The structure of the bank's balance sheet loan portfolio is considered as one component of bank assets and having a level of profitability and risk. Therefore, for successful loan - repayment of loans and increase profitability of lending - banks need to implement an efficient and flexible system for credit portfolio management. One of the key elements of effective credit management are well-developed credit policies should ensure the effective management of a portfolio of bank loans, careful control over them and minimizing losses from the onset of credit risk. In banking as in other types of business risk is associated primarily with the financial losses that arise in the implementation of certain risks. The activities of the bank is very diverse and includes operations to raise funds, issue and purchase of securities lending, factoring, leasing, providing customers in cash. Implementation of each transaction is associated with the ability to implement multiple risks. As the bank at the same time performs active and passive operations there are risks as credit risk, currency risk, interest rate risk, liquidity risk, the risk of rupture time attracting and placing funds and other risks. Risk means the risk (opportunity) loss of the bank of its resources, lost revenue or additional costs incurred as a result of certain financial transactions. Category: Health and Safety | Tags: credit portfolio management
Accounting and financial reporting
Completeness of accounting - all banking transactions shall be recorded in the accounts without any exceptions. The financial statements should contain all the information about actual and possible results of operations of the bank, which may influence the decisions made by him - date of transaction - transactions are recorded in the accounting records on the day they occurred, ie, on the day of human rights (assets) or liabilities (liabilities), regardless of the date of movement on them. All accounts are active or passive, except for the clearing, transit or technical accounts - estimate - assets and liabilities are prioritized on the costs of acquisition or origination. Assets and liabilities denominated in foreign currency, except for non-monetary sex should be re-evaluated when the official exchange rate at the reporting date when calculating the need to comply with relevant income and expense, to determine the outcome of the reporting period compared to income of the reporting period with expenses that have been made for these revenues. The income and expenses are recognized in the accounting and reporting for their occurrence, but not at the time of receipt or payment of money. Accounting should provide ability to predict and determine the development strategy of the bank by comparing the items of the balance with performance specified by the Bank and the analysis of their dynamics. Topic: Analysis of controlling
Investors are not happy with the infrastructure mega-projects of Saint Petersburg
The desire to return to the implementation of major infrastructure projects in the Smolny talking more than a year ago. In February last year was open acceptance of bids for design and construction of the Orlovsky Tunnel under the Neva (who does not know the problem of routing bridges Petersburg in the summer), and after 4 months at last year's St. Petersburg Economic Forum signed an agreement on its construction of the Neva Concession Company (NCC) . The next competition - for the construction of the Central region of the Western High Speed Diameter (from the Ring Road will finally present the ring, passing the bay) - was announced already in 2011, the results of which will be announced in July. It so happened that, just recovering from the crisis, the government started talking about the reanimation of expensive transport projects. On the one hand, it is not surprising. "In 2011-2012, the state election heightened attention to the social and the most pressing issues, which include poor road network development, constraining economic growth and limits the mobility of the population", - says head of research at the company "Lenmontazhstroy" Dmitry Kumanovsky. On the other hand, economic efficiency, and hence the investment attractiveness of the majority of the projects at all obvious. An old friend is better. So, build, and then 30 years to exploit the Orlovsky Tunnel is "Neva Concession Company." Recall the Orlovsky Tunnel capacity 60 thousand vehicles per day should pass under the Neva River and connect the Central district with Krasnogvardiysky and Kalinin. It is expected that it will unload opening the road network of the city, in particular, will significantly reduce the time of motion from the center of St. Petersburg to the beltway. Project investor NCC until recently was a consortium of two well-known structures in Russia. On the basis of parity shares in the company owned by First Quantum Group Vitaly Yuzhilin and French Vinci, already involved in the implementation of another major concession - land route Moscow - St. Petersburg. First Quantum is now also no stranger to creating infrastructure projects. Since 2006, Group companies were building a specialized passenger port "Marine Facade" on reclaimed lands of Vasilevsky Island in St. Petersburg. The port was built to service the cruise and ferry lines connecting St. Petersburg and other European cities. City officials, who May 27 this year, officially became the owner of "Marine Facade", received the keys to the port from the President of the Management Company "Marine Facade" Kary-Niyazov, Shaukat, were pleased with the partnership. The port is also cost the taxpayers of 17.5 billion rubles-lei, of which 8 billion to pay the federal budget, the rest - the budget of St. Petersburg. The money the city paid the company, which has built the port, parts, buying bonds, "Marine Facade" emitted by investors of construction. Making sure that First Quantum was able to implement the first project, the city has entrusted to him next.
What Sobyanin took the Matvienko
Valentina Matvienko powers expire at the end of the year. While that remains intriguing as to whether it will remain for a third term. St. Petersburg observers are inclined to think that a lot of chances - not without reason, Valentina Matvienko as hospitable hostess took part in laying the plant "E-car" in the industrial park, "Marino." In contrast, the Moscow experts believe that the governor of the northern capital in the last year lost a particularly strong resource to support the center. Sergei Sobyanin, on the contrary, their safe-keeping until firm. But took a little over six months since his appointment as Mayor in October 2010. The first steps Sergei Sobyanin expected repeat of Valentina Matvienko. It's not so much copying, but in general for all major Russian cities arch problems. Not undertake their razrulivat Sergei Sobyanin, it would have to put it mildly, did not understand. After all, former head of the government and was appointed mayor to restore order in the capital after 18 years of riotous economic Yuri Luzhkov. Shoe officials. Sergei Sobyanin began to clean the machine. At several key posts, including posts Managing Authority and the Head of press service, he appointed "his" people. Some of the mayor led him from the central office, while others have moved from the Tyumen region, which was previously governor of the official. But he tried not to break the continuity of the transfer of power - in many positions, particularly requiring historical background on the subject, there were people from the previous government. So, their jobs, albeit with considerably curtailed the powers retained as long as first deputy prime minister, Vladimir Resin, which is responsible for the Moscow construction, housing and supervising Andrew Tsybin. Cleaning the room at one time was engaged, and Valentina Matvienko, and the cardinal. She immediately launched a process of updating the management team. Saving at least a semblance of succession was not among her priorities, after former governor Vladimir Yakovlev as Yuri Luzhkov, suffered early resignation. Economic power is entrusted to "young reformers" of Promstroibank, which, according to unofficial sources, was the main sponsor of the campaign (in contrast to the appointee Sergei Sobyanin, Valentina Matvienko was elected). However, layoffs among city officials on the ground she escaped. A Sergei Sobyanin arrived in Moscow notorious cleaners, because simply dismiss employees prefectures and control over the slightest infraction or the current disparity in general position. For lower-level officials style handling of the new governor was akin to a bucket of cold water. After all, when Yuri Luzhkov had a system of contractual relations, and Sergei Sobyanin, nepotism is not connected with the city, it does not work. Simultaneously, Moscow's mayor took the economic problems. "Current issues requiring immediate action, so that its activity is somewhat chaotic - said Herman Winds, director of" Municipal Economic Development "Fund" Institute of Urban Economy. " - I would like to understand a system of priorities, but so far it is not known.
