Introduction

3.2. Directions for the implementation of the activities of the Central Bank of the Russian Federation in conducting effective monetary credit policy in 2014-2016

Conclusion

List of sources used

Applications

Introduction

Relevance of the topic term paper due to the fact that the banking system is, figuratively speaking, the heart of the market economy, which maintains the necessary level financial resources in her. The Central Bank is the main link monetary system all developed countries.

The object of the course work was the Central Bank as the main institution of the banking system.

The subject of the study is the assessment of the effectiveness of the activities of the Central Bank of the Russian Federation in Russia.

The aim of the work is to assess the role of the Central Bank of Russia in conducting an effective monetary policy in a market economy.

To achieve this goal, it is necessary to solve the following tasks:

Explore the theoretical foundations of the Central Bank.
Analyze the main stages in the development of the monetary policy of the Central Bank of the Russian Federation.
Conduct an analysis of the effectiveness of the monetary policy of the Central Bank.
Assess the directions of development of the activities of the Central Bank of the Russian Federation in conducting an effective monetary policy at the present stage.

The course work consists of an introduction, three chapters, a conclusion, a list of references and applications.

Chapter 1. Theoretical foundations of the activities of the Central Bank

1.1. The history of the institution of the Central Bank

central bank is the main link in the monetary system of almost all countries with banking systems.

The special place and role of the central bank in the banking system modern state are determined by the level and nature of the development of market relations, and the latter should not be regarded as something unchanged. One of the most striking manifestations of this is the change in the role of banks at various stages of the development of market relations.

Undoubtedly, the idea of a central bank originated in the conditions of relatively developed market relations, when it became clear that the further development of the market in general and the financial market in particular without a central bank as an organ state control and regulation is fraught with unjustified losses.

In most Western countries, the functions of the central bank were assigned to certain banks in the middle of the 19th and early 20th centuries. Thus, the Bank of France became the single emission center of the country in 1848, the Reichsbank and the Bank of Spain - in 1874, the Federal backup system in the USA in 1913.

The first central banks in the world banking history arose much earlier. The very first central bank was the Riksbank, the Central Bank of Sweden, founded in 1668. Somewhat later (in 1694), the Bank of England arose when the English government needed a large loan to wage an eternal war with France, for which several London merchants united into one private joint stock bank. As a "gratitude" for the service rendered to the government, they received the exclusive right to issue banknotes that were freely exchanged for gold. The banknotes issued by the new bank became an authoritative means of payment and entered the payment turnover of England. For a century and a half, the Bank of England performed the role of a central bank in the country, based on the Royal Charter of 1694, which fixed the principles of its functioning and management. Legislatively, this role was assigned to the Bank of England only in 1848 on the basis of the act of Robert Peel.

Unlike England, where the central bank grew "from below", in Russia the State Bank was approved "from above" in 1860. At the same time, if the Bank of England or the Reichsbank in Germany acted as independent credit and emission centers, the State Bank of Russia was subordinate to the Ministry of Finance.

The allocation of one of them from the total number of banks in the country to the role of the central bank means the beginning of the formation of a two-tier banking system in the country, at the top level of which the central bank is located.

In turn, the need to create a two-tier system of banks is due to the contradictory nature of market relations: on the one hand, they require freedom of disposal of private financial resources, and this is ensured by elements of the lower level of the system - commercial banks and other credit institutions; on the other hand, such relations require state regulation, which requires a special institution in the form of a central bank.

Thus, the creation of the central bank was a kind of historical discovery that made it possible to effectively curb the elements of the market while maintaining the freedom of enterprise.

Initially, the term central bank meant the largest bank located at the center of the banking system. Then the central banks gradually monopolized some specific functions, and at a certain stage of historical development the state nationalized them.

At the same time, their essence, in principle, remained unchanged and consists in mediation between the state and the country's economy, regulation of credit flows in the country.

Whatever functions are assigned to the central bank, it is always a regulatory body that combines the features of a commercial bank and a government department.

So, the central bank is primarily an intermediary between the state and the rest of the economy through the banking system of the country, and as such an institution it is called upon to regulate cash and credit flows with the help of tools that are assigned to it by law.

Let us consider in more detail the experience of several countries in building the banking system and the role of the Central Bank in it.

In the UK, the Bank of England is the country's central bank. The Bank of England lends to commercial banks not directly, but through intermediaries - accounting and discount houses, and its manager meets weekly with the heads of various associations, not only banking, but also commercial and industrial.

In the US, the functions of the central bank are performed by the Federal Reserve System (FRS), founded in 1913.

The FRS includes 12 Federal Reserve Banks, which are central to the districts in which they are located. In addition, FRS members are about 6 thousand commercial banks, which account for over 70% of all deposits. The member banks of the FRS are the largest private commercial banks. They are shareholders and at the same time clients of the Fed and receive a 6% dividend on their share capital.

In its function as the “bank of the banks,” the Fed provides comprehensive services to the banks that are members of the Fed.

The Fed is independent in financially. The independence of the Fed is also expressed in the fact that the President of the United States does not have the right to give the Fed any order or remove its managers.

In terms of its structure, the Fed is a rather complex organism. Three main links play the most important role in it:
Fed Board of Governors (in Washington);
federal reserve banks;
member banks.

Banks that are not members of the system resort to the services of their correspondents, banks that are members of the FRS, to replenish the cash desk.

It should be noted that in the United States there is no unified state policy for regulating banking activities.

The central bank of Germany is the Deutsche Bundesbank, which has a board in Frankfurt am Main, 9 state central banks as main departments and almost 200 main branches and branches.

The Federal Bank is wholly owned by the Federation and, together with the federal agency, performs supervisory functions.

The monetary and credit policy of the German Federal Bank is determined by its central Council.

The Federal Bank is not required to follow the instructions of the federal government, but provides support to it in the area of general economic policy.

Through the Bundesbank and its branches, the bulk of cashless payments using checks and bills of exchange is carried out at the national level.

The most important feature of the German banking system is the universal nature of the country's commercial banks.

A special role in the banking system is played by the Bank of Japan, which was established in 1882 as the country's central bank.

The Bank of Japan, 55% of whose authorized capital is owned by the government, and 45% by private companies, has an exclusive issuing right. He manages the banking system of the country, including state banks, of which there are 11 in Japan.

State functions are actually performed by one of the largest commercial banks in Japan, the Bank of Tokyo, which, in accordance with Japanese law, is entrusted with conducting foreign exchange transactions.

1.2. The main tools used by the Central Bank of developed countries

The central banks of developed countries have certain methods of influencing the economy. Traditionally, these include: discount (accounting) and mortgage policies; minimum reserve policy: open market operations; deposit policy; monetary policy. However, the content of the standard set of methods and the combination of their application by banks in different countries depend on a number of prerequisites.

Attempts to bring modern strategies of central banks of different countries under traditional concepts monetary policy showed that neither monetarism nor theories state regulation in their pure form do not find their expression in the practice of influencing the country's economy. In the future, one can count on a compromise variant of the choice of the central bank's strategy. At the same time, more and more priority is given to market mechanisms in comparison with administrative methods of regulation.

One of the main principles for determining the strategy of central banks is the focus on regulating the growth rate money supply in the national economy or regulation exchange rate national currency in relation to any stable foreign currency, i.e. on internal or external indicators. The choice of this or that strategy of the central bank depends on the orientation of the country's economy. At the same time, the following trend is observed. The central banks of developed countries with a strong domestic market are guided by the regulation of the growth rate of the money supply within the calculated index. There are internal and external stability of the national currency (internal is understood as non-inflationary development, under the external - the stability of the exchange rate of the national monetary unit in relation to other currencies).

In accordance with the chosen strategy, central banks carry out either monetary or foreign exchange policy as a priority and use appropriate instruments.

In order to regulate the volume of the money supply, measures are taken either to stimulate the growth of the money supply (expansive credit policy), or to curb its increase (restrictive credit and anti-inflationary policy).

The choice and combination of instruments used in a particular economic situation depend on the strategy of the central bank. Nevertheless, it is possible to name the requirements for the tools of the central bank of any developed country. First of all, we are talking about tools that should have maximum efficiency.

An equally important requirement is the uniformity of impact on the competitiveness of individual groups or all credit institutions. In this regard, the activities of the central bank are divided into two groups. The first of them includes measures of influence on a part of commercial banks. The second group includes activities related to all credit institutions. An example of this is the central bank's restriction accounting policy. Instruments belonging to both groups meet the requirement of central bank neutrality, since they equally affect the competitiveness of credit institutions in relation to each other within different groups or all banks as a whole. This does not exclude the different consequences of such measures for different banks (for example, large and small).

All instruments can be characterized by the following criteria: traditional or non-traditional; administrative or market; general action or selective orientation; direct or indirect impact; short term, medium term or long term.

It is advisable to distinguish between direct and indirect effects of a particular mechanism. For example, when carrying out an accounting policy, direct regulation is carried out in the money market and at the same time there is an indirect impact on the capital market.

Under the long-term goals of monetary policy is understood as the strategy of the central bank, designed for a period from one year to several decades. The effectiveness of combining monetary policy instruments used simultaneously depends on their successful combination in achieving goals that are different in terms of time. An example of tools long term regulation serve as traditional instruments of monetary policy (for example, policies of minimum reserves, policies of refinancing, etc.). The implementation of short-term goals is served as non-traditional instruments, for example, “swap” operations within the framework of monetary policy, open market arbitrage, and some traditional tools.

Thus, the Central Bank plays a major role in shaping the country's monetary policy in a market economy.

Chapter 2. Features of the Central Bank of the Russian Federation

2.1. The Central Bank of the Russian Federation: essence, functions and status

Article 75 of the Constitution of the Russian Federation establishes a special constitutional and legal status of the Central Bank of the Russian Federation, defines its exclusive right to exercise money issue(Part 1) and as a main function - protection and stability of the ruble (Part 2). The status, goals of activity, functions and powers of the Central Bank of the Russian Federation are also determined by the Federal Law "On the Central Bank of the Russian Federation (Bank of Russia)" and other federal laws.

