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§ 3. The specialised credit organisations as the factor of a sustainable development of bank system

One of the most effective mechanisms of maintenance of a sustainable development of bank sphere and on its basis to stimulate with the state development of priority spheres of economy creation of specialised credit institutes, in particular, the investment banks and development banks is.

Now in stabilisation processes in bank system especially important there is a question on stimulation of investment activity of banks for economy development. At present the legislation provides such measures of tax stimulation of investment activity, as an establishment of a special order of levy and gathering by granting of the investment credit. Investment activity of banks is regulated by measures of tax stimulation only by granting of privileges to the enterprises using bank credits for the purposes of realisation of capital investments. (The law «About the profit tax» ch. 7 items 6).

Necessity of change of tax laws is obvious to more scale attraction of bank resources in investment process. It is a question of changes in tax laws for stimulation of investment activity of banks to a substantiation of necessity of an establishment of privileges under the profit tax, received by banks from capital financing. Considering high risks of crediting, scale participation of banks in investment process only by introduction of a tax privilege is difficult for expecting. Therefore in a situation of insufficiency of budgetary funds it is necessary to consider involving possibility in the state investment process of the resources accumulated by bank system, by granting of the investment tax credit to banks in case of crediting by them

Socially significant investment projects. Bank investment crediting will allow to reduce the sums

The state and municipal capital investments that will promote economy of financial resources.

In Russia some years exist professional participants of the market, operations and which programs of development allow

To characterise them as germs of the investment banks. Pix activity technologically and upravlencheski is separated from activity of commercial banks. Sources of the capital of the given structures

(Founders) commercial banks, and also the private businessmen having an operational experience in the financial market, and partly large industrial corporations act first of all.

The investment banks focused on long-term financing of the domestic industry are extremely necessary for modern Russian economy. Therefore it is necessary to develop and instal the federal act about the investment banks and investitsionnobankovskoj activity. Thus it is necessary to establish differentiation of fields of activity commercial and the investment banks and to forbid, or it is essential to limit a number of kinds of activity for commercial banks. For the investment bank in turn it is necessary to establish the maximum share of actives which can fall to the state securities and short-term speculative not state securities. Investment bank activity should be regulated Federal Commission on Securities.

It is represented, that these approaches can be realised in the law «About the investment banks and investitsionno-bank activity» provided that the investment bank is the bank focused mainly on long-term investments in work in the market of investment (issue) securities and investment credits.

Its main activity is activity on attraction of financing for clients.

The investment bank has the right to be engaged in all kinds of activity defined in the Federal act «About banks and bank activity», except those operations which can be carried out by exclusively commercial banks on the basis of the licence of the Central bank of the Russian Federation (cash service, conducting settlement accounts, forfejting, faktoring, etc.). Thus commercial banks should exclude from the activity:

- Fulfilment of operations at own expense with issue corporate securities and with derivative securities (except hedging operations);

- Performance of broker services in the market of corporate issue securities;

- Performance of services in management of actives in the market of corporate issue securities.

The maximum share of actives of the investment bank which can fall to the state securities, should constitute 30 %; the share of actives of the investment bank, falling to short-term speculative not state securities, cannot exceed 10 %.

Investment bank activity should be regulated by the Federal act «About the investment banks and investitsionnobankovskoj activity» and decisions of the Federal commission on a securities market. For reception of the status of the investment bank it is necessary to have licences for dealer and broker activity for a securities market, on activity on management of actives on a securities market, on depozitarnuju activity.

The purpose of activity of banks of development is the direction of the resources in priority programs and projects on lower

To interest rates. The primary goals and principles of the organisation and tools of credit activity of banks of development go on formation of resources and granting of guarantees. Development banks, both international, and national, differ on organizatsionnopravovym to forms, ways of formation of financial resources, the purposes and crediting methods, and also on size of the capital. On a pattern of ownership prevail state (or with primary participation of the state capital) credit institutes of development. They differ and on target reference points of the activity. For example, in the late forties - the beginning of 50th years national banks of development

Promoted post-war restoration of a national economy on the basis of granting of preferential long-term credits. The next years the given banks of development realised new problems and used new tools of crediting and sources of formation of resources. In 90 e years have been created the European bank of reconstruction and development which is aimed at maintenance of market transformations in the countries Central and the Eastern Europe including Russia.

