Bank loans - not only a popular, but sometimes an indispensable resource for supporting the financial activities of both ordinary citizens and entire organizations. Loans have their advantages and disadvantages, which you need to familiarize yourself with before proceeding with the loan. And if the option of lending for a number of reasons did not fit, then it is worth considering alternative types of obtaining funds, we will also talk about them. So what are the advantages and what are the disadvantages?

The main positive aspects of bank loans:

• a small list of documentation required for presentation (especially when it comes to consumer loans);
• the possibility of receiving money for any purpose and at any time (when applying for a non-purpose loan);
• receiving money for the purpose of investing or promoting business operations;
• different loan terms depending on the terms and types of loans;
• accessibility to the general population;
• when choosing non-cash lending, payments can be made online or by electronic transfers;
• by prior arrangement, the loan can be repaid ahead of schedule;
• the cost of the loan is included in the production costs of the organization, which makes it possible to reduce taxable profits;
• you can receive funds in cash, to an account or a card, and you can also repay a loan using different options;
• loan conditions create the prerequisites for competent planning of your own budget (this is true for both individuals and organizations).

Of course, the main advantage of loans is the widely advertised ability to immediately get what you can not buy for cash. And when planning large purchases, such as the purchase of real estate or a car, loans are really indispensable. In this case, they replace the long-term accumulation of funds (which, for a number of reasons, is not always successful).

Surprisingly, but loans are not highly dependent on inflation. This factor affects more the ability of citizens to save money, and the repayment of an already taken loan becomes easier. Indirectly, the growth of inflation should have a positive effect on the decision of a private person to take out a loan.

Is there an alternative to loans?

An alternative to a bank loan are private loans and leasing G. Private loans - is the provision of funds by one individual to another. There are fewer paperwork here, but there is a high risk of facing gray schemes and higher interest rates.

The essence of such a concept as leasing - in a finance lease of an item that continues to be owned by the owner. And as a result of lending and acquiring an object, an organization or a citizen becomes its full owner, and not a tenant. However, the loan is accompanied by an encumbrance in the form of payment of the debt established under the loan agreement. In addition, bank loans have some other disadvantages, which should be discussed in more detail.

Disadvantages of loans

The following are considered negative aspects when applying for and using a bank loan:

• high interest rates;
• when applying for a target loan, the possibility of spending funds only for specific purposes;
• a system of pledges and guarantees that burdens not only the borrower, but also his relatives;
• at early repayment the borrower is forced to pay commission to the bank(in most organizations);
• an abundance of bureaucratic delays, both when applying for a loan by individuals, and in commercial lending to legal entities;
• strict refund schedule and penalties for delay;
• a number of stringent requirements for borrowers in reputable banks, which check in detail the solvency of customers;
• additional paid services, about which bank employees may not warn the borrower;
• increased risk of being deceived when receiving funds (especially if the loan is issued for a long time).

All types of bank loans are combined top three disadvantages:

1. Urgency. The debt must be repaid first.
2. Service fee. The bank charges interest for the loan.
3. Recurrence. The need to repay funds with interest imposes a certain burden on the borrower.

Those wishing to take a loan in foreign currency and at the same time save money, it is better to find out all the nuances of the exchange rate in advance. Such loans are rarely profitable, rather, on the contrary: with frequent fluctuations in exchange rates, it may turn out that the amount of debt will increase many times over, and with it interest will also increase.

What is the risk of collateral?

Particularly uncomfortable, according to borrowers, is the need for collateral when applying for a loan. For the bank, the pledge becomes a security for the payment of debt obligations in full. However, for the borrower, collateral is fraught with a whole list of potential risks. The fact is that:

1. The owner cannot fully dispose of the pledged property without the approval of the bank.
2. On demand financial organization the pledged property must be insured, in addition, the borrower himself is also subject to insurance. This leads to an increase in additional costs.
3. If the borrower is insolvent, the mortgaged property can be sold by the bank through the courts.

When paying off a loan, the borrower overpays significantly compared to the amount taken from the bank. Of course, this is beneficial to the bank, but not to the person being credited.

Overpayment on loans issued by banks may exceed the amount of the principal debt so carefully consider the need for a loan.

Features of investment lending to enterprises

For organizations, credit has undeniable benefits:

• selection of a profitable and convenient loan scheme and its subsequent repayment;
• fast attraction of the required funds;
• maximum secrecy and minimum risk of disclosure of the terms of the transaction;
• flexible terms for legal entities;
• borrowed funds are not taxed.

For permanent borrowers, banks provide preferential terms for re-lending. Raising a loan usually takes 14 to 60 days, which is much faster than raising funds through shares or finding investors.

Among shortcomings bank loans for a legal entity can be noted:

• possible violation of the financial stability of the organization due to the involvement borrowed money and their subsequent payment;
• obligatory provision of property as collateral;
• low loan approval rate;
• the difficulty of obtaining funds for a long time due to the tough policy of the Central Bank;
• high interest rates.

