Money-credit policy. Monetary policy in Russia Types of monetary policy

The strategy and tactics of the Bank in the field of obtaining and providing loans is carried out in accordance with the Bank's credit policy and internal regulations on the procedure for conducting credit operations.

The organization of lending activities in the Bank is carried out by the credit department and the credit committee in accordance with the Regulations on the credit department and the credit committee. The Board of Directors of the Bank exercises control over the activities of the Credit Committee.

In pursuance of the Decree of the President of the Republic of Kazakhstan dated July 7, 1997 No. 3589 "On priorities and regional programs to support the development of small business in the Republic of Kazakhstan" loans are allocated to small and medium-sized businesses. At the same time, the Bank takes into account the economic and social significance of business projects, their profitability, security and liquidity.

The Bank's task is to develop the clients' business by joint efforts.

In 2000 - the first half of 2001, loans were granted to such sectors of the economy as banking, restaurants, hotels, retail and wholesale trade. The implementation of lending projects is economically due to the fact that the invested funds began to work and generate income as soon as possible.

A distinctive feature of the Bank's activities is the development of leasing operations. The Bank actively uses financial leasing in lending to its clients and has a targeted program. Lessees can be persons engaged in entrepreneurial activity. Leasing operations are one of the most effective methods for updating the material and technical base and are widespread in the countries of the Far Abroad. Leasing is a long-term lease of property with subsequent proportional repurchase at its residual value. By acquiring property through leasing, we significantly save working capital, directing them to the most relevant investment objects, which, in our opinion, are necessary.

The procedure for registration of leasing transactions:

To carry out leasing operations, an educational institution must have a current account with Valut - Transit Bank;

The educational institution independently determines the necessary equipment and issues an invoice from the "Supplier" of the equipment to "Valut - Transit Bank";

The bank draws up a purchase and sale agreement with the "Supplier" of the equipment;

A leasing agreement is concluded with the subsequent redemption of property between the Educational institution - the lessee and the Bank - the lessor;

After the expiration of the lease agreement, the equipment remains in the ownership of the Educational Institution.

In case of temporary financial difficulties "Valut - Transit Bank" offers to use a short-term loan - overdraft.

Used by the Bank and factoring - financing the supply of goods with a deferred payment. The use of factoring leads to a significant increase in the number of customers, working capital and an increase in sales.

Since the end of 1996, the Bank has actively contributed to the development of the pawnshop movement in Kazakhstan on the basis of partnership relations with Valut-Transit Lombard and to this day the Bank continues to cooperate with Valut-Transit Lombard LLP.

The Bank pursues a similar lending policy with other legal entities. This policy is designed for long-term cooperation and is aimed at the development of credit borrowers, which subsequently excludes the irrecoverability of borrowed funds.

"Valut - Tranzit Bank" offers its assistance and a qualitatively new program of preferential loans for students, applicants and students, as well as effective leasing operations.

Concessional lending of "Valut - Transit Bank" is a really profitable offer, the terms of which were interested and used by more than 80 educational institutions of Kazakhstan. The main advantage lies in the receipt of funds for tuition fees from students who received loans from Valut-Transit Lombard. At the same time, the student draws up a loan secured by his own property at a preferential interest rate and is independently responsible for its return. Consequently, educational institutions are not guarantors, they are not guarantors and pledgers.

Moreover, educational institutions increase the number of potential, solvent students and the volume of their own working capital.

The procedure for obtaining concessional lending:

Educational institutions conclude an agreement on joint activities with "Valut - Transit Bank" and "Valut - Transit Lombard" and open a current account in the bank;

Educational institutions send debtors and applicants who are unable to pay for their studies at Valut-Transit Lombard;

A student or his parents, on the security of their own property, take out a loan, the interest rate of which is much lower than the usual pawnshop lending;

The loan amount is transferred to the current account of educational institutions in "Valut - Transit Bank";

Educational institutions use the received money at their own discretion.

Participation in the joint concessional lending project gives the Educational Institution the right to repeatedly use the Bank's leasing services.

The Bank's activities are based on self-sufficiency and strive to increase the level of profitability of operations.

The Bank is authorized to carry out lending activities in all sectors of the economy and in all regions of the Republic of Kazakhstan.

For placement on the credit market, the Bank can use both its own money and attracted as deposits of corporations, organizations, institutions and individuals, as well as loans and deposits received in the domestic and international financial markets.

The directions and priorities of the credit policy are determined by the Bank independently.

The bank can carry out commercial and investment lending, as well as perform agency functions for the targeted placement of state budget funds and credit resources of other banking institutions, corporations and international financial organizations on the terms determined by agency agreements or agreements.

WITH Taking into account the development strategy of the Bank, the current economic situation in the country and the most probable directions of its change, the priorities of the Bank's credit policy are the investment of credit resources in the following sectors of the economy:

a) in the field of commercial short-term lending:

1) industry, energy, communications, transport, production of consumer goods;

2) healthcare;

3) trade;

4) production and processing of agricultural products;

5) provision of services to the population;

6) development of small and medium-sized businesses;

7) provision of short interbank loans;

b) in the field of documentary credit operations:

1) provision of guarantees and acceptance of guarantees of counterparty banks, opening of letters of credit and confirmation of issued letters of credit by partner banks;

2) avalanche clients' bills;

3) acceptance of clients' bills of exchange;

c) in the field of investment lending:

1) phased implementation of: short-term and relatively small projects for the development of the production of consumer goods; medium-term projects on the scale of industries for the development of production of products with increased consumer properties; medium- and long-term cross-sectoral projects for the development of production of products that meet international quality standards. In this direction, both individual and joint lending (syndication) of medium- and long-term investment projects with other banks is possible in order to share risks.

2) the following are set as priorities for investment lending: projects with short payback periods; projects for the creation and modernization of production of products with a capacious and reliable sales market, sustainable supply of raw materials and components; projects using financial leasing of equipment; projects for the creation of new, as well as the modernization and reconstruction of existing import-substituting industries in light, food, flour and cereals, printing, pharmaceutical and a number of other industries, including projects of small and medium-sized businesses; projects proposed for financing by the Government of Kazakhstan and international organizations. Of these, the priority is given to the possibilities of lending to profitable projects on a syndicated basis by Kazakhstani and foreign investment banks with a good reputation, with hedging of credit risk.

Having the ability to maneuver credit resources throughout the republic, the Bank does not establish regional priorities in credit policy.

Due to the fairly rapid pace of changes in the situation in the sectors of the economy, the Bank, as necessary, is adjusting the marketing strategy to clarify and more clearly define the system of target markets and sectors of the economy in the field of lending.

Limitations on credit risk per borrower, group of companies related between:

a) the maximum amount of risk per borrower, including:

1) special relations associated with the bank - 11%;

2) other borrowers - 25%;

3) blank loans - 11%;

b) the total amount of risk for borrowers associated with a special relationship with the bank - 100%.

The established limits for a group consisting of two or more borrowers are calculated in aggregate as per one borrower, if one of them has the ability to control or significantly influence the other party in making financial and business decisions.

The level of credit risk associated with counterparty banks determines the size of the limit allocated for transactions with them. The purpose of setting the limit is to minimize the risk of non-return (inaccurate performance) by counterparties (issuers) of their obligations to the bank or obligations under transactions guaranteed by the bank. Risk levels are calculated using financial analysis procedures, procedures for subsequent monitoring of the financial condition, existing credit history, correspondent relations, status and behavior in the banking market.

