Central bank of the Russian Federation scheme. Central bank and its functions
17. System of the Central Bank of the Russian Federation, principles of its organization
Structure- This is a form of internal organization (device) of the elements of any organ. The structure of the Central Bank of the Russian Federation- a single centralized system of subdivisions of the main bank of the country with a vertical management structure, consisting of a certain set of interrelated elements determined by the goals, objectives and competence of the Central Bank of the Russian Federation.
The structure of the Central Bank of the Russian Federation includes:
1) the central office;
2) territorial offices;
3) settlement and cash centers;
4) computing centers;
5) field institutions;
6) educational institutions;
7) other organizations, including security units and the Russian Cash Collection Association, which are necessary for the implementation of the activities of the Central Bank of the Russian Federation.
The governing bodies of the Central Bank of the Russian Federation are:
1) the national banking council;
2) Chairman of the Central Bank of the Russian Federation;
3) the board of directors of the Central Bank of the Russian Federation.
National Banking Council- collegial governing body of the Central Bank of the Russian Federation. The number of the National Banking Council is 12 people, of which 2 are sent by the Federation Council of the Federal Assembly of the Russian Federation from among the members of the Federation Council, 3 - by the State Duma of the Russian Federation from among the deputies of the State Duma of the Russian Federation, 3 - by the President of the Russian Federation, 3 - by the Government of the Russian Federation. The National Banking Council also includes the Chairman of the Central Bank of the Russian Federation.
The recall of members of the National Banking Council is carried out by the state authority that sent them to the National Banking Council.
Chairman of the Central Bank of the Russian Federation appointed by the State Duma of the Russian Federation for a period of 4 years by a majority vote of the total number of deputies on the proposal of the President of the Russian Federation.
One and the same person cannot hold the position of the Chairman of the Central Bank of the Russian Federation for more than 3 consecutive terms.
The State Duma has the right to dismiss the Chairman of the Central Bank of the Russian Federation on the proposal of the President of the Russian Federation.
The Chairman of the Central Bank of the Russian Federation can be dismissed only in the following cases:
1) the expiration of the term of office;
2) the impossibility of fulfilling official duties, confirmed by the conclusion of the state medical commission;
3) filing a personal letter of resignation;
4) the commission of a criminally punishable act established by a court verdict that has entered into legal force;
5) violations of federal laws that regulate issues related to the activities of the Central Bank of the Russian Federation.
The main collegial body of direct management of the Central Bank of the Russian Federation- Board of Directors. It includes the Chairman of the Central Bank of the Russian Federation and 12 members of the Board of Directors. Members of the Board of Directors work on a permanent basis at the Central Bank of the Russian Federation.
Members of the Board of Directors are appointed by the State Duma of the Russian Federation for a period of 4 years on the proposal of the Chairman of the Central Bank of the Russian Federation, agreed with the President of the Russian Federation. Members of the board of directors are dismissed:
1) the Chairman of the Central Bank of the Russian Federation - upon the expiration of the term of office;
2) by the State Duma of the Russian Federation on the proposal of the Chairman of the Central Bank of the Russian Federation - until the expiration of the term of office.
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From the book Finances of organizations. Cheat sheets the author Zaritsky Alexander Evgenievich10. Principles of organization of enterprise finances (continued) The principle of material responsibility implies that there is a system of responsibility for the organization of business and its results. The state legally supports the principle
From the book Finances of organizations. Cheat sheets the author Zaritsky Alexander Evgenievich87. Principles of organizing non-cash payments 1. Legal regime of non-cash payments: the implementation of non-cash payments is regulated by 1) the Civil Code of the Russian Federation (part two); 2) Federal Law “On the Central Bank of the Russian Federation (Bank of Russia)”, Federal Law “On Banks and Banking Activities”; 3)
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From the book Finance: lecture notes the author Kotelnikova Ekaterina1. Money turnover, principles of its organization and structure Money turnover is a system of monetary payments for the sale of goods by enterprises to each other and to the population. Cash flow is the amount of payments made in a country over a certain period.
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From the book Economic Theory. the author19.3. Tax system and principles of its functioning The main source of government revenues is taxes. Tax policy is called fiscal. The word "fiscal" is of Latin origin and means "official" in translation. In Russia in the era of Peter I the fiscal
the author Makhovikova Galina Afanasyevna6.5. Tax system and principles of its functioning The tax system is a set of duties, taxes and other payments, as well as general principles of taxation and fees. Duty (English tariff) - monetary fees levied by the relevant state
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From the book Budgetary Law the author Dmitry Pashkevich5. The budgetary system and its principles The budgetary system of the Russian Federation is a combination of the federal budget, the budgets of the constituent entities of the Russian Federation, local budgets and state non-budgetary budgets based on economic relations and the state structure of the Russian Federation.
From the book Lazy Marketing. Passive Selling Principles author Zhdanova Tamara1.2. Principles of Marketing Organization Marketing decisions and activities cannot be carried out spontaneously, without taking into account the peculiarities of the strategy of its development and certain standards of functioning and development. That is why all marketing activities of the company
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Lecture 14 Structure and functions of the Bank of Russia
14.1 Bank of Russia structure
14.2 Functions of the Central Bank
Organizational structure The Bank of Russia is a single centralized system with a vertical management structure. The structure of the Bank of Russia includes the National Banking Council, the Chairman of the Bank of Russia, the Board of Directors, the central office, regional offices, cash settlement centers and other organizations, including computer centers, field institutions and educational institutions.
According to the new version of the Federal Law "On the Central Bank of the Russian Federation (Bank of Russia)", the supreme governing body of the Bank of Russia is National Banking Council(until July 2002, the supreme governing body was the board of directors, and the National Banking Council performed only advisory and expert functions). The competence of the National Banking Council includes:
approval of the total volume of administrative and business expenses and a report on their execution, the volume of capital investments, accounting and reporting rules for the Bank of Russia, the procedure for distributing profits remaining at the disposal of the Bank of Russia;
resolving issues related to the participation of the Bank of Russia in the capital of credit institutions; appointment of the chief auditor of the Bank of Russia, determination of the auditor of the annual financial statements of the Bank of Russia;
submission to the State Duma of proposals on the audit by the Accounts Chamber of the Russian Federation of the financial and economic activities of the bank and its structural divisions;
consideration of the project and the main directions of monetary policy, issues of improving the banking system, as well as information on the main issues of the bank's activities.
The National Banking Council has 12 people appointed for four years, of which two are directed by the Federation Council, three by the State Duma, three by the President, and three by the Government. The council also includes the chairman of the Bank of Russia, who is appointed by the State Duma on the proposal of the President of the Russian Federation. One and the same person cannot hold the position of the Chairman of the Bank of Russia more than three terms in a row... The Chairman is the highest official of the Bank of Russia and bears full responsibility for his activities.
The law limits the competence board of directors in the field of administrative and economic management, leaving him with the authority to resolve issues that relate to the functions of the Central Bank as a body of control over money circulation and a guarantor of the stability of the financial system. The Board of Directors develops and ensures the implementation of the main directions of the monetary policy. Its powers include making decisions:
on the determination of the limits of operations in the open market;
on changes in the interest rates of the Bank of Russia;
on the amount of reserve requirements;
on the application of direct quantitative restrictions;
on the establishment of mandatory standards for credit institutions and banking groups;
on the procedure for the formation of reserves by credit institutions.
