The credit system of the Russian Federation. The credit system of the Russian Federation. The structure of the credit system of the USSR

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

The history of the credit system has gone through several stages of formation. Until 1917, our credit system developed according to capitalist laws, which reflected the corresponding socio-economic formation. In structure, functions and operations, it approached the model of the credit system of the leading capitalist countries of that time. In the Russian Empire, there was a three-tier credit system, which consisted of the following links.

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

State Bank The banking sector, represented mainly by commercial and savings banks Specialized credit institutions (insurance companies, credit partnerships, etc.) In contrast to Western countries, Russia has developed mainly two tiers: the State Bank and the private banking sector. The third tier was relatively poorly developed due to the low level of development of capital and securities markets. At that time in Russia there were practically no institutions specializing in transactions with securities, and their market was represented by only three stock exchanges. Therefore, accumulation and mobilization functions in the capital market were performed mainly by commercial banks.

In the first months after the 1917 revolution, all credit institutions (banks and insurance companies) were nationalized, and the National Bank was created on the basis of the State Bank. The civil war that began in early 1918 essentially liquidated the credit system, since in the absence of commodity-money relations, credit lost its significance. This confirms the fact of the merger of the People's Bank with the Narkomfin (Ministry of Finance). The only source of income in the country was the emission of so-called banknotes, which contributed to the naturalization of economic relations and limited the sphere of commodity-money relations. In the early 1920s, the new economic policy led to the restoration of the credit system, but in a rather truncated form. The State Bank was created, joint-stock and cooperative commercial banks began to function. By 1925, the credit system was restored, the structure of which looked as follows.

The structure of the USSR credit system in 1925

State Bank Banking sector: joint-stock banks (Prombank, Electrobank, Vneshtorgbank, Yugovostochny Bank, Dalnevostochny Bank, Central Asian Bank); cooperative banks (Vseuobank, Ukrainbank); communal banks (Tsecobank and local communal banks); Central Agricultural Bank, Republican Agricultural Banks Specialized and credit and financial institutions: agricultural credit societies; _ mutual credit societies: savings banks The structure of the credit system was represented by three tiers and expressed the new socio-economic relations that had developed in the country by the beginning of the 30s. The peculiarity of the new credit system was that most of its links were state property, followed by the cooperative and the smallest capitalist (mainly with mutual credit societies). At the same time, the credit system was represented mainly by sectoral and specialized banks and credit societies. ...

In the new structure of the credit system, there were no insurance companies and institutions involved in transactions with securities. This was due to the creation of a state insurance company and its withdrawal from the credit system, as well as a very limited securities market in the form of a turnover of shares between various state shareholder organizations. Thus, the accumulation and mobilization of monetary resources was practically carried out by banks within the framework of state ownership.

In subsequent years, the credit system underwent further changes under the influence of the credit reform of the 1930s, when all types of property, except for the state, were liquidated. The krnedite system was transformed into a one-tier, or one-tier system, expressing the socio-economic needs of that time associated with the implementation of plans for industrialization and collectivization. The credit system began to function within the command-administrative system of economic management and was represented by only three banks, savings banks and two insurance organizations.

The structure of the USSR credit system

State Bank Stroybank Bank for Foreign Trade _ System of Savings Banks Gosstrakh and Ingosstrakh As a result of this reorganization, the State Bank, in addition to issuing and cash settlement activities, took over the provision of short-term loans to industry, transport, communications and other sectors of the economy, as well as long-term loans to agriculture ...

The country's second bank, Stroybank, focused on providing long-term loans and financing capital investments in various sectors of the economy, including agriculture.

The bank for foreign trade was engaged in lending to foreign trade, international settlements, as well as operations with foreign exchange, gold and precious metals.

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

Gosstrakh monopolized insurance operations of legal entities and individuals within the country, Ingosstrakh carried out operations on foreign insurance (insurance of property of foreigners, Soviet property abroad, export-import cargo, vehicles).

All the accumulated funds of these organizations created the so-called loan fund of the country, which was subsequently distributed and redistributed in the form of loans to various sectors of the economy.

The long-term command-administrative functioning of the credit system showed its weak efficiency, especially in the context of the aggravation of financial and economic problems in the country by the beginning of the 1980s. Credit has essentially ceased to play the role of an active instrument of influencing the scientific and technical renewal of the economy. Most of the loans served as a second budget, since the loans were not returned by enterprises. As a result, many loans were written off or there was a process of recrediting enterprises. In particular, this applied to a large number of planned loss-making enterprises and rural economy. Interest on loans remained at a fairly low level, which did not stimulate mutual efficiency of either banks or enterprises. All this violated the main essence of the loan - the payment for the loan and its repayment.

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

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

State Bank (State Bank of the USSR) Industrial and Construction Bank (Promstroybank) Agroindustrial Bank (Agroprombank of the USSR) Bank for Housing and Communal Services and Social Development (Zhilsotsbank of the USSR) Bank for Labor Savings and Population Lending (Savings Bank of the USSR) Bank for Foreign Economic Affairs of the USSR The peculiarity of this reorganization was in the fact that branch specialized banks were granted the right to both short-term and long-term lending. Significant credit resources from the State Bank were devoted to specialized banks. The State Bank retained its issuing, settlement, controlling, functions, as well as lending to the non-production sphere. The system of savings banks was transformed into a single Savings Bank with numerous branches and divisions.

The main task of reorganizing the banking system was reduced to pursuing a progressive credit policy, increasing the efficiency of the entire credit system. However, as further practice showed, such a reorganization was more negative than positive, since the monopoly of three banks (State Bank, Stroybank, Vneshekolnombank) was essentially replaced by the monopoly of newly created, reorganized, specialized banks.

The central, single-tier structure of the banking system consolidated the sphere of influence of banks on a departmental basis. Enterprises, as before, were assigned to banks and did not have the right to choose in obtaining credit resources. The costs of circulation of banks increased sharply in connection with the increase in the banking apparatus, the growth of its wages and organized expenses.

The State Bank was engaged only in the allocation of resources at the upper level, without being able to influence the implementation of credit plans. Each bank implemented its own credit plans using administrative management methods. Thus, they distributed their resources vertically between their institutions, not paying attention to the profitability of the allocation of funds, and carried out simple financial services and subsidies for enterprises.

The monopoly position of special banks and the centralized consolidation of resources did not allow trading in money or creating money markets. In addition, banks began to introduce artificial levies from enterprises and the population for ordinary banking services. As a result, credit and monetary resources continued to play a passive role and could not rationally influence the course of economic development.

As positive measures of the banking reorganization of 1987, one can name the streamlining of non-cash settlements, the termination of lending for losses, excess inventory of inventories, as well as the issuance of loans to replenish the lost own working capital, the suspension of the withdrawal of excess credit funds from the economic turnover and their replacement with their own resources. enterprises. As a result of these measures, more than 75 billion rubles of credit resources were released. However, such positive measures were substantially offset by the negative consequences of the banking reform.

As a response to the negative consequences of the banking reform in 1988-1989. commercial and cooperative banks began to be created, mainly on the basis of money savings of various industries. During the first period 1988-1989. about 150 commercial and cooperative banks were created. A new two-tier structure of the banking system began to emerge: the State Bank and specialized banks - the first tier, commercial and cooperative banks - the second tier.

In mid-1990, in connection with the announcement by the government of the program of transition to the market, it became obvious that the banking system needed further reorganization. In particular, the government program noted the need to create an effective two-tier banking system, consisting of the State Bank and commercial banks, into which the specialized banks created in 1987 should also be transformed.

Along with this program, the executive and legislative bodies of the country considered an alternative program of transition to the market - "500 days", which proposed creating a three-tier banking system, which, in addition to the State Bank and commercial banks, was supplemented by a network of specialized credit and financial institutions represented by insurance companies, land banks, investment funds , credit partnerships, pension funds, brokerage and leasing companies. The "500 days" program expanded the number of future subjects of the capital market through the prospective creation of specialized credit institutions, however, in essence, it incorrectly replaced the concept of "credit system" with the concept of "banking system". The first concept is broader than the second, which is limited only to banks. In addition, the concept of a "loan fund" remained in the program, while in market conditions it must be replaced by a "capital market".

