Banking investments and development of organizations. Investment activity of banks in the Russian Federation. Prospects and methods of stimulating bank investments

Banks are an important economic link in the structure of any state. Commercial banks, accumulating money supply through deposits of individuals and legal entities, provide them at the disposal and use of other commercial structures and individuals under various categories of contracts, on different conditions and under different programs. It is necessary both to meet financial needs individuals and to ensure the continuous activities of legal entities.

There are different forms of interaction between banking organizations and clients. Sometimes the client organization needs an inflow of capital investments, the need to enter a wider market or modernize an existing production. And in such cases, legal entities or individuals need a reliable financial advisor, professional intermediary and organizer of transactions. And in this case, the investment activity of banks is manifested. The study of this type of activity has led to numerous studies and dozens of published scientific works. We have tried to combine the most important information for our reader and consider the general principles, patterns and features of the investment activities of banking organizations.

To date, there are several basic models of banks, which provide for investment as one of the main areas of activity. V first model provides for a clear division of the role of conventional commercial bank(provision of credit and financial services) and tasks aimed at investment. The model was first put into service in the mid-30s in the United States, after the ratification of the Glass-Steagall Act. Also, a similar model is called Saxon (according to the principle of the greatest distribution). Graduation was observed until 1999, when the introduction of the Graham-Leach law into legislation allowed ordinary banks to create structural divisions engaged in investing in securities. Since then, the expression "financial supermarket" has appeared in the everyday life of financiers - an organization that deals with all possible financial services.

Second model is called continental (or European) and assumes the existence of universal commercial organizations, which have separate divisions involved in securities trading, investment, capital market operations, and the provision of standard credit and financial services. Examples include Deutsche Bank in Germany or Paribas Group in France.

Domestic countries are characterized by a mixed model. Banks are directly involved in investing in industry, and the securities market is developing more and more every year. There are both universal commercial banks with licenses from the Bank of Russia, and specific organizations whose activities are regulated by the FFMS. The second category includes brokerage, dealer, depository and management activities.

Note that the domestic legislation does not establish the concept of investment activities of banking organizations and there are no legal instruments for regulating this particular branch of activity.

Services and types of investment activities

The investment activity of commercial banks is the most prestigious area, which, moreover, is the most profitable. That is why companies engaged in the provision of financial and credit services strive to become participants in free securities markets and engage in investment projects.

Investment banks operating in foreign countries are engaged in providing the following services to their clients:

• Custodian and depository;
• Consulting activity;
• Brokerage services;
• Restructuring options for business through M
• Increase in profits by attracting finance.

In order for banks to be able to invest in these areas, they are developing several areas, which are conditionally subdivided into internal and external.

External investment activities

External ones imply the performance of two types of tasks: attracting third-party capital investments and supporting the processes of mergers and acquisitions. In the case of attracting capital investments, most often the discussion is about the placement and management of deposits (in particular, securities) of their clients, however, there are also options for third-party capital investments by launching special methods of investment lending to individuals and legal entities.

• Consulting clients planning to place securities;
• Underwriting syndication - syndicate management;
• Working with the securities of your clients;
• Providing services for client and own securities in the primary and secondary markets.

When there is a thriving financial system in the market of the state, commercial banks, whose goals include investment activities, often use the option of mergers and acquisitions as a reliable scheme for making a profit.

The overwhelming majority of domestic companies have not reached the level when the question of the need for M&A procedures becomes clear, for which it is necessary to contact investment banks.

In the same case, if a banking organization provides services of mergers and acquisitions, there are the following areas of activity:

• Advising clients on options and methods of business reorganization;
• Actual reorganization of the company and its subsequent sale;
• Development and implementation of effective anti-merger mechanisms;
• Formation and sale of blocks of shares;
• Raising finance for a merger or acquisition.

Domestic investment activities

The main task of the internal investment activities of banking institutions is to ensure the effective functioning of external processes and those departments that deal with investments and bring maximum income. Significant types of internal activities are:

• Brokerage services;
• Implementation of management of investment portfolios of clients;
• Personal management;
• Attraction of capital investments.

In the realities of the domestic market, income from such activities can vary from 100% annual losses to impressive incomes, which amount to hundreds of percent per year.

Investment policy of banks and investment planning

The investment policy of banking organizations is a set of measures aimed at the development and final implementation of investment management ideas, ensuring the optimal amount of investments for efficient operation, as well as increasing the bank's profitability. The most important condition for the investment policy of a banking institution is the development of an effective and most profitable strategy.

Investment planning provides for the selection of optimal placement and distribution methods financial resources for a certain period of time with the possibility of further ensuring greater profitability and increasing the number of possible transactions. Since planning is a complex organizational process, in its implementation it is necessary to adhere to the following conditions:

• Availability of objective and necessary information data;
• Assessment of existing investments, as well as an assessment of the return on investment;
• Analysis of the costs incurred and the final results of investment projects, as well as the impact on the position of the bank of this or that project;
• A worked out and verified financial plan;

For investment activities and the policy of banks, the key factors are the correct determination of the ratio of the amount of credit funds and their own financial savings, the development of a mutually beneficial strategy for the distribution of dividends on investment projects, as well as optimization of the existing structure of investment capital investments. These three indicators are fundamental factors for those commercial banks that are engaged in investment activities.

Every year more and more commercial banks appear, which create significant competition. Not only domestic, but also foreign credit and financial organizations become involved in it. In such a competitive environment, one of the most important factors is the implementation of investment activities, which are associated with transactions in securities. All investments of commercial banks have the following distinctive characteristics:

• Investments involve a constant inflow of funds over a long period - even until the moment when the amount of investment fully justifies itself;
• When investing, the main initiator of the process is the bank itself, which seeks to acquire as many assets as possible in the securities markets;
• Unlike loan relations, where a bank works with a lender or borrower, when investing there is no personal contact - this is replaced by securities of enterprises and organizations that are acquired by banking institutions;

An investment portfolio is a collection of all existing bank investments from which a profit is made. Banks always strive to get as much profit as possible, but, despite this, a clear ratio of the profitability of projects with their liquidity and financial security must be observed.

A bank that invests in risky projects that are not liquid may become insolvent over time. Accordingly, from the above, we can conclude about the functionality investment portfolio.

Why do you need an investment portfolio?

The need for an investment portfolio is revealed through its direct functions. These features include the following:

1. Stabilization financial situation a banking organization, regardless of the situation on the domestic market: even if the profit from the number of standard financial services decreases, they are replaced by income on invested funds in securities.
2. Compensation for credit risks that may arise due to objective circumstances. Banks also take loans, which can be offset by securities - so the loan / asset balance is balanced.
3. Diversification of funds received. Securities are not assigned to a specific region, but are transnational in nature - this contributes to a highly effective diversification of bank income.
4. Providing liquidity to the bank. The purchased securities can act as collateral to raise actual funds, or be resold for similar purposes.
5. Insurance against possible negative changes in legislation, situations that are caused by a negative geopolitical situation.
6. Improvement of indicators on the balance sheet due to the storage of a certain amount of expensive securities.

To ensure a constant inflow of funds, diversify income, as well as reduce the possibility of credit risks, securities with different maturities are attracted to investment portfolios.

With a decrease in the number of securities, as well as changes in their value, it is possible to reinvest them in other objects that meet the current objectives of the investment policy of banking organizations, and also have better characteristics.

Finally, we note that banks, engaging in investment activities, are essentially participants in the organization and maintenance of financial support for numerous innovative projects and scientific institutions around the world. This means that investment activity is beneficial not only to its owners, who receive large profits, but also to persons in whose favor the investment is made.

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Coursework by discipline

"Organizational activity of commercial banks"

Topic: "Credit and investment activities of banks: state and prospects"

(by the example of Rusfinance Bank LLC)

annotation

The course work contains 47 pages, including 11 figures, 27 sources.

This course work provides theoretical aspects of the development of credit and investment activities of commercial banks , lending activities of commercial banks and Analysis of lending and investment activities of commercial banks on the example of Rusfinance Bank LLC.

In writing the work were used the works of scientists such as Bukato V.I., Panov G.S., Voloshin K.S. and others. As well as Federal Laws and the Civil Code.

Course work includes 46 pages, including 11 figures, 27 source.

In this term paper, the theoretical aspects of lending and investment activities of commercial banks, credit activity of commercial banks and analysis of lending and investment activities of commercial banks as an example of "Rusfinance."

In the writing of this paper were used works of scientists such as Bukato VI Panova GS, Voloshin KS et al. as well as federal laws and the Civil Code.

Introduction ................................................. .................................................. ...... 6

1 Theoretical aspects development of credit and investment activities

commercial banks ................................................ ..................................... 7

1.1 The essence of lending activities of commercial banks .................... 7

1.2 Features of investment activities of commercial banks ... 11

1.3 Assessment of lending and investment activities of commercial banks 18

2 Analysis of lending and investment activities of commercial banks

on the example of Rusfinance Bank LLC ........................................... .................. 22

2.1 Organizational and economic characteristics of the bank ........................ 22

2.2 Analysis of the bank's lending and investment activities ......................... 25

2.3 Assessment of performance indicators of credit and investment

bank operations ................................................ .............................................. 32

3 Problems and prospects for the development of credit and investment

activities of commercial banks ............................................... ............... 38

Conclusion................................................. .................................................. .. 43

List of sources used ............................................... ............. 46

Introduction

The innovative activity of commercial banks is a characteristic of their successful policy in terms of providing services to their clients. It would not be an exaggeration to call innovation the basis for managing not only the banking cycle, but also the bank itself.

Thanks to innovations, the management of a commercial bank has the opportunity to look at its own stage of development, as it were, from the outside, in comparison with other banks. Of course, the very process of development and implementation of innovative technologies forces a commercial bank to mobilize and make a number of investment decisions that are associated with risks. But such a step can be considered justified, provided that real instruments to assess the level of economic efficiency of banks' credit and investment innovations.

In order to improve the methods for calculating the economic efficiency of design solutions, and the commercial feasibility of investing in the innovative vector of development of a commercial bank, it is necessary to resolve a number of issues that are related to the adaptation of selected innovations. At the same time, the question of assessing the level of economic effect remains open.

The presence and variety of various scientific works that highlight the issues of innovation processes in banking institutions, as well as the presence of critical points of view of practitioners indicate that the problem raised has a certain level of relevance and is an issue of paramount importance for the development of a modern bank.

In support of the above, it is advisable to refer to the scientific works of such scientists as L.L. Antonyuk, T.A. Vasilieva, S.B. Egorycheva, Ya.N. Krivich, S.V. Leonov, F.S. Mishkin and others. Their scientific research reveals different aspects of credit and investment innovations of banks, but the current situation in the economy and financial sphere of Russia indicates the advisability of deepening certain elements of the study by improving the appraisal apparatus.

It is this approach that adapts the existing tools for assessing the economic efficiency of banks' credit and investment innovations, taking into account the changes that are caused by the existing financial processes in the Russian Federation.

The purpose of the study is to study the theoretical platform of the methodology for assessing the level of economic efficiency of the lending and investment activities of a commercial bank and its adaptation in modern depository organizations, which are representatives of the banking sector.

The key tasks of the designated research area are:

1) study of the theoretical aspects of the development of credit and investment activities of banks;

2) a study of the lending and investment activities of the commercial bank Rusfinance Bank LLC;

3) disclosure of the prospects for the development of credit and investment activities of a commercial bank.

The object of the course work was Rusfinance Bank LLC.

The subject of the course work is the process of credit and investment activities of banks.

Sources of information on writing a term paper were the works of specialists and bank employees; statistical data; research articles in periodicals on the organization of banking activities, as well as financial statements of Rusfinance Bank LLC for 2011 - 2013, presented on the official website of the bank - http://www.rusfinancebank.ru

1 Theoretical aspects of the development of credit and investment activities of commercial banks

1.1 The essence of lending activities of commercial banks

Modern commercial Bank is a universal lending organization that provides clients with a wide range of services. At the beginning of their emergence and development, commercial banks performed only traditional operations for a credit institution: attracting deposits, providing loans and making settlements. But at present, in the face of tough competition in the banking system, a commercial bank is forced to expand the range of operations performed in order to obtain profit sufficient for normal functioning.

Modern banks are the main participants in the securities market, foreign exchange market, they offer clients various types of trust and consulting services, provide insurance services through related Insurance companies, extend the operations associated with by plastic cards, perform real estate transactions through representatives, etc. [8].

In certain periods of time, depending on the political and economic state of the country and the international situation as a whole, various active operations are more or less profitable. So, with the instability of the foreign exchange market, it is enough high income can bring currency operations... Crises in the securities market, followed by stabilization of the stock market, give banks a good opportunity to “make money” on the execution of arbitrage transactions with securities. Crises itself banking system allow large banks make good profits in a short period of time by placing money on the interbank market that small and medium-sized banks need to meet their current obligations.

But, despite the attractiveness of certain banking operations in certain periods, banks constantly carry out them. main function- lending operations. Thus, a sound credit policy allows rational and efficient use of all elements of the credit mechanism, which largely ensures the successful operation of the bank and its further development.

The purpose of the credit policy expresses the end result of the bank's activities, which follows from its purpose - to satisfy the needs of customers in obtaining additional Money while making a profit and ensuring the stability of the credit institution. The objectives of credit policy are more specific: they can be associated with improving the composition of loan products, the quality of the loan portfolio, reducing the share of overdue debt, increasing the share of secured loans, and reducing the risk of loans. bank. It should be revised depending on changes in economic realities in the state, the "rules of the game" in the banking market.

Based on the tasks set by the credit policy, as well as the available resources, the credit institution determines the current tasks:

2) implementation technology credit operations;

3) credit risk management;

4) control in the lending process.

To keep the bank's credit policy up-to-date, it is necessary to regularly review the provisions set forth in it. Credit institutions usually review the policy at least once a year. In the current rather rapidly changing economic situation, the credit policy is reviewed even more often. Revision is possible both “from above” and “from below”. Who, if not a loan officer, who is faced with various, often non-standard situations in working with clients on a daily basis, sees the "thin" places of the policy and can make rational proposals for adjusting it. Banks try to adhere to the credit strategy as close as possible to the realities of modern life.

The bank's credit policy is a system of monetary measures carried out by the bank to achieve certain financial results, and is one of the elements of banking policy.

