Modern credit and credit system. Modern credit system of the Russian Federation Functions of the Bank of Russia

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credit system Russian Federation

1 . CrThe food system of the Russian Federation and its organization

1.1 CrThe food system at the present stage

The creation of a modern credit system of the Russian Federation was preceded by a long historical period, which was determined by the socio-economic conditions of the development of our country.

The modern credit system of Russia functions in accordance with two specialized federal laws: the Law “On Banks and Banking Activities in the RSFSR” of 1990 96-1 as amended by the Law of 1996 17-FZ with subsequent additions and amendments and the Law of 1990 “On Central Bank of the RSFSR” as amended by the 1995 Law No. 65-FZ, subject to additions and amendments, as well as the Civil Code of the Russian Federation and other regulations. According to these regulations, a credit organization is a legal entity that, in order to make a profit as the main goal of its activity, on the basis of a special permit (license) of the Central Bank, has the right to operate banking organizations.

A bank is a credit institution that has the exclusive right to carry out in aggregate the following banking operations: to attract funds from individuals and legal entities to deposits, to place these funds on its own behalf and at its own expense on the terms of repayment, payment, urgency, to open and maintain banking accounts of individuals and legal entities.

Non-bank credit institution - a credit institution that has the right to carry out certain banking operations.

The Russian banking system is two-tier. The first level is the Central Bank of Russia, which works mainly with credit institutions, the second - Russian commercial banks, as well as branches and representative offices of foreign banks. The modern banking system of the Russian Federation has survived two major crises. The first, in August 1995. The second, which began in August 1998.

In order to restore the normal functioning of the banking system and its restructuring, the Agency for the Restructuring of Credit Organizations was established in 1999. The activity of the agency is regulated by the Law "On the restructuring of credit institutions" dated July 8, 1999 44-FZ.

The role of the Central Bank of the Russian Federation as a special government body, the relationship with other elements of economic management is manifested through the functions it performs. Knowledge and use of the functions of the Central Bank make it possible to clearly define the direction of its activities in the country's economy.

1.2 CrEditing system of the Russian Federation

The Russian Empire had a three-tiered credit system,

Consisting of the following units:

The structure of the credit system of the Russian Empire until 1917

1. State Bank

2. Banking sector, represented mainly by commercial and savings banks

3. Specialized credit institutions (insurance companies, credit partnerships, etc.).

Unlike Western countries, two tiers were developed in Russia: the State Bank and the private banking sector, represented mainly by commercial and savings banks. The third tier was relatively poorly developed, which was explained by the low level of development of capital and securities markets. At that time, there were practically no institutions in Russia specializing in transactions with securities, and their market was represented by only three stock exchanges. The only source of income in the country was the issue of so-called banknotes, which contributed to the naturalization of economic relations and limited the scope of commodity-money relations. In the early 1920s, the new economic policy led to the restoration of the credit system, but in a rather truncated form. The State Bank was created, joint-stock and cooperative commercial banks began to function. By 1925, the credit system was restored, the structure of which was as follows.

The structure of the credit system of the USSR in 1925

1. State Bank

2. Banking sector:

1) Joint stock banks;

2) cooperative banks;

3) utility banks;

4) Central agricultural bank, republican agricultural banks;

3. Specialized monetary institutions:

1) agricultural credit companies;

2) credit cooperation;

3) mutual credit companies;

4) savings banks.

The credit system began to function within the framework of the command-administrative system of economic management and was represented by only three banks, savings banks and two insurance organizations.

The structure of the credit system of the USSR

1. State Bank

2. Stroybank

3. Bank for foreign trade

4. System of savings banks

5. Gosstrakh and Ingosstrakh.

As a result of this reorganization, the State Bank, in addition to issuing and cash settlement activities, took over the provision of short-term loans to industry, transport, communications and other sectors of the economy, as well as long-term loans to agriculture.

The second bank in the country, Stroybank, focused its activities on providing long-term loans and financing investments in various sectors of the economy, except for agriculture. The Bank for Foreign Trade was engaged in lending to foreign trade, international settlements, as well as operations with foreign currency, gold and precious metals.

The savings bank system served the general population by attracting cash savings, paying for services, and selling winning government loans.

Gosstrakh monopolized the insurance operations of legal and individuals within the country, Ingosstrakh carried out foreign insurance operations. The long-term command and administrative functioning of the credit system showed its poor efficiency, especially in the context of the exacerbation of financial and economic problems in the country by the beginning of the 1980s. The interest rate for loans remained at a rather low level, which did not stimulate either banks or enterprises to mutual efficiency. All this violated the main essence of the loan - the fee for the loan and its repayment.

Therefore, in the mid-1980s, in connection with the reorganization of economic management, a banking reform was carried out, which resulted in the creation of large branch specialized banks.

The structure of the credit system of the USSR in the mid-80s.

1. State Bank (Gosbank of the USSR)

2. Industrial Construction Bank (Promstroybank)

3. Agroindustrial Bank (Agroprombank of the USSR)

4. Bank of housing and communal services and social development(Zhilsotsbank of the USSR)

5. Bank of labor savings and lending to the population (Savings Bank of the USSR)

6. Bank for Foreign Economic Affairs of the USSR

Features of this reorganization consisted in the fact that the sectoral specialized bank was granted the right to both short-term and long-term lending. Significant credit resources from the State Bank were transferred to specialized banks. The system of savings banks was transformed into a single Savings Bank with numerous branches and departments.

The main task of reorganizing the banking system was to pursue a progressive credit policy and improve the efficiency of the entire credit system. As practice has shown, such a reorganization was more negative than positive, since the monopoly of three banks (Gosbank, Stroybank, Vnesheconombank) was essentially replaced by the monopoly of newly created, reorganized, specialized banks.

The State Bank was engaged only in the distribution of resources at the top level, not being able to influence the implementation of credit plans. Each bank implemented independent credit plans using administrative management methods. In this way, banks distributed their resources vertically among their institutions, not paying attention to the profitability of investing funds, and carried out simple financial services and subsidies for enterprises. In mid-1990, with the government's announcement of a market transition program, it became apparent that the banking system needed further reorganization. At the end of 1990, the Supreme Soviet of the USSR adopted the "Law on the State Bank and Banking", which finally established a two-tier banking system in the form of the Central Bank. Savings bank and commercial banks. According to this law, commercial banks received an independent status in the field of attracting deposits and credit policy, as well as in determining interest rates. The rights to carry out foreign exchange transactions were given on the basis of a license issued by the Central Bank. By 1990, a three-tier credit system began to take shape in the country. By 1991, in connection with the formation of the Russian Federation as an independent state, a new structure of the credit system was being formed, which consists of the following three tiers.

The structure of the credit system of the Russian Federation at the end of 1992.

1. Central Bank of the Russian Federation

2. Banking system:

Commercial banks

Savings Bank of the Russian Federation

3. Specialized non-bank credit institutions

Insurance companies

Investment funds

At the end of 1994, the structure of Russia's credit system differed significantly from the structure of 1991-1992.

The structure of the credit system of the Russian Federation at the end of 1994.

1. Central bank

2. Banking system:

Commercial banks

savings banks

Mortgage banks

3. Specialized non-bank credit and financial institutions

Insurance companies

Investment funds

pension funds

Financial and construction companies

The new structure of the credit system began to reflect the needs of the market economy to a large extent and to adapt more and more to the process of new economic reforms. Therefore, many aspects of the banking system of the Russian Federation need further improvement.

The legal status of the Central Bank in most cases is enshrined in the country's constitution and disclosed in a special law. At the moment, one can even note a certain tendency to enshrine in the constitutions the foundations of the legal status of the central bank. At the same time, the constitutional and legal status of the Bank of Russia includes the following elements: the goals of creation, the main tasks and functions, the procedure for the formation of the governing bodies of the central bank, certain fundamental subjects of jurisdiction and powers, the basis for the relationship of the central bank with other state bodies. Credit is a system of monetary relations that develops regarding the mobilization of free funds of enterprises, organizations and the population and their provision on terms of urgency, repayment and payment. The main principles of lending include:

1) The term of the loan, i.e. the loan is granted for a certain period;

2) Payment of the loan. If a person takes a loan, then he pays interest for it - a credit rate; if a person invests his money in a bank, he receives interest on the deposit for this. The difference between the lending and deposit rate is called the bank margin. Bank margin is one of the main types of bank income. Banking profit is also formed from commission fees for banking services;

3) The repayment of the loan implies that the loan must be repaid within a strictly specified period. As a guarantee of timely repayment of the loan, banks accept collateral, guarantees, guarantees and obligations. At the same time, they can make decisions on granting an unsecured loan or a blank loan;

4) Target nature of the loan, i.e. The loan is issued for specific needs.