The concept of the structure of the new credit system was almost completely transferred into the program of the Union government "Main Directions of Development of the National Economy and the Transition to the Market", adopted in the fall of 1990 by the Supreme Soviet of the USSR. However, a professional mistake was made here, since the banking system essentially meant the creation of a new credit system.

At the end of 1990, the Supreme Soviet of the USSR adopted the Law on the State Bank and Banking Activities, which finally established a two-tier banking system in the form of the Central Bank (State Bank), the Savings Bank and commercial banks. According to this law, commercial banks received an independent status in the field of attracting deposits and credit policy, as well as in determining interest rates. In addition, they were given the right to carry out foreign exchange operations on the basis of licenses issued by the Central Bank.

The 1990 law changed the functional activities of the State Bank: in addition to the issue, settlement function, it began to control the activities of commercial banks by establishing mandatory reserve standards for them and keeping them in the accounts of the Central Bank. The adoption of the 1990 law contributed to the creation of a wide network of commercial banks in all regions of the country.

Specialized banks were turned into commercial banks. Already in 1988-1989. separate specialized credit and financial institutions began to emerge. As an alternative to the two state insurance institutions - Gosstrakh and Ingosstrakh, insurance companies Tsentrorezerv, Dalross, Asko and others were established on a commercial basis.

Several investment companies and banks were established at the same time. By 1990, i.e. By the time the Law on Banks and Banking Activities was adopted, a three-tier credit system began to take shape in the country. By the end of 1991, in connection with the formation of the Russian Federation as an independent state, a new structure of the credit system was formed, which consisted of the following three tiers.

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

Central Bank of the Russian Federation Banking system commercial banks Savings bank of the Russian Federation Specialized non-bank credit institutions: insurance companies other investment funds The current structure of the Russian credit system is close to the model of the credit system of industrialized countries. But the fact is that the weakest link in the new credit system is the third tier. It is represented mainly by insurance companies, and the development of other types of specialized credit institutions requires a full-fledged functioning of the capital market and its second element - the securities market. The creation of the latter is possible in the context of a relatively widespread privatization of state property. This is what should stimulate the development of the third tier of the credit system.

The new banking system is still developing in a complex and contradictory manner. By the beginning of 1992, 1,414 commercial banks operated in the Russian Federation, of which 767 were created on the basis of former specialized banks and 646 were newly formed. The total compound fund amounted to 76.1 billion rubles. However, the main drawback of the new banking system is the large number of small banks - 1,037, or 73% of the total number of banks, with authorized capital from 5 to 25 million rubles, while banks with authorized capital over 200 million rubles. there were 24, or 2% of their total.

Therefore, small commercial banks could not effectively organize customer service and guarantee the safety of their deposits. In addition, the characteristic negative aspects of the entire banking system are the lack of qualified personnel; weak material and technical base; lack of competition; unavailability of services for a number of clients due to the high level of interest. The years 1993-1994 were characterized by a further increase in the number of commercial banks and other credit and financial institutions, which was due to the expansion of the scale of privatization, the development of the securities market, and the further advancement of market reforms.

By the end of 1994, about 2,400 commercial banks, more than 2,000 insurance companies, and a large number of investment funds (companies) were operating in Russia; at the same time, mortgage banks, non-state pension funds, financial and construction companies, private savings banks and a number of other credit institutions.

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

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

Central bank Banking system: commercial banks savings banks mortgage banks Specialized non-bank financial institutions insurance companies investment funds pension funds financial construction companies others The new structure of the credit system began to better reflect the needs of the market economy and increasingly adapt to the process of new economic reforms.

At the same time, the process of formation of the credit system revealed certain shortcomings. They were expressed in violations at all levels: small institutions continue to form and exist (banks, insurance companies, investment funds), which, due to a weak financial base, cannot cope with the needs of customers; commercial banks and other institutions mainly conduct short-term lending operations, underinvesting their funds in industry and other sectors.

Many newly created credit and financial institutions, insurance companies and investment funds are engaged in activities unusual for them: they attract deposits from the population, performing the functions of commercial and savings banks. A number of investment funds, financial companies and banks have built their activities not on a genuine commercial basis, but on the principle of a pyramid, which caused a wave of bankruptcies in 1993-1994. In addition, high rates on short-term loans lead to an unjustified increase in profits, which are subsequently converted into foreign currency, which depreciates the ruble and leads to increased inflation. Therefore, many aspects of the banking system of the Russian Federation require further improvement.

The modern credit system is a combination of various credit and financial institutions operating in the loan capital market and carrying out the accumulation and mobilization of money capital.

The essence and functions of credit are implemented through the credit system.

Currently, the structure of the RF credit system consists of three tiers:

1.Central Bank

2.Banking system:

Commercial banks

Savings banks

Mortgage banks

3. Specialized non-bank financial institutions

Insurance companies

investment funds

pension funds

financial and construction companies

The new structure of the credit system has become more reflective of the needs of the market economy and is increasingly adapting to the process of new economic reforms.

Many newly created credit and financial institutions, insurance companies and investment funds are engaged in activities unusual for them: they attract deposits from the population, performing the functions of commercial and savings banks. A number of investment funds, financial companies and banks have built their activities not on a genuine commercial basis, but on the principle of a pyramid scheme, which caused a wave of bankruptcies. In addition, high rates on short-term loans lead to an unjustified increase in profits, which are subsequently converted into foreign currency, which depreciates the ruble and leads to increased inflation. Therefore, many aspects of the banking system of the Russian Federation need further improvement.

The structure of the credit system

The Bank of Russia assesses the institutional aspects of development in terms of the quantitative characteristics of the banking sector, the development of banking activities and their concentration.

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

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

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

Institutional structure of the banking system in Russia, units

Name					The change
Name
Registered by credit institutions by the Bank of Russia and other authorities
Number of operating credit institutions
Credit institutions whose banking license has been revoked (canceled)
Credit organizations licensed to carry out operations in foreign currency
Credit organizations with general licenses
Number of operating non-bank credit institutions

Data source Bank of Russia

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

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

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

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

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

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

Separation of credit institutions in the Russian Federation

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

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

In accordance with the list of transactions that are possible for non-bank credit institutions, there are three types of NPOs in the Russian Federation.

Types of NPOs in the Russian credit system

It should be noted that neither payment nor settlement non-bank credit institutions can be engaged in issuing loans and attracting funds for deposits.

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

The formalized development of the credit system in Russia over the past years has been taking place within the framework of the general trend of consolidation and consolidation of banks. The five largest credit institutions in terms of assets account for more than half of the total volume of loans issued. At the same time, they have reduced the number of their branches by more than 2.5 times. Thus, we can talk about an increase in the concentration of banking activities within the credit system of Russia.

Literature

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

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

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

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

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

Credit institutions are not liable for the obligations of the state, and the state is not responsible for the obligations of credit institutions, unless the state itself has assumed such obligations.

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

Central Bank of the Russian Federation

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

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

The activities of the CBR are subordinated to the following objectives:

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

The main tasks of the CBR are to regulate monetary circulation, pursue a unified monetary policy, protect the interests of depositors, banks, supervise the activities of commercial banks and other credit institutions, and carry out operations in foreign economic activity.

Functions of the CBR:

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

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

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

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

Within the limits permitted by the Constitution and laws, the Bank of Russia is independent in its activities. Federal government bodies and other government bodies have no right to interfere with its activities. Moreover, regulations issued by the Central Bank of the Russian Federation within its competence are binding on federal government bodies.

The supreme body of the Central Bank is the Board of Directors - a collegial body that determines the main directions of the Bank of Russia activities and exercises leadership and management of the Bank of Russia. It includes the chairman of the Bank of Russia and 12 members who must work in the bank on a permanent basis.

The Board of Directors is chaired by the Chairman of the Bank of Russia, who is appointed by the State Duma for four years on the proposal of the President of the Russian Federation by the Constitution of the Russian Federation. Official text as of 02/01/1999 with historical and legal commentary. - M .: NORMA-INFRA M, 1999 .. One and the same person does not have the right to hold this position for more than three terms in a row.

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

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

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

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

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

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

In cases stipulated by federal laws, the Central Bank of Russia may carry out banking operations for servicing public authorities and local governments, their organizations, state extra-budgetary funds, military units, military personnel, employees of the Bank of Russia, as well as other persons.

