Banks of issue carry out the issue. Central (issue) bank. Origin and history of the bank of issue

Rice. 3. The structure of modern national banking systems

As a rule, either one (state, central) bank, or several banks performing this function on behalf of the state, is an emission bank. In Russia, only the Central Bank of Russia, which belongs to the state, is issued. The bank of issue does not provide services to individuals and companies. He deals only with the state and commercial banks (we will talk about this in more detail below when we begin to get acquainted with the activities of the Central Bank of Russia).

All other banks (whatever their name may sound) are classified as commercial and serve individuals and firms. They can be completely private, or the state can co-own them (for example, Savings bank Russia - private joint stock commercial Bank, but the state owns the largest block of its shares).

Bank functions

1. The function of accumulating funds. Mobilization of temporarily free Money and converting them into capital is one of the oldest functions of banks. Free funds accumulated by the bank of legal and individuals, on the one hand, they bring income to their owners in the form of interest, and on the other hand, they create a base for the bank to conduct active operations. The savings concentrated by the bank can be used for various economic and social needs.

2. The function of regulating money turnover. Banks act as centers through which the payment turnover of various economic entities passes. Thanks to the settlement system, banks create an opportunity for their clients to make an exchange, turnover of funds and capital. The regulation of money turnover is also achieved by imitating means of payment, lending to the needs of various subjects of production and circulation, and mass servicing of the economy and the population. Therefore, we can conclude that this function is implemented through a set of operations recognized as banking and assigned to the bank as a monetary institution.

3. Intermediary function. It is often understood as the activity of the bank as an intermediary in payments. Payments of enterprises, organizations, the population pass through banks, and in this sense, banks, being between clients, making payments on their behalf, are, as it were, endowed with an intermediary mission. However, the concept of an intermediary function is somewhat deeper than intermediation in payments, it refers not to one operation, but to their totality, to the bank as a whole. Passes through the banks money turnover both a separate entity and the country's economy as a whole. Banks transfer funds and capital from one entity to another, from one branch of the national economy to another. By performing transactions on accounts, banks move capital, accumulating them in one sector of the economy, redistributing resources and capital to other sectors and regions. The resources redistributed by banks do not coincide either in size, or in terms of time, or in the sphere of functioning. The resources released from one entity and accumulated by the bank do not coincide with the needs of another entity. Bank being in the center economic life, gets the opportunity to transform (change) the size, timing and direction of capital in accordance with the needs of the economy.

Thus, the intermediary function of the bank is the function of transforming resources, providing broader relations between the subjects of reproduction and reducing risk.

Lending principles

We have already found out that lending is the provision of funds for temporary use and for a fee. But this simple definition hides a sea of ​​problems that make the job of a banker one of the most difficult professions in the world of economics. Lending is regulated by a lot of rules and regulations, but we will get acquainted here only with the most important principles of lending and its most common forms.

If we formulate these principles as briefly as possible, then they will look like this:

Urgency

Paid

Returnability

Warranty

Urgency. The bank is the owner of only that minor part of the money at its disposal that was invested in its creation by the founders, and then accumulated by the bank itself at the expense of the profit it received.

But apart from own funds banks use for lending and funds transferred to them for safekeeping by depositors. For example, in 1995, most of the largest and most reliable Russian banks had their own funds in the total amount of “working” funds, as a rule, only 13-26%.

Thus, the main source of funds for lending are deposits of depositors. Distinguish:

1) demand deposits (current accounts) are deposits from which the depositor can withdraw money at any time, and

2) time deposits- these are deposits from which the owner undertakes not to take money before the expiration of a certain period.

Accordingly, the bank can put the money at its disposal, too, only for a certain period - not more than the depositor allowed him to use this money. Therefore, loans are always issued for a strictly defined period. If the debtor does not return the money to the established in loan agreement date, then the bank either collects money from him through the court, or begins to take a fine for late repayment of the loan.

DEPOSITS - all types of funds transferred by their owners for temporary storage to the bank with the granting of the right to use this money for lending.

CREDIT AGREEMENT - an agreement between the bank and the one who borrows money from it (the borrower), which defines the obligations and rights of each of the parties, and above all the term for granting a loan, payment for using it and guarantees of money back to the bank.

Paid. Of course, people have long used the services of banks and for the safe storage of money. No wonder, for example, the word "safe", which has become international long ago and means "a metal cabinet for storing valuables in banks," in English, where it came from, also has the meaning of "safe, reliable". But still, most of the bank depositors have always been of the same opinion as one of Shakespeare's heroes:

Buried treasure rusts and rots,

Only in circulation does gold grow!