Central office includes 22 departments, each of which is a functional unit in the main areas of activity. The number of employees of the central office is more than 2.5 thousand people. They are the ones who analyze economic events, the state of the banking sector, predict the impact of possible changes in monetary policy, and are responsible for implementing the decisions of the Board of Directors and the Chairman of the Bank of Russia.
TO territorial offices of the Bank of Russia include 69 head offices and 19 national banks. These are separate divisions that carry out part of the functions of the Bank of Russia on the territory of the constituent entities of the Russian Federation. Territorial institutions organize money circulation, supervision and control, conduct economic analysis.
Cash settlement centers are part of the regional offices of the Bank of Russia. They carry out interbank payments and settlements, provide cash services to banks and cash settlement services for accounts of budgets of all levels and federal treasury bodies of the Ministry of Finance, state extra-budgetary funds. The relationship of cash settlement centers with customers is built on a contractual basis. The head settlement and cash centers perform, in addition to those mentioned, some additional operations, for example, settlements based on the results of operations on the organized securities market.
Field offices of the Bank of Russia intended for banking services of military units, institutions and organizations of the Ministry of Defense and other security agencies. Like territorial institutions, they are not legal entities, but unlike the latter, they are military institutions, staffed with military personnel and approved by a joint decision of the Bank of Russia and the Ministry of Defense of the Russian Federation. Their functions are limited to settlement and cash services and some other banking operations.
The structure of the Bank of Russia also includes other organizations that support its activities:
13 banking schools;
educational and methodological center and personnel training center;
security units and the Russian collection association.
Functions of the Bank of Russia
Functions for the organization and regulation of monetary circulation.
The Central Bank of the Russian Federation is responsible for:
1) forecasting and organization of production, transportation and storage of banknotes and coins, the creation of their reserve funds;
2) establishment of rules for storage, transportation and collection of cash for credit institutions;
3) establishment of signs of solvency of banknotes and the procedure for replacing damaged banknotes and coins, as well as their destruction;
4) determination of the procedure for conducting cash transactions for all enterprises and organizations;
5) development and implementation in cooperation from The Government of the Russian Federation of a unified state monetary policy aimed at protecting and ensuring the stability of the ruble;
6) the establishment of rules for the implementation of both cash and non-cash payments in the Russian Federation.
To influence monetary circulation, the Central Bank of the Russian Federation currently uses the following instruments:
interest rates on loans and deposits of the Central Bank of the Russian Federation;
the volume of lending to commercial banks and the volume of raising funds for deposits of the Central Bank of the Russian Federation;
standards of required reserves deposited with the Central Bank. The ratios are set as a percentage of the average daily balances on settlement, current, deposit and other client accounts of legal entities and individuals for the past month and are deposited at the expense of funds in the correspondent account of a commercial bank to a special reserve account with the Central Bank of the Russian Federation at the beginning of each month. The maximum rate of the required reserves ratio cannot exceed 20%. A one-time change in the standard by more than 5 points is not allowed.
7) operations for the purchase and sale of securities on the open market;
8) the establishment of specific benchmarks for the growth of the money supply;
9) operations for the purchase and sale of foreign currency for rubles in the foreign exchange market.
Functions for servicing the Government of the Russian Federation
Implementing the second group of functions in practice, the Central Bank of the Russian Federation maintains accounts for accounting for budgetary funds and provides banking services for maintaining accounts and making settlements for a number of budgetary organizations, primarily the Federal Treasury. Until recently, the Central Bank of the Russian Federation was entrusted with the cash execution of the budget, which has now been transferred to the Federal Treasury.
According to article 22 of the Federal Law "On the Central Bank of the Russian Federation", the Bank of Russia not entitled to provide loans to the Government of the Russian Federation to finance the budget deficit, to buy government securities at their initial placement, with the exception of cases stipulated by the Federal Law on the Federal Budget. The Central Bank of the Russian Federation is also not entitled to provide loans to finance the budget deficits of the constituent entities of the Russian Federation, local budgets and budgets of state extra-budgetary funds.
The Central Bank of the Russian Federation is the agent of the Government of the Russian Federation in the government securities market. His responsibilities include regulating the market and timely repayment of government debt obligations at the expense of funds allocated from the budget, as well as advising the Ministry of Finance on the issue and placement of government securities.
Functions for servicing commercial banks
To provide settlement and cash services, the Central Bank opens accounts for commercial banks. From these accounts called correspondent, funds are debited in favor of other banks and funds are credited in favor of account holders or their clients. For settlements, banks keep a certain working balance on their correspondent accounts. In case of lack of funds, they resort to loans from other banks or the Central Bank of the Russian Federation.
The Central Bank is the lender of last resort for credit institutions. He provides them with several types of loans. Regular lending is carried out secured by securities included in the Lombard List. However, by decision of the Board of Directors, government securities that are not included in the list may also be accepted as collateral.
To obtain a loan, securities are blocked on a special account with the depository. The market value of the securities, adjusted by the adjustment factor, must cover the amount of the loan and interest on it. Interest on the principal amount is accrued according to the formula of simple interest for the period of actual use of the loan, based on the number of calendar days in a year.
Only a bank that fully complies with the mandatory reserve requirements and has no overdue debt on loans from the Central Bank can apply for a loan. If there is sufficient collateral and compliance with the requirements of the Central Bank of the Russian Federation, the bank can receive several types of loans:
lombard loans;
overnight settlement loans (overnight loans);
intraday loans
stabilization loans.
loans to the sanatorium bank.
In addition to direct lending to commercial banks, the Bank of Russia provides even bills. For rediscounting, only promissory notes drawn up on a standard form in accordance with the requirements approved by the decision of the general meeting of representatives of members are accepted Associations of participants in the bill market, with a term "for a certain day", the promissors of which are the exporting organizations included in the list approved by the Central Bank. The due date for the bill of exchange must not exceed by more than one month the deadline for the last payment under the export contract.
The exporting organization issues a bill of exchange in the name of an accounting bank. To obtain the status of an accounting bank, a bank must meet certain requirements.
To regulate rediscounting, the Central Bank establishestwo limits:
1) rediscount limit for the accounting bank - the maximum amount that can be transferred by the Central Bank to an accounting bank when buying bills. The limit is restored if the bills are canceled or sold;
2) limit on an export contract - a percentage of the amount of an export contract in foreign currency, within which the Central Bank rediscounts bills of exporting organizations. Conversion into rubles is carried out at the official exchange rate effective on the date of the promissory note.
REPO transactions apply to dealers-credit organizations that have within the last three months been classified as financially stable banks that have entered into a General Agreement with the Central Bank on participation in REPO operations with GKO - OFZs and have their own portfolio of basic issues of GKO - OFZs of at least 40 million rubles. at market value. REPO transactions can only be concluded for periods of 1, 2, 7 and 14 days.
Deposit operations of the Central Bank of the Russian Federation. In order to regulate the liquidity of the banking system and maintain stability in the foreign exchange market, the Central Bank, since February 1996, has been carrying out deposit operations in the national currency.
