'-*1~ CD CCA Commercial Bank Risk Management Training Handbook K.J. Walraven Mary Elizabeth Ward, editor Yakov M. Mirkin, editor EDI working papers Finance, Industry and Energy Division OTKpbrTHs, HHTePnpeTaIITH H BbIBOAlU, npHBeAeHHbIe B 3THX AoKyMeHTax, 5iBAAIOTCSI cyry6o aBTOpCKHMH H He aOJIxHEI 6M HH KOHM o6pa3oM CBS3aHm C MHPOBEaM 6aHKOM, ero opr-aHH3aUHSMH HuH 'neHaMH CoBeTam HpeKropoB HA4 CTpaHaMM, KOTOPbIe OHM nPeXACTaBASI5OT. (C) Copyright 1993. MUpoBofl 6aHK PeKOHCTPYKK M pa3BMTR. MHPOBOiU 6aHK nOINHHReTCS nOAO2IeHHAM 2-ro npoToKona YHHBepcaAibHOi KOHBeHuHH no KonHpaiTy. 3TOT MaTepHai, TeM He MeHee, MOxCeT 6bIT CKOnlHpoBwH ,AISI Hccjie,aoBaTeAbcKHx, o6pa3oBaTeEnbHbIx uHn yqe6HbLx ieiieti TOjTbKO B CTpaHaX-teHaX MHpoBoro 6aHKa. AaHHbIEU MaTepHaA 6yzeT nepecMaTpHBaTbcH. B3rnsbI H HHTepnpeTauHH lpHHa=exaT aBTOpaM H He .loJxHbI 6bIm CBq13aHbl C 143P HAH MUpoBEUM 6aHKoM. ECJIH 3TH MmTepHaJibm 6y1yT CKOInHPOBaHbM HAH nepeBeaeHI, 143P 6bi 6bl pall nonJHTh KOnHio. 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OHO 6bino HanHcaHo K.,4. BanpaBeHoM no nopyqeHHIo I4HcTHTyra 9KOHOMHqeCKoro Pa3BHTHS (H19P) MHpoBoro lBaHKa. B KOHiLe 1991 r. oTle3i cDHHaHCOB, HIpoMbIIImeHHocT H 9HepreTHKH H19P, BO3rJiaBjnseMbIi CHMOHOM KcaBbep 3aHnCTHJI nporpammy ceMHHapoB, CHMnO3HYMOB H nporpamm rOArOTOBKH npenozaBaTeiieit ino 6aHKOBCKOMy Aeny H 43HHaHcaM , pecny6nHK 6bMBmero COBeTcKoro Como3a. Ynop npH npOBCeeHHH niporpaMMbI 6bm cRenaH Ha 6aHKOBCKoe feJIO B YCJIOBHqX pbIHKa, ynpaBnieHHe 4)HHaHcaMH, OIeHKY pHCKa H ynpaBneHHe HM, OUeHKY KpeAHTa, HHBeCTHUHOHHbIk H 6aHKOBCKHA aHaAH3. Ha ripoTSxeHHH 1992 r. 6bMIH pa3pa6oTaHbI H ipOBeCXeHbI 'epe3 MHOrOqxHCAeHHbIe aKa,eMHH H o6pa3oBaTeflbHbIe HHCTHTYThI ABe pa3HOBRAHOCTH nporpaMM. IlepBas nporpamma paccmaTpHBana pa3yMHoe ynpaBjieHHe 6aHKaMH H cocToSma H3 TpeX ceMHHapOB, KOTOpbIe B o6iueM CoCTaBHJH 8 He,ejTb. BTopas nporpamma 6bIia C4)OKyCHpOBaHa Ha KpeAHTHoiA nojiHTKe H HHBeCTHUHOHHOM aHajiH3e H 6bIna pa3aeJIeHa Ha ABa CeMHHapa, COCTaBHBU1HX B CyMMe 6 HeAenb. B AfonoIHeHHe, 6bIna npoBeAeHa cepHq OAHOHeAejnbHbx ceMHHapOB Aui cTaplIUHX COTpyAHHKOB 6aHKOB H npenoAaBaTeneti H3 Pa3=HtHbIX pecny6jiHK i1o TeMe 6aHKoBcKoe Aelno H 4JHHaHCM B COCTOAHHH nepexoAa. )is KaxAO nporpaMMbI 6bInH npHBjieqeHbI pecypcbI AiASi nepeBoAa MaTepHajiOB Ha pyCCKHi SR3bIK, Co32aHHe H rPOBe,eHHe CeMHHapOB, a TaxKce HHCTHTY1WOHanbHOe pa3BHTHe naPTHePOB Ha MeCTaX. 9TH nOarOTOBHTeCjbHbIe KypCbI - nepBbIe uiarH B AiiHTeJIbHOM npouecce o6pa3oBaHH4s H noArOTOBKH nio 6aHKOBCKOMy Ae.ly H 4)HHaHCaM B yCJIOBHAX pbIHKa. 9ToT yqe6HHK HanlHcaH IJ iepBOHaqanbHoro npHMeHeHSH B nepBol qacTH npoirpammbi no0rOTOBKH npenoqAaBaTere1 rio ynpaBeHHIo 6aHKaMH H 4)HHaHcaMH nOA Ha3BaHHeM "OCHOBHbIe 1I7PHHUIHlbI pa3yMHoro yripaBJIeHHA 6aHKaMH", KOTOpaq InpOBOzHJIaCb B TaUKeHTe, Y36eKHCTaH B HioJie 1992 r. OHa 6buma HaiueneHa Ha ynpaBJIeHHe CJIeAY1OUIHMH pa3HOBHAHOCTAMH pHCKa, C KOTOpbIMMH CTanKHBalOTCS 6aHKH, oriepHpy]OiuHe B pbIHOqHOr 3KOHOMHKe: KpeAiTHbIM pHCKOM, OTpaC1IeBbIM pHCKOM, pHCKOM H3MeHeHHq rIPOlXeHTHbIX CTaBOK, Ba1lOTHbIM PHCKOM H pHCKOM CTpaHbI. KHHra TaKoKe npOBOaHT o630p pa3HOBHHocTef H YCJIOBHt Kpe,HTOB, OCHOB KpeAiHTHoir nOJIHTHKH H npoiuexRY. B Heil TaicKe paccMaTpHBaloTCA BonpOCbl KJiaccH4zHKaUHH KpeCHTOB, co3IaHHS pe3epBOB Ha cnyqar y6bITKOB nO Kpe,HTaM, yripaBjieHHA npO66IeMHbIMH KpeAHTaMH. PyccKoe H3RaHHe 3TOA KHHrH 6buiO oTpeAaKupoBaHo A.M.MHPKHHblIM H3 DHHaHCOBO4 AKaaeMmH npH rlpaBHTenbcTBe POCCHIRCKOVI (DeAepaLiHH, pyKOBOMHBiuerO KOMaHAOrl nepeBO'IqHKOB, KOTOpaS nepeBeJia 3TH MaTepHajbI Ha pYCCKHIl A3bIK. MbI 6bI xoTelH oco6o no6narofAapHTb MHxaHAla COAOBbeBa 3a ero pa6oTy no noaroToBKe KHHrH K ny6jIHKaLXHH. AHrAlHICK1II BapHaHT 3TOA KHHrH TaKXe AOCTyieH rioA OTTejbHbIM HoMepoM. MepH 9nH3a6eT BopA 14HCTHTYT 9KOHOMHqeCKOrO Pa3BHTMAi ,AeKa6pb 1992 I I i I i I I i i I I I I raaBa I KpeAIh^Ie ptCKi I. BcTynAeHHe 1. Kouengun pucica u u3mmeDue Ducica. KoHixern.TH pHcKa, KaK H ero CyxiuecTBOBaHHe, crapa KaK MHp. PHCK BCerIpOHHKaIOIIx, OH OKpy2KaCT HaC ACHb H HOqb; OH IBJMCTCS CJIOXHOi Hepa3pemmMOH, nepMaHeHTHOi H HeH36CxHoi4 qaCTbo HaimiefI X3HH. 2. CHHOHHMOM PHCKY BJIRSCTCS HCM;peHHOCTb, HeB03MOXHOCTb npeAcKa3aTb CO 100% TOqHOCTbIO, npOH3OH.eT JIH co6xrrHe Hum HCT. (3m co6umsr Moryr, a MOryT H He 6bIm CBI3aHHmH C HaIHMH npeI.AyumMHv ACACTBH3MH). HeKOTOpbIe co6bumIs, KOHeqHO, SRBmSUOTCSr IIOj[HOCThIO npACKa3yMbmH H, COOTBCTCTBeHHO, He BjieKyr 3a co6ofi HHKaKoro pHCKa. 3. eiCoBeK OT flPHPOAN CTpeMHThC5 H36eraTh pHCKa. EcniH Mbl He MOxeM KOHTpOIIHpOBaTb pHCK, TO o6urqEo - npeAoqHTaeM H36eXKaTh ero. lpHHHa: HCyBepeHHOCTh qaCTO BeAeT K pa3HOrO poAa riOTepsM. 4. 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BTOpMIM BaxcHbMM 4aKToM, KOTOpbIA HCo6xoAHMo noMHHTh 6aHKHpaM, HBASICTCSI TO, 'qTO C)HHaHCOBbIC PHCKH, KOTOpbIC OHH IIpHHHMaIOT Ha ce6s Hun KOTOpbM nOABepralOTcsI, HanpRsMyIO CBs3aHbi C PHCKaMH, KOTOpEae IpMHMmaiOTCSA Ha ce6A HAH HecyrcA Hx KAHCHTaMH, BHC 3aBHCUMOCTU OT TOrO, SIBASHOTCH AM OHM .Ae6HTopaMH HJIH KpeAHuTopaMH. )IIpyrMMH cAoBaMH, cyjIlCCTByIOT TeCHble IIPH'IHHHbIe CBSI3H MecAy (j)HHaHCOBMlMH pHCKaMH, KOTOpmeb HPHHHMaIOT Ha ce6s HAH KcropbIM noABepraIoTcSl 6aHKHpbi, H pHCKaMM, 1puHHsIIMuM HX KAHCHTaMH. 2 11. B 3aKIOqeHHe, Heo6xoAHMO npH3HaTb, xTO YPOBCHB pHcKa, CBS3aHHOrO C AaHHbIM co6brrHeM, iTOCTOJqHHO MeHSeTcI. 9To npOMCXOAHT InpocTo nIoToMy, 'To MbI, KaK H HaIuH KIHeHThI, OIICpHPYCM B 3KOHOMHqeCKH, nOJIHTHeCCKH H COlMHaZJbHO AMHaMH'HOM OKpyxeHHH, re YCJIOBHS IIOCTOSHHO MeHRIOTCc. (B MexKyHapO,HiHOr 6aHKOBCKOfl CrS1TCjTbHOCTH MbI qaCTO rOBOpHM 0 KOMMepqeCKHX H roAHTH'necKHx pHcKax; TeM He MeHee, HX He Bcer1a TaK ripoCTo pa3AemT!) O'xeHb BaJKHO, qTo6bi 6aHKIHpM CO3HaBaJ[M ZHHaMHqiCKHA xapaKTep cBoero oKpyXeCHHqI, CBoero MeCTa Ha pbIHKe, IIOTOMY WTO 3TO 3aCTaB3ISlCT HX IIOCTOSIHHO yrO'HilTm ogeHKy PHCKa AaHHbDX CO6brTH HAM yCJIOBHfl. BaHKHpaM BaxKHO OCeHHBaTh "KaqeCTBo" HX KIIMCHTOB, TaKKeC KaK aKTHBOB H ITaCCHBOB, CBuI3aHHbUX C HMMH. B 3TOM KOHTCKCTe oCo6CHHO BaxKHO IIOMHHIT, tTo Mbl, KaK 6aHKIpbu, TaKxe npeI-rCTaBASeM 33IeMeHT pHCKa Jis HaiuHx KJIHeHToB, cpe1Hr npo'Hx Azi HaLuHx BKAnaAWHKOB H Ap. Kpe2HTOpOB. aT;pyrHMH CJIOBaMM, BaKHO trTO6bI MbI rapaHTHpoBaiMH HaImIe co6cTBeHHoe 'Ka'eCTBO" KaK B ponuH Ae6RTOpOB, TaK H Kpe1HTopOB B HamlIeM o6igecTBe H AOAe pbIHKa. III. Kpeiauimbie pHcKH 12. KpeAHTHbIiir pHCK HIA {HCK HeBO3BpaTa gorra MoxCeT 6bm onpe1eAeH KaK HeyBepeHHOCrb KpeCHTOpa B TOM, 'ITO ,OJDKHHK 6yerCT B COCTOSHHH H 6yArCT HamepeBaTbcs BbIrIOIHHTh CBOH o6sl3aTenbcTBa B cooTBeTCTBHH CO CPOKaMM H YCJIOBHSIMH K]peCHTHoro corJiaiiieHHS. 3To cocTosIHHe MoxCT 6blm BbI3BaHO: a) Hecnoco6HOCTbIO ,OJDKHHKa co3,aTb aJReKBaTHbMi 6yAy=gH AeHe)HbIi riOTOK B CBSI3H C HenpeRBH,eHHIMMH He6jiaronpHSrTHMMM H3MeHCHHSMM B AeAOBOM, 3KOHoMH'qeCKOM IH/HAM nonHTHqCCKOM OKpyJKeHMH, B KOTOPOM onepHpyCT 3aeML]HK; B) HeyBepeHHOCThIO B 6yAyuefi CTOMMOCTM H KaxecTBe (JIHKBHzHOCM H B03MOXKHOCTH rpO,aX(H Ha pbIHKe) 3aniora HoA Kpe.WT; H c) Tpe=HaMH B 1enCOBO1 penyraLUHH 3aeMI1HKa. 13. Kpe,HTOpbM oxKHaioTT, 'To MM 6yjAeT BbmIa'eHa BCS cyMMa KpeAHTa HiM 3afiMa, KOTOPYIO OHH npe,ocTaBHAM, rIIoc, B 60JmmIHHcTBe CAyqaeB, oHi 6yAyr nepHoMH,qecKH nony'aTb OrOBOpeHHbffi npoiLeHT, rIoKa KpCAHT He 6yXAeT norameH. OHM H36eraIoT pHCKa H nO3TOMY XOTSaT orpaHM'qHM CBOIO 1OlBCepXCHHOCTb pHCKy, MHiH cTeneHb HeH3BecTHocTH, ,o MHHHmyMa. B AefiHCTBHTCbHOCTH, OHM XOTqT OnpeLeAHTh cTCneHb pHCKa, CBSI3aHHoro C OrIpeACJICHHMIM 3aeMIWHKOM H C BHLAOM KpeAHTa, KOTOpbMi OHM co6HpaIOTcS ripeAocTaBIM, ZAO TOrO, KaK OHM rpeAocTaBqT 3TOT KpeAMT, a TaioKe Ha BceM YiDpoT5DKeHHH AeiRcTBHS KpeAHTa (nOMHHTe, cTenCHb pHCKa qacro MeHSeCTCSi CO BpeMeHeM). 14. 06paTHTe BHMaHHe: BaHKHpbM CTpeM3Tci Him no KpafiHcif mepe AoJnKHx l CTpeMHTbCSI H36eraTb PHCKa AaJKe 6oJbIuel, qeM AlpyrHe KpeAHTOpbI. HIo'eMy? AZa rIOTOMy, qTO OHM CCyxCaIOT He CBOH Co6CTBCHHbIe AeHbrH, a AeHbrM CBOHx KpeOMTOpOB, T.e. BK11aA'qHKOB H Apyr'x CTOpOH, KOTOpbiC CHa6UHAH MX CBOHMH CpCACTBaMH. CaMO MX CyiixCcTBOBaHHC KaK 6aHKIpOB 3aBMCRT iUCejHKOM OT CIIOCO6HOCTH nIpHBACKaTh 3TH Cpe=CTBa Ha BO3o6HOBJLqIOjUCei4cq OCHOBC. 3Ta CIIOCo6HOCTb UeJIHKOM 3aBHCHT OT Kpe1HTOCiiOCo6HOCT= 6aHKa, KaK OHa HoHHMmaeTCS HaIIIHMH ,AerO3HTopaMH, KOTopa5I, KoHeqHo Xe, onpeAejgeTcs crioco6HOCTbMO B0BpeMq BepHyTb BKj1aIU - a "BOBpeMA", acTo O3Ha'aeT rio rnepBOMy Tpe6OBaHHIO. B03MOXMHOCTb 3TOrO, 3ISI 6aHKa, 3aBHCHT, B CBOIO OqeCpeb, OT 3 cnoco6HocTH yCneuIHO oixeHHBaTb pHCK, cBSi3aHHbIA C 3aAMaMH, KoTopmIe OH npe24ocTaismeT. 15. OueKca Dpe8umHlMx DUCKOe. KpeiHnTHxI pHCK npeAcTaBweT co6ofi 4yHKuHio napaMeTpOB 3aiMa H 3aeML1HKa. OiueHKa KplUITHOrO IpeAWIoJeHHS, npezCTaBsIeHHOrO nOTeHIlXHabHbIM 3aeM=HKOM, SBMCTCq, B KOHeCHOM Tore, OUCHKO}R pa3AJH'HX BH,OB pHCKa, KOTOpbIe Bo3HHKaIoT IIpH npeAocTasBAeHHH xcenaemoro KpeAHTa ANA KpeARTy1oiuero 6aHKa. Baxame HCXOAHbe BOnpOCbI, HaripSMyIO CBS3aHHbie C BO3MOIKHOCTIblO HCBMOMIHCHHqS o66l3aTeAbCTB B 6yxAyiieM, BKAIoqaIOT: / (a) HaCKOITbKO xopoio 6aHK 3HacT MOpaibH)wO H 3THqcCKyJO perIyraUlio 3aeMuHKa, paBHO KaK H ero pCnIIaUHIO yCneimoro npCZ[IPHHHMaTeCSI C TOMKM 3peHHS ero BO3MOxHocTeCi npoH3BoAcTBa, MapKCTNHHr H 4,HHaHCOBOro ynpaBIeHHqI? (b) HaCKOJIbKO xOpoLIO nOArrOTOBneHO Kp= THoe npeAoxKeHHe? ABmeTcs iH 3TO npCenIOKCHHC pea.HCTlqHEbiM C ACAOBOti H 3KOHOMHqCCKOA TOYKH 3peHH.q? (c) IBwseTcq.IH Uxcm 3arlMa mpReMoMoA ns 6aHxa?. 16. BaHK, npeAocTaBnwloWiEH KpeAHT, oTBCTCTBCHCH 3a ioJyICHHCe sicHlx OTBCTOB Ha BCC BbIierICpeCpe CjiHHEaC BOflpOCI. HanpHMep, BOIlPOC a qpe3Bmba]HO BaxCH B cAyqae HOBbX KJIHCHTOB H MeMKIX HAM CPCAHHX 4)HpM, O KOTOpx nIpaKrHrqeCICH HCT HH4,OpMaUHH (KaK B cmryqae C 6o.mHmHcTBoM HOBIX pOCCHNCKHX H y36CKCKHX 4)pM). 17. Bonpoc "b" rpe6ycr OT KpcAHTyIOiucro 6aHKa noAroToBHTb alHKeTy CTaHAapTHoro fopMaTa, KOTOpaA Ao3DHa 6bim 3anomICHa npeTeCRIeHTOM Ha KpeAHT H coAepxaTm BCIO HH4opMaaIUHIo, OTHOCAIIYlOCA K Ha3HaqeHHio H CyMMe KpeAHTa H npeAnoJcHHoMy pacnricaHHwo o6cAyxumBamms Aomra (BbzrmaTa flPOUeHTOB H OCHOBHOti qacm Aomaa), a TaioKe HH4)opMagIHIO 0 (HHaHCOBOM COCTO0HHH camoro 3aeMIgKa. HaAeXacyo HH4opMauIHo o6 3TOM OqeHb TpyAHo, a nopofi H npOCTO HCB03MOJKHO nOAYqHTh B TaKHX cTpaHaX, KaK PoccHs H Y36eKHcTaH: B POJIH 3aeMIUHKOB 6yTyr BbiCTyIlaTb MCejKHC HCKOprIOpHpOBaHHbIe npeAnIpHTHAS, T.C. ,HpMbI C oAHHM BJIa;CAbUeM mAH TOBapHiCCTBa, B KOTOpbIX aKTHBbI H IaCCHBbI riepereTeHTB C 4)HHaHCoBbIM COCTOHHNCM 3aCM=NKa H ero ceMbH. B AZOHOJIoeHHe, Aaxce B TeX pCAKxX cJiyqaqx, KorAa CYIICCTBYCT HanexcainaS CHCTeMa 4iHHaHCOBOrO yqeTa, noAo6Has HH4,opMaixsH HC noAnepranacic ay1ATOpCKOA rIpOBCpKe H cJ[eZoBaTenbHo iPpeAcTaBAseT oIeHs orpaHHHqeHHYM UCHHOCTh. TeM He MeHCe, AM3HeHHO BnAvuO, 'rro6m 6aHIm BBeCI CBO8M 3ZeMIIIKKM Tpe6OBaHUe yCTaHoBDTw BOpUOK BeAeHHE AeTabHbIX U HaAJe]msIM o6pa3oM noAroToBAeHHbIX tpUHaHCOBbIX OT'eTOB, BKJIIOqaWOMlIX K(K MNHHMYM 6ajiHc, AeKnapairlo 0 AOXOARaX K OTqeT 0 AeHeUMHX DOTOK2X. BaHKH AO nKHb HrpaTm o6pa3oBaTenbHyIo pom B 3TOM, oco6o oTmeqas TOT 4aicr, xro noAo6Hoe Tpe6oBaHHe HC TOJbKO BbIrOAHO KpeZw1yIOiCMy 6aHKy, HO, Aaxe B 3HaqHTCAbHO 6onubeiu CTCefeHH, CaMOMy 3aeMigHKy, IIOCKOJEbKY rlO3BOAfeT HayqXThCs yCIeIuHO yupaBaTb h4HHaHCaMH ITpeIpHASTHA. 4 18. 'ITO KacaCTCS Bonpoca "C", TO 6aHK aOAjIeH onpeAe3ITB, "oX0OAHT" All Kpe,HT ero KpeCHTHoMy nopT4)eJIio. IIpHBegeT AIH 3TOT 3afM K elie 6oiiiefi sHBepcH4)HKatuHH, a cTano 6umTb CHHxeHHIO nopT4)eAbHoro PHCKa 6aHKa? HiH 3TOT 3aeM yBeJIHIqHT CKOHIXCHTPHPOBaHHOCTB nOpT4PeAI Ha oXHofi orpacii rIpOMbIMIleHHOCTH, HJH Ha OAHHX CpOKax IIaTexCei H TaKHM o6pa3oM yBeimqHT pHCK nopTr4e.i? BaxHO TaKXe npHHHmMaT BO BHHMaHHe, HMCeT All 6aHK AOCTaTOqHLIii YPOBeHb KOMieTCHTHOCTh oto6u oxeHHTb KpeAHT. BaHK He AOJKeH AaBaTh ccyAy npeAIpIHTHM B TeX orpaCux IIpoMbiUeHHOCTU, B KOTOpIX coTpyAnHKaM 6aHKm, 3aHHMaIOIIMUMCn KpeAUToBaHUeM, He xBaTaer HeO6XOAHMb]X TeXHK eCKHX 3HaHHI H 3HaKOMCTDa C pfIHKOM A11 TOrO, vT6w fpaBHnbHo oileHHBaTh KpeAKT. 19. flpHBereHHoe BLaue BEacKa3bIBaHHe SIBJMCTCS BaxHoM cocTaBHOi qacTBio npeimeTa yuIpaBJreH.ms KpCIIHTHbIMH pHCKaMH, K KOTOPOMY MBi eiue BepHeMCsI no3AHee 6onee e-raJmHo. Bo3Bpauxascb K oixeHKe KpeAHTHoro pHCKa, cneAymue HeCKOJITKO CTpaHHL nOKaJC3T HaM HH41OpMaijHIO, KOTOpylO COTPYAHHK, 3aHHMaIouuHI4cq KpeAHTaMH, o6SI3aH noAyqHTh OT 3aeMIItHKa AO TOrO, KaK np1HMeT OKOHxIaTCelbHOe peIneHHe: yAOBACTBOpHTh IM npocb6y 0 3af4me H13H OTKJOHHTh. (KaK mm 3T0 6yAeM o6cyxwaTL no3)e, OKOH'aTejmHOe pemmHHe He MoxCeT 6blTB IpHHSITO KpeAHTHUM HHCrIeKTOpOM: TeM He meHee, OH o6ENHO HeCCT OTBeTCTBeHHOCTh 3a npoiLecc oigeHKH). 20. Ouewca Ducia: namb umepuee (a) PenvTanHs. )KeJIaHHe H peCUHMOCT 3aeMiuHKa YAOBAeTBOpHTI CBOH o6ft3aTejncma. rlponiecc OUCHKH AQoKeH coc-rorm H3 nHqHOrO co6eceAoBaHHI, IIpOBePKH npOHCXOxeHHqS KaK jrtIHOrO, T.e. HCXOAq H3 pCKOMeHAaLzfl, iipCAcTaBACHHbIX 3aeMuKOM, oco6lHO B cAyqae JIHBHIX 3aikMOB HMI cCyA TOBapHiaCcTBaM, H AejioBoro (npoBepKa KpeAHTOpOB 3aeMWHKa, rIOCTaBUXHKOB H KAHeHTOB). 14H4opMaLixs1 no BO3MOXCHOCTH Ao.iia 6blTb npeAcTaB3IeHa B rIHCLMeHHOfi 4)OpMe; B cAytae, ecIH HMeeTcS TOJIbKO yCTHaS, COTpyAHHK o6.q3aH cAejiaT 3aMeTK=, KOTOpie 6yAYr ITOAI1HThI K ripoqeMi AoKyMeHTTaiHH no KpeARTy H Ha KOTOpbIX 6yAe-T yKa3aHO 'HCJ1O H HCTOWHHK HH4)OpMaINHH. (b) Bo3MOXHOCm. (i) Cnoco6HocTm 3aeMIUJKa uonyoraTm AcHbrH no BCeM CBOHM onepaHSIHM (o6nu¶ nIpHTOK AeHer, r1oytleHHb1X 3aeMIKOM B xoZe ripeAripHHHMaTembCKOMi CSeTCeTbHOCTH B TeCeHHe nepHoAa ero Aes1TeflbHOCTM) NmI no KOHKxCTHOMy npoeKcry (KpeAwf noA aTrhenbHO CTOSmmHf npoeKT), m (ii) cnoco6HOcTm 3aeMlgHKa ynpaBI5Tb AeHeCHBMH CpeACTBaMH (KaK 3TO SCHO H3 npoUbx npoeicrOB). (c) KaT1HTaIi. KanHTanibHas 6a3a 3aeMWHKa H cro piIUHMOCTb HC11OJnb3OBaTb co6CTBeHHbIlf KanHTaJA B npoeKTe, Ha KOTropbIfi OH 3aflpaMBaCT KpeAHT. 3aeMuHK AojD1CeH 6UMT B COCTOqHHH pa3Aej1Th pHCK npoeKTa C KpeAHTyilOuM 6aHKoM H 6imb corJiaCHblM Ha 3TO, npeAoCTaBIS rpeHMJeIMy0o 'acTb cBoero aKIyHoHepHorO Kar1HTaAa, T.C. 3aeMILHK AROJDKeH CBq3aTh ce6f o6sI3aTenbcTBaMH. 5 (d) YCAOBHSq. TeKyiiee COCTOSHHm H o630p MecTHofi, perHoHanbHof4 H o6weHaIHOHaJHWHO 3KOHOMHKH, a TaIOcKC OTpaCH xo3cTBa 3aeMI4NKa. Pa3nmfxIe 3KOHoMHqecKHi4e YCJOBHR H pa3AmiHe npOrHO3LI Aim pa3H1X oTpaciAeft xo3SflcTBa nacro Tpe6ywoT paaJH'ux CCyAHx KPHTCPHCB B pa3Hb1x 4)a3ax AenoBoro ixHKna. (Bonpoc: Xopomo imcHvCHxaTm KpIeATHbic caraHAapmi BO Bpems rioAbeMa?) (e) 3a.nor. HaAexcHoe o6ecneqeHHe KpCAHTa B 4opMe 3aAora HiH rapaHTwH MOxCeT nOMOqb npeoAo.nem Icna6oaC B Apyrom H xpyrmX KpHTCpHSX. Xoponee npaBHJO: HHKorlia He nDellocTaBmT= KpemCITE, Ha ocHoBe TOAmKO 3aA0rla Him rapaHTim. Heo6xoAHIMo IIpHHHMaTh BO BHHMaHHC cineAyioue 4aicropm: (i)KaqecTBo 3aAora: HacKoJ1bKo ycTapejio HIH noBpexAeHo o6opyzoBaHHe, HaCKOJnKO OHO JIHKBHAHO H KaK lONRACT Ha PbIHKe, KaK 3aJior 3a=UNCH OT HH41gUHH? (ii) B cAyqae HCBLIMOnHeHHS o6I3aTenmCm, nCerKo im 6YrCT B3bICKaTh 3TOT 3maor B 3aKOHHOM nOPgZKe? H III) KaKOBO AOnIyCTHMOe COOTHOIUeHH pbIHOqHOf CTOHMOCTM 3an0ra H pa3Mepa KpeAHTa H KaK qacTo OHO AOiCHO 6bITb nepecMoTpeHo? 21. Pnaxcoeax moQpa"uu icomopwo NgO neumb om 2ae gmKuua. rIocne Toro, KaK COTpyiK, BG,yOIUN KpeAHTaMx,- ipxHHln p;iueHHo, Ha OCHOBe npeABapHTCj1biOrO Ham3a (B cnyqaC HOBOro KxiCHTa) npoAomxNmT paCCMceTPHNe 3aSBKH Ha KpCAHT, OH HOfPOCHT COHCKaTeCAf cHa6AHTh ero pa3HqHhMH nNchbMCHHLIMH AOKAaAaMH, CBHACTCJTCTBYlOJNHMH 0 4IHHaHCOBOM COCTOSHHH- npeAipmiTHRs H camoro npeTeHAeHTa. 06brqHo, Tpe6yeMas HH4)OpMa1xHA AojIKHHa oxBaTmIBaTm no MeHbIIeNi Mepe TpH roAa (Aim Toro, qT0o6x HaH6ojiee npCACTraBHTeAHO xapaKTepNo3BaT cHTyaIUHIO), nPH TOM HaH6OACC cBexcaq HH4IopMaaUHS HC AonDKHa 6im 6onee 'cM 6-TN MeCCsqHONl AaBHOCTH. 22. EciH 3TO B03MOXKHO, AoKnau Ago.nKHm 6bIT nO,ArOTOBCHLI HC3aBHCHMbIM @HHaHCOBbIM 3KcnepToM. OHN AoJDHM BKnoqaTb: (a) roAoByio (a nyqme nohIyroAoByio H KBapTajrbHylo) &NHaHcOBVgO OT'ITHOCTb npeAIpH5TSTH: 6aiTaHc, aNrT o AoXoAax, oTqeT o6 HCTOqHHKaX H HCHOJIb3OBaHHH CPCACTB H OTqCT 0 AeHeXGEb]X nOTOKaX. (b) B 3aBHCHMOCTH OT BHAa 3anpaNMBaemoro KpcAHTa, AeTanJTHYIO cTpyKTypy 3anacOB. paciuH4poBKy ge6wroDcKoR H Kp§MMTODCKOV 3aRnOXCeHHOCT` no Kpai4HeCi Mepe 3a nocjreAHHe 18 MeCsgeB (oco6eHHo BaicHo M B o6opOTHuM KanHTaI). (c) B cAyqae 3HaqHTeCbHorO AojirocpoqHoro KpeAHTa, 6H3Hec-nAaH, KOTOpblff 6yzAeT noKa3bIBaTh, KaK nocynnIeHHs1 or 3afiMa 6yAyr cIpaXaTmcs Ha 6yAymeM 4NHHaHCOBOM COCTOSiHHH npeAripHwTsL, oco6eIHo Ha ACHeCKHOM noToKe. rInaH AoAJKeH coAepxaTh: (i) Pe3IOMe pyKoBoACTBa; (ii) OIIHcaHHC npoeKTa, npoAyKca HAH yCAyrH, KOTOpyO Tpe6yeTcSi 4rNHaHCHpoBaTm; 6 (iii) AHaJIH3 OTpaCJ[ H pbIHKa; (iv) MLlIaHbl MapKeTtHra, npOH3BoACTBa H yripaBCeHHS; (V) (I)HHaHCOBbIfi IuaH (noKa3bIBaioiuHf pa3Jr'Hme BapHaHTLI); (vi) IlporHo3 AeHCXHUX IIOTOKOB (o6blqHo Ha nepHOXi norameHHsI 3atiMa); (Vii) OpHeHTHpOBOo'nxIH 4)HHaHCOBMfi oTqeT. (d) B cJywae, ecflH Kpe,zT npe ocraqweTc q acTHoMy mIlHXy HIH HeKOPrIOPaTHBHOMY 3atMWilHKy MM B TeX CAyqaSIX, KorAa Tpy11Ho OTrejiHTh aKTHBBI KoMnIaHHx OT lHEgqH)iX: jIH'Ixe (bHHaHCOBbie aeKIaipaIIHH 3a 3 roia. 23. 06paTeTe BHHMaHHe: KaK MBl yxce yrOMHHaJ[H Bbime, KpemiTyIo=fi 6aHK AoxeH CHa6AHTh 3aCMIHKa BCCmH 6ZaHKama H 4OpMaMH, Ha KOTOpbX Aoj1xHa 6b1m npeAcraBeHa HHcopMaiH. IV. 3anuwra OT InOTepb npH HeCBiojmeHHH O6m3aTeCI6cT: CCYAbW nOA 3anor H rapaHTupOBaHHbie KpeAuThi 24. B npOMMUITCHHO pa3BHThIX cTpaHax Kpe,=Tocnoco6HoCTB ToproBNx 3aeM=UIKOB qacTo 6xDla TaK XOpOIIO H3BeCTHa, wTO OHH MOrAH nQonyqaTm KpeAHTbi Ha OCHOBe CBOCei KpeArTocnoco6Hocm. JpyrHMH CAOBaMH, OHH MOrJIH B3STh Heo6ecnecieHHbIr H HerapaHTH1oBaHHbIlf KpeRIT. 9TO, no BnOAHe o6sCHHMLIM npH'qHHaM, HepeaClbHO B o6o3pHMoM 6yAYweXM B POCCHH H Y36eKUcTaHC: CTHeneHi HeyBepeHHOCTH B B03MO0CHOCTH 3aeM=lHKa H peCIIMOCTH BE[ILlHaTh CBOU AoJrr B 6yzAymeM B pa3BHBaiOuIHXCS1 CTpaHaX H B CTpaHaX, nepeCxBaiuOIaHX CTpyKTzpHYIO peBQO11R)HIO, rIpOCTO CAHUIKOM BiCOKa, Tro6M npexocTaBrrm Kpezm 6C3 ripHeMAeCMOu fl0=LepKKH. 25. Ccw3a nod 3aAoz. CcyA, noA 3aJIor - 3TO KpeHmrI, o6ecneqeHHLIC CO CTOPOHbI 3aeMIIHKa 3aJIOrOM aKTHBOB. no BCef BHAHMOCT OHH SIBJISIOTCS CaMbIMH CTrapIMH H3 HbIHC CYIIeCTBylOIlWX H OCTaiOTCc TaKXe H CaMmIMH pacnpocTpaHeHHbIMH. B npoTHBOIOJIOXHoCTb, oAHaKo, 6onee paHHHmi nepHoAaM, Kor1a 3aJIoXCHHbIe aKTHBbI qacTo 4)H3H'ICCKH nIepeMeiixaAHCb BO Ba,iacHHe ccyAoAnaTeJLq, aKTHBbI ceroAH qacTo OCTaIOTCSI BO BJIa,CHHH 3aeM=UKa, KOTOpbIU npoxo.iae'T nOJ1b3OBaTbCS1 UMH. B TaKoM cJiy'ae, 3aKiaA aKrCHBOB ocyueTBsiemi B BHae UieCCHH HAun vyTKxH nipaB - r1HcbMeHHOrO KOHTpaKTHorO coralUIeHHsI MeXKY KPCAHTOAaTeJICM H 3aeMUIHKOM, ACTaJ1H3Hpy1OLIWerO CBSI3b MCX4Y CpOKaMH H YCAIOBHSIMH 3aHMa H 3aJIOXCCHHbIM aKTHBOM. 26. flOCKOJlbKy z1iM MHOrHX 6aHKOB OCHOBHaS qaCTb nopT4ei COCTOHT H3 o6ecne'eHHbx Kpe,AHToB, IopHAim[ecKHe acneKTbi ixecCHH H13H yCTynKH npaB Ha O6CCerie4BaIOiuie KPC)HT 1eHHOCTH aBjOTCI KpaHHC BaxHiMH. KpeAHTyiOUUHi 6aHK B AHixe coTpyAHHKa, 3aHHMaIoiuerocq KpeAHToM, H IopHAH'qecKoro oaraeAa 7 6aHxa, Ao,oxeH 6bIrb 6gHTeJhHbiM B o6ecneqeHHH HaA2 iexameI IopN=NqecKof4 3au=Tbi. 27. KpewrnymIuNf 6aHK ZAoDKCH onpeneATb, KaKie aKTHBbI CqITaT]b HOAXOA.q1HM 3anOrOM H KaK paccqHTmxBab coBpCMeHHy1o CTOHMOCTm KpeTa. 3m noco6Hu AOHJiJ 6biTh pacnpocTpaHeHI B InKCbMeHHOI 41opMe, vm6w BeCb 6anK c HHMH o3HaKOMACIc. 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(iii) ECAH 3TO B03MOXHO, iepeBeCTH 3a2oIeHHbIe 3aiaCbI B MCUHAH3HPOBWHHbIe cKxrazla (ecnJIH cyIecTBypOT) AlImr Toro, qTo6bI o6ecnetrTB nOJIHbIi4 KOHTPOAb HaA 3anacaMH nocpeOArBOM BeRCHHS HaAeXKHOrO H He3aBHCHMOrO yqeTa TpeTbeCi CTOpOHON4. 29. I4CnOJIb3OBaHHe 3aAora AniLs nOAgepXK KpeCHTa He cHHMaeT, KOHeTHO, PHCKa HeBbInoAHeHHS o6sl3aTenbcTB. ro cyrH .ejia, 3anror caM no ce6e He BjiSieT Ha pHCK; OH npOCTO npeAocTaBAsieT KpeNHTOPY B03MO)KHOCTb yBe3HqHHTh CBOH UJaHCblI loAnyCeHH51 AeHer rio CBOHM 4)HHaHCOBbIM TpC6OBaHHSM B cAyqae HcyriaTbi foAra. 30. Tpe6oeaiuq Ic MpDxce. JLiIS Toro, wot6bi o6ecneHmTb B B03MO)KHo 6onbmetN CTCIIeHH AOCTaTOqHOCTh 3aIOrOBOfN CTOHMOCTN B cAyqae OTKa3a OT yniniaTbI Aojnra, KpCAHTOAaTCAb MOXeT rIPHMeHHTh CCy[IO Ma . IIpHMeHeHHe CCyJHOH MapxH 03HaxiaeT rnpencTaBAeHHe KpeAHTa BnJIOTb AO OnpeHeAeHHOrO 11POCIrHTa HJI MmapxH -OT CTOHMOCTH BcerO 3aJIOra. 9 31. 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B 3TOM c.yrae TaKxCe BaxcHO, Trro6m o6a rapaHTa nepHo.HqecKH cHa6XCaIH KpeAHTyioliOxHf 6aHK o6HOBjieHHMmH 4)HHaHCOBIMH ACKnapaiNSHMH o COCTOSAHHH Hx aKTHBOB H riaCCHBOB. rapaHTHH KOpriOpaaNHH qaCTO 3anpaIHBaloTC3i Kpe1HTOpOM au o6ecneqeHHi3 KpeIHTa 2pyrOH KOpfOpaINHH. npHMepOM MOxeT CJy)aT MaTcPHHCKaSI KOMIIaHHS, rapaHT4pyiiixas AOJlr OXRHON H3 AO'epHHX, HJIH KoMriaHHS rapaHTHpyiowasi RoAr CBOHX UOCTaBHLHKOB. B 3TOM cAyqae KpeNHTyio=fi 6aHK AOAjKCH yAOCTOBepHTbCSI B TOM, qTO hIHIXO, rIO1UHCIBaIotiee OT HMeHH KOpIOpaaIHH YIIOAHOMOqeHHO Ha 3TO cooTBeTCTBymOiixef pC30IlOIlHCf4 COBeTa aHpeKTOpOB HAH yCTaBOM. 36. O6paTHTe BHHMaHHe: C TORKH 3peHHS yqeTa, rapaHTHs - 3TO yCJIOBHOe o6si3aTeibcTBo, T.e. 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Cepbe3HbIe yCHuHSI no BBeRCHHIO 3THX npOLCCCOB B CrpaHax CHi IpHHecCAo 6b 6onbmyIo HOn3b3y He TOAbKO 6aHKaM, KaK Kpe1RHTOpaM 3THX oTpacJIeIi, HO TaKoKe arCHcTBaM, OTBeTCTBeHHbIM 3a 1pOBCeleHHe 3KOHOMHqeCKOM nOIIIHTHKH CTpaHbI. 52. OTpacneBoia pHCK HaipiSMYpo cBq3aH CO CTenCHbIO H3MeHqHBOCTH B Ae3rTejibHoCTH oTpaCAH B 3KOHOMHqeCKOM H 4)HHaHCOBOM iUaHe, B a6conmTHoM cMbicACe H Ho CpaBHeHHIO c ,pyrHMH oTpacJsIMH. MIem 6onbMe H3MCHqHBOCTh oTpacJIH, TeM 6onbuine cTeneHeb pHcKa. Boripocu, KoTopme HyJKHo yqHTuIBaTb, BKAIOqaIOT: (a) AeIerreTnbHocm 2ajiTepHaTHBHb1X OTpaCJICM 3a AaHHbIt 1ePHOX BpeMeHH. HMIeloTCI nH 3HaqHTe3bHHUe pacXoxCeHHA MexCy OTpaCJSIMH H KaKHe rlOKa3bIBaIOT HaHmeHMI1ee H HaH6ojbimiee OTKIOHeHHe? (b) rIpo,AoJiKa1OT JIH yCrIIIIHO AeCkCTBOBaTb oTpaCJIH, xopoiuo AeRCTBOBaB1lIHe B rIIOpIIIOM - no cpaBHeHHIO C 3KOHOMHKOI4 B LICeOM- OnepHPOBsaT TaKiCe XOPOIUIO B HacTOsqueM? (Ha 3ana,e HCCJIAOBsaHHS rioKa3aJIH, xTro HMeeTcq He3HaqHTeRbHa5i CBAI3b MeXIY TeM, KaK OHH OIepHPOBaMH paHbIe H IIOTOM). 