Bill of exchange and credit operations in a bank, no matter in what form they are carried out, begin with the client receiving a bill of exchange loan. Loans in the form of accounting for bills of exchange and in the form of a special loan account secured by bills of exchange are opened separately. Bill loans are divided into permanent and one-time loans.

There are two main forms of bill lending: bearer (in the form of accounting of bills) and drawer. In the latter case, the following options are possible:

1. The bank can lend to its clients with bills of exchange with the simultaneous conclusion of a loan agreement. Bill holders pay their suppliers with them. The bill can then pass through the chain from one enterprise to another, making payments between them, and at some stage will be presented to the bank for payment. Repayment of the bill by the bank can be carried out using funds received to repay the loan agreement.

2. The enterprise, which is the recipient of a bill of exchange loan, issues a bill of exchange to the bank, which accepts it (banker's acceptance). Moreover, by agreement between the bank and the client, the latter is obliged to provide cash coverage before the maturity date of the bill.

In both cases, the bank practices preferential interest rates, since in a normal situation it does not use its own resources.

In the non-state sphere, the predominance of financial bills over commercial bills is most typical. This is understandable - a deficit generated by inflation money supply determines the main use of bills - to serve as a substitute for money. This is partly why bills of exchange are acquiring the increasingly unusual function of state bonds. The specific practice of circulation of bills of exchange in Russia also shows that certain settlement papers have become widespread that have the form of bills of exchange (and sometimes violate it), but in fact are not bills of exchange. The conditions for their redemption are such that the quotes of these securities (purchase and sale prices on the secondary market) do not reach their par value even after the relevant dates have arrived. This is caused, in particular, by the absence of one of the most important bill of exchange properties in these securities - the unconditionality of the obligation. In domestic practice, there are almost no corporate bills that could be redeemed with “real money”.

For example, bills of exchange of the Energy Union are repaid with electricity, or more precisely, they are accepted against debts to a certain circle of energy enterprises for payments for electricity. The bills of the Ministry of Railways are canceled by the so-called railway tariffs, i.e. the right to transport goods for a certain amount according to railway. Sometimes bills of exchange are issued for settlements within closed chains. By falling out of them, the bill may significantly lose in value, or, moreover, be revoked by the drawer. There are bills of exchange for “gasoline”, “coal”, “metallurgical”, etc.

The importance of banks in bill circulation is great, which is due to their compliance with laws. Let us describe several actively used operations. Thus, payment on a bill of exchange can be fully or partially secured through an aval issued by the bank, for which it represents one of the types of loan issued. An aval loan (or bank aval) represents the bank’s liability for a client’s bill of exchange. In this case, the actual payment of money by the bank occurs only if the recipient of such a loan is not able to pay off his debt. Otherwise, the transaction is limited to the bank’s agreement to avalorize the bill with the collection of commission payments, the amount of which depends on the validity period of the aval, the terms of its provision, and the client’s solvency.

Along with the operation of collecting bills, when banks take responsibility for presenting bills on time to the payer and receiving payments due on them in favor of their holders, there is also an operation of domiciliating bills, when the payer for them is the banks themselves. These are transactions for payment by banks on behalf of and at the expense of drawers of bills. In this case, the drawers enter into an agreement with the bank, in which the bank is appointed as the payer of the bills and undertakes to pay them on a timely basis, and the drawer undertakes to promptly provide the bank with the amounts necessary to pay its bills. The external sign of a domiciled bill of exchange is the words “payment in ... bank” placed in the text of the bill.

Banks also play an important role in implementing the third opportunity of the bill holder to use the bill. Its essence lies in the purchase of a bill of exchange by a commercial bank (discount loan); the bank will pay to the former owner bill not the entire amount specified in it, but minus the so-called discount rate (discount), i.e. interest at which the bank “discounts” (purchases) the bill. In addition to selling the bill to a commercial bank, the holder of the bill can sell it to others at a price slightly lower than the amount at which the bill must be repaid. Another possibility for early use of a bill of exchange is to obtain a loan from a bank secured by a bank bill of exchange.

Financial (bank) bills. The basis of most bill transactions in terms of Russian economy are commercial commodity bills, which we discussed above. In addition to commodity bills, there are also financial bills, when one party issues a certain amount of money to the other, receiving in return a debt obligation of the debtor - a bill. The presence of financial bills is possible due to the absence in their text of any mention of the basis for their issuance. But at the same time this leads to the appearance of fictitious bills of exchange that are not associated with the real movement of either goods or goods. Money; among financial bills there are friendly, counter and bronze ones, which, as we have already noted, are prohibited for use in Russia, but are used in narrow circles.

Now only a bank bill can be called a real financial bill, which has become widespread in last years both among citizens (who consider them as one of the ways of more or less reliable investment of their savings) and among enterprises (for which, in the conditions of long-term passage of payments through the banking system, the possibility of making payments by bill of exchange comes to the fore). To purchase them, you need to deposit the bill amount into the account (cash) of the bank, after which the latter issues the bill. In this case, the date of its preparation is the date of receipt of funds by the bank.

There are discount and interest-bearing bank bills. Discount bills are repaid at par and sold at a discount (discount), the amount of which is the income of the bill holder. Interest-bearing bills are sold at par and repaid at a price that includes the amount that has accrued in accordance with the interest rate specified in the bill. Recently, there has been a tendency to increase the role of interest-bearing bills, as more profitable for both drawers and recipients of bills. This is explained, firstly, by the fact that the amount charged by the Central Bank from the issuer of the bill is calculated at face value; the second reason is the strangeness of the tax law, as a result of which income received in the form of dividends and interest is taxed at a rate of 15%, and income in the form of the difference between the purchase price and the sale price (redemption) of debt obligations is included in the full amount in non-sales income and are taxed accordingly - 35%.

Bills of exchange circulating in economic circulation can be presented by their holders to banks, firstly, with the aim of receiving money against these bills before the due date for payment on them and, secondly, with the aim of most conveniently receiving payment on bills of exchange at the location of the bank. Bank operations with bills to complete the first task are called credit, and operations as a result of which the second problem is resolved are called commissions.

Bank credit operations with bills. According to the current banking legislation, commercial banks can provide their clients with bill of exchange loans in the form of: a) discounting of bills of exchange; b) a special loan account for bills of exchange (on-call account); c) forfaiting (lending for foreign trade transactions).

Bill loans are divided into permanent and one-time loans. The difference between these types of loans is that with a permanent loan, the client can use the loan amount repeatedly within the permitted limits; A one-time loan allows the total amount to be used only once. A client who is allowed to present bills of exchange for accounting as a standing credit may, as payment is received on the bills of exchange already discounted by him, again present the bills for accounting without special permission within the limits of the portion of the standing credit thus released. Loans in the form of on-call special accounts against bills of exchange are permanent and valid until canceled. A bill of exchange loan can be bearer or bill of exchange.

Bearer loan opens for accounting of bills of exchange transferred by the client to the bank, issued by various bill issuers. These loans are used by those enterprises and organizations that have a solid bill portfolio, i.e. provide their customers with deferred payment, formalized by bills of exchange. These bills are transferred to the bank for accounting.

Bill of exchange credit is opened to clients who receive a deferred payment from their suppliers, this deferment is formalized by bills of exchange. Suppliers, having received bills of exchange, submit them for accounting to the bank where the bill of exchange loan is opened for them.

The difference between these forms of lending is that, firstly, with a bill of exchange loan the borrower is the drawer, and with a bearer loan - the holder of the bill and, secondly, with a bearer loan the borrower receives the funds directly and only then disposes of them at his own discretion, and With a bill of exchange loan, the owner of the bill receives the funds.

From the legal side, bill discounting represents the transfer (endorsement) of a bill of exchange in the name of the bank with all its usual consequences, i.e. the bearer becomes the debtor of the bill as one of the signers, unless he has in some way relieved himself of responsibility for payment, and the bank becomes the creditor-holder of the bill. In economic terms, early receipt of funds under a bill by the bill holder means loans received by him, which are subsequently repaid by the payer of the bill.

Thus, through accounting, each bill holder, if necessary, has the opportunity to turn the bills he holds into cash and money in non-cash form. Taking into account the bill, the holder of the bill also gets rid of worries about returning to the bank the amounts received for accounting, since the bank receives them directly from the drawers and only if the latter’s financial condition is unfavorable, turns to the bearer of the bill.

The bank, in turn, accepting bills for accounting, makes a profit by deducting interest in its favor. When discounting bills of exchange, the bank compiles a register of discounted bills; the form of the registers is established by each bank independently.

Banks check bills accepted for accounting from the point of view of their legal and economic reliability. Bills of exchange that meet the following conditions are accepted for accounting:

1) comply with the requirements of the Regulations on promissory notes and bills of exchange;

2) the series of endorsements on the bill must be continuous;

3) be with payment in places where there are branches or correspondents of the bank, notarial bodies and people's courts;

4) based on commodity and commercial transactions;

5) there is an indication of the exact location of the drawer.

On the legal side, the correctness of filling in all the details of the bill of exchange, the powers of the persons who signed the bill of exchange, the authenticity of these signatures, and the presence of an endorsement in favor of the bank on the bill of exchange are checked. If there are violations in the execution of a bill, then these bills are deleted from the register. In addition, bills of exchange issued with payment in places where there are no bank institutions, as well as with deadlines that do not allow the bank to receive payment on the bill in a timely manner, are crossed out.

On the economic side, the reliability of the bill of exchange is controlled, i.e. the possibility of receiving payment for it. For this purpose, the bank must study information about the solvency and creditworthiness of all endorsers and the payer; information received from notaries about protests of bills of exchange, and bills of exchange for which there were outstanding protests, are deleted from the register. Banks should not accept bills of exchange for accounting:

Not based on commodity transactions;

Issued by the drawer in order to obtain a bank loan against them (counter bills);

Those persons who are engaged in commercial activities by proxy, but signed the bill in person;

Representing a replacement or correspondence of bills previously taken into account by the bank.

Bills of exchange that do not satisfy the bank's requirements are deleted from the register and returned to the bearer.

The bank's bill accounting operation is accompanied by the document flow shown in Fig. 15.3.

Rice. 15.3. Document flow for bill accounting:

1 - the holder of the bill presents the bill to the bank to receive a loan; 2 - the bank issues a loan; 3 - the bank sends nonresident bills for collection to the payer’s bank; 4 - the payer’s bank presents bills of exchange for payment for which the payment period has come; 5 - the payer agrees to payment, i.e. accepts the bill of exchange (ensures the availability of funds in the current account); 6 – the payer’s bank is notified of the payment of bills; 7- the borrower’s bank credits money to pay the bill to its correspondent account with the correspondent bank; 8 - in case of non-payment of the bill by the payer, the payer’s bank presents the bill to the notary’s office to make a protest; 9 - the notary office returns the protested bills.

To ensure timely receipt of payment on discounted bills of exchange, the bank maintains files according to the due dates of payments (by drawers and presenters of bills). To control the timely receipt of payments on discounted bills of exchange, the bank draws up special statements for each date in which the following data is filled in: for all bills of exchange; urgent on this date, indicating the serial number of the bill according to the book of their registration by the bank; names of drawers, bearers and the amount of each bill. Upon receipt of payment, appropriate notes are made in the statement, and the bills are returned to the payer.

A bill of exchange loan can be issued by a bank in the form of a loan secured by bills of exchange. The issuance by a bank of a loan secured by bills of exchange is understood as such an operation in which the bank issues a loan to the client in in cash, and as security for payment accepts from him (the borrower) the trade bills at his disposal. When issuing a loan secured by bills of exchange, the bank is not among the persons obligated on the bill of exchange.

The difference between this loan and bill discounting is as follows. Firstly, when pledging bills of exchange, the bank does not assign ownership of the bills of exchange, since the bills of exchange are only pledged for a certain period before the maturity date. Secondly, a loan secured by bills of exchange is issued only in the amount of 60-90% of the nominal value of the bill. Thirdly, the return of payments borrowed under an open loan is not carried out by the payer, as is the case when discounting bills, but by receiving the issued amount directly from the borrower. If the client is insolvent, the bank itself presents the bills to the drawers for payment.