Conduct of pricing policy on the market
Implementation of pricing in the market of credit services include the selection of the bank for a specific tool in accordance with the pricing of services. The tools pricing of credit operations are: the dismemberment of the price, price differentiation, counterbalancing pricing. Dismemberment prices should be used in the following cases: if there is difficulty to determine the cost of the bank to raise funds and place them where necessary price adjustment due to discounts to customers. Differentiation of the price of credit services is carried out according to: the risks of operations; term implementation of the agreement between bank and customer, the borrower's creditworthiness and its ability to generate constant cash flow, the nature of the relationship between bank and client. Balancing pricing includes pricing for credit services, on the grounds that the loss of income for this service will be compensated in the future or at the expense of other banking products. According to the strategy and tactics, the bank may hold the pricing on the credit operations of such methods, "the average cost + profit", based on the tangible value of the product, based on the level of current market rates, based on relationships with customers, in order to penetrate the market, the price model leadership, establishing interest rates on loans below the prime rate, the establishment rate of the loan on a "cost-utility." The method according to the method of pricing, "the average cost + profit" is based on the calculation of prices by determining the costs of providing credit services and certain allowances as income of the bank. Category: Management Operations Commercial Bank | Tags: politics
Documentary Collections
Despite the fact that this form of payment today is losing its popularity, giving credit, but it is regulated by uniform rules of the International Chamber of Commerce and finds its application in international payments, including within the letter of credit when the documents submitted which provided a letter of credit shall be paid on the basis of collection. Pravex conducts all operations provided by documentary collection, acting as the remitting bank, the bank collects and / or bank representing. The warranty. The presence of international rules on safeguards, which clearly define the nature of documentary guarantees and unify the inter-bank procedures in connection with them, provides a strong incentive to use this form to ensure commitments Pravex provides for the guarantee operations in the domestic Ukrainian regulations and in international format. Effective work Pravex in documentary business provides: an extensive network of interbank relations, a high level of hardware and software; individual approach in each case, a flexible tariff policy, professionalism of the bank. Category: Financial Management
Emission of electronic money
The issue of electronic money - the activity of the issuer to provide holders of means of payment in the form of electronic money, by exchanging them for cash or liquid assets associated with the obligation to repay them to the bearer, the issuer - a bank to issue electronic money and are responsible for the their maturity; exchange transactions with electronic money - transactions involving an exchange of e-money issuer in one e-money issuer or other e-money denominated in another currency, the operator - the issuer or other business entity carrying out the maintenance treatment of electronic money, electronic money settlement - withdrawal of electronic money in circulation at the same time giving them the bearer of the funds in cash or cashless presenter - a natural or legal person who makes electronic money issuer or agent to repay the spread of electronic money - in accordance with the issuer (issuer) of the rules of electronic holders of money that is not associated with the obligation to repay them, the system of electronic money - a set of organizational, technical and software, and bank operations, providing circulation of electronic money, scratch card - card inscribed with the surface of an opaque strip, which contains a set of characters allowing recharge electronic money electronic device in the possession of the holder, the amount of face value cards, merchant - a business entity registered in accordance with Ukrainian legislation, which under contract with the issuer or its agent accepts the contract electronic money as payment for goods or services. The operations are carried out with electronic money issuers, operators, agents, holders, dealers and other entities in accordance with the requirements of these Regulations, the rules established by the issuers, and contracts entered into with regard to the requirements of Ukrainian legislation. In a system of electronic money to save the holders of electronic money can be used the following types of electronic devices: the chip contained in a plastic card (hereinafter - the card with electronic money), or on another medium, the computer's memory. In Ukraine, in a centrally planned economy there was a clear delineation of cash flow on cash and noncash. In late 1997, the National Bank has a policy of liberalization of cash payments between economic entities. Topic: A PRACTICAL ANALYSIS OF MONETARY ISSUE | Tags: Emission
The controller determines not only the need for information
But the sources of its receipt. The scope includes the development of standards controlling the information to provide strategic and operational planning and its implementation. The controller provides it in a format that allows for the rapid management decisions. The coordination function of controlling. Strategic Controlling - ensuring that service management, which aims at achieving the strategic objectives of the bank. The purpose of strategic controlling is to contribute to long-term stable operation of the bank in the market, as well as retain or enhance its competitive position. The main areas of strategic controlling may be considered: - participation in the formulation of strategic objectives and setting targets strategic guidelines of the Bank - conducting strategic analysis and detection of growth of the bank reserves - information support of the strategic management of the bank - the coordination of efforts of all departments in developing and implementing the strategic plan - adjustment of strategic goals and strategic priorities as a result of changes in the conditions of the bank - establishing the causes of failure of strategic plans and develop measures to address them. Operational controlling - is providing service management to achieve operational objectives of the bank. The aim is to support the operative controlling the management of risk-adjusted profitability of the bank's medium-term and short-term. Among the main operative controlling bank should identify the following: - participation in defining the operational objectives of the bank and the calculation of target indicators included in the operational plans - coordination units in the development and implementation of operational plans of the bank - management structure and balance budget, information support the operational management of the bank - developing action programs to improve the efficiency of operational management of the bank - to monitor the implementation of the operational objectives of the bank. Category: Uchot bank ucherizhdeny | Tags: Controller
The growth of non-bank processing market will provide low-cost goods and services
The last couple of years the market of instant payments grew at an average of 20% per year. Lead Consultant J'son & Partners Consulting Vladimir Karpenko assesses the market for non-bank processing in 2010, $ 26 billion - in 2009 was only $ 21 billion in the dynamics of demand for the cooperation of the recipients of payments can be tracked according to the system. Since the beginning of 2011 the number of applications from potential partners who wish to receive payments of its customers through QIWI, increased by 30%. According to the deputy chairman of the Civil CFT (which owns the payment system "City"), Peter Mazanova, talk about the dynamics of demand for specific values after the last four months premature. "We can only speak of a trend - interest in IT-technologies, automate completely different sectors of the economy and social infrastructure that is constantly growing." The biggest player in the processing of non-bank payments group is OE Investments (owned payment system QIWI), whose market share as of 2010 was approximately 43%. The company has already taken a strong position in the market. "Through QIWI anywhere in the country can pay for more than two thousand vendors - the director of public relations QIWI Alexander Vysochkina. - In 2011, a priority for us is the federal companies that own large shares of their markets, as well as the most popular regional providers. " According to the National Association of E-Commerce (NAUET), second place for the system "CyberPlat" - 20%. "The City" made a bid to consolidate the technology: the system can work not only with banks, companies, government organizations, but also from any Internet payment systems. Now the "Cities" in the 79 regions of Russia 18 thousand service providers, of which more than 550 banks. The system 24 thousand points of payment. In fact, the potential client can be any business with a small amount of the average check. The trend. The main stimulator of growth of incomes of Russian systems of non-bank processing - state. Peter gives a vivid example of Mazanov impact on the market made by officials at the rate of development of intelligent transport systems. "System combines several technologies - non-cash payment and accounting of travel, navigation, control room automation. At the same foundation, the financial basis of ITS is the system is non-cash payment for transport cards, as it helps increase revenue transport companies, can accumulate funds and to make transparent cash flows ", - he explains. Alexander Vysochkina says that her company now provides support for barcode scanners for HCS providers. "Cloud processing allows totally unloaded server resources companies and free up funds to develop core business", - says Peter Mazanov. The great potential of the technology of contactless payments. Thanks to her to become a client of the processing center can any company, provider of low-cost retail services. Leader in using technology are Japan and South Korea. In Russia, it still "trying to tooth." For example, the production association "Mayak" (nuclear industry), an automated clearing system for preventive nutrition.
However, banks may choose an alternative strategy - to maximize profits
The essence of it lies in the fact that market participants "play" on the exchange rate to achieve a profit of speculative nature, leaving open foreign exchange position and knowingly exposing an increased risk. In this case, control foreign currency position by considering this? Pattern: long currency position provides earnings with an increase in foreign exchange and prejudice in the event of a decline, and the short - on the contrary. The higher the risk is taken by party, the more profit it can get from the "game" in the exchange rate, but adverse changes in the currency market and its loss will be significant. Converse is also true: reducing the currency risk is not only reducing the likelihood of losses, but also limits the potential of profits. It is this fact has led some foreign exchange market participants, including banks, deliberately leaving their positions protected in the hope of earning extra income from the favorable dynamics of the market parameters. If the bank chose a strategy of profit maximization, there is a need to assess the currency risk and possible consequences of managerial decisions. The volatility and instability in international currency markets constantly encourage banks to seek effective ways to manage financial risks. An analysis of currency risk management and currency positions used in modern banks, reveals two main groups: the control of the currency structure of the balance (positive control), the hedging of currency risk (synthetic Management) Category: Management Operations Commercial Bank | Tags: Strategy
What banks are on friendly terms with smartphones
When the client a major Russian bank was on a business trip, she needed to spend a few operations. Connect to internet banking (IB) directly through the hotel internet network was problematic enough (this happened in one of the Russian regional centers). The task of connecting your laptop to the Internet using the smartphone as a GPRS-modem, it is also not right, but the call-center operator of a credit institution has offered for two minutes to connect the mobile banking service (MB). As a result, a client could not only make banking operation, but also save on bandwidth. To be fair, that such "situational" customers are among the users unit MB. The main part of users a new kind of banking services to come to her deliberately. And mainly because of interest in technical innovations, "sitting" on the Internet. 6 out of 10 Twitter users already use mobile banking, while 53% of consumers worldwide who are interested in mobile payments are even ready to change the bank, if only he could provide this service. More recently, mobile banking in Russia provided a few lending institutions. Now the situation has improved - almost ready to connect the MB all the big banks, but only a couple dozen of them can give the client a full MB. However, some banks divide their services on mobile banking and SMS-Bank. Through the latter as a client can receive SMS-messages on the incidence of its card transactions, and perform some operations by sending SMS with a code for a specific short code. MB, as a rule, is installed on the phone application, then there is a kind of "body" like interface IB. There are also lenders who still consider a notification SMS-information subspecies MB (and they are the majority), as well as those who call mobile banking PDA version of its IS. Increasingly known and acquire SIM Application Toolkit - banking application, "sewn up" in the sim-card customers. That is, for example, the Moscow Bank for Reconstruction and Development (IBRD). According to research firm In-Stat, by 2015 the number of people using to pay for goods and services, namely mobile phones, will grow to 375 million people, or more than 3 times higher than the projected figure in 2011, was 116 million. The volume of transactions conducted via mobile payments, will go abroad in the $ 1 trillion, that is, increase by 7 times. Experts attribute these optimistic forecasts with the "pocket" the availability of mobile banking services over its Internet rival. Amy Kreyvens, an analyst at In-Stat, said that currently slow the development of MB due to the constant rivalry between mobile operators, although their combined efforts to implement mobile payments to the masses would help to increase the penetration of the product dozens of times over the years. In Russia, according to AC & M Consulting, the number of active sim-cards in April 2011 amounted to almost 221 million in a population of 142 million even if subtracted from this number, those who because of age or distrust will not use the services of mobile banking will be very an impressive number of potential customers.
