Управление рисками коммерческого банка

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Управление рискамикоммерческого банка

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Commercial Bank Risk ManagementTraining Handbook

K.J. Walraven

Mary Elizabeth Ward, editorYakov M. Mirkin, editor

EDI working papersFinance, Industry and Energy Division

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roAHTH'necKHx pHcKax; TeM He MeHee, HX He Bcer1a TaK ripoCTo pa3AemT!) O'xeHbBaJKHO, qTo6bi 6aHKIHpM CO3HaBaJ[M ZHHaMHqiCKHA xapaKTep cBoero oKpyXeCHHqI,CBoero MeCTa Ha pbIHKe, IIOTOMY WTO 3TO 3aCTaB3ISlCT HX IIOCTOSIHHO yrO'HilTm

ogeHKy PHCKa AaHHbDX CO6brTH HAM yCJIOBHfl. BaHKHpaM BaxKHO OCeHHBaTh

"KaqeCTBo" HX KIIMCHTOB, TaKKeC KaK aKTHBOB H ITaCCHBOB, CBuI3aHHbUX C HMMH. B3TOM KOHTCKCTe oCo6CHHO BaxKHO IIOMHHIT, tTo Mbl, KaK 6aHKIpbu, TaKxenpeI-rCTaBASeM 33IeMeHT pHCKa Jis HaiuHx KJIHeHToB, cpe1Hr npo'Hx Azi HaLuHxBKAnaAWHKOB H Ap. Kpe2HTOpOB. aT;pyrHMH CJIOBaMM, BaKHO trTO6bI MbIrapaHTHpoBaiMH HaImIe co6cTBeHHoe 'Ka'eCTBO" KaK B ponuH Ae6RTOpOB, TaK HKpe1HTopOB B HamlIeM o6igecTBe H AOAe pbIHKa.

III. Kpeiauimbie pHcKH

12. KpeAHTHbIiir pHCK HIA {HCK HeBO3BpaTa gorra MoxCeT 6bm onpe1eAeH KaKHeyBepeHHOCrb KpeCHTOpa B TOM, 'ITO ,OJDKHHK 6yerCT B COCTOSHHH H 6yArCT

HamepeBaTbcs BbIrIOIHHTh CBOH o6sl3aTenbcTBa B cooTBeTCTBHH CO CPOKaMM HYCJIOBHSIMH K]peCHTHoro corJiaiiieHHS. 3To cocTosIHHe MoxCT 6blm BbI3BaHO: a)Hecnoco6HOCTbIO ,OJDKHHKa co3,aTb aJReKBaTHbMi 6yAy=gH AeHe)HbIi riOTOK BCBSI3H C HenpeRBH,eHHIMMH He6jiaronpHSrTHMMM H3MeHCHHSMM B AeAOBOM,

3KOHoMH'qeCKOM IH/HAM nonHTHqCCKOM OKpyJKeHMH, B KOTOPOM onepHpyCT

3aeML]HK; B) HeyBepeHHOCThIO B 6yAyuefi CTOMMOCTM H KaxecTBe (JIHKBHzHOCM H

B03MOXKHOCTH rpO,aX(H Ha pbIHKe) 3aniora HoA Kpe.WT; H c) Tpe=HaMH B 1enCOBO1penyraLUHH 3aeMI1HKa.

13. Kpe,HTOpbM oxKHaioTT, 'To MM 6yjAeT BbmIa'eHa BCS cyMMa KpeAHTa HiM3afiMa, KOTOPYIO OHH npe,ocTaBHAM, rIIoc, B 60JmmIHHcTBe CAyqaeB, oHi 6yAyrnepHoMH,qecKH nony'aTb OrOBOpeHHbffi npoiLeHT, rIoKa KpCAHT He 6yXAeT norameH.OHM H36eraIoT pHCKa H nO3TOMY XOTSaT orpaHM'qHM CBOIO 1OlBCepXCHHOCTb pHCKy,

MHiH cTeneHb HeH3BecTHocTH, ,o MHHHmyMa. B AefiHCTBHTCbHOCTH, OHM XOTqT

OnpeLeAHTh cTCneHb pHCKa, CBSI3aHHoro C OrIpeACJICHHMIM 3aeMIWHKOM H C BHLAOM

KpeAHTa, KOTOpbMi OHM co6HpaIOTcS ripeAocTaBIM, ZAO TOrO, KaK OHM rpeAocTaBqT3TOT KpeAMT, a TaioKe Ha BceM YiDpoT5DKeHHH AeiRcTBHS KpeAHTa (nOMHHTe, cTenCHbpHCKa qacro MeHSeCTCSi CO BpeMeHeM).

14. 06paTHTe BHMaHHe: BaHKHpbM CTpeM3Tci Him no KpafiHcif mepe AoJnKHx l

CTpeMHTbCSI H36eraTb PHCKa AaJKe 6oJbIuel, qeM AlpyrHe KpeAHTOpbI. HIo'eMy? AZarIOTOMy, qTO OHM CCyxCaIOT He CBOH Co6CTBCHHbIe AeHbrH, a AeHbrM CBOHxKpeOMTOpOB, T.e. BK11aA'qHKOB H Apyr'x CTOpOH, KOTOpbiC CHa6UHAH MX CBOHMH

CpCACTBaMH. CaMO MX CyiixCcTBOBaHHC KaK 6aHKIpOB 3aBMCRT iUCejHKOM OTCIIOCO6HOCTH nIpHBACKaTh 3TH Cpe=CTBa Ha BO3o6HOBJLqIOjUCei4cq OCHOBC. 3TaCIIOCo6HOCTb UeJIHKOM 3aBHCHT OT Kpe1HTOCiiOCo6HOCT= 6aHKa, KaK OHaHoHHMmaeTCS HaIIIHMH ,AerO3HTopaMH, KOTopa5I, KoHeqHo Xe, onpeAejgeTcscrioco6HOCTbMO B0BpeMq BepHyTb BKj1aIU - a "BOBpeMA", acTo O3Ha'aeT rio rnepBOMyTpe6OBaHHIO. B03MOXMHOCTb 3TOrO, 3ISI 6aHKa, 3aBHCHT, B CBOIO OqeCpeb, OT

3

cnoco6HocTH yCneuIHO oixeHHBaTb pHCK, cBSi3aHHbIA C 3aAMaMH, KoTopmIe OHnpe24ocTaismeT.

15. OueKca Dpe8umHlMx DUCKOe. KpeiHnTHxI pHCK npeAcTaBweT co6ofi4yHKuHio napaMeTpOB 3aiMa H 3aeML1HKa. OiueHKa KplUITHOrO IpeAWIoJeHHS,npezCTaBsIeHHOrO nOTeHIlXHabHbIM 3aeM=HKOM, SBMCTCq, B KOHeCHOM Tore,OUCHKO}R pa3AJH'HX BH,OB pHCKa, KOTOpbIe Bo3HHKaIoT IIpH npeAocTasBAeHHHxcenaemoro KpeAHTa ANA KpeARTy1oiuero 6aHKa. Baxame HCXOAHbe BOnpOCbI,HaripSMyIO CBS3aHHbie C BO3MOIKHOCTIblO HCBMOMIHCHHqS o66l3aTeAbCTB B 6yxAyiieM,BKAIoqaIOT: /

(a) HaCKOITbKO xopoio 6aHK 3HacT MOpaibH)wO H 3THqcCKyJO perIyraUlio3aeMuHKa, paBHO KaK H ero pCnIIaUHIO yCneimoro npCZ[IPHHHMaTeCSI CTOMKM 3peHHS ero BO3MOxHocTeCi npoH3BoAcTBa, MapKCTNHHr H4,HHaHCOBOro ynpaBIeHHqI?

(b) HaCKOJIbKO xOpoLIO nOArrOTOBneHO Kp= THoe npeAoxKeHHe? ABmeTcs iH3TO npCenIOKCHHC pea.HCTlqHEbiM C ACAOBOti H 3KOHOMHqCCKOA TOYKH3peHH.q?

(c) IBwseTcq.IH Uxcm 3arlMa mpReMoMoA ns 6aHxa?.

16. BaHK, npeAocTaBnwloWiEH KpeAHT, oTBCTCTBCHCH 3a ioJyICHHCe sicHlxOTBCTOB Ha BCC BbIierICpeCpe CjiHHEaC BOflpOCI. HanpHMep, BOIlPOC aqpe3Bmba]HO BaxCH B cAyqae HOBbX KJIHCHTOB H MeMKIX HAM CPCAHHX 4)HpM, OKOTOpx nIpaKrHrqeCICH HCT HH4,OpMaUHH (KaK B cmryqae C 6o.mHmHcTBoM HOBIXpOCCHNCKHX H y36CKCKHX 4)pM).

17. Bonpoc "b" rpe6ycr OT KpcAHTyIOiucro 6aHKa noAroToBHTb alHKeTyCTaHAapTHoro fopMaTa, KOTOpaA Ao3DHa 6bim 3anomICHa npeTeCRIeHTOM HaKpeAHT H coAepxaTm BCIO HH4opMaaIUHIo, OTHOCAIIYlOCA K Ha3HaqeHHio H CyMMeKpeAHTa H npeAnoJcHHoMy pacnricaHHwo o6cAyxumBamms Aomra (BbzrmaTaflPOUeHTOB H OCHOBHOti qacm Aomaa), a TaioKe HH4)opMagIHIO 0 (HHaHCOBOMCOCTO0HHH camoro 3aeMIgKa. HaAeXacyo HH4opMauIHo o6 3TOM OqeHb TpyAHo, anopofi H npOCTO HCB03MOJKHO nOAYqHTh B TaKHX cTpaHaX, KaK PoccHs HY36eKHcTaH: B POJIH 3aeMIUHKOB 6yTyr BbiCTyIlaTb MCejKHC HCKOprIOpHpOBaHHbIenpeAnIpHTHAS, T.C. ,HpMbI C oAHHM BJIa;CAbUeM mAH TOBapHiCCTBa, B KOTOpbIXaKTHBbI H IaCCHBbI riepereTeHTB C 4)HHaHCoBbIM COCTOHHNCM 3aCM=NKa H eroceMbH. B AZOHOJIoeHHe, Aaxce B TeX pCAKxX cJiyqaqx, KorAa CYIICCTBYCT HanexcainaSCHCTeMa 4iHHaHCOBOrO yqeTa, noAo6Has HH4,opMaixsH HC noAnepranacicay1ATOpCKOA rIpOBCpKe H cJ[eZoBaTenbHo iPpeAcTaBAseT oIeHs orpaHHHqeHHYMUCHHOCTh. TeM He MeHCe, AM3HeHHO BnAvuO, 'rro6m 6aHIm BBeCI CBO8M 3ZeMIIIKKMTpe6OBaHUe yCTaHoBDTw BOpUOK BeAeHHE AeTabHbIX U HaAJe]msIM o6pa3oMnoAroToBAeHHbIX tpUHaHCOBbIX OT'eTOB, BKJIIOqaWOMlIX K(K MNHHMYM 6ajiHc,AeKnapairlo 0 AOXOARaX K OTqeT 0 AeHeUMHX DOTOK2X. BaHKH AO nKHb HrpaTmo6pa3oBaTenbHyIo pom B 3TOM, oco6o oTmeqas TOT 4aicr, xro noAo6HoeTpe6oBaHHe HC TOJbKO BbIrOAHO KpeZw1yIOiCMy 6aHKy, HO, Aaxe B 3HaqHTCAbHO6onubeiu CTCefeHH, CaMOMy 3aeMigHKy, IIOCKOJEbKY rlO3BOAfeT HayqXThCs yCIeIuHOyupaBaTb h4HHaHCaMH ITpeIpHASTHA.

4

18. 'ITO KacaCTCS Bonpoca "C", TO 6aHK aOAjIeH onpeAe3ITB, "oX0OAHT" All

Kpe,HT ero KpeCHTHoMy nopT4)eJIio. IIpHBegeT AIH 3TOT 3afM K elie 6oiiiefisHBepcH4)HKatuHH, a cTano 6umTb CHHxeHHIO nopT4)eAbHoro PHCKa 6aHKa? HiH 3TOT

3aeM yBeJIHIqHT CKOHIXCHTPHPOBaHHOCTB nOpT4PeAI Ha oXHofi orpaciirIpOMbIMIleHHOCTH, HJH Ha OAHHX CpOKax IIaTexCei H TaKHM o6pa3oM yBeimqHT

pHCK nopTr4e.i? BaxHO TaKXe npHHHmMaT BO BHHMaHHe, HMCeT All 6aHK

AOCTaTOqHLIii YPOBeHb KOMieTCHTHOCTh oto6u oxeHHTb KpeAHT. BaHK He AOJKeH

AaBaTh ccyAy npeAIpIHTHM B TeX orpaCux IIpoMbiUeHHOCTU, B KOTOpIXcoTpyAnHKaM 6aHKm, 3aHHMaIOIIMUMCn KpeAUToBaHUeM, He xBaTaer HeO6XOAHMb]X

TeXHK eCKHX 3HaHHI H 3HaKOMCTDa C pfIHKOM A11 TOrO, vT6w fpaBHnbHo oileHHBaTh

KpeAKT.

19. flpHBereHHoe BLaue BEacKa3bIBaHHe SIBJMCTCS BaxHoM cocTaBHOi qacTBio

npeimeTa yuIpaBJreH.ms KpCIIHTHbIMH pHCKaMH, K KOTOPOMY MBi eiue BepHeMCsIno3AHee 6onee e-raJmHo. Bo3Bpauxascb K oixeHKe KpeAHTHoro pHCKa, cneAymue

HeCKOJITKO CTpaHHL nOKaJC3T HaM HH41OpMaijHIO, KOTOpylO COTPYAHHK,

3aHHMaIouuHI4cq KpeAHTaMH, o6SI3aH noAyqHTh OT 3aeMIItHKa AO TOrO, KaK np1HMeT

OKOHxIaTCelbHOe peIneHHe: yAOBACTBOpHTh IM npocb6y 0 3af4me H13H OTKJOHHTh.

(KaK mm 3T0 6 yAeM o6cyxwaTL no3)e, OKOH'aTejmHOe pemmHHe He MoxCeT 6blTB

IpHHSITO KpeAHTHUM HHCrIeKTOpOM: TeM He meHee, OH o6ENHO HeCCT

OTBeTCTBeHHOCTh 3a npoiLecc oigeHKH).

20. Ouewca Ducia: namb umepuee

(a) PenvTanHs. )KeJIaHHe H peCUHMOCT 3aeMiuHKa YAOBAeTBOpHTI CBOH

o6ft3aTejncma. rlponiecc OUCHKH AQoKeH coc-rorm H3 nHqHOrO

co6eceAoBaHHI, IIpOBePKH npOHCXOxeHHqS KaK jrtIHOrO, T.e. HCXOAq H3pCKOMeHAaLzfl, iipCAcTaBACHHbIX 3aeMuKOM, oco6lHO B cAyqae JIHBHIX

3aikMOB HMI cCyA TOBapHiaCcTBaM, H AejioBoro (npoBepKa KpeAHTOpOB3aeMWHKa, rIOCTaBUXHKOB H KAHeHTOB). 14H4opMaLixs1 no BO3MOXCHOCTH

Ao.iia 6blTb npeAcTaB3IeHa B rIHCLMeHHOfi 4)OpMe; B cAytae, ecIH HMeeTcSTOJIbKO yCTHaS, COTpyAHHK o6.q3aH cAejiaT 3aMeTK=, KOTOpie 6yAYr

ITOAI1HThI K ripoqeMi AoKyMeHTTaiHH no KpeARTy H Ha KOTOpbIX 6yAe-TyKa3aHO 'HCJ1O H HCTOWHHK HH4)OpMaINHH.

(b) Bo3MOXHOCm. (i) Cnoco6HocTm 3aeMIUJKa uonyoraTm AcHbrH no BCeM

CBOHM onepaHSIHM (o6nu¶ nIpHTOK AeHer, r1oytleHHb1X 3aeMIKOM B xoZeripeAripHHHMaTembCKOMi CSeTCeTbHOCTH B TeCeHHe nepHoAa ero

Aes1TeflbHOCTM) NmI no KOHKxCTHOMy npoeKcry (KpeAwf noA aTrhenbHO

CTOSmmHf npoeKT), m (ii) cnoco6HOcTm 3aeMlgHKa ynpaBI5Tb AeHeCHBMHCpeACTBaMH (KaK 3TO SCHO H3 npoUbx npoeicrOB).

(c) KaT1HTaIi. KanHTanibHas 6a3a 3aeMWHKa H cro piIUHMOCTb HC11OJnb3OBaTb

co6CTBeHHbIlf KanHTaJA B npoeKTe, Ha KOTropbIfi OH 3aflpaMBaCT KpeAHT.

3aeMuHK AojD1CeH 6UMT B COCTOqHHH pa3Aej1Th pHCK npoeKTa C

KpeAHTyilOuM 6aHKoM H 6imb corJiaCHblM Ha 3TO, npeAoCTaBIS

rpeHMJeIMy0o 'acTb cBoero aKIyHoHepHorO Kar1HTaAa, T.C. 3aeMILHK AROJDKeHCBq3aTh ce6f o6sI3aTenbcTBaMH.

5

(d) YCAOBHSq. TeKyiiee COCTOSHHm H o 6 30p MecTHofi, perHoHanbHof4 Ho6weHaIHOHaJHWHO 3KOHOMHKH, a TaIOcKC OTpaCH xo3cTBa 3aeMI4NKa.Pa3nmfxIe 3KOHoMHqecKHi4e YCJOBHR H pa3AmiHe npOrHO3LI Aim pa3H1XoTpaciAeft xo3SflcTBa nacro Tpe6ywoT paaJH'ux CCyAHx KPHTCPHCB Bpa3Hb1x 4)a3ax AenoBoro ixHKna. (Bonpoc: Xopomo imcHvCHxaTm KpIeATHbiccaraHAapmi BO Bpems rioAbeMa?)

(e) 3a.nor. HaAexcHoe o6ecneqeHHe KpCAHTa B 4opMe 3aAora HiH rapaHTwHMOxCeT nOMOqb npeoAo.nem Icna6oaC B Apyrom H xpyrmX KpHTCpHSX.Xoponee npaBHJO: HHKorlia He nDellocTaBmT= KpemCITE, Ha ocHoBeTOAmKO 3aA0rla Him rapaHTim. Heo6xoAHIMo IIpHHHMaTh BO BHHMaHHCcineAyioue 4aicropm: (i)KaqecTBo 3aAora: HacKoJ1bKo ycTapejio HIHnoBpexAeHo o6opyzoBaHHe, HaCKOJnKO OHO JIHKBHAHO H KaK lONRACT HaPbIHKe, KaK 3aJior 3a=UNCH OT HH41gUHH? (ii) B cAyqae HCBLIMOnHeHHSo6I3aTenmCm, nCerKo im 6YrCT B3bICKaTh 3TOT 3maor B 3aKOHHOM nOPgZKe?H III) KaKOBO AOnIyCTHMOe COOTHOIUeHH pbIHOqHOf CTOHMOCTM 3an0ra Hpa3Mepa KpeAHTa H KaK qacTo OHO AOiCHO 6bITb nepecMoTpeHo?

21. Pnaxcoeax moQpa"uu icomopwo NgO neumb om 2ae gmKuua. rIocneToro, KaK COTpyiK, BG,yOIUN KpeAHTaMx,- ipxHHln p;iueHHo, Ha OCHOBenpeABapHTCj1biOrO Ham3a (B cnyqaC HOBOro KxiCHTa) npoAomxNmT paCCMceTPHNe3aSBKH Ha KpCAHT, OH HOfPOCHT COHCKaTeCAf cHa6AHTh ero pa3HqHhMHnNchbMCHHLIMH AOKAaAaMH, CBHACTCJTCTBYlOJNHMH 0 4IHHaHCOBOM COCTOSHHH-npeAipmiTHRs H camoro npeTeHAeHTa. 06brqHo, Tpe6yeMas HH4)OpMa1xHA AojIKHHaoxBaTmIBaTm no MeHbIIeNi Mepe TpH roAa (Aim Toro, qT0o6x HaH6ojieenpCACTraBHTeAHO xapaKTepNo3BaT cHTyaIUHIO), nPH TOM HaH6OACC cBexcaqHH4IopMaaUHS HC AonDKHa 6im 6onee 'cM 6-TN MeCCsqHONl AaBHOCTH.

22. EciH 3TO B03MOXKHO, AoKnau Ago.nKHm 6bIT nO,ArOTOBCHLI HC3aBHCHMbIM@HHaHCOBbIM 3KcnepToM. OHN AoJDHM BKnoqaTb:

(a) roAoByio (a nyqme nohIyroAoByio H KBapTajrbHylo) &NHaHcOBVgO OT'ITHOCTbnpeAIpH5TSTH: 6aiTaHc, aNrT o AoXoAax, oTqeT o6 HCTOqHHKaX HHCHOJIb3OBaHHH CPCACTB H OTqCT 0 AeHeXGEb]X nOTOKaX.

(b) B 3aBHCHMOCTH OT BHAa 3anpaNMBaemoro KpcAHTa, AeTanJTHYIO cTpyKTypy3anacOB. paciuH4poBKy ge6wroDcKoR H Kp§MMTODCKOV 3aRnOXCeHHOCT` noKpai4HeCi Mepe 3a nocjreAHHe 18 MeCsgeB (oco6eHHo BaicHo M Bo6opOTHuM KanHTaI).

(c) B cAyqae 3HaqHTeCbHorO AojirocpoqHoro KpeAHTa, 6H3Hec-nAaH, KOTOpblff6yzAeT noKa3bIBaTh, KaK nocynnIeHHs1 or 3afiMa 6yAyr cIpaXaTmcs Ha6yAymeM 4NHHaHCOBOM COCTOSiHHH npeAripHwTsL, oco6eIHo Ha ACHeCKHOMnoToKe. rInaH AoAJKeH coAepxaTh:

(i) Pe3IOMe pyKoBoACTBa;

(ii) OIIHcaHHC npoeKTa, npoAyKca HAH yCAyrH, KOTOpyO Tpe6yeTcSi4rNHaHCHpoBaTm;

6

(iii) AHaJIH3 OTpaCJ[ H pbIHKa;

(iv) MLlIaHbl MapKeTtHra, npOH3BoACTBa H yripaBCeHHS;

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

(vi) IlporHo3 AeHCXHUX IIOTOKOB (o6blqHo Ha nepHOXi norameHHsI 3atiMa);

(Vii) OpHeHTHpOBOo'nxIH 4)HHaHCOBMfi oTqeT.

(d) B cJywae, ecflH Kpe,zT npe ocraqweTc q acTHoMy mIlHXy HIHHeKOPrIOPaTHBHOMY 3atMWilHKy MM B TeX CAyqaSIX, KorAa Tpy11Ho OTrejiHThaKTHBBI KoMnIaHHx OT lHEgqH)iX: jIH'Ixe (bHHaHCOBbie aeKIaipaIIHH 3a 3roia.

23. 06paTeTe BHHMaHHe: KaK MBl yxce yrOMHHaJ[H Bbime, KpemiTyIo=fi 6aHK

AoxeH CHa6AHTh 3aCMIHKa BCCmH 6ZaHKama H 4OpMaMH, Ha KOTOpbX Aoj1xHa

6b1m npeAcraBeHa HHcopMaiH.

IV. 3anuwra OT InOTepb npH HeCBiojmeHHH O6m3aTeCI6cT:

CCYAbW nOA 3anor H rapaHTupOBaHHbie KpeAuThi

24. B npOMMUITCHHO pa3BHThIX cTpaHax Kpe,=Tocnoco6HoCTB ToproBNx3aeM=UIKOB qacTo 6xDla TaK XOpOIIO H3BeCTHa, wTO OHH MOrAH nQonyqaTm KpeAHTbi

Ha OCHOBe CBOCei KpeArTocnoco6Hocm. JpyrHMH CAOBaMH, OHH MOrJIH B3STh

Heo6ecnecieHHbIr H HerapaHTH1oBaHHbIlf KpeRIT. 9TO, no BnOAHe o6sCHHMLIMnpH'qHHaM, HepeaClbHO B o6o3pHMoM 6yAYweXM B POCCHH H Y36eKUcTaHC: CTHeneHi

HeyBepeHHOCTH B B03MO0CHOCTH 3aeM=lHKa H peCIIMOCTH BE[ILlHaTh CBOU AoJrr B

6yzAymeM B pa3BHBaiOuIHXCS1 CTpaHaX H B CTpaHaX, nepeCxBaiuOIaHX CTpyKTzpHYIO

peBQO11R)HIO, rIpOCTO CAHUIKOM BiCOKa, Tro6M npexocTaBrrm Kpezm 6C3

ripHeMAeCMOu fl0=LepKKH.

25. Ccw3a nod 3aAoz. CcyA, noA 3aJIor - 3TO KpeHmrI, o6ecneqeHHLIC CO

CTOPOHbI 3aeMIIHKa 3aJIOrOM aKTHBOB. no BCef BHAHMOCT OHH SIBJISIOTCS CaMbIMH

CTrapIMH H3 HbIHC CYIIeCTBylOIlWX H OCTaiOTCc TaKXe H CaMmIMH

pacnpocTpaHeHHbIMH. B npoTHBOIOJIOXHoCTb, oAHaKo, 6onee paHHHmi nepHoAaM,Kor1a 3aJIoXCHHbIe aKTHBbI qacTo 4)H3H'ICCKH nIepeMeiixaAHCb BO Ba,iacHHe

ccyAoAnaTeJLq, aKTHBbI ceroAH qacTo OCTaIOTCSI BO BJIa,CHHH 3aeM=UKa, KOTOpbIU

npoxo.iae'T nOJ1b3OBaTbCS1 UMH. B TaKoM cJiy'ae, 3aKiaA aKrCHBOB ocyueTBsiemiB BHae UieCCHH HAun vyTKxH nipaB - r1HcbMeHHOrO KOHTpaKTHorO coralUIeHHsI

MeXKY KPCAHTOAaTeJICM H 3aeMUIHKOM, ACTaJ1H3Hpy1OLIWerO CBSI3b MCX4Y CpOKaMH H

YCAIOBHSIMH 3aHMa H 3aJIOXCCHHbIM aKTHBOM.

26. flOCKOJlbKy z1iM MHOrHX 6aHKOB OCHOBHaS qaCTb nopT4ei COCTOHT H3

o6ecne'eHHbx Kpe,AHToB, IopHAim[ecKHe acneKTbi ixecCHH H13H yCTynKH npaB HaO6CCerie4BaIOiuie KPC)HT 1eHHOCTH aBjOTCI KpaHHC BaxHiMH. KpeAHTyiOUUHi

6aHK B AHixe coTpyAHHKa, 3aHHMaIoiuerocq KpeAHToM, H IopHAH'qecKoro oaraeAa

7

6aHxa, Ao,oxeH 6bIrb 6gHTeJhHbiM B o6ecneqeHHH HaA2 iexameI IopN=NqecKof43au=Tbi.

27. KpewrnymIuNf 6aHK ZAoDKCH onpeneATb, KaKie aKTHBbI CqITaT]bHOAXOA.q1HM 3anOrOM H KaK paccqHTmxBab coBpCMeHHy1o CTOHMOCTm KpeTa. 3mnoco6Hu AOHJiJ 6biTh pacnpocTpaHeHI B InKCbMeHHOI 41opMe, vm6w BeCb 6anK cHHMH o3HaKOMACIc. B AonomHeHNe, Heo6xo0NMo paccmaTpNBaTm cneAyiouNleXapaKTCpHCTHKH 3aIOXCCHHmx aKTHBOB:,

(a) OTHocHTenbHaSi nerKocm Oge,CHK 3anora, KaK iAo npHHSHTHR peiueHHs oBbLa[e KpcAHTa, TaK H B TeqeHHe cpoKa KpeAHTa. CTOHMOCTb 3anoraHeO6XoAHMO nepHOAHqCCKH iaepenpoBepC0 S c TeM, qtrr6b o6ecnetuma1eKBaTHOe nOKpbTrHe.

(b) B03Mo3HOCTb pa3MeWueHHS Ha pbIHKC 3anora AojiKHa 6bIm onpeAeneHa HnepHoAH,'ecKH nepenpoBeprmcH. HanpHMep: CnCIH;aJEbHocnpOioKTHpoBaHHOe o6opynoBaHHc c orpaHHqeHHoM npHMeHHMoCTbIoTpyzHee npOgaTb Ha pbIHKe, qem CTaHAapTHMIN nITHTOHHbIN rpy3OBHK.

(C) JIHKBHHOCTh, HAH AerKOCTh, C KOTOpON 3anor MoKcT. 6bmTb ofeHCH H N.npeBpauxeH -B HanWlHbie 6G3 -pa3pbEBa BO BpeMeHH, ORCHb - Ba)KHa.HanpHMep: 3'MeS H KOMMCpqFcKHe KmH npoMbnIuieHHbe 3SRaHHS MeHeeIHKBHA,HI, YCM BiICOKoKaqccTBeHHbiC Ac6HTopcKxC cqeTa, no KOTOpbIM

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

(d) rIoAKoHTpoIbHocm: nerKocTm, mvm ce oTcyrcTBHe, C KoTOpONi KpeANTopMoxKeT onpeAenrrb MecToHaxoxAcHHe 3aniora H BCTyINHTh BO BjIaAeHHe HM.HanpHMep: npoIie BCTYNHTh BO B3laAeHHe AeHbiHramN H ApyrHMh4HHaHCOBbIMH aKTHBaMH, 3eMeAfl H CTpoeHHSMH, KeM rpy3OBHKauMH HuHKoHTeAHepaMH, MeCToHaXOXAeHH KOTOpLX qacTo TpyAHO yCTaHOBHTb.

(e) AMOpTH3aLHS1 HAI MOpanjbHOC cTapeHHe. HeKOTOpLIe aKTHBbI TCPRIOT CBOIOnepBoHaqa.nbHyIo CTONMOCTb 6bIcTpoe, qeOM ApyrHe, xOm CpOK HX rOAHOCTH- B OTAHqIHe OT cpoKa HX CTapeHHS - MOxICT 6brrb 3HaqKHTwbHbiM.HanpilMep: xeHCKaS moia (no KpaNHeMi Mepe Ha 3ana,ze), ineKxpoHHoeo6opyAoBaHHe (KOMnblOTepbI H T.A.) TaICKx Heo6XoARMO CAe.eATh 3aB03MO0HOCTbIO nOpqH H3-3a HCnpaBHJEbHOrO xpaHeHHsi.

28. 06]aTHTe BHHMaHHe: 3aNmbI, o6ecneqeHHbie 4NH3HKCCKHMH 3aAoraMH, KaKnpaBHAO, yI3BHMbI A MOIIleHHHqCCTBa CO CTOpOHbI 3aeMWHKa. KpeAHrTYIOIUHd6aHK .RojDKeH nO3TOMy ocTaBaTbcs 6ArHTebHmIM no OTHoieHemIo K np[HBCpxCHHOCTH3aCMLUHKa YCJIOBHIM KpeAHTHOrO CoriaueHHs H B oCO6eHHoCTH K CyiLeCTBOBaHHIO,MCCTOHaXo=elCHHIO H COCTOSHHIO 3aAora. -T- BaxcHo, IIOCKOAbKY npCaocraBjicHHC-rpe6yeMoN HH4IopMaIXHH no 3anuory EirCTCs qacTo o6sl3aHHocTmIo 3aeMml4Ka.ipIHHN4Ma.I BO BHHMaHiC 3TH 4)aKrm, Ans KpeAHTyiouIero 6aHKa BaxHO:

(a) IlpoBepHTb Ao npeAocraBeHHq KpeAHTa aKTHBL, npeAuiaraemLie B KaqCCTBC3aJIOra, Ha HanHqHe yxce HMCIOIIuHXCq LeCCHt, npaB OTBo.a H .pyrNX HCKOBHa HHX;

8

(b) 3aperHCTpHpoBaTb ycTynKy npaB Ha 3anior B cy,e (ecin 3aKOH 3TO

,AonycKaeT);

(c) BecTm rOCTOSHHO o6HoBiLeMbie 3aniicH Hi npOBOIHTh nepHOAHqecKHe H

XKeAaTeJIbHO HeoxxHIaHHMIe npOBepKH MeCTOHaXOXaeHHS H COCTOSIHHNS

3anora.

(d) B AOnOJIHeHHe K BbIumeCKa3aHHOMy, IS 3aniora B 42opMe Ae6HTopcKxixCqCTOB peKoMeHAyeTcCS cnie yuLoee:

(i) 3acTaBHIT 3aeMUIHKa HanpaBASITE B 6aHK exeCMCMCSqHO CIIHCKH

KJIHeHTOB, BKJIIO'aSq HMeHa, aApeca, CyMMbI 3aAOJDKeHHOCTH H CpOK

noAyIeHHs.

(ii) 3acTaBHTb 3aeMLUHKa nHCbMeHHO npOHHCTpy pOBaT, CBOHX

KJ[HeHToB o TOM, rro6bi OHH oiia'qHBanH CBOH cqeTa HanflpMyio Ha

CqeT 3aeMIIrHKa B KpeAHTyioiIeM 6aHKe, HaneqaTaB CBOU HHCTpyKUHH

Ha cqeTe-4,aKType (Ha3BaHHe H aApec 6aHKa H HoMep cqeTa

3adMIUHKa).-

(iii) 3acTaBHTm 3aeML4NKa nOITBePzHTh B nHCbMeHHOM BHAO, qTO HHKaKaS

Apyra5i OpraHH3aglHS1 He npeTreHYCT Ha 3ajio)eHHbIe cqeTa.

(e) )J. 3aNiMoB, o6ecneqeHHUx 3anacaMH Heo6xqAHMo:

(i) 3acTaBHTm 3aeMNHKa exemeCCCqHO HanpaBAIrTb CIIHCOK 3aj[oCCHHbIX

3anacoB c yKa3aHHeM MecToHaxoxAzeHHi4, o6beMOB, BHAa H, rAe

B03MOXHO, CPOKOB HaxoxAeRHHR B 3anacax.

(ii) 3acTaBHTI 3aeMEUHKa nO=TBepAWTM B nHCbMeHHOM BHge, xrTO Ha 3TH

3anaCbI HC HMCOTC5I HHKaKHX ApyrHX Tpe6oBaHHf4.

(iii) ECAH 3TO B03MOXHO, iepeBeCTH 3a2oIeHHbIe 3aiaCbI B

MCUHAH3HPOBWHHbIe cKxrazla (ecnJIH cyIecTBypOT) AlImr Toro, qTo6bI

o6ecnetrTB nOJIHbIi4 KOHTPOAb HaA 3anacaMH nocpeOArBOM BeRCHHS

HaAeXKHOrO H He3aBHCHMOrO yqeTa TpeTbeCi CTOpOHON4.

29. I4CnOJIb3OBaHHe 3aAora AniLs nOAgepXK KpeCHTa He cHHMaeT, KOHeTHO,

PHCKa HeBbInoAHeHHS o6sl3aTenbcTB. ro cyrH .ejia, 3anror caM no ce6e He BjiSieT

Ha pHCK; OH npOCTO npeAocTaBAsieT KpeNHTOPY B03MO)KHOCTb yBe3HqHHTh CBOH

UJaHCblI loAnyCeHH51 AeHer rio CBOHM 4)HHaHCOBbIM TpC6OBaHHSM B cAyqae HcyriaTbi

foAra.

30. Tpe6oeaiuq Ic MpDxce. JLiIS Toro, wot6bi o6ecneHmTb B B03MO)KHo 6onbmetN

CTCIIeHH AOCTaTOqHOCTh 3aIOrOBOfN CTOHMOCTN B cAyqae OTKa3a OT yniniaTbI Aojnra,

KpCAHTOAaTCAb MOXeT rIPHMeHHTh CCy[IO Ma . IIpHMeHeHHe CCyJHOH MapxH

03HaxiaeT rnpencTaBAeHHe KpeAHTa BnJIOTb AO OnpeHeAeHHOrO 11POCIrHTa HJI MmapxH

-OT CTOHMOCTH BcerO 3aJIOra.

9

31. BaHKH Moryr yCTaHOBH1Tb pa3JIHHbIe Map)H AISA pa3MHqHbIX BHAOB 3anora,KOTOpbIe o6bmqHO Kone6jIoTCSi OT 100% (H BbmIe) AUI HaJIqHLIx, KoTopbIe 6y,Ayrpa3MCeiCHM B KpeAHTYOIeM 6aHKe, AO, HHor,a, 50% UI onpeAeeHHmIX BHOB3anaCOB H o6opyAoBaHmA, T.e. npeAMeToB, pa3MCiuaCMOCTh KcTOpbIX Ha PbIHKeorpaHHqCHa H TpyAHO oripeflHMa. HopMaJThHuM npeAenoM Kone6aHHA Ha 3ana,AeCTIHTaCTCS OT 80% BbICOKoKaqeCTBeHHbx ixeHHmix 6yMar Ao 65/70%BbICOKoCaqeCTBeHHbIX CqCTOB H HMylleCTBa.

32. O6paTHTe BHHMaHHe: KaK MbI yXC YnOMHIHaJIH BbIIIe, 3anior AOJKEHnepHoAH,qecKH nepenpoBepaTcsx Ha. rlpeAmeT H3MeHCHHS COCTOHHAS H camoroCyWIeCTBOBaHHA, BKnIOriaA ero 3IHKBHAHOCTh, pa3MeCiaCMOCTb Ha PbIHKC H inK6bxApyrHx xapaKTCepHCTHK, KOTOphIe MoIyr nOBATb Ha ero pbIHoqHyo UeHy HiCerKOCTb JHKBmAaUHH. ECJIH 3TH H3MeHCHeS 3HaqHMbI H yrpoxaioT cnoco6HOCM

.3ajiora nOKpMTb 3aiM, KpCAHTOP AOJDKCH H3MCHNTb MapXCy H HeMe=LeHHOH3BeCTHTI 3aeM14HKa (KpeHTHoe cor3aieHHe AOJiHo ripeAyCMaTpHBaTh, wT oKpCeHTOP HMeCT ripaBo MeHSb Mapxy, noKa KpeAHT He 6yAeT noraIeH!)

33. B ilepHo,bI CHJTIHOHI HHlSNIHH CTOHMOCTh 3aAora (B OTAiNN OT zAeHOr HApyrHx 4HHaHCOB=J aKTHBOB) qaCTO Bo3pacTaeT, TO iio3BojSeT 6aHKy oiraTbH3JIHUIHIOIO qacmT.3aJIOra 3aeMuHKy. rIoxoxKee flpOHCXOAHT B cAyqae C KpeAHTOM CocXeMoi noraiOueHms no qaCTJiM, B TaKOM cAyqae TpC6OBaHHR K. 3anory cHHJKaioTcACOOTBeTCTBeHHO C rOiramICHHCM OCHOBHOf4 qaCTH ioJEM.

34. rapaHmm - STO IIHCbMeHHOC o6s3aTeJmcTBo TpCTbeM CrOpOHbI OliaTHT,AoAr B CAyqaC OTKa3a OT yIIaTbI 3aeMigHKoM. ECMI He HcnoYib3yTcsq cTaHAZapTHaS6aHKOBCKaI 4)OpMa, BaJxHO, Tof6ti COTPYAHK, paCCMaTpHBaIOWHl BOIIPOC OKpeAHTe, npOBCPIU BMCrCT C IOpHAH'JCCKHM OTCAeOM 3aKOHHOCTb rapaHTHH.4CrrOAb3oBaHHIe rapaHTHH B KaqCCTBC HHCTpyMeHTa O6eCIIeqCHHI 3afkMa Tpe6yeT

TaKOrO xIe 1rpoiecca OIeHKH pHCKa rapaHTa, KaK H 3aeM1HKa KPCAHTYIOUXHM6aHKoM. TaiKce, KaK H 3aAor, rapaHTAs He ynyiaeT KaqeCTBo KpeAHTa, T.e. OHa HCCHHJKaCT pHCK HeylIlaTmi. CneAOBaTCnbHO, KpeAHT HHKorAa HC AOKeCHnpeAOCTaBASiTbCH Ha OCHOBe oAHoi TOAbKO rapaHTHH.

35. rapaHMsA MOxcT 6ub:

(a) O6ecne'eHHaul HAH Heo6eCneqCHHaS. 06i'qHo pCKOMCHAyCTCH HaCTaHBaTbHa o6eCrieqeHHOM rapaHTxH (oco6eHHo B TaKHX CTpaHax, KaK POCCHS HY36eKHcTaH!), qTo6bi noATBepAHT o6si3aTcmcmo rapaHTa BMemIIaTbcq noTpe6oBaHHIO. B cnyrae o6ecne'eHHoA rapaHTHH, 3anior AOjDKCHnepHo,HqecKH nfepepOBepSrbcS, KaK H B cJyqae C o6eCeieqeHHbImKpCZAHTOM.

(b) OrpaHH'JeHHol HJIH HoorDaHHqeHHOi4. B cnyqae HeorpaHHqeHHoft rapaHTHH(rapaHT rapaHTHpyeT BCIO 3aAOmKeHHoCTb OAHOrO 3aeMIHKa OAHOMyKpAITOpy), BaxKHO, qTo6bI OHa neCpHoAH'ecKH o6HOBJLSIaCb, HanpHmep,exceroAIHo, H Tof6ti OAHOBpeMCHHO npoBsepAacb KpeAHToCnOCo6HOCThrapaHTa. HeorpaHHqeHHe rapamHTH o6bMqHO He o6ecne'eHK.

(C) JIH'qHOf HlHn KODIHOaTHBHOf4. JIH'qHbIe rapaHTHH o6MqHO HCnIO3Ib3YIOTCSrIpH KpeAHTax qaCTHLM J[HLtaM, TOBapHuIeCTBaM HIAH KoMHaHHSIM, B

10

KOTOpb1X OTBeTCTBeHHOCTh H ynIpaBeCHHe CKOHUCHTpHpOBBaHb B OUHHXpylKax. B ciyqae KpexHTa TOBapHiiNeCTBy, HaCTOSITJeibHO peKomeH,yeTcqnOJIyqHm HeorpaHHqeHHme rapaHTH aT o6oHx napTHepOB H cAejaTm TaK,Trro6M 3TH rapaHTHi 6rH paBHMIMH H HeHCKJIIOqHTCJIbHLIMH, T.e. xTo6bIo6a napTHepa oTBeC'aAH 3a Aojir TOBapHiarCTBa BCeMH CBOHMH JIHHIHMHaKTNBaMN. B 3TOM c.yrae TaKxCe BaxcHO, Trro6m o6a rapaHTa nepHo.HqecKHcHa6XCaIH KpeAHTyioliOxHf 6aHK o6HOBjieHHMmH 4)HHaHCOBIMH

ACKnapaiNSHMH o COCTOSAHHH Hx aKTHBOB H riaCCHBOB.

rapaHTHH KOpriOpaaNHH qaCTO 3anpaIHBaloTC3i Kpe1HTOpOM auo6ecneqeHHi3 KpeIHTa 2pyrOH KOpfOpaINHH. npHMepOM MOxeT CJy)aTMaTcPHHCKaSI KOMIIaHHS, rapaHT4pyiiixas AOJlr OXRHON H3 AO'epHHX, HJIHKoMriaHHS rapaHTHpyiowasi RoAr CBOHX UOCTaBHLHKOB. B 3TOM cAyqaeKpeNHTyio=fi 6aHK AOAjKCH yAOCTOBepHTbCSI B TOM, qTO hIHIXO,rIO1UHCIBaIotiee OT HMeHH KOpIOpaaIHH YIIOAHOMOqeHHO Ha 3TOcooTBeTCTBymOiixef pC30IlOIlHCf4 COBeTa aHpeKTOpOB HAH yCTaBOM.

36. O6paTHTe BHHMaHHe: C TORKH 3peHHS yqeTa, rapaHTHs - 3TO yCJIOBHOeo6si3aTeibcTBo, T.e. OHa qiBjeTCi BHe6aAaHCOBOA cTaTmei rapaHTa. fIpN oiecHKeKpelHTHOrO pHCKa, CB3I3aHHOrO C rapaHToM, HeO6XOJNMO npoBeplim KaK6a.naHCOBE,e, TaK H BHc6aJiaHCOBbIe OriepaNHH rapaHTa.

37. 06DaTHTe BHHMaHHe: B HeKOTOpEX CTpaHax, KOTOpeIC HaXO,SITCS B npoLxecceCo3AaHHS PIHOqHON 3KOHOMNKH, HeKOTOpMC 6aHKH IIIHpOKO BBeiNH o6mqafirapaHTHpOBaHHSI 3aNkMOB, rpeAocraBnCHHUX ApyrHNm 6aHKamH Hx KJIeHTaM, Hao6oIOAHOri OCHOBe. TaKas IrpaKTHKaa qpC3BFqafHO OriaCHa, IIOCKOjIbKy YCJIOBHbIeo6Iq3aTejbbCTBa moMT nerrKo I[pCBpaTHTCS B 6e3ycJIoBHme; TaKHM o6pa3oM,orpaHHqeHHe qHcnia BsInyIIeHHbx rapaHTHf MoxceT 6Mm npe1rMeToM CneOXNHaAHofiKpeAHTHONi HOJIHTHKH (Ai npOAOKCeHHqS AHCKYCCHH CMOTPH ceMHHap rnaBy 7:KpeAHTHar IIOJIHTKa H npoIeApb).

