In the article we will talk about the State Bank of Russia. We will look at the history of this institution in great detail, and also talk about its current state and learn about who it reports to. What is it about?

Let's start with the fact that the State Bank of Russia is a central bank that was created in 1860 on the basis of the State Commercial Bank. In the same year, in the spring, the main provisions of the reorganization and the charter of the establishment were approved by Alexander I. The organization is considered the main bank of pre-revolutionary Russia.

Background

Note that the first State Bank was created in the spring of 1762 by Peter III, who wanted to issue banknotes. The bank existed only legally, but in fact it was not considered created, since a little more than 30 days after the decree on the creation of the bank, Peter III was overthrown from the throne as a result of a coup. Thus, a number of banks were created in the Russian Empire, the name of which included the word “state”, but none of them performed the basic functions of the Central Bank.

History of the State Bank of Russia

Created in 1860, the State Bank was the central government agency. The initial capital was 15 million rubles, it consisted of state and commercial loans. The reserve capital totaled only 30 million rubles, 1 million of which came from the above-mentioned sources. According to the charter, the main part was to be formed through deductions from profits. The State Bank of Russia quickly became the most important element of management in the field of economic policy. Note that this was an institution for urgent and medium-term lending (up to 9 months). Lending to industry and trade took place through offices and branches. Note that when the State Bank of Russia was created, about 7 offices of the State Commercial Bank were transferred to it. As of 1917, the institution already included 42 agencies, 11 offices, 55 temporary and 133 permanent branches.

1860-1880: the state of the banking sector

We learned a little about what kind of state banks there were in Russia, now let’s talk about what happened to the main lending institution. According to the charter, it was created to strengthen the monetary system and revive trade. However, a huge part of the resources at the initial stage was absorbed by the financing of the treasury and the maintenance of operations to liquidate pre-reform banks. In addition, the State Bank performed a number of functions that were supposed to belong to the apparatus of the Ministry of Finance. So, he was involved in large operations and office work, supported the Peasant Land Bank and the State Noble Land Bank. At the same time, he took a vital part in the creation of the entire banking system of the country. Thanks to his support, the Mutual Credit Society and the first joint-stock banks were created.

Operations

The operations were short- and medium-term, as we noted above. The first consisted of discounting bills, buying and selling silver and gold, receiving payments, accounting for government interest-bearing securities, accepting deposits, maintaining time-sensitive money documents, making loans and purchasing securities.

However, the term of the loans issued did not exceed 9 months. The collateral could be paid shares, interest-bearing securities, silver and gold bullion, foreign coins, and goods. However, loans on such collateral were no higher than 75 and 85% of their price at the last rate. Accounting for bills of exchange was permitted only if they were based on actual trade transactions. At the same time, the bank could give small loans, but had to take into account the level of their reliability. Note that the State Commercial Bank did not have the right to issue small vessels in order to avoid losses.

Jurisdiction

However, to whom is the State Bank of Russia subordinate? According to the charter, it was subordinate to the Ministry of Finance. In addition, its activities were monitored by the Council of State Credit Institutions. Important issues were resolved through the office. It is believed that the main boss was the Minister of Finance.

At the same time, all management issues were assigned to the bank’s management, which consisted of the chief manager, his deputy, 3 deputies and 6 directors.

Structure

The First State Bank of Russia worked together with the loan and accounting committees. Their members were elected for 2 years from the merchants of St. Petersburg of the first and second guilds. They were required to evaluate incoming bills, goods, and determine the creditworthiness of potential clients. From 1860 to 1870, the bank invested the bulk of its resources in guaranteed securities. It also continued to issue short-term and long-term loans from the state treasury. That is why in 1879 the debt amounted to more than 470 million rubles. It was paid in full only in 1901.

Activity

At that time, deposits in Russian state banks were still underdeveloped, but operations such as the purchase and sale of securities, loans, and bill discounting developed very quickly, and the actual lending to the commercial and industrial complex occurred precisely thanks to the issuance of loans and bill discounting. Note that until 1875 the bank directed more than 28% of its resources to the commercial and industrial complex, and by 1880 this figure increased to 53%. Over the next 10 years - up to 63%. It must be said that the bulk of the loans that were issued against interest-bearing securities were another way of financing the cauldron. To strengthen the monetary system, regular purchases and sales of spending were carried out.

Exchange

Note that from 1862 to 1863. exchange of credit notes for coins was carried out. This operation was prepared by E. Lamansky. It began in the spring of 1862. It was supposed to exchange credit notes at the rate of 570 kopecks. for a half-imperial in gold. In the future it was planned to establish an exchange rate of 100 kopecks. for 1 rub. coin However, as it turned out later, this was not the best moment for such actions. In the winter of 1863, there was an uprising in Poland, which caused a sharp increase in the demand for gold. Against this background, sales of Russian securities fell, after which the bill exchange rate of the ruble began to decline. In the fall, a long-restrained panic began on the St. Petersburg Stock Exchange. The exchange of credit notes for coins was stopped in the middle of winter 1863, since the continuation of this operation could result in the complete ruin of the exchange fund.

Tracing bills

From 1861 to 1866 operations on tracing bills were carried out. Despite the fact that this operation was not provided for in the charter, it was carried out under the personal responsibility of the then manager A. Stieglitz. Note that the operation was carried out separately from all accounts and was reflected only in the bank’s balance sheet.

Gold accumulation

Since 1867, active accumulation of gold reserves began. An order was received to accept coin as payment. It was allowed to take not only Russian, but also foreign coins, as well as silver and gold bullion. At the same time, prices were set by the State Bank of Russia. The collected coin was sent to the fund, thanks to which it increased more than 3 times within 1 year. Note that periodically in the courtyard of the bank building there was a public burning of credit notes and redeemed interest-bearing papers. At the same time, the State Bank of Russia accepted the coins with great joy.

1890s

At this time, a new type of loans was introduced, namely loans through intermediaries. The rationing of securities transactions was also abolished. The management organization of the bank has changed. It ceased to operate under the supervision of the Council of State Credit Institutions. Management was entrusted to the Council, which became a worthy replacement for the Board.

Currency reform

In 1895, a monetary reform began, which lasted until 1897, as a result of which the State Bank became the emission center of Russia. Subsequently, his tasks were to regulate monetary circulation. The main goal was to maintain the sustainability of the new system. Operations with government securities were actively developing. Gradually, the creation of exchange syndicates and consortiums began. At the beginning of the last century, a strong crisis broke out, caused by a tense political situation. There was a rapid rediscounting of bills of exchange, which was positioned as an additional measure to overcome the crisis. Before the First World War, the bank greatly valued the preservation of its gold fund, but the situation changed after it.

Further development

Since the Provisional Government came to power, the bank has often suffered certain losses. The new government increased the issue of money, but despite this there was still not enough money. This led to monetary starvation and crisis. As a result, severe inflation began. Despite this, even after the October Revolution the bank managed to maintain its basic functions as a central credit institution. In 1917, banking received a state monopoly.

List of state banks in Russia

In terms of trust, Sberbank ranks first. State credit institutions also include VTB, Rosselkhozbank, Gazprombank, Globex, Kraiinvestbank, and Eximbank. These are the most famous such institutions that enjoy great trust among the population. However, one must understand that the list of Russian state banks is somewhat larger, but there is no point in presenting it here in full. You must understand that the situation may change, but we have provided current information for 2017.

But who owns the State Bank of Russia? In principle, it is completely dependent on the state, but as recent events show, its work can be strongly influenced by external factors. The federal law states that the bank is not obliged to obey the orders of the Ministry of Finance, the State Duma or the president. In addition, it is almost impossible to dismiss the chairman of this institution until his term of office expires, even if he does his job poorly. Based on the provisions of the law, we understand that there is a certain structure that should actually be subordinate to the Central Bank - this is the International Monetary Fund.

Coins

Note that the Central Bank issues coins in denominations of 1 kopeck, 5 kopeck, 10 kopeck, 50 kopeck, 1 ruble, 2 ruble, 5 ruble, 10 ruble. Each coin has a characteristic imprint. It is worth saying that for 1 kop. and 5 kopecks. are made in the form of a white metal disc, while the 50 kopeck coin. made of yellow material. 1 rub., 2 rub., 5 rub. created from a white disc with a protruding edging. Coin with a face value of 10 rubles. made of yellow metal.

