What is the banking system of the Russian Federation. The concept and structure of the banking system of the Russian Federation
One of the conditions for the normal functioning of modern market economy is the presence of a well-organized banking system. Banking system one of the most important elements economic system states. Banking system Russian Federation has a two-level structure: the first level is the Bank of Russia; second level - commercial banks, non-bank credit institutions.
central bank of the Russian Federation (Bank of Russia), is the most important element of the country's banking system, has a great impact on the functioning and life of the state and society. The development of the economy, the functioning of state bodies and institutions, the very existence of a sovereign state directly depend on how effective the activity is. central bank country. The Bank of Russia is not included in any of the three branches of government - legislative, executive and judicial. By status, he is relatively independent in his activities. Federal bodies of state power, bodies of state power of the constituent entities of the Russian Federation and bodies local government do not have the right to interfere in the activities of the Bank of Russia in the implementation of the functions and powers legally assigned to it. The Central Bank of the Russian Federation is accountable to the State Duma of the Federal Assembly of the Russian Federation (Article 5 of the Federal Law on the Bank of Russia). According to this article, the State Duma: appoints and dismisses the Chairman of the Bank of Russia on the proposal of the President of the Russian Federation; considers the main directions of the unified state monetary policy and makes decisions on them; considers annual report Bank of Russia and makes a decision on it, etc.
The modern banking system of Russia has a two-tier structure. It includes the Bank of Russia, which is the top level of the banking system, and credit institutions, branches and representative offices of foreign banks - the second level.
In accordance with the Law on Banks and banking» as amended on February 3, 1996, credit institutions include legal entities that, in order to make a profit as the main goal of their activities, on the basis of a permit (license) from the Central Bank of the Russian Federation, have the right to carry out banking operations provided for by law.
A bank is a credit institution that has the exclusive right to carry out in the aggregate the following banking operations:
- 1. attracting deposits of funds from individuals and legal entities;
- 2. placement of these funds on their own behalf and at their own expense on the terms of repayment, payment and urgency;
- 3. opening and maintaining bank accounts of individuals and legal entities.
A non-bank credit organization is a credit organization that has the right to carry out certain banking operations provided for by law. Permissible combinations of banking transactions for non-banking credit institutions established by the Bank of Russia.
Credit institutions may create unions and associations that are prohibited from carrying out banking operations. The purpose of their activities is not to make a profit, but to protect the interests of member organizations and coordinate their efforts in various areas. In Russia, the largest is the Association of Russian Banks (ARB).
The modern banking system of Russia has a two-tier structure. It includes the Bank of Russia, which is the top level of the banking system, and credit institutions, branches and representative offices of foreign banks - the second level.
In accordance with the Law “On Banks and Banking Activities” (source), credit institutions include legal entities that, in order to make a profit as the main goal of their activities, on the basis of a permit (license) from the Central Bank of the Russian Federation, have the right to carry out banking operations provided for by law.
There are two types of credit organizations in the Russian Federation: banks and non-bank credit organizations.
A bank is a credit institution that Russian legislation unlike all other financial intermediaries, it has the exclusive right to carry out in the aggregate the following banking operations:
Attracting deposits of funds from individuals and legal entities;
Placement of these funds on its own behalf and at its own expense on the terms of repayment, payment and urgency;
Opening and maintaining bank accounts of individuals and legal entities.
The main purpose of the bank - mediation in the movement of funds from creditors to borrowers and from sellers to buyers.
Along with banks, the movement of funds in the markets is carried out by other financial institutions: investment funds, Insurance companies, exchanges, brokerage, dealer firms, etc. But banks, as subjects of the financial system, have two essential features that distinguish them from all other subjects.
First, banks are characterized by a double debt swap: they place their own debentures(deposit and savings certificates, bonds, bills), and the funds mobilized in this way are placed in debt obligations and securities issued by others.
Secondly, banks are distinguished by the assumption of unconditional obligations with fixed amount debt to legal entities and individuals. In this, banks differ from various investment funds, which distribute all the risks associated with changes in the value of their assets and liabilities among their shareholders.
In addition to banks, banking operations can also be carried out by organizations that are called non-bank credit institutions.
A non-bank credit organization is a credit organization that has the right to carry out certain banking operations provided for by law. Permissible combinations of banking operations for non-bank credit institutions are established by the Bank of Russia.
The Russian banking system also includes branches and representative offices of foreign banks. foreign bank a bank recognized as such under the laws of a foreign state in whose territory it is registered is considered. The ban on the opening and operations of foreign banks in the Russian Federation was lifted on January 1, 1996. The activities of branches and representative offices of foreign banks are subject to the legal regulation of banking activities in Russia.
Credit institutions may create unions and associations that are prohibited from carrying out banking operations. The purpose of their activities is not to make a profit, but to protect the interests of member organizations and coordinate their efforts in various areas. In Russia, the largest is the Association of Russian Banks (ARB).
The principle of a two-tier structure is implemented through a clear legislative separation of the functions of the central bank and all other banks.
The Central Bank of the Russian Federation, as the top level of the banking system, performs the functions of monetary regulation, banking supervision and management of the system of payments and settlements in the country.
The Central Bank is an independent, but state-controlled credit institution, the main tasks and functions of which include:
- - ensuring sustainability national currency, inflation minimization (issuance of cash and organization of its circulation), determination of the system, procedure and forms of settlements, development and implementation of a unified monetary policy, regulation monetary circulation, currency regulation and currency control;
- -ensuring the efficiency and stability of the banking system ( state registration, issuance and revocation of licenses of commercial banks, establishment of rules accounting, organization of banking audit, supervision of the activities of banks, lender of last resort to commercial banks, conducting banking operations on behalf of the Government).