In accordance with Article 3 of the Federal Law "On the Central Bank of the Russian Federation (Bank of Russia)", the objectives of the Bank of Russia are: to protect and ensure the stability of the ruble; development and strengthening of the banking system of the Russian Federation and ensuring efficient and uninterrupted functioning payment system.

key element legal status The Central Bank of the Russian Federation is the principle of independence, which is manifested primarily in the fact that the Bank of Russia acts as a special public institution with the exclusive right to issue money and organize money circulation. It is not a public authority, however, its powers in its own way legal nature relate to the functions of state power, since their implementation involves the use of measures of state coercion. The functions and powers provided for by the Constitution of the Russian Federation and the Federal Law “On the Central Bank of the Russian Federation (Bank of Russia)” are exercised by the Bank of Russia, regardless of federal bodies state authorities, public authorities of the constituent entities of the Russian Federation and local governments.

The normative powers of the Bank of Russia imply its exclusive rights to issue regulations binding on federal state authorities, state authorities of the constituent entities of the Russian Federation and local governments, all legal entities and individuals, on issues within its competence by the Federal Law "On the Central Bank Russian Federation (Bank of Russia)" and other federal laws. The Bank of Russia, in accordance with the Constitution of the Russian Federation, does not have the right to initiate legislation; however, its participation in the legislative process, in addition to issuing its own legal acts, is also ensured by the fact that draft federal laws, as well as regulatory legal acts of federal executive bodies relating to the implementation by the Bank of Russia of their functions should be sent for conclusion to the Bank of Russia.

The Bank of Russia is a legal entity. Authorized capital and other property of the Bank of Russia are federal property, while the Bank of Russia is endowed with property and financial independence. The powers to own, use and dispose of the property of the Bank of Russia, including the gold and foreign exchange reserves of the Bank of Russia, are exercised by the Bank of Russia itself in accordance with the purposes and in the manner established by the Federal Law "On the Central Bank of the Russian Federation (Bank of Russia)". Seizure and encumbrance of property of the Bank of Russia without its consent shall not be allowed, unless otherwise provided by federal law. Financial independence The Bank of Russia is expressed in the fact that it carries out its expenses at the expense of its own income. The Bank of Russia has the right to protect interests in judicial order, including in international courts, courts of foreign states and arbitration courts.

The state is not liable for the obligations of the Bank of Russia, just as the Bank of Russia is not liable for the obligations of the state, if they have not assumed such obligations or unless otherwise provided by federal laws. The Bank of Russia is not liable for obligations credit institutions, and credit institutions are not liable for the obligations of the Bank of Russia, unless the Bank of Russia or credit institutions assume such obligations.

In its activities, the Bank of Russia is accountable to the State Duma of the Federal Assembly of the Russian Federation, which appoints and dismisses the Chairman of the Bank of Russia (on the proposal of the President of the Russian Federation) and members of the Board of Directors of the Bank of Russia (on the proposal of the Chairman of the Bank of Russia, agreed with the President of the Russian Federation) ; sends and recalls representatives of the State Duma to the National Banking Council of the Bank of Russia within its quota, and also considers the main directions of the unified state monetary policy and the annual report of the Bank of Russia and takes decisions on them. Based on the proposal of the National Banking Council of the Bank of Russia, the State Duma has the right to decide on the audit by the Accounts Chamber of the Russian Federation of the financial and economic activities of the Bank of Russia, its structural divisions and institutions. In addition, the State Duma holds parliamentary hearings on the activities of the Bank of Russia with the participation of its representatives, and also hears reports from the Chairman of the Bank of Russia on the activities of the Bank of Russia upon presentation annual report and the main directions of the unified state monetary policy.

The Bank of Russia performs its functions in accordance with the Constitution of the Russian Federation and the Federal Law "On the Central Bank of the Russian Federation (Bank of Russia)" and other federal laws. According to Article 75 of the Constitution of the Russian Federation, the main function of the Bank of Russia is to protect and ensure the stability of the ruble, and money emission is carried out exclusively by the Bank of Russia. In accordance with Article 4 of the Federal Law "On the Central Bank of the Russian Federation (Bank of Russia)", the Bank of Russia performs the following functions:

In cooperation with the Government of the Russian Federation develops and implements a unified monetary policy;

Monopoly issues cash and organizes cash circulation;

Is a lender of last resort for credit institutions, organizes a system of their refinancing;

Establishes the rules for making settlements in the Russian Federation;

Establishes the rules for conducting banking operations;

Provides services to budget accounts of all levels of the budget system of the Russian Federation, unless otherwise provided by federal laws, by carrying out settlements on behalf of authorized bodies executive power and state non-budgetary funds, which are entrusted with the organization of execution and execution of budgets;

Implements effective management gold and foreign exchange reserves of the Bank of Russia;

Makes a decision about state registration credit institutions, issues licenses to credit institutions to carry out banking operations, suspends their validity and revokes them;

Supervises the activities of credit institutions and banking groups;

Registers the issue of securities by credit institutions in accordance with federal laws;

Carries out independently or on behalf of the Government of the Russian Federation all types of banking operations and other transactions necessary to perform the functions of the Bank of Russia;

Organizes and implements currency regulation And currency control in accordance with the legislation of the Russian Federation;

Determines the procedure for making settlements with international organizations, foreign states, as well as with legal entities and individuals;

Sets the rules accounting and reporting for the banking system of the Russian Federation;

Installs and publishes official rates foreign currencies against the ruble;

Takes part in the development of the forecast of the balance of payments of the Russian Federation and organizes the compilation of the balance of payments of the Russian Federation;

Establishes the procedure and conditions for the implementation by currency exchanges of activities to organize transactions for the purchase and sale of foreign currency, issues, suspends and revokes permits for currency exchanges to organize operations for the purchase and sale of foreign currency. (The Bank of Russia will perform the functions of issuing, suspending and revoking permits for currency exchanges to organize transactions for the purchase and sale of foreign currency from the date of entry into force of the federal law on the introduction of appropriate amendments to the Federal Law "On Licensing certain types activities");

Conducts analysis and forecasting of the state of the economy of the Russian Federation as a whole and by regions, primarily monetary, monetary, financial and price relations, publishes relevant materials and statistical data;

Performs other functions in accordance with federal laws.

Thus, the Central Bank of the Russian Federation is the regulator of the banking system in the Russian Federation and develops and implements the country's monetary policy.

2.2. The main directions of the development of the economic situation and decisions on the level of the key rate of the Bank of Russia

In Russia in the period 2014 - 2016. external demand will remain a factor holding back economic growth, due to the persistence of cyclically low economic activity in Russia's trading partner countries (in particular, in the euro area). At the same time in medium term a gradual acceleration in the economic growth rates of the trading partner countries is expected and, accordingly, a recovery in external demand.

Projected low growth rates of the global economy, coupled with a probable increase in oil production (including alternative ways) limit the potential for growth in prices for oil and oil products, which are the main Russian exports. Oil prices are expected to rise during 2014-2016. will decline from current levels, remaining in the range of 95 - 105 US dollars per barrel. With prices remaining relatively stable for Russia's main exports and modest increases in import prices, the terms of trade will worsen, which will limit the growth of the Russian economy.

The inflation rate in the countries - trading partners will remain low. Accordingly, the pressure on consumer prices in Russia from imported inflation will be small. In conditions of moderate business activity in 2014 and the first half of 2015, the central banks of developed countries will most likely pursue an extremely loose monetary policy. The US Fed is expected to start raising interest rates not earlier than the second half of 2015, and the ECB - not earlier than the beginning of 2016. The impact of stimulating monetary policy in Russia's trading partner countries on their economies will be limited.

Against the backdrop of a gradual recovery in economic activity in developed countries, a slowdown in growth rates in countries with emerging markets will lead to the preservation of relatively low investor interest in their assets. Under these conditions, at least during 2014, no significant improvement in borrowing conditions on world financial markets is expected for Russian organizations. According to the estimates of the Bank of Russia, the cost of raising funds for domestic companies in the global capital markets may increase. Also unlikely is an increase in the inflow of portfolio investment to countries with emerging markets, including Russia.

Economic growth rates in Russia in 2014 - 2016 will remain low. Consumer demand will continue to be the main source of economic growth, but it will be limited by moderate growth in household incomes. The stabilization of unemployment at a relatively low level in the context of changes in the demographic and educational structure of the labor force will lead to the preservation of positive growth rates of nominal wages during 2014 - 2016. At the same time more low level the planned indexation of wages for employees of the public sector compared to 2013 will limit the growth rate of disposable incomes of the population in 2014-2016. Consumer demand will be supported to a certain extent by the dynamics of retail lending, despite the expected slowdown in the growth rate of loans to the population from 28.7% at the end of 2013 to a level of about 20-22% during 2014-2016. Thus, it is expected that the growth rate of household consumption in 2014 will decrease to 3.1 - 3.3% compared to 4.7% in 2013. In 2015 - 2016 against the background of a general improvement economic situation in Russia and in the world, a slight acceleration in the growth of private consumption is possible.

Some recovery in the growth rate of investment in fixed capital is also predicted, at least against the backdrop of a low base in 2013. In 2014, the annual growth rate of investment in fixed assets will be 1.4 - 1.6% (after a decrease of 0.3% in 2013). In addition, in 2014, Russian enterprises are expected to complete the adjustment of inventories, which was observed in 2013. Thus, gross capital formation will make a positive contribution to the GDP growth. In 2015 - 2016 with gradual improvement investment climate and the mood of producers is expected to further accelerate the growth of investment in fixed assets.

During 2014 - 2016 net exports are likely to continue to make a negative contribution to GDP growth, at the same time, its scale will be insignificant. In 2014, amid a relatively slow recovery in external demand, export growth rates will not exceed 2% (after 3.8% in 2013). At the same time, the growth rate of imports will be largely limited by the slowdown in the dynamics of private consumption and in 2014 will decrease to 3.8 - 4.0% compared to previous period from 5.9% in 2013. In addition, the depreciation of the ruble observed in January 2014, as well as the predicted dynamics of the real exchange rate of the ruble in the face of declining oil prices, will probably also act as factors limiting imports. Later in 2015-2016 some acceleration of import growth rates is expected against the backdrop of a recovery in investment demand. At the same time, in the context of the recovery of global economic growth, the growth rate of exports of goods and services should also increase, which will lead to the preservation of an insignificant negative contribution of net exports to GDP growth rates during 2015-2016.

