Operations on bills. Types of operations carried out by banks with bills

In connection with the introduction of bills of exchange into economic circulation, banks perform the following operations with them:

1) issue of own bills;
2) sale of bills;
3) accounting of bills;
4) issuance of a bill of exchange loan;
5) on-call loans;
6) accepting bills of exchange for collection in order to receive payments and pay bills on time;
7) the use of bills for mutual settlements of enterprises

Issue of bills

In modern domestic banking practice appeared the new kind bills - bank, or financial bill. A bank (financial) bill is a unilateral, unconditional obligation of a bank (issuer of a bill) to pay a certain amount of money to a person indicated in it or by his order in fixed time. The current Russian promissory note legislation does not provide for any special rules or exceptions for the issuance of promissory notes by banks, and the legislation on securities does not address this issue. Legal regime bank bills coincides with general regime for promissory notes of all other issuers and is regulated by the Law “On promissory notes and bills of exchange”. This predetermines two main qualities of the issue and circulation of a particular bank bill: the possibility of issuing both single copies and series and the possibility of independent establishment by banks of rules for issuing and circulating their own bills that do not contradict the law.

Bank bills can acquire legal and individuals primarily for the purpose of generating income. Income is defined as the difference between the redemption price, which is equal to the face value of the bill, and the acquisition price, which is less than the face value. This difference (discount) essentially represents income calculated on the basis of the current deposit rate bank interest. This speaks of the deposit nature of a bank bill and makes it look like a certificate of deposit. However, unlike the latter, a bank bill can be used by its owner not only as a means of accumulation, but also as a purchasing and means of payment. The holder of the bill can pay them for goods and services by transferring the bill by endorsement to a new bill holder, to whom, according to the law, all rights under the bill are transferred. An endorsement on a bank bill, as a rule, provides for a free transfer of rights on a bill between legal entities and individuals. The endorsement, in which individuals participate, is certified by the bodies of the state notary or a bank. Thus, having the legal force of a bank's urgent obligation with all the ensuing rights, a bank bill becomes a flexible instrument for making a payment, servicing a part of the payment turnover of the economy.

Bank bills are interest-bearing and discounted. The interest-bearing bill is sold to the first holder at face value, and the holder's income will be the interest accrued on the bill amount. At the same time, the interest accrual clause will be valid only in promissory notes with a payment term “at sight” or “at such and such a time from presentation”, restrictive notes such as “at sight, not earlier ...” are also acceptable. Interest is accrued from the date of drawing up the bill, unless another date is indicated, and until the day the bill is actually presented for payment.

In contrast to the described scheme of an interest-bearing bill, a discount (or discounted) bill is sold to the first holder at a price below par. The income of the holder of a discount note will be the difference between the purchase price and the sale price of the note, which in all cases is taxed at the general income tax rate. The tax is calculated by the legal entity that received the discount independently and is paid in the general manner.

Accounting for bills consists in the fact that the holder of the bill transfers (sells) the bills to the bank by endorsement before the maturity date and receives the bill amount for this, minus the early receipt of a certain percentage of this amount. This percentage is called the discount percentage or discount. Thus, from the position of the bank, this is the purchase of any non-own bill.

A commercial bank may be interested in accounting for promissory notes of major shareholders of the bank, as well as customers who previously received loans, for the return of which the bank needs to improve the financial condition of the client. It is quite possible that the bank will take into account the bills of those clients with whom it plans to expand cooperation. Therefore, banks attach special importance to this operation. As a rule, the condition of its fulfillment is determined by the managers and directors of banks on the basis of the information contained in the promissory note submitted for accounting to the bank. It reflects the existing relations between the participants in the bill transaction, as well as between the endorsers, whose financial position and creditworthiness is analyzed before the bill is accepted for accounting. The issue of the solvency of the main debtors under a bill of exchange (the drawer - under a promissory note and the acceptor or drawer - under a bill of exchange) is especially carefully considered.

Promissory notes

Promissory notes and credit operations in the bank, in whatever form they are carried out, begin with the receipt by the client of a bill of exchange loan. Bill credits are divided into permanent and one-time.

Credits for the accounting of bills can be bearer and promissory. The first one is opened for accounting of bills of exchange transferred by clients to the bank. Business entities with a large number of purchase notes use bearer loans.

A bill-making loan is provided to customers who issue bills of exchange against this loan to pay for commodity material assets, works and services rendered to other economic entities, enterprises and individuals. The latter present such bills to the bank, which sends them for accounting to the drawer's bank at the expense of the loan opened to him by the drawer.

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

On-call loans

These loans are opened without setting a term or before the maturity of the promissory notes. These loans are formalized as demand loans or, as they are called, on-call loans. They pay interest similar to the rates on loans, but such loans are more profitable for the bank, since in case of default on the loan, it can close it with the amounts received in payment of bills. The agreement for opening an on-call loan between the client and the bank stipulates the following conditions:

- the amount of the loan;
- the size of the credit rate;
- the right of the bank to repay the client's debt, if necessary, from the funds received as payment for the promissory notes securing the loan, as well as from other amounts of the client held in the bank;
- the right of the client to replace the security bills.

When using a loan, the bank monitors the size of its free balance. The repayment of the loan itself can be carried out either by transferring the client's funds, or by offsetting payments received on promissory notes. The holder of a bill to receive payment on it must not miss the deadline for presenting the bill, forward it or appear in person at the place of payment. The costs associated with these transactions can be significant. Usually, the holders of bills instruct banks to carry out the operation of presenting these bills for payment, receiving payment, and, if necessary, protesting the bill. The bank, accepting such an order, performs the operation of collecting bills, charging a certain commission for it in the form of a percentage of the amount of payment and postage. For the client, it is usually cheaper and faster than presenting the bills yourself. Banks accept bills of exchange for collection with payment in those places where there are banking institutions. Such bills of exchange are transferred to the bank on the basis of a surety endorsement. The client must also reimburse the bank for the costs of protesting bills of exchange, if necessary.

Domiciliation of bills

Banks may, on behalf of drawers or drawers, make payments on time. The bank, in contrast to the collection of bills of exchange, is not the payee, but the payer. The appointment of a third party as a payer on a bill of exchange is called domiciliation, and such bills are called domiciled. external sign they are the words "payment" or "payment in ... the bank", placed under the signature of the payer.

Acting as a domicile, the bank does not bear any risk, since it pays the bill only if the payer paid him the bill amount earlier or if the client has a sufficient amount on his settlement (current) account and authorizes the bank to write off from his account the amount required to pay the bill. Otherwise, the bank refuses to pay and the bill is protested in the usual way against the drawer.

For payment of a bill as a special payer, a small commission is usually charged, and the paid bills are sent to the client. For persons who have a settlement (current) account in this bank, payment of domiciled bills is made free of charge.

In the course of operations with bills of exchange, commercial banks accumulate a significant number of bills. At proper management accounting transactions, the bill portfolio is a reliable item of its asset for the bank, more stable than other securities, such as shares. Another advantage of bills is precisely established liquidity by maturity. Based on this, central bank can replenish the resources of commercial banks, if such a need arises, by rediscounting their bills or issuing loans under a special loan account secured by discounted bills.

Both rediscounting and lending on a special loan account are carried out on a general basis. The bill must have at least two signatures, be marketable and short-term. For the Central Bank, bill lending to banks gives additional opportunity exerting a regulatory influence on the economic situation in the country.

Forfeiting

IN contemporary practice commercial credit in its pure form is practically not found, but is included in the category of indirect bank financing as its initial component. The most common refinancing method commercial loan is forfeiting. Forfeiting is a term commonly used to refer to the purchase of obligations due at some time in the future, those arising from the supply of goods and services (mostly export transactions) without recourse to any previous debtor. The word "a forfeit" is French in origin and expresses the waiver of rights, which is the very essence of forfeiting operations.

In forfeiting, the seller protects himself against any recourse by including in the demand, for example, a bill of exchange, the words "without negotiation" in the endorsement.

The seller of the forfeited bill is usually the exporter. He accepts it as payment for goods and services and seeks to transfer all the risks and responsibility for collection to the forfaiter (i.e., the bank that discounts the bills) in exchange for immediate payment in cash.

Trade drafts or promissory notes are usually subject to forfeiting, although in theory any form of indebtedness could be forfeited.

Bill as collateral

When obtaining a loan from a bank, a bank bill can be used as collateral. After repayment of the debt, the bill is returned to the holder of the bill. If the loan is not repaid on time, then the debt is liquidated by receiving payment on the bill.

The transfer of a bill of exchange as a pledge is executed by a blank endorsement, which does not contain the name of the endorsee. It is assumed that the name will be entered if necessary, if the loan is not repaid by the holder of the bill, and the bank becomes the recipient of the bill amount.

They certify that the company has made a deposit to the bank in the amount indicated in the bill. The Bank undertakes to repay such a bill upon presenting it for payment within the period indicated on it. At the same time, a certain interest income. In this case, the bill actually acts as a certificate of deposit.

Accounting operations for bills are largely risky for banks. The risk of losses is associated not only with the financial position of the drawer, but also there is an informational closeness of the market. This problem is the most acute and is associated with the inaccessibility of information about promissory notes in circulation, the issuance procedure, redemption, facts of loss or theft of promissory notes.