In the conditions of globalisation of economic processes, complication of economic communications and increase in bank risks a modern line is strengthening of specialisation of bank institutes, expansion of sphere of their influence. Practically in all it is successful developing countries development banks play the leading part in the course of transformation of savings in the investment. The special status of banks of development is fixed legislatively. To such banks special controlling instrument of their operations, in particular, by an establishment of special obligatory specifications of activity and definition of size of bank risks is applied.

For Russia experience of functioning of national banks of development is rather actual. Realisation of the state interests in the field of crediting of innovative programs can be carried out only through the specialised credit organisations, in particular, through development banks. Now there is a process of creation of the Russian bank of development (RBR). The bill about RBR is developed. Now it is discussed in a legislature. The initial capital is created, the licence is received and the first projects of innovative crediting are considered. However created model RBR is not to the full debugged yet. In particular activity through banks - intermediaries and other organizational principles.

The basic function of the given bank is assistance to economic development in whole (for example, assistance to development of new sectors of economy, the newest technologies, small enterprises). For this reason the priority of the private interests directed on reception of the maximum profit, conflicts to problems of bank of development. From here follows, that the development bank cannot be the organisation, whose problems include exclusively or mainly profit reception. Owing to it the state or official bodies should be the founder of bank of development. Private shareholders can have also the share in the bank capital, but it should not be blocking at the decision-making, concerning strategic directions of activity of bank of development.

The development bank should have faultless reputation and high degree of credit status as among sources of refinancing of programs of development there are budgetary funds, resources of national bank system, the international organisations and foreign investors. Thus the state as the founder of bank of development should not only give it solid capital base, but also guarantees on operations. It will allow domestic and foreign investors to give to bank of development of means for long term.

The development bank should be politically neutral and as much as possible separate from political ambitions that on national and international level to be reputed as the competent and reliable partner in the enterprise environment, and to bank board

Professionally and independently to run business of bank in the frameworks, the provided laws and the bank charter. Thus activity of bank of development should be equitable to interests of current state economic policy of the country both its intermediate term and long-term prospects. C the account of it development banks can be both highly specialised, and versatile.

The state gives to development banks all-round support and assistance not only as the founder, but also through a policy of stimulation of investment activity, granting of guarantees and insurance. In particular, attraction of budgetary funds for financing of operations of bank of development; a direction of all profit in reserve and other funds; restriction of dividends of possible not state shareholders; tax exemption; granting of guarantees of the state under bank obligations; possible clearing of an obligatory reserve or reduction of norm of obligatory reservation of means in the central bank; a premise of a part of obligatory reserves of commercial banks in the bond of bank of development; an establishment of a special order of refinancing in the central bank; granting of fiscal incentives under incomes of bonds, emitriruemyh development bank; an establishment of the state guarantees under bonds of bank of the development, placed in the financial market.

The given measures will allow development banks to direct possible profit on realisation of projects carried out by them and a covering of credit risks. Besides, they give the chance to bank to receive big freedom of activity under own responsibility.

Special position of bank of development allocates it from the general competitive environment, its cooperation with commercial banks on a basis subsidarnosti and divisions of labour is adjusted. The development bank operates only in those areas where commercial banks or the market of capitals in an insufficient measure are capable of crediting and financing. The bank of development, as a rule, does not give direct credits to final borrowers, and directs resources through serving banks. It allows to carry out, on the one hand, own credit to the policy, appreciably independent of a conjuncture of the financial market, with another, to do without own network of branches, to save means for the maintenance of administrative personnel and employees. The bank of development uses the commercial banks working directly with clients. Banks serving clients which have passed selection for transfer of credits, become banks-intermediaries in the course of stimulation of development of economy. Thus, principle observance subsidarnosti is expressed in forwarding of credits by development bank, and process of forwarding of credits assumes an estimation of the investment project and risk, bank-intermediary search, monitoring of the subsequent stages of process of crediting, risk division under the given credit with bank - the intermediary. In an estimation of credit status of investors banks-intermediaries use the information available for them and long-term contacts C by clients.

The system of placing of given credits through serving banks allows to lower expenses on crediting, and, hence, the credit price. C the financial and economic and general economic point of view investment of bank of development with the starting capital represents the defensible investments of the state which are paid back during

On

Concerning the short term, and economy promoting in the long term growth.

Realisation of idea of creation in Russia the state bank of development (RBR) as a measure of stimulation of development of real sector of economy has started to be carried out in 1998 [45] RBR represents the state credit organisation in the form of open joint-stock company with participation of the state in its charter capital at a rate of not less than 75 percent plus one action.