17 * (c) CyuecTByeT nuH riOCTOS1HCTBO pC3yAbTaTOB BHyTPH oTpaCJIH? FpyrHMH CAOBaMH, Ao6HBaAncb nuH 4)HpMLI BHYTPH OAHOfi OTpaCAHO,gHHaKOBbIX pe3ylIbTaTOB 3a OJHH H TOT Ie rIepHOA BpCMeHH HJIH HMeeTcS luHPOKoe pacXoxIeHHe B pe3ynbTaTax? HccJieCoBaHHl Ha 3anaAe noKa3aJTH, rTO 3Aecb TaioKe oco6oro eCHHcTBa cpeAH 4)HpM OHHofi OTpaC.I He Ha6moJAaeTc. 53. HeKoTopbie oTpaciH noKa3bIBaIOT BcCbMa orpaHHqCHHhIu BHyrpHoTpacAeBO$k pa36poc (Ha 3anaAe: cTajbHaSq, Ta6awHai, 3OIOTas, KayqyxoBaa oTpacAH npomrunneHHoCm), B TO BpCMS KaK Apymue BeCLMa HCOAHOpO.Hh no COCTaBy. 3aqeM Xe TorIa yry6AsiTbCS B OTpaC'ABOA aHaAH3? IOTOMy 'm KpeArHiuN pNCK, CBR3aHHhIiI C xopomeN 41IpMOg a 3AOPOBON DpoMbhnJeHHOCTM, 3HazqTeIbHo HKKe pHCKa, CDR3aHHOrO C xopOme* *HPMOA B KPH3NCHON OTpaCJIH. 54. Cucmemamugecxuga pucc uu 6ema. OzmM H3 nOHSTHf, HCnOJTh3yOMbIX B H3MOepHHH oTpacneBoro PHCKa (TaoKle KaK H pHCKa, CB513aHHOrO C KOMnaHHei4), IBASIeTcS CHcTeMaTxqecKHk DHCK, T.C. YPOBCHb Kojie6aHHi, HiH OTKJIOHCHHS, B PO3yAbTaTax AeSTJeTBHOCTH oTpaCJIH no 10OTHouieHHIO K P03YJ[bTaTaM AerSeTOJbHOCTH pLHKa Him. BceA 3KOHOMHKH. 3Ta pa3HOBHUHOCTh pHCKa, o6O3HaqaeMas B CTaTHCTH'ecKoM alaHg3e rpe'CcKoA 6yKBoAk 6eTa-(B), MOeT .6bTb onpe14e.7Ha Aus Ka of4i OTpaCJH, COOTHOCS AaHHbIc o6. -HHyCTpHH C OAHOf4. HuH HHCKOJEbKHMH rIepCMeHHbIMH BCUHqHHaMH pbIHKa. OqeBHAHo, trrTO -3TOT npoi[ecc Tpe6yeT o6iiHpHoA H HafexHoHO- 6a3m zaHHaix, Co6paHHiof 3a 3HaqHTelHbmk neOpHOA BpeMOHH. BKpaTne, HHAyCTpHl C noKa3aTeneM 6eTa, paBHbIM "1" HMeOT KoJIe6aHHS pe3yJbTaTOB, paBHoe pbIHO'qHOMY, B TO BpeMSI, KaK MOHOe H3MOHqHBaS orpacAb HOKaxeJT pe3yjmTaT MeHble 1, a 6onee KOAOe6moiuasqc - 6o.jmme 1. OqeBRAHo, 'To xleM BbIilte nOKa3aTOnb 6eTa, TOM BbUme pHCK, CBq3aHHbmk C 3TOA OTpacnhIo. 55. BAHIHqHHa 6eTa AJM AaHHo4 oTpac^i 6yAeT MeHaTbCA CO BpOMOHOM H B oco6eHHOC'M B xoAe AeAoBoro 1uHKJa. TeM HO MeHee, HoeaBHHe Hcc1eAOBsaHHS Ha 3anaAe nOKa3anAH oTHocHTjmHo cTa6HAbHbIe Ko34x1pHUHeHTbI 3a npomemuee ACcrH.iveTH. rIpHMCHCHeH: pe3y.mTaTh oTpacjreBoro aHlaH3a B npODUUOM MOxHO, OTHOCHTOCJTHO CnOKOfIHO 1pHMeHSTb B 6yzAymeM. 56. IlpeACKa3aHHe pC3yAbTaTOB ACrTOATHOCTUH 4HpMI B 6yAyu4eM - HanpHMOp, B rnaHe TOBapOO6OpOTa R HOpMI npH6wuH - MOXHO OCyIeOCTBSiTh C nOMODlbIO perpeccHOHHoro aHaAH3a (BKcowas 6eTa), npuH yCAOBHH, KOHeqHO, RTO eCTh HeO6xogHMas KHH4OpMaXHRi. TaKari npouieAypa HO oJKH1aeTcq OT 6aHKHpoB, HO 'qaCTHbIe H O4)HijHaEbHbIe areHcTBa, KOTOpEIC o6SI3aHbI Co6HpaTh H aHaAH3HpOBaTb CTaTHCTqeCKHe AaHHbIe KOMriaHHf4 H oTpacnet, AoDKHI ripoBoArTb ero. 57. ECJIH OrHcaHHbIfi paHee KYoiHqecTBeHHbm nOAxOA, BKIO'iaS oripeAXneHHe rIOKa3aTejS 6eTa c ripMHeHeHHCM perpeccHoHHoro aHaAH3a (HanpHmep, npH aHaJnH3e o6BeMOB npozAauC H npH6b B KaeCTBO ripeOMOHHbx oTpaCIH H Ba3OBBIM BHyTpeHHHM ripOMKTOM B KaeOCTBe MaKpOIIOpemOHHOM) HeBO3MOXeH, TO MOXHO paCCMOTpOTb, B Ka'qCCTBC aJbTepHaTHBMI, CneIo[HaJbHbIO 4,aKTOpm, CBq3aHHme C 3TON HHAyCTpHer. AByMS npHMepaMH TaKHX 4raKTOpOB MoryT 6m CTaARS XMC3HeHHOrO iliKma OTpaCu[H, Ha KOTOpOM HaXOAHTCS1 KOMnIaHHq H CTpyKTypa KOHKypOHINHH B oTpacAH. 18 58. HviDOMbJWAeN bl 3 eHHblU UW(A MOCeT 6bImT pa3AenCH Ha HeCKOJbKO cTaA,H, KaxcaSa H3 KOTOpbX 6yACT HMCTh CBOH XapaKTCrpRHCKH B IuiaHe HaCTORHX H 6yXyIHX TeMnOB pocTa flpoAax, AOXOAOB HJIH gpyrHx Ba3KHbX llOKa3aTeneH. 59. Pa3JIqHbIe cTaAHH pocTa, noKa3aHHbie B rIpHaoxCeHHH 2.1, MoxKHO ctmTaTb oTpaxcaioUHMH paw3Mmme cTeeIIHH oTpacneBoro pHCKa Ha IIpoTsDKeHHH XH3HeHHOrO 1IHKna oTpacAH. 9To noATBepx.aeT, no Kpai4Hefi Mepe, qacMHKHO, 3aqIBAeHHe, CACIiaHHOe B nyHKTe 53. 60. B,impuom acAeeau cpe&a 1KqvaexV4uu SsUcTcsi Aono)[HHTeC3bHLIM HCTOqHHKOM HH4)OpMaxHH O cHJIe H XH3HCCnoCo6HoCTH 4)HpM B AaHHofi OTpaCJH no OTHOIIIeHHIO K 4)HpMaM B ApyrHX OTpaCAqX H SIBjLCTCSI, cJIeAOBaTejibHO, noKa3aTeIneM pHcKa. XapaKTepHcmIKH .AaHHoIi cpeAu BKo,qaioT: (a) CTeneHb OxeCCTOqCHHOCTM ICHOBOri H HeixCHOBOIi KOHKypCHIIHH; (b) JIerKoCTb HAIH CAOXHOCTb BXOxeHHqS B oTpacim (a RHorja abIxoAa); (C) CyUlCCTBOBaHHe HJI HexBaTKa 63mH3KHX H KoHKypCHTocIIocO6HuX rio geHe 3aMeHHTenieNi; (d) PFiHoqHaI cHua rioKynaTeief4; (e) PbIHOqHai MOuib HoCTaBIgHKOB; (f) fIOJIHTweCKoeH COINHabHOe OKpyxeHHe. 61. Bce H3 BibmIe epeYHC4iHHuX faKTopoB 6yAyr OKa3bIBaTh BANMHHe Ha cnoco6HOCTH 4HpMbI MaHHnIIyJHpOBaTL o6beMaMH npoAax H peryipOBaTlb HOPMY npH6bIAH H, TaKHM o6pa3oM, ee 4)HHaHCOBylO CHNY H XK3HeCCOCo6HOCTh. OqeBHAHO, YTO KaK H rOYiTH BO BCCX cHTyaixHAX, 3aTparHBaioIIX CymeeCTBOBaHHe 4HpMbI, BbIIIieIiepetHCjieHHbIe yCJIOBHS MOryT CTaTh npeAMCTOM pC3KHX H HeOxHaHHbIX H3MeCHeHH. Kopote rOBops, CreneHb oTpaciieBoro pHcKa, BKjIiOYaiOiLierO 3aeM1IHKOB H Kpe.HTOpOB, He CTaTHtHa H 3aCAYIXHBaeT Ipo1oJDKEHTeJIbHOro HpHCTaJIbHOrO BHKMaHHqI. 62. B TaKHX CTpaHaX, KaK POCCHi H Y36cKHcTaH, rAe HpHBaTH3ailHl H/HAIH cIpyKTypHasi nepec'poihKa npaKTwcecKH Bcex oTpacie4 .im6o npo,onxKaeTcs, mU6o TOAbKO oHAaeTcSi, BbIICeynOMSIHyrSa AHCKyCCHS o6 OTpaCflBbIX pHCKaX MOxCeT He HaNTH CBoerO HCnOCPeACTBCHHOrO npHMCHCHHS. TCM He MeHee, HeCMOTP5I Ha TO, YITO B HacTo5iiCee BpeMS Ha MHorHe, ecJIH He Ha BCe BOrPOCbI ionpocTy HeT OTBCTOB, 3TH IpOileAypbI OixeHKH PHCKa siBSIiOTCq OCHOBHbIMH B COBpeMeHHON4 pbIHOYHON 3KOHOMHKe. Kopoge rOBOpA, Aim Toro, YT0o6b CBeCTH K MHHHMYMY nOBepXCeHHOCTb HCpa3yMHOMY pHCKY H HpNHHMTa xopoiio o6ocHoBaHHMe KpeAHTHbIe peiiieHHs, 6aHKN ,AojDKH cocTaBHTb XOpOIIIO pyKTYPHpOBaHHe lOJIHTHKH no Kpe1AHTaM H pa3pa6OTaTh ripOIexjypm, OCHOBaHHNe Ha 3HaHNlH H roHHMaHHH, KaK HX KJIHCHTOB, TaK H HX oTpacAeH. 19 i f i I I i t I I t i rjiaBa 3 HIpoixeHTbin PHCK I. Onpemeneiee upoIeHTHoro pKcKa 63. rlpOeHTHiId PHCK, KaK H BCe Apyrie BHLt pHCKa, o6yCjioBjieH Heonpe,geneHHocTbio. B AaHHOM cAy'Iae HeonpeeieneHHocTm CBu3aHa c 6yrymRM HanpaBIcHHeM ABmKCHHS H YPOBHeM IpOiXeHTHbX CTaBOK. [IpOlAeHTHbd pHCK KaK TaKOBoIR 3aTpaHBaT H KpHXpHTOpOB, H Ae6HTOpOB. rIpoIeHTHmiM pHCKOM, KaK H ApyrHMH BH,aMH pHCKa, MOxHO ynpaBATh, HAH MHHHMH3HpOBaTh ero. 3T MOryr AeJIaTb KaK AOJKHHKH, TaK H KpeAHTOpbI, T.e. H IIOAb3OBaTeAH Kpe1HTa H AHila, ero npe.gocTaBJsioiixHe. 64. IlpoixeHTHLim pHCK MOXHO OnpOeeIHTb KaK H3MeHqHBOCTh AOXo0oB HCH ileH 4HHaHCOBuX aKTHBOB, KOTOpaS BI3BaHa H3MeHeHHeM ypoBHI ripo0eHTHbX CTaBOK. 3To onpeRejieHHe oco6eHHo TOEHO B OTHOICHHH yqaCTHKOB AeHCxHoro pbiHKa H pbIHKa KaIrHTajiOB (HHBe&TopoB, BKiaabIBaIOiLX.CpeACTBa B 4)HHaHCOBbIC aKTHBBI, T.e. HHcTpyMeHThi pbIHKOB AeHer H KanHTaAoB). AAR KoMMepqCcKHx 6aHKoB, 6o0bIx1HHcTBo aKTHBOB KOTOpbIX o6bJqHo CyIUCcTByeT B 4DopMe CCyA, onpeAejleHHe MoXKeT H3MCHeHO. rlpoieHTHbri pHCK - 3TO pHCK TOrO, qTO cpemiS CTOHMOCTh npHBAwCeHHbIX CpUICTB 6aHKa. T.e. [enO3HTOB H B3STUX B3a2Mb lIeHer. CBS3aHHaS c npegocrawieHmm KpemITa. MOxKeT o6orHaTb B TeCeHHH CpOKa aeficTBHq KpeDiTa CDellHIoIo npoueHTHvIO cTaBKV no KpeaRTaM". II. 3HaqeHue upoixeHTHoro PHCKa 65. MoxceT JIH 6aHK riOHOCTbIO HeiTpaJIH3OBaTi ripOLKcHTHbLi PHCK B CBOeCi AesrreAbHOCTh no npeocrTaBAeHHIo Kpe,HTOB? TeoperwHecKHu, Aa, ecCJI H3MeHeHHS B AoxoAax OT aKTHBOB (T.e. CTaBKa no KpeAGTaM) MOXKHO nOAHOCTbIO c6aAaHCHpoBaTb, KaK no CpOKaM, TaK H no pa3Mepy, H3MeHeHHSIMH B H3AeP)KKaX IPHBJIeCqeHHSI 4)OH,OB (T.e. ieHe nonyqeHHs cpeACTB AARi npeXoCTaBJIeHHsi 6aHKOBcKoro KpeAHTa). HIHor.a 3TO AefCTBrHTeJbHO B03MOJHO H 6aHKH MoryT IpOBOARHTb pa3ymHyio no iHTHKy "6a.naHCHpoBaHHoro 4iHHaHcHpoBaHHs" nopTrreAeiM KpeCHTOB HaCKOJBKO 3TO B03MOXHO. B Aef4cTBHTe3iLbHocT, oAHaKO, HCBo3MOXKHO 6aJIaHCHpOBaTb BCe KpCeHThI B mo6oe BpOMS, H 6aHKH MOryT 6bIm He BcerAa 3aHHTrepCOBaHHbIMH B IIpOBeAeHHH TaKOf roIHoHKH. Kopoqe rOBOps, 6aHKm rIOCTO5IHHO noABepraioTcqi npouCTomy pHCKy. 66. YnpaBAeHHe IOpToiHTHMM pHCKOM BKJiIOqaCT yripaBieHIIe KaK aKTiHBaMH (KPCAHTaMH H HHBeCTHIHJIMH), TaK H o6si3aTeJbcTBaMH (3ae1HbIMH cpeACTBaMH) 6aHKa. -rH6KOCTL ynpaBnieHHA o6eHMH qacTsmm 6anaHca, oAHaKO, orpaHHqeHa. YnpaBxIeHHe aKTHBaMH orpaHHqeHo: a) coo6paxceHmH JIHKBHAHoCT H pHCKa HeynfaTbI, KOTOpbIC noMoraioT B onpeAeAeHHH coAepxHmoro nopT4r.Isl p1CKOBbX aKTHBOB 6aHKa H 6) UCHOBOfl KOHKypCHflHei4 Co CTOpOHbI ApyrHx 6aHKoB, KOTOpaiS OrpaHHqHBaeT CBo6oAy 6aHKa B OrIpAcCJIeHHH CTpyKTypbI iLCH KpeAHTOB. B TO xe BpeMA, ynpasBeHHe o6Al3aTe.nbcTaMH HaTanKHBaeTCS Ha orpaHwieHHR npH 21 4)HHaHCHpOBaHHH H3-3a: a) orpaHHmemiorO Bbi6opa H pa3MePOB ,OanrOBbIX HHCTpyMeHTOB, KOTOpbIe 6aHK MoxCeT ycneriHo pa3MecTHTh cpeAH CBOHX BK1Ia1qHKoB H ApyrNx KPCAHTOPOB B mno6oA MoMeHT BpeMeHH, T.e. goCTYnHoCTH CpeACTB A,M BBbLZraH CCyA, H 6) H3-3a IJCHOBON1 KOHKypeHIlHH Co CTOpOHbI gpyrHx 6aHKoB H ApyrHX He6aHKoBCKHX KpeAHTHb yqpexAeHHi, 3a HMeiOIHeCS CpeACTBa. 67. PouAb pucKa jAugsudmocmu. 3aAaqa pyKoBoAcTBa no ynpaBAeHHIo npoRcHTHEIM PHCKOM o6bNqHO BKxoqaeT MHHHMH3alXHIo 3Toro pHCKa B ripeAejax rpH6bLIbHOCTH 6aHKa H ueneA 3NKBHAHOCTH. PHCK nHKBHAHOCTH cBq3aH C IpOIlCHTHhIM pHCKOM B TOM, qTO PHCKOBMIe aKTHBbl BIMIOT,Cl "HeAOCTaToqHO AHKBHAHbEmH. BaHKH He MOIyT no CBoMey xKeiaHHIo, iHKBHANpOBaTh 3TH aKTHBbI - HanpHMep, qTo6bI KOMIIeHCHpOBaTh HeoHaHHbdi OTrOK CpCACTB - 6e3 Toro, YTo6bI 3TO He noBAneKo PHCK nOTepb H3-3a He6naronpHmmoro ABHxCHHS1 ripOIxeHTHbx CTaBOK. 68. PHCK 1IHKBH.HOCTM H3MeHSCTCS B 3aBHCHMOCTH OT KaTCeOpHH aKTHBOB H COCTOSIHHNS 4,HHaHcoBOro pbIHKa. Ero MOKHO, KOHCqHO, MHHHMH3HpoBaT,b co3AaB nOpT-4eCb H3 nOAHOCThiO HuH B 60onI[NXHCTBe CBOCM IHKBxBHAH1X aKTHBOB. 3Ta cBo6oAza, o,AHaKo, 3HaHTCeJbHo orpaHwieHa H3-3a o6mImo o6paTHok CBSI3m MeAy 1AOXoAHOCThIO aKTHBOB H HX JHKBHAHOCThIO. 69. YnDa&we,use apunux a vwaseiua o6amecmesm. YnpaBJIeHHC aKTHBaMN o6bWqHO He CBS3aHo npxmo C BonpocoM o6 HCTOIHxKe cpeAcTB. YAen*s OCHOBHOe BHHMaHHC uCAIM poCTa, npH6b:bHoCTH- H orpaHNqeHHxs pHCKa, OHO paccMaTpHBacT @HHaHCHPOBaHHC KaK 'AaHHOe". J1315 MCHCppKCeOB no aKTHBaM KpeXUTHbIA pHCK, yCTaHOBJIeHHbI& CnClHaAHCTOM no KpCAHTaM H KpeAUHBIM KoMHTeToM, He CBS3aH c nouyqOHNeM CpCACTB. PHCK icmKBiBHHocTH TaiCKe: ero MOJHO yBeWIHT]b NnN coKpaTHTh, H3MCH5S CTpyKTypy nopT4esI aKTMBOB, He H3MmHeS ero o6uuim pa3MCp. 70. YnpaBweHie nacCHBaMH OCHoBaHO Ha noHHMaHHH Toro, irrO naCCHBbI He .IBJImOTCS 6oiee-MeHee zaHHOI CyMMOk Aeno03HTOB, nouyqCHHUX OT K)HeHTOB no ,aHHoM ieHe, a CKOPCe OCHOBHbIM 4aKTOpOM, onpeAesiioiHm pa3MCp H CrpyKTypy nopTr4eusI aKTHBOB. YnpaBneHNe o6Hapyxauo "TpeTbe H3MCpeHe, B03MO)HOCTb AOrIOAHHTb OCHOBHbIe Acno3HTh1 3aeMHbIMH cpeAcTBaMH C pa33miHmHmH CpoKaMH H, TaKHM o6pa3oM, yBejnHqNT noTcHIiHA 4IHHaHCHpOBaHSA 6aHKa, HCTO"HHK iHKBHAHoCTH H rN6KocTm ynpaBfleHms. YnpaBneHRe aKTiBamH 6wIo 3aMCeHHO Ha ynpaBureHie aKTHBaMH H o6m3aTwlbCTEaMm. B CooTBrTCTBHH C 9ToN KoH1eniNHeI4, o6sI3aTelbcTBa 6aima 6oneC He npocmo naCCHBHaS CTaTbs 6a.naHca, a HeoThCMjiHMaS qacTm HHCTpyMeHTOB, o6pa3yOuX nopT4)ceb aKTHBOB 6aHKa. 71. Bo3pocmasA poJb ynpaBIeHHS o6SI3aTCebCTBaMH B aKTHBHOM ynpaBjieHHH aKTHBaMH rpHBeCa K Co3AaHIfO KOMaHA HAI KOMHTCTOB no yripaBBeHHIO aKTHBaMH/riaCCHBaMH. 9TH noApa3eAeHHs, COCTOSIUnHe N3 npeACTaBHTeAet4 yripaBjieH4R "Ka3HaqeAcKHMH" onepalNHMH (4HHaHCHpoBaHHe H fNKBHJHOCTb 6aHKa), a TaEOKX H3 npeACTaBHTweie KpeAHTHOrO m HHBeCTAiOHHOrO OTmrACOB 34XeKTHBHO coqeraioT ynpaBaeHHe o6emi4N CTOpOHaMH 6aJraHca 6aHKa npH OUTHMaJIbHOM COOTHOUICHHH PHCKa H AOXOAOB. 22 III. CrpaTermrn ynpaBneHHIui 72. YnpaBneHHe riacCHBaMH iOpOIoAO pa3Hoo6pa3He cTpaTermHl *4HHaHCHpOBaHHSI, a TaioKe HOBbIe BHAm 6aHKoBcKHx HHcrpyMeHTOB. Bo-rIepBbIx, 3aeMHbie cpecmTBa, nonyteHHbIe no igeHe, CBS3aHHof c KpeXHTHOM nO3Hr4iHei 6aHKa, H, cJieloBaTeibHO, ropa3,40 HHxKe AOXO1OB OT 60JIBmHHcTBa KpeAHTOB 6aHKa, cnioco6cTBoBaH B 3HaqHTCjibHoii CTeIIeHH pOCTy H IIpH6bmHOCTH nopT'4exs Kpe,HTOB. BO-BTOpwX, CTOHMOCTh 3aeMHux CpeACTB yCTaHaBHBaeTc PbIHKOM, H IIO3TOMy 6onee ioXIBKHxca, qeM / CTOHMOCT OCHOBHbIX AerfO3HTOB. 9Ta nlOZBMXHOCTh CHoCo6CTBOBaAa o6pa3oBaHHIo 6oAee nOJBHKHbX "Cnp3AoB" IIpOLieHTHbIX CTaBOK H COOTBeTCTBeHHO 6ojmbiimeM H3MeHqHBOCTH AOXOAoB. I4, B- TpCThHX, 6o0ee UIHPOKoe HcnoI,3oBaHHe 3aeMHb1x cpeAcm cnoco6cTBoBajro AyqmIeMy yIIpaBCeHHIO JHKBHgHOCThIO. 73. I4HTerpaIIH5 ynpaBjieHHs o6si3aTeimcTBaMau H yIIpaBjieHH aKTHBaMH, a TaiKCe Bo3pociee HCIIO3Ib3OBaRHH 3aeMHblX CpecTB C pa33iHqHbiMH CpoKaMH, CTaBKaMH, o6beMaMH H CTenleHbIO A1OCTyIHOCTM He rapaHmpyeT 6o0ee 6bICTpbai pOCT H 60oIee BbiCOKHC eAoXoEa. BombmHe B03MO0KHOCTU O3HaqalOT 6obmlmN pHCK. B aaHHOM cjiyqae pHCK CBS3aH C HenpaBHabHbH peCIeHI[CHHS r npH roHcKe cpeAcTB - IIpOUeHTHbIM pHCKOM - H naOTcHuHaHibHo 6rec HN3KNMH IIpH6bLmMH, HaH gaxe y6brrKaMH. HeyAHBHTwrbHO, qTO TaKOe CooTHomeHHe PHCK/BO3MOKHOCTh onpeeIHJIno BO3HHKHOBeHHe pa3HiqHofi TeXHHKH H cTpaTerHH yflpaBAeHHs. 74. O.AHa H3 OCHOBHblX ueiiefi MmeHe1KMeHTa - KOHTPOJIB 3a iipOIeHTHOfi Mapxef[, T.e. Mapxcefi Mexy IIpoueHTHbIM AOXOAOM OT aKTHBOB, IIpHHOCSRIlIUX npH6bMIb H npOixCHTHbIMH pacxoAaMH no o6sI3aTemcTBaM (TaicKe Ha3bMBaeMOfl oxHCThIM ROXOROM", BbIpaxCHHb1M B npoieHTax OT rlpHHOCSIUHX AOXO, aKTHBOB). Cioaa OTHOCHTCS TaKXe KoHueriCiHq cnr3Ipa, pa3HHIUXI Me)iy B3BeUiCHHofl cpeAHefl cTaBKOf4, no[yqeHHOfi no aKTHBaM, H B3BeIIleHHoR cpeCRHeC CTaBKOIR, BbumaqeHHof no o6sx3aTenibcTBaM. 06a noKa3aTeis 6epyrcs H3 OTqeTa o Aoxo,ax 6aHKa. rIpH iiiaHHPOBaHHH iH4)pbI MoryT 6bITb rIonyYeHbI ex ante (npormo3mpyembie). TpeTbs KOHLeCUHS - 3TO KOHuCnIIuH paqpbBa (rena), qTo o03HaaeT pacxoxIeHHe, HJH HeC6aAaHCHpOBaHHoCTb aKTHBOB H rIaCCHBOB 6aHKa c Ko3e6fioieiRcR H 4JHKCHpOBaHHOr4 CTaBKOUk. 3TO KoHi.eriiHAs 6a.JaHca, OHa BbIpaxKaeTCs5 KaK CyMMa npeBbIIllCHHIS aKTHBOB C H3MMeHmoueric CTaBKOfi Ha8 naCCHBamH C 4HKCHPOBaHHOf4 CTaBKOAi B ;xaHHbI$ nepHo. BpeMeHH. 75. YnpaeAenue DpoueHmNou MaDp:ou. O,Ha H3 OCHOBHblX geLne1 6aHKoBcKoro yIIpaBAeHHR - AOCTXCeHHe HeKOTOpOA npoieHTHofi MmapxH HuH onpeAeuieHHoro YPOBHS npoieHTHoro cnp3,a. 3ToT YPOBeHb noApa3ymeBaeT onpeenJIeHHbIM YpOBeHb pEHCKa (KpeaiHTHorO H JIHKBHHOCTH): qeM BbIHe BbI6paHHbI4 ypOBeHb, TeM 6oubmIIyIO CTneCHb PHCKa 6aHKy npH,geTcI AonyCTHTh. 76. Bbi6paHHbie ixeIeBbIC YPOBHH nePHOAHteCKH KOppeKTHpyIOTCSI B 3aBHCHMOCTH OT H3MCHeHH51 riOpoiCHTHbIX CTaBOK, KOHKypetHHH H ypOBHS pHCKa, KOTOpbIU MCHe,pKMeHT CYHTaCT IpHeMjieMbIM np .H aHHOM Hu oxKHaeMorl 3KOHOMHUeCKOf4 o6CTaHOBKe. euieBbIC YpOBH4 MapxiK CBI3aHbI C H3MeHeHHSMH B cTpyKType aKTHBOB 6aHKa, noABepxceHBI HX BjiHSHIo, a HHor,a H Orlpe,AenJIOTCH HMH. Kopoqe roBopA, ynpaBACHHe npoixeFHoti mapxceA rpe6yer ocropoxHcoro H 23 nOCTOAHHoro aHaJIH3a R3MeHeHHfi Ha pBIHKe 6aHKOBCKHX onepaIXHfl, B 3KOHOMHKe, ripo0xeHTHbix cTaBKaX, a TaICKe BHHMaToCbHofi OUCHKH H3MCHCHHt B COOTHOIUCHHIX pHCK/AOXOX, KOTOpme qBMSOTCS pe3ynbTaToM nOAHTHKH 6aHKa no OTHOeCHHIO K nopTcjeAlo aKTHBOB. 77. flporHo3bM npoieHTHoH cTaBKH, cocTaBAeHHbIe 3KOHOMHcTaMH 6aHKa, HrpaIOT BaxHyJ pOJlb B 4FOPMHPOBaHHH CTpyKTrypI nOpT4,CAe H nOMNxrK Mo6HJ13auHH cpeAcrB. B CBS3H C TCM, tYTO o6a npogecca ripoHcxoT O.DHOBpeMeHHO, yripaBJTeHHIo HCo6XO.UMo 34X¢CKTHBHO KOOPAHHHpoBaTb pa6oTy AcnapTaMeHTOB HHBeCTHHA H ,H4HHaHCHpOBaHHSI. CooTHoiulHHe CpOKOB noraUeHHsI, CTpyKTypsb npoueHTHb1X CTaBoK aKTHBOB H o6Rl3aTenicTB, a TaOKce CTCneHb PHCKa HeB03BpaIeHHqS AeHer npCACTraBIoT TC TpH cjaKTopa, KOTOpbIC Heo6xo0HMo InOCTOSIHHO npoBepITb, Trro6b noACeX)HBaTh onTHMaibHo0 cooTHoL1eHHe pHcK/Mapxa (HaH pHcK/AoxoA). 78. EajiaHCHpoBaHHe nOpT4iI aKTHBOB H naCCHBOB 11o CpoKaM - 3TO qacTas ueAb, TaK KaK nO3BojSCT 6aHKy 3a4HKCHpOBaTb ripoiCHTHbiR cnp3A, T.e. HCITpaIH3oBaTh ripofleHTHmIi PHCK. OAHaKo, HHorAa MCHCppKMeHT npeAnoqHTaCT pHCK HeorpAceneHHoro cnp3Aa, eCCI Hec6axaHCHpoBaHHoC cooTHomeHHe CpOKOB AgaCT nOTeHUNHaJbHO IpNHBnCKaTCebHbIe B03MO%HOCTN AROXO,AOB.- 79.~ 3aeaHe H or. , .,r. 79. 3aMe'iaHNi- HoenpeAenCHHOcTb AaHHoro cnp3zma oTpaxacT, p43yMeeTc5, HecCoco6HOCTb 3KOHOMHCTOB TOqHO Ni B mo6oe 'BpeMqS npecKa3aT ABHeXCCHHC - nIpoUeHTHoiN CTaBKH. flpOcTON BapHaHT c6auaHcHpoBaHHoro npHBEeqeHH 4FOHAOB no CpaBHCHHIO C Hec6aJIaHcHpoBaHHbIM npHBRIeIeHHCM 4)OHAoB noKa3aH B rIpHAoxeHHH 3.1. 80. flpogjeF bie MapxN 0T,renbHoro 6aHKa H3MCHSOTCS BO BPCMCHH B 3aBHCHMOCTH OT pa3HOo6pa3HblX 4aKTOpOB, TaKHX KaK: (a) 13MeHeHHS B nOpT4eie aKTHBOB, BKjElOqaI COOTHOmeHHe KpeCAHTbI/HHBeCTINHH, CTPYKTYPY CpOKOB, pHCKa, cooTHoiJcHiC aKTHBOB C 4NHKCHpOBaHHog H nfiaBaIomek cTaBKOM. (b) I43MeHeHHS B cTpyKTypC o6SI3aTCJbCTB, BKMO'aS COOTHOuieHHe ZAeCO3HTOB Azo BocTpe6oBaHHq, cpo'HuIx H c6eperaTenlImax AefO3HTOB, ,ApyrHx 3aCMHLIX Cpe,1CTB H co6cTBcHHoro KarHTana 6aHKa. (C) A[BHxKeHHC IpOIUCHTHONi CTaBKH (H3MeHeHHs B TpeHA1ax). (d) J43MeHCHeH B RCHe aKTHBOB, HanpHMep, C 4THKCHPOBaHHbIMH H n1IaBaIoNMH CTaBKaMH, cnp3Aa Ha, CTOHMOCThIO CpeACTB, H TaK aanee. 81. Bo MHorHx cTpaHax C BbICOKHM I0pogeHTOM HH4,nIHH, 6aHKH He 6bIH rOTOBbI npOH3BOHTb KpeAHToBaHNH HO 4)HFKCHpOBaHHOA CTaBKe (a BKnaA.NHKH He 11PHHHMaAH 4IHKCHPoBaHHbIX CTaBOK ino zeno3HTaM). KorzAa HH4ASMIXHS ConpoBo)KAacTCS IHOJIHTHCCKOrl H 3KoHoMHqeCCKoi HCcTa6HjibHOCTbIO, IpOrH03HpoBaHHC ripOiCHTHbx CTaBOK CTaHOBHTCS npaKTH'qCCKH HCB03MOXHLIM. YnpaBneHHe aKTHBaMH H riaCCHBaMH 6aHKa ,AOJDKHO, CfleAOBaTeCbHO, B 24 MaKCHManJbHO B03MOXHO CT-reieHH CTpeMHTbCq K 6aJiaHCHpOBaHHIO no CpOKaM nopT4IeAs aKTHBOB. 82. I4meSI Ha 6aJiaHce aKTHBbI H naCCHBI C 43HKCHPOBaHHOii H niIaBaIOuleii CTaBKOH, 6aHK MOxKCT OKa3aTbCS Hecnoco6HBIM c6anaHcHpoBaTm no CpOKaM BCe aKTHBbI, npHHoc5nijHe Aoxoiu. TaK KaK y 6aHKa eCTb HeKOTOpaR cBo6oIa Bb6opa MGc)y HHMH, eMy CAimyeT nOJIHOCTbIO OCO3HaTb B03MoXHbHM nOCJiC1CTBH5I HeC6aJaHCHpOBaHHorO ITpHBIIeCqCHHS 4OHAOB, H IOrT8rraTmCs KaK MOxHO ToqHtee npeACKa3bIBaTb npiOxlHTHLI CTaBKH. ' 83. Pa3JiH'HLIe KaTerOPHH 6aHKoB o6bIrqHO HmeIoT pa3m.qHHbe ypOBHH npolxeHTHorl MapxH. B 6onbxnHHcTBe 3anaAHHx CTpaH MeAKHe 6aHKH HmeIOT 6onblnIyIo npo1leHTHyio Mapxcy, qeM KpynHLIe. Ha TO ecrB £Be npHqHHI. Bo- nepBbLx, MejfKHe 6aHKH o6biqHo HMeCOT 6o0minyio Aonio ,AeiieBuX" OCHOBHNIX AenO3HTOB no OTHOICeHHIO K aKTHBaM no CpaBHeHHIO c 6o0b3 mH1 6aHKaMH, KOTOPbIM qacTo npHXOAHTCSi noKynaTm 6oAmuyIo qacTb nacCHBOB. Bo-BTOpbIX, MejiKHe 6aHKIi 'aCTo AaIOT HH,HBH,yaJbHbe CCyAu He6ojThmoro pa3mepa noTpe6HTeiLiM, KOTOpbIC qaCTO Hecyr BMICOKHrl pHCK H, CAe,eOBaTe3ibHO, Tpe6ywOT 6o0ee IllHPOKoro cnp3,ga Ha, CTOHMOCTmIO pecypcoB. (TaKHe 6aHKH, no KparlHH MepC B CIIIA, MOJKHO HarITH B. He6OJIbIIHX. HaCeieHHUX nyHKraX B ce.ibCKOXO3,qr4CTBeHHUx paIkOHaX, rAc 6aHKOBCKaSi KOHKYPCHIIH51 orpaHHqeHHa.) 84. B nocne,me rO,L1 Bo3pocICee BHHMaHHe y,AenOCb Ha 3anaAe Kpe1HTocnoco6HOCTH OTarCibHbIX 6aHKoB, oco6eHHo 6o0mHNx MHorOHaLHOHamJHbIX 6aHKoB. B CBSI3H C TeM, 'ITO OHH BpeMS OT BpeMeHH HCIIOJb3YIOT pbHKH aorAOBUX o6sI3aTenbcTB (o6tHraUIHH), qTo6bi yBeJIHqHTh pa3Mep o6sI3aTenbcTB (T.e. pacmpwm KpeIHTHyIO MOIIXHOCTh), HX KaqecTBo KaK 3aeMI)KOB O04HixHaJ1bHO YCTaHaBAHBaCTC5 He3aBHCHMIMH pCIRTHHroBbIMH arCHcTBaMH. 9TH periTHHrH nepHoXHIqecKH nepCCMaTPHBaIOTCSI H, B 3aBHCHMOCTH OT BbIBOAOB, H3MeHSIoTcSi BBCPX (6o0ee BbICOKHiA pei4HHr) Hum BHH3 (6onee HH3KHf1 peiRTHHr). PerTmHrH MoryT 6bITb H3MeHeHbI BHe3anHO, HanpHMep, KaK pe3y.1bTaT HeOxHIaHHbIX 6AaronpH.sTHbux HJIH He6faronpHsrHbIx c061rHui mH r1poHcmecTBHi. as TaKHX 6aHKoB ixeHa 3aHMCTBOBaHHS CpeCCTB Ha pbIHKe B 3HaqHTembHor cTerieHH ycTaHaBJIHBaeTCS1 HX peiTHHrOM, pa3HHIXbl B ripOaeHTHb1X CTaBKaX Ho 3ai{MaM 6aHKoB C pa3H'qHbIMH peiTHHramH ny6jmKyIOTCS B 4)HHaHCOBOIR npecce. 3m pa3HHiLbI npoxOeHTHbIX CTaBOK MOMT H3MCHSRThbC5 Co BpeMeHeM, OTpaxcaq pa3aHtqHbIe ycJoBHS crIpoca H rpeAnoxeHHA Ha OTrreAbHbIX pbIHKaX Ai HHCTpyMeHTOB c paaiHqHbiM peCTHHrOM (cerMeHTauiHi pbiHKa). CM. IlpHIoxKeHHe 3.2. 85. KpoMe H3MeHAiOWHXCSI pa3HHLX B IIpOLeCHTHUiX CTaBKaX MecWy WByMSI KJaccaMH o6nEHraLHfi, o6paTHTe BHHMaHHe Ha 6oflbIlyio pa3HHI.y H CrIp3I MexCy o6nIHraUHsIMH C HH3MHM peHTHrOM. 3m pa3HHiUbI IOKa3bIBaIOT, 'qTO RCM BbILIe PHCK f)I5I HHBCCTopa, TeM 6onee 'YBCTBHTeAbHbIM OH CTaHOBHTCS K PHCKY IH K aeUCTBHTenbHbIM HJH KaxIyIiHMC5i H3MeHCHHIqM Ha pbIHKe, B KaqCCTBe 3aeMUIHKa, H B ApyrHX HmeIOOIHX 3Ha'eHHe 4)aKropax. 86. YnpaeAenue "zanoM" (aepbgyoM). YnpaBieHHe pa3pbOBOM MOxKHO onpeAerHTm KaK yrIpaBAeHHe .aHHbIMH YPOBHAIMH aKTHBOB H riaCCHBOB, q'BCTBHTeAbHbIX K H3MeHeHHio ripOLieHTHOlr CTaBKH, Ha 6anaHce 6aHKa. HMn KaK CrpaTermio 25 MaKCHMH3allHH rIpoiUeHTHoM MapxcH B TeqCHHN INHKa H3MeHCHeHI npofleHTHol cTaBKH. Onpe,LeAeHHe rena CMOTPH B naparpa4e 74. (a) AKTHBbI C H3MmeHmOUICecs CTaBKOI4 nTIeBbIMajOT naCCHBbI C H3MmeHmOIudCiS cTaBKOff (nonoxwrTeabHbM "r3n") (i) C riaAeHHCM npoieHTHOri CTaBK naAaeT npoieHTHc a Mapxa. (ii) C pOCTOM npOUCHTHb1X CTaBOK paCTCT MapxCa. (b) IaccHNBM C 3MmHSOiiiemCS CTaBKOri npeBUaIiiaioT aKTHBM C H3MeHAoNeRCs CTaBKOft (O'pHuaTmHbilt "r3n") (i) C ri,aACHHCM nPo1CHTHuX CTaBOK mapxca paCTOT. (ii) C pOCToM flpO1CHTHbIX CTaBOK Map)Ka naAaCT. 87. CTeneHb npoileHTHoro pHCKa, T.K. OH BAHACT Ha ripOUCHTHylO MapXCy H Cnp3., 3aBHCHT OT pa3MepOB pa3pLBa H OT HanpaBjieHH, CKOpOCTN H g[HTeJIbHOCTH H3MeHCHHSI npoUeHTHOri CTaBKH. 88. OnrmT nOKa3mBaeT,. ITO.; KOHIenIUHs INHK3a . npoixeHTHoi. CTaBKH ropa3Ao. npoIUe B TeOpHH, qCM nO,`TBepXCAeHa. AicTBHTJIbHblIM ABIXeHHNM npOIXeHTHLX CTaBOK B TedHf t enOBoro lHJlIa (nporsrDKeHHocTh BO BpCMeHH KOTOpOrO TaKwCe TpyAHO H3MCpHTh). KpO`rKO rOBOpsI, TPyAHonpeAcCKa3yeMocTh AB)KXCHHS npOixeHTHOr CTaBKH H pbHKa o6inraiNHf He pa3 noATrBepxajiacb. KaK 6Li TO HH 6bu1o, ABHxKeHHH flpoueHTHbIx CTaBOK H pbuHKa o6AHrailHi oKa3amcCb 6onee npCACKa3yeMbIMH, qeM Kone6aHHS pbiHKa aKiNHH. 89. YcnemIHoe ynpaBnieHHe "r3noM" Tpe6yeT ycneumoro npe,AcKa3aHHi 6yAynxzx ABHxCeHHAk npoixeHTHori CTaBKH. KaK noKa3aHO B IIpHjIOxeHHH 3.1, TOIHoe npexACKa3aHHe KpaTKOCpOqHbIX CTaBOK 3aCTraBHO MeHeAXIMCHT He 6a.naHCHpOBaTb 18O-#iHeBHaIN KpCZHT, a co3AaTb pa3pbln, KOTOpbIA BCACT K pacumpeHHio npoLcHTHOH MapxK. 90. ,1ipyroNi npHMep ynpaBAems "r3noM" noica3aH B fIpHAoxceHHH 3.3. KaK nepBMN Imar, aKTHBbI H o6gl3aTmnbCma pa3,AZCHHi Ha TplH xaTerOpHH: c6a.naHcHpoBaHHMe no CpOKaM, Ko3ie6moHccSI H 4NHKCHpOBaHHLIC. 