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Управление рисками коммерческого банка Учебное пособие Документ Всемирного банка Информационный центр в России

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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

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3KOHOMHqeCKH,

YCJIOBHS

nIoToMy, 'To

nOJIHTHeCCKH

H

IIOCTOSHHO MeHRIOTCc. (B rOBOpHM 0 KOMMepqeCKHX H

MexKyHapO,HiHOr 6aHKOBCKOfl CrS1TCjTbHOCTH MbI qaCTO roAHTH'necKHx pHcKax; TeM He MeHee, HX He Bcer1a TaK BaJKHO,

CBS3aHHOrO C

ripoCTo pa3AemT!) O'xeHb

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

KOHTCKCTe oCo6CHHO BaxKHO IIOMHHIT, tTo Mbl, KaK 6aHKIpbu, TaKxe npeI-rCTaBASeM 33IeMeHT pHCKa Jis HaiuHx KJIHeHToB, cpe1Hrnpo'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.

3TOM

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

AeHe)HbIi

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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, ,o MHHHmyMa. B AefiHCTBHTCbHOCTH, OHM XOTqT OnpeLeAHTh cTCneHb pHCKa, CBSI3aHHoro C OrIpeACJICHHMIM 3aeMIWHKOM H C BHLAOM MHiH cTeneHb HeH3BecTHocTH,

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,

CpCACTBaMH. CIIOCO6HOCTH CIIOCo6HOCTb

HoHHMmaeTCS

T.e. BK11aA'qHKOB

CaMO

MX

nIpHBACKaTh

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H Apyr'x

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3TH Cpe=CTBa Ha BO3o6HOBJLqIOjUCei4cq OCHOBC. 3aBHCHT OT Kpe1HTOCiiOCo6HOCT= 6aHKa, KaK

,AerO3HTopaMH,

KOTopa5I,

KoHeqHo

Xe,

OT 3Ta OHa

onpeAejgeTcs

crioco6HOCTbMO B0BpeMq BepHyTb BKj1aIU - a "BOBpeMA", acTo O3Ha'aeT rio rnepBOMy Tpe6OBaHHIO.

B03MOXMHOCTb

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3ISI

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3

3aBHCHT,

B

CBOIO

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OT


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

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pHCKa,

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B

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Tore,

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 4,HHaHCOBOro ynpaBIeHHqI?

(b)

HaCKOJIbKO xOpoLIO

nOArrOTOBneHO Kp=

3TO npCenIOKCHHC pea.HCTlqHEbiM 3peHH.q? (c)

16.

npeAocTaBnwloWiEH

KpeAHT,

THoe

MapKCTNHHr

npeAoxKeHHe? ABmeTcs

C ACAOBOti H 3KOHOMHqCCKOA

IBwseTcq.IH Uxcm 3arlMa mpReMoMoA BaHK,

npoH3BoAcTBa,

H

iH

TOYKH

ns 6aHxa?.

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3a

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sicHlx a qpe3Bmba]HO BaxCH B cAyqae HOBbX KJIHCHTOB H MeMKIX HAM CPCAHHX 4)HpM, O

OTBCTOB

Ha

BCC

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CjiHHEaC

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HanpHMep,

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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 yupaBaTbh4HHaHCaMH ITpeIpHASTHA.

4


All 'ITO KacaCTCS Bonpoca "C", TO 6aHK aOAjIeH onpeAe3ITB, "oX0OAHT" 18. 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 orpacii oXHofi Ha nOpT4PeAI CKOHIXCHTPHPOBaHHOCTB yBeJIHIqHT 3aeM HJH Ha OAHHX CpOKax IIaTexCei H TaKHM o6pa3oM yBeimqHT pHCK nopTr4e.i? BaxHO TaKXe npHHHmMaT BO BHHMaHHe, HMCeT All 6aHK oto6u oxeHHTb KpeAHT. BaHK He AOJKeH AOCTaTOqHLIii YPOBeHb KOMieTCHTHOCTh ccyAy npeAIpIHTHM B TeX orpaCux IIpoMbiUeHHOCTU, B KOTOpIX AaBaTh 3aHHMaIOIIMUMCn KpeAUToBaHUeM, He xBaTaer HeO6XOAHMb]X coTpyAnHKaM 6aHKm, TeXHK eCKHX 3HaHHI H 3HaKOMCTDa C pfIHKOM A11 TOrO, vT6w fpaBHnbHo oileHHBaTh rIpOMbIMIleHHOCTH,

KpeAKT.

flpHBereHHoe BLaue BEacKa3bIBaHHe SIBJMCTCS BaxHoM cocTaBHOi qacTBio npeimeTa yuIpaBJreH.ms KpCIIHTHbIMH pHCKaMH, K KOTOPOMY MBi eiue BepHeMCsI 19.

no3AHee 6onee e-raJmHo. Bo3Bpauxascb K oixeHKe KpeAHTHoro pHCKa, cneAymue COTPYAHHK, KOTOpylO HH41OpMaijHIO, HaM nOKaJC3T CTpaHHL HeCKOJITKO 3aHHMaIouuHI4cq KpeAHTaMH, o6SI3aH noAyqHTh OT 3aeMIItHKa AO TOrO, KaK np1HMeT OKOHxIaTCelbHOe peIneHHe: yAOBACTBOpHTh IM npocb6y 0 3af4me H13H OTKJOHHTh. (KaK mm 3T0 6 yAeM o6cyxwaTL no3)e, OKOH'aTejmHOe pemmHHe He MoxCeT 6blTB HeCCT o6ENHO OH He meHee, TeM HHCrIeKTOpOM: KpeAHTHUM IpHHSITO OTBeTCTBeHHOCTh 3a npoiLecc oigeHKH).

Ouewca Ducia:

20. (a)

umepuee

namb

)KeJIaHHe

PenvTanHs.

H

rlponiecc

o6ft3aTejncma.

CBOH 3aeMiuHKa YAOBAeTBOpHTI H3 nHqHOrO coc-rorm

peCUHMOCT OUCHKH

AQoKeH

co6eceAoBaHHI,

IIpOBePKH npOHCXOxeHHqS

pCKOMeHAaLzfl,

iipCAcTaBACHHbIX

3aikMOB

HMI

KaK jrtIHOrO, T.e. HCXOAq H3

3aeMuKOM,

cCyA TOBapHiaCcTBaM,

oco6lHO B cAyqae JIHBHIX

H AejioBoro (npoBepKa

KpeAHTOpOB

3aeMWHKa, rIOCTaBUXHKOB H KAHeHTOB). 14H4opMaLixs1 no BO3MOXCHOCTH 6blTb npeAcTaB3IeHa B rIHCLMeHHOfi 4)OpMe; B cAytae, ecIH HMeeTcS Ao.iia KOTOpie 6yAYr 3aMeTK=, TOJIbKO yCTHaS, COTpyAHHK o6.q3aH cAejiaT ITOAI1HThI

K ripoqeMi

yKa3aHO 'HCJ1O

(b)

3aeMIUJKa uonyoraTm AcHbrH no BCeM AeHer, r1oytleHHb1X 3aeMIKOM B xoZe ero nepHoAa B TeCeHHe CSeTCeTbHOCTH ripeAripHHHMaTembCKOMi aTrhenbHO noA (KpeAwf npoeKcry KOHKxCTHOMy NmI no Aes1TeflbHOCTM) CTOSmmHf npoeKT), m (ii) cnoco6HOcTm 3aeMlgHKa ynpaBI5Tb AeHeCHBMH CpeACTBaMH (KaK 3TO SCHO H3 npoUbx npoeicrOB). Bo3MOXHOCm.

CBOHM

(c)

AoKyMeHTTaiHH no KpeARTy H Ha KOTOpbIX 6yAe-T

H HCTOWHHK HH4)OpMaINHH. (i)

Cnoco6HocTm

onepaHSIHM (o6nu¶ nIpHTOK

KaT1HTaIi. KanHTanibHas 6a3a 3aeMWHKa H cro piIUHMOCTb HC11OJnb3OBaTb co6CTBeHHbIlf KanHTaJA B npoeKTe, Ha KOTropbIfi OH 3aflpaMBaCT KpeAHT. B COCTOqHHH pa3Aej1Th pHCK npoeKTa C 3aeMuHK AojD1CeH 6UMT 6aHKoM H 6imb corJiaCHblM Ha 3TO, npeAoCTaBIS KpeAHTyilOuM

rpeHMJeIMy0o 'acTb

cBoero aKIyHoHepHorO Kar1HTaAa, T.C. 3aeMILHK AROJDKeH

CBq3aTh ce6f o6sI3aTenbcTBaMH.

5


(d)

YCAOBHSq.

COCTOSHHm

TeKyiiee

H o 6 30p 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 B ApyromH 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

MOxCeT nOMOqb npeoAo.nem Icna6oaC

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. Toro,

Pnaxcoeax moQpa"uu KaK

COTpyiK,

icomopwo NgO neumb om 2ae gmKuua. rIocne

BG,yOIUN

KpeAHTaMx,- ipxHHln p;iueHHo, Ha OCHOBe npeABapHTCj1biOrO Ham3a (B cnyqaC HOBOro KxiCHTa) npoAomxNmT paCCMceTPHNe

3aSBKH Ha KpCAHT, OH HOfPOCHT COHCKaTeCAf nNchbMCHHLIMH AOKAaAaMH, CBHACTCJTCTBYlOJNHMH

cHa6AHTh ero pa3HqHhMH 0 4IHHaHCOBOM COCTOSHHHnpeAipmiTHRs 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 @HHaHCOBbIM 3KcnepToM. OHN AoJDHM BKnoqaTb: (a)

nO,ArOTOBCHLI HC3aBHCHMbIM

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

3anacOB.

Kpai4HeCi

BHAa

3anpaNMBaemoro KpcAHTa, AeTanJTHYIO cTpyKTypy H KpยงMMTODCKOV 3aRnOXCeHHOCT` no

paciuH4poBKy ge6wroDcKoR Mepe

3a

nocjreAHHe

18 MeCsgeB

(oco6eHHo

BaicHo

o6opOTHuM KanHTaI).

(c)

M

B

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) (ii)

Pe3IOMe pyKoBoACTBa; OIIHcaHHC

npoeKTa,

npoAyKca

4rNHaHCHpoBaTm;

6

HAH

yCAyrH,

KOTOpyO

Tpe6yeTcSi


(iii) AHaJIH3 OTpaCJ[ (iv)

(d)

MLlIaHbl

H pbIHKa;

MapKeTtHra, npOH3BoACTBa H yripaBCeHHS;

(V)

(I)HHaHCOBbIfi IuaH (noKa3bIBaioiuHf pa3Jr'Hme BapHaHTLI);

(vi)

IlporHo3

(Vii)

OpHeHTHpOBOo'nxIH

B

cJywae,

AeHCXHUX IIOTOKOB

4)HHaHCOBMfi oTqeT.

Kpe,zT

ecflH

(o6blqHo Ha nepHOXinorameHHsI 3atiMa);

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. 06paTeTe BHHMaHHe: KaK MBl yxce yrOMHHaJ[H Bbime, KpemiTyIo=fi 6aHK H 4OpMaMH, Ha KOTOpbX Aoj1xHa AoxeH CHa6AHTh 3aCMIHKa BCCmH 6ZaHKama

23.

6b1m npeAcraBeHa HHcopMaiH.

IV. 3anuwra OT InOTepb npH

HeCBiojmeHHH

O6m3aTeCI6cT:

CCYAbW nOA 3anor H rapaHTupOBaHHbie KpeAuThi 24.

B

npOMMUITCHHO

pa3BHThIX

cTpaHax

3aeM=UIKOB qacTo 6xDla TaK XOpOIIO H3BeCTHa,

Kpe,=Tocnoco6HoCTB

ToproBNx

wTO OHH MOrAH nQonyqaTm KpeAHTbi

Ha OCHOBe CBOCei KpeArTocnoco6Hocm. JpyrHMH CAOBaMH, OHH MOrJIH B3STh Heo6ecnecieHHbIr H HerapaHTH1oBaHHbIlf KpeRIT. 9TO, no BnOAHe o6sCHHMLIM

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 6C3 Kpezm Tro6M npexocTaBrrm peBQO11R)HIO, rIpOCTO CAHUIKOM BiCOKa, npH'qHHaM, HepeaClbHO B

ripHeMAeCMOu fl0=LepKKH.

Ccw3a nod 3aAoz. CcyA, noA 3aJIor - 3TO KpeHmrI, o6ecneqeHHLIC CO BCef BHAHMOCT OHH SIBJISIOTCS CaMbIMH CTOPOHbI 3aeMIIHKa 3aJIOrOM aKTHBOB. CaMmIMH H TaKXe OCTaiOTCc H CYIIeCTBylOIlWX HbIHC H3 CTrapIMH 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 25.

no

npoxo.iae'T

nOJ1b3OBaTbCS1

UMH.

B TaKoM cJiy'ae, 3aKiaA aKrCHBOB ocyueTBsiemi

vyTKxH nipaB - r1HcbMeHHOrO KOHTpaKTHorO coralUIeHHsI B BHae UieCCHH HAun MeXKY KPCAHTOAaTeJICM H 3aeMUIHKOM, ACTaJ1H3Hpy1OLIWerO CBSI3b MCX4Y CpOKaMH H YCAIOBHSIMH 3aHMa H 3aJIOXCCHHbIM aKTHBOM.

26.

qaCTb nopT4ei COCTOHT H3 Kpe,AHToB, IopHAim[ecKHe acneKTbi ixecCHH H13H yCTynKH npaB Ha

flOCKOJlbKy z1iM MHOrHX 6aHKOB OCHOBHaS

o6ecne'eHHbx

O6CCerie4BaIOiuie KPC)HT 1eHHOCTH aBjOTCI KpaHHC BaxHiMH. KpeAHTyiOUUHi 3aHHMaIoiuerocq KpeAHToM, H IopHAH'qecKoro oaraeAa

6aHK B AHixe coTpyAHHKa,

7


6aHxa,

Ao,oxeH

6bIrb 6gHTeJhHbiM

B o6ecneqeHHH

HaA2iexameI

IopN=NqecKof4

3au=Tbi.

27.

KpewrnymIuNf

6aHK

ZAoDKCH

onpeneATb, KaKie aKTHBbI CqITaT]b coBpCMeHHy1o CTOHMOCTm KpeTa.3m noco6Hu AOHJiJ 6biTh pacnpocTpaHeHI B InKCbMeHHOI 41opMe, vm6w BeCb 6anK c HHMH o3HaKOMACIc. B AonomHeHNe, Heo6xo0NMo paccmaTpNBaTm cneAyiouNle HOAXOA.q1HM 3anOrOM H KaK paccqHTmxBab

XapaKTCpHCTHKH 3aIOXCCHHmx aKTHBOB:,

(a)

OTHocHTenbHaSi nerKocm Oge,CHK 3anora, KaK iAo npHHSHTHR peiueHHs o BbLa[e KpcAHTa, TaK H B TeqeHHe cpoKa KpeAHTa. CTOHMOCTb 3anora HeO6XoAHMO nepHOAHqCCKH iaepenpoBepC0 S c TeM, qtrr6b o6ecnetum a1eKBaTHOe nOKpbTrHe.

(b)

B03Mo3HOCTb pa3MeWueHHS Ha pbIHKC 3anora AojiKHa 6bIm onpeAeneHa H nepHoAH,'ecKH nepenpoBeprmcH. HanpHMep: CnCIH;aJEbHo cnpOioKTHpoBaHHOe o6opynoBaHHc c orpaHHqeHHoM npHMeHHMoCTbIo TpyzHee npOgaTb Ha pbIHKe, qem CTaHAapTHMIN nITHTOHHbIN rpy3OBHK.

(C)

JIHKBHHOCTh,

HAH AerKOCTh, C KOTOpON 3anor MoKcT. 6bmTb ofeHCH H N. npeBpauxeH -B HanWlHbie 6G3 -pa3pbEBa BO BpeMeHH, ORCHb - Ba)KHa. HanpHMep: 3'MeS H KOMMCpqFcKHe KmH npoMbnIuieHHbe 3SRaHHS MeHee IHKBHA,HI,

YCM BiICOKoKaqccTBeHHbiC

Ac6HTopcKxC cqeTa, no KOTOpbIM

MoxKHo 6bIcTpo nOAy{NTH AecHbrN, HnN CTraHapTHbIe HenopTsNueCsl MaTCepHabI (HanpHMep, cTaEbHmIe npyTKH, AecoMaTepHanIb).

(d)

rIoAKoHTpoIbHocm: nerKocTm, mvm ce oTcyrcTBHe, C KoTOpONi KpeANTop MoxKeT onpeAenrrb MecToHaxoxAcHHe 3aniora H BCTyINHTh BO BjIaAeHHe HM. HanpHMep: npoIie BCTYNHTh BO B3laAeHHe AeHbiHramN H ApyrHMh

4HHaHCOBbIMH aKTHBaMH, 3eMeAfl H CTpoeHHSMH, KeM rpy3OBHKauMH HuH KoHTeAHepaMH, MeCToHaXOXAeHH

(e)

AMOpTH3aLHS1

KOTOpLX qacTo TpyAHO yCTaHOBHTb.

HAI MOpanjbHOC cTapeHHe. HeKOTOpLIe aKTHBbI TCPRIOT

CBOIO

nepBoHaqa.nbHyIo CTONMOCTb 6bIcTpoe, qeOM ApyrHe, xOm CpOK HX rOAHOCTH - B OTAHqIHe OT cpoKa HX CTapeHHS - MOxICT 6brrb 3HaqKHTwbHbiM. HanpilMep: xeHCKaS moia (no KpaNHeMi Mepe Ha 3ana,ze), ineKxpoHHoe o6opyAoBaHHe (KOMnblOTepbI H T.A.) TaICKx Heo6XoARMO CAe.eATh 3a B03MO0HOCTbIO nOpqH H3-3a HCnpaBHJEbHOrO xpaHeHHsi.

28.

06]aTHTe BHHMaHHe: 3aNmbI, o6ecneqeHHbie 4NH3HKCCKHMH 3aAoraMH, KaK npaBHAO, yI3BHMbI A MOIIleHHHqCCTBa CO CTOpOHbI 3aeMWHKa. KpeAHrTYIOIUHd 6aHK .RojDKeH nO3TOMy ocTaBaTbcs 6ArHTebHmIM no OTHoieHemIo K np[HBCpxCHHOCTH

3aCMLUHKa YCJIOBHIM KpeAHTHOrO CoriaueHHs H B oCO6eHHoCTH K CyiLeCTBOBaHHIO, MCCTOHaXo=elCHHIO H COCTOSHHIO 3aAora. -T- BaxcHo, IIOCKOAbKY npCaocraBjicHHC -rpe6yeMoN HH4IopMaIXHH no 3anuory EirCTCs qacTo o6sl3aHHocTmIo 3aeMml4Ka. ipIHHN4Ma.I BO BHHMaHiC 3TH 4)aKrm, Ans KpeAHTyiouIero 6aHKa BaxHO: (a)

IlpoBepHTb

Ao

npeAocraBeHHq KpeAHTa aKTHBL, npeAuiaraemLie B KaqCCTBC

3aJIOra, Ha HanHqHe yxce

Ha HHX;

HMCIOIIuHXCq LeCCHt, npaB OTBo.a H .pyrNX HCKOB

8


ycTynKy npaB Ha 3anior B cy,e

3TO

(b)

3aperHCTpHpoBaTb ,AonycKaeT);

(c)

BecTm rOCTOSHHO o6HoBiLeMbie 3aniicH Hi npOBOIHTh nepHOAHqecKHe H XKeAaTeJIbHO

HeoxxHIaHHMIe

(ecin

MeCTOHaXOXaeHHS

npOBepKH

3aKOH

H COCTOSIHHNS

3anora.

(d)

B AOnOJIHeHHe K BbIumeCKa3aHHOMy,

IS 3aniora B 42opMe Ae6HTopcKxix

CqCTOB peKoMeHAyeTcCS cnie yuLoee: (i)

B 6aHK exeCMCMCSqHO CIIHCKH 3aeMUIHKa HanpaBASITE 3acTaBHIT KJIHeHTOB, BKJIIO'aSq HMeHa, aApeca, CyMMbI 3aAOJDKeHHOCTH H CpOK noAyIeHHs.

(ii)

CBOHX pOBaT, npOHHCTpy nHCbMeHHO 3aeMLUHKa 3acTaBHTb KJ[HeHToB o TOM, rro6bi OHH oiia'qHBanH CBOH cqeTa HanflpMyio Ha CqeT 3aeMIIrHKa B KpeAHTyioiIeM 6aHKe, HaneqaTaB CBOU HHCTpyKUHH

Ha cqeTe-4,aKType 3adMIUHKa).(iii)

(e)

)J. (i)

(Ha3BaHHe

H

aApec

6aHKa

H

HoMep

cqeTa

3acTaBHTm 3aeML4NKa nOITBePzHTh B nHCbMeHHOM BHAO, qTO HHKaKaS Apyra5i OpraHH3aglHS1 He npeTreHYCT Ha 3ajio)eHHbIe cqeTa. 3aNiMoB, o6ecneqeHHUx 3anacaMH Heo6xqAHMo: 3acTaBHTm 3aeMNHKa exemeCCCqHO HanpaBAIrTb CIIHCOK 3aj[oCCHHbIX o6beMOB, BHAa H, rAe 3anacoB c yKa3aHHeM MecToHaxoxAzeHHi4, B03MOXHO, CPOKOB HaxoxAeRHHR B 3anacax.

