The essence and characteristics of participants in the credit system. Credit system and its characteristics. Rice. Structure of the credit and banking system

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1.1 Concept of the credit system

2.1 Banking system of the Russian Federation

2.2 Parabanking system of the Russian Federation

3. Prospects for the development of the Russian credit system

Conclusion

Bibliography

Introduction

In the development of any state, a significant place is occupied by the credit system, which largely determines the development of the economy, the growth of the potential capabilities of the state and the growth of the well-being of its population. At the same time, the state itself must influence the development of the credit system, its formation, activities and, accordingly, its placement on the territory of states. The effectiveness of the credit system largely depends not only on its structure and functions, but also on the location of banks throughout the state.

The emergence of the modern credit system of the Russian Federation was preceded by a long historical period, which was determined by the socio-economic conditions of the development of our country. The history of the credit system has gone through several stages of formation.

Over the course of 10 years of radical reform of the socio-economic system in our country, a three-tier market-type credit system was created.

Many newly created credit and financial institutions, insurance companies and investment funds are engaged in activities that are unusual for them: they attract deposits from the public, performing the functions of commercial and savings banks. A number of investment funds, financial companies and banks built their activities not on a genuine commercial basis, but on the principle of a pyramid, which caused a wave of bankruptcies in 1993-1994. In addition, high rates on short-term loans lead to an unreasonable increase in profits, which are subsequently converted into foreign currency, which depreciates the ruble and leads to increased inflation. Therefore, many aspects of the banking system of the Russian Federation need further improvement.

This paper will examine the credit system of Russia and its development, as well as the current state and prospects for development.

1. Concept and historical development of the credit system of the Russian Federation

1.1 Concept of the credit system

In Russian and foreign literature there is no consensus regarding the concept of “credit system”:

The credit system is a set of various credit and financial institutions operating in the loan capital market and carrying out the accumulation and mobilization of money capital (E. F. Zhukov).

The credit system is a set of banks and other credit organizations that carry out credit relations (P. I. Vakhrin).

Credit system - (in a broad sense) a set of credit relations, forms and methods of credit existing within a particular socio-economic formation; (in a narrow sense) a set of banks and other financial institutions that mobilize free cash capital and income and provide them on loan (L. M. Maksimova).

Credit system - 1) a set of credit relations, forms and methods of lending (functional form); 2) a set of credit and financial institutions that accumulate available funds and provide them as loans (institutional form) (V.I. Kolesnikov).

In the functional aspect, the credit system is represented by banking, consumer, commercial, government, and international credit. All these types of credit are characterized by specific forms of relationships and lending methods.

These relations are implemented and organized by specialized institutions that form the credit system in the second (institutional) sense. The leading link in the institutional structure of the credit system are banks. The credit system is a broader and more capacious concept than the banking system, which includes only the totality of banks operating in the country.

From the standpoint of the institutional approach, the credit system consists of several links, each of which performs specific functions for the accumulation and distribution of funds. The division of functions between units is objectively determined by differences in the methods and means of their activities and different roles. The organizational structure of the modern credit system is presented in Table 1.

Table 1. Structure of the modern credit system

	Sector, institute
	central bank	Banking system
	Banking sector
	Commercial banks
	Savings banks
	Investment banks
	Mortgage banks, etc.
	Insurance sector	Parabanking system
	Insurance companies
	Pension funds
	Specialized non-banking financial institutions (SCFI)
	Investment companies
	Financial companies
	Charitable foundations
	Credit unions, etc.

This system is typical of most industrialized countries. It is called four or three tier.

In the Russian Federation, the credit system consists of two levels: the first level - the Central Bank of the Russian Federation (Bank of Russia); second level - commercial banks and other financial and credit institutions carrying out individual banking operations, i.e. The second level includes banks and non-bank credit organizations.

1.2 Formation and development of the modern credit system of the Russian Federation

Banks were already known in ancient times. In the Neo-Babylonian kingdom (7-6 centuries BC) they were called business houses. Among the various functions they performed were purely banking ones. Business houses accepted deposits and issued loans, discounted bills, carried out non-cash payments, and financed foreign and domestic trade. Banking received further development in the ancient era. In Ancient Greece and Ancient Rome, many temples accepted money for safekeeping and issued loans. Coins were minted on the temple grounds.

In medieval Europe, the development of banking was hampered by Christianity, which condemned usury.

The credit system of the Russian Federation developed according to a different scenario: first, state-owned banks appeared, focusing on state and class interests, and only in the second half of the 19th century - private ones.

On January 1, 1914, the Russian credit system had the following form. The upper tier of the Russian banking system included a system of state credit institutions, headed by the State Bank of the country. This tier included the Noble Land Bank, the Moscow and St. Petersburg loan treasuries and 8,553 savings banks. The second, middle tier of the Russian credit system included two independent subsystems. The first included a variety of public credit institutions: 108 mutual credit societies, 367 city public banks, 105 city pawnshops, 33 city credit societies, 7 mutual public land banks, 6 city class banks, 6 rural public banks. The second subsystem of the middle tier included commercial credit institutions: 47 joint-stock commercial banks, 18 private pawnshops, 10 joint-stock land banks. The third tier of the Russian credit system included the following credit institutions: 9,952 credit partnerships, 3,528 savings and loan partnerships, 203 zemstvo cash offices, 11 unions of small credit institutions, 2 cooperative banks, 6,476 peasant class credit institutions, other credit institutions formed by private persons and zemstvo assemblies (Sumy and Perm handicraft and industrial banks).

Unlike Western countries, Russia has developed mainly two tiers: the State Bank and the private banking sector. The third tier (specialized credit institutions) was relatively poorly developed, which was explained by the low level of development of capital and securities markets. At that time in Russia there were practically no institutions specializing in securities transactions, and their market was represented by only three stock exchanges. Therefore, accumulation and mobilization functions in the capital market were performed mainly by commercial banks.

After the monetary reform of 1895-1897. The importance of the State Bank as an issuing institution has especially increased. A gold standard was introduced in Russia, and the Russian ruble became one of the most stable currencies in the world. The stability of the ruble was ensured by huge gold reserves (almost 1200 tons), as well as by strictly ordered issue of banknotes. The State Bank had the right to issue banknotes not covered with gold, within a fixed limit of 300 million rubles.

In the first months after the revolution of 1917, all credit institutions (banks and insurance companies) were nationalized, and the People's Bank was created on the basis of the State Bank. The civil war that began in early 1918 essentially liquidated the credit system, since in the absence of commodity-money relations, credit lost its importance. This is confirmed by the fact of the merger of Narodny Bank with Narkomfin (Ministry of Finance).

The only source of income in the country was the issue of so-called banknotes, which contributed to the naturalization of economic relations and limited the scope of commodity-money relations. In the early 20s, the new economic policy led to the restoration of the credit system, but in a rather truncated form.

In October 1921, the State Bank of the Russian Federation was re-established, which from July 1923 became the State Bank of Russia. The State Bank of Russia was established with the aim of stimulating with credit and other banking operations the development of industry, agriculture and trade turnover, as well as the concentration of money turnover and other measures aimed at restoring money circulation. The State Bank was instructed to carry out monetary reform. In October 1922, the State Bank issued new banknotes - chervonets. During 1922-1924. The State Bank carried out three monetary reforms.

