As a result of mastering the material of Chapter 5, the student must:

know

• signs of the emergence of credit relations;
• main forms of credit relations;
• features of financial and commercial credit;

be able to

• classify loans by forms and types;
• determine the methods of collecting loan interest;
• analyze the creditworthiness of the borrower;

own

• basic skills of credit relations;
• lending mechanism;
• basic concepts and terms of lending.

credit system- this is a combination of various financial and credit institutions operating in the loan capital market and carrying out the accumulation and concentration of money capital.

The credit system serves as a powerful factor in the concentration and centralization of capital, contributing to the rapid mobilization of free funds and their use in the economy. In a broad sense, the credit system of the Russian Federation can be considered as a set of credit institutions and legal norms that have developed in the country, regulating activities and establishing the procedure for interconnection with other economic entities. In Russian legislation, the concept of "credit system" is absent, as a result of which some scientists replace it with the concept of "banking system". In our opinion, this is not entirely true, since banks are not the only type of credit organizations. Although it must be recognized that certain elements banking system are present and actively functioning in the credit system.

The main links in the credit system of the Russian Federation are: financial and credit institutions, credit and settlement relations, instruments of credit relations, information about participants in credit relations, organizations providing services in the financial and credit sphere (Fig. 5.1).

TO financial and credit institutions credit system RF include:

• - Bank of Russia. He is a special lender of last resort for credit institutions;
• - banking credit organizations. These include commercial banks, Sberbank of Russia, investment banks, mortgage banks, specialized industry banks, as well as subsidiaries and representative offices of foreign banks;
• – specialized non-banking financial and credit organizations. These include investment funds, investment companies, pension funds, financial companies, Insurance companies, pawnshops, charitable foundations, savings and loan associations, credit unions, microfinance organizations, credit cooperatives.

On the basis of the Federal Law of July 26, 2006 No. 135-Φ3 "On the Protection of Competition", the Federal Antimonopoly Service analyzes the state of competition in order to establish the dominant position of a particular credit institution. The mechanism for carrying out this analysis is established by Order No. 433 of the Federal Antimonopoly Service of Russia dated June 28, 2012 "On Approval of the Procedure for Analyzing the State of Competition in order to Establish the Dominant Position of a Credit Institution".

TO credit relationships include:

• - bill. Bill transactions are regulated by the Federal Law of March 11, 1997 No. 48-FZ "On a transferable and promissory note";
• - bond. The placement, circulation and redemption of bonds is regulated by the JSC Law and the Federal Law of April 22, 1996 No. 39-Φ3 "On the Securities Market";
• - loan agreement. It is drawn up by the creditor on its terms in compliance with the requirements of the civil legislation of the Russian Federation.

Rice. 5.1.

Organizations providing services in the financial and credit sphere:

• - the Bureau credit histories. Serves for centralized accumulation of information about the payment discipline of the borrower to fulfill its obligations;
• - collection agencies. Currently, there are two options for the work of collection agencies. The first one provides for the collection of overdue debts on the basis of an agency agreement: the agency receives a power of attorney from the creditor, according to which it has the right to represent its interests and negotiate with the debtor on its behalf. The second option is the conclusion of an assignment agreement (purchase of overdue debt from a credit institution, enterprise or individual), upon completion of which the right to claim a loan passes to a collection agency.

Currently, work is underway to prepare proposals to the Ministry of Justice of Russia on the legislative regulation of collection activities. In particular, projects federal laws"On Collection Activities" and "On Rehabilitation Procedures Applied to a Citizen-Debtor".

The structure of the credit system of the Russian Federation includes the following credit and settlement relations:

• - traditional types and forms of lending, which include financial, commercial and government loan;
• – specific forms of credit (for example, leasing).

Information about participants in credit relations includes:

• - credit history. The Law on Credit Histories defines the concept and composition of a credit history, the grounds, the procedure for the formation, storage and use of credit histories. It also regulates the activities of credit history bureaus related to this, establishes the features of the creation, liquidation and reorganization of credit history bureaus, as well as the principles of their interaction with information sources, borrowers, state authorities, local governments and the Bank of Russia. Credit history is aimed at reducing banking and credit risks. Disclosure of information on the fulfillment by borrowers of obligations to creditors reduces the cost of banks for assessing creditworthiness and reducing the time to make a decision on issuing a loan;
• – the creditworthiness of the borrower, which is understood as the ability to timely and fully repay the obligations under the loan (loan). There are many methods for determining the creditworthiness of a borrower. Most often, banks use the coefficient method and the analysis of customer information according to special criteria.

The functioning of the credit system is expressed in the movement of the loaned value and the formed credit market.

The stages of movement of the loaned value are:

• 1) availability of temporarily free funds;
• 2) placement of borrowed capital;
• 3) receipt of borrowed funds by the borrower;
• 4) use of borrowed capital by the borrower;
• 5) return of the loaned value;
• 6) receipt by the creditor of the main part of the loan (principal amount of the debt) and interest on it.

The credit market (marine capital market) is a system of market relations that ensure the accumulation and redistribution of loan capital.

There are permanent and temporary participants in the credit market. Permanent participants include credit institutions, and temporary participants include borrowers using borrowed capital as needed. In addition, the market can be divided into three main categories of borrowers and lenders:

• – institutions public institutions And international organizations;
• – private credit and financial organizations;
• companies, firms and individuals.

The concept of a bank loan and classification bank loans

A bank loan is a loan that banks provide to legal entities and individuals. Subjects of the bank credit are presented on fig.

Rice. 32. Subjects of bank lending

As mentioned above, a feature of bank loans (according to Article 819 of the Civil Code of the Russian Federation) is that they are provided only in cash. Bank loans are issued for a fixed period and involve the payment of interest. Also, they are always drawn up in writing (loan agreement).

We have already given a general classification of loans, so now we will pay more detailed attention to the classification of bank loans, which is given below (Table 16).

Table 15

Classification of bank loans

Sign of classification	Types of loans
tions
1. For economic purposes	Target (mortgage, investment, etc.) Non-targeted (consumer)
2. By the form of provision	Cash - only loans to individuals in rubles can be provided Cashless transfer to the account - all loans can be provided in this way
3. According to the technique of providing (according to the provision 54-P of the Central Bank of the Russian Federation)	One-time provision of the entire loan amount Credit line (revolving and non-revolving) Overdraft syndicated lending
4. By areas of activity and industries	Loans to the population Business loans (by industry) Government loans
5. By deadline	On demand (on-call loans, repaid
	at the first request of the creditor)
Sign of classification	Types of loans
tions
	Urgent: Short-term - up to 1 year Medium-term - from 1 to 3 years Long-term - over 3 years
6. Assurance	Secured Unsecured (blank loans)
7. By lending currency	In rubles
	in foreign currency
8. By size	Large Medium
9. By repayment method	Equal installments (differentiated payment) Equal payments (annuity payment) Unequal shares Redeemable at the end of the term

Of the described classifications, the greatest interest with economic point of view is the classification according to the technique of lending (according to the provision 54-P of the Central Bank of the Russian Federation). Let's consider it in more detail.

One-time provision of the entire loan amount. The most common method, which has its pros and cons. A loan agreement is concluded between the bank and the borrower, according to which the borrower immediately receives the entire loan amount. However, from the next day, after receiving the loan, the accrual of interest on the entire amount of the loan begins. This method of lending is advisable to apply if a one-time expenditure of the entire loan amount is expected.