It is more profitable for legal entities to build their business on own funds, because credit finance must not only be paid, but also repay serious interest. However, it is borrowed money that is the basis for the functioning of most organizations and individual entrepreneurs.

Conclusion

Credit funds in the modern world range from 10 to 50% of all borrowed money. With some negative aspects of the lending market, only this option is able to provide a quick solution to financial problems for both citizens and organizations. And if you plan the payment schedule correctly, then there will be no problems with the return of funds.

In contact with

Instruments of monetary policy pursued by the Central Bank of the country.

Goals and instruments of monetary policy.

Monetary policy of the state consists in changing the money supply (the amount of money in circulation) in order to change demand, the price level in the national economy, the volume of national production and employment.

The main objectives of monetary policy are:

1. + Stimulation of credit and money issues during economic stagnation (policy of cheap money);

2.- Restraining credit and money supply in the face of inflation (policy of dear money).

The change in the money supply is carried out mainly not by increasing or reducing the issue of cash, but by influencing the volume of commercial lending.

Monetary Policy carried out by regulating the money supply in circulation.

Operate three the main tools that allow the Central Bank to influence the money supply in the country:

1. Change in reserve norms: the bank keeps part of the money in the account of the Central Bank.

2. Carrying out on the open market operations of buying and selling government valuable papers.The purchase of government securities by the Central Bank increases the money supply in the country, and the sale reduces it.

3. Setting the discount rate (refinancing rate). The rate at which the Central Bank lends to other banks. Such loans do not require mandatory reservations. The low rate allows the bank to lend to the people, also at low rates. And vice versa.

advantage efficiency of its impact on the economy.

disadvantages Ineffective during deep depression

Cheap money policy is carried out with a decrease in the value of real GDP and an increase in unemployment, it is aimed at increasing the level of economic activity and employment by expanding lending to business entities. This is possible with cheaper loans, i.е. lowering their interest rates

Expensive money policy The Central Bank sells government securities, increases reserve norms and refinancing rates. As a result of the reduction in the amount of money in economic circulation, interest rates on loans will increase, and the number of people who want to take out expensive loans will decrease significantly.

Cheap money policy	Expensive money policy
Problem: recession, unemployment	Problem: inflation
The Central Bank should buy securities, lower the required reserve ratio or the discount rate	The Central Bank must sell securities, increase the reserve requirement or raise the discount rate
Money supply rises	The money supply is shrinking
Interest rate goes down	Interest rate rises
Investment costs increase	Investment costs are falling
Real NNP increases by an amount that is a multiple of the increase in investment	Real NNP is reduced by an amount that is a multiple of the decrease in investment
Unemployment is declining	Inflation is declining

43. Commercial bank: concept, types, functions.

Bank- an economic institution involved in attracting and allocating financial resources. Commercial banks representative sob. the main "nervous" centers of the monetary system. Modern commercial bank yavl. credit and financial institution of a universal character. In the early stages of the development of banking, commercial banks served mainly trade, credited transportation, storage and other operations related to Comrade. exchange.

Functions of commercial banks - it is first of all accumulation of termless deposits(maintenance of current accounts) and payment of checks issued to these banks, as well as lending entrepreneurs. These credit institutions also carry out settlements and organize the payment turnover on the scale of the entire national economy. On the basis of their operations, credit money arises (checks, bank bills). At the turn of the 80-90s. began the active introduction of commercial banks in different countries into the insurance business. As a result, customers of commercial banks can use the services of the widest range.

Commercial banks can be classified:

1. By form of ownership. Depending on the ownership of capital, there are:

State banks, if capital commercial bank belongs to the state. There are two types of state banks - central banks, which carry out their operations and policies in accordance with the requirements of the economy, not aiming to make a profit. State commercial banks provide services to sectors of the economy, lending to which is unprofitable for private capital, ensuring the implementation of the state policy in the field of lending to the economy, influencing investment, intermediary and settlement operations.

Joint-stock banks are the most common form of bank ownership at the moment. The equity capital of such banks is formed through the sale of shares. There are open joint stock companies (JSC) and closed joint stock companies (CJSC). In the first case, shares are sold to everyone, in the second case, they are distributed only among the founders or other, predetermined circle of persons. The main founding document of joint-stock banks is the Charter.

Cooperative (share) banks, the capital of which is formed through the sale of shares. Rarely seen in practice.

Municipal banks - formed at the expense of municipal property or under the management of the city.

Mixed banks, when the bank's own capital combines different forms of ownership.

Joint banks, or banks with the participation of foreign capital, if their authorized capital is owned by foreign participants or branches of banks in other countries. For example, in Russia in 2008 there were 202 banks with foreign capital.

In accordance with Federal Law No. 395-1 “On Banks and banking» banks in Russia can be established as a limited or additional liability company, Joint-Stock Company(open or closed).