The reform of the credit system was carried out in four stages and was aimed at strengthening the role of the State Bank. At the first stage, state and cooperative organizations were prohibited from selling goods and providing services to each other on credit. Commercial credit was replaced by direct bank lending. As a result, the role of the State Bank as a conductor and controller of the government's economic policy has strengthened.

At the second stage, a new procedure for inter-business settlements was established, according to which suppliers' invoices began to be paid only with the buyer's consent (acceptance) or his letter of credit.

At the third stage, significant changes were made to the lending system. The State Bank loan becomes targeted, urgent, repayable and secured by inventory assets. Lending to enterprises is carried out in accordance with their implementation of plans. The State Bank could limit or completely stop issuing loans to enterprises that violated their obligations, as well as forcefully sell their inventory to repay the loans received. In addition, the State Bank was supposed to provide control over the progress of production, financial and savings plans.

At the fourth stage, the role of the State Bank as a single bank for short-term lending of production, distribution and circulation processes was strengthened. A network of specialized banks for long-term lending and financing of capital investments was formed - Prombank, Agricultural Bank, Tsekobank and Torgbank.

By 1925, the credit system was restored, the structure of which was as follows:

National Bank;

Banking sector (joint stock, cooperative, communal banks);

Specialized credit and financial institutions (credit cooperation, agricultural credit societies, savings banks, mutual credit societies).

The structure of the credit system was represented by three tiers and expressed the new socio-economic relations that had developed in the country by the beginning of the 30s. The peculiarity of the new credit system was that most of its links were state property, followed by cooperative and the smallest - capitalist (mainly with mutual credit societies). At the same time, the credit system was represented mainly by industry and specialized banks and lending societies. In the new structure of the credit system there were no insurance companies and institutions involved in transactions with securities. This was due to the creation of a state insurance company and its withdrawal from the credit system, as well as a very limited securities market in the form of the turnover of shares between various state shareholder organizations.

Thus, the accumulation and mobilization of monetary resources was practically carried out by banks under state ownership.

In subsequent years, the credit system underwent further changes under the influence of the credit reform of the 30s, when all types of property except state property were liquidated. The credit system was transformed into a single-tier, or single-link system, expressing the socio-economic needs of the time associated with the implementation of industrialization and collectivization plans. The credit system began to function within the framework of the command-administrative system of economic management and was represented by only three banks, savings banks and two insurance organizations.

Structure of the USSR credit system:

National Bank;

Stroybank (All-Union Bank for Financing Capital Investments);

Vneshtorgbank (Bank for Foreign Trade);

State labor savings banks.

As a result of this reorganization, the State Bank, in addition to issuing and cash settlement activities, took upon itself the provision of short-term loans to industry, transport, communications and other sectors of the economy, as well as long-term loans to agriculture.

The country's second bank, Stroybank, focused its activities on providing long-term loans and financing investments in various sectors of the economy, except agriculture. Russian parabank loan

The Bank for Foreign Trade was engaged in lending to foreign trade, international payments, as well as transactions with foreign currency, gold and precious metals.

The system of savings banks served the general public by attracting cash savings, paying for services, and selling winning government loans.

Gosstrakh monopolized the insurance operations of legal entities and individuals within the country. Ingosstrakh carried out foreign insurance operations (insurance of property of foreigners, Soviet property abroad, export-import cargo, vehicles).

All accumulated funds of these organizations created the so-called loan fund of the country, which was subsequently distributed and redistributed in the form of loans to various sectors of the economy.

The long-term command-administrative functioning of the credit system showed its weak effectiveness, especially in the context of worsening financial and economic problems in the country by the early 80s. Credit has essentially ceased to play the role of an active tool for influencing the scientific and technological renewal of the economy. Most of the loans served as a second budget, since the loans were not repaid by enterprises. As a result, many loans were written off or the process of re-lending of enterprises was underway. This particularly applied to a large number of planned unprofitable enterprises and agriculture. The interest rate for the loan remained at a fairly low level, which did not stimulate either banks or enterprises to achieve mutual efficiency. All this violated the main essence of the loan - the fee for the loan and its repayment.

Therefore, in the mid-80s, in connection with the reorganization of economic management, a banking reform was carried out, which was expressed in the creation of large sectoral specialized banks.

Structure of the USSR credit system in the mid-80s:

State Bank (Gosbank of the USSR);

Industrial Construction Bank (Promstroybank);

Agroindustrial Bank (Agroprombank of the USSR);

Bank of Housing and Communal Services and Social Development (Zhilsotsbank USSR);

Bank of Labor Savings and Lending to the Population (Savings Bank of the USSR);

Bank for Foreign Economic Affairs of the USSR (Vneshtorgbank).

The peculiarity of this reorganization was that industry specialized banks were given the right to both short-term and long-term lending. Significant credit resources from the State Bank were allocated to specialized banks. The State Bank retained its issuing, settlement, control functions, as well as lending to the non-productive sector. The system of savings banks was transformed into a single Savings Bank with numerous branches and branches.

The main task of reorganizing the banking system was to implement a progressive credit policy and increase the efficiency of the entire credit system. However, as further practice showed, such a reorganization was more negative than positive, since the monopoly of three banks (State Bank, Stroybank, Vnesheconombank) was essentially replaced by the monopoly of newly created, reorganized, specialized banks.

The central, single-tier structure of the banking system consolidated the sphere of influence of banks on a departmental basis. Enterprises, as before, were assigned to banks and did not have the right to choose in obtaining credit resources. The circulation costs of banks have increased sharply due to the increase in the banking apparatus, the growth of its wages and organized expenses.

The State Bank was only involved in the distribution of resources at the top level, without being able to influence the implementation of credit plans. Each bank implemented independent credit plans using administrative management methods. Thus, they distributed their resources vertically between their institutions, not paying attention to the profitability of investing funds, and provided simple financial services and subsidies to enterprises.

The monopoly position of special banks and the centralized consolidation of resources did not allow trading in money or creating money markets. In addition, banks began to introduce artificial fees from enterprises and the population for ordinary banking services. As a result, credit and monetary resources continued to play a passive role and could not rationally influence the course of economic development.

Positive measures of the banking reorganization of 1987 include the streamlining of non-cash payments, the cessation of crediting losses, excess inventories of inventories, as well as the issuance of loans to replenish lost own working capital, the suspension of the withdrawal of excess credit funds from economic circulation and their replacement with their own resources enterprises. As a result of these activities, credit resources amounting to over 75 billion rubles were released. However, such positive measures were significantly offset by the negative consequences of banking reform.

As a response to the negative consequences of the banking reform in 1988-1989. Commercial and cooperative banks began to be created mainly on the basis of cash savings from various industries. During the first period 1988-1989. About 150 commercial and cooperative banks were created. A new two-tier structure of the banking system began to emerge: the State Bank and specialized banks - the first tier, commercial and cooperative banks - the second tier.

In mid-1990, in connection with the government's announcement of a transition program to a market economy, it became obvious that the banking system needed further reorganization. In particular, the government program noted the need to create an effective two-tier banking system, consisting of the State Bank and commercial banks, into which the specialized banks created in 1987 should also be transformed.