Depending on the nature of the loan, the following loan maturities are set:

a) the nature of the loan:

1) to replenish the working capital of enterprises - up to 1.5 years of enterprises;

2) consumer loans to individuals - up to 5 years;

3) a loan to the Bank's employees - up to 5 years;

4) for the issue of wages - up to 2 months;

5) investment financing - up to 2 years;

b) interbank loan:

1) short-term - up to 1 year;

2) medium-term - from 1 to 3 years;

3) long-term - from 3 years and above

4) Lombard loan - up to 1 month.

5) leasing - up to 5 years;

c) under credit lines - in accordance with the terms of this credit line.

In order to reduce possible risks of asset liquidity, the Bank is diversifying credit risks by industry, separating the types and types of credit transactions within a specific segment.

Taking into account the possibility of changes in the development of certain sectors of the economy (government funding, opening targeted foreign credit lines, and others), the Bank conducts a quarterly analysis of the loan portfolio for the concentration of loan investments by industry and other spheres of business. Based on the results of the analysis, prerogatives are determined and the Credit Committee sets limits for individual industries, taking into account the forecast of expansion or contraction of a certain direction.

Basic requirements for borrowers:

1) fulfillment by the counterparty bank of all requirements governing the activities of banks in Kazakhstan, Russia and other CIS countries;

2) compliance of the financial condition of the counterparty bank with the requirements of the internal regulations;

3) positive credit history - timeliness of repayment of previously issued interbank loans and accrued interest on them, absence of overdue debt on interbank loans and interest;

b) legal entities:

1) positive reputation of the borrower;

2) positive credit history;

3) the absence of card index No. 2 or the written consent of the creditor to postpone the claim for the period of validity of the credit agreement with the Bank;

4) stable financial position and solvency of the Client;

5) the manufactured products or services of the Client must be in demand in the market (liquidity, solvency), thereby ensuring stable sales and cash flow;

6) provision of liquid collateral;

c) individuals.

The Bank lends to individuals in accordance with internal regulations for various types of lending to individuals.

The Bank considers loan applications from individuals, resolves issues related to the issue or prolongation of terms, appraisal and analysis of collateralized property, as well as resolving other issues in strict accordance with internal regulations and compliance with all requirements and procedures of this policy.

Lending to bank employees and officials is carried out in accordance with the internal regulations.

The loan price is formed depending on the interest rates prevailing in the market, offered by other financial institutions, on the refinancing rate of the National Bank of Kazakhstan, market interest rates on government securities, depends on the terms of loans. The price is also formed based on the economic value of the bank's assets and liabilities, on the prevailing interest margin in general for all operations carried out by the Bank, the maturity of the loan provided, the level of credit risk, the nature of the loan collateral, the content of the loaned project and other factors.

The rate of remuneration (interest) can be fixed or floating, which is stipulated in the terms of the loan agreement. Floating rates may be revised by the Bank during the loan term depending on changes in the loan market conditions and other factors. Fixed rates remain unchanged throughout the term of the loan agreement.

A necessary stage in determining the price of a loan is the assessment of credit, interest rate, foreign exchange and industry risks.

Credit risk or risk of non-repayment of a debt can be defined as the uncertainty of the creditor that the debtor will be able and will intend to fulfill his obligations in accordance with the terms and conditions of the loan agreement. This condition can be caused by:

The inability of the debtor to generate adequate future cash flow due to unforeseen adverse changes in the business, economic or political environment in which the borrower operates;

Uncertainty about the future value and quality (liquidity and the possibility of selling on the market) of the collateral against the loan;

The emergence of doubts about the business reputation of the borrower.

The main criteria for assessing credit risk are:

a) the reputation of the borrower: the timeliness and completeness of the performance by the borrower of its obligations. The appraisal process consists of a face-to-face interview, verification of the origin, both personal (based on the recommendations provided by the borrower, especially in the case of personal loans or loans to partnerships) and business (verification of the borrower's creditors, suppliers and customers). If possible, information shall be provided in writing; if there is only an oral one, the loan officer makes notes, which are attached to other documentation on the loan, indicating the source and time of receipt of the information;

b) the borrower's capabilities:

1) the ability of the borrower to receive money for all of its operations (the total flow of money received by the borrower in the course of entrepreneurial activity during the period of his activity) or for a specific project (a loan for a separate project);

2) the borrower's ability to manage funds;

c) assessment of the borrower's creditworthiness: on the basis of a thorough study of the balance sheet of the enterprise, the report on financial activities, the financial stability, the client's solvency are determined, and the liquidity of the balance is assessed;

d) the borrower's capital: the borrower's capital base and his determination to use equity capital in the project for which he is requesting a loan. The borrower must be able to share the risk of the project with the lending bank and be willing to do so by providing an acceptable portion of its share capital, i.e. the borrower must commit himself.

e) conditions: the current state and overview of the local, regional and national economy, as well as the industry of the borrower. Different economic conditions and forecasts for different industries often require different lending criteria at different phases of the business cycle.

f) collateral: reliable security for a loan in the form of a collateral or guarantee may influence the final decision in the absence of positive aspects in one or more criteria.

Currency risk is associated with the uncertainty of the future movement of the price of the national currency in relation to foreign ones. It influences borrowers, lenders, investors and traders who transact in currencies other than their local currency.

Industry risk:

a) industry risk is associated with the degree of volatility in the industry in the economic and financial terms. The greater the volatility of the industry, the greater the degree of risk. This takes into account:

1) the activity of alternative industries for a given period of time;

2) whether industries that have developed well in the past continue to operate successfully at the present time (in comparison with the economy as a whole);

3) whether there is consistency of results within the industry;

b) the intra-industry competition environment is an additional source of information about the strength and vitality of firms in a given industry in relation to firms in other industries and is, therefore, an indicator of risk. The characteristics of this environment include:

1) the degree of fierceness of price and non-price competition;

2) ease or difficulty of entering the industry (and sometimes exit);

3) the existence or lack of close and competitively priced substitutes;

4) the market power of buyers;

5) the market power of suppliers;

6) political and social environment.

Country risk is the risk that the current or future political or economic conditions in a country will change to the extent that they could affect the ability of the country, firms and other borrowers to meet external debt obligations.

Country risk is subdivided into:

Political;

Macroeconomic;

Financial;

Social;

Spontaneous.

Interest rate risk is the risk that the average cost of the bank's borrowed funds, at the expense of which the loan is issued, may exceed the average interest rate on the loans provided during the term of the loan.

Interest (interest) is calculated according to the accrual method and is collected from the Borrower in accordance with the terms of the loan agreement. Rates and terms of remuneration (interest) repayment on loans, commissions on guarantees and letters of credit are set in each case separately, by the decision of the Credit Committee or the Board of the bank.

In accordance with the principles of credit risk management, the Bank independently determines the currency of the loan to be issued. As a rule, the Bank provides loans in national currency, in national currency with fixing the currency equivalent at the rate of the NBRK, or at the rate of the interbank currency exchange, in foreign currency.

The lending process is associated with the action of numerous risk factors that can lead to the delay in repayment of the loan, which will worsen the position of the bank. Therefore, the bank pays special attention to studying the creditworthiness of the borrower and assessing the risks accompanying this loan. The main purpose of the study of creditworthiness is to determine the ability and willingness of the borrower to repay the loan in accordance with the terms of the contract. The bank not only assesses the client's creditworthiness as of a certain date, but also predicts its financial stability for the future. The analysis of a borrower's creditworthiness begins with an analysis of the sources of loan repayment.

With the development of market relations, the need arose for a fundamentally new approach to determining the creditworthiness and financial stability of an enterprise, taking into account foreign experience, which is facilitated, in particular, by the introduction of new forms of the balance sheet. The accepted grouping of articles allows for a fairly in-depth analysis of creditworthiness.

