Structure credit system

I Banking system

1.Issuing banks (Central Bank, national, reserve)

2.Commercial universal banks

3. Specialized banks (mortgage, innovative, savings and loan, investment, accounting, exchange)

4. Non-bank credit organizations

II Parabanking system

1. Specialized financial institutions (leasing and factoring companies, pension funds, insurance companies, mutual lending societies, credit partnerships and unions, clearing centers, investment funds, financial companies)

2. Postal savings systems - post offices, postal savings institutions

III Associations of banks and parabanks (associations, consortiums, corporate associations)

In the early stages of the development of capitalism, there was no clear distinction between central and central bureaus. With the development of the credit system, trust is enjoyed by those banks whose banknotes performed the full function of a credit instrument of circulation. Such banks began to be called emission banks.

Based on the form of ownership of capital, the following types of banks of issue are distinguished:

1. State Ts.B. (Russia, Great Britain, Canada, France, Germany), the capital of which is entirely owned by the state.

2. Joint Stock (USA)

3. Mixed, i.e. joint stock companies with state participation (Japan, Belgium)

Central banks are legally independent, but at the same time they combine the features of a bank and a state bank. organ, because carry out regulation of the economy in accordance with the state. monetary policy, which is an integral part of the entire economic policy of the state.

Functions of banks of issue:

1. Function of the emission center - These banks have a monopoly on the issue of banknotes, control cash and non-cash issues, store cash reserves of commercial banks and act as a guarantee fund for the repayment of deposits.

2. Function of the currency center - they contain gold and foreign exchange reserves, they carry out currency regulation, i.e. balance of payments regulation and exchange rate using accounting (discount) policies and foreign exchange interventions.

Accounting (discount) policy based on the rediscounting or purchase of bills of exchange previously accounted for by the bank. At the same time, the Central Bank withholds a discount or discount interest from the currency of the bill, the change of which affects the volume of lending in the country. When this percentage increases, a policy of “expensive money” is pursued; when it decreases, a policy of “cheap money” is pursued, i.e. credit restriction or credit expansion. Discount policy affects the balance of payments and the exchange rate through its impact on international movement capital. When the balance of payments is passive, the Central Bank increases the discount rate to attract capital inflows from abroad and increase the exchange rate. With an active balance of payments, it reduces for the outflow of capital and the depreciation of the national currency. currencies.

Currency interventions – Intervention by the Central Bank in operations on the foreign exchange market to influence the national exchange rate. currencies. In order to increase the exchange rate, the Central Bank sells foreign currency in exchange for national currency, and to reduce it, it buys foreign currency in exchange for national currency.

3. Bank of banks and settlement center – The main clients of the Central Bank are commercial banks; it does not work with the population and enterprises. Stores required bank reserves and determines their norm. CBs open special accounts with the Central Bank, through which settlements between them are regulated.

4. Bank-government – The Central Bank carries out the execution of state budget for income and expenses, placed by the state. duty. The Treasury stores its available funds in a current account with the Central Bank, which acts as a banker in relation to the state. The Central Bank uses these funds interest-free and therefore performs budget execution operations for it free of charge. When placing government The Central Bank issues government debt. loans, places bonds among commercial banks and other participants.

5. Monetary regulation and banking supervision – this is a set of measures aimed at expanding or contracting liquid funds and the volume of lending to banks and other credit institutions. The main goal is to regulate supply and demand for loan capital. Regulatory tools:

a) indirect methods:

Accounting policy

Pawn policy

Open Market Policy

b) direct methods:

Required reserve policy

Selective (selective) - direct limitation of the size of loans for individual banks and the establishment of the size of the margin (the difference between the amount of collateral and the size of the loan issued)

A complement to these methods is deposit policy- based on the movement of money. state funds sectors of the economy from the Central Bank system to the CB and back . There are:

1. Expansive deposit policy - the indicated funds placed in the EB reduce and accordingly increase the reserves of the CB, their credit potential, interest rates are falling.

2. Restrictive deposit policy - is the inverse.

Operations of banks of issue:

1.Passive- operations to create resources of issuing banks: issue of banknotes (54.85%), credit deposits. institutions and other banks, required reserves CB, treasury deposits and equity capital.

2.Active- operations to allocate resources of issuing banks: accounting and loan operations, banking investments, operations with gold and foreign currency.

Banks of issue. The modern barter economy, due to the vastness of its turnover, cannot be content with the number of banknotes that it receives from the minting of metal into coins