The impact on economic activity of the dynamics of the ruble exchange rate, observed in the fourth quarter of 2013 - January 2014, is assessed as ambiguous. On the one hand, the weakening of the ruble increases the competitiveness of the Russian economy and can stimulate the export of goods and services. On the other hand, the depreciation of the ruble increases the costs of those enterprises and industries that purchase raw materials, materials and factors of production abroad. These effects differ for different sectors of the economy in scale and direction and can offset each other.

At the end of 2014, GDP growth rates are projected in the range of 1.5 - 1.8%. In the future, some increase in GDP growth rates is possible. In 2015 - 2016 they can be 1.7 - 2.0%. At the same time, a moderately negative output gap is forecast to persist over the course of all three years.

Thus, the forecast for GDP growth has been lowered, which is associated with the receipt of data indicating a more significant slowdown in business activity (primarily investment demand) in Russia in the second half of 2013 compared to the earlier forecast. Despite the lower dynamics of indicators real sector, the observed dynamics of monetary indicators did not significantly deviate from the previously expected. In particular, the growth rate of credit to the economy in 2014 - 2016. forecasted at around 15%.

In 2014, inflation is forecast to fall to target values. In the absence of significant negative shocks, the downward trend in inflation that emerged in January 2014 will continue, and by June 2014 the annual growth rate of consumer prices will decrease to 5.8 - 6.1%. Preservation of relatively high inflation will be due to the dynamics of prices for separate categories food products (livestock products under the influence of high production costs and fruits and vegetables as a result of bad weather conditions for harvesting last year).

In addition, the weakening of the ruble, which occurred in late 2013 - early 2014, may have some pro-inflationary impact. According to the estimates of the Bank of Russia, the transfer of exchange rate fluctuations to inflation can occur within one or two quarters. The contribution of the depreciation of the ruble, observed in the fourth quarter of 2013 and in January-January 2014, to annual inflation in 2014 will be approximately 0.3 - 0.5 percentage points. However, this effect can be compensated in the near future if the exchange rate national currency adjusted to the level determined by the current sustainable trends in the dynamics of the main fundamental factors. In addition, the pro-inflationary effect of the depreciation of the ruble will be largely offset by the influence of a rather low aggregated demand. Thus, the current dynamics of the ruble exchange rate, according to estimates, will not prevent the achievement of the inflation target in 2014.

In the second half of the year, a significant decrease in inflation is expected, which will be due to the exhaustion of supply-side factors, as well as lower rates of indexation of housing and communal services tariffs in 2014 compared to the previous year.

The slowdown in actual inflation as pro-inflationary factors are exhausted is expected to lead to a decrease in inflation expectations, which, along with cyclically low demand, will contribute to lower inflation both in 2014 and in 2015-2016 years.

Chapter 3. Evaluation of the effectiveness of the monetary policy of the Central Bank of the Russian Federation

3.1. Assessment of the implementation of the monetary policy of the Central Bank of the Russian Federation

Based on the assessment of inflationary risks and prospects for economic growth, in January-October 2013 the Bank of Russia did not change the direction of its monetary policy and maintained the level of rates on key liquidity provision operations. At the same time, the Bank of Russia took a number of decisions to improve the system of interest-bearing instruments in order to strengthen the effectiveness of monetary policy. The Bank of Russia announced on September 13, 2013 the introduction key rate- an indicator of the direction of the monetary policy (it became a single rate on the main operations on an auction basis for a period of 1 week). At the same time, the formation of the boundaries of the interest rate corridor of the Bank of Russia, formed by rates on standing operations for a period of 1 day, was completed by lowering rates on overnight loans and loans secured by non-marketable assets and guarantees for a period of 1 day. This decision was preceded by a gradual reduction since April 2013 of a number of rates on liquidity provision operations, aimed, among other things, at forming the upper limit of the interest rate corridor. In order to improve the functioning money market Due to the partial release of marketable collateral received by the Bank of Russia for liquidity provision operations, in July 2013 it was decided to start auctions at a floating interest rate for loans secured by non-marketable assets or guarantees for a period of 12 months. These auctions are irregular. In September 2013, regular auctions were introduced to provide loans secured by non-marketable assets at a floating interest rate for a period of 3 months. The minimum spread to the level of the key rate of the Bank of Russia for these credit auctions was set at 0.25 percentage points.

Table 3.1

Interest rates on the main operations of the Bank of Russia (% per annum)
Purpose	Tool type	Tool		Rate from 16.09.2013
Providing liquidity		Overnight loans
		REPO, currency swap transactions (ruble part), pawn loans
		Loans backed by gold
		Loans secured by non-marketable assets or guarantees
	Operations on an auction basis (minimum interest rates)	Auctions to provide loans secured by non-marketable assets		5.75 (floating)
		REPO auctions	1 day, 1 week
Liquidity absorption	Operations on an auction basis (maximum interest rates)	Deposit auctions
	Standing operations (at fixed interest rates)	Deposit operations	1 day, on demand

Increased exchange rate flexibility, as well as emerging external and internal macroeconomic trends, have led to a decrease in the importance of using required reserve ratios in order to limit the inflow of speculative capital. In this regard, in February 2013, the Bank of Russia equalized the required reserves for all categories of liabilities of credit institutions, setting them at the level of 4.25%3. This decision was neutral in terms of the direction of the monetary policy and the impact on the liquidity of the banking sector.

In January-September 2013, amid a structural liquidity deficit in the banking sector, credit institutions maintained a high demand for Bank of Russia refinancing operations, while the volume of liquidity absorption operations remained insignificant.

The provision of liquidity by the Bank of Russia to credit institutions was carried out mainly through transactions on an auction basis, the limits for which were set based on the liquidity forecast of the banking sector. As the main form of attracting liquidity from the Bank of Russia, credit institutions continued to use REPO auctions for terms of 1 day and 1 week. As of October 1, 2013, the debt on REPO auction operations reached 2.4 trillion. rubles (1.8 trillion rubles as of January 1, 2013), while the average daily value of this indicator for the period since the beginning of the year amounted to 1.8 trillion. rubles (1.1 trillion rubles on average in 2012).

In 2013, due to the lack of securities by certain credit institutions accepted as collateral for REPO transactions with the Bank of Russia, and the insufficiently active redistribution of liquidity in the market, in 2013, the intensity of use by credit institutions of transactions "currency swap" of the Bank of Russia. At the same time, both the frequency of concluding these transactions and their average volume increased, which increased to 73.5 billion rubles from 45.6 billion rubles in the second half of the year on the days of transactions in January-September 2013. 2012, when “currency swap” operations began to be carried out on a regular basis. At the same time, this instrument remained for credit institutions a secondary source of raising liquidity from the Bank of Russia, which they resorted to mainly during the days of increased tension in the money market, including in connection with the onset of the tax period.

In July 2013, the first auction was held to provide credit institutions with loans from the Bank of Russia secured by assets or guarantees at a floating interest rate for a period of 12 months. Volume provided Money according to the results of the credit auction, it amounted to 306.8 billion rubles. In October 2013, regular auctions were launched to provide credit institutions with loans from the Bank of Russia secured by non-marketable assets at a floating rate for a period of 3 months. The volume of funds provided following the results of the first credit auction amounted to 500 billion rubles. The use of these instruments will help mitigate the problem of lack of market collateral for individual credit institutions and improve the manageability of interest rates.

Rice. 3.1. The main instruments of the Bank of Russia for providing and absorbing liquidity (billion rubles)

In January-October 2013, the debt of credit institutions on loans from the Bank of Russia secured by non-marketable assets and guarantees of credit institutions increased from 649.9 billion rubles to 863.7 billion rubles, while only 56.9 billion rubles was arrears on operations on fixed rates. The volume of other refinancing operations at fixed rates (lombard loans, overnight loans, gold-backed loans) in reporting period remained insignificant.

In 2013, the Bank of Russia took a number of measures aimed at expanding the access of credit institutions to refinancing instruments and at improving the technology of transactions. The list of assets accepted as collateral for liquidity provision operations was expanded. On April 15, 2013, the Bank of Russia began concluding REPO transactions with the possibility of replacing collateral, which makes it easier for credit institutions to manage a portfolio of securities used as collateral for Bank of Russia operations. In the second quarter of 2013, REPO auctions began to be held using the mechanism of partial satisfaction of applications, which allowed the Bank of Russia to provide credit institutions with funds in in full within the established limit already following the results of the first auction (subject to sufficient demand).

3.2. Directions for the implementation of the activities of the Central Bank of the Russian Federation in the implementation of an effective monetary policy in 2014-2016.

In 2014, the Bank of Russia continued to pursue its exchange rate policy without hindering the formation of trends in the dynamics of the ruble exchange rate due to the action of fundamental macroeconomic factors, without setting any fixed restrictions on the level of the national currency exchange rate. At the same time, during this period, the Bank of Russia will gradually increase the exchange rate flexibility, including by reducing the volume of Bank of Russia interventions aimed at smoothing fluctuations in the ruble exchange rate, as well as increasing the sensitivity of the boundaries of the operational interval to the volume of interventions by the Bank of Russia, thereby creating conditions for market participants to adapt to exchange rate fluctuations caused by external shocks.

In 2014, work will be completed to create conditions for the transition to a floating exchange rate regime, which implies the abandonment of the use of operational benchmarks of exchange rate policy related to the level of the exchange rate, which will allow the Bank of Russia to concentrate on managing market interest rates for reaching the inflation target. The Bank of Russia will continue to carry out operations on the domestic foreign exchange market associated with the replenishment or expenditure of funds from sovereign funds and allowing the transfer of demand or supply of foreign currency from the Federal Treasury to the domestic foreign exchange market. The Bank of Russia will also retain the right to carry out foreign exchange interventions as part of solving problems of regulating the level of liquidity in the banking sector. This practice does not contradict the concept of a floating exchange rate regime and is successfully used by developed countries that have sovereign funds. In addition, this regime does not exclude the possibility of conducting spot transactions in the foreign exchange market in order to maintain financial stability in the event of shock events.

