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PSIA oTqeTOB B HacTosU.ei CepNN Ry6AHKyOTcA c MNHHMajibHoA 33aAep)KKoA H npeAHa3Ha'aeTcs3 1 Aii paiBHTejibcTBeHHbaX OpraHOB, Hay'HbIX, AejioBbIX H 4HHaHcOBUlX KpyroB, a TaKwKe ASIi OpraHH3alwA, peiuaioUE1X BOllPOCl pa3BHTHA. B CBX3H C 3THM PYKOnHCb HacTOAgerO HCCJieAOBaHHK He 6bma noAroToBneHa B COOTBeTCTBNH C HOpMaMH ny6JIHKOBaHSK o4exmHajIbHbEX TeKCToB, H BceMHpHbiA 6aHK He HeceT oTBeTcTBeHHocTH 3a OIuH6KH. BceMHpHbrA 6aHK He rapaHTHpyeT npaBHJNbHOCTh coAepxcaiiwxcx B HaCTOX1IeM H3AaHHx AaHHElX H He HeceT OTBeTCTBeHHOCTH 3a KaKHe-nH6o nOCJieACTBHS HcUoah3oBaHKa sTHx AaHHLix. KapTBm conpoBoXAcalougHe TeKCT, fOArOTOBJIeHbl HcKKJIoIHTeJIbHo AxiA yAO6CTBa nomI3oBaHHA, H npHBoARDMe B HHX o6O3HaqeHANx H cBeAeHH He 3aKjnoqa1IT B ce6e ByLpaxceHHe MHeHH1 BceMHpHoro 6aHKa, ero HmaHanOB, HpeKTopaTa HuIH CTpaH-MnieHOB OTHOCHTeJIbHO lopHAH'ecKoro cTaTyca KaKoA-11H6o CTpaHbI, TePPHTOpHH, ropoAa HnH paioHa, Hx opraHoB BnaCTH, pacnoKoxceHNx rpaHA HNim rocyAapCTBeHHON nppHaAnexcHocTm. MaTepHanbl HacToxKuero H3AaHHA 3aKpenjieHbi aBTopcKHMH npaBaMH. 3a pa3peuieHuem Ha nepene'IaTKy oTAebuHbIx MaTepHaBjoB cuiexyeT o6paLuaTbcA B H3AaTem6cKNkN oTTeji no aApecy, YKa3aHHOMy B B BbIUenpHBeAeHHOM yBeOAMomeHHH o6 aBTOpCKHX npaBax. BceMNpHwLA 6aHK npHBeTCTBYeT pacnpoCTpaHeHHe ny6jIKyeMbIx HM MaTepHafoB N pa3peCieHHC Ha nepeneqaTKy BbIaeTC, KaBK npaBHjio, 6e3 3aAepxKeK, a B cny"ae HeKOMMepqeCKoro HcnomI3OBaHHH - 6ecnnaTHo. Pa3peuieHHe Ha KonimpoBaHHeH MaTepHaOB B yqe6Hux 4emax MOxKHO noy'NHTL no aApecy Copyright Clearance Center, 27 Congress Street, Salem, Massachusetts 01970, U.S.A. fonHb1N nepeeHb paHee H3AaHHLD[ ny6JIHKagtH BceMHpHOrO BaHKa IIpHBOAHTCA B exceroAHoM BLETYCKe Index of Publications, BKinotaioLueM aan4baBHTHbEA yKa3aTenE Bcex ny6nHKaLWHA no 3arJIaBHlo, aBTopy, CTPaHaM H perHoHaM, npemeTHEER yKa3aTemb, a TaKJKe HH4)OPMa1UnH o npHo6peTeHHH I1Y6JIHKaUHfk. 3a 6ecruIaTHbrM K3eMnjiApoM nocuIeAHero BbLYCKa Index of Publications cie,AyeT o6pauaTLCS no aApecy Distribution Unit, Office of the Publisher, Department F, The World Bank, 1818 Street, N.W., Washington, D.C. 20433, U.S.A. HHH no aApecy Publications, The World Bank,, 66, avenue d'Idna, 75116 Paris, France. ISSN: 0253-2123 Library of Congress Cataloging-in-Publication Data Lamdany, Ruben, 1954- Russia: the banking system during transition. p. cm. - (A World Bank country study) "This report was prepared by Ruben Lamdany and it is based on the work of two World Bank missions." ISBN 0-8213-2754-2 1. Banks and banking-Russia (Federation) 2. Finance-Russia (Federation) 3. Post-communism-Russia (Federation) I. International Bank for Reconstruction and Development. II. Title. III. Series. HG3130.2.A6L35 1993 332.1'0947-dc2O 93-44834 CIP iii IIpeAiicjxoBHe HacTomnHi AOKnaA, rIOgrOTOBJIeHHbIlk Py6eHoM JIaMJaHH, OCHOBaH Ha pe3yJIbTaTaX pa6oTm ABYX MHCCHUi BceMHPHoro 6aHKa. rIePBaA H3 HHX, KOTOPYIO BO3riaBISUi MaHyajm XHHAc, noceTma PoccHio B ceHTr6pe 1992 roga, a BTOpaA - PYKOBOXHTeJIeM KOTOpOA 6bDIJ Py6eH JIaMgaHH - nfO6LIBaJia B MOCKBe B AHBape 1993 roAa. HHxenepe'IHcneHHme rraTHbIe COTPY,HHH H KOHCYjThTaHThI BaHKa BXOXHVIH B COCTaB YIIOMSAHYTbIX MHCCH Him Y,aCTBOBaJIH B rIOArOTOBKe goKJIaga P. BapHeyc, M. Eniexep, C. Bnirgep, JI. cDpeRcmaH, K. DyicyH, M. Foyn,r, T. Kpay3e, r,. JIexiy, K. JIeBypini, P. JIeBHH, M. JIoHr, Al. MaKHoToH, 10. MHIHep, B. PeHO, (. Ca=aHHA, Y. CefMaH, A. IMIeHr, C. CyHaMypa. C. Teu H XH . TypeA. rIOMOIIUb B COCTaBJIeHHH AoKonaixa OKa3aJMI TaKxKe K (PaH, (D. MoHTe-Herpe, X. JIeBHH, H. Jh6epMaH, A. Hejimic, r. rIon, E Pygga-Ca6aTep, II. 3Hrerm6ayM H II. BHefpa Ala KyHus. iv KPATKOE COREPWAHHE ...............................v 1. BBF4E HHE .................. .......... 1 2. 0HHAHCOBA2 CHCTEMA H 3KOHOMHXECKAS PEDOPMA .............3 3. OHIHCAHHE POCCHfCKOR BAHKOBCKOfR CHCTEMbl: COBPEMEHHOE COCT'OSHHE .8..8 AeHexHo-KpeAmTHas HOJIHTHxCa UeHTpaJIbHoro 6aHKca Poccu ......... 8 CHcTeMa KoMMepqecicx 6aHKOB ...10 HpHHuIn KiaCCH4HMKaWmH KommepqecKUx 6aHK ..o..... 17 TpH KpynHelmux cneuu 3poaHHB X6aHKa ............ 19 4. 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B AoKniage peKOMeHXayeTCX nocTerieHHoe BBeJIeHHe BbICOKHX HOPMaTHBHbIX Tpe6oBaHM2; anbTePHaTHBHbIM pelUeHHeM MorJIo 6bI 6bITb HeMe.geHHOe BBereHHe Tpe6oBaHlH4,p npH6nCaiOIgHXCA K CTaHgapTaM, HJIH peryjIHpOBaHHA, Tpe6OBaHH3M KOTOpOrO He CMOxKeT COOTBeTCTBOBaT6 HH OAHH 6aHK. HanpHMep, HiepcHeKTHBHLIH HOpMaTHB mxI B3BeInueHHoro no cTeneHH PHCKa cooTHoIueHHs KariHTanJa H aKTHBOB 6buI 6I yCTaHOBjieH Ha YPOBHe 8 rIpoLeHTOB. 'qTO6BI nony'HTm cTaTyc EMC, 6aHKy HY)KHO 6yAeT YBeiiHqHT cooTHoliieHMe KaIiHTaJIOB K aKTHBaM, B3BeiueHHoe no cTeneHH PHCKa go 4, 6 H 8 HpOgeHTOB K Haqajiy 1994, 1997 H 2000 rogOB, COOTBeTCTBeHHO. rIaKeT jTbrOT AoJLKeH 6bEIb paCCqHTaH TaKHM o6pa3OM, qTo6bI qHCJIO BMC 6L1o gocTaTotIHimM AIsA CO3gaHHM AApa xopoiuef4 6aHKOBCKOh CHCTeMbI. xiii. OcyWeCTBJIeHHe nporpaMMbI BIMC, no Bcef BCepOSTHOCTH, YCKOPHT nepecTpOfKY geSTeJITHOCTH Tex 6aHKoB, KOTOpEIbe y)Ke cewqac COBepuieHCTBYIOT CBOH onepauH. BnOnHe BepoATHo, wrO 6OJIbUIHHCTBO 1¶3 HHX 6ygeT OqeHb 6bIcTrpo npeBpaWaTmCs B BMC, ecirH BBseAeHHe CTaHAaPTOB 6yAeT riocTeneHHbIM. 'qIHcJIo BMC nocTeneHHO 6yxeT pacTm BMecTe C POCTOM HX AOJIH pbIHKa, OCO6eHHO Tex CerMeHTOB, B KOTOPbIX nporpamma IpegycmaTpHBaeT IpegocTaBneme MM 3BrOT, TaKHX, HanpHMep, KaK BO3MOXHOCTb onepaHfi c AOMaIfiHHMH xo3SIHCTBaMH MuM o6CJy)KMBaHMe HHOCTpaHHMIX KiiHeHToB. xiv. CTpyKTypa CO6CTBeHHOCTH 6aHKOB IBHTCS rjiaBHEJM orpaHHqeHHem AJI paCIiHpeHHA ceKTopa BMC, IlOCKOJIbKY MHorHe 6aHYuH, no-BHsHMoMy, He CMOryT HJIH He 3aXOTIT COKpaTHTb KpeHMTOBaHHe CBOHX aKUHOHepOB. C JpyroH CTOpOHbl, 3aKPbITHe H nHKBHAauH UeHTPanbHMm 6aHKOM HennmaTeKecnoco6Hmix 6aHKOB H nepenaIBaHHe y6bITKoB Ha BKjiaxrHMKOB MOrJIO 6bI CJIYMHTb CyweCTBeHHbIM KaTaJIH3aT0pOM ri paciuHpeHHA ceKTopa BMC. 3aKp6ITHe HeniiaTe>Kecnoco6HLIx 6aHKOB BaxKHo He TOJIiKO ,AA ycnexa iipOrpaMMbi BMC, HO H gTI o6ecneqeHHA nepecrpofKH ceKTopa npeAnpHATHM. 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Cy6cHgHH 6yyryT 6onee qdXI2eKTHBHbIMH H 6y,y'T CTOHTb geiiieBJIe, eCJIH OHH 6YXYT HenOCPeACTBeHHO CBA3aH6I C 3a4aIaMH rocygapcTBa B CenjbCKOM xO35IHCTBe. xvii. B cpeXgHeCPOtIHOft nepCneKTHBe HeO6XOXAHMOCTb 4JHHaHCHPOBaHHSA ceIbcKOXo3AIHcTBeHHbIx3aKynOKtepe3nporpammbi3e eHanpaB eHHororocyXaapcTBeHHoro Kpe,HTOBaHHSI 6yAeT COKpaLaTbCA, no mepe TOrO KaK qaCTHbIe PO3HHtIHbIe H OnTOBLIe PbIHKH 6YxYT BE,ITeCHSTh LueHTPaIH3OBaHHYIO CHCTeMY 3arOTOBOK H PeanaH3gIHH. rlpegocTaBneHHe taCTHLIM (cepMepaM teTKHX npaB Ha 3eMJIO, KOTOpmIe nO3BOjiSjIH 6E1I HM 3aKflagbIBaTb 3eMJIIO, H npegoCTaBj1eHHe 6aHKaM npaBa JIHIIaTb cpepMepOB B03MO)KHOCTH BMIKYnaTTb 3ano)KeHHOe HMYWeCTBO B cjiytae HeBEMHOJIHeHHA yCJIOBHf o6Al3aTenEbcTB no 3aIHMaM HMeIOT Ba)KHefIiiee 3HaYeHHe gm PaCIuIHPeHHA gocryna taCTHbIM 4PepMepaM K 6aHKOBCKOMY KpegHTy. xviii. PocceJbXO36aHK OLieHb MegiieHHO aganTHpyeTCA B HOBOR 9KOHoMHteCKOH CHTyaIWH. XOTA 9TOT 6aHK Mor 6EI npOriogoKaT OCTaBaTbC[ riiaBHLIM 4CTOtIHHKOM LxeHTpaJIH3OBaHHbIX pecypcoB gXii cenbcxoro xO3MhCTBa, o06eM ero AeqTeJIhHOcTH, nO Bcef BepOSTHOCTH, 6yneT pe3KO COKpaigaTbCS no mepe CBepThIBaHHA rpaKTHKH iLeieBoro 4HHaHCHpOBaHHA. HeKOTOpbIe H3 ero OTgeieHeH, BepOATHO, CMOryT C03gaTb HOBYJO AeHO3HTHyio 6a3y H 3aHATbCA