The need for means of payment is satisfied by issuing a special kind of interest-free credit obligations, exchangeable for metal upon sight, usually written out in round amounts and payable to each holder. Banks that have the right to issue such credit obligations, usually called banknotes, are called emission banks. The Stockholm Bank of Palmstruk, founded on November 30, 1656, can be recognized as the first Bank of Issue in the present day. At first, it, like the Venetian, Hamburg and Amsterdam banks that existed before it, conducted mainly settlement transactions(giro), but in 1661 he began, under the project of Count Magnus Delagardie, to issue banknotes, which he advanced to the treasury in the form of a loan. In 1694, the Bank of England was founded, and in 1695, the Scottish Bank. In 1716, John Law sought permission in France to organize the Royal Bank. He made strong reference to the example of Sweden in his reports on the formation of the Bank of Issue. Founded by Frederick the Great in 1765. Royal loan and giro bank. In 1768, Assignation banks were organized in Moscow and St. Petersburg. The collapse of the Royal Bank in France and the failure of the Scottish Bank, the difficulties of the Swedish State Bank suspended the further organization of the Bank of Issue. At the end of the 18th century. The Cash Office in Paris (1776) and the Bank of St. Charles in Spain (1782) appeared. The second period of the organization of Banks of Issue begins with the establishment of the French Bank by Napoleon I in 1800. Then the following arise: the Netherlands Bank in 1814, the National Austrian Bank in 1816, the State Norwegian Bank in 1816, the National Danish Bank in 1818, Polish bank in Warsaw in 1828. In the United States of North America, central banks of issue were created twice. First central Bank of issue States was established in 1791. It existed until 1811. Five years later, in 1816, the second central Bank of Issue of the United States of the North was organized. America, which existed until 1836. Experiences of European countries and the experience of the United States of the North. The Americas served as an example for all countries that later entered into a barter economy. The countries of South America and Asia, as they entered the sphere of the world economy, were forced to begin organizing banks of issue at the expense of their own or foreign capital. Mexico, Brazil, Argentina, Australia, New Zealand, Türkiye and all Balkan countries create Banks of Issue. In the colonies, European states began to organize colonial banks of issue. Holland was the first to take the path of creating colonial banks of issue, establishing: in 1827, the Javanese Bank, which exists to this day. In the French colonies of Algeria, Martinique, Guadeloupe, French Guiana and Indochina, Banks of Issue have existed for a long time. Even small European colonies, like Dutch Guiana, have their own Bank of Issue - the Bank of Suriname. Island of St. Thomas, lost among the Lesser Antilles while it was a Danish possession, had its own Bank of Issue. Before the war, there were Banks of Issue in 48 countries. During the World War and the subsequent economic upheavals, the old Russian State Bank and the Austro-Hungarian Bank were liquidated, and the German Bank was reorganized. In the new states that arose after the World War and in the colonies, in order to streamline monetary circulation, an urgent need arose to organize Banks of Issue. In a number of countries, banks of issue were organized again. This is how the State Bank of the USSR, the Polish Bank (1924), the National Austrian Bank (1922), and the Estonian Bank (1919) arose. State Latvian Bank (1922). The Serbian Bank was reorganized into National Bank kingdoms of Serbs, Croats and Slovaks (1920). The Free City of Danzig gave the privilege to organize the Bank of Issue. Peru reformed the issuance business by creating the Central Reserve Bank of Issue in 1922. Also on the model of S.-a. The United States carried out a reform of the issuing institutions of the Union of South Africa, establishing the South African Reserve Bank in 1921. In Brazil, the exclusive right to issue banknotes was transferred to the Bank of Brazil in 1923. In the near future, a number of colonial Banks of Issue will be organized (a project for the Madagascar Bank is being prepared in France). In Colombia, a central Bank of Issue has been organized, called the Republican Bank. At the very end of 1925, the Mexican government published a law organizing the Bank of Mexico, which was to be the central Bank of Issue of Mexico. In view of the fact that the creation of instruments of payment in its economic and legal consequences is very close to monetary regalia, and in view of the fact that the issue of banknotes can create the opportunity to receive exceptional income, and at the same time the issue of an excessive number of banknotes can cause enormous upheavals in the national economy, the organization of the Bank of Issue occurs with the special permission of the state authorities in the form of granting the privilege to issue banknotes to the bank when it carries out credit transactions. Complete freedom of banks of issue existed in Scotland for almost a whole century, in France during the Directory, in England, outside London, until 1844. In S.-a. United States between 1836 and 1863 the creation of Banks of Issue is regulated by local laws of individual states. Of these, in Rhode Island, all were granted the right to establish Banks of Issue. Currently, everywhere the right to carry out emission operations is considered the exclusive right of the state, which can exercise it directly or in the form of special government regulations that carry out emission operations (Federal Treasury in the United States, Federal Treasury of Canada, Expedition for the procurement of state credit cards in Russia in 1843 - 1855, Banking Branch of the Czech Ministry of Finance, National Emission Establishment of Hungary), or in the form of state banks, or to grant the right to issue to semi-state mixed joint-stock banks (Mexico), or completely private banks (England).