So we looked at a brief history of the creation of the main credit institution of our country.

The State Bank - the main bank in pre-revolutionary Russia - was established in 1860 in accordance with the decree of Alexander II on the basis of the reorganization of the State Commercial Bank. Simultaneously with the establishment of the State Bank, the Emperor approved its Charter.

The State Bank was a state-government bank. The fixed capital, initially allocated to him from the treasury, amounted to 15 million rubles, reserve capital - 3 million rubles. The State Bank was the most important link in the state system, the body for implementing the government's economic policy. Being, in accordance with the Charter, a short-term commercial loan bank, it was the largest credit institution in the country. The State Bank provided lending to trade and industry through a network of its offices and branches, as well as through commercial banks.

According to the Charter of 1860, the State Bank was created to “revive trade turnover” and “strengthen the monetary credit system.” The State Bank supported the State Noble Land Bank and the Peasant Land Bank. As an organ of the government's economic policy, the State Bank took an active part in the creation of the Russian banking system. With his support, joint-stock banks and mutual credit societies were created 1 .

According to the Charter, the State Bank was subordinate to the Ministry of Finance and was under the supervision of the Council of State Credit Institutions. The “immediate chief” of the State Bank was the Minister of Finance.

Of commercial operations, the greatest development occurred during the 1860-80s. received discounting of bills, purchase and sale of interest-bearing securities and loans against interest-bearing securities.

Since 1867, the Ministry of Finance began intensive accumulation of gold reserves. By decree of Alexander II of June 2, 1867, the State Bank and its offices were granted the right to accept specie for payments. It was allowed to take Russian and foreign coins, as well as gold and silver bullion. Prices were set by the State Bank. The coin was sent to his change fund. As a result, during 1867-1876. the exchange fund has increased.

From the second half of the 70s. XIX century In Russia, in order to combat stock exchange speculation, support was given to “reputable” enterprises and banks, including through the issuance of non-statutory loans from the funds of the State Bank.

Since 1886, after the completion of the liquidation of pre-reform credit institutions, the State Bank began to intensively subsidize two state banks - the Peasant Land Bank and the Noble Bank. The process of establishing capitalism as the dominant socio-economic system took place at the end of the 19th and beginning of the 20th centuries.

A new type of loans was introduced - loans through intermediaries (zemstvos, private banks, societies and partnerships on a reciprocal basis, artels, transport institutions, individuals). This operation was connected, on the one hand, with the new railway policy, and on the other, it was intended to issue loans to small landowners and tenants, peasants, handicraftsmen and artisans for working capital and for the purchase of equipment.

Any regulation of transactions with securities, which was limited by the size of the bank's own capital by the Charter of 1860, was abolished. The term of loans secured by securities has increased. The State Bank was removed from the supervision of the Council of State Credit Institutions and placed under the supervision of the State Audit Office.

In 1898, the State Bank became the country's emission center.

At the turn of the XIX - XX centuries. The State Bank, together with a number of joint-stock commercial banks, began to create exchange syndicates and banking consortia to support the rates of Russian securities during economic crises. One of these exchange syndicates was created during the industrial and financial crisis of 1899 - 1903. In 1906, during the crisis, a banking consortium began operating to provide financial assistance to domestic banks and enterprises. In 1912, due to the fall in stock prices, a banking syndicate was created, which for two years bought up shares of the largest enterprises and commercial banks.

In 1899, as a result of changes in the global economic situation, a decline in business activity occurred in Russia. In 1900, a crisis broke out in the metallurgical industry, in heavy engineering, in the oil and coal mining industries and in the electrical industry. Several banking houses failed. In 1899-1901 The State Bank was forced to increase the recording of bills and the issuance of loans 2 .

At this time, the State Bank was one of the largest and most influential European credit institutions. Its balance almost doubled from 1905 to 1914.

On November 7, 1917, the history of the State Bank ended. The history of the People's Bank of the RSFSR began.

Story

The State Bank was a state-government bank. The fixed capital, initially allocated to him from the treasury, amounted to 15 million rubles, reserve capital - 3 million rubles. The State Bank was the most important link in the state system, the body for implementing the government's economic policy. Being, in accordance with the Charter, a short-term commercial loan bank, it was the largest credit institution in the country. The State Bank provided lending to trade and industry through a network of its offices and branches, as well as through commercial banks. When the State Bank was created, 7 offices were transferred to it from the State Commercial Bank. At the beginning of 1917, the State Bank included: 11 offices, 133 permanent and 5 temporary branches, 42 agencies at granaries. In addition, at this time the State Bank managed banking operations that were carried out in 793 treasuries.

1860-1880s

According to the Charter of 1860, the State Bank was created to “revitalize trade turnover” and “strengthen the monetary credit system.” But the bulk of the bank’s resources at the first stage of its development were absorbed by direct and indirect financing of the treasury, as well as operations to liquidate pre-reform state banks. In addition, the State Bank performed functions related to the apparatus of the Ministry of Finance - it carried out the redemption operation and conducted office work on it, and also supported the State Noble Land Bank and the Peasant Land Bank. As an organ of the government's economic policy, the State Bank took an active part in the creation of the Russian banking system. With his support, joint-stock banks and mutual credit societies were created.

The operations of the State Bank as a short-term commercial credit bank were to include the discounting of bills and other time-sensitive government and public interest-bearing papers and foreign drafts, the purchase and sale of gold and silver, the receipt of payments on bills and other time-sensitive monetary documents for the account of principals, the acceptance of deposits, the production loans (except mortgages), purchase of government securities at your own expense.

The term of commercial loans issued by the State Bank was no more than nine months. For secured loans, it should not be less than one and more than six months. The collateral could be government interest-bearing papers and paid shares of societies, companies and partnerships accepted as collateral for government contracts and farm-outs, as well as gold and silver in bullion and foreign coins and goods stored in barns under the seal of the State Bank. Loans on these pledges should not exceed 75-85% of their price at the latest exchange rate.

S. Yu. Witte paid his main attention to strengthening finances and developing industry and railway transport. He began his activities as a minister with the reform of the State Bank: on June 6, 1894, a new Charter was adopted. The main activity of the State Bank after its adoption was to be intensive lending to trade and industry, especially agriculture. The bank's fixed capital was increased to 50 million rubles, reserve capital - to 5 million rubles.

All changes to the Charter were aimed at creating conditions for the widespread development of industrial enterprises on the basis of a general protective policy and special financing of them from the Treasury and the State Bank.

The task of the State Bank, instead of “revitalizing trade turnover,” became “facilitating money circulation and promoting domestic trade, industry and agriculture through short-term credit.” In addition, as before, he was supposed to contribute to “strengthening the monetary and credit system.”

1890s

By the Charter of 1894, the accounting operation was extended to bills issued for commercial and industrial purposes, while their term was increased to 12 months. A loan to one industrial enterprise could reach 500 thousand rubles. and be issued for a period of up to two years.

The State Bank was given the right to issue loans against solo bills secured by a pledge of real estate, a pledge of agricultural and factory equipment, a surety, and security determined by the Minister of Finance.

A new type of loans was introduced - loans through intermediaries (zemstvos, private banks, societies and partnerships on a reciprocal basis, artels, transport institutions, individuals). This operation was connected, on the one hand, with the new railway policy, and on the other, it was intended to issue loans to small landowners and tenants, peasants, handicraftsmen and artisans for working capital and for the purchase of equipment.

Any regulation of transactions with securities, which was limited by the size of the bank's own capital by the Charter of 1860, was abolished. The term of loans secured by securities has increased. If, according to the Charter of 1860, they could not exceed 6 months, then under the new Charter their maximum period could be 9 months.

The new Charter introduced changes to the organization of management of the Bank. The State Bank was removed from the supervision of the Council of State Credit Institutions and placed under the supervision of the State Audit Office.

The general management of the State Bank was entrusted to the Council, which replaced the Board, and the Bank Manager. The Council consisted of the director of the Special Chancellery for Credit, a member from the State Control, fellow managers of the Bank, the Manager of the St. Petersburg office of the Bank, members from the Ministry of Finance (their number was not limited), one member from the nobility and one from the merchants. The Chairman of the Council of the State Bank was its Governor.