geATeJIbHOCTbIO, OpHeHTHPOBaHHOf Ha nOJIYteHHe npH6bIJIH. BJIaCTH AOJDKHbI COgef4CTBOBaTb C03XaHHIO HOBbIX (DHHaHCOBbIX HHCTHTYTOB, TaKHX KaK x Kpe1HTHLIe KOOriePaTHBbI B CeJIiCKHX paAOHaX, KOTOPbIe B HeKOTOPLIX perHOHax MOrmIH 6E, o6pa3OBblIBaThCAS Ha 6a3e cyuxeCTBMEOX oTAenemiHH PocceJmXo36aHKa H C6ep6aHKa. xix. BnacTH Hme1OT ArBa BapHaHTa pemeHRA npH onpeAeeneHHH POflH C6ep6aHKa Ha 6jmxaiiHe TpH-rAsTTb neT. B IIepBoM cyiiae C6ep6aHK cMo)KeT ccyxcam cpexrcTBa [pepIIHAS1THAM TaK, KaK OH 9TO AejiaJI B 1992 roAy. OH 6YXeT ,feHCTBOBaTb HOARO6HO Jno6oMy upyroMy 6aHKy, 3a TeM HcKJIiOioeHHeM, 'To ero O6A3aTejmcTBa 6yAyT rapaHTHpoBaHEi rOCyAapCTBOM. TOT 4JaKT, qTO C6ep6aHK 6yAeT rIpeAoCTaBATn6 CCYALI, YCHJIHT KOHKYPeHUWIO Ha KPegXHTHOM PbIHKe, B TO Ke BpeMS CO3,AaBaS PHCK JI rapaHTHpOBaHH OCYxraPCTBOM c6epe)KeHHH AROMaUIHHX XO3AIfCTB. IIpH BbI6ope 9Toro BaPHaHTa UIeHTPaJTHOMY 6aHKY I1PHAReTCS HCnOJIb3OBaTb 3HaqHTeJIrHYjO IaCTm CBOHX BO3MO)KHOcTef 1nO HaA3OPY AJIA OTCeI)KHBaHHAI AeHCTBHH C6ep6aHKa, yqHTbIBaA pa3MepbI nocneAHero a TaK)Ke TO o6CTOATeJIbCTBO, 'qTO C6ep6aHK ABJISeTCS eAHHCTBeHHbIM 6aHKOM, rge PHCKY nogBepraoTcsA c6epexeHH AXOMaaIHHX XO3[IICTB. UeHTpaJIhHOMy 6aHKy ciegyeT TaKxce noAymaTm O COKpaiIeHHH pa3MepOB C6ep6aHKa C TeM, ITo6bI COAeHCTBOBaTh nlOBbIIufeHHIO 9c("eKTHBHOCTH ynpaBneHHA 6aHKoM. xx. 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B HaCTOAigeM AoKiiage rIogqepKHBaeTCA BacKHOcTm. cTaHoBneHHSI XKH3Hecnioco6HOH CHCTrMI d3HHaHCHDOBaHHA KHnIHMHoro ceKToDa H oripeAeJAMOTCA ABa OCHOBHbIX IIperILTCTBHSI Ha ITyTH ee CTaHoBjieHHM: MaKpO3KOHOMHqeCKaS HecTa6HJTbHoCTb H HeAlCHOCT6 B oTHoIeHHHri npaB co6CTBeHHOCTH, BKJIIOtaS B03MOXCHOCT6 JiHiueHHSf npaBa BbIKYfTa 3aji0JKeHHOi- Co6CTBeHHOCTH. Xxiii. (DHHaHCOBaS HHcd&aCTDvKTVPa BKJlioIaeT ITpaBOBbIe OCHOBEI, peryjIHpOBaHHe H yqeT, roCygapCTBeHHbIe HHCTHTYTbI, rIpoueccbi H cHCTeMbI, B paMKaX KOTOPbIX (yHKIrOHHpyIOT 4)HHaHCOBbIe yqpexcAeHHA. B HaCTOAiieM xgoKna,e onHcbIBaOTCAS HaH6oJIee BaxKHbIe pe4OpMbI, KOTOpbIe Heo6xOgHMo OCyigeCTBHTb B (IHHaHCOBOfI HH4JpaCTpyKType B IIoAgepxKy pa3BHTHA CHIUTHOR H 94"eKTHBHOH PLIHOYHOM 4)HHaHCOBOH CHcTeMbI. 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OCyiIeCTBJieMaA B HaCTOAiuee BpeMSI nDOrmaMa HDHBaTH3aUHH IB3IAeTCM H JIOJDKHa OCTaBaTbCS OCHOBHbIM HHCTDVMeHTOM rOCVuaDCTBa nEsr DeeueHHA ntDo6ieM. BO3HHKaioInHx H3-3a HeqCHOCTH B OTHOiiieHHH nDaB co6CTBeHHoCTH. rpaBHTejbCTBy cnexyeT nocTeneHHO pacuimpATb IpHBaTH3aIXHIO, BKJI1OqHB B Hee HOKa He OXBaxeHHbIe 2. rlapjaMeHTOM 6EinH nPHHKThI TPH COOTBeTCTBYIO1IHX 3aKOHa: B AeKa6pe 1990 r. -- 3aKoH 0 npaBax Co6CTBeHHOCTH, B oKTA6pe 1992 r. -- 3aKoH 0 3anore H B MapTe 1993 r. -- 3aKoH o 6aHKpoTCTB.e 5 IIporpaMMoH cenbCKoe XO3AfICTBO H KpynHbIe rocyAapCTBeHHbie npegxnpHAsA. (B) nlpOrpaMMbi ueHTpajIH30BaHHbIX KipeaHTOB m rocyCapCTBeHHbIX cY6CHlIf. B HacTosiUee BpeMS O9HOH H3 OCHOBHLIX cIyHKuHU 6aHKOBCKOfk CHCTeM1I ABnAeTCA ocyieCTBJeHHe nepegaqH rocygapCTBeHHbIX pecypcOB npegnpHsTHMm. OKOJIO nOJIOBHIHbl BceX 3aHMOB, lIpegOCTaBjieHHIX KOMMepYeCKyMHm 6aHKaMH B 1992 r., npeXACTaBsJISH co60ui UeHTpaJIH3OBaHHbIe 1AejieBbie KpegHTbI, 43HHaHCHpyeMbie UeHTpaiEbHbIM 6aHKOM HIiH 61oA,xeToM. TaKHe 3aIMbI 3aIaCTyIO ABAIOTCA (i) Cy6CHXIMMH XJI KOMneHcaLHH HCKa)KeHHH, OKa3bIBaiouxHX BnHAHHe Ha 3aeMnIRKa, HanpHMep, KOHTPOJISI ueH; (ii) CpeACTBaMH KOMrieHCauHH npegInpASTHSM HX H3,gep)KeK no COUHaJIbHbIM ycjiyraM; HJH (iii) cpe,CTBoM nomgepJKaHHA 3aHMTocTH (coxpaHeHHA pa6oTaiouHx). Bo MHOIHX CJIy'qa5X KaK 3aeMI]AHK, TaK H Kpe)HTOP paCCMaTPHBaIOT 9TH 3aHMbI KaK 6e3Bo3Me3AHyio nOMOlUb. TaKoe OTHOLueHHe pa3MbIBaeT pa3JIHHMEH Me)Kxy rOCyXapCTBeHHbIMH cy6CHm MH H 6aHKOBCKHMH ccy,gaMH, Me)Kgy 6iOwKeTHOH Ha ,eHeKHOf nOJIHTHKOf4 a TaK)Ke Mexgy byHKmuMH npaBHTeJIbCTBa, riperpHAITHH H 6aHKOB B 9KOHOMHKe. TaKoe CMeiijeHHe nOHATHH CHHKaeT mHHiOpMaiHOHHYlO UeHHOCTb pbIHOqHbIX cHrHaROB, HCKaxcaeT CTHMyJIbI ARA KpeXHTOPOB H 3aeMUHKOB H, B o6uleM niiaHe, meiiiaeT pa3BHTHIo 6aHKOBCKOfI CHCTeMbI. Ha ipoTSAKeHHH 6iiH)KafIWHX HeCKOJThKHX neT rocyxapCTBy, B03MO)KHO, no-rpe)KHeMy npH,geTCS cy6cHIwHpoBaTb pAA npegnpATHui. CnegyeT rIPOBeCTH YeTKOe pa3rpaHHqeHie Memxgy 6aHKOBCKOH CHCTeMOA H 6IOAxKeTHbIMH qIyHKuHAMH npaBHTeJIbCTBa. BaHKOBCKHe KpegHTbI He XOJIKHbI CRY>KHTb KaHajioM agsi nepexgaqH cy6cHgHft rpeXnpHsATM. Cv6cHiiHH mDeIIHHATHMM .UOJIXCHbI nDejiOCTaBJIATbC3 HaHPIMVIO B dbOpMe 6ionxKeTHbIx TtaHccbePToBB a He JeiiLeBbIX KyeUHTOB. 9TH cy6cHIH AOJIKHMI 6bITb HaIIpAMYIO CBA3aHbi C 3agaqaMH, KOTOpbIe ripeAIIOnaraeT peIIIHTb rocyxgapcTBo. HanpHMep, cy6cHWH g,iM roxgep>KaHsA YPOBHS 3aHMTOCTH cJiegyeT rIPAMO onpeeJIATB KaK 6e3Bo3Me3AHylo nOMOUb HJIH HaIOrOBbIe KpexHThI, HaqHcjlgeMbIe Ha OCHOBaHHH IHcjia pa6oTaioumHx. rIpexnpHArT, npexCaocTaBffAIouge onpeAejieHHbie rocyxgapcTBeHHbIe ycjiyrH, TaKHe KaK o6pa3oBaHHe HJIH 3grpaBOoxpaHeHHe, AROJRlKHbI nOnIyqaTb npAMbie AOTagHH4. 3aMemeHHe UeiieBbIX KpeEAHTOB 6iOxeTHbIMH TpaHCqpepTaMH yBeIiHtIHjO 6b1I OTKPLITbIU 6o0xKeTHEMH geWCHIHT, B TO BpeMS KaK 60JbIHHCTBO HbIHeIUIHHX nporpamm LAejieBorO KpeXHTOBaHHA (DHHaHCHpyIOTCS HeriocpeACTBeHHO UeHTpajibHbIM 6aHKOM H He HaXOA5T OTpaxKeHH B 6IoAxKeTe. OXHaKO 9TO pa3iiHiHie OTHOCHTCA JIH111 K BOHPOCY 6yxraJITepcKoro yteTa H C TOqKH 3peHH5 9KOHOMHKH He ErpaeT 6o0bmHof POJIH B COBpeMeHH]IX POCCHUICKHX YCJIOBH4IX, nOCKOJIbKY H ge()HIHT, H riporpammbi geHTpaJIe3eBaHHoro yeiieBoro KpegHTOBaHHA (iacTm 6 KOTOPbIX Ha3lbIBaeTCX KBa3H4)HCKajbHbiM geJH=ToM) 4HHaHCHPYIOTCS 3a cieT HHqpR43 HOHHOrO HaJIora3. Korxra 3TH cy6cHAH 6yxgyT IIpeAOCTaBJTbTCSA B 6onee oqeBHAHOf 4)opMe, cTaHeT nierqe coKpaTTrb lx offeM, IOCKOJIbKy 6yA,eT npowe BbISIBHTh H36bITOqHbIe TpaHcq)epTbI, T.K. 6yxreT nerie 06HapyxcHTb H36bITOqHbIe TpaHccbepTHbIe fniaTeJK; K TOMY xe HpaBHTeJIbCTBy 6yAeT ierme OixeHHTb CBOH iTpHOpHTeTbI Ha OCHOBaHHH 6onee OTKpbITOf HH4IopMauHH. (r) MaKpO3ICOHoMHqecKasI HecTa6HBbHOCTb. (>HHaHCOBaA CHcTeMa PoccI He CMO)KeT pa3BHBaTLCII H rpaT6 CBOIO POJIh B Mo6HnH3aiHH H pa3MemeHHH pecypCOB, flOKa HMeeT MeCTO MaKPO3KOHOMIqeCKaA HeCTa6HJIbHOCTb. BMICOKaS 4H4JJISH H BLICOKHe 3HaqeHHs OTPHixaTe3IbHbIX peaZJUHbIX npOUeHTHbIX cTaBOK ipPHBeJiH K IHCqe3HOBeHHIO q3HHaHCOBbIX HOCpeAHHKOB H3 py6fleBOfi 9KOHOMHKH (AOJiA M2 B BBl riocTeIIeHHo CHH)KaJIacb B TeqeHHe 1992 r. c 6onee qem 70 npOueHTOB B AHBapeg XO MeHee 20 HpoieHTOB B AeKa6pe). rlpogeHTHbIe CTaBKH H ueHLI He o6ecnesHBaIoT HeTKHX CHrHanoB pbIHKa ripH HbIHeLIHeM BbICOKOM H BeCbMa HiOXBHKHOM YPOBHe HH4jiAMiHH. KpoMe Toro, HLIHeIHSAS MaKPO9KOHOMHqeCKaS CHTyaIMA 3aTpygHieT pa3pa6oTKy nOJIHTHKH ARA 6aHKOBCKoro ceKTopa, HOCKOJIbKY OHa oqeHb oCnoxU{HseT OileHKY 43HHaHCOBOrO rOiOioeHHA 6aHKOB H HX KnHeHTOB. BaHKH H HpeAnpHrHS[ AReHCTBHTejThHO MOryT 6bIcTpo nepexoAHn H3 COCTOSHHS BLICOROH IIpH6bIJThHoCTH K HerIJIaTexcecnoCo6HOCTH H Hao6opoT. XIJiAI pa3BirTHA (HHaHCOBOh CHCTeMbI HeO6XOAHMO CTa6HJIH3HpOBaTh pOCCHHCKyIO 3KOHOMHKy, a ieHTpanbHbIM a1IeMeHTOM Jmo6oi lriOprpaMMbI cTa6muIH3agHH AOJIKHO cTaTh coKpaiueHme o6igero o6beMa cy6cHAifi H nepepacnpeAeLsiembix c1HHaHCOBbIX peCypCoB (TpaHC4epTOB). CyiiTeCTBYIOT H ApyrHe CBI3H Me)KXJy MaKPO0KOHOMHIeCKOhflO IIHTHKOM H IIOJIHTHKOf4 4JHHaHCOBoro CeKTOpa. OIIIT MHOrHX CTpaH llOKa3bIBaeT, qTO KPH3HCbI B 6aHKOBCKOfI CHCTMee 06bIqHO rIpOHCXOAI5T B riePHOEbI BbICOKOII HHcnAUJHH HJIH HerioCpeACTBeHHO nocne ocyiIecTBneHHA rIporpammii CTa6HJIH3aLlHH. rPHHHMaS peeieHiA B o6nacTH MaKpO9KOHOMHqeCKOf4 HOJIHTHKe H, B qacTHocTH, pa3pa6aTbIBasI ilporpaMMy CTa6HJI3almi, IIpaBHTeJIbCTBO AOJUKHO OijeHHT6 B3aHMoCBAI3b MeOAy (IHHaHCOBsIMH KPH3HcaMH H HHCJIUAIHe. C Arpyrofi CTOpOHblI, OTCYTCTBiHe pa3BHTOf4 (IHHaHCOBOH CHCTeMbI 3aTpyHAeT OCyiIeCTBneHHe nporpaMMbi cTa6HnH3aUHH, IIOCKOnbKy HeHeXHaA H KpeAHTHaS IOnHTHKa AOnX(Ha CbirpaTB B HeH CBOIO pOJTb. OnbIT HepBoH HOIOBHHbI 1992 r. nIOKa3bIBaeT, tITO CnO)KHO npOBOAHTb xKeCTKyIO AeHeXHYIO HOJIHTHKy, IIOCKOJTbKY 9TO MOxceT rIPHBeCTH K HerpeAHaMepeHHbIM pe3yJTbTaTaM, HarIpHMep, K HaKOnIIeHHIO B3aHMHOf4 3aAojDKeHHOCTH ripeAinpHqTHH. 