A loan can be classified according to a number of criteria:

1. In terms of terms, a loan can be short-term - up to one year (can be issued for 30, 60, 90 days, etc.), medium-term - from one year to 5 - 7 years, long-term - over 7 years;

2. Small, medium and large loans are distinguished by size. For the bank and the client, this is determined individually, depending on the financial capabilities of each;

3. According to the types of security, the loan is divided into secured and unsecured, i.е. blank;

4. By types of creditors, there are state, bank and commercial loans;

5. By types of borrowers, a loan can be personal (issued to a private person), agricultural, industrial, state, etc.

The role of credit is manifested in ensuring the continuity, continuity of the reproduction process, accelerating the turnover of material assets and funds, limiting the use of cash in circulation.

2. Bankovskth system of the Russian Federation

2 .1 Structure of the banking system

The banking system is the main component of the country's credit system.

Bank - a financial institution established to raise funds and place them on its own behalf on the terms of repayment, payment and urgency. In countries with market economies, the bank and its branches are legal entities. In addition, there are also representative offices, agencies and branches of banks that are not.

Currently, Russia has a two-tier banking system.

1. The first level is formed by the Central Bank of the Russian Federation, or the Bank of Russia, whose main functions are:

· Money issue;

· Regulation of monetary circulation, as well as the implementation of the official monetary and foreign exchange policy;

· Implementation of general supervision over the activities of credit and financial institutions and the implementation of financial legislation;

· Provision of loans by a commercial bank as a lender of last resort;

· Performing the functions of an agent of the government, which include the issuance and redemption of government securities, management with government accounts, the implementation of government foreign financial transactions, etc.

2. The second level of the banking system is made up of commercial banks. They can be created in the form of a joint-stock company, a limited liability company, with the participation of foreign capital, foreign, etc. By type of operation, commercial banks are universal and specialized. The main types of commercial banks are:

· Deposit banks, whose main activity is connected with accepting deposits and issuing short-term loans;

· Investment banks engaged in the placement of own and borrowed funds in securities, as well as the issuance of long-term loans;

· Mortgage banks that provide long-term loans secured by real estate;

· Savings banks and credit societies, etc.

The banking system in a market economy is usually two-tier and includes the Central Bank (issuing) and commercial (deposit) banks. various kinds. The main functions of commercial banks are considered to be the attraction of deposits (deposits) and the provision of loans. By means of these operations, commercial banks can create money, i.e. expand the money supply, which distinguishes them from other financial institutions. Banks also buy and sell securities.

Banking operations are divided into active, passive and off-balance sheet, i.e. credit-passive.

Active operations are in the nature of providing various types of loans, i.e. placement of funds.

Passive operations are reduced mainly to attracting deposits, obtaining loans from other banks and issuing own securities. If own (authorized, share) capital is only the starting point to create a bank, then the borrowed funds received as a result of passive operations is the basis of banking activity.

For balance sheet transactions can be grouped as follows:

· The first group consists of traditional financial and exchange services (share management, consulting, assistance in mergers, etc.);

· The second group includes services that can be called guarantee business. In this case, we are talking, first, and the mediation of banks, i.e. banks act as guarantors, and, secondly, about their direct participation in operations. These services are a reflection of the diversification of banking activities, as well as evidence of the convergence of banking and exchange business. Among the specified operations it is necessary to name futures operations - purchase and sale of conditions of future contracts with fixing of their terms; option - an operation that gives the right to make a future transaction; NIF operation - a medium-term agreement (for 3 - 5 years) between banks and the issuer of securities that in case of difficulties with the sale of these securities, the bank assumes obligations to purchase them or provide an equivalent loan, etc.;

· The third group is swaps - debt exchanges between two borrowers. Swaps are used when the parties concerned have an advantage in certain capital markets, such as exchanging liabilities in different currencies.

In addition to the two-tier banking system, there is a centralized monobanking system (in the USSR, for example, there was a banking trinity - the State Bank, Stroybank and Vneshtorgbank), as well as a decentralized banking system.

2.1.2 Central bank and its operations

Central banks issue the national currency into circulation, store the country's gold and foreign exchange reserves, the required reserves of commercial banks, and act as an interbank settlement center. It is always the issuing bank.

The monetary and credit systems of modern industrial states have come a long historical way of development, based on commodity-money relations and national markets.

Originally product exchange labor activity was local in nature and limited to individual markets. At this time, mutual commodity lending to enterprises, the circulation of bills and their accounting in banks arose. This was the initial period of monetary and banking systems.

Mediterranean trade was based on a high level of entrepreneurship in agriculture and industry. The sale of the products of these sectors of the economy took place with the help of gold money stored in banks. This explains the emergence of commercial banks and their receipts for the storage of gold, called banknotes, or bank payment notes.

The second stage of monetary systems was characterized by the flourishing of national markets, commodity lending and bill circulation. During this period, the mass formation of commercial banks and the issuance of bank notes began. The contingent of commercial banks and their banknotes served as a prototype for the future national monetary systems and central banks of modern industrial states.

In England, the first system of bill circulation arose, which served as the main organization of the circulation of credit money in the rest of the world.

At the third stage of the development of monetary systems, payment tickets began to be issued by large commercial banks. This process served as the basis for the formation of central banks of issue in all European countries. One of the main reasons for the transformation of payment notes of commercial banks into banknotes of central issuing banks was the expansion of cash circulation and bill of exchange turnover of enterprises. The release of central bank banks made it possible to expand the scale of money circulation and ensure the expanded reproduction of the necessary mass of cash.

The fourth stage of the monetary - credit systems was characterized by intensive displacement of payment tickets of commercial banks from the circulation of banknotes of central issuing banks. This process was based on the formation of large industrial states, their national markets and the global economic system, cementing the international division of labor and foreign trade. At that time, the central issuing banks turned into large credit centers, providing the national economy with the necessary mass of means of payment. This stimulated the growth of the productivity of social labor, the consciousness of national and transnational concerns and an increase in the volume of production of the social product. Central bank notes became national credit money, freely redeemable for gold and silver.

At the fifth (newest) stage of the development of monetary systems, industrial states have moved from gold coin and gold bullion standards to banknote circulation and the replacement of banknotes by electronic money. This stage is of great importance, since it is characterized by the globalization of national monetary systems and the transition to the world market of loan capital. The national currency of the United States has moved to the role of world money instead of gold.

In accordance with Art. 71 of the Constitution of the Russian Federation, the Bank of Russia belongs to the federal economic service and is administered by the Russian Federation. In part 1 of Art. 75 of the Basic Law stipulates that the issue of money is carried out exclusively by the Central Bank of the Russian Federation; and part 2 of this article defines the main function of the Bank of Russia - the protection and stability of the ruble. It performs this function independently of other executive authorities. In more detail this question covered in the Federal Law No.

07/10/2002 No. 86-FZ "On the Central Bank of the Russian Federation (Bank of Russia)", approved by the State Duma on 07/27/2002, which establishes that the Bank of Russia is a legal entity whose authorized capital and other property are state property. At the same time, the legislator established immunity in relation to the property of the Central Bank, determining that its withdrawal and encumbrance with obligations without the consent of the Bank of Russia is not allowed.

Issues of legal regulation of the activities of the Bank of Russia are addressed in a number of other federal laws. In particular, the relationship between the Bank of Russia and credit institutions is regulated by the Federal Law

“On banks and banking activity” and the Law of the Russian Federation “On currency regulation and currency control”.

The principles of organizing cash circulation in the Russian Federation are enshrined in the Federal Law "On the Central Bank of the Russian Federation (Bank of Russia)" and specified in the regulatory documents of the Bank of Russia:

Denomination principle;

The principle of optional security;

The principle of monopoly;

The principle of uniqueness;

The principle of unconditional obligation;

The principle of unlimited exchangeability;

The principle of differentiation of competence.

First of all, the Bank of Russia is a financial authority, the essence of which lies in the fact that together with the government it develops and implements monetary policy. And in terms of its implementation, the Bank of Russia can use interest rates on its own operations, the required reserve ratios for commercial banks, quantitative restrictions on the growth of the money supply, etc. It can also use indirect methods of influencing other participants in the banking system, in particular, the level of its interest rates should influence the level of interest rates, the required reserves and refinancing ratios - on the volume and structure of commercial banks' operations. Particularly worth mentioning are the functions of the Bank of Russia, which the law assigned to it in the field of banking credit activities. He must carry out state registration and licensing of credit institutions, as well as organizations involved in their audit, establish rules for conducting banking operations, accounting and reporting, with the help of the refinancing system organized by it, act as a creditor of "last resort" for commercial organizations, and supervise their activities.