2. By nature economic activity distinguish between issuing, commercial, specialized banking institutions. The issuing bank issues banknotes, respectively, the central bank of the country acts as the issuing bank. Commercial banks are credit organizations that provide credit and settlement services to industrial, commercial and other enterprises and organizations, the population. Specialized banking institutions are engaged in lending to a specific type of activity (for example, mortgage, investment, savings, industry and other banks).

3. According to the terms of loans issued, short-term banks - issue loans for up to three years, and long-term loans - issue long-term loans (over three years, for example, mortgages).

4. On an economic basis, they distinguish depending on the industry served - industrial, commercial, agricultural banks.

5. By territory, banks are divided into local (regional), federal, republican and international.

6. Large, medium and small banks are distinguished by size.

7. According to the volume and variety of operations, banks are divided into universal (perform all types of operations) and specialized (mortgage, investment, innovative, savings and other banks). The list of performed operations is determined by the license.

8. By the presence of a branch network, banks are distinguished with branches and without branches. For example, according to the results of 2008, there were 809 branches of the Savings Bank of Russia in the Russian Federation - an extensive branch network itself.

Despite the existing various types of commercial banks, they all have bodies that manage their activities.

The concept of the bank's credit policy includes a number of factors, actions and documents that determine the further development of the institution in the direction of providing attracted customers.

With the help of credit policy, it is possible to more clearly organize the process of issuing loans, determine its basic principles, adopt the most effective methods and means of implementation, and identify key priorities and strategic objectives.

The credit policy regulates the functioning of the system for issuing loans, helps to deal with the issues of processing and movement of documents faster and more professionally, and contributes to the correlation of the institution's lending activities with the overall strategy of professional activity.

Bank credit policy instruments

At the disposal of commercial banks is a fairly large number of tools, the specifics of the functioning of which are determined by various factors. According to the terms of impact, the instruments are divided into long-term and short-term, according to the principle of regulation, qualitative and quantitative, according to the form indirect and direct, according to the objects of influence - supply and demand for financial resources.

All of the methods listed above actively interact with each other within the framework of their use in unified system. In countries where the economy is at a high level of development, central banks operate as completely independent structures. This independence is expressed in the ability to independently choose the types and methods of using tools that help implement monetary policy.

Credit policy of a commercial bank

The credit policy of commercial banks is a more prosaic concept. Here we are talking about the development of specialized programs aimed at lending to individuals and legal entities. The basis of the credit policy commercial organizations, as a rule, is the optimal ratio of the level of profitability and potential risks that are found in the process of carrying out certain operations. The policy in the lending segment of large and experienced commercial banks differs significantly from their vision of the situation of younger competitors. For this reason, there are financial institutions on the market that impose increased requirements on borrowers and vice versa, those that literally issue “left and right”.

Factors affecting credit policy

A number of microeconomic and macroeconomic factors almost equally affect the credit policy of financial institutions.

The first group includes such indicators as the liquidity of assets in the context of a particular enterprise, the specialization of an individual banking institution, features of the client base, attraction of additional financing and features of the resource base. The level of staff qualifications in some cases plays a decisive role, since not all specialists, for example, are able to work with unreliable borrowers.

Among the macroeconomic components, first of all, I would like to note the level of competition in the banking sector, the state of quotations of the national currency, interest rates, inflation, as well as the stage business cycle, on the passage of which the state is at the moment.

Legal issues should not be discounted either, since they can influence the size of bank reserves, changes or not changes in interest rates, as well as other parameters of work by sending the administration of commercial banks the relevant directives.

Directions of the bank's credit policy

Among the main directions of the credit policy of commercial banks, I would like to single out such a term as a developed policy. The process of its implementation consists in the development of documents and instructions that determine the stages of interaction with customers and the criteria for their evaluation, the features of regulating the main operations, as well as other equally important points. The main feature of the credit policy of any bank is rightly considered to be its fickle nature. The adopted provisions are subject to regular review and revision, depending on changes in the economic situation in the state.

The risk of the bank's credit policy

Among the main risks of the credit policy of banks, errors in the process of implementing the adopted provisions are distinguished:

1. Inexperienced management may allow the creation of low quality assets, depriving the institution of a stable source of income.
2. The low quality of work with personnel leads to the formation of an unprofessional team, whose work does not have the best effect on the characteristics loan portfolio financial organization.
3. In the absence of due attention to strategic objectives and goals, managers risk losing the opportunity to finance profitable and economically promising projects, as a result of which the institution will lose a number of potential key clients.
4. Among the risks of credit policy is also the inability to establish long-term relationships with customers who are able to generate high income.
5. Spraying on highly competitive methods that are not justified in some cases is also not recommended.

Bank credit policy requirements

The main requirement of the credit policy of any commercial bank is the need for enhanced work on long-term relationships with legal entities acting as borrowers. This work is based on pre-approved criteria for selecting clients. As a rule, this refers to the possibility of securing the received loan, the availability equity of adequate size, successful financial and economic experience in the segment for a long period, the level of profitability and stability of the business, the transparency of the schemes on the basis of which the company's income and profit are formed.