(ii)

3acTaBHTI 3aeMEUHKa nO=TBepAWTM B nHCbMeHHOM BHge, xrTO Ha 3TH 3anaCbI HC HMCOTC5I HHKaKHX ApyrHX Tpe6oBaHHf4.

(iii)

ECAH

B 3aiaCbI 3a2oIeHHbIe iepeBeCTH qTo6bI Toro, AlImr MCUHAH3HPOBWHHbIe cKxrazla (ecnJIH cyIecTBypOT) o6ecnetrTB nOJIHbIi4 KOHTPOAb HaA 3anacaMH nocpeOArBOM BeRCHHS

3TO

B03MOXHO,

HaAeXKHOrO H He3aBHCHMOrO yqeTa TpeTbeCi CTOpOHON4.

I4CnOJIb3OBaHHe

KpeCHTa He cHHMaeT, KOHeTHO, 3aAora AniLs nOAgepXK 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

29.

foAra.

30.

Tpe6oeaiuq Ic

MpDxce. JLiIS Toro, wot6bi o6ecneHmTb B B03MO)KHo 6onbmetN CTCIIeHH AOCTaTOqHOCTh 3aIOrOBOfN CTOHMOCTN B cAyqae OTKa3a OT yniniaTbI Aojnra, . IIpHMeHeHHe CCyJHOH MapxH KpCAHTOAaTCAb MOXeT rIPHMeHHTh CCy[IO Ma

03HaxiaeT rnpencTaBAeHHe KpeAHTa BnJIOTb AO OnpeHeAeHHOrO 11POCIrHTa HJI -OT CTOHMOCTH BcerO 3aJIOra.

9

MmapxH


31. BaHKH Moryr yCTaHOBH1Tb pa3JIHHbIe Map)H AISA pa3MHqHbIX BHAOB 3anora, KOTOpbIe o6bmqHO Kone6jIoTCSi OT 100% (H BbmIe) AUI HaJIqHLIx, KoTopbIe 6y,Ayr

pa3MCeiCHM B KpeAHTYOIeM 6aHKe,

AO,

HHor,a, 50% UI

onpeAeeHHmIX BHOB

3anaCOB H o6opyAoBaHmA, T.e. npeAMeToB, pa3MCiuaCMOCTh KcTOpbIX Ha PbIHKe orpaHHqCHa H TpyAHO oripeflHMa. HopMaJThHuM npeAenoM Kone6aHHA Ha 3ana,Ae CT IHTaCTCS OT 80% BbICOKoKaqeCTBeHHbx ixeHHmix 6yMar Ao 65/70% BbICOKoCaqeCTBeHHbIX CqCTOB H HMylleCTBa.

32. O6paTHTe BHHMaHHe: KaK MbI yXC YnOMHIHaJIH BbIIIe, 3anior AOJKEH nepHoAH,qecKH nepenpoBepaTcsx Ha. rlpeAmeT H3MeHCHHS COCTOHHAS H camoro CyWIeCTBOBaHHA, BKnIOriaA ero 3IHKBHAHOCTh, pa3MeCiaCMOCTb Ha PbIHKC H inK6bx ApyrHx xapaKTCepHCTHK,

KOTOphIe MoIyr nOBATb Ha ero pbIHoqHyo

UeHy

H

iCerKOCTb JHKBmAaUHH. ECJIH 3TH H3MeHCHeS 3HaqHMbI H yrpoxaioT cnoco6HOCM .3ajiora nOKpMTb 3aiM, KpCAHTOP AOJDKCH H3MCHNTb MapXCy H HeMe=LeHHO T H3BeCTHTI 3aeM14HKa (KpeHTHoe cor3aieHHe AOJiHo ripeAyCMaTpHBaTh, w o KpCeHTOP HMeCT ripaBo MeHSb Mapxy, noKa KpeAHT He 6yAeT noraIeH!)

33.

B ilepHo,bI

CHJTIHOHI HHlSNIHH CTOHMOCTh 3aAora (B OTAiNN OT zAeHOr H aKTHBOB) qaCTO Bo3pacTaeT, TO iio3BojSeT 6aHKy oiraTb H3JIHUIHIOIO qacmT.3aJIOra 3aeMuHKy. rIoxoxKee flpOHCXOAHT B cAyqae C KpeAHTOM Co cXeMoi noraiOueHms no qaCTJiM, B TaKOM cAyqae TpC6OBaHHR K. 3anory cHHJKaioTcA COOTBeTCTBeHHO C rOiramICHHCM OCHOBHOf4 qaCTH ioJEM.

ApyrHx 4HHaHCOB=J

rapaHmm

34. ,AoAr

- STO IIHCbMeHHOC o6s3aTeJmcTBo TpCTbeM CrOpOHbI OliaTHT

B CAyqaC OTKa3a OT yIIaTbI 3aeMigHKoM.

6aHKOBCKaI KpeAHTe,

4)OpMa,

npOBCPIU

4CrrOAb3oBaHHIe TaKOrO

BaJxHO, BMCrCT

rapaHTHH

Tof6ti C

ECMI

COTPYAHK,

IOpHAH'JCCKHM

He

HcnoYib3yTcsq cTaHAZapTHaS

paCCMaTpHBaIOWHl

OTCAeOM

3aKOHHOCTb

BOIIPOC

O

rapaHTHH.

B KaqCCTBC HHCTpyMeHTa O6eCIIeqCHHI 3afkMa Tpe6yeT

xIe 1rpoiecca OIeHKH pHCKa rapaHTa, KaK H 3aeM1HKa KPCAHTYIOUXHM

6aHKoM. TaiKce, KaK H 3aAor, rapaHTAs He ynyiaeT KaqeCTBo KpeAHTa, T.e. OHa HC CHHJKaCT pHCK HeylIlaTmi. CneAOBaTCnbHO, KpeAHT HHKorAa HC AOKeCH npeAOCTaBASiTbCH Ha OCHOBe oAHoi TOAbKO rapaHTHH.

35.

rapaHMsA MOxcT 6ub: (a)

O6ecne'eHHaul HAH Heo6eCneqCHHaS. 06i'qHo pCKOMCHAyCTCH HaCTaHBaTb Ha o6eCrieqeHHOM rapaHTxH (oco6eHHo B TaKHX CTpaHax, KaK POCCHS H Y36eKHcTaH!), qTo6bi noATBepAHT o6si3aTcmcmo rapaHTa BMemIIaTbcq no Tpe6oBaHHIO. B cnyrae o6ecne'eHHoA rapaHTHH, 3anior AOjDKCH nepHo,HqecKH nfepepOBepSrbcS, KaK H B cJyqae C o6eCeieqeHHbIm KpCZAHTOM.

(b)

OrpaHH'JeHHol HJIH HoorDaHHqeHHOi4. B cnyqae HeorpaHHqeHHoft (rapaHT rapaHTHpyeT BCIO 3aAOmKeHHoCTb OAHOrO 3aeMIHKa

rapaHTHH

OAHOMy KpAITOpy), BaxKHO, qTo6bI OHa neCpHoAH'ecKH o6HOBJLSIaCb, HanpHmep, exceroAIHo, H Tof6ti OAHOBpeMCHHO npoBsepAacb KpeAHToCnOCo6HOCTh rapaHTa. HeorpaHHqeHHe rapamHTH o6bMqHO He o6ecne'eHK. (C)

JIH'qHOf rIpH

HlHn

KODIHOaTHBHOf4.

KpeAHTax

qaCTHLM

JIH'qHbIe

J[HLtaM,

10

rapaHTHH

TOBapHuIeCTBaM

o6MqHO

HIAH

HCnIO3Ib3YIOTCS

KoMHaHHSIM,

B


KOTOpb1X OTBeTCTBeHHOCTh H ynIpaBeCHHe CKOHUCHTpHpOBBaHb B OUHHX pylKax. B ciyqae KpexHTa TOBapHiiNeCTBy, HaCTOSITJeibHO peKomeH,yeTcq nOJIyqHm HeorpaHHqeHHme rapaHTH aT o6oHx napTHepOB H cAejaTm TaK, Trro6M 3TH rapaHTHi 6rH paBHMIMH H HeHCKJIIOqHTCJIbHLIMH, T.e. xTo6bI o6a napTHepa oTBeC'aAH 3a Aojir TOBapHiarCTBa BCeMH CBOHMH JIHHIHMH aKTNBaMN. 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. OHa qiBjeTCi BHe6aAaHCOBOA cTaTmei rapaHTa. fIpN oiecHKe KpelHTHOrO pHCKa, CB3I3aHHOrO C rapaHToM, HeO6XOJNMO 6a.naHCOBE,e, TaK H BHc6aJiaHCOBbIe OriepaNHH rapaHTa.

npoBeplim

KaK

37.

06DaTHTe BHHMaHHe: B HeKOTOpEX CTpaHax, KOTOpeIC HaXO,SITCS B npoLxecce Co3AaHHS PIHOqHON 3KOHOMNKH, HeKOTOpMC 6aHKH IIIHpOKO BBeiNH o6mqafi rapaHTHpOBaHHSI 3aNkMOB, rpeAocraBnCHHUX ApyrHNm 6aHKamH Hx KJIeHTaM, Ha o6oIOAHOri OCHOBe. TaKas IrpaKTHKaa qpC3BFqafHO OriaCHa, IIOCKOjIbKy YCJIOBHbIe o6Iq3aTejbbCTBa moMT nerrKo I[pCBpaTHTCS B 6e3ycJIoBHme; TaKHM o6pa3oM, orpaHHqeHHe qHcnia BsInyIIeHHbx rapaHTHf MoxceT 6Mm npe1rMeToM CneOXNHaAHofi KpeAHTHONi HOJIHTHKH (Ai npOAOKCeHHqS AHCKYCCHH CMOTPH ceMHHap rnaBy 7: KpeAHTHar IIOJIHTKa H npoIeApb).

V. KaaccHc1HKaMM 3akMOB B 3aBmCuMOCTH OT KaqecTsa KpeATra 38.

CHcTeMa peiMTHHra Kpe,HTa no Kaqecny sIsICeTCI BsaxHM HHCTpyMeHTOM CHCTeMaTHqeCKOf4 OiteHKH CTreneH KpeCXHoro pHCKa, CBI3aHHOrO C HeiOOraIIeCHHbIMH KpeAHTaMH KpeAiiyiomero 6aHKa. TaKaq CHOTCMa, 6yAyqH rIpaBHJIBHO Co3AaHHOft, SBASICTCSi OIHOBpeMeHHHO CxaTONi H BCeO6beMmOllef. OHa IIHpOKO ripHmeHeCTCS 6aHKaMN B HX CHCTrMaX HpOBepKH KpeAHTOB H MOHHTOpHHra aKTHBOB. I4cnOJIb3oBaHHe CHCTeMbI peNkTHHra KpeAHTa no KaqecTBy TaicKe nomoraeT

OnpeXCjiHTh

aOXOI OT KpeAfTa B CBSI3H C B03HHKaIOJIHM IIpH 3TOM pHCKOM.

39. BaHKN o6bmqHO Co3XaIOT CBOH Co6CTBCHHbIC CHCTeMbI pefTHHra KpeIHTa rio KaqeCTBy, ripHiem oHNi 6aHKN HClO3lb3ylOT AOBOjibHO ripocTie cxeMbl, a ApyrHe 6onee CAO)KHbIe H AcTaJiH3HpOBaHHmIe. TeM He MeHee, tieJm BcerAa Ta xe: o6nerqNm npoiuecc HlpNHH1THI peiueHHN Ain KpeAurrHoro Oarena 6aHKa KaK B OTHOINCH4H IIpCelOCTaBjiCHH5 Kpe.HTa, TaK H B nuiaHe Ha3HaCeHHS ero IiCHLI. 06bMqHO 3TO AeniaeTCsI HOCpefCTBOM KJiaCCH4THKaLxHH pHCKOB, rIpHCBaHBaS onpeAejiCHHei qHCjia H/HJIH 6yKiBbi pa3JIHbIM KaTerOpHIM pHCKa. 06pa3ibi pa3JIHqHbIX CHCTeM peCTHHra Kpe,HTa Ho KaqeCTBy InpHBO,slrTCS B ripHOKoeHHSX 1.1, 1.2,1.3 H 1.4.

11


40.

BaxiHo oTmeTUm, wo peimmHr BcerAa OCHOBbIBaCTCs KOTOPBIC noqMi BcerAa BKAIOqaiOT cienyxowiee: (a)

ie.ib KpeARHTa,

(b)

pa3Mep KpeIJHTa 3aeMuI4KoM,

(c)

OTpaCIib, B KOTOpOU pa6oTaCT 3aeMHjK, H

(d)

4)RHaHC0BOe noioxceHHe

VI. Aai3 noka3aTeAell

H o6IgHd

pa3Mep

B03MOxKHNx

H npomIe KpeAIUT

Ha psiAe 4aKTopOB,

noTepb,

CBS3aHHmIg

C

3aeMmuKa.

K peiWHra KpeAma no KaqecTsy

41.

H4cno.b3oBaHHe @HHaHCOBbIX noKa3aTeCeAi B npHHHTH 4HHaHCOBbIX peIUcHHUi OCHOBbrBaCTCq Ha nPH3HaHHH Toro, rro a) HcK=OOHTeibHoe Hcnoirb3oBaHHe. KaqecTBeHHo4 HH4)opMaUKHH HO 96jIerqaeT CTpyKTypHbIrl H o6beKTMBHIA. npoiUecc npHSHT1 pemceHHI H B) tmcna camH no ce6e npeAcTaBsnSoT He6oAbLLUyO

UeHHOCTb.

Oco3HaHHe

3TOro RpHBCI0. K pa3pa60TKe

TIpC3BbIqagiHO

ipaKTHqHOrO - BHAa- KoiHqccTBeHHoro aHaJIH3a, npHMCHeHHe KOTOpOrO 6bIcTpO pacnpocTpaHH.noCb Bo BceCt 4IHHaHCOBOfi HH,UyCTpHH, T.C. KaK B 6aHKOBCKOV, TaK H B He6aHKoBCKoH 4,HHaHCOBOM ,AeSTenbHocTH.

42.

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peuTHHre KpcAHTa no KaqecTBy rIpHBeCCHuI B npuHAo)KeHHAX 1.3. H 1.5.

43.

06parwre BH MaHHe: CHcTeMa 6anios KaK H mo6as Aipyraq peiRTHroBaq

CHCTeMa npeAocTaBAeT AOCTaTOqHO rH6KOCTH 6aHKaM B OTHOIeHHH 3aAaHxS 6aJMoB, o6AacTeR pHCKa, npuHHHTX K paCcMoTpeHHIo, npHAaHHSI BCCOB KaxK1OH o6nac-m, a TaioKe cKoj[bKo 6annos npHcBaHBaTb TOMY HAHAzpyroMy peiTHry. rIpH 3TOM Heo6xoHMO IIOMHHTb o: (a) nocTOSoHCTBe peiTHHroB KpCAHTOB, (b) nCpHO,HH'eCKOM neoecmo=pe peftHHra KmeHTOB, (c) noCToSHHoM npHMeHCHHH 3TOU CHCTOMLI B npoLiecce UrHSHITHS KpeAHTHbiX peiecHHH.

44.

0630p

HCfIOAb3yeMUIX

dLNCO noowameAei. B ripn3HOKCHHSX H

1.3

1.5,

12

KopoTaKuH npHBAcH

o630p HHJKe,

noKa3aTe3iei, B TO BpeMS KaK


cpaBHeHHe KjiaccHi4HKaUHH KO344HILHeHTOB, HCIlOJ[b3YeMNX B IIpHA0oKxHHH B IIPHMepe Concrete Block and Supply Company, rIpHBOAHTCq B IIpMHepe 1.6.

(a)

1.3, H

rlOKa3aTeflb TeKyiIefH JrHKBHAHocTH:

TeKyIHe aCrKTHBbI

TeKy=IsHe

nIaCCHBEJ

tee COOTHOiueHHif AHKBHIHOCTH, oTpaxaIo OAHO H3 HeCKOAbKIHX cIIoco6HOCM 4HpMbi noraieTb CBOH TeKYIfHe o6sx3aTeinbcTBa, BCCTH CBOH

KpaTKocpo t HbIe oriepagHH, HCrlOJb3SIY CBOH AeHexKHCe H 6AH33KHe K HHM no jHKBHHOCTH aKTHBLI. AAR npoMbmmIeHHbIx npeAnpTH=i TeKywee M xopouiee COOTHOIIICHHe 1.2 H4 BbIIme o6mIqHo CIHTaeTCA OTpa)KaIo0 COCToAIHHe AHKBHAHOCTH.

(b)

goonrocpoqHas 3aoiDKeHHocTb

K

KanHTaAy:

O6iuasi xonirocpoqHas 3aAOJEKCHHOCTh 06biKHOBeHH1lC H IIpHBHjierHpOBaHHIe

aKLHH H cy6Op.WHHHpOBaHHbLi

(c)

21ojiroCpOqHas 3aZ0JoKCHHOCTh K

,onir

aKuOHePHOMY KaHHTaAy:

O6iuasA onrOCpoqHas 3agojDKeHHOCTb 06biKHoBeHHbie aKIHH

b H c - cooTHoiUeHHA neBepaxca ("pmqara"), noKa3mBamioxe, HaCKOJnbKO 3aeMU.jHK o6ecnenuH ce6A "4iHHaHCOBBIM pbImaroM" AIJUI npOBeRCHHS CBOHX onepaiUHri, T.C. HaCKOJIbKO OH HCnOJIb3OBan cpeAcTBa BHCeHHX 3aHMCTBOBaHHft rno CpaBHeHHiO Co cpeAcTBaMH, KOTOpbIe OH H3ICKaJI CaM B BHAe Cy6OpAHHHpOBaHHuX ripHTS3aHHM Ha aKTHBbI 4DHpMbI. apyrHMH CIOBaMH, COOTHOICeHHe IIOKa3hiBaeT BCeAHHHY 4HHaHCOBUX o6Ax3aTeAbCm BAa,aleJIbE,CB 43HpMM H Cy6OpAHHHpOBaHHuX B3aAeJEbC1eB ee AoAroB no

OTHOIIICHHIO K AO)1rOCpOqHbIM KpoAHTopaM.

(d)

IlpeAHa.noroBoe

noKpsrre npoijeHToB:

HHpIJI4fb AO BbirmaTbi npOLCHTOB H HaIoroB Pacxo.Iu Ha BbmnaTy npoixeHToB no Ao3uraM (e)

OTHoIUeHHe

AeHexKHoro IOTOiKa K AOjirOCpOqHOU4

3aAoJxKeHHoCTH:

flpH6bub nociie yrTiaTl HajioroB + aMOpTH3aLIS JAojrrocpoqHaS

3aAonCxHHOCTh

13

-

AHBHAeHm


d H e - npHMepOh noKa3aTeMeirInoKpbMiHa, nIoKa3bIBalIoHe, HaCKOJIhKO IIpH6Lmb 4HPMbI H/HI cIIoco6HOCM 3apa6aTbhBaTh AeHbru ioIKpbiBaeT gAonr 4Mpmi HJiH o6ft3aTenbcma no o6cnyXMBaHHIO Ao.rra. 3TH OeHb BaH AHIIJU KpeAHTOpOB, XOTS, B03MOXHO, 6onee npeAnotHTeOAbHbIM (nio cpaBHeHHIo c e) 6yreT OTHOmleHie neHeoKHoro ICOTOKa, K pacxonam Ha nIloueHTLi ruTioc niiaTex no noramIeHMI4o nonrocpotIHor 3ago31XeHHOCTH, KOTODBIC nDHXOnsTCsI Ha aaHHbIr neHoHa. COOTHOIICHH51

06xImHo KpeXWTopbI Tpe6yioT o6mxpHybo "nQIyIfy,

T.e. cooTHomIeHme OT 3 H BbnIe (geM 6o0iee nOzIBepXCOHa 1IHKIiaM AOSrrOAbHOCTh 3aeMlHKa, ToM

MeHeO cTa6uHmImm 6yAeT

AeHOeHLi4

nOTOK, H, CAeeOBaTeAbHo, KpeAHTop

6yzAeT Tpe6oBam 6onee BbICOKOrO cooTHomemHH).

(f)

AonIrocpoqHaA 3aLoj1KeHHOCTb K HCTTO-OCHOBHbIM CpeACTBaM: JAoAroCpoqHaA 3aZZojKeHHOCTh HoTro OCHOBHbIO aKTHBLI

J,pyroi noKa3aTenb AeBepaxa,. noKa3bIBaIouI4fl, HaCKOJIbKO. aMOpTNH3HpOBaHHOe o6opyAoBaHe H- HMyIOCTBO @Hpmu 4IHHaHCHpyJOTCS 3a CqCt AOJrOCpOqHoIR 3aAojDKeHHOCTH. 06wmcI XCaIaTJeIbHO HMOTbcooTHomueHHe He 6o0iee 1. Bojnee BbICOKOe cooTHoimeHHe o6wqHo npeAnonaraeT, ro 4)HpMa HCnO3hb3yeT AonrocpotIHoe KpOeHTOBaHHe Aim 4rNHaHCHpOBaHHSI KpaTKOCpOqHL( aKTHBOB - noTeHIlHaIEbHo onacHasi CHTyaUH.I (KaK H o6paTHoe!)