Collection of bills

Banks often fulfill the instructions of bill holders to receive payments on bills on time. Banks assume responsibility for presenting bills of exchange on time to the payer and receiving payments due on them. Through these operations, banks can concentrate significant funds on their accounts and receive them at their disposal free of charge. They are a fairly profitable operation, since a certain commission is charged for collection. They are also beneficial for the client, since banks, thanks to the close relationships between them, can execute the client's orders faster and cheaper, the client is also freed from the need to monitor the deadlines for presenting bills, which would require certain costs that are incomparably more than the commission charged by the bank.

If payment is not received, the bill is returned to the creditor, but with a protest in non-payment. Therefore, the bank is liable for the consequences resulting from the failure to protest.

Conclusion

A bill of exchange is an unconditional promissory note drawn up in the form prescribed by law, issued by one party (the drawer) to the other party (the holder. A distinction is made between a simple and a bill of exchange. Transfer from one holder to another is regulated by endorsement. A bill performs a settlement function when it is issued in order to pay off money debt under the previous transaction by replacing it with a new promissory note debt.And credit, because in most cases, the delay in payment in cash of the purchase accompanies the issuance of the promissory note.Bills are divided into financial, commodity, friendly and bronze. provide services on the terms of a commercial loan, return the loan received.

The bill is currently important place in bank transactions with securities: bills of commercial banks are both a means of investment and a means of mutual settlements between organizations or individuals. Bills of commercial banks can be used not only to attract borrowed money, but also to create a positive credit history which increases the credibility of the bank. Also, bills of commercial banks, which are issued for free sale, are a kind of advertising that demonstrates the reliability of the bank.

Introduction

1.Features banking in the bill market, types and forms of bank bills

1.1 issuing activity

1.2 investment activity

1.3 trade and intermediary activities

2. Regulatory support for operations with bills of exchange

3. The mechanism for the implementation of the main operations of the bank with bills

Conclusion

List of used literature

INTRODUCTION

At present, the bill occupies an important place in the operations of banks with securities. Promissory notes are issued loans issued to various legal entities and individuals. Great importance is attached to the issue of issuing bills of exchange by banks and settlements with bills of exchange in the specialized literature, including the use of bills in investments.

Operations with bills of exchange - one of the oldest banking operations, which occupies an important place in the activities of commercial banks. The rehabilitation of a bill as a special form of debt obligation and the formation in Russia of a largely new regulatory framework for its circulation created the conditions for the revival of bill transactions in Russian commercial banks.

1) accounting of bills;

2) issuance of loans on demand on a special loan account secured by bills of exchange;

3) acceptance of bills of exchange for collection in order to receive payments and to pay bills on time.

The special legal nature of bills of exchange determines the attractiveness of transactions with them for banks. Unlike transactions with other securities and other instruments for securing loans, bill transactions are the least risky precisely because of the unconditionality and indisputability of the bill demand. Bill transactions are quite liquid, and the wide development of the Central Bank's operations for rediscounting and repledging bills of exchange of commercial banks further increases their liquidity. Operations with clients' promissory notes, as a rule, bring sustainable income to banks and provide deepening partnerships with clients.

Currently, Russian commercial banks are actively mastering the issuance of their own short-term debt obligations - bank bills. Bank bills - issued by banks and their associations in order to mobilize temporarily free Money, issuing cash loans (promissory notes) to reduce the deficit of payment and settlement funds in inter-farm relations.

A bank bill differs from a classic commercial bill in that the latter initially contains, but here it is absent (in relation between the drawer and the drawer) the receivable and accounts payable. A bank bill is, first of all, money, and in corporate ones, first of all, products (goods). Bank bills can be interest-bearing, discount, ruble, currency.

The advantage of a bank bill is driven away by the fact that in a number of regions they can pay taxes in local budget. Accepted as payment for overdue payments in Pension Fund. Moreover, sometimes the state pays off its debts with bills of exchange (bills avalized by the Ministry of Finance).

The disadvantages of bank bills is that when they settle between enterprises, the latter increase their debt on current payments to the budget various levels(this disadvantage is also found in commercial bills). Possibility to overestimate the bank's credit capabilities, unjustified issuance of debt obligations. / 8, p15 /

Aim term paper is to consider the issue of bill circulation and bank operations with bills in Russian Federation.

To achieve this goal, several tasks must be solved:

Study a bill as a financial category, including functions, types of bills and obligatory bill details;

To study the issue of bill circulation in the Russian Federation;

Examine the documents on the basis of which bills of exchange are issued and bills of exchange are paid;

To study the issue of profitability of bills for the bank and possible risks associated with bills of exchange.

1. FEATURES OF BANKING ACTIVITIES IN THE BECKSEL MARKET, TYPES AND FORMS OF BANK BILLS

The modern bill market provides its participants with the implementation of business tasks to attract short-term resources, optimize credit and investment portfolio, as well as to receive additional commission income in the course of trade and intermediary activities.

The most active and reliable operators of the bill market are commercial banks, whose activities are focused on all its segments.

1.1 Issuing activity

bank bill operation investment

The issue of bills is carried out by commercial banks without registration of an issue prospectus, therefore this operation it is right to characterize it as a release. The procedure for issuing bank bills is regulated federal law dated March 11, 1997 N48-FZ "On a transferable and promissory note" and regulations of the Bank of Russia.

Banks can issue bills of exchange, both in separate tranches, and on a one-time basis. A single bill of exchange provides an individual approach to customer service, since the terms of issuance and circulation of a bill can be determined taking into account the interests of a particular bill purchaser. The issue of promissory notes in separate tranches, which has become popular, allows banks to attract a wider range of investors and a significant amount of resources on predetermined conditions, as well as organize the circulation of promissory notes on secondary market. In addition, investors have clear information about the needs of bill holders in resources and the total amount of their bill debt.

Promissory notes prevail among bank bills. Some banks practice the issuance of bills of exchange (drafts), for which third parties are appointed as payers - debtors or guarantors of the bank.

The issue of bank bills can be carried out in two ways: according to the traditional scheme - issuing a bill after the client has made an appropriate deposit with the bank and as part of the organization of credit programs of a commercial bank using its own bills.

The purpose of issuing bills in the first variant is to attract short-term resources by banks with the lowest overhead costs compared to issue-grade securities. A bank bill certifies that a legal or natural person has made a deposit with the bank in the amount and in the currency specified in the bill. The advantages of this option include the possibility of varying the term and choosing the method of payment (in foreign currency or rubles). The issuing bank issues a bank bill on the basis of the client depositing a certain amount of funds in the bank, therefore, for the bank, the bill is a tool to attract additional resources, and for the buyer, it is a tool for placing temporarily free cash. By economic nature, such bills are close to certificates of deposit, but their legal regime coincides with the general regime of all other types of bills. The Bank undertakes to repay the bill upon presenting it for payment within the specified period; accrue a certain percentage income if it is sold for face value; or when selling a promissory note at a value below par value, pay income in the form of a discount, which is the difference between the par value and the sale price of the promissory note. /2/

In addition, banks practice the issuance of multicurrency bills. These bill programs allow investors to purchase unique financial instruments that not only protect funds from inflation, but also guarantee a fairly high yield. A multi-currency bill provides the opportunity to choose the investment currency not when buying, but when redeeming it, which allows the owner of the bill not only to insure against possible losses associated with exchange rate fluctuations Russian ruble, and receive income, but also earn on changes in the exchange rate of foreign currencies (for example, the US dollar against the euro).

The second version of the issue of bills is accompanied by the issuance of a bill of exchange credit. Loan programs using bills of exchange have recently become quite widespread.

So, the company enters into a loan agreement with the bank, according to which it receives at its disposal targeted loan for the purchase of bank notes. There may be several such bills, broken down by terms and amounts. It should be noted that the maturity of the bill of exchange cannot be earlier than the maturity of the bill of exchange credit. The introduction of a promissory note loan scheme into banking practice allows banks to expand credit programs without attracting additional resources and provides increased profitability specified operations and for borrowers to increase profitability and competitiveness through low rates on credit and reduce the cost of production. In addition, a more active use of bill lending will expand the scope of non-cash and the geography of bill turnover by increasing the share of liquid and reliable bills of banks, solve the problem of insufficiency working capital enterprises, as well as to ensure positive dynamics in the development of the bill circulation system in the country.

In both the first and second cases, the issuance of bank bills is accompanied by the creation of means of payment that can be used by their buyers for settlements with their counterparties. Banks actively use this feature of the bill, developing numerous options for organizing payment schemes between enterprises using their own bills. The attractiveness and liquidity of bank bills is ensured by the possibility of their early redemption in the issuing bank, accounting in commercial banks, use as a tool to ensure the fulfillment of other debt obligations, sale on the secondary market, and others.

Recently, there has been an increase in the issuing activity of banks, so commercial banks often issue promissory notes in order to form a positive credit history necessary to enter other segments of the stock market in order to increase their capitalization and attract long-term resources. Successful implementation of bill programs requires banks to explore additional sources liquidity to ensure the fulfillment of its obligations in the event of unfavorable market conditions. To do this, various forms of liquidity support are used - guarantees, credit lines, credit ratings, which are very important, since even in a stable economic situation, it can be difficult for issuers to maintain an optimal level of liquidity.

When studying the quantitative indicators of the issue of bank bills, it becomes obvious that banks remain the main issuers in the market, since they occupy more than 70% of the bill market.