The organizational and legal form of the Central Bank is a unitary bank with 100% state participation in its capital.
He can conduct banking operations necessary to perform these functions only with Russian and foreign credit institutions, as well as with the Government of the Russian Federation, representative and executive bodies of state power, local governments, state off-budget funds, military units. The Bank of Russia is not entitled to carry out banking operations with legal entities that are not credit institutions, and with individuals (except military personnel and employees of the Bank of Russia). It cannot directly enter the banking market, provide loans directly to enterprises and organizations, and should not compete with commercial banks.
Commercial banks and other credit institutions form the second, lower level of the banking system. They mediate in settlements, lending and investment.
Commercial banks are the main channels for the practical implementation of the monetary policy of the Central Bank. The Central Bank of the Russian Federation establishes binding rules for commercial banks for conducting and regulating credit operations and money circulation.
The essence of the banking system of the Russian Federation, its levels
Definition 1
Russian banking system is a set of interrelated elements, including the Central Bank (Bank of Russia) and various financial and credit organizations (commercial banks and other credit and settlement institutions), often combined into holdings, as well as banking legislation and banking infrastructure.
Thus, in Russia the banking system is two-tier. Its upper level is represented by the Central Bank of the Russian Federation, the lower one - by various credit institutions (banks and non-bank credit institutions), as well as by representative offices of foreign banks.
Credit organization is a legal entity whose main purpose is to make a profit in the money market and the capital market. Credit institutions can carry out their activities on the basis of a license issued by the Mega-Regulator - the Bank of Russia (the Central Bank of the country) and have the right to carry out banking operations provided for by the Federal Law "On Banks and Banking Activity".
Bank is a credit institution with the exclusive right to carry out the following transactions:
- attracting funds from legal entities and individuals
- placement of attracted funds on its own behalf and at its own expense on the terms of payment, repayment, urgency
- opening and maintaining accounts of legal entities and individuals, etc.
Non-bank credit institution (NCO) is a credit institution that has the right to carry out certain banking operations (the list of which is approved by the Bank of Russia). In general, non-banking financial and credit institutions can carry out credit, deposit and settlement operations, as well as to collect cash, bills, settlement and payment documents, etc.
banking group is an association credit institutions in which one of the credit institutions has a significant influence on the decisions taken by the management bodies of other organizations that are part of the group.
Bank holding is a corporation or bank that owns a share of the share capital of one or more credit institutions, which is sufficient to exercise control over them.
Basic elements of the banking system of the Russian Federation:
- banking infrastructure
- credit organizations
- regulatory framework.
banking infrastructure
In order for banks to effectively fulfill their economic functions, they need a number of important services that can be provided banking infrastructure. It is worth noting that in last years the importance of banking infrastructure is only growing.
Definition 2
Under banking infrastructure refers to the set of institutions that create the necessary conditions for the effective functioning of the banking system and the implementation of banking activities, as well as facilitating the creation and completion of banking services to end consumers.
The main institutions of the banking infrastructure include, first of all:
- independent payment systems that facilitate efficient settlements between banks and organizations (for example, SWIFT system) and payment transactions with plastic cards (MasterCard, VISA, UnionPay, etc.)
- deposit insurance system
- audit firms
- legal and consulting firms that assist banking institutions in developing their business, which can also represent the interests of credit institutions in interaction with authorities and consumers of financial services
- supplier organizations software and other technological solutions
- educational organizations that train banking specialists, improve their skills, organize various courses and seminars, etc.
The totality of banks, financial organizations that are not banks - what else does the banking system of Russia include, what are its functions and role in the economy?
According to analysts, the banking system of the Russian Federation consists of the following constituent / structural elements:
The Central Bank of the Russian Federation is a regulator and supervisory authority, as well as a financial institution providing services to legal entities;
commercial banks, including subsidiaries of foreign banks and financial groups serving corporate and private clients;
non-banking financial and credit organizations;
banking infrastructure;
banking law.
The Russian banking system belongs to banking systems with two levels - the first level is the Central Bank, the second - other financial and credit organizations.
Central Bank of the Russian Federation
The Central Bank (CB) of the Russian Federation, also often referred to as the Bank of Russia, has been a financial mega-regulator since 2013, performing the functions of supervision over financial groups (including those not belonging to the banking sector), as well as an institution with a monopoly on:
issue of cash
management of the settlement and payment system
ensuring stability financial market country and national currency, etc.
The Bank of Russia, which occupies the highest level of the financial and credit system, has the exclusive right to issue and revoke banking licenses. The development of the banking system is also the role of the regulator. I did a detailed review of the Central Bank.
Commercial banks
Commercial are all, without exception, organizations of the country's banking system that provide banking services to individuals and legal entities. These services include:
lending - granting loans to private clients (mortgage, car loans, non-targeted consumer loans) and enterprises related to the real sector of the economy;
operations with precious metals;
currency operations;
settlement and cash services for clients;
maintaining bank accounts;
issue of bank cards - plastic and virtual;
collection;
attracting deposits and paying interest in accordance with relevant agreements;
making money transfers;
implementation of bank guarantees.
Banks are called commercial because, unlike the regulator, they are called upon to conduct financial and economic activities aimed at making a profit. The commercial status does not contradict the classification of banking organizations into private and public. The latter include companies with a government stake of at least 50% + 1 share.