The growth of commercial operations in the State Bank, which began a year before the adoption of the new Charter, was short-lived. It ended in 1896. During this period, accounting operations almost tripled. There was, albeit on a smaller scale, an increase in special current accounts and interest-bearing loans. Commodity loans to rural owners increased almost threefold (for the same terms - 9.2 million rubles and 29.8 million rubles) and loans to industrial enterprises almost doubled (for the same terms - 8.8 million and 16. 7 million rubles).

Currency reform

A year after the Supreme approval of the new Charter, monetary reform began in Russia, ending in 1898. During this reform - Witte's monetary reform - the State Bank became the country's emission center. And subsequently his main task was to regulate money circulation.

The preparation of the monetary reform took a decade and a half. The task of the State Bank at this time was to accumulate gold reserves and combat exchange rate fluctuations with the help of motto policy. At the beginning of 1895, Russia's gold reserves amounted to 911.6 million rubles. Stabilization of the market exchange rate of the credit ruble occurred in 1893-1895. The difference between the highest and lowest rates in 1895 was 1.59%.

At the turn of the XIX-XX centuries. The State Bank, together with a number of joint-stock commercial banks, began to create exchange syndicates and banking consortia to support the rates of Russian securities during economic crises. One of these exchange syndicates was created during the industrial and financial crisis of 1899-1903. In 1906, during the crisis, a banking consortium began operating to provide financial assistance to domestic banks and enterprises. In 1912, due to the fall in stock prices, a banking syndicate was created, which for two years bought up shares of the largest enterprises and commercial banks.

Early 20th century

In 1899, as a result of changes in the global economic situation, a decline in business activity occurred in Russia. In 1900, a crisis broke out in the metallurgical industry, in heavy engineering, in the oil and coal mining industries and in the electrical industry. Several banking houses failed. In 1899-1901 The State Bank was forced to increase the recording of bills and the issuance of loans. If on January 1, 1899, transactions for accounting bills and issuing loans on special current accounts amounted to 169.8 million rubles, commodity loans were issued in the amount of 22.2 million rubles, and other loans - in the amount of 30.6 million rubles. , then on January 1, 1902 they amounted to 329.3 million rubles, 46.8 million rubles, respectively. and 57.6 million rubles. In most cases, the loans were “exceptional”, that is, they were of a non-statutory nature. The gold reserves of the State Bank from 1899 to 1902 decreased from 1,008.0 to 709.5 million rubles.

A year after the end of the economic crisis and subsequent depression, the Russo-Japanese War began, followed by the revolution of 1905-1907. This was the most difficult test for the monetary system created less than 10 years ago. Having withstood the general economic crisis and the war, the financial system turned out to be too undermined to withstand the revolution. In 1906, the gold monometallism system was on the verge of collapse. Mass political rallies and strikes at the end of 1905, in which employees of the State Bank also took part, caused the departure of French bankers from St. Petersburg, who arrived there to negotiate the next loan.

There was an increased demand for deposits in gold and the presentation of credit notes for exchange for gold. Despite the increase in the official discount rate to 8%, the demand for credit from commercial and industrial enterprises increased significantly. The inability of joint-stock commercial banks to satisfy this demand due to the strong outflow of deposits from them forced the State Bank, in order to avoid mass bankruptcies, to increase its accounting and lending operations.

The flow of gold abroad began. From October 16 to December 1, 1905, the gold fund of the State Bank decreased from 1,318.8 to 1,126.1 million rubles. By December 19, 1905, the gold cover of credit rubles had fallen below the limit provided for by the 1897 law. The crisis was eliminated thanks to the conclusion of a loan of 100 million rubles in France in January 1906, which was repaid with the proceeds from the loan concluded in April of the same year.

Strengthened rediscounting by the State Bank of bills of private banks, which was in 1905-1906. a measure to combat the crisis, in subsequent years it became one of the main activities of the Bank. The State Bank began to transform from a bank of short-term commercial loans into a “bank of banks.” The total debt of private banks to the State Bank is 37.3 million rubles. at the beginning of 1910, it grew in two years to 342.3 million rubles.

At this time, the State Bank was one of the largest and most influential European credit institutions. Its balance almost doubled from 1905 to 1914. The source of funds for its operations were issues of notes and treasury funds. Deposits and current accounts of individuals and institutions remained at the level of 1903 and averaged 250 million rubles. The issue of credit notes during these years gave the Bank 810.9 million rubles, and treasury funds - 600 million rubles. The purchase of gold and foreign currency from the State Bank took 7/8 of the issue. He directed the remaining part of the issue and treasury funds through commercial banks to lending to industry and trade.

Despite the intensive development of industry, agriculture remained the dominant part of the economy in Russia. The most important active item in the country's trade and payments balances was still the export of grain. Therefore, since the 90s. The bank launched lending to the grain trade in the form of commodity loans. Since 1910, the State Bank, as part of state regulation of the grain campaign, began the construction of elevators and granaries. The creation of a state system of elevators was supposed to help minimize grain losses during transportation. At the beginning of 1917, the network of elevators of the State Bank consisted of 42 elevators with a total volume of 26,000 thousand poods, and another 28 grain storage facilities were being built.

With the participation of the State Bank, a system of small credit institutions for lending to cooperatives, artisans and peasants was created in the country. In 1904, the Bank created the Office for Small Credit Affairs, which was supposed to monitor the activities of institutions of this type and provide them with financial assistance if necessary.

Provisional Government

Having come to power, the former leaders of the Fourth State Duma faced the same economic difficulties as the tsarist Council of Ministers. And they also failed to cope with them.

The ongoing war consumed more and more funds. The state budget deficit in 1917 reached 22,568 million rubles. The methods of covering it were traditional: increased taxation, internal and external loans, issue of paper money. For the period from March to November 1917, the Provisional Government managed to receive 1,158.3 million rubles from taxes. The Freedom Loan he issued gave 3,700 million rubles. These funds were used to fulfill regular expenditure items of the state budget. Military expenses, which amounted to 22,561 million rubles in 1917, were covered by issuing paper money. The Provisional Government increased the banknote issue limit fivefold, bringing it to 16.5 billion rubles.

As a result, during the 8 months in power, the Provisional Government issued approximately the same number of banknotes as was issued during the previous 2.5 years of the war. The issue of credit notes during this period amounted to 6,412.4 million rubles, and change marks - 95.8 million rubles. and treasury bills - 38.9 million rubles. Such a significant issue had the effect of accelerating the depreciation of money, which forced the government to resort to issuing credit notes in large denominations - 250 rubles and 1,000 rubles. In August, the issue of treasury notes began in denominations of 20 and 40 rubles.

Despite the large issue, there was always not enough money in circulation. The rise in prices and, consequently, the increase in the monetary expression of the commodity supply, the hoarding of large banknotes by the wealthy strata of the city and especially the countryside, caused a lack of money in circulation and imbalances in the banknote composition of the money supply.

In August and September, the “money hunger” acquired the character of a crisis due to the seasonal expansion of trade turnover. In order to eliminate this crisis, the Provisional Government allowed a number of securities into circulation as legal tender and began issuing banknotes of a simplified type - money stamps.

The lack of circulation of banknotes, especially small and medium denominations, led to the fact that in addition to national banknotes, some cities and provinces had their own means of circulation. Such emissions meant that under the Provisional Government, the process of disintegration of the country’s unified monetary system began, which intensified the general disorganization and contributed to a further increase in inflation.

During the time the Provisional Government was in power, 9.5 billion rubles worth of paper money was put into circulation. As a result, the total amount of paper money in circulation on November 1, 1917 amounted to 19,575.7 million rubles. Moreover, the issue is especially large - 1,116.3 million rubles. - was carried out by the Provisional Government in March 1917, immediately after coming to power. As a result, the amount of credit notes not covered with gold increased from 6.5 to 16.5 billion rubles. The banknotes in circulation were only 5.5% covered in gold.

The growth of the money supply in circulation was accompanied by a rapid increase in commodity prices: under the Provisional Government they increased 4 times. By November 1, 1917, the purchasing value of the pre-war ruble was 6 - 7 kopecks.

As of October 23, 1917, the Treasury's debt to the State Bank for accounting for short-term liabilities amounted to 15,507 million rubles. versus RUB 7,882 million on March 1, 1917.

The State Bank provided significant funds to the Treasury for the purchase of bread, sugar, meat and coal. As of October 23, 1917, the amount of loans for these purposes amounted to 1,276 million rubles. against RUB 301 million on August 1, 1917, when the State Bank issued a loan for these purposes for the first time.

