Credit ratings service Standard & Poor's believes that the banking sector remains vulnerable, as Russian banks continue to experience significant pressure on asset quality, profitability and capitalization. We also expect M&A activity to continue among both smaller and larger banks looking for new vehicles to maintain market share, capitalization and efficiency in the current adverse operating environment.

We believe that in order to maintain customer confidence in the banking sector during this difficult period, the Bank of Russia DIA will continue to make extensive use of financial recovery mechanisms for troubled banks, mainly by providing funding to stronger banks to acquire distressed financial institutions and further their recovery. In this regard, we expect that the volume of state support used for financial recovery purposes (since the mechanism was launched at the end of 2008) could reach RUB 1 trillion by the end of 2015.

Summary

We expect that in 2015-2016 the financial recovery mechanism for troubled banks in Russia will be used to a much greater extent than in previous years, due to the recent increase in the number and scale of bankruptcies of Russian financial institutions.

We expect that the total amount of funds provided by the DIA Russian banks for the purpose of financial recovery, will reach 1 trillion rubles by the end of 2015 (as of July 1, 2015, these funds amounted to 822 billion rubles).

In our view, despite short-term capital gains, recovery banks that bail out distressed financial institutions typically experience pressure on their creditworthiness and, as a result, their credit ratings are negatively impacted. We have not yet downgraded the ratings of the sanator banks due to their participation in the financial recovery process, however, we have revised the outlook on the ratings of several such banks to Negative or placed them on the CreditWatch list (“ratings under review”).

The pressure becomes particularly strong if the problem bank's assets are estimated to be significant relative to the balance sheet of the recovery bank and if the recovery bank fails to conduct sufficient due diligence before embarking on the recovery process.

Despite the fact that in the short term, sanatorium banks clearly benefit from financial recovery (primarily profit from receiving government funding at below market rates), we note a number of significant risks. In our opinion, the greatest risk is related to the fact that sanator banks, as a rule, have very little time (before they start participating in the financial recovery process) in order to analyze the real financial situation of troubled banks and their assets. This, in turn, creates the risk of underestimating (and perhaps significantly) the "hidden" problems associated with the balance sheets of troubled banks. This factor has already led to the revision of forecasts on the ratings of several sanator banks to "Negative" or the placement of their ratings in the CreditWatch list. In our view, the risks of participating in the financial recovery process may ultimately outweigh the benefits and lead to a downgrade of the sanator banks' ratings.

The effectiveness of financial recovery procedures for Russian banks in the long term is still unclear

The financial recovery mechanism used in Russia provides a number of short-term benefits for both sanator banks, which receive capital gains from access to cheap financing, and for regulators, which ensure that market participants' confidence in the banking sector is maintained. However, there are a number of risks associated with this mechanism due to its lack of transparency and the fact that it is relatively new, making it difficult to assess its effectiveness in the long term. The Russian regulator first used the mechanism of financial recovery during the financial crisis of 2008-2009. This mechanism involves the transfer of a troubled bank under the management of the DIA, if the regulator makes a decision on the advisability of continuing its activities. At the next stage, the DIA finds an investor (most often another financial institution) to restore the activity and solvency of the bank. In addition, the DIA provides the investor and the troubled bank with funds for financial recovery. Such operations can take various forms, but usually the DIA provides the sanator bank and the bank that is being assisted as part of the financial rehabilitation procedure with funds in the form of long-term loans at rates below the average market, which allows reporting profit from obtaining financing on preferential terms and , thus, increase Tier 1 capital. We appreciate the fact that the Russian regulator in most cases entrusted financial recovery procedures to market participants with industry knowledge and experience, and in each case, the development of financial recovery plans was provided, which ensured increasing the responsibility of sanatorium banks. Unlike Russia, in some other emerging market economies (notably Nigeria and Kazakhstan), distressed assets were managed by government agencies. As a result, NPL resolution in these countries has been very lengthy and characterized by a lack of transparency and uncertain prospects for asset recovery. In an effort to speed up this process, the government of Kazakhstan recently decided to divest the capital of banks it had bailed out after the 2008 financial crisis and hand over management of distressed assets to private investors. In the six years that the troubled banks were under government control, little progress was made in recovering the troubled assets, and the volume of problem loans accumulated during the crisis even increased as banks continued to recognize new loans issued during the crisis as problematic.

At the same time, we note the lack of transparency of various aspects of the financial recovery mechanism in Russia (as well as in other countries), in particular, the procedures for deciding on the appropriateness of the financial recovery of a bank that has found itself in a stressful situation or its bankruptcy, as well as the criteria for choosing a bank- sanatorium. In addition, despite the successful completion of resolution procedures for several Russian banks since 2008, a number of resolutions of large banks that have begun over the past few years are still far from complete, so their results remain to be assessed.

There are many benefits to participating in the financial recovery process.

At first glance, participation in the financial recovery process seems attractive to investors, since it allows them to receive a significant amount of assets using public funds, as well as a number of other advantages. The first of these benefits is capital gains. The largest loan received by an investor from the DIA after 2008 is 295 billion rubles ($9.2 billion as of September 30, 2011 - the date the loan was issued). It was allocated to the recovery of the Bank of Moscow and allowed the investor - VTB - not only to reflect a capital gain of 152 billion rubles in 2011, when it received a loan, but also to receive a capital gain of 100 billion rubles in 2014, when the loan matures was extended for five years. In 2014, four sanator banks (VTB, Alfa-Bank, SMP Bank and BINBANK) and the respective sanated banks reported capital gains totaling approximately RUB 118 billion. (diagram 2). We expect them to recognize additional capital gains in 2015 as well, when the sanator banks gain operational control over the bailed-out banks and their consolidated financials reflect all profits from receiving cheap funding from the DIA. In addition, the total amount of reported profit does not yet include the second largest case of financial recovery after 2008 - the reorganization of the Otkritie Holding of retail bank NB TRUST in 2014, for which the DIA has already provided a loan of 129 billion rubles to NB TRUST .

Participation in the financial rehabilitation procedure led to a significant increase in the asset base of sanator banks after this mechanism was introduced by the DIA in 2008. The assets of the banks being rehabilitated ranged from 5.6% to 50.9% of investors' own assets in the period from 2011 to the end of the 1st half of 2015. This share increased significantly in 2014 and continues to increase (figure 3). BINBANK received the most significant amount of problem assets compared to its own assets after the acquisition of CJSC MKB Moskomprivatbank in 2014 (currently B&NBANK credit cards) and five banks that are part of the ROST banking group. In the event of successful integration, the assets of the acquired banks may strengthen the market positions of sanatorium banks in certain regions and business segments.

However, the potential risks may outweigh the benefits.

We believe that the risks to which the sanator banks are exposed in connection with the integration of the assets of the sanated banks may be very high and ultimately outweigh the corresponding benefits, thus Negative influence on the creditworthiness of sanatorium banks. In addition, given the short-term nature of the benefits, we believe that investors' participation in such transactions can often be opportunistic and considered rather short-sighted.

Insufficient due diligence analysis may lead to underestimation of credit risks

In our opinion, the main risks stem from the fact that investors acquiring a troubled bank usually have very little time to conduct initial due diligence of the bank in question. Therefore, the process of financial recovery, which investors begin, as a rule, is characterized by a high level of uncertainty, which can subsequently lead to significant additional costs. The lack of time to conduct proper due diligence on banks being rehabilitated makes it difficult to assess the real extent of their problems, especially in cases where previous management took steps to cover them up. As a consequence, once the sanator banks have taken up their responsibilities, additional asset quality issues may arise. In 2014, a number of investors had questions in connection with the undervaluation of problem assets in banks being restored. In some cases, the DIA has agreed to provide additional funds or extend the duration of funds already provided to address asset quality issues that have arisen.