In the context of increasing the flexibility of chickens-co-formation exchange rate the ruble will be formed under the influence of predominantly market factors, including cross-border capital flows, subject to sharp and hard-to-predict fluctuations following changes in the mood of financial market participants. The consequence of this will be an increase in the uncertainty of the dynamics of the ruble exchange rate in the medium term, which will necessitate further development derivatives market financial instruments to manage the exchange rate risk by economic agents both in the real and in the financial sector.

The Bank of Russia will use the key rate as the main indicator of the direction of monetary policy. At the same time, by January 1, 2016, the Bank of Russia will adjust the refinancing rate to the level of the key rate. Until the specified date, the refinancing rate will not matter as an indicator of monetary policy and will be of a reference nature. Carrying out operations to regulate the liquidity of the banking sector, the Bank of Russia will seek to maintain overnight money market rates close to the key rate. At the same time, interbank lending should play the main role in the redistribution of liquidity among market participants.

Operations of the Bank of Russia on an auction basis for a period of 1 week, the rate for which is the key rate of the Bank of Russia, will remain the main instruments for regulating the liquidity of the banking sector. According to the Bank of Russia, in the coming three-year period, a high need for credit institutions to obtain liquidity from the Bank of Russia will continue, and refinancing operations, namely REPO auctions for a period of 1 week, will continue to act as the main instrument for regulating bank liquidity. In the event of an excess of liquidity (including temporary), the role of the main instrument will be performed by deposit auctions for a similar period. When determining the maximum volumes of provision (withdrawal) of funds using these operations, the Bank of Russia will proceed from the liquidity forecast of the banking sector, striving to meet the need of credit institutions for funds to fulfill reserve requirements and carry out payment transactions.

In order to create conditions for a more active redistribution of funds in the interbank market and improve the efficiency of managing their own liquidity by credit institutions, starting from February 1, 2014, the Bank of Russia will stop holding REPO auctions on a daily basis for a period of 1 day and will use auction-based REPO operations for terms from 1 to 6 days as a “fine-tuning” tool. It is possible to carry out operations with somewhat longer periods during the holidays. Should it become necessary to compensate for the effects of sudden changes in the liquidity level of the banking sector due to the action of autonomous factors or changes in the liquidity demand of credit institutions, the Bank of Russia will promptly make a decision to carry out these operations.

Finding money market rates within the interest rate corridor of the Bank of Russia will be ensured using standing instruments for a period of 1 day: refinancing operations under different types collateral (securities, claims on loan agreements, promissory notes, guarantees, gold, foreign currency) and deposit operations. Interest rates on these transactions will set the upper and lower limits of the interest corridor, respectively. On February 1, 2014, the Bank of Russia suspended all standing operations for periods exceeding 1 day.

In addition to the main liquidity management operations on an auction basis and standing operations, the Bank of Russia will regularly hold auctions to provide loans secured by non-marketable assets at a floating interest rate for a period of 3 months. In addition, as needed, the Bank of Russia will hold auctions to provide loans secured by non-marketable assets or guarantees at a floating interest rate for a period of 12 months, which will be announced in advance. The value of the key rate of the Bank of Russia will be used as a floating component when calculating the cost of loans granted to credit institutions based on the results of credit auctions. The minimum spread to the level of the key rate will be set by the decision of the Board of Directors of the Bank of Russia. The use of these transactions by credit institutions will partially release the market collateral received by the Bank of Russia for the main operations of providing liquidity, which will help improve the functioning of the money market. At the same time, floating rate operations will make it possible to increase the clarity of the interest rate policy signal due to the fact that a change in the key rate of the Bank of Russia will be translated into a change in the cost of funds previously issued by the Bank of Russia to credit institutions.

As an additional tool for regulating the liquidity of the banking sector, the Bank of Russia can use the purchase or sale of assets - securities, gold, foreign currency.

The Bank of Russia will also consider the possibility of introducing other operations to provide liquidity (“liquidity lines”) in order to create conditions for the banking sector to meet short-term liquidity requirements in accordance with Basel III requirements.

One of priority areas development of the system of instruments of the Bank of Russia is to increase the degree of mutual consistency of the parameters for conducting individual monetary policy operations, the operation of the payment system and financial markets. The Bank of Russia will consider the possibility of switching to a single auction for refinancing operations for similar periods using various kinds assets. Work will continue on creating a single collateral pool that will include such assets as securities from the Lombard List of the Bank of Russia, bills of exchange, rights of claim under loan agreements, as well as precious metals and other types of assets.

In the event of a significant shortage of liquidity in the banking sector, the Bank of Russia is recommended to continue using the entire range of refinancing instruments, which involves a combination of both transactions to provide liquidity secured (primarily direct REPO transactions on an auction basis and at a fixed rate), and transactions for loans without collateral.

Expanding the range of refinancing terms (from 1 day to 1 year) will allow the Bank of Russia to manage current liquidity more flexibly and have a stimulating effect on the lending activity of the banking sector and the formation of long-term money market interest rates.

At the same time, in the medium term, the policy of the Bank of Russia should be aimed at further increasing the potential of refinancing instruments secured by collateral as part of the transition to a mechanism for refinancing credit institutions using a single pool of collateral. The Bank of Russia should continue its work aimed at increasing the availability of refinancing (lending) instruments for credit institutions, in particular by expanding the list of assets used as collateral for refinancing operations.

In 2015-2016, the Bank of Russia should continue to interact with the Government of the Russian Federation both in the development of the financial market and in the implementation of the exchange rate policy.

In addition, the Bank of Russia, together with the Ministry of Finance of Russia, needs to develop measures to improve the government bond market, which should help increase the efficiency of using Bank of Russia operations with government bonds. securities to regulate the money supply.

Conclusion

In the course of the study, it was found that the Bank of Russia acts as a special public law institution that has the exclusive right to issue money and organize money circulation. It is not a body of state power, however, its powers, by their legal nature, relate to the functions of state power, since their implementation involves the use of measures of state coercion.

In post-crisis conditions, the Central Bank of Russia is trying to take all measures and implement all the instruments of monetary policy.

In the medium term, it is necessary to orient the system of monetary policy instruments of the Bank of Russia towards creating the necessary conditions for the implementation of an effective interest rate policy.

The Bank of Russia should continue its work aimed at increasing the availability of refinancing (lending) instruments for credit institutions, in particular by expanding the list of assets used as collateral for refinancing operations.

When forming an excess money supply, the Bank of Russia should use OBR operations and operations to sell government bonds from its own portfolio as tools for its sterilization.

The Bank of Russia is also recommended to continue conducting deposit operations as a tool for short-term “binding” of free liquidity of credit institutions. In this case, market instruments for withdrawing free liquidity - deposit auctions, as well as standing instruments - deposit operations at fixed interest rates will be used.

In 2014-2015, the Bank of Russia should continue to interact with the Government of the Russian Federation both in the development of the financial market and in the implementation of the exchange rate policy.

The Bank of Russia, together with the Ministry of Finance of Russia, needs to develop measures to improve the government bond market, which should help increase the efficiency of using Bank of Russia operations with government securities in order to regulate the money supply.

List of sources used

Federal Law of the Russian Federation "On the Central Bank of the Russian Federation No. 86-FZ of 10.07.2002 // SPS "Garant"
Audit of banks: Proc. allowance - 2nd ed. revised and additional / Ed. G.N. Beloglazova, L.P. Krolivetskaya. - M.: Finance and statistics, 2012. - 416 p.
Banking: textbook / Ed. professor V.I. Kolesnikov, Professor L.P. Krolivetskaya - M.: Finance and statistics, 2011. - 464 p.
Banks and banking operations: Textbook for universities / Ed. Professor E.F. Zhukov and others - M: Banks and exchanges, UNITI, 2013. - 471p.
Banking: textbook / Ed. Professor O. I. Lavrushin. - M .: Finance and Statistics, - 576p.
Banking Operations: Accounting and Loan Operations and Agency Services of Banks: Textbook. - Part 2 / Ed. O.I. Lavrushin. - M.: Banks. UNITI, 2010. - 643s.
Golikova Yu.S. Bank of Russia: organization of activities. - M.: DeKa, 2010. - V.1. - 704 p.
Golikova Yu.S. Bank of Russia: organization of activities. - M.: DeKa, 2012. - V.2. - 706 p.
banking competition. /G.O. Samoilov, A.G. Bachalov. - M.: Exam, 2012. - 256 p.
Money, credit, banks: Textbook / Ed. O.I. Lavrushin. - M.: Finance and statistics, 2013. - P.378-398.
Lavrushin O.I. Banking: modern system lending: textbook / O.I. Lavrushin, O.N. Afanasiev, S.L. Kornienko; ed. honored activity Sciences of the Russian Federation, Doctor of Economics. sci., prof. O.I. Lavrushin. - 2nd ed. - M.: KNORUS, 2012. - 256 p.
Rudakova O.S., Rudakov I.V. Banking electronic services. Workshop: Textbook.- M.: Unity - Dana, 2012. - 111s.
State of the Russian banking sector in 2013 // VBR. - 2014. - No. 20(1111) .
State monetary sphere and implementation of monetary policy in the first quarter of 2014 // VBR. - 2014. - No. 36(1127) .
The state of the Russian banking sector in the first quarter of 2014 // VBR. - 2014. - No. 37(1128) .
Usov V.V. Money. Money turnover. Inflation: Proc. allowance for universities. - M.: Banks and stock exchanges, UNITI, 2009. - 544 p.
www.cbr.ru - official website of the Central Bank of the Russian Federation

Annex 1

The structure of the banking system of Russia in 2007-2014

Appendix 2

Liabilities of the Russian banking sector, %

Appendix 3

Russian banking sector assets, %

Banks and banking operations: Textbook for universities / Ed. Professor E.F. Zhukov and others - M: Banks and exchanges, UNITI, 2013. - P.78.

Golikova Yu.S. Bank of Russia: organization of activities. - M.: DeKa, 2012. - V.2. - P.243.

Usov V.V. Money. Money turnover. Inflation: Proc. allowance for universities. - M.: Banks and stock exchanges, UNITI, 2009. - P.102.