By main objectives of activity RBR it has been defined:

- Accumulation of financial resources of external and internal sources for realisation of the state investment policy, including accumulation of a part of depreciation charges of the state organisations intended on renovatsiju;

- Financing and crediting of investment projects in real sector of economy, including included in the Budget of development of the Russian Federation, and also other projects included by the Government of the Russian Federation or Federal assembly of the Russian Federation in lists of projects, offered for realisation with rendering of the state support; examination of the projects offered to realisation at the expense of means of the Budget of development of the Russian Federation and means of other sources, an at conducting and disposal RBR;

- Crediting of working out, manufacture and delivery to export

Hi-tech production, manufacture development

importozameshchajushchej production; support of investment and other projects in real sector of economy by delivery of bank guarantees and use of other financially-legal tools;

- The analysis of an actual state of affairs and development of offers concerning the investment policy for representation to their Government of the Russian Federation and the Central bank of the Russian Federation;

- It was entrusted to development bank to carry out also cash execution of the Budget of development of the Russian Federation and financing obshchefederalnyh investment programs.

Under the law on budget RBR is the agent of the Government on attraction of the foreign investments involved through World bank and the European bank of reconstruction and development. Besides, the bank can be employed on release of the state investment loans as in the country, and abroad. Besides, according to legislation RBR could dispose in the investment purposes of the development Budget. Considering traditionally low in the Russian conditions norm of profitableness of crediting of real sector of economy, it is represented expedient to develop and approve legislatively a number of tax and other privileges for development bank, for example, by an establishment of lower profit tax or cancellation of the given tax; reduction of norm of deductions in fund of obligatory reserves; premises of a part of obligatory reserves of commercial banks in the bond of bank of development.

There is also an opinion, that all banks, including banks with the state participation, should have the general status and work on the basis of the rules developed by the Central bank. If performance of specific state problems does not allow them to correspond to shown requirements it is expedient to name them not banks, and agencies or the departments specially created by the government. The presented position is worthy. Similar agencies and departments exist in foreign practice of financing of investment programs.

Considering the point of view of lawyers that RBR it is expedient to organise in the form of agency or department, there is a question on legitimacy of investment with its status of the credit organisation [46]. In Russia the investment institute of development also is the organisation providing as a principal view of activity crediting of economy, and considering, that the bank of development does not involve population money resources in contributions, carries out the limited set of specialised bank services, it is expedient to organise it in the form of not bank credit organisation.

And debatable in the course of creation of the Russian bank of development the question on forms and mechanisms of participation of the state in insurance and warranting of investment risks is not less actual. Many experts consider, that the development bank should be the main institute of management of investment state guarantees. Various mechanisms of the organisation of system of the state guarantees on financing of investment projects are thus offered.

As is known, in steadily developing economy the state guarantees are the most reliable kind of maintenance of involved extra means. These guarantees are provided with all kinds of budgetary and off-budget receipts of the country, first of all - collected taxes. In steadily working economy the state has possibility to establish the giving quarter, tax mode stimulating investment activity providing a high collecting of these taxes in the monetary form. As a result the state guarantees have high reliability and liquidity, reduce risks, providing the financed party financial stability.

From

In modern Russian economy the situation is cardinally other. The economy works insufficiently steadily. The tax base is narrow and can tend to the further compression. The state is forced to increase budgetary receipts not so much by base expansion nelogooblozhenija, how many by strengthening of fiscal pressure upon the few rather stably working manufacturers of the goods and services, and so providing the basic tax payments. Strengthening of this press goes in all directions: the nomenclature of taxes, gathering and other obligatory payments increases; effective tax rates grow; the taxation centre of gravity is transferred from net profit on a total gain. The tax mode characterised (for the budget) by a low collecting of taxes, a high share of non-payments, a low share of money resources in actually collected taxes (a high share of barter and monetary substitutes) is as a result formed prohibitive for the investor. Such filling of the state guarantees (at the expense of the future tax revenues) in modern Russian conditions is very unreliable, has low liquidity and high risk.

Besides, in the conditions of not enough developed Russian stock market, corporate guarantees of the domestic companies also are not reliable maintenance of extra means involved with them for realisation of investment projects.