Operational and integration risks can be extremely high

Financial recovery may lead to high integration and operational risks. Merging even fairly strong banks requires significant management efforts to ensure that the different parts of the group complement each other and the consolidation of financial institutions leads to a strengthening of the market position of the merged bank and its ability to generate profits sustainably. In case of integration of banks under stress financial situation, the process becomes even more complex, so the implementation of effective risk management and internal control systems is of great importance. The business models of the sanator bank and the bank being restored can differ significantly, which further complicates the integration process. In particular, last year BINBANK, which until 2014 focused on servicing corporate clients, joined Moskomprivatbank, which specialized in lending to retail customers. This transaction provided the bank with a rapid development of activities in a new segment. At the same time, we believe that such acquisitions tend to involve a high level of risk and effort, as a lack of experience in a new area can lead to escalating operational problems for both the target bank and the sanatorium itself. In addition, the ability of the recovery bank to benefit from expanding its customer base to the customers of the recovering banks is highly dependent on the ability of management to retain customers and develop long-term relationships built on trust. In some cases, after the change in the ownership structure of troubled banks, we have seen panic-driven outflows of client funds.

We assess the risks of integration as particularly high, given the significant volume of assets of the banks being rehabilitated, control over which was transferred to the rehabilitated banks in recent years. On average, the assets of banks that are still in the process of financial recovery account for approximately 25% of the own assets of sanator banks.

Financial recovery procedures lead to additional pressure on the management resources of sanatorium banks

We note that the financial recovery process usually takes longer than the sanator bank and DIA initially expect. At the same time, even fairly strong financial institutions usually require a lot of attention and effort to resolve the problems of banks that find themselves in a stressful financial situation. The integration of a recovering bank often requires the most active involvement of the top management of the recovery bank. In this situation, strong financial institutions find themselves forced to spend significant resources on settling problem assets instead of developing a healthy new business.

Sanator banks can use regulatory easing for rehabilitated banks to make risky investments

Banks in the process of financial recovery usually receive regulatory approval not to comply with certain requirements, including capital adequacy, liquidity and concentration on individual borrowers. This circumstance exposes investors to a conflict of interest, since it makes it possible to record high-risk and capital-intensive operations on the balance sheet of a bank being rehabilitated. At the same time, Standard & Poor's Credit Ratings is reviewing credit risks at the group level as a whole, noting that an increase in credit risk on the balance sheet of one of the entities could put significant pressure on the consolidated capitalization of the group as a whole.

The impact on the credit rating of sanatorium banks is usually negative

Taking into account all the risks associated with participation in the financial recovery process, we believe that it usually has a negative impact on the financial profile of the sanator bank and may lead to a deterioration in creditworthiness. This circumstance led to the placement of the ratings of several sanator banks that have Standard & Poor's ratings on the CreditWatch list or the revision of the forecasts for the ratings of these organizations to "Negative". At the same time, participation in financial recovery procedures has not yet led to a downgrade of the ratings of sanatorium banks (Table 1). Among the factors that can neutralize the risks of sanatorium banks are:

Additional capital injections from the shareholders of the sanatorium bank;

Additional support from the state;

Obtaining guarantees for problem loans from former shareholders bank being rehabilitated;

The small size of the balance sheet of the troubled bank compared to the balance sheet of the sanator bank;

Carrying out a detailed due diligence analysis in advance, before being involved in the rehabilitation procedure (however, such cases are rare).

We will continue to monitor the creditworthiness of the sanator banks to determine if there are grounds for downgrading their credit ratings as the financial remediation procedures are implemented.

	sanatorium	Recoverable Banks	financial recovery period	Rating of the sanator bank before the start of the financial recovery process	Rating of a sanator bank three months after the start of the financial recovery process
	VTB	Bank of Moscow	2011-2026	BBB/Stable	BBB/Watch Negative
	Binbank	Binbank credit cards	2014-2018	V/Stable	B/Negative
		ROST Group	2014-2020	B/Developing	B/Negative
	Tatfondbank	Timer Bank (former name - BTA-Kazan)	2014-2024	V/Stable	V/Stable
	Alfa Bank	Baltic Bank	2014-2024	BB+/Stable	BB+/Stable
	FC "Opening"	NB Trust	2014-2024	BB-/Stable	BB-/ Watch Negative

In accordance with Standard & Poor's policy, only the Rating Committee can decide on a particular rating action (including changing, affirming or withdrawing a credit rating, changing a rating outlook, placing a rating on the CreditWatch list). This commentary article and its subject matter is not the result of a decision by the Rating Committee and cannot be interpreted as a change or confirmation of a credit rating or rating outlook.

Financial recovery of a credit organization as a measure to prevent bankruptcy. The content and criteria of sanitation.

One of the measures aimed at preventing bankruptcy credit organizations, is financial recovery.

financial recovery is a pre-trial procedure aimed at preventing the bankruptcy of a bank.

Financial recovery in relation to a credit institution carried out before filing an application for declaring the debtor bankrupt. His goal- prevent the filing of an application for declaring a credit institution bankrupt by restoring solvency.

The financial rehabilitation of a credit institution is aimed at restoring the credit institution's own capital to an amount at which mandatory economic standards will be met, and returning the credit institution to normal stable operation. To achieve a positive result of financial recovery, restoration of solvency, the timely start and systematic nature of measures are necessary. A systematic approach to relevant economic decisions involves a combination of the state's active financial policy with the efforts of the credit institutions themselves.

The essence of the financial recovery of the bank is to carry out a set of measures aimed at restoring its liquidity, resuming profitable activities, subject to the fulfillment of all the requirements of banking legislation and the mandatory standards for banking activities established by the Bank of Russia.

When determining the main objectives of measures for financial recovery, the legislation proceeds, firstly, from the need to restore the equity capital of a credit institution to an amount at which mandatory economic standards will be met, and secondly, from establishing the fact that the credit institution has returned to normal and stable operation.

To achieve a positive result of financial recovery, restoration of solvency, the timely start and systematic nature of measures are necessary. A systematic approach to relevant economic decisions involves a combination of the state's active financial policy with the efforts of the credit institutions themselves.

Control over the implementation of this measure is Bank of Russia and not an arbitral tribunal.

The Bank of Russia has established criteria for credit institutions that determine the need for financial rehabilitation. Currently, instead of determining the financial condition of banks, the procedure for assessing their economic situation(instruction of the Central Bank of the Russian Federation N 2005-U). New order cancels the division of banks into categories ("financially stable" and "problem"). These categories were replaced by 5 classification groups.

The methodology for assessing the quality of bank management has been refined. Thus, an assessment of the transparency of the bank's ownership structure has been singled out as an independent component. The list of indicators for assessing the quality of bank management has been supplemented with a new indicator characterizing the state of strategic risk management. This indicator determines to what extent the development of the credit institution's activities is planned, whether the bank's shareholders set targets for its activities, and whether their implementation is controlled by the board of directors.

With regard to non-bank credit institutions, the assessment of the financial condition is carried out in accordance with the instructions of the Central Bank of the Russian Federation N 766-U.

The presence of clear criteria for the financial and economic situation, in which the implementation of measures for the financial rehabilitation of a credit institution is required, makes the behavior of all entities involved in this procedure predictable and understandable.

Crisis management in a credit institution involves a targeted set of the most effective means of strategy and tactics necessary for its financial recovery. To the number operational measures for the financial recovery of a credit institution relate:

1) provision of financial assistance to a credit institution by its founders (participants) and other persons;

2) change in the structure of assets and liabilities of the credit institution;

3) change organizational structure credit institution;

4) size matching authorized capital credit institution and the amount of its own funds (capital).

5) other measures.

Application of the listed main groups of economic measures aimed at restoring bank stability. Let us consider the content of these measures in more detail.

I. The most effective remedial measure is the provision of financial assistance to the bank by its founders (participants). Such assistance may also come from creditors and other persons interested in overcoming temporary financial difficulties for the bank, in particular the Deposit Insurance Agency.