V. KaaccHc1HKaMM 3akMOB B 3aBmCuMOCTH OT KaqecTsa KpeATra

38. CHcTeMa peiMTHHra Kpe,HTa no Kaqecny sIsICeTCI BsaxHM HHCTpyMeHTOMCHCTeMaTHqeCKOf4 OiteHKH CTreneH KpeCXHoro pHCKa, CBI3aHHOrO CHeiOOraIIeCHHbIMH KpeAHTaMH KpeAiiyiomero 6aHKa. TaKaq CHOTCMa, 6yAyqHrIpaBHJIBHO Co3AaHHOft, SBASICTCSi OIHOBpeMeHHHO CxaTONi H BCeO6beMmOllef. OHaIIHpOKO ripHmeHeCTCS 6aHKaMN B HX CHCTrMaX HpOBepKH KpeAHTOB H MOHHTOpHHra

aKTHBOB. I4cnOJIb3oBaHHe CHCTeMbI peNkTHHra KpeAHTa no KaqecTBy TaicKe nomoraeTOnpeXCjiHTh aOXOI OT KpeAfTa B CBSI3H C B03HHKaIOJIHM IIpH 3TOM pHCKOM.

39. BaHKN o6bmqHO Co3XaIOT CBOH Co6CTBCHHbIC CHCTeMbI pefTHHra KpeIHTa rioKaqeCTBy, ripHiem oHNi 6aHKN HClO3lb3ylOT AOBOjibHO ripocTie cxeMbl, a ApyrHe -

6onee CAO)KHbIe H AcTaJiH3HpOBaHHmIe. TeM He MeHee, tieJm BcerAa Ta xe: o6nerqNmnpoiuecc HlpNHH1THI peiueHHN Ain KpeAurrHoro Oarena 6aHKa KaK B OTHOINCH4HIIpCelOCTaBjiCHH5 Kpe.HTa, TaK H B nuiaHe Ha3HaCeHHS ero IiCHLI. 06bMqHO 3TOAeniaeTCsI HOCpefCTBOM KJiaCCH4THKaLxHH pHCKOB, rIpHCBaHBaS onpeAejiCHHei qHCjiaH/HJIH 6yKiBbi pa3JIHbIM KaTerOpHIM pHCKa. 06pa3ibi pa3JIHqHbIX CHCTeMpeCTHHra Kpe,HTa Ho KaqeCTBy InpHBO,slrTCS B ripHOKoeHHSX 1.1, 1.2,1.3 H 1.4.

11

40. BaxiHo oTmeTUm, wo peimmHr BcerAa OCHOBbIBaCTCs Ha psiAe 4aKTopOB,KOTOPBIC noqMi BcerAa BKAIOqaiOT cienyxowiee:

(a) ie.ib KpeARHTa,

(b) pa3Mep KpeIJHTa H o6IgHd pa3Mep B03MOxKHNx noTepb, CBS3aHHmIg C3aeMuI4KoM,

(c) OTpaCIib, B KOTOpOU pa6oTaCT 3aeMHjK, H

(d) 4)RHaHC0BOe noioxceHHe H npomIe KpeAIUT 3aeMmuKa.

VI. Aai3 noka3aTeAell K peiWHra KpeAma no KaqecTsy

41. H4cno.b3oBaHHe @HHaHCOBbIX noKa3aTeCeAi B npHHHTH 4HHaHCOBbIXpeIUcHHUi OCHOBbrBaCTCq Ha nPH3HaHHH Toro, rro a) HcK=OOHTeibHoeHcnoirb3oBaHHe. KaqecTBeHHo4 HH4)opMaUKHH HO 96jIerqaeT CTpyKTypHbIrl Ho6beKTMBHIA. npoiUecc npHSHT1 pemceHHI H B) tmcna camH no ce6e npeAcTaBsnSoTHe6oAbLLUyO UeHHOCTb. Oco3HaHHe 3TOro RpHBCI0. K pa3pa60TKe TIpC3BbIqagiHOipaKTHqHOrO - BHAa- KoiHqccTBeHHoro aHaJIH3a, npHMCHeHHe KOTOpOrO 6bIcTpO

pacnpocTpaHH.noCb Bo BceCt 4IHHaHCOBOfi HH,UyCTpHH, T.C. KaK B 6aHKOBCKOV, TaK HB He6aHKoBCKoH 4,HHaHCOBOM ,AeSTenbHocTH.

42. AHaJIH3 4,HHaHCoBbIX noKa3aTeCjici Tpe6yCT HaAH'qHAS Ha,AeCxHOi, nOCTOuHHO06HOBAeMoik 4IHHaHCOBOi HH4)opMagHH, o6MIqHO B BHAe peryIRpPHO noIIqaeMbIXayAHTUpOBaHHbx 4)HHaHCOBbIX A¢eKAapaIUfl (B HAcajibHoi cHTyaUHH). B c.nyqae6aHKa, 3TO BKniioqaCT B ce6si ABa oTAejrbHbJx npolxecca, Kaxlbi HMeIOUJHI CBOIO3a,aaIy, T.e. a) CHCTeMaTHqeCKHft c6op 4HHaHCOBOff HH4)OpMa[AU o 6aHKoBCKHX Hn[OTCHUHaJIbHbIX KJIHeHTaX H IIpHMeHCHHe 3TOi HH4,OpMaIHH B npoiccce npHHIpemieHHuu no KpeAHTOBaHHIO, H B) CHCTeMaTHqeCKHi c6op 6aHKamH 4rHHaHCOBOAHH4DopMauHH Ha caMHx ce6si H npHmeHMHHe 3TOA HH4OpMaUHH, nocpeAcTBoMaHaUIH3a noKa3aTeAeir, B npoixcce BHyrpeHHero ynpaBneHm. BKpaI'xe, aHaAH3noKa3aTelefi IBjSICTCSq KpailHC BaxcH1JM HHCTPYCMHTOM ynpaBIeHHR, CHpHMOHCHHeM KaK K CBOHM co6cTBeHHbim onepaHamM, TaK H K onepa4uHM ApyrHx- KJIHeHTOB, COrIepHHKOB H T.A. HpHMephI HUCIojT3oBaHHq aHaH3a 1noKa3aTeJIei BpeuTHHre KpcAHTa no KaqecTBy rIpHBeCCHuI B npuHAo)KeHHAX 1.3. H 1.5.

43. 06parwre BH MaHHe: CHcTeMa 6anios KaK H mo6as Aipyraq peiRTHroBaqCHCTeMa npeAocTaBAeT AOCTaTOqHO rH6KOCTH 6aHKaM B OTHOIeHHH 3aAaHxS6aJMoB, o6AacTeR pHCKa, npuHHHTX K paCcMoTpeHHIo, npHAaHHSI BCCOB KaxK1OHo6nac-m, a TaioKe cKoj[bKo 6annos npHcBaHBaTb TOMY HAHA zpyroMy peiTHry. rIpH3TOM Heo6xoHMO IIOMHHTb o: (a) nocTOSoHCTBe peiTHHroB KpCAHTOB, (b)nCpHO,HH'eCKOM neoecmo=pe peftHHra KmeHTOB, (c) noCToSHHoM npHMeHCHHH3TOU CHCTOMLI B npoLiecce UrHSHITHS KpeAHTHbiX peiecHHH.

44. 0630p dLNCO noowameAei. KopoTaKuH o630p noKa3aTe3iei,HCfIOAb3yeMUIX B ripn3HOKCHHSX 1.3 H 1.5, npHBAcH HHJKe, B TO BpeMS KaK

12

cpaBHeHHe KjiaccHi4HKaUHH KO344HILHeHTOB, HCIlOJ[b3YeMNX B IIpHA0oKxHHH 1.3, HB IIPHMepe Concrete Block and Supply Company, rIpHBOAHTCq B IIpMHepe 1.6.

(a) rlOKa3aTeflb TeKyiIefH JrHKBHAHocTH:

TeKyIHe aCrKTHBbI

TeKy=IsHe nIaCCHBEJ

OAHO H3 HeCKOAbKIHX COOTHOiueHHif AHKBHIHOCTH, oTpaxaIo tee

cIIoco6HOCM 4HpMbi noraieTb CBOH TeKYIfHe o6sx3aTeinbcTBa, BCCTH CBOH

KpaTKocpot HbIe oriepagHH, HCrlOJb3SIY CBOH AeHexKHCe H 6AH33KHe K HHMno jHKBHHOCTH aKTHBLI. AAR npoMbmmIeHHbIx npeAnpTH=i TeKyweeCOOTHOIIICHHe 1.2 H4 BbIIme o6mIqHo CIHTaeTCA OTpa)KaIo0 M xopouieeCOCToAIHHe AHKBHAHOCTH.

(b) goonrocpoqHas 3aoiDKeHHocTb K KanHTaAy:

O6iuasi xonirocpoqHas 3aAOJEKCHHOCTh

06biKHOBeHH1lC H IIpHBHjierHpOBaHHIe

aKLHH H cy6Op.WHHHpOBaHHbLi ,onir

(c) 21ojiroCpOqHas 3aZ0JoKCHHOCTh K aKuOHePHOMY KaHHTaAy:

O6iuasA onrOCpoqHas 3agojDKeHHOCTb

06biKHoBeHHbie aKIHH

b H c - cooTHoiUeHHA neBepaxca ("pmqara"), noKa3mBamioxe, HaCKOJnbKO3aeMU.jHK o6ecnenuH ce6A "4iHHaHCOBBIM pbImaroM" AIJUI npOBeRCHHS CBOHX

onepaiUHri, T.C. HaCKOJIbKO OH HCnOJIb3OBan cpeAcTBa BHCeHHX

3aHMCTBOBaHHft rno CpaBHeHHiO Co cpeAcTBaMH, KOTOpbIe OH H3ICKaJI CaM BBHAe Cy6OpAHHHpOBaHHuX ripHTS3aHHM Ha aKTHBbI 4DHpMbI. apyrHMHCIOBaMH, COOTHOICeHHe IIOKa3hiBaeT BCeAHHHY 4HHaHCOBUX o6Ax3aTeAbCm

BAa,aleJIbE,CB 43HpMM H Cy6OpAHHHpOBaHHuX B3aAeJEbC1eB ee AoAroB noOTHOIIICHHIO K AO)1rOCpOqHbIM KpoAHTopaM.

(d) IlpeAHa.noroBoe noKpsrre npoijeHToB:

HHpIJI4fb AO BbirmaTbi npOLCHTOB H HaIoroB

Pacxo.Iu Ha BbmnaTy npoixeHToB no Ao3uraM

(e) OTHoIUeHHe AeHexKHoro IOTOiKa K AOjirOCpOqHOU4 3aAoJxKeHHoCTH:

flpH6bub nociie yrTiaTl HajioroB + aMOpTH3aLIS - AHBHAeHm

JAojrrocpoqHaS 3aAonCxHHOCTh

13

d H e - npHMepOh noKa3aTeMeirI noKpbMiHa, nIoKa3bIBalIoHe, HaCKOJIhKOIIpH6Lmb 4HPMbI H/HI cIIoco6HOCM 3apa6aTbhBaTh AeHbru ioIKpbiBaeTgAonr 4Mpmi HJiH o6ft3aTenbcma no o6cnyXMBaHHIO Ao.rra. 3THCOOTHOIICHH51 OeHb BaH AHIIJU KpeAHTOpOB, XOTS, B03MOXHO, 6oneenpeAnotHTeOAbHbIM (nio cpaBHeHHIo c e) 6yreT OTHOmleHie neHeoKHoroICOTOKa, K pacxonam Ha nIloueHTLi ruTioc niiaTex no noramIeHMI4ononrocpotIHor 3ago31XeHHOCTH, KOTODBIC nDHXOnsTCsI Ha aaHHbIr neHoHa.06xImHo KpeXWTopbI Tpe6yioT o6mxpHybo "nQIyIfy, T.e. cooTHomIeHme OT3 H BbnIe (geM 6o0iee nOzIBepXCOHa 1IHKIiaM AOSrrOAbHOCTh 3aeMlHKa, ToMMeHeO cTa6uHmImm 6yAeT AeHOeHLi4 nOTOK, H, CAeeOBaTeAbHo, KpeAHTop6yzAeT Tpe6oBam 6onee BbICOKOrO cooTHomemHH).

(f) AonIrocpoqHaA 3aLoj1KeHHOCTb K HCTTO-OCHOBHbIM CpeACTBaM:

JAoAroCpoqHaA 3aZZojKeHHOCTh

HoTro OCHOBHbIO aKTHBLI

J,pyroi noKa3aTenb AeBepaxa,. noKa3bIBaIouI4fl, HaCKOJIbKO.aMOpTNH3HpOBaHHOe o6opyAoBaHe H- HMyIOCTBO @Hpmu 4IHHaHCHpyJOTCS3a CqCt AOJrOCpOqHoIR 3aAojDKeHHOCTH. 06wmcI XCaIaTJeIbHO HMOTb-cooTHomueHHe He 6o0iee 1. Bojnee BbICOKOe cooTHoimeHHe o6wqHonpeAnonaraeT, ro 4)HpMa HCnO3hb3yeT AonrocpotIHoe KpOeHTOBaHHe Aim4rNHaHCHpOBaHHSI KpaTKOCpOqHL( aKTHBOB - noTeHIlHaIEbHo onacHasiCHTyaUH.I (KaK H o6paTHoe!)

(g) Herro-o6opoTmmxt ianHTaJI K AOArOCpO'qHOMy KpOeAHToBaHHIo:

TeKyuuxe aKTHBbI - TCKyIuHe naC6HBbI,.

,XomrocpoqHasI 3aAOJKeHHOCTb

9To cooTHoiUeHRe pOAxKO HCNIOh3yeTCSI H ero noAb3a ocnapHBaeTcR.OqeBHAHO, ITO OHO xapaKTepm3yer mKBHHOCTh, a ero CBff3b CAnorocpoqHOri 3agojnKeHHOCTbio BHOCHT 33[OMCHT nOKpbITNff Aoira. aunsToro, 'To6wI 3TO cooTHoimeHe vTO-HH6yAb roDopHNio, HOo6xoAHMO 3HaTboTpacjib 4)HpMbI m ee 4HHaHCOBYIO CTpyKTypy: SIBJfiLTcR JIH oHaKaITHTa3oeMKOri OTpaCAbIO, C 60ob,0ol 3aBHCHMOCTLIO OT AOjxrOCpOqHOrOKpeAKHTOBaHHAl HuH oHa 60n0ee TpyAOOMKa, C YKAOHOM B CTOpOHyKpaTKocpoKqHbx arKTHBOB H naCCHBOB.

VII. ,lpyrue KOHixen4uu pHcKa

45. KorAa MbI nepBoHaaIjbHo onpeAem3 KpoAmTHb1r PHCK, MbI YMLIeHHOnpHpaBHfIAH ero K PHCKY OTKa3a OT nIIaTOxCa, T.e. HeYBOpCHHOCTH B TOM, WTO3aeMIIIHK CMOeKOT nOraCHmT CBOH 6yAy=e AOnrOBbe o6.q3aTeOnbcTBa, KaK 6wIoOrOBOpeHO B nICpBOHaKaI[bHOM Kpe[HTHOM coruiameHHH. MbI TaKlXC yIIOMHHaJI4,VITO PHCK HenaaTexCa BKniolYaeT, HIHM TeCHO CBA3aH C ApyrHMH pHCKaMH, KOTOpbIM

14

Moryr noaBeprHyrbcs 6aHKoBcKHc KJIHeHThI, a BO MHOrIX cGlyqaix H CaM 6aHK.

KpaTKoe OIIHCaHHe HaH6OAee qaCTO BCTCeaI0oiuHXCSA pHCKOB (B aOllOnHeHHe K TeM,qTO 6yAyr eCTanbHO pa3o6paHbE B nporpaMMe) ga&TCs HHKe.

46. PuCK AUCUaUHOCmU - pHCK HJH HeyBepeHHOCTb B TOM, YITO OIIpegeJieHHbIf4aKTHB CMOxCeT 6bITb 6bICTpo ripozaH 3a cro ripeArojiaraeMyio HiH pLiHorHyio nxeHyHluH 6wic3Ko K Her. JIHKBH2HOCTb HJH pa3MeiuaeMocTh aKTHBOB Ha pMHKe BaJHa

AUI 4HPM AIRA exeHeBHoro 4IHHaHCOBorO yIpaBAeCHHI HX onepaUHsIMH. TaIcKeOqeHb BaxKHa .WASI 6aHKoB, HaiipHMep, JIHKBHJ{HOCTh 3aAOra, npe,jioxceHHoro Hx3aCMIUHKOM, XOTS5 3TO TaKIKC BaJKHO n,pH ynpasB3eHHH HX co6cTBeHH1mm 6a.JaHcoM.

47. uHancoebti pUCI 6bL1 riepBOHaqaAbHO orIpeAeneH KaK o6mHpHas o6nac-mpHcKa, CBsA3aHHaS C IIHHSHTHM o6ux 4HHaHCOBUX peieHHri H nO3TOMy

BKAItoqaeT KOHACrI1HIO KpeTHOrO H AHKBH.HOrO pHCKa, TaKiKe KaK 6 0AbIIIHHCTBO

.gpyrMx BHOB pHcKa, o6cyaBUMxcs HaiBaefi yqe6Hof4 nporpaMMe. Bonee y3KoeoripezeJeHHe CrICUHaJIBHO CBS3bIBaeT 4)HHaHCOBbii pHCK C 4)HHaHCOBbIMAeBepaxceM, T.e. oTHoIIueHHeM Aonra (H npHBHjierHpOBaHHb1x aKIXHfl) Ko6bIKHoBeHHomy aKIUHOHePHOMY KanHTaAy, KOTOpbIfi 4HpMa HCnOAb3yCT Amu(DHHaHCHpOBaHRHs aKTHBOB. -

48. llDOeKmwUR PUCX, AaHb HK .zra 6aHKa, paccmaTPHBaioWeroKpeAHTHoe ripevoxceHHe KJIHeHTa c 1LeCibIo 4HHaHCHpOBaHHA oco6oro npoeicra,COCTOHT H3 Tpex BHAOB:

(a) OTraeIbHO CTOUHf4 pRHCK, T.e. pHCK, HcKjHOHTeCjbHo CBS3aHHbMi C caMHMIpOeicrOM, He3aBHCHMO OT 3aeMulHKa.

(b) BHVfpH4pMeHHbIfi HAH KOIHODaTHBHbIII pHCK. ripeACraBnxeT co6orl pHCK,

CBRU3aHHbirl C rIpOCKTOM B KOHTCKCTe BCeCl Iesrre3TiHOCTH 3aeMuNKa.YBehnqHHBaeT AH npoeKT HAH CHHxIaeT o6iiitS pHCK KpeCNTOBaHHS 3TOrO

3aeMIxHKa?

(c) PblHoqHbI4 HJIH lODTe[bHmI4 pRHCK: HaCKOJbKO nOAxO=T lpoCKTr o6ueMy6aHKOBCKOMY KpeZWTHoMy nopr4ieJIo? noMoracT JIH OH,aHBepCH4HLHpOBaTb 6aHKocK3yIO KpeAilHTHyIO CSTrrCbHOCTb HTHyBeXJH'qHBaeT KOHUCHTpaIXHIO Ha onpZeCAeHHorl oTpacAH, KaTerOpHH CPOKOBnflaTexcef, reorpa4HqecKoA o6JiaCTH H T.A.?

15

rnaBa 2

OTpacieBoli pHCK

49. B HaIIIHx ripoIux lHCKyCCHSAX MBI HmeIM B OCHOBHOM Aeso c pa3JIHuHMMHBHfaMH PHCKOB, CBA3aHHUX C HHAHBHAYyaJIbHLIMH 3aeMIIHKaMH. ML yBHsenH, KaKKpe,HTOzaTenH MOryT B 3HaqHTeABHOR CTeleCHH KOHTPOJIHPOBaTh HJIH npOBepAThpHCK C llOMOIIIbIO IIPHMeHCHHSI CHCTCMI pefiTHHra KaiecTBa KpexHTa, qaCTO BCOqe'TaHHH c aHllaJH30M K03 HUIHeHTOB. TaKox opraHH'ICKHA no.Xoi KyripaB[eHHIO KpeCHTHbMH pHcKyMH Tpe6yeT xopomero 3HaHHS 3aeMI1HKa; o6b,rHo3Ta HH4opMaaISH MoXceT 6b1m noJiyqeHa OT camorO 3aeMIUHKa H HA3 BHCIIIHHXHCTOqHHKOB, TaKHx, KaK OT3bIBbI nOCTaBllHKOB, ilOKyriaTexeri, ApyrHx Kpe.HTOpOBH T.A. RpyrHM BaxImM HCTOtHHKOM HH4¢OpMaLjHH 0 pHCKaX, CBI3aHHIX Coripeze3TeHHO4 4HUpMOi4, ABiCTCSA OTpaCIb, B KOTPOiU pa6oTaeT 4)HpMa.

50. (DHPMbI He 4yHKIIHOHHpyIOT IIOJIHOCTbIO He3aBHCHMO HJH B BaKyyMe. HxACe5TCu[bHOCTb He IB3IICTCS eAIHKOM pe3y31bTaTOM HX co6C`TBeHHUX B03MOXHOCTe1l

ynpaBneHHSI, a onpejeJsieTcs PAIOM BHeUIHHX 4)aKTOpOB (3KOHOMHqeCKUX,

rIOAHTH'IeCKHX, COIHanJbHUX H TA.) AAR Toro, qTo6m aTrAem pHCKH, CBI3aHHUCHCKAIOqHTeAbHO C yIIpaBeCHHeM 3aeMHKa, OT BHeUIH 4DaKTOpOB, MM MOKeMrioribrraTbcsI orIpeAeAHTB 3TH 3ICeMCHTLi pHCKa, KaK oco6o CBs3aHHme c oTpacnibo3aeMlUHKa. 3HaHHe H rIOHHMaHHe oipacieBbax PHCKOB 3HaqUHTeCAHO ro oraeT HaM BOuCHKe pHCKa, CBI3aHHOrO C 9HHHBHAyajibHMm 3atMIUHKOM. MHorHe H3

KjiaCCH4)HKaijHri pei4THHra KaqecTBa Kpe,HTa, BbpaXeHHbe B TepMHHaX4HHaHCOBUX K034FHI.HCHTOB, OCHOBbIBaIOTCA Ha oTpaCJICBOS HH4)OpMallHH.

51. C6op H aHaJIH3 HH4opMaLUHH o0 CSTeCETHocTH xo3S3icTBa XOpOilO pa3BHThI B3ariaHbX HHJCT'paHaJ[bHUX cTpaHax. Cepbe3HbIe yCHuHSI no BBeRCHHIO 3THX

npOLCCCOB B CrpaHax CHi IpHHecCAo 6b 6onbmyIo HOn3b3y He TOAbKO 6aHKaM, KaKKpe1RHTOpaM 3THX oTpacJIeIi, HO TaKoKe arCHcTBaM, OTBeTCTBeHHbIM 3a 1pOBCeleHHe3KOHOMHqeCKOM nOIIIHTHKH CTpaHbI.

52. OTpacneBoia pHCK HaipiSMYpo cBq3aH CO CTenCHbIO H3MeHqHBOCTH B

Ae3rTejibHoCTH oTpaCAH B 3KOHOMHqeCKOM H 4)HHaHCOBOM iUaHe, B a6conmTHoM

cMbicACe H Ho CpaBHeHHIO c ,pyrHMH oTpacJsIMH. MIem 6onbMe H3MCHqHBOCTh

oTpacJIH, TeM 6onbuine cTeneHeb pHcKa. Boripocu, KoTopme HyJKHo yqHTuIBaTb,BKAIOqaIOT:

(a) AeIerreTnbHocm 2ajiTepHaTHBHb1X OTpaCJICM 3a AaHHbIt 1ePHOX BpeMeHH.

HMIeloTCI nH 3HaqHTe3bHHUe pacXoxCeHHA MexCy OTpaCJSIMH H KaKHerlOKa3bIBaIOT HaHmeHMI1ee H HaH6ojbimiee OTKIOHeHHe?

(b) rIpo,AoJiKa1OT JIH yCrIIIIHO AeCkCTBOBaTb oTpaCJIH, xopoiuo AeRCTBOBaB1lIHe B

rIIOpIIIOM - no cpaBHeHHIO C 3KOHOMHKOI4 B LICeOM- OnepHPOBsaT TaKiCe

XOPOIUIO B HacTOsqueM? (Ha 3ana,e HCCJIAOBsaHHS rioKa3aJIH, xTro HMeeTcqHe3HaqHTeRbHa5i CBAI3b MeXIY TeM, KaK OHH OIepHPOBaMH paHbIe H

IIOTOM).

17

* (c) CyuecTByeT nuH riOCTOS1HCTBO pC3yAbTaTOB BHyTPH oTpaCJIH? FpyrHMHCAOBaMH, Ao6HBaAncb nuH 4)HpMLI BHYTPH OAHOfi OTpaCAHO,gHHaKOBbIXpe3ylIbTaTOB 3a OJHH H TOT Ie rIepHOA BpCMeHH HJIH HMeeTcS luHPOKoepacXoxIeHHe B pe3ynbTaTax? HccJieCoBaHHl Ha 3anaAe noKa3aJTH, rTO3Aecb TaioKe oco6oro eCHHcTBa cpeAH 4)HpM OHHofi OTpaC.I HeHa6moJAaeTc.

53. HeKoTopbie oTpaciH noKa3bIBaIOT BcCbMa orpaHHqCHHhIu BHyrpHoTpacAeBO$kpa36poc (Ha 3anaAe: cTajbHaSq, Ta6awHai, 3OIOTas, KayqyxoBaa oTpacAHnpomrunneHHoCm), B TO BpCMS KaK Apymue BeCLMa HCOAHOpO.Hh no COCTaBy.3aqeM Xe TorIa yry6AsiTbCS B OTpaC'ABOA aHaAH3? IOTOMy 'm KpeArHiuN pNCK,CBR3aHHhIiI C xopomeN 41IpMOg a 3AOPOBON DpoMbhnJeHHOCTM, 3HazqTeIbHo HKKepHCKa, CDR3aHHOrO C xopOme* *HPMOA B KPH3NCHON OTpaCJIH.

54. Cucmemamugecxuga pucc uu 6ema. OzmM H3 nOHSTHf, HCnOJTh3yOMbIX BH3MOepHHH oTpacneBoro PHCKa (TaoKle KaK H pHCKa, CB513aHHOrO C KOMnaHHei4),IBASIeTcS CHcTeMaTxqecKHk DHCK, T.C. YPOBCHb Kojie6aHHi, HiH OTKJIOHCHHS, B

PO3yAbTaTax AeSTJeTBHOCTH oTpaCJIH no 10OTHouieHHIO K P03YJ[bTaTaM AerSeTOJbHOCTHpLHKa Him. BceA 3KOHOMHKH. 3Ta pa3HOBHUHOCTh pHCKa, o6O3HaqaeMas BCTaTHCTH'ecKoM alaHg3e rpe'CcKoA 6yKBoAk 6eTa-(B), MOeT .6bTb onpe14e.7Ha AusKa of4i OTpaCJH, COOTHOCS AaHHbIc o6. -HHyCTpHH C OAHOf4. HuH HHCKOJEbKHMHrIepCMeHHbIMH BCUHqHHaMH pbIHKa. OqeBHAHo, trrTO -3TOT npoi[ecc Tpe6yeTo6iiHpHoA H HafexHoHO- 6a3m zaHHaix, Co6paHHiof 3a 3HaqHTelHbmk neOpHOABpeMOHH. BKpaTne, HHAyCTpHl C noKa3aTeneM 6eTa, paBHbIM "1" HMeOT KoJIe6aHHSpe3yJbTaTOB, paBHoe pbIHO'qHOMY, B TO BpeMSI, KaK MOHOe H3MOHqHBaS orpacAbHOKaxeJT pe3yjmTaT MeHble 1, a 6onee KOAOe6moiuasqc - 6o.jmme 1. OqeBRAHo, 'ToxleM BbIilte nOKa3aTOnb 6eTa, TOM BbUme pHCK, CBq3aHHbmk C 3TOA OTpacnhIo.

55. BAHIHqHHa 6eTa AJM AaHHo4 oTpac^i 6yAeT MeHaTbCA CO BpOMOHOM H Boco6eHHOC'M B xoAe AeAoBoro 1uHKJa. TeM HO MeHee, HoeaBHHe Hcc1eAOBsaHHS Ha3anaAe nOKa3anAH oTHocHTjmHo cTa6HAbHbIe Ko34x1pHUHeHTbI 3a npomemueeACcrH.iveTH. rIpHMCHCHeH: pe3y.mTaTh oTpacjreBoro aHlaH3a B npODUUOM MOxHO,OTHOCHTOCJTHO CnOKOfIHO 1pHMeHSTb B 6yzAymeM.

56. IlpeACKa3aHHe pC3yAbTaTOB ACrTOATHOCTUH 4HpMI B 6yAyu4eM - HanpHMOp, BrnaHe TOBapOO6OpOTa R HOpMI npH6wuH - MOXHO OCyIeOCTBSiTh C nOMODlbIOperpeccHOHHoro aHaAH3a (BKcowas 6eTa), npuH yCAOBHH, KOHeqHO, RTO eCThHeO6xogHMas KHH4OpMaXHRi. TaKari npouieAypa HO oJKH1aeTcq OT 6aHKHpoB, HO'qaCTHbIe H O4)HijHaEbHbIe areHcTBa, KOTOpEIC o6SI3aHbI Co6HpaTh H aHaAH3HpOBaTbCTaTHCTqeCKHe AaHHbIe KOMriaHHf4 H oTpacnet, AoDKHI ripoBoArTb ero.

57. ECJIH OrHcaHHbIfi paHee KYoiHqecTBeHHbm nOAxOA, BKIO'iaS oripeAXneHHerIOKa3aTejS 6eTa c ripMHeHeHHCM perpeccHoHHoro aHaAH3a (HanpHmep, npHaHaJnH3e o6BeMOB npozAauC H npH6b B KaeCTBO ripeOMOHHbx oTpaCIH H Ba3OBBIMBHyTpeHHHM ripOMKTOM B KaeOCTBe MaKpOIIOpemOHHOM) HeBO3MOXeH, TO MOXHOpaCCMOTpOTb, B Ka'qCCTBC aJbTepHaTHBMI, CneIo[HaJbHbIO 4,aKTOpm, CBq3aHHme C 3TONHHAyCTpHer. AByMS npHMepaMH TaKHX 4raKTOpOB MoryT 6m CTaARS XMC3HeHHOrOiliKma OTpaCu[H, Ha KOTOpOM HaXOAHTCS1 KOMnIaHHq H CTpyKTypa KOHKypOHINHH BoTpacAH.

18

58. HviDOMbJWAeN bl 3 eHHblU UW(A MOCeT 6bImT pa3AenCH Ha HeCKOJbKOcTaA,H, KaxcaSa H3 KOTOpbX 6yACT HMCTh CBOH XapaKTCrpRHCKH B IuiaHe

HaCTORHX H 6yXyIHX TeMnOB pocTa flpoAax, AOXOAOB HJIH gpyrHx Ba3KHbXllOKa3aTeneH.

59. Pa3JIqHbIe cTaAHH pocTa, noKa3aHHbie B rIpHaoxCeHHH 2.1, MoxKHO ctmTaTboTpaxcaioUHMH paw3Mmme cTeeIIHH oTpacneBoro pHCKa Ha IIpoTsDKeHHHXH3HeHHOrO 1IHKna oTpacAH. 9To noATBepx.aeT, no Kpai4Hefi Mepe, qacMHKHO,

3aqIBAeHHe, CACIiaHHOe B nyHKTe 53.

60. B,impuom acAeeau cpe&a 1KqvaexV4uu SsUcTcsi Aono)[HHTeC3bHLIM

HCTOqHHKOM HH4)OpMaxHH O cHJIe H XH3HCCnoCo6HoCTH 4)HpM B AaHHofi OTpaCJHno OTHOIIIeHHIO K 4)HpMaM B ApyrHX OTpaCAqX H SIBjLCTCSI, cJIeAOBaTejibHO,noKa3aTeIneM pHcKa. XapaKTepHcmIKH .AaHHoIi cpeAu BKo,qaioT:

(a) CTeneHb OxeCCTOqCHHOCTM ICHOBOri H HeixCHOBOIi KOHKypCHIIHH;

(b) JIerKoCTb HAIH CAOXHOCTb BXOxeHHqS B oTpacim (a RHorja abIxoAa);

(C) CyUlCCTBOBaHHe HJI HexBaTKa 63mH3KHX H KoHKypCHTocIIocO6HuX rio geHe3aMeHHTenieNi;

(d) PFiHoqHaI cHua rioKynaTeief4;

(e) PbIHOqHai MOuib HoCTaBIgHKOB;

(f) fIOJIHTweCKoeH COINHabHOe OKpyxeHHe.

61. Bce H3 BibmIe epeYHC4iHHuX faKTopoB 6yAyr OKa3bIBaTh BANMHHe Hacnoco6HOCTH 4HpMbI MaHHnIIyJHpOBaTL o6beMaMH npoAax H peryipOBaTlb HOPMYnpH6bIAH H, TaKHM o6pa3oM, ee 4)HHaHCOBylO CHNY H XK3HeCCOCo6HOCTh.

OqeBHAHO, YTO KaK H rOYiTH BO BCCX cHTyaixHAX, 3aTparHBaioIIX CymeeCTBOBaHHe4HpMbI, BbIIIieIiepetHCjieHHbIe yCJIOBHS MOryT CTaTh npeAMCTOM pC3KHX H

HeOxHaHHbIX H3MeCHeHH. Kopote rOBops, CreneHb oTpaciieBoro pHcKa,BKjIiOYaiOiLierO 3aeM1IHKOB H Kpe.HTOpOB, He CTaTHtHa H 3aCAYIXHBaeTIpo1oJDKEHTeJIbHOro HpHCTaJIbHOrO BHKMaHHqI.

62. B TaKHX CTpaHaX, KaK POCCHi H Y36cKHcTaH, rAe HpHBaTH3ailHl H/HAIH

cIpyKTypHasi nepec'poihKa npaKTwcecKH Bcex oTpacie4 .im6o npo,onxKaeTcs, mU6oTOAbKO oHAaeTcSi, BbIICeynOMSIHyrSa AHCKyCCHS o6 OTpaCflBbIX pHCKaX MOxCeT HeHaNTH CBoerO HCnOCPeACTBCHHOrO npHMCHCHHS. TCM He MeHee, HeCMOTP5I Ha TO,YITO B HacTo5iiCee BpeMS Ha MHorHe, ecJIH He Ha BCe BOrPOCbI ionpocTy HeT

OTBCTOB, 3TH IpOileAypbI OixeHKH PHCKa siBSIiOTCq OCHOBHbIMH B COBpeMeHHON4pbIHOYHON 3KOHOMHKe. Kopoge rOBOpA, Aim Toro, YT0o6b CBeCTH K MHHHMYMYnOBepXCeHHOCTb HCpa3yMHOMY pHCKY H HpNHHMTa xopoiio o6ocHoBaHHMeKpeAHTHbIe peiiieHHs, 6aHKN ,AojDKH cocTaBHTb XOpOIIIO pyKTYPHpOBaHHe

lOJIHTHKH no Kpe1AHTaM H pa3pa6OTaTh ripOIexjypm, OCHOBaHHNe Ha 3HaHNlH HroHHMaHHH, KaK HX KJIHCHTOB, TaK H HX oTpacAeH.

19

rjiaBa 3

HIpoixeHTbin PHCK

I. Onpemeneiee upoIeHTHoro pKcKa

63. rlpOeHTHiId PHCK, KaK H BCe Apyrie BHLt pHCKa, o6yCjioBjieHHeonpe,geneHHocTbio. B AaHHOM cAy'Iae HeonpeeieneHHocTm CBu3aHa c 6yrymRMHanpaBIcHHeM ABmKCHHS H YPOBHeM IpOiXeHTHbX CTaBOK. [IpOlAeHTHbd pHCK KaKTaKOBoIR 3aTpaHBaT H KpHXpHTOpOB, H Ae6HTOpOB. rIpoIeHTHmiM pHCKOM, KaK H

ApyrHMH BH,aMH pHCKa, MOxHO ynpaBATh, HAH MHHHMH3HpOBaTh ero. 3T MOryrAeJIaTb KaK AOJKHHKH, TaK H KpeAHTOpbI, T.e. H IIOAb3OBaTeAH Kpe1HTa H AHila, eronpe.gocTaBJsioiixHe.

64. IlpoixeHTHLim pHCK MOXHO OnpOeeIHTb KaK H3MeHqHBOCTh AOXo0oB HCH ileH4HHaHCOBuX aKTHBOB, KOTOpaS BI3BaHa H3MeHeHHeM ypoBHI ripo0eHTHbX CTaBOK.3To onpeRejieHHe oco6eHHo TOEHO B OTHOICHHH yqaCTHKOB AeHCxHoro pbiHKa HpbIHKa KaIrHTajiOB (HHBe&TopoB, BKiaabIBaIOiLX.CpeACTBa B 4)HHaHCOBbIC aKTHBBI,T.e. HHcTpyMeHThi pbIHKOB AeHer H KanHTaAoB). AAR KoMMepqCcKHx 6aHKoB,6o0bIx1HHcTBo aKTHBOB KOTOpbIX o6bJqHo CyIUCcTByeT B 4DopMe CCyA, onpeAejleHHeMoXKeT H3MCHeHO. rlpoieHTHbri pHCK - 3TO pHCK TOrO, qTO cpemiS CTOHMOCThnpHBAwCeHHbIX CpUICTB 6aHKa. T.e. [enO3HTOB H B3STUX B3a2Mb lIeHer. CBS3aHHaSc npegocrawieHmm KpemITa. MOxKeT o6orHaTb B TeCeHHH CpOKa aeficTBHq KpeDiTaCDellHIoIo npoueHTHvIO cTaBKV no KpeaRTaM".

II. 3HaqeHue upoixeHTHoro PHCKa

65. MoxceT JIH 6aHK riOHOCTbIO HeiTpaJIH3OBaTi ripOLKcHTHbLi PHCK B CBOeCiAesrreAbHOCTh no npeocrTaBAeHHIo Kpe,HTOB? TeoperwHecKHu, Aa, ecCJI H3MeHeHHSB AoxoAax OT aKTHBOB (T.e. CTaBKa no KpeAGTaM) MOXKHO nOAHOCTbIOc6aAaHCHpoBaTb, KaK no CpOKaM, TaK H no pa3Mepy, H3MeHeHHSIMH B H3AeP)KKaXIPHBJIeCqeHHSI 4)OH,OB (T.e. ieHe nonyqeHHs cpeACTB AARi npeXoCTaBJIeHHsi6aHKOBcKoro KpeAHTa). HIHor.a 3TO AefCTBrHTeJbHO B03MOJHO H 6aHKH MoryTIpOBOARHTb pa3ymHyio no iHTHKy "6a.naHCHpoBaHHoro 4iHHaHcHpoBaHHs" nopTrreAeiMKpeCHTOB HaCKOJBKO 3TO B03MOXHO. B Aef4cTBHTe3iLbHocT, oAHaKO, HCBo3MOXKHO6aJIaHCHpOBaTb BCe KpCeHThI B mo6oe BpOMS, H 6aHKH MOryT 6bIm He BcerAa3aHHTrepCOBaHHbIMH B IIpOBeAeHHH TaKOf roIHoHKH. Kopoqe rOBOps, 6aHKm

rIOCTO5IHHO noABepraioTcqi npouCTomy pHCKy.

66. YnpaBAeHHe IOpToiHTHMM pHCKOM BKJiIOqaCT yripaBieHIIe KaK aKTiHBaMH(KPCAHTaMH H HHBeCTHIHJIMH), TaK H o6si3aTeJbcTBaMH (3ae1HbIMH cpeACTBaMH)6aHKa. -rH6KOCTL ynpaBnieHHA o6eHMH qacTsmm 6anaHca, oAHaKO, orpaHHqeHa.YnpaBxIeHHe aKTHBaMH orpaHHqeHo: a) coo6paxceHmH JIHKBHAHoCT H pHCKaHeynfaTbI, KOTOpbIC noMoraioT B onpeAeAeHHH coAepxHmoro nopT4r.Isl p1CKOBbXaKTHBOB 6aHKa H 6) UCHOBOfl KOHKypCHflHei4 Co CTOpOHbI ApyrHx 6aHKoB, KOTOpaiSOrpaHHqHBaeT CBo6oAy 6aHKa B OrIpAcCJIeHHH CTpyKTypbI iLCH KpeAHTOB. B TO xeBpeMA, ynpasBeHHe o6Al3aTe.nbcTaMH HaTanKHBaeTCS Ha orpaHwieHHR npH

21

4)HHaHCHpOBaHHH H3-3a: a) orpaHHmemiorO Bbi6opa H pa3MePOB ,OanrOBbIXHHCTpyMeHTOB, KOTOpbIe 6aHK MoxCeT ycneriHo pa3MecTHTh cpeAH CBOHXBK1Ia1qHKoB H ApyrNx KPCAHTOPOB B mno6oA MoMeHT BpeMeHH, T.e. goCTYnHoCTHCpeACTB A,M BBbLZraH CCyA, H 6) H3-3a IJCHOBON1 KOHKypeHIlHH Co CTOpOHbI gpyrHx6aHKoB H ApyrHX He6aHKoBCKHX KpeAHTHb yqpexAeHHi, 3a HMeiOIHeCS CpeACTBa.

67. PouAb pucKa jAugsudmocmu. 3aAaqa pyKoBoAcTBa no ynpaBAeHHIo npoRcHTHEIMPHCKOM o6bNqHO BKxoqaeT MHHHMH3alXHIo 3Toro pHCKa B ripeAejax rpH6bLIbHOCTH6aHKa H ueneA 3NKBHAHOCTH. PHCK nHKBHAHOCTH cBq3aH C IpOIlCHTHhIM pHCKOM BTOM, qTO PHCKOBMIe aKTHBbl BIMIOT,Cl "HeAOCTaToqHO AHKBHAHbEmH. BaHKH HeMOIyT no CBoMey xKeiaHHIo, iHKBHANpOBaTh 3TH aKTHBbI - HanpHMep, qTo6bIKOMIIeHCHpOBaTh HeoHaHHbdi OTrOK CpCACTB - 6e3 Toro, YTo6bI 3TO He noBAneKoPHCK nOTepb H3-3a He6naronpHmmoro ABHxCHHS1 ripOIxeHTHbx CTaBOK.

68. PHCK 1IHKBH.HOCTM H3MeHSCTCS B 3aBHCHMOCTH OT KaTCeOpHH aKTHBOB HCOCTOSIHHNS 4,HHaHcoBOro pbIHKa. Ero MOKHO, KOHCqHO, MHHHMH3HpoBaT,b co3AaBnOpT-4eCb H3 nOAHOCThiO HuH B 60onI[NXHCTBe CBOCM IHKBxBHAH1X aKTHBOB. 3TacBo6oAza, o,AHaKo, 3HaHTCeJbHo orpaHwieHa H3-3a o6mImo o6paTHok CBSI3m MeAy1AOXoAHOCThIO aKTHBOB H HX JHKBHAHOCThIO.

69. YnDa&we,use apunux a vwaseiua o6amecmesm. YnpaBJIeHHCaKTHBaMN o6bWqHO He CBS3aHo npxmo C BonpocoM o6 HCTOIHxKe cpeAcTB. YAen*sOCHOBHOe BHHMaHHC uCAIM poCTa, npH6b:bHoCTH- H orpaHNqeHHxs pHCKa, OHOpaccMaTpHBacT @HHaHCHPOBaHHC KaK 'AaHHOe". J1315 MCHCppKCeOB no aKTHBaMKpeXUTHbIA pHCK, yCTaHOBJIeHHbI& CnClHaAHCTOM no KpCAHTaM H KpeAUHBIMKoMHTeToM, He CBS3aH c nouyqOHNeM CpCACTB. PHCK icmKBiBHHocTH TaiCKe: eroMOJHO yBeWIHT]b NnN coKpaTHTh, H3MCH5S CTpyKTypy nopT4esI aKTMBOB, HeH3MmHeS ero o6uuim pa3MCp.

70. YnpaBweHie nacCHBaMH OCHoBaHO Ha noHHMaHHH Toro, irrO naCCHBbI He.IBJImOTCS 6oiee-MeHee zaHHOI CyMMOk Aeno03HTOB, nouyqCHHUX OT K)HeHTOB no,aHHoM ieHe, a CKOPCe OCHOBHbIM 4aKTOpOM, onpeAesiioiHm pa3MCp H CrpyKTypynopTr4eusI aKTHBOB. YnpaBneHNe o6Hapyxauo "TpeTbe H3MCpeHe, B03MO)HOCTbAOrIOAHHTb OCHOBHbIe Acno3HTh1 3aeMHbIMH cpeAcTBaMH C pa33miHmHmH CpoKaMH H,TaKHM o6pa3oM, yBejnHqNT noTcHIiHA 4IHHaHCHpOBaHSA 6aHKa, HCTO"HHKiHKBHAHoCTH H rN6KocTm ynpaBfleHms. YnpaBneHRe aKTiBamH 6wIo 3aMCeHHO Ha

ynpaBureHie aKTHBaMH H o6m3aTwlbCTEaMm. B CooTBrTCTBHH C 9ToN KoH1eniNHeI4,o6sI3aTelbcTBa 6aima 6oneC He npocmo naCCHBHaS CTaTbs 6a.naHca, a HeoThCMjiHMaSqacTm HHCTpyMeHTOB, o6pa3yOuX nopT4)ceb aKTHBOB 6aHKa.