The emergence of banks of issue, first of all, was beneficial and convenient for trading capital. Propaganda for the creation of Banks of Issue in the country has always and everywhere been carried out by commercial capital. The creation of banks of issue increased the possibility of rapid turnover of goods and increased the possibility of rapid growth of capital of the bourgeoisie. The landed aristocracy and, in some cases, the peasantry fought in every possible way against the Banks of Issue. The Bank of England is closely associated with the victory of the bourgeoisie over feudal reaction during the revolution of 1688. In the eyes of the Tories, it was always an odious institution; they were reconciled with him only when Robert Peel's act tied his hands. In Sweden in the 17th century. the peasantry was extremely sharply opposed to the Banks of Issue; in S.-a. In the United States, the first two central banks died because agricultural groups were against them. As long as there is economic independence in certain regions of the country and as long as trading capital can, relying on local resources, increase the size of its profits, there is a desire to provide emission to a large number of local banks of issue. At the same time, a number of banks are granted the right to issue banknotes on a completely equal basis. The idea of ​​decentralization of banks of issue was most fully expressed in the law of the New York State of Northern. America, which allowed the free establishment of banks of issue to any individual or legal entity. The legislation on national banks under the federal law of 1863 was built on the same idea of ​​​​an unlimited number of banks of issue. Canada, Japan and Argentina put the same idea into the initial structure of their banks. In France, until 1848, departmental banks existed next to the French Bank, organized according to the same charters as it. In Sweden, from 1824 to 1904, there were private Banks of Issue next to the central state bank. The centralization of the economic life of the country makes it necessary to abandon first the idea of ​​complete freedom in the organization of banks of issue, and then imperatively requires the unification of the issue of banknotes either in a small number of banks (the North American system of reserve banks) or in the transfer of the right of issue to one central bank. As a result of the centralization of the economic system, the central Bank of Issue enhances the further unification of economic life. Switzerland most clearly went through all stages of the development of Banks of Issue. The first Bank of Issue was founded in the canton of Saint-Galle in 1836. Then each canton created its own Bank of Issue in accordance with the conditions it had worked out. In 1881, the first federal legislation appeared, which set itself the task of uniting the structure of Banks of Issue in individual cantons according to one model. In 1907, the federal government created the Central Bank of Issue, replacing the 37 cantonal banks. Conservation at the beginning of the 20th century. in England and Germany, banks of issue next to central banks, concentrating in their hands the overwhelming majority of emissions, represented a relic of the era of decentralization of banks of issue. Decentralization of issuance continued in the United States, where before the 1913 reform there were 7,145 national banks issuing notes. During the crisis of 1907, the weakness of the decentralization system became abundantly clear. Reform of 1913 S.-a. The United States also took the path of unifying emissions. Currently, according to the law of December 23, 1913, 12 Federal Reserve Banks are organized, each operating in its own region. The capital of the Federal Reserve Banks is derived from contributions from banks affiliated with the Reserve Bank. At the head of the entire system of Federal Reserve Banks is the Federal Reserve Committee with the task of directing the issue of Federal Reserve Notes, forming the boards of 12 banks, coordinating their work, monitoring and auditing their activities, monitoring the safety of gold reserves, and coordinating discount rates set by individual Reserve Banks. The committee has a Federal Advisory Council, which includes representatives of 12 banks. Each of the 12 federal banks is completely independent and independent. Central Banks of Issue can more easily cope with the crises that are inevitable in the exchange economy. They can quickly, with the support of the state, go to fight against unfavorable circumstances, while small and decentralized Banks of Issue have difficulty coordinating their actions. The lack of unity of action, the lack of unity of set tasks, the manifestation of irreducible egoism leads, as the experience of S.-a especially proved. United States during the crisis of 1907, to a significant shock to economic life, although it cannot be hidden that the centralization of the issue business in one bank leads to the centralization of credit at the location of the central Bank of Issue. It often happens that the greatest credit assistance receives the area where the board of the central Bank of Issue is located. Central banks were very reluctant to develop the network of their branch institutions. The French bank opened branches only after persistent demands from local commercial and industrial circles, and only when the opening of a branch was made obligatory for it by a new convention with the state. An even greater amount of controversy exists in the banking literature around the issue of public or private banks. Bourgeois theorists of the mid-19th century. strenuously argued that only a private Bank of Issue can properly establish monetary circulation, that any state Bank of Issue will always be less capable of creating favorable conditions for the development of the national economy. When local money capital was strong enough, it took on different conditions (without the assistance of the state in England, with the assistance of the state in France, Belgium, Germany) the organization of the Bank of Issue. In those cases when local money capital was weak and could not take on the risk of creating a Bank of Issue, then, at its insistence, the state organized a Bank of Issue using funds collected from taxpayers (Sweden, before the revolution Russia, Finland, Bulgaria, Uruguay) . At the end of the 19th century. bourgeois theorists abroad and in Russia especially put forward the idea of ​​\u200b\u200bthe autonomy of the central emission institution. The autonomy of the Banks of Issue, in the mouths of the majority of writers, boiled down to the liberation of the Banks of Issue from the influence of those social groups in whose hands the management of the bank's funds was located. In Russia, the industrial and commercial bourgeoisie, pursuing the idea of ​​autonomy, wanted to wrest the bank from the hands of the semi-feudal tsarist government. The French and German bourgeoisie were completely calm about the external dependence of the French and German banks on state power due to the fact that they were always quite confident that they would not be offended when distributing the bank’s funds. In economically dependent countries there are banks of issue that are completely independent of local government authorities. Sometimes Banks of Issue are organized according to the laws of other countries. The Ionian Bank in Greece was an ordinary English joint-stock bank, the Ottoman Bank of Turkey was a Franco-English joint-stock company, the Imperial Persian Bank was an English company, the Russian-Asiatic Bank was an Issue Bank in China. The board of the Abyssinian Bank is located in Cairo, and the Governor of the National Egyptian Bank shall serve on the board of the Abyssinian Bank as chairman. The political and economic dependence of modern Germany is especially sharply expressed in the fact of the introduction of foreign members to the board of the reorganized German Bank, according to the Dawes Plan, and the establishment of the post of commissioner of the reparation commission at the bank. Control over the Bank of Issue makes it possible, through credit policy, to direct the development of the national economy along a path that will be beneficial to those who will have influence on monetary circulation. Control over the Bank of Issue can be removed from the hands of local authorities, but without the budgetary funds of the local government it is impossible to establish a well-organized Bank of Issue. Free funds of the state are always and everywhere the main basis for the Bank of Issue. The first Swedish Bank of Palmstruk was the state cashier for customs taxes. Through slow evolution, a habit has developed in England of all the free resources of the State. the treasury is kept in the Bank of England. The classic concept of combining the funds of the Bank of Issue with the free funds of the State Treasury was achieved for the first time in the 50s of the 19th century in Belgium, where, during the organization of the National Belgian Bank, the Bank of Issue was the official cashier of the state. The death of the second Bank of Issue of S.