Money. Credit. Banks. Lecture notes: briefly, the most important

Lecture notes, cheat sheets
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Money. Credit. Banks. Lecture notes: briefly, the most important

Lecture notes, cheat sheets

Table of contents

1. Necessity and prerequisites for the emergence and use of money.

Each stage of the development of society has its own idea of money. Cattle, stones, metal, etc. served as money at different stages. Today, money is coins and banknotes, as well as hidden information on plastic cards. All these tangible objects and intangible assets are called money, because. we can use them to buy things that are useful to us, to achieve the provision of a useful service, to gain access to information. Even Aristotle divided the science of wealth into "economy" and "chrematistics" (the art of accumulating money).

The essence of money is to facilitate the exchange of goods and payments in a society based on the division of labor. The appearance of money in such conditions is a social necessity.

Origin of money. Objective reasons: economic growth; division of social labor; allocation of a special product, the most adapted to the role of an intermediary in the performance of exchange transactions. This is the essence of the evolutionary concept. Subjective reasons: money as a product of an agreement between people; occurred through the concrete actions of people, governments. This is the essence of the rationalist concept of money. It was followed by Aristotle, Keynes, Samuelson. But in fact, the history of money combines a set of subjective and objective moments. Therefore, in fact, it is presented from two positions: phylogenetic and ontogenetic. Ontogeny: a study of the development of the essence of real phenomena. It allows you to conduct a generalized presentation of the results obtained from the simplest abstract categories to complex ones. Assumes a preliminary definition of the theory of value on which it was created. As a result, there is a connection between the theory of the price of goods and the evolution of money. Marx developed the concept of the ontogeny of gold as money. Phylogeny: reflects the actual historical development of phenomena, characterizes different types of goods that at different times among different peoples were intermediaries in the exchange. The contribution to the development of this analysis was made by Catillon, Menger, Knies. In modern conditions, these two approaches do not form a single whole. A number of researchers consider them incompatible. But in reality they complement each other.

2. Modern banking system of the Russian Federation, its structure.

Banking system The Russian Federation includes the Central Bank of Russia, credit institutions, their associations, as well as branches and representative offices of foreign banks.

Credit organisation - a legal entity that, in order to make a profit as the main goal of its activity, on the basis of a special permit (license) of the Central Bank of the Russian Federation, has the right to carry out banking operations. A credit organization is formed on the basis of any form of ownership as a business entity.

Bank - a credit institution that has the exclusive right to carry out in the aggregate the following Bank operations: attracting deposits of funds from individuals and legal entities, placing these funds on their own behalf and at their own expense on the terms of repayment, payment, urgency, opening and maintaining bank accounts of individuals and legal entities.

Non-bank credit organization - a credit institution that has the right to carry out certain banking operations. Permissible combinations of banking operations for non-banking credit institutions are established by the Central Bank of the Russian Federation.

foreign bank - a bank recognized as such under the laws of a foreign state in whose territory it is registered.

Credit institutions can create unions and associations, not pursuing the goal of making a profit, to protect and represent the interests of their members, coordinate their activities, develop interregional and international relations, satisfy scientific, informational and professional interests, develop recommendations for banking activities and solving other joint tasks of credit institutions. Unions and associations of credit organizations are prohibited from carrying out banking operations.

Groups of credit institutions are formed to solve joint problems (joint implementation of banking operations) by concluding an appropriate agreement between two or more credit institutions.

holdings are formed by obtaining by a credit institution (the main credit institution), by virtue of its predominant participation in the authorized capital of one or more credit institutions or in accordance with an agreement concluded with one or more credit institutions, the opportunity to determine the decisions taken by these credit institutions.

Between the elements of the Russian banking system, two types of legal relations can be distinguished:

1) between commercial banks;

2) between the Central Bank and commercial banks. Moreover, in the first case, legal relations ensure coordination between these elements of the system, and in the second case they develop into relations of power and subordination that ensure the integrity of the entire system.

Relations within the banking system are built either on the basis of agreements or on the basis of regulations at various levels. Credit institutions can, on a contractual basis, place funds with each other in the form of deposits, loans, make settlements through correspondent accounts opened with each other, and perform other mutual transactions (for more details, see Shevchuk D.A. Banking operations. Principles. Control. Profitability. Risks. - M.: GrossMedia: ROSBUH, 2007).

3. Regulation of the activities of banking organizations

In order to ensure the economic conditions for the stable functioning of the banking system of the Russian Federation, protect the interests of depositors and creditors, and in accordance with the Federal Law of the Russian Federation "On the Central Bank of the Russian Federation (Bank of Russia)" (adopted on June 27, 2002), the Central Bank of the Russian Federation establishes the following obligatory economic standards for the activities of banks:

▪ the minimum amount of authorized capital for newly created banks;

▪ minimum amount of own funds (capital) for operating banks;

▪ capital adequacy standards;

▪ liquidity standards for banks;

▪ maximum risk per borrower or group of related borrowers;

▪ maximum size of large credit risks;

▪ maximum amount of risk per creditor (depositor);

▪ the maximum amount of loans, guarantees and guarantees provided by the bank to its participants (shareholders, shareholders) and insiders;

▪ the maximum amount of attracted monetary deposits from the population;

▪ the maximum amount of the bank's bill obligations;

▪ standard for using banks’ own funds for

▪ acquisition of shares (shares) of other legal entities. Mandatory standards:

▪ maximum size of the non-monetary part of the authorized capital;

▪ the minimum amount of reserves created for high-risk assets; the extent of currency, interest and other risks are established by separate regulations of the Bank of Russia.

In order to ensure financial reliability, a credit institution is obliged to create reserves (funds), including for the depreciation of securities, the procedure for the formation and use of which is established by the Bank of Russia. The minimum amounts of reserves (funds) are established by the Bank of Russia. The amount of deductions to reserves (funds) from profit before taxation is established by federal tax laws.

A credit institution is obliged to carry out the classification of assets, separating doubtful and bad debts, and create reserves (funds) to cover possible losses in the manner established by the Bank of Russia.

A credit institution is obliged to comply with the mandatory ratios established in accordance with the Federal Law "On the Central Bank of the Russian Federation (Bank of Russia)". The numerical values of the mandatory ratios are established by the Bank of Russia in accordance with the said Federal Law.

A credit institution is obliged to organize internal control that ensures an appropriate level of reliability corresponding to the nature and scale of operations (for more details, see Shevchuk D.A. Banking Operations. Principles. Control. Profitability. Risks. - M .: GrossMedia: ROSBUH, 2007).

Interbank relations and customer service. Interbank transactions

Credit institutions on a contractual basis may attract and place funds from each other in the form of deposits (deposits), loans, carry out settlements through settlement centers and correspondent accounts opened in accordance with the established procedure, opened with each other, and perform other mutual operations provided for by licenses issued by Bank of Russia.

The credit institution informs the Bank of Russia on a monthly basis of newly opened correspondent accounts in the Russian Federation and abroad.

Correspondent relations between a credit institution and the Bank of Russia are carried out on a contractual basis.

Funds are debited from the accounts of a credit institution by its order or with its consent, with the exception of cases provided for by federal law.

If there is a shortage of funds for lending to customers and fulfilling the obligations assumed, the credit institution may apply for loans to the Bank of Russia on the conditions determined by it.

4. Essence, functions and properties of money

The essence of money is manifested in their functions. Money performs a wide variety of functions: economic, political (plenipotentiary representative of the state), ideological (coat of arms, motto), informational. Economic functions are divided into: a measure of value, a means of circulation, a means of accumulation, a means of payment, world money. A measure of value is a means of expressing commodity prices. Product A = x gr. money material. Thus the price of a commodity depends on the properties of the commodity itself and the price of the monetary material. The price of one and the same decoction can have a variety of expressions in different banknotes. In the process of setting prices for metallic money circulation, it becomes possible to assign a kind of monetary standard to a certain amount of metal. The standard, by dividing or multiplying by certain parts, unfolds into a price scale. Now the scale of prices is set by the state. By reducing the weight content of coins, you can make a profit. The means of circulation. T-D-T. The exchange breaks up into 2 independent acts: the sale of goods (T-D); purchase of goods (D-T). Commodity circulation - the circulation of goods by means of money. Money is just an intermediary. No wonder they say "money does not smell." For the convenience of exchange, coins appear (from the ancient Roman goddess Juno Coins). A coin is an ingot made of money metal of a single shape, fixed weight and a certain value. Money needs protection against counterfeiting - for example, a government guarantee. With the advent of coins, the price of a commodity takes the form: commodity A = y coins. Means of accumulation. T-D. Money is a pledge that gives the right to purchase goods in the future. Money that has intrinsic value is treasure. Accumulation is a safety stock and an opportunity to make an expensive purchase. The accumulation function is performed by both real money and their representatives - paper and other types of money. With the expansion of this function and the removal of quantitative restrictions on accumulation (account entries allow you to make arbitrarily large accumulations), everything becomes a subject of purchase and sale. Instrument of payment. D->D. Payment - the movement of money, regardless of the movement of goods. Those. money transfer. The exchange of goods may have a time lag. Then the seller becomes a creditor, and the buyer becomes a debtor. Money becomes a means of payment. Money in social transfers performs the same function. World money (MD). The money that serves the MEO is called currency. There are national and foreign currencies. MD function as: an international means of payment; a means of accounting for the trade and balance of payments of the country; general purchasing power; global public wealth. Hard currency is a freely convertible currency. The currency of country A is converted into hard currency, which in turn is converted into Currencies of country B, which are similarly converted into Goods. The exchange rate is a characteristic of the MT, which is a quantitative proportion of the exchange of the national currency for the currency of another country. Imported inflation - possible with the existence of MD. Oil (etc. strategic resources), dollars - MD.

5. The role of money in a commodity economy

It is necessary to determine the role of money in society and in a market economy. The role of money follows from their functions. Role: intermediary in the exchange of goods; lead to the emergence of capitalist relations, hired labor (tax collection); allow to take into account the result of economic activity; thanks to money, there is an accumulation and redistribution of the results of economic activity (+ redistribution of budgetary funds, various funds); money-credit policy. The role leads to an understanding of how people use money. The role of money in society: aesthetic (with the accumulation of treasures - the market for gold, jewelry); for advertising (state revenues from the sale of commemorative and commemorative coins). Money allows you to compare everything that circulates on the market.

6. The concept of the type and form of money (D)

The forerunner of the appearance of the monetary form of exchange was the barter form. But bartering has three major drawbacks: there is no way to maintain overall purchasing power; there is no single measure of value; the price scale has not been formed. Therefore, the role of barter is decreasing (although it does not disappear), but the role of the monetary form of exchange is increasing. Type D is a subdivision of D according to a natural-functional feature. Forms D - the external embodiment of a certain type of D. 3 main types: commodity, exchange (full-fledged) and non-exchange.

D are divided into inferior (have no intrinsic value) and full-fledged (have intrinsic value). Disabled people are divided into wealthy and unsecured. Secured are divided into D with direct security and D with indirect security. Full-fledged ones are divided into commodity and metal ones. Commodities are divided into animalistic (livestock, furs, shells), hyloistic (salt; metal D, which in turn are presented in the form of tools, jewelry and gold sand), vegetabilistic (vegetable). Metals are divided into bars and coins.

The distinction between different types of D is based on the difference in the functions they perform. As for the form D: for example, modern credit D has several forms of implementation: paper, deposit, electronic. Within each modern monetary form, several payment instruments are distinguished that serve to make a specific purchase. For example, deposit money includes checks, plastic cards, etc.

The first coins appeared in 64-630 BC. in the state of Lydia. In Russia, under Peter I, the concept of "coin" appears (the ancient Greek goddess Juno Moneta). On collateral: direct collateral is collateral with precious metals, bills of exchange; indirect security - the company accepts banknotes in payment of taxes and other payments. There are 3 types of banknotes undersecured D: banknotes with full coverage, with incomplete coverage, without coverage (considered as public debt).

7. Electronic money (ED), their properties and features

In 2003, half of all payments in the United States were made using ED. Stages of development of ED:

1) 1960-1980 - a system of wholesale electronic payments is created, credit risks are reduced, electronic transfers are developed;

2) since 1990-... an electronic system for various payments, payments become anonymous, transaction costs are reduced, and the role of intermediaries is reduced. There are three main approaches to the definition of ED: European (ED is a monetary value stored in electronic form on a technical device, which can be widely used to make payments in favor of third parties without the need to involve bank accounts in transactions and which functions as a prepaid financial product) , American (treated as a new type of financial services) and Asian (combined two main approaches - monetary value in electronic form). That. There are three theoretical interpretations of ED - demetalized form of banknotes; prepaid financial product; medium of exchange. Character traits:

1) the monetary value is recorded on an electronic medium; there is no link to a credit institution account;

2) emission of electronic documents is a special type of financial activity;

3) ED - interest-free obligations of the issuer;

4) payment by electronic means is final.

EDs meet the basic characteristics of credit cards - they perform the function of a means of payment and are guaranteed. Main advantages: flexibility in payments (they mediate payments in the electronic economy and the traditional one); low cost of transactions (compared to the same checks); high level of anonymity (does not require authentication of the payer’s identity); the ability to directly manage your funds. There are 2 main types of ED systems: based on multi-purpose prepaid cards and based on “network money”. We can distinguish 12 desired properties of ED: convenience, security, anonymity (privacy), universality (wide applicability - widely known and accepted), offline compatibility (i.e. the payer must be able to make a payment without a third party), support for micropayments (the ability to make payments up to $10 and the profitability of such payments), two-sidedness (the ability to transfer money to other users), portability, divisibility, durability (no expiration date), exchangeability (conversion into cash), free unit of value (must provide for the possibility of denomination in non-state currency). Risks: operational (shortcomings in the organization of the system), reputational (negative opinion about the institution as a result of the issuer’s actions), legal (losses as a result of legal actions). There are also general risks inherent in credit money: credit risk, risk of loss of liquidity, risk of interest rate changes, risk of loss of control, etc.

8. Monetary systems (DS), device, types

The DS of the country is a historically established national system of organizing money circulation, fixed by traditions and formalized by law. DS of states arise and develop as the types and forms of money develop. Types of DS are determined depending on the form of monetary material (commodity, metal, paper, virtual). Commodity and metal money are valuable, paper and virtual - inferior. On the basis of this principle, 3 types of DS can be distinguished: commodity; metal (monometallic (M) and bimetallic (B)); fiduciary (proper paper and credit-paper, electronic). There are also mixed and transitional varieties.

Commodity DS. They are formed in the early stages of development of a commercial economy. In conditions of mining and gathering, shells, feathers, and cocoa beans become money. The first major division of labor leads to the creation of a monetary system based on livestock, grain, or furs. Depending on the material type of goods that form the basis of the DS, they are divided into river, sea, forest, etc. The development of metal processing methods and the increase in their role in economic life leads to the transition to metal DS.

Metal DS. They are classified depending on which metal plays the role of money. They are divided into monometallic (M) and bimetallic (B). M contain three stages: copper, silver and gold monometallism. Gold monometallism, in turn, is divided into gold coin, gold bullion, and gold exchange standards. B DS are divided into parallel, double, “lame” currencies. Monometallic are called DS, in which one metal occupies a dominant position, serves as a universal equivalent and dominates in monetary circulation. Bimetalism is a DS in which monetary functions are legally assigned to two metals - gold and silver. Copper monometallism: Ancient Rome 3-2 centuries. b.c.e. In Russia, too, copper money was used. In 1748, Lomonosov was awarded 1800 kg of copper money. Inconvenient. Silver monometallism. Russia 1843-1852, India mid-late 19th century. Holland. In China until 1935 The transition from silver monometallism to gold is carried out through bimetallism. Parallel currency system - the price relationship between gold and silver coins is formed spontaneously on the basis of the market value of monetary metals - gold and silver. Dual currency system - parity between the value of gold and silver is established by the state. The minting of coins and their acceptance for payment are carried out in accordance with the legal ratio. The system of “limping currency” - the state refuses to mint coins from any monetary metal, but at the same time there are gold and silver coins in circulation. The fragility of the bimetallic DS caused the transition to gold monometallism. England in 1816, Russia in 1897. Reason: silver depreciated, and the gold reserves of countries strengthened. Three varieties: the gold coin standard is characterized by the free circulation of gold coins. Gold is freely imported and exported. This system was undermined by the beginning of the 1st World War. The gold bullion standard was used in countries with significant reserves of gold. Banknotes were exchanged for gold bars. After the crisis of 1929, the gold exchange standard was in effect. Exchange of banknotes for the currencies of those countries, which in turn can be exchanged for gold. In 1971, the United States stopped exchanging dollars for gold - the end of the Bretton Woods system, in which 35 troy ounce of gold was given for 1 dollars, i.e. countries fixed their currencies in dollars or gold.

fiduciary DS. In all countries of the world, the fiduciary standard is now dominant. Fiduciary DS are systems in which banknotes are not representatives of public material wealth, in particular, they are not exchanged for gold. There are 3 types of fiduciary systems: transitional, combining metal and paper circulation; full fiduciary standard; electronic-paper money systems. For transitional systems, a characteristic phenomenon is the excess of the market price of the monetary metal, expressed in paper banknotes, the face value of paper banknotes representing a given amount of monetary metal. Currently, the transition to electronic-paper money systems is being carried out.

9. Management principles and functioning of the monetary system

The principles of managing the monetary system are a set of rules, guided by which the state organizes the monetary system of the country. The principle of centralized management of the national monetary system - based on the needs of development, it is necessary to make decisions that are beneficial for the economy. The principle of predictive planning of money turnover is compiled on the basis of scientific ideas about the state and prospects of the national economy. It is necessary to create a reliable macroeconomic forecast, which is a difficult task. The principle of stability and elasticity of money circulation - the change in the mass of money should be adjusted for the interests of the national economy. The main goal is to prevent inflation. The principle of the credit nature of the issue of money - obliges to carry out additional issues of banknotes (cash and non-cash) only as a result of credit operations by banks and not to allow banknotes from other sources, including the treasury, to be put into circulation. The principle of security of banknotes. The principle of independence of the Central Bank must be observed - the Central Bank is not subordinate to the executive branch, but is controlled by the legislative authorities. The principle of providing the government with funds only in the form of lending - the Central Bank does not finance the government. All funds are allocated on credit terms. The principle of the integrated use of monetary regulation instruments. The principle of supervision and control over money circulation is carried out by authorized state bodies (tax, financial, banking). The principle of functioning exclusively of the national currency on the territory of the country - only those payments that are made in the national currency are legal.

10. Elements of the country's monetary system (BCS)

The structure of the LTA and its elements are determined and regulated by the legislation of the country. All systems are characterized by common features, regardless of the form of construction of the DSS. DSS elements:

▪ the name of the country's monetary unit, which serves as a price scale (established by law; the unit usually has a decimal division into smaller types of banknotes);

▪ the procedure for securing banknotes (this is a description of the types and basic rules for their provision);

▪ emission mechanism (this is the regulation for the issue and withdrawal of banknotes from circulation);

▪ structure of the money supply in circulation (the convenience of payments depends on the structure - the ratio between cash and non-cash, the volumes of issued banknotes of different denominations);

▪ the procedure for forecast planning (determines the goals and objectives of forecast planning; organizations and institutions that draw up plans; a system of forecast plans; methods for their preparation, etc.);

▪ mechanism of state monetary regulation (a set of ways, methods, instruments of the state’s influence on the monetary sector of the economy; tasks of monetary regulation; responsibility of the bodies carrying out monetary regulation);

▪ the procedure for establishing the exchange rate (the set of rules and the procedure for exchanging currencies is the prerogative of the Central Bank);

▪ the procedure for cash discipline (rules for executing payments through cash registers).

11. Cash and payment turnover (DO and PO), its structure

Money is in constant motion - it carries out a continuous circulation, during which it serves numerous processes of selling goods and services, accumulating capital and forming savings. Continuity of DO is determined by three points:

1. DO consists of intersecting flows of money: between economic entities (enterprises, companies), financial institutions, legal entities and individuals. The movement of money between these entities is of a counter nature.

2. There is an inextricable relationship between money in cash and non-cash form. Money constantly moves from the form of cash to the form of a deposit (deposit) in a commercial bank (non-cash) and back. In this circulation, single money of one name circulates.

3. Money in circulation consistently performs three functions: means of circulation, accumulation and payment. Those. being involved in economic turnover, money can accumulate. And if they end up in your hands, they become worthless.

BEFORE - the process of continuous movement of credit money in cash and non-cash form when they perform their functions related to servicing economic turnover.

There are several signs of classification of elements: according to the form of functioning money: cash and non-cash cash flows; by subjects of economic activity: turnover between economic entities; turnover between business entities and the population; turnover between business entities, the population and institutions of the credit and financial system, as well as financial authorities; by subjects of the credit and financial system: turnover between commercial banks (interbank turnover); turnover between the Central and commercial banks; turnover between commercial banks and their customers (bank turnover). In their unity, these turnovers form a monetary turnover.

Software is a process of continuous movement of cash and non-cash money, as well as other means of payment serving economic turnover. This concept characterizes the dynamics of all means of payment (instruments) capable of serving economic turnover as means of circulation and payment:

1) cash;

2) money in non-cash form issued by credit institutions;

3) other instruments (bills, checks, securities, etc.). The latter were called "circulating instruments". They are not money, but they can perform some of the functions of money. Obviously, the main characteristic of such instruments is their ability to more or less regularly replace cash and non-cash money. An important difference between negotiable instruments is that they have a limited life and must ultimately be redeemed in cash.

The most important features of negotiable instruments include the following:

a) it must contain an unconditional order or promise to pay a certain amount of money;

b) payment must be made on demand or on a specified date. The main types of negotiable instruments include: promissory notes; bills of exchange, including checks; government (treasury) bills; transferable certificates of deposit; various bearer securities (government bearer bonds, corporate mortgage bonds). Thus, to the category tradable instruments include payment documents that are in economic circulation, accepted in exchange for money and freely transferable from one economic agent to another.

From what has been said, it becomes clear that the payment turnover acts as a complex structural formation. It includes two components: one part of the turnover, in which the movement of circulating instruments occurs, and the other - the movement of cash and non-cash money as a means of payment. The second part of the payment turnover is called "monetary-payment turnover", which includes the turnover of cash - money circulation.

12. Issue of money into economic circulation

Cash turnover consists of the turnover of cash and non-cash money.

Cash represented by banknotes and change coins.

Non-cash money - these are funds on accounts in commercial and Central Banks, i.е. deposits (deposits) on demand or termless deposits.

In addition, the unity of the forms of money is achieved by a special organization of the processes of issuing money into economic circulation and withdrawing it from circulation, which are carried out by the Central Bank, the Treasury and commercial banks.

Central Bank. His money consists of cash and non-cash money ("deposits"). The mechanism for issuing money into circulation and withdrawing it from circulation is based on the operations of the Central Bank with business entities and commercial banks. The issue or creation of money by the Central Bank occurs when it acquires certain assets (various securities or currency) from business entities or provides loans to commercial banks. In the first case, he makes a payment under the transaction with his own money, and in the second he provides them on a return basis. Central Bank money can be provided in cash (banknotes, coins) or non-cash (by transferring funds to a deposit opened with the Central Bank) and are, in fact, its monetary obligations to partners in these transactions. As a result, Central Bank money goes to commercial banks and the non-banking sector of the economy, i.e., it is released into economic circulation. The most widespread in a market economy are credit operations of the Central Bank. Withdrawal of money from circulation occurs when the bank sells its assets or loans are returned to it.

In modern monetary systems, along with the money of the Central Bank, non-cash money of commercial banks plays an important role. To commercial bank money include deposits of the non-banking sector in these banks. These deposits represent the monetary claims of clients to their banks and, accordingly, the monetary obligations of banks in relation to the clientele.

The actual release (withdrawal) of non-cash money of a commercial bank into circulation can only be discussed in relation to its operations for the purchase (sale) of assets (securities or currency) from its customers (to its customers) or when issuing (returning) loans. In these cases, the commercial bank pays its perpetual obligations or repays them.

The flow of money into the channels of circulation, their rush into circulation is called "issue of money into circulation". He is a sustainable process of transfer by banks to legal entities and individuals of certain amounts of money in cash and non-cash forms as a result of credit transactions.

The central place in the analysis of the state of the monetary system is occupied by the study of the issue of money.

Issue of money represents issuance of money leading to a general increase in the money supply in circulation.

It is advisable to subdivide the issue of money into the issue of non-cash and cash money. The latter is called "issue of money into circulation".

13. Principles of organization of cash circulation

The organization of money circulation is the maintenance of an optimal ratio between cash and non-cash circulation, streamlining and achieving the necessary continuity of processes associated with the movement of cash. An effective organization of money circulation presupposes the establishment of a strict procedure for issuing banknotes into circulation. The issue of money into circulation, which leads to an increase in the cash in it, is called the issue of cash. The issue is carried out by the Central Bank. The circulation of cash has a number of features that ultimately determine the nature of its organization. Money circulation is organized on the basis of the following principles:

1. Centralization organization and regulation of monetary circulation. The Central Bank has the exclusive prerogative to organize and regulate the movement of cash through all channels of circulation and between all subjects. Such centralization makes it possible to achieve the stability of monetary circulation, to carry it out in close connection with ensuring the overall stability of the national currency, its purchasing power.

2. Elasticity and economy money circulation. Cash and non-cash money have a single credit basis and therefore are in close relationship, easily transfer into each other. This relationship allows you to shift the boundaries between cash and non-cash money turnover, and allows you to achieve savings by replacing expensive cash with cheaper non-cash money.

3. Complexity of the organization of money circulation. Designed to make money management more economical and convenient.

4. Regularity and continuity providing economic entities and the population with cash in accordance with their real economic needs.

5. Regulation of procedures for performing cash transactions. Cash transactions of the following business entities are subject to regulation:

a) banks and other credit organizations;

b) Russian legal entities, including communications companies;

c) Russian legal entities accepting cash payments directly from the population;

d) non-residents of the Russian Federation.

The issue of cash is carried out by the Bank of Russia together with its main departments. To this end, the Bank of Russia has set up cash settlement centers (RCCs) at its main departments.

14. Principles of organization of non-cash money circulation

The basis of the payment turnover (payment turnover - the process of continuous movement of means of payment serving economic turnover) is non-cash money and payment turnover. Advantages: high speed of settlements, reduced cost of turnover, increased security and reliability of settlements. The concept includes two other concepts: payments and settlements. Payment is the act of transferring money to fulfill certain monetary obligations. Settlement is an action aimed at repaying a monetary obligation by payment. Both concepts are generally similar, but there are also differences, the essence of which is: settlements for obligations can be carried out not only in cash and non-cash, but also in the procedure of debt offset; non-cash payments are made through commercial banks; money is usually transferred from an account opened in one bank to an account in another bank; non-cash movement consists of their transfer to accounts; In addition to the general obligation to timely and completely transfer money, additional obligations are imposed on the bank.

Payment and settlement system. This set of credit institutions, their associations (clearing and settlement houses) and settlement divisions of the Central Bank, as well as forms of non-cash payments that ensure timely and complete fulfillment of monetary obligations and transfers by business entities, the population and financial institutions, is called the payment and settlement system. It is needed for timely and complete transfer of money in the most effective way.

Principles of organizing cashless payments:

1. The principle of unification and regulation of calculations. A unified system and regulations for conducting transactions between settlement participants within the national banking system are being established.

2. The principle of freedom to choose the form of payment. You can choose any form of payment.

3. The principle of urgency of settlements. Calculations must be carried out within the time limits established by law.

4. The principle of acceptance (consent) to make payments. Debiting funds from the account when performing settlements occurs by order of the account owner.

5. The principle of freedom of disposal of funds. Only the account owner can manage the money in the account.

6. Principle of security of settlements. Designed to provide a guarantee of payment execution, strengthen the solvency and creditworthiness of all payment participants, and, consequently, the reliability of the entire payment and settlement turnover.

7. The principle of independence of the fulfillment of the bank's obligations for settlements from the fulfillment of customer obligations under contracts. The freedom to choose the form of payment should be supplemented by the responsibility of clients for the results of their execution.

8. The principle of documentary registration of settlement transactions.

Subjects of the payment and settlement system: Commercial banks; Clearing and clearing houses (carry out interbank settlements); Payers and recipients of funds (economic entities, population, financial institutions).