71. Bo3pocmasA poJb ynpaBIeHHS o6SI3aTCebCTBaMH B aKTHBHOM ynpaBjieHHHaKTHBaMH rpHBeCa K Co3AaHIfO KOMaHA HAI KOMHTCTOB no yripaBBeHHIOaKTHBaMH/riaCCHBaMH. 9TH noApa3eAeHHs, COCTOSIUnHe N3 npeACTaBHTeAet4yripaBjieH4R "Ka3HaqeAcKHMH" onepalNHMH (4HHaHCHpoBaHHe H fNKBHJHOCTb6aHKa), a TaEOKX H3 npeACTaBHTweie KpeAHTHOrO m HHBeCTAiOHHOrO OTmrACOB34XeKTHBHO coqeraioT ynpaBaeHHe o6emi4N CTOpOHaMH 6aJraHca 6aHKa npHOUTHMaJIbHOM COOTHOUICHHH PHCKa H AOXOAOB.

22

III. CrpaTermrn ynpaBneHHIui

72. YnpaBneHHe riacCHBaMH iOpOIoAO pa3Hoo6pa3He cTpaTermHl*4HHaHCHpOBaHHSI, a TaioKe HOBbIe BHAm 6aHKoBcKHx HHcrpyMeHTOB. Bo-rIepBbIx,3aeMHbie cpecmTBa, nonyteHHbIe no igeHe, CBS3aHHof c KpeXHTHOM nO3Hr4iHei6aHKa, H, cJieloBaTeibHO, ropa3,40 HHxKe AOXO1OB OT 60JIBmHHcTBa KpeAHTOB 6aHKa,cnioco6cTBoBaH B 3HaqHTCjibHoii CTeIIeHH pOCTy H IIpH6bmHOCTH nopT'4exsKpe,HTOB. BO-BTOpwX, CTOHMOCTh 3aeMHux CpeACTB yCTaHaBHBaeTc PbIHKOM, HIIO3TOMy 6onee ioXIBKHxca, qeM / CTOHMOCT OCHOBHbIX AerfO3HTOB. 9Ta

nlOZBMXHOCTh CHoCo6CTBOBaAa o6pa3oBaHHIo 6oAee nOJBHKHbX "Cnp3AoB"IIpOLieHTHbIX CTaBOK H COOTBeTCTBeHHO 6ojmbiimeM H3MeHqHBOCTH AOXOAoB. I4, B-TpCThHX, 6o0ee UIHPOKoe HcnoI,3oBaHHe 3aeMHb1x cpeAcm cnoco6cTBoBajroAyqmIeMy yIIpaBCeHHIO JHKBHgHOCThIO.

73. I4HTerpaIIH5 ynpaBjieHHs o6si3aTeimcTBaMau H yIIpaBjieHH aKTHBaMH, aTaiKCe Bo3pociee HCIIO3Ib3OBaRHH 3aeMHblX CpecTB C pa33iHqHbiMH CpoKaMH,CTaBKaMH, o6beMaMH H CTenleHbIO A1OCTyIHOCTM He rapaHmpyeT 6o0ee 6bICTpbaipOCT H 60oIee BbiCOKHC eAoXoEa. BombmHe B03MO0KHOCTU O3HaqalOT 6obmlmN pHCK.B aaHHOM cjiyqae pHCK CBS3aH C HenpaBHabHbH peCIeHI[CHHS r npH roHcKe cpeAcTB- IIpOUeHTHbIM pHCKOM - H naOTcHuHaHibHo 6rec HN3KNMH IIpH6bLmMH, HaH gaxey6brrKaMH. HeyAHBHTwrbHO, qTO TaKOe CooTHomeHHe PHCK/BO3MOKHOCThonpeeIHJIno BO3HHKHOBeHHe pa3HiqHofi TeXHHKH H cTpaTerHH yflpaBAeHHs.

74. O.AHa H3 OCHOBHblX ueiiefi MmeHe1KMeHTa - KOHTPOJIB 3a iipOIeHTHOfiMapxef[, T.e. Mapxcefi Mexy IIpoueHTHbIM AOXOAOM OT aKTHBOB, IIpHHOCSRIlIUXnpH6bMIb H npOixCHTHbIMH pacxoAaMH no o6sI3aTemcTBaM (TaicKe Ha3bMBaeMOfloxHCThIM ROXOROM", BbIpaxCHHb1M B npoieHTax OT rlpHHOCSIUHX AOXO, aKTHBOB).Cioaa OTHOCHTCS TaKXe KoHueriCiHq cnr3Ipa, pa3HHIUXI Me)iy B3BeUiCHHofl cpeAHeflcTaBKOf4, no[yqeHHOfi no aKTHBaM, H B3BeIIleHHoR cpeCRHeC CTaBKOIR, BbumaqeHHofno o6sx3aTenibcTBaM. 06a noKa3aTeis 6epyrcs H3 OTqeTa o Aoxo,ax 6aHKa. rIpHiiiaHHPOBaHHH iH4)pbI MoryT 6bITb rIonyYeHbI ex ante (npormo3mpyembie). TpeTbsKOHLeCUHS - 3TO KOHuCnIIuH paqpbBa (rena), qTo o03HaaeT pacxoxIeHHe, HJHHeC6aAaHCHpOBaHHoCTb aKTHBOB H rIaCCHBOB 6aHKa c Ko3e6fioieiRcR H4JHKCHpOBaHHOr4 CTaBKOUk. 3TO KoHi.eriiHAs 6a.JaHca, OHa BbIpaxKaeTCs5 KaK CyMManpeBbIIllCHHIS aKTHBOB C H3MMeHmoueric CTaBKOfi Ha8 naCCHBamH C4HKCHPOBaHHOf4 CTaBKOAi B ;xaHHbI$ nepHo. BpeMeHH.

75. YnpaeAenue DpoueHmNou MaDp:ou. O,Ha H3 OCHOBHblX geLne1 6aHKoBcKoroyIIpaBAeHHR - AOCTXCeHHe HeKOTOpOA npoieHTHofi MmapxH HuH onpeAeuieHHoroYPOBHS npoieHTHoro cnp3,a. 3ToT YPOBeHb noApa3ymeBaeT onpeenJIeHHbIMYpOBeHb pEHCKa (KpeaiHTHorO H JIHKBHHOCTH): qeM BbIHe BbI6paHHbI4 ypOBeHb, TeM6oubmIIyIO CTneCHb PHCKa 6aHKy npH,geTcI AonyCTHTh.

76. Bbi6paHHbie ixeIeBbIC YPOBHH nePHOAHteCKH KOppeKTHpyIOTCSI B3aBHCHMOCTH OT H3MCHeHH51 riOpoiCHTHbIX CTaBOK, KOHKypetHHH H ypOBHS pHCKa,KOTOpbIU MCHe,pKMeHT CYHTaCT IpHeMjieMbIM np .H aHHOM Hu oxKHaeMorl3KOHOMHUeCKOf4 o6CTaHOBKe. euieBbIC YpOBH4 MapxiK CBI3aHbI C H3MeHeHHSMH BcTpyKType aKTHBOB 6aHKa, noABepxceHBI HX BjiHSHIo, a HHor,a H Orlpe,AenJIOTCHHMH. Kopoqe roBopA, ynpaBACHHe npoixeFHoti mapxceA rpe6yer ocropoxHcoro H

23

nOCTOAHHoro aHaJIH3a R3MeHeHHfi Ha pBIHKe 6aHKOBCKHX onepaIXHfl, B 3KOHOMHKe,ripo0xeHTHbix cTaBKaX, a TaICKe BHHMaToCbHofi OUCHKH H3MCHCHHt B COOTHOIUCHHIXpHCK/AOXOX, KOTOpme qBMSOTCS pe3ynbTaToM nOAHTHKH 6aHKa no OTHOeCHHIO KnopTcjeAlo aKTHBOB.

77. flporHo3bM npoieHTHoH cTaBKH, cocTaBAeHHbIe 3KOHOMHcTaMH 6aHKa,HrpaIOT BaxHyJ pOJlb B 4FOPMHPOBaHHH CTpyKTrypI nOpT4,CAe H nOMNxrKMo6HJ13auHH cpeAcrB. B CBS3H C TCM, tYTO o6a npogecca ripoHcxoTO.DHOBpeMeHHO, yripaBJTeHHIo HCo6XO.UMo 34X¢CKTHBHO KOOPAHHHpoBaTb pa6oTyAcnapTaMeHTOB HHBeCTHHA H ,H4HHaHCHpOBaHHSI. CooTHoiulHHe CpOKOBnoraUeHHsI, CTpyKTypsb npoueHTHb1X CTaBoK aKTHBOB H o6Rl3aTenicTB, a TaOKceCTCneHb PHCKa HeB03BpaIeHHqS AeHer npCACTraBIoT TC TpH cjaKTopa, KOTOpbICHeo6xo0HMo InOCTOSIHHO npoBepITb, Trro6b noACeX)HBaTh onTHMaibHo0cooTHoL1eHHe pHcK/Mapxa (HaH pHcK/AoxoA).

78. EajiaHCHpoBaHHe nOpT4iI aKTHBOB H naCCHBOB 11o CpoKaM - 3TO qacTasueAb, TaK KaK nO3BojSCT 6aHKy 3a4HKCHpOBaTb ripoiCHTHbiR cnp3A, T.e.HCITpaIH3oBaTh ripofleHTHmIi PHCK. OAHaKo, HHorAa MCHCppKMeHT npeAnoqHTaCTpHCK HeorpAceneHHoro cnp3Aa, eCCI Hec6axaHCHpoBaHHoC cooTHomeHHe CpOKOBAgaCT nOTeHUNHaJbHO IpNHBnCKaTCebHbIe B03MO%HOCTN AROXO,AOB.-

79.~ 3aeaHe H or. , .,r.79. 3aMe'iaHNi- HoenpeAenCHHOcTb AaHHoro cnp3zma oTpaxacT, p43yMeeTc5,HecCoco6HOCTb 3KOHOMHCTOB TOqHO Ni B mo6oe 'BpeMqS npecKa3aT ABHeXCCHHC -nIpoUeHTHoiN CTaBKH. flpOcTON BapHaHT c6auaHcHpoBaHHoro npHBEeqeHH 4FOHAOBno CpaBHCHHIO C Hec6aJIaHcHpoBaHHbIM npHBRIeIeHHCM 4)OHAoB noKa3aH BrIpHAoxeHHH 3.1.

80. flpogjeF bie MapxN 0T,renbHoro 6aHKa H3MCHSOTCS BO BPCMCHH B3aBHCHMOCTH OT pa3HOo6pa3HblX 4aKTOpOB, TaKHX KaK:

(a) 13MeHeHHS B nOpT4eie aKTHBOB, BKjElOqaI COOTHOmeHHeKpeCAHTbI/HHBeCTINHH, CTPYKTYPY CpOKOB, pHCKa, cooTHoiJcHiC aKTHBOB C4NHKCHpOBaHHog H nfiaBaIomek cTaBKOM.

(b) I43MeHeHHS B cTpyKTypC o6SI3aTCJbCTB, BKMO'aS COOTHOuieHHe ZAeCO3HTOBAzo BocTpe6oBaHHq, cpo'HuIx H c6eperaTenlImax AefO3HTOB, ,ApyrHx3aCMHLIX Cpe,1CTB H co6cTBcHHoro KarHTana 6aHKa.

(C) A[BHxKeHHC IpOIUCHTHONi CTaBKH (H3MeHeHHs B TpeHA1ax).

(d) J43MeHCHeH B RCHe aKTHBOB, HanpHMep, C 4THKCHPOBaHHbIMH Hn1IaBaIoNMH CTaBKaMH, cnp3Aa Ha, CTOHMOCThIO CpeACTB, H TaK aanee.

81. Bo MHorHx cTpaHax C BbICOKHM I0pogeHTOM HH4,nIHH, 6aHKH He 6bIHrOTOBbI npOH3BOHTb KpeAHToBaHNH HO 4)HFKCHpOBaHHOA CTaBKe (a BKnaA.NHKH He11PHHHMaAH 4IHKCHPoBaHHbIX CTaBOK ino zeno3HTaM). KorzAa HH4ASMIXHSConpoBo)KAacTCS IHOJIHTHCCKOrl H 3KoHoMHqeCCKoi HCcTa6HjibHOCTbIO,IpOrH03HpoBaHHC ripOiCHTHbx CTaBOK CTaHOBHTCS npaKTH'qCCKH HCB03MOXHLIM.

YnpaBneHHe aKTHBaMH H riaCCHBaMH 6aHKa ,AOJDKHO, CfleAOBaTeCbHO, B

24

MaKCHManJbHO B03MOXHO CT-reieHH CTpeMHTbCq K 6aJiaHCHpOBaHHIO no CpOKaMnopT4IeAs aKTHBOB.

82. I4meSI Ha 6aJiaHce aKTHBbI H naCCHBI C 43HKCHPOBaHHOii H niIaBaIOuleiiCTaBKOH, 6aHK MOxKCT OKa3aTbCS Hecnoco6HBIM c6anaHcHpoBaTm no CpOKaM BCeaKTHBbI, npHHoc5nijHe Aoxoiu. TaK KaK y 6aHKa eCTb HeKOTOpaR cBo6oIa Bb6opaMGc)y HHMH, eMy CAimyeT nOJIHOCTbIO OCO3HaTb B03MoXHbHM nOCJiC1CTBH5IHeC6aJaHCHpOBaHHorO ITpHBIIeCqCHHS 4OHAOB, H IOrT8rraTmCs KaK MOxHO ToqHteenpeACKa3bIBaTb npiOxlHTHLI CTaBKH. '

83. Pa3JiH'HLIe KaTerOPHH 6aHKoB o6bIrqHO HmeIoT pa3m.qHHbe ypOBHH

npolxeHTHorl MapxH. B 6onbxnHHcTBe 3anaAHHx CTpaH MeAKHe 6aHKH HmeIOT6onblnIyIo npo1leHTHyio Mapxcy, qeM KpynHLIe. Ha TO ecrB £Be npHqHHI. Bo-nepBbLx, MejfKHe 6aHKH o6biqHo HMeCOT 6o0minyio Aonio ,AeiieBuX" OCHOBHNIXAenO3HTOB no OTHOICeHHIO K aKTHBaM no CpaBHeHHIO c 6o0b3 mH1 6aHKaMH,KOTOPbIM qacTo npHXOAHTCSi noKynaTm 6oAmuyIo qacTb nacCHBOB. Bo-BTOpbIX,MejiKHe 6aHKIi 'aCTo AaIOT HH,HBH,yaJbHbe CCyAu He6ojThmoro pa3mepanoTpe6HTeiLiM, KOTOpbIC qaCTO Hecyr BMICOKHrl pHCK H, CAe,eOBaTe3ibHO, Tpe6ywOT6o0ee IllHPOKoro cnp3,ga Ha, CTOHMOCTmIO pecypcoB. (TaKHe 6aHKH, no KparlHHMepC B CIIIA, MOJKHO HarITH B. He6OJIbIIHX. HaCeieHHUX nyHKraX Bce.ibCKOXO3,qr4CTBeHHUx paIkOHaX, rAc 6aHKOBCKaSi KOHKYPCHIIH51 orpaHHqeHHa.)

84. B nocne,me rO,L1 Bo3pocICee BHHMaHHe y,AenOCb Ha 3anaAeKpe1HTocnoco6HOCTH OTarCibHbIX 6aHKoB, oco6eHHo 6o0mHNx MHorOHaLHOHamJHbIX6aHKoB. B CBSI3H C TeM, 'ITO OHH BpeMS OT BpeMeHH HCIIOJb3YIOT pbHKH aorAOBUX

o6sI3aTenbcTB (o6tHraUIHH), qTo6bi yBeJIHqHTh pa3Mep o6sI3aTenbcTB (T.e. pacmpwmKpeIHTHyIO MOIIXHOCTh), HX KaqecTBo KaK 3aeMI)KOB O04HixHaJ1bHO

YCTaHaBAHBaCTC5 He3aBHCHMIMH pCIRTHHroBbIMH arCHcTBaMH. 9TH periTHHrHnepHoXHIqecKH nepCCMaTPHBaIOTCSI H, B 3aBHCHMOCTH OT BbIBOAOB, H3MeHSIoTcSi

BBCPX (6o0ee BbICOKHiA pei4HHr) Hum BHH3 (6onee HH3KHf1 peiRTHHr). PerTmHrHMoryT 6bITb H3MeHeHbI BHe3anHO, HanpHMep, KaK pe3y.1bTaT HeOxHIaHHbIX6AaronpH.sTHbux HJIH He6faronpHsrHbIx c061rHui mH r1poHcmecTBHi. as TaKHX6aHKoB ixeHa 3aHMCTBOBaHHS CpeCCTB Ha pbIHKe B 3HaqHTembHor cTerieHHycTaHaBJIHBaeTCS1 HX peiTHHrOM, pa3HHIXbl B ripOaeHTHb1X CTaBKaX Ho 3ai{MaM6aHKoB C pa3H'qHbIMH peiTHHramH ny6jmKyIOTCS B 4)HHaHCOBOIR npecce. 3mpa3HHiLbI npoxOeHTHbIX CTaBOK MOMT H3MCHSRThbC5 Co BpeMeHeM, OTpaxcaqpa3aH tqHbIe ycJoBHS crIpoca H rpeAnoxeHHA Ha OTrreAbHbIX pbIHKaX AiHHCTpyMeHTOB c paaiHqHbiM peCTHHrOM (cerMeHTauiHi pbiHKa). CM. IlpHIoxKeHHe3.2.

85. KpoMe H3MeHAiOWHXCSI pa3HHLX B IIpOLeCHTHUiX CTaBKaX MecWy WByMSIKJaccaMH o6nEHraLHfi, o6paTHTe BHHMaHHe Ha 6oflbIlyio pa3HHI.y H CrIp3I MexCyo6nIHraUHsIMH C HH3MHM peHTHrOM. 3m pa3HHiUbI IOKa3bIBaIOT, 'qTO RCM BbILIePHCK f)I5I HHBCCTopa, TeM 6onee 'YBCTBHTeAbHbIM OH CTaHOBHTCS K PHCKY IH KaeUCTBHTenbHbIM HJH KaxIyIiHMC5i H3MeHCHHIqM Ha pbIHKe, B KaqCCTBe 3aeMUIHKa, HB ApyrHX HmeIOOIHX 3Ha'eHHe 4)aKropax.

86. YnpaeAenue "zanoM" (aepbgyoM). YnpaBieHHe pa3pbOBOM MOxKHO onpeAerHTmKaK yrIpaBAeHHe .aHHbIMH YPOBHAIMH aKTHBOB H riaCCHBOB, q'BCTBHTeAbHbIX KH3MeHeHHio ripOLieHTHOlr CTaBKH, Ha 6anaHce 6aHKa. HMn KaK CrpaTermio

25

MaKCHMH3allHH rIpoiUeHTHoM MapxcH B TeqCHHN INHKa H3MeHCHeHI npofleHTHolcTaBKH. Onpe,LeAeHHe rena CMOTPH B naparpa4e 74.

(a) AKTHBbI C H3MmeHmOUICecs CTaBKOI4 nTIeBbIMajOT naCCHBbI C H3MmeHmOIudCiScTaBKOff (nonoxwrTeabHbM "r3n")

(i) C riaAeHHCM npoieHTHOri CTaBK naAaeT npoieHTHc a Mapxa.(ii) C pOCTOM npOUCHTHb1X CTaBOK paCTCT MapxCa.

(b) IaccHNBM C 3MmHSOiiiemCS CTaBKOri npeBUaIiiaioT aKTHBM C H3MeHAoNeRCsCTaBKOft (O'pHuaTmHbilt "r3n")

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

87. CTeneHb npoileHTHoro pHCKa, T.K. OH BAHACT Ha ripOUCHTHylO MapXCy HCnp3., 3aBHCHT OT pa3MepOB pa3pLBa H OT HanpaBjieHH, CKOpOCTN Hg[HTeJIbHOCTH H3MeHCHHSI npoUeHTHOri CTaBKH.

88. OnrmT nOKa3mBaeT,. ITO.; KOHIenIUHs INHK3a .npoixeHTHoi. CTaBKH ropa3Ao.npoIUe B TeOpHH, qCM nO,`TBepXCAeHa. AicTBHTJIbHblIM ABIXeHHNM npOIXeHTHLXCTaBOK B TedHf t enOBoro lHJlIa (nporsrDKeHHocTh BO BpCMeHH KOTOpOrO TaKwCeTpyAHO H3MCpHTh). KpO`rKO rOBOpsI, TPyAHonpeAcCKa3yeMocTh AB)KXCHHSnpOixeHTHOr CTaBKH H pbHKa o6inraiNHf He pa3 noATrBepxajiacb. KaK 6Li TO HH6bu1o, ABHxKeHHH flpoueHTHbIx CTaBOK H pbuHKa o6AHrailHi oKa3amcCb 6oneenpCACKa3yeMbIMH, qeM Kone6aHHS pbiHKa aKiNHH.

89. YcnemIHoe ynpaBnieHHe "r3noM" Tpe6yeT ycneumoro npe,AcKa3aHHi 6yAynxzxABHxCeHHAk npoixeHTHori CTaBKH. KaK noKa3aHO B IIpHjIOxeHHH 3.1, TOIHoenpexACKa3aHHe KpaTKOCpOqHbIX CTaBOK 3aCTraBHO MeHeAXIMCHT He 6a.naHCHpOBaTb18O-#iHeBHaIN KpCZHT, a co3AaTb pa3pbln, KOTOpbIA BCACT K pacumpeHHionpoLcHTHOH MapxK.

90. ,1ipyroNi npHMep ynpaBAems "r3noM" noica3aH B fIpHAoxceHHH 3.3. KaKnepBMN Imar, aKTHBbI H o6gl3aTmnbCma pa3,AZCHHi Ha TplH xaTerOpHH:c6a.naHcHpoBaHHMe no CpOKaM, Ko3ie6moHccSI H 4NHKCHpOBaHHLIC. 90-AHeBHnIKpeAHT C noraImeHHeM O,HHM nAaTeXCoM, npoJcHTHaSI CTaBKa no KOTOpOMy CBS13aHac 90-iHeBHHofi npOLIeHTHONk CTaBKOri no Aeno3NTam rpeAcTraBSeT onepaIlHno coc6ajiaHCHpOBaHHbIM no CpOKaM 4)HHaHCHpOBaHHeM. CiejnKa C H3MmHe llericSCTaBKOii qacTo 6biBaeT C6aIaHCHpoBaHHofN, HanpHMep, AByXAeTHHfi KpeHT cflepHoAHUecKHMH n1aTeXcaMH Ha noraiineHHe HNH 6e3 HHX, HO C nepHoAHqccKHM,HanpHMep, exCeKBapTaibHhlM, J1CpeCMOTpOM npO1UeHTOB. qITO6bI H36excaTbripoxeHTHoro pHCKa, KpeAHTOp MOXCeT npHHATh pemeHNe c6aJIaHCHpoBaTh 3THKpeAHTi (c6aiiaHCHpoBaTb cymmi, CpOKH, Aami nepecmarpa npogCHTHblX CTaBOKnTo npiAo6peTeHHbIM ACHbraM, qTo6bi o6ecneqHTm pecypcaMH KaXJUTICOOTBeTCTByiOIuHfH CerMeHT KpeAHTa).

91. He Bce orepaixHH C H3MeHSoieACSc CTaBKOfi nIO3BOAOT npOBCCTH6aAaHCHpoBaHHe no CpOKaM. KpeAHT, CTaBKa KoToporo ocHoBaHa Ha CTaBKepe4)HHaHcHpOBaHHNs ieHTpaibHoro 6aHKa, HO KOTOpbN 4)HHaHCHpyCTCH 3a CqeT

26

TpeXMeCsqHorO .genO3MTa, o6bmHO zaeT "r3 . HaKOHes, cyiuecTByiOT cAenIKN C4HKCHPOBaHHOH CTaBKOH, Kor.a Kpe HTbI C 43HKCHPOBaHHO4 CTaBKOiN COqeTaEOTCSc o6Si3aTeAlbcTBaMN C 4IHKCHPOBaHHOA CTaBKON; B AaHHOM cAyae "r3n" (pa3pbIB)MOxeT 61Tm Co3AaH HJH He Co3lIaH, B 3aBHCHMOCTH OT CTeneCHHc6anaHCHpOBaHHocTH nIo cpoKaM.

92. B pe3yJlbTaTe BO3HHKHOBeHHS cHTyaYiHH c "r3nOM" B rlpHAOJoxHHH 3.3.,MeHe;pKMeHT 6yieT ynipaBumTb aKTHBaMH H o6sl3aTeCibCTBaMH B 3aBHCHMOCTH OrnporMo3a npoIueFmIoR cTaBKH. Ecim,- HanpHMep, oxHaeTq riaJreHHe IlpoixeHTHb1xCTaBOK, Heo6xoAHMo yBeiHqHHTB AoMo IIpHBjCeeHHuX 41oHAOB C H3MeHqIO4UCrICqCTaBKOH B riopT4,eAe H yBCJIHqIHTb AOjfO aKTHBOB C 4JHKCHpOBaHHOfi cTaBKOri, H,TacKHM o6pa3oM, yBejIHqHTb qHCTyIO npOleCHTHyio Mapxy. Kopo'e rOBOps, 6aHK3axoqeT 3MeHbHT pa3Mep IlOCOXHCTeC3bHOiO r3rIa" (200 MiH. py6.) Him, eCJIH yHHX y)Ke eCTb oTpHuaTeCrbHbmf "3rI", TO yBeAIHqHTb cro. ECJIH nporHo3 roBOPHT 0IIOBbUIICHHH I1pOICHTHIJX CTaBOK, TorAa MCHeJKMeHT 3axoqeT YBCflHqHTb nopT4eAIbaKTHBOB C H3MeHSHoLeic3i CTaBKOH H yBeCiHqHTb AjOjIO peCypcoB, roIyqeHHbDX rIo.(,HKCHpOBaHHbIR HpofleHT, T.e. yBeJHqHHTb pa3MCP HOAO)IzHTeCAbHoro "rria".IIoc.ne1H,3 cwTyaUHS rioKa3aHa B IpJIHAOJKCHHH 3.4.

93. B ripHsBe,eHHoM BBIIUC rlpHMepe MeHeA;xMCHT CyMeC 3HawHTejibHo yBeniHqHTbpa3mep crip3f,aa H qHCTOfi npolIeHTHof MapxKH. Pa3yMeeTcu, ecCiH 6bI nporHo3npoieHmoM CTaBKH oKa3aCSl omH6o0HbIM H cTaBKH H3MeHsIAcb 6bI BnIpOTHBOIIOJOXHOM HanpaBIeHHH, TO pe3yAbTaT 6bIJ 6bI npoTHBoIIOoXoHbIM: pe3KO

yMeHbiIiolIlHi4C.q nOJIOHKTeAbHbIXi "r3n", a TaKoxe na,zaioue C11p3A H fpOucHTHmSaMapxca.

94. Heo6XOAHMO 3aMeTHTh, wTO fOprHO3bI He npeBpauIaIOTCi HeMG;1eHHO BaericTmTeJibHbie H3MCHeCHHS cTaBoK. B TO BpeMs_, KaK HanpaBnieHHe H3MeHCHHSIIpOueHTHbIX CTaBOK MOxCeT 6bIm npeXcKa3aHo ripaBHJIbHO, BpeMS npeAnoonaraembIxH3MCHeHH4 MOxCeT 6bm onpejZeneHo HCTOIHO. BpeMeHHoi4 acneeKr nporHo3a5IBJSeTcSI caMbIM TpyAHOrlpeAcKa3yeMLIM. fIpHMeHeHHe c-rpaTerRH Tpe6yeTrPOUeHTHbIX UHKJIOB, KOTOpbie 6bIMH 6bI ,OCTaTOqHO MHTCAbHMMH, ,jLl TOrO,

1qTo6bI BOCriOAb3OBaTbC! rIIpCHMyiXCcTBOM H3MeHCHHI cnp3qAa. HaKOHeti, peaJIbHbIigMHP He Aaer 6aHKaM HeorpaHHqeHHoi I rH6KoCTH B BbI 6Ope HCTOTqHHKOB4HHaHCHPOBaHHS1 H o6ieIToB KpeIHToBaHHS; 4)HHaHcoBbIe pbIHK HecoBepIIeHHbI,a 3aeMHKH - BCe 6onee HCKyCHbI, H qacrO HX nporHo3mI COBInaAaioT c6aHKOBCKHMH.

95. Cmpamezuu '"zna" A Toro, qTo6M nOJIHOCTh6IO HcnO.lb3OBaTh YIpaBneHHC"rsnoM , pa3pa6oTaHbI HeCKOJ!bKO cTpaTerHi "r3na":

(a) rIonepXKHBaTm HBCpCH4)HIXHpOBaHHfi[ no CTaBKaM, CpOKaM, CeKTopaMX03.IHCTBa nOpT4)eAb aKTHBOB. KpoMe Toro, BbI6HpaTh KaK MOxHO 6o0biueKpCAHTOB H IeHHLIX 6ymar, KOTOpbIe MOxHO AOCTaTOqHO AIerKOpeaIH3OBaTb Ha pbIHKC.

(b) Pa3pa6oTaTb cneiHan.bHmCe nAaHbI onepaluid p.n1 Ka=oif KaTeropHHanKHBOB H naOCHBOB AIM KaxKoror nepHo,a ,ejioBoro LiHKAa, T.e. pelHHTh,tlTO nejnaTb c pa3HbiMH aKTHBaMH H riaCCHBaMH npH AaHHOM YpOBHenpOIeCHTHbIX CTaBOK H H3MeHeHHH TppeH.OB ABHxeHHS CTaBOK.

27

(c) He CTOHT CBmI3MBaTh KaKOC H3MCHCHHC HaIIpaBJICHHI ABKCH cTaBOK CHaqaAOM HOBOrO IHKna npOieCHTHbX CTaBOK.

96. Ip1HMCPBI cTpaTerHl Ha pa3HUX 3Tafiax IHKJia iipoLxcHTHbx cTaBOKcJIezLy1omxe:

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

(i) YBeIIHqHTh CpOKH 3aCMH,blx CpeCcTB,(ii) CoKpaTwm KpC,rThI C 4IHKCHpOBaHHOft CTaBKOft,(iii) CoKpaTHTnb CpOKH rIOpT4CeS HHBCCHIXHA,(iv) rIpoAaTb HHBeCTH1H (ueHHm e 6yMarI),(v) rIOnyH 1[ojirocCpoHmbie 3a4MhI,(vi) 3aKpbIm KpeAllTHBIe AHHHH.

(b) BTopoAi mun: pacnmHe npopemmmue casuB (ox=aeTcs AocCKxeHHeBepuIIIHBI B 6MIHxaIKieM 6yAymeM):

(i) *Haqa.m coKpaigeHHe CpOKOB 34CMH1JX.CpVCCTB,(ii) HaqaTa yAImRIIThb CpOYII HHBeCThIxHfi,(iii) IfoArOTOBHTbCSJ K HaqaiY YBCJIHqCHHR AOJI. KpeAHTOB c

4HKCHpOBaHHOM CTaBKOk,(iv) rIoAroToBHTmcq K Haqaniy yBeAH'eHM AOJ HHBeCTHJXHA B UCHHme

6yMarR,(v) PaCCMOTpCTh B03MOXCHOCTh AOcpoqHoro rnorametHHs 3aAoaDKeHHOCH C

4HKCHpOBaHHbM npolReHToM.

(C) TIeMi 3mu: BRICOKHle npOienmue c111ICI (ox=aOTcS HX CHHXCHHe Bo603pHMoM 6y~yueM):

(i) COKpaTHTh CpOK 3aeMHNX CpeACTB,(ii) YBemsHqHTb AOJIO KpeAHToB C 4HKCfpoBaHHoA cTaBKOS,(iii) YBOMIMM CpOKH IIOpT4XI HHBeCTH1HR,(iv) YBoeHIwHTb pa3MCp rOpricaLs HHBCCTMIXH (C 4IHKCHpOBaHHOrl

CTaBKOR),

(v) 3anviaHHpoBaTm 6yzyuio npoAaxKy aKTHBoB,(Vi) CKOHileHTpHpoBaib BHHMaHme Ha HOBbX KpCAHTHblX MHHHIX AL

KJHCHTOB.

(d) IeTmepmii 3Tan: naiiaiomnHe noueHTHbie craluK (oxHAaeTcs3 AocTHxeHHeMZHHHMyMa B 6nxrJcai4meM 6yAyieM):

(i) HaqaTb yAmHHrm CpOJH 3aeMHbJX CpeACTB,(ii) HaqaTh COKpaLiIxHHe CPOKOB HHBeCTHIHiH,(iii) HaqaTb yBeIHqeHHC AOJIH KpeAHToB c nepeMeHHoM cTaBKOi,(iv) HaqaTb coKpau4eH}He lHBCTHIfA B IleHHme 6yMarH,(v) Bbi6opOqHo npoAaBaTm aKTHBbI ('C 4HKCKpOBaHHOA CTaBKOIR HJH

AOXOAOM),

28

(vi) HaqaTb LiaHHpOBaHHe yBeBCiqeCHHSI 3OjiroCpOqHOfN 3aAo3DKeHHoCTH (c

4HKCHPOBaHHOrI cTaBKON).

97. npH paCCMOTpeHNH BmIlleHpHBeCeHHNX cTpaTerHl BaKHO riOMHHThnepBooqepeAHyIo 3azary 6aHKa B nio6oe BpeMS: yBeiHqHTB qHCTyio rpoiLeHTHyioMapXCY B paMKaX yCTaHOBjieHHMX riOJIHTHKOH 6aHKa napaMeTpOB pHCKa.nlponeHTHme CTaBKH H CTeneHib pHCKa, ipi4cyiai ai KTHBaM H naCCHBaM - 3TOnepeMeHHbie BeJIHqHHbI, onpeAeniAembie BHeIIIHHMH cHJIaM, Ha KOTOpbIeoTrejibHbIN 6aHK He MoxIeT nOBHnITb H 6yAyiuee HaiTpaBjieHHe KOTOpbIX TpyAHonpeAcKa3aTh. CuieCOBaTejThHO, ynpaBjieHHe aKTNBaMH H o6SI3aTeCbCTBaMH - 3TOHeripepblBHLIH npoiuecc, Tpe6yio=HH IpNHBjiexCeHHS HaH6oAee nOArOTOBAeHHNX H

OrIITHLIX Ka8POBbIX peCypCOB 6aHKa. NacTHbIN lpHMep Toro, KaK 6aHKH MOryT

H3MepHTb YPOBeHb KyBCTBHTCJIbHOCTH npOiCHTHbIX cTaBOK, COOTHOCI HX K "rny"no pa3HbIM KaTCropSiM CPOKOB noraIueHHs1, pa3o6paH B nlpHuoxceHHH 3.5.

98. O6paTHTe BHHMaHHe: npH6bmIbHocTb 6aHKa ycTaHaBJIBaCTCq He TojnbKo,qCTOH ripOueHTHOH MapxoH H KOHTpOjieM 3aTpaT, He cBq3aHHUIX C Bb=IaTONi

npoLieHTOB, (BK xioas pe3eps HeyniaTmI KpeCHTOB H CnHCaHHS), HO TaiKCe crionyqcHHeM ,oXoAa, He CBq3aHHoro c npoIxeHTaMH nO KpeAHTaM, T.e.BO3Harpa)KAeHHi H KOMHCCHOHHbX, AOXO,OB O0r onepaI4HN C HHBaJIOTaMH, H T.A. B3Ha,HTeCAbHo CTH ereHH noTeHiHanI noIy'eHHS npH6LIH 3TONi KaTeropHH onepaLuHroHpegenIeTc.q ripaBHj[aMH rpaBHTeCcTBa H fleHTpaAbHOrO 6aHKa, KOTOpbIeonpe,eSAsoT c4epy e5TCeAbHoCT 6aHKa. TaM, rAe 3aKOHoAaTeCJTcTBo HO3BOASICTKOMMCpqeCKHM 6aHKaM OCYlllOCTBR3ITb onepauzHH TOprOBbIX H/HAI

HHBeCTHNHOHHbIX 6aHKOB, o6beM Aoxola O0r onepaLUHNN, He CBI3aHHbIX CnpoiJeHTaMH no KpeuRHTaM, CTaHOBHTCSI ,OBOJIbHO 3HaIHTeCAbHbIM, H MOCeTCAyXCHTb 3ACMeHToM cTa6HAH3axHH ARoxo,a H pHCKa.

IV. lbhloqepcb npoieHTHou cTrAKm H xeAxmpoBaHHe

99. KOHUinNHH npOiXeHTHbIX TbhIOqCpCOB H XeNpIHpOBaHHS npuMO CBA3aHw CynpaBAeHHeM npouCHTHbIM pHCKOM. OHH CBS3aHbI Mex)y co6o0l: npo1xeccXe,XKHPOBaHHS1 BKAIOqaCT HCIOAlb3OBaHHC 4TboIqepCOB, XOTSr 4TbIOqepCb He Bcer.aCBA3aHHI C xeAHpOBaHHeM. B TO BpMem KaK 4TboIqCpCbi M UTCSI 4)HHaHCOBbIMHHHCTpyMeHTaMH, KOTOpbIC npAORaOTCJI Ha CrielH4afHbIX PbIHKaX (pbIHKaX4mIotqepCOB) Be3Ae B pa3BHTOM MHpe, XeAxKpOBaHHC - 3TO npouecc HNiIleOfTC.eibHOCTb, CBI3aHHaS C 4mIOqepCaMH.

100. Xedxcupoeanue. 3Ta Ae5TCejnHocTb onpeAemseTcs KaK ripoilecc, rIPH KOTOpOMPHCK H3MeHCHHSI B 6yAyiueM iJCH Ha N3NHqeCKHe Him 4)HHaHCOBbIe aKTHBbI HNInnaCCHBbI MOxCCT 6bITb IIOJHOCTbIO HJH IaCTHIHO A HKBHAHpOBaH ryreM 3aKAIuoeHHScornaIiieHHs c TpeThefl CTOpOHOR, no KOTOpOMy nepBoHalaJIbHaS cAeJIKa nonpHO6peTeHHIO aKTHBOB HA{H naCCH4BOB nOAHOCThIO HJIH qaCTqHO HeflTpaAIH3yeTCS*pOTHBOnOAO)KHOii cAeJIKOA.

101. rIpHMepoM xefNAKHpOBaHHS MO)KeT CAYXCHTb Kpe,HT c noToAKoM npogieHTa.3aeMuIHK 3aKyioqaeT Kpe,HTHOe cornaUieHHe c 6aHKoM, cornamaiicb HaniaBaioiiyio CTaBKy. 3aeMIUHK peinaeT coKpaTHTh npoixeHTHINi pHCK, nony'asIluanKy" HJH nOTOJIOK - MaKCHManbHyIO CTaBKY, KOTOpyJO 6aHK MOJKXT B3HMaTE B

29

TeCqeHKe cpoxa AeficTBHq KpelHTa. Kpez,Tyionf 6aHK, cornaiuaacb Ha InOTOJIOK, BA2efCTBHTeCmHOCTH nepeBOUHT qacm npOixeHTHOrO pHCKa C 3a MLltKa Ha ce6f. 3a3T0 6aHK o6LqHo B3HMaCT rLIaTy, o6brmHO B 4OpMe 6o.nee BMCOKOAi IIpOUeHTHOMCTaBKH, T.e. yBemHHBaq InpoileHTHbiA Cnp3Z HaA CTOHMOCTio pecypcoB AAR 6aHKaHimH ApyroM 6a3oBofA CTaBKOAl.

102. Ob,oveDpc. TepMHH '4mIOqCpC" OTHOCHTCR K CneUIH4,HqeCKOff 4XopMe4)opBapAHorO KOHTpaKTa, T.e. coriiaiecHHs MeKAy npOAaBUOM HIH noKynaTieaM4)H3HqeCKOrO TOBapa Him 4)HHaHCOBOrO aKTHBa C OHHOtf CTOpOHb H KpHHrOBORnaAaTOti 4ThIOqepCKOft 6HRp C Apyrok CTOpOHbI. rpeHMHyiCCTBO 4ThIOqepCHOrOKOHTpaKTa COCTOHT B TOM, ITO CylerCTByCT BTOpHNH4 pbIHOK AIfL TaKHXKOHTpaKTOB - B OTHHlWme OT 4,OpBapAHW( KOHTpaKTOB, ARAKCKOTOPbIX TaKOrO p&HKaHe cywUeCTByeT.

103. (DbMoqepcHbie 6Hpx - 3TO nOMlA3yI0HCCH 3HaqHTejibHbIM aBTopHTeToMqacTHbIe HHCTHTYM cpoAHH 4)OHAoBMm 6HpxcaM, pacnonoxceHHEe B rnaBHiIXKOMMep'qeCKHX H (DHHaHCOBb1X Uilepax npoMbffHHoro MHpa. Ham6o0eeKpyflHbIe H3 HHX SIBJLIHOTCR AC1CTBHTCJTbHO BCCMHbHIMmH 6Hpx(amH, rAe npOAaBIbIH rIOKyIIaTeAK CO BMero MHpa coBepmaIoT cAeAKH nepe,aBasi IIPHKa3bI 0 nOKynKCHum npo,Aaxce -tueHaM 6Hpxcz (6poKepaM). HeKoTopLIe OCHOBHbIe 6HpXCH N HXoco6bxe TQBapbi BKPO'aIOT - 'llkKarcxaSI TOBapHaS 6Hpxca. (ITB): 3epHOBbLeiUeHHme 6ymarH -npaBHTejncTBa CIlIA, MpOOeOTHKC CTaBKH HbIo-flpKCKaSTOBapHa.q 6Hpxa (HlT-B): MeTaJrm; MejrHapoiAHl AeHeKHbiN pbIHOK-'qHKarCKOi TOprOBOfi 6Hpxm (MT): eBpoAoZuiapmi H HHBaAiOTbI; JIOHAOHCKaSIMexAyHapOAHas 6Hpxca (DHHaHCOBbIX 4ThIoqepCOB (JIMBDIXD): BamoTa HnpoileHTHim e 4boIqepcbl. XapaKTepHCTNKN TOprOBJi 4mboIicpcaMH BKmIoqaIOT:

(a) CTaHaapTH3alHqI YCAOBHNf KOHTpaKTa. KpoMe IeCHbI H 'Hcia KOHTpaKTOB,BCe YCIOBHH CTaHAapTHbIC, HanpHMep, pa3MCp KaXAOrO KOHTpaKTa, AaTInIOCTaBKH, Map)KH, TOPrOBbIe JHMHThI H T.A.

(b) HIcno.iHeHHe BCeX KOHTpaKTOB rapaHTHpoBaHO KJIHpHHrOBOA naJaToAi6HpxcI.

(c) Amu aKTHBHO npoAaBaemiwx IIpoAyKToB cymecTByeT AOcTaTO`qHO o6ScMHbLiBTOpH'IHbI pbIHOK, nO3BOAIOINA npoAaTb KOHTpaKTI AO AaTbi nOCTaBKH(3aKpbiBasI nO3HIXHIO nyTCM HCnOJIHCHHS npOTHBOnOJOXHOH CcemKH).

104. H noueNmN&e &bYoieC.M rIpoieHTHmeIe 4mbo'epcu BKmIioT o6sI3aTencmTBoOCyeCCTTBHTh nOCTaBKY onpeAeneHHoro KOAH'ecTBa AaHHbix NHHaHCOBlx aKTHBOBHa orOBopeHHYIO aTy B 6yAZIueM (AaTy nocTaBKH). TaKHM aKTHBbl MOryT BKmOqaThnpaBHTeJbcTBeHHbIe LeHHbIe 6ymarH c pa3jnIHLiMH CpOKaMH CTCTHqeHHA HIHpa3HIHMC .lfenO3HThI B BamoTe (HanpHMep, B eBpoAoAiapax, MapKax (PrP, 4yHTaxCTCpJIHHrOB H T.A.)

105. C Pe3KHM pOCTOM HecTa6HALHocTH npoLxeHTHL1x cTaBOK Ha 3anaAe,yBDeiNHIqHCab p3KO H HCCTa6HjiLHOCTh JieH Ha KpaTKo- H AoJIroCpoIHble AOAIroBbeHHC7pyMeHThI. qTO KacaeTcs 6aHKoB, TO pacTymNiH cnpoc Ha AOrOBOpbI, B KOTOPLIXnpoUeHTHMbie CTaBKH yCTaHaBJIHBaJHCb 3a1OjIrO AO CPOKOB AeNCTBHTeAIHOroHCnOJIL3OBaHHS KpejHTa, co3Aan COOTBeTcTBymOII=ft cnpoc Ha 34S4)KTHBHMe

30

MCXaHH3MLI XeKPMpOBaHHSI OT pHCKa HeOxaaHHEKIX H3MeHCHHH IlpoIeHTHolCTaBKH. B IIPOTHBOIIOJIO)HOH cHTyaXHH, 6aHKH c 6yAymHm npoileHTHLiMH

o6sI3aTelbcTBaMH, pa3Mep KOTOPhIX He SCeH - HaflpHMep, 6aHK C nolyqeHHbIM

KpCeHTOM B eBpo.oJulapax C nxaBaioiueN cTaBKoi! (B naCCHBe), CTaBKa no KOTOPOMYOCHOBaHa Ha TpeXMeCNqHofi CTaBKe B eBpoAoiLapax - MoxeT 3acTpaxOBaTmcu Or

HeOnpeaeAieHHOH CTaBKH B 6yAymeM, 3aKIIIOqHB 4)boqepCHLii KoHTPaKT (CM.

npH4MCp HHCKe).