For its successful implementation, the bank needs to keep records of all factors that affect the implementation of flows of inflow of funds from the credit potential. In this regard, it is necessary to consider the main factors affecting the effectiveness of the bank's policy in terms of the formation of credit potential funds.

The main forms of increasing the sources of credit potential include:

Increase in the number of bank clients;

Increasing the funds of the members and clients of the bank;

The growth of the bank's organizational network;

Pooling of funds of participants and clients of the bank by intended purpose(for example, the creation of a general housing stock).

For banks special meaning It has more regular customers, since in this case deposits in the bank and its liquidity are more stable. Credit policy, on the other hand, determines the general strategy of actions in lending activities and represents the general conditions for strategic planning, as well as current decisions of the bank on granting or not granting a loan.

How to ensure the financial stability of the bank in conditions of financial instability. An important role in this is assigned credit policy, which is based on an acceptable for the bank ratio "risk - profitability" of operations. A competent credit policy contributes to the optimization of credit risk, the provision of high-quality and most suitable credit products for the client, generating the bank's main income.

Classification of banking risks depending on the state of each of the listed elements: the type (type) of the bank and risks.

The factors that determine the bank's credit policy are presented in Figure 1.

Figure 1 - Factors determining the credit policy of a commercial bank

At present, taking into account the direction of activity of banks, there are three types (types) of commercial banks: specialized, industry, universal. The set of risks for these banks will be different.

Sphere of emergence and influence of banking risks. Depending on the area of ​​origin, banking risks are classified into: country risk; risk financial reliability a separate bank (risks of insufficient bank capital, unbalanced liquidity, insufficient required reserves); the risk of a particular type of banking operation (the risk of non-payment, non-refund, collection - a bank guarantee, legal risk, risk of non-profitability of a loan, etc.). The composition of the bank's clients and methods for calculating risks. The composition of the bank's clients determines the method for calculating the risk and its degree. The small borrower is more dependent on the contingencies of the market economy than the large one. At the same time, large loans to a single borrower or group of related borrowers, industry, region or country are often the cause of bank failures. Therefore, one of the methods for regulating the risk from the provision of large loans is to limit its size to 10-15% of the bank's authorized capital.

The correct choice of the preferred client for the bank is also essential. Typically, these partners include enterprises that have a high degree of financial stability and have good liquidity and balance sheet solvency indicators, a sufficient level of profitability, and are well provided with their own funds.

In modern conditions, the principles of rational lending are of particular importance, requiring a reliable assessment of not only the object, subject and quality of collateral, but also the level of margin, profitability of credit operations, and risk reduction. Compliance with lending technology, the rules for issuing and repaying loans, current monitoring and analysis of credit transactions is also becoming important.

At present, it is difficult to predict how bank lending will develop in Russia in the future. But we can confidently assert that there is no serious alternative to this: the state does not have enough funds even to support the social sector, which makes lending to enterprises and other legal entities an overwhelming task for it. Therefore, the greatest success in this type of banking business will be achieved by those credit institutions that come to this market earlier than others and create appropriate internal mechanisms that allow them to objectively work on it.

The bank's credit policy is determined, firstly, by general guidelines regarding transactions with clients, which are carefully developed and recorded in a memorandum on credit policy, and, secondly, by the practical actions of bank personnel who interpret and implement these guidelines. Consequently, ultimately, the ability to manage a loan depends on the competence of the bank's management and the level of qualifications of its rank-and-file personnel involved in the selection of borrowers, specific loan projects and the development of the terms of loan agreements.

The bank, by its purpose, should be one of the most reliable institutions of society, represent the basis for the stability of the economic system. In modern conditions of an unstable legal and economic environment, banks must not only preserve, but also increase the funds of their clients practically independently, due to the lack of government support and support. In these conditions, professional management of banking operations, operational identification and accounting of risk factors in day-to-day activities are of paramount importance.

1.2 Features of investment activities of commercial banks

One of the fundamental infrastructural elements of the country's economic development was (and will remain in the foreseeable future) the development of its credit and financial system.

The main direction of the impact of the banking system on the economy is investment activities carried out in the interests of the socio-economic development of the entire country. Mobilization of household savings and their transformation into an investment resource remains a classic function of banks in economic system... The importance of the banking system in terms of the efficiency of capital redistribution may vary depending on the periods of economic development and the characteristics of a particular country.

In the study of the investment activity of banks, in our opinion, there is an urgent need to clarify the economic content of the concept of "investment activity of a commercial bank", since its interpretation in the economic literature requires additional disclosure.

In Soviet economic science, the investment activity of banks was considered the provision of long-term borrowed money subjects of the real sector of the economy. Under socialism, the banking sector performed the most important function of long-term lending to the most important sectors of the national economy; this view of the role of the banking system has largely been inherited by modern Russian financial management.

In the process of development of market relations in the country, the view on the investment activities of banks began to correlate to a greater extent with the activities of credit institutions in the field of investments in securities. To some extent, this interpretation has become an objective reflection of the existing economic reality. It is customary to refer to bank investments as securities with a maturity of more than one year, the main purpose of which is to generate income.

In this regard, I would like to note that it is unlawful to limit the investment activities of banks by the time frame for capital investment. The development of investment instruments now makes it possible to make a "revaluation of investments", i.e. carry out a regular review of the investment qualities of certain areas of investment.

A number of authors adhere to the broadest possible interpretation of the investment activity of a commercial bank, in particular, such an approach is disclosed in Instruction No. 17 of the Bank of Russia. In this document, investment activity is considered “the acquisition or sale of tangible or financial assets intended to generate future income”.

The second (narrow) point of view is set out in the rules of accounting in credit institutions located on the territory of the Russian Federation, when investing in securities in order to form a trading and investment portfolio. According to the requirements of this document, banks can make investments either “directly investing their funds in production (acquiring a share of participation in one form or another); providing loans for appropriate purposes ", or for three main types of activities:" ... to serve the movement of funds belonging to investors - clients and intended for investment purposes; cooperate in mobilizing savings and savings and channeling them for investment purposes through the securities market; invest their own and borrowed resources in the investment process ”.

All currently existing research in this area operate either with an expanded interpretation, or narrow it down to the limits of a narrow circle of operations with a certain category of securities. In our opinion, both existing approaches have the right to exist, since they objectively reflect the global trend towards the universalization of the activities of financial institutions. A broad interpretation describes the activities of the so-called. financial supermarkets that operate in diversified global markets. A narrow interpretation of investment activity, thus, reflects the main financial function of most Western banks - underwriting in the debt financing markets.

Domestic and foreign sources note the microeconomic and macroeconomic approaches to assessing the investment activities of the bank. From the point of view of a microeconomic view, a bank is an economic entity operating with its own and borrowed funds in local markets with the aim of making a profit as the main goal of its activities.

From a macroeconomic point of view, banks are an integral part of the global investment process transforming the savings and savings of households and the spheres of business entities into investment resources that are in demand by the real sector of the economy.

All investment activities of banks are traditionally divided into four main areas (a number of researchers highlight more): lending, investments in financial markets, production investments and investments in the bank's own activities.

Lending traditionally occupies a special place in terms of macroeconomic impact on economic processes in the country. Investment lending occupies a special place in the general lending system due to the specifics of targeted lending, the use of elements of project lending, a long lending period and, accordingly, a higher level of risks.

In the difficult conditions of the post-crisis development of the Russian economy, the share of investment loans is steadily increasing, which generally indicates the return to the banks of their former leading role in the renewal of fixed capital of the real sector of the economy.

Financial investments of banks represent investments in securities and time deposits in other credit institutions. As Russian financial market Investments in state and municipal securities, derivative securities (derivatives), as well as new financial instruments (transforming securities) are gaining in importance.

Industrial investments of banks are investments of the bank in the economic activities of enterprises and organizations. Such investments can be carried out in the form of equity participation in the capital of an enterprise in the real sector of the economy, implementation of joint activities. Such participation is carried out by the bank, as a rule, in the financial sector, where the object of investment can be legal entities operating using the financial resources of the bank (leasing and factoring companies, investment funds, insurance companies, non-state pension funds, depository and clearing institutions, etc.) etc.).

The development of the bank's investment activities in this area, together with the presence of positive aspects (diversification of activities, development of new markets, etc.), can carry a whole range of additional risks. In this regard, the activities of commercial banks in this area are associated with a number of additional legislative and regulatory restrictions.

Investments in their own activities, as a rule, include investing in improving the material and technical base of the bank and its organizational level. The implementation of such investments is justified only if the logical result of such investments is an improvement in the bank's rating position in the Russian and international markets, an increase in the efficiency of operating activities, an expansion of the client base and the level of customer service.

Development of investment forms credit institutions in conditions global economy proves the need to develop a flexible investment policy of the bank, capable of effectively and quickly responding to changes in the macroeconomic situation, the choice of new forms and methods of investment. With regard to countries with economies in transition, the development of the main directions of investment policy is a serious problem that is the object of special consideration in the professional environment. Among the influencing factors, it is imperative to take into account the degree of openness of the national economy, the degree of its real integration into the world economy and the degree of development of institutional mechanisms.

Analysis of foreign experience in the development of investment schemes for credit institutions has led to the formation of two main models for building banking systems - segmented ("American") and universal ("German"). The main distinctive features both models became the specialization of credit institutions, the degree of their diversification and the strategy for the formation of their investment portfolios.

At present, it can be stated that, despite the ongoing process of development of the banking system in Russia, the scheme for constructing the financial system of our country on the basis of the German model is gaining greater influence.

The simultaneous development of the processes of specialization and universalization in the banking sector has led to the formation of a new type of banks operating in the investment sector and possessing the following features: a global nature of operations, the ability to attract significant amounts of financial resources, a diversified range of services provided in the investment sector, and the ownership of a large business of their own. assets, merger with a network of small and medium-sized lending and brokerage institutions, the ability to provide a full range of related services in the investment field.

A characteristic feature of all investment activities of commercial banks is the presence in the invested funds of a significant share of borrowed resources, which makes the investment process for them much more dependent on the amount of profit received - the rate of return on capital invested. This feature can be noted primarily when compiling the characteristics of the modern investment process in Russia.

Secondly, it is necessary to note the risk factor as an integral part of the investment activity of commercial banks. Due to the significant dependence of banks on borrowed sources of funds, their investment activities are quite rightly subject to more stringent regulation both by the internal regulations of banks and by the regulations of the main regulator - the Central Bank of the Russian Federation.

Thirdly, investments made by a credit institution must have a high degree of liquidity, i.e. the ability to be quickly converted into cash.

A certain inconsistency is inherent in this feature of investment operations - the actions of credit institutions in the field of investment investments are traditionally assessed using the “magic triangle” “profitability-risk-liquidity”, the main components of which have certain dependencies. So, with an increase in profitability, as a rule, the risk of transactions inevitably increases. Consequently, the choice of appropriate forms of investment should be made on the basis of the developed investment policy of the bank, which includes the development and implementation of a set of measures for the implementation of investment activities according to a certain list of efficiency criteria. The direction and nature of investment will depend on the choice of one of the types of investment policy - conservative, moderate and aggressive.

The active activity of the bank in attracting funds from the population is of particular importance, since thanks to this source of liquid resources, savings along the shortest path turn into an investment resource of the real sector of the economy are presented in Figure 2.

Figure 2 - The process of transforming savings into investment resources

The relationship between investment and savings was investigated by J. M. Keynes and described in his work "General theory of employment, interest and money." The starting points in Keynes's theory are the following statements: “Although the total amount of savings is the cumulative result of the actions of many individual consumers, and the amount of investment is the cumulative result of the actions of individual entrepreneurs, these two values ​​should be equal, since each of them is equal to the excess of income over consumption ". According to J.M. Keynes, the equality of savings with investments ensures stable economic development for the country, therefore, the full implementation of the entire accumulation fund is advisable. Unfortunately, in our country, due to the underdevelopment of the mechanism for capitalizing savings, the latter are practically not involved in the investment process.

In the modern Russian economy, in the opinion of a significant number of domestic economists, there is currently a sufficient amount of potential resources that are not used for investment purposes and are thus excluded from the effective economic turnover (even conservative estimates indicate the possibility of a twofold increase in investment potential).

Russian commercial banks, at the same time, had quite a lot of attractive areas of investment, characterized by very high returns of tens and even hundreds of percent. In the current situation, the real sector of the economy cannot count on the growth of investments from the banking sector; in the opinion of many Russian economists, in particular S. Glazyev, in order to resolve this problem, it will be necessary to restrict market participants' access to highly profitable speculations.

Fourth, there remains a shortage of medium-term long-term resources in the structure of borrowed funds from credit institutions. Despite the positive growth dynamics bank deposits talking about recovery full confidence citizens to the banking system in the conditions of post-crisis development is too early.

Fifthly, the overwhelming majority of loans provided are still short-term in nature - this is due to the rather high demand of enterprises for such loans, and in the absence of effective investment instruments.

Domestic enterprises, with low rates of increase in profits (and, accordingly, own funds), need a significant attraction of funds to replenish the working capital and solve current production problems in paying for the services of suppliers of products, purchasing raw materials, paying for utilities, etc. ...

Sixth, the budgetary policy pursued by the state should be attributed to the constraining factors of the development of investment activity. In Russia, the budget surplus is not reinvested in the economy, but, in fact, is withdrawn from it, being used for servicing public debt, as well as to build up official gold and foreign exchange reserves... This shortens the self-financing base economic growth, which is made more dependent on the attraction of resources from outside.

The balanced development of the banking system and the real sector of the economy is hampered by the lack of systemic development legislative framework country, harmonizing the functioning and development of the modern economy.

At present, the main drawback of the current banking legislation is the weakness of the mechanisms of responsibility for the assumed obligations at all levels of banking management. At the legislative level, such strategic principles of banking activities as protection of the interests and rights of investors, creditors, depositors are not fully ensured; prevention of crimes in the economic sphere related to the performance of dubious transactions and transactions, as well as the establishment by unscrupulous persons of control over credit institutions; a system of preferential taxation of banking activities has not been created.

