Российские Коммерческие Банки как субьекты кредитного рынка: их функции и операции

Nowadays the cumulative capital of domestic bank system makes 8% of gross national product. It is lower than indicators even in developing countries. Low capitalisation of bank system and high interest rates do not allow fully satisfying the growing investment demand in the long-term period. The bank system possesses only current liquidity, but system liquidity is necessary for long-term financing that is successfully invested in other countries economy.

Russian companies cover a lack of the money supply at the expense of foreign funds loan but in the same time considerable receipts of the financial resources deduced from an internal turn and frozen in low-profit foreign assets. The financial authorities declare that investing in Stabilization fund (which since 2008 has turned to Reserve fund or Fund of the future generations) and in gold and exchange currency reserves is effective way of struggle against inflation. But economy requires financial resources. The external financing volume says that the economy is ready to absorb internal reserves with the minimum inflationary consequences.

T he question of crediting expansion from outside bank sector has ambiguous estimations. T he credit increases a money turnover and regulates the monetary offer, influencing manufacture and the reference. I n modern economy it possesses creative force. S ome specialists say that the crediting growth promoting increase of demand in economy stimulates a rise in prices expressed.

A cknowledgement of this is an example of hypothecary crisis in the USA. B ut it is necessary to notice that a principal cause of hypothecary crisis not quantitative, caused in the crediting volume, and qualitative, caused by high risks. A mortgage share is 34% of bank assets; besides pension and hedge funds own hypothecary assets

Financial crisis in the USA was reflected in cost growth of credits for the Russian borrowers and the source of cheap financial assets is blocked. It can lead to decrease in possibilities of external financing and delay of rock hundred investments rates.

The main argument in credit influence estimation on inflation is the growing virtual demand based on aggressive consumer crediting. During the last year’s growth of real incomes of the population stimulated consumer demand increase. Consumer behaviour activization has pushed an industrial investment demand. The increase in cumulative demand at the goods and services leads to fast growth of the monetary offer and, accordingly, to a rise in prices. As a result there is an increasing demand ans that is stimulates inflation (Appendix 5 Reserve Bank credit).

I n 2008 in domestic bank system considerable consumer crediting growth is observed. C ommercial banks take the big benefits because involve abroad under rather low interest rates credits and give to their population on acquisition of consumer goods.

B etween the price of the money involved on foreign markets and the internal credit market, there is a big difference. R eally, the credit as other monetary tools can cause inflation. T hus much depends on, whether credit possibilities not only for expansion of a payment turn, but also for manufacture expansion are used.

Unfortunately, in our economy the credit is used as the channel of payments funds inflow, increasing money quantity, and conceals inflation threat.

Crediting expansion should be used for updating and modernisation of a fixed capital, improvement of production quality and work stimulation. With a view of increase in bank system resource base it is necessary to place budgetary funds on accounts of the credit organisations for realisation of long-term investments. Long-term credits which the growing economy especially requires make only 8%.

The main problem of Russia is a high degree of an industrial and transport infrastructure deterioration which is accompanied by strengthening by raw specialisation of economy. A share of the branches exporting fuel resources is a half of currency gain, third of industrial production and more a quarter of incomes of the federal budget. A share of fuel, raw materials and half-finished products is 80% in total amount of commodity export on. On this background there are no necessary conditions for development of the small and average business focused on domestic market. Crediting development in this sphere can impulse decrease in inflation and increase living standards.

Small business crediting is on a low level as banks estimate it as «opaque» and distressed.

In regions, local banks are also added technical reasons. First, often local branches and federal banks offices are essentially limited in the right to make the decision. And if in Petersburg the decision-making limit on a place to $ 200 thousand in other cities it is often limited by $ 30−40 thousand.

Almost all credit demands are approved only in Moscow, at the central office, thus considered very long and more often refusal comes.

One more deterrent fact that is in regions banks sharply feel shortage of analysts. Credit demands simply could not be estimated.

And though many Russian banks declared one year ago occurrence of crediting programs, the situation essentially does not vary. According to experts, today in the Russian banks in 70−80% cases the small businessmen who have addressed for the loan are refused.

Therefore businessmen address not in federal, and in local banks is more often.

Now demand for credits exceeds the offer. And any basic breaks it is not observed yet.