State Bank loans against government securities amounted to 1,275 million rubles as of October 23.

In total, war-related loans occupied on the eve of the October Revolution over 90% of the State Bank’s balance sheet, which amounted to 24,242 million rubles on October 23, 1917.

see also

Notes

INTRODUCTION

Currently, for a number of objective reasons, the Russian banking system is in the process of reform, one of the objectives of which is to improve the quality of corporate governance, including through bringing Russian accounting and reporting standards closer to international ones, as well as strengthening the role of audit and internal control.

The purpose of the course work is to study the banking system of the Russian Federation.

Objectives of the course work: consider the history of the formation of the bank, study the features of the banking system of the Russian Federation and the principles of its construction, analyze its main elements.

The object of the course work is the functioning of the banking system of the Russian Federation.

The theoretical, methodological and informational core were:

1. Systematic approach to the problem under study;

2. Legislative acts of the Russian Federation;

4. Domestic periodical and statistical literature.

HISTORY OF THE BANK OF RUSSIA

State Bank of the Russian Empire

The State Bank - the main bank in pre-revolutionary Russia - was established in 1860 in accordance with the decree of Alexander II on the basis of the reorganization of the State Commercial Bank.

Simultaneously with the establishment of the State Bank, the Emperor approved its Charter.

The State Bank was a state-government bank. The fixed capital, initially allocated to him from the treasury, amounted to 15 million rubles, reserve capital - 3 million rubles. The State Bank was the most important link in the state system, the body for implementing the government's economic policy. Being, in accordance with the Charter, a short-term commercial loan bank, it was the largest credit institution in the country. The State Bank provided lending to trade and industry through a network of its offices and branches, as well as through commercial banks. When the State Bank was created, 7 offices were transferred to it from the State Commercial Bank. At the beginning of 1917, the State Bank included: 11 offices, 133 permanent and 5 temporary branches, 42 agencies at granaries. In addition, at this time the State Bank managed banking operations that were carried out in 793 treasuries. According to the Charter of 1860, the State Bank was created to “revive trade turnover” and strengthen the monetary credit system.

According to the Charter, the State Bank was subordinate to the Ministry of Finance and was under the supervision of the Council of State Credit Institutions. Fundamental issues regarding the State Bank were resolved and formalized through the Special Office for the credit part. The “immediate chief” of the State Bank was the Minister of Finance.

Management of all operations and affairs of the bank and supervision of their production was entrusted to the Board of the bank, which consisted of the Manager (chairman), his colleague (deputy), six directors and three deputies from the Council of State Credit Institutions.

Under the Board of the State Bank there functioned an Accounting and Loan Committee, which consisted of the Bank Manager, his colleague, two directors of the bank and four members from the merchants. The chairman of the committee was the Bank Manager.

Most of its resources in the 1860-70s. The State Bank invested in government and guaranteed securities. In addition, it issued short-term and long-term loans to the State Treasury. By 1879, the Treasury's debt to the State Bank amounted to 478.9 million rubles. The repayment of the debt, which began in 1881, ended in 1901.

Of commercial operations, the greatest development occurred during the 1860-80s. received discounting of bills, purchase and sale of interest-bearing securities and loans against interest-bearing securities.

The State Bank allocated funds for lending to commercial and industrial turnover in 1866-1875. up to 28%, in 1875-1880. up to 53%, and then until the 90s. - up to 63% of your commercial resources. In order to strengthen the monetary credit system, the State Bank carried out the purchase and sale of drafts. In addition, in 1862-1863, it exchanged credit notes for specie.

Since 1867, the Ministry of Finance began intensive accumulation of gold reserves. By decree of Alexander II of June 2, 1867, the State Bank and its offices were granted the right to accept specie for payments. It was allowed to take Russian and foreign coins, as well as gold and silver bullion. Prices were set by the State Bank. The coin was sent to his change fund. As a result, during 1867-1876. the exchange fund increased from 78.3 million rubles. up to 310.1 million rubles.

In January 1887, the special account for the liquidation of former state banks was abolished. Proceeds from loans and profits from the State Bank from this operation began to be used for the current needs of the Treasury.

In 1861, the State Bank was involved in the buyout operation. He was entrusted with issuing redemption certificates and 5 percent bank notes. Since 1865, the State Bank was entrusted with control over the receipt of redemption payments to the treasury, as well as the preparation of annual reports on the redemption operation. As of January 1, 1885, the State Bank issued 85,333 redemption loans worth 892.1 million rubles. By the mid-1980s, the issuance of foreclosure loans had declined significantly. On average they did not exceed 3.5 million rubles. in year.

The State Bank stopped issuing loans to the State Treasury “for current needs” after the appointment of N.H. Bunge to the post of Minister of Finance, who introduced the practice of concluding government loans to cover budget deficits. The Treasury began to repay its debt to the State Bank in 1881. The decree of January 1, 1881 announced the cessation of issuing banknotes and a reduction in their number in circulation. But in 1882 an economic crisis broke out and lasted for almost five years. As a result, for 1881-1886. instead of 300 million rubles. Only 87 million rubles were written off from the balance sheet of the State Bank. The Bank's expenses at the expense of the Treasury for the first time equaled the amounts of the Treasury invested in it only in 1896. The Treasury's debt to the State Bank was fully repaid in 1901, in accordance with the Decree of Nicholas II of April 28, 1900, which ordered the State Treasury to repay the balance of its debt to the State Bank in the amount of 50 million rubles. for credit cards.

From the second half of the 70s. XIX century In Russia, public funds began to be used to combat stock speculation, as well as to regulate the exchange rate of the ruble and securities. One of the directions of economic policy was the support of “reputable” enterprises and banks, including through the issuance of non-statutory loans from the funds of the State Bank.

Since 1886, after the completion of the liquidation of pre-reform credit institutions, the State Bank began to intensively subsidize two state banks - the Peasant Land Bank and the Noble Bank. These banks received funds for their operations as a result of issuing mortgage notes. Losses that arose during their implementation were paid from the treasury by the State Bank.

On June 6, 1894, a new Charter was adopted. The main activity of the State Bank after its adoption was to be intensive lending to trade and industry, especially agriculture. The new Charter introduced changes to the organization of management of the Bank. The State Bank was removed from the supervision of the Council of State Credit Institutions and placed under the supervision of the State Audit Office. A year after the Supreme approval of the new Charter, monetary reform began in Russia, ending in 1898. During this reform - Witte's monetary reform - the State Bank became the country's emission center. And subsequently his main task was to regulate money circulation. At the beginning of 1895, Russia's gold reserves amounted to 911.6 million rubles. Stabilization of the market exchange rate of the credit ruble occurred in 1893-1895. The difference between the highest and lowest rates in 1895 was 1.59%.

In the second half of the 90s, all the attention of the Ministry of Finance and the State Bank was focused on strengthening the metal currency by compressing the bank's active operations. Operations with government securities received significant development at this time. Their volume was several times greater than the bank's own capital. The Ministry of Finance and the State Bank actively influenced the stock exchange to maintain the exchange rate of government securities and the credit ruble. Since the late 1890s. exchange intervention and significant investments in securities were also used to counteract the fall in industrial and banking stock prices.

At the turn of the XIX-XX centuries. The State Bank, together with a number of joint-stock commercial banks, began to create exchange syndicates and banking consortia to support the rates of Russian securities during economic crises. One of these exchange syndicates was created during the industrial and financial crisis of 1899-1903. In 1906, during the crisis, a banking consortium began operating to provide financial assistance to domestic banks and enterprises. In 1912, due to the fall in stock prices, a banking syndicate was created, which for two years bought up shares of the largest enterprises and commercial banks.

In 1899, as a result of changes in the global economic situation, a decline in business activity occurred in Russia. In 1900, a crisis broke out in the metallurgical industry, in heavy engineering, in the oil and coal mining industries and in the electrical industry. Several banking houses failed. In 1899-1901 The State Bank was forced to increase the recording of bills and the issuance of loans.

A year after the end of the economic crisis and the subsequent depression, the Russo-Japanese War began, and then the revolution of 1905-1907. This was the most difficult test for the monetary system created less than 10 years ago. Having withstood the general economic crisis and the war, the financial system turned out to be too undermined to withstand the revolution. In 1906, the gold monometallism system was on the verge of collapse.