Calculation objects: commodity settlements; non-commodity payments; settlements between financial institutions forming banking and interbank non-cash transactions.

Forms of non-cash payments (methods of fulfillment of obligations): Transfer (this is a bank transfer). Divided into credit (the client asks to transfer money) and debit (the client asks to demand money) transfers; documentary collection (an order from the exporter to his bank to receive from the importer the amount of payment under the contract in exchange for transferring commodity and other documents to him and to credit the proceeds to his account); documentary letter of credit (a conditional monetary obligation accepted by a bank on behalf of its client upon presentation by the latter of documents that comply with the terms of the letter of credit, or to authorize another bank to make such payments). In turn, it is divided into

1) divisible and indivisible,

2) translated and non-translated,

3) renewable (revolving) and non-renewable, as well as covered and uncoated; revocable and irrevocable.

15. Bank credit multiplier

The mechanism of the expanding issue of money is based on the effect of credit and deposit multiplication. Can be defined banking animation. She represents the process of multiple (multiplicative) increase (decrease) of money as permanent deposits in commercial banks as a result of an increase (decrease) in bank reserves when commercial banks carry out credit, deposit and settlement operations within the banking system. Both expansion and contraction of the money supply can be multiplicative.

Given that deposits are the only form of money, the bank (deposit) multiplier can also be called the money multiplier.

Multiplier denotes the maximum amount of new money (deposits, loans) that can be created by one monetary unit of the initial deposit (loan). Mathematically, the multiplier (M) is the number (coefficient) by which the value of the deposit (loan) is multiplied to obtain its total possible increase as a result of the multiplicative expansion of deposits (loans). Multiplier formula: M = 1/R, where R is the required reserve ratio (in percent).

The process of bank emission is characterized from the standpoint of the bank, credit and deposit sides of the multiplier. The banking side characterizes the subject of animation, defining it as a system of commercial banks. The credit side reveals the engine of the multiplication process as a result of lending to the economy. The deposit side reflects money on CB accounts as an object of multiplication.

16. Money supply and monetary aggregates. Velocity of money

The release of money into economic circulation generates the circulation of the money supply.

Money supply - this is the total volume of cash and non-cash liquid funds at the disposal of the state, legal entities and individuals, which mediate the circulation of goods and ensure payments, both domestic and international. The composition of the money supply includes: only highly liquid funds available to all economic entities: the state, firms, households, residents and non-residents; money in various forms of cash and non-cash circulation; all modern types of money; money associated with performing not only the functions of a medium of circulation and a means of payment, but also a means of accumulation, world money.

Monetary aggregate is an indicator of the money supply of a certain type. Different countries take into account different numbers of monetary aggregates. Aggregates are divided into absolute (simple) and relative (index). Simple aggregate absolute indicators include: monetary base, aggregates M0, M1, M2, M3, M4 (L).

Monetary base is the total amount of cash and cash reserves of depository institutions. It constitutes the total supply of money from the government. It includes: cash in circulation (monetary aggregate M0); cash in bank cash desks; mandatory reserves of credit institutions for funds raised into accounts in national and foreign currencies transferred to the Bank; funds of credit institutions in correspondent accounts and deposit accounts opened with the Bank of Russia.

M0 - cash (metal coins, treasury bills and banknotes) in circulation (money outside the bank), not including funds in the reserve funds of the RCC of the Central Bank of the Russian Federation. A feature of M0 is a very high share in the structure of the money supply (up to 40%); there is no downward trend. In almost all countries it is defined the same way.

M1 (money for transactions) = M0 + funds on settlement, current, special accounts, demand accounts, deposits of legal entities. and f. l. in banks. In M1, cashless money is added to liquid cash, the owner of which can use it at any time.

M2 - the main monetary aggregate, which is used to analyze the state of the monetary sphere; shows the level of monetization of the economy. M2 = M1 + term deposits (up to 1 year) in Sberbank. Feature: slight difference from M1 due to the low share of term deposits. M2X is a variation of the M2 unit. М1+deposits in foreign currency nominated in ruble equivalent.

Broad money = funds in foreign currency accounts + M2 + foreign currency in the hands of the population.

M3 = M2 + time deposits over 1 year + deposits and savings certificates + government securities.

M4 (L) = M3 + all monetary components and monetary surrogates with lower liquidity, a portfolio of government securities held by non-bank holders.

Velocity of money. The velocity of money circulation is an indicator of the number of transactions that money mediates over a certain period of time (usually calculated per year). It is determined by economic (the growth rate of the national economy, the state of the balance of payments, the level of interest rates) and non-economic conditions (inflationary expectations, the propensity to consume, save, the state of panic in the market).

The speed of movement of money in the process of GDP circulation expressed by the formula: V_K = GDP/DM_А (V_K - the speed of movement of money in the process of circulation; DM_А - the money supply in the form of one of the aggregates).

Velocity of circulation of money in non-cash circulation characterizes the indicator of money turnover in the payment turnover: V_Bn = D_Sat/DM_Г (V_Bn - turnover of money in the payment turnover; Д_Sat - money in bank accounts; DM_Г - the average annual value of the money supply).

17. Empirical laws of money circulation

Gresham's law "Worse money drives out better money." Preference is given to money that has intrinsic value, has greater liquidity, performs the maximum number of functions, and has the greatest stability. This law is proved by the real practice of the evolution of money. For the most part, the best money goes into savings and treasures: gold, foreign currency.

Miller and Van Hoose's concept. The concept operates with two concepts: "waiting costs" and "transaction costs". Together they form the cost of circulation. The aspirations of individuals, causing the transition from one system of trade to another, lead to the evolution of monetary systems. As a result, the minimum total distribution costs are reduced, i.e. the exchange process is cheaper, the time for its implementation is reduced.

monetary rule - its essence is a proposal for the practical establishment of a connection, a quantitative relationship between the rate of issue of banknotes and the rate of economic growth in the conduct of a reasonable monetary policy in order to prevent inflation. Monetary rule: the value of the increase in the mass of money in circulation for a certain period of time should be equal to the growth rate of gross domestic product and the rate of price dynamics (inflation) for the same period: ΔM = ΔY + ΔI, (ΔM - increase in the mass of money in circulation; ΔY - GDP growth, ΔI - the rate of price dynamics (inflation)).

The problem is the most accurate fixation of the rates of price dynamics (inflation). To measure it, the price indices of Laspeyres, Paasche and Fisher are used.

Consumer price index (Laspeyres price index for measuring inflation) - built on a comparison of the basic volume of product supply.

It is believed that the consumer price index (Laspeyres price index) exaggerates the real dynamics of price growth.

The Paasche price index is based on a comparison of the current volume of supply. It is believed that the Paasche price index understates the real dynamics of price growth.

The Fisher price index is a kind of "ideal" statistic used to neutralize the errors of the consumer price index (Laspeyres price index) and the Paasche price index in quantitatively measuring price movements (inflation). It represents their geometric mean: I_Ф = √I⁰_Л I⁰_П

18. Quantitative laws of circulation of money

Law is the connection of phenomena. This connection may be superficial or substantial. Surface relationships express empirical laws (Gresham's law, monetary rule). Internal causal relationships express essential laws (Fischer's formula, etc.). In form, the essential laws appear as quantitative estimates of the money supply, necessary and sufficient in order to realize the mass of commodities, ensure the purchasing power of money and maintain a stable balance between them.

Classical equation of exchange ("Fisher's formula"). The logic of the classical equation of exchange is based on three premises:

a) the concept of perfect competition, in which buyers and sellers form an equilibrium price level;

b) economic entities in the market pursue only personal gain;

c) buyers and sellers are guided by real, not nominal prices. MV = PQ (M - mass of money in circulation; V - velocity of circulation of money; P - price of goods; Q - mass of goods in circulation). The classical equation of exchange takes into account only one function of money - the medium of exchange. Other functions (means of storage, means of payment, world money) are left unattended.

Marxist interpretation of the amount of full-fledged money needed for circulation. The formula for the amount of full-fledged money necessary to ensure commodity circulation and payments is based on the following premises:

a) labor theory of value;

b) gold standard;

c) taking into account not only the function of money as a means of circulation, but also its function as a means of accumulation and payment. The amount of full-fledged money necessary to ensure commodity circulation is presented in the form of the formula: M^D \uXNUMXd (T + P - K - B) / O (where M^D - the volume of demand for full-fledged money, presented by commodity circulation; T - the sum of the prices of goods sold; P - payments for which the deadline has come; K - goods sold on credit; B - mutually repaying payments, mutual offsets; O - the average number of turnovers of the money supply for the period). In this formula, full-fledged money refers to gold and silver money. This poses an obstacle to the practical application of the theory.

Keynesian version of the exchange formula. This formula relates the accumulation of liquid funds to the norm of required bank reserves. The formula takes the form: n = p(k+rk') (where n is the amount of money in circulation; p is the "cost of living" index, the price of a unit of consumption; k - units of consumption in the form of cash; k' - bank deposits; r - the norm of required bank reserves) This is a variation of the Fisher formula.

Cambridge equation. It is based on the fact that 1) business entities are guided by a transactional motive (accumulation of money for a planned expensive purchase) and 2) a precautionary motive (accumulation of liquid funds for unforeseen expenses). This concept is called the behaviorist version of the quantity theory of money: M^d = kRP (where M^d - the total amount of money that all economic entities tend to keep (demand for money); k, - coefficient characterizing that part of the final product Py, which people prefer to keep in liquid form; 0

Monetarist version of the quantity theory of money. Monetarists led by M. Friedman proposed a new interpretation of the exchange formula: MV = PY (where M is the money supply; V is the velocity of circulation of income; P is the price level; Y is the rate (flow) of real income).

19. Methods of state regulation of money circulation.

The method of regulation is a way of influencing the subject of management on the object in order to achieve the set goals. They are differentiated by content, motivation, and areas of application. Direct methods represent the direct intervention of state bodies in the process of monetary circulation. Indirect methods can be financial, budgetary, tax, planning and indicative. From the point of view of motivation, methods of material, moral and imperious, forced motivation of the activity of the control object are distinguished.

In terms of content, the methods of state regulation are connected by organizational, administrative, economic, socio-psychological ways of influencing the circulation of money.

Organizational and administrative methods include the construction and improvement of management structures, the establishment of terms of reference, the regulation of the rights and obligations of business entities, the publication of administrative orders, instructions and governing documents. The classification of organizational and administrative methods is associated with the division of powers into three branches (legislative, executive, judicial). In Russia, the principles of regulating the circulation of money are enshrined in the Constitution, the Civil Code (CC), the law on currency regulation and currency control. And also in the law on the Central Bank of the Russian Federation, the law on banks and banking activities. There are also administrative measures of influence: the Ministry of Finance, the Central Bank of the Russian Federation, the Customs Committee. Judicial supervisory methods: control over the activities of institutions ensuring the implementation of adopted laws; bankruptcy proceedings of financial institutions; suppression of the shadow economy.

Economic methods state regulation of the circulation of money include indirect ways of influencing it, the use of a certain set of economic instruments. Economic policy instruments are divided into market and non-market ones (licensing, regulation, antimonopoly measures, quotas, setting limits on taxes, tariffs, etc.). Economic methods can be general (for the entire system of monetary circulation) and local (for part of it).

Socio-psychological methods state regulation of money circulation is the least developed problem in theory and practice. Typically used during crises and severe upheavals. Includes propaganda of reforms, rumors, speculation, near-economic and political conversations.

20. Nominal and metallic theory of money

Nominalist theory (NT)

In NT, money, from the point of view of their essence, is defined as simple signs, devoid of intrinsic value, conditional units of account. It is concluded that the purchasing power of money does not depend on their material content and is determined by the face value. Those. a banknote of one hundred rubles by itself is worth much less, but it says on it that it is a hundred rubles and this denomination is taken as its value. Hence the name of this theory. The objective basis of NT is the development of monetary functions, the transition to monetary circulation, when money is accepted not by weight, but by the name indicated on them. The deviation of the value of money due to the wear and tear of coins from their internal commodity content gave reason to deny the commodity nature of money. The first nominalistic concepts appeared in Plato and Aristotle. Its adherents are J. Stewart, J. Berkeley, the ideas of this theory were shared by Keynes and his followers. In modern conditions, this approach to the essence of money is the most common.

metal theory

The opposite of nominalistic theory. Its main idea is the actual identification of money and treasures. metals Proponents of the metal theory believed that gold and silver by their nature were money.

One of the first representatives of this theory was N. Oresme - 14th century. The idea was picked up by mercantilists and, accordingly, all critics of mercantilism opposed it. During the period of the gold standard, this theory became widespread. However, in modern conditions the metal theory has no chance of spreading and developing.

21. Types, types and forms of inflation

Inflation can be classified from different positions. From the point of view of determining factors, there are two types.

The first group includes factors that cause an excess of demand (money supply) over supply (commodity mass), as a result of which there is a violation of the requirements of the laws of monetary circulation. Demand-side inflation sets in. Logic diagram: the excess of demand over supply causes prices to rise. An increase in prices at constant costs ensures the growth of profits and cash incomes of workers. This growth causes the next round of increased demand, which raises prices at a new level.

The second group combines factors that lead to an initial increase in costs (costs of wages, materials, etc.) and prices of goods, supported by the subsequent pulling up of the money supply to their increased level. Cost-push inflation occurs. Logic: prices for factors of production are rising, product supply is decreasing, commodity prices are rising, real wages are not growing, as well as nominal wages. Payroll costs increase costs again. A variation of cost-push inflation is supply-push inflation. This type of inflation is associated with the non-use of the production capacity of the enterprise (the effect of scale decreases, costs increase, profits and the volume of products offered decrease.

In terms of inflation into three main types : creeping (moderate, up to 10%); galloping (growth 10-50% per year); hyperinflation (exceeds 50% per month (according to the IMF), evidence of a deep crisis).

Forms. They are distinguished according to three criteria. According to the methods of occurrence: administrative (social, generated by administratively set and managed prices); imported (a lot of foreign currency, an increase in import prices); induced (a jump in tariffs causes a jump in inflation); credit (increasing the scale of provision of credit resources).

By the nature of the course: hidden (suppressed, in a planned economy); open.

According to the degree of predictability: expected / unforeseen; balanced (for all goods) / unbalanced.

There are 4 criteria by which the initial inflation is determined: the population prefers to keep money in non-monetary form or in foreign currency; the population characterizes prices in conventional currency; price growth in three years exceeds 100%; sales and purchases are made at prices that compensate for the loss of purchasing power.

22. Forms of manifestation, causes and consequences of inflation

The concept of "inflation" appeared in 1864 after the depreciation of paper money in the United States. Earlier this term existed in a different form and was called "high cost". The concept of inflation appeared immediately with metallic money in Dr. Greece (damage to coins by kings), in Russia Alexei Mikhailovich made of copper for 12 kopecks. did 10 rubles. => copper riot.

Inflation - literally translated from Latin means swelling, i.e. overflow of channels of monetary circulation, not accompanied by a corresponding increase in the mass of commodities;

Inflation - depreciation of money, a drop in their purchasing value, caused by price increases, commodity shortages and a decrease in the quality of goods.

Inflation - an increase in prices due to an increase in the money supply without an increase in the supply of goods [NOT is inflation - an increase in prices during an economic recovery]. Features of inflation - it is easy to lose control over it.

The consumer price index is used to measure the rate of inflation. CPI = price cons. baskets in this period/consumed price baskets in the base period*100%.

In Russia, the consumer basket contains 58 items of food and non-food products, paid services to the population, in the USA - several hundred.

Manifestations of inflation is the growth of commodity prices, the depreciation of the national currency against the leading foreign currencies. Inflation is a money-price phenomenon.

Inflation is caused by internal and external causes. According to the equation of exchange, P = M*V / Q. Inflation occurs if the money supply, taking into account the velocity of money circulation, exceeds the needs of trade. The increase in the money supply is due to a number of reasons: MONETARY: inflation of expectations - getting rid of money - is also growing; imbalance of public spending and revenues; budget deficit; issuance of means of payment that are not fully controlled by the state (financial bill); overinvestment => overproduction of some goods and shortage of others. NON-MONEY: deformed structure of the economy (unreasonably high growth in the service sector); militarization of the economy; monopoly in the e-ke; extraordinary circumstances (strikes, pickets, demands); mistakes in monetary policy; inflow of foreign currency; depreciation of the national currency.

Consequences: redistribution of money between physical, legal. persons, spheres of production, regions; depreciation of money and savings of the population; decline in business activity; decline in private long-term investment; capital goes from the real sector to trade; paying the government an inflation tax.

23. Methods, limits, contradictions of inflation regulation

Its regulation is the task of the state. The need for regulation in the negative socio-economic consequences.

According to the budget: revenues decrease => decrease in expenses => decrease in social. payments => distribution by the most promising areas.

Specific measures: income policy - salary is fixed for a while. Not effective - as soon as they let go - everything becomes the same; expensive money policy - high interest rates, high taxes, low government spending => inefficient enterprises die, economic recession, unemployment rises - a very radical remedy; tax incentives for production; slowdown in the velocity of money.

In the Russian Federation, 0% is impossible and unnecessary / a small inflation is needed as a guarantor against overproduction + an increase in employment.

Inflation regulation is possible through specific measures that can weaken pro-inflationary factors:

Monetary policy (regulation of the money supply and improvement of its structure).

Monetary policy - the dynamics of the change in the exchange rate should be equal to inflation.

Credit policy - rate % > expected inflation

Fiscal policy - balanced, or deficit to a minimum

Pricing policy - carefully. Direct and indirect government intervention in market pricing. The state can set minimum prices above the equilibrium ones, and then the state will be forced to act as a buyer.

Structural policy - liquidation of unprofitable state enterprises.

Antimonopoly policy - state regulation of monopoly prices, monitoring of production volumes.

Foreign trade policy: use of customs-tariff and non-tariff instruments. An increase in tariffs leads to a decrease in imports, an increase in prices in the domestic market => adjustment of the money supply.

24. Foreign exchange market

The foreign exchange market is a set of foreign exchange transactions carried out by residents and non-residents. The structure of the foreign exchange market is formed by foreign exchange relations as a result of foreign exchange transactions carried out by subjects of the foreign exchange market. Foreign exchange transactions can be carried out in national and foreign currencies, and also be associated with foreign currency values and securities denominated in Russian currency. In accordance with Russian legislation, currency transactions are actions related to:

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

b) import and shipment to the Russian Federation, as well as export and shipment from the Russian Federation of currency values;

c) making international money transfers;

d) settlements between residents and non-residents in the currency of the Russian Federation.

Currency values are:

a) foreign currency;

b) securities denominated in foreign currency, payment documents (checks, bills and other payment documents), equity securities (including shares, bonds) denominated in foreign currency,

c) precious metals - gold, silver, platinum and platinum group metals in any form and condition, with the exception of jewelry and other household products, as well as scrap of such products;

d) natural precious stones - diamonds, rubies, emeralds, sapphires, and pearls, with the exception of jewelry and other household products made from these stones and scrap of such products.

Subjects: residents (individuals, branches of enterprises abroad, consulates), non-residents.

Currency transactions are carried out on the basis of currency agreements. A currency contract is a monetary transaction with a currency. Currency contracts are concluded in accordance with national currency law.

Current foreign exchange transactions: currency transfer associated with the immediate movement of goods (<90 days); credit <180 days; transfer%, dividends; non-trade transfers (salary, transfers, training).

Foreign exchange transactions with capital movements: direct investments (in UK); portfolio investments (shares); transfers in payment for the ownership of subsoil, buildings; deferred payments >90 days; credit >180 days.

25. Concept, structure and elements of currency systems

Monetary system - a form of organization of foreign exchange market relations at the national / international level.

Required items

Funds used as accounting / settlement and payment

Bodies exercising currency supervision (since 1945 IMF, in states usually the Central Bank)

Conditions and conversion mechanism

Exchange Rate Mode

Settlement rules

Mode of operation of the drug market. metals

Rules for receiving & using foreign exchange funds

The mechanism of currency restrictions

4 types of settlement means: currency, international money. units (non-cash only, SDR, very limited), units of account (ecu, for value comparison), gold.

The exchange rate is set in the market or officially.

Exchange rate functions:

▪ mutual exchange in trade

▪ price comparison

▪ revaluation of assets of banks/firms

BR - buy rate, OR - sell, difference - profit of banks, spread - relative difference. Spred = or-br / br * 100%

Currency quotation - the established exchange rate in the market

1 $ = 28 rubles, - direct rate

100 rubles = $3,16 - reverse

Cross rate 1 $ = 31,63 rubles 1 euro = 30, 99 rubles => 1 $ = 1,02 euros. Ruble - cross-currency

Spot rate - current rate

Forward rate - the rate taking into account that the transaction will be in the future

The nominal exchange rate is the same as the exchange rate.

Real exchange rate - nominal, taking into account changes in the price level in both countries

Exchange rate index = the sum of the exchange rates of many (different) countries * coefficient. (currency weight). There is also a nominal / real

The real exchange rate index is the main indicator of the dynamics of change

The IMF declares the unity of the rate, in practice, different rates for different purposes (to accelerate exports / imports, encourage outflows / inflows of capital)

26. World monetary system: evolution and current state

Prior to World War I, international monetary and financial relations were based on the system of currency standards. She was characterized by:

▪ free internal circulation of gold in coin form;

▪ free import/export of gold from country to country;

▪ currency exchange based on their metal content.

Monetary and currency systems were identical, because. international payments were a continuation of national money circulation, but gold coins were accepted by weight.

Bretton Woods Monetary System: The dollar is the main reserve currency, because he retained separate forms of exchange for gold - the system of the gold division standard. The dollar has become the predominant means of international settlements, foreign exchange interventions and reserve currencies. 1968 The United States separated the domestic foreign exchange debt from the world and banned the export of gold from the country. In 1970, the parities of the main European currencies against the dollar changed (devaluation). In 1971, the convertibility of the $ was temporarily suspended.

3. Jamaican currency system legalized the abolition of the gold standard and the introduction of special instead. currency IMF, free change in exchange rates with the possibility of limiting currency fluctuations determined the strengthening of interstate regulation of foreign exchange relations through the IMF.

27. Regulation of foreign exchange transactions

Monetary policy (v / p) - a set of measures in the field of currency relations, carried out by the state in accordance with the developed political and economic guidelines.

Distinguish between current and long-term VP:

Current c/p consists in regulating the exchange rate, foreign exchange transactions and other parameters of the foreign exchange market.

Long-term military associated with strategic management and involves the modification of the monetary system, the foreign exchange market as a whole.

A common means of implementing monetary policy is the introduction of foreign exchange restrictions.

Currency restrictions - characteristics of the conditions and limits for the implementation of foreign exchange transactions related to the protection of the national currency. They include restrictions on the general ability to dispose of the currency or its specific use.

Classification of currency restrictions (c/o):

1. In the direction of capital flow

▪ control over capital outflow

▪ control over capital inflow

2. By areas of application

▪ current balance of payments transactions

▪ financial transactions (movement of capital and loans, transfer of profits, tax and other payments)

3. By forms of control

▪ regulation

▪ limitation

▪ prohibition

4. By scope

▪ operations of residents

▪ transactions of non-residents

Modern methods of i / o:

1. Licensing of acquisition in. currencies and foreign exchange transactions

2. Differentiation of exchange rates and foreign exchange accounts

3. Quantitative and temporary restrictions on foreign exchange transactions

The forms of higher education include restrictions on:

1. Convertibility nat. currencies

2. Direct and portfolio investments

3. Circulation of cash nat. and in. currencies

4. Obtaining loans from non-residents and issuing loans to non-residents

5. Carrying out operations with gold and other precious stones. metals

In the Russian Federation do not limit:

▪ Payments for the export of a certain range of goods, provided that the period for returning foreign currency earnings does not exceed 3 years from the date of crossing customs

▪ Payments for construction and contract work performed by residents outside the Russian Federation, payment terms for the cat. no more than 90 days and the period for returning foreign currency earnings is no more than 5 years from the date of conclusion of the agreement

▪ Insurance and reinsurance settlements, contract validity period - no more than 5 years.

▪ Physical transfers a person in the Russian Federation and from the Russian Federation currency of no more than $75000 for the purchase or sale of securities.

To conduct foreign exchange transactions, residents in credit institutions simultaneously open current, transit and special. transit account:

Transit currency account - an account for crediting the full amount of receipts in int. currency, including those not subject to mandatory sale.

Special transit currency account - an account for recording purchase transactions made in. currency and its resale.

Current currency account - an account for accounting for funds remaining after mandatory and reverse sales. Funds from it can be used for any purpose.

Currency legislation - this is a system of legal norms that determines the principles of currency restrictions, fixes at the legal level the procedure for carrying out currency transactions and the powers of bodies and agents of currency regulation.

Export - export of goods, works, services, results of intellectual activity, incl. exclusive rights to them, from the customs territory of the Russian Federation abroad without the obligation to re-import.

Import - import of goods, works, services, results of intellectual activity, incl. exclusive rights to them, from the customs territory of the Russian Federation abroad without the obligation to re-export.

The fact of export and import is fixed:

▪ for goods - at the moment the goods cross customs. borders

▪ for services and intellectual property - at the time of provision of services and rights.

Product - any movable property (including all types of energy) and aircraft, sea vessels, inland navigation vessels, space objects classified as real estate, which are the subject of foreign trade activities.

Services - entrepreneurial activity aimed at meeting the needs of other persons, with the exception of activities carried out on the basis of labor relations.

Intellectual property - exclusive rights to lit., art. and scientific works, PC programs and databases, related rights, rights to inventions, industrial designs, etc.

Currency control. This is a determination of the degree of compliance of the real process of conducting foreign exchange transactions with legally established foreign exchange restrictions.

Exchange control in the narrow sense - this is a check of the regulations for conducting currency transactions in order to bring them into compliance with the developed standards and requirements.

Exchange control in a broad sense - this is control over foreign exchange restrictions imposed by the state, determined by the goals and plans of foreign exchange policy, carried out on the basis of current legislation.

Methods of currency control are direct and indirect.

Indirect represent control over the level of prices, volumes and directions of payments.

Direct consist in control over the validity of foreign exchange transactions.

Currency regulation - this is the process of implementing the state’s foreign exchange policy by eliminating deviations from legally established foreign exchange restrictions identified during exchange control.

The bodies of currency control and regulation are Central Bank and Government. These are organizations that issue, on the basis of a developed monetary policy, regulatory acts that are binding, a cat. control foreign exchange transactions.

Agents are banks accountable to the Central Bank, customs authorities, tax services. These are organizations. may exercise the functions of currency control and currency regulation.

28. Balance of payments of the country.

This is the ratio of monetary claims and obligations of receipts and payments of one country in relation to others.

Main types:

▪ settlement balance (the ratio of claims and obligations on any specific date, regardless of the timing of receipt of payments). It characterizes for the period the dynamics of changes, requirements and obligations;

▪ international debt balance, as a whole, is close to the calculated one, but has a more developed narrow orientation;

▪ payment balance - the ratio of the amount of payments made by this country abroad and the receipts received from the grants for a certain period of time. The balance of payments reflects obligations regardless of the time and form of their execution, and the balance of payments reflects the actual cash flows.

The balance of payments is active if receipts exceed payments, if vice versa, it is passive.

Payment balance (according to the IMF methodology) - a systematic list of all economic transactions mediated by money, carried out over a period of time between residents of a given country and non-residents.

The balance of payments covers all transactions that are associated with the legal transfer of ownership of goods and services from residents to non-residents, as well as the transfer of money, financial and other assets from one country to another. It does not matter whether the transfer of values is accompanied by monetary compensation in the form of a real payment or in exchange for similar non-monetary values on credit or free of charge. The balance of payments does not record foreign economic transactions in their monetary terms, but their monetary result.

An increase in tangible assets necessarily requires cash outlays, hence the "-" sign.

The decrease should be accompanied by the growth of money "+".

For example: the import of goods is always recorded in the expenditure part of the balance sheet, because at the same time there is an increase in resources and certain money is spent.

In international practice, the double entry method is used (one side of the entry shows the change in the assets or liabilities of the country, and the other shows the sources of funds for specific transactions).

A-current account.

1) export-import of goods.

2) income from investments (receivable, payable).

3) current transfers (receivable, payable).

B-account for transactions with capital and financial instruments.

1) capital transfers (received, paid).

2) direct investment (into the country, out of the country).

3) portfolio investments.

4) other investments (cash foreign currency - imported, exported; bank account balances - nostro and loro).

