Banking services in Russia: theory and fact icon

Banking services in Russia: theory and fact



НазваниеBanking services in Russia: theory and fact
Дата конвертации07.08.2012
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Banking services in Russia: theory and fact


Candidate Name: ...........................................PolozovAlexander.Category and Candidate Number: ...........................0-0460-013Extended essay.Economics.Banking services in Russia: theory and fact.Abstract.The topic of my essay is the banking system of Russia. The situation inRussia nowadays, due to the historic and unprecedented changes occurring inthis country, is one of the most interesting fields of analysis andresearch. While studying the materials on the banking system in Russia Icame across many deviations from the well-established standards of thebanking system in Europe and some facts showing that in real life banks inRussia do not follow laws and regulations. So in my research I try toanswer two questions.Is the banking system in Russia fully developed?Bank services in Russia: theory and fact. Do they differ?In order to answer the first question I compared the European bankingsystem to the current banking system in Russia as it is regulated by lawsand by governmental acts and decisions. In order to answer the second question I analyzed the information Ireceived while studying the activity of the ‘’Incombank’’ branch inChelyabinsk and while interviewing clients of other banks in Chelyabinsk inthe summer of 1997.I have analyzed the theory and fact of the banking system from thedefinition of non-traditional operations and could state that out of sevenpositions I have looked into, only in four does the banking system inRussia agree with the European banking system. The differences lie in thelimitations for the private sector and in prolonging bank operations forcompanies. From this information, we can conclude that the Russian bankingsystem has not fully developed yet.Evaluating the activity of Russian banks in practice I could state thattheory and fact differ along all lines.The Russian government should review its banking regulations and banksshould enforce these laws without breaking them. Banking services in Russia: theory and fact. The economic situation in Russia, due to the historic andunprecedented on-going changes in this country, is one of the mostinteresting fields of analysis and research. I have chosen the bankingsystem for the topic of my essay as it is one of the most importantinstruments of the economy. While studying materials on the banking systemin Russia I came across many deviations from the well-established standardsof the banking system in Europe and some facts showing that in real lifebanks in Russia does not follow the laws and regulations. In my research Ihave tried to answer two questions. Is the banking system in Russia fully developed? Banking services in Russia: theory and fact. Do they differ? In order to answer the first question I compared the European bankingsystem and the current banking system in Russia as it is regulated by lawsand by governmental acts and decisions.
In order to answer the second question I analyzed the information Ireceived while studying the activity of the ‘’Incombank’’ branch inChelyabinsk and while interviewing clients of other banks in Chelyabinsk inthe summer of 1997. Banks are the most important link in the world of money. This isbecause, first of all, banks nowadays perform the main part of the work oftransferring money from a customer to a seller, by operating the system ofpayments in the economy. Almost everyone in the world uses or has usedbanking services. Families keep their savings there, and banks pay theminterest rates on their deposits and give them loans to buy expensivegoods. Companies conduct payments through them. Commercial organizations,which work at the market and in production, take loans for their needs andconduct all payments with buyers and sellers through them. Landowners andowners of real estate take loans from the banks to buy an estate or to makeuse of it and pay back loaned money. As we can see, everything in the economy is controlled by money, andbanks are a tool-kit for the economy - controlling the money circulationbetween firms, depositors and loaners, and offering services to make thatcirculation easier for them. Banking services also have a productivenature. Even such a simple operation as the admission of money on depositsfrom people and companies involves a huge productive force. аbank does notjust collect money - it converts non-working, unused money resources, toworking assets. This is also true of credits given to companies and firmsfor the development of their productive and financial activity. а healthyand stable economy of any country depends on healthy banking services. Nowwe will see if the banking system in Russia and, in particular, in my homecity of Chelyabinsk gives any chances for our economy to develop. All banking services can be divided into specific and nonspecificservices. Specific services include: 1) deposit operations; 2) creditoperations; 3) payment operations. Deposit operations are the operations of placing clients’ money intothe bank on deposit. While keeping money for its clients, the bank paysthem interest.