The analysis of the information base about the client should include a comprehensive assessment of information about the client received from business partners, the data of reports from specialized agencies, the analysis of financial statements, the personal impressions of the banker during the conversation with the client. This comprehensive assessment of the data is compiled into an expert opinion. Based on the financial statements, financial indicators are calculated that characterize the past and current financial position of the borrower and the development trend. In the practice of credit analysis, the following indicators are used:

Absolute liquidity ratio;

Quick liquidity ratio;

Current liquidity ratio;

Coverage ratio;

Turnover of all assets;

Fixed capital turnover;

Accounts receivable turnover;

Accounts payable turnover;

Rate of return;

Inventory turnover.

In addition to financial analysis, the expert opinion includes data on the heads of the company, marketing research (information about competitors, market conditions and others) and, as a result, a conclusion is made about the financial position of the borrower.

The creditworthiness of the borrower is determined in the same way, both for domestic lending and for external lending.

The purpose of the analysis of individual borrowers is to assess the risk associated with lending to individuals, that is, whether a given individual can make interest and other payments on time. In different countries and even in different banks there are significant differences in the analysis methodology, the factors that make up the reputation of an individual were varied, they can be conditionally grouped according to the principle of belonging to a certain field of human activity:

Social: age, marital status, number of dependents;

Professional: education, profession, qualifications, occupation, duration of work in one place;

Property: what property is available;

Special: reflects the relationship of the borrower with the servicing bank.

The Bank also constantly monitors the issued loan (guarantees, letters of credit) and makes operational decisions regarding the disbursement and repayment of loans, timely detecting the appearance of problem loans (guarantees, letters of credit).

In the divisions of the Bank responsible for issuing loans, a credit dossier is kept for each borrower.

Maintaining and the storage of credit files should be entrusted to the responsible employee of the bank, who is responsible for ensuring the completeness of documents in the credit files of the bank and their safety.

Each credit dossier must contain a separate list of documents contained in the credit dossier, must be stitched and numbered in chronological order.

For blank loans in the credit dossier, it is sufficient to have the basic documentation required for the provision of any loan. The main documentation corresponds to the following list:

a) a statement signed by the borrower, containing an indication of the purpose of using the loan and an inventory of the property that can be provided as collateral for the loan repayment, indicating the book value:

1) the decision of the authorized body of the borrower - a legal entity to obtain a loan;

2) the decision of the authorized body of the pledger - a legal entity to provide the subject of pledge in order to ensure the fulfillment of the obligations of the borrower;

b) copies of the constituent documents of the borrower, certified in accordance with the established procedure, if he is a legal entity;

c) a notarized card with samples of signatures and seal imprints of a legal entity, and a power of attorney on behalf of the borrower to the person authorized to sign the bank loan agreement on behalf of the borrower;

d) the original of the concluded bank loan agreement:

1) the business plan of the borrower or the feasibility study of the loan;

2) financial statements as of the last reporting date preceding the filing date of the application, signed by the borrower - a legal entity, and the financial statements of the borrower - a legal entity for the last reporting year with a copy of the tax declaration, as well as a bank statement containing an assessment of the creditworthiness of the borrower - a legal entity;

e) the conclusion of the bank, containing an assessment of the possibility of the borrower implementing the goals and objectives defined in his business plan;

f) the decision of the relevant body of the bank to approve the issuance of a loan on terms and other conditions;

g) documents confirming the purpose of using the loan;

h) information about open bank accounts with other banks and about the presence of the borrower's debt on bank loans;

i) a copy of a document in the established form issued by the authorized body confirming the fact of passing state registration or re-registration for individual entrepreneurs;

j) a document of the established form issued by the tax service body, confirming the fact of the client's tax registration.

If the borrower is another person's agent for obtaining this loan in full or in some part of it, then a copy of a document certifying the borrower's authority as an agent must be attached to the dossier, which indicates the amount of the loan and the purpose of its use by the actual recipient.

When providing loans to small businesses in the amount of no more than ten million tenge, the following list of documentation is required:

A statement signed by the borrower, containing an indication of the purpose of using the loan;

Copies of the constituent documents of the borrower (for a legal entity) or an identity document (for an individual);

Card with sample signatures, seal imprint (for legal entities);

The original of the concluded bank loan agreement;

Feasibility study of the loan;

Financial statements as of the date of submission of the application, signed by the borrower - a legal entity;

A copy of the document in the established form issued by the authorized body, confirming the fact of passing state registration or re-registration for individual entrepreneurs;

A document of the established form, issued by the tax authority, confirming the fact of the client's tax registration.

For loans provided with the condition of securing the fulfillment of the borrower's obligations in the form of a pledge of movable property, in addition to the main documentation, a pledge agreement, information on the subject of the pledge and methods for determining its value are attached to the loan dossier.

In the cases provided for by the legislation of the Republic of Kazakhstan, the pledge agreement must have a mark on its registration with the relevant authorized state bodies.

The dossier on loans allocated for the purchase of movable property, which, in accordance with the pledge agreement, after the transfer to the ownership of the borrower, became the subject of a pledge, must contain documents confirming the purchase price of this property and the amount for which it is insured.

If the loan is issued for use by the borrower in the field of construction, including reconstruction or other construction improvements of real estate, then the dossier is accompanied by design estimates for the planned work and verification reports prepared by the bank, or an acceptance certificate by the borrower confirming the completion of the work for which the loan is allocated.

For a loan, the fulfillment of an obligation under which is secured only by a guarantee or surety, the following additional documents are attached to the credit dossier:

a) agreement of guarantee or surety;

1) the decision of the authorized body of the guarantor or surety of the legal entity to issue a guarantee or surety to the creditor bank to secure the fulfillment of the borrower's obligations;

b) notarized documents confirming the authority of the person to sign a guarantee agreement on behalf of the guarantor or a surety agreement on behalf of the surety;

c) financial statements of the guarantor or surety who is a legal entity, as of the last reporting date preceding the issuance of a loan or a certificate confirming the income of the guarantor or surety who is an individual.

The information found in credit files is an internal, chronological and comprehensive record of all relationships between the bank and the client. The content of the credit dossier goes beyond purely credit relationships and affects the registration of all types of activity between counterparties. The all-encompassing nature of such information is necessary to determine the profitability or riskiness of the state of the entire relationship. Due to the confidentiality of information, access of bank employees to credit files is limited.

For replenishment of the dossier, the employee responsible for the project uses the information received from the borrower as reports, in the course of personal conversations with the heads of the enterprise, contacts with its suppliers, from other banks and financial organizations, and the media.

The divisions that monitor the loans issued are obliged to provide the employee responsible for the project with full information about the progress of the issued loan and bear equal responsibility for the timely adoption of measures to overcome emerging critical situations on the loans issued.

If there are signs of a decrease in the borrower's class and an increase in the risk of a loan, the employee responsible for monitoring the loan is obliged to notify the Bank's management and organize work to overcome the problems that have arisen. Recommended measures that can be taken by the Bank's credit department are as follows:

A meeting is held with the borrower to find out the reasons for the emergence of a critical situation;

The financial condition of the borrower is checked, if necessary - with a visit to the place;

The client's problems are analyzed with the identification of the main cause of the critical situation (problems of the industry, the position of the enterprise in the industry, loss of competitiveness and markets, temporary deterioration of the financial condition or financial collapse, and so on);

An assessment of the severity of the problem is carried out with a view to overcoming it (it is possible or impossible to correct the situation);

In the process of loan rehabilitation, attention is focused on the structure of the balance sheet and the composition of the cash flow. Assets are checked in detail and it is established which should be liquidated or, at least, reduced in size;

Development of measures to rescue a problem loan (measures to change the structure of the borrower's debt, additional collateral and loan guarantees, consulting services for financial recovery and cost reduction of the borrower, termination of regular loan payments, and so on).