C-pure errors and omissions.

D-reserve assets.

A country's balance of payments (b/b/s) is a set of systematized statistical data that reflects all economic transactions between residents of a given country and residents of other countries for a certain period of time (usually a year).

There are 2 approaches to include transactions in p/b/s: transactions at the time of settlement and transactions at the time of operation. Transactions at the time of settlement are recorded if these are cash transactions or transactions of clients of the same bank. With another approach, the criterion for classifying transactions as part of the p/b/s is the transfer of ownership from a resident to a non-resident and vice versa.

P / b / s is built on the basis of the accounting principle of double accounting (debit-credit).

Structure of Russia's Balance of Payments

1. Current account

A. Goods and services

1. Commodities (balance of trade)

2. Services (non-factorial)

B. Investment income and wages (factorial services)

1. Pay

2. Income from investments

B. Current transfers

2. Capital account and financial instruments

A. Capital account

1. Capital transfers

B. Financial account

1. Direct investment

1.1. Abroad

1.2. To the Russian economy

2. Portfolio investment

2.1. Assets

2.2. Obligations

3. Other investments

3.1. Assets

Cash foreign currency

Current account balances

Trade credits and advances granted

Loans and loans granted (not overdue)

Arrears

Other assets

Commitments

Cash national currency

Current account balances and deposits

Trade credits and advances raised

Arrears

Other liabilities

4. Reserve assets

29. The concept of credit and the need for its appearance.

It is one of the most important categories of economic science and is actively studied in almost all its sections. As an economic phenomenon, it plays a unique role both in economic turnover, the national and international economy, and in the life of the entire society.

"Credit" - from the Latin creditum - loan, debt. Many economists associate it with the credo - I believe. In a loan, they see a debt obligation associated with the trust of one person to another. However, trust is not the economic essence of credit, although it plays a significant role. Serious economic reasons and grounds are required for a loan.

Credit arises in that sphere of economic life where economic entities meet and social wealth moves from hand to hand on a free and voluntary basis. The simplest form of credit is in the conditions of the decomposition of the natural economy and the emergence of a commodity economy: one person does not exchange his goods for the goods of another, but simply transfers them to him on the condition that after some time he will also transfer his goods to him. (That is, the exchange does not take place here and now, but according to the principle: you give me a sheep now, and I will give you an ax in a week). This form of exchange can only exist with the desire, consent and agreement of both parties.

After the appearance of money, instead of the counter goods, payment in the form of money is transferred - the cash equivalent. => New function of money as a means of payment. You can do the opposite - first the money, then the goods => this is either an advance payment or an advance payment. The same economic entity is the borrower in some transactions, and the lender in others. Such lending is reciprocal in nature.

Production for different economic entities varies in time => the emergence of time-separated exchange and commodity circulation is necessary => on their basis, credit relations arise. Within their framework - counter obligations => close interdependence of commodity producers => if someone lets someone down, the fulfillment of debt obligations along the entire chain of credit relations will suffer.

With the appearance of trade and merchant's capital, credit is further strengthened, because. merchants mainly purchased and sold their goods with a deferred payment (for more details, see Shevchuk D.A., Shevchuk V.A. Money. Credit. Banks. A course of lectures in a concise presentation: Textbook-method. allowance. - M: Finance and statistics, 2006).

Initial form of loan - commercial - the provision of commodity forms of social wealth on the terms of the reciprocal transfer of equivalents at a specified time in the future (reciprocal movement of equivalents within the framework of the exchange of goods at different times). Since, with a given loan, the transfer of goods or money and the counter movement of their equivalents, i.e. substitution of equivalents separated in time, then this lending can be defined as mutual replacement lending (borrowing).

Bill - IOUs given by the buyer to the seller upon receipt of a loan, arising on the basis of a commercial loan.

Commodity loans have also become widespread. Some goods were taken on credit with the condition of returning after some time the same amount of this goods (not the same, but the same, with the same generic characteristics).

Repayment of a loan is the repayment of a loan and an associated debt obligation by transferring its equivalent in the future. The repayable form of credit is cash and commodity credits.

The most important condition and motive for a credit transaction is the opportunity to both return the money and receive material benefits (interest).

Cash (commodity) credit - provision of special forms of social wealth (defined by generic characteristics) on the terms of the return of their equivalent after a period determined by the parties, usually with the payment of interest (for more details, see the book Shevchuk D.A. Corporate Finance. - M.: GrossMedia: ROSBUKH, 2008 ). This is mutual repayable lending.

General features of a commercial and monetary loan:

▪ non-simultaneous (multi-temporal) nature of counter movements of material goods as an economic basis for the emergence of credit relations.

▪ they appear on the basis of a unilateral transfer of a benefit from the other party to a special loan obligation, formalized by an agreement or a bill of exchange.

▪ the debt is repaid by returning the goods or cash equivalent upon expiration of the established period.

Commercial credit in the course of the industrial revolution gives way to monetary credit. This is due to the development of industry and the connection of monetary credit with it, and commercial - with the purchase and sale of goods. The unity of production and circulation is the circulation (turnover) of industrial capital (for more details, see the book by D.A. Shevchuk. Sources of business financing. - M .: Financial newspaper, 2008). In the process of circulation and circulation of industrial and commercial capital, funds are released. Reasons for the formation of temporarily free cash:

1.character of the turnover of fixed capital. The funds of the depreciation fund, which exist for the renewal of fixed capital, are temporarily free, "fall out" of circulation.

2.character of the turnover of working capital. There is almost always a time mismatch between the sale of finished goods and the purchase of new elements of working capital to continue the production process (raw materials, fuels, etc.).

3. the need for capitalization of part of the profit. Funds are accumulated over a long period of time for the purchase of new equipment, etc.

Circulation of industrial and commercial capital leads to the formation of temporarily idle cash. They are needed for:

1) meeting the needs of economic entities in additional working capital.

2) meeting the needs of business entities in additional fixed capital.

The objective need for a loan arises from the need to reconcile the interests of the lender and the borrower related to the release (extraction) of funds from the lender’s capital circuit, their involvement in the borrower’s capital circuit and subsequent return to the creditor with interest payment.

Due to the difference in the circulation of capital, the needs and opportunities of each individual pair of lender-borrower do not always coincide (for more details, see the book Shevchuk D.A., Shevchuk V.A. Macroeconomics: Lecture Notes. - M .: Higher Education, 2006).

A more developed form of lending - bond. This is a security that gives its owner the right to receive from the borrower who issued the bond, within the period stipulated by the terms of its issue, the nominal value of the bond. The conditions of its release may stipulate the receipt of a certain percentage. Or it may be sold at a discount and redeemed at its full face value.

The banking form of lending is bilateral repayable lending (borrowing). Banks operate with other people's money, lend funds previously received as loans.

Sources of temporarily free funds that appeared as a result of the development of the economy:

1.part of cash receipts to the state and local budgets.

2. personal income of the population intended for savings.

3.Money income of entrepreneurs and highly paid segments of the population.

4. With the development of banks and the growth of their activity, their profits increase, most of which is directed to increase lending.

Banks are called upon to eliminate the discrepancy between the time of formation, the size, and the duration of the existence of temporarily free money and the needs of the population, economic entities and the state.

With the help of banking, commercial and monetary loans, an important economic task is solved: coordinating the interests of entrepreneurs, the state and the population associated with the most efficient use of constantly released funds and commodity resources for the needs of the development of the economy and society as a whole.

Credit - transfer of material goods on the terms of receiving after a certain period of time their equivalents in the form established by agreement of the parties.

loans - procedure, stages of execution of the loan.

Lending principles - requirements for the organization of the credit process:

1. loan repayment (return of the equivalent to the creditor).

2. loan urgency (return of the equivalent within a certain period).

3. payable loan (Most credit transactions are for compensation - payment of interest). This principle reflects the dual stimulus function of credit:

▪% is a motive for the lender to provide a loan and leads to the fullest use of all temporarily available funds.

▪% is an important incentive for the borrower to invest the loan received in the most profitable way.

Interest rate (norm) acts as the price of the loan = the ratio of the amount of annual income received on the loan to the amount of the loan granted.

The price of a loan depends on factors:

1) the dynamics of production and circulation, which determines the need for credit resources of industrial and commercial capital;

2) the dynamics of monetary savings of individuals and legal entities, which determines the supply of temporarily free funds;

3) the cyclical nature of the development of a market economy, which determines at the macroeconomic level the aggregate demand and supply of monetary resources, as well as the possibilities and extent of commercial lending;

4) the monetary policy of the Central Bank, which regulates the demand and supply of loans through the accounting policy, as well as the conditions for refinancing commercial banks;

5) the situation in the international credit market, which determines the possibility of attracting loans by national states and their commercial banks.

4. credit security (protection of the interests of the creditor from violation of the terms of the loan by the borrower - penalties, pledges, retention, guarantee, deposit, etc.).

5. target nature of the loan (the intended use of funds received from the lender - in the practice of the bank, this is the establishment of specific goals for the loan issued, the establishment of bank control over the borrower's operations on the accounts).

30. The main stages in the development of credit relations

1. origin of credit relations. They began to arise during the transition from subsistence to commercial farming. With the advent of money, the sale of goods with deferred payment appears. The significant role of usury in the development of credit. The emergence of the simplest form of mortgage is the collateral of land to secure a loan obligation. After the appearance of money, there was a transition to the monetary form of usury. Usury, as a legalized form of lending, existed already in antiquity.

3 forms of ancient lending:

1.slave-owning nobility, landowners, for the purchase of luxury goods.

2. small producers who own the conditions of their labor (peasants, artisans).

3.ancient cities and states.

Features of an antique usurious loan:

1) a very high level of interest;

2) the possibility of enslavement for debts;

3) in the basis - the monetary form, which contributed to the transition to a commodity economy;

4) granting a loan from own funds.

Genesis banking industry. Initially - as an additional occupation - money changers (those who exchange the currency of some cities and states for the currency of others). They began to accept money for safekeeping and issue loans secured by houses and lands. In Greece they were called meals. Temples competed with them. In ancient Rome, the first bankers - mensaria. If they were engaged only in the exchange, they were called Numullaria. If they conducted credit operations - argentaria. The first non-cash payments appeared - through bank records.

2. establishment of credit relations.

Further development of commodity lending. The appearance of promissory notes and bills of exchange (from the German "exchange"). The initial tools of a bank loan:

▪ notarized bank letter;

▪ private letter of guarantee;

▪ guarantee that does not require notarization.

Turning bills into commercial credit instruments. Merchants began to pay with them for the purchase. In the 18th century - credit relations with the participation of intermediaries. The revival and formation of banking. Elimination of the monopoly of usury and the creation of national credit systems that meet the interests of the development of industry and trade. Commercial credit has retained the ability to serve the circulation of capital, to serve as an important tool for its capital. Bank credit has been developed on its basis and successfully complements it.

3. transition to regulated credit relations.

The main feature is the all-encompassing nature of credit relations, which is reflected in the following:

▪ credit relations mediate all economic processes, penetrate into money circulation, the sphere of exchange, production and consumption, and international relations. => The share of borrowed funds in industry and trade is increasing; government debt is growing; the rate of centralization of capital and its intersectoral flow is increasing.

▪ all economic entities, the population and the state become simultaneously borrowers and lenders. Money becomes a source of credit. Thanks to the development of the banking system, any amount of money almost instantly turns into a loan.

▪ international trade is almost entirely mediated by credit transactions (bank and commercial loans).

▪ the appearance of credit cards => the purchase and sale of goods takes on a credit nature. Commercial lending to the population when purchasing durable goods is greatly simplified.

▪ various specialized credit and financial institutions are developing: savings banks, banks, etc. They lend to certain areas and sectors of economic activity, usually dominating relatively narrow sectors of the credit market.

Nowadays, credit is regulated by the state and the Central Bank. The modern economy is becoming credit by the nature of the relations that dominate it. On the basis of the commodity-money economy, a new type of economy has developed - credit.

31. Functions, role and boundaries of credit

Basic loan functions:

▪ distributive (redistributive). It is assumed that various forms of social wealth will be transferred from one entity to another or a secondary movement (redistribution) of previously received benefits.

Lender's reserve capital - the money received by him, temporarily not used in the circulation, and finished products that have not found their buyer.

▪ emission. Bills of exchange, as means of payment, have boundaries - they are used in a circle of entrepreneurs connected with each other. Removal of these restrictions by discounting the bill by the bank and replacing it with a bank obligation - a banknote. => Commercial credit causes the emergence of a new means of payment - bank money. Thanks to banknotes, the issue of money has acquired the necessary elasticity, the ability to adapt to the rapidly changing needs of household turnover. The emergence of credit money led to a decrease in the mass of metallic money. Now the Central Bank and the entire banking system issue money on a credit basis. There is a gradual withdrawal of money from circulation. Replacement of cash with non-cash payments, checks, credit cards => often, instead of the emission function, the function of replacing actual money with credit transactions is mentioned.

The role of credit in the development of the economy ( Denis Shevchuk):

▪ ensuring the continuity of capital circulation - through the regular sale of finished goods, timely acquisition of raw materials, materials, and renewal of fixed capital.

▪ acceleration of the concentration and centralization of capital is a necessary condition for economic growth and stable development, and allows expanding the boundaries of individual accumulation.

Centralization of capital - the union of many, often heterogeneous capitals in one company.

The rational organization of money circulation is achieved:

1.Setting off claims made in the process of cashless payments.

2. involvement in the economic turnover of temporarily free funds of entrepreneurs and savings of the population.

3.creation and use of various means of payment.

Credit limits.

Distinguish the boundaries of commercial and bank credit.

commercial borders.Determined by the purposes, directions of its use, terms of provision, size.

banking borders.Depend on the resource base of the bank (liabilities); the size of the loan provided to one client is limited (so that if he does not repay the loan, the bank can still work); boundaries are determined by the dynamics of production and circulation.

32. Forms and types of loans

Signs of classification of loans:

1) categories of lender and borrower

2) term of provision

3) the form in which a specific loan is provided

4) material form (fundamental feature)

▪ commodity - the provision by the creditor of things determined by the generic characteristic in the counter transfer of the equivalent.

▪ monetary - based on the commodity form.

▪ mixed (commercial) - combines a number of properties of the first two (the goods are transferred - they are extinguished by money and vice versa). Also found in bonds. Non-cash redemption of bonds:

▪ conversion (if convertible) into shares or bonds of other series

▪ if the bond is a housing certificate - transfer it to the home owner

▪ receipt by the owner of goods produced by the issuer free of charge or at a discount

Loan Forms (depending on who the lender is): commercial, banking, civil, state, international, consumer.

Commercial.

It is provided by sellers to buyers in the form of a deferred payment for goods or by buyers to sellers in the form of an advance payment or prepayment for goods supplied.

Now there are 3 types of commercial loans:

1. Fixed maturity

2. with payment of the price only after the sale by the buyer of the goods delivered in installments (consignment).

3. lending on an open account.

Bank.

It is provided only by specialized credit institutions that have a license to carry out such operations from the Central Bank. Borrowers - legal entities, state, local authorities, population. The interest rate is higher than the % in commercial. The delivery time is higher than in the commercial one. They are classified according to a number of criteria:

▪ Delivery method - a) cash, non-cash, b) refinancing, c) re-registration, d) promissory note credit.

▪ Loan currency (in national, in the currency of the creditor, in the currency of third countries).

▪ Number of participants (bilateral, multilateral transactions).

▪ Purpose of a bank loan:

a) to increase fixed capital, b) to temporarily replenish current transactions, c) on a consumer basis, including mortgage loans.

▪ Giving technique:

a) one-time (provided in one amount), b) limited (overdraft and line of credit). A credit line involves the use of borrowed funds within the established limit. Overdraft - lending to a client's current account from the bank's funds (usually up to 20-30% of the average monthly turnover on the client's current account) to eliminate a temporary lack of working capital for the enterprise to make current payments.

▪ Security criterion - secured, unsecured. Collateral - any liquid property, more often - the borrower's real estate. If he violates the terms of the loan, the security is withdrawn to pay off debts.

▪ Maturity. Short-term (no more than 1 year), medium-term (1 to 3 years) and long-term (more than 3 years).

▪ Repayment methods. 1) in one amount at the end of the term, 2) in installments, 3) in unequal shares, as a rule, during the term of the loan.

▪ By type of interest rate - fixed and floating.

▪ Methods of charging interest. 1) % is paid at the time of total repayment (in a market economy), 2) in equal installments of the borrower throughout the entire period, 3) % is withheld at the time of the direct issuance of a loan to the borrower.

Civil (personal).

Between citizens, mostly relatives, no loan agreement is drawn up.

State.

Indispensable participation of the state in the face of central and local executive authorities. On the other hand, legal entities and individuals. The state is a borrower or lender. More often, a borrower with a bond issue is a government loan. Types of government loan:

1. by terms of provision: short-term (up to 1 year), medium-term (from 1 to 5 years), long-term (over 5 years).

2.By location: domestic and foreign (international)

3. according to the subject of relations: central and local authorities.

4. by market status: market (freely placed on the stock market), non-market - loans designed for a certain category of investors (not for circulation on the market).

5. by yield: winning (based on the lottery), interest, zero coupon.

6. according to the method of determining income: with fixed and floating income.

International credit.

1) commercial (intercompany)

2) banking

3) interstate

Classification of international loans on the basis of:

1.by source: domestic, foreign, mixed.

2. according to the intended purpose: commercial or monetary.

3. by the period of provision: short-term, long-term, medium-term.

4. by currency of provision: borrower country, creditor, third country.

+ additional protection by private insurance and government guarantees.

Consumer credit.

Target form of lending to individuals. The goal is to satisfy the needs of the consumer. Lenders - banks, special organizations and other legal entities (for details, see the book Shevchuk D.A. Loans to individuals. - M .: AST: Astrel, 2008).

Mortgage loan for the purchase of housing or secured by non-target (for more details, see Shevchuk D.A. Mortgage: just about complicated. - M .: GrossMedia: ROSBUH, 2008, Shevchuk D.A. An apartment on credit without problems. - M .: AST : Astrel, 2008 and Shevchuk D.A. Buying a house and land: step by step - M.: AST: Astrel, 2008).

33. Loan interest (interest income) and interest rate.

Loan % (interest income) - monetary reward of the creditor for granting the credit. It is the loan price (fee) that the borrower owes to the lender for the loan. It characterizes the distribution of income and the risks borne by lenders and borrowers when lending.

Interest rate - the ratio of interest income to the amount of the loan.

34. Determination of the market rate of interest

The market interest rate is formed:

1) as a result of the interaction of supply and demand in the credit market, 2) with the help of the bond market.

Market interest rate and credit market.

Lenders' decisions depend on changes in interest rates in the credit market.

Market interest rate and bond market.

The higher the price of bonds, the less buyers want to buy them and the more sellers want to offer them. The price of bonds changes in inverse relation to the change in the % rate. Therefore, the volume of demand for bonds is in direct proportion, and their supply is inversely related to the interest rate.

The main factors of demand for credit:

1.Expected rate of return (company's profit increases => investment and demand for credit increase).

2.expected inflation (with rising inflation and unchanged nominal rates, real interest rates decrease => growth in demand for credit).

3. volume of state. debt (government borrowing can be so large for any value of% rates that it will become the main determinant of the credit market).

Credit supply factors are determined by:

1. the level of well-being (its growth leads to an increase in the supply of credit).

2. the expected return on assets (with a future increase in interest rates and a decrease in bond yields, the loan supply decreases, with a possible future increase in the price of shares and assets, the loan supply decreases). Relationship with expected inflation rates.

3.risk (in an uncertain situation with a future change in the percentage rate due to inflation, creditors will increase the percentage).

4.liquidity (liquidity of bills, bonds is growing => loan supply is growing).

When demand for credit exceeds supply, the interest rate rises. Changes in the volume of lending depend on the degree of convergence between the expectations of lenders and borrowers about future inflation rates. Demand goes up => interest rate goes up, supply goes up => interest rate goes down.

Within the theory of liquidity preference, the level of nominal interest rates depends on income, price level and money supply.

The volume of supply depends on the monetary policy of the Central Bank and changes in the price level.

35. Nominal and real interest rates

Nominal rate % is % in monetary terms.

Real rate % is the price-adjusted nominal rate (an increase in real wealth expressed as an increase in the purchasing power of the investor or lender).

Nominal rate %=real rate %+inflation rate (i=r+p)

More precise ur-e: i=r+p+rp

Fisher effect:

Nominal rate%=real rate%+expected inflation rate (pe)

(when the inflation rate is unknown).

The nominal % rate includes a surcharge or premium on expected inflation; due to unforeseen inflation, the premium may be insufficient; then there is an effect of redistribution of income between creditors and borrowers.

Expected real interest rate - the real interest rate expected by the borrower and the lender when granting a loan: r=i-ne

Actual real rate %=r=i-p

If inflation exceeds the rise in the nominal rate, the real rate will be negative.

If rates change in line with inflation, then the lender incurs a potential loss in capital gains if:

1.Inflation reduces the real cost of borrowing.

2. the market nominal rate rises => the market value of securities falls and vice versa.

36. Types of nominal interest rates

1. basic bank rate (prime rate) - the minimum rate set by each bank for loans.

2.% money market rates - rates on short-term debt financial instruments.

3.% rates on interbank loans (IBK) - refer to % money market rates.

Its types:

▪ announced rates for granting loans - at them banks offer loans to each other (LIBOR, PIBOR, FIBOR).

▪ announced rates for attracting loans - banks are ready to buy interbank loans at them (LIBID, PIBID, FIBID).

▪ actual interbank lending rate - the average rate on actually issued loans on the interbank market (MIACR).

▪ rates on short-term interbank loans - rates on actually granted short-term interbank loans - INSTAR.

4.% rate on treasury bills - according to it, the Central Banks of Western countries sell treasury bills on the open market.

5.% capital markets rate - rates for medium-term and long-term government. obligations.

There are other types of bets.

Interest arbitrage - income from differences in % rates in two related markets.

37. Factors that determine differences in interest rates

1.Risk - riskier borrowers pay higher interest.

2. Liquidity - differences in the liquidity of different financial instruments.

3. Differences in taxation - municipal bonds are not subject to income tax. Higher tax rates => higher returns and vice versa. Coupon rates are the same => tax-free papers cost more and yield less. => Coupon payout set-Xiang lower rate on municipal bonds.

4.Term or duration of the loan - long-term bring more% income.

Calculation of interest income.

Calculation of simple interest on the initial capital.

It is used when servicing savings deposits with a monthly interest payment and when the interest is not added to the amount of debt, but is periodically paid to the creditor. The accrual formula for simple % is: F=P(1+nr), where F is the accrued amount, P is the initial capital, n is the accrual period of %, r is the % rate. Interest income: I=Pnr

2 options %:

1) exact - determined based on the exact number of days in a year (365 or 366), in a quarter (from 89 to 92), in a month (from 28 to 31), 2) ordinary% - determined based on the approximate number of days in a year, quarter, month (360, 90, 30).

2 options for determining the loan duration:

1) the exact number of days of lending is taken into account (calculation by day), 2) the approximate number of days of lending is taken into account (in a month - 30 days).

38. Calculation of interest income

Calculation of simple interest on initial capital.

2 options %:

2 options for determining the loan duration:

1) the exact number of days of lending is taken into account (calculation by day), 2) the approximate number of days of lending is taken into account (in a month - 30 days).

Often, when servicing current accounts, interest is calculated using percentage number Pt/100D and divisor D=T/r, where P is the initial capital, t is the duration of financial options in days, T is the number of days in a year. => Interest income: I=Pt/100D. Usually the amount on the account changes frequently. money is deposited and withdrawn. Then the total amount of accrued % for a certain period: the sum of all percentage numbers for each period of time when the amount on the account did not change is divided by the divisor.

In conditions of decreasing purchasing power of money, the real rate is more important than the nominal one. The amount will be: F*=F/I^t_p, where F - accrued amount, t - time, I_p - the value of the price index.

Accounting for bills.

Discounting a promissory note is the purchase of a promissory note from the owner before maturity at a price less than what it would be at the end of the term. (often called bill posting). Discount (D) - % of the bank deducted from the bill. It is interest for the time from the day of discounting n to the day of repayment of the bill for the amount F, payable at the end of the term. The bank discount rate is d => D=Fnd. The holder of the bill will receive the discounted value of the bill P=F-Fnd=F(1-nd) - bank (commercial) discounting. Usually, ordinary interest and the exact number of days are used.

Calculation of compound and continuous interest.

The investment is made with a compound percentage if the next annual income is calculated not from the initial value of the invested capital P, but from the total amount, which includes the interest previously accrued and not claimed by the investor. => capitalization of interest (attaching them to the accrued base) => the base increases. => Amount of invested capital = F_n=P(1+r)ⁿ,

% income = I=P((1+r)ⁿ-1)

If the loan is concluded for a number of years different from the whole, then % can be accrued according to the compound % scheme or according to the mixed scheme (compound % scheme for an integer number of years + for simple % for the fractional part of the year): F_n=P(1+r)^w(1+fr), where w is an integer number of years, f is a fractional part of a year, n=w+f.

Complex financial problems in banking practice => the task of accruing compound interest in a very short time => continuous calculation and capitalization of interest => accrued amount =Fn=Pe^δn, where δ - continuous rate (growth force).

Interest income = I=P(e^δn-1).

Financial annuities.

Financial rent (annuity) - unidirectional cash flow (no alternation of outflows and inflows of funds) with equal time intervals between two consecutive cash receipts. This constant time interval is annuity period (annuity period), any element of the cash flow - annuity member. An annuity, each term of which occurs at the end of the corresponding period - rent postnumerando, if at the beginning - prenumerando. Estimation of cash flow (and rent) can be performed as part of solving two problems:

1) direct, implying a total assessment of the accumulated cash flow - the future value of the cash flow is determined, 2) reverse - the total assessment of the discounted (discounted) cash flow - the present value of the cash flow is determined.

39. Organization of lending

Credit policy and lending process.

Lending organization - activities to streamline all processes related to the movement of credit in time and space in accordance with the principles of lending. It involves solving two independent problems:

1) formation of the company’s credit policy, 2) organization of the credit process and its management.

Credit policy of the company (credit organization) - a system of measures aimed at establishing priorities for the development of credit relations, rational organization and management of the lending process to various categories of borrowers in order to ensure high profitability and minimize credit risk. Designed to determine the main priorities in establishing and developing credit relations with various categories of borrowers, to rationally organize relationships with them on a long-term and mutually beneficial basis + to determine the basic economic and legal framework for the implementation of credit transactions by business entities: forms of credit documents and methods of ensuring the fulfillment of loan obligations. The establishment of general approaches, standards and procedures for lending to specific categories of borrowers is the basis of the loan management process. Includes:

1) terms of credit (credit transactions, including the level of interest rates), 2) standards of creditworthiness, 3) security of loans (methods of ensuring the fulfillment of loan obligations, 4) measures to ensure repayment of the loan and collection policy (collection).

Terms of credit, credit transactions - a combination of established terms of the loan and the interest rate (discount level).

Interest rate level - the price of the loan, formed by the conditions of lending. This price can be defined as the costs that the firm will incur if it refuses to pay immediately (payment for goods at a discount), because then the buyer will pay more. The annual price of refusal to use the discount is the annual price of the loan:

(C/100%-C)x(365/T_k-T_c), where С is the amount of the discount in %, Т_к - term of the loan, T_с - duration of the discount.

The loan term in commercial lending is the period of time that the company gives customers to pay for the purchased goods (usually 30, 60, 90 days).

The company's determination of the terms of the loan depends on:

1) the level and rate of inflation, 2) the nature of industry competition, 3) existing market lending conditions, 4) the scale of sales, the level of profitability of sales and the overall profitability of the company, 5) the conditions for obtaining a commercial loan from suppliers, 6) the availability of equity capital required for financing, 7) the ratio of the company's accounts payable and receivable and the availability of bank lending.

Interest rate policy. It is influenced by general and particular factors.

Are common:

1. the ratio of supply and demand in the money market and the capital market

2.change in the official discount rate of the Central Bank

3. Level and rate of inflation

4. rates and conditions of the interbank credit market

Private:

1. the nature of the bank's deposit policy, the structure of the funds it raises (the resource base of the bank).

2. the amount of the bank's own funds

3.profitability of banking

4. term and amount of the loan

5.client's solvency

6.type of loan security

The principle of credit policy: Interest income must be higher than interest payments.