Forms of Financial Assistance which may be provided to a credit institution by its founders (participants) and other persons:

Accommodation Money on deposit with a credit institution with a maturity of at least six months and with interest accrued at a rate not exceeding interest rate refinancing (discount rate) of the Bank of Russia;

Providing guarantees ( bank guarantees) for loans to a credit institution;

Granting a deferment and (or) payment by installments;

Transfer of the debt of a credit institution with the consent of its creditors;

Refusal to distribute the profit of a credit institution as dividends and direct it to the implementation of measures for the financial rehabilitation of this credit institution;

Additional contribution to the authorized capital of this credit institution;

Forgiving the debt of a credit institution;

Innovation, as well as in other forms that contribute to the elimination of the causes that necessitated the adoption of measures for the financial rehabilitation of a credit institution.

1) Deposit (deposit) operations of the bank- this is a part of its passive operations, the result of which should be an increase in that part of the attracted funds of the bank, which is formed due to the voluntary placement with it by clients (individuals and legal entities), as well as other credit organizations of their temporarily free money on the terms agreed by the parties as bank deposit or deposit.

Features of contributions (deposits) considered as a form of financial assistance to a credit institution. First, installed term- not less than 6 months. Raising funds for a certain period of time is more attractive for the bank, since it can more confidently plan its activities (carrying out active operations) and maintain its liquidity with a smaller operating cash reserve. Term deposits differ from demand deposits by a higher interest rate on the amount of the deposit and in this sense cost the bank a little more. Hence the second feature - for the amount of the deposit, the contract establishes interest rate not exceeding the refinancing interest rate (discount rate) of the Bank of Russia.

2) Increase in equity credit institution is associated with an increase in its long-term liabilities. An increase in equity capital is possible through additional contributions to the authorized capital, capital growth due to retained earnings, attraction of funds from legal and individuals in deposits (deposits), by attracting subordinated credits (loans), obtaining loans (for example, bonds) from legal entities and individuals, etc.

The increase in the authorized capital can be carried out at the expense of:

Cash funds of legal entities or individuals in the currency of the Russian Federation and (or) foreign currency, as well as at the expense of property in non-monetary form;

Property of a credit institution in accordance with the requirements established by federal laws and regulations of the Bank of Russia.

Cash in bank accounts and deposits with a credit institution may be used by its creditors to increase the charter capital of the credit institution in the manner

3) Guarantee, like a bank guarantee, is both a way to secure a loan obligation and a form of financial assistance to a crisis credit organization when it is granted a loan by another credit organization.

In Art. 361 of the Civil Code of the Russian Federation, the following definition of a suretyship is given: "Under a suretyship agreement, the surety is obliged to the creditor of another person to be responsible for the fulfillment by the latter of his obligations in full or in part." When securing credit obligations, a surety agreement is concluded between the creditor bank and the debtor's guarantor.

A guarantee agreement is usually aimed at ensuring the fulfillment of the main obligation by the debtor. Therefore, the issuance of a surety after a breach by the debtor of the secured obligation is impossible.

4) In the event that a suretyship agreement is still concluded after the debtor has violated the secured obligation, such an agreement may be considered as an agreement on debt transfer provided that all three parties have expressed their agreement to the contract.

The debt transfer agreement is governed by Art. 391 and Art. 392 of the Civil Code of the Russian Federation, is considered by arbitration practice as a bilateral agreement concluded between the original and the new debtor with the consent of the creditor. The main legal consequences of the debt transfer agreement are the replacement of the debtor and the transfer of the debt. A debt transfer agreement concluded with the consent of the creditor may also be terminated only with his consent.

5) A bank guarantee, like a guarantee, is a way to ensure the fulfillment of an obligation. In accordance with Art. 368 of the Civil Code of the Russian Federation "by virtue of a bank guarantee, a bank, other credit institution or insurance organization (guarantor) give, at the request of another person (principal), a written obligation to pay the principal's creditor (beneficiary) in accordance with the terms of the obligation given by the guarantor, a sum of money upon presentation by the beneficiary of a written request for her payment."

Civil law provides for a special the composition for persons who have the right to issue a bank guarantee is:

b) other credit institutions;

c) insurance companies.

Due to their specific activities, these organizations have a special legal capacity and operate on the basis of licenses.

6) Additional contributions to the authorized capital can be done by both former and new members of the bank. The authorized capital of a credit organization may also be increased at the expense of its creditors' funds placed in bank accounts and deposits.

This source is attractive in that it is not associated with the need to pay additional taxes (as opposed to the method of increasing the authorized capital at the expense of profits). On the other hand, the use of the considered source of increasing the authorized capital of the bank is associated with the need to pay dividends to persons who have invested their funds in capital replenishment. This price can be a heavy burden for the bank. It should also be noted that an increase in the authorized capital of a bank due to additional contributions may lead to a change in the shares of participants in the ownership of the bank, which can have both positive and negative consequences both for the development of the bank as a whole and for certain groups of its participants.

An increase in the authorized capital of a credit institution through additional contributions is associated with numerous restrictions established in the legislation of the Russian Federation and regulations of the Central Bank of the Russian Federation, the cost of issuing new shares, with losses associated with the fact that funds used to replenish the authorized capital of a joint-stock bank are temporarily frozen on a savings account with the Central Bank of the Russian Federation. In addition, it is necessary to follow the procedure for registering an increase in the authorized capital, as well as to make appropriate changes and additions to the constituent documents of the credit institution.

7) Debt Forgiveness is one of the grounds for termination of an obligation, regulated by Art. 415 of the Civil Code of the Russian Federation. The obligation shall be terminated by the release by the creditor of the debtor of his obligations, unless this violates the rights of other persons in relation to the property of the debtor.

It should be taken into account that the law defines the only restriction that excludes the possibility of debt forgiveness: if debt forgiveness may entail a violation of the rights of third parties. The literature notes that “the courts are very active in applying this rule when invalidating debt forgiveness made by near-bankrupt creditors, and even more so by persons against whom insolvency proceedings have been initiated. The courts quite rightly indicate that the forgiveness of the debt in this case entails a reduction in the bankruptcy estate of the insolvent person, due to the cost of which his creditors must receive satisfaction of their claims

8) By virtue of Art. 414 of the Civil Code of the Russian Federation innovation is an agreement of the parties to replace the original obligation that existed between them with another obligation between the same persons, providing for a different subject or method of performance.

In the event of financial instability in a credit institution, its founders and other persons may also use other forms of financial assistance to help eliminate the causes that necessitated the adoption of measures for the financial rehabilitation of the credit institution.

Measures to prevent bankruptcy of banks participating in the system compulsory insurance deposits of individuals in banks Russian Federation, may be carried out by the Agency through:

1) providing financial assistance to persons acquiring, in accordance with the agreed (approved) plan for the Agency's participation in the prevention of bankruptcy of the bank, shares (stakes in the authorized capital) of the bank in an amount that allows determining the decisions of the bank on issues within its competence general meeting its founders (participants) (investors);

2) providing financial assistance to banks acquiring, in accordance with the agreed (approved) plan for the Agency's participation in the prevention of bank bankruptcy, the property and liabilities of the bank or their part (purchasers);

3) acquisition, in accordance with the agreed (approved) plan for the participation of the Agency in preventing the bankruptcy of the bank, of shares (stakes in the authorized capital) of the bank in an amount that allows determining the decisions of the bank on issues within the competence of the general meeting of its founders (participants);

4) providing financial assistance to the bank, subject to the acquisition by the Agency and (or) investors in accordance with the agreed (approved) plan for the participation of the Agency in the prevention of bankruptcy of the bank of shares (stakes in the authorized capital) of the bank in an amount that allows determining the decisions of the bank on issues within its competence the general meeting of its founders (participants);

5) organization of auctions for the sale of property, which is a security for the fulfillment of the bank's obligations, including to the Bank of Russia.