A wide range of indicators
Performance-oriented price, performance, determining the profitability of the bank. The first group includes measures such as EVA (Economic Added Value) - economic value added, SVA (Shareholder's Value Added) - added value of the share capital, etc. EVA indicator describes the ability of the bank to reach profitability is higher than the cost of capital. It is calculated as the difference between net income and capital value, multiplied by a reasonable level of shareholder return. On the basis of information obtained as a result of the calculation of the indicator EVA, you can make management decisions regarding the termination of banking activities that do not provide an increase economic value added. This creates prerequisites for the efficient reallocation of resources within the bank. It should be noted that the rate of SVA measures not only profitability but also the riskiness of the operations and activities of the business units of the bank. In contrast, the indicator EVA, which is calculated based on historical data, with the rate determined by the SVA future discounted cash flows of the bank. SVA index is calculated as the difference between the cost of capital, which is created by future investments and the carrying amount of the share capital of the bank. The main idea of this indicator is that the established relationship between risk and reward for him. In this case, the mechanism of capital allocation by risk-based units. Depending on the indicator is held in the bank managers incentives, thereby increasing their effectiveness, as well as set the relationship between return and risk of each transaction. Thus, evaluating the effectiveness of bank departments, is dependent on the contribution of each unit in the long term growth of SVA. Topic: Analysis of Controlling | Tags: banking system credit
What to expect from the new pension reform
Like many countries, Russia was faced with an aging population, which translates into a growing pension burden on the economy. According to various estimates, no later than 2030 the number of pensioners and workers will be equal, and then first becomes larger than the latter. If in 2000 the Russians aged 65 and older accounted for 13% of the population, according to UN forecasts, by 2050 this proportion exceeds 25%. During the same period the age group from 15 to 64 will shrink from 68 to 57%. Accordingly, the source of payments to the pension system will grow scanty, but it needs to finance - to increase. By objectives. A key objective of reform carried out in 2002, was to ensure stability and balance of the pension system. The authors of the concept of the Center for Strategic Studies saw the problem in the transition from the legacy of the Soviet economy to a mixed distribution system, which would act as storage mechanisms for financing pensions. They are intended reformers, would ensure a closer link between the size of wages (and hence contributions), on the one hand, and pensions - on the other. Was declared as the purpose of increasing the actual size of payments, although the decisive steps in this direction were made only in recent years as a result of the valorization and indexation series average pension reached approximately 36% of the average wage (replacement ratio). This is already close to the minimum level recommended by the International Labour Organization (ILO) - 40%. However, pensioners are among the poorest strata of society. With built-in storage element all has gone worse than expected. He - both mandatory and voluntary - was of little interest to the vast majority of Russians who are not in a hurry to make a choice in favor of private funds or management companies for the formation of a future pension. However, here in the last two years there have been significant changes. According to the consolidated accounts of NPF for the first quarter of 2011, published by the Federal Financial Markets Service, the trust fund is 248 500 000 000 rubles of pension savings that 2.15 times more than a year earlier. At the bank, asset manager, "undecideds", while at times more - 941 100 000 000 rubles. But in general the amount of funds that are concentrated in the NPF, this year for the first time exceeded 1 trillion rubles-lei. True, the joy of the market participants a few scandals marred the savings, translated into some pension funds without the knowledge of future retirees. But the main failure of the reform in 2002 is that financial independence of the pension system was not found. Her balance was disrupted after the 2005 Government agreed to reduce the unified social tax in the hope that the losses will be offset by salary whitewash. But it was not on the scale are expected to power. Moreover, the structure of employment in recent years has changed the most unfavorable from the viewpoint of the collection of taxes as follows: the proportion of large and medium-sized enterprises was strongly reduced.
Special attention to the aspect of regulation
Special attention to the aspect of liquidity regulation requires credit policies of banks, which today is not the only factor increasing the risk of liquidity through imbalances in deposit and lending operations, but also adversely affect the macro-economic balance and stimulate the development of inflationary processes in Ukraine. Now the credit banks' investments are directed mainly to the current activity of economic agents and consumer credit and housing needs of individuals. In particular, the structure of banks' loan portfolio share of loans in the ongoing activities at the end of August 2008 was about 78%, whereas the investment - but only 22%. Of investment credits granted by banks, more than 55% - mortgage, of which 80% provided the population that is living. The pace of bank lending to individuals far exceeds the rate of lending to economic entities, and the share of loans granted by banks to individuals, rose from 5% in 2000 to 37% on 01.09.2008 The rapid growth of lending to households, on the one hand, it increases the purchasing power of citizens and the level of household and housing standards, and the other - is a challenge to the economic development of Ukraine, the stability of its financial system and price stability. Activation of the credit demand of the population and the lack of adequate domestic supply stimulates the growth of consumer imports, which adversely affects the current account of balance of payments, inhibits the development of domestic producers as a result of consolidation in the domestic market, foreign, increases systemic risk in the banking system due to foreign exchange and fixed-term imbalances in the active and passive operations of banks, reducing its financial stability for the growth of banks' dependence on foreign borrowing to replenish the resource base. All of this makes the problem of lack of domestic supply, adequate growing purchasing power of population and development of inflationary processes in the country. Category: Liquidity of the banking system of Ukraine
Functioning of the banking system
Background of the study. The key to efficient operation and sustainable development of economy of any country or regional association is its stable and sound banking system. The main task of the banking system is to maintain economic growth through the reinforcement of economic resources, credit, transfer funds in those sectors where shortages. These are the problems in this solves the banking system of Ukraine in terms of the strategic orientation of the country's accession to European structures. The banking system of the country or regional association depends on the stability of banking institutions and their ability to resist the negative influence of various factors: macro-economic, informational, organizational, regulatory, etc., which cause the appearance of various banking risks. That is, only the awareness of the risks surrounding the banking business, committed management can ensure the functional reliability of banking institutions. The reliability of banking institutions is particularly important for countries that have recently entered the market mechanisms of the national economy. Banking system of Ukraine has yet to gain personal experience of the limitations of factors that can lead to a violation of its internal stability. Thus, the adaptation of methods and models of banking risk management can be considered as one of the foundations to create their own domestic approaches to ensure long term reliability as commercial banks in Ukraine and the country's banking system as a whole. The most common operation is to provide commercial banks lending and credit policies. Lending operations provide the bulk of commercial bank income. However, analysis of the situation in the banking sector, shows that some banks are in financial ruin due to the extremely risky credit policy. In this context, the relevance of the problem becomes to minimize the risks of credit activity of commercial banks. Banks need to manage credit risk in such a way as to obtain maximum profit, while seeking to minimize the risk that is directly related to the mechanism of granting and repayment of bank loans. Studies of domestic and foreign scholars on risk in banking activities are reflected in the works of Yu bottle, NI Versailles, V. Vitlinskogo, V. Galasyuk, AP Kovalev, N. C Pavlyuk, A. Pernarivskogo, AG Savchenko, I. Horuzhy and others in which it is focused on credit risk, the problems of their assessment and management. The study aims to deepen the theoretical and practical knowledge on bank management: credit risk management in banks for later use them in the performance of specific practical problems, the promotion of the search of modern scientific achievements in credit risk management to minimize them. Category: TECHNICAL ISSUES OF LABOR
That threatens the world financial system
Talk about the second wave of crisis are unfounded, for the reason that imbalances in the global economy, which are considered the main causes of the crisis of 2007-2009, by the crisis were not resolved. Therefore, from a financial cataclysm the world came not only cleansed of past problems, but on the contrary, with acute, chronic diseases. The thriving national debt becomes a significant problem not only in Greece but in a much more stable countries, and yet no one offered an acceptable solution to this problem. Everyone understands that developing nations now claim to greater than before, the role of a global division of labor due to the accelerated reduction of the separation of the developed countries. However, relatively painless way to a "redistribution of roles" also does not exist. Nevertheless, Russian and foreign economists have tried to answer the questions of "F". what the major risks threatening the global financial system and financial institutions that do, it is impossible to assess the degree of danger. "Talking about changing the situation does not have to" Nikolai Sidorov, chairman of Absolut Bank in the coming years may experience a number of global issues. Among them: a) the risk of further quantitative easing of monetary policy the U.S. that will lead to further depreciation of the dollar and, consequently, to increased cost of natural resources, and b) the risk of maintaining political and economic unity of the EU against the background of problems in Greece, Spain and Portugal. As a consequence, may weaken or even rejection of the euro, which could lead to destabilization of trade flows and structural changes in national economies, and c) the risk of overheating Chinese economy, which today is the current driver of global growth. As a consequence, it can lead to reduced demand for natural resources and a further slowdown in economic growth worldwide, and d) the risk of continuation of U.S. foreign policy to destabilize the political situation in the regions with large reserves of hydrocarbon resources in order to shift attention from the problems in national economy, and e) risks to diversify foreign exchange reserves of China, the expansion of Chinese companies on foreign markets and the role of the yuan as a global reserve currency. Risks are always present in the global political and economic situation, so to speak of a fundamental change in the situation to occur. The level of uncertainty compared to the year 2009 - now just changing set of risks and scenarios that should be considered when making management decisions and planning, investments, and, of course, need to be conservative. "No end in sight to the problems of" Oleg Mihasenko, president of BCS Financial Group: The biggest threat to world peace - this is 2012 on the Mayan calendar, when all must come to an end. But seriously speaking, we can expect financial turmoil due to the fact that it is not clear the global economy. Go bad U.S. data, no end in sight to the problems of debt in the euro area, and we can not say exactly when these problems will end. Many investors hedged against the risks, when shifted from stocks to commodities and commodity assets such as gold, whose prices have reached historic highs. There may also be of interest shares of retail companies. "There are questions, no answers," Basil Zablocki, chairman of the bank "Opening": The financial risks are the consequence of unresolved social problems.