The flow of gold abroad began. From October 16 to December 1, 1905, the gold fund of the State Bank decreased from 1,318.8 to 1,126.1 million rubles. By December 19, 1905, the gold cover of credit rubles had fallen below the limit provided for by the 1897 law. The crisis was eliminated thanks to the conclusion of a loan of 100 million rubles in France in January 1906, repaid with the proceeds from the loan concluded in April of the same year.

Strengthened rediscounting by the State Bank of bills of private banks, which was in 1905-1906. a measure to combat the crisis, in subsequent years it became one of the main activities of the Bank. The State Bank began to transform from a bank of short-term commercial loans into a “bank of banks.”

At this time, the State Bank was one of the largest and most influential European credit institutions. Its balance almost doubled from 1905 to 1914. The source of funds for its operations were issues of notes and treasury funds. Since the 90s The bank launched lending to the grain trade in the form of commodity loans. Since 1910, the State Bank, as part of state regulation of the grain campaign, began the construction of elevators and granaries.

With the participation of the State Bank, a system of small credit institutions for lending to cooperatives, artisans and peasants was created in the country. In 1904, the Bank created the Office for Small Credit Affairs, which was supposed to monitor the activities of institutions of this type and provide them with financial assistance if necessary.

Until the First World War, Russian financial policy extremely valued the preservation of gold currency as the basis of external government credit. The gold coverage of the ruble was constantly maintained at a very high level. After the crisis year of 1906, it did not fall below 93%, and in 1909-1911. was above 100%. In the conditions of Russia at the end of the 19th - beginning of the 20th centuries. this ensured the influx of foreign capital necessary for the industrial development of the country.

Russia's military expenditures from the beginning of the First World War to the February Revolution amounted to 28,035 million rubles. The state budget deficit in 1916 reached 13,767 million rubles, and 29% of it was covered by issuing paper money.

The intensive work of the printing press and the simultaneous reduction in production and its reorientation to meet military expenses caused a rapid rise in prices. If in 1915 prices increased by only 30%, then in 1916 the increase was already 100%. Inflation began in the country.

Having come to power, the former leaders of the Fourth State Duma faced the same economic difficulties as the tsarist Council of Ministers.

During the time the Provisional Government was in power, 9.5 billion rubles worth of paper money was put into circulation. As a result, the total amount of paper money in circulation on November 1, 1917 amounted to 19,575.7 million rubles. Moreover, the issue is especially large - 1,116.3 million rubles. - was carried out by the Provisional Government in March 1917, immediately after coming to power. As a result, the amount of credit notes not covered with gold increased from 6.5 to 16.5 billion rubles. The banknotes in circulation were only 5.5% covered in gold.

The growth of the money supply in circulation was accompanied by a rapid increase in commodity prices: under the Provisional Government they increased 4 times. By November 1, 1917, the purchasing value of the pre-war ruble was 6 - 7 kopecks.

As of October 23, 1917, the Treasury's debt to the State Bank for accounting for short-term liabilities amounted to 15,507 million rubles. against 7,882 million rubles. on March 1, 1917.

On November 7, 1917, the history of the State Bank ended. The history of the People's Bank of the RSFSR began.

In Russia State Bank of the Russian Empire was established in 1860. Its main task as a central bank was to regulate monetary circulation in Russia.

Unlike Western European central banks, in Russia the central bank did not arise as a result of market competition between private banks and banking firms, but was established by the state. It grew out of state credit institutions, the history of whose development in Russia spanned almost a century and a half.

The first attempts to establish state credit institutions in Russia date back to the 18th century. In 1733, Empress Anna Ioanovna, due to the “complete absence of credit institutions and the resulting enormous extortion of usurers,” ordered loans to be issued from the Coinage Office at 8% per annum, accepting gold and silver as collateral in the amount of 3/4 of the loan issued. At the same time, it was prescribed that “diamonds and other things, as well as villages and households, should not be taken as collateral or ransom.”

The lending operations of the Coin Office were very insignificant and were probably soon discontinued, since there is no further mention of them.

Later, the Salt Office, safe treasuries at the St. Petersburg and Moscow orphanages, public charity orders, and the St. Petersburg and Moscow bank offices of bill production for the circulation of copper money began to play a prominent role in the conduct of bill of exchange and other monetary transactions.

Under Empress Elizabeth Petrovna, an attempt was made to create two estate banks: Noble and Commercial. On May 13, 1754, a decree was issued on the establishment of state loan banks for the nobility in Moscow and St. Petersburg under the Senate and the Senate Office and the Bank for Correction at the St. Petersburg Port of Commerce and Merchants at the Commerce Collegium in St. Petersburg. The scope of activity of the Noble Bank was mainly the provision of land loans, loans to landowners secured by estates, based on the number of serf souls. The client-landlord could take out loans of up to 10 thousand rubles against the security of real estate. at 6% with payment in 3 years. These were attractive loans, since private loan fees were often up to 20%.

The commercial bank had a capital of 500 thousand rubles. gold, its activities were limited to serving the merchants trading in the port of St. Petersburg by issuing short-term loans at the rate of 6% per annum secured by goods, gold, silver, as well as against the certificates of magistrates.

The activities of these first credit institutions, both noble and merchant, were not very successful, since they did not live up to the government's expectations. Treasury funds issued by the Commercial Bank to landowners as short-term loans to revive trade turnover turned into long-term ones due to untimely return; the borrowers were the same persons; the sale of overdue collateral prescribed by law was not actually applied; there was no correct accounting; the reports presented to the Empress were only approximate. At the Noble Bank, the documents were in the same disarray. In 1762 (according to other sources - in 1785) both banks were closed and their affairs were transferred to the newly established State Loan Bank.

In 1764, during the reign of Catherine II, two state-owned commercial banks were reopened - one in St. Petersburg and the other in Astrakhan - to facilitate foreign trade. But they also existed for a relatively short time. The St. Petersburg one was closed in 1782 due to the depletion of resources, and the Astrakhan one, after a big fire, turned into a charitable institution in 1767.

In 1769, banks were created in St. Petersburg and Moscow “for the exchange of government notes.” In 1786 they were transformed into the State Assignation Bank, which was entrusted with the function of issuing paper money. In 1797, three accounting offices were founded at this bank - a bill office, one for issuing loans against goods, and an insurance office.

Under Empress Catherine II in 1786, the State Loan Bank was established to promote noble land ownership. Loans were issued on the security of, firstly, landowners' inhabited estates, counting 40 rubles for each male revision soul, secondly, inhabited mining estates and, thirdly, stone houses and factory buildings in St. Petersburg. Loans were issued to the nobility for a period of 20 years at the rate of 8% per annum, and to landowners for 22 years - 7%. In case of failure to pay urgent payments after a grace period (3 months), the estates were transferred to guardianship.

In 1775, orders for public charity were established in all provincial cities. The Orders were entrusted with a number of charitable functions, for the fulfillment of which the Orders were given the right to accept deposits at interest and issue loans secured by estates. They differed from savings banks in that they could issue loans secured by real estate only in the province in which they themselves were located.

During the reign of Alexander I, the system of land credit institutions (Loan Bank, safe treasuries and public charity orders) continued to operate; Only one old credit institution closed - the Auxiliary Bank under the name "25-Year Expedition", which was annexed on July 14, 1802 to the Loan Bank.

On January 1, 1818, the State Commercial Bank was established. According to the Manifesto of May 7, 1817, it had the goal of “opening up to the merchants greater ways to facilitate and expand turnover, instead of the currently existing Accounting Offices, the action of which, due to the unimportance of their capital and various inconveniences in their formation, does not bring tangible benefits to trade.” The State Commercial Bank actually performed the functions of a bank of issue, but at that time did not yet have the status of a central bank.

The establishment of the State Commercial Bank, the predecessor of the State Bank of the Russian Empire, was one of the measures aimed at improving the health of credit institutions in Russia, the position of which was undermined by excessive issues of banknotes, issuance of long-term loans from perpetual deposits and secret borrowings for the needs of the government. At the same time, it was planned to completely stop issuing banknotes, remove all credit institutions from the jurisdiction of the Ministry of Finance and give them the status of independent organizations. The state commercial bank was given a joint-stock form.