For the preparation of analytical and forecast materials, the Central Bank is empowered to request and receive the necessary information, statistical data and other such materials, both from credit institutions and from the Federal authorities.

The Bank of Russia is a powerful body, which is manifested not only in its powers, but also in its autonomy and independence from state bodies. World experience shows that the country's monetary unit is the more stable, the more independent the Central Bank has.

The Law on the Bank of Russia directly emphasizes its independence within the powers granted to it by the Constitution and Federal Laws: it is prohibited from lending to the Federal Budget (except when such a possibility is expressly provided for by the law on the Federal Budget) and the budgets of the Russian Federation. In addition to the development and implementation of monetary policy, the Bank has powers in two more important areas: it is the supervisory authority for the entire banking system and the body that determines the development of the settlement system in the Russian Federation. In order to exercise its supervisory function, the Bank of Russia has the right to establish specific parameters for mandatory ratios that ensure the stability of the banking system.

Activities to ensure the smooth operation of settlement systems include several elements: the organization of cash circulation, the establishment of standards and rules for the implementation of cashless payments, the licensing of the settlement system.

The law also assigns to the Bank of Russia the monopoly right to issue cash and organize their circulation.

It is impossible not to mention such a function of the Bank of Russia as rule-making activity. The range of issues on which it is possible to issue regulations is limited by the general competence of the Bank of Russia. In addition, they are obligatory for federal state authorities, authorities of the constituent entities of the Russian Federation, local governments and all legal entities and individuals.

Normative acts must be signed by the Chairman of the Bank of Russia or his deputy. And only after publication in the official publication of the Bank of Russia (Vestnik of the Bank of Russia) does it enter into force, except for cases when the Board of Directors of the Bank of Russia decides on a different date of entry.

Banknotes of the Central Bank are an unrestricted legal tender, and there are no other structures that would replace it in this capacity and issue banknotes as an unconditional means of payment and repayment of any debt obligations within the country. They are required to be accepted at their face value throughout the country and in all types of payments, as well as for crediting accounts, deposits and transfers.

All functions of the central bank are closely interrelated. Lending to the state and banks, central bank at the same time it creates a credit instrument of circulation, carrying out the issuance and repayment of government obligations, and affects the level of loan interest. The named functions of the central bank create objective prerequisites for its performance of the function of regulating the entire monetary and credit system of the country and, consequently, regulating the economy. The function of monetary regulation and banking supervision at the present stage is the most important function of the central bank.

The central bank performs its functions through banking operations - passive and active. Passive operations are called operations with the help of which bank resources are formed, active operations are operations for the placement of bank resources.

passive operations of central banks. The main source of central bank resources in most countries is the issue of banknotes (from 54 to 85% of all liabilities). At the present stage, the issuance of banknotes is completely fiduciary, i.e. not backed by gold. The gold backing of banknotes has been abolished, although in some countries laws formally continue to operate, limiting the aisles of fiduciary issuance. The official gold content of monetary units has been abolished everywhere.

The modern mechanism for issuing banknotes is based on lending to commercial banks, the state and the increase in gold and foreign exchange reserves. The mechanism of issue predetermines the nature of the banknote credit security. The issue of banknotes when lending to banks is secured by bills of exchange and other bank obligations; when lending to the state - with state long-term obligations, and when buying gold in foreign currency - with gold in foreign currency, respectively. In other words, the assets of the central bank serve as collateral for the issue of banknotes. In this, in particular, the relationship between passive and active operations of the bank is manifested. The size of the passive operation of the central bank "issuing banknotes" depends on its active operations: loans by the bank, the treasury (to the Ministry of Finance), purchases of foreign currency and gold. In this sense, we can say that the listed active operations of the central bank are primary in relation to passive ones.

Passive operations include: issue of banknotes; deposits of credit institutions, government and foreign banks; capital and reserves.

This does not mean, however, that any loan from the central bank to the credit system or the state is associated with a new issue of banknotes. Such loans can be credited to the accounts of commercial banks and the treasury opened with the central bank, in which case there is not a banknote, but a deposit issue of the central bank. The source of the central bank's resources are the deposits of commercial banks and their required reserves credited to special accounts, as well as the deposits of the treasury (state budget funds). Usually no more than 4% is accounted for by the bank's own capital.

Formation of authorized capital. Like every commercial structure, the establishment of central banks begins with the formation of their own funds, the basis of which is the initial authorized capital.

In most industrialized countries of the world, the creation of central banks takes place on a joint-stock basis. This means that the authorized capital is formed through the sale of shares to the founders. The composition of the founders is approved by the representative meeting of commercial banks or state governing bodies of the company. These bodies include the parliaments and governments of the respective countries. As a rule, shares are sold according to the lists of founders drawn up in accordance with the adopted acts on the formation of banks. The sale of shares on such lists makes it possible to preventively determine which representatives of the company will manage the activities of the central bank. In modern conditions, the largest central bank in the world is the US issuing bank, created on the basis of the Federal Reserve Act of Parliament (Congress) of December 23, 1913. In accordance with this act, the Federal Reserve System of Territorial Banks (FRS) was established in the country.

In Russia, the establishment of the central bank took place at the level of a monopolized state body of the monetary system. The main task of the bank was to finance government spending through the issuance of paper money, called banknotes.

The Assignation Bank was established at the expense of the state budget and therefore issued funds to cover the budget deficit. The determination of the size of the deficit and the issue of paper money was carried out by the emperor of Russia. The bank's shares were not printed and were not sold to the founders, which emphasized the bank's status as a credit institution for purely government expenditures. The operating expenses of the bank were made in accordance with its estimates, which were included in the expenditure side of the budget. The legal status doomed the bank to the role of a "pocket" of the state and complete isolation from the needs of the national economy.

In 1797, accounting (discount) offices were established as part of the state assignation bank to "assist" the artisan, manufacturer and breeder. The responsibilities of the offices included the accounting of bills and the issuance of direct trade credits by the entrepreneur.

1817 registration offices are transformed into the State commercial Bank designed to carry out short-term lending to the national economy. However, the bulk of the deposits (213 million rubles, or 89%) were kept in a loan bank that provided money loans to the government. Therefore, lending to agriculture, industry and trade was carried out by banking houses and money changers. Initially, the money changers only exchanged paper banknotes for silver, but later they started lending operations secured by bills of exchange and inventory items.

In 1860, on the basis of the established links of the credit system, the State Bank of the Russian Empire was established. The creation of the bank took place on a shareholder basis. The shares were distributed only by subscription. The controlling stake was owned by the government, and the rest - by companies and a commercial bank.

In 1861, serfdom, which had existed since the time of the first Russian principalities, was abolished; almost 1000 years. The emergence of a free labor market and a bank of issue, which issued banknotes to pay wages to workers and employees, favorably affected the development of the national economy. If in the early 60s the extraction of coal was 1.5 million tons, then by 1900 it had increased to 31 million tons, or more than 20 times. Ferrous metallurgy developed intensively on the basis of coal mining. In 1860-1900. iron smelting increased from 1.2 million tons to 11 million tons, or 9 times. The development of machine tools and mechanisms for the same time by 4 times.

The development of domestic industry was facilitated by the government's highly efficient customs policy. From 1868-1991, import tariffs for rails were increased 4.5 times, cast iron - 10 times, iron and metallurgical products - 3 times, rolling stock - 6 times. After the establishment of preferential tariffs, it became unprofitable for foreign entrepreneurs to import industrial goods, and they switched to the export of capital, creating new enterprises and industries. Under the control of the Russian society with the participation of foreign capital, such giants of transport engineering as the Putilov, Kolomna, Sormovo and Kharkov steam locomotive plants were built.

Issue of money. The phenomenal effect of the central bank as a “bank of banks” and the main financial pyramid of society is the monopoly right to issue new money in circulation. The issue of money is the main passive operation of this bank. The effect of the issue is based on the elimination of the minting of gold coins, gold coin and gold bullion standards and the transition to paper money. In practice, this means that the Central Bank is able to issue any amount of money in circulation, regardless of the gold reserves of the country. This is the basis of the modern regulation of money circulation, the activities of commercial banks and the market economy. With the depreciation of money and turning it into a brake on the development of the economy, the state and its central bank can liquidate (nullify) the money in circulation and replace it with new ones with solid purchasing power. The issue of "hard" money always serves as a powerful impetus to the creation of a stable economy and the industrialization of the national economy.

The need for emission is due to the expanded reproduction and sale of a newly created product that requires new means of payment. On the basis of the issue, cash income is paid to the population and the profits of commercial structures are realized, i.e. formation of the national income of society. At the same time, old, previously issued money has an inversely proportional effect on the size of the issue. The more old money is returned to the banks, the less new money needs to be released into the circulation of the economy.

