Russian state banks have an interesting history and specific features of work in the conditions of our country.Let's see what's inside segment of the relationship between power and the banking sector.
Central Bank and the State Bank: relations between the concepts
In the popular media, the terms "the Central Bank" and "State Bank" often identified.On the one hand, there is no specific error "CB" - State Bank, a wholly owned government.On the other, there is a different interpretation of common words "state bank" - is a commercial lending institution, a majority of which (more than 50% of shares) owned by the state (usually in the form of the government).The second interpretation is common in the Russian press and journalism.Modern large banks with state participation - "VTB 24", "Savings Bank" ("the Security Council of the Russian Federation"), "Gazprombank", "Agricultural Bank".In turn, the non-state ("commercial") that will be a credit institution, a majority of whose shares are owned by private persons (one or more).
Why "central bank" referred to the State Bank?Mainly because he, like government institutions, stands over commercial lending institutions, manages the emission of money, regulates the national financial system, in general, solving problems, mainly non-profit-making, but rather close to the functions of the state.
government and non-bank: the main differences
The value share of the state owned bank - the only formal hallmark.State banks and commercial lending institutions different from each other due to many other factors - caused, as a rule, practice activities.There are the following.State Bank often offers loans with an interest rate lower than that of private financial institutions.The reason for that - favorable working conditions, guaranteed by the government.
commercial establishments such privileges no one gives, and it is forced to compensate for the loss by raising interest rates.The state banks lower interest rates on deposits than in private structures, and this too is understandable: the first are the traditional trust of the population, while the latter are forced to bring working capital.State-owned banks tend to be more flexible in the formation of tariff policy on mortgages due to reduce the risk (which is a consequence of the marked preferential terms offered by the government).
History: The State Bank of the Russian Empire
emergence of state-owned banks is not connected with the socialist era when the state controlled everything, including credit institutions.The banking system with the leading role of the state in Russia has a long history.The prototype of the modern state-owned banks have become so-called state-owned institutions (which appeared in the XVIII century).Among the famous - "Bank Loan" (founded in 1733), "Bank Loan" for the nobility and the 'Bank for Commerce and merchants "(both appeared in 1754-m).An interesting fact is that all three institutions are faced with "bad debts" and went bankrupt because they were unable to repay loans.
At the end of the XVIII century there were state-owned banks, taking deposits (Dépôts et Consignations), there is the practice of capital accumulation at the expense of deposits.In 1786 it established "State Land Bank," where it is today starting to work mortgage programs.The first money transfer in the Russian empire appeared at the beginning of the XIX century.They started a "National Commercial Bank".In mid-century credit institutions actively privatized, the share of power in the presence of them declined.By the early twentieth century in Russia there are less than ten state banks, operated around 50 private financial institutions, hundreds of companies monetary mutual thousands of small associations.After the 1917 revolution, the system of credit institutions has undergone a major restructuring.
history: the state banking system in the USSR
Bolsheviks declared the exclusive monopoly of power in banking.Commercial lending institutions were nationalized.Leading financial institutions of the country was the "People's Bank of the Russian Federation", accountable to the People's Commissariat, the work of foreign institutions was prohibited.In the first few years of Soviet power credit institutions it provides some independence, but in the late 20-ies of the work has actually become a subspecies of national planning.There was a "State Bank of the USSR", in the framework of the party line to have control over the issuance of loans, deposits.
In the middle of the 20th century in the USSR worked quite a bit of credit institutions.The principal was "State Bank", "Construction Bank", "Vneshtorgbank", as well as savings banks.During the perestroika years there have been several sectoral financial institutions - "ICB", "Zhilsotsbank", "Agroprom" and "Savings Bank".It was created by the credit institution for the maintenance of foreign settlement - "Vnesheconombank".By the early 90s there were laws that created the banking system, approximate to modern realities.
history: state-owned banks in Russia today
Law "On Banks and Banking Activity of the Russian Federation", adopted after the collapse of the Soviet Union, found that there is a "central bank", has a "Savings Bank", as well as independent commercial institutions.The latter could work on the basis of the license of the Central Bank, had the right to set their own interest rates and make currency transactions.The number of such institutions has grown by leaps and bounds every year they appeared a few hundred.The financial stability of these "banks in haste" is poor, many were ruined.The most stable, however, proved to be the Russian state-owned banks.
history: the main state bank of the country
«Sberbank" - the state bank, which is considered the leading in Russia is positioning itself as an institution with a history of more than half a century: in 1841 by decree of Emperor Nicholas I of Russia were savings banks.Their work was "promoted" among the citizens of the state, they were told, what are the advantages of deposits.In the period before the revolution in these institutions were granted several million passbooks, there were several thousand savings banks.Despite the challenging transformation in the early years of socialist construction, it has helped fund the country's economy.Especially in the period of the Great Patriotic War, when the citizens of the ruble could help the front, and after - to restore the destroyed economy.
Savings banks existed before the reform of the banking system late 80s - then came the credit institution with a familiar name - the "Savings Bank", the state, in spite of the market trends of restructuring.There were first ATMs.Thanks largely developed during the Soviet era infrastructure "Sberbank of Russia" has become a leading credit institution of the country.
benefits of state-owned banks to the economy
socialist times over, now our country is building a capitalist economy.It would not matter what state banks, who owns certain share of possession.There are, however, among the economists' point of view, it is not so.The fact that the interests of private banks, as a rule, do not always coincide with national: latest imply that monetary processes are not too burdened the economy and the population to receive adequate service for loans and deposits.Commercial banks, in turn, take care of the profits, and social role in their understanding fades into the background.They are interested in fanning inflation, which stimulates the demand for money, rising interest rates, an increase in the inflow of speculative capital into the banks.The country's economy and social stability at the same time be accompanied by crises.It is not in the interests of the government and the majority of citizens do not need.Therefore, in order to preserve stability in the country need the state Russian banks.The presence of such does not contradict the principles of the market economy: the state-owned banks play a significant role in the developed Western countries.
negative role of state banks to the economy
There is a point of view, according to which the activities of state banks, the national economy is still applied to some mischief.Several years ago, the experts analyzed the banking systems of several dozen countries on the subject of the relationship between the work of the state banks and the budget deficit (ie the level of public debt).It turned out that the obligation of the authorities on foreign loans lower in countries where credit institutions predominantly private.
Where government-owned banks play a leading role in government debt, on average, account for 45% of GDP.In countries dominated by commercial financial institutions, the obligations on foreign loans down 7%.The budget deficit, however, is slightly higher in states where dominated by private lending institutions, but not much - about 0.4% of GDP.
State banks abroad: the German experience
Germany - a country where state banks are very different in practice, the activity of the private, despite the fact that the institutions of the second type - the majority.The main task entrusted to the German state-owned banks - lending to projects important for the whole economy.In the German state-owned banks can issue credit quite attractive for business: the rates of the order of 1.5-2% per annum.Interestingly, foreign investors can also count on these conditions, it is necessary only to show the credit institution that the project is able to create a sizeable number of jobs and will benefit the German economy.
there in the German state-owned banks, as though it may sound fantastic, loans without interest, and even those that can, under certain conditions, not to return.All these facts indicate that the dividing line between the types of "State Bank" and the credit institution of private ownership in the developed capitalist Germany is much more pronounced than in Russia.