If it is impossible to correct the critical situation with the issued loan and the maturity date, the Bank makes claims and takes other legal actions provided for by the legislation of the Republic of Kazakhstan.

The classification of the loan portfolio is carried out on the basis of the Regulation "On the classification of bank assets and contingent liabilities and the calculation of provisions for them by second-tier banks of the Republic of Kazakhstan" (Resolution of the Board of the National Bank of the Republic of Kazakhstan dated May 23, 1997 No. 218), Additions to it, as well as using the Bank's own methods.

The primary classification of the loan portfolio is based on the classification of borrowers and the level of risk at the time of granting loans. Additional classification of loans and analysis of the loan portfolio is carried out on a monthly basis by the relevant departments of the Bank on the basis of generalization and analysis of incoming information about the financial condition of borrowers and the implementation of credited projects. Based on the results of the analysis, the classification of loans may be changed, and measures may be taken to improve the quality of the loan portfolio.

Along with the current control over the state of the loan portfolio, the Bank conducts its own audit (at least once a year) examination of the granted loans in order to establish:

Condition and order of storage of credit documents;

The state of work of credit departments for monitoring issued loans;

Compliance of the work of the Bank's credit divisions with the requirements of the Regulation on internal credit policy;

Condition and structure of the loan portfolio;

The correctness and completeness of the formation of provisions (reserves) to cover losses from credit activities and contingent liabilities;

The correctness of the classification of loans, guarantees, letters of credit;

Timeliness of the withdrawal of loans and accrued interest to the accounts for accounting for overdue debts.

Based on the results of the audits, a report is prepared and submitted to the Bank's management.

The procedure for the formation of provisions (reserves) to cover losses from credit activities is determined by the Regulation "On the classification of bank assets and contingent liabilities and the calculation of provisions for them by second-tier banks of the Republic of Kazakhstan" (Resolution of the Board of the National Bank of the Republic of Kazakhstan dated May 23, 1997 No. 218).

Debt debts on loans and accrued interest or interest, both for the balance sheet and off-balance sheet accounting, are written off in accordance with the above regulatory legal acts of the NBRK and the bank's internal documents.

Each bank has its drawbacks. Likewise, Valut - Transit Bank JSC has its drawbacks. They are as follows:

Analysis of the creditworthiness of the borrower;

Banking risks;

These disadvantages will be discussed below.

All changes in the Bank's Internal Credit Policy are subject to approval by the Bank's Board of Directors.

Bank loans - not only a popular, but sometimes an irreplaceable resource for supporting the financial activities of both ordinary citizens and entire organizations. Loans have their advantages and disadvantages, which you need to familiarize yourself with before proceeding with a loan. And if the option with lending for a number of reasons did not fit, then it is worth considering alternative types of receiving funds, we will also tell you about them. So what are the advantages and what are the disadvantages?

The main positive aspects of bank loans:

• a small list of documents required for presentation (especially when it comes to consumer loans);
• the ability to receive money for any purpose and at any time (when applying for a non-targeted loan);
• receiving money for the purpose of investing or promoting business transactions;
• different lending terms depending on the conditions and types of the loan;
• accessibility to the general population;
• when choosing non-cash lending, payments can be made online or by electronic transfers;
• by prior arrangement, the loan can be repaid ahead of schedule;
• the cost of the loan is included in the production costs of the organization, which makes it possible to reduce the taxable profit;
• You can receive funds in cash, to an account or card, and you can also repay the loan using different options;
• loan terms create the prerequisites for competent planning of your own budget (this is important for both individuals and organizations).

Of course, the main advantage of loans is the widely advertised ability to immediately get what cash can not buy yet. And when planning major purchases, such as buying real estate or a car, you really can't do without loans. In this case, they replace the long-term accumulation of funds (which, for a number of reasons, is not always possible).

Surprisingly, but loans are not heavily influenced by inflation... This factor affects more the ability of citizens to accumulate money, and the payment of a loan already taken becomes easier. Indirectly, the growth of inflation should have a positive effect on the decision of a private person to apply for a loan.

Is there an alternative to loans?

An alternative option to a bank loan are private loans and lysine G. Private loans - it is the provision of funds from one private person to another. There is less paperwork here, but there is a high risk of encountering gray schemes and higher interest rates.

The essence of such a thing as leasing - in the financial lease of an object that continues to be owned by the owner. And as a result of lending and acquiring an object, an organization or a citizen becomes its full-fledged owner, and not a tenant. However, the loan is accompanied by an encumbrance in the form of payment of the debt established under the loan agreement. In addition, bank loans have some more disadvantages, which are worth discussing in more detail.

Disadvantages of loans

Negative aspects when registering and using a bank loan are:

• high interest rates;
• when applying for a targeted loan, the possibility of spending funds only for specific purposes;
• the system of pledges and guarantees, which burdens not only the borrower, but also his relatives;
• in case of early repayment, the borrower is forced to pay a commission to the bank(in most organizations);
• an abundance of bureaucratic delays, both when applying for a loan by individuals, and in commercial lending to legal entities;
• strict timetable for refunds and penalties for delays;
• a number of stringent requirements for borrowers in reputable banks, which check in detail the solvency of clients;
• additional paid services, about which bank employees may not warn the borrower;
• increased risk of being deceived when receiving funds (especially if the loan is issued for a long time).

All types of bank loans are united top three disadvantages:

1. Urgency. The debt must be paid off first.
2. Service charge. The bank charges interest for the loan.
3. Recoverability. The need to return funds with interest imposes a certain burden on the borrower.

Those wishing to take out a loan in foreign currency and at the same time save money, it is better to find out all the nuances of the rate in advance. Such loans are rarely profitable, rather, on the contrary: with frequent fluctuations in exchange rates, it may turn out that the amount of debt will multiply, and with it the interest will rise.

What is the risk of collateral?

Especially uncomfortable, according to borrowers, is the need for collateral when applying for a loan. For the bank, the pledge becomes a security for the payment of debt obligations in full. However, for the borrower, collateral is fraught with a whole list of potential risks. The fact is that:

1. The owner cannot fully dispose of the pledged property without the approval of the bank.
2. At the request of the financial institution, the pledged property must be insured, in addition, the borrower himself is subject to insurance. This leads to increased additional costs.
3. If the borrower is insolvent, the pledged property can be sold by the bank through the courts.

By paying off the loan debt, the borrower is significantly overpaying compared to the amount taken from the bank. Of course, this is beneficial to the bank, but not to the person being credited.

Overpayment on loans issued by banks may exceed the amount of the principal debt, so carefully analyze the need for a loan.

Features of investment lending to enterprises

For organizations, the loan has undoubted advantages:

• selection of a profitable and convenient loan scheme and its subsequent repayment;
• quick attraction of the required funds;
• maximum secrecy and minimum risk of disclosing the terms of the transaction;
• flexible conditions for legal entities;
• borrowed funds are not taxed.

For permanent borrowers, banks provide preferential conditions for re-lending. Attracting a loan usually takes from 14 to 60 days, which is much faster than raising funds through stocks or looking for investors.

Among disadvantages bank loans for a legal entity can be noted:

• possible violation of the financial stability of the organization due to the attraction of borrowed funds and their subsequent payment;
• obligatory provision of property as a pledge;
• low percentage of loan approval;
• the difficulty of obtaining funds for a long time due to the tough policy of the Central Bank;
• high interest rates.