-A. United States occurred as a result of the government's refusal to place available government funds in bank accounts. The main strength of the Russian pre-revolutionary State Bank was its storage of free cash from the State Treasury. Nowadays, the charters of banks of issue almost always provide for the storage free funds states. The question varies only within the limits of whether treasury duties are paid or free of charge. In the charter of the National Swiss bank it is said that he unconditionally holds the funds of the Union. The New Mexican Bank will receive remuneration for the performance of treasury duties as state cashier. The structure of the Banks of Issue according to the North American model of the Reserve Banks also involves the transfer of free treasury resources to them. Reserve banks of the North-Am. states, Peru, and the Union of South Africa are closely linked to the State Treasury. One of the reasons why they could not and cannot grow into large banks of issue - banks like the Ottoman Bank, the Imperial Persian Bank, the London and Mexican Bank, the Ionian Bank, the Russian-Asiatic Bank, the Hong Kong-Shanghai Corporation - is mainly because Having received the right to issue banknotes, they did not have the opportunity to become custodians of the budgetary funds of the public authority that gave them the right to issue banknotes. If they receive state funds, it is only partially. And the best organization of the Bank of Issue is possible only when all public resources serve as the support for the correct organization of the issue of banknotes. The state's cash funds are more important for the Bank of Issue than the bank's own capital. Own significant capital for the Bank of Issue is not necessary, especially if the bank belongs to the state. The long-stated theoretical truth was for the first time confirmed in practice by the Australian Bank. The bank was created by the state in 1901. It was proposed to raise capital for it by issuing bonds, but capital has not yet been collected. American reserve banks with a balance of 11 billion dollars, they have fixed and reserve capital of only 334 million dollars. Insignificant value own capital in the Emission Bank serves as a clear indicator that without any special sacrifices on their part, a small group of people who have invested in the share capital of the Emission Bank can easily receive dividends at the expense of the entire national economy, operating mainly with treasury resources. The more the State Treasury is connected with the Bank of Issue, the greater the organic connection between its administration and the government. If private bank becomes the treasurer of the state, then the state, transferring to it its funds for the operation, exercises control over the Bank of Issue in the form of its commissioner with the right of veto (Austrian National Bank), in the form of the appointment of members of the board (a number of banks), in the form of the appointment of a manager and his closest assistants (France, Germany before the war, Japan, etc.). In this case, you get a private bank with public administration. The lack of external communication between the management of the Bank of England and the English government is explained by the long-term similarity of interests of shareholders and the government. In new charters, government influence on the composition of management is always exercised in one form or another. Only those Banks of Issue that do not pretend to be cashiers are completely free from government influence. public funds. In joint-stock banks of issue there are different rules regarding transfers of shares. Bank shares can only be registered (Japan), bank shares cannot be owned by foreigners, under the American system of reserve banks, only credit institutions that meet certain conditions can be shareholders. The shareholder of the Bank of Issue is usually required to pay the share in full. Some statutes allow partial payment. Often the main shareholder is the state (the new Bank of Mexico, where the state owns 51% of the shares). General meetings in joint-stock banks of issue they usually have limited rights. Only the largest shareholders (France) are allowed to participate in them with decisive voting rights. Typically, the meeting of shareholders hears the report and elects an audit body (audit commission, censor commission, etc.). In joint-stock banks of issue, the profit received is shared with the state. The system of profit sharing between the state and shareholders is very diverse. If the state does not directly participate in the profits of the private Bank of Issue, then the state's income from the bank is obtained indirectly. Banks of issue provide the state with an advance either at a very reduced interest rate or completely interest-free. Before the war, the French Bank provided the state with an interest-free advance of 200 million francs. and paid 1/7th of the income from productive calls at a discount rate of 3.5% and 1/6th at a discount rate of 4% and higher. According to the charter of the Bank of Mexico, the following division of profits is assumed: 10% in reserve fund until it reaches 100% of the capital, then 6% of the capital. After deducting these two contributions, 50% of the remainder goes to the state, 10% to employees, 5% to directors, 35% can be issued as a dividend in addition to 6%. The right to issue banknotes makes “other people’s money” less necessary for the Banks of Issue than for other banks. The restriction on the placement of available funds, which is imposed by the charters on the Banks of Issue, leads to the fact that the Banks of Issue pay almost no interest on deposits. Some charters of banks of issue prohibit the acceptance of capital with the condition of paying interest on it. In many cases, when the charter allows for the acceptance of deposits with the payment of interest on them, the banks themselves refuse interest-bearing deposits, realizing that the need to pay interest will force them in their activities to go far from the real path of the Banks of Issue. The main task of the Banks of Issue is to regulate money circulation, facilitate payment terms and develop the country's productive forces through credit. From this follows the emission operation. Setting up an emission operation in different banks different (see Art. Banknote). If there are countries with the same standards for organizing emission operations, then in practice there is an infinite difference. Emission practices must take into account the specific conditions not only of a given country, but also at this moment. When issuing banknotes, the Bank of Issue seeks to withhold the exchange of banknotes for metal; at the extreme - to keep banknotes at a certain parity. To ensure exchange and maintain the exchange rate, the Bank of Issue is given the right to carry out all kinds of transactions for the purchase and sale, and acceptance of gold as collateral. This already implies the need to provide the Banks of Issue with the right to all transactions for the sale and purchase of drafts and checks, foreign banknotes and other foreign payment obligations. The issuing bank is usually granted the right to discount short-term bills, issue loans against securities, issue loans against jewelry (diamonds and silver), open current accounts secured, accept deposits of fixed-term and perpetual, paid and unpaid, make settlements between its clients, various collection operations, issuance of checks, letters of credit, sales and purchases at one’s own expense and on a commission basis valuable papers, the acquisition of which is permitted by the bank's charter, payment of coupons of interest-bearing securities. The operation of concentrating gold in the Banks of Issue has led to the fact that at present, wherever the Banks of Issue exist, they have at their disposal almost the entire stock of gold belonging to a given national economy. In terms of accumulated reserves, 12 Federal Reserve Banks are in first place: S.