Therefore, banks lend money for temporary use only for a fee called interest on a loan. This fee is usually set as a percentage of the loan amount and per 1 year of the use of borrowed funds.

This means that if you take from the bank 10 million rubles. for six months at 50% per annum, you will have to return it.

They are usually central banks, endowed with the right to issue banknotes into circulation. V different countries they are called folk, national, reserve. In the USSR, the functions of the Central Bank of the country were performed National Bank THE USSR. The main task of banks, which perform the functions of central trading in monetary goods only among banks and do not enter directly into relations with individual economic units, is to manage the emission credit and settlement activities of the banking system. They are not commercial organizations or bodies. government controlled in the traditional sense of the word.

As a rule, the state endows only one bank with the right to issue money, since the granting of the right to issue money to all banks upset the country's money circulation. The bank of issue has such large funds that none of the other banks can have, since its liabilities are budget funds and cash in circulation. This circumstance enables him to provide support to all other banks and to manage their activities. The bank of issue becomes the center for organizing banking in the country, around which all other banks and other credit

institutions.

Vesting the Central Bank with the above powers allows for the efficient functioning of the two-tier banking system. To implement these functions, the Central Bank needs an extensive network of regional institutions and a central office.

In accordance with the above functions, and active-passive operations The Central Bank. The most important source of its resources is the emission of banknotes, which is one of the main items of its balance sheet liability. An important role in the formation of passive operations of the Central Bank is played by the balances of funds in the reserve-correspondent accounts of banks, accounts of government structures and organizations, as well as the capital (funds) and reserves of the bank, and other liabilities.

Among active operations, the most significant are operations with government securities, investments in gold and foreign exchange values ​​and cash on hand, loan and rediscounting operations.

Historically, issuing banks emerged as private or state banks that issued banknotes and had their own clientele. Subsequently issue law became an exceptional power of the state, banks of issue reduced the scale of operations with ordinary clientele, turning into central banks and becoming "banks of banks."

In practice, this means that all cash reserves are concentrated in the Central Bank and their entry into economic circulation occurs by replenishing the cash desk of commercial banks through the institutions of the Central Bank. All banks carry out cashless payments through the Central Bank, and, if necessary, receive loans from the Central Bank. As a result, both cash and non-cash turnover of funds are concentrated in the Central Bank and its institutions. Although the evolution of banks of issue into central banks different countries occurred with varying degrees of intensity, at present in most countries central banks have almost completely abandoned customer service. The exceptions are those countries where single-tier banking systems existed (and still exist) or where central banks have historically retained certain functions of servicing clients (for example, central banks partially fulfill certain commercial functions).

In parallel with the evolution of the functions of banks of issue, there was a modification of the organizational forms of their activities, which was reflected in the change in the legal status of these institutions. In some countries, central banks were nationalized and turned into unitary state formations, while in others they formally retained independence from the state, having the status of joint-stock companies, voluntary associations (associative type) of independent banks or other associations of banks and non-banking institutions.

Nevertheless, whatever the share of the state's participation in the formation of the capital of the Central Bank (5 or 100%), it acts within a strictly limited framework as a state (or state-authorized) body regulating the activities of banks, as well as the functioning of the credit system as a whole. and is the conductor of state economic policy in the credit system.

The main legal forms organization of activities of the Central Bank in modern conditions are:

a unitary Central Bank with 100% state participation in the formation of its capital;

joint-stock company a part of the shares of which belongs to the state (or without the participation of the state);

association of an associative type (with or without the participation of government agencies);

management and planning of directions and scale of use of credit resources and money circulation(for a long time in the form of credit and cash planning);

concentration of credit resources and their transfer for payment to other banks;

organization and implementation (together with relevant organizations) of collection of cash receipts;

licensing banking, the choice of forms and methods of monetary regulation, fixation and revision

current regulatory requirements, ratios and direct quantitative restrictions on banks' activities;

organization, implementation of cash execution of the state budget; »Development of rules and procedures for carrying out transactions with currency and other currency values, conducting a single monetary policy, definition official course foreign currencies to the national currency;

representation of the country's interests in relations with central banks of other states and international monetary and financial organizations and banks;

organization of settlements;

implementation of measures to strengthen the material and technical base of banking and automation banking operations;

control and supervision of banking activities;

drawing up consolidated balance sheet banking system;

training and retraining of personnel for the banking system, consulting and methodological services for banks;

holding scientific research and analytical work.

The organizational structure of the Central Bank is represented by its main governing bodies, as well as services and divisions, each of which is endowed with appropriate powers and performs strictly defined functions (Fig. 2). In the case of organizing a bank in the form of a joint-stock company, governing bodies characteristic of blacks are created (for example, an audit commission, a supervisory board, etc.).