Many regional banks on capital weight can be carried to the small credit organisations. Banks are limited to credits granting for replenishment of circulating assets, reducing crediting terms and strengthening requirements to mortgaging maintenance. This situation, in a certain measure is caused by supporting increase in big banks capitalisation; the government does not support sufficiently the regional credit organisations which finance real sector of economy in regions.

To provide the accelerated and effective exit of a national economy from crisis, it is important to support regional banks which finance small and average business in a developing situation. Large backbone banks will not solve a crediting problem this sector of business.

It is necessary to notice that nowadays the overwhelming majority of regional banks portfolios is approximately consist of credits to the small and average enterprises on 95%. Regional banks are capable to provide mass crediting of small and average business as are not focused on foreign markets and are not interested in transfer of additional liquidity in currency.

Naturally, for effective mechanism creation of finishing real sector of economy it is necessary for government and Bank of Russia to define conditions and selection criteria for basic banks in regions through which the state help will go. And selection criteria should consider a regional component, instead of force regional banks to compete to the state.

The situation in the financial market is complicated by that circumstance that now serious lacks are inherent in refinancing system. So, in particular, rules for unsecured loan still are not formulated. And limits are still established on parent organisation of bank group, despite the fact that the consolidated reporting for a long time surrenders. For restoration of the crediting market, including long-term small and average business crediting of the further development of refinancing system is required. Experts consider that expansion of terms unsecured loan crediting till 24 months, release and inclusion in the pawn list of securities under currency banks actives is necessary.

Besides, to refinancing tools all banks should be admitted. Now those organisations that provide calculations of real economy are disconnected from refinancing system. For this reason there was a situation with shortage of circulating assets in real sector.

To correct a current situation with crediting of small and average business it is necessary to make the following.

1. To provide presence of long money.

By granting subordinated loan, allocated by VEB, the quota on financing of small and average business should be established; the authorised representatives of the Central Bank of the Russian Federation in banks could carry out the control over which observance. Development institutes could enter into banks capitals.

In connection with that the average crediting term is about 24 months, it is represented expedient to increase granting term subordinated loan of the Central Bank of the Russian Federation to commercial banks from 1 year till 2 years.

2. To adjust system of «finishing» resources to the end user.

3. To construct control credit risks systems.

In the developed financial centres nobody gives to small enterprise money simply. If the bank-agent gives credits to a small business the state infrastructure incurs from 50 to 75% of risks. Guarantee funds, support funds of small and average business could become such infrastructure of support. The credits that are given out to average business should be standardised. The standardised credits that are made under standard requirements it is easier to securitize.

5. To accelerate performance of government decisions concerning allocation of financial assets on crediting.

Problems of crediting market support are necessary for solving with use of the uniform approach which is successfully approved in Europe and the USA. The bill «About securitize» is directed on expansion of bank crediting of a small business, the microenterprises, and individual businessmen. One of the basic obstacles to increase in volumes of investment small business crediting from the point of view of bank sector are the limited possibilities of refinancing that pushes the national market to legislation and practice development securitize. The law «About сsecuritize» urged to improve legal regulation of local transactions securitize financial assets and, first of all, portfolios of credits to small and average business. It will allow to raise availability of the credit and to lower its cost.

During the crisis period for economic rating agencies even more often decrees ratings of long-term credit status for the Russian credit organisations. Besides, process of credit organisation rating estimation demands considerable time expenses.

It is known; in the conditions of financial crisis the problem of «bad» debts has essentially become aggravated. In this connection for coordination efforts of the various ministries and departments, the Central Bank of the Russian Federation and bank community it is necessary to generate constant Interdepartmental working group on management of problem debts into which representatives of bank associations should enter.

3.2 Estimation of a credit policy of commercial bank

The credit policy is the internal bank document defining the basic approaches to crediting and the requirement to borrowers taking into account the developed current economic situation. The credit policy expresses philosophy (the general approach, the concept) of bank credit activity, establishes strategic bases of credit activity. The policy does not answer a question «How». The policy is the general guide to credit bank service.

Picture 3.

2.1. — Bank management

O ne of main objectives of a credit policy is highly remunerative placing of bank passives (including the involved contributions and deposits) in credit products at simultaneous maintenance of a certain quality degree of a bank credit portfolio. Q uality of a credit portfolio is influenced by current level of the problem and delayed loan debts.