-A. United States (13.995 million gold francs), the French Bank (5.548 million gold francs), the Bank of England (3.605 million gold francs). Next in terms of gold reserves are: Japanese, Dutch, Italian banks, National Swiss and Spanish, German, Russian state, Swedish. Over half of the gold reserves are concentrated in the Federal Reserve Banks of North America. U.S.A; over a quarter of the world's gold reserves are in the hands of the English and French banks, slightly less than a quarter of the world's gold reserves are in the hands of the banks of issue of the eight named countries. The remaining banks have at their disposal a reserve of gold amounting to no more than one tenth of all the gold reserves available to the Banks of Issue. Of the transactions, the right of the Banks of Issue to operate with foreign currency and foreign currency is of particular importance for the national economy. Being the center for the sale and purchase of foreign currency, Banks of Issue regulate the production of international payments and, thanks to their position, can equalize the balance of payments and claims, thereby eliminating sharp fluctuations in bill rates, introducing fees and eliminating shocks that adversely affect economic life. The list of operations permitted or prohibited for Banks of Issue is varied in different charters of Banks of Issue. In some cases, the power of tradition is more impressive than the norms written into the charter. The main idea of ​​the activities of Banks of Issue is that its asset should be quickly realizable, that Banks of Issue should be able to withdraw placed funds from circulation at any time. Therefore, operations for long-term financing of industry, foreign trade, Agriculture cannot be part of the task of the Banks of Issue. However, the French colonial Banks of Issue managed to very successfully combine banknote issue with the financing of sugar plantations. Banks of issue in colonies and countries with poorly developed economic life have to deviate far from the purity of the principles developed in the countries of old capitalism. The struggle between money capital and agrarian groups in Europe is expressed in the requirement that the Banks of Issue devote a significant part of their funds to agricultural lending. If often landowners directly receive a refusal, then indirectly the Banks of Issue make concessions to them. Thus, during the banking survey of 1907 in Germany, the German Bank expressed its concession to farmers in the form of widespread issuance of advances on mortgage notes. By expanding the market for mortgage notes, it enabled mortgage banks to expand their activities more widely. Accepting stocks and bonds as collateral industrial enterprises , as well as shares and bonds of banks financing industry, the Bank of Issue directs its funds to industry. Many charters of Banks of Issue often establish formal characteristics in relation to both clients and documents and goods with which the Bank of Issue can carry out transactions. Thus, the principle of national origin is established for goods. The Bank of Issue can only credit transactions involving the circulation of local goods, the client cannot be a person declared bankrupt, bills of exchange must have three signatures, etc. The purpose of these restrictions is to make clients of the Banks of Issue as flexible as possible and to prevent the funds of the Banks of Issue from getting stuck in any or questionable transactions. Almost all charters of banks of issue specifically stipulate the right of the state to be a client of the bank for active operations. The charters of Banks of Issue usually impose a number of restrictions on government borrowing. The Polish Bank's charter allows banks to account for treasury obligations of the Polish government. The new charter of the Bank of Mexico, despite its almost governmental character, states that amounts advanced to the government cannot be more than 10% of the bank's capital stock. The charter of the National Austrian Bank states that the bank has no right to make advances, directly or indirectly, to the Austrian government, except in cases where the advances can be secured by valuable collateral or foreign mottos. According to the Dawes Commission plan, the German Bank could lend to the German government, but always with the understanding that the total amount of the government's outstanding debt to the German Bank should never exceed 100 million marks. The advance should not be provided for a period exceeding 3 months. At the end of the reporting period, government debt to the bank must be repaid. In addition, the German Bank is prohibited from issuing advances or other loans to German states (allied states), municipalities, and administrative units. The charters of most Banks of Issue prohibit any direct credit transactions with foreign governments or foreign administrative units. Almost all charters repeat in a completely identical form the prohibition on issuing banks to buy, acquire in any way and hold among their assets real estate (houses and lands), except for those that they need for the direct performance of their tasks. In colonial countries, where warehouse facilities are poorly organized, banks of issue are forced to own significant real estate in the form of elevators, refrigerators and warehouses in order to develop trade and lending operations. The main operation of banks of issue is the discounting of short-term bills. The formal nature of the bill of exchange and its short-term nature best of all create the conditions for investing funds. Banks of issue accept only first-class bills of exchange and, moreover, mainly commodity ones. In countries of the old capitalist culture and with a large money market, the Banks of Issue sometimes even have to act as buyers of bills due to the fact that the best bills from a cheaper interest rate can be discounted in addition to the Bank of Issue. In capital-poor countries with a small money market, the best bills of exchange are always in the hands of the Banks of Issue, since the Banks of Issue rediscount bills already discounted in some bank. In quiet times, banks take away clients from Banks of Issue, providing them with more convenient lending conditions. Hence the transformation of the Bank of Issue into a bank of banks. The current American system builds the Federal Reserve Banks just like banks of banks. The Union of South Africa and Peru did the same. The Australian Bank is very close to this. Of the European banks, the French and English banks are closest to the type of bank. In countries of young capitalism and in colonies, where often there are no other banks besides the Bank of Issue, the Bank of Issue is of great importance for the country's money market. A long-term struggle for a sustainable low discount of the Bank of Issue can create particularly favorable conditions for the development of the national economy (policy of the French Bank). Constant promotions and demotions discount rate The Bank of Issue, even with relatively small reserves of gold, can have it sufficiently for the national economy (discount policy of the Bank of England). In countries poor in free capital, the accounting percentage of the Bank of Issue is always lower than the accounting percentage of the free market. The task of the Bank of Issue is, on the one hand, to lower the domestic interest rate, and on the other hand, to keep the discount rate at such a level that it facilitates the influx of foreign capital (discount policy of the Japanese, Spanish, Italian Banks of Issue and Russian pre-revolutionary banks). With the transfer of bill material to other banks, banks of issue begin to develop operations with securities. Time (On coll) loans against interest-bearing and dividend-paying securities give them the opportunity to lead the money market in the desired direction. Of course, Banks of Issue select securities for their operations with great care. Even risk-free transactions are transferred to other banks. Issuing banks always need a guarantee, and other banks provide guarantees for transactions. One of the most important conditions The success of the activities of banks of issue is the requirement to publish balance sheets. The balance sheets of the Banks of Issue must be published, firstly, regularly, and secondly, quite often. Publicity makes it possible to judge the progress of the Banks of Issue and the state of its individual accounts. Regular reporting of the Bank of England's balance sheets began with the Act of Robert Peel. Currently, England, France, Sweden, Norway, Belgium, and Switzerland publish their reports weekly. In Germany and Russia before the war, the balances of the Banks of Issue were reported almost four times a month, in Italy three times, in Australia twice a year. Some Banks of Issue publish balance sheets only once a year. The issuing banks' issuance of annual reports is of great importance. Annual reports have been introduced into practice by joint-stock banks of issue. Until now, neither the annual reporting of the Banks of Issue nor the preparation of balance sheets have been satisfactorily established anywhere. In some cases, published figures are falsified, or balance sheet figures are so combined that they do not give a clear picture of the real state of affairs. Vivid examples are the Italian banking difficulties of the 80s and 90s and the history of exceeding the legally established issue in Russia in January 1905 and in France in the spring of 1925, hidden in the skillfully compiled balance sheets of the Banks of Issue.