In the framework of interaction with representatives of small businesses, the credit history, reputation and personality of the manager play a decisive role.

Objectives of the bank's credit policy

The main goal of the credit policy of any banking institution is rightly considered to be profit maximization against the background of minimizing potential risks. Based on the possible options for the ratio of these components and resources that are currently available, the current tasks of the credit institution are determined, including control over the lending process, technological features of operations, as well as the choice of one or more areas of lending.

Apparatus for managing credit operations and the powers of bank employees

The powers delegated to the bank for lending are strictly differentiated in rubles and in dollar terms. The management apparatus is responsible for organizing the functioning of the credit process credit operations. And the powers of bank employees depend directly on the experience and qualifications of the staff. The bank accepts the maximum risk on the borrower in the prescribed amount, which may be in the range of 100 thousand dollars. and more. The amount of lending depends on a number of factors, including previously overdue loans, the structure of the loan portfolio.

In practice, bank employees use a number of techniques that contribute to the organization of credit management. Influencing factors: the creditworthiness of the person and the degree of risks taken. An employee of the bank considers the type of credit, the amount and time of repayment of previously accepted credit obligations, based on the studied data, offers individual or complex credit services. Responsibility for disbursed funds most often rests with the branch manager.

Organization of the credit process at various stages of the implementation of the loan agreement

Organization of the credit process at various stages of implementation loan agreement depends on the credit policy of the organization carried out by bank employees: requirements, analysis, lending methods. It is represented by the stages of forming a list of applications, negotiating with potential borrowers, assessing the feasibility and degree of risk in connection with a positive decision to issue funds, the process of obtaining a loan, monitoring the execution of the contract and the intended use of the funds received, closing the repayment agreement full amount and interest due for the use of the loan.

The guarantor of the successful functioning of the credit sector of each branch is the responsibility of the bank's employees for a complete study of the indicators of the client's financial stability. Thus, the successful credit policy of the bank is to use the maximum possible loan funds attracted customers with minimal risk.

Banking control and credit process management

The lending industry brings maximum profit to financial and credit organizations, provided that the bank maintains a policy of constant monitoring of each stage of the operation. Preliminary control of a credit transaction allows you to select the most creditworthy persons from the submitted applications. Current control is performed to check the credit history, information and documents provided by the borrower, risk analysis.

Subsequent banking control and management of the credit process is carried out after the client receives funds and is performed until the end of the contract. It includes the stages of control over the movement of credit funds and the constant financial well-being of the client, guardianship of collateral and timeliness of payments. Effective management of the credit process is to protect the loan portfolio.

Credit policy in work with legal entities

The banking credit policy in working with legal entities implies fruitful long-term cooperation in connection with the formation of a good loan portfolio with minimal risks. Legal entities selected according to a number of criteria will be offered interesting terms of cooperation from the point of view of minimizing costs.

The assessment of the stability of a legal entity is subject to the factors of cleanliness of bookkeeping, business profitability and its strategic stability in difficult times of crisis, the availability of equity and property that can be offered as security for loan obligations.

Credit policy for individuals

Lending individuals all financial institutions that have received permission to perform lending operations are involved. Given the credit policy of a particular bank, financial analysts calculate income programs offered to customers as loan products. The lending policy for individuals includes specialized long-term offers ( , ), individual loans(targeted, preferential), opening short-term credit lines within the financial capabilities of clients ().

The credit policy imposes restrictions on borrowers by age, permanent income and work experience, and other criteria. When assessing the solvency factor, an analysis of credit history is carried out, and the presence of cash balances in customer accounts at the end of the month is also taken into account.

The essence of the credit policy of the bank

The essence of the bank's credit policy is a set of measures aimed at creating such credit and investment proposals and products that will minimize the riskiness of operations and obtain a high share of profitability. Virtually complete risk-free loans are secured by collateral issued in national currency under conditions of economic stability of the country.

However, it is always important to analyze external economic factors of influence, such as the instability of currencies, crisis factors leading to instability. Then it is advisable to introduce a policy of restricting lending. The purpose of the credit policy is to calculate the amount of funds and expenses that is desirable and effective for lending, which should be neglected.

The content of the bank's credit policy is an individual issue directly related to the goals set and the chosen credit policy. The strategy and tactics of banking decisions in the field of lending determine the essence of the policy of a particular institution. The primary strategic role here is played by the priority direction of development. A number of financial institutions prefer to develop in one direction, like car loans or lending to the agricultural sector, for example, others aim to provide services to the entire lending industry.

Tactics includes all the tools and methods for achieving the set goals, taking into account the formation of rules, rates, conditions. Important factors: the qualifications and diligence of the staff in order to avoid mistakes and make irrational decisions.

Advice from Sravni.ru: The bank's credit policy is a universal tool, the correct use of which determines the general financial results work of a particular institution. If you were issued a loan in one of the banks, despite a damaged credit history, then the policy of the institution provides for the possibility of taking such a risk. If an individual bank is engaged exclusively in long-term mortgage lending, then such provisions are formulated in the document on its credit policy. Unfortunately, the basic principles of the work of certain banks are hidden from individuals and legal entities with seven seals. Therefore, potential borrowers often have to independently determine what this or that credit institution is really capable of.