The following forms of ownership are also provided for banks:
joint-stock;
cooperative;
joint
In addition, in the modern banking system, banks are classified:
into large, medium and small - by the scale of activity and the volume of equity capital;
into specialized and universal - by the nature of the operations carried out;
to international, all-Russian, interregional and regional - in the service sector;
on banks with foreign capital and without foreign capital;
into multi-branch and non-branch.
The banking system of Russia today includes eleven systemically important companies:
four state - Sberbank of Russia, VTB, Gazprombank, Rosselkhozbank;
four private companies without foreign capital - Alfa-Bank, Moscow Credit Bank (MCB), FC Otkritie Bank, Promsvyazbank;
three private with foreign capital - Raiffeisenbank, UniCredit Bank, Rosbank.
The number of state-owned Russian banks in the banking system is relatively small - less than twenty, but in terms of assets, the share of the state in 2017 increased to 70% against 61% at the beginning of 2015. This is due to three major banking companies- Otkritie, Promsvyazbank and Binbank - carried out by the Fund for the consolidation of the banking sector under a new procedure, when banks being rehabilitated become the property of the state. An overview of the FBKS fund is located. Upon completion of recovery, financial institutions are put up for sale, but if there are no buyers (as many analysts predict), they will remain state property.
Non-bank credit organizations (NCOs)
The credit and banking system of the Russian Federation also includes a set of financial institutions that are not Russian banks, but carry out individual banking operations. The abbreviation NPO is also used to refer to non-profit organizations, so be careful. The total amount of funds in NCOs is a few percent of the funds in commercial banks.
Non-bank financial institutions include three main areas:
RNKO
To the category of NBSCOs providing legal entities and individuals with settlement and cash services or engaged in foreign exchange transactions, belong to:
clearing companies;
settlement centers serving payment systems;
clearing houses and dealing centers operating in the currency and stock markets.
Examples of RNKO - LLC RNKO "Payment Center" (settlement center payment system « gold Crown", the issuer of payment cards "Beeline", "Corn", etc.); JSC "NCO "Moscow Clearing Center", carrying out banking operations in the "Eleksnet" system; dealing center "Alpari".
PNPO
The activities of PNCOs are limited to sending and issuing money transfers without opening current accounts for clients. Examples of PNCOs are (Yandex.Money, WebMoney, etc.), Unistream, Contact, payment systems of mobile network operators.
NDCO
What exactly can be attributed to non-bank deposit and credit organizations? Legally, these are structures that attract money only from legal entities, although they cannot open and maintain bank accounts for NDCOs. But they can give bank guarantees. Examples of NDKOs are the Moscow "Deposit Credit House" or the Voronezh "Interregional Center for Microcrediting".
In total, the main differences between banks and NPOs can be presented in the form of a table:
However, in a broader sense, organizations working with individuals can also be included in the NDCO group:
microfinance companies / organizations;
credit unions that attract contributions (shares) of their members and deposits of individuals and lend to individuals with these funds;
credit cooperatives
Important: non-banking organizations that attract deposits do not participate in the deposit insurance system, so that customers who decide to keep their savings in them are quite at risk. Non-banking institutions are also at risk of license revocation.
It was written in detail about microfinance organizations, there was information about credit consumer cooperatives. Organize the activities of credit organizations:
League of Credit Unions of Russia;
Union of Rural Credit Cooperatives;
National union of non-profit organizations;
Rural Credit Cooperation Fund
banking infrastructure
banking financial system cannot function without the necessary infrastructure, which includes:
A deposit insurance system that prevents Russian citizens from losing their bank savings. Thus, it is encouraged to keep money in bank accounts. Not only deposits are insured, but also cash placed on debit bank card accounts, although this rule does not apply to all card products banking institutions Russia. The functions of the insurer are assigned to a state institution called the Deposit Insurance Agency (DIA);
Independent systems for making settlements between corporate and private clients of banks, as well as themselves banking organizations. The main such system is SWIFT, although in connection with international sanctions against Russia, an alternative SPFS system has already been developed in the country, to which Moscow proposes to switch the states of the Eurasian Economic Union;
Payment systems for carrying out operations on plastic and virtual bank cards- MasterCard, VISA, MIR, American Express, etc.;
Auditing organizations designed to conduct an independent audit of the functioning of not only commercial banks, but also the Central Bank of the Russian Federation itself, and not only verification, but also confirmation of finished financial statements;
Legal and consulting organizations that assist banks in developing their business, representing their interests in interaction with authorities, corporate and private clients;
Providers of technological and information solutions that develop and implement, together with banks, modern settlement and processing technologies aimed at increasing the level of security of settlements and other processes;
Educational organizations that train and retrain bank personnel, conduct various seminars, trainings, refresher courses, which also positively affect the functioning of banks, since their employees must acquire new knowledge, skills and abilities in the context of updating modern technologies and introducing the latest standards banking services.
banking legislation
Legislative acts regulating the activities of banking institutions in the Russian territory:
the Constitution of the Russian Federation;
Civil Code;
Banking Law No. 395-1 (adopted in 1990);
Law on the Central Bank of the Russian Federation No. 86-FZ (adopted in 2002)
Deposit Insurance Law No. 177-FZ (adopted in 2003)
Law on the National Payment System No. 161-FZ (adopted in 2011)
Consumer Credit Law No. 353-FZ (adopted in 2013)
is a set of interrelated elements that includes the Central Bank, credit organizations consisting of commercial banks and other credit and settlement institutions, sometimes combined within holdings, as well as banking infrastructure and banking legislation. the federal law dated December 2, 1990 "On Banks and Banking Activities" defines the concept of the banking system as follows: the banking system of the Russian Federation includes the Bank of Russia, credit institutions, as well as branches and representative offices of foreign banks.