The position of the second group
- software management (risk analysis and analysis of purchasing goods suppliers; ABC-analysis, determination of the upper limit of the price) - Logistics (Material requirements planning, costing, profitability indicators for monitoring the activities of procurement services); - financial controlling (tools to analyze the balance sheet and profit and loss - investments (statistical, dynamic, functional cost analysis.) Statistical methods of investment calculations include the authors compare the levels of profitability, payback period, to the dynamic - the reduced value of income, internal rate of return dynamic payback period. This approach to classification tools inherent in controlling the controlling consideration of the specific enterprises. The bank is a special type of enterprise, whose activities are concentrated in the financial markets, and the type of goods are various banking services to consumers. Certainly, the methods and techniques of analysis, forecasting techniques, forms of payment in the bank will have a different scope than the company and therefore will be other management decisions. Given the above, it is necessary to determine the classification features, the basic methods and techniques that require instrumental support and develop a classification tool for controlling bank is allowing for the banking industry . Classification attributes generated by controlling areas (strategic and operational) and for its subsystems (portfolio management, management of the balance sheet, budget management, risk management). Instrumentation regard to ensuring the methods and techniques of analysis and forecasting methods of calculation. Each process uses a certain system parameters. This approach is used to classify controlling instruments that combine certain groups in the following way. Topic: Analysis of Controlling | Tags: banking system reditno
Meatball in a million
The flow of investment is largely immune to fashion. Funding of educational Internet services are no longer as popular as a few years ago. Salman Khan, the founder of a makeshift library of video tutorials free khanacademy.org, vending, even Bill Gates did not make a project and its funding by sponsors. However, the creators managed to combine LinguaLeo multiple elements to create a mechanism for monetization so attractive for the user, and for the investor, recently rated the project a $ 1 million Food for language and mind. Founder LinguaLeo Aynur Abdulnasyrov in 26 years gives the impression of a mature man, on the clarity and consistency of thought - an explicit "techie". After school, he almost went to MIPT, though in the end still chose the HSE. LinguaLeo for it is not the first project: he began with the "Club of speakers» nativespeakers.ru in the business incubator of the HSE, then with a partner launched a project commissioned by the artists for weddings and parties treda.ru. There was also a very bad project professorsclub.ru - an attempt to provide additional employment for college professors. About the latter idea Aynur Abdulnasyrov recalls with a smile, though, but grudgingly - considers design stupidity. "The idea LinguaLeo - then I have called the project LingvoMania - appeared in the second year of work on the" Club of the native speakers', but it seemed too ambitious, "- says Abdulnasyrov. But once the creator of a business incubator HSE Dmitry Repin accidentally introduced him to Alexei Ishchenko - known expert on strategic development, a kind of unique, graduated from eight well-known business schools. A conversation with the Guru proved effective: The new project was launched in three weeks. The mechanism of monetization - not less important component of the project than the idea itself. Aynur Abdulnasyrov initially decided to use the model freemium, when most of the functionality available to users free of charge, but must pay for the use of all resources without restrictions and additional features. However, the transition between the use of free and paid - a painful process, and not to lose customers to it must be approached delicately. Therefore, building a model of the original payment, the creators of the project began its more fine-tuning. Was chosen as "democratic" approach - actively used "help room" so that users themselves have helped create a friendly and fair in their eyes a model of payment. In addition to the recommendations of the users of the resource itself, to find the most successful format of the monetization of the service involved as the visitors profile forums. From the outset, in order to facilitate the parting with the money, receiving payment for their help in learning English was implemented in the form of a game. The symbol of the project, the lion, Leo brings to mind the Tamagotchi, and other Pokemon before you continue training, eating "meatballs." Refreshed, he went to "the jungle" to study media content in English, which are chosen by the user. Each "meatball" - an opportunity to teach you, a new word. Every day, users get 10 "meatballs" for free, but the farther they have to pay.
Parameters and analytical accounting forms
Analytical Accounting - is a detailed map of banking operations, it reflects: date of surgery, type of paper on which you are, the correspondent account number. Preliminary statement basically was paid to the means of accounting, whereby there is a transfer of financial information. However, the preparation and transfer of financial statements precedes the implementation of financial accounting at least two additional functions: 1) a record of information about operations carried out by the bank and the opportunity to reflect on these operations in an aggregated form in the financial management and analysis, 2) record detailed information about the parameters and contractors of every business transaction in order to obtain different levels of reports for internal use, reporting agencies, inspection, and to calculate the macroeconomic parameters of the monetary statistics. Moreover, given the high degree of automation of accounting, there should be some parameters for automated tasks, such as interest, making the provision of financial statements for certain types of transactions (credit, deposit, etc.). Implementation of the aggregate consideration for the first function is provided with a synthetic account, ie with the use of accounts, these are listed in the chart of accounts. But with all the necessary information is not reflected at the level of balance sheet accounts only: it will lead to the fact that the chart of accounts would be cumbersome and difficult to work. Daily detail on the bank will be reflected in the basic form of analytical accounting - a personal account. The personal account is a form of accounting records. Account book - a written document (a form of accounting), which contains the accumulated and systematized data on certain characteristics of primary documents. Personal accounts are maintained on all open bank accounts analytically. Topic: The role of accounting in the management of the bank, its types and destination
How to share an idea
The concept of "share in the company" can be defined as a direct financial interest in the property, and the degree of intervention in the management of the investor. If venture capitalists are rarely willing to take charge and responsible for more than half of the project, it does not mean that most of them will leave the team and start-up lead. Of course, variations are possible. For example, a business angel, found even before the official launch of the 2008 service for event organizers TimePad, limited to less than 10% of shares in the company's management does not intervene. According to the developer and commercial project director Lyudmila Pavlova guide completely left in the hands of the three founders. Ruslan Sinitsky of Hivext also says that the venture fund Runa Capital, in December 2010, invested $ 500 thousand in the project cloud platform for building Web services in the operational management of the company does not intervene. However, Lyudmila Pavlova is a situation likely thinks "a happy exception": the Russian investors rarely invest in projects at this early stage, and under such conditions. There is another extreme: for example, venture capital fund Fast Lane Ventures itself generates business ideas, and then invites a hired manager and forms a team from scratch. That is, the share of stock in the project initially is 100% and only then eroded by management and new investors. However, in most cases it is enough for the average scenario, and, as shown by communication with investors, this scenario is not very soft to the creators of the project. Invaluable contribution. Of course, any investor claims that he is interested not only a qualitative idea, but hard-working, interested team. But in fact it turns out that, no matter how strong this team may be, make sure that all steps for the development of the project will be performed correctly, can not be. Add to that the obvious risks of fraud or at least not just loss-based, it becomes clear that one way or another, the team has to "dilute". Managing partner of venture capital fund Almaz Capital Partners Alexander Galitsky says full control over the project investor is not required. Usually, it redeems fund the project from 15 to 45%. "Professional investors never buy more than 50% of the company because they do not want to take control into their own hands - Alexander Galich. - His task - not to conduct operations, and strategically direct the business so that independently developed its founder company. " However, the contribution of the investor is not always limited to the money. "There are passive investors, whose main task - to give money and wait for their share will rise in price. So very often behave in later stages of investors - says investment manager ABRT Venture Fund Pavel Nikonov. - But the seed stage and start-up may be more important to be no material issues, and advise or assist in establishing linkages. " Spectrum of the "invaluable" services is quite wide: from a standard package of advice to aid in scaling the business model.