The bank may set a condition when opening a loan: to assume the right to collect the pledged bills. This allows the bank to verify the creditworthiness of the drawers, and hence in the right direction credit operations.

Bank bills accepted as collateral are subject to the same legal and economic requirements as those taken into account.

Issuance of loans secured by commercial bills can be either one-time or permanent. In the latter case, the bank opens a special loan account for the client secured by bills of exchange. The issuance of loans is reflected in the debit of this account, and repayment is reflected in the credit.

A special loan account is a demand account, and thus the perpetuity of the loan gives the bank the right at any time to demand full or partial repayment, as well as additional collateral.

A loan in the form of a call account is only available to clients with a regular turnover. One-time loans secured by bills of exchange are provided to clients from a simple loan account. When opening a loan secured by bills of exchange under a special loan account the borrower enters into a contract with the bank loan agreement. This is a necessary condition when using this loan.

The loan agreement must stipulate: the rights and obligations of the parties; loan size; the highest limit on the ratio between collateral and account debt; the amount of interest on the loan and commission in favor of the bank.

Bills of exchange are provided as collateral for a loan in the same manner as during accounting, but the collateral endorsement “Currency as collateral”, “Currency as collateral” is made on bills of exchange. The storage of bills of exchange and other work with them in the bank is carried out in the same way as for the accounting of bills of exchange for a period.

The bank issues a loan secured by bills of exchange within the lending limit, which is calculated for each client. To do this, the bank calculates the free balance of the loan, taking into account the relationship between debt and collateral accepted in the agreement.

Repayment of the loan is carried out as a result of the transfer of funds by order of the client from his current account or by sending payments on pledged bills directly to the credit of the loan account. If a credit balance is formed on the account, the bank charges interest on it at the rate established for storage in current accounts.

When issuing one-time loans secured by bills of exchange from a simple loan account, the object of collateral is each individual bill of exchange as a special security. The term and size of the loan directly depend on the repayment period of the bill and its face value (the loan is issued in the amount of 60-90% of the face value of the bill).

If the owner of a loan account secured by bills of exchange (both special loan and simple) fails to comply with the requirement to repay all or part of the debt or contribute additional security within 10 days after the bank sends a notice, the bank may sell all pledged bills of exchange and pay off the debt on the loan account. If the money from the sale of bills is not enough to repay the entire debt, then it can be repaid from the balance of funds in the client’s current account in court by seizing the borrower’s property (Fig. 15.4).

Carrying out bank operations to issue bill loans (both in the form of accounting and secured by bills of exchange) enables the bank to profitably use the funds that it has accumulated. This also ensures the timely return of funds, since bills are the most reliable instruments of the securities market. In addition, bills of exchange as fixed-term obligations have the advantage that their maturity date is known in advance, and the bank can count on these funds when planning its future investments.

Rice. 15.4. Operations when a bank issues a loan secured by bills of exchange:

1- the holder of the bill presents the bills to the bank to open a loan account secured by them; 2 - the bank issues a loan to the client; 3 - the loan is repaid by the client; 4 - the bank returns the bills to the client for the amount of the repaid debt; 5 - if the client does not repay the loan debt, the bank has the right to send bills to the payer to receive payment; for this purpose, the borrower's bank sends the bills to the payer's bank in the form of collection

Forfaiting transactions with bills. In a general sense, forfeiting is an operation to acquire the right to claim for the supply of goods and services, accepting the risk of fulfilling these claims and collecting them. She represents special kind bank lending for foreign trade transactions in the form of purchase from the exporter of commercial bills accepted by the importer, without turnover to the seller.

The difference between forfaiting and the bill discounting operation is that in this case the buyer-forfaiter waives the right of recourse to the seller. All risks (both economic and political) are completely transferred to the forfaiter.

Discount rates for these transactions are higher than for other forms of lending. Their sizes depend on the category of the debtor, currency and loan terms. In order to reduce currency risk most forfaiters purchase bills only in stable currencies. Currency is the most common object of forfeiting transactions. As a rule, the forfaiter purchases bills with a period of six months to five years and for fairly large amounts.

Forfaiting transactions are one-time transactions carried out in connection with the purchase and sale of each bill. The advantage of forfeiting is the ease of completing the transaction. The purchase of bills of exchange is formalized in a standard agreement, which contains exact description transactions, terms, costs, guarantees, etc.

The bill is transferred to the forfaiter (bank) by endorsement with the clause “without negotiability to the seller.” When payment becomes due, the bill is presented to the debtor on behalf of the forfaiter. As a result of forfeiting transactions, exporting suppliers receive compensation for the cost of shipped goods (minus the discount rate), without waiting for the payment deadlines for bills issued to importers. In addition, they are freed from the need to monitor the timing of payments on bills and take measures to collect payments on them.

Bank commission transactions with bills. Transactions in which bills of exchange are presented to the bank by their holders so that the bank receives payments on them from the drawers and transfers them to the holders are called commissions.

Commission operations can also include bank operations for guaranteeing and accepting bills of exchange, since the bank charges a certain commission for these services, and the above-mentioned operations can be called intermediary in bill circulation.

Commission operations are carried out by the bank in the form of: collection of bills; domicile of bills; avalization of bills; acceptance of bills.

Collection of bills by the bank. This is an operation in which he carries out the order of the holder of the bill to receive payment of the bill in fixed time. Acceptance of bills for collection should be strictly distinguished from accounting. While in accounting the bank is exposed to a certain risk, in collection it accepts only an instruction to receive payment when due. If payment is not made, the bill is returned to the creditor, but with a protest of non-payment. Consequently, the bank is responsible for the consequences arising from the omission of the protest.

The bill holder giving the bank an order is called the principal, the bank executing the order is called a commission agent, and the reward for the bank’s actions is called a commission.

Delivery of bills to the bank is very convenient for the bill holder. The conveniences of this operation are as follows:

Banks, having a wide network of their branches and correspondents, can act as intermediaries between the parties to a bill of exchange most cheaply, reliably and quickly;

By transferring a bill of exchange to a bank for commission, the holder of the bill gets rid of the need to monitor the terms of bills, present them for payment or protest, know and fulfill all the formalities necessary to carry out these acts; the bank does all this for him;

If the principal has a current account at the bank, the principal benefits from the fact that the bank immediately credits the received amounts to the principal's account: if the payment was sent to the bill holder, the latter would not be able to use the money during the entire time it would take to send the money.

Being of significant importance for bill holders, bill collection operations are also beneficial for the bank. Firstly, despite the fact that in each individual case the bank charges a small fee, in total these transactions give the bank a significant profit. Secondly, while receiving significant profits from these operations, the bank does not invest in them at all own funds and therefore carries no risk. Thirdly, the bank attracts into its circulation large sums it receives from drawers and payers. Most principals have current accounts in the banks to which they make orders, so most of the money received through collection transactions ends up in the accounts and thus goes into the bank’s working capital.

If the holder of a bill of exchange instructs the bank to receive payment on bills of exchange belonging to him, then the parties sign a collection order that contains:

1. Name of the principal and his details.

2. Number of bills and their total amount.

3. Indication that bills of exchange are presented to receive payment on them, and, if necessary, to make a protest.

4. Disposal of the currency of the bill after its receipt (for example, credit it to a current account).

5. The bank’s obligations to perform all actions necessary to receive payment.

6. Responsibility of the parties and other conditions.

The principal transfers to the bank the bills of exchange and an inventory that includes the following data: serial number of bills of exchange according to the bank’s books; serial numbers according to the books of the principal; detailed name of the drawer and each bill presented; address of the drawer or payer of the bill; place of payment; payment term; the amount of each bill.

By accepting bills for collection, the bank undertakes to send the bills to the location of the payer, receive the payment due on them and deal with it as the client ordered. The bank’s responsibilities also include notifying the payer of the due date for payment on the bill of exchange, and in the event of non-receipt of payment on the bill of exchange, the bank must promptly submit it for protest and return the protested or unpaid bills to the client.

In order for the bank to perform the above actions, the holder of the bill puts a surety inscription in the name of the bank on the bills handed over for commission. The bank puts a “collection” stamp on accepted bills.

Payment of bills by the bank. Transactions involving payment by banks on behalf and at the expense of drawers of bills presented to banks for payment, in which banks are designated as special payers, are called domiciliation of bills. An external sign of a domiciled bill is the indication of the place of payment (full name and location of the domiciled bank). Acting as a domicile, the bank, on behalf of bill holders or drawers, makes payments on bills on time.

Unlike a collection operation, the bank in this case is not the recipient of the payment, but the payer. As a domicile, the bank does not bear any risk, since it pays the bill only if the debtor’s account for this bill has the required amount. Otherwise, he refuses payment, and the bill is protested in the usual manner.

According to the recommendations of the Central Bank of the Russian Federation on the use of bills of exchange in business transactions, payment of bills of exchange should be made either from a current account or from a separate account opened for payment of bills of exchange, to which the debtor preliminarily transfers the amount necessary to repay his obligations.

In practice, at present, payment of bills of exchange is made only from the current account, since current payments should not be made from any other account.

If transactions for the domiciliation of bills are carried out in correspondent banks, this speeds up the payment process (since settlements are made bypassing the cash settlement center).

Valuation of bills by banks. Aval is a bill guarantee that ensures payment of a bill in full or part of the bill amount. Such security is given by a third party or one of the persons signing the bill. Avalists, as a rule, are banks and other credit organizations. Valuation of bills by banks increases their reliability; they are freely accepted by all participants in business transactions, thereby developing bill circulation.

Aval is expressed by an inscription that can be written as in front side, and on the reverse sides of the bill itself or on an additional sheet to the bill (allonge). Aval can be expressed by words like “count as aval” or another signature of the avalist with a similar meaning. For issuing a bill of exchange, avalists charge a fee in the form of a written interest. Having signed the bill, the avalist is responsible for it in the same way as the one for whom he gave the aval.

The basis for the liability of the avalist is only the failure to fulfill the obligation by the person for whom he issued the aval. The bank that has paid the recourse claim under the bill has the right of claim against the person for whom it gave the aval, and against all other persons liable to it. Bills authorized by the bank are accounted for in its off-balance sheet account No. 91404 “Guarantees issued by the bank” (at the face value of the bill) and are taken into account when calculating the standards established by the Central Bank of the Russian Federation.

Acceptance of bills by the bank. Acceptance of a bill of exchange - confirmation by the payer of consent to payment under a bill of exchange (draft). From the contents of the bill of exchange it follows that obligations under it for the drawee (payer) arise only from the moment he accepts the bill. Otherwise, he remains a stranger to the bill. Based on this, recipients of money on a bill of exchange can find out in advance, before the payment deadline, the payer’s attitude towards payment of the bill of exchange. This purpose is achieved by presenting the bill to the drawee with an offer to accept it and, therefore, to undertake the obligation to make payment.

At the same time, presenting the bill for acceptance is not a prerequisite for those cases where the holder of the bill is confident in the solvency of the drawee and the drawer.

Presentation of a bill of exchange for acceptance can be made at any time, starting from the day of its issue and ending with the moment of maturity, if the text of the bill itself does not stipulate the deadline for presentation for acceptance. Specific conditions (presentation for acceptance with or without a deadline, or without acceptance) must be stipulated and dated in the bill by the drawer and endorsers. A bill may be presented for acceptance and accepted even after the due date, and the drawee is liable for it as if he had accepted the bill before the due date. Most often, the bill is presented for acceptance by banks at the payer’s address, which usually coincides with the place of residence. The drawee (payer) has no right to demand that the bill be left with him for acceptance.