(g)

Herro-o6opoTmmxt ianHTaJI K AOArOCpO'qHOMy KpOeAHToBaHHIo:

TeKyuuxe aKTHBbI - TCKyIuHe naC6HBbI,. ,XomrocpoqHasI 3aAOJKeHHOCTb 9To cooTHoiUeHRe pOAxKO HCNIOh3yeTCSI

H ero noAb3a ocnapHBaeTcR.

OqeBHAHO,

ITO OHO xapaKTepm3yer mKBHHOCTh, a ero CBff3b C AnorocpoqHOri 3agojnKeHHOCTbio BHOCHT 33[OMCHT nOKpbITNff Aoira. auns Toro, 'To6wI 3TO cooTHoimeHe vTO-HH6yAb roDopHNio, HOo6xoAHMO 3HaTb oTpacjib

4)HpMbI

m

ee

4HHaHCOBYIO

CTpyKTypy:

SIBJfiLTcR

JIH

oHa

KaITHTa3oeMKOri OTpaCAbIO, C 60ob,0ol 3aBHCHMOCTLIO OT AOjxrOCpOqHOrO KpeAKHTOBaHHAl HuH oHa 60n0ee TpyAOOMKa, C YKAOHOM B CTOpOHy KpaTKocpoKqHbx arKTHBOB H naCCHBOB.

VII. ,lpyrue KOHixen4uu pHcKa 45.

KorAa MbI nepBoHaaIjbHo onpeAem3 KpoAmTHb1r PHCK, MbI YMLIeHHO npHpaBHfIAH ero K PHCKY OTKa3a OT nIIaTOxCa, T.e. HeYBOpCHHOCTH B TOM, WTO 3aeMIIIHK CMOeKOT nOraCHmT CBOH 6yAy=e AOnrOBbe o6.q3aTeOnbcTBa, KaK 6wIo OrOBOpeHO B nICpBOHaKaI[bHOM Kpe[HTHOM coruiameHHH. MbI TaKlXC yIIOMHHaJI4, VITO PHCK HenaaTexCa BKniolYaeT, HIHM TeCHO CBA3aH C ApyrHMH pHCKaMH, KOTOpbIM

14


Moryr noaBeprHyrbcs 6aHKoBcKHc

KJIHeHThI, a BO MHOrIX cGlyqaix H CaM 6aHK. KpaTKoe OIIHCaHHe HaH6OAee qaCTO BCTCeaI0oiuHXCSA pHCKOB (B aOllOnHeHHe K TeM, qTO 6yAyr eCTanbHO pa3o6paHbE B nporpaMMe) ga&TCs HHKe.

46.

PuCK AUCUaUHOCmU - pHCK HJH HeyBepeHHOCTb B TOM, YITO OIIpegeJieHHbIf4 CMOxCeT 6bITb 6bICTpo ripozaH 3a cro ripeArojiaraeMyio HiH pLiHorHyio nxeHy HluH 6wic3Ko K Her. JIHKBH2HOCTb HJH pa3MeiuaeMocTh aKTHBOB Ha pMHKe BaJHa AUI4HPM AIRA exeHeBHoro 4IHHaHCOBorO yIpaBAeCHHI HX onepaUHsIMH. TaIcKe OqeHb BaxKHa .WASI 6aHKoB, HaiipHMep, JIHKBHJ{HOCTh 3aAOra, npe,jioxceHHoro Hx 3aCMIUHKOM, XOTS5 3TO TaKIKC BaJKHO n,pH ynpasB3eHHH HX co6cTBeHH1mm 6a.JaHcoM. aKTHB

47. pHcKa,

uHancoebti CBsA3aHHaS

pUCI 6bL1 riepBOHaqaAbHO orIpeAeneH KaK o6mHpHas o6nac-m C

IIHHSHTHM

o6ux

4HHaHCOBUX

peieHHri

BKAItoqaeT KOHACrI1HIO KpeTHOrO H AHKBH.HOrO pHCKa, TaKiKe KaK

H 6

nO3TOMy

0AbIIIHHCTBO

.gpyrMx BHOB pHcKa, o6cyaBUMxcs HaiBaefi yqe6Hof4 nporpaMMe. Bonee y3Koe oripezeJeHHe CrICUHaJIBHO CBS3bIBaeT 4)HHaHCOBbii pHCK C 4)HHaHCOBbIM AeBepaxceM, T.e. oTHoIIueHHeM Aonra (H npHBHjierHpOBaHHb1x aKIXHfl) K o6bIKHoBeHHomy aKIUHOHePHOMY KanHTaAy, KOTOpbIfi 4HpMa HCnOAb3yCT Amu (DHHaHCHpOBaHRHs aKTHBOB. -

llDOeKmwURPUCX,

48.

KpeAHTHoe

HK

ripevoxceHHe KJIHeHTa c 1LeCibIo

AaHb 6aHKa, .zra

4HHaHCHpOBaHHA

paccmaTPHBaioWero oco6oro npoeicra,

COCTOHT H3 Tpex BHAOB:

(a)

OTraeIbHO CTOUHf4 pRHCK,

T.e. pHCK, HcKjHOHTeCjbHo CBS3aHHbMi

C caMHM

IpOeicrOM, He3aBHCHMO OT 3aeMulHKa.

(b)

BHVfpH4pMeHHbIfi HAH KOIHODaTHBHbIII pHCK. ripeACraBnxeT co6orl pHCK, CBRU3aHHbirl C rIpOCKTOM B KOHTCKCTe BCeCl Iesrre3TiHOCTH 3aeMuNKa. YBehnqHHBaeT AH npoeKT HAH CHHxIaeT o6iiitS pHCK KpeCNTOBaHHS 3TOrO

3aeMIxHKa? (c)

PblHoqHbI4 HJIH lODTe[bHmI4 pRHCK: HaCKOJbKO nOAxO=T lpoCKTr o6ueMy KpeZWTHoMy nopr4ieJIo? noMoracT JIH OH ,aHBepCH4HLHpOBaTb 6aHKocK3yIO KpeAilHTHyIO CSTrrCbHOCTb HTH 6aHKOBCKOMY

yBeXJH'qHBaeT KOHUCHTpaIXHIO Ha onpZeCAeHHorl oTpacAH, KaTerOpHH CPOKOB

nflaTexcef, reorpa4HqecKoA o6JiaCTH H T.A.?

15


rnaBa 2 OTpacieBoli pHCK B HaIIIHx ripoIux lHCKyCCHSAX MBI HmeIM B OCHOBHOM Aeso c pa3JIHuHMMH BHfaMH PHCKOB, CBA3aHHUX C HHAHBHAYyaJIbHLIMH 3aeMIIHKaMH. ML yBHsenH, KaK Kpe,HTOzaTenH MOryT B 3HaqHTeABHOR CTeleCHH KOHTPOJIHPOBaTh HJIH npOBepATh pHCK C llOMOIIIbIO IIPHMeHCHHSI CHCTCMI pefiTHHra KaiecTBa KpexHTa, qaCTO B K opraHH'ICKHA no.Xoi HUIHeHTOB. TaKox COqe'TaHHH c aHllaJH30M K03 49.

yripaB[eHHIO KpeCHTHbMH pHcKyMH Tpe6yeT xopomero 3HaHHS 3aeMI1HKa; o6b,rHo MoXceT 6b1m noJiyqeHa OT camorO 3aeMIUHKa H HA3 BHCIIIHHX 3Ta HH4opMaaISH HCTOqHHKOB, TaKHx, KaK OT3bIBbInOCTaBllHKOB, ilOKyriaTexeri, ApyrHx Kpe.HTOpOB H T.A. RpyrHM BaxImM HCTOtHHKOM HH4¢OpMaLjHH 0 pHCKaX, CBI3aHHIX C oripeze3TeHHO4 4HUpMOi4, ABiCTCSA OTpaCIb, B KOTPOiU pa6oTaeT 4)HpMa.

50.

(DHPMbI He 4yHKIIHOHHpyIOT IIOJIHOCTbIO He3aBHCHMO HJH B BaKyyMe. Hx

ACe5TCu[bHOCTb He

IB3IICTCS

eAIHKOM pe3y31bTaTOM HX co6C`TBeHHUX B03MOXHOCTe1l

4)aKTOpOB (3KOHOMHqeCKUX, PAIOM BHeUIHHX onpejeJsieTcs pHCKH, CBI3aHHUC rIOAHTH'IeCKHX, COIHanJbHUX H TA.) AAR Toro, qTo6m aTrAem HCKAIOqHTeAbHO C yIIpaBeCHHeM 3aeMHKa, OT BHeUIH 4DaKTOpOB, MM MOKeM rioribrraTbcsI orIpeAeAHTB 3TH 3ICeMCHTLi pHCKa, KaK oco6o CBs3aHHme c oTpacnibo 3aeMlUHKa. 3HaHHe H rIOHHMaHHe oipacieBbax PHCKOB 3HaqUHTeCAHO ro oraeT HaM B MHorHe H3 3atMIUHKOM. OuCHKe pHCKa, CBI3aHHOrO C 9HHHBHAyajibHMm BbpaXeHHbe B TepMHHaX KjiaCCH4)HKaijHri pei4THHra KaqecTBa Kpe,HTa, ynpaBneHHSI,

a

4HHaHCOBUX K034FHI.HCHTOB, OCHOBbIBaIOTCA Ha oTpaCJICBOS

HH4)OpMallHH.

51.

C6op H aHaJIH3 HH4opMaLUHH o0 CSTeCETHocTH xo3S3icTBa XOpOilO pa3BHThI B cTpaHax. Cepbe3HbIe yCHuHSI no BBeRCHHIO 3THX HHJCT'paHaJ[bHUX npOLCCCOB B CrpaHax CHi IpHHecCAo 6b 6onbmyIo HOn3b3y He TOAbKO 6aHKaM, KaK 3ariaHbX

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)

(b)

AeIerreTnbHocm 2ajiTepHaTHBHb1X OTpaCJICM

3a AaHHbIt 1ePHOX HMIeloTCI nH 3HaqHTe3bHHUe pacXoxCeHHA MexCy OTpaCJSIMH rlOKa3bIBaIOT HaHmeHMI1ee H HaH6ojbimiee OTKIOHeHHe?

BpeMeHH.

H KaKHe

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,

IIOTOM).

17

KaK OHH OIepHPOBaMH

paHbIe

H


*

(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, 3Aecb TaioKe oco6oro eCHHcTBa cpeAH 4)HpM OHHofi OTpaC.I Ha6moJAaeTc.

rTO He

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 Ha 3anaAe nOKa3anAH oTHocHTjmHo cTa6HAbHbIe Ko34x1pHUHeHTbI 3a npomemuee ACcrH.iveTH. rIpHMCHCHeH: pe3y.mTaTh oTpacjreBoro aHlaH3a B npODUUOM MOxHO, OTHOCHTOCJTHO CnOKOfIHO 1pHMeHSTb B 6yzAymeM. oco6eHHOC'M B xoAe AeAoBoro 1uHKJa. TeM HO MeHee, HoeaBHHe Hcc1eAOBsaHHS

56.

IlpeACKa3aHHe pC3yAbTaTOB ACrTOATHOCTUH 4HpMI B 6yAyu4eM - HanpHMOp, B 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. rnaHe TOBapOO6OpOTa

57.

ECJIH OrHcaHHbIfi paHee KYoiHqecTBeHHbm nOAxOA, BKIO'iaS oripeAXneHHe 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.

rIOKa3aTejS

18


58.

HviDOMbJWAeN

cTaA,H,

HaCTORHX

bl

3 eHHblU UW(A MOCeT 6bImT pa3AenCH Ha HeCKOJbKO KOTOpbX 6yACT HMCTh CBOH XapaKTCrpRHCKH B IuiaHe H 6yXyIHX TeMnOB pocTa flpoAax, AOXOAOB HJIH gpyrHx Ba3KHbX

KaxcaSa

H3

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

HCTOqHHKOM HH4)OpMaxHH

cpe&a 1KqvaexV4uu SsUcTcsi Aono)[HHTeC3bHLIM O cHJIe H XH3HCCnoCo6HoCTH 4)HpM B AaHHofi OTpaCJH

no

OTHOIIIeHHIO K 4)HpMaM B ApyrHX OTpaCAqX H SIBjLCTCSI, noKa3aTeIneM pHcKa. XapaKTepHcmIKH .AaHHoIi cpeAu BKo,qaioT:

cJIeAOBaTejibHO,

(a)

CTeneHb OxeCCTOqCHHOCTM ICHOBOri

(b)

JIerKoCTb HAIH CAOXHOCTb BXOxeHHqS B oTpacim (a RHorjaabIxoAa);

(C)

CyUlCCTBOBaHHe HJI 3aMeHHTenieNi;

(d)

PFiHoqHaI cHua rioKynaTeief4;

(e)

PbIHOqHai MOuib HoCTaBIgHKOB;

(f)

fIOJIHTweCKoeH COINHabHOe OKpyxeHHe.

H HeixCHOBOIi KOHKypCHIIHH;

HexBaTKa 63mH3KHX H KoHKypCHTocIIocO6HuX

rio geHe

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,

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lOJIHTHKH no Kpe1AHTaM H pa3pa6OTaTh ripOIexjypm, roHHMaHHH, KaK HX KJIHCHTOB, TaK H HX oTpacAeH.

19

pyKTYPHpOBaHHe

OCHOBaHHNe Ha 3HaHNlH H


rjiaBa 3 HIpoixeHTbin

PHCK

I. Onpemeneiee upoIeHTHoro pKcKa

63.

Apyrie

PHCK, KaK H BCe 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 3T MOryr AeJIaTb KaK AOJKHHKH, TaK H KpeAHTOpbI, T.e. H IIOAb3OBaTeAH Kpe1HTa H AHila, ero npe.gocTaBJsioiixHe. rlpOeHTHiId

ero.

64.

pHCK MOXHO OnpOeeIHTb KaK H3MeHqHBOCTh AOXo0oB HCH ileH 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". IlpoixeHTHLim

4HHaHCOBuX aKTHBOB, KOTOpaS BI3BaHa H3MeHeHHeM

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 noiHTHKy "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 rIOCTO5IHHO

B IIpOBeAeHHH

TaKOf

roIHoHKH.

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66.

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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

aKTHBaMH

rpHBeCa

K

Co3AaHIfO

o6SI3aTCebCTBaMH B aKTHBHOM ynpaBjieHHH KOMaHA

HAI

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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

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OUTHMaJIbHOM COOTHOUICHHH PHCKa H AOXOAOB.

22

CTOpOHaMH

6aJraHca

6aHKa

npH


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, BTpCThHX, 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 BbiCOKHCeAoXoEa. BombmHe B03MO0KHOCTU O3HaqalOT 6obmlmN pHCK. aaHHOM cjiyqae pHCK CBS3aH C HenpaBHabHbH peCIeHI[CHHS rnpH roHcKe cpeAcTB - IIpOUeHTHbIM pHCKOM - H naOTcHuHaHibHo 6rec HN3KNMH IIpH6bLmMH, HaH gaxe y6brrKaMH. HeyAHBHTwrbHO, qTO TaKOe CooTHomeHHe PHCK/BO3MOKHOCTh

B

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

yIIpaBAeHHR - AOCTXCeHHe HeKOTOpOA npoieHTHofi

6aHKoBcKoro

MmapxH HuH onpeAeuieHHoro

npoieHTHoro cnp3,a. 3ToT YPOBeHb noApa3ymeBaeT onpeenJIeHHbIM YpOBeHb pEHCKa (KpeaiHTHorO H JIHKBHHOCTH): qeM BbIHe BbI6paHHbI4 ypOBeHb, TeM 6oubmIIyIO CTneCHb PHCKa 6aHKy npH,geTcI AonyCTHTh. YPOBHS

76.

Bbi6paHHbie

ixeIeBbIC

YPOBHH

nePHOAHteCKH

KOppeKTHpyIOTCSI

B

3aBHCHMOCTH OT H3MCHeHH51 riOpoiCHTHbIX CTaBOK, KOHKypetHHH H ypOBHS pHCKa, KOTOpbIU MCHe,pKMeHT CYHTaCT IpHeMjieMbIM np .HaHHOM 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 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). AcnapTaMeHTOB

78.

EajiaHCHpoBaHHe nOpT4iI aKTHBOB H naCCHBOB 11o CpoKaM - 3TO qacTas

ueAb, TaK KaK HCITpaIH3oBaTh

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ripofleHTHmIi

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T.e.

PHCK. OAHaKo, HHorAa MCHCppKMeHT npeAnoqHTaCT pHCK HeorpAceneHHoro cnp3Aa, eCCI Hec6axaHCHpoBaHHoC cooTHomeHHe CpOKOB AgaCT nOTeHUNHaJbHO IpNHBnCKaTCebHbIe B03MO%HOCTN AROXO,AOB.3aeaHe 79.~

or.

H

,

.,r.

79. 3aMe'iaHNiHoenpeAenCHHOcTb AaHHoro cnp3zma oTpaxacT, p43yMeeTc5, HecCoco6HOCTb 3KOHOMHCTOB TOqHONi 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 3aBHCHMOCTH OT pa3HOo6pa3HblX 4aKTOpOB, TaKHX KaK: (a)

13MeHeHHS

B

nOpT4eie

KpeCAHTbI/HHBeCTINHH,

aKTHBOB,

BKjElOqaI

BO

BPCMCHH

B

COOTHOmeHHe

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 n1IaBaIoNMH CTaBKaMH, cnp3Aa Ha, CTOHMOCThIO CpeACTB, H TaK aanee.

H

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 nopT4IeAs aKTHBOB.

CT-reieHH CTpeMHTbCq K 6aJiaHCHpOBaHHIO

no CpOKaM

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 npeACKa3bIBaTb npiOxlHTHLI CTaBKH. '

KaK MOxHO ToqHtee

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. BonepBbLx, 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 83.

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 YCTaHaBAHBaCTC5 He3aBHCHMIMH

KaqecTBo KaK 3aeMI)KOB O04HixHaJ1bHO pCIRTHHroBbIMH arCHcTBaMH. 9TH periTHHrH

nepHoXHIqecKH

H,

nepCCMaTPHBaIOTCSI

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 c061rHuimH 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 t pa3aH qHbIe 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

25

6aHKa.

HMn

KaK

CrpaTermio


MaKCHMH3allHH rIpoiUeHTHoM MapxcH B TeqCHHN cTaBKH. Onpe,LeAeHHe rena CMOTPH B naparpa4e (a)

Cnp3.,

C riaAeHHCM npoieHTHOri CTaBK naAaeT npoieHTHc C pOCTOM npOUCHTHb1X CTaBOK paCTCT MapxCa.

a Mapxa.

IaccHNBM C

3MmHSOiiiemCS CTaBKOri npeBUaIiiaioT aKTHBM C H3MeHAoNeRCs CTaBKOft (O'pHuaTmHbilt "r3n") (i) (ii)

87.

H3MeHCHeHI npofleHTHol

AKTHBbI C H3MmeHmOUICecs CTaBKOI4 nTIeBbIMajOT naCCHBbI C H3MmeHmOIudCiS cTaBKOff (nonoxwrTeabHbM "r3n") (i) (ii)

(b)

INHKa

74.

C ri,aACHHCM nPo1CHTHuX CTaBOK mapxca paCTOT. C pOCToM flpO1CHTHbIX CTaBOK Map)Ka naAaCT.

CTeneHb npoileHTHoro pHCKa, T.K. OH BAHACT Ha ripOUCHTHylO MapXCy H 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

MeHe;pKMeHT

BO3HHKHOBeHHS

cHTyaYiHH

c

"r3nOM" B

3.3.,

rlpHAOJoxHHH

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

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". 3axoqeT

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

yMeHbiIiolIlHi4C.q Mapxca.

HanpaBIeHHH,

nOJIOHKTeAbHbIXi

TO pe3yAbTaT

6bIJ

6bI npoTHBoIIOoXoHbIM:

pe3KO

"r3n", a TaKoxe na,zaioue C11p3A H fpOucHTHmSa

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 IrH6KoCTH B BbI 6Ope 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 KaxKorornepHo,a ,ejioBoro LiHKAa, T.e. pelHHTh, t lTO 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 IHKna npOieCHTHbX CTaBOK.

ABKCH

cTaBOK C

HaqaAOM HOBOrO

96.

Ip1HMCPBI

cTpaTerHl

Ha pa3HUX

3Tafiax

iipoLxcHTHbx

IHKJia

cJIezLy1omxe: (a)

nepBnir 3Tan: MH3Me npoueHTnme craniuH (oxHaeTcs pocT): (i)

(ii) (iii) (iv) (v) (vi)

(b)

cTaBOK

YBeIIHqHTh CpOKH 3aCMH,blx CpeCcTB, CoKpaTwm KpC,rThI C 4IHKCHpOBaHHOft CTaBKOft, CoKpaTHTnb CpOKH rIOpT4CeS HHBCCHIXHA, rIpoAaTb HHBeCTH1H (ueHHm e 6yMarI),

rIOnyH 1[ojirocCpoHmbie 3a4MhI, 3aKpbIm KpeAllTHBIe AHHHH.

