central bank Russian Federation represents a single centralized system with a vertical management structure. The system includes: central office, territorial offices, cash settlement centers, computer centers, field offices and educational establishments, storage facilities, as well as other enterprises, institutions and organizations, including security units, necessary for the successful operation of the bank.
National banks republics that are part of the Russian Federation are territorial institutions Bank of Russia. They do not have the status of a legal entity and do not have the right to make decisions of a regulatory nature, as well as issue guarantees and sureties, bills of exchange and other obligations without the permission of the Board of Directors of the Bank of Russia.
The tasks and functions of the territorial institutions of the Bank of Russia are determined by the Regulations on these institutions, approved by the Board of Directors. Currently, the Central Bank of the Russian Federation is considering the issue that they can be created according to economic regions, uniting the territories of several constituent entities of the Russian Federation.
The supreme body of the Bank of Russia is the Board of Directors. This is a collegial body that determines the main areas of activity of the Bank of Russia and manages it. The Board of Directors includes the Chairman of the Bank of Russia and 12 members of the Council.
Members of the Board of Directors work here on a permanent basis. They are approved State Duma on the proposal of the Chairman of the Bank, who is also the Chairman of the Board of Directors.
The Board of Directors, in cooperation with the Government, develops a unified state monetary policy and ensures its implementation.
The structure and staff of the central apparatus of the Bank of Russia, as well as the charters of its other structural divisions approved by this Council.
His powers include: changes in rates on centralized loans, reserve standards, economic standards; determination of admission conditions foreign capital into the Russian banking system; other decisions on issues of great importance both for the Bank of Russia and for the banking system and the country’s economy as a whole. Each decision of the Board of Directors is considered adopted if a majority of members vote for it.
Thus, the Board of Directors not only heads and organizes the work of the Bank of Russia, but also regulates the activities of the country’s commercial banks.
The Central Bank of the Russian Federation occupies a special position among all legal entities engaged in management or economic activity. On the one hand, it is an organ government controlled; on the other hand, the bank acts as a commercial enterprise that trades money, although making a profit is not the purpose of the Central Bank of the Russian Federation.
The bank carries out its functions, defined by the Constitution of the Russian Federation (Article 75) and the Law “On the Central Bank of the Russian Federation (Bank of Russia)” (Article 22), regardless of federal bodies state authorities, state authorities of the subjects of the federation and bodies local government.
The central bank is primarily an intermediary between the state and the rest of the economy through the banks. As such an institution, it is called upon to regulate cash and credit flows using instruments that are assigned to it by law.
According to Article 75 of the Constitution of the Russian Federation, the main function of the Bank of Russia is to protect and ensure the stability of the ruble, and money issuance is carried out exclusively by the Bank of Russia. In accordance with Article 4 Federal Law“On the Central Bank of the Russian Federation (Bank of Russia)”, the Bank of Russia performs the following functions:
- - in cooperation with the Government of the Russian Federation, develops and implements a unified state monetary policy;
- - monopolistically issues cash and organizes cash circulation;
- - states graphic designation ruble in the form of a sign;
- - is the lender of last resort for credit institutions, organizes a system for their refinancing;
- - establishes the rules for making payments in the Russian Federation;
- - sets the rules for conducting banking operations;
- - carries out servicing of budget accounts of all levels budget system of the Russian Federation, unless otherwise established by federal laws, through settlements on behalf of authorized executive authorities and state off-budget funds, who are entrusted with the organization of execution and execution of budgets;
- - carries out effective management gold and foreign exchange reserves of the Bank of Russia;
- - makes a decision about state registration credit institutions, issues licenses to credit institutions to carry out banking operations, suspends their validity and revokes them;
- - exercises supervision over the activities of credit institutions and banking groups;
- - registers the issue of securities credit organizations in accordance with federal laws;
- - carries out independently or on behalf of the Government of the Russian Federation all types of banking operations and other transactions necessary to perform the functions of the Bank of Russia;
- - organizes and carries out currency regulation and exchange control in accordance with the legislation of the Russian Federation;
- - determines the procedure for making settlements with international organizations, foreign states, as well as with legal entities and individuals;
- - sets the rules accounting and reporting for the banking system of the Russian Federation;
- - installs and publishes official courses foreign currencies in relation to the ruble;
- - takes part in the development of the forecast of the balance of payments of the Russian Federation and organizes the compilation of the balance of payments of the Russian Federation;
- - establishes the procedure and conditions for currency exchanges to carry out activities to organize transactions for the purchase and sale of foreign currency, issues, suspends and revokes permits currency exchanges to organize operations for the purchase and sale of foreign currency (the Bank of Russia will perform the functions of issuing, suspending and revoking permits to currency exchanges to organize operations for the purchase and sale of foreign currency from the date of entry into force of the federal law on introducing relevant amendments to the Federal Law " licensing individual species activities";
- - analyzes and forecasts the state of the economy of the Russian Federation as a whole and by region, primarily monetary, monetary, financial and price relations, publishes relevant materials and statistical data;
- - makes payments to the Bank of Russia on deposits individuals in banks declared bankrupt that do not participate in the system of compulsory insurance of deposits of individuals in banks of the Russian Federation, in cases and in the manner prescribed by federal law;
- - is a depository of funds of the International Monetary Fund in the currency of the Russian Federation, carries out operations and transactions provided for by the articles of the Agreement of the International Monetary Fund and agreements with the International Monetary Fund;
- - performs other functions in accordance with federal laws
The Central Bank provides cash, credit and settlement service commercial banks. In the process of cash servicing of commercial banks, he provides them with cash in exchange for their reserves, which are saved in accounts with central bank. In progress credit servicing For commercial banks, the central bank provides them with additional reserves in order to maintain their liquidity, i.e. acts as a “lender of last resort”. In addition, when pursuing monetary policy, the central bank uses lending (refinancing) of commercial banks as an instrument of monetary credit policy.
The supervisory and regulatory functions of the Bank of Russia are expressed in the state registration of credit organizations and licensing of banking operations, in the establishment of mandatory economic standards for credit organizations, as well as rules for conducting banking operations, accounting rules, drawing up statistical reporting, in presenting qualification requirements to the heads of executive bodies and the chief accountant of the credit institution. The Bank of Russia has the right to request and receive from credit institutions the necessary information about their activities and demand clarification on the information received.
Supervisory authorities (the central office of the Bank of Russia and its territorial institutions) apply two types of enforcement measures to credit institutions:
warning;
forced.
The specific composition of the applied measures of influence may include both measures of only one type (preventive or compulsory), and a combination of measures of different types. The choice of measures of influence is made supervisory authorities independently based on the provisions of Bank of Russia regulations, taking into account:
the nature of the violations committed by the credit institution;
the reasons that determined the occurrence of the identified violations;
the general financial condition of the credit institution;
Coercive measures are applied against a credit institution in cases where this follows from the nature of the violations committed, taking into account the fact that the use of only preventive measures impact does not bring results or cannot ensure proper adjustment of the activities of the credit institution. The grounds for applying coercive measures are violations (failure) by a credit organization of banking legislation, regulations and orders of the Bank of Russia, failure to provide information, provision of incomplete or unreliable information, and also if the operations performed by the credit organization created a real threat to the interests of clients and (or) creditors (depositors).
The main coercive measures include:
a requirement for a credit organization to take measures for its financial recovery, including a requirement for the provision and implementation of a plan of measures for financial recovery;
requirement to bring the value into conformity own funds(capital) and size authorized capital credit organization;
a requirement to reorganize a credit institution, including a requirement to submit and implement a reorganization action plan;
restriction of credit institutions individual transactions for a period of up to six months;
a ban on credit institutions carrying out banking operations provided for by the issued license for a period of up to one year;
ban on opening branches for up to one year;
requirement to replace managers of a credit institution;
appointment of a temporary administration to manage the credit institution;
revocation of the license to carry out banking operations.
The functions of the central bank are often intertwined, one follows from another if it is required to achieve a set goal or solve a specific problem (Appendix).
Thus, the Central Bank of the Russian Federation performs the following main functions: carries out a monopoly issue of banknotes, is a bank of banks, a banker for the government, conducts monetary regulation and banking supervision.
The functions of the central bank (monopoly issue of money, bank of banks) in Russia began to be performed for the first time National Bank Russia, created in 1860 and directly subordinate to the Minister of Finance. After the nationalization of commercial banks in 1917 and their merger with the State Bank of Russia, the latter was renamed National Bank RSFSR. In 1920, the People's Bank of the RSFSR was abolished, and the right money issue transferred to Narkomfin. In 1921, the State Bank of the USSR was created, which is directly subordinate to the Government. Before the banking reform of 1987, the State Bank of the USSR was the country's single emission, credit, settlement and cash center, performing all the functions inherent in both central and commercial banks.