90-AHeBHnI KpeAHT C noraImeHHeM O,HHM nAaTeXCoM, npoJcHTHaSI CTaBKa no KOTOpOMy CBS13aHa c 90-iHeBHHofi npOLIeHTHONk CTaBKOri no Aeno3NTam rpeAcTraBSeT onepaIlHno co c6ajiaHCHpOBaHHbIM no CpOKaM 4)HHaHCHpOBaHHeM. CiejnKa C H3MmHe llericS CTaBKOii qacTo 6biBaeT C6aIaHCHpoBaHHofN, HanpHMep, AByXAeTHHfi KpeHT c flepHoAHUecKHMH n1aTeXcaMH Ha noraiineHHe HNH 6e3 HHX, HO C nepHoAHqccKHM, HanpHMep, exCeKBapTaibHhlM, J1CpeCMOTpOM npO1UeHTOB. qITO6bI H36excaTb ripoxeHTHoro pHCKa, KpeAHTOp MOXCeT npHHATh pemeHNe c6aJIaHCHpoBaTh 3TH KpeAHTi (c6aiiaHCHpoBaTb cymmi, CpOKH, Aami nepecmarpa npogCHTHblX CTaBOK nTo npiAo6peTeHHbIM ACHbraM, qTo6bi o6ecneqHTm pecypcaMH KaXJUTI COOTBeTCTByiOIuHfH CerMeHT KpeAHTa). 91. He Bce orepaixHH C H3MeHSoieACSc CTaBKOfi nIO3BOAOT npOBCCTH 6aAaHCHpoBaHHe no CpOKaM. KpeAHT, CTaBKa KoToporo ocHoBaHa Ha CTaBKe pe4)HHaHcHpOBaHHNs ieHTpaibHoro 6aHKa, HO KOTOpbN 4)HHaHCHpyCTCH 3a CqeT 26 TpeXMeCsqHorO .genO3MTa, o6bmHO zaeT "r3 . HaKOHes, cyiuecTByiOT cAenIKN C 4HKCHPOBaHHOH CTaBKOH, Kor.a Kpe HTbI C 43HKCHPOBaHHO4 CTaBKOiN COqeTaEOTCS c o6Si3aTeAlbcTBaMN C 4IHKCHPOBaHHOA CTaBKON; B AaHHOM cAyae "r3n" (pa3pbIB) MOxeT 61Tm Co3AaH HJH He Co3lIaH, B 3aBHCHMOCTH OT CTeneCHH c6anaHCHpOBaHHocTH nIo cpoKaM. 92. B pe3yJlbTaTe BO3HHKHOBeHHS cHTyaYiHH c "r3nOM" B rlpHAOJoxHHH 3.3., MeHe;pKMeHT 6yieT ynipaBumTb aKTHBaMH H o6sl3aTeCibCTBaMH B 3aBHCHMOCTH Or nporMo3a npoIueFmIoR cTaBKH. Ecim,- HanpHMep, oxHaeTq riaJreHHe IlpoixeHTHb1x CTaBOK, Heo6xoAHMo yBeiHqHHTB AoMo IIpHBjCeeHHuX 41oHAOB C H3MeHqIO4UCrICq CTaBKOH B riopT4,eAe H yBCJIHqIHTb AOjfO aKTHBOB C 4JHKCHpOBaHHOfi cTaBKOri, H, TacKHM o6pa3oM, yBejIHqHTb qHCTyIO npOleCHTHyio Mapxy. Kopo'e rOBOps, 6aHK 3axoqeT 3MeHbHT pa3Mep IlOCOXHCTeC3bHOiO r3rIa" (200 MiH. py6.) Him, eCJIH y HHX y)Ke eCTb oTpHuaTeCrbHbmf "3rI", TO yBeAIHqHTb cro. ECJIH nporHo3 roBOPHT 0 IIOBbUIICHHH I1pOICHTHIJX CTaBOK, TorAa MCHeJKMeHT 3axoqeT YBCflHqHTb nopT4eAIb aKTHBOB C H3MeHSHoLeic3i CTaBKOH H yBeCiHqHTb AjOjIO peCypcoB, roIyqeHHbDX rIo. (,HKCHpOBaHHbIR HpofleHT, T.e. yBeJHqHHTb pa3MCP HOAO)IzHTeCAbHoro "rria". IIoc.ne1H,3 cwTyaUHS rioKa3aHa B IpJIHAOJKCHHH 3.4. 93. B ripHsBe,eHHoM BBIIUC rlpHMepe MeHeA;xMCHT CyMeC 3HawHTejibHo yBeniHqHTb pa3mep crip3f,aa H qHCTOfi npolIeHTHof MapxKH. Pa3yMeeTcu, ecCiH 6bI nporHo3 npoieHmoM CTaBKH oKa3aCSl omH6o0HbIM H cTaBKH H3MeHsIAcb 6bI B nIpOTHBOIIOJOXHOM HanpaBIeHHH, TO pe3yAbTaT 6bIJ 6bI npoTHBoIIOoXoHbIM: pe3KO yMeHbiIiolIlHi4C.q nOJIOHKTeAbHbIXi "r3n", a TaKoxe na,zaioue C11p3A H fpOucHTHmSa Mapxca. 94. Heo6XOAHMO 3aMeTHTh, wTO fOprHO3bI He npeBpauIaIOTCi HeMG;1eHHO B aericTmTeJibHbie H3MCHeCHHS cTaBoK. B TO BpeMs_, KaK HanpaBnieHHe H3MeHCHHS IIpOueHTHbIX CTaBOK MOxCeT 6bIm npeXcKa3aHo ripaBHJIbHO, BpeMS npeAnoonaraembIx H3MCHeHH4 MOxCeT 6bm onpejZeneHo HCTOIHO. BpeMeHHoi4 acneeKr nporHo3a 5IBJSeTcSI caMbIM TpyAHOrlpeAcKa3yeMLIM. fIpHMeHeHHe c-rpaTerRH Tpe6yeT rPOUeHTHbIX UHKJIOB, KOTOpbie 6bIMH 6bI ,OCTaTOqHO MHTCAbHMMH, ,jLl TOrO, 1qTo6bI BOCriOAb3OBaTbC! rIIpCHMyiXCcTBOM H3MeHCHHI cnp3qAa. HaKOHeti, peaJIbHbIig MHP He Aaer 6aHKaM HeorpaHHqeHHoi I rH6KoCTH B BbI6Ope HCTOTqHHKOB 4HHaHCHPOBaHHS1 H o6ieIToB KpeIHToBaHHS; 4)HHaHcoBbIe pbIHK HecoBepIIeHHbI, a 3aeMHKH - BCe 6onee HCKyCHbI, H qacrO HX nporHo3mI COBInaAaioT c 6aHKOBCKHMH. 95. Cmpamezuu '"zna" A Toro, qTo6M nOJIHOCTh6IO HcnO.lb3OBaTh YIpaBneHHC "rsnoM , pa3pa6oTaHbI HeCKOJ!bKO cTpaTerHi "r3na": (a) rIonepXKHBaTm HBCpCH4)HIXHpOBaHHfi[ no CTaBKaM, CpOKaM, CeKTopaM X03.IHCTBa nOpT4)eAb aKTHBOB. KpoMe Toro, BbI6HpaTh KaK MOxHO 6o0biue KpCAHTOB H IeHHLIX 6ymar, KOTOpbIe MOxHO AOCTaTOqHO AIerKO peaIH3OBaTb Ha pbIHKC. (b) Pa3pa6oTaTb cneiHan.bHmCe nAaHbI onepaluid p.n1 Ka=oif KaTeropHH anKHBOB H naOCHBOB AIM KaxKoror nepHo,a ,ejioBoro LiHKAa, T.e. pelHHTh, tlTO nejnaTb c pa3HbiMH aKTHBaMH H riaCCHBaMH npH AaHHOM YpOBHe npOIeCHTHbIX CTaBOK H H3MeHeHHH TppeH.OB ABHxeHHS CTaBOK. 27 (c) He CTOHT CBmI3MBaTh KaKOC H3MCHCHHC HaIIpaBJICHHI ABKCH cTaBOK C HaqaAOM HOBOrO IHKna npOieCHTHbX CTaBOK. 96. Ip1HMCPBI cTpaTerHl Ha pa3HUX 3Tafiax IHKJia iipoLxcHTHbx cTaBOK cJIezLy1omxe: (a) nepBnir 3Tan: MH3Me npoueHTnme craniuH (oxHaeTcs pocT): (i) YBeIIHqHTh CpOKH 3aCMH,blx CpeCcTB, (ii) CoKpaTwm KpC,rThI C 4IHKCHpOBaHHOft CTaBKOft, (iii) CoKpaTHTnb CpOKH rIOpT4CeS HHBCCHIXHA, (iv) rIpoAaTb HHBeCTH1H (ueHHm e 6yMarI), (v) rIOnyH 1[ojirocCpoHmbie 3a4MhI, (vi) 3aKpbIm KpeAllTHBIe AHHHH. (b) BTopoAi mun: pacnmHe npopemmmue casuB (ox=aeTcs AocCKxeHHe BepuIIIHBI B 6MIHxaIKieM 6yAymeM): (i) *Haqa.m coKpaigeHHe CpOKOB 34CMH1JX.CpVCCTB, (ii) HaqaTa yAImRIIThb CpOYII HHBeCThIxHfi, (iii) IfoArOTOBHTbCSJ K HaqaiY YBCJIHqCHHR AOJI. KpeAHTOB c 4HKCHpOBaHHOM CTaBKOk, (iv) rIoAroToBHTmcq K Haqaniy yBeAH'eHM AOJ HHBeCTHJXHA B UCHHme 6yMarR, (v) PaCCMOTpCTh B03MOXCHOCTh AOcpoqHoro rnorametHHs 3aAoaDKeHHOCH C 4HKCHpOBaHHbM npolReHToM. (C) TIeMi 3mu: BRICOKHle npOienmue c111ICI (ox=aOTcS HX CHHXCHHe B o603pHMoM 6y~yueM): (i) COKpaTHTh CpOK 3aeMHNX CpeACTB, (ii) YBemsHqHTb AOJIO KpeAHToB C 4HKCfpoBaHHoA cTaBKOS, (iii) YBOMIMM CpOKH IIOpT4XI HHBeCTH1HR, (iv) YBoeHIwHTb pa3MCp rOpricaLs HHBCCTMIXH (C 4IHKCHpOBaHHOrl CTaBKOR), (v) 3anviaHHpoBaTm 6yzyuio npoAaxKy aKTHBoB, (Vi) CKOHileHTpHpoBaib BHHMaHme Ha HOBbX KpCAHTHblX MHHHIX AL KJHCHTOB. (d) IeTmepmii 3Tan: naiiaiomnHe noueHTHbie craluK (oxHAaeTcs3 AocTHxeHHe MZHHHMyMa B 6nxrJcai4meM 6yAyieM): (i) HaqaTb yAmHHrm CpOJH 3aeMHbJX CpeACTB, (ii) HaqaTh COKpaLiIxHHe CPOKOB HHBeCTHIHiH, (iii) HaqaTb yBeIHqeHHC AOJIH KpeAHToB c nepeMeHHoM cTaBKOi, (iv) HaqaTb coKpau4eH}He lHBCTHIfA B IleHHme 6yMarH, (v) Bbi6opOqHo npoAaBaTm aKTHBbI ('C 4HKCKpOBaHHOA CTaBKOIR HJH AOXOAOM), 28 (vi) HaqaTb LiaHHpOBaHHe yBeBCiqeCHHSI 3OjiroCpOqHOfN 3aAo3DKeHHoCTH (c 4HKCHPOBaHHOrI cTaBKON). 97. npH paCCMOTpeHNH BmIlleHpHBeCeHHNX cTpaTerHl BaKHO riOMHHTh nepBooqepeAHyIo 3azary 6aHKa B nio6oe BpeMS: yBeiHqHTB qHCTyio rpoiLeHTHyio MapXCY B paMKaX yCTaHOBjieHHMX riOJIHTHKOH 6aHKa napaMeTpOB pHCKa. nlponeHTHme CTaBKH H CTeneHib pHCKa, ipi4cyiai ai KTHBaM H naCCHBaM - 3TO nepeMeHHbie BeJIHqHHbI, onpeAeniAembie BHeIIIHHMH cHJIaM, Ha KOTOpbIe oTrejibHbIN 6aHK He MoxIeT nOBHnITb H 6yAyiuee HaiTpaBjieHHe KOTOpbIX TpyAHo npeAcKa3aTh. CuieCOBaTejThHO, ynpaBjieHHe aKTNBaMH H o6SI3aTeCbCTBaMH - 3TO HeripepblBHLIH npoiuecc, Tpe6yio=HH IpNHBjiexCeHHS HaH6oAee nOArOTOBAeHHNX H OrIITHLIX Ka8POBbIX peCypCOB 6aHKa. NacTHbIN lpHMep Toro, KaK 6aHKH MOryT H3MepHTb YPOBeHb KyBCTBHTCJIbHOCTH npOiCHTHbIX cTaBOK, COOTHOCI HX K "rny" no pa3HbIM KaTCropSiM CPOKOB noraIueHHs1, pa3o6paH B nlpHuoxceHHH 3.5. 98. O6paTHTe BHHMaHHe: npH6bmIbHocTb 6aHKa ycTaHaBJIBaCTCq He TojnbKo ,qCTOH ripOueHTHOH MapxoH H KOHTpOjieM 3aTpaT, He cBq3aHHUIX C Bb=IaTONi npoLieHTOB, (BK xioas pe3eps HeyniaTmI KpeCHTOB H CnHCaHHS), HO TaiKCe c rionyqcHHeM ,oXoAa, He CBq3aHHoro c npoIxeHTaMH nO KpeAHTaM, T.e. BO3Harpa)KAeHHi H KOMHCCHOHHbX, AOXO,OB O0r onepaI4HN C HHBaJIOTaMH, H T.A. B 3Ha,HTeCAbHo CTH ereHH noTeHiHanI noIy'eHHS npH6LIH 3TONi KaTeropHH onepaLuHr oHpegenIeTc.q ripaBHj[aMH rpaBHTeCcTBa H fleHTpaAbHOrO 6aHKa, KOTOpbIe onpe,eSAsoT c4epy e5TCeAbHoCT 6aHKa. TaM, rAe 3aKOHoAaTeCJTcTBo HO3BOASICT KOMMCpqeCKHM 6aHKaM OCYlllOCTBR3ITb onepauzHH TOprOBbIX H/HAI HHBeCTHNHOHHbIX 6aHKOB, o6beM Aoxola O0r onepaLUHNN, He CBI3aHHbIX C npoiJeHTaMH no KpeuRHTaM, CTaHOBHTCSI ,OBOJIbHO 3HaIHTeCAbHbIM, H MOCeT CAyXCHTb 3ACMeHToM cTa6HAH3axHH ARoxo,a H pHCKa. IV. lbhloqepcb npoieHTHou cTrAKm H xeAxmpoBaHHe 99. KOHUinNHH npOiXeHTHbIX TbhIOqCpCOB H XeNpIHpOBaHHS npuMO CBA3aHw C ynpaBAeHHeM npouCHTHbIM pHCKOM. OHH CBS3aHbI Mex)y co6o0l: npo1xecc Xe,XKHPOBaHHS1 BKAIOqaCT HCIOAlb3OBaHHC 4TboIqepCOB, XOTSr 4TbIOqepCb He Bcer.a CBA3aHHI C xeAHpOBaHHeM. B TO BpMem KaK 4TboIqCpCbi M UTCSI 4)HHaHCOBbIMH HHCTpyMeHTaMH, KOTOpbIC npAORaOTCJI Ha CrielH4afHbIX PbIHKaX (pbIHKaX 4mIotqepCOB) Be3Ae B pa3BHTOM MHpe, XeAxKpOBaHHC - 3TO npouecc HNi IleOfTC.eibHOCTb, CBI3aHHaS C 4mIOqepCaMH. 100. Xedxcupoeanue. 3Ta Ae5TCejnHocTb onpeAemseTcs KaK ripoilecc, rIPH KOTOpOM PHCK H3MeHCHHSI B 6yAyiueM iJCH Ha N3NHqeCKHe Him 4)HHaHCOBbIe aKTHBbI HNIn naCCHBbI MOxCCT 6bITb IIOJHOCTbIO HJH IaCTHIHO A HKBHAHpOBaH ryreM 3aKAIuoeHHS cornaIiieHHs c TpeThefl CTOpOHOR, no KOTOpOMy nepBoHalaJIbHaS cAeJIKa no npHO6peTeHHIO aKTHBOB HA{H naCCH4BOB nOAHOCThIO HJIH qaCTqHO HeflTpaAIH3yeTCS *pOTHBOnOAO)KHOii cAeJIKOA. 101. rIpHMepoM xefNAKHpOBaHHS MO)KeT CAYXCHTb Kpe,HT c noToAKoM npogieHTa. 3aeMuIHK 3aKyioqaeT Kpe,HTHOe cornaUieHHe c 6aHKoM, cornamaiicb Ha niaBaioiiyio CTaBKy. 3aeMIUHK peinaeT coKpaTHTh npoixeHTHINi pHCK, nony'as IluanKy" HJH nOTOJIOK - MaKCHManbHyIO CTaBKY, KOTOpyJO 6aHK MOJKXT B3HMaTE B 29 TeCqeHKe cpoxa AeficTBHq KpelHTa. Kpez,Tyionf 6aHK, cornaiuaacb Ha InOTOJIOK, B A2efCTBHTeCmHOCTH nepeBOUHT qacm npOixeHTHOrO pHCKa C 3a MLltKa Ha ce6f. 3a 3T0 6aHK o6LqHo B3HMaCT rLIaTy, o6brmHO B 4OpMe 6o.nee BMCOKOAi IIpOUeHTHOM CTaBKH, T.e. yBemHHBaq InpoileHTHbiA Cnp3Z HaA CTOHMOCTio pecypcoB AAR 6aHKa HimH ApyroM 6a3oBofA CTaBKOAl. 102. Ob,oveDpc. TepMHH '4mIOqCpC" OTHOCHTCR K CneUIH4,HqeCKOff 4XopMe 4)opBapAHorO KOHTpaKTa, T.e. coriiaiecHHs MeKAy npOAaBUOM HIH noKynaTieaM 4)H3HqeCKOrO TOBapa Him 4)HHaHCOBOrO aKTHBa C OHHOtf CTOpOHb H KpHHrOBOR naAaTOti 4ThIOqepCKOft 6HRp C Apyrok CTOpOHbI. rpeHMHyiCCTBO 4ThIOqepCHOrO KOHTpaKTa COCTOHT B TOM, ITO CylerCTByCT BTOpHNH4 pbIHOK AIfL TaKHX KOHTpaKTOB - B OTHHlWme OT 4,OpBapAHW( KOHTpaKTOB, ARAKCKOTOPbIX TaKOrO p&HKa He cywUeCTByeT. 103. (DbMoqepcHbie 6Hpx - 3TO nOMlA3yI0HCCH 3HaqHTejibHbIM aBTopHTeToM qacTHbIe HHCTHTYM cpoAHH 4)OHAoBMm 6HpxcaM, pacnonoxceHHEe B rnaBHiIX KOMMep'qeCKHX H (DHHaHCOBb1X Uilepax npoMbffHHoro MHpa. Ham6o0ee KpyflHbIe H3 HHX SIBJLIHOTCR AC1CTBHTCJTbHO BCCMHbHIMmH 6Hpx(amH, rAe npOAaBIbI H rIOKyIIaTeAK CO BMero MHpa coBepmaIoT cAeAKH nepe,aBasi IIPHKa3bI 0 nOKynKC Hum npo,Aaxce -tueHaM 6Hpxcz (6poKepaM). HeKoTopLIe OCHOBHbIe 6HpXCH N HX oco6bxe TQBapbi BKPO'aIOT - 'llkKarcxaSI TOBapHaS 6Hpxca. (ITB): 3epHOBbLei UeHHme 6ymarH -npaBHTejncTBa CIlIA, MpOOeOTHKC CTaBKH HbIo-flpKCKaS TOBapHa.q 6Hpxa (HlT-B): MeTaJrm; MejrHapoiAHl AeHeKHbiN pbIHOK- 'qHKarCKOi TOprOBOfi 6Hpxm (MT): eBpoAoZuiapmi H HHBaAiOTbI; JIOHAOHCKaSI MexAyHapOAHas 6Hpxca (DHHaHCOBbIX 4ThIoqepCOB (JIMBDIXD): BamoTa H npoileHTHim e 4boIqepcbl. XapaKTepHCTNKN TOprOBJi 4mboIicpcaMH BKmIoqaIOT: (a) CTaHaapTH3alHqI YCAOBHNf KOHTpaKTa. KpoMe IeCHbI H 'Hcia KOHTpaKTOB, BCe YCIOBHH CTaHAapTHbIC, HanpHMep, pa3MCp KaXAOrO KOHTpaKTa, AaTI nIOCTaBKH, Map)KH, TOPrOBbIe JHMHThI H T.A. (b) HIcno.iHeHHe BCeX KOHTpaKTOB rapaHTHpoBaHO KJIHpHHrOBOA naJaToAi 6HpxcI. (c) Amu aKTHBHO npoAaBaemiwx IIpoAyKToB cymecTByeT AOcTaTO`qHO o6ScMHbLi BTOpH'IHbI pbIHOK, nO3BOAIOINA npoAaTb KOHTpaKTI AO AaTbi nOCTaBKH (3aKpbiBasI nO3HIXHIO nyTCM HCnOJIHCHHS npOTHBOnOJOXHOH CcemKH). 104. H noueNmN&e &bYoieC.M rIpoieHTHmeIe 4mbo'epcu BKmIioT o6sI3aTencmTBo OCyeCCTTBHTh nOCTaBKY onpeAeneHHoro KOAH'ecTBa AaHHbix NHHaHCOBlx aKTHBOB Ha orOBopeHHYIO aTy B 6yAZIueM (AaTy nocTaBKH). TaKHM aKTHBbl MOryT BKmOqaTh npaBHTeJbcTBeHHbIe LeHHbIe 6ymarH c pa3jnIHLiMH CpOKaMH CTCTHqeHHA HIH pa3HIHMC .lfenO3HThI B BamoTe (HanpHMep, B eBpoAoAiapax, MapKax (PrP, 4yHTax CTCpJIHHrOB H T.A.) 105. C Pe3KHM pOCTOM HecTa6HALHocTH npoLxeHTHL1x cTaBOK Ha 3anaAe, yBDeiNHIqHCab p3KO H HCCTa6HjiLHOCTh JieH Ha KpaTKo- H AoJIroCpoIHble AOAIroBbe HHC7pyMeHThI. qTO KacaeTcs 6aHKoB, TO pacTymNiH cnpoc Ha AOrOBOpbI, B KOTOPLIX npoUeHTHMbie CTaBKH yCTaHaBJIHBaJHCb 3a1OjIrO AO CPOKOB AeNCTBHTeAIHOro HCnOJIL3OBaHHS KpejHTa, co3Aan COOTBeTcTBymOII=ft cnpoc Ha 34S4)KTHBHMe 30 MCXaHH3MLI XeKPMpOBaHHSI OT pHCKa HeOxaaHHEKIX H3MeHCHHH IlpoIeHTHol CTaBKH. B IIPOTHBOIIOJIO)HOH cHTyaXHH, 6aHKH c 6yAymHm npoileHTHLiMH o6sI3aTelbcTBaMH, pa3Mep KOTOPhIX He SCeH - HaflpHMep, 6aHK C nolyqeHHbIM KpCeHTOM B eBpo.oJulapax C nxaBaioiueN cTaBKoi! (B naCCHBe), CTaBKa no KOTOPOMY OCHOBaHa Ha TpeXMeCNqHofi CTaBKe B eBpoAoiLapax - MoxeT 3acTpaxOBaTmcu Or HeOnpeaeAieHHOH CTaBKH B 6yAymeM, 3aKIIIOqHB 4)boqepCHLii KoHTPaKT (CM. npH4MCp HHCKe). 106. EeDoOoiuAaDoebtu dfbldotWpCbluf KoHmDaKm. TaKHe KoHTpaKThi HMeIOT eCHHyIo HOMHHaJIbHyIo CTOHMOCTh B 1 M3IH. Jo03TAapoB CIIIA, OCHOBaHbI Ha TpCxMecCmHux eBpOOJTIapOBbEX AeriO3HTax (B OCHOBHOM MeXK6aHKoBCKHX). OHH ISHOTCS1 ORHHM H3 HaH6oJIee aKTHBHO fpoAaBaeMbX 4)HHaHCOBUX 4)BIOqepCOB, uX KOTIpOBKH exKe,CHeBHO ny6jIHKyIOTCS B 3ana4gHoH 4bHaHCoBBO0 npeCCe. 107. KoHTpaKxI HcTCKaIOT exCeKBapTa.jbHo (B MapTe, HIOHC, ceHTS6pe H ,1eKa6pe) H TOPrOBJS1 HMH IIrpOHCXOAHT exeAHeBHO. [I0THE HeT KOHTpaKTOB, KOTOpbIC BnaAeCbJTbi AepxaJIH 6bI O HaCTrexeHSi cpoKa, T.K. OHH HCrio0lb3yIOTCS B OCHOBHOM KaK CpeACTBO XeAXKHpOBaHHS. rIoCAieiHMfi zeHb rpOipoaKH - 3T0 3a ABa OnepaIIHOHHb1X H B JIoHAOHe nepeA Tpemefk cpegofli mecsa noCTaBKH. KaCCOBbIi pacqeT OCHOBaH Ha cpeAHefi TpeXMeCCqHbIX KOTHpOBOK JI14BOP rIpOH3BOJIbHO BbI6paHHbNX 12 6aHKOB H3 'Hcna 20 KpynHHIeIHMx 6aHKoB JIoHIoHCKoro eBpo,AonuapoBoro pbIHKa B rIOCACZHHHi AeHb rlpORacKH. CTaBKH 6epyrcs ,Baxgi: IIpH 3aKpbITH ToprOBJIH 4TbIOqepCaMH H B npOH3BOJbHO BbI6paHHwIH MOMeHT BpeMeHH H3 iocAeCHHX 90 MHHyr ToproBJnH. 108. flpHMep 4bioqepcKoro eBpo,onuapoBoro KoHTpaKTa. IIpe,nonoJHM, B 1991 ro,ay [IepBbIrl KoMMepqecamIi BaHK (HIKB) no,iynuH oT KoImMHeHTaJbHoro 6aHKa, 'lHKaro (KB), TpexieTHHiH KpeCHT B eBpo,ojnapax C niaBaIooivefi cTaBKoi4 Ha 1 MJIH. fAo.JapoB, no CTaBKC Ha 1 npOIueHT BbmeI 90-n1HeBHoI cTrBKH JIHBOP. C.nexyiomas AaTa nepecmoTpa cTaBKH - 16 ceHTrs6psi 1992 ro,ga, KoTopaS OKa3aJIacb TaKoKe AaToMi nocTaBKH B ceHTs6pe 1992 rosa 4bioqepCHoro KoHTpaicra B eBpozRojnapax. 109. Ha COBeCiaHHH BO BTOpHHK, 23 HIOHS 1992 roAa KOMHTCT no aKTHBaM H naCCHBaM r1KB o6cyxAan nepcneKTHBbI ipOleHTHbIX CTaBOK H eAHHoriacHo peiiiHl, ro no BcefI Bepo5rTHoCTH, 90-iHeBHrIe CTaBKH no eBpooLonTapaM Bo3pacTmT c ceroaflHlLIHero ,HA ,o Aamx noCeraBKH B ceHTs6pe c TeKywero YPOBHS B 4% rO,aOBb]X ,go 4.75% roAOBuIX. BaHK pemaeT 3aCrpaxoBaTm ce6s oTr pHCKa pocTa H npHKa3bMBaCT COTPYAHHKY KaCCOBOrO AenaprameHTa npoAaTm HCo6XOAHMbIfi TbhIOqepCHbIft KOHTpaKT. 110. Ha cieiyIowHfH AeHb, 24 HIOHA 1992 rosa, MeHCKep CBC3bIBaeTcT C 6poKepoM B 'IHKarO H y3HaeT, qTO eBpoAonIiapoBbI 90-AiHeBHbIk KOHTpaKT Ha ceHT5I6pb KOTHpyeTCS Ha MeayfHapoAHoM ACHe2HOM PMHKe C HHIeKCHOU! CTOHMOCTbIO 96.00 (oTpaxaioiieiR oxHgaHMe pbIHKOM 4% CTaBKH no 90-.UHeBHbIM KOHTpaKTaM C nocTaBKOH B ceHTr6pe). T.K. rIKB oxiAaeT poCT CTaBKH Ha 75 6a3oBbIX InyHKTOB B TexCHHe CAieyIoIUMX HCCKOIbKHX MeCqIIeB, T.C. ria,eCHHSI etHbI ceHTri6pbcKHx 4MbiotepcOB Ao 95.25, COTPYiHHK IIpHKa3bIBaeT npoaaTh aeC5rTb KOHTpaKTOB Ha ceHT516pb. rIoqemy? 31 (a) BwiuAaTa npOIUCHTOB rIKB KoITHeHHTaJbHoMy 6aHlCy npH 4% rOAOBb1x, 6yAeT paBHa 100 000 oaoiapoB 3a KBapTaI ceHTqs6pb-AeKa6pb 1992. C Apyrori cTopoHb, ecnH cTaBKa Bo3pacTCT 0o 4.75%, o6sl3aTeamcTBo Bo3pacTeT Ao 118 750 AonnapoB HAM Ha 18 750 zonjapoB 4onOIHHTeAbHo. ') 18 750 AoJIapoB - xaK pa3 TO, OT rqero 11KB XO'qCT 3acTpaXOBaThCsi. (b) MeHeipiMeHT IKB oxuHAaeT pocTa cTaBOK Ha 75 6a3OBux nyHKroB (mm 75 "raAoqeK"). KaxAwA 6a3oBM nyaHKT CTOHT 25 AonmapoB Anu 3-x MecCqHoro KoHTpaicra (100 AzowapOB B roA), 75 6a3oBwx nyHKToB, cJIcaoBaTCAbHo, cros.T 75x25$=1875$ '3a /iKoHTpaKT. 11pozaxa ACRCe KoHTPacToB AocTaTo'Ha AJ1n nIonHoro XCe,POBaHM B03MOXHOCTH pOCra Ha 75 nyHKTOB IIpOUCHTOA CTaBKH. 111. Ecnii nporHO3 11KB 6bIn npaBHAbHBIM, r1KE 3aKIO'HT cAcnKy, o6pamyno nepBOHaiajIbHof, H MM ACCSqTb KOHTpaKTOB (rT0o6m nOKpbTh nepByIo npogAaxcy) no HHAOKCHOA iieHe 95.25. TaKxM o6pa3oM, 6aHK nony'aeT npH6hLAb B 75 6a3oBblx nyHYTOB, HAHI 18 750 ,AonnapoB 3a 10 KOHTparTOB 3a OAHH KBaprTa - CyMMa, Ha KOTOpyO oxHAancS poCT npoJieHTHoro of6l3aT3imcTBa. KopoYe roBopi, 6iaroAzaps peIiueHHio O x64XcHpOBapHH4 npOxeHTHbX cTaBOK, 6aHxc cMor noAyq'JT 34OeKTHBHy)O CTaBKy, .B 4% Ha ceAymox . TpCxMecsRqHm nepHoA. BpoojapOro KpHTa. . . . .. . 112. 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IpoixeHTHmIji CBOD 115. 3a nocneAHee AecSTHaNeTe nIpoiLeHTHbIe CBoribI CTaHN OAHHM H3 HaH6ojnee 6bIcTpo pacTyinx BHAOB 45HHaHCOBuX rlpOH3BOAHUIx, HCIIOJb3yeMbIX 60JIMIIHHCTBOM. 3anaAHaX 6aHKoB. npOueHTHbIN CBOr - 3TO npOCTO KoHopaKTHoe coraJlCIeHHe Mexy ARByMA CTOpOHaMH, HarIpHMep KOMMepqeCKHM 6aHKoM H OAHHM H3 ero KOpnOpaTHBHbIX KAHeHToB, o6 o6MeHe npoijeirrmm nnuaTex3aMH Ha onpeAeJIeHHyIo, 3apaHee orOBopeHHyO 4)HKTHBHyWO CyMMy. I , 6o0ee KOHKpCTHO, OAHa CTOpOHa 3arnaTHT xApyrofi CTOpOHe 4,HKCHpOBaHHbIH ripOICHT Ha KaKYIO-TO CYMMY H nO3IyqHT niinaT6 no riIaBaIoiIeM npogxeHTHoNi CTaBKe (o6blrHo 6a3HpyIONUC5Eic Ha CTaBKC JI4BOP) OT Apyrofl CTOpOHbI. 116. Ha3HaqeHHeM nponLeHTHoro cBoTia sIBjnscTcA yAyqILeHHe yripaBBeHHA pHCKOM npouieHTHo1 CTaBKH H/HAH CHHxCeHHqs o6uEx 3aTpaT no 3aiNMy. 117. THnHnqHme xapaKTePHCTKHr npoileHTHoro cBona BKmoqaioT: (a) BenHqHHa: oT 1 000 000 $ AO 500 000 000 $. (b) CPOK: OT OAHOrO [O llRTHaAitaTH ACT, HO o6bIMHO OT AByX AO nsrr ACT. 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MexAyHapoAHbuii 6aHK (MB) npeAviaraeT ripolteHTHbIf4 CBorl KopnopaLHH AiB Aim Toro, qTo6bi: (a) npeAocraBi4m AB 6onee AeIeBbIe cpeAcTBa Ha 7 .ier, qeM 33 KopnopauHS cMorAa 6zi nonyqHm cama H3-3a cBoero HH3Koro pefTHHra; (b) 3aKpCHTL cTaBBKY 4)HHaHCHPOBaHHq Ha 6-MecRsrHmw JIH4BOP; H (c) nOAnyqI OT AS KOMHCCHIO 1.0% 3a CBOII. aim 3Too Heo6xo.gHMo npe,AnpHHSlTh cJeA oIHe IllarH: (a) MB AoroBapHBaeTcq C AojiroCpo0HbM KpexlHTopoM, HanpHMep, HHocTpaHHbiM 6aHKoM, o6 npeAocraBneHHe KpeAHTa Ha 3apaHee orOBopeHHyio c ALB cymmy (50 mnH $) no 4iHKCHPOBaHHOA CTraBKe 8.5%; AB corinamaeTCs BbfaAqHBaTh rpoileHTHim 8.5% no 3TOMy KpeAwTy MB. (b) AB o,AHoBpMeHHo BbmYCKaCr 180-AHeBHr X KOMMePYeCKHX 6yMar Ha o6uWio cyMMy 50 M.iH $ nO Pw[HOqHOti CTaBKe 3.25%; MB cornamaeTcq Bbrnna'qHBam AB 6-MecAmIiYIo CT8BKY JIHFEOP (3.5%). (c) AB BLiflxa'qHBaeT MB Bo3HarpaxAeHHe B pa3MepC 1.0% 3a o6ycrpoiRcTBo cBona e= AO 3aBepIIIeHHS cAe[KH. 119. 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BanomTHbIi pHCK CBR3aH C HeonpeaeneHHocmo 6yAyiuero ABHXCeHHS npoi[eHTHux CTaBoK, T.e. lCeHLI HaLXHOHaJT1HOfi BaiiomTi nio OTHOiiieHHIO K HHOCTPaHHIM. OH OKa3MBaCT BJIHsiHHe Ha 3aeMIUHKOB, KpeOATOpOB, HHBeCTOPOB H cneKyjLSrHToB, KOTOPLIe COBepiiiaioT CAenJKH B BaMJOTaX, OTYIHHTIX OT lr X HaUHOHajibHOR BaHOTi., 122. 3aMeqaHHe: no onpeAejieHHIo, BamloTHIA PHCK He CyiLeCTBYeT B CTPaHaX, rge 3aKOHOAaTeAbCTBO 3anpeiiaeT CAeIKH, CBS13aHHMe c o6MeHoM HaLxHOHaABHOfk Ba2MThI Ha HHoCTpaHHbIe. 123. BaJno¶THbik pHCK MOxHO pa3eC3IHTh Ha TpH B3aTMOCBq3aHHMe KaTeropHH: (a) 3KOHoMHtecKHfi DHCK: pHCK H3MeHeHHS CTOHMOCT aKTrHBOB H/RnR naCCHBOB 4)HPMM (Hmi 6aHKa) H3-3a 6yAymHx R3MeHeHHRl Kypca. (b) PHCK nepeBona: HMeeT 6yxraATepcKylo ipHpoAy, CBq3aH C pa3JnHIqS1MH B yleTe aKTrHBOB H riaCCHBOB B HHOCTpaHHORi BaiOTe. (c) PHCK caeJloK: HeonpeAejieHHocTB CTOHMOCTH B HaiRHOHa1[bHORk BaJioTe CAejiKH B 6yAylueM, KoTopaq AeHOMHHHPOBaHa B HHBaiioTe. 124. 3KonoMuuec,Ku DUCK (a) £IAsi bDpMbl. COBpeMeHHIik rlO=XOA K 43HHaHCaM KOpriOpalRHfl H3MCpeCT CTOHMOCTb 4HpMI, HRH ee aKTHBOB, KaK COBpeMeHHYIO CTOHMOCTb oxHAaeMoro 6yAyLuero noToKa IuaTexceM. B TOIR Mepe, B KaKORi BCe HuH qaCTb 3THX nuiaTexKer 6y,yr B HHBaJOTe, CTOHMOCTb aKTrHBOB 4IHpMbI MoxeT MeHITbCS B 60o1bm0 HJH MeHbIIIlO CTOpOHY (B HaLIHOHaLbHOR BajilOTe) H3-3a 6yAyIuWX H3MeHCHeHi BaJiIOTHOrO Kypca. 3To TaIcKe OTHOCHTC5I K HHBeCTOpaM, 3apy6excHbIe HHBeCTHIRHH KOTOpMwX - aKIHH HJIH AoArOBbIe o6sI3aTenbcTBa - r[pHHOCSIT AOXOA B HHBaAIOTe. (b) Lniq 6aHKa. iI5Is 6aHKa HHBeCTHpOBaHeC B 3apy6excHbe aKTHBbI, HarlIpMep, Bbitaqa KpeAHTOB B HHBaAIOTe, pecypcbi ARA KOTOpbIX npHB3ICeCHbI B Hail. BamioTe, 6y.UeT BJ[HTb Ha pa3Mep 6yiAyuiero noTOKa lnIaTexKei, BbIpaXCHHbIX B HaUHOHaAbHOr BaJIIOTe (H3-3a 6yAyuXHx H3MeHeHHRR BaJIOTHOrO Kypca). KpoMe Toro, pa3Mp InoraCHTeJIbHblX rIAaTexceRi no 3THM KpeXHTaM 6yAeT H3MeHHTbCH IIpH IIepeBoAe CTORMOCTH HHBaiioTbI KpeAHTa B 3KBHBaJeCHT B HaLu4OHaJlbHOIR BaJMOT. 125. PucK nepe6oda. KaK As 4)HpMbI, TaK H AiJI 6aHKa, pHCK nepeBoAa 3aTparHBaeT 6aJiaHC, H3MCHAIq CTOHMOCTh aKTHBOB H IIaCCHBOB. EciR npOHCXOAHT 37 IIaACHHC KypCa HHBaJOThI, B KOTOpOA BMipaxeHbI 9TH aKTHBBI, TO naAacT CTOHMOCTh aKTHBOB; BejHqHHa aKTHBOB yMeHbMIiaeTCA H, HCXO.1 H3 paBeHCTBa aKTHBOB H naCcHBOB, riaAaeT pa3Mep aKUHOHePHOrO KarIHTaAa 4)HpMbi/6aHKa. 126. PHCK nepeBoAa H ero BIHRHHO Ha 6aJraHc 4HpMEI/6aHKa npeAraBsaeT co6oi 6yxraITcpcKut4 34XicrKT, HO MaJO HIH COBCeM He ocpaxcaeT 3KOHOMHeCCKHfl PHCK 4)HpMBI HJH 6aHKa. Bo.nee BaxHbM C 3KOHOMHeCCKOfi TOqKH 3peHHS qBJJICTCq pHCK cAe[KH, KOTOpbifM paCCMaTpHBaCT BAIHKHe H3MeHeHSI BanIOTHOrO Kypca Ha 6ygynH}i nOTOK nIaTrexcei H, cAeAoBaTeCmHo, Ha 6y[yWylO IIpH6WhHOCTh 4HpMU Him 6aHKamO. 127. Pucx c0emu. H3MeHCHHS B npH6bLIIbHocTH HPMpM o3HaqaloT H3MCHCHeH B CTOHMOCTH 4HPMbI H, cAeQoBaTcnbHo, B ee KpeAHTocnoco6HocTH. amJu 6aHKa nO3TOMY OqCHb BaXKHO 6bm B KYPCC BamOTHbIX cejioK KnHCHTOB H HX BJIHAIHH Ha CTOHMOCTI H IIpH6bLIbHOCTh. 128. OqeBHAHO, qTO 4)HpMm H 6amci - a HHorAa H 4)13HTqecKHe .mua - 3aKjIIoqaIOT BaJIOTHbIC CACJKH C eJIblO H3BjieeCHHS1 AoXoAa. (DHpMN MOryT HYXAaThCA B nOKYnKe HuHnHu OyeHHH B3a4MbI HHBamOTbI AJI1 HMIIOpTa CbIpbA HiH rOTOBOi npOX;yKUHH. 9KCInopTCpaM MOxCT 6bIm Heo6xoAHMo npoAaTm BauIOTy, nonyqeHHyIo B. PC3yJMTaTC rIpOAauH nIpO-yKIUHH 3a- py6exCoM. KpoMe Toro, 4bpMaM H 6aHKaM MoxKeT 6bmI HyHa .KyrLneHHas unu nonyKeHHaS B KpeAHT BamoTa AJS HHBeCTHPOBaHHA B 3apy6ebxHhle oIIepaUHH. OHH Moryr BjOJoHTbh Cpe,ACTBa B AOCraTOTHO HeCHKBHAHbIC AoXoAHbie aKTHBbI, KOTOpbIe rlpHHeCyT OHIaeMbLit npHBJIKaTeiibHbIi naOTOK niaTexefu B OAHHOt unu 60nee HHBamoTe. 129. Ba3ioTHbifi pHCK HMeeT MHoro o6iiero c IInpOUHTHBIM pHCKOM. 