Credit mechanism and its main elements. The mechanism of functioning of the credit system. The role of credit in the modern economy

The credit market is the sphere of circulation of loan funds. The model of any credit transaction can be represented as a chain consisting of at least three agents (a savings holder, one or more financial institutions and a recipient), a chain along which credit resources move.

The credit market mechanism is an integral part of the credit mechanism of each individual bank, including the principles of lending, credit planning and credit management. With the help of a credit mechanism, the bank conducts a credit policy.

The inclusion of the main points in the provision defining the credit mechanism will allow the bank's management to identify the strengths and weaknesses of its activities, and positions in relation to competitors - to determine a common line of conduct and ensure a uniform approach to customers.

World banking practice, based on many years of experience in a changing market environment and competitive rivalry of credit institutions, has developed a kind of "code of conduct" for banks, in other words, a set of rules aimed at conducting a balanced credit policy and to a large extent minimize the risk of lending operations. And although the organization of credit relations between a bank and customers depends on the size of the bank, the size of the loan portfolio, the type of loan, the qualifications of bank employees responsible for issuing loans, nevertheless, the process of lending to any bank, if possible, must be divided into several stages, each of which contributes to the quality characteristics of the loan and determines the degree of its reliability and profitability for the bank.

1. Formation of a portfolio of loan applications. A client applying to a bank for a loan must submit an application containing the initial information about the required loan, the proposed security. Based on the information received, the Bank performs a preliminary selection of the most attractive offers and creates on their basis an information portfolio of loan applications for further work.

2. Consideration of the application and negotiation with the future borrower.

The application goes to the loan officer, who, after considering it, conducts a preliminary conversation with the future borrower - directly with the head of the enterprise or his representative. This conversation is of great importance for resolving the issue of a future loan: it allows the loan officer not only to find out many important details of the loan application, but also to draw up a psychological portrait of the borrower, to find out the professional preparedness of the management of the enterprise, the realism of his assessments of the situation and prospects for the development of the enterprise.

When receiving an application for a loan, the bank must study not only various aspects of the loan transaction, but also assess the personal qualities of the borrower - the head of the company.

Assessing the personality of the client, the bank focuses on the following points: decency and honesty; professional abilities; age and state of health; the presence of a successor (in case of illness and death); material security. The bank should not provide a loan to an enterprise whose management is not trustworthy, i.e. if there are indications that the borrower will not scrupulously adhere to the terms of the loan agreement.

3. Assessment of the creditworthiness of the borrower and the risk associated with issuing a loan. After the conversation, the loan officer must decide whether to continue working with the loan application or refuse. If the client's proposal differs in some important aspects from the principles and guidelines of the bank's policy in the field of credit operations, then the application should be resolutely rejected. In this case, it is necessary to explain to the applicant the reasons why the loan cannot be granted. If, on the basis of the results of the preliminary interview, the loan officer decides to continue working with the client, then he must conduct an in-depth and thorough examination of the financial situation of the enterprise - the borrower.

4. Making a decision on the expediency of issuing a loan and the form of its provision - structuring the loan. In the case of a favorable conclusion on the creditworthiness of a potential borrower, a commercial bank decides on the possibility of issuing a loan and, focusing on the creditworthiness class, develops the terms of a loan agreement.

The form of the loan is determined depending on the category of the borrower and the features of the event being financed. For example, when financing some long-term event and with a particularly trusting attitude towards the borrower, the bank can open a credit line for him.

5. Conclusion of a loan agreement and registration of the borrower's credit file. Having made a positive decision on issuing a loan and structuring the loan, the bank negotiates with the client and develops a compromise version of the agreement that suits both parties. At the same time, the bank must take into account the degree of financial constraint of the borrower, the availability of alternative sources of credit from competing credit institutions. If the client's room for maneuver is limited, the bank may insist on stricter conditions in terms of repayment terms, collateral, loan costs, etc.

A loan agreement is a detailed document signed by the participants in a loan transaction and which contains a detailed description of all the conditions for granting a loan. At the same time, the bank must have a written decision of the board of the bank certifying the authority of officials to sign the agreement. The loan file must contain:

1. Application for a loan of the established form.

2. Articles of association, memorandum of association, decision to register an enterprise, sample signature card, tax inspection registration card.

3. The last annual (quarterly) balance with appendices 2 and 5 and the balance for the last day of the worked month with a mark.

4. Financial profit and loss plan for the coming quarter (a copy of the plan submitted to the tax office).

5. Feasibility study of the financial transaction for which a loan is requested, the expected profit from its implementation with a detailed calculation of the cost (expenses) of the transaction, linking the profit from the transaction with the results of the entire enterprise.

6. Copies of agreements, contracts, protocols of intent, payment documents confirming the reality of the transaction, the project.

7. Draft agreement on pledge with a list of property offered as a pledge, or other documents that ensure the repayment of the loan (guarantee, etc.).

8. Coordination with the KUGI, if the enterprise has a share of state ownership.

9. In case of obtaining a loan for new construction:

a) a certificate of the person who owns the right of ownership of the land plot for construction, the nature and duration of this right;

b) permission of local authorities for construction, reconstruction;

c) data on the availability of approved project documentation and the conclusion of a non-departmental expertise, including environmental.

10. Audit report for the last 2-3 years of work for enterprises with foreign investments and joint-stock companies, for the rest - in case of large loans.

11. Loan agreement with a mandatory lawyer's visa.

12. A detailed conclusion on the advisability of issuing a loan by an expert employee (head of the loan department).

13. Questionnaire of the client.

14. Urgent obligation on the date of repayment of the loan, a card with sample signatures, executed and certified in the prescribed manner, permission to open a loan account.

Under the loan agreement, the client is obliged to repay the loan received on time, pay the bank interest for using the loan, not evade bank control, and also not worsen his economic and financial condition, comply with the intended purpose of the loan received, provide and guarantee the availability of collateral under the loan agreement for the entire loan term, i.е. until the day the loan is actually repaid. For violation of the deadline for repaying the loan received, the client is obliged to pay increased interest to the bank, which should also be noted in the contract.

