In the article we will talk about the State Bank of Russia. We will look at the history of this institution in great detail, and also talk about its current state and learn about who it reports to. What is it about?

Let's start with the fact that the State Bank of Russia is a central bank that was created in 1860 on the basis of the State Commercial Bank. In the same year, in the spring, the main provisions of the reorganization and the charter of the establishment were approved by Alexander I. The organization is considered the main bank of pre-revolutionary Russia.

Background

Note that the first State Bank was created in the spring of 1762 by Peter III, who wanted to issue banknotes. The bank existed only legally, but in fact it was not considered created, since a little more than 30 days after the decree on the creation of the bank, Peter III was overthrown from the throne as a result of a coup. Thus, a number of banks were created in the Russian Empire, the name of which included the word “state”, but none of them performed the basic functions of the Central Bank.

History of the State Bank of Russia

Created in 1860, the State Bank was the central government agency. Initial capital amounted to 15 million rubles, it consisted of a state and commercial loan. The reserve capital totaled only 30 million rubles, 1 million of which came from the above-mentioned sources. According to the charter, the main part was to be formed through deductions from profits. The State Bank of Russia quickly became the most important element of management in the region economic policy. Note that this was an institution for urgent and medium-term lending (up to 9 months). Lending to industry and trade took place through offices and branches. Note that when the State Bank of Russia was created, about 7 offices of the State Commercial Bank were transferred to it. As of 1917, the institution already included 42 agencies, 11 offices, 55 temporary and 133 permanent branches.

1860-1880: the state of the banking sector

We learned a little about what kind of state banks there were in Russia, now let’s talk about what happened to the main lending institution. According to the charter, it was created to strengthen the monetary credit system and revitalization of trade. However, a huge part of the resources at the initial stage was absorbed by the financing of the treasury and the maintenance of operations to liquidate pre-reform banks. In addition, the State Bank performed a number of functions that were supposed to belong to the apparatus of the Ministry of Finance. So, he was involved in large operations and office work, supported the Peasant Land Bank and the State Noble Land Bank. At the same time, he took a vital part in the creation of the entire banking system of the country. Thanks to his support, the Mutual Credit Society and the first joint stock banks.

Operations

The operations were short- and medium-term, as we noted above. The first consisted of discounting bills, buying and selling silver and gold, receiving payments, accounting for government interest-bearing securities, accepting deposits, maintaining time-sensitive money documents, making loans and purchasing securities.

However, the term of the loans issued did not exceed 9 months. The collateral could be paid shares, interest-bearing securities, silver and gold bullion, foreign coins, and goods. However, loans on such collateral were no higher than 75 and 85% of their price at the last rate. Accounting for bills of exchange was permitted only if they were based on actual trade transactions. At the same time, the bank could give small loans, but had to take into account the level of their reliability. Note that the State Commercial Bank did not have the right to issue small vessels in order to avoid losses.

Jurisdiction

However, to whom is the State Bank of Russia subordinate? According to the charter, it was subordinate to the Ministry of Finance. In addition, its activities were monitored by the Council of State Credit Institutions. Important issues were resolved through the office. It is believed that the main boss was the Minister of Finance.

At the same time, all management issues were assigned to the bank’s management, which consisted of the chief manager, his deputy, 3 deputies and 6 directors.

Structure

The First State Bank of Russia worked together with the loan and accounting committees. Their members were elected for 2 years from the merchants of St. Petersburg of the first and second guilds. They were required to evaluate incoming bills, goods, and determine the creditworthiness of potential clients. From 1860 to 1870, the bank invested the bulk of its resources in guaranteed securities. It also continued to issue short-term and long-term loans from the state treasury. That is why in 1879 the debt amounted to more than 470 million rubles. It was paid in full only in 1901.

Activity

At that time, deposits in Russian state banks were still underdeveloped, but operations such as the purchase and sale of securities, loans, and bill discounting developed very quickly, and the actual lending to the commercial and industrial complex occurred precisely thanks to the issuance of loans and bill discounting. Note that until 1875, the bank directed more than 28% of its resources to the commercial and industrial complex, and by 1880 this figure increased to 53%. Over the next 10 years - up to 63%. It must be said that the bulk of the loans that were issued against interest-bearing securities were another way of financing the cauldron. To strengthen monetary system there was regular buying and selling of expenses.

Exchange

Note that from 1862 to 1863. exchange of credit notes for coins was carried out. This operation was prepared by E. Lamansky. It began in the spring of 1862. It was supposed to exchange credit notes at the rate of 570 kopecks. for a half-imperial in gold. In the future it was planned to establish an exchange rate of 100 kopecks. for 1 rub. coin However, as it turned out later, this was not the best moment for such actions. In the winter of 1863, there was an uprising in Poland, which caused a sharp increase in the demand for gold. Against this background, sales of Russian securities fell, after which the bill exchange rate of the ruble began to decline. In the fall, a long-restrained panic began on the St. Petersburg Stock Exchange. The exchange of credit notes for coins was stopped in the middle of winter 1863, since the continuation of this operation could result in the complete ruin of the exchange fund.

Tracing bills

From 1861 to 1866 operations on tracing bills were carried out. Despite the fact that this operation was not provided for in the charter, it was carried out under the personal responsibility of the then manager A. Stieglitz. Note that the operation was carried out separately from all accounts and was reflected only in the bank’s balance sheet.

Gold accumulation

Since 1867, active accumulation of gold reserves began. An order was received to accept coin as payment. It was allowed to take not only Russian, but also foreign coins, as well as silver and gold bullion. At the same time, prices were set by the State Bank of Russia. The collected coin was sent to the fund, thanks to which it increased more than 3 times within 1 year. Note that periodically in the courtyard of the bank building there was a public burning of credit notes and redeemed interest-bearing papers. At the same time, the State Bank of Russia accepted the coins with great joy.

1890s

At this time it was introduced the new kind loans, namely loans through intermediaries. The rationing of securities transactions was also abolished. The management organization of the bank has changed. It ceased to operate under the supervision of the Council of State Credit Institutions. Management was entrusted to the Council, which became a worthy replacement for the Board.

Currency reform

In 1895 it began currency reform, which lasted until 1897, as a result of which the State Bank became the emission center of Russia. Subsequently, his tasks were to regulate monetary circulation. The main goal was to maintain the sustainability of the new system. Operations with government securities were actively developing. Gradually, the creation of exchange syndicates and consortiums began. At the beginning of the last century, a strong crisis broke out, caused by a tense political situation. There was a rapid rediscounting of bills of exchange, which was positioned as an additional measure to overcome the crisis. Before the First World War, the bank greatly valued the preservation of its gold fund, but the situation changed after it.

Further development

Since the Provisional Government came to power, the bank has often suffered certain losses. The new government increased the issue of money, but despite this there was still not enough money. This led to monetary starvation and crisis. As a result, severe inflation began. Despite this, even after the October Revolution the bank managed to maintain its basic functions central credit institution. In 1917, banking received a state monopoly.

List of state banks in Russia

In terms of trust, Sberbank ranks first. State credit institutions also include VTB, Rosselkhozbank, Gazprombank, Globex, Kraiinvestbank, and Eximbank. These are the most famous such institutions that enjoy great trust among the population. However, one must understand that the list of state banks in Russia is somewhat larger, but there is no point in listing it here in full. You must understand that the situation may change, but we have provided current information for 2017.

But who owns the State Bank of Russia? In principle, it is completely dependent on the state, but as recent events show, its work can be strongly influenced external factors. The federal law states that the bank is not obliged to obey orders of the Ministry of Finance, the State Duma or the president. In addition, it is almost impossible to dismiss the chairman of this institution until his term of office expires, even if he does his job poorly. Based on the provisions of the law, we understand that there is a certain structure that should actually be subordinate to the Central Bank - this is the International Monetary Fund.

Coins

Note that the Central Bank issues coins in denominations of 1 kopeck, 5 kopeck, 10 kopeck, 50 kopeck, 1 ruble, 2 ruble, 5 ruble, 10 ruble. Each coin has a characteristic imprint. It is worth saying that for 1 kop. and 5 kopecks. are made in the form of a white metal disc, while the 50 kopeck coin. made of yellow material. 1 rub., 2 rub., 5 rub. created from a white disc with a protruding edging. Coin with a face value of 10 rubles. made of yellow metal.

So we looked at a short history creation of the main credit institution of our country.

Plays in the speakers - Chingford Attack - Dirty White Whore

State Bank of the Russian Empire

From the history of the Bank of Russia

The State Bank of the Russian Empire was founded by Decree of Emperor Alexander II of May 31, 1860. Formally, it was transformed from the State Commercial Bank, created in 1817. We can say that the State Bank traces its ancestry back to the first state banks in Russia (1754). During numerous transformations, banks maintained continuity and traditions. Even the “Oath Promise” of employees of the State Bank in text was practically no different from the oath of allegiance that was given by employees of state banks during the times of Catherine II.

Simultaneously with the signing of the Decree on the founding of the State Bank, Emperor Alexander II approved its Charter. According to the Charter, the new institution was a bank for short-term commercial credit, designed to promote “strengthening the credit system” and “revitalizing trade turnover” in the country. The main ideologist of the new State Bank was the famous economist and geographer E.I. Lamansky, son of the director of the Credit Office, author of works on the history of Russian monetary circulation. E.I. Lamansky envisioned the organization of the State Bank of the Russian Empire on the model of the Bank of France, providing for its relative independence from the government and the provision of issuing rights. However, Russia's top bureaucratic officials were skeptical of his idea of ​​a “state-owned joint stock company,” as a result of which the rights of the State Bank were significantly curtailed. Until 1897, it did not have the right to issue, having only permission to “temporarily issue” small volumes of credit notes.

The State Bank remained under the authority of the Ministry of Finance, and its tasks included servicing the public debt and other functions related to servicing the treasury.

The State Bank's fixed capital was 15 million rubles, and the reserve capital was 3 million rubles. With a sharp increase in the volume of banking operations and the adoption of the new Charter of the State Bank in 1894, the size of the fixed capital of the State Bank increased to 50 million rubles, and reserve capital - to 5 million rubles.

The structure of the State Bank was centralized. The Board of the State Bank was the highest body of direct management of the bank. The Board and departments of the Central Administration formed central office State Bank, to which offices and branches were subordinate. The largest in terms of the volume of banking operations remained the Moscow office, transformed in 1860 from the office of the Commercial Bank, as well as the St. Petersburg office established in 1894 (since 1914 - the Petrograd office).