The payer may limit acceptance to part of the amount. The remaining amount of the bill is considered rejected. A bill of exchange is considered rejected in the following cases:

If it is impossible to find the payer at the specified address;

Insolvency of the payer;

When the bill states “not accepted”, “not accepted”, etc.;

When the acceptance note is crossed out.

Bills of exchange accepted by the bank (bankers' acceptances) are widely used in foreign trade transactions.

Acceptance by a bank of urgent drafts issued to it by an exporter or importer is considered as a form of bank lending foreign trade(acceptance credit).

IN Russian Federation The market for bankers’ acceptances has not yet developed, since the purchase and sale of accepted foreign banks drafts are sporadic in nature, and transactions with drafts accepted by Russian banks are practically absent.

Banks issue their own bills. Russian commercial banks are actively developing the issuance of their own bills as short-term debt obligations. Bank bills first appeared in August 1992. They became more widespread from the beginning of 1993.

The current Russian bill of exchange legislation does not provide for any special rules or exceptions for the issue of bills of exchange by banks. Legislation on securities does not address this issue either. Therefore the legal regime bank bills coincides with the general regime of all bills of exchange and is regulated by the Regulations on bills of exchange and promissory notes (1937), as well as the Federal Law “On promissory notes and bills of exchange” No. 48-FZ of March 11, 1997.

A bank bill is based on a deposit nature, in contrast to a credit bill on classic bills, which are an instrument of commercial credit, conditioned by the real needs of commercial and industrial turnover. Its goal is to facilitate the sale of goods with deferred payment. A bank bill is issued by the issuing bank on the basis of the client depositing a certain amount of funds with the bank. Thus, for the bank, this bill is a tool for attracting additional resources, and for the buyer of the bill, it is an opportunity to place temporarily free funds in order to generate income.

By their economic nature, bank bills are close to certificates of deposit, but the legal regime coincides with the general regime of all other issuers of bills.

The issue of bills is not associated with payment authorized capital bank, nor from him financial situation, nor with the absence of penalties and sanctions, but since own bills are equal to borrowed funds, they are included in the calculation of own reserves. There are some restrictions on the manner in which bank bills can be distributed. Central Bank The Russian Federation has introduced a risk standard for its own bill obligations. It limits the bank's obligations arising from bills of exchange issued by it, as well as 50% of obligations arising from endorsements, avals and bill intermediation, taken into account on off-balance sheet accounts, the size of the bank's own capital.

Currently, commercial banks are not required to register the issue of bills or approve the terms of their issue. The current rules only require notification of the Main Territorial Administration of the Central Bank of the Russian Federation about the issue of bills by the bank. At the same time, the current bill of exchange legislation allows issuers the opportunity to independently establish rules for the issuance and circulation of their bills of exchange that do not contradict this legislation, which makes bills of exchange the most attractive for banks.

Among bank bills, simple ones predominate - call bill, representing a unilateral, unconditional obligation of the bank to pay the person indicated in the bill or his order or successor a certain amount of money within a specified period. However, some banks practice issuing transferable bills for which third parties are appointed as payer - debtors or guarantors of the bank. Often the bank appoints itself as the payer of a bill of exchange, i.e. Essentially, this is the same promissory note, but issued in the form of a transferable one. It is also possible for the bank to issue a bill of exchange, in which the bank is the recipient of the funds (“pay to the bank’s order...”).

Banks can issue their bills either in series or on a one-time basis. The attractiveness of a single bill is that the terms of its issue and circulation can be determined taking into account the interests of a particular investor. Banks give a clear preference to the serial issuance of bills of exchange, since in this case it ensures the attraction of a large number of investors and a significant amount of resources.

A bank bill is an order security, and most banks retain this nature. However, it is quite acceptable to issue with the clause “not to order” (or with another equivalent clause), which entails the possibility of transferring the bill in compliance with the form and consequences of an ordinary assignment.

The bank selects the required bill circulation mode based on the tasks that are supposed to be solved by issuing its own bills.

The payment period for bills of exchange is set by the bank either unilaterally (for serial issuance of bills) or by agreement with the client (for a single issue). Banks in their practice use all known options for setting payment terms:

On a specific date;

In so much time from compilation;

Upon presentation;

In such and such a time from presentation.

Depending on the method of purpose of payment in accordance with the current bill of exchange legislation, the procedure for remuneration is determined. If a bill of exchange is issued upon presentation or within a certain period of time from presentation, then it may indicate the Interest Rate, based on which income is calculated on the principal amount for the time that has elapsed from the date of issuance of the bill of exchange to the date of payment. With this method of determining the income of a bill, banks sell bills at par. When a bank makes a payment on such bills, in addition to the face value, the owner of the bill is paid income calculated on the basis of the interest rate specified in it. If a bill of exchange is issued for a certain date or within a certain amount of time from the date of issue, then the amount of interest is calculated in advance and added to the principal amount, forming the face amount of the bill. In this case, bills of exchange upon issue are sold at a price lower than their nominal value, i.e. with a discount.

Initially, banks began to issue most bills at a discount. The buyer's income in this case is the difference between the face value of the bill and its purchase price. But later it turned out that interest-bearing bills were more convenient and profitable for both them and their clients. When raising funds by issuing bills, commercial banks must contribute a certain percentage of their amount to the Mandatory Reserve Fund of the Central Bank of the Russian Federation. Thus, by issuing an interest-bearing bill, the bank immediately receives at its disposal an amount equivalent to the face value of the bill, from which the reservation is made. When issuing a discount bill, the bank receives an amount less than the face value, but is obliged to make a reservation from the full amount of its obligation.

Currently, short-term (up to three months) bank bills are most popular on the market. Investors are attracted by the opportunity to sell (discount) them early with the issuing bank. Many banks that issue bills not only undertake to honor their bills before their expiration, but also announce quotes in advance, i.e. the rate of purchase of bills from their holders on certain dates. This dramatically increases the liquidity of bank bills.

Many banks, when selling their bills, use the services of intermediaries who can produce their own bill quotes. Intermediaries actively work in the secondary bill market, where, by manipulating rates of return and discount, they receive fairly high profits.

Bank bills are in steady demand. At the heart of success bill form attracting free financial resources lies in the attractiveness of a bank bill for both the issuer and the investor. Bank bills make up for the lack of short-term, highly liquid money market instruments, the need for which is growing in conditions of inflation.

The advantage of bank bills is also that, unlike certificates of deposit, they can be used as a means of payment. Moreover, banks are actively trying to use this feature of the bill to perform the functions of a means of circulation and payment. Numerous options have been developed for organizing payments between enterprises using bank bills, including within the CIS.

Currently, new options for mutual settlements between enterprises using bank bills are being offered. They are based on a system of direct correspondent relations between banks and ultimately reduce settlements to simple clearing. At the same time, settlements are accelerated, their risks and customer losses from money depreciation during settlements are reduced.

Rediscounting of bills by the Central Bank of the Russian Federation. An important feature of the bill is that, with a stable functioning economy and banking system, it acquires an additional national economic function - a tool for refinancing and holding the Central Bank of the Russian Federation monetary policy when he purchases bills from commercial banks (rediscounting).

Refinancing, based on rediscounting of bills of exchange presented by commercial banks to the Central Bank of the Russian Federation, seems to be a reliable and acceptable way of lending to both commercial banks and manufacturing industries and Agriculture. At present, the refinancing mechanism (bill lending) has not yet been fully developed, although some steps are being taken in this direction.

In accordance with Art. 5.1 of the Regulations “On carrying out rediscount operations by the Bank of Russia” No. 65-P dated December 30, 1998, ruble bills of exporting organizations issued in the name of the Accounting Bank in the order of crediting an export contract are accepted for rediscounting. Documents are submitted to the Bank of Russia confirming both the existence of the export contract itself and the high degree of security for payment for this contract.

The work of the Central Bank of the Russian Federation on the rediscounting of bills of exchange is carried out with banks that have received the status of Discounting. A General Agreement on the rediscounting of bills of exchange is concluded with the Discounting Banks, as well as a depository agreement regulating the acceptance by the Bank of Russia for accounting and storage of bills of exchange of exporting organizations. The discounting bank must at the same time be the domicile for the rediscount bills.

The Bank of Russia carries out depository accounting of bills purchased: by the Discount Bank from exporting organizations, by the Bank of Russia - as a result of rediscount transactions, by others credit institutions- in case of their acquisition from the Bank of Russia. The latter presents for payment bills of exporting organizations stored and accounted for in the depository of the Bank of Russia, with the exception of bills of exchange owned by the Bank of Russia.

Bills of exchange that meet the relevant requirements are rediscounted by the Bank of Russia on the basis of an agreement on the rediscounting of bills of exchange concluded with the Discounting Bank.

The Bank of Russia has the right: to sell rediscount bills of the exporting organization to the Discount Bank three working days before the due date for payment on this bill at a price equal to the bill amount; sell the bills of exchange rediscounted by him to a third party without agreeing on the transaction with the Discounting Bank, the Discounting Bank is notified of the transaction.

If there are no funds in the drawer's account at the time the Bank of Russia presents rediscount bills for payment, the Bank of Russia, having received a refusal to pay the bill by the Domicile Accounting Bank, has the right, without an order from the Accounting Bank, to write off the bill amount from its correspondent account.

The Bank of Russia discloses information on the register of accounting banks, as well as the value of the rediscount rate.

Commercial banks presenting bills of exchange for rediscounting are responsible for their marketability, for the solvency of the enterprises that issue the bills, and for the authenticity and correctness of the signatures on the bills. The procedure for rediscounting bills of exchange of the Central Bank of the Russian Federation is effective tool liquidity regulation banking system. There are limiting factors on the way to its development: underdeveloped legislation and legal practice, general instability of the economy, high inflation rates, slow development of bill circulation, etc. At the moment, the mechanism for rediscounting bills is at the stage of being introduced into the practice of the Central Bank of the Russian Federation.

Active bank operations with bills include:

Rediscount

Collateral

Warranty

Collection of bills

Domiciliation of bills

Bill of exchange credit

1. Operations involving the accounting of bills of exchange occupy a key place among the bank’s operations with this instrument. Legally, discounting a bill of exchange represents the transfer (endorsement) of a bill of exchange to the bank. The bearer becomes the debtor of the discounted bill, and the bank becomes the creditor (bill holder).

The accounting operation consists of the bank purchasing monetary debt obligations before the due date, at which time the creditor's rights are transferred to the bank. Accounting, or discount , bills Gudkov F.A. Investments in securities. M: Infra-M, 2008. is an operation in which the bank, accepting a bill of exchange from the bearer, issues to the bearer the amount of this bill before the maturity date, withholding in its favor interest on the amount of the bill for the time remaining before the end of this period.

Taking into account the bill of exchange, the bank's client acquires liquid funds, and also gets rid of the need to return to the bank the amounts received for accounting, since the bank receives them directly from the drawers of the bill and only if the latter's financial condition is unfavorable, turns to the bearer of the bill.

Accounting interest - it is the fee charged by the bank for advancing money when discounting a bill; it is the difference between the face value of the bill and the amount paid to the bank when purchasing it.

Discount rate on a bill of exchange represents the interest rate used to calculate the discount rate.

Accounting interest I calculated according to the following formula:

Where i- annual interest rate on the bill;

S- denomination of the bill;

t- the number of days before the due date for payment of the bill;

TO - number of days in a year (365, 366, sometimes conventionally accepted as 360).

2. Rediscounting of bills of exchange Regulations on the Bank of Russia carrying out rediscounting operations No. 65 - P - purchase by the Bank of Russia of a bill of exchange of an exporting organization from the Discount Bank.

An accounting bank is an authorized bank that has received the status of an accounting bank with which transactions for the rediscounting of bills of exchange can be carried out.

Rediscounting operations - interbank credit operations,

based on the rediscounting of commercial bills.

Rediscount operations consist of sales by a bank (acting in

as a borrower) bills of exchange of an industrial or trading company from

of his portfolio to another bank, which pays the amount of the bill

minus the discount.