After completing all the procedures for drawing up and signing a loan agreement in the accounting department, in order to carry out all calculations for issuing and repaying a loan, accruing and collecting interest, the bank’s loan department transfers an urgent obligation on the loan repayment date, signed by the head, chief accountant and certified by the borrower’s seal, as well as an order on opening a loan account with reference to the number and date of the loan agreement, indicating the type of loan, its code. Based on these documents, enterprises open special and simple loan accounts. From special loan accounts, loans are provided to trade and supply and marketing organizations (for the payment of wages, for making payments to the budget, etc.). The repayment of the loan occurs by crediting funds from the sale of products to the credit of the special loan account, as well as by systematic or episodic write-offs of funds from the borrower's current account. From simple loan accounts, loans are issued to other borrowers to pay for purchased inventory items and services, for temporary needs.

6. Control over the fulfillment of the terms of the contract and repayment of the loan (credit marketing). This is also a very important step in the lending process, since its ultimate goal is to ensure that the principal and interest on the loan are repaid on time. At this stage, the bank controls the regularity of receipt of interest for the use of the loan, conducts scheduled and unscheduled inspections on the ground with the preparation of an inspection report. In the course of such inspections, the compliance of the loan spending with its intended purpose, provided for in the loan agreement, is monitored. In addition, the bank checks invoices, contracts for the sale of inventory items, examines extracts from the borrower's bank and the balance sheet as of the last reporting date. If a bank discovers a bad loan that is fraught with default, it must act immediately. The best way out is to discuss matters with the borrower and develop a program to overcome the crisis situation. This option is more preferable than declaring the borrower bankrupt. Litigation of the borrower may have a negative effect if the latter proves that the actions of the bank caused him damage and brought him to bankruptcy.

If the client can be convinced that the situation can be corrected, the bank may offer to sell assets, reduce staff, reduce overhead costs, change the marketing strategy, change the company's management, etc. Banks can also (although still rarely) use more progressive methods of control over the state of affairs of the borrower in the form of joint activities with him or even equity participation in a joint-stock company.

7. Repayment of the loan with interest and closing of the credit case. This is the final stage of the credit relationship between the bank and the borrower. As a rule, 2-4 weeks before the loan maturity, the loan officer contacts the borrower and clarifies the loan repayment prospects. If the client asks for an extension, then he is obliged to send an official letter to the bank within five days, detailing the reasons for not repaying the loan on time. With a positive decision on the prolongation of the loan, an additional agreement is drawn up to the loan agreement. This document indicates the new loan repayment terms and the interest rate (if changed). When the loan is due to be repaid, the loan officer checks the fact of its repayment and the correctness of the listed interest according to the accounting documents. If necessary, the liquidation of the debt is carried out by issuing a collection order for an indisputable write-off of funds with interest due.

In the event of an overdue debt, the following procedure applies:

If the loan is transferred to the account of overdue loans, the loan officer draws up a memorandum indicating the reasons and prospects for repayment of the debt;

Within a week, the debtor is sent a letter of claim about the return of the loan, which is transferred to the management of this enterprise or sent by registered mail to the legal address of the enterprise. After a 2-month period, if the loan is not repaid, according to the current legislation, the case is referred to arbitration or to the court.

After the full repayment of the loan and the corresponding interest, the credit business is closed. On a separate sheet, the dates of issuance and repayment of the loan, calculations for the calculation of interest and the dates of their transfer are indicated (the sheet is filed in the file). Further on this sheet, a note is made "the loan was returned in full with interest, credit case No. __ is closed (closing date)". The mark is certified by the signatures of the loan officer and the chief accountant of the bank, and the head of the planning and economic department of the bank makes a mark on the transfer of the loan file to the archive, where it is stored for three years from the date of its closure.

It is necessary to distinguish between macro and micro level credit mechanism. At the macro level, due to this mechanism, the budget deficit is financed, the state lends to other states, legal entities. The state can act as a creditor, guarantor and borrower.
The credit mechanism is based on the principles of urgency, repayment, payment.
Historically, in relation to public credit, the state acted primarily as a borrower. This is due to the need:

• financing the budget deficit;
• covering temporary gaps in income;
• refinancing existing debts;
• financing of targeted programs.

Loans are an alternative to raising taxes in case of insufficiency of budgetary funds, therefore the expediency of using a state loan is determined by political and socio-economic factors.
The sources of state credit, when the state acts as a borrower, are temporarily free funds of legal entities and individuals, international financial organizations, foreign states.
Government credit affects:

• the size of the budget fund;
• cost structure;
• reproduction conditions.

State credit can exist in monetary and commodity form. The commodity form involves either a loan or the repayment of obligations in goods. An example is the 1990 commodity loan. The predominant form of public credit is monetary.
The relations of the state credit suggest that the borrower, lender and guarantor can be: the state as a whole, i.e. The Russian Federation; subjects of the Russian Federation. Therefore, a distinction is made between state credit of the federal level and state credit of the constituent entities of the Russian Federation. In addition, there is a municipal loan - a relationship in which the borrower, lender and guarantor are municipalities.
The instruments of the credit mechanism are budget credits, guarantees and loans.
A budget loan is a form of implementation of budget expenditures, which provides for the provision of funds to legal entities or other budgets on a returnable and reimbursable basis.
Targeted foreign credit (borrowing) - a form of financing projects included in the Program of State External Borrowings of the Russian Federation, which provides for the provision of funds in foreign currency on a returnable and reimbursable basis by paying for goods, works and services in accordance with the goals of these projects.
Tied loans from foreign governments, banks and firms are a form of raising funds on a returnable and reimbursable basis for the purchase of goods, works and services at the expense of foreign governments, banks and firms, mainly in the country of the creditor.
Financial loans - loans in cash. Non-financial loans from international financial organizations - a form of raising funds on a returnable and reimbursable basis for the procurement, mainly on a competitive basis, of goods, works and services in order to implement investment projects or structural reform projects with the participation and at the expense of international financial organizations.
As part of the state loan, there are state and municipal guarantees. This is a way to ensure civil obligations, by virtue of which, respectively, the Russian Federation, a subject of the Russian Federation or a municipality - the guarantor gives a written obligation to be responsible for the fulfillment by the person to whom the state or municipal guarantee is given, obligations to third parties in full or in part. Guarantees are provided, as a rule, on a competitive basis.
Loans in the form of state and municipal securities are a special instrument. The state issues (issues) debt securities in order to attract financial resources.
There are the following types of government securities:

• short-term, medium-term, long-term;
• tradable (market) and non-tradable (non-market);
• with interest (coupon) income and discount income;
• targeted and non-targeted.