Since 1988, lending and cash management functions National economy were transferred to state specialized banks while maintaining the state monopoly of banking and strict centralization of credit management.
The Central Bank in the Russian Federation was created after it acquired sovereignty on the basis of the State Bank of the USSR, initially in the form of the State Bank of the RSFSR, which in December 1990 was renamed the Central Bank of the RSFSR (Bank of Russia), and in April 1995 - the (Bank of Russia) .
In accordance with Russian legislation The property of the Bank of Russia is owned by the state. The Central Bank of the Russian Federation is a legal entity, independently performs its functions and in its current activities is independent of government economic management bodies. The authorized capital and other property of the Bank of Russia are federal property. The Central Bank of the Russian Federation carries out its expenses at the expense of own income, is not responsible for the obligations of the state, and the state is not responsible for the obligations of the bank. Regulatory acts issued by the Central Bank of the Russian Federation are mandatory for government bodies of the Russian Federation and its constituent entities, local governments, and all legal entities and individuals. Draft federal laws and regulations of federal executive authorities concerning the performance of the functions of the Bank of Russia (BR) must be sent for its conclusion.
The Bank of Russia has a three-level management structure. Highest level– Board of Directors and central office (Board of the bank) in Moscow. The second level is the main departments (GU of the Central Bank of the Russian Federation) in large regions and national banks of the republics within the Russian Federation, operating as branches of the BR (there are more than 80 of them). The third level is cash settlement centers, operating as structural divisions of the Main Directorate of the Central Bank of the Russian Federation. In addition, the structure of the Bank of Russia includes about twenty departments and divisions, various educational, methodological, field institutions, computer centers, security units, etc.
According to the charter, the Central Bank of the Russian Federation and its state administration are a single centralized system with a vertical management structure. Main departments and RCCs are not legal entities. Their obligations are simultaneously the obligations of the BR, they carry out transactions only on behalf of the BR, do not have the right to make decisions of a regulatory nature, as well as issue guarantees and sureties, bills of exchange and other obligations without the permission of the Board of Directors.
The supreme body of the Bank is the Board of Directors, which manages the Bank’s activities in implementing monetary policy government. The Council consists of the Chairman of the Bank and 12 members. The Chairman of the BR is appointed for a term of four years by the State Duma (on the proposal of the President of the Russian Federation). The Board of Directors is approved by the State Duma (upon the proposal of the Chairman of the BR). The same person is not entitled to hold office for more than three consecutive terms (12 years).
Chairman and Board of Directors:
· develop and implement the necessary measures to implement the state’s monetary policy;
· install overall size money issues and regulations required reserves credit institutions;
· approve interest rates for refinancing commercial banks;
· make decisions on the structural divisions of the central office and local bodies of the Bank;
· determine the rules of operation of credit institutions;
· approve the cost estimate and report on the Bank’s annual activities;
· carry out operational management of the country's monetary system.
The Chairman of the Bank represents it in government bodies, manages the work of the board of directors, signs regulations and orders and is responsible for fulfilling the functions and tasks of the bank in the field of organizing monetary relations.
In order to depoliticize the Central Bank, its chairman and members of the board of directors cannot be members of socio-political parties and religious organizations, have no right to work part-time (except for teaching and research work), or hold any positions in credit institutions, disclose proprietary information and receive loans for consumer needs in other banks.
A collegial body has been created under the Central Bank - National Banking Council (NBC). It consists of 12 people, two of whom are members of the Federation Council, three are deputies of the State Duma, three are representatives of the President of the Russian Federation, three are members of the Government of the Russian Federation. The NBS also includes the Chairman of the Bank of Russia.
The competence of the NBS includes:
1) consideration annual report Bank of Russia;
2) approval based on proposals of the Board of Directors for another year total expenses for the maintenance of Bank of Russia employees, for their pensions, life insurance and health insurance; total volume capital investments and other administrative and economic expenses;
3) consideration of issues of improving the banking system of the Russian Federation;
4) consideration of the main directions of the unified state monetary policy (including their draft);
5) resolving issues related to the participation of the Bank of Russia in the capital of credit institutions;
6) appointment of the chief auditor of the Bank of Russia and consideration of his reports;
7) quarterly review of information from the Board of Directors on the main issues of the Bank of Russia’s activities;
8) approval of accounting and reporting rules for the Central Bank of the Russian Federation, etc.
The Bank of Russia is accountable in its activities State Duma. This accountability of the Bank is expressed in the adoption by the Duma of the following acts:
· appointment and dismissal job responsibilities Chairman of the Bank of Russia and members of the Board of Directors;
· holding parliamentary hearings on the activities of the Bank with the participation of the Chairman and members of the Council;
· discussion of the Chairman's reports on the results of the bank's annual activities and the implementation of the main directions of the government's monetary policy;
· sending and recalling its representatives to the NBS within the quota (3 people);
· review and approval of the annual report and auditor's report;
· making a decision on the audit by the Accounts Chamber of the Russian Federation of the financial and economic activities of the Bank of Russia, its structural divisions and institutions (only on the basis of a proposal from the National Banking Council).
Reporting period The bank is set from January 1 to December 31 each calendar year. The structure of the balance sheet is determined by the Board of Directors taking into account the experience of the central banks of issue in other countries. The deadline for submitting the annual report to the State Duma is May 15 of the following year.
The annual report contains:
· analysis of the state of the economy, money circulation, financing, lending, settlements and foreign exchange position;
· measures to implement the government's monetary policy;
· annual financial statements of the Bank;
· conclusion of the Accounts Chamber of the Russian Federation based on the results of an audit of the accounts and operations of the Central Bank of the Russian Federation, which are subject to the Law “On State Secrets”;
· conclusion of the audit firm on the results of activities for the reporting year.
The State Duma considers the Bank's report before July 1 of the next year and sends it with its conclusion to the Government and the President of the Russian Federation. The Bank's balance sheet is published in the central press of the country until July 15 of the next year.
The Bank of Russia publishes monthly its balance sheet, data on money circulation, including the dynamics and structure of the money supply, and generalized data on the operations of the Bank of Russia.
Intradepartmental inspections of the central office and territorial divisions of the Bank are carried out by the chief auditor, who is appointed by the NBS. Federal government bodies and local government bodies do not have the right to interfere in the current activities of the Bank and make decisions that contradict current legislation. If there is interference in the performance of its functions, the Bank informs the Duma and the President about this. At the same time, the Bank has the right to apply to various judicial authorities to cancel decisions that contradict the legislation of the Russian Federation on banking activities.
Structure is form internal organization(devices) of elements of any organ. The structure of the Central Bank of the Russian Federation is a single centralized system of divisions of the main bank of the country with a vertical management structure, consisting of a certain set of interrelated elements determined by the goals, objectives and competence of the Central Bank of the Russian Federation.
The structure of the Central Bank of the Russian Federation includes:
Central office;
Territorial institutions;
Cash settlement centers;
Computer centers;
Field institutions;
Educational establishments;
Other organizations, including security units and the Russian Collection Association, which are necessary for the activities of the Central Bank of the Russian Federation.
The governing bodies of the Central Bank of the Russian Federation are:
National Banking Council;
Chairman of the Central Bank of the Russian Federation;
Board of Directors of the Central Bank of the Russian Federation.
The National Banking Council is a collegial governing body of the Central Bank of the Russian Federation consisting of 12 people, of which two are directed by the Federation Council (from among the members of the Federation Council), three by the State Duma (from among the deputies of the State Duma), three by the President of the Russian Federation, three - by the Government of the Russian Federation. The Chairman of the Central Bank of the Russian Federation is also a member of the National Banking Council.
They are recalled by the government body that sent them to the Council. Members of the National Banking Council, with the exception of the Chairman of the Central Bank of the Russian Federation, do not work for the Central Bank of the Russian Federation on a permanent basis and do not receive payment for this activity.
The Chairman of the National Banking Council is elected by the members of the Council from among them by a simple majority of votes. The Deputy Chairman is elected in the same manner.
The National Banking Council meets at least once a quarter. Meetings are appointed by the Chairman (his deputy), as well as at the request of the Chairman of the Central Bank of the Russian Federation or at least three members of the National Banking Council.
Decisions of the National Banking Council are made by a majority vote of those present with a quorum of seven people. In case of equality of votes, the vote of the person presiding at the meeting is decisive.