The banking system of the Russian Federation, its levels
Russian banking system has a two-level structure. The first level is represented by the Central Bank of the Russian Federation. The second level also includes non-bank credit organizations, as well as branches and representative offices of foreign banks.
The first level includes the Central Bank of the Russian Federation, the type of functions and powers of which distinguish it from other banks. First of all, this is the establishment and methodological support of the rules for the performance and accounting of banking operations, the issuance of cash (issue), the organization of payment turnover, the licensing of banking activities and supervision of all credit organizations, the regulation of banks and other credit organizations through accounting, reserve policies and the establishment of mandatory economic standards. Due to its functional purpose, the Central Bank of the Russian Federation occupies a special place in the banking system.
The second level of the banking system includes. These include: a bank and a non-bank credit institution, Russian banks with foreign capital or branches of foreign banks. The main purpose of credit organizations is to conduct banking operations for credit, cash and deposit services for customers and economic entities.
Rice. 1. The structure of the banking system of the Russian Federation
The composition of the basic elements of the banking system of the Russian Federation includes: credit institutions, banking infrastructure, banking legislation.
Credit organization - this is a legal entity that, in order to make a profit as the main goal of its activities, on the basis of a special permit (license) of the Central Bank of the Russian Federation (Bank of Russia), has the right to carry out banking operations provided for by the Banking Law.
Bank- a credit institution that has the exclusive right to carry out the following banking operations in aggregate: attraction of funds from individuals and legal entities to deposits, placement of these funds on its own behalf and at its own expense on the terms of repayment, payment, urgency, opening and maintaining bank accounts of individuals and legal entities.
Non-bank credit organization(NCO) - a credit institution entitled to carry out certain banking operations. Permissible combinations of banking operations for non-bank credit institutions are established by the Bank of Russia. NCOs can carry out settlement, deposit, credit operations, as well as collection of cash, bills, payment and settlement documents.
Banking group - this is an association of credit institutions in which one (parent) credit institution directly or indirectly (through a third party) has a significant influence on decisions taken by the management bodies of another (other) credit institution.
Bank holding - an association of legal entities with the participation of credit institutions, in which a legal entity that is not a credit institution (the parent organization of a bank holding company) has the ability to directly or indirectly exercise a significant influence on decisions made by the management bodies of the credit institution.
The procedure for opening and operating branches and representative offices of foreign banks in the territory of the Russian Federation is regulated by special legislative acts. The Bank of Russia establishes restrictions on banking operations for branches and representative offices of foreign banks.
Russian banks are not isolated from external environment. To perform their economic functions, they demand a number of important services that are provided by the banking infrastructure. The importance of banking infrastructure has been increasing in recent years. It is understood as a set of institutions that form the necessary conditions for the implementation of banking activities and contribute to the creation and delivery of banking services to their consumers. These include:
- a deposit insurance system that guarantees the safety of citizens' deposits in banks within the framework of the norms established by law, which is carried out by the Deposit Insurance Agency (DIA), specially created by the state;
- independent payment systems that assist in settlements between organizations and banks, such as SWIFT, and payment transactions by plastic cards such as VISA. MasterCard, American Express;
- audit organizations that provide independent verification of the activities of both commercial banks and the Central Bank of the Russian Federation and confirmation of their financial statements;
- consulting and legal organizations that assist banks in developing their business, representing the interests of banks in interaction with customers and authorities;
- organizations - providers of information technology solutions that develop and provide banks with modern banking technologies aimed at automating their business processes and achieving a high level of security;
- educational organizations that train and retrain banking specialists, conduct various seminars and advanced training courses, without which, in the conditions of the complexity of modern banking, it is impossible to imagine the normal functioning of the bank.
The sources of the banking legislation of the Russian Federation are: the Constitution of the Russian Federation; norms of international banking law and international treaties of the Russian Federation; decisions of the Constitutional Court of the Russian Federation; Civil Code (CC) of the Russian Federation: Federal Law “On Banks and Banking Activities”; Federal Law “On the Central Bank of the Russian Federation (Bank of Russia)”; by-laws legal acts(instructions, regulations, circulars, etc.).
The current state of the banking system of Russia
Banking system of the Russian Federation includes the Bank of Russia, credit institutions, as well as branches and representative offices of foreign banks.
The fourth stage of "foreign intervention" in the banking sector has begun in Russia. With the adoption in 1995 of Federal Law No. 65-FZ "On Amendments and Additions to the Law of the RSFSR "On the Central Bank of the RSFSR (Bank of Russia)"", it became possible to further develop the banking sector of Russia and the system of the Central Bank of the Russian Federation itself. The federal law fixed the independent status of the Bank of Russia and regulated in detail the relations of the Central Bank of the Russian Federation with federal authorities state power. An essential point of the new banking law was the establishment of a ban on granting loans to the Government of the Russian Federation for financing federal budget, as well as for the purchase by the Bank of Russia of state valuable papers during their initial placement, except for cases when it is provided for by the federal law on the budget (Article 22).
In early 1996, the Federal Law “On Amendments and Additions to the Law of the RSFSR “On Banks and Banking Activities in the RSFSR”” (No. 17-FZ of February 3, 1996) was adopted, which served as the next stage in the commercialization of the Russian banking system. This Federal Law introduced a distinction between a bank and a non-bank credit institution, and eliminated the restriction on the size of the share authorized capital, which may be owned by one founder. Previously (according to the law of December 2, 1990), such a share for one member of a credit institution was limited to 35%.