Credit standards - requirements for financial stability, which borrowers must have in order to obtain a loan. To establish them - credit risk assessment and determination of the probability of delay in payment of the loan or its non-payment. => methods of credit analysis.

Measures to ensure the return of the loan and the policy of collection of payments (collection) - a set of legal procedures and operations that companies and credit institutions use in relation to customers who have overdue debts (tightening measures for granting loans, increasing the interest rate).

Lending process. It is divided into several stages:

1. consideration of a loan application for a loan

2.assessment of the credit risk and creditworthiness of the borrower

3.choice of loan collateral

4. making a decision on the advisability of issuing a loan and its conditions

5. registration of a loan agreement or obligation and issuance of a loan

6. control over the fulfillment of the terms of the loan and its repayment

7.final repayment of the loan

Credit application. To obtain a loan, the following documents are required:

1.financial report, including the bank's balance sheet (shows the structure of assets) and profit and loss account for 1-3 years (information on income, expenses, net profit of the company)

2. cash flow report (shows how the company used resources, the time and amount of cash release, the formation of the need for additional financing)

3. interim (quarterly) financial reports (dynamics of changes in the company's need for resources, a detailed analysis of the company's financial position)

4. bank statements and certificates from the tax office (determining the presence/absence of tax arrears and accounts payable)

5. business plan (sources of loan repayment and tax payment).

The borrower also draws up an application for a loan - it contains information about the required loan.

40. Credit risks and creditworthiness of the borrower

Credit risk assessment

Credit risk - the risk of late or incomplete payment of the debt and / or interest, which is expressed in the possibility of losses for the creditor.

The main reasons for credit risks:

1.negative changes in the economy of the country, region, individual city; crisis in certain industries and the economy as a whole, leading to a decrease in business activity

2. the borrower cannot achieve the planned financial result due to unfavorable changes in the business, economic, political spheres

3. change in the market value / loss of quality of collateral (in the 1st place - collateral)

4. the possibility of abuse in the use of the loan by the borrower or his staff, including the deterioration of the borrower's business reputation.

Hence - 2 types of credit risk:

portfolio risk - associated with the quality of the bank's assets and their distribution by individual types and categories. It is divided into internal and concentration risk. Internal is associated with a specific borrower, determined by its creditworthiness. The concentration depends on what part of the loan portfolio is made up of loans of the same type by type of borrower, business size, financial position, etc.

Operational risk - associated with the state of the organization and the management of the credit process. It is determined by the quality of the credit policy, including the established standards of creditworthiness, the choice of acceptable collateral, the effectiveness of measures to ensure the return of the loan and the collection policy (collection).

Analysis of the borrower's creditworthiness.

Creditworthiness of the borrower - the ability to timely and fully repay the loan obligation, pay for the goods or return the loan amount with interest.

5 criteria for analyzing the reliability of a loan (method of five "si"):

1.character of the borrower - reputation, degree of responsibility, desire to repay the debt.

2. solvency - the ability to repay a loan.

3.capital - determination of creditworthiness, the state of receivables, etc.

4. collateral - assets that the client can provide as collateral for a loan.

5.conditions - general economic conditions that determine the business climate in the country, business development features in various sectors and regions that affect the bank and the borrower.

This information is obtained from credit files and reports from credit agencies.

Sample report about the company's creditworthiness contains:

1) balance sheet and profit and loss account, 2) coefficients reflecting the company’s development trend, 3) information from banks and regular suppliers of the company about violations of loan terms, 4) description of the company’s operating conditions, 5) biography of its owners, cases of bankruptcy, litigation processes, 6) company rating, showing the level of its creditworthiness on a scale A (always fulfills obligations) - P (failure to fulfill obligations).

The 5-si methodology is supplemented by an analysis of the system of financial ratios and cash flow.

System of financial ratios - 5 groups of coefficients:

1.liquidity

2. efficiency (turnover)

3.financial leverage (leverage)

4. profitability

5.debt service.

These indicators are calculated on the basis of actual balance sheet data and other financial statements using data for a number of recent years (in practice - at least 3 years). + reports for the quarters of the current tax period and operational accounting data. An analysis of the cash flow is also carried out (the inflow and outflow of funds are compared).

Classification of borrowers by level of creditworthiness (classes).

41. Loan collateral and credit management

Loan security (fulfillment of credit obligations) is a set of legal, economic and organizational means and measures to encourage the borrower to timely and fully fulfill its obligations and satisfy the interests of creditors.

Loan security methods:

1. Penalty (fine, penalty) - measures to increase property liability for violation of the terms of the loan agreement, related pledge and guarantee agreements and differ only in the procedure for calculating and paying.

2. Pledge is one of the most effective and frequently used ways to secure bank loans. On the subject of pledge, one can single out a) a pledge of property and b) a pledge of property rights, such as shares.

3. Guarantee. The surety agreement arises as an agreement between the creditor bank and the guarantor, acting on the side of the borrower, on the basis of the voluntary will of the parties.

4. Bank guarantee. In a bank guarantee, the party issuing the guarantee must be a bank or other credit institution, called the guarantor, and the party accepting the guarantee as collateral for the loan is the creditor bank (beneficiary). The person who requests the guarantee is called the principal. Warranty ends:

1. with the end of a certain period for which it was issued

2. with payment to the beneficiary of the amount for which it was issued

3. due to the refusal of the beneficiary of his rights under the guarantee by returning it to the guarantor or a written application by the beneficiary to release the guarantor from his obligations

Management of the credit process - maintaining stability, achieving sustainable development of lending, its focus on reducing risk and achieving its high profitability. Management includes:

a) making a decision on the advisability of issuing a loan and its conditions

b) registration of a loan agreement (takes place by concluding a loan agreement (a contract for a conditional sale or a sale and purchase agreement) between the lender and the borrower. The agreement fixes all the main conditions for lending)

c) issuing a loan

d) control over the fulfillment of the terms of the agreement and repayment of the loan (credit monitoring)

e) the final repayment of the loan

In a narrow sense, credit management is a targeted impact on the processes that mediate the movement of credit in order to achieve a minimum level of credit risk.

In a broad sense - the conscious regulation of the processes of formation and development of the company's credit activities in the interests of its profitability.

42. Capital-creating theories of credit

1) John Lo:

▪ Analysis of metallic money. A metal coin is a commodity with absolute liquidity. This monetary commodity acquires added value because there is a demand for it, like a coin (if the metal were not used as money, its value would be lower). From this Law concluded that paper money was preferable.

▪ Money is just an intermediary in exchange, therefore, it does not matter what it is made of.

▪ Paper is a cheap commodity in abundance, so the problem of price fluctuations depending on the price of money is solved.

▪ Every use of money brings interest (profit). The more money, the more profit. How to increase the amount of money in the state? - due to credit.

▪ Paper money has no value abroad, so this wealth will not be exported (mercantilist aspect).

▪ Money is capital.

▪ Credit is money.

▪ Paper money is credit, therefore, whoever creates paper money creates capital.

2) Henry McLeod:

▪ Credit creation is capital creation.

▪ Using credit leads to equalization of prices and increases product supply.

▪ Banks are credit factories. By issuing money, the bank creates public wealth.

3) Joseph Schumpeter:

▪ Credit is a lever for withdrawing benefits from some areas and transferring them to other areas.

▪ Credit - creation of purchasing power for transfer to the entrepreneur. This leads to economic growth.

▪ The issuance of loans can lead to credit inflation, which is subsequently covered by the output of products.

4) Albert Gunn:

▪ There are active bank operations. Which precede the passive ones. They are priority. Example: a current loan is a short-term bank loan provided up to an agreed maximum as the client's need arises. Current credit allows banks to create imaginary deposits, a possibility that Hahn views as limitless. A characteristic feature of a contract loan is that it is blank (unsecured). Often, enterprises, unable to pay, give shares to pay off debt.

▪ In Russia, capital-creative theories of credit are not widespread. The theory of imaginary capital by S.F. remained almost unknown. Sharapov (Taletsky).

43. Theories of credit

1) Theories where credit is condemned. They come from antiquity, associated with a negative assessment of usury (the Bible, the Koran - the prohibition of interest, usury, the transfer of debts). During the Middle Ages, the understanding of credit and interest expanded. The percentage was justified if:

▪ Losses occurred when providing a loan (late repayment);

▪ Lost profit (that is, even a non-obvious reason justified interest income);

▪ Risk loans - to the seafarer.

In the theory of neutral money, credit was condemned.

2) Naturalistic theories of credit. According to them, credit is neutral in relation to the economic system as a whole. Representatives - Smith, Riccardo, Marx. They arose as a reaction to the J. Lo system. In the USSR - the legacy of these theories, since Marx was the representative.

3) Investment and financial theory of credit. Economic growth cannot be achieved on loans alone. There must be purposeful cash flow. These funds should be invested by the state and named state. debt. The idea is that initial investment generates other investments: 1 construction job generates 36 related jobs. This idea - the idea of a multiplier - a coefficient showing the relationship between changes in income from changes in investment: change in income = multiplier * change in investment. Another multiplier is: 1/(1-c), where c is the marginal propensity to consume.

44. Central banks, their functions and monetary regulation

Functions of the Central Bank

The Central Bank is a government body responsible for the volume of money supply and loans provided to the economy as a whole. Meaning: he is responsible for the conduct of monetary policy and the stability of the banking system as a whole. The standard is the Bank of England. The role of the Central Bank is determined by three functions:

1) monetary control (stabilization of the price level through control over the money supply);

2) Prudential control - control over banking risks (aimed at minimizing the possibility of financial crises). When conducting this type of control, the bank acts as a lender of last resort

3) placement of public debt on the most favorable terms - in this case, the Central Bank acts as an agent in the initial placement of bonds and is not a direct creditor of the government.

Creation and status of the Bank of Russia

In the Russian Federation, bank property is federal property. The state is not liable for the obligations of the Bank of Russia, and the Bank of Russia - for the obligations of the state, if they have not assumed such obligations. The Bank of Russia carries out its expenses at the expense of its income. The Bank of Russia simultaneously acts as a state body pursuing a policy in the financial sector, and as a bank - a subject of commercial activity. Is a monopolist in the issuing sphere. After the approval of the annual financial statements, the Bank of Russia transfers 50% of the actual profit to the federal budget. To fight inflation, the Central Bank must win the trust of the public and have a reputation as a body that strictly fulfills its obligations.

Organizational structure of the Bank of Russia

At present, the Bank of Russia is a single centralized system with a vertical management structure. The structure of the Bank of Russia includes the National Banking Council, the chairman of the Bank of Russia, the board of directors, the central office, territorial offices (TU), cash settlement centers (RCC), other organizations, including computer centers, field institutions, educational institutions

Functions of the Bank of Russia

The Bank of Russia carries out: - Maintenance of accounts of budgets of all levels of the budgetary system of the Russian Federation; - servicing the public debt; - interbank payments and settlements; - lends to solvent, but temporarily illiquid banks; - banking regulation and supervision; - endowed with a monopoly right to issue cash.

Balance sheet of the Bank of Russia

Asset: precious metals; funds and securities in foreign currency placed with non-residents; loans and deposits; securities; other assets - fixed assets.

Liabilities: cash in circulation; funds on accounts with the Bank of Russia; funds in settlements; other payments - IMF loan; capital.

45. Tools and methods of monetary policy

Under the tools of monetary policy, economists understand the operations and ways in which the Central Bank can change bank reserves, the money supply and the volume of lending to the economy.

Instruments: 1) Operations on the open market. They represent the buying and selling of securities by the central bank. The sale will lead to a reduction in the money supply. It is considered the most effective instrument of monetary policy. 2 types of transactions are used: direct transactions (ie with immediate delivery) and repo transactions (meaning the purchase of securities with the obligation to buy them back after a certain period of time). By type, open market operations are divided into dynamic (aimed at changing the level of bank reserves and the monetary base) and protective (aimed at maintaining the stability of the financial system in the event of an unexpected deviation).

2) Bank refinancing. The increase in refinancing increases the amount of borrowed reserves in the banking system, the monetary base and the money supply. The Central Bank can influence the volume of refinancing in two ways: - by influencing the value of the interest rate on loans (the rate increases - the cost of Central Bank loans increases - the volume of borrowings decreases);

▪ influencing the amount of loans at a given interest rate using a refinancing policy. Refinancing policy affects lending volumes by issuing loans and involves the central bank setting goals. Conditions and terms of lending.

Refinancing is used as a tool for stabilizing the banking system (providing additional reserves during a crisis period). Refinancing policy has less direct monetary impact

3) Reserve requirements. The Central Bank has the right to require banks to keep reserves in a certain proportion to deposits. A decrease in the reserve ratio increases the multiplier and the corresponding money supply (and vice versa). An increase in the required reserve ratio limits the ability of banks to lend to the economy, since it requires holding a larger amount of liquid funds in relation to deposits.

4) Deposit operations - attraction of free funds of banks in term deposits of the Bank of Russia. Designed to sterilize free banking liquidity. They are held in 2 ways: on fixed terms or on auction terms. Such operations "bind" the excess reserves of banks, holding back the growth of the money supply.

5) Direct quantitative restrictions - the establishment of limits on the refinancing of banks and other credit institutions and the conduct of certain banking operations.

Stabilization monetary policy.

The monetary policy of the Central Bank is an integral part of the economic policy of the state. It is a system of measures to achieve the main economic goals: economic growth, high employment, price stability, stability of the interest rate and the exchange rate of the national currency. Intermediate goals (what the Central Bank can control to achieve the main goals): money supply, nominal interest rate, nominal GDP, exchange rate. Criteria for selecting intermediate targets: - speed of measurement and availability of information about the parameter; - the possibility of control and management using the tools of the Central Bank; - Consistency and predictability of impact on ultimate goals. Operational targets (a set of variables that the Central Bank can directly influence): bank reserves. Monetary base, interbank market rates, etc. Now the concept of price stability as the main goal of monetary policy has become widespread because:

1) the stability of the general price level and the absence of inflation and deflation makes it possible to observe relative prices => the market will allocate resources more efficiently;

2) Creation of incentives for investment (because there is less risk);

3) Less resources are diverted from productive use for hedging (insurance) of inflationary risk;

4) elimination of inflationary costs associated with the distorting effect of the tax system on economic behavior;

5) Prevents arbitrary redistribution of wealth.

The Bank of Russia switched to a policy of price stabilization, announcing the ultimate goal of reducing inflation and keeping it at a low level. Quantitative characteristics of price stability: general consumer price index, core inflation indicator (goods and services whose prices are regulated by the government and goods and services subject to seasonal price fluctuations are excluded from the CPI calculation set). Core inflation is that part of inflation that the Central Bank can directly influence. Achieving a certain core inflation target can serve as an assessment of the effectiveness of monetary policy. The transmission mechanism of monetary policy is the process of the impact of political decisions on the economy as a whole and on the price level in particular.

Strategies for conducting monetary policy:

1. monetary targeting (the Central Bank maintains the specified parameters for changing the money supply);

2. direct inflation targeting (the reaction of the Central Bank to deviations of inflation forecast values from the set values on a certain time horizon);

3. Exchange rate targeting (fixing at a given level by adjusting interest rates and the monetary base).

46. Essence and functions of commercial banks

In the market at any given time there are economic units that have free funds, i.e. with a balance sheet surplus (EBSP). There are also economic units with a balance sheet deficit (EEDB). Redistribution of funds between issuers of obligations and their holders can be carried out using direct (sale of obligations directly to the holder) and indirect financing (through a commercial bank). Banks perform the function of intermediation + minimizing information costs. Economic essence of banking activity:

a) transformation of risks (confidence in solvency);

b) transformation of deadlines;

c) transformation of the values of the credit transaction.

A commercial bank is an enterprise of a special kind, the main activity of which is the mobilization of temporarily free funds of individual economic entities in order to lend them. Banking operations: - attraction of funds in deposits; - placement of attracted funds on its own behalf and at its own expense; - opening and maintaining bank accounts; - making settlements on behalf of individuals and legal entities; - cash collection and cash services; - purchase and sale of foreign currency; - attracting deposits and placement of precious metals; - issuance of bank guarantees; - making transfers without opening bank accounts.

Functions of banks: a) accumulation of funds;

b) creation of non-cash money;

c) mediation in settlements.

Credit organization - legal entity. a person who, in order to make a profit as the main goal of his activity, on the basis of a special permit from the Central Bank of the Russian Federation, has the right to carry out banking operations. Non-bank credit organizations (NPOs) are organizations that have the right to carry out certain banking operations provided for by law. Banking system (BS) - a set of credit institutions headed by a central bank of issue + a system of relations and relationships between them. Systems are: one-level (the predominance of horizontal connections between banks, i.e. the universalization of their operations and functions) and two-level (both horizontal and vertical connections; vertical - subordination relations between the central bank of issue as the governing center). The central bank of issue is assigned the function of control over the banking system. All banks except the central bank are considered commercial. Commercial ones include:

a) private commercial banks;

b) savings banks;

c) cooperative banks. Specialized banks are those that carry out individual banking operations or serve specific client groups.

Modern remote banking service

Remote (online) banking is a range of banking services provided using various technologies for remote customer service. Advantages: ease of use of the system; functionality (operations available to clients); system security. Shapes:

1) telephone banking (using a touch-tone telephone);

2) PS banking (via a direct modem connection of a personal computer to the banking network;

3) Video banking - through communication with staff, video conference;

4) Internet banking - via PC and Internet;

5) mobile banking - through a mobile phone and a simplified data exchange protocol on the Internet;

6) interactive (digital) television banking - using a TV turned into a multimedia telecommunications center.

The Internet-Bank-Client system allows you to work with all the main banking documents (form, sign and send to the bank):

payment order, payment request, collection order, register of payment documents, statement of refusal of acceptance, letter of credit, application for currency transfer, order for the sale of currency, transaction passport, information message).

For remote management of bank accounts (receiving statements, generating and sending payments, receiving and sending text messages of an arbitrary nature to the bank), along with the traditionally used Client-Bank systems, more modern systems of remote account management via the Internet are now being used very actively.

The concept underlying the "Internet banking" system is based on the use of the so-called. the principle of "thin client", the essence of which is that there is no (unlike traditional "Client-Bank" systems) the need to install any software on the client's PC.

This software (Java applet software module) is downloaded to the client's computer from the bank's server only for the duration of the communication session with the bank. This technical solution has a number of obvious advantages over the traditional "thick client" technology implemented in conventional "Client-Bank" systems.

The ideology of information security of the "Internet banking" system is based on the correct decision on the independent generation of the secret key of the electronic digital signature by the client (in most remote account management systems, including the traditional "Client-Bank" system, these keys are generated by the system developer, which significantly reduces the information security of such systems). Availability and ease of installation. To install the system, a bank employee does not need to visit the client's office. All operations for installing the system are so simple that they can be performed by employees of the client's organization on their own. To do this, the client must: have an open account with the Bank and a computer with the required characteristics.

If, for some reason, the client's office does not have the ability to connect to the Internet, but has a computer, telephone and modem, he can easily use the traditional "Client-Bank" service.

The system has a standard set of functions - receiving ruble and currency statements, typing in the system and sending payments, receiving and sending arbitrary text messages to the bank, etc. The distribution kit of the program and detailed instructions for installation and operation can be downloaded from the Internet or when contacting an additional office (business center, bank branch). The Internet-Bank-Client system provides the highest degree of mobility in managing the organization's financial flows. The head of the company, being anywhere in the world, has the ability to carry out transactions in the interests of his company.

47. Balance sheet and operations of commercial banks

Balance sheet diagram of a commercial bank.

Assets: cash on hand and cash equivalents; granted loans; financial investments; other assets. Liabilities: liabilities of a commercial bank; attracted funds of the bank's customers; loans received from the Central Bank; borrowed funds from credit institutions; other obligations; own funds of a commercial bank.

Cash on hand and equivalent funds - cash at the disposal of the bank, balances on correspondent accounts with the Central Bank, balances on correspondent accounts with other banks, funds booked on an account with the Central Bank as minimum reserves. Bank loans are classified according to various criteria:

1) in terms of the category of the borrower (legal and natural persons);

2) in terms of term (short-term up to 1 year, medium-term 1-3, long-term more than 3 years);

3) From the point of view of the form of the loan: - cash loan (money); - a credit loan (the bank's obligation to pay monetary claims to the client if he cannot do it on his own);

4) depending on the object of lending: to finance fixed assets or working capital;

5) in terms of the collateral provided: unsecured. Partially secured, secured.

Financial investments - investments of the bank's capital in various financial instruments (securities, foreign currency). Investment portfolio - investments made by investors in various financial instruments of different duration, different liquidity and profitability, managed as a whole. For commercial banks, the investment portfolio = "portfolio of securities" (because securities for them are the only financial investment instrument).

Commercial bank resources

All resources of a commercial bank are divided into own and attracted. 3 groups of funds attracted by a commercial bank:

a) funds of bank clients;

b) loans from the Central Bank;

c) funds from credit institutions.

Bank deposit (deposit) - funds placed by the depositor in a commercial bank on certain conditions. A bank account is a unit of storage of economic information about a specific banking operation. Classifications of bank deposits: - in terms of the category of the depositor (legal and physical); - form of withdrawal of funds (on demand and term deposits); - term of the deposit agreement. On demand - pick up when you want, without warning; motive - the desire to participate in non-cash payments. Term deposit - for a certain period; the goal is to generate income. Certificate - a written certificate of the bank on the deposit of funds, certifying the right of the depositor to receive the amount of the deposit and interest on it after the expiration of the established period. A bank bill is a security containing an unconditional debt obligation of the drawer (bank) to pay a certain amount to the bill holder in a specific place at a specified time to the legal bearer of the bill. The interbank loan market is the market for interbank loans. Lenders - banks that have funds, seeking to place them profitably; borrowers - banks that are in need of credit resources. The interest rate on interbank loans depends on the level of demand for free resources and on the volume of their supply. The interest rate is the result of an agreement between banks. Own funds of a commercial bank consist of basic capital (funds of a sustainable nature: authorized capital, share premium of the bank, reserve fund, economic development fund, retained earnings of the current year) and additional capital (funds, the amount of which may vary: profit of the reporting year, not confirmed by an audit ; provision for possible losses on loans; funds of the bank, data on which are not confirmed in the auditor's report).

Authorized capital is the economic basis of the activities of a commercial bank. The procedure for formation depends on the legal form of the bank. The Bank of Russia has determined the requirements for the minimum amount of authorized capital - it must be equivalent to 1 million euros. Functions of equity capital:

a) protective (creating a reserve);

b) operational;

c) regulating.

N1 bank own funds adequacy ratio in Russia:

H1=K/(Ar-SSr), where K is capital; Ap - risk-weighted assets; Ср - the amount of created reserves for depreciation of securities

Currency operations of banks

Foreign exchange transactions can be classified according to their purposes: - currency exchange; - speculative (hope for a profitable change in the exchange rate) and arbitrage (making a profit from price differences in different markets => no risk). From the point of view of time and technology for carrying out foreign exchange transactions: - cash (spot transactions); - urgent operations. Cash registers are intended for:

a) quickly obtain foreign currency for the purpose of carrying out planned operations with it;

b) carrying out short-term speculative operations;

c) insurance of currency risk. Characteristic features of spot operations: 1. Short period of implementation; 2. the presence of the tradable asset among the parties to the transaction. The parties negotiate the exchange rate. The highest rate is telegraphic translation. Because with it, foreign currency is paid by the bank immediately or the next day after receiving the transfer from the foreign bank. For futures transactions it is typical:

1) A long period of transactions between the moment of conclusion and the moment of execution (~30 days);

2) at the time of concluding transactions, the presence of the asset being traded is not necessary. The main purpose of forward currency transactions:

a) receipt of the required currency by the time the main foreign economic contract is executed;

b) currency speculation and arbitrage;

c) hedging currency risks. Main types of currency transactions: forward transactions (outright transactions);

b) futures transactions;

c) option transactions.

A. Carried out on the over-the-counter market. The buyer of the currency says that he will buy the currency after a certain period of time at a certain price (negotiable). After the expiration of the period, the market price of the currency may be lower than the agreed one, then the loss. If higher - then profit. There are 2 options for the execution of such an agreement: - by real delivery of the currency being sold (delivery forward); - by payment by the losing party of the difference between the forward (which was agreed upon) rate and the current rate at the time of contract execution (settlement forward).

B. Futures transactions are made on the exchange. Differences from a forward transaction arise from the nature of exchange trading. First of all, this is the standard nature of exchange contracts (in relation to the type of currency traded, contract size, execution period). A futures contract is a broker's obligation to a clearing house to sell or buy currency in the future.

C. Option operations of banks with currency. They are a combination of two types of contracts - for the purchase or sale of currency and for the purchase or sale of the right to execute or not to execute the contract. A contract to buy the right to sell a currency is a call option, and to buy the right to buy a currency is a put option.

48. Credit and financial institutions of the country

Credit organizations of deposit type

Depository institutions act as financial intermediaries. The main institutions of this group are commercial banks, savings institutions and credit unions. Credit banks offer the widest range of services for raising funds from economic entities. In the financial system of Russia, commercial banks occupy a dominant position. Savings institutions - the main source of funds are savings deposits. These institutions borrow short-term funds using checking and savings accounts and then lend them over the long term against real estate collateral. Credit unions are mutual lending institutions. They accept deposits. individuals and lend to members of the union on terms acceptable to them. They provide funds in the form of short-term consumer loans. Usually created on a professional basis.

Insurance companies and pension funds

Insurance companies and pension funds are classified as savings institutions operating on a contractual basis. The main source of income for insurance companies is the regular contributions of policy holders. The financial resources of insurance companies are used in long-term lending systems, primarily for commercial and residential construction. Pension funds are public and private (non-state, NPF). In Russia, the dominant place is the Pension Fund of the Russian Federation. The main source of funds is social tax deductions. NPFs are divided into open (any citizen can become a member) and closed (corporate, industry, regional, professional).

Financial and investment companies

Financial - companies that form their funds by issuing short-term commercial bills, shares, bonds, or by borrowing from banks to provide short- and medium-term loans for consumer and commercial needs. Financial companies borrow large sums, issue small loans. 3 types: trade (loans for the purchase of goods), consumer (those who are not given banks) and business companies (carrying out factoring operations, are engaged in leasing financing of companies). Investment funds accumulate investors' resources and invest them in money market capital instruments. They specialize in long-term investments. There are closed and open types (mutual funds). Closed type - they sell their shares in order to get cash for investment, and further limit the number of shares placed among a fixed circle of investors. The price is determined based on supply and demand. Open type own dynamic assets, they determine their value. Using market closing prices for each day. There is no limit on the number of shares issued. CIF - check investment fund. They were called upon to accumulate privatization checks (vouchers) by exchanging their shares for vouchers for the subsequent acquisition of shares of privatized enterprises for them. The interests of voucher holders who became shareholders of CHIFs were not protected. CHIFs were converted into mutual funds (mutual investment funds). Mutual investment fund - a property complex without the creation of a legal entity. persons whose property is managed in trust by management companies.

Venture capital companies and hedge funds

The funds of these companies serve as the main source of equity capital for the organization of new enterprises, primarily in the high-tech industries. 3 groups: private independent foundations, corporate affiliates and government funded small business investment corporations. The goal of a hedge fund is to generate a constant rate of return above the market average while reducing the risk of loss.

investment banks

These are not banks in the traditional sense. They perform direct financing functions in financial markets. They specialize in helping businesses and governments place their securities issues on the primary markets for financial investment. Activities:

a) performing the functions of brokers and dealers;

b) organization of settlements for transactions with securities;

c) formation of emission portfolios;

d) formation of individual securities portfolios for individual investors;

e) consulting services on investment issues;

f) searches for investors and investment objects.

49. Banking and monetary systems of the USA, England, Germany, Japan, France, Italy and Canada

monetary system the system of circulation of money in the country, which has developed historically and is enshrined in law, is called. An integral and relatively independent part of the country's monetary system is its monetary system.

currency name the money involved in international settlements.

The monetary system includes the following main elements:

a monetary unit (account unit) used to measure the prices of goods;

official price scale;

types of banknotes;

emission system;

the exchange rate of the national currency and the procedure for its exchange for a foreign one.

Monetary unit - a banknote established by law, which serves to measure and express the prices of all goods and services. The monetary unit is divided, as a rule, into small multiple parts. Most countries have a decimal division system.