In the first banks of Europe, the issue of payment notes originated as bankers' IOUs in accepting a certain amount of gold for safekeeping. Therefore, for many years, the issue of banknotes of central banks was limited by the size of the national gold reserve. With the growth of the productivity of social labor, the scale of production and the increase in national income, the emission assumed an independent character. First, the separation of the emission from the gold reserve occurred with the help of the issue rates of money not backed by gold. This issue model is called fiduciary. After the abolition of the gold-coin standard and the free size of banknotes for gold, the fiduciary issue was replaced by the issue of paper money, depending on the needs of the turnover of inventory items. Currently, such an issue procedure is established in all central banks of industrial countries, including the Russian Federation.

In our country, the gold-coin standard arose during the monetary reform of 1895-1897. In addition to gold coins, silver and copper coins, as well as credit notes of the Central Bank (banknotes) were issued into circulation. As of January 1, 1914, the money supply was in circulation in the amount of 2.5 billion rubles, including 1,775 million rubles. banknotes, 494 million rubles. gold and 223 million rubles. silver coins.

The issue was carried out on a fiduciary basis. The size of the main issue was set at the level of 600 million rubles. Half of this amount was to be secured by the gold reserves of the Central Bank. Additional emission could take place only with full (100%) gold backing. Thus, when issuing banknotes in the amount of 1,775 million rubles. the gold reserve was 1455 million rubles. (1775 - 600/2).

After the reform, the Government and the Central Bank of Russia continued to follow the hard line of the fiduciary issue model in 1898-1913. the bank's gold reserves increased from 1.2 to 1.8 billion rubles, exceeding the amount of banknotes in circulation. This allowed paper money to be freely exchanged for gold. However, the glory of an inconvenient means of payment was firmly established behind gold coins due to the complexity of manufacturing, transportation and storage.

Like most countries in the world, the "detronization" of gold occurred in Russia during the First World War, and the country switched to issuing paper money. During the monetary reform of 1922-1924. the minting of gold and silver coins resumed, but they were hoarded and did not find application in the national economy.

The natural transition of the Russian Federation to a market economy based on price liberalization and shock therapy caused an explosion of inflation and a flood of depreciated paper money. For 1992-1995 retail prices for basic foodstuffs increased 10,000 times. Old treasury and bank notes in denominations of 1, 5, 10 and 25 rubles. were withdrawn from circulation and replaced by banknotes in denominations from 100 to 500,000 rubles. The country's money circulation turned out to be in a state of stagflation, or an increase in emissions with a reduction in agricultural and industrial production.

One of the most important issues in the work of central banks is the definition of upper and lower limits for the issue of money. The founders of the theory of the labor value of a social product and price as a monetary form of expression of the value of goods (W. Petty, K. Marx) believed that the lower limit of the amount of money in circulation is associated with the scale of the total product and the speed of circulation of the national monetary unit. They put forward the law of the quantity and value of money as a specific form of the operation of the law of value in the sphere of money circulation.

According to this law, the proportions of the exchange of goods and money depend on their value, and this determines the amount of money in circulation. The classical scheme of the operation of this law is manifested in the conditions of gold - the monetary standard and the free exchange of banknotes for gold.

The formula for the law of the quantity of money states that the quantity of money in circulation is directly proportional to the sum of the prices of goods sold and inversely proportional to the velocity of circulation of national money.

This means that the issue of money must be strictly limited by the value of inventory items circulating in all sectors of the national economy.

In accordance with the theory of the marginal utility of the social product and the prices of goods (E. Böhm-Bawerk, F. Wiese and K. Menger), the amount of money in circulation depends on the supply and demand for goods in the markets. At the same time, several degrees of freedom of commodity prices are modeled, depending on the satisfaction of primary, secondary, tertiary, and subsequent individual needs. For example, the highest prices are set for prestigious items of clothing and footwear, while the lowest prices are set for out-of-fashion items. This means that prices have nothing to do with the value of goods, but depend on the wealth of people or the amount of money in the hands of certain groups and the entire population. Since money is issued by central banks, the state can set their total amount and thereby regulate effective demand and prices for goods.

The development of the market economy of industrial states has shown that the quantitative theory of money opens up more opportunities for state regulation of the reproduction process than the value concept. This is based on the capital-creative use of money or their release for the implementation of large state and other programs.

In our country, the largest representative of state management of the economy with the help of the amount of money was I.T. Pososhkov (1652-1726). In his work The Book of Poverty and Wealth (1724), he proved the necessity of issuing paper money for the expenses of the government of Peter I, connected with the development of the national economy of the Russian Empire. However, at that time our country was not ready to create a civilized monetary and credit system.

The development of the capital-creating concept of money as the main means of economic stimulation of society was continued by N.S. Mordvinov. In the book on "Discourses on the benefits that may follow from the establishment of private banks in the provinces" (1813), he put forward a plan for the restoration of the national economy, destroyed during patriotic war from Russia to France. The cornerstone of this plan is the recommendation to create a two-tier monetary system with commercial banks at the bottom. Mordvinov believed that the establishment of territorial (provincial) commercial banks would cause the prosperity of agriculture, industry, trade, cities and increase the wealth of all strata of Russian society, since it would ensure its solvent demand.

Counterbalancing the capital-creative understanding of money and credit is modern monetarism, whose preacher is the American economist M. Friedman. His concept proceeds from the fact that the growth rate of the money supply cannot be higher than the growth rate of the gross domestic product (GDP).

In the conditions of a developed market economy and an oversaturation of commodity masses, monetarist measures are an effective tool for managing the economy. However, in an economy with a low degree of satisfaction of market demand (for example, in Russia), they are not suitable for practical application. This is explained by the absence of market economic structures of a consumer society and an acute shortage of scarce means of production and consumer goods. In such an economy, the national economy can develop only with the help of large-scale investment programs that require huge amounts of money.

Storage of funds from the state and local budgets. In both the United States and the Russian Federation, central banks serve as the authorized treasurer of the treasury. This means that the relevant budget accounts are concentrated in the central bank and its local bodies, through which monetary transactions are carried out related to the execution of revenue and expenditure parts of the federal and local budgets. The size of these parts is developed by the ministries of finance and approved by the lower and upper houses of parliaments. At the same time, the ratio of budget parts has a decisive impact on the operations of the bank as a treasurer of the treasury. If the revenue side exceeds the expenditure side, then cash balances appear on the budget accounts, forming bank liabilities. With an inverse ratio, the bank is forced to carry out budget lending operations, which reduces its resources for the national economy.

Storage of cash reserves of commercial banks. One of the most important types of passive operations of central banks is the storage of cash reserves of commercial banks. In the mid-90s of our century, the reserve rate of the Central Bank of the Russian Federation (CBR) was set at 21% and was 2 times higher than the similar rate of the US Federal Reserve. The high level of reserve rates created "expensive" money and held back the development of the inflationary process. Currently, this rate has been reduced to 10%, which is in line with international standards.

The main active operations of central banks include: accounting and loan operations; bank investments; transactions with gold and foreign currency.

Accounting and loan operations are represented by two types:

Loans to a commercial bank and the state secured by commercial bills (accepted by reputable banks), treasury bills, government bonds and other securities;

Accounting operations - the purchase of bills by the central bank from the state and banks. The purchase of bills from commercial banks is called rediscounting, because in this case, secondary accounting occurs, a secondary purchase of bills that commercial banks bought from their customers. The difference between the amount that the central bank pays to a commercial bank when buying a bill and the amount that will be received from the debtor of the bill when it matures, forms the income of the bank.

The rate at which the central bank lends to commercial banks and rediscounts their bills is called the official discount rate, or central bank discount rate.

Bank investment is the purchase of securities by the bank. Central bank investments consist of investments in government securities. The purchase by the central bank of government bonds in most industrialized countries is the main and even the only form of lending to the government. Direct government lending, i.e. the provision of a bank loan in these countries is practically absent (for example, in the USA, Canada, Japan, Great Britain, Switzerland, Sweden) or limited by law (in Germany, France, the Netherlands). It should be noted that in the portfolio of the central bank there is only a small part of government securities, most of them are resold by the bank in the securities market. Accordingly, the main creditors of the state are non-central, and commercial banks and other financial and credit institutions, companies and the population.

An important, and not uncommonly primary, purpose of central bank purchases of government securities is to regulate the liquidity of the banking system and manage public debt in the course of monetary policy.