As is known, the State Bank carried out both commercial operations and operations entrusted to it by the Ministry of Finance (“at the expense of the State Treasury”). Commercial operations were also carried out by the Commercial Bank, but in the State Bank their types and volumes were significantly expanded. The bank discounted bills and fixed-term obligations, issued loans and opened credits, bought and sold securities, precious metals and foreign currency. He also transferred amounts, accepted deposits and opened current accounts. The operations entrusted to the bank by the Ministry of Finance included the placement of government securities, servicing government debt, issuing, by order of the Minister of Finance, non-statutory loans to strategically important industries, supplying money to loan banks, lending to the Noble and Peasant banks, servicing redemption payments and accepting government fees, liquidation of abolished state-owned banks. Until 1887, the State Bank liquidated the accounts of pre-reform credit institutions.

Until the end of the 19th century. The State Bank of the Russian Empire remained a bank lending mainly to large-scale industry and trade. Of particular importance among the bank's active operations were the accounting of bills and the issuance of loans against government securities. At the same time, lending to landowners, peasants, artisans, small industry and small credit institutions has not received proper development.

The turn in the policy of the State Bank was associated with the Minister of Finance S.Yu. Witte, a supporter of the idea of ​​“people's credit” - widespread lending to domestic producers. Almost immediately after his appointment in 1892 to the post of Minister of Finance, S.Yu. Witte began preparations for the publication of a new Bank Charter. His colleague was the student of the famous economist and statesman N.Kh. Bunge A.Ya. Antonovich, who insisted on including clauses in the bank's Charter on lending to small and medium-sized producers, primarily peasants and artisans.

The new Charter of the State Bank of 1894 secured its right to issue “industrial loans,” a significant part of which were loans to small and medium-sized industry and trade, peasants and artisans. On the other hand, the volume of lending to individual industrial enterprises, mainly heavy industry, has increased. The volume of issuing commercial loans, mainly grain loans, was also expanded. At the end of the 19th - beginning of the 20th centuries. the size of a loan to an industrial enterprise could not exceed 500 thousand rubles, and to a small trader - 600 rubles.

Successful industrialization in Russia “according to Witte,” which led to an industrial rise and influx into the country foreign investment, could not change the predominantly agrarian nature of the country’s economy in such a short time. Bread remained the main product of Russian export. The state of the economic situation depended on its implementation. With the successful sale of grain to Europe, the deficit of free loan capital decreased, trade turnover and credit revived.

In this regard, the State Bank turns its attention to the creation of a state system of elevators. This system was supposed to help minimize grain losses during transportation, which were especially noticeable in Russia. Within government regulation grain campaign, the State Bank began to build a network of granaries and elevators in 1910.

The State Bank also contributed to the creation in the country of a system of small credit institutions for lending to cooperatives, peasants and artisans. With his financial support and assistance, credit partnerships were created throughout the country. Since 1904, small credit institutions were placed under the full control of the State Bank. The specially created Office for Small Credit Affairs was engaged in providing them with financial, consulting, audit and other assistance.

The cooperation received loans both through savings and loan and credit partnerships, and through lending by the State Bank to the Moscow People's Bank established in 1912.

With the name S.Yu. Witte is associated with another bright page in the history of the State Bank - the monetary reform of 1895-1897. According to Sergei Yulievich, it was carried out with the personal approval of Emperor Nicholas II, contrary to the negative opinion of the majority of senators. S.Yu. Witte recalled that the reform took place quickly and naturally, without much upheaval in society. In fact, it has been widely discussed in the press and economic literature. Carrying out the devaluation of the ruble, S.Yu. Witte was thinking about introducing a new currency in Russia. Following the example of the Frank, he wanted to call her “Rus”. However, in the minds of the people, the concept of “ruble” already meant so much that replacing this word had to be abandoned.

As a result of the monetary reform of 1895-1897. State Bank received emission right. From that time on, the monetary circulation of the empire was based on gold monometallism; metallic money was freely exchanged for banknotes, which traditionally retained the name of credit notes. In Soviet times, the traditional colors of tsarist money were preserved: the background of the one-ruble bill was yellow, the three-ruble bill was green, the five-ruble bill was blue, the ten-ruble bill was red, and the hundred-ruble bill was yellow again. State treasury notes of the USSR and tickets of the State Bank of the USSR of the 1961 and 1991 samples were designed in the same colors.

The monetary policy of the State Bank of the Russian Empire was aimed at maintaining exchange rate stability national currency and the progressive development of the national economy. To solve these problems, the State Bank used various tools, including the creation of exchange syndicates to support Russian securities prices (since 1899) and banking consortia to provide financial assistance to domestic firms during the crisis (since 1906).

At the beginning of the 20th century. In the Russian Empire, a two-tier banking system was finally formed, headed by the State Bank, which provided large amounts of credit to joint stock companies. commercial banks. Since 1905, the State Bank increasingly abandoned the role of a direct creditor of the national economy, providing loans through commercial banks, to which it issued loans for this purpose. large loans(about 80% of the total volume of accounting and lending operations). Often the largest joint-stock commercial banks of the empire acted as agents of the State Bank for the sale and conversion of external loans or as its partners in syndicates and consortia. Since 1903, through the settlement departments organized at the offices of the State Bank, transactions for mutual settlements of joint-stock commercial banks and firms were carried out.

Throughout its existence, the State Bank of the Russian Empire carried out operations in significant volumes, as can be seen from the balance sheet figures. Thus, on January 1, 1914, the balance of the State Bank amounted to 3,040,503 thousand rubles. Gold in Russia and abroad was valued at 1,695,234 thousand rubles; main volumes active operation- accounting and loan - reached 1,071,987 thousand rubles. Credit notes in circulation amounted to 1,664,652 thousand rubles. Other important liability accounts were “treasury funds” - 951,216 thousand rubles, as well as “Deposits and current accounts” - 263,110 thousand rubles.

On the eve of the First World War, Russia was forced to abandon the free exchange of gold (according to the law of July 27, 1914) and concentrate the activities of the State Bank on financing military operations. The bank provided large amounts of credit to defense-related sectors of the economy, financed field institutions, and distributed domestic “war” bonds. Most of the assets of the State Bank consisted of liabilities of the State Treasury and loans on interest-bearing securities, which were received primarily by joint-stock commercial banks serving strategically important industries.

The catchphrase “history wants to see people”, using the example of the State Bank of the Russian Empire, is visibly reflected in the names of outstanding Russian bankers. The managers of the State Bank of the Russian Empire over the years were Baron Alexander Ludwigovich Stieglitz (1860-1866); Evgeny Ivanovich Lamansky (1866-1881); Alexey Vasilievich Tsimsen (1881-1889); Yuliy Galaktionovich Zhukovsky (1889-1894); Eduard Dmitrievich Pleske (1894-1903); Sergei Ivanovich Timashev (1903-1909); Alexey Vladimirovich Konshin (1910-1914); Ivan Pavlovich Shipov (1914-1917). Among them, of course, stands out the figure of Evgeniy Ivanovich Lamansky, the author of the first Charter of the State Bank, the initiator of the creation of a system of joint-stock commercial banks.

After the October events of 1917, according to signed by V.I. Lenin decree “On the nationalization of banks” of December 27, 1917. The State Bank was transformed into a credit institution of the new government. A state banking monopoly was introduced in the country. Joint-stock commercial banks were subject to nationalization and were merged with the State Bank, which a month later became known as the People's Bank of the Russian Republic.

The Bank of Russia considers the 139th anniversary of the founding of the State Bank of the Russian Empire its holiday. We are proud of the rich historical experience of the State Bank, which has not lost its significance today.

The material was prepared by the Department of External and Public Relations of the Central Bank of the Russian Federation

The highest personal decree to the government Senate on May 31, 1860 on the formation of the State Bank

On genuine own
His Imperial
The Majesty's hand is written:

Decree to the Governing Senate

By a decree to our governing Senate, given on the 1st day of September 1859, ordering the Minister of Finance to subordinate, in addition to the state banks of the Borrowed and Commercial Banks, the credit turnover of the Treasury and Orders of public charity, we decided on preliminary measures for further reforms on the credit side.

To this end, in order to gradually improve the banking system, the same decree allowed the issuance of state 5% bank notes in exchange for deposit notes issued from Credit Institutions; admitted by our command on the 26th day of December 1859, which followed, the acceptance of private deposits only in the state Commercial Bank and its offices and then charitable and educational institutions maintained at the expense of the income of the Treasury Treasury and the Orders of Public Charity were provided with special measures regardless of credit operations.

Now, having approved the proposals of the Minister of Finance regarding the transformation of state credit institutions considered in the State Council, we recognized it as good to take the following measures:

1. To abolish the State Loan Bank, transferring from it to the St. Petersburg Treasury the affairs, accounts, books and documents on loans. The Minister of Finance has to make all orders in his power on this subject so that our approval is sought in matters beyond his authority.

2. The treasuries of St. Petersburg and Moscow are under the direct authority of the Minister of Finance, along with other state credit institutions subordinate to him.

3. The order of public charity in relation to the actions assigned to them regarding the credit part shall remain subordinate to the Minister of Finance.

4. In accordance with the charter approved by us, give the State Commercial Bank a new structure and name of the State Bank with the transfer to its jurisdiction of all existing offices and temporary branches of the Commercial Bank, which will henceforth be called offices and branches of the State Bank and be guided by the existing charters until their structure is changed in accordance with the charter State Bank, about which the Minister of Finance has to enter with a special presentation in accordance with the established procedure.

5. Transfer to the State Bank all deposits accepted by state credit institutions, subject to payment of interest and return of capital on the basis of the conditions under which these capitals were accepted.

6. For the transfer of all deposits from the Safe Treasury to the State Bank, abolish the deposit departments in these institutions and, at the same time, due to the cessation of the production of loans from the Safe Treasury, allow the Minister of Finance to enter in the established manner with a proposal to reduce the staff of these loan institutions.

7. The expedition of state credit notes should be attached to the State Bank, which is entrusted with all the responsibilities of this Expedition, as defined in the manifesto of June 1, 1843.

8. To set up the State Bank and its offices, allocate 15,000,000 rubles to its fixed capital. from the capital of the Borrowing and Commercial Banks and, in addition, deduct 1,000,000 rubles. into the reserve capital of the State Bank. For this review general balance banks and for the write-off of all doubtful and unreliable debts to the State Bank, transfer the banks' cash registers and all trade pledges accepted by the Commercial Bank.

The amount of deposits transferred to the State Bank, in excess of trade pledges and cash and distributed in long-term loans secured by real estate, is to be secured by the bank until the final repayment of these loans with special obligations on the part of the State Treasury.

9. The operations permitted to the State Bank under its charter shall be introduced gradually, first in the bank itself, and then in bank offices at the immediate discretion of the Minister of Finance with an announcement to general information rules on banking operations.

10. On the opening of new banking offices in cities that are important in domestic trade and industry, the Minister of Finance shall enter into immediate consideration and submit it for approval in accordance with the established procedure.