Operations of banks in the accounting and rediscounting of bills of exchange form the accounting market. The Bank of Russia plays an important role in it. It is the Bank of Russia that determines the main directions of the functioning and development of the bill market through the implementation of certain accounting policy and refinancing policies.

3. Collateral transactions

The issuance of a loan secured by bills of exchange is understood as an operation in which the bank issues a loan to the client in cash and, as security for payment, accepts from him (the borrower) commercial bills of exchange at his disposal. When issuing a loan secured by bills of exchange, the bank is not among the persons obligated on the bill of exchange.

Loans secured by bills of exchange They are either urgent, when the owner of the bills is obliged to redeem them from the bank within a predetermined period, or on call, i.e. demand loans, the return of which the bank has the right to demand at any time.

There are a number of significant differences between the bank’s operations of discounting bills of exchange and issuing loans secured by bills of exchange:

• 1) when accounting for a bill of exchange, the movement of cash and the bill of exchange proceeds in parallel, i.e. accounting of a bill is accompanied by the issuance of money, and its repayment accordingly with cash receipts. When pledging a bill of exchange, the movement of bills of exchange and money does not coincide, since during the period of issuance of the loan, the bill of exchange security may remain unchanged, but the balance of the debt is constantly changing - the loan is issued and repaid as funds are received into the account;
• 2) bill accounting represents for the bank an operation of purchasing bills of exchange, in which it becomes the owner of the purchased goods - the bill of exchange and turns into a bill holder. When issuing a loan secured by a bill of exchange, the bills of exchange accepted as security for the loan are not the property of the bank, but are transferred as security for the debt, and the bank in this case does not become the bill holder;
• 3) when carrying out a discount transaction, the client receives from the bank the full amount (currency) of the bills minus only interest on accounting. A loan secured by bills of exchange is issued only in the amount of 60 - 90% of the nominal value of the bill;
• 4) when discounting a bill, the client receives the entire amount at the same time or as needed. The possibility of reducing the amount of debt to the bank on a loan account secured by bills of exchange by repaying the debt amount using funds in the current account creates conditions for the client to save on paying interest on the loan. When accounting for bills of exchange, there is no such possibility;
• 5) interest on bills of exchange is withheld simultaneously with discounting, and on a loan account - accrued quarterly. As a rule, the discount rate is significantly lower than the interest rate on bank loans. However, interest on bills of exchange is charged based on the term of the bill of exchange and is refunded in case of early redemption.

When issuing loans secured by bills of exchange from a simple loan account, the object of collateral is each individual bill of exchange as a special security. The term and size of the loan directly depend on the maturity date of the bill and its face value.

If the owner of a loan account secured by bills of exchange fails to comply with the requirement to repay all or part of the debt or provide additional security within 10 days after the bank sends a notice, the bank may sell all pledged bills of exchange and pay off the debt on the loan account. If the money from the sale of bills is not enough to repay the entire debt, then it can be repaid from the balance of funds in the client’s current account in a judicial proceeding by levying a foreclosure on the borrower’s property.

4. Warranty operations

Guarantee operations are operations accompanied by the bank taking

undertakes payment obligations on bills with the condition of deferment, i.e.

payment of a bill upon the occurrence of certain circumstances and in

stipulated period.

Warranty operations are divided into:

avalization of bills,

issuance of guarantees to ensure payment of bills.

5. Collection of bills

Collection of bills implies the fulfillment of instructions from bill holders to receive payments on bills on time. By collecting a bill of exchange, the bank assumes responsibility for presenting the bill on time to the payer and for receiving the payment due on it. Having accepted a bill of exchange for collection, the bank is obliged to promptly send it to the bank at the place of payment and notify the payer of this by sending a summons about the receipt of the document for collection. Upon receipt of the payment, the bank credits it to the client's account and informs him about the execution of his order.

If the payer does not agree to pay this bill or in the event of his insolvency, all costs associated with protesting the bill are covered by the bank at the expense of the client.

Operations for collection of bills by banks have a number of advantages:

• 1) for the client - he is freed from the need to monitor the deadlines for presenting bills for payment, and the procedure for receiving payment becomes faster, cheaper and more reliable for him;
• 2) for the bank - carrying out transactions for collection of bills of exchange is one of the sources of income, in addition, they allow the bank to attract additional funds to its correspondent account, which it can use in its activities.
• 6. Domiciliation of bills

Payments on bills of exchange are usually made through the bank through its operations of domicile of bills of exchange.

Domiciliation Kosterina T.M. Banking, M.: Market DS, 2007. means the appointment of a third party (domiciliary) as the payer of the bill. The domiciliate is not the person responsible for the bill; he only pays the bill in a timely manner at the expense of the payer who has provided the necessary funds at his disposal. An external sign of domiciled bills is the inscription “Payment in ... bank”. The purpose of domicile is not to miss the due date for payment of a bill.

The advantages of these operations for banks are that they increase their deposit base by accumulating funds in special savings accounts, and also increase bank income by charging commissions. Banks relieve clients of the work of monitoring the timing of presentation of bills of exchange for payment, and speed up and reduce the cost of the payment process.

7. Bill of exchange credit

Bill of exchange and credit operations in a bank, no matter in what form they are carried out, begin with the client receiving a bill of exchange loan. Loans in the form of accounting for bills of exchange and in the form of a special loan account secured by bills of exchange are opened separately. Bill loans are divided into permanent and one-time loans.

A bill of exchange loan is provided to clients who issue bills of exchange against this loan to pay for inventory, work and services provided to other business entities, enterprises and individuals. The latter present such bills to the bank, which forwards them for accounting to the drawer's bank at the expense of the loan opened to him by the drawer.

Loans are opened upon application. An application for a bill of exchange loan is usually submitted to the bank in which the main accounts of enterprises and business entities are opened, including a settlement (current) account.

The interest rate for a bill of exchange loan is set lower than the rate for a regular bank loan due to the lower liquidity of bills of exchange compared to money.

Bill-issued credit has certain boundaries, since banks with this type of lending, although they do not use their credit resources, are limited by the liquidity standard established by the Central Bank of the Russian Federation for commercial banks to issue their own bills, in order to prevent an unreasonable increase in the money supply in circulation.

The bank may accept bills of exchange as collateral for issued loans. Loans secured by bills of exchange are issued in general procedure. The repayment period for a loan secured by a pledge of bills of exchange must not exceed the period for presentation for repayment of the bills of exchange accepted as collateral. If the loan term exceeds the payment period for the bill of exchange, the collateral agreement must provide for the possibility of replacing the collateral.

Promissory notes of third parties are accepted as security for the client’s obligations under the loan agreement with their assessment market value, depending on the bank’s assessment of the creditworthiness of the client and the drawer.

A pledge is formalized by making a pledge endorsement in favor of the pledgee. Bills of exchange provided as security are pledged on the basis of a pledge agreement with the execution of an endorsement on it in favor of the bank, containing the clause “currency as security” or “currency as security” or with the execution of a blank endorsement.

Valuation of bills

Payment of a bill of exchange can be secured in full or in part of the bill amount by means of an aval (bill guarantee).

The decision to issue a bill of exchange guarantee (aval) in each specific case is made by the bank’s credit committee.

The valorization of a bill of exchange is a type of guarantee and is carried out on the basis of a written application from the client containing a request for the provision of a service with a bill of exchange attached to it, which the client asks to be valorized, and an agreement for valorization of the bill of exchange of the established form concluded with the client. The amount of commission is regulated by the contract. Acceptance and transfer of bills under the concluded agreement is formalized by acts of acceptance and transfer of bills of exchange in the established form.

Exchange of bills is carried out in accordance with the Civil Code of the Russian Federation on the basis of an exchange agreement. Bills of exchange that are objects of exchange can be either own bills bank, and bills of other drawers included in the bank’s portfolio. Bills of exchange that are objects of exchange are recognized as equivalent if the following conditions are simultaneously met:

• – the nominal values ​​of bills (bill amounts) are equal;
• – bills have the same payment period;
• – bills of exchange are recognized as equivalent by the bank and its counterparty by mutual agreement.

If the bills of exchange do not meet the specified conditions, the market values ​​of the bills of exchange that are the objects of exchange are taken. In this case, discount rates (discounts) for determining the market value of bills of exchange are determined on the basis of mutual agreement of the parties to the agreement. The bank transfers and accepts bills of exchange under an exchange agreement with the execution of appropriate endorsements or under a blank endorsement with the execution of acts reception-transmission bills.

Storage of bills

The Bank provides services for the storage of documentary securities in accordance with the storage agreement concluded with the client. The transfer of securities to the bank for storage is formalized by an acceptance certificate of the established form. Securities are issued to the client in accordance with the terms of the agreement upon request. The amount of commission is regulated by the contract.

Bills of exchange can also be the subject of a repo transaction (Fig. 6.1).

Rice. 6.1.

When executing a repo transaction, one of the parties to the transaction (seller) sells securities to the other party (under the first agreement) and at the same time undertakes the obligation to repurchase these securities (bills) on a certain date (under the second agreement). In this case, the seller can act as a lender if the second party has applied for a loan, or as a borrower if the purpose of the operation is to raise funds and secured in the form of bills. The repurchase price of an asset during repo transactions differs from the price of its initial sale by an amount calculated at a rate as close as possible to the rates prevailing on the interbank loan market.

A repo transaction is also used by the bank to secure other obligations of the seller of securities under repo. First of all, to secure obligations under a “standard” loan agreement. In this case, the repo transaction, as a rule, serves only the purpose of securing the borrower's obligations; profit directly from the repo transaction is usually not envisaged. The difference between this operation and conventional lending is that it is divided into two stages, each of which is formalized by a purchase and sale transaction of a specific asset. When carrying out repo transactions in a bank, discount bills that are the subject of purchase and sale are collateral for the repo transaction. The amount of money that the original buyer must pay to the original seller for the notes under the first leg of the repurchase transaction is the purchase price. The amount of money that the original seller must pay to the original buyer for the notes under the second leg of the repurchase transaction is called the repurchase price. The amount of money payable by the original seller to the original buyer on the date of repurchase (sale) of the notes under the second part of the repurchase transaction is the repayment amount. The difference between the buyback cost and the purchase price is called accrued income. The estimated value, expressed in rubles, used to calculate the amount of the obligation under a repo transaction is income. The value expressed as a percentage per annum, which is established when concluding a repo transaction and is used to calculate income, is called the rate. The value reflecting the amount of funds raised/provided under a repo transaction as of the current date is the repo amount.

Repo transactions are an effective tool for a bank to generate additional income from a securities portfolio.

On the Russian market, repo transactions are carried out mainly for the purpose of refinancing a portfolio of securities: the seller receives the amount of financing, and the buyer receives ownership of the securities for a period of time to ensure the return of money. With the help of repo transactions, the bank is able to manage short-term liquidity, lower interest rates compared to a conventional loan, and preserve its securities portfolio.

Certificates of deposit or savings certificates .

Certificates of deposit and savings certificates are a written certificate from the issuing bank about the deposit of funds, certifying the right of the depositor (beneficiary) or his successor to receive, upon expiration of the established period, the amount of the deposit (deposit) and interest on it. They are used by the bank as securities certifying the amount of the deposit made to the bank and the right of the depositor (certificate holder) to receive, upon expiration of the established period, the deposit amount and the interest stipulated in the certificate in the bank that issued the certificate or in any branch of this bank. The issue of certificates is allowed only to banking institutions to attract additional funds. This practice is used to avoid deterioration in the dynamics of the price of securities of previous issues, which may be caused by the issue of shares, which is also a relatively expensive way of mobilizing financial resources. In addition, an additional issue of shares weakens the position of the owners controlling stake, for which the issue of deposits and savings certificates does not have a significant impact.

Particular attention to certificates of deposit in the process of formation Russian market securities is due to the fact that they act as a means that can provide fairly fast and reliable servicing of stock and other transactions in conditions of financial instability.

Certificates can be one-time or serial; registered or bearer. They cannot serve as a means of payment or payment in relation to goods sold or services provided.