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

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

The bulk of the Bank of Russia funds are invested in securities, second in terms of volume are funds invested in currency values placed with non-residents.

Commercial banks

On the one hand, a bank, like any other enterprise, is created to meet the interests of the owner of the bank (shareholders) and public interests (clientele). On the other hand, a bank is a special type of enterprise that organizes and implements the movement of loan capital, ensuring that a profit is made to the owners of the bank.

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

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

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

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

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

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

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

COURSE WORK

Modern credit and credit system

annotation

This course work examines the theoretical aspects of the credit system and the features of the loan.

The structure of this course work is as follows.

The first section reflects the theoretical foundations and features of credit in the banking services market, the structure of the credit system and the role of its subjects.

The second section examines theoretical and practical aspects based on the characteristics of perfect Russian practice.

In the third section, the problems of the credit system at the present stage and the ways of their solution are formulated.

The work was done in print on 43 pages using 39 sources, contains 7 appendices.

Introduction. 4

1 Theoretical foundations of the functioning of the credit system .. 6

1.1 Credit: concept, types and functions. Credit system. 6

1.2 The structure of the credit system and the role of its subjects. 10

2 Analysis of the development of credit systems on the example of Russia and foreign countries 11

2.1 The credit system of Russia and its characteristics. eleven

2.1.1 The role of the Bank of Russia in the country's credit system .. 12

2.1.2 Banking and non-bank credit institutions, their functions and role in the country's credit system .. 15

2.1.3 Specialized credit and financial institutions, their functions and role in the country's credit system .. 17

2.2 Comparative analysis of the structure and functions of credit systems of foreign countries and Russia. twenty

3 Problems and improvement of the credit system of the Russian Federation. 26

3.1 Problems of the modern credit system of the Russian Federation. 26

3.2 Ways to improve the modern credit system of the Russian Federation. 28

Conclusion. thirty

List of sources used. 32

Appendix A .. 35

Introduction

Relevance. The credit system is a set of credit relations existing in the country, forms and methods of lending, banks or other credit institutions organizing and carrying out such relations. It functions through a credit mechanism, which is a system of links: between credit institutions and various sectors of the economy for the accumulation of money capital and investment; between the credit institutions themselves for the redistribution of money capital within the framework of the capital market. By mobilizing money capital and concentrating investment in key sectors of the economy, the credit system contributes to the growth of production, scientific and technological progress, and ensuring a balanced economic development.

In a market economy, from time to time, a situation arises when some entities have temporarily free funds, while others have a temporary need for additional funds. The credit system allows to mutually resolve this contradiction. Therefore, this topic is relevant in the modern world, since many take loans for a variety of needs.

The object of the research is the Russian and foreign credit systems.

The subject of this research is the structure and functions of the Russian and foreign credit systems.

The purpose of the course work is to conduct a comparative analysis of the Russian and foreign credit systems.

To achieve this goal, the following tasks have been set:

Define the credit system, its essence and functions.
Present the structure of the credit system and show the roles of its subjects.
Highlight the structure of the credit system in Russia and give its characteristics.
Show the role of the Bank of Russia in the country's credit system.
Define, explore the functions and role of banking and non-banking credit organizations in the credit system of the Russian Federation.
Describe the specialized credit and financial institutions of Russia.
Conduct a comparative analysis of the structure and functions of credit systems of foreign countries and Russia.
Outline the current problems of the credit system of the Russian Federation.
Determine ways to improve the modern credit system of the Russian Federation.

The methodological and theoretical basis of the study was the work of domestic and foreign scientists on the formation and development of the country's credit system, the main of which were created by such scientists as O.I. Lavrushin, O.L. Rogova, V.D. Fetisov, E.A. Biryukova. , Chinenkov A.V. and others. In addition, the study is based on the analysis of legislative acts of the Russian Federation regulating the functioning of the credit system of the Russian Federation, as well as analytical and statistical data.

In the process of work, the following methods were used: complex analysis, concretization, generalization, comparative comparison, analysis of literature, regulatory documents, documentation.

The practical significance of the work lies in the fact that its main provisions and conclusions can be used in order to more deeply study the issues of the functioning of credit systems.

The structure of the work is determined by the logic of the research topic and is aimed at a consistent presentation of the research topic. The work is divided into three sections.

The first section examines the theoretical foundations of the functioning of the credit system: the concept, essence, functions, structure of the credit system and the role of its subjects.

The second section presents a comparative characteristic of Russian and foreign credit systems.

The third section examines the prospects for the development of the credit system in Russia and increasing its efficiency.

The work includes 7 applications.

The total volume of work is 43 pages of typewritten text.

1 Theoretical foundations of the functioning of the credit system

1.1 Credit: concept, types and functions. Credit system

In a market economy, an immutable law is that money must be in constant circulation. Temporarily free funds should enter the loan capital market, accumulate in credit and financial institutions, and then effectively go into business, be placed in those sectors of the economy where there is a need for additional capital investments.

Money, like any other commodity, is bought and sold. The process of buying and selling money received a specific name - credit. Credit - economic relations between various partners arising from the transfer of property or money to another person on the terms of urgency, repayment, payment and security.

Urgency, repayment, payment, security - the basic principles of lending. The principle of urgency is that the loan must be repaid within a strictly defined time frame. Compliance with this principle is an important condition for the functioning of banks and the credit system itself. Repayment means that the loan must be repaid. The principle of payment means that for the money borrowed, you have to pay interest. Pay makes the borrower use the borrowed funds efficiently. The principle of loan security means that the loan must be secured by property, obligations of third parties. Lending to enterprises, organizations and the population is carried out in strict compliance with these basic principles. The principles of lending also include the principle of differentiation in credit relations. A differentiated approach to lending means that banks (lending institutions) do not have the same approach to different clients and the solution to the issue of lending. Before granting a loan, the financial condition of the borrower is carefully studied in order to make sure of his ability to repay the loan on time.

The role of credit and credit relations is best expressed by the functions of credit: redistributive, emission, control, and regulatory. The redistributive function consists in the fact that loan capital redistributes funds from firms and the population, in which they are temporarily free, to economic entities that are in need of additional money. The funds provided in the loan work and bring their owners income in the form of interest. The borrower uses the loan to generate profits, part of which is used to service the debt. In developed countries, the share of credit resources in the sources of financing the activities of enterprises is 30-50%. The redistributive function provides the ability to mobilize capital for the implementation of large projects that are inaccessible to the limited resources of individual firms. The emission function of credit is expressed in the fact that banks, providing credit to enterprises, create so-called credit money. In this case, banks act as intermediaries. There is an increase in the money supply due to the increase in non-cash money. The ability of banks to increase the money supply when granting loans is taken into account in the government's monetary policy. The content of the control function is to control the banks that issued the loan over the economic activities of borrowers. Before granting a loan, the bank carefully examines the creditworthiness of the borrower's insolvency, gets acquainted with the results of audits. By providing a loan, the bank, by its own methods, controls the financial condition of the borrower, seeking to ensure the timely repayment of the loan and interest on it. Credit serves as an instrument for regulating the economy. The state participates in the process of movement of loan capital, regulating the access of borrowers to the loan capital market, making it easier or more difficult to obtain loans. Credit regulation of the economy - a set of measures taken by the state to change the volume and dynamics of credit in order to influence business processes.

In the course of historical development, credit has acquired various forms. In modern conditions, the main forms of credit are: commercial, banking, consumer, mortgage, state and international. A commercial loan is provided by enterprises, associations and other economic entities to each other in the form of the sale of goods with a deferred payment. A commercial loan is usually short-term - provided for a period of no more than a year. The instrument of a commercial loan is a bill of exchange - a type of debt obligations. The supplying company grants a deferred payment for its goods, and the buying company transfers its bill of exchange as a bill of exchange and an obligation to pay with interest. The supplying company can use this bill of exchange for payments. A commercial loan is interconnected with a bank loan. With a commercial loan, bills of exchange can be recorded and loans secured against bills of exchange. When accounting for bills, the bank pays the holder of the bill of exchange the amount indicated on the bill, minus interest at the current discount rate. In the case of a loan secured by bills of exchange, the loan is provided against inventory, secured by a bill. Commercial credit promotes the redistribution of capital, expands and facilitates the sale of goods, accelerates capital turnover. The disadvantages of a commercial loan include its limited form, time, volume and subjects.