06a BKiIIoTalOT 3neMeHTbI CeHbM H CTOHMOCTH H, CAeAOBaTeCabHO, 6y,uIyHX AOXOAOB HuH y6bMrKoB. cDaKropbi "1leHu" o6o0x HAcTHTHbH - 3TO CnPOC H npeGjoxcHHe (Ha HHBamOTy HJIH KpeATh), Ha KOTOpbIe cHAbHoC B3iHHHe oKa3bIBaCT BHyrpeHHlS H BHCIIIHH%I AreHCKHxaA nIOmTHKa. KopoTKo rOBopl, IIpOgxHTHUI4 H Bam1oTHbIi pHCKH TeCHO CBl3aHbI. II. BamoTHme pHcKm H onepaiuml 130. BamTHMIe pbIHKH OTHOCsITCq K IHCJIy BHe6HpxKeBbUX (T.e. He cymIecTByeT eAHHOrO MCCTa BCTpeTqH TOprIOBIICB), Ha KOTOpLIX OAHa KOHBopTHpyeMaS BaIODTa MeHSITCSI Ha Apyryio, HanpHMCp Aonnap/HeHa, mapKa cDPr/@paHp3CKxHi 4)paHK, H TaK ALafee. Y1aCTHHKaMH phlHK Ba JwlOTCS 4)H3HqecKHe CiHia, 4)HpMbI, H IIpaBHTCeJbCTBCHHbIe yqpe)KAeHHs, KOTOphIe TaKKe XOTAT npoxaT HunH KyIHTb OAHy HuH 6oQiee HHBa1OT B o6MCH Ha HaiUoHaAbHyJO. lIpH COBepiiieHHH cZenjoK OHH HCfnOlb3yIOT nOCpCIIHHKOB, B OCHOBHOM KpyInHeEuHe MHpOBbIC KoMMepCqecKHe 6aHKU, KoTopbie, B CBOIO oTepeCAb, Hcriomb3y!OT B KaeCTBCe nOCpeAHHKOB 6PoKepoB. 1H3-3a nIOCTOSHHOI! AOCTyIIHOCTH coBpeMCHHLX COBepMCHHh1X 3IeKTpoHHbIx KOMMyHHKaUHH, Ba10THbIig pbIHOK cTaAr no-HacTosieMy BCeMHpHbNM, oriepauHH COBCpIuaIOTcS 24 qaca B CyTKH. 131. BanloTa npoAaCTCq Ha YCAOBHS1X "CnCT" (c HeMcAnCHHbIM HunH AByXAHeBHLTM paCTeTOM), "CBOW(COIOT/4OpBapA CBOII MCXCy 6aHKamH) Hum "4Op_aB=n ("ayrpakV', 38 mexKy 6aHKOM H KeCHTOM). XOrq noaaBDiiomee 60mumHCTBO BaZIOTHb1X caejiOK - 3TO Mex6aHKoBcKHe CAeKH 'CBOn", Mi cocpeaoToqHMCS Ha ()OpBapAHbX cgeJ[Kax, T.K. OHH CBq3aHbi c yripaBBeHHeM BaIIOTHbIM PHCKOM, KoCTopoe ocyiLeCTBJIRIOT KJ[HeHThI (npH nocpeiHwqecTBe 6aHKa), T.e. Ha npouecce XeLKHpOBaHH5I. 132. Xeackupoeamue Ba3OTHOrO pHCKa BKjOmqCT Co31aHHe KOMneHCHpyioIeiD BaJIioTHoH rio3HUIHH; apyrHMm CMoBaMH, KoMneHcaAlXHIO OAHOrO BaJIOTHOrO pHCKa - npH6bMu HUH y6brTKoB- ApyrHM, cooTBeTcTBylOIlHM pHCKOM. 133. rIpHMep xeptcpoBaHHs: XeCsKHpoBaHHC Ha 4)OpBapAHOM H AeHCeHOM pbIHKe. KaK npHMep, BO3bMeM npoAaXy 3a 25 MJIH. HeMCelKHx MapOK 6oubuori KOMnbIOTePHOUi CHCTeMb E4BM H3 CIIIA AO "MaLUHHeH4ra6pHK HIopH6epr" (MAH) B repMaHHH. rIO YCJIOBHSM KOHTpaKTa MAH AonxcHa COBepiiHTB naTexc qepe3 ro. nocne 3aKJIoCeHHq KOHTpaKTa, KOTOpOe npOH3OmO 15 Mas 1992 roxa. I4EM aojDcHa KOHBCpTHpOBaTh MapKH B AoniTapbi. He 3Hai, KaKOB 6y.eT Kypc MapKH 15 Man 1993 roga, KoMnaHHA cTajnmBaeTCi C BaIiIOTHNM pHCKOM, KOTOpbin oHa xe.uaeT xeIXHpOBaTh, T.e. HCKnOqHTB.3To MOxKHO cjenaeTB AByMA noco6aMH: (a) MOXcHo 7npoxaTb 25 MIiH. MaPOK Ha 43OPBapAe C nOCTaBKOU 15 Man 1993 roAa no roAOBOMY 4,opBapAHoMy Kypcy 1 mapKa = 0.594 Aonnapa, qrro aaer HEM 14 850 000 AOjLapOB 15 MaS 1993 roAa (TeKyxuHA Kypc cnoT 1 mapKa = 0.6 Aoiuiapa). HEM, KOHeqHO, HC 3HaeT, KaKoB 6yeT Kcypc cncyr MapKa/,ojUap 15 Man 1993 roAa; 3aKimOHB 3TOT KOHTpaKT, KOMIlaHHS nIHiUb yBepeHa, -rro nOJyqHT 14 850 000 AonnapoB. Ecnu co6crBeHHmLr IIOprHO3 4HpMM ripennojIaracT KYpC CIOT 15 Mai 1993 rona BbUmfe qeM 0.594 aoiuapa, TO 4HpMa MOXCeT peueHHC He XCegHpOBaTb, T.e. coxpaHHTb BaJIfOTHbI}i pHCK. (b) pexnOnOjioxM, rOAOBbie npoixeHTHne CTaBKH no MapKeH H ouapy paBHI 5% H 4% COOTBeTCTBeHHO. HEM 6epeT KPCAHT B MapKax, 25 mim. non 5% = 23.8 MJIH MapOK (coBpeMeHHas CTOUMOCTb) Ha OAHH ron H nponaeT flOnYqeHHbIe AeHbrH no TeKyLiefi cTaBKe cnoa MapKa/nojnap 1 mapxa = 0.6 gouuiapa ( H B TO Xe BpeMA noKynaeT MapKH 4OpBapn, T.e. no KoHmpaKry CnoT/4)OpBapn). CyMMa B 14 280 000 HHBeCTHPYeTCS non 4% rOAOBMX Ha eCHexKHOM pIHKe CIlA H AacT 14 850 000 AojiapOB B BHAe CyMMm noramieeHHu Hnpo1ueHToB. HBM nouyqHT 25 MaTH. mapoKR OT MAH 15 MaA 1993 rona, Ha KOTOpbIC OH 3aKqOmH 4)OpBapnHbIft KOHTpaKT (Ha nponaxy) H no KoTOPOMY rIpH rOAOBOM Kypce 0.594 Aonuapa, KoMnaHHS nouyqrT 14 850 000 nOu.apoB. 134. floqemy HE4M nonxKHa coBepinaT xeWKnpoBaHHe Ha CeHexcHoM pLIiKe, eCJIH pC3yJIbTaTbI paBHbI 4)OpBapnHOMy xexHpOBaHHIO? OHa cnenac 3TO, eCCiH nOtlyBCTByeT, 'To eCTb BO3MOXKHOCTB npoieiHTHoro aD6HTpaaxa: BO3MOXHOCTb nOlylqNTb AOXOn OT OAHOBpeMeHHON KyIAH-nponaxKH HHBaAIOT. HanpiMep: nOnyCTHM, KYpCbI CIOT H 4)opBapA Te xe, WTO B nyHKTe 133, HO nppOueHTHaR cTaBKa no mapKam 4.75% ronoBwX, a He 5%. (PHHaHCOB,lu MCHeCKMeHT HEM HeMeAneHHo 3aMeTHT BO3MOXKHOCTb npH6BLIMH, COBepinaq cAneaKy, KaK B nyHKTe 133 b: KoMnaHHS 3aHHMaeT COBpeMeHHYIO CTOHMOCTB 25 MJIH. MapOK, KOTOpaq B Hacrosiuee BpCMA paBHa 25/1.0475 = 23.87 MJIH. MapoK. Ilpoxonn qepe3 Te xe mlarm, KOMnIaHHSI B 39 KOHUle KOHUJOB nonyqaeT 14 893 000 aojUapOB B KaqeCTBe InOraCHTCJIbHOrO rIIaTexa H flpOLCHTOB, HO eNl npH.CTCs 3aniaTHTb BcCro JIHIIb 14 850 000 AonnapoB 3a 25 MIH. MapOK, qTo6bu 3aKpbTb IIepBOHaqaAbHblffi 4jOpBapAHmIi KOHTpaKT. KopoTxo rOBOpsi, HEM noyqHT npH6bumb npH nepeBoae, paBHyIo 43 000 AonnapoB. 135. 'ITO Co3XaeT TaKYO B03MOXHOCTb npoUieHmoro ap6Hrpaxa? OTcyrCTBHe npoueLHTHoro napnTeTa - BblIpaBHHBaHHC pa3HHULI MCCXKY rIpOUCHTHLIMH CTaBKaMH B CIIIA H repMaHHH H pa3HHilefi Mexy KypCaMH CIIOT H 4)OpBapA MapKa/AoJ;liap HekTpaAH3yeT B03MOXKHOCTb npOixeHTHOro ap6Erpaxca. B HaieM mnpHMepe, roDoBasl npoixeHTHasi CTaBKa B rCpMaHHH BbIIe, WM B CIIIA; cneAoBaTeiiibHo, Cy1eCTByCT cnpoc HHBecTopOB CIIIA Ha MapKH CnOT (qTo6bI HHBCCTHpOBaTh B HeMeiiKCHe KpaTKocpOqHbIe 4HHaHCOBbe HHCTpyMCHTbi) H npeiuOxcHHe MapOK 4iOpBapA, YTo6bI COBBpIIIuTi o6paTHylo CAefKy nIpH HCTCqCHHH cpoKa 4)HHaHCOBbIX HHCTpyMCHTOB. 9To 3aCTaB3IiCT MapKH Ha 4)OpBapAe npoARaBaTbcq C BHCKOHTOM OT cnrIOa. C Apyrofl CTopoHbI, ecjN 6bI npoixeHTHas CTaBKa no zomrapaM 6bma BBIule, qeM CTaBKa B repMaHHH, TO HMeCa 6b MeCTO o6paTHas cHTyaiuH: mapKa 4OpBapA KOTHpOBaiiCb 6bI c npeMHeN4 no OTHOIIeCHHIO K KypCy CaOT, InOTOMy qTO HcMeiKHe HHBCCTOpbI riOKyIIiAH 6bI roAmap Ha CnOTC H uIpoAaBalH 6bI Ha 4OpBapAe (nOKynaIiH 6bl mapKy Ha 4)OpBapzA). 136. Tenepb YCTaHOBCeRa CBw3b MewKy .npoixeHTHoN CTaBKO# H BaJUOTHbIM KypCoM: qeM 6onibme pa3HHixa B -npOUCHTHMIX CTaBKaX, TCM CHJIbHre (Bbwe) uieHa CIIOT H 6oIIbme 4)opBapAbrR AHCKOHT BaIOThi CTrpaHb C BEiCOKOA np6lleffmoki CTaBKON . IIPH OTCyTCTBHH He3KOHOMHqCCKHX 4 aKTopoB pa3HHua B npOIleHTHbIX cTaBKax 6yAeT onpezensrr KpaTKocpoxHbIe nepeCJBNI AeHer H, ceiieoBaTe.iHo, BamIOTHbwif Kypc; 3TH riepeI BbI 6yAyr npo1OJiKaThC5, noxa He 6y.eT AOCTNrHyr nIpoUeHTHbI I napHTeT H He 6yAeT HiKBHAHpOBaHa BO3Mo0KHOCTb npoioeHToro ap6HTpaxca. 137. Ynpaamenae pumCloM neDeeoaa. PNCK nepeBoAa, Nnm 6yxraJrrepcdu pNCK, - 3TO 34)4eKT Bo31eNCTBDHS Ha 6anaHc 6aHKa, a oco6eHHo Ha COCTOSHHe aKiHOHePHOrO KanHTana - H3MeHCHHS CTOHMOCTH B HaIXHoHa3EbHoi4 BamIoTe aKTHBOB H nacCHBoB, BbIpaxCCHHb1X B HHBamoTaX. OqeBWN,o, wTO ijenb ynpaBAeHHs pHCKOM nepeBoAa - 3TO MaKCHManIHOe yBe[HqCHHe OTpHiaTejiBHbX nOCJICACTBHMR H3MCHeHHSI BaAIOTHOrO Kypca Ha 6auaHc H, KorAa 3TO onpaBAaHo, MHHHMH3aIXHq nO3iOxHTejibHuX nocJieACTBHi (TaK KaK sTOT npeAMeT HMecT orpaHHqCHHOc 3HaqeHHC B KOHTCKCTe HauieNi nporpaMMbI, Mbl orpaHHqNM ero o6cyxAeHHe). 138. OcHOBHaS crpaTerHs xeAupoBaHNm 6yxranTepcKoro pHcKa COCTONT B TOM, qTo6ML MaKCHManbHo COKpaTHTh o61eM aKTHBOB, KOTOphIe BIpaxeCHbI B TONi BaJiioTe, naAeHHe CTOHMOCTH KOTOpON oKaeCTCS B o603pHMoM 6yAyxgeM H co3AaTb nIaCCHBbI B 3TOii BaAIOTe. AAiR BaioT, pOCT Kypca KOTOpblX oxcHAaeTS, ZAeACTBHS 6yAyr npSMO npOTHBorioAoxKHbIMH. O6pa3ixI THnNHHoro xCeKHpBaHHqS aRHbI B rIpHvoxcHeHe 4.1. 139. efCi4cTBHS, noKa3aHHbIe B npHMepe, oKa3bIBaioT npsmoe BnISHHe Ha aBHxceHHe cpeACTB N4HpMbi, a TaOicK Ha CTpyKTypy CTOHMOCTH (HaripHMep, CTOHMOCTb 3aHMCTBOBaHHSI). MeHeOWMeHT 4)KpMbl AOJKeH InOMHHTb o6 3TOM H Bnyo'qaib 3TH coo6paxceHHSI B peleHHqi O TOM, xITO H KorAa xeZpCHpoBaTb. KpoMe Toro, Heo6xoAHMo nOMHHTh, riTO 4)OpBap.HMC Ba=OTHbIe pbim CylIeCTBylOT B 40 OTHOCHTeCjbHO He6ojIBmoM IHcjie CTpaH. H 1103TOMY xe HaH6oJiee nlorlyjISpHasI TeXHHKa XCeZKHPOBaHHI He BcerAa AOCTyflHa. 3To oco6eHHO 3aMeTHO B pa3BHBaIOLt=HXCSi cipaHax, B KOTOPbIX KOHBepTHpyCMOCTh orpaHHMeHa HJH OTCyTCTByeT. HaKOHea, p5m onepaUHH, nepCCeCHieHHUX B npHAO)KCHHH He MOyTr 6br£b HCnOJ[HCHbI MCHeIx[KMeHTOM HCMe,JIeHHO Inocuie HIPHHSTHSI TaKOrO pCuIeHH5i HIH, B HeKOTOpb£X cfiyqasix, BOo61iue He MOryT 6bM BbirIouHeHbI. Kopoqe rOBOp51, npeKpaCHbie B03MO3KHOCTII .JIS XCXHpOBaHHS[ peAKO, eCJIH Boo6We, cyiuecTByioT. III. BamnoTHmui cBon / 140. JiLq Toro, 'To6bi H36exaTb HM 3acpaxoBaTbci IIPOTHB BaRIOTHOrO pHCKa, 6aHKH, paBHO KaK H HelJHHaHCOBbIe KOMnaHHH MOryr 3aHAITbCSI BaZIOTHMm CBOIIOM. BainoTHbiii CBOHl HanlOMHHaCT nIapaiTnnbHb£e KpeaHTbI B KOTOpbIX ABe CTOpOHbI B AByX pa3jiH'Hbx c7paHaX coramaimoTcri ripe0ocTaBHTm paBHOBeCAHKHe KpeAHThI C OIHHaKOBbIMMH CPOKaMH nOrameCHHs, HO BbipaXCHHmbi B COOTBCTCTBY0IIXHX BajiJOTaX, MCCTHOMY 3a6MuwIKy yKa3aHHOMY HHOCTpaHHOHi CTOpOHOU. BaiomTHuIi CBOrl - ipocrTO corJiaIueHHe, cornacHo KOTOpOMY ABe KOMnIaHHH o6sI3yioTcsI KyrIHTb/ilpOAaTh BaJHOTy flO CTaBKe CIIOT H o6paTHTb CACeKY B 3apaHee OrOBOpeHHYIO ZaTy B 6yAyueM HO TO¶i xce cTaBKe cnor. B oarnmme Or napauxem]HUbX Kpe,HTOB, CBOrITI HC BKjIOYaioT flaTx( npO1eHTOB. 141. BaJnoTHbIe H npoIjeHTHbie CBOnHI qacTo cOBMeiaIoTcSq. IIPHMeO TaKoro CBona npHlBeA6H B IpIHrOXeHIH 4.2, B KOTOpOM lpaHWy3cKHif BaHK - BaHK HHAOCiIy3n- BbiCTynaeT B KaqeCTBe nocpeHHuKa MexKAY 4DpaHuy3cKHM npOH3BOAHTeCAeM caMoji&ToB H rioKynaTeCJeM oAHoro H3 caMoj1CTOB - aMepHKaHCKoA aBHaKoMiUaHHefi. Ha3HaqeHHeC 3Toro CBona 3aKn£oqaeTcTC B TOM, T0o6LI AaTm rpOH3BOAHTeAlO B03MO2HOCTh npeAOCTaBHTm ojiroCpOwHbMr KpeAHT iToKynaTeCJio TaK, qTo6bI HH nOKynaTeJb, He rpoAaBeU He riOHeCJIH BamoTHOrO pHCKa. COeunKa nO3BoJUIeT KaxAOfi CTOpOHe BeCT onepaI£HH B HaLHOHa3ILHOii BaIOTe. IV. 3aKjnoqeHMe: HeKOTOpJe BbLBOZb 142. POJlb KOMMepqeCKOrO 6aHKa B onepagHqx C HHBaJIIoTof - 3T0 6bIm MexAy KnHeHToM H pbiHKOM HHBaiOiToI. apyrHMH CJIOBaMH, nOJIHTHKa 3auIHTbI OT PHCKa .ouixHa pacnpocTpaHAsTcbC H Ha oriepaCLHH Ha BaI1OTHOM pbIHKe. MeHeAIKmeir aOAjKeH B03AePXCHBaTbhCS OT pHCKOB "OBepHakT", HanpHMCp B 4opMe KOpOTKHX Hm XJHHHbIX nO3HlUHf "OBepHaflT" H KpOMeTOrO, yCTaHOBHTb AHMHT JIHeBHO iiO3HUHH4 Ha ypOBHe, oTpaxa£oieM HOpMaibHbie, Heo6xogHMMbie A[ KJiHeHTOB onepaIHH. EaHKOBCKHif 6H3Hec, B npocTeeiiuel 4)OpMe, - 3TO pa3MCUiCHHe ipHeCMACMb1X KpeaHTOB H HHBeCTHm[xt H rpHBjieeCHHC AenO3HTOB, OH HC BKmqaeCT He CB5I3aHHbIri C 3THM pHCK. 143. MeHexacmeHT 6aHKa AOuIXceH pa3pa6oTamb 4opMaubHypo noj[THKy no OTHOIleCHHIO K JIHMHTaM TOprOBJIH "OBepHafiT" H ApyrHM JIA zuHHra, a TaKXce no OTHOliieHHIO K OCHOBHbIM KIHerHTaM, KOTOpbIC CeCxeHeBHO HCnOAb3y£OT 6aHK B CBOHX TOprOBbIX H HHBeCTHlHOHHUX OnepalXHAX. BaHK AOAjCeH HMCTe 41 3creKTHBHyIo CHCTCMY KOHTpOJU c ICem,IO Ha6Jmo.eHHAs 3a exCeAHeBHOR ,zerre.1mHocTmIo yripaBACHHAS BamOTHbJX onepaIUHfl. 144. EcJIH nopyqeHHs KAHCHTOB ynpaBiieiHIO BaomTHux onepaIlHiH He COOTBCTCTByIOT THny H pa3maxy ACITCAbHOCTH KeCHTa, 6aHKy CeJAyeT flOHHTCpCCOBaTbCSI ixeJiibIO nopyeiemz1. Ecim OHH BKIIOYaIOT CneKyx%rrHBHleC fxCHi, KOTOpeC MOryT InOBJUIqTb Ha 4 HHaHCOBOC COCTOAIHHe KhCHTa (Him Aaxce ecJIH HC MoryT), 6aHKy cACIlyCT IIpOHH4)OpMHpOBaTb K[HCHTa 0 CBOe 03a6oqeHHoCTH HAI axKe oTKa3aThCs OT HCOjmHCHSH IIopyqeHHti. 42 riaBa 5 CTpaHOBOH PIHCK 145. Cmpanoeou pucK - pHCK H3MeHCHHSA TeKyIIHX HmH 6yxymHx nonITHqecKxAX HJIH 3KOHOMHqeCKHX yCJIOBHfl B CTpaHe B TOfi CTereHH, B KOTOpOfk OHH MOyTr nOBJIHSATb Ha Cnoco6HOCM CTpaHbI, 4HpM H ApyrHX 3aeMlUHKOB oTBelamb no o6sI3aTeubCTBaM BHeiuHerO AoMra. 146. CTpaHOBOII pHCK HHOrAa AOBO1BHO 3HaqHTeZCH ARA HoKOTOpM£X 6aHKOB H He6aHKOBCKHX 4)HpM, IlpSIMO HAH KOCBCHHO 3aHSRTX BO BHemHeik TOprOBMe H HHBeCTHIlHSlX. HanpHMep, 6aHK, KJmeHTaMH KOTOpOrO SABAS£IOTCSI KOpo£paIHH AaHHOIR CTpaHLi, KOTOpIeC aKTHBHO 3KCHOpTHpyioT 6o0Bubylo lacm npOAYKIHH, OJIJCeH rlpH oi.eHKe KpeAUTOCnOCo6HOCTH KRiiHHTOB ITpHHsrrh BO BHHMaHHe CTpaHOBOIf PHCK 3THX 4HpM. 147. AnaAlu3 cmpaDoeozo puCKa InpHHHMaCT BO BHHMaHHe KOJHqeCTBeHHblC H Ka£ecmTBeHHmme 4aKTopu, riioc pa3iwiHbie coCTaBiSioiuHe CTpaHoBorO pHCKa, HanIpHMep, flOJIHTHqeCKHH4 pHCK, 3KOHOMHteCKHIH pHCK, pHCK nepeBoAa. BaHKH, HMeOIoHeC xopouIo pa3BHTYOr nporpammy aHaAH3a KperlHToCrnoCo6HOaTH H C pa3yMHbMM o6teMoM CTpaHOBOrO pHCKa - Ha CBO'H CO6CTBCHHbfi CqCT HJIH KOCBeHHO, 3a CqeT KJIHeHTa - qacTo pa3pa6aThIBaJiH CJIOXKHUY CHCTrMy CHCTCMy KpCXAHTHOro pefiTHHra, He OT3iHqa£0IoLu CKi OT CHCTeMbI KpAHlTHoro pHCKa, paCCMOTpeHHOfI paHee. KpaTKoe orlHcaHHC TaKOA CHlCTrMbl AaHO Ha cneAwloAHx CTpaHHIaX. 148. OiAHa H3 CHCTeM - 3TO CH=CTMa COCTaBHUX pefiTHHrOB, B KOTOpOII KaxZaSI cTpaHa noJIyqaer OTaCJibHbif COCTaBHOM pefrTHHr no =KaAe oT 1 Ao 9. PekmHrI Heo6xoXAHMo HCIIOJb3OBaTh B OCHOBHOM, HO He HCKJIIOqWITJIBHO, RS1 OLxCHKm Kpe,liHTa. PeiTHIHrH nlpHCBaHBaioTCSI KOMHTCTOM nio CTpaHOBMm OrpaHHqeHHSIM 6aHKa, OCHOBbIBaSCb Ha PeKOMeHZaUHSX aHa[HKOB-cTpaHOBeGOB 6aHKa (COTpyAHHKOB KpCUHTHOH CAyxc6b HflH 3KOHOMHCTOB-MexgyHapOAHHKOB). KpoMe Toro, 6aHKIH CIIIA MOryT HcInoThb3oBaTh pC£THHrH, noIroToBJIeHHbIe MexdnpaBHTeibcTBeHHbIM KOMHTOTOM 110 CpaHOBOMY PHCKY, COCTOS£M H3 npeAcTaBHTeAeie cDegepaAbHok KopnopaUHH nio cTpaxOBaHHIO AeCiO3HTOB, (DPe,epa.ibHoA Pe3epBHOR CHcTembi H KoHTponepa AeHexHoro o6paweHHsq, Bcex ripaBHTeCJbCTBCHHUX H nOjylpaBHTeCbCTBeHHuIX yqpex4eHHfi, oTBeqaio=X 3a HaA30p H peryJIHPOBaHHe 6aHKoBcKofi CHlCTMbI. 149. PeimuHzu noAumu'IecKozo puc1 H3MepSlIOT xKeIaHHe H rIOIHTHXqeCKyiO cnoco6HOCTb aaHHoro npaBrHTeAbCTTBa oruaTHTb BHCeiHHe o6sI3aTenbcma. PekTHHr TaKxKe Hcriojib3yeTc5I ,A£im OLeHKH CTa6IumbHOCTm AaHHoro ilpaBHTeJIbCTBa H ero OTHOIlUeHHJ K BbI£laTe BHeleHero ,onra (CM. rIpH.oxeHlHe 5.1). 150. Peuimunzu wcOpOMU'IeCKOzO pUCK H3MepSioT AOJIrOCpOqHOe o6uiee 3KOHOMHMeCKOe pa3BHTHe CTpaHbI H cc nOTrCHIIHaJI KaK Cpe,CTBO OfLeHKH cnoco6HOCTH cTpaHbI o6cuyXHBaTb AaHHbIi4 YpOBHb eBHeiuHero Aoonra. OixeHKa B rIpHAOKCeHHH 5.2 BKjIoqaCT, HO He orpaHHsHBaeTcSI, OLteHKOIR cfleCymIoHX 4aKTopoB: a) 3KOHOMHqeCKOC pyKOBOJCTBO CTpaHOfi, B) CTpyKTypy 3KOHOMHKH, c) 43 HHaTyHoHaAbHyl cTpyKTypy, d) Hac[uweHHocTb pecypcamH, BK3Uoqaq pa6oqywo cHJry, pecypcbI KariHTaia, npHpoAlbe pecypcbi, e) cnoco6HocTB cTpaHbI no,AepKHBaTB cTa6uRbHIR HeHH(bMlIHOHHblA pOCT, f) IOABCpxCHHOCTh crpaHbi BMAHHIO BHeIIIHHX 4)aKTOpOB. C7paHEI rOIoaAalOT B pa3Hbie KaTeropHH B 3aBHCHMOCrH OT CyJiCcTByioIuefi CHTyalJHH H OT TOrO, KaK CHTyaUHS MOXOT H3MeHHThCH B c1imyiIwie HeCKOJIbKO nCT. PHCK inoevBoa - Cy6KaTerOpHS 3KOHOMH'qeCKOrO pHcKa, oripe,e3seTcS 3mKBjHIHocTio rniaTexHoro 6anaHca cTpaHbl, HaIHqHeM y cTpaHbi CpeACTB B KOHBCPTHlpyeMX BaAJOTaX, a TaioKe ee KpaTKOCpOqHOfi cnoco6HOCTbIO o6CIyXCBaTh no rpa4)HKy riAnaTeCK no BHeCHeMy Aomry (CM. rIpHuoxceHHe 5.3). / 151. PutcK nepeeoga - B03MO2KHOCTB npHocTaHoBBieHHq o6CAyKHBaHHS ,oAra H3-3a npo67e?mLi .mKBHHHoCT, cBS3aHHOR C BHCeIHefi ToproBlleie H HHBeCTHIXHqiMH. PHCK MOxeT CJYtHTICS B 6oAbmo4 npOMb=U1eHHOft HAM B pa3BHBaIoiieftcq CTpaHe, ripo6JIeMM MoryT 6iM BpeMCHHbIMH, He BSIIOIIHM4 Ha AjonrocpoqHbD 3KOHoMHNecKHfi pNCK. OH MOxeT 6bIm TaKie CB5I3aH C OCHOBHLIMH npo6neMamH o6cAyXKBaHH3 Aojira, KorAa yxyXuaeTcs AoOrrocpoqHoe 4)HHaHCOBoe noj1oxcHHe. flpo6neMa JIHKBHAHOCT MOxeT 6Tmb o6ycnoB.leHa MepaMH BHyrpeHHefi 3KOHOMHCqCCKOt nOAHTJKH C ieJibio KOHTpOJI Hal HH41AHeNfl, He6JiaroripHsTHbIMH 1BHxeHHSMH -iCH TOBapOB,.HJI BHeiiiHHMH 3KOHOMHqeCKHMH. 4aicropaMH. 3TN co6bmq pe3KO- coKpaHuaioT ppHTOK HHBaJiOTI, -KoTopaS Heo6XolUMa Jhn 66CAnyaKBammsi BHeMHer-o Aomra HAM fleppeBoAa AeHer HHOCTpaHHLIM HHBCCTopaM . 152. CTpaHmI pa3AenieHLI Ha KaTerOpHH Ha OCHOBO cyIecrTByIoixHx ycAoBHN H oxHAaCMWX H3MeHCHHA 3THX yCJOBHIN B TeTeHHC CJiYIOeA nX 12 MecmLeB. 06pa3Eui peNTHHra PHCKa AaHbI B rIpHAOXCHHe 5.3. 153. B nymncax TR-6 - TR-8 HCnOJIb3OBaHBI HeCKOJbKO TepMHHOB, KoTop^be OTHOCWTCS1 K oCo6bIM cHTyaLxHRM. 154. ilyeue n eo6.ew DpucKa neDegoaa. flpHMepoM MOXKCT CJyXKHTB: (a) CTpaHa He rioraiiaeT CBOH o63aTTemcTwa, HO npeAripHHsHa AeTCTBH BS AI BO3o6HOBACHH.S o6cnyXcHBaHNs iAonra, ripHMeHSIS iporpaMMbI 3KOHOMHNeCKOM a,ar1TaUHH. (b) CTpaHa noraiuaeT o6si3aTemcTBa, HO npH6JIHKaeTcS 3Taf HeBIOAIHCHHRS Tpe6oBaHHA. (c) CTpaHa "KnaCCH4HU1HpoBaHa" paHeC, HO nocAeAoBaBimaS ripaiKTHKa o6cnyXHBaHHNs Aoinra noKa3aAa, YiTO 3Ta "KiaCCH4HKaUHJl" He nqoATBepxAaeTcA. 155. Kjaccu&ugupoealmbe cmpani nonaAaioT B TpH KaTerOpHH: (a) HeCTamIaT=bie, KorAa cTpaHa HC BbmomHSieT o6si3aTeEcTBa no o6CAy2KHBaHHIO Aonira, He npIHHHMaT npOrpaMMhl 3KOHoMH'eccKOfi a,AanTauIHH MBWD HAMI He cCeAyeT yxIe CyIgeCTByiOWIe4i nporpaMMe, H 44 KpeIHTopbI-6aHKH He o6cyxnaJnu BOITpOC o nepecmoTpe CPOKOB H BPSA nm c.enialOT 3TO B 6.nHxai4meM 6yXyiileM. (b) YMeHbiuailoile CTOHMOCTb. Korxa cTpaHa 3aAepKajia Bmn3iaTbI, HaKa=BsaeCT 3a,onxxeHHOCTM, xTO nOKa3aHo 6onee qem OAHHM H3 cjCe)yIIHHX HlyHKTOB: (i) CTpaHa He nOJIHOCThIO BmnjiTHiua npoxLIeHT 3a 6 MecsqueB. (ii) He BMoITHeHHmr nporpaMMbl MBcID H He oHaeTcsq HX BbnojiHeHHe B 6JnxcaulineM 6yAymeM. (iii) He BMOnJIHeHb nepecMoTpeHHbe CpOKH n31aTexKei 3a 6onee 'eM ORHH ro,. (iv) HeT riepcrieKTBb BO3o6HoBjieHHSI o6cJHyXHBaHHq aonra B 6ntxcaiiumeM 6yAyiueM. (c) HoTgepi. KorjRa AoAr CqHTiCTCSa 6e3Bo3BpaTHIM H CTOHMOCTb ero HacTojibKo MaJIa; wTO oTpa)KcHH ero B aKTHBaX 6aHKa HeoOpaBAaHHo (HanpHMep, ripSMoe 3asmneHe crpaHa o6 oTKa3e OT noraiimeHqs o6sI3aTeJmcTB 6aHKaM, MBI Hu, npyim KpeAHTopaM). 156. PekrTHHr AaHHOik cTpaHI ycTaHaBIHBaeT yCJOBHq KpeAHToBaHHs, BKjiioqaI MaKCHMaAbHbTif o6beM ("CpaHOBOfi JIHMHT"), cy6iHnrmTm no CPOKaM AefiCTBHqs H no THnaM 3aeMUIHKOB ("cyBepeHHIbi pHCK" npH KpC,HTOBaHHH ripaBTJeBcTBeHHbNX yqpexgeHHIi H "KoMMepqecKHi pHCK" IIpH KpeXHTOBaHHH KOMriaHHU B qaCTHOM ceicrope), no THnaM PHCKa (HanpHMep, KpeAHThi, 3a6ajiaHcoBbIe o6sl3aTenicTBa H BaInoTHbIe JIHMHTh). KaxAoMy H3 3THX 3JICMeHTOB MOxeCT 6EiB npHAaH pa3wnqHbIif BeC npu KOHCTpyHpOBaHHH nopT4ensI KpeGRTOB 6aHKa B AIaHHofi CTpaHe. 157. Heo6xoArMo npH3HaTh, 'qTO CHCTCMa peCiTHHrOB cTpaHoBoro pICKa - 3TO B OCHOBHOM npOARyKT OTJejibHOrO 6aHKa, cocTaBneHHa. no npHHItHnaM, pa3pa6oTaHHbIM H oxo6peHHmM MeHemKMeHTOM 6aHKa. 9To HC COBepifeHHaSI, o6beKTHBHas oixeHKa, BMBO1M KOTOpOUI BCPHBI B mo60C BpeMq. HanpOTHB, 3TO nonbTKa pa3pa6oTaTb opraHH3OBaHHmr4 npoixecc oTeHKH O'lCHb cAo)KHoro npe.AMeTa, xrro6m 1rOCTWib orpaHH'eHHSI o6ulero ipejwrHoro pHcKa 6aHKa. 45 I rnaBa 6 TUhbI H CPOKH KpeAUTOB 158. BaHKOBCKHe CHCTeMbI B pa3IHiHbIX cTpaHax HMeIOT pa3HblE BHAb KpeAHTOB, HHor,aa C YHHKaJHbIMMH CpOKaMH H yCJIOBH5IMH. HanpHmep, eBponeftcKHe 6aHKH npeAOCTraBHH B03MOXHo 6o0mmyio qacm KpaTKOCpOqHbx KpeAHTOB B 42OpMe oBepApa4yra 1)I H3HtICecKHx JTHLI A KoMnaHHIi. 3To npOCTaJ H 344eKTHBHaq CHeCTeMa HcrojTh30BoaHH eCHHOrO CqeTa, Ha KOTOpOM B pe3yJbTaTe noMeileHHS1 AgeHer H HX CnHcaHHIH, nCpHoH-N4ecCK KpeAHTOBbIe ocTaTK' (no KOTOPbIM bmmaq[HBaeTc.I npoixeHT) cMeH3oTCS ae6eTOBbIMH ocTaTKaMH (no KOTOpbIM B3HMaCTCS npoiewHT). 9Ta CHCTeMa HCIIOJE3YCTCS B CIIA, rAe cqeTa KpeAHTOB Be,wyTCs OTAehIbHO OT TeKYIfHX CqeTOB HJIH CTIeTOB AO BoCTpe6OBaHHI. B OCHOBHOM, oAHaKO, cTpyKTlypa KpeAHTOB, BKmoaIos Tpe6oBaHHs no o6cAyXMBaHHIo Aoœra - qacrOTy H CpOKH nIaTexcei no npoieHTaM H noracHTeCbHbDX - ycTaHaBJmBaeTcl Be3Ie OAHHaKOBO. Y 6aHKa HMeCTCS "KOp3HHa" BHAOB KpeAHTa H3 KOTOpbIX KJ[HeHT MOXKeT BbI6HpaTb B npe,enax KpeAHTocnoco6HoCTH H C o.o6peHHs COTpyAHHKa 6aHKa no KpeAHTaM. 159. "Kop3HHa npo2yKToB" pa3AHHbIX BHAOB KPCLHTOB He cqHTacTcS HeH3MeHHOfI B TeCeHHe nepHoAa BpeMeHH, HO pa3BHBacTcsI TaK xce, KaK H XHBOH opraHH3M: OHa npHcnoca6AHBaeTCs K H3MeHeHH5M B KpeAHTHL]X nOTpe6HOCTRX, 3KOHOMHUMCKHX yCAOBHSIX, H B 06i1[CM 4JHHaHCOBOM oKpy2ceHHe. H3MeHeHHc npe2jioJKeHCHH Kpe,HTOB MoxCeT 6bIm BbI3BaHO ARHHaMHqeCKOU CTpyKTypO]i KOHKypeHIUHH BbI3BaHHOf4 KaK BHyIpeHHHMH TaK H BHCemHHMi HrCTOqHHKaMH. (C 3THM CBS3aHO nocTeneHHoe COBepUIleHCTBOBaHHe 4HHaHCOBbIX PbIHKOB BO MHorHx cTpaHax, oco6eHHo B pa3BHBaIoiLtHxcq). 160. KoMMepqecxue 6aHKu no CBoeC npNpoHoe 3mBAHIOTCmI KpaTKocpoqHbIMH KpCAHTopaMH. IpHqHHORi 3TOrO IBAHCTCS TO, 'iTO OHH orpaHH'eHbI B 4OPMHpOBaHHH KOp3HHbI npO,YKTOB HCTO'HHKaMH 4)HHaHcHpoBaHHS KOTOPEIC ipeAcTasBJSIOT co60o 3Ha'HTeImHbIe KpaTKOCpOqHbIe AeHO3HThI C BbICOKOUi cTeneHbIo AHKBHAHOCTH H, CneAOBaTeIbHO, C HeOnPIeIACR HHOfi AOCTYnHOCTbIo B 6y,AylueM (H HeonpeAeneHHoi ileHOk). Ann orpaHHeCHHS pHcKa B OnIpeAJeHH1X npe,eAax 6aHKy npHXOAHTCq CKOHLueHTpHPOBaTbCq Ha KpaTKOCpO'HbIX KpeAHTaX. 3ana,gHbIe 6aHKH HayqHJIHCb AOBOJIbHO ycneMHo - HHorAa 3a 6o.mIIyIo I.eHy HJH Iaace HcroIb3ySi apeHy - npeoxoneBaTm 3TH orpaHHqeHHS nH60 pacumpsui HCTOYHHKH cUHHaHCHpOBaHHS, n1H60 npHAaBas AOrrOCpO'qHBIM Kpe.AHTaM XapaKTcpHCTHKH KpaTKOCpOqHLIX. I. Onpe;xeneHHe CTpyKTypbi KpeCuMB 161. OnpeXenieHHe CTpyKTypEa KpeAHTa - 3TO npoIXecc, KorAa COTpyAHHK 6aHKa, KOHCYAbTHPYSICb C K3THeHTOM, peiIiaeT, KaKOU BHA KpeAHTHorO HHCTpyeMHTa y.AOBjeTBop.IeT KOHKpeTHOU iUeAH, noA KOTOpylO noffyqaeTcs KpeAmT. KpoMe TOrO, B npouiecce yqHThIBaeTcS KpeAHTHbifi peCUTHHr 3aeM=Ka, oco6eHHO B CBsq3H C 47 Heo6xoAHMoCTb1O BHeIIlHCfi noItCPXH KpeCHTa, HaIIpHMep, B 4)OpMC 3anora H/HAH rapaHTHH. 162. Bo MHorHx KYPYUHbx 6aHKax onpeAcaemHe CTpyKT-pbI Kpe,HTHbx ycAyr - 3T0 3aAaqa CoTpyAHHKa, KrrOphrI oTBeqaCT 3a KOHKpeTHYIO oTpacnb. 9Ta cnelXHanlH 3aIUHSI o6MqHo 6a3HpycTCs Ha KBaAH43HKaIUHH coTpyAHHKa, ero HHTepeCaX H, KpOMC TOrO, 3HaHHH OTpaCIH KiImeHTa. Ha3HaqeHIe Corpy7HHKa Mo)KCT Tai1Ke oTpaKcaTm oripeIeAeHHbIe HaBbIH, KoTopbIe OH nOJy'HIH B nporpaMMe UQArUOTOBKH COTpyAHHKOB 6aHKa. 163. Ielmb KpeAHTa o6xMqHO onpeAejIeT CpoKg KpeAHTa, rpabHK HCInOJh3OBaHHS H rlpa!HK o6civHBaHHs aon-a. 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B 3TO BpeMS KpoAHTHaA JIHHHS MOKxT 6bITb - npeBpaIIeHa B AOJIrOCPOqHYIO 3aAOJxCCHHOCTb C rIOraeCHeOM HeCKOAbKHMH nAaTexaMH. (c) AKKpeaHTHB "CqreH-6aA" HC BcCrAa OrpaHHqHBaCTCSI KpC.1fTOBaHHCM TCKyuluiX aKTHBOB, HO o5bqHO HM4CT KpaTKOCpOqHLU{ xapaicrep H 48 npeAcTaB.iLeT co6orl 06o6l3aTeACTBo 6aHKa 3annaTHib Tpemerl cTOpOHe no nOPYqCHHIO KAHeHTa. 06bmIHo ger4cTByeT B TeCeHHH OAHoro roAa, c BO3MOXKHOCThIO Bo3o6HoBjieHHS, no nopyqeHHIo nepBoKiaccHoro KAHeHTa 6aHKa (y KOTOpOrO 6aHK flO3IYqHT ACHBEH no3AHee). -m o6sI3aTrebCTBa (yCJIOBHMie o6sI3aTeLbcTBa) peCKO BLIHOJHIHIOTCI. 167. Kedumoganue oc1wtLbux cpedcm6. 3To 06NqHO KpeAHTI Ha CpOK 6onee roAia, Tro oTpaxKaeT oxHaHH3S 0 nepHo,e HCrIOJTh3OBaHHS aKTHBoB. (a) CpOqHbie ICpeZiHTbi - npeARCTa,BASnOT co6oi IIHpOKYIO KaTerOPHIO KpeAHTOB no, o6ieKimI, OTJIIYHmeC OT KpeXIHTOBaHHI HeBHKHMOCTH, a TaKXe OT,AeibHO CTOSiiLHX npoeKTOB, TaKHX, KaK pa3pa6oTKa H 3KCniryaTaLIHA ipHPOflHUX pecypcoB (MecTopoxeHmHi, He4YTsHbEK H ra3OBIX CKBaxHH H T.A.). 