National Banking Council:
1) considers the annual report of the Central Bank of the Russian Federation;
2) approves (based on proposals of the Board of Directors) for the next year:
The total amount of expenses for maintaining employees of the Central Bank of the Russian Federation;
Total expenditures on pensions, life insurance and medical insurance for employees of the Central Bank of the Russian Federation;
Total volume of capital investments;
The total volume of other administrative and economic expenses;
3) approves (if necessary) on the basis of proposals from the Board of Directors additional expenses for the maintenance of employees of the Central Bank of the Russian Federation, additional expenses for pensions, life insurance and medical insurance for employees of the Central Bank of the Russian Federation, additional capital investments, as well as approval of other additional administrative and business expenses;
4) considers issues of improving banking
RF systems;
5) considers the draft main directions of the unified State monetary policy and the main directions of the unified state monetary policy;
6) resolves issues related to the participation of the Central Bank of the Russian Federation in the capital of credit institutions;
7) appoints the chief auditor of the Central Bank of the Russian Federation and hears his reports;
8) quarterly reviews information from the Board of Directors on the main issues of the activities of the Central Bank of the Russian Federation:
Implementation of the main directions of the unified state monetary policy;
Banking regulation and banking supervision;
Implementation of the policy of foreign exchange regulation and foreign exchange control;
Organization of the settlement system in the Russian Federation;
Execution of the cost estimates of the Central Bank of the Russian Federation;
Preparation of draft legislative acts and other regulations in the field of banking;
9) determines the audit organization - annual auditor financial statements TSB RF;
10) submits to the State Duma proposals for an audit by the Accounts Chamber of the Russian Federation of the financial and economic activities of the Central Bank of the Russian Federation, its structural divisions and institutions;
11) upon proposal of the Board of Directors, approves:
Rules of accounting and reporting for the Central Bank of the Russian Federation;
The procedure for the formation of provisions of the Central Bank of the Russian Federation and the procedure for the distribution of profits remaining at the disposal of the Central Bank of the Russian Federation;
Report on expenses for maintenance, pensions, life insurance and medical insurance of employees of the Central Bank of the Russian Federation, capital investments and other administrative and economic needs.
The Chairman of the Central Bank of the Russian Federation is appointed to the position by the State Duma for a period of four years by a majority vote of the total number of deputies on the proposal of the President of the Russian Federation.
The same person cannot hold the position of Chairman of the Central Bank of the Russian Federation for more than three consecutive terms.
The Chairman of the Central Bank of the Russian Federation may be dismissed from office, but only in the following cases:
Expiration of the term of office;
Inability to perform official duties, which must be confirmed by the conclusion of the state medical commission;
Submitting a personal resignation letter;
Committing a criminal offense established by a court verdict that has entered into legal force;
Violations of federal laws that regulate issues related to the activities of the Central Bank of the Russian Federation.
Features of the legal status of the Chairman of the Central Bank of the Russian Federation are that he:
1) acts on behalf of the Central Bank of the Russian Federation and represents its interests in relations with government authorities, credit institutions, organizations of foreign states, international organizations, other institutions and organizations;
2) chairs meetings of the Board of Directors; in the event of a tie, his vote is decisive;
3) signs regulations of the Central Bank of the Russian Federation, decisions of the Board of Directors, minutes of its meetings, agreements concluded by the Central Bank of the Russian Federation;
4) appoints and dismisses deputy chairmen of the Central Bank of the Russian Federation, distributes responsibilities between them;
5) has the right to delegate his powers to his deputies;
6) signs orders and gives instructions that are binding on all employees and organizations of the Central Bank of the Russian Federation;
7) bears full responsibility for the activities of the Central Bank of the Russian Federation;
8) ensures the implementation of the functions of the Central Bank of the Russian Federation and makes decisions on all issues assigned by federal laws to the jurisdiction of the Central Bank of the Russian Federation (except for those on which decisions are made by the National Banking Council or the Board of Directors).
Main collegial body direct control Central Bank of the Russian Federation - Board of Directors. It includes the Chairman of the Central Bank
RF and 12 members of the Board of Directors working on a permanent basis.
Members of the Board of Directors are appointed to the position by the State Duma for a period of four years upon the proposal of the Chairman of the Central Bank of the Russian Federation, agreed with the President of the Russian Federation.
Members of the Board of Directors are dismissed from office:
Chairman of the Central Bank of the Russian Federation - upon expiration of the term of office,
by the State Duma upon proposal by the Chairman of the Central Bank of the Russian Federation - before the expiration of the term of office.
The Board of Directors meets at least once a month. Meetings are appointed by the Chairman of the Central Bank of the Russian Federation (his deputy) or at the request of at least three members of the Board of Directors. The meetings are chaired by the Chairman of the Central Bank of the Russian Federation, and in his absence, by the person replacing him from among the members of the Board of Directors. Heads of territorial institutions of the Central Bank of the Russian Federation may be invited to participate in the meetings. The Board of Directors performs the following functions:
1) in cooperation with the Government of the Russian Federation, develops a draft of the main directions of the unified state monetary policy and main directions; submits these documents to the National Banking Council, as well as to the President of the Russian Federation, the Government of the Russian Federation and the State Duma;
2) ensures the implementation of the main directions of the unified state monetary policy;
3) approves the annual financial statements of the Central Bank of the Russian Federation, reviews the audit report on the annual financial statements and the conclusion of the Accounts Chamber of the Russian Federation based on the results of the audit of accounts and operations of the Central Bank of the Russian Federation, submits these materials as part of the annual report of the Central Bank of the Russian Federation to the National Banking Council and the State Duma;
4) approves a report on the activities of the Central Bank of the Russian Federation, prepares an analysis of the state of the Russian economy and submits these materials as part of the annual report of the Central Bank of the Russian Federation to the National Banking Council and the State Duma;
5) considers and submits to the National Banking Council for approval (with calculations and justifications no later than December 1 of the previous year) the total volume of:
Expenses for the maintenance of employees of the Central Bank of the Russian Federation;
Expenses for pensions, life insurance and medical insurance for employees of the Central Bank of the Russian Federation;
Capital investments of the Central Bank of the Russian Federation;
Other administrative and economic expenses of the Central Bank of the Russian Federation;
6) considers (if necessary) and submits to the National Banking Council proposals for additional expenses with calculations and justifications;
7) approves the estimate of expenses (estimate of additional expenses) of the Central Bank of the Russian Federation, based on the total volume of expenses of the Central Bank of the Russian Federation approved by the National Banking Council, no later than December 31 of the previous year;
8) establishes the forms and amounts of remuneration for the Chairman of the Central Bank of the Russian Federation, members of the Board of Directors, Deputy Chairman and other employees of the Central Bank of the Russian Federation;
9) makes decisions:
On the creation (reorganization and liquidation) of Central Bank organizations
On the establishment of mandatory standards for credit organizations and banking groups;
On the amount of reserve requirements;
About the change interest rates TSB RF;
Determining limits on open market transactions;
Participation in international organizations;
Participation (membership) of the Central Bank of the Russian Federation in the capital of organizations (organizations) supporting the activities of the Central Bank of the Russian Federation, its institutions, organizations and employees;
On the purchase and sale of real estate to support the activities of the Central Bank of the Russian Federation and its organizations (gives permission for the price and other conditions for concluding a transaction);
Application of direct quantitative restrictions;
The issue of banknotes and coins of the Central Bank of the Russian Federation of a new type, on the withdrawal from circulation of banknotes and coins of the Central Bank of the Russian Federation of the old type;
The procedure for the formation of reserves by credit institutions;
10) submits proposals to the State Duma to change the amount of the authorized capital of the Central Bank of the Russian Federation;
11) approves the work procedure of the Board of Directors;
12) submits to the National Banking Council for appointment a candidate for the chief auditor of the Central Bank of the Russian Federation;
13) approves the structure of the Central Bank of the Russian Federation, regulations on structural divisions and institutions of the Central Bank of the Russian Federation, charters of organizations of the Central Bank of the Russian Federation, the procedure for appointing heads of structural divisions and organizations of the Central Bank of the Russian Federation;
14) in accordance with federal laws, determines the conditions for the admission of foreign capital to the banking system of the Russian Federation;
15) approves the list of positions of employees of the Central Bank of the Russian Federation;
16) establishes the rules for conducting banking operations, accounting and reporting rules for the banking system of the Russian Federation, with the exception of the Central Bank of the Russian Federation;
17) prepares and submits to the National Banking Council for approval:
Proposals on accounting and reporting rules for the Central Bank of the Russian Federation;
Proposals on the procedure for forming provisions of the Central Bank of the Russian Federation and the procedure for distributing the profits of the Central Bank of the Russian Federation remaining at the disposal of the Central Bank of the Russian Federation;
Report on the expenses of the Central Bank of the Russian Federation for the maintenance of employees of the Central Bank of the Russian Federation, pensions, life insurance and medical insurance for employees of the Central Bank of the Russian Federation, capital investments and other administrative and economic needs.