BTopoAi

mun: pacnmHe npopemmmue casuB

(ox=aeTcs

AocCKxeHHe

BepuIIIHBI B 6MIHxaIKieM 6yAymeM):

(i) (ii) (iii) (iv) (v)

(C)

*Haqa.m coKpaigeHHe CpOKOB 34CMH1JX.CpVCCTB, HaqaTa yAImRIIThb CpOYII HHBeCThIxHfi, IfoArOTOBHTbCSJ

HaqaiY

K

YBCJIHqCHHR

c

KpeAHTOB

AOJI.

4HKCHpOBaHHOM CTaBKOk, rIoAroToBHTmcq K Haqaniy

yBeAH'eHM AOJ HHBeCTHJXHA B UCHHme 6yMarR, PaCCMOTpCTh B03MOXCHOCTh AOcpoqHoro rnorametHHs 3aAoaDKeHHOCH C 4HKCHpOBaHHbM npolReHToM.

TIeMi 3mu: BRICOKHle npOienmue c111ICI

(ox=aOTcS

HX CHHXCHHe B

o603pHMoM 6y~yueM):

(i) (ii)

YBemsHqHTb

(iii)

YBOMIMM CpOKH IIOpT4XI HHBeCTH1HR,

(iv)

YBoeHIwHTb

COKpaTHTh CpOK 3aeMHNX CpeACTB,

AOJIO KpeAHToB C 4HKCfpoBaHHoA cTaBKOS, pa3MCp

rOpricaLs

HHBCCTMIXH

(C

4IHKCHpOBaHHOrl

CTaBKOR),

(v) (Vi)

3anviaHHpoBaTm 6yzyuio npoAaxKy aKTHBoB, CKOHileHTpHpoBaib

BHHMaHme Ha HOBbX KpCAHTHblX

MHHHIX AL

KJHCHTOB.

(d)

IeTmepmii

3Tan: naiiaiomnHe noueHTHbie craluK

(oxHAaeTcs3 AocTHxeHHe

MZHHHMyMa B 6nxrJcai4meM 6yAyieM): (i) (ii) (iii) (iv)

HaqaTb yAmHHrm CpOJH 3aeMHbJX CpeACTB,

(v)

Bbi6opOqHo

HaqaTh COKpaLiIxHHe CPOKOB HHBeCTHIHiH, HaqaTb yBeIHqeHHC AOJIH KpeAHToB c nepeMeHHoM cTaBKOi, HaqaTb coKpau4eH}He lHBCTHIfA B IleHHme 6yMarH, npoAaBaTm

aKTHBbI

AOXOAOM),

28

('C

4HKCKpOBaHHOA

CTaBKOIR

HJH


(vi)

HaqaTb

LiaHHpOBaHHe yBeBCiqeCHHSI3OjiroCpOqHOfN 3aAo3DKeHHoCTH (c

4HKCHPOBaHHOrI

cTaBKON).

cTpaTerHl BaKHO riOMHHTh npH paCCMOTpeHNH BmIlleHpHBeCeHHNX nepBooqepeAHyIo 3azary 6aHKa B nio6oe BpeMS: yBeiHqHTB qHCTyio rpoiLeHTHyio napaMeTpOB pHCKa. riOJIHTHKOH 6aHKa MapXCY B paMKaX yCTaHOBjieHHMX aiKTHBaM H naCCHBaM - 3TO nlponeHTHme CTaBKH H CTeneHib pHCKa, ipi4cyiai Ha KOTOpbIe onpeAeniAembie BHeIIIHHMH cHJIaM, nepeMeHHbie BeJIHqHHbI, 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

97.

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 ,qCTOH ripOueHTHOH MapxoH H KOHTpOjieM 3aTpaT,

ycTaHaBJIBaCTCq He TojnbKo He cBq3aHHUIX C Bb=IaTONi KpeCHTOB H CnHCaHHS), HO TaiKCe c

npoLieHTOB,

(BK xioas pe3eps HeyniaTmI c npoIxeHTaMH nO KpeAHTaM, T.e. ,oXoAa, He CBq3aHHoro 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 onepauzHH TOprOBbIX H/HAI KOMMCpqeCKHM 6aHKaM OCYlllOCTBR3ITb HHBeCTHNHOHHbIX 6aHKOB, o6beM Aoxola O0r onepaLUHNN, He CBI3aHHbIX C npoiJeHTaMH no KpeuRHTaM, CTaHOBHTCSI ,OBOJIbHO 3HaIHTeCAbHbIM, H MOCeT CAyXCHTb 3ACMeHToM cTa6HAH3axHH ARoxo,a H pHCKa.

rionyqcHHeM

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 (pbIHKaX HHCTpyMeHTaMH, KOTOpbIC npAORaOTCJI Ha CrielH4afHbIX 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

KOHTpaKTa

C

Apyrok

CTOpOHbI.

rpeHMHyiCCTBO 4ThIOqepCHOrO

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 qacTHbIe HHCTHTYM cpoAHH 4)OHAoBMm 6HpxcaM,

3HaqHTejibHbIM aBTopHTeToM 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, CTaBKH HbIo-flpKCKaS MpOOeOTHKC TOBapHa.q 6Hpxa (HlT-B): MeTaJrm; MejrHapoiAHl AeHeKHbiN pbIHOK'qHKarCKOi TOprOBOfi 6Hpxm (MT): eBpoAoZuiapmi H HHBaAiOTbI; JIOHAOHCKaSI

MexAyHapOAHas npoileHTHim (a)

6Hpxca

(DHHaHCOBbIX

e 4boIqepcbl. XapaKTepHCTNKN

4ThIoqepCOB

(JIMBDIXD):

BamoTa

H

TOprOBJi 4mboIicpcaMH BKmIoqaIOT:

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 6HpxcI.

(c)

Amu aKTHBHO npoAaBaemiwx IIpoAyKToB cymecTByeT AOcTaTO`qHO o6ScMHbLi BTOpH'IHbI pbIHOK, nO3BOAIOINA npoAaTb KOHTpaKTI AO AaTbi nOCTaBKH

BCeX

KOHTpaKTOB

rapaHTHpoBaHO

KJIHpHHrOBOA

naJaToAi

(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 .lfenO3HThIB 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

rIoCAieiHMfi zeHb rpOipoaKH - 3T0 3a ABa KaK CpeACTBO XeAXKHpOBaHHS. OnepaIIHOHHb1X H B JIoHAOHe nepeA Tpemefk cpegofli mecsa noCTaBKH. KaCCOBbIi pacqeT OCHOBaH Ha cpeAHefi TpeXMeCCqHbIX KOTHpOBOK JI14BOP rIpOH3BOJIbHO 20 KpynHHIeIHMx 6aHKoB JIoHIoHCKoro BbI6paHHbNX 12 6aHKOB H3 'Hcna eBpo,AonuapoBoro pbIHKa B rIOCACZHHHi AeHb rlpORacKH. CTaBKH 6epyrcs ,Baxgi: ToprOBJIH 4TbIOqepCaMH H B npOH3BOJbHO BbI6paHHwIH MOMeHT IIpH 3aKpbITH BpeMeHH H3 iocAeCHHX 90 MHHyr ToproBJnH. flpHMep 4bioqepcKoro eBpo,onuapoBoro KoHTpaKTa. IIpe,nonoJHM, B 1991 108. ro,ay [IepBbIrl KoMMepqecamIi BaHK (HIKB) no,iynuH oT KoImMHeHTaJbHoro 6aHKa, KpeCHT B eBpo,ojnapax C niaBaIooivefi cTaBKoi4 Ha 1 'lHKaro (KB), TpexieTHHiH cTrBKH JIHBOP. 90-n1HeBHoI MJIH. fAo.JapoB, no CTaBKC Ha 1 npOIueHT BbmeI C.nexyiomas AaTa nepecmoTpa cTaBKH - 16 ceHTrs6psi 1992 ro,ga, KoTopaS OKa3aJIacb TaKoKe AaToMi nocTaBKH B ceHTs6pe 1992 rosa 4bioqepCHoro KoHTpaicra B eBpozRojnapax. Ha COBeCiaHHH BO BTOpHHK, 23 HIOHS 1992 roAa naCCHBaM r1KB o6cyxAan nepcneKTHBbI ipOleHTHbIX peiiiHl, ro no BcefI Bepo5rTHoCTH, 90-iHeBHrIe CTaBKH no c ceroaflHlLIHero ,HA ,o Aamx noCeraBKH B ceHTs6pe c 109.

rO,aOBb]X ,go

KOMHTCT no aKTHBaM H CTaBOK H eAHHoriacHo eBpooLonTapaM Bo3pacTmT TeKywero YPOBHS B 4%

4.75% roAOBuIX. BaHK pemaeT 3aCrpaxoBaTm ce6s oTr pHCKa pocTa H

COTPYAHHKY npHKa3bMBaCT KOHTpaKT. TbhIOqepCHbIft

KaCCOBOrO

AenaprameHTa

npoAaTm

HCo6XOAHMbIfi

24 HIOHA 1992 rosa, MeHCKep CBC3bIBaeTcT

C 90-AiHeBHbIk KOHTpaKT Ha 6poKepoM B 'IHKarO H y3HaeT, qTO eBpoAonIiapoBbI ACHe2HOM PMHKe C HHIeKCHOU! Ha MeayfHapoAHoM ceHT5I6pb KOTHpyeTCS CTOHMOCTbIO 96.00 (oTpaxaioiieiR oxHgaHMe pbIHKOM 4% CTaBKH no 90-.UHeBHbIM oxiAaeT poCT CTaBKH Ha 75 KOHTpaKTaM C nocTaBKOH B ceHTr6pe). T.K.

110.

Ha

cieiyIowHfH

AeHb,

rIKB

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)

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, OTrqero 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

BwiuAaTa npOIUCHTOB

AocTaTo'Ha AJ1n

nIonHoro

XCe,POBaHM

B03MOXHOCTH

nyHKTOB IIpOUCHTOA CTaBKH.

pOCra

Ha

75

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 KOTOpyO oxHAancS poCT npoJieHTHoro of6l3aT3imcTBa. KopoYe roBopi,

peIiueHHio O 34OeKTHBHy)O

x64XcHpOBapHH4 npOxeHTHbX cTaBOK, CTaBKy, .B 4% Ha ceAymox

BpoojapOro KpHTa.

.

.

.

.

..

6aHxc cMor TpCxMecsRqHm

CyMMa, Ha 6iaroAzaps

noAyq'JT nepHoA.

.

112. Ecin 6b nporHo3 r1KB oKa3aaCS1 HCBCpHLIM N DpoueHTHLIe CTaBKH ynaH, a He nOAHSIHCb, TO 6aHR norepsui 6bI AeHbrH Ha cKeCAK C 41o'wepcaMi, oHAaKo BbIHrpaA 6bI c TOIKH 3PCHHS

113.

npioUeHTOB.

Ha6mIoneimu:

(a)

XeplcxpoBaHle AzaeT 3auTry OT 6y1;y4IaX IIpH6WIZei HecMoTp.q Ha TO, 6Im nH npOrHo3 npaBHJhHbIM, NnN HeT.

(b)

IIKB Mor noBTopPSTb oiepaixHH c 4TbioepcaMH 4)u Kaxoft 'acTH onepailHi no Kp4cMTy, T.K. UICHI KOTHpyIOTCS AU KOHTpaKTOB BnopeA AO

HM

y6bmTKOB,

.zeKa6pR 1995 H Aa3cCe. (c)

ByAyume o6sI3aTcjncTBa no npoixeHTam MOKHO xepAPcHpoBaT TaK Xce, KaK H Tpe6oBaHHsI H ocHoBHbIe CyMMbi noramesHHA Aom1.

(d)

cI(D1oepcHwLe KoHTpaKTh H0o6XOAHmo nepenpoAaTm Ao AaThI nocTaBKH, T.K. B npOTHBHOM cny'ae cTopoHa, no0;nHcaBiua51 KoHTpaKT, AojncrHa 6yjAeT OCYIICeCTBHTh HAH npHHSHT

(e)

nOCTaBKY KOHTpaKTra IeIHKOM.

rapaHTH Hbxe runaTrexc 3a 4TbioqepCHbIe KOHTpa8KT ACACTByIOT B TeCeHHe oriepaIHomHHux AHC IInOCnC 3aKmIo'eHHS KoHmpaKra, OHH COCTraBJIOT 5-10% OT pa3mepa KoHTPaKTa.

npHmepHo nATH (f)

PacxoAw no cpA,eKe H ApyrHe cHHxaioT peamHbiri AoXop OT c,AeRH C 4,bIo'qepcaMH. OHH BKnjOIqaiOT Heo6xoAHMoCTh noAkepxcaHH5 cqTra y 6poKepa, H3 KOTOPOrO BnnAJHqHBaeTcS 6poKepCKOe BO3HarpaxcAeHHC H KOMHCCHSI, BKJLOqaq BO3MOxKHUCe

AOnOAHHTeCbHbIe

32

rapaHTHHHbIe nmaTemKH,


4bIoqepCoB ABHxDyrcR OT KOHKpeTHOiN UCHbI (KOHpaKTbI cpaBHHBaioTcSI C PBIHKOM" B KOHue KaNiAOrO oriepagIHOHHoro AHs).

eCJH

(g)

LIeHbI

He6oibiuoiR npoueHT BbTaUqHBaeTCI no c'eTy y 6poKepa.

114. )DHHaHCOBbie 4TIoqepcbi H apyrHe TaK Ha3bIBaeMbIe rIpOH3BOIHbIe HHcTpyMeHTbI" (ripogyKTmi, BO3HHKaIoiNHe H3 iexcauWHx B HX OCHOBe 4)HHaHCOBbIX aKTHBOB H IIaCCHBOB) HMCIOT CAOKHbINi xapaicrep H Tpe6yIoT 6ombmoro BpeMCHH H yCHAHiN An IIoHHMaHHS. OiHaKo, 6mCTrpo pacryiuas BaxCHOCTh 3Toro HHCTpyMeHTa Tpe6yeTr, wTro6

pYKOBOLCTBO 6aHKa H AxenapTaMeHT 4HHaHCOB 6bLm AOCTaTOwHO 3HaKOMM C HHMHNAIHcInO3OBaHHS B yrpaBJIeHHH aKTHBaMH H IIaCCHBaMH.

V. 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 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 H3

6a3HpyIONUC5Eic

116.

Ha

CTaBKC JI4BOP) OT Apyrofl

CTOpOHbI.

Ha3HaqeHHeM nponLeHTHoro cBoTia sIBjnscTcA yAyqILeHHe yripaBBeHHA pHCKOM CTaBKH H/HAH CHHxCeHHqs o6uEx 3aTpaT no 3aiNMy.

npouieHTHo1 117.

THnHnqHme xapaKTePHCTKHrnpoileHTHoro 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

(c)

rIpHMeHeHHe: CBorbi Moryr 6bIm npHmeHeHbI

KaKx

ACT.

yXce CyLIeCTByiOLNM,

TaK H K HOBbI KpeCAHTaM.

(d)

KaqecTBo KpezMTa:

AiiA Toro, xTo6BI BaAioTHUI

CBon ITaI

I

BO3MoxeH,

Heo6xoAHMo HaHmHC 3HaHTeCAbHoiri pa3HHUbI B KaqccTBe Kpe.ANTa MecJy y,qCTByIOiiHMH CTOpOHaMH, wTO oTpaxcaeTCs B pa3HHLie 3aeMHoft npoueHTHoi4 CTaBKH B 0.75% H 6oJnee. (e)

118.

fljIaBaIoiiiasq/HiKcHpoBaHHasq CTaBKa: B CBone CTOpOHa, ylnnaqHBaiomasq npoLucHT no nriaBaxoIueN cTaBKC o6bixiHo 5IBJIsieTcS CTOpOHOMI c 6onee BbICOKHM pemTHHroM; OHa norivaeT dHKCH1OBaHHbi4 npouIIeHTHmi4 niaT6xc or cTopoHBm c MeHbIIHM KpoAHTHM peNTNHHOM.

[IpHMep

npoxeHTHoro CBoria 6aHK (MB) npeAviaraeT

HPHBeA6H

B IIpHAOXCHHH CBorl KopnopaLHH AiB

3.6.

Aim Toro, qTo6bi: (a) npeAocraBi4m AB 6onee AeIeBbIe cpeAcTBa Ha 7 .ier, qeM MexAyHapoAHbuii

ripolteHTHbIf4

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. (a)

Pe3ynbTarI:

JAS:

(i)

--

KopnopaIHAs C3KOHOMHUa 75 6a3oBwb'IXyHKTOB Ha 4mKcHpoBaHHoM KoHie cBona (eA nIpIHmoct 6bI imaTHTb no Kpah[eRi Mepe9 .25%9 3a

cpecATBa Ha CeMb AeT, KpeAHTHbMi peimHr).

nIPHHHMa5

BO

BHHMaHHe

ee

HH3KHf

(ii)

AS 3apa6ora.na 25 6a3oBuIx InyHKTOB Ha pa3HHfie MexAy CTaBKOAi no KoMMep1qecKHM 6ymaraM, KOTOPY1o Heo6xOAHMo 3aruiaTHT (3.25%) H cTaBKOM JIH6op, KOTopyIo oHa noyyqaeT OT MB (3.5%).

(iii)

PacXoA,I Ha BO3HarpaxeHHe (1.0%) pacxoAoB- no Bbnmycy BbIHYCKY

o6urHralwHt Ha 7 neT. (b)

AmS ME: (i)

Cpa3y BO3HarpaxmeHe B pa3Mepe

(ii)

Bo3MoxHoe c6epexceiHe Ha CTOpOHC JIu6op cienmK (6aHKy Bo3Mo0KHO npmulocb 6bI 3anjraTwm JIHIBOP rInoc 1/8% ecnm 6b OMy uHIHAOC]b 3aHHMaTL Ha pbIHKe JI1HOP caMoMy).

500 000$.

120. KoMMeHTapHH: (a)

rIoqeMy MB roToB 3anJiaTHTb cTaBKy JIHBOP, ecuI

OH CaM MOxeCT 3aHSTb

Ha 6o0ee AeIueBOM pwHxe KOMMepqeCKHX 6yMar? 06icHeHHe: Y HerO HCT

HeOrPaHH{eHHOrO

AOCTyna Ha 3TOT pbIHOK H, KpOMe Toro, 6aHR 3aUHTepeCOBaH B TOM, wTO6bI nPO4HHaHCHPOBaTh no KpatiHctk Mepe Yacm CBOHX KPCZZHTOB, ITPHBS13aHHbIX K JIH4BOP, 'epe3 cpeAcTBa, 3aHHT1ie no 3TOU cTaBKe.

34


(b)

3TOM ripHMepe 4)aKTHlecKHe cymmi 6m noAyecHb AB H MB B KaqecTBe KpeaHTOB; TeM He MeHee, OqeHb qacTo yCTpaHBIOTCA CBOnbl AlmS yxce cvylecTTByIouiHx cTaTeR 6anaHca. B TaKOM cmy ae peq HA&r o HCTHHHO

B

HOMHHaJbHMIX cyMMax.

(c)

KaKOI4 PHCK 3aKJioqaeTCs B CBOiie? KOHeqHO xe, pHCK ilOTCHixHaAbHorO HerAaTexKa. B TaKOM cAyqae, o6SI3aTejTbCTBO CTOpOHI He OTKa3bIBaioiAeCfs4 OT nAaTexKa nepecTaer cyiLeCTBoBaTh. JIo6oift pHCK 4)HHaHCHPOBaHHS, CBs3aHHbig Co CBonaMH, o6mxHo MoxCeT 6EilB HcflTpaAK3OBaH nocpeAcTBoM xeCIhpoBaHHA.

35


rJiiaBa 4 BauoTHbi

pHCK

I. OnpeReaieHHe BaiOTHOrO PUCKa 121.

pHCK

BanomTHbIi

CBR3aH C HeonpeaeneHHocmo 6yAyiuero ABHXCeHHS T.e. lCeHLI HaLXHOHaJT1HOfi BaiiomTi nio OTHOiiieHHIO K HHOCTPaHHIM. OH OKa3MBaCT BJIHsiHHe Ha 3aeMIUHKOB, KpeOATOpOB, HHBeCTOPOB H npoi[eHTHux

CTaBoK,

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 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 CAejiKH B 6yAylueM, KoTopaq AeHOMHHHPOBaHa B HHBaiioTe.

124. (a)

H/RnR

BaJioTe

3KonoMuuec,Ku DUCK £IAsi bDpMbl. COBpeMeHHIik rlO=XOA K 43HHaHCaM KOpriOpalRHfl H3MCpeCT CTOHMOCTb 4HpMI, HRH ee aKTHBOB, KaK COBpeMeHHYIO CTOHMOCTb IuaTexceM. B TOIR Mepe, B KaKORi BCe HuH 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 oxHAaeMoro 6yAyLuero

noToKa

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AoArOBbIe o6sI3aTenbcTBa - r[pHHOCSIT AOXOA B HHBaAIOTe.