11. The responsibilities of the Commercial Bank and its offices, determined by the Regulations on state 5% bank notes regarding the payment of interest, the circulation of these notes and the return of capital on them, shall be assigned to the State Bank and its offices on the grounds prescribed in the said regulations.

12. Return deposits and pay interest on them based on the previous rules

A) from the State Bank using tickets from the former Commercial and Borrowing banks and the St. Petersburg Saving Treasury;

B) from the Moscow office of the bank using tickets from the Moscow Treasury, which has to transfer to the first all matters regarding deposits and

C) for tickets of Orders of public charity in those provinces where there are bank offices - from local offices, and for tickets of other orders, not otherwise than from the Order by which those tickets were issued.

13. From among the private deposits entrusted to the mentioned credit institutions, those that are made for perpetuity, transfer from the accounts of these institutions to the category of internal perpetual debt, recording them in the State Debt Book.

14. Loans from credit institutions issued to the state treasury and government agencies are to be combined into one general debt account of the state treasury to the State Bank so that this bank will henceforth receive the annual payments assigned for that debt from the State Treasury.

15. On the same basis, transfer to the bank account from the accounts of the state Debt Repayment Commission the amount of state internal fixed-term debt recorded in the state debt book in the name of the treasury.

16. Acceptance of payments from private borrowers for loans issued from the state Loan Bank, Saving Treasurys and Orders of Public Charity, as well as all orders for the collection of these payments to be provided according to the ownership of the St. Petersburg and Moscow Saving Treasurys and Orders of Public Charity for those existing for this purpose rules

17. Amounts received by the said institutions from private borrowers in payment of interest and repayment on loans issued to them from those institutions shall be transferred

A) from the St. Petersburg Treasury to the State Bank;

B) from the Moscow Treasury to the Moscow bank office and

C) from the Orders of public charity of those provinces where there are bank offices, to the local bank offices, and from all other orders to the State Bank or by its order, where it will be assigned.

18. Payments on loans made from credit institutions transferred to the State Bank and its offices shall be used to offset the amount required for the issuance of interest and capital on state 5% bank notes and on deposits entrusted to credit institutions; if there is a shortage of payments available to the bank for the said loans for this operation, the required amounts will be released from the state treasury.

19. The resolution of private issues that may arise both in the mutual settlements of banking institutions and the state treasury with the State Bank and its offices, and the provision of these institutions with appropriate instructions for carrying out the operations entrusted to them, should be provided to the Minister of Finance.

By transmitting the Charter of the State Bank to the governing Senate, we command that an appropriate order be made to bring this charter and all the above measures into execution.

Russian banking system in the late 1850s. By the middle of the 19th century. The banking system of Russia included central state banks (State Loan Bank and State Commercial Bank), Loan, Saving and Widow's treasuries, Orders of public charity, local state banks, several dozen city public banks, about two dozen private banking houses, the Office of court bankers who served state foreign trade operations, and several local estate banks. The main role in it was played by central state banks.

The State Loan Bank, created back in 1786 on the basis of the reorganization of the State Bank for the Nobility, since 1824 has intensified operations to issue long-term loans secured by landowners' estates and stone houses, ranking first in the mortgage industry. State commercial Bank was founded in 1817 with the aim of reviving commercial and industrial activities in the country. He opened offices in major cities countries: Moscow, Arkhangelsk, Odessa, Riga, Astrakhan, Nizhny Novgorod, Kyiv, Kharkov, Yekaterinburg, etc. By the end of the 1830s, this bank managed to attract colossal funds on deposits. He played a major role in issuing loans against goods and discounting bills.

Another link in the Russian banking system were credit institutions operating for charitable purposes. These included Loan, Saving and Widow's treasuries at the St. Petersburg and Moscow Orphanages (opened in 1771), as well as Orders of public charity (opened in the provinces in 1775). They were engaged in attracting public funds into deposits. Saving treasuries and Orders of public charity issued loans secured by real estate. Loan coffers provided a pawnshop loan - a short-term loan secured by an easily realizable movable property. The income from these lending institutions was used to maintain hospitals and shelters for widows and orphans. Other banking institutions were of secondary importance due to low entrepreneurial activity.

The government's attempts to keep paper money issue to finance the deficit state budget led to the secret “borrowing” of amounts from state banks. They did not bring profit to the banks and reduced their operations. This practice, on the one hand, allowed the state to avoid excessive accumulation domestic debt in the form of government bond issues, but, on the other hand, banks were constantly under threat of collapse in the event of a massive withdrawal of their money by depositors. However, until the mid-1850s, due to low entrepreneurial activity, the amount of deposits almost always exceeded the amount of withdrawals, which ensured the stability of the banking system.

The crisis came in 1856, when the founding fever and the associated outflow of deposits from banks began in Russia. And although since the summer of 1857 there was a decline in activity in the creation of companies, the outflow of deposits from banks continued. This was facilitated by the decision taken by the Minister of Finance P.F. Brock in 1857 decided to reduce the interest rate on private deposits from 4 to 3%. In 1858, the population withdrew 229 million rubles from banks, and in 1859 - 355 million rubles.17 State-owned banks, whose funds were withdrawn to the state treasury on a significant scale, were unable to provide the withdrawal requirements by issuing credit notes deposits.

Saving treasuries and Orders of public charity stopped the production of deposit operations. On May 31, 1860, the State Loan Bank was abolished, and its affairs were transferred to the St. Petersburg Treasury. The State Commercial Bank also ceased to exist. The entire banking system that existed by that time was virtually dismantled.

Deposits made to the former state credit institutions were transferred to the State Bank of the Russian Empire, created on May 31, 1860, to which the affairs of the State Commercial Bank were transferred. The charter of the new bank noted that it was established “to revive trade turnover and to strengthen the monetary credit system.” The operations of the State Bank were to consist of the purchase of bills and other time-sensitive government and public interest-bearing papers and foreign drafts, the purchase and sale of gold and silver, the receipt of payments on bills and other time-sensitive monetary documents at the expense of principals, accepting deposits, issuing loans (except for mortgages).

The Charter did not grant the State Bank the rights of an issuing institution. True, the decree of Alexander II of December 26, 1859 granted credit institutions the right to issue 5% banknotes, and this right passed to the State Bank, but it was not about banknotes, but payment obligations that were subject to repayment within a specified period. From a modern perspective, it seems incomprehensible that the Expedition of State Credit Notes should join the State Bank and assign all responsibilities for the activities of this enterprise to it. But if we take into account that at that time only the State Treasury had the right to issue money, and the Expedition carried out the orders of the Treasury to print money, then it becomes clear that the State Bank was entrusted with the responsibility of printing treasury credit notes by order of the Treasury.

According to the charter, the State Bank was subordinate to the Ministry of Finance and was under the supervision of the Council of State Credit Institutions. Fundamental issues regarding the State Bank were resolved and formalized through the Special Office for the credit part. The immediate head of the State Bank was the Minister of Finance.

Management of all operations and affairs of the bank and supervision of their production were entrusted to the board of the bank, which consisted of the manager (chairman), his colleague (deputy), six directors and three deputies from the Council of State Credit Institutions. Acting State Councilor A.L. was appointed the first manager of the State Bank in 1860. Stieglitz, son of the court banker, founder of the Stieglitz and Co. banking house, Baron L.I. Stieglitz. E.I. was approved as a friend of the manager of the State Bank. Lamansky. Under the board of the State Bank, there functioned an Accounting and Loan Committee, which consisted of the bank manager, his colleague (deputy), two bank directors and four members from the merchants.

The chairman of the committee was the bank manager. Members of the Accounting and Loan Committee from the merchant class were elected for two years from St. Petersburg merchants of the first and second guilds. Their responsibilities included evaluating bills of exchange received for discounting, valuing goods for the provision of trade loans, and ascertaining the creditworthiness of customers. When the State Bank was created, seven offices were transferred to it from the State Commercial Bank. Subsequently, the number of offices, as well as branches and agencies of the State Bank increased. The fixed capital, initially allocated to him from the treasury, amounted to 15 million rubles, reserve capital - 3 million rubles. In the 1860s and early 1880s, the State Bank was engaged in direct and indirect financing of the treasury, liquidating the accounts of abolished banks, participated in the redemption operation, and also supported the State Noble Land Bank and the Peasant Land Bank. As an organ of the government's economic policy, the State Bank took an active part in the creation of the Russian banking system. With his support, joint-stock banks and mutual credit societies were created.

The resources of the State Bank consisted of funds received from the State Treasury, as well as carrying out a number of commercial operations: discounting bills, buying and selling interest-bearing securities, accruing interest on loans against interest-bearing securities, etc. Most of its resources in the 1860s - early 1880s The State Bank invested in government and guaranteed securities. In addition, it issued short- and long-term loans to the State Treasury. By 1879, the Treasury's debt to the State Bank amounted to 478.9 million rubles. Repayment of the debt began in 1881 and ended in 1901.

Exit from the banking crisis in Russia XIX century

Since the process of outflow of deposits continued, but now from the State Bank, emergency measures were necessary. The difficulty was that until the second half of the 1890s the bank did not have the right to issue money. True, due to the state of emergency, he was given the right to issue 4% obligations, which, instead of credit notes, were issued to individuals when they withdrew deposits from the bank. Each such ticket had a value of at least 300 rubles. silver The bank's obligations were accepted by the Treasury (along with treasury notes) for the payment of taxes, and by the State Bank for the repayment of its loans. These obligations did not service commodity turnover. The 4% obligations were repaid in installments over 41 years. In total, the State Bank issued 4% obligations in the amount of 36 million rubles. This, however, was not enough. To assist the bank, the State Treasury was forced to issue credit notes in the amount of 34.8 million rubles in 1860, and in 1861 in the amount of 619.6 thousand rubles. In mid-1861, the wave of deposit withdrawals began to subside. The threat of bank bankruptcy was eliminated.

Liquidation of accounts of pre-reform banks. Until 1887, the State Bank carried out operations to liquidate the accounts of abolished banks, which was entrusted to it by the charter. The bank paid all debts of these institutions. All liquidation operations were to be carried out at the expense of the State Treasury, which, if necessary, was to issue cash or its interest-bearing obligations to the bank with the right to sell them on the stock exchange. But due to constant budget deficits, the State Treasury was unable to provide funds to the State Bank, and the bank was forced to annually allocate part of its commercial profits to these operations. This greatly delayed the liquidation operation. Liquidation turnover began to produce surplus revenue only in 1872. In January 1887, the liquidation operation was completed.

Combating the consequences of economic crises in Russia

Since the mid-1870s, the State Bank of the Russian Empire took part in the fight against the consequences of economic crises and economic difficulties of industry and local significance. In particular, he began to carry out operations to save banks and some enterprises that were on the verge of bankruptcy. As a result of the actions of the State Bank banking crises mid-70s and early 80s of the 19th century. did not cause a significant blow to the Russian banking system. The main capital and provincial commercial banks were rescued.