The main domestic government long-term bonds include OFZ (federal loan bonds), GSO (government savings bonds) intended for legal entities. Currently, government securities are not issued to the public in the Russian Federation.
The basis of the legal support of the credit mechanism is the Budget Code.
A special mechanism is the mechanism for the formation and financing of the non-oil and gas deficit of the federal budget, which was used at the end of the first decade of the 21st century in Russia.
The non-oil and gas deficit of the federal budget is the difference between the volume of federal budget revenues, excluding oil and gas revenues of the federal budget and revenues from the management of the Reserve Fund and the National Welfare Fund, and the total volume of federal budget expenditures in the corresponding financial year. The federal budget's non-oil and gas deficit may not exceed 4.7 percent of the gross domestic product projected for the corresponding financial year, specified in the federal law on the federal budget for the next financial year and planning period. The non-oil and gas deficit of the federal budget is financed by the oil and gas transfer and sources of financing the federal budget deficit.
The oil and gas transfer is part of the federal budget funds used to finance the federal budget's non-oil and gas deficit from oil and gas revenues from the federal budget and from the Reserve Fund. The amount of the oil and gas transfer for the corresponding financial year is approved by the federal law on the federal budget for the next financial year and the planning period in an absolute amount calculated as 3.7 percent of the volume of gross domestic product forecast for the corresponding year, specified in the federal law on the federal budget for the next financial year and planning period.
Since 2008, the Reserve Fund and the National Welfare Fund have been formed at the federal level.

More on the topic Credit mechanism::

1. 7.1. Necessity and essence of credit. Subjects of credit relations
2. 6.2. Structure and mechanism of functioning of the credit system, forms of credit
3. 3.4. Mechanism of creating MONEY SUPPLY BY COMMERCIAL BANKS\r\n
4. 17. Credit system and its structure. Credit. RF system and its features.
5. 17. State control over the financial and credit activities of banks
6. Credit mechanism in the European Monetary System before the introduction of the euro
7. § 2. Legal content of monetary and foreign exchange policy
8. § 3. Theoretical and legal foundations for the inclusion of monetary and foreign exchange policy in the subject of the science of financial law
9. The concept of the credit system, its economic content and structure.
10. 10.1. The essence and structure of the modern credit system
11. 9. Credit system of Russia. mechanism of the credit system.

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Credit mechanisms

1. Introduction.

The tasks of radically improving the functioning of the credit mechanism bring to the fore the need to justify and use economic methods of managing credit and banks, focused on observing the economic boundaries of credit. This will prevent unjustified from the point of view of monetary circulation and the national economy, credit investments, their structural shifts, ensure timely and full repayment of loans, which is important for increasing the efficiency of the use of material and monetary resources.

The question of the limits of the credit is quite thoroughly developed. They should not be interpreted literally as a quantitatively precisely defined quantity. In theoretical terms, the main thing is to find out the factors that form the need and possibility of lending in a changing environment.

Simultaneously with the concept of "credit limits", there is the concept of "limits for the use of credit" as a limit on lending, established in the form of specific indicators in relation to the subjects of credit relations or types of loans. Credit limits can be set at the macroeconomic level in the form of specific proportions (for example, between the volume of loans and the total social product), the achievement of which is ensured through a system of measures of economic impact. In particular, by organizing lending, taking into account the creditworthiness of enterprises and associations, observing the liquidity of banks, limiting a one-time loan to one borrower. The orientation of the credit mechanism on the creditworthiness of borrowers means, in essence, the organization of lending, taking into account its economic boundaries.

Most of all, banks need information about the creditworthiness of enterprises and organizations: their profitability and liquidity largely depend on the financial condition of their clients. Risk reduction in lending transactions can be achieved on the basis of a comprehensive study of the creditworthiness of bank customers, which at the same time will allow organizing lending, taking into account the boundaries of the use of the loan.

The purpose of this essay is to reveal the concept of creditworthiness and solvency, as well as to show the essence of the analysis of this economic category.

2. The concept and indicators of creditworthiness.

In Soviet economic literature, the concept of "creditworthiness" was practically absent. This situation was explained by the limitation of the use of commodity-money relations for a long time, as well as by the fact that credit relations, which mainly developed in the form of a direct bank loan, were characterized not by economic, but by administrative methods of management, characterized by a high degree of centralization of the right to make final decisions. solutions. This eliminated the need to assess the creditworthiness of borrowers when resolving issues of issuing loans. In addition, structural shifts in the financial position of enterprises, caused by excessive rates of industrialization, led to the fact that most enterprises in the late 1920s were insolvent. For a long time, the credit mechanism was guided by the credit intensity of enterprises, which reflected the general level of development of the country's credit mechanism as a whole. The changes taking place in the modern economy have drawn attention to the need to ascertain the creditworthiness of enterprises.

The creditworthiness of bank customers should be understood as such a financial and economic condition of the enterprise, which gives confidence in the effective use of borrowed funds, the ability and willingness of the borrower to repay the loan in accordance with the terms of the contract. The study by banks of various factors that may lead to non-repayment of loans, or, on the contrary, ensure their timely repayment, constitute the content of the banking analysis of creditworthiness.

When analyzing creditworthiness (credit analysis), banks must address the following questions:

1. Is the borrower able to meet its obligations on time and

2. Is he ready to fulfill them? The first question is answered by an analysis of the financial and economic aspects of the activities of enterprises. The second question is of a legal nature, and is also related to the personal qualities of the leaders of the enterprise.

The composition and content of indicators follow from the very concept of creditworthiness. They should reflect the financial and economic condition of enterprises in terms of the efficiency of placement and use of borrowed funds and all funds in general, assess the ability and willingness of the borrower to make payments and repay loans within predetermined periods. the use of credit and working capital, the level of profitability, and readiness is determined by studying the borrower's capacity, prospects for its development, business qualities of business leaders.

Due to the fact that enterprises differ significantly in the nature of their production and financial activities, it is not possible to create unified universal and comprehensive guidelines for studying creditworthiness and calculating the corresponding indicators. This is confirmed by the practice of our country. In modern international practice, there are also no firm rules on this matter, since it is almost impossible to take into account all the numerous specific features of clients.

The main purpose of a creditworthiness analysis is to determine the borrower's ability and willingness to repay the requested loan in accordance with the terms of the loan agreement. The bank must in each case determine the degree of risk it is willing to take on and the amount of credit that can be extended in the circumstances.