D elayed loan debts are outstanding in time debts, not executed obligations of the borrower under the credit. T he problem debts are debts with direct or indirect signs of actual presence or probable occurrence of problems in credit service by the borrower and timely execution of obligations of the borrower before a creditor bank. T he lower a share of the problem is the more quality of a credit portfolio. The qualitative credit is the provided credit that will be extinguished in particular without problems and difficulties.

It is necessary for bank to observe reasonable balance between profitableness and risk. Working out credit policy observance the bank aspires to reduce risks to a minimum, receiving as much admissible profitableness of operations as possible.

The credit policy is accepted by the bank top management, through this document delegate powers to executors — to employees of credit divisions. According to this in the bank credit policy decision-making level, a level of authority on carrying out of certain actions, operations are differentiated.

One of the main tasks of a credit policy concludes in uniform approach development to crediting operations, especially in case of filial network presence at the credit organisation.

So, the credit policy establishes approaches, defines the general crediting principles, and defines credits (loans) types, powers of various bank levels on acceptance of these questions, some operational details of credit procedures.

The bank credit policy usually contains obligatory requirements to the borrower. The given requirements are shown at a consideration stage of the statement on short-term or long-term credit receptions (a bank guarantee / a question on credit prolongation). Requirements, for example, can include minimum admissible degree of financial stability of the potential borrower (the requirement to credit status level), own capital sufficiency of the borrower, maximum share restriction of extra funds in actives and a gain of the borrower, and so on. Preferences by kinds of potential borrower’s activity of bank can be designated.

Also the politician requirements to structure and a pledge subject contain of admissible cases of less liquid mortgaging property acceptance, for example, are stipulated (for example, the goods in a turn), highly liquid pledge the obligatory share are registered in the general structure of maintenance

Table 3.

2.1 ;

Fundamental properties of a credit portfolio

Properties of estimations of quality of a credit portfolio Credit risk Degree of credit risk Liquidity Liquidity level Profitableness Profitableness level Regarding definition of crediting parameters, the credit policy consists of price bank strategy, that is an order of an establishment and payment size definition for the credit — percent and the bank commissions, possibility of rates change under operating credit contracts depending on current rates changes under new credits contains. In the politician can be designated given by bank to the borrower the form of crediting, the crediting purpose.

The credit policy can establish the crediting limiting sums of the borrower (group of the interconnected borrowers). The bank aspires to increase a credit portfolio in reasonable limits, avoiding thus unacceptable credit risk concentration, for example, on branches, on territory, by the form, on the purpose. The bank develops certain approaches and establishes limits.

A policy can be provided a separate order for carrying out of credit operations in relation to special borrowers categories, for example, having indirect signs of problematical character. The given category demands the most weighed approach, in particular, at definition of further crediting expediency.

The credit policy also provides with recommended requirements to carrying out by the bank stuff of current monitoring of borrowers loan debts with a view of early assets detection that quality worsens, for timely acceptance of a measures series on debts sanitation (if necessary) and for an adequate estimation of a risk level, accordingly to the size of a formed reserve on possible losses under the loan.

T he credit policy should correspond to a current market situation. R egular study of the positions stated in it is necessary for maintenance of a commercial bank credit policy in an actual condition. T he credit organisations spend policy revision not rarely than once a year. I n a flowing promptly enough varying economic situation, the credit policy is reconsidered even more often.

R evision is possible both «from above», and «from below». Banks try to adhere to modern life of credit strategy as much as possible approached to realities.

The bank credit policy should not contradict the current legislation of the Russian Federation and the general direction of economic development. The bank, at credit resources placing should follow criteria:

— To requirements of the Central bank and the legislation of the Russian Federation,

— To mission and the purposes accepted in bank,

— To credit culture of bank,

— Concepts on management of risks.

Distinctions in commercial banks credit policy follow from features of the bank purposes, the direction of its activity captured by bank of a market segment, from the size of a creditor bank, experience of the personnel, the developed competitive situation and other factors.

So, the credit policy is the important component, a defining «active» part of the general bank policy in respect of involved resources (passives) placing in working branches. As a matter of fact, the credit policy defines the risk level that is ready to take up bank, granting the loan (a bank guarantee) to the borrower.