In the mid-80s, the State Bank was involved in supporting and saving mutual credit societies. Their debt to the bank in 1887 reached 6.2 million rubles. Urban public banks in major cities were also bailed out. Since 1886, the State Bank began to subsidize the Peasant Land and Noble Banks. These banks received funds for their operations as a result of issuing mortgage notes. Losses that arose during their implementation were paid by the bank at the expense of the State Treasury.

In Russia State Bank of the Russian Empire was established in 1860. Its main task is as central bank consisted of regulating money circulation in Russia.

Unlike Western European central banks, in Russia the central bank did not arise as a result of market competition between private banks and banking firms, but was established by the state. It grew out of state credit institutions, the history of whose development in Russia spanned almost a century and a half.

The first attempts to establish state credit institutions in Russia date back to the 18th century. In 1733, Empress Anna Ioanovna, due to the “complete absence of credit institutions and the resulting enormous extortion of usurers,” ordered loans to be issued from the Coinage Office at 8% per annum, accepting gold and silver as collateral in the amount of 3/4 of the loan issued. At the same time, it was prescribed that “diamonds and other things, as well as villages and households, should not be taken as collateral or ransom.”

The lending operations of the Coin Office were very insignificant and were probably soon discontinued, since there is no further mention of them.

Later, the Salt Office, safe treasuries at the St. Petersburg and Moscow orphanages, public charity orders, and the St. Petersburg and Moscow bank offices of bill production for the circulation of copper money began to play a prominent role in the conduct of bill of exchange and other monetary transactions.

Under Empress Elizabeth Petrovna, an attempt was made to create two estate banks: Noble and Commercial. On May 13, 1754, a decree was issued on the establishment of state loan banks for the nobility in Moscow and St. Petersburg under the Senate and the Senate Office and the Bank for Correction at the St. Petersburg Port of Commerce and Merchants at the Commerce Collegium in St. Petersburg. The scope of activity of the Noble Bank was mainly the provision of land loans, loans to landowners secured by estates, based on the number of serf souls. The client-landlord could take bail real estate loans up to 10 thousand rubles. at 6% with payment in 3 years. These were attractive loans because the fees private loan often reached 20%.

The commercial bank had a capital of 500 thousand rubles. gold, its activities were limited to serving the merchants trading in the port of St. Petersburg by issuing short-term loans at the rate of 6% per annum secured by goods, gold, silver, as well as against the certificates of magistrates.

The activities of these first credit institutions, both noble and merchant, were not very successful, since they did not live up to the government's expectations. Treasury funds issued by the Commercial Bank to landowners as short-term loans to revive trade turnover turned into long-term ones due to untimely return; the borrowers were the same persons; the sale of overdue collateral prescribed by law was not actually applied; there was no correct accounting; the reports presented to the Empress were only approximate. At the Noble Bank, the documents were in the same disarray. In 1762 (according to other sources - in 1785) both banks were closed and their affairs were transferred to the newly established State Loan Bank.

In 1764, during the reign of Catherine II, two state-owned commercial banks were reopened - one in St. Petersburg and the other in Astrakhan - to provide assistance foreign trade. But they also existed for a relatively short time. The St. Petersburg one was closed in 1782 due to the depletion of resources, and the Astrakhan one, after a big fire, turned into a charitable institution in 1767.

In 1769, banks were created in St. Petersburg and Moscow “for the exchange of government notes.” In 1786 they were transformed into the State assignation bank, which is entrusted with the function of issuing paper money. In 1797, three accounting offices were founded at this bank - a bill office, one for issuing loans against goods, and an insurance office.

Under Empress Catherine II in 1786, the State Loan Bank was established to promote noble land ownership. Loans were issued on the security of, firstly, landowners' inhabited estates, counting 40 rubles for each male revision soul, secondly, inhabited mining estates and, thirdly, stone houses and factory buildings in St. Petersburg. Loans were issued to the nobility for a period of 20 years at the rate of 8% per annum, and to landowners for 22 years - 7%. In case of failure to pay urgent payments after a grace period (3 months), the estates were transferred to guardianship.

In 1775, orders for public charity were established in all provincial cities. The Orders were entrusted with a number of charitable functions, for the fulfillment of which the Orders were given the right to accept deposits at interest and issue loans secured by estates. They differed from savings banks in that they could issue loans secured by real estate only in the province in which they themselves were located.

During the reign of Alexander I, the system of land credit institutions (Loan Bank, safe treasuries and public charity orders) continued to operate; Only one old credit institution closed - the Auxiliary Bank under the name "25-Year Expedition", which was annexed on July 14, 1802 to the Loan Bank.

On January 1, 1818, the State Commercial Bank was established. According to the Manifesto of May 7, 1817, it had the goal of “opening up to the merchants greater ways to facilitate and expand turnover, instead of the currently existing Accounting Offices, the action of which, due to the unimportance of their capital and various inconveniences in their formation, does not bring tangible benefits to trade.” The State Commercial Bank actually performed the functions of a bank of issue, but at that time did not yet have the status of a central bank.

The establishment of the State Commercial Bank, the predecessor of the State Bank of the Russian Empire, was one of the measures aimed at improving the health of credit institutions in Russia, the position of which was undermined by excessive issues of banknotes, issuance of long-term loans from perpetual deposits and secret borrowings for the needs of the government. At the same time, it was planned to completely stop issuing banknotes, remove all credit institutions from the jurisdiction of the Ministry of Finance and give them the status of independent organizations. The state commercial bank was given a joint-stock form.

Its capital was supposed to be 30 million rubles. and be formed from the funds of the Accounting Offices and the Loan Bank, established by Catherine II, with the 25-Year Expedition Bank attached to it, created in 1797 under Paul I and issuing loans secured by landowners' estates for 25 years with special bank notes. In fact, the bank’s capital upon establishment was set at 17 million rubles. and only after 5 years it reached 30 million rubles. Instead of independence, credit institutions received the Council of State Credit Establishment, whose functions included control over all state-owned credit institutions. This Council was chaired by the Minister of Finance, and representatives of the nobility and merchants were included in its composition.

From 1818 to 1821, the bank opened six branches in such large cities as Moscow, Odessa, Riga, Nizhny Novgorod, Arkhangelsk and Astrakhan, in the period 1838 - 1852. - six more branches in Kyiv, Kharkov, Yekaterinburg, Irbit, Rybinsk and Poltava. The bank attracted high percentage significant contributions from Russian and foreign entrepreneurs. However, excessive centralization and regulation of activities, insufficient initiative of bank managers, and the formalism of the top administration made it difficult to carry out bill transactions and lending against goods, which did not allow the effective use of raised funds.

On May 31, 1860, “to revive trade turnover and strengthen the monetary credit system,” the State Bank of the Russian Empire (Gosbank) was established. Its first manager was Baron A.L. Stieglitz, the last “court banker” of the Russian Imperial Court. The size of the fixed capital was determined at 15 million rubles, and the possibility of increasing it through transfers from the reserve fund was also provided.

Reserve capital was to be formed through annual deductions from profits, but not more than 1/3, up to an amount of 3 million rubles. It was very small amount, considering that 59% of the liabilities transferred to the State Bank consisted of deposits subject to return on demand. The assets contained exclusively long-term loans. At the same time, the State Bank was entrusted with the obligation to pay interest and return capital on deposits made in former state credit institutions.

The State Bank was granted the right to carry out the following commercial operations: discounting bills and other fixed-term securities, buying and selling gold and silver, receiving payments at the expense of principals, accepting deposits for storage, to a current account and for circulation from interest, issuing loans (except for mortgages), purchase and sale of interest-bearing securities at the expense of principals and at one’s own expense (the latter for an amount not exceeding one’s own capital).

The State Bank was subordinate to the Minister of Finance and under the supervision of the Council of State Credit Institutions. The Council was supposed to carry out general supervision over the implementation of the State Bank's charter, review and approve the annual report, and also distribute profits at the proposal of the Minister of Finance. The operational management of the State Bank was entrusted to the board and manager, but the most important orders had to be approved by the Minister of Finance. The Board of the State Bank consisted of a manager, six directors and three deputies from the Council of State Credit Institutions, elected from the St. Petersburg merchants and nobility.

These deputies, as well as representatives of the department state control, the right to monitor all operations of the State Bank was granted, including inspection of all its books, accounts, and cash registers; reviewing annual reports and presenting its conclusion to the Council of State Credit Institutions and submitting recommendations for improvement of work to the board for consideration.

Under the board of the State Bank, accounting and loan committees were created, which dealt with the consideration of bills submitted for accounting.

Local institutions of the State Bank were represented by offices approved by special imperial orders, and branches opened by direct order of the Ministry of Finance. Initially, all offices and temporary branches of the State Commercial Bank were transferred to the jurisdiction of the State Bank, and on January 3, 1862, the charter of the offices was approved and on December 20, 1863, the “highest order” to open branches of the State Bank followed. The management of the offices was carried out in the same way as the entire State Bank - by managers and boards, and the management of branches could be entrusted to the manager or the chairman of the treasury chamber. All of them were directly subordinate to the State Bank Board. Accounting committees were established at offices and branches, to which the board of the State Bank invited merchants.

Initially, 7 offices were established - in Moscow, Odessa, Riga, Kyiv, Yekaterinburg and Kharkov and in 1862 in Rostov-on-Don. From 1863 to 1882, 47 permanent branches of the State Bank were opened. In addition, temporary branches were opened in some locations, for example, in Irbit during the fair and in Pyatigorsk during the medical season.

The Charter of the State Bank of the Russian Empire of 1860 was not subject to radical revision for a long time, but was only changed and supplemented on some minor issues.

The first period of activity of the State Bank of the Russian Empire (from 1860 to the mid-1890s) is characterized by great centralization of its management. One of the main specific features of the State Bank was that it never had the necessary degree of independence. At its establishment, the Minister of Finance was determined to be the “immediate chief officer” of the bank with broad administrative rights and the ability to direct all the activities of the bank. This significantly distinguished its status from that of the central banks of Western Europe, where, before the onset of the general crisis, they were organizationally separated from the Ministry of Finance, acting as private joint-stock companies, subject only to a certain extent to state control.

It can be said that the State Bank of the Russian Empire, established in 1860, was not yet central in the full sense of the word, since legislation reduced its issuing functions to virtually nothing. Until 1860, regular cash circulation was entrusted to the Expedition of State Credit Notes. In 1860, it was transferred to the jurisdiction of the State Bank, but in accordance with the charter, it only exchanged banknotes - old for new, large for small ones, exchanged them for specie, and also accepted coins and bullion and issued credit notes for them . Thus, the issue continued to be in the hands of the state. The State Bank acted only as a commission agent for the treasury.