3TO 3. HanpEMep, HO CyUleCTByeT HHKaKOA pa3HHIEBI Mexgy MaKpO3KOHOMHqecKHMH HIOCfleICTBAmMH porpaOMM iOelieBOrO KpOeATOBaHHA, 4)HHaHCHpyeMbix npaBHTeJIbCTBOM, KOTOphie OTpaxa1oTCX B 6ioAxeTe, H nporpaMM, CDHHaHCHpyeMBEx LeHTpanBHbIM 6aHKOM. 7 HCKa)KeHHe B MexaHH3Me nepeAaqH o6LSicHAeTcS, riiaBHbIM o6pa3oM, 3a,aTOsHbIM COCTOSHHeM (pHHaHCOBOfk CHCTeMB, a TaKxoe OCo6eHHOCTSxMH crpyKTypBI co6cTBeHHocm npexnpK3tTHKI. B nOpAAgKe o6o6meHllM MO)KHO CKa3aTb, WTO peC)OPMbI B 6aHKOBCKOM CeKTOpe AOJIXCHbI CTaTb qacTbio o6ige9KoHoMHqeCKof CTpaTerHH B MacuiTa6aX BceH CTpaHBI c uexnbio YCOBepiueHCTBOBaHHA pa3MeiueHm pecypcoB. TaKaA cTpaTerHA AO3xHa BKJIIOqaTb paAHoHajiH3aiWio rocyCapCTBeHHbIX CY6CHAHf H ApyrHX TpaHc4JepTOB, oco6eHHO B ceKTope nIpexnpEisIM. IflomHMo COKpfemHi o6igero o6beMa TpaHc4)epTOB, IIpaBHTeJIBCTBO onxcHo o6ecreqWM HHCTPyMeHT HX nepexatH, KOTOpBI61 He OKa3BIBaji 6b BJHAHHA Ha CHCTMey geH H He CTHpaIi pa3rpaHHteHHA Me,CKy 3aMaMmH H 6e3Bo3Me3xfHoH riOMOUThIO. PeajrH3yeMas B HacToAmee BpeMS rporpamma rIpHBaTH3aUHH, KOTOPa5 riomoraeT teTKO onpeAejiHm rpaBa co6CTBeHHbocTH, AORKHa nocTeneHHO paCUpIHPTbCX C TeM, qTro6bI OXBaTHTb HOBI6e OTpaCJIH, HanpHMep, CeJIbCKOe X03AACTBO H KpyrIHbIe rocygapCTBeHHbie IpernpHTHA. IIpaBHTeJTBCTBO TaK)Kxce ORHO C03XaTb COOTBeTCTBY1OUIHe HHCTHTYT]I H nOgrOTOBHT6 HpaBOBsYO OCHOBy, HeO6XOxiHMywO gI rapaHTHH o6ecileteHI npaB CO6CTBeHHOCTH. flpeo6pa3oBaHHe MHOrHX CTOpOH POCCHACKOR 9KOHOMHKH H, B oco6eHHocTH, pa3BHTHe 6aHKOBCKOfI CHcTeMbI, HCIIrTbIBaeT 3aTpyAHeHHe Bcjie,CTBHe HecTa6HJILHoCTH MaKpO9KOHoMHteCKOfl cHTyaLIHH. B HaCTroSI=eM AroKnagie He paccmaTPHBaeTCA npo6fleMa pa3pa6oTKH BbI3bIBaiOigeA 9OBepHe nlpOrpaMMbI CTa6HJIH3aIHH, HO B HeM OTpaxceHbI ABa Ba)KHbIX MOMeHTa, OTHOCAIEHXCS K 9TOMY BOrPOCY: B HbIHemHHX YCJIOBHAX HeBO3MO)KHO pa3pa6OTaTh H OCy1ieCTBH4Tb IUHPOKYIO peOpraHH3auHiO 4)HHaHCOBOf CHCTeMbI; BO MHOrHX gpyrHx CTpaHax (IIHHaHCOBbIe KPH3HCbI npOHCXO;HJIH B nlepHOXbI BblCOKOh HH)JIATUKHH HJH BCKOpe nocJie HHX. 8 3. OrIHCAHHE POCCHRCKOR BAHKOBCKOfR CHCEMb: COBPEMEHHOE COCTOSAHHE 3.1 B gaHHO8H rniaBe coAepxHTcA onHcaHHe cyuMecTBy1Oieh CTpyKTypbI poCCHiCKOf1 6aHKOBCKO4 crcTeM6I4. OcHoBHoe BHHMaHHe yejmeTcsA ee OCHOBHbIM HHCTHTyTaM, HX opraHH3aIWH H OCHOBHBIM BHAaM Ae3TreRbHOcTx a TaKxe OCHOBHMIM rIpo6eMaM 6aHKOBCKOff cHcTeMU. PacCMaTpHBaeTCAI geHeXcHO-KpeAHTHas nOH'rHKa UeHTpaJmHoro 6aHKa PoccHm5. AaJIee B riaBe paCCMaTpiBeTCSI AesTeJMHOCcTh KOmmepYecKUX 6aHKoB H npexnaraeTCA KnaccH4)HKaimA 4yHKUHOHHpyOWUX B PoccHH 6aHKOB 11o HX 3HaxIMocTH. B 3auniowemue aHaJI3HpyIOTCA cTpyKTypa H AeeSTejHoHct Tpex KpynHe3umHx CiIeixHaHM3HPOBaHHbIX 6aHKoB C6ep6aHKa, PocceJMxo36aHKa H flpoMcTpoA6aHKa. AeHexHo-Kpe,aHTHas IoJI0THKa UeHTpaJIbHoro 6aHKa Poccin 3.2 LeHTpajibHM6 6aHK nPoBo0HT yqeTHy)o riomnTKy, KoTOPaS TeopeTwiecKH IIo3BOnJ1eT 6aHKam 6paTm B3aAMbm CpeACTBa Ha onpegeeHH6EIX yCJIOBH3X. YqeTHas CTaBKa KpeAHToB UeHTpa&rHoro 6aHKa KOmmepYecKmm 6aHKaM B HIOHe 1992 r. 6LTIa nOBbMIeHa c 40 Ao 80 npoijeHToB, a B MapTe 1993 r. Ao 100 npoileHTOB. B yCJIOBsX HH4)JISW, cocrawmoMefi 6onee 1000 nIpoLeHToB, Hemm3S oxcHaTb, 1TO yieTHas cTaBKa B pa3Mepe 80-100 IIpOixeHTOB Mo)KeT IIPHBeCTH K pawioHHpoBaHH1O B HC11H0J3OBaiHH pecypcoB. Ha ilpaKTHIKe y-IeTHas no1JHHKa HCn1JTb3YeTCA riOTH HCKJUoqHTeJTbHO B KaqeCTBe KaHana peaRMarH nlporpaMMbI pacripexejieHAs iAeHTpaMU3OBaHHLIX KpeARToB. 3.3 B 1992 r. 1jeHTpaRLHmrIA 6aHK BbiIaTHj OKOjiO 2,8 TPH3IJ¶HOHa py6nek B BHAe iAeHTpaAH3OBaHHbIx iejieBLIx KpeAHToB, ITO cocTaBno 60Onee 95 npo0LeHTOB o6uwero o6feMa KpegHTOB, ripexocTaBneHHbIx KoMMmepYeCKHM 6aHKaM, H 6onee IIOJIOBHHbI BceH AeHeXKHO MKCnIaHCHH 3a yKa3aHHIA riepRoA. B paMKax 9THX ripOrpaMM 3aeMUlHKH o6romapHBanm o6seM H yCJIoBHA KpeAIHTOBaHHSI C nIpaBrTemTrCTBOM, UeHTpaJTHHbIM 6aHKoM H MecTHbIMH BnacTIMm. B iXenoM 6aHKu urpainu HcKJuO'TejbHo rIacCHBHY0 poJM 1POBOAHHKa 4HHaHCoBBIx pecypCoB. Ta6mnxa 3.1 OMKa3bIBaeT, qTo no0IqT Bce 4)HHaHCOBbIe pecypcwI 6bIH npeAocraBneHbI B paMKaX qeTmipex riporpaMM: ceJIbcKoe X03SdUCTB0 (46 1ipo0LeHTOB), IIpoMb11ljieHHbIe npeAnpHrrHs (18 npogeHTOB), TonJIHBHo-3HepreTH'ecKCfK ceKTop (14 IpoijeHToB) HI TeppHTOPHI KpakHero ceBepa ( 1 nIpogeHToB)6. H porpamma AiLA cenBcKoro X03AACTBa 6uIna HanpaBjeHa Ha BHU>I gereJIHOCTH, B CaMOM IHPOKOM CMbICne CBI3aHHbie C CeJThCKHM X03SACTBOM, H BKJIO'lana ieJmlIk Ha6op HHCTpyMeHTOB OT KpeAHTOB 4)epMepaM H 3arOTOBHTejiBHbIM opramH3aiuM 3aOiMOB, npeXocTaBneHHBIx 4. OIICaHHe 3BOJIIOLWH 6aHK0BCK0A CHCTeMbi c 1987 r. nlpHBOATCI B: Russian Economic Reform: Crossing the Threshold of Structural Change, BceMHpHpni 6aHK, 1992 r, cTp. 106, BCTaBKa 7-1. 5. X,pyre F araKTOpbI, OKa3MIBaioUxHe BJNHSHHe Ha daHKOBCKYIO CHCTeMy, flOAO6HO paCCMOTpeHbI B rnaBe 4. OpraHK3aAKu H CDyHKIHOHHpOBaHKe IOHTpaJmbHOro 6aHKa, OrIHCaHLI B pSAe AOKJaaOB, HeAaBHO BbIflyUqeHHbix MexcAyHapoAHbim BanIOTHbYM C4OHAOM. 6. AaHHbLi pa3.en OcHoBaH Ha H3AaHHH "Explicit and Implicit Subsidies and Financial Transfers to Enertprises: a Strategy for Downsizing and Reform", BbmlyueHHoM BceMHpHBIM 6aHKoM H MexyHapoAHbIM BIioTHLiM 4COHAOM B MapTe 1993 r. 9 arpapHoW npoMbHnjIeHHocTH H TpaKTOpHbIM 3aBogaM. HIOKBapTanbHoe npegocTasneHHe peCypCOB B PaMKaX 9THX T1pOrpaMM B 1992 r. cocTaBHJIo npH6JI13HTenTHO 100,200, 700 H 1 800 MHjijmapXoB py6neA7. 3TH }1H pbI CO BCef oqeBHAHOCThio nOKa3bIBaioT, ro lpOrpaMMBI geiieBorO KpeXHTOBaHHA ABJIS3HCB OCHOBHbIM HHCTpyMeHTOM geHexHOA HOMITHKH B 1992 r. 3.4 ILHHpOKoe HCHOJh3OBaHHIe nporpaMM ieZieBoro KpeXHTOBaHHA 3aMeAJAeT peciopMy 6aHKoBCKoro ceKTOpa,nOCKOJIbKY TaKoe KpeAHTOBaHHe He Tpe6yeTpa3pa6oTKH 4opM 6aHKOBCKHX onepaLHfl, 06MFqH0 CBS3aHHbIX C 6aHKOBCKHM KpeAHToBaHHeM, a HMeHHO, flpHBJIeqeHHS AgenO34TOB H OgeHKH KpeXHTa. 9TH KpegHThI nepepacnpegenunH CpeACTBa KOHKpeTHLIM npeAnpHAmHm, perHOHaM H IrIOOTpaCJAM 9KOHOMHKH, H HX pacripexenieHHe oTpa)Kanjo cKopee cnoco6HOcTH 3aeMHKoB ,o6HBacm AJIA ce6s npeHmywecrBa H Hx nomiHTHqeCKoe BJISHHHe, He Y3HT6IBaA 3KOHOMHqeCKOff HJIH 4DHHaHCOBO Igejiecoo6pa3HocTK. B;onee Toro, nporpaMmmi geneBoro geHTpaniHosaHHoro KpeAHTOBaHHS1 B TOM BHAIe, B KaKOM oH0 OCyigeCTBAISOTCS B HaCTOsAIee BpeMs, oCJIa6JIIOT BO3MO)KHOCTH UeHTpaJEbHoro 6aHKa KOHTpOJIHpOBaTb KpeAHTHyO 3KCriaHCIO, 3aTpy=OT nEo6bIe riormrimK cTa6HJIH3HpOBaTb sKOHOMHKY H 3agepXKHBaIOT nepecrpokKy npeAnpHA1HH. Ta6nrHna 3.1 rIporpaMMII 6ieneBoro KpegHToBaHHs, 1992 CyMMa rpogeHT (MnpA. py6) BBrl KpexHmI UIS 2800 18,0 CeJbCKoe X03SIICTBO 1300 8,3 TonnrHBHo-9HepreTHmqecKH KoMconIeKc 400 2,6 CeBepHie pafOHbI 300 1,9 HpomimiuneHHocm 500 3,2 Ilpoqee 300 2,0 rocy,apcTBeHHMe Kpe,HThI 780 5,0 06opoTHIIe cpegcrBa 600 3,8 KanTa.noBnoxceHHAs H nporpaMMBI KOHBepcHH 180 1,2 HToro 3580 23,0 7. KpoMe sToro, B 1992 r. 60nIee 800 MjUIHazPAOB py6.neA iXeaieBbix KpeANTOB 6bi6o BbmaHO B paMKaX Tpex [pOrpaMM rocyAapcTBeHHoro KpeANTOBaHH3I, KOTOpmOe 4jiHaHRCHpoBanHC6 N3 6oAxpKeTa. 