In mid-2002, the Federal Law “On the Central Bank of the Russian Federation (Bank of Russia)” (No. 86-FZ) was adopted, which increased the transparency of the activities of the Central Bank by strengthening state control. For these purposes, the National Banking Council was created - a collegial body of the Bank of Russia, responsible for external control over its activities without the right to interfere in the operational activities of the bank (Article 12).
Currently in Russia de jure there is a two-tier banking system, but after the adoption of the Federal Law "On Agricultural Cooperation" (1995) and the Federal Law "On Credit Consumer Cooperatives" (2001), the country's banking system de facto began to acquire certain features of a three-level model:
I level(upper) with assets of 15,482.6 billion rubles. — The Central Bank of the Russian Federation and its structural units(central office, main inspection credit histories, 22 departments and 3 main departments, 1 MSTU of the Bank of Russia, 58 main departments, 20 national banks and 630 cash settlement centers);
II level(intermediate) with assets of 28,691.9 billion rubles. — universal commercial banks entitled to conduct banking operations (1,015 banks, including 228 credit institutions with foreign participation) and 51 non-bank credit institutions;
III level(lower) with assets of about 30 billion rubles. - credit (consumer and agricultural) cooperation of Russia, which currently has 680 thousand shareholders.
The Bank of Russia, de jure, not being a public authority, at the same time, in its own way legal authority reflected in its goals (protecting and ensuring the stability of the ruble, developing and strengthening the banking system, ensuring the efficient and uninterrupted functioning of the payment system) and functions (issuing cash and refinancing credit institutions, establishing rules for settlements and banking operations, organizing currency regulation and control (supervision) over the activities of credit institutions and banking groups, etc.), de facto refers to state bodies, since the implementation of its goals and functions involves the use of state coercion measures (Table 1).
Table 1. Balance sheet of the Bank of Russia for 2006-2009, billion rubles
Granted the right to manage gold and foreign exchange reserves countries (international reserve assets RF), which as of January 1, 2010 amounted to $440.6 billion, an increase of 5.7 times compared to January 1, 2004 ($76.9 billion). At the same time, only 5% in the structure of gold reserves was given to monetary gold, which was accounted for at current quotations of the Bank of Russia. As of June 30, 2009, the largest segment of Russian assets was placed in securities of foreign issuers with a maturity of less than 1 year (87.1%), then in the form of foreign currency deposits and account balances (7.7%), as well as in reverse repo transactions with a term of up to 6 months (5.2%).
The onset of the global financial crisis and the implementation by the Bank of Russia in connection with it of a policy of gradual devaluation of the ruble since October 2008 led to the fact that Russia's gold reserves as of May 1, 2009 amounted to $383.9 billion, i.e. over 8 months, they decreased by $212.7 billion, or by 35.7% of their maximum level ($596.6 billion).
Analysis of performance indicators of the Russian banking sector for 2006-2009. testifies to the rapid development of the banking sector in 2006-2007. In a global financial crisis Growth rates have slowed down somewhat, but still remain fairly stable. In terms of the growth rate of total assets, as well as loans and other funds provided to non-financial organizations and individuals, the Russian banking sector is one of the fastest growing markets in the world (Table 2).
Table 2. Macroeconomic performance indicators of the banking sector of the Russian Federation for 2006-2009
However, behind the positive dynamics of macroeconomic indicators of the Russian banking sector (total assets and own funds, loans and other placed funds provided to resident non-financial organizations and resident individuals) concealed the most serious problems that, under the conditions of the global financial crisis, had a negative impact not only on the activities of most of the country's credit institutions, but also on the Russian economy as a whole.
Microfinance credit organizations
After in the 1930s. microfinance organizations of credit cooperation and mutual credit were liquidated in the country, interest in institutions of this kind in Russia began to arise again only in the second half of the 1990s. First of all, it was manifested by Russian citizens, whose access to bank lending was limited. Thus, in 2008 the share of economically active citizens, who did not have full access to financial services, in Russia was about 50%.
As a result, such credit institutions of civil society appeared in the country, such as consumer credit cooperatives of citizens (CCC), consumer credit cooperatives with the participation of legal entities (CCC), consumer societies (PO) and agricultural consumer credit cooperatives (ACCC), the total loan portfolio of which, in 2009, which amounted to about 30 billion rubles, was formed mainly due to voluntary savings of shareholders.
Activity credit cooperatives Currently, it is not subject to prudential supervision by the Bank of Russia and is regulated by a number of legislative acts that determine the requirements for the organization and activities of credit cooperatives. On March 4, 2010, the Government of the Russian Federation by Decree No. 123 entrusted Rosfinmonitoring with control over consumer credit cooperatives of citizens, thereby transferring licensing and control over the activities of these financial intermediaries to the Ministry of Finance of the Russian Federation.
Agricultural CPCs carry out their activities in accordance with the Law on Agricultural Cooperation. At the same time, its members must necessarily participate in economic activity cooperative. Moreover. The law establishes restrictions on the number of members of the ACCC who are not agricultural producers (their share should not exceed 20% of the total number of members of the cooperative).
SO, conducting savings and loan operations with their shareholders, along with the traditional activities of consumer cooperation (purchasing, trade and purchasing, marketing, supply, etc.) carry out their activities in accordance with the Law "On consumer cooperation (consumer societies, their unions) in the Russian Federations” and have no upper limits on the number and composition of their members. As a rule, they are created on a territorial basis.