A credit line is a more flexible approach to lending to borrowers. As part of the agreement on opening a credit line, the bank determines the lending limit (the maximum amount of debt on loans) of the borrower. Within this limit, the borrower can borrow any amount of the loan as needed. Interest is charged on the amount of outstanding debt on the loan, which may be less than the limit.

The credit line can be:

Renewable, when the maximum allowable debt limit is restored when the loan is repaid (for example: the debt limit was 10 million rubles, the borrower first took 3 million rubles, then another 4 million rubles and then repaid 2 million rubles - the debt limit will be: 10 - 3 - 4 + 2 = 5 million rubles);

Non-renewable - when the loan is repaid, the limit is not restored - for the example considered above, we get: 10 - 3 - 4 = 3 million rubles, despite the fact that 2 million rubles were repaid.

The credit line is used when spending loan funds does not happen all at once, but in stages, for example, during the construction of buildings, the creation of new industries, etc. Here, there is a saving on interest compared to a one-time issuance of the entire loan amount, since interest is charged only on the amount of the loan taken, and not on the entire limit.

Overdraft is a very common way of lending, used both in lending to individuals and legal entities. It is also expected to establish an overdraft limit for the borrower. An overdraft is a bank lending to the borrower's current account when there is insufficient or no money on it to pay for the settlement documents issued to the account. Overdraft Benefits:

Low interest rates(since the loan term is 1 month);

Minimum terms and amounts of crediting - an overdraft is given in the amount that the client did not have enough to pay for the exposed documents, and when the money is credited to the client's account, the overdraft is automatically repaid.

Overdraft Disadvantages:

Short term loan - overdraft must be repaid within 1 month;

A small amount of the limit, which usually does not exceed the average monthly income of the borrower (so that there is something to pay off the overdraft from).

An overdraft facility is typically used to cover short-term cash shortfalls.

Syndicated lending is the provision by several banks of a large loan amount to one large borrower. One bank does not risk issuing the entire amount of the loan, so several banks unite to reduce risks and jointly issue such a loan.

Loan agreement

Legal registration of credit relations between the bank and the borrower occurs by concluding a loan agreement. The legal nature of the loan agreement is determined by the civil legislation of the Russian Federation (Civil Code of the Russian Federation, Part 2, Article 819). The loan agreement specifies:

Names of the parties;

The period of validity of the loan agreement (from the date of conclusion to the date of full repayment of the loan);

Subject and conditions of the loan transaction (loan amount, term, interest rate, collateral, loan repayment procedure, etc.);

Rights and obligations of the parties.

As a rule, a loan agreement contains the following sections:

1. General Provisions.

2. Rights and obligations of the borrower.

3. Rights and obligations of the bank.

4. Responsibility of the parties.

5. The procedure for resolving disputes.

6. Duration of the contract.

7. Legal addresses of the parties.

In addition to the loan agreement, when issuing a loan, other agreements are drawn up: surety agreements, pledge agreements, insurance agreements, appraisal agreements, etc.

When signing these documents, responsible bank employees (usually a loan officer) must identify the client and make sure of his legal capacity.

Creditworthiness of the borrower: concept, current and investment creditworthiness

The creditworthiness of the borrower is understood as the ability and willingness of the borrower to make all payments on the received loan within the established time limits. The creditworthiness of legal entities is subdivided, depending on the type of loan requested, into current and investment. Features of determining the current and investment creditworthiness are presented below (Table 17).

Table 16

Features of determining the current and investment creditworthiness

sign	Current creditworthiness	Investment creditworthiness
Loan type	Loans to finance current activities are usually short-term, up to 1 year	Project (investment) lending, usually long-term, for a period of 3 to 7 years
What is assessed	The focus is on the current financial condition of the borrower	The main attention is paid to the investment project, the business plan, since the repayment of the loan is supposed to be due to the proceeds from the project, and in them - the reality of the volume of proceeds and their marketing justification
For which enterprises determined	For all enterprises	High risks, therefore practically not assessed for small businesses
Calculation period	The stability and reliability of the enterprise is determined in the short term according to current indicators	Forecast needed financial indicators enterprises for the entire duration of the project
Security Requirements	The focus is on the current state of the loan collateral	Increased security requirements. The collateral must not lose its value during the entire term of the loan. It is preferable to take real estate, government securities, etc. as collateral.

Taking into account these features, banks develop methods for assessing the current and investment creditworthiness of borrowers.

Methods for assessing the borrower's creditworthiness

In the course of assessing the creditworthiness of the client, the credit officer of the bank must determine how much credit can be provided to the borrower so that he can subsequently pay off the loan in a timely manner. Each bank has the right to develop and use its own methodology for assessing the borrower's creditworthiness. Therefore, different banks use different methods and different evaluation criteria. The Central Bank of the Russian Federation regulates only the process of assessing loans already issued and the methodology for calculating the reserve for possible losses on loans (Regulation No. 254-P). This reserve is charged to the bank's losses. It is obvious that banks take into account the requirements of this document, since they are interested in issuing "standard loans" for which no reserve is created.

There are three groups of methods for assessing the borrower's creditworthiness:

Formalized methods based on formalized (quantitative) indicators. These figures are calculated from the data financial reporting borrower (liquidity ratios, financial stability, profitability ratios). When it comes to credit rating individuals, - then this is the average monthly income of the borrower, reduced by the amount of mandatory payments (utility, tax, and others).

Non-formalized methods are based on qualitative indicators that characterize the parameters of the internal and external environment of the borrower. These are indicators such as: the value of the borrower for the bank, the quality of management at the borrowing enterprise, etc. This group includes scoring methods for assessing creditworthiness. Evaluation for each indicator is carried out in points, and depending on the amount of points scored, the amount of the loan is determined.

These techniques in their pure form are used relatively rarely;

Comprehensive methods for assessing the borrower's creditworthiness, combining quantitative and qualitative criteria. Most common in the banking business.

When assessing the creditworthiness of a borrower, a large list of both quantitative and qualitative factors is taken into account. Both general economic factors (the stage of the economic cycle, assessment of the development prospects of the borrower's industry, the state of the world economy, etc.) and factors characterizing the borrower itself are taken into account.

One of the typical and comprehensive methods for assessing the creditworthiness of a borrower is the “Rule of six Cs” methodology, in which the following are evaluated for each borrower:

1. The nature of the borrower (Character) - the degree of responsibility of the borrower and the willingness (desire) to repay the loan, the borrower's credit history, especially his behavior.

2. Solvency (Capacity) - an assessment of the financial position of the borrower, liquidity ratios, dynamics of balance sheet items and financial indicators.

3. Capital (Capital) - assessment of the capital and property of the borrower, the ratio of borrowed and own funds, asset quality.

4. Collateral - an assessment of the security that can be provided for a loan and its liquidity.

5. Conditions - general economic conditions in the country, world, industry in which the borrower operates, and a forecast of their changes for the loan term, market development trends and changes in the level of demand for the borrower's products.

6. Cash (Currency) - forecasting the cash flow of the borrower for the entire period of lending.

We also note that when assessing the creditworthiness of customers, banks use the concept of "stop factors".