The Bank of Russia Bulletin officially publishes (within ten days from the date of adoption) decisions of the Board of Directors on the following issues:
Changes in interest rates;
Amount of reserve requirements;
The size of mandatory standards for credit institutions and banking groups;
Direct quantitative restrictions;
Participation (membership) of the Central Bank of the Russian Federation in the capital of organizations (organizations) supporting the activities of the Central Bank of the Russian Federation, its organizations and employees;
Issue of new banknotes and coins of the Central Bank of the Russian Federation;
Withdrawal from circulation of old-style banknotes and coins of the Central Bank of the Russian Federation;
The procedure for the formation of reserves by credit institutions.
Territorial institutions of the Central Bank of the Russian Federation:
Are not legal entities;
Cannot make regulatory decisions;
Does not have the right to issue (without permission of the Board of Directors) bank guarantees and guarantees, bills and other obligations.
Their tasks and functions are determined by the Regulations on the territorial institutions of the Central Bank of the Russian Federation, approved by the Board of Directors. By decision of the Board of Directors, they can be created in regions that unite the territories of several constituent entities of the Russian Federation. The national banks of the republics within the Russian Federation are also territorial institutions of the Central Bank of the Russian Federation. Field institutions of the Central Bank of the Russian Federation are intended for banking services.
Lecture 14 Structure and functions of the Bank of Russia
14.1 Structure of the Bank of Russia
14.2 Functions of the Central Bank
By organizational structure The Bank of Russia is a single centralized system with a vertical management structure. The structure of the Bank of Russia includes the National Banking Council, the Chairman of the Bank of Russia, the board of directors, the central office, territorial institutions, cash settlement centers and other organizations, including computer centers, field institutions and educational institutions.
According to new edition Federal Law “On the Central Bank of the Russian Federation (Bank of Russia)” the supreme governing body of the Bank of Russia is National Banking Council(until July 2002, the highest governing body was the board of directors, and the National Banking Council performed only advisory and expert functions). The competence of the National Banking Council includes:
approval of the total volume of administrative and economic expenses and a report on their execution, the volume of capital investments, accounting and reporting rules for the Bank of Russia, the procedure for distributing profits remaining at the disposal of the Bank of Russia;
resolving issues related to the participation of the Bank of Russia in the capital of credit institutions; appointment of the chief auditor of the Bank of Russia, determination audit organization– auditor of the annual financial statements of the Bank of Russia;
submitting proposals to the State Duma to conduct an audit by the Accounts Chamber of the Russian Federation of the financial and economic activities of the bank and its structural divisions;
consideration of the project and the main directions of monetary policy, issues of improving the banking system, as well as information on the main issues of the bank’s activities.
The National Banking Council consists of 12 people appointed for four years, of which two are appointed by the Federation Council, three by the State Duma, three by the President, three by the Government. The council also includes the chairman of the Bank of Russia, who is appointed to the position by the State Duma on the recommendation of the President of the Russian Federation. The same person cannot hold the position of Chairman of the Bank of Russia more than three consecutive terms. The Chairman is the highest official of the Bank of Russia and bears full responsibility for its activities.
The law limits competence board of directors in the field of administrative and economic management, reserving to it powers in resolving issues that relate to the functions of the Central Bank as a body of control over monetary circulation and a guarantor of the stability of the financial system. The Board of Directors develops and ensures the implementation of the main directions of monetary policy. His powers include making decisions:
on determining limits on open market operations;
on changes in interest rates of the Bank of Russia;
on the amount of reserve requirements;
on the application of direct quantitative restrictions;
on the establishment of mandatory standards for credit organizations and banking groups;
on the procedure for the formation of reserves by credit institutions.
Central office includes 22 departments, each of which is a functional unit in the main areas of activity. The number of employees in the central office is more than 2.5 thousand people. They are the ones who analyze economic events, the state of the banking sector, predict the impact of possible changes in monetary policy, and are responsible for implementing the decisions of the board of directors and the chairman of the Bank of Russia.
TO territorial branches of the Bank of Russia include 69 main departments and 19 national banks. These are separate divisions that perform part of the functions of the Bank of Russia on the territory of the constituent entities of the Russian Federation. Territorial institutions organize monetary circulation, supervision and control, and conduct economic analysis.
Cash settlement centers are part of the territorial institutions of the Bank of Russia. They carry out interbank payments and settlements, provide cash services to banks and settlement and cash services for accounts of budgets of all levels and bodies of the federal treasury of the Ministry of Finance, state extra-budgetary funds. Relationships between cash settlement centers and clients are based on a contractual basis. The main cash settlement centers perform, in addition to those mentioned, some additional operations, for example, they carry out settlements based on the results of transactions on the organized securities market.
Field institutions of the Bank of Russia intended for banking services military units, institutions and organizations of the Ministry of Defense and other security agencies. Like territorial institutions, they are not legal entities, but unlike the latter, they are military institutions, staffed by military personnel and approved by a joint decision of the Bank of Russia and the Ministry of Defense of the Russian Federation. Their functions are limited to cash management services and some other banking operations.
The structure of the Bank of Russia also includes other organizations that support its activities:
13 banking schools;
educational and methodological center and personnel training center;
security divisions and the Russian Collection Association.
Functions of the Bank of Russia
Functions for organizing and regulating money circulation.
The Central Bank of the Russian Federation is responsible for:
1) forecasting and organizing the production, transportation and storage of banknotes and coins, creating their reserve funds;
2) establishing rules for the storage, transportation and collection of cash for credit institutions;
3) establishing signs of solvency of banknotes and the procedure for replacing damaged banknotes and coins, as well as their destruction;
4) determination of the procedure for conducting cash transactions for all enterprises and organizations;
5) development and implementation in cooperation With The Government of the Russian Federation has a unified state monetary policy aimed at protecting and ensuring the stability of the ruble;
6) establishing rules for making both cash and non-cash payments in the Russian Federation.
To influence monetary circulation, the Central Bank of the Russian Federation currently uses the following tools:
interest rates on loans and deposits of the Central Bank of the Russian Federation;
volumes of lending by commercial banks and volumes of raising funds for deposits of the Central Bank of the Russian Federation;
standards of required reserves deposited with the Central Bank. The standards are set as a percentage of the average daily balances on settlement, current, deposit and other client accounts of legal entities and individuals for the past month and are paid from funds in the correspondent account commercial bank to a special reserve account with the Central Bank of the Russian Federation at the beginning of each month. The maximum rate of the required reserve ratio cannot exceed 20%. A one-time change in the standard by more than 5 points is not allowed.
7) transactions for the purchase and sale of securities on the open market;
8) establishing specific guidelines for the growth of the money supply;
9) transactions for the purchase and sale of foreign currency for rubles on foreign exchange market.
Functions for servicing the Government of the Russian Federation
Implementing the second group of functions in practice, the Central Bank of the Russian Federation maintains accounts for accounting budget funds and provides banking services for maintaining accounts and making payments for a number of budget organizations, primarily Federal Treasury. Until recently, the Central Bank of the Russian Federation was entrusted with cash execution of the budget, which is currently transferred to the Federal Treasury.
According to Article 22 of the Federal Law “On the Central Bank of the Russian Federation”, the Bank of Russia not entitled provide loans to the Government of the Russian Federation to finance the budget deficit, buy government securities when they initial placement, except for cases provided for by the Federal Law on the Federal Budget. The Central Bank of the Russian Federation also does not have the right to provide loans to finance budget deficits of the constituent entities of the Russian Federation, local budgets and budgets of state extra-budgetary funds.
The Central Bank of the Russian Federation is an agent of the Government of the Russian Federation in the government securities market. His responsibilities include regulating the market and timely repayment of state debt obligations using funds allocated from the budget, as well as advising the Ministry of Finance on the issue and placement of government securities.
Functions for servicing commercial banks
To provide settlement and cash services, the Central Bank opens accounts for commercial banks. From these accounts, called correspondents, funds are written off in favor of other banks and funds are credited to account holders or their clients. To carry out settlements, banks keep a certain working balance in correspondent accounts. If there is a lack of funds, they resort to loans from other banks or the Central Bank of the Russian Federation.
The Central Bank is the lender of last resort for credit institutions. He provides them with several types of loans. Regular lending is carried out against securities included in the Lombard List. However, by decision of the Board of Directors, government securities not included in the list may also be accepted as collateral.
To obtain a loan, securities are blocked in a special account at the depository. Market price securities, adjusted by the adjustment factor, must cover the amount of the loan and interest on it. Interest is calculated on the principal amount using the simple interest formula for the period of actual use of the loan, based on the number of calendar days in a year.