Natalia Plugar: "I am afraid to stop projects»
Natalie, your company has made the most famous Russian venture deal of the market - led to the IPO project "Russian navigation technology." But there are in your portfolio and controversial projects - Pogarskaya potato plant or condoms "Iziteyl." You are generally happy with how it works with venture capital? - By law, I can not comment on the draft of our funds, as they are intended for qualified investors. Why venture projects invested just over FTRA and not, for example, through an LLC or some other variant of direct investment fund? - Management company was interested in working with venture capital projects, and the idea to "pack" them in the form of closed-end mutual funds. Working Group of MERT, which led the current Minister Elvira Elvira, arranged for the proposed model, as spetsdepozitary provide control over the expenditure of public funds. So the state is practically the first time drew attention to the venture market. And if this mechanism did not start to grow then, perhaps, and now Venture theme would not be such a fashion. However, experience has shown that working with venture capital money in Pytheas is very difficult, primarily because of the restrictions, because the investment legislation is written primarily for the securities market and ignores a number of features ventures. You mean the prohibition of disclosure? - The ban - an obvious curiosity. Because of him, even the speakers at conferences managers, in principle, can get a fine. But this is public money, and here, by contrast, requires openness. We want to develop venture capital market, and examples of successful investing does not seem to exist - that is impossible to talk about them. This means that the investor has no incentive to go on the market. Now began to accept amendments to these regulations, but the problem is solved only partially. Of course, it is important that no longer comes to the paradox, when we could not divulge details of the fund even spetsdepozitariyu. That is the same control, for which all was started, almost did not act? - No, of course, information about the transactions they receive. But in a very limited extent. Everyone is talking about this issue. You are a recognized expert in the market to regulate, say exactly what to do? - Give the right to disclose information. And to make it mandatory if we are talking about public money. It is easy to adopt the list of investors, information on investments which are disclosed. Others - optional. But the ban imposed is not "out of thin air" - was the same in him any sense? - Is the original contradiction: the information about the funds for qualified investors shall not be disclosed to simple, unskilled citizens who are not aware of the risks, did not seek to invest in these funds. But the fact he is a qualified investor to become, they were not so simple. You can negotiate with any management company - it is formally sufficient that any qualified investor Criminal recognized. - Managers do not go to such risks.
3 the exchange rate regime
Every state has the approach to its currency, the so-called exchange rate regime, which is practiced by the monetary control of the country. In total there are 3 modes of exchange rates: 1. Floating. 2. Controlled. 3. Fixed, which consists in the precise definition of it, or linked to other, more stable currencies, ie application of the so-called systems curency board, thereby strengthening the national currency, making it real money, and trust in the country and abroad. This mode is used in the 1991-1997 years, Argentina, Estonia, Lithuania, Bulgaria, Bosnia. The experience of these countries suggests that this strategy allows you to: rapidly reduce inflation, strengthen fiscal policy, to restore confidence in the national currency, and to create conditions for economic growth. It should say that to get permission to conduct such a regime is not as easy to run a lot of financial performance. In Ukraine, currently operating mode managed floating exchange rate. NBU sets the daily foreign exchange rate of hryvnia to foreign currencies. Here's how. Currency, the hryvnia to which is attached, is the U.S. dollar. According to the results of daily trading on the interbank foreign exchange market, the NBU sets the exchange rate UAH. the dollar (based on certificates of commercial banks, which are served by a certain time), the official hryvnia exchange rate against other currencies are calculated through cross-rate U.S. dollar to other currencies to be installed on the international currency markets and publishes a newspaper, for example, "Financial Times". Category: Foreign Exchange Market | Tags: 3 modes
Of the RVC are big
Last year, the RMC was able to demonstrate tangible momentum. In 2009, according to the reporting RVC, the pace of investment has changed slightly - 1.3 billion against 1.2 billion rubles a year earlier. However, in 2010 investment was almost doubled, increasing to 2.7 billion rubles. In 2010, the total investment funds with MERs for the entire period of the corporation exceeded 6 billion. Seven funds previously created with the direct participation of the RVC in 2010, received 44 proposals, of which 17 projects approved, according to the materials RVC. Five of them were launched in late 2008 - early 2009's. "The funds were held during the second wave of market entry, analysis of the original project proposals, partner search, performance and first deals came to a stable operating activities - said director of programs and projects RVC Andrew Vvedensky. - One or two deals in the initial period - it is important for the Fund and is now in the portfolio of each fund is the second wave of 3-5 projects. " At the same time in only one newly created Seed Fund (PEF) filed a venture partners 130 investment applications, of which 20 projects selected. Total assets in the portfolios at the end of the RVC in 2010 there were 58 companies - that is, nearly two-thirds of the projects submitted within the last year. In 2010, representatives of the RVC were also introduced to the trustees of 22 regional venture capital investment in small enterprises in scientific-technical sphere, created by the Program of Economic Development. All of these funds in 2010 were endorsed by 18 of 37 submitted projects totaling over 0.7 billion rubles. The key achievement in 2010 was the conclusion to the RVC Foundation "VTB - Venture Fund" on the IPO of the company "Russian Navigation Technologies", collected in July 300 million rubles for 18% of its shares. "From the standpoint of history, they have already entered the textbooks, it is a very great success - and ours, and the company that took all the classic path of technological venture: seed and angel investing, team building, startups, venture capital stage itself, and finally, IPO» - commented director of investment and expertise MER Yan Ryazantsev. Master for the year of 2.7 billion rubles - this is not enough, a corporation with a budget of 30 billion rubles-lei can expect more, the head of "Innovation Center Kulikova," Vadim Kulikov. However, it is clear that in 2011 and 2012 will be an annual increase of fold and the main tool for this will become niche funds, he said. The volume of investments is determined by the company's strategy: if the RVC is going to invest funds available to it for 10 years, the current pace can be considered normal, if in less time - that is to accelerate, says managing partner of Almaz Capital Partners, Alexander Galich. "Nevertheless, growth is not bad, the strategy expanded to include new tools and understanding of the venture community has appeared, which moves RVC" - he said. Biobum. More than half invested in 2010 funds (1.4 billion) in funds MERs had on medicine and pharmacy.