Along with this program, the executive and legislative bodies of the country considered an alternative program for the transition to a market - “500 days”, which proposed the creation of a three-tier banking system, which, in addition to the State Bank and commercial banks, was supplemented by a network of specialized financial institutions represented by insurance companies, land banks, and investment funds , credit partnerships, pension funds, brokerage and leasing companies. The “500 Days” program expanded the number of future capital market entities through the prospective creation of specialized credit institutions, but essentially incorrectly replaced the concept of “credit system” with the concept of “banking system.” The first concept is broader than the second, which is limited only to banks. In addition, the concept of a “loan fund” remained in the program, whereas in market conditions it is necessary to replace it with the “capital market”.

The concept of the structure of the new credit system was almost completely transferred to the program of the Union government “Main directions for the development of the national economy and the transition to a market”, adopted in the fall of 1990. Supreme Soviet of the USSR. However, here too a professional mistake was made, since the banking system essentially meant the creation of a new credit system.

At the end of 1990, the Supreme Soviet of the USSR adopted the “Law on the State Bank and Banking Activities,” which finally established a two-tier banking system in the form of the Central Bank (State Bank), the Savings Bank and commercial banks. According to this law, commercial banks received independent status in the field of attracting deposits and credit policy, as well as in determining interest rates. In addition, they were given the right to carry out foreign exchange transactions on the basis of licenses issued by the Central Bank.

The 1990 law changed the functional activities of the State Bank: in addition to the issuing and settlement functions, it began to control the activities of commercial banks by establishing mandatory reserve standards for them and storing them in the accounts of the Central Bank. The adoption of the 1990 law contributed to the creation of a wide network of commercial banks in all regions of the country.

Specialized banks were transformed into commercial banks. Already in 1988-1989. Separate specialized credit and financial institutions began to emerge. As an alternative to the two state insurance institutions - Gosstrakh and Ingosstrakh, the insurance companies Tsentrorezerv, Dalross, Asko and others were formed on a commercial basis.

At the same time, several investment companies and banks were created. By 1990, i.e. By the time the “Law on Banks and Banking Activities” was adopted, a three-tier credit system began to take shape in the country. By the end of 1991, in connection with the formation of the Russian Federation as an independent state, a new structure of the credit system was being formed, which consists of the following three tiers.

Structure of the credit system of the Russian Federation at the end of 1992:

1. Central Bank of the Russian Federation;

2. Banking system:

Commercial banks;

Savings Bank of the Russian Federation;

3. Specialized non-bank credit institutions:

Insurance companies;

Investment funds;

The new banking system is still developing in a complex and contradictory manner. By the beginning of 1992, there were 1,414 commercial banks operating in the Russian Federation, of which 767 were created on the basis of former specialized banks and 646 were newly formed.

The total composite fund amounted to 76.1 billion rubles. However, the main disadvantage of the new banking system is the large number of small banks - 1,037, or 73% of the total number of banks, with an authorized capital of 5 to 25 million rubles, while banks with an authorized capital of over 200 million rubles. there were 24, or 2% of their total.

The structure of the credit system of the Russian Federation at the end of 1994:

1. Central Bank of the Russian Federation;

2. Banking system:

Commercial banks;

Savings banks;

Mortgage banks;

3. Specialized non-banking financial institutions:

Insurance companies;

Investment funds;

Pension funds;

Financial and construction companies;

The new structure of the credit system began to better reflect the needs of the market economy and increasingly adapt to the process of new economic reforms.

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

Many newly created credit and financial institutions, insurance companies and investment funds are engaged in activities that are unusual for them: they attract deposits from the public, performing the functions of commercial and savings banks. A number of investment funds, financial companies and banks built their activities not on a genuine commercial basis, but on the principle of a pyramid, which caused a wave of bankruptcies in 1993-1994, and the financial crisis of 1998 significantly reduced the number of organizations in the Russian credit system. Thanks to this process, the majority of small credit institutions that could not resist the crisis of the banking system disappeared from the credit system of the Russian Federation, thereby strengthening the country's banking system (creation of banking pools, associations, etc.).

A new stage in the development of the Russian credit system was the adoption in 1995 of the Laws of the Russian Federation “On Banks and Banking Activities in the Russian Federation” and “On the Central Bank of the Russian Federation (Bank of Russia)”, which established the basis of activity and the division of functions between banks and non-bank credit organizations. The period of development of the credit system until 1999 was characterized by the following main features:

Predominance of small credit institutions;

The predominance of universal commercial banks;

Focus on short-term operations;

Financial abuse (financial pyramids);

Performing by SKFI functions unusual for them.

In modern conditions, the credit system of the Russian Federation is characterized by the following characteristics:

A clear delineation of functions between banks and non-bank credit institutions;

Centralization of banking;

The emergence of specialized banks;

Increasing the sustainability of credit institutions;

Expansion of the SKFI system.

2. Modern credit system of the Russian Federation

2.1 Banking system of the Russian Federation

The banking system is a set of banks, banking infrastructure, banking legislation and the banking market, which are in close interaction with each other and with the external environment.

The banking system today is one of the most important and integral structures of a market economy. The development of banks and commodity production and circulation historically proceeded in parallel and were closely intertwined. At the same time, banks, acting as intermediaries in the redistribution of capital, significantly increase the overall efficiency of production.

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

The modern banking system of the Russian Federation operates in accordance with the Constitution of the Russian Federation, two specialized federal laws: “On banks and banking activities in the RSFSR” No. 396-1 of 1990, as amended by the 1996 Law No. 17-FZ with subsequent additions and amendments and the Law “ On the Central Bank of the Russian Federation (Bank of Russia)” dated July 10, 2002 No. 86-FZ, taking into account additions and changes, as well as the Civil Code and other regulations.

The Russian banking system is two-tier. At the first level is the Central Bank (Bank of Russia), which works mainly with credit organizations (with the exception of structural units of the Federal Treasury), at the second level are commercial banks and non-bank credit organizations.

A credit organization is a legal entity that, in order to make a profit as the main goal of its activities, on the basis of a license from the Central Bank, has the right to carry out banking operations.

The number of credit institutions in Russia is constantly changing. As of July 1, 2005, there were 1,281 credit organizations operating in the Russian Federation; as of 07/01/06 - 1221; and as of September 1, 2009, 1,228 credit institutions were registered (1,080 active), of which 1,172 were banks, 56 non-profit organizations, 3,505 branches.

Credit organizations are not liable for the obligations of the state, and the state is not liable for the obligations of credit organizations, except in cases where the state itself has assumed such obligations.

In accordance with the law, a bank is a credit organization that has the exclusive right to carry out the following banking operations in total: attract funds from individuals and legal entities as deposits; place the specified funds on your own behalf and at your own expense on the terms of repayment, payment, urgency; open and maintain bank accounts for individuals and legal entities.

Banking operations include:

Attracting funds from individuals and legal entities into deposits (on demand and for a certain period);

Placement of raised funds on your own behalf and at your own expense;

Opening and maintaining bank accounts;

Carrying out calculations;

Collection of funds, bills, payment and settlement documents and cash services for individuals and legal entities;

Purchase and sale of foreign currency;

Attraction of deposits and placement of precious metals;

Issuance of bank guarantees.

In addition, banks have the right to carry out the following transactions:

Issuance of guarantees for third parties providing for the fulfillment of obligations in monetary form;

Acquiring the right to demand from third parties the fulfillment of obligations in monetary form;

Trust management of funds and other property under agreements with individuals and legal entities;

Carrying out operations with precious metals and stones;

Providing for rent special premises or safes located in them for storing documents and valuables;

Leasing operations;

Providing consulting and information services.