Cash payments for the purchase and sale of certificates of deposit, payment of amounts on them are carried out only by bank transfer.

Savings certificate can only be issued to a citizen of the Russian Federation or another state that uses the ruble as an official monetary unit.

Certificate of Deposit can only be issued to an organization that is a legal entity registered on the territory of the Russian Federation or on the territory of another state that uses the ruble as an official currency. The right to claim certificates can only be transferred to persons registered in the territory of the Russian Federation or another state that uses the ruble as an official currency.

A certificate, in essence, is a special type of deposit that combines the properties of a deposit and a security. It can be donated or transferred to another person, bequeathed to your heirs, used as collateral for lending, for storing funds during trips, as a means of payment. A bank certificate has a fixed interest rate, which is set when the security is issued. Interest is paid simultaneously with the redemption of the certificate upon presentation. In case of early repayment of the certificate, banks pay interest established on demand deposits. Certificates must be urgent. The circulation period for certificates of deposit (from the date of issue of the certificate to the date when the owner of the certificate receives the right to claim the deposit or contribution under the certificate) is limited to one year. The circulation period of savings certificates is limited to three years.

If the deadline for receiving a deposit or contribution under a certificate is overdue, the certificate is considered a demand document, according to which the bank is obligated to pay the amount specified in it immediately upon the first demand of the owner. The bank may provide for the possibility of early presentation of a term certificate for payment. In this case, the bank pays the owner of such a certificate the amount of the certificate and interest at a reduced rate established by the bank when issuing the certificate. Interest at the rate initially established in the conditions of issue and circulation, due to the owner upon the expiration of the circulation period of a deposit or savings certificate, is paid by the bank issuing the specified certificates, regardless of the time of its purchase.

The bank certificate form must contain the following mandatory details:

• – name “deposit (or savings) certificate”;
• – an indication of the reason for issuing the certificate (making a deposit or savings deposit);
• – date of making the deposit or savings deposit;
• – the amount of the deposit or savings deposit, issued by a certificate (in words and figures);
• – the bank’s unconditional obligation to return the amount invested in the deposit or deposit;
• – date of claim by the beneficiary of the amount under the certificate;
• – interest rate for using a deposit or contribution;
• – the amount of interest due;
• – names and addresses of the issuing bank and (for a personal certificate) the beneficiary;
• – signatures of two persons authorized by the bank to sign such obligations, sealed by the bank.

The bank issuing the certificate may include in it other additional conditions and details that do not contradict the content of the mandatory details and the legislation of the Russian Federation. The form of the personal certificate of deposit must have space for endorsements.

When issuing a certificate, the bank fills in all the details of the certificate counterfoil. The certificate spine is signed by the beneficiary or his authorized representative, separated from the certificate and stored in the bank. If a counterfoil is not provided for the certificate form, the bank maintains a register of issued certificates, in which the same details are entered as the details contained on the regular certificate counterfoil, including the signature of the beneficiary or his authorized person. The registration journal may contain other details necessary for the bank. Certificate forms are stored in cash vaults or fireproof safes. Certificate stubs, after reflecting the balance sheet transaction, are placed in separate folders. Registration books and folders with certificate stubs are stored in cash vaults or fireproof cabinets.

The assignment of the right of claim under a bearer certificate is carried out by simple delivery of this certificate. The assignment of the right of claim under a registered certificate (assignment) is formalized on the reverse side of such a certificate by a bilateral agreement between the person assigning his rights (assignor) and the person acquiring these rights (assignee). An agreement on the assignment of the right to claim under a certificate of deposit is signed by two persons. For citizens, payment can be made either by transferring the amount to an account or in cash.

Procedure for issuing a certificate. The bank issuing the certificates must approve the terms of their issuance and circulation. The conditions must contain the complete procedure for issuing and circulation of certificates, description appearance certificate and sample (layout) of the certificate. The terms of issue with reference to the date of the decision to issue certificates and the name of the bank body that made such a decision must be submitted in triplicate within ten days to the territorial department of the Bank of Russia at the location of the correspondent account, i.e. to the registration authorities. Within two weeks, registration authorities review the conditions for the issuance and circulation of certificates submitted by commercial banks to determine their compliance with current legislation, banking rules and this regulatory act.

Registration authorities may prohibit the issue, invalidate the issue with the return of all funds collected from the issue of certificates to investors, and also require early payment of certificates in the following cases:

• – the conditions for issuing certificates contradict current legislation;
• – the bank did not promptly provide the conditions for issuing certificates to the Main Territorial Administration of the Bank of Russia;
• – the bank indicates in its advertising about the issue of certificates information that contradicts the conditions of their issue, the actual state of affairs or current legislation;
• – the bank violates current legislation in the process of issuing, circulation and payment of certificates.

The Main Territorial Directorate of the Bank of Russia registers in a separate journal the conditions for issuing certificates, indicating the name of the bank issuing them, the date of its decision to issue certificates, the date of submission of the conditions to the Main Territorial Directorate of the Bank of Russia, and also indicates other information about the issue (for example, claims made to the bank in connection with the issuance of certificates).

If there are no complaints about the conditions for the issue and circulation of certificates, the registration authorities issue the issuing bank a letter approving the conditions for the issue and circulation of certificates and a copy of the approved conditions.

One copy of the approved conditions for the issuance and circulation of certificates with attached samples is sent by the registration authority to the Securities Department of the Bank of Russia. Commercial banks do not have the right to issue certificates until their terms are approved in the prescribed manner.

An analysis of the issuance of savings (deposit) certificates by credit institutions over the past five years shows that the volume of their use (issuance) is constantly growing. Savings certificates with a maturity of 181 days to 1 year are in greatest demand, although their share in the total volume of securities is gradually decreasing. Today, savings certificates are offered to clients (individuals) by more than 25 commercial banks in Russia. These include Sberbank of Russia, Bank of Moscow, Prominvestbank, Credit-Dnepr Bank, Petrocommercebank, Moscow Petrochemical Bank, Euromet Bank, European Trust Bank, etc. Savings certificates are issued by Sberbank of Russia with deposit amounts: 1000, 10,000, 50,000 and 100,000 rub.

Savings (deposit) certificates have a number of disadvantages, in particular:

• they do not participate in the deposit insurance system individuals. If a bank issuing bearer certificates goes bankrupt, then depositors who kept their savings in savings certificates (to bearer) in this bank will not be included in the list of persons to whom the Deposit Insurance Agency and the Bank of Russia will pay insurance compensation;
• Interest earned on all types of savings certificates is taxed in the same way as interest on regular bank deposits. Today, banks generally set the yield on certificates below the refinancing rate. The highest interest rate on a savings certificate from Sberbank of Russia, for example, in 2010 was only 8.4%. It should be noted that interest rates on a savings certificate of Sberbank of Russia with a nominal value of 1000 rubles. differ slightly from the interest rates on the Sberbank of Russia Deposit deposit. The rates are for certificates with denominations of 10,000, 50,000 and 100,000 rubles. – significantly higher. And since the interest rate on certificates is fixed, there is no quarterly capitalization of interest, which is inherent in all deposits of Sberbank of Russia;
• receiving a personal certificate as an inheritance, donating it or transferring it to another person refers to the receipt of income by another person. A tax at the rate of 13% of the original cost of a personalized savings certificate is paid if the registered certificate has changed owners and is redeemed not by the buyer, but by another person;
• filling out and submitting to tax office income declaration is the responsibility of the recipient of the personal certificate. Savings certificates (to bearer) are not subject to taxes, which is why they are more popular among investors;
• increased risk when storing a certificate at home if it is issued to bearer. Restoration of rights under a lost certificate is carried out only through the court at the place of issue of the lost certificate on the basis of an application.

• See also chap. 4.
• Currently, the procedure for issuing and circulating savings certificates is regulated by the letter of the Bank of Russia dated February 10, 1992 No. 14-3-20 “Regulations on savings and deposit certificates of credit organizations.”

When studying this topic, students should become familiar with the characteristics of bills of exchange, their classification and the organization of bill circulation in Ukraine. The main attention should be paid to the bank’s operations in the field of bill circulation. In particular, it is necessary to consider the credit operations of banks with bills of exchange: accounting of bills of exchange, re-purchase and re-pledge and lending secured by bills of exchange.

Ukrainian commercial banks carry out transactions with bills of exchange in accordance with the Laws of Ukraine “On Securities and the Stock Market”, “On the Circulation of Bills of Exchange in Ukraine”, according to which, in a general sense, a bill of exchange is a security certifying an unconditional monetary obligation drawer to pay after the due date a certain amount of money to the owner of the bill (bill holder).

The law also provides for the functioning of a bill of exchange exclusively in documentary form on forms with an appropriate degree of protection against counterfeiting, the form and procedure for production of which are approved by the National Securities and Stock Market Commission in agreement with the National Bank of Ukraine, taking into account the norms of the Unified Law, and cannot be transferred to undocumented form (immobilized).

The above Laws determine the features of the circulation of bills of exchange in Ukraine, which consist in issuing bills of exchange and promissory notes, carrying out transactions with bills of exchange and fulfilling bill of exchange obligations in economic activities, in accordance with the Geneva Convention of 1930, which introduced the Uniform Law on Bills of Exchange and Promissory Notes, taking into account reservations provided for in Annex II to this Convention.

The circulation of bills of exchange in Ukraine has the following features, defined by the Law “On the circulation of bills of exchange in Ukraine”:

o you can issue bills of exchange and promissory notes only to formalize a monetary debt for goods actually delivered, work performed, services rendered;

o payment of a bill of exchange on the territory of Ukraine is carried out only in non-cash form;

o it is prohibited to use bills of exchange as a contribution to the authorized capital of a business company;

o changes to the text of the bill can be made at the initiative of its holder exclusively by the drawer (drawer) by crossing out the old details and writing a new one, indicating the date of the changes and signing;

o the amount of the bill expressed in foreign currency, on the territory of Ukraine can be paid in national currency Ukraine at the NBU exchange rate on the day the payment is due or in foreign currency in compliance with the requirements of the currency legislation of Ukraine, etc.

When considering the classification of bills of exchange, they should be divided according to their form and methods of use into simple and transferable.

A promissory note means the obligation of one person to pay a specified amount of money to another person for goods supplied or services provided (Appendix 8). Two entities are involved in the preparation of a promissory note: the drawer (debtor), who issues the bill and undertakes to pay the amount of the debt within the specified period and signs it, and then transfers it to the holder (his creditor).

A bill of exchange is an order to the borrower to pay a specified amount to the bearer of the bill (Appendix 12). It is designed to move funds from one person to another using an endorsement - an endorsement. Three entities are involved in the preparation of a bill of exchange: 1) the creditor (drawer, drawer) - the person who issues the bill with an order to make payment; 2) debtor (drawee payer) - a person who receives an order to pay; 3) remittor (bill holder, first buyer of the bill) - the person in whose favor the bill is issued.

To recognize a document as a bill of exchange, it must contain a number of elements called mandatory details bills shown in table. 9.1.

Table 9.1. MANDATORY DETAILS OF BILLS OF TRANSFER AND PROMINAL BILLS, IN ACCORDANCE WITH THE GENEVA BILLS CONVENTION.

Details of the bill of exchange	Details of a promissory note
	1. The name “bill”, which is called bill mark
2. A simple and unconditional order to pay a certain amount.	2. A simple and unconditional obligation to pay a certain amount.
3. Name of the payer (drawee).
4. Indication of the payment period (on a certain date, after a certain period after the date of preparation, according to presentation, after a certain period after presentation of the bill of exchange)	3. Indication of the payment period (on a certain date, after a certain period after the date of preparation, according to presentation, after a certain period after presentation of the bill of exchange)
5. Indication of the place of payment.	4. Indication of the place of payment.
6. The name of the person to whom or on whose order the payment is to be made.	5. The name of the person to whom or by order of whom the payment should be made (creditor, bill holder).
7. Date and place of drawing up the bill of exchange	6. Date and place of drawing up the bill of exchange
8. Name, signature and exact address of the drawer.	7. Name, signature and exact address of the drawer.