Stop factors are such information about the borrower, upon receipt of which the credit rating is terminated and the borrower is refused a loan. Stop factors include:

The borrower has uncovered losses;

The presence of overdue debts on previously issued loans to tax authorities or suppliers;

Finding the borrower in the process of bankruptcy, liquidation or reorganization;

The presence of lawsuits against the borrower, which can worsen his financial situation;

Providing deliberately false information and forged documents, etc.

Sources of information about the borrower used by banks to assess creditworthiness:

1. Data obtained from the borrower himself. When deciding whether to grant a loan, banks have the right to request from the borrower all the information they need. In case of refusal or provision of false information in the loan, the borrower may be denied.

2. Information available in the bank's archive, if the client has been served at the bank for a long time (data on the repayment of previously issued loans, characteristics of the borrower, etc.).

3. Information provided by those who had business contacts with the client (counterparties, suppliers, buyers, other creditor banks, insurance companies, guarantors, etc.). The bank can call the main counterparties of the client and inquire about the quality of its products and the timeliness of fulfilling its obligations.

4. Reports and other materials from private and public institutions (data from credit bureaus, tax authorities, statistics agencies, etc.).

Loan security, appraisal and insurance

The main types of collateral for the loan are presented below (Table 18).

Table 17

Types of loan collateral _____________

Collateral type	Collateral characteristic
Handrails authority	Provided by an individual or legal entity. The guarantor undertakes to repay the loan at its own expense in case of default by the borrower. The bank evaluates the solvency of the guarantor in the same way as the borrower. The guarantor must be solvent. If there are several guarantors under the loan agreement, each of them is jointly and severally liable to the bank. That is, in case of default by the borrower, the bank may sue for the return of the entire loan amount to any of the guarantors at its discretion.
Pledge	Provision of property of the borrower or third parties as security for the repayment of the loan. The bank in these relations acts as a pledgee, and the owner of the pledged property - as a pledger. For the term of the loan agreement, an encumbrance is imposed on the pledged property - it cannot be sold to another person. If the loan is not repaid, the bank gets the right to sell the property and use the proceeds to repay the loan. There are also:
Collateral type	Collateral characteristic
	- pledge, when the property remains with the owner and can be used by him; Pledge, when property is deposited with a bank. Banks accept as collateral: Precious metals; Government securities and liquid securities of enterprises, securities of the bank itself; Deposits opened with a creditor bank; Property of the borrower and third parties: real estate, vehicles, equipment, goods in circulation, stocks of raw materials, personal property of citizens and entrepreneurs; Property rights - rights to areas under construction, lease rights, rights of claim under the contract (see factoring)
Warranty	The civil legislation of the Russian Federation considers the concept of "bank guarantee" - when a third bank guarantees the repayment of a loan by the borrower, and in case of non-repayment, is ready to repay it at its own expense. bank guarantee is paid, while the bank issuing the guarantee assesses the creditworthiness of the borrower. Authorities for enterprises that are significant to them can also act as guarantors. In this case, the guarantee is provided free of charge, but on a competitive basis. In any case, the creditor bank assesses the solvency of the guarantor and only on the basis of this assessment accepts the guarantee as security.

Pledge as collateral for the bank is preferable, since it reliably protects the bank from the risk of default on the loan. However, it means additional costs to the borrower. If the borrower provides collateral as security for the loan, then at his own expense he must evaluate and insure it in companies accredited by the bank. Insurance is carried out during the entire period of repayment of the loan. In this case, the beneficiary under the insurance contract may indicate:

Bank - in the event of an insured event, the bank receives compensation from the insurance company and repays the borrower's loan;

Borrower or mortgagor - insurance payments are credited to the client's account opened with the bank, and until new collateral is provided, it will not be possible to use them.

In addition, as collateral for a loan issued to an individual, many banks require life and disability insurance for the borrower for the entire duration of the loan agreement.

Current trends in the development of bank lending in Russia

Since the economic reforms, bank lending in Russia has experienced several stages of growth and decline. One of the typical turning points is the August 1998 crisis. Before the crisis, banks began to more actively issue loans to the population and businesses. At the time of the crisis, lending stopped altogether - banks did not have enough money even to return the funds of depositors. Many banks went bankrupt, and the surviving banks froze long-term lending programs (for fear of another run on deposits) and suspended foreign currency loans due to high foreign exchange risks (the risk of ruble depreciation).

The next period of credit development began in 2001 and accelerated in 2004 and 2006-2007. The Russian economy found itself in a phase of recovery, oil prices and cash incomes of the population and businesses were growing, and balances on customer accounts in banks were growing. The dollar exchange rate gradually decreased in the period 2001-2007. and it was unprofitable for banks to invest in foreign currency, the yield on government securities was significantly lower than the yield on loans. In this period Russian banks enter the international capital markets and get the opportunity to receive cheap interbank loans in foreign currency (at 5 - 6% per annum).

Trends in the development of bank lending in this period:

Gradual reduction by banks of interest rates for all types of loans - as inflation decreases, competition between banks for borrowers intensifies, and the refinancing rate of the Central Bank of the Russian Federation decreases;

Increasing the terms and volumes of lending for almost all types of loans and reducing requirements for borrowers - individuals and legal entities;

Outpacing and constantly accelerating growth in lending to the population;

The development of mortgage lending - an increase in lending terms up to 50 years, a reduction in requirements for the borrower and the amount of own funds, a rapid increase in the volume of loans issued mortgage loans;

The emergence and rapid development of long-term investment lending small business. This process was especially intensified from 2005 to 2006, when banks began to actively advertise this type of loans. Loan term - up to 7 years, required condition- experience in the market (at least 1 year), it was possible to provide loans without collateral (for purchased equipment and real estate);

Development of lending in foreign currency, with rates foreign currency loans were lower than for the ruble, and the dollar was steadily declining.

Active lending by banks real sector economy, small businesses and the population stimulated further growth in effective demand and an increase in macroeconomic indicators (GDP, national income, budget revenues).

However, the financial crisis that arose in the fall of 2008 suspended, and possibly for a long period, the emerging trends in the development of lending and undoubtedly intensified the decline in the Russian economy. Due to the almost 3-fold decline in oil prices, household incomes and effective demand fell, many enterprises were on the verge of bankruptcy, many workers were fired.

During the crisis, the following changes occurred in the bank lending market:

Increase in interest rates by 4 - 5% by state banks and by 10% or more - by private banks;

Reducing the terms of lending and tightening the requirements for the borrower and the collateral provided, lengthening the time for consideration of the client's application;

Reduction credit programs banks; in particular, many banks stopped mortgage lending, and the volume of mortgage loans issued decreased tenfold. Accordingly, banks became extremely reluctant to lend to construction;

Reduction of business areas that are financed by banks; the list of lending industries for many banks is limited to the oil and gas industry, the food industry and trade;

One of the areas of lending has become the restructuring of "bad" loans, when the borrower is offered to repay the old loan new loan on milder conditions (longer term, etc.). At the same time, the bank's loan portfolio does not increase.