Currently, the Central Bank carries out the following types of deposit operations:
deposit auctions;
deposit operations at a fixed interest rate;
Acceptance of funds from banks that have entered into a General Agreement with the Central Bank on deposit operations in rubles;
accepting bank funds for deposit on the basis of a separate agreement that defines the terms of the deposit.
In order to be eligible to place funds in deposits on the accounts of the Central Bank, commercial banks must meet the following requirements:
must be attributed to no less than the third group of problematic issues for the last three reporting dates;
fulfill the mandatory reserve requirements of the Central Bank;
have no overdue monetary obligations to the Central Bank within the last 90 days;
not have violations of banking legislation and (or) regulations of the Central Bank within the last 90 days.
The Central Bank suspends the conduct of deposit operations with commercial banks if they cease to meet the specified requirements.
Deposit auctions are held by the Central Bank of the Russian Federation as an interest rate tender for contracts with the Central Bank setting a maximum initial interest rate using the American or Dutch method.
When the Central Bank conducts a deposit operation at a fixed interest rate, banks intending to transfer funds to a deposit send an application for placing a deposit.
In order to implement monetary policy, the Central Bank may, on its own behalf, carry out issue of bonds placed and traded only among credit institutions. The maximum amount of the total par value of the Central Bank bonds of all issues not redeemed as of the date of the decision by the Board of Directors on the next issue of the Central Bank bonds is set as the difference between the maximum possible amount of required reserves of credit institutions and the amount of required reserves of credit institutions determined on the basis of the current required reserve ratio.
Central Bank bonds are short-term equity securities. Income is the difference between the par value and the purchase price of the bond.
Supervisory and control functions of the Central Bank of the Russian Federation
The Central Bank of the Russian Federation carries out state registration of credit institutions and issues licenses to credit institutions for conducting banking operations, establishes the rules for conducting banking operations, accounting and reporting for the banking system.
The Central Bank of the Russian Federation issues the following types of licenses to commercial banks:
1) banking license, which gives the right to conduct basic banking operations, except for accepting deposits from individuals, working with currency and precious metals;
2) a license to accept deposits from the population. To obtain a license that gives the right to accept deposits from the population, the bank must have successfully worked for at least two years;
3) currency license;
4) a license to conduct operations with precious metals.
A bank that has a license to carry out all banking operations with funds in rubles and foreign currency can be issued General license. A bank that has a General License has the right, in accordance with the established procedure, to create branches abroad of the Russian Federation and (or) acquire stakes (shares) in the authorized capital of non-resident credit institutions. When considering the issue of issuing a General License to a bank, a comprehensive inspection check of this bank is carried out.
Control of the Central Bank of the Russian Federation over the activities of credit institutions is carried out on the basis of monthly submission of various types of reports reflecting all aspects of the bank's life, from the balance sheet to the structure of the loan portfolio.
In order to ensure economic conditions for the stable functioning of the banking system of the Russian Federation, to protect the interests of depositors and creditors, the Central Bank of the Russian Federation establishes performance standards for commercial banks.
Control over compliance by banks with mandatory standards is entrusted to the regional offices of the Central Bank at the place of opening the bank's correspondent account. Control is carried out on the basis of monthly balances of banks, to which certificates are attached with calculations of the actual values of mandatory ratios and explanations of individual balance sheet accounts.
In order to improve supervision and timely identify problem banks, the Central Bank has defined the criteria for problematic banks. According to the instructions of the Central Bank, all credit institutions from the point of view of their financial condition are divided into two categories, with the allocation of two classified groups within each category:
group 1 - credit institutions without deficiencies in their activities;
group 2 - credit institutions that have certain deficiencies in their activities;
group 3 - credit institutions experiencing serious financial difficulties;
group 4 - credit institutions in critical financial position.
The choice of measures of influence is made by the supervisory authorities taking into account the nature of the violations: the reasons that caused the violations; the general financial condition of the bank; the bank's position in the banking services market.
1. Preventive action. They are used when deficiencies in the bank's activities do not directly threaten the interests of creditors and depositors, mainly in the early stages of the emergence of deficiencies. Preventive measures include: communicating information to the management bodies of the bank about the shortcomings of its activities and the concerns of the supervisory authority; recommendations of the supervisory authority; a proposal to present a program of an action to eliminate deficiencies; establishment of additional control.
2. Compulsory measures. The grounds for their application are violations of banking legislation, regulations and instructions of the Central Bank, failure to provide information, provision of incomplete or inaccurate information, as well as the presence of a real threat to the interests of customers and creditors. Compulsory measures include: fines, restriction of certain operations for up to six months, a ban on operations under a license for up to one year, the requirement to replace the head of the bank, the introduction of a temporary administration, revocation of a banking license.
The reason for the appointment of a temporary administration is the presence of extremely serious violations in the activities of the bank or the existence of grounds for revoking its license.
Foreign exchange regulation and foreign exchange control
The Central Bank of the Russian Federation establishes the rules for conducting foreign exchange transactions, reporting forms provided by participants in foreign exchange transactions, rules for the sale and purchase of both cash and non-cash currency, its import and export.
The principles of organizing the activities of the Bank of Russia set forth in the Federal Law "On the Central Bank of the Russian Federation (Bank of Russia)" state the following:
The Bank of Russia forms a single centralized system with a vertical management structure, including the central office, territorial offices, cash settlement centers, computer centers, field offices, educational institutions, the Russian cash collection association and all other institutions and organizations necessary for its activities;
- the national banks of the republics are territorial branches of the Bank of Russia and are not entitled to make decisions of a regulatory nature, as well as issue guarantees and sureties, promissory notes and other obligations without the permission of the Board of Directors;
- the tasks and functions of the territorial offices of the Bank of Russia are determined by the Regulations on the territorial offices of the Bank of Russia,
approved by the Board of Directors;
When the creation and functioning of territorial institutions on a particular territory is impossible, then such territories are served by field institutions intended for banking services of military units, institutions and organizations of the Ministry of Defense of the Russian Federation, as well as other state bodies and legal entities that ensure the security of the Russian Federation;
- The Bank of Russia can be liquidated only on the basis of the adoption of an appropriate federal law, which will determine the procedure for the use of its property.
The structure of the central office of the Bank of Russia and its territorial subdivisions is undergoing significant changes, primarily of a qualitative nature, and is focused on bringing it into line with the operating conditions and the role of the banking system in the reformed economy.
Currently, there are 23 departments in the structure of the Central Bank of the Russian Federation:
Consolidated Economic Department;
-Department of Research, Information and Statistics;
-Department of accounting and reporting;
-Department of organization and execution of the state budget and off-budget funds;
-Department of methodology and organization of calculations;
-Department of Licensing of Banking and Auditing Activities;
-Department for Prudential Banking Supervision;
-Department for the organization of bank reorganization;
-Department of Foreign Operations;
-Department of regulation of monetary circulation;
-Department of Issue and Cash Operations;
-Department of Informatization;
-Legal Department;
-Department of Internal Audit and Revisions;
-Administrative department;
-Department of personnel training;
-Department of Open Market Operations;
-Department of control over the activities of credit institutions in the financial markets;
-Department of Currency Regulation and Currency Control;
Credit Institutions Inspection Department;
-Department of Telecommunications;
-Department of Field Institutions;
-Department of Public Relations. Subdivisions of the Bank of Russia are:
Representative office of the Bank of Russia in the Federal Assembly of the Russian Federation;
-Main Department of Security and Information Protection;
-Main Office of Real Estate;
- Office of special communications.