106. EeDoOoiuAaDoebtu dfbldotWpCbluf KoHmDaKm. TaKHe KoHTpaKThi HMeIOT eCHHyIoHOMHHaJIbHyIo CTOHMOCTh B 1 M3IH. Jo03TAapoB CIIIA, OCHOBaHbI Ha TpCxMecCmHux

eBpOOJTIapOBbEX AeriO3HTax (B OCHOBHOM MeXK6aHKoBCKHX). OHH ISHOTCS1 ORHHM

H3 HaH6oJIee aKTHBHO fpoAaBaeMbX 4)HHaHCOBUX 4)BIOqepCOB, uX KOTIpOBKHexKe,CHeBHO ny6jIHKyIOTCS B 3ana4gHoH 4bHaHCoBBO0 npeCCe.

107. KoHTpaKxI HcTCKaIOT exCeKBapTa.jbHo (B MapTe, HIOHC, ceHTS6pe H ,1eKa6pe)

H TOPrOBJS1 HMH IIrpOHCXOAHT exeAHeBHO. [I0THE HeT KOHTpaKTOB, KOTOpbICBnaAeCbJTbi AepxaJIH 6bI O HaCTrexeHSi cpoKa, T.K. OHH HCrio0lb3yIOTCS B OCHOBHOM

KaK CpeACTBO XeAXKHpOBaHHS. rIoCAieiHMfi zeHb rpOipoaKH - 3T0 3a ABaOnepaIIHOHHb1X H B JIoHAOHe nepeA Tpemefk cpegofli mecsa noCTaBKH. KaCCOBbIipacqeT OCHOBaH Ha cpeAHefi TpeXMeCCqHbIX KOTHpOBOK JI14BOP rIpOH3BOJIbHO

BbI6paHHbNX 12 6aHKOB H3 'Hcna 20 KpynHHIeIHMx 6aHKoB JIoHIoHCKoro

eBpo,AonuapoBoro pbIHKa B rIOCACZHHHi AeHb rlpORacKH. CTaBKH 6epyrcs ,Baxgi:IIpH 3aKpbITH ToprOBJIH 4TbIOqepCaMH H B npOH3BOJbHO BbI6paHHwIH MOMeHTBpeMeHH H3 iocAeCHHX 90 MHHyr ToproBJnH.

108. flpHMep 4bioqepcKoro eBpo,onuapoBoro KoHTpaKTa. IIpe,nonoJHM, B 1991ro,ay [IepBbIrl KoMMepqecamIi BaHK (HIKB) no,iynuH oT KoImMHeHTaJbHoro 6aHKa,'lHKaro (KB), TpexieTHHiH KpeCHT B eBpo,ojnapax C niaBaIooivefi cTaBKoi4 Ha 1MJIH. fAo.JapoB, no CTaBKC Ha 1 npOIueHT BbmeI 90-n1HeBHoI cTrBKH JIHBOP.C.nexyiomas AaTa nepecmoTpa cTaBKH - 16 ceHTrs6psi 1992 ro,ga, KoTopaS OKa3aJIacb

TaKoKe AaToMi nocTaBKH B ceHTs6pe 1992 rosa 4bioqepCHoro KoHTpaicra B

eBpozRojnapax.

109. Ha COBeCiaHHH BO BTOpHHK, 23 HIOHS 1992 roAa KOMHTCT no aKTHBaM H

naCCHBaM r1KB o6cyxAan nepcneKTHBbI ipOleHTHbIX CTaBOK H eAHHoriacHo

peiiiHl, ro no BcefI Bepo5rTHoCTH, 90-iHeBHrIe CTaBKH no eBpooLonTapaM Bo3pacTmT

c ceroaflHlLIHero ,HA ,o Aamx noCeraBKH B ceHTs6pe c TeKywero YPOBHS B 4%rO,aOBb]X ,go 4.75% roAOBuIX. BaHK pemaeT 3aCrpaxoBaTm ce6s oTr pHCKa pocTa HnpHKa3bMBaCT COTPYAHHKY KaCCOBOrO AenaprameHTa npoAaTm HCo6XOAHMbIfi

TbhIOqepCHbIft KOHTpaKT.

110. Ha cieiyIowHfH AeHb, 24 HIOHA 1992 rosa, MeHCKep CBC3bIBaeTcT C

6poKepoM B 'IHKarO H y3HaeT, qTO eBpoAonIiapoBbI 90-AiHeBHbIk KOHTpaKT Ha

ceHT5I6pb KOTHpyeTCS Ha MeayfHapoAHoM ACHe2HOM PMHKe C HHIeKCHOU!

CTOHMOCTbIO 96.00 (oTpaxaioiieiR oxHgaHMe pbIHKOM 4% CTaBKH no 90-.UHeBHbIM

KOHTpaKTaM C nocTaBKOH B ceHTr6pe). T.K. rIKB oxiAaeT poCT CTaBKH Ha 756a3oBbIX InyHKTOB B TexCHHe CAieyIoIUMX HCCKOIbKHX MeCqIIeB, T.C. ria,eCHHSI etHbIceHTri6pbcKHx 4MbiotepcOB Ao 95.25, COTPYiHHK IIpHKa3bIBaeT npoaaTh aeC5rTbKOHTpaKTOB Ha ceHT516pb. rIoqemy?

31

(a) BwiuAaTa npOIUCHTOB rIKB KoITHeHHTaJbHoMy 6aHlCy npH 4% rOAOBb1x,6yAeT paBHa 100 000 oaoiapoB 3a KBapTaI ceHTqs6pb-AeKa6pb 1992. CApyrori cTopoHb, ecnH cTaBKa Bo3pacTCT 0o 4.75%, o6sl3aTeamcTBoBo3pacTeT Ao 118 750 AonnapoB HAM Ha 18 750 zonjapoB 4onOIHHTeAbHo.') 18 750 AoJIapoB - xaK pa3 TO, OT rqero 11KB XO'qCT 3acTpaXOBaThCsi.

(b) MeHeipiMeHT IKB oxuHAaeT pocTa cTaBOK Ha 75 6a3OBux nyHKroB (mm 75"raAoqeK"). KaxAwA 6a3oBM nyaHKT CTOHT 25 AonmapoB Anu 3-x MecCqHoroKoHTpaicra (100 AzowapOB B roA), 75 6a3oBwx nyHKToB, cJIcaoBaTCAbHo,cros.T 75x25$=1875$ '3a /iKoHTpaKT. 11pozaxa ACRCe KoHTPacToBAocTaTo'Ha AJ1n nIonHoro XCe,POBaHM B03MOXHOCTH pOCra Ha 75nyHKTOB IIpOUCHTOA CTaBKH.

111. Ecnii nporHO3 11KB 6bIn npaBHAbHBIM, r1KE 3aKIO'HT cAcnKy, o6pamynonepBOHaiajIbHof, H MM ACCSqTb KOHTpaKTOB (rT0o6m nOKpbTh nepByIo npogAaxcy)no HHAOKCHOA iieHe 95.25. TaKxM o6pa3oM, 6aHK nony'aeT npH6hLAb B 75 6a3oBblxnyHYTOB, HAHI 18 750 ,AonnapoB 3a 10 KOHTparTOB 3a OAHH KBaprTa - CyMMa, HaKOTOpyO oxHAancS poCT npoJieHTHoro of6l3aT3imcTBa. KopoYe roBopi, 6iaroAzapspeIiueHHio O x64XcHpOBapHH4 npOxeHTHbX cTaBOK, 6aHxc cMor noAyq'JT34OeKTHBHy)O CTaBKy, .B 4% Ha ceAymox . TpCxMecsRqHm nepHoA.BpoojapOro KpHTa. . . . .. .

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

113. Ha6mIoneimu:

(a) XeplcxpoBaHle AzaeT 3auTry OT 6y1;y4IaX IIpH6WIZei HM y6bmTKOB,HecMoTp.q Ha TO, 6Im nH npOrHo3 npaBHJhHbIM, NnN HeT.

(b) IIKB Mor noBTopPSTb oiepaixHH c 4TbioepcaMH 4)u Kaxoft 'acTHonepailHi no Kp4cMTy, T.K. UICHI KOTHpyIOTCS AU KOHTpaKTOB BnopeA AO.zeKa6pR 1995 H Aa3cCe.

(c) ByAyume o6sI3aTcjncTBa no npoixeHTam MOKHO xepAPcHpoBaT TaK Xce, KaK HTpe6oBaHHsI H ocHoBHbIe CyMMbi noramesHHA Aom1.

(d) cI(D1oepcHwLe KoHTpaKTh H0o6XOAHmo nepenpoAaTm Ao AaThI nocTaBKH,T.K. B npOTHBHOM cny'ae cTopoHa, no0;nHcaBiua51 KoHTpaKT, AojncrHa 6yjAeTOCYIICeCTBHTh HAH npHHSHT nOCTaBKY KOHTpaKTra IeIHKOM.

(e) rapaHTH Hbxe runaTrexc 3a 4TbioqepCHbIe KOHTpa8KT ACACTByIOT B TeCeHHenpHmepHo nATH oriepaIHomHHux AHC IInOCnC 3aKmIo'eHHS KoHmpaKra, OHHCOCTraBJIOT 5-10% OT pa3mepa KoHTPaKTa.

(f) PacxoAw no cpA,eKe H ApyrHe cHHxaioT peamHbiri AoXop OT c,AeRH C4,bIo'qepcaMH. OHH BKnjOIqaiOT Heo6xoAHMoCTh noAkepxcaHH5 cqTra y6poKepa, H3 KOTOPOrO BnnAJHqHBaeTcS 6poKepCKOe BO3HarpaxcAeHHC HKOMHCCHSI, BKJLOqaq BO3MOxKHUCe AOnOAHHTeCbHbIe rapaHTHHHbIe nmaTemKH,

32

eCJH LIeHbI 4bIoqepCoB ABHxDyrcR OT KOHKpeTHOiN UCHbI (KOHpaKTbI

cpaBHHBaioTcSI C PBIHKOM" B KOHue KaNiAOrO oriepagIHOHHoro AHs).

(g) He6oibiuoiR npoueHT BbTaUqHBaeTCI no c'eTy y 6poKepa.

114. )DHHaHCOBbie 4TIoqepcbi H apyrHe TaK Ha3bIBaeMbIe rIpOH3BOIHbIe

HHcTpyMeHTbI" (ripogyKTmi, BO3HHKaIoiNHe H3 iexcauWHx B HX OCHOBe 4)HHaHCOBbIXaKTHBOB H IIaCCHBOB) HMCIOT CAOKHbINi xapaicrep H Tpe6yIoT 6ombmoro BpeMCHH H

yCHAHiN An IIoHHMaHHS. OiHaKo, 6mCTrpo pacryiuas BaxCHOCTh 3Toro HHCTpyMeHTaTpe6yeTr, wTro6 pYKOBOLCTBO 6aHKa H AxenapTaMeHT 4HHaHCOB 6bLm AOCTaTOwHO

3HaKOMM C HHMHN AIHcInO3OBaHHS B yrpaBJIeHHH aKTHBaMH H IIaCCHBaMH.

V. IpoixeHTHmIji CBOD

115. 3a nocneAHee AecSTHaNeTe nIpoiLeHTHbIe CBoribI CTaHN OAHHM H3 HaH6ojnee6bIcTpo pacTyinx BHAOB 45HHaHCOBuX rlpOH3BOAHUIx, HCIIOJb3yeMbIX

60JIMIIHHCTBOM. 3anaAHaX 6aHKoB. npOueHTHbIN CBOr - 3TO npOCTO KoHopaKTHoecoraJlCIeHHe Mexy ARByMA CTOpOHaMH, HarIpHMep KOMMepqeCKHM 6aHKoM H OAHHMH3 ero KOpnOpaTHBHbIX KAHeHToB, o6 o6MeHe npoijeirrmm nnuaTex3aMH HaonpeAeJIeHHyIo, 3apaHee orOBopeHHyO 4)HKTHBHyWO CyMMy. I , 6o0ee KOHKpCTHO,OAHa CTOpOHa 3arnaTHT xApyrofi CTOpOHe 4,HKCHpOBaHHbIH ripOICHT Ha KaKYIO-TOCYMMY H nO3IyqHT niinaT6 no riIaBaIoiIeM npogxeHTHoNi CTaBKe (o6blrHo6a3HpyIONUC5Eic Ha CTaBKC JI4BOP) OT Apyrofl CTOpOHbI.

116. Ha3HaqeHHeM nponLeHTHoro cBoTia sIBjnscTcA yAyqILeHHe yripaBBeHHA pHCKOM

npouieHTHo1 CTaBKH H/HAH CHHxCeHHqs o6uEx 3aTpaT no 3aiNMy.

117. THnHnqHme xapaKTePHCTKHr npoileHTHoro cBona BKmoqaioT:

(a) BenHqHHa: oT 1 000 000 $ AO 500 000 000 $.

(b) CPOK: OT OAHOrO [O llRTHaAitaTH ACT, HO o6bIMHO OT AByX AO nsrr ACT.

(c) rIpHMeHeHHe: CBorbi Moryr 6bIm npHmeHeHbI KaKx yXce CyLIeCTByiOLNM,TaK H K HOBbI KpeCAHTaM.

(d) KaqecTBo KpezMTa: AiiA Toro, xTo6BI BaAioTHUI CBon ITaI I BO3MoxeH,Heo6xoAHMo HaHmHC 3HaHTeCAbHoiri pa3HHUbI B KaqccTBe Kpe.ANTa MecJyy,qCTByIOiiHMH CTOpOHaMH, wTO oTpaxcaeTCs B pa3HHLie 3aeMHoftnpoueHTHoi4 CTaBKH B 0.75% H 6oJnee.

(e) fljIaBaIoiiiasq/HiKcHpoBaHHasq CTaBKa: B CBone CTOpOHa, ylnnaqHBaiomasqnpoLucHT no nriaBaxoIueN cTaBKC o6bixiHo 5IBJIsieTcS CTOpOHOMI c 6oneeBbICOKHM pemTHHroM; OHa norivaeT dHKCH1OBaHHbi4 npouIIeHTHmi4 niaT6xcor cTopoHBm c MeHbIIHM KpoAHTHM peNTNHHOM.

118. [IpHMep npoxeHTHoro CBoria HPHBeA6H B IIpHAOXCHHH 3.6.MexAyHapoAHbuii 6aHK (MB) npeAviaraeT ripolteHTHbIf4 CBorl KopnopaLHH AiB AimToro, qTo6bi: (a) npeAocraBi4m AB 6onee AeIeBbIe cpeAcTBa Ha 7 .ier, qeM

33

KopnopauHS cMorAa 6zi nonyqHm cama H3-3a cBoero HH3Koro pefTHHra; (b)3aKpCHTL cTaBBKY 4)HHaHCHPOBaHHq Ha 6-MecRsrHmw JIH4BOP; H (c) nOAnyqI OTAS KOMHCCHIO 1.0% 3a CBOII. aim 3Too Heo6xo.gHMo npe,AnpHHSlTh cJeA oIHeIllarH:

(a) MB AoroBapHBaeTcq C AojiroCpo0HbM KpexlHTopoM, HanpHMep,HHocTpaHHbiM 6aHKoM, o6 npeAocraBneHHe KpeAHTa Ha 3apaHeeorOBopeHHyio c ALB cymmy (50 mnH $) no 4iHKCHPOBaHHOA CTraBKe 8.5%; ABcorinamaeTCs BbfaAqHBaTh rpoileHTHim 8.5% no 3TOMy KpeAwTy MB.

(b) AB o,AHoBpMeHHo BbmYCKaCr 180-AHeBHr X KOMMePYeCKHX 6yMar Hao6uWio cyMMy 50 M.iH $ nO Pw[HOqHOti CTaBKe 3.25%; MB cornamaeTcqBbrnna'qHBam AB 6-MecAmIiYIo CT8BKY JIHFEOP (3.5%).

(c) AB BLiflxa'qHBaeT MB Bo3HarpaxAeHHe B pa3MepC 1.0% 3a o6ycrpoiRcTBocBona e= AO 3aBepIIIeHHS cAe[KH.

119. Pe3ynbTarI:

(a) JAS: --

(i) KopnopaIHAs C3KOHOMHUa 75 6a3oBwb 'IXyHKTOB Ha 4mKcHpoBaHHoMKoHie cBona (eA nIpIHmoct 6bI imaTHTb no Kpah[eRi Mepe9 .25%9 3acpecATBa Ha CeMb AeT, nIPHHHMa5 BO BHHMaHHe ee HH3KHfKpeAHTHbMi peimHr).

(ii) AS 3apa6ora.na 25 6a3oBuIx InyHKTOB Ha pa3HHfie MexAy CTaBKOAi noKoMMep1qecKHM 6ymaraM, KOTOPY1o Heo6xOAHMo 3aruiaTHT (3.25%) HcTaBKOM JIH6op, KOTopyIo oHa noyyqaeT OT MB (3.5%).

(iii) PacXoA,I Ha BO3HarpaxeHHe (1.0%) pacxoAoB- no Bbnmycy BbIHYCKYo6urHralwHt Ha 7 neT.

(b) AmS ME:

(i) Cpa3y BO3HarpaxmeHe B pa3Mepe 500 000$.

(ii) Bo3MoxHoe c6epexceiHe Ha CTOpOHC JIu6op cienmK (6aHKyBo3Mo0KHO npmulocb 6bI 3anjraTwm JIHIBOP rInoc 1/8% ecnm 6bOMy uHIHAOC]b 3aHHMaTL Ha pbIHKe JI1HOP caMoMy).

120. KoMMeHTapHH:

(a) rIoqeMy MB roToB 3anJiaTHTb cTaBKy JIHBOP, ecuI OH CaM MOxeCT 3aHSTbHa 6o0ee AeIueBOM pwHxe KOMMepqeCKHX 6yMar? 06icHeHHe: Y HerO HCTHeOrPaHH{eHHOrO AOCTyna Ha 3TOT pbIHOK H, KpOMe Toro, 6aHR3aUHTepeCOBaH B TOM, wTO6bI nPO4HHaHCHPOBaTh no KpatiHctk Mepe YacmCBOHX KPCZZHTOB, ITPHBS13aHHbIX K JIH4BOP, 'epe3 cpeAcTBa, 3aHHT1ie no3TOU cTaBKe.

34

(b) B 3TOM ripHMepe 4)aKTHlecKHe cymmi 6m noAyecHb AB H MB BKaqecTBe KpeaHTOB; TeM He MeHee, OqeHb qacTo yCTpaHBIOTCA CBOnbl AlmS

yxce cvylecTTByIouiHx cTaTeR 6anaHca. B TaKOM cmy ae peq HA&r o HCTHHHOHOMHHaJbHMIX cyMMax.

(c) KaKOI4 PHCK 3aKJioqaeTCs B CBOiie? KOHeqHO xe, pHCK ilOTCHixHaAbHorOHerAaTexKa. B TaKOM cAyqae, o6SI3aTejTbCTBO CTOpOHI He OTKa3bIBaioiAeCfs4OT nAaTexKa nepecTaer cyiLeCTBoBaTh. JIo6oift pHCK 4)HHaHCHPOBaHHS,CBs3aHHbig Co CBonaMH, o6mxHo MoxCeT 6EilB HcflTpaAK3OBaH nocpeAcTBoMxeCIhpoBaHHA.

35

rJiiaBa 4

BauoTHbi pHCK

I. OnpeReaieHHe BaiOTHOrO PUCKa

121. BanomTHbIi pHCK CBR3aH C HeonpeaeneHHocmo 6yAyiuero ABHXCeHHS

npoi[eHTHux CTaBoK, T.e. lCeHLI HaLXHOHaJT1HOfi BaiiomTi nio OTHOiiieHHIO KHHOCTPaHHIM. OH OKa3MBaCT BJIHsiHHe Ha 3aeMIUHKOB, KpeOATOpOB, HHBeCTOPOB HcneKyjLSrHToB, KOTOPLIe COBepiiiaioT CAenJKH B BaMJOTaX, OTYIHHTIX OT lr X

HaUHOHajibHOR BaHOTi.,

122. 3aMeqaHHe: no onpeAejieHHIo, BamloTHIA PHCK He CyiLeCTBYeT B CTPaHaX,rge 3aKOHOAaTeAbCTBO 3anpeiiaeT CAeIKH, CBS13aHHMe c o6MeHoM HaLxHOHaABHOfk

Ba2MThI Ha HHoCTpaHHbIe.

123. BaJno¶THbik pHCK MOxHO pa3eC3IHTh Ha TpH B3aTMOCBq3aHHMe KaTeropHH:

(a) 3KOHoMHtecKHfi DHCK: pHCK H3MeHeHHS CTOHMOCT aKTrHBOB H/RnRnaCCHBOB 4)HPMM (Hmi 6aHKa) H3-3a 6yAymHx R3MeHeHHRl Kypca.

(b) PHCK nepeBona: HMeeT 6yxraATepcKylo ipHpoAy, CBq3aH C pa3JnHIqS1MH ByleTe aKTrHBOB H riaCCHBOB B HHOCTpaHHORi BaiOTe.

(c) PHCK caeJloK: HeonpeAejieHHocTB CTOHMOCTH B HaiRHOHa1[bHORk BaJioTe

CAejiKH B 6yAylueM, KoTopaq AeHOMHHHPOBaHa B HHBaiioTe.

124. 3KonoMuuec,Ku DUCK

(a) £IAsi bDpMbl. COBpeMeHHIik rlO=XOA K 43HHaHCaM KOpriOpalRHfl H3MCpeCT

CTOHMOCTb 4HpMI, HRH ee aKTHBOB, KaK COBpeMeHHYIO CTOHMOCTboxHAaeMoro 6yAyLuero noToKa IuaTexceM. B TOIR Mepe, B KaKORi BCe HuHqaCTb 3THX nuiaTexKer 6y,yr B HHBaJOTe, CTOHMOCTb aKTrHBOB 4IHpMbIMoxeT MeHITbCS B 60o1bm0 HJH MeHbIIIlO CTOpOHY (B HaLIHOHaLbHORBajilOTe) H3-3a 6yAyIuWX H3MeHCHeHi BaJiIOTHOrO Kypca. 3To TaIcKe

OTHOCHTC5I K HHBeCTOpaM, 3apy6excHbIe HHBeCTHIRHH KOTOpMwX - aKIHH HJIH

AoArOBbIe o6sI3aTenbcTBa - r[pHHOCSIT AOXOA B HHBaAIOTe.

(b) Lniq 6aHKa. iI5Is 6aHKa HHBeCTHpOBaHeC B 3apy6excHbe aKTHBbI, HarlIpMep,Bbitaqa KpeAHTOB B HHBaAIOTe, pecypcbi ARA KOTOpbIX npHB3ICeCHbI B Hail.BamioTe, 6y.UeT BJ[HTb Ha pa3Mep 6yiAyuiero noTOKa lnIaTexKei,BbIpaXCHHbIX B HaUHOHaAbHOr BaJIIOTe (H3-3a 6yAyuXHx H3MeHeHHRRBaJIOTHOrO Kypca). KpoMe Toro, pa3Mp InoraCHTeJIbHblX rIAaTexceRi no 3THMKpeXHTaM 6yAeT H3MeHHTbCH IIpH IIepeBoAe CTORMOCTH HHBaiioTbI KpeAHTaB 3KBHBaJeCHT B HaLu4OHaJlbHOIR BaJMOT.

125. PucK nepe6oda. KaK As 4)HpMbI, TaK H AiJI 6aHKa, pHCK nepeBoAa3aTparHBaeT 6aJiaHC, H3MCHAIq CTOHMOCTh aKTHBOB H IIaCCHBOB. EciR npOHCXOAHT

37

IIaACHHC KypCa HHBaJOThI, B KOTOpOA BMipaxeHbI 9TH aKTHBBI, TO naAacTCTOHMOCTh aKTHBOB; BejHqHHa aKTHBOB yMeHbMIiaeTCA H, HCXO.1 H3 paBeHCTBaaKTHBOB H naCcHBOB, riaAaeT pa3Mep aKUHOHePHOrO KarIHTaAa 4)HpMbi/6aHKa.

126. PHCK nepeBoAa H ero BIHRHHO Ha 6aJraHc 4HpMEI/6aHKa npeAraBsaeTco6oi 6yxraITcpcKut4 34XicrKT, HO MaJO HIH COBCeM He ocpaxcaeT 3KOHOMHeCCKHfl

PHCK 4)HpMBI HJH 6aHKa. Bo.nee BaxHbM C 3KOHOMHeCCKOfi TOqKH 3peHHS qBJJICTCq

pHCK cAe[KH, KOTOpbifM paCCMaTpHBaCT BAIHKHe H3MeHeHSI BanIOTHOrO Kypca Ha6ygynH}i nOTOK nIaTrexcei H, cAeAoBaTeCmHo, Ha 6y[yWylO IIpH6WhHOCTh 4HpMU

Him 6aHKamO.

127. Pucx c0emu. H3MeHCHHS B npH6bLIIbHocTH HPMpM o3HaqaloT H3MCHCHeH BCTOHMOCTH 4HPMbI H, cAeQoBaTcnbHo, B ee KpeAHTocnoco6HocTH. amJu 6aHKanO3TOMY OqCHb BaXKHO 6bm B KYPCC BamOTHbIX cejioK KnHCHTOB H HX BJIHAIHH Ha

CTOHMOCTI H IIpH6bLIbHOCTh.

128. OqeBHAHO, qTO 4)HpMm H 6amci - a HHorAa H 4)13HTqecKHe .mua -

3aKjIIoqaIOT BaJIOTHbIC CACJKH C eJIblO H3BjieeCHHS1 AoXoAa. (DHpMN MOryT

HYXAaThCA B nOKYnKe HuHnHu OyeHHH B3a4MbI HHBamOTbI AJI1 HMIIOpTa CbIpbA HiH

rOTOBOi npOX;yKUHH. 9KCInopTCpaM MOxCT 6bIm Heo6xoAHMo npoAaTm BauIOTy,nonyqeHHyIo B. PC3yJMTaTC rIpOAauH nIpO-yKIUHH 3a- py6exCoM. KpoMe Toro, 4bpMaMH 6aHKaM MoxKeT 6bmI HyHa .KyrLneHHas unu nonyKeHHaS B KpeAHT BamoTa AJS

HHBeCTHPOBaHHA B 3apy6ebxHhle oIIepaUHH. OHH Moryr BjOJoHTbh Cpe,ACTBa BAOCraTOTHO HeCHKBHAHbIC AoXoAHbie aKTHBbI, KOTOpbIe rlpHHeCyT OHIaeMbLitnpHBJIKaTeiibHbIi naOTOK niaTexefu B OAHHOt unu 60nee HHBamoTe.

129. Ba3ioTHbifi pHCK HMeeT MHoro o6iiero c IInpOUHTHBIM pHCKOM. 06aBKiIIoTalOT 3neMeHTbI CeHbM H CTOHMOCTH H, CAeAOBaTeCabHO, 6y,uIyHX AOXOAOB HuHy6bMrKoB. cDaKropbi "1leHu" o6o0x HAcTHTHbH - 3TO CnPOC H npeGjoxcHHe (HaHHBamOTy HJIH KpeATh), Ha KOTOpbIe cHAbHoC B3iHHHe oKa3bIBaCT BHyrpeHHlS HBHCIIIHH%I AreHCKHxaA nIOmTHKa. KopoTKo rOBopl, IIpOgxHTHUI4 H Bam1oTHbIi pHCKH

TeCHO CBl3aHbI.

II. BamoTHme pHcKm H onepaiuml

130. BamTHMIe pbIHKH OTHOCsITCq K IHCJIy BHe6HpxKeBbUX (T.e. He cymIecTByeTeAHHOrO MCCTa BCTpeTqH TOprIOBIICB), Ha KOTOpLIX OAHa KOHBopTHpyeMaS BaIODTaMeHSITCSI Ha Apyryio, HanpHMCp Aonnap/HeHa, mapKa cDPr/@paHp3CKxHi 4)paHK, HTaK ALafee. Y1aCTHHKaMH phlHK Ba JwlOTCS 4)H3HqecKHe CiHia, 4)HpMbI, H

IIpaBHTCeJbCTBCHHbIe yqpe)KAeHHs, KOTOphIe TaKKe XOTAT npoxaT HunH KyIHTb OAHyHuH 6oQiee HHBa1OT B o6MCH Ha HaiUoHaAbHyJO. lIpH COBepiiieHHH cZenjoK OHH

HCfnOlb3yIOT nOCpCIIHHKOB, B OCHOBHOM KpyInHeEuHe MHpOBbIC KoMMepCqecKHe

6aHKU, KoTopbie, B CBOIO oTepeCAb, Hcriomb3y!OT B KaeCTBCe nOCpeAHHKOB 6PoKepoB.1H3-3a nIOCTOSHHOI! AOCTyIIHOCTH coBpeMCHHLX COBepMCHHh1X 3IeKTpoHHbIx

KOMMyHHKaUHH, Ba10THbIig pbIHOK cTaAr no-HacTosieMy BCeMHpHbNM, oriepauHHCOBCpIuaIOTcS 24 qaca B CyTKH.

131. BanloTa npoAaCTCq Ha YCAOBHS1X "CnCT" (c HeMcAnCHHbIM HunH AByXAHeBHLTM

paCTeTOM), "CBOW(COIOT/4OpBapA CBOII MCXCy 6aHKamH) Hum "4Op_aB=n ("ayrpakV',

38

mexKy 6aHKOM H KeCHTOM). XOrq noaaBDiiomee 60mumHCTBO BaZIOTHb1X caejiOK

- 3TO Mex6aHKoBcKHe CAeKH 'CBOn", Mi cocpeaoToqHMCS Ha ()OpBapAHbX

cgeJ[Kax, T.K. OHH CBq3aHbi c yripaBBeHHeM BaIIOTHbIM PHCKOM, KoCTopoe

ocyiLeCTBJIRIOT KJ[HeHThI (npH nocpeiHwqecTBe 6aHKa), T.e. Ha npouecce

XeLKHpOBaHH5I.

132. Xeackupoeamue Ba3OTHOrO pHCKa BKjOmqCT Co31aHHe KOMneHCHpyioIeiD

BaJIioTHoH rio3HUIHH; apyrHMm CMoBaMH, KoMneHcaAlXHIO OAHOrO BaJIOTHOrO pHCKa -

npH6bMu HUH y6brTKoB- ApyrHM, cooTBeTcTBylOIlHM pHCKOM.

133. rIpHMep xeptcpoBaHHs: XeCsKHpoBaHHC Ha 4)OpBapAHOM H AeHCeHOM

pbIHKe. KaK npHMep, BO3bMeM npoAaXy 3a 25 MJIH. HeMCelKHx MapOK 6oubuoriKOMnbIOTePHOUi CHCTeMb E4BM H3 CIIIA AO "MaLUHHeH4ra6pHK HIopH6epr"(MAH) B repMaHHH. rIO YCJIOBHSM KOHTpaKTa MAH AonxcHa COBepiiHTB naTexcqepe3 ro. nocne 3aKJIoCeHHq KOHTpaKTa, KOTOpOe npOH3OmO 15 Mas 1992 roxa.

I4EM aojDcHa KOHBCpTHpOBaTh MapKH B AoniTapbi. He 3Hai, KaKOB 6y.eT KypcMapKH 15 Man 1993 roga, KoMnaHHA cTajnmBaeTCi C BaIiIOTHNM pHCKOM, KOTOpbinoHa xe.uaeT xeIXHpOBaTh, T.e. HCKnOqHTB.3To MOxKHO cjenaeTB AByMA noco6aMH:

(a) MOXcHo 7npoxaTb 25 MIiH. MaPOK Ha 43OPBapAe C nOCTaBKOU 15 Man 1993roAa no roAOBOMY 4,opBapAHoMy Kypcy 1 mapKa = 0.594 Aonnapa, qrro aaerHEM 14 850 000 AOjLapOB 15 MaS 1993 roAa (TeKyxuHA Kypc cnoT 1 mapKa= 0.6 Aoiuiapa). HEM, KOHeqHO, HC 3HaeT, KaKoB 6yeT Kcypc cncyrMapKa/,ojUap 15 Man 1993 roAa; 3aKimOHB 3TOT KOHTpaKT, KOMIlaHHS

nIHiUb yBepeHa, -rro nOJyqHT 14 850 000 AonnapoB. Ecnu co6crBeHHmLrIIOprHO3 4HpMM ripennojIaracT KYpC CIOT 15 Mai 1993 rona BbUmfe qeM

0.594 aoiuapa, TO 4HpMa MOXCeT peueHHC He XCegHpOBaTb, T.e. coxpaHHTbBaJIfOTHbI}i pHCK.

(b) pexnOnOjioxM, rOAOBbie npoixeHTHne CTaBKH no MapKeH H ouapy paBHI5% H 4% COOTBeTCTBeHHO. HEM 6epeT KPCAHT B MapKax, 25 mim. non 5%= 23.8 MJIH MapOK (coBpeMeHHas CTOUMOCTb) Ha OAHH ron H nponaeTflOnYqeHHbIe AeHbrH no TeKyLiefi cTaBKe cnoa MapKa/nojnap 1 mapxa = 0.6gouuiapa ( H B TO Xe BpeMA noKynaeT MapKH 4OpBapn, T.e. no KoHmpaKryCnoT/4)OpBapn). CyMMa B 14 280 000 HHBeCTHPYeTCS non 4% rOAOBMX Ha

eCHexKHOM pIHKe CIlA H AacT 14 850 000 AojiapOB B BHAe CyMMmnoramieeHHu Hnpo1ueHToB. HBM nouyqHT 25 MaTH. mapoKR OT MAH 15 MaA1993 rona, Ha KOTOpbIC OH 3aKqOmH 4)OpBapnHbIft KOHTpaKT (Ha nponaxy)H no KoTOPOMY rIpH rOAOBOM Kypce 0.594 Aonuapa, KoMnaHHS nouyqrT14 850 000 nOu.apoB.

134. floqemy HE4M nonxKHa coBepinaT xeWKnpoBaHHe Ha CeHexcHoM pLIiKe, eCJIH

pC3yJIbTaTbI paBHbI 4)OpBapnHOMy xexHpOBaHHIO? OHa cnenac 3TO, eCCiHnOtlyBCTByeT, 'To eCTb BO3MOXKHOCTB npoieiHTHoro aD6HTpaaxa: BO3MOXHOCTb

nOlylqNTb AOXOn OT OAHOBpeMeHHON KyIAH-nponaxKH HHBaAIOT. HanpiMep:

nOnyCTHM, KYpCbI CIOT H 4)opBapA Te xe, WTO B nyHKTe 133, HO nppOueHTHaR cTaBKa

no mapKam 4.75% ronoBwX, a He 5%. (PHHaHCOB,lu MCHeCKMeHT HEM HeMeAneHHo3aMeTHT BO3MOXKHOCTb npH6BLIMH, COBepinaq cAneaKy, KaK B nyHKTe 133 b: KoMnaHHS3aHHMaeT COBpeMeHHYIO CTOHMOCTB 25 MJIH. MapOK, KOTOpaq B Hacrosiuee BpCMApaBHa 25/1.0475 = 23.87 MJIH. MapoK. Ilpoxonn qepe3 Te xe mlarm, KOMnIaHHSI B

39

KOHUle KOHUJOB nonyqaeT 14 893 000 aojUapOB B KaqeCTBe InOraCHTCJIbHOrO rIIaTexaH flpOLCHTOB, HO eNl npH.CTCs 3aniaTHTb BcCro JIHIIb 14 850 000 AonnapoB 3a 25MIH. MapOK, qTo6bu 3aKpbTb IIepBOHaqaAbHblffi 4jOpBapAHmIi KOHTpaKT. KopoTxorOBOpsi, HEM noyqHT npH6bumb npH nepeBoae, paBHyIo 43 000 AonnapoB.

135. 'ITO Co3XaeT TaKYO B03MOXHOCTb npoUieHmoro ap6Hrpaxa? OTcyrCTBHenpoueLHTHoro napnTeTa - BblIpaBHHBaHHC pa3HHULI MCCXKY rIpOUCHTHLIMH CTaBKaMHB CIIIA H repMaHHH H pa3HHilefi Mexy KypCaMH CIIOT H 4)OpBapA MapKa/AoJ;liapHekTpaAH3yeT B03MOXKHOCTb npOixeHTHOro ap6Erpaxca. B HaieM mnpHMepe, roDoBaslnpoixeHTHasi CTaBKa B rCpMaHHH BbIIe, WM B CIIIA; cneAoBaTeiiibHo, Cy1eCTByCTcnpoc HHBecTopOB CIIIA Ha MapKH CnOT (qTo6bI HHBCCTHpOBaTh B HeMeiiKCHeKpaTKocpOqHbIe 4HHaHCOBbe HHCTpyMCHTbi) H npeiuOxcHHe MapOK 4iOpBapA,YTo6bI COBBpIIIuTi o6paTHylo CAefKy nIpH HCTCqCHHH cpoKa 4)HHaHCOBbIXHHCTpyMCHTOB. 9To 3aCTaB3IiCT MapKH Ha 4)OpBapAe npoARaBaTbcq C BHCKOHTOM OTcnrIOa. C Apyrofl CTopoHbI, ecjN 6bI npoixeHTHas CTaBKa no zomrapaM 6bma BBIule,qeM CTaBKa B repMaHHH, TO HMeCa 6b MeCTO o6paTHas cHTyaiuH: mapKa 4OpBapAKOTHpOBaiiCb 6bI c npeMHeN4 no OTHOIIeCHHIO K KypCy CaOT, InOTOMy qTO HcMeiKHeHHBCCTOpbI riOKyIIiAH 6bI roAmap Ha CnOTC H uIpoAaBalH 6bI Ha 4OpBapAe(nOKynaIiH 6bl mapKy Ha 4)OpBapzA).

136. Tenepb YCTaHOBCeRa CBw3b MewKy .npoixeHTHoN CTaBKO# H BaJUOTHbIMKypCoM: qeM 6onibme pa3HHixa B -npOUCHTHMIX CTaBKaX, TCM CHJIbHre (Bbwe) uieHaCIIOT H 6oIIbme 4)opBapAbrR AHCKOHT BaIOThi CTrpaHb C BEiCOKOA np6lleffmokiCTaBKON . IIPH OTCyTCTBHH He3KOHOMHqCCKHX 4 aKTopoB pa3HHua B npOIleHTHbIXcTaBKax 6yAeT onpezensrr KpaTKocpoxHbIe nepeCJBNI AeHer H, ceiieoBaTe.iHo,BamIOTHbwif Kypc; 3TH riepeI BbI 6yAyr npo1OJiKaThC5, noxa He 6y.eT AOCTNrHyrnIpoUeHTHbI I napHTeT H He 6yAeT HiKBHAHpOBaHa BO3Mo0KHOCTb npoioeHToroap6HTpaxca.

137. Ynpaamenae pumCloM neDeeoaa. PNCK nepeBoAa, Nnm 6yxraJrrepcdu pNCK, -

3TO 34)4eKT Bo31eNCTBDHS Ha 6anaHc 6aHKa, a oco6eHHo Ha COCTOSHHeaKiHOHePHOrO KanHTana - H3MeHCHHS CTOHMOCTH B HaIXHoHa3EbHoi4 BamIoTeaKTHBOB H nacCHBoB, BbIpaxCCHHb1X B HHBamoTaX. OqeBWN,o, wTO ijenb ynpaBAeHHspHCKOM nepeBoAa - 3TO MaKCHManIHOe yBe[HqCHHe OTpHiaTejiBHbX nOCJICACTBHMRH3MCHeHHSI BaAIOTHOrO Kypca Ha 6auaHc H, KorAa 3TO onpaBAaHo, MHHHMH3aIXHqnO3iOxHTejibHuX nocJieACTBHi (TaK KaK sTOT npeAMeT HMecT orpaHHqCHHOc3HaqeHHC B KOHTCKCTe HauieNi nporpaMMbI, Mbl orpaHHqNM ero o6cyxAeHHe).

138. OcHOBHaS crpaTerHs xeAupoBaHNm 6yxranTepcKoro pHcKa COCTONT B TOM,qTo6ML MaKCHManbHo COKpaTHTh o61eM aKTHBOB, KOTOphIe BIpaxeCHbI B TONi BaJiioTe,naAeHHe CTOHMOCTH KOTOpON oKaeCTCS B o603pHMoM 6yAyxgeM H co3AaTbnIaCCHBbI B 3TOii BaAIOTe. AAiR BaioT, pOCT Kypca KOTOpblX oxcHAaeTS, ZAeACTBHS6yAyr npSMO npOTHBorioAoxKHbIMH. O6pa3ixI THnNHHoro xCeKHpBaHHqS aRHbI BrIpHvoxcHeHe 4.1.

139. efCi4cTBHS, noKa3aHHbIe B npHMepe, oKa3bIBaioT npsmoe BnISHHe HaaBHxceHHe cpeACTB N4HpMbi, a TaOicK Ha CTpyKTypy CTOHMOCTH (HaripHMep,CTOHMOCTb 3aHMCTBOBaHHSI). MeHeOWMeHT 4)KpMbl AOJKeH InOMHHTb o6 3TOM HBnyo'qaib 3TH coo6paxceHHSI B peleHHqi O TOM, xITO H KorAa xeZpCHpoBaTb. KpoMeToro, Heo6xoAHMo nOMHHTh, riTO 4)OpBap.HMC Ba=OTHbIe pbim CylIeCTBylOT B

40

OTHOCHTeCjbHO He6ojIBmoM IHcjie CTpaH. H 1103TOMY xe HaH6oJiee nlorlyjISpHasITeXHHKa XCeZKHPOBaHHI He BcerAa AOCTyflHa. 3To oco6eHHO 3aMeTHO Bpa3BHBaIOLt=HXCSi cipaHax, B KOTOPbIX KOHBepTHpyCMOCTh orpaHHMeHa HJH

OTCyTCTByeT. HaKOHea, p5m onepaUHH, nepCCeCHieHHUX B npHAO)KCHHH He MOyTr6br£b HCnOJ[HCHbI MCHeIx[KMeHTOM HCMe,JIeHHO Inocuie HIPHHSTHSI TaKOrO pCuIeHH5iHIH, B HeKOTOpb£X cfiyqasix, BOo61iue He MOryT 6bM BbirIouHeHbI. Kopoqe rOBOp51,npeKpaCHbie B03MO3KHOCTII .JIS XCXHpOBaHHS[ peAKO, eCJIH Boo6We, cyiuecTByioT.

III. BamnoTHmui cBon /

140. JiLq Toro, 'To6bi H36exaTb HM 3acpaxoBaTbci IIPOTHB BaRIOTHOrO pHCKa,

6aHKH, paBHO KaK H HelJHHaHCOBbIe KOMnaHHH MOryr 3aHAITbCSI BaZIOTHMm CBOIIOM.

BainoTHbiii CBOHl HanlOMHHaCT nIapaiTnnbHb£e KpeaHTbI B KOTOpbIX ABe CTOpOHbI BAByX pa3jiH'Hbx c7paHaX coramaimoTcri ripe0ocTaBHTm paBHOBeCAHKHe KpeAHThI COIHHaKOBbIMMH CPOKaMH nOrameCHHs, HO BbipaXCHHmbi B COOTBCTCTBY0IIXHXBajiJOTaX, MCCTHOMY 3a6MuwIKy yKa3aHHOMY HHOCTpaHHOHi CTOpOHOU. BaiomTHuIiCBOrl - ipocrTO corJiaIueHHe, cornacHo KOTOpOMY ABe KOMnIaHHH o6sI3yioTcsIKyrIHTb/ilpOAaTh BaJHOTy flO CTaBKe CIIOT H o6paTHTb CACeKY B 3apaHeeOrOBOpeHHYIO ZaTy B 6yAyueM HO TO¶i xce cTaBKe cnor. B oarnmme Or napauxem]HUbXKpe,HTOB, CBOrITI HC BKjIOYaioT flaTx( npO1eHTOB.

141. BaJnoTHbIe H npoIjeHTHbie CBOnHI qacTo cOBMeiaIoTcSq. IIPHMeO TaKoroCBona npHlBeA6H B IpIHrOXeHIH 4.2, B KOTOpOM lpaHWy3cKHif BaHK - BaHK

HHAOCiIy3n- BbiCTynaeT B KaqeCTBe nocpeHHuKa MexKAY 4DpaHuy3cKHMnpOH3BOAHTeCAeM caMoji&ToB H rioKynaTeCJeM oAHoro H3 caMoj1CTOB - aMepHKaHCKoAaBHaKoMiUaHHefi. Ha3HaqeHHeC 3Toro CBona 3aKn£oqaeTcTC B TOM, T0o6LI AaTm

rpOH3BOAHTeAlO B03MO2HOCTh npeAOCTaBHTm ojiroCpOwHbMr KpeAHT iToKynaTeCJioTaK, qTo6bI HH nOKynaTeJb, He rpoAaBeU He riOHeCJIH BamoTHOrO pHCKa. COeunKanO3BoJUIeT KaxAOfi CTOpOHe BeCT onepaI£HH B HaLHOHa3ILHOii BaIOTe.

IV. 3aKjnoqeHMe: HeKOTOpJe BbLBOZb

142. POJlb KOMMepqeCKOrO 6aHKa B onepagHqx C HHBaJIIoTof - 3T0 6bIm MexAyKnHeHToM H pbiHKOM HHBaiOiToI. apyrHMH CJIOBaMH, nOJIHTHKa 3auIHTbI OT PHCKa

.ouixHa pacnpocTpaHAsTcbC H Ha oriepaCLHH Ha BaI1OTHOM pbIHKe. MeHeAIKmeir

aOAjKeH B03AePXCHBaTbhCS OT pHCKOB "OBepHakT", HanpHMCp B 4opMe KOpOTKHX Hm

XJHHHbIX nO3HlUHf "OBepHaflT" H KpOMeTOrO, yCTaHOBHTb AHMHT JIHeBHO iiO3HUHH4Ha ypOBHe, oTpaxa£oieM HOpMaibHbie, Heo6xogHMMbie A[ KJiHeHTOB onepaIHH.EaHKOBCKHif 6H3Hec, B npocTeeiiuel 4)OpMe, - 3TO pa3MCUiCHHe ipHeCMACMb1XKpeaHTOB H HHBeCTHm[xt H rpHBjieeCHHC AenO3HTOB, OH HC BKmqaeCT HeCB5I3aHHbIri C 3THM pHCK.