It is rather difficult to talk about forecasts at the present time. On the one hand, in today's world economic development is accelerating, the stages of the economic cycle are replacing each other faster, governments are actively intervening in the economy and trying to mitigate the consequences of crises. On the other hand, this is the first in the history of the global financial (and now economic) crisis of this magnitude and its consequences and timing, no one undertakes to predict. Another important question is whether all the problems have been exposed by this crisis or whether new problems will arise before the world economy in the near future (the instability of the dollar and the uncontrolled growth of US debt obligations, the strong oil dependence of the Russian economy, etc.). If new crisis factors arise, the situation may worsen even more, and the timing of the end of the crisis will be significantly postponed.

Banks under these conditions, on the one hand, must place funds received from customers in order to pay interest on deposits and earn profits. But, on the other hand, banks are constantly at risk of losing liquidity. According to the Civil Code of the Russian Federation, the deposit can be withdrawn at any time at the first request of the depositor. The same applies to settlement accounts of legal entities. The loan will be repaid by the borrower only after the expiration of the period specified in the loan agreement. Any economic instability creates the risk of a run on deposits and forces banks to lend with great caution, preferring short-term lending to long-term ones.

The Banki.ru portal prepared a study on the work of the banking sector in 2018. The study examines the changes that have taken place in the composition of market participants, the dynamics of assets, lending volumes, the amount of client funds, indicators of liquidity, profit, equity and capital adequacy of banks, and also provides a forecast for 2019.

1. Participants of the banking market

Positive dynamics of funds corporate clients in 2018, it was mainly the growth of funds in deposit accounts that contributed (+15.8%, or +2.49 trillion rubles). Balances on settlement and current accounts increased by only 8%, or by 741.7 million rubles. The funds on the accounts of individuals even yielded to last year's figures and grew by 23.3% over the year (from 5.1 trillion to 6.3 trillion rubles), term deposits individuals increased by 5.8%, or by 1.2 trillion rubles.

By January 1, 2019, the balance sheets of the five largest banks accounted for 65.5% of the total amount of funds raised from legal entities and individuals, the top 50 banks had already accumulated 91.2% of client funds, and the top 100 - 95.6%.

The share of funds from individuals decreased over the year from 50.6% to 49.7%, however, they remain one of the largest sources of funding for banks. Funds of enterprises and organizations as of January 1, 2019 account for 49.4% of banks' liabilities to customers (48.6% a year earlier), or 28.2 trillion rubles, funds on accounts and deposits of the population - 28.4 trillion rubles.

The share of balances on current and settlement accounts of legal entities in the structure of banks' liabilities to customers decreased from 18.0% to 17.5% over 12 months, and the weight of funds on accounts of individuals increased from 9.9% to 11.0% in total mass of client funds.

The currency component in the structure of client funds, in contrast to the loan portfolio, increased in 2018. The share of foreign currency-denominated liabilities of banks to enterprises and organizations in 2018 increased from 36.7% to 37.0% (at the beginning of 2017 - 40.5%), the share of foreign currency deposits of the population in the total volume increased from 20.6 % to 21.5% (at the beginning of 2017 - 23.7%).

Such adjustment of the share of foreign currency funds is due to changes in the exchange rate against the ruble. There are no other reasons for the growth of foreign exchange liabilities. The rates on foreign currency deposits remain at a low level (in the second half of 2018, the rates on deposits in US dollars increased, and on deposits in euro remained almost unchanged), therefore, in the future, the most significant factor influencing the share of foreign currency liabilities will be the dynamics of foreign exchange courses.

In general, the dynamics of funds of individuals is inferior to the growth of funds of corporate clients, and in 2019 this situation will continue. Nevertheless, household deposits will grow in almost any case: the increase in rates will have an effect in the face of weakly demanded alternative savings and investment instruments that are not protected from losses by state guarantees, as well as a possible positive revaluation of foreign currency deposits. The inflow of deposits will traditionally be limited by the lack of growth in real incomes.

The forecast for the dynamics of deposits of the population is 4-8% at the end of 2019, the growth of balances on the accounts of individuals is 18-23%, the funds of corporate clients will increase by 7-11%. The main growth will be in the largest banks, in particular, banks with state participation.

It should be noted that from January 1, 2019, in the same amount as the funds of individuals (up to 1.4 million rubles), the funds of legal entities classified in accordance with the legislation of the Russian Federation as small enterprises are insured in Russian banks.

Schedule interest rates on deposits in rubles repeats and even slightly anticipates the actions of the Central Bank to raise the key rate. Among other things, banks began to offer increased rates due to the weakening of the ruble. The growth of real deposit rates in the market could be observed already since June, and large banks showed another increase at the end of November and in December - in anticipation of a key rate hike by the Bank of Russia. In January-February 2019, there are practically no deposits with real rates around 8% on the market - these are rather individual special offers or deposits for a period of more than one year.

Some banks improve offers on savings accounts, the rates on which are still lower than on deposits. Other credit institutions are trying to attract more "long" money, increasing the rate on such products more significantly than on deposits for up to one year.

Currently key rate is at 7.75% and is unlikely to change in March 2019. So far, the Central Bank’s inflation forecast is 5–5.5% for 2019, but this figure, according to the assumptions of the Bank of Russia’s management, may turn out to be lower if the impact of the increased VAT is less significant than expected.

We assume a slight increase in real interest rates on deposits in the first half of 2019 (in the range of 0.4-0.7% per annum), and at the beginning of next year, depending on the inflation rate and the position of the regulator, rates may begin to decline. Banks for the most part demonstrate excess liquidity and do not feel the need to additionally raise expensive funds.

The weighted average rates on long-term deposits of legal entities showed the most uneven dynamics in 2018 and at the end of the year gave way to retail deposits in terms of high cost for banks. Accordingly, the funds of legal entities grew at a significantly higher rate than the deposits of the population.

The dynamics of real rates for banking products in 2018 can be found in prepared by the analysis department banking services Banki.ru

5. Liquidity

In February 2018, the Bank of Russia predicted a liquidity surplus of RUB 3.2–3.6 trillion by the end of the year. This range turned out to be slightly higher than the real figures: the structural liquidity surplus amounted to 3.0 trillion rubles in December, mainly due to the seasonally high volumes of transactions on budget accounts at the end of the year. The regulator’s forecast for the liquidity of the banking sector at the end of 2019 is a surplus in the range from 2.8 trillion to 3.3 trillion rubles.

Returning to the financial statements, liquidity ratios in general for the market, according to the Central Bank, they show excellent results and are very far from the minimum allowable limits, as well as the median values ​​of the same standards.

As of January 1, 2019, liquid and highly liquid assets as part of net assets demonstrate slightly lower values ​​than recorded a year ago. The share of liquid assets in the total assets of the banking sector amounted to 21.1% against 23.2% as of January 1, 2018. Highly liquid assets in assets formed 10.6% against 11.0% as of January 1, 2018. This is not a very high value for an individual bank, but already a familiar range of values ​​for the banking sector as a whole. The share of highly liquid assets in the sector's asset structure was higher on any quarterly date in 2018 than on January 1, 2019.

Volumes of REPO transactions with the Bank of Russia increased from insignificant indicators at the beginning of the year to 4.8–6.5 billion rubles daily by the end of the first quarter and continued to increase until the end of May. In the summer, the indicator showed a decline to the ranges of 1.9-3 billion with rare increases to 5 billion rubles. With the exception of short increases in volumes for several days, banks carried out REPO operations with the Central Bank most actively at the end of the 1st and at the beginning of the 2nd quarters of 2018. The maximum volume of such transactions in 2018 reached 16.3-34.6 billion rubles in the first ten days of September.