Only a bank that fully complies with mandatory reserve requirements and has no overdue debt on Central Bank loans can apply for a loan. If there is sufficient collateral and compliance with the requirements of the Central Bank of the Russian Federation, the bank can receive several types of loans:
pawn loans;
one-day overdraft loans(overnight loans);
intraday loans
stabilization loans.
loans to the sanatorium bank.
In addition to direct lending to commercial banks, the Bank of Russia provides even bills. Only bills drawn up on a standard form in accordance with the requirements approved by the decision are accepted for rediscounting general meeting representatives of members Associations of participants of the bill market, with a term “for a certain day”, the drawers of which are exporting organizations included in the list approved by the Central Bank. The payment term for the bill of exchange must not exceed by more than one month the term of the last payment under the export contract.
The exporting organization issues a bill of exchange in the name of the accounting bank. To obtain accounting status, a bank must meet certain requirements.
To regulate rediscounting, the Central Bank establishestwo limits:
1) rediscount limit per accounting bank - the maximum amount that can be transferred by the Central Bank to the accounting bank when purchasing bills. The limit is restored if the bills are redeemed or sold;
2) limit on an export contract - a percentage of the amount of the export contract in foreign currency, within which the Central Bank rediscounts bills of exporting organizations. Conversion into rubles is carried out at the official exchange rate in effect on the date of the bill of exchange.
REPO operations apply to dealer-credit organizations that, over the past three months, have been classified as financially stable banks that have concluded a General Agreement with the Central Bank on participation in repo operations with GKOs - OFZs and have their own portfolio basic releases GKO - OFZ not less than 40 million rubles. at market value. REPO transactions can only be concluded for periods of 1, 2, 7 and 14 days.
Deposit operations of the Central Bank of the Russian Federation. In order to regulate the liquidity of the banking system and maintain stability in the foreign exchange market, the Central Bank, starting in February 1996, has been carrying out deposit operations in national currency.
Currently, the Central Bank carries out the following types of deposit operations:
deposit auctions;
deposit operations at a fixed interest rate;
accepting deposits of funds from banks that have entered into a General Agreement with the Central Bank on deposit operations in rubles;
acceptance of deposits of bank funds on the basis of a separate agreement defining the terms of the deposit.
In order to have the right to place funds on deposit in the accounts of the Central Bank, commercial banks must meet the following requirements:
must be classified as no lower than the third problem group for the last three reporting dates;
comply with the mandatory reserve requirements of the Central Bank;
have no overdue monetary obligations to the Central Bank during the last 90 days;
have no violations of banking legislation and (or) regulations of the Central Bank during the last 90 days.
The Central Bank suspends deposit operations with commercial banks if they no longer meet these requirements.
Deposit auctions are held by the Central Bank of the Russian Federation as an interest-bearing competition of contracts with the Central Bank setting the maximum initial interest rate according to the American or Dutch method.
When the Central Bank carries out a deposit operation at a fixed interest rate, banks that intend to transfer funds to a deposit send an application for placing a deposit.
In order to implement monetary policy, the Central Bank may, on its own behalf, carry out issue of bonds, placed and circulated only among credit institutions. Limit size the total nominal value of the Central Bank bonds of all issues not redeemed on the date of the Board of Directors’ decision on the next issue of Central Bank bonds is established as the difference between the maximum possible amount of required reserves of credit institutions and the amount of required reserves of credit institutions determined based on the current required reserve ratio.
Central Bank bonds- These are short-term issue-grade securities. The yield is the difference between the par value and the purchase price of the bond.
Supervisory and control functions of the Central Bank of the Russian Federation
The Central Bank of the Russian Federation carries out state registration of credit organizations and issues licenses to credit organizations to carry out banking operations, establishes rules for conducting banking operations, accounting and reporting for the banking system.
The Central Bank of the Russian Federation issues the following types of licenses to commercial banks:
1) banking license, which gives the right to conduct basic banking operations, except for accepting deposits from individuals, working with currency and precious metals;
2) license to accept deposits from the public. To obtain a license giving the right to accept deposits from the public, the bank must have successfully operated for at least two years;
3) currency license;
4) license to conduct operations with precious metals.
A bank that has licenses to carry out all banking operations with funds in rubles and foreign currency may be issued General license. A bank that has a General License has the right, in accordance with the established procedure, to create branches abroad of the Russian Federation and (or) to acquire shares (shares) in the authorized capital of non-resident credit institutions. When considering the issue of issuing a General License to a bank, a comprehensive inspection of this bank is carried out.
The control of the Central Bank of the Russian Federation over the activities of credit institutions is carried out on the basis of monthly submission of various types of reports, reflecting all aspects of the bank’s life, from the balance sheet to the structure of the loan portfolio.
In order to ensure economic conditions for the sustainable functioning of the banking system of the Russian Federation, protect the interests of depositors and creditors, the Central Bank of the Russian Federation establishes performance standards for commercial banks.
Control over banks' compliance with mandatory standards is assigned to the territorial offices of the Central Bank at the location where the bank's correspondent account was opened. Control is carried out on the basis of monthly balance sheets of banks, to which are attached certificates with calculations of the actual values of mandatory ratios and explanations of individual balance sheet accounts.
In order to improve supervision and timely identification of problem banks, the Central Bank has defined criteria for problematic banks. According to the instructions of the Central Bank, all credit organizations, in terms of financial condition, are divided into two categories, with two classified groups identified within each category:
group 1 - credit organizations without shortcomings in their activities;
group 2 - credit organizations that have certain shortcomings in their activities;
group 3 - credit institutions experiencing serious financial difficulties;
Group 4 - credit organizations in critical financial situation.
The choice of enforcement measures is made by supervisory authorities taking into account the nature of the violations: the reasons that caused the violations; general financial condition of the bank; position of the bank in the banking services market.
1. Preventive action. They are used when shortcomings in the bank’s activities do not directly threaten the interests of creditors and depositors, mainly in the early stages of the occurrence of shortcomings. Preventive measures include: communicating to the bank management bodies information about the shortcomings of its activities and the concerns of the supervisory authority; recommendations of the supervisory authority; proposal to present the program to a remedial action; establishment of additional control.
2. Coercive measures. The basis for their use is violations of banking legislation, regulations and instructions of the Central Bank, failure to provide information, provision of incomplete or unreliable information, as well as the presence of a real threat to the interests of clients and creditors. Compulsory measures include: fines, restriction of certain operations for up to six months, a ban on carrying out operations provided for by a license for up to one year, the requirement to replace the head of the bank, the introduction of a temporary administration, and the revocation of a banking license.
The basis for appointing a temporary administration is the presence of exceptionally serious violations in the activities of the bank or the presence of grounds for revoking its license.
Currency regulation and exchange control
The Central Bank of the Russian Federation establishes the rules for conducting foreign exchange transactions, reporting forms provided by participants in foreign exchange transactions, rules for the sale and purchase of both cash and non-cash currency, its import and export.
Subsequently, in addition to issuing banknotes, the Central Banks acquired the role of state treasurer, intermediary between the state and commercial banks, and conductor of the state’s monetary policy. Central banks, created on the basis of commercial banks, were then nationalized. Currently, their capital is fully or partially owned by the state.
The creation of the Central Bank of Issue was due to the processes of concentration and centralization of capital, the transition to unified national monetary systems.
All developed countries have laws that set out the tasks and functions of the Central Bank, as well as define the tools and methods for their implementation. In some states, the main task of the Central Bank is legislatively enshrined in the Constitution. Usually the main one legal act The law on the Central Bank of the country regulates the activities of the national bank. It establishes the organizational and legal status of the central bank, the procedure for appointing or electing its leadership, and the procedure for relations with the state and the national banking system. This law defines the powers of the Central Bank as the country's emission center and its other responsibilities.
Along with the law on the Central Bank, the interaction between the Central Bank and credit institutions is regulated by the law on banking activities, which defines the basic rights and obligations of credit institutions in relation to the Central Bank.
To determine the role of the Central Bank in economic and political processes in the country, the degree of its independence is very important. Economic independence usually means the ability of the Central Bank to use the instruments at its disposal without significant restrictions. The degree of political independence of the Central Bank is determined by the level of independence in its relations with authorities when choosing and implementing monetary policy.
Central banks are the regulatory element in banking system, therefore, the main goals of their activities are to strengthen monetary circulation, protect and ensure the sustainability of the national monetary unit and its exchange rate in relation to foreign currencies, development and strengthening of the country’s banking system, ensuring efficient and uninterrupted settlements.
Traditionally, the Central Bank must solve five main tasks - it is designed to be:
1) the emission center of the country, i.e. enjoy a monopoly right to issue banknotes;
2) the body regulating the economy using monetary methods, i.e. conduct monetary and exchange rate policies;
In most countries, these tasks of central banks are enshrined in legislation, especially the first two - the most important.