Its capital was supposed to be 30 million rubles. and be formed from the funds of the Accounting Offices and the Loan Bank, established by Catherine II, with the “25-Year Expedition” Bank attached to it, created in 1797 under Paul I and issuing loans secured by landowners’ estates for 25 years with special bank notes. In fact, the bank’s capital upon establishment was set at 17 million rubles. and only after 5 years it reached 30 million rubles. Instead of independence, credit institutions received the Council of State Credit Establishment, whose functions included control over all state-owned credit institutions. This Council was chaired by the Minister of Finance, and representatives of the nobility and merchants were included in its composition.

From 1818 to 1821, the bank opened six branches in such large cities as Moscow, Odessa, Riga, Nizhny Novgorod, Arkhangelsk and Astrakhan, in the period 1838 - 1852. - six more branches in Kyiv, Kharkov, Yekaterinburg, Irbit, Rybinsk and Poltava. The bank attracted significant deposits from Russian and foreign entrepreneurs with high interest rates. However, excessive centralization and regulation of activities, insufficient initiative of bank managers, and the formalism of the top administration made it difficult to carry out bill transactions and lending against goods, which did not allow the effective use of raised funds.

On May 31, 1860, “to revive trade turnover and strengthen the monetary credit system,” the State Bank of the Russian Empire (Gosbank) was established. Its first manager was Baron A.L. Stieglitz, the last “court banker” of the Russian Imperial Court. The size of the fixed capital was determined at 15 million rubles, and the possibility of increasing it through transfers from the reserve fund was also provided.

Reserve capital was to be formed through annual deductions from profits, but not more than 1/3, up to an amount of 3 million rubles. This was a very small amount considering that 59% of the liabilities transferred to the State Bank consisted of deposits subject to return on demand. The assets contained exclusively long-term loans. At the same time, the State Bank was entrusted with the obligation to pay interest and return capital on deposits made in former state credit institutions.

The State Bank was granted the right to carry out the following commercial operations: discounting bills and other fixed-term securities, buying and selling gold and silver, receiving payments at the expense of principals, accepting deposits for storage, to a current account and for circulation from interest, issuing loans (except for mortgages), purchase and sale of interest-bearing securities at the expense of principals and at one’s own expense (the latter for an amount not exceeding one’s own capital).

The State Bank was subordinate to the Minister of Finance and under the supervision of the Council of State Credit Institutions. The Council was supposed to carry out general supervision over the implementation of the State Bank's charter, review and approve the annual report, and also distribute profits at the proposal of the Minister of Finance. The operational management of the State Bank was entrusted to the board and manager, but the most important orders had to be approved by the Minister of Finance. The Board of the State Bank consisted of a manager, six directors and three deputies from the Council of State Credit Institutions, elected from the St. Petersburg merchants and nobility.

These deputies, as well as representatives of the department of state control, were given the right to monitor all operations of the State Bank, including inspection of all its books, accounts, and cash registers; reviewing annual reports and presenting its conclusion to the Council of State Credit Institutions and submitting recommendations for improvement of work to the board for consideration.

Under the board of the State Bank, accounting and loan committees were created, which dealt with the consideration of bills submitted for accounting.

Local institutions of the State Bank were represented by offices approved by special imperial orders, and branches opened by direct order of the Ministry of Finance. Initially, all offices and temporary branches of the State Commercial Bank were transferred to the jurisdiction of the State Bank, and on January 3, 1862, the charter of the offices was approved and on December 20, 1863, the “highest order” to open branches of the State Bank followed. The management of the offices was carried out in the same way as the entire State Bank - by managers and boards, and the management of branches could be entrusted to the manager or the chairman of the treasury chamber. All of them were directly subordinate to the State Bank Board. Accounting committees were established at offices and branches, to which the board of the State Bank invited merchants.

Initially, 7 offices were established - in Moscow, Odessa, Riga, Kyiv, Yekaterinburg and Kharkov and in 1862 in Rostov-on-Don. From 1863 to 1882, 47 permanent branches of the State Bank were opened. In addition, temporary branches were opened in some locations, for example, in Irbit during the fair and in Pyatigorsk during the medical season.

The Charter of the State Bank of the Russian Empire of 1860 was not subject to radical revision for a long time, but was only changed and supplemented on some minor issues.

The first period of activity of the State Bank of the Russian Empire (from 1860 to the mid-1890s) is characterized by great centralization of its management. One of the main specific features of the State Bank was that it never had the necessary degree of independence. At its establishment, the Minister of Finance was determined to be the “immediate chief officer” of the bank with broad administrative rights and the ability to direct all the activities of the bank. This significantly distinguished its status from that of the central banks of Western Europe, where, before the onset of the general crisis, they were organizationally separated from the Ministry of Finance, acting as private joint-stock companies, subject only to a certain extent to state control.

It can be said that the State Bank of the Russian Empire, established in 1860, was not yet central in the full sense of the word, since legislation reduced its issuing functions to virtually nothing. Until 1860, regular cash circulation was entrusted to the Expedition of State Credit Notes. In 1860, it was transferred to the jurisdiction of the State Bank, but in accordance with the charter, it only exchanged banknotes - old for new, large for small ones, exchanged them for specie, and also accepted coins and bullion and issued credit notes for them . Thus, the issue continued to be in the hands of the state. The State Bank acted only as a commission agent for the treasury.

The main source of funds for the State Bank of Russia until the mid-1880s. were interest-paid deposits and current accounts, and later - funds from the state treasury. In this way, it differed from the central banks of other countries, which stopped accepting paid deposits and concentrated only the cash reserves of other banks, developing their operations mainly at the expense of banknotes and their own funds. The State Bank promoted mainly trade credit; loans to industrial enterprises “for improvements in production and for supplying these enterprises with working capital” were not allowed by its charter, but only in exceptional cases were permitted with “special Highest permission.” A distinctive feature of the State Bank of Russia was the widespread use of non-statutory loans, that is, operations carried out according to a special report from the Minister of Finance and with the permission of the Sovereign. In terms of their purpose, size and timing, they were not provided for by the charter or directly contradicted it. These loans had the distinct character of non-commercial financing aimed at supporting large capital (especially the largest enterprises).

By the end of the 1870s. It became obvious that the charter of the State Bank, approved in 1860, and the activities based on it did not fully correspond to the changed economic situation in the country. The two main tasks assigned to the State Bank - reviving trade turnover and strengthening the monetary system - were not fulfilled. The main reason that hampered his activities was the lack of funds. The fact is that from the moment of its inception, the State Bank was entrusted with the task of liquidating the debts of former credit institutions, carrying out redemption operations and making payments on 5% bank notes. Meanwhile, the State Bank's own capital, although increased to 28 million rubles by 1879, was insufficient for effective operation.

State capital and government policy played a decisive role in its activities. The tsarist authorities viewed the State Bank not as an institution of a market economy, but as an instrument for implementing their economic policy. For him, the king’s command was the highest, binding law. But nevertheless, from January 1, 1881, the practice of borrowing money from the State Bank for the needs of the treasury, which had developed in previous years, was stopped.

To improve the activities and change the charter of the State Bank on the initiative of the Minister of Finance SY. Witte on September 21, 1882, a special commission was created at the Ministry of Finance from “officials of the Ministry of Internal Affairs, the former Ministry of State Property and State Control, as well as from “informed persons” who have glorified themselves with theoretical works or practical activities in the field of banking and industry” . Based on the results of its activities, this commission came to the conclusion that although the State Bank did not fully fulfill the tasks assigned to it, it still tried to open the exchange of credit notes for specie, carried out operations for the purchase of gold, the purchase and sale of drafts.

After a long work of the commission, on June 6, 1884, the new charter of the State Bank was “Highly” approved. It significantly expanded the formulation of the bank’s purpose, which consisted not only of facilitating monetary circulation and strengthening the monetary system, as previously written, but also “promoting, through short-term credit, domestic trade, industry and agriculture.” The bank's fixed capital was 50 million rubles, reserve capital - 5 million rubles.

With the enactment of the new charter on September 1, 1884, a central administration was established, headed by the State Bank Council and its manager. The Council included, in addition to the manager, who at the same time was also the chairman of the Council, the director of the special office for credit, the manager of the St. Petersburg office of the State Bank, two members from the Ministry of Finance and one each from state control, the nobility and the merchants. The new charter did not provide the bank with independence in issuing and commercial operations and even strengthened the subordination of the State Bank to the Ministry of Finance.