The presence of the specified details is mandatory for the document to have the force of a bill of exchange. There are only three exceptions to the Geneva Exchange Convention:

when the text of the bill does not indicate a bill term, the bill is considered payable upon presentation;

In the absence of a special mark, the place indicated next to the name of the payer is considered the place of payment, as well as the place of residence of the payer;

A bill of exchange that does not indicate the place of its drawing up is considered to be drawn at the place indicated next to the name of the drawer.

A bill of exchange text may contain other elements, but their presence or absence does not affect the strength of the bill. Additional details:

1) to ensure the implementation of his requirements, the holder of the bill may demand acceptance of the bill from the drawee, which confirms his solvency and integrity and increases the strength of the bill of exchange. The acceptor has the right to carry out partial acceptance, that is, to agree to the entire bill amount, then the bill is considered unaccepted for the balance;

2) for the assignment of rights under a bill, its holder, acting as an endorser, receives an endorsement on the back of the bill or on a sheet attached to it - an endorsement in favor of the endorser;

3) in the bill of exchange, the drawer may stipulate that interest will be charged on the amount to be paid. In this case, the interest rate must be indicated in the bill, and if it is not, then the condition is considered unwritten. Such interest shall accrue from the date of issue of the bill of exchange unless another date is specified.

An important feature of bill of exchange law is the existence of joint liability of each of the persons who put their signatures on the bill. As a consequence, not only the acceptor (as in the case of assignment), but also all holders and guarantors are liable to the holder of the bill.

Organizational support for transactions with bills of exchange is determined by the bank. In banks that actively use bills of exchange, as a rule, specialized structural divisions are created, the activities of which will be discussed in more detail below.

Banks in the field of bill circulation can carry out credit, trade, guarantee, settlement, commission operations

When considering the classification of bank transactions with bills of exchange, one should pay attention to balance sheet (main) transactions with bills of exchange, which include credit bill transactions related to the provision or raising of funds against bills of exchange or secured by them, as well as trading operations for the purchase or sale of bills of exchange. In the general structure, credit operations with bills of exchange are divided into active (accounting for bills of exchange, providing loans secured by bills of exchange and purchasing bills of exchange) and passive (transferring purchased bills of exchange, obtaining loans secured by bills of exchange and selling purchased bills of exchange).

Trade bill transactions- these are transactions for the purchase or sale of bills of exchange at a price that is set as a percentage of the bill amount. Active trading operations include the purchase of bills of exchange, and passive trading operations include the sale of purchased bills of exchange.

The main ones among the bank's off-balance sheet transactions with bills of exchange are guaranteed bill of exchange transactions - operations that are accompanied by the bank's assumption of payment obligations on bills of exchange with the condition of paying the bills upon the occurrence of certain circumstances and within a specified period. Guarantee operations include avalization operations and the provision of guarantees to ensure payment of bills of exchange (for example, when making payments using a documentary letter of credit).

Off-balance sheet transactions also include settlement, commission and trust transactions of banks with bills of exchange. Settlement bill operations are operations that are divided into operations for processing debt with bills (acceptance of bills of exchange by the bank issued to the bank by the bank's creditor); issuance of promissory notes by a bank to a bank creditor; issuance by the bank of bills of exchange to the debtor of the bank; issuance of promissory notes to the bank by the bank debtor) and for settlement operations using bills of exchange (bill payment to the creditor bank; bill payment to the bank debtor).

Commission and trust transactions with bills of exchange are operations the implementation of which is associated with the collection of bills of exchange; payment of bills in which the bank acts as a special payer (domiciliary); storage of bills (originals, copies and copies); purchase and sale, as well as exchanges of bills on behalf of clients.

Agreements on credit, trade and guarantee transactions, as well as collection of bills and storage, purchase, sale and exchange of bills on behalf of clients (other banks) must be concluded in writing, taking into account the requirements of current legislation. Settlement operations can be carried out without agreements (contracts) on the basis primary documents(registers, acts, etc.).

In general, it should be taken into account that when carrying out transactions with bills of exchange, the bank takes on the following types of risks: credit, liquidity, interest, operational. To reduce these risks, the bank may include appropriate additional conditions in contracts.

1. A more detailed consideration of banking operations with bills of exchange should begin with credit operations of banks with bills of exchange. As already noted, active credit operations include transactions involving the accounting of bills of exchange and the provision of loans secured by bills of exchange.

1.1. In terms of economic content, the operation of discounting (discounting) a bill of exchange represents a transformation of a commercial loan into a bank loan, because the bank’s purchase of a bill of exchange is equivalent to lending to the bill holder for the period remaining until the bill is repaid. This credit is called an accounting credit.

Discounting (discounting) of bills of exchange is an operation consisting of the bank purchasing a bill of exchange with a personal endorsement from the bill holder before the due date of payment. Taking into account the bill, the bank provides a term loan to the bearer of the bill.

In this case, the bank becomes the full owner of the bill with all the rights and obligations in accordance with the bill of exchange law, and the holder of the bill receives the amount of the bill, reduced by the bank interest rate, which is also called a discount, as well as overhead costs for the operation.

The amount that is subject to withholding in favor of the bank from discounting (discounting) a bill consists of the interest rate (discount), and for non-resident bills - also porto (postage costs) and damno (fee for collection of non-resident bills).

The minimum is the remuneration that is withheld by the bank as a percentage of the full amount of the bill, but not less than the amount established by the bank for each point.

Porto is a fee that is retained by the bank in a certain amount for each

In case of a positive decision on the accounting of bills of exchange at the bank, a credit limit is opened to the client. The size of the lending limit depends on the value of the client’s bill portfolio, but cannot exceed the total creditworthiness of the latter. Since the accounting of bills presented by the client is carried out within the established limit, bank employees account for the client's debt (siege) by calculating the free balance of the debt. When discounting bills of exchange, the credit limit decreases, and when repaying bills of exchange, it increases.

As a rule, banks carry out transactions of discounting promissory notes against collateral. Only in certain cases is it allowed to account for bills of exchange without collateral, while the calculation of the credit limit is made taking into account the current limits of unsecured obligations of this client to the bank, including loans in the form of an overdraft.

Bills of exchange submitted for accounting must have at least two signatures: the drawer and the first holder of the bill. A larger number of transfer signatures indicates the high reliability of the bill. It is allowed to have non-negotiable endorsements on the bill of exchange (with the exception of the borrower's inscription), provided that, in addition to them, there are at least two signatures.

As for the terms of bill obligations, banks give preference to short-term bills (usually up to 90 days), since they are less dependent on changes in the client’s solvency and general economic conditions. For this reason, banks often refuse to honor bills of exchange with a due date.

Banks do not accept bills of exchange submitted by legal entities whose bills have been protested at least once, and with less stringent credit policy rules - have been protested within the last six months.

Bills of exchange for accounting are submitted to the bank according to registers. Registers of bills of exchange submitted for accounting in at least two copies are compiled by the bill holder in a form approved by the bank. The register contains information about bills of exchange transferred to the bank for accounting, namely: bill number, bill amount, name and details of the payer, date and place of payment. The register of bills submitted for accounting may contain information about the name, legal addresses, details of persons jointly responsible for the bill, including endorsers and avalist.

Registers of bills of exchange are numbered and recorded in the Statement of Registers Submitted for Accounting of Bills of Exchange. On bills of exchange presented to the bank for accounting, the borrower must affix a blank endorsement, leaving enough space before the signature for the bank's stamp, which will convert the blank endorsement into a personal endorsement.

The decision to discount bills is made by the credit committee (credit commission). An authorization inscription is made on each register indicating the number and amount of bills accepted for accounting, as well as the amount of interest and the loan term. The Certificate of acceptance and transfer of bills of exchange is signed.

The bill accounting operation occurs after the signing of the Bill Discounting Agreement, which specifies the subjects of the agreement, their rights and obligations, and the main parameters of the transaction. Such an agreement can be concluded in the form:

1) a separate agreement on the accounting of bills of exchange, which is concluded when accounting for certain bills of exchange;

2) General agreement on the accounting of bills of exchange, which is concluded for a certain period and involves establishing a debt limit for the accounting transaction.

Bills accepted for accounting are registered in a special Journal of Accounting of Discounted Bills, which is opened annually by the bank. After this, the bills are deposited at the cash desk (local bills are grouped by payment terms, non-resident bills - by place of payment), and the client receives funds for crediting to the current account within the period established in the accounting agreement, or through payment of accounts payable, subject to the submission of documents , confirming the existence of such debt.

Unaccounted bills are returned to the client's representative.

1.2. Loans secured by bills of exchange can be provided in the amount of 60 - 90% of the nominal amount of the bill of exchange in the form of:

Term loans, that is, loans whose repayment date is fixed by agreement with the borrowers. Such loans are usually one-time. The loan term is established in accordance with the repayment period of the bill (bills), and the debt on such a loan is accounted for in a simple credit account;

Demand loans (on-call loans), when the repayment period is not specified or the period is set before the maturity of bills of exchange from the collateral. On-call loans secured by bills of exchange designed to meet the constant needs of clients for working capital. A special on-call loan account is a demand account, since the bank, in turn, does not set a debt repayment period for the client and has an active-passive nature, i.e. provides for the possibility of both debit and credit balances.

Debit balances are limited by the credit limit; in addition, they accrue interest, similar to the calculation of interest payments on a contract loan. On credit balances, the bank may pay interest for holding funds in current accounts, or it transfers these balances to the borrower's main account.

The amount of the loan fee and the share of the bank loan in the nominal value of the collateral are determined by the bank depending on the creditworthiness of the borrower and the reliability of the bills of exchange provided as collateral.

To obtain a loan, the client submits to the bank a standard package of documents, as well as bills of exchange, which are intended to be pledged. Bills of exchange are handed over to the bank with a register of bills of exchange presented as collateral in at least two copies. The bearer is given a receipt for receipt of the bills of exchange (for example, on a copy of the register) and is assigned an approximate loan period or the day on which he must pick up the bills of exchange that were not accepted as collateral.

The bank and the client enter into a loan agreement, which contains a number of conditions that are mandatory for the borrower: 1) credit limit (credit line);

2) the maximum ratio between the collateral (total nominal amount of the bill) and possible debt in the range of 60-90% of the total amount of the bill;

3) the amount of interest on the loan and commission in favor of the bank;

4) place of storage of bills presented as collateral;

5) the right of the bank to close the account and demand at any time full or partial repayment of the debt or the provision of additional security;

6) the right of the bank to use the amounts received to pay off the bills accepted as collateral to pay off the debt;

7) the right of the bank to repay the client’s debt from amounts belonging to the client and located in the bank on other accounts of the client;

8) the right of the bank to allow the client, on his initiative, to replace some bills before the due date for their payment with others;

9) place of storage of bills pledged.

The bank accepts bills of exchange as collateral on the basis of a pledge agreement concluded with the bill holder-borrower, which also establishes the place of storage of the pledged bills of exchange.

Bills of exchange used as collateral can be deposited with a bank, public or private notary, and the borrower executes a pledge or transferable personal or blank endorsement on the bills accepted as collateral, the type of which is established by the pledge agreement, however, it is advisable for the bank to require that the borrower make a transfer endorsement .

Under the collateral endorsement, the following rights are transferred to the bank:

1) to submit for payment and receive payment on a bill of exchange;

2) to protest in case of non-payment or partial payment of a bill of exchange;

3) to file a claim for recovery of the due amount of payment against the persons obligated under the bill.

After the endorsement is completed, the borrower transfers the bill of exchange to the bank in accordance with the Transfer and Acceptance Certificate. The bank opens a personal account for the borrower to record:

a) the amount of the loan received;

b) interest accrued by the bank on the account, commissions and other expenses;

c) all amounts of money received to repay the loan;

d) amounts of bills of exchange received as security and are excluded from security in the event of their payment or replacement with new ones.