As the "bank of banks", the Central Bank provides refinancing facilities to credit institutions. At the same time, according to the law, the central bank has the right to limit the country’s commercial banks in lending funds. The most common two types of central bank operations are: credit institutions: purchase and sale of checks and bills, including treasury bills; collateral transactions with securities, bills and payment claims. In solving the five named tasks, the Central Bank performs certain functions. In domestic and foreign literature there is no unambiguous approach to determining the functions of central banks. In some sources there are more than 10 of them, in others - only one (in the current Constitution of the Russian Federation). In this regard, it seems appropriate to distinguish from the variety of functions of central banks the main ones (primary responsibilities), without which it is impossible to achieve the main goal - maintaining the stability of the national monetary unit, and additional ones (filling the rest of the range of responsibilities) that contribute to the achievement of this main goal.
2. Formation of the Central Bank of the Russian Federation (Bank of Russia)
The Central Bank of the Russian Federation (Bank of Russia) was established on July 13, 1990 on the basis of the Russian Republican Bank of the State Bank of the USSR. Accountable to the Supreme Council of the RSFSR, it was originally called the State Bank of the RSFSR.
On December 2, 1990, the Supreme Council of the RSFSR adopted the Law on the Central Bank of the RSFSR (Bank of Russia), according to which the Bank of Russia was a legal entity, the main bank of the RSFSR and was accountable to the Supreme Council of the RSFSR. The law defined the functions of the bank in the field of organizing money circulation, monetary regulation, foreign economic activity and regulation of the activities of joint-stock and cooperative banks.
In June 1991, the Charter of the Central Bank of the RSFSR (Bank of Russia), reporting to the Supreme Council of the RSFSR, was approved.
In November 1991, in connection with the formation of the Commonwealth of Independent States and the abolition of union structures, the Supreme Council of the RSFSR declared the Central Bank of the RSFSR the only body on the territory of the RSFSR for state monetary and currency regulation of the republic's economy. It was entrusted with the functions of the State Bank of the USSR in issuing and determining the exchange rate of the ruble. The Central Bank of the RSFSR was ordered to take into its full economic jurisdiction and management the material and technical base and other resources of the State Bank of the USSR, the network of its institutions, enterprises and organizations, before January 1, 1992.
On December 20, 1991, the State Bank of the USSR was abolished and all its assets and liabilities, as well as property on the territory of the RSFSR, were transferred to the Central Bank of the RSFSR (Bank of Russia). A few months later, the bank became known as the Central Bank of the Russian Federation (Bank of Russia).
During 1991-1992, under the leadership of the Bank of Russia, a wide network of commercial banks was created in the country based on the commercialization of branches of special banks. After the abolition of the State Bank of the USSR, the system of accounts was changed, a network of cash settlement centers (RCCs) of the Central Bank was created and their computerization began. The Bank of Russia began to purchase and sell foreign currency on the foreign exchange market it organized, and to establish and publish official quotes of foreign currencies against the ruble.
Since December 1992, the process of transferring the functions of cash execution by the Bank of Russia began state budget the newly created Federal Treasury.
The bank carries out its functions, defined by the Constitution of the Russian Federation and the Law “On the Central Bank of the Russian Federation (Bank of Russia)”, independently of federal government bodies, government bodies of the constituent entities of the federation and local governments.
In 1992-1995, in order to maintain the stability of the banking system, the Bank of Russia created a system of supervision and inspection of commercial banks, as well as a system of currency regulation and currency control. As an agent of the Ministry of Finance, the Bank of Russia organized the market for government securities (GKOs) and began to take part in the functioning.
Since 1995, the Bank of Russia has stopped using direct loans to finance deficits federal budget and stopped providing targeted centralized loans to sectors of the economy.
In order to overcome the consequences financial crisis In 1998, the Bank of Russia pursued a policy of restructuring the banking system aimed at improving the performance of commercial banks and increasing their liquidity. Within the framework established by law from the market banking services insolvent banks were bailed out. The creation of the Agency for the Restructuring of Credit Institutions (ARCO) and the Interdepartmental Coordination Committee for Assistance to the Development of Banking in Russia (ICC) was also of great importance for the restoration of banking activity in the post-crisis period. As a result of the effective actions of the Bank of Russia, ARCO and MCC, the banking sector of the economy in mid-2001 largely overcame the consequences of the crisis.
The monetary policy of the Bank of Russia was focused on maintaining financial stability and creating prerequisites to ensure the sustainability of the country's economic growth. The Bank of Russia responded flexibly to changes in real demand for money, contributed to maintaining the growing dynamics of the economy, reducing interest rates, inflation expectations and inflation rates. This led to some strengthening of the real exchange rate of the ruble and stability financial markets. As a result of the balanced monetary policy and exchange rate policy pursued by the Bank of Russia, the gold and foreign exchange reserves of the Russian Federation increased, no sharp fluctuations exchange rate.
Activities of the Bank of Russia in the field of development payment system was aimed at increasing its reliability and efficiency to ensure the stability of the financial sector and the country's economy. In order to increase information transparency in the functioning of the payment system, the Bank of Russia introduced reporting by credit institutions and territorial institutions of the Bank on payments, which took into account international experience, methodology and practice of monitoring payment systems.
In 2003, the Bank of Russia began implementing a project to improve banking supervision and reporting through the introduction of a system international standards(IFRS).
It is planned to implement a set of measures, including ensuring reliable accounting and reporting of credit institutions, increasing requirements for the content, volume and frequency of published information, implementing accounting and reporting approaches recognized as advanced international practice. In addition, information about the real owners of credit institutions, control over their financial condition, as well as increased requirements for officials of the credit institution and their business reputation will be disclosed.
The Bank of Russia pays increased attention to a number of problems. One of them is related to the fact that recently more and more important role specific risks associated with the dynamics of prices for individual financial assets and real estate market conditions. The practice of lending to related parties leads to a high concentration of risks for a number of banks. In this regard, the Bank of Russia is improving its methods banking regulation and supervision is moving towards the development of meaningful (risk-oriented) banking supervision.
Another problem that the Bank of Russia pays increased attention to is the fictitious capitalization of banks.
In order to counter the use by banks of various kinds of schemes to artificially inflate or understate the value of mandatory ratios, in 2004 the Bank of Russia adopted a number of documents, including the Regulation “On the procedure for the formation of reserves for possible losses by credit institutions” and the Instruction “On mandatory standards banks".
In connection with the expansion of the range of credit institutions providing mortgage loans to the population, the Bank of Russia in 2003 issued the Directive “On conducting a one-time survey on mortgage lending", which determined the procedure for compiling and providing information on mortgage housing loans provided by credit institutions.
With the adoption of the Federal Law "On Mortgage securities"credit institutions that ensure compliance with the requirements for protecting the interests of investors have received a legislatively established opportunity to refinance their claims under mortgage loans through the issue of these securities.
In 2004, on the basis of the Federal Law “On the Central Bank of the Russian Federation (Bank of Russia)” and the Federal Law “On Mortgage-Backed Securities,” the Bank of Russia issued an Instruction “On mandatory standards for credit institutions issuing mortgage-backed bonds,” in which it established the specifics calculation and values of mandatory ratios, the value and methodology for determining additional mandatory ratios of credit institutions that issue mortgage-backed bonds.
In December 2003, the Federal Law “On Insurance of Individuals’ Deposits in Banks of the Russian Federation” was adopted. It defined the legal, financial and organizational basis for the functioning of the system of compulsory insurance of deposits of individuals in banks of the Russian Federation, as well as the competence, procedure for the formation and activities of the organization performing the functions of compulsory insurance deposits, the procedure for paying compensation for deposits.
Currently, the vast majority of banks participate in the deposit insurance system. They contain almost 100 percent of all deposits of individuals placed in banking institutions Russian Federation.
In April 2005, the Government of the Russian Federation and the Central Bank of the Russian Federation adopted the “Strategy for the development of the banking sector of the Russian Federation for the period until 2008”.
Reforming the banking sector will contribute to the implementation of the program of socio-economic development of the Russian Federation in the medium term, primarily in overcoming the raw material orientation of the Russian economy through its accelerated diversification and the realization of competitive advantages.
At the next stage (2009-2015), the Government of the Russian Federation and the Bank of Russia will consider the effective positioning of the Russian banking sector in international financial markets a priority.
3. Organizational and functional structure Bank of Russia
The country's central bank is the main conductor of monetary policy aimed at stabilizing money circulation. His primary duty is market economy- protect value and purchasing power money and create normal conditions for the functioning of financial markets.
The emergence of central banks is associated with the need to centralize bank issues and organize money circulation in the country, implement credit policy throughout the national economy and operate the monetary settlement system, as well as the need to protect and ensure the stability of national currencies.