Banks are prohibited from engaging in manufacturing, trading and insurance activities.

A non-bank credit organization is a credit organization that has the right to carry out certain banking operations.

Based on the nature of their operations, non-bank credit organizations (NPOs) can be divided into two groups.

1. Settlement non-profit organizations that have the right:

Open and maintain bank accounts for legal entities;

Carry out settlements on behalf of legal entities, including correspondent banks, on their bank accounts;

Carry out collection of funds, bills, payment and settlement documents and cash services for legal entities;

Transfer funds on behalf of an individual without opening a bank account.

Depending on the functional purpose, non-profit organizations can provide services to legal entities, including credit institutions, on the interbank, foreign exchange and securities markets, and make payments using plastic cards.

2. Non-profit organizations carrying out deposit and credit operations and having the right:

Attract funds from legal entities into deposits;

Place funds attracted from legal entities as deposits on your own behalf and at your own expense;

Purchase and sell foreign currency in non-cash form;

Issue bank guarantees.

An example of a non-bank credit organization is the Moscow Clearing House. The Chamber opens accounts, receives and issues cash, installs an electronic bank-client account management system, counter payments for all clients, credits client funds “day to day” regardless of the amount of receipts, collects cash and securities, payments individuals without opening an account.

Central Bank of the Russian Federation

The main link in the banking system of any state is the country's central bank.

The authorized capital and other property of the Bank of Russia are federal property. However, the state is not liable for the obligations of the Central Bank, as well as the reverse, if they have not assumed such obligations or unless otherwise provided by federal laws. The Bank of Russia carries out its expenses from its own income.

The activities of the Central Bank are subject to the following goals:

Protecting and ensuring the stability of the ruble;

Development and strengthening of the Russian banking system;

Ensuring the efficient and uninterrupted functioning of the payment system.

The main objectives of the Central Bank are to regulate money circulation, implement a unified monetary policy, protect the interests of depositors and banks, supervise the activities of commercial banks and other credit institutions, and carry out operations in foreign economic activity.

Functions of the Central Bank:

Development and implementation of monetary policy;

Management of gold and foreign exchange reserves;

Currency regulation and exchange control;

Economic analysis and forecasting;

Participation in the development of the forecast of the balance of payments of Russia, compilation of the balance of payments of the Russian Federation;

Establishment of official exchange rates of foreign currencies to the ruble;

Monopoly issue of cash and organization of its circulation;

Establishment of rules for conducting settlements in the Russian Federation.

Making a profit is not the purpose of the CBR, although it is very significant. The Bank's profit is defined as the difference between the amount of income from banking operations and transactions and expenses associated with the Bank's performance of its functions.

The Bank of Russia transfers to the federal budget 50% of the profit actually received at the end of the year, remaining after paying taxes and fees in accordance with the Tax Code of the Russian Federation. The remaining profit is sent to reserves and funds for various purposes.

The Bank of Russia is accountable to the State Duma of the Russian Federation, which:

Appoints and dismisses the Chairman of the Central Bank of Russia on the recommendation of the President of the Russian Federation;

Appoints and dismisses members of the Board of Directors of the Central Bank upon the recommendation of the Chairman of the Central Bank, agreed upon with the President of the Russian Federation;

Directs and recalls representatives of the State Duma to the National Banking Council within the framework of its quota;

Considers the main directions of the unified state monetary policy and makes decisions on them;

Reviews the Bank's annual report and makes decisions on it;

Makes a decision on the audit by the Accounts Chamber of the Russian Federation of the financial and economic activities of the Central Bank, its structural divisions and institutions. Such a decision can only be made on the basis of a proposal from the National Banking Council;

Conducts parliamentary hearings on the activities of the Bank of Russia with the participation of its representatives;

Hears reports from the Chairman of the Central Bank on the activities of the Bank (when presenting the annual report and the main directions of the unified state monetary policy).

To the extent permitted by the Constitution and laws, the Bank of Russia is independent in its activities. Federal state authorities and other authorities have no right to interfere in its activities. Moreover, regulations issued by the Central Bank of the Russian Federation within its competence are binding on federal government bodies.

The supreme body of the Central Bank is the board of directors - a collegial body that determines the main directions of the Bank of Russia's activities and exercises leadership and management of the Bank of Russia. It includes the chairman of the Bank of Russia and 12 members who must work in the bank on a permanent basis.

The board of directors is headed by the Chairman of the Bank of Russia, who is appointed by the State Duma for four years on the proposal of the President of the Russian Federation. The same person has no right to hold this position for more than three consecutive terms.

The National Banking Council is a collegial body of the Bank. The Council consists of 12 people, two of whom are appointed by the Federation Council from among its members, three by the State Duma from among its deputies, three by the President of the Russian Federation, three by the Government of the Russian Federation. The National Banking Council also includes the Chairman of the Bank of Russia.

Members of the National Banking Council, with the exception of the Chairman of the Bank of Russia, do not work for the Central Bank on a permanent basis and do not receive wages for this activity.

The Bank of Russia system includes the central office, territorial offices, cash settlement centers, computer centers, field institutions, educational institutions and other enterprises, institutions and organizations, including security units and the Russian Collection Association, necessary for the bank’s activities.

The Central Bank has the right to carry out the following banking operations and transactions with Russian and foreign credit organizations and the Government of the Russian Federation:

Provide loans for a period of no more than one year secured by securities and other assets, unless otherwise established by the federal law on the federal budget; since October 2008 without collateral;

Buy and sell government securities on the open market;

Buy and sell bonds issued by the Bank of Russia and certificates of deposit;

Buy and sell foreign currency, as well as payment documents and obligations denominated in foreign currency issued by Russian and foreign credit organizations;

Buy, store, sell precious metals and other types of currency assets;

Conduct settlement, cash and deposit operations, accept securities and other assets for storage and management;

Issue guarantees and bank guarantees;

Carry out transactions with financial instruments used to manage financial risks;

Open accounts in Russian and foreign credit institutions;

Issue checks and bills in any currency;

Carry out other banking operations and transactions on your own behalf in accordance with business customs accepted in international banking practice.

In cases provided for by federal laws, the Central Bank may carry out banking operations to serve state authorities and local governments, their organizations, state extra-budgetary funds, military units, military personnel, employees of the Bank of Russia, as well as other persons.

In regions where there are no credit institutions, the Central Bank also has the right to serve clients who are not credit institutions.

The Bank of Russia does not have the right:

Carry out banking operations with legal entities that do not have a license to carry out banking operations, and with individuals, except for cases provided for by law;

Carry out transactions with real estate, except for cases related to supporting its activities;

Engage in trade and production activities, except as provided by law;

Participate in the capital of credit and other organizations, except as provided by law;

Extend possible repayment periods for issued loans;

Provide loans to the government of the Russian Federation to cover the state budget deficit, purchase government securities during their initial placement, except for cases provided for by law.

Refinancing commercial banks - providing them with loans in cases where they are experiencing temporary financial difficulties. The purpose of refinancing is to influence the state of the monetary sector. Carrying out the refinancing function, the Central Bank acts as a bank of banks.