Systems analysis of income and expenses of the bank
Using the difference SLR articles associated with the net income (profit) as a whole or separately for revenues and expenditures, identifies specific weight and influence of each source of income for the total amount of profit. Key performance indicators mirror that can be used are listed in Table. 2.7. The most famous and popular tools of financial statements must coefficient analysis. The coefficients allow us to study the relationship between different elements of the set of financial statements by providing information in a convenient form for processing. Key indicators of profitability and costs on the banking institutions listed. In practice, profit management depending on the methods used are the following basic systems analysis in the bank: horizontal, vertical, comparative analysis, market analysis and ratio analysis. The highest value in the analysis of profit is the coefficient and factor analysis techniques profits. Ratio analysis is based on calculating the ratio of different absolute values. In the process of this system are determined by the analysis of the various relative indicators of some aspects of the formation, distribution and use of bank profits. In practice, profit management systems most widely used analytical methods of factor analysis of the coefficients of interest income and interest expense factor models of key revenue and expense rates mirror the analysis of income and expenses of the bank profit research may not be complete without an in-depth analysis of the factor. Category: Fundamentals of Financial Management Bank
Greed is summed up
"The Israeli venture capital funds are unlikely to restore the old rate of development up to 2012", - says head of research center of Israel Venture Capital (IVC) Kobe Simão. He was echoed by the founder of the largest fund Giza Venture Capital and former CEO Zeev Holtzman IVC. In a letter to Israeli Prime Minister Binyamin Netanyahu and Finance Minister Yuval Steinitz, he said: "The Israeli venture capital industry is on the verge of collapse ... industry, which, in fact, is one of the engines of economic growth, is in grave danger." Been warned. In spring 2010, a former top manager of three technology companies and one venture capital fund Jaffa Krindel complained Financial Times, that she wanted in 2009 to find funds for venture capital fund specializing in "clean technologies", but could not. In the end, she and her partner could not get even half of the planned $ 100 million and were forced to freeze the project. "Everybody liked our idea, we had experience, but nothing happened - no one wants uncertainty when money is invested somewhere for five or seven or even ten years", - says Jaffa Krindel. "The funds were to choose projects more critically, and entrepreneurs now have a better understanding that the money - a scarce resource, and use them with great intelligence" - the newspaper quoted Aaron Mankovski, managing partner at Pitango Venture Capital ($ 1,3 billion under management). The developer of child chat Vikido Yami Glick in early 2010 found two private investors for the project, but before that he unsuccessfully tried to negotiate with five venture funds. "Their demands are much higher. They are certainly not prepared to invest as much as before "- says Glick. And funds have reason to save. According to the joint report of IVC and the international auditing firm KPMG, in the IV quarter of 2010, Israeli venture capital funds have attracted only $ 93 million, or 27% of the total investment in Israeli hi-tech. This decline on all fronts: the $ 9 million less than in IV quarter 2009, and $ 16 million less than in the III quarter of 2010. Deprived of access to new money, the funds themselves have reduced activity. In 2010, Israeli venture capital funds invested $ 371 million - 30% of all investments in startups. The amount of investment funds decreased compared to the year 2009 to $ 39 million (the share was 37%), as compared to 2008 - to $ 409 million (38% share). This is not comparable to previous figures, from 2000 to 2006 on venture capital funds accounted for 40 to 45% of investments in high-tech, and in 2005 the figure reached at all and 49%. Continued decline as no surprise to analysts. Another report in the IVC in 2009 stated: "The decline in capital formation in 2009, called, of course, influenced by the economic crisis on the high-tech industry. We, unfortunately, we expect that this situation will continue for some time. In 2010, Israeli companies will probably be even harder to raise funds. " This is not Rio de Janeiro. Until recently, Israel's venture capital industry has evolved at an unprecedented pace, reaping the fruits of a long development. The industry has gone from R & D-center in the 1960s and the first IPO on NASDAQ in 1972 (it had Elscint - one of the world's leading manufacturers of equipment for radiography and tomography) to the base of the first venture capital fund Athena Venture Partners - in 1985 under its control was only $ 23 million
Macroeconomic analysis of the financial condition of banks in Ukraine
The reasons for the current financial instability, said in his report, Ph.D., associate professor of Lviv Institute of banking Vitaliy Rysin. The scientist said, sho preceded the current crisis the global financial boom brought on by several factors: a sharp increase in savings, extending the capabilities of real investment, low real interest rates in developed countries and the free movement of capital between them. In addition, the previous two decades were characterized by low inflation, resulting in rising asset prices and reduced the risk premium. That, in turn, stimulated the use of credit throughout the financial system. These trends are reinforced by financial innovation, which enable savings by regulatory barriers, providing preferential tax treatment. Thus, in the U.S. financial system a huge number of subprime-backed securities mortgages. A significant portion of their citizens to buy credits, and such transactions are often financed with high liquidity risk. In addition, during the period of boom, the overall level of cash bonuses for risk was extremely low. "Another reason for the large-scale crisis in America is a radical restructuring of the financial systems of developed countries during the rapid growth of the world market - said the speaker Category: Liquidity of the banking system of Ukraine
On the structural disorder and bad investors
The debate about what is missing Russian venture market - money or a high-quality projects, is incorrect. It is easy to clarify the example of the concept of "structural unemployment". Unemployment rate can not be counted in the thousands of jobs to be created to solve the problem. May be the same number of vacancies for which people can not find - roughly 200 unemployed dental technicians may account for 300 vacancies of nurses. And no matter what stage of development, nor was the market, there are always startups seeking money, and investors are looking for start-ups. In the market model is initially "wired", that is not only bad investors and weak draft, but there is also a difference in views on development. And if the good in someone's opinion, the project does not fit the investor, it does not always mean that the investor does not understand his business. For example, take our fund, "Nanotech-Skolkovo": interest in investing in our party great, work experience is. Projects that appear to the market, too, is - "RUSNANO" since the end of the year expects to reach the total budget for projects in the entire 320 billion rubles. Moreover, we managed Regional Venture Fund of Moscow region two years ago has invested two projects related to nanotechnology. And a special fund until there is no adequate supply - instead of nanotechnologies offer, such as social networks with geolocation. Perhaps this is an interesting project, but this fund does not need it. And it turns out that the structural disorder on the market - it's not just a problem, but also a source of hope. After a cool start-up, even when the market falls, you still have a chance to find the fund that was not enough it was his. So that the statistics do not measure. Money - here. Objectively on the Russian money market still more than the projects. And that makes us different from other markets - in Europe hard to money and income in the U.S. venture capital industry in recent years generally have fallen almost 70%. Therefore, although the most powerful venture capital managers, as before, gathered in Silicon Valley, it has long ceased to be the venture's paradise. That is, there are professional investors, and the chances of a good project, however, not so much. It suffices to consider the case of a web service Evernote, turned into an international company with 7 million users, of which more than 200 thousand paid, and with 470% growth per year. They went around the entire Silicon Valley and have not received anything. The first money he managed to draw in Russia and Japan - at first they take a "Troika Dialog", then joined DOCOMO Capital. Only then came the "silicone investors» Morgenthaler Ventures and Sequoia Capital. To choose. But finding the money - not the only problem: in addition to the risks arising to the investor, there are also reverse the risks posed to the project due to the investor. Let me explain my thought. Everything in this world is cyclical in nature. About 10 years ago, Russia was the first rise in the venture capital industry and the U.S. have already started declining. And then we also began to decline. We can remember those considered promising projects, such as a search engine Aport or bookstore arcadia.ru.
Consider the advantages and disadvantages of cash and electronic payment
1. Convenience - For the buyer, of course, prefer to have several payment cards than a lot of notes and coins, but keep in mind that electronic means of payment, as opposed to cash, do not have the official status of legal tender. In this regard, any recipient of funds at its discretion, to refuse to accept certain credit or debit card when paying for goods or services. Moreover, payment by electronic means, requires a special technical device, in which no failures are excluded. The work of technical devices is not possible during periods of power outages and the areas affected by natural disasters. Disruptions in the payment system during a natural disaster in Southeast Asia and the U.S. confirm the validity of these words. 2. Easy to use. The calculations use cash is easier than e-money, since in this case does not matter the age, sex, educational level, the parties do not require special technical devices, and there is no need to notify a third party and wait for its confirmation of the right of the transaction and the recipient of funds can immediately spend them. 3. Ease of funds. Cash allows the drawee more economical to spend their money. According to sociologists, using a payment card, a "virtual repository" of money, people are much easier to part with them than having them in cash. 4. Anonymity. When payment of goods or services by cash buyer has the opportunity to preserve their anonymity, and electronic calculations for individual payer is identified by means of technical devices. In this regard, buyers, not wishing to have their operations became known to the general public prefer to use cash. 5. The rate calculations. In the implementation of payment for goods and services using payment cards, as opposed to cash, payment processing speed slows down because of the need to seek confirmation for the payment to a third party, in turn, negatively affects the turnover of retail trade enterprises. 6. Security. In case of loss or theft of credit and debit cards can save the owner money by locking operations for lost cards. However, there is a danger hacking electronic systems by hackers, who create a variety of traps to steal money from customers' accounts, thus ensuring the preservation of "electronic money" is still a serious problem. 7. Cost-effectiveness. For modernization and improvement of electronic payment systems use the latest technology, which inevitably leads to an increase in the total costs associated with the organization of the payment process. According to foreign experts, the costs in making payments through credit cards are much higher than in cash. 8. The possibility of the state of the emission control and treatment. Cash is the obligation of the central bank in the country, which can not fail, by definition.