Monetary policy is a set of measures of the central bank and the government in the field monetary circulation and credit.

The monetary policy of the central bank (monetary policy) is a set of government measures that regulate the activities of the monetary system, the loan capital market, the procedure for non-cash payments in order to achieve a number of general economic goals: stabilizing prices, economic growth rates, strengthening monetary unit.

Monetary policy is an essential element of macroeconomic policy.

All impacts are reflected in the value of the total social product and the national product.

The main objectives of the state monetary policy:

• 1. Curbing inflation
• 2. Ensuring full employment
• 3. Regulating the rate of economic growth
• 4. Softening cyclical fluctuations in the economy
• 5. Ensuring the sustainability of the balance of payments
• 6. Principles of monetary and credit regulation of the economy

Monetary regulation of the economy is carried out on the basis of the principle of compensatory regulation, which implies the following:

• 1. the policy of monetary restrictions, which involves limiting credit operations by increasing the reserve funds for participants in the credit system in the central bank; raising the level of interest rates; limiting the growth rate of the money supply in circulation compared to the mass of commodities;
• 2. policy of monetary expansion, which involves stimulating credit operations; reduction of reserve norms for subjects of the credit system; falling lending rates; acceleration of the turnover of the monetary unit.

The development and implementation of monetary policy is the most important function of the central bank. It has the ability to influence the volume of money supply in the country, which in turn allows you to regulate the level of production and employment.

The main tools of the central bank in the implementation of monetary policy:

Regulation of official reserve requirements is a powerful means of influencing the money supply. The amount of reserves (the part of banking assets that any commercial bank is required to keep in the accounts of the central bank) largely determines its lending capacity. Lending is possible if the bank has enough funds in excess of the reserve. Thus, by increasing or decreasing reserve requirements, the Central Bank can regulate the lending activity of banks and, accordingly, influence the money supply.

The main tool for regulating the money supply is the purchase and sale of government securities by the Central Bank. When selling and buying securities, the Central Bank tries to influence the volume of liquid funds of commercial banks by offering favorable interest. By buying securities on the open market, he increases the reserves of commercial banks, thereby contributing to an increase in lending and, accordingly, an increase in the money supply. The sale of securities by the Central Bank has the opposite effect.

Traditionally, the Central Bank provides loans to commercial banks. The rate of interest at which these loans are issued is called the discount rate of interest. By changing the discount rate of interest, the central bank affects the reserves of banks, expanding or reducing their ability to lend to the population and enterprises.

The factors that affect demand, supply, and interest rates can be grouped under the heading "monetary policy instruments".

The Central Bank sets minimum interest rates for its operations. The refinancing rate is the rate at which a loan is granted by commercial banks, or it is the rate at which the Central Bank rediscounts their bills.

The Bank of Russia may set one or more interest rates for various types of transactions or pursue an interest rate policy without fixing the interest rate. The Bank of Russia uses interest rate policy to influence market interest rates in order to strengthen the ruble.

The Bank of Russia regulates the total volume of loans issued by it in accordance with the accepted guidelines of the unified state monetary policy, while using the discount rate as an instrument. Bank of Russia interest rates are the minimum rates at which the Bank of Russia carries out its operations.

The interest rate policy of credit institutions, being part of the national monetary policy, has a significant impact on the development national economy, its stability. Commercial banks are usually free to choose specific interest rates on loans and deposits and use some indicators reflecting the state of the short-term money market as benchmarks in the implementation of interest rate policy. On the other hand, the central bank, in the process of targeting, sets intermediate monetary policy goals that it can influence, as well as specific tools to achieve them. This may be the refinancing rate or interest rates on central bank operations, on the basis of which the short-term interbank lending rate is formed, etc.

The problems of identifying the factors influencing the interest rate policy of commercial banks have been of concern to specialists since the formation of economic theory. However, answers to many questions have not yet been found. Modern studies aimed at identifying the optimal rules for the implementation of national monetary policy are based to a greater extent on econometric models.

In theory and practice, methods of direct and indirect regulation of national monetary policy are considered. From the point of view of interest rate policy in the narrow sense (rates on credit and deposit operations, the spread between them), the instrument of its direct regulation is the setting by the central bank of interest rates on loans and deposits of commercial banks, indirect instruments are the setting of the refinancing rate and the rate on central bank operations in the money and open markets.

Interest rates on loans and deposits as instruments of direct regulation are not often used in world practice. For example, the People's Bank of China sets rates that are considered indicative for the banking system. At the same time, the bank's policy is aimed at reducing the spread, which in the first half of 2006 was 3.65%, and by the end of 2009 - 3.06%, which indicates sufficient liquidity of the Chinese banking system.