[i] Credit operations are the operations of giving loans to bank clientsand receiving, in exchange interest rates on those loans. Credit operationsare the main operations of a bank. Banks are the biggest center of credit.Credit operations form the main specific weight of any bank’s assetsbecause they give the biggest profit to the banks.[ii] Payment operations by banks can be fulfilled in cash or in transferpayments. Banks can open different account numbers for their clients andcan fulfill their payment orders related to buying or selling goods, payingwages, transferring tax payments and making all other important payments.In issuing payments the bank is acting as an intermediary between sellersand buyers, companies, tax agencies, citizens, and the budget. These three types of bank operations are commonly called traditionalbank operations. The term ‘traditional’ is applied because all of theseoperations together establish what we call a bank.[iii] Cash operations can also be regarded as traditional operations. Theyare the operations of giving out cash money to the clients from theiraccounts and cash exchanging cash currency. According to the law, theseoperations have not been included in the basic operations that form up abank, but in their meaning they reflect the essence of the bank system. Itis difficult to imagine a bank that has deposits, gives loans and conductspayments, but does not have cash operations.[iv] Additional operations can be placed between traditional andnontraditional operations. They include currency operations, and operationswith securities - with gold, precious metals and ingots. а bank does nothave to include these operations in its activities. In 1994 the majorityof banks did not have a currency license, and even nowadays in our citybanks are not allowed to make operations with gold, precious metals andingots, yet they have not lost the right to be called banks. All other services are included in non-traditional services. There aremany of them, such as: intermediary services; services directed to the companies’ development (inculcation of thestock exchange, placing shares, juridical help, information services etc.); giving guaranties and collateral; trusting operations (including consultations and help in themanagement of the clients’ property); providing accounting help to the companies; presenting the clients’ interests in the court; tourists services etc.[v] All banking services are also subdivided into paid and free services.аbank can decide which services will be paid for and which not, but untilnow every single activity of the bank has been paid for by clients and allservices have been divided into very expensive and inexpensiveservices.[vi] I think that this is due to the fact that in the new Russiait was easy to make money and everyone wanted to do it as quickly aspossible. Companies, therefore, had nowhere else to go and they had to payextremely high interest rates and charges for services. Nowadays everythingis changing because of increased competition between banks and some of themare trying to attract new clients by lowering the charges for theirservices.[vii] Now, for every service, we will compare how it should work accordingto the law and how it really works. All further information will bepresented in facts taken from the activity of the ‘’Incombank’’ branch inChelyabinsk for the 1997 year. In order to illustrate the problem of deposit operations I have todwell upon some facts of the history of our economic system. First of all,in 1992, after the fixed prices were ‘’freed’’ in Russia, a crisis occurredwith money circulation. It also led to hyperinflation. So the money withwhich you could buy a car in 1985, changed in 1993 to worthless paper withwhich you could hardly buy a book. The situation became even worse when thebanks decided to give out the limited amount of money to any client (notmore than 500 roubles in one month) even if this client had a larger sum ofmoney on his account. Therefore, with hyperinflation, 5000 roubles on anyaccount in 1985 (5319$), in 1993 became 12$ with interest rates.[viii] Soeveryone who had a long-term deposit lost all his money. Also, it waspopular among Russians to open saving deposits, for 1000 roubles (1063$),for their new-born children which were paid to the bank for several yearsand could be taken out only when the children who were insured reached theage of 18.[ix] Everyone who was too young to take his money lost it. Evennow, while I am writing this work, the central bank and the government areputting into action another historical swindle, erasing three zeroes onbanknotes.[x] Even after the central bank had promised their clients torecalculate the savings made before the ‘90s according to the level ofinflation all money will loose three zeros.[xi] So that which was 1000roubles (1063$) in 1985, will now become 1 rouble (16 cents).