The main source of funds for the State Bank of Russia until the mid-1880s. were interest-paid deposits and current accounts, and later - funds from the state treasury. In this way, it differed from the central banks of other countries, which stopped accepting paid deposits and concentrated only cash reserves other banks, developing their operations mainly through banknotes and own funds. The State Bank promoted mainly trade credit; loans to industrial enterprises “for improvements in production and for supplying these enterprises with working capital” were not allowed by its charter, but only in exceptional cases were allowed with “special Highest permission”. A distinctive feature of the State Bank of Russia was the widespread use of non-statutory loans, that is, operations carried out according to a special report from the Minister of Finance and with the permission of the Sovereign. In terms of their purpose, size and timing, they were not provided for by the charter or directly contradicted it. These loans had the distinct character of non-commercial financing aimed at supporting large capital (especially the largest enterprises).

By the end of the 1870s. it became obvious that the charter of the State Bank, approved in 1860, and the activities based on it did not fully correspond to the changed economic situation in the country. The two main tasks assigned to the State Bank - reviving trade turnover and strengthening the monetary system - were not fulfilled. The main reason that hampered his activities was the lack of funds. The fact is that from the moment of its inception, the State Bank was entrusted with the task of liquidating the debts of former credit institutions, carrying out redemption operations and making payments on 5% bank notes. Meanwhile, the State Bank's own capital, although increased to 28 million rubles by 1879, was insufficient for effective operation.

State capital and government policy played a decisive role in its activities. The tsarist authorities did not consider the State Bank as an institution market economy, but as a tool for implementing its economic policy. For him, the king’s command was the highest, binding law. But still, from January 1, 1881, the practice of borrowing, which had developed in previous years, sums of money from the State Bank for the needs of the treasury was stopped.

To improve the activities and change the charter of the State Bank on the initiative of the Minister of Finance SY. Witte on September 21, 1882, a special commission was created at the Ministry of Finance from “officials of the Ministry of Internal Affairs, the former Ministry state property and state control, as well as from “informed persons” who have glorified themselves with theoretical works or practical activities in the field of banking and industry.” Based on the results of its activities, this commission came to the conclusion that although the State Bank did not fully fulfill the tasks assigned to it, it still tried to open the exchange of credit notes for specie, carried out operations for the purchase of gold, the purchase and sale of drafts.

After a long work of the commission, on June 6, 1884, the new charter of the State Bank was “Highly” approved. It significantly expanded the formulation of the bank’s purpose, which consisted not only of facilitating cash turnover and strengthening the monetary system, as previously recorded, but also in "promoting, by means of short-term credit, domestic trade, industry and agriculture." The bank's fixed capital was 50 million rubles, reserve capital - 5 million rubles.

With the enactment of the new charter on September 1, 1884, a central administration was established, headed by the State Bank Council and its manager. The Council included, in addition to the manager, who at the same time was also the chairman of the Council, the director of the special office for credit, the manager of the St. Petersburg office of the State Bank, two members from the Ministry of Finance and one each from state control, the nobility and the merchants. The new charter did not provide the bank with independence in issuing and commercial operations and even strengthened the subordination of the State Bank to the Ministry of Finance.

Minister of Finance S.Yu. Witte, without going to grant the State Bank independence, made some significant changes in its activities: during the preparation of the monetary reform, the State Bank was freed from a function unusual for it (in 1885, operations to liquidate old state-owned banks were transferred to the Treasury, and in the 1890s. - redemption function). In addition, by decree of August 29, 1897, the State Bank of Russia was turned into a central issuing institution with a monopoly right to issue credit notes.

However, the State Bank never managed to completely free itself from a number of operations alien to it.

First of all, its credit policy continued to be in conflict with the functions of a central issuing institution. In addition, the government did everything possible to keep the State Bank at its full disposal and protect its activities even from the intervention of the State Duma until October 1917.

The new charter allowed the issuance of loans against solo bills, and these loans could be extended upon expiration. The loan had to be secured by a pledge of real estate, a pledge of agricultural or factory equipment, or a trustworthy guarantee. Commodity loans were widely used. The regulation of the volume of transactions with securities, which, according to the charter of 1860, was limited by the amount of equity capital, was abolished. A specific feature of the State Bank's operations with securities was the obligation assigned to it to distribute government loans. Unlike the central banks of developed capitalist countries, where loans against government bonds and even their purchases were not in the nature of direct government support, but were a temporary placement of central bank funds in easily realizable assets, all operations of the State Bank of Russia (with the exception of bill loans to commercial and industrial clients) ) served, to one degree or another, the goals of national government policy with its methods of multilateral government intervention.

According to the new charter, the central administration included the following structures: a department of banknotes - to manage the issuance, exchange and destruction of banknotes withdrawn from circulation, as well as to store the exchange capital of banknotes and the metal fund; judicial department - for general supervision of the collection of overdue debts and the pledges and mortgages remaining with the State Bank, as well as for the preparation of contracts and other documents necessary for the Bank; central accounting - for maintaining bank accounting and preparation of periodic balance sheets and annual reports; inspection - to supervise the operations of local institutions of the State Bank and carry out audits of these institutions on behalf of the Bank manager; office - for correspondence and office work on administrative issues; management of savings banks.

Local institutions were represented by offices, branches and agencies.

The offices were established in the largest commercial and industrial centers and were directly subordinate to the central administration of the State Bank. Each office had subdivisions. Agencies were subordinated either to branches or directly to offices. The branches of the State Bank, depending on the size of their turnover, were divided into three categories. They performed the same operations, but differed from each other in the number of employees and their salaries.

Since the mid-1880s. The State Bank's main focus was on preparing monetary reform. His tasks at this time were the accumulation of gold reserves and the fight against exchange rate fluctuations with the help of a motto policy. The State Bank coped with this task by 1895. As of January 1, 1895, Russia's gold reserves amounted to 911.6 million rubles. In 1893, economic recovery began after a long crisis. Banks quickly recovered from the crisis and began to significantly accumulate capital. The capitals, deposits and network of State Bank branches also grew continuously, penetrating into more and more new areas. During this period, commercial banks began to penetrate the management of industrial enterprises. Their participation in industry turned out to be such a common phenomenon that even the most cautious and reputable banks did not remain aloof. The industrial revival was again followed by another crisis in 1895. It lasted almost until the beginning of the 20th century. The close connection with industry could not but affect the activities of the Russian banking system, as a result of which some banks suffered significant losses.

Help came from the State Bank in the form of financing both the commercial banks themselves and those industrial enterprises that were connected long-term loans with private banks. To ease the financial crisis and provide support to commercial banks, the State Bank increased the period for rediscounting bills from 3 to 8 months, expanded loans to banks secured by non-guaranteed interest-bearing securities, provided funds for further discounting of small bills, and organized a syndicate to support exchange prices. The State Bank immediately provided generous assistance to commercial banks as soon as they encountered a critical situation with demand for deposits. In this regard, commercial banks owed huge sums to the State Bank. To ensure the interests of the State Bank, since 1901 representatives of the Ministry of Finance were introduced into the boards of commercial banks that owed money to them as members of the boards of these banks.

Gradually, the State Bank became a central bank in the full sense of the word. In connection with the monetary reform of 1895 - 1897, known in history as the Witte reform (see Chapter 3), it finally becomes emission. The decree of August 29, 1898 established that credit notes were issued by the State Bank in an amount strictly limited by the urgent needs of money circulation secured by gold. The amount of gold backing the tickets must be at least 1/2 of the total amount of credit notes issued in circulation. Since the mid-1890s. The main source of development of the State Bank's commercial operations is no longer the deposits of private and government institutions, as was the case before 1894 - 1985, but treasury funds.

A significant increase in the operations of the State Bank was observed during the period of pre-war industrial growth. It became one of the most influential European credit institutions, had a huge gold reserve, performed the functions of a “bank of banks”, regulated monetary circulation and foreign exchange payments in Russia, and took an active part in lending to industry and trade.

From 1905 to 1914, due to the issue of credit notes (800 million rubles) and treasury funds (600 million rubles), the balance of the State Bank doubled; 7/8 of the issue was used to purchase gold and foreign currency. The remaining part of it and treasury funds went to lending to industry and trade. Technically, this lending was carried out through commercial banks. The gold reserve ratio of the State Bank was constantly maintained at a very high high level, until the First World War the average was above 100%.

During the First World War, the activities of the State Bank were mainly aimed at financing it by issuing banknotes. By October 1917, most of the State Bank's assets consisted of treasury obligations and loans against interest-bearing securities.

The bank's gold reserves decreased from 1,604 million rubles. (July 16, 1914) to 1101 million rubles. (October 8, 1917), the foreign gold fund decreased. Since the beginning of the war, Russia's transition to paper money circulation led to the flooding of the country with a huge amount of money not redeemable for gold, as a result of which the influx of deposits into commercial banks increased significantly. From the end of 1915 to the beginning of 1917, commercial banks gradually repaid their debt to the State Bank and even lent more than 2 million rubles to the treasury during the war.

Activities of the State Bank in the period 1921-1990.

After the October Revolution of 1917, the banking system, as shown in Chapter. 7 has undergone significant changes. Their content and orientation were determined by the ideology of class struggle and economic theory socialism, one of the elements of which was the postulate about the inevitability of the withering away of commodity-money relations during the transition to socialism. At the same time, it was assumed that the principle of distribution according to work would retain its significance. Therefore, a demand was formulated to establish strict accounting and control over the measure of labor and consumption during the transition period to moneyless relations. As an instrument of such control, V.I. Lenin considered a bank - a single, largest of the largest, state-owned, with branches in every volost, at every factory, believing that such a bank meant national accounting, national accounting of the production and distribution of products.

In 1917, as a result of nationalization, the share capitals of private banks were confiscated, which became state property. A state monopoly on banking was proclaimed, former private banks merged with the State Bank of Russia into a single national bank of the RSFSR, and mortgage banks and credit institutions serving the petty and middle urban bourgeoisie, transactions with securities are prohibited. In 1918, the State Bank was renamed the United People's Bank of the Russian Republic.

The country received a kind of “single” bank, which was supposed to focus on organizational issues, such as taking on the balance sheet the assets and liabilities of nationalized banks. As for carrying out purely banking operations, this bank did not have time to develop its activities in this direction. High inflation, which was intensifying every day, undermined commodity-money relations and provoked their collapse into public sector national economy, which led to a sharp narrowing of the scope of lending and payments. The erroneous interpretation of the “flight from money”, characteristic of the period of hyperinflation, as a rejection of commodity-money relations as such became the theoretical basis for the introduction of the policy of war communism. During the period of this policy, the United People's Bank of the Russian Republic actually ceased its operations. By decree of the Council of People's Commissars of January 19, 1920, the Unified People's Bank of the Russian Republic was liquidated.