The state debt of Russia was formed almost entirely as a result of direct lending to the state by the central bank. However, the Law on the Central Bank of the Russian Federation (Bank of Russia) provides that the latter can provide credit to the Ministry of Finance only by purchasing securities from it.

The group of active operations of central banks includes lending to commercial banks, government spending and the purchase of gold and foreign exchange. Through these channels, the emission resources of central banks enter the monetary circulation of the respective countries.

Lending to commercial banks - main group active operations of central banks. The significance of these operations lies in the creation of credit money to advance expanded reproduction, to ensure the production and circulation of the total social product with the necessary mass of means of payment entering the money circulation with the help of commercial banks. These banks do not have the right to independently issue, and therefore their operations are carried out within the limits of issue funds allocated by the central bank.

The formation of commercial banks took place under the influence of the turnover of inventory, bills of enterprises and their accounting in the credit system. Accounting for bills of exchange requires a huge amount of money and the restoration of the resources of commercial banks invested in the circulation of capital of functioning entrepreneurs. In world banking practice, this happens through the means of refinancing commercial banks. The content of refinancing is the rediscount of bills and local central bank authorities. Commercial banks' bills of exchange are credited at the discount rate of the central bank in force at the time of these operations.

As mutual lending to enterprises and the turnover of their bills of exchange in direct commercial bank loans were supplanted, the rediscount of bills was replaced by the provision of ordinary central bank loans. However, according to tradition, the terms "accounting for bills" and "refinancing" of the resource portfolio of commercial banks have survived to this day.

Lending to enterprises by commercial banks is of great importance for the development of all sectors of the national economy. Business loans from commercial banks stimulate the continuity of circulation and turnover of individual capitals of functioning entrepreneurs and create conditions for solving the scale of economic and financial activities. This is especially important for the sphere of material production, where the value of the total social product is created.

The circulation of capital and the return movement of loans from commercial banks determine the credit nature of the emission of funds by central banks. The issuance of cash and bank turnover money on a credit basis makes it possible to stimulate the effectiveness of loans and ensure their return to the starting points of movement, i.e. banks. The circular nature of cash flows allows central banks to maintain the specified parameters of monetary circulation and limit "over-issuance", or the release of new money into circulation without returning old ones.

Public administration of a market economy involves guaranteed maintenance by the central bank of the activities of commercial banks. This is due to the fact that the latter are the working link of the monetary system, directly organizing credit relations in the national economy. The successful operation of market economic structures largely depends on them. The loss of commercial banks from the general chain of credit relations with the economy complicates national entrepreneurship and can cause losses and bankruptcy of market economic structures. Guaranteed assistance from central banks to grass-roots units is carried out by "sanitizing" balance sheets, allocating targeted loans at preferential interest rates, providing funds to write off bad debts on loans, and other measures.

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The credit system is the totality of credit relations, forms and methods of credit operations that have developed in the country, as well as credit institutions operating in it. Russia currently has a two-tier credit system: the upper level is occupied by the Central Bank of the Russian Federation and the lower level is occupied by commercial banks and financial and credit institutions.
28.1.Central Bank of Russia
In Russia, the State Bank was established in 1860. Currently, the supreme body of the Central Bank of the Russian Federation is the Board of Directors, which determines the main directions of its activities and manages and manages it. This is a collegial body, which includes the Chairman of the Bank of Russia and 12 members of the Board of Directors. The first is appointed by the State Duma for a period of 4 years by a majority vote of the total number of deputies. The latter work on a permanent basis in the Bank of Russia.
Legal regulation of the activities of banks is carried out by the Constitution of the Russian Federation, the Federal Law "On Amendments and Additions to the Law of the RSFSR "On Banks and Banking Activities in the RSFSR", the Federal Law "On the Central Bank of the Russian Federation (Bank of Russia)", other federal laws and regulations of the Bank Russia.
The main objectives of the activities of the Central Bank of the Russian Federation are:
protecting and ensuring the stability of the national currency - the ruble, including its purchasing power and exchange rate against foreign currencies;
development and strengthening of the banking system of the Russian Federation;
ensuring efficient and uninterrupted functioning of the settlement system.
Functions of the Central Bank of the Russian Federation
1. The Central Bank of the Russian Federation develops and implements, in cooperation with the Government of the Russian Federation, a unified state monetary policy. It sets the main directions of the economic policy of the Government of the Russian Federation and uses economic levers to regulate the money supply in circulation and direct it to the relevant sectors of the economy. The Central Bank of the Russian Federation should ensure cash circulation in Russia by organizing the production, transportation and storage of banknotes and coins, establishing rules for the collection of cash, determining the procedure for conducting cash transactions to develop the solvency of banknotes.
2. The Central Bank of the Russian Federation monopolizes the issue of cash and organizes their circulation. He, as a representative of the state, is legally assigned a monopoly on the issuance of banknotes into circulation. This function is one of the oldest performed by the bank. It is needed, first of all, to exclude abuses and promote the implementation of a single monetary policy within the economic system. The issue of money into circulation is the main source of funds of the Central Bank of the Russian Federation.
3. The Central Bank of the Russian Federation is the lender of last resort and organizes a system for refinancing commercial banks, that is, it provides them with loans in cases where they have exhausted their resources or are unable to replenish them from other sources.
4. The Central Bank of the Russian Federation establishes rules, forms, terms and standards for non-cash payments. It is the body coordinating, regulating and licensing the organization of settlement systems, including clearing systems, in the Russian Federation. The total period of non-cash payments should not exceed 2 business days within the subject of the Russian Federation and 5 business days within the Russian Federation.
5. The Central Bank of the Russian Federation develops rules for conducting banking operations, accounting and reporting for the banking system. The main ones are the rules for lending to enterprises and economic organizations by commercial banks. They also provide for the implementation of control functions for the timely return of funds provided and their expenditure for the intended purpose.
6. The Central Bank of the Russian Federation carries out state registration of credit organizations and organizations involved in their audit. The main areas of regulation of banking activities of the Central Bank of the Russian Federation are the licensing and registration of banks and credit institutions, as well as the establishment of economic standards that commercial banks must adhere to in their activities.
7. The Central Bank of the Russian Federation exercises supervision over the activities of credit institutions, which includes a system of measures by which the stable and safe functioning of the banking system and financial markets as a whole is ensured. This is done in order to timely identify and prevent situations that threaten the interests of depositors and other creditors and adversely affect the stability of banks.
8. The Central Bank of the Russian Federation establishes economic standards for banks and credit institutions. Their purpose is to regulate the amount of risk that the bank takes on and create a security system in case of losses. The system of economic standards is aimed at ensuring the sustainable functioning of each bank and the stability of the entire banking system.
9. Registration of the issue of securities by credit institutions in accordance with federal laws is an important function of the Central Bank of the Russian Federation. The sale of bonds of these loans is carried out by dealer banks, the composition of which is determined by the Central Bank of the Russian Federation and the Ministry of Finance. It is produced by enterprises, organizations, institutions and the public, commercial banks and the Central Bank of the Russian Federation itself.
10. The Central Bank of the Russian Federation carries out currency regulation, determines the procedure for making settlements with foreign states, and exercises currency control. The Central Bank of the Russian Federation issues licenses to credit institutions for the right to carry out foreign exchange transactions, issues regulations that are mandatory for residents and non-residents in the Russian Federation, establishes uniform forms of accounting, reporting, documentation and statistics of foreign exchange transactions.
11. The Central Bank of the Russian Federation draws up the country's balance of payments to monitor the state of foreign trade, payments and gold and foreign exchange reserves. It reflects the ratio of payments and receipts to the country of foreign currency, on the basis of which the balance sheet is calculated, which has great importance for the ruble exchange rate against foreign currencies and has an impact on it.
All these eleven functions of the Central Bank of the Russian Federation are closely interconnected. For their implementation, he analyzes and forecasts the state of the Russian economy as a whole and by region.
28.2. Commercial banks
Commercial banks are credit institutions entitled to carry out the following banking operations in the aggregate:
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, urgency;
opening and maintaining bank accounts of individuals and legal entities.
However, the activities of banking institutions are much more diverse. This system is capable of self-regulation, i.e. response to change environment, development, improvement.
In Russia, banks can be created on the basis of any form of ownership - private, collective, joint-stock, mixed, joint (with the involvement of foreign capital).
According to the method of formation of the authorized capital, banks are divided into joint-stock, created in the form of joint-stock companies of closed and open types, and shares, created in the form of limited liability companies.
The supreme management body of a joint-stock bank is the general meeting of shareholders, which solves all the strategic tasks of the bank. The general management of the bank is carried out by the council, which determines the general directions of the bank's activities, considers draft credit and other plans of the bank, approves the plans for income and expenses and profits of the bank, considers issues of opening, closing branches of the bank and other issues related to the activities of the bank. Directly the activities of a commercial bank are managed by the board. It is responsible to the general meeting of shareholders and the board of the bank.
The definition of a bank as an institution that accumulates free cash and places it on a repayable basis makes it possible to distinguish between passive and active operations in its activities.
Operations related to the formation of bank resources are classified as passive. Their essence is attracting various types of deposits, obtaining loans from other banks, issuing own securities, as well as carrying out other operations that increase bank resources.
Banking resources include own funds of banks, attracted and borrowed funds.
Own funds include equity (authorized), reserve capital, retained earnings.
Regardless of the organizational and legal form of the bank, its authorized capital is formed entirely from the contributions of participants - legal entities and individuals - and serves as a security for their obligations.
The size of the authorized capital, the procedure for its formation and changes are determined by the charter of the bank. In addition to the authorized capital, equity includes share premium (if the shares are sold at a price above par), the value of property received free of charge, profit and funds created from profit, confirmed by an audit report, income from property revaluation (additional capital).
Own funds have importance for the activities of commercial banks. A decrease in the share of equity capital sometimes leads to the bankruptcy of banks.
The main part of the bank's resources is formed by borrowed funds. A commercial bank has the ability to attract funds from enterprises, organizations, institutions, individuals and other banks in the form of deposits (deposits) and open appropriate accounts.
Contribution (deposit) is money transferred to the bank by its owner for storage under certain conditions. Operations related to attracting funds to deposits are called deposit operations. Deposits for commercial banks are the main type of their passive operations and, therefore, the main resource of active credit operations.
Depending on the term and order of withdrawal, deposits are divided into urgent and demand deposits.
Term deposits are funds deposited by a bank customer for a specified period. They pay interest, the amount of which depends on the term and size of the deposit. The bank is interested in attracting term deposits, as they allow the bank to plan its credit policy for a longer period.
One of the types of time deposits are certificates of deposit - a written certificate of the bank on the deposit of funds, giving the right to the depositor to receive the amount of the deposit and interest on it at the end of the established period. The certificate of deposit is issued only to legal entities. For individuals, savings certificates are used, issued by the bank both for a fixed period and on demand.
Demand deposits, as well as on current accounts, can be withdrawn by depositors on demand without prior notice to the bank by the client. Demand deposits are unstable, they depend on depositors, the bank cannot take them into account in its credit policy, therefore, low interest is paid on these deposits.
An important source of banking resources are interbank loans, i.e. loans from other banks. In modern conditions, commercial banks for the rapid attraction of funds use the possibilities of the interbank resource market, where the sale of funds mobilized by other credit institutions takes place. The credit market is dominated by short-term interbank loans. The interbank mechanism is the main source of borrowed credit resources of commercial banks. It is implemented, as a rule, within the framework of correspondent relations and provides for the opening of correspondent accounts by some banks in others to carry out payment and settlement operations on behalf of each other.
Commercial banks, as mentioned above, also receive loans from the Central Bank in the form of rediscounting bills of exchange, in the form of refinancing and in the form of pawnshop loans.
Active operations of commercial banks are associated with the placement of banking resources. Banks use mobilized and own funds for lending to clients and carrying out their business activities.
There are two main types of active operations of commercial banks: lending and investment.
Loan operations form the basis of the active activity of the bank in the placement of its resource base. They bring banks a significant part of the income.
Another most important active operation of commercial banks is investment activity, in which banks are an investor, investing resources in securities - stocks, bonds, government debt, financial instruments. For example, active operations of a bank with bills of exchange include accounting (discount) and rediscounting operations, credit operations for acceptance, collection, issuance of a bill of exchange guarantee, etc. As a result of investments, the bank becomes the owner of the securities portfolio. The nature of banking implies the need to maintain a portfolio of securities in such a state that allows you to quickly convert at least part of your existing assets into cash (by selling them on the market or obtaining a loan from the Central Bank secured by securities).
The main content of the bank's investment policy is to determine the range of securities that are most profitable for investment, optimize the structure of the investment portfolio for each specific period.
The peculiarity of a bank is that, from the standpoint of legislation, it becomes such only if it simultaneously performs at least three operations, which are called purely banking: deposit, credit and settlement.
Due to the fact that Russian legislation provides for the mandatory storage of funds of enterprises, organizations in bank accounts, the bank is an intermediary between the supplier and the buyer, the taxpayer and the budget and other subjects of monetary relations. Banks perform the settlement function by making accounting entries on customer accounts. This procedure primarily ensures state control over the business operations of enterprises, as well as the possibility of expanding the scope of non-cash payments, which is preferable to cash payments.
Under the influence of increasing interbank competition, there is a tendency to expand the operations of commercial banks, among which one can single out factoring, leasing and trust operations.
28.3. Credit and financial institutions
The most important financial institutions are:
investment companies;
financial companies;
savings and loan associations;
credit unions;
pension funds;
Insurance companies;
charitable foundations.
These organizations play a significant role in the accumulation of savings of the population and are important providers of loan capital.
Three main reasons contributed to the growth of the influence of these institutions: the growth of incomes of the population in developed countries; active development of the securities market; the provision by these institutions of special services that banks cannot provide. In addition, a number of specialized institutions (insurance companies, pension funds), unlike banks, can accumulate monetary savings for rather long periods and, therefore, make long-term investments.
The main forms of activity of these institutions in the loan capital market are reduced to the accumulation of savings of the population, the provision of loans through bonded loans to corporations and the state, the mobilization of capital through all types of shares, the provision of mortgage and consumer loans, as well as credit mutual assistance.
test questions
What institutions are part of the Russian credit system?
What are the main functions of the Central Bank of the Russian Federation.
What types of commercial banks do you know?
What institutions are credit and financial institutions?