(b)

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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.

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3aTparHBaeT

4)HpMbI, TaK H AiJI 6aHKa, pHCK nepeBoAa 6aJiaHC, H3MCHAIq CTOHMOCTh aKTHBOB H IIaCCHBOB. EciR npOHCXOAHT As

37


IIaACHHC

KypCa

CTOHMOCTh

HHBaJOThI, B KOTOpOA BMipaxeHbI 9TH aKTHBBI, TO naAacT aKTHBOB; BejHqHHa aKTHBOB yMeHbMIiaeTCA H, HCXO.1 H3 paBeHCTBa

aKTHBOB H naCcHBOB, riaAaeT pa3Mep aKUHOHePHOrO KarIHTaAa 4)HpMbi/6aHKa.

126.

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co6oi

Him 6aHKamO.

127.

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CTOHMOCTH

4HPMbI

H,

B npH6bLIIbHocTH HPMpM o3HaqaloT H3MCHCHeH B 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

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C

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a HHorAa

-

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H3BjieeCHHS1

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 AOCraTOTHO

B

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npHBJIKaTeiibHbIi

129.

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AoXoAHbie

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naOTOK niaTexefu B OAHHOt

Moryr

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unu 60nee

BjOJoHTbh

rlpHHeCyT

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B

OHIaeMbLit

HHBamoTe.

pHCK

HMeeT MHoro o6iiero c IInpOUHTHBIM pHCKOM. 06a 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 Ba3ioTHbifi

BKiIIoTalOT 3neMeHTbI

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. HCfnOlb3yIOT

nOCpCIIHHKOB,

B

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lIpH COBepiiieHHH

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cZenjoK OHH

KoMMepCqecKHe

6aHKU, KoTopbie, B CBOIO oTepeCAb, Hcriomb3y!OT B KaeCTBCe nOCpeAHHKOB 6PoKepoB. 1H3-3a

nIOCTOSHHOI!

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AOCTyIIHOCTH

coBpeMCHHLX

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Ba10THbIig pbIHOK cTaArno-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

cgeJ[Kax,

T.K.

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c

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PHCKOM,

T.e.

Ha

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npouecce

XeLKHpOBaHH5I.

Xeackupoeamue Ba3OTHOrO pHCKa BKjOmqCT Co31aHHe KOMneHCHpyioIeiD BaJIioTHoH rio3HUIHH; apyrHMm CMoBaMH, KoMneHcaAlXHIO OAHOrO BaJIOTHOrO pHCKa npH6bMu HUH y6brTKoB- ApyrHM, cooTBeTcTBylOIlHM pHCKOM.

132.

xeptcpoBaHHs: XeCsKHpoBaHHC Ha 4)OpBapAHOM H AeHCeHOM pbIHKe. KaK npHMep, BO3bMeM npoAaXy 3a 25 MJIH. HeMCelKHx MapOK 6oubuori

133.

rIpHMep

E4BM H3 CIIIA AO "MaLUHHeH4ra6pHK HIopH6epr" KOMnbIOTePHOUi CHCTeMb (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 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

nIHiUb yBepeHa, -rro nOJyqHT 14 850 000 BaJIfOTHbI}i pHCK.

(b)

H ouapy paBHI pexnOnOjioxM, rOAOBbie npoixeHTHne CTaBKH no MapKeH 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

noramieeHHuHnpo1ueHToB. HBM nouyqHT 25 MaTH. mapoKROT 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. floqemy HE4M nonxKHa coBepinaT xeWKnpoBaHHe Ha CeHexcHoM pLIiKe, eCJIH 134. 3TO, eCCiH pC3yJIbTaTbI paBHbI 4)OpBapnHOMy xexHpOBaHHIO? OHa cnenac eCTb BO3MOXKHOCTB npoieiHTHoro aD6HTpaaxa: BO3MOXHOCTb OT OAHOBpeMeHHON KyIAH-nponaxKH HHBaAIOT. HanpiMep: nOnyCTHM, KYpCbI CIOT H 4)opBapA Te xe, WTO B nyHKTe 133, HO nppOueHTHaR cTaBKa nOtlyBCTByeT, 'To nOlylqNTb AOXOn

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 napHTeT I 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 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 aBHxceHHe

40


OTHOCHTeCjbHO He6ojIBmoM IHcjie CTpaH. H 1103TOMY xe HaH6oJiee nlorlyjISpHasI 3To oco6eHHO 3aMeTHO B He BcerAa AOCTyflHa. TeXHHKa XCeZKHPOBaHHI orpaHHMeHa HJH KOHBepTHpyCMOCTh KOTOPbIX B pa3BHBaIOLt=HXCSi cipaHax, 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 140.

cBon

/

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 B COOTBCTCTBY0IIXHX HO BbipaXCHHmbi OIHHaKOBbIMMH CPOKaMH nOrameCHHs, BajiJOTaX, MCCTHOMY 3a6MuwIKy yKa3aHHOMY HHOCTpaHHOHi CTOpOHOU. BaiomTHuIi ipocrTO corJiaIueHHe, cornacHo KOTOpOMY ABe KOMnIaHHH o6sI3yioTcsI CBOrl 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 npO1eHTOB. Kpe,HTOB, CBOrITI HC BKjIOYaioT flaTx( BaJnoTHbIe H npoIjeHTHbie CBOnHI qacTo cOBMeiaIoTcSq. IIPHMeO TaKoro 141. CBona npHlBeA6H B IpIHrOXeHIH 4.2, B KOTOpOM lpaHWy3cKHif BaHK - BaHK 4DpaHuy3cKHM MexKAY KaqeCTBe nocpeHHuKa BbiCTynaeT B HHAOCiIy3nnpOH3BOAHTeCAeM caMoji&ToB H rioKynaTeCJeM oAHoro H3 caMoj1CTOB - aMepHKaHCKoA T0o6LI AaTm Ha3HaqeHHeC 3Toro CBona 3aKn£oqaeTcTC B TOM, aBHaKoMiUaHHefi. ojiroCpOwHbMr KpeAHT iToKynaTeCJio rpOH3BOAHTeAlO B03MO2HOCTh npeAOCTaBHTm 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

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. 4)OpMe, - 3TO pa3MCUiCHHe ipHeCMACMb1X EaHKOBCKHif 6H3Hec, B npocTeeiiuel aOAjKeH B03AePXCHBaTbhCS

KpeaHTOB H HHBeCTHm[xt CB5I3aHHbIri C 3THM pHCK.

143.

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H

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OH

HC

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pa3pa6oTamb 4opMaubHypo noj[THKy no "OBepHafiT" H ApyrHM JIA zuHHra, a TaKXce no

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OTHOIleCHHIO K JIHMHTaM TOprOBJIH

OTHOliieHHIO K OCHOBHbIM KIHerHTaM, KOTOpbIC CeCxeHeBHO HCnOAb3y£OT 6aHK B HMCTe AOAjCeH BaHK OnepalXHAX. H HHBeCTHlHOHHUX TOprOBbIX CBOHX

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 4)HpM,

He6aHKOBCKHX

IlpSIMO

HHBeCTHIlHSlX. HanpHMep, AaHHOIR CTpaHLi, KOTOpIeC

OJIJCeH

rlpH

oi.eHKe

KOCBCHHO

HAH

6aHK,

BO

3aHSRTX

KOTOpOrO

KJmeHTaMH

TOprOBMe

H

KOpo£paIHH

lacm npOAYKIHH, ITpHHsrrh BO BHHMaHHe

6o0Bubylo

aKTHBHO 3KCHOpTHpyioT

KRiiHHTOB

KpeAUTOCnOCo6HOCTH

BHemHeik

SABAS£IOTCSI

CTpaHOBOIf PHCK 3THX 4HpM.

147. AnaAlu3 cmpaDoeozo puCKa InpHHHMaCT BO BHHMaHHe KOJHqeCTBeHHblC H Ka£ecmTBeHHmme 4aKTopu, riioc pa3iwiHbie coCTaBiSioiuHe CTpaHoBorO pHCKa, HanIpHMep,

flOJIHTHqeCKHH4

HMeOIoHeC

xopouIo

pa3yMHbMM

o6teMoM

pHCK,

3KOHOMHteCKHIH

pHCK, pHCK nepeBoAa.

BaHKH,

pa3BHTYOrnporpammy aHaAH3a KperlHToCrnoCo6HOaTH H C CTpaHOBOrO pHCKa - Ha CBO'H CO6CTBCHHbfi CqCT HJIH

CHCTrMy CHCTCMy KOCBeHHO, 3a CqeT KJIHeHTa - qacTo pa3pa6aThIBaJiH CJIOXKHUY CKi OT CHCTeMbI KpAHlTHoro pHCKa, KpCXAHTHOro pefiTHHra, He OT3iHqa£0IoLu 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 6aHKa,

nlpHCBaHBaioTCSI

OCHOBbIBaSCb

(COTpyAHHKOB

Toro,

B OCHOBHOM,

HCIIOJb3OBaTh

Kpe,liHTa. PeiTHIHrH

6aHKIH

CIIIA

MexdnpaBHTeibcTBeHHbIM

npeAcTaBHTeAeie

HCKJIIOqWITJIBHO,

RS1OLxCHKm

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6aHKa

CAyxc6b

HflH 3KOHOMHCTOB-MexgyHapOAHHKOB).

KpoMe

MOryT

HcInoThb3oBaTh

Ha

KpCUHTHOH

HO He

KOMHTCTOM nio CTpaHOBMm OrpaHHqeHHSIM

PeKOMeHZaUHSX

110

KOMHTOTOM

cDegepaAbHok

KopnopaUHH

noIroToBJIeHHbIe

pC£THHrH,

CpaHOBOMY

nio

PHCKY,

COCTOS£M

cTpaxOBaHHIO

H3

AeCiO3HTOB,

(DPe,epa.ibHoA Pe3epBHOR CHcTembi H KoHTponepa AeHexHoro o6paweHHsq, Bcex yqpex4eHHfi, oTBeqaio=X 3a H nOjylpaBHTeCbCTBeHHuIX ripaBHTeCJbCTBCHHUX HaA30p H peryJIHPOBaHHe 6aHKoBcKofi CHlCTMbI. H3MepSlIOT xKeIaHHe H rIOIHTHXqeCKyiO 149. PeimuHzu noAumu'IecKozo puc1 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

3KOHOMHMeCKOe

wcOpOMU'IeCKOzO pa3BHTHe

CTpaHbI

pUCK H

cc

H3MepSioT nOTrCHIIHaJI

AOJIrOCpOqHOe KaK

Cpe,CTBO

o6uiee OfLeHKH

Aoonra. OixeHKa B eBHeiuHero cnoco6HOCTH cTpaHbI o6cuyXHBaTb AaHHbIi4 YpOBHb 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). /

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 . 151.

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 AIBS BO3o6HOBACHH.S o6cnyXcHBaHNs iAonra, ripHMeHSIS iporpaMMbI 3KOHOMHNeCKOM a,ar1TaUHH.

(b)

CTpaHa noraiuaeT o6si3aTemcTBa, HO npH6JIHKaeTcS Tpe6oBaHHA.

(c)

CTpaHa

3Taf

HeBIOAIHCHHRS

"KnaCCH4HU1HpoBaHa" paHeC, HO nocAeAoBaBimaS ripaiKTHKa Aoinra noKa3aAa, YiTO 3Ta "KiaCCH4HKaUHJl" He nqoATBepxAaeTcA. o6cnyXHBaHHNs

155. (a)

Kjaccu&ugupoealmbe cmpani nonaAaioT B TpH KaTerOpHH: HeCTamIaT=bie, o6CAy2KHBaHHIO

KorAa

cTpaHa HC BbmomHSieT o6si3aTeEcTBa no He npIHHHMaT npOrpaMMhl 3KOHoMH'eccKOfi HAMI He cCeAyeT yxIe CyIgeCTByiOWIe4i nporpaMMe, H

Aonira,

a,AanTauIHH MBWD

44


KpeIHTopbI-6aHKH He o6cyxnaJnu BOITpOC o nepecmoTpe CPOKOB H BPSA nm c.enialOT 3TO B 6.nHxai4meM 6yXyiileM.

(b)

CTOHMOCTb. YMeHbiuailoile HaKa=BsaeCT 3a,onxxeHHOCTM,

3aAepKajia cTpaHa Korxa xTO nOKa3aHo 6onee qem

Bmn3iaTbI, H3

OAHHM

cjCe)yIIHHX HlyHKTOB:

(i)

CTpaHa He nOJIHOCThIO BmnjiTHiua npoxLIeHT

(ii)

He

BMoITHeHHmrnporpaMMbl

3a

6 MecsqueB.

MBcID H He oHaeTcsq HX BbnojiHeHHe B

6JnxcaulineM 6yAymeM.

(iii)

He BMOnJIHeHb

nepecMoTpeHHbe

CpOKH n31aTexKei

3a 6onee 'eM

ORHH ro,.

(iv)

(c)

BO3o6HoBjieHHSI HeT riepcrieKTBb 6ntxcaiiumeM 6yAyiueM.

o6cJHyXHBaHHq

aonra

B

H CTOHMOCTb ero 6e3Bo3BpaTHIM KorjRa AoAr CqHTiCTCSa HoTgepi. HeoOpaBAaHHo 6aHKa aKTHBaX B ero oTpa)KcHH wTO HacTojibKo MaJIa; noraiimeHqs OT oTKa3e o6 ripSMoe 3asmneHe crpaHa (HanpHMep, o6sI3aTeJmcTB 6aHKaM, MBI Hu, npyim KpeAHTopaM).

PekrTHHr AaHHOik cTpaHI ycTaHaBIHBaeT yCJOBHq KpeAHToBaHHs, BKjiioqaI MaKCHMaAbHbTif o6 beM ("CpaHOBOfi JIHMHT"), cy6iHnrmTm no CPOKaM AefiCTBHqs H

156.

no THnaM 3aeMUIHKOB ("cyBepeHHIbi pHCK" npH KpC,HTOBaHHH ripaBTJeBcTBeHHbNX B qaCTHOM pHCK" IIpH KpeXHTOBaHHH KOMriaHHU yqpexgeHHIi H "KoMMepqecKHi

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. Heo6xoArMo npH3HaTh, 'qTO CHCTCMa peCiTHHrOB cTpaHoBoro pICKa - 3TO B npHHItHnaM, no cocTaBneHHa. 6aHKa, OTJejibHOrO npOARyKT OCHOBHOM pa3pa6oTaHHbIM H oxo6peHHmM MeHemKMeHTOM 6aHKa. 9To HC COBepifeHHaSI,

157.

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


rnaBa 6 TUhbI H CPOKH KpeAUTOB

158.

HHor,aa

BaHKOBCKHe CHCTeMbI B pa3IHiHbIX cTpaHax HMeIOT pa3HblE BHAb KpeAHTOB, C YHHKaJHbIMMH CpOKaMH H yCJIOBH5IMH. HanpHmep, eBponeftcKHe 6aHKH

6o0mmyio qacm KpaTKOCpOqHbx KpeAHTOB B 42OpMe H3HtICecKHx JTHLI A KoMnaHHIi. 3 To npOCTaJ H 344eKTHBHaq oBepApa4yra 1)I eCHHOrO CqeTa, Ha KOTOpOM B pe3yJbTaTe noMeileHHS1 CHeCTeMa HcrojTh30BoaHH 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.

npeAOCTraBHH

159.

B03MOXHo

"Kop3HHa

HeH3MeHHOfI

BHAOB

pa3AHHbIX

npo2yKToB"

B TeCeHHe nepHoAa BpeMeHH,

KPCLHTOB

HO pa3BHBacTcsI TaK

He

xce,

cqHTacTcS

KaK H XHBOH

K H3MeHeHH5M B KpeAHTHL]X nOTpe6HOCTRX, yCAOBHSIX, H B 06i1[CM 4JHHaHCOBOM oKpy2ceHHe. H3MeHeHHc CTpyKTypO]i ARHHaMHqeCKOU 6bIm BbI3BaHO MoxCeT Kpe,HTOB npe2jioJKeHCHH KOHKypeHIUHH BbI3BaHHOf4 KaK BHyIpeHHHMH TaK H BHCemHHMi HrCTOqHHKaMH. (C 3THM CBS3aHO nocTeneHHoe COBepUIleHCTBOBaHHe 4HHaHCOBbIX PbIHKOB BO MHorHx opraHH3M: OHa npHcnoca6AHBaeTCs 3KOHOMHUMCKHX

cTpaHax, oco6eHHo B pa3BHBaIoiLtHxcq).

160.

KoMMepqecxue

KpCAHTopaMH.

IpHqHHORi

4OPMHpOBaHHH ipeAcTasBJSIOT cTeneHbIo

6aHKu

npNpoHoe CBoeC IBAHCTCS TO, 3TOrO no

3mBAHIOTCmI 'iTO

OHH

KpaTKocpoqHbIMH orpaHH'eHbI

KOp3HHbI npO,YKTOB HCTO'HHKaMH 4)HHaHcHpoBaHHS C AeHO3HThI KpaTKOCpOqHbIe 3Ha'HTeImHbIe co60o

AHKBHAHOCTH

H,

CneAOBaTeIbHO,

C

HeOnPIeIACR

HHOfi

B

KOTOPEIC BbICOKOUi

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 nH60 pacumpsui Iaace HcroIb3ySi apeHy - npeoxoneBaTm 3TH orpaHHqeHHS HCTOYHHKH

cUHHaHCHpOBaHHS,

npHAaBas

n1H60

AOrrOCpO'qHBIM

Kpe.AHTaM

XapaKTcpHCTHKH KpaTKOCpOqHLIX.

I. Onpe;xeneHHe CTpyKTypbi KpeCuMB 161.

OnpeXenieHHe CTpyKTypEa KpeAHTa

KOHCYAbTHPYSICb

C

K3THeHTOM,

-

peiIiaeT,

3TO npoIXecc, KorAa COTpyAHHK 6aHKa, 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

3T0

3aAaqa

MHorHx KYPYUHbx 6aHKax onpeAcaemHe CTpyKT-pbI Kpe,HTHbx ycAyr 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 o6civHBaHHs aon-a. KaK rlpaBHAo, CpOK KpenHTa orpaHHsHBaeTcs oxKAaCMbIM CpOKOM rnpoeicra (HAH BpeMeHeM, Ha KOTOpOC 3aeMUU{K Hy=aeTCq B KpeAHTe) H oxcHgaeMoi cnoco6HoCThIo KIHeHTa o6cAyXCHBaTb Aonir, YTO OTpaxcaeTCq B rIpeAnonIaraembEX nCOTOKaX [iaTenxef. H rlpa!HK

164.

rlpexAe qeM npeAocTaBniTr

KOHKpeTHbrI

KpeAHT - H Aaxce nepe, TeM, KaK

npCAcTaBniTb KpeAHT KpeANTHoMy KOMNTeTy ,AM oKoHTaaTCebHoro ogo6peHHq

-

COTPYAHHK 4ojIJeH y6eAHTbCS, tTO THn H coAcpxaHHe KpeAHTa cornacywoTcs C IIOpTIefbHOR. cTpaTerefi 6aHKa (HanpHMep, C 3aaqamH zAHBepCHHxKaIHH).. OH AonDKeH TaKXe npOKOHCYJbTHpOBaTbCJI C 4HHaHCOBbIM AeCapTaMeHToM, qTO6bI IIpoaHanN3HpoBaTh riapamerpmI 4HHaHCHpOBaHdHHH iNkHeI KpeAHTa. 165. KpeAmTHbe ycryrM MOxKHO no-pa3HOMy KnaCCH4)HIXHpoBaTb. rIpHMepbI, flpHBeAeHHMC B IIpHNoxceHHH 6.1 moryr 6blm pa36HThI Ha cnewmoxue ABe rpynnlu: KpeAH, Ha 4)HHaHCHpOBaHHC TeKyii0X aKTHBOB H KpC,HThI Ha 4,HHaHCHpOBaHHe OCHOBHbIX 4)OHAOB (ojirocpoqrHbIe aKTHBbI):

166. (a)

Kledumoangue me_ywuEx aKmueo Ce3oHHbIe KpeflHThI, HanpHMep, KpaTKOCpOKHbIe KpeAHTm 4DepMaM noA ceMeHa, yAo6peHHq, neCTUHAM H T.H ; KpeAWmI TypHCTqeCKOMy CecKTopy

cnopr). Kpe,Hm B OCHOBHOM ipaTKocpoqHbe C O,HHM IuIaTe)KoM Co CneLHaAbHbIM CpOKOM 30-180 AHeR). BuBaeT Taxxe ce3oHHaq KPCAHTHaS nNIHHHN C nepoAHoM mcnojT3oBaHHS cpeAcTB Ao 180 AHeR HAH (IeTHHk,

3HMHHNN

npOCTOtl

oBepApa4yr C aAeKBaTHbIM KonoWmCTBeHHbIM Ce3OHHOCTb AaHHoro KpeAHTa, 3aCM=NK

nOKa3aTh

BO3AepX(HBaTbCs

OT CC3OHHOrO KPCMHTM

JHMHTOM.

tITO6bI

o6bqHO

AOjDKCH B TeseHHe OnPeeCnCeHHOrO nepHOAa

BpeMeHH, HanpHMep, 30 AHeN, no KpaNkHCR Mepe, pa3 B roA.