In the circumstances experts in financing of investment projects offer the new mechanism of "the state guarantees» with essentially other filling, than it traditionally is understood today as the given term. In particular, in their opinion, in modern conditions the most reliable filling of the state guarantees can be provided within the limits of mechanisms of design financing, when as maintenance of the extra financial

Means (involved for realisation of this or that investment project) the future financial streams generated by the project serve. Thus the highest reliability of return of involved means is provided with mechanisms of agreements on production section (SRP) which legal base is the legislation about SRP. Its central element is the law «About agreements on production section» [47]. Mechanisms SRP, even in the conditions of astable economy and prohibitive tax system, can provide to the investor legal stability for all term of realisation of the project, and also the individual trunk-call tax mode providing achievement of steady balance of interests of the state and the investor as the parties of the investment project.

The mechanism of the agreement on production section gives the chance to provide reliable and vysokolikvidnoe filling of the state guarantees, and exposed both on federal, and at regional level. Experts offer the following scheme of filling of state guarantees at the expense of SRP. By preparation of the feasibility report on the project on the terms of the agreement on production section dynamics natural and project cost indexes for full term of its working out pays off. Production share, publicly owned (the royalty, bonuses, a part of profitable production, etc.) is defined. Distribution of publicly owned profitable production between federal and regional budgets is provided by the current legislation on the basis of the special contracts concluded by the federal and corresponding regional authorities under each project SRP.

Thus, the state, in the name of its federal and regional bodies, even prior to the beginning of project realisation - at a stage of the approved FEASIBILITY REPORT - has accurate idea about when and how many it will receive incomes of the given project. It gives the chance to use the future incomes of the project as maintenance under involved for working out of the project of the investment. High level of legal stability SRP (legal security of the investor within the limits of SRP for all term of realisation of the project) reduces risks of default of production program SRP owing to the possible unilateral actions of the government infringing interests of the investor.

According to the current legislation, volumes of the state guarantees exposed as maintenance for external loans on the next year, should affirm the federal act about the budget. In its frameworks volumes of state guarantees under realisation of projects of agreements on production section are summed up and exposed by separate line.

Today the Russian legislation demands the statement of each project SRP the separate federal act. It means, that at budget formation the next year it is enough prosummirovat under the ratified agreements volumes of state shares. C other party, ratification of separate projects provides to investors the maximum legal protection in the conditions of high instability of the Russian economy and by that essentially lowers risk and raises a long-term financial rating exposed on the basis of SRP the state guarantees.

Transfer of function of institute of the government by investment guarantees to the Russian bank of development within the limits of investment with its functions of the manager of the state guarantees is optimum. RBR can give out the state guarantees (in their traditional understanding) for a total sum 50 mlrd rbl. At realisation of the given mechanism, the volume of convertible and liquid state guarantees with 100 %-s' reliability of their return can increase against the specified sum. It is one of possible ways of the organisation of effective design financing of the Russian projects on the terms of SRP even in the conditions of financial crisis and essential loss of trust to the Russian state in the international financial market.

The organisation of activity RBR testifies to how many the vital economic and political interests the given problem mentions. Undoubtedly one - the Russian bank of development can carry out not only long-term and effective crediting of real sector of economy, but to it the key role is taken away in it.

Before development banks there are problems which are defined, in - the first, scale and variety of its activity; secondly, a target orientation, depending on concrete socially - economic and political conditions in the country, and also the economic doctrine to which the economic policy of this or that state follows.

For Russia the decision of a problem of overcoming of non-uniformity in development of separate state territories, for example, is important. As the given problem will lose the sharpness, the big efforts will go on creation, for example, a competitive export potential or change of technological structure of the capital in key economic branches of the industry by decrease kapitalo - materialo - and labour inputs of manufacture.

Before development bank there will be also other problems which owing to certain conservatism and orientation to the clientele and highly remunerative operations commercial banks on themselves do not take. For example, on creation of new manufactures and maintenance of employment of the liberated workers and technicians, a reshaping of manufacture and institutsionalnye changes in credit and financial systems, re-structuring of branch of a national economy, development of the small and average enterprises, to stimulation of innovative processes in economy. In the generalised kind it is possible to formulate following general problems of banks of development:

- Support of target groups and target sectors of economy;

- Restriction of credit risks;

- Assistance to innovative processes.