Volumes of attraction of funds of the Bank of Russia in general, according to reports, they have been going up since the beginning of the year, excluding the fourth quarter, when the volume of borrowings decreased from 3.1 trillion to 2.6 trillion rubles. Funds raised on the interbank market, after declining in the first quarter from 9.3 trillion rubles to 6.6 trillion rubles, grew and reached almost 9.2 trillion rubles as of January 1, 2019.

As of January 1, 2019, attracted funds of the Central Bank were in one amount or another in the liabilities of 49 banks (according to the results of the I and III quarters - 44 banks, at the end of the first half of the year - in the liabilities of 50 banks).

At the beginning of 2019, 68.7% of the 2.6 trillion rubles received by banks from the Central Bank was attracted by Trust Bank, which is being reorganized into a bank of non-core assets of the Otkritie FC group and merged with AVB; another 21.7% accounted for Sberbank.

Taking into account the declining number of high-quality Russian borrowers and the restrictions on the distribution of excess liquidity due to this and other factors (sanctions, solvency of the population, low profitability of reliable investment instruments, etc.), it is easy to agree with the Central Bank’s forecasts that the liquidity surplus of the banking sector will continue in 2019.

Russian banks, while maintaining excess liquidity, will not feel the need to attract funds from the regulator, with the exception of sanated or reorganized credit institutions. Thus, the direction of the dynamics of borrowing volumes from the Bank of Russia in 2019 will repeat last year’s (in the chart above) – a decrease in borrowings in the first half of the year and further insignificant growth until the end of the year. This dynamic will be provided by the largest state-owned banks.

6. Profit

According to the results of 2018, the net profit of Russian banks amounted to 1.34 billion rubles, which is 70% higher than the result of 2017. Then the banking sector received a total net profit of 789.7 billion rubles.

In 2018, profitable organizations earned almost 1.92 trillion rubles (in 2017 - 1.56 trillion, in 2016 - 1.29 trillion rubles), while losses amounted to 574.6 billion rubles. Moreover, more than 88% of these losses were provided by Promsvyazbank, as well as Trust reorganized into a bank of non-core assets and AVB joining it. Last year, 384 credit institutions turned out to be profitable (421 in 2017), and exactly one hundred credit institutions demonstrated a negative financial result (140 in 2017).

The second half of 2018 was overall more profitable for Russian banks: in Q3 they earned 434.2 billion rubles of net profit, in the 4th - 276.6 billion. II-m - 280.9 billion rubles.

The return on assets of the banking sector in 2018 was expectedly higher than last year’s level (1.5% vs. 1.0%), the return on equity was 13.8% (vs. 8.3% in 2017).

The maximum losses in 2018 were recorded by five credit institutions: AVB Bank (-337.2 billion rubles), Bank Trust (-155.5 billion), Promsvyazbank (-14.1 billion), Moscow Regional Bank (- 11.6 billion), as well as the Asia-Pacific Bank, which is being rehabilitated since April 26, 2018 (-9.4 billion rubles). As in 2017, the banks being rehabilitated are responsible for the main losses in the banking sector. From existing banks that did not undergo the procedure financial recovery, the most unprofitable in 2018 was Absolut Bank (-8.2 billion rubles).

The profit of the largest bank in the country, accounting for more than 42% of the total financial result of profitable banks for the year, increased to 811.1 billion rubles (674.1 billion rubles in 2017). In second place in terms of net profit for 2018, VTB (256.6 billion rubles), in third place is Alfa-Bank (110.8 billion rubles). The top five in terms of net profit also included the rehabilitated Sotsinvestbank (31.2 billion rubles), which received such a profit at the expense of those “forgiven” at the end of the year by the sanatorium “DOM.RF” (former JSCB “ Russian capital”) liabilities to him in the amount of 34.5 billion rubles, as well as Raiffeisenbank (26.9 billion rubles).

Traditionally, the main impact on total income was made by net income from operations on lending to legal entities, which grew by 12.8% over the year. At the same time, both expenses and incomes showed negative dynamics, but the former decreased more significantly. Fee and commission expenses grew at a faster pace than income, but due to the significantly higher volume of the latter, the impact of net fee and commission income (+21.7% compared to 2017) on total income was in second place.

Provisioning costs for possible losses decreased in 2018 slightly more than income from their recovery. Accordingly, the impact on net income of total provisioning costs decreased. Allocations to reserves decreased by 3.4% (by 319.7 billion), and profit from the recovery of reserves - by 1.2% year-on-year (by 92.7 billion rubles). At the same time, organizational and administrative expenses increased by 45% - from 831 billion to 1.2 trillion rubles - compared to last year's figures.

In the absence of reorganizations of the largest players that influenced the sector's profitability in 2016-2018, we forecast the level of net profit in 2019 in the range of 1.1-1.4 trillion rubles. The level may be lower than the forecasted minimum in case of significant changes in the economy.

The tough approach of banks to assessing credit risks and the regulator's attention to the adequacy of such an assessment was the result of an increase in allocations of funds to reserves, despite a decrease in overdue debts and an overall improvement in the quality of the total loan portfolio. In 2019, the formation of reserves will be the main factor of pressure on the financial results of banks, including due to an increase in the share of delinquency and problem loans in the loan portfolio.

7. Own funds and capital adequacy

The total amount of own funds of credit institutions (according to form 123, excluding organizations with a negative capital value as of the reporting date) for 2018 increased by 870.5 billion rubles, or by 9.3%, amounting to about 10 .27 trillion rubles, according to the financial.

14 banks "invested" their negative capital in this figure in the total amount of 1.33 trillion rubles, of which 1.11 trillion - on the account of Trust Bank and AVB Bank, which is merging with it. A year earlier, there were 18 banks with negative capital, while the negative amount was 985.1 billion rubles.

The key factor in the growth of equity in 2018 is profit and funds (+800.6 billion rubles). The dynamics of total capital was negatively affected by losses, which increased by 481.8 billion rubles in 2018.

Own funds is one of the criteria for dividing bank licenses into universal and basic ones. From January 1, 2018 minimum size capital for universal banks is 1 billion rubles, for banks with a basic license - 300 million rubles (but not more than 3 billion rubles). As of January 1, 2019, 291 banks had a universal license, 194 banks had a basic license.

According to the Central Bank, the values capital adequacy ratios in the banking sector as a whole increased by the end of the first quarter of 2018, and then remained at a lower level. As of January 1, 2019, the value of the N1.0 ratio was 12.2% (a year earlier - 12.1%), N1.1 - 8.3% (a year earlier - 8.2%), N1.2 - 8.9 % (a year earlier - 8.5%).

The median of the main capital adequacy ratio H1.0 for the sector as of January 1, 2019 was 24.81%, a year earlier the indicator was lower - 23.55%, at the beginning of 2016 - 22.29%.

The bulk of the violators of the values ​​of the capital adequacy ratio H1.0 and other mandatory ratios are banks being rehabilitated. Comparatively low values ​​of H1.0 - from 8% to 10%, according to the Central Bank, as of January 1, 2019 were shown by six credit institutions (against nine banks a year earlier).