3.3 Prospects for development of commercial bank credit operations

Studying of foreign crediting experience and the analysis of operating crediting system in Russia tell us about necessity of the further active operations development. For all kinds of credit services the problem of working out and introduction of new kinds of credit operations costs most sharply. To consider priority of social problems decisions, and also real social reorientation of manufacture possibilities, it is necessary to give particular attention to working out and introduction a new kinds of credit operations (Appendix 6 Bank credit of all commercial banks).

Credit operations development in real economy is defined by rates and character of structural transformations in economy, measures on increase legislative creditor’s rights protection, and also information transparency about a financial condition and property structure, including the basis of drawing up and reporting disclosing on the consolidated basis. Situation in financial sphere, including a loans policy in the internal financial market has an essential value. Positive influence on market stimulus formation of banks reorientation on operations with real economy will have continuation of carrying out a policy by the Government of the Russian Federation on volumes restriction of state bonds issue.

Credit activity is one of basic bank activity directions. The considerable part of bank profit is connected with crediting. It is expedient to pursue a policy of risk dispersal and not to suppose credits concentration at several large borrowers that are fraught with serious consequences in a case outstanding debt. The bank should not risk investors funds, financing speculative (though and high-margin) projects.

To increase of debts procedures efficiency return and strengthen of pledge institute as way of obligations maintenance it is necessary to solve a problem with modification of the legislation, directed on creditor protection which requirements are provided by pledge.

Assistance to credits demand growth from real sector of economy by a monetary policy consists of measures directed on inflation decrease realisation and interest rates in the financial market, maintenance of rouble exchange rate stable dynamics, predictability of monetary parametres of economy, expansion of banks refinancing with application of the mechanism based on Position of Bank of Russia from 10/3/2000 № 122-P «About an order of granting by Bank of Russia of credits to the banks provided with pledge and guarantees». According to the specified position in maintenance of the credits given to banks bills, the requirement rights under credit contracts of financially steady enterprises and the organisations, meeting by the established Bank of Russia to requirements are accepted.

Credit operations development should be accompanied by the adequate control over a condition of bank risks. A necessary efficient control risks condition is the further development of bank system supervision by Bank of Russia.

Banks should trace a financial condition of borrowers, objectively estimate default risk and cost of the brought pledge, to form in necessary volumes reserves on possible losses. The last demands the account of expenses on formation of reserves at tax base definition.

One of tools of showing up risks banks operations with the enterprises is disclosing information system creation on conscientiousness of execution by obligations borrowers to banks («credit bureaus»). Credit bureaus can be formed as the independent structures working in interests of the credit organisations and their clients.

Management of risks should be carried out both on individual, and on the consolidated basis. The consolidated risks management should consist of a risk estimation after bank group and complex financial streams management of the companies entering into bank group, for the purpose of a reasonable financial result combination and a risk level within the bank group limits. The credit organisations that are a part of versatile bank groups as parent organisations and participants, should take into consideration the risks connected with an interlacing bank and other, including industrial, of activity, complication of organizational structure of management and system of the internal control.

Bank products development connected with carrying out of credit operations, in many respects depends on contractual risks distribution mechanisms. Number of such mechanisms concern granting of the syndicated credits with risks division between several banks, credit derivative and insurance of obligations execution under the given out loans. With a view of last mechanism realisation it is necessary to create legal conditions for attraction on the Russian market of the foreign insurance organisations which are engaged in credit risks insurance of.

Bank credit operations development should be made in several directions:

Increase in volumes of physical persons crediting at the various purposes;

Expansion of volumes and kinds of companies short-term crediting;

Increase in volumes of long-term credit products, investment crediting and design financing;

Crediting of federal structures and enforcement authorities of subjects of the Russian Federation.

Regarding physical persons crediting it is necessary for bank to provide availability of all categories of credit to the maximum number of solvent borrowers with effective advertising support.

Credit portfolio growth probably can be at the expense of increase in crediting volumes under operating schemes for urgent needs and on purchase, building and real estate reconstruction, and at the expense of new credit categories working out.