[xii] Thecentral bank has fooled everyone in the country. Who will trust the banksafter this point? No one. This lack of trust has led to a shortage in themoney supply to banks. This situation in the country creates a distrust ofclients to banks, on one hand, and of banks to government policy on theother hand. The result is that the deposit operations have become less invalue and shorter in terms. In the situation of shortage, banks have had to decide how to raisetheir money supply. They have decided to do it in a real new Russian style:if people do not want to give them their money, the banks will force themto do it. For instance, in our town ‘’Incomebank’’ signed an agreement withalmost all factories and big companies about paying salaries to theirworkers through the bank credit cards.[xiii] The same agreement was signedwith all institutes and colleges. Now, students can withdraw their grantsonly by their ‘’Visa’’ and ‘’STB’’ cards. Before this, the owners of creditcards had been very rich people. Perhaps the bankers figured that newowners had to feel happy about receiving one of the privileges of the rich,but the people did not. They now must pay 20$ every year for a credit cardand 5% on every amount which they take in cash.[xiv] In such a way bankshave forced common workers to keep their money with banks. Payment operations in Russia are not developed yet. There are almostno payment services for the private sector. First of all, this is becausejust a few shops in our city accept credit cards. The second reason forthis is because a private person is not allowed to make any transferpayments.[xv] Movements of money from a buyer to a seller take place onlyby cash, and if someone wants to buy a house or a car he must pay the wholeamount in cash. This is why Russian people abroad almost always pay withcash. It is because they cannot transfer their money abroad and even payfor their holidays by transfer payments. It is still so, even after thecentral bank representative appeared on a TV news broadcast and gave aninterview to important newspapers insisting from now on people would beallowed to make transfer payments abroad - but not more than 2000$ peroperation. He said that in May of 1997 and still nothing has happened.Still, nobody can transfer even 500$ abroad. Dangles, everyone knows thatthe law already exists but banks can’t transfer money because they do nothave the permission to do so.[xvi] It makes life for more difficult manypeople, because they can take only 500$ abroad or not more than 10000$ witha bank document.[xvii] Such a document shows that a person has exchangedthat amount from roubles to dollars. If a man goes to Europe for a shortholiday it will be enough, but if he is going to live there for a long timeor he is going to study there he has a problem. He is allowed to have anaccount abroad for a time while he is there, but nobody can transfer anymoney to pay his expenses. Payment services for companies are also not very convenient for theirusers. Payment operations and all money transfers inside Russia are goingthrough a special branch of the central bank in the city and everywherewhere money stops it spends some time and is used. If you give an order tothe bank to transfer the money in one day, you will be lucky if they do ittwo days after that, then when this special branch of the central bank getsthe money it takes it 3-5 days to record the operation and just after thatit will send the money to the next bank, and even the bank to which youhave transferred the money will keep it for 2-3 days before they will tellyou that they have already received it.[xviii] This is only if that paymentoperation is inside your city. If you are transferring the money to anothercity then the special central bank branch of your city transfers the moneyto the same branch in the town you are transferring the money to and therethe money is recorded again and after 3-5 days the bank receives it.[xix]The shortest time in which you can transfer money from one bank to anotherinside one city is 7 days, and between two cities about 10 days. Accordingto the law it has to take only 3 days in local operations and 6 days ininterurban operations - the time while the special branch of the centralbank keeps the money.[xx] It is also not a very short period of time butbetter than 15 days - the period it takes to transfer money in reality.This has led to an increasing number of illegal cash payments betweencompanies. Payment operations for companies outside Russia are more complicatedthan anything else in the bank system. You must sign a contract with aforeign company about buying goods there. Then you have to show thecontract on that bargain to the Customs with all prices and the list ofgoods purchased. After they have checked everything they issue a passportand register the number of the transaction. Only after that you are allowedto send an exact amount of money for which you have the passport. Afterthis, you are allowed to give an order to the bank about transferring theexact amount from your rouble account number to your currency accountnumber. In other words you are buying currency. It takes the bank up to 5days: it depends on availability of that currency. After the money isexchanged you are allowed to give the payment order to the bank to transferthe money. Than the money goes to the special central bank branch and onlyafter that goes to the foreign bank.