8. Forecast for 2019

The baseline forecast for the banking sector of the analytical center Banki.ru assumes relative stability of the political and economic environment in Russia and the absence of serious external shocks. The forecast may be revised in the event of major political and economic changes, which are currently assessed by the authors of the review as unlikely.

◊ Process reduction in the number of players market of banking services in Russia has not been completed, the number of operating banks by 2020 will be reduced by at least 40 units.

◊ Growing influence of “state banks” on the banking sector will continue both through the acquisition of regional players with the prospect of their accession and absorption in the future, andorganically. The share of assets of the five largest banks in 2018 increased from 55.8% to 60.4% in total, by the end of 2019 this share will increase to 64.5–65.5%.The share of the five largest lenders in the total loan portfolio of the sector will increase by 2–4 p.p. per year (up to 69.5–71.4% of the total volume).

◊ In the absence of bailouts of the largest players that influenced the profitability of the sector in 2016-2018, net profit Russian banks at the end of 2019 is projected at the level of 1.1-1.4 trillion rubles. The formation of reserves will be the main factor of pressure on the financial results of banks.

◊ Surplus banking sector liquidity will continue, given the declining number of high-quality Russian borrowers and due to this and other economic factors(sanctions, solvency of the population, low profitability of reliable investment instruments, etc.) restrictions on the distribution of excess liquidity.

Russian banks, while maintaining excess liquidity, will not feel the need to attract funds from the regulator, with the exception of sanated or reorganized credit institutions.

◊ Volume of household deposits will grow by 4–8% in 2019 due to higher rates in the face of weakly demanded alternative savings and investment instruments that are not protected from losses by state guarantees. The revaluation of foreign currency deposits may have a moderate impact on growth. The inflow of deposits will be limited by the lack of growth in real incomes. Growth balances on current and settlement accounts of individuals– 18–23%. Funds of corporate clients will increase by 7-11%. The main growth in client funds will come from the largest banks, in particular, banks with state participation.

◊ In the first half of 2019, a slight increase in real deposit rates(in the range of 0.4–0.7% per annum), no significant changes in rates are expected in the second half of the year. At the beginning of next year, depending on the level of inflation and the position of the regulator, rates may begin to decrease.

◊ Lending to individuals , due to which, in many respects, there was a good growth dynamics of the loan portfolio in 2018, will not show such impressive growth in 2019. The portfolio of loans to individuals will increase by 12–16% over the year.

Mortgages will continue to support retail lending growth, despite higher risk ratios for loans with low down payment or without it. The decrease in dynamics relative to 2018 will be affected by the growth of interest rates, the lack of growth in household incomes and the regulator's restrictions on unsecured loans.

◊ Volumes issued in 2019 mortgage loans will be at a level lower than last year, but higher than 2017, in the range of 2.3–2.8 trillion rubles, while maintaining or minimally increasing the average loan amount (2.05 million rubles in 2018). The growth of the portfolio of mortgage housing loans in 2019 will be 16–20%, or 1–1.3 trillion rubles.

Mortgage lending rates remain fairly low and affordable even in the face of declining real incomes of the population, so their impact on mortgage lending dynamics will be insignificant. Regulatory restrictions also moderately influence the dynamics in the form of coefficients for loans with an initial payment below 20%.

◊ Growth of real mortgage rates in the second half of 2018 was about 0.5-1% depending on the bank and is likely to continue in the first half of 2019. However, we do not expect significant growth: weighted average rate on mortgages by the end of 2019 will not rise above 10.5%. With inflation on the decline and in the absence of major economic shocks, rates will show a decline again, possibly towards the end of 2019.

◊ Stagnation was observed in the second half of 2018 car loan market, lending growth has stalled largely due to the end of popular government subsidy rates. It is obvious that such a situation cannot but have an impact on the dynamics of the market. On the other hand, the share of car sales on credit decreased insignificantly and amounts to almost half of all cars sold in Russia. Our forecast for the dynamics of the auto loan portfolio of Russian banks is 9–13% for 2019.

◊ For dynamics corporate lending increased requirements for the quality of borrowers on the part of banks and the general business climate will affect, the demand for restructuring and prolongation of loans will increase. The growth of the corporate loan portfolio is 4–6.5% in 2019.

◊ In 2019, we expect an increase in the share delays in the total portfolio of corporate loans by 0.2–0.5 p.p. with portfolio growth due to large business. The reduction in overdue debt in the retail segment in 2019 will slow down to 0-4%, and the share of overdue loans to individuals, in the event of a weak growth in the retail portfolio, may slightly increase by the end of the year.

Sabina KHASANOVA, Head of Analytics and Content at Banki.ru

Vadim TIKHONOV,Analyst at Banki.ru Analytical Center

Sytnik Maxim Mikhailovich

Master student, master's program "Banks and banking”, Tyumen State University

BANK LENDING MARKET IN RF: ANALYTICAL ASPECT

annotation

The article presents an analysis of the bank lending market in Russia. The main factors influencing the sphere of lending are highlighted, the problems and prospects of the market in modern conditions. An analytical analysis of the sphere of bank lending was carried out.

Keywords: credit, finance, banking system.

Sytnik Maxim Mikhaylovich

Undergraduate, master program “Banks and Bank Activity”, Tyumen state university

MARKET OF BANK CREDITING OF THE RUSSIAN FEDERATION: ANALYTICAL ASPECT

Abstract

The analysis of the market of bank crediting in Russia is presented in article. The major factors having an impact on the sphere of crediting are lit, problems and prospects of the market in modern conditions are designated. The analytical analysis of the sphere of bank crediting is carried out.

keywords: credit, finance, banking system.

The bank lending market in general terms is an economic space in which loans are provided on the terms of urgency, repayment and payment.

According to the composition of the participants in the process, the credit market can be divided into several components.

First, credit relations that arise between the central and commercial banks.

Secondly, these are loans that commercial banks provide to each other - in the interbank lending market.

Thirdly, in the credit market there are relationships between commercial banks and their clients-borrowers: legal entities and individuals.

There is also an international market where borrowings between Russian and foreign banks or business entities take place.

Such a system is built has a two-level construction of the country's banking system.

The first level is represented by the central bank, which is a source of credit resources, providing loans to commercial banks and issuing money.

At the second level of interbank lending, banks maintain their liquidity. Here is the redistribution of money within the banking system. When the necessary loan capital is accumulated, it is provided to the final borrowers.

The third segment of the credit market - the provision of loans to legal entities and individuals is divided into separate groups;

• commercial loans of various types to commercial enterprises, as well as individual entrepreneurs;
• mortgage lending market - loans secured by real estate;
• car loans;
• customer credit.

The number of credit institutions-banks registered by the Bank of Russia is shown in the chart (Figure 1)

Rice. 1 – Number of banks registered by the Bank of Russia.