143. MeHexacmeHT 6aHKa AOuIXceH pa3pa6oTamb 4opMaubHypo noj[THKy noOTHOIleCHHIO K JIHMHTaM TOprOBJIH "OBepHafiT" H ApyrHM JIA zuHHra, a TaKXce noOTHOliieHHIO K OCHOBHbIM KIHerHTaM, KOTOpbIC CeCxeHeBHO HCnOAb3y£OT 6aHK BCBOHX TOprOBbIX H HHBeCTHlHOHHUX OnepalXHAX. BaHK AOAjCeH HMCTe

41

3creKTHBHyIo CHCTCMY KOHTpOJU c ICem,IO Ha6Jmo.eHHAs 3a exCeAHeBHOR,zerre.1mHocTmIo yripaBACHHAS BamOTHbJX onepaIUHfl.

144. EcJIH nopyqeHHs KAHCHTOB ynpaBiieiHIO BaomTHux onepaIlHiH HeCOOTBCTCTByIOT THny H pa3maxy ACITCAbHOCTH KeCHTa, 6aHKy CeJAyeTflOHHTCpCCOBaTbCSI ixeJiibIO nopyeiemz1. Ecim OHH BKIIOYaIOT CneKyx%rrHBHleC fxCHi,KOTOpeC MOryT InOBJUIqTb Ha 4 HHaHCOBOC COCTOAIHHe KhCHTa (Him Aaxce ecJIH HCMoryT), 6aHKy cACIlyCT IIpOHH4)OpMHpOBaTb K[HCHTa 0 CBOe 03a6oqeHHoCTH HAI

axKe oTKa3aThCs OT HCOjmHCHSH IIopyqeHHti.

42

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CTpaHOBOH PIHCK

145. Cmpanoeou pucK - pHCK H3MeHCHHSA TeKyIIHX HmH 6yxymHx nonITHqecKxAX

HJIH 3KOHOMHqeCKHX yCJIOBHfl B CTpaHe B TOfi CTereHH, B KOTOpOfk OHH MOyTrnOBJIHSATb Ha Cnoco6HOCM CTpaHbI, 4HpM H ApyrHX 3aeMlUHKOB oTBelamb noo6sI3aTeubCTBaM BHeiuHerO AoMra.

146. CTpaHOBOII pHCK HHOrAa AOBO1BHO 3HaqHTeZCH ARA HoKOTOpM£X 6aHKOB HHe6aHKOBCKHX 4)HpM, IlpSIMO HAH KOCBCHHO 3aHSRTX BO BHemHeik TOprOBMe H

HHBeCTHIlHSlX. HanpHMep, 6aHK, KJmeHTaMH KOTOpOrO SABAS£IOTCSI KOpo£paIHHAaHHOIR CTpaHLi, KOTOpIeC aKTHBHO 3KCHOpTHpyioT 6o0Bubylo lacm npOAYKIHH,

OJIJCeH rlpH oi.eHKe KpeAUTOCnOCo6HOCTH KRiiHHTOB ITpHHsrrh BO BHHMaHHeCTpaHOBOIf PHCK 3THX 4HpM.

147. AnaAlu3 cmpaDoeozo puCKa InpHHHMaCT BO BHHMaHHe KOJHqeCTBeHHblC H

Ka£ecmTBeHHmme 4aKTopu, riioc pa3iwiHbie coCTaBiSioiuHe CTpaHoBorO pHCKa,HanIpHMep, flOJIHTHqeCKHH4 pHCK, 3KOHOMHteCKHIH pHCK, pHCK nepeBoAa. BaHKH,

HMeOIoHeC xopouIo pa3BHTYOr nporpammy aHaAH3a KperlHToCrnoCo6HOaTH H Cpa3yMHbMM o6teMoM CTpaHOBOrO pHCKa - Ha CBO'H CO6CTBCHHbfi CqCT HJIH

KOCBeHHO, 3a CqeT KJIHeHTa - qacTo pa3pa6aThIBaJiH CJIOXKHUY CHCTrMy CHCTCMyKpCXAHTHOro pefiTHHra, He OT3iHqa£0IoLu CKi OT CHCTeMbI KpAHlTHoro pHCKa,paCCMOTpeHHOfI paHee. KpaTKoe orlHcaHHC TaKOA CHlCTrMbl AaHO Ha cneAwloAHxCTpaHHIaX.

148. OiAHa H3 CHCTeM - 3TO CH=CTMa COCTaBHUX pefiTHHrOB, B KOTOpOII KaxZaSIcTpaHa noJIyqaer OTaCJibHbif COCTaBHOM pefrTHHr no =KaAe oT 1 Ao 9. PekmHrIHeo6xoXAHMo HCIIOJb3OBaTh B OCHOBHOM, HO He HCKJIIOqWITJIBHO, RS1 OLxCHKm

Kpe,liHTa. PeiTHIHrH nlpHCBaHBaioTCSI KOMHTCTOM nio CTpaHOBMm OrpaHHqeHHSIM6aHKa, OCHOBbIBaSCb Ha PeKOMeHZaUHSX aHa[HKOB-cTpaHOBeGOB 6aHKa

(COTpyAHHKOB KpCUHTHOH CAyxc6b HflH 3KOHOMHCTOB-MexgyHapOAHHKOB). KpoMe

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npeAcTaBHTeAeie cDegepaAbHok KopnopaUHH nio cTpaxOBaHHIO AeCiO3HTOB,

(DPe,epa.ibHoA Pe3epBHOR CHcTembi H KoHTponepa AeHexHoro o6paweHHsq, BcexripaBHTeCJbCTBCHHUX H nOjylpaBHTeCbCTBeHHuIX yqpex4eHHfi, oTBeqaio=X 3a

HaA30p H peryJIHPOBaHHe 6aHKoBcKofi CHlCTMbI.

149. PeimuHzu noAumu'IecKozo puc1 H3MepSlIOT xKeIaHHe H rIOIHTHXqeCKyiOcnoco6HOCTb aaHHoro npaBrHTeAbCTTBa oruaTHTb BHCeiHHe o6sI3aTenbcma. PekTHHrTaKxKe Hcriojib3yeTc5I ,A£im OLeHKH CTa6IumbHOCTm AaHHoro ilpaBHTeJIbCTBa H eroOTHOIlUeHHJ K BbI£laTe BHeleHero ,onra (CM. rIpH.oxeHlHe 5.1).

150. Peuimunzu wcOpOMU'IeCKOzO pUCK H3MepSioT AOJIrOCpOqHOe o6uiee3KOHOMHMeCKOe pa3BHTHe CTpaHbI H cc nOTrCHIIHaJI KaK Cpe,CTBO OfLeHKH

cnoco6HOCTH cTpaHbI o6cuyXHBaTb AaHHbIi4 YpOBHb eBHeiuHero Aoonra. OixeHKa B

rIpHAOKCeHHH 5.2 BKjIoqaCT, HO He orpaHHsHBaeTcSI, OLteHKOIR cfleCymIoHX4aKTopoB: a) 3KOHOMHqeCKOC pyKOBOJCTBO CTpaHOfi, B) CTpyKTypy 3KOHOMHKH, c)

43

HHaTyHoHaAbHyl cTpyKTypy, d) Hac[uweHHocTb pecypcamH, BK3Uoqaq pa6oqywocHJry, pecypcbI KariHTaia, npHpoAlbe pecypcbi, e) cnoco6HocTB cTpaHbIno,AepKHBaTB cTa6uRbHIR HeHH(bMlIHOHHblA pOCT, f) IOABCpxCHHOCTh crpaHbiBMAHHIO BHeIIIHHX 4)aKTOpOB. C7paHEI rOIoaAalOT B pa3Hbie KaTeropHH B3aBHCHMOCrH OT CyJiCcTByioIuefi CHTyalJHH H OT TOrO, KaK CHTyaUHS MOXOTH3MeHHThCH B c1imyiIwie HeCKOJIbKO nCT. PHCK inoevBoa - Cy6KaTerOpHS3KOHOMH'qeCKOrO pHcKa, oripe,e3seTcS 3mKBjHIHocTio rniaTexHoro 6anaHcacTpaHbl, HaIHqHeM y cTpaHbi CpeACTB B KOHBCPTHlpyeMX BaAJOTaX, a TaioKe eeKpaTKOCpOqHOfi cnoco6HOCTbIO o6CIyXCBaTh no rpa4)HKy riAnaTeCK no BHeCHeMyAomry (CM. rIpHuoxceHHe 5.3). /

151. PutcK nepeeoga - B03MO2KHOCTB npHocTaHoBBieHHq o6CAyKHBaHHS ,oAra H3-3anpo67e?mLi .mKBHHHoCT, cBS3aHHOR C BHCeIHefi ToproBlleie H HHBeCTHIXHqiMH. PHCKMOxeT CJYtHTICS B 6oAbmo4 npOMb=U1eHHOft HAM B pa3BHBaIoiieftcq CTpaHe,ripo6JIeMM MoryT 6iM BpeMCHHbIMH, He BSIIOIIHM4 Ha AjonrocpoqHbD3KOHoMHNecKHfi pNCK. OH MOxeT 6bIm TaKie CB5I3aH C OCHOBHLIMH npo6neMamHo6cAyXKBaHH3 Aojira, KorAa yxyXuaeTcs AoOrrocpoqHoe 4)HHaHCOBoe noj1oxcHHe.flpo6neMa JIHKBHAHOCT MOxeT 6Tmb o6ycnoB.leHa MepaMH BHyrpeHHefi3KOHOMHCqCCKOt nOAHTJKH C ieJibio KOHTpOJI Hal HH41AHeNfl,He6JiaroripHsTHbIMH 1BHxeHHSMH -iCH TOBapOB,.HJI BHeiiiHHMH 3KOHOMHqeCKHMH.4aicropaMH. 3TN co6bmq pe3KO- coKpaHuaioT ppHTOK HHBaJiOTI, -KoTopaSHeo6XolUMa Jhn 66CAnyaKBammsi BHeMHer-o Aomra HAM fleppeBoAa AeHerHHOCTpaHHLIM HHBCCTopaM .

152. CTpaHmI pa3AenieHLI Ha KaTerOpHH Ha OCHOBO cyIecrTByIoixHx ycAoBHN HoxHAaCMWX H3MeHCHHA 3THX yCJOBHIN B TeTeHHC CJiYIOeA nX 12 MecmLeB. 06pa3EuipeNTHHra PHCKa AaHbI B rIpHAOXCHHe 5.3.

153. B nymncax TR-6 - TR-8 HCnOJIb3OBaHBI HeCKOJbKO TepMHHOB, KoTop^beOTHOCWTCS1 K oCo6bIM cHTyaLxHRM.

154. ilyeue n eo6.ew DpucKa neDegoaa. flpHMepoM MOXKCT CJyXKHTB:

(a) CTpaHa He rioraiiaeT CBOH o63aTTemcTwa, HO npeAripHHsHa AeTCTBH BS AIBO3o6HOBACHH.S o6cnyXcHBaHNs iAonra, ripHMeHSIS iporpaMMbI3KOHOMHNeCKOM a,ar1TaUHH.

(b) CTpaHa noraiuaeT o6si3aTemcTBa, HO npH6JIHKaeTcS 3Taf HeBIOAIHCHHRSTpe6oBaHHA.

(c) CTpaHa "KnaCCH4HU1HpoBaHa" paHeC, HO nocAeAoBaBimaS ripaiKTHKao6cnyXHBaHHNs Aoinra noKa3aAa, YiTO 3Ta "KiaCCH4HKaUHJl" HenqoATBepxAaeTcA.

155. Kjaccu&ugupoealmbe cmpani nonaAaioT B TpH KaTerOpHH:

(a) HeCTamIaT=bie, KorAa cTpaHa HC BbmomHSieT o6si3aTeEcTBa noo6CAy2KHBaHHIO Aonira, He npIHHHMaT npOrpaMMhl 3KOHoMH'eccKOfia,AanTauIHH MBWD HAMI He cCeAyeT yxIe CyIgeCTByiOWIe4i nporpaMMe, H

44

KpeIHTopbI-6aHKH He o6cyxnaJnu BOITpOC o nepecmoTpe CPOKOB H BPSA nm

c.enialOT 3TO B 6.nHxai4meM 6yXyiileM.

(b) YMeHbiuailoile CTOHMOCTb. Korxa cTpaHa 3aAepKajia Bmn3iaTbI,

HaKa=BsaeCT 3a,onxxeHHOCTM, xTO nOKa3aHo 6onee qem OAHHM H3

cjCe)yIIHHX HlyHKTOB:

(i) CTpaHa He nOJIHOCThIO BmnjiTHiua npoxLIeHT 3a 6 MecsqueB.

(ii) He BMoITHeHHmr nporpaMMbl MBcID H He oHaeTcsq HX BbnojiHeHHe B

6JnxcaulineM 6yAymeM.

(iii) He BMOnJIHeHb nepecMoTpeHHbe CpOKH n31aTexKei 3a 6onee 'eM

ORHH ro,.

(iv) HeT riepcrieKTBb BO3o6HoBjieHHSI o6cJHyXHBaHHq aonra B

6ntxcaiiumeM 6yAyiueM.

(c) HoTgepi. KorjRa AoAr CqHTiCTCSa 6e3Bo3BpaTHIM H CTOHMOCTb ero

HacTojibKo MaJIa; wTO oTpa)KcHH ero B aKTHBaX 6aHKa HeoOpaBAaHHo

(HanpHMep, ripSMoe 3asmneHe crpaHa o6 oTKa3e OT noraiimeHqso6sI3aTeJmcTB 6aHKaM, MBI Hu, npyim KpeAHTopaM).

156. PekrTHHr AaHHOik cTpaHI ycTaHaBIHBaeT yCJOBHq KpeAHToBaHHs, BKjiioqaI

MaKCHMaAbHbTif o6 beM ("CpaHOBOfi JIHMHT"), cy6iHnrmTm no CPOKaM AefiCTBHqs H

no THnaM 3aeMUIHKOB ("cyBepeHHIbi pHCK" npH KpC,HTOBaHHH ripaBTJeBcTBeHHbNX

yqpexgeHHIi H "KoMMepqecKHi pHCK" IIpH KpeXHTOBaHHH KOMriaHHU B qaCTHOMceicrope), no THnaM PHCKa (HanpHMep, KpeAHThi, 3a6ajiaHcoBbIe o6sl3aTenicTBa H

BaInoTHbIe JIHMHTh). KaxAoMy H3 3THX 3JICMeHTOB MOxeCT 6EiB npHAaH pa3wnqHbIif

BeC npu KOHCTpyHpOBaHHH nopT4ensI KpeGRTOB 6aHKa B AIaHHofi CTpaHe.

157. Heo6xoArMo npH3HaTh, 'qTO CHCTCMa peCiTHHrOB cTpaHoBoro pICKa - 3TO B

OCHOBHOM npOARyKT OTJejibHOrO 6aHKa, cocTaBneHHa. no npHHItHnaM,

pa3pa6oTaHHbIM H oxo6peHHmM MeHemKMeHTOM 6aHKa. 9To HC COBepifeHHaSI,o6beKTHBHas oixeHKa, BMBO1M KOTOpOUI BCPHBI B mo60C BpeMq. HanpOTHB, 3TOnonbTKa pa3pa6oTaTb opraHH3OBaHHmr4 npoixecc oTeHKH O'lCHb cAo)KHoronpe.AMeTa, xrro6m 1rOCTWib orpaHH'eHHSI o6ulero ipejwrHoro pHcKa 6aHKa.

45

rnaBa 6

TUhbI H CPOKH KpeAUTOB

158. BaHKOBCKHe CHCTeMbI B pa3IHiHbIX cTpaHax HMeIOT pa3HblE BHAb KpeAHTOB,

HHor,aa C YHHKaJHbIMMH CpOKaMH H yCJIOBH5IMH. HanpHmep, eBponeftcKHe 6aHKH

npeAOCTraBHH B03MOXHo 6o0mmyio qacm KpaTKOCpOqHbx KpeAHTOB B 42OpMeoBepApa4yra 1)I H3HtICecKHx JTHLI A KoMnaHHIi. 3 To npOCTaJ H 344eKTHBHaqCHeCTeMa HcrojTh30BoaHH eCHHOrO CqeTa, Ha KOTOpOM B pe3yJbTaTe noMeileHHS1AgeHer H HX CnHcaHHIH, nCpHoH-N4ecCK KpeAHTOBbIe ocTaTK' (no KOTOPbIM

bmmaq[HBaeTc.I npoixeHT) cMeH3oTCS ae6eTOBbIMH ocTaTKaMH (no KOTOpbIM

B3HMaCTCS npoiewHT). 9Ta CHCTeMa HCIIOJE3YCTCS B CIIA, rAe cqeTa KpeAHTOB

Be,wyTCs OTAehIbHO OT TeKYIfHX CqeTOB HJIH CTIeTOB AO BoCTpe6OBaHHI. B OCHOBHOM,

oAHaKO, cTpyKTlypa KpeAHTOB, BKmoaIos Tpe6oBaHHs no o6cAyXMBaHHIo Aoœra -

qacrOTy H CpOKH nIaTexcei no npoieHTaM H noracHTeCbHbDX - ycTaHaBJmBaeTcl

Be3Ie OAHHaKOBO. Y 6aHKa HMeCTCS "KOp3HHa" BHAOB KpeAHTa H3 KOTOpbIX KJ[HeHT

MOXKeT BbI6HpaTb B npe,enax KpeAHTocnoco6HoCTH H C o.o6peHHs COTpyAHHKa

6aHKa no KpeAHTaM.

159. "Kop3HHa npo2yKToB" pa3AHHbIX BHAOB KPCLHTOB He cqHTacTcSHeH3MeHHOfI B TeCeHHe nepHoAa BpeMeHH, HO pa3BHBacTcsI TaK xce, KaK H XHBOH

opraHH3M: OHa npHcnoca6AHBaeTCs K H3MeHeHH5M B KpeAHTHL]X nOTpe6HOCTRX,

3KOHOMHUMCKHX yCAOBHSIX, H B 06i1[CM 4JHHaHCOBOM oKpy2ceHHe. H3MeHeHHc

npe2jioJKeHCHH Kpe,HTOB MoxCeT 6bIm BbI3BaHO ARHHaMHqeCKOU CTpyKTypO]i

KOHKypeHIUHH BbI3BaHHOf4 KaK BHyIpeHHHMH TaK H BHCemHHMi HrCTOqHHKaMH. (C3THM CBS3aHO nocTeneHHoe COBepUIleHCTBOBaHHe 4HHaHCOBbIX PbIHKOB BO MHorHx

cTpaHax, oco6eHHo B pa3BHBaIoiLtHxcq).

160. KoMMepqecxue 6aHKu no CBoeC npNpoHoe 3mBAHIOTCmI KpaTKocpoqHbIMH

KpCAHTopaMH. IpHqHHORi 3TOrO IBAHCTCS TO, 'iTO OHH orpaHH'eHbI B

4OPMHpOBaHHH KOp3HHbI npO,YKTOB HCTO'HHKaMH 4)HHaHcHpoBaHHS KOTOPEIC

ipeAcTasBJSIOT co60o 3Ha'HTeImHbIe KpaTKOCpOqHbIe AeHO3HThI C BbICOKOUi

cTeneHbIo AHKBHAHOCTH H, CneAOBaTeIbHO, C HeOnPIeIACR HHOfi AOCTYnHOCTbIo B

6y,AylueM (H HeonpeAeneHHoi ileHOk). Ann orpaHHeCHHS pHcKa B OnIpeAJeHH1Xnpe,eAax 6aHKy npHXOAHTCq CKOHLueHTpHPOBaTbCq Ha KpaTKOCpO'HbIX KpeAHTaX.

3ana,gHbIe 6aHKH HayqHJIHCb AOBOJIbHO ycneMHo - HHorAa 3a 6o.mIIyIo I.eHy HJH

Iaace HcroIb3ySi apeHy - npeoxoneBaTm 3TH orpaHHqeHHS nH60 pacumpsuiHCTOYHHKH cUHHaHCHpOBaHHS, n1H60 npHAaBas AOrrOCpO'qHBIM Kpe.AHTaM

XapaKTcpHCTHKH KpaTKOCpOqHLIX.

I. Onpe;xeneHHe CTpyKTypbi KpeCuMB

161. OnpeXenieHHe CTpyKTypEa KpeAHTa - 3TO npoIXecc, KorAa COTpyAHHK 6aHKa,KOHCYAbTHPYSICb C K3THeHTOM, peiIiaeT, KaKOU BHA KpeAHTHorO HHCTpyeMHTa

y.AOBjeTBop.IeT KOHKpeTHOU iUeAH, noA KOTOpylO noffyqaeTcs KpeAmT. KpoMe TOrO, Bnpouiecce yqHThIBaeTcS KpeAHTHbifi peCUTHHr 3aeM=Ka, oco6eHHO B CBsq3H C

47

Heo6xoAHMoCTb1O BHeIIlHCfi noItCPXH KpeCHTa, HaIIpHMep, B 4)OpMC 3anora H/HAHrapaHTHH.

162. Bo MHorHx KYPYUHbx 6aHKax onpeAcaemHe CTpyKT-pbI Kpe,HTHbx ycAyr -3T0 3aAaqa CoTpyAHHKa, KrrOphrI oTBeqaCT 3a KOHKpeTHYIO oTpacnb. 9TacnelXHanlH 3aIUHSI o6MqHo 6a3HpycTCs Ha KBaAH43HKaIUHH coTpyAHHKa, ero HHTepeCaXH, KpOMC TOrO, 3HaHHH OTpaCIH KiImeHTa. Ha3HaqeHIe Corpy7HHKa Mo)KCT Tai1KeoTpaKcaTm oripeIeAeHHbIe HaBbIH, KoTopbIe OH nOJy'HIH B nporpaMMe UQArUOTOBKHCOTpyAHHKOB 6aHKa.

163. Ielmb KpeAHTa o6xMqHO onpeAejIeT CpoKg KpeAHTa, rpabHK HCInOJh3OBaHHSH rlpa!HK o6civHBaHHs aon-a. KaK rlpaBHAo, CpOK KpenHTa orpaHHsHBaeTcsoxKAaCMbIM CpOKOM rnpoeicra (HAH BpeMeHeM, Ha KOTOpOC 3aeMUU{K Hy=aeTCq BKpeAHTe) H oxcHgaeMoi cnoco6HoCThIo KIHeHTa o6cAyXCHBaTb Aonir, YTO OTpaxcaeTCqB rIpeAnonIaraembEX nCOTOKaX [iaTenxef.

164. rlpexAe qeM npeAocTaBniTr KOHKpeTHbrI KpeAHT - H Aaxce nepe, TeM, KaKnpCAcTaBniTb KpeAHT KpeANTHoMy KOMNTeTy ,AM oKoHTaaTCebHoro ogo6peHHq -COTPYAHHK 4ojIJeH y6eAHTbCS, tTO THn H coAcpxaHHe KpeAHTa cornacywoTcs CIIOpTIefbHOR. cTpaTerefi 6aHKa (HanpHMep, C 3aaqamH zAHBepCHHxKaIHH).. OHAonDKeH TaKXe npOKOHCYJbTHpOBaTbCJI C 4HHaHCOBbIM AeCapTaMeHToM, qTO6bIIIpoaHanN3HpoBaTh riapamerpmI 4HHaHCHpOBaHdHHH iNkHeI KpeAHTa.

165. KpeAmTHbe ycryrM MOxKHO no-pa3HOMy KnaCCH4)HIXHpoBaTb. rIpHMepbI,flpHBeAeHHMC B IIpHNoxceHHH 6.1 moryr 6blm pa36HThI Ha cnewmoxue ABe rpynnlu:KpeAH, Ha 4)HHaHCHpOBaHHC TeKyii0X aKTHBOB H KpC,HThI Ha 4,HHaHCHpOBaHHeOCHOBHbIX 4)OHAOB (ojirocpoqrHbIe aKTHBbI):

166. Kledumoangue me_ywuEx aKmueo

(a) Ce3oHHbIe KpeflHThI, HanpHMep, KpaTKOCpOKHbIe KpeAHTm 4DepMaM noAceMeHa, yAo6peHHq, neCTUHAM H T.H ; KpeAWmI TypHCTqeCKOMy CecKTopy(IeTHHk, 3HMHHNN cnopr). Kpe,Hm B OCHOBHOM ipaTKocpoqHbe C O,HHMIuIaTe)KoM Co CneLHaAbHbIM CpOKOM 30-180 AHeR). BuBaeT Taxxe ce3oHHaqKPCAHTHaS nNIHHHN C nepoAHoM mcnojT3oBaHHS cpeAcTB Ao 180 AHeR HAHnpOCTOtl oBepApa4yr C aAeKBaTHbIM KonoWmCTBeHHbIM JHMHTOM. tITO6bInOKa3aTh Ce3OHHOCTb AaHHoro KpeAHTa, 3aCM=NK o6bqHO AOjDKCHBO3AepX(HBaTbCs OT CC3OHHOrO KPCMHTM B TeseHHe OnPeeCnCeHHOrO nepHOAaBpeMeHH, HanpHMep, 30 AHeN, no KpaNkHCR Mepe, pa3 B roA.

(b) 1HHoriaa noTpe6Hoc`m B KpeAHTe H3MeHMoTCS B TcCeHHH ro,a B3aBHCHMOCTH OT ,n3IHTeIbHOCTH nIpoicra (HanpHMep, KpeAHTLI noACTpOHTeJIbCTBo). 9To MoxeCT 4bHHaHCHpOBaTbCS peBoj[bBepHOfi Kpe)NHTHOMJIHHHeR, c rnepeoAHqcKHMH nJIaTeKaMI, HO KpeAHT He norainacTcs, noKaiTpoeKT He 3aBeplueH. B 3TO BpeMS KpoAHTHaA JIHHHS MOKxT 6bITb- npeBpaIIeHa B AOJIrOCPOqHYIO 3aAOJxCCHHOCTb C rIOraeCHeOM HeCKOAbKHMHnAaTexaMH.

(c) AKKpeaHTHB "CqreH-6aA" HC BcCrAa OrpaHHqHBaCTCSI KpC.1fTOBaHHCMTCKyuluiX aKTHBOB, HO o5bqHO HM4CT KpaTKOCpOqHLU{ xapaicrep H

48

npeAcTaB.iLeT co6orl 06o6l3aTeACTBo 6aHKa 3annaTHib Tpemerl cTOpOHe nonOPYqCHHIO KAHeHTa. 06bmIHo ger4cTByeT B TeCeHHH OAHoro roAa, cBO3MOXKHOCThIO Bo3o6HoBjieHHS, no nopyqeHHIo nepBoKiaccHoro KAHeHTa

6aHKa (y KOTOpOrO 6aHK flO3IYqHT ACHBEH no3AHee). -m o6sI3aTrebCTBa

(yCJIOBHMie o6sI3aTeLbcTBa) peCKO BLIHOJHIHIOTCI.

167. Kedumoganue oc1wtLbux cpedcm6. 3To 06NqHO KpeAHTI Ha CpOK 6oneeroAia, Tro oTpaxKaeT oxHaHH3S 0 nepHo,e HCrIOJTh3OBaHHS aKTHBoB.

(a) CpOqHbie ICpeZiHTbi - npeARCTa,BASnOT co6oi IIHpOKYIO KaTerOPHIO KpeAHTOBno, o6ieKimI, OTJIIYHmeC OT KpeXIHTOBaHHI HeBHKHMOCTH, a TaKXeOT,AeibHO CTOSiiLHX npoeKTOB, TaKHX, KaK pa3pa6oTKa H 3KCniryaTaLIHAipHPOflHUX pecypcoB (MecTopoxeHmHi, He4YTsHbEK H ra3OBIX CKBaxHH H

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

CBI3aHHbIT C ripeHnoHaraeMM AeHeXHLIM rIOTOKOM KAHeHTa H nonIHaHbIniiaTa O)KRAaeTCA He nO3AHee HCTeCeHHA CpoKa HCHOJIb3OBsaHHS aKTHBa.

AKTHBbI qaCTO HCrOJb3yIOTCS KaK rapaHTZi KpeAHTa.

(b) C=oHTenibHbie KpemIITh, rpeAoCTaBAeHHbIe AJU 4MHHaHcHpoBaHHSCTPOHTeCibCTBa KOMMepqeCKHx. UOMMbMIeCHHb HJIH xiRHiinHbiX o6^BeKroB,

,qacO HMCIOT 4)OpMy peBOjibBepHbX o6sI3aTejucTB, nO3BOMOUX

3aeMiLQKy yCaTHOBHTh BpCMq H CyMMbIl- HCrTO3lb3OBaHHS KpeAHTa.

rloraiLeHHe MoX(eT 6bITb B pa3JIHqHbrK BapHaHTax, B 3aBHICHMOCTH OToXHAaemoro noroKa njiaTexceM. rnaTex "map" - eCHHbI f nlAaTeX B KoHIXecpoKa AeCiCTBHS cornameCHHf - HAIl MOAHWJXHpOBaHHmIri niiaTexc-"'iap"TuKxCe B03MO)KHbI. 3mT npoMexKyrOwHbIe KpeAHTbi o6bmHOnpeaOCTaBJSIOTC. I npH yCJOBHH coruracHs AOATrOCpOqHbUx KpeAHTOpOB

flrOMOqb' 6aHKy, T.e. 4)HHaHCHpOBaTh 3aBepiiieHHbIr4 npiOcKT HaxaoAroCpoqHofl OCHOBe.

(c) KpenHTEI noII HeCBHXKHMOCTh npeAocTaBMTorcs ARenapTameHTomHCeABHHMOCTH 6aHKa AIM 4)HHaHCHpOBaHHS cyOecTByIOuWeiKOMMepqeCKOfi HAH )nJIH3IIXHOA HeABHXMOCTH Ha OCHOBe o6ecneqeHHs(Kpe,HrT nOA 3aKAnaAHyIO Ha MCHee qeM 100 PIIOUCHTOB pbIHOqHOr HJH

OLeCHOMHOr4 CTOHMOCTH He,ABHxMOCTH). BbiCOKOCneixHaJIH3HPOBaHHaS4opMa KpeAHTOBaHHS o6bumHo rpe6yioiuaq HaHHqS cTa6HAbHoro,AOJIrOCPOIqHOrO rpiBfeleHHqS 41oHAiOB, nO3TOMy ecTm He BO BCeXKOMMepqeCKHX 6aHKax.

(d) IIpoecrHbie KnelITbI TaioKC ABASOTCS BbICOKOCHCILHaiIH3HpOBaHHbIMHKpCe,HTaMH, qacTo Tpe6yIOIUHMH 3Haq'HTeibHUX TeXHHIYeCKHX 3HaHdik

COTpy.gHHKa HJ[H y HaHSITEX KOHCyAbTaHTOB. 'lacro 4)HHaHCHpyIOTCS Ha

iHCKKmoqHTe3ibHoA" OCHOBe: KaqeCTBo 3THX KpeAHTOB B 3HaqHTeCAbHOkCTeiIeHH OCHOBaHO Ha npOrHO3aX rIOTOKOB rIIiaTexeCl, nOAYqCHHbIX OT3aBepmieHHoro npoeicra. rIpHMepbI: 4)HHaHCHpoBaHHe pa3pa6oTKHMecTopoxAeHHrM MeTaJUoB H yr[sq, HeCYTSHLIX H ra3OBb1X cKBaJKH,3ACKTpOCTaH1IjH H T.A. Coo6paxces IInpHHH{MaeMLC npH KpeAHTOBaHHH:TCXHHqeCKaS penyralu{5 3aeMuUHKa, KaqeCTBO pa3pa6oTKH npoeKra HCHCTeMbI MapKeTHHra, AOCTyIIHOCTh rapaHTHA H T.A. rIpoeiKHbic KPeA4HTbItiacTo OpraHH3ylOTCS TaK xe, KaK H CTpOHTeCjbHbIe KpeAHThI, T.e. nepBoe

49

pOBO1BepHOe o6mI3aTeIACTBo, 3aTeM cpeAHe HAIH AojirocpoqHLi KpeAHT c^brOTHbIM nepHoAOM, nepHoAHqecKHe noracHTelbHle naTeXH, HHorga

Mo0H4)HUHpoBaHHbIA rmaTexc-"Iiap".

(e) JIH3HHrOBOe ftHaHCHpOBaHHe - BbicoKocneUfHanH3HpOBaHHaq 4IopMaKpeIU4ToBaHHI, qacTo CO 3HagHTeAbHbiMH nOCAeACTBHIMHAHKBHAHOCTHI H Hajioroo6jioxCeHHI apeHUAaTopa. JJH3HHrOBoe4HHaHCHPOBaHHe OTHOCHTCS B OCHOBHOM K CpeAHe H AOnrOCpOqHbIMaKTHBaM, HaipHmep aBTOMo6HJIqM H rpy3OBHKaM, Ma=IIHHaM Ho6opyAoBaHIio, cjiee3HOgOp9XCHOMy COCTaBy, CaMOjieTaM, KOpa6AiM H T.A.rIpH .IH3HHrOBOM 4)IHaHCHPOBaHHH apeHAOAaTeiB - B AaHHOM cnyqae6aHK, HO qaCTO HC6aHKOBCKHfA 4HHaHCOBBIR rIOCpeAHHK, IBieCTCS3aKOHHbIM X031HIHOM aKTHBa, apeHAyemoro KAIHeHToM. B 3aBHCHMOCTH oTBHAa apeHAI}i, y apeHAaTopa MOKxT 6b1m npaBO B KOHile cpoKa AeicTBumcornailieHHA npfo6pecTH AaHHbLit aKTHB. IOpHAHqecKHe BOnPOCLI HmeJoTBbCOKOe 3HaqCHHe. 4oKyMeHTaUHqS o4,OpMASeTCq B BHAe cpeAHe - HIHAonrocpoqHoro apeHAHoro coriameiuH, Tpe6yIoiero excoKBapraniibHbx HniexCeMcCaNHux nAaTexcef. (KpoMe Toro, cyIHecTByeT 4)HHaHCHpOBaHHe6aHKaMH flH3HHr,oBux KOMnaHHN no, o6ecnewemie).

II. OnpeleAeHme e4eHrl KpeAi.m

168. OnpeeReneHHe ieHbI KpeAHTa, HapsAy c ynpaBieHHem pHCKOM, memTCSBaxcHeilIIHM 3meMeHTOM o6weA KpeAHTHoN IOnAHTHKH 6aHKa. OcHoBononaramoiNenpHHUHIIbI 3TON nOnNTHKH AonicHm 6bITb SCHO H nOJHOCThIO H3nOXCeHJI BnHCbMeHHO 4)opMe, HarpHimep, no BonpocaM AoxoAa Ha aKTHBbI, npoixeHTHoiMapxKH (HaripHMep, B CBSI3H c 6a3oBofI CTaBKON4), H T.A. BaHKOBCKHIi MeHeA2KMeHToTBewaeT 3a TO, ro6bi nepCOHaA 6win HH4OpMHpOBaH o6 H3MeHeHHSX B 3TORIIOIHTHKe.

169. B npoyOcce onpeaeneHm ixeHu HrpaIoT poflb cAieAyCiOHe 4,aKTopbl:

(a) PHCK: COCTaBASIOI1HM 3neMcHToM npH onpeAenieHHH LyeHbi qBASCTcqCHCTeMaTHqeCKOC YCTaHOBeCHHC pHCKa, CBI3aHHOrO C KaXAbIM TOBapOM,ycAyroR HJIH KJIHeHTOM,

(b) AJpeCCHBHOCTh: npecneAyeT JIH 6aHK iueim pocra HJIn ynpoqeHHsi HO3gIHA,

(c) KOHKp=eHUH3I: B KaKHX KaTerOpHSJX KpeAHTOB 6aHK XOqeT KOHKYNHPOBaTb CApyrHMH 6aHKaMH H KOHKypeHTaMH rpH OrnpeenJIeHHH yeHbl Ha CBOHHHCTpyMCHTII?

(d) KaTeroPHiH KnHeHTa: OpHeHTHpoBaH nm 6aHK Ha pa3BHTHC OTHOIeHHi¶ cKAHeHTOM H13TH Ha BbIrOzW OT czejim? Pa3inqHa 3m nomHKa onpeReAceHH5gCH AS HMCOINUHXCA KxIHCHTOB, 4HpM - HOTeHIXHaAbHL1X KIIHCHTOB, H4HPM, He BK3UOqeHHUX B xenCH o6cnyXCHBaHIsH,

(e) lpNH6buIbHoC : 6OJIEIIHHCTBO 3ailaAlHblX 6aHKOB yCTaHaBJ[HBaiOT iCeCeBbICYPOBHH IIpH6BlibHOCTH, 06BNHO KaK TIpH6bWB Ha aKTHBM (ROA) Ha BCC

50

CB5{3H c KiiHeHTamH, a He Ha KxayIo ycnyry KIiHeHTy. KpeaHTHyio Map)KyMOCHO 3HaqHTeC3bHO coKpaTHTb, eciH KJiHeHT npHHOCHT 6aHKy3Ha'HTejibHbIu o6beM aoxoira, HaiTpHMep, B 4)OpMe AOXOAOB no BamIioTHhTM

oiTepaLTHSIM, aKKpeUHTHBaM, o6Hq3aTemcTBaM H rapaHTHUEM. TaKasqrlOJ1HTHKa Tpe6yeT Ha,excHOi H 34eIKTUBHOrl CHCTeMi yreTa oTHoieHirC KaX(IM KUHeHToM.

(f) CTOHMOCTb &OHROB. KaxuIik COTpyAHHK ino KpCeHTaM AOAXCeH 6bmHH4OPMHPOBaH (exceHeBHO "Him exceHezebHo) o CTOHMOCTUH 4OH,OB nJr6aHKa HuH 6a3OBOH CTaB,Ke. Ilocnieiuio MOJKHO onpejeXITI KaKcpezRHeB3BemeHHyio cTaBKy, Bbmna'eHHyio no BceM HCTOwHHKaM cpe.crTB,BKjjOjqau CTOHMOCTb CTpaXOBaHHS AenO3HTOB, pe3ePBHbIe Tpe6oBaHHs BiUeHTPaJTHOM 6aHKe, H CTOHMOCTh BCeX HerIPOileHTHb1X pacxo,oB,CB513aHHbIX C Mo6HJH3aLtUHe Cpe.CTB, HanpHMep, HaKnaaHLEx,

aAMHHHCTpaTHBHbIe pacxo0b, MapKCTHr H ApyrHe. Onpee.neieHe iweHEiOCHOBaHO Ha 3TOU 6a3oBOr4 CTaBKe, XOTS Aim HeKOTOPb[X KpCeNHToB MoxeT6uIm HCnOjib30BaHa npelenbHas txeHa 4OHAOB (KaK npH 6a.naHcHpoBaHmHnO CpOKaM c iipHo6peTeHHbIMH foHiaim).

(g) rH6KOCTh ueHbT npH KeIIHTOBaHHH. B AO[O3IHeHHe K HOBbIM

HHCTpyMeHTaM, 6aHK JOAoCCH npefAaraT KJIHCHTaM HOBy0 KpeHTHI0

rIOJIHTHKy, KoTopasq xapaKrepH3OBaoacb 6bI pa3Hoo6pa3HeM BHUOB3aHMCTBOBaHHS C TOqKH 3peHHqs CTpY3TypbI CpOKOB H onpeAeneiHsH iUeHbl

(B npeIeAax napaMeTpoB I1PHB)CeqeHHqs 4OHAOB H HpHHIUHITOB nornHTHKH

6aHKa). HanpHMep, 6aHK M0oKeT npeCji0oxT KJIHeHTy H3MeHCHHnnaBaiowei4 cTaBKH Ha 4HKCHPOBaHHYIO, (npH peBo03bBepHoMo6sq3aTeAbcTBe, nnaraiouWio CTaBKY C HHJKHHM H/HJH BepXHHM npeenroMHuH mo6oe Apyroe H3MeHeHHe HuH nonpaBKy, ripHBACeKaTemHbIHe LsKAHeHTa H npHeM MbIemme Ai 6aHKa c TOqKH 3peHHqs IuenA H npH6hTmHOCTH.

170. 06pamume enumanue: Onpe,eneHHe geiHm KpeXHTa BKIOqacT TaiKxceonpexeuIeHHe ixeHbI HHcTpyMeHToB, rIpeCOCTasBhSLMNX 3a Bo3HarpaxaeHHe,HalpHMep, rapaHTHfi, o6513aTenbcTB, aKKpCeIHTHBOB Ha YCJOBHH "CTeH,-6aff" H T.A.OnpegeueHHe geHbI o6ecneqeHHbx H rapaHTHpOBaHHblx KpeCHTOB AOJDKHO

BK3UotiaTh qacTo ,OBO1IB6bHO 3HaqHTeCbHbIe pacxo,>b, CBH3aHHbie C Ha.30pOM H

yripaBneHHeM 3THMH KpeAHTaMH. CooTBeTcTBeHHo, o6ecneqeHHbie HrapaHTHPOBaHHL£e KpeAHTb B OCHOBHOM o6xoAswrcsq 3aeMLHKy AopoxKe, ieMHeo6ecneteHHbIe. ,fleTaim onpeAeneiHsH ileHu joncKHi 6bm paCMH4UpOBaHbI BKpeIHTHOM npeAJoxeHHH H KpeCNHTOM AoroBope.

III. (DopMa KPeC2£THOFO HpeAI£O2KeHHR

171. IIocJne 3aBCPIIIeHHA o6cyCeHHN BCOX BOPOCOB C KaHAHAaTOM Ha

nofIyqeHHe KpeAHTa H paccMoTpeHHsi H oLIeHKH AaHHoro 3aripoca o KpeAHTe,COTpyAHHK no KperHTaM AOJDKCH rlIOArOTOBHTb paciHpeHHoe KpeAHTHoCnpeAivoxKeHHe Afl rI IPIACTaBjieHHS OTBrTCTBeHHbIM PYKOBOAUHTeAM H, eCCuH 3TOTpe6yeTc.q H3-3a pa3mepa CH O CHOCTH KpeAHTa, KpeAHTHOMy KOMHTCTy.KpeAHTHoe ripexJIoxeHHe AOJxDHo 6brIb BCeo6'beMJIIOUXHM H BKJ10qaTh, KpoMe,aeTanjbHoro oriHcaHHs Tpe6yeMoro KpeAHTHoro HHCrpyMeHTa, H3no3KeHHe

51

OTHOjeCHHN 6aHKa C KIIHCHTOM B iEejioM, BKjmOaq o6myxo cyMMy npegocTaraeHHux6aHKoM KPOAHTOB H llpHqHHhI, IIOqCMy COTpyAHHK no KpeAHTaM CqNTaCT KpCAHTnpNHBieKaTeAbHiM iWm 6aHKa.

172. KaqecTBo KpeAHTHOrO flpeAfoxCHHM - Baxa eimHft 3neMeHT B npoixecceOIxCHKH KpeAHTa. OHO OTpaxcaCT CnOCO6HOCTH cOTpylHHKa no KPCeHTaMnpo04eccHOHaMHo alHanJH3HPoBaTb 3anpoc, a Taicie cnoco6HocTB y6e ,mpyKoBOACTBO 6aHKa, irTO npeAjOoxeHHbIN HHCTpyMCHT BbIOARH 6aHKy H,cAe2eoBaTeAmHo, AOjxKCH 6LITb HCHomiL3oBaH. lpeAiozxeHHe AonxKHo 6L1mnpeAcTaBeHO B 4'opMe, o6iue.9 AIM BCeX KpeArHTbx AenapTaMeHToB - cKOPPOCKTHpOBKaMH AAA TeX HHCTpyMeHTOB, KOTOpBIe HMCIOT yHHKaDjHEie qtepmr(HanpHMep, HeCBHXcHMoCTh, ceCbcKoe Xo3SiCTBO, NH3HHr 060pyIOBaHNS H T.A.) -trro6m o6ecnewbm npoixecc OiZeHKH H CpaBHeHHSq C ,ApyrHM KpeCHTHIMH

npelAIOXCeHHAIMH.

173. CmpPKmMHa u coAoeDcanue xpet3mvoao npeaAoxcen. PCKOMCHROBaHHaS4iopMa KpeNTHoro npenioceH)HH BKmoqaeT cjie.)yIoiee:

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

(b) wl;aTa -3aABKHN, HM COTpyAHKa, BeKn4yMero CqeT. MeCTOHaXOXMCHHCN4HIHaJra, npeAcrasmwero KpeAHT.

(c) KpaTKHiA 06 30p cyLueCmyiouwX CqeTOB KomeHTa B 6aHKC, BKuIHOqaSnOCJIeAHHe A0e6eToBue H KpeAHToBhIc OCTaTKH no cpaBHCHHIO C npOMLMroAoM.

(d) JCeTanbHoe onrcaH}e KpeAHTHoro 3anpoca, BKmo'aS HOBbdi HAl!Bo3o6HoJBSjeMbIi KpCAWT, o&beM, iUem, THn KpeAHTa, npeAfnoxceHHOeonpe.elneHHe ixeHm, npoLxeHTHbIe nnaTeoxc H rpac)HK noramemms OCHOBHORCyMMbI, o6ocrieeHHLIk H-l HCT (c o6o3HaqeHHeM TNia' o6ecne'ieHHS),ox(HIaeMaS AaTa HcnoAb3oBaHHS (ecnM B03MOXUHO).