This structure is designed to ensure the effective implementation of legislative initiatives in the work of the Central Bank and the entire banking system, speed up decision-making and increase their validity, strengthen existing and create new channels of interaction between the Bank of Russia, legislative and executive government bodies, as well as local government bodies.
The principles of organizing the activities of the Bank of Russia can be divided into external and internal.
External: the system of existing laws and norms of international law; the degree of independence of the Central Bank and accountability to the State Duma of the Federal Assembly of Russia.
Internal: organizational structure, where 23 departments are allocated; distribution of responsibility in the leadership of the Central Bank; staffing; the status of territorial divisions.
The internal principles of organizing the activities of the Central Bank follow from the functions of the Board of Directors, which, in cooperation with the Government of the Russian Federation, develops and ensures the implementation of the main directions of the unified state monetary policy. The Board of Directors includes the Chairman of the Bank of Russia and 12 members of the Board.
The Board of Directors is the highest executive body of the Central Bank of Russia, which is responsible for the practical implementation of its goals and objectives. He makes decisions on issues such as:
Creation and liquidation of institutions and organizations of the Bank of Russia;
- the establishment of mandatory standards for credit institutions in accordance with the Federal Law "On the Central Bank";
- the amount of reserve requirements, the procedure for the formation of reserves by credit institutions;
- change in interest rates of the Bank of Russia;
- determination of limits for operations on the open market;
- participation in the capital of organizations supporting the activities of the Bank of Russia, its institutions, organizations and employees;
- application of direct quantitative restrictions;
- issue and withdrawal of banknotes and coins from circulation, the total volume of cash issue;
- submission to the State Duma of proposals on changing the authorized capital of the Bank of Russia;
- approval of the procedure for the work of the Board of Directors and the appointment of the chief auditor of the Bank of Russia;
- approval of the internal structure of the Bank of Russia, regulations on subdivisions of the Bank of Russia, institutions of the Bank, charters of organizations of the Bank of Russia, the procedure for appointing heads of departments, institutions and organizations of the Bank of Russia;
- determination of the conditions for the admission of foreign capital to the banking system of the Russian Federation in accordance with the Federal Law.
1.4. The main tasks and functions of the Central Bank of the Russian Federation
In the banking system, the country's Central Bank plays a key role. The sustainability of the development of the national economy and its banking sector depends on its activities. By regulating the circulation of money in cash and non-cash forms, the central bank creates economic preconditions for the movement of goods and services from producer to consumer.
The Central Bank is an economic institution operating in the sphere of commodity-money relations. Its monetary policy is based on the use of money, credit, interest, exchange rate.
The Central Bank is a public institution working at the macro level of economic relations. Issuing cash and means of payment by him is important for individual economic entities and for the economy as a whole. Providing a rational organization of monetary circulation, inflation-free development, it creates conditions for the preservation of the value of money and thereby for the social development of society.
Central banks are a regulatory link in the banking system, therefore, their activities are associated with strengthening monetary circulation, protecting and ensuring the stability of the national monetary unit and its exchange rate in relation to foreign currencies; development and strengthening of the country's banking system; ensuring efficient and uninterrupted settlements.
The Bank of Russia performs its functions in accordance with the Constitution of the Russian Federation and the Federal Law "On the Central Bank of the Russian Federation (Bank of Russia)" and other federal laws. According to Article 75 of the Constitution of the Russian Federation, the main function of the Bank of Russia is to protect and ensure the stability of the ruble, and the issue of money is carried out exclusively by the Bank of Russia. In accordance with Article 4 of the Federal Law "On the Central Bank of the Russian Federation (Bank of Russia)", the Bank of Russia performs the following functions:
in cooperation with the Government of the Russian Federation, develops and implements a unified state monetary policy;
monopolistically issues cash and organizes cash circulation;
is the lender of last resort for credit institutions, organizes their refinancing system;
establishes the rules for making settlements in Russia;
establishes the rules for conducting banking operations;
maintains accounts of budgets of all levels of the budgetary system of the Russian Federation through settlements on behalf of authorized executive bodies and state extra-budgetary funds, which are responsible for organizing and executing budgets;
carries out effective management of the gold and foreign exchange reserves of the Bank of Russia;
decides on the state registration of credit institutions, issues banking licenses to credit institutions, suspends and revokes them;
supervises the activities of credit institutions and banking groups;
registers the issue of securities by credit institutions;
carries out all types of banking operations and other transactions necessary to perform the functions of the Bank of Russia;
organizes and implements currency regulation and currency control in accordance with the legislation of the Russian Federation;
determines the procedure for making settlements with international organizations, foreign states, as well as with legal entities and individuals;
establishes accounting and reporting rules for the banking system of the Russian Federation;
establishes and publishes official exchange rates of foreign currencies in relation to the ruble;
takes part in the development of the forecast of the balance of payments of Russia and organizes the compilation of the balance of payments of the Russian Federation;
establishes the procedure and conditions for the implementation by currency exchanges of activities to organize transactions for the purchase and sale of foreign currency;
analyzes and predicts the state of the Russian economy, publishes materials and statistical data;
makes payments on deposits of individuals in bankrupt banks that are not involved in the compulsory deposit insurance system; also performs other tasks.
The Central Bank of the Russian Federation, unlike commercial banks, is a federal government body. Its state and power powers extend to the monetary sphere and the regulation of the activities of banks that are part of the country's banking system. Such management does not imply the ownership of the property of the controlled entities, their subordination to the bank. The Bank of Russia exercises state administration in the form of monetary regulation by introducing norms and rules for the activities of banks not subordinate to it, supervision and control over their work. The main task of the central bank is to maintain a stable purchasing power of the national currency and to ensure the continuity of monetary payments and settlements in the country.
The central bank is primarily an intermediary between the state and the rest of the economy through banks. As such an institution, it is designed to regulate cash and credit flows using the instruments that are assigned to it by law. The toolkit of the monetary policy of the developed capitalist states is unusually wide.
The functions of a central bank are often intertwined, one resulting from another, if this is required by the achievement of the goal or the solution of any specific task.
In modern conditions, the Central Bank performs the following main function:
monopoly issue of banknotes;
"Bank of banks";
government bank;
regulation of the monetary system;
implementation of monetary policy;
organization of payment and settlement relations;
The main settlement center of the country.
Let's consider the listed functions in more detail.
Banknote emission function. At present, in all countries the issue of banknotes, i.e. National credit money, which is the generally accepted final means of paying off debt obligations, is provided mainly by the debt of the state and the economy. The issue of banknotes (putting them into circulation) is carried out by the transfer of banknotes by the central bank to commercial banks and the government in accordance with their needs in exchange for obligations. The emission of banknotes by the central bank can also be carried out against an increase in gold and foreign exchange reserves, i.e. through the purchase of foreign currency and gold for banknotes. Thus, the issue of banknotes becomes an integral part of monetary policy.