It is more profitable for legal entities to build their business on their own funds, because credit finance needs not only to be paid, but also to pay off serious interest. However, it is the borrowed money that is the basis for the functioning of most organizations and individual entrepreneurs.

Conclusion

Credit funds in the modern world make up from 10 to 50% of all attracted money. With some negative aspects of the lending market, only this option is able to provide a quick solution to financial problems for both citizens and organizations. And if you plan the payment schedule correctly, then there will be no problems with refunds.

In contact with

Types of monetary policy

There are two types of monetary policy: 1) stimulating and 2) restraining.

Stimulating monetary policy is carried out during the recession and is aimed at “cheering up” the economy, stimulating business growth in order to combat unemployment. Restraining monetary policy is carried out during the boom period and is aimed at reducing business activity in order to combat inflation.

An incentive monetary policy is the central bank's measures to increase the money supply. Its instruments are: 1) lowering the rate of reserve requirements, 2) lowering the discount rate of interest, and 3) the purchase of government securities by the central bank.

Restraining (restrictive) monetary policy is the use of measures by the central bank to reduce the supply of money. These include: 1) an increase in the reserve requirement rate, 2) an increase in the discount rate of interest, and 3) the sale of government securities by the central bank.

Impact of changing money supply on the economy

The mechanism of the impact of changes in the money supply on the economy is called the "money transmission mechanism" or "money transmission mechanism". The mechanism of money transmission shows how a change in the supply of money (a change in the situation in the money market) affects the change in the real volume of output (the situation in the real market, i.e. the market for goods and services).

This mechanism can be represented by the following logical chain of events. If the economy is in a downturn, the central bank buys government securities → lending capacity of commercial banks increases → banks issue more loans → money supply multiplies → interest rate (loan price) falls → firms are happy to take cheaper loans → investment costs grow → total demand increases → production grows multiplicatively. (It should be borne in mind that not only firms react to a change in the interest rate by changing the amount of investment spending, but also households that use consumer loans and, when it becomes cheaper, increase consumer spending, as well as the foreign sector, which increases spending on net exports when the rate decreases. percent, since this leads to a decrease in the exchange rate of the national currency of a given country and makes its goods relatively cheaper and attractive to foreigners).

Since the impact of the stabilization policy occurs in the short term, the impact of the stimulating monetary policy on the economy can be graphically depicted as follows (Fig. 1):

This policy, used during the recession, is called the "cheap money" policy.

Accordingly, the policy pursued by the central bank during the boom ("overheating") period and aimed at reducing business activity is called the "expensive money policy" and can be represented by the following chain of events:

The central bank sells government securities → the lending capacity of commercial banks decreases → the money supply decreases multiplicatively → the interest rate (loan price) increases → the demand for expensive loans from firms falls → investment costs decrease → aggregate demand decreases → production falls.

In both cases, the economy is stabilizing.

Advantages and Disadvantages of Monetary Policy

The advantages of monetary policy include:

Lack of internal lag. Internal lag is the period of time between the moment of realizing the economic situation in the country and the moment of taking measures to improve it. The decision to buy or sell government securities by the central bank is made quickly, and since these securities in developed countries are highly liquid, highly reliable and risk-free, there are no problems with their sale to the population and banks.

No crowding-out effect. In contrast to the stimulating fiscal policy, the stimulating monetary policy (an increase in the money supply) leads to a decrease in the interest rate, which leads not to crowding out, but to stimulate investment and other autonomous expenditures sensitive to the change in the interest rate and to the multiplicative growth of output.

Multiplier effect. Monetary policy, like fiscal policy, has a multiplier effect on the economy, and there are two multipliers. The bank multiplier ensures the process of deposit expansion, i.e. a multiplicative increase in the money supply, and an increase in autonomous expenditures as a result of a decrease in the interest rate in conditions of an increase in the supply of money multiplicatively (with the effect of a multiplier of autonomous expenditures) increases the value of total output.

The disadvantages of monetary policy are as follows:

Inflation is possible. Stimulating monetary policy, i.e. an increase in the supply of money leads to inflation, even in the short term, and even more so in the long term. Therefore, representatives of the Keynesian direction argue that monetary policy can be used only when the economy overheats (inflationary gap), i.e. consider the possibility of conducting only a restraining monetary policy, and in the event of a recession, in their opinion, stimulating fiscal rather than monetary policy should be used.

The presence of an external lag due to the complexity and possible failures in the money transmission mechanism. An external lag is a period of time from the moment of taking measures to stabilize the economy (making a decision by the central bank to change the amount of money supply) until the moment the result of their impact on the economy appears (which is expressed in a change in the amount of output). Central bank purchases and sales of government securities are quick, i.e. lending opportunities of commercial banks are rapidly changing. However, the money transmission mechanism is long and consists of several stages, at each of which a failure is possible.

1) The "cheap money" policy pursued by the central bank can provide commercial banks with additional reserves, which expands the lending opportunities of banks, but this opportunity may not turn into reality. There is no guarantee that with an increase in reserves, there will be a corresponding increase in the volume of loans issued by commercial banks. In addition, the population may decide not to take out loans. As a result, the money supply will not increase.

2) The reaction of the money market to an increase in supply depends on the type of the money demand curve. A serious drop in the interest rate will only occur if the money demand curve is steep, i.e. if the sensitivity of the demand for money to changes in the interest rate is small. If the demand for money is very sensitive to changes in the interest rate (the demand curve for money is flat), then an increase in the supply of money will not lead to a significant decrease in the interest rate (Fig. 2. (a)).

3) A significant decrease in the interest rate as a result of an increase in the supply of money may not lead to a serious increase in investment costs if their sensitivity to changes in the interest rate is low (the investment curve is steep) (Fig. 2. (b))

1) If the sensitivity of investment demand to the dynamics of the interest rate is high, and investment spending has increased as a result of a fall in the interest rate, then an increase in total spending may not lead to an increase in real output if the economy is in a state of full employment (at the level of potential output), which corresponds to the vertical curve of aggregate supply (Fig. 2. (c)).

Thus, a disruption in any link in the transmission mechanism can negate or significantly weaken the impact of monetary policy on the economy.

Moreover, monetary policy has a significant external lag, i.e. the delay in the impact of changes in the money supply on the economy, due to the multistage monetary transmission mechanism (even in the case when there are no disruptions in its functioning) can lead to destabilization of the economy. For example, a decision to increase the money supply made during a recession may give its result when the economy has already reached a boom, which will cause an intensification of inflationary processes. Conversely, the sale of government securities by the central bank in order to reduce business activity in an economy "overheated" may affect when the economy is in deep recession, and this will only exacerbate the situation.

The presence of side effects caused by changes in the money supply, which also reduce the effectiveness of monetary policy. So, if the central bank increases the money supply, then the interest rate falls, i.e. the opportunity costs of storing cash are reduced. Under these conditions, the population may prefer to transfer funds from deposits into cash, which will reduce the deposit rate (coefficient cr, equal to the ratio of cash to deposits (cr = C / D)). At the same time, a drop in the interest rate (loan price) reduces the interest of commercial banks to issue loans, increasing their excess reserves, which affects the value of the reserve ratio (the ratio rr, equal to the ratio of reserves to deposits (rr = R / D) and representing the amount required reserves (ur), set by the central bank, and excess reserves (er), determined by the commercial banks themselves (rr = ur + er)). An increase in the deposit rate and reserve rate leads to a decrease in the value of the money multiplier, which significantly weakens the effect of the monetary impulse on the economy (Fig. 3. (a)). An increase in the monetary base from H 1 to H 2 can lead to an increase in the monetary base from M 1 to M 2, if the value of the multiplier does not change, and only up to M 3, if the value of the money multiplier decreases due to an increase in the deposit rate (as in this case) and / or reservation rates.