From the presented figure it is clearly seen that the number of banks is constantly decreasing. The main reason is work Central Bank to eliminate unfavorable players in the banking sector. In 2014, the Central Bank of the Russian Federation continued to revoke licenses from banks, which had begun in autumn 2013. So in January 2014, the licenses of the following banks were revoked: Imbanka, Bank Nadezhnost, My Bank, OOO CB Priroda. The largest players that went bankrupt in 2013, along with Master Bank, were Investbank and Pushkino Bank. After the licenses of these banks were revoked, the Deposit Insurance Agency was forced to pay depositors 30.6 and 20.2 billion rubles, respectively. And the clients of Master Bank had to pay 31.2 billion rubles. Considering 2013, dozens of banks lost their licenses. In addition, a decision was made to strengthen supervision over the activities of systemically important banks, such as Gazprombank, Promsvyazbank and Raiffeisenbank. The corresponding department was created on October 1, 2013 to monitor the largest market players, Mikhail Kovrigin headed the department. It is no coincidence that the work of controlling banks, in the current situation, the financial situation of most banks leaves much to be desired. Consider the dynamics of changes in the profits of credit institutions. (Table 1)

Table 1 - Financial results credit organizations. billion rubles

These tables clearly demonstrate the deplorable state of the banking industry. Only due to the profits of past years, the bank manages to stay afloat. It should be noted that the number of banks showing negative financial results is not more than 10%, while the rest, although they show negative profit dynamics, still receive a positive financial result. Profit trends are clearly shown in Figure 2.

Rice. 2 - Financial result of credit institutions.

The figure clearly shows that the main difficulties in the banking sector arose at the end of 2013. These data indicate that a few more banks can be expected to have their licenses revoked.

Segments of bank lending are closely interconnected and have a direct mutual influence. In particular, an increase in rates in the interbank market leads to an increase in the cost of consumer and all other loans. Reducing the refinancing rate by the central bank, on the contrary, makes loans more affordable.

The bank lending market is developing in accordance with the economy as a whole and depends on such indicators as inflation, exchange rate stability.

The credit market, in turn, reflects economic situation. Thus, stable and low mortgage rates contribute to the development of the construction industry, as they increase demand in the housing market. Interest on consumer loans form the demand of the population for products and services.

Among the characteristics of Russian bank lending, its availability, price and non-price conditions should be singled out. Pricing conditions are represented by rates and additional commissions, while non-price conditions are expressed by terms, volumes of loans, requirements for the financial condition of the borrower and the quality of collateral for the loan.

The dynamics of bank lending in recent years characterizes the segment of the financial market as the most actively developing. Thus, according to Rosstat, as of January 1, 2015, the volume of lending to Russian banks amounted to 51,799.5 billion rubles, which is 80% more than on the same date in 2011 and 28.2% more than on January 1, 2013 ( Table 2).

Table 2 - Dynamics of loans issued to organizations, individuals and credit institutions for 2011-2014 billion rubles

Let us consider in more detail the data on placed funds in dynamics for 2011-2014 (Table 3).

Table 3 - Loans in rubles and in foreign currency at the beginning of 2011-2014, billion rubles

It can be concluded that the volume of lending in general has been growing rapidly, especially since the end of 2013. (Picture 2)

Rice. 2 - The total volume of lending by banks in dynamics from 2011 to 2014, billion rubles.

As for the structure of the loan portfolio, the main share is occupied by loans issued to organizations - at the beginning of 2015 it amounted to 60% or 29,536 billion rubles. Individuals account for 23% and credit institutions 17% for the same period. Examining these indicators in dynamics for 2011-2014, it can be noted that the share of loans placed in organizations by 2015 is gradually decreasing (from 63% to 60%), while continuing to be the main one. This is mainly due to an increase in loans issued to the population (from 19 to 23%), which indicates a positive trend. In 2012, banks increased lending to individuals at the fastest pace: the volume of loans to the population increased in 2012 by 39.4% - up to 7,737 billion rubles. (for 2013 - by 28.6% (9,957 billion rubles)). The share of retail lending increased in the total loan portfolio. The growth in volumes is directly related to the emergence of new products and the addition of existing ones. So one of the trends in the development of consumer lending is to attract customers through the issuance credit cards. Another new trend has been the transition to individual banking services large private clients and their families. However, this fact cannot be called completely positive, because. Along with the growth in lending, overdue debt is growing, which can lead to a default of the banking system.

Now let's consider in dynamics how the volumes of lending to individuals, legal entities and credit institutions change over same period(Figure 3).

Rice. 3 - Dynamics of lending to individuals, legal entities and credit institutions for 2011-2014, billion rubles.

The graph shows that the amount of funds placed with organizations as a whole is growing, and the growth rate has been increasing since the beginning of 2014. The share of loans to non-financial organizations in their total volume decreased to the minimum value over the past few years - 60% as of 01.01.15, which was the result of a rapid growth in lending to individuals.

The volume of loans issued to the population tends to grow throughout the analyzed period. By January 1, 2015, the volume of loans issued to the population amounted to 11,329 billion rubles, which is 23% of the total lending.

In terms of lending to credit institutions, the situation is stable. The volume of interbank loans is growing at a moderate pace. The volume of provided interbank loans for 2014 increased by 29% - up to 8,201 billion rubles. (for 2013 - by 21%). Their share in the total volume of lending practically did not change, as of 01.01.2015 it amounted to 16.7%.

Consider the structure of the volume of lending to legal entities, depending on the types economic activity. The volume of lending by type of economic activity as of 01/01/2015 is shown in Figure 4.

Rice. 4 – Lending volumes by types of economic activity as of 01/01/2015, billion rubles.

The largest volume of credit funds was provided to wholesale and retail trade enterprises, their volume amounted to 9,318 billion rubles. The companies in the woodworking industry received the least amount of loans - 58 billion rubles.

In percentage terms, the volume of lending by industry is presented in the following diagram (Figure 5).

Rice. 5 – Lending volumes by types of economic activity as of 01/01/2015, %.

The figure shows that the largest share falls on wholesale and retail trade (28.03%), the second sector in terms of funding is manufacturing - 16.28%.

Consider the structure of the loan portfolio and its dynamics for 2011-2013. by urgency. As of January 1, 2014, the volume of loans provided to organizations amounted to 22,499 billion rubles. Of these, loans issued for a period:

• from 1 to 180 days - 11%;
• from 181 days to 1 year -16%;
• from 1 year - 68%.

The structure of lending to organizations by maturity indicates the long-term nature of the funds provided, since the bulk of loans are loans over 3 years. This, of course, is a positive thing, and indicates an increase in customer confidence.

It should be noted that the price parameters of loans, such as interest rates, also directly depend on the terms. Information on weighted average interest rates, excluding OJSC Sberbank of Russia, as of January 2013-2015 is shown in table 4.

Table 4 – Weighted average interest rates, % per annum

The data in the table show an upward trend in interest rates. Interest rates on loans to individuals up to 1 year increased by 3.08%, and on long-term loans by 0.93%. Loans to organizations rose in price by 9.82% and by 4.85% per annum, respectively. Let us visually demonstrate the change in interest rates on loans to individuals in Figure 6.

Rice. 6 – Weighted average interest rates on loans to individuals, % per annum

It can be seen from the diagram that the greatest growth is observed at the beginning of 2015.

Interest rates on loans to legal entities have similar dynamics and are shown in Figure 7.

Rice. 7 - Weighted average interest rates on loans to non-financial organizations, % per annum

It should be noted that at the beginning of 2014, loans to organizations became more accessible, their cost slightly decreased, and at the beginning of 2015 there was a sharp jump, interest rates on loans almost doubled. This is a very alarming signal, since the lack of funding sources will cause a slowdown in production, and their high cost will lead to a significant increase in the cost of the final product.