From the foregoing, it follows that the impact of the banking system on the economy at the present time continues to remain rather insignificant - this is expressed in the inability of existing financial institutions to become centers of transformation of the population's savings into an investment resource for the real sector of the economy. Banks are not yet able to ensure real cross-sectoral competition for attracting credit resources in the context of a sufficiently low effective demand of the population.

This can partly be explained by the poor financial condition of the final consumers of investment resources. In the context of a slowdown in inflation, its level remains relatively high in comparison with the profitability of the real sector of the economy, which is reflected in high interest rates and the inaccessibility of using bank loans for many manufacturers. This is also due to the weak capitalization of the banking sector.

systems and the imbalance of their assets and liabilities in terms of maturity, insufficient resources for long-term lending and high lending risks, the presence of imbalances in the distribution of capital: about 20 largest banks own 60% of all the country's assets and practically monopolize the banking market.

It should be noted that these are not the only problems, having solved which we can achieve activation of the investment activity of commercial banks. However, ignoring them, it is easy to interrupt all positive trends in the correlation development of the banking system and the real sector of the economy, turning them into stagnation.

In the short term, the main problems that have a serious impact on the regional banking system will be low equity capital, a high proportion of short-term liabilities that make it impossible long-term investments, as well as a high degree of dependence of the banking network on the state of affairs in the real sector of the Russian economy.

1.3 Assessment of lending and investment activities of commercial banks

The problem of introducing innovations into the activities of commercial banks has been relevant for a long time. As evidenced by numerous studies, a significant part of scientists tried to solve this problem from the standpoint of the actual implementation of certain types of innovations, that is, banking products.

However, no less topical issues related to the assessment of existing credit and investment innovations of banks were considered and discussed in a limited way.

At the same time, insufficient attention was paid to the study and disclosure of the relationship between the conceptual categories that characterize the process of assessing the credit and investment innovations of banks. This refers to the definitions "the effectiveness of credit and investment innovations of the bank" and "innovative activities of the bank."

Previous studies show that there is a direct relationship between the concepts of "innovative activity of the bank" and "the effectiveness of the innovative activity of the bank." At the same time, the research, operational and strategic components of the bank's innovative activities are highlighted / 9 / and the importance of their simultaneous development is emphasized as a benchmark for the overall economic result of its activities.

The relationship between these definitions is that the activities of the bank, regardless of the circumstances, should be aimed at a certain result.

In this case, the bank chooses an innovative mechanism on a credit basis. It is possible for a bank to achieve a certain level of efficiency in this activity if a number of conditions are met, which basically characterize the relationship between these categories.

The first condition is the research component, which is associated with the basic basis for the formation of the effectiveness of the bank's credit and investment innovations. The second and rather weighty condition is the motivational basis for the formation of the intended level of efficiency of innovative activity.

The relevance of the second condition lies in the fact that the bank makes an attempt to make a loan on the basis of the introduction of the principles of payback and efficiency. The operational and strategic components of the bank's innovative activities are the third condition for the relationship between definitions. It is these components that have the ability to implement the innovative idea and, as a consequence, lead to an economic effect, that is, an effective stage begins. As a result, the level of efficiency of the bank's credit and investment innovations depends on the quality of all the components that are involved in its emergence. So, the relationship between the definitions is established in such a way that without its presence, it makes no sense for a bank to master innovative technologies on a credit basis.

The importance of focusing innovative banking on the overall result and efficiency of the bank's activities is also confirmed by a critical analysis of research results. From the point of view of methodology, the following are important: determination of the main approaches to the strategy of introducing banking innovations in lending and investment activities; explaining the results of innovation and proving staff performance; development and implementation of innovative products and services in the work of the bank.

The task posed is a rather complex, but extremely important issue for today, which must be resolved, because powerful waves of financial crises have become proof that banks have not yet reached a sufficient depth of understanding of the phenomenon of innovation and do not have a systematic approach when adapting the mechanisms of their implementation. Therefore, it is advisable to start solving this problem with the interpretation of approaches to the basic strategies for the implementation of banking credit and investment innovations.

From the standpoint of a systematic approach, we consider the strategies for the implementation of bank credit and investment innovations as components of the overall strategy of the bank's innovative development. In turn, we interpret the strategy of innovative development in the plane of the general theoretical approach as the main direction of the bank's movement in the long term, the result of which is a decision on the need to initiate bank credit and investment innovations and their nature, as well as the necessary resources.

Of course, banks are distinguished by their intellectual potential, a set of specific principles and tools to achieve certain development goals. In addition, the external environment and additional opportunities for further consolidation and expansion of competitive positions in the market are different for each individual bank.

You should also take into account the natural results of the progress of science in the economy of the Russian Federation, as a result of which the processes of the interactive method develop. banking services clients in the process of carrying out credit and investment operations of the bank. Innovative technologies that exclude direct communication between the bank and the client have found a large number of supporter banks. Therefore, the actualization of remote banking customer service technologies in the process of carrying out credit and investment operations in most domestic banks looks natural, therefore it is taken as the basis for defining basic strategies from the standpoint of introducing banking credit and investment innovations.

The conducted studies show that the basic strategies for introducing banking credit and investment innovations as technologies for remote servicing of bank customers have distinctive characteristics that are revealed from the standpoint of the main content and possible result. Thus, the traditional strategy involves improving the quality of service on the existing technological base of the bank; opportunistic - characterizes the bank's orientation towards leading innovative technology known in the market and does not require high costs for scientific research; a simulation strategy means the purchase of a license by a bank with minimal costs for its own scientific research. With a defense strategy for introducing banking innovations, a commercial bank strives to keep up with others, without pretending to dominate, and with an offensive strategy, the bank strives for leadership in the market due to a high level of the innovation process.

The authors believe that from the point of view of measuring the economic efficiency of innovation processes in a bank, it is important to analyze additional financial flows generated as a result of the implementation of banking innovations, namely, innovations in lending and investment activities according to one of the above scenarios and the chosen basic strategy of implementation in the bank.

Additional financial flows generated as a result of the implementation of credit and investment innovations will be presented using the example of remote technologies for servicing clients through a system of indicators in Table 1.

Table 1 - Algorithm for assessing additional financial flows of commercial banks

Indicator	Algorithm	Algorithm definition
The amount of the initial financial flow after the introduction of innovations in the bank (IFP)	IFP = AXO + RSK + PR + SSV	AXO - administrative expenses RSK - expenses on customer accounts PR - other expenses TCO - Total Cost of Ownership
Total cost of ownership (TCO)	SSV = YR + NR	YR - explicit (direct) costs НР - implicit (indirect) costs
Explicit (direct) costs (YAR)	YR = L + B + OP + B + DO	L - licenses for the use of software for remote customer service technologies in the process of carrying out credit and investment operations B - implementation of the project technology OP - carrying out activities to train personnel B - maintenance of the introduced technologies DO - additional equipment
Implicit (indirect) costs (IO)	NR = TI + ZPP + DV	TI - technological change RFP - wage personnel involved in the implementation of innovations DV - additional payments(bonuses) to employees for overtime work
The amount of the input financial flow for the implementation of new remote customer service technologies (DLT) in the bank	WFT = OD + DRR + DPR	OD - operating income ДРР - income from resource allocation DPR - income from the sale of resources

Studies have established that profit from the implementation of banking credit and investment innovations can be obtained, firstly, by reducing costs, which will provide new technologies, and secondly, by increasing the bank's income. The reduction in bank expenses is measured both in time units and in financial indicators and is associated with an increase in productivity and savings in time for performing bank operations.

As a rule, the increase in the bank's income as a whole occurs due to the expansion of the bank's client base as a result of effective customer service in the process of carrying out credit and investment operations.

It is advisable to pay attention to the problem of financing the cycle of introducing innovations. Research shows that a number of positive aspects in this case have an investment loan, which can be provided by the NBU for an innovative bank. This type of loan, on the one hand, has a sufficiently high-quality package of guarantees, and on the other hand, it provides for external control in order to ensure the efficiency of its use. The participation of the state in the innovative development of a commercial bank provides a positive impact on the entire financial sector of the country.

Thus, in the economic and social development of the country, the lending and investment activities of banks contribute to: accelerating the growth of the aggregate social product and its components - gross domestic product and national income; faster restoration and modernization of fixed assets of enterprises, thanks to the stimulation of the investment process in the form of capital investments thereby improving the quality and competitiveness of services; productivity growth, etc.

Long-term loans also lead to an increase in effective investment demand in related industries. As a result, there is a multiplier effect of increasing GDP and national income. An increase in national income entails a change in tax revenues to the budget and an increase in the state's ability to implement measures provided for in the framework of socio-economic policy. Thus, the implementation of the policy of credit expansion, in addition to the impact on the money supply, affects other macroeconomic indicators.

2 Analysis of credit and investment activities of commercial banks on the example of Rusfinance Bank LLC

2.1 Organizational and economic characteristics of the bank

Rusfinance Bank specializes in issuing consumer loans through a network of more than 18,000 partners (retail chains and car dealers) and its own regional network offices in 63 regions of Russia from Kaliningrad to Vladivostok, and also provides distance loans through a contact center.

As one of the market leaders, Rusfinance Bank offers the most comprehensive range of consumer lending services:

1) car loans;

2) lending at points of sale;

3) issuing credit cards;

4) providing loans in cash.

Rusfinance Bank ranks third in terms of the volume of car loans issued in 2013 (RBC.Rating) and is one of the five leaders in the consumer lending market at points of sale (Frank Research Group).

The Bank has high-level credit ratings from three international rating agencies: Moody "s - Ba1 / Aa1.ru (Outlook Stable), Fitch - BBB / AAA (rus) (Outlook Negative), Standard & Poor's - BBB- / ruAA- (Outlook Negative) Fitch and Standard & Poor's are investment ratings.

Rosbank and Rusfinance Bank are part of the group Societe Generale is one of the largest international financial groups that adheres to a diversified universal banking model that allows combining financial stability and sustainable development.

The Societe Generale Group was founded in 1864 and has over 154,000 employees in 76 countries serving 32 million customers worldwide.

The Group's activities include 3 main areas:

Retail banking business on the territory of France;

International retail business, specialized Financial services and insurance with a presence in Europe, Russia, Africa, Asia and overseas territories of France;

Corporate and investment bank ing, asset management, high net worth and securities transactions.

General license of the Central Bank of the Russian Federation No. 1792 dated 13.02.2013.

The location of the bank of the bank's head office is Samara, st. Chernorechenskaya, 42a.

Branch in e - st. Zwillinga, 68.

The governing bodies of the bank LLC Rusfinance Bank are shown in Figure 3.

Figure 3 - Management bodies of the bank LLC "Rusfinance Bank"

The general meeting is the supreme governing body of the bank, which makes decisions on the main issues of the bank's activities. At the Annual General Meeting of Shareholders held on June 1, 2013, the Bank's Annual Report for 2012, drawn up in accordance with the requirements of the Federal Financial Markets Service of Russia, and the Annual Report of LLC Rusfinance Bank, drawn up in accordance with the requirements of the Bank of Russia, were approved. Decisions were made on the distribution of profits and payment of dividends for 2012, an independent auditor of the accounts for 2013 and the first quarter of 2014 was approved, approved in new edition The charter of Rusfinance Bank LLC (Appendix 1).

The current activities of the Bank are managed by the Chairman of the Management Board of the Bank and the collegial executive body - the Management Board of the Bank. The procedure for electing the Chairman of the Bank's Management Board and the Bank's Management Board is set out in the Bank's Articles of Association.

Among the issues discussed at the meetings of the Management Board in 2013: business planning; asset and liability management; adoption of an integrated risk management policy; the concept of managing subsidiaries and affiliates; classification of loans and advances to customers; changes in the organizational structure of the Bank; participation in charity events and other issues.

Rusfinance Bank LLC offers a wide range of products and services for individuals and small businesses: bank card issuance, consumer and mortgage lending, remote account management services, time deposits, money transfers, lending programs and settlement and cash services small business entities.

Deposits of individuals remain the main source of attraction of funds for Russian banks. In 2013, the positive trends of increasing the deposit base by banks continued. Thus, the increase in the portfolio of individuals' deposits in 2013 amounted to 19.0% (in 2012, 20.0%, in 2011, 20.9%), and the increase in funds attracted from organizations amounted to 13.7% (in 2012 11.8%, in 2011 25.8%). As a result, the share of household funds in bank liabilities increased from 28.8% at the end of 2012 to 29.5% of liabilities at the end of 2013 (28.5% at the end of 2011).

In 2013, active growth of the banks' loan portfolio continued. Thus, the portfolio of loans provided to individuals in 2013 increased by 28.7% (in a year - by 39.4%, in 2011 - by 35.9%) and amounted to 9,957 , 1 billion rubles.

The volume of the portfolio of loans provided to non-financial organizations increased by 12.7% over the year and amounted to 22,499.2 billion rubles. (growth in 2012 - 12.7%, growth in 2011 - 26.0%).

Thus, the share of loans to individuals in banks' assets continued to grow from 15.6% at the end of 2012 to 17.3% at the end of 2013 (13.3% at the end of 2011), and the share of loans to non-financial organizations decreased from 40.3% at the end of 2012 to 39.2% at the end of the year (42.6% at the end of 2011).

Along with the growth of the portfolio of loans to individuals, in 2013 the share of overdue debt in banks' loan portfolios to individuals increased from 4.0% to 4.4% (5.2% at the end of 2011). For loans to non-financial organizations, the share of overdue debt decreased from 4.6% at the end of 2012 to 4.1% at the end of 2013 (4.6% at the end of 2011).

Despite the slowdown in economic growth in 2013 compared to 2012 and increased competition from both the largest universal banks and actively developing monoline banks, Rusfinance Bank LLC significantly increased the volume of its retail loan portfolio and the portfolio of attracted funds from individuals and its share in the respective markets.

The retail loan portfolio of LLC Rusfinance Bank at the end of 2013 increased by 45.7%. The Bank's share in the retail lending market increased from 11.09% at the end of 2012 to 12.54% at the end of 2013.

Table 2, according to the accounting (financial) statements, presents the main results of the financial and economic activities of Rusfinance Bank LLC for 2011-2013.

Table 2 - The main results of the financial and economic activities of the bank LLC Rusfinance Bank for 2011 - 2013, in thousand rubles.