Since lending secured by bills of exchange is carried out exclusively within the remaining balance of the lending limit, an important task of bank employees is to control the size of the free balance of the limit and the condition of the bills of exchange pledged (reality, terms of their repayment).

Repayment of a loan secured by bills of exchange can be carried out by transferring funds by order of the borrower from his current account (after which the bills of exchange are returned to him), or by crediting directly to a special loan account payments received from the drawers on bills pledged as collateral.

Collection by a bank of a debt secured by a pledge of bills of exchange can also be carried out by:

1) presentation of a bill of exchange for payment to an obliging person, if the bill of exchange received is under a pledge or transfer endorsement;

2) sale of a bill of exchange, if it is received under a transfer endorsement.

Lending secured by bills of exchange is very attractive for enterprises that intensively use bills of exchange in their business activities and have a significant bill of exchange portfolio.

2. Passive credit operations with bills of exchange are operations with the repurchase of purchased bills of exchange and obtaining loans secured by bills of exchange.

2.1. In the event of a need for additional liquid funds, for example, in the event of an unexpected withdrawal of deposits by clients (funds in settlement, current and other similar accounts), the bank, in order to maintain its liquidity, can refinance in the institutions of the National Bank of Ukraine or in other banks on the terms of re-entry and re-pledge bills, in other words - accounting for bills already discounted by the bank.

The use of conversion for purposes other than ensuring liquidity is less advisable, since as a result of its implementation, the bank’s profitability from the accounting operation is reduced.

The methodology for carrying out the conversion operation is similar to the accounting of bills by banks.

At the same time, operations involving the repurchase of bills discounted by the bank or obtaining a loan against them from the National Bank of Ukraine or other banking institutions are also called refinancing of bill transactions. In the accounting market of each independent state, it is the central bank of issue that performs this special function in order to stabilize the banking system and support the liquidity of banks.

As already noted, the National Bank refinances banks through open market operations only against the security of government securities, bills of economic entities - residents of Ukraine and bills of the State Treasury of Ukraine, discounted by the bank at a discount rate not lower than the discount rate of the National Bank.

Refinancing of banks through open market operations is carried out against the security of government securities or bills discounted by the bank in the amount of up to 100% of the book value of government securities and up to 70% of the book value of discounted bills.

NBU institutions are granted the right to refinance commercial banks in the form of re-negotiation of bills, subject to the following conditions being met by the latter:

All bills of exchange submitted must not exceed 90 days in terms of payment and must be such that the bills can be received in a timely manner at the places of payment;

Bills of exchange submitted must have at least two signatures, not counting the signature of the commercial bank that submitted these bills, in addition to the payer’s acceptance;

The place of payment of bills submitted for redrawing must be in settlements where there are commercial banking institutions, a notary or a court;

Availability of a credit limit, etc.

At the same time, only discounted bills of exchange are accepted for re-pledge, and for re-pledge - both bills discounted under discount transactions and bills taken as collateral for loan transactions.

In practice, however, the National Bank of Ukraine almost never uses bills of exchange when refinancing commercial banks. That is, conversion operations are not performed, and pawnshop lending is carried out exclusively with the help of government bonds.

1. The consideration of off-balance sheet transactions with bills of exchange begins with guarantee transactions (validation of a bill of exchange and issuance of a guarantee secured by a bill of exchange), settlement transactions for formalizing debt with bills of exchange (acceptance of bills of exchange and others) and settlements using bills of exchange. Particular attention should be paid to the consideration of the procedure for acceptance lending and reimbursement.

1.1. Guarantee bill transactions are transactions that are accompanied by the bank assuming obligations to pay on bills with the condition to pay the bills upon the occurrence of certain circumstances and within a specified period. Bill guarantees can be explicit or hidden. Hidden bill guarantees of banks are provided as guarantees of payment (letters of guarantee), by inscribing the bank on the bill as one of the persons obligated under the bill, except for the avalist. Aval is explicitly provided.

Aval- this is a bill guarantee, as a result of which the person who made this guarantee (avalist) assumes responsibility in full or in part for the obligations of one of the persons obligated under the bill (drawer, acceptor, endorser). The bank's aval must indicate who it is issued for. If there is no such indication, then it is considered issued for the drawer. Aval can be issued at any time (drafting, issuing, any other stage of circulation of the bill).

Aval is made on a bill of exchange or on an additional sheet (allonge) indicating the place of issue. For aval, one signature is sufficient, put by the avalist on the front side of the bill of exchange (except for the signatures of the payer or drawer).

By valorizing a bill of exchange, the bank provides a term loan or a demand loan, depending on the maturity date of the bill. In this case, the avalist can be either a third party or one of the signers of the bill. He is a “second priority” debtor, since the aval comes into force only after the failure of the person for whom it was issued to fulfill obligations.

If the client fails to fulfill its obligations, the bank must pay the bill, after which it receives all rights as the owner of the bill of exchange both against the person for whom the aval was issued and against the persons who are obliged to this person. Banks set limits on the avalization of bills for each payer of the bill and for each bearer of the bill.

If the bank makes a positive decision on the avalization of bills of exchange, the amount that the client must pay is calculated on each bill of exchange register, and an avalization agreement is concluded with the latter.

On avalized bills, the bank charges interest on the aval loan and commissions, and if the credit risk is high, the bank will claim large commissions for making the aval.

Namely, in addition to interest, non-resident avalized bills may be charged a commission, damno and porto, as well as a commission for the obligation to provide an avalized loan. Such a commission is usually calculated as a percentage of the amount for which the bank has agreed to provide payment on the bill, for the period of validity of such obligation and regardless of whether the borrower has exercised the right to receive aval or not.

The bank is obliged to pay on a bill of exchange avalized by it in the following cases:

1) if there was a refusal of payment or acceptance - against the presentation of a protested bill of exchange;

2) if the drawee has stopped making payments, regardless of whether he accepted or not;

3) in the case of declaring the drawee bankrupt, regardless of whether he made the acceptance or not, or in the case of declaring the drawee bankrupt on a bill not subject to acceptance - against a court decision on declaring him bankrupt.

The bank is not obliged to pay an amount that exceeds the aval provided by it and to reimburse the bill holder for the costs of protesting the bill, unless this is specified.

The obligations of the avalist bank are terminated if it pays the bill.

The bank's responsibility as an avalist terminates in the event of:

Payment of the bill by the payer;

Payment of the bill by a person who signed earlier than the borrower;

expiration limitation period against the avalist bank.

After paying the bill of exchange, the avalist bank acquires the right of recourse against the person for whom he gave the aval, and against all joint and several debtors obliged to this person.

3.2. Off-balance sheet transactions also include bill settlement transactions, which are divided into:

Operations for processing debt with bills of exchange (acceptance of bills of exchange by the bank; issuance of promissory notes by the bank to the debtor of the bank)

Payment transactions using bills of exchange (bill payment to the bank to the creditor; bill payment to the debtor to the bank).

3.2.1. The most common settlement bill transactions is the provision of banker's acceptances (banker "-acceptance), which means accepted bills of exchange, for which the bank guarantees payment for the delivered products (work performed) by accepting its own instead of the client's bill of exchange. We are talking about the presence of a double guarantee of payment: the importer (payer), which provides funds to pay the bill, and the bank, which guarantees and makes direct payment.

Bills accepted by the bank, due to their high liquidity and reliability, act as an international means of payment.

The difference between the acceptance operation of aval, except for the form, is that the bank must pay the amount of the bill in any case, whereas with aval - only if the client fails to fulfill his obligations.

The bank's remuneration for the acceptance transaction consists of a commission, which is paid after reaching an agreement on acceptance. The accepting bank can receive additional income by accounting for the bill of exchange it has accepted, as well as by depositing the banker's acceptance on its behalf from the holder (the importer's expenses, in addition to the bank's commission, also include reimbursement to the exporter for the costs of accounting for the bill of exchange).

If the bank’s accepted operation (subject to the bank’s taking into account the bill of exchange accepted by it or the payment by the client or on his instructions of coverage - as in the case of an acceptance-reimbursement loan) develops into a loan, then the bank, in addition to the commission, also charges interest.

To reduce the risk of an acceptance operation, banks prefer to accept commercial bills of exchange, monitor the maturity of bills of exchange, and monitor commodity and cash flows. The combination of acceptance and reimbursement also reduces the risk.

Reimbursement- this is the client’s reimbursement of the payment amount before the payment deadline by bank acceptance (one to three days depending on the client’s reputation). To receive such compensation, banks receive commodity documents before the client pays the covering amount, check the client’s creditworthiness, may formalize transactions with a fixed-term obligation (promissory note), may require liquid collateral in the form of securities, bank guarantee and so on.

A common form of acceptance operation by banks is an acceptance-reimbursement credit, which is used in international contracts when the currency of payment does not coincide with the currencies of the countries that are subject to the agreement. Such a loan is a type of covered loan, accompanied by the opening of an irrevocable letter of credit and secured by trade documents.

The procedure for carrying out such an operation. The importer instructs the bank, with which there is an agreement to accept drafts, to open a letter of credit in favor of the exporter. After receiving trade documents from the exporter, instead of an accepted bill of exchange, the accepting bank debits the amount of payment on the bill of exchange and commission from the correspondent account of the importing bank. When the accepting bank and the importer's bank do not have correspondent relations, a third party - a commission bank - can take part in the transaction. In this case, the accepting bank debits the funds from the correspondent account of the commission agent, and then debits the correspondent account of the importer's bank. In both cases, the importer deposits the payment amount in his bank on the eve of the due date of the bill.

The acceptance loan is intended to cover working capital needs and cannot be used for investment purposes.

The bank keeps records of promissory notes and bills of exchange issued by it, as well as accepted drafts in the appropriate journal.

The debt can be formalized by bills of exchange either in full or in part. By agreement of the parties, interest may be accrued on the nominal amount of the bill in accordance with the requirements of the legislation on bill circulation.

3.2.2. Transactions involving settlements with bills of exchange for the repayment of bank accounts payable include bill payments in favor of the creditor. their essence lies in the fact that the bank creditor agrees to accept from the debtor bank the fulfillment of another (bill) obligation from the payer of the bill. Acceptance of a bill of exchange obligation occurs by transferring a bill of exchange purchased by the debtor bank to the bank's creditor.

When the debtor bank transfers the bill of exchange to its creditor, the following occurs: legal consequences: the obligation is terminated if the debtor is the maker of the promissory note or the acceptor of the draft, and the creditor is the first holder of the promissory note or the drawer of the accepted draft, and if there is no right of recourse against the debtor for the obligation on the basis of which the bill was issued.

If payment is refused, then the claim can only be filed on the bill of exchange.

3.2.3. Transactions involving settlements with bills of exchange for the repayment of receivables to the bank include bill payments by the debtor in favor of the bank. their essence lies in the fact that the creditor bank agrees to accept from the client-debtor the fulfillment of another (bill) obligation from the payer of the bill.

Acceptance of a bill of exchange obligation occurs by transferring the bill of exchange purchased by the debtor client to the creditor bank.

In case of repayment of receivables to the bank, the requirements for bills of exchange and the procedure for their acceptance are the same as for purchased bills of exchange.

At the same time, the use of bills of exchange for settlements of debt on a bank loan is not allowed.

Acceptance or transfer of bills of exchange by the bank during bill payments is carried out using the appropriate registers.

In the structure of commission and trust transactions with bills of exchange, it is also necessary to distinguish between the procedure for collection and domiciliation of bills of exchange, their storage, as well as the purchase, sale and exchange of bills of exchange on behalf of clients. When considering these issues, the student must know the procedure for determining bank payments for relevant operations.