[xxi] But the procedure isn’t finishedyet. After getting the goods the duty-agencies are checking everything andjust after all taxes and custom duties are paid the passport of the bargaincan be closed.[xxii] The whole operation takes about 8-10 days, includingall customs checks. According to the law it has to take you only 3 dayswhen the special central bank branch keeps the money, plus the time neededfor custom-agencies to check and register the documents.[xxiii] Thus, itseems that payment operations are set up with the aim of delaying moneytransfers and of keeping money inside the country. It looks as if allclients just interfere with the activity of the banks and they even behaveas if it would be better for everyone if clients just gave their money tothe banks for their needs and would not interrupt their work again withtheir requests. The main aim of the credit system world-wide is to raise investmentsfor the economy of the country. So the credit system should attract clientsto borrow money from the bank by offering low interest rates and, simpleprocedures. The bank has to invent a means of doing that, because thewelfare of the bank depends on it. In our city in Russia, it looks as ifour credit system is opposed to a European-type credit system and iscreated to scare off all borrowers with high interest rates and theunwillingness of the banks to give any loans. Now I will show it withfacts. According to the law, credit operations for the private sector existin our city. Banks should give credit to people to buy expensivegoods.[xxiv] Yet banks refuse to do that for anyone for any reason, becauseit does not give them big profits and takes away a certain amount of moneyfor up to 10 years. Thus, this operation is almost nonexistent. On theother hand people rarely want to take such loans. First of all because thecompanies where they work cannot take big loans for the replenishment ofcurrent capital. For this reason, companies have to work on prehistoricequipment, without having any chance to pay suppliers and to pay wages toworkers. How can people consider taking a loan for 10 years if they have nostable income? аvicious circle persists.[xxv] The credit system for companies is developed better than that for theprivate sector. But even to companies, banks do not want to issue any loansbecause of the high risk of losing money. Before if a bank lost money onloans it was compensated by high profits on the financial market and alsoby inflation. ‘The less the better’ became a slogan of the banks. Now theydemand a higher security of loans and higher a profitableness of projects.To secure their investments, banks have begun to acquire big packages ofshares of the companies into which they invest. So the obtaining of theloans is limited now but the demand for credit is huge.[xxvi] Companies areexperiencing a shortage in current capital and need money for investments;the private sector is looking for acceptable consumer loans and mortgageloans. Thus, in this situation even at high interest rate loans aredifficult to get. Banks create their own rules of giving loans and decidewho is worth the loan and who is not. Now it looks as if banks gave apriority to companies which are involved in trade-intermediary activities.Under the conditions of the currency corridor the profitableness of importtrade operations is relatively high, and the circulation of the money isquick. Therefore these companies can take short term high interest ratesloans.[xxvii] ‘’Incombank’’ gave about 45% of its credit resources to suchcompanies. Also, banks still give credits to fuel-power complexes and tometallurgical companies. To finance these companies ‘’Incombank’’ gave upto 30% of its resources.[xxviii] While giving loans, banks take into consideration the security of theloan as well. This is a well-established practice in all banking systems.But in Russia banks choose to take only real estate and property assecurity. The terms of loans are also peculiar in Russia. The loan has tobe not more than 70% of mortgage, and the interest rate is floating from25% up to 35% a year on currency loans and from 100% up to 180% a year onrouble loans.[xxix] But as the demand for loans is huge, banks feel likekings, because whether or not a company depends on their decision. Thisleads to demoralization and corruption in the banking system, even thougheach banker signs the honor code of bankers in the ‘’Association of Russianbankers’’.[xxx] Cash operations in Russia also operate on a low level. In consequenceof the shortage of money, almost all deposit money is given away as loansand investments. So it often happens that a bank does not have enough moneyto pay out to clients. Even the existence of the federal bank reserverequirement (10%) does not scare banks and they often have less cash.