When considering a loan application, bank employees take into account many factors. Over the years, bank employees responsible for issuing loans proceeded from the following points:

Borrower's legal capacity;

his reputation;

Ability to earn income;

Asset ownership;

The state of the economic situation.

3. Information support.

3.1. External sources of information.

To obtain this kind of data, the bank, of course, will need information characterizing the financial condition of the company. This necessitates the study of financial statements, the possibility of unforeseen circumstances and the situation with insurance. The sources of information about the creditworthiness of the Borrower can be:

Negotiations with Applicants;

On-site inspection;

Analysis of financial reports.

External sources;

For example, in the world practice, the most famous source of data on creditworthiness is Dun & Bradstreet, which collects information on about 3 million firms in the US and Canada and provides it by subscription. Summaries and credit ratings of each firm are published in national and regional directories. More detailed information about individual firms is reported in the form of financial reports, the most common of which is "Information about a business enterprise." The first of the 6 sections of the report contains general information - the name and address of the company: industry and enterprise code; nature of production: form of ownership: total creditworthiness assessment (rating); speed of payment by the company of invoices; sales volume, equity, number of employees; general condition and development trends of the company. The total credit rating consists of two parts - two letters (or numbers and letters) and a number. The first two digits are an assessment of the firm's financial strength, and the last is an assessment of its creditworthiness. The second section of the report contains information received from the firm's suppliers regarding the accuracy in paying bills and the maximum credit received during the year. The third section includes the latest balance sheet and information about the firm's sales and profitability (if available). The fourth section shows the usual deposit balance and loan payments. The fifth section contains data on the managers and owners of the company. In the last section, the type of activity of the company, its clientele and production facilities are described in detail.

In addition to these reports, Dun & Bradstreet publishes several other types of documents. One of the most useful "Report on key financial items" - contains much more detailed information about the firm. In addition to Dun and Bradstreet, there are several other credit bureaus called special commercial agencies. Unlike Dun & Bradstreet's broad coverage, they are usually limited to one industry or activity.

Sometimes banks check their information with the data of other banks that had a relationship with the loan applicant. They may also check data with various suppliers and buyers of the firm. Suppliers can provide information about her payment of invoices, discounts provided, the maximum and minimum amount of commercial credit, unfounded claims and deductions from the company of interest to the bank. Contacts with the company's buyers provide information about the quality of its products, the reliability of service and the number of complaints about its products. Such reconciliation of information with counterparties of the firm and other banks also reveals the reputation and capabilities of the firm that applied for a loan, and its executives.

Another source of information is the National Credit Management Association's Mutual Credit Information Exchange, an organization that maintains information about loans received by the firm from vendors throughout the country. members of the organization receive an answer to the question: how accurately does the company pay? However, the information contains only facts, but there is no analysis, explanation or any recommendations. Other sources of information about firms, especially large ones, are commercial magazines, newspapers, directories, government reports, etc. Some banks even turn to competitors of this firm. Such information should be used with extreme caution, but it can be very useful.

3.2. Sources of information needed to calculate creditworthiness indicators.

The first source of information for assessing the creditworthiness of economic organizations should be their balance sheet with an explanatory note to it. Analysis of the balance sheet allows you to determine what funds the company has and what is the largest loan these funds provide. However, for a reasonable and comprehensive conclusion about the creditworthiness of the bank's customers, balance sheet information is not enough. This follows from the composition of the indicators. Analysis of the balance sheet gives only a general judgment about solvency, while in order to draw conclusions about the degree of solvency, it is necessary to calculate qualitative indicators that assess the prospects for the development of enterprises and their viability. Therefore, as a source of information necessary for calculating creditworthiness indicators, one should use: operational accounting data, technical and industrial financial plan, information accumulated in banks, information from statistical authorities, customer questionnaire data, supplier information, results of processing survey data for special programs, information from specialized bureaus for assessing the creditworthiness of economic organizations.

4. Assessment of the creditworthiness of enterprises used by Russian banks.

This methodology (adopted by almost all commercial banks in Russia engaged in lending to enterprises and organizations) for assessing the feasibility of providing a bank loan was developed to determine by banks the solvency of enterprises provided with borrowed funds, assess the acceptable size of loans and their repayment periods.

To begin with, the documents of the Borrower are considered. The main purpose of the analysis of documents for obtaining a loan is to determine the ability and willingness of the borrower to repay the requested loan on time and in full.

4.1. Borrower data analysis.

The borrower submits the following documents to the bank:

1. Legal documents:

a) registration documents: the charter of the organization; memorandum of association; decision (certificate) on registration (notarized copies);

b) notary-certified signature and seal sample card (first copy);

c) a document on the appointment of a person entitled to act on behalf of the organization when negotiating and signing contracts, or a corresponding power of attorney (notarized copy);

d) certificate of passport data, registration and place of residence of the head and chief accountant of the borrowing organization.

2. Accounting statements in full, certified by the tax inspectorate, as of the last two reporting dates, with breakdowns of the following balance sheet items (as of the last reporting date): fixed assets, inventories, finished products, goods, other inventories and costs, debtors and creditors (for the largest amounts);

3. For the last three months - copies of statements from current and foreign currency accounts for monthly dates and for the largest receipts during the indicated months.

4. As of the date of receipt of the request for a loan: certificate of received loans with copies of loan agreements attached.

5. Letter - an application for a loan (on the letterhead of the organization with an outgoing number) with brief information about the organization and its activities, main partners and development prospects.

Registration documents confirm the solvency of the borrower as a legal entity. The fundamental point is to determine the rights of a person negotiating and signing a loan agreement with a bank to act on behalf of the organization. These rights are determined by the relevant provision of the borrower's articles of association and the document of appointment in accordance with the procedure set out in the articles of association.

Financial statements make it possible to analyze the financial condition of the borrower on a specific date.

4.2. Analysis of the balance sheet.

The most important information base for analysis is the balance sheet. When working with a balance sheet asset, it is necessary to pay attention to the following: values ​​should be confirmed by the inclusion of their value in the composition of the relevant balance sheet items.

The balance of funds on the current account must correspond to the data of the bank statement as of the reporting date.

When analyzing accounts receivable, it is necessary to pay attention to the terms of its repayment, since the receipt of debts can become for the borrower one of the sources of repayment of the requested loan.