The banking system is a set of banks, banking infrastructure, banking legislation and the banking market, which are in close interaction with each other and with the external environment.

The modern banking system of the Russian Federation functions in accordance with the Constitution of the Russian Federation, two specialized federal laws: "On banks and banking activities in the RSFSR" No. 396-1 of 1990 as amended by the law of 1996 No. 17-FZ with subsequent additions and amendments and the Law " On the Central Bank of the Russian Federation (Bank of Russia)" dated July 10, 2002 No. 86-FZ, subject to additions and amendments, as well as the Civil Code and other regulations.

The Russian banking system is two-tier. At the first level is the Central Bank (Bank of Russia), which works mainly with credit institutions (exceptions are the structural units of the Federal Treasury), at the second - commercial banks and non-bank credit organizations.

A credit institution is a legal entity that, in order to make a profit, as the main goal of its activity, on the basis of a license from the Central Bank, has the right to carry out banking operations.

Credit institutions are not liable for the obligations of the state, and the state is not liable for the obligations of credit institutions, except in cases where the state itself has assumed such obligations.

In accordance with the law, a bank is a credit institution that has the exclusive right to carry out the following banking operations in the aggregate: to attract funds from individuals and legal entities into deposits; to place the indicated funds on its own behalf and at its own expense on the terms of repayment, payment, urgency; open and maintain bank accounts of individuals and legal entities.

Central Bank of the Russian Federation

The main link in the banking system of any state is the central bank of the country. bank credit economy non-inflationary

The authorized capital and other property of the Bank of Russia are federal property. However, the state is not liable for the obligations of the CBR, as well as vice versa, if they have not assumed such obligations or unless otherwise provided by federal laws. The Bank of Russia carries out its expenses at the expense of its own income.

The activities of the CBR are subject to the following goals:

• – protecting and ensuring the stability of the ruble;
• – development and strengthening of the banking system of Russia;
• – ensuring the efficient and uninterrupted functioning of the payment system.

The main tasks of the Central Bank are the regulation of monetary circulation, the implementation of a unified monetary policy, the protection of the interests of depositors, banks, supervision of the activities of commercial banks and other credit institutions, and the implementation of operations for foreign economic activity.

Functions of the CBR:

• – development and implementation of monetary policy;
• – management of gold and foreign exchange reserves;
• – currency regulation and currency control;
• – analysis and forecasting of the economy;
• – participation in the development of the forecast of the balance of payments of Russia, drawing up the balance of payments of the Russian Federation;
• – establishment of official exchange rates of foreign currencies against the ruble;
• - monopoly issue of cash and organization of their circulation;
• – establishment of rules for conducting settlements in the Russian Federation.

The Bank of Russia transfers to the federal budget 50% of the profit actually received at the end of the year, remaining after the payment of taxes and fees in accordance with the Tax Code of the Russian Federation. The remaining profit is directed to reserves and funds for various purposes.