The central bank establishes the rules for dealing with the money supply and creates a system of cash reserve funds. In the context of increasing inflation, this means maintaining a centralized system of limiting and operational regulation of cash issue (Figure 1). The funds in the reserve funds can only be disposed of by the Board of the Central Bank and its regional departments. Only with their permission, banknotes can be moved from the reserve funds to the revolving cash desk (or the operating cash desk of the branches of banks, at which reserve funds are not open). Actually, this operation also means emission - the release of cash into circulation. The transfer of banknotes from the circulating bank to the reserve funds causes the withdrawal of money from circulation. This operation, in accordance with the rules of cash regulation, is carried out automatically - when the limits of circulating (operational) cash registers are exceeded.
Figure 1 - The share of individual banknotes in the total amount as of 01.04.08.
At present, the Central Bank has the exclusive right to issue cash into circulation, which is realized in the process of lending to commercial banks, the state budget, and purchasing securities in foreign currency.
In the conditions of gold monometallism, the banknotes of the Central Bank were double-backed: with gold and commercial bills. After the abandonment of the gold standard system, banknotes are mainly issued against government bonds. In this regard, the direct connection of banknotes with commodity circulation has significantly weakened.
Bank function of banks. This function includes two closely interrelated areas. First, every second-tier bank has a correspondent account with the central bank. The central bank makes settlements between commercial banks through correspondent accounts. In practice, these accounts are located at the regional offices of the central bank. Correspondent account balances serve as cash reserves of commercial banks. In most countries, commercial banks are required by law to maintain a certain amount of reserves. Second, the central bank lends to commercial banks. If banks lack funds or cannot attract resources from other sources, they are assisted by the central bank, and in this sense the central bank is the “lender of last resort”.
Government bank function... The central bank is a bank serving the state. This means that the central bank carries out, firstly, operations on cash execution of the budget, i.e. keeps government accounts; secondly, it provides government lending and government debt management. Public debt management usually refers to the operations of the central bank to pay revenue on them. On behalf of the government, the central bank regulates and maintains the government's foreign exchange reserves. The Central Bank regulates the balance of payments, international settlements and represents its country in international monetary organizations.
Monetary regulation. The Bank of Russia is the body of banking regulation and supervision over the activities of credit institutions.
Regulation of credit institutions is a system of measures by which the state through the Central Bank ensures the stable and safe functioning of banks, and prevents destabilizing processes in the banking sector.
Control over the activities of banks is carried out in order to ensure the stability of individual banks and provides for integral and continuous supervision over the implementation by the bank of its activities in accordance with the current legislation.
The main goal of banking regulation and supervision is to maintain the stability of the banking system, protect the interests of depositors and creditors, reduce unemployment and inflation, and equalize the balance of payments. Protecting and ensuring the stability of the ruble and reducing inflation is an important task for the Bank of Russia. Forecasting inflation rates is the main feature of the main directions of monetary policy.
Implementation of monetary policy... Historically, gold and foreign exchange reserves were concentrated in central banks to ensure bank emission. They are saved as guarantee and insurance funds for international payments and to support the exchange rates of national currencies. On behalf of the government, the Central Bank regulates foreign exchange and gold reserves and is the traditional custodian of foreign exchange reserves. He carries out currency regulation through accounting policies and balance sheets, participates in the operations of the world market of loan capital. As a rule, the Central Bank represents its country in international and regional monetary and financial institutions.
In order to maintain the volume of foreign exchange reserves at an acceptable level, Central Banks manage them, that is, they form their optimal structure and carry out their rational allocation.
Central banks periodically revise the structure of foreign exchange reserves, increasing the share of currencies that are currently the most stable.
The Central Bank practices the following forms of placing foreign exchange reserves: government securities denominated in foreign currency and deposits placed with banks abroad.
Organization of payment and settlement relations. Central banks began to participate in organizing payments between commercial banks during the period of fundamental changes in payment technology - the transition to paper money circulation. The introduction of valueless paper money into everyday life required the creation of trustworthy settlement systems. The responsibility for making payments was assumed by the Central Bank, which has an impeccable financial position and great authority.
The tasks of the Central Bank in organizing the country's payment system are:
Maintaining the stability of the financial structure;
Ensuring the effective functioning of the payment system;
Conducting monetary policy.
The stability of the financial system is directly related to the stability of the internal payment system, that is, it is due to the availability of a reliable payment mechanism that allows for uninterrupted interbank transactions on netting and payments, and makes it possible to eliminate the problems that have arisen (for example, the insolvency of one of its participants, causing a chain reaction non-payments and created a threat to the stability of the entire financial system as a whole).
In the event of instability and unreliability of payments in the system, the Central Bank experiences serious difficulties in implementing an effective monetary policy, and the crisis in the payment system completely deprives it of the ability to carry out regulatory measures in this area.
The main settlement center of the country. The central bank seeks to create conditions for making payments and settlements that would minimize systemic risk and its consequences. Payments of enterprises, organizations and the population go through banks. By making payments on their behalf, the bank thereby performs an intermediary mission. In the hands of banks, this function becomes much broader than elementary intermediary activity. The bank can accumulate small amounts of temporarily free funds of many clients and, having summed them up, direct huge monetary resources to only one entity. Also, the bank can borrow money from clients for a short period, and issue them for a long time. It can accumulate resources in one sector of the economy of a region, or redistribute them to other industries and completely different regions. Since banks are at the center of economic life, they are able to change the size, timing and direction of capital in accordance with the emerging needs of the economy.
The central bank carries out its functions through banking operations - passive and active. TO passive are the operations by which the resources of the Central Bank are formed, to active- operations for the allocation of resources. As of April 1, 2008 for the balance sheet of the Central Bank of the Russian Federation, see Appendix 1.
Analysis of the activities of the Bank of Russia in the implementation of Art. 3 and 4 of the Law on the Bank of Russia of the main goals, objectives and functions shows that the Central Bank is the element of the system that directly carries out state management of the banking system. At the same time, mainly methods of state regulation, economic management methods are used, which are designed to create favorable economic, legal, organizational conditions for the functioning of credit institutions.
2. Monetary policy of the Central Bank of the Russian Federation
2.1. The main directions of the monetary policy of the Central Bank
Monetary policy is a set of interrelated measures taken by the Central Bank in order to regulate business activity through the planned impact on the state of credit and monetary circulation.
The central bank plays a key role in conducting monetary policy, while it pursues specific goals: regulating economic growth, mitigating cyclical fluctuations, curbing inflation, and achieving a balance in foreign economic relations.
In most industrialized countries, Central Bank policy extends mainly to commercial and savings banks and is implemented in the following forms.
1. Have even policy consists in accounting and rediscounting of commercial bills received from commercial banks, which, in turn, receive them from industrial, trade and transport companies. The central bank issues credit resources to pay bills and sets the so-called discount rate at which commercial banks can borrow money from the Central Bank. In Russia, this interest rate is called refinancing rate commercial banks.
In order to curb inflation and reduce the dynamics of the money supply, the Board of Directors of the Bank of Russia decided to increase the refinancing rate by 0.25 from April 29, 2008. In accordance with the instructions of the Central Bank of the Russian Federation, the refinancing rate is set at 10.5% per annum.
The main form of lending to commercial banks by the Central Bank of the Russian Federation today is a pawn loan secured by government securities.