3m pOprpaMMbI 6wbLI H3aeiiebIL B nepByYo oqepeAb Ha OKa3aHme noMoULH ripOMEnUJIeHHl6M npeAnpHITHIM: oKOjiO 600 mMjiUIaPAOB py6net upeAHa3HamaAOCb Aim "HHAeKCaLiHH o6OPOTHbiX cpeACTB" H 6ixno BbAaHO HenOCpeACTBeHHO npz1ApHATHM. OcTajibHbie 4DHHaHCOBlie peCypCli 6bJJIH BbMezJIeHbE Ha HHBeCTHINHH H XOHBOeCpcO BOOHHbl OTpacnOe npOH3BOCTBa H 6bmu pacnpegejieHLi epe3 6aHKOBCKYIO CHCTeMy. 10 CIIcTeMa KOMMepMiCIcHX 6aHICOB 3.5 CHcTeMa KOMMepiecKHx 6aHKoB POCCHH CyI1eCTByeT Bcero RHlb OKOJIO 11ATH fleT, H ee cTpyKTypa H LXejiH npeTepneBaloT oieHb 6bICTpbie H3MeHeHHA. BbICTpO MeHSeTCA 60JIbIUHHCTBO OTXeJIbHbIX 6aHKoB. B CHJIy 6ecnpeiAeAeHTHoro MacuiTa6a, xapaKTepa H CTpP.i4HTeJIbHOCTH 3THX HepeMeH, aHaJIH3HPOBaTb CHCTeMy KOMMepqeCKHX 6aHKOB POCCHH HJd3> *paBHHBaTB ee c OnIblTOM gpyrHx cTpaH 'pe3BbIqaHHO 3aTpygHHTeJIbHO. 3.'3 OAHOii H3 riJaBHbIX XapaKTePHCTHK POCCHRCKOA 6aHKOBCKOH CHCTeMbI ABJISeTCA e.. e pa3JIHqHe Me;Kgy 4byHKIgsHMH C6ep6aHKa (C6eperaTeJnbHoro 6aHKa) H Bcex gpyrHx i.OB. C6ep6aHK OpHeHTHpOBaH Ha npHIBnejeHHe BKnaJOB ceKropa gOMaUHX X03Af4CTB, KToypbie XO HegaBHero BpeMeHH aBTOMaTHieCKH HalpaBJIAJIHCb Ha 4CHHaHCHpOBaHHe AcsHIJHTa rocyAapCTBeHHoro 6lo,xeTa. p,yrHe 6aHKH 1IPHBneKa1oT BKnaI r1pe1npH5srrIH fipeAOCTraBJIAIOT HM KpeARThI. HeCMoTpA Ha OTMeHy 3aKOHogaTemJH]Ix orpaHHIqeHHi, L3TOpi6e HHpHBeJH K TaKOMy pa3JIHHIO $yHK9HfH, CHTyaiUA MeHAeTCS BeCbMi M megeHHO ,, riOCTerieHHO. IloTpe6yeTcx KaKOe-TO BpeMA, npexge qem C6ep6aHK HalqHeT HrpaTb Ba)XHYIO POOb B OTHOiueHHX C ripeA1pHATHAMH HJIH npezxne 'eM gpyrHse 6aHKH cMoryT rIPHBJeI4b CyIuAeCTBeHHYIO qacTb C6epeXceHHHXI OMaIIHHX X03Af1CTB. TaKas ABOfiCTBeHHOCTm B pa3geJieHHH 1yHKUHfH CHHECaeT YPOBeHb KOHKypeHLIHH B 6aHKOBCKOfl CHCTeMe. 3.7 Pa3MepbI 6aHKoB. B PocCHi 4geCTByeT 6ojiee 1 700 He3aBHCHMBIX KOMMep'ecKHX 6aHKoB. XOTS 9TO KOjiHqeCTBO MOxeT rIOKa3aThCS[ OTHOCHTeJITHO BLICOKHM, 600LUiHHCTBO - 9TO mabmie 6aHKH (CM. Ta6JIHLiy 3.2). Bionee 75 11POLieHTOB BCex 6aHKOB (1 295 6aHKOB) pacnonara=oT ycTaBHbIM KaIHTanoM MeHee 50 MHJIIHOHOB py6nefl, H JIWlb MeHee 5 11POLieHTOB (65 6aHKOB) HMeIOT yCTaBHOfi KaIIHTaA, ripeBbmIaio}HI 200 MHJIJIHOHOB py6niefi. B aBrycTe 1992 r. ULeHTpaJibHblM 6aHK IIOBbICHJI MHHHMaJIbHbIH YPOBeHb YCTaBHOrO KamITana go 100 MHJJIHOHOB py6nief (B 1991 r. 9TOT YPOBeHb XOCTHran 5 MHJIJHOHOB py6nef4) H riOCTaHOBHJn, WTO BCe gefiCTBYiOHe 6aHKH AOJIXKHbI yBeJiHq'iTB YPOBeHb yCTaBHOrO KaIIHTaJIa Ao 9THX pa3MepOB K HIOJIIO 1993 r. 3.8 KpynHefxnHe 65 6aHKOB KOHTPOJIHpYIOT OKOJIO 70 ripOileHTOB BCeX aKTHBOB H o6A3aTenbcTB 6aHKOBCKOH CHCTeMbI, IIpH 9TOM Ha AojnEo 5 CaMbIX KpynHbIX npHXOwHTC3 OKOJIO OXHOH TpeTH BCeX PipegOCTaBJIeHHIX 6aHKaMH 3afMOB H BCeX 6aHKOBCKHX aKTHBOB Poccen6xo36aHK - 15 npouweHToB, C6ep6aHK - 8 IIpoIXeHTOB. Moc6H3Hec6aHK- 5 ripoLgeHToB, flpoMcTpofi6aHK - 3 rIporieHTa, MOCKOBCKHf rlpOMbIulEZeHHbIf 6aHK - 2 npoIeHTa (CM. Ta6xrHuy 3.3). 3.9 XOTS HaqHHaA C 1991 r. Ha6nIIoXAanCIA POCT KaIIHTaJIa Ha KTHBOB 6aHKoB, TeMnibi WToro pocTa ene riocrieBanH 3a TeMriMaH HHDnsLUHH. I1OBbIiueHHe Tpe6OBaHHA B oTHOTieHHH MHHHManbHOrO pa3mepa yCTaBHOrO KaHHTaiia nlpHBegeT K nOIBjieHH1O 6onee KpyrIHbIx 6aHKoB JH60 B pe3yJITaTe peKaiHHTanK3aH X C nOMOiUbO aKIHOHepOB, nH6o 1iyTeM CJIHAHHf4; HO H 9TO HegaBHee rIOBUIueHHe YpOBHA Heo6XoHMmoro yCTaBHOrO KariHTana 6i6ino CJIHIIKOM He6oJII6iMH, H yxKc OKa3anjocb inoroweHHbIM RH4)j1SLAHeA. 11 3.10 B PocciH geXHCTByeT OKOjio 43 000 )HJIHajiOB H oTgeJieHHfl 6aHKOB, qrTO cocTaBjLieT OxgHO y"pexgeHHe ripMHepHO Ha 3 500 KHTeneu. TeopeTHqecKH TaKa3i rIJIOTHOCTB COOTBeTCTByeT noKa3aTejIsiM MHorHx pB6HOqH]6X 9KOHOMHK: B CIIA 9TOT rlOKa3aTeJIb BbHIhe, a B AnOHHHI - HHx(e. rIo tHCJIY oTgeiieHHi 6aHKH pacnpegenIoRTcx eige 6onee HepaBHoMepHo, qem nO KanHTajiy H aKTHBaM. JIlHLUb XBa 6aHKa HMelOT ceTm oTgenieHHH, KOTOpaA OXBaTBIBaeT 6oJIbiuyo taCTm TeppHTOPHH PoccHH: C6ep6aHK, HMeioiilHH OKOjio 40 000 oTgeiieHHl, H Poccenlxo36aHK - 6onee 1 000. Ha 9TH ABa 6aHKa rlpHXOuHTCA 6onee 95 npOLXeHTOB Bcex oTAejieHHh B CTpaHe. BOJIbIIHHCTBO XIpyrHx 6aHKOB BOo6ige He HMelOT oTgenieHHf H JIHIUb majioe KoJIHIecTBo KpynHeiiuIHx pacnojiaraloT 6onee gem XeCATbMO OTXeiieHHMMH KaxcbIH HuH4 OTKPI6JIH CBOHI oTXeIieHHA B ,UpyrHx ropogax. HaripHMep, MOC6H3HeC6aHK - HMeeT 36 oTgeiieHHf4, 16 H3 KOTOpbIX paCiOiO)KeHbI B MOCKBe; COOTBeTCTBYOIOIHe IIoKa3aTeJIi gia TOKo6aHKa - 10 H 2, 6aHKa "BO3PomKeH4e" - 47 H 37. Bouiee 45 rPOiLeHTOB OTgeiieHHfi Bcex 6aHKOB cocpegOTogeHO B MOCKBe H MOCKOBCKOii o6naCTH (CM. Ta6HiHUy 3.4). Ta6nHga 3.2 PacnpegeneHHe 6aHKOB nO o6beMy aKTHBOB Pa3MepbI KaIHTaiia KOjiHqeCTBO 6aHKOB 01/01/92 01/01/93 MeHee 5 MJIH. py6. 484 36% 318 18% OT 5 go 25 MiH. py6. 589 43% 714 41% OT 25 Ao 50 MJIH. py6. 129 9% 263 15% OT 50 go 100 MIH. py6. 106 8% 211 12% OT 100 go 200 MJIH. Py6. 33 2% 142 8% CBbILUe 200 MIH. PY6. 19 1% 65 3% HToro 1,360 |_ | 1,713 | 12 Ta6JrHLia 3.3 llBaniaTm KIDVHefIIHX 6aHKOB POCCHH (Ha 1 SHBapS 1993 r., B MHjiflHap,ax py6nieft) EaHK ropOg AXTHBU CooTHouwe- CcyAU COOTHO- KanN- npH- CooTHoue HHe HueHHe Tan 6wbi -HHe ccyg aKTHBoB CCyY H axTmBon Poccejbxo36aHK MocxBa 1684 17 782 15 10 - 0.5 C6ep6aHK MocxBa 900 1 407 1 9 65 0,5 Moc6H3Hec6aHK MocKBa 695 13 250 - 2 16 0.4 |lpoMcTpoii6aHK MocKBa 451 4 135 10 2 12 0.3 MocnpoM6anK MocKna 313 8 83 8 2 9 0,3 ToKo6aHK MocKBa 271 57 27 9 13 - 0.1 YHHjcom6aHK MocKna 263 - 68 - 1 1 0,3 flpomcTpoii6aHK CaHKCT- 235 10 27 7 1 3 0.1 nfeep6ypr 1 Kpego6aHK MocKBa 218 39 26 8 9 3 0.1 HHKoM6aHK MocKBa 215 25 42 6 5 5 0,2 3neKTpo6aHK MocKxa 186 74 151 71 2 3 0,8 HMnepHan Mocucna 167 - 6 - 38 2 0,0 3ancH6xoM6aHK TioMeHb 166 7 37 5 1 5 0,2 Arponpom6aHK POCTOB 124 17 48 13 1 4 0.4 Ky36acnpo6aHuC KeMeposo 121 12 54 18 1 4 0,4 BaHK MocKaa 119 7 44 7 1 6 0.4 B03oapAJeHHe MOCKOBCKNfi aMe,i- MocKBa 114 11 45 9 2 8 0,4 perHOHajlbHbii 6aNK _ OmcKnpoM6aHK OMCK 105 - 16 - 0 3 0,2 ABToza36aHN ToibrTTH 100 - 30 5 2 4 0,3 '4enHHA6aHK Mens6HHcK 95 - 43 - 1 6 0.5 HToro: _ 6542 - 2351 _- - 0,4 (Begyuwe 20) HToro: _ 9809 - 3662 _ _ _ 0.4 (neAyu4uelOO) IHpHM'CaHHA: CUHCOK 6bmI cocTaBnCH Na OCHOBe AaHHBIx, UpecTraBjIcHHLIx 6aHKaMH Ha UOJIYO06pOBO3ThHO1l OCHOBC. 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TaKas cTpyKTypa cHoCO6cTByeT 3aKpenneHHIO IIIHpOKO paCnpOCTpaHeHHO B POCCHuCKOl 6aHKOBCKOH CHCTeMe npaKTHKe KpeAHTOBaHHS CBOHX aKgHOHepoB H CBOHX KJTHeHTOB. flOHaqajiy 60JIIn,HHCTBO 6aHKOB ripegOCTaBJXJIH KpeRIHThI no'TH HCKjIEOHTeiJHO CBOH1M Co6CTBeHHbIM aKijHOHepaM. TaKoe KpeXJHTOBaHHe no-IpeXKHeMy CoCTaBjMeT 3HaqEHTeJThHYIO IacTTb o6mero o6beMa KpeAHTOBaHHA, XOTS KPYfHbIe 6aHKH nocTeneHHO HaqHHaEOT BbiAaBaTB KpeAHTbI He CBX3aHHbIM C HHMH 3aeMLgHKaM. KpejTwOBaHHe Co6CTBeHHibX aKUHOHepoB HMeeT BeCbMa orpaHHqeHHbIe MaCiuTa6bI B pa3BHTbIX CTpaHax, nOCKO3hKY TaKaS ripaKTHKa Mo)KeT rIPHBeCTH K pa3BHTHIO MOIIeHHHqeCTBa H BO3HHKHOBeHHIO PHCKa XJUIAM c6epe)KeHHH goMaIHHX X03XHCTB H, KOCBeHHbIM o6pa3oM, rocyAapCTBeHHbix 1HHaHCOBbIX pecypcoB. TaKas onaCHOCTbeiue He npHo6peiia B POCCHH CTOJ1h cepbe3HbIX MaciuTa6oB, KaK B gpyrHX CTpaHaX, nOCKOJIbKy 6o0mbmas YacTm c6epexeHHA gOMafIHHX XO35[IICTB XpaHHTCS B C6ep6aHKe. TeM He MeHee, CO BpeMeHeM 9T Hpo6ieMa ripHo6peTeT 6onbIuylo OcTpOTy, H Heo6XogHMo 6ygeT pa3pa6oTaTh MepbI pa3yMHoro peryjiHpoBaHm. 