Sviridov O.Yu. Banking. Rostov n / a: Phoenix, 2010. - 256 p.

Banking: textbook / Ed. professor V.I. Kolesnikov, Professor L.P. Krolivetskaya - M.: Finance and statistics, 2011. - P.109.

Lavrushin O.I. Banking: a modern credit system: a study guide / O.I. Lavrushin, O.N. Afanasiev, S.L. Kornienko; ed. honored activity Sciences of the Russian Federation, Doctor of Economics. sci., prof. O.I. Lavrushin. - 2nd ed. - M.: KNORUS, 2012.- P. 145.

Banking: textbook / Ed. professor V.I. Kolesnikov, Professor L.P. Krolivetskaya - M.: Finance and statistics, 2011. - P. 233.

Federal Law of the Russian Federation "On the Central Bank of the Russian Federation" No. 86-FZ dated July 10, 2002 // SPS "Garant"

Federal Law of the Russian Federation "On the Central Bank of the Russian Federation" No. 86-FZ dated July 10, 2002 SPS "Garant"

State of the Russian banking sector in 2013 // VBR. - 2014. - No. 20(1111).

The state of the monetary sphere and the implementation of monetary policy in 2013 // VBR. - 2014. - No. 19 (1110) .

The state of the monetary sphere and the implementation of monetary policy in the first quarter of 2014 // VBR. - 2014. - No. 36(1127).

Skripnik Anastasia Ruslanovna

student of the Faculty of Credit and Economics Financial University under the Government of the Russian Federation Moscow, Russian Federation

Annotation: In the article, the author considers the activities of the Central Bank in regulating liquidity, as well as the main regulatory indicators, analyzes the dynamics of indicators of liquidity ratios of systemically important banks.

Keywords: systemically important banks, liquidity, instant liquidity ratio, current liquidity ratio, long-term liquidity ratio, economy, banking system, financial stability

Analysis of the Central Bank of the Russian Federation on the regulation of liquidity of credit institutions

Skripnik Anastasia Ruslanovna

student at Faculty of Lending and Economics Financial University under the Government of the Russian Federation Moscow, Russian Federation

Abstract: In the article the author examined the activities of the Central Bank's liquidity regulation and the basic standard of performance, analyzed the dynamics of liquidity ratios of systemically important banks.

Keywords: systemically important banks, liquidity, instant liquidity ratio, current liquidity, long-term liquidity ratio, economy, banking system, financial stability

Scientific adviser: Morkovkin Dmitry Evgenievich, Candidate economic sciences, Associate Professor of the Department economic theory, FGOBU VO "Financial University under the Government of the Russian Federation".

The main indicators reflecting the performance of a credit institution are indicators of liquidity, profitability, asset quality and financial leverage.

Liquidity characterizes the bank's ability to ensure the timely fulfillment of its monetary obligations to the bank's customers. The balance between profitability and the risk of loss of liquidity, that is, the search for their ideal ratio, is one of the most important and difficult tasks for stabilizing and effectively operating a bank.

Based on the analysis of the theoretical postulates of liquidity management of the banking system, the practice of the Central Bank of the Russian Federation and the leading central banks of the world in order to determine the tools for managing the liquidity of the banking system, it is necessary to identify a number of quantitative indicators, to which liquidity management tools will be directed. Thus, in order to assess the effectiveness of the instruments for managing the liquidity of the banking system of Russia, quantitative indicators that reflect the essence of the liquidity of the banking system are divided into 3 orders.

Liquidity of the 1st order - includes the free liquidity of the banking system, that is, the amount of liquid funds that it can use to ensure the performance of such a function of the banking system as providing liquidity - making instant payments, returning deposits, providing loans. The free liquidity of the banking system is understood as a quantitative indicator of the liquidity of the banking system, which is determined by looking for the difference between the amount of funds of commercial banks placed on correspondent accounts with the Central Bank of the Russian Federation and the amount of formed mandatory reserves.

Liquidity of the 2nd order - includes assets of the banking system with a maturity of up to 30 days, which express the level of current liquidity of banks and are used to repay liabilities, update credit lines, making payments and can be quickly converted into liquidity of the 1st order.

Level 3 liquidity - includes assets with a maturity of up to 1 year, that is, assets that can be turned into the most liquid within one year.

As for the tools of the Central Bank of the Russian Federation for managing the liquidity of the banking system, they should be divided into 3 groups:

1) administrative - liquidity standards, regulatory legal acts of the Central Bank of the Russian Federation;

2) market - standard mandatory reservation, interest rate policy, refinancing operations, operations on the open market, operations for the placement of deposit certificates of the Central Bank of the Russian Federation (liquidity absorption); operations with foreign currency on the interbank foreign exchange market and management of gold and foreign exchange reserves;

3) communication - interviews, press releases, Internet mediation, etc.

Currently, banks calculate liquidity ratios in accordance with Bank of Russia Instruction No. 139-I dated 03.12.2012 “On Mandatory Bank Ratios”. These standards include:

1) The bank's instant liquidity ratio (N2) - determines the minimum ratio of the amount of high liquid assets bank to the amount of liabilities (liabilities) of the bank on demand accounts.

The minimum allowable numerical value of the instant liquidity ratio is 15%.

2) The current liquidity ratio of the bank (N3) regulates (limits) the risk of the bank losing liquidity within 30 calendar days closest to the date of calculation of the ratio and determines the minimum ratio of the amount of the bank's liquid assets to the amount of the bank's liabilities (liabilities) on accounts on demand and with a due date obligations within the next 30 calendar days.

The minimum allowable numerical value of the H3 standard is set at 50%.

3) The bank's long-term liquidity ratio (N4) regulates the risk of a bank losing liquidity as a result of placing funds in long-term assets and determines the maximum allowable ratio credit claims bank with the remaining term to the maturity date of more than 365 or 366 calendar days, to own funds bank and liabilities with a remaining maturity of more than 365 or 366 calendar days.

The maximum allowable numerical value of the H4 standard is set at 120%.

Since 2016, another liquidity ratio came into force - the short-term liquidity ratio. Currently, only those banks that are included in the list of systemically important banks, namely Sberbank, VTB, Gazprombank, UniCredit Bank, Alfa-Bank, FC Otkritie, Rosbank, Promsvyazbank, Raiffeisenbank and Rosselkhozbank, must comply with this standard. The minimum value of the standard for 2016 is 70%, but by 2019 it will reach 100%: the standard level will rise by 10 percentage points annually.

This standard should be applied from 2015, but was postponed several times due to difficulties in accessing long-term resources for banks.

The advantages of the short-term liquidity ratio include the fact that it better takes into account the specifics of banks' own liquidity management than the standards that are used in Russia. This standard is useful not only for large banks leading international activities but also to small credit institutions. It is also very important that in order to comply with the short-term liquidity requirement, banks will be forced to move to an active search for long-term sources funding to improve the quality loan portfolio.

However, the new regulation is not without drawbacks:

during a crisis, reserve assets that are subject to sales restrictions may depreciate significantly, which leads to the disposal of these same assets;
in order to meet the minimum numerical value of the LCL of 80% from 01/01/2017, banks will have to keep on their balance sheets significant amounts of highly liquid assets that do not bring profit, which may affect profitability;
more complex than when calculating the H3 standard, calculation technique, etc.

This paper analyzes the compliance of systemically important banks with the liquidity requirements applied to them, as well as additional capital adequacy requirements for the period from January 1 to September 1, 2016.

Table 1 shows the indicators of the liquidity ratio, which, according to the Instruction of the Bank of Russia dated December 3, 2012 N 139-I "On the mandatory ratios of banks", should be: H2 - at least 15%, H3 - at least 50%, H4 - not over 120%.

On the basis of these data, each indicator was analyzed separately in the form of the ratio of the actual data of the standards for the group of systemically important banks under consideration to the minimum value of the standard established by the Central Bank of the Russian Federation. Thus, it was determined how much the indicator exceeds the standard value.

Considering the instant liquidity ratio, we see that this ratio is much higher than its minimum value. We see this most clearly in the example of FC Otkritie, where the indicator as of January 01, 2016 exceeded the minimum by 17 times, as well as the Russian Agricultural Bank, where the indicator as of February 1 exceeded the minimum by 16 times. Although the excess of the standard in such volumes is rather short-term in nature, because both for FC Otkritie and for Rosselkhozbank, this figure for the next month fell sharply by about 2 times. According to this indicator, among systemically important banks, VTB Bank has the lowest instant liquidity ratio: the ratio was not exceeded by more than 2 times, and on average for the period this indicator amounted to 172% (i.e., an excess of 1.7 times). (Fig.1.)

Next, the dynamics of the current liquidity ratio was analyzed. On average, for all systemically important banks, this indicator exceeded the minimum by 1.9 times (192%). Rosselkhozbank shows the highest value of this standard: as of January 1 and February 1, the excess minimum value 4.7 and 5.1 times, respectively. As for the instant liquidity ratio, for the current liquidity ratio, the lowest value among systemically important banks is observed at VTB Bank, which has the highest ratio value of 63.1% (exceeding the minimum value by 2.6 times). (Fig. 2)

At the next stage, the dynamics of the long-term liquidity ratio was analyzed. It should be noted that in this case, in contrast to the previous two, best score is the smallest. So the best value this indicator observed at Rosbank on November 1 - 38.6%, which amounted to 32.2% of the maximum value of this indicator, set by the Central Bank of the Russian Federation. The highest value of the long-term liquidity ratio, that is, the worst, can be observed at Sberbank, whose average for the analyzed period amounted to 64.91% (54.1% of the maximum value). (fig.3)

From the foregoing, we can conclude that for systemically important banks of the Russian Federation, indicators of instant, current and long-term liquidity ratios are stable, and in general we can state a good result. It is important to emphasize that the banking group in question did not violate any of the indicators under consideration. This once again proves that the system banks chosen by the Central Bank of the Russian Federation are also reliable in terms of liquidity dynamics. However, it should be taken into account that these banks, as well as other commercial banks, functioned in a general recession, but systemic banks received significant funds from the Central Bank of the Russian Federation.

Bibliography:

1. Bass A.B., Burakov D.V., Udalishchev D.P. Trends in the development of the banking system of Russia. M., Russines, 2015.