However, quite soon, already during the civil war, the inconsistency of the policy of war communism was revealed, and at the beginning of 1921 a transition to a new economic policy (NEP) was announced, including the replacement of surplus appropriation with a tax in kind, after which the peasant could freely dispose of his products. In practice, this meant a course towards restoring commodity-money relations, creating a market, strengthening the ruble and, accordingly, rebuilding the banking system. One of the first practical steps in the implementation of the new economic policy was the decree on the establishment of the State Bank of the RSFSR, which began its operations on November 16, 1921. With its establishment, the foundation was laid for the restoration of the monetary economy. The nationalized industry, which until that time was based on state budgetary supplies, switched to independent existence, to economic accounting. The New Economic Policy allowed for the existence of a free market and also granted the right to lease nationalized enterprises to private individuals. All these activities prepared the basis for the development of credit relations.

The successful implementation of the monetary reform of 1922 - 1924, the release of stable banknotes into circulation provided the conditions for a significant expansion of both active and passive operations of the State Bank. The increase in liabilities was especially facilitated by the decree of the Council of People's Commissars (SNK) of March 30, 1922 on storing funds of state organizations in the current accounts of the State Bank. Then, by the Decree of the Council of People's Commissars on cash operations of state institutions and enterprises, it was clarified that the storage of money in the State Bank was prescribed only budgetary institutions. All other self-supporting enterprises were given the right to keep their funds in any credit institution.

During the first year of the State Bank's existence, on the initiative of a group of former bank workers The South-Eastern Commercial Bank was created in Rostov-on-Don. This first commercial bank in Soviet Russia was organized 50% with private capital, and the remaining 50% of its capital was contributed by the State Bank. At the end of 1922, several more banks were formed. Thus, in November 1922, the Russian Commercial and Industrial Bank was created, which at the end of 1923, in terms of its turnover, took second place (after the State Bank) in the system of credit institutions of Soviet Russia. On December 12, 1922, the Russian Commercial Bank, established “to promote industry and trade of the RSFSR and its allied republics and to develop their commercial turnover abroad,” began to conduct its operations in Moscow.

In 1927, the management of the significantly expanded credit system and control over the activities of banks and other credit institutions was entrusted to the State Bank of the USSR. In 1928, the State Bank became a monopolist in short-term lending: its share in total amount short-term loans accounted for more than 65%. By 1930, the State Bank played a leading role in the credit system.

Further strengthening of the State Bank’s position occurred during the credit reform of 1930, which ensured the achievement of two goals: the establishment of the principle of democratic centralism in the work of banks and the concentration of credit, settlement and cash service national economy in one national bank.

In 1930, the State Bank was transferred to the short-term operations of cooperative banks, transformed into banks long-term investments. The All-Union Agricultural Cooperative-Collective Farm Bank was organized on the basis of the Central Agricultural Bank of the USSR. Subsequently, all agricultural lending operations were transferred to the State Bank of the USSR. State Bank branches were created on the basis of agricultural credit partnerships in almost all regions of the country. Thus, in 1930 - 1932. The State Bank, while remaining an emission center and agent of the government, acquired the status of a short-term lending institution, settlement and cash center of the country. Since May 1932, financing and lending of capital costs began to be carried out by four all-Union long-term investment banks: Vsekobank, Prombank, Agricultural Bank and Tsekobank.

In the 1950s A number of changes were made to the country's credit system, the essence of which was to strengthen its centralization and expand the control functions of banks. Selkhozbank, Tsekobank and local communal banks were liquidated, and their functions were distributed between the State Bank and Promstroybank, which was subsequently renamed the All-Union Bank for Financing Capital Investments (Stroybank USSR).

In the 1960s, 1970s and until the end of the 1980s. the role and functions of the State Bank were not revised, the credit system of the USSR remained virtually unchanged. It was a network of state credit institutions operating on the principle of functional specialization, organizing and planning credit and money circulation, non-cash payments and credit relations.

The State Bank of the USSR was at the same time the country's issuing center, a center for short-term lending, and an institution for cash and settlement services for enterprises and organizations. The monopoly position in the credit system and complete subordination to the government contributed to the transformation of the State Bank into a body of state management and control.

On the eve of market reforms, all available funds were automatically accumulated in the State Bank accounts. cash, which were then centrally distributed in accordance with approved credit plans. The role of local credit institutions was essentially reduced to distributing loans among specific borrowers for the purposes provided for by the plan. Credit institutions were guided in their activities by instructions approved by the Board of the State Bank and were responsible mainly to the higher offices of the State Bank, and not to clients.

The State Bank of the USSR was considered throughout the world one of the largest and most authoritative credit institutions, and its versatility lay in the fact that, performing the functions inherent in state and commercial banks, it was the issuing and foreign exchange center of the country, and pursued an active policy to protect its monetary interests. It is clear that such a historical tradition could not disappear overnight, even when Russia decided to embark on market reforms.

During the reorganization, an attempt was made to create a two-tier banking system. Its top level was to be the central bank, created on the basis of the State Bank of the USSR, and the bottom - specialized banks. The State Bank of the USSR, while remaining an issuing institution, was called upon to coordinate the activities of specialized banks and pursue a unified monetary policy of the state. But in reality, the role of the State Bank during this period sharply decreased; it lost its main clients, its former control functions partly switched to specialized banks, partly they were sharply limited. He did not receive effective leverage over specialized banks. The system of centralized credit and cash planning was destroyed, and the State Bank was not ready for the full use of monetary regulation instruments to influence the volume and structure of the money supply.

At the second stage of banking reform, which is associated with the formation of commercial banks and banks on a share and joint stock basis, the status of the State Bank of the USSR was changed, it was removed from subordination to the government, and received a certain economic independence, which became the basis for changing its role in the country's economy. In 1990, the Central Bank of the RSFSR was created (operating in parallel with the State Bank of the USSR). When Russia acquired sovereignty in 1992, the State Bank of the USSR was abolished, and all its functions were transferred to the Central Bank of the RSFSR (Bank of Russia). The legislative basis for its activities was the Law of the RSFSR “On the Central Bank of the RSFSR (Bank of Russia)”, adopted on December 2, 1990 No. 394-1 [Currently recognized as no longer in force. Replaced by Federal Law No. 86-FZ of July 10, 2002 “On the Central Bank Russian Federation(Bank of Russia)" (as amended on January 10, 03) // SZ RF. 2002. No. 28. Art. 2790; 2003. No. 2. Art. 157.].

Goals and functions of the Central Bank of the Russian Federation

Central Bank of the Russian Federation (Bank of Russia) is the main bank of the Russian Federation. It was created and operates on the basis of the Federal Law of July 10, 2002 No. 86-FZ “On the Central Bank of the Russian Federation (Bank of Russia)” (as amended on January 10, 2002) [SZ RF. 2002. No. 28. Art. 2790; 2003. No. 2. Art. 157.], according to which the authorized capital (in the amount of 3 million rubles) and its other property are federal property. The Bank of Russia exercises powers over the ownership, use and disposal of its property, including its gold and foreign exchange reserves.

As the settlement center of the banking system, the Bank of Russia undertakes interbank settlements through its own payment system, as well as the final settlement of settlements carried out by private payment systems. The Bank of Russia acts as a common correspondent bank for all credit institutions, its participation in the payment system reduces the operational risks of all economic agents.

In 2001, 59.3% of the total volume of non-cash payments was carried out through the payment system of the Bank of Russia. A significant part of them is carried out through settlement systems between clients of one division of a credit institution (branch). In 2001, their share amounted to 24.1% of the total volume of non-cash payments. The share of payments made through payment systems for settlements on the basis of direct correspondent relations, as well as through payment systems of settlement non-bank credit institutions and intrabank payment systems, is relatively small. In 2001, it was 7, 0.6 and 9%, respectively. The Bank of Russia does not directly participate in the functioning of these payment systems, but in all payment options, repayment of the balance of mutual debt of credit institutions occurs from the correspondent accounts of the Bank of Russia, which confirms its role as a settlement center of the banking system.

The Bank of Russia has an exclusive role in organizing cash payments. The issue of cash, which is one of the payment instruments, the organization of their circulation and withdrawal from circulation on the territory of the Russian Federation is carried out exclusively by the Bank of Russia. The Board of Directors of the Bank of Russia decides to issue new banknotes and coins into circulation and withdraw old ones, approves the denominations and samples of new banknotes. The Bank of Russia forecasts the need for cash and organizes the production, transportation and storage of banknotes and coins, creates them reserve funds. It establishes the rules for the storage, transportation and collection of cash for credit institutions, as well as signs of solvency and the procedure for replacing damaged banknotes and coins and their destruction. The Bank of Russia, within the framework of the powers granted to it, determines the procedure for conducting cash transactions for credit institutions and their clients.

Introduction.

The object of study of this course work is the Central Bank of the Russian Federation. The relevance of this topic lies in the fact that the Bank of Russia occupies a special place in the financial and economic system of the country, determines and regulates the situation in the financial and credit markets, that is, it has real tools to stabilize the economy. It is the dominant bank over the vast system of commercial banks. The Bank of Russia performs many different functions, without which the state would not be able to function normally. Carrying out its policy, the Central Bank of the Russian Federation maintains financial stability in the state and creates the preconditions that ensure sustainability economic growth countries.

Studying the history of formation, current state And further development The Central Bank became the main goal of this work. In accordance with this goal, the following tasks are set:

1. Study the history of the formation of the Central Bank of Russia;
2.Goals, objectives and functions of the Central Bank;

3. Identify the main tools, concepts and goals, methods, problems of monetary policy of the Central Bank of Russia;

4. Study the main directions for improving banking regulation and supervision in the Russian Federation.

The structure of this work was determined in accordance with the need to achieve the goal of the work and solve the assigned problems. The work consists of an introduction, four chapters, a conclusion, and bibliography. The first chapter examines theoretical issues related to the history of the development and formation of the Central Bank in the Russian Federation.

In the second chapter we will consider in detail the main functions, goals, objectives and operations of the Central Bank. In the third chapter we will identify the main tools, concepts and goals, methods, problems of the bank’s monetary policy. In the fourth, we will study areas for improving banking regulation and supervision in the Russian Federation.

The method of work is the study of legislative materials of the Russian Federation on this topic, materials from periodicals and scientific and methodological literature.

Theoretical basis the tasks set in the work are the works of Russians

many economists involved in the study of the Russian banking system, educational and educational literature, regulations, periodicals, as well as resources from the official website of the Central Bank of Russia: www.сbr.ru. Among the Russian authors dealing with these issues, the following can be distinguished: I.T. Balabanov, V.I. Kolesnikova, L.P. Krolivetskaya G.N. Beloglazova, G.G. Korobova. The works of O.I. Lavrushin are of particular interest. The works of A.M. were of fundamental importance when writing this work. Tavasieva, V.P. Bychkova.