3.16 AKTHRBbl, o6SI3aTeJibcTBa H npoueHTHbIe cvramn. B Te'eHHe 1992 r. 3&AMbI, BbIgaHHbie KOMMepieCKHKMH 6aHKaMH, BbIPOCJIH AecsTHKpaTHo, C 600 MJIPA. go noqTH 6 TpJIH. py6nefi. OKono nOJIOBHHLI STHX KPe,WTOB 4rnHaHCHPOBaIiHC 6LeHTpaJITHLIM 6aHKoM 8. AaHHaA cTpyKTypa CO6CTBeHmoCTH TaKxce MoxeT OCJIOXHHTEh jnO6Me nOnlbITKH CTa6KnH3auwH 3KOHOMHKH H 3aMeAJIHTb CTPYKTYPHYIO nxepecTpoAKy npeAIpHSrTr. IHMeHHO TaK CUyHJ1OCb B 10roCJiaBmH, rAe 6aHKH TOxCe HaXOXtHJICb B OCHOBHOM B cO6CTBeHHOcTH npeAnpHwTrH; 6aHKm npriOAOixaJIn npeAocTaBam KpeAHTmi HenjiaTexKecnOCO6HIbM npegApnsPTHXM, xITO TOpM03HO pa3BHTHe KaK CaMHX npeAnrIpXHTUH, Tax H 6aHKOBCKoro CeKTOpa. CM. World Bank report No. 7869-YU, Yugoslavia - Financial Sector Restructuring: Policies and Priorities, 1989. 15 H rocygapCTBeHHiimH riporpaMMaMH geHTpaRH30BaHHOrO iyenieBoro KpeAHToBaHm. B 1ejioM 6aHKH HrpaIOT 3geCb rIaCCHBHYIO pOJb, IIOCKOJIbKy 3aeMII1HK H YCJIOBHS3 KpeAHTOBaHHA B paMKaX 9THX riporpamm onpegeJIAIOTCX IIpaBHTeJIbCTBOM, UeHTpa.ITHbIM 6aHKOM rJIH MeCTHbIMH opraHaMH BjiacTH. UIeHTpaaJHbIH 6aHK 4bHHaHCHpyeT TaKHe KpegHTbI nyTeM BbIgraqH 6aHKy-KpegHTopy aBaHca no yqeTHOH cTaBKe H onpeeIenAeT pa3mep MapX(H Ha YpOBHe 3 HpOileHTOB B rog, He3aBHCHMO OT Kpe,HTHOrO peHTHHra 3aeMIIHKa. flpouleHTHbie CTaBKH no 3ahMaM BapbHPY1OTCX OT 8 go 83 npoiyeHToB, a rOCygapcTBO AOMKHO BbInIaqmHBaTb (tlepe3 61oXxeT) 6aHKaM-KpegHTopaM pa3HHUy MeXKAy 3THMH CTaBKaMH H CyMMOf yqeTHO f CTaBKH UeHTpajibHOrO 6aHKa H Map)KH. TeopeTHqecKH CpOKH noralueHHA TaKHX CCyq COCTaBJIAeT OT 2 MeCALeB AO HeCKOJIbKHX fieT, HO Ha npaKTHKe MHOrHM 3aeMIIUKaM ygaeTC31 pecDHHaHCHpOBaTh 9TH KpeXHnTI B pe3yJIbTaTe corJIamieHHx c npaBHTenbCTBOM HniH LUeHTpanbHbIM 6aHKOM. 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B HbIHeIfUHHX YCJIOBHX 6aHKH AxOJKHbM yCTaHaBJIHBaT]6 mapxcy no npoieHTHbim CTaBKaM Ha ypoBHe He MeHee 40 HpoIgeHToB B roA -rro6bi npocrO He nOHecm y6brrlm xaxKe B cjiyiae OTHOCHTeji6HO Ha)eXKHLIX KpeAHTOB. HanpHMep, AiA KpeAUTa CpOKOM Ha OAHH roA Heo6xoAHMo yCTaHOBHT KaK MHHHMYM 15-npogeHTHylo mapxcy 'To6bi COXpaHHT peaJnEHy1O CTOHMOCTb KanHTaJTa 6aHKa. 9To BePHO B CnyqaMx, KorAa 1 npoixeHT Kpexffa 4HHaHCHpyeTC31 H3 co6cTBeHHbIX cpeACTB, ecai oxKHaeMaz HH(RSIMA cocTaBnsAeT OKOnO 1500 npogeHToB B Te'eHHe Bcero cpoKa KpeAHTOBaHHA H ecnm npogxeHmi BbIn3IamaHBaIoTCA O,HOBpeMeHHO C noraueHi4em OCHOBHOu CyMMbI Kpe,HTa. KpoMe 3Toro, 6aHiM AOnicM Tpe6oBaTb BbInnaTbI 6onee teM 25 npOgeHTOB AJI KOMneHCai.H H3RepxKeK B CBI3H C Heo6XoAHMoCTbiO noAepxaHHA pe3epBHbIX Tpe6OBaHH Ha YPOBHe 20 npoIXeHToB, nlpH TOM xITO Ha peepBHbIe cpeACTBa npoieHTbI He HaqHcUOTCS. Mapxa AOnIKHa TaK)Ke KOMIneHCHpOBaTh 6aHKaM onepaguOHHbIe H3AepxKH H KpeA;THIie pHCKH. TaKxm o6pa3OM, mapxca B pa3mepe OKOjIO 50 npolyeHTOB no KpeAHTaM C HH3KHM YPOBHeM pHcKa He TOJTKO He ABImeTCs, KaK yTBepXKAaIoT HeKOTOpLIe, xipe3MepHO BbICOKOU, a Hao6opoT, MoxKeT C'HTaThCS OTHOCHTenbHO HH3KOU. 3.21 H13 Ta6lHiXibI 3.3 MOX(HO yBHAeTb, qTO TeMIrhI pOCTa aKTHBOB H CCYA 3HawHTeJTlHO pa3flHtiaIHcb no 20 KpynHerLuHM 6aHKaM. AKTHBbI 6aHKOB, 3a HcKmUO'eHHeM ABYX H3 HHX, pocJIH 6bIcTpee tem o6feMbI ccyA, npeAocTaBJiseeMbIx Mm. HHTepecHo OTMeTHm, wrO HaH6oJIee 6MbCTpbIU POCT aKTHBOB Ha6mfoajiCA B TeX 6aHKax, KOTOpbIe HMeIH HH3KMA Ko0cfrjEHimeHT oTHoiueHHH CCyA K aKTHBaM. B 6oJM0MHCTBe ciyqaea 9TOT HH3KHA Koq4)(DHLIeHT CBI3aH C BeAeHHeM 6aHKoM BaJIIoTHLIbx cqeTOB, CTOHMOCTb KOTOpbIX B py6neeoM BbIpaKeHHH yBeJIH'HjiacCb BCjieACTBHe o6ecgeHHBaHEA py6JIS. 3Ta B3aHMoCBAS3b oco6eHHo oteBHAHa Ha IpiMmepe TOKO6aHKa, KpeAo6aHKa H 14HKoM6aHKa, KOTOpLIe, KaK H3BecTHo, BeAYT KPYnHbIe orIepaLHH C HHOCTpEHHOA BamoToH. 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B CBI3H C 9THM B03HHKaeT BOnpOC: AOJDKHa 3m 6aHKOBCKaq CHICTeMa PoccHH 6bITm CMOAe3iHpOBaHa KaK yHHBepcanibHas, no npHmepy FepMaHH4, HJI ee HyJKHo pa3genNHTb Ha ABe acTH - CHCTeMy KOMMeptieCKHX H CHcTeMy HHBecTHNHoHHbIx 6aHKOB, KaK B COeAHHeHHIIX HTaTaX. rpe3ox)KeHHA no STOMY BOIIpOCy paCCMaTPHBaEOTCA B pa3Aene UIraBbI 5, rOCBsUeHHOM Bonpocam perynHpOBaHHI. 3.24 IloqeMy xe cTaBKH HO geno3HTaM H KpeAHTaM B peaBjTHOM BbIpaxceHH HMeEOT BbICOKoe oTpHuaTeSIbHoe 3HaqeHHe, ecniH 6aHKH MOryT CBO60AHO HX nOBLbmaTb? HHepIs - HH43JIsOHHMe OxcHAamS, OTCTaEOuHe OT peaBjHLIX TeMnOB mHHJIJ, 'qTO O3HaqaeT, w*o npoieHTHbIe CTaBKH, ycTaHaBnHBaeMbie 3apaHee, IIpH oaRTHeeCKoR Oi.eHKe OKa3]IBaXOTCAI HHxe ypOBHA[ HH43JIIHH -- H AeHeKHexbIe m o3HH (HenpaBHInLHas oUeHKa peaJbHOi CTOHMOCTH AeHer), T.e. ABJIeHHe, KorAa HeKOTOpLIe OixeHHBaEOT HOMHHaJTHY1O CTaBKY KaK oqeHb BBICOKYIO, He COOTHOC5[ ee C YPOBHeM HH4)MIIUIH - IBJEISOTCS YaCTH'1HbIM OTBeTOM Ha 9TOT BOnIpOC. 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B HaCTOAXIiee BpeMX 60JILbIHHCTBO pOCCHKCKHX 6aHKOB BbirOMIASOT tacTHqHo pojm 6aHKoB- areHTOB, XOT51 6aHKH, BbIIOjiHAiouHe HCKnIOqirTeJThHO pOnib areHTOB, KaK rIpaBHJO, OqeHL MaIibI no pa3Mepy. 3.29 "3apo=aiowUecs "XOPOIffHe" 6amH". B POCCmH yxce cefWac cyIeCTByeT rpyrma 20-30 BeAyIUIHX KOMMepqeCKHX 6aHKOB, pa3BHBaiOIAHXCA B "IIpaBHJTbHOM" HaIIpaBjieHHH H, iio BceH BH=HMOCTH, npeBpaWaIoIHxCs B HaCTOSiie 6aHKOBCKIFe ytpeXAeHHs. TI4HCIO TaKHx 6aHKOB pacTeT no mepe TOrO, KaK peOpraHH3yIOTCA 6aHKH, OTHOCAuHeCSA K ApyrHm KaTerOpHAM. XOTA 9Ta rpyrIna nOKa HeMHOrOqKHcneHHa, B Hee BXOA.1T HeKOTOPbIe KpynHefIiIHe He3aBHcHMbIe 6aHKK. 3.30 OAHHM H3 OCHOBHbIX KpHTepeK x3yEOUWX 3TH 6aHKI B KaqecrBe XOPOIIHX", ABJsieTCA, nO-BHAHMOMY, paCIIIpeHHe COCTaBa aKgHOHepOB, gTO HO3BOJLSeT PYKOBOACTBY rpOBOHT6 IOJIHTHIKy, He riOBTOpSHIYO HOJHOCThIO KHTepeCL aKgHOHepoB. KpoMe Toro, CIOAa Ke OTHOCS3TCS 6aHKH, pa6OTHHKH KOTOPbIX nOytq=OT HJIiH OKynaioT 19 aKIUHH; TaKIHe 6aHKIH, KaK ipaBHJIO, pa3BHBaEOTCS 6bIcTpee. Euye OAHHM 4aKTopoM. CTHMyJIHpytOiuHM pa3BHTHe "xopoiniero" 6aHKa, IBJIAIOTCA CBSI3H C 3apy6excHBIMH 6aHKaMH wepe3 BHeIIHeTOproBbIe onIepanHH, ynpaBneHHe CqeTaMH B HHOCTpaHHOfI BamoTe mm Iepe3 rPSiMbIe HHBecTHiHH. 9TOT ripoLecc HAeT 6bICTpbIMH TeMfiaMH B pgge 6aHKOB MOCKBbI H CaHKT-rleTep6ypra. 3.31 PYKOBOAJCTBO 6aHKOB 3TOH rpyniibi OTHOCHTeJbHO He3aBHCHMO OT npeinpHArTH- aKUHOHepoB, H, KaK npasBHjo, o6iaXAaeT 6o0iee BbICOKOH KBaH4HKagHeA, qem PYKOBOAHTeJiH 6aHKoB-KaHanoB. YKa3aHHLIe 6aHKH rpeAoCTaBJIAIOT KpeHI CBOHM KJiHeHTaM H aK[HOHepaM, TOJIbKO 6y,gytH yBepeHHbIMH B HX ioraIIIeHMH; CPOKH 3aHMOB, KaK npaBHjio, B MeHbIIIei CTeneHHH eM B gApyrHx 6aHKaX 3aBHCqT OT TOrO, SBJISeTCS 3aeMTEIHK JIH aKuHOHepOM 6aHKa. iOJIbIIIHHCTBO 3aHMoBB, rpeAOCTaBJIAeMbIX 3THMH 6aHKaMH, o6ecne'{HBaIoTcS 3anoraMH, rapaHTHeH TpeTbHX JiHI HJIH cTpaxyeTCs. 