[xxxi]The run on a bank has become a common practice in our banking system andbanks have become used to it. Nowadays people can get only up to 1000$ onfirst demand, and they have to order any amount of money higher than 1000$in advance. They will have to wait for their turn to get the money. Thegovernment even sets a time limit for this operation: up to 5 days.[xxxii]Yet banks often break that law, excusing themselves with a shortage of cashmoney. Also, the owners of credit cards have problems with getting moneyfrom them. In spite of the fact that the banks have signed an agreementwith the European banking system about cooperation, banks in Russia do notexecute that agreement. In our banks even the owners of gold credit cardswith the limit up to 25000$ can take only 5000$ per operation on generalfoundations.[xxxiii] That means that they have to wait up to 5 days eachtime to get 5000$. According to the agreement and to the law banks have topay out the amount of money in the limit borders immediately.[xxxiv] From additional operations banks commonly practice only currencyoperations, because they do not have licenses for other operations.[xxxv]Even currency exchange presents a lot of problems for individuals. First ofall people have to bring their passports for that operation or forregistration of any kind of exchange in tax agencies. Thus, the privacy ofthat operation has disappeared, and that leads to the development of thatoperation on the black market. If banks go on creating impossibleconditions for clients that will lead to the development of theseoperations on the black market and, therefore criminal groups, instead ofbanks, will invest the huge profits in to the industry. Non-traditional operations in Russia do not exist at all. Or ratherthey are written down in regulations for the banks but the demand for theseservices in Russia is zero. This is because no one trusts the banks andbanks do not want to practice that activity either, because of smallprofit. In our city not a single bank has in its staff a person who isoccupied with one of the non-traditional operations.[xxxvi] Having analyzed the information I can now show it in simple data-bases. To answer the question if the Russian banking system is fullydeveloped, I will compare the theory of generally accepted European bankingservices to the results of my essay. The Russian banking system:|agree in: |differs in: ||definition |Payment operations in private ||deposit operations |sector: ||credit operations for |no transferring of the money allowed||companies | ||non traditional operations |2.Payment operations for companies: || | || |all operations through the central || |bank || |time delays are allowed by the law || |payments abroad are through custom || |checks || |Credit operations in private sector:|| | || |maximum term of loans is 10 years || |Cash operations: || |time delays are allowed by the law || |Additional operations: || |only the central bank has the || |license for operations with gold, || |precious metals and ingots || |tax-agencies register and check || |currency operations | As we can see there are a number of differences between the Russianbanking system and the European banking system. This means that the Russianbanking system has not fully developed yet. According to my research the Russian theory of the banking systemdiffers from the established facts. The final results I can show on thefollowing data base. The Russian banking system: theory and fact. Do they differ?|agree in: |differ in: ||no points |Definition of banking system: || |not all services are carried out || |the laws are not executed || |Deposit operations: || |clients are forced to keep the money on || |deposits || |3.Payment operations in private sector: || |few shops accept credit cards || |4.Payment operations for companies: || |take more time || |5.Credit operations in private sector: || |banks are unwilling to give loans || |6.Credit operations for companies: || |banks are not objective while choosing || |future clients, which leads to corruption || |7.Cash operations: || |the withdrawal of money is limited || |clients wait for several days to withdraw || |big sums || |8.Additional operations: || |movement of these operations to black market|| | || |9.Non-traditional operations: || |do not exist | The Russian money institute is called a banking system, so it has toconform to the standards and try to approximate the generally acceptedlevel. As we can see from the facts, however, Russia is yet far away fromthe accepted standards and the real practice of the Russian bankingservices is different from what it should be according to the Russian lawand theory of the banking system. Of course, I do not presume to present adetailed analyses of all the problems involved. But even my personalresearch can show that the Russian banking system is far from ideal. Firstof all, all banks are using their superior position in the finance market,and all their activities are boiling down to making bigger profits with theminimum risk. Thus, banks are often breaking the law by not conductingoperations in which they