(b)

1HHoriaa

noTpe6Hoc`m B KpeAHTe H3MeHMoTCS B TcCeHHH ro,a B 3aBHCHMOCTH OT ,n3IHTeIbHOCTH nIpoicra (HanpHMep, KpeAHTLI noA CTpOHTeJIbCTBo). 9To MoxeCT 4bHHaHCHpOBaTbCS peBoj[bBepHOfi Kpe)NHTHOM JIHHHeR, c rnepeoAHqcKHMH nJIaTeKaMI, HO KpeAHT He norainacTcs, noKa

iTpoeKT He 3aBeplueH. 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 roAia, Tro oTpaxKaeT oxHaHH3S 0 nepHo,e HCrIOJTh3OBaHHS aKTHBoB. (a)

Ha CpOK 6onee

CpOqHbieICpeZiHTbi - 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 o6EaqHO BKJIIOqaioT nepHoA,tqecKHe rAaTe)KH, T.A.). YCJIOBHAS noraIICeHH

CBI3aHHbIT C ripeHnoHaraeMM AeHeXHLIM rIOTOKOM KAHeHTa H nonIHaH bIniiaTa O)KRAaeTCA He nO3AHee HCTeCeHHA CpoKa HCHOJIb3OBsaHHS aKTHBa. AKTHBbI qaCTO HCrOJb3yIOTCS KaK rapaHTZi KpeAHTa. (b)

C=oHTenibHbie

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(c)

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B

ARenapTameHTom KpenHTEI noII HeCBHXKHMOCTh npeAocTaBMTorcs cyOecTByIOuWei 6aHKa AIM 4)HHaHCHpOBaHHS HCeABHHMOCTH KOMMepqeCKOfi HAH )nJIH3IIXHOA HeABHXMOCTH Ha OCHOBe o6ecneqeHHs qeM 100

(Kpe,HrT nOA 3aKAnaAHyIO Ha MCHee

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Ha

npOrHO3aX

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H

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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)

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AHKBHAHOCTHI H Hajioroo6jioxCeHHI apeHUAaTopa. 4HHaHCHPOBaHHe OTHOCHTCS B OCHOBHOM K CpeAHeH aKTHBaM, HaipHmep aBTOMo6HJIqM H rpy3OBHKaM,

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H

COCTaBy, CaMOjieTaM, KOpa6AiM H T.A. rIpH .IH3HHrOBOM 4)IHaHCHPOBaHHH apeHAOAaTeiB - B AaHHOM cnyqae 6aHK, HO qaCTO HC6aHKOBCKHfA 4HHaHCOBBIR rIOCpeAHHK, IBieCTCS cjiee3HOgOp9XCHOMy

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

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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)

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(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

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pacxo,oB, 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)

ueHbT

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4OHAOB H HpHHIUHITOB

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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

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KpeXHTa

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onpexeuIeHHe ixeHbI HHcTpyMeHToB, rIpeCOCTasBhSLMNX 3a 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 CHOCHOCTH 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 KPOAHTOB H llpHqHHhI, IIOqCMy COTpyAHHK no KpeAHTaM CqNTaCT KpCAHT npNHBieKaTeAbHiM iWm 6aHKa.

6aHKoM

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. 4iopMa KpeNTHoro npenioceH)HH BKmoqaeT cjie.)yIoiee:

PCKOMCHROBaHHaS

(a)

Ha3BaHHe/HMS, aApec, pOA 3aH=THA KaH=aTa Ha noAy'eHHe Kpe,ATa.

(b)

wl;aTa -3aABKHN, HM COTpyAHKa, BeKn4yMero 4HIHaJra, npeAcrasmwero KpeAHT.

(c)

KpaTKHiA 0 6 30p cyLueCmyiouwX CqeTOB KomeHTa B 6aHKC, BKuIHOqaS nOCJIeAHHe A0e6eToBue H KpeAHToBhIc OCTaTKH no cpaBHCHHIO C npOMLM roAoM.

(d)

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(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

MeCTOHaXOXMCHHCN

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(g)

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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

(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.

)

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3aeMI4HKa.

pacxoAax, npH6bUIbHOCTH, H n'pOrHO3 Ha cne,yionHe HeCKOAbKO neT.

(k)

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CHIbHbIC

H

cia6bie

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3aeMLKa,

HanpHMep,

KOHKypeHTocnoco6HOCTb, TexHojnorHqecKHe CTaHJaPTTI B ero rpynne,

CpOK

,efCCTBHSl 3aBo0Ra H o6opyAOBaHRs H T.A. AHaIH3 K034¢43HIHHTOB cpaBHeHHe C aHlaorHqHbIMMH nOKa3aTeCIMH no orpaCJIH.

(1)

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3a5IBneHHe 0 TOM, KpefHTHOii

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Kpe,HTa.

174.

XOTSi npe=oxKeHHe ,o.jDICHo

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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

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 AOrOBOPOB

H T.A.

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53


rjiaBa 7 Biu HMeTOAhi Kpe2wTHOfi nOJIHTHKH I.

PYKOBO1RCTBO

176.

no

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HacToSTeCJbHo peKoMeHAyeTcq pa3pa6aTBIBaTm BcecTopoHHee 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. BaHKaM

pyKOBOACTBO

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.

KpeAHTHbIM HMCIOTCSI,

9To pyKOBOACTBO OTHOCHTCS

KO BCeM

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6aHKa, BK3IIaOaq 4mImam,T 6aHKa, H, eCJH TaKOBbIC KOMnaHSiM, BjiaAeJbixeM KOHTrOpjbHOrO naKeTa aKLuHf

KOTOPMX ABJSIeTcS 6aHK.

178.

PeKoMeHAyeTcs,

6buma

H3jioxeHa

xrro6bI BCS HH4)opMaHINH, coAepxcauaqcA B pyKOBoAcTBe, B 4)OpMCe"HCeM 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

O

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

yxoAa H3 6aHKa. PyKOBoAcTBa cflcAyeT xpaHHMT OTzACeHHIO 6aHKa 3K3eMflJnpOB.

AOJDKHO

HJIH B caiyiae

i1iNKax. KaKAomy orpaHHqeHHoe KOAHqeCTBO

B 3anepTmx

npeAHa3HaqaTbcs

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

sIBASeTcsI pa3pa6oTKa H KOHTpO3Tb 3a BHAaMH H MeTOAaMH KpeAHTHOf4

55

oTzerIa

nOOHTHKH


6aHKa B COOTBCTCTBHH c rJTaBHMMH aNupcKTOpOB (COBoTOM ynpaBunouxo).

npNHHNinaMH,

ycTaHoBjieHHbMH

181.

PeKoMeHAyeTci excroAHo nepecmaTplnBaT pyKoBoAcTBo.

182.

HHxCe

cnezRyeT

CoBeToM

npe2naraeMMiN 4opMaT H ornaBneHHe pyKoBozcTBa no 06cy=eHHio OCHOBHLiX ero pa3AeJCOB HapAX C BOnpOCaM rIOCBSiijeHbI HeCKOJIbKO Apyrrx rniaB 3TONi

Kpe,HTHOr noAHTHKe. OTHOCAWINHMHCS K HHM nporpaMMbi.

183. (a)

YcAyvu no ccQEi - mepMWWA02U KpemrrHaq jmHHH oiipeAeneHHyio

.

- BHA ycJyr, npH KOTOpOki KnNeHT MOXCCT B3%Th B CYMMY Ha onpeAzeeHHbig nepHoA, 06NqHO

npeBbImaiotuxH4i 180 AHefe.

Aonrr HO

(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, 6aHKa, HO He o6cy.eHHaA c KHHeHToM.

(b)

O6paigaioguxcsi

KpeKgr

("peBojbBepHwft"):

Oo6peHHa3i

o6x3aTeJmcmTo

no

BHy rH

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 oUHoro ro.Aa.

ccyAa co CpOKOM noraIIeHAs cBbmIe

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. HpaoMo'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)

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

14HIIHBHnvaAbHoe

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. KpeAHTHbDx

OpIHaKo, ycnyr ApS

cAyxKauIHAi K1HeHTa

MOxKCT

B nD6oRi

yrBepxAaTb KoM6HHaLIHH

KpeI4HTHBIX KaTeropH], Ip]H KOTOpELX yTBCpx(1eHHbi KCPeIHTOBaHHu1 He npeBsmaeTcsi.

(b)

YnpaBsnJoWle

oTACACeHHS1M

KHIHBHAyaaAbHOfK

oTBeTCTBeHHOCTbIo

oTIejieHHeM.

6aHKa 3a

moryr BCe

B mo6oM ciyqae, Bce KpeC4HTHMe

COBOKVIIHOCTh CYILeCTBYIOUE1X

COBOKVIHb

6

b1T

oK6eM

HaCeJIeHbl

KpeAHThi,

BbUAaHHbIe

AoroBopbi,

yrBepaxeHHbie

HX

HX OTejOeeHHeM, AtO3DKHbI COjepKaTm HX rIOp]KHCb. 188. CnICmaAbHieC OrpaHHCeHH1 ALISm

KpcpeHTrHbe npaBOMOqHqs, npeBbImaiomKe o6MqHme 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 HYHKTHBbUnC, HO CBbIC KpeAHTa, Tpe6yeT - AonoAHMTJebHoro y= peHHS KDeiiHTHorO xoMNTeTa.

AaHHoro pa3Mepa flpeDicTaBHTeCJeM

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

'xpe3MepHOrO yBeJIHeHHeri nepHoAa npouecca yrBepxceHHS KpeCATa.

192.

KpeaumNax

aoK MeNmau.

pa3BHTMio 6H3Heca B 6aHKe, a TaKxe BpCMeHH, Heo6xoARMmorO AmS 3aBepmeHHS

KpeAHTHbie

rOiorOTOBKy cooTBeTCTByOWuefi KpeAHTHOfH H3MeHeHHSI B HeI. H4cKIOtCHHRS BKwIOtaoT:

(a)

cAy)acHCe

AoKyMeHTaxHH

OTBeTCTBCHHLI 3a H 3a CBOeBpeMeHHMCe

ECJIH KpeAHT OTHOCHTCS K KaTerOpHH "oco6oro BHHMaHHql (HanpHMep, B cAytae o6ecnOKoeHHOCTH 3a KpeIMTocrioco 6 HOCTB KcmHeHTa), m3MeHeHHS AOJDKH{ npHHHMaTbcq rnasBHLMH Kpe,HTHLIMH CyxaICaMMH HIHM KpeWTHblIMH KOMHTCTaMH.

(b)

13MeHeHHqI B AOKyMeHTaIUMH HUm jroroBopa Tpe6yloT yrBep)AeHHA

58

ApyrMx TpC6oBaHHR KpeCHTHOrO Kpe,MTHoro cryxKaWiero nmC


nHcbMeHHoro a MHHcTpacHH

cornacHs riiaBHoro KpeTHoro ccyiHoro oc,Aena 6aHKa.

H/Hjl

cnyxcaulero

193. MMzue o6mawiocmu Dpeclumoeo cavxcaweeo. IIepe, TCM, KaK ,o6HBamc. yrBepxieHHA oKa3aHi3HH KpexHTHooi yCJIyrH, Kpe,HTIHbi cJ[yXaIEHf AoJDKeH: (a)

Ilo,1roTOBHTb MeMopauHMM oueHKH vcyMa IH 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 aHan3a 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:

HH4OpMaxHH o KAHeHTaX H o10npocb6e KpeJHTHMX cnyxcaiux);

(a)

C6op 4 HHaHCOBOM 3aeMIXHKaX (o6bMIHO

(b)

AHaniH3 4)HHaHCOBOR oTxCTHOCTH npreTeH,CHTOB 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 pcimeHHAk;

(e)

BeCeHHe KapToTeKH no KpeCjuTaM KiHeHTOB;

(f)

OTBeTI Ha 3anpocEa no KPCeHTaM H3 ,pyrHx He6aHKOBcKHe 3anpOcbI.

co6paHHfl

KpceHTHoro

KoMHTeTa

Ha

H

IlepCrIeKTHBHbIX

ccyzy,

a

perHcrpaIlsH

TaKie

ero

6aHKOB H ApyrHe 3aKoHHbIe

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 XN3HBb.

III. OrTAen CCyAHlix onepawui 198. 06.q3aHHoCM 3TOrO BTOpOrO H3 OTHOCMIUNMCq K CCyAaM OTrAeiOB 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

(b) (c)

6aHKa

T;.A.

-

-.

rIOAUepxcaHHe iOpHNAHeCKHX npaB 6aHKa Ha 3anor nyreM perCCTpaUNHH Tpe6oBaHNN K .3aeMIgKy H nepeAawN co6cTBeHHocTH 3aeMDINKa; PerHcrpa1XHIo CCYA B 6aHKOBcKHx 6yXraiTCepcKHx KHar2X, noAQrOTaBnHBaS AU o6iuef 6yxrwrrepcKofi KHNrN;

npOBOAUKH KaK Aim 4)fHalIOB, TaK H (d)

BMcTaBieHHe

CqeTOB KieHHToB no npoixeHTHJM

nIIaTcXaM,

KOMHCCHSIM H o6IUxM c6opaM;

(e)

199.

B3HocaM,

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). Cayxcauwe,

nOJIHOCThIO

3aHHMaIo=IxcS1 CCyHLEMH onepailHnsM, AoniuHm 6brM c 6aHKoBcKoft ccyA;Hoi nO3NTHKKOi, OCo6cHHO C

03HaKOMjiCHmI

Tpe6OBaHHSMH

no

3anOnHeHHIo

H

BeACeHHIO

AOKyMeHTaiHH

KpeIAHToBaHHs, BKnmoias npo1xCcc ysBepxA-cHHS cHCTeMa C qC=TKHM BCACHHCM BCe4 pormcHpaIH

H

C

MeToAaMH

cCYAI. XopoDIO OpraHH3oBaHHaS H 6yxraTCPHH HMCT pemuaiomee 3Ha,qeHHe. YnpaBneHHe 3THM OTrACAOM B LCJIOM HO 3aBHCHT OT CCYRJlHIX OTMACJOB, npH ycjioBHH,

'ITO oTBCTCTBCHHEM

HpePcKTOpOM Bcex 6aHKOBCKMX

ccyAHbie OnepaINHH

3a

onrepaxHi.

60

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rnepeA


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

rlOAr1OTOBAeHHUX

cAyXcyalHMH 6aHKa, cozepxca e yrBepaBUIHX COTIpyHHKOB R, B cnyrae oTKa3a Ha nlpocb6y rIpHqHHH 3TOrO OTKa3a;

ccy,z,

norrzHCH o ccyje,

(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

61

H

Aim

Ha,=nexcaiieM

ue.im.


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 IHpOKy1O oxBaTiaBaeT KpelIAT lpo6nemHbui KpeA,wTaMH. rnpofteMHumiK" HI upoueHToB noraieHHe o6iedi 'epTok: KaTerOpHIO Kpe,lTOB c ozHofo wemTCi OCHOBHOR CYMMbI B COOTBCTCTBHH C yCJIOBHRIMH KpeuHTHoro AoroBopa coMHHTCjihHMM AH6O nepecTaRo IHpOHCXOAHTb. 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 TaKoro TeCIeHHeM BpeMeHH H3MeH3ICTCSI TOJEbKO CTCenCHb CCpbe3HOCTM. aBe npwuHH "JieBepeApW" BbICOKHfI yAejmeTc3i: eft KoTopoe BHHMaHHq, o6ocTpeHHoro c cpaBHCHHIO no (HanpHmep, 6aHKoB KoMMepqecKHx 6OAbIL6UHHcTBa T.e. naCCHBOB, HeCTa6HJbHoCT-H cTeneHb IIpOMbU1LeICHHbIMH 4HpMaMH) H BbICOKaS 6a3bu 4HHaHCHpOBaHHS. CieACTBHeM 3TorO IBwSeTC3I BbICOKa. YS3BHMOCTb 6aHKoB K co6brHmqM Ha pbIHKe, BbI3BaHHIaIM YXYAMIIHHCM KaqeCTBa HX pHCKOBaHHNX , KpeAmmoro nopTreiAs. aKTHBOB, B 'lacTHOCTo

203.

KaK 6aHKH, TaK H opraHbI HaA3opa CTpeMSTcsi ymeHumBm yS33BHMoCTb: 6aHKH nyrem nozigepxCaHHs OTHOCHTCThHO CHAbHOfl CTpyKTypbI KarHTaAa H 'epe3 noAHTHKH, npoxeAyp, H KOHTpOiSA; opraHS 344eKTHBHyIO CHCTeMy KpeAwmTHo HaA3opa o6bIYmo noAxep,HBaiOT BbICOKOpa3BHTYIO H, B O6uleM, 34OCKTHBHyIO 204.

4aicrop CHCTCMY KOHTPOJLS H ayAHTa 6aHKoB cTpaHbI. KaK TrpTHN H nocineAHHN HHCTHTyr, npaBHTeMbcTBeHHbdI CXOAHbi Him 6aHK geHTpa3TbHbIN CyIIuCcTByeT HCnOAHSIIOIIHIk 4)YHKIXHIO "KpeAHTopa noCJ.naIHeI

I. YaacCHu

KKawuI

HHCTaHUHH".

KpewNThB

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.

205.

KpoMe

Toro,

TepMHH

"KjiaCCH4NHIHpoBaHHbIIf

KpCeAT

qacTo

OTHOCHTCS3

K

O4)HIjHajibHof4 CHcTeMe KjiaCCH4MHKagHH, KOTOpyIO Hcno3Tb3yioT orpaHa HaA3opa. MCHUeOTCS OT CTpaHbI K arpaHe, a TaxKce qacTo OqeBHAHO, trro TaKHC CHCTMbr nrpeCMaTpHBaIOTC3I.

63


206. (a)

IIHu eDb iciaccu goamuu &peaumos 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, HaH tlO 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 HODMaM,

onpeZenjeHHe "nInoXoNl KOCeAH no KOTOpOe BnlmOqaCT KpCARThI C npocpoweHHmmH nnaTeCxaMH 6 MecCR1eB H 6o0ee, eCIH TOjibKO KpeAJfT He 5smmercs xopoio o6ecneqeHHbmI H B npoxeCCC B3bIcKaHHS. 3aKOHO-aaTeJbHbIM

BaHKOBCKHe POBH3OPbI HMeIOT CBo6o[y 1AeCCTBHfl B HHTepnpeTaUNHH

HMeIOWHXCSi 3TOrO

4aKTOB, KOfHeOCTBeHHLJX H KaqOCTBOHHLiX. B pe3ynjTaTe

He BCC B

1npOCPOeHHLIC

K7iaCCH4)HIHpyIOTCS1

H

(XOTRs,

npo66ncMHbIc

HCCOMHCHHO, 6obamHHCTBoM KpCAHTOB); B TO xe BpeMSq TeKyic KAaCCi4?HixpOBaHbm. CHcTeMa

npoBepKH

6aHKoB

aBToMaTHNecKH TaKOe lIpOHCXOAHT C e KpeAH, Moyr 6EiTb KpoAHThi

CIIIA, KaK 6o0MMHHCTBo CHCTeM B CTpaHaX, XOpOIlO OpraHK3oBaHa, HMeCT onIbrr H o6ecneqeHa xopoIuo o6yYeHHblM KaipaMH. B

ipOMmIbIACHHO pa3BHTUX 3ana,xHbI 6o0AbmoiI

(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. pCBH30POB

a

orpaHHIqeHhI,

AHamnwrwecKHe cnoco6HocrH He

YHCAO

HX

cooTBeTCTByCT

OInbIT

o6feMy

(qaCTHbie H npeAcroqiueik pa6ouI. OAHaKO, H 6aHKOBCKHfi ceKTop rOjbiH rocyAapCTBeHHIEe 6aHKH), H ripaBHTCjibCTBo iP43HaAH BaxKHOCTi CHubHOIf, H CHCTeMbi 6aHKOBCKOR H XOpOmO KOHTpOmipyCMOfi 3AOpOBOfi npCenPHHSIH

iuarH no YCYiLCHHIO CHTya1gHH.

1991 roAa nOj[bCKHe 6aHKH 6bLIH BnepBbIe o6R3aHbl HIOHe K3¶aCCH4IHLJHpOBaTh CBOH KpeHThi H OTpa3HTh HX B eJeKBapTaj[bHOM oTqemi Apyrme (HeKoropue 6aHcy HaIHoHaabHoMy oT'leTe cAeJeyiohias: KnaCcH4HKaIHAs npeAcTraBOTcSI 6nee acToj. O6bmqiax

B

(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 co3ARaHHe pe3epBOB); Kor,a (He Tpe6yeTcs HO peKoMeHAyeTcS 3a 6 MmCSIeC, KpeAHT AOjDKeH i3aTe SmBuSOTCSq lpocpO'eHbIMmH 6umbb iepeBeAeH B KaTCropHIo 4;

(iv)

KAHeHTaM- BCe KpeAHi COMHHTeCJHbIe H CrOpHHEa KeHemrr (Tpe6yeTcsq co3aHHe 6aHKpcrraM HAH B iipoiAecce B3bIcKaHHS pe3epBOB).