They are, as a rule, central banks, endowed with the right to issue banknotes into circulation. In various countries, they are called folk, national, reserve. In the USSR, the functions of the Central Bank of the country were performed by the State Bank of the USSR. The main task of banks, which perform the functions of central trading in monetary goods only among banks and do not enter directly into relations with individual economic units, is to manage the emission credit and settlement activities of the banking system. They are neither commercial organizations, nor government bodies in the traditional sense of the word.

As a rule, the state endows only one bank with the right to issue money, since granting the right to issue money to all banks would upset the country's money circulation. The bank of issue has such large funds that none of the other banks can have, since its liabilities are budget funds and cash in circulation. This circumstance enables him to provide support to all other banks and to manage their activities. The bank of issue becomes the center for organizing banking in the country, around which all other banks and other credit institutions are grouped.

Vesting the Central Bank with the above powers allows for the efficient functioning of the two-tier banking system. To implement these functions, the Central Bank needs an extensive network of regional institutions and a central office.

The most important source of its resources is the emission of banknotes, which is one of the main items of its balance sheet liability. An important role in the formation of passive operations of the Central Bank is played by the balances of funds in the reserve-correspondent accounts of banks, accounts of government structures and organizations, as well as the capital (funds) and reserves of the bank, and other liabilities.

Among active operations, the most significant are operations with government securities, investments in gold and foreign exchange values ​​and cash, loan and rediscounting operations.

Historically, banks of issue arose as private or state banks that issued banknotes and had their own clientele. Subsequently, the issuing law became the exclusive monopoly of the state, issuing banks reduced the scale of operations with ordinary clientele, turning into central banks and becoming "banks of banks".

The main legal forms of organizing the activities of the Central Bank in modern conditions are:

• - a unitary Central Bank with 100% state participation in the formation of its capital;
• - a joint-stock company, a part of the shares of which belongs to the state (or without the participation of the state);
• - association of an associative type (with or without the participation of government agencies);
• - management and planning of directions and scales of use of credit resources and money circulation (for a long time it had the form of credit and cash planning);
• - concentration of credit resources and their transfer for payment to other banks;
• - organization and implementation (together with relevant organizations) of collection of cash receipts;
• - development guidelines and the rules for the implementation of credit, settlement and cash transactions in the national economy, keeping records and organizing the reporting of banks;
• - licensing of banking activities, the choice of forms and methods of monetary regulation, fixation and revision
• - current regulatory requirements, ratios and direct quantitative restrictions on banks' activities;
• - organization, implementation of cash execution of the state budget; »Development of rules and procedures for carrying out transactions with foreign exchange and other foreign exchange values, pursuing a unified foreign exchange policy, determining the official exchange rate of foreign currencies against the national monetary unit;
• - representation of the country's interests in relations with central banks of other states and international monetary and financial organizations and banks;
• - organization of settlements;
• - implementation of measures to strengthen the material and technical base of banking and automation of banking operations;
• - control and supervision of banking activities;
• - compilation of the consolidated balance sheet of the banking system;
• - training and retraining of personnel for the banking system, consulting and methodological services for banks;
• - carrying out scientific research and analytical work.

The organizational structure of the Central Bank is represented by its main governing bodies, as well as services and divisions, each of which is endowed with appropriate powers and performs strictly defined functions.

The Central Bank of Russia as the only bank of issue in the country

Remark 1

The Constitution of the Russian Federation defines the special status of the Bank of Russia, granting it exclusive rights to carry out the issue of money, protect and ensure stability. national currency.

The legal framework for the Bank of Russia activities is also determined Federal law"On the Central Bank of the Russian Federation (Bank of Russia)" and other regulations.

The objectives of the Central Bank of Russia include:

• first, the implementation of protection and ensuring the stability of the national currency;
• secondly, ensuring the development and strengthening of the Russian banking system;
• third, stabilizing and ensuring the development of the national payment system;
• fourthly, stabilizing and ensuring the development of the Russian financial market.

The main principle of the Central Bank of Russia is the principle of independence, the manifestation of which is that the specified bank is a special public-law institution that has the exclusive right to issue money and acts as an organizer of money circulation.

The Bank of Russia is not a body of state power, but the content of its functions makes it possible to determine the nature of its activities as one of the forms of state power that provides for the use of measures of state coercion.

At the same time, the Bank of Russia exercises its functions and powers regardless of government bodies at any level (federal, regional, local).

The principle of independence of the Central Bank is enshrined in the Constitution of Russia.