Indicators				by 2011 in%
Interest income, total, including:
From placing funds in credit institutions

Continuation of table 2

From loans to customers other than credit institutions
From investments in securities
Interest expenses, total, including:
On attracted funds from credit institutions
On funds attracted from clients other than credit institutions
For issued debt obligations
Net interest income
Net interest income after the creation of a provision for possible losses
Net income
Profit before tax
Profit after tax
Unused profit for the reporting period

In 2014, no major negative changes are expected in the Russian banking sector. The growth of lending, both banking and corporate, will continue, although the growth rates are likely to be lower than 2012-2013.

The excess of growth rates of retail lending over corporate lending will continue. The population will continue to be a net creditor of the banking sector, although the growth rates of attracted funds from the population will slightly slow down. At the end of the year, the growth of loans and deposits of the population is expected, both in real terms and relative to GDP.

2.2 Analysis of the bank's lending and investment activities

The priority line of activity for the banks of Rusfinance Bank LLC is to offer a wide range of retail banking products and services to the population and small businesses.

In 2013, Rusfinance Bank LLC continued to implement its retail business strategy, which is based on a customer-oriented approach to business development, aimed at increasing the quality of customer service in combination with the desire for higher profitability.

Currently, the product offer of Rusfinance Bank LLC is one of the widest on the market, it covers most of its segments and is able to satisfy almost any need of customers.

During 2013, Rusfinance Bank LLC placed funds on the interbank market, increased lending corporate clients, small businesses and individuals.

The volume of the loan portfolio of Rusfinance Bank LLC increased over the year by 34.08%, and the share of this type of assets (including reserves for possible losses) in the total volume of assets remained practically unchanged and amounted to 83% against 86% as of January 1, 2013 ...

The change in the structure of the loan and equivalent debt for the reporting period is presented by the following data specified in table 3.

Table 3 - Structure of the loan and investment portfolio of Rusfinance Bank LLC for 2012 - 2013

Indicators
Interbank loans and deposits
Loans to legal entities
Loans to individuals
Other allocated funds

From the above data, it is obvious that the strategy of Rusfinance Bank LLC in the field of lending is consistent and has not been reporting year significant changes. Most of the outstanding loans are funds provided to customers - individuals.

Table 4 shows the sectoral structure of loans.

Table 4 - Sectoral structure of loans provided to corporate and individual clients-residents of the Russian Federation

Indicators
Loans to legal entities (including individual entrepreneurs), total, incl. by type of economic activity:
Mining
Manufacturing industries
Production and distribution of electricity, gas and water
Agriculture, hunting, forestry
Building
Transport and communications

Continuation of table 4

Wholesale and retail, repair vehicles, household products and personal items
Real estate operations, rental and service provision
Other activities, incl. for completing settlements
Of the total amount of loans provided to legal entities and individual entrepreneurs, loans to small and medium-sized businesses, of which:
Individual entrepreneurs
Loans to individuals, total, incl. by type:
Home loans
Mortgage loans
Car loans
Other consumer loans

Lending to the population is one of the priority lines of business of Rusfinance Bank LLC. This circumstance determines the structure of the loan portfolio, the main part of which (excluding transactions in the interbank lending market) was formed at the expense of loans provided to individual clients. As of 01.01.2014, the volume of loans to individuals reached 1,143.6 billion rubles, having increased by 44% in 2013. The largest increase was noted in home loans(83%) and consumer loans (49%), in other areas of lending to individuals, the increase was - car loans (30%), mortgage loans (23%).

In 2013, more than 1 million consumer loans were issued in the offices of Rusfinance Bank for a total amount of 329.7 billion rubles, which is 29% more than in 2012.

The products of the line of cash lending of the population are distinguished by transparent financial conditions, short terms for consideration of applications, large limits and long terms of lending, a wide network of sales and service channels, as well as high quality of service.

The main tasks of Rusfinance Bank LLC in the consumer lending segment in 2013 were: ensuring the growth of sales volumes, profitability, as well as reducing the level of overdue debt. Also in 2013, Rusfinance Bank LLC focused on working with corporate and payroll clients that demonstrate a lower level of credit risk, which had a positive effect on the profitability of Rusfinance Bank LLC.

In order to ensure sales volumes:

There were promotions offering a reduced interest rate on loans for different segments of borrowers;

The target audience of clients has been expanded;

An offer was introduced for clients from the market with a good credit history;

In all regions, a project has been launched on a cash loan, which provides the client with the opportunity to receive an amount from one and a half to three times more than the requested one;

The Refinancing product has been modernized - the ability to refinance at Rusfinance Bank LLC, having a loan from another bank;

Pilot projects have been implemented to form pre-approved proposals on new, more attractive terms for clients.

To mitigate risks and the level of overdue debt in 2013, the Bank offered clients the opportunity to restructure debt.

Consumer lending products are provided in all regions of Rusfinance Bank presence.

The positive trends in cash lending will continue in 2014. The main goal for 2014 is to increase lending volumes and, as a result, to increase the share of Rusfinance Bank LLC in the lending market, primarily by optimizing internal business procedures accompanying the lending process, and offering new attractive financial products focused on individual customer needs.

In 2013, Rusfinance Bank LLC became the leader in the car loan market in terms of portfolio volume and market share. At the end of 2013, the car loan portfolio amounted to 124.8 billion rubles. (+ 31% to the indicator as of December 31, 2012).

The volume of car loans issued in 2013 was 28% higher than in 2012, the increase in sales in units by 2012 was 32%.

In July, a government rate subsidy program was launched. At the end of 2013, the share of sales under this program exceeded 60%. A significant volume of loans under the state program led to a decrease in the average loan amount for the line, a decrease in the average loan term, and a decrease in the average interest rate on the portfolio. On December 31, 2013, the program was completed.

In October, Rusfinance Bank LLC increased its securitized portfolio from 13 to 18 billion rubles as part of the current transaction, which allowed Rusfinance Bank LLC to continue diversifying funding sources. Along with other tasks, the focus of attention in 2013 was the task of minimizing the level of arrears.

In 2013, within the framework of car loans Rusfinance Bank LLC launched:

New programs for the purchase of additional equipment, motor vehicles;

New service products: GAP-insurance, Auto-map;

New projects with car manufacturers Chevrolet (a brand included in the TOP-5 foreign cars in terms of sales in the Russian Federation), SsangYong, UAZ.

In the reporting year, the housing lending market continued to grow steadily at a pace comparable to 2012. According to the results of 2013, the volume of the housing lending market reached 2,765 billion rubles, showing an annual growth of 30%. The volume of mortgage loans issued in 2013 amounted to 1,405 billion rubles, which is 1.3 times higher than in 2012.

Last year, the mortgage market showed an improvement in the quality of mortgage debt. Thus, during 2013, the level of overdue debt on housing loans decreased from 2.24% to 1.57%, which, among other things, was due to the growth of the market.

During the year, the development of the mortgage market was positively influenced by the high activity of its participants and increased competition, which contributed to a positive impact on the availability of mortgage loans for the population and the development of mortgage programs operating in the market.

The main trend in 2013 is a decrease in rates on the housing lending market. At the end of the year, rates decreased by 0.7%, reaching 12.2%.

The past 2013 was also characterized by a significant increase in the activity of financial institutions in the segment of lending to housing under construction. The demand for mortgages remained at a high level, the penetration of mortgage transactions into housing transactions grew. According to the estimates of ROSREESTRA and AIZhK, the share of transactions in the housing market with mortgages in 2013 approached 25% compared to 21% a year earlier. In the segment of housing under construction, the value of this indicator reached 40% or more, depending on the class of housing.

In 2013, Rusfinance Bank LLC continued the implementation of all previously operating programs mortgage lending having revised and significantly improved the conditions for some of them to increase their accessibility to the population of Russia, as well as launched new programs and carried out a number of pilot projects.

In the reporting year, Rusfinance Bank LLC reduced interest rates on foreign currency and ruble loans. On loans in rubles, rates decreased by 1%, on loans in US dollars and euros, a single base rate of 9.5% was established, regardless of the size of the first installment and the term of the loan.

In the third quarter of 2013, Rusfinance Bank LLC launched a promotion for the purchase of housing in a new building at a rate of 11.5% per annum, which does not depend on the size of the initial payment, without a supplement for the construction period for most new buildings.

The Bank carried out pilot project to reduce the interest rate for clients who received a mortgage decision from a competing bank. The rate reduction is no more than 0.31%.

In 2013, the acceptance of applications within the framework of the program "Mortgage with state support»In connection with the completion of the program.

At the end of 2013, the mortgage portfolio of LLC Rusfinance Bank reached 483.5 billion rubles, demonstrating an annual growth of 46%. As of December 31, 2013, the mortgage portfolio consisted of 365 thousand active mortgage loans.

In 2013, the growth of lending to legal entities continued. The volume of this type of loan debt increased by 54% over the year and as of 01.01.2014 amounted to 210.4 billion rubles.

The growth rate of the small business segment of Rusfinance Bank LLC in 2013 exceeded the market growth by almost 3 times both in the field of lending and in terms of attraction products. The small business loan portfolio grew 1.35 times, providing a 10% increase in the entire loan portfolio. The volume of the small business loan portfolio as of 01.01.2014 amounted to 168.6 billion rubles. (including leasing). The volume of loans issued to small businesses in 2013 amounted to 143.9 billion rubles (including leasing), which is 1.2 times higher than the fact in 2012.

In 2013, the following activities were implemented:

A new platform for the Bank-Client Online remote service system was replicated - a modern technological solution that meets the basic needs of customers in increasing the efficiency and convenience of access to banking services and services, meeting the requirements for reliability, security and availability of the system. All the Bank's clients got the opportunity not only to conduct settlement transactions but also remotely purchase products and services;

To fully meet the needs of customers, the conditions and technologies of loan products have been optimized: product offers for targeted loans and overdrafts have been adjusted; a specialized program “Auto Dealer-Partner” was introduced; a system for quick credit decision making for the most promising clients was developed; on a regular basis, within the framework of promotions, customers are offered the most popular loan products on favorable terms;

In terms of settlement and commission products, new services have been introduced and services have been optimized: urgent payments BESP (bank electronic system of urgent payments), online mode bypassing the flight system; the possibility of performing transactions with the establishment of a preferential conversion rate for clients of the priority segment of small business was provided;

The system of decision-making authority on credit and non-credit products has been optimized, which makes it possible to promptly form popular and timely individual offers to clients, making their experience of interacting with the bank convenient and comfortable;

The product line of bank guarantees has been updated - shortening the terms and significantly simplifying the mechanisms for providing guarantees within the powers of the territorial divisions of Rusfinance Bank LLC.

In 2014, Rusfinance Bank LLC plans to increase the portfolio of loans to small businesses by almost a third, and to increase the volume of small business liabilities by 20%. To this end, special attention will be paid to the competitiveness of the product offer, as well as the development of additional services and new sales channels.

Within the framework of these tasks, the following are planned:

Further development of remote service for clients of legal entities:

Operation of the "Bank-Client Online" system with popular browsers, easy integration with 1C, implementation of a service for working with electronic forms of currency control and individual exchange rates for buying / selling currencies;

Implementation full service for credit products in the "Bank-Client Online" system;

Comprehensive revision of the parameters of express loans, as well as the introduction of a new sales administration system in the standard segment of small business;

Building an effective cross-selling system based on an understanding of the potential and needs of each client;

Development of a product line with the ability to combine products and services and customize them to meet the needs of specific customers; introduction of additional opportunities for regular customers within the framework of comprehensive loyalty programs;

Development and optimization of lending technologies aimed at significantly reducing the credit cycle;

Launch of a new deposit line with flexible conditions, covering the basic needs of clients in placing temporarily free funds;

Transition to a new contractual system of small business services - introduction of a comprehensive settlement and cash services agreement, which will unite all services of cash settlement services and optimize customer service;

Qualitative improvement of customer service when making payments under foreign contracts - expanding the possibilities for supporting transactions by professional currency controllers;

Establishing relationships with foreign banks in order to attract short and medium term financing.

At the end of the reporting year, the total number of cards issued by Rusfinance Bank LLC increased by 12%.

The positive dynamics of the issue of payment cards is associated with the attraction of new customers, which was facilitated by the optimization and improvement of the services offered. During the year, Rusfinance Bank LLC was improving the services provided for existing cardholders through various marketing activities carried out in conjunction with payment systems.

Investment activity of banks it is the implementation of investments, as well as all the necessary measures and actions to translate these investments into income or a positive effect of some kind (social, environmental, etc.).

Explicit or direct investment income is considered to be profit in the form of interest, dividends, etc.

Indirect income is the strengthening and improvement of the bank's position, its image, etc. This is expressed in the form of ownership of a controlling stake in an organization, which, in turn, gives the bank control over the management of this organization.

The objects for the investment activities of banks are various securities, newly created or modernized objects of circulating or fixed assets, objects of intellectual property, cash deposits, etc.

2.3 Evaluation of indicators of the effectiveness of the bank's lending and investment operations

To ensure the stability of the banking system, the Central Bank of the Russian Federation establishes a number of economic standards, i.e. certain coefficients with a given level.

Centrally established economic standards include the following indicators:

Capital adequacy ratio;

The liquidity ratios of the balance sheet of a credit institution;

Standards for limiting major risks in the area of ​​attracting and allocating resources.

By means of economic standards, firstly, the absolute and relative level of the credit institution's equity capital is regulated, secondly, the liquidity of the balance sheet, thirdly, the diversification of active and passive operations of the credit institution, and fourthly, the creation of centralized reserves by each credit institution to provide financial the stability of the banking system as a whole.

To comply with economic standards, a system of analysis and control is being created in credit institutions. A group of analysts is engaged in such work, which develops special methods of analysis.

Analysis of economic standards is carried out in the following areas: comparison of the actual values ​​of the indicator with the standard; consideration of the dynamics of changes in the analyzed indicator; identification of factors that influenced the indicators.

At the first stage of the analysis, a table is drawn up that characterizes the actual level of economic standards in comparison with its limit value (table 5).

At the second stage, the compliance of each indicator with its normative level is checked.

At the next stage, a factor-based analysis of significant deviations is carried out. With a persistent negative trend, such an analysis is carried out for a number of dates in order to identify the causes of deviations.

Table 5 - Mandatory standards for the bank's activity, LLC Rusfinance Bank for 2011 - 2013.