New products promotion and bank services should be carried out taking into account requirements of various age and social groups of the population for credits: on the educational purposes; on the consumer purposes for young families; on purchase of consumer goods and urgent needs under gold and coins pledge; on habitation purchase on objects of housing construction financed by bank; on the various purposes to stuff of financially steady companies and the organisations under corporate guarantees.

Defining factors at decision-making on crediting should be a business efficiency of the borrower, financed project profitability, and also maintenance of stable turns under bank accounts.

For the large enterprises and groups connected borrowers having the branched out filial network, it is necessary to develop the individual approaches considering a wide relations spectrum of bank and the client. The most effective decision of an interaction bank and big clients question is the competent strategic cooperation program that are developed taking into account client wishes and bank possibilities on their satisfaction and not limiting financial companies independence. The large industrial enterprises especially require the individual flexible approach from outside our bank.

Timeliness of obligations consumers execution is one of key problems of any industrial enterprise interested in sale of own production. In this context it is possible to consider bank not only as the potential creditor of consumers, but also as the body supervising timeliness and completeness of payments.

The program success is defined by operative interaction of the client with bank. Necessity of efforts coordination of all bank divisions for effective work with the client leads to expediency of personal manager’s group creation — the bank employees being in constant contact to clients and reacting to their requirements. The bank should be ready to strategic partnership with the industrial enterprises and guarantee individual approach and close examination of all problems which will be put before it by such clients.

For the enterprises acting in a role of buyers, at circulating assets shortage for calculations with production suppliers and impossibility because of dearness to issue in bank the usual monetary bank credit, for calculations optimisation with counterparts it is expedient to develop bill crediting.

Actually each enterprise faces with a problem of so-called cash ruptures, i.e. impossibility to answer under the obligations during the concrete moment of time. During such moments the bank should offer the partners overdraft crediting and credit lines for replenishment of circulating assets.

Also development of new kinds of credit products with use flexible tools of risks minimisation adapted for features and business conditions of the borrower is possible.

Operations with retail clients can become the important direction of banks credit operations development. At the same time commercial interest degree of the credit organisations to such operations is influenced by a risk level, the banks costs connected with necessity of study of a considerable credit demands quantity and investment retail clients projects, and also cost of the resources involved with the credit organisation. For development of mortgage business acceptance of the new Ground code is necessary.

In the development field of real estate loan by a paramount problem creation of a legislative basis for release and the reference of real estate loan securities and realisation of other measures provided by the Governmental program on development of real estate loan are.

1. The important element of banking reforming in Russia is qualitative change of approaches of the credit organisations to construction of corporate governance systems and the internal control, first of all in the area of risks management. In the conditions of credit operations development it is raised credit risk management and liquidity risk. The credit organisations should realise measures on control systems formation by the risks adequate to character of made operations. The specified control risks systems should include effective information monitoring risks systems of obligatory requirements to which is finishing of the necessary and sufficient information to the corresponding authorised employees and to credit organisations controls.

The risks control system should not only provide effective protection against the accepted risks, but also have active character, influencing definition of concrete activity directions which is carried out by the credit organizations

Investment crediting should become one of the basic tools of the most attractive market segment — large and solvent clients of the country and, as consequence, formation and maintenance of bank client base that will serve as the additional catalyst of credit operations development, and also accompanying services to clients.

Conclusion

The credit stimulates industrial forces development, accelerates sources formation of the capital for reproduction expansion on the basis of scientific and technical achievements. Regulating borrower’s access on loan capitals market, giving the governmental guarantees and privileges, the government focuses banks on primary crediting of those enterprises and the branches which activity corresponds to problems of realisation of social economic development national programs. The state can utilise the credit for stimulation capital investments, housing construction, export, and backward regions development.

Without credit support it is impossible to provide fast and civilised formation of farms, the enterprises of small and average business, introduction of other kinds of enterprise activity on interstate and external economic space.

Modern commercial banks are credit organisations that have the exclusive right to carry out attraction in organizations funds contributions and persons, carrying out calculations and placing money resources on its own behalf and at own expense on the terms of a reflexivity, promptness.

Allocate three groups of commercial banks operations: passive, active and intermediary for which the bank raises a commission (leasing, factoring, confidential management). At the heart of bank operations division on passive and active are their influence on formation and placing bank resources.