(e) 06iuas CyMMa yxce npeiocTaBrieHHoro Kpe.rTa, no TNnaM HHCTPYMCHTOB HCyMMLI, no,rnexcaiOe BbifmaTC KMeCHTy, BKmIoaq BHC6aAaHcoBbIeo6Al3aTenibCma (cneAyeT AaTb TaKyIO XC HHNHopMaixIo no KpCeHTaMAO'epHHM KOMnaHHSM, KOTOp&MIH K)meHT BnaACeT nOJHOCTIO mm rAeHMecT 6oJmmHHcrBo rojiocoB, a TaKOKe no IApyrHM OTcrrejbHbIMIOpHAHWeCKHM J!HixaM, CBS3aHHbIM C KAHCHTaMH, KOTOpbIM npe,oCTaBIeHLIKpeAHThI.

(f) geTajTbHoe oHHi4H uieH KpeaHTa H HCTOqHHKa noraiieHHA, BKnIO'qainepBH{Hbie H BTOpHqHLie HCTO'qHHKH, KpaTKHti OTYCT 0 ACHexHOM nOTOKCB CBS33H C Tpe6oBaHHsmN no o6cAyXlIBaHmio Aoira H o6uIeft3aAomCHHOCT KiIcHTa.

(g) 3anor, no THny CTOHMOCTH (KaK ycTaHaBJIBacTcq CTOHMOCTB), KaqecTBo(CpOK), NCnonob30BaHHime mapxK B oixeHKe, rapaHTHH, o6seMmI,4IHHaHCOBaS crioco6HOCTh (HanpHMep, qHCTaS CTOHMOCTh), HMCHa H aApecarapaHToB.

52

(h) Heo6xoxtHMbe KOMMeHTapHH no MeHexKMeHTY 3aeMI4HKa.

(i) OnHcaHHe 6H3Heca 3aeMI4HKa H CTOpHH AerreAibHOCTH, BK31IOlqaS B03pacT,pa3MeiueHHe, o6beM BbIryCKa TOBapOB H ripoaxKH no KaTeropHSIM TOBapOB,TeMribI POCTa H HOpMa nPH6bMbHOCTH, H T.A.

) JaenOBbIe KoMMeHTapHH, BKj0qaS AcTaj[bHbIh alHanH3 3aBepeHHOriay,HTOpaMH 4)HHaHCOBOf4 OTqCTHOCTH B TeqCHHe KaK MHHHMYM TpexrocCeAHHX JAeT, npIH'HHbI H3MeHCHHR B 6ajraHce, oTleTe o AoxoAax,pacxoAax, npH6bUIbHOCTH, H n'pOrHO3 Ha cne,yionHe HeCKOAbKO neT.

(k) ABHIe CHIbHbIC H cia6bie CTOpOHBI 3aeMLKa, HanpHMep,KOHKypeHTocnoco6HOCTb, TexHojnorHqecKHe CTaHJaPTTI B ero rpynne, CpOK

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

(1) 3a5IBneHHe 0 TOM, HaCKO3TbKO npeAIIO)CHHbINI HHCTpyMeHT nOAXOAHT K

KpefHTHOii nOjImTHKe H CTpaTerHH 6aHKa, BKTIoqas onpeAeneHHe iteHbI

Kpe,HTa.

174. XOTSi npe=oxKeHHe ,o.jDICHo 6bITb nojiHbIM, OHO TaiKce AOJDKHO 6bITbcxaTbIM, 6ObIlUIHHCTBO pa3#xenoB (noz 3arojioBKaMH) AOOJDKH COCTOSTb Bcero H3

HeCKOJIbKHX naparpa4oB. OqeBHAbo, pa3Aen K) (",enOBbIe KoMMeHTaPHH...") 6y,AeTCaMMM o6beMHLnM. Bce rlpeRIOXceHHS B CpeCHeM He zo.DKHo npeBL&naTm 4-6cTpaHHIX, HcKnmo'eHHe cocTaBA5T 660iee KoMY[TCKcHbIe npe=noxKeHHs.

175. HenorameHHMe KpeAuTh JojKHIm exeroAHo RH2JIH3HuO3aTbcE ('ame AonmmbipaccMaTpHBaThcn CJy'aa HenorameHHR po6jieMHbIX KpeAHToB), npuH OM BCN

xHI4OpMa[Hsi Aojijea 6hrrb CKoppeKTKpoBaHa. HIociieAHee BKJIIoqaeT s ce6naHaIHTH'ecKyI oi eHKy pefTHHra 3aeMmw=Ka K KpAuThwLx ycjyF, ieHbl KpeAuTh,co6jIoAeHHe KpeAHTHbIX AOrOBOPOB H T.A. O6OCHOBaHH1bIM aHaAH3 KpCAHTa H

npouecc ero ogo6peHms B coteTaHHH C peryHTTpHbIMH H TiaTemHbIMH o63opaMHCOCTOSHHSI KpeCHTOB 5IBJIAIOTCS Heo6xo,HMbMmH 3JieMcHTaMH npoilecca OXpaHbI6aHKOBCKoro ccylHoro nopT4IeAsI H, cJIeXoBaTeABHo, H3HeCnoCo6HoCTH camoro6aHKa.

53

rjiaBa 7

Biu H MeTOAhi Kpe2wTHOfi nOJIHTHKH

I. PYKOBO1RCTBO no KpeAITHoII nOJIHTHKe

176. BaHKaM HacToSTeCJbHo peKoMeHAyeTcq pa3pa6aTBIBaTm BcecTopoHHeepyKOBOACTBO no Kpe=THofi riOJHTHKe c TeM, qTo6bI o6eCneqHTB OCHoBHbIeHanIpaBJeHHS KpeAHTTHoN nOmTHKH /H onpeAejITb O6SX3aHHocTH H IIOJHOMONHSBcex cji)xaiuHx 6aHKa, 3aHATUX B npoiXecce ripeAocrTaBReHHS KPCAHTOB KMHeHTaM6aHKa. TaKoe pyKOBOXACTBO oTpaxcaeT KpCAHTHyIO 4MHIOCO04HIO H CTpaTerHIO 6aHKano 6o0lIIHHcTBy BOnpOCOB, CBA3aHHbIx c npeAocTaBneHNeM KpeAHTa.

177. He cyiiecTByeT onpeAeneHHofi, noAxoAaiixef4 BceM 6aHKaM 4OpMLI TaKoropyKOBoiicTBa. Ka=INL 6aHK AOJDKCH co3JaTh CBoe co6cTBeHHoe pyKOBOACTBO,oTpaDxasi 3KOHoMHqecKHe, riOHTHqeCKHe H reorpa4,HtecKKe yCJIOBHS, B KOTOPbIXOH rIPOBOARHT CBOIO KpeCHTHYO rIOJ!HTHKy. 9To pyKOBOACTBO OTHOCHTCS KO BCeM

KpeAHTHbIM crpyKTypam 6aHKa, BK3IIaOaq 4mImam,T 6aHKa, H, eCJH TaKOBbICHMCIOTCSI, AOYepHHM KOMnaHSiM, BjiaAeJbixeM KOHTrOpjbHOrO naKeTa aKLuHfKOTOPMX ABJSIeTcS 6aHK.

178. PeKoMeHAyeTcs, xrro6bI BCS HH4)opMaHINH, coAepxcauaqcA B pyKOBoAcTBe,6buma H3jioxeHa B 4)OpMC e"HCeM O KpeAHTHoNi nOJIHTHKe" HnN 3aMeTOK,AeTaJIH3HpyIOIUHX BCe HHCTpyKIHH HNnN OCHOBHbIe ripHHixHnIbI no OTreJEbHbIM BHAaMKpeAHTOBaHHs, pa3MepaM, BHAaM o6ecneqeHHs KPCAHTOB H T.A. rIHCbMO OKpeAHTHOiN nOJIHTHKe AOJXDHO coAepxaTi6 AaTy M3AaHH5 HNH nocnegiHeroHcnpaBjieHHA. flo mepe BbMYCKa HOBbIX HHCCM ycrapeBias HH4)opMaIHAs AomDKHa

H3biMaTBCI H3 pyKOBOACTBa H yHHwLrOXaTbCS.

179. PYKOBOACTBO cqHTaCTCS KOH4)HAeHIAXbHbIM AoKyMeHToM, TaK KaK OHOcoXAePXHT CrpaTerHIO H MeTOAbi 6aHKOBCKOfk KpeArTHoxN noJ[HTHKH. EropacnpocTpaHeHHe IO3TOMY C3IeAyeT OrpaHHN Tb H BbiAtaBaThb JIHIlb CJy2KaI4HM,HCeOCpegCTBeHHO Bb1aIoIHM CCy.b, ynpaBwuomImw OareneHHN 6aHKa H ApyrHMJ1HIiaM B 3BeHbsIx, o6ecneqHBaiouuix KpeAHTHymo 4yHKIXHIO (KpeATmHyio noJrTHKyH ccyAHbie onepalXHH). PyKOBoACTBa MOryT 6rbm npOHyMepOBaHbI, H KaxAIbinoaytIaTeJIb, paCNCHaBUIHCb B noJIyIeHHH, o6S3yeTCI BepHymT CBON4 3K3eM1SlP Bcnyqae nepexoAa Ha AOJDCHOCTh, He CBR3aHHyIo C KPCAHTOBaHHeM HJIH B caiyiaeyxoAa H3 6aHKa. PyKOBoAcTBa cflcAyeT xpaHHMT B 3anepTmx i1iNKax. KaKAomyOTzACeHHIO 6aHKa AOJDKHO npeAHa3HaqaTbcs orpaHHqeHHoe KOAHqeCTBO3K3eMflJnpOB.

180. CocTaBneHHe H pacnpocTpaHeHHe pyKOBo,cTBa o6bImHO BAHCeTC51o6sl3aHHocTbIo orAiena KpeAJHTHOfi nOJIHTHK4. TaKOR OTYrAe COCTOHT H3 onrbrHbIxcrIeLxHanJHCTOB B KpeAHTHO1N c4epe (6o0bUmHcHTBo H3 HHX - 6xiBHe CAyxauJ4Ne,3aHHMaB1HCecS1 KpeAHTaMH), MMAeTcsi no CyTH ARena aBTOHOMHhIM H Bo3rnaBJIsReTcsrJIaBHbIM CIICL4HaJIHCTOM, KOTOpbIi oTNHTLiBaeTCS nepeA BbLICUHM 6aHKOBCKHMpyKOBOACTBOM (npeAcezaTe31eM H11 npe3HAeHToM). riaBHof4 4)yHKIIHefk oTzerIasIBASeTcsI pa3pa6oTKa H KOHTpO3Tb 3a BHAaMH H MeTOAaMH KpeAHTHOf4 nOOHTHKH

55

6aHKa B COOTBCTCTBHH c rJTaBHMMH npNHHNinaMH, ycTaHoBjieHHbMH CoBeToMaNupcKTOpOB (COBoTOM ynpaBunouxo).

181. PeKoMeHAyeTci excroAHo nepecmaTplnBaT pyKoBoAcTBo.

182. HHxCe cnezRyeT npe2naraeMMiN 4opMaT H ornaBneHHe pyKoBozcTBa noKpe,HTHOr noAHTHKe. 06cy=eHHio OCHOBHLiX ero pa3AeJCOB HapAX COTHOCAWINHMHCS K HHM BOnpOCaM rIOCBSiijeHbI HeCKOJIbKO Apyrrx rniaB 3TONinporpaMMbi.

183. YcAyvu no ccQEi - mepMWWA02U .

(a) KpemrrHaq jmHHH - BHA ycJyr, npH KOTOpOki KnNeHT MOXCCT B3%Th B AonrroiipeAeneHHyio CYMMY Ha onpeAzeeHHbig nepHoA, 06NqHO HOnpeBbImaiotuxH4i 180 AHefe.

(i) YBeZOMHTembHaS HNAH nOzTB;pmeHHaA JHHHJT: AOrOBopeHHoCTb,Bbipaxaiomasi HaMepcHHe 6aHxa KpeAHTOBaTh. OHa He npcAcTaBiSeTco6bA o0JHLwajibHoro o6si3ateinucma 6aHKa. 06JIqHO KOMHCCHS HOB3HMaCTC.L

(ii) O6A3aTeirbcmBeHHas JIHHS: AoroBopeHHoCTh, corniacHo KOTOpON 6aHKo6s13yeTc.q B nHciBMeHHotk -)opMe KpeAWToBaTh KnHeHTa no eronpocb6e B COOTBCTCTBHH co cpoKamH H yCJIOBHsMH, KoTrOPICorOBopeHbI B ARoroBope o6A3aTemlbcTBa. flpeAEcraBnsleT co6ofiopHAHNecKoe o6li3aTenbcTmo 6aHKaio BaHK o6bIHO B3HMaCT niaTy 3aCBO0 o6sI3aTemcTBo.

(iii) Harrpawigiouagi AMHSI: KpAHTHaq JIHHHAI, Oo6peHHa3i BHy rH6aHKa, HO He o6cy.eHHaA c KHHeHToM.

(b) O6paigaioguxcsi KpeKg r ("peBojbBepHwft"): o6x3aTeJmcmTo no ccyAe,BbrTeKaio1iiee H3 4,opMaAbHoro corAaiueHHA, no yCjiOBHSM KOToporoKAHeHT MOxKCT 6paTm H Bo3BpaiuaTh CCyAb no CBOeMy xKenaHH1o Aoonpe.ejieHHoNi CyMMLi, npHmeM npeAcn KpcAHTOBBaHH BoCCTaHaBJIHBaeTCSnoc.ne KaJAOrO BO3BPaTa ccyAbx. TaKoe corAameHme AwIHTcA o6bI0o 6o0ieeroARa. rIo AOrOBOpy B3HMacTcq KOMHCCHN.

(C) KpaTKocposHaA ccyna ("ccyAa Ha BpeM. ): OAHOPa3Os1 ccy,a CO CpOKOMnoraiueHHNs KPeANTa AO oARHoro roAa H noramaemas nyreM oAHoro umHHeCKOJbKHX 1iAaTexKCA.

(d) CoPOHas ccvya: mno6as oAHopa3OBSa ccyAa co CpOKOM noraIIeHAs cBbmIeoUHoro ro.Aa.

184. O6paTHTe BHHMaHHC: KpOMe o6.l3aTejbcTBeHHoH iHHHH, mIo6oM H3BbnIienepeqHCAeHHbIx npOAYKTOB MOxKeT 6bM Heo6eCneqeHHbIM, o6ecneqeHHLIMHJH rapaHTHpOBaHHIM; B AononHeHHC K BbIuIlyIIOMSlHyTIM yCJIYraM CyJIeCTBY1OT,ApyrHe, pexce BcTpeqaioolIHecs, 4)opMb KpeAWTa.

56

185. H paoMo'wu no cpedumoeaiuo u eeo memoAwL. 9Ta qacTb pyKoBo,cTBa noKpeAHTHofi 1OJ[HTKe o11HcbIBaeT CHCTeMy H nlpOLIeXypbI corniacHo KOTOpbIM 6aHKo6pa6aTIBaeT H o1o6paeT pa3niiHi e BHMI KpeHTHaIX ycnyr, IIpeAocTaBiSeMbIXKiiHeHTaM. rIpaBoMotHs no KpeAHTOBaHHIo oripeejmSlOTCS KOJHCCTBOM H ypOBHeMKpefHTHUX cAyxKaiUHx, xMH nIOAHCH HCo6XO,HMbI Aim yrBepxgeHHIonpeAceieHHoro KpeAHTa. K npoiLexypam oTHocsrrCs Te AeIcTBHA, KrTOpmIe AoJKHbm6bIrb ripeJlpHHsTmI KeM-TO oripe,eGneHHbIM B 1poiLecce yrBepcAeHiKHH KpeAHTa.

186. CHcTeMa yrBep)IeHHS KpeHiTa o6mqHo MHorocTyrieHIaTa. YPOBeHb, HaKOTOpOM KaxKlII KpeAHT 6yAceT, yrBep)LaTbCI, 3aBHCHT OT COBOKY1HOrOrIOfOxeCHHS K3iHeHTa H KpeJHTHOrO pHCKa (paBHO KaK HHOrAa H OT cpoKa KpexTa,HaIIpHMCp, KpaTKoCpOEHbli B CpaBHCHHH C AoAroCpoqHiM)/ HanpHMep:

(a) 14HIIHBHnvaAbHoe npaBoMoqHe: KpeCTHaq yciyra, He Bb3bIBsaioruaZocTrHxeHHI COBOKYnHoro YPOBHSI KpeCHTa 6oAee 200000 Aon0napOB, MoxKeT6b1m yrBepx(eHa o0HHM KpeAHTHLiM CciwaI=IM B OTrrejie npeoCTrBaCHHSKpeC1HTOB (KpoMe Kpe1AHToB, 3acay)IcHBKaIoHx oco6oro BHHMaHHS).

(b) lIB0oHaA nor0anHCB: KpeAHTHaS ycnyra, Bbi3BiouxaH ripeBbTTTCeHHeCOBOKynHoro ofteMa KpeIIHTa cBsfle 200000 AonnapOB, HO He 6onee500000 AOAAapOB, H He Bbi3BaIOIUas HeO6bmHbix KpegwHTX pHCKOB,MOxKeT 6irmb yrBepxKzeHa AByMy nOA11HCBMH (HanpHmep, KpeAHTHOrOcAyxcaucero H ero HaqaIBHHKa).

(c) KpeaHTHmrK KOMHTeT: KpeAHTHas ycnyra, Bbi3biBaioIixaS yBejAHqeHHCCOBOKYnHOrO o05beMa KpeAHTa KJ[HeHTy CBmImel 500000 AoIu1apoB, 1Ao3DKHa6b1m yrBepxc,neHa 6aHKOBCKHM KpeCHTHbIM KOMHTeTOM.

187. 14HIIHBHIvajibHbe KpemlHTHEIe nOjlHoMo1HSA qacTo pa3niraIoTcs ITOOTcrre3TeHH3M, o'rpeAaM, 4M{JIaiaM, ynOj[HOMOqeHHOCTH KpcpwHrHx ciryxcaXHX H HOTHIIaM, pa3MepaM, CpOKaM rOralueHHAS H pa3MePOM 3aACeACTBOBaHHuX KpeZIHTHmXpeCypCOB. B AOHoJ1HeHHe:

(a) KpeaHTHmbe cgvaime MOrT pacmHpslb, yBeAHIqHBaTh H Bo3o6HOBXslTh

pa3Mep KpeCHTHbDX ycjiyr Ao InpeWycMorpeHHoro o6fbeMa. ECJIH Azocr=rrae-rcsnpeken niro creiIH4KHqecKofi KpeIAHTHO KaTerOPHH AARI KAHeHTa(HanpHMep, JIHMHT 4)OpBapAHNx CACJIOK C HHBamOTO4), HHAHBHAyaEbH1i]

cayxaullHfl He MOxCKT yrBepxaKzaTb pAaAbHefKiiee yBemJqeHHe ycnyr no 3TO]KKaTerOpHH. OpIHaKo, cAyxKauIHAi MOxKCT yrBepxAaTb COBOKVIIHOCThKpeAHTHbDx ycnyr ApS K1HeHTa B nD6oRi KoM6HHaLIHH CYILeCTBYIOUE1X

KpeI4HTHBIX KaTeropH], Ip]H KOTOpELX yTBCpx(1eHHbi COBOKVIHb oK6eMKCPeIHTOBaHHu1 He npeBsmaeTcsi.

(b) YnpaBsnJoWle oTACACeHHS1M 6aHKa moryr 6 b1T HaCeJIeHblKHIHBHAyaaAbHOfK oTBeTCTBeHHOCTbIo 3a BCe KpeAHThi, BbUAaHHbIe HX

oTIejieHHeM. B mo6oM ciyqae, Bce KpeC4HTHMe AoroBopbi, yrBepaxeHHbieHX OTejOeeHHeM, AtO3DKHbI COjepKaTm HX rIOp]KHCb.

188. CnICmaAbHieC KpcpeHTrHbe npaBOMOqHqs, npeBbImaiomKe o6MqHmeOrpaHHCeHH1 ALISm HHgHBHYaJIlbHbIX KpeAHTHLIX cAKyxcaiX, MOryT

57

pacipoCTpaHIThcSi Ha riocAieAHHx - nm60 B fopMe eCHHHMqHofi noAInHCH, AM6O BKoM6HHaLiMH Co BTOpbIM Cc1yxCaM - H3-3a cnieIxMH4HqeCKoA npHpoA MXoT1AeAeHH.. TaKHe MCKJIIO'qCHH B pa3mepe H/HAM cpoKe noraiieeHAs KpeAHTHofiycnyrR o6bmHo pacnpocrpaHAIoTcJq AmHb Ha cAyxCa=Ix cpezAHero YPOBHS B TaKHXCCyAHLX KaTeropHSX, KaK HeABKMMOCTb, KpeAKTOBaHHC TOBapHbIX napTmr,4,HHaHCHPOBaHeC o6opyAOBaHHI H T.A.

189. IIBOAHas riOrHcb 0o6LqHO Heo6XoAHMa, Korga pa3Mep H/HAM CPOKnorauleHHS ccyAbi npnBiuaeT KpeJAHTIHbi HMMiT cAyxcalucro, Bbuaioiiero KpeAHTH omeqaiomiero 3a Hero. rIpaKTiKa MHOXCecTBeHHoH nOAfHCH, Heo6xo,HMofi AimAaHHOA KpeAHTHofi ycnyrH, paarHqHa B pa3HLX 6aHKax. 061UHMH AnM BCCXSIBJISIJOTCS1 cneAyioiixe nyHKTI:

(a) YBenHMeHHe lqHcna Heo6xoAHMux noAnHceM C yBeAHqeHHeM pa3mepa ycAyr,IpHlqCM KaJAaSI roZnHcb ABJmeTcS yrBep)AeHHCM cAyxCaM 6oneeBMICOKOrO ypOBHg C 60nbIUHMm npaBOMOqHSMM BHVTpH OlHOrO H Toro xeoTieneHH. HAM osi'ena.

(b) To .xe, tro H B UPCAbAYIeM HYHKTH BbUnC, HO CBbIC AaHHoro pa3MepaKpeAHTa, Tpe6yeT - AonoAHMTJebHoro y= peHHS flpeDicTaBHTeCJeMKDeiiHTHorO xoMNTeTa.

190. KpemTHmbe KoMHTeTbI COCTOT M3 oiibrrHbIx cAryxaK x 6aHKa (o6bmqHo6bIBmMX KpeAHTHbDx cAyxKaix). TaKHe KOMMTCrh CO3AaIOTCS1 CleIUanAbHO A[ISToro, qTo6bU BbiCKa3bIBaTh, cpeArH npOtHX, He3aBHcHMbNe CycyxAeHHH, KacaioIecSflpejIoxKeHHi no KpeACTaM CBshwe onpeAeAcHHbJx JHMHTOB (pa3MCpOB, CpOKOBnoraiueHH.q) HJIH C HeO6mqHbIMH ycAoBHsqMM. B HeKOTOphIX 6aHKax 3Ty 4'yHKixHOBInO.HuICT oTgenf KpeAHTHOri nOIHTHKM.

191. CqMTaCTCI, trTO MHOxCcTBeHHaS noAriOcCb iioMoraeT cOKpaTHTb Ho3sBeHHeOIIIH6OK B pCIICeHMSx 0 BwAaqe KpeAHTOB. TaKoe MHCHHCe fioKpAenUSLeTcSHcnOlb3OBaHHeHM CHCTeMbI KpeCHTHbX KOMHTCTOB, qAeHbN KOTOPb[X npeACTasB]OTKOMIIAeKCHYIO KpeZHTHYIO 3KCnCpTH3y Bcero 6aHKa. flOTrHUUaALHbIM HeAOCTaTKOMILUpOKOrO HCrIOAIL3OBaHHR CHCTeMLI KOMHTCTOB ABJSCTCS oTBseqeHHIe OlbITHMXCOTpyAHHKOB 6aHKa OT Ae3Trre3HoCTH no pa3BHTMio 6H3Heca B 6aHKe, a TaKxe'xpe3MepHOrO yBeJIHeHHeri nepHoAa BpCMeHH, Heo6xoARMmorO AmS 3aBepmeHHSnpouecca yrBepxceHHS KpeCATa.

192. KpeaumNax aoK MeNmau. KpeAHTHbie cAy)acHCe OTBeTCTBCHHLI 3arOiorOTOBKy cooTBeTCTByOWuefi KpeAHTHOfH AoKyMeHTaxHH H 3a CBOeBpeMeHHMCeH3MeHeHHSI B HeI. H4cKIOtCHHRS BKwIOtaoT:

(a) ECJIH KpeAHT OTHOCHTCS K KaTerOpHH "oco6oro BHHMaHHql (HanpHMep, BcAytae o6ecnOKoeHHOCTH 3a KpeIMTocrioco 6 HOCTB KcmHeHTa), m3MeHeHHS

AOJDKH{ npHHHMaTbcq rnasBHLMH Kpe,HTHLIMH CyxaICaMMH HIHMKpeWTHblIMH KOMHTCTaMH.

(b) 13MeHeHHqI B AOKyMeHTaIUMH HUm ApyrMx TpC6oBaHHR KpeCHTHOrOjroroBopa Tpe6yloT yrBep)AeHHA Kpe,MTHoro cryxKaWiero nmC

58

nHcbMeHHoro cornacHs riiaBHoro KpeTHoro cnyxcaulero H/Hjla MHHcTpacHH ccyiHoro oc,Aena 6aHKa.

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

(a) Ilo,1roTOBHTb MeMopauHMM oueHKH vcyMa I H 3UIOnIHHTb imrCT OI eHKHYYMlH, KOTOpbil coACp)KT corinacHe oTejia KpeIUTHoro aHaim3a.

(b) Y6We,mbci, trro KpeHTHas ycCyra He rpeBbmaeT o6iuero npeAejiaKpeXIHTOBaHHS KJ[HeHTa, a Taixce o6uie6aHKoBcKoro AHMHTa KpeCHTOBaHHSno KaJLOfi KaTerOpHH Kpe,HTa.

II. OTAien KpeAmThoro a Han3a

194. XOTR OH H He AB1merTCq qaCTbiO Pa3nIfHbDX OTrrejCOB, 3aHHMaioIUHXCABOripOCaMH CCy,, oTrreA KpeATHOrO aHaH3a H ero ,Ae5TCebHOCTb KOOpAHHHpyCT HrIO,AepXKHBaeT Becb npoiLecc Kpe=WTOBaHHS. rlyreM pa3feineHmsI ccyHoiA4yHKgHHH H KpeCHTHoro aHaim3a, ccyaHbe OTACreTi MOIry iCeIHKOMCKOHileHTpHPOBaTbcR Ha pa3BHTHH cBoeH HenocpeAcTBeHHoIi AerTeJebHocTH. B TOxe BpeMsi, pa31enAeHHe ,AByx OTrreAOB cnoco6cTByeT 6o0ee BbICOKOMY ypOBHIOo6bCKTHBHOCTH Kpe1HTHOrO aHaAH3a H 6onece ocTopoxaomy npoixeccy yrBepxAeHHuKpeAHTa, qeM ecJT 6bI KpeAHTHIe H cCy,Hie 4)YHKIHH 6bLH o6eAHHeHHLIe BOAHOM oT,leAe.

195. O6.q3aHHocM oTvena Kpe,HTHOrO aHaJIH3a o6LlIHO BKIOqaiOT:

(a) C6op 4 HHaHCOBOM HH4OpMaxHH o KAHeHTaX H IlepCrIeKTHBHbIX3aeMIXHKaX (o6bMIHO o10 npocb6e KpeJHTHMX cnyxcaiux);

(b) AHaniH3 4)HHaHCOBOR oTxCTHOCTH npreTeH,CHTOB Ha ccyzy, a TaKieeKero,uHyio rIpOBepKY Cy1eCTBYIOUX KMICHTOB;

(c) OpraHH3aljHs H nIo,roToBKa oTqcToB o6 ysBepx4eHHH Kpe,HTOB H ,ApyroiiHH4)opMalHH, Heo6xo,HmoPkIJUI npoilecca yTBepxcAeHHI Kpe,HTOB;

(d) OpraHH3ailsH co6paHHfl KpceHTHoro KoMHTeTa H perHcrpaIlsH eropcimeHHAk;

(e) BeCeHHe KapToTeKH no KpeCjuTaM KiHeHTOB;

(f) OTBeTI Ha 3anpocEa no KPCeHTaM H3 ,pyrHx 6aHKOB H ApyrHe 3aKoHHbIeHe6aHKOBcKHe 3anpOcbI.

196. KpeaHTHLIfl oT're COCTOHT H3 KpelHTHHbx aHaMHTHKOB, Yacro cpeA HHXHaXO,5ITCq Kpe,HTHbIe cAyxKauHe-cTaxKepbi, xwro s[seTcH wacmio HX o6meMyqe6HOR nporpaMMbI. MeHeApKcep o61,qHo OTqHTbIBaeTcq riepe, rJaIBHbIM,ROJDKHOCTHbIM AHiLOM 6aHKa, OTBCqaiOLUHM 3a Bce cCyAHbic onepagHH 6aHKa.

59

197. O6paTTe BHHMaHHe: B He6oJmINx 6aHxax H B HeKOTOPbX KOHTOPaX6aHKOBCKRX 43HAHaAOB, 4)yHKiHi4 KpeHTHOrO aHaJn3a riOjiHOCTIO 06ie.zHHeHb cccyzHoR 4)yHKuHei, rqTO O3HaqaeT, qTO KpeAHTHMii aHaJN3 BXOAHT B o6sI3aHHocmKpeA,THux cnyxauuHx. B 6omumx 6aHKax 4iyHNHs KpcAmTHOrO aHani3a MOxCT6wTm a6colomTHo oTrreeHa OT cCyAHoNi C T-M, xrro6m o6ecneqHm nonmyOaBTOHOM1IO nyref aoCTrHxeHHs pemeHHdk no KpeAWTaM. B TaxHx yqpe=eHHqmbyHKtHSi KpeAHTHOrO aHaJIH3a MOXCOT BbOMHmiThCS B OTAejie KpCAHTHOfl nOjiHTHKHnpH yCJIOBHH, 'ITO Ioc) eAHHfl HMCeT npaBo 3anpeiuaTb yrBepxK eHNe 6onLbumxKPCAHTOB H qBSTbCSI oTBeTCTB=eHHM 3a ccyAHyio roAHTHKy H ee IIpCTBOpeHHC BXN3HB b.

III. OrTAen CCyAHlix onepawui

198. 06.q3aHHoCM 3TOrO BTOpOrO H3 OTHOCMIUNMCq K CCyAaM OTrAeiOB 6aHKaHOCRT cyry6o aiM4HHHCTpaTHBHbdi xapaicep H BKyjOaIOT:

(a) lIoArcrroBKy, perCcTpaiUxIO, -coAepxaHHe H riepRoAH'ecKyMo IpOBCpKy BCeCOCHOBHON .OKyMeHTaIuHN OTHOCeIUCNCS K CCyAHlIM onepaiHqsM 6aHKa,BK]MO.SIa XpaHeHHe OpNHrHaAOB Bcex.H3BeixCHHNN, AOrOBOpOB,.3anJIrOBbMpafcnHcOK, rapaHTNiN H T;. - -.A.

(b) rIOAUepxcaHHe iOpHNAHeCKHX npaB 6aHKa Ha 3anor nyreM perCCTpaUNHHTpe6oBaHNN K .3aeMIgKy H nepeAawN co6cTBeHHocTH 3aeMDINKa;

(c) PerHcrpa1XHIo CCYA B 6aHKOBcKHx 6yXraiTCepcKHx KHar2X, noAQrOTaBnHBaSnpOBOAUKH KaK Aim 4)fHalIOB, TaK H AU o6iuef 6yxrwrrepcKofi KHNrN;

(d) BMcTaBieHHe CqeTOB KieHHToB no npoixeHTHJM nIIaTcXaM, B3HocaM,KOMHCCHSIM H o6IUxM c6opaM;

(e) OTqeT o 6aHKpoxcmBe KnHeHTa KpeAHTbiM CnyXCaHM, a TaKKeCnpeACynpexAeHHe nocnjieHHx o npH6jmIaaIoHieMcs NcTeqeHHH CpOKOBKpeAHTHorO corAaImeHH3i, AoroBopa, ccyA1Horo pzoroBopa H BCOA zlpyroftAOKyMeHTaUHH C HCTCKaIOWiHM CpOKOM zcmcTBRs (31y cnexH4IHq'ecKyO4DyHKuNio MOxKCT BbInOjHSTh H KpCpHm orjen).

199. Cayxcauwe, 3aHHMaIo=IxcS1 CCyHLEMH onepailHnsM, AoniuHm 6brMnOJIHOCThIO 03HaKOMjiCHmI c 6aHKoBcKoft ccyA;Hoi nO3NTHKKOi, OCo6cHHO CTpe6OBaHHSMH no 3anOnHeHHIo H BeACeHHIO AOKyMeHTaiHH H C MeToAaMHKpeIAHToBaHHs, BKnmoias npo1xCcc ysBepxA-cHHS cCYAI. XopoDIO OpraHH3oBaHHaScHCTeMa C qC=TKHM BCACHHCM BCe4 pormcHpaIH H 6yxraTCPHH HMCT pemuaiomee3Ha,qeHHe. YnpaBneHHe 3THM OTrACAOM B LCJIOM HO 3aBHCHT OT CCYRJlHIX OTMACJOB,npH ycjioBHH, 'ITO oTBCTCTBCHHEM 3a ccyAHbie OnepaINHH OTqHTbIBacTCS rnepeA

HpePcKTOpOM Bcex 6aHKOBCKMX onrepaxHi.

60

IV. KapToTeKa KpelAmTHom HHcIOpMaEmH (KKHI)

200. KKI qsBj[eTCq He AoKyMeHToM, a BHyrpeHHeH, XpOHOJIOrHqeCKO! HBceo6fbeMJnoIueH perHcTpal.Hel Bcex B3aHMOoTHOInlCHfi Mex(KLy 6aHKOM HKAHCHTOM 3TOrO 6aHKa. CoAepxaHHe KapTOTrKH o6M-qo BNXO1HT 3a paMKH ,HCTOKpeIIHTHbIX B3aHMOOTHOIueHHHl H 3aTparHBaeT permcTpaiHIO BCeX BHIOBIe5rTeJIbHOCTH MeC)Y KOHTopareHTaMH (KpoMe TpaCTOBBIX B3aHMOOTHoIIeHHfl).

Bceo6¶Iemwioiias rIpHpoAa TaKOfl KapTOTeKH Heo6xoZHMa =A onpeAeeieHHqpeHTa6CebHOCM HAH pHCKOBaHHOCTH COCTOSHHSI Bcero KOMnieKCaB3aHMooTHOIneHHfl. CoOepxaHHe ,K14, HOMHMO Bcero npoYero, AojicHoBKAIOqaTh:

(a) KonHH Bceil KOPPCcrIoHAeHIXHH Me)xcy KIHeHToM H 6aHKoM;

(b) Bce 3aIIHcH, iORrOToBseHHLe IIepCOHanjoM 6aHKa B KaqeCTBe ACTa2rbHOrOOTqeTa O CBOHX KoHTaKrax C KJITHeHToM;

(c) KoriHH Bcex nlHcbMeHHUTX Kpe,HTHbix aHaAH30B H yrBepxceHH14 ccy,z,rlOAr1OTOBAeHHUX cAyXcyalHMH 6aHKa, cozepxca e norrzHCHyrBepaBUIHX COTIpyHHKOB R, B cnyrae oTKa3a Ha nlpocb6y o ccyje,rIpHqHHH 3TOrO OTKa3a;

(d) KoriHH Bcex AorOBOPOB H coriameHRHi, cornaiueHHfi o ccy,ax,orpaHHqeHHHl noJy'eHHSI HHBaJiiOThI H BCefi OCTrabHOfl AOKyMeHTaIHH,

oTHoc.qinefciC. K B3aHMOOTHOieCHHSM C KIHeHToM;

(e) KoIIHH aHaHIH30B npH6biHoCTH, OTHOCiUHXCS K B3aHMOOTHOmCHM.

201. KKII upeAcTaBnsIer co6o1r "cepwe" 3a,oKymeHTani3HpoBaHHux oTHoiiieHHAMC)KAy KJIHeHTOM H 6aHKoM. H13-3a CBoefi KOH4)HgeHijHaAbHOCTH AOCTryn6aHKOBCKHX CnyxIIalUHX K Kap-roTeKe orpaHH'eH. KKH4 o6uqHO HaXO,SITCSq B CCKIHHKpe,HTHOrO aHaJIH3a Kpe,ITHOrO oTrCeia, H KpeARTHie cAryxaiEe Moryr noJyqHTBK Hell XOCTyII no npocb6e H Aim Ha,=nexcaiieM ue.im.

61

riaBa 8

KiaCCK4{HKaiUR KpeJ4rrOB, pe3epB Ha noKpuLTme y6bnxoii OTKpexlTOB H ynpaneHite y61xaMMH

202. 9ToT pa3,eAj fporpaMMBI 3aTparRBaeT npemecT, KOTOpEIi Haxo,HTcq ioA

IIOCTOAHHLIM Ha830pOM H BHHMaHHMe- meHefMeHTa 6aHKa, 6aHKOBcKHx aYAHTOPOBH 04)HIHaAbHux areHCTB HO Ha,3opy: o6HapyMceHHe, perHcTpaLHR H ynpaHneHHernpofteMHumiK" KpeA,wTaMH. lpo6nemHbui KpelIAT oxBaTiaBaeT IHpOKy1O

KaTerOpHIO Kpe,lTOB c ozHofo o6iedi 'epTok: noraieHHe upoueHToB HI

OCHOBHOR CYMMbI B COOTBCTCTBHH C yCJIOBHRIMH KpeuHTHoro AoroBopa wemTCi

coMHHTCjihHMM AH6O nepecTaRo IHpOHCXOAHTb.

203. Cepbe3HOCTm 3TOuI CHTyAaIHH Aim OTTCjbHOrO 6aHKa H 6aHKOBCKOR CHCTeMBI

CTpaHbi 6bu1a AoKa3aHa HeoHoKpaTHO B TeCeHHe nocneAHHx nieT KaK B pa3BHThx,

TaK H B pa3BiHBaIOuxHXCSi cTpaHax. 9To nocTosmiias npo6.neMa, B KOTOpOfi C

TeCIeHHeM BpeMeHH H3MeH3ICTCSI TOJEbKO CTCenCHb CCpbe3HOCTM. aBe npwuHH TaKoro

o6ocTpeHHoro BHHMaHHq, KoTopoe eft yAejmeTc3i: BbICOKHfI "JieBepeApW"

6OAbIL6UHHcTBa KoMMepqecKHx 6aHKoB (HanpHmep, no cpaBHCHHIO c

IIpOMbU1LeICHHbIMH 4HpMaMH) H BbICOKaS cTeneHb HeCTa6HJbHoCT-H naCCHBOB, T.e.

6a3bu 4HHaHCHpOBaHHS. CieACTBHeM 3TorO IBwSeTC3I BbICOKa. YS3BHMOCTb 6aHKoB

K co6brHmqM Ha pbIHKe, BbI3BaHHIaIM YXYAMIIHHCM KaqeCTBa HX pHCKOBaHHNXaKTHBOB, B 'lacTHOCTo , KpeAmmoro nopTreiAs.

204. KaK 6aHKH, TaK H opraHbI HaA3opa CTpeMSTcsi ymeHumBm yS33BHMoCTb:6aHKH nyrem nozigepxCaHHs OTHOCHTCThHO CHAbHOfl CTpyKTypbI KarHTaAa H 'epe3

344eKTHBHyIO CHCTeMy KpeAwmTHo noAHTHKH, npoxeAyp, H KOHTpOiSA; opraHS

HaA3opa o6bIYmo noAxep,HBaiOT BbICOKOpa3BHTYIO H, B O6uleM, 34OCKTHBHyIOCHCTCMY KOHTPOJLS H ayAHTa 6aHKoB cTpaHbI. KaK TrpTHN H nocineAHHN 4aicropCyIIuCcTByeT geHTpa3TbHbIN 6aHK Him CXOAHbi npaBHTeMbcTBeHHbdI HHCTHTyr,HCnOAHSIIOIIHIk 4)YHKIXHIO "KpeAHTopa noCJ.naIHeI HHCTaHUHH".

I. YaacCHu KKawuI KpewNThB

205. CHcTeMaTHWecKHiR MCTOA KOHTPOJLS 3a KaecrTBoM KpeumTHoro nopr4)ei

6aHKa COCTOHT B KAacCH4,HKaIIHH KpeNHTOB B 3aBHCHMOCTH OT TOrO, HaCKOJIbKO

3aeMrI4HK BbmOJIHAeT CpOKH H YCJIOBHS KpeA.HTHLEX AOrOBOpOB, B 'aCTHOCTH B TOM,

xrrO KacaeTcs o6cnyXcBaHHs Aorra. KYaccH4,HKaIXHS3 KpeAHTOB - NnN peMmHrNi -

KaK MbI yxce OTMeTIHA, qaCTO COcToBaSIIOTCS H nOAApXHBaioTC3 CaMHMH 6aHKaMH.KpoMe Toro, TepMHH "KjiaCCH4NHIHpoBaHHbIIf KpCeAT qacTo OTHOCHTCS3 K

O4)HIjHajibHof4 CHcTeMe KjiaCCH4MHKagHH, KOTOpyIO Hcno3Tb3yioT orpaHa HaA3opa.

OqeBHAHO, trro TaKHC CHCTMbr MCHUeOTCS OT CTpaHbI K arpaHe, a TaxKce qacTo

nrpeCMaTpHBaIOTC3I.

63

206. IIHu eDb iciaccu goamuu &peaumos

(a) CIIIA. 4)eAcpaimHas Pe3epBHas CHcTeMa (CDEA), ieHTpanbHu& i 6aHKCoeAzHeHHbix LUTaTOB, 1eOTCSq OAHHM H3 TpCX opraHoB Hag3opa. ApyrneABa - 3TO KoHmponep AeHexHoro o6paiemHHq, =A 6aHKoB,3aperHcTpHpoBaHHUX KaK HaiIHOHaIbHbIe, H cI)eCepaimHaS KOpriOpalmHS noCTpaXoBaHHIO ACH1O3MTOB l KoMMCpqCCKHX 6aHKoB, 3aCTpaXOBaHHb1XKopnopaflHeI. KpoMe Toro, 6aHKoBcKKe KOMHCCHH B Ka=oM uTaTCInpoBoAWIT ayAHTOpCKy10 nlpOBCpKy 6aHKoB, 3apCrHCTPHpOBaHHbIX B ZaHHoMulTaTC H 6aHKOB - He 'UIeHOB OPC. B 3THX Tpex 4)e epaAbHbix opraHaxCyUerCTByCT TeUETCEbHaS KOOpAHHailHq ayAHTOpCKOfi AOScArEbHOCTH.KgaCCHbHIUHpOBaHHbIC K pemT, n0 onpeCenAeHHIo (DPC, ACeSlTCS HaqemIpC KaTerOpHH:

(i) CieOUHaAbHo VIOMHHaeMbC KpRemTmi - onpeAemToTcs KaKfnoTeHINHaAbHo cna6Ie" (HanpHMcp, HoaAcKBaTHbiN KpeAHTHImfl

AOrOBOp, HamJ1He "OTKOHCHHq OT pa3yMHON KpC1HTHoAi npaKTHKH"H T.-);.

(ii) HecTaHAap3 - "iHaSJ B03MOXHOCTb y6bITKoB" 6aHKa, HaH tlOHeaIeKBaTHofl CHNbI 3aemmHlka";.

(iii) CoMHHNTe.bHme - C TOYKH 3peHHS B3bICKaHH1 H IiHAonYeHHS BCONCyMMLI qepe3 IHIKBHAaIHIO; BepoS1THoCT y6bITKOB YpC3BmlNaHOBbLICOKas;

(iv) Y6bnxH - He HMCIOT CTOHMOCTN.

KpoMe Toro, cyiecTByeT onpeZenjeHHe "nInoXoNl KOCeAH no3aKOHO-aaTeJbHbIM HODMaM, KOTOpOe BnlmOqaCT KpCARThI CnpocpoweHHmmH nnaTeCxaMH 6 MecCR1eB H 6o0ee, eCIH TOjibKO KpeAJfT He5smmercs xopoio o6ecneqeHHbmI H B npoxeCCC B3bIcKaHHS.

BaHKOBCKHe POBH3OPbI HMeIOT CBo6o[y 1AeCCTBHfl B HHTepnpeTaUNHHHMeIOWHXCSi 4aKTOB, KOfHeOCTBeHHLJX H KaqOCTBOHHLiX. B pe3ynjTaTe3TOrO He BCC B 1npOCPOeHHLIC H npo66ncMHbIc KpoAHThi aBToMaTHNecKHK7iaCCH4)HIHpyIOTCS1 (XOTRs, HCCOMHCHHO, TaKOe lIpOHCXOAHT C6obamHHCTBoM KpCAHTOB); B TO xe BpeMSq TeKyic e KpeAH, Moyr 6EiTbKAaCCi4?HixpOBaHbm.

CHcTeMa npoBepKH 6aHKoB B CIIIA, KaK 6o0MMHHCTBo CHCTeM BipOMmIbIACHHO pa3BHTUX 3ana,xHbI CTpaHaX, XOpOIlO OpraHK3oBaHa, HMeCT6o0AbmoiI onIbrr H o6ecneqeHa xopoIuo o6yYeHHblM KaipaMH.