could lose their money, or operations with lowprofitability. The result is that not all operations are fulfilled as theyshould be, because of the prepossession of the banks to their clients. Inthe private sector this situation leads to the distrust of banks by clientsand, as a result, banks receive less money for their operations. In thesituation of time delays and other difficulties with money operations,companies are losing their money: with a healthy banking system a companycan get a bigger profit. In the situation of unstable economy banks shouldbe the instruments of the government and should help the industry todevelop. But in Russia everything is different: the government issuesimpossible laws and banks demand impossible interest rates, delay the moneyand break the law. How can it help the Russian economy? In the end, clientsare afraid of using banking services and this apprehension limits cashflows. This leads to less investment in industry, and undeveloped industryis the main problem of the government. On the other hand, companies arereceiving fewer loans because of the unwillingness of banks to give any.This again leads to undeveloped industry. Therefore we may conclude thatone reason for the recession in Russia is the deficiency of the bankingsystem that leads to unhealthy money circulation. The government shouldreview its banking laws if it really wants to see a stable economy inRussia.Source of the information: . primary: . personal interview with a bank official Nina Myakshun, General Manager Chelindbank, Kalininsky branch, Russia, Chelyabinsk, Kaslinskaya 25, 454084 tel. (8-3512) 35-85-52 . personal interview with a duty agency official Svetlana Savosina Director of Aeroflot Duty Agency, Ekaterinburg Branch tel. (8-3432) 61-76-97 . secondary: . books:6. The Civil Law Code of the Russian Federation, Part II (Chelyabinsk: Kniga, 1996).7. Comments on the Law on Mortgage of the Russian Federation (Moscow: Respublika, 1993).8. Kochmola, Bank: Payment and Cash Operations (Moscow: E.B., 1997).9. Bank Operations (Moscow: Infra-M, 1995).5. Lipsits, Economy without Mystery (Moscow: Delo, 1993).6. Commersant, N6(165) (February, 1996).7. Audit Review of Incomebank (Chelyabinsk: Incomebank, 1996). . broadcast TV news: 1. NTV evening broadcast news 2. ORT evening broadcast news 3. ORT 6 o’clock broadcast newsBibliography:The Civil Law Code of the Russian Federation, Part II (Chelyabinsk: Kniga,1996).Comments on the Law on Mortgage of the Russian Federation (Moscow:Respublika, 1993).Kochmola, Bank: Payment and Cash Operations (Moscow: E.B., 1997).Bank Operations (Moscow: Infra-M, 1995).Lipsits, Economy without Mystery (Moscow: Delo, 1993).Commersant, N6(165) (February, 1996).Audit Review of Incomebank (Chelyabinsk: Incomebank, 1996).Note: As the books I have used are published in the Russian language Ihave translated the titles into English for the convenience of those whoare going to read the Bibliography.Footnotes:-----------------------[i] Bank Operations (Moscow: Infra-M, 1995) 17.[ii] Bank Operations (Moscow: Infra-M, 1995) 17-18.[iii] Bank Operations (Moscow: Infra-M, 1995) 19.[iv] Bank Operations (Moscow: Infra-M, 1995) 19.[v] Bank Operations (Moscow: Infra-M, 1995) 21.[vi] Commersant, N6(165) (February, 1996) 29[vii] Commersant, N6(165) (February, 1996) 24.[viii] Audit Review of Incomebank (Chelyabinsk: Incomebank, 1996).[ix] Interview with a bank official. (24.08.97)[x] Media information.[xi] Media information.[xii] Interview with a bank official. (24.08.97)[xiii] Interview with a bank official. (24.08.97)[xiv] Audit Review of Incomebank (Chelyabinsk: Incomebank, 1996).[xv] The Civil Law Code of the Russian Federation, Part II (Chelyabinsk:Kniga, 1996) 43.[xvi] Interview with a bank official. (24.08.97)[xvii] Interview with a duty agency official. (27.09.97)[xviii] Kochmola, Bank: Payment and Cash Operations (Moscow: E.B., 1997)28.[xix] Bank Operations (Moscow: Infra-M, 1995) 68-74.[xx] The Civil Law Code of the Russian Federation, Part II (Chelyabinsk:Kniga, 1996) 86-89.[xxi] Interview with a bank official. (24.08.97)[xxii] Interview with a duty agency official. (27.09.97)[xxiii] The Civil Law Code of the Russian Federation, Part II (Chelyabinsk:Kniga, 1996) 128-130.[xxiv] Comments on the Law on Mortgage of the Russian Federation (Moscow:Respublika, 1993) 7.[xxv] Commersant, N6(165) (February, 1996) 28-29.[xxvi] Bank Operations (Moscow: Infra-M, 1995) 76.[xxvii] Commersant, N6(165) (February, 1996) 26.[xxviii] Audit Review of Incomebank (Chelyabinsk: Incomebank, 1996).[xxix] Comments on the Law on Mortgage of the Russian Federation (Moscow:Respublika, 1993) 26.[xxx] Lipsits, Economy without Mystery (Moscow: Delo, 1993) 271.[xxxi] Interview with a bank official. (24.08.97)[xxxii] Kochmola, Bank: Payment and Cash Operations (Moscow: E.B., 1997)33.[xxxiii] Commersant, N6(165) (February, 1996) 27.[xxxiv] Kochmola, Bank: Payment and Cash Operations (Moscow: E.B., 1997)43.[xxxv] Interview with a bank official. (24.08.97)[xxxvi] Interview with a bank official. (24.08.97)




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