CCGTs are created in accordance with the Law “On Credit Consumer Cooperatives of Citizens” on the basis of any community of citizens, community of place of residence, work activity, professional affiliation, etc. For them, the upper limit of the number of members (founders) is set - no more than 2,000.
PDAs that do not have a special legal regulation, carry out their activities on the basis of the general norms of Art. 116 of the Civil Code of the Russian Federation and have no upper limits on the number and composition of their members.
V modern Russia The main organizers of credit institutions of civil society at present are the League of Credit Unions of Russia, the National Union of Non-Commercial Organizations, the Union of Rural Credit Cooperatives and the Fund for the Development of Rural Credit Cooperatives. They were created to promote the development of credit cooperation as the most important direction in reforming the financial and credit mechanism. Agriculture, systems of mutual financing of non-profit organizations, as well as the provision of services in the field of accounting, taxation, organization (management) of activities, advisory and educational programs.
Each type of credit institution - KKKG, KPK, PO or SKKK - is built in a strict hierarchical sequence, which is a three-level organizational structure the following form:
I level (primary link) - credit cooperative. Currently, there are 760 KKGs, 350 SKPKs, 400 POs and KPKs operating in Russia in 75 regions of the country. Total number shareholders - about 680 thousand, the volume of loans - 30.0 billion rubles;
II level (middle) - regional associations KKKG, KPK, PO or SKPK created in 34 regions of the Russian Federation. The main goal of their activities is to promote the development of the lower level of the credit cooperation system;
III level (upper) - such structures as the League of Credit Unions of Russia, the National Union of Non-Commercial Organizations, the Union of Rural Credit Cooperatives, the Rural Credit Cooperation Development Fund and the Interregional Agricultural Credit Consumer Cooperative (MSCCP) "People's Credit".
League of Credit Unions of Russia(organized in 1994) is a voluntary association of credit consumer cooperatives of citizens and other non-profit organizations for mutual financial assistance and their associations. As of January 1, 2008, the League included 238 cooperatives, including 46 as independent and 192 as associated (through 12 regional associations and 2 infrastructure organizations). At the same time, cooperatives and their associations included in the League included: 238 departments (branches), 366,954 shareholders, 1,466 employees with a total balance sheet currency of 6,480 million rubles.
National Union of Nonprofit Organizations was established in 2001 with the aim of creating and developing a system of mutual financing of non-profit organizations, as well as providing them with services in the field of accounting, taxation and organization (management) of activities. The system of the National Union includes more than 160 cooperatives, uniting more than 200 thousand shareholders and controlling more than 3 billion rubles.
Rural Credit Cooperation Development Fund(FRS KK) (founded in 1997) is a non-governmental non-profit organization whose activities are related to the development of a multi-level system of CCM in Russia by providing cooperatives financial assistance, advisory and educational services. As of 01.01.2008, the equity capital of the Federal Grid Company was 320.4 million rubles, and the size of the loan portfolio was 276.6 million rubles. At the same time, for the entire period of activity (including through 2008), loans in the amount of 2.1 billion rubles were provided through the Federal Grid Company, which were intended for 14 thousand peasant (farmer) households, personal subsidiary farms and other small and medium forms of agribusiness.
Union of Rural Credit Cooperatives(established in 1997) is a non-governmental non-profit organization whose activities are related to promoting the development of rural credit cooperation as the most important direction in reforming the financial and credit mechanism of agriculture. At present, the SSK Union coordinates the activities of 220 credit cooperatives and credit unions from 50 regions of Russia.
Non-governmental non-profit organization MSCC "People's Credit" (founded in 2004) is engaged in attracting financial resources into the system of rural credit cooperation, reducing financial risks in the activities of regional credit cooperation systems through the creation of guarantee, insurance and reserve funds, as well as providing advisory and informational and methodological assistance to members of the ISCC.
The main shareholders of MSKCC "People's Credit" are 17 regional cooperatives of the 2nd level and 4 associated organizations (Fund for the Development of Rural Credit Cooperation, a branch of the non-profit corporation ACDI / OCA, the Non-profit Foundation for the Promotion of Small Business Development "German Fund for Support of Small Business" and the financial company " Oikocrcdit, the Netherlands). As of July 1, 2009, 264 loans for total amount 188.1 million rubles, own funds of the cooperative amounted to 24.2 million rubles, and the loan portfolio - 70.9 million rubles.
The banking system of Russia in the context of the global financial crisis
The first signs of a financial crisis in the Russian banking system began to be observed in August 2007. Thus, over the seven months of 2007, the volume of refinancing of commercial banks increased by 350 times. A year later (August-September 2008) his further growth led to massive non-fulfillment by banks of their obligations under repo transactions. Already the first manifestations of the crisis in Russia showed that the main mechanism of its development differs from that observed in developed countries. In Russia, the inevitability of development systemic crisis was predetermined by the prevailing in the 2000s. mechanisms for financing banks and enterprises, money supply, pricing in the financial market. The Bank of Russia issued ruble funds for accumulation foreign exchange in official reserves. The reduction in export earnings of Russian exporters as a result of falling world oil prices led to a relative contraction money supply. Raise interest rates in the global financial market and limiting lending to borrowers from developing countries led to an increase in the cost of borrowing for the largest Russian banks. This caused the collapse of the Russian interbank credit market.
The dependence of the Russian financial market and enterprises on external financing is illustrated by statistical data. Thus, as of October 1, 2008, the external debt of Russian banks and corporations (non-participation in capital) amounted to $497.8 billion. dollars (including debt of banks amounted to 135.9 billion dollars, corporate sector - 299.0 billion dollars). The departure of international investors from the Russian market (in 2008 the net outflow of private capital from Russia amounted to $130.8 billion, in 2009 it exceeded $50 billion) is associated with the onset of a liquidity crisis in the country's banking sector.