In accordance with this task, the Central Bank constantly searches for optimal management methods and tools, combining both direct administrative and indirect methods of regulating the activities of commercial banks and other credit institutions. By protecting and ensuring the stability of the ruble, the Central Bank regulates the total money supply, the dynamics of which determine the change in various components of aggregate effective demand. By developing and strengthening the Russian banking system, the Central Bank effectively influences the economic activity and activities of banking institutions, primarily commercial banks. Through this system, it ensures the efficient and smooth functioning of the settlement system.
One of the objects of management and at the same time its instrument is organizational structure jar. Correctly chosen organizational structure for building a bank, its timely transformation in accordance with changing internal and external factors are important, prerequisites full implementation by the bank of its strategy, its effective activities today and in the future.
The organizational structure is a vertical section of the bank's structure, including hierarchy (subordination of its divisions).
The Central Bank of the Russian Federation forms a single centralized system with a vertical management structure.
The Bank of Russia system includes the central office (CA), territorial institutions (GU (NB)), cash settlement centers (RCC, GRKTs), computer centers (CC), field institutions (PU), educational institutions and other organizations, including including security divisions and the Russian Collection Association, which are necessary for the activities of the Bank of Russia.
Organizational structure of the Central Bank of the Russian Federation:
Ø Central office: 12 members of the Board of Directors of the Central Bank of the Russian Federation;
Ø 59 main departments;
Ø 20 national banks;
Ø 631 cash settlement centers;
Ø 6 banking schools;
Ø Educational and methodological center;
Ø 2 personnel training centers;
Ø Interregional training center of the Bank of Russia.
3.1 Management bodies of the Bank of Russia
The supreme body of the Bank of Russia is the Board of Directors - a collegial body that determines the main directions of the Bank of Russia's activities and exercises leadership and management of the Bank of Russia.
Members of the Board of Directors are appointed for a period of 4 years by the State Duma upon the proposal of the Chairman of the Bank of Russia, agreed with the President of the Russian Federation. Members of the Board of Directors are also dismissed from office before the expiration of the specified period by the State Duma.
Members of the Board of Directors cannot be deputies (members) of legislative (representative) authorities, as well as members of the Government of the Russian Federation; cannot be members of political parties or hold positions in socio-political and religious organizations.
Meetings of the Board of Directors are chaired by the Chairman of the Bank of Russia or a person replacing him.
Decisions of the Board of Directors are made by a majority vote of those present with a quorum of seven people and the mandatory presence of the Chairman of the Bank of Russia or his deputy. The Chairman of the Bank of Russia has the right of casting vote.
Meetings of the Board of Directors are held at least once a month.
The Board of Directors performs the following functions:
1) in cooperation with the government of the Russian Federation, develops and ensures the implementation of the main directions of the unified state monetary policy;
2) approves the annual report of the Bank of Russia and submits it to the State Duma;
3) reviews and approves the budget of the Bank of Russia for the next year, as well as expenses incurred that are not included in the budget;
4) determines the structure of the Bank of Russia;
5) makes decisions:
o on the creation and liquidation of institutions and organizations of the Bank of Russia;
o on establishing mandatory standards for credit institutions;
o the amount of reserve requirements;
o on changes in interest rates of the Bank of Russia;
o on determining the limits of operations on the open market;
o on participation in international organizations;
o on participation in the capital of organizations supporting the activities of the Bank of Russia, its institutions, organizations and employees;
o on the purchase and sale of real estate to support the activities of the Bank of Russia, its institutions, organizations and employees;
o on the application of direct quantitative restrictions;
o on the issue and withdrawal of banknotes and coins from circulation, on the total volume of cash issued;
o on the procedure for the formation of reserves by credit institutions;
6) approves the internal structure of the Bank of Russia;
7) determines the conditions for the admission of foreign capital to the banking system of the Russian Federation in accordance with federal laws.
In order to improve the monetary system of the Russian Federation, a National Banking Council is being created under the Bank of Russia. This body, unlike the Board of Directors, is advisory. Its composition, number, operating procedure and main functions are reflected in Articles 20 and 21 of the Federal Law "On the Central Bank of the Russian Federation (Bank of Russia)", as well as in the Regulations on the National Banking Council under the Central Bank of the Russian Federation (Bank of Russia), approved on April 24 .97 g. The National Banking Council consists of representatives of the chambers of the Federal Assembly of the Russian Federation, the President of the Russian Federation, the Government of the Russian Federation, the Bank of Russia, credit organizations, as well as experts.
The Minister of Finance of the Russian Federation and the Minister of Economy of the Russian Federation are members of the National Banking Council ex officio. The number of members of the National Banking Council does not exceed 15 people. Meetings are held at least once every three months.
The National Banking Council performs the following functions:
· considers the concept of improving the banking system of the Russian Federation;
· considers drafts of the main directions of the unified state, monetary and credit policy, foreign exchange regulation and foreign exchange control policy, gives conclusions on them and analyzes the results of their implementation;
· carries out examination of draft legislative and other regulatory legal acts in the field of banking;
· considers the most important issues of regulation and supervision of the activities of credit institutions;
· participates in the development of the basic principles of organizing the settlement system in the Russian Federation.
The Chairman of the National Banking Council is the Chairman of the Bank of Russia.
The Chairman of the Bank of Russia is appointed to the position by the State Duma on the proposal of the President of the Russian Federation for a period of four years. The same person cannot hold the position of Chairman of the Bank of Russia for more than three consecutive terms.
The Chairman of the Bank of Russia may be dismissed from office by the State Duma only in the following cases:
· expiration of the term of office;
impossibility of execution official duties, confirmed by the conclusion of the state medical commission;
· submitting a personal resignation letter;
· committing a criminal offense;
· violations of federal laws regulating the activities of the Bank of Russia.
· In accordance with the Federal Law “On the Central Bank of the Russian Federation (Bank of Russia)”, the Chairman of the Bank of Russia has the following powers:
· acts on behalf of the Bank of Russia and represents its interests without a power of attorney;
· presides over meetings of the Board of Directors;
· signs regulations of the Bank of Russia and other documents;
· appoints and dismisses Deputy Governors of the Bank of Russia, distributes responsibilities between them;
· signs orders and gives instructions mandatory for all employees of the Bank of Russia, its enterprises, institutions and organizations;
· bears full responsibility for the activities of the Bank of Russia;
· ensures the implementation of the functions of the Bank of Russia in accordance with the law.
The functional structure presupposes the existence in the bank of separate divisions (departments, managements) that implement the functions of the bank in accordance with the division of its activities into separate parts. If the volume of tasks solved by these departments is large enough, then additional, smaller ones can be created within them structural units(departments).
The concepts of organizational and functional structures are closely interrelated, but there are also significant differences. Thus, the functional structure is a horizontal section of the bank’s structure and does not contain a hierarchy (subordination).
3.3 Structural divisions of the Central Bank of the Russian Federation
The central apparatus of the Bank of Russia includes departments and main directorates, which are functional divisions in the main areas of activity.
Currently, there are 26 departments and divisions in the structure of the Central Bank of the Russian Federation:
· Consolidated economic department
· Department of Research and Information
Cash circulation department
· Department of regulation, management and monitoring of the payment system of the Bank of Russia
· Settlements Regulation Department
· Accounting and reporting department
· Department of Licensing of Activities and Financial Recovery of Credit Institutions
· Department of Banking Regulation and Supervision
· Main Inspectorate of Credit Institutions
· Financial Markets Operations Department
· Department of support and control of operations in financial markets
· Department of Financial Monitoring and Currency Control
· Balance of Payments Department
· Department of methodology and organization of servicing budget accounts of the budget system of the Russian Federation
· Legal department
· Department of Field Institutions
Information Systems Department
· Finance Department
· Department internal audit and audits
· Department of International Financial and Economic Relations
· Department of External and Public Relations
· Administrative department
· Main Department of Real Estate of the Bank of Russia
· Main Directorate of Expertise and Planning capital costs Bank of Russia
· Main Directorate of Security and Information Protection
This structure is designed to ensure the effective implementation of legislative initiatives in the work of the Central Bank and the entire banking system, speed up decision-making and increase their validity, strengthen existing and create new channels of interaction between the Bank of Russia, legislative and executive government bodies, as well as territorial government bodies.
The divisions of the Bank of Russia constitute the central apparatus of the Bank of Russia. The structure of the central apparatus and the regulations on each of its divisions are approved by the Board of Directors of the Bank of Russia. In relation to each of the structural divisions, a corresponding regulation is adopted, which is also approved by the Board of Directors.