1) initially - banks that mobilize funds for active operations by issuing banknotes (bank notes), exchangeable at the first request of any bearer for a circulating coin; 2) currently - central banks of states that have a monopoly right to issue banknotes as substitutes for banknotes. In the vast majority of states, there is only one bank that issues money. This is a central (national or state) bank. Of the largest states, only in the USA there are 12 E.B., which are part of the Federal Reserve System and, in relation to the emission operation, represent, in fact, a single E.B.

For almost 70 years, until March 1991, the State Bank shared an emission monopoly with the Ministry of Finance of Russia, and then the USSR: it issued chervonets and State Bank notes, and the Ministry of Finance issued coins and state treasury notes. In 1991, with the implementation of monetary reform, the issue of state treasury notes was completely stopped and the State Bank of the USSR became truly the only bank. It did not exist, however, for very long, because at the end of 1991, with the collapse of the USSR and the liquidation of its former structures, the State Bank of the USSR was liquidated; its place was taken and is still occupied by the Central Bank of the Russian Federation (Bank of Russia).

Financial system any country includes monetary system, the main element of which is the issue of money. Without this element, the existence of the state’s economy, as well as the implementation of its internal and external payment transactions, is impossible, because money is the main and universal means of payment.

Depending on the type of money issued, the issuer, as well as some other characteristics, the issue can be divided into different kinds. Next we will consider in detail how this process occurs and what it leads to.

Issue of money and its types

The totality of all Money that are in circulation in the country is called the money supply. This value is not constant and can change under the influence of many factors, both up and down. To increase money supply results emission - release extra money into circulation.

Depending on the type of money issued, the issue is:

1. Cash- release of additional paper money and coins into circulation. due to which there is an increase in the total money supply. Incoming money is either minted (if it is coins) or printed (if it has paper form).
2. Cashless- a priority type of issue, which on average accounts for about 80% of the total issue of money. This is due to the fact that in the majority developed countries It is non-cash money that is the predominant means of payment. Non-cash money is issued by issuing loans or by displaying money in bank accounts.

Another classification divides emissions into two types:

1. Primary— funds are released into circulation by the Central Bank of the state. In this case, the form of money can be either cash or non-cash. The primary issue includes such operations of the Central Bank as:

• printing banknotes (minting coins);
• issuing loans to commercial banks;
• purchase of foreign currency;
• state lending.

2. Secondary— the issue is carried out by commercial banks, which lend to all other market participants. Within the limits of the funds available to the bank, it can issue loans to other entities, using funds received, for example, from the Central Bank.

Depending on the issuer (that is, the entity that issues money), the issue is divided into two types:

1. Budgetary issue of money- carried out by the state, which most often has a monopoly right to issue cash.
2. Credit emission of money- carried out by banks and consists only of non-cash or secondary issues.

The main factor that determines the need to issue funds (both in cash and non-cash form), and also affects its size, is the need for working capital among organizations and enterprises. The purpose of the issue is to satisfy precisely this need and timely provide economic entities with the necessary funds. Other emission factors include:

• growth of production, increase in commodity mass and subjects of the market sphere;
• decrease in the velocity of money circulation;
• price increases that do not depend on the quality of the product (goods or services) being sold.