Minister of Finance S.Yu. Witte, without going to grant the State Bank independence, made some significant changes in its activities: during the preparation of the monetary reform, the State Bank was freed from a function unusual for it (in 1885, operations to liquidate old state-owned banks were transferred to the Treasury, and in the 1890s. - redemption function). In addition, by decree of August 29, 1897, the State Bank of Russia was turned into a central issuing institution with a monopoly right to issue credit notes.

However, the State Bank never managed to completely free itself from a number of operations alien to it.

First of all, its credit policy continued to be in conflict with the functions of a central issuing institution. In addition, the government did everything possible to keep the State Bank at its full disposal and protect its activities even from the intervention of the State Duma until October 1917.

The new charter allowed the issuance of loans against solo bills, and these loans could be extended upon expiration. The loan had to be secured by a pledge of real estate, a pledge of agricultural or factory equipment, or a trustworthy guarantee. Commodity loans were widely used. The regulation of the volume of transactions with securities, which, according to the charter of 1860, was limited by the amount of equity capital, was abolished. A specific feature of the State Bank's operations with securities was the obligation assigned to it to distribute government loans. Unlike the central banks of developed capitalist countries, where loans against government bonds and even their purchases were not in the nature of direct government support, but were a temporary placement of central bank funds in easily realizable assets, all operations of the State Bank of Russia (with the exception of bill loans to commercial and industrial clients) ) served, to one degree or another, the goals of national government policy with its methods of multilateral government intervention.

According to the new charter, the central administration included the following structures: a department of banknotes - to manage the issuance, exchange and destruction of banknotes withdrawn from circulation, as well as to store the exchange capital of banknotes and the metal fund; judicial department - for general supervision of the collection of overdue debts and the pledges and mortgages remaining with the State Bank, as well as for the preparation of contracts and other documents necessary for the Bank; central accounting - for maintaining bank records and preparing periodic balance sheets and annual reports; inspection - to supervise the operations of local institutions of the State Bank and carry out audits of these institutions on behalf of the Bank manager; office - for correspondence and office work on administrative issues; management of savings banks.

Local institutions were represented by offices, branches and agencies.

The offices were established in the largest commercial and industrial centers and were directly subordinate to the central administration of the State Bank. Each office had subdivisions. Agencies were subordinated either to branches or directly to offices. The branches of the State Bank, depending on the size of their turnover, were divided into three categories. They performed the same operations, but differed from each other in the number of employees and their salaries.

Since the mid-1880s. The State Bank's main focus was on preparing monetary reform. His tasks at this time were the accumulation of gold reserves and the fight against exchange rate fluctuations with the help of a motto policy. The State Bank coped with this task by 1895. As of January 1, 1895, Russia's gold reserves amounted to 911.6 million rubles. In 1893, economic recovery began after a long crisis. Banks quickly recovered from the crisis and began to significantly accumulate capital. The capitals, deposits and network of State Bank branches also grew continuously, penetrating into more and more new areas. During this period, commercial banks began to penetrate the management of industrial enterprises. Their participation in industry turned out to be such a common phenomenon that even the most cautious and reputable banks did not remain aloof. The industrial revival was again followed by another crisis in 1895. It lasted almost until the beginning of the 20th century. The close connection with industry could not but affect the activities of the Russian banking system, as a result of which some banks suffered significant losses.

Help came from the State Bank in the form of financing both the commercial banks themselves and those industrial enterprises that were associated with long-term loans with private banks. To ease the financial crisis and provide support to commercial banks, the State Bank increased the period for rediscounting bills from 3 to 8 months, expanded loans to banks secured by non-guaranteed interest-bearing securities, provided funds for further discounting of small bills, and organized a syndicate to support exchange prices. The State Bank immediately provided generous assistance to commercial banks as soon as they encountered a critical situation with demand for deposits. In this regard, commercial banks owed huge sums to the State Bank. To ensure the interests of the State Bank, since 1901 representatives of the Ministry of Finance were introduced into the boards of commercial banks that owed money to them as members of the boards of these banks.

Gradually, the State Bank became a central bank in the full sense of the word. In connection with the monetary reform of 1895 - 1897, known in history as the Witte reform (see Chapter 3), it finally becomes emission. The decree of August 29, 1898 established that credit notes were issued by the State Bank in an amount strictly limited by the urgent needs of money circulation secured by gold. The amount of gold backing the tickets must be at least 1/2 of the total amount of credit notes issued in circulation. Since the mid-1890s. The main source of development of the State Bank's commercial operations is no longer the deposits of private and government institutions, as was the case before 1894 - 1985, but treasury funds.

A significant increase in the operations of the State Bank was observed during the period of pre-war industrial growth. It became one of the most influential European credit institutions, had a huge gold reserve, performed the functions of a “bank of banks”, regulated monetary circulation and currency transactions in Russia, and took an active part in lending to industry and trade.

From 1905 to 1914, due to the issue of credit notes (800 million rubles) and treasury funds (600 million rubles), the balance of the State Bank doubled; 7/8 of the issue was used to purchase gold and foreign currency. The remaining part of it and treasury funds went to lending to industry and trade. Technically, this lending was carried out through commercial banks. The State Bank's gold reserve ratio was constantly maintained at a very high level, until the First World War on average it was above 100%.

During the First World War, the activities of the State Bank were mainly aimed at financing it by issuing banknotes. By October 1917, most of the State Bank's assets consisted of treasury obligations and loans against interest-bearing securities.

The bank's gold reserves decreased from 1,604 million rubles. (July 16, 1914) to 1101 million rubles. (October 8, 1917), the foreign gold fund decreased. Since the beginning of the war, Russia's transition to paper money circulation led to the flooding of the country with a huge amount of money not redeemable for gold, as a result of which the influx of deposits into commercial banks increased significantly. From the end of 1915 to the beginning of 1917, commercial banks gradually repaid their debt to the State Bank and even lent more than 2 million rubles to the treasury during the war.

Activities of the State Bank in the period 1921-1990.

After the October Revolution of 1917, the banking system, as shown in Chapter. 7 has undergone significant changes. Their content and direction were determined by the ideology of class struggle and the economic theory of socialism, one of the elements of which was the postulate about the inevitability of the withering away of commodity-money relations during the transition to socialism. At the same time, it was assumed that the principle of distribution according to work would retain its significance. Therefore, a demand was formulated to establish strict accounting and control over the measure of labor and consumption during the transition period to moneyless relations. As an instrument of such control, V.I. Lenin considered a bank - a single, largest of the largest, state-owned, with branches in every volost, at every factory, believing that such a bank meant national accounting, national accounting of the production and distribution of products.

In 1917, as a result of nationalization, the share capitals of private banks were confiscated, which became state property. A state monopoly on banking was proclaimed, former private banks merged with the State Bank of Russia into a single national bank of the RSFSR, mortgage banks and credit institutions serving the petty and middle urban bourgeoisie were liquidated, and transactions with securities were prohibited. In 1918, the State Bank was renamed the United People's Bank of the Russian Republic.

The country received a kind of “single” bank, which was supposed to focus on organizational issues, such as taking the assets and liabilities of nationalized banks onto the balance sheet. As for carrying out purely banking operations, this bank did not have time to develop its activities in this direction. High inflation, which was intensifying every day, undermined commodity-money relations and provoked their collapse in the public sector of the national economy, which led to a sharp narrowing of the scope of lending and payments. The erroneous interpretation of the “flight from money”, characteristic of the period of hyperinflation, as a rejection of commodity-money relations as such became the theoretical basis for the introduction of the policy of war communism. During the period of this policy, the United People's Bank of the Russian Republic actually ceased its operations. By decree of the Council of People's Commissars of January 19, 1920, the Unified People's Bank of the Russian Republic was liquidated.

However, quite soon, already during the civil war, the inconsistency of the policy of war communism was revealed, and at the beginning of 1921 a transition to a new economic policy (NEP) was announced, including the replacement of surplus appropriation with a tax in kind, after which the peasant could freely dispose of his products. In practice, this meant a course towards restoring commodity-money relations, creating a market, strengthening the ruble and, accordingly, rebuilding the banking system. One of the first practical steps in the implementation of the new economic policy was the decree on the establishment of the State Bank of the RSFSR, which began its operations on November 16, 1921. With its establishment, the foundation was laid for the restoration of the monetary economy. The nationalized industry, which until that time was based on state budgetary supplies, switched to independent existence, to economic accounting. The New Economic Policy allowed for the existence of a free market and also granted the right to lease nationalized enterprises to private individuals. All these activities prepared the basis for the development of credit relations.