Indicator	Coefficient	Standard
Bank's equity (capital) adequacy ratio
Bank instant liquidity ratio
Bank current liquidity ratio
Bank's long-term liquidity ratio
Maximum exposure per borrower or group of related borrowers
Maximum exposure to major credit risks
The maximum amount of loans, bank guarantees and sureties provided by the bank to its participants (shareholders)
Aggregate amount of risk by insiders of the bank
The standard for the use of the bank's own funds (capital) for the acquisition of shares (stakes) of other legal entities

The analysis of the state of capital is considered in conjunction with the analysis of the indicator characterizing the capital adequacy (H1).

(H1) is due to its two components: the amount of equity capital and the total risk of assets. The impact of these components on the regulatory ratio under consideration is the opposite: the capital adequacy ratio increases with an increase in the amount of equity capital and decreases with an increase in the risk of assets. The minimum value of the coefficient is 10% (for 2011 - 23.22%, for 2012 - 17.72%, for 2013 - 15.2%).

The analysis of liquidity ratios begins with the H2 indicator. Its level depends on the volume of the total amount of liquid assets (cash and assets up to 30 days) and the amount of liabilities on demand accounts and for a period of up to 30 days. The criterion level is 15% (for 2011 - 83.18%, for 2012 - 80.56%, for 2013 - 50.93%).

Along with the current liquidity indicator (Н2), in accordance with Instruction of the Central Bank of the Russian Federation No. 1, the bank's instant liquidity indicator (Н3) is introduced, which is defined as the ratio of highly liquid (cash and non-cash) assets to fast-moving demand deposits. The minimum allowable value is 50% (for 2011 - 115.1%, for 2012 - 103.01%, for 2013 - 73.01%).

The long-term liquidity of the bank is characterized by the indicator N4. It is calculated as the ratio of long-term loans (with a maturity of over one year) to the bank's equity and liabilities with a maturity of over one year. The maximum value is set within 120%. As of 01.01.2012 - 73.54%, as of 01.01.2013 - 78.04%, as of 01.01.2014 - 87.11%.

One of the methods of regulating the activities of credit institutions that have been developed recently. It is the limitation of large-scale risks. In this regard, Instruction of the Central Bank of the Russian Federation No. 1 provides for a number of indicators (N6, N7, N9.1, N10.1), with the help of which the maximum amounts of individual active, passive, off-balance sheet transactions are regulated by credit institutions.

The H6 coefficient characterizes maximum size risk per borrower, as well as a group of economically or legally related borrowers. It is calculated as the ratio of the total amount of loans issued by a credit institution to one borrower or a group of related borrowers, as well as guarantees provided to one borrower (a group of related borrowers) to the amount of the credit institution's own funds.

A bank with a larger amount of equity capital can increase the maximum loan amount issued to one client or a group of related clients. The maximum allowable value is 25% (for 2011 - 16.05%, for 2012 - 17.9%, for 2013 - 17.2%).

The H7 coefficient limits the maximum risk of all large loans. In this case, the total debt of one borrower or a group of related borrowers is considered large, taking into account 50% of the amounts off-balance sheet liabilities exceeding 5% of the equity capital of the credit institution.

This indicator is determined as the ratio of the sum of all large loans in the bank's portfolio to the volume of its equity capital. The criterion level is 80%. The indicators of Rusfinance Bank LLC were 47% in 2011, 79.98% in 2012, and 124.36% in 2013.

Coefficients Н9.1 and Н10.1 limit the maximum amount of loans, guarantees and sureties provided by the bank to its participants (shareholders). The indicator Н9.1 reflects the maximum risk per one shareholder (shareholder) of the bank; indicator Н10.1 is the maximum risk for its insiders, i.e. individuals who are either shareholders (have more than 5% of shares), or directors and board members, members of the credit committee, etc. and having or previously related to the issues of issuing loans.

Indicator Н9.1 is calculated as the ratio of the total amount of bank claims in rubles and foreign currency(including off-balance sheet) in relation to one shareholder (shareholder) to the bank's own capital. Cannot exceed: 50%. The indicators of Rusfinance Bank LLC for the entire analyzed period are 0.00%.

Indicator H 10.1 is defined as the ratio of the aggregate amount of claims (including off-balance sheet) of the credit institution in rubles and foreign currency in relation to one insider of the credit institution and related persons to the bank's equity capital. The value cannot exceed: 3%. As of 01.01.2012 - 0.86%, as of 01.01.2013 - 0.9%, for 01.01.2014 - 0.93%.

For the first time in Russia, an indicator is introduced that limits the use of a bank's equity capital for the acquisition of shares (stocks) in other legal entities. This indicator is Н12, calculated as the ratio of the size of the invested and own funds of the credit institution. Investing is understood as the acquisition by the bank of participation interests and shares of other legal entities. The maximum admissible value of H12 is set at 25%. The indicators of Rusfinance Bank LLC as of the reporting period were 0.01% as of 01.01.2012, 0.14% as of 01.01.2013, and 0.65% as of 01.01.2014.

Thus, based on the data presented, we can conclude that no indicator exceeds the maximum / minimum permissible value. And, therefore, there is reason to believe that today Rusfinance Bank LLC is a financially stable and prosperous Bank.

For a more complete analysis, we will calculate and evaluate the financial solvency ratios (table 6).

Table 6 - Indicators of the effectiveness of lending and investment operations of Rusfinance Bank LLC for 2011 - 2013

Continuation of table 6

Coefficient overall stability
Coefficient return on assets
Capital adequacy ratio
Capital adequacy ratio
Coefficient full liquidity
Rate of return on capital
Asset profitability ratio
Profitability ratio
The ratio of the share of profit in the bank's income

Thus, the instantaneous liquidity ratio (K1) makes it possible to estimate the share of the bank's liabilities, which can be repaid on demand using liquid assets of the “first priority”.

The level of earning assets (K2) shows what share of the assets is occupied by earning assets. Since almost all earning assets are risky, their extremely high proportion increases the bank's volatility and the risk of non-payments, both for current operations and for its liabilities. At the same time, the size of the earning assets must be sufficient for the bank to break even. It is considered normal if the share of earning assets is 65-75%, or lower, but provided that the bank's income exceeds its expenses.

The coefficient of general stability (K4) allows you to compare the multidirectional flows of interest received and paid by the bank, as well as income and expenses for all types of bank activities. For a bank to remain viable, the costs of operations and investments must be covered by the income received, and if they are not sufficient, then the bank can be described as ineffective. The value of the overall stability coefficient should not exceed 1.

The return on assets ratio (K5) allows you to determine the level of return on all assets. Low profit margins can be the result of conservative lending and investment policies and excessive operating costs. A high ratio of profit to assets can be the result of the efficient operation of the bank, high rates of return on assets. In the latter case, the bank may be exposing itself to significant risk. This is not necessarily a bad thing, as the bank is likely to be good at managing its assets, although potentially large losses are possible.

The capital adequacy ratio (K6) shows what share in the structure of liabilities is occupied by the bank's own capital. The higher its share, the more reliable and stable the bank is. The capital level is considered sufficient if the bank's liabilities amount to 80-90% of the bank's balance sheet total.

The full liquidity ratio (K7) characterizes the balance between the active and passive policies of the bank to achieve optimal liquidity. Moreover, liquid assets must exceed the value of the bank's current liabilities. On the one hand, this characterizes the bank's ability to pay off its obligations in the long term or in the event of bank liquidation. It also speaks about whether the bank spends the attracted funds (clients) for its own needs.

In addition, there are a number of coefficients characterizing the profitability and profitability of the bank.

The rate of return on capital. This ratio shows how effectively the owners' funds were used. The optimal value is 0.1-0.2. For our example, the values ​​do not fall into this interval, which means that the owners' funds are not used efficiently.

This ratio reflects the efficiency of bank management and shows how much profit was brought by one monetary unit of the bank's funds invested in assets, i.e. the effectiveness of the bank's placement of its own and borrowed funds. By correlating the profit with the value of the bank's assets, we can judge the effectiveness of the investment policy pursued by the bank's management.

In turn, the profit of assets is directly dependent on the profitability of assets (P3) and the share of profit in the bank's income (P4).

The return on assets is characterized by the activities of the bank in terms of asset allocation, that is, the ability to generate income.

Based on the data presented in Table 5, it can be concluded that the Bank can repay a share of the required liabilities on demand using available liquid funds.

Summing up the first section, we can say with confidence that Rusfinance Bank LLC is a reliable and stable bank and fully copes with its tasks.

3 Problems and prospects for the development of credit and investment activities of commercial banks

At present, the development of the Russian economy is taking place in conditions of extremely low lending and investment activity of the banking sector.

According to Federal Service state statistics (Table 7), investments were and continue to be made by Russian enterprises mainly at their own expense (profit, depreciation fund, etc.).

Table 7 - Sources of investment of Russian enterprises in fixed assets for 2010 - 2013

Indicators
	Amount, billion rubles		Amount, billion rubles		Amount, billion rubles		Amount, billion rubles
Investments in the main capital, including:
Own funds
Loans

Bank loans act as the main form of external financing for enterprises, but the share of bank loans in sources of investment over the past four years has not exceeded 10%. This indicator is extremely low, despite the fact that raising funds from external sources allows you to speed up the process of organizing a new enterprise, to ensure the continuity of the reproduction process, allows you to develop faster in quantitative and qualitative terms.

Banks, mobilizing funds of various volumes and terms, have the opportunity to make credit and investment investments in production in the amount and for the terms that borrowers need. However, there are a number of problems that hinder the effective and massive lending and investment activities of banks. As a result of the study, problems such as:

High interest rates on loans provided;

Low share of long-term lending;

Reduction of the share of investments in securities in favor of the loan portfolio, a small volume of the investment portfolio in the total volume of investments in securities.

Let's consider each problem separately.

1) The problem of high interest rates remained relevant throughout the entire history of the existence of the Russian banking system. It is the reason for the moderate growth in the activity of borrowers, leads to an increase in costs and a decrease in profits in the real sector of the economy. For banks, this is reflected in a significant limitation of opportunities for growth in the volume of activities and increased risks.

The average structure of the credit interest rate for the ruble loan portfolio of the bank is as follows: approximately 46% of the interest rate on the loan is determined by the availability of financial resources at the bank and their price. The remaining 56% of the interest rate is bank margin, and is formed under the influence of deductions to reserves, personnel costs, operating expenses, taxes and profits.

It is believed that high bank margins (or overestimated risks) are the key factor behind high interest rates on loans. but lending rates only in theory depend on these factors. The risk assessment and margin are formed according to the leftover principle - depending on what are the rates for providing liquidity from the Bank of Russia.

The most important factor is the amount of liquidity that the Bank of Russia provides to the market. If, at the current level of liquidity, the bank cuts rates, then it will run out of free resources very quickly. Banks in their interest rate policy are guided by the ratio of loans to deposits, which should strive for 100%, that is, the volume of loans should correspond to the volume of deposits.

Thus, the main reason for high interest rates is the lack of liquidity in the banking sector.

2) Long-term credit has an important role in the country's economy as a source of funds for the formation and improvement of fixed assets of the national economy. For banks, long-term lending is no less important - by issuing long-term loans, banks form a completely stable clientele, the need for frequent negotiations with clients disappears, and risk diversifies.

At the same time, when the received long-term loans are directed by client enterprises for re-equipment and reconstruction, their production expands and profitability increases, which is also a positive factor for the bank. The share of long-term lending by Russian banks is growing every year, but in 2013 it remained low and amounted to 41% of the total volume of loans issued.

For comparison, in the United States and Western Europe, more than 60% of loans provided are long-term.

To identify the reasons for the low share of long-term lending, let us consider the volume of deposits attracted by banks and issued loans in terms of maturity (Table 8 and Table 9).

The Bank of Russia statistics do not indicate the terms of loans to individuals, in this regard, the volume of mortgage loans issued is taken as the volume of long-term lending to individuals, since their maturity in most cases exceeds 3 years.

Table 8 - The total volume of attracted deposits (deposits) of individuals and legal entities by banks of the Russian Federation by maturity in 2010 - 2013, mln. Rub.

Term of deposits
poste restante
for up to 30 days
for a period from 31 to 90 days
for a period from 91 to 180 days
for a period from 181 days to 1 year
for a period from 1 to 3 years
for a period over 3 years

Table 9 - The total volume of loans issued to individuals and legal entities by the banks of the Russian Federation, the maturity of which exceeds 3 years for 2010 - 2013, mln. Rub.

Analysis of tables 8 and 9 revealed a cardinal discrepancy in terms of deposits and issued loans. In 2013, the volume of long-term loans issued amounted to 8,860,148 rubles, while the volume of long-term deposits for the same period amounted to only 2,064,090 rubles. There is an obvious significant shortage of long-term resources in the banking sector, which brings us back to the liquidity shortage discussed above.

The situation is different in lending to small and medium-sized businesses. According to statistical agencies, about 62% of the current portfolio of loans to small and medium-sized businesses today are short-term loans, another 20% are loans with a maturity of up to three years. Banks, having a limited amount of long-term resources, offer them to the clients who seem to be the most important for the bank, and most often these are the clients of the corporate sector. For small businesses, banks reassure clients in this sector that their financial needs can best be met through short-term loans. Gradually, in the banking sector of Russia, the practice of issuing short-term loans to entrepreneurs who applied for a long-term investment loan with a promise to prolong the loan agreement has become widespread.

3) Despite the wide variety of banks' operations in the investment market, the banking sector of the national economy shows a tendency to reduce the volume of the securities portfolio in favor of the credit one. In 2013 the volume financial investments banks in securities amounted to 8,077 billion rubles. Investments in debt obligations prevail in the portfolio, accounting for about 70% of the total investment in 2013, while more than half of the debt securities of Russian banks are liabilities transferred without derecognition, i.e., they are used as collateral for repo transactions. Investments in equity securities account for only 9.7% of the total investment.

Thus, the stock market for Russian banks is an auxiliary tool for purchasing securities from the Lombard list of the Bank of Russia and obtaining additional liquidity against their collateral, and the investment component of investments in securities is very small.

Investments in securities are a direct alternative to lending activities. The securities market is a more modern and efficient system for attracting resources by enterprises.