The exact procedure for releasing funds into circulation depends on the specific country and may differ markedly in different countries. The systems of the most developed countries with market economy A: USA, EU countries, Japan, etc.

In addition to the issue of money, there is also money, which we talked about in the previous article.

Who issues money in the Russian Federation

The main document of the state - the Constitution of the Russian Federation - contains several provisions regarding emissions in the country:

• the monopoly right to issue money belongs to the Central Bank of the Russian Federation;
• the main and only acceptable means of payment on the territory of the state - Russian ruble;
• the issuance of money into circulation in another currency or by another issuer is prohibited;
• the Central Bank of the Russian Federation is entrusted with responsibilities not only for issuing banknotes, but also for their withdrawal;
• The Central Bank is not limited in the form of emission - it can be either cash or non-cash money.

In accordance with the law, the decision on the release of money into circulation, as well as on its withdrawal, is made by the Board of Directors of the Central Bank. When issuing the ruble (the only legal tender), its relationship with gold or any other precious metals is not established.

To produce your own cash (in the form of minting coins) There are special mints in Russia:

1. Moscow Mint.
2. St. Petersburg Mint.

In addition to minting state coins, they are engaged in the manufacture of orders, medals and other items made of precious metals. Coins for foreign countries are also minted in small quantities at these yards.

Printing of money (paper) in Russia takes place in special printing houses that can provide an increased level of protection. The process of making money (both printing banknotes and minting coins) is strictly regulated and is under the control of the Central Bank.

As for non-cash money, they are issued in the form of loans provided by the Central Bank of the Russian Federation to many commercial banks. In the form of a secondary issue, these banks can also provide loans to other economic entities, thereby increasing the size of the country's non-cash turnover.

The emission system of Ukraine is in many ways similar to the Russian one. The primary issuer of funds is the National Bank of Ukraine, which has monopoly rights to issue the state currency - the hryvnia. In addition, the NBU also has the exclusive right to withdraw money from circulation.

The primary issue of funds is carried out by the National Bank in non-cash form - money is printed only to cover these previously issued non-cash funds. The Banknote and Mint of the NBU is used to print banknotes. Non-cash issue can also be carried out by commercial banks (in the form of lending to other entities).

Several factors can be identified that, at this stage of development of the Ukrainian economy, negatively affect its emission system:

All these factors lead to the need to carry out additional emission of funds, thus increasing the total money supply of the country. This leads to the depreciation of the national currency and the emergence of negative trends in the development of the Ukrainian economy.

As a result, it can be noted that:

1. The main way to increase the money supply in the state's circulation is the issue of funds.
2. Money in circulation can be issued both in cash and in non-cash form.
3. The priority form of monetary payments in all developed countries is non-cash.
4. The monopoly right to issue cash in Russia (banknotes, coins) belongs to the Central Bank.
5. The issue of money in Ukraine does not have significant differences with a similar process in Russia - the difference is only in the legal monetary unit established by the state.

· Commercial banks:· Universal banks.

· Specialized banks: · Investment banks; · Savings banks; · Innovative banks; · Mortgage banks; · Consumer credit banks; · Industry banks; · In-production banks.

· Non-banking financial institutions:· Investment companies ; · Investment funds; · Insurance companies ; · Pension funds ; · Pawnshops ; · Trust companies, etc.

The Russian banking system is two-tier:

· at the first level there is the Central Bank of Russia, which performs the functions of an emission center, responsible for maintaining the stability of the banking system, carrying out monetary regulation of the economy, performing a legislative function and the function of lenders of last resort (the function of the bank of banks);

· At the second level of the banking system, commercial banks develop their activities.

The banking system, consisting of a Central Bank that organizes money circulation and does not serve clients, with the exception of banks, as well as banks lending to enterprises, organizations and the population, is typical for all developed countries with market economies.

The banking system of Russia is important for the development of the country's economy, a dynamically developing system.

central bank- the main regulatory body of the credit system of a country or group of countries.

The Central Bank performs the following main functions:

· issue of banknotes and coins;

· implementation of monetary policy;

· is a “bank of banks” - they serve as a settlement center for the banking system, provide loans to it, and in some countries supervise the activities of banks;

· refinancing of credit and banking institutions (including by setting a refinancing rate, pawnshop rate, etc.);

· management of official gold and foreign exchange reserves;

· implementation of monetary policy;

· regulation of the activities of credit institutions;

· government bank.

An important issue in the activities of the central bank is its independence from executive power, from the government. In this regard, the economic and political independence of the central bank is highlighted.

Economic independence refers to the ability of the central bank to use the monetary policy instruments at its disposal without any restrictions. That is central bank vested with a certain range of powers aimed at making operational decisions in the conduct of monetary policy.

Political independence is understood as the level of independence of the central bank in relations with government bodies in the appointment of bank management and in the development and implementation of monetary policy.

Commercial Bank - a credit institution that carries out Bank operations for legal entities and individuals (settlement and payment transactions, attraction of deposits, provision of loans, as well as transactions in the securities market and intermediary operations) .

Interest rates on loans issued are higher than interest rates on deposits. The difference between these indicators is bank profit - margin. The epithet “commercial” in relation to a bank is conditional, because it means that the main goal of the organization’s activities is to make a profit. At the same time, there are banks that specialize more deeply in individual banking services.