I. History of the formation of the central bank in Russia.

State Bank of the Russian Empire.

National Bank Russian Empire was founded in 1860 during the process of reorganization of the Russian banking system. Its creation took place under the conditions of Russia’s entry into capitalism and was the first of the “great reforms” carried out in the country by Emperor Alexander II. Significant government intervention in economic development caused by the peculiarities economic development Russia, determined the genesis

The State Bank as an organ of the government's economic policy.
The State Bank was a bank for short-term commercial credit and, according to the charter, was established “to revive trade turnover and strengthen the monetary credit system.” Its functions included the accounting of bills and other time-sensitive government and public interest-bearing securities and foreign drafts, the purchase and sale of gold and silver, the receipt of payments on bills and other time-sensitive monetary instruments for the account of principals, the acceptance of deposits, the issuance of loans and the purchase of government papers at your own expense.

Two periods can be distinguished in the activities of the State Bank of the Russian Empire. During the first (from 1860 to 1894) it was largely an auxiliary institution of the Ministry of Finance. Most of the State Bank's resources at this time were absorbed by direct and indirect financing of the treasury. He was entrusted with functions related to the apparatus of the Ministry of Finance: conducting a redemption operation and all paperwork related to it, maintaining state mortgage banks, and so on. Until 1887, the State Bank liquidated the accounts of pre-reform banks. All liquidation operations were to be carried out at the expense of the State Treasury, which was the debtor of these banks. But since, in conditions of a budget deficit, the Treasury was not able to provide the funds necessary for this, the State Bank annually, until 1872, allocated a significant part of its commercial profits for these purposes. The liquidation of public debt to the State Bank occurred already in the second period of its activity - in 1901.

Throughout the entire pre-revolutionary period of activity, the State Bank, as an organ of the government's economic policy, participated in the creation and then in the maintenance of commercial banks, including through non-statutory loans. Bankrupt banks were subsidized and financed by him, taken into ownership or management for subsequent sale.

Since the early 80s of the 19th century, the State Bank has been preparing a monetary reform, which began in 1895 and ended in 1898 with the introduction of gold monometallism in Russia. During the same reform, the State Bank received the right to issue.

With the adoption of a new charter in 1894, the second period in the activities of the State Bank began. After the monetary crisis of 1905-1906, caused by the Russo-Japanese War and revolution, the transformation of the State Bank into a bank of banks began. On the eve of the First World War, the State Bank became one of the most influential European credit institutions. He had a huge gold reserve, the ratio of which, with the exception of the crisis year of 1906, did not fall below 93%, and on average was above 100%. The State Bank regulated monetary circulation and foreign exchange settlements in Russia and, through commercial banks, took an active part in lending to industry and trade.

During the First World War, the activities of the State Bank were aimed mainly at financing it. Most of his assets on the eve of the October Revolution of 1917 consisted of treasury obligations and loans against interest-bearing securities. During this time, the bank's gold reserves decreased from 1,604 million rubles. (as of June 16, 1914) to 1101 million rubles. (on October 8, 1917). The history of the pre-revolutionary State Bank ended on October 25 (November 7), 1917. From this moment the history of the Soviet-style State Bank began.

1.2. People's Bank of the RSFSR.

On October 25 (November 7), 1917, the Bolsheviks captured the building of the State Bank in Petrograd, but another two months passed before they began to really control the work of the bank. On the morning of December 14 (27), Petrograd commercial banks were captured, and in the evening of the same day, the All-Russian Central Executive Committee adopted a Decree on the nationalization of banks. In accordance with this decree, a state monopoly on banking was introduced in the country. Private credit institutions were nationalized and merged with the State Bank, which a month later became known as the People's Bank of the Russian Republic (later the People's Bank of the RSFSR).

Formally, until its abolition in 1920, the People's Bank operated on the basis of the charter of 1894, to which a number of changes were made. However, in reality its activities were regulated by Decrees and Resolutions of the Council of People's Commissars, Resolutions of the All-Russian Central Executive Committee and the Supreme Economic Council and orders of the Narkomfin. The main task of the bank was to issue paper money. Since the autumn of 1918, the People's Bank, which was part of the Narkomfin, began to finance the national economy and engage in budgetary work. The introduction during the period of the policy of war communism of non-monetary payments between state enterprises and institutions led to the bank stopping its lending operations. The functions of the bank as a settlement center were also reduced to a minimum, since all settlements were carried out with the state budget in the order of estimated financing of enterprises and their income was credited to budget accounts. Thus, within two years, the very essence of People's Bank. From a bank it was transformed into a body that, along with financial bodies, mainly served budget operations. The operation of two parallel structures was impractical. Moreover, the very existence of an institution called the People's Bank contradicted the idea of ​​a cashless economy, which the Bolsheviks were trying to build at that time. As a result, on January 19, 1920, the People's Bank of the RSFSR was abolished. A small number of surviving banking operations began to be carried out by the Central Budget and Accounting Department of Narkomfin.

1.3. State Bank of the USSR.

Under the conditions of the new economic policy, by resolutions of the All-Russian Central Executive Committee and the Council of People's Commissars of October 3 and 10, 1921, the bank was restored under the name of the State Bank of the RSFSR. It began operations on November 16, 1921. In 1923, the State Bank of the RSFSR was transformed into the State Bank of the USSR. According to the Regulations on the State Bank of the RSFSR, adopted by the All-Russian Central Executive Committee on October 13, 1921, it was economic organization, created “with the aim of promoting credit and other banking operations to the development of industry, agriculture and trade turnover, as well as for the purpose of concentrating money turnover and carrying out other measures aimed at establishing correct monetary circulation.” He had the right to provide loans to industrial and commercial enterprises various forms property, as well as agriculture and handicraftsmen only”, subject to their provision and economic feasibility" The State Bank was part of the People's Commissariat of Finance and reported directly to the People's Commissar of Finance.

In November 1921, the State Bank was granted a monopoly right to conduct transactions with currency and currency values. He also had to install official rate on precious metals and foreign currency, regulating private transactions permitted in 1922 for the purchase and sale on the exchange of gold, silver, foreign currency, as well as checks and bills issued in foreign currency.

In 1922 and 1923, two denominations were carried out, enlarging the denomination of the owl sign - a paper banknote issued at that time by the People's Commissariat of Finance to cover the budget deficit. At the time of the first denomination, banknotes, which were exchanged in the ratio of one ruble issued in 1922 for 10 thousand rubles. banknotes of all types officially circulated in the country at that time; during the second denomination, banknotes of the 1923 model were exchanged for banknotes of 1922 in a ratio of 1: 100.

On October 11, 1922, the State Bank was granted the right to issue chervonets bank notes into circulation, and it turned into an issuing center. With the start of the issue of chervonets, a monetary reform began, as a result of which the galloping post-war inflation was stopped.

During 1922-1924. the owl sign and the chervonets were in circulation at the same time. Chervonets was a paper currency based on gold. It was equal to 7.74232 g of pure gold, i.e. to the royal coin of 10 rubles. Since 1923, gold chervonets were minted, which were mainly used in foreign trade.

In March 1924, the monetary reform was completed. The new type ruble, which was a means of change for a chervonets and was equal to 1/10 of a chervonets, was exchanged for 50 thousand rubles in 1923 signs. or by 50 million rubles. banknotes of earlier samples.

During the NEP period, the following types were practiced bank loan, such as discounting of bills of exchange, demand loans from special current accounts secured by bills of exchange, as well as term loans secured by bills of exchange. In addition to these loans, the bank, three years after its creation, began to provide direct targeted lending. In October 1924, a consolidated credit plan of the State Bank for all branches was drawn up for the first time.

As a result of the reform of the cash system of the State Treasury carried out in 1925, the cash flows of the State Bank and Narkomfin were merged. Since 1922, the country began to create commercial banks, including sectoral joint-stock banks (special banks) and mutual credit societies, which were supposed to provide short-term or long-term lending to certain sectors of the economy. In 1924, under the Board of the State Bank, a Committee on Banking Affairs was created, which was supposed to coordinate their activities.

In the second half of the 20s, the functions and activities of the State Bank changed radically. This was mainly due to the accelerated pace of industrialization, which required large investments in heavy industry within a short time.

Carrying out industrialization in the USSR in traditional ways, i.e. through the accumulation of funds within the country and external loans, it was impossible. The population did not have the necessary savings, and loans could not be made under economic (world) economic crisis), nor for political reasons. As a result, industrialization in the country was carried out through emission financing. The search for a way that would allow the state to redistribute funds between sectors of the economy in the simplest form continued throughout the entire period of the collapse of the NEP.

In June 1927, in connection with the strengthening of regulation of the movement of short-term capital, the State Bank was entrusted with the responsibility of direct operational management of the entire credit system while maintaining the general regulation of its activities under the People's Commissariat of Finance. The State Bank was supposed to monitor the activities of other credit institutions in accordance with government directives in the field of credit policy. Special banks had to keep available funds and receive credit only from the State Bank, which was given the right to participate in their boards and audit bodies. In addition, the State Bank was supposed to increase its share in the equity capital of special banks.

In February 1928, in connection with the reorganization of the banking system, the State Bank began to concentrate the bulk of short-term lending operations. At the same time, most of the branches of joint-stock banks came under his jurisdiction, and began to play a supporting role in lending to the economy. Long-term lending operations were carried out mainly in the specially created Bank for Long-Term Lending for Industry and Electrical Facilities (BDK), the Central Bank utilities and housing construction (Tsekombank) and partly in the Central Agricultural Bank (TsSKhbank).

In August 1928, the State Bank was entrusted with the responsibility for cash execution of the state budget, which made it possible to concentrate in it cash transactions socialist economy.

In June 1929, the first Charter of the State Bank was adopted, according to which the bank was the body regulating money circulation and short-term lending in accordance with the general plan for the development of the national economy of the USSR.

In the late 20s - early 30s. In the USSR, a set of reforms was carried out, the purpose of which was to create an effective mechanism for centralized planned regulation of material and financial aspects reproductive process. In this regard, in 1930-1932. a credit reform was carried out, as a result of which a mechanism for centralized planned regulation of the movement of monetary resources was created.

In January 1930, in connection with the liquidation of mutual commercial credit, all direct short-term lending operations began to be carried out at the State Bank. All special banks turned into long-term investment banks, and the network of their branches was liquidated. Special banks had to carry out their operations through branches of the State Bank.

In January 1931, an acceptance form for non-cash payments through the State Bank was introduced.

In March 1931, the functions of the State Bank were defined as a single bank for short-term lending, a settlement and cash center for the economy.