Price Scale - the amount of gold fixed in monetary unit. With the cessation of the exchange of credit money for gold, the official price scale lost its economic meaning.

Types of banknotes, which are legal tender, are credit and paper money. Credit and paper money differ in issuer and purpose.

Emission system - legally established procedure for issuing banknotes. The components are:

1) emission center;

2) emission legislation.

The exchange rate of the national currency and the procedure for its exchange for a foreign one. The exchange rate is understood as the price of one currency, expressed in units of another currency. Setting foreign exchange rates is called quotation.

Direct quote means that one unit of foreign currency is equal to a certain number of units of the national currency.

Indirect quotation means that one unit of the national currency is equal to a certain number of foreign currency units.

The interaction of the elements of the monetary system is carried out Central bankwhich for these purposes carries out the following Features:

1) in cooperation with the Government develops and implements a unified state monetary policy aimed at protecting and ensuring the stability of the ruble;

2) monopoly issues cash and organizes its circulation;

3) is a lender of last resort for credit institutions, organizes a refinancing system;

4) establishes the rules for making settlements;

5) establishes the rules for conducting banking operations, accounting and reporting for the banking system;

6) carry out state registration of credit institutions; issues and revokes licenses of credit organizations and organizations involved in their audit;

7) exercise supervision over the activities of credit institutions;

8) register the issue of securities by credit institutions in accordance with federal laws;

9) carries out independently or on behalf of the Government all types of banking operations;

10) carry out currency regulation, including operations for the purchase and sale of foreign currency; determines the procedure for making settlements with foreign states;

11) organize and carry out currency control both directly and through authorized banks in accordance with the law;

12) takes part in the development of the balance of payments forecast and organizes the compilation of the balance of payments;

13) in order to carry out these functions, analyzes and forecasts the state of the economy as a whole and by region, relations; publishes relevant materials and statistical data;

14) in relation to cash circulation - carries out forecasting and organization of production, transportation and storage of banknotes and paper money, creation of their reserve funds; establishes the rules for the storage, transportation and collection of cash for credit institutions, the signs of the solvency of banknotes and the procedure for replacing damaged banknotes and paper money, as well as their destruction; determines the procedure for conducting cash transactions for credit institutions.

Types of monetary systems

There are systems of circulation of metallic and non-metallic money. In the first case, metal money performs all the functions of money, and credit money (banknotes) is exchanged for gold. In the second case, non-metallic money that cannot be exchanged for gold circulates.

Bimetallism is understood as a monetary system in which the role of the universal equivalent is legally assigned to two metals, usually silver and gold. Free minting of coins from these metals is provided, as well as their circulation on an equal footing.

Types of bimetallic systems:

a system of parallel currencies - the ratio between silver and gold coins was set spontaneously in accordance with the market price of the metal;

dual currency system - the ratio between silver and gold coins is set by the state;

lame currency system - gold and silver coins are legal tender, but not on an equal footing. Free coinage of gold coins and closed coinage of silver were envisaged. Silver coins acted as signs of gold.

Monometallism - a monetary system in which the role of the universal equivalent is legally assigned to one metal (copper, silver, gold).

US MONETARY SYSTEM

One of the features of the US monetary system is the long existence of bimetallism, which was supported not only by the owners of silver mines, influential in the US, but also by a wide range of borrowers - small and medium-sized industrialists and farmers interested in raising commodity prices in order to reduce the real size of their debt.

In 1900, an act on the gold standard was issued, which approved the gold dollar with a pure gold content of 1,50463 g as the country's monetary unit. However, silver dollars were not withdrawn from circulation.

A characteristic feature of the US monetary system was the long existence of a decentralized system of banknote issuance. Until the 60s. 1863th century the right to issue banknotes was used by numerous banks of individual states. Another peculiar feature of the system of banknote emission, which existed in the USA from 1914 to XNUMX, is the obligatory backing of issued banknotes with government bonds.

In December 1913, a law was passed that created a new system for issuing banks - the Federal Reserve System (FRS). The entire territory of the United States was divided into 12 districts, in each of which a federal reserve bank was established with a capital of at least $4 billion. Federal Reserve Notes were redeemable for gold coins and had to be backed by at least 40% gold and 60% bills for up to three months.

The Federal Reserve Act made the following changes to the country's monetary system:

he centralized the issue of banknotes;

significantly changed the system of backing banknotes, making their commercial bills instead of government securities the main security.

During the world economic crisis of 1929-1933. a feature of the US monetary system was the long-term preservation of the gold standard. This is primarily due to the fact that the United States entered the First World War only shortly before its end, and therefore they did not have to bear large military expenses and resort to inflationary issuance of paper money to cover them. In addition, after the war, the country's gold reserves increased significantly, which contributed to the preservation of the former system of free exchange of banknotes for gold coins.

However, in the US, the gold standard collapsed under the blows of the crisis of 1929-1933. The elimination of the gold standard was accompanied by a 41% devaluation of the dollar in accordance with the gold reserve act of January 31, 1934.

According to the same "gold reserve act", centralized gold reserves were nationalized: the entire gold reserve of the federal reserve banks was transferred to the treasury in exchange for its gold certificates.

The Silver Act of 1934 required the Treasury to purchase silver and issue silver certificates in return, which became one of the constituent elements of the money supply.

After the Second World War, the industrial consumption of silver increased and its role in money circulation significantly decreased. For 1955-1972 the amount of silver dollars decreased from 2,4 billion to 0,7 billion dollars.

The peculiarity of military inflation in the United States was that it took place in conditions of a noticeable increase in industrial production, which, to a certain extent, restrained inflation. However, the growth of the money supply significantly exceeded the growth of production. So for 1940-1945. the amount of cash in circulation increased 3,7 times, while GNP increased only 1,5 times. A feature of post-war inflation in the United States compared to a number of other capitalist countries was that the depreciation of the dollar in relation to goods for a long time was not accompanied by a decrease in its official gold content, which until the end of 1971. remained at the level established in 1934. However, the development of the currency crisis increasingly undermined the dollar.

The highest rate of inflation in the United States was observed in the period from the late 60s to the end of the 80s. until the beginning of the 1973s. This was due to a number of economic and military-political reasons. These, first of all, include the aggravation of the global monetary and financial crisis, the desire to get rid of the dollar, a large balance of payments liability, huge military spending associated with both the Vietnam War and the new program of military modernization, and the energy and raw materials crisis of 1975- 80, as well as price increases by a number of corporations. By the beginning of the XNUMXs. inflation has become a major economic problem.

The active anti-inflationary measures taken by the Reagan administration in 1981 helped reduce its level. They were based on the monetarist concept of economic regulation.

Currently, the United States has a structure of money circulation, which is determined by the three main issuers of money. These are the Ministry of Finance (Treasury), the Central Bank (FRS), commercial banks.

The US Department of the Treasury issues small denomination (treasury money) tickets from 1 to 10 dollars, silver coins and change, the so-called defective coins made of ordinary metals (nickel, copper). Until recently, the issue of treasury money was 11% of the cash supply. Most of it is in coins.

The Federal Reserve System, represented by the Federal Reserve Banks, issues banknotes, which are the main means of cash circulation in the country. Commercial banks issue mainly bills, checks, credit cards, electronic money, which together form the so-called non-cash money. They accounted for 1980% of the money supply in 70 and are represented by current accounts and various deposits. At the same time, 90% of all US payments are made by non-cash payments. At the same time, it should be noted that the higher the level of non-cash payments and the share of non-cash money in the money supply, the lower the likelihood of inflationary outbreaks.

An important basis for non-cash payments in the United States are demand deposits as a secondary element of the money supply. The funds that are concentrated in these accounts belong mainly to large corporations and wealthy segments of the population. The main instrument of non-cash circulation of money is a check.

Other forms of non-cash payments are automated payment methods and the use of computers through credit cards, as well as a system of pre-notified payments (the bank automatically credits the client’s current account or, conversely, debits from his account amounts under a pre-concluded agreement, without requiring client approval in each specific case ). Such write-offs are made for utility costs, rent, insurance premiums, and mortgage payments. Income includes wages, pensions, and rent payments.

The main function of regulating the monetary system is performed by the US Central Bank together with the Treasury Department.

Since the end of the 70s. The main concern of the Federal Reserve System was to maintain low inflation, stability of money circulation in the country, strengthening the position of the dollar as a reserve currency.

Since 1972, the central bank has determined, almost monthly, the allowable limits for changes in the value of the money supply and bank reserves.

Since 1975, the Fed, at the request of the US Congress, has been obliged to determine annually the permissible limits for the growth of monetary aggregates and a number of interest rates.

Since 1981, more stringent regulation of money circulation has been carried out by limiting the money supply and increasing interest rates. Subsequently, this helped to reduce inflation and strengthen the prestige of the dollar by increasing its exchange rate against the currencies of other Western countries. All these US measures caused some financial and economic damage to the countries of Western Europe and Japan due to the flight of hot money from there and the fall in their exchange rates.

MONETARY SYSTEM OF FRANCE

in France for much of the XNUMXth century. there was bimetallism.

In 1865, France led the Latin Monetary Union, and in 1873 abolished the free coinage of silver, keeping it only for gold. This meant a transition to gold monometallism. However, the previously minted five-franc silver coins retained the unlimited power of legal tender. Therefore, the French monetary system was a "limping type" of gold monometallism.

On August 5, 1914, a law was passed that abolished the exchange of banknotes of the Bank of France for gold and gave it the right to issue banknotes with a forced exchange rate. During the war, gold coins went out of circulation, and the latter was filled with fiat banknotes, degenerated into paper money. The issue of these banknotes was used to finance the military spending of the state.

Inflation, which began during the First World War, continued in France longer than in other capitalist countries, until 1926. This is due to the fact that France had a large budget deficit due to large expenditures on the restoration of areas destroyed during the war years, which it largely covered by the inflationary issue of paper money.

The turn from inflation to stabilization of the franc did not begin until 1926. The state budget was balanced with additional taxes. In 1928, a monetary reform was carried out.

The result of the reform was the introduction of a gold bullion standard, and the convertibility of banknotes into gold was curtailed: banknotes were subject to exchange for gold bullion only if they were presented for exchange in the amount of at least 215 thousand francs, which was equal to 12,5 kg of gold.

Unlike other Western countries, France during the crisis of 1929-1933. retained the gold bullion standard. This was due to the fact that the crisis gripped it later than other countries.

In the mid 30s. France's economic and financial situation worsened. In October 1936, the government devalued the franc, reducing its gold content by more than 25%. At the same time, the exchange of banknotes for gold was stopped. In 1937 and 1938 two more devaluations of the franc were carried out, which meant the collapse of the gold bullion standard and the progressive depreciation of the franc.

A feature of military inflation in France, compared with the United States and England, is that it was aggravated by the robbery of France by Nazi Germany. The latter levied a huge occupation tribute from France, which was the main reason for the huge budget deficits, which were covered by the inflationary issuance of paper money.

Inflation in France during the Second World War was aggravated by a sharp decline in production and trade as a result of the economic devastation caused by the fascist occupation.

Post-war inflation in France is closely linked to a chronic budget deficit, which is caused by large military spending, as well as spending related to government regulation of the economy and the implementation of "growth policies."

After World War II, the franc was repeatedly devalued; the last two devaluations took place in December 1958 and August 1969.

Frank became so "weightless" that the government saw fit to "weight" him with a denomination. The denomination was carried out at the beginning of 1960 and resulted in the enlargement of the franc by a hundred times. A new franc was equal to a hundred old.

The devaluation of 1958 played a certain role in strengthening the export of French goods to the world market. However, the internal process of inflation continued, which found expression in a systematic increase in commodity prices.

For a long time, France was at the head of the franc zone. This currency group was formed even before the French colonies gained independence. Within the franc zone, the French franc played the role of the hegemonic currency, and all other countries had to keep their reserves in French francs and store them in Paris, and their exchange rates against the French were fixed at a certain level, which could not be changed without French consent.

France benefited enormously from the franc zone. She disposed of the foreign exchange reserves of the countries of the zone, which were withdrawn from there and placed in France.

In the post-war period, the former colonies of France, having achieved state independence, began to create their own issuing banks and their own monetary systems. After the war, centrifugal tendencies develop within the franc zone, weakening France's monetary hegemony. When the French franc was devalued in December 1958, Morocco and Tunisia refused to devalue their currencies.

In 1959, these states introduced currency control over operations with the franc zone and, although they continued to keep their foreign exchange reserves in France, they began to make transactions with foreign currency already through their own issuing banks, bypassing the Parisian foreign exchange market.

However, other members of the franc area have devalued their currencies to the same extent as France. The latter still continues to use the franc zone to its advantage. France's monetary hegemony within this zone continues for a number of developing countries, although the franc zone lost its significance in the early 70s.

The structure of monetary circulation in France is divided into two main concepts: money supply and liquidity in the economy. The money supply - aggregate M1 - includes cash, i.e. banknotes and small change, and money written into accounts, which are issued on the basis of demand deposits in banks, postal money transfer agencies, and the treasury.

Aggregate M2 consists of aggregate M1 and money created by banks and other financial institutions on the basis of term deposits and special accounts. All this is called the likeness of money or quasi-money. In turn, aggregate M3 includes aggregate M2 and deposits in savings banks, treasury bills, which, as a rule, are placed among the population.

Since the 60s. there is a tendency to increase non-cash turnover. The main types of cash circulation are banknotes and change coins (minted from nickel, silver and aluminum; they are the object of private hoarding), while non-cash circulation is represented by checks, accounts for various types of deposits and credit cards.

There are four sources of money issuance in France: first, the central bank (Bank of France); secondly, banks and some financial institutions that create quasi-money; thirdly, the Ministry of Finance, which, by lending to farms, issues money; fourthly, the Deposit and safe cash desk, carrying out indirect emission of money.

Features of the monetary circulation of France as a member of the European Union.

As a member of the European Union, France for a long time had to take care of the hardness of its currency - the franc.

France experienced the greatest difficulties with its currency in the late 60s and early 70s, when the world monetary and financial crisis worsened. For France, this was reflected in a slowdown in growth, a deficit in the balance of payments, a flight of short-term capital, a reduction in gold and foreign exchange reserves, and a depreciation of the franc.

In August 1969, France was forced to devalue the franc. From August 1971 to January 1974, a dual currency market was created.

In 1973-1975. France was forced to actively use foreign exchange reserves to maintain a fixed exchange rate for the currencies of Germany, Belgium, Holland and Denmark. Losses in foreign exchange reserves amounted to several billion dollars.

The adoption of new economic programs in the late 70s. ("Barr's plans") to stabilize the economy and the monetary and financial situation of France, the weakening of the currency crisis through the adoption of the Jamaican agreement has strengthened the position of the franc against the dollar and other currencies.

UK MONETARY SYSTEM

The monetary unit of Great Britain is the pound sterling. It was used long before the emergence of a centralized state as early as the 240th-20th centuries. The name "pound sterling" reflected its original weight content: 12 pence was minted from one pound of silver, which also had a second name - "sterling". XNUMX pence was a shilling, one pound was XNUMX shillings.

In the XIV century. in England, gold pounds sterling appear in circulation until the end of the XNUMXth century. operates a bimetallic monetary system.

At the end of the 1798th - beginning of the 1821th century. England becomes the first country of gold monometallism. Under the law of XNUMX, the minting of silver was prohibited. However, since during this period England was at war with France, the exchange of banknotes for gold (characteristic of gold monometallism) was discontinued, and until XNUMX banknotes that were not exchangeable for gold were in circulation.

From 1821 to 1914 England had a gold standard system.

Since 1914, banknotes were no longer exchanged for gold, and gold coins were withdrawn from circulation. To cover military spending, the government began to issue treasury notes.

In 1925, the exchange of banknotes for gold was restored, but in a truncated form: for bullion, not gold coins. Despite a significant decrease in the purchasing power of the pound sterling, England did not go for its devaluation and carried out the restoration of the currency, restoring the pre-war gold content of the monetary unit.

The gold bullion standard did not last long. Already in 1931, during the world economic crisis, England was forced to abandon the exchange of banknotes for gold. Since that time, a system of fiat credit money has been operating in England.

After the crisis of 1929-1931. there is a weakening of the position of Great Britain in foreign markets, the gradual loss of the leading positions by the British currency and its transformation into a secondary reserve currency. Its share in the world's official foreign exchange reserves has declined from 20 to 7% over the past 3 years.

The post-World War II period in the UK tends to be characterized by higher rates of inflation than other industrialized countries (with the exception of Italy). In 1951-1960. retail prices grew by an average of 4% per year, in 1-1961. - by 1970%, 4-1971 - by 1980%, 13,3-1981 - by 1986%.

The purchasing power of the pound sterling in 1986 decreased by 1938 times compared with pre-war 16 and by 1950 times compared with 12.

The causes of inflation in Great Britain, as in other countries, are rooted in the sphere of production and in the sphere of circulation. One of the main ones was the budget deficit, which was accompanied by an increase in public debt.

To combat inflation, the Bank of England used a variety of tools. Three methods of monetary policy were used: interest rate maneuvering by the Bank of England; change in the norms of "special deposits", i.e. deposition by commercial banks of a share of funds attracted on deposits on a special account with the Bank of England; the use of direct selective methods of control over bank loans issued to the private sector.

Since 1976, there has been an increase in the influence of neoclassical and especially monetarist concepts on monetary policy. It manifested itself, firstly, in the abandonment of the short-term "stop-forward" policy (which provides for a change in the direction of economic policy depending on fluctuations in the market situation) and the transition to the implementation of a medium-term strategy aimed at ensuring a steady reduction in the growth rate of the money supply and the ratio of government loans to GDP.

Secondly, the Bank of England abandoned direct methods of controlling bank loans and changes in its interest rate and began to more actively use the market method - the purchase and sale of securities.

The relatively high rate of inflation in the UK in the post-war period led to the depreciation of the pound sterling against the US dollar and the German mark.

The main type of money in the UK, as in other countries, is money in a non-cash form, i.e. funds in bank accounts - deposit money.

Cash - banknotes and small change - make up about 32% of the total money supply in circulation.

The predominant development of non-cash payments and the strengthening of the relationship between money circulation and the movement of loan capital have led in all countries to a significant expansion of the boundaries of the money supply due to new types of credit obligations. In the post-war period, in the payment turnover of Great Britain, cash balances are used not only on demand accounts, but also on urgent and savings accounts. This is due, in part, to the fact that funds from term accounts can be obtained almost as easily as from demand accounts without prior notice.

In addition to the Treasury, which issues coins, the issuers of money in the UK are the Bank of England and commercial banks. The Bank of England monopoly issues banknotes in an amount determined by the Treasury and approved by Parliament.

Since 1844, the Bank of England has been divided into two departments: the Issuing Department, which deals only with the issuance of banknotes, and the Banking Department, which carries out all other operations. At the present stage, the entire issue of banknotes is fiduciary. As security for the issuance of banknotes, the Issuing Department purchases government bonds and treasury bills, and also purchases bills and other obligations from banks.

At this stage, the issued banknotes are held by the Bank of England as a reserve of its Banking Department. The government then uses the funds from its account at the Bank of England.

Thus, the balances on the accounts of banks in the Bank of England and the deposits of the clients of these banks are increasing. The number of banknotes in circulation does not change yet: the issued banknotes remain in the Bank of England. But the money supply in circulation still increases as a result of the growth of deposits in commercial banks.

Obligations of foreign central banks can also serve as security for the issue of banknotes. those. foreign currency. In this case, the foreign currency purchased by the Banking Department is transferred to the Issuing Department in exchange for the corresponding number of banknotes issued by the latter.

Non-cash payments in the UK account for only 8% of the total number of payment transactions, reaching 90% of their value. The largest share of the cost of all non-cash payments - 51,4% - falls on credit and debit transfer payments, and mostly automated.

Checks rank second in value - 47,8% and first in quantity. In recent years, the UK has seen:

1) reducing the share of checks both in quantity and value;

2) increasing the share of payments by automated transfer, cards and electronic payments;

3) an increase in the average check amount, the use of checks mainly for payment of large amounts.

MONETARY SYSTEM OF GERMANY

Until the 70s. 20th century Germany did not have a unified monetary system; more than XNUMX states and principalities had different types of monetary systems. They were based primarily on silver monometallism, only in Bremen there was a gold thaler. The remaining monetary units (friedrichsdores, louis, pistoles and ducats) were based on the parallel and double systems of bimetallism, i.e. gold and silver coins were in circulation, and the price between gold and silver was set by the market or the state. In addition, banknotes and paper money were also in circulation.

Political unification of the German lands and education in 1871-1873. The German Empire led to the creation of a unified monetary system based on gold monometallism: a new monetary unit was introduced - the Reichsmark.

With the outbreak of World War I, the gold standard was abolished and the exchange of Reichsbank banknotes for gold was discontinued.

In 1924, a gold exchange standard was introduced, which meant the establishment of Germany's currency dependence on the victorious countries: the new Reichsmark was backed by 405 gold and foreign currency.

During the world monetary crisis of 1929-1933. the gold exchange standard in Germany was abolished and a system of fiat money was established.

After the Second World War, chaos reigned in the German economy, the territory, like Berlin, was divided into four occupation zones. On June 21, 1948, the Western occupation authorities carried out a separate monetary reform, which divided Germany economically into two parts. In accordance with the reform, a new monetary unit was introduced - the German mark.

In May 1949, after the adoption of the Constitution of the Federal Republic of Germany, in accordance with the requirements of the Breton Woods system, the gold-dollar standard was established in the country, the exchange rate of the German mark against the dollar was 3,33 marks per US dollar.

In 1976, a system of credit money not exchanged for gold was established in the country. The current currency in Germany is the Deutsche Mark, which is subdivided into 100 pfennigs.

MONETARY SYSTEM OF JAPAN

The Emission Institute - the Bank of Japan was established in 1882. Under the law of 1889, he received the right to issue fiduciary banknotes. The gold standard in Japan was introduced in 1897.

The gold content was set at 0g of pure gold. During the First World War, the exchange of banknotes for gold was discontinued. The gold standard was officially abolished at the end of 75.

The monetary unit of Japan - the yen contains 100 sen, and one sen contains ten rin. However, due to inflation, money in denominations of less than one yen was abolished in 1953 - hay and rin were withdrawn from circulation.

The Bank of Japan issues a large number of commemorative coins made of copper-nickel alloys, as well as precious metals. In circulation are coins made of copper-nickel alloys in denominations of 100, 50, 10, 5 and 1 yen.

After the Second World War, there were changes in the monetary system and the structure of monetary circulation in Japan. The adopted emission legislation provided for formal restrictions on the issue of banknotes. However, if budget funding was needed, the government could revise emission limits. In addition, there were practically no limits on the issue of banknotes secured by commercial bills or securities, as well as when buying foreign currency.

The structure of money circulation in the post-war period has changed markedly.

During the Second World War, when the problem of inflation was acute, the share of cash in the structure of money circulation increased from 30 to 56%, while deposits decreased accordingly. In the process of economic recovery in the 50-60s. the share of deposit money exceeded the pre-war figures. The high share of deposit money is associated with the structure of domestic trade: by the beginning of the 90s. wholesale trade, which is overwhelmingly served by non-cash payments, accounted for 81%, and retail - 19% of the trade turnover.

Although deposit money dominates in the structure of monetary circulation, the Bank of Japan has a certain impact on the dynamics of monetary circulation through the issue of cash. Various measures of credit regulation are used for the same purposes.

In the first post-war years, inflation in Japan assumed enormous proportions: the amount of money in circulation increased 15 times, and wholesale prices - 343 times. The purchasing power of the yen has fallen by 99%. Since the 50s, when the economic recovery was completed, inflation has slowed down.

Overcoming the expansion of inflationary processes in the conditions of the country's high fuel and energy dependence on external sources was facilitated by a decrease in prices for oil and basic types of raw materials in the 80s. The financial and administrative reform was also of significant importance, accompanied by a decrease in the issuance of state loans as a means of budget financing. At the same time, retail and consumer prices increased, primarily due to higher prices for food and various services, as well as an increase in indirect taxes.

The inflationary depreciation of the yen in the post-war period was one of the main factors in the fall of its exchange rate. The exchange rate of the yen was periodically reviewed and brought into relative conformity with its real parity. At the same time, Japan practiced a plurality of exchange rates (differentiated exchange rates of currencies for various types of transactions, commodity groups and regions). In April 1949, a single exchange rate was established: 360 yen = 1 US dollar. It survived until 1971.

In connection with the dollar crisis, the Japanese government introduced in August 1971 a "floating" yen exchange rate. At the end of 1971, the yen was revalued for the first time in the post-war period, and in February 1973 a second revaluation was carried out.

The appreciation of the yen was facilitated by:

▪ Continued structural restructuring of the Japanese economy on a modern technological basis;

▪ Increased competitiveness of Japanese export goods;

▪ A noticeable increase in the purchasing power of the yen in conditions of relative stabilization of money circulation and prices.

In addition, the growth of the yen was associated with the US policy aimed at maintaining an artificially low dollar exchange rate, since the US administration thus sought to expand American exports, hinder Japanese imports and, on this basis, try to reduce the deficit in foreign trade with Japan and in general in US balance of payments.

As Japan became the second largest economy in the world after the United States, the yen became one of the reserve currencies. Currently, it is used as an international reserve and means of payment mainly in the Asian region.

Japan is strenuously boosting its foreign economic expansion. In this regard, protectionist barriers were introduced in the United States in relation to a number of Japanese exports, primarily cars.

The decline in the Japanese economy at the beginning of 1997 and the impact of the crisis in Asia on the situation in Japan caused a fall in the yen/dollar ratio (in mid-1998 - 138,78 yen per 1 US dollar).

Another external factor that plays against the Japanese yen is the attractive state of the US market in terms of relatively quick income generation against the backdrop of the stagnant Japanese economy. The result is the flight of Japanese capital to the United States.

Further depreciation of the yen threatens to increase the US trade deficit with Japan. This development of events also worries the Asian states, whose economy is closely connected with the Japanese, namely: Thailand, the Republic of Korea, Hong Kong, since the nat. the currencies of these countries risk coming under increasing pressure as the yen depreciates.

MONETARY SYSTEM OF CANADA

The monetary system of Canada was formed in a historically short period of time. It was formed in 1867.

Before the formation of Canada as a state, there was a colonial type of money circulation on its territory. In circulation, French, Spanish, Portuguese silver coins were used as money, among which there were quite a few defective banknotes. In addition, paper surrogates were also in circulation. Coins came from the metropolitan countries to pay salaries to the military and the local colonial administration in limited quantities.

In France, since 1670, a silver coin - salt - was minted especially for Canada, but its share in domestic circulation was small, part of the trade operations were carried out through direct barter. The exchange of goods in the domestic market existed for several reasons, including the underdevelopment of roads, the narrowness and isolation of local markets, etc. The Indians of Canada used special belts made of shells - "wampums" as money. Some trading firms used their own monetary surrogates "bons" as money in order to sell goods to the Indians only in their shops.

Paper money surrogates existed in Canada until the end of the colonial rule of France, their complete depreciation occurred at the end of the XNUMXth century.

In 1825, after the transition of Great Britain to gold monometallism, the pound sterling became the official currency in Canada. The Money Circulation Act of 1841 recognized American gold and silver dollars and French silver coins as legal means of payment along with British pounds sterling. Since 1870, the Canadian dollar has become the national currency in Canada.

The first silver dollars minted in Great Britain appeared in Canada in 1858. Since 1908, coins began to be minted in Canada, mainly from silver, gold coins were minted from 1908 to 1919.

Before the Second World War, the banknotes of commercial banks were in the national currency, and the share of federal government banknotes was small. The centralization of the issue of banknotes was facilitated by the creation of the Bank of Canada in 1935 and its nationalization in 1938. According to the law, within 10 years, commercial banks had to reduce the issue of banknotes by four times. Since that time, banknote emission has become a privilege of the Bank of Canada. The issue of gold and silver dollars was practiced exclusively for tourists, and since 1968 the state began to replace silver coins with nickel ones.

Within the country between firms and organizations, the non-cash form of payment prevails, the main instrument of which is a check. Checks serve up to 90% of cash settlements. Cash is gradually being squeezed out of the sphere of retail circulation and credit cards. But when making small transactions, cash is convenient and preferable.