In February, the Bank of Russia provided lombard loans in the amount of 1.5 billion rubles. (in January - 0.6 billion rubles). From 4.02.2008 the minimum rate at Lombard credit auctions is 7.25% per annum. The fixed rate for pawn loans for a period of 1 day is 8.25% per annum. At the same level, a fixed rate is set for pawn loans for a period of 7 days, if two pawnshop auctions in a row are declared invalid.
2. The second form is determination by the Central Bank of the required reserves ratio.
The meaning of this form is that commercial banks are required to keep part of their credit resources in interest-free accounts with the Central Bank. By changing the reserve ratio, the Central Bank expands or limits the credit expansion of commercial banks in the country's credit market. The ratios are set as a percentage of the average daily balances on settlement, current, deposit and other client accounts of legal entities and individuals for the past month and are deposited at the expense of funds in the correspondent account of a commercial bank to a special reserve account with the Central Bank of the Russian Federation at the beginning of each month. The maximum rate of the required reserves ratio cannot exceed 20%.
Aggregate non-cash banking reserves (including funds of credit institutions in correspondent, deposit accounts and accounts of required reserves with the Bank of Russia, as well as in bonds of the Bank of Russia) amounted to 1,160.3 billion rubles as of March 1, 2008. and practically did not change as compared to 1.02.2008 (1167.4 billion rubles). The average daily volume of total bank reserves in February amounted to 1149.4 billion rubles. (1362.6 billion rubles in January).
Funds of credit institutions in the accounts of required reserves with the Bank of Russia increased from 234.0 billion rubles. as of 1.02.2008 to 316.5 billion rubles. as of March 1, 2008, which was due to the recalculations made in the course of the regular regulation of the required reserves after the changes in the standards from January 15, 2008. In February, credit institutions had to maintain mandatory reserves of 4.0% of their liabilities to individuals in rubles and 4.5% of their other liabilities (including to non-resident banks). The volume of averaged required reserves maintained on correspondent accounts with the Bank of Russia increased from 130.8 billion rubles. in January to 178.5 billion rubles. in February.
3. Open market operations are the most important direction of the monetary policy of the Central Bank in many countries with market economies.
Open market operations are understood as the purchase and sale by the Bank of Russia of treasury bills, government bonds and other government securities, short-term operations with securities with a later reverse transaction.
To revive the economy, the Central Bank is increasing the demand for securities. He either fixes the rate, upon reaching which he buys up any offered volume, or acquires a certain number of securities of this type, regardless of the offer rate. If the goal of the Central Bank is to reduce the reserves of the banking sector, then it acts on the supply side in the open market, thereby pursuing a contractual policy that leads to an increase in income from government securities and to the loss of a part of their reserves by credit institutions.
4. The fourth form is direct impact of the Central Bank on the credit system by direct instructions, directives, instructions and letters, as well as the application of sanctions for their violation.
The main instruments and methods of monetary policy of the Central Bank of Russia are formulated in Art. 35 of the Law on the Bank of Russia:
1) interest rates on Bank of Russia operations;
2) ratios of required reserves deposited with the Bank of Russia;
3) open market operations;
4) refinancing of credit institutions;
5) foreign exchange intervention;
6) the establishment of benchmarks for the growth of the money supply;
7) direct quantitative restrictions;
8) issue of bonds on its own behalf.
Foreign exchange interventions are understood as the purchase and sale of foreign currency by the Bank of Russia against the Russian, in the interbank or exchange markets, to influence the ruble exchange rate and the total demand and supply of money in the economy. By regulating the exchange rate, the Central Bank of the Russian Federation affects exports, imports, foreign trade and domestic prices.
In February 2008. in the domestic foreign exchange market, the balance of demand and supply of foreign currency was maintained: the outflow of private capital was balanced by a positive balance of foreign trade operations. Under these conditions, the interventions of the Bank of Russia were minimal. Gold and foreign exchange reserves increased from USD 483.2 billion as of February 1, 2008. up to 490.7 billion US dollars as of March 1, 2008
The Bank of Russia continued to pursue a policy of a managed floating exchange rate, using the ruble value of the dual currency basket as an operational benchmark (see Figure 2).
Figure 2 - Dynamics of the ruble value of the Bank of Russia bi-currency basket (rubles)
The exchange rates of the major world currencies against the ruble in February fluctuated in different directions. Since the second decade of the month, there has been an upward trend in the euro against the ruble, with a downward trend in the US dollar against the ruble, caused by the weakening of the US dollar in the world market. Following the results of the period under review, the official exchange rate of the US dollar against the ruble fell by 1.7% - to 24.0023 rubles. per US dollar on 1.03.2008, the euro rate against the ruble increased by 0.6% - to 36.5099 rubles. per euro (see Figure 3).
Figure 3 - Dynamics of the official exchange rates of foreign currencies against the ruble (rub.)
The direct quantitative restrictions of the Bank of Russia mean the establishment of limits on the refinancing of credit institutions and the conduct of certain banking operations by credit institutions.
In an effort to stabilize the economy, central banks are faced with a dilemma: what to choose as an instrument of monetary policy - control over the money supply or control over the dynamics of the interest rate. So, in an effort to stabilize the interest rate, the state should abandon any strict guidelines for the growth of the money supply, and increase the money supply to reduce the interest rate to the desired level. On the contrary, the central bank will have to restrict the money supply in order to raise the interest rate to the target level. If the priority task is to maintain the growth of money supply, then the Central Bank should allow fluctuations in the interest rate. The impossibility of simultaneous control of the money supply and the level of the interest rate is called the dilemma of monetary policy objectives. The structure of the cash money supply in circulation as of April 1, 2008, see Appendix 2.
2.2. The effectiveness of the monetary policy of the Central Bank of the Russian Federation
According to the director of the Institute of New Economy, Corresponding Member of the Russian Academy of Sciences S.Yu. Glazyev, the monetary authorities artificially narrow the volume of money supply by more than three times, even in comparison with the most conservative model of monetary policy, known as base to the value of foreign exchange reserves).
More than a threefold reduction in the monetary base in relation to the volume of income flowing into the country means a corresponding limitation of the possibilities for economic growth. Even with the most cautious and rigid model of monetary policy known in economic theory, "currency government", the value of the money supply should have been three times higher than today's level. This means that there would be three times more financial opportunities for lending to economic growth, increasing investment, increasing employment and incomes of the population, and providing social guarantees. The inability of the monetary authorities to effectively dispose of the flow of petrodollars that has befallen Russia costs every citizen of Russia at least half of the potential income, results in increased interest rates for enterprises and difficulties in obtaining loans.
For the incompetence of the leaders of the Central Bank and the economic bloc of the government, we have to pay with colossal missed opportunities for economic growth and a decrease in the population's income. Tying the issue of money to the growth of foreign exchange reserves with a quantitative restriction of the money supply entails an outflow of money from most of the production sector oriented to the domestic market, which, in the absence of access to credit, is forced to seek funds for development by lowering wages.
The decline in production and chronic depression in most of the manufacturing industries, construction and agriculture are a direct result of the ongoing monetary policy. This is evidenced by specific examples of numerous crisis situations arising in the economy due to the artificial limitation of liquidity by the Central Bank and its inability to organize a proper system of refinancing of commercial banks involved in lending to production.