The Bank of Russia is accountable to the State Duma of the Russian Federation, which:

• – appoints and dismisses the Chairman of the CBR on the proposal of the President of the Russian Federation;
• – appoints and dismisses members of the Board of Directors of the CBR on the proposal of the Chairman of the CBR, agreed with the President of the Russian Federation;
• - directs and recalls representatives of the State Duma in the National Banking Council within its quota;
• – considers the main directions of the unified state monetary policy and makes decisions on them;
• – considers the annual report of the Bank and takes a decision on it;
• - makes a decision on the audit by the Accounts Chamber of the Russian Federation of the financial and economic activities of the CBR, its structural divisions and institutions. Such a decision can only be taken on the basis of a proposal from the National Banking Council;
• – conducts parliamentary hearings on the activities of the Bank of Russia with the participation of its representatives;
• – listens to the reports of the Chairman of the CBR on the activities of the Bank (when presenting the annual report and the main directions of the unified state monetary policy).

To the extent permitted by the Constitution and laws, the Bank of Russia is independent in its activities. Federal state authorities and other authorities do not have the right to interfere in its activities. Moreover, the regulations issued by the Central Bank of the Russian Federation within its competence are binding on federal government bodies.

The supreme body of the Central Bank is the board of directors - a collegiate body that determines the main areas of activity of the Bank of Russia and exercises leadership and management of the Bank of Russia. It includes the chairman of the Bank of Russia and 12 members who must work in the bank on a permanent basis.

The Board of Directors is headed by the Chairman of the Bank of Russia, who is appointed by the State Duma for four years on the proposal of the President of the Russian Federation. The Constitution of the Russian Federation. Official text as of February 1, 1999 with historical and legal commentary. - M .: NORMA-INFRA M, 1999 .. The same person does not have the right to hold this position for more than three consecutive terms.

The National Banking Council is a collegiate body of the Bank. The Council consists of 12 people, of which two are sent by the Federation Council from among its members, three by the State Duma from among its deputies, three by the President of the Russian Federation, three by the Government of the Russian Federation. The National Banking Council also includes the Chairman of the Bank of Russia.

Members of the National Banking Council, with the exception of the Chairman of the Bank of Russia, do not work for the CBR on a permanent basis and do not receive wages for this activity.

The system of the Bank of Russia includes the central office, territorial offices, cash settlement centers, computer centers, field institutions, educational institutions and other enterprises, institutions and organizations, including security units and the Russian Collection Association, necessary for the implementation of the activities of the Bank Banking. Reference manual. Ed. Babicheva Yu.N., Moscow, "Economics", 1992

Zolotogorov. V.G. Encyclopedic Dictionary of Economics / V.G. Zolotogorov - Minsk: Polymya, 1997.

The CBR has the right to carry out the following banking operations and transactions with Russian and foreign credit institutions, the Government of the Russian Federation:

• - provide loans for a period of not more than one year secured by securities and other assets, unless otherwise established by the federal law on the federal budget; from October 2008 without security;
• – buy and sell government securities on the open market;
• – buy and sell bonds issued by the Bank of Russia and certificates of deposit;
• – buy and sell foreign currency, as well as payment documents and obligations denominated in foreign currency issued by Russian and foreign credit institutions;
• - buy, store, sell precious metals and other types of currency values;
• – conduct settlement, cash and deposit transactions, accept securities and other assets for storage and management;
• – issue guarantees and bank guarantees;
• – carry out transactions with financial instruments used to manage financial risks;
• – open accounts in Russian and foreign credit institutions;
• – issue checks and bills in any currency;
• – to carry out other banking operations and transactions on its own behalf in accordance with the business practices adopted in international banking practice.

In cases stipulated by federal laws, the CBR may carry out banking operations to service state authorities and local governments, their organizations, state non-budgetary funds, military units, military personnel, employees of the Bank of Russia, as well as other persons.

Refinancing commercial banks - providing them with loans in cases where they experience temporary financial difficulties. The purpose of refinancing is to influence the state of the monetary sphere. Performing the function of refinancing, the Central Bank acts as a bank of banks.

The main source of the Bank of Russia's resources is the issue of banknotes, the second most important is the funds of commercial banks on correspondent accounts, on the account of required reserves, deposits of commercial banks and budget funds.

The bulk of the funds of the Bank of Russia is invested in securities, the second largest place is occupied by funds invested in foreign currency values ​​placed with non-residents.

Commercial banks

On the one hand, a bank, like any other enterprise, is created to satisfy the interests of the bank's owner (shareholders) and public interests (clients). On the other hand, a bank is an enterprise special kind, which organizes and carries out the movement of loan capital, providing profit to the owners of the bank.

Commercial banks belong to a special category of business enterprises called financial intermediaries. They attract capital, savings of the population and other funds released in the course of economic activity, and provide them for temporary use to other economic agents that need additional capital. Banks create new requirements and obligations that become commodities in the money market. Thus, by accepting customer deposits, a commercial bank creates a new obligation - a deposit, and by issuing a loan - a new requirement for the borrower. This process of creating new obligations is the essence of financial intermediation. Commercial banks traditionally play the role of a basic link in the credit system. The interweaving of the functions of various types of credit institutions and the popularity of the universal type of bank makes it difficult to define the concepts of a bank and banking. Most often, the main sign of banking activity is the acceptance of deposits and the issuance of loans to Efimov. L.G. Banking law. - M.: BEK, 1994.

Usoskin V.M. Modern commercial bank: management and operations. - M.: Vazar-Ferro, 1994.

General theory of money and credit. Ed. Zhukova E.F. - M .: Banks and stock exchange, 1995 ..

Banks have a unique ability to create means of payment that are used in the economy to organize commodity circulation and settlements. We are talking about opening and maintaining check and other accounts that serve as the basis for non-cash transactions. The economy cannot exist and develop without a well-functioning system of monetary settlements. Hence the great importance of banks as organizers of these settlements.

Commercial banks, acting on the financial market with demand for credit resources, should not only mobilize the savings available in the economy to the maximum, but also form sufficiently effective incentives to accumulate funds. Incentives to accumulate funds and save money are formed on the basis of a flexible deposit policy of commercial banks. In addition to the high interest paid on deposits, bank creditors need high guarantees of the reliability of depositing accumulated resources in the bank. The creation of a guarantee is the formation of a fund for insurance of assets of banking institutions, deposits in commercial banks. Along with deposit insurance, it is important for depositors to have access to information about the activities of commercial banks and the guarantees they can provide. When deciding on the use of funds available to creditors, he must have sufficient information about the financial condition of the bank in order to evaluate future investments himself.

The second extensive functional area of ​​activity of banks: credit intermediation. Commercial banks, as already mentioned, play the role of intermediaries between economic units that accumulate and need money. They provide owners of free capital with a convenient form of keeping money in the form of various deposits, which ensures the safety of funds and satisfies the client's need for liquidity. A bank loan is also a very convenient and in many cases indispensable form of financial services, which allows you to flexibly take into account the needs of a particular borrower and adapt the conditions for obtaining a loan to them (unlike the securities market, where terms and other loan conditions are standardized).

The third function of banks is mediation in payments between individual independent entities. In connection with the formation of the stock market, such a function as mediation in transactions with securities is being developed, banks have the right to act as investment institutions that can operate in the securities market as an intermediary, investment consultant, investment company and investment fund. Acting as a financial broker, banks perform intermediary functions in the sale and purchase of securities at the expense and on behalf of the client on the basis of a commission or commission agreement.

The credit system of any state has a functional, institutional and essential component. In fact, we are talking about the operation of the system of financial and credit relationships that arise on the basis of ideas about repayment and use according to the principles of urgency, payment and repayment.

Credit system of Russia

The system of credit institutions of the Russian Federation exists in the form of a structure consisting of two levels. On the first step is the Central Bank of Russia, on the lower platform - all other commercial banking structures, credit institutions, representative offices of foreign financial companies, branches and some other participants in the financial services market.

The powers and functions of the Central Bank of the Russian Federation differ significantly from the capabilities of other banks. The regulator supervises and licenses the activities of all subjects of the lending market, organizes the payment turnover, issues cash, establishes the rules for accounting and banking operations, determines the methodological foundations of the banking activities of the state. At the second level, credit institutions are engaged in their traditional activities in accordance with the norms and rules established at the legislative level.

Organization of the credit system

Unlike financial institutions that operated under the USSR, Russian banks do not operate separately from the external environment. Thanks to the work of the banking infrastructure, as close as possible to world and European standards, institutions are engaged in the provision of a number of services in demand on the market within the framework of the granted economic powers. The role of banking infrastructure in the development of the financial services market has recently become of great importance. The phrase "banking infrastructure" is recommended to be understood as a set of specialized institutions responsible for creating conditions for the full functioning of the activities of banks, as well as for facilitating the creation and delivery of financial products of the banking sector to the end consumer.