Assessing the volume of issuance of debt obligations of credit institutions, most funds were attracted through the issuance of promissory notes. Sufficiently high issuing activity of commercial banks is a stabilizing factor for the development of the bill market, as the supply of reliable and liquid bills is expanding. At the same time, it is observed stable growth issuing activity of commercial banks in the bond market, which indicates their need for long-term resources, while the bill is traditionally regarded as a short-term instrument.

According to experts, the Russian financial market will largely be of a debt nature, so in the near future, primarily debt securities will be used as a source of financing. Thus, it is obvious that the bill market will continue to grow in absolute terms and retain a significant share in the debt market, including due to the vigorous activity of commercial banks. / 9, p. 254 /

1.2 Investment activities

The investment operations of banks are associated with the investment of resources in those financial assets, market price which can grow and generate income.

The assignment of a bill to securities in accordance with the legislation of the Russian Federation (Article 143 of the Civil Code of the Russian Federation) assigns to it a certain set of property rights and determines its properties as a security:

This is a document drawn up in compliance with the established form and having required details;

It certifies the investor's property rights (the right to receive a certain amount of money and a fixed income, ways to secure obligations, recourse procedures, payment terms, liability, etc.);

This security, circulating on the over-the-counter market and guaranteeing a sufficiently high profitability and liquidity. /1/

By placing funds in promissory notes, banks make portfolio investments in order to receive income as a result of the formation of a mixed portfolio of securities, including promissory notes or directly a portfolio of promissory notes and its management. This inclusion allows banks to achieve the main goals investment activity- security, profitability and liquidity of investments.

Investment security is understood as the invulnerability of investments from various shocks on stock market and income stability. Quite often, security is achieved at the expense of profitability and capital growth. However, investing in bills of exchange allows banks to achieve not only the optimal combination of security and profitability, taking into account the special strictness of the bill of exchange law regarding the collection of bill debts, but also to increase the efficiency of investment activities by diversifying investments in securities, that is, distributing investments between various types of stock valuables (by types of securities, sectors of the economy, regions, maturities, and so on). A confirmation of the safety and reliability of investments in promissory notes is the viability of the promissory note market after the crisis of 1998, when only the promissory note segment of the stock market was fully functioning.

When investing, banks must evaluate the investment properties of promissory notes as stock instruments. Promissory notes are quite attractive instruments on the Russian debt market. This is due to the strengthened trend of converting a bill from an instrument of offsets between producers in the face of a sharp lack of liquidity into a full-fledged financial instrument for borrowing money. In addition, the bill performs the functions of a store of value, which became possible after the appearance of currency-pegged bills and multicurrency bills, which are able to compensate for inflationary losses and guarantee additional income.

The price of a bill largely depends on the reliability of the issuer and the liquidity of the market for its bills. The following factors influence the dynamics of bill prices:

The dynamics of supply and demand is a determining factor in the conditions market economy(based on the yield and liquidity inherent in any security);

Data on technical, economic and financial position drawer;

Credit history of the issuer;

Market information on bill issuers - quotes of bills may show a downward trend in the presence of negative news about checks of issuers by government control and supervision bodies;

Method of organizing the circulation of bills - depositary accounting or movement in physical form;

New legislative initiatives in the bill market;

Place and geography of trade in bills of exchange, etc.

The weighted average yield to maturity of a set of promissory notes circulating on the market is characterized by indices of the current state of the promissory note market. To calculate them, portfolios are formed that are a model of the bill market and adequately reflect its structure. The public availability and use of these indices enables banks to take more balanced investment decisions based on the analysis of generalized data characterizing the state of the bill market. However, investors need to take into account the risks of the promissory note market, among which are the possibility of promissory note defaults, the acquisition of a counterfeit bill or with a form defect, etc. To solve these problems, it would be advisable to implement a number of measures that contribute to ensuring the transparency and reliability of the promissory note market, in particular, the formation of a single register protested promissory notes, promissory notes retired from circulation, including facts of loss, theft and blocking of promissory notes./3/

The main types of credit in the form of bills of exchange are:

Bearer loan - a bank redeems a third-party promissory note from a client at a discount, which is then redeemed at par. This form of credit is usually used by organizations - suppliers of goods that have a significant bill of exchange portfolio;

Promissory credit - counterparties of the drawer (suppliers) who received bills of exchange for the goods delivered, provide them to their bank, which collects them to the issuer's bank for redemption at the expense of open credit line, i.e. the client (buyer) receives a loan from the bank against his own bills.

The value of accounting operations is great not only directly for commercial banks, since accounting for bills expands the scope of investment of bank capital and their income base, but also for the economy as a whole, both at the micro and macro levels.

At the macro level, the strategic goal of economic development is the formation financial system providing and stimulating sustainable the economic growth. However, in practice, access to resources in the financial markets is obtained mainly only by large companies. Under these conditions, the most important task macroeconomic policy state and monetary policy The Central Bank of the Russian Federation is to create prerequisites for accelerated development real sector economy. One of these conditions is the expansion by the Bank of Russia of the practice of refinancing credit operations on collateral and rediscounting commercial bills, which allows not only to quickly change the direction of bank credit supply, but also to selectively influence the development of certain sectors of the economy.

At the micro level, the significance of accounting operations is also extremely high, since as a result of accounting for a commercial bill, the capital of bill holders is replaced by bank capital, which releases funds for production and financial investment which ultimately contributes to the development of the real sector of the economy.

Recently, bills of exchange have been used quite often as objects of REPO transactions. REPO operations (REPO, RP - reepurchase agreement) are agreements on the sale of securities with the completion of a reverse transaction after a set time. The economic meaning of this operation is that the bank, which has some excess liquidity, provides funds to the other party for temporary use for a certain fee and receives securities, including bills of exchange, as collateral. Thus, REPO transactions with promissory notes represent lending secured by promissory notes with the successive transfer of ownership of them from one party to another.

The technological chain of the REPO operation consists of two parts:

The holder of the bill sells the bills to the bank and undertakes to redeem them on a certain date, and the bank undertakes to sell them in accordance with the terms of the concluded agreement;

The holder redeems the bills from the bank at a price higher than the original price, and the difference between the prices represents the income that the bank should receive.

Banks can offer their customers a variety of REPO schemes:

By terms - night (for 1 day), open (the term is not exactly set), urgent (more than 1 day with a fixed term);

By the order of movement and storage of bills - valid (bills are actually transferred to the bank, which minimizes it credit risk, but the costs of the bill holder for the transfer of bills can be significant); tripartite (bills are transferred to a third party, which acts as a guarantor of the transaction for a certain fee); - trust (bills do not move and remain with the holder, whose costs are minimal, and the bank's credit risk increases).

Given the short-term nature of REPO transactions, banks, by purchasing bills with a resale condition, have the opportunity to quickly manage liquidity and help solve the problem of insufficient working capital for an enterprise in the real sector of the economy. / 7, p. 114 /

1.3 Trade and intermediary activities

In the context of economic stabilization, enterprises seek to diversify sources of financing, using the opportunities of the securities market and its promissory note segment. These processes lead to the need to transform the relationship of banks with their customers and offer a wide range of intermediary services that simplify the management of complex financial instruments and related risks, as well as improve the quality of information and data processing technologies.

The intermediary activity of banks in the bill market is aimed at solving the above problems, increasing the revenue base, expanding the list of services and the composition of clients. In addition, commercial intermediation is important for the bill market as a whole, as it allows to increase its liquidity, ensure transparency and reliability of bill transactions.

Acting as intermediaries in the bill market, commercial banks provide, first of all, six types of services.

1. Guarantees for promissory notes of third-party issuers.

The regulation on a bill of exchange and a promissory note provides that payment on a bill of exchange may be additionally guaranteed by issuing an aval. Most often, the guarantor for payment of bills is reliable bank, which can guarantee payment both for the original payer and for each other person liable under the bill. Aval is issued with a special inscription on the front side of the bill or on an additional sheet to the bill (allonge), indicating for whom and for what amount the guarantee was issued, the place and date of issue. In case of payment of the bill by the bank-availer, all rights arising from the bill are transferred to it. Avalisation of bills by banks increases their reliability and promotes the development of bill circulation.

2. Organization of bill programs - services for analysis, evaluation, setting the preliminary price of bills issued by the company, as well as organizing their initial placement.

When implementing large bill programs, it is advisable for drawers to use the services of authorized agent banks. Banks in this case, as a rule, are not underwriters, since they do not guarantee the placement of bills, but if necessary, they can buy back part of the issue for themselves to maintain the issuer's liquidity. In most cases, banks are involved in the organization and information support of the issue, participate directly in the placement or become paying agents of the issuer. As a rule, bills of exchange are placed in series at convenient moments for the issuer, associated with the need to attract additional resources, or when there is an increased demand for its bills from investors. Commercial banks can place bills during the entire period of the program until the announced limit is exhausted. The issuer's expenses in this case are relatively small and inversely proportional to the volume of the issue.

3. Operations trust management clients' property is carried out through the General Fund created by the credit institution banking management(OFBU), which provides for the consolidation of the property of each founder of the management into a single property complex. OFBU attracts to management not only the funds of the founders in rubles and foreign currency but also securities. In addition, OFBU has wider investment opportunities compared to its main competitors - mutual funds.