V developed countries, according to existing estimates, up to 75% of external financial resources come from the securities market, while in Russia the main source remains Bank loan, and the stock market is an auxiliary tool for banks to obtain additional liquidity for issuing a larger volume of loans.

It is known that the stock market has a number of problems, such as underdevelopment, low investment attractiveness of a significant number of Russian enterprises of issuers, a wide range of risks, etc. Banks, in our opinion, can become the main driver of the stock market development and overcoming its existing problems. To do this, it is necessary to find a significant source of liquidity for banks, which will allow them to reorient their activities in the stock market from buying pledged securities to investments in order to generate income in the future.

Thus, the main problem of the lending and investment activities of Russian banks is the lack of liquidity.

In our opinion, the securitization of financial assets may become a significant source of liquidity. In economically developed countries, securitization is one of the main and most effective sources of resources for credit institutions. In the broadest sense of the word, securitization means a form of debt redemption. In banking practice, it means "the replacement of non-market loans for freely tradable securities, which entails the transfer of loan obligations to the credit institution that has carried out this." In a narrow interpretation, it is "a technique whose main idea is to write off financial assets from the company's balance sheet and refinance them by issuing securities on the international and capital markets."

Classic securitization is as follows. Banks (in international practice - originators) issue loans to individuals (borrowers), receiving mortgage loans as collateral for real estate, the rights of claim for which are sold to SPV (according to the law of the Russian Federation "On Mortgage Securities", a mortgage agent). These banks create their own mortgages on the basis of mortgages or buy them from other credit institutions. These mortgages sold by the SPV form the collateral for the mortgage bonds it issues. To reduce the cost of issuing these bonds and to optimize taxation, the SPV is located offshore. From the proceeds from their placement, the SPV pays for the acquired mortgages to the originator, who services the securitized assets, receives the receivables, manages them and, if necessary, ensures their collection in judicial procedure... And the money received by the originator from the borrowers is transferred to the SPV for settlements with the investors, to whom the latter pays interest on mortgage bonds and the amount of the principal debt at a specified time.

In Russia, securitization began to be applied relatively recently and is underused. V last years more than 35 securitization transactions of Russian mortgage assets were carried out for the amount of more than 200 billion rubles. The main limiting factor hindering the development of the securitization market is the small number of systemic investors that create demand for mortgage and non-mortgage securities. There are only two of them in Russia - "State Management Company The Pension Fund RF "(Vnesheconombank), and" Agency for Housing Mortgage Lending ", while their funds for investment are very limited. Therefore, it is necessary to expand the circle of systemic investors to attract private ones. An important step, in our opinion, may be the attraction of funds from non-state pension funds.

The cost of funding using securitization can be determined only after the placement of securities. At the same time, according to experts, the results of placements by other banks can be used as a guideline. As a result of the analysis of securitization transactions carried out by other banks, it can be concluded that the price of additional financial resources received by the bank will be approximately 7-8.5%. The calculation of transaction costs depends on various factors: the life of the portfolio, the volume of the transaction, etc.

A rough estimate is in the range of 0.4-0.8%. As a result, we have an average cost of funding approaching 8.35% per annum. For comparison, the cost of attracting household deposits by banks for a period of more than three years is approximately 9% per annum, which makes securitization a more profitable source of liquidity for banks. Additional funds can be used to reduce interest rates on loans, increase the volume of long-term lending, reduce investment in collateralized securities and increase the volume of investment in the stock market.

Conclusion

Banks are the dominant link in the country's financial system, which saturates the Russian economy with monetary resources. At the same time, they strive to maximize the level of efficiency of lending and investment activities by identifying priority investment areas.

The identification of the optimal ways of capital investment occurs in the process of modeling the bank's lending and investment activities, which necessitates the development of a methodology that will be aimed at assessing the effectiveness of the bank's lending and investment activities.

Since the correct choice of the bank's lending and investment strategy and its effective implementation directly depend on the correct understanding of the purpose of this management tool, the definition of the essence of this concept requires deeper research.

In the economic literature, the term "investment" means, as a rule, funds invested in securities for a long time. This is a theoretical reflection of real-life economic relations because the mechanisms for investing in market economy directly related to the securities market. Also, the term "investment" means: all directions of placement of the bank's resources; operations for the placement of funds for a specified period in order to generate income. In the first case, investments include the entire range of active operations of a commercial bank, in the second - its urgent component.

The main directions of bank participation in investments are: investment of funds, both at the request of the client and at the expense of the bank, in equity participation, shares, securities; accumulation of funds by banks for investment purposes; provision of investment loans.

Commercial banks carry out their investment activities at the expense of borrowed, attracted or own resources... Since banks form their resources by mobilizing their capital, customer savings and other available funds with the main purpose of their profitable and profitable use.

One of the most important sources of the bank's profit is lending activities. The emergence of bank lending is associated with the solution of a certain limitation. Building credit relations according to the lender-borrower principle would restrain the increase in the boundaries of the loan and its attractiveness for the subjects, because the organization of such relations would be much more expensive, slower, risky and more inconvenient.

The need to overcome these contradictions has led to the development of financial intermediation as an activity for the accumulation of free money capital and placing it among the borrowers. Thus, the development of the bank's lending activities is not due to the emergence of a need for business entities for a loan, but is a logical continuation of the function of financial intermediation.

In the economic literature, there is no clear definition of the concept of "lending activities of a bank", most scholars identify it with the concepts of "lending activities of a bank" and "lending operations of a bank". The impossibility of identification is due, firstly, to the difference in their content, and secondly, due to the difference in the interpretation of the words "operation" and "activity", because the latter in a broad sense means the application of one's labor to something, work, occupation, activity, deeds, labor of people in any area, etc.

The study of the economic literature made it possible to formulate the definition of the concept of "credit and investment activities of a bank" as an activity that is carried out in accordance with the concept of the bank's development on the basis of a system of measures aimed at the effective use and coordination of available resources, technologies and competencies, taking into account the variability of the credit and investment climate in the country for the gradual achievement of the established goal of the bank's activities.

The implementation of the bank's lending activities consists of the following stages: the formation of credit policy; material and technical equipment of credit departments; software development; credit transactions; risk management of the bank's lending activities; analysis of the bank's lending activities.

In addition to interest expenses, to ensure the preparatory stages and the next functional stages of the bank's lending activities, considerable funds must be spent. Even for the implementation of each individual operation, not only credit resources are required, but also the provision of credit procedures for the consideration and support of credit projects, which requires financial costs for the maintenance of bank personnel and equipment. Therefore, with the additional inclusion of non-interest expenses in the calculations of the effectiveness of the bank's lending and investment activities, the result may even turn out to be negative, despite the high profitability taken into account with the inclusion of only interest expenses. Also, in modern conditions, the principles of rational lending are of particular importance, requiring a reliable assessment of not only the object, subject and quality of collateral, but also the level of margin, profitability of credit operations and risk reduction.

Evaluation of the effectiveness of the bank's lending and investment activities occurs mainly at the level of the ratio of the difference between interest income and interest expenses to the volume of assets involved for this. At the same time, carrying out all stages of the bank's lending and investment activities gives grounds to assert that interest expenses are only one component general structure the costs of this activity.

Having studied the essence of the lending and investment activities of banks, the following conclusions can be drawn:

To effectively use the attracted resources, banks invest in securities. In order to obtain the maximum level of profit, highly profitable assets with an optimal level of risk and liquidity are bought;

The bank's lending and investment activities have developed as a continuation of the function of financial intermediation of banks;

To ensure the optimal level of credit and investment activities, it is necessary to ensure the formation of a credit policy, to provide credit departments with the necessary resources;

with the aim of effective lending and investment activities, it is necessary to adhere to the principles of lending and objectively predict the level of profitability of lending operations, to take measures to reduce credit risk.

In particular, for LLC Rusfinance Bank, the priority areas of lending and investment activities should be: lending to individuals and legal entities, as well as changing priorities for the composition of the securities portfolio.

To ensure the growth of the loan and investment portfolio, it is necessary to increase the volumes of the bank's own capital and deposits of individuals.

For LLC Rusfinance Bank, we can recommend to continue investing in securities and lending to legal entities. However, the share of operations with securities should not exceed 30-35% of the volume of credit operations, since they are less profitable.

To increase the loan and investment portfolio, we recommend increasing the volume of deposits of individuals. persons and liabilities, the volume of deposits of legal entities. This method of assessing the effectiveness of the bank's lending and investment activities can be used by the bank in the development and modeling of lending and investment activities.

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In the English-Russian banking encyclopedic dictionary B.G. Fedorov, an investment bank is defined as a bank specializing in organizing the issue, guaranteeing placement and trading in securities; also advising clients on various financial issues; however, it is focused mainly on the wholesale financial markets (for the US conditions) or as a non-clearing bank specializing in medium and long-term investments in small and medium-sized companies (for the UK conditions).

It should be noted that different terminological systems have developed in different countries. So, in the UK to the point investment bank the term investmenttrust (company) is more suitable, rather than the term investmentbank, the closest thing to the American understanding is such a phenomenon as an investment banking house.

From the above definitions, as well as from many other definitions, the following features characteristic of those commercial organizations that will be referred to as investment banks can be distinguished:

• · It is a large universal commercial organization combining most of the acceptable types of activities in the securities market and in other financial markets;
• · Main activity - attraction of financial resources through securities;
• · Carrying out operations, primarily in the wholesale financial markets;
• · Priority is given to medium and long-term investments;
• · The basis of the portfolio is securities, while the majority of investment banks are mostly focused on non-government securities.

All other institutions of the securities market are guided by the performance of certain specialized operations. At the same time, they cannot afford investment banking.

It should be noted that fundraising activities are usually described as investment banking. The simplest definition of an investment bank would be the following: an investment bank is a financial institution engaged in investment banking (investment banking).

However, this definition will not be entirely accurate. It implicitly implies the specialization of this institution in investment banking. But the fact is that it is impossible to specialize only in investment banking, because its implementation is possible only within the framework of a truly universal institution, in which all other types of investment bank activities are sufficiently developed. Activities to attract financial resources are impossible without well-organized and developed work in other areas, typical of an investment bank. It can be said that all other activities of an investment bank create the basis for the development of investment banking within this bank. In addition, investment banking is not only the most prestigious direction in the work of an investment bank, but also the most profitable. Therefore, all large companies and companies in the securities market seek to obtain projects to attract financial resources, i.e. strive to grow into an investment bank.

Moreover, the term investmentbanking is often understood in a narrow sense, namely as the activity of managing consortia of underwriters, i.e. become almost synonymous with the term underwriting. The term investmentbanking itself appeared in England in the middle of the 19th century. (in the USA - at the end of the 19th century) - after banks began to fully buy out new issues of securities for their subsequent sale to end investors on their own behalf.

It is the activity of attracting financial resources for its clients through the placement of their securities that is the main defining the company as an investment bank. At the same time, the implementation of this activity presupposes the presence of many other types of activity, which together form the universality of the investment bank.

Institutions have appeared today that actually show the tendency to transform into an investment bank and declare themselves precisely as investment banks, and characterize their activities as investment banking. However, as a rule, the phrase “investment bank” does not appear in the corporate name of such institutions. The fact is that the text of the Law "On Banks and Banking Activities" gives such a definition of the term "bank", from which it follows that any bank is a commercial bank and, therefore, must have a license to carry out banking operations. Therefore, the use of the word "bank" in the corporate name of an institution, which is essentially an investment bank, should be recognized as irrational at the present time.

In Russia, in the absence of a legislative description of an investment bank, those enterprises that developed into structures corresponding in characteristics to the concept of an investment bank, for the most part, had an investment company license. However, in addition to those operations that are in accordance with Russian regulations belonged to the sphere of activity of an investment company, an investment bank usually performs functions characteristic of other specialized market participants. An investment company and an investment bank can also be opposed in terms of their work with the funds of the population. Investment companies in Russia did not have the right, in accordance with regulatory documents, to attract funds from individuals, but due to their small size, they tried to attract funds from the population through various clever schemes. Investment banks, on the contrary, in countries with developed markets do not have legal prohibitions on working with private funds, but they refuse such activities by virtue of economic reasons... In addition, in Russia there is an opinion about an investment company as an institution, the main activity of which is the conduct of dealer operations.

An investment bank is in its most general outline similar to a commercial bank. Both of them attract funds from small investors and place them among large consumers of financial resources. In other words, banks are a link between end investors and end users of financial resources. But a commercial bank allocates resources by concluding loan agreements with borrowers, and an investment bank buys securities from various issuers. In addition, the term "commercial" refers to the short-term nature of financing (the initial meaning is trade operations, which are characterized by a relatively short time interval during which there is a need for financial resources), and the term "investment" refers to a longer-term financing associated with as a rule, with the renewal of the fixed capital.

COURSE WORK

By discipline: “Money. Credit. Banks "

on the topic: "Investment activity of commercial banks"

Introduction

Chapter 1. Theoretical aspects of investment activities of a commercial bank

1 The essence and forms of investment activities of a commercial bank

2 The process of investment activities of a commercial bank

2 Classification of transactions of credit institutions with securities

Chapter 3. Problems of investment development of commercial banks

2 Conditions and prospects for the development of investment activities of a commercial bank

Conclusion

Applications

Introduction

The investment activity of commercial banks is of strategic importance not only for a specific element of the banking sector, but also for the country as a whole. The solution to the problem of increasing the efficiency of investment activities by commercial banks is associated with economic growth, an increase in the living standards of the population, ensuring socio-economic stability and economic security. A rational investment policy will also ensure the effective development of the commercial bank itself. That is why consideration of the topic "Investment activity of commercial banks" is relevant today, in the context of the increasing role of the banking sector.

This course work is devoted to an important problem for a developing economy - the investment activity of a commercial bank. The need to intensify the participation of banks in the investment process arises from the interdependence of the successful development of the banking system and the economy as a whole. On the one hand, commercial banks are interested in a stable economic environment, which is a prerequisite for their activities, on the other hand, the stability of economic development largely depends on the degree of stability and elasticity of the banking system, its effective functioning. At the same time, since the interests of an individual bank as commercial education focused on obtaining maximum profit at an acceptable level of risk, the participation of banks in investing in the economy is carried out only in the presence of favorable conditions.

mobilization of funds by banks for investment purposes;

provision of investment loans;

investments in securities, shares, equity participation (both at the expense of the bank and on behalf of the client).