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(c) KpenHTEI noII HeCBHXKHMOCTh npeAocTaBMTorcs ARenapTameHTom HCeABHHMOCTH 6aHKa AIM 4)HHaHCHpOBaHHS cyOecTByIOuWei KOMMepqeCKOfi HAH )nJIH3IIXHOA HeABHXMOCTH Ha OCHOBe o6ecneqeHHs (Kpe,HrT nOA 3aKAnaAHyIO Ha MCHee qeM 100 PIIOUCHTOB pbIHOqHOr HJH OLeCHOMHOr4 CTOHMOCTH He,ABHxMOCTH). BbiCOKOCneixHaJIH3HPOBaHHaS 4opMa KpeAHTOBaHHS o6bumHo rpe6yioiuaq HaHHqS cTa6HAbHoro, AOJIrOCPOIqHOrO rpiBfeleHHqS 41oHAiOB, nO3TOMy ecTm He BO BCeX KOMMepqeCKHX 6aHKax. (d) IIpoecrHbie KnelITbI TaioKC ABASOTCS BbICOKOCHCILHaiIH3HpOBaHHbIMH KpCe,HTaMH, qacTo Tpe6yIOIUHMH 3Haq'HTeibHUX TeXHHIYeCKHX 3HaHdik COTpy.gHHKa HJ[H y HaHSITEX KOHCyAbTaHTOB. 'lacro 4)HHaHCHpyIOTCS Ha iHCKKmoqHTe3ibHoA" OCHOBe: KaqeCTBo 3THX KpeAHTOB B 3HaqHTeCAbHOk CTeiIeHH OCHOBaHO Ha npOrHO3aX rIOTOKOB rIIiaTexeCl, nOAYqCHHbIX OT 3aBepmieHHoro npoeicra. rIpHMepbI: 4)HHaHCHpoBaHHe pa3pa6oTKH MecTopoxAeHHrM MeTaJUoB H yr[sq, HeCYTSHLIX H ra3OBb1X cKBaJKH, 3ACKTpOCTaH1IjH H T.A. Coo6paxces IInpHHH{MaeMLC npH KpeAHTOBaHHH: TCXHHqeCKaS penyralu{5 3aeMuUHKa, KaqeCTBO pa3pa6oTKH npoeKra H CHCTeMbI MapKeTHHra, AOCTyIIHOCTh rapaHTHA H T.A. rIpoeiKHbic KPeA4HTbI tiacTo OpraHH3ylOTCS TaK xe, KaK H CTpOHTeCjbHbIe KpeAHThI, T.e. nepBoe 49 pOBO1BepHOe o6mI3aTeIACTBo, 3aTeM cpeAHe HAIH AojirocpoqHLi KpeAHT c ^brOTHbIM nepHoAOM, nepHoAHqecKHe noracHTelbHle naTeXH, HHorga Mo0H4)HUHpoBaHHbIA rmaTexc-"Iiap". (e) JIH3HHrOBOe ftHaHCHpOBaHHe - BbicoKocneUfHanH3HpOBaHHaq 4IopMa KpeIU4ToBaHHI, qacTo CO 3HagHTeAbHbiMH nOCAeACTBHIMH AHKBHAHOCTHI H Hajioroo6jioxCeHHI apeHUAaTopa. JJH3HHrOBoe 4HHaHCHPOBaHHe OTHOCHTCS B OCHOBHOM K CpeAHe H AOnrOCpOqHbIM aKTHBaM, HaipHmep aBTOMo6HJIqM H rpy3OBHKaM, Ma=IIHHaM H o6opyAoBaHIio, cjiee3HOgOp9XCHOMy COCTaBy, CaMOjieTaM, KOpa6AiM H T.A. rIpH .IH3HHrOBOM 4)IHaHCHPOBaHHH apeHAOAaTeiB - B AaHHOM cnyqae 6aHK, HO qaCTO HC6aHKOBCKHfA 4HHaHCOBBIR rIOCpeAHHK, IBieCTCS 3aKOHHbIM X031HIHOM aKTHBa, apeHAyemoro KAIHeHToM. B 3aBHCHMOCTH oT BHAa apeHAI}i, y apeHAaTopa MOKxT 6b1m npaBO B KOHile cpoKa AeicTBum cornailieHHA npfo6pecTH AaHHbLit aKTHB. IOpHAHqecKHe BOnPOCLI HmeJoT BbCOKOe 3HaqCHHe. 4oKyMeHTaUHqS o4,OpMASeTCq B BHAe cpeAHe - HIH AonrocpoqHoro apeHAHoro coriameiuH, Tpe6yIoiero excoKBapraniibHbx Hni exCeMcCaNHux nAaTexcef. (KpoMe Toro, cyIHecTByeT 4)HHaHCHpOBaHHe 6aHKaMH flH3HHr,oBux KOMnaHHN no, o6ecnewemie). II. OnpeleAeHme e4eHrl KpeAi.m 168. OnpeeReneHHe ieHbI KpeAHTa, HapsAy c ynpaBieHHem pHCKOM, memTCS BaxcHeilIIHM 3meMeHTOM o6weA KpeAHTHoN IOnAHTHKH 6aHKa. OcHoBononaramoiNe npHHUHIIbI 3TON nOnNTHKH AonicHm 6bITb SCHO H nOJHOCThIO H3nOXCeHJI B nHCbMeHHO 4)opMe, HarpHimep, no BonpocaM AoxoAa Ha aKTHBbI, npoixeHTHoi MapxKH (HaripHMep, B CBSI3H c 6a3oBofI CTaBKON4), H T.A. BaHKOBCKHIi MeHeA2KMeHT oTBewaeT 3a TO, ro6bi nepCOHaA 6win HH4OpMHpOBaH o6 H3MeHeHHSX B 3TOR IIOIHTHKe. 169. B npoyOcce onpeaeneHm ixeHu HrpaIoT poflb cAieAyCiOHe 4,aKTopbl: (a) PHCK: COCTaBASIOI1HM 3neMcHToM npH onpeAenieHHH LyeHbi qBASCTcq CHCTeMaTHqeCKOC YCTaHOBeCHHC pHCKa, CBI3aHHOrO C KaXAbIM TOBapOM, ycAyroR HJIH KJIHeHTOM, (b) AJpeCCHBHOCTh: npecneAyeT JIH 6aHK iueim pocra HJIn ynpoqeHHsi HO3gIHA, (c) KOHKp=eHUH3I: B KaKHX KaTerOpHSJX KpeAHTOB 6aHK XOqeT KOHKYNHPOBaTb C ApyrHMH 6aHKaMH H KOHKypeHTaMH rpH OrnpeenJIeHHH yeHbl Ha CBOH HHCTpyMCHTII? (d) KaTeroPHiH KnHeHTa: OpHeHTHpoBaH nm 6aHK Ha pa3BHTHC OTHOIeHHi¶ c KAHeHTOM H13TH Ha BbIrOzW OT czejim? Pa3inqHa 3m nomHKa onpeReAceHH5 gCH AS HMCOINUHXCA KxIHCHTOB, 4HpM - HOTeHIXHaAbHL1X KIIHCHTOB, H 4HPM, He BK3UOqeHHUX B xenCH o6cnyXCHBaHIsH, (e) lpNH6buIbHoC : 6OJIEIIHHCTBO 3ailaAlHblX 6aHKOB yCTaHaBJ[HBaiOT iCeCeBbIC YPOBHH IIpH6BlibHOCTH, 06BNHO KaK TIpH6bWB Ha aKTHBM (ROA) Ha BCC 50 CB5{3H c KiiHeHTamH, a He Ha KxayIo ycnyry KIiHeHTy. KpeaHTHyio Map)Ky MOCHO 3HaqHTeC3bHO coKpaTHTb, eciH KJiHeHT npHHOCHT 6aHKy 3Ha'HTejibHbIu o6beM aoxoira, HaiTpHMep, B 4)OpMe AOXOAOB no BamIioTHhTM oiTepaLTHSIM, aKKpeUHTHBaM, o6Hq3aTemcTBaM H rapaHTHUEM. TaKasq rlOJ1HTHKa Tpe6yeT Ha,excHOi H 34eIKTUBHOrl CHCTeMi yreTa oTHoieHir C KaX(IM KUHeHToM. (f) CTOHMOCTb &OHROB. KaxuIik COTpyAHHK ino KpCeHTaM AOAXCeH 6bm HH4OPMHPOBaH (exceHeBHO "Him exceHezebHo) o CTOHMOCTUH 4OH,OB nJr 6aHKa HuH 6a3OBOH CTaB,Ke. Ilocnieiuio MOJKHO onpejeXITI KaK cpezRHeB3BemeHHyio cTaBKy, Bbmna'eHHyio no BceM HCTOwHHKaM cpe.crTB, BKjjOjqau CTOHMOCTb CTpaXOBaHHS AenO3HTOB, pe3ePBHbIe Tpe6oBaHHs B iUeHTPaJTHOM 6aHKe, H CTOHMOCTh BCeX HerIPOileHTHb1X pacxo,oB, CB513aHHbIX C Mo6HJH3aLtUHe Cpe.CTB, HanpHMep, HaKnaaHLEx, aAMHHHCTpaTHBHbIe pacxo0b, MapKCTHr H ApyrHe. Onpee.neieHe iweHEi OCHOBaHO Ha 3TOU 6a3oBOr4 CTaBKe, XOTS Aim HeKOTOPb[X KpCeNHToB MoxeT 6uIm HCnOjib30BaHa npelenbHas txeHa 4OHAOB (KaK npH 6a.naHcHpoBaHmH nO CpOKaM c iipHo6peTeHHbIMH foHiaim). (g) rH6KOCTh ueHbT npH KeIIHTOBaHHH. B AO[O3IHeHHe K HOBbIM HHCTpyMeHTaM, 6aHK JOAoCCH npefAaraT KJIHCHTaM HOBy0 KpeHTHI0 rIOJIHTHKy, KoTopasq xapaKrepH3OBaoacb 6bI pa3Hoo6pa3HeM BHUOB 3aHMCTBOBaHHS C TOqKH 3peHHqs CTpY3TypbI CpOKOB H onpeAeneiHsH iUeHbl (B npeIeAax napaMeTpoB I1PHB)CeqeHHqs 4OHAOB H HpHHIUHITOB nornHTHKH 6aHKa). HanpHMep, 6aHK M0oKeT npeCji0oxT KJIHeHTy H3MeHCHH nnaBaiowei4 cTaBKH Ha 4HKCHPOBaHHYIO, (npH peBo03bBepHoM o6sq3aTeAbcTBe, nnaraiouWio CTaBKY C HHJKHHM H/HJH BepXHHM npeenroM HuH mo6oe Apyroe H3MeHeHHe HuH nonpaBKy, ripHBACeKaTemHbIHe Ls KAHeHTa H npHeM MbIemme Ai 6aHKa c TOqKH 3peHHqs IuenA H npH6hTmHOCTH. 170. 06pamume enumanue: Onpe,eneHHe geiHm KpeXHTa BKIOqacT TaiKxce onpexeuIeHHe ixeHbI HHcTpyMeHToB, rIpeCOCTasBhSLMNX 3a Bo3HarpaxaeHHe, HalpHMep, rapaHTHfi, o6513aTenbcTB, aKKpCeIHTHBOB Ha YCJOBHH "CTeH,-6aff" H T.A. OnpegeueHHe geHbI o6ecneqeHHbx H rapaHTHpOBaHHblx KpeCHTOB AOJDKHO BK3UotiaTh qacTo ,OBO1IB6bHO 3HaqHTeCbHbIe pacxo,>b, CBH3aHHbie C Ha.30pOM H yripaBneHHeM 3THMH KpeAHTaMH. CooTBeTcTBeHHo, o6ecneqeHHbie H rapaHTHPOBaHHL£e KpeAHTb B OCHOBHOM o6xoAswrcsq 3aeMLHKy AopoxKe, ieM Heo6ecneteHHbIe. ,fleTaim onpeAeneiHsH ileHu joncKHi 6bm paCMH4UpOBaHbI B KpeIHTHOM npeAJoxeHHH H KpeCNHTOM AoroBope. III. (DopMa KPeC2£THOFO HpeAI£O2KeHHR 171. IIocJne 3aBCPIIIeHHA o6cyCeHHN BCOX BOPOCOB C KaHAHAaTOM Ha nofIyqeHHe KpeAHTa H paccMoTpeHHsi H oLIeHKH AaHHoro 3aripoca o KpeAHTe, COTpyAHHK no KperHTaM AOJDKCH rlIOArOTOBHTb paciHpeHHoe KpeAHTHoC npeAivoxKeHHe Afl rI IPIACTaBjieHHS OTBrTCTBeHHbIM PYKOBOAUHTeAM H, eCCuH 3TO Tpe6yeTc.q H3-3a pa3mepa CH O CHOCTH KpeAHTa, KpeAHTHOMy KOMHTCTy. KpeAHTHoe ripexJIoxeHHe AOJxDHo 6brIb BCeo6'beMJIIOUXHM H BKJ10qaTh, KpoMe ,aeTanjbHoro oriHcaHHs Tpe6yeMoro KpeAHTHoro HHCrpyMeHTa, H3no3KeHHe 51 OTHOjeCHHN 6aHKa C KIIHCHTOM B iEejioM, BKjmOaq o6myxo cyMMy npegocTaraeHHux 6aHKoM KPOAHTOB H llpHqHHhI, IIOqCMy COTpyAHHK no KpeAHTaM CqNTaCT KpCAHT npNHBieKaTeAbHiM iWm 6aHKa. 172. KaqecTBo KpeAHTHOrO flpeAfoxCHHM - Baxa eimHft 3neMeHT B npoixecce OIxCHKH KpeAHTa. OHO OTpaxcaCT CnOCO6HOCTH cOTpylHHKa no KPCeHTaM npo04eccHOHaMHo alHanJH3HPoBaTb 3anpoc, a Taicie cnoco6HocTB y6e ,m pyKoBOACTBO 6aHKa, irTO npeAjOoxeHHbIN HHCTpyMCHT BbIOARH 6aHKy H, cAe2eoBaTeAmHo, AOjxKCH 6LITb HCHomiL3oBaH. lpeAiozxeHHe AonxKHo 6L1m npeAcTaBeHO B 4'opMe, o6iue.9 AIM BCeX KpeArHTbx AenapTaMeHToB - c KOPPOCKTHpOBKaMH AAA TeX HHCTpyMeHTOB, KOTOpBIe HMCIOT yHHKaDjHEie qtepmr (HanpHMep, HeCBHXcHMoCTh, ceCbcKoe Xo3SiCTBO, NH3HHr 060pyIOBaHNS H T.A.) - trro6m o6ecnewbm npoixecc OiZeHKH H CpaBHeHHSq C ,ApyrHM KpeCHTHIMH npelAIOXCeHHAIMH. 173. CmpPKmMHa u coAoeDcanue xpet3mvoao npeaAoxcen. PCKOMCHROBaHHaS 4iopMa KpeNTHoro npenioceH)HH BKmoqaeT cjie.)yIoiee: (a) Ha3BaHHe/HMS, aApec, pOA 3aH=THA KaH=aTa Ha noAy'eHHe Kpe,ATa. (b) wl;aTa -3aABKHN, HM COTpyAHKa, BeKn4yMero CqeT. MeCTOHaXOXMCHHCN 4HIHaJra, npeAcrasmwero KpeAHT. (c) KpaTKHiA 0630p cyLueCmyiouwX CqeTOB KomeHTa B 6aHKC, BKuIHOqaS nOCJIeAHHe A0e6eToBue H KpeAHToBhIc OCTaTKH no cpaBHCHHIO C npOMLM roAoM. (d) JCeTanbHoe onrcaH}e KpeAHTHoro 3anpoca, BKmo'aS HOBbdi HAl! Bo3o6HoJBSjeMbIi KpCAWT, o&beM, iUem, THn KpeAHTa, npeAfnoxceHHOe onpe.elneHHe ixeHm, npoLxeHTHbIe nnaTeoxc H rpac)HK noramemms OCHOBHOR CyMMbI, o6ocrieeHHLIk H-l HCT (c o6o3HaqeHHeM TNia' o6ecne'ieHHS), ox(HIaeMaS AaTa HcnoAb3oBaHHS (ecnM B03MOXUHO). (e) 06iuas CyMMa yxce npeiocTaBrieHHoro Kpe.rTa, no TNnaM HHCTPYMCHTOB H CyMMLI, no,rnexcaiOe BbifmaTC KMeCHTy, BKmIoaq BHC6aAaHcoBbIe o6Al3aTenibCma (cneAyeT AaTb TaKyIO XC HHNHopMaixIo no KpCeHTaM AO'epHHM KOMnaHHSM, KOTOp&MIH K)meHT BnaACeT nOJHOCTIO mm rAe HMecT 6oJmmHHcrBo rojiocoB, a TaKOKe no IApyrHM OTcrrejbHbIM IOpHAHWeCKHM J!HixaM, CBS3aHHbIM C KAHCHTaMH, KOTOpbIM npe,oCTaBIeHLI KpeAHThI. (f) geTajTbHoe oHHi4H uieH KpeaHTa H HCTOqHHKa noraiieHHA, BKnIO'qai nepBH{Hbie H BTOpHqHLie HCTO'qHHKH, KpaTKHti OTYCT 0 ACHexHOM nOTOKC B CBS33H C Tpe6oBaHHsmN no o6cAyXlIBaHmio Aoira H o6uIeft 3aAomCHHOCT KiIcHTa. (g) 3anor, no THny CTOHMOCTH (KaK ycTaHaBJIBacTcq CTOHMOCTB), KaqecTBo (CpOK), NCnonob30BaHHime mapxK B oixeHKe, rapaHTHH, o6seMmI, 4IHHaHCOBaS crioco6HOCTh (HanpHMep, qHCTaS CTOHMOCTh), HMCHa H aApeca rapaHToB. 52 (h) Heo6xoxtHMbe KOMMeHTapHH no MeHexKMeHTY 3aeMI4HKa. (i) OnHcaHHe 6H3Heca 3aeMI4HKa H CTOpHH AerreAibHOCTH, BK31IOlqaS B03pacT, pa3MeiueHHe, o6beM BbIryCKa TOBapOB H ripoaxKH no KaTeropHSIM TOBapOB, TeMribI POCTa H HOpMa nPH6bMbHOCTH, H T.A. ) JaenOBbIe KoMMeHTapHH, BKj0qaS AcTaj[bHbIh alHanH3 3aBepeHHOri ay,HTOpaMH 4)HHaHCOBOf4 OTqCTHOCTH B TeqCHHe KaK MHHHMYM Tpex rocCeAHHX JAeT, npIH'HHbI H3MeHCHHR B 6ajraHce, oTleTe o AoxoAax, pacxoAax, npH6bUIbHOCTH, H n'pOrHO3 Ha cne,yionHe HeCKOAbKO neT. (k) ABHIe CHIbHbIC H cia6bie CTOpOHBI 3aeMLKa, HanpHMep, KOHKypeHTocnoco6HOCTb, TexHojnorHqecKHe CTaHJaPTTI B ero rpynne, CpOK ,efCCTBHSl 3aBo0Ra H o6opyAOBaHRs H T.A. AHaIH3 K034¢43HIHHTOB H cpaBHeHHe C aHlaorHqHbIMMH nOKa3aTeCIMH no orpaCJIH. (1) 3a5IBneHHe 0 TOM, HaCKO3TbKO npeAIIO)CHHbINI HHCTpyMeHT nOAXOAHT K KpefHTHOii nOjImTHKe H CTpaTerHH 6aHKa, BKTIoqas onpeAeneHHe iteHbI Kpe,HTa. 174. XOTSi npe=oxKeHHe ,o.jDICHo 6bITb nojiHbIM, OHO TaiKce AOJDKHO 6bITb cxaTbIM, 6ObIlUIHHCTBO pa3#xenoB (noz 3arojioBKaMH) AOOJDKH COCTOSTb Bcero H3 HeCKOJIbKHX naparpa4oB. OqeBHAbo, pa3Aen K) (",enOBbIe KoMMeHTaPHH...") 6y,AeT CaMMM o6beMHLnM. Bce rlpeRIOXceHHS B CpeCHeM He zo.DKHo npeBL&naTm 4-6 cTpaHHIX, HcKnmo'eHHe cocTaBA5T 660iee KoMY[TCKcHbIe npe=noxKeHHs. 175. HenorameHHMe KpeAuTh JojKHIm exeroAHo RH2JIH3HuO3aTbcE ('ame Aonmmbi paccMaTpHBaThcn CJy'aa HenorameHHR po6jieMHbIX KpeAHToB), npuH OM BCN xHI4OpMa[Hsi Aojijea 6hrrb CKoppeKTKpoBaHa. HIociieAHee BKJIIoqaeT s ce6n aHaIHTH'ecKyI oi eHKy pefTHHra 3aeMmw=Ka K KpAuThwLx ycjyF, ieHbl KpeAuTh, co6jIoAeHHe KpeAHTHbIX AOrOBOPOB H T.A. O6OCHOBaHH1bIM aHaAH3 KpCAHTa H npouecc ero ogo6peHms B coteTaHHH C peryHTTpHbIMH H TiaTemHbIMH o63opaMH COCTOSHHSI KpeCHTOB 5IBJIAIOTCS Heo6xo,HMbMmH 3JieMcHTaMH npoilecca OXpaHbI 6aHKOBCKoro ccylHoro nopT4IeAsI H, cJIeXoBaTeABHo, H3HeCnoCo6HoCTH camoro 6aHKa. 53 / rjiaBa 7 Biu H MeTOAhi Kpe2wTHOfi nOJIHTHKH I. PYKOBO1RCTBO no KpeAITHoII nOJIHTHKe 176. BaHKaM HacToSTeCJbHo peKoMeHAyeTcq pa3pa6aTBIBaTm BcecTopoHHee pyKOBOACTBO no Kpe=THofi riOJHTHKe c TeM, qTo6bI o6eCneqHTB OCHoBHbIe HanIpaBJeHHS KpeAHTTHoN nOmTHKH /H onpeAejITb O6SX3aHHocTH H IIOJHOMONHS Bcex cji)xaiuHx 6aHKa, 3aHATUX B npoiXecce ripeAocrTaBReHHS KPCAHTOB KMHeHTaM 6aHKa. TaKoe pyKOBOXACTBO oTpaxcaeT KpCAHTHyIO 4MHIOCO04HIO H CTpaTerHIO 6aHKa no 6o0lIIHHcTBy BOnpOCOB, CBA3aHHbIx c npeAocTaBneHNeM KpeAHTa. 177. He cyiiecTByeT onpeAeneHHofi, noAxoAaiixef4 BceM 6aHKaM 4OpMLI TaKoro pyKOBoiicTBa. Ka=INL 6aHK AOJDKCH co3JaTh CBoe co6cTBeHHoe pyKOBOACTBO, oTpaDxasi 3KOHoMHqecKHe, riOHTHqeCKHe H reorpa4,HtecKKe yCJIOBHS, B KOTOPbIX OH rIPOBOARHT CBOIO KpeCHTHYO rIOJ!HTHKy. 9To pyKOBOACTBO OTHOCHTCS KO BCeM KpeAHTHbIM crpyKTypam 6aHKa, BK3IIaOaq 4mImam,T 6aHKa, H, eCJH TaKOBbIC HMCIOTCSI, AOYepHHM KOMnaHSiM, BjiaAeJbixeM KOHTrOpjbHOrO naKeTa aKLuHf KOTOPMX ABJSIeTcS 6aHK. 178. PeKoMeHAyeTcs, xrro6bI BCS HH4)opMaHINH, coAepxcauaqcA B pyKOBoAcTBe, 6buma H3jioxeHa B 4)OpMC e"HCeM O KpeAHTHoNi nOJIHTHKe" HnN 3aMeTOK, AeTaJIH3HpyIOIUHX BCe HHCTpyKIHH HNnN OCHOBHbIe ripHHixHnIbI no OTreJEbHbIM BHAaM KpeAHTOBaHHs, pa3MepaM, BHAaM o6ecneqeHHs KPCAHTOB H T.A. rIHCbMO O KpeAHTHOiN nOJIHTHKe AOJXDHO coAepxaTi6 AaTy M3AaHH5 HNH nocnegiHero HcnpaBjieHHA. flo mepe BbMYCKa HOBbIX HHCCM ycrapeBias HH4)opMaIHAs AomDKHa H3biMaTBCI H3 pyKOBOACTBa H yHHwLrOXaTbCS. 179. PYKOBOACTBO cqHTaCTCS KOH4)HAeHIAXbHbIM AoKyMeHToM, TaK KaK OHO coXAePXHT CrpaTerHIO H MeTOAbi 6aHKOBCKOfk KpeArTHoxN noJ[HTHKH. Ero pacnpocTpaHeHHe IO3TOMY C3IeAyeT OrpaHHN Tb H BbiAtaBaThb JIHIlb CJy2KaI4HM, HCeOCpegCTBeHHO Bb1aIoIHM CCy.b, ynpaBwuomImw OareneHHN 6aHKa H ApyrHM J1HIiaM B 3BeHbsIx, o6ecneqHBaiouuix KpeAHTHymo 4yHKIXHIO (KpeATmHyio noJrTHKy H ccyAHbie onepalXHH). PyKOBoACTBa MOryT 6rbm npOHyMepOBaHbI, H KaxAIbi noaytIaTeJIb, paCNCHaBUIHCb B noJIyIeHHH, o6S3yeTCI BepHymT CBON4 3K3eM1SlP B cnyqae nepexoAa Ha AOJDCHOCTh, He CBR3aHHyIo C KPCAHTOBaHHeM HJIH B caiyiae yxoAa H3 6aHKa. PyKOBoAcTBa cflcAyeT xpaHHMT B 3anepTmx i1iNKax. KaKAomy OTzACeHHIO 6aHKa AOJDKHO npeAHa3HaqaTbcs orpaHHqeHHoe KOAHqeCTBO 3K3eMflJnpOB. 180. CocTaBneHHe H pacnpocTpaHeHHe pyKOBo,cTBa o6bImHO BAHCeTC51 o6sl3aHHocTbIo orAiena KpeAJHTHOfi nOJIHTHK4. TaKOR OTYrAe COCTOHT H3 onrbrHbIx crIeLxHanJHCTOB B KpeAHTHO1N c4epe (6o0bUmHcHTBo H3 HHX - 6xiBHe CAyxauJ4Ne, 3aHHMaB1HCecS1 KpeAHTaMH), MMAeTcsi no CyTH ARena aBTOHOMHhIM H Bo3rnaBJIsReTcs rJIaBHbIM CIICL4HaJIHCTOM, KOTOpbIi oTNHTLiBaeTCS nepeA BbLICUHM 6aHKOBCKHM pyKOBOACTBOM (npeAcezaTe31eM H11 npe3HAeHToM). riaBHof4 4)yHKIIHefk oTzerIa sIBASeTcsI pa3pa6oTKa H KOHTpO3Tb 3a BHAaMH H MeTOAaMH KpeAHTHOf4 nOOHTHKH 55 6aHKa B COOTBCTCTBHH c rJTaBHMMH npNHHNinaMH, ycTaHoBjieHHbMH CoBeToM aNupcKTOpOB (COBoTOM ynpaBunouxo). 181. PeKoMeHAyeTci excroAHo nepecmaTplnBaT pyKoBoAcTBo. 182. HHxCe cnezRyeT npe2naraeMMiN 4opMaT H ornaBneHHe pyKoBozcTBa no Kpe,HTHOr noAHTHKe. 06cy=eHHio OCHOBHLiX ero pa3AeJCOB HapAX C OTHOCAWINHMHCS K HHM BOnpOCaM rIOCBSiijeHbI HeCKOJIbKO Apyrrx rniaB 3TONi nporpaMMbi. 183. YcAyvu no ccQEi - mepMWWA02U . (a) KpemrrHaq jmHHH - BHA ycJyr, npH KOTOpOki KnNeHT MOXCCT B3%Th B Aonrr oiipeAeneHHyio CYMMY Ha onpeAzeeHHbig nepHoA, 06NqHO HO npeBbImaiotuxH4i 180 AHefe. (i) YBeZOMHTembHaS HNAH nOzTB;pmeHHaA JHHHJT: AOrOBopeHHoCTb, Bbipaxaiomasi HaMepcHHe 6aHxa KpeAHTOBaTh. OHa He npcAcTaBiSeT co6bA o0JHLwajibHoro o6si3ateinucma 6aHKa. 06JIqHO KOMHCCHS HO B3HMaCTC.L (ii) O6A3aTeirbcmBeHHas JIHHS: AoroBopeHHoCTh, corniacHo KOTOpON 6aHK o6s13yeTc.q B nHciBMeHHotk -)opMe KpeAWToBaTh KnHeHTa no ero npocb6e B COOTBCTCTBHH co cpoKamH H yCJIOBHsMH, KoTrOPIC orOBopeHbI B ARoroBope o6A3aTemlbcTBa. flpeAEcraBnsleT co6of iopHAHNecKoe o6li3aTenbcTmo 6aHKaio BaHK o6bIHO B3HMaCT niaTy 3a CBO0 o6sI3aTemcTBo. (iii) Harrpawigiouagi AMHSI: KpAHTHaq JIHHHAI, Oo6peHHa3i BHy rH 6aHKa, HO He o6cy.eHHaA c KHHeHToM. (b) O6paigaioguxcsi KpeKg r ("peBojbBepHwft"): o6x3aTeJmcmTo no ccyAe, BbrTeKaio1iiee H3 4,opMaAbHoro corAaiueHHA, no yCjiOBHSM KOToporo KAHeHT MOxKCT 6paTm H Bo3BpaiuaTh CCyAb no CBOeMy xKenaHH1o Ao onpe.ejieHHoNi CyMMLi, npHmeM npeAcn KpcAHTOBBaHH BoCCTaHaBJIHBaeTCS noc.ne KaJAOrO BO3BPaTa ccyAbx. TaKoe corAameHme AwIHTcA o6bI0o 6o0iee roARa. rIo AOrOBOpy B3HMacTcq KOMHCCHN. (C) KpaTKocposHaA ccyna ("ccyAa Ha BpeM. ): OAHOPa3Os1 ccy,a CO CpOKOM noraiueHHNs KPeANTa AO oARHoro roAa H noramaemas nyreM oAHoro umH HeCKOJbKHX 1iAaTexKCA. (d) CoPOHas ccvya: mno6as oAHopa3OBSa ccyAa co CpOKOM noraIIeHAs cBbmIe oUHoro ro.Aa. 184. O6paTHTe BHHMaHHC: KpOMe o6.l3aTejbcTBeHHoH iHHHH, mIo6oM H3 BbnIienepeqHCAeHHbIx npOAYKTOB MOxKeT 6bM Heo6eCneqeHHbIM, o6ecneqeHHLIM HJH rapaHTHpOBaHHIM; B AononHeHHC K BbIuIlyIIOMSlHyTIM yCJIYraM CyJIeCTBY1OT ,ApyrHe, pexce BcTpeqaioolIHecs, 4)opMb KpeAWTa. 56 185. H paoMo'wu no cpedumoeaiuo u eeo memoAwL. 9Ta qacTb pyKoBo,cTBa no KpeAHTHofi 1OJ[HTKe o11HcbIBaeT CHCTeMy H nlpOLIeXypbI corniacHo KOTOpbIM 6aHK o6pa6aTIBaeT H o1o6paeT pa3niiHi e BHMI KpeHTHaIX ycnyr, IIpeAocTaBiSeMbIX KiiHeHTaM. rIpaBoMotHs no KpeAHTOBaHHIo oripeejmSlOTCS KOJHCCTBOM H ypOBHeM KpefHTHUX cAyxKaiUHx, xMH nIOAHCH HCo6XO,HMbI Aim yrBepxgeHHI onpeAceieHHoro KpeAHTa. K npoiLexypam oTHocsrrCs Te AeIcTBHA, KrTOpmIe AoJKHbm 6bIrb ripeJlpHHsTmI KeM-TO oripe,eGneHHbIM B 1poiLecce yrBepcAeHiKHH KpeAHTa. 186. CHcTeMa yrBep)IeHHS KpeHiTa o6mqHo MHorocTyrieHIaTa. YPOBeHb, Ha KOTOpOM KaxKlII KpeAHT 6yAceT, yrBep)LaTbCI, 3aBHCHT OT COBOKY1HOrO rIOfOxeCHHS K3iHeHTa H KpeJHTHOrO pHCKa (paBHO KaK HHOrAa H OT cpoKa KpexTa, HaIIpHMCp, KpaTKoCpOEHbli B CpaBHCHHH C AoAroCpoqHiM)/ HanpHMep: (a) 14HIIHBHnvaAbHoe npaBoMoqHe: KpeCTHaq yciyra, He Bb3bIBsaiorua ZocTrHxeHHI COBOKYnHoro YPOBHSI KpeCHTa 6oAee 200000 Aon0napOB, MoxKeT 6b1m yrBepx(eHa o0HHM KpeAHTHLiM CciwaI=IM B OTrrejie npeoCTrBaCHHS KpeC1HTOB (KpoMe Kpe1AHToB, 3acay)IcHBKaIoHx oco6oro BHHMaHHS). (b) lIB0oHaA nor0anHCB: KpeAHTHaS ycnyra, Bbi3BiouxaH ripeBbTTTCeHHe COBOKynHoro ofteMa KpeIIHTa cBsfle 200000 AonnapOB, HO He 6onee 500000 AOAAapOB, H He Bbi3BaIOIUas HeO6bmHbix KpegwHTX pHCKOB, MOxKeT 6irmb yrBepxKzeHa AByMy nOA11HCBMH (HanpHmep, KpeAHTHOrO cAyxcaucero H ero HaqaIBHHKa). (c) KpeaHTHmrK KOMHTeT: KpeAHTHas ycnyra, Bbi3biBaioIixaS yBejAHqeHHC COBOKYnHOrO o05beMa KpeAHTa KJ[HeHTy CBmImel 500000 AoIu1apoB, 1Ao3DKHa 6b1m yrBepxc,neHa 6aHKOBCKHM KpeCHTHbIM KOMHTeTOM. 187. 14HIIHBHIvajibHbe KpemlHTHEIe nOjlHoMo1HSA qacTo pa3niraIoTcs ITO OTcrre3TeHH3M, o'rpeAaM, 4M{JIaiaM, ynOj[HOMOqeHHOCTH KpcpwHrHx ciryxcaXHX H HO THIIaM, pa3MepaM, CpOKaM rOralueHHAS H pa3MePOM 3aACeACTBOBaHHuX KpeZIHTHmX peCypCOB. B AOHoJ1HeHHe: (a) KpeaHTHmbe cgvaime MOrT pacmHpslb, yBeAHIqHBaTh H Bo3o6HOBXslTh pa3Mep KpeCHTHbDX ycjiyr Ao InpeWycMorpeHHoro o6fbeMa. ECJIH Azocr=rrae-rcs npeken niro creiIH4KHqecKofi KpeIAHTHO KaTerOPHH AARI KAHeHTa (HanpHMep, JIHMHT 4)OpBapAHNx CACJIOK C HHBamOTO4), HHAHBHAyaEbH1i] cayxaullHfl He MOxCKT yrBepxaKzaTb pAaAbHefKiiee yBemJqeHHe ycnyr no 3TO]K KaTerOpHH. OpIHaKo, cAyxKauIHAi MOxKCT yrBepxAaTb COBOKVIIHOCTh KpeAHTHbDx ycnyr ApS K1HeHTa B nD6oRi KoM6HHaLIHH CYILeCTBYIOUE1X KpeI4HTHBIX KaTeropH], Ip]H KOTOpELX yTBCpx(1eHHbi COBOKVIHb oK6eM KCPeIHTOBaHHu1 He npeBsmaeTcsi. (b) YnpaBsnJoWle oTACACeHHS1M 6aHKa moryr 6b1T HaCeJIeHbl KHIHBHAyaaAbHOfK oTBeTCTBeHHOCTbIo 3a BCe KpeAHThi, BbUAaHHbIe HX oTIejieHHeM. B mo6oM ciyqae, Bce KpeC4HTHMe AoroBopbi, yrBepaxeHHbie HX OTejOeeHHeM, AtO3DKHbI COjepKaTm HX rIOp]KHCb. 188. CnICmaAbHieC KpcpeHTrHbe npaBOMOqHqs, npeBbImaiomKe o6MqHme OrpaHHCeHH1 ALISm HHgHBHYaJIlbHbIX KpeAHTHLIX cAKyxcaiX, MOryT 57 pacipoCTpaHIThcSi Ha riocAieAHHx - nm60 B fopMe eCHHHMqHofi noAInHCH, AM6O B KoM6HHaLiMH Co BTOpbIM Cc1yxCaM - H3-3a cnieIxMH4HqeCKoA npHpoA MX oT1AeAeHH.. TaKHe MCKJIIO'qCHH B pa3mepe H/HAM cpoKe noraiieeHAs KpeAHTHofi ycnyrR o6bmHo pacnpocrpaHAIoTcJq AmHb Ha cAyxCa=Ix cpezAHero YPOBHS B TaKHX CCyAHLX KaTeropHSX, KaK HeABKMMOCTb, KpeAKTOBaHHC TOBapHbIX napTmr, 4,HHaHCHPOBaHeC o6opyAOBaHHI H T.A. 189. IIBOAHas riOrHcb 0o6LqHO Heo6XoAHMa, Korga pa3Mep H/HAM CPOK norauleHHS ccyAbi npnBiuaeT KpeJAHTIHbi HMMiT cAyxcalucro, Bbuaioiiero KpeAHT H omeqaiomiero 3a Hero. rIpaKTiKa MHOXCecTBeHHoH nOAfHCH, Heo6xo,HMofi Aim AaHHOA KpeAHTHofi ycnyrH, paarHqHa B pa3HLX 6aHKax. 061UHMH AnM BCCX SIBJISIJOTCS1 cneAyioiixe nyHKTI: (a) YBenHMeHHe lqHcna Heo6xoAHMux noAnHceM C yBeAHqeHHeM pa3mepa ycAyr, IpHlqCM KaJAaSI roZnHcb ABJmeTcS yrBep)AeHHCM cAyxCaM 6onee BMICOKOrO ypOBHg C 60nbIUHMm npaBOMOqHSMM BHVTpH OlHOrO H Toro xe oTieneHH. HAM osi'ena. (b) To .xe, tro H B UPCAbAYIeM HYHKTH BbUnC, HO CBbIC AaHHoro pa3Mepa KpeAHTa, Tpe6yeT - AonoAHMTJebHoro y= peHHS flpeDicTaBHTeCJeM KDeiiHTHorO xoMNTeTa. 190. KpemTHmbe KoMHTeTbI COCTOT M3 oiibrrHbIx cAryxaK x 6aHKa (o6bmqHo 6bIBmMX KpeAHTHbDx cAyxKaix). TaKHe KOMMTCrh CO3AaIOTCS1 CleIUanAbHO A[IS Toro, qTo6bU BbiCKa3bIBaTh, cpeArH npOtHX, He3aBHcHMbNe CycyxAeHHH, KacaioIecS flpejIoxKeHHi no KpeACTaM CBshwe onpeAeAcHHbJx JHMHTOB (pa3MCpOB, CpOKOB noraiueHH.q) HJIH C HeO6mqHbIMH ycAoBHsqMM. B HeKOTOphIX 6aHKax 3Ty 4'yHKixHO BInO.HuICT oTgenf KpeAHTHOri nOIHTHKM. 191. CqMTaCTCI, trTO MHOxCcTBeHHaS noAriOcCb iioMoraeT cOKpaTHTb Ho3sBeHHe OIIIH6OK B pCIICeHMSx 0 BwAaqe KpeAHTOB. TaKoe MHCHHCe fioKpAenUSLeTcS HcnOlb3OBaHHeHM CHCTeMbI KpeCHTHbX KOMHTCTOB, qAeHbN KOTOPb[X npeACTasB]OT KOMIIAeKCHYIO KpeZHTHYIO 3KCnCpTH3y Bcero 6aHKa. flOTrHUUaALHbIM HeAOCTaTKOM ILUpOKOrO HCrIOAIL3OBaHHR CHCTeMLI KOMHTCTOB ABJSCTCS oTBseqeHHIe OlbITHMX COTpyAHHKOB 6aHKa OT Ae3Trre3HoCTH no pa3BHTMio 6H3Heca B 6aHKe, a TaKxe 'xpe3MepHOrO yBeJIHeHHeri nepHoAa BpCMeHH, Heo6xoARMmorO AmS 3aBepmeHHS npouecca yrBepxceHHS KpeCATa. 