2. Bank of Russia Instruction No. 139-I dated December 3, 2012 “On Mandatory Banking Ratios”

3. Rudenko A.M. Assessment of the perception of new liquidity standards by Russian commercial banks // Bulletin of Altai Science. 2015. No. 2. S. 224–228.

4. Bank of Russia Ordinance No. 3737-U, dated July 22, 2015, “On the Methodology for Determining Systemically Important Credit Institutions”. www.cbr.ru

5. Central Bank of the Russian Federation [ Electronic resource]: Access mode: www.cbr.ru

6. Federal Law No. 86-FZ of July 10, 2002 (as amended on December 30, 2015) "On the Central Bank of the Russian Federation (Bank of Russia)".

7. Egorova T.N., Shmanev S.V. Public policy And economic processes// Theoretical and applied issues of economics and services. - 2012. - No. 9. - S. 54-62.

8. Egorova T.N., Shmanev S.V., Gerasin O.N. Institutional and synergistic approach to innovation and investment activities // Proceedings of the South-Western State University. Series: Economy. Sociology. Management. - 2012. - No. 2. - P. 239-247.

9. Zvyagin L.S. Practical financial modeling in the problem of optimal distribution of investments // Economics and management: problems, solutions. - 2016. - No. 1. - P. 33-41.

10. Morkovkin D.E. Improving the system of lending to small and medium-sized businesses as a condition for restoring economic growth // Modern Scientific research and innovation. 2016. No. 2 [Electronic resource]. URL: http://web.snauka.ru/issues/2016/02/64935 (date of access: 03/02/2016).

11. Korovyakovsky D.G. Legal and economic aspects of attracting foreign investment V Russian economy// Finance and credit. - 2007. - No. 10. - P. 70-80.

12. Korovyakovsky D.G. Interaction of the Central Bank of the Russian Federation with international financial institutions, foreign central banks and regulatory authorities in the field of banking supervision // Digest Finance. 2009. No. 2. S. 45-48.

13. Korovyakovsky D.G. Legal issues of information interaction of tax authorities with customs and financial authorities of the constituent entities of the Russian Federation, the Ministry of Internal Affairs of Russia and with banks // Accountant and law. 2009. No. 5. S. 28-34.

14. Lavrushin O.I. On monetary and banking policy // Banking. 2008. No. 2. S. 10-14.

15. Lenchuk E.B. Modern instruments of investment support for projects in the field of import substitution // ETAP: economic theory, analysis, practice. - 2015. - No. 3. - S. 25-37.

16. Morkovkin D.E. Development of interaction between the state and business in Russia: state and prospects // Economics in Industry. - 2016. - No. 1. - P. 4–7. – DOI: 10.1707/2072-1663-2016-1-4-7

17. Morkovkin D.E. Tools for long-term financing of the infrastructure development of the Russian economy // Topical issues of economics, management and finance in modern conditions / Collection of scientific papers following the results of the international scientific and practical conference. No. 3 St. Petersburg, 2016. - S. 32-34.

18. Morkovkin D.E., Nezamaikin V.N. Features of applying a systematic approach to modeling the financial and economic activities of the corporate sector / Theory and practice of financial stability management Russian companies: monograph / Ed. prof. K.N. Mingalieva. - M .: Publishing house "Rusigns", 2016. - S. 165-171.

19. Nezamaikin V.N., Yurzinova I.L. Financial management. Textbook. - M.: Yurayt, 2014. - 467 p.

20. Nezamaikin V.N., Yurzinova I.L. Grade financial condition corporations // Bulletin of the Financial University. 2011. No. 1 (61). pp. 22-28.

21. Romanova Yu. Socio-economic aspects of lending in the context of the development of the modern financial and credit system // Social politics and social partnership. 2015. No. 8. S. 56-61.

22. Selyavina E.A. A model for evaluating the effectiveness of development banks at the macro level. Economics. Taxes. Right. 2015. No. 2. P. 135-145.

23. Sorokin D.E. Economic theory, economic reality and economic policy// Journal of Economic Theory. - 2014. - No. 4. - S. 25-39.

24. Sorokin D.E. Conditions for the transition to an innovative type of economic growth // (MIR) Modernization. Innovation. Development. - 2010. - No. 2. - S. 26-36.

25. Management of socio-economic processes and systems in Russia: current state and development prospects: monograph / ed. A.V. Semenov. Moscow un-t im. S.Yu. Witte; Department of Management and Marketing. - M.: ed. "MU im. S.Yu. Witte", 2014. - 534 p.

26. Tsvetkov V.A. Measures to support the population and the real sector of the Russian economy in a crisis // Bulletin of the Financial University. - 2015. - No. 3 (87). - S. 73-78.

27. Shmanev S.V. Management of innovations based on the concept of stratified spaces // Vestnik OrelGIET. - 2007. - No. 2 (2). - S. 71-80.

UDC 336.711

Savinova Evgenia Anatolievna

Candidate of Economic Sciences, Associate Professor.

Bryansk State University named after Academician I.G. joan. [email protected].com Bashlakova Marina Alexandrovna is a 1st year Master's student.

Bryansk State University named after Academician I.G. [email protected].ru Evgeniya A. Savinova

Candidate of economic sciences, associate professor. Bryansk State University named after academician I.G. Petrovsky j oan. [email protected] Marina A. Bashlakova Master of 1 course.

Bryansk State University named after academician I.G. Petrovsky [email protected].ru

ANALYSIS OF THE ACTIVITIES OF THE BANK OF RUSSIA ON REGULATION OF THE BANKING SECTOR

ANALYSIS OF THE BANK OF RUSSIA ACTIVITY ON THE REGULATION OF THE BANKING SECTOR

The article analyzes the activities of the Central Bank of Russia in regulating the banking sector in 2016. The main key trends in the banking system are identified. First of all, it is worth noting a significant reduction in the number of credit institutions. By passive operations banks there is a slight increase in deposits of individuals with a simultaneous reduction in funds corporate clients, which is explained by the general decrease in the level of inflation in the country and, as a result, more low rates on deposits. Despite the instability of the macroeconomic environment, banks recorded high profits in 2016. This is mainly due to income from active operations.

Key words: Bank of Russia, loan portfolio, banking system, inflation, lending, profit, overdue debt.

The article analyzes the activities of the Central Bank of Russia in regulating the banking sector in 2016. The key trends of the banking system are identified. First of all, it is a significant reduction in the number of credit institutions. Passive operations of banks show a slight increase in retail deposits with a simultaneous reduction in corporate customer funds, which is explained by the general decrease in the level of inflation in the country and, as a consequence, by lower deposit rates.

Petrovsky

Despite the instability of the macroeconomic environment, banks recorded a high profit in 2016, mainly due to revenues from active operations.

Keywords: Bank of Russia, loan portfolio, banking system, inflation, lending, profit, overdue debt.

For the Russian banking sector, 2016 turned out to be rather difficult, but in comparison with 2015 it was more optimistic. According to the Central Bank, assets banking organizations in January-November 2016 decreased by 3.2%. This is due to the significant strengthening of the ruble exchange rate and currency revaluation. If we exclude revaluation, then the value of assets will be higher by 0.3%.

The main negative outcome of last year is that banks are reducing the volume of lending to the economy. According to the Central Bank, assets decreased by 3.5% (excluding the exchange rate, a slight increase of 1.9% was recorded), loans to the economy - by 6.9% (-2.4%); loans to non-financial organizations - by 9.5% (-3.6%).

Overdue debt during 2016 remained at a moderate level. The maximum value (5.9%) of the delay showed in August 2016. The volume of overdue debt on the corporate portfolio decreased over the year by 8.9%, and on retail - by 0.7%.

the share of overdue debt on loans to non-financial organizations increased slightly over the year from 6.2% to 6.3%, and retail loans even decreased from 8.1 to 7.9%. This indicates an improvement in the quality of the loan portfolio of Russian banks. According to the forecasts of the Bank of Russia, in 2017 overdue debt may decrease by 0.5-0.9 percentage points. In 2016, the deposits of the population increased by 4.2% (+9.2%), while the deposits and funds of organizations in the accounts decreased by 10.1% (2.8%) . The main reason for such dynamics can be considered the strengthening of the Russian currency and the subsequent currency revaluation. In December, the growth of deposits of individuals is traditionally observed. This is mainly due to the growth of deposit rates and the receipt of the “13th salary”.

In 2016, the recovery of the country's banking system continued. The Bank of Russia revoked 96 licenses, in addition, 15 cases of voluntary surrender of licenses due to merger and liquidation should be taken into account.

Let's highlight the main trends in the development of the banking sector of the Russian Federation in 2016

1. Decrease bank rates. During the year, there was a gradual decrease in rates for both active and passive operations of banking organizations. At the same time, rates on deposits decreased by an average of 1.5-3 percentage points for individuals and by 1-1.5 for the corporate sector, and on loans - by 1-2 percentage points for both individuals and legal entities. .

2. Active cleaning of the banking sector from inefficient banks. the fight against credit institutions with low-quality assets on their balance sheets or conducting suspicious transactions. Behind

In 2013, the Central Bank withdrew 36 licenses, in 2014 - 87, in 2015 - 93. In 2016, 96 banks lost their licenses. Along with small banks, in 2016, such big banks from TOP-100 in terms of assets as Vneshprombank, CB INTERKOMMERS, CB RosinterBank, JSCB VPB and CB BFG-Credit, whose assets as of January 1, 2016 amounted to 267, 110, 93, 80 and 68 billion rubles, respectively. In 2017, high rates of clearing the banking sector of dubious banks remain. In the first quarter of 2017, 14 credit institutions lost their licenses, including PJSC Tatfondbank, CB ROSENERGOBANK, JSCIB Obrazovanie.

With the advent of Elvira Nabiullina to the post of head of the Bank of Russia in 2013, work to improve the banking sector has intensified sharply. As of March 1, 2017, about 967 credit institutions were registered in Russia (as of January 1, 2016 - 1021; as of January 1, 2001 - 2124).