Refinancing loans are provided only to stable banks experiencing temporary financial difficulties and vary depending on: the form of collateral (discount and pawn loans); methods of provision (direct loans and loans provided on the basis of auctions); terms of provision (medium-term - for 3-4 months and short-term - for 1 day or several days); targeted (corrective loans and extended seasonal loans).

The main source of resources of the Bank of Russia is the issue of banknotes; in second place are the funds of commercial banks in correspondent accounts, in the required reserve account, deposits of commercial banks and budget funds.

The bulk of the Bank of Russia's funds are invested in securities; in second place are funds invested in foreign currency assets placed with non-residents.

Commercial banks

On the one hand, a bank, like any other enterprise, is created to satisfy the interests of the bank owner (shareholders) and public interests (clients). On the other hand, a bank is a special type of enterprise that organizes and carries out the movement of loan capital, ensuring profit for the bank's owners.

Commercial banks can be classified according to a number of criteria.

1. By the nature of property:

State;

Joint stock;

Cooperative;

Private;

Municipal;

Mixed;

2. by type of operation:

Universal;

Specialized;

3. by territorial basis:

International;

Republican;

Regional;

Serving several regions of the country;

4. by industry orientation:

Industrial;

Agricultural;

Construction;

Trading

The main functions of banks are:

Mobilization of temporarily free funds and turning them into capital;

Lending to enterprises, the state and the population;

Issue of credit instruments of circulation (credit money);

Carrying out settlements and payments on the farm;

Issuing and founding activities;

Consulting, provision of economic and financial information.

Commercial banks belong to a special category of business enterprises called financial intermediaries. They attract capital, savings of the population and other funds released in the process of economic activity, and provide them for temporary use to other economic agents that need additional capital. Banks create new claims and obligations, which become commodities in the money market. Thus, by accepting customer deposits, a commercial bank creates a new obligation - a deposit, and by issuing a loan - a new requirement for the borrower. This process of creating new obligations is the essence of financial intermediation. This transformation allows us to overcome the difficulties of direct contact between savers and borrowers that arise due to the discrepancy between the amounts offered and required, their terms, profitability, etc.

Commercial banks are multifunctional institutions operating in various sectors of the loan capital market. Large commercial banks provide clients with a full range of services, including loans, accepting deposits, settlements, etc. In this way they differ from specialized institutions, which are limited to certain functions.

Commercial banks traditionally play the role of the basic link in the credit system. The interweaving of the functions of various types of credit institutions and the popularity of the universal type of bank creates difficulties in defining the concepts of bank and banking activities. Most often, the main feature of banking activity is the acceptance of deposits and the issuance of loans.

A commercial bank is able to offer clients up to 200 types of various banking products and services. Wide diversification of operations allows banks to retain customers and remain profitable even in very unfavorable economic conditions.

Banks have the unique ability to create means of payment that are used in the economy to organize commodity circulation and settlements. We are talking about opening and maintaining check and other accounts that serve as the basis for non-cash transactions. An economy cannot exist and develop without a well-functioning cash settlement system. Hence the great importance of banks as organizers of these settlements.

The creation of means of payment is closely related to the deposit function of lending to bank clients. A deposit can arise in two ways: as a result of the client depositing cash into the bank or in the process of bank lending. These operations will have different effects on the size of the money supply in the country. If the client deposited money on demand, then it turned from cash to non-cash. The total amount of money in the household has not changed. If the money is deposited, then the total amount of money in the household has increased, since the bank, through its operation, has created new means of payment. The reverse effect - destruction occurs when the client withdraws cash from the account and when money is written off from the deposit to repay loans. The ability of commercial banks to increase and decrease deposits and the money supply is widely used by the central bank, which manages credit dynamics through a system of reserve requirements.

Commercial banks, acting in the financial market with a demand for credit resources, must not only mobilize the savings available in the economy as much as possible, but also create fairly effective incentives for the accumulation of funds. Incentives to accumulate funds and save money are formed on the basis of the flexible deposit policy of commercial banks. In addition to high interest paid on deposits, bank creditors need high guarantees of the reliability of placing accumulated resources in the bank. The creation of a guarantee is served by the formation of an insurance fund for the assets of banking institutions and deposits in commercial banks. Along with deposit insurance, the availability of information about the activities of commercial banks and the guarantees that they can provide is important for depositors. When deciding on the use of funds available to creditors, he must have sufficient information about the financial condition of the bank in order to assess future investments himself.

The second broad functional area of ​​activity of banks: credit intermediation. Commercial banks, as already mentioned, act as intermediaries between business units that accumulate and need funds. They provide owners of free capital with a convenient form of storing money in the form of various deposits, which ensures the safety of funds and satisfies the client’s need for liquidity. For many clients, this form of storing money is preferable to investing in bonds or stocks. A bank loan is also a very convenient and, in many cases, irreplaceable form of financial services, which allows you to flexibly take into account the needs of a particular borrower and adapt the conditions for obtaining a loan to them (unlike the securities market, where the terms and other conditions of the loan are standardized).

In addition to performing basic functions, the bank offers clients many other financial services. For example, banks carry out various types of trust operations for corporations and individuals related to the transfer of property to the management of the bank on a trust basis, the purchase of securities for clients, real estate management, and the performance of guarantee functions for bond issues.

The third function of banks is mediation in payments between individual independent entities. In connection with the formation of the stock market, such a function as intermediation in transactions with securities is developing; banks have the right to act as investment institutions that can operate in the securities market as an intermediary, investment consultant, investment company and investment fund. Acting as a financial broker, banks perform intermediary functions in the purchase and sale of securities at the expense and on behalf of the client on the basis of a commission or mandate agreement.

As an investment consultant, the bank provides consulting services to its clients regarding the issue and circulation of securities. If the bank takes on the role of an investment company, then it is engaged in organizing the issue of securities and issuing a guarantee for their placement in favor of a third party, purchasing and selling securities on its own behalf and at its own expense, including by quoting securities, i.e. . announcing “seller prices” and “buyer prices” for certain securities, at which he undertakes to sell and buy them. When a bank places its resources in securities on its own behalf and all the risks associated with such placement, all income and losses from changes in the market valuation of the acquired securities are at the expense of the banks' shareholders, then it acts as an investment fund. A necessary condition for fulfilling the role of an investment fund is the presence on the bank's staff of specialists in working with securities who have a qualification certificate from the Ministry of Finance of the Russian Federation giving the right to carry out transactions involving funds from citizens.

Banking operations can be carried out both in rubles and in foreign currency, subject to the appropriate license from the Central Bank. An internal license gives the right to:

1. maintaining accounts in foreign currencies for bank clients, subject to the commercial bank opening a correspondent account with a credit institution holding a general license;

2. carrying out settlements related to export-import operations of bank clients in the form of a documentary letter of credit, bank transfer;

3. attracting and placing funds in foreign currencies in the form of loans, deposits, deposits, as well as issuing a guarantee in favor of the client in foreign currency (within the limits of own foreign currency funds),

4. intermediation on a commission basis in the exchange of funds of foreign currency clients of the bank.

A general license allows a commercial bank to establish direct correspondent relationships with foreign banks. Commercial banks with a general license can open correspondent accounts for foreign exchange transactions with another commercial bank.

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

...

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The credit system is a set of banks and other financial intermediaries that mobilize free cash capital and income and provide them for temporary use to various entities and the state.