For support, for example, such target group of economy, as the small and average enterprises. Formation of wide productive and competitive sector of averages and small enterprises is the important factor for transition to market relations since averages and small enterprises is most easier adapt to structural changes thanking bolshej market orientation and affinity to clients, high flexibility and low bjurokratizatsii. Along with rendering of support by an average and to small enterprises problems of bank of development can include re-structuring, modernisation and industry privatisation, infrastructure development, support of building of habitation. Thus priorities are defined taking into account target reference points of economic policy.

Participation in programs of development of serving bank effectively and from the economic point of view. Advantages of such participation consist in the following:

- The separate private investor the decentralised order and it is direct from the serving bank receives the necessary information;

- Serving banks within the limits of development programs have an opportunity to offer complex financing of projects taking into account financial possibilities of the general customer. The investor in this case concerns only with one organisation to which itself can prefer;

- The means allocated for projects of development, take places on a private-law basis which meets requirements of the companies unlike zabjurokratizirovannosti in case of participation of the state structures more flexibly;

- Serving banks reduce risks as lead preliminary selection of reliable investors, and also taking up guarantees of target use of means. Hence, serving banks are interested in financing of perspective projects;

- Using serving banks, the state reduces the costs connected with realisation of programs of development.

Marking a role of banks of development, it is necessary to notice, that irrespective of the organisation-legal form the given institutes of development can solve very important problem for regions. Transforming savings in the investment, they thereby free money resources leave in regions and promote their economic development. The given form of mobilisation of regional monetary resources is extremely actual for Russia as many regions have no enough of own credit organisations and are forced to place the free capital in branches of capital banks, thus losing possibility of use of own resources on the purpose of development of the region.

The development bank participates in the organisation of division of the risks connected with the credit organisations. The principal causes demanding about bank development of its participation in process of division of risks with banks - by intermediaries, are concentrated: in system of commercial banks which is even in the course of formation and cannot abide and satisfy function of minimisation of risks. The set of financial tools for restriction of risks is not formulated yet completely, and legal and other regulating mechanisms are not perfect. The unstable political and economic situation does not allow to estimate credit risks and their covering adequately. Criteria of an estimation of their financial security are not generated yet also.

Thus, financing of necessary investments considerably is at a loss. The development bank is forced to incur the raised risk until there are no conditions inherent in market economy and reguljativnye the norms, allowing to make an estimation of rice and to carry out their distribution.

The great value has that circumstance, that the bank of development possessing stimulating tools, is the innovative centre for realisation of concepts and programs of modernisation of economy. He with commercial flexibility and efficiency allows to carry out the problems of development caused by economic policy, realising them by means of conditions of granting and credit repayment. These conditions include long term of extending credit (often term constitutes 10-12 years and assumes clearing of payment of percent in first two years) and preferential, as a rule, fixed below market the percent rate.

The conditions of crediting the development bank defines so that to pay expenses, create the necessary emergency fund and be able increase volume of own capital according to volume of risky active operations. The development bank thus transfers the advantages of financing created by it to target groups. The effect of development usually consists in long term of own invested means and creation of stimulus to growth of capital investments.

Activity of special credit departments testifies to variety of problems of bank of development and their dependence (flexibility) on economic and political conditions in this or that country in Germany, Japan, the Scandinavian countries, in such international establishments as the European bank of reconstruction and development. [48]

The special problem of banks of development consists also in check of profitability of financed projects and the enterprises and thus in a realisation guarantee only economically expedient projects. As a rule, development banks give out credits to the final borrower not directly, and through commercial banks on places. All competent and effectively working banks can be such banks - intermediaries. Forwarding of credits allows commercial banks to carry out long-term financing of investments that is the important precondition for development of new types of service in the field of crediting. The competition between commercial banks for services of banks of development besides, amplifies. Co-operating with commercial banks on a basis subsidarnosti and divisions of labour, the development bank does not enter with them competitive relations. It operates only in those areas where commercial banks and the market of capitals are insufficiently capable of financing and crediting. As participation in process of forwarding of credits makes for serving banks profit and reduces risks, their interest in crediting of real sector of economy increases.

Activity of banks of development, on the one hand, positively influences national manufacture and bank system, on the other hand, depends on its stability and reliability. She assumes work with serving banks which answer criteria of reliability. As the development bank takes a part of risks up, stably working banks can be its partners only. Besides, the development bank should promote interest of commercial banks of crediting of investment projects in real sector of economy. C this purpose the wide information on the state investment programs in the conditions of granting of credits is necessary. For decision-making process acceleration about crediting of projects the development bank should accept the standardised demands and to give the information on rules of their drawing up.