Inconsistency of targets (goals dilemma) of monetary policy. The fact is that the central bank cannot simultaneously regulate both the money supply and the interest rate, since both of these indicators determine the coordinates of the equilibrium point of the money market. If the central bank aims to maintain the interest rate at a constant level, then as the demand for money increases (a shift to the right of the money demand curve from MD 1 to MD 2), the interest rate rises from R 1 to R 2 (Fig. 3. (b )), the central bank must increase the money supply to MS 2, that is, it cannot control the value of the money supply, and it becomes an endogenous value from an exogenous value, completely subordinated to the goal of keeping the interest rate at a constant level. Conversely, if the central bank aims to maintain a constant value of the money supply, it loses control over the interest rate, since with an increase in the money supply (from MS 1 to MS 2 in Fig. 3 (b)), the interest rate will decrease (from R 1 to R 3), and with a reduction in the supply of money, the interest rate will increase.

As a result, monetary policy can lead to economic destabilization. If the central bank, in order to stabilize the economy, sets its task not to control the supply of money, but to maintain the interest rate at a constant level, then the growth of income (output) during the period of growth will lead to an increase in the transaction demand for money and, consequently, the overall demand for money, which, if money supply will cause an increase in the interest rate. To bring the rate down to the original level, the central bank is forced to increase the money supply, which as a result can create additional impetus for economic growth, turning a healthy recovery into an inflationary boom. During a downturn, policies to maintain a constant interest rate will force the central bank to reduce the supply of money to prevent a fall in the interest rate caused by a decline in total demand for money as a result of a slowdown in business activity, which will result in a further reduction in aggregate demand and an increase in recession.

The central bank loses control over the supply of money in the context of the dependence of monetary policy on the fiscal policy of the government. In this case, the money supply also turns from an exogenous value to an endogenous one. If the activities of the central bank are aimed at solving budgetary problems, i.e. ensuring financing of the growth of public spending (when the government conducts a stimulating fiscal policy) or financing the state budget deficit, then monetary policy becomes completely subordinate to solving the problems of fiscal policy. As you know, an increase in government spending and the state budget deficit can be financed through: a) purchases by the central bank of government securities or direct emission of money (the so-called monetization of the state budget deficit); b) purchases of government securities by the population (domestic debt) and c) loans from the foreign sector (external debt). If for some reason debt financing is impossible (as a rule, in the economies of developing countries and in transition economies) or is considered impractical, then the government uses the emission method, which, on the one hand, provokes inflation, and, on the other hand, deprives the central bank of independence in determining the directions of monetary policy. Monetary policy becomes "hostage" to solving fiscal problems.

In addition, the monetary policy of the central bank cannot be independent, and the supply of money is an exogenous value in an open economy under a fixed exchange rate regime, since changes in the supply of the national currency (foreign exchange interventions by the Central Bank), especially in conditions of absolute capital mobility, are subordinated to the goal of maintaining a constant level the exchange rate of the national currency.

Bank credit policy- the program and direction of actions of the credit institution in the field of providing loans to legal entities and individuals. The credit policy is based on the risk-profitability ratio of the operations that is acceptable for the financial institution.

Factors affecting credit policy

The bank's credit policy is determined based on macroeconomic external and microeconomic internal factors.

Its macroeconomic components are the general economic situation in the country; political stability; the stage of the economic cycle that the state goes through; inflation and interest rates; the state of the national currency; competition in the banking sector. In general, these are factors that a credit institution cannot independently influence.

Legal issues occupy a special place. Thus, regulators can have a significant impact on the credit policy of the banking system by issuing directives, changing interest rates, the size of required reserves, etc.

Microeconomic factors affecting credit policy include, first of all, the resource base, the cost of attracting funds, the client base; bank specialization; the liquidity of the credit institution. The qualifications of the staff and their willingness to work with various categories of borrowers also play an important role.

Goals and objectives of credit policy

The main goal of the bank's credit policy is to obtain maximum profit with a minimum level of risk. Based on the possible ratio of these components, as well as the available resources, the credit institution determines the current tasks:

• directions of lending;
• technology for carrying out credit operations;
• control in the lending process.

Credit policy in work with legal entities

As a rule, the credit policy of banks when working with legal entities is aimed at developing long-term relationships with borrowers. At the same time, it is based on definable criteria for selecting clients for cooperation. Typically, the following requirements are imposed: transparency of the company's income-generating schemes, stability and profitability of the business, successful experience in various economic conditions, the availability of equity capital, the ability to provide collateral.

When interacting with small businesses and individual entrepreneurs, the personality of the leader, his reputation and credit history play an important role.

Credit policy in relation to individuals

On the basis of credit policy, bank employees build their work with retail clients, choose one or another scoring model, and develop credit products.

At the same time, based on the credit policy, the bank can focus on such segments as retail lending in trade networks (POS lending), car loans when interacting with dealers, providing mortgage loans, etc.

The credit policy determines the requirements for borrowers: age, minimum work experience, income level and other indicators.

In addition, it affects the offered banking products: secured or unsecured, targeted or unearmarked loans, loan terms, etc.

Based on the credit policy, the bank determines the interest rates corresponding to the risk of a particular borrower. At the same time, the credit policy of different banks can vary significantly. For example, some financial institutions focus primarily on providing loans at points of sale - for example, Home Credit Bank, Russian Standard, etc. Alfa-Bank is also noticeable in this market. A number of credit institutions are actively involved in express lending: OTP Bank, National Bank "Trust", etc.

The interest on this kind of loans is higher, but at the same time banks take on higher risks.

Other credit institutions, on the contrary, focus mainly on clients with large account balances. This, for example, is often done by subsidiary banks of foreign credit organizations - Citibank, Raiffeisenbank, etc.

Implementation of the bank's credit policy

The developed credit policy of the bank is the general main directions of activity. Its further implementation consists in compiling appropriate instructions and other documents regulating the conduct of certain operations, defining the criteria for evaluating customers and the stages of interaction with them.

Credit policy is not something fixed once and for all in a bank. It should be revised depending on the changing economic conditions.

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37. and

38.Lump banks. Essential, funk, types.

The history of the SNS.

SNS- a way to streamline information about households. deeds performed by macroec. subjects. Purpose: to give the amount of information about the emergence, distribution and nat. The SNS was developed in the late 20s of the 20th century. group of Amer. scientists under the leadership of S. Kuznets. The reason arose: the need for macroecological information for the development of environmental policies, programs and measures to regulate the market economy. The first SNA was created for Polestina in 1936. -I SNS-1952. The basis of the SNA consists of consolidated accounts of GDP, CV, income and expenses of households and state institutions, foreign operations, balance sheets. Principles: 1. double write - each operation is reflected twice. 2.sequence (production of income, distribution of income, use of income) .3.Balance (register of all eq flows in the form of balances) .4. Settlement categories (balancing items are settlement categories not only for ensuring the balance of m / y with the volumes of resources and their use, but also for the har-ki of the results of the process. 5. Form "T": all accounts consist of 2 sections.

SNA structure. Basic types of SNA.

composed of

Demand for money

Demand for money MV = PQ, where M is the amount of money in circulation, V is the velocity of money circulation, P is the ur price in general, Q is the real V of the national production. According to the equation, the amount of money in circulation is directly proportional to the level of prices. The quantitative equation can be interpreted as the equation of the demand for money. Portfolio theory Friedman's theory

The advantages and disadvantages of monetary policy.