Functional component of the credit system consists of the following elements:

 principles of credit(repayment, urgency, payment, security, targeted nature);

 credit functions(accumulation of temporarily free resources, redistribution, replacement of cash in circulation);

 forms of credit relations(commercial, government, banking, consumer and international);

 lending methods(by balance, by turnover, individual term loans, credit lines, etc.);

 subjects of credit relations(lender, borrower).

The CS includes all intermediaries who redistribute money.

Ural school: institutional approach - KS are one-level, two-level and three-level. Single-level ones assume that institutions of the same type function in the economy, which is typical for the quality stages of the development of the financial sector, or the administrative-command sector of the economy.

The two-tier system assumes that the Central Bank is on the 1st level, and banks and special financial credit institutions are on the 2nd level.

Three-level – the last participants are at an independent level.

The question of the structure of the Constitutional Court is debatable; a number of economists highlight a large number of institutions, or there are different approaches to the number of participants included in the Constitutional Court.

At the 1st level of the Central Bank; making a profit is not the goal of the activity, it is aimed at achieving a certain macroeconomic parameter, which provides a stabilization of the financial sector.

In accordance with the law “On Banks and Banking Activities.”2. A bank is an organization that operates on the basis of a license from the Central Bank in order to make a profit and has the right to carry out the following operations:

1) open and maintain accounts for legal entities and individuals

2) attract funds to treasures

3) provision of loans.

The difference between banks and special financial credit institutions is that banks carry out the entire range of banking operations, and special financial institutions focus on separate areas of activity.

Some of the special institutes belong to the sky credit org (NPO). The latter operate on the basis of a license from the Central Bank.

There are a number of factors that make it necessary and possible for the existence of special institutions to exist: 1) the growth of real incomes of the population; 2) development of the securities market; 3) the bank’s inability to provide certain types of services

1. Essence and characteristics of the levels of the banking system.

Banking system is a set of interconnected banks and non-bank credit organizations operating in the economy within the framework of a single financial, credit and legal mechanism. This concept unites institutions with general operating principles. Thus, in accordance with the Law “On Banks and Banking Activities” of Russia, the banking system includes the Bank of Russia, credit organizations, as well as branches and representative offices of foreign banks (Article 2).

The banking system includes a number of components that can be divided into four groups:

■ Credit organisation. This legal entity considers the main purpose of its activities to be making a profit as a result of banking operations. Operates on the basis of a special permit (license) of the Central Bank, carries out banking operations in strict accordance with national laws. In the Russian Federation, a credit organization can be formed on the basis of any form of ownership as a business company.

■ Bank. This is a credit institution that, in accordance with current legislation, has the exclusive right to carry out the following banking operations in total: attracting funds from individuals and legal entities into deposits; placement of these funds on your own behalf and at your own expense on the terms of repayment, payment, urgency; opening and maintaining bank accounts for individuals and legal entities. If a credit institution does not carry out at least one of these classic operations, then it already belongs to non-bank credit institutions.

In the modern economy, banks are the main financial intermediaries in the economy.

■ Non-bank credit organization. This type of credit organization, unlike a bank, has the right to carry out only certain banking operations provided for by national banking legislation. Acceptable combinations of banking operations for non-bank credit institutions are established by the Central Bank of the country.

■ Foreign bank. In some countries, this definition is used for a number of participants in the credit market. A foreign bank is understood as a credit institution that is recognized as a bank in accordance with the laws of another country in whose territory it was registered.

There are single-level and multi-level banking systems.

● Two-tier banking system is the most common in the modern world. In this case, the second level is represented by banks and special financial and credit institutions that carry out their activities in accordance with the law and, in most cases, with the aim of making a profit.

● In case of formation three-tier banking system , only banking institutions are included in the second level, and special financial and credit institutions are located at the third level.

Credit system- this is a system of credit relations, principles and forms of lending (functional structure) and a set of financial institutions that create, accumulate and provide funds on the principles of lending (institutional structure).

In general terms, the institutional structure can be represented as follows:

Central bank;

Commercial banks;

Specialized banking institutions (mortgage, foreign trade, savings banks, etc.);

Non-banking financial institutions (insurance companies, pension funds, investment companies, etc.).

central bank is a government agency that is the main link in the credit system. It is also called the bank of banks based on the tasks and functions it performs.

Functions of the central bank:

Development and implementation of monetary policy;

Issue of cash (monopoly right of the central bank);

Issue of non-cash money;

Storage of the country's gold and foreign exchange reserves;

Accumulation and storage of cash reserves of commercial banks. The content of this function is that each commercial bank, as a member of the national credit system, is obliged to maintain a certain percentage of the amount of deposits in reserve accounts of the central bank. The reserve ratio increases if there is a need to reduce the money supply, and decreases if it is necessary to increase the money supply. Thus, reservation is an important means of monetary policy, with the help of which the amount of money in circulation is regulated.

In addition, reservation is also a certain means of ensuring minimum liquidity of commercial banks, a unique form of storing deposits:

Lending to commercial banks in times of economic difficulties;

Performing credit and settlement transactions for the government. The content of this function is that revenues to the state budget are accumulated in the accounts of the central bank. That is why it carries out operations for the accumulation and expenditure of funds by government organizations. It also carries out, by order of the government, transactions with foreign currency and gold, with government securities, carries out mutual offset of debt obligations, etc.

The main task of the central bank- management of emission, settlement and credit activities.

With the help of reserve norms (r), discount interest rates on loans (i) and operations in the securities market (as a result of the sale by the central bank of government securities to commercial banks, the volume of money supply decreases, and, conversely, by purchasing securities, the central bank increases volume of money supply) the state, through the central bank, implements monetary policy.

Commercial banks are the basis of the credit system. The most common joint-stock organizational and legal form of commercial banks.

Depending on the volume of operations carried out by commercial banks, they are divided into: universal (perform all operations) and specialized (perform a smaller volume of operations, serve a specific industry or area of ​​economic activity or group of clients).

Functions of commercial banks:

Maintaining current accounts (accumulation of permanent deposits);

Accumulation of time deposits;

Issuance of funds from accounts;

Transfer of funds from one account to another;

Placement of accumulated funds by providing loans, purchasing and selling securities;

Issue of credit money by multiplying bank deposits and loans, etc.

A commercial bank performs its functions through operations

Banking operations are divided into active and passive.

Passive banking are associated with the accumulation of resources necessary for carrying out credit and other active operations.

Structure of banking resources:

bank's own capital:

Primary share capital;

Accumulated capital due to the capitalization of part of banking profits;

Reserves;

customer deposits:

Time-sensitive (depositors can request (withdraw, use) funds only after the end of a certain period);

Demand (current accounts) (the depositor can use them at any time);

savings contributions, which tend to accumulate slowly and are only used after a few years. The client's savings deposit is evidenced by the savings book;

involved funds - loans received from other banks (interbank loan);

funds received from the issue and placement of bank securities.

Active Operations commercial banks are associated with the allocation of resources in order to make a profit. These are credit operations and securities placement operations.

Depending on the objects, active operations have the following structure.

Bill transactions(purchase of bills from a company and issuance of loans against them).