Bank loan - a loan provided in cash by credit and financial institutions (banks, funds, associations) to any business entity (private enterprises, organizations, the population and the state) in the form of cash loans. Due to its versatility, bank loans are the main form of credit. Depending on the terms of use, bank loans are divided into short-term and long-term. Short-term loans are concluded to finance current expenses for a period of up to 12 months. Long-term loans - loans for the creation, reconstruction and modernization of fixed assets. The period of long-term lending is linked to the payback period of the investment. A bank loan is provided after the conclusion of a loan agreement. The loan agreement provides for the purpose of the loan, its size, interest rate, loan and interest repayment terms, forms of loan security, mutual responsibility of the parties, etc.

An important type of loan in modern conditions is a consumer loan granted for a period of up to 3 years when purchasing consumer durables. A type of consumer loan are long-term (for a very long term) loans to individuals for the purchase or construction of housing. In this case, the population is the borrower, and the lender, as a rule, is the banks. When obtaining a consumer loan, there may be intermediaries, for example, trade enterprises that sell goods on credit. The main forms of consumer credit: sale of goods with payment by installments (consumer credit in commodity form); the provision by banks of cash loans to the population for the purchase of durable goods; providing cash loans for housing. In recent years, it has been developing greatly in Russia. On the one hand, thanks to him, the population buys more durable goods. On the other hand, this type of loan is a very profitable operation of commercial banks.

A mortgage loan is issued for the purchase of housing, land, or other real estate, as well as secured by real estate. Mortgage loans are provided for a long term - 10-30 years. A state loan is, as a rule, borrowing by the state or local authorities from business and the population. Government securities are instruments of government credit. By selling securities, the state receives additional monetary resources at its disposal, which are used to finance the state budget deficit and repay the state debt. In some cases, the state can act as a creditor (when providing loans to state banks). International credit includes credit relations between the state and international financial organizations, as well as between national firms and foreign banks and other financial institutions.

The totality of credit and settlement relations, forms and methods of lending constitutes the credit system of the society. The modern credit system is a multi-level mechanism for the accumulation and redistribution of financial assets. It consists of the following main links:

Central bank, state and semi-state banks.
Banking sector: commercial, savings, mortgage, investment banks, specialized trade banks.
Specialized non-bank credit and financial institutions: insurance companies, pension funds, savings and loan associations, credit unions.

The above three-tiered scheme of the structure of the credit system is typical for most countries with market economies.
1.2 The structure of the credit system and the role of its subjects

The structure of the credit system consists of four main parts - the Central Bank of the country, the banking sector, the insurance sector and a specialized non-banking sector (Appendix 1).

The central bank is the main part of the structure of the credit system. This organization is an intermediary between government and banks. The main tasks of the central bank are: the issue of banknotes, the implementation of the monetary policy of the state, the management of the gold and foreign exchange reserves of the state, as well as the implementation of the monetary policy.

The banking sector is also one of the most important parts of the structure of the credit system. Currently, the banking sector is subdivided into savings banks, commercial banks, investment banks, mortgage banks, and specialized banks. The main task of banks is to issue loans to individuals and legal entities, to attract funds from individuals to increase turnover, as well as to maintain accounts and provide credit and cash services to legal entities.

The insurance sector also plays an important role in the modern structure of the credit system. In this sector, there are not only insurance organizations that provide various types of compulsory and voluntary insurance services, but also pension funds.

The specialized organizations representing the non-banking sector include various investment and financial companies, charitable foundations, trust companies, as well as savings and loan banks (Appendix 2).

This structure of the modern credit system is typical for most countries with developed economies, however, there are national features of the development of the structure of the modern credit system.

Thus, the credit system is an integral part of the economy of any country, since the form and dynamics of development of the state depends on its functioning, and primarily in economic terms.

2 Analysis of the development of credit systems on the example of Russia and foreign countries

2.1 The credit system of Russia and its characteristics

The credit system of Russia includes the banking system and specialized credit and financial institutions. The banking system is two-tier. At the first level, it includes the Central Bank of the Russian Federation, and at the second level, credit organizations, which include bank credit organizations, non-bank credit organizations.

The Central Bank of the Russian Federation by law has the status of a legal entity. The key element of the legal status of the Bank of Russia is the principle of independence, which is manifested primarily in the fact that the Bank of Russia acts as a special public-law institution that has the exclusive right to issue money and organize money circulation

It is not an organ of state power, at the same time, its powers, by their legal nature, relate to the functions of state power, since their implementation presupposes the use of measures of state coercion. The Central Bank of the Russian Federation is a single centralized system with a vertical management structure. It includes the central office, territorial offices (Main Departments and National Banks), cash settlement centers (RCC, GRKTs), computing centers, field institutions, educational institutions and other organizations that are necessary for the implementation of the Bank of Russia activities (Appendix 3).

Like the central banks of other countries, the Bank of Russia primarily issues banknotes, banking supervision and monetary regulation of the economy. The performance of its main functions by the Central Bank presupposes the need for control and supervision over the activities of credit institutions. The Bank of Russia combines the conduct of monetary policy with supervision of the work of credit institutions, being, in fact, the only supervisory body in the country. The functions of the Central Bank confirm its status as an institution located at the very center of the country's banking system. The successful performance of its functions by the Bank of Russia is a prerequisite for the effective development of the market economy of the Russian Federation.

In 2010-2012, the Bank of Russia was active in the field of banking regulation and supervision, ensuring the stability of the financial system, stability and development of the national payment system, currency regulation and control, organizing cash circulation, improving accounting and reporting, international interaction and cooperation, and dr.

Credit organizations. The concept of a "credit institution" is enshrined by the legislator in the Federal Law "On Banks and Banking Activities", where a credit institution is understood as a legal entity that, in order to generate profit as the main purpose of its activities, on the basis of a special permit (license) of the Central Bank of the Russian Federation (Bank of Russia ) has the right to carry out banking operations. There are three types of credit organizations:

Banking credit organizations.

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

Non-bank credit institutions.

A non-bank credit institution is a credit institution that has the right to carry out certain banking operations provided for by this Federal Law. The permissible combinations of banking operations for non-bank credit institutions are established by the Bank of Russia.

Specialized credit and financial institutions.

These are specialized credit and financial institutions that are engaged in lending to certain areas and industries. In their activities, one or two main operations can be distinguished; they dominate in relatively narrow sectors of the loan capital market and have a specific clientele.

2.1.1 The role of the Bank of Russia in the country's credit system

The main link in the banking system of any state is the country's central bank. The Central Bank of the Russian Federation is the main bank of the country. The functions and powers stipulated by the Constitution of the Russian Federation and the Federal Law "On the Central Bank of the Russian Federation" are exercised by the Bank of Russia independently of the federal bodies of state power, bodies of state power of the constituent entities of the Russian Federation and local self-government bodies.

The Bank of Russia has a seal depicting the State Emblem of the Russian Federation and with its own name. The authorized capital and other property of the Bank of Russia are federal property. The state is not liable for the obligations of the Bank of Russia, and the Bank of Russia is not liable for the obligations of the state, if they have not assumed such obligations or unless otherwise provided by federal laws.

The objectives of the Bank of Russia are:

protection and stability of the ruble;
development and strengthening of the banking system of the Russian Federation;
ensuring the efficient and uninterrupted functioning of the payment system.

Making a profit is not the goal of the Bank of Russia.

The Law on the Central Bank contains a detailed list of the activities of the Bank of Russia (Appendix 4). The difference between activity goals and functions is that goals show the direction of development of processes, and functions are a set of certain powers and actions aimed at achieving the set goals. Functions can be classified according to their economic content (enlarged functions):

Carrying out a unified state monetary policy is one of the most important functions of the Central Bank, which, in cooperation with the Government of the Russian Federation, develops and ensures the implementation of the main directions of the unified state monetary policy. Chapter VII of the Federal Law "On the Central Bank of the Russian Federation (Bank of Russia)" is dedicated to it. The main instruments of the monetary policy of the Bank of Russia are: setting interest rates on the operations of the Bank of Russia; Required reserve ratios deposited with the Bank of Russia (reserve requirements); open market operations; refinancing of credit institutions; foreign exchange intervention; setting benchmarks for money supply growth; direct quantitative restrictions on refinancing and banking operations; issue of bonds on its own behalf.