Keynesian theory ( 3 motivesBaumol-Tobin model:

The concept of transf ek-ki.

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Read also:

Introduction ……………………………………………………………………………………………………………….

Advantages and Disadvantages of Monetary Policy

Chapter I. Credit policy of the bank ……………………………………………………… .. 5

1.1 The essence and types of credit operations ……………………………………………………………. 5

1.2. The need to manage credit operations ……………………………………. nine

1.3. Lending stages ……………………………………………………………………………………… 16

Chapter II. Analysis of the efficiency of management of credit operations of a commercial bank (on the example of AB Capital) ………………………………. 32

2.1. Effectiveness of loan management ……………………………………… 32

2.2. Influence of interest rate policy on profitability of lending operations ……………. 38

2.3. Analysis of the customer's creditworthiness ………………………………………………………… .. 53

Chapter III. Credit management ……………………………… .. 60

3.1. Forms and methods of managing credit operations of commercial banks 60

3.2. Credit risk management …………………………………………………………………… 73

Conclusion…………………………………………………………………………………………………………. 82

Bibliography…………………………………………………………………………………………. 85

Appendices ………………………………………………………………………………………………………. 88

Introduction

Lending to production and turnover is the most important and distinctive feature of banks' activities in comparison with other financial and non-financial organizations. But at the same time in Russia for a long time the approach to business lending was purely formal. This was manifested in the fact that both the funds of banks and the funds of enterprises were the property of the state (if you look at the essence of this definition, then everything in the country "belonged to the people", and the state "looked after" this property, that is, the property was practically no one), and therefore the bank (at that time the State Bank of the USSR) could not pursue a full-fledged credit policy. Therefore, with the increasing competition for potential borrowers, Russian commercial banks faced the need to plan their lending activities. They must learn to manage lending operations in such a way that they bring the highest possible profitability, but at the same time, banks must strive to reduce credit risks that are directly related to lending operations.

Therefore, the purpose of this work was to study all aspects of credit management and analysis of the effectiveness of credit operations of a commercial bank.

To achieve this goal, the following tasks were solved in the work:

- definition of the essence and characteristics of the types of credit transactions;

- consideration of the feasibility of managing credit operations;

- Evaluation of the effectiveness of various methods of credit management;

- analysis of the management of credit operations on the example of a specific commercial bank;

- consideration of risks associated with lending to enterprises and methods to reduce their impact on the bank's lending activities;

The work used theoretical, methodological works and developments of domestic and foreign authors on this issue, such as Rose P.S., Suskaya E.P., Usoskin V.M., Pomorina M.A., Lavrushin O.I., etc. ., normative and reference material, materials of periodicals, as well as officially published reporting data of AB Capital for 1995-1996.

Chapter I. Credit policy of the bank

1.1 The essence and types of credit transactions

In the Soviet economic literature, credit was understood as the movement of loan (i.e. money) capital provided on a loan on terms of repayment for a payment in the form of interest. This definition was based on the fact that capital is only alienated under the condition that it is not sold, but only lent. In general, a loan literally means the disposal of a certain amount of money for a certain period, i.e. those who have a surplus of funds can lend them to those who are in shortage or need additional amounts.

The role and significance of credit is very great, since it helps to solve the problems facing the entire economic system. So with the help of a loan, you can overcome the difficulties associated with the fact that in one area temporarily free funds are released, while in others there is a need for them. Credit accumulates the released capital, thereby serving the inflow of capital, which ensures a normal reproduction process. Also, a loan accelerates the process of monetary circulation, ensures the implementation of a number of relations: insurance, investment, plays an important role in the regulation of market relations.

Sources of loan capital are, firstly, the funds released from the circulation: funds intended for the restoration of fixed capital (ie depreciation fund); part of the working capital released in cash due to the discrepancy between the time of the sale of goods and the purchase of raw materials, fuel, materials; capital temporarily free in the period between the receipt of funds from the sale of goods and the payment of wages.

Another source of loan capital is cash income and personal sector savings. It should be noted that, starting from the 50-60s of our century, there is a tendency to increase the attraction of money savings of the population. This was facilitated, first of all, by the improvement of the socio-economic situation of the developed countries, changes in the structure of consumption.

The third source of loan capital is the state's money savings, the size of which is determined by the scale of state ownership and the share of the gross national product.

Thus, we can conclude that temporarily free funds arising on the basis of the circulation of industrial and commercial capital, money accumulations of the personal sector and the state form the sources of loan capital, which are accumulated within the framework of financial institutions.

The cost of the loan capital is interest. Unlike the price of ordinary goods and services, which is a monetary expression of value, interest is the payment of the use value of loan capital. The source of interest is the income received from the use of the loan.

A more accurate picture of the cost of a loan is given by the rate of interest, or interest rate. The rate of interest is the ratio of the annual income received on loan capital to the amount of the loan provided, multiplied by 100. The rate of interest depends on the profit, which is divided by interest and entrepreneurial income. Interest cannot be more than the rate of profit, since the price of loan capital does not express its value, and its changes are not governed by the law of value.

The rate of interest depends on the ratio of supply and demand, which are determined by many factors. Among them: the scale of production; the amount of money savings and savings of the whole society; the ratio between the size of loans provided by the state and its debt; inflation rate; market conditions; government regulation of interest rates; competition between banks, etc.

In connection with the above, we can conclude that the change in the rate of interest is associated with the market mechanism, and also depends on government regulation.

Loan interest performs two functions: the redistribution of part of the profits of enterprises or the income of the personal sector and the regulation of production through the rational allocation of loan capital.

The dynamics of the loan during the period of cyclical fluctuations is interesting. Loan capital mainly serves the circulation of functioning capital, the patterns of its movement are due to cyclical fluctuations in production. During the period of revival of industrial growth, the increase in the volume of loan capital lags behind the expansion of production and turnover, the demand for loan capital and the rate of interest increase. During crises, a decline in production and a surplus of real capital are combined with an acute shortage of loan capital and a sharp rise in the rate of interest. During a depression, when a part of productive capital takes the form of money, the accumulation of loan capital outstrips the accumulation of real capital, the average profit and the rate of interest decrease.

In modern conditions, a special place is occupied by commercial credit - the supply of goods by one company to another on a deferred payment basis, as well as leasing - the lease by an enterprise of machinery, equipment, transport with debt repayment over several years.

From the above, we can conclude that the very concept of "credit" is changing, it can no longer be revealed by the previous definition as a form of movement of loan capital from the lender to the borrower. In modern conditions, a credit transaction can be called any economic or financial transaction that leads to the emergence of debt of one of the participants. Debt repayment is made by the debtor in cash at a time or in installments, and the total amount of payment, in addition to the debt, includes a surcharge in the form of interest.

Credit as an economic category is distinguished from all other forms of providing funds (subsidies, subventions, grants, etc.) by three fundamental principles - urgency, repayment and payment.

In this case, urgency means the previously agreed terms for the return of the borrowed funds to the lender; recoverable - the obligatory payment of the principal amount to the creditor on the agreed terms. Payability means that in a given economic operation, money is a specific commodity and, based on the law of value, its price is expressed as a percentage.

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The advantages of monetary policy include the following: No crowding out effect. Multiplier effect. Den-credit policy has a multiplier effect on the economy. Lack of internal lag. Internal lag-period of time m / y the moment of realizing the ec situation in the country and the moment of taking measures to improve it. High probability of inflation. It should be noted that only stimulating den-credit policy leads to inflation. The contradictory goals of monetary policy. The presence of an external lag due to the complexity and possible failures in the den mechanism of the transmission. The presence of side effects caused by changes in the money supply, which also reduce the effectiveness of monetary policy. The Central Bank's loss of control over the money supply in the context of the dependence of the government's den-credit policy on the fiscal one.