These measures are carried out by the Agency on the basis of agreements (contracts).

The general procedure for the sanation procedure by the Agency is established by law and is as follows.

If a bank loses its financial stability, the Bank of Russia is entitled to send the Agency a proposal to participate in preventing the bankruptcy of this credit institution. Employees of the Central Bank and the DIA can conduct a joint assessment of the financial position of the bank, on the basis of which the Agency decides whether to participate in the rehabilitation or refuses to do so.

Key measures for the financial recovery of a troubled bank are recorded in the plan for the Agency's participation in preventing its bankruptcy, which is approved by the Agency and the Bank of Russia, and its implementation is subsequently constantly monitored. In addition, the DIA continuously monitors the financial position of the bank and its investors.

After the credit institution being rehabilitated restores financial stability, the DIA submits to the Bank of Russia a report on the completion of measures to prevent its bankruptcy. If the Central Bank considers and accepts it, the measures for the financial rehabilitation of the bank are completed, and the credit institution itself continues to carry out its activities on general terms.

In essence, the law lists two main mechanisms for bank restructuring:

Sanitation of a credit institution with the involvement of a private investor or, in the absence of such at the initial stage, with the acquisition by the Agency of its shares (stakes in the authorized capital);

The so-called partial resolution, which involves the transfer of liabilities and assets for an equivalent amount from a troubled bank to a financially stable one.

Choice of sanitation mechanism depends on the bank's prospects for restoring normal operations.

1) Partial resolution is applied if the bank cannot count on its continuation due to the low quality of assets and the lack of investors. In this case, it seems logical to retain part of the business by transferring it to an acquiring bank selected on a competitive basis. The advantages of this method are:

In preventing a massive outflow of funds in deposits, since when transferring obligations, all conditions for servicing creditors are preserved;

In ensuring the safety of the branch network of troubled banks, which is transferred to the acquiring banks at market value;

In the possibility of avoiding a massive reduction in bank staff;

In saving the funds of the mandatory deposit insurance fund.

2) The most preferable form of financial recovery of the bank is to attract interested investors who are ready to invest the funds necessary to restore the activity of the troubled credit institution and its further development. Also, the Agency, on terms of repayment, urgency and payment, can provide financial assistance to an investor or a problem bank for the purpose of its financial recovery. This group also includes those credit institutions whose shares were acquired by the Agency, but as their financial position improved, they were sold through a public sale. As a result, these banks are returning to the market environment.

From the end of the 70s of the XX century to the present, banking crises have been observed in more than 70 countries of the world, including developed countries (USA, Spain, Norway, Finland, Sweden, Japan), developing countries (most countries of Latin America, Southeast Asia, many countries in Africa) and countries with economies in transition. Many crises - in more than 50 countries of the world - are classified as systemic crises based on estimates of the equity capital of the banking system.

Proceeding from this, the problem of the fastest and most effective overcoming of banking crises, the creation of the necessary legislative framework, means of control and organizational infrastructure for their prevention or mitigation of their consequences in the future, has a long history.

At the same time, despite significant differences in politics and economics, the legal systems of states that have experienced banking crises, an analysis of their individual "recipes" for overcoming them allows us to speak of a single system of unified, similar approaches and methods developed over the years and experience of generations.

A classic example of the restructuring of the banking system of a country with a developed capitalist economy is considered to be experience of the United States of America, formed under the influence and in the process of perceiving the lessons of the banking crises of the 30s, as well as the late 80s - early 90s. The first stage in the formation of a mechanism for restructuring the US banking system after the Great Depression of 1929-1933. was the adoption of laws on the establishment of two corporations: the Federal Deposit Insurance Corporation (FDIC - Federal Deposit Insurance Corporation) - established in 1933; and the Federal Savings and Loan Insurance Corporation (FSLIC) - established in 1934.

Since its inception, the FDIC has been acting as an independent insurance agency and has performed the following functions for banks and savings and loan associations - members of the corporation: insures deposits, guaranteeing (within certain limits) their safety on the accounts of credit institutions - members of the corporation; provides loans or acquires assets from its members to facilitate their financial situation or prevent bankruptcy, and also acts as a property manager in the event of bankruptcy and liquidation of the bank; carries out supervision and control over the activities of credit institutions-members of the Corporation.

Acting as a manager of assets and property of bankrupt credit institutions, the corporation undertakes obligations to creditors to dispose of the property of a bankrupt bank in such a way as to satisfy their requirements to the maximum. To do this, the law gives the corporation broad powers to ensure the effective management of property. In particular, the FDIC can expedite and simplify the liquidation of a bankrupt lending institution in order to maximize the effectiveness of the liquidation process and reduce the costs of its implementation.

In the US activities federal agencies related to solving the problems of a bankrupt bank, is called "settlement" (resolution) and includes the development and implementation of special plans for the liquidation or sanitation of bankrupt or on the verge of bankruptcy credit institutions. The main goal of the measures being developed is to protect insured deposits, to minimize the costs of creating an appropriate insurance fund. Settlement methods usually include buying out or accepting liability for the bankrupt bank's obligations for their subsequent sale; transfer of insured deposits and direct payment of deposits. The settlement also allows the provision of assistance to a credit institution.

In the savings and loan sector, insurance and settlement of obligations of bankrupt credit institutions until 1989 was handled by the Federal Savings and Loan Insurance Corporation (FSLIC). This corporation operated under the direction of the Federal Home Loan Bank Board (FHLBB), which provided funds to savings and loan associations and other organizations operating in the mortgage market. In resolving the problems of a bankrupt savings and loan institution, FSLIS was guided by generally accepted principles of settlement.

However, in the late 1980s and early 1990s, the US banking system was hit by a financial crisis, which was largely the result of the liberalization of the credit sector, the abolition of restrictions on interest rates on deposits and loans of credit institutions, an increase in the flow of deposit insurance and the admission of loans. savings institutions to the commercial loan market.

During the crisis (1980-1994) in the United States, 1,617 banks with total assets of $302.6 billion were liquidated or received financial support from the FDIC, 1,295 savings and loan associations with assets in $621 billion. In the late 1980s, the bankruptcy of credit institutions reached such proportions in the savings and loan sector that FSLIC itself became insolvent. With the growing crisis in the savings and loan sector and the growing number of bankrupt banks, legislators began to realize the need to strengthen control over the activities of credit institutions by the supervisory authorities.

In 1989, the US Congress passed the Financial Institutions Reform, Recovery and Enforcement Act - FIRREA. The law expanded the rights of supervisory authorities and tightened the requirements for banks in terms of compliance with banking standards, increasing the "security" of operations, and strict enforcement of relevant legislative acts. Law reformed federal system regulation of the financial sector. The Act abolished the FSLIC and created the Resolution Trust Corporation (RTC), which was tasked with managing the assets and liquidating a significant number of bankrupt savings and loan associations.

The rights and obligations of the FDIC were significantly expanded, in particular, the RTC was transferred to its jurisdiction, and both of these agencies received the right to independently assume the functions of the property manager of an insolvent credit institution. The RTC Corporation was given the authority to investigate and prosecute bankers responsible for causing banks to fail. Another "conquest" of the FIRREA law is the ban on the profession: any former bank employee convicted of financial crimes is prohibited from holding any positions in the banking sector in the future.

The RTC Corporation, created to resolve the largest banking crisis in American history, ceased to exist on December 31, 1995. Over the six years of operation, the RTC Corporation has taken over and liquidated 747 insolvent savings and loan associations, or about 40% of their total number. At the same time, the situation in which the RTC had to operate was extremely unfavorable. At the end of 1990 - the corporation's first year of operation - it had 531 insolvent credit institutions with total assets of $ 278.3 billion under its care. Unlike the FDIC, RTC did not have its own insurance funds and could only rely on funds allocated by the US Congress or other external funding sources. However, the idea of ​​using government funds to settle bank liabilities was extremely unpopular, and therefore the RTC was financed in stages, and at each stage the allocation of funds required the approval of the US Congress and the adoption of a special law. All this made long-term planning of the settlement process difficult.