In particular, due to the fault of the leadership of the Central Bank "from scratch" there was a crisis in housing construction in Central Russia. After a frivolous statement by one of the leaders of the Central Bank about the unreliability of a number of commercial banks, depositors began to withdraw their savings in a panic, and the Central Bank itself did nothing to overcome the liquidity crisis that had arisen through its own fault. As a result, several commercial banks that lend to housing went bankrupt, construction projects stopped, and tens of thousands of people cannot get the apartments they paid for.
Of the millions of citizens and hundreds of thousands of businesses engaged in economic activities, only a tiny fraction have access to loans. The latter are provided at inflated interest rates and collateral requirements, for short periods and on unfavorable terms. The overwhelming majority of enterprises are forced to develop only at their own expense - the share of bank loans in financing investments of large and medium-sized enterprises is no more than one fifth. For small businesses, credit remains completely inaccessible. The underdevelopment of the business lending system and the almost complete absence of mechanisms for long-term lending to the industrial sector are a direct consequence of the hardened policy of the financial authorities, which do not fulfill their main function in the market economy in organizing loans.
Instead of offering money for lending to economic growth, the central bank is engaged in withdrawing it from the economy, thus slowing down and artificially restraining economic growth. If in all countries with market economies they are racking their brains over the question of how far to use the state's monopoly for the needs of society (directing it to finance the budget deficit, the level of which in the G7 countries has fluctuated from 2 to 5 percent of GDP in recent years), then we have the opposite. The state monopoly on the organization of money circulation is used to reduce the possibilities for socio-economic development and reduce social welfare.
The incompetence of the monetary authorities and the primitivism of their policies cost our people dearly. As a result of the artificial pegging of the ruble to the dollar, the money supply - to the growth of foreign exchange reserves, a strict quantitative limitation of the growth of the money supply to arbitrarily set parameters, all non-export-oriented industries have been put on the "financial stranded". They do not have the possibility of long-term borrowing, access to credit resources is extremely limited, and there are no mechanisms for refinancing production activities.
As a result of the monetary policy pursued, we have lost a significant part of our production and investment potential, the export of capital exceeded half a trillion dollars, the country's economic structure has degraded with the consolidation of the dominant position of raw materials and monopolized industries. Today, we could have twice as much GDP and three times as much investment, a much more progressive structure of the economy, if the policy of the Central Bank was consistent with its main goal - the use of the state's monopoly on the money supply to lend to economic growth.
In addition to the enormous damage to the socio-economic development of the country due to the macroeconomic consequences of the policy pursued by the monetary authorities, the latter inflict direct damage on the state by the mediocre management of the country's foreign exchange reserves.
With Russia's accession to the WTO, foreign banks will quickly dominate the capital market, depriving us of our own financial foundation. This will happen within a few years if we do not force the Central Bank to properly fulfill its functions of effectively managing the state monopoly on the money supply in order to ensure favorable conditions for economic growth. And for this it is necessary to ensure the scientific validity of monetary policy, which is impossible without a cardinal training and responsibility of the leadership of the monetary authorities. Finally, the National Banking Council should also work in this direction.
Based on the analysis of S.Yu. Glazyev on the role of the Central Bank in the Russian economy, it can be concluded that the monetary policy pursued by the bank's management is not effective.
First Deputy Chairman of the Central Bank Alexei Ulyukaev explains that now the Russian economy is experiencing some "overheating", which is inextricably linked with inflation. The reasons for this phenomenon were the underdevelopment of the financial markets in Russia, as well as an insufficiently developed legal framework. In addition, the balance of payments is now “strongly positive,” according to Ulyukaev, which in turn is leading to the central bank's intervention in the economy to regulate it. The Central Bank is preparing two models for the continued existence of the Russian economy. Within three years, it is planned to switch to inflation targeting. This way of regulating the market will allow the Central Bank to maintain an acceptable level of inflation, while taking a neutral position.
Now, as the first deputy chairman of the Central Bank said, some elements of future inflation targeting are being used, which is likely to help reduce the expected inflation to 10% by the end of 2008.
The organizational structure of the Central Bank of the Russian Federation is determined by the various tasks that are assigned to the regulator of the banking system by the legislation of the Russian Federation. The functions and structure of the Central Bank of the Russian Federation are constantly expanding, this is reflected in its legal status. Details are in our article.
The legal status of the Central Bank of the Russian Federation and the scheme of organization of the banking system of the Russian Federation
The organizational structure of the Central Bank of the Russian Federation (Central Bank of the Russian Federation, Bank of Russia) is determined by the Board of Directors of the Bank of Russia in accordance with the principles established in Ch. XIII of the Law "On the Central Bank of the Russian Federation (Bank of Russia)" dated 10.07.2002 No. 86-FZ (hereinafter - the law on the Central Bank of the Russian Federation).
The system of the Central Bank of the Russian Federation is centralized, includes (Article 83 of the Law on the Central Bank of the Russian Federation):
- central office;
- territorial offices;
- settlement and cash centers in the regions and other organizations.
The Central Bank of the Russian Federation is headed by the chairman, the structural divisions of the central apparatus are headed by departments. The management structure of the Central Bank of the Russian Federation and the diagram in PDF format are available for download on its website (address: http://www.cbr.ru/today/?PrtId=bankstructute).
The legal status of the Central Bank of the Russian Federation is determined by a special law (for more details about its novelties, see the article at the link: Federal Law on the Central Bank of the Russian Federation - the last edition) and the norms on the Central Bank of the Constitution of the Russian Federation, in Art. 75 of which the powers of the Bank of Russia are established:
- the exclusive right to issue money (part 1);
- the obligation to protect and ensure the stability of the ruble (part 2).
By virtue of its constitutional status, the Central Bank of the Russian Federation is in a special, independent position. As a result, the country's banking system is formed in 2 levels:
- TSB RF.
- Banks, non-bank credit organizations, representative offices of foreign banks.
The Central Bank of the Russian Federation is endowed with power over the elements of the second level. Feedback takes the form of information interaction in the forms provided for in Art. 77-79 of the Law on the Central Bank of the Russian Federation.
The legal nature of the status, powers, accountability of the Central Bank of the Russian Federation
Discussions are underway on the legal nature of the status of the Central Bank of the Russian Federation in banking law. The Bank of Russia is a legal entity by virtue of the law (Article 1 of the Law on the Central Bank of the Russian Federation). Its organizational and legal form was not formed in accordance with the Civil Code of the Russian Federation, but is fully regulated by the Constitution of the Russian Federation, which provides for a number of the above powers of authority, and a special law on the Central Bank of the Russian Federation, which stipulates all the necessary parameters of activity (authorized capital, goals, powers, foundations of the structure etc.). This implies the public-legal nature of the status of the Central Bank of the Russian Federation as a legal entity.
The powers of the Central Bank of the Russian Federation under Art. 4 laws on the Central Bank of the Russian Federation initially included:
- development and implementation of monetary and foreign exchange policies, regulation of the settlement procedure;
- supervision in the banking sector of the economy.
Subsequently (mainly in 2013) they expanded to include:
- control over the securities market, supervision over the observance of corporate legislation by joint-stock companies;
- supervision of non-credit financial institutions (trade organizers, pawnshops, insurance organizations, credit bureaus, etc., Art. 76.1 of the Law on the Central Bank of the Russian Federation);
- monitoring of financial markets, including statistical analysis and forecasting, and other powers.