Let us list the problems that are typical for the banking sector of modern Russia and indicate that the institutional formation of a market-type banking system has not been completed in our country.
1. At present, a large number of literally dwarf banks operate in the Russian Federation, both in terms of volume equity, as well as total assets. As of December 1, 2009, the 200 largest banks (in total, there were 1,131 banks in the register of Russian credit institutions, and 1,015 operating banks) controlled over 94.0% of the total assets and approximately 90.0% of the equity capital of Russian banks. At the same time, the top five banks accounted for 45% of all own funds, about 48.0% of total assets and 50% of all loans, deposits and other placed funds, and the share of only one Sberbank (SB) of Russia in the structure balance sheet operations of all credit institutions operating in Russia account for 25% of assets, 20% of equity, 30% of loans to legal entities and individuals, 25% of funds raised from legal entities and individual entrepreneurs, and 50% of funds raised from individuals. The scale of the activities of the Security Council of Russia is evidenced by the state of the increase in turnover on the accounts of its accounting financial transactions(form 101) for December 2008:
for active operations:
- correspondent account balances opened with the Bank of Russia increased by 64 billion rubles;
- balances on correspondent accounts opened by the Russian Security Council in non-resident banks increased by 67 billion rubles;
- debited from the accounts of SB branches located in the Russian Federation to 2717 billion rubles more than received;
- loans and deposits placed with non-resident banks increased by 143 billion rubles;
- loans provided to non-state commercial organizations increased by 122 billion rubles;
- loans to individuals increased by 9 billion rubles;
- arrears of non-state commercial organizations on loans decreased by 2 billion rubles;
- overdue debt of individuals on issued loans increased by 2 billion rubles;
for passive operations:
- the balances of the accounts of non-resident banks in the SB increased by 4 billion rubles;
- the balances on the accounts of resident banks in the SB increased by 6 billion rubles;
- funds (loans, deposits) were debited from the SB correspondent account in favor of resident banks for 39 billion rubles;
- SB received an interbank loan from non-resident banks for 6 billion rubles;
- overdue debt of individuals on issued loans increased by 2 billion rubles;
- funds (including deposits) of non-state commercial organizations increased by 176 billion rubles;
- funds (including deposits) of individuals increased by RUB 162 billion
2. Density of banking services in Russia as of December 2009 averaged slightly more than 28 outlets per 100,000 population. This is comparable to the density of banking services in Eastern Europe. However, if in Europe banking divisions are almost evenly distributed across the territory, in Russia, on the contrary, it is extremely uneven. Thus, as of 01.01.2010, about 50% of all operating credit institutions were operating in Moscow. They concentrated 86.6% of total assets, 57.9% of all deposits of legal entities and individuals and other funds raised, and about 35% of loans and other placed funds provided to legal entities and individuals and individual entrepreneurs.
3. The undercapitalization of Russian banks did not allow them to provide adequate financing for the largest Russian enterprises, and the irrational policy of the Bank of Russia of high interest rates in the absence of capital restrictions (cancelled since mid-2006) led to an uncontrolled growth of Russian external debt. Thus, the external debt of the banking and corporate sectors as of September 1, 2009 amounted to about 33.5% of Russia's GDP. In the context of the rapid devaluation of the ruble, a significant part of Russian borrowers will face the problem of servicing their external debt.
4. Monetary policy is not intended to stimulate the economic growth and improve the well-being of the population. She is basically out of touch with her needs. Russian economy and is so controversial that it does not allow economic entities to make economically sound decisions. Thus, theoretically carried out in the pre-crisis period, the policy of strengthening the ruble should have contributed to the modernization of Russian enterprises. But in conditions of high inflation and ongoing interest rate policy modernization of production was limited and fragmented. During the crisis period, the policy of "smooth" devaluation of the ruble, along with the policy of high interest rates, puts an end to the plans for the technical re-equipment of production and, moreover, leads to curtailment of business activity in the Russian economy. The industrial decline and, at the same time, a significant expansion of the money supply form business entities and households with stable expectations of further depreciation Russian currency and the beginning of a new round of dollarization of the Russian economy.
5. The activities of banks as conductors of monetary policy are aimed solely at compliance with formalized standards, the requirement to comply with which is often selective. As the crisis develops, Russian banks, as independent commercial organizations pursuing their own interests, limit their activities in all segments of the financial market, except for the foreign exchange market, and transform their ruble liabilities into foreign exchange assets. Funds allocated to banks by the state, attracted in the form of loans from the Bank of Russia, deposits of legal entities and individuals, are not directed to finance economic entities, but are thrown into currency market. As a result, financial anti-crisis measures increase devaluation pressure and do not allow overcoming the crisis in the economy. The reduction of ruble liquidity generates a contraction of the domestic aggregate demand further exacerbating the economic crisis.
6. Investments attracted within the country in the pre-crisis period were not used productively, but were directed to financial speculation, which led to several bubbles, including in the national securities market. Russian market securities in the pre-crisis period were distinguished by several features: low market capacity (only a small part of the securities of the most attractive issuers were in free circulation); a limited number of investors, among which large foreign and national institutional investors prevailed; widespread insider trading, which allowed investors to manipulate exchange rate fluctuations; decentralized market infrastructure. The high investment rating of Russia attracted foreign investment, and the narrowness of supply, along with the indicated features of the market, led to a rapid “warming up” of the Russian stock market. Before the crisis in May 2008, its capitalization was 1.6 trillion dollars, having increased over the past 3 years by more than 3 times. At that time, investors in a number of cases purchased foam paper at clearly inflated pence. Thus, in terms of the ratio of the total value of the company to the proceeds of the share Russian company Severstal-Auto was placed 15-20% more expensive than the shares of such global auto giants as Honda, Nissan, Toyota, etc. » were placed 2-2.5 times higher than the shares of world industry leaders Michelin and Bridgestone.