Banking services include:

· lending to legal entities and individuals;

· currency transactions (only authorized banks);

· operations with precious metals;

· access to stock market and Forex;

· maintaining business accounts economic entities;

· exchange of damaged banknotes (torn, burnt, washed banknotes) for undamaged ones;

· mortgage;

· car loans;

Universal bank- a bank that carries out all or most of the main types of banking operations.

Universal banks are more stable than specialized banks, as they combine commercial and investment activities. They can take full advantage of diversifying their operations. It is more convenient for clients to deal with one bank than with several specialized intermediaries. The clients of universal banks include both small depositors and large companies.

Universal banks carry out a large number of banking operations: maintaining deposit accounts, non-cash transfers of funds, accepting savings, issuing a variety of loans, purchasing securities, transactions by proxy, storing valuables in safes, etc. Due to the wide selection of services offered and availability large quantities clients, they suffer less from fluctuations in the profitability of individual banking operations and the situation in financial market segments.

Specialized bank– a credit organization specializing in certain types of banking activities.

Investment bank - a financial institution that organizes for large companies and governments to raise capital on global financial markets, and also provides advisory services for the purchase and sale of businesses, brokerage services, being a leading intermediary in trading stocks and bonds, derivatives, currencies and commodities, and also produces analytical reports on all markets in which it operates.

For a typical investment bank The following functions are typical:

· Underwriting and Trading of securities;

· Offering brokerage services to private and institutional investors;

· Mergers and acquisitions services;

· Financial analytics and research;

· Market makers for certain types of securities.

Savings bank (savings and loan bank, savings Bank or savings bank) - a credit institution specializing in attracting cash savings and temporarily free funds of the population in the form of savings deposits on which interest is paid.

An innovation bank is a specialized bank, the main operations of which are lending to venture capital, the latest developments, technical and technological progress. The innovation bank draws its main resources from own funds and customer deposits. Typically, innovation bank loans are long-term in nature.

Mortgage bank - a specialized bank engaged in providing mortgage loans, reselling mortgage-backed securities and providing services related to these activities.

Consumer credit banks- a type of banks that operate mainly through loans obtained from commercial banks and issuing short- and medium-term loans for the purchase of expensive durable goods, etc.

Consumer loan- a loan provided directly to citizens (households) for the purchase of consumer goods. Such a loan is taken not only for the purchase of durable goods (apartments, furniture, cars, etc.), but also for other purchases (mobile phones, household appliances, food). It comes either in the form of selling goods with deferred payment, or in the form of providing a bank loan for consumer purposes, including through credit cards. In this case, a fairly high percentage is charged.

Typically, a consumer loan comes with additional fees and charges that increase the real cost of the loan and form the so-called hidden interest rate.

Non-banking financial institutions are institutions that are not formally banks (do not have a banking license), but whose main activity is related to the provision of financial services and carrying out operations in many respects similar to banking ones.

Investment company- a legal entity (not a credit organization) that has a license from the Federal Financial Markets Service to conduct at least brokerage and/or dealer operations.

Investment fund- institution carrying out collective investment. Its essence is the accumulation of savings of private and legal entities for joint (including portfolio) investment through the purchase of securities, rather than real productive assets. At the same time, due to the fact that the acquisition of securities is carried out by a professional market participant, this allows minimizing the risks of private investors.

Types of investment funds

· Mutual investment fund - a form of joint investment.

· Investment Fund of Russia - state fund for co-financing investment projects.

· Mutual fund is a form of joint investment.

· Hedge fund - private, unlimited regulatory regulation an investment fund that is not available to the general public and is managed by a professional investment manager.

· Exchange Traded Fund (ETF) is an open-end index fund whose shares are traded on an exchange.

· Check investment fund - specialized fund created in Russia period voucher privatization the beginning of the 1990s, with the aim of assisting the population in investing privatization checks (vouchers) and ensuring professional management of the assets of this fund.

Functions of investment funds

Investment funds perform the following functions:

· accumulation of savings of individual investors;

· more efficient management of investment resources, which individual investors cannot provide due to the lack of necessary professional skills and experience;

· diversification of risks by investing funds of individual investors in various financial market instruments;

· reducing the costs of operations on the securities market due to a large number of operations.

An insurance company is a historically determined social form of functioning of the insurance fund; it is a separate structure that carries out the conclusion of insurance contracts and their servicing.

The scope of activity of insurance companies is commercial insurance; to carry out insurance, an insurance company requires a license from the state insurance supervisory authority.

Subjects of the insurance business - actuaries, insurance brokers, mutual insurance companies and insurers.

Pension Fund- a fund intended for the payment of old-age or disability pensions. Pension funds are divided into state and non-state depending on the management company.

Pawnshop(named after Lombardy, a region of Italy) is a specialized commercial organization whose main activities are providing short-term loans secured by movable property of citizens and storing things.

A trust company is a company specializing in operations involving trust management of property, a portfolio of securities or inheritance.

Credit organisation is a legal entity that to make profit as the main goal of its activities on the basis of a special permit (license) of the Bank of Russia has the right to carry out banking operations.

A credit organization is formed on the basis of any form of ownership as a business company.

Credit organization It is prohibited to engage in production, trade and insurance activities.

Credit organizations are divided into two groups:

§ non-bank credit organizations.

Bank

Banks- these are credit organizations that have the exclusive right to collectively carry out the following banking operations:

§ attracting funds from individuals and legal entities into deposits;

§ placement of these funds on your own behalf and at your own expense on the terms of repayment, payment, urgency;

§ opening and maintaining bank accounts for individuals and legal entities.