192. KpeaumNax aoK MeNmau. KpeAHTHbie cAy)acHCe OTBeTCTBCHHLI 3a rOiorOTOBKy cooTBeTCTByOWuefi KpeAHTHOfH AoKyMeHTaxHH H 3a CBOeBpeMeHHMCe H3MeHeHHSI B HeI. H4cKIOtCHHRS BKwIOtaoT: (a) ECJIH KpeAHT OTHOCHTCS K KaTerOpHH "oco6oro BHHMaHHql (HanpHMep, B cAytae o6ecnOKoeHHOCTH 3a KpeIMTocrioco6HOCTB KcmHeHTa), m3MeHeHHS AOJDKH{ npHHHMaTbcq rnasBHLMH Kpe,HTHLIMH CyxaICaMMH HIHM KpeWTHblIMH KOMHTCTaMH. (b) 13MeHeHHqI B AOKyMeHTaIUMH HUm ApyrMx TpC6oBaHHR KpeCHTHOrO jroroBopa Tpe6yloT yrBep)AeHHA Kpe,MTHoro cryxKaWiero nmC 58 nHcbMeHHoro cornacHs riiaBHoro KpeTHoro cnyxcaulero H/Hjl a MHHcTpacHH ccyiHoro oc,Aena 6aHKa. 193. MMzue o6mawiocmu Dpeclumoeo cavxcaweeo. IIepe, TCM, KaK ,o6HBamc. yrBepxieHHA oKa3aHi3HH KpexHTHooi yCJIyrH, Kpe,HTIHbi cJ[yXaIEHf AoJDKeH: (a) Ilo,1roTOBHTb MeMopauHMM oueHKH vcyMa I H 3UIOnIHHTb imrCT OI eHKH YYMlH, KOTOpbil coACp)KT corinacHe oTejia KpeIUTHoro aHaim3a. (b) Y6We,mbci, trro KpeHTHas ycCyra He rpeBbmaeT o6iuero npeAejia KpeXIHTOBaHHS KJ[HeHTa, a Taixce o6uie6aHKoBcKoro AHMHTa KpeCHTOBaHHS no KaJLOfi KaTerOpHH Kpe,HTa. II. OTAien KpeAmThoro a Han3a 194. XOTR OH H He AB1merTCq qaCTbiO Pa3nIfHbDX OTrrejCOB, 3aHHMaioIUHXCA BOripOCaMH CCy,, oTrreA KpeATHOrO aHaH3a H ero ,Ae5TCebHOCTb KOOpAHHHpyCT H rIO,AepXKHBaeT Becb npoiLecc Kpe=WTOBaHHS. rlyreM pa3feineHmsI ccyHoiA 4yHKgHHH H KpeCHTHoro aHaim3a, ccyaHbe OTACreTi MOIry iCeIHKOM CKOHileHTpHPOBaTbcR Ha pa3BHTHH cBoeH HenocpeAcTBeHHoIi AerTeJebHocTH. B TO xe BpeMsi, pa31enAeHHe ,AByx OTrreAOB cnoco6cTByeT 6o0ee BbICOKOMY ypOBHIO o6bCKTHBHOCTH Kpe1HTHOrO aHaAH3a H 6onece ocTopoxaomy npoixeccy yrBepxAeHHu KpeAHTa, qeM ecJT 6bI KpeAHTHIe H cCy,Hie 4)YHKIHH 6bLH o6eAHHeHHLIe B OAHOM oT,leAe. 195. O6.q3aHHocM oTvena Kpe,HTHOrO aHaJIH3a o6LlIHO BKIOqaiOT: (a) C6op 4 HHaHCOBOM HH4OpMaxHH o KAHeHTaX H IlepCrIeKTHBHbIX 3aeMIXHKaX (o6bMIHO o10 npocb6e KpeJHTHMX cnyxcaiux); (b) AHaniH3 4)HHaHCOBOR oTxCTHOCTH npreTeH,CHTOB Ha ccyzy, a TaKie eKero,uHyio rIpOBepKY Cy1eCTBYIOUX KMICHTOB; (c) OpraHH3aljHs H nIo,roToBKa oTqcToB o6 ysBepx4eHHH Kpe,HTOB H ,Apyroii HH4)opMalHH, Heo6xo,HmoPkIJUI npoilecca yTBepxcAeHHI Kpe,HTOB; (d) OpraHH3ailsH co6paHHfl KpceHTHoro KoMHTeTa H perHcrpaIlsH ero pcimeHHAk; (e) BeCeHHe KapToTeKH no KpeCjuTaM KiHeHTOB; (f) OTBeTI Ha 3anpocEa no KPCeHTaM H3 ,pyrHx 6aHKOB H ApyrHe 3aKoHHbIe He6aHKOBcKHe 3anpOcbI. 196. KpeaHTHLIfl oT're COCTOHT H3 KpelHTHHbx aHaMHTHKOB, Yacro cpeA HHX HaXO,5ITCq Kpe,HTHbIe cAyxKauHe-cTaxKepbi, xwro s[seTcH wacmio HX o6meM yqe6HOR nporpaMMbI. MeHeApKcep o61,qHo OTqHTbIBaeTcq riepe, rJaIBHbIM ,ROJDKHOCTHbIM AHiLOM 6aHKa, OTBCqaiOLUHM 3a Bce cCyAHbic onepagHH 6aHKa. 59 197. O6paTTe BHHMaHHe: B He6oJmINx 6aHxax H B HeKOTOPbX KOHTOPaX 6aHKOBCKRX 43HAHaAOB, 4)yHKiHi4 KpeHTHOrO aHaJn3a riOjiHOCTIO 06ie.zHHeHb c ccyzHoR 4)yHKuHei, rqTO O3HaqaeT, qTO KpeAHTHMii aHaJN3 BXOAHT B o6sI3aHHocm KpeA,THux cnyxauuHx. B 6omumx 6aHKax 4iyHNHs KpcAmTHOrO aHani3a MOxCT 6wTm a6colomTHo oTrreeHa OT cCyAHoNi C T-M, xrro6m o6ecneqHm nonmyO aBTOHOM1IO nyref aoCTrHxeHHs pemeHHdk no KpeAWTaM. B TaxHx yqpe=eHHqm byHKtHSi KpeAHTHOrO aHaJIH3a MOXCOT BbOMHmiThCS B OTAejie KpCAHTHOfl nOjiHTHKH npH yCJIOBHH, 'ITO Ioc) eAHHfl HMCeT npaBo 3anpeiuaTb yrBepxK eHNe 6onLbumx KPCAHTOB H qBSTbCSI oTBeTCTB=eHHM 3a ccyAHyio roAHTHKy H ee IIpCTBOpeHHC B XN3HB b. III. OrTAen CCyAHlix onepawui 198. 06.q3aHHoCM 3TOrO BTOpOrO H3 OTHOCMIUNMCq K CCyAaM OTrAeiOB 6aHKa HOCRT cyry6o aiM4HHHCTpaTHBHbdi xapaicep H BKyjOaIOT: (a) lIoArcrroBKy, perCcTpaiUxIO, -coAepxaHHe H riepRoAH'ecKyMo IpOBCpKy BCeC OCHOBHON .OKyMeHTaIuHN OTHOCeIUCNCS K CCyAHlIM onepaiHqsM 6aHKa, BK]MO.SIa XpaHeHHe OpNHrHaAOB Bcex.H3BeixCHHNN, AOrOBOpOB,.3anJIrOBbM pafcnHcOK, rapaHTNiN H T;. - -.A. (b) rIOAUepxcaHHe iOpHNAHeCKHX npaB 6aHKa Ha 3anor nyreM perCCTpaUNHH Tpe6oBaHNN K .3aeMIgKy H nepeAawN co6cTBeHHocTH 3aeMDINKa; (c) PerHcrpa1XHIo CCYA B 6aHKOBcKHx 6yXraiTCepcKHx KHar2X, noAQrOTaBnHBaS npOBOAUKH KaK Aim 4)fHalIOB, TaK H AU o6iuef 6yxrwrrepcKofi KHNrN; (d) BMcTaBieHHe CqeTOB KieHHToB no npoixeHTHJM nIIaTcXaM, B3HocaM, KOMHCCHSIM H o6IUxM c6opaM; (e) OTqeT o 6aHKpoxcmBe KnHeHTa KpeAHTbiM CnyXCaHM, a TaKKeC npeACynpexAeHHe nocnjieHHx o npH6jmIaaIoHieMcs NcTeqeHHH CpOKOB KpeAHTHorO corAaImeHH3i, AoroBopa, ccyA1Horo pzoroBopa H BCOA zlpyroft AOKyMeHTaUHH C HCTCKaIOWiHM CpOKOM zcmcTBRs (31y cnexH4IHq'ecKyO 4DyHKuNio MOxKCT BbInOjHSTh H KpCpHm orjen). 199. Cayxcauwe, 3aHHMaIo=IxcS1 CCyHLEMH onepailHnsM, AoniuHm 6brM nOJIHOCThIO 03HaKOMjiCHmI c 6aHKoBcKoft ccyA;Hoi nO3NTHKKOi, OCo6cHHO C Tpe6OBaHHSMH no 3anOnHeHHIo H BeACeHHIO AOKyMeHTaiHH H C MeToAaMH KpeIAHToBaHHs, BKnmoias npo1xCcc ysBepxA-cHHS cCYAI. XopoDIO OpraHH3oBaHHaS cHCTeMa C qC=TKHM BCACHHCM BCe4 pormcHpaIH H 6yxraTCPHH HMCT pemuaiomee 3Ha,qeHHe. YnpaBneHHe 3THM OTrACAOM B LCJIOM HO 3aBHCHT OT CCYRJlHIX OTMACJOB, npH ycjioBHH, 'ITO oTBCTCTBCHHEM 3a ccyAHbie OnepaINHH OTqHTbIBacTCS rnepeA HpePcKTOpOM Bcex 6aHKOBCKMX onrepaxHi. 60 IV. KapToTeKa KpelAmTHom HHcIOpMaEmH (KKHI) 200. KKI qsBj[eTCq He AoKyMeHToM, a BHyrpeHHeH, XpOHOJIOrHqeCKO! H Bceo6fbeMJnoIueH perHcTpal.Hel Bcex B3aHMOoTHOInlCHfi Mex(KLy 6aHKOM H KAHCHTOM 3TOrO 6aHKa. CoAepxaHHe KapTOTrKH o6M-qo BNXO1HT 3a paMKH ,HCTO KpeIIHTHbIX B3aHMOOTHOIueHHHl H 3aTparHBaeT permcTpaiHIO BCeX BHIOB Ie5rTeJIbHOCTH MeC)Y KOHTopareHTaMH (KpoMe TpaCTOBBIX B3aHMOOTHoIIeHHfl). Bceo6¶Iemwioiias rIpHpoAa TaKOfl KapTOTeKH Heo6xoZHMa =A onpeAeeieHHq peHTa6CebHOCM HAH pHCKOBaHHOCTH COCTOSHHSI Bcero KOMnieKCa B3aHMooTHOIneHHfl. CoOepxaHHe ,K14, HOMHMO Bcero npoYero, AojicHo BKAIOqaTh: (a) KonHH Bceil KOPPCcrIoHAeHIXHH Me)xcy KIHeHToM H 6aHKoM; (b) Bce 3aIIHcH, iORrOToBseHHLe IIepCOHanjoM 6aHKa B KaqeCTBe ACTa2rbHOrO OTqeTa O CBOHX KoHTaKrax C KJITHeHToM; (c) KoriHH Bcex nlHcbMeHHUTX Kpe,HTHbix aHaAH30B H yrBepxceHH14 ccy,z, rlOAr1OTOBAeHHUX cAyXcyalHMH 6aHKa, cozepxca e norrzHCH yrBepaBUIHX COTIpyHHKOB R, B cnyrae oTKa3a Ha nlpocb6y o ccyje, rIpHqHHH 3TOrO OTKa3a; (d) KoriHH Bcex AorOBOPOB H coriameHRHi, cornaiueHHfi o ccy,ax, orpaHHqeHHHl noJy'eHHSI HHBaJiiOThI H BCefi OCTrabHOfl AOKyMeHTaIHH, oTHoc.qinefciC. K B3aHMOOTHOieCHHSM C KIHeHToM; (e) KoIIHH aHaHIH30B npH6biHoCTH, OTHOCiUHXCS K B3aHMOOTHOmCHM. 201. KKII upeAcTaBnsIer co6o1r "cepwe" 3a,oKymeHTani3HpoBaHHux oTHoiiieHHA MC)KAy KJIHeHTOM H 6aHKoM. H13-3a CBoefi KOH4)HgeHijHaAbHOCTH AOCTryn 6aHKOBCKHX CnyxIIalUHX K Kap-roTeKe orpaHH'eH. KKH4 o6uqHO HaXO,SITCSq B CCKIHH Kpe,HTHOrO aHaJIH3a Kpe,ITHOrO oTrCeia, H KpeARTHie cAryxaiEe Moryr noJyqHTB K Hell XOCTyII no npocb6e H Aim Ha,=nexcaiieM ue.im. 61 / riaBa 8 KiaCCK4{HKaiUR KpeJ4rrOB, pe3epB Ha noKpuLTme y6bnxoii OT KpexlTOB H ynpaneHite y61xaMMH 202. 9ToT pa3,eAj fporpaMMBI 3aTparRBaeT npemecT, KOTOpEIi Haxo,HTcq ioA IIOCTOAHHLIM Ha830pOM H BHHMaHHMe- meHefMeHTa 6aHKa, 6aHKOBcKHx aYAHTOPOB H 04)HIHaAbHux areHCTB HO Ha,3opy: o6HapyMceHHe, perHcTpaLHR H ynpaHneHHe rnpofteMHumiK" KpeA,wTaMH. lpo6nemHbui KpelIAT oxBaTiaBaeT IHpOKy1O KaTerOpHIO Kpe,lTOB c ozHofo o6iedi 'epTok: noraieHHe upoueHToB HI OCHOBHOR CYMMbI B COOTBCTCTBHH C yCJIOBHRIMH KpeuHTHoro AoroBopa wemTCi coMHHTCjihHMM AH6O nepecTaRo IHpOHCXOAHTb. 203. Cepbe3HOCTm 3TOuI CHTyAaIHH Aim OTTCjbHOrO 6aHKa H 6aHKOBCKOR CHCTeMBI CTpaHbi 6bu1a AoKa3aHa HeoHoKpaTHO B TeCeHHe nocneAHHx nieT KaK B pa3BHThx, TaK H B pa3BiHBaIOuxHXCSi cTpaHax. 9To nocTosmiias npo6.neMa, B KOTOpOfi C TeCIeHHeM BpeMeHH H3MeH3ICTCSI TOJEbKO CTCenCHb CCpbe3HOCTM. aBe npwuHH TaKoro o6ocTpeHHoro BHHMaHHq, KoTopoe eft yAejmeTc3i: BbICOKHfI "JieBepeApW" 6OAbIL6UHHcTBa KoMMepqecKHx 6aHKoB (HanpHmep, no cpaBHCHHIO c IIpOMbU1LeICHHbIMH 4HpMaMH) H BbICOKaS cTeneHb HeCTa6HJbHoCT-H naCCHBOB, T.e. 6a3bu 4HHaHCHpOBaHHS. CieACTBHeM 3TorO IBwSeTC3I BbICOKa. YS3BHMOCTb 6aHKoB K co6brHmqM Ha pbIHKe, BbI3BaHHIaIM YXYAMIIHHCM KaqeCTBa HX pHCKOBaHHNX aKTHBOB, B 'lacTHOCTo , KpeAmmoro nopTreiAs. 204. KaK 6aHKH, TaK H opraHbI HaA3opa CTpeMSTcsi ymeHumBm yS33BHMoCTb: 6aHKH nyrem nozigepxCaHHs OTHOCHTCThHO CHAbHOfl CTpyKTypbI KarHTaAa H 'epe3 344eKTHBHyIO CHCTeMy KpeAwmTHo noAHTHKH, npoxeAyp, H KOHTpOiSA; opraHS HaA3opa o6bIYmo noAxep,HBaiOT BbICOKOpa3BHTYIO H, B O6uleM, 34OCKTHBHyIO CHCTCMY KOHTPOJLS H ayAHTa 6aHKoB cTpaHbI. KaK TrpTHN H nocineAHHN 4aicrop CyIIuCcTByeT geHTpa3TbHbIN 6aHK Him CXOAHbi npaBHTeMbcTBeHHbdI HHCTHTyr, HCnOAHSIIOIIHIk 4)YHKIXHIO "KpeAHTopa noCJ.naIHeI HHCTaHUHH". I. YaacCHu KKawuI KpewNThB 205. CHcTeMaTHWecKHiR MCTOA KOHTPOJLS 3a KaecrTBoM KpeumTHoro nopr4)ei 6aHKa COCTOHT B KAacCH4,HKaIIHH KpeNHTOB B 3aBHCHMOCTH OT TOrO, HaCKOJIbKO 3aeMrI4HK BbmOJIHAeT CpOKH H YCJIOBHS KpeA.HTHLEX AOrOBOpOB, B 'aCTHOCTH B TOM, xrrO KacaeTcs o6cnyXcBaHHs Aorra. KYaccH4,HKaIXHS3 KpeAHTOB - NnN peMmHrNi - KaK MbI yxce OTMeTIHA, qaCTO COcToBaSIIOTCS H nOAApXHBaioTC3 CaMHMH 6aHKaMH. KpoMe Toro, TepMHH "KjiaCCH4NHIHpoBaHHbIIf KpCeAT qacTo OTHOCHTCS3 K O4)HIjHajibHof4 CHcTeMe KjiaCCH4MHKagHH, KOTOpyIO Hcno3Tb3yioT orpaHa HaA3opa. OqeBHAHO, trro TaKHC CHCTMbr MCHUeOTCS OT CTpaHbI K arpaHe, a TaxKce qacTo nrpeCMaTpHBaIOTC3I. 63 206. IIHu eDb iciaccu goamuu &peaumos (a) CIIIA. 4)eAcpaimHas Pe3epBHas CHcTeMa (CDEA), ieHTpanbHu& i 6aHK CoeAzHeHHbix LUTaTOB, 1eOTCSq OAHHM H3 TpCX opraHoB Hag3opa. Apyrne ABa - 3TO KoHmponep AeHexHoro o6paiemHHq, =A 6aHKoB, 3aperHcTpHpoBaHHUX KaK HaiIHOHaIbHbIe, H cI)eCepaimHaS KOpriOpalmHS no CTpaXoBaHHIO ACH1O3MTOB l KoMMCpqCCKHX 6aHKoB, 3aCTpaXOBaHHb1X KopnopaflHeI. KpoMe Toro, 6aHKoBcKKe KOMHCCHH B Ka=oM uTaTC InpoBoAWIT ayAHTOpCKy10 nlpOBCpKy 6aHKoB, 3apCrHCTPHpOBaHHbIX B ZaHHoM ulTaTC H 6aHKOB - He 'UIeHOB OPC. B 3THX Tpex 4)e epaAbHbix opraHax CyUerCTByCT TeUETCEbHaS KOOpAHHailHq ayAHTOpCKOfi AOScArEbHOCTH. KgaCCHbHIUHpOBaHHbIC K pemT, n0 onpeCenAeHHIo (DPC, ACeSlTCS Ha qemIpC KaTerOpHH: (i) CieOUHaAbHo VIOMHHaeMbC KpRemTmi - onpeAemToTcs KaK fnoTeHINHaAbHo cna6Ie" (HanpHMcp, HoaAcKBaTHbiN KpeAHTHImfl AOrOBOp, HamJ1He "OTKOHCHHq OT pa3yMHON KpC1HTHoAi npaKTHKH" H T.-);. (ii) HecTaHAap3 - "iHaSJ B03MOXHOCTb y6bITKoB" 6aHKa, HaHtlO HeaIeKBaTHofl CHNbI 3aemmHlka";. (iii) CoMHHNTe.bHme - C TOYKH 3peHHS B3bICKaHH1 H IiHAonYeHHS BCON CyMMLI qepe3 IHIKBHAaIHIO; BepoS1THoCT y6bITKOB YpC3BmlNaHO BbLICOKas; (iv) Y6bnxH - He HMCIOT CTOHMOCTN. KpoMe Toro, cyiecTByeT onpeZenjeHHe "nInoXoNl KOCeAH no 3aKOHO-aaTeJbHbIM HODMaM, KOTOpOe BnlmOqaCT KpCARThI C npocpoweHHmmH nnaTeCxaMH 6 MecCR1eB H 6o0ee, eCIH TOjibKO KpeAJfT He 5smmercs xopoio o6ecneqeHHbmI H B npoxeCCC B3bIcKaHHS. BaHKOBCKHe POBH3OPbI HMeIOT CBo6o[y 1AeCCTBHfl B HHTepnpeTaUNHH HMeIOWHXCSi 4aKTOB, KOfHeOCTBeHHLJX H KaqOCTBOHHLiX. B pe3ynjTaTe 3TOrO He BCC B 1npOCPOeHHLIC H npo66ncMHbIc KpoAHThi aBToMaTHNecKH K7iaCCH4)HIHpyIOTCS1 (XOTRs, HCCOMHCHHO, TaKOe lIpOHCXOAHT C 6obamHHCTBoM KpCAHTOB); B TO xe BpeMSq TeKyic e KpeAH, Moyr 6EiTb KAaCCi4?HixpOBaHbm. CHcTeMa npoBepKH 6aHKoB B CIIIA, KaK 6o0MMHHCTBo CHCTeM B ipOMmIbIACHHO pa3BHTUX 3ana,xHbI CTpaHaX, XOpOIlO OpraHK3oBaHa, HMeCT 6o0AbmoiI onIbrr H o6ecneqeHa xopoIuo o6yYeHHblM KaipaMH. (b) flojibua. B oTAqNHe cT CIIIA, cyllecTByiomaR B HOAIbUC CHcTeMa He SIBJIWCTCSI XOpOMO OpraHH3oBaHHoft. KOHIxeniHH H onpe,enJIOHHs pHCKa HOBbI H ripoieAypLi ayAHTa TOflbKO pa3pa6aTbIBaIoTcs HJIH BHeApSOTCS. BoAee Toro, KoMMepqecKH eacTHme 6aHKN euze MOO,ioA H 6mCTpo paCTyr, HO CyIIxOCTByCT xopoiIIo OpraHH3OBaHHOfi CHCTCMEi BHOIe1HOrO H 64 BHyrpeHHerO ayARTa H KOHTpOJU. AHamnwrwecKHe cnoco6HocrH OInbIT pCBH30POB orpaHHIqeHhI, a HX YHCAO He cooTBeTCTByCT o6feMy npeAcroqiueik pa6ouI. OAHaKO, H 6aHKOBCKHfi ceKTop rOjbiH (qaCTHbie H rocyAapCTBeHHIEe 6aHKH), H ripaBHTCjibCTBo iP43HaAH BaxKHOCTi CHubHOIf, 3AOpOBOfi H XOpOmO KOHTpOmipyCMOfi 6aHKOBCKOR CHCTeMbi H npCenPHHSIH iuarH no YCYiLCHHIO CHTya1gHH. B HIOHe 1991 roAa nOj[bCKHe 6aHKH 6bLIH BnepBbIe o6R3aHbl K3¶aCCH4IHLJHpOBaTh CBOH KpeHThi H OTpa3HTh HX B eJeKBapTaj[bHOM oT'leTe HaIHoHaabHoMy 6aHcy (HeKoropue Apyrme oTqemi npeAcTraBOTcSI 6nee acToj. O6bmqiax KnaCcH4HKaIHAs cAeJeyiohias: (i) 06biqHbie cqeTa - KaK nOKa3biBaCT Ha3BaHHe, HCT OtiBHAHbIX H Cepbe3HbIX npo6neM; (ii) HenoraiuemHbIe KpCemTmI - HeyAaqHbi4 nepeBoA c nO3lbCKOrO, BKjIoqaeT Bce npo6AeMlmxe KpeAHTia, He BKJIOqeHHme B KaTerOPHH 3 H 4; (iii) rlpo6AeMm y KJTHCHTOB - flpoCpOqeHHbIe n1aTexH 6ojnee 3-x MecsIeB (He Tpe6yeTcs HO peKoMeHAyeTcS co3ARaHHe pe3epBOB); Kor,a lpocpO'eHbIMmH SmBuSOTCSq i3aTe 3a 6 MmCSIeC, KpeAHT AOjDKeH 6umbb iepeBeAeH B KaTCropHIo 4; (iv) COMHHTeCJHbIe H CrOpHHEa KeHemrr - BCe KpeAHi KAHeHTaM- 6aHKpcrraM HAH B iipoiAecce B3bIcKaHHS (Tpe6yeTcsq co3aHHe pe3epBOB). 143-3a IIHPOKO paCn1pOCTpaHCHHbIX TpyAHOCTref C 11OLYqCHHeM HH4)OpMa1xHH B nIOACKHX 6aHKax, He BCe 6aHKm CMOrJH 17peACTaBHTh HH4JopMaaHIO K Ha3HateHHoii AaTe - 30 HIOjUI 1991 roAa. CneAoBaTenLHo, onbrr pa6oTm HOBOA CHCTeMbI oqeHE OTpbIBoqHbI, UH43¢pbI, ripeAOCTaBAeHHbIe 6aHKamH, MOryT He BcerAa 6bIM HaexcHbIMmH. II. Pe3epB Ha IIOKpbrrHe y6bITKOB OT KpeAwOB 207. Bo MHorHx cAyqasix, opraHbI HaA3opa He npenIHCbIBaIOT KorAa H CKOAbKO AOAJKeH 6aHK HaripaBl4Tb Ha co3AaHHc pC3epBOB, KorAa KpeHT CTaHOBHTCA tKjiaCCH4)HlXpOBaHHbIM". PeBH3ophI B OT'cTaX MeHePKMeHTy 6aHKa AaioT peKOMeHAaaiHH; ecCIH 6aHK HrHOpHpyeT 3TH peKOMCHAaixHH - KaK rIOKaxyr cieDymoWHe npOBepKH - DPC SICHO BbIpa3HT CBOe HeCOBOAbCTBO H HanpaBHT "COBe-r" 6aHKy (r,ge 6yAeT CKa3aHo, tTo6M 6aHK HeMeCJeHHO cnHcaii "y6bTTKH"; ecCJH 6aHK Ao cHx nop He cAenain 3Toro). 208. KaK TOJIbKO yCTaHOBACH npo6jieMHmgI KpeAHT, pyKOBOACTBO 6aHKa AoHiDo paccMOTpeTB, KaK OAHH H3 B03MOXCHEX maroB, co3jaHHe pe3epBOB 11pOTHB B03MOxKHb1X 6y,AyiHx y6blTKOB. PeIlmeHme 0 TOM, KorAa H KaKoHk pe3epB Ha,O Co3AaBaTb, 3aBHCHT OT KOHCepBaTHBHOi4 H pa3yMHOfi npHpo.i 6aHKoBcKoro 65 MCHezKMCHTa (cTeneHb OCTOpOxKHOCTm MOrKCT MeHrTbCSI C TCeqHHeM BpeMCHH, B 3aBHCHMOCTH, nOMHMO Bcero npoqero, OT "nom[THKH ripH6wLmf"!) 209. OTazebmHO OT "ynpaBueMblx" acCnKTOB nOmTrHKH CO3RaHHLi PC3ePBOB, pa3yMHoe PYKOBOCTBO AOJDKHO KaK MOXCHO 6onee ToqHo CiieOoBaTh 4nHAOC04oHH oUeHKH KaqecTBa H CTOHMOCTH KpoATHoro noppTr4Cen: pyKOBOMCTBO ,lOADKHO HMMCT TaKOM nOAXOJ B HHTCpecax aKWoHepOB, BKIaAIqHKOB, KpeAHTOPOB H HHBECTOPOB, KaK cyiIeCTByioUX, TaK H rIOTCHgHathHbNX. XOTSr B PIAC KpynHbJX 3anarHblx 6aHKoB B nocnieAee BpeMSI H 6bm Co3maHKU HcOmamHHeI H NAOBOnbHO KPYIfHbIC pe3epBbI - qacTo nocnc CMCHbl PyKOBoAcTBa - peryjlspHas, nepHo,wiecCKas npoBepKa iKaqeCTa KpeATHoro flopT4)eIS H aAcKBaTHocTH pe3CpBOB, KoTOpaS BeAeT K CBOeBpeMeHHOMy co3AaHHio pC3epBOB, 3aIuHuacT penyraHiLIo 6aHKa Ha pbIHKe. 210. KaK H3MepmTb aAeKBaTHoCTm y6UTKOB no KpeAHTaM? Ilo,AxoA pyKoBoAmCTBa H3MCHACTC1 OT "Ayecf4 oucHKHN Ao npHMcHeHNS KonH'ecTBCHHUX MCTOAOB, BKmOqaSI KO344HJ.XHeHTbi, CpaBHHMLIe C Kico34OxH{eHTaMH ynpaBeHHNS PHCKOM. O,wH TaKOfi pacqeT nOKa3aH B rIpHJOxeCHHH 8.1. 211. B rIpHAoxcHHH 8.1, CpCAHHNA KO344HINHCHT cnHcaHHld OCHOBaH Ha onbrre 6aHKa ABC, TaK Xce KaK H . B3BCIIICHHIC 4aKTopbI pgicKa, ripHMCHSCMbTC K PaIimum KaTcrOPHSM KiaCCH4fHUHpOBaHHwx xpCZArHOB. XOTS KO34*HgHeCHTbI CiiCHaHHS H 4iaKTopbI pHCKa OTHOCkTCS B AaHHOM cAyqae K OTcrAbHOtk KaTCropHH, - MO)KHO HCCACeAOBaTh CBeACHHS no pHCKy pa3&nHHx oTpacJieA. III. YnpaBJieHHe PO6rIeMHIMMH KPeAwTaMN 212. YnpanjieHHe y6brncKamH no KpeARTaM, im, 6onee TO'HO, npo6neMlmmm KpCAHTaMH, Tpe6yeT 3HaqHTenibHoro KO3IH4CcTBa BpoMeH H N paroueHHiX qacoB pa6omi onIbIroro nepcoHaira 6aHKa. CJIeAoBaTCeIHo, Ay'Jmas noAHTKa no ynpaB.IeHHIo y6biTKaMH - 3TO H36eraTh Hx - KaK C TOqKH 3PCHHS npH6bInbHOCTH, TaK H C TO'qKH 3peHHq peIIyraUHH 6aHKa. 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KAacc P: KAHeHTi c riVioxHM KaOecTBoM KpeOHTa 74 flpHjoxKeHHe 1.5 PermHrn KaxecTBa Kpe,ina: AHaJM3 DHHaHCOBhIX Ko344HuHeHTOB (BaHK ) 100 MUIIIOHOB Ha 1 MJI1IAHapZ AenO3KTOB Ko3IXIHWIeHT (%) KLacc I KAiacc II Knacc III KLacc IV Knacc V Kaacc VI | Ioxoo (6e3 1.0 .94 .88 .75 .66 .62 IIOJyqCHHOrO OT C|AcenoK c UCHHbIMH 6yMaraMH)/ Bcero aKTHBM AoxoA (6e3 13.2 12.2 11.2 10.2 9.2 8.2 riQ0IeOHHOO OT CAenIOK C 1XCHHIMMH 6ymaraMH)/ aKuHOHepHbIM KanfHTaJI AKIXHOHepHbI]k 8.0 7.5 6.5 6.0 5.50 5.0 KanHTaJi/Bcero aKTIHBbI Pe3epBbI npOTHB 1.15 1.05 .95 .80 .72 .60 noTepb no Kpe.IITaM/o6IUasl CyMMa KpeAHTOB HeTro-AOXOr OT 4.6 4.3 4.0 3.7 3.4 3.2 riOpuHTOB /aKTHBbI, npIHHOCSIHCe AoxoA HeTro-CnHcaHHA .18 .23 .30 .37 .48 .55 6C3HaAe)KHbiex AoJIroB/ o6rwas CyMMa KpeAHTOB 75 flpIwiIoeHHe 1.5 (npolAomKeHie) 100 MHJIJIOHOB Ha H M JmIHapA AenlO3KTOB Herro-pacxoma, He 48.0 52.0 57.0 61.0 64.0 67.0 CBSI3aHHbIC C BIIrmIaTOf npOIXeHTOB/H=TrO- AOXOA 0yr rpoi1eHTOB ,JHBHAeH,CAB/J1oxoA 32.0 42.0 48.0 55.0 60.0 65.0 6e3 IIOJyqeHHOrO OT CAeAoK C ICHHLMH 6yMaraMH Heo6X0ZDMO npNHUMaTh BO BHHMauHe TaiOKe cjiemymxe Ko0ubmeHTei: pe3epBbI no Kpe1[HTaM/HeTro-cnrcaHmS no KpeCJHTaM; KpeAHTEa/HToro aKTrBlI; HlpHHOCRIHCe npH6bDIb aKTmBmI/HToro aKIBI; KpeAETbI C HeHa'qCH1fieMbIMH npoLiCHTaMH/Bcero KpeAHTOB. 76 HJpiHowKeHHe 1.6 (DHHaHcOBme Ko344H eHTh: PefrnmnKomIaHHI cIHpMa Concrete Block and Supply Company Ko34x(bHmmeHTw PeliTHHrl |Darmrecui'87 |DaKmrTecKH'91 HIoKa3aTeJmb TeKyIeR jmKBHAHOCH 1.25 1.23 0.65 AoArocpoIHasi 3aAoAxceHHocTh/ 0.60 2.19 oTcyr. KanHTanMH3agH. XaoArocpowHasI 3aAomDKeHHocTb/ 2.00 2.19 o'rcyr. aKyuHOHepHbIi. KanHTaI- H peAHaAoroBoe 2.00 1.43 oTcyr. riOKpITme rIpOlCHTOB ,TaeHexKHbA nOTOK /1AojrocpoqHas 0.15 0.12 OTCyr. 3a840AXCHHOCTB AojrrocpoqHasI 3aOAojDKeHHocTb /HeTro- 1.50 1.38 1.35 OCHOBHbIC aKTHBLI HeTTo-o6opoTHMA KaIIHTaA/ 0.40 0.37 oTcyr. AoJIrocpo'qHa3 3atOJDKeHHOCThb 1 PeITIHHIH B351Tb1 IlpHMCeHHTeCbHO K Kiiaccy 6 3aeMlUMKa, c yqcToM pa3MepOB 4 orpaHi,qeHHbX 4)HHaHCOBLIX B03MO)KHOCTCi Concrete Block and Supply Company (CM. IlpHJoxceHHe 1.3). 77 lIpwioxweHEe 2.1 HI3HeHHbI nHiK oTpacImI O6ftM 'mcix npo,ax 32 - 16 - 4 2 0 CTiH, 1 CTa, 2 CTzmi 3 CrAmn 4 CraA 5 flepBoHa- BMcrpoycKo- Pa3MepeH- Cra6Hm3a- CHmCxHiHe SaaibHOe pfflOuJHiCf HBIk pOCT IUHq H POCTa H pa3BHTHC pOCT 3peJIOCTb cnaA PLIUIMa HCTOqHHK: Frank K. Reilly, Investment Analysis and Portfolio Management, Third Edition, The Dryden Press, 1989, p. 588 r1epeneqaTwBaeTcx c pa3pemelmN 78 IHpOjiWKeHHe 3.1 IlpHmeneHHe pecypcoB ,u Kpe,UrrOB: c6ajiaHcHpoBaHHoe H Hec6ajTaHcHpoBaHHoe CTaBKm no CiaTiBi CPOK KpeATaM bHHaHCHPO- Cnp3A 90 ,iHef 20% 15% 5% TeKcyuge pLIHoHHbie CTaBKH 180 AiHeir 25% 20% 5% HIporHo3HpyeMbe CTaBKH (90 AHeOi 90 ArHi[ 17% 12% 5% oT cerOMIIHerO AnbTePHaTHBHbie CTPaTerUH KpeADITOBaHH Ha 180 AiHeU: (a) IIpHBa1eqb 3aeMHMe cpeAcCTa Ha 180 iHeik, cnp3A = 5% (b) IIPHBrnetm 3aeMHbie cpeACTBa Ha 90 iHeRi, BO3o6HoBAeHHe qepe3 90 RHeik: CIIp3A = 1/2 (10% + 13%) = 11 1/2% * BmpaxCHO B rOAOBuX rpoierHTax 79 IIpHio]KeHHe 3.2 Pa3Hmw nlpoeHTHn x CTaBOK - KopriopaTHBHEe o64mmi c pa3JIrqHbn peHiTIiroM (CIlIA) (B npO4eHwt) 1988 ,1989 1990 1991 AA/AAA .19-.30 .15-.27 .14-.29 .24-.33 A/AA .26-.34 .24-.30 .11-.32 .21-.29 Baa/A .42-.73 .37-.55 .39-.79. .38-.69 80 llpHioiieHHe 3.3 fIpiimep ynpaBieHHA "r3IIOM" (He6ojIbIol ½nII" fpH H3KOII npo1teHTHofI cTaBKe) AKTUDBM I06x3aTenbcTBa CUp3A Py6.nema , MapxCa(MJIH.) C6a.naHcHpoBaHHbe C6aixaHcHpoBaHHue 2% 1.0 rIO CpOKaM aKTHBbI - HO CPOKaM pecypcbi 50 M.RH.py6. no, 15% 50 mim.py6. no, 13% AKTHBbI c Pecypcu c 3% 6.0 H3MeHOioiUefCSI H3MeHqioiixCesl cTaBKofi 200 MJIH.py6. cTaBKofi 200 no,a 16% MIH.py6. no, 13% AKTHBIbl c CpexcTBa c 4% 8.0 "rn" H3MeHoiEiefkc.I 43HKCHPOBaHHOH cTaBKOM 200 MjiH.py6. cTarKok 200 non 16% MnH.py6. no, 12% AKTHBBI c Cpe.cTBa c 4% 32.0 4HnKCHpOBaHHOH 4)HKCHpOBaHHOH cTaBKoA 800 MIH.py6. cTaBKoz 800 no, 16% maH.py6. noA 12% Bcero: 1250 MnH py6iieik 1250 mnH py6nef 3.76% 47.0 81 llpipIoieHHe 3.4 rIpHMep yIapawjieHi "r3rIOM" (6omiuofi "31I I1pH BMlCOKOIl ripoileHTHofr cTaBKe) AKm. O6mameihcrma CUp3A Py6nenzw , Map]Ka(MqH.) C6a.naHcHpoBaHHme C6anaHcHpoBaHHmle 2% 1.0 rio CpOKaM aKTHBbI - no CpOKaM pecypcuL 50 MRH.py6. no, 2096 50 mmi..py6. noA 18% AKTHBI c Pecypcii c 3% 6.0 3MmHemogeCikcI M3MeHmomeftcS cTaBKoM 200 MnH.py6. cTaBKoR 600 noA 21% - mmi.py6. nop 18% ; AKTHEB c CpeacTBa c 6% 36.0 "rrnt" H3MeHSlOeikcMCSI 4)KCHpOBaHHOrl cTaBKoM 600 MAH.py6. cTaBKoMk 600 no, 21% mrnH.py6. no, 15% AKXHBM c CpeAcTBa c 4% 16.0 4HKCCHPOBaHHOi4 4HKCHpOBaHHOfi cTaBKok 400 MAH.py6. cTaBKoM 400 no, 19% mnm.py6. no, 15% Bcero: 1250 MJH py6nek 1250 Mmi1H py6aieA 4.72% 59.0 82 HpJoIKoeHHe 3.5 'IyBcTBHfeJHOCThb npOLeHTn x CTaBOK e MAfA aoAAapoe qyBCTBHTCelbHOCTb Kopnopaquw Norwest u (bUA bl IIOpieHTHbE CTaBOK CpeCHHe ocTaTKH Ha 8HUaHcoBhe iinCTpymeTh, CPOK nOrlme8H8 KOTOpLEx leKa6pb 1991 r. npH6JnsaeTci, 8nm KOTOph1le nOAleXa&T nepeOueHKe B TeqeHMm 6 oT 6 MecHueB 1 - 3 3 - 5 nocne 5 MecsUeB Ao roAa roARa nIeT neT KpeAHTma H JIH3HHr 9619 1524 4385 2001 2091 HHBeCTHWUM B iieHHLie 1744 2133 1427 964 4570 6yMarm 3aKnanHwe, yIepxaHHIe 2669 - - - - , npoARam flpos8e aKTRBui, 485 35 10 IPHHocq=e AoxoA rpowme aKrubI - - - 3734 Bcero aKTHBOB 14517 3692 5822 2965 10395 )Aerio3HTLI no KOTOpLIM He 1557 16 414 53 2948 BMIUra'9HBaeTcsi npoueHT AenO3HTMh nO KOTOpIM 11466 2486 3124 517 2152 BM aHHBaeT poCueCHT KpaTKocpoqHme 3aeMHIe 4077 1400 - - - cpenCTBa J4onrocpowNbIe 3aHMHme 248 423 1452 981 570 cpenCTBa fIpowHe o6s3aTejncTBa/ - - - 345 3162 aKlCHOHepHLIR KanHTaJI Bcero o6sx3aTenicTBa/ 17348 4325 4990 1896 8832 aKUHIOHePHMlR KanIHTaI F3n (aKUBLI - (2831) (633) 832 1069 1563 [o6sl3aTenLcTBa + aKUHOHepHLIr KanHRTan] HaKormeHHLiiR r3n (2831) (3464) (2632) (1563) r3n B ripOUCHTHOM (7.6%) (9.3%) (7.0%) (4.2%) oTHoIueHHH K CyMMe aKTHBOB HcToqHHK: roZoBOAi oTeeT Norwest Corporation 3a 1991 r., cTp.28 83 flpimioxemxe 3.6 7 Iie IpOJieHTI CBOII Ha Cymmy 50 mjIH $ Ha3Ha'IeHFe: rIpezocTaBHTb Kopnopawm AB Kpe,1r Ha 7 neT no 4rHKCHpOBaHHok cTaBKe HEKe pmIHOqHOfi. Uzuzuum erux / BNVpOUDE. crc 6 ME 50milaW a rpuuiSou OR S AB czacr sepve 6yrw 7 ner n 4m=zPoMzoA CTin MB Na 9) WI $ z D c?m UaccsIWVcta LIcc (8.5X an I 6-mecqNaEz cTas 6IccTa ).15OP ->P II AB mnj%wT OT MB 6aCSwum cTaSKy AHOP (3.50). | V W 60ose vcm pcs cs n zMaeplscmi 6y. . l l L---.e AB masa MB 8.5% up1Dv. o np epiuo za 75 6a r Cm= co6csMom ip 6 c *mzax - .m - - -- CTs= 8.5% saas. c1DosaNDa CTsn 8.5 84 IlpEzoxeHme 4.1 PHCK nepeBo,aa: HieKoTopbe 6a3oBme HpHeML xegxa4poBaH1I. A. O maeTcE naneHse Kynca HaiIHOHaabHOIR BamoTbi. (a) fIpoAaTb HaI. BaimOTy OpBapg (Bbl6paTb BTopyio BamOTy cAenmm); (b) CoKpaTmTm 03HUHH B pmHOmX iXCHHMx 6yMarax, BipaXCeHHLX B HaixHOHaAbHOH BBa=oTe, H COKpaTHTh o6seM HaAHqHoCTH; (C) YCKOPmTB lonyreHme Ae6HTopcKofi 3aAonJKeHHOCTH B HaLIHOHaAbHOir BamoTe; (d) OTAoxcTH rioJIyqeHHe, HaqaTm HaKoniieHHe Ae6HTOpCKor 3a,goJKeHHoCTH B HHBaIIOTe; (e) OTjOKoTx niiaTexK no KpeCHTOPCKOHi 3aAo3nKeHHOCTH B HaIUHOHajThHori BamoTe; (f) YBeHqZHTh 3aHMCTBOBaHHe B HaiHOHajrbHof BaAOTe; (g) YCKOPHTh H yBeJIHHTb HMnlOpT ripOAyKTOB 3a TBepAyiO BJMOTY (HanpHMep,cmpbsl, nmOyca6pHKaToB HcnoHA3yCMLX B npoiyecce rpOH3BoAcTBa) (h) YCKOPHTb Bh1IIaTY BO3Harpaxc2eHHrl, 3aprIIaTm, AIHBHeH.oB H T-.A HHOCTpaHHbiM aKIuHoHepaM, napTHepaM, KpC,eHTOPaM H T.A. (i) rlociaTb cqeTa HMnOpTrpaM B HatxHOHa3IHOri Ba3iOTe H KCflOpTepaM B HHBaAHOTe. B. Omnaercn pOCT KVpca HaUKoHahHoII BanirO. rIpOH3BeCTH AeicTBHi, o6paTHme H3JiOKCHHLIM B nyHKTCe A. 3aMeqaH4e: MHorHe H3 pCKOMeHAOBaHHbX B nyHcre A Aiei4CmHi oTHocsrrcs TaiKxe K cAyqaio, Kor.a oxHaCTCS OCT p H43IRIXHH HauHOHa0jbHOfi4 BamIOTh. 