(b) flojibua. B oTAqNHe cT CIIIA, cyllecTByiomaR B HOAIbUC CHcTeMa HeSIBJIWCTCSI XOpOMO OpraHH3oBaHHoft. KOHIxeniHH H onpe,enJIOHHs pHCKaHOBbI H ripoieAypLi ayAHTa TOflbKO pa3pa6aTbIBaIoTcs HJIH BHeApSOTCS.BoAee Toro, KoMMepqecKH eacTHme 6aHKN euze MOO,ioA H 6mCTpo paCTyr,HO CyIIxOCTByCT xopoiIIo OpraHH3OBaHHOfi CHCTCMEi BHOIe1HOrO H

64

BHyrpeHHerO ayARTa H KOHTpOJU. AHamnwrwecKHe cnoco6HocrH OInbIT

pCBH30POB orpaHHIqeHhI, a HX YHCAO He cooTBeTCTByCT o6feMynpeAcroqiueik pa6ouI. OAHaKO, H 6aHKOBCKHfi ceKTop rOjbiH (qaCTHbie H

rocyAapCTBeHHIEe 6aHKH), H ripaBHTCjibCTBo iP43HaAH BaxKHOCTi CHubHOIf,

3AOpOBOfi H XOpOmO KOHTpOmipyCMOfi 6aHKOBCKOR CHCTeMbi H

npCenPHHSIH iuarH no YCYiLCHHIO CHTya1gHH.

B HIOHe 1991 roAa nOj[bCKHe 6aHKH 6bLIH BnepBbIe o6R3aHbl

K3¶aCCH4IHLJHpOBaTh CBOH KpeHThi H OTpa3HTh HX B eJeKBapTaj[bHOM

oT'leTe HaIHoHaabHoMy 6aHcy (HeKoropue Apyrme oTqemi

npeAcTraBOTcSI 6nee acToj. O6bmqiax KnaCcH4HKaIHAs cAeJeyiohias:

(i) 06biqHbie cqeTa - KaK nOKa3biBaCT Ha3BaHHe, HCT OtiBHAHbIX H

Cepbe3HbIX npo6neM;

(ii) HenoraiuemHbIe KpCemTmI - HeyAaqHbi4 nepeBoA c nO3lbCKOrO,

BKjIoqaeT Bce npo6AeMlmxe KpeAHTia, He BKJIOqeHHme B KaTerOPHH 3H 4;

(iii) rlpo6AeMm y KJTHCHTOB - flpoCpOqeHHbIe n1aTexH 6ojnee 3-x MecsIeB

(He Tpe6yeTcs HO peKoMeHAyeTcS co3ARaHHe pe3epBOB); Kor,alpocpO'eHbIMmH SmBuSOTCSq i3aTe 3a 6 MmCSIeC, KpeAHT AOjDKeH

6umbb iepeBeAeH B KaTCropHIo 4;

(iv) COMHHTeCJHbIe H CrOpHHEa KeHemrr - BCe KpeAHi KAHeHTaM-

6aHKpcrraM HAH B iipoiAecce B3bIcKaHHS (Tpe6yeTcsq co3aHHe

pe3epBOB).

143-3a IIHPOKO paCn1pOCTpaHCHHbIX TpyAHOCTref C 11OLYqCHHeM

HH4)OpMa1xHH B nIOACKHX 6aHKax, He BCe 6aHKm CMOrJH 17peACTaBHThHH4JopMaaHIO K Ha3HateHHoii AaTe - 30 HIOjUI 1991 roAa. CneAoBaTenLHo,

onbrr pa6oTm HOBOA CHCTeMbI oqeHE OTpbIBoqHbI, UH43¢pbI,ripeAOCTaBAeHHbIe 6aHKamH, MOryT He BcerAa 6bIM HaexcHbIMmH.

II. Pe3epB Ha IIOKpbrrHe y6bITKOB OT KpeAwOB

207. Bo MHorHx cAyqasix, opraHbI HaA3opa He npenIHCbIBaIOT KorAa H CKOAbKO

AOAJKeH 6aHK HaripaBl4Tb Ha co3AaHHc pC3epBOB, KorAa KpeHT CTaHOBHTCA

tKjiaCCH4)HlXpOBaHHbIM". PeBH3ophI B OT'cTaX MeHePKMeHTy 6aHKa AaioTpeKOMeHAaaiHH; ecCIH 6aHK HrHOpHpyeT 3TH peKOMCHAaixHH - KaK rIOKaxyrcieDymoWHe npOBepKH - DPC SICHO BbIpa3HT CBOe HeCOBOAbCTBO H HanpaBHT

"COBe-r" 6aHKy (r,ge 6yAeT CKa3aHo, tTo6M 6aHK HeMeCJeHHO cnHcaii "y6bTTKH"; ecCJH

6aHK Ao cHx nop He cAenain 3Toro).

208. KaK TOJIbKO yCTaHOBACH npo6jieMHmgI KpeAHT, pyKOBOACTBO 6aHKa AoHiDopaccMOTpeTB, KaK OAHH H3 B03MOXCHEX maroB, co3jaHHe pe3epBOB 11pOTHB

B03MOxKHb1X 6y,AyiHx y6blTKOB. PeIlmeHme 0 TOM, KorAa H KaKoHk pe3epB Ha,O

Co3AaBaTb, 3aBHCHT OT KOHCepBaTHBHOi4 H pa3yMHOfi npHpo.i 6aHKoBcKoro

65

MCHezKMCHTa (cTeneHb OCTOpOxKHOCTm MOrKCT MeHrTbCSI C TCeqHHeM BpeMCHH, B3aBHCHMOCTH, nOMHMO Bcero npoqero, OT "nom[THKH ripH6wLmf"!)

209. OTazebmHO OT "ynpaBueMblx" acCnKTOB nOmTrHKH CO3RaHHLi PC3ePBOB,pa3yMHoe PYKOBOCTBO AOJDKHO KaK MOXCHO 6onee ToqHo CiieOoBaTh 4nHAOC04oHHoUeHKH KaqecTBa H CTOHMOCTH KpoATHoro noppTr4Cen: pyKOBOMCTBO ,lOADKHO HMMCTTaKOM nOAXOJ B HHTCpecax aKWoHepOB, BKIaAIqHKOB, KpeAHTOPOB H HHBECTOPOB,KaK cyiIeCTByioUX, TaK H rIOTCHgHathHbNX. XOTSr B PIAC KpynHbJX 3anarHblx6aHKoB B nocnieAee BpeMSI H 6bm Co3maHKU HcOmamHHeI H NAOBOnbHO KPYIfHbICpe3epBbI - qacTo nocnc CMCHbl PyKOBoAcTBa - peryjlspHas, nepHo,wiecCKasnpoBepKa iKaqeCTa KpeATHoro flopT4)eIS H aAcKBaTHocTH pe3CpBOB, KoTOpaSBeAeT K CBOeBpeMeHHOMy co3AaHHio pC3epBOB, 3aIuHuacT penyraHiLIo 6aHKa HapbIHKe.

210. KaK H3MepmTb aAeKBaTHoCTm y6UTKOB no KpeAHTaM? Ilo,AxoA pyKoBoAmCTBaH3MCHACTC1 OT "Ayecf4 oucHKHN Ao npHMcHeHNS KonH'ecTBCHHUX MCTOAOB,BKmOqaSI KO344HJ.XHeHTbi, CpaBHHMLIe C Kico34OxH{eHTaMH ynpaBeHHNS PHCKOM.O,wH TaKOfi pacqeT nOKa3aH B rIpHJOxeCHHH 8.1.

211. B rIpHAoxcHHH 8.1, CpCAHHNA KO344HINHCHT cnHcaHHld OCHOBaH Ha onbrre6aHKa ABC, TaK Xce KaK H . B3BCIIICHHIC 4aKTopbI pgicKa, ripHMCHSCMbTC KPaIimum KaTcrOPHSM KiaCCH4fHUHpOBaHHwx xpCZArHOB. XOTS KO34*HgHeCHTbICiiCHaHHS H 4iaKTopbI pHCKa OTHOCkTCS B AaHHOM cAyqae K OTcrAbHOtk KaTCropHH, -MO)KHO HCCACeAOBaTh CBeACHHS no pHCKy pa3&nHHx oTpacJieA.

III. YnpaBJieHHe PO6rIeMHIMMH KPeAwTaMN

212. YnpanjieHHe y6brncKamH no KpeARTaM, im, 6onee TO'HO, npo6neMlmmmKpCAHTaMH, Tpe6yeT 3HaqHTenibHoro KO3IH4CcTBa BpoMeH H N paroueHHiX qacoBpa6omi onIbIroro nepcoHaira 6aHKa. CJIeAoBaTCeIHo, Ay'Jmas noAHTKa noynpaB.IeHHIo y6biTKaMH - 3TO H36eraTh Hx - KaK C TOqKH 3PCHHS npH6bInbHOCTH,TaK H C TO'qKH 3peHHq peIIyraUHH 6aHKa. HCT HHKaKOrO coMHCHHS, qTO CTONMOCTbroaepxaHH. 344eKTHBHOH KpCpeTHoNi rioATHK H npoueAyp, BKmOqasiOnbITHYIO KOMaHAy KpeANTHOrO aHalIH3a, CHCTCMY rIPOBCPKH Kpe,HTOB, H ceKuIIoKOHTpOJIS, 3HaqNHTeJHO MeHbfIe, 'qeM ynpaBseHHe npo6jieMHLJMH KpCAHTaMH Hy6bITKaMH, KOTOpbIe MoxKHo 6wno H36exCaTb.

213. YnpaBneHHe npo6nemHmm KpeArTaMH MOXcHO pa3ACAHTh Ha ABeB03MOXKHOCTH ,u KpeAHTyoWuero 6aHxa: pea6ftiHTaUlIo NH JNKBHauHIO. PexueHHeO TOM, KaKylO B03MOJKHOCTb HcnoJEE3oBaTh, o6WIqHO PNHHHMacTcH pyKOBOACTBOM,06bqHO 3IHiaMH N3 C4epbI KPCAHTHON noIHnTHK.

214. Pea6uaumaua. nlepBOHa'ajbHaSi npoBepKa CHTyaRNHH HpOBOARNTCRKpeAHTHbIM HHCneKTopoM, KOTOpbIN nepBoHaqaJTbHO OTsBC'la 3a BbIAa'Y KpeAHTa.Pe3yjnTaTmI 3TOf4 npOBepKH, BKmJOa51 T=aTe3BHbA H CBOeBpeMeHHbIH 4)HHaHCOBbIftalaJIH3 H o6cyxeHHe CHTyaINHH C 3aeMwaUKOM nOMOryT KpeATHOMY HHCneKTOPYpeiuHTb, ecTb nH 6a3a Aim pea6mrrTatHH: aAcKBaTHaq npoqHoCTh 4NHaHCOBoronOAOKeHHqS 3aeMJIHKa, CyeoCCTBYuOlWJ HJIH nOTeHIHtabHasI, H rOTOBHOCTb3aeMIUHKa CoTpyAHH'aT]b r1pI I plpN1HH 3aqaCrylO 6o0e3HeHHlX pemeHHii. 4ITO

66

.~~~~~-i--..... ... ,- -. - .- -..-- ... ...- -

KacaeCTc 6aHKa, KpeAHTHBIA HHCIICKTOp AOJxeH rOiy'HTh OT pyKOBOgCTBa nOMOUxh- B BHAe OIIbTHbIX COTpyAHHKOB -Aim peiueHHs npo6MeM pea6rnHTaLIHH (ecnH 6aHKHe HMeeT BO3M0)KHOCTH HCIIOJU3OBaTh CBOi lnepcOHaA, HO 3aHHTepeCOBaH B

CriaCeHHH KpCeXHTa H KJTHCHTa, OH MOKCT HlHBAIeTb KOMaHAy no peueHHiOripo66AeM, o6MHo 3a 3Hax1TJeIbHyio lrLaTy).

215. B upouecce pea6HrraiHI4 BHHMaHHe KoHueHTPHPYCTCqS Ha cTpyKType

6anaHca H cocTaBe AeHexKHoro fOTOKa. ApyrHMH CJIOBaMH, npOBepbTe nozpo6HoaKTHBMI H ycTaHOBHTe, KaKHe A 0ombi 6m AHKBHAHPOBazH mm, no MeHbieuiMepe, COKpai1eH1H B pa3Mepe, BO-BT,OplX, ocTaHOBHTC yXy=eHHe 4)HHaHCOBOrOlonIO)KeHHSI, IpHHS[B cTporHe MepbI KOHTpOJSL 3a pacxoAaMH. rIpHMepbTKOHKpCTHBJX AefiCTBH:

(a) 06OpOTHbIRr KanHlTai (ynyYIeiHHme 4)HHaHCOBOrO nOjioeHHsI):

(i) CoKpaTHmT HM JIHKBHRHPOBaTb H36bITOIHbIe 3anacbi CbIpbSA,noxIy4a6pHKaToB H rOToBogi npOXyKgHH; BBOCTH CHCTeMy KOHTPOJISI3a 3anacaMH.

(ii) YCKOPHTh B31maHMOH Ae6HTOPCKOA 3a,ojIDKeHHOCTH.

(iii) OTAOJKHTh niiaTexK no Kpe=TOPCKOfi 3aAojEKeHHocTH (npHBneqeHHe

K COTPYAHH1IeCTBY xApyrHX KpeAHTOPOB, BK)nOqaq rocy,apCTBelHmeIopraHH3aLxHH).

(b) 2IoiroCpOctHbie aKTHBbl:

(i) rlporaiiTe caMoAeT npe,ce,aTeiLq CoBeTa ,HpeiKTOpOB.

(ii) rlpoaafiTe HeHcnOmJT3yemoe H ycTapeBuee o6opyzoBaHie H 3aBOAI.ripoAaMiTe HC nIpHHOC5iHe rIpH6bub nIpOH3BOACTBeHHbie AHHHH,riOApa3AejieHH.S H T4. (ecIm HCT yBepeHHOCrH, qTO HX

434CKTHBHOCTb MOXHO ynyqumlb 6bIcrpo).

(c) CTpYKTYPa KanrTaJIa:

(i) HawrIfe AOnojiHHMTemHbdI aKUHOHepHbLI KanHTaJi OT HMCIeOHXCq

aKXHOHepOB HJM Ha1AHTe icUe o,ZHoro mja=ero napTHepa.

(ii) HatHTge KaH=A,1aTa R CfHIHHH HJIH noKynK4.

(iii) I43MeHHTe crpyKTypy 3aAoiKeHHOCTH KOMnaHHH, HanpHMep,y.WIHHHTh CpOKH, n1O31yxnTh JIbroTHmIil CpOK, O6MeHITh3aIojKeIHHOCTb Ha aKflHOHepHbIii KanHTaiA (3To MOXCT norpe6OBaTmy1J1[HHCHeHH HuH yBeAHqeHHqS KpeARTa).

(d) &pyEe:

(i) HafAHTe HOBbIC B03MOXCHOCTH Ha pbIHKe.

67

(ii) CoxpaHHTe H/HH H3MCHHTC CTpyKTypy BbmyCKaeMofi npOyKuHH.

216. 143 o63opa, nPHBeAeHHoro BfIIIe, CTaHOBHTCI oqeBHJHBIM, YTO3HaKHTeCAbHaSI pa6oia no pea6HTm'aI4HH Tpe6yeT, 'To6bi cyaecTBoBauIa peambHasHB03MOXIHOCTh ycnexa. EcJIH TaKO1l BepOSRTHOCTH HCT, TO IIPH HaHtHH AOCTaTOqHOrOo6ecneqeHH.q IIHKBHAaiSH smmemci eHHcTBeHHofli peajTHO4 aAbTepHaTHBOH.

217. JIg&AUa4Ug. AIbTCpHaTHBaMH npH iHKBHAaixHH OBimmTCI npoAaxa 4)HpMmB KaqecTBe zeRcTByIoiuNro npeCnpHRTHI HiH pa3JeAeHHe 4HpMU H npoAaxa noqacTHM. OCHOBHOfi 4)aKTop - pa3HHUa MeXKY BbpyqKOfi OT AByX OnepaIH-i.

218. JnIKBHAais, KaK H pea6vnrrawix - Aoporoe meponpIlprTe C TOYKH 3peHHRBpeMeHH, pacxola HNn nepcoHaAa, H 3aTpaT Ha iopHZAqecIKHe ycuyrN. KpoMe Toro,3TO nIocAeAHee IAefCTBHC, HecyuCe CKpmTOC IIpH3HaHHC 4)aKTa, YTo 6aHK coBepiumOIUH6Ky, rIpeAOCTaBHB KpeAHT HJH BOBpCMS He paCIno3HaB OnaCHOCTH H HenpeAnpHH.IB HcIpaBHTeJnbHW( Mep. B mo6oM ciyrae, npoBeAeHHe AHKBHAaUHH6H3Heca KnHeHTa B ilejiOM HC ynyqiacr peiyraIuIo 6aHKa.

68

IIpHaoKeHne 1.1

Permr KacecTBa Kpe,zHTa: HoMepHas CHcreMa

PekAmir Knaccn4mKamaw CocToRHHCe Ham oncaNHe

0 HeKniaccH4)HIX4- KpeAHrT eCUe He OiCHeH, T.e. HaXOAHTCI B npoileccepOBaHHBdI OixeHKH Him nepeoLxeHKH.

1 "rIpaiRm" 3aeMU4K C BbcOiai1IHM KpeApTH M pefiTHHrOM,H3BecTeH BeCjKoAeriH&M o6CAyXHBaHHeM Aojira,MOWHIL AeCHe2HIi nOTOK, InepBOKnaCCHb1H 3aAor;r 'pHB3IeKaTeEbHbie XapaKTpHCTrHKH 3afiMa (T.e.Ha3Ha'eHHe, CpOK, cxeMa norameiesH, oTpaciEb).

2 BEaTcoKoro 3aeM=K C XpOIIO M 43HHaHCOBIM rlo3[o)KeHHeM,KaqecTBa xopomauI KP TaSa rIpezUCTOPHS, coHJmiuI 3a[Or,

rlpHBjeKaTeCEbHme xapaKTepHCTN} 3afMa.

3 YAOBnJITBOp- 3aeM=K C npHCMejMieM 4)HHaHCOBIM nOjO)oeHHeMTejr,HNm4 (3TOT 3atiM MOKCT HHOrAa Tpe6oBaThb Aorio0HHTebHOro

BHHMaHH.q); XOpOIIO noramaJI AO3IM B HPOmLOM;

ripHeMAeMbmi 3aJIor; Bo3o6HoBwqeMmik HJ

peBOAlbBepHb KpeCHT.

4 flpeAejeHm Cna6MA 3aeMIEMK; HeAocTaToqHIA HJI HeaAeKBaTHbI3aJnor; KpeAHT CJIHMKOM BeCHK nO OTHOIICHHIO K

KanHTaJry 3aeMUiHKa; HeO6XOlAHMbI noCromiHmoBHHMaHHe H rapaHTHS.

5 Xyice Bo3BpalueHHe ,onira CoMHHTeJTbHo; CHTyaLIHS5,

.npflebHOrO Tpe6yionias creCIHaJIbHoi pa6arm no norameHHIoAo3ira; BbAeCjeH B KaTeropHio COMHHTeCJbHb]X rHHIIpoBeACHHH 6aHKoBcKoro HaA3opa.

6 flIorepH O6CJIYXHBaHHC Aonira He rpOH3BOAHTCq H rmaTexceik HeOxHaCTCi; He BKJOUeH B AeHCTBYIOuHH KpCAHTHLiHnopT4eim (Bo3Mozma qacTHqHaSI onraTa?)

69

HpIIIomeHHe 1.2

Pekrmr Ka'ecma Kpelwra: CHcreMa 6aiuIoB

A. HasHa-eHfe i CmMma Knennm Ba.n

1. Ha3HaYeHHe pa3yMHO H CyMMa nOAHOCThIO onpaBAaHa BO BCCX 20OTHOlHIHARX

2. Ha3HaqeHHe comHnTexi.Ho, cyMMa npuiemwema 15

3. Ha3HateHHe Hey6eAHTenmHo, cyMMa npo6neMaTHqHa 8

B. (DiHaHcoBoO noaoJeHRe nDereHneHmM Hg Kpe1a r .

1. OqeHb cHAbHOe TeKymOee H npec)k¢ee 4HaHCOBOC nOOXCCHHC, CiHuiMH 40H cTa6wHEmHI IlpHTOK cpe,cTB

2. Xopoiiee 4rNHaHCOBOC nOAO)KoHHe, CHABHhiM AeHCJKHbi1t nOTOK 30

3. rIpHeMAeMoe 4)HHaHCOBoe flOnoCoeHHe, HeycToPq1HB1iA ACeHexHb& norToK 20

4. HeBJICOKaSI npH6wim B npOam)OM, cJAa6A AeCHexbiO nOToK 10

5. HezaBHO MHOrO nOTepsU, AeHexaHN IIOTOK cna6IflN 4

C. 3anor

1. He HyxCeH 3anior HNi npe,CocTaB3ieTcq o6IIINpHmg AeHexH 3aAOr 30

2. 3HaqHTehmHbiA JHKBHHbIN 3anor 25

3. aOCTaTOqHUfi 3anior npHeMlleMON nHKBHAHocTH 20

4. )IocTaTOIqHbIi 3anor, HO orpaHHlqcHHofi AuHxBHoCTH 15

5. He,ZOcTaTO`IHbIi 3anor HeBiCOKOrO KaqeCTBa 8

6. HeT npHemniemoro 3aanora 2

70

IfIpioiieHHe 1.2 (nPOAOMIKeHHe)

D. CPOK U cxeMa norameHIU

1. KpaTKoCpOqHbIU, CaMo-.iHKBHAHpyIOXUACq, XOpOuMHU BTOpHqHLItU 30HCTOYHHK /

2. CpeAHiecpotmud, norametHH qaCTrInm, MO11'HbI ACeHeKHbi nOTOK 25

3. CpeAHecpoqHbkU, C norameHHeM OAHHM n miaTexoM, Aoiirocpotmuik C 20CpeCHHM AeHeXaMM aOTOKOM

4. ZoJ[rocpoqHbni, rloraiiaeMbLE no qacTqs, HeyBOepHHOCTb B 12nOCTyITHHAIX

5. gojirocpoqHimR, Ha3HaqeHHe COMHHTeAbHO, BTOpHqHL1X HCTOqHHKOB HOT 5

E. KpelnfmaJ HH&POMaM Ha 3aeME=Ka

1. BernHKOJInHble OTHOImeHHS B rIpOMOM C 3aCMiuHKOM 25

2. XopolnHe KpeAHTHme OT3IBbI H3 HaCexHuX HCTO!IHHKOB 20

3. OrpaHRqeHHie OT3MBi, HOT HOraTHBHOfi HH4)OpMaIIHH 15

4. HeT OT3bIBOB 9

5. He6naronpHmmue OT3biB 0

F. B3aHMOOTHOmeHHR C 3aeMmHKOM

1. CyIeCTByloT nOCTrOIHHLIe BrroAHbic OTHOiueHHq 10

2. CyiueCTBYIOT rIOCPeACTBeHHbIC OTHOIOeHHSI HJH HHKaKHX 4

3. BaHK HeCeT nO'rCPH Ha orHoieHmsx C 3aCMDUHKOM 2

71

lpio]KeHHe 1.2 (upozAoMKeHHe)

G. HeHa K=ewmTa

1. Bme o6wmoro = TaKoro KaqecTBa KpeAiTa 8

2. B COOTBCTCTBHH C KaqeCTBOM KpejwTa 5

3. HiKe o6 orqHoro J5 TaKOrO KaqecrBa KpeHTa 0

Peirrirn KpemWra Ha OCHose o6mefl CVMMbl auioBaM

I. HaHxIqIymi i . 163-140

II. BmICOKOrO KaqCcTBa 139-118

III.YoBnemTBopHTwenbHm 117-85

IV. rlpeAcnmHLdA 84-65

V. Xyxce iipeAJILHoro 64 - H HFHKe

72

HIpHioJKeHHe 1.3

Pek r KatIecTBa KpeaiFTa: AHamIH3 43HHaHCOBUX KO044HUJHeHTOB

(4)hpM)

CyMMa M Ko34imweIT KnacC KLacc KC acc KAacc Kacc KnaccI II III IV V VI

06IUHIR KanHTa8I 500 150 85 50 25 -

MJIH. MJH. MJH. MAI. MnH.

Ko3grHuHeHT TeKyiueM 2.00 2.00 2.00 1.50 1.50 1.25AHKBH,HOCTH

0.25 0.33 0.35 0.45 0.50 0.60JiojirocpoqHasl3aAojIxeHHocis/KaIIHTanH33aiiHS

Aoirrocpommas 0.66 1.00 1.00 1.25 1.75 2.003a,IoJDKCHHOCTh/

aKixHOHepHMIg KanIHTan

rlpeAHajioroBoe rioKpbrrHe 7.00 5.00 5.00 4.00 3.00 2.00npOIJeHTOB

)reHexHbrn rOTOK/ 0.75 0.30 0.25 0.2 0.2 0.15AoJIrocpo'rHasl

3afojixeHHOCTb

AojirocpowHaq 0.50 0.70 0.80 1.00 1.50 1.503azoADKeHHocTh/HeTro-OCHOBHbie aKTHBbI

Herro-o6opoTHbi4k 1.00 0.80 0.80 0.75 0.50 0.40KanHTaA/Ao3irocpoqHas3afojDKeHHOCT.

73

HlpIuioweHme 1.4

OrmicaHHe K.naccoB PeITmma KYmeHToB (cIPHpMM)

Knacc 1: KnxeHThl Bbicoqafmero KaqOcTBa. AOllYCK K alIJTOpHaTHBHOMY

4HHaHCHPOBaHHio o6ecneqeH npaKTH'OcKH rlpH mo6ux 3KOHOMHIOCKHXyCJIOBHSX. )eHe)KHHt4 nOToK cTa6HneH H/HAH o6mpeH B 3aBHCHMOCTHoT o6sI3aToemCm H ,paCXOAOB Ha ripO1eHThi. EaAaHC HMeeTKOHCOpBaTHBHLIM, "3iepaxK" rpeAocTaBJieT 3HaqwTO3hHYIO 3aIumTyaKTHBOB.

Knacc 2: KnHeHTbI BscoKorO KaqecTBa. J;OcTyri Ha aniTepHaTHBHUe 4)HHaHCOBbIpmKHi nmm cnerica 6onee orpaHHleH, qem y KmieHToB I-ro Kniacca.aeHe)KHEIM IIOTOK H nOKpMTrm IIpOIXOHTOB 3HaqHTOlIhHE B OTHOineHHH

K o6fl3aTe3cmmaM H pacxoAaM Ha rpOipoHTh

Knacc 3: KAHeHThI bmwe cpeAHero kaqecma. JAOCTYII Ha anbTOpHaTHBHbie4HHaHCOBLIe pbIHKH -MOXICT 6bim orpaHHqeH B niepHOAB.I3KOHoMHqeCKORi HecTa6HIbHoCH. JAeHexEiLX rOTOK H IinOKpITHerIpoleHTOB 3HaqHfeoJbHW, HO MOM, '6bim CHiHKemH. B I1epHOA13KOHoMHqecKOro criaAa.

Kiacc 4: KAHeHThi cpeAHero KaqecTBa. ;ocTyf K abTOepHaTHBHbIM 4)HHaHCOBbIM

pbiHKaM B03MOXCOH TOAbKO B 6inaronpHsrmHbi 3KOHOMHqCCKHO nepHOAM.JaeHemHulft nIOroK H noKpbrrHe npOixeHTOB a,eKBaTHR; TOM He MeHee,3aiuHTa aKTHBOB H A1OXOAROB MOxOeT 6bITb ocna6lreHa B riepHO,3KOHoMHqeCKOrO CnaAa.

Knacc 5: KYreHTbi HIDKe cpeAHero ypOBHs. JAocTyn K a3bTOpHaTHBHbIM

4)HHaHCOBbLIM pubHKaM orpaHHqeH AIaxce npH 6naronpripHTHx3KOHoMHIecKHx yCJIoBHAx. )AcHexHbE nOTOK H rpaHHIxbi nOKypbrHI BUeOOM IIpHOMIOMbE, HO nIOABepXeHbI 3HaqHTOAbHbM KOAI6aHHIM, 'iToMoxKOT orpaHHZqTb B03MOXcHOCTH o6CJyBaHHs AoAra.

Kiacc 6: KAHeHTh c rioBbmIeHHbIM sJIOMeHTOM pHcKa. Bo mHorix c1y'aAxBO3BpaT AoAnoB 6yAeT, qaCTHIqHo, CBqI3aH C lHKBBHAa1UtHe4IHKCHpOBaHHux aKTHBOB. AeHOXHbIA nIOTOK, nOKpbITm np1OuHTOB H

3alUHTa arKTHBOB OrpaHHqeHHbl. KpeAHIT 6yAOT B OCHOBHOMIlpe!OCTTaBARTbCS Ha o6oecleqeHHOfi OCHOBO. MaCTO 3TO HOBbIe HJipa3BHBaioiuHecSI ripenpHASTHq.

KAacc P: KAHeHTi c riVioxHM KaOecTBoM KpeOHTa

74

flpHjoxKeHHe 1.5

PermHrn KaxecTBa Kpe,ina: AHaJM3 DHHaHCOBhIX

Ko344HuHeHTOB (BaHK )

100 MUIIIOHOB Ha 1 MJI1IAHapZ AenO3KTOB

Ko3IXIHWIeHT (%) KLacc I KAiacc II Knacc III KLacc IV Knacc V Kaacc VI

| Ioxoo (6e3 1.0 .94 .88 .75 .66 .62IIOJyqCHHOrO OTC|AcenoK c UCHHbIMH

6yMaraMH)/ BceroaKTHBM

AoxoA (6e3 13.2 12.2 11.2 10.2 9.2 8.2riQ0IeOHHOO OTCAenIOK C 1XCHHIMMH

6ymaraMH)/aKuHOHepHbIMKanfHTaJI

AKIXHOHepHbI]k 8.0 7.5 6.5 6.0 5.50 5.0KanHTaJi/BceroaKTIHBbI

Pe3epBbI npOTHB 1.15 1.05 .95 .80 .72 .60noTepb noKpe.IITaM/o6IUaslCyMMa KpeAHTOB

HeTro-AOXOr OT 4.6 4.3 4.0 3.7 3.4 3.2riOpuHTOB/aKTHBbI,

npIHHOCSIHCe AoxoA

HeTro-CnHcaHHA .18 .23 .30 .37 .48 .556C3HaAe)KHbiexAoJIroB/ o6rwasCyMMa KpeAHTOB

75

flpIwiIoeHHe 1.5 (npolAomKeHie)

100 MHJIJIOHOB Ha H M JmIHapA AenlO3KTOB

Herro-pacxoma, He 48.0 52.0 57.0 61.0 64.0 67.0CBSI3aHHbIC CBIIrmIaTOfnpOIXeHTOB/H=TrO-AOXOA 0yr rpoi1eHTOB

,JHBHAeH,CAB/J1oxoA 32.0 42.0 48.0 55.0 60.0 65.06e3 IIOJyqeHHOrO OTCAeAoK C ICHHLMH6yMaraMH

Heo6X0ZDMO npNHUMaTh BO BHHMauHe TaiOKe cjiemymxe Ko0ubmeHTei:pe3epBbI no Kpe1[HTaM/HeTro-cnrcaHmS no KpeCJHTaM; KpeAHTEa/HToroaKTrBlI; HlpHHOCRIHCe npH6bDIb aKTmBmI/HToro aKIBI; KpeAETbI CHeHa'qCH1fieMbIMH npoLiCHTaMH/Bcero KpeAHTOB.

76

HJpiHowKeHHe 1.6

(DHHaHcOBme Ko344H eHTh: PefrnmnKomIaHHIcIHpMa Concrete Block and Supply Company

Ko34x(bHmmeHTw PeliTHHrl |Darmrecui'87 |DaKmrTecKH'91

HIoKa3aTeJmb TeKyIeR jmKBHAHOCH 1.25 1.23 0.65

AoArocpoIHasi 3aAoAxceHHocTh/ 0.60 2.19 oTcyr.KanHTanMH3agH.

XaoArocpowHasI 3aAomDKeHHocTb/ 2.00 2.19 o'rcyr.aKyuHOHepHbIi.KanHTaI-

H peAHaAoroBoe 2.00 1.43 oTcyr.riOKpITme rIpOlCHTOB

,TaeHexKHbA nOTOK /1AojrocpoqHas 0.15 0.12 OTCyr.3a840AXCHHOCTB

AojrrocpoqHasI 3aOAojDKeHHocTb /HeTro- 1.50 1.38 1.35OCHOBHbIC aKTHBLI

HeTTo-o6opoTHMA KaIIHTaA/ 0.40 0.37 oTcyr.AoJIrocpo'qHa3 3atOJDKeHHOCThb

1 PeITIHHIH B351Tb1 IlpHMCeHHTeCbHO K Kiiaccy 6 3aeMlUMKa, c yqcToM pa3MepOB 4

orpaHi,qeHHbX 4)HHaHCOBLIX B03MO)KHOCTCi Concrete Block and Supply Company(CM. IlpHJoxceHHe 1.3).

77

lIpwioxweHEe 2.1

HI3HeHHbI nHiK oTpacImI

O6ftM 'mcix npo,ax

32 -

16 -

4

2

0

CTiH, 1 CTa, 2 CTzmi 3 CrAmn 4 CraA 5flepBoHa- BMcrpoycKo- Pa3MepeH- Cra6Hm3a- CHmCxHiHeSaaibHOe pfflOuJHiCf HBIk pOCT IUHq H POCTa Hpa3BHTHC pOCT 3peJIOCTb cnaA

PLIUIMa

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

r1epeneqaTwBaeTcx c pa3pemelmN

78

IHpOjiWKeHHe 3.1

IlpHmeneHHe pecypcoB ,u Kpe,UrrOB: c6ajiaHcHpoBaHHoe HHec6ajTaHcHpoBaHHoe

CTaBKm no CiaTiBiCPOK KpeATaM bHHaHCHPO- Cnp3A

90 ,iHef 20% 15% 5%TeKcyuge

pLIHoHHbie CTaBKH180 AiHeir 25% 20% 5%

HIporHo3HpyeMbeCTaBKH (90 AHeOi 90 ArHi[ 17% 12% 5%oT cerOMIIHerO

AnbTePHaTHBHbie CTPaTerUH KpeADITOBaHH Ha 180 AiHeU:

(a) IIpHBa1eqb 3aeMHMe cpeAcCTa Ha 180 iHeik, cnp3A = 5%

(b) IIPHBrnetm 3aeMHbie cpeACTBa Ha 90 iHeRi, BO3o6HoBAeHHe qepe3 90 RHeik:CIIp3A = 1/2 (10% + 13%) = 11 1/2%

* BmpaxCHO B rOAOBuX rpoierHTax

79

IIpHio]KeHHe 3.2

Pa3Hmw nlpoeHTHn x CTaBOK - KopriopaTHBHEe o64mmi cpa3JIrqHbn peHiTIiroM (CIlIA)

(B npO4eHwt)

1988 ,1989 1990 1991

AA/AAA .19-.30 .15-.27 .14-.29 .24-.33

A/AA .26-.34 .24-.30 .11-.32 .21-.29

Baa/A .42-.73 .37-.55 .39-.79. .38-.69

80

llpHioiieHHe 3.3

fIpiimep ynpaBieHHA "r3IIOM"

(He6ojIbIol ½nII" fpH H3KOII npo1teHTHofI cTaBKe)

AKTUDBM I06x3aTenbcTBa CUp3A Py6.nema, MapxCa(MJIH.)

C6a.naHcHpoBaHHbe C6aixaHcHpoBaHHue 2% 1.0rIO CpOKaM aKTHBbI - HO CPOKaM pecypcbi50 M.RH.py6. no, 15% 50 mim.py6. no, 13%

AKTHBbI c Pecypcu c 3% 6.0H3MeHOioiUefCSI H3MeHqioiixCeslcTaBKofi 200 MJIH.py 6. cTaBKofi 200no,a 16% MIH.py6. no, 13%

AKTHBIbl c CpexcTBa c 4% 8.0 "rn"H3MeHoiEiefkc.I 43HKCHPOBaHHOH

cTaBKOM 200 MjiH.py6. cTarKok 200non 16% MnH.py6. no, 12%

AKTHBBI c Cpe.cTBa c 4% 32.04HnKCHpOBaHHOH 4)HKCHpOBaHHOH

cTaBKoA 800 MIH.py6. cTaBKoz 800no, 16% maH.py6. noA 12%

Bcero:1250 MnH py6iieik 1250 mnH py6nef 3.76% 47.0

81

llpipIoieHHe 3.4

rIpHMep yIapawjieHi "r3rIOM"(6omiuofi "31I I1pH BMlCOKOIl ripoileHTHofr cTaBKe)

AKm. O6mameihcrma CUp3A Py6nenzw, Map]Ka(MqH.)

C6a.naHcHpoBaHHme C6anaHcHpoBaHHmle 2% 1.0rio CpOKaM aKTHBbI - no CpOKaM pecypcuL50 MRH.py6. no, 2096 50 mmi..py6. noA 18%

AKTHBI c Pecypcii c 3% 6.03MmHemogeCikcI M3MeHmomeftcS

cTaBKoM 200 MnH.py6. cTaBKoR 600noA 21% - mmi.py6. nop 18% ;

AKTHEB c CpeacTBa c 6% 36.0 "rrnt"H3MeHSlOeikcMCSI 4)KCHpOBaHHOrlcTaBKoM 600 MAH.py6. cTaBKoMk 600no, 21% mrnH.py6. no, 15%

AKXHBM c CpeAcTBa c 4% 16.04HKCCHPOBaHHOi4 4HKCHpOBaHHOficTaBKok 400 MAH.py6. cTaBKoM 400no, 19% mnm.py6. no, 15%

Bcero:1250 MJH py6nek 1250 Mmi1H py6aieA 4.72% 59.0

82

HpJoIKoeHHe 3.5

'IyBcTBHfeJHOCThb npOLeHTn x CTaBOKe MAfA aoAAapoe

qyBCTBHTCelbHOCTb Kopnopaquw Norwest u (bUA bl

IIOpieHTHbE CTaBOKCpeCHHe ocTaTKH Ha 8HUaHcoBhe iinCTpymeTh, CPOK nOrlme8H8 KOTOpLEx

leKa6pb 1991 r. npH6JnsaeTci, 8nm KOTOph1le nOAleXa&T nepeOueHKeB TeqeHMm 6 oT 6 MecHueB 1 - 3 3 - 5 nocne 5

MecsUeB Ao roAa roARa nIeT neT

KpeAHTma H JIH3HHr 9619 1524 4385 2001 2091

HHBeCTHWUM B iieHHLie 1744 2133 1427 964 45706yMarm

3aKnanHwe, yIepxaHHIe 2669 - - - -

, npoARam

flpos8e aKTRBui, 485 35 10IPHHocq=e AoxoA

rpowme aKrubI - - - 3734

Bcero aKTHBOB 14517 3692 5822 2965 10395

)Aerio3HTLI no KOTOpLIM He 1557 16 414 53 2948BMIUra'9HBaeTcsi npoueHT

AenO3HTMh nO KOTOpIM 11466 2486 3124 517 2152BM aHHBaeT poCueCHT

KpaTKocpoqHme 3aeMHIe 4077 1400 - - -

cpenCTBa

J4onrocpowNbIe 3aHMHme 248 423 1452 981 570cpenCTBa

fIpowHe o6s3aTejncTBa/ - - - 345 3162aKlCHOHepHLIR KanHTaJI

Bcero o6sx3aTenicTBa/ 17348 4325 4990 1896 8832aKUHIOHePHMlR KanIHTaI

F3n (aKUBLI - (2831) (633) 832 1069 1563[o6sl3aTenLcTBa +

aKUHOHepHLIr KanHRTan]

HaKormeHHLiiR r3n (2831) (3464) (2632) (1563)

r3n B ripOUCHTHOM (7.6%) (9.3%) (7.0%) (4.2%)oTHoIueHHH K CyMMeaKTHBOB

HcToqHHK: roZoBOAi oTeeT Norwest Corporation 3a 1991 r., cTp.28

83

flpimioxemxe 3.6

7 Iie IpOJieHTI CBOII Ha Cymmy 50 mjIH $

Ha3Ha'IeHFe: rIpezocTaBHTb Kopnopawm AB Kpe,1r Ha 7 neT no4rHKCHpOBaHHok cTaBKe HEKe pmIHOqHOfi.

Uzuzuum erux / BNVpOUDE. crc

6 ME 50milaW a rpuuiSou OR SAB czacr sepve 6yrw 7 ner n 4m=zPoMzoA CTin MBNa 9) WI $ z D c?m UaccsIWVcta LIcc (8.5X an

I 6-mecqNaEz cTas 6IccTa).15OP ->P

IIAB mnj%wT OT MB 6aCSwum cTaSKy AHOP (3.50). |V W 60ose vcm pcs cs n zMaeplscmi 6y. .

l l

L---.e AB masa MB 8.5% up1Dv. o np epiuo za 75 6a

r Cm= co6csMom ip 6 c *mzax - .m - - --CTs= 8.5% saas. c1DosaNDa

CTsn 8.5

84

IlpEzoxeHme 4.1

PHCK nepeBo,aa: HieKoTopbe 6a3oBme HpHeML xegxa4poBaH1I.

A. O maeTcE naneHse Kynca HaiIHOHaabHOIR BamoTbi.

(a) fIpoAaTb HaI. BaimOTy OpBapg (Bbl6paTb BTopyio BamOTy cAenmm);

(b) CoKpaTmTm 03HUHH B pmHOmX iXCHHMx 6yMarax, BipaXCeHHLX B

HaixHOHaAbHOH BBa=oTe, H COKpaTHTh o6seM HaAHqHoCTH;

(C) YCKOPmTB lonyreHme Ae6HTopcKofi 3aAonJKeHHOCTH B HaLIHOHaAbHOir

BamoTe;

(d) OTAoxcTH rioJIyqeHHe, HaqaTm HaKoniieHHe Ae6HTOpCKor 3a,goJKeHHoCTH

B HHBaIIOTe;

(e) OTjOKoTx niiaTexK no KpeCHTOPCKOHi 3aAo3nKeHHOCTH B HaIUHOHajThHori

BamoTe;

(f) YBeHqZHTh 3aHMCTBOBaHHe B HaiHOHajrbHof BaAOTe;

(g) YCKOPHTh H yBeJIHHTb HMnlOpT ripOAyKTOB 3a TBepAyiO BJMOTY

(HanpHMep,cmpbsl, nmOyca6pHKaToB HcnoHA3yCMLX B npoiyecce

rpOH3BoAcTBa)

(h) YCKOPHTb Bh1IIaTY BO3Harpaxc2eHHrl, 3aprIIaTm, AIHBHeH.oB H T-.A

HHOCTpaHHbiM aKIuHoHepaM, napTHepaM, KpC,eHTOPaM H T.A.

(i) rlociaTb cqeTa HMnOpTrpaM B HatxHOHa3IHOri Ba3iOTe H KCflOpTepaM B

HHBaAHOTe.

B. Omnaercn pOCT KVpca HaUKoHahHoII BanirO.

rIpOH3BeCTH AeicTBHi, o6paTHme H3JiOKCHHLIM B nyHKTCe A.

3aMeqaH4e: MHorHe H3 pCKOMeHAOBaHHbX B nyHcre A Aiei4CmHi oTHocsrrcs TaiKxe

K cAyqaio, Kor.a oxHaCTCS OCT p H43IRIXHH HauHOHa0jbHOfi4 BamIOTh.

85

HlpwioweHHe 4.2

5-jienmR BaJioTTHiil CBOII FFr/$

4d) FFr 400 mm (d) 80 mm S

(b)FFr I T $CIIHOP

I I

.~~~ \ HEOPc)

\ I I/(a) 400 mFFr . (o)AHBoPS

nemm xawapv . (c) 8% FFr Airbus Industries US AM6yma (FFr) Ce) 400 ii M: Frj (d) 80 mm

_ = OcHaCS sacm AOTa; = nr eme rnmmL

(a) Airbus Industries BsmTycKaeT KOMMcpqecKHx 6ymar Ha 5 JICT Ha cymmy 400 MAHFFr no cy6cHAHpoBaHHoif 4,HKcHpoBaHHok cTaBKc 8.0% B ro,.

(b) Airbus o6MeHKBacT 400 Mmi FFr Ha 80 mIm $ B BaHKc 4HIocy3si. Uemb -ripo4HHaHCHpoBaTb KoHTpaKT IcoKynIKH Ha yoCAoBHsx oTcpoqeHHorO Ha 5 eieTnAaTexca.

(c) BaHK HHuOCY3IJ BbmaIHBaeT nepRo,='ecKHe npoileHTRme riaTexc no 400MIH FFr (8.096), nonyreHmmi ar Airbus, KoTopmk nepeAaeT HX Bfaej[bLaMKOMMepqeCKHX 6yMar B d)paHu3cKHx 4)paHKax. OrHoBpeMeHHo, US AirBb=a,HBaeT npoieLHTHEie LhiaTeri Ino TaBao1ief4 AoAinapoBoS cTaBKOJII4BOP ino 80 MJIH $ Airbus, KOTOpEi[ B CBOIO oqepelh nepeAacT MX BaHiKyI4HAocygil.