After that, the "Client" and "brought by"
If any data is missing, then the operator submits them to the cashier document itself. Then fill the rest of the cash required fields of the document. To properly reflect the income and expenditure documents symbols cash plan, in conducting cash transactions on current accounts and deposits (with no real cards), you must fill out the "client" and "expense". For transactions on card accounts should be chosen to "map". The new office block, realized the possibility of regime evening box office, discharging the entries in the "Sybridge" the following operating day. Wiring, the creation of which is selected by the night depository or cash the day off, must be done in standard mode (the day of creation). These entries will automatically be uploaded to the ODB date next business day. For example, the current trading day 08/09/05. In the evening fund created vidadkovy order. The cashier pressed the "hold." Inside the PC 48 determines the wiring as the wiring for the evening box office, affix the mark of the unloading of the wiring in the next trading day, and automatically conducts a PC Sybridge 10.08.05. Topic: Analysis of Controlling | Tags: banking system
What to expect from the markets in June - July
In the summer the situation with a new controlling owner "Raspadskaya" should be clarified, and this would impact positively on its quotations. The authors also forecast release paper NCSP - another outsider exchange in recent months. Port should win due to "premature" lifting of the embargo on the export of Russian grain. As for the most liquid stocks, then here are the high expectations associated with the Savings Bank which prepares the launch of the program of Global Depositary Receipts. This factor podogreet interest in the local. In general, the coming period promises to be not too good for stock markets, as the traditional summer slowdown punters side by side with ambiguous external background prevailing in early June. Catherine Andreyanov, analyst, "Rye, Man & Gor Securities": - In the near future should grow up action "of the Renaissance." In 2010, the bank's results were slightly worse than the industry average, but now it shows stable dynamics of the balance sheet. We expect that an increase in interest rates, the margin will increase, which has a positive impact on profitability. The conservative policy of "Renaissance" and a focus on reducing operating expenses and net income support. Since January, shares fell more than 30%, and we believe that investors now pay attention to these papers, especially since they traded with the ratio of market value of the bank's own capital at 1.5 against 2.4 in the Savings Bank and 1, 8 in "Saint Petersburg". Also, one of the interesting short-term ideas we associate with equity "Irkutskenergo". Until the end of the summer of 40 per cent stake in the company owned by the "Inter RAO UES", must be passed "RusHydro", which in this case would have made an offer to minority shareholders "Irkutskenergo". We expect that the price of the offer will be 25.33 rubles per share in accordance with the assessment that was used for the transfer of state in favor of "INTER RAO UES". At the same time "Irkutsk-power" only a relatively small percentage of shares (7%) is in free float. Therefore, all of the papers filed by minority shareholders, can be purchased at the offer. George Yeltsov, portfolio manager of the Criminal Code "Solid Management": - One of the most attractive stocks in the market are "Raspadskaya". Over time the company was surrounded by a negative background, the starting point was an accident at its main shaft. Since the beginning of this year, the paper also behaved worse than the market, mainly due to the possible sale of "Raspadskaya" "Mechel" at a discount to market capitalization. But after negotiations with the first bidder at an impasse, the company expressed interest in at least two new major players - "Severstal" and Gunvor. In early June, the paper "Raspadskaya" trading at a mark of 170 rubles ($ 4.7 billion for the entire "Raspadskaya"). According to available information, assess the property owners sell 80 percent stake in the $ 6 billion, which corresponds to 270 rubles per share. That is expected premium to market price in almost 60%. In our opinion, on such terms deal still unlikely - historically in such cases, the premium is around 30%.
The State will correct venture
In the domestic market equity and venture capital funds in the most popular use IT-technology. According to a preliminary review of the market in 2010, made by the Russian Association of Direct and Venture Investment (RAVI), the information and communication technology (ICT) took the lead in terms of investments. Last year in this segment was recorded transactions of more than $ 1 billion when the total market volume of $ 2.4 billion share of ICT was 43%. Investment in this sector increased compared to 2009 (about $ 98 million, or 19% of total transactions) is about 10 times. The disproportion of distribution of investment capital by industry is especially evident in comparison with Western venture capital market. Thus, the U.S. IT-company last year raised $ 7.2 billion, or 27% of total investments. In the near future the share of IT-projects will only increase. Thus, by the end of the year the Russian Venture Company (RVC) is about to launch a cluster fund information and telecommunication systems, mechatronics and robotics with a capital of 1.5 billion rubles to be invested in robotics and the creation of IT-infrastructure. The mathematical heritage. Reasons that investors are more willing to just give away their money IT-startups, a few. Introduced in the 1990 IT industry for 20 years, has formed a good base, which was understood by western companies began working together with Russian partners. IT-products from Russia and their producers can fully integrate successfully into the international supply chains. Also, a large proportion of IT-sector investment in film in many ways provide a networking start-ups. "The dominance of the Internet among the recipients of investment projects due to the relatively low initial investment volume and audibility and intelligibility of business models of projects, - the analytical report of the RVC. - But most importantly, Internet projects have potentially high return on investment. " The size of investments in Internet and software development projects, especially in the early stages, can be extremely small, confirms Michael Ushakov, founder of the project "Metabar" earlier - the junior partner in the fund Runa Capital: «For the start of the project team and organization can sometimes enough for tens of thousands of dollars. This opens the way for investment in those who simply do not own millions to invest in more "difficult" areas like energy. " The country's transition to innovative development and modernization of social and economic life - an important leitmotif in the speeches of political leadership. And as information technology one way or another affect most areas of modernization, their inevitable support more active investment compared with other industries. Finally, devoid of the Soviet legacy in the form of lengthy research institutes and frozen due to the secrecy of projects, IT-industry received from the last century, the main resource - the human. A strong school of mathematics, inherited from the Soviet Union, Russian was the key to the appearance of a start-up teams with strong programmers.
Portfolio management of the bank
Modern financial investment is directly related to the formation of an investment portfolio. It is based on the fact that most investors choose to invest more than one instrument, ie generates a set of them. Purposeful selection of such tools is the process of forming an investment portfolio. The investment portfolio is purposefully formed set of financial instruments for the implementation of the financial investment in accordance with our investment policy. Since most banks only type of financial investment instruments are securities, the term "portfolio" is identified with the term "portfolio". The main objective of portfolio investment - to improve the investment environment, adding to the aggregate of the following securities investment characteristics that are unattainable with the position of individual securities, and possible only in combination. Only in the process of portfolio investment reached a new quality with the specified characteristics. Thus, the investment portfolio is a tool through which the investor provides the required stability of income for minimal risk. Category: Management Operations Commercial Bank
Immovable property are
1. State Committee for Construction, Architecture and Housing Policy of Ukraine, 2. territorial [district (rural) and urban] to the state registration of rights to property, and 3. Qualification Commission of State Registrars rights 4. archives of the state registration of rights. Methodological and regulatory support activities of the state registration of rights by the State Committee for Construction, Architecture and Housing Policy of Ukraine jointly with the Ministry of Justice. The state registration of rights to immovable property, as well as providing information on registered rights, the issuance of relevant documents, provision of information of the State Register of Rights and related services to the state registration of rights to property shall be on a fee basis in the amounts established by the Bureau of State Registration of Rights. The procedure of state registration of real estate registration procedure begins with the admission of the applicant's documents for state registration of the registrar. The procedure of state registration of rights and a list of legal documents concerning its conduct must be approved by the State Committee for Construction, Architecture and Housing Policy of Ukraine jointly with the Ministry of Justice. Category: Klasifikatsiya real estate market
10 myths about China
1. The Chinese economy grew at the expense of cheap labor, cheap labor, of course, played an important role in Chinese economic miracle. But first, this does not mean that China is deliberately exploited the labor of their workers kopek. Cheap human resources - natural wealth of any agricultural country, which follows the path of intensification of production and urban development. For nearly three decades, the Chinese village annually pours into the market 9.10 million farmers, who are workers and migrant workers. But now the very cheap labor force slows modernization of production in the industrialized regions of China. Increase in workers' incomes has become imperative, even though that about 150 million Chinese peasants have migrated into the city. Second, its economic growth, China is obliged to a whole range of factors, especially investment in infrastructure and manufacturing, as well as exports. Play an important role in China's growing consumption, the development of services, the liberalization of financial markets and other areas are constantly opening up new opportunities for development and investment. The Chinese economy has attracted investors in different areas, not just in cheap manufacturing. 2. The low price of Chinese goods due to low quality itself is a low cost product can be achieved through a variety of factors: cheap labor, the zonal concentration of production and resources, logistics development, tax incentives, large-scale production, copying technologies. Intense competition among manufacturers is constantly pushing them to seek new opportunities for cost optimization. Save on quality - although common, but not the only way. China produces a lot of variety of goods from shoelaces to the spacecraft. Among this diversity is the most goods at different prices and of different quality. Buyers (particularly foreign importers) will always have a choice between a huge number of manufacturers. Therefore, the predominance of the market of a country's low-quality goods rather not say about the Chinese manufacturing and the quality of the market. For example, a very cheap Chinese textiles, which the Russian market consumed en masse in the early 90s of last century, was eventually redirected to Africa, and Russia began to demand higher quality products. The same can be said of the Chinese counterfeiting: its presence in the market due to public demand and the weakness of the customs control. Do not forget that most of the world's largest brands based in China manufacture, where are kept the highest quality standards. In addition, the continued growth of living standards of Chinese, on the one hand, increases the cost of production, and on the other - leads to a drop in demand for goods of poor quality. All this in the coming years will lead to the production that focused on the lowest-price segment, will leave China or rebuilt. 3. The Chinese are very industrious and content with a small number of local residents are forced to work overtime and save permanently to support their families and to provide old age: the massive social security is just beginning to take root in China.