In this work the problems existing for today in a credit segment are designated: the limited banks resources access, high rates, many borrowers unconscientiousness, credit bureaus languid development, and simply to collect bank debts inability and also an interdiction for currency credits.

The situation which has developed in the credit market is aggravated with an inefficiency of pledges collecting procedure and their subsequent realisation because of what the share of «problem» credits grows. Naturally, in such conditions banks cautiously lend, besides, put in rates the amendment on risk of a non-return.

In our opinion the bank system development is the economy locomotive and it can become the major factor of economic growth in Russia. However, now there is a problem of insufficiency of real sector financing of economy. Especially sharply this problem was showed with the crisis beginning when commercial banks had almost completely ceased to finance the domestic companies and had raised percent on crediting.

We think that important direction of banks credit operations development is the operations with retail clients. At the same time degree of credit organisations commercial interest to such operations is influenced by a risk level, the banks costs connected with necessity of studying a considerable quantity of credit demands and retail clients investment projects, and also cost resources involved with the credit organisation. For mortgage business development acceptance of the new Ground code is necessary.

So, it is necessary to stimulate the further development of commercial banks credit operations, to make their accessible as for large, and a small business.

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Appendix 1

Credit process

Appendix 2

Mechanism of crediting

Appendix 3

Structure of banc active operations

Appendix 4

Bank credit

Appendix 5

Reserve Bank credit

Appendix 6

Bank credit of all commercial banks

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The Banking System of the Russian Federation

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The Banking System of the Russian Federation

http://russiatoday.strana.ru/en/biz/econ/bank_sys/2069.html

The Banking System of the Russian Federation

http://russiatoday.strana.ru/en/biz/econ/bank_sys/2069.html

Money. Credit. Banks The textbook for high schools / E.F.Zhukov, L.M.Maksimova, A.V.Pechnikova, etc.; Under the editorship of prof. E.F.Zhukov «— М: Banks and stock exchanges, ЮНИТИ, 2000. — 622 с.

Tarhanova E.A. Role and function of the commercial bank in Russian economy//

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Development of bank crediting system in Russia// Problems of modern economy, 2009. N 4(28)

Tarhanova E.A. Role and function of the commercial bank in Russian economy//

http://bankdata.ru/modules/Articles/article.php?storyid=114

Development of bank crediting system in Russia// Problems of modern economy, 2009. N 4(28)

Ermasova N. Stages of credit process. Management of the credit//Financial director, 2008/- № 12

Ermasova N. Stages of credit process. Management of the credit//Financial director, 2008/- № 12

Credit process of commercial bank

http://advice.ucoz.ru/publ/2−1-0−3

Money. Credit. Banks The textbook for high schools / E.F.Zhukov, L.M.Maksimova, A.V.Pechnikova, etc.; Under the editorship of prof. E.F.Zhukov «— М: Banks and stock exchanges, ЮНИТИ, 2000. — 622 с.

Money. Credit. Banks The textbook for high schools / E.F.Zhukov, L.M.Maksimova, A.V.Pechnikova, etc.; Under the editorship of prof. E.F.Zhukov «— М: Banks and stock exchanges, ЮНИТИ, 2000. — 622 с.

Auto Loans Finance B.V. // Pre-Sale Report Moody’s Investors Service (13 July 2005)//

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Lukyanov E.R. Rissian credit market is not as big as in western // Financial management, 2009.-№ 4

Lukyanov E.R. Rissian credit market is not as big as in western // Financial management, 2009.-№ 4

Yan Art Credit Russia//Profil, 2009.-№ 10

Smirnov Е.Е. Ways of growing of crediting //Banking, 2009.-№ 4

Smirnov Е.Е. Ways of growing of crediting //Banking, 2009.-№ 4

Anisimov A. Features of securities of assets of developing markets // Securities market. — 2006. — № 22

Smirnov Е.Е. Ways of growing of crediting //Banking, 2009.-№ 4

The credit market has stood in «unstable balance «//

http://www.wfin.kz/node/4556

The credit market has stood in «unstable balance «//

http://www.wfin.kz/node/4556

Hein, Scott E.; Koch, Timothy W.; MacDonald, S. Scott The changing role of commercial banks in the municipal securities market// Money, Credit & Banking, 2005

The credit market has stood in «unstable balance «//

http://www.wfin.kz/node/4556