4. Information and consulting services on bill programs and the state of the bill market.

These services accompanying the activities of banks in various segments of the bill market contribute to:

Acceptance by the bank's clients - participants of the bill market of a balanced investment decision;

Optimal choice of strategy for entering the bill market, expediency and technology of issuing bills;

Reducing risks and ensuring transparency of bills of exchange.

5. Custody services

The services of bill depositories of banks are associated with the storage of bills on depo accounts, accounting for their movement and registration of transactions. The value of depositary activities in the bill market is quite large. This is due to the provision of guarantees of the authenticity of bills, reducing the risk of transactions, simplifying the procedure for transferring bills, processing information about bills, the rights they provide and their owners. The advantages of the scheme for the movement of bills through bank depositories include:

Acceleration and simplification of settlements on transactions;

Reducing the risks of non-delivery of bills of exchange or cash;

Guaranteed authenticity of bills;

Ensuring transparency and protecting the interests of the parties to the transaction.

In addition, the depositary system of circulation of bills enables investors to actively work on any bill of exchange sites, regardless of their location, which contributes to the expansion of the geography of the bill market.

6. Domiciliation of bills - fulfillment by the bank of the order of its client-drawer to timely make payment on the bill. / 15, p 65 /

An external sign of a domiciled bill is the inscription "payment in the bank", placed under the payer's signature. For the bank, this operation is a source of income in the form of a commission, and it does not bear additional risks of non-payment on the bill, since the drawer is obliged by the due date of the bill to either ensure the receipt of the necessary funds to his bank account, or to deposit the necessary amount in advance on a separate account. And although the risks of non-payment are assumed by the holder of the bill, he is guaranteed more comfortable conditions for paying the bill.

In financial practice, it is customary to distinguish between promissory notes and bills of exchange. A promissory note (solo bill) is issued and signed by the debtor and contains his unconditional obligation to pay the creditor a certain amount at a specified time and place.

A bill of exchange (draft) is issued and signed by the creditor (drawer). It contains an order to the debtor (drawee) to pay within the specified period the amount indicated in the bill to a third party (receiver).

A bill of exchange as such does not have the force of legal tender, but is only a representative of real money, therefore, in practice it is customary that the debtor-drawee is obliged to confirm in writing his consent to make payment on the bill at the appointed time, i.e. make an acceptance of the draft.

In addition to dividing bills into types (simple and transferable), their other forms are distinguished: commodity, financial, banking, blank, friendly, bronze, security, recta bills (table 1)

The conducted studies in a generalized form characterize the areas of banking activity in the Russian bill market in a market economy and confirm the status of banks as the most active participants in it. The activities of banks in the bill market will be successful if a long-term strategy is formed that takes into account the needs of the economy, the bill market, the bank itself and its customers; setting adequate tactical tasks, ensuring the transparency of the bill turnover and reducing the risk of bill transactions. The diversification of the activities of commercial banks in the bill market creates objective and subjective prerequisites not only for the dynamic development of the banking segment of the bill market, but also for the domestic bill market as a whole./6, p. 259/

Table 1

Types of bills.

Promissory note form	Main characteristic
Commodity (commercial)	Issued as a result of a commercial loan transaction
Financial	Issued when a loan is granted monetary form
Bank	Acts as a certificate of deposit
Blank	The buyer accepts an empty bill of exchange form, which is subsequently filled in by the seller
Friendly	Issued for the purpose of subsequent accounting in the bank on behalf of a real-life enterprise
Bronze	Issued for the purpose of subsequent accounting in the bank on behalf of non-existent enterprises
providing	Issued to secure a loan to an unreliable borrower
Rekta bill	Nominal bill without the possibility of endorsement

2. REGULATORY - LEGAL SUPPORT OF OPERATIONS WITH BONDS

Currently, the bill is an integral part of the economy of any state. Russia is no exception, but the growth in the development of bill circulation is very low. Commercial banks as one of the main participants financial market influence the formation of the bill market.

Regarding the development of bill circulation on the territory of our state, we can say that for the first time the bill appeared and began to develop around the 17th - 18th centuries. The first bill of exchange charter was adopted in 1729. The absence of such financial instrument, as a "bill", left its mark on this regulatory legal act. In part, it was based on the norms of German law. This charter has not become a full-fledged working document.

In 1832, a new legal act appeared that attempted to regulate the process of bill circulation on the territory of the Russian state. But, as in the previous document, some of the norms were borrowed from the French Code de Commerce of 1807. We can say that this attempt was unsuccessful.

In 1902, a new bill of exchange charter was issued, combining the norms of German law and the specifics of Russian life and economy.

The next stage in the further development of bill circulation was the adoption on June 7, 1930 in Geneva of three international conventions aimed at resolving a number of problems and issues arising from the circulation of bills. Russia ratified these legal acts in November 1935, and they began to operate only on February 23, 1936 / 12, p. 205 /

Historically, the legislation of the Russian state on bills of exchange was constantly borrowed. The result was the entry into force on the territory of our state of the following conventions:

Convention N 358, establishing a uniform law on bills of exchange and promissory notes;

Convention N 359, which aims to resolve certain conflicts of laws on bills of exchange and promissory notes.

Conventions are valid on the territory of our state to this day. But back in 1937, in connection with the entry into force of international conventions, the following legal act was adopted - Decree of the Central Executive Committee and Council of People's Commissars of the USSR of 08/07/1937 N 104/1341, approving the Regulations on a transferable and promissory note

This Regulation almost completely sets forth the Geneva Conventions of 1930. The activities of Russian firms related to bill transactions are still based mainly on the Decree of the Central Executive Committee and the Council of People's Commissars of the USSR of 1937.

It is noteworthy that for a long period of time, approximately from 1918 to 1990, our state was not engaged in the development of bill circulation. This is explained by well-known historical facts, which, apparently, there is no need to state. Currently, both all of the above legal acts and new ones are in force in Russia. But it is very difficult to talk about their novelty. The fact is that on March 11, 1997, Federal Law No. 48-FZ “On a transferable and promissory note” was adopted. This is one of the most concise legal acts of Russia, consisting of only eight articles. In terms of content, it adds practically nothing new. With the exception of the provisions regarding the payment of interest in accordance with Art. 395 Civil Code RF./4/

If we talk about the further development of bill of exchange legislation, we can say that it practically remains unchanged, although a number of new by-laws are gradually appearing, one way or another regulating relations arising from the use of bills. Commercial banks use all of the above sources of bill of exchange law, but since a bank is a special participant in the activities of the state, one should not forget about legal acts Central Bank of the Russian Federation.

At present, banking operations with bills of exchange are regulated by the Letter of the Central Bank of the Russian Federation dated 09.09.1991 N 14-3/30 “On banking operations with bills of exchange”.

This document was adopted to improve the monetary mechanism in the territory of the Russian Federation.

The following banking operations with bills of exchange are legally fixed:

1) accounting of bills (discounting);

2) bill credit;

3) collection and domiciliation of bills.

At the moment, there is no bill of exchange legislation in the Russian Federation that would clearly regulate the relations arising between the subjects of bill of exchange law. Need to develop regulations that regulate emerging problems, since the lack of legislation slows down the development of this institution.

Amendments are required not only by the Federal Law “On a bill of exchange and promissory note”, but also by the Tax Code of the Russian Federation, the Civil Procedure Code of the Russian Federation, the Arbitration Procedure Code of the Russian Federation. Since all the normative acts listed above in this chapter, one way or another, are related to the regulation of bill circulation, perhaps the best solution in the near future would be to create its own Bill of Exchange Charter of the Russian Federation, which will include all the norms of bill of exchange law. / 13 p. 214 /

3. MECHANISM FOR THE IMPLEMENTATION OF THE MAIN TYPES OF BANK OPERATIONS WITH BONDS

In commercial circulation, a bill can act as a means of settlement for transactions, serve as a way commercial lending entrepreneurs, be a specific way to ensure the fulfillment of obligations under transactions.

Promissory notes and credit operations in the bank begin with the receipt by the client of a bill of exchange loan. This credit can be obtained in the form of bills of exchange and in the form of a special loan account secured by bills. At the same time, it is divided into one-time and permanent loans.

Credits for the accounting of bills can be bearer or bill of exchange. A bearer loan is opened to the client to account for bills of exchange transferred to the bank. Under a bill of exchange credit, the client issues his bills, which are used to pay for the delivered goods and services. The recipients of such bills then present them to their banks, which in turn forward them to the drawer's bank to be redeemed against the open credit.

Promissory notes are usually issued by banks to customers who have settlement (current) accounts opened in these banks. When considering the possibility of opening a bill of exchange loan, the bank assesses the solvency of the client. To do this, its financial documents, a description of its fixed and working capital, information on past due debts, production and business plans, insurance policies, if any, the charter of the enterprise. The Bank may use data on the enterprise of other banks and special firms. If an enterprise used to allow its bills to protest, then it will be problematic for it to receive such a loan.