Settlements by checks developed at a faster pace than the mass of cash in circulation increased. The mobility of checks is very high, each check is involved in 14 settlement transactions, which leads to an increase in the costs associated with its maintenance. Commercial banks, introducing new forms of payment, are trying to reduce the costs of check circulation.

Credit cards are considered a promising direction for the development of non-cash payments. The pre-notified payment system is gaining popularity in Canada.

One of the main causes of inflation in Canada between the two world wars was the uneven change in the prices of goods.

In the post-war period, Canada experienced two outbreaks of inflation, the causes of which were: the war in Korea; commodity and "investment" booms, accompanied by an influx of American capital and its placement in the country's extractive industries; increase in exports to the United States of raw materials and semi-finished products. The rise in prices was sharply affected by military spending.

Inflationary processes were also influenced by the increase in production costs and the slow growth of labor productivity in agriculture and in the extractive industries.

Government of Canada between 1969 and 1975 tried to impose restrictions on the growth of prices and wages. But these measures turned out to be ineffective, since the government could not stop the monopolies, which, under various pretexts, increased prices and tightly controlled wages.

In 1994-1996 inflation in Canada has dropped to extremely low levels. A large underutilization of production capacities and high unemployment made it possible to reduce the cost of credit without the risk of accelerating inflation. For most of 1994, however, the Bank of Canada raised interest rates. The periodic increase in interest rates was due to the need to strengthen the position of the national currency, weakened by large deficits at the federal level and in the largest provinces, as well as the threat of Quebec separatism.

In 1995, Canada's economy was teetering on the brink of a recession, which would have been inevitable in the event of a significant drop in external (mainly from the United States) demand for Canadian goods.

Under these conditions, the Bank of Canada began to implement a series of successive cuts in interest rates. Inflation in Canada fell from 5,2% in 1990 to 1,8% in 1993 and to 0,2% in 1994, the lowest level in the entire post-war period.

Since 1991, prices in Canada have risen noticeably more slowly than in the US, and their growth has lagged behind the average for the group of "seven countries". This is one of the most important domestic conditions for the continuation of loose monetary policy.

Despite the fact that the Canadian dollar is used mainly in domestic settlements, "pegging" to reserve currencies has made it one of the vulnerable links in the global monetary system, since as the pound sterling weakened and the US and Canadian economies intertwined, the Canadian dollar began to focus on the US dollar .

Until 1970, the Canadian dollar was heavily pegged to the US dollar. In May 1970, the Government of Canada announced that the Bank of Canada would no longer intervene in the foreign exchange market to maintain a fixed parity between the Canadian dollar and the US dollar, or any other pre-announced exchange rate. Since then, the Canadian dollar has had a "floating" exchange rate. The task of the Bank of Canada in the monetary sphere is to conduct operations to smooth out excessively sharp fluctuations in the exchange rate of the Canadian dollar and neutralize unreasonable pressure on it.

In the early 70s. there was a weakening of the positions of the US dollar, which led to a temporary strengthening of the Canadian dollar. The exchange of duties in mutual trade (agreement of January 10, 1965) in vehicles and spare parts changed the structure of Canadian exports and imports. Improved trade and balance of payments.

World economic crisis 1974-1975 caused a currency crisis in Canada. There have been significant changes in the import of foreign long-term capital. On the one hand, there was an outflow of foreign direct investment, and on the other hand, large Canadian companies began to invest heavily abroad. The scope of the Canadian dollar has expanded. In general, the Canadian dollar, as the currency of international payments, is used to a limited extent. This is due to the specifics of foreign economic relations between Canada and the United States. About 2/3 of foreign trade turnover falls on the United States, and the US dollar is used in calculations. Pound sterling is used for settlements under long-term contracts with Western European countries and Japan.

The high degree of openness of the Canadian economy and its strong ties with the US economy make the Canadian government closely monitor developments in global currency markets. Since the 80s. The most important goal of Canada's monetary policy was to stabilize the exchange rate of the Canadian dollar against the US dollar.

MONETARY SYSTEM OF ITALY

The monetary system of Italy has undergone many changes over its centuries-old existence. It was characterized by both periods of monometallism and a period of bimetallism. In 1895, the gold coin standard was introduced.

During the First World War and until 1923, Italy abandoned the free exchange of banknotes for gold. The gold standard was restored in the form of a gold bullion standard only in 1928. After the Second World War, Italy stopped fixing the gold content of the lira in the IMF, as high inflation required a depreciation of its exchange rate against the dollar (625 lira per one US dollar). Currently 1628 lire per dollar.

The monetary unit of Italy is the lira, which is subdivided into 100 centesimos. In reality, due to the high depreciation of the lira, such an exchange does not take place. Italy is characterized by banknotes (credit money), but also paper money issued by the Treasury. These include small money (less than 1000 lire in denomination).

The issuing center is the Bank of Italy, which was granted such a right only in 1926. Prior to that, there were five issuing institutions. Since 1893 there have been three of them - the Bank of Italy in Rome, the Bank of Naples, the Bank of Sicily. The issue of money is carried out under the supervision of the Treasury. As security for a new issue, either foreign currency, or treasury bills and long-term government obligations of new issues, or commercial bills and government securities held in commercial banks can act.

The decision to issue paper (treasury) money is made by the General Department of the Treasury. Coins are made at the mint. Treasury notes are printed by the State Polygraphic Institute.

Payments in Italy are made in cash and non-cash forms. As non-cash payments, giro settlements are widespread - the transfer of funds using special giro orders. In general, cash circulation is widespread in Italy. The majority of purchases are made in cash.

Italy has always been an active participant in the global foreign exchange market. In the conditions of the modern monetary system, Italy adheres to the regime of independent free "floating" of the currency in relation to other currencies. Despite this, in Italy since 1961 there have been restrictions on the import and export of the national currency. Currency control is carried out by the Italian Bureau of Foreign Exchange.

The integration processes taking place in Europe have also affected Italy. March 13, 1979 Italy entered the single monetary system.

The lira exchange rate was set at 1148,15 lire per ECU. In the future, the lira began to fluctuate.

The crisis of the early 90s. for Italy was a difficult test. At the end of 1992, Italy had to withdraw from the EMU. On November 29, 1996, Italy rejoined the EMU in the ERM-1 mechanism. On January 1, 1999, a new single currency, the euro, was introduced, initially in non-cash form, since 2002 in cash.

To introduce the "euro" into circulation, a country must meet certain criteria. In 1996, Italy met only one of the five criteria.

Italy adheres to the concept of approximate fulfillment of requirements. An emergency budget was formed for 1997, oriented towards the criteria for joining the euro.

For the correctness of non-cash payments in the "euro", Italy, along with other countries, creates a single system of settlements TARGET using a special connection.

To introduce cash payments in the "euro" in Italy, information campaigns were carried out to familiarize citizens with the new monetary unit, and information was exchanged between the countries.

In general, despite neither the enormous costs associated with the introduction of a new currency, nor deviations from the necessary criteria, Italy introduces the "euro" from January 1, 1999, among the first 15 countries.

50. Legislation regulating banking activities

Banking Law - a set of rules of law containing regulations related to banking, that is, establishing the legal status of the banks themselves and other credit institutions, regulating the public relations of banks, as well as their private law relations with customers. In other words, banking law includes norms that are more or less related to banking activities.

In Russia, the following economic and managerial grounds acted as the conditions for the emergence and formation of the concept of "banking law":

▪ creation of new credit organizations or commercialization of existing banks, the purpose of which is to make a profit with the help of financial institutions used at their own risk;

▪ transformation of a one-tier banking system into a two-tier one, which gave rise to the activity of commercial credit organizations, which are the main intermediaries in the financial transactions of society, which requires banking law;

▪ development of the money market and financial services market.

The organization and activities of banks are regulated by a set of legal norms that constitute banking law. To the formation and activities of credit institutions, the norms governing property turnover in general are applied - for example, the norms of the Civil Code, and the norms, the immediate purpose of which is to regulate certain issues of banking activity.

Legal regulation of banking activities is carried out by the Constitution of the Russian Federation, the Federal Law "On banks and banking activities" dated February 3, 1996 N 17-FZ, Federal Law "On the Central Bank of the Russian Federation (Bank of Russia)" No. 10.07.2002-FZ of July 86, 23.12.2003 (as amended on December XNUMX, XNUMX), other federal laws, Bank of Russia regulations.

The Constitution of the Russian Federation has the highest legal force, direct effect and application throughout the territory of the Russian Federation. Laws and other legal acts adopted in the Russian Federation must not contradict the Constitution of the Russian Federation.

The Constitution of the Russian Federation contains a number of norms important for banking law. It establishes that the legal regulation of banking activity should be carried out only by federal laws adopted by federal government bodies. Regulation of banking activities at the level of the subjects of the Federation is not allowed, since, according to paragraph "g" of Art. 71 of the Constitution, establishing the legal foundations of the single market; financial, currency, credit, customs regulation, money issue, the basics of pricing policy, federal economic services, including federal banks, are under the exclusive jurisdiction of the Russian Federation.

The Constitution of the Russian Federation contains norms regulating the monetary system of the Russian Federation as a whole. It establishes that the currency in the Russian Federation is the ruble; the introduction and issue of other money in the Russian Federation are not allowed. The issue of money is carried out exclusively by the Central Bank of the Russian Federation, while the Constitution establishes the principle of independence of the Central Bank of the Russian Federation from other state authorities in the exercise of its main function - to protect and ensure the stability of the ruble.

Article 103 of the Constitution of the Russian Federation establishes the basis for the appointment and dismissal of the Chairman of the Central Bank of the Russian Federation.

The right of citizens to entrepreneurial activity, including through the provision of banking services, is based on constitutional norms. The Russian Federation guarantees the unity of the economic space, the free movement of goods, services and financial resources, the support of competition, and the freedom of economic activity. In the Russian Federation, private, state, municipal and other forms of ownership are recognized and protected in the same way.

Civil Code of the Russian Federation. It defines the concept of entrepreneurial activity and its features, organizational and legal forms of legal entities; the code establishes the concept and content of bank deposit agreements, bank accounts, loan agreements, the grounds for liability of the parties, etc.

In addition to the Civil Code of the Russian Federation, federal laws (FZ) occupy the most important place in the system of banking legislation: "On banks and banking activities" dated February 3, 1996 N 17-FZ, "On the Central Bank of the Russian Federation (Bank of Russia)" dated 10.07.2002/86/23.12.2003 N XNUMX-FZ (as amended on XNUMX/XNUMX/XNUMX), "On the insolvency (bankruptcy) of credit organizations" No. 25-FZ of February 1999, 40 (as amended by Federal Law No. 02.01.2000-FZ of January 6, XNUMX), "On currency regulation and currency control" from 10.12.2003 N 173-ФЗ, "On the securities market" dated April 22, 1996 N 39-FZ, "On Protection of Competition in the Financial Services Market" of June 23, 1999 N 117-FZ (as amended by the Federal Law of December 30.12.2001, 196 N XNUMX-FZ), etc.

By-laws (Decrees of the President of the Russian Federation, Decrees of the Government of the Russian Federation) play a significant role in the regulation of banking activities. Banking law is characterized by multi-level regulatory regulation.

In the system of by-laws, first of all, it is necessary to name the Decrees of the President of the Russian Federation, which are adopted on the basis of and in the development of laws. For example, Decree of the President of the Russian Federation "On the activities of foreign banks and joint banks with the participation of funds of non-residents in the territory of the Russian Federation" dated November 17.11.93, XNUMX No.

Banking legislation includes a number of Government Decrees (Decree of the Government of the Russian Federation "On approval of the rules for banks to conduct transactions for the sale and purchase of measured ingots of precious metals with individuals" of June 30.06.1997, 772 N 12, Decree of the Government of the Russian Federation "On the features of the issue and registration of bonds of the central bank of the Russian Federation" dated October 1999, 1142 No. XNUMX and others).

Most of the by-laws regulating banking activities are adopted by the Central Bank of the Russian Federation, which has the right to carry out rule-making activities on issues within its competence and issue instructions, regulations and instructions of the Central Bank of the Russian Federation. Regulations of the Bank of Russia:

▪ mandatory for federal government bodies, government bodies of constituent entities of the Russian Federation and local governments, all legal entities and individuals;

▪ cannot contradict federal laws;

▪ come into force 10 days after the day of their official publication in the official publication of the Bank of Russia (Bulletin of the Bank of Russia), except for cases established by the Board of Directors;

▪ do not have retroactive effect;

▪ must be registered with the Ministry of Justice of the Russian Federation in the manner established for state registration of normative legal acts of federal executive bodies.

Normative acts of the Bank of Russia establishing the following are not subject to state registration:

▪ foreign currency exchange rates against the ruble;

▪ changes in interest rates;

▪ size of reserve requirements;

▪ the amount of mandatory standards for credit institutions and banking groups;

▪ direct quantitative restrictions;

▪ accounting and reporting rules for the Bank of Russia;

▪ procedure for ensuring the functioning of the Bank of Russia system.

Also, other regulatory acts of the Bank of Russia are not subject to state registration, which, in accordance with the procedure established for federal executive bodies, are not subject to registration with the Ministry of Justice of the Russian Federation.

If necessary, these acts are sent to all registered credit organizations. Draft federal laws, as well as normative legal acts of federal executive bodies concerning the performance by the Bank of Russia of its functions, are sent for the opinion of the Bank of Russia.

Normative acts of the Bank of Russia may be appealed to the court in the manner established for contesting the normative legal acts of federal government bodies.

51. Regulation of money circulation

Money turnover - the movement of money in cash and non-cash forms, serving the circulation of goods, as well as non-commodity payments and settlements.

Types of money circulation;

- circulation of cash, that is, banknotes (banknotes and coins). The means of payment in this case are real banknotes transferred by one entity to another for goods, works and services or in other cases provided for by law (for example, fines);

- non-cash money circulation. It consists in debiting a certain amount of money from the account of one entity in a banking institution and crediting it to the account of another entity in the same or another banking institution, or in another form in which there are no cash as a means of payment.

The monetary system of any state is the object of legal regulation.

The Constitution of the Russian Federation refers financial and currency regulation, money issue, federal banks to the jurisdiction of the Russian Federation (see paragraph "g" of Article 71 of the Constitution of the Russian Federation). Consequently, the monetary system has a constitutional status, and the norms of the Constitution about it are both the norms of constitutional (state) law and the norms of financial law,

Financial Law detail the status of the monetary system. In addition, with the help of the norms of financial law on the signs of the solvency of banknotes, on ensuring the circulation of cash, the basics of organizing settlements, etc., the normal functioning of the monetary system is ensured.

Civil Law regulate the issues of ownership of money (banknotes) as an object of property rights, the procedure for settlements in transactions of a civil law nature.

Norms of administrative law establish responsibility for administrative offenses in the sphere of the monetary system, mainly in the process of monetary circulation.

Criminal Law provide for criminal liability for committing crimes against the monetary system (mainly counterfeiting). Thus, the norms of many branches of law are directly related to the monetary system.

A set of financial and legal norms, specifically dedicated to the monetary system, is contained in the Federal Law "On the Central Bank of the Russian Federation (Bank of Russia)". In addition, certain norms relating to the monetary system are contained in the Law of the RSFSR "On Banks and Banking Activities", in the Civil Code of the Russian Federation (Part One) and in some other legislative acts of the Russian Federation.

Elements of the monetary system of the Russian Federation: official currency; the procedure for issuing cash; organization and regulation of money circulation.

Official monetary unit (currency) of the Russian Federation - ruble. The introduction on the territory of the Russian Federation of other monetary units and the issuance of monetary surrogates are prohibited.

Monetary regulation economy of the Russian Federation is carried out by the Bank of Russia. In accordance with this regulation, the Bank of Russia determines the norms of required reserves, discount rates on loans, establishes economic standards for commercial banks, and conducts transactions with securities.

In accordance with Art. 4 of the Federal Law "On the Central Bank of the Russian Federation (Bank of Russia)" The Bank of Russia, in cooperation with the Government of the Russian Federation, develops and implements a unified state monetary policy aimed at protecting and ensuring the stability of the ruble.

Instruments and methods of regulation:

▪ interest rates on Bank of Russia operations;

▪ required reserve standards;

▪ open market operations;

▪ refinancing of banks;

▪ deposit operations;

▪ currency regulation;

▪ establishing benchmarks for money supply growth;

▪ direct quantitative restrictions.

Interest rates on Bank of Russia operations. The latter can set one or more interest rates for various types of transactions. The interest rates of the Bank of Russia are the minimum rates at which it carries out its operations. These are refinancing rates, rates on deposit operations, lombard rates, repo rates, etc. The Bank of Russia uses interest rate policy to influence market interest rates. An example is the deposit operations of this bank, which have been carried out since 1997. Free funds of commercial banks were accepted as a deposit in January-September 1999 at a fixed rate - from 0,6 to 28% per annum (the weighted average rate was 18,02% per annum) . In 1999, deposit operations were carried out on standard terms for one day, one week, two weeks. The Bank of Russia daily announces to the market interest rates for raising funds in deposits and concludes deposit transactions.

Required reserve ratios are interest-free obligatory deposits of credit institutions in the Bank of Russia. The amount of required reserves is set by the Board of Directors of the Bank of Russia as a percentage of the liabilities of credit institutions. The standards cannot exceed 20% of the credit institution's obligations and cannot be changed by more than 5 points at a time.

The reserves are used when revoking a license to pay off the credit institution's obligations to depositors and creditors. However, the main purpose of the required reserve ratios is the regulation of money circulation. Let us consider the mechanism of this regulation. The bank's actual reserves are equal to the sum of required reserves and excess reserves. The bank issues credit only in the amount of excess reserves. The banking system, as you know, creates money. The amount of new credit money is determined using the bank multiplier, which is the process of increasing the amount of money in the deposit accounts of commercial banks during their movement from one commercial bank to another:

M=1/R,

where М - bank multiplier; R - the required reserve ratio.

The maximum amount of new money (D) that can be created by the banking system is:

D=E*M,

where Е - excess reserves.

Knowing the required reserve ratio, it is easy to determine how much new money will be created by the banking system.

The Bank of Russia changes the norms of required reserves. An increase in the norms means the withdrawal of money from commercial banks, with a decrease in the norms, the excess reserves of commercial banks, which they provide on credit, increase.

The growth of the money supply occurs not only due to the issuance of money into circulation, but also due to the creation of new money by the banking system.

Open market operations - this is the purchase and sale by the Bank of Russia of government securities, short-term transactions with securities, followed by a reverse transaction. The limit of operations on the open market is approved by the Board of Directors. The purchase of securities means the release of money into circulation, the sale of securities - the withdrawal of money from circulation. This is the most powerful and effective method of regulating money circulation, which is used more often than other methods in world practice. Despite the temporary cessation of the functioning of the securities market after August 1998, the Bank of Russia did not abandon this method of regulating money circulation. In September 1998, the Central Bank of the Russian Federation issued bonds of the Bank of Russia (OBR) and began operations with them. These bonds were used as collateral for pawn, intraday and overnight loans, as well as for repurchase transactions.

Bank refinancing - this is lending by the Bank of Russia to commercial banks, including the rediscount of bills. The Bank of Russia sets the refinancing interest rate. An increase in this rate leads to an increase in the cost of loans and a decrease in the supply of money in circulation, a decrease in the rate - to a reduction in the cost of loans and an increase in the supply of money. The refinancing rate is set at the level of financial market rates. Until mid-June 1998, the Bank of Russia issued three types of loans to commercial banks:

- pawn shops - secured by government securities included in the Lombard List of the Bank of Russia;

- intraday loans provided to banks during the business day in the presence of unexecuted payment orders;

- one-day settlement loans (overnight loans) were provided to complete settlements at the end of the business day by crediting the loan to the bank's correspondent account with the settlement division of the Bank of Russia.

Loans were issued within the limits set by the Bank of Russia. Since March 1998, only secured loans secured by government securities have been issued to commercial banks. The condition for their provision was the preliminary blocking of government securities on the bank's "depo" account with an authorized depository. The market value of these securities, adjusted for the appropriate adjustment factor of the Bank of Russia, was the maximum possible amount for obtaining a loan.

The Bank of Russia began to carry out pawn operations in March 1996, first in the form of pawn credit auctions, and then - at the request of banks on any business day at fixed interest rates differentiated depending on the term of loans (from 3 to 30 calendar days). From February 2, 1998, Lombard loans at a fixed interest rate were issued at 42% per annum, regardless of the timing of their provision. The loan was credited to the correspondent account of a commercial bank with the Bank of Russia. In connection with the financial crisis since July 8, 1998 Lombard loans were provided for up to 7 calendar days inclusive through credit auctions.

The bids of the banks accepted for the auction were ranked by the level of the interest rate offered by the banks, starting from the maximum. The final decision on the cut-off rate and the amount of Lombard loans was made by the Credit Committee of the Bank of Russia after receiving and analyzing bank applications for loans. Lombard credit auctions were conducted in two ways:

▪ "American ", at which satisfied applications were satisfied at interest rates offered by banks in applications (they were equal to or exceeded the cut-off rate);

▪ "Dutch ", at which all satisfied bids were satisfied at the cut-off rate set by the Bank of Russia based on the results of the auction.

If the bank failed to fulfill its obligations to repay the Bank of Russia loan and pay interest on it, the payment was not deferred and the Bank of Russia began the procedure for selling the pledged securities. In addition, banks paid penalties for each calendar day of delay in the amount of 0,3 of the refinancing rate of the Bank of Russia on the established date of fulfillment of the obligation, divided by the number of days in the current year (365 or 366). At the expense of proceeds from the sale of pledged securities, first of all, the Bank of Russia's expenses for the sale of these securities were reimbursed, then banks' debt on loans and interest, and lastly, the amount of penalties for default on obligations.

After August 17, 1998, the Central Bank of the Russian Federation began to provide credit institutions with loans of the following types:

▪ loan to a reorganization bank carrying out reorganization of a credit organization (up to 1 year);

▪ loan to support measures to repay obligations to depositors (up to 6 months);

▪ loan to support liquidity (from 1-2 months to 1 year);

▪ loan to support measures to improve the financial stability of the bank (up to 1 year),

▪ stabilization loan (up to 1 year).

Interest rates on these loans changed with changes in the refinancing rate of the Central Bank. As the situation in the banking sector of the economy normalizes, the Bank of Russia will stop issuing these loans.

Deposit operations. These are operations to attract bank funds into deposits (deposits). They allow the Bank of Russia to attract temporarily free cash from banks and thereby neutralize their possible pressure on the foreign exchange market.

Currency regulation was carried out with the help of foreign exchange intervention, which is understood as the purchase and sale by the Bank of Russia of foreign currency on the foreign exchange market in order to influence the ruble exchange rate, the total demand and supply of currency. If the demand for the currency was greater than the supply, then the Bank of Russia sold the currency from its gold and foreign exchange reserves.

If the supply of currency exceeded demand, the Bank of Russia bought the currency. These operations became possible due to significant accumulation of foreign exchange resources at the Bank of Russia. Foreign exchange reserves must correspond to the world level, equal to the financing of three months of imports.

A new method of regulating the exchange rate was the introduction in May 1995 of a fixed exchange rate band. Its main goal is to de-dollarize the economy, stabilize the ruble exchange rate, and support domestic exporting manufacturers. At the beginning of 1997, the currency corridor was 5500-6100 rubles, at the end of the year - 5750-6350 rubles. for one dollar, from August 1998, the currency corridor was expanded to 9,5 rubles, however, due to the aggravation of the financial crisis, it was not possible to keep the ruble exchange rate within the currency corridor. The outflow of foreign capital from the government securities market led to a sharp reduction in the gold and foreign exchange reserves of the Bank of Russia and, as a result, to the abandonment of foreign exchange interventions. A transition to a floating exchange rate regime was made.

Establishment of benchmarks for the growth of the money supply. The Bank of Russia set the minimum and maximum limits for the growth of the money supply for the control period (targeting). Since 1995, the Bank of Russia has annually set two intermediate goals - the maximum growth rate of M2 and the maximum devaluation of the ruble/US dollar exchange rate.

Direct quantitative restrictions - the establishment of limits on the refinancing of banks, the conduct by credit institutions of certain banking operations. An example is the issuance of pawnshop, intraday and one-day settlement loans by the Bank of Russia to commercial banks within the established limit. Another example is restrictions on foreign exchange transactions. Foreign exchange operations can only be carried out by authorized banks that have received a license from the Bank of Russia to conduct such operations. There are three types of licenses: general, extended and internal. The general license gives the right to conduct foreign exchange transactions in the domestic and world markets, open correspondent accounts in foreign banks without limiting their number. The extended license gives the right to have correspondent relations with six foreign banks and former foreign banks of the USSR (Moscow People's Bank in London, Airobank in Paris, etc.). An internal license gives the right to work in the domestic foreign exchange market and enter the external market, subject to the opening of correspondent accounts in any other bank that has a general license.

In addition to the main methods of regulation, there are secondary methods.

prescribed by law margin - the minimum percentage of the initial payment for securities at the expense of the investor's own funds. Buying securities on credit is dangerous because banks are involved in it. Therefore, in all countries, transactions with securities on credit are strictly regulated. In Russia, the minimum margin is set by the Instruction of the Ministry of Finance of the Russian Federation "On the rules for making and registering transactions with securities" dated June 6, 1992 No. 53. It amounts to 50% of the total value of purchased securities.

If it is limited, then the amount of money in circulation decreases. If sales increase, then the amount of money in circulation increases.

Consumer credit - sale of goods on credit.

Due to the low incomes of the population, the development of consumer credit in Russia is possible only with a certain rise in the level of income. Currently, the development of such a loan is a promising direction in the activities of banks that are looking for new areas of capital investment. The use of this method is limited by the lack of infrastructure, legal framework, high level of credit risk. Despite this, consumer credit is a stimulus for economic growth and activation of aggregate demand.

Exhortation. This is when the Bank of Russia makes recommendations to legal entities and individuals, banks.

When and which of the above measures are used? If it is necessary to increase the amount of money in circulation, then the Bank of Russia buys up securities, reduces the required reserves, reduces the refinancing rate, etc. This policy is called the cheap money policy. In conditions of inflation, when it is necessary to reduce the amount of money in circulation, the Bank of Russia sells securities, increases the required reserves, raises the refinancing rate, etc. Such a policy is called the expensive money policy. Essentially, this is counter-cyclical regulation.

The inflow of funds from non-residents has its pros and cons. Advantages of the inflow of funds from non-residents:

▪ reduction of interest rates;

▪ meeting the budget's need for borrowed funds;

▪ increasing the liquidity of the banking system;

▪ stabilization of the ruble exchange rate;

▪ growth of foreign exchange reserves of the Bank of Russia.

Disadvantages of the inflow of funds from non-residents:

▪ unstable balance;

▪ destabilization of the exchange rate;

▪ the possibility of a financial crisis;

▪ the possibility of flight of foreign capital from the Russian market;

▪ the influx of money does not go into production, but ends up in the hands of the population.

52. Private banking ("Private banking")

Private banking - an elite private banking service for individuals - originated in Western Europe in the late XNUMXth - early XNUMXth centuries. Gradually, it turned into a special institution, implying the highest level of reliability and competence - many banks managed the capitals of wealthy families for centuries. Here, two main principles of private banking have been developed: lengthening the life of capital, ensuring the financial stability of the family from generation to generation, and maximum trust in the relationship between the bank and the client, which is formed thanks to multiservice that satisfies the needs of rich and demanding people. In practice, within the framework of private banking, a banking specialist is attached to a client - an individual, who deals exclusively with managing the assets of this client.

For Russia, private banking is far from a new phenomenon: this sector made its first steps even before the 1998 financial crisis. "Western models were externally copied, but the reasons for the development of this service sector in countries with developed economies and in our country were different. In the United States, for example, special attention is paid to the diversity and quality of services provided, while in our country, for quite understandable reasons, the confidentiality of information was more valued, which the client provided it to his trusted banker.The “critical minimum” of the amount at which a specialist was attached to a person was also different.

The universally recognized standard of banking for a wealthy client is a Swiss private bank that provides private banking services. Literally in recent years, the practice of private banking has successfully developed in Russia.

Private banks arose in Switzerland in the mid-18th century., when individual founders pooled their capital to conduct banking activities. The very concept of a “private bank” appeared not because such a bank served only private clients, but because the bank belonged to private individuals. Clients came to the founders and gave them their money. And the bank’s shareholders were responsible for these deposits with all their property and bore full joint liability.