3. Significant growth in profits of the Russian banking sector. “A significant positive result of 2016 was an almost five-fold increase in comparison with 2015 in the profits of credit institutions (930 billion rubles and 192 billion rubles, respectively),” says the review “On the dynamics of the development of the banking sector of the Russian Federation in December and the results of 2016”, which the Central Bank issued on January 25, 2017. The significant growth in banking sector profits in 2016 was largely due to the low base effect, since 2015 was one of the most unfortunate years for the Russian banking system after the crisis period of 2008-2009.

In general, the recovery of profit in 2016 became possible, first of all, due to the reduction of expenses for creating provisions for losses. According to the Bank of Russia, the balance of reserves for possible losses has increased since the beginning of the year by 3.5%, or by 188 billion rubles, while in 2015 the growth was 33.4%, or by 1.352 trillion rubles. .

Profit growth was also supported by the decrease in interest rates under the influence of the emerging liquidity surplus in banking sector, which made it possible to refinance the expensive funding of 2015 and reduce interest expenses. More than half of the sector's profits came from just one credit institution - Sberbank, analysts point out. The largest bank in the country reported growth net profit according to Russian accounting standards in 2016 by 136.7%, to 516.988 billion rubles.

Due to the constant revocation of bank licenses in Russia, it is becoming smaller, and the number of customers is more or less constant, as a result, those who remain on the market receive an increase in the client base, and often an increase in the number of offices, employees, equipment, and some know-how.

Overall strong earnings growth recent months give reason to believe that in 2017 the profit of the banking sector will cross the threshold of 1 trillion rubles.

Thus, in 2016, the Russian banking sector developed under difficult conditions: high inflation, a decline in GDP, limited

access to external financial markets. Together with the Government, the Bank of Russia developed and implemented a set of measures to stabilize the banking sector and maintain lending to priority sectors of the economy.

In 2017, the Bank of Russia continued to supervise the activities of credit institutions. The regulatory framework is being improved, the efficiency of banking supervision is increasing, and the banking services sector is being revived.

LITERATURE

1. Central Bank of the Russian Federation [Electronic resource]. - Access mode: www.cbr.ru

2. Bespalova O.V., Faradzhova A.S., Shibanov I.A. Deposit policy commercial bank at a new stage in the development of the banking system of the Russian Federation // Economics and Entrepreneurship. 2017. No. 2-1 (79-1). pp. 484-488.

3. Kovalerova L.A., Savinova E.A. Current state and development prospects pension reform in the Russian Federation// Economics and Entrepreneurship. 2017. No. 1 (78). pp. 812-819.

4. Savinova E.A. Modern methods assessing the quality of loan debt // In the collection: management of socio-economic systems and legal research: theory, methodology and practice. Collection of scientific papers of the international scientific and practical conference of teachers, graduate students and students. 2017. S. 394-402.

5. Baranova I.A. Economic basis local self-government // Integration of Sciences. 2017. No. 2 (6). pp. 18-20.

6. Anokhina Ya.V., Baranova I.A. Development of the "green" economy in Russia // In the collection: Comprehensive development rural territories and innovative technologies in the agro-industrial complex materials of the II international part-time scientific, methodological and practical conference. 2016. S. 253-257.

7. Kovalerova L.A., Kuftov K.S. Problems of formation local budgets and possible ways to solve them In the collection: Science in the modern world, a collection of materials of the VI-th international scientific-practical conference. 2017. S. 66-69.

8. Nazarova O.G., Muravyova M.A., Tachkova I.A. Management of economic culture as a need for innovative bio-socio-economic development of society and personality // Science of Krasnoyarsk. 2016. No. 3-3 (26). pp. 138-145.

9. Savinova E.A., Kovalerova L.A. Using ratings to assess the creditworthiness of banks // Polythematic network electronic scientific journal of the Kuban State Agrarian University (Scientific journal of KubGA U) [Electronic resource]. - Krasnodar: KubGA U, 2017. - No. 3 (127). - Access mode: http://ej.kubagro.ru/2017/03/pdf/22.pdf

10. Baranova I.A. Models of economic growth in Western Europe and the USA: comparison and analysis // Economics. Sociology. Right. 2016. No. 4. P. 9-13.

11. Bespalov R.A., Stepina O.A., Tkacheva Yu.A. Features of the credit policy of a commercial bank in modern conditions // Economics and Entrepreneurship. 2017. No. 2-1 (79-1). pp. 545-548.

12. Glushak N.V. Scientific and theoretical analysis of scenario forecasts for the development of the Russian economy // Yearbook of the Research Institute of Fundamental and applied research. 2016. No. 1 (8). pp. 151-160.

1. The Central Bank of the Russian Federation. - Access mode: www.cbr.ru

2. Bespalova O.V., Faradzhova A.S., Shibanov I.A. Deposit policy of a commercial bank at a new stage in the development of the banking system of Russia// Economics and Entrepreneurship. 2017. No. 2-1 (79-1). P. 484-488.

3. Kovalerova L.A., Savinova E.A. Current state and prospects for the development of pension reform in the Russian Federation // Economics and Entrepreneurship. 2017. No. 1 (78). P. 812-819.

4. Savinova E.A. Modern methods of assessing the quality of loan debts // In the collection: Management of socio-economic systems and legal research: theory, methodology and practice. Scientific practical conference of teachers, post-graduate students and students. 2017. P. 394-402.

5. Baranova I.A. The economic basis of local self-government // Integration of sciences. 2017. No. 2 (6). P. 18-20.

6. Anokhina Ya.V., Baranova I.A. Development of the "green" economy in Russia // The II international full-time correspondence scientific-methodical and practical conference. 2016. P. 253-257.

7. Kovalerova L.A., Kuftov K.S. Problems of the formation of local budgets and possible ways to solve them In the collection: Science in the Modern World, a collection of materials of the VI International Scientific Conference. 2017. P. 66-69.

8. Nazarova O.G., Murav "eva M.A., Touchkov I.A. Management of economic culture as a need for innovative bio-socio-economic development of society and personality // Science of Krasnoyarsk. 2016. No. 3-3 (26). P. 138-145.

9. Savinova E.A, Kovalerova L.A. Use of ratings to assess the creditworthiness of banks // Scientific Journal KubGUU). - Access mode: http://ej.kubagro.ru/2017/03/pdf/22.pdf

10. Baranova I.A. Models of economic growth in Western Europe and the USA: comparison and analysis //Economics. Sociology.Right. 2016. No. 4. P. 9-13.

11. Bespalov R.A, Stepina O.A, Tkacheva Yu.A. Features of the credit policy of a commercial bank in modern conditions // Economics and Entrepreneurship. 2017. No. 2-1 (79-1). P. 545-548.

12. Glushak N.V. Scientific-theoretical analysis of scenario forecasts for the development of the Russian economy // Yearbook of the Research Institute of Fundamental and Applied Research. 2016. No. 1 (8). P. 151-160.

In the first half of 2012, the volume of GDP increased by 4.5%. Economic growth was mainly driven by increased domestic demand. In January-September, the GDP growth rate was estimated at about 4%.

Household spending on the purchase of goods and services in January-September 2012 increased by an estimated 6.8%. The volume of investments in fixed assets exceeded the level of the corresponding period of the previous year by 7.2% (in January-September 2011 - by 5.0%).

The unemployment rate in September 2012 was 5.2% of the economically active population (6.0% a year earlier). Against the backdrop of high world prices for energy products, budget revenues increased, while the uniformity of spending budget funds improved over the course of the year. fiscal year. As a result, the federal budget surplus in January-September 2012 amounted to 1.4% of GDP (in January-September 2011 - 2.9% of GDP).

In January-May 2012, inflation continued to slow down, which began in mid-2011 (on a monthly basis against the corresponding month of the previous year). In June, it began to grow and in September exceeded the upper limit of the target for 2012 (5-6%).

According to the assessment, the output of goods and services was close to the potential level. Growth in prices for non-food products excluding gasoline, which is the least affected by various factors, has slowed down; According to estimates, their growth rates decreased from 5.9% in January 2012 to 5.4% in September (on a monthly basis against the corresponding month of the previous year).

In the second half of 2011 - early 2012, the slowdown in consumer price growth was significantly affected by the favorable situation in the domestic and world agricultural markets. In April 2012, the growth rate of food prices reached its historical minimum (on a monthly basis against the corresponding month of the previous year), amounting to 1.2%.

In addition, the decrease in inflation was affected by the postponement of the indexation of administratively regulated tariffs from January to the third quarter current year. As a result, during the first five months of the year, the growth rate of consumer prices decreased, reaching in April-May the minimum value for the entire observation period - 3.6% (against the comparable months of the previous year). Core inflation fell from 6.0% in January to 5.1% in May.

However, food prices accelerated in May-September. In September 2012, food products were 7.3% more expensive than in the comparable month of the previous year (in September 2011 - by 6.4%). Non-food products and paid services, including housing and communal services, rose in price in September 2012 compared to the comparable month of the previous year to a lesser extent than in September 2011. In general, inflation increased to 6.6%, core inflation - up to 5.7%.

Inflation data is presented in Table 1.

Table 1 - Dynamics of inflation in the consumer market and core inflation (in % to the corresponding month of the previous year)


	inflation	Inflation	inflation	Inflation	inflation	Inflation	inflation	Inflation








September

The balance of payments of the Russian Federation in January-September 2012 was formed under the influence of favorable international market conditions for the main Russian export goods. Against the background of a significant current account surplus in the conditions of a moderate investment demand in the economy, prerequisites have developed for intensifying the outflow of private capital.

The growth of international reserves, taken into account in the balance of payments, in January-September 2012 amounted to 21.1 billion. US dollars. The main factors behind the increase in reserve assets were interventions in the foreign exchange market, proceeds from the placement of Eurobonds by the Russian Ministry of Finance and the sale of a stake in Sberbank of Russia, the transfer of customs duties, as well as other operations of the Government of the Russian Federation and the Bank of Russia.

Taking into account currency and market revaluations, as well as other changes, the international reserves of the Russian Federation as of October 1, 2012 amounted to 529.9 billion US dollars.