Bills in both bearer and promissory notes are accepted for accounting only in the amount of the free balance of the loan. / 16, p. 78 /

Accounting for a bill is understood as its transfer (sale) by the bill holder to the bank by endorsement before the maturity date and the receipt of the bill of exchange for this minus a certain percentage, called discount interest or discount. Bills of exchange are transferred to the bank by registers. At the same time, a blank endorsement is made in the bills themselves, that is, an endorsement without specifying the recipient. The bank considers the possibility of discounting the bill and, in case of a positive decision, enters its details into the endorsement. In addition, the stamp "Accounting" is put on the front side. Upon receipt of the bill, the bank checks it for compliance with the formal requirements of bill of exchange law, checks the correctness of filling in all the details, the authority of the persons who signed, as well as the authenticity of these signatures. In addition, it analyzes economic situation the client and the endorsers who signed the bill. Only bills based on commodity and commercial transactions are accepted for accounting. Bronze and friendly bills are not accepted for accounting. The bank charges for discounting the bill discount rate, the rate of which is set by the bank itself. When collecting non-resident bills, porto (postage) and dumpe (commissions to non-resident banks for collecting bills) are charged.

If the bill is paid before the due date, the payer is refunded interest for the remaining time at the bank's rate on current accounts. If the payment is made after the due date, then the bank, in addition to the bill amount, charges the payer 6% per annum for the time of delay, a penalty fee, as well as protest costs, if they have already been made. Promissory notes not paid within the appointed time must be submitted for protest to a notary public on the next day. The notary protests the bills in accordance with the adopted legislation and returns them to the bank with an inscription about the protest. After that, the bank requires the redemption of bills from the drawer. If this does not happen, the bank completely stops lending to him and goes to court.

Banks can open special loan accounts for enterprises, against which bills are accepted. Usually the nominal amount of promissory notes exceeds the value of the loan being opened. These loans are opened without setting a term or before the maturity of the promissory notes. These loans are formalized as demand loans or, as they are called, on-call loans. They pay interest similar to the rates on loans, but such loans are more profitable for the bank, since in case of default on the loan, it can close it with the amounts received in payment of bills. The agreement for opening an on-call loan between the client and the bank stipulates the following conditions:

Loan amount;

The highest limit of the ratio between collateral and indebtedness on the account;

The size of the loan rate;

The right of the bank to require additional security;

The right of the bank to repay the client's debt, if necessary, from the funds received as payment for the promissory notes securing the loan, as well as from other amounts of the client held by the bank;

Customer's right to replace security notes.

A commercial bank, taking into account the client's bill, may rediscount it in another credit institution. However, throughout the world, the most common practice is to rediscount bills of exchange in central bank countries. In Russia, the Central Bank lends to commercial banks either at their request (at the refinancing rate) or through credit auctions. But a more civilized way of distributing credit funds is the rediscounting of bills accumulated by banks. The Bank of Russia has developed requirements for bills of exchange accepted by it for rediscounting. First of all, the Bank of Russia accepts for rediscount only promissory notes of supplier enterprises drawn on a commercial bank, that is, promissory notes are rediscounted only when the supplier enterprise (and not the buyer) takes a loan from a bank and draws up its debt with a promissory note.

A bill recounted by the Bank of Russia, in addition, must meet the following requirements:

a) the supplier enterprise must be a resident;

b) the face value of the bill is not less than 100 million rubles;

c) the bill must be drawn up in Russian and all inscriptions and the amount of money must also be indicated in Russian;

d) the due date for the bill must be specified on a certain day. Bills of exchange with the term “on presentation”, “at such and such time from presentation”, “at such and such time from drawing up” are not accepted for rediscount;

e) the bill of exchange must not contain a condition for accruing interest on the bill amount;

f) as the place of payment, the commercial bank that registered the bill must be indicated;

g) the note of the drawer "without protest" must be made on the bill. No restrictive markings are allowed;

h) the bill must be genuine. Copies are not accepted for re-registration;

i) the bill must be drawn up in a single form established by the Bank of Russia.

The term for which bills are redeemed cannot be less than 10 days and more than 90 days before the due date of payment. The purchase is made by crediting to the correspondent account of a commercial bank an amount equal to the face value of the bill, minus the discount established by the Bank of Russia./282 p.11/

Promissory note credit is granted only to commercial banks that meet the following conditions:

Compliance with economic standards required by law;

Reserve requirements are met in a timely manner and in full;

There is an audit opinion on the annual report;

Arrears on Bank of Russia loans are not allowed.

The repurchase of bills of exchange by commercial banks and, accordingly, the repayment of a bill of exchange loan occurs by writing off its amount from the correspondent account of the bank. If there is not enough money on the account, then the loan is transferred to the category of overdue and interest is charged as a penalty in the amount of 1.3 of the Bank of Russia discount rate.

In the form of bill payments, in addition to the bank of the bill holder, collecting the bill, the payer's bank can also participate as a domicile, that is, to fulfill the instructions of its client-payer for the timely payment of the bill. The external sign of a domiciled bill is the words “Payment in the bank” indicated in it, placed under the signature of the payer. For the bank, this operation is profitable, since it receives a commission for dominating bills, and at the same time, acting as a domicile, the bank does not bear any responsibility if the payment does not take place. The client-payer himself is obliged to ensure the receipt of the necessary funds to his bank account by the due date of the bill, or to pre-book the payment amount on a separate account. Otherwise, the bank refuses to pay and the bill is protested in the usual manner against the drawer.

Expanding use bill form settlements in the economic turnover of the country should also be facilitated by such new for our banking practice bill operations as the accounting of bills and the issuance of loans secured by bills, associated with short-term lending to the economy.

In modern domestic banking practice, a new type of bills has appeared - a bank or financial bill. A bank (financial) bill is a unilateral, unconditional obligation of a bank (issuer of a bill) to pay a certain amount of money to a person indicated in it or by his order within a specified period. The current Russian promissory note legislation does not provide for any special rules or exceptions for the issuance of promissory notes by banks, and the legislation on securities does not address this issue. The legal regime of bank bills coincides with the general regime for bills of all other issuers and is regulated by the federal law “On promissory notes and bills of exchange” dated February 21, 1997. This predetermines two main qualities of the issue and circulation of a particular bank bill: the possibility of issuing both single copies and series and the possibility of independent establishment by banks of rules for the issuance and circulation of their own bills that do not contradict the law.

Bank bills can be purchased by legal entities and individuals primarily for the purpose of generating income. Income is defined as the difference between the redemption price, which is equal to the face value of the bill, and the acquisition price, which is less than the face value. This difference (discount) essentially represents income calculated on the basis of the current deposit rate of bank interest. This speaks of the deposit nature of a bank bill and makes it look like a certificate of deposit. However, unlike the latter, a bank bill can be used by its owner not only as a means of accumulation, but also as a purchasing and means of payment. The holder of the bill can pay them for goods and services by transferring the bill by endorsement to a new bill holder, to whom, according to the law, all rights under the bill are transferred. An endorsement on a bank bill, as a rule, provides for a free transfer of rights on a bill between legal entities and individuals. The endorsement, in which individuals participate, is certified by the bodies of the state notary or a bank. Thus, having the legal force of a bank's urgent obligation with all the ensuing rights, a bank bill becomes a flexible instrument for making a payment, servicing a part of the payment turnover of the economy. / 22c, 10 /

Commercial banks practice issuing their own bills of exchange for various purposes: to raise funds, to provide enterprises with cheaper loans, and so on. The very wide distribution of bank bills can be explained by the following reasons: today there is no sufficiently complete legislative and regulatory regulation of such operations, the issue of bills of exchange is not registered with the Central Bank, transactions with promissory notes (which prevail) are not taxed on transactions with securities, bills are sufficient easy to handle. In this regard, it can be stated that in the bill market modern Russia bank bills prevail.

Initially, bills began to be used by commercial banks in order to raise funds.

The issue of a discount (discounted) or interest-bearing bill is carried out on the basis of the regulation “On the issue, circulation and redemption of a bank bill”. These documents must not contradict the regulation "On a bill of exchange and a promissory note" (1937). These documents stipulate the conditions under which a bank client can purchase a bill of exchange and present it for payment. However, you should pay attention to the fact that the content of the conditions does not contradict the text of the bill, since what is not written in the bill has no legal force. So, for example, it is unacceptable to establish a condition for the early redemption of bills of exchange at a reduced interest rate, that is, a rate lower than that indicated in the interest clause of the text of the bill. If the client is given the opportunity to present a bill of exchange before the maturity date on it, the bank is obliged to accrue interest on the bill amount at the specified rate for the actual term of the bill of exchange, and only then is entitled to withhold a certain discount for early repayment of the bill. Also, when developing the conditions, it must be taken into account that a bill of exchange can be transferred by endorsement to another holder who will not be familiar with this document, and therefore, during its further interaction with the bank, undesirable conflicts may arise. A number of banks enter into an agreement on the purchase and sale of a bill with the first purchaser of a bill. Such an agreement, especially when selling a discount bill, can be useful as a primary document confirming the amount for which the bill was purchased, for example, when calculating income tax. Note that the text of the agreement should also not contradict the content of the bill and the conditions of the bank.

The interest-bearing bill is sold to the first holder at face value, and the holder's income will be the interest accrued on the bill amount. At the same time, the interest accrual clause will be valid only in promissory notes with a maturity date of “at sight” or “at such and such a time from presentation”, restrictive notes such as “at sight, not earlier ...” are also acceptable. Interest is accrued from the date of drawing up the bill, unless another date is indicated, and until the day the bill is actually presented for payment. For the holder of the bill, it is most advantageous to keep it until the due date, but it can also be sold at a higher price (including interest) or transferred as payment for any goods. If the promissory note is sold further at a price above par, then the income received by the first owner will be considered as the difference between the purchase price and the sale price of the property, that is, the promissory note, and will be taxed accordingly at the general income tax rate. Only the last holder, when the bill is paid by the debtor bank, will receive interest income on the security. This type of income is taxed preferential rate(15% for non-banks, 18% for banks), the tax is withheld at the source, the bank transfers the tax to the tax authority at its location.