In June 1931, the working capital of enterprises was divided into its own and borrowed, and the basic principles of short-term bank credit were determined. Empowering enterprises with their own working capital made it possible to establish bank lending facilities. Short-term loans to state-owned enterprises began to be provided only for needs related to the financing of valuables in transit, advances of seasonal production reserves, accumulation of seasonal reserves of raw materials, fuel, production and auxiliary materials, temporary increase in investments in work in progress, seasonal accumulation of finished products and goods, as well as other temporary needs related to the process of production and circulation of goods.

In May 1932, the functions between the State Bank and the long-term investment banks (Prombank, Selkhozbank, Vsekobank and Tsekombank) were finally delineated.

As a result of the credit reform, the activities of the State Bank finally lost their commercial character, and the main functions of the Soviet-style State Bank were formed - planned lending to the economy, organization of money circulation and settlements, cash execution of the state budget and implementation of international payments.

At the same time, the structure of the credit system was formed, which existed with minor modifications for 55 years.

Subsequently, the improvement of the activities of the State Bank was reduced to the introduction of new forms of planned lending to the economy and bank settlements, as well as methods of control over the expenditure of funds on wages (80% of cash turnover) and the collection of trade proceeds.

In February 1930, in connection with the cancellation of operations for the sale of gold and foreign currency to private individuals in chervonets at firm rate and with the withdrawal of Soviet currency from the circulation of foreign exchanges, a quotation commission was organized under the Board of the State Bank to set rates foreign currencies.

In 1933, the State Bank carried out a number of measures to speed up settlements, improve accounting, improve the organization of document flow and strengthen internal banking control. The nomenclature of State Bank balance sheet items was restructured: they began to be grouped according to departmental characteristics, which made the balance sheet comparable to the credit plan. A transition was also made to decentralized matching of inter-branch turnover while maintaining overall control in the center.

In 1939, the State Bank began collecting cash.

During the Great Patriotic War 1941-1945

The State Bank issued cash to cover the state budget deficit, as a result of which money supply during this time it increased 4 times. In order to normalize monetary circulation, a liquidation-type monetary reform was carried out in 1947, during which the old-style cash was exchanged for a new one in a ratio of 10: 1, revalued cash deposits in savings banks and conversion of all issued government loans (except for the 1947 loan) was carried out. In March 1950, the gold content of the ruble was established at 0.222168 g of pure gold.

In December 1949, the second Charter of the State Bank was adopted.

In April 1959, in connection with the reorganization of the credit system, part of the operations of the Agricultural Bank, Tsekombank and communal banks was transferred to the State Bank. Since 1960, the State Bank began drawing up plans for lending to long-term investments.

In May 1961, the ruble was devalued and devalued. New banknotes were exchanged for old ones in a ratio of 1: 10. At the same time, the gold content of the ruble was increased only 4 times and amounted to 0.987412 g of pure gold.

In October 1960, the third Charter of the State Bank was adopted, and since 1963, state labor savings banks were transferred to the jurisdiction of the State Bank.

In 1965-1969 During the economic reform, changes occurred in the activities of the State Bank related to lending and settlements, planning and regulation of money circulation, financing of capital investments and organization of savings business. The main types of industrial lending are turnover lending material assets and costs for wages and on simple loan accounts.

In July 1987, in connection with the reorganization of the credit system, as a result of which new special banks were formed (Vnesheconombank of the USSR, Promstroybank of the USSR, Zhilsotsbank of the USSR and Sberbank of the USSR), the State Bank began to perform the functions of the main bank of the country. He was entrusted with the development of a consolidated credit plan and plans for the distribution of resources and credit investments across all banks.

In September 1988, the fourth Charter of the State Bank of the USSR was approved, according to which it was the main bank of the country, a single emission center, and organizer of credit and settlement relations in the national economy.

Since March 1989, in connection with the transition of special banks to full economic accounting and self-financing, the State Bank was entrusted with the obligation to communicate to them control figures for the volume of credit resources, the amount of funds raised from the population, the volume of receipts and payments in foreign currency for banking operations.

In January 1990, the USSR Savings Bank was transferred to the State Bank.

On July 13, 1990, on the basis of the Russian Republican Bank of the State Bank of the USSR, the State Bank of the RSFSR, reporting to the Supreme Council of the RSFSR, was created.

December 2, 1990 The Supreme Council of the RSFSR adopted the Law on the Central Bank of the RSFSR (Bank of Russia), according to which the Bank of Russia was legal entity, the main bank of the RSFSR and was accountable to the Supreme Council of the RSFSR. The law defined the functions of the bank in the field of organizing money circulation, monetary regulation, foreign economic activity and regulation of the activities of joint-stock and cooperative banks.

In June 1991 The Charter of the Central Bank of the RSFSR (Bank of Russia), reporting to the Supreme Council of the RSFSR, was approved.

In November 1991 in connection with the formation of the Commonwealth of Independent States and the abolition of the union structures of the Armed Forces of the RSFSR, the Central Bank of the RSFSR declared the only state monetary and credit authority on the territory of the RSFSR currency regulation economy of the republic. It was entrusted with the functions of the State Bank of the USSR in issuing and determining the exchange rate of the ruble. The Central Bank of the RSFSR was prescribed until January 1, 1992. take into full economic jurisdiction and management the material and technical base and other resources of the State Bank of the USSR, the network of its institutions, enterprises and organizations.

On December 20, 1991, the State Bank of the USSR was abolished and all its assets and liabilities, as well as property on the territory of the RSFSR, were transferred to the Central Bank of the RSFSR (Bank of Russia). A few months later the bank became known as Central Bank Russian Federation (Bank of Russia).

During 1991-1992. under the leadership of the Bank of Russia, a wide network of commercial banks was created in the country based on the commercialization of branches of special banks. After the abolition of the State Bank of the USSR, the system of accounts was changed, a network of cash settlement centers (RCCs) of the Central Bank was created and their computerization began. The Central Bank of the Russian Federation began to carry out the purchase and sale of foreign currency at the foreign exchange market, establish and publish official quotes of foreign currencies against the ruble.

In December 1992, the Bank of Russia began the process of transferring the functions of cash execution of the state budget to the newly created Federal Treasury.

The bank carries out its functions, defined by the Constitution of the Russian Federation (Article 75) and the Law “On the Central Bank of the Russian Federation (Bank of Russia)” (Article 22), regardless of federal bodies state authorities, state authorities of the constituent entities of the federation and local governments.

In 1992-1995. In order to maintain the stability of the banking system, the Bank of Russia created a system of supervision and inspection of commercial banks, as well as a system of currency regulation and exchange control. As an agent of the Ministry of Finance, the Bank of Russia organized the market for government securities (GKOs) and began to take part in the functioning.

Since 1995 The Bank of Russia stopped using direct loans to finance the deficit federal budget and stopped providing targeted centralized loans to sectors of the economy.

In order to overcome the consequences of the financial crisis of 1998, the Bank of Russia pursued a policy of restructuring the banking system aimed at improving the performance of commercial banks and increasing their liquidity. Within the framework established by law from the market banking services insolvent banks were bailed out. Great value for recovery banking In the post-crisis period, there was also the creation of the Agency for the Restructuring of Credit Institutions (ARCO) and the Interdepartmental Coordination Committee for Assistance to the Development of Banking in Russia (ICC).

Modern bank.

As a result effective action Bank of Russia, ARCO and MCC banking sector economy in mid-2001 has largely overcome the consequences of the crisis.

The monetary policy of the Bank of Russia was focused on maintaining financial stability and creating prerequisites to ensure the sustainability of the country's economic growth. The Bank of Russia responded flexibly to changes in real demand for money, contributed to maintaining the growing dynamics of the economy, reducing interest rates, inflation expectations and inflation rates. This led to some strengthening of the real exchange rate of the ruble and stability in financial markets.

As a result of the balanced monetary policy and exchange rate policy pursued by the Bank of Russia, the gold and foreign exchange reserves of the Russian Federation increased, no sharp fluctuations exchange rate.

Activities of the Bank of Russia in the field of development payment system was aimed at increasing its reliability and efficiency to ensure the stability of the financial sector and the country's economy. In order to increase information transparency in the functioning of the payment system, the Bank of Russia introduced reporting by credit institutions and territorial offices of the Bank on payments, which took into account international experience, methodology and practice of monitoring payment systems.

In 2003 The Bank of Russia has begun implementing a project to improve banking supervision and prudential reporting through the introduction of a system international standards(IFRS).

It is planned to implement a set of measures, including ensuring reliable accounting and reporting of credit institutions, increasing requirements for the content, volume and frequency of published information, implementing accounting and reporting approaches recognized as advanced international practice. In addition, information about the real owners of credit institutions, control over their financial condition, as well as increasing requirements for officials credit institution and their business reputation.

The Bank of Russia pays increased attention to a number of problems. One of them is related to the fact that Lately Specific risks associated with the dynamics of prices for individual products are beginning to play an increasingly important role. financial assets and real estate market conditions. The practice of lending to related parties leads to a high concentration of risks for a number of banks. In this regard, the Bank of Russia’s improvement of methods of banking regulation and supervision is moving in the direction of developing meaningful (risk-oriented) banking supervision.

Another problem that the Bank of Russia pays increased attention to is the fictitious capitalization of banks.

In order to counter the use by banks of various kinds of schemes to artificially increase or decrease the value of mandatory ratios, in 2004 the Bank of Russia adopted a number of documents, including the Regulation “On the procedure for the formation of reserves for possible losses by credit institutions” and the Instruction “On mandatory ratios of banks.”

In connection with the expansion of the range of credit institutions providing mortgage loans to the population, the Bank of Russia in 2003 issued the Directive “On conducting a one-time survey on mortgage lending", which determined the procedure for compiling and providing information on mortgage housing loans provided by credit institutions.

With the adoption of the Federal Law "On Mortgage securities"credit institutions that ensure compliance with the requirements for protecting the interests of investors have received a legislatively established opportunity to refinance their claims under mortgage loans through the issue of these securities.

In 2004 on the basis of the Federal Law “On the Central Bank of the Russian Federation (Bank of Russia)” and the Federal Law “On Mortgage-Backed Securities”, the Bank of Russia issued an Instruction “On mandatory standards for credit institutions issuing mortgage-backed bonds”, in which it established the specifics of calculation and values mandatory standards, the amount and methodology for determining additional mandatory standards for credit institutions that issue mortgage-backed bonds.

In December 2003 The Federal Law “On Deposit Insurance” was adopted individuals in banks of the Russian Federation." It defined the legal, financial and organizational basis for the functioning of the system of compulsory insurance of deposits of individuals in banks of the Russian Federation, as well as the competence, procedure for the formation and activities of the organization performing the functions of compulsory insurance deposits, the procedure for paying compensation for deposits.

Currently, the vast majority of banks participate in the deposit insurance system. They contain almost 100 percent of all deposits of individuals placed in banking institutions of the Russian Federation.