An enterprise that sells its goods to another enterprise on credit accepts a bill of exchange, according to which it can receive money from the purchasing enterprise only after a certain period of time. If the seller company needs money before the payment is due, it can sell the bill to the bank. This operation is called bill accounting. The bank does not pay the holder of the bill the entire amount specified in the bill, but reduced by the amount of the discount interest. An entrepreneur-seller can obtain a bank loan secured by a bill of exchange. After the loan matures, the borrower returns the loan and takes back the promissory note.

Sub-commodity operations- providing a loan secured by goods and trade documents.

Stock transactions- transactions with securities having the following structure:

Loan against securities;

Bank investments, i.e. acquisition (purchase) of securities by banks.

Leasing operations, the participants of which are three entities: a leasing company, the function of which is performed by the bank; a tenant who orders the bank (leasing company) equipment that he wants to rent; the company that produces this equipment.

Trust (trust) transactions- bank operations for property management" and performance of other services in the interests and on behalf of clients.

Structure of trust operations for legal entities:

Payment transactions;

Payment guarantee;

Sale of securities on the stock market and their storage;

Property management, etc.

For individuals, trust operations are carried out in the following forms:

Temporary management of property of persons deprived of the right to manage (minors, incapacitated persons);

Investments in securities and real estate;

Payment of taxes;

Property management on behalf of the client, etc. Elements of the credit system are also specialized credit and financial institutions.

Savings banks- financial institutions specializing in serving the population, attracting citizens' savings, providing loans and other banking services.

Mortgage bank- a bank that specializes in providing long-term loans secured by real estate (land, buildings, etc.) and issuing sheets of collateral secured by real estate.

Innovation Bank specializes in financing and lending to innovative projects through the acquisition of relevant shares and placement of bond issues.

Investment bank attracts long-term loan capital and makes it available to borrowers (entrepreneurs, the state) through the issuance of bonds and other types of debt obligations. He studies the nature and volume of financial needs of borrowers, agrees on the terms of loans, selects the type of securities, determines the timing of their new issue and placement among investors. An investment bank is not only an intermediary between the investor and the borrower, but also a guarantor of the issue and a market organizer.

Foreign Trade Bank carries out export and import lending operations for foreign trade settlements, guarantees and accounts for bills of exchange for export loans provided by commercial banks.

The credit system also includes non-banking financial institutions that accumulate funds and place them on the principles of urgency, repayment and payment.

Insurance companies accumulate funds in a specific form: through the sale of insurance protection, as evidenced by the issuance of an insurance policy (contract, certificate). Insurance companies invest the received insurance premiums in securities of private enterprises and government securities.

Life insurance companies provide long-term loans, while risk insurance companies provide short-term loans.

There are countries whose legislation allows insurers to act as independent subjects of the credit market. Ukrainian legislation prohibits such activities.

Pension funds accumulate funds in the form of pension contributions and accruals. They are formed by both private enterprises and government agencies. Pension funds are distinguished by the form of management organization and the structure of assets. Thus, there are pension insurance funds managed by insurance companies, as well as pension funds managed by private enterprises or banks on behalf of the latter.

There are also funded (their funds are invested in securities) and unfunded (payment of pensions from current earnings) pension funds.

Credit system- a set of credit relations, forms and methods of lending, banks or other credit organizations that organize and carry out such relationships.

Through the credit system, the essence of the functions of credit with all its forms and methods of lending is realized (Redistribution function, Function of saving circulation costs, Function of replacing cash with credit, Function of accelerating the concentration of capital, Stimulating function).

Credit system- this is an element of the monetary system, it is a set of financial institutions that create, accumulate and provide funds.

Modern credit system is a collection of various credit and financial institutions that create, accumulate and provide loan capital. The essence and functions of credit are realized through the credit system.

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

1) Central Bank;

2) banking system: commercial banks; savings banks; mortgage banks.

3) specialized non-banking financial institutions: insurance companies; investment funds; pension funds; financial and construction companies, etc.

Functions of the credit system:

1. Monetary economic – carried out by credit institutions.

2. Regulatory (central bank and other supervisory agencies) - manifests itself through the establishment, increase or decrease of interest rates.

3. Regulatory (central bank or ministry of finance) - determines the rules of conduct in credit policy.

Also:

Credit system contributes to the flow of state funds into the economy;

Credit system plays a vital role in maintaining a high rate of national economic accumulation. Thanks to the credit system There is a mobilization of money capital and a huge concentration of capital investments in the key, most progressive sectors of the economy.

Credit system– occupies an important place in a market economy, because forms capital and organizes its flow to areas in need, a certain investment climate in the country and business activity, and also establishes the rules of monetary and credit relations that determine the structure of aggregate supply and demand and influences the macroeconomic balance.

In modern Russia, commercial and intra-company lending is actively developing. Close connections are being established between various parts of the credit system and the securities market.

Currently, the most noticeable phenomenon in the credit system can be considered the concentration and centralization of banking capital.

There are large banks that concentrate a significant share of the resources, operations and personnel of the banking system. They are gradually occupying a dominant position in the loan capital market. Their size is increasing due to the expansion of services to large clients, attracting new investors, and obtaining high profits.

9. Banking system: concept and structure

Bank - a financial and credit institution whose main function is to provide financial services to legal entities. and physical persons.

Banking system- a set of different types of national banks and credit institutions operating within the framework of the general monetary mechanism. The banking system includes Central Bank, a network of commercial banks and other credit and settlement centers. The Central Bank carries out the state emission and foreign exchange policy and is the core of the reserve system. Commercial banks carry out all types of banking operations.

In countries with developed market economies, there are two-tier banking systems .

Top level system is represented by the Central Bank.

At the lower level act commercial banks , subdivided into universal and specialized banks (investment, savings, mortgage, consumer credit banks, industrial, intra-industrial banks), and non-banking financial institutions (investment companies, investment funds, insurance companies, pension funds, pawnshops, trust companies).

Single-tier banking system assumes the predominance of horizontal connections between banks, the universalization of their operations and functions. Within a single-tier banking system, all credit institutions, including Central Bank, are at the same hierarchical level, performing similar functions for credit and settlement services to clients.

When assessing the current state Russian banking system It seems correct to distinguish two groups of macroeconomic factors under the influence of which this system is.

External Variables , the dynamics of which do not depend on the actions and capabilities of both the Russian government and the largest national companies:

Growth rates of world GDP and major economies that form potential demand for Russian goods;

The level of world prices for raw materials, which determines the volume of income and financial revenues to the budget;

The volume of external capital transactions, which determines the potential influx of foreign investments and loans into Russia, as well as the possibility of refinancing existing external debt.

Internal factors those. directly Russian economic policy. In forecasts, it is represented by a limited set of factors: the rate of growth of tariffs of natural monopolies; the amount of government spending.

An increasing factor in the development of the Russian banking system is its segmentation (which refers to the growing differences between groups of banks.

An acute problem remains insufficient resource base domestic banks.

10. Central Bank: essence, status, objectives, functions and operations

central bank- the top level of the banking system.

central bank controls the activities of credit institutions, issues and revokes their licenses to carry out banking operations, and credit institutions work with other legal entities and individuals.

Status. The Central Bank is a legal entity.

The main objectives of the Central Bank are:

Protecting and ensuring the stability of the national currency, including its purchasing power and exchange rate in relation to foreign currencies;

Development and strengthening of the country's banking system;

Ensuring the efficient and uninterrupted functioning of the payment system.