Monopoly implementation of the issue of cash, the organization of their circulation on the territory of the Russian Federation - this is one of the oldest functions of the Central Bank. He issues and withdraws from circulation cash, provides conditions for the production, storage, replacement of damaged coins and banknotes and their destruction, determines the procedure for conducting cash transactions.

The Bank of Russia, in accordance with the legislation, organizes the payment system, establishes the rules, forms and standards for settlements on the territory of the Russian Federation, supervises and supervises the national payment system, and is also a participant in it.

The Central Bank is the organizer of the refinancing system for credit institutions, the lender of last resort. The Bank of Russia provides loans in the following forms: pawnshop loans; intraday loan (during a business day) - a type of loan to complete settlements; overnight credit (for 1 working day); loans secured by a pledge of promissory notes and rights of claims under loan agreements of organizations in the sphere of material production and (or) bank guarantees (for a period of up to 6 months); loans secured by gold. In the context of the financial and economic crisis, the practice of refinancing usually expands. For example, in 1998-1999. The Bank of Russia issued stabilization loans, and in 2008-2009. unsecured loans. Their term was extended to 1 year.

Implementation of the functions of banking regulation and banking supervision includes making decisions on state registration and licensing of banking operations; documentary supervision - assessment and identification at an early stage of problems in the activities of credit institutions and taking measures to overcome the identified negative phenomena and trends; conducting inspections of the activities of credit institutions (their branches); prevention of insolvency (bankruptcy) of credit institutions and control over their liquidation; control over the emission of securities by credit institutions.

In accordance with the Federal Law, the Bank of Russia is the main body of currency regulation and control in the Russian Federation. This area of activity of the Central Bank usually intensifies during the period of overcoming the consequences of the financial and economic crisis.

Performing the function of a financial agent of the Government, namely through lending to the state (only if the relevant budget law is adopted) and servicing the state internal debt and through servicing accounts of budgets of all levels and extra-budgetary funds.

The function of macroeconomic analysis and forecasting is carried out by means of: drawing up, forecasting and analyzing the balance of payments of Russia; analysis and forecasting of the state of the economy of the Russian Federation as a whole and by region, primarily monetary, monetary, financial and price relations; analysis and forecasting of the development of the banking system; monitoring of the most important enterprises of the real sector of the economy, etc. The importance of this function increases in the conditions of stabilization of the economic and political situation in the country.

To achieve the goals set for the Bank of Russia, it has the right to carry out banking operations and transactions with Russian and foreign credit institutions and the Government of the Russian Federation. The Law on the Central Bank defines the list of operations of the Bank of Russia (Appendix 6).

A comparative analysis of banking operations and transactions permitted by the legislation of the Central Bank of the Russian Federation and credit institutions allows us to draw the following conclusions. For the Bank of Russia, the legislation contains restrictions that are not provided for credit institutions. In particular, counterparties of the Bank of Russia in operations and transactions can only serve under certain collateral and for a period not exceeding 1 year (with the exception of unsecured loans issued in the context of the financial and economic crisis). There are also restrictions on the financial and economic activities of the Bank of Russia, participation in the capital of other legal entities. Among other things, the Bank of Russia should be viewed as an effective investor and distributor of resources among credit institutions. Efficient allocation is a prerequisite for the concomitant development of the banking sector to be maximized. Accordingly, the participation of the Bank of Russia in any measures of the social and economic policy of the state, providing for the involvement of the banking sector, will be justified, regardless of the current macroeconomic situation.

Thus, the goals, objectives, functions and operations of the Central Bank of the Russian Federation correspond to its essence. All the goals and tasks facing the Bank of Russia and the powers granted to it are ultimately determined by the fact that the bank acts as a nationwide center designed to regulate money circulation in the country.

2.1.2 Banking and non-bank credit institutions, their functions and role in the country's credit system

Credit institutions are divided into two groups - banks and non-bank credit institutions.

Banks are credit organizations that have the exclusive right to carry out the following banking operations in aggregate: attracting funds from individuals and legal entities in deposits; placement of these funds on their own behalf and at their own expense on terms of repayment, payment, urgency (crediting); opening and maintaining bank accounts of individuals and legal entities. Commercial banks accumulate and mobilize money capital, mediate in loans, check settlements and payments on the farm, organize the issue and placement of securities, and provide consulting services. Depending on the method of forming the authorized capital, commercial banks can be divided into joint-stock and share.

For credit institutions, there are three principles of lending: the principle of repayment; the principle of urgency; the principle of payment.

Non-bank credit organization (NCO) is an organization that has the right to carry out certain banking operations. The permissible combinations of banking operations for NPOs are established by the Bank of Russia. Legal requirements for non-bank credit institutions are lower than for banks, which is associated with a lower degree of risk on transactions.

In general, non-bank credit institutions can be divided into three main types: settlement non-bank credit institutions (NNCO), non-bank payment credit institutions (PNCO), and non-bank deposit and credit organizations (NDCO).

NBSCOs can carry out the following activities:

* opening and maintaining bank accounts of legal entities;

* making settlements on behalf of legal entities, including correspondent banks, on their bank accounts;

* collection of cash, bills, payment and settlement documents and cash services for legal entities;

* purchase and sale of foreign currency in non-cash form;

* making money transfers on behalf of individuals without opening bank accounts (except for postal orders);

NBCO is not entitled to: attract funds from individuals and legal entities as deposits; open and maintain bank accounts of individuals, carry out settlements on behalf of individuals on their bank accounts; buy and sell foreign currency in cash; attract deposits and place precious metals, as well as issue bank guarantees. In other words, the NBCO does not have the right to attract deposits and issue loans; it provides a system of settlements and transfers.

A non-bank payment credit institution has the right to make money transfers without opening bank accounts and other related banking operations. This type of NPO appeared with the release of the Law "On the National Payment System". Compared to the settlement payment non-bank credit institution, a narrower range of operations is permitted. It should provide a risk-free transfer system within the framework of the organization of instant, electronic, mobile payments.

NDCOs can carry out the following banking operations:

* attraction of funds of legal entities in deposits (for a certain period);

* placement of funds attracted in deposits of legal entities on their own behalf and at their own expense;

* purchase and sale of foreign currency in non-cash form (exclusively on its own behalf and at its own expense);

* issuance of bank guarantees;

* carrying out activities on the securities market.

NDCO is not entitled to:

* to attract funds of individuals in deposits (on demand and for a certain period) and legal entities in deposits on demand;

* open and maintain bank accounts of individuals and legal entities, as well as carry out settlements on them;

* engage in the collection of cash, bills, payment and settlement documents and cash services;

* buy and sell foreign currency in cash;

* attract deposits and place precious metals;

* carry out money transfers on behalf of individuals without opening bank accounts.

In other words, the NDCO is not entitled to carry out settlement operations, but can carry out certain credit and deposit operations.

Thus, the current economic conditions revealed the problems of the banking sector, forced banks to revise their client policy, as well as their product line, and changed tariffs. The goal of the fight for the client is to strive to increase their own liquidity, even at the expense of increased rates on attracted funds, by providing free services. The need to "work off" the increased costs is forcing banks to adhere to the more risky tactics of placing "temporarily free" funds.

2.1.3 Specialized credit and financial institutions, their functions and role in the country's credit system

Specialized credit and financial institutions (SCFU) or parabanking institutions are distinguished by their orientation:

a) either to serve certain types of clientele;

b) either to provide mainly one or two types of services.

At the same time, specialized credit and financial institutions (SCFI) are characterized by double subordination:

1) being associated with the implementation of credit and settlement operations, SKFI are forced to be guided by the relevant requirements (instructions) of the Central Bank;

2) specializing in any financial, insurance, investment or other operations, SCFIs are subject to the regulatory measures of the relevant departments.

The activities of specialized credit and financial institutions (SCFU) concentrate mostly on serving a small segment of the market and, as a rule, providing services to a specific clientele.

A special type of NCFU are postal savings institutions that form the postal savings system. One of the most important and oldest elements of this system are postal savings banks, which historically emerged as government institutions to attract funds from small depositors.

Postal savings institutions through post offices accumulate deposits of the population, receive and issue funds. Recently, in most countries, credit and settlement operations of postal savings institutions, characteristic of banks, are becoming more widespread, and the boundaries between the provisions of banking legislation and areas of financial legislation regarding the subject of activity and types of services provided by various credit institutions are increasingly blurred.