The structure of the credit system

The structure of the credit system of the Russian Federation is as follows.

At the forefront is the Central Bank of the Russian Federation, which is subordinate to:

1. Commercial banks with their representative offices and branches. They are divided into specialized and universal institutions or companies with foreign capital.
2. non-bank credit institutions.
3. Associations of commercial banks, which, in turn, are subdivided into specialized, regional and the Association of Russian banks of a national scale.

Central bank credit system

The organizational structure of the Central Bank of the Russian Federation is a vertically integrated management system, which consists of security units, educational institutions, field institutions, computer centers, cash settlement centers, territorial institutions, the central office, an association of collector and other organizations, the functioning of which is required to maintain the work of the entire colossus of the Central Bank of the Russian Federation.

The central office of the regulator includes departments, departments and subdivisions in the amount of 27 units.

The concept of territorial institutions includes separate subdivisions, which are entrusted with part of the functions of the Central Bank of the Russian Federation, which are necessary to be performed on the territory of various subjects of the Federation.

Cash settlement centers are subdivisions of a general structural nature that operate under the supervision of territorial institutions and work on conducting banking operations with cash and non-cash funds.

Role credit system

In today's market, the role of the credit system can hardly be overestimated. Without the proper level of development of the credit market, the development of the economy is impossible as such. Among the main directions of economic development with the help of the credit system, I would like to single out the accumulation of free funds of individuals and companies in order to acquire new assets to solve current production problems. When the situation develops according to such a scenario, the flow of investment inflows into the state economy is activated.

Credit system institutions

All commercial banks are divided into two large groups. The first is specialized institutions that focus on servicing export-import operations, investment flows, or offer clients financial products of a savings nature. The second is universal organizations that offer their clients a wide range of services.

In addition to the above two groups, there is another one, which is represented by non-bank credit organizations, such as postal savings unions, cooperatives, credit unions and microfinance organizations that are popular today.

Market credit system

The market banking system assumes the absence of a state monopoly on banking activities. Credit and emission functions are divided between market participants and the regulator. In particular, the central bank of the state is responsible for issuing money, while lending to the population and legal entities is undertaken by savings, mortgage, innovation, investment and commercial banks. At the same time, commercial credit organizations are not liable for state obligations, which, in turn, also does not concern problems with the obligations of private structures.

Problems of the credit system

Among the main problems of the credit system, the following points stand out:

1. A large number of small commercial banks that operate with a weak financial base.
2. Problems of the mortgage lending system.
3. Problems of automobile crediting.
4. Too high interest rates on loans for individuals.
5. Tougher requirements for potential borrowers by banks.
6. Change for the worse for borrowers in terms of provision.
7. The inability of a number of banking structures to engage in lending to production.

Advice from Sravni.ru: The structure and principles of functioning of the Russian banking system today are organized according to the Western model. There is nothing to complain about here. But this is not enough for the growth and development of the state economy. Against the backdrop of almost total absence production in the state cannot long time maintain a stable exchange rate of the national currency. In the current situation, the banking system is not able to solve all the economic problems of the state, despite a wide range of powers and a progressive organizational structure.

The development of the credit system of the Russian Federation as a whole and the dynamics of the total loan portfolio in recent years have been influenced by the following factors:

• slowdown in economic growth in Russia;
• redistribution of a part of credit resources to the consumer lending market;
• decrease in the level of capital adequacy of many banks;
• continuation of the policy of the Central Bank of the Russian Federation to liquidate inefficient credit institutions;
• a significant gap between the average value and borrowers' expectations;
• restructuring of the credit system of the Russian Federation, including through consolidation and universalization of banks.

The following trends are predicted in the development of the credit system of the Russian Federation in 2018:

• continued liquidation of inefficient banks, revocation of licenses;
• increasing the volume of industries with maturities over 1 year, especially lending with maturities over 3 years;
• increase in economic growth rates in Russia;
• preservation low level inflation;
• decrease in the key rate, as a result, a decrease in the average value of the loan interest;
• further growth in lending by state-owned banks;
• further growth in lending to manufacturing enterprises;
• the preference of the population to take ruble loans, which occupy the majority share in the total volume of lending, will remain;
• more than half of all consumer loans are accounted for by large private banks and state-owned banks.

The structure of the credit system

The Bank of Russia evaluates the institutional aspects of development within the framework of the quantitative characteristics of the banking sector, the development of banking activity and its concentration.

It should be noted that over the past four years there has been a clear downward trend in the number of credit institutions.

The tightening of the requirements of the Central Bank of the Russian Federation for credit institutions in terms of compliance with lending standards and asset quality, as well as the implementation of federal laws and regulations by banks against the backdrop of some slowdown in the Russian economy over the past three years, has led to a slowdown in the development of the Russian credit system. Banks are increasing their resource base using internal sources of funding, such as household savings and corporate funds. At the same time, the banks' demand for Bank of Russia refinancing instruments and for deposits of the Federal Treasury contributed to the internal optimization of the institutional structure of the credit system.

The institutional structure of the Russian credit system is presented in the table.

Data source Bank of Russia

For the period from January 1, 2012 to January 1, 2018, the number of credit institutions registered in the Russian Federation decreased by 189 or 17% and as of January 1, 2018 amounted to 923. Since 2012, the number of operating credit institutions has decreased from 978 to 561 units. The total reduction for the period from January 1, 2012 to January 1, 2018 amounted to 417 units, the rate of decline was 42.64%.

Thus, in recent years there has been a trend towards a decrease in the number of operating credit institutions.

Large multi-branch banks during this period continued to optimize their regional divisions, reducing the number of their branches. The revision by banks of their internal structure led to the growth of structural divisions of credit institutions due to the growth of additional offices, credit and cash offices and operational offices. Such internal restructuring was also a consequence of the changed policy of the Central Bank of the Russian Federation in relation to credit institutions, the quality of their assets and management standards.

The number of credit institutions whose banking licenses were revoked (cancelled) as of January 1, 2018 amounted to 362. It should be noted that this is a consequence of the practical implementation of the Central Bank of the Russian Federation, as part of its regulatory functions, of a policy aimed at improving the quality of assets and development of the credit system of the Russian Federation. The number of credit institutions holding general licenses decreased by 84 units over the analyzed period. 303 credit institutions have lost their licenses to carry out operations in foreign currency.

The number of operating non-bank credit institutions for the period from January 1, 2012 to January 1, 2018 decreased by 12 and amounted to 44 units, the reduction rate was 21.43% for this period.

It should be noted that at present, in the credit system of the Russian Federation, all credit organizations are divided into two types: banks and non-bank credit organizations (NCOs).

Separation of credit institutions in the Russian Federation

Over the past six years, there has been a clear downward trend in the number of credit institutions in Russia. The key factor in reducing the number of operating credit institutions, including non-bank credit institutions, is the tightening of the requirements of the Central Bank of the Russian Federation for them in terms of compliance with lending standards, acceptable risk levels and asset quality, ensuring sufficient reserves, liquidity, and for banks to comply with federal laws and regulations. .

Banks and non-bank credit organizations differ in the list of banking operations that they are entitled to carry out as part of their activities. A non-bank credit organization has the right to perform certain banking operations and operates on the basis of a license from the Central Bank of the Russian Federation. At the same time, a number of banking operations are expressly prohibited for NCOs: opening current accounts of individuals, making transfers to bank accounts of individuals, attracting funds from individuals for placement in deposits. NCOs do not participate in the Deposit Insurance System.

In accordance with the list of operations that can be carried out by non-bank credit institutions, there are three types of NCOs in the Russian Federation.

Types of NPOs in the credit system of Russia

It should be noted that neither payment nor settlement non-bank credit institutions can issue loans and raise funds for deposits.

It should be noted that within the framework of the credit system of the Russian Federation, NPOs are not a significant institutional element, since only 4 NPOs can carry out operations related to the provision of credit funds.

Formalized development of the credit system in Russia during recent years takes place within the framework of the general trend of consolidation and enlargement of banks. The five largest credit institutions in terms of assets account for more than half of the total volume of loans issued. At the same time, they reduced the number of their branches by more than 2.5 times. Thus, one can speak of an increase in the concentration of banking activities within the Russian credit system.

Literature

1. Banking sector // Bank of Russia - URL: http://www.cbr.ru/analytics
2. Banking [Text] / ed. O. I. Lavrushina. – M.: KNORUS, 2016.
3. Money, credit, banks. [Text] / ed. O. I. Lavrushina. – M.: KNORUS, 2016.