Unlike the description of an interest-bearing note scheme, a discount (or discounted) note is sold to the first holder at a price below par. The income of the holder of a discount note will be the difference between the purchase price and the sale price of the note, which in all cases is taxed at the general income tax rate. The tax is calculated by the legal entity that received the discount independently and is paid in the general manner.

Acceptance commercial bank customer bills - an operation that is also widespread in world practice. When a bank grants an acceptance credit, an enterprise issues a bill of exchange to its commercial bank, which accepts the bill, that is, it becomes a debtor under the bill. Most often, even before the bill is accepted by the bank, the client provides him with some kind of loan security, for example, a sum of money equivalent to the face value of the bill. Sometimes the cover is provided before the bill is paid. Among Russian banks, the acceptance of bills of exchange of clients has practically not gained popularity, since, with the current financial instability, banks are not sure of the solvency of their clients, and the risk of the bank in carrying out such an operation is extremely high. In addition, many experts have repeatedly noted that bills of exchange are generally little used in the Russian money market. / 68s, 5 /

CONCLUSION

The banking system today is one of the most important and integral structures of the market economy. The development of banks and commodity production and circulation historically proceeded in parallel and were closely intertwined. At the same time, banks, acting as intermediaries in the redistribution of capital, significantly increase the overall efficiency of production.

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Control questions

1. Who are the issuers and who are the investors?

2. What is in accordance with the Federal Law "On the Securities Market" professional activity in the stock market?

3. What functions of the securities market are general market?

4. What functions of the securities market are specific?

5. Describe the concepts of "shares", "bonds", "option", "futures contract".

6. What activities are considered brokerage?

7. What activity is considered to be a dealer?

8. What is clearing activity?

9. What is the depositary activity?

10. Describe the responsibilities of the registry holder.

11. Describe the primary and secondary markets.

12. Describe the concepts of "listing" and "delisting".

The concept of a bill Bill circulation bill market

Types of bills Operations with bills

One of the important directions of banking activity is operations with bills of exchange.

Bill (from him. Wechsel- exchange) - the most "classic" security and historically the first means of payment and transfer by debit.

The bill combines two functions:

1) means of payment;

2) a means of lending.

Both of these functions are inseparable and complement each other. Banks perform the following operations with bills of exchange:

Issue (issue) of bills;

Accounting for bills;

Loans secured by bills of exchange;

Collection of bills;

Domiciliation of bills;

Promissory credit.

Legal basis implementation of banking operations with bills of exchange is the legislation (bill law), which is a set of legal norms governing bill of exchange relations, and above all the Geneva Conventions of bills of exchange. These are multilateral interstate treaties regulating bill of exchange relations, concluded at an international conference in Geneva in 1930 and developed with the aim of unifying the norms of the bill of exchange legislation of various countries.

A bill as a security can be simple or transferable.

A bill of exchange and a promissory note must be drawn up only on paper (hard copy). It contains the following required details:

Promissory note (name "Promissory note");

Offer (obligation) to pay a certain amount;

Name of the payer;

Indication of the payment term;

Indication of the place of payment;

The name of the person to whom or by whose order the payment is to be made;

Date and place of drawing up the bill;

Drawer's signature;

The name of the payer (drawee) - only for a bill of exchange.

Promissory notes are classified by maturity as follows:

On presentation;

"at so much time from presentation";

"at so much time from compilation";

For a specific day.

Bills of exchange containing either another designation of maturity or consecutive maturity dates are not valid.

Bill of exchange maturing upon presentation paid upon its presentation within one year from the date of its preparation. The drawer may establish that a bill of exchange cannot be presented for payment before a certain date. In this case, the time limit for presentation starts from that time.

Maturity of a bill of exchange drawn up so much time from presentation, determined by either the date of acceptance or the date of protest. In the absence of a protest, the acceptance shall be deemed to have been made on the last day of the period provided for presentation for acceptance.

Maturity date for a bill of exchange issued for a period of one or several months from drawing up or from presentation, occurs on the corresponding day of the month in which the payment is due. If a bill of exchange is issued for a period of one and a half months, or several months and a half from drawing up or from presentation, then whole months must first be counted.

If a bill of exchange is due for payment on a certain day in any place where a calendar other than that of the place of issue is adopted, then the due date shall be deemed to have been fixed according to the calendar of the place of payment.

As a legal negotiable document, a bill of exchange can be transferred by means of endorsement.

Endorsement - This is a transfer inscription made by the former holder (endor) on the back of the bill (or on an additional sheet to it - allonge), which transfers the rights under the bill to its new holder (endor). The endorsement must be written on the back of the bill or on the allonge in such a way that it begins on the bill itself and ends on the allonge. Partial endorsement is invalid.

A bill of exchange may be transferred by endorsement to an individual, legal entity or entrepreneur, except in cases where provided by law Russian Federation. Transfer inscriptions usually have the form: "pay the order" or "pay instead of me (us)."

There are the following types of endorsement:

Nominal;

To the bearer;

Blank.

Nominal endorsement contains:

Full name - for legal entity or an entrepreneur;

Last name, first name, patronymic, passport data and data on the endorsee's account - for an individual.

Endorsement bearer - contains the inscription "Pay to the order of the bearer of this bill."

Blank endorsement - does not contain an indication of the person in whose favor it is made, or consists of one signature of the endorser.

If the last endorsement on the bill is in blank, then the holder of the bill has the right to carry out the following actions with it:

Complete the endorsement either with your own name or the name of some other person;

To transfer, in turn, the bill either under a new blank endorsement, or under an endorsement in the name of some other person;

Transfer the bill of exchange to a third party without completing a blank endorsement or making another endorsement.

A person who has received a bill of exchange by endorsement may dispose of it at his own discretion - present it for payment or endorse it. When transferring a bill, all the rights arising from it are transferred in the form in which they are fixed and provided by the document, regardless of the rights of predecessors. Therefore, when acquiring a bill of endorsement, the client needs to check the continuity of a series of endorsements.

If endorsements have been made on a bill, the last holder who has not received payment may sue any endorser. To bring a claim by a bill holder, the periods of limitation are established, which differ depending on the nature of the liability of each participant in the bill:

To the acceptor of a bill of exchange - 3 years;

To the drawer of a promissory note or the endorser of a bill of exchange - 1 year;

For claims of endorsers against each other - 6 months.
The possibility of endorsement of bills expands the boundaries of their

use, turning a bill of exchange from a simple tool for obtaining a commercial loan into a credit instrument of circulation, serving the sale of goods and services.

The circulation of bills is most directly related to the functioning of the capital market and makes it possible to obtain a loan without going through the bank. Commodity credit can be implemented in different ways in economic relations suppliers and buyers of commercial products.

One of the ways is to issue bills of exchange of mutual debt of organizations for the supply of material assets and services rendered. Another way is to expand the issuance of bills of exchange by the largest commercial banks, which helps to increase the working capital of borrowers and normalize payment discipline. A bill of exchange can be considered as an object of direct (purchase for money) or indirect (receipt as payment) investments.

The functional task of the bills market is to redistribute mainly short-term funds, and its object is commercial and financial bills. As part of a single money market, this market has two levels. At the first level, its participants are credit organizations and their clients, and it is based on accounting, commission, pawnshop and other operations of commercial banks and other credit organizations. At the second level, the subjects are only credit organizations: on the one hand, the Bank of Russia, on the other, second-tier institutions of the banking system, including commercial banks. The bulk of transactions at this level of the market is the rediscount and repledge of first-class bills. A prerequisite for the bill of exchange turnover of commercial banks is the free accounting of bills in the Bank of Russia.

The operations of banks for accounting and rediscounting of bills form the accounting market. On him important role belongs to the Bank of Russia. It is the Bank of Russia that determines the main directions for the functioning and development of the bills market through the implementation of a certain accounting policy and refinancing policies. The accounting policy includes the introduction of direct restrictions on the accounting and rediscounting of bills and the determination of interest rate limits on the rediscount of bills. The refinancing policy regarding commercial bank operations with promissory notes is carried out by regulating the interest rate on loans secured by promissory notes, as well as introducing certain restrictions on the size and types of promissory notes secured by which the Bank of Russia can provide loans to commercial banks.

A credit provided in a commodity form by sellers to buyers in the form of a deferred payment for goods sold is called a commercial loan. The object of a commercial loan is a commodity loan, and its subjects are the participants in a commodity transaction: the seller-supplier and the buyer-payer. The document by which a commercial loan is issued is commercial bill. A commercial bill is loan document, a means of collecting debt and at the same time a means of payment. The loan transaction underlying it, both in commodity and in monetary form, assumes mutual control of the counterparties of the bill transaction and is based on the free choice of partners in strengthening direct economic ties. The provision of a commercial loan means a high degree of mutual trust of market economic structures, as it involves paying for the sold values with a delay.

A commercial loan is closely related to a bank loan and is transformed into the latter through accounting and pledge of bills. Transformation of commercial credit into Bank loan is the transformation of one form of credit into another. This does not contribute to the deterioration of the inflationary level, since the registration and pledge of commercial bills in the bank is not a loan of new capital. In addition, one bill can serve several trade and loan transactions before it is taken into account in the bank.