(d) rIo HCTetleHHIO KoHTpaKTa CBOII, US Air Bbna'qHBaeT Aixbus 80 mllH $OCHOBHOH qaCTH Aom-a; Airbus, B CBOIO oqepe,b, o6MeHmBaCT 3TY CYMMY BBaHKe 14HAOCY3uI Ha 400 MAH FFr ("pacKpy'HBaeT" cBon).

(e) Airbus noramaerT BBMYCK KoMMopCecKHx 6ymar Ha 400 mmi FFr.

86

HlpIuwioeHIe 5.1

OrnHcaHHe perrHoB nomrrwiecKoro pHcKa.

PeizTHHr OncaHHePHCKa

PR- 1 PCK MajiOBePOSITeH B KpaTKO-, cpejHe H [O3rOCpOMHOMnepHo,ae. CHTyaLM5 B cTpaHe o'eHEm cTa6HjmHaSI H cyuecTByeTo'ieHm 6naronpHqrHoe oTHomeHHe K BbrmIaTe BHIemHero aojxra,KOTOpOe BpAI JIH H3MeHHfTcI.

PR-2 He npeaBHiTcA pHcKa B KpaTKO- H CpeAHeCpOYHOM nepHoze.JgOnrOCpO1HbMii PHCK TPYAHO OLICHHTh, HO nepcneKTHB]6 He,OTpHLaTeJIBHbIe. CyiecTByeT aOCTaTOHo BpemeHH xm

npe,CKa3aHM noJiHTH4ecKoro. pHcKa. IIonoJI re3mHoeoTHOuieHHe K BbIIaTe BHeuIHerO AoOira BpAIJI im H3MeHHiTCAI.

PR-3 PHCK ManOBepOSTeH B KpaTKO- H CpeCHeCpOmHOM fmaHe.)JoJIrocpO'IHbIe nepCneKTHBbI HeACHbIe, HO He OTpHUaTejiHbIe.Eiue AOCTaTO'qHO BpeMeHH, YTro6bI o6HapyxHn IIOJHTH'eCKHpHCK. OrHomJeHHe K BbIrmaTe BHeIIIHeIl 3a,Z0o31HHOCTHnoAXcHToJTeHOe, HO MOXCeT H3MeHHTbCSC.

PR-4 PHCK MafOBepOATeH B KpaTKO- H CpegHecpO'HOM nepHoae, HO HaJROJIrOcpO'IHbIr4 nepHOJ rIOTeHHUHaRJbHO OTpHUaTeIbHIi4.,aOCTaTO11HO BpMeeHH 2IA npeIcKa3aHHA cpexHecpo'qHoro pHcKa.OTHoiijeHHe K BIIbIJaTe BHeUIHerO Rojira MOXCeT H3MeHHThcS, HO,BepOAITHO, nO3HTHBHOe.

PR-5 PHCK MaJIOBepOA1TeH B KpaTKOCpO'HOM nepHoae, eCTb AOCTaTO'HOBpeMeHH 1 3aiwHThi. CpezHe- H 1OjirOcpO'HbIii TpeHA HeAceH,HO BeposTHo OpHiuaTejmHbiiR. OTHoIiUeHHe K BHeuIIHeri3a,IOJIeHHOCTH xapaKTepw3yeTcs He6JaronpHsITHbIM TpeHAOM.

PR-6 PHCK MajIOBepOSITeH B KpaTKOCpO'HOM HJIaHe, HO CJIIHIKOM MajIOBpeMeHH 2JISI 3aWHTbI. CpeaHe- H aojrOCpO'lHbIe rieCpneKTHBbI -OTpHLXaTeJIbHbIe. OTHOIIieHHe K BbIniiaTe BHeIUHerO aoJIracnOpHoe.

87

rIIpHIo]eHHe 5.1 (npoAomKeHHe)

PR-7 PHCK BepOATCH B KpaTKO- H CpeAHeCpO'HOM IDIaHe.JAO3TrOCpO'IHbIbi TpeHa nOKKa3mBaeT B03MOxHOe yJy'meHHe H3-3ariePeMeHbI riPaBHTenCJcTBa HJIH H3MeHeHHS oTHouieHHA KBHeiuHeUl 3aa0o3eHHOCTH.

PR-8 PHCK BO3MOxCeH B nofioe BpeMS. CTpaHbi c TaKHM peHmmroMo6bmIHo XapaKTrpH3yKOTCS1 o'eHb HeCTa6H.IbHofi nO3ioTmeCKOi4o6craHoBKok H/U/ O'leMH He6farOfpHSTHubM oTHoIueHIIeM KBbIIDaTe BHeemero zoanra.

PR-9 PHCK BlIOJIHe oripeaeJIeH. HeT HHKaKOVi B03MOXKHOCTH (HIH ecTbHe6oAbmiLas) cMeHbI npaBuwenmcTBa inm OTHOIIIeHHA K BHeIuHe}I3a,goJIDKeHHOCTH.

88

HpHiOKeHiHe 5.2

OmicaHHe pel4THrOB 3KOHOMHIeCKOrO pHicKa

PeikTHHr OnIcaHKepHcKa

ER-1 KpeHTOCcnOC06HOCTm C 3KOHOMHqCCKOR TOqKH 3 eHHI fipeKpaCHaq.3KOHOMHKa AHBepCH4MUHpOBaHa, 3AOpOBsa IIOmrHqeCKaXI H

HHCTHTyIXHOHaJbHaSI CTpyKTypa cUoco6Ha nOAloOp)HBaTh ionyoeHHe3HaqtHTeJTbHUX HHOCTpaHHNX 3ariMOB. CTpaHbI CqiTfaIOTCS BaXHOficocTaBHOH qaCTbIo MexyHapoXHoH 4)HHaHCOBOf cTa6HAbHocTH;AaJOT HaHMCHbiiHH pHCK I KpaTKo- H AOj[rOCpOiHuIX KpeZHTOB,T.K. HmeIoT OTj[HHyIO crioco6HocTm BbmnaTHTB 3aAoDKeHHOCTb.

BmnoqaeCT CaMbIe KpyflHLJe flpOMbflIU[eHHbIl CTpaHLI Co3HaqHTejibHuM BBrI, BbICOKHM BBrI Ha ,Ayuy HaceJ[eHHq, c xopouIoyripaBJsCMbIM HH4MSqILHOHHbIM 3KoHoMHecKCHM pOCTOM.

ER-2 CTpaHbi, AaioiiuHe oqeHb 6naronpH = ypoBeHb 3KoHoMWqeCKoro H4rHHaHCOBoro pHCKa C xopoHiek cCioco6HocThio noraiiieHs H ripH

OTCyrCTBHH npo6neMbi c o6cAyXHBaHmeM BHemHero Aomra. BKnioqaeTpa3BHThe ripOMbIIIeCHHbIe CTpaHbI, KOTOpbIe xapaKrepH3yWTCqcTa6HFBHbIM He4H4IASMHOHHbIM pOCTOM, HO 3KOHOMHKa KOTOpuX He

TaK AHBepcH4,HLKpoBaHa, KaK y OCHOBHbIX rpOMbIIIIeHHbIX CTpaH.

Moryr BKjlOlqaTh HOBbIC HHAyCTpHaEbHble CTpaHbI, KOTOphIm

pa3BHBaioTc5i ropa3Ro nyqI1ue, 'eM 3TO MOKHO 6urio npeAnonoxcHTb,OCHOBbIBaZSCb Ha 3Taie 3KoHoMHqecKoro pa3BHTHSI, Ha KOTOPOM OHH

HaXOA5rrCs.

ER-3 CrpaHbl HmeIoT yAoBAeTBopHTe[bHbIM 3KOHoMHqecKHH H4HHaHCOBbIM PHCK H o6AagaIoT aAeiKBaTHofi cnoco6HOcTbio noracwmAonr. I4MeCoT AiHTeCjbHbIe CTpyKTYPHbIe 3KoHoMWqecKHe ripO6eMbI,3KOHOMHKa He AwBepCH4)HLIHpOBaHa. Bojnee roABepxceHbiKojie6aHH.IM 3KOHOMHqeCKoro IXHKna. OCHOBHbIe npOMbHUIleHHbIe

CTpaHbI MOryT 6bITb BKmOqeHbI, ecAH nepeHBaIoT A1HTCAbHOe BpCMS

cepbe3HBie 3KOHoMWqecKHe npo6niemI. JIyq=e HH3 pa3BHBaIOiI=XCHcTpaH laCTO BKnmoqaIOTCs B 3TY KaTeropHiO. HeT H He OHaerCTCqnIpo6neM C o6cnyXiBaHHeM Aonira, HO 3aBHCHMOCTb OT HHOCTpaHHbIX

KpeCHTOB BbicoKa H3-3a qacixI ynIpaBIqeMbX AeC4)HIHTOB TeKyiIerO6aIraHca.

ER-4 CTpaHM HMCIOT fpHeMAeMbIH ypOBeHb 3KOHOMHqeCKOrO pHCKa, HOB03MOXHbI iTpO6iCMbI. OTHOCHTeCiHO BbICOKHR, HO HeCTa6HAbHbImk

pOCT, HHIMRIIHSA BbULe cpeAHefi, flOCTOSIHHbIe Ae.HIXHTLz TeKyUero

6a.naHca, 4PHHaHCHpYCMbIe 3a CIeT HHocTpaHHbIX KpeAHTOB.

rIpHeMineMas cinoco6HoCTb BbIriinaTHTb Aonr, HO YPOBeHb Aonra

OTHOCHTeCJbHO B6ICOKH{f. 3KOHOMHKa HeAOCTaTOwHO

AHBCpcHH4HILHpoBaHa H B03MOXKHbI BHyrpeHHHe nOTpICeHHS.

89

flpwioweiHHie 5.2 (npoAomKeHRe)

ER-5 Pa3BHBaIouwecs cTpaHbI, HaxoAa=ecs Ha riepeXO,HOM 3Tane OrrnepBH'IHOrO rIpOH3BOACTBa K OrpaHHqeHHOfi IIepepa6oTKe.Cnoco6HocTb norameisi ioHAra - MHHHMaZjiHo npHcMrueMaa, cPHCKOM HapyieCHHS rpa4jHKa flAaTexe1i. 3KOHOMHKa He6oAmbJas, cy3KoAi 6a3oii, H B 3Ha'1HTCebHOA CTenTHH pOCT 3aBHCHT OT ixeH HaTOBapbI, HIH OT CBSI3aHHOfi cTpaHbI iiHOT rpynnjbi cTpaH.3KOHOMH'IeCKKH pocr HeCTa6HAbHbI4, nOCTOsHHO BbICOKauHH;ILHS. Hai HOHajbHEIae HHCTHTYh, ripH3BaHHbIeMo6HAIH3oBbIBaThb c6epexcHHn, pa3BHTh HCAOCTaTOqHO H,CAIeAOBaTeAbHO, B 3Ha%TCAbHOM CTrIenHH cpaHa 3aBHCHT OTHHoCTpaHHbJX 3ai{MoB AUISl 4)HHaHCHpoBaHHq BpeMeHaMH3HaqHTeiAbHOrO zAe4rHuHTa TeKywero 6anaHca.

ER-6 CTpaHbI, CKxOHHWC K nepHoHqecKomy nlepeCMOTpy BHIuIHek3aAo.DKeHHocTH. Cnoco6HocTb noracHT 3aAoAXKeHHoCTm HHorAaCIOPHaSI. B OCHOBHOM cna6as 3KoHomHKa, o6bqHo nepBHNHOeIIpOH3BOACTBO, nOCTOSHHOe nXiioc pyKoBoArTBo, CTp.HamnpeAcTanmIoT. 3HaiHTeAbHbIN pHCK.. 3aBHcxNMaI OT HHOCTpaHHOArocyAapcTBeHHOA UOMOHnm .

ER-7 CTpaHbi C He6oAmbmok CIIOCo6HOCTbIO BbXIIaTHTh Aoxr, nOCTOSHHOHCnITbrIBaIoT CepbC3HbIC 4HHaHCOBbEC TpyAHoCTH. rlepO4AHqecKHenrpecMoTpbI yCJIOBHA norameHHs. 06Iqro crpaHIu - nepBNqHbierIPOH3BOAHTeCAH, rOBepKXeHbH BJIHSHHIO 3KOHoMHNecKHx Co6bITNN,BbIXOASI=X H3-nOA HX KOHTpOjI. BbIcoxHe YPOBHH BHemHCrO 4AoAra.POCT H Ae4HLUHT TecKyixero 6aJIaHca B OCHOBHOM C)HHaHCHNpyOTCu1 3acqer HHocTpaHHoi HOMOUH HMM 3afMoB. OqeHb cna6oe3KOHOMHNCCKOe ynpaBneHxe. Bepo5srHocTb HenoraieiHHq HimnepecoCTpa yCnOBHi KPCUflOB BbIcoKa.

ER-8 MaAeHbicHe CTpaHRI, niePBHbIHC ITPOH3BOAHTONIH, CHNbHO 3aBHCSIT OTHHOcTpaHHON4 roC6yAapCTBCHHOft rOMOm . KommepqecIae 6aHKIHMCIOT He3HaqHTeAbHbIe PHCKH H 6mIqHo cTpaHe He xBaTacTcnoco6HOCTH BbIaTNTb BHeIuHHm t Aonr. IIOCTOSHHO npOHCXOHTnepecmoTp H PC0HHaHCHPoBaHmC HHoCTpaHHorO Xonra.

ER-9 CTpamI-6aHKpomx. OTKa3 OT Br IiaTbI HHOCTpaHHOrO ARonra;HexeiIaHHe roraCHTh nIpOUIAylO 3aAOJIKeHHOCTh.

90

lIpmnoxeiEie 5.3

OmicaHHe peirTrHroB pi4cKa nepeBo,a

PemiTlHr OnmcaHiePHCKa

TR- 1 MHHHMaTH iTd PHCK 'AHKBHAHOCTM, He6ojibilaAI BeposrTHoCT

BBelreHHs BsMoTHhUX orpaHHeHHHi. Xopomee cocrosimme cMeAyHapOAHbIMH pe3epBaMH CTpaHbI, BHyEpeHHHe H BHelUHHe

YCJTOBHS rOBopsrr O POCTe H HH3KOR HH4laSIUHH.

TR-2 He6onmimof4 piHCK AHKBHAZiOCTH, He6o[blIIas BepOsROCTb BBeACHHI

BamoTHLiX orpaHHIeHHiH. AEAeKBaTHOCTm MexAyHapO,iX pe3epBOB

cTpaHN BBICOKa. B OCHOBHOM AHBepCH4NHIXHPOBaHHasI 3KOHOMHKa cpeAKHMH Kone6aHHAMH.

TR-3 AOnyCTHMLuR pHCK JIHKBHAHOCTH C HeKOTOpOH BepOSTHOCThIO

BBeeHHAS Ba=oTHorO KOHTPO3M HuH KOHTPOASI 3a ABHxCeHHeMKaIHTajiOB. MexyHapoAHIie aKTHBEI IpHeMIreMbI, HO HX pa3MepKOJIe6JIeTCI. 3KOHOMHKa HeAOCTaTOSHO UIHPOKO

AHBepCH4)HIXHpOBaHa, eCTh HHe?J[HOHHme TeHAeHMHH, B03MOKHM

lpO65IeMI C nAaTexHMw6aaHcoM.

TR-4 PHCK JHIKBHAHOCTH BbIIile cpeAHero, riepHOAHqeCKOe HCnOJIb3oBaHHeorpaHHqeHCHH no TeKyWHM oriepailHqM Him no ABseKeHHIO KanlHTaAa.

Mex,yHapoAHzie pe3epsB HCKe CpeAHHx. HecTa6urxHmi[3KOHOMHIqeCKHfi pOCT. 3KOHOMHKa C HH4)A3HeAC, HegOCTaTOqHO

1IHBepcH4)HIHpOBaHa, nOABepxeHa BJIHSIHIO BHCeHHx cHJi,

Ae4)HIHT ruiaTex:Horo 6aJraHca 4HHaHCHpYeTCS 3a cqeT

HHOCTpaHHL1X 3ariMoB.

TR-5 PHCK JIHKBHIAHOCTH TpC6yeT BHHMaHRSI MeHexKMeHTa. HeKoTopLue

BaIfiOTHbIe orpaHHq'eHH MOryT 3arIpeuiiaTm aKTHABBI B TBCpAOi

BaJHoTe. MexAyHapoAHx e pe3epBMl cTpaHbI ropa3o HmKce

fpHeMjieMnx CTaHAapTOB, KonCe6DoTcq. 9KOHoMH'ICKaS 6a3a

cia6as, 3KOHOMHKa noABepxceHa BJHHAHHIO BHeMHHX 4raKTOpOB.cTpaHa 3aBHCHT OT BHCeIHHX 3aiMOB Aim ¢RHaHCHpOBaHHS

Ae4THiIHTa TeKy1ero 6anaHca. rIlaTexc no o6CuyxcBaHHio

BHeIIIHerO oionra 6oubume H pacTyT.

91

flpIJoweEme 5.3 (upolomKeHHe)

TR-6 Iphyrre nDo6niemmI rinpeBOla H 3HamTC3bHbIC npo6.nCem c1IHKBH)HOCThIO He AaIOT B03MOXHOCTb cTpaHe nOraCHTm BHeUIHHeo6sl3aTenbcTBa. HaKonAc¶HH 3aAoDKeHHocTH, ee HanpaBleHHoepeC-rpyKHpOBaHHe, nepeCCMOTp CpOKOB. CTpaHa MOxCOTnoArepXcHBaTb o6c.nyxmaHBCe BHeCIHero zoAra TO)IbKO B pe3y1IbTaTeMep no aganTagHH, HanpHMep, no nporpamme MBcD. CTpaHa yxce6bLIa "KIaCCcH4,HLHpoBaHa", HO nocienIIe co66b co6cffyauBaHHeM zora noKa3bIBaIOT, wTO "K3IaCCH4JHKaiH" 6oabmmeHe no,IXOAxT.

TR-7 PHCK EbIme cpeAHero C HezOCTaTOqHHOri aKBHHoCThIo, xCTCnHeorpaHH'qeHHA ABiHKCeHHq KanHTafla H BaImOTHbi KOHTpOAb. CTpaHaHe BbnOHIAeT o6Ax3aTemcTBa no o6cayxcBaHHio Aoaira: HaKo1nieHHe3a[OAXCCHHOCTH, nepecmoap cTpyxTypbI Aonra Hum nponjieHHe.CTpaHa He npHHHMacT nporpaMM MBcD mvm xpyrmx nporpaMmaARanTaHH,. HJI He- cAiWeT TaKHM riporpaMMaM. C¶paHa Heo6cy*ania c 6aHKamHKpeAHTopaMij xmm npaBgTecbCTBaMH-KpeAHTopaMH npHeMAeMbIe nyym H3MHCeHHS- CPOKOB 'H BpRI JumcAe.nae- 3TO B 6rn2artmeM 6yAymeM.

TR-8 PHCK 3HaqHTeJ[eH. CTOHMOCTh iorra yMeHLbEMHacb. CTpaHaHaKanAHBaeT 3aAonxCeHHocTm (HcBbmnaTa npoIeIHToB 3a 6 MecCS eBHJIH 6o0ee, HCBbMOAHeHHe Tpe6oBaHHiu MBCI, HeBbInOAHeHHeYCJOBHl nepecmoTpa CpOKOB B TeCeHHe oAHoro roAa). HHKaKHxnepcneKTHB Bo3o6HoBjieHHS o6c.yXxBaHHs AoEra B 6anKaimeM6ylmueM.

TR-9 CTpaHa oTKa3aJiacb nnaTHam no o6sI3aTencmTBaM, KPeART c'mTaeTcuHeBO3BPaixaeMbIM B o6O3pHMoM 6yiyMeM H CTOHMOCTh eroHaCTOAbKO Mana, 'ITO HenpaBOMCpHO oTpaCaTm ero KaK aKTHB 6aHKa.

92

HpHIoxoeHHe 6.1

KaTeropHH KpewlITOB

I. H1o THIy 3aemmmKa:

1. rIoTpe6HTejibcKHfI.2. P03HHqHMII/OrTOBMIA.3. CeJnbcKoxo3sIgcTBeHHbl. /

4. KoMMepqecKHi/npoMbnuAeHHbM.5. HeABaKMocTb.6. 9HeprHq.7. rIpaBHTejibcTBo - MecTHbie BsacTH, iTaTrI, HautHOHaj[bHOe/4)eXepajbHoe.

II IHo meam:

1. IloTpe6HTejnbcKHfI (HanpHmep, noTpe6HTenbcKHe TOBapbI, aBTOMo6HAH).2. 06opoTHmb KaIIHTaJI.3. 06opyxroBaHHe.4. 3,aHHH.5. nlpoeKTci.6. JIH3HHrOBoe 4)HHaHcHpoBaHHe.

III. Ho cpory AeuicTBuz:

1. KpaTKocpormbi (MeHee ro,ia).2. Cpe,1HeCpOwHblH (1-4 ro,a).3. AI,o3iroCpowHMr (5 .neT H 6onee).

IV. HIo rpa(bHKy norameHuH:

1. PaBHbIMH niiaTe3KaMH (HarrpHMep, MeCCSHbimH - AnsioTpe6HTejibcKoroKpeAHTa).2. rlepHoAHqecKHHe rnaTrex (HanpHMep, exeKKBapTaAbHbIe, noiryroAoBbIe, C/HJIH 6e3

jibroTHoro nepHo,a, MO,H4)HIXHpoBaHHiH KpeHT- miap, T.e. Kpe,HT, Tpe6ymoumr

B MOMCHT noraiueIHHi 3HaqHTeibHo 6o.mbinero IIAaTexa, qeM paHee npoBeAeHHbIe

nrUaTe)KH).3. EIHHblm ruIaTe)KOM (KpaTKocpoqiHbi, cpetAHte ,o3rocpoqHbiA Kpe,HT-"Iiap").

V. Ho o6ecneqeHHuo:

1. Heo6ecneqeHHbIi.2. 06ecneqeHHMEd 3ajioroM (HaamrxHmmu, mxeHHbImH 6yMaramH, zre6wTopcKoir3a0ojIceHHOCTbIO, 3anacaMH, o6opyAoBaHHeM, 3eMAek H 3HgIaHHSMH).

3. FapaHTHpOBaHHbIg (JIHYHas, HeorpaHHqeHHasi, TpeTbeiA CTOpOHOfi).4. ,Zpyroe o6ecneqeHHe (o6sm3aTenbcTBa, corJIameHHs, IIHCbMO c o6sm3aTeJlbCTBaMH).

93

flpH.oeieHHe 8.1

OueHKa pe3epBa Ha IOTepH OT KpeMTOB: iaccH4xHKailHA CIHA

aRHK ABCBcero BwAaHo IcpeAwroB: 3 MJnpA. Ao.apoB

OT,ACALHO HecTaHIAapTHBmie CoMHrTe.imHEeYllOMHHaeCMbie Kpe1HTI upC,pTEAHKpeA,Tb

HenoraIIeHHO 50 MJH 15 mmH 5 MiH

Cpez=Hfm- .1.2% 1.2% -K03b4X1HIjHCHT. -

CUHcaHHS ,- -

(D)arTOp PHCK 3.5 x 12 x 90%

B3BeMCHHLIA 4.2% 14.4%K03cXUIHeHT

OQ=aemwft 2.1 MniH 2.16 mmH 4.5 MAJHy6bTOK

Bcero o2uH1aeTcm yGIUTKOB Ha 8.76 MEJnIoHa Aonnapos mm 2.92% or oT6ueiiCYMMbZ BbhAaHHbIX KpeAHTTO3.

94

HHCTHIyr 3 9KOHomllmeCKoro Pa3BHTHlS

OTAen cIDHHaHCOB,IIpOMmuU1eHHOCTH H 9HepreCTH

OuHanco6blu ceicmopPa6oiue mamepuaAbi u duaoKadbL c ce.Munapoe

Yle6&aq npoepamma I3P e /uiuaicoeoAi ceKmope...

4OKyCHpyeTcsI Ha cTpyKType, peopMe, lIporpaMMa no 4)mHaHcoBoMy ceKropy H3Ppa3BHTMH H 11 ynpaB3ieHHH 4HHaHCOBnMH nlOKpLBacT KawAYO 13 nlepeqHCleHHL1X TeM B

CHCTCMaMm H OpraHH3aUHffMX B OaAe7jHOCTH HIIl B radix KOM6HtHamiumX, KaK

pa3BHBaiOu=XCR CT3paHaX nlOCpeACTBOM 370 HYXHO KOHKpeTHOM ayAmOpHH. 3mCHCTeMaTHqeCKOrO o63opa: nporpamma io03BonmeT TaKXe npoBeAeHNe

* InOJIHTHK H MXaNHH3MOB nepecTpofH CneIIHamiH3HpOBaHHMX yqe6HLix cemIHHapOB B

CTpyKTypbi 4bHHaHCOBbwX CHCTCM; COTPYAHHxeCTBC . C rlpOrpaMMOft* nOnllTHK H HHCTpyKUHHI, HeO6XOAHMbum npOML1uIeHHOI-O ceKropa, nOKphBa1oWuel

AnH npeAOTBpalleeHH1 H npeOAOjieHHS TaKHe TIMMI KaX lpXHBaTH3aIHSI H pa3BHTHeCHCTOMHLTX TpyAHOCTeA, a TaKXe aacTmor cCeKrOpa.

HenJiaTeexecnoco6HocTH H HeJAKBIHHOCTH CoCTaBHO1i bacTIo 3Tofi nporpaMMbi

4HaHCOBblX nocpeAHHKoB; ABJILeTCS PMA MaTpHaOB, MCnOJh3oBHHLIX

* pa3BwrnA plHxa KpaTKocpOmHblX H H9P B KaqecTBe yqe6HixX MaTepHanOB Ha

AOnrOCPO'qHLIX 4HHaHCOBLKX HHCTPYMeHTOB; nPOTSXeH}H nocneAHix 3-x neT. 0HH* pOfIH HHCTHTYlUlOHaEbHHLX 3JIeMeHTOB B nOKPblBaKoT OAHy 1mm 6onee M3 npmBfelHHL1X

Pa3BHTH 43HHaHCOBLX CHCTeM; TeM. 3roT 6iOneTeRiB, KoTOpMM 6yAOT

* CBa3M Mexy 4)HHaHcoBmM R nepmoAiqecKi ny6nmKoBaTmCA, npeAcTaBnaeT

llpOH3BOACTBeHHLIMH CeKTOpaMH, OCo6eHHO B nocieAHwe nly6JKauu, KOTOpile MoryT

cnyqae nepecTpoikxU 4DHHaHCOBLX mHCTHTyrOB 3amHTCpeCOBaTb mHTepecyioiuerocsq 'HaTeni.

H npeAnpIR7xH; MaTcpHanw MOryT 6Lrm nony'eHnI

* AHHaMHKH H ynpasneHHs 4)1HaHHCOBbmH 6ecnnaTHo Ha pyCCKOM HUlH aHr3iHCKoM

CHCTcmaMM B nepOAL CTa6 m3aiuH H b3LiKe B MHPOBOM 6aHKe, UeHTpe yqe6HmxX

He3Ha'HTeCJhHLIKX m3MeHeHHdk; MaTepHla3OB H9P (KoMHaTa M-Pl-010), 1818

* nonmTHK H MexaHM3MOB no o6ner'eHMo H Street, N.W., Washington, DC 20433, USA.AocTyna Ha MeIKAyHapoAH1lIe cHHaHCOBLIe KorAa 6yAeTe 3aKa3IBaTb, noxanyMcTa

pIIHKH. yKa3LlBaiTe Ha3BmHH{ H HOMep no KaTonory.

CHMOH KcaBlepHaqaj6HiHK oTAena Di3HHaHCOB,

flpoMxmwneHHocTH H 9HeprelTluK

MamepuaAbu Ha pyCCcOM JR3bKce

9T%T yqe6iNN 6wui pa3pa6oTaH aBTOpOM BYnpa6AeHue pucKamu KR'1eCT BC1nomoraTeC3bHOro MaTepHana AmxoMAfenIecKoeo 6arga npOrpaMMLI nO2OTOBKH npenoAa1aTCAen no

6aHKoBcKoMy Aeny H 4)HHaHcaM B YCnOBHS1XphiHKa, opraHH3oBaHHotk H9P =nH pecny6muc

K.2. BaApaeen 6BmiLlero CoB=TCKoro Coo3a. OHa HaIencHa1992 z. Ha ynpaBneHne cneAyiorUHMH rpyninMH

pHCJa, Bo3HHKBJOIuIero DpH npoBeAeHHHonepawdN B yCnOBHRX pLIHKa: KpeAmTHbDkpHcK, oTpacneBOA pHCK, npoeieHTrCk PHCK,BamTHlE HN CipaHOBoN pUCK. B yqe6HnKeraKXe IIpOBONTCSI o630p BHAOB H CPOKOB

- KpeAxToB, OCHOBHbiX HanpgaBneHHM.KpeAHTHOk nOJlHTNHKH . N npoiAX,yp,K-lWCH4 HKaEllHH KpCAlTOB, Co.aHHgpe3epBOB Ha noTepH no ccy.aM, a Tamxe-ynpaBjieHsl npo6neMHnlmI KpeANHaMH.

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Materials Available in English

This handbook was prepared by the author toCommercial Bank Risk serve as support material for training of trainers

Management programs in market-based banking and financeTraining HIandbook organized by EDI for the Republics of the

- former Soviet Union. It focuses on/ management of the following risk areas by

By K.J. Walraven banks operating in a market economy: credit1992; 87pages risk, industry risk, interest rate risk, foreign

exchange risk, and country risk. This handbookalso review types and terms of loans; basiccredit policies and procedures; and loanclassification, provision for loan losses, andmanaging problem loans.

Introduction to Banking This handbook was prepared by the author toRegulation, Supervision and Bank serve as support material for training of trainers

Beguafio, Suand ank programs in Omarket-based banking and financeAnalysis organized by EDI for the Republics of theTraining Handbook former Soviet Union. It provides an- L S - = - introduction to banking regulation and

supervision by discussing the purpose andBy Robert S. Porter objectives of bank supervision, the organization1992; 103 pages of effective bank supervision, legal framework

and prudential regulation. It also discussesbank analysis using the CAMEL rating system(capital, asset quality, management, earnings,liquidity) as a model useful for bankmanagement and supervisory authorities alike.

This handbook was prepared by the authors toBanking and Financial Risk serve as support material for the seminars andManagement training courses in market-based banking andTraining Handbook finance organized by EDI for the Republics ofthe Commonwealth of Independent States. It

covers training materials in outline formBy Margaret E. Osius and Bluford A. concerning structure and functions of aPutnam modern bank, accounting framework and-P1tna2 2cases, credit risk analysis, asset and liability1992; 253 pages management, financial markets, role of theEDI Catalog No. 340/063 central bank, and regulatory issues. The

handbook tries to present a broad based viewof these topics as a long checklist of issuesrather than a stand-alone guide or text onmodem banking.

This glossary was prepared at the State FinanceGlossary Banking and Finance Academy, Moscow, by the authors inGlossry Bakingcollaboration with a team of EDI speciaists inEnglish-Risan/Russian-English banking and finance led by the editor, Shakil

--- Faruqi. In its first edition it is intended asmore of a guide than a descriptive work toBy Vyacheslav N. Shenaev, Yakov M. assist in the interpretation of modem banking

Mirkin, Lubov A. Schvechkova and financial texts in the English language. It is1992; 226 pages not comprehensive; instead it focuses on

accounting, banking operations, risk analysis,banking portfolio evaluation and management.

Village Associations in Senegal: Through the case study of the VillageEconomic Functions and Financing Association of the small village of Seleki inSenegals southern province of Casamance, this

Methods article documents the emergence of aninformal public sector in response to a

BRy Claulde Du pay widespread crisis in government finances. The1991; 23 author's thesis is that this emergence is theresult of two -paralle'-developments. First,EDI Catalog No. 340/055: bankrupt public authorities have delegated totraditional collective structures a part of theirresponsibilities in the areas of social security,resource redistribution and public investments.Second, these traditional structures are movingbeyond their original setting, reorganizingthemselves and securing the financial resourcesthey need to be able to provide communityservices that meet the requirements of modernAfrica.

This paper starts with a short review of theIhe Art of Bank Restrucuring. nmain issues involved in bank failure, oranizedIssues and Techniques according to the analytical framework provided= by the New Institutional Economics. The

emphasis here, however, is on the discussion ofBy Andrew Sheng the different techniques of bank restructuring1991; 49 pages used in different countries. The techniquesEDI Catalog No. 340/054 identified are designed to assist policy makers

and financial sector professionals in consideringvarious ways to restructure banks underdifferent sets of conditions. An appendixpresents a summary of key case studies on bankrestructuring (Spain, the U.SA., the U.K.,Colombia, Chile, Thailand, the Philippines,Malaysia, Guinea).

Does Bank Insolvency Matter? This paper reviews the causes and implicationsof widespread financial distress and bankAnd What to Do About It? insolvency, and suggests a possible way to treat

~ ~the problem. The author proposes a strategythat places special emphasis on the role of

By Arnstobulo de Juan institutional reform because, when widespread1991; 33 pages financial distress occurs, such institutionalEDI Catalog No. 340/053 reform is seen as a prerequisite for a successful

policy for deregulation of financial markets. Inthe absence of institutional reform, financialderegulation is likely to be not only ineffectivebut could even be counterproductive.

This book presents the fuist comprehensiveFinance at the Fronter: explanation of why credit projects fail, andDebt Capacity and the Role of Credit in suggests how financial systems can becomethe Private Economy more responsive, stimulating economic growth.

. - It explores the special characteristics offinancial markets and addresses the

J.D. Von Pischke shortcomings of conventional efforts to1991; 427pages improve financial markets in developingEDI Catalog No. 340/051 countries. It discusses cost-reducing

innovations which can be achieved throughmarket-niche strategies which will improveperformance. Finally, it suggests howintervention can be consistent with sustainedfinancial market development.

Financial Sector Adjustment and This paper reviews general issues related toManagement: financial systems and policies in the context ofFrst Princple.s Problems and Policies economies relying to a significant extent on

market mechanisms to allocate resources. Aftera brief introduction describing the functions of

By Philippe Callier the financial sector in a market economy, the1991; 27p s paper presents an inventory of the most

1 7 pages common problems hindering the effectiveEDI Catalog No. 340/050 performance of the financial systems as a

development tool, and some policy guidelinesbased on the analysis. The text aims atpresenting a brief exposition of the basicprinciples that provide a conceptual frameworkto review the issues. It does not includeexamples or "case studies."

Financial Systems and This book assembles in a single volume thecollection of documents circulated at the

Development in Africa Senior Policy Seminar on Financial Systems- = and Development in Africa held in Nairobi,

Kenya from January 29 to February 1, 1990.Edited by Philippe Callier The approach of the book is a practical one,1991; 275 pages focusing on the current views and thoughts ofEDI Catalog No. 340/049 professionals active in the field of financial

systems and policies. Some of the topicshighlighted are bank supervision, bankrestructuring, monetary control procedures,interest rate management and liberalization,and financial reform.

- This Working Paper stresses the role of bankFrom Good Bankers to Bad management as a major element in all bankingBankers: . -. . cnses Even when the crisis has its roots inIneffecve Supervision and Management .- macroeconiomics conditions or in unexpectedDeterioration as MMajor Elements in B=Mng changes in government economic policy, andCrises not initially in poor management, good

= - - -. - bankers, when in trouble, often become badbankers through a series of deteriorating

Biy Aristobulo de Juan attitudes. The paper analyzes the causes and1991; 15 pages consequences of the mechanisms at work andEDI Catalog No. 340/047 presents the remedies which can be applied to

stop and reverse the deterioration of financialinstitutions of systems in distress. ( Cedocument est disponible en francais. ReferenceIDE No. 340/047-French.)

Developing Financial Markets This paper briefly reviews the role of financialin Sub-Saharan Africa markets in the development process, classifiesthe different types of markets and discusses the

obstacles to and requirements for theBy Paul A. Popiel development of these markets in theB1990; 34 pages Sub-Saharan African region.EDI Catalog No. 340/046

Financial Systems and This paper reviews the evolution of financialDevelopment systems in developing countries over the past

~quarter of a century and presents an overviewm -- of the steps needed to build efficient financial

systems. A more comprehensive review of thisBy Millard Long topic appears in The World Bank's Policy &1990; 17pages Research Series under the same title (FinancialEDI Catalog No. 340/045 Systems & Development) in 126 pages, reprinted

from the Bank's 1989 World DevelopmentReport. When ordering, please specify long orshort version.

As creators of money, custodians of publicBank Supervision: savings and operators of the paymentsPrinciples and Practice mechanism, banks have to be regulated in the

= ~public interest. The objective of bankregulation is to have a sound, secure, efficient

By Andrew Sheng - and innovative system that is responsive to1990; 27 pages consumer needs and market forces and freeEDI Catalog No. 3401044 from oligopolistic tendencies. The bank

supervisor's job is to monitor the performanceof banks and to verify such performance inorder to detect the emergence of ailing bankswhich can threaten to disrupt the wholebanking system. This paper describes theregulations and examination process used toachieve this task.

This paper argues that the inward developmentOutward Versus Inward strategy model has failed. It then discusses theDevelopment Strategy: role of the financial system in fostering aImplicamions for the Fnancial Sector successful implementation of the alternative,~ -Soutward-oriented development strategy.

By Manuel Hinds1990; 30 pagesEDI Catalog No. 340/043

Financial Systems and This report synthesizes the presentations madeat the Senior Policy Seminar on FinancialDevelopment in Africa Systems and Development in Africa, held inNairobi, Kenya from January 29 to February 1,1990, and the content of the discussions whichBy Alan Roe followed. The report first surveys the recent

1990; 42 pages and likely future international developmentsEDI Catalog No. 340/042 which make it particularly important for

African countries to achieve greater efficiencyin their financial systems, and the special issueswhich arise in the subset of African countrieswhere the financial systems are in a state ofdistress. It identifies the main prerequisites forand components of successful financial reform.In this context, the issues related to the movefrom direct to indirect methods of monetarymanagement are reviewed in some detail. Thereport also discusses the problems and thepossibilities associated with three specificinstitutional components common to most

; - - African financial sectors: development banks,informal financial institutions, and money andcapital markets.

This paper outlines the policy approaches andPolicies for Developing the policies that guide and foster developmentFinancial Markets of money and capital markets. It begins by=nan a = -=ks reviewing the requirements for their successful

development. It continues by discussing someBy Hans Horch and Paul A. Popiel - of the major distortions that prevent thisSe tember 1989 14 development. Finally, the paper looks at theE talog .1 340/04pages benefits of an actively planned approach to thisEDI Catalog No. 340104.1 development, as opposed to a more passive

evolutionary approach. This paper is one of aseries of working papers focused ondevelopment of money and capital markets.

Securities Markets Development This paper retraces the development ofn securities markets in Korea and analyzes theiKo a main factors that led to their staged, strong

growth. It surveys the main elements andmechanisms that constitute these marketsBy Hans Horch and Paul A. Popiel today. The development of securities marketsSeptember 1989; 22 pages in Korea presents a good example of the

EDI Catalog No. 340/040 benefits of a consistent long-term policyapproach. This approach contributedsubstantially to the markets' development,almost engineered, at times, by the authorities'legal, fiscal, regulatory and supervisory

initiatives. This paper is one of a series ofworking papexs focused on the development ofmoney and capital markets.

This paper takes a look at the recentdevelopments in financial markets around the

Recent Developments and world that have sharply intensified the processof financial innovation. In a broad sense,

Innovations in Internatonal financial innovation encompasses twoFinancial Markets interrelated developments. The first is a

-_structural change in financial intermediation,and the second is the emergence of a number

By Paul A. Popiel of new financial instruments. TheseSeptember 1989; 11 pages developments permit a better distribution ofEDI Catalog No. 340/035 risk in increasingly deeper and more efficient

financial markets. The paper traces the forcesthat stimulated this financial innovation,surveys briefly the causes and effects of thestructural changes that took place ininternational financial intermediation andreviews the main new financial instruments. Inconclusion, the paper discusses some of thebenefits and risks associated with financialinnovation.

This report summarizes the discussions thatThe Restructuring of Financial took place at the Policy Roundtable onSystems in Latin America Managing Financial Systems in Latin America,--- held in Punta Del Este in December 1988. The

three days of discussions focused mainly on theBy Alan Roe and Paul A. Popiel problems related to financial stabilization andJuly 1990; 29 pages adjustment. Three general problems ofparticular topicality in Latin America todayEDI Catalog No. 340/033 were discussed: management of the financing

of the public deficit; policies to deal with theinsolvency and illiquidity of financialintermediaries; and policies, issues, and optionsfor further development of financial systems.

Development of Securities This paper retraces the development ofMarkets in Brazi securities markets in Brazil and analyzes the-z N1 NO' - -V main factors that led to their rapid growth. Itreviews subsequently the main elements and

By Hans Horch and Paul A. Popiel mechanisms that constitute these marketsSpebr1989;2pae today. The development of securities marketsSeptember 1 25 pages in Brazil presents a good example of theEDI Catalog No. 340/030 benefits of a consistent long-term policyapproach. Such an approach contributedsubstantially to this development, which tookplace in spite of a difficult and, at times,volatile financial environment. This paper isone of a series of working papers focused onthe development of money and capital markets.

n t i D This -paper examines the phenomenon of.Financial-InfitutionS in Diress: finncW distress that '-took on. worldwide-:Causes and Remedies dimensions during the late 1970s and the 1980s;-- -It traces the causes of distress to external andinternal shocks that affected developingBy Paul A. Popiel countries and to management problems. ItSeptember 1988; 34pages further outlines various options and stepsEDI Catalog No. 340/024 leading to a restructuring of distressed financialinstitutions. The macroeconomics and sectoralprerequisites conducive to financialrestructuring are also examined. (Ce documentest disponible en francais. Reference IDE No.340/024 - French.)

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

generally, when the economy goes through aBy Robert Vogel phase of adjustment. (Ce document estJune 1988; 12 pages disponible en francais. Reference IDE No.EDI Catalog No. 340/023 340/023 - French.)

Internal and External Imbalances This paper examines the macroeconomic. - - ituation of Tunisia as the 1980s began and theand Adjustment Policy: The Case imbalances that necessitated fundamentalof Tunisia changes in macroeconomics and financial

.c Wz policies. It outlines the policy thinking andstrategy that led to a major turnaround in the

By Mohammed Skhiri management of the economy and of theJune 1988; 10 pages financial system. It discusses the sequencing ofEDI Catalog No. 340/022 refonns and the establishment of mechanics to

monitor the progress of change against mediumterm objectives. This paper is one of a seriespresented at the Senior Policy Seminar onManaging Financial Adjustment in theCountries of Europe, the Middle East, andNorth Africa held in Istanbul in July 1987.

Economic Stabilization and This paper retraces the main policies andStructura Adjust t structural reforms undertaken by Turkey in theStructural Adjustment: 1980s that were of major significance inIhe Case of Turkey Turkey's adjustment strategy. It differentiates

- -between economic stabilization policies andstructural adjustment policies, and emphasizes

By Rusdu Saracoglu the necessity of a pragmatic and flexibleGovernor, Central approach to the implementation of policies. It

rank of urkey draws conclusions from Turkey's experience.ank of Turkey This paper was presented at the Senior PolicyJune 1988; 15 pages Seminar on Managing Financial Adjustment inEDI Catalog No. 340/021 the Countries of Europe, the Middle East, and

North Africa held in Istanbul in July 1987.

.Fnancial Sector This paper examines the phenomenon offinancial distress that has, in the late 1970s andthe 1980s, taken on a worldwide dimension. Ittraces the causes of distress back to external

By Millard Long shocks that affected developing countriesJune 1988; 9 pages during that period and to overexpansionaryEDI Catalog No. 3401020 domestic policies and their consequences. It

concludes that financial distress has a severeimpact on mobilization and allocation offinancial resources and thereby on economicand financial development. (Ce document estdisponible en francais. Reference IDE No.340/020-French.)

Managing Financial Adjustment in This report summarizes the discussions of them C nris Senior Policy Seminar on Managing FinancialdlI oe Ce Adjustment in the Countries of Europe, theMiddle East, and North Africa held in Istanbulin July 1987. The seminar's aim was to considerBy Alan Roe and Paul A. Popiel the role financial policies and institutions playAugust 1988; 51 pages in the process of adjusting an economy toEDI Catalog No. 340/019 external shocks and structural changes in itsoperating environment. The discussions focusedon the difficult problems of transition entailedwith financial adjustment, that is, actual policychanges and implementation measures.

Development of Money and This paper reviews the prerequisites necessaryCapita_l Markets for accelerating the development of money andcapital markets in the context of developing

economies of Europe, the Middle East, andBy Paul A. :Popiel with- comments by - North Africa. These countries feature stroiglyProf. Dr. Ismail Turk, Chairman, predominant banking sectois andCapitalMarket Board of Turkey under-developed money and capital markets.Such a situation restrains efficient mobilizationJEDne 1988; 29 pages and allocation of financial resources and inEDI Catalog No. 340/017 particular thwarts the supply of long-termfinance and equity.

Reform of the Financial Sector This paper surveys financial adjustment in: a-- g E ~number of countries of Europe, Middle Eastand North Africa. It focuses on the difficultBy Dr. J. da Silva Lopes problems inherent in managing deregulation ofJune 1988; 17pages interest rates and noninflationary financing ofEDI Catalog No. 340/012 public sector deficits. The paper draws onexperiences with financial adjustment in Egypt,Jordan, Hungary, Morocco, Portugal, Tunisiaand Turkey.

Управление рисками коммерческого банка

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