When considering the liability side of the balance sheet, the closest attention should be paid to studying the sections where loans and other borrowed funds are reflected: it is necessary to require loan agreements for those loans that are reflected in the balance sheet and outstanding at the date of the loan request, and make sure that it is not overdue. The presence of overdue debts on loans from other banks is a negative factor and indicates obvious miscalculations and disruptions in the borrower's activities, which, perhaps, are planned to be temporarily compensated with a loan. If the debt is not in arrears, it should be ensured, as far as possible, that the maturity of the loan is earlier than the repayment of other loans. In addition, it is necessary to check that the collateral offered as security for the requested loan is not pledged to another bank.

When assessing the state of accounts payable, it is necessary to make sure that the borrower is able to pay off on time with those whose funds he uses in one form or another: in the form of goods or services, advances, etc. This section also reflects the funds received by the borrower from partners under loan agreements; these agreements should be treated similarly to loan agreements between the borrower and banks.

In the event that the date of receipt of the loan request does not coincide with the date of preparation of the financial statements, the actual debt of the borrower on bank loans, as a rule, differs from that reflected in the last balance sheet. To accurately determine the debt, a certificate of all outstanding bank loans at the time of the request is required with a copy of the loan agreements attached.

An important positive factor is the existing experience of lending to this borrower by the bank, on the basis of which it is possible to judge the prospects for repayment of the currently requested loan. In the event that the requested loan is the next in a number of previous, timely repaid loans, then when accepting an application from this borrower, he may not submit his legal documents to the bank, but with the obligatory notification of the bank of all changes made to them.

4.3. Limitations with this method of analysis.

At the same time, this technique is not always acceptable for a bank as a basis for a decision to provide credit resources to an enterprise for a number of reasons. To confirm these words, a review of this methodology is presented, written by the head of the Project Finance Department of JSB "Inkombank" Mr. A.L. Smirnov:

"The developed Methodology reflects the established approaches to lending and the specifics of the work of the Department of Credit and Credit Services of the bank's branches. It seems that the methodology after its refinement (suggestions and comments of the Office of Project Finance and Guarantees for Foreign Investments can be submitted in working order) should be used in practical work credit divisions of the bank in the following main areas:

To be taken into account when making decisions on loan applications, along with the study of the actual transaction and the possibility of repaying the loan;

For the current assessment of the quality and structure of the bank's existing loan portfolio, incl. to resolve questions about the advisability of taking measures of credit impact on the borrower and creating the necessary reserves for doubtful debts (a number of parameters should be adjusted taking into account the specifics of investment financing).

At the same time, according to Mr. Smirnov, the Methodology cannot be used when making decisions on the expediency and conditions of the bank's participation in the implementation of investment projects (as a creditor, a member of a banking consortium, a guarantor, etc.) for the following reasons :

1. The financial position of the Borrower in most cases is not a determining factor in the evaluation of investment projects. As you know, along with the nominal recipient of credit resources, the main participants in investment projects that determine the success of the implementation of the latter include: the sponsor (organizer) of the project, contractors, equipment suppliers, the operating organization (operator), suppliers of raw materials and materials, buyers of products and a number of others. participants. Moreover, according to a number of schemes, the official Borrower is a specially newly created structure, which obviously has a "zero balance" and the absence of any turnover on the accounts.

2. In accordance with international practice, the start of financing investment projects is necessarily preceded by the preparation of a qualified feasibility study of the project, its technical and financial expertise using international methodology with a mandatory analysis of cash flow for various, incl. under obviously "pessimistic" scenarios of project implementation (the Proposed Methodology does not provide for this).

3. When attracting foreign loans for the purpose of investment financing for a foreign lender (investor), the following factors are of decisive importance: the legal and organizational and legal status of the Borrower, the availability of acceptable guarantees (from recognized Russian banks, government guarantees, etc.), the availability of the necessary conclusions international auditors, favorable results of the analysis of cash flow and financial stability of the project, and not the bank credit rating of the potential Borrower, which is suggested by this Methodology.

4. In order to recognize a bank in international banking circles and increase its rating, it is necessary to put into practice generally recognized international standards (primarily UNIDO - COMFAR), and not certified Methods, even well thought out ones.

5. A number of important indicators fall out of the proposed Methodology, such as: the "credit history" of the Borrower, the reputation and qualifications of the Borrower's managers, the "arbitration" history of the Borrower, the availability and results of audits, etc."

But at the same time, this technique exists and is quite widely used by Russian commercial banks.

5. Credit indicators used by foreign commercial banks.

Banks in developed capitalist countries use a complex system of a large number of indicators to assess the creditworthiness of customers. This system is differentiated depending on the nature of the Borrower (company, individual, type of activity), and can also be based on both balance and turnover indicators of clients' accounts.

5.1. Credit Ratings Used by American Banks.

This is how a number of American economists describe a creditworthiness assessment system based on balance sheet indicators. American banks use four groups of key indicators:

The liquidity of the firm;

capital turnover;

Raising funds and

profitability indicators.

The first group includes the liquidity ratio (Kl) and coverage (Kpokr).

Liquidity ratio Kl - the ratio of the most liquid funds and long-term debt obligations. Liquid assets consist of cash and short-term receivables. Debt liabilities consist of debt on short-term loans, promissory notes, outstanding claims and other short-term liabilities. Cl predicts the ability of the Borrower to quickly repay the debt to the bank in the short term based on an assessment of the structure of working capital. The higher the CL, the higher the creditworthiness.

Coverage ratio Kpokr - the ratio of working capital and short-term debt. Kpokr - shows the credit limit, the sufficiency of all types of client funds to pay off the debt. If Kpokr is less than 1, then the lending boundaries are violated, the borrower can no longer be granted a loan: he is insolvent.

Capital turnover indicators related to the second group reflect the quality of current assets and can be used to assess the growth of Kpokr. For example, with an increase in the value of this ratio due to an increase in inventories and a simultaneous slowdown in their turnover, one cannot conclude that the Borrower's creditworthiness has increased.

Attraction coefficients (Kprivl) forms the third group of estimated indicators. They are calculated as the ratio of all debt obligations to the total amount of assets or to fixed capital; shows the dependence of the firm on borrowed funds. The higher the attraction ratio, the worse the creditworthiness of the Borrower.

The indicators of the fourth group, which characterize the profitability of the company, are closely related to the third group of indicators. These include: the share of profit in income, the rate of return on assets, the rate of return per share. If the firm's dependence on borrowed funds increases, then the decrease in creditworthiness, assessed on the basis of Krivl, can be offset by an increase in profitability.