The aim of the course work is to get acquainted with the investment activities of the bank, on the basis of this, to identify the conditions and prospects for the development of investment activities of a commercial bank in the real sector of the Russian economy.

In accordance with the goal, the main tasks of the work are:

study the theoretical foundations of the investment activities of commercial banks;

Consider the formation and organization of investment activities of commercial banks: pay attention to the formation of the investment portfolio of commercial banks and, directly, to the classification of transactions carried out by commercial banks with securities;

Identify the problems and ways of development of investment activities of Russian commercial banks at the present stage of economic development.

The methodological basis of the work was the work of the authors: Alekseev D.G., Tavasieva A.M., Lavrushin O.I., Zharkovskaya I.O. and other sources. Also, for writing a term paper, such electronic sources as: Department of Research and Information of the Bank of Russia were used. Annual review of the financial market for 2012 and the website of the Central Bank of the Russian Federation.

CHAPTER 1. THEORETICAL ASPECTS OF INVESTMENT ACTIVITIES OF A COMMERCIAL BANK

1.1 The essence and forms of investment activities of a commercial bank

Today the banking system is one of the most important and integral structures of a market economy, in which commercial banks play a basic role. Commercial banks act, first of all, as specific credit institutions, which, on the one hand, attract temporarily free funds from the economy, on the other hand, they satisfy various financial needs of enterprises, organizations and the population at the expense of these attracted funds.

Analyzing the essence of the investment activity of a commercial bank, let us turn to the consideration of some concepts that determine theoretical basis of this issue.

Usually, an investment is understood as a long-term investment of capital in any enterprise, business, project. However, the following definition should be considered more correct. Bank investments are investments of bank resources for a long time in securities with the aim of obtaining direct and indirect income. The bank receives direct income from investments in securities in the form of dividends, interest or profits from resale. Indirect income is formed on the basis of the expansion of the influence of banks on clients through the ownership of a controlling stake in their securities.

Investment activity is an investment and a set of practical actions for their implementation. The subjects of investment activity are investors, including banks, and the objects of investment activity are newly created and modernized basic and working capital, securities, targeted cash deposits, scientific and technical products, other property.

The main directions of banks' participation in the investment process in the most general form are as follows:

· mobilization of funds by banks for investment purposes;

· provision of investment loans;

· investing in securities, shares, equity participation (both at the expense of the bank and on behalf of the client).

These areas are closely related to each other. By mobilizing capital, savings of the population, and other free funds, banks form their resources for the purpose of their profitable use. The volume and structure of operations to accumulate funds are the main factors influencing the condition of banks' credit and investment portfolios, the possibilities of their investment activities.

The investment activity of banks is viewed as a business providing two types of services: increasing cash by issuing or placing securities on their primary market; connecting buyers and sellers of existing securities in the secondary market while acting as brokers and / or dealers.

The following indicators can be used as indicators of the investment activity of banks:

· the volume of investment resources of commercial banks;

· the volume of bank investments;

· the share of investments in the total assets of banks;

· indicators of the effectiveness of investment activities of banks, in particular, the growth of assets per investment volume, profit growth per investment volume;

· indicators of alternative profitability of investment in the manufacturing sector in comparison with capital investment in profitable financial assets.

It should be noted that from the standpoint of economic development, the investment activities of banks include investments that contribute to the receipt of income not only at the bank level, but also at the level of society as a whole (as opposed to those forms of investment activities that, ensuring an increase in the income of a particular bank, are associated with the redistribution social income). Consequently, from the point of view of macroeconomics, the criterion for classifying it as investment activity is the productive orientation of the bank's investments.

The classification of the forms of investment activity of commercial banks in the economic literature and banking practice is carried out on the basis of general criteria for systematizing the forms and types of investments:

1.In accordance with the object of investment, investments in real economic assets (real investments) and investments in financial assets (financial investments) can be distinguished. Bank investments can also be differentiated by more private investment objects: investments in investment loans, time deposits, shares and equity participation, in securities, real estate, precious metals and stones, collectibles, property and intellectual rights, etc.

Real investments, as a rule, account for an insignificant share in the total volume of bank investments. Financial investments are more typical for banks as financial and credit institutions.

Financial investments of banks include investments in securities, time deposits with other banks, investment loans, shares and equity participation. As the stock market develops, investments in securities become more and more important: debt obligations (promissory notes, certificates of deposit, government and municipal securities, other types of obligations issued by legal entities), equity securities (shares) and derivative securities.

2.Depending on the purpose of investments, bank investments can be direct, aimed at providing direct management of the investment object, and portfolio investments, carried out with the expectation of receiving income in the form of a stream of interest and dividends, or due to an increase in the market value of assets.

3.According to the purpose of investments, one can distinguish investments in the creation and development of an enterprise and organization and investments that are not related to the bank's participation in economic activities.

Investments in the creation and development of enterprises and organizations include two types: investments in the economic activities of other enterprises and investments in the bank's own activities. The bank's investments in the economic activities of third-party organizations are carried out through participation in their capital expenditures, the formation or expansion of the authorized capital. When participating in the authorized capital by purchasing shares, units, shares, commercial banks become co-owners of the authorized capital and acquire all the rights provided for by law.

Investments in the bank's own activities include investments in the development of its material and technical base and improvement of the organizational level. Depending on the direction of investment, one can distinguish:

· investments to improve the efficiency of banking activities. They are aimed at creating conditions for reducing banking costs by improving technical equipment, improving the organization of banking activities, working conditions, personnel training, research and development;

· investments aimed at expanding banking services. Such investments imply an expansion of the resource and customer base, an increase in the range of banking operations, the creation of new divisions capable of providing the production of new types of banking services;

· investments related to the need to comply with the requirements of government regulatory authorities. These investments are made when it is necessary to satisfy the requirements of regulatory bodies in terms of creating certain conditions for banking activities.

4.According to the sources of funds for investment, the bank's own investments, made at its expense, and client investments, carried out by the bank at the expense and on behalf of its clients, are distinguished.

5.In terms of investment terms, investments can be short-term (up to one year), medium-term (up to three years) and long-term (over three years).

.Investments of commercial banks are also classified by type of risk, region, industry and other criteria.

Efficiency from investments in the development of a bank is achieved if, as a result of the costs incurred, an improvement in its financial condition is ensured. Determination of the volume and structure of investments in their own activities, carried out in the process of developing a bank's capital investment plan, should be based on accurate technical and economic calculations. An excess of the required volume of investments can lead to an imbalance in liquidity, a decrease in the bank's income base and a drop in the efficiency of banking activities.

1.2 The process of investment activities of a commercial bank

It is very important to have an idea of ​​the process of investment activities of commercial banks. The investment policy of commercial banks involves the formation of a system of target guidelines for investment activities, the choice of the most effective ways to achieve them. In the organizational aspect, it acts as a set of measures for organizing and managing investment activities, a direction to ensure optimal volumes and the structure of investment assets, the growth of their profitability at an acceptable level of risk. The most important interrelated elements of investment policy are tactical and strategic processes of management of the bank's investment activities.

An investment strategy is understood as the definition of long-term goals of investment activities and ways to achieve them. Its subsequent detailing is carried out in the course of tactical management of investment assets, including the development of operational goals for short-term periods and means of their implementation. The development of an investment strategy is, therefore, the starting point of the investment management process.

The formation of investment tactics takes place within the specified areas of the investment strategy and is focused on their implementation in the current period. It provides for the determination of the volume and composition of specific investment investments, the development of measures for their implementation, and, if necessary, the compilation of a model for making managerial decisions to exit investment project and specific mechanisms for the implementation of these decisions.

Banks, buying certain types of securities, strive to achieve certain goals, the main of which are:

· investment safety;

· return on investment;

· Investment growth;

· liquidity of investments.

Safety is always achieved at the expense of profitability and investment growth. The optimal combination of security and profitability is achieved by careful selection and constant revision of the investment portfolio.

In addition to general goals, the development of an investment policy in accordance with the economic development strategy chosen by the bank provides for taking into account specific goals, which are:

· ensuring the safety of banking resources;

· expansion of the resource base;

· diversification of investments, the implementation of which reduces the overall risk of banking activities and leads to an increase in the financial stability of the bank;

· minimizing the share of non-profitable assets (cash, funds in correspondent accounts with the Central Bank) by replacing their part with short-term investments that have a liquidity level comparable to cash, but bring some income at the same time;

· obtaining an additional effect when acquiring shares of financial institutions, purchasing branches, establishing subsidiary financial institutions as a result of an increase in capital and assets, a corresponding expansion of the scale of operations, mobile reallocation of available resources, diversification of funds, entering new markets, saving operating costs.

After determining the investment objectives and the types of securities to buy, banks choose a portfolio management strategy. According to the methods of conducting operations, strategies are divided into active and passive.

All active strategies are based on forecasting the situation in various sectors of the financial market and active use banking specialists forecasts for adjusting the securities portfolio.

Passive strategies use less forecast for the future. A popular approach in such management methods is indexing, i.e. Securities for the portfolio are selected on the basis that the return on investment must correspond to a certain index and have an even distribution of investments between issues of different maturities. A real portfolio strategy combines elements of both active and passive management.

The precondition for the formation of the investment policy is the general business policy of the bank's development. The process of forming the bank's investment policy in its most general form is presented in Appendix 1.

Determining the best ways to implement the strategic goals of investment activities involves the development of the main directions of the investment policy and the establishment of principles for the formation of sources of investment financing. In accordance with these criteria, the following areas of investment policy can be distinguished:

· investing with the aim of generating income in the form of interest, dividends, payments from profit;

· investment with the aim of generating income in the form of capital gains as a result of an increase in the market value of investment assets;

· investment for the purpose of generating income, the components of which are both current income and capital gains.

When choosing the first direction of investment policy, the determining importance is attached to the stability of income. This area provides for investing in fixed income assets for a long period of time when minimal risk, high reliability of investments, guaranteed income, the level of risks and the possibility of hedging them. Special attention pays attention to retrospective and current aspects of analysis, collection and processing of information characterizing the movement of interest rates, the yield of securities, the rating of the company - issuers of securities.

When the investment policy is oriented towards capital gains, the stability of the increase in the market value of investment assets is highlighted, and their profitability is considered only one of the factors that determine the value of assets. The policy aimed at capital growth is associated with investing in investment objects that are characterized by an increased degree of risk due to the possibility of depreciation of their value.

In the practice of banking, both directions of investment policy can be combined in various forms, allowing, as a rule, to enhance the advantages and smooth out the disadvantages. A variant of this combination is a moderate investment policy, in which the preference turns out to be a sufficient amount of income in the form of both current payments and capital gains with an investment period not limited by a rigid framework and moderate risk.

The Central Bank of the Russian Federation regulates the investment activities of commercial banks, defining priority investment objects and limiting risks by establishing a number of economic standards (use of bank resources for acquiring shares, issuing loans, reserves for depreciation of securities, bad loans), differentiated risk assessments for investments in various types of assets.

Chapter 2. Formation and organization of investment activities of a commercial bank

1 Formation of an investment portfolio by a commercial bank

To implement the developed investment process: choosing the goal of investment activity, the most favorable strategy out of the possible, an investment portfolio is formed.

A bank's portfolio of securities is a set of bank securities, selected in a certain way for the purpose of increasing capital, making a profit for the bank and maintaining its liquidity. The procedure for compiling a portfolio of securities is the bank's portfolio strategy. The content of a securities portfolio determines its structure - the ratio of specific types of securities. The priority of certain goals corresponds to different types and types of portfolios of the bank's securities.

There are portfolios of securities:

) balanced, fully consistent with the investment strategy of the credit institution;

) unbalanced, not corresponding to the investment strategy of the credit institution.

The goals of forming securities portfolios include:

) receiving income;

) preservation of capital;

) ensuring capital gains with an increase in the price of securities.

The formation of a portfolio of securities includes a number of stages:

) selection of the type of portfolio and determination of its nature;

) assessment of portfolio investment risk;

) modeling of the portfolio structure;

) optimization of the portfolio structure.

The portfolio can be focused more on reliability or profitability. The nature of the securities portfolio can be:

) conservative or balanced;

) aggressive:

) unsystematic.

The basis of a conservative investment strategy is the maximum safety of the safety of invested funds. This strategy is most suitable for those investors who do not want to risk their money. This strategy is also suitable for investors who do not intend to make long-term investments.

Aggressive portfolio uses an aggressive investment strategy, which is characterized by high rates of potential future returns. It meets the interests of those investors who are willing to take on a high degree of risk to suffer losses in order to obtain high profits. An aggressive investment strategy is matched by an investment portfolio made up of stocks of various companies.

A haphazard portfolio is formed randomly without a specific system.

Portfolios of securities can be fixed, that is, maintain their structure for a specified period, and changing, having a variable structure of securities, the composition of which is constantly updated in order to maximize economic growth.

In terms of maturity, portfolios of securities can be focused on including only short-term or medium-term and long-term securities.

An important stage in the formation of an investment portfolio is the selection of specific investment objects for inclusion in the investment portfolio based on an assessment of their investment qualities and the formation of an optimal portfolio.

In accordance with the purpose of investment, the formation of a portfolio of securities can be carried out on the basis of a different ratio of income and risk characteristic of a particular type of portfolio. Depending on the selected type of portfolio, the selection of securities with the appropriate investment properties is carried out.

The investment portfolio management process is aimed at preserving the basic investment qualities of the portfolio and those properties that are in the interests of the holder. The collection of techniques and technical capabilities applied to a portfolio is called a management style. Distinguish between active and passive styles of portfolio management.

An active management style is to predict the size of the possible return on investment. With active management, any portfolio is considered temporary. When the difference in expected returns disappears, then the components or the entire portfolio are replaced by another.

Passive management is based on the notion that the market is efficient enough to succeed in stock selection or timing and involves the creation of a well-diversified portfolio with long-term indicators of expected return and risk. The passive style is characterized by low turnover, minimal overhead and low specific risk.

The bank that forms a portfolio of securities constantly solves the problem of optimizing the structure of this portfolio - achieving the optimal degree of diversification of securities in the portfolio.