In the context of increased exchange rate flexibility, the accumulation of net international reserves by the Bank of Russia slowed down, the growth of which in January-September 2012 amounted to 21.5 billion US dollars (for the same period in 2011 - 24.3 billion US dollars). The decrease in the role of the foreign exchange channel in the formation of the monetary base resulted in a reduction in the emission effect foreign exchange interventions up to 0.2 trillion. rubles in January-September 2012.

Under the current conditions, the increase in the money supply from the side of the monetary authorities was mainly due to the expansion of gross credit to banks, the growth of which in the nine months of this year amounted to 1.2 trillion. rubles.

Taking into account the decisions taken by the Bank of Russia and the emerging macroeconomic situation, certain indicators were revised monetary program for the current year. An assessment of the indicators of the monetary program for 2012 is given in Table 2.

Table 2 - Evaluation of indicators of the monetary program for 2012 (billion rubles)

				Growth for 2012 (estimate)
Monetary base (narrow definition) Cash in circulation (outside the Bank of Russia) Required reserves


Net international reserves - in billions of US dollars

Net domestic assets
Net Credit to General Government Net credit to the federal government Balances of the consolidated budgets of the constituent entities of the Russian Federation and state off-budget funds on accounts with the Bank of Russia


Net credit to banks Gross credit to banks

Correspondent accounts of credit institutions, bank deposits with the Bank of Russia and other instruments for absorbing free banking liquidity
Other net unclassified acts

When making decisions on interest rate policy, the Bank of Russia is guided by mid-term assessments of inflationary risks, the dynamics of inflationary expectations, assessments of economic growth prospects, and also takes into account changes in other factors. It takes into account the absence of a significant impact on inflation from the demand side in the context of maintaining aggregate output close to its potential level, the non-monetary nature of the short-term slowdown in inflation in the first half of the current year and its growth in the second half of the year, as well as the tightening of monetary conditions.

Based on the analysis of these and other factors, in January-August 2012, the Bank of Russia did not change the direction of its monetary policy - the refinancing rate and interest rates on major operations (except for rates on "currency swap" transactions) were maintained at the level set since December 26, 2011. In Q3 2012, against the backdrop of growing inflation and inflationary expectations, the risks of exceeding the medium-term inflation targets of the Bank of Russia increased. Therefore, the Bank of Russia decided to increase the refinancing rate and interest rates on its operations by 0.25 percentage points from September 14, 2012.

In October 2012, the Bank of Russia, taking into account the stabilization of the growth rate of credit to the economy and signs of a cooling in business activity, kept the rates on its operations unchanged.

In order to increase the effectiveness of the interest rate policy, the Bank of Russia during the period under review took decisions aimed at limiting fluctuations in short-term interbank market rates and improving the operational procedure of monetary policy. Interest rates on Bank of Russia operations in 2012 are shown in Table 3.

Table 3 - Interest rates on operations of the Bank of Russia in 2012 (% per annum)

	tool	Tool		The value of the bet with
	tool	Tool
Providing liquidity		Overnight loans
		Transactions "currency swap"
		Lombard loans	1 day, 1 week
		Direct REPO
		Loans backed by gold	Up to 90 days
			91 to 180 days
			181 to 365
		Loans secured by non-marketable assets or guarantees	Up to 90 days
			91 to 180 days
			181 to 365
	Operations on open (minimum interest	Direct repo auctions
		Lombard auctions, direct REPO auctions


Liquidity absorption	Operations on open (maximum interest	Deposit auctions
	Operations on open (maximum interest	Deposit auctions
	Standing operations (at fixed interest rates)	Deposit operations	1 day, 1 week, 1 in demand
Reference:
Refinancing rate 8.00 8.00 8.25

In June 2012, by decision of the Board of Directors of the Bank of Russia, interest rates on FX swap transactions were reduced (to 6.5% for the ruble part of transactions and to 0% for the currency part of transactions). The revision of interest rates on “currency swap” transactions helped to maintain money market rates during periods of increased market tension within the interest rate band of the Bank of Russia.

Changes in the state of liquidity in the banking sector had a significant impact on the dynamics of short-term money market interest rates. Accumulation at the end of 2011 of a significant amount of funds on correspondent and deposit accounts of credit institutions (due to the seasonal increase in budget expenditures in December), as well as an increase by the end of the year in the debt of credit institutions on medium-term refinancing operations led in January-February 2012 to a noticeable increase in the level of liquidity. As a result, during the specified period, short-term interbank market rates were close to the fixed rate on deposit operations of the Bank of Russia, which forms the lower limit of the interest rate corridor. In 2012, the situation in the Russian market of interbank loans (IBK) remained stable. The average monthly spread between the rate on loans to banks with a speculative credit rating MIACR-B and the rate on loans to banks with a high credit rating MIACR-IG on overnight ruble interbank loans in January-September 2012 did not exceed 45 basis points. The share of overdue debt on ruble-denominated interbank loans placed with resident credit institutions in January-September 2012 was no more than 0.5%. In I-III quarters of 2012, non-price terms of bank lending for the main categories of borrowers changed in different ways. In the retail lending segment, banks increased the maximum term and amount of loans. There was also some relaxation of the requirements for financial position borrower and loan collateral. In the segment of lending to non-financial organizations, banks pursued a more cautious policy, tightening the requirements for the financial position of borrowers - legal entities, especially large corporate borrowers.

The maximum term and amount of credit almost did not increase, and in some periods they decreased.

CREDIT
CREDIT ORGANISATION
LOAN OPERATION
BANKING SYSTEM

The article considers the dynamics of banking institutions, the dynamics of loans issued by banks, as well as interest rates on loans.

Analysis of indicators of financial and economic activity of the enterprise
Creditworthiness assessment of borrowers as a method of reducing credit risk
Problems and prospects of investing in agriculture

The level of provision of the population with commercial banks and branches in Russia is currently quite high, although Russia lags far behind most developed countries.

Decline in the growth rate of the banking system of the Russian Federation in 2015-2017 noticeable by the decrease in the number of registered and operating credit institutions (hereinafter CIs). Let's take a closer look at the dynamics of changes over three years in Table 1.

Table 1. Dynamics of the number of registered and operating credit institutions (pieces)

Credit organizations				Change


CI registered by the Bank of Russia or based on its decision by an authorized registering body, total Including:

Non-banking KOs
Operating CIs entitled to carry out banking operations, total Including:

Non-banking KOs

Source: based on materials

Thus, Table 1 generally reflects the negative dynamics in the number of credit institutions registered by the Bank of Russia and operating. At the end of 2017, the number of registered credit institutions decreased by 2.7% compared to the previous reporting period (that is, their number decreased by 28 institutions). At the same time, the downward trend is noticeable only in the number of registered banks. In turn, non-bank credit institutions increased in their number both at the end of 2016 and at the end of 2017, but only by 1.4% (per one credit institution).

It follows from this that the dynamics of the number of operating credit institutions that have the right to carry out banking operations is also negative. At the end of 2016, the number of operating banks decreased by 8.8% (by 76 organizations). At the end of 2017, the downward trend in the number of operating banks continued, thus reporting date this number was already 13% (in absolute terms, the number decreased by 102 units). The number of non-bank credit institutions at the end of 2016 also decreased by 20.3% (by 13 units), but already at the reporting date of the next period, their number increased by 1.9% (by one institution).

Credit operations are the most important income-generating item in the activities of Russian banks. Due to this source, the main part of the net profit deducted in reserve funds and going to pay dividends to shareholders of the bank. At the same time, bank loans are the main source of replenishment. working capital for enterprises of the real sector of the economy. Credit operations, playing an important role in the development of banks and other organizations, determine the efficiency of the country's economy as a whole.

Behind Lately the population began to turn to the bank for credit operations more and more often.

In order to trace the dynamics of issued loans, it is necessary to compare the banks that are included in the "Top 10 banks by assets" for 2015-2017.

Table 2. Dynamics of loans issued by leading banks for 2015-2017, million rubles

From the data presented, it can be concluded that Sberbank of Russia has been made the most loans. VTB Bank consistently occupies the second position. In 2017 compared to previous year, all banks show positive growth except for FC Otkritie and Alfa-Bank.

For clarity, let's consider loans issued to the population by districts.

Table 3. Dynamics of loans issued by commercial banks in the Russian Federation to individuals and legal entities for 2014-2016 by districts, million rubles


	Phys. faces	Legal. faces	Phys. faces	Legal. faces	Phys. faces	Legal. faces
Central Federal District
Northwestern Federal District

North Caucasian Federal District
Privolzhsky Federal District
Ural Federal District
Siberian Federal District
Far Eastern Federal District
Crimean Federal District

Source:

From the presented data, we can conclude that the Central Federal District occupies the leading position in terms of the volume of loans issued. The second place is occupied by the Volga Federal District in terms of the volume of loans issued - 15,724,661 million rubles. They are followed by the Northwestern Federal District - 12,531,819 million rubles.

The smallest amount of loans issued by commercial banks in the Russian Federation to individuals and legal entities in 2015-2017. in the Crimean Federal District - 104,926 million rubles.

Consider the dynamics of loans provided directly individuals in table 8.

Table 4. Dynamics of loans granted to individuals (million rubles)

Source: based on materials

Based on the data in Table 4, it can be seen that in 2016 there was a tendency to reduce the number of loans issued to individuals in rubles, that is, the amount of loans issued decreased by 151,116 million rubles. (1.8%). At the same time, the amount of loans issued in foreign currency and precious metals increased in absolute terms by 2,675 million rubles. (1.6%). At the end of 2017, a sharp deterioration in the situation is visible, both in terms of loans issued in foreign currency and precious metals, and in rubles. Thus, the amount of loans issued to individuals in rubles decreased by 31.9% or by 2,695,666 million rubles, while the amount of loans in foreign currency and precious metals decreased by 43.2% or by 72,706 million rubles. in absolute terms. The reason for this was the collapse of the national currency, since even stressful business plans were not drawn up for the current value of the national currency.

One of the reasons why people stop taking loans is the loss of distrust in banks due to the current situation in the banking sector. But the main reason is the increase in the cost of loans issued by banks, that is, an increase in interest rates.

Consider the weighted average interest rates on loans granted by credit institutions to individuals in rubles.

Table 5. Average weighted interest rates on loans provided by credit institutions to individuals in rubles, % per annum