In many countries, including Russia, the refinancing rate has become more of an indicative indicator, giving the economy only an approximate guide to the value of the national currency in the medium term, since it has been in an unchanged state for a long time, while real rates in the money market change every day.

According to existing legislation, commercial banks are required to allocate part of the funds raised to special accounts with the Central Bank.

Since January 2004, the Central Bank has established the following amounts of deductions to the mandatory reserve fund of the Bank of Russia: for ruble accounts of legal entities and foreign currency of citizens and legal entities, as well as for ruble accounts of citizens - 3.5%.

The maximum amount of deductions, i.e., the required reserve ratios, is 20% and cannot change by more than 5% at a time.

This ratio allows the Bank of Russia to regulate the liquidity of the banking sector.

Reserves serve as a current regulation of liquidity in the money market, on the one hand, and as a limiter on emission credit money-- with another.

In case of violation of the required reserve ratios, the Bank of Russia has the right to recover in an indisputable manner from the credit institution the amount of outstanding funds, as well as a fine in the established amount, but not more than the double refinancing rate.

Operations on the open market, which are understood as the purchase and sale by the Bank of Russia of government securities, corporate securities, short-term transactions with securities with the conclusion of a reverse transaction later. The limit of operations on the open market is approved by the board of directors.

In accordance with the law of July 10, 2002 No. 86-FZ (as amended on October 27, 2008) “On the Central Bank Russian Federation(Bank of Russia)" The Bank of Russia has the right to buy and sell bills of commodity origin with a maturity of not more than 6 months, buy and sell bonds, certificates of deposit and other securities with a maturity of not more than 1 year.

Refinancing - lending by the Bank of Russia to banks, including accounting and rediscounting of bills. The forms, procedure and conditions for refinancing are established by the Bank of Russia.

Refinancing of banks is carried out by providing intraday loans, overnight loans and holding Lombard loan auctions for up to 7 calendar days.

Currency regulation should be considered from two sides. On the one hand, the Central Bank must monitor the legality of foreign exchange transactions, on the other hand, the change in the exchange rate of the national currency against other currencies, avoiding significant fluctuations.

One of the methods of influencing the exchange rate is the conduct of foreign exchange interventions or motto policy by central banks.

Foreign exchange intervention is the sale or purchase by the Central Bank of foreign currency on foreign exchange market for the purpose of influencing the exchange rate and the total demand and supply of money. These, obviously, should also include transactions for the purchase and sale of precious metals on the domestic market of the Russian Federation, the procedure for which is regulated by the letter of the Central Bank of the Russian Federation dated December 30, 1996 No. 390.

The main tasks of the exchange rate policy in Russia are to strengthen confidence in the national currency and replenish gold and foreign exchange reserves. At present, the monetary base is fully secured by gold and foreign exchange reserves.

Under the direct quantitative restrictions of the Bank of Russia, the establishment of limits on the refinancing of banks, the conduct by credit institutions of certain banking operations are accepted. The Bank of Russia has the right to apply direct quantitative restrictions in exceptional cases for the purpose of pursuing a unified state monetary policy only after consultations with the government of the Russian Federation.

The Bank of Russia may set growth targets for one or more indicators of the money supply based on the main directions of the unified state monetary policy. In Russia, the main aggregate is the monetary aggregate.

To date, the monetary policy of central banks is guided by monetarist principles, where the Central Bank is tasked with tightly controlling the money supply, ensuring a stable, constant and long-term growth rate of the amount of money in the economy, equal to the GDP growth rate.

Other factors that affect demand, supply and interest rates include:

• 1. the situation in the real sector of the economy;
• 2. return on investment in production;
• 3. the situation in other sectors of the financial market;
• 4. economic expectations of business entities;
• 5. the need for banks and other business entities in cash to maintain their liquidity.

Politics of cheap and expensive money

Depending on the economic situation in the country, the central bank pursues a policy of cheap or expensive money.

Cheap money policy

characteristic of the situation of economic recession and high level unemployment. Its goal is to make credit money cheaper, thereby increasing aggregate spending, investment, production, and employment.

To implement a cheap money policy, the central bank may reduce the discount rate on loans to commercial banks or purchase government securities on the open market or reduce the reserve requirement, which would increase the money supply multiplier.

Dear money policy is carried out in order to reduce the rate of inflation by reducing aggregate spending and limiting the money supply.

Includes the following activities:

• 1. Raising the discount rate of interest. Commercial banks begin to take less loans from the Central Bank, hence the money supply is reduced.
• 2. Sale of government securities by the central bank.
• 3. Increase in the norm of reserve requirements. This will reduce the excess reserves of commercial banks and reduce the money supply multiplier.

All of the above instruments of monetary policy referred to indirect (economic) methods of influence. In addition to these general methods of monetary regulation, the whole bank also uses direct (administrative) methods designed to regulate specific types of credit. For example, a direct limitation on the size of bank loans for consumer needs.