85 HlpwioweHHe 4.2 5-jienmR BaJioTTHiil CBOII FFr/$ 4d) FFr 400 mm (d) 80 mm S (b)FFr I T $CIIHOP I I .~~~ \ HEOPc) \ I I/ (a) 400 mFFr . (o)AHBoPS nemm xawapv . (c) 8% FFr Airbus Industries US AM 6yma (FFr) Ce) 400 ii M: Frj (d) 80 mm _ = OcHaCS sacm AOTa; = nr eme rnmmL (a) Airbus Industries BsmTycKaeT KOMMcpqecKHx 6ymar Ha 5 JICT Ha cymmy 400 MAH FFr no cy6cHAHpoBaHHoif 4,HKcHpoBaHHok cTaBKc 8.0% B ro,. (b) Airbus o6MeHKBacT 400 Mmi FFr Ha 80 mIm $ B BaHKc 4HIocy3si. Uemb - ripo4HHaHCHpoBaTb KoHTpaKT IcoKynIKH Ha yoCAoBHsx oTcpoqeHHorO Ha 5 eieT nAaTexca. (c) BaHK HHuOCY3IJ BbmaIHBaeT nepRo,='ecKHe npoileHTRme riaTexc no 400 MIH FFr (8.096), nonyreHmmi ar Airbus, KoTopmk nepeAaeT HX Bfaej[bLaM KOMMepqeCKHX 6yMar B d)paHu3cKHx 4)paHKax. OrHoBpeMeHHo, US Air Bb=a,HBaeT npoieLHTHEie LhiaTeri Ino TaBao1ief4 AoAinapoBoS cTaBKO JII4BOP ino 80 MJIH $ Airbus, KOTOpEi[ B CBOIO oqepelh nepeAacT MX BaHiKy I4HAocygil. (d) rIo HCTetleHHIO KoHTpaKTa CBOII, US Air Bbna'qHBaeT Aixbus 80 mllH $ OCHOBHOH qaCTH Aom-a; Airbus, B CBOIO oqepe,b, o6MeHmBaCT 3TY CYMMY B BaHKe 14HAOCY3uI Ha 400 MAH FFr ("pacKpy'HBaeT" cBon). (e) Airbus noramaerT BBMYCK KoMMopCecKHx 6ymar Ha 400 mmi FFr. 86 HlpIuwioeHIe 5.1 OrnHcaHHe perrHoB nomrrwiecKoro pHcKa. PeizTHHr OncaHHe PHCKa PR- 1 PCK MajiOBePOSITeH B KpaTKO-, cpejHe H [O3rOCpOMHOM nepHo,ae. CHTyaLM5 B cTpaHe o'eHEm cTa6HjmHaSI H cyuecTByeT o'ieHm 6naronpHqrHoe oTHomeHHe K BbrmIaTe BHIemHero aojxra, KOTOpOe BpAI JIH H3MeHHfTcI. PR-2 He npeaBHiTcA pHcKa B KpaTKO- H CpeAHeCpOYHOM nepHoze. JgOnrOCpO1HbMii PHCK TPYAHO OLICHHTh, HO nepcneKTHB]6 He ,OTpHLaTeJIBHbIe. CyiecTByeT aOCTaTOHo BpemeHH xm npe,CKa3aHM noJiHTH4ecKoro. pHcKa. IIonoJI re3mHoe oTHOuieHHe K BbIIaTe BHeuIHerO AoOira BpAIJI im H3MeHHiTCAI. PR-3 PHCK ManOBepOSTeH B KpaTKO- H CpeCHeCpOmHOM fmaHe. )JoJIrocpO'IHbIe nepCneKTHBbI HeACHbIe, HO He OTpHUaTejiHbIe. Eiue AOCTaTO'qHO BpeMeHH, YTro6bI o6HapyxHn IIOJHTH'eCKH pHCK. OrHomJeHHe K BbIrmaTe BHeIIIHeIl 3a,Z0o31HHOCTH noAXcHToJTeHOe, HO MOXCeT H3MeHHTbCSC. PR-4 PHCK MafOBepOATeH B KpaTKO- H CpegHecpO'HOM nepHoae, HO Ha JROJIrOcpO'IHbIr4 nepHOJ rIOTeHHUHaRJbHO OTpHUaTeIbHIi4. ,aOCTaTO11HO BpMeeHH 2IA npeIcKa3aHHA cpexHecpo'qHoro pHcKa. OTHoiijeHHe K BIIbIJaTe BHeUIHerO Rojira MOXCeT H3MeHHThcS, HO, BepOAITHO, nO3HTHBHOe. PR-5 PHCK MaJIOBepOA1TeH B KpaTKOCpO'HOM nepHoae, eCTb AOCTaTO'HO BpeMeHH 1 3aiwHThi. CpezHe- H 1OjirOcpO'HbIii TpeHA HeAceH, HO BeposTHo OpHiuaTejmHbiiR. OTHoIiUeHHe K BHeuIIHeri 3a,IOJIeHHOCTH xapaKTepw3yeTcs He6JaronpHsITHbIM TpeHAOM. PR-6 PHCK MajIOBepOSITeH B KpaTKOCpO'HOM HJIaHe, HO CJIIHIKOM MajIO BpeMeHH 2JISI 3aWHTbI. CpeaHe- H aojrOCpO'lHbIe rieCpneKTHBbI - OTpHLXaTeJIbHbIe. OTHOIIieHHe K BbIniiaTe BHeIUHerO aoJIra cnOpHoe. 87 rIIpHIo]eHHe 5.1 (npoAomKeHHe) PR-7 PHCK BepOATCH B KpaTKO- H CpeAHeCpO'HOM IDIaHe. JAO3TrOCpO'IHbIbi TpeHa nOKKa3mBaeT B03MOxHOe yJy'meHHe H3-3a riePeMeHbI riPaBHTenCJcTBa HJIH H3MeHeHHS oTHouieHHA K BHeiuHeUl 3aa0o3eHHOCTH. PR-8 PHCK BO3MOxCeH B nofioe BpeMS. CTpaHbi c TaKHM peHmmroM o6bmIHo XapaKTrpH3yKOTCS1 o'eHb HeCTa6H.IbHofi nO3ioTmeCKOi4 o6craHoBKok H/U/ O'leMH He6farOfpHSTHubM oTHoIueHIIeM K BbIIDaTe BHeemero zoanra. PR-9 PHCK BlIOJIHe oripeaeJIeH. HeT HHKaKOVi B03MOXKHOCTH (HIH ecTb He6oAbmiLas) cMeHbI npaBuwenmcTBa inm OTHOIIIeHHA K BHeIuHe}I 3a,goJIDKeHHOCTH. 88 HpHiOKeHiHe 5.2 OmicaHHe pel4THrOB 3KOHOMHIeCKOrO pHicKa PeikTHHr OnIcaHKe pHcKa ER-1 KpeHTOCcnOC06HOCTm C 3KOHOMHqCCKOR TOqKH 3 eHHI fipeKpaCHaq. 3KOHOMHKa AHBepCH4MUHpOBaHa, 3AOpOBsa IIOmrHqeCKaXI H HHCTHTyIXHOHaJbHaSI CTpyKTypa cUoco6Ha nOAloOp)HBaTh ionyoeHHe 3HaqtHTeJTbHUX HHOCTpaHHNX 3ariMOB. CTpaHbI CqiTfaIOTCS BaXHOfi cocTaBHOH qaCTbIo MexyHapoXHoH 4)HHaHCOBOf cTa6HAbHocTH; AaJOT HaHMCHbiiHH pHCK I KpaTKo- H AOj[rOCpOiHuIX KpeZHTOB, T.K. HmeIoT OTj[HHyIO crioco6HocTm BbmnaTHTB 3aAoDKeHHOCTb. BmnoqaeCT CaMbIe KpyflHLJe flpOMbflIU[eHHbIl CTpaHLI Co 3HaqHTejibHuM BBrI, BbICOKHM BBrI Ha ,Ayuy HaceJ[eHHq, c xopouIo yripaBJsCMbIM HH4MSqILHOHHbIM 3KoHoMHecKCHM pOCTOM. ER-2 CTpaHbi, AaioiiuHe oqeHb 6naronpH = ypoBeHb 3KoHoMWqeCKoro H 4rHHaHCOBoro pHCKa C xopoHiek cCioco6HocThio noraiiieHs H ripH OTCyrCTBHH npo6neMbi c o6cAyXHBaHmeM BHemHero Aomra. BKnioqaeT pa3BHThe ripOMbIIIeCHHbIe CTpaHbI, KOTOpbIe xapaKrepH3yWTCq cTa6HFBHbIM He4H4IASMHOHHbIM pOCTOM, HO 3KOHOMHKa KOTOpuX He TaK AHBepcH4,HLKpoBaHa, KaK y OCHOBHbIX rpOMbIIIIeHHbIX CTpaH. Moryr BKjlOlqaTh HOBbIC HHAyCTpHaEbHble CTpaHbI, KOTOphIm pa3BHBaioTc5i ropa3Ro nyqI1ue, 'eM 3TO MOKHO 6urio npeAnonoxcHTb, OCHOBbIBaZSCb Ha 3Taie 3KoHoMHqecKoro pa3BHTHSI, Ha KOTOPOM OHH HaXOA5rrCs. ER-3 CrpaHbl HmeIoT yAoBAeTBopHTe[bHbIM 3KOHoMHqecKHH H 4HHaHCOBbIM PHCK H o6AagaIoT aAeiKBaTHofi cnoco6HOcTbio noracwm Aonr. I4MeCoT AiHTeCjbHbIe CTpyKTYPHbIe 3KoHoMWqecKHe ripO6eMbI, 3KOHOMHKa He AwBepCH4)HLIHpOBaHa. Bojnee roABepxceHbi Kojie6aHH.IM 3KOHOMHqeCKoro IXHKna. OCHOBHbIe npOMbHUIleHHbIe CTpaHbI MOryT 6bITb BKmOqeHbI, ecAH nepeHBaIoT A1HTCAbHOe BpCMS cepbe3HBie 3KOHoMWqecKHe npo6niemI. JIyq=e HH3 pa3BHBaIOiI=XCH cTpaH laCTO BKnmoqaIOTCs B 3TY KaTeropHiO. HeT H He OHaerCTCq nIpo6neM C o6cnyXiBaHHeM Aonira, HO 3aBHCHMOCTb OT HHOCTpaHHbIX KpeCHTOB BbicoKa H3-3a qacixI ynIpaBIqeMbX AeC4)HIHTOB TeKyiIerO 6aIraHca. ER-4 CTpaHM HMCIOT fpHeMAeMbIH ypOBeHb 3KOHOMHqeCKOrO pHCKa, HO B03MOXHbI iTpO6iCMbI. OTHOCHTeCiHO BbICOKHR, HO HeCTa6HAbHbImk pOCT, HHIMRIIHSA BbULe cpeAHefi, flOCTOSIHHbIe Ae.HIXHTLz TeKyUero 6a.naHca, 4PHHaHCHpYCMbIe 3a CIeT HHocTpaHHbIX KpeAHTOB. rIpHeMineMas cinoco6HoCTb BbIriinaTHTb Aonr, HO YPOBeHb Aonra OTHOCHTeCJbHO B6ICOKH{f. 3KOHOMHKa HeAOCTaTOwHO AHBCpcHH4HILHpoBaHa H B03MOXKHbI BHyrpeHHHe nOTpICeHHS. 89 flpwioweiHHie 5.2 (npoAomKeHRe) ER-5 Pa3BHBaIouwecs cTpaHbI, HaxoAa=ecs Ha riepeXO,HOM 3Tane Orr nepBH'IHOrO rIpOH3BOACTBa K OrpaHHqeHHOfi IIepepa6oTKe. Cnoco6HocTb norameisi ioHAra - MHHHMaZjiHo npHcMrueMaa, c PHCKOM HapyieCHHS rpa4jHKa flAaTexe1i. 3KOHOMHKa He6oAmbJas, c y3KoAi 6a3oii, H B 3Ha'1HTCebHOA CTenTHH pOCT 3aBHCHT OT ixeH Ha TOBapbI, HIH OT CBSI3aHHOfi cTpaHbI iiHOT rpynnjbi cTpaH. 3KOHOMH'IeCKKH pocr HeCTa6HAbHbI4, nOCTOsHHO BbICOKau HH;ILHS. Hai HOHajbHEIae HHCTHTYh, ripH3BaHHbIe Mo6HAIH3oBbIBaThb c6epexcHHn, pa3BHTh HCAOCTaTOqHO H, CAIeAOBaTeAbHO, B 3Ha%TCAbHOM CTrIenHH cpaHa 3aBHCHT OT HHoCTpaHHbJX 3ai{MoB AUISl 4)HHaHCHpoBaHHq BpeMeHaMH 3HaqHTeiAbHOrO zAe4rHuHTa TeKywero 6anaHca. ER-6 CTpaHbI, CKxOHHWC K nepHoHqecKomy nlepeCMOTpy BHIuIHek 3aAo.DKeHHocTH. Cnoco6HocTb noracHT 3aAoAXKeHHoCTm HHorAa CIOPHaSI. B OCHOBHOM cna6as 3KoHomHKa, o6bqHo nepBHNHOe IIpOH3BOACTBO, nOCTOSHHOe nXiioc pyKoBoArTBo, CTp.Ham npeAcTanmIoT. 3HaiHTeAbHbIN pHCK.. 3aBHcxNMaI OT HHOCTpaHHOA rocyAapcTBeHHOA UOMOHnm . ER-7 CTpaHbi C He6oAmbmok CIIOCo6HOCTbIO BbXIIaTHTh Aoxr, nOCTOSHHO HCnITbrIBaIoT CepbC3HbIC 4HHaHCOBbEC TpyAHoCTH. rlepO4AHqecKHe nrpecMoTpbI yCJIOBHA norameHHs. 06Iqro crpaHIu - nepBNqHbie rIPOH3BOAHTeCAH, rOBepKXeHbH BJIHSHHIO 3KOHoMHNecKHx Co6bITNN, BbIXOASI=X H3-nOA HX KOHTpOjI. BbIcoxHe YPOBHH BHemHCrO 4AoAra. POCT H Ae4HLUHT TecKyixero 6aJIaHca B OCHOBHOM C)HHaHCHNpyOTCu1 3a cqer HHocTpaHHoi HOMOUH HMM 3afMoB. OqeHb cna6oe 3KOHOMHNCCKOe ynpaBneHxe. Bepo5srHocTb HenoraieiHHq Him nepecoCTpa yCnOBHi KPCUflOB BbIcoKa. ER-8 MaAeHbicHe CTpaHRI, niePBHbIHC ITPOH3BOAHTONIH, CHNbHO 3aBHCSIT OT HHOcTpaHHON4 roC6yAapCTBCHHOft rOMOm . KommepqecIae 6aHKI HMCIOT He3HaqHTeAbHbIe PHCKH H 6mIqHo cTpaHe He xBaTacT cnoco6HOCTH BbIaTNTb BHeIuHHm t Aonr. IIOCTOSHHO npOHCXOHT nepecmoTp H PC0HHaHCHPoBaHmC HHoCTpaHHorO Xonra. ER-9 CTpamI-6aHKpomx. OTKa3 OT Br IiaTbI HHOCTpaHHOrO ARonra; HexeiIaHHe roraCHTh nIpOUIAylO 3aAOJIKeHHOCTh. 90 lIpmnoxeiEie 5.3 OmicaHHe peirTrHroB pi4cKa nepeBo,a PemiTlHr OnmcaHie PHCKa TR- 1 MHHHMaTH iTd PHCK 'AHKBHAHOCTM, He6ojibilaAI BeposrTHoCT BBelreHHs BsMoTHhUX orpaHHeHHHi. Xopomee cocrosimme c MeAyHapOAHbIMH pe3epBaMH CTpaHbI, BHyEpeHHHe H BHelUHHe YCJTOBHS rOBopsrr O POCTe H HH3KOR HH4laSIUHH. TR-2 He6onmimof4 piHCK AHKBHAZiOCTH, He6o[blIIas BepOsROCTb BBeACHHI BamoTHLiX orpaHHIeHHiH. AEAeKBaTHOCTm MexAyHapO,iX pe3epBOB cTpaHN BBICOKa. B OCHOBHOM AHBepCH4NHIXHPOBaHHasI 3KOHOMHKa c peAKHMH Kone6aHHAMH. TR-3 AOnyCTHMLuR pHCK JIHKBHAHOCTH C HeKOTOpOH BepOSTHOCThIO BBeeHHAS Ba=oTHorO KOHTPO3M HuH KOHTPOASI 3a ABHxCeHHeM KaIHTajiOB. MexyHapoAHIie aKTHBEI IpHeMIreMbI, HO HX pa3Mep KOJIe6JIeTCI. 3KOHOMHKa HeAOCTaTOSHO UIHPOKO AHBepCH4)HIXHpOBaHa, eCTh HHe?J[HOHHme TeHAeHMHH, B03MOKHM lpO65IeMI C nAaTexHMw6aaHcoM. TR-4 PHCK JHIKBHAHOCTH BbIIile cpeAHero, riepHOAHqeCKOe HCnOJIb3oBaHHe orpaHHqeHCHH no TeKyWHM oriepailHqM Him no ABseKeHHIO KanlHTaAa. Mex,yHapoAHzie pe3epsB HCKe CpeAHHx. HecTa6urxHmi[ 3KOHOMHIqeCKHfi pOCT. 3KOHOMHKa C HH4)A3HeAC, HegOCTaTOqHO 1IHBepcH4)HIHpOBaHa, nOABepxeHa BJIHSIHIO BHCeHHx cHJi, Ae4)HIHT ruiaTex:Horo 6aJraHca 4HHaHCHpYeTCS 3a cqeT HHOCTpaHHL1X 3ariMoB. TR-5 PHCK JIHKBHIAHOCTH TpC6yeT BHHMaHRSI MeHexKMeHTa. HeKoTopLue BaIfiOTHbIe orpaHHq'eHH MOryT 3arIpeuiiaTm aKTHABBI B TBCpAOi BaJHoTe. MexAyHapoAHx e pe3epBMl cTpaHbI ropa3o HmKce fpHeMjieMnx CTaHAapTOB, KonCe6DoTcq. 9KOHoMH'ICKaS 6a3a cia6as, 3KOHOMHKa noABepxceHa BJHHAHHIO BHeMHHX 4raKTOpOB. cTpaHa 3aBHCHT OT BHCeIHHX 3aiMOB Aim ¢RHaHCHpOBaHHS Ae4THiIHTa TeKy1ero 6anaHca. rIlaTexc no o6CuyxcBaHHio BHeIIIHerO oionra 6oubume H pacTyT. 91 flpIJoweEme 5.3 (upolomKeHHe) TR-6 Iphyrre nDo6niemmI rinpeBOla H 3HamTC3bHbIC npo6.nCem c 1IHKBH)HOCThIO He AaIOT B03MOXHOCTb cTpaHe nOraCHTm BHeUIHHe o6sl3aTenbcTBa. HaKonAc¶HH 3aAoDKeHHocTH, ee HanpaBleHHoe peC-rpyKHpOBaHHe, nepeCCMOTp CpOKOB. CTpaHa MOxCOT noArepXcHBaTb o6c.nyxmaHBCe BHeCIHero zoAra TO)IbKO B pe3y1IbTaTe Mep no aganTagHH, HanpHMep, no nporpamme MBcD. CTpaHa yxce 6bLIa "KIaCCcH4,HLHpoBaHa", HO nocienIIe co66b c o6cffyauBaHHeM zora noKa3bIBaIOT, wTO "K3IaCCH4JHKaiH" 6oabmme He no,IXOAxT. TR-7 PHCK EbIme cpeAHero C HezOCTaTOqHHOri aKBHHoCThIo, xCTCnHe orpaHH'qeHHA ABiHKCeHHq KanHTafla H BaImOTHbi KOHTpOAb. CTpaHa He BbnOHIAeT o6Ax3aTemcTBa no o6cayxcBaHHio Aoaira: HaKo1nieHHe 3a[OAXCCHHOCTH, nepecmoap cTpyxTypbI Aonra Hum nponjieHHe. CTpaHa He npHHHMacT nporpaMM MBcD mvm xpyrmx nporpaMm aARanTaHH,. HJI He- cAiWeT TaKHM riporpaMMaM. C¶paHa He o6cy*ania c 6aHKamHKpeAHTopaMij xmm npaBgTecbCTBaMH- KpeAHTopaMH npHeMAeMbIe nyym H3MHCeHHS- CPOKOB 'H BpRI Jum cAe.nae- 3TO B 6rn2artmeM 6yAymeM. TR-8 PHCK 3HaqHTeJ[eH. CTOHMOCTh iorra yMeHLbEMHacb. CTpaHa HaKanAHBaeT 3aAonxCeHHocTm (HcBbmnaTa npoIeIHToB 3a 6 MecCS eB HJIH 6o0ee, HCBbMOAHeHHe Tpe6oBaHHiu MBCI, HeBbInOAHeHHe YCJOBHl nepecmoTpa CpOKOB B TeCeHHe oAHoro roAa). HHKaKHx nepcneKTHB Bo3o6HoBjieHHS o6c.yXxBaHHs AoEra B 6anKaimeM 6ylmueM. TR-9 CTpaHa oTKa3aJiacb nnaTHam no o6sI3aTencmTBaM, KPeART c'mTaeTcu HeBO3BPaixaeMbIM B o6O3pHMoM 6yiyMeM H CTOHMOCTh ero HaCTOAbKO Mana, 'ITO HenpaBOMCpHO oTpaCaTm ero KaK aKTHB 6aHKa. 92 HpHIoxoeHHe 6.1 KaTeropHH KpewlITOB I. H1o THIy 3aemmmKa: 1. rIoTpe6HTejibcKHfI. 2. P03HHqHMII/OrTOBMIA. 3. CeJnbcKoxo3sIgcTBeHHbl. / 4. KoMMepqecKHi/npoMbnuAeHHbM. 5. HeABaKMocTb. 6. 9HeprHq. 7. rIpaBHTejibcTBo - MecTHbie BsacTH, iTaTrI, HautHOHaj[bHOe/4)eXepajbHoe. II IHo meam: 1. IloTpe6HTejnbcKHfI (HanpHmep, noTpe6HTenbcKHe TOBapbI, aBTOMo6HAH). 2. 06opoTHmb KaIIHTaJI. 3. 06opyxroBaHHe. 4. 3,aHHH. 5. nlpoeKTci. 6. JIH3HHrOBoe 4)HHaHcHpoBaHHe. III. Ho cpory AeuicTBuz: 1. KpaTKocpormbi (MeHee ro,ia). 2. Cpe,1HeCpOwHblH (1-4 ro,a). 3. AI,o3iroCpowHMr (5 .neT H 6onee). IV. HIo rpa(bHKy norameHuH: 1. PaBHbIMH niiaTe3KaMH (HarrpHMep, MeCCSHbimH - AnsioTpe6HTejibcKoro KpeAHTa). 2. rlepHoAHqecKHHe rnaTrex (HanpHMep, exeKKBapTaAbHbIe, noiryroAoBbIe, C/HJIH 6e3 jibroTHoro nepHo,a, MO,H4)HIXHpoBaHHiH KpeHT- miap, T.e. Kpe,HT, Tpe6ymoumr B MOMCHT noraiueIHHi 3HaqHTeibHo 6o.mbinero IIAaTexa, qeM paHee npoBeAeHHbIe nrUaTe)KH). 3. EIHHblm ruIaTe)KOM (KpaTKocpoqiHbi, cpetAHte ,o3rocpoqHbiA Kpe,HT-"Iiap"). V. Ho o6ecneqeHHuo: 1. Heo6ecneqeHHbIi. 2. 06ecneqeHHMEd 3ajioroM (HaamrxHmmu, mxeHHbImH 6yMaramH, zre6wTopcKoir 3a0ojIceHHOCTbIO, 3anacaMH, o6opyAoBaHHeM, 3eMAek H 3HgIaHHSMH). 3. FapaHTHpOBaHHbIg (JIHYHas, HeorpaHHqeHHasi, TpeTbeiA CTOpOHOfi). 4. ,Zpyroe o6ecneqeHHe (o6sm3aTenbcTBa, corJIameHHs, IIHCbMO c o6sm3aTeJlbCTBaMH). 93 flpH.oeieHHe 8.1 OueHKa pe3epBa Ha IOTepH OT KpeMTOB: iaccH4xHKailHA CIHA aRHK ABC Bcero BwAaHo IcpeAwroB: 3 MJnpA. Ao.apoB OT,ACALHO HecTaHIAapTHBmie CoMHrTe.imHEe YllOMHHaeCMbie Kpe1HTI upC,pTEAH KpeA,Tb HenoraIIeHHO 50 MJH 15 mmH 5 MiH Cpez=Hfm- .1.2% 1.2% - K03b4X1HIjHCHT. - CUHcaHHS ,- - (D)arTOp PHCK 3.5 x 12 x 90% B3BeMCHHLIA 4.2% 14.4% K03cXUIHeHT OQ=aemwft 2.1 MniH 2.16 mmH 4.5 MAJH y6bTOK Bcero o2uH1aeTcm yGIUTKOB Ha 8.76 MEJnIoHa Aonnapos mm 2.92% or oT6ueii CYMMbZ BbhAaHHbIX KpeAHTTO3. 94 HHCTHIyr 3 9KOHomllmeCKoro Pa3BHTHlS OTAen cIDHHaHCOB,IIpOMmuU1eHHOCTH H 9HepreCTH OuHanco6blu ceicmop Pa6oiue mamepuaAbi u duaoKadbL c ce.Munapoe Yle6&aq npoepamma I3P e /uiuaicoeoAi ceKmope... 4OKyCHpyeTcsI Ha cTpyKType, peopMe, lIporpaMMa no 4)mHaHcoBoMy ceKropy H3P pa3BHTMH H 11 ynpaB3ieHHH 4HHaHCOBnMH nlOKpLBacT KawAYO 13 nlepeqHCleHHL1X TeM B CHCTCMaMm H OpraHH3aUHffMX B OaAe7jHOCTH HIIl B radix KOM6HtHamiumX, KaK pa3BHBaiOu=XCR CT3paHaX nlOCpeACTBOM 370 HYXHO KOHKpeTHOM ayAmOpHH. 3m CHCTeMaTHqeCKOrO o63opa: nporpamma io03BonmeT TaKXe npoBeAeHNe * InOJIHTHK H MXaNHH3MOB nepecTpofH CneIIHamiH3HpOBaHHMX yqe6HLix cemIHHapOB B CTpyKTypbi 4bHHaHCOBbwX CHCTCM; COTPYAHHxeCTBC . C rlpOrpaMMOft * nOnllTHK H HHCTpyKUHHI, HeO6XOAHMbum npOML1uIeHHOI-O ceKropa, nOKphBa1oWuel AnH npeAOTBpalleeHH1 H npeOAOjieHHS TaKHe TIMMI KaX lpXHBaTH3aIHSI H pa3BHTHe CHCTOMHLTX TpyAHOCTeA, a TaKXe aacTmor cCeKrOpa. HenJiaTeexecnoco6HocTH H HeJAKBIHHOCTH CoCTaBHO1i bacTIo 3Tofi nporpaMMbi 4HaHCOBblX nocpeAHHKoB; ABJILeTCS PMA MaTpHaOB, MCnOJh3oBHHLIX * pa3BwrnA plHxa KpaTKocpOmHblX H H9P B KaqecTBe yqe6HixX MaTepHanOB Ha AOnrOCPO'qHLIX 4HHaHCOBLKX HHCTPYMeHTOB; nPOTSXeH}H nocneAHix 3-x neT. 0HH * pOfIH HHCTHTYlUlOHaEbHHLX 3JIeMeHTOB B nOKPblBaKoT OAHy 1mm 6onee M3 npmBfelHHL1X Pa3BHTH 43HHaHCOBLX CHCTeM; TeM. 3roT 6iOneTeRiB, KoTOpMM 6yAOT * CBa3M Mexy 4)HHaHcoBmM R nepmoAiqecKi ny6nmKoBaTmCA, npeAcTaBnaeT llpOH3BOACTBeHHLIMH CeKTOpaMH, OCo6eHHO B nocieAHwe nly6JKauu, KOTOpile MoryT cnyqae nepecTpoikxU 4DHHaHCOBLX mHCTHTyrOB 3amHTCpeCOBaTb mHTepecyioiuerocsq 'HaTeni. H npeAnpIR7xH; MaTcpHanw MOryT 6Lrm nony'eHnI * AHHaMHKH H ynpasneHHs 4)1HaHHCOBbmH 6ecnnaTHo Ha pyCCKOM HUlH aHr3iHCKoM CHCTcmaMM B nepOAL CTa6 m3aiuH H b3LiKe B MHPOBOM 6aHKe, UeHTpe yqe6HmxX He3Ha'HTeCJhHLIKX m3MeHeHHdk; MaTepHla3OB H9P (KoMHaTa M-Pl-010), 1818 * nonmTHK H MexaHM3MOB no o6ner'eHMo H Street, N.W., Washington, DC 20433, USA. AocTyna Ha MeIKAyHapoAH1lIe cHHaHCOBLIe KorAa 6yAeTe 3aKa3IBaTb, noxanyMcTa pIIHKH. yKa3LlBaiTe Ha3BmHH{ H HOMep no KaTonory. CHMOH KcaBlep Haqaj6HiHK oTAena Di3HHaHCOB, flpoMxmwneHHocTH H 9HeprelTluK MamepuaAbu Ha pyCCcOM JR3bKce 9T%T yqe6iNN 6wui pa3pa6oTaH aBTOpOM B Ynpa6AeHue pucKamu KR'1eCT BC1nomoraTeC3bHOro MaTepHana Am xoMAfenIecKoeo 6arga npOrpaMMLI nO2OTOBKH npenoAa1aTCAen no 6aHKoBcKoMy Aeny H 4)HHaHcaM B YCnOBHS1X phiHKa, opraHH3oBaHHotk H9P =nH pecny6muc K.2. BaApaeen 6BmiLlero CoB=TCKoro Coo3a. OHa HaIencHa 1992 z. Ha ynpaBneHne cneAyiorUHMH rpyninMH pHCJa, Bo3HHKBJOIuIero DpH npoBeAeHHH onepawdN B yCnOBHRX pLIHKa: KpeAmTHbDk pHcK, oTpacneBOA pHCK, npoeieHTrCk PHCK, BamTHlE HN CipaHOBoN pUCK. B yqe6HnKe raKXe IIpOBONTCSI o630p BHAOB H CPOKOB - KpeAxToB, OCHOBHbiX HanpgaBneHHM .KpeAHTHOk nOJlHTNHKH . N npoiAX,yp, K-lWCH4 HKaEllHH KpCAlTOB, Co.aHHg pe3epBOB Ha noTepH no ccy.aM, a Tamxe- ynpaBjieHsl npo6neMHnlmI KpeANHaMH. 6ToT yqe6HNK 6wn noArITTBneH aBTOpOM B Baeeteyue opezyAzupocaxueaece yqe6Horo MaTepmaJia AMu aW33op U a1aAw3 ()eJmeAblocmu nporpaMMMi nQoAOTOBKH npdnoAaBaTeJieiN no 6a11Ko6 6aHKOBCKOMy Aeny H 4NHHaHcaM B yCJOBHSIX ~~ pIJHKa, 0opraHN3OB2HH0MY H 3P Dn,s pecny6nHK 6Lmisero CoBeTcKOrO CoIo3a. OH Po6epm C. Hlopmep npeAcCTaMUCT co6oM BBeAeHHN B 1992 Z perynmpoBaHme 6aHKOB H 6aHKOBCKHUN HuW30p, o6cyz=as ero uenN H 3aIaq1H, opwAIHecKyO mH4pacTpyKTypy N MeTOAm pa3yMHorx perynHpoBaHsl. B 3ToN pa6oTe TrKae o6cyX=aeTcs aHamN3 6aHKOB npH nOMOWU peCTHHroBor cHcToMI CAMEL (KamnaH , - Ka'CcTBO aKTHBOB, ynpaBseHHe, fOXOAfl, JIKH.BAHOCTh) Kx MeTOAHKa, nOne3Has OHOBPOMeHHO H ARA YnPaBflCHHA 6aHxamH H DJA51 KOHTPO)IHPYOWIXM BAacTek. Yse6Hoe noco6He 6umo noruroToBeHO EaHKoecKoe cJeAo U 4iunancoeoe aBTOpamH x cemnHHapoB H yqe6Hbx vnnamaeHue ucKamu rporpaMM rio 6aHKoBcKoMy Aefy H 4)mHaHcaM -B pMHOYHOMi 3KOHOMHKe, OpraHH30BaHHLIX H19P uns pecny6Kim CHr. OHO nOKpblBaeT Mapeapem E. 03Uyc yqe6HMLe MaTepHaJL1 B 4)OpMe Te3HCOB o Ay ,pd X. HyMlWM CTpyKTyp"e H 4YHKUHS1X COBpeMeHHOrO 6aHKa, YO X y yqeTe, axaAH3e KpeAHTHb1X PHCKOB, 1992 e , yipaBIeHHH axTHBamH H naccHBamH, CjHHaHcoBbIx pblHKaX, po01 ileHTpanbHOro 6aHKa, a raxxce paccmaTpHBaeT Bonpocmh 6aHKoBcKoro Ha.3opa. Bce 31'H TeMli npeACTaB3IeHM B yqe6HHKe cKopee KaK JIHHbHLi nepeqeHb Te3HCOB, a He xaK pyKoBoAcTBo HflH y'e6xiic no coBpeMeHHOMY 6aHKoBcKoMy Aeny. OseHL qacTo He CylneCTByeT rIPaBlH3IHLX OTBeTOB IDI}I peKoMeHAaalHl no YHPasJeHHIO COBpeMeHHLMH 6aHKaMH, HO TeM, He MeHee, MOXHO COCTTaBHTb pyKOBOACTBO C nepe'HeM BOnPOCOB H Te3HCOB, KOTOpOle HeO6XOqIMO pacCMaTpHBaTh, yripaBSISA pHCKamH B coBpeMeHHoM 6aHKe. 3Ta KHa 1Ka3K pa3 H MTh MAeTCX BblIO3IHITh 3Ty 3aAaqy. CAoeapb 6awKocKux u flpeJ=naraeMmA BameMy BHHMaHHJo cnoBapb 5uHaHcoebLx mepmuno 6bi noAroToBneH B rOcyAapCTBeHHOA 4iuHaHoabLX ~~MUHO 4DiHaHcoBotk Ax=zeinHi B MocxBEe B TeCHOIR Au.zIO-PYCCKUi/PyccKo-amzeugCKu KooepaUxHH c rpynnofk cneIZa3IHCTOB no ---- - 6aHKoBcKoMy AenIy H 4HHaHCaM N3 H3P, BO3rJIawBneMoM peAaKrOpOM, IIaKHoM B.H. IJIeHaee, H.M. Mupkun, cDapyxH. nepBoe HNaaHme soro cnoBaps IA. 1Ue3e1Coea 3aAyMaHo cKopee KMK Ha'aJlo, o6uiee 1992 z. HanpaBsIeHHe, meM oKoHqaTenbHoe Onpe,e3IeHHC H 3aKpeCUIeHHe 3HaCeHHq CJIOB qepe3 nepeBoa. 3To noco6He MoxeT cnyxTh HaA8XHLIM CpeACTBOM rIOMOWH A3I nOHHMaHHS1 COBpeMeHHOrO TeKCTa Ha aHrjiNcKoM Sm3LK no 6aHKoBcKoM Him 4HHaHCOBOoN TeMaTHKe. 3TOT CjiOBapb He Bceo6beMmoW, 6onee Toro, oco6oe BHHMaHHe ynenieHO BOnpOCaM y'eTa, 6aHKOBCKHM onepaUHRM, aHaJI3Y pHCKa, OIleHKH rIopT4)eJm H ynpaBjieHHIo. Pa3yMHoe pezyAupoeaiue u ,laHHaS pa6oTa npeAcTanmxeT co6oik 6aricoecKuu atl3op. Co3daHue BcnOMOraTemLHbIC MaTCepHanII K AOKMaAy O MHPOBOM pa3BMTIM 1989 r. N BbmHo3HeHa UICMUmy&4UOl.mn&Ab WX paMOK dA* ynpaBneHACHM BRue-npe3HAeHTa no 6awKo6 3KOHOMWICCKHM pa3pa6oTKaM. B pa6oTe - = paCCaTpPBaIOTCvI Pa3HbIe MOAIenH 6aHKKoBcKoro peryjlHpoBaHHA H aA3opa 3a 6aHKoBcKoA BuHceHm H. HowAuammo . AcHSTmHOCThbO. B psAe cnyqaeB OCHOBON 1992 z. JSDTClI KOHCyJTTaLum H MOpaJiHL1e 192z.g"yBCIUBaHHI", B ApyrNX - BHe3ariHhLe npOBepHK CO CTOpOHLI MeCTHx BjiacTeg. OpraHH3auHOHHle nQo;XoZbm TaKxe BeCLMa pa3Hoo6pa3HMI, HO HH OAHa MoQAeim He 6yAeT 394X¢KTHBHOA npH AOnYXeHHH CY1UCCTBeHHOrO rOCYAaPCTBeHHOro BMeCiaTeCJTcTBa. BeAymxee MecTo B CHCTCMC 3sauT OT 6aHxoBcx 6aHKpoTcTB H paCCTpoiCTB - $HaHCOBON CHCTCMbl 3aHHMaOT xaqecTBo H xapaKxep ynpasneHIHl BHMTpH CaMHX 6aHKoB. PO3TOMyC yCISI, HanpaBneHHMO Ha yKperuieHHe 4NHaHHcowf CHCTOMbI, AommmHbI KOHUeHTpHpOBaTbCA Ha . yKpenIeHHH MCeHeAKMeHTa N cmcTeMmI ynpaB2ieHHS B- npoiiecce HHCTHrYLUIOHaRLHOrO pa3BHTHRS. Om xopowUux 6aHlcupo6 IC n.AOXUM 4aHHblN MaTepRaJI nlOA4ep3NBaeT POJIL -a r 6aaHKOBCKOrO MeHeAMCeHTa KaK mamoro 6anKupvam3CeMeHTs BCeX 6aHKOBCKHX KpH3HCOB. Aaxe He344IeynueuNbld 6awco6claui Had3op U Korna KpN3HC HMeeT KOpHN B yxytuweNue ,ca'iecmea ynpaeaenux KaK MaKPO3KOHoMH'ecKC x ycjIoBHAx WnI B agaernbje mei,mbt 6awuoicx HeoXHAAaHHLD H3MCeHeHHSX KPu-uco- npaBHTeflcTBeHHOVi MaKpo3KoHoMH'ecKoA nomnmnu (T.e. Aaxe ecni H HaqaHbHo npH'ma KpOeTCA HO B riiJoXoM ynpaBjieHHH), Apucmo6yAo de Xyan TO xopomme 6aHKHpm 'acTo CTaHOBSACS 1991 Z IVoxHMH 6aHKHpaMm nocneAoBarenmHo yxyAinaa CBOH nO3HUHH. B pa6o'iix MaTepHanax aHaAH3HPYKYCrS npIRHH H IIOCIZeACTBHR AefCcTByOWoX B 3THx casax MeXaHM3MOB, a TaoKKe npezavaraxyTcsi MeplJ, KOTOpmIe MOryT 6lrm, npHmeHeHMx AIM Toro, YTO6JJ npHOCTaHOBHTb yxyAmeHHe cocTOsHsA 4)HHaHCOBLX HHCTHTYTOB B KpH3HCHNX 3KOHOMHKBX, a 3aTeM ynyIuiHTL ero. Ounancoean pe4iopMa e cmpanax 3Ta pa6oTa AoKa3LIBaeT, iTo nepeclpoHKa 6aHKOB Ao~iXKHa . 6i,xb npHBSI3aHa K CO,uaAUcmuWecKo 31COHOAUCU nepecTpoiKe npoMLbeHHLIX npeZnpHSITH, nepexoHiiozo nepuo*ai K MaKpo3KoHoMHYeCKoH cTa6HnH3auHH, - peqiopMe ueH H pa3peiieHXHHO npo6neM co6cTBeHHOCTH. 3Tm npo6nembi, Ha peJLueHHe MuAapd JIOHZ KOTOpbx nOHaUo6STCS roam, Tpe6y=oT CuAeua E. Cazapu, 1991 z. npeAaHHocTH peCopMaM, qeTKoro npeAzcTaB3ieHHsi O uensx H peajlHcTH'Horo OC03HaHHIA npezCTOHX TpyAHOCTefi. EauKoe7cKu# nad3op: IIOCKOJMKy 6aHKH SIOTC o C03aTeAHMH AeHer, xpaHHTeflIMH c6epexeHHfM Apyrax - -mua jiiozAeH H onepaTopamH imaTexHoro MexaHH3Ma, OHH AOJDKHLI peryJIHpOBaTbCS B 9anplo Iffe1h o6WecTBeHHLXx HHrepecax. 3aAaqamH 1990 . 6aHKoBcKoro peryIHpOBaHlHi ABJLReTcS Co3fAaHHe 3OPOBO01 Ha,AexHof, 34XjeKTHBHOM H YyBCTBHTeJbHOIH K HOBOBBeAleHHSIM 6aHKoBcKoM CHcTeMLI, KoTopaA oTBeqa.a 6m roTpe6HocTSIM KmieHTOB H pLIHO'YHLIX CHJI H 6bIna 6bI CBo602AHOf OT MOHOnojiHCTHIeCKHX TeHAeHUHUk. B pa6oTy 6aHKOBCKOrO peBH3opa BXO,HT KOHTPOnIL COCTOS0HH5s H pe3ynbTaTOB pa6oTmi 6aHKoB, c TeM YT06LI BmSIB3U1Th He3A0poBLIe 6aHKH, KoTOpbIe MOryT HapymHTh 4YHKUHOHHpoBaHHe BceHi 6aHKoBcKofi CHCTeMLI. 3Tm MaTepHanbl onHCbIB2I0T npouecc npoBepoK H peryJIpoBaHH_q, KoTopbIH npHMeRsleTcsI =ns AOCTHXKHHS 3THX uenieC. ppo6eMbl eeeilfeux pbtiHOIHbLx B AaHHoA pa6oTe paCCMaTpHBalOCA cun 6 col4uatlucmuqecKylo npo6IeMm, CBq3aHHLIe c BBeAeHHeM boIHOYHbIX CHn B couHanHCTHqecKyIO 3KOHOMWCY Biocmo",o- 3KOHOMHKY cTpaH BocTOYoiO EBporim. Feponeficux cmpan OCHOBHoe BHHMaHHe yzeiSeTcS alHaiH3y npo6neM, B03HHKaIOUWX IIpH 4YHKUIHOHHpoBaHHH PLIHKOB B OTCYTCTBHH Maxy.Ib XaUiNsec MO=HOr qacTHoro ceKropa. npoBeAs axanH3 1990 Z. IIOrEblTOK C03AaHH5I AeUieHTpaJiH3oBaHHOH coUHajimcTH'eCKofi 3KOHOMHKH B BeHrpm, IlonLme H K)rocIasBHH, aBTOp npHXOAHT K BLIBOAy, YTO PLIHKH He Moryr 4YHKUHOHHPOBaTb 6e3 UHpOKOII IacTHOH Co6CTBeHHOCTH Ha cpeAcTBa npOH3BOACTBa. 