The FDIC and RTC used various methods to settle the obligations of bankrupt lending institutions. Until the early 1980s, the FDIC usually used the Purchase and Assumption - P a. A method in bankruptcy cases, in which the buyer of a bankrupt bank, acquiring its assets, also assumed the fulfillment of its obligations. In the event that the buyer was absent, the FDIC resorted to the practice of returning deposits to depositors in an amount corresponding to the insurance fund. The FDIC assumed other obligations of the bank as an asset manager of the bankrupt bank.

In the early 1980s, when bankruptcies were less frequent, the FDIC paid more attention to the reliability and soundness of a newly created bank than to the problem of an early transfer of assets from a bankrupt to a buyer. However, as the number of bankruptcies increased, the FDIC began to pursue a policy of quickly selling as much of the assets of bankrupt lending institutions as possible and returning them to the private sector. A total of 1,188 banks were sold out of 1,617 insolvent banks, with assets totaling $204 billion. RTC did the same with its settlement operations using the buy-and-assume method. Of the 747 liquidated savings and loan associations, 497 (66.5%) were sold.

If a buyer was not found during the settlement process, then the FDIC and RTC would pay the insured deposit to the owners either themselves or through other financial institutions acting as agents. Depositors whose deposits were not insured or whose invested funds exceeded the insurance limit (the FDIC has a limit of $100,000) received, along with other creditors of the insolvent bank, a special certificate entitling them to part of the funds that would come from the sale of the bankrupt property.

In addition to liquidating insolvent institutions, the FDIC provided financial assistance to troubled banks to prevent them from going bankrupt. Usually, in the course of the so-called assistance to the existing bank (open bank assistance - OBA), the FDIC required the bank to improve (change) the management system, set interest rates on shares at par and create incentives to attract private capital. In many cases, these measures were used to facilitate the sale or merger of a troubled bank with other financial institutions. During the years of the crisis, such assistance was provided only to 133 banks, but in most cases it was about large banks, the liquidation of which was undesirable. Beginning in 1992, the FDIC practically did not resort to this practice, and a 1993 law prohibited the use of insurance funds for the benefit of shareholders of bankrupt institutions.

"Income maintenance agreements" have also been used as a way to help distressed financial institutions. Such agreements were usually made with small savings banks to force them to merge with a more stable bank or savings and loan association. At the same time, the FDIC guaranteed the participants in the transaction a market return on the acquired assets and assumed the risk associated with a change in the interest rate. Depositors and creditors did not suffer any losses in the course of such operations.

Another gentle method of regulation was the NWC (Net Worth Certificate) program, the purpose of which was to provide a bank experiencing financial difficulties due to a change in the discount rate with time to eliminate the difficulties that had arisen and restore capital to the required level. As part of this program, the FDIC issued to the bank a part of the amount of current losses (usually 50-70%) of a promissory note in exchange for bank certificates, which, for accounting and control purposes, were considered part of the bank's capital. Under this scheme, assistance was provided to 29 banks, of which 22 received only certificates; 4 banks, in addition to certificates, were provided with additional financial resources; 3 more banks were reorganized in the form of mergers with more stable banks.

To solve the problems of large banks with a complex financial structure banking law 1987 introduced into the practice of FDIC the creation of the so-called bridge banks (bridge bank). Bridge Bank was created by the FDIC and operated under its control to conduct the operations of the bankrupt bank and provide banking services customers until the problem of its insolvency is finally resolved. This temporary structure allowed the FDIC to take control of the failed bank's activities, stabilize the situation, and determine a resolution strategy. Typically, the period of functioning of bridge banks was 2-3 years. In total, 32 such banks were created in the USA for 114 bankrupt credit institutions.

The RTC was not authorized to create bridge banks, but its power to establish custody (full control over the activities) of failed S&L institutions was procedurally and in fact very close to the practice of settling through bridge banks. Custody (control), which was established very often for an indefinite period, allowed the RTC to begin the process of selling the assets of troubled savings and loan institutions in order to obtain the necessary funds for the settlement procedure. Unlike the FDIC, which more often uses staged settlement and liquidation of bankrupt banks, the RTC emphasized maximizing quick sale attractive assets at the stage of trusteeship, while the sale of distressed liabilities was carried out at the stage of liquidation. The corporation actively used guardianship in its practice, through which 706 savings institutions passed.

In total in 1980-1994. during the settlement, the FDIC sold $230.6 billion of bankrupt bank assets to new owners, representing 76% of bankrupt bank assets. RTC took control of $402.6 billion of distressed savings and loan assets, of which $157.7 billion (39%) was sold at the trust stage, $75.3 billion (19% ) were purchased by the new owners during the settlement procedure and $169.6 billion (42%) remained at the disposal of RTC for their sale during the liquidation procedures.

At the same time, for Russia, like all countries of the former Soviet Union, which is in the process of transition to market economy, of particular interest experience in restructuring banking systems in countries with economies in transition. As most foreign economists note, in countries with economies in transition "the way out of the crisis is more difficult than in industrialized countries", but at the same time it is the banking crisis that banking panic under the conditions of tightening market discipline, they accelerate the process of mergers and acquisitions of banks, which contributes to the strengthening and improvement of the national financial system.

One of the positive examples is the experience of resolving a crisis situation in Chile in 1982-1983, when almost all credit institutions of the country were on the verge of bankruptcy, and attempts to sanitize small banks by transferring part of their assets to creditors were not successful, which led to the closure of 4 commercial banks, the losses of depositors of which amounted to 30% from the amount of deposits.

The restructuring of the Chilean banking system began in 1984, when the Central Bank began to issue stabilization loans to maintain the liquidity of banks and buy out their bad loans or exchange non-performing assets for liquid ones. National Bank determined a general limit on the purchase of doubtful and bad debts from banks, which was distributed in proportion to the amount of such debt in their portfolios. At the same time, banks could sell dubious investments for an amount not exceeding 150% of their own funds (capital). To participate in this scheme, banks had to service loans provided by central bank. Payment for assets purchased from troubled banks was made by the Central Bank by issuing promissory notes. In 1985, the government of Chile, in order to increase the level of capitalization of troubled banks to international standards bought their shares through National Bank development.

Direct state control was introduced in a number of banks. At the same time, their recapitalization was carried out through an additional issue of shares placed among small and medium-sized investors. The state acted as a guarantor for the external debts of private banks. By the end of 1985, the amount of debts transferred to the Central Bank of Chile was three times the total capital of problem banks and reached $6 billion (25% of GDP).

Chile's banking system restructuring program was implemented by the State Corporation for Development Assistance (CORFO), as a result of which banks' obligations on deposits of individuals and legal entities were almost completely fulfilled. The number of private banks was reduced from 22 to 15, but at the same time all the largest banks were retained, and by 1987 they had restored normal activity. After 1986 none commercial Bank was not declared insolvent.

In Argentina in the event of a deterioration in the financial position of the bank, the supervisory body - the General Inspectorate has the right (upon prior permission of the Central Bank) to temporarily suspend partially or completely the operations of the bank for up to 30 days (the period can be extended up to 90 days) in order to conduct a detailed analysis of its financial position. In addition, the Central Bank has the right to appoint an interim administration to bring the troubled bank out of the crisis, which must develop a detailed action plan for financial recovery.

In the course of resolving the problems of the banking crisis, the Argentine government provided differentiated support, primarily to more reliable banks. Medium and large banks experiencing temporary liquidity problems due to the outflow of customers were issued loans from the Central Bank of Argentina and Banco de la Nacion Argentina. Small banks were subject to mergers and acquisitions. Moreover, operations were suspended in small banks that were on the verge of bankruptcy, and they were subject to reorganization, sale or liquidation. At the same time, 12-15 state-owned banks owned by the administrations of the provinces of Argentina were subject to privatization.