An important criterion for the development of monetary policy is the refinancing rate, throughout the entire analyzed period, its value was 8.25% per annum. Comparison of rates on loans to non-financial organizations with the value of the refinancing rate is shown in Figure 8.

Rice. 8 – Weighted average rates on loans provided to non-financial organizations and the refinancing rate of the Bank of Russia in the period from 2013 to 2015

The figure shows that throughout the entire period, the weighted average rate on loans was much higher than the refinancing rate. At the same time, it should be noted that the change in interest rates on loans is in no way connected with the refinancing rate.

Changes in interest rates on loans directly affect the solvency of borrowers, their growth can cause an increase in non-payments and an increase in overdue debts. The dynamics of overdue debt on loans granted to individuals and non-financial organizations is shown in Figure 9.

Rice. 9 - Overdue debt on loans provided to legal entities and non-financial organizations.

The growth of overdue debt for the analyzed period amounted to 40%. This fact cannot but cause concern, and it is worth noting that the main negative trends can be traced in 2014.

In this regard, it should be noted that an important achievement for the banking system was the creation of credit bureaus. In accordance with the Law "On Credit Histories", all banks are required to provide information about the credit history of borrowers to the bureau. This base designed for both banks and borrowers. The credit bureau helps banks to weed out unscrupulous borrowers, and borrowers with a positive credit history to get cheaper loans. The credit bureaus still contain little information and cannot satisfy all the requirements for requests, but this is a good development for the future.

The presented financial data show that, despite the active growth of the loan portfolio, many problems have arisen in the banking system. First of all, the decapitalization of the banking sector, caused by the growth of overdue debt, which in turn affects the terms of lending to individuals and legal entities. Limitations on the state's ability to support the liquidity of banks and the credit market as a whole.

The problems of the banking system have become one of the main factors influencing the economic situation in Russia. That is why the adoption of both operational government decisions and regional programs commercial banks aimed at overcoming the economic crisis are important now more than ever.

Literature

1. Central Bank of the Russian Federation - [Electronic resource] - Access mode. - URL: http://www.cbr.ru (accessed 09.03.2015).
2. Federal State Statistics Service of the Russian Federation - [Electronic resource] - Access mode. - URL: http://www.gks.ru/ (accessed 09.03.2015).
3. Electronic newspaper Pravda - [Electronic resource] - Access mode - http://www.pravda.ru/ (accessed 09.03.2015).

References

1. Central'nyj bank RF - - Regim dostupa. - URL: http://www.cbr.ru (data obrashhenija 03/09/2015).
2. Federal'naja sluzhba gosudarstvennoj statistiki RF - - Regim dostupa. - URL: http://www.gks.ru/ (data obrashhenija 03/09/2015).
3. Jelektronnaja gazeta Pravda - - Regim dostupa - http://www.pravda.ru/(data obrashhenija 03/09/2015).

Introduction

Most Russian enterprises have, one way or another, faced the need to attract debt financing. Summarizing and analyzing their experience, we can formulate a number of rules that allow us to make this procedure as efficient as possible: to reduce the term for obtaining a loan to a minimum and avoid common mistakes.

This article focuses on bank loans issued against collateral.

Trends in the development of the bank lending market in Russia

In general, one can note the outstripping development of the financial and banking sector compared to the real one. An excess of financial resources from banks, combined with a lack of investment instruments with acceptable levels of return and risk, can play a cruel joke on banks that are intensively increasing their loan portfolio by attracting "doubtful" borrowers. It should be noted a noticeable increase in the volume of bank loans issued and a decrease in the level of interest rates, which is largely due to macroeconomic factors of Russia's development (see Fig. 1).

Lending is one of the most important investment instruments for commercial banks. It is also most common among economic entities that are in need of attracting additional resources, since its most typical size in Russia does not reach the optimal level of bond programs (according to various experts, today in Russia the minimum amount of a bond loan is 200-400 million dollars). .). Promissory notes are not distributed among enterprises in the real sector due to the low assessment of their liquidity by investors and are used mainly by the banks themselves to attract "cheap" money, which is subsequently directed, among other things, to lending to enterprises at higher rates.

Thus, bank loans are the best option for raising borrowed funds for small and medium-sized businesses, as well as projects launched from scratch - the so-called greenfields (from the English green - "green" and field - "field". Literally - "clean field ”, i.e. a project in which no investments have yet been made). The practice of the NEO Center shows that the most typical loan amount is on average $3-5 million; the borrower for such loans can be, for example, a trading company with an annual turnover of $15-20 million or an industrial enterprise with an annual turnover of $5-7 million (see table). (one)

Table. Dependence of the potential for attracting credit resources on the operating margin of industrial and trading companies

	Indicators	unit of measurement		industrial enterprise	Trade company
		USD
	Operating margin
	Operating profit	USD
	Credit amount	USD
	Loan rate
	Interest amount	USD
	Profit before income tax	USD
	Coverage ratio

Note: To achieve the same coverage ratio for a given loan amount, a trading company with an operating margin three times smaller than an industrial enterprise must have three times as much revenue.

The Russian business press is actively discussing the problem of enterprises' lack of access to credit resources, while companies doing business in developed markets have the opportunity to attract debt financing in the required amount and at reasonable interest rates.

It should be noted that over the past two or three years the situation has undergone some changes: the share of borrowed funds in capital Russian companies began to take on significant importance.

NEO Center analysts conducted a study on a comparative analysis of the share of debt in the invested capital of companies (Debt to Capital ratio) in Russia and other regions of the world using the example of the telecommunications industry. The results of the study are shown in fig. 2. Compared to other emerging market companies, as well as US companies, Russian companies still have a low Debt to Capital value. At the same time, more modest values ​​of this indicator prevail in European companies. It should also be noted that few of the largest companies (mainly in the oil and gas sector) are characterized by operational and financial efficiency sufficient to attract investment and have access to the Western market credit capital, which offers more favorable conditions (for example, lower interest rates compared to those that Russian banks can offer). Therefore, if we are talking about borrowed funds not for current financing of operating activities, but for the implementation of fairly capital-intensive programs, then the choice of the largest enterprises in favor of Western banks is obvious. LUKOIL, Rosneft, Gazprom and other large companies in recent years have used syndicated loans (2) from the world's leading banking houses in amounts ranging from $70 million to $500 million or more.

On the whole, given that rather large Russian companies in a dynamically developing industry were the object of analysis, it can be assumed that this ratio in smaller companies operating in less attractive industries will be lower.

However, in our opinion, the problem is not that banks do not have sufficient resources to lend to enterprises in the real sector, but that the financial condition of a large number of Russian companies does not allow them to raise borrowed funds. It turns out a kind of vicious circle: enterprises cannot attract the necessary resources to make investments and improve their financial condition precisely because they are in an unsatisfactory financial condition. In such a situation, banks tend to lend only to the most promising and profitable business areas; while loans must be secured by collateral.

In the business turnover of both investment and credit banks, there is the concept of "investment fashion". So, according to our observations, lending to the construction of residential real estate - cottage settlements - has recently been especially popular among the capital's banks. The reason for this is the rather high return on investment in this segment: the rise in prices for Moscow real estate makes us draw an analogy with the period of galloping inflation in the 1990s.