Through financing of innovative projects, the small and average enterprises, agriculture, an economic infrastructure and actions for environment protection there is a positive influence on dynamics of national manufacture. Development banks as it was already marked, solve a wide range of the problems assigned to them which include: support of target groups and target sectors of economy, including the small and average enterprises; restriction of risks and granting of guarantees; stimulation of innovative activity.

Special interest represents functioning of banks of development in separate territorial formations. For Russia this experience is extremely actual, since problems of investment activity of banks in regions costs especially sharply. The banks of development having the status of the legal person, are the public law organisations, as their founders controls of corresponding subjects of Federation act. There, where they have no status of the legal person, development institutes also solve diverse problems and actively promote stimulation of investment activity in the region. Absence of legal independence not only does not reduce value of the given institute in region economy, but also allows it to use all necessary infrastructure and reputation of bank of development for performance of the problems. The model of institute of development as a part of regional bank can be optimum for Russia. However in this case the regional bank should receive the state and noncommercial status. As the main founders its structure can include local governments of the given region.

Experience of functioning of independent regional institute of development is actual for Russia also. [49] for Russia creation of independent specialised state institutes of development both on regional, and at federal level expediently under condition of investment with their state organisation-legal status, and also the status of not bank credit organisation. For this purpose it is necessary not only to define in more details the status of the given bank and action of the state for its support, but also to use in activity of the given institute of development a positive international operational experience through banks-intermediaries. In the conclusion it is necessary to underline, that in any case successful work of banks of development in Russia will depend on macroeconomic stability and reliability of all bank system.

Summing up to the researches stated in the second chapter, it is necessary to notice first of all, that stability of bank system makes stabilising impact on economy as a whole, essentially mentioning thus activity monetary and credit institutes. Bankruptcy of banks became private enough phenomenon, and the dangers trapping banks in the financial market, have considerably increased.

For November, 1st, 2002 on 806 Russian credit organisations record has been brought in the Book of the state registration of the credit organisations about their liquidation as legal bodies in connection with licence withdrawal for infringement of the bank legislation and normative acts of Bank of Russia. Only for 2000 the decision on liquidation more than 2000 Russian credit organisations was accepted.

At the given stage of social development the problem of legal maintenance of stability of the Russian banks gets key value. Their unstable financial position, on the one hand, and necessity of expansion of investments into economy, with another, to a certain extent aggravate this problem, transform it into one of the most actual theoretical and practical questions of national economy.

Owing to it stability of all bank system and reliability of its separate elements is a subject of special care of public authorities and object of steadfast attention of the public. Reduction of business activity of banks inevitably leads to reduction of bank products, reduces economy possibilities on manufacture of material benefits. Therefore it is no wonder, that the society aspiring to development, to increase of efficiency of the activity, inevitably pays attention to development of bank sector, on stability and reliability of credit institutions.

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A source: Pepelova Natalia Petrovna. STATE POLICY LEGAL REGULATION IN SPHERE OF BANK ACTIVITY IN THE RUSSIAN FEDERATIONS. The dissertation On competition of a scientific degree of the master of laws. Moscow - 2005. 2005

More on topic § 3. The specialised credit organisations as the factor of a sustainable development of bank system:

  1. § 1. Powers of Bank of Russia on the state registration The credit organisations and to licensing of bank activity
  2. §3. Features of application by Bank of Russia of sanctions to the credit organisations for infringements of the bank legislation
  3. § 3. Enterprise activity not bank credit the organisations
  4. kinds of the credit organisations as subjects of supervision of Bank of Russia
  5. § 2. Features of legal regulation of realisation by Bank of Russia of supervision of activity of the credit organisations
  6. activity of the credit organisations as object of bank supervision
  7. 2.1. The organisation of the bank control in the course of diagnostics of credit risk of the client and a credit portfolio of bank.
  8. 1.3. Powers of territorial establishments of Bank of Russia on consideration of the reporting of the credit organisations on currency transactions
  9. the Chapter IV. The basic directions of development of the status of Bank of Russia as public authority in monetary and credit And bank spheres
  10. 1.2. Powers of territorial establishments of Bank of Russia on carrying out of checks of the credit organisations concerning observance of the currency legislation
  11. the Mechanism of bank crediting of trading organisations for replenishment of circulating assets on the basis of single credits and demand lines of credit.