In 1995, the Troubled Bank Capitalization Fund was established, the management of which was entrusted to the Ministry of Finance. Fund resources of $3 billion from a 2% increase in reserve requirements, placement on domestic market$2 billion in government bonds and a loan World Bank in the amount of $500 million, were used not so much to provide loans to troubled banks, but to buy their shares and provide financial and technical assistance in mergers and other forms of reorganization in exchange for guarantees from banks, including their shares, and asset placements and liabilities of troubled banks. The Fund's activities contributed to the reduction in the number of financial institutions from 205 to 145, including the smallest corporate banks - from 38 to 8.

The redemption of "bad" debts of troubled banks was carried out not by the state, but by the five largest commercial banks, which in 1995, in agreement with the Central Bank, created a special trust fund. To compensate for the costs of these banks, they lowered the standard of reserve requirements. A set of measures to overcome the banking crisis made it possible to stabilize the banking system within one year. However, during this time, the positions of foreign banks have noticeably strengthened, their share in the total assets of the Argentine banking system has reached 42%. The ban of the Central Bank of Argentina on the opening of new bank branches stimulated the merger process. The approach, in which the main tasks of solving problems of solvency of troubled banks were assigned to the new owners, led to low government spending, which amounted to only 0.3% of GDP.

No less useful is the experience of the countries involved in the financial crisis in Asian countries, among the most important reasons for which, according to foreign experts, "can be attributed to: structural weaknesses in the financial and banking system of these countries; excessive accumulation of short-term and portfolio investments, which increased vulnerability national economy; deep-seated traditions of inefficient public administration, riddled with corruption, which led to the development of so-called "friendly capitalism".

Experience in restructuring banking systems countries of Transcaucasia and Central Asia strongly indicates the presence general principles: carrying out a set of measures aimed at achieving macroeconomic stability and improving the legislative environment and banking supervision; coordination of actions of Central banks with state authorities and privatization of state banks; liquidation of insolvent banks and recapitalization of banks whose failure could lead to a systemic crisis; development by banks of plans for financial recovery and control of the Central banks over the course of their implementation.

Thus, the study of the mechanism of restructuring the banking system and the experience of resolving systemic banking crises in various countries allows us to draw a number of conclusions that are of theoretical and practical importance for analyzing the participation of the Bank of Russia in the restructuring of the banking system and developing ways to improve this work. Despite the creation of mechanisms to resolve specific crisis situations in each individual country, crises arise and will continue to arise. They are objective in nature and have specifics, formed under the influence of a specific historical stage in the development of the economy of the country in which they arise, as well as under the influence of more and more factors, the emergence of which is often impossible to predict.

The study showed that the crisis may also be a reflection not only of deepening macroeconomic imbalances, but also of unresolved problems or imbalances arising from accelerated structural transformations, liberalization of the economy and underestimation of the role of state regulation in a developed market economy, as demonstrated by the experience of a number of countries in transition, as well as Russia and other countries of the former Soviet Union.

Separate attempts to get out of the crisis through payments from deposit insurance funds or other bank insurance funds, attracting private, including foreign investment, turned out to be ineffective. The aggravation of crisis problems leads to public awareness of the need for state support for banks and the development of government programs for the restructuring of the banking system, the formation of special restructuring mechanisms. As international experience shows, despite the difference in the causes of a crisis, as a rule, the resolution of its consequences is based on practically the same basic conditions and principles.

A study of the experience of resolving crisis situations in countries with developed economies and economies in transition, including in the CIS member countries, indicates the presence of a causal relationship between the genesis, institutional structure and the need for budget funds to resolve banking crises. In the developed capitalist countries, the resolution of banking crises was "easier" than in the countries with economies in transition, since for these purposes either a properly organized system of banking supervision and guarantee funds already existed, or state regulation of the market economy was carried out, or there were other separate elements of the restructuring mechanism. banking system. At the same time, it is important to note that the relative "ease", including the budget, was undoubtedly associated with the relatively stable structure of the banking system, many of the subjects of which had a historically long experience of activity.

An analysis of the experience of the countries of the former Soviet Union showed that systemic banking crises in these countries have a common character not only from the standpoint of disintegration processes within the retrospective of a single national economic complex, but also common internal (regional) causes from the standpoint of the choice of ways and forms of transition to a market economy. economy. The accelerated transition to market relations in the banking sector with the accumulated unresolved problems and imbalances in the countries of the former Soviet Union and the inevitable rejection (due to fears of its revaluation) from state regulation during the period of market adaptation of the banking sector led to banking crises in these countries.

At the same time, positive changes in the legal environment, the structure of banking systems and the recognition of the need for state regulation in the post-crisis period allow us to conclude that the waves of these crises were a catalyst for market adaptation of the banking systems of the CIS member countries.

After reaching more mature market relations, an adequate legal environment and institutional structure, in countries with economies in transition, it becomes possible to shift the focus from actions to resolve crisis situations in individual banks to the formation of a financial recovery mechanism on a systematic basis, which provides for the development of specific tools to eliminate contradictions at the early stages of their occurrence as a means of preventing degeneration of a crisis situation into a systemic crisis.

Along with the introduction of strict regulation and adequate supervision of the activities of banks and other financial institutions, which should be accompanied by measures to close or restructure bankrupt banks, guarantee bank deposits and prevent panic; improvement of the financial information system, including the introduction of international accounting and reporting standards, for our country, as well as for other countries with economies in transition, it is of particular importance, first of all, to continue the market adaptation of the banking system based on the use of positive elements of international experience against the background of mandatory structural adjustment and recovery of the economy.

The entry into force of the Federal Law "On the Insolvency" Bankruptcy "of Credit Institutions" raised the organization of the financial recovery of Russian banks to a qualitatively new level:

1. credit institutions were given the right to independently make decisions on the implementation of measures for financial recovery in the presence of criteria clearly defined by the Law, while at the same time tightening the responsibility of the management of a credit institution, its founders (participants) for taking the necessary and timely measures;

2. The powers of the supervisory authorities to apply enforcement measures to credit institutions at the early stages of problems were expanded.

In accordance with the legislation, financial recovery measures include the following:

Provision of financial assistance to a credit institution by founders (participants) and other persons;

Changing the structure of assets and (or) the structure of liabilities of a credit institution;

Change in the organizational structure of the credit institution;

Other measures carried out in accordance with the law.

The grounds for taking measures to prevent the bankruptcy of a credit institution, regarding which it has the right to independently decide on the implementation of measures for financial recovery (or a territorial branch of the Bank of Russia has the right to demand the implementation of such measures from a credit institution), are provided federal law"On the insolvency (bankruptcy) of credit organizations".

These include cases where the credit institution:

1. repeatedly over the past six months did not satisfy the claims of individual creditors for monetary obligations and (or) did not fulfill the obligation to make mandatory payments (regardless of the amount) within a period of up to 3 days from the date of the date of their fulfillment due to the absence or insufficiency of funds on correspondent accounts of the credit institution;

2. does not satisfy the requirements of individual creditors for monetary obligations and (or) does not fulfill the obligation to make mandatory payments (regardless of the amount) within a period exceeding three days from the date of their satisfaction and (or) the date of their execution due to the absence or insufficiency of funds on correspondent accounts;

3. allows an absolute decrease in own funds (capital) by more than 20% compared to their (its) maximum value achieved over the past 12 months, while simultaneously violating one of the mandatory ratios established by the Bank of Russia;

4. Violates the standard of adequacy of funds (capital), established by the Bank Russia;

5. violates the current liquidity ratio of a credit institution established by the Bank of Russia by more than 10% during the last month;

If the credit institution has eliminated the reasons for the occurrence of grounds for the implementation of measures to prevent bankruptcy within 10 days from the moment of their occurrence, the supervisory authority shall have the right not to apply sanctions to such a credit institution. However, if the necessary measures to prevent bankruptcy are not carried out by the bank on its own, the supervisory authority must apply appropriate enforcement measures.