To find an effective portfolio of stocks, it is necessary to calculate all admissible sets of portfolios, based on the risk-income ratio, and display the border on which the resulting portfolios will lie with the minimum risk for a given profitability.

The effective frontier is the frontier that defines the effective set of portfolios. The portfolios to the left of the effective boundary go beyond the boundaries of the admissible set, and therefore are not admissible for consideration. Portfolios to the right and below the effective border are ineffective because there are portfolios that, at a given level of risk, provide a higher return, or a lower risk for a given level of return. The effective frontier starts with a portfolio that has a minimum standard deviation. Portfolios lying on the effective border and above and to the right of the effective portfolio with minimal risk will also be effective.

2.2 Classification of transactions of credit institutions with securities

As noted earlier, there are three main classes of banking operations with securities - active, passive and intermediary (commission) operations.

The main active transactions with securities include:

· Investments in shares for investment purposes;

· Investments in shares, bonds of a speculative (short-term) nature (form the bank's own portfolio of shares);

· Bills of exchange accounting - the purchase of interest-bearing or discounted bills from their issuer or from their holder before maturity at a discount;

· REPO operations - the purchase of securities under agreements with the reverse sale (one party buys a package of securities, less often bonds, with the simultaneous obligation to sell it back to the other party at a certain time at an agreed price).

Basic passive operations:

· Issue, sale and service of own bills;

· Emission and maintenance own shares;

· Sale / purchase of your own certificates of deposit and savings.

The main intermediary (commission) operations include:

· Implementation of brokerage services for clients - conclusion of transactions on behalf of and on behalf of the client on the exchange and over-the-counter market;

· Assistance in the placement and sale of own client securities (bonds, bills);

· Custody (custodian) services consist of storage, accounting and re-registration of securities, implementation of corporate actions with issuers.

Appendix 2 presents the structure of investments of Russian credit institutions in securities in 2012, illustrating the main transactions and their volume.

In 2012, the growth in the volume of financial resources attracted by credit institutions contributed to an increase in their investments in securities. However, due to the continued uncertainty of price expectations on the Russian stock market, as well as a more significant increase in other investment areas, the share of securities in the structure of their assets decreased.

In 2012, credit institutions used predominantly conservative investment strategies in the capital market due to the continued high investment risks on the Russian stock market. Credit institutions' investments in equity securities in January-October 2012 decreased by 6.9%, mainly due to the shares of non-financial organizations.

In 2012, credit institutions increased their investments in debt securities. The volume of investments of credit institutions in debt obligations in January-October 2012 increased by 10.5%, mainly due to debt obligations transferred without derecognition. This is probably due to the growth in the volume of REPO transactions. Investments in debt obligations of the Russian Federation decreased by 29.2%. Also in 2012, investments in foreign securities were increased by credit institutions (by 3.9% in January-October 2012). At the same time, investments in foreign securities of credit institutions grew at a slower pace compared to residents' securities.

There was no significant increase in investment risks of credit institutions due to the increase in investments in foreign securities, since the share of such investments in the structure of securities portfolios remained relatively low. For credit institutions it was 14.9% as of November 1, 2012.

Summing up, it can be noted that the results of investment activities of credit institutions have improved in comparison with 2011. Net income received by credit institutions from operations with securities in January-September 2012 amounted to 251.6 billion rubles. Thus, in 2012, there was an increase in securities portfolios of credit institutions.

Chapter 3. Development problems bank investment

1 Problems of banking investment at the present stage of economic development

The inflow of private national and foreign capital into the investment sphere is hindered by political instability, inflation, imperfect legislation, underdeveloped production and social infrastructure, and insufficient information support. Commercial activity encounters many bureaucratic factors. The interrelation of these problems enhances their negative impact on the investment situation.

In a market economy, the totality of political, socio-economic, financial, socio-cultural, organizational, legal and geographic factors, inherent in a particular country, attracting and repelling investors, it is customary to call it the investment climate. The ranking of the countries of the world community by the investment climate index or its inverse risk index serves as a generalizing indicator investment attractiveness country.

Russia still lacks its own system for assessing the investment climate and its individual regions. Investors are guided by the assessments of numerous firms that regularly monitor the investment climate in many countries of the world, including Russia. However, the assessments of the investment climate in Russia, given by foreign experts at their regular meetings, held outside the Russian Federation and without the participation of Russian experts, seem to be little reliable. In this regard, the problem arises of forming on the basis of the research carried out at the Institute of Economics of the Russian Academy of Sciences The national system monitoring the investment climate in Russia, large economic regions and subjects of the Federation. This will ensure the inflow and optimal use of investments, will serve as a guideline for Russian banks in their own credit policy.

Despite the fact that the domestic stock market has shown steady growth over the past few years, its "narrowness" due to the reluctance of most companies to go public and infrastructure problems act as factors holding back investments. Moreover, in recent years, there has been a tendency for the movement of trade in securities of domestic companies to Western stock exchanges.

Serious criticism from specialists is caused by the pricing on the Russian stock market. So, on developed markets the formation of the market price of a share occurs, as a rule, on the basis of fundamental factors, primarily an assessment of the company's financial condition (its net profit, revenue and other indicators). In Russia, the current share price largely depends on speculative tendencies, which naturally carries with it a high investment risk.

Experts attribute the unwillingness of even the largest domestic companies to carry out initial public offerings as negative factors of the current state of the Russian stock market. Since 1999, only a few initial public offerings have been made on the Russian stock market. Practice shows that if a company is interested in real capital raising, then it turns to London or New York for this, since foreign investors have greater financial capabilities than domestic investors. In part, the same reason leads to an increase in the share of Western trading floors in the total volume of trading in domestic shares. And, as you know, where the trading activity is higher, there is the main formation of the share price.

Thus, the Russian stock market in its current state can hardly be considered a reliable mechanism capable of ensuring a steady growth of the economy and the welfare of citizens. If Russia can create a strong stock market, then not only will companies be able to attract relatively “cheap” money in sufficient quantities, but ordinary investors will also benefit from a wider range of investment instruments. That is, ordinary citizens will be able to receive more income from their savings and do it with less risk.

In recent years, a stratum of enterprises and entrepreneurs has developed in Russia that have accumulated large amounts of capital. Due to the instability of the economic situation in the country, large funds are converted into convertible currency and deposited in Western banks. The outflow of cash resources (potential investments) from Russia is several times higher than their inflow.

The technology of carrying out market reforms presupposes a sequence of steps, along with stimulating the inflow of capital, measures are immediately taken to prevent its outflow.

investment commercial bank credit

3.2 Conditions and prospects for the development of investment activities of commercial banks

In 2013, while price expectations remain uncertain on the Russian stock market, credit institutions and most types of non-bank financial institutions will continue to use predominantly conservative investment strategies in the capital market. The volume of their investments in securities will be determined by the conjuncture of the Russian stock market. The investment opportunities of credit institutions and non-bank financial institutions in the capital market in 2013 may be favorably affected by some of the legal innovations of 2012. For example, the inflow of shareholders into mutual investment funds (UIF) is likely to be facilitated by the emergence of new types of funds - exchange-traded mutual funds. Development of new areas of insurance, in particular compulsory insurance civil liability of owners of hazardous facilities, will serve as an incentive for an increase in the volume of insurance premiums collected by insurers. Some experts do not exclude the possibility of softening in 2013 the legal requirements for the composition and structure of assets of insurers, NPFs and management companies participating in the MPI, which may also have a positive effect on the investment opportunities of these institutions in the capital market.

The participation of banks in the securities market will largely be determined by the pace of its development. In those sectors where the participation of banks is noticeable (these are government securities in rubles and in foreign currency, as well as the corporate bond market), they will retain their positions as issuers and as investors. However, it can be assumed that in the near future, the financing of the economy will continue to be carried out mainly through lending.

When choosing investment objects, Russian investors are more often guided by the following principles.

First, it is necessary to choose the most promising sectors of the economy, the products of which are in the greatest demand; the sales markets for the products of these sectors should only grow. Traditionally, the first most attractive sector is oil. Oil is an international commodity and is easy to value. Indicators of a company's market capitalization per barrel of reserves or production are already the basis for comparing Russian companies with foreign ones. The next sectors of interest to investors are telecommunications and energy.

Secondly, it is necessary to choose enterprises, information on all aspects of which is fully available to shareholders, that is, transparent companies in terms of finance.

The third component of a potentially successful company is professional management.

When choosing stocks for investment, it is of great importance to assess the impact of stock liquidity (in other words, the tradability of stocks) on their market value. As a stock becomes more liquid, moving upward in liquidity levels, an increasingly higher liquidity premium is included in the market price — the share price rises.

Based on the influence of liquidity on the market value of a share, it can be quite a profitable strategy to search for companies that are on the verge of moving from the category of low liquidity to the category of sufficiently liquid ones. Investors betting on liquidity growth seek to stay ahead of the market by finding businesses that are partially undervalued. In every industry Russian industry there are cheap, low-liquidity enterprises with solid net profits, competitive products and a wide sales market, and a strong management team.

It is necessary to develop an organizational infrastructure for investment, which should become more and more international and integrated. The more diversified the composition of such an infrastructure, the more fully it will be able to realize the possibilities of different states, investment technologies and attract resources on more convenient and favorable terms.

Conclusion

In this course work, the features of the investment activity of a commercial bank are fully considered in relation to the tasks set.

Summing up the results of the course work, we can draw the following conclusions.

The value of the investment activity of a commercial bank is especially high today, in the face of an increase in the growth rate of the banking sector in our country.

Bank investments have their own economic content. Investment activity in the microeconomic aspect - from the point of view of a bank as an economic entity - can be viewed as an activity in the process of which it acts as an investor, investing its resources for a period in the creation or acquisition of real and purchase of financial assets to generate direct and indirect income.

At the same time, the investment activity of banks has another aspect associated with the implementation of their macroeconomic role as financial intermediaries.

On the basis of the studied theoretical material, the work presents the concept of investment activity, which most objectively reflects its economic essence. Thus, investment activity is an investment of funds, investment, or the aggregate activity of investing money and other values ​​in projects, as well as ensuring the return on investment.

Also in the course work, the formation of the process of investment activity was considered, since, in my opinion, for the good functioning of a commercial bank, it is necessary to form a system of target guidelines for investment activity and the choice of the most effective ways to achieve them.

The process of forming an investment portfolio, in turn, is associated with the selection of a certain set of investment objects for investment activities. The essence of portfolio investment is to improve investment opportunities by giving the aggregate of investment objects those investment qualities that are unattainable from the standpoint of a single object, but are possible only when they are combined. The structure of the investment portfolio reflects a certain combination of the bank's interests.

The last chapter of this course work is devoted to the consideration of the problems of banking investment (a number of basic problems are identified, their causes are identified), the conditions and prospects for the development of investment activities of commercial tanks.

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Annex 1

Figure 1: The process of forming the investment policy of the bank

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It is well known that commercial banks are one of the components of the country's economy. They have the ability to influence it through the implementation of investment activities. The relationship with banks occurs in various forms, as well as in a simple day-to-day, when an ordinary one enters into a term deposit agreement. But there are also such special clients when, in the course of their business development, they wish to enter a foreign level, launch a new branch of production, but often they do not have the funds for this purpose. In such cases, so that the plans do not remain just on paper, it is necessary to involve a financial intermediary, in the role of which it acts.

Investment bank

While talking about banks and its investments, you first need to decide what an investment bank is, this has already been discussed above, and it is also necessary to describe its distinctive features. So, the most important distinguishing feature of an investment bank is that all its activities are aimed at expanding the clients' business and improving its quality. Also, an investment bank differs from the rest in that it chooses the organization of client financing by itself, develops special programs aimed at attracting new funds and financing markets. From the above, we can conclude that the main task of an investment bank is to improve the quality of the clients' business, by advising and financing it.

To figure out what this very bank is, first you need to give a definition of what we mean by the phrase investment activity or investment. In the broadest sense, this is an investment of a monetary equivalent in various, for example, agriculture or industry. The economy knows several models of investment activities. The first model for the successful implementation of investment activities is the impossibility of combining investment activities and the activities of an ordinary commercial bank. Economists argue that it is the separation of actions to attract and invest deposits and operations with securities that can lead to high rates. This method was first applied in the United States in the 30s of the 20th century. Also, this model is better known as the Anglo-Saxon deposit model. But time has shown that this model not only has a number of advantages, such as attracting large clients, by transforming banks into investment companies, at this time the term, appeared. It also became known that this model is practically unable to survive the financial crisis, the banks, united in, “exploded” one after another, drowning each other, because their assets were interconnected. To somehow stay afloat American banks I had to turn to the Central Bank of the Russian Federation for help, the Central Bank of the Russian Federation provided several long-term loans, which several, today successful, US banks owe it. The next model is typical for banks in Europe, it is called continental and almost completely contradicts the previous one. The essence of this model lies in the conduct of investment activities by universal banks, which sell at the request of customers, carry out and attract deposits.

Investment activity in Russian banks

Neither model is suitable for Russia. Successful investment activity for Russian banks lies in the synthesis of the two previous models. This is due to the fact that Russia is very developed, which constantly pleases with its growth. Thus, in Russia there are both universal banks and brokerage companies that deal only with investments. Both are legal and licensed to carry out their activities, so clients have a wide choice for applying for investments and, of course, every bank or brokerage company offers more profitable terms thereby developing healthy competition, which has a positive effect on financial Russia... Despite the positive development of this activity in Russian legislation there is still no clear understanding of what investment activity is and what an investment bank is.

In modern society, there are several types of investment. The first and most common type is direct investment. This is the so-called purchase of working assets by the bank in the production itself. The second type is portfolio investment... This is the bank's possession of a certain percentage of shares from the total or investing in statutory production, banks often exert a powerful influence on this type of production by means of owning a controlling stake. The third type of investment is very beneficial for small business, since it consists in the issuance of subsidies or loans by the bank for the development of production. All this activity is aimed at the maximum, both on short-term and long-term plans. The maximum effect from such activities is achieved with the help of competent planning of investment policy; special services of the bank are engaged in solving these issues. Based on the foregoing, we can conclude that in addition to the main three models of the world investment market, this sphere of the economy is very diverse and continues to develop, giving rise to more and more novels. For example, junk was an innovation in the middle of the last century, but now they have occupied a free niche in this business and have firmly established themselves.

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