Specialized credit and financial institutions (SCFU) include:

leasing firms, factoring firms, pawnshops, credit partnerships, societies and unions, mutual credit societies, insurance companies, investment companies (funds), pension funds, financial companies, settlement (clearing) centers.

Leasing companies - organizations, firms that carry out leasing operations. Leasing is a type of financial services, a form of lending for the acquisition of fixed assets by enterprises or very expensive goods by individuals.

Factoring is a range of services for manufacturers and suppliers who trade on a deferred payment basis.

Pawnshops are credit institutions that issue loans secured by movable property.

Credit unions are credit cooperatives organized by specific groups of individuals or small credit institutions.

Mutual Credit Societies (OWC) are a type of credit institution similar in nature to commercial banks serving small and medium-sized businesses

Insurance companies are organizations that provide insurance services, acting in the role of an insurer, i.e. assuming the obligation to compensate the policyholder for damage in the event of an insured event. Insurance companies carry out life, health, property, liability insurance, etc.

An investment fund is a collective investment institution. Its essence is in the accumulation of savings of individuals and legal entities for joint, including portfolio investment, through the purchase of securities, and not real production assets. At the same time, due to the fact that the purchase of securities is carried out by a professional market participant, this allows you to minimize the risks of private investors.

Pension fund - a fund intended for the payment of old-age or disability pensions.

Financial companies are a special type of credit and financial institutions that operate in the field of consumer credit.

A settlement and clearing organization is a specialized banking-type organization that provides settlement services to participants in the organized securities market.

Thus, the influence of credit institutions on the economy is extremely high, since it is they who ensure the functioning of the financial market, organize the redistribution of funds between individual enterprises, industries, territories, individuals and legal entities. With insufficient development of the credit system, the rates of economic development suffer, since enterprises, lacking resources for the development of production, cannot replenish it at the expense of credit sources. The successful development of the economy contributes to the development and strengthening of the credit system.

2.2 Comparative analysis of the structure and functions of credit systems of foreign countries and Russia

For clarity, let us consider the credit systems of the USA, Germany, Great Britain, Japan and the Russian Federation separately.

Credit system of the USA. The core of the US credit system is the Federal Reserve System (FRS) (Appendix structure.

Within the FRS, there are the following important bodies:

Federal Reserve Open Market Committee.
Federal Advisory Council (FAC).
Federal Reserve Office.

Federal reserve banks' liabilities are:

1) from their own capitals created through the share contributions of member banks;

2) from banknote issue;

3) from bank deposits, which represent the reserves of banks - members of the Fed.

The concentration of commercial banks' cash reserves in the federal reserve banks was a factor in saving money. The organization of the FRS helped save cash in another way - thanks to the development of non-cash payments, which began to be carried out on a large scale through the Federal Reserve Banks. Congress decided that for the FRS to carry out its duties effectively, it must be independent of the executive and legislative branches of government. The Federal Reserve Act of 1913 established 12 separate federal reserve districts, each with its own federal reserve bank. In each of the 12 districts, member banks of the Fed are shareholders of their Federal Reserve Bank. They choose 6 out of 9 directors of this bank.

The Federal Reserve Banks are called upon not to make a profit, but to supervise the bank - members of the Fed and participate in the implementation of monetary policy developed by the Board of Governors. The main active operation of the Federal Reserve Banks is the purchase of government securities. By comparison, lending by the Federal Reserve Banks to member banks is negligible. The Federal Reserve Banks are primarily the government's lenders. But the funds they have invested in government securities are ultimately used in the interests of corporations, since they are spent by the government to a large extent on paying for government orders and purchasing goods.

In addition to issuing (federal reserve) banks, the US banking system includes:

1) commercial banks,

2) investment banks,

3) mutual savings banks,

4) banking houses.

The most common type of bank in the United States is a branchless bank - a bank without branches (branches). This is why the number of banks in the United States far outnumbers the number of banks in any other country. However, the structure of the US banking system is changing all the time. Branchless banks still retain their importance, but the role of branches, bank holding companies and other organizational structures is growing more and more these days.

Germany's credit system reflects a model of relatively tight monetary policy, despite the broad political rights of the regions that make up the federation. The peculiarities are also related to the fact that all the main functions of financial intermediation are concentrated in universal banks (commercial banks and savings banks), which do not specialize in individual operations, as credit institutions in the United States and Japan do. At the moment, a highly developed banking system has been created in Germany. Control over its activities is carried out by the Federal Office of Control (subordinate to the Ministry of Finance).

Credit and financial institutions in Germany perform four important national economic functions:

regularly carry out payments on behalf of many clients, ensuring the functioning of the non-cash payment system;
take on the risks of companies interested in obtaining loans;
act as a connecting link in attracting capital for various periods; despite the fact that many depositors prefer short-term deposits, banks provide long-term investment financing;
accumulate funds for large loans at the expense of many small deposits.

The credit system in Germany is one of the most developed in Europe. Germany's reputation as a leading banking center in the world is linked to the excellence of national legislation. The credit system in Germany has a two-tier structure. At the first level of the credit system is the German Federal Bank.

On August 1, 1957, the German Bundesbank Act entered into force, on the basis of which a new banking system headed by the German Bundesbank began to function, with a central office in Frankfurt am Main and nine offices - central land banks and 126 city branches. According to the law, the Bundesbank is a federal corporation. The authorized capital of the bank is wholly owned by the federal government. On the other hand, the bank in the performance of its activities is completely independent of the government.

The Bundesbank performs the following main functions:

Is the emission center of the country;

Is the currency center of the country;

Carries out cash execution of the federal budget;

Provides services to credit institutions;

It is the settlement center of the country;

Carries out monetary regulation of the country's economy.

At the second level are commercial banks and non-bank financial institutions.

The UK credit system is one of the oldest. It is characterized by a high degree of concentration and specialization, a well-developed banking infrastructure, and close ties with the international loan capital market.

The banking system of Great Britain is two-tier. At the upper level - the central bank, at the lower - other banks: commercial (deposit) and specialized - commercial, foreign, savings banks, registration houses.

The key role of the Bank of England in the credit system is determined primarily by the fact that it serves as the issuing and cash center of the country. The bank monopolistically issues banknotes. Its liabilities (both in the form of banknotes and in the form of deposits from other banks) are the monetary base of the entire credit system. Any bank considers deposits with the Bank of England as its cash reserve, since, if necessary, it can always withdraw funds from its account. By reducing or expanding the volume of its liabilities, the Bank of England affects the value of banks' cash reserves and money supply in circulation.

Bank of England:

Monetary policy advisor and conductor to the government.

Is the banker of all other banks

Provides loans to the banking system

Is a government bank

Manages government debt.

Commercial banks in the UK are called deposit banks. They form the backbone of the banking system. Most of the operations of deposit banks are concentrated in six London clearing banks. They are so named because they are members of the London Clearing House.

The credit system of Japan consists of three parts: the Bank of Japan, commercial banks and financial institutions. The Central Bank (Nippon Ginka) is the top tier of the credit system, its chairman. The Bank of Japan carries out the emission of money, monetary policy, state-monopoly regulation of the economy and cash services to the treasury.

Commercial banks are divided into several categories: city, regional banks, trust banks, long-term lending banks, foreign banks.

Public financial corporations also operate in industries in which private banks have little interest in lending. There are 8 state corporations in Japan (Appendix 6). Insurance companies in Japan are private life and property insurance institutions. They accumulate huge amounts of money, which they use primarily for investments in securities. Stock companies specialize in securities transactions. This segment of the country's financial market is changing very dynamically in modern conditions. Postal savings banks occupy an important place in the structure of credit relations of the country, accumulating savings of the population.

The credit system of Japan from the very beginning of its functioning was subordinated to the tasks of the general socio-economic development of the country, the strategy of turning Japan into a world economic leader. This explains its specificity, which is expressed primarily in the active participation of the state in the banking business, in planning and regulating the country's economic development. It is this feature that is often harshly criticized by Western liberal economists. However, this strategy has greatly contributed to the transformation of the formerly backward eastern country into a modern prosperous state. The modern banking systems of South Korea and China are developing in a similar direction.