Monetary policy has pros and cons. Strengths include speed and flexibility, less dependence on political pressure compared to fiscal policy. Problems in the implementation of monetary policy are created by cyclical asymmetry. The effectiveness of monetary policy can also be reduced as a result of an opposite change in the velocity of money.

Money-credit policy Central Bank The Russian Federation is a set of government measures that regulate the activities of the monetary system in order to regulate the economic situation and achieve a number of general economic goals: strengthening the monetary unit, stabilizing prices, restructuring the economy, and stabilizing economic growth rates.

There are two main types of monetary policy:

• 1. Restrictive monetary policy. It is aimed at implementing measures that regulate the activities of the monetary system by limiting the volume of credit operations of commercial banks and raising interest rates. Its implementation is usually accompanied by an increase in taxes, a reduction in government spending, and other measures aimed at curbing inflation and improving the balance of payments. This policy can be used both to fight inflation and to smooth out cyclical fluctuations in business activity.
• 2. Expansionary monetary policy. It is characterized, as a rule, by the expansion of the scale of lending, the weakening of control over the increase in the amount of money in circulation, the reduction in tax rates, and the lowering of interest rates.

Both types of monetary policy can be either total or selective. With a total policy, the measures of the Central Bank of the Russian Federation apply to all CBs, with a selective policy - to individual credit institutions. When using a selective policy, it is practiced to use the following set of instruments or their combinations: setting limits on accounting and re-registration operations (by industry, region, etc.), limiting certain types of CB operations, setting a margin when conducting various financial and credit operations, regulating the conditions for issuing certain types of loans to different categories of borrowers, setting credit ceilings, etc.

Selective policies are resorted to when financial markets are poorly developed, when they are not able to provide a sufficiently effective redistribution of funds and investments in the right directions.

This policy contributes to a change in credit flows in certain sectors of the economy, on the other hand, it hinders the normal functioning of the credit and financial system in connection with the creation preferential terms lending to individual counterparties. Choosing a Specific Type of Monetary Policy

The Central Bank of the Russian Federation is carried out on the basis of the state of the economic situation. At present, the Central Bank of the Russian Federation is pursuing a policy of a managed floating exchange rate of the ruble against major foreign currencies. This allows you to increase the saturation of the economy with money. In practice, the Central Bank of the Russian Federation combines both types of monetary policy, which allows creating conditions for a gradual reduction in inflation and ensuring sustainable economic growth.

Read about the advantages and disadvantages of a bank loan. Despite the variety of sources for raising capital, credit is the leader in terms of frequency of use. However, its popularity is a consequence of marketing and conservatism of borrowers.

What is this article about:

In a competitive market, one of the success factors of a company is the ability to finance a business: the sources of resources and the terms of attraction determine the results of the organization in the long term. A task of any level of complexity can be solved by various instruments for attracting borrowed capital: bank loans, leasing, commercial loans, factoring, and others. However, despite all the variety of choices, the undisputed leader in terms of frequency of use is a bank loan. At the same time, the popularity of the product is more likely a consequence of marketing and the conservatism of borrowers than the unique conditions and advantages of a loan as an instrument.

Classification of bank loans

Bank lending instruments represent an extensive classification of products according to the main parameters:

• presentation format,
• repayment technique,
• economic destination,
• term of use,
• loan amount,
• way to ensure
• other additional features.

Given these criteria, banks provide the opportunity to attract financing in the following main formats:

1. Classic (one-time) loan: provides for a one-time transfer to the borrower of the full amount of the loan for a period, as a rule, more than 12 months for replenishment working capital or investment (with a repayment schedule and a pledge of current and/or acquired property). The source of return is profit.
2. Overdraft: short-term loan (up to 12 months) , the sole purpose of which is to finance cash gaps in the course of operating activities. It is provided without collateral, but has a volume limiter - usually as a percentage of the company's turnover. The source of return is revenue.
3. Credit line: a derivative of a classic loan in terms of the borrower's additional opportunities to change the format of provision / repayment. The main parameters of the transaction are the validity period and the credit limit. Depending on the selected conditions, the borrower has the right to partially repay the debt by increasing the limit (revolving credit line) or receive the entire loan amount in installments in several tranches (non-revolving credit line).

Other types of bank debt financing can be classified as special purpose loans, including settlements on bills , bank guarantees and other tools.

Benefits of bank lending for a company

Before analyzing bank loans, let's single out one of the key factors, which, depending on the actual data, can act as both an advantage and a disadvantage of a bank loan. It is about the credit history of the borrower, which is central to banking system solvency assessments. A positive assessment can be a good argument in negotiations to reduce the rate or increase the amount of debt, a negative story can significantly increase the cost of the instrument and the timing of its attraction.

An indisputable argument in favor of bank lending is wide range of offered products: terms, rates, format of issuance and repayment, levels of security - almost any borrower can solve the problem of financing with the help of bank lending tools.