3HaqHTeJIbHaA xTaCTb KpegHTOB HanpaBJIgeTCA qaCTHMIM KOMMepqeCKHM CTpyKTypaM H aKuHOHepHbIM KOMnaHHAM, KOTOpbIe fuH6o y)Ke SABJIOTCA 'aCTHbiMH npeAripHATHKMH, JIH60 HaXO,ITCAI B npoiecce ITpHBaTH3auHH. 3.32 Pg "XOpOIIHX" 6aHKOB OCyigeCTBJISeT onepaIL1HH C KpeAHTHbIMH KapToqKamH H HMeeT AOCTyII K BaJI1OTHbIM onepauHAm qepe3 ceTb CBWDT. BOJIbmHHCTBO H3 HHX HMeEOT KOppeCIOHAeHTcKHe OTHOLCeHHA C HpeCTHKHbIMH 3apy6eXCHE IMR 6aHKaMH. HeKoTopbie yMCe ABJIBSOTCS IIapTHepaMH 3apy6exKHbIX 6aHKOB, a eule 6ombinee 'mcno 6aHKOB CTpeMHTCA1 K 9TOMy. MHorHe 6aHKH CO3AanH accoImayum, B KOTOpbIe BXOAST HeCKOJIbKO yqpexKIeHH1I, COBMeCTHO BLICTyIIEOTNHX B HX onepaiHsx. Co BpeMeHeM H fpH YCJIOBHH HaJIHAHS npOAyMaHHbrX CTHMYJIOB B TaKHX accoiyzagMAx MOryT HMeTb MecTo CJIHASH4A, qTO rIpeBpaTIT HX B enye 6onee KpYIIHbIe 6aHKH. TpH KpynHeIiiix cneUWanH3HPOBsaHHbIx 6aHKca 3.33 TpemsI KpyflHefIIHMH ciiegHanH36pOBaHHbIMH 6aHKaMH ABJIAIOTCA C6ep6aHK (c6eperaTenbHbhI 6aHK), PocceirbXO36aHK (CeJIm6CKOXO3A4CTBeHHbii 6aHK) H *IPOMCTpOH6aHK (npoMbTiuIneHHo-CTpOHTenbHbIi 6aHK). B HX Ha3BaHHAX OTpaxKeHa HX cneUJHaJIH3aIUHAs B YCJIOBHIX 6bIBIIero COBeTCKOrO CTpOA. B HacToAruee BpeMS 9TH TPH 6aHKa ABJIAHOTCA aKUHOHepHbIMH o6meCTBaMH H, corJiaCHO HX yCTaBy, pa60TaioT KaK yHBepcanbHbie6aHKH. OAHaKO, HX AeATen HOCTh no-npex HeMyqeTKO criegHaLj 3HpOBaHa B CHJIY HX CpaBHHTeJIbHHMIX 11peHMyIeCTB B iinaHe KBaJiH4N KaixHH H HHCIpaCTpyKTypbI, a TaKX(e BcJIegCTBHe Toro, qTO OHH npogojDKaiOT BbICTyIaTb KaK HHCTpymeHTbI rOCyAapCTBeHHOH IIOJIHTHKH B COOTBeTCTBYIOIUHX OTpaCJIAX H BHaaX AeMTeJIBHOCTH. 3.34 Hcxe paccMaTpHBalOTCs CTPYKTypa H OCHOBHbIe BHAgb1 AeSiTeJIbHOCTH KaxcAoro H3 9THX 6aHKoB; OHH TaK)Ke OTpa8eHbI B o6iueM BHAe B Ta6JrnHie 3.5. PeKOMeHgaiNHH AoKiiaAa B OTHOiiieHHH C6ep6aHKa H flpOMCTpof6aHKa H3JIO)KeHbI B L'naBe 4, a B OTHOLIeHHH PocceJnbXO36aHKa -- B pa3gene rJIaBI 6, IIOCBAigeHHOM KpeAHTOBaHHIO ceJThcKoro XO3AIfiCTBa. 20 3.35 C6ep6aHK. C6ep6aHK ABJIAeTCM HaH6oJIee AHHaMHtqHbIM H3 3THX Tpex 6aHRoB. TpaAHTEHOHHOe OTJIHgHe C6ep6aHKa OT BCeX OCTa8.bHbIX 6aHKOBCuX yqpexpAeHlHA COCTOAJIO B TOM, qTO OH rIPHBjieKaJI BKJaIbI AOMaIIHHX XO3XACTB (HaceieHms), KOTOPLIe aBToMaTHIqeCKH HCnOJIb3OBaJICb npaBHTenjbCTBOM ARA 43HHaHCHpOBaHH Ae4mHTa rocyXrapCTBeHHoro 6iox0 eTa. B nocjiexuHHe ABa rogra npaBHTeJ3hCTBo nIpeXocTaBHJO rlpaBneHHIO C6ep6aHKa 60obIIIyEO He3aBHCHMOCTb H pa3penmJIo emy pa3BHBaTL CBOIO AeATenbHOCTb B rqpyrHx o6nacTqx. C6ep6aHK 6EIcTpo paCIuIHMpeT TaKHe HOBmIe RA ce6s BHAbI e3rreJmbHOCTH, KaK KpeXHTOBaHHe npegripHqTHH H XOMaIIHHX XO3AfICTB, a TaKxce nIpHBneqeHHe ,genO3HTOB nPeXnPHATHH. OH COgeHCTBOBaJI CO3gaHH1O MeXC6aHKOBCKOrO PbIHKa, Ha KOTOPOM BbICTyIaeT cefqac B KaqecrBe OCHOBHOrO KPe=TOPa. C6ep6aHR HacsHTbIBaeT 6onee 100 TbIC. aKUi4OHePOB, B OCHOBHOM CBOHX COTPYXRHHKOB, O,HaKO ero aKuHH elue He HMCeOT XOxgeHRA Ha Pb6HKe UeHHbIx 6yMar. KpynHeflunim aKiUOHepOM C6ep6aHKa SiBnDeTCA UeHTpajTbHblIi 6aHK, npegcegaTemeb npaBjieHHA KOTOpOrO OAHOBpeMeHHO ABJisMeTCS npegcexaTeeiem npaBjieHH C6ep6aHKa. 3.36 C6ep6aHK nPaKTHieCKKH OCTaeTCA MOHOHOiJICTOM B iipHBjieqeHHH py66eBLIX BKJI8aOB XOMamIHHX XO3XACTB, Ha ero cqeTax xpaHHTCA 6onee 90 npoqeHToBc6epexceHKif, COCTaBjiAuoiMHX 570 Mjipg. py6. XOTX B HaCTOSLAee BPeMq BCe 6aHKH HMeIOT npaBo OTKPbIBaTb cqeTa c6epexceHHf XOMaIlIHHX XO3XHCTB, C6ep6aHK coxpaHUI CBOH nIO3WSH no CneJyiOLuHM npHqHHaM: * Ero ceTb, HactHTbIBaioigaA 6onee 40 TbIC. CHjHiHaJIOB H oTeJIeHHfl, COCTaBjiMeT 6oiee 90 rIpOUeHTOB 6aHKOBCKEHX yqpexc)eHHfl B POCCHE, B Pe3YnbTaTe qerO Ha 6OJbiUIeh YaCTH TePPHTOpHH CTPaHbI H B 60JIbILUHHCTBe pafUOHOB KpynHbIX ropOxOB C6ep6aHK IBSieTcS e1HHCTBeHHbIM 6aHKOM. * OH ABiLqeTCq egHHCTBeHHbIM 6aHKOM, rge BKflagI nonHocT6io rapaHTpYIOTCA rOCyAapCTBOM. * C6ep6aHK npewnaraeT iejbIh pixg ycnyr, KOTOpbIe He npeAocTaBwsnocsA gpyrHMH 6aHKaMH, BKmIO'aA nepeBog ninaTexcef 3a KOMMyHajTHbIe ycnyrH, ynIiaTY HanorOB H BbInnIiaTy neHCHf4. IIIHpOKO pacnpOCTpaHeHO MHeHHe, 'TO paBHTemJTbCTBO KOMI8eHCHpyeT BKnagq'HKaM C6ep6aHKa HX o6eCileHeHHbIe B pe3yjibTaTe RHH4JM1mH BKJIagbI, nOCKOJITKy nOAo6HOe meponpwxme yxKe HMe3iO MeCTO B npo0n1oM. 21 Ta6nuuia 3.5 KPvnHef4iuIHe cieuHajIH3HpOBaHHbie 6aHKH OCHOBHbIe noKa3aTeJIH (B MJIpJ. py6.) Ha 1 SHBaPA 1993 r. HOKA3ATEJIb Poccenbxo36amK C6ep6aHi< HpoMcrpoil6aHic AXTHBbI 1684 900 451 KanHTaii 10 9 2 Ccy.Abz 33 36 20 (aonrocpowHbie) CCY,4bI 749 371 115 (KpaTicocpoYHbie) CcygbI (HToro) 782 407 135 JaoJIsi OT o6fueft 15 10 2,5 CYMMbI KpeAHTOBaHH5 3KOHOMIKM (B npoU.) . BKAaJbi 486 571 170 1qHcJIo pa60THNKOB 20 000 200 000 2500 '-IHCJIO OT1eAeHHl 1 040 40 000 38 OnHjiajibi (jaoAsI B 0 0 12 KaUHTanie 6o0ee 50%) LImcjio oTAeAeHHil 0 0 160 *uHnaHOB . MHcAo aKUHOHepOB 35 000 123 500 500 (wopuH.IecKme iHUa) 18 000 3 500 500 (4,H3Hqeciae JIHua) 17 000 120 000 0 3.37 [poLeHTHbIe cTaBKH HO BKnagaM rpaxKgaH rio-npe)KHeMy ycTaHaBJIHBaIoTcM B pe3yJIbTaTe KOHCyJIbTaIHH C UeHTpa&IIHbIM 6aHKOM H MHHHCTepCTBOM qJHHaHCOB. rOgOBbIe npoLxeHTHLIe cTaBKH nO BKJInaaM goMamUHHX X03AACTB coCTaBJIAHOT 20 npoUeHTOB no BKnagaM OBOcTpe6OBaHHJ H 100 r1poLeHTOB HO CpOqHbIM BK3iagaM (cBbnne 1 roga); go anpenA 1993 r. OHH 6bIrH Ha YPOBHe 60 npolyeHToB. rlpoLieHTbi no BKnagaM, npeBbILuaiOLUHM 100 TbIC. py6., cocTaBJIsAoT 80, 90 H 100 iipoUeHToB, CooTBeTcTBeHHo no BKjiaOM Ha 3, 6 H 12 MecALxeB. rlpoJ4eHTHbIe cTaBKH nO BKjiagaM npegrnpHATHfi yCTaHaBJIHBaEOTCS B KaXKROM KOHKpeTHOM cjiyqae Ha gOrOBOpHOA OCHOBe H B HaCTOMAWee BpeMAI npeBbIImalOT 100 rpoieHTOB. BcjiegCTBHe BbICOKOrO HOKa3aTeisi OTpHlaaTenJbHbIX peaJ6HbIX npoi;eHTHbiX CTaBoK B 1992 r. BKjiaAbI BO3POCJIHm eee eM Ha 100 nporueHToB, 22 iTo ripeArnoaraeT 3HaqHTenJbHOe CHHxeHHe HX peajnbHO CTOHMOCTH. IIO TOfU Ke riPHqHHe AOIAS CpO'iHbIX BKJaIOB ynajia c 46 rIpOpeHTOB B SHBape 1992 r. Ao 28 fpoLxeHTOB B SHBape 1993 r. Aeno3HThI npeAnpHTHf BhIpOCH riO'HTH C HyAi B 1991 r. Ao npH6nH3rTeJmHo 50 MJIpA. py6. B AHBaPe 1993 r. HcocTaBHnH rio'TEH 10 IpoixeHTOB Bcex BKagoaB. 3.38 B rPOLUJIOM Bce (PHHaHCOBbIe pecypcEi aBToMaTHqeCKH HaIIPaBJIUHCb Ha 4)HHaHCHPOBaHHe 6ioAxeTa, HO B TeqeHHe nocnexlHHx gByX JIeT C6ep6aHK Haqian KpeMXUTOBaHHe OMauUHHX X03SIhCTB H npeAnpHismi. 3Ha'HTeJmHas 'acTb KpemUTOB -- 6onee 60 npo0JeHTOB --IpeAocTaB SeTCA Ha RgeuHTpaiiH30BaHHOf OCHOBe. OTAeIeHi B perHOHaX He3aBHCHMbI B BbI6ope 3aeMLgHKa, XOTA nPOYeHE,e CTaBKH H KPHTePHH, pacnpocTpaH3uoigiHeCx Ha BCe KpeAHThbI, yCTaHaBJIHBaIOTCA B YLeHTpe. HanpHMep, 40 riPOLeHTOB KpeAHTOB nPe,AOCTaBSEIOTCSI HanJHqHLIMH H 60 nPOLeHTOB 3aqIHCJIIOTCS Ha cver, cyMMa O6CJIyXHBaHHAI oonra He Mo)KeT npeBbnuaTm 30 npogeHToB AoxoAa AoMauiHeroxo3SAHCTBa;H KpeAUHTMIHaKHIHIIHoe CTpOHTenJTCTBO He MoryTnIpeBi6iaTm 75 rPOiXeHTOB CTOHMOCTH cTpoHTeJThcTBa. B 1991 r. 98 npogeHToB Bcex KpeMHTOB 6Lu1 Bb61aHbInpaBHTenJhCTBY HJIH4 UeHTpan8bHoMy 6aHKy. 3.39 B 1992 r. C6ep6aHK Ha'aJI BbigaBanT KpeAHTI AoMaumHM X03A1CTBaM (B AHBape 1993 r. o6igasAcyMMasBbiaHHBIxKPipeAHTOBcocTaBHJIa 25 mnipA. py6.), npeAnpH{ITHM (130 MjTpg. py6.),a TaK)Ke pa3meiuaTh 4HHaHCOBbIe pecypcbI Ha MexK6aHKOBCKOM puixKe (100 MjipA. py6.). K SHBapio 1993 r. AonA rocySapCTBeHH,ix aKTHBOB B ero nopTcbene coKpaTHnaci Ao MeHee 'eM nOIOBHHbIo6uxHx aKTHBoB. B anpenie 1993 r. npaBHTejmcTBo BbInIiaTHJo CBOIA oonr, cocTaBJIsABImHI 285 Mnp. py6., rTO xano C6ep6aHKy BO3MOXCHOCTb PaCUJHPHTh CBOH Kpeg=THEIe onepauuH. lpogeHTii no KpeAlHTaM 3aBHCST OT Toro, AsIAeTCx JIH 3aeMIHK aKuHOHepoM 6aHKa; no Mex6aHKoBcKHM KpeAHTaM npogeHmaA cTaBKa cocTaAsieT cooTBeTcTBeHHO 130 H 140, B cnyqae KpeAHTOBBaHH npegIpHsTHAI -- 135 H 145. ropa3Ao 6o0nee HH3KHfi npogeHT ycTaHaBJIHBaeTcAi no KpeAHTaM, npeAocraBnemibrm AOMaIUHHM xo3AIHcTBaM. B COOTBeTCTBHH c ycTaHoBneHHLIMH UeHTpaJHbIM 6aHKOM H npaBHTeJIbCTBOM noj¶o)KeHHAMH, C6ep6aHK AonDKeH rpegROCTTaBSAT B BHge KPeAEHTOB xOMaIIHHM XO3Af4CTBaM He meHee 30 npotYeHTOB Bcex BHOBB UpHBjieqeHHbIX BKnagOB; rpolyeHTHaScTaBKa no KpeAHTaM goMan1HHM XO35icTBaM ycTaHaBJIHBaeTCA Ha 3Has'HTenJHo 6onee HH3KOM ypOBHe, 'em no KpeCHTaM npeArpHsPTHsM. 