The main tasks of the Central Bank are

Regulation of money circulation,

Carrying out a unified monetary policy,

Protecting the interests of depositors, banks,

Supervision of the activities of commercial banks and other credit institutions,

Carrying out operations on foreign economic activity.

Traditionally, the Central Bank performs 4 main functions:

Carries out a monopoly issue of banknotes,

Is the bank of banks,

Government banker

Conducts monetary regulation and banking supervision.

The central bank, as a representative of the state, is legally assigned an emission monopoly only in relation to banknotes, i.e. national credit money, which is the generally accepted final means of repaying debt obligations. In some countries, the central bank has a monopoly on issuing coins, but minting is usually done by the ministry of finance (treasury).

The Central Bank does not deal directly with entrepreneurs and the population. Its main clientele are commercial banks, which act as intermediaries between the economy and the central bank.

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

By accepting the cash reserves of commercial banks for storage, the central bank provides them with credit support. It is the lender of last resort for commercial banks, i.e. lender of last resort. Typically, its loans are provided to banks at a rate higher than the market rate, and therefore banks turn to the central bank for support only if there is no other option.

In most countries, the central bank carries out cash execution of the state budget.

In conditions of chronic deficit of state budgets, the function of state lending and public debt management is strengthened.

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

11. Central Bank of the Russian Federation: status, goals, structure and operations

In the banking system of Russia TSB RF(CBR) is designated as the country's main bank and lender of last resort. It is state-owned and is entrusted with the functions of general regulation of the activities of each commercial bank within the framework of the country's unified monetary system. central bank is designed to bring their activities into line with the overall economic strategy and acts as a key agent of state monetary policy.

The principles of organization and activity of the Central Bank of the Russian Federation (Bank of Russia), its status, tasks, functions, powers are determined by the Constitution of the Russian Federation, the Law on the Central Bank and other Federal Laws . Bank of Russia forms a single centralized system with a vertical management structure.

The credit system is a part of the financial market, which is represented by those of its elements (functional and institutional) that directly engage in credit operations or regulate their implementation. A loan is the movement of funds from a lender to a borrower on the terms of repayment, urgency and repayment of loans. The main conditions for the existence of a loan are the presence of supply and demand for, which is expressed in the existence of a need for additional financial resources among some economic entities and the availability of available funds among others.

Sources of temporarily free funds may include:

1. Population, at the expense of savings, which in this case are placed through indirect financing channels (in institutions of the credit system);

2. Enterprises, due to capital for one reason or another, released from circulation. These parts of capital may be:

• depreciation fund funds, which are accrued continuously as products are sold, and are spent discretely, at those moments when major repairs, modernization or replacement of fixed assets are carried out;
• working capital that is released due to a decrease in production volume or as a result of measures to reduce current production costs;
• funds from special and reserve funds, which are formed from the profits of the enterprise and have a cumulative target nature;
• retained earnings: the current profit of the enterprise, before its distribution for accumulation and consumption.

3. A state that conducts budget transfers and appropriations through the banking system or capitalizes extra-budgetary funds in the form of bank deposits (time accounts).

The same groups of subjects are consumers of credit resources, and one and the same representative of them can be both a lender (actual) and a borrower (for example, a citizen who has a savings account and purchases goods on credit).

In order of degree of participation in the formation of demand for loans:

1. Enterprises that need additional funds for the following purposes:

• financing of trade turnover, which creates a gap in the time of receipt of revenue from the sale of products and the beginning of a new cycle of production and economic activity;
• financing of measures to expand production volumes, lack of working capital;
• financing of capital construction, repair, modernization, etc.: expanded reproduction of fixed assets cannot be ensured by means of the depreciation fund.

2. The population, which, through consumer credit, gets the opportunity to satisfy needs for which its own funds are not enough.

3. The state, which, as a rule, avoids directly raising funds from the credit market in the form of loans, but consumes credit resources through the conversion of savings into government loans.

The objectives of the credit system generally coincide with the objectives of the financial market, however, there are certain specifics in their implementation.

The problem of accumulation in the loan market is of a general nature, because at the time of formation of loan capital, the exact purposes of its use are not determined. This means that each subject of the credit market strives for maximum accumulation of funds, which leads, on the one hand, to the insecurity of the attracted capital with the subject’s own funds, and on the other, to the formation of monopolies in this market. In this regard, in particular, the loan market is carefully regulated by the state.

The problem of redistribution is solved by the credit market much more quickly than by the stock market: the processes of placing money in institutions of the credit system and obtaining loans proceed much faster than the processes of buying and selling securities, especially corporate ones on the primary stock market.

The task of determining the price of credit resources is common to the financial market, because The credit system is closely connected with the stock system and there is a constant flow of funds between them. However, the types of money prices in these systems (in these markets) are different and interest rates are most characteristic of the credit system. There are two main types of interest rates:

– deposit interest rate – the price of attracting funds to the credit system (interest on deposits);

– loan interest rate – the price of placing funds among borrowers (interest on loans).

Within each type of rate there is a huge variety of specific rates, the size of which is determined by many factors: the terms of loans and deposits, goals, sizes, form of collateral for loans, etc. However, they all fluctuate relative to a conventional value - the interest rate. (The closest thing to it is the central bank refinancing rate.)

The interest rate is set as the price of demand and supply of financial resources, which are determined by the following main factors:

1. The trend of changes in the growth rate of the national product: their increase increases the need for funds and at the same time, with a delay, to an increase in free funds through an increase in income. Reducing the pace leads to the opposite changes. In general, since the economy is objectively characterized by a cyclical nature of development, this leads to constant fluctuations in the interest rate.

2. The amount of savings of the population, which is determined, although not directly dependent on the state of the economy, but, in addition, by many non-formalized factors: psychology, national characteristics, demographic parameters, etc.

3. Financial and credit policy of the state, which is not always determined by economic goals, but in some cases predominantly by purely political reasons.

4. Inflation rates, which, depending on their magnitude, can stimulate both demand and supply in the loan market. Rising inflation stimulates producers and increases their need for financial resources, which increases the interest rate and leads to an influx of funds into the credit system. However, at a certain level of inflation, the repayment of funds by borrowers stops, the violation of obligations by the subjects of the credit system to creditors and the destruction of the financial market. In some situations, inflation rates exceed the interest rate (the formation of a negative discount rate), which also has sharply negative consequences of a macroeconomic nature.

5. Profitability of investments in securities, changes in which lead to a redistribution of resources between the credit market and the stock market.

6. The state of the foreign sector of the economy, which can stimulate the inflow or outflow of credit resources from the national market.

The credit system provides two forms of credit within the credit market: commercial and banking.

A commercial loan is a loan provided by one specific entrepreneur to another in the form of the sale of goods (provision of services) with deferred payment. The main features of this form of loan are:

• commercial credit is combined with a specific act of purchase and sale, outside of which it does not exist;
• A commercial loan, as a rule, is formalized by a bill of exchange - a debt obligation of the recipient to the seller, which is a security with the possibility of market circulation. The use of a bill of exchange allows the creditor to transfer the loan itself to another person by selling it;
• the purpose of a commercial loan is to accelerate trade turnover: the process of selling goods;
• The interest on a commercial loan is hidden, i.e. appears in the form of an increase in price;
• The size of a commercial loan is limited by the capabilities of a particular lender.