As a result of the largely isolated and largely segmental functioning of the banking system and the real sector in national economy increased structural disproportions. Therefore, for the Russian economy, the way out of the current crisis will be extremely difficult and will require the adoption of non-standard decisions.
The banking system is one of the main structures in the economy of any state. The main function of the banking system is mediation in the movement of funds and loans between sellers and buyers, lenders and borrowers.
The banking system is one of the main structures in the economy of any developed state. It is designed to meet the growing needs modern society in banking services and products.
The banking system is a set of national banks and other credit institutions included in the state economy. main function The banking system as a whole is an intermediary in the movement of funds and loans between sellers and buyers, lenders and borrowers.
The elements of the banking system are:
- the central bank, which implements the issuing and monetary policy of the state;
- commercial banks producing various operations and services;
- various credit and settlement centers.
The banking system has a hierarchical structure headed by the central bank. At the lower level are commercial banks, which are divided into universal and specialized (banks consumer credit, as well as mortgage, savings, investment, industry, intra-production), as well as non-bank credit and financial institutions (insurance companies, investment companies and funds, pension funds, trust companies, pawnshops, etc.).
Such a system is usually called a two-tier one; it has become widespread in economically developed countries. In most countries, the central (issuing) bank is state-owned. But, if the state owns the central bank partially, for example, in Japan - 55%, Belgium - 50%, or is not the formal owner of the bank, as in the USA, Switzerland, Italy - the central bank is still endowed with functions government agency and has a monopoly right to issue (put into circulation) banknotes.
The central bank stores state gold and foreign exchange reserves, it serves the state budget and takes part in the management of public debt. The Central Bank is the main instrument in the state policy in the field of regulation of the monetary sphere and foreign exchange relations.
Due to the special role of the central bank, the government is interested in its reliability. It should be noted that the central bank, regardless of the ownership of the capital, is legally independent. The bank manager is not part of the government. Such independence of the central bank is necessary to carry out all the necessary functions. For example, it is very important when it is necessary to limit the government's ability to use bank resources to cover a budget deficit.
But central bank independence is still relative: economic policy The state requires a clear coordination of all its elements, so the long-term policy of the central bank is determined by the priorities of the government's course in the economy. As a rule, it is through the central bank that the bulk of all settlements are made, and the central bank establishes the rules for these settlements, which are mandatory for all organizations, enterprises and the population.
In relation to other elements of the system, the central bank is a “bank of banks”: it stores free funds and required reserves of commercial banks, as well as other structures, issues loans to them, and is at the head of the national offsetting system. monetary obligations. The Central Bank sets limits and standards for the activities of other banks, determines the official rate on loans.
Commercial banks are the main link in the credit system. They belong to the category of financial intermediaries. Most banking transactions are carried out through them.
Commercial banks are engaged in lending to trade and industry enterprises, carry out their mutual settlements, accept deposits. Banks attract free cash, savings of individuals and provide them for temporary use to other economic agents, and thus contribute to a significant increase in production efficiency.
In addition to banks, the elements of the lower level of the banking system are the specialized financial institutions already listed above (investment funds, insurance companies, etc.). Unlike banks, such institutions do not provide a full range of banking services, their activities are limited to certain functions.
The legal bases and principles of their functioning are determined by the central bank. The legislation of most states provides for the functioning of foreign banks within the country.
In some countries, their activities are not limited, for example, in France. Other countries set certain limits for their transactions, for example, Russia, Canada. A similar structure of the banking system is typical for most countries with advanced economies such as USA, Japan, Western European countries.
However, according to the development of the constituent elements of the system different countries have significant differences and features. The uniqueness of the systems is due to the conditions historical development, national traditions, the level of economic development, the method of regulating money circulation and other factors.
For example, we can take two highly developed neighboring countries North America - USA and Canada. Despite the close proximity of the location, the organization of their banking systems uses directly opposite approaches. While there are approximately 12,000 banks in the United States, there are only six in Canada, but they have branches and subsidiaries throughout the country.
But, in the end, it is not the number of banks as such that is important, but the quantitative characteristics of the banking system - the total number of banking institutions, including branches, departments, agencies that serve organizations, enterprises and the population.
In Russia, the banking system is two-tier. At the head of the system is the Central Bank of the Russian Federation, at the second level - commercial banks, as well as various financial and credit institutions. In addition, the banking system of the Russian Federation includes branches and representative offices of foreign banks, banking groups and holdings. The Bank of Russia, being legal entity, is not registered with the tax authorities. It carries out expenses at the expense of its income, however, profit is not the purpose of the activity of this bank, it is the body regulating the economy in the country and performs the functions of foreign economic activity.
Commercial and specialized banks, located at the second level of the banking system, provide comprehensive settlement and credit services to their customers or specialize in certain types of services. Banks of Russia are not called upon to answer for the obligations of banks and, conversely, the state is not liable for the obligations of banks.
It should be noted that in the conditions of modern society, the banking system is constantly developing and changing, its structure is becoming more complicated. This is due to the development of financial and commodity markets, the emergence of new tools and methods of customer service, new types of financial and credit institutions.