to issue a power of attorney (in the case of granting authority to manage an account to a representative of a legal entity or in the case of an agreement on opening an account by a representative of a legal entity);

A power of attorney to conclude an agreement on opening an account, a copy of an identity document in case of an agreement on opening an account by a representative of a legal entity;

7. Copies of documents proving the identity of the persons indicated in the signature and seal sample card

8. A card with sample signatures and an imprint of a seal in the form established by the Bank of Russia, certified by a notary;

9. An application for opening an account, a bank account agreement (in 2 copies), a client questionnaire, filled out and signed in the form approved by the Bank;

The documents provided for in paragraphs 1-7 shall be submitted in the form of notarized copies.

Documents issued abroad by the Russian Federation must be legalized at the embassy (consulate) of the Russian Federation abroad or at the embassy (consulate) of a foreign state in the Russian Federation. Legalization of documents is not required if these documents were issued in the territory of:

a) member states of the Hague Convention Abolishing the Requirement of Legalization for Foreign Public Documents of 1961 (if there is an apostille affixed on the document itself or on a separate sheet by the competent authority of a foreign state in accordance with the requirements of the Convention);

b) States parties to the 1993 Convention on Legal Assistance and Legal Relations in Civil, Family and Criminal Matters;

c) states with which the Russian Federation has concluded agreements on legal assistance and legal relations in civil, family and criminal cases;

Documents drawn up in a foreign language shall be submitted to the Bank with a duly certified translation into Russian.

Documents required for opening an account for an individual entrepreneur or an individual engaged in private practice in accordance with the procedure established by the legislation of the Russian Federation:

1. Identity document;

2. Card with samples of signatures and a seal imprint in the form established by the Bank of Russia, certified by a notary or CB;

3. Documents confirming the powers and copies of documents proving the identity of the persons indicated in the signature and seal sample card (if such powers are transferred to third parties):

▪ power of attorney granting the right of first or second signature on payment documents;

4. Certificate of registration with the tax authority;

5. Certificate of state registration as an individual entrepreneur;

6. Certificate of making an entry in the Unified State Register of Individual Entrepreneurs about an individual entrepreneur registered before January 1, 2004;

7. Extract from the Unified State Register of Individual Entrepreneurs, issued not earlier than 30 calendar days before the date of its submission to the Bank;

8. Licenses (patents) for the right to carry out activities subject to licensing (regulation by issuing a patent) (if licenses are available);

9. For notaries: a document confirming the authority (appointment to a position), issued by the justice authorities of the constituent entities of the Russian Federation;

10. For lawyers: a document confirming the registration of the lawyer in the register of lawyers;

11. An application for opening an account, a bank account agreement (in 2 copies) and a client questionnaire filled out and signed in the form approved by the Bank;

The documents provided for in paragraphs 1-10 are submitted in the form:

▪ copies certified by a notary or government agency that issued/registered the document or

▪ copies made and certified by the Bank or

▪ originals.

Topic 94. Why do I need a loan broker?

1. There are several hundred banks in Moscow, they all say that they lend, they indicate this service on their websites.

2. In reality, most banks do not lend to clients "from the street", rather they need money from clients to finance the business of the founders and firms friendly to the founders (real owners).

3. Some banks were specially created to raise funds for the purposes of their creators.

5. As a rule, the main profitability of many banks is operations that have nothing to do with lending to clients "from the street."

7. The actual terms for considering clients "from the street" are many times longer than those declared, sometimes several months.

8. For "off the street" clients, it is necessary to immediately collect dozens of documents, for "our own" - a preliminary decision remotely.

9. Wasted time and money is much more expensive than the average broker's fee.

Authors: Shevchuk D.A., Shevchuk V.A.

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In a modern technology world where distance is becoming increasingly commonplace, maintaining connection and a sense of closeness is important. Recent developments in artificial skin by German scientists from Saarland University represent a new era in virtual interactions. German researchers from Saarland University have developed ultra-thin films that can transmit the sensation of touch over a distance. This cutting-edge technology provides new opportunities for virtual communication, especially for those who find themselves far from their loved ones. The ultra-thin films developed by the researchers, just 50 micrometers thick, can be integrated into textiles and worn like a second skin. These films act as sensors that recognize tactile signals from mom or dad, and as actuators that transmit these movements to the baby. Parents' touch to the fabric activates sensors that react to pressure and deform the ultra-thin film. This ... >>

Petgugu Global cat litter 15.04.2024

Taking care of pets can often be a challenge, especially when it comes to keeping your home clean. A new interesting solution from the Petgugu Global startup has been presented, which will make life easier for cat owners and help them keep their home perfectly clean and tidy. Startup Petgugu Global has unveiled a unique cat toilet that can automatically flush feces, keeping your home clean and fresh. This innovative device is equipped with various smart sensors that monitor your pet's toilet activity and activate to automatically clean after use. The device connects to the sewer system and ensures efficient waste removal without the need for intervention from the owner. Additionally, the toilet has a large flushable storage capacity, making it ideal for multi-cat households. The Petgugu cat litter bowl is designed for use with water-soluble litters and offers a range of additional ... >>

The attractiveness of caring men 14.04.2024

The stereotype that women prefer "bad boys" has long been widespread. However, recent research conducted by British scientists from Monash University offers a new perspective on this issue. They looked at how women responded to men's emotional responsibility and willingness to help others. The study's findings could change our understanding of what makes men attractive to women. A study conducted by scientists from Monash University leads to new findings about men's attractiveness to women. In the experiment, women were shown photographs of men with brief stories about their behavior in various situations, including their reaction to an encounter with a homeless person. Some of the men ignored the homeless man, while others helped him, such as buying him food. A study found that men who showed empathy and kindness were more attractive to women compared to men who showed empathy and kindness. ... >>

Random news from the Archive

Accelerator KFA2 GeForce GTX 960 EXOC White Edition 12.05.2015

KFA2 brand introduced the GeForce GTX 960 EXOC White Edition graphics accelerator with factory overclocking for gaming desktops.

The novelty is made in white color, in which the casing, the reinforcing back plate and the blades of two fans are painted. At the same time, the printed circuit board itself has a black design, which creates a certain contrast.
The "heart" of the video card is a 28-nm GM206 chip (Maxwell architecture). The product contains 1024 stream processors, 64 texture and 32 raster units. The accelerator is endowed with 2 GB of GDDR5 memory with a 128-bit bus.

The base frequency of the chip core has been increased from the standard 1126 to 1279 MHz, and the frequency in the "turbo" mode - from 1178 to 1367 MHz. In this case, the memory operates at a reference frequency of 7010 MHz.
The composition of the cooling system, in addition to the pair of mentioned coolers, includes nickel-plated copper heat pipes with a diameter of 8 mm, which have direct contact with the GPU.

To connect monitors, there are two DVI interfaces, as well as one DisplayPort 1.2 and HDMI 2.0 connector.

It will be possible to purchase the KFA2 GeForce GTX 960 EXOC White Edition accelerator at an estimated price of 210 euros.

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News feed of science and technology, new electronics

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