Among other things, the Central Bank is endowed with the exclusive right to rule-making activities within the framework of issues within its jurisdiction. The Central Bank is not endowed with the right to initiate legislation, but its rule-making activity is manifested in:

• firstly, in the publication of its own regulatory legal acts;
• secondly, in drawing up opinions on normative legal acts concerning the performance of its functions.

The Central Bank of Russia has the status legal entity... Its capital and property are in federal ownership, although the Bank retains financial and property independence.

The Central Bank independently exercises its powers in terms of ownership, use and disposal of the bank's property. For the seizure or encumbrance of his property, the consent of the Central Bank of Russia is required.

The manifestation of the financial independence of the Central Bank of Russia is the provision of its own expenses with its own income. The Central Bank of Russia is empowered to protect its interests in judicial procedure, including in foreign and international courts.

The Central Bank of Russia is not responsible for the obligations of the Russian Federation, as well as Russian Federation is not responsible for the obligations of the bank, if this is not directly declared in the legislation.

Also, the Central Bank of Russia is not responsible for credit liabilities and not credit institutions, excluding those cases when the bank, on its own initiative, assumes such responsibility. The converse is also true.

The Central Bank of Russia is responsible for the results of its activities to the State Duma of Russia:

• appointing and dismissing its Chairman and members of the Board of Directors,
• directing and recalling their own representatives to the national financial council within the quota,
• considering the directions of state monetary policy and evaluating annual reports jar.

Remark 2

The State Duma is empowered to make a decision on the audit of the Central Bank by the Accounts Chamber.

Issuing activity of the Central Bank of Russia

The basis for the emission of cash is the principle of decentralization, which is due to a permanent change in the need for cash, which makes it irrational and impractical to deliver money from the center to various parts of the country.

In practice, the emission of funds is carried out by The central bank Russia and its cash settlement centers, opened in different subjects of the Federation for the implementation of settlement and cash services located in these entities of commercial banks.

The emission of cash is carried out through the opening of reserve funds and revolving offices in cash settlement centers. Reserve funds store a certain stock of banknotes, the purpose of which is to meet the needs of the region's monetary system in cash as it increases. The funds that form the reserve funds are not cash in circulation.

The revolving cash desks of the cash settlement center are designed to receive funds from commercial banks, as well as to issue them. This part of the money is included in the composition of monetary circulation, since it is in constant motion. If the amount of funds received in the circulating cash office exceeds the amount issued, the surplus cash withdrawn from circulation and transferred to the reserve fund of the settlement and cash center.

Remark 3

The republican, regional and city administrations of the Bank of Russia are vested with the right to dispose of the reserve funds of cash settlement centers.

The cash settlement centers are responsible for issuing commercial banks cash within the limits of their free reserves. Thus, with an increase in the demand of commercial banks for cash, not supported by an increase in the flow of funds into operating cash desks, the cash settlement center will have to increase the release of cash into circulation by transferring it from reserve fund to the circulating cash office on the basis of the permission of the Central Bank.

The emission of funds by one cash settlement center may be accompanied by the simultaneous withdrawal of funds from circulation by another cash settlement center. As a result of the change money supply may not happen, and only the Bank of Russia has information on the implementation of the issue.

Issuing bank(issuing house) -

1. in a broad sense - a bank that issues into circulation in non-cash or cash (banknotes) forms, as well as other means of payment (transferable or). In modern banking systems almost all banks providing lending to legal entities and individuals are emission banks, since they increase by means;
2. in the narrow sense - a bank to which the state has granted the right to issue cash into circulation and withdraw it from circulation. In modern banking systems of the world, the monopoly right to issue cash into circulation is consolidated (in the USA -). They are also responsible for maintaining the stability of the national currency by implementing monetary regulation. Usually these banks are responsible for the management credit system countries they lead financial operations governments store temporarily available funds and lending institutions are for them. The issuing bank carries out issuing operations (see), using its reserve funds of bank notes and metal coins and revolving cash desks. When money is released into circulation, cash is transferred from the reserve fund to the revolving cash desk; when money is withdrawn, it is transferred from the revolving cash desk to the reserve fund.

An issuing bank is an issuing institution endowed with a monopoly right, as a rule, the central (national) bank of a country. The functions of the bank of issue include, and, keeping the official. In Ukraine, the only issuing bank is.

In the overwhelming majority of states, there is only one bank of issue. Of the largest states, only in the United States there are 12 banks of issue that are part of the Federal Reserve System and are, in relation to the issue operation, actually a single bank of issue.

Initially, banks of issue were banks that raise funds for active operations by issuing (bank notes), exchangeable at the first request of any bearer for a full-value coin in circulation (gold, silver). At present, banks of issue are central banks of states that have a monopoly on the issue of banknotes as substitutes for banknotes ().