3.3. The main commission transactions with bills are cashing and domicile transactions.

3.3.1. Banks can carry out the instructions of their bill-holder clients by accepting responsibility for presenting bills of exchange and accompanying commercial documents on time to the payer and collecting due payments. This service is called bill collection and belongs to commission transactions. 5 participants take part in the collection operation:

1) principal - the holder of the bill who gives instructions to collect the bill;

2) remittor - a bank that has been instructed to collect the bill of exchange;

3) collecting bank - a bank that participates in collection, but is not a remitting bank;

4) payer of the bill;

5) “previous bank” - the collecting bank that presents bills of exchange to the payer

Collection of bills is carried out in two types: a) pure collection;

6) documentary collection.

The bank carries out clean and documentary collection of bills on the basis of an agreement on collection of bills concluded with the principal, and an order for collection, which contains the full instructions of the principal. Such an order for collection must have a register or description of the bills accepted for collection.

Banks, accepting bills of exchange for collection, require the presence of banking institutions at the place of payment. As a rule, banks refuse to collect non-accepted bills of exchange, as well as non-domiciled bills.

By carrying out collection, the bank does not assume responsibility for these bills, so the attractiveness of such an operation lies in the withdrawal of commission fees and the temporary disposal of resources that can be used for active operations. At the same time, the bank does not bear any risk, and its role is reduced only to the exact execution of the client’s instructions, since the bank’s expenses can only arise in case of violation of the terms of the agreement

In general, the bank’s income from collection operations includes:

1) commission, which is withheld as a percentage of the total amount of the bill, but not less than the amount established by the bank for each point (minimum commission);

2) reimbursement of expenses for sending and receiving bills of exchange;

3) for non-resident bills there is also a date and a port.

3.3.2. To ensure payments are made on time, a bank institution may act as a special payer by domiciling the bill. That is, in contrast to the collection service, the bank, as a domicile, is not the recipient of the payment, but the payer of the bill.

Domicile of a bill is an order to pay bills at a special place of payment, different from the location (domicile) of the person who is indicated as the payer of the bill. Accordingly, a bill that is payable at the place of domicile is called domicile; its external feature is the inscription on the face of the bill by the maker of a promissory note or bill of exchange or the acceptor of a bill of exchange, together with the signature of the person performing domicile. Those bills of exchange, the payment of which must be made at the location of the payer, are considered non-domiciled, and the person intended to pay such bills is a special payer. Accordingly, a domiciliant is a person appointed to pay bills outside the location of the payers (special payer at a special place of payment).

Payment of bills in which the bank acts as a special payer (domiciliant) is carried out by the bank on behalf of the principal-payer of the bill on the basis of instructions received from the principal, that is:

Acceptance of bills for payment from the legal bill holder;

Making payments on bills of exchange;

Transfer of bills to the payer after full payment of the bill.

To perform the domicile service, a special agreement is concluded between the bank and the bill holder, according to which the bank undertakes to pay for the bills provided to it by the client (principal) for an appropriate fee - a commission, and the client undertakes before the due date for payment of the bills (3-5 days) reserve funds in the bank in the amount of domiciled bills at the expense of one’s own or borrowed funds (loan).

The main conditions for payment by the bank on domiciled bills of exchange are:

1) submission of the original bill of exchange and the accompanying register of bills presented for payment;

2) availability of funds for payment in the appropriate account.

After paying the bills, the bank notifies the client about this and returns the bills to him against receipt, or sends them with a message about payment.

If the client does not deposit funds sufficient to pay the bill, then the bank refuses to pay it, and the seller of the bill protests against the payer (but not against the domiciliary bank).

Thus, a bill payable to a bank does not constitute an order or obligation of the bank to make payment. Acting as a domicile, the bank does not take risks, since it pays the amount of the bill only if the payer has transferred the bill amount to it in advance or if the payer has sufficient funds in his account and authorizes the bank to debit from his account the amount necessary to pay the bill. Otherwise, the bank refuses payment, and the bill is protested in the usual manner against the drawer.

3.3.3. Trust operations with bills include storage of bills - this is the implementation by the bank on behalf, on behalf and at the expense of the principal (bill holder) of operations with bills on the basis of instructions received from the principal, that is, to carry out operations in the form of closed and open storage of bills (originals, copies and copies):

1) storage;

2) by transferring the original bill of exchange and its copy to the legal holder of the bill;

3) by transferring a copy of the bill of exchange, which was intended for acceptance, to the legal holder of another copy of the bill;

4) by transferring originals, copies and copies of bills of exchange to another person on the terms specified by the bill holder.

Open storage of a bill of exchange is the storage of a bill of exchange on the terms that are specified in the accompanying instruction for storage, which is submitted to the bank accompanying the bill of exchange and contains precise and complete instructions regarding the bank’s actions with the bills of exchange. Such a deposit order must contain a register of bills of exchange that are being transferred. It is also sufficient for storage.

Accordingly, closed storage of bills is the storage of bills by providing the bill holder with a deposit box in the bank's vault (safe) without any instructions regarding the bank's actions with bills. Carried out on the basis of a storage agreement, which may consist of storing certain bills for a certain period, without specifying a period or on demand. It may contain conditions regarding the bank’s property liability.

When storing with subsequent transfer of bills of exchange to the principal and persons specified by the principal, the bank does not assume any responsibility for the form, completeness, accuracy, authenticity, counterfeit, or legal significance of the bills.

Also, the bank is not responsible for the insolvency, negligence, or mistake of the person to whom, in accordance with the instructions of the instruction for safekeeping, the bill of exchange must be transferred.

According to the terms of the agreement, the bank undertakes to store bills of exchange, be responsible for all consequences in connection with their destruction and damage, guaranteeing the return or transfer of bills.

The bank carries out storage of bills of exchange on the basis of a storage agreement concluded with the principal.

For carrying out a storage operation, the bank may receive a commission in its favor, the amount of which can be set either as a percentage of the cost or amount of bills, or as a fixed amount per bill. The bank's tariff is taken into account using different methods: depending on the storage time, the number of denominations of bills and bills.

3.3.4. One of the types of bill transactions of banking institutions is the provision of consulting services to clients. Providing advice (consulting) is a specific type of communication between a bank and a client, in which the adviser (bank) tries to help the client solve existing problems or problems that will arise in the future. At the same time, the bank consultant is not directly responsible for completing the task as such, but only helps the client effectively solve these problems. This type of operation should include the development of bill settlement schemes, methodological assistance in improving bill settlements of enterprises, etc. The Bank is not responsible for the consequences of implementing the decisions it proposes.

For the provision of consulting services on the bill market commercial Bank receives a commission

3.3.5. The bank carries out the purchase, sale and exchange of bills on behalf of clients on the basis of commission and commission agreements at a price that is set as a percentage of the bill amount. Then, to fulfill commission agreements, the bank enters into agreements with counterparties for the purchase, sale and exchange of bills.

Acceptance or transfer by the bank of purchased, sold or exchanged bills is carried out according to registers. The bank carries out legal examination of bills of exchange and examination of bill forms. In case of forgery, incomplete filling of bill details, signatures of persons who did not have the authority to do so, etc., the bank refuses to carry out a commission transaction.

The bank that carries out the commission agreements performs in this case the functions of a securities dealer. Therefore, its divisions and its document flow are subject to all the requirements not only of the NBU, but also of the National Commission for Securities and the Stock Market. This concerns qualification requirements for specialists of bank bill departments and heads of bank institutions, reporting submitted to the National Commission, and maintaining bill transaction numbers.

It is advisable to formalize the transfer of ownership rights under a bill of exchange using a blank endorsement.

When purchasing bills of exchange on behalf of a client, the bank can provide the latter with a loan or ensure the fulfillment of his obligations by guarantee or guarantee on the general principles of bank lending. In this case, the bank takes on credit, and in certain cases, interest rate risks.

To conclude the topic, it should be noted that agreements on credit, trade and guarantee operations, as well as collection of bills and storage, purchase, sale and exchange of bills on behalf of clients (other banks) must be concluded in writing, taking into account the requirements of current legislation. Settlement operations can be carried out without agreements (contracts) on the basis of primary documents (registers, acts, etc.).

During transactions with bills of exchange, the bank takes the following risks: credit, liquidity, interest, operational.

The bank must ensure documentation of the movement of bills. In particular, the acceptance and transfer of bills of exchange is carried out by the bank on the basis of the relevant primary documents, which must contain a register (inventory) of bills of exchange.

In this topic, it is important to pay attention to the directions of development of operations with bills of exchange of leading foreign banks in countries with market economies.

The organization of work with bills of exchange in a bank and the peculiarities of the examination of bills of exchange are subject to separate consideration.

Namely, the bank independently makes decisions on organizational support for transactions with bills of exchange. Banks must have an appropriate specialized structural unit, the main functions of which are, in particular, to coordinate the implementation of bill transactions by bank institutions, control over compliance with legislation when the bank carries out bill transactions, etc. As a rule, bill work in a commercial bank is concentrated in such a division. It's not just about Bank operations(accounting for bills, issuing loans secured by bills, collection, etc.), but also about trading in bills.

It should be noted that trading in securities in accordance with the Law of Ukraine “On State Regulation of the Securities Market in Ukraine” is one of the types of professional activities in the securities market, the implementation of which requires special permission from the National Commission for Securities and the Stock Market.

In order to effectively conduct bill transactions, the bank develops and approves the organizational structure of divisions and functional interaction between them. This structure is complemented by the development of regulations, instructions, standard documents, technological maps etc. Each employee must be familiar with their functional responsibilities and limits of authority. As a rule, decisions on active bank operations are made by the credit committee. This body also makes all decisions on issues of registration of accounts payable with bills of exchange of the borrower, etc.

Namely, we can note such functional responsibilities for working with bills of exchange of structural divisions of a banking institution.

The debt department is responsible for:

o for the general coordination of the bank’s transactions with bills of exchange;

o maintaining cards for trust transactions with bills of exchange;

o registration of primary documents for transactions with bills of exchange;

o maintaining a unified database on bank transactions with bills of exchange;

o preparation of reports on bank transactions with bills of exchange in the National Commission for Securities and the Stock Market of Ukraine and the National Bank of Ukraine;

o maintaining management accounting for transactions with bills of exchange. Functions of the cash operations department:

Issuance of bills of exchange to employees of the debt department;

Sale of bill forms to bank clients;

Issuance of bill forms.

Storing bill forms and executed bills in the bank vault.

Control accounting and reporting (accounting for transactions with bills of exchange):

o drawing up and providing internal and external users with accounting reports, forms, and other documentation regarding the bank’s transactions with bills of exchange;

o implementation by order of employees of the debt obligations department accounting entries on transactions with bills;

o maintaining tax accounting bank operations with bills.

The Department of Active-Passive Operations (in relation to credit operations with bills of exchange) is responsible for:

For accepting customer applications for credit operations that involve the use of bills of exchange (providing and receiving loans secured by bills of exchange, other credit operations within the direct competence of the active-liability operations department);

Preparation and execution of primary documents for credit transactions with bills of exchange;

Preparation of reports for the National Bank of Ukraine regarding credit transactions with bills of exchange.

The functions of the legal department for claims work with bills are:

o review and approval of agreements regarding transactions with bills of exchange;

o presenting bills of exchange to notaries to perform notarial acts;

o preparation of legal documentation from claims work related to bills of exchange;

o representation of the interests of the bank in civil and economic courts when considering disputes arising during transactions with bills of exchange.

An important element of making effective decisions on bill market and counteract fraudulent activities in the country's bill market is to conduct a comprehensive examination of bills of exchange by banking institutions.

The work on checking bills is conventionally divided into three areas: legal and economic examination and examination of bill forms.

If, as a result of this check, it is possible to identify the fact of forgery, falsification, or the absence of at least one element of technical protection of the form, then such a fact, by a court decision, may become the basis for declaring the form invalid.

The examination of bill forms by specialists of the responsible division of the bank ends with the drawing up of an act.

Conducting an examination of bills of exchange (checking forms, calculating discounts, consulting services, checking the validity of the issuer, etc.) is an independent banking service.