The transformation of a commercial loan into a bank loan can be done by discounting, i.e. accounting for bills of exchange, warrangots, invoices (factoring) and other commercial securities, or as a result of loans secured by goods that are not due.

Accounting for bills. Bills of exchange accounting operations occupy a key place among the bank's operations with this instrument. Legally, accounting for a bill is a transfer (endorsement) of a bill to a bank. The bearer becomes the debtor of the discounted bill, and the bank becomes the creditor (bill holder). Given the promissory note, the bank's client acquires liquid funds. If the bank accepts for accounting only bills based on commodity transactions, it must be sure of their timely payment and the commodity nature of the transaction. Therefore, it is necessary to check the creditworthiness of the client and the correctness of the execution of bills of exchange. The bank is not obliged to give explanations regarding the refusal to accept bills of exchange for accounting.

The accounting transaction consists in the purchase by the bank of monetary debt obligations before the maturity date, at which the rights of the creditor are transferred to the bank. Accounting, or discount, of a bill is an operation in which the bank, accepting a bill from the bearer, gives the bearer the amount of this bill before the due date, withholding in its favor interest on the bill for the time remaining until the end of this period.

Considering the promissory note, the client of the bank acquires liquid funds, and also gets rid of the need to return to the bank the amounts received from the account, since the bank receives them directly from the drawers and only if the latter is in an unfavorable financial condition turns to the bearer of the bill. Consider the procedure for accepting bills of exchange for accounting. The bills are issued in banking institutions accompanied by registries having single form. Commercial banks may issue register forms to their clients free of charge or at a negotiated price. Bills are placed in registers by maturity. Registers must be signed by the bearer or persons authorized by him who have the right to dispose of sums of money on behalf of the client.

The registers are transferred to the bill (accounting) department for checking bills. At the request of the client, the bank issues him a receipt for the acceptance of bills of exchange, if the accounting of the latter cannot be made on the day of acceptance.

Bills of exchange presented for accounting must have blank transfer endorsements on behalf of the bearer. A space is left before the blank inscription, sufficient for the bank to put a stamp on the transfer of the bill in his name, thus turning the client's blank inscription into a nominal one. The conversion of a blank endorsement into a nominal endorsement is aimed at preventing the use of a bill in case of its loss or theft.

Services provided by banks may include accepting lost bills of exchange applications from customers and notifying other banks of lost bills of exchange.

Payment on a bill of exchange is preceded by acceptance - the payer's consent to pay the bill. Only from the moment the acceptance is made, the payer, to whom the drawer's instruction is sent to pay the bill, becomes liable under it - acceptor. Acceptance may be partial, i.e. the payer is limited to paying part of the amount. The receipt of acceptance from the payer is carried out by the drawer or the bank. In addition, the bank itself can make an acceptance, which is used when discounting bills, in which case they acquire the status of first-class obligations and get more chances to freely circulate on the market.

The purchase and sale of bills enables a commercial bank to derive income from this operation. From the point of view of banks' liquidity, these operations make it possible to resell the purchased bill to another bank almost immediately, while investments will be returned only after the due date. Thus, the bills accounting operation is of great importance for regulating the liquidity of the bank's balance sheet, for its subsequent refinancing through the rediscounting of bills.

A loan to a bill holder by purchasing (accounting for) a bill of exchange from him before the due date is a bill of exchange (accounting) loan. The owner of the bill receives from the bank the amount indicated in the bill, minus the discount rate, commission payments and other expenses. Accounting percentage - this is the fee charged by the bank for advancing money when discounting the bill, it is the difference between the face value of the bill and the amount paid to the bank when buying it. Discount rate on a bill is the interest rate used to calculate the discount rate.

Accounting interest is calculated according to following formula:

where i - annual interest rate on a bill; S - face value of the bill; t - the number of days before the due date for payment of the bill; TO- the number of days in a year (365, 366, sometimes 360 is conditionally accepted).

A commercial bank that discounts different bills of exchange may simultaneously apply several discount rates. The value of the discount rate is affected by the length of the period that remains before the payment of the bill, the level of reliability of the payer on the bill, the level of discount rates applied by other banks.

The parties may extend the payment term, i.e. to prolong the bill. Distinguish direct, simple and indirect prolongation of the bill. At straight prolongation, an appropriate entry is made on the bill, certified by the signatures of the parties. At simple prolongation, such a record is not made. At indirect prolongation, a new bill is drawn up, and the old one is withdrawn from circulation. Closing of the accounting credit is made on the basis of the bank's notifications about the payment of the bill.

If, after making an officially certified demand for payment, acceptance, dated acceptance, they were not received, the right arises bill protest- a notarized refusal of the person liable under the bill of exchange to fulfill his obligations. The purpose of the protest is to officially confirm this fact. Missing deadlines do not invalidate the bill of exchange, however, the holder of the bill loses the right to claim against all persons who signed the bill, except for the acceptor (or drawer of a promissory note) and their guarantors.

There are the following types of protest:

Protest of a bill of exchange in non-acceptance or non-dating of acceptance, the purpose of the protest is to create conditions for early satisfaction of the creditor's claims; is made during the period of presentation for acceptance;

Protest in non-payment on a bill of exchange, the purpose of the protest is to preserve the rights of reverse claims to those liable on a bill; the protest must be filed no later than 12.00 on the day following the day of expiration of the payment term;

Protest against non-issuance of a copy of an accepted bill of exchange by the person in whose possession it is.

Bills of exchange are submitted for protest to the notary's office at the location of the payer or the domicile bank.

The reliability of the bill can be increased avalem - surety for a bill. The person who committed it - the availer (as a rule, a bank) assumes responsibility for fulfilling the obligations under the bill on the part of the drawer, the endorser. Aval can be issued in the form of an inscription on a bill of exchange or on an allonge, as well as by issuing a separate document.

A commercial bank is interested in accounting for promissory notes of major shareholders of the bank, as well as customers who previously received loans. It is quite possible that the bank will take into account the bills of those clients with whom it plans to expand cooperation. Therefore, banks attach special importance to this operation.

Loans secured by bills 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.

To issue a loan secured by bills of exchange, the bank determines the maximum loan amount, the amount of collateral and the ratio between security and debt on the account, the amount of interest and commission in favor of the bank. The loan agreement stipulates

the right of the bank to repay the debt amounts contributed by drawers to pay bills of exchange, and in the absence of such - proceeds from the sale of goods and services received on the client's current account. Banks impose the same legal and economic requirements on bills of exchange accepted as collateral as they do on accountable bills, only their transfer is formalized by pledge endorsement. The amount is credited to the current account

borrower.

The main differences between accounting for bills of exchange and providing a loan secured by bills of exchange are as follows:

1) when lending secured by promissory notes, there is no assignment of property rights to promissory notes (a promissory note is only collateral for a loan), i.e. the bank does not become the holder of the bill;

2) the loan amount is only a certain part of the nominal value of the bills pledged (usually up to 90%).

Commission transactions with bills. The bank performs the considered active operations with securities on its own behalf and, therefore, at its own expense. However, the bank may derive significant amounts of income from dealing in securities on behalf of others. These include: collection of bills by banks and domiciliation of bills.

Collection of bills implies the fulfillment of instructions of bill holders to receive payments on bills on time. When collecting a bill, 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 send it to the bank at the place of payment in a timely manner and notify the payer of this by a summons to the receipt of the document for collection. Upon receipt of the payment, the bank credits it to the client's account and informs him of the execution of his order.

If the payer does not agree to pay this bill or in case of its insolvency, the bank bears all the costs associated with protesting the bill at the expense of the client.

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

1) for the client - he is relieved of the need to track the terms of presentation of bills for payment, and the procedure for receiving payment becomes faster, cheaper and more reliable for him;

2) for the bank - the implementation of operations for the collection of bills is one of the sources of income, in addition, they will allow the bank to attract additional funds to its correspondent account, which it can use in its activities.

Payments on bills are usually made through the bank through the execution of bills domiciliation operations. Domiciliation means the appointment of a third party (domiciliate) as a payer under a bill of exchange. The domicile is not a person responsible for the bill, he only pays the bill in a timely manner at the expense of the payer, who provided the necessary funds at his disposal. An external sign of domiciled bills is the inscription "Payment in ... the bank." The purpose of domiciliation is not to miss the due date of the bill of exchange. The advantages of these operations for banks are that They increase their deposit base by accumulating funds in special savings accounts, as well as increase the income of banks by charging commissions. Banks exempt clients from the work of monitoring the timing of the presentation of bills for payment, speed up and reduce the cost of the payment process.

TO active operations bank with bills can be attributed to:

Re-accounting

Collateral

Warranty

Collection of bills

Domiciliation of bills

Promissory credit

1. Accounting operations for bills occupy a key place among the bank's operations with this instrument. Legally, accounting for a bill is a transfer (endorsement) of a bill to a bank. The bearer becomes a debtor under the discounted bill, and the bank becomes a creditor (bill holder).

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

Considering the promissory note, the bank's client acquires liquid funds, and also gets rid of the need to return to the bank the amounts received from accounting, since the bank receives them directly from the drawers and only in case of unfavorable financial condition the latter refers to the bearer of the bill.

Accounting percentage - this is the fee charged by the bank for advancing money when discounting the bill, it is the difference between the face value of the bill and the amount paid to the bank when buying it.