Another advantage of the bank is high level of trust on the part of borrowers, transparency and clarity of conditions for company management. Often, management decides in favor of a bank loan, even though its terms are less favorable compared to other options. In making this decision, the directors rely on their experience with banking products, the general reputation of the lending institutions and, as a rule, the existence of an ongoing business relationship with a particular bank (for example, an RKO). So, for example, when it is necessary to solve the problem of cash gaps due to a permanently high level of receivables, in most cases a decision will be made to open an overdraft facility without considering alternative options, including factoring.

If the company has problems with the timely repayment of the debt, you can run loan restructuring process . Although this step will have a negative impact on the borrower's credit history, the bank's well-established mechanisms in terms of revising the terms of debt financing are conditional insurance for the enterprise against significant business losses due to a default.

The main disadvantages of a bank loan for business

Similar to the specifics of the credit history factor, some systematic advantages of banks can turn into disadvantages in some situations. Flexibility in terms of bank loans does not always make it possible to agree on the required format of financing. For example, the amount of an overdraft, as a rule, does not exceed half the amount of the average monthly revenue for a certain period. In this case, the bank is guided by an extremely tight credit policy. And if the business needs more funds, then most likely it will be rejected, even in the case of a positive credit history, good relations with bank employees or the presence of cash settlement agreements with the same bank.

Another important point is the need for collateral almost all types of bank loans. Usually, only an overdraft does not require collateral. Funding for more essential conditions will be implemented through collateral: non-current (land, real estate, buildings, equipment, transport) and current (goods, materials, products) assets. Usually banks allow the provision of partially unsecured loans to borrowers in the amount of up to 30% of the total debt. This condition is an opportunity for the company to compare the collateral conditions of various banks and find the best solution for a particular case. The requirements for collateral transfers to the risk zone (in terms of failures) small businesses, start-ups, and individual entrepreneurs.

The terms of debt financing in the strategic horizon also has a significant drawback. In an unstable economy banks are less willing to consider long-term loans, since a high proportion of funds issued for a long period reduces the liquidity of the bank itself, which, of course, affects the cost of such a loan. In addition, long-term loans are usually issued for the purchase of a specific object. Thus, attraction of resources in project financing scenarios extremely difficult in most banks.

Alternatives to a bank loan

Refusal to attract a bank loan opens up opportunities for the enterprise to apply for alternative sources of debt financing: factoring, leasing, commercial credit. Each of the instruments occupies its own niche and is quite capable of competing with banking products similar in purpose.

Leasing

Leasing is a tool that replaces long-term targeted bank loans. The fundamental difference between leasing and credit is the object of use. If a bank loan involves the issuance of funds, in the case of leasing is a certain property (transport, equipment, real estate). To choose the best option according to the criterion of economic feasibility, it is necessary to calculate not only interest expenses, but also determine the influence of the depreciation factor in tax accounting, as well as the residual value of the object. Leasing has the following main advantages over a bank loan:

1. Does not apply to leasing regulations Central Bank, which means that the requirements are more loyal;
2. The term for consideration of an application for leasing, as a rule, is lower than for a bank loan due to a simpler procedure for processing an application;
3. Unlike a loan, leasing is focused on a long-term period. Thus, there will be no additional "banking" interest burden in the form of long-term interest for offsetting liquidity risks. The standard term is 2-3 years, while the contract can be concluded for 10 years;
4. There is no collateral in standard leasing agreements, since the lessor transfers the rights to the object to the lessee only after paying the last payment;
5. The leasing company solves part of the organizational issues for the facility: verification of the supplier and delivery conditions, customs clearance (in case of import), insurance, commissioning and maintenance (by agreement).

The key disadvantages of leasing include the lack of ownership of the object by the lessee until the moment of full redemption. This is an important circumstance, since in the event of a property dispute, the leasing company will act as the owner of the property. In addition, the lessee has additional risks in the form of dependence on the stability of the lessor's business.

Leasing payments are subject to VAT. Therefore, if an enterprise is exempt from paying VAT (for example, it operates under a simplified taxation system), then the amount of VAT will be included in the cost in full.

Commercial loan and factoring

When solving the problems of cash gaps, the company has three standard solutions: to issue an overdraft in a bank, to conclude an agreement with a factoring company and to optimize the credit policy in terms of the conditions of a commercial loan. The results of using a commercial loan tool depend largely on the specific actions of the company's management, and the credit policy should be optimized regardless of the presence of liquidity problems. In a situation of imminent threat of insolvency, the company is faced with the task of finding a fast and reliable solution, factoring may be the best choice.

At the core factoring operations - assignment of the right to claim receivables . Thus, with the help of factoring, the entire proceeds of the enterprise can be converted into cash in a timely manner. Bank overdraft limits usually allow you to cover only half of the turnover. At the same time, factoring, like overdraft, does not require collateral. The main criterion for concluding a transaction and affecting its conditions is high-quality receivables.

Other advantages of factoring over an overdraft are that the company does not need to switch to cash settlement with a creditor, as well as freer documentation of the transaction. By connecting factoring, the borrowing company also provides itself with a high-quality independent verification of key business partners.