37. Measurement of den mass. Den aggregate. The most important number of indicators of the denial of circulation is the den mass, which is the volume of purchased and payment media serving households and belonging to individuals, enterprises and the state. for a specific date and for a specific period; for the development of measures to regulate the rate of growth and volume of denomination, various indicators are used - den aggregates. Den aggregate is any of several specific groupings of liquid assets that serve as alternative measures of denomination. Den aggregates are types of money. and den c-v, differing from each other in the degree of liquidity. Den aggregates are indicators of the structure of den mass. The composition of den aggregates is different by country. The most commonly used aggregates are: -MO-cash; -M1-cash, checks, deposits on demand; -M2-cash, checks, demand deposits and small time deposits; -MZ-cash, checks, deposits; -L-cash, checks, deposits, securities. In m / unar statistics in the volume of money, in addition to cash, deposit money is taken into account. The IMF calculates a common indicator M1 for all countries and a broader indicator of "quasi-money" (term and savings bank accounts and the most liquid financial instruments traded on the market).

38.Lump banks. Essential, funk, types.

Kom bank is a credit institution that organizes the movement of loan capital and regulates the payment turnover in order to make a profit. KB belongs to a special category of business enterprises, called financial intermediaries. They attract capital, savings of the population and other den sr-va, released in the course of business activities, and provide them for temporary use to other agents who need additional Banks create on new claims and obligations, the cat becomes a commodity on the den market. Thus, accepting customer deposits, the CB creates a new deposit obligation, and when issuing a loan, a new requirement for the borrower. This process of creating new obligations is the essence of financial intermediation. This transformation allows you to overcome the difficulties of direct contact between savers and borrowers, arising from the mismatch between the proposed and required amounts, their timing, profitability. The main bank operations include: accepting deposits; actual day of payments and settlements; issuance of loans. The main f-mi KB yavl-Xia: 1 attraction of temporarily free money for money; 2 granting loans; 3 actual day of settlements and payments in the household; 4 issue of credit means in circulation; 5 consulting and provision of ec and financial information.

Commercial bank transactions that create money. Money multiplier

CB transactions that create money include: the issuance of loans to the bank's clients; purchase of government securities by the CB from the population. The destruction of non-cash den offer, respectively, is associated with: 1) repayment of loans; 2) the sale of government securities to the population. Den multiplier is the number, cat shows how many times the total value of the supply of non-cash money is greater than the sum of excess reserves. The den multiplier is calculated as the ratio of the denomination to the den base m = Ms / MB; Ms = m * MB, where m is the multiplier; Ms- money supply; MB- monetary base.

The history of the SNS.

SNS- a way to streamline information about households. deeds performed by macroec. subjects. Purpose: to give the amount of information about the emergence, distribution and nat. The SNS was developed in the late 20s of the 20th century.

Advantages and Disadvantages of Monetary Policy

group of Amer. scientists under the leadership of S. Kuznets. The reason arose: the need for macroecological information for the development of environmental policies, programs and measures to regulate the market economy. The first SNA was created for Polestina in 1936. -I SNS-1952. The basis of the SNA consists of consolidated accounts of GDP, CV, income and expenses of households and state institutions, foreign operations, balance sheets. Principles: 1. double write - each operation is reflected twice. 2.sequence (production of income, distribution of income, use of income) .3.Balance (register of all eq flows in the form of balances) .4. Settlement categories (balancing items are settlement categories not only for ensuring the balance of m / y with the volumes of resources and their use, but also for the har-ki of the results of the process. 5. Form "T": all accounts consist of 2 sections.

SNA structure. Basic types of SNA.

The national product is calculated according to the SNA, which represents the interconnection of indicators of the development of the eq-ki at the macro level. The SNA is a way to streamline the collection, description and linking of statistics with information about economic operations performed by household entities in the process of general reproduction. SNA is a description of the ME their indicators, charting the results and proportions of the country's economic development to provide a comprehensive analysis of the process of creating a national product and national income. SNA studies and fixes the process of creating, distributing and redistributing the national product and national income in the country. A feature of the SNS is its comprehensive character. In the SNS, the operations of m / y sub-ami nats ek-ki are studied. The economic entities (agents) of the nat ek-ki here include household units that perform ek-ie operations with mothers or financial assets. Economy agents are grouped into 6 sectors: 1) non-financial enterprises; 2) financial institutions and organizations; 3) state institutions, provision of services; 4) private non-commercial organizations; 5) household house; 6) abroad. Modern SNS composed of 3 interconnected blocks The 1st allows you to compare investments and savings, give a count of the creation, distribution and final use of national income. The third block represents the fund flow accounts and reflects the movement of financial assets in the form of purchases and sales in the money market.

Demand for money

Demand for money- the total amount of money that the household cat, entrepreneurs want to have at the moment. There are different concepts of the demand for money. Fisher's quantitative theory of money: MV = PQ, where M is the amount of money in circulation, V is the velocity of money circulation, P is the ur price in general, Q is the real V of the national production.

According to the equation, the amount of money in circulation is directly proportional to the level of prices. The quantitative equation can be interpreted as the equation of the demand for money. Portfolio theory: Cambridge equation - M = kPQ. Coefficient k (liquidity indicator) is inversely proportional to the velocity of circulation of money: the less cash, the greater the velocity of its circulation. Friedman's theory: money is one of the types of assets. As alternative assets, he considered bonds, stocks, durable goods, etc. One of its models: MD = f (P, rb, ra, P / P, Yn / r), where MD is the planned demand for nominal cash balances, rb, ra is the yield on bonds and stocks, respectively, P / P is the rate inflation, Yn / r - total property. Demand for money is directly proportional to the income on bonds and stocks and the total name, inversely proportional to the rate of inflation. Keynesian theory (liquidity preference theory): the demand for money depends on how highly eq-ie subjects value their liquidity, and what share of their assets they prefer to have in the form of highly liquid money. Keynes highlights 3 motives encouraging people to keep part of the money in the form of cash: transactional motive (the need for cash for commercial transactions); precautionary motive (the possibility of unexpected purchases, expenses); speculative motive (the intention to save some reserve in order to take advantage of the best, in comparison with the market, knowledge of what the future will bring). Speculative demand for money is based on the inverse relationship between the m / y interest rate and the bond rate. According to Keynes, the demand for money is directly dependent on the ur nat income and inversely on the rate%. Baumol-Tobin model: transactional model, which considers that money is kept economically. subjects only as a means of payment. Formula:, where Pb is the nominal cost. The demand for money is directly dependent on the nominal income Y and inversely on the level of the% rate i. All theories of demand for money distinguish 3 main factors that determine the value of the nominal demand for money: 1) it is in direct proportion to the absolute ur prices; 2) is directly proportional to the real volume of national production (income); 3) it is inversely dependent on the ur% rate.

The concept of transf ek-ki.

Transformation (transitional) ek-ka-eq-ka of countries that are moving from a centrally controlled economic system to a system based on market principles. Transform period-time, during the cat. in general, there are radical ec, polit and social transformations, and the ec-ka of the country goes into a new, completely different state in connection with the treforms of the ec system. har-ny mix, combination of kondno-admin. systems and the modern market of eq-ki. 2) a special initial state preceding the transition process-planned eq-ka. 3) instability of the state. 4) the number and quality change of the structure. 5) at the initial stage of the transformation, -sya social-eq costs: a decline in pro-va, inflation processes, a drop in the level of life of the population. 6) there is a qualitative change in systemic connections and relations.