3.40 KpexITOBaHHe rocyAapCrBeHHbix ypeAeHHH H npe,npHATHUI C6ep6aHKoM nIOxHUMaeT cepbe3HBIe BOUPOCLI B o6iacm rocyAapcTBeHHof nornmTnm. C o,HoA cropoBii, TaKoe KpeAHTOBaHHe noAcTerUBaeT KOHKypeHUHIO ARO YPOBHX, KOTOP]bI He MOr 6h1 6jbm goCTHrHyT HHbIM o6pa3oM. C Apyrofi cTopoHEi, KpeA=aTHAS norrIHKa C6ep6aHKa npeAcTaBnjieT co6oA cepibe3HyIoyrpO3y TOMy, 'TO c6epexceHHA AoMamHHx X0331fICTB MOryT nponaCTb B pe3yjmTaTe HeCOOTBeTCTBylOIeii npaKTHKH. TpH 4(aKTopa RenaeoT PHCK oco6eHHo Cepbe3HLIM B CyIleCTByIOIIHx yCJIOBHS[X: ILeHTpaJbHbIiI 6aHK He HMeeT OCTaTO'qHO pa3BHTOf CHCTeMbI HaA3opa 3a KpegjHTHOH HOjiHTHKOxIi C6ep6aHKa. 23 * Boibmasi qaCT6 nepcoHajia C6ep6aHKa He noXrOTOBjieHa AiR npoBeAeHm KpegHTHbIX onepaulHfi. * B HbIHeICIHel HeCTa6HJIbHOff CHTyaIEHH OCo6eHHO CnOXCHo oixeHHT Kpe,IAHTHbIe pHCKH. BepomTHoCTm HenoraIlieHHM npegoCTaB3ieHHbIX CCyA, wTo rIpHBeAeT K npo6neMe nraTe)KecrioCo6HOCTH C6ep6aHKa, oco6eHHo 6eCnOKOH'T 1eHTpajThHbIf 6aHK H I1paBHTeJIbCTBO BBHAY TOrO, WTO BKJIrabI B C6ep6aHK rapaHTHpyioTcA rocyAapCTBOM. 3.41 PocceJIbXo36aHK. PocceJbXo36aHK 1BjreTcSir paBorpeeMHHKOM ArporipoMdaHKa, KOTOphIf B YCJIOBHMX COBeTCKOiI CHCTeMbI KpeAHTOBaJi CeJIbCKOe X03SACTBO H CBS3aHIHHe C HHM OTpacIiH. OH HMeeT TpeXypOBHeBy1O CTpyKTypy, KOTOpaS BKJIOoqaeT B ce6A iXeHTpaJm6Hyio KOHTOPY B MOCKBe, 67 perHOHanbHHbIX oTgeiieHHfl HO o6JIaCTIM H OKOJIO 1000 43HJIHajiOB, npegoCTaBIiEouHx ycJIyrH KJIHeHTaM9. 3.42 PYKOBOAcTBO PoccenLxo36aHKa no-npexKHeMy pa6OTaeT B COOTBeTCTBHH CO CTapbIMH rIIojIOKeHHIMH, Hi 6aHK He OpHeHTHpOBaH Ha nOJIyqeHHEe ripH6i6m. Ero ixeJIH 4OPMyJIHPYIOTCS C TO'IKH 3peHHS "Heo6xoAHMoCTH 3algThI 43epMepOB" H "rHTepeCOB CTpaHbI". IepCOHaJI 6aHKa He o6yqeH oieHKe KpeAIHTOB, Kp4TepHH Kpe HTOBaHHA OCHOBbIBaIOTCA Ha TpaXHIAHOHHbIX HOpMaX H Ha IIOTpe6HOCTIX YTBepxcgeHHbiX HPOH3BOACTBeHHbIX riiaHOB rocygapCTBeHHbIX npegnrpHATHHi. 3.43 PocceJImXo36aHK AIBJIMJICA OCHOBHbIM KaHaJIOM Kpe,HTOBaHiH B paMKaX ixe2ieBux nporpamm AirA cenmcKoro xo3sAlcTBa; xiepe3 Hero npegocTarsiacm no'TH nIOIOBHHa BbiJiaqHBaeMbIx TaKHM o6pa3oM pecypcoB. 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BOJIUIHHCTBO cTpaH BOCTO4HOA EBpOnII, TaKxce npHAepXcMBa.jiCb nOWTarIHorO nOAXOAa npu nPOBeAeOHHH 6aHKOBCKOA petPOpMbI, KOTOPbE , TeM He MeHee, OTJIH'ajCSA OT POCCHACKOrO BapmaHTa, ITO CBS3aHO C rjiY6oKHMH pa3jH'qIHMH B CTPYKTYPO 6aHKOBCKorO CeKTopa. B Io mme Bce KPYnHble KOMMepqeCKHe 6aHKH nPHHajiexKaT HeriOCPeACTBeHHO npaBHTeJIhCTBY, KOTOPOe npOBOJRUT HX nOCTeneHHYEO nepecTpoiKy H npHmBaTH3aqHiO (CM. "Enterprise Reform in Eastern Europe", S.Van Wijnbergen, The World Bank, WPS 1068, January 1993). B BeHrpmH nOA KOHTpOneM rocyAapcTBa HaXOASTCi Bce KpynHbIe 6aHKH, XOTA CyLueCTBYIOT H aK1uKOHepHbIe 6aHKM, npmUeM B HeKOTOpEIX H3 HMX rocyAlapCTBo He pacnojliaraeT KOHTpOflbHbIM naKeTOM aKLHMi. nlepeCTpOiKa AeSTe3BHOCTH 6aHKOB npOBOAMTCS nO3TanHO, U npaBMTeJILCTBO npeArnonaraeT Co BpMeeHeM COKPaTHTb cBoe y'acTTe B HMX (CM. Competition and Efficiency in Hungarian Banking, D.Vittas and C. 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BBeAeHa HOBaS cTaHAapTHas c1opMa nnaTe)KHoro riopyIeHHA H nepecMaTPHBaeTCS 3aKOH O HniaTe)Kax. 5.33 OAHOfI H3 KiiiOqeBbIX npo6neM B pa3BHTHH CHCTeMBI niaTexKef MBimeTCA HecorJiacoBaHHocTb ieneizi H 3aAati. UeHTpaBJbHOMy 6aHKy HPHXOWTCS peIiaTm ChIO)KHYIO 3a,gaqy cTaHAapTH3aIHH IIJIaTexKHbiX CpeACTB, npoiLeAyp H npaBHJI. XJIs Toro, 9Tro6BI 3(cI(eKTHBHO YAOBfleTBOPATb pacqeTHbie riOTPe6HOCTH POCCHfICKOM 9KOHOMHKH, pac'qeTHaS CHCTeMa gOJDKHa OXBaTbIBaTB BCIO CTpaHy. KpoMe TOrO, riOCKOJIhKY AaHHOR CmCTrMe npHAeTCSA IIOAKJIOqHTCA K MexAyHapOHbIM paCqeTHbIM CHCTeMaM, pOCCHftCKIe cTaHAapTbI AOJDKHI B MaKCHMaBbHOfI CTeHeHH IpH6JIH3HTBCSA K MemKgyHapOAHMIM. 5.34 OAHaKo, CTOJIKHYBLUHCb c rlpo6neMaMH CerOXHSlHerO AHS, HeKOTOpBIe 6aHKH peIIIH nepefiT K C03AaH4IO CBoef co6CTBeHHOf4 BHyTpH6aHKOBCKOf CHCTrMBI pacqeTOB, HpHBA3aHHOfI K MeCTHbIM H perHOHaBjbHBIM paCqeTHiM iLeHTpaM, H He 3aBHceTh OT UIeHTpanbHoro 6aHKa. HeKoTophle ropoAa nbITalOTCA IIOCTpOHTb CBOH Co6cTBeHHbie CHCTeMbI H fIOPXAOK pacqeTOB, qTO 3Ha'HTeJIbHO 3aTPYHHT npoIXecc Co3AaHMIAHHLIX H YBs3aHHbIX MexKAY Co60o B MaCLuTa6aX Bcef4 CTpaHbI CTaHgapTOB ripOBeAeHA paCqeTOB. B TO xce BpeMS, OrIbIT APyrHx CTpaH rOBopHT, 'qTO CTpeMjieHHe [leHTpaUbHoro 6aHKa HaBs3aTb npoilecc CBepXy H ocyigeCTBsTb ero "no nuiaHy" MOKeT TOJIBKO IIPHHeCTH BpeX, HOCKOJnbKY UIeHTpanJbHbIH 6aHK qacTo OKa3BIBaeTCX He B COCTOSHHH YAROBJeTBOPHT rpOTHBopeqaIHe Agpyr ARpyry HHTepeCbI CTOPOH H TeM CaMbIM MO)KeT rIOAOPBaTb KOHCTPYKTHBHbIe HaqHHaHH5I, npoHcxoriHe 3a npeAeJIamH o)HXl4aJIbHOfi cHcTeMBI. 5.35 nYTH YCTpaHeHHJ 9Toro nPOTHBOPeHS[ ciexRyeT HCKaTb B CO3XAaHHH HaiHOHaJI]HOrO bopyMa, cnoco6Horo Pa3PeLUHTb KOH(DJIHKT Me.JKAY Pa3JIH'HbIMH HHTepecaMH H yfeJlIMH. B anpeJIe 1993 r. UeHTpaJIbHbIf 6aHK plHHAJI penieHHe o6 yqpexKXAeHHHro pyKOBOAsiigerO KOMmTTa AiiA OCyIeCTBjieHHA Ha30pa 14 KOOPAHHaHUHH Pa3BHTHA CHCTeMbI paCqeTOB H pa3pa6OTKH CTaHAaPTOB. B COCTaB FPK BO4AyT 25--30 qeJIOBeK, H3 KOTOPIX 10 6yAyT nPeAJCTaBJIATb OTAeJIfbI [UeHTpajnHoro 6aHKa, a OcTaJIbHbie -- KOMMepiecKHe 6aHKH, accolHaL4HH KOMMepteCKHX 6aHKOB, B HerO TaKxce BOMYT rHHOCTpaHHbIe 9KCnePTBI H3 MBD, BceMHpHoro 6aHKa, ,UpyrHX meyHapOgHbIX opraHH3agH4 H ueHTpanJbHbIX 6aHKOB 3arTa,HbIX CTpaH. IUeHTpaJbHbIH 6aHK onpexAemjir ILueCTb BOrpOCOB, KOTOpbIe HeO6XOMmO peUHTb ARA C03AaHHA pac'ieTHoH cHCTeMbI: B3aHMHbIH 3ateT Tpe6oBaHHId, CHCTeMa nepeBoAoB KpyrHH6X CYMM, HOBI6e nLJaTeT)KHLIe HHcTpyMeHTbI, BHYTpH6aHKOBCKHe pacqeTbI, pa3BHTHe HH4CHpCmaiHOHHOft cHCTeMbI H rIOXArOTOBKa KaAPOB. )IjM BLInOJIHeHHS KaxKHOft qPopMe, OCO6eHHO B TaKOfi 06IIHPHOU CTpaHe, KaK POCCw1. HX TaK)Ke Jierqe OTCJIeAHTb B uieji,x aYXHTOPCKOrO KOHTpOJIA H, 6iiaroAapA teTKHM rpa(cHKaM nepegRatH c nOMOubiO 3iieKTpOHHbIX Cpe,gCTB, KOHTpOJIb BpeMeHHLIX HHTePBanOB Mexy o0)opmneHHeM AOKyMeHTa H COBepmeHHeM niiaTexKeit 6ygeT o6iiertieH. 5.43 Pa3pa6oTKa H CO3XIaHHe paCteTHoHf CHCTeMbI B POCCHHE nOTpe6yIOT 3HaqHTeJIbHoro mexyHapOAHoro 4HHaHCHpOBaHHA H TeXHHYeCKOUf nOMOiH. BCeMHPHbI6I 6aHK, MBO H ARpyrHe MexKAyHapOxAHbIe opraHH3aL1Hu MOryT Mo6HJIH3oBaTb 3HaqHTejThHbIII MHPOBOEr OnbIT H 3HaHH5 C L]enbIO OKa3aHHA nOMOiH UteHTpaJbHoMy 6aHKy POCCHH H 57 pOCCHHCKOA 6aHKOBCKOHI CHCTeMe. Mex 1yHapOXHbIf4 OnbHT nOKa3bIBaeT, qTO TeXHOJIOrHA He AOJIX(Ha CTaHOBHTbCSI OCHOBHOH ABHXKyLUeH CHJIOH ipOeKTa, HOKa He 6ygeT C03gaHa 6ojiee CJIO>KHaA H 9c"eKTHBHax HHc1HpaCTPYKTypa, BKJIIOqaA IioAcKHe peCypCbI. CKOPOCTb H CJIO)KHOCTb MOryT 6bITb meHee BaiKHbIMH cDaKTOpaMH, 'eM HaAe>KHOCTb H nIpOqHOCTb CHCTeMbI B uej1oM. BaJKHbIM cjaKTOpOM ycnexa 6ygeT o6ecneteH4e Heo6xoAHMbIx qejIoBeqeCKHx pecypCOB xAJI pa3pa6oTKH H 3KCnJIyaTagJHH CHCTeMbl Ha nOCTOSHHOH OCHOBe. CTpaXOBaHiHe BKAIafOB 5.44 3aKoH 0 6aHKax H 6aHKOBCKOH XAeATeJIbHOCTH npeAycmaTPHBaeT Co3gaHHe CHCTeMbI CTpaXOBaHH51 BKJaIOB H npeArnHCbIBaeT UeHTpajibHOMy 6aHKy pa3pa6oTaTm KOHKpeTHbIe nIapameTp1I 9TOH CHCTeMbi. CTpaxoBaHHe BKJIaJOB 11 CBoeH CYTH ABjS1eTCS CpeACTBOM nepeHOca y6bITKOB, B03HHKalO1lHX B pe3yjibTaTe 6aHKpOTCTBa 6aHKa. TaKHe y6bITKH, KaK rIpaBHno, riepeHoCATCA C KOHKpeTHbIX BKRagqHKOB Ha CpeqCTBa 4oHga, KOTOpbI o66bIqHO C03XaeTCM 3a Cx1eT CTpaXOBbIX B3HOCOB yqaCTBYIOIHX B HeM 6aHKOB. B OTgeJI6HbIX cJIyqaqx qaCTb TaKHX y6bITKOB MoxKeT fIOKPbIBaTbC6 H3 610oXeTa HMJI 3a cqeT CpeACTB IeHTpaabHOro 6aHKa. 5.45 B Hiojie 1991 r. UeHTpajIbHbIH 6aHK Haqan HPHHHMaTb OT KOMMepqeCKHX 6aHKoB CTpaXOBbIe B3HOCbI 110 BKjiaaM H 3aqHCnsiTb HX B ()OHA, KOTOpbIiI B HacToAIgee Bpemr rIpeACTaB MeT co6of cqeT B UeHTpa.bHOM 6aHKe. 3Ta nporpamma go CHX nop oKoHqaTejibHo He pa3pa6oTaHa, OArHaKO xejibio ee S1BimeTCS o6ecnesHTb HOJIHYIO 3alTy BCeX BKJagqHKOB o6aHKPOTHBLHXCA KOMMepqeCKHX 6aHKoB. BnonHe BepOSTHO, qTO UIeHTpaJIbHOMY 6aHKy npHXAeTCA BbiHOJIHMTb 06A3aTenbcrBa no BceM BKna,AaM o6aHKpOTHBInHxcsI 6aHKOB B o6'beMe, npeBbIlIIaOiLeM CyMMy, aKKyMyjiHpOBaHHyIO Ha CTpaxOBOM cqeTy KOHKpeTHoro 6aHKa. B 9TOM cjiyqae He HCKJIIoqeHO, qTO B YCJIOBHAX (DHHaHCOBOrO KPH3HCa UeHTPaJbHOMy 6aHKy npUHeTCS OKpbIBaTh BBCbMa CyigeCTBeHHbIe y6M6TxH. 5.46 Eiie 0HO npo6JieMOH HbIHeUIHer0 nooAxoAa ABjiSeTCA TO, 'TO OH OXHOBpeMeHHO npegoCTasBJTeT nOJIHYIO 3aUiHTy BCeM BKMaAIMKaM o6aHKpoTHBmerocA 6aHKa H ripeAripHATU14M, ABJISAIOIIHMCA Co6CTBeHHHKaMH 6aHKa, T.K. OHH o6bIqHO TaKYKe HMeIOT KpyflHbIe XgeIO3HTbI. Me)KAy TeM, HeKOTOpbIe BjiageJlbUbI 6aHKa MOryT 6bITb HeIIOCpeACTBeHHbIMH BHHOBHHKaMH Kpaxa H3-3a oUIH60K B ynpaBJIeHHH H COMHHTeJbHblX cAejiOK. 