5.2 Credit rating by French commercial banks.

The assessment of the creditworthiness of clients by French commercial banks includes 3 blocks:

1) assessment of the enterprise and analysis of its balance sheet, as well as other reporting;

2) assessment of the creditworthiness of customers based on the methods adopted by individual commercial banks;

3) use for assessing the creditworthiness of data from the card file of the Bank of France.

When evaluating a company, the bank is interested in the following questions:

The nature of the enterprise and the duration of its operation;

Production factors:

a) labor resources of managers, managers and personnel (education, competence and age of the manager, the presence of successors, the frequency of movement of managers to workplaces, staff structure, downtime indicators, the ratio of wages and value added (should be within 70%);

b) production resources (the ratio of depreciation and depreciable funds, the level of investment);

c) financial resources;

d) the economic environment (at what stage of the life cycle is the manufactured product, is the company a monopoly manufacturer, competition conditions, the stage of development of the market for the main products of the enterprise, the commercial policy of the company, the degree of development of marketing techniques and methods).

In the asset balance, the analysis identifies three components:

immobilized assets,

Current assets (stocks, debtors, other) and

Cash (cash, money in a bank account, securities). The liability of the balance is divided into fixed resources, accounts payable and cash (accounting for bills, etc.). Based on the performance account, the following indicators are determined (see Table 1).

bank loan borrower

In modern economic literature, there are two main interpretations of the origin of the word "credit". Some economists believe that this concept originates from the Latin word credit, which means “he believes” (or from the word credo Ї believe). Others associate its appearance with the Latin term creditum, which translates as a loan (debt).

In practice, credit relations are the transfer for use of material values ​​in cash or commodity form on terms of repayment, urgency and payment, which is carried out in the form of specific credit transactions, the forms and conditions of which are very diverse.

The subjects of credit relations are the lender and the borrower. They can be any legally independent persons and capable citizens who are able to bear material responsibility for the obligations of a credit transaction.

The lender is the subject of credit relations, transferring the value for temporary use, and the borrower is the subject receiving the loan and obliged to repay it within the prescribed period. Within the framework of credit relations, they can change roles: the lender can become a borrower, and the borrower can become a lender.

The object of a credit transaction is the loaned value, that is, the value in cash or commodity form, which the lender transfers for temporary use to the borrower.

The role of credit in a market economy can hardly be overestimated. Credit ensures the transformation of money capital into loan capital, and expresses the relationship between creditors and borrowers. With its help, free money capital and income of enterprises, the private sector and the state are accumulated, converted into loan capital, which is transferred for a fee for temporary use.

Capital, physically, in the form of means of production, cannot flow from one industry to another. This process is usually carried out in the form of a movement of money capital. Therefore, credit in a market economy is necessary, first of all, as an elastic mechanism for the transfer of capital from one sector to another and equalization of the rate of profit.

Credit resolves the contradiction between the need for the free transfer of capital from one branch of production to another and the fixation of production capital in a certain natural form. It also makes it possible to overcome the limitations of individual capital. At the same time, a loan is necessary to maintain the continuity of the circulation of funds of operating enterprises, to service the process of selling industrial goods.

Loan capital is redistributed between industries, rushing, taking into account market guidelines, to those areas that provide higher profits or are given preference in accordance with national programs.

The credit is capable of exerting an active influence on the volume and structure of the money supply, payment turnover, and the velocity of money circulation. Thanks to the loan, there is a faster process of capitalization of profits, and, consequently, the concentration of production.

The economic role of the loan is to redistribute the value on the basis of payment, urgency, security and return. A feature of credit redistribution is its "temporary" nature. The redistribution of value is carried out in the time interval between the issuance of goods (financial resources) to the borrower and their return to the creditor. In other words, at the expense of free funds of some economic entities, the needs for funds of other entities are satisfied.

It is accepted to allocate the following functions of the loan:

• * distributive;
• * replacing (replaces money in circulation);
• * stimulating;
• * control.

These functions of credit are closely interrelated and in their totality reflect the economic role of lending as such. Let's consider them in more detail.

• - distributive function of credit. It follows from the very essence and role of credit relations. As a result of credit redistribution, the attraction of new funds to the economic sphere is accelerating. When implementing this function of the loan, both cash and commodity resources are redistributed;
• - money replacement function. In essence, credit creates money for non-cash circulation. Credit means - bills of exchange, checks, credit cards, etc. - begin to replace real money in the sphere of circulation;
• - stimulating function of credit. By changing the volume of credit transactions, banks and the banking system as a whole can influence the dynamics of the total amount of money in circulation. In this case, two possible methods are used: credit expansion (credit expansion) and credit restriction (credit contraction).
• - credit control function. It consists in the fact that in the process of lending, mutual control (of both the lender and the borrower) is carried out over the use and repayment of the loan. There is a significant difference in the performance of the control function of the loan by the lender and by the borrower. The lender has the ability to exercise control over both the object of the loan and the activities of the borrower. The borrower does not have the ability to control the activities of the creditor, he only controls the movement of the loan taken (ie, controls only the object of credit relations).

Through the implementation of their functions, credit relations actively influence the processes of reproduction and capital accumulation both at the macro- and microeconomic levels.

All credit functions are interconnected, their interaction ensures the stability of credit relations. If desired, a wider range of credit functions can be distinguished, such as: accumulation of temporarily free funds, regulation of money circulation, saving distribution costs, etc. But it is the four functions that we have discussed above that are the main ones.

The main principles of lending include urgency and repayment, target character, material security, payment.

Urgency and repayment means that the loan provided to the borrower must be repaid within the period specified in the loan agreement.

The target nature of the loan, its purpose is determined, first of all, by the borrower, however, when allocating a loan, the bank also proceeds from its purpose, from a specific lending object, from a specific project. Compliance with the principle of the target direction of the loan ensures its repayment within the established timeframes, since these timeframes are designed for the performance of certain business operations.

The principle of financial security of lending means that the borrower must implement the financed project, purchase those inventory items or pay the costs for which the loan was issued.

It is traditionally customary to classify a loan according to several basic criteria. The most important of these include the category of lender and borrower, as well as the form in which a particular loan is provided.

Based on this, the following six fairly independent forms of credit should be distinguished, each of which, in turn, is divided into several varieties according to more detailed classification parameters.