Credit system of the Russian Federation. The modern structure of the RF credit system is close to the model of the credit system of industrialized countries.

The Russian banking system is formed by the Bank of Russia, the Bank for Foreign Trade of the Russian Federation (Vneshtorgbank), the Savings Bank of the Russian Federation (Sberbank), commercial banks of various types, as well as other credit institutions that have received a license to conduct banking operations. The core of our banking system is the Bank of Russia. The Bank for Foreign Trade carries out foreign economic activity and carries out transactions in foreign currency. Vneshtorgbank is a joint-stock bank; the Bank of Russia owns a controlling stake in this bank. Sberbank is also a joint-stock company, and the Bank of Russia owns a controlling stake in the bank. According to the law, the state guarantees the complete safety of funds and other valuables of the population entrusted to Sberbank, and their issuance at the first request of depositors (demand deposit). This is the main difference between Sberbank and commercial banks. Sberbank performs almost all the same operations with monetary funds as commercial banks. Sberbank and commercial banks keep cash deposits of enterprises and the population, provide loans to legal entities and individuals and, thereby, increase the supply of money in the economy.

Commercial banks in the Russian banking system play an executive role. Through commercial banks, the Bank of Russia implements its financial policy. Each bank can carry out its activities only on the basis of a license issued by the Bank of Russia. The Bank of Russia can, on the basis of the law, revoke the license from the bank - this acts as a decision to liquidate the bank. Banks have the right to open branches in the Russian Federation and abroad. Banks can form banking unions, interbank associations, associations. It is prohibited only to use these and other associations to reach agreements aimed at monopolizing the banking market and restricting competition in banking. Associations of banks into bank holding companies have become widespread in our country. Bank holding companies are firms that own sufficient equity in one or more banks to exercise full control over them. Consequently, bank holding companies concentrate in one hands the process of managing a whole group of banks. This is beneficial for companies, since they have the opportunity to obtain, if necessary, a loan from these banks as soon as possible.

For the most part, commercial banks are joint stock (there is an insignificant share of cooperative banks), and their shares are traded on the securities market along with the securities of industrial enterprises.

All banks must keep their required reserves with the Bank of Russia, since the bulk of the bank's assets are term deposits that are subject to withdrawal at the first request of depositors, a certain percentage of assets must be kept in reserves in a highly liquid form. The activities of banks are annually subject to audit by auditing organizations.

Thus, the analysis of the credit systems of different countries, taking into account the advantages and disadvantages of each of them make it possible to build a system of credit relations that meets modern requirements. A powerful, well-functioning national credit system is the key to the successful development of the Russian economy. The process of formation of the credit system revealed certain problems and shortcomings in all its structural links. Therefore, in Russia it is necessary to develop and implement a system of measures that would make it possible to solve three interrelated tasks. First, to improve the credit climate in the country as a whole. Secondly, to ensure the equalization of credit conditions, the availability of resources for enterprises in different regions. And, finally, to create a mechanism allowing the state to regulate financial flows, including credit, to direct them towards solving priority economic problems - to modernize the economy, develop and introduce modern technologies into production.

3 Problems and improvement of the credit system of the Russian Federation

3.1 Problems of the modern credit system of the Russian Federation

The peculiarities of the credit system in Russia currently consist in a clear predominance of commercial banks, a poorly diversified structure (the number of types of other credit institutions is limited), the vagueness of legislative regulation of other credit institutions that are not included in the banking system, and the absence of uniform approaches to the supervision of their activities, low quality of management in a number of credit institutions, including ineffectiveness of risk management and internal control systems, poor development of modern banking technologies. In addition, one can note a constant decrease in the number of credit institutions (from 1476 in 1999 to 958 in 2012).

Moreover, the decrease in the number of credit institutions is mainly due to a decrease in the number of small credit institutions with an authorized capital of up to 150 million rubles. (from 1426 in 1999 to 290 in 2012). This is the difference between the credit system of Russia and the credit systems of other countries (Appendix 7).

Another feature of the Russian credit system is the fact that, with a general decrease in the number of banks in Russia, since 2005, there has been a sharp increase in the number of large banks with an authorized capital of 150.0 million rubles. and higher and amounts to 668 banks as of 01.01.2012, as well as the fact that the bulk of assets (74.9%) falls on the 30 largest banks in Russia.

One of the specific features of the Russian banking system is the extreme unevenness of the territorial distribution of banking institutions. Most banks are located in Moscow and the Moscow Region - 52.4% of operating credit institutions and 88% of the total assets of the banking sector. Very few banks operate in rural areas and in remote areas. Mainly branches of Sberbank of the Russian Federation and branches of banks in regional centers are engaged in servicing organizations and the population there. Most of the provincial banks have a strong regional orientation, as a result of which there are many relatively isolated local banking markets. This situation has objective reasons: a large territory, underdeveloped infrastructure far from large cities, etc., but nevertheless, the elimination of territorial unevenness is one of the promising directions for the development of the Russian banking system.

A feature of the modern period of development of the credit system is that its development was significantly influenced by the global financial crisis of 2008-2009, which led to a significant reduction in the number of banks.

Today, many banks are undergoing the following transformations:

Banks unite for the purpose of increasing and preserving capital, i.e. there is a merger of capital;

Large banks buy smaller banks, i.e. absorption occurs;

Banks are closed due to bankruptcy or due to the inability of small banks to fulfill the requirements of the Central Bank for the work and the size of the authorized capital, i.e. self-liquidation or liquidation is carried out. Interbank loans are beginning to play an increasing role in the formation of the resources of commercial banks. However, they have significant drawbacks - lack of efficiency in the redistribution of funds, limited size and timing. It is possible to eliminate these shortcomings by attracting the resources of the Central Bank as a "last resort" or "last hand" lender.

3.2 Ways to improve the modern credit system of the Russian Federation

A powerful, well-functioning national credit system is the key to the successful development of the Russian economy. The process of formation of the credit system revealed certain problems and shortcomings in all its structural links. Therefore, in Russia it is necessary to develop and implement a system of measures that would make it possible to solve three interrelated tasks. First, to improve the credit climate in the country as a whole. Secondly, to ensure the equalization of credit conditions, the availability of resources for enterprises in different regions. And, finally, to create a mechanism allowing the state to regulate financial flows, including credit, to direct them towards solving priority economic problems - to modernize the economy, develop and introduce modern technologies into production.

It is necessary to develop mechanisms that will provide favorable conditions for attracting capital to credit institutions. It is advisable to establish a number of sectoral development banks, as well as to reorient large credit institutions with state participation to preferential financing of science-intensive and processing industries. With regard to the rest of the banks, it is required to pursue a flexible policy aimed at developing specialization and concentration of banking capital. By gradually changing the legislation, it is necessary to structure the banking system in such a way that some credit institutions specialize in settlements, some in various types of loans, and some in investment activities. At the same time, it is necessary to stimulate friendly mergers of banking structures in order to increase the degree of concentration of banking capital. To solve these problems, it is necessary to combine the efforts of the legislative and executive authorities and, of course, the entire banking community.

According to the Bank of Russia, tough measures to stimulate the capitalization of the banking system should have a positive impact on the country's financial and credit system, cause it to revive and bring its level of development closer to international standards.

Thus, the Central Bank of the Russian Federation carries out monetary regulation of the country's economy and, depending on the direction of credit policy, builds its relations with banks. The Bank of Russia pursues a policy towards banks aimed at expanding or reducing the volume of credit investments. At the same time, such instruments are used as a change in the level of the discount rate, the size of the minimum requirements for the mandatory reservation of a part of the resources attracted by banks, the volume of operations carried out on the open market. The use by the Central Bank of one or another method of regulation or their combination depends on the degree of development of market relations in a given country.

Conclusion

The research in the course work is devoted to the theoretical aspects of the Russian and foreign credit systems.