5.47 J1IA Toro, qTo6bi CBeCTH K MHHHMYMY HOTeHixHJahHbIe y6LI6K, CTpaxOBaHHe BKJIagOB AOJIKHO OrpaHHqHBaTbCM OTHOCHTeNJHO He6OJThbHMH BKnagaMH, 'TO Ha 11paKTHKe 11pHBeJIO 6b1 K CTpaXOBaHHIO JIHUIb BKJIagOB gOMalUHHX X03AACTB H MejiKHx ripeAnpHAlTHH. TaKaA CHCTeMa BbIHOJIHAiia 6bI 4(yHKIUH1O COLuHMJabHOrO o6ecIfeqeHHA, orpaxAaA AoMamHHe X033IHCTBa OT Cepbe3HbIX y6bMTKOB, KOTOpbIe MO)KeT IIOHeCTii 6aHKOBCKaA CHCTeMa. MejiKHe BKJIaJUIHKH He HMeIOT HH 3HaHHfU ARx Toro, qTo6LI oueHHHTL niaTexKecnoco6HOCTb 6aHKa, HH B03MO)KHOCTH BJIHSITb Ha 6aHKOBCKYMo HOJIHTHKy, B TO BpeMA KaK KpyriHbIe BKJIa8qHKH HJIH aKIUOHepbI gOJUKHbi 6bITb B COCTOSHHH OUeHHT6 cHjiy 6aHKOB H B03XeUiCTBOBaTb Ha HX KpeAHTHyO nOJIHTHKy. OrpaHlH'HB 3aUlHTY BKJagOB JIHIUb MejiKHMH BKnaAqHKaMH, 58 CHCTeMa TaKHiM o6pa3oM He pacnpOCTpaHiiacb 6b1 Ha Tex, KTO Mor 6bi CTaTb KepTBOPI "MOpaJIbHoro rIoTpAceHHM"; OXHaKO B ee paMKax BKAaax'IHKH KOMMep'ecKHx 6aHKOB rIOJIy'IHJIH 6bl TOT xKe YPOBeHb 3auEiTbI, KOTOpbIHf yWKe AOCTyneH gOMaHUHHM xo3MAcTBaM, xpaHAugM CBOH c6epe>KeHAs B C6ep6aHKe, 6naroxgaps rocyaapCTBeHHbIM rapaHTHMm BKJI3aOB. 5.48 KaK yKa3bIBajiOCb B FnaBe 4, cTpaxOBaHHe BKjia,OB AgO0JKHO npeWLABASTh pa3HbIe Tpe6OBaHHS K BMC H He-E)MC. EcJIH BCeM 6aHKaM 6ygeT pa3peimieHo ccyXKaT6 3aCTpaXOBaHHbIe 4IHHaHCOBEbIe pecypcbi gaOMalHHM X03AfiCTBaM, BMC AOJIXHbI HniaTHTE, 6onee HH3KEHe CTpaXOBi6Ie B3HOCE6I. Bo3MoxceH H ARpyro4 nogxoA: OT 6aHKoB, He COOTBeTCTByIOIgHX YPOBHIO B3MC, MOJKHO nOTpe6OBaTb rioMeueHIs 3acTpaxOBaHHE6Ix (pHHaHCOBbIX pecypCOB Ha cIeT B UleHTpajibHOM 6aHKe, rO KOTOPOMY BbIIIiaqHBajcSC 6bl HH3KHH lpo:ueHT, JI160 BJIO)KeHH 9THX CpeXCTB B rocygapCTBeHHEi6e UeHHLIe 6yMarH. 5.49 rlpaBHJEInHO nOCTpOeHHaA CHCTeMa CTpaXOBaHHM BKjia,gOB mornia 6bI crioco6CTBOBaTb pa3BHTHIO KOHKypeHL}IH B POCCHEQCKOM 6aHKOBCKOM ceKTope H ero o6igeMy yKpenIIeHHIO. YnpaBneHHe CHCTeMo1i CTpaxOBaHHS Tpe6yeT 6On,bmof OCTOpO)KHOCTH, IPHHHMaSA BO BHHMaHHe BCe rIPOTHBOpeqHBbIe H BaXHbIe C 4EHHaHCOBOfI TOKKH 3peiHNX pHCKH. CHCTeMa XORfKHa 6bETE KaK MOKHO 6onee KOHCepBaTHBHOEi, ee pa3BHTHe AOJIXHO 3aBHCeT]b OT ycnIeIIHOCTH: (a) BHeApeHHA 934x1eKTHBHOf 6yxrajiTepcKoit OTxeTHOCTH H aygETa H (6) pa3BHT1SI peanJbHOI cHoco6HOCTH leHTpaJMbHoro 6aHKa OCyileCTBJASITh6 4yHKiAHH peryJIHpOBaHHA, HaA3Opa H BMeiUaTeNJICTBa B 6aHKOBCKyIO CHECTeMy. 59 6. OTPACJIEBOE KPEJIHTOBAHHE 6.1 B ,aHHOA rnIaBe aHaJIM3HpYlOTCA cneLgH4)HqecKHe 4(HHaHCOBbie HoTpe6HocTH B Tpex o6niacTAx resATeJIbHocTH, a HMeHHO, B c4bepe gOjirOCpOqHBIX HHBeCTHRHf1, XMHJHOM ceKTope H CejibCKOM XO3AhCTBe. AHariH3HPyIOTCS KOHKpeTHbIe ripo6ieMbl KaxKgOfi H3 9THX OTpaCJiefU H BnHHHe HbIHeUIHHX YCJIOBHf Ha HX nOTpe6HOCTb B 4)HHaHCHpOBaHHH H HX AOCTyn K KpeXHTaM. B 6oJInbHHCTBe pa3BHBaIoUXCA cTpaH cyIeCTBY1OT crieiwaJ3HpOBaHHbie cHHaHCOBbIe ytpexK,eHHA, OpHeHTHpOBaHHbIe Ha KOHKpeTHbIe xapaKTrepHcTHKH xgaHHbIX oTpacIieH. B XgaHHOf rniaBe rioAqepKHBaeTCA Heo6xoAHMocTh C03gaHHA TaKHX yqpeXceHHf{ B POCCHH. B03HHKHOBeHHe 6aHKOB pa3BKTHS H dmHaHCHpOBaHHe HHBeCTrHUH 6.2 YPOBeH16 KaHHTaJIOBJIOxKeHHII B POCCHH C 1990 r. CHK3HRIC HpHMHepHO HanonoBHHy. B pe3yJibTaTe, oTpacJIi, HPOH3BOAs1UiH OCHOBHbie cpe,gCTBa, HecyT 6o0bjune H3AeP.)KKH B xoge KOppeKTHpOBKH K YCJIOBHAM HOBOif cHTyatwH, CTaBSA nO yrpO3Y B03MOXCHOCTb CTpyKTypHOfI nepeCTpOAKH 3KOHOMHKH. 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CyrMecTBymoiUHe HHBeCTH4XOHHHbIe 4OHIbI - 9TO, B OCHOBHOM, MeJKHe OpraHH3aIWH, H JIHiUb HeMHOrHe H3 HHX HMeIOT 6o0iee 10 HpOixeHTOB aKTHBOB B BHge LeHHbIX 6yMar, 6ojIIabi aqaCTm6 HX BJIO)KeHa B HeBHXKHMOCTTb, HHOCTpaHHYIO BaJIIOTY H HaiiH'HbIe xeHbrH. 9TH (oHAbi cnoco6Hb6 o6eCneqHTh JIHIUb OqeHB HH3KH3 i YPOBeHb 3aITbI HHBeCTOpOB H He ripegOCTraBJIOT AOCTaTOqHOrO o6beMa HH43OpMaLHH 0 CBOef AeXSTenJIHOCTH H He ny6JIHKYIOT CBOH 4)HHaHCOBbIe OTqeTeI. CyigeCTBy1owHe 6pOKepcKHe 4)HpMLI TaK)Ke HeXOCTaTOqHO pa3BHThI H qaCTO XefCTBYIOT, He CqHTaICb C o6ieienpHHXThIMH CTaHAapTaMH. 75 MaCTO OHH He MOryT npeAnOXHTB AOCTaTOqHO KaqeCTBeHHbie yCJTyrH no ()HHaHCOBOMY aHaJI43Y HJIH KOHCYJIbTaLJHH no BOnpOCaM HHBecTHijHH; OHH TaKXe HepeAKO 3aBbIMaioT pacixeHKH Ha CBOH ycJlyrH. 8. EBIcTpBI6 XOxA ripHBaTH3aiHH B nocjiejHee BpeMM BIBenJ Ha CUeHy HOBIMH BHA 4HHaHCOBbIX yqpexKeHHH -- qeKOBbIe HHBeCTHfHOHHbIe cOHRbI. 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AeSiTeNJTHOCTb 6aHKOB Ha PbIHKe UeHHbIX 6yMar AO=XHa peryIHPOBaTbCM TaKHM o6pa3oM, qTo6bI o6ecne'HTb paBHbIe yCnOBHA guA 6aHKOBCKHX H He6aHKOBCKHX nOcpeXHHKOB. HeorpaHHqeHHas ponb 6aHKOB Ha PbIHKe geHHMIX 6yMar qacTo CXepIxHBaeT pa3BHTHe pbIHKa, nOCKOJIbKy 6aHKH IIpeAnIIOqHTaIOT KpaTKOCPOqHbIe CCyXbI rTpHo6peTeHHIO aKHf. flo 9TO IIHpHqHHe Heo6xoAHMo CTpeMHThCSI OrpaHHqHTh pOJib 6aHKOB Ha pLIHKe ileHHbIX 6yMar, XOTS IIPH 9TOM HY)KHO YtqHTbIBaTb o6WylO CHTyaIHIO B 6aHKOBCKOh CHCTeMe B POCCHH. KaK MHHHMYM, OT 6aHKOB HYXKHO Tpe6OBaTb C03gaHHA CrieiuaiH3HpOBaHHbIX (bHnJHaJIOB JIAS Toro, 'ITo6bI OTAejIHTb onepaUH1 c ueHHbIMH 6yMaraMH OT KpeAHTHMiX onepa1AHI. 20. npH HaiiHIHH COOTBeTCTBy1OIIefI npaBOBOI H perYJIMITHBHOf 6a3b1 PbIHKH ixeHHbIX 6yMar iiojiyqaT 3HaqHTeRbHYIO BbIrOXy OT yBeJiHqeHHA BLIIIYCKa UeHHbIX 6yMar. 3TOMy ripoileccy 6yAeT cnoco6CTBOBaTb CO3AaHHe pEbIHOqHbIX HHCTHTYTOB, TaKHX KaK 6pOKepcKiHe 4HpMLI H OpraH3azuH HO pa33MeIIeHI1O IeHHbIX 6yMar. B PoccHH 6pOKepcKHe 4¢PMbl AOJIKHbI HpO1ITH ryTb OBOHIOIJHH OT MeJIKHX KOHTOP C HH3KHM YPOBHeM K TanKTaRH3aHH AO BbICOKOKarIHTaJIH3HPOBaHHbIX 4)HpM C 4bHJIHajiaMH no 06CJyIXHBaHHio KIHeHTOB nO BCefi CTpaHe. 3TH )HpMbI noMoryT CTHMYJTHPOBaTh npoAaxy HIpe,IIpII1THIMH CBOHX LeHHLIX 6yMar Ha pbIHKe H XOHeCTH Xo nOTeHUHaJLHLIX HHBeCTOPOB HH(DOpMaIH1O 0 BbirOAaX BKjiaga B UeHHbIe 6yMarH. AHAepafrTepbI (rapaHTbl pacnpocTpaHeHHA aKMHIi no nognHcKe) TOprOBbIX H HHBeCTHUHOHHbIX 6aHKoB, KOTOpbIe B HacTOAIWee BpeMA npaKTHqeCKH He cYUeCTBYIOT B POCCHH, IIOMOrYT B pa3BHTHH PLIHKa IIyTeM npeAno)KeHHS HOBbIX iLeHHbIX 6yMar H 6yAyT CTHMYflHpOBaTb npeInpsATi nipHBJIeKaTb cpeACTBa InyTeM OTKpLITO6 II poga)H geHHbIx 6yMar. 21. rIo mepe pocTa npe,i.oxeHHA UeHHMix 6yMar OCHOBHoe BHHiMmHH Heo6xoWRMo ygeJIiHT CTHMYJIHPOBaHH1o cnpoca Ha HHX. Peuia1oIIXHM B 9TOM OTHOIIeHHH4 IBHTCS pa3BHTHe HHCTHTYUHOHaJTbHLIX HHBeCTOpOB. 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