Now Swiss private banks, of course, do not bear unlimited liability for their obligations. However, they still deal with the family financial affairs of persons with a large fortune. As a rule, a Swiss private bank is organized as a club structure with annual membership fees. Most of these credit organizations have rich traditions. Sometimes two or three generations of a family could be served in the same bank.

In Russian practice, the term "private bank" is often perceived as any non-state. What is invested in the concept of "classic Swiss private bank?" These are the founders - private individuals and clients - also only private individuals. In modern Russia, there was no analogue to this yet. Of course, there are banks in which the founders are individuals, but banks are universal: they provide services to both individuals and companies.

Russian private banking originated as a VIP service of some universal banks for "the most expensive clients." However, literally over the past year, this practice has developed into a completely separate area of banking activity.

Of course, private banking in Russia, as well as in Switzerland, is understood as an individual service for private wealthy clients, and a range of banking services and products that is not inferior in scope and quality to that provided by Swiss private banks. There is one "but": only a few banks provide a financial planning service that combines all banking products provided to an elite client into a single complex.

According to research by the consulting company INTERFINANCE MV (INTERFINANCE), the main difference between Russian private banks is that a potential client of a Swiss bank must prove their own respectability and provide recommendations from clients already served. In Russia, the opposite is true so far: banks are looking for clients and must prove that they can manage personal capital professionally and without risk.

Domestic private banks have only recently appeared, they do not yet have a two-hundred-year history, although this, as they say, is a matter of time. After all, our banks, in addition to the high professionalism of their employees, have Russian clients - our main asset. Compatriots are the best clients of a private bank. They are friendly and very devoted to the bank, conscientiously fulfill all their obligations. They are not spoiled or spoiled.

Private banking is a whole package of services: various operations with bank accounts, plastic cards, individual tax planning and financial consulting services, investment banking services, client asset management, private real estate management. Of course, the client can purchase all these services separately. But it will be much more effective to combine them as part of financial planning. Schematically, a financial plan is a detailed list of the client's income and expenses for several years ahead. It takes into account the tax obligations of the client, the preservation of the inheritance and the management of the transfer of inherited property, asset management. In accounting language, financial planning means drawing up a personal balance of assets and liabilities of the client (in the West, the term "profit and losses" is used). Such a table is built in the statics of the current moment. There are certain assets and liabilities, and it is assumed that the client will no longer place his funds anywhere and borrow nothing. The financial plan gives a picture of the most rational distribution of positive and negative cash flows over time, allows you to predict when the client should take out a loan, and when to invest his free money. The financial plan is periodically adjusted in accordance with changing situations.

Thus, financial planning is a comprehensive solution for managing the client's capital, a higher level of private banking (www.interfinance.ru). In Switzerland, this service is called "family office". The client orders only financial planning, within which he already receives the entire palette of banking products.

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

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

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

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

- according to the deposits of the population in rubles and foreign currency (with the implementation of logical and arithmetic control over the correct execution of these operations);

- with plastic cards;

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

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

- with safe boxes;

- receiving utility bills with the use of KKM and without their use;

- accounting for valuesstored in various divisions of the bank, as well as their acceptance for collection at the evening cash desk and the recalculation cash desk;

▪ others incoming and outgoing cash transactions, as well as the issuance of cash using an electronic cashier.

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

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

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

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

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

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

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

53. Credit consulting (provision of consulting services on lending)

Learning from books - effectively, economically.

Reading books is prestigious, modern, profitable.

Knowledge is also capital, which is always with you.

Shevchuk Denis

Smart people live longer. The mortality rate of people with a high level of education is four times lower than that of people with little education.

Manager - hired manager, boss! If you do not have a single subordinate - you are not a manager, but a maximum specialist!

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

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

Credit consulting is a new type of business that is actively spreading today. Considering the ever-increasing interest of our clients in funds attracted from outside for business development, an objective need arose for the development of such a type of service as credit counseling.

Along with this, the offer of various credit programs by banks is also growing. Each of them not only offers the client special conditions, but also requires him to provide a completely specific set of documents and guarantees. It is becoming more and more difficult for a potential recipient of a loan to navigate independently in this area and it is becoming easier to get lost in this stream.

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

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

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

▪ Presence of a problem;

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

▪ Lack of special knowledge to solve the problem;

▪ High price issue.

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

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

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

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

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

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

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

However, the training itself, without the practical application of the acquired knowledge, is worth little. When was the last time any of the top executives of enterprises had the opportunity to attend a serious educational course? And what part of the knowledge they have gained is actually applied today in everyday management practice? When working with consultants, regardless of the type of consultation, knowledge is directly embodied in practical activities, or, conversely, acquired in the process of solving specific problems.

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

The service of obtaining financing from credit institutions is in demand among enterprises implementing investment projects, the cost of which significantly exceeds the cost of projects implemented earlier, as well as in the absence of their own experience in bank lending.

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

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

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

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

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

▪ general familiarization with the lending market

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

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

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

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

Directions:

▪ mortgage lending

▪ small business lending

▪ consumer loan (for personal needs): targeted and non-targeted

▪ car loans

Full support of the procedure for obtaining a loan, according to research by INTERFINANCE (http://denisshevchuk.narod.ru), is usually paid in the amount of 1000 USD. (or 500 c.u. + 2-5%), of which 400-500 c.u. paid at the time of commencement of work to support the loan, and the other 500 c.u. (or interest) - only with a positive decision of the bank.

As practice shows, often a loan is not granted not because the clients are not creditworthy or hide something, but because the client is unable to correctly understand what the bank requires of him.

The essence of the credit consulting service is an independent objective assessment of the existing loan offers on the market in order to offer the most advantageous loan plan from the point of view of the borrower.

Indeed, dozens of banks now offer loans. Their programs differ in terms, interest rates, terms and other parameters.

You can do your own market research, spending a lot of time, or you can call loan consultants (or loan brokers) and they will solve your problems.

Investment, banking, financial and credit consulting may include:

▪ Express analysis of the enterprise and the essence of the project.

▪ Search for a potential investor or lender.

▪ Drawing up a necessary package of documents for a specific investor or lender (or a list of required documents).

▪ Support for the consideration of a loan (investment) application.

Specialists will help you to decide on the most convenient form of financing your business, to choose a reliable partner.

There is a market demand for the provision of professional brokerage services to support credit transactions. Realtors do not cope with this duty, not all banks are able to work with clients, and the niche that has arisen is filled by those who have the time and desire for this.

According to experts, out of about 10 people who decide to draw up documents for obtaining a mortgage loan on their own, only 2 go to the transaction. Now help to potential borrowers is offered by mortgage brokers - organizations that provide professional services in selecting the best banking lending program for a client.

According to experts, mortgage brokerage is a new and very promising activity for our country, combining the specialties of a realtor and a financier.

According to market participants, the first to enter mortgage brokerage were realtors who founded subdivisions in their firms dealing with consulting services in the field of mortgage lending, and only then specialists in the field of finance and law paid attention to the promising service.

Until now, brokers have not conducted an active advertising campaign. Information about their services is distributed through customers or small advertisements in newspapers and the Internet.

Every year the number of banks that are ready to provide loans to individuals is increasing. Volume consumer lending only increases from year to year. Currently, the most popular are loans issued for the purchase of household appliances, cars. Also, many banks offer express loans that do not involve the intended use of funds.

All major banking loan products are already known and invented. The question is in the range of products that can be offered by one bank. Banks set themselves the task of offering customers the fullest possible range of credit products. Competition in the lending market is very high, and only banks that have achieved the greatest technological effectiveness of transactions at the lowest cost can win.

Private lending today is the most promising direction in terms of the development of banking business in Russia. The market for large corporate clients is highly saturated, and providing loans to small businesses is not yet very attractive for financial institutions - in particular, due to the opacity of small businesses and legislative barriers.

Effective work with individuals requires a wide network, modern banking technologies, significant marketing support, a wide product line, and qualified personnel. The prospect of working with individuals is also confirmed by the interest of foreign investors, who pay attention primarily to the retail market.

However, as the market grows consumer loans the percentage of arrears also increases. As long as the loan portfolio is growing rapidly, bad debts may represent a small proportion of loans granted. But the rapid growth will not be endless, and at some point the delay may be a serious problem for banks that are actively developing retail. This is especially true for those financial institutions that issue unsecured express loans at retail outlets. This is the most profitable type of banking business with a yield of up to 70% per annum in rubles, however, the risks here are very high. The decision to grant a loan is made using a scoring system in a few minutes, during which it is impossible to conduct a qualitative assessment of the solvency of a potential borrower. Express loans are a tidbit for scammers.

THE ENTIRE civilized world has long been living in debt. people enjoy consumer loans. The debt of the average American family, for example, is up to 80% of its annual income.

Today in Russia there are already people who take a loan, knowing full well that they will not be able to repay it. And in this sense, even the institution of credit histories will not help - a person may not have any debts, but this does not guarantee that he will be able to repay this loan. At the same time, a citizen must also receive protection from the lender: the borrower may fall ill or, for reasons beyond his control, fall into other difficult circumstances, in which case the bank must provide for special conditions for repaying the loan, because bankruptcy is an effective tool to protect the borrower all over the world . In addition, in the United States, for example, there is a regulation governing relations between a borrower and a lender, which provides for the responsibility of the bank - a financial institution cannot, roughly speaking, distribute loans right and left to everyone.

The hour is near when the market consumer lending there will be fierce competition. The composition of the main players can change significantly, as well as their interest rates.

In the opinion of the company's specialists, the aggravation of competition forces banks to apply a more flexible policy.

most individuals would like to take out a loan for repairs. The next most popular are loans for the purchase of a used car, furniture, computer, household appliances and other household items. Slightly less in demand are loans to pay for tuition and vacation trips.

Most individuals would like to take out a loan to carry out repairs. The next most popular are loans for the purchase of a used car, furniture, computer, household appliances and other household items. Slightly less in demand are loans to pay for tuition and vacation trips.

Research and survey data show that Russians are increasingly willing to spend, while actively using loans for urgent needs. Yes, and all the statistical layouts confirm this. So, perhaps in the near future the American model of "life on credit" will become just as popular in Russia.

Customer credit is undergoing a period of steady growth. More and more banks are joining.

emergency loans in the West have a long history. Its mechanisms in European and American legislation are spelled out so clearly and in detail that the Russian market, which is not even 15 years old, has no choice but to take an example from them.

While Russians are discovering America emergency loans, in real America, they have gained a strong position since the second half of the twentieth century. It's in the States emergency loans received the most development: experts consider the American market the most capacious and flexible - despite the fact that initially the growth rate of consumer lending in the industrialized countries of Europe was ahead of the dynamics of the US market.

For example, in Germany in the 70s, there was a five-fold increase in emergency lending, which by the early 2000s had reached $190 billion. In the same period, it tripled in the United States, and by the beginning of the 90s it had crossed the mark of 600 billion dollars.

Everyone is equal before credit

The official history of emergency lending in America dates back to 1968, when the Consumer Credit Act was passed there. In particular, it establishes fair lending rules, rate caps, transfer and installment sale rules, contract clauses. The law does not ignore the means of judicial protection of the creditor, as well as cases in which the court has the right to recover the balance of the debt for the sale of security or to seize the debtor's property.

The law also regulates credit transactions relating to the sale of real estate, goods and services by persons regularly involved in sales on credit (for more details, see Shevchuk D.A. Mortgage: just about complicated. - M .: GrossMedia: ROSBUH, 2008, Shevchuk D.A. Apartment on credit without problems - M.: AST: Astrel, 2008 and Shevchuk D.A. Buying a house and land: step by step - M.: AST: Astrel, 2008).

There is no need to worry about the rights of the American consumer: he, like armor, is protected from all possible sides. In addition to the Consumer Credit Law, there is The Uniform Consumer Credit Code. Its task is to protect consumers who receive loans to finance purchases, to ensure the correct, adequate provision of lending services, and to regulate the lending industry as a whole.

Finally, there is the US Consumer Protection Act, part of which is also devoted to consumer loans. It obliges lenders to fully inform the consumer about the conditions of lending and prohibits any discrimination in lending. The law also protects consumers from abuse by loan sharks and limits rewards. In addition, it regulates the activities of companies issuing credit cards and providing credit histories, and also establishes the National Consumer Finance Commission, which is competent to conduct investigations in the field of consumer credit.

Dealing with a problem called "Consumer credit "(hereinafter PC) should separate this form lending to the population from others, very similar to her, but carrying some other "semantic load" and social function.

Credit for urgent needs

A loan is given to a citizen not for something specific, but just because he needs it.

Loan for the purchase of a car

This is a very resource-intensive form of lending for any Bank. Because requires the diversion of significant amounts for a relatively long period (up to 3 years). The loan is fully secured by a car insured in favor of the Bank, and in case of any problems, the Bank will easily compensate for its losses.

A loan to buy an apartment (house) or a mortgage loan

The most resource-intensive (up to 100 thousand US dollars or more per borrower), the longest (up to 10 years). However, this loan is also almost completely secured by collateral, because here, as in the case of cars, the Bank gives no more than 70% of the cost of housing.

It is easy to see that the leaders in the resource-intensive long-term lending market are foreign banks. This is not surprising, since these types of credit are very developed in the west, they have extensive experience and are able to attract cheap "long" resources from parent banks. At the same time, it should be noted that the 10-15% per annum offered by them in Russia is a blue dream for Western markets.

Actually, a PC or "credit for an iron" is a much simpler thing. Its essence is as follows. You do not ask your neighbors, relatives or acquaintances for the missing 200-1000 dollars for a refrigerator, washing machine or TV. In almost every large store selling household appliances, you can find a table at which an employee of one or another Bank sits. You fill out a questionnaire, wait 30-40 minutes and - your desired washing machine. Further, for the next 3-6 months, your duties will include the need to visit the Bank's office to make a monthly payment.

There is another option - you fill out a form, bring a salary certificate from your place of work or another document confirming the presence of some kind of permanent income, then wait 2-3 days - and the washing machine is yours again, but, as practice shows, for less interest on the loan than in the first option. Why? Yes, because during these days the Bank managed to check the information about you and the documents that were presented. Higher confidence in the borrower means lower interest on the loan. Look at the proposed interest rates of Sberbank or the “subsidiaries” of foreign banks, and then take the list of documents that they require and the information that interests them - the connection, as they say, is obvious.

What are the key points when deciding whether to take a loan, and if so, where?

▪ How interest is calculated.

A beautiful figure of an increase in the cost of a thing by only 5-10% easily turns into 20-40% (the loan is then for 3 months!), And upon closer examination, into 26-52% (the loan is taken at 70% of the cost, and 30 - you paid themselves).

▪ How much interest is charged?

For the entire loan or with a reduction in debt, interest is charged only on the remaining part. The difference can be quite significant.

▪ Possibility of early repayment.

This is a fundamental question. Often, even if you repay the loan the next day, the amount of interest will need to be paid in full, as if you had used the loan for the entire term.

▪ In what monetary units do you receive the loan - rubles or foreign currency.

It is very difficult to give advice here. It all depends on the form of your income and the situation with the exchange rate. And remember, if your income is fixed ruble income (for example, wages), you will also incur expenses for converting rubles into the loan currency.

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

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

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

Legal entities:

All types of loans, including:

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

▪ loan to replenish working capital;

▪ loan for business development;

▪ loan for the purchase of a business;

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

▪ loan for the purchase of equipment;

▪ loan to cover cash gaps;

▪ credit line;

▪ factoring;

▪ leasing;

▪ pawn business lending;

▪ bank guarantees.

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

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

For individual entrepreneurs:

▪ loan;

▪ credit line.

Adjustment coefficients (discount) applied in the framework of business lending programs (According to the Deputy General Director of INTERFINANCE (LLC "INTERFINANCE MV") Denis Aleksandrovich Shevchuk):

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

Equipment: no more than 0,7.

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

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

Vehicles: no more than 0,7.

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

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

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

Loan amount = collateral amount * discount

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

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

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

BASIC REQUIREMENTS FOR THE BORROWER:

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

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

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

BASIC REQUIREMENTS FOR A BUSINESS OWNER:

Citizenship of the Russian Federation.

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

No criminal record.

No negative credit history.

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

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

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

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

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

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

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

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

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

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

List of documents for the Borrower

1. Application form in the form of the Bank.

2. Passport⁽¹⁾ for individuals who are:

▪ business owners;

▪ parties to the transaction (borrower, guarantors);

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

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

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

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

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

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

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

Financial documents

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

1.1.

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

1.2.

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

1.3.

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

2. Income and expense ledger⁽³⁾ organizations and / or individual entrepreneurs applying the simplified taxation system or being UTII payers for the last 3 months.

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

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

6. Certificate of commitment⁽¹⁾ in the form of the Bank no later than on the 1st day of the month in which the application was submitted.

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

Documents confirming economic activity

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

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

Forms of submission of documents:

⁽¹⁾ Original

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

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

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

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

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

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

1.3. be suitable for permanent habitation;

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

a) is located in Moscow or the Moscow region;

b) is not in emergency condition;

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Additional Information

At present, the importance of education and self-education has increased. Smart people live longer. The mortality rate of people with a high level of education is four times lower than that of people with little education. Until recently, it was believed that human life expectancy is mainly influenced by three factors: heredity, lifestyle and ecology. However, scientists have come to the conclusion that smart people live longer and get sick less. The mortality of people with a high level of education is four times lower than the mortality of those with little education. It turns out that the brain ages much faster without exercise. Scientists have long explained the differences in the health status of different people by their belonging to different social groups and the difference in the level of well-being. British scientists supplemented this concept with new data. It turns out that the level of intelligence also affects the health of people. The higher the level of intelligence in a child, the more likely he is to live longer. It turns out that "bespectacled boys" are the most profitable suitors and the preferred male sires. It is assumed that the demand for "nerds" among the fair sex will increase dramatically. Before the revolution in Russia, the presence of glasses was a sign of intelligence, wealth, intelligence, and noble birth. Now intellectuals are valued all over the world, they are lured away from other countries (brain drain), they are the main factor in the economic growth and well-being of the nation. In Russia, the rich are mostly well-educated people. Two thirds of them have higher education. The majority - 86% - parents belong to the intelligentsia. There are practically no people without higher education among the "captains" of Russian business. Scientists distinguish three main criteria that affect life expectancy as determining ones: heredity (up to 20%), lifestyle (up to 55%) and environmental factors (20%). At the same time, material income and the level of education are in the first places in the "way of life" indicator. By the way, in Western countries, in their practice, insurance companies, assessing the potential life expectancy of a client with the help of tests, necessarily include these indicators in the questionnaire. The level of material well-being has a significant impact on lifestyle. People with lower incomes are more likely to get sick and less likely to seek medical care. However, human health is affected not so much by the money itself, but by the nature of their use in the interests of health. For example, people with higher incomes have the opportunity to get a better education. In turn, the mortality of people with a high level of education is about 1,5 - 4 times lower than in groups with a low level of education. It is also believed that the human brain ages much faster without exercise. Conclusion: it is beneficial to engage in raising education and self-education (the study of professional and general educational literature).

Education is an investment in human capital. According to statistics, every year spent on education increases the salary of an employee by an average of 10%. Education not only increases the productivity of the recipient (i.e. the person who received it), it has a positive externality (externality). An externality occurs when one person's action affects the well-being of another person or other people. An educated person can put forward ideas that become useful to others, public domain, they can be used by everyone who falls into the scope of the positive externality of education. In this regard, the phenomenon known as "brain drain", that is, the emigration of the most educated and qualified specialists from poor countries and countries with economies in transition to rich countries with a high standard of living, has a particularly negative impact.

A significant problem of development (including career development) is bad habits. Alcohol irreversibly destroys brain cells (in any amount), leads to impotence in men and related problems in women. For a healthy person, there is no healthy alcohol - it is harmful in any quantities and types. This has long been known, but hushed up for selfish purposes. On the contrary, paid journalists and "experts", films and series (with huge advertising budgets) promote an unhealthy lifestyle - advertising pays off many times over, though at the cost of the health of millions. Smoking also leads to sad consequences, often irreversible. Smokers are less able to work, so in developed countries they are trying not to be hired, especially for important positions, a similar trend is noticeable in large successful Russian companies. The legislative restriction of smoking in public places speaks of the increased selfishness of smokers who do not think about others - you must admit that this is not the best quality for working with people, which recruiters are well aware of.

It has been noticed that many people do not know the elementary rules of the Russian language, for example:

1. The number of quotes must always be even, like brackets in mathematics.

Adjacent quotation marks can be of two types - "..." and "..." (paws and Christmas trees).

Correct: "words "words"" or "words" words ""

Incorrect: "words" and "words" words

These mistakes are even in the names of large firms and some articles and books.

2. If there is information in brackets at the end of the sentence, a period is placed after the brackets, not before the brackets and inside before the closing bracket.

That's right: words (words).

Wrong: words. (the words.)

As recent studies have shown, smoking negatively affects the brain and reduces the intellectual abilities of a person. The comparison showed that smokers lagged behind their nonsmoking peers on all types of tests they offered. In the several decades that have passed since the first survey, their ability to think logically, and the ability to remember and reproduce information, have significantly decreased significantly.

Terminological dictionary

Notification

an instruction to credit or debit funds from bank accounts. A distinction is made between credit advice (money is credited) and debit advice (money is written off).

Holding (tax)

a tax credit open to any taxpayer (company or individual) that receives dividends distributed by companies that pay corporate tax.

Letter of credit

an instruction to the bank to pay a certain amount to an individual or legal entity upon fulfillment of the conditions specified in the letter of credit.

Enterprise assets

property of the enterprise reflected in the asset balance sheet. There are mainly three types of assets:

1) current assets, consisting of monetary capital and funds that can be quickly transformed into cash;

2) fixed capital with a long service life, used by the enterprise in the production of goods and services;

3) other assets, which include intangible assets that do not have a physical form, but are valuable to the enterprise, investments in other companies, long-term securities, deferred expenses and various other assets.

Excise

type of indirect tax levied on the price of goods. Excises were widespread already in the XNUMXth century. The development of excise taxation has led to the emergence of a universal excise tax in the form of turnover tax, sales tax, value added tax. There are individual excises (for certain types and groups of goods) and universal (for example, value added tax).

Joint-stock company

a company that is a legal entity whose capital consists of contributions from shareholders and founders. A form of organization of production based on raising funds through the sale of shares. There are closed and open joint-stock companies.

Share capital

share capital of a joint-stock company, the amount of which is determined by its charter. It is formed at the expense of borrowed funds and the issue (issue) of shares.

Promotion

a security issued by a joint-stock company, giving the right to its owner, a member of the joint-stock company, to participate in its management and receive dividends from profits.

Share nominal

share with the indication of its owner. Distributed by open subscription. It can be simple and privileged.

ordinary share

a share with a non-fixed dividend, the amount of which is determined by the general meeting of shareholders after paying a fixed percentage to holders of preferred shares.

Bearer share

a share containing the name of its holder. It can be simple and privileged.

Preferred share

a share whose dividend is fixed in the form of a fixed percentage paid as a matter of priority, regardless of the size of the company's profit. This share does not give the right to vote, its owner does not participate in the management of the company.

Amnesty (tax)

a set of measures to pay off debts on tax and other obligatory payments by taxpayers, as well as exemption from fines and penalties from the amounts of payments voluntarily paid by them to the budget and off-budget state funds.

Depreciation funds

financial resources allocated by a special purpose for the preservation and renewal of the fixed assets of the enterprise.

Sinking fund

funds intended for simple and extended reproduction of fixed assets.

Depreciation

the gradual transfer of the value of fixed assets to the products or services produced with their help; targeted accumulation of funds and their subsequent use to compensate for depreciated fixed assets.

Rent

property lease based on an agreement on the provision of property for temporary use for a certain fee.

Audit control

independent non-departmental financial control carried out by an audit firm licensed to carry out audit activities. The main task is to establish the reliability, completeness and reality of accounting and financial statements and compliance with financial legislation.

Balance

the main comprehensive accounting document containing information on the composition and valuation of the enterprise's funds (assets) and the sources of their coverage (liability).

Balance sheet profit

the total amount of profit of the enterprise for all types of activities, reflected in its balance sheet.

Bank loan

a loan issued in the form of cash loans to business entities and other borrowers.

Bankruptcy

a concept meaning ruin, the refusal of an enterprise to pay its debt obligations due to lack of funds. As a rule, it leads to the closure or forced liquidation of the enterprise, the sale of property to pay off all debts.

Non-cash money turnover

part of the money turnover, in which the movement of money is carried out in the form of transfers to accounts in credit institutions and offsets of mutual claims.

Business plan

the program of the enterprise, a plan of specific measures to achieve the specific goals of its activities, including an assessment of the expected costs and income. Developed on the basis of marketing research.

Exchange rate

the selling price of a security on the stock exchange.

Budget

a form of formation and spending of a fund of funds intended for financial support of the tasks and functions of the state and local self-government.

Budget classification of the Russian Federation

grouping of incomes and expenses of budgets of all levels with assignment to objects of classification of grouping codes.

The budget system of the Russian Federation

based on economic relations and the state structure of the Russian Federation, regulated by the rules of law, the totality of the federal budget, the budgets of the constituent entities of the Russian Federation, local budgets and budgets of state off-budget funds.

budget loan

budgetary funds allocated to another budget on a returnable, gratuitous or reimbursable basis for a period not exceeding six months within a financial year.

budget planning

centralized distribution and redistribution of the value of the gross social product and national income between the links of the budget system on the basis of a national socio-economic program for the development of the country in the process of drawing up and executing budgets and extra-budgetary funds of various levels.

budget law

a set of legal norms that determine the foundations of the country's budget structure and the procedure for drawing up, reviewing, approving and executing budgets included in the country's budget system.

Budget regulation

redistribution of funds in order to provide the territorial budgets with the minimum required level of income directed to the economic and social development of the territories.

budget device

organization and principles of building the budget system, its structure, the relationship between individual links. Determined by government. In unitary (single, merged) states, the budget system includes two links: the state budget and numerous local budgets, which, with their incomes and expenditures, are not included in the state budget. In federal states, the budget system includes three links: the state and federal budgets, and the budgets of the members of the federation.

Budget appropriations

funds from budgets of different levels directed to the development of the economy, financing of social and cultural events, defense of the country, maintenance of public authorities and administration.

Budget Process

activity of public authorities, local self-government bodies and participants in the budget process in the preparation and consideration of draft budgets, draft budgets of state extra-budgetary funds, approval and execution of budgets and budgets of state extra-budgetary funds, as well as control over their execution.

Gross revenue

the full amount of cash receipts from the sale of marketable products, works, services and material assets.

Gross income

characterizes the final result of the enterprise and is the difference between gross revenue and all costs of production and sales of products.

Gross profit

the part of the gross income of the enterprise, which remains with him after the deduction of all obligatory expenses.

Gross domestic product (GDP)

a generalizing macroeconomic indicator that reflects the total market value of final products and services produced in the country, regardless of the nationality of legal entities and individuals operating in its national economy for a certain period of time. GDP is a modification of another macroeconomic indicator of the gross national product (GNP), from which it differs by the value of the balance of settlements with foreign countries.

Gross income

the difference between the company's revenue from the sale of products and the material costs of production. Includes wages and profits or wages and net income. In other words, gross income differs from net income by the amount of wages.

Bill

a type of security, a written promissory note of the established form, giving its owner (the holder of a bill of exchange) the unconditional right to demand from the drawer the unconditional payment of the specified amount of money by a certain date. Distinguish between simple and transferable (draft) bills. A promissory note is issued by the debtor, and a transferable bill used in lending to foreign trade is issued by the creditor.

venture firm

a commercial scientific and technical firm engaged in the development and implementation of new technologies and products with an indefinite income in advance (risky capital investment).

Venture funding

provision of financial resources for innovation activities; financing of scientific and technical research.

Extrabudgetary special funds

funds that have a strictly designated purpose. Their goal is to expand social services to the population, stimulate the development of backward sectors of infrastructure, and provide additional resources to priority sectors of the economy. The most important social funds: Pension Fund, Social Insurance Fund, Compulsory Medical Insurance Fund, State Employment Fund. External debt is an obligation arising in foreign currency.

Domestic debt

liabilities arising in the currency of the Russian Federation.

Warranty obligation or order

a form of collateral for a bank loan. State regulation is a legislatively formalized system of external influence on an enterprise.