In accordance with the established procedure, the Bank of Russia has the right to submit a claim for the implementation of measures for the financial rehabilitation of a credit institution:

1. from the moment of occurrence of at least one of the grounds for the implementation of bankruptcy prevention measures;

2. if the above grounds exist, within a period not later than five working days from the moment the following circumstances arise:

Failure to receive or untimely submission to the Bank of Russia of notices on the independent taking of measures for financial recovery and (or) reorganization within the established time limits,

Receipt by the Bank of Russia of a request from the head of a credit institution for the implementation of measures to prevent the bankruptcy of a credit institution,

Receipt of statements of persons established by law.

2.7.4. Measures to prevent insolvency (bankruptcy).

Measures to prevent the insolvency (bankruptcy) of banks are defined by the Federal Law “On the Insolvency (Bankruptcy) of Credit Institutions and include the financial rehabilitation of a credit institution, reorganization in the form of a merger or takeover; the introduction of a temporary administration for the management of a credit institution. The adoption of measures preventing the insolvency (bankruptcy) of credit institutions can be initiated by banks on the basis of the development of rehabilitation plans, which usually provide for the provision of financial assistance from the owners or other interested parties, a change in the structure of the balance sheet of a credit institution, or other measures, the implementation of which is accompanied by a change in the organizational structure.

Measures to prevent the insolvency (bankruptcy) of a credit institution may include the introduction of a temporary administration, which may be appointed either at the request of the Bank of Russia or on the basis of a proposal from the Board of Directors of the bank.

The grounds for the appointment of an interim administration are defined in the regulatory documents of the Bank of Russia. Such measures include reorganizations in the form of a merger or acquisition. At the same time, credit institutions have the opportunity to carry out financial recovery procedures on their own and take effective measures at the early stages of problems. The grounds, procedure and forms for taking measures to prevent the insolvency of credit institutions are determined by Bank of Russia regulations.

One of the central issues of restoring the financial position of a credit institution is the development of measures to bring the bank out of the crisis and assess the feasibility of their implementation. Reorganization plans are evaluated by the supervisory authority on the basis of identifying the real financial position of the credit institution in terms of the possibility of restoring solvency, liquidity and further development.

An analysis of the financial condition makes it possible to assess the possibility of restoring the solvency and liquidity of a credit institution, since the planned measures for financial recovery should cover the lack of equity capital and liquidity. When assessing the reality and effectiveness of measures to restore the financial condition, special attention is paid to the following issues:

Compliance of the developed measures with the requirements of the current legislation and the deadlines for their implementation,

The correctness of the legal execution of documents drawn up by the founders (participants) and other investors, the reality of the intentions of these persons,

The effectiveness of measures to reduce administrative and economic costs,

Sufficiency of technical and financial capabilities to increase the profitability of operations,

The reality of the sale of assets of a credit institution,

Reliability of measures to collect receivables.

The reality of financial recovery measures is also assessed from the point of view of their compliance with the further sustainable development of the credit institution, incl. in terms of the competitiveness of a credit institution (staff, volume and quality of services, technology), the availability of sustainable sources of income, the implementation of prudential standards of activity, the stability of the client base, the interest of the bank's owners in its development.

As practice shows, the mechanism for implementing measures developed by banks is often not effective enough for a number of objective and subjective reasons. First of all, it is necessary to single out the unpreparedness of management to manage a credit institution that is in the process of financial recovery. Another thing is also important. The bank's management turned out to be unprepared to initiate measures for financial recovery, since they considered it as a sanation procedure. Appealing to the Bank of Russia with a proposal to implement a set of measures for the financial recovery of the bank at the early stages of the emergence of problems meant for managers the recognition of their own mistakes.

The reasons for the insufficiently effective functioning of the mechanism for preventing the bankruptcy of credit institutions include the incompleteness of the formation of the regulatory framework. In this regard, the Bank of Russia is currently actively working to clarify the procedure for drawing up action plans for financial recovery, assessing their reality, regulating the scope of reporting, the degree of disclosure of significant information for assessing the financial condition and business prospects, as well as expanding the powers of management. At the same time, despite the importance of improving the methodological support for financial recovery measures, the existence of an equally serious problem - anti-crisis management - should be emphasized.

Insolvency Prevention Measures

(bankruptcy) of a credit institution.

Interim administration Financial recovery Reorganization

On the management of the credit credit organization of the credit

Organization by organization in accordance with legal

giving

The procedure for reviewing a plan of measures for the financial rehabilitation of a credit institution is regulated by instructions from the Bank of Russia.

The content of the request to apply a plan of measures for the financial rehabilitation of a credit institution depends on the results of its consideration. If the territorial branch of the Bank of Russia recognized the plan of measures for financial recovery as real, then the credit institution is ordered to fulfill it in full and on time; if requiring revision, then the credit institution, at the discretion of the territorial branch of the Bank of Russia, may be required to finalize and submit a financial recovery plan or to reorganize the credit institution. Approved plans for the financial recovery of a credit institution are subject to control, which has its own peculiarities.

Control is carried out using quantitative and qualitative indicators, such as assessing whether a credit institution has met the monthly performance indicators that are planned to be achieved as a result of financial rehabilitation measures, bringing prudential performance standards to the level established by the regulations of the Bank of Russia, fulfillment (failure to fulfill) measures, provided by the plan of measures for the financial rehabilitation of the credit institution.

The crisis in the enterprise means the emergence of the risk of bankruptcy, which is a specific manifestation against the background of the market space and reflects the restructuring of the economic structure. In the conditions of modern financial instability, problems are increasingly emerging, which economic recovery helps to solve. The financial condition of a firm, bank or enterprise is established by analyzing and diagnosing a competitive position in the market and economic instability in a situation of capital redistribution. Such studies identify the initial periods of bankruptcy and determine the application of the crisis program.

The unprofitability or profitability of an enterprise in practice is distinguished by a characteristic feature in the structure of the balance sheet. Symbolic funds are reflected in the cash and current accounts, while significant amounts are placed in the items of accounts receivable and accounts payable. If the accounts payable exceed the receivables, then the company operates at a loss, and vice versa.

The Arbitration Court shall issue a ruling on the commencement of the observation procedure. After completion, the first meeting of creditors is held, by decision of which an effective improvement procedure is determined economic situation at the enterprise:

• organization of management from the outside;
• production under competitive conditions.

During the listed stages, full or partial amicable agreements may be established between the participants in the judicial review.

The essence of financial recovery

The improvement of the financial sphere of the enterprise is to provide an opportunity to establish shaken economic stability. But it does not always come to the full procedure. Sometimes a manufacturing or other company initiates a process without creating a system of observers. To do this, representatives go to court.

If the amount of the enterprise's debt for payments is less than the value of the company's assets, then it is not needed. An entity with liabilities in excess of market value own property, requires bank guarantees only for the difference in funds. And the court does not accept applications in such conditions, therefore, a five-year installment plan for repayment of debts is provided, which is agreed only with a fourth of the creditors.

Installment repayment of obligations allows unscrupulous debtors to gradually withdraw assets. They still carry out production or business activities, which creates new debts. Legal restrictions are powerless against a company that does not want to give up property at the request of creditors. Financial recovery measures are designed to restore the debtor's solvency and pay off obligations in accordance with the approved schedule.

By decision of the arbitration court, on the basis of the conclusions of the meeting of creditors, a rehabilitation procedure is introduced. The following documents are attached to the decision:

• recovery plan;
• schedule with specific terms of debt repayment;
• minutes of the meeting;
• a list of the founders of the debtor who applied to the meeting with a proposal to introduce health measures;
• data on the expected repayment of debts in accordance with the proposed schedule.