1. A bank loan is one of the most common forms of credit relations in the economy, the object of which is the process of transferring funds to a loan. A bank loan is provided exclusively by financial institutions that have a license to carry out such operations from the Central Bank. Legal entities act as a borrower, the instrument of credit relations is a loan agreement. The bank receives income from this form of loan in the form of loan interest or bank interest.

A bank loan is classified according to a number of criteria:

• 1. By maturity:
  • - Short-term loans are provided to fill the temporary shortage of the borrower's own working capital. Up to a year. The interest rate on these loans is inversely proportional to the repayment period of the loan. Short-term credit serves the sphere of circulation.
  • - Medium-term loans are provided for a period of one to five years for production and commercial purposes.
  • - Long-term loans are used for investment purposes. They serve the movement of fixed assets, differing in large volumes of transferred credit resources. They are used for crediting reconstruction, technical re-equipment, new construction at enterprises of all spheres of activity. Long-term loans received special development in capital construction, the fuel and energy complex. Average maturity over 10 years.
  • - On-call loans that are repayable within a fixed period upon receipt of formal notice from the lender (the repayment period is not initially specified).
• 2. By means of repayment.
• - Loans repaid in a lump sum by the borrower. This is the traditional form of repayment of short-term loans, which is optimal, because does not require the use of a differentiated interest mechanism.
• - Loans repaid in installments over the entire term of the loan agreement. Specific conditions for the return are determined by the contract. Always used for long-term loans.
• 3. According to the methods of collecting loan interest.
• - Loans, the interest on which is paid at the time of its total repayment.
• - Loans, the interest on which is paid in equal installments by the borrower during the entire term of the loan agreement.
• - Loans, the interest on which is withheld by the bank at the time of the direct issuance of the loan to the borrower.
• 4. According to the methods of granting a loan.
• - Compensatory loans directed to the current account of the borrower to compensate the latter for his own expenses, incl. advance character.
• - Paid loans. In this case, loans are received directly to pay for settlement and monetary documents presented to the borrower for repayment.
• 5. By lending methods.
• - One-time loans provided on time and in the amount stipulated in the agreement concluded by the parties.

A legal obligation of a bank to a borrower to provide him with loans within a certain period of time within the agreed limit is called a credit line.

Credit lines are:

• · Revolving - this is a firm obligation of the bank to issue a loan to a client who is experiencing a temporary shortage of working capital. The borrower, having repaid part of the loan, can expect to receive a new loan within the established limit and the term of the agreement.
• · a seasonal credit line is provided by the bank if the company periodically has a need for working capital associated with seasonal cyclicality or the need to create stocks in the warehouse.

Overdraft is a short-term loan, which is provided by debiting funds from the client's account, in excess of the balance on the account. As a result, a debit balance is formed on the client's account. An overdraft is a negative balance on a client's current account. An overdraft may be permitted, i.e. previously agreed with the bank and unauthorized, when the client issues a check or payment document without having the bank's permission to do so. Overdraft interest is calculated daily on the outstanding balance, and the client pays only for the amounts actually used by him.

• 6. By types of interest rates.
• - Loans with a fixed interest rate, which is set for the entire period of the loan and is not subject to revision. In this case, the borrower assumes an obligation to pay interest at a constant agreed rate for using the loan, regardless of changes in the situation on the interest rate market. Fixed interest rates apply for short-term loans.
• - Floating interest rates. These are rates that are constantly changing depending on the situation in the credit and financial markets.
• - Stepped. These interest rates are reviewed periodically. Used during periods of high inflation.
• 7. By the number of credits.
• - Loans provided by one bank.
• - Syndicated loans provided by two or more lenders, united in a syndicate, to one borrower.
• - Parallel loans, in this case, each bank negotiates with the client separately, and then, after agreeing with the borrower on the terms of the transaction, a general agreement is concluded.
• 8. Availability of collateral.
• - Trust loans, the only form of security for the return of which is a loan agreement. This type of loan does not have specific collateral and therefore is provided, as a rule, to first-class creditworthiness customers with whom the bank has long-term ties and has no claims on previously issued loans.
• - Contract credit. A checking loan is issued using a checking account, which is opened to customers with whom the bank has a long-term relationship of trust, companies with an exceptionally high credit reputation.
• - Pledge agreement. Pledge of property (movable and immovable) means that the creditor-mortgagee has the right to sell this property if the obligation secured by the pledge is not fulfilled. The pledge must ensure not only the repayment of the loan, but also the payment of the appropriate interest and penalties under the contract provided for in case of non-performance.
• - Contract of guarantee. Under this agreement, the guarantor is obliged to the creditor of another person (borrower, debtor) to be responsible for the fulfillment by the latter of his obligation. The borrower and the guarantor are liable to the creditor as solidary debtors.
• - Warranty. This is a special type of surety agreement to secure an obligation between legal entities. Any financially stable legal entity can be a guarantor.
• - Insurance of credit risks. An enterprise-borrower concludes an insurance contract with an insurance company, which provides that in case of failure to repay the loan within the established period, the insurer pays to the bank that issued the loan compensation in the amount of 50 to 90% of the loan amount not repaid by the borrower, including interest for using the loan.
• 9. Purpose of the loan.
• - Loans of a general nature, used by the borrower at his own discretion to meet any need for financial resources.
• - Targeted loans, implying the need for the borrower to use the resources allocated by the bank solely for solving the problems specified by the terms of the loan agreement.
• 10. Categories of potential borrowers.
• - Agrarian loans, their characteristic feature is a pronounced seasonal nature, due to the specifics of agricultural production.
• - Commercial loans provided to business entities operating in the field of trade and services. They make up the bulk of credit operations of Russian banks.
• - Loans to intermediaries on the stock exchange, provided by banks to brokerage, brokerage and dealer firms engaged in transactions for the purchase and sale of securities.
• - Mortgage loans. They are issued for the purchase or construction of housing, or the purchase of land. Banks and specialized credit and financial institutions provide loans. The loan is issued in installments. The interest ranges from 15 to 30% per annum.
• 2. International credit is both private and public in nature, reflecting the movement of loan capital in the field of international economic and monetary and financial relations.
• 3. Commercial loan.

Commercial credit can be described as credit provided in the form of goods by sellers to buyers in the form of a deferred payment for goods sold. It is provided against the obligations of the debtor (buyer) to repay within a certain period of time both the principal amount and accrued interest.

The use of commercial credit requires the seller to have sufficient reserve capital in case of a slowdown in receipts from debtors.