C 11OLYqCHHeM TpyAHOCTref paCn1pOCTpaHCHHbIX IIHPOKO 143-3a HH4)OpMa1xHH B nIOACKHX 6aHKax, He BCe 6aHKm CMOrJH 17peACTaBHTh HH4JopMaaHIO K Ha3HateHHoii AaTe - 30 HIOjUI 1991 roAa. CneAoBaTenLHo, UH43¢pbI, OTpbIBoqHbI, oqeHE CHCTeMbI HOBOA pa6oTm onbrr HaexcHbIMmH. 6bIM He BcerAa ripeAOCTaBAeHHbIe 6aHKamH, MOryT

II.

Pe3epB Ha IIOKpbrrHe y6bITKOB OT KpeAwOB

MHorHx cAyqasix, opraHbI HaA3opa He npenIHCbIBaIOT KorAa H CKOAbKO Ha co3AaHHc pC3epBOB, KorAa KpeHT CTaHOBHTCA AOAJKeH 6aHK HaripaBl4Tb 6aHKa AaioT MeHePKMeHTy OT'cTaX B PeBH3ophI tKjiaCCH4)HlXpOBaHHbIM". 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

207.

Bo

6aHK Ao cHx nop He cAenain 3Toro). KpeAHT, pyKOBOACTBO 6aHKa AoHiDo TOJIbKO yCTaHOBACH npo6jieMHmgI paccMOTpeTB, KaK OAHH H3 B03MOXCHEX maroB, co3jaHHe pe3epBOB 11pOTHB B03MOxKHb1X 6y,AyiHx y6blTKOB. PeIlmeHme 0 TOM, KorAa H KaKoHk pe3epB Ha,O

208.

KaK

Co3AaBaTb,

3aBHCHT

OT KOHCepBaTHBHOi4

65

H

pa3yMHOfi

npHpo.i

6aHKoBcKoro


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,

KaK cyiIeCTByioUX, TaK H rIOTCHgHathHbNX. XOTSr

KpeAHTOPOB H HHBECTOPOB,

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 N paroueHHiX qacoB H 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. HCT HHKaKOrO coMHCHHS, qTO CTONMOCTb roaepxaHH. 344eKTHBHOH KpCpeTHoNi rioATHK H npoueAyp, BKmOqasi OnbITHYIO KOMaHAy KpeANTHOrO aHalIH3a, CHCTCMY rIPOBCPKH Kpe,HTOB, H ceKuIIo KOHTpOJIS, 3HaqNHTeJHO MeHbfIe, 'qeM ynpaBseHHe npo6jieMHLJMH KpCAHTaMH H y6bITKaMH, KOTOpbIe MoxKHo 6wno H36exCaTb.

213. YnpaBneHHe npo6nemHmm KpeArTaMH MOXcHO pa3ACAHTh Ha ABe B03MOXKHOCTH ,u KpeAHTyoWuero 6aHxa: pea6ftiHTaUlIo NHJNKBHauHIO. PexueHHe O TOM, KaKylO B03MOJKHOCTb HcnoJEE3oBaTh, o6WIqHO 06bqHO 3IHiaMH N3 C4epbI KPCAHTHON noIHnTHK.

214.

Pea6uaumaua.

nlepBOHa'ajbHaSi npoBepKa

KpeAHTHbIM HHCneKTopoM,

PNHHHMacTcH pyKOBOACTBOM,

CHTyaRNHH

HpOBOARNTCR

KOTOpbIN nepBoHaqaJTbHO OTsBC'la 3a BbIAa'Y KpeAHTa. Pe3yjnTaTmI 3TOf4 npOBepKH, BKmJOa51 T=aTe3BHbA H CBOeBpeMeHHbIH 4)HHaHCOBbIft alaJIH3 H o6cyxeHHe CHTyaINHH C 3aeMwaUKOM nOMOryT KpeATHOMY HHCneKTOPY peiuHTb, ecTb nH 6a3a Aim pea6mrrTatHH: aAcKBaTHaq npoqHoCTh 4NHaHCOBoro nOAOKeHHqS 3aeMJIHKa, CyeoCCTBYuOlWJ HJIH nOTeHIHtabHasI, H rOTOBHOCTb 3aeMIUHKa CoTpyAHH'aT]b r1pI I plpN1HH 3aqaCrylO 6o0e3HeHHlX pemeHHii. 4ITO

66 .~~~~~-i--.....

-.

-

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,- ...-


6aHKa, KpeAHTHBIA HHCIICKTOp AOJxeH rOiy'HTh OT pyKOBOgCTBa nOMOUxh B BHAe OIIbTHbIX COTpyAHHKOB -Aim peiueHHs npo6MeM pea6rnHTaLIHH (ecnH 6aHK

KacaeCTc -

HMeeT

He

CriaCeHHH

ripo66AeM, 215.

BO3M0)KHOCTH

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CBOi

KpCeXHTa H KJTHCHTa, OH MOKCT o6MHo 3a 3Hax1TJeIbHyio lrLaTy).

lnepcOHaA,

HlHBAIeTb

HO

3aHHTepeCOBaH B no peueHHiO

KOMaHAy

B upouecce pea6HrraiHI4

BHHMaHHe KoHueHTPHPYCTCqS Ha cTpyKType 6anaHca H cocTaBe AeHexKHoro fOTOKa. ApyrHMH CJIOBaMH, npOBepbTe nozpo6Ho mm, no MeHbieui 0ombi 6m AHKBHAHPOBazH aKTHBMI H ycTaHOBHTe, KaKHe A B pa3Mepe, BO-BT,OplX, ocTaHOBHTC yXy=eHHe 4)HHaHCOBOrO Mepe, COKpai1eH1H rIpHMepbT 3a pacxoAaMH. IpHHS[B cTporHe MepbI KOHTpOJSL lonIO)KeHHSI, AefiCTBH: KOHKpCTHBJX (a)

06OpOTHbIRr

KanHlTai (ynyYIeiHHme 4)HHaHCOBOrO nOjioeHHsI):

(i)

CbIpbSA, H36bITOIHbIe 3anacbi JIHKBHRHPOBaTb HM CoKpaTHmT noxIy4a6pHKaToB H rOToBogi npOXyKgHH; BBOCTH CHCTeMy KOHTPOJISI 3a 3anacaMH.

(ii)

YCKOPHTh B31maHMOH

(iii)

no Kpe=TOPCKOfi 3aAojEKeHHocTH (npHBneqeHHe OTAOJKHTh niiaTexK KpeAHTOPOB, BK)nOqaq rocy,apCTBelHmeI xApyrHX K COTPYAHH1IeCTBY

Ae6HTOPCKOA 3a,ojIDKeHHOCTH.

opraHH3aLxHH). (b)

(c)

2IoiroCpOctHbie aKTHBbl:

(i)

rlporaiiTe caMoAeT npe,ce,aTeiLq CoBeTa ,HpeiKTOpOB.

(ii)

rlpoaafiTe HeHcnOmJT3yemoe H ycTapeBuee o6opyzoBaHie

3aBOAI. ripoAaMiTe HC nIpHHOC5iHe rIpH6bub nIpOH3BOACTBeHHbie AHHHH, HX qTO yBepeHHOCrH, HCT (ecIm T4. H riOApa3AejieHH.S 434CKTHBHOCTb MOXHO ynyqumlb 6bIcrpo).

CTpYKTYPa KanrTaJIa:

(i)

HawrIfe AOnojiHHMTemHbdI aKXHOHepOB HJM Ha1AHTe

aKUHOHepHbLI

KanHTaJi

OT HMCIeOHXCq

icUe o,ZHoro mja=ero napTHepa.

R CfHIHHH

(ii)

HatHTge KaH=A,1aTa

(iii)

HanpHMep, KOMnaHHH, 3aAoiKeHHOCTH crpyKTypy I43MeHHTe O6MeHITh CpOK, JIbroTHmIil n1O31yxnTh CpOKH, y.WIHHHTh 3aIojKeIHHOCTb Ha aKflHOHepHbIii KanHTaiA (3To MOXCT norpe6OBaTm y1J1[HHCHeHH

(d)

H

HJIH noKynK4.

HuH yBeAHqeHHqS KpeARTa).

&pyEe: (i)

HafAHTe HOBbIC B03MOXCHOCTH Ha pbIHKe.

67


(ii)

CoxpaHHTe H/HH H3MCHHTC CTpyKTypy BbmyCKaeMofi npOyKuHH.

216.

143 o63opa, nPHBeAeHHoro BfIIIe, CTaHOBHTCI oqeBHJHBIM, YTO 3HaKHTeCAbHaSI pa6oia no pea6HTm'aI4HH Tpe6yeT, 'To6bi cyaecTBoBauIa peambHasH B03MOXIHOCTh ycnexa. EcJIH TaKO1l BepOSRTHOCTH HCT, TO IIPH HaHtHH AOCTaTOqHOrO o6ecneqeHH.q

IIHKBHAaiSH

smmemci eHHcTBeHHofli peajTHO4 aAbTepHaTHBOH.

217. JIg&AUa4Ug. AIbTCpHaTHBaMH npH iHKBHAaixHH OBimmTCI npoAaxa 4)HpMm B KaqecTBe zeRcTByIoiuNro npeCnpHRTHI HiH pa3JeAeHHe 4HpMU H npoAaxa no qacTHM. OCHOBHOfi 4)aKTop - pa3HHUa MeXKY BbpyqKOfi OT AByX OnepaIH-i. 218.

JnIKBHAais, KaK H pea6vnrrawix - Aoporoe meponpIlprTe C TOYKH 3peHHR BpeMeHH, pacxola HNn nepcoHaAa, H 3aTpaT Ha iopHZAqecIKHe ycuyrN. KpoMe Toro, 3TO nIocAeAHee IAefCTBHC, HecyuCe CKpmTOC IIpH3HaHHC 4)aKTa, YTo 6aHK coBepium OIUH6Ky, rIpeAOCTaBHB KpeAHT HJH BOBpCMS He paCIno3HaB OnaCHOCTH H He npeAnpHH.IB HcIpaBHTeJnbHW( Mep. B mo6oM ciyrae, npoBeAeHHe AHKBHAaUHH

6H3Heca KnHeHTa B ilejiOM HC ynyqiacr peiyraIuIo 6aHKa.

68


IIpHaoKeHne 1.1 Permr KacecTBa Kpe,zHTa: HoMepHas CHcreMa

PekAmir 0

1

Knaccn4mKamaw

CocToRHHCe Ham oncaNHe

HeKniaccH4)HIX4-

KpeAHrT eCUe

pOBaHHBdI

OixeHKH

"rIpaiRm"

3aeMU4K

Him

npoilecce

B

He OiCHeH, T.e. HaXOAHTCI

nepeoLxeHKH.

C BbcOiai1IHM

KpeApTH M

pefiTHHrOM, Aojira,

o6CAyXHBaHHeM BeCjKoAeriH&M H3BecTeH MOWHIL AeCHe2HIi nOTOK, InepBOKnaCCHb1H 'pHB3IeKaTeEbHbie r XapaKTpHCTrHKH 3afiMa oTpaciEb). Ha3Ha'eHHe, CpOK, cxeMa norameiesH,

2

3

KaqecTBa

M 43HHaHCOBIM rlo3[o)KeHHeM, 3aeM=K C XpOIIO 3a[Or, xopomauI KP TaSa rIpezUCTOPHS, coHJmiuI rlpHBjeKaTeCEbHme xapaKTepHCTN} 3afMa.

YAOBnJITBOpTejr,HNm4

3aeM=K C npHCMejMieM 4)HHaHCOBIM nOjO)oeHHeM (3TOT 3atiM MOKCT HHOrAa Tpe6oBaThb Aorio0HHTebHOro

BEaTcoKoro

XOpOIIO

BHHMaHH.q); peBOAlbBepHb

flpeAejeHm

noramaJI

3aJIor;

ripHeMAeMbmi

4

3aAor; (T.e.

B

AO3IM

KpeCHT.

Cna6MA 3aeMIEMK; HeAocTaToqHIA HJI 3aJnor;

KpeAHT

KanHTaJry

HPOmLOM; HJ

Bo3o6HoBwqeMmik

CJIHMKOM

3aeMUiHKa;

BeCHK

nO

HeaAeKBaTHbI OTHOIICHHIO

HeO6XOlAHMbI

K

noCromiHmo

BHHMaHHe H rapaHTHS.

5

Xyice .npflebHOrO

6

flIorepH

Bo3BpalueHHe

CoMHHTeJTbHo; CHTyaLIHS5, ,onira pa6arm no norameHHIo Tpe6yionias creCIHaJIbHoi Ao3ira; BbAeCjeH B KaTeropHio COMHHTeCJbHb]X rHH IIpoBeACHHH 6aHKoBcKoro HaA3opa.

O6CJIYXHBaHHC Aonira He rpOH3BOAHTCq H rmaTexceik He OxHaCTCi; He BKJOUeH B AeHCTBYIOuHH KpCAHTHLiH nopT4eim (Bo3Mozma qacTHqHaSI onraTa?)

69


HpIIIomeHHe 1.2 Pekrmr Ka'ecma Kpelwra: CHcreMa 6aiuIoB

A. HasHa-eHfe i CmMma Knennm 1. Ha3HaYeHHe

pa3yMHO

H

Ba.n

CyMMa

nOAHOCThIO

onpaBAaHa

BO

BCCX

OTHOlHIHARX

20

2. Ha3HaqeHHe comHnTexi.Ho, cyMMa npuiemwema

15

3. Ha3HateHHe Hey6eAHTenmHo, cyMMa npo6neMaTHqHa

8

B. (DiHaHcoBoO noaoJeHRe nDereHneHmM Hg Kpe1ar

.

1. OqeHb cHAbHOe TeKymOee H npec)k¢ee 4HaHCOBOC nOOXCCHHC, CiHuiMH

H cTa6wHEmHI

IlpHTOK cpe,cTB

40

2. Xopoiiee 4rNHaHCOBOC nOAO)KoHHe, CHABHhiM AeHCJKHbi1t nOTOK

30

3. rIpHeMAeMoe 4)HHaHCOBoe flOnoCoeHHe, HeycToPq1HB1iA ACeHexHb& norToK

20

4. HeBJICOKaSI npH6wim B npOam)OM, cJAa6A AeCHexbiO nOToK

10

5. HezaBHO MHOrO nOTepsU, AeHexaHN

4

IIOTOK cna6IflN

C. 3anor 1. He HyxCeH 3anior HNi

npe,CocTaB3ieTcq o6IIINpHmg AeHexH

3aAOr

30

2. 3HaqHTehmHbiA JHKBHHbIN 3anor

25

3. aOCTaTOqHUfi 3anior npHeMlleMON nHKBHAHocTH

20

4. )IocTaTOIqHbIi 3anor, HO orpaHHlqcHHofi

15

5. He,ZOcTaTO`IHbIi

AuHxBHoCTH

3anor HeBiCOKOrO KaqeCTBa

6. HeT npHemniemoro 3aanora

8 2

70


IfIpioiieHHe 1.2 (nPOAOMIKeHHe)

D. CPOK U cxeMa norameHIU 1. KpaTKoCpOqHbIU, CaMo-.iHKBHAHpyIOXUACq, XOpOuMHU BTOpHqHLItU / HCTOYHHK

30

nOTOK

25

2. CpeAHiecpotmud, norametHH qaCTrInm, MO11'HbI 3. CpeAHecpoqHbkU, C norameHHeM CpeCHHM AeHeXaMM

ACeHeKHbi

OAHHM nmiaTexoM, Aoiirocpotmuik C

20

aOTOKOM

4. ZoJ[rocpoqHbni, rloraiiaeMbLE no

qacTqs,

HeyBOepHHOCTb B

12

nOCTyITHHAIX

5. gojirocpoqHimR,

Ha3HaqeHHe COMHHTeAbHO, BTOpHqHL1X HCTOqHHKOB HOT

E. KpelnfmaJ HH&POMaM

Ha 3aeME=Ka

1. BernHKOJInHble OTHOImeHHS B

2. XopolnHe

5

rIpOMOM C 3aCMiuHKOM

KpeAHTHme OT3IBbI H3 HaCexHuX HCTO!IHHKOB

3. OrpaHRqeHHie OT3MBi, HOT HOraTHBHOfi

HH4)OpMaIIHH

25

20 15

4. HeT OT3bIBOB

9

5. He6naronpHmmue OT3biB

0

F. B3aHMOOTHOmeHHR

C 3aeMmHKOM

1. CyIeCTByloT nOCTrOIHHLIe BrroAHbic OTHOiueHHq

10

2. CyiueCTBYIOT rIOCPeACTBeHHbIC

4

OTHOIOeHHSI HJH HHKaKHX

3. BaHK HeCeT nO'rCPH Ha orHoieHmsx C 3aCMDUHKOM

71

2


lpio]KeHHe

1.2

(upozAoMKeHHe)

G. HeHa K=ewmTa 1. Bme o6wmoro = TaKoro KaqecTBa KpeAiTa

8

2. B COOTBCTCTBHH C KaqeCTBOM KpejwTa

5

3. HiKe o6

0

orqHoro J5 TaKOrO KaqecrBa KpeHTa

Peirrirn KpemWra Ha OCHose o6mefl CVMMbl auioBaM

I. HaHxIqIymi i .

163-140

II. BmICOKOrO KaqCcTBa

139-118

III.YoBnemTBopHTwenbHm

117-85

IV. rlpeAcnmHLdA

84-65

V. Xyxce iipeAJILHoro

64 - H HFHKe

72


HIpHioJKeHHe 1.3 Pek

r

KatIecTBa KpeaiFTa: AHamIH3 43HHaHCOBUX KO044HUJHeHTOB (4)hpM)

CyMMa MKo34imweIT

06IUHIR

KanHTa8I

Ko3grHuHeHT TeKyiueM

KnacC

KLacc

KCacc

KAacc

Kacc

Knacc

I

II

III

IV

V

VI

500

150

85

50

25

-

MnH.

MJIH.

MJH.

MJH.

MAI.

2.00

2.00

2.00

1.50

1.50

1.25

0.25

0.33

0.35

0.45

0.50

0.60

0.66

1.00

1.00

1.25

1.75

2.00

7.00

5.00

5.00

4.00

3.00

2.00

0.75

0.30

0.25

0.2

0.2

0.15

0.50

0.70

0.80

1.00

1.50

1.50

1.00

0.80

0.80

0.75

0.50

0.40

AHKBH,HOCTH

JiojirocpoqHasl 3aAojIxeHHocis/ KaIIHTanH33aiiHS

Aoirrocpommas 3a,IoJDKCHHOCTh/

aKixHOHepHMIg KanIHTan

rlpeAHajioroBoe rioKpbrrHe npOIJeHTOB

rOTOK/

)reHexHbrn AoJIrocpo'rHasl

3afojixeHHOCTb

AojirocpowHaq 3azoADKeHHocTh/HeTroOCHOBHbie

aKTHBbI

Herro-o6opoTHbi4k KanHTaA/Ao3irocpoqHas 3afojDKeHHOCT.

73


HlpIuioweHme 1.4 OrmicaHHe K.naccoB PeITmma KYmeHToB

Knacc

(cIPHpMM)

1:

Bbicoqafmero KaqOcTBa. AOllYCK K alIJTOpHaTHBHOMY 4HHaHCHPOBaHHio o6ecneqeH npaKTH'OcKH rlpH mo6ux 3KOHOMHIOCKHX yCJIOBHSX. )eHe)KHHt4 nOToK cTa6HneH H/HAH o6mpeH B 3aBHCHMOCTH oT o6sI3aToemCm H ,paCXOAOB Ha ripO1eHThi. EaAaHC HMeeT KOHCOpBaTHBHLIM, "3iepaxK" rpeAocTaBJieT 3HaqwTO3hHYIO 3aIumTy aKTHBOB.

Knacc 2:

KnHeHTbI BscoKorO KaqecTBa. J;OcTyri Ha aniTepHaTHBHUe 4)HHaHCOBbI pmKHi nmm cnerica 6onee orpaHHleH, qem y KmieHToB I-ro Kniacca.

KnxeHThl

aeHe)KHEIM IIOTOK H nOKpMTrm IIpOIXOHTOB 3HaqHTOlIhHE o6fl3aTe3cmmaM H pacxoAaM Ha rpOipoHTh

B OTHOineHHH

K

Knacc 3:

bmwe

KAHeHThI

cpeAHero

kaqecma.

JAOCTYII

Ha

anbTOpHaTHBHbie

4HHaHCOBLIe pbIHKH -MOXICT 6bim orpaHHqeH 3KOHoMHqeCKORi HecTa6HIbHoCH. JAeHexEiLX rOTOK rIpoleHTOB 3HaqHfeoJbHW, HO MOM, '6bim CHiHKemH. 3KOHoMHqecKOro criaAa.

Kiacc 4:

KAHeHThi cpeAHero

KaqecTBa. ;ocTyf

B

niepHOAB.I

H IinOKpITHe

B

I1epHOA1

K abTOepHaTHBHbIM 4)HHaHCOBbIM

pbiHKaM B03MOXCOH TOAbKO B 6inaronpHsrmHbi

3KOHOMHqCCKHO

nepHOAM.

nIOroK H noKpbrrHe npOixeHTOB a,eKBaTHR; TOM He MeHee, aKTHBOB H A1OXOAROB MOxOeT 6bITb ocna6lreHa B riepHO,

JaeHemHulft

3aiuHTa

3KOHoMHqeCKOrO CnaAa.