The successful implementation of the monetary reform of 1922 - 1924, the release of stable banknotes into circulation provided the conditions for a significant expansion of both active and passive operations of the State Bank. The increase in liabilities was especially facilitated by the decree of the Council of People's Commissars (SNK) of March 30, 1922 on storing funds of state organizations in the current accounts of the State Bank. Then, by the Decree of the Council of People's Commissars on cash operations of state institutions and enterprises, it was clarified that the storage of money in the State Bank was prescribed only to budgetary institutions. All other self-supporting enterprises were given the right to keep their funds in any credit institution.

During the first year of the State Bank's existence, on the initiative of a group of former bank employees, the South-Eastern Commercial Bank was created in Rostov-on-Don. This first commercial bank in Soviet Russia was organized 50% with private capital, and the remaining 50% of its capital was contributed by the State Bank. At the end of 1922, several more banks were formed. Thus, in November 1922, the Russian Commercial and Industrial Bank was created, which at the end of 1923, in terms of its turnover, took second place (after the State Bank) in the system of credit institutions of Soviet Russia. On December 12, 1922, the Russian Commercial Bank, established “to promote industry and trade of the RSFSR and its allied republics and to develop their commercial turnover abroad,” began to conduct its operations in Moscow.

In 1927, the management of the significantly expanded credit system and control over the activities of banks and other credit institutions was entrusted to the State Bank of the USSR. In 1928, the State Bank became a monopolist in short-term lending: its share in the total amount of short-term loans was more than 65%. By 1930, the State Bank played a leading role in the credit system.

Further strengthening of the State Bank's position occurred during the credit reform of 1930, which ensured the achievement of two goals: the establishment of the principle of democratic centralism in the work of banks and the concentration of credit, settlement and cash services for the national economy in one national bank.

In 1930, the State Bank was transferred to the short-term operations of cooperative banks, transformed into long-term investment banks. The All-Union Agricultural Cooperative-Collective Farm Bank was organized on the basis of the Central Agricultural Bank of the USSR. Subsequently, all agricultural lending operations were transferred to the State Bank of the USSR. State Bank branches were created on the basis of agricultural credit partnerships in almost all regions of the country. Thus, in 1930 - 1932. The State Bank, while remaining an emission center and agent of the government, acquired the status of a short-term lending institution, settlement and cash center of the country. Since May 1932, financing and lending of capital costs began to be carried out by four all-Union long-term investment banks: Vsekobank, Prombank, Agricultural Bank and Tsekobank.

In the 1950s A number of changes were made to the country's credit system, the essence of which was to strengthen its centralization and expand the control functions of banks. Selkhozbank, Tsekobank and local communal banks were liquidated, and their functions were distributed between the State Bank and Promstroybank, which was subsequently renamed the All-Union Bank for Financing Capital Investments (Stroybank USSR).

In the 1960s, 1970s and until the end of the 1980s. the role and functions of the State Bank were not revised, the credit system of the USSR remained virtually unchanged. It was a network of state credit institutions operating on the principle of functional specialization, organizing and planning credit and money circulation, non-cash payments and credit relations.

The State Bank of the USSR was at the same time the country's issuing center, a center for short-term lending, and an institution for cash and settlement services for enterprises and organizations. The monopoly position in the credit system and complete subordination to the government contributed to the transformation of the State Bank into a body of state management and control.

On the eve of market reforms, all available funds were automatically accumulated in the State Bank's accounts, which were then centrally distributed in accordance with approved credit plans. The role of local credit institutions was essentially reduced to distributing loans among specific borrowers for the purposes provided for by the plan. Credit institutions were guided in their activities by instructions approved by the Board of the State Bank and were responsible mainly to the higher offices of the State Bank, and not to clients.

The State Bank of the USSR was considered throughout the world one of the largest and most authoritative credit institutions, and its versatility lay in the fact that, performing the functions inherent in state and commercial banks, it was the issuing and foreign exchange center of the country, and pursued an active policy to protect its monetary interests. It is clear that such a historical tradition could not disappear overnight, even when Russia decided to embark on market reforms.

During the reorganization, an attempt was made to create a two-tier banking system. Its upper level was to be a central bank, created on the basis of the State Bank of the USSR, and the lower level - specialized banks. The State Bank of the USSR, while remaining an issuing institution, was called upon to coordinate the activities of specialized banks and pursue a unified monetary policy of the state. But in reality, the role of the State Bank during this period sharply decreased, it lost its main clients, its previous control functions were partially transferred to specialized banks, and partially were sharply limited. He did not receive effective leverage over specialized banks. The system of centralized credit and cash planning was destroyed, and the State Bank was not ready for the full use of monetary regulation instruments to influence the volume and structure of the money supply.

At the second stage of banking reform, which is associated with the formation of commercial banks and banks on a share and joint stock basis, the status of the State Bank of the USSR was changed, it was removed from subordination to the government, and received a certain economic independence, which became the basis for changing its role in the country's economy. In 1990, the Central Bank of the RSFSR was created (operating in parallel with the State Bank of the USSR). When Russia acquired sovereignty in 1992, the State Bank of the USSR was abolished, and all its functions were transferred to the Central Bank of the RSFSR (Bank of Russia). The legislative basis for its activities was the Law of the RSFSR “On the Central Bank of the RSFSR (Bank of Russia)”, adopted on December 2, 1990 No. 394-1 [Currently recognized as no longer in force. Replaced by Federal Law No. 86-FZ of July 10, 2002 “On the Central Bank of the Russian Federation (Bank of Russia)” (as amended on January 10, 2002) // SZ RF. 2002. No. 28. Art. 2790; 2003. No. 2. Art. 157.].

Goals and functions of the Central Bank of the Russian Federation

Central Bank of the Russian Federation (Bank of Russia) is the main bank of the Russian Federation. It was created and operates on the basis of the Federal Law of July 10, 2002 No. 86-FZ “On the Central Bank of the Russian Federation (Bank of Russia)” (as amended on January 10, 2002) [SZ RF. 2002. No. 28. Art. 2790; 2003. No. 2. Art. 157.], according to which the authorized capital (in the amount of 3 million rubles) and its other property are federal property. The Bank of Russia exercises powers over the ownership, use and disposal of its property, including its gold and foreign exchange reserves.

As the settlement center of the banking system, the Bank of Russia undertakes interbank settlements through its own payment system, as well as the final settlement of settlements carried out by private payment systems. The Bank of Russia acts as a common correspondent bank for all credit institutions; its participation in the payment system reduces the operational risks of all economic agents.

In 2001, 59.3% of the total volume of non-cash payments was carried out through the payment system of the Bank of Russia. A significant part of them is carried out through settlement systems between clients of one division of a credit institution (branch). In 2001, their share amounted to 24.1% of the total volume of non-cash payments. The share of payments made through payment systems for settlements on the basis of direct correspondent relations, as well as through payment systems of settlement non-bank credit institutions and intrabank payment systems, is relatively small. In 2001, it was 7, 0.6 and 9%, respectively. The Bank of Russia does not directly participate in the functioning of these payment systems, but in all payment options, repayment of the balance of mutual debt of credit institutions occurs from the correspondent accounts of the Bank of Russia, which confirms its role as a settlement center of the banking system.

The Bank of Russia has an exclusive role in organizing cash payments. The issue of cash, which is one of the payment instruments, the organization of their circulation and withdrawal from circulation on the territory of the Russian Federation is carried out exclusively by the Bank of Russia. The Board of Directors of the Bank of Russia decides to issue new banknotes and coins into circulation and withdraw old ones, approves the denominations and samples of new banknotes. The Bank of Russia forecasts the need for cash and organizes the production, transportation and storage of banknotes and coins, and creates their reserve funds. It establishes the rules for the storage, transportation and collection of cash for credit institutions, as well as signs of solvency and the procedure for replacing damaged banknotes and coins and their destruction. The Bank of Russia, within the framework of the powers granted to it, determines the procedure for conducting cash transactions for credit institutions and their clients.