In the course of writing the work, the structure and functions of credit systems in Russia and abroad were considered, which allows us to draw the following conclusions:

The credit system has a double nature: it is a set of credit institutions and credit relations, forms and methods of lending in accordance with the basic principles of lending.
The central bank is the main part of the structure of the credit system, which also includes the banking sector, which enters into credit and financial relations with individuals and legal entities. Insurance organizations, pension funds, investment and finance companies, charitable foundations, trust companies and savings and loan banks support the normal functioning of the country's credit system.
The credit system of Russia consists of a banking system and specialized credit and financial institutions. The Central Bank is a special public-law institution of the first level, which has a single centralized system with a vertical management structure, which has the right to apply measures of state coercion to exercise its powers. Second-tier credit institutions include banking credit organizations, non-bank credit organizations and specialized credit and financial institutions, each of which performs its own range of banking operations.
The Central Bank of Russia is the main bank of the country and the central link of its banking system. Its activities are aimed at developing and strengthening the banking system of the Russian Federation, ensuring the stability of the ruble and the smooth functioning of the payment system, and not at making a profit. All his property and authorized capital are federal property, and he is an effective investor and distributor of resources among credit institutions in Russia.
Banks are endowed with the exclusive right to accumulate and mobilize money capital, lend, and issue securities. Non-bank credit institutions, in turn, have the right to carry out payment, settlement, credit and deposit operations.
Specialized financial institutions operate in accordance with the instructions of the Central Bank or other departments. They ensure the redistribution of funds between participants in financial and economic relations.
A comparative analysis of the structure and functions of credit systems of foreign countries and Russia shows that, based on the experience of foreign economies, it is possible to improve some aspects of our national credit system, which will allow the Russian economy to develop successfully and meet all modern economic requirements.
The credit system of the Russian Federation is currently facing a constant decline in the number of credit institutions and the consolidation of already large banks. The territorial unevenness of the credit system complicates its functioning.
To improve the national credit system of Russia, it is necessary to follow three directions - to improve the credit climate in the country, to ensure the equalization of credit conditions, and to develop mechanisms for the successful distribution of capital.

Thus, the credit system operates through a credit mechanism. It includes all aspects of loan, investment, founding, intermediary, advisory, accumulation, redistributive activities of the credit system represented by its institutions

In recent years, the Russian banking system has been developing intensively, and positive trends have been outlined in this development. Credit organizations began to strive for the greatest transparency and openness to clients. Advanced business models, new banking technologies (client-bank, money transfer systems, debit and credit cards, etc.), various types of lending (consumer, mortgage, etc.) are being introduced. By the end of the XX century. in Russia, a credit system has developed in structure close to the credit system of countries with market economies, work is underway to improve the functioning of institutions already operating in the market of credit and financial services, as well as to create structures that have not yet been widely developed in Russia (credit unions, savings and loan associations, factoring firms, pawnshops).

Nevertheless, in all respects, the Russian banking system lags far behind developed countries. Despite the high growth, the volume of issued loans does not correspond to the tasks of economic growth facing the country. In industrialized countries, the system of government regulation of the credit system is a complex, effective and rather contradictory mechanism. However, it took a long time to develop, going through stages of adaptation and structural changes.

List of sources used

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Annex 1

(required)

Picture 1

Rice. 1. Scheme "Structure of the credit system"

Appendix 2

(required)

Picture 2

Rice. 2. Scheme "Hierarchical structure of the credit system"

Appendix 3

(required)

Figure 3

Rice. 4. Scheme "Organizational structure of the Bank of Russia"

Appendix 4

(required)

Table 1

Functions of the Bank of Russia


	in cooperation with the Government of the Russian Federation, develops and implements a unified state monetary policy
	monopolistically issues cash and organizes cash circulation
	approves the graphic designation of the ruble in the form of a sign
	is the lender of last resort for credit institutions, organizes their refinancing system
	establishes the rules for making settlements in the Russian Federation
	supervises and supervises the national payment system
	establishes the rules for conducting banking operations
	carries out maintenance of accounts of budgets of all levels of the budgetary system of the Russian Federation, unless otherwise established by federal laws, through settlements on behalf of authorized executive bodies and state extra-budgetary funds, which are entrusted with organizing the execution and execution of budgets
	carries out effective management of the gold and foreign exchange reserves of the Bank of Russia
	decides on state registration of credit institutions, issues banking licenses to credit institutions, suspends and revokes them
	supervises the activities of credit institutions and banking groups
	registers the issue of securities by credit institutions in accordance with federal laws
	carries out, independently or on behalf of the Government of the Russian Federation, all types of banking operations and other transactions necessary to perform the functions of the Bank of Russia
	organizes and implements currency regulation and currency control in accordance with the legislation of the Russian Federation
	determines the procedure for making settlements with international organizations, foreign states, as well as with legal entities and individuals
	establishes accounting and reporting rules for the banking system of the Russian Federation
	establishes and publishes official exchange rates of foreign currencies in relation to the ruble
	takes part in the development of the forecast of the balance of payments of the Russian Federation and organizes the compilation of the balance of payments of the Russian Federation
	takes part in the development of the methodology for compiling the financial account of the Russian Federation in the system of national accounts and organizes the compilation of the financial account of the Russian Federation

	analyzes and predicts the state of the economy of the Russian Federation as a whole and by region, primarily monetary, monetary, financial and price relations, publishes relevant materials and statistical data
	makes payments to the Bank of Russia on deposits of individuals in banks recognized as bankrupt that are not involved in the system of compulsory insurance of deposits of individuals in banks of the Russian Federation, in cases and in the procedure provided for by federal law
	is the depositary of the International Monetary Fund's funds in the currency of the Russian Federation, carries out operations and transactions provided for by the Articles of the Agreement of the International Monetary Fund and agreements with the International Monetary Fund
	performs other functions in accordance with federal laws

Appendix 5

(required)

table 2

Banking operations and transactions of the Bank of Russia

provide loans for a period not exceeding one year secured by securities and other assets, unless otherwise provided by the federal law on the federal budget

provide unsecured loans for a period not exceeding one year to Russian credit institutions with a rating not lower than the established level. The list of rating agencies whose ratings are used to determine the creditworthiness of the recipients of loans and the required minimum indicators of the respective ratings, additional requirements for recipients of loans, as well as the procedure and conditions for granting the corresponding loans are established by the Board of Directors

buy and sell securities on the open market, as well as sell securities that act as collateral for loans from the Bank of Russia

buy and sell bonds issued by the Bank of Russia and certificates of deposit

buy and sell foreign currency, as well as payment documents and liabilities denominated in foreign currency, issued by Russian and foreign credit institutions

buy, store, sell precious metals and other types of currency values

carry out settlement, cash and deposit operations, accept securities and other assets for safekeeping and management

issue sureties and bank guarantees

carry out transactions with financial instruments used to manage financial risks

open accounts with Russian and foreign credit institutions on the territory of the Russian Federation and the territories of foreign states

issue checks and bills in any currency

carry out other banking operations and transactions on its own behalf in accordance with the customs of business practice accepted in international banking practice

carry out banking operations with legal entities that do not have a license to carry out banking operations and individuals, except for cases provided for by the Federal Law

acquire shares (stakes) of credit and other organizations, with the exception of cases provided for by the Federal Law

carry out transactions with real estate, with the exception of cases related to ensuring the activities of the Bank of Russia and its organizations

engage in trade and production activities, except for cases provided for by the Federal Law

roll over provided loans. An exception can be made by decision of the Board of Directors

Appendix 7

(required)

State corporations of Japan

National Life Finance Corporation.
Home Loan Corporation.
Corporation for financing agriculture, forestry and fisheries.
Japanese small business finance corporation.
Japanese Small and Medium Enterprise Finance Corporation.
Japanese finance corporation for municipal enterprises.
Okinawa Development Finance Corporation.
Credit Guarantee Association.

The credit system of the Russian Federation. The credit system of the Russian Federation. The structure of the credit system of the USSR

More on the topic Question 1 The credit system of the Russian Federation: essence, structure, meaning:

The structure of the credit system

COURSE WORK

Modern credit and credit system

Introduction

1 Theoretical foundations of the functioning of the credit system

1.1 Credit: concept, types and functions. Credit system

2 Analysis of the development of credit systems on the example of Russia and foreign countries

2.1 The credit system of Russia and its characteristics

2.1.1 The role of the Bank of Russia in the country's credit system

2.1.2 Banking and non-bank credit institutions, their functions and role in the country's credit system

2.1.3 Specialized credit and financial institutions, their functions and role in the country's credit system

2.2 Comparative analysis of the structure and functions of credit systems of foreign countries and Russia

Conclusion

Annex 1

Appendix 2

Appendix 3

Appendix 4

Appendix 5

Appendix 7