Knacc 5:

KYreHTbi

HIDKe

Kiacc 6:

cpeAHero

ypOBHs. JAocTyn K a3bTOpHaTHBHbIM orpaHHqeH AIaxce npH 6naronpripHTHx 3KOHoMHIecKHx yCJIoBHAx. )AcHexHbE nOTOK H rpaHHIxbi nOKypbrHI B UeOOM IIpHOMIOMbE, HO nIOABepXeHbI 3HaqHTOAbHbM KOAI6aHHIM, 'iTo MoxKOT orpaHHZqTb B03MOXcHOCTH o6CJyBaHHs AoAra. 4)HHaHCOBbLIM

pubHKaM

KAHeHTh

c rioBbmIeHHbIM sJIOMeHTOM pHcKa. Bo mHorix c1y'aAx

BO3BpaT

AoAnoB

6yAeT,

qaCTHIqHo,

CBqI3aH

C

lHKBBHAa1UtHe

4IHKCHpOBaHHux aKTHBOB. AeHOXHbIA nIOTOK, nOKpbITm np1OuHTOB H 3alUHTa arKTHBOB OrpaHHqeHHbl. KpeAHIT 6yAOT B OCHOBHOM Ilpe!OCTTaBARTbCS

Ha

o6oecleqeHHOfi

OCHOBO.

pa3BHBaioiuHecSI ripenpHASTHq.

KAacc P:

KAHeHTi c riVioxHM KaOecTBoM KpeOHTa

74

MaCTO 3TO HOBbIe HJi


flpHjoxKeHHe

1.5

PermHrn KaxecTBa Kpe,ina: AHaJM3 DHHaHCOBhIX Ko344HuHeHTOB (BaHK )

100 MUIIIOHOB Ko3IXIHWIeHT (%) KLacc I |

Ioxoo (6e3

Ha 1 MJI1IAHapZ AenO3KTOB

KAiacc II Knacc III KLacc IV Knacc V Kaacc VI

1.0

.94

.88

.75

.66

.62

13.2

12.2

11.2

10.2

9.2

8.2

8.0

7.5

6.5

6.0

5.50

5.0

1.15

1.05

.95

.80

.72

.60

4.6

4.3

4.0

3.7

3.4

3.2

.18

.23

.30

.37

.48

.55

IIOJyqCHHOrO OT C|AcenoK c UCHHbIMH

6yMaraMH)/ Bcero aKTHBM

AoxoA

(6e3

riQ0IeOHHOO OT CAenIOK C 1XCHHIMMH

6ymaraMH)/ aKuHOHepHbIM KanfHTaJI

AKIXHOHepHbI]k KanHTaJi/Bcero aKTIHBbI

Pe3epBbI npOTHB

noTepb no Kpe.IITaM/o6IUasl CyMMa KpeAHTOB

HeTro-AOXOr OT riOpuHTOB /aKTHBbI,

npIHHOCSIHCe

AoxoA

HeTro-CnHcaHHA 6C3HaAe)KHbiex

AoJIroB/ o6rwas CyMMa KpeAHTOB

75


flpIwiIoeHHe 1.5 (npolAomKeHie) 100 MHJIJIOHOB Ha H

M JmIHapA AenlO3KTOB

Herro-pacxoma, He CBSI3aHHbIC C BIIrmIaTOf npOIXeHTOB/H=TrOAOXOA 0yr rpoi1eHTOB

48.0

52.0

57.0

61.0

64.0

67.0

,JHBHAeH,CAB/J1oxoA 6e3 IIOJyqeHHOrO OT CAeAoK C ICHHLMH 6yMaraMH

32.0

42.0

48.0

55.0

60.0

65.0

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.

XaoArocpowHasI 3aAomDKeHHocTb/ aKyuHOHepHbIi. KanHTaI-

2.00

2.19

o'rcyr.

HpeAHaAoroBoe

2.00

1.43

oTcyr.

0.15

0.12

OTCyr.

1.50

1.38

1.35

0.40

0.37

oTcyr.

KanHTanMH3agH.

riOKpITme

rIpOlCHTOB

,TaeHexKHbA nOTOK /1AojrocpoqHas 3a840AXCHHOCTB

AojrrocpoqHasI 3aOAojDKeHHocTb /HeTroOCHOBHbIC aKTHBLI

HeTTo-o6opoTHMA KaIIHTaA/ 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 CHmCxHiHe POCTa H

flepBoHa-

BMcrpoycKo-

Pa3MepeH-

Cra6Hm3a-

SaaibHOe pa3BHTHC

pfflOuJHiCf pOCT

HBIk pOCT

IUHq H 3peJIOCTb

cnaA

PLIUIMa

Frank K. Reilly, Investment Analysis and Portfolio Management, Third Edition, The Dryden Press, 1989, p. 588 HCTOqHHK:

r1epeneqaTwBaeTcx c pa3pemelmN

78


IHpOjiWKeHHe 3.1 IlpHmeneHHe pecypcoB ,u Kpe,UrrOB: c6ajiaHcHpoBaHHoe

H

Hec6ajTaHcHpoBaHHoe

CTaBKm

KpeATaM

CiaTiBi bHHaHCHPO-

Cnp3A

90 ,iHef

20%

15%

5%

180 AiHeir

25%

20%

5%

90

17%

12%

5%

KpeADITOBaHH Ha 180

AiHeU:

CPOK

no

TeKcyuge pLIHoHHbie CTaBKH

HIporHo3HpyeMbe CTaBKH (90 AHeOi

ArHi[

oT cerOMIIHerO

AnbTePHaTHBHbie CTPaTerUH

(a)

IIpHBa1eqb 3aeMHMe cpeAcCTa Ha 180 iHeik, cnp3A

(b)

IIPHBrnetm 3aeMHbie cpeACTBa Ha 90 iHeRi, CIIp3A = 1/2 (10% + 13%) = 11 1/2%

*

BmpaxCHO B rOAOBuX rpoierHTax

79

=

5%

BO3o6HoBAeHHe qepe3 90 RHeik:


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)

CUp3A

I06x3aTenbcTBa AKTUDBM ,

C6aixaHcHpoBaHHue CPOKaM pecypcbi

C6a.naHcHpoBaHHbe rIO CpOKaM aKTHBbI -

HO

50 M.RH.py6. no, 15%

50 mim.py6. no, 13%

AKTHBbI c

H3MeHOioiUefCSI

Pecypcu c H3MeHqioiixCesl

cTaBKofi 200 MJIH.py 6 . no,a 16%

cTaBKofi 200 MIH.py6. no, 13%

c H3MeHoiEiefkc.I

CpexcTBa

cTaBKOM 200 MjiH.py6. non 16%

cTarKok 200

c 4HnKCHpOBaHHOH

Cpe.cTBa

cTaBKoA 800 MIH.py6. no, 16%

cTaBKoz 800 maH.py6. noA 12%

AKTHBIbl

AKTHBBI

1250

Bcero: py6iieik

MnH

Py6.nema MapxCa(MJIH.)

c

2%

1.0

3%

6.0

4%

8.0 "rn"

4%

32.0

3.76%

47.0

43HKCHPOBaHHOH

MnH.py6. no,

12%

c

4)HKCHpOBaHHOH

1250 mnH py6nef

81


llpipIoieHHe 3.4 rIpHMep yIapawjieHi "r3rIOM" (6omiuofi "31I I1pH BMlCOKOIl ripoileHTHofr cTaBKe) AKm.

O6mameihcrma

CUp3A

C6a.naHcHpoBaHHme rio CpOKaM aKTHBbI -

50 MRH.py6. no, 2096 AKTHBI c

3MmHemogeCikcI

C6anaHcHpoBaHHmle no CpOKaM pecypcuL

Pecypcii c

1.0

3%

6.0

6%

36.0 "rrnt"

4%

16.0

4.72%

59.0

M3MeHmomeftcS

cTaBKoR 600 mmi.py6. nop 18%

AKTHEB c H3MeHSlOeikcMCSI

CpeacTBa c 4)KCHpOBaHHOrl

cTaBKoM 600 MAH.py6.

cTaBKoMk 600

;

mrnH.py6. no, 15%

AKXHBM c

CpeAcTBa c

4HKCCHPOBaHHOi4 cTaBKok 400 MAH.py6.

4HKCHpOBaHHOfi

no, 19%

2%

50 mmi..py6. noA 18%

cTaBKoM 200 MnH.py6. noA 21% -

no, 21%

Py6nenzw

Map]Ka(MqH.)

,

400 mnm.py6. no, 15%

cTaBKoM

Bcero: 1250

MJH py6nek

1250 Mmi1H py6aieA

82


HpJoIKoeHHe 3.5 'IyBcTBHfeJHOCThb npOLeHTn e MAfA aoAAapoe qyBCTBHTCelbHOCTb

IIOpieHTHbE CTaBOK CpeCHHe ocTaTKH Ha leKa6pb 1991 r.

x CTaBOK

u

Norwest

Kopnopaquw

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nrUaTe)KH).

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Bcero o2uH1aeTcm yGIUTKOB Ha 8.76 MEJnIoHa Aonnapos mm 2.92% or oT6ueii CYMMbZ BbhAaHHbIX KpeAHTTO3.

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npOrpaMMLI nO2OTOBKH npenoAa1aTCAen 6aHKoBcKoMy Aeny H

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Ounancoeanpe4iopMa e cmpanax CO,uaAUcmuWecKo 31COHOAUCU nepexoHiiozo nepuo*ai -

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MaterialsAvailable in English This handbook was prepared by the author to

CommercialBank Risk

serve as support material for training of trainers programs in market-based banking and finance

Management Training HIandbook

/

By K.J. Walraven

risk, industry risk, interest rate risk, foreign

1992; 87pages

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

Regulation, Supervision and Bank

ank

Beguafio, Suand

Analysis Training Handbook -

LS

-

of the by EDI for the Republics organized on It focuses Soviet Union. former management of the following risk areas by banks operating in a market economy: credit

=

-

By Robert S. Porter 1992; 103 pages

Banking and FinancialRisk

Management TrainingHandbook

This handbook was prepared by the author to serve as support material for training of trainers programs in Omarket-based banking and finance organized by EDI for the Republics of the former Soviet Union. It provides an introduction to banking regulation and supervision by discussing the purpose and objectives of bank supervision, the organization 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 serve as support material for the seminars and

training courses in market-based banking and of finance organized by EDI for the Republics the Commonwealth of Independent States. It

covers training materials in outline form

By MargaretE. Osius and Bluford A.

Putnam P1tna2 2cases, 1992; 253 pages

EDI Catalog No. 340/063

concerning structure and functions of a

modern bank, accounting framework andcredit risk analysis, asset and liability management, financial markets, role of the 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.


Glossary Banking and Finance Bakingcollaboration Glossry English-Risan/Russian-English ---

By Vyacheslav N. Shenaev, Yakov M. Mirkin, Lubov A. Schvechkova

1992; 226 pages

Village Associations in Senegal:

Economic Functions and Financing Methods

BRy Claulde 1991; 23 Du pay EDI Catalog No. 340/055:

Ihe Art of Bank Restrucuring. Issues and Techniques

=

By Andrew Sheng 1991; 49 pages EDI Catalog No. 340/054

This glossary was prepared at the State Finance Academy, Moscow, by the authors in with a team of EDI speciaists in 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 assist in the interpretation of modem banking and financial texts in the English language. It is not comprehensive; instead it focuses on accounting, banking operations, risk analysis, banking portfolio evaluation and management.

Through the case study of the Village Association of the small village of Seleki in Senegals southern province of Casamance, this article documents the emergence of an informal public sector in response to a widespread crisis in government finances. The author's thesis is that this emergence is the result of two -paralle'-developments. First, 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 nmain issues involved in bank failure, oranized according to the analytical framework provided by the New Institutional Economics. The emphasis here, however, is on the discussion of the different techniques of bank restructuring used in different countries. The techniques 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? And What to Do About It?

and implications the causes paper reviews This and bank distress financial of widespread insolvency, and suggests a possible way to treat

~ ~the

By Arnstobulo de Juan 1991; 33 pages EDI Catalog No. 340/053

problem. The author proposes a strategy that places special emphasis on the role of institutional reform because, when widespread financial distress occurs, such institutional 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

explanation of why credit projects fail, and Finance at the Fronter: Debt Capacity and the Role of Creditin suggests how financial systems can become more responsive, stimulating economic growth. the Private Economy .

-

J.D. Von Pischke 1991; 427pages EDI Catalog No. 340/051

FinancialSector Adjustment and Management: Frst Princple.s Problems and Policies By Philippe Callier 1991; 27p s 1 7 pages EDI Catalog No. 340/050

It

explores

the

special

characteristics

of

the addresses and markets financial to efforts shortcomings of conventional improve financial markets in developing cost-reducing discusses It countries. innovations which can be achieved through market-niche strategies which will improve Finally, it suggests how performance. intervention can be consistent with sustained financial market development.

This paper reviews general issues related to financial systems and policies in the context of economies relying to a significant extent on market mechanisms to allocate resources. After a brief introduction describing the functions of the financial sector in a market economy, the paper presents an inventory of the most common problems hindering the effective 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."


FinancialSystems and Development in Africa -

This book assembles in a single volume the collection of documents circulated at the Senior Policy Seminar on Financial Systems and Development in Africa held in Nairobi, Kenya from January 29 to February 1, 1990. The approach of the book is a practical one, focusing on the current views and thoughts of 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.

=

Edited by Philippe Callier 1991; 275 pages EDI Catalog No. 340/049

From Good Bankers to Bad

Bankers: . -. . Ineffecve Supervision and Management .Deteriorationas MMajor Elements in B=Mng Crises = - - -. Biy Aristobulo de Juan

1991; 15 pages EDI Catalog No. 340/047

-

This Working Paper stresses the role of bank management as a major element in all banking cnses Even when the crisis has its roots in macroeconiomics conditions or in unexpected changes in government economic policy, and not initially in poor management, good bankers, when in trouble, often become bad bankers through a series of deteriorating attitudes. The paper analyzes the causes and consequences of the mechanisms at work and 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 FinancialMarkets in Sub-SaharanAfrica

This paper briefly reviews the role of financial markets in the development classifies the different types of markets process, and discusses the obstacles to and requirements for the

By PaulA. Popiel

development

B1990; 34 pages EDI Catalog No. 340/046

of these

Sub-Saharan African region.

markets

in

the


FinancialSystems and Development

~quarter

m --

By Millard Long

1990; 17pages EDI Catalog No. 340/045

This paper reviews the evolution of financial systems in developing countries over the past of a century and presents an overview of the steps needed to build efficient financial systems. A more comprehensive review of this topic appears in The World Bank's Policy & Research Series under the same title (Financial Systems & Development) in 126 pages, reprinted from the Bank's 1989 World Development Report. When ordering, please specify long or

short version.

Bank Supervision: Principles and Practice By Andrew Sheng 1990; 27pages

-

EDI CatalogNo. 3401044

As creators of money, custodians of public savings and operators of the payments mechanism, banks have to be regulated in the = ~public interest. The objective of bank regulation is to have a sound, secure, efficient and innovative system that is responsive to consumer needs and market forces and free 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 strategy model has failed. It then discusses the role of the financial system in fostering a Implicamionsfor the FnancialSector successful implementation of the alternative, development strategy. -Soutward-oriented ~

Outward Versus Inward Development Strategy: By Manuel Hinds 1990; 30 pages EDI Catalog No. 340/043


FinancialSystems and Development in Africa

This report

synthesizes the presentations made at the Senior Policy Seminar on Financial Systems and Development in Africa, held in Nairobi, Kenya from January 29 to February 1, 1990, and the content of the discussions which followed. The report first surveys the recent and likely future international developments 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

By Alan Roe

1990; 42 pages EDI Catalog No. 340/042

;

-

-

African financial sectors: development banks,

informal financial institutions, and money and capital markets.

Policiesfor Developing

Financial =nan a Markets =ks =

-

By Hans Horch and Paul A. Popiel SeEtember 1989 14 talog .1 340/04pages

EDI Catalog No. 340104.1

This paper outlines the policy approaches and the policies that guide and foster development of money and capital markets. begins by reviewing the requirements for It their successful development. It continues by discussing some of the major distortions that prevent this development. Finally, the paper looks at the benefits of an actively planned approach to this

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 n iKo

a

By Hans Horch and Paul A. Popiel September 1989; 22 pages EDI Catalog No. 340/040

This paper retraces the development of

securities markets in Korea and analyzes the

main factors that led to their staged, strong growth. It surveys the main elements and mechanisms that constitute these markets today. The development of securities markets in Korea presents a good example of the 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.

Recent Developments and Innovations in Internatonal FinancialMarkets -

_structural

By PaulA. Popiel September 1989; 11 pages

EDI Catalog No. 340/035

The Restructuring of Financial Systems in Latin America --By Alan Roe and PaulA. Popiel July 1990; 29 pages EDI Catalog No. 340/033

This paper takes a look at the recent developments in financial markets around the world that have sharply intensified the process of financial innovation. In a broad sense, two encompasses innovation financial interrelated developments. The first is a change in financial intermediation,

and the second is the emergence of a number of new financial instruments. These developments permit a better distribution of 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 took place at the Policy Roundtable on Managing Financial Systems in Latin 1988. America, held in Punta Del Este in December The the focused mainly on days of discussions three problems related to financial stabilization and adjustment.topicality Three ingeneral problemstoday of Latin America particular 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 Markets in Brazi N1 NO'

-z

This paper -

By Hans Horch and PaulA. Popiel

Spebr1989;2pae September 1 25 pages EDI Catalog No. 340/030

nt i D Financial-InfitutionSin Diress: Causes and Remedies --

-It

By Paul A. Popiel

September 1988; 34pages EDI Catalog No. 340/024

-V

retraces

the

development

of

securities markets in Brazil and analyzes the main factors

that led to their rapid growth. It reviews subsequently the main elements and mechanisms that constitute these markets today. The presents development of securities in Brazil a good example markets of the 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.

This -paper examines the phenomenon of. finncW distress that '-took on. worldwide-: dimensions during the late 1970s and the 1980s; traces the causes of distress to external and internal shocks that affected developing countries and to management problems. It further outlines various options and steps 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.)

issues for FinancialInstitutions --

By Robert Vogel June 1988; 12 pages EDI Catalog No. 340/023

Ihis paper explores the problems that financial institutions face when the financial system to which they belong is being reformed or, more

generally, when the economy goes through a phase of adjustment. (Ce document est disponible en francais. Reference IDE No. 340/023 - French.)


Internaland External Imbalances .-

By Mohammed Skhiri June 1988; 10 pages EDI CatalogNo. 340/022

This paper examines the macroeconomic ituation of Tunisia as the 1980s began and the imbalances that necessitated fundamental changes in macroeconomics and financial policies. It outlines the policy thinking and strategy that led to a major turnaround in the management of the economy and of the financial system. It discusses the sequencing of 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 structural reforms undertaken by Turkey in the

and Adjustment Policy: The Case of Tunisia .c

Wz

Structura Adjust t Structural Adjustment:

1980s that were of major significance

Ihe Case of Turkey -

-between

By Rusdu Saracoglu Governor, Central rank of urkey ank of Turkey

June 1988; 15 pages EDI CatalogNo. 340/021

.Fnancial

By Millard Long

June 1988; 9 pages EDI Catalog No. 3401020

Sector

in

Turkey's adjustment strategy. It differentiates economic stabilization policies and structural adjustment policies, and emphasizes the necessity of a pragmatic and flexible approach to the implementation of policies. It draws conclusions from Turkey's experience. This paper was 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.

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 shocks that affected developing countries during that period and to overexpansionary 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 FinancialAdjustment in dlI

m

C

oe

Ce

nris

By Alan Roe and PaulA. Popiel August 1988; 51 pages EDI CatalogNo. 340/019

Development of Money and

Capita_lMarkets

By Paul A. :Popiel with- comments by Prof.Dr. Ismail Turk, Chairman, CapitalMarket Board of Turkey JEDne 1988; 29 pages EDI Catalog No. 340/017

Reform of the FinancialSector -

By Dr. J. da Silva Lopes June 1988; 17pages

EDI Catalog No. 340/012

g

E

This report summarizes the discussions of 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. The seminar's aim was to consider the role financial policies and institutions play in the process of adjusting an economy to 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.

This paper reviews the prerequisites necessary for accelerating the development of money and capital markets in the context of developing economies of Europe, the Middle East, and North Africa. These countries feature stroigly predominant banking sectois and under-developed money and capital markets. Such a situation restrains efficient mobilization and allocation of financial resources and in particular thwarts the supply of long-term finance and equity.

This paper surveys financial adjustment in: a ~number of countries of Europe, Middle East and North Africa. It focuses on the difficult

problems inherent in managing deregulation of interest rates and noninflationary financing of public sector deficits. The paper draws on experiences with financial adjustment in Egypt, Jordan, Hungary, Morocco, Portugal, Tunisia and Turkey.

Управление рисками коммерческого банка  

Учебное пособие (1993)

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