An application for the fulfillment of obligations is sometimes submitted by third parties. Payment of debts according to the schedule is carried out when secured by a mortgage, a bank or state guarantee, a surety of a legal entity. The term of financial rehabilitation is appointed for a period of not more than two years, and the procedure is carried out by an administrative observer.

Administrative supervisor - manager

The official performs a set of measures for the transparent conduct of the health-improving procedure. Be sure to maintain a list of creditors and claims. The duties of the observer include organizing a meeting of creditors. At an intermediate stage, the administrator reviews the debtor's reports on the payment of debts in accordance with the schedule and transmits the data to interested creditors.

The observer controls the recovery, financial change in the state of solvency and the timeliness of payments. The administrative manager requires the head of the timely repayment of debts and the provision of information about these transactions. If the debtor does, then the observer is present without fail.

Controls the conduct of transactions by the debtor, provides information on this issue to other creditors. If the head of the debtor fails to fulfill his obligations, the administrative manager applies to the arbitration court with a request to change the head of the company. The observer moves from his position arbitration court after the petition of the organization of arbitration managers, in which he is a member.

Rehabilitation and sanitation of the bank

The financial recovery of the bank consists in complex measures to solve the problem of bankruptcy. Targeted measures return the institution to normal life. State executive committees, institutions of other banks, various commercial and law firms take part in the procedure.

The refinancing procedure is the issuance of a loan to stabilize the debtor institution secured by collateral. The loan is granted on a concessional basis. The condition for using the received funds is their use for making the due payments and maintaining economic stability. It is not allowed to use the amounts for lending to other persons.

To restore the functionality of the bank, a complete restructuring of overdue debts is carried out. The bank is working with clients, and the lack of funds for payments to individuals and legal entities is compensated by the fact that payments on loan obligations are suspended and are carried out with a delay according to the developed schedule. This prevents the outflow of depositors from the bank and the creation of unhealthy excitement.

The scheme of personnel reduction and liquidation of departments in the structure of the organization is used. The amount of remuneration for the work of bank employees is being reduced. Sometimes divisions are merged. The dissatisfaction of the staff, of course, is taken into account, but the forced financial recovery measures significantly reduce the cost item.

Measures to eliminate the insolvency of the company

Bringing the enterprise to solvency is carried out by operational measures that are non-standard from the point of view of the usual situation. The main difference between the management of a crisis enterprise is the rightful admission of any losses and omissions of benefits in the present and future, if this restores the company's solvency today.

A shortage of money becomes apparent when spending exceeds the receipt of funds. At this point, problems arise with the company's existing creditors. The financial recovery of the organization consists in the distribution of financial flows to reduce the difference between the amount of expenses and receipts.

Maneuvering consists in using the money already available, assets and those funds that will arise in the future if the company copes with the crisis. The policy of maximizing revenue and minimizing the item of expenditure is being implemented:

• creation of a new payment calendar or improvement of the old schedule;
• the use of low-liquid assets of the enterprise for sale in order to obtain funds or repayment with their alienation of short-term debts of the company;
• restructuring into long-term payments.

Enterprise recovery

The procedure for financial recovery is carried out according to a standard scheme approved by the order of the Ministry of Trade and Economy Development of the Russian Federation. A title page is drawn up, an executive summary is attached. The document begins with a table of contents. What follows are typical items.

General characteristics and description of the company

The section highlights the type of main activity, the name of the form of government. The share distribution of packages between large shareholders is indicated, state ownership is determined in percent. The number and name of the structural departments of the enterprise, the number of employees, the salary fund are put.

The composition of production, types of products and output volumes are indicated. The amount of revenue for the year from the sale of goods in monetary and other equivalent terms is determined. The mass of exports is calculated in the total share of output in monetary terms.

Financial recovery in the description procedure implies a census of fixed assets, the percentage of completed volumes. Social facilities are entered on the company's balance sheet, annual maintenance and service costs are taken into account, the costs of servicing state facilities and mobilization reserves are taken into account.

Data on the state of business and sales of marketable products

Types of products are prescribed, data on the annual production volume for the past and forecast periods are provided. The share of each type of goods in the total volume of sales is indicated, and revenue by type of product is calculated. The financial recovery of an enterprise involves the submission of planned indicators for each product, the calculation of production capacity utilization, a comparative analysis of the load during a crisis and in a year of effective work.

Suppliers are described with data on the supplied basic materials, the procedure for settlements with them is indicated, purchase prices are compared. Separately, lists of consumers are compiled, selling prices are broken down into domestic and foreign markets, data are provided on the methods of payment for goods.

Analysis of the state of the company's finances

This section is important for establishing the reasons why bankruptcy occurs. Financial recovery is impossible without analysis economic indicators. The document presents a calculation of liquidity, business activity, economic stability of the company, indicates the total costs for each product and received

Provides data on the share of equity in the working capital, provides data on the total mass of working capital and borrowed money. The structure of funds and the division into those that are in production and calculated indicators are determined. The opportunity to cover current expenses at the expense of working capital and the average terms of settlements with organizations for the shipped goods are indicated.

Financial recovery will require enterprise data on the possibility of payments for all current liabilities, the structural state of borrowed funds, and in the division into debts to banks and direct creditors to fiscal services and internal obligations. A calculation is made, and its structure is given for compiling the cost of production, data are compared in a stable year and for the same period of the crisis.

Key parameters of profit are calculated, for this purpose data on profits and losses from sales, taxation, ordinary activities, emergency, the indicator of net profit for the past period is calculated.

Marketing research

The marketing component of the document is necessarily included in the financial recovery, as it contains the main measures for the sale and speedy sale of the goods. The section consists of a brief description of industry organizations and the place of the company in the general mass. The advantages and disadvantages of the enterprise in comparison with competitors are given. An objective description of market relations in this area, the target masses of consumers and the share of goods in the sales process are given. The dynamics of increasing and decreasing demand for products depending on various factors is described, recommendations are given for improving sales.

An effective marketing strategy is developed, an action plan is drawn up to saturate the market with the company's products, channels for the distribution of product flows, advertising moves and the impact on the buyer in order to increase demand are described. Based on the data obtained, it is proposed to develop a new or improved type of product and measures to promote the product on the foreign market.

Areas of activity for economic recovery

The section presents specific measures for which the financial rehabilitation of the debtor is carried out. Specific actions are given to transform the activities of the enterprise. As a result of effective measures, the following results are obtained:

• there is a monetary increase in the organization's revenue;
• costs and expenses of all kinds in the enterprise are reduced;
• optimization and rationalization of the company's cash flow management;
• prerequisites are created for timely settlements of obligations.

Production plan

This section defines the role of production changes in the process of a company's financial operations. The production program, combined with the sales plan, the cost of manufacturing goods and selling prices, is covered point by point. The need for fixed assets, personnel and resources is calculated, the salary fund is specified. It also indicates the positive or negative impact of external causes on production, and possible risks are discussed.

Funding plan

The section is characterized by the given objective evidence of the effectiveness of the chosen path of financial recovery. An estimated distribution of financial flows and forthcoming payments on obligations is made, taking into account the material and technical needs of the enterprise. Be sure to take into account barter transactions, mutual offsets for goods and cash.

An actual forecast is made of the operation of the enterprise after the procedure of economic reforms, resulting in a predictable balance sheet a company that clearly shows improvement in financial condition and economic performance.

In conclusion, it should be noted that there are many ways to improve the economic situation at a crisis enterprise, but for their successful solution, an immediate analysis is carried out. economic activity considering all of the above. If this is not done in time, then the decline in production and the aggravated insolvency will have a very detrimental effect on financial condition company and lead it to inevitable collapse.