Let's look at the functions and tasks of some of them:
The Department for Licensing Activities and Financial Recovery of Credit Institutions is a structural unit of the Bank of Russia, which ensures the implementation of the functions assigned to the Bank of Russia of state registration of credit organizations, issuing licenses to credit organizations and organizations involved in their audit. The main task of the department is to supervise compliance with the requirements of the legislation of the Russian Federation and regulations of the Bank of Russia by credit institutions at the stage of registration and licensing.
The Research and Information Department occupies one of the leading positions in the structure of the Bank of Russia, since the results of its work are the basis for the formation of banking policy and the development of prospects for its development. Its functions include:
firstly, analysis of current trends, and not only in banking sector, but also in the economy as a whole, since one of the tasks of any central bank is to stimulate economic growth on a stable basis;
secondly, forecasting the economic situation in the monetary system and, on the basis of this, drawing up action programs so that the leadership of the Central Bank of the Russian Federation is aware of the problems that will have to be faced in the future and can develop methods to overcome them;
thirdly, the creation of an information base for conducting macroeconomic research.
The Department of Field Institutions of the Bank of Russia is a subdivision of the central office of the Central Bank of the Russian Federation, intended to manage the banking activities of field institutions of the Bank of Russia. He is entrusted with:
ü management of subordinate institutions;
ü participation in the organization of cash execution of the budget and extra-budgetary funds;
ü carrying out savings, work and analysis in field institutions of the Bank of Russia;
ü organization of cash operations, forecasting, analysis and provision of payment and cash turnover, emission and cash transactions, transactions with foreign currencies, their accounting and reporting;
ü organization of accounting and reporting, their management;
ü legal support activities;
ü study, selection and placement of officers and civilian personnel;
ü providing field institutions with computer equipment and banking documentation forms;
ü generalization and dissemination of best practices in the work of field institutions, organization of storage of archival documents.
Other functions of field institutions are determined by federal laws and regulations of the Bank of Russia.
Direct work on the internal audit of the Bank is carried out by the Department of Internal Audit and Revision, the regulations of which are also approved by the Board of Directors. Among the main tasks of this department:
Ø ensuring compliance of financial and business transactions carried out in the Bank of Russia with the legislation of the Russian Federation and regulations of the Bank of Russia.
Ø The Department checks the organization of implementation by Bank of Russia institutions of legislative and regulatory acts regulating their activities, checks the performance by them of certain functions and rules for carrying out certain operations of the Bank of Russia by conducting audits individual areas (areas) of the Bank of Russia’s activities.
Ø In addition, he conducts an independent assessment of information about financial condition Bank of Russia as a whole and for its individual institutions, as well as verification of facts related to financial violations committed by employees of the Bank of Russia system.
Ø The department carries out a lot of methodological work.
The administrative department of the Bank of Russia performs the following tasks:
Ø organizational, documentation, information and logistical support for the Bank of Russia to fulfill its tasks, functions and powers in accordance with the Constitution of the Russian Federation and federal laws;
Ø organizing and ensuring the effective activities of the management bodies of the Bank of Russia;
Ø control, within the framework of the powers granted, over the performance by divisions of the central apparatus and territorial institutions of the Bank of Russia of the functions assigned to them;
Ø other functions.
In the course of their activities, the departments of the central apparatus of the Bank of Russia closely interact with each other. In addition, a number of other divisions operate in the central office of the Bank of Russia. Their names reflect the main functions, which are one of the subfunctions of the Bank of Russia.
3.4 Functions of the Bank of Russia
The functions of the Bank of Russia are implemented through the functions of its departments, as well as territorial institutions. The Bank of Russia carries out its functions mainly through its numerous branches located throughout Russia.
In accordance with Article 4 of the Federal Law “On the Central Bank of the Russian Federation (Bank of Russia)”, the Bank of Russia performs the following functions:
In cooperation with the Government of the Russian Federation, develops and implements a unified monetary policy;
Monopoly issues cash and organizes cash circulation;
Is the lender of last resort for credit institutions, organizes a system for their refinancing;
Establishes the rules for making payments in the Russian Federation;
Establishes rules for conducting banking operations;
Provides servicing of budget accounts at all levels, unless otherwise established by federal laws;
Carries out effective management of gold and foreign exchange reserves of the Bank of Russia;
Makes decisions on state registration, issues licenses to credit institutions to carry out banking operations, suspends their validity and revokes them;
Supervises the activities of credit institutions and banking groups;
Registers the issue of securities by credit institutions in accordance with federal laws;
Carries out independently or on behalf of the Government of the Russian Federation all types of banking operations and other transactions necessary to perform the functions of the Bank of Russia;
Organizes and carries out currency regulation and currency control in accordance with the legislation of the Russian Federation;
Determines the procedure for making settlements with international organizations, foreign states, as well as with legal entities and individuals;
Establishes accounting and reporting rules for the banking system of the Russian Federation;
Establishes and publishes official exchange rates of foreign currencies in relation to the ruble;
Takes part in the development of the forecast of the balance of payments of the Russian Federation and organizes the compilation of the balance of payments of the Russian Federation;
Conducts analysis and forecasting of the state of the economy of the Russian Federation as a whole and by region, primarily monetary, monetary, financial and price relations, publishes relevant materials and statistical data;
Performs other functions in accordance with federal laws.
A territorial institution of the Central Bank of the Russian Federation (Bank of Russia) is a separate division of the Central Bank of the Russian Federation that carries out part of its functions on the territory of a constituent entity of the Russian Federation in accordance with the Regulations on territorial branches of the Bank of Russia, others regulations Bank of Russia and is part of a single centralized system of the Bank of Russia with a vertical management structure.
The territorial institution has an internal structure and functions that largely replicate the structure and functions of the central apparatus of the Bank of Russia. But due to the different scale of activity, there are some differences here. The main one is that the scope of competence of the divisions of a territorial institution is much narrower if the final decision on a particular issue is made by the Bank of Russia. In these cases, divisions of territorial institutions, as a rule, only prepare a decision. The structure of a territorial institution depends on the territory in which it is located and on the number of credit institutions it serves.
Conclusion
Thus, the organizational structure of the Central Bank of Russia is its status, tasks, functions, powers and principles of organizing activities, defined by the Constitution of Russia, Federal laws, as well as the norms and standards of international law.
The Bank of Russia carries out its functions in accordance with the Constitution of the Russian Federation and other federal laws. According to Article 75 of the Constitution of the Russian Federation, the main function of the Bank of Russia is to protect and ensure the stability of the ruble, and money issuance is carried out exclusively by the Bank of Russia.
In the Russian banking system, the Central Bank of the Russian Federation is defined as the main bank of the country and the lender of last resort. It is state-owned and is entrusted with the functions of general regulation of the activities of each commercial bank within the framework of the country's unified monetary system. The Central Bank is called upon to bring their activities into line with the general economic strategy and acts as a key agent of state monetary policy, while the Central Bank uses primarily economic methods management and only in some cases administrative.
The monetary system is the basis of both the economy and the state as an integral phenomenon. The unity of such a system is natural and presupposes centralization in the regulation of cash flows. The centralization of the Bank of Russia is ultimately due to the fact that the monetary system realizes the function of money as a measure of value. And in any action of the Central Bank, one way or another there are elements interconnected with the implementation of the functions of money. Therefore, the Constitution of the Russian Federation and federal laws regulating the banking system and banking activities, create all the conditions for the independence of the Central Bank at all levels of exercise of power. According to the requirements of the Constitution and other laws, state authorities and local governments do not have the right to interfere in the activities of the Bank of Russia. At the same time, the organizational structure of the Bank of Russia itself is a guarantee of such independence.
Literature
1. Constitution of the Russian Federation (adopted by popular vote on December 12, 1993). M., 1993.
3. Federal Law “On the Central Bank of the Russian Federation (Bank of Russia)” was adopted by the State Duma of the Russian Federation on June 27, 2002 dated July 10, 2002 No. 86-F3, as amended on July 19, 2009
4. Resolution of the Presidium of the Supreme Court of the RSFSR dated June 24, 1991 No. 1483-1 “On approval of the charter of the Central Bank (Bank of Russia). Lost force due to the application of Federal Law dated April 26, 1995 No. 65-F3
6. Federal Law On Amendments to Certain legislative acts of the Russian Federation in connection with the adoption of the Federal Law “On Mortgage Securities” Moscow, Kremlin December 29, 2004 No. 192-F3
7. Federal Law "On INSURANCE OF INDIVIDUALS' DEPOSIT IN BANKS OF THE RUSSIAN FEDERATION" dated December 23, 2003 N 177-FZ
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12. "Rossiyskaya Gazeta" dated July 22, 2009.
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14. Bratko A.G. Central bank in the Russian banking system. – M.: Spark, 2001.
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17. www.cbr.ru – official website of the Central Bank of the Russian Federation.