The Central Bank of the Russian Federation annually reports on the results of its work to a special collegial body - the National Financial Council (Articles 12, 13 of the Law on the Central Bank of the Russian Federation).
With regard to supervised persons, the Central Bank of the Russian Federation is empowered to bring them to administrative responsibility for a number of compositions.
Administrative jurisdiction of the Central Bank of the Russian Federation
The Central Bank of the Russian Federation is empowered to bring to administrative responsibility for a number of compositions (Article 23.74 of the Code of Administrative Offenses), such as:
- Violations in the issue and circulation of securities (Articles 15.17-15.22, 15.28 of the Administrative Code of the Russian Federation).
- Illegal actions with credit histories and reports (Articles 5.52-5.55, 14.29 of the Administrative Code of the Russian Federation), etc.
Compliance with the requirements of the Central Bank of the Russian Federation is ensured by measures of administrative responsibility:
- Under Part 9 of Art. 19.5 - for failure to comply with the order of the Central Bank of the Russian Federation. For example, on the submission of a report on the elimination of violations of the legislation on joint-stock companies (resolution of the AC MO dated 09.02.2016 No. F05-20480 / 15 in case No. A40-87050 / 2015).
- Art. 19.7.3 of the Code of Administrative Offenses of the Russian Federation - for violations in the submission of mandatory information. For example, if a microfinance organization fails to provide information upon request (resolution of the 9th AAC dated February 19, 2016 No. 09AP-1807/16).
The sanctions of both norms provide for a penalty in the form of a fine, the amount of which can be determined in the range from 500,000 to 700,000 rubles. When determining the amount of the fine, the courts are guided by the resolution of the Constitutional Court of the Russian Federation of February 25, 2014 No. 4-P, according to which a decision on the appointment of a fine below the minimum limit is allowed only in exceptional cases.
Such violations are not considered insignificant. In this case, the court may refer to the definition of the Supreme Arbitration Court of the Russian Federation dated November 27, 2009 No. VAS-15176/09, according to which, according to this kind of formal composition of administrative offenses, the threat to protected relations is not in consequences, but in neglect of one's duties.
Thus, the Central Bank of the Russian Federation has a complex legal status, which is determined by public law. As a result, the Bank of Russia is endowed with extensive administrative, power, control and supervisory powers. The execution of his requirements is ensured by measures of administrative responsibility in the form of significant amounts of fines.
Money. Credit. Banks [Answers to exam tickets] Varlamova Tatiana Petrovna
90. Organizational structure of the Central Bank of Russia: central office, territorial Main departments, RCC
The Central Bank of the Russian Federation is a single centralized system with a vertical management structure.
The system includes:
1) the central office;
2) territorial offices;
3) settlement and cash centers;
4) computing centers;
5) field offices and educational institutions;
6) storage facilities, as well as other enterprises, institutions and organizations, including security units, necessary for the successful operation of the bank.
The national banks of the republics that are part of the Russian Federation are regional offices of the Bank of Russia. They do not have the status of a legal entity and do not have the right to make decisions of a regulatory nature, as well as issue guarantees and sureties, promissory notes and other obligations without the permission of the Board of Directors of the Bank of Russia.
The tasks and functions of the regional offices of the Bank of Russia are determined by the Regulations on these institutions, approved by the board of directors. At present, the Central Bank of the Russian Federation is considering the question of whether they can be created in economic regions that unite the territories of several constituent entities of the Russian Federation.
Supreme body of the Bank of Russia- Board of Directors. It is a collegial body that determines the main directions of the Bank of Russia activities and manages it. The board of directors includes the chairman of the Bank of Russia and 12 board members.
Members of the board of directors work here on a permanent basis. They are approved by the State Duma on the recommendation of the chairman of the Bank, who is also the chairman of the board of directors.
The Board of Directors, in cooperation with the Government, develops a unified state monetary policy and ensures its implementation.
The structure and staff of the central office of the Bank of Russia, as well as the charters of its other structural divisions, are approved by this council.
Its powers include changes in rates for centralized loans, reserve standards, economic standards; determination of the conditions for admitting foreign capital into the banking system of Russia; other decisions on issues of great importance both for the Bank of Russia and for the banking system and the country's economy as a whole. Each decision of the board of directors is considered adopted if the majority of the members voted for it.
Thus, the board of directors not only heads and organizes the work of the Bank of Russia, but also regulates the activities of the country's commercial banks
Along with it, the National Banking Council functions outside the bank. It includes representatives of the President, representatives of the highest legislative and executive bodies and experts. The total number of the Council does not exceed 15 people. Members of the Council are approved by the State Duma on the recommendation of the Chairman of the Bank of Russia.
The Council regularly, at least once a quarter, discusses the concept of development of the banking system and issues of a unified state monetary policy, including regulation of monetary resources. The council's recommendations are taken into account when the Federal Assembly considers legislative acts on banking issues, and are also taken into account when preparing decisions of the bank's board of directors.
RCC- settlement and cash centers subordinate to the governing bodies of the Bank of Russia. Through the RCC, interbank settlements are carried out and non-cash transactions are carried out. All commercial banks have accounts in the RCC and are required to conduct transactions using them (in fact, these are current accounts).
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the authorChapter 2 Legal status of the Central Bank of the Russian Federation (Bank of Russia) Regulatory framework 1. Federal Law No. 86-FZ of July 10, 2002 “On the Central Bank of the Russian Federation (Bank of Russia).” 2. Regulation of the Bank of Russia No. 46-P dated July 29, 1998 “On territorial
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From the book Banking. Cheat sheets the author Kanovskaya Maria Borisovna23. The organizational structure of a commercial bank The organizational structure of a commercial bank is determined primarily by its organizational and legal form of ownership, which, of course, is reflected in the charter of the bank. The charter contains provisions on
From the book Banking: Cheat Sheet the author Denis ShevchukTopic 18. Organizational structure of a commercial bank, the role and functions of individual divisions Commercial banks are non-governmental credit organizations that carry out banking operations on an entrepreneurial basis to service legal and
the author Denis ShevchukFunctions of the Central Bank The Central Bank is a state body responsible for the volume of money supply and loans provided to the economy as a whole. Significance: he is responsible for the conduct of monetary policy and the stability of the banking system as a whole. The benchmark is the Bank of England.
From the book Money. Credit. Banks: lecture notes the author Denis ShevchukOrganizational structure of the Bank of Russia At present, the Bank of Russia is a unified centralized system with a vertical management structure. The structure of the Bank of Russia includes the National Banking Council, the Chairman of the Bank of Russia, the Board of Directors,
From the book Money, Bank Loan and Business Cycles the author Huerta de Soto JesusThe institution of the central bank Thus began a long standoff between the advocates of free banking and the adherents of the central bank. The latter put forward the following arguments against the banking school and advocates of free banking.
From the book of the HOA. Organization and effective management the author Ghassul Veniamin Abramovich2.2. Organizational structure of the HOA management systemBased on the outlined principles of building organizational management systems and taking into account the peculiarities of the organization and functioning of the HOA, it can be determined that in the design of the HOA management system