3ro 03Ha'aeT, YTO Aim 3aMeHLI BMeiuaTejncTBa ripaBHTenbCTBa B pacnpeneneHHe pecypcoB pLiHO'qHbIMH CHJIaMH Tpe6yeTC.q 6bicTpaq npfHBTH3a2iSl ripeAnpfHRT, HaxoASxcR cekqac B rOCyUapCTBeHHOM ceKTOpe. KpoMe Toro, Heo6xoAHMo 6yAeT yp'nhm ynpaBeCHHe npeAnpHsITHsmH, KOTOpMe OCTaHyrcSi B rocyUapcTBeHHOM ceKTope. JIajiee B pa6oTe paccmaTpH BalOC npo6neMbi, CBSI3aHHbie C fOCTHJKCHHeM 3THX uejief H c co3,AaHHeM npOrpaMM CTa6HnH3aUH HR CTPYKTYPHWX pec4opM. Hepecmpo#Ka 6aKco6cKozo oJea 6 3mT MaTcpHma paccMaTPHBaoT npouecc cmpanax c co4ua cucmustecKoi pe4lOpM 6aHKOB H neAnpHflfHE B cTPaHaX C COW anHCTHqeCKO1l 3KOHOMHKOR niepexoAworo 3KO1ONUKOU nepexo(1)ozo nepuooa: nepHoAa. OHM nOKpbIaJOT BOnPOCbl H om nepecmpogicu npednpwimmln MeTO2WKH riepeCTpyKTypHpoBaHHR K ne ecm otxe 6a KeA rpenpHSuHil. AHaJlH3HpyA nepecTpoky-y -- 6aHxoBCKok CMCTeMbi, 9.IUeHr -paccmapHBaeT puA TaKHX TeM, Kax Co6CTBeHHOCTh, IOPIXUPlCCKHC paMKU 199 AernLHocTH 6aHKOB, BOnpOCb OUeHKHB 990Z. 6aHKoB. B 3TmX MaTrpHla3aX TaxKxe paCCMaTpHBaeTCJI AeCHeXcasi H 4mCKanbHaH nofmTKa UeHTpajibHIaX 6aHKOB Ha wane pe@opM, a TaxJe nocniefoBaTenLHocTh npOBCeCHH.q pec(pM. Materials Available in English This handbook was prepared by the author to Commercial Bank Risk serve as support material for training of trainers Management programs in market-based banking and finance Training HIandbook organized by EDI for the Republics of the - former Soviet Union. It focuses on / management of the following risk areas by By K.J. Walraven banks operating in a market economy: credit 1992; 87pages risk, industry risk, interest rate risk, foreign exchange risk, and country risk. This handbook also review types and terms of loans; basic credit policies and procedures; and loan classification, provision for loan losses, and managing problem loans. Introduction to Banking This handbook was prepared by the author to Regulation, Supervision and Bank serve as support material for training of trainers Beguafio, Suand ank programs in Omarket-based banking and finance Analysis organized by EDI for the Republics of the Training Handbook former Soviet Union. It provides an - L S - = - introduction to banking regulation and supervision by discussing the purpose and By Robert S. Porter objectives of bank supervision, the organization 1992; 103 pages of effective bank supervision, legal framework and prudential regulation. It also discusses bank analysis using the CAMEL rating system (capital, asset quality, management, earnings, liquidity) as a model useful for bank management and supervisory authorities alike. This handbook was prepared by the authors to Banking and Financial Risk serve as support material for the seminars and Management training courses in market-based banking and Training Handbook finance organized by EDI for the Republics of the Commonwealth of Independent States. It covers training materials in outline form By Margaret E. Osius and Bluford A. concerning structure and functions of a Putnam modern bank, accounting framework and- P1tna2 2cases, credit risk analysis, asset and liability 1992; 253 pages management, financial markets, role of the EDI Catalog No. 340/063 central bank, and regulatory issues. The handbook tries to present a broad based view of these topics as a long checklist of issues rather than a stand-alone guide or text on modem banking. This glossary was prepared at the State Finance Glossary Banking and Finance Academy, Moscow, by the authors in Glossry Bakingcollaboration with a team of EDI speciaists in English-Risan/Russian-English banking and finance led by the editor, Shakil --- Faruqi. In its first edition it is intended as more of a guide than a descriptive work to By Vyacheslav N. Shenaev, Yakov M. assist in the interpretation of modem banking Mirkin, Lubov A. Schvechkova and financial texts in the English language. It is 1992; 226 pages not comprehensive; instead it focuses on accounting, banking operations, risk analysis, banking portfolio evaluation and management. Village Associations in Senegal: Through the case study of the Village Economic Functions and Financing Association of the small village of Seleki in Senegals southern province of Casamance, this Methods article documents the emergence of an informal public sector in response to a BRy Claulde Du pay widespread crisis in government finances. The 1991; 23 author's thesis is that this emergence is the result of two -paralle'-developments. First, EDI Catalog No. 340/055: bankrupt public authorities have delegated to traditional collective structures a part of their responsibilities in the areas of social security, resource redistribution and public investments. Second, these traditional structures are moving beyond their original setting, reorganizing themselves and securing the financial resources they need to be able to provide community services that meet the requirements of modern Africa. This paper starts with a short review of the Ihe Art of Bank Restrucuring. nmain issues involved in bank failure, oranized Issues and Techniques according to the analytical framework provided = by the New Institutional Economics. The emphasis here, however, is on the discussion of By Andrew Sheng the different techniques of bank restructuring 1991; 49 pages used in different countries. The techniques EDI Catalog No. 340/054 identified are designed to assist policy makers and financial sector professionals in considering various ways to restructure banks under different sets of conditions. An appendix presents a summary of key case studies on bank restructuring (Spain, the U.SA., the U.K., Colombia, Chile, Thailand, the Philippines, Malaysia, Guinea). Does Bank Insolvency Matter? This paper reviews the causes and implications of widespread financial distress and bank And What to Do About It? insolvency, and suggests a possible way to treat ~ ~the problem. The author proposes a strategy that places special emphasis on the role of By Arnstobulo de Juan institutional reform because, when widespread 1991; 33 pages financial distress occurs, such institutional EDI Catalog No. 340/053 reform is seen as a prerequisite for a successful policy for deregulation of financial markets. In the absence of institutional reform, financial deregulation is likely to be not only ineffective but could even be counterproductive. This book presents the fuist comprehensive Finance at the Fronter: explanation of why credit projects fail, and Debt Capacity and the Role of Credit in suggests how financial systems can become the Private Economy more responsive, stimulating economic growth. . - It explores the special characteristics of financial markets and addresses the J.D. Von Pischke shortcomings of conventional efforts to 1991; 427pages improve financial markets in developing EDI Catalog No. 340/051 countries. It discusses cost-reducing innovations which can be achieved through market-niche strategies which will improve performance. Finally, it suggests how intervention can be consistent with sustained financial market development. Financial Sector Adjustment and This paper reviews general issues related to Management: financial systems and policies in the context of Frst Princple.s Problems and Policies economies relying to a significant extent on market mechanisms to allocate resources. After a brief introduction describing the functions of By Philippe Callier the financial sector in a market economy, the 1991; 27p s paper presents an inventory of the most 1 7 pages common problems hindering the effective EDI Catalog No. 340/050 performance of the financial systems as a development tool, and some policy guidelines based on the analysis. The text aims at presenting a brief exposition of the basic principles that provide a conceptual framework to review the issues. It does not include examples or "case studies." Financial Systems and This book assembles in a single volume the collection of documents circulated at the Development in Africa Senior Policy Seminar on Financial Systems - = and Development in Africa held in Nairobi, Kenya from January 29 to February 1, 1990. Edited by Philippe Callier The approach of the book is a practical one, 1991; 275 pages focusing on the current views and thoughts of EDI Catalog No. 340/049 professionals active in the field of financial systems and policies. Some of the topics highlighted are bank supervision, bank restructuring, monetary control procedures, interest rate management and liberalization, and financial reform. - This Working Paper stresses the role of bank From Good Bankers to Bad management as a major element in all banking Bankers: . -. . cnses Even when the crisis has its roots in Ineffecve Supervision and Management .-macroeconiomics conditions or in unexpected Deterioration as MMajor Elements in B=Mng changes in government economic policy, and Crises not initially in poor management, good = - - -. - bankers, when in trouble, often become bad bankers through a series of deteriorating Biy Aristobulo de Juan attitudes. The paper analyzes the causes and 1991; 15 pages consequences of the mechanisms at work and EDI Catalog No. 340/047 presents the remedies which can be applied to stop and reverse the deterioration of financial institutions of systems in distress. ( Ce document est disponible en francais. Reference IDE No. 340/047-French.) Developing Financial Markets This paper briefly reviews the role of financial in Sub-Saharan Africa markets in the development process, classifies the different types of markets and discusses the obstacles to and requirements for the By Paul A. Popiel development of these markets in the B1990; 34 pages Sub-Saharan African region. EDI Catalog No. 340/046 Financial Systems and This paper reviews the evolution of financial Development systems in developing countries over the past ~quarter of a century and presents an overview m -- of the steps needed to build efficient financial systems. A more comprehensive review of this By Millard Long topic appears in The World Bank's Policy & 1990; 17pages Research Series under the same title (Financial EDI Catalog No. 340/045 Systems & Development) in 126 pages, reprinted from the Bank's 1989 World Development Report. When ordering, please specify long or short version. As creators of money, custodians of public Bank Supervision: savings and operators of the payments Principles and Practice mechanism, banks have to be regulated in the = ~public interest. The objective of bank regulation is to have a sound, secure, efficient By Andrew Sheng - and innovative system that is responsive to 1990; 27 pages consumer needs and market forces and free EDI Catalog No. 3401044 from oligopolistic tendencies. The bank supervisor's job is to monitor the performance of banks and to verify such performance in order to detect the emergence of ailing banks which can threaten to disrupt the whole banking system. This paper describes the regulations and examination process used to achieve this task. This paper argues that the inward development Outward Versus Inward strategy model has failed. It then discusses the Development Strategy: role of the financial system in fostering a Implicamions for the Fnancial Sector successful implementation of the alternative, ~ -Soutward-oriented development strategy. By Manuel Hinds 1990; 30 pages EDI Catalog No. 340/043 Financial Systems and This report synthesizes the presentations made at the Senior Policy Seminar on Financial Development in Africa Systems and Development in Africa, held in Nairobi, Kenya from January 29 to February 1, 1990, and the content of the discussions which By Alan Roe followed. The report first surveys the recent 1990; 42 pages and likely future international developments EDI Catalog No. 340/042 which make it particularly important for African countries to achieve greater efficiency in their financial systems, and the special issues which arise in the subset of African countries where the financial systems are in a state of distress. It identifies the main prerequisites for and components of successful financial reform. In this context, the issues related to the move from direct to indirect methods of monetary management are reviewed in some detail. The report also discusses the problems and the possibilities associated with three specific institutional components common to most ; - - African financial sectors: development banks, informal financial institutions, and money and capital markets. This paper outlines the policy approaches and Policies for Developing the policies that guide and foster development Financial Markets of money and capital markets. It begins by =nan a = - =ks reviewing the requirements for their successful development. It continues by discussing some By Hans Horch and Paul A. Popiel - of the major distortions that prevent this Se tember 1989 14 development. Finally, the paper looks at the E talog .1 340/04pages benefits of an actively planned approach to this EDI Catalog No. 340104.1 development, as opposed to a more passive evolutionary approach. This paper is one of a series of working papers focused on development of money and capital markets. Securities Markets Development This paper retraces the development of n securities markets in Korea and analyzes the iKo a main factors that led to their staged, strong growth. It surveys the main elements and mechanisms that constitute these markets By Hans Horch and Paul A. Popiel today. The development of securities markets September 1989; 22 pages in Korea presents a good example of the EDI Catalog No. 340/040 benefits of a consistent long-term policy approach. This approach contributed substantially to the markets' development, almost engineered, at times, by the authorities' legal, fiscal, regulatory and supervisory initiatives. This paper is one of a series of working papexs focused on the development of money and capital markets. This paper takes a look at the recent developments in financial markets around the Recent Developments and world that have sharply intensified the process of financial innovation. In a broad sense, Innovations in Internatonal financial innovation encompasses two Financial Markets interrelated developments. The first is a - _structural change in financial intermediation, and the second is the emergence of a number By Paul A. Popiel of new financial instruments. These September 1989; 11 pages developments permit a better distribution of EDI Catalog No. 340/035 risk in increasingly deeper and more efficient financial markets. The paper traces the forces that stimulated this financial innovation, surveys briefly the causes and effects of the structural changes that took place in international financial intermediation and reviews the main new financial instruments. In conclusion, the paper discusses some of the benefits and risks associated with financial innovation. This report summarizes the discussions that The Restructuring of Financial took place at the Policy Roundtable on Systems in Latin America Managing Financial Systems in Latin America, --- held in Punta Del Este in December 1988. The three days of discussions focused mainly on the By Alan Roe and Paul A. Popiel problems related to financial stabilization and July 1990; 29 pages adjustment. Three general problems of particular topicality in Latin America today EDI Catalog No. 340/033 were discussed: management of the financing of the public deficit; policies to deal with the insolvency and illiquidity of financial intermediaries; and policies, issues, and options for further development of financial systems. Development of Securities This paper retraces the development of Markets in Brazi securities markets in Brazil and analyzes the -z N1 NO' - -V main factors that led to their rapid growth. It reviews subsequently the main elements and By Hans Horch and Paul A. Popiel mechanisms that constitute these markets Spebr1989;2pae today. The development of securities markets September 1 25 pages in Brazil presents a good example of the EDI Catalog No. 340/030 benefits of a consistent long-term policy approach. Such an approach contributed substantially to this development, which took place in spite of a difficult and, at times, volatile financial environment. This paper is one of a series of working papers focused on the development of money and capital markets. n t i D This -paper examines the phenomenon of. Financial-InfitutionS in Diress: finncW distress that '-took on. worldwide-: Causes and Remedies dimensions during the late 1970s and the 1980s; -- -It traces the causes of distress to external and internal shocks that affected developing By Paul A. Popiel countries and to management problems. It September 1988; 34pages further outlines various options and steps EDI Catalog No. 340/024 leading to a restructuring of distressed financial institutions. The macroeconomics and sectoral prerequisites conducive to financial restructuring are also examined. (Ce document est disponible en francais. Reference IDE No. 340/024 - French.) Ihis paper explores the problems that financial issues for Financial Institutions institutions face when the financial system to - - which they belong is being reformed or, more generally, when the economy goes through a By Robert Vogel phase of adjustment. (Ce document est June 1988; 12 pages disponible en francais. Reference IDE No. EDI Catalog No. 340/023 340/023 - French.) Internal and External Imbalances This paper examines the macroeconomic . - - ituation of Tunisia as the 1980s began and the and Adjustment Policy: The Case imbalances that necessitated fundamental of Tunisia changes in macroeconomics and financial .c Wz policies. It outlines the policy thinking and strategy that led to a major turnaround in the By Mohammed Skhiri management of the economy and of the June 1988; 10 pages financial system. It discusses the sequencing of EDI Catalog No. 340/022 refonns and the establishment of mechanics to monitor the progress of change against medium term objectives. This paper is one of a series presented at the Senior Policy Seminar on Managing Financial Adjustment in the Countries of Europe, the Middle East, and North Africa held in Istanbul in July 1987. Economic Stabilization and This paper retraces the main policies and Structura Adjust t structural reforms undertaken by Turkey in the Structural Adjustment: 1980s that were of major significance in Ihe Case of Turkey Turkey's adjustment strategy. It differentiates - -between economic stabilization policies and structural adjustment policies, and emphasizes By Rusdu Saracoglu the necessity of a pragmatic and flexible Governor, Central approach to the implementation of policies. It rank of urkey draws conclusions from Turkey's experience. ank of Turkey This paper was presented at the Senior Policy June 1988; 15 pages Seminar on Managing Financial Adjustment in EDI Catalog No. 340/021 the Countries of Europe, the Middle East, and North Africa held in Istanbul in July 1987. .Fnancial Sector This paper examines the phenomenon of financial distress that has, in the late 1970s and the 1980s, taken on a worldwide dimension. It traces the causes of distress back to external By Millard Long shocks that affected developing countries June 1988; 9 pages during that period and to overexpansionary EDI Catalog No. 3401020 domestic policies and their consequences. It concludes that financial distress has a severe impact on mobilization and allocation of financial resources and thereby on economic and financial development. (Ce document est disponible en francais. Reference IDE No. 340/020-French.) Managing Financial Adjustment in This report summarizes the discussions of the m C nris Senior Policy Seminar on Managing Financial dlI oe Ce Adjustment in the Countries of Europe, the Middle East, and North Africa held in Istanbul in July 1987. The seminar's aim was to consider By Alan Roe and Paul A. Popiel the role financial policies and institutions play August 1988; 51 pages in the process of adjusting an economy to EDI Catalog No. 340/019 external shocks and structural changes in its operating environment. The discussions focused on the difficult problems of transition entailed with financial adjustment, that is, actual policy changes and implementation measures. Development of Money and This paper reviews the prerequisites necessary Capita_l Markets for accelerating the development of money and capital markets in the context of developing economies of Europe, the Middle East, and By Paul A. :Popiel with- comments by - North Africa. These countries feature stroigly Prof. Dr. Ismail Turk, Chairman, predominant banking sectois and CapitalMarket Board of Turkey under-developed money and capital markets. Such a situation restrains efficient mobilization JEDne 1988; 29 pages and allocation of financial resources and in EDI Catalog No. 340/017 particular thwarts the supply of long-term finance and equity. Reform of the Financial Sector This paper surveys financial adjustment in: a - - g E ~number of countries of Europe, Middle East and North Africa. It focuses on the difficult By Dr. J. da Silva Lopes problems inherent in managing deregulation of June 1988; 17pages interest rates and noninflationary financing of EDI Catalog No. 340/012 public sector deficits. The paper draws on experiences with financial adjustment in Egypt, Jordan, Hungary, Morocco, Portugal, Tunisia and Turkey. i I 0 i , I AP' I I 1311111111 Nlllllll 340/071 R9180 I// I_