Government funding

the method of irrevocable provision of financial resources to business entities at the expense of budgetary and non-budgetary funds. Through state financing, there is a purposeful redistribution of financial resources between business entities.

Government revenue

monetary relations to mobilize financial resources at the disposal of state structures. Three main methods of mobilizing state revenues are used: taxes, state loans, issue (paper money and credit).

Government loans

economic relations between the state, on the one hand, and legal entities and individuals, on the other, in which the state acts as a borrower.

State minimum social standards

the minimum necessary levels of guarantees of social protection established by the legislation of the Russian Federation, ensuring the satisfaction of the most important human needs.

Government spending

monetary relations associated with the use of centralized and decentralized public funds for various needs of the state. Public expenditures are financed in three forms: self-financing, budget financing, credit security.

public finance

the sphere of 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 of the country's defense and government controlled. Public finances operate at the federal, regional and local levels and include the budget, off-budget funds, state credit, finances of state and municipal enterprises.

The state budget

the main financial plan of the state, having the force of law; approved by the legislative authorities - parliaments. In Russia, it is approved by the State Duma and the Federation Council and signed by the President of the Russian Federation. Expresses economic monetary relations that mediate the process of formation and use of a centralized fund of state funds. The state budget is the main tool for the redistribution of national income.

State off-budget fund

the form of formation and spending of funds generated outside the federal budget and the budgets of the constituent entities of the Russian Federation.

State loan

monetary relations arising from the state with legal entities and individuals in connection with the mobilization of temporarily free funds at the disposal of public authorities and their use to finance public expenditures. The main forms of public credit are loans and treasury loans.

State or municipal loan

transfer to the ownership of the Russian Federation, a constituent entity of the Russian Federation or a municipal formation of funds that the Russian Federation, a constituent entity of the Russian Federation or a municipal formation undertakes to return in the same amount with the payment of interest (fee) on the loan amount.

State or municipal debt

obligations arising from state or municipal loans assumed by the Russian Federation, a constituent entity of the Russian Federation or a municipality, guarantees for obligations of third parties, other obligations, as well as obligations of third parties assumed by the Russian Federation, a constituent entity of the Russian Federation or a municipality.

State financial control

control by the authorities and administration of the Russian Federation and constituent entities of the Russian Federation, as well as specially created control bodies (the Accounts Chamber of the Russian Federation, the Ministry of the Russian Federation for Taxes and Duties, etc.) over compliance with legislation in the field of state budgets and extra-budgetary funds, taxes, financial activities of state institutions and enterprises, organization of cash settlements, accounting and reporting.

Debtor

a person who has received a product or service but has not yet paid for it.

Receivables

accounts receivable of the amount due to the enterprise from buyers for goods and services sold on credit. In the balance sheet of the enterprise are recorded as current assets.

Devaluation

official depreciation of the national currency against foreign currencies.

Monetary unit

a legally established banknote that serves to measure and express the prices of all goods and services, which is an element of the monetary system.

Money supply

a set of purchasing, payment and accumulated funds serving economic relations and owned by individuals and legal entities, as well as the state. The change in the money supply is measured by monetary aggregates.

Dumping

a practice used in international trade whereby a product in an export market is sold at a price lower than the domestic price of that market in order to suppress competitors.

Infrastructure

a complex of branches of the economy serving industrial (or any other) production, as well as the population. Includes transport, communications, trade, logistics, science, education, health care.

Mortgage

leasing real estate, land as collateral for obtaining a mortgage loan.

Capital

value put into circulation for profit.

working capital

part of the capital directed to the formation of working capital and returned within one production cycle.

fixed capital

part of the capital aimed at the formation of fixed production assets and participating in production for a long time.

capital construction

the process of creating and improving fixed assets through the construction of new ones, reconstruction, expansion, technical re-equipment and modernization of existing ones.

Capital investment

costs of material, labor and financial resources aimed at the restoration and growth of fixed assets.

Clearing

system of non-cash payments for goods, securities and services. Based on the offset of mutual requirements and obligations.

Commercial Bank

a credit institution licensed to carry out banking operations for the purpose of making a profit.

commercial loan

a commodity form of credit arising from a deferred payment, a debt obligation issued by a bill of exchange.

Commercial calculation

the method of managing the economy, which consists in comparing the costs and results of activities in monetary form; Its goal is to maximize profits at the lowest cost. Commercial calculation implies the obligatory receipt of profit and a level of profitability sufficient to continue managing.

Conversion

reorientation of the enterprise to the production of products of a fundamentally different type.

Currency convertibility

the ability of one currency to be exchanged for another currency. Competitiveness is the ability to carry out its activities in a market economy and at the same time receive a profit sufficient for the scientific and technical improvement of production, incentives for employees and maintaining products at a high quality level.

Consolidated budget

a set of budgets for all levels of the budgetary system of the Russian Federation in the relevant territory.

Controlling stake

share of the total value (number) of shares, allowing their owners to control the activities of the entire joint stock company.

Concern

association of independent enterprises of various industries related to joint developments through a system of participation, patent and license agreements, financing, and close industrial cooperation.

Concession

permission by one state to other states, their firms and individuals to conduct production and operational activities in accordance with the concession agreement. The concession agreement may provide for the commissioning by the state for a fee not only of enterprises, but mainly of land with the right to extract minerals.

Indirect taxes

taxes levied as a surcharge on the price of goods.

Current assets

cash and assets that can be converted into cash in the near future or will be used in the near future, usually within a year.

Short-term liabilities

liabilities that mature within a short period of time, usually within one year.

Short-term financial investments

financial investments calculated for a short period, highly liquid securities, including short-term government treasury bills, bonds, shares, temporary financial assistance to other enterprises, certificates of deposit, received short-term bills.

Credit

the movement of loan capital, carried out on the basis of security, urgency, repayment and payment. Performs the functions of redistribution of funds between economic entities; contributes to saving distribution costs; accelerates the concentration and centralization of capital and stimulates scientific and technological progress.

Credit card

a nominal monetary document issued by a credit institution, which certifies the presence of a client account in this institution and gives the right to purchase goods and services in a retail trade network without paying in cash.

loan money

money generated by the development of credit relations and expressing the relationship between creditors and borrowers. These include bills, banknotes, checks, bank credit cards.

loans

one of the forms of financial support for reproduction costs, in which the expenses of a business entity are covered by bank loans provided on the basis of payment, urgency and repayment.

Accounts payable

debt arising from settlements with suppliers; temporary use of the creditor's funds in the enterprise's cash flow.

Solvency crisis

mutual non-payments of enterprises caused by a shortage of cash or non-cash money supply.

Coupon

a cut-off coupon of a security (shares, bonds), giving its owner the right to receive at a specified time a certain income in the form of interest and dividends.

The price of shares, bonds and other securities

the price of a share, other securities on the stock exchange. The rate is directly proportional to the size of the dividend, interest and is inversely related to the size of the loan interest.

Liquidity of assets

the reciprocal of the time required to convert them into money. The less time it takes to turn assets into money, the more liquid they are.

Liquidity of the company's balance sheet

the degree of coverage of the obligations of the enterprise by its assets, the period of transformation of which into money corresponds to the maturity of the obligations.

Enterprise liquidity

the ability of a business entity to make the necessary expenses at any time.

Capital investment limit

the maximum amount of capital investments for the planned commissioning of capacities or for the creation of regulatory reserves for capital construction.

Lending limit

the maximum amount of a loan or debt balance in the planning period.

License

special permission for a legal entity of authorized state bodies to carry out specific business transactions specified by law, including foreign trade (export and import).

Health insurance

form of social protection of the interests of the population in health protection; related to the compensation of citizens' expenses for medical care and other expenses for maintaining health.

Health insurance

a form of social protection of the interests of the population in the protection of health. Guarantees citizens to receive medical care in the event of an insured event. It is carried out in two forms, mandatory and voluntary.

Local taxes and fees

taxes and fees established by the representative bodies of local self-government independently in accordance with federal laws.

local finance

a set of funds generated and used to resolve issues of local importance.

Local budget

the budget of the municipality, the formation, approval and execution of which is carried out by local governments.

Overheads

the costs of economic maintenance of production and enterprise management, which are additional to the main costs and, along with them, are included in production costs.

Cash circulation

the movement of cash in the sphere of circulation and the performance of two functions by them: means of circulation and means of payment. The tax is the obligatory contribution of the payer to the budget and extra-budgetary funds in the amounts determined by law and within the established time limits. It expresses the monetary relations that have developed between the state and legal entities and individuals in connection with the redistribution of national income and the mobilization of financial resources to the budgetary and non-budgetary funds of the state.

Tax system

a set of different types of taxes, in the construction and calculation methods of which certain principles are implemented. Consists of direct and indirect taxes; the direct ones are set directly on the income or property of the taxpayer, the latter are included in the form of a surcharge in the price of the goods (tariff for the service) and are paid by the consumer. As part of indirect taxes, there are: excises, fiscal monopolies, customs duties.

Tax holidays

a certain period of time during which the payer is granted a benefit in the form of exemption from paying tax.

Tax breaks

full or partial exemption of taxpayers from paying taxes in accordance with applicable law.

tax control

specialized control by state bodies over compliance with tax laws, the correctness of calculations, the completeness and timeliness of paying taxes and other obligatory payments by legal entities and individuals.

Tax credit

one of the tax benefits, consisting in the deferral of tax collection.

Nominal

the face or principal value (as opposed to market value) indicated on a stock, bond, bill, coupon, banknote, or other instrument.

Par value of a share

share in the share capital of the company, indicated on the front side of the share.

Depreciation rate

percentage of the cost of fixed capital, which is annually included in the cost of manufactured products (services).

Security of credit

types and forms of guaranteed obligations of the borrower to the creditor (bank) to reimburse the amount of borrowed funds (credit) in cases of their possible non-repayment by the borrower.

Bonds

interest-bearing securities. They are issued by state bodies to cover the budget deficit and by joint-stock companies in order to raise capital. Unlike stocks, bonds have a maturity date.

Government bonds

short- and long-term securities issued by the Ministry of Finance of the Russian Federation to raise funds from investors and to fulfill the functions of the state.

Savings bonds

government securities issued to raise funds from investors, but intended primarily for placement among the public.

Current assets

funds advanced to working capital and circulation funds. Working capital assets are represented by such assets as raw materials, materials, fuel, containers, work in progress, deferred expenses, etc.; circulation funds in goods (in the warehouse and in shipment) and in cash (at the cash desk of the enterprise, on its current account and other accounts, in settlements).

Working capital

the share of the company's capital invested in current assets, in fact, all current assets. Net working capital is the difference between current assets and current (short-term) liabilities.

debt service

payment of interest and repayment of the principal amount of the debt for a certain reporting period.

Return on capital investment

an indicator of the effectiveness of capital investments, defined as the ratio of capital investments to the economic effect obtained from their use in the production process.

Operational management

management of the property of an enterprise financed by the owner.

Salary

form of monetary or in-kind remuneration of employees.

Wholesale (selling) price

the wholesale price of an enterprise or the price of a manufacturer of products at which goods are sold to other enterprises and organizations.

Option

the right to buy or sell shares at a fixed price within a specified period.

Fixed non-productive assets

Durable items that serve non-productive consumption in society. These include residential buildings, clinics, clubs, sanatoriums, stadiums, etc., which are on the balance sheet of the enterprise.

Basic production assets

means of labor (buildings, structures, machinery and equipment, vehicles, etc.), with the help of which products are manufactured. They serve a long time, retain their natural form during the production process and transfer their value to the finished product in parts, as they wear out. Replenished through capital investments.

Fixed assets

cash invested in fixed assets for production and non-production purposes.

Residual value

the difference between the initial cost of fixed assets and the amount of the contribution, the amount that the company expects to receive from the sale of assets (fixed capital) at the end of their useful life.

Deferred payment

the portion of the agreed price that will be paid at a predetermined time in the future.

Offshore

limited territories in which there are especially preferential economic conditions. Just like "tax havens", they are a kind of free economic zones.

Fund valuation

value expression of funds used in financial statements.

Order of payments

the established sequence of debiting funds from the company's account in the presence of several urgent and overdue payments and insufficiency of funds for their full repayment.

Pension

guaranteed monthly payment of sums of money for the material security of citizens in connection with old age, disability, length of service and death of the breadwinner.

Bill of exchange (draft)

a written order of one person (the drawer) to another person (payer) on the payment, on demand or on a certain date, of the amount of money indicated in the bill to a third party (beneficiary) or the bearer of this bill.

Capital switching

termination of funding in one area of activity and the opening of funding for new areas of activity.

Revaluation of funds

change in the valuation of funds under the influence of price and other factors that determine the conditions for reproduction.

Reinsurance

a special form of insurance that allows you to distribute large risks among many insurance organizations.

payback

the time required for the amount invested in a particular project to be fully returned from the funds received as a result of the main activities of this project.

Planning

a process that ensures a balanced interaction of individual types of resources within the selected management object, establishing proportions and growth rates.

Payment order

a settlement document issued by the payer containing an instruction to the bank to transfer a certain amount of money from the payer's account to the recipient's account; used in settlements for commodity and non-commodity transactions, advance payments.

Payment request

settlement document issued by the supplier, containing an instruction to the bank to receive the amount of money due to it from the payer on the basis of relevant documents evidencing the transactions performed.

Payment request-order

a settlement document issued by a supplier containing a requirement for the buyer to pay, on the basis of settlement and shipping documents sent to the payer's servicing bank, the cost of products delivered under the contract, work performed, services rendered.

Payment balance

the ratio of payments made by the country abroad, and the receipts received by it from abroad for a certain period of time (month, quarter, half year, year). It includes the balance of trade, which reflects the ratio of the value of exports and imports of goods of the country for the corresponding period, the balance of services and non-commercial payments. Together they form the balance of payments for current operations. The country's general balance of payments forms the balance of payments for current operations and the balance of movement of capital and creditors, as well as the movement of gold and foreign exchange reserves. The overall balance of payments in Russia in recent years is negative, which is explained by the negative balance in the balance of capital and credit flows between countries.

Payment turnover

the totality of all monetary payments in the country's economy.

Contract

a contract under which one party (contractor) undertakes, at its own risk, to perform specific work on behalf of the other party (customer).

Portfolio

the totality of securities owned by the enterprise at a specific date; result of financial investments.

Securities portfolio

investments in securities of various types, duration and liquidity, managed as a whole.

Allowance

regular or lump-sum cash payment provided to citizens of the country in connection with temporary disability, pregnancy and childbirth, at the birth of a child, for child care, etc.

Duty

one of the types of indirect taxes.

Preference

a privilege or provision of a special tax regime for a group of economic entities, allowing them not to bear part of their tax obligations for a specified period of time.

Profit

the final financial result of the enterprise; defined as the difference between revenue and costs.

Privatization

the process of changing property relations when transferring a state enterprise to other forms of ownership, including collective, joint-stock and private.

preferred share

a share that gives the holder priority rights over the holder of common stock to receive dividends immediately after the payment of interest on bonds and loans. It usually has a limited fixed dividend and no voting rights.

Lending principles

urgency, payment, repayment and material security of the loan.

Production capacity

the maximum possible output of products with the most complete and rational use of fixed production and circulating assets, as well as financial resources.

Promissory note

an unconditional monetary obligation of the form established by law, issued by a bank (drawer) to an individual or legal entity (bill holder), giving the latter the right to require the borrower to pay by a certain date the amount of money specified in the bill.

Prospectus

a document containing the necessary information on the issue of securities subject to registration in the prescribed manner.

Budget surplus

excess of budget revenues over its expenditures.

Denationalization

transfer of state property to its other forms. If denationalization is expressed in the acquisition by citizens of state and municipal enterprises as private property, as well as in the creation of a joint-stock company, then this is privatization.

Budget expenditures

economic relations related to the distribution of the state's fund of funds and its use for sectoral, departmental, targeted and territorial purposes. The costs of financing the national economy, social and cultural activities (education, health care, social security), national defense, the maintenance of government and law enforcement agencies, the cost of public domestic debt, the cost of providing financial support to the territories, etc. are included.

Checking account

an account opened by banks for legal entities to store funds and make settlements.

Economic regulation

purposeful change in the pace of development of the national economy and its individual structural units on the basis of the redistribution of financial resources.

Regulatory income

federal and regional taxes and other payments for which the federal laws and laws of the constituent entities of the Russian Federation establish the rates of deductions (as a percentage) to local budgets for the coming financial year.

Reserve fund

target source created by regular deductions from the profits of the enterprise. These funds should be in highly liquid assets.

Complaint

a claim made by the buyer to the seller in connection with the non-compliance of the quality and / or quantity of the delivered goods with the terms of the contract.

Profitability

one of the main cost indicators of production efficiency. It characterizes the level of return on costs invested in the production process and sales of products, work and services.

External debt restructuring

extension of the maturity of the debt and the payment of interest on it.

Fiscal debt restructuring

determination of the total debt to the budget, determination of the terms of its repayment, control and observance during this period of mandatory terms for the payment of current payments to the budgets and extra-budgetary funds.

Budget painting

the main operational plan for the distribution of income-expenditures by subdivisions of the budget classification, in which the deadlines for the receipt of taxes and other payments and the expenditure of budgetary funds during the year are indicated.

Market value

the amount that can be obtained by selling assets (property) on the market.

self-insurance

a set of measures aimed at preventing risks, creating reserve funds of material and financial resources, etc.

Self-financing

one of the methods of financial support for reproduction costs, based on the use of economic entities' own financial resources. In case of insufficiency of own funds, enterprises use financial resources attracted on the basis of issuing securities.

Reorganization of the enterprise

a set of measures to improve the financial condition of the enterprise and prevent bankruptcy.

Savings bank

a credit and financial institution designed to accumulate the savings of the population and the funds of enterprises and their effective placement for profit.

Free market economy

such an economic system in which the distribution of resources is determined not by the state, but by decisions made at the level of individual entrepreneurs or enterprises.

Free market

a market in which government regulation has no effect on the balance of supply and demand.

Production cost

total costs for the production and sale of products.

Sequestration

a proportional reduction in public spending on all budget items (except for protected ones) during the time remaining until the end of the year.

Price system

a set of different types of prices (wholesale, purchase, retail, etc.) that are closely interconnected and interdependent.

Estimate

a financial document containing information on the formation and expenditure of funds in accordance with their intended purpose.

Estimated expenses and income

financial plan of the institution (organization) carrying out non-commercial activities.

Estimated funding

method of covering the costs of institutions and organizations in accordance with the approved estimate.

Mixed (limited) partnership

organizational and legal form of a commercial organization based on an agreement between participants who are general partners and limited partners.

Property

legal relations arising from the possession, use and disposal of property.

Own revenues of territorial budgets

regional and local taxes and fees, deductions from taxes of higher budgets transferred to regional and local budgets on a permanent basis in a firmly fixed share.

Social Security

a system of distribution relations, in the process of which public funds of funds are formed and used at the expense of a part of the national income for the material provision of citizens in old age, due to disability, in the event of loss of a breadwinner and in other cases established by law.

Social insurance

a system of economic relations through which funds are formed and spent, intended for the material support of the disabled.

Funds for mutual settlements

amounts received by local budgets or transferred from local budgets to the budgets of constituent entities of the Russian Federation in connection with changes in revenues and expenditures of local budgets arising as a result of decisions taken by state authorities and not taken into account when approving the relevant budgets;

Subvention

budgetary funds provided to the budget of another level of the budgetary system of the Russian Federation or to a legal entity on a gratuitous and irrevocable basis for the implementation of certain targeted expenditures;

Subsidy

budgetary funds provided to the budget of another level of the budgetary system of the Russian Federation, to an individual or legal entity on the terms of shared financing of targeted expenses;

Loan interest

the price of credit funds in the loan capital market for their consumer properties to bring income (profit) to the user of the loan (borrower).

Stagnation

the state of the economy, characterized by the stagnation of economic activity for a sufficiently long period of time.

Stagflation

the state of the national economy of the country, characterized by the simultaneous interweaving of a protracted weakening of economic activity (stagnation) with inflation.

Insurance

a system of special, redistributive relations that arise between the participants of the insurance fund in connection with its formation at the expense of earmarked cash contributions and the use of a business entity to compensate for damages and provide assistance to citizens (or their families) in the event of insured events in their lives (reaching a certain age, loss disability, death, etc.). There are: property insurance, the object of which are various material values; personal insurance, which is based on events in the life of individuals; liability insurance, the subject of which is the possible obligations of the insured to compensate for damage (harm) to third parties; business risk insurance, where the object is the risk of non-profit or loss.

Sum insured

the amount of money for which the property, life and health of citizens are actually insured.

Insurance compensation

the amount paid by the insurer for property insurance and liability insurance to cover damage in the event of an insured event.

Insurance tariff

the rate of insurance payments expressed in rubles and kopecks per unit of the sum insured for a certain period.

Customs

taxes levied on the importation, exportation and transportation of goods through the territory of a given state. The following rates of customs duties are used: ad valorem - determined as a percentage of the customs value of goods; specific - established in a fixed amount per unit of goods; combined combining elements of ad valorem and specific customs duties.

Rate

a kind of price, a fee charged by an organization from enterprises, organizations and the population for services (household, utilities, transport, etc.).

Current expenses

costs incurred in the process of producing products and providing services for profit and attributed to this reporting year.

Current financial management

a field of activity aimed at the current financial support of entrepreneurship; a form of managing the process of formation and use of cash funds, making current payments and settlements.

Territorial budgets

the totality of the budgets of the republics that are part of the Russian Federation, territories, regions, national districts, districts, cities, towns, rural settlements.

Territorial off-budget funds

a set of funds mobilized by regional and local authorities to finance measures for the economic and social development of territories.

Territorial finance

a system of economic relations through which the national income is distributed and redistributed for the economic and social development of the territories. This is a set of funds at the disposal of regional government bodies and local governments.

Territorial consolidated financial balance

a system of financial indicators characterizing the creation and use of financial resources in the territory for a certain period.

Commodity exchange

a specially organized market where mass goods are bought and sold. On the commodity exchange, both spot transactions (delivery of cash goods immediately or in a very short time), and transactions for delivery at a certain place and by a certain date in the future (forward contracts), as well as futures contracts can be concluded.

Trade margin

part of the retail price of a product that provides reimbursement for current costs and profits for retailers.

Transfer price

wholesale price serving the turnover of goods and services within a given enterprise or firm; at this price, payments are made for raw materials, semi-finished products and services.

Transfer payments

transfer payments, one of the forms of redistribution of state budget funds.

Trust (trust) operations

associated with relationships by proxy: inheritance management, performance of operations by proxy and in connection with guardianship, agency services.

Charter

an official document confirming the legality of the creation of a company, containing the nature and rules of its activities, the basics of relationships between members, etc.

Discount rate

the rate of interest charged by the Central Bank when lending to commercial banks.

Constituent documents

documents that serve as the basis for the establishment of a newly created enterprise, company, joint-stock company and their registration in the prescribed manner.

Factoring

a kind of trading and commission operations, combined with lending to the client's working capital.

Federalism (budgetary)

a legislatively adopted norm of equal (partnership) relations between the federal center and the constituent entities of the Russian Federation in the formation of budget revenues at all levels due to the optimal combination of their tax potential, financial, economic, social functions performed and existing socially necessary needs.

Financial Information

a system of financial indicators intended for decision-making and designed for specific users. Financial statements are a set of documents containing information about financial performance.

Financial Policy

the activities of the state, the enterprise for the purposeful use of finance. The content of the financial policy includes: the development of concepts for the development of finance, the definition of the main directions of their use and the development of measures aimed at achieving the goals set.

Financial system

a term used to denote essentially different concepts:

a) a set of spheres and links of financial relations interconnected. In this meaning, the country’s financial system includes three large areas: finance of enterprises, institutions, organizations; insurance; public finances. Each of them consists of links;

b) the totality of the country’s financial institutions, which include financial authorities and all structural divisions of the State Tax Service.

Financial strategy

a set of measures aimed at achieving long-term financial goals.

Financial and industrial group

a group of enterprises, institutions, credit organizations (including banks) and investment institutions that pooled their capital on a voluntary basis or consolidated their stakes.

Financial support of the reproductive process

covering costs at the expense of financial resources accumulated by business entities and the state. It is carried out in three forms: self-financing, lending and public funding.

Financial planning

planning of financial resources and cash funds.

Financial condition of the enterprise

security or insecurity of the enterprise with funds to ensure its economic activity.

Financial ratios

relative indicators of the financial condition of the enterprise, which express the relationship of some absolute financial indicators to others.

Financial results

the process of obtaining financial resources associated with the production and sale of goods, operations in the capital market.

Financial resources

cash income, savings and receipts, formed in the hands of economic entities and the state and intended for the purpose of expanded reproduction, material incentives for workers, satisfaction of social needs, defense and public administration needs. They are material carriers of financial relations. Used in stock and non-stock forms.

financial funds

monetary funds formed at the expense of financial resources. The purpose of financial funds is to prepare conditions that ensure the satisfaction of constantly changing social needs.

financial apparatus

financial authorities. These include the highest legislative authorities - the Federal Assembly and its two chambers, the State Duma and the Federation Council, the Ministry of Finance of the Russian Federation and its local bodies, the Ministry of the Russian Federation for Taxes and Duties, the Federal Tax Police Service, the State Customs Committee of the Russian Federation, financial departments and departments at enterprises of various forms of ownership, performing the functions of operational financial management.

Financial control

an element of the financial management system, a special sphere of cost control over the financial activities of all economic entities (the state, territorial administrative entities, enterprises and organizations), compliance with financial and economic legislation, the expediency of production costs, and the economic efficiency of financial and economic operations.

financial leasing

characterized by a long contract period (from 5 to 10 years) and depreciation of all or most of the cost of equipment. In fact, financial leasing is a form of long-term lending.

Financial management

the process of managing cash flow, the formation and use of financial resources of enterprises. It is also a system of forms, methods and techniques, with the help of which the management of money circulation and financial resources is carried out.

financial mechanism

a set of forms of organization of financial relations, methods (methods) of formation and use of financial resources used by society in order to create favorable conditions for the economic and social development of society. In accordance with the structure of the financial system, the financial mechanism is divided into the financial mechanism of enterprises (organizations, institutions), the insurance mechanism, the budgetary mechanism, etc. In each of them, according to the functional purpose, the following links can be distinguished: mobilization of financial resources, financing, stimulation, etc.

Financial report

a report that provides information on the financial position of the enterprise, its income, costs and net profit, the use of financial resources for a certain period of time.

Financial market

the market in which capitals and credits circulate. The financial market is divided into the market of short-term capital and the market of long-term loan capital.

Finance

a system of economic relations in the process of which the formation, distribution and use of centralized and decentralized funds of funds take place in order to fulfill the functions and tasks of the state and provide conditions for expanding reproduction, meeting the social needs of society.

Compensation Fund

target source of financing for simple reproduction.

accumulation fund

target source of financing for expanded reproduction, the use of which increases the assets of the enterprise.

payroll fund

target source of financing for labor costs, payment of bonuses, remunerations attributable to cost.

Capital-labor ratio

the indicator of the equipping of fixed production assets (the size of fixed production assets per one employee or worker of the enterprise).

capital intensity

return on capital ratio. It is calculated as the ratio of the value of fixed production assets to the volume of production.

futures

urgent contact, urgent deal.

holding company

a joint-stock company that uses its capital to acquire controlling interests in other companies for the purpose of managing, managing and receiving dividends.

Securities

monetary documents evidencing the provision of a loan (bonds) or the acquisition by the owner of the security of the right to a part of the property (share). In terms of economic content, securities represent long-term obligations of the issuer to pay income to the owner of the security in the form of a dividend or fixed interest. There are two types: equity (stocks) and debt (bonds).

Check

a type of security, a monetary document of a strictly established form, containing an order from the account holder (drawer) to pay a certain person or the bearer of a check (check holder) the amount specified in it.

Economic instrument

economic category, deliberately, purposefully used in the interests of business entities and the state. It can have a quantitative and qualitative impact on social production.

Economic stimulus

an economic lever, with the help of which it is possible to influence the material interests of business entities. The influence on material interests occurs through the forms of organization of financial relations.

Entity

an enterprise acting as a subject of citizenship, including economic rights and obligations, having an independent balance sheet, a stamp seal and a bank account, acting on the basis of a charter or regulation and liable in case of bankruptcy with its property.

Author: Shevchuk D.A.

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