Discount rate on a bill is 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- face value of the bill;

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

TO - the number of days in a year (365, 366, sometimes 360 is conditionally accepted).

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

A discount bank is an authorized bank that has received the status of a discount bank, with which bills of exchange operations can be carried out.

Re-discount operations - interbank credit operations,

based on the rediscount of commercial bills.

Rediscount transactions consist of a sale by a bank (acting

as a borrower) a bill of an industrial or trading company from

of his portfolio to another bank that pays the amount of the bill

minus the discount.

The operations of banks for accounting and rediscounting of bills form the accounting market. An important role belongs to the Bank of Russia. It is the Bank of Russia that determines the main directions for the functioning and development of the bills market through the implementation of certain accounting and refinancing policies.

3. Pledge operations

Under the issuance 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 cash, and as security for payment accepts from him (the borrower) the bills of exchange at his disposal. When issuing a loan secured by bills of exchange, the bank is not included in the list of persons liable under the bill.

There are a number of significant differences between bank operations for accounting bills and issuing loans secured by bills of exchange:

1) when accounting for a bill, the movement of cash and bills goes in parallel, i.e. accounting for a bill is accompanied by the issuance of money, and its repayment, respectively cash flow. When a bill is pledged, the movement of bills and money does not coincide, since during the term of the loan, the bill security may remain unchanged, and the balance of the debt is constantly changing - the loan is issued and repaid as funds are received on the account;
2) accounting of bills represents for the bank the operation of buying bills, in which it becomes the owner of the acquired product - bills and turns into a bill holder. When issuing a loan secured by a bill, the bills accepted as security for the loan are not the property of the bank, but are transferred as collateral for the debt, and the bank in this case does not become the holder of the bill;
3) when performing a discount transaction, the client receives from the bank the full amount (currency) of bills, minus only interest on accounting. A loan secured by bills is issued only in the amount of 60 - 90% of the face 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 amount of debt at the expense of funds in the current account creates conditions for the client to save when paying interest on the loan. When accounting for bills of exchange, this possibility is not available;
5) interest on bills of exchange is withheld simultaneously with discounting, on a loan account - is accrued quarterly. As a rule, the discount rate is significantly lower than the interest rate on bank loans. However, interest on discounting bills is charged based on the term of the bill and is returned 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 as a special valuable paper. The term and amount of the loan directly depend on the maturity of the bill and its face value.

If the owner of a loan account secured by bills of exchange fails to fulfill the requirement to repay all or part of the debt or to pay additional security within 10 days after the bank sends a notification, the bank may sell all pledged bills and pay off the debt on the loan account. If the money from the sale of promissory notes is not enough to pay off the entire debt, then it can be repaid from the balance of funds on the client's current account in judicial order by imposing a penalty on the property of the borrower.

4. Warranty operations

Guarantee operations are operations accompanied by the bank taking

assume the obligations of payment on bills of exchange with the condition of deferred, i.e.

payment of a promissory note under certain circumstances and in

stipulated period.

Warranty operations are divided into:

avalization of bills,

issuance of guarantees to ensure the payment of bills.

5. Collection of bills

Collection of bills implies the fulfillment of instructions of bill holders to receive payments on bills on time. When collecting a bill, 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 send it to the bank at the place of payment in a timely manner and notify the payer of this by a summons to the receipt of the document for collection. Upon receipt of the payment, the bank credits it to the client's account and informs him of the execution of his order.

If the payer does not agree to pay this bill or in case of its insolvency, the bank bears all the costs associated with protesting the bill at the expense of the client.

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

1) for the client - he is relieved of the need to track the terms of presentation of bills for payment, and the procedure for receiving payment becomes faster, cheaper and more reliable for him;
2) for the bank - the implementation of operations for the collection of bills 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 are usually made through the bank through the execution of bills domiciliation operations.

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

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

7. Promissory credit

Promissory notes and credit operations in the bank, in whatever form they are carried out, begin with the receipt by the client of 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 credits are divided into permanent and one-time.

A promissory note loan is provided to customers who issue promissory notes against this loan to pay for inventory items, works and services provided to other business entities, enterprises and individuals. The latter present such bills to the bank, which sends them for accounting to the drawer's bank at the expense of the loan opened to him by the drawer.

The interest rate for a promissory note is set lower than the rate for an ordinary bank loan due to the lower liquidity of promissory notes compared to money.

A bill-issued loan has certain limits, 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 for issuing their own bills in order to prevent an unreasonable increase in the money supply in circulation.

One of the important directions of banking activity is operations with bills of exchange.

Banking operations with bills of exchange are carried out in the following main forms:

Loans secured by a bill, acceptance, aval of a bill and commission transactions with a bill (some of which were discussed above);

Accounting of a bill by a commercial bank (or rediscount by the Central Bank), when the bank pays the holder of the bill the amount affixed to the bill, minus interest (discount) at the current discount (discount) rate.

Upon receipt loans secured by bills the bill of exchange is pawned by the holder of the bill certain period followed by redemption upon repayment of the loan. The loan is not issued within the total amount of the bill, but only for 60-90% of its amount. Issuance of loans secured by bills of exchange can be both one-time and permanent. In the latter case, the bank opens a special loan account for the client secured by bills of exchange. When opening an account, the bank negotiates with the borrower the conditions for using the loan:

The highest limit of the ratio between collateral and indebtedness;

The right to demand additional bills to secure the loan;

The right of the bank to repay the debt amounts received in payment of bills securing the account and others.

Accounting for bills

The accounting transaction consists in the purchase by the bank of monetary debt obligations before the maturity date, at which the rights of the creditor are transferred to the bank.

Accounting or discount A bill of exchange is an operation in which a bank, accepting a bill of exchange from the bearer, issues to the bearer the amount of this bill before the due date, withholding in its favor interest on the amount of the bill for the time remaining until the due date.

Since a loan takes place where the transfer of capital is not mutual, but unilateral, for a period and on terms of return, then the accounting of a bill, both in content and in form, is not a loan. This is a simple act of buying and selling. The bank client receives money for the sold goods (bill). By means of endorsement, the bill becomes the property of the bank, and the money becomes the property of the client.

The main terms in the accounting of bills of exchange are: discount rate and discount. Under annual discount rate refers to the ratio of the amount of interest paid per year to the amount to be repaid. Calculations using discount rates are carried out in banking practice when accounting for bills of exchange and other monetary obligations. In this case, the amount paid by the bank when discounting the bill is determined by the following formula:

Where S - the amount of the bill;

R - the present amount paid when discounting the bill;

d - annual discount rate (in fractions of a unit);

T - term before payment, days;

K - the estimated length of the year (usually 360 days).

The bank's income from accounting (discount) is defined as the difference between the bill amount and the amount paid to the bill holder when discounting the bill (4.2):

. (4.2)

In these calculations, the discount rate d is determined by the bank independently based on the given rate annual interest i as follows (4.3):

. (4.3)

Accordingly, from (4.3) the annual interest rate can be expressed through the discount rate (4.4):

. (4.4)

Having the last two formulas, it is possible to determine the discount rate corresponding to the given rate of return, and on the other hand, the interest rate corresponding to the discount rate applied by the bank.

In practice, holders take into account not only individual bills, but also a portfolio of bills. Banks can also buy portfolios of bills. Such an operation is called forfaiting.

The essence of the forfait operation

Forfeiting is used when selling a large object (a set of equipment, a vessel, an enterprise, a large consignment of goods). The buyer purchases the goods in conditions when he does not have existing financial resources. However, the seller also cannot postpone the receipt of money for the future and sell the goods on credit. The contradiction is resolved as follows. The buyer writes out in favor of the seller a set (portfolio) of bills for an amount equal to the cost of the goods, plus interest on the loan provided to the buyer. The terms of bills are evenly distributed in time. Usually (but not necessarily) equal intervals of time are provided between payments on bills of exchange. The seller, immediately after receiving the portfolio of bills, takes it into account in the bank without the right to turn over to himself, receiving money at the very beginning of the transaction. Thus, in fact, the seller himself does not lend to the buyer - the loan is fully provided by the bank. The bank, by forfaiting a deal, takes all the risk.

So, in a forfait operation, the interests of the seller, the buyer and the bank are linked. As the fourth agent of the transaction, the guarantor sometimes acts - the buyer's bank, which guarantees the repayment of debt on promissory notes. Each party involved in the transaction pursues its own goals and provides for the possibility of achieving them when developing the terms of the agreement.

Purpose of the seller- receive, when discounting bills, an amount equal to the agreed price of the goods. If at the stage of preliminary calculations it turns out that the amount received from the bank is less than this price, the seller increases the contract price. The second possible way to compensate for the damage is to increase the fee for the loan (increase in the interest rate). Forfaiting allows the seller to:

Provide the necessary credit to the buyer (at someone else's expense);

Get the money he needs at the beginning of the transaction and thereby eliminate the risk of the buyer's refusal to pay and the risk associated with fluctuations in interest rates;

Eliminate or reduce the cost of arranging credit and insurance.

Purpose of the buyer- purchase products with the lowest total cost. The buyer's expenses consist in the repayment of promissory notes presented to him in succession. Forfaiting allows the buyer to purchase goods on credit.

For bank forfait operation - a regular bill of exchange accounting operation that generates income in the form of a discount.