There are five main ways to provide a commercial loan:

• 1. bill method;
• 2. open account;
• 3. discount subject to payment within a certain period;
• 4. seasonal credit;
• 5. consignment.

In addition to bank and commercial loans, there are also:

• 4. Consumer credit, as a rule, is provided by trading companies, banks and specialized financial institutions for the purchase of goods and services by the population with installment payment.
• 5. The state credit should be divided into the state credit itself and the state debt. In the first case, state credit institutions (banks and other credit and financial institutions) lend to various sectors of the economy. In the second case, the state borrows money from banks and other financial institutions in the capital market to finance the budget deficit and public debt. At the same time, government bonds are bought by the population, legal entities, various enterprises and companies.
• 6. Usury credit persists as an anachronism in a number of developing countries where the credit system is underdeveloped. Typically, such a loan is issued by individuals, money changers, and some banks.

It goes without saying that any of these methods may be most effective in specific market conditions. The choice of the most effective method is the main task of the credit policy of each corporation.

The above classification is considered to be traditional. In the Republic of Kazakhstan, there is a slightly different classification:

• 1. by terms of provision:
  • - short-term (up to 1 year);
  • - medium-term (from 1 to 3 years);
  • - long-term (over 3 years);
• 2. by objects of lending:
  • - lending to replenish working capital;
  • - lending for the renewal and acquisition of fixed capital;
• 3. by lending methods:
  • - lending on the balance;
  • - lending by turnover.

The credit process is a unity of interrelated stages: planning, provision, use and repayment of loans. The set of organizational and technical methods by which the provision and repayment of bank loans is carried out is a lending mechanism, including the choice of an object, lending methods, issuance of a loan, the use of loan accounts, and a method of repaying a loan.

Lending activity in a commercial bank is organized using the mechanism of bank lending, which reflects the specific features of the bank in this area. Its correct construction is based on a well-developed theoretical basis. However, in modern economic literature there is no clear definition of the concept of "bank lending mechanism". To solve this problem, it seems appropriate to break the phrase "bank lending mechanism" into its constituent parts: "mechanism" and "bank lending"; define each of them and, on their basis, derive a common one - “the mechanism of bank lending”.

It is difficult to characterize the "mechanism" from an economic point of view. The concept of a mechanism came to economics from technology, as there was a need to describe social and production processes in their interaction. In some cases, the mechanism is understood as a set of system states, in others - the main engine of development (the main element of the system structure, features of its interaction with other elements). Trofimov A. G. and Trofimov G. A. present the mechanism as "a set of methods and means of influencing processes, their regulation" . In this case, the "mechanism" is placed above the "process". The specified concept is expanded by the “regulation” element, which provides for tracking the results and developing control actions, that is, the presence of a mechanism in the mechanism. Meanwhile, the mechanism, being a part of the process, resource provision, includes a set of interrelated elements necessary for its implementation. Summing up the proposed definitions, the lending mechanism can be characterized as “a set of resources of the lending process and ways to connect them. As part of the lending process, the lending mechanism ensures the implementation of bank loan forms in practice.

The mechanism of bank lending is a superstructural concept. Its objective economic basis is bank credit, as well as methods, methods and forms of organization of credit relations. A bank loan is a cash loan issued by a bank for a certain period of time on the terms of repayment and payment of loan interest. Considering the lending mechanism as a functioning system, one can single out its main elements: subject, object, methods and conditions of lending, including the main ones (loan amount, its term, interest, collateral and control) and organizational conditions, as well as creditworthiness assessment. The interaction of the elements of the lending mechanism is shown in fig. 1.1.

The subjects of credit relations in the field of bank credit are economic bodies, the population, the state and the banks themselves. In commercial banks, the main subject of credit relations is the market economy. Individual borrowers include the population applying for consumer loans and non-resident individuals.

The object of lending should be understood as the purpose of the loan. The purpose of the loan expresses specific temporary needs for additional funds of economic and other market entities, for the satisfaction of which a bank loan can be provided. Currently, the objects of lending are established by commercial banks independently. They are determined on the basis of the bank's statutory requirements, the range of clientele served, its development strategy for the near future, the economic situation in the country and are reflected in the credit policy.

Rice. 1.1. Scheme of the lending mechanism

One of the elements of the lending mechanism is the methods of lending. They should be understood as methods of issuing and repaying a loan in accordance with the principles of lending. In the pre-reform period, domestic banking practice developed two methods of lending: by balance and by turnover. The essence of the balance lending method lies in the fact that the movement of a loan (i.e., issuing and repaying it) is linked to the movement of the balance of credited values, which can be various inventory items, work in progress, finished products and goods shipped. The growth of excess reserves causes the need for a loan, and their reduction requires its repayment in the corresponding part. The loan is compensatory in nature. A feature of the method of lending by turnover is that the movement of credit is determined by the turnover of material assets, i.e., their receipt and expenditure. The loan acquires a payment character, since the issuance of loans is carried out directly for the production of payment. Repayment occurs upon completion of the complete circulation of the borrower's funds in accordance with the implementation plan.

The repayment (return) of funds placed by the bank and the payment of interest on them are made in the following order:

1) By writing off funds from the bank account of the client - the borrower on his payment order; (see text in previous edition)

2) By writing off funds in the order of priority established by law from the bank account of the borrower (served in another bank) on the basis of the payment request of the creditor bank, provided that the agreement provides for the possibility of writing off funds without the order of the client - account holder; (see text in previous edition)

3) By writing off funds from the bank account of the client - the borrower (legal entity) serviced by the bank - creditor, on the basis of the payment request of the bank - creditor, if the terms of the agreement provide for the specified operation; (see text in previous edition)

4) By transferring funds from the accounts of borrowers - individuals on the basis of their written instructions, transferring funds through communication agencies or other credit organizations, depositing cash into the cash desk of a creditor bank on the basis of an incoming cash order, as well as deducting from amounts due on wages to clients - borrowers who are employees of the bank - creditor (at their request or on the basis of an agreement).

Thus, the economic content of the lending mechanism is manifested in its elements, which include objects, subjects, methods and conditions of lending, as well as methods for assessing the creditworthiness of borrowers. The mechanism of bank lending is determined by the principles of lending and ensures their implementation in practice, it is based on credit. It is a set of resources of the lending process and ways to connect them and is part of the lending process.

Bibliographic list

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