Risk Management Bank "Pravex"
The work of Pravex bank pays great attention to risks. The main purpose of risk management is an effective system of enforcement of current and strategic objectives of the Bank, using appropriate methods of management and control of risks generated by the external environment, the structure of assets and liabilities, and other business processes of the bank. Risk management is seen as an important component of integrated management of the bank. To do this during every important operation is investigated in terms of its impact not only on the specific risks that arise in the event of, but also on all aspects of the bank, namely the structure of assets and liabilities, financial performance and profitability of the bank's asset quality, compliance with the NBU, the experience of world practice. Pravex continues to work on improving their own risk management systems, as early identification of potential risks - a pledge of financial stability and profitability of the bank. To ensure improved management of risk, maintaining an adequate level of profitability at the bank, the Committee on Asset and Liability Management Committee and the Limit. The main tasks of the Committee on Asset and Liability Management are: minimizing the risk of liquidity is ensured by reducing the liquidity gaps as regards the timing and rates, the settlement of imbalances in the time between assets and liabilities, making decisions about changing the priorities of the active operations of the establishment or change of limits for active operations in the sectional areas, management of income and expenditure of active passive operations, control of the bank's interest rate policy. Category: Financial Management | Tags: Risk Management
The commercial success of Sukhoi Superjet question
Yes, one and a half years the company "Sukhoi Civil Aircraft" (GSS) has started delivery of short-range airliner Sukhoi Superjet 100 (SSJ-100). In April 2011 the first production car was the national air carrier of Armenia Armavia. Two months later the second aircraft was handed over to "Aeroflot": last week it made its first commercial flight on the route Moscow - St. Petersburg. The car registration mark assigned RA-89 001. The aircraft entered in a lightweight configuration light - with three toilets and a kitchen pantry-modules instead of four, as it should be in the full version. But this is not the biggest problems is really a breakthrough for the Russian aircraft SSJ-100 project. Especially, GHS promises to May 2013 to replace all the equipment on the Aeroflot machines full, prescribed in the contract. In accordance with "Aeroflot" must acquire 30 aircraft by 2014, and 10 - already in 2011. A little harder. However, this is not quite the same plane, an idea that was presented at the 2004 international air show in Farnborough, UK. As the transformation of engineering designs in iron machine potyazhelela to 3 tons, experts say. In this regard, the consumer may have changed the properties of SSJ-100, particularly on fuel consumption. That means he will lose in competitiveness relative to its current foreign 'classmates »- Embraer and Bombardier. In the GSS believe that the discrepancy stated specifications does not play a dramatic role. "In the world there and there were no aircraft construction project that would not change during the design and subsequent manufacture, - said the official representative of SSS Olga Kayukova. - Even the weighted SSJ-100 is easily the closest competitor Embraer ». "The experience of operating an airline Armavia has already shown that fuel consumption is at an acceptable level, which allows the aircraft to be guaranteed to be competitive, - said Oleg Panteleyev, head of research at" the airport ". - It is better than their foreign counterparts, though less than was promised, "Aeroflot". So the SSJ-100 will certainly be refined in order to reduce structural weight. " At the same time, the source said, "F." to "Tupolev", during the development of the engine changed, "He was bigger and not so strong as expected, - the expert says. - Initially missed marketers who relied on the layout of the aircraft in 65-80 seats. Under this configuration interior design and developed the entire aircraft and engines for propulsion. Later realized that it would be necessary to lay 80-90-100 seats. But SaM146 turbofan engine production PowerJet - JV French Snecma and NPO "Saturn" - unfortunately, it is impossible to remake a large thrust on the conditions of cooperation with its manufacturers. " In addition, the engine has been certified as such by the European Aviation Safety Agency (EASA). Including so SSJ-100 is available in version until light. Delay explained. What accounts for the delay in the launch of a series of SSJ-100, and not whether they will continue to implement plans to prevent GSC? After all, my daughter, "Dry" expects to manufacture and sell a minimum of 152 cars by 2015. Reasons This caused a series of timely access to the SSJ-100, a lot, and all, as usual, the objective. That is the main "problem" of the project, since GSS is unable to control such external factors. "The new aircraft was built in the industry, which suffered chronic underfunding over the past 20 years - says the director of the SEC" Planning. The economy.
Acquisition of real property rights
Assumes presence of additional charges that are imposed on the owner of the property. For example, registration of rights to land, used to be in state or municipal ownership, is preceded by its removal. To erect a dwelling house, except the removal of the site and registering rights to it for the developer is required to obtain permits for construction of a building, respect for many fire protection, sanitation, building and other regulations. Use of the rights and interests of other users, etc. This is not a restriction of his ownership of the property, and establishing more accurate borders of its content, in any case can not be unlimited. Often when making real estate transactions can be transmitted to a set of rights and interests which are not part of real estate. Therefore, the new Civil Code of Ukraine provides other real rights on real estate, including easements, perpetual lease and superficies. These rights belong to those who are not owners, but have the ability to a certain extent to use real estate in their own interests without the mediation of others, and the owner, and sometimes even against their will. They are saved by changing my lord, that is, not followed for the owner, but for himself of the property, their heavier. This should be borne in mind when contracting, since the presence of other human rights is a definite limitation of the owner. D) an easement - a right of land owners and land users on a limited pay or free use of someone else's land. The Land Code (Chapter 16) sets forth nine kinds of servitudes, which list is not exhaustive. This right of passage and travel by bicycle, by car through a foreign land, the right of laying and operation of power lines, communication lines and other linear communication, the right of way to a natural body of water located on the adjacent land, the right to water their livestock from the pond and etc. The owner (user) site with respect to which easement shall be entitled to require payment of the persons for whose benefit such easement is installed. The right of servitude occurs after its state registration in the prescribed manner (this procedure is the same as for state registration of ownership or land use). The right of servitude can not be traded, mortgage and transmitted by any means the person in whose interest it is installed. Right of limited use (servitude) can be installed on other real property (buildings, structures, facilities, etc.), limited the use of which is necessary to meet the needs of this property. Land easements may be established for a definite or an indefinite period. Fee farm - a long-term, alienated, and such that inherited the right to use someone else's land to agricultural production. The legal basis for the establishment of a perpetual lease of land and dogovir_mizh_vlasnikom person who wishes to use to take advantage of the land for agricultural production (such person is emfitevtoyu).
Investors in tax-OMC discouraged
So far unallocated metal accounts (CBO) were virtually the only means of accumulating personal savings in gold or silver, not taxable. Performing any operations with bullion, banks are required to maintain VAT at 18%. This tax is not taken in transactions with investment coins, but the difference between the sale and purchase price rarely falls below 15-20%. Golden publicans. As published on the official website of the tax agency explanation states that the revenues derived from the increased value of the precious metal in the world market, paid under the contract of bank deposit therein, shall be taxable in full. At the same time the Federal Tax Service does not explain at what rates (usually 13% or 35 per cent fixed for the receipt of income on deposits) to pay tax and how to consider the basis for its calculation. If you accept the agreement OMC bank deposits, then, logically, the ruble income at a rate not exceeding the established accounting plus 5 percentage points, is not taxed. Or it is necessary to equate the impersonal metal to personal property and collect 13% of all the proceeds from its sale. But then the citizen can not pay the tax if such property owned by more than three years, as well as reduce the taxable amount to 250 thousand rubles. The result is that with most of the operations with OMC citizen must pay taxes even with the "increase in the value of precious metal in the world market", but with almost the entire amount received for selling it (when you close an account). The rate of slightly less than the VAT, but still many times reduces the profitability of investments in depersonalized gold, silver, platinum or palladium. Stating the obligation of citizens to pay taxes, the fiscal office, apparently, not very decided, as it should. Drafting Request "F." Federal Tax Service was considered almost a month, after which officials said that the explanation of the issue of payment of tax on incomes is not in their jurisdiction. According to the respondents of tax consultants, owners of local self-government must still pay the tax, but only with the actual "profits" - the difference between the amounts received from the sale and paid when buying the metal. "However, there is a difficulty in the application of this deduction, referring not just to precious metals, but also any other types of property in respect of which does not occur any registration actions - believes Aleksey Kulikov of the Agency's tax attorneys. - Specifies the situation: the citizen finds three of the acquisition of the precious metal of one kind at various times: 500 grams to 1,000 rubles, 500 rubles to 1300 grams and 500 grams to 1600 rubles per gram. Later, he sells 800 grams of metal to 1500 rubles, which gives rise to taxable income of 1.2 million rubles. The taxpayer has the right to use property in the amount of the deduction actually incurred. But when he got together in 1500 grams of the metal, and sold 800 grams, what kind of program the time of acquisition have been alienated? "At the same time the legislator to resolve this issue for various securities transactions.
All articles active-passive operations are evaluated separately
The ratio of the individual balance sheet items is controlled by a system of prudential regulations and specific indicators of risk assessment of operations in the interbank and international markets, securities trading, credit and currency risks. Specific indicators to measure bank risk develops and monitors their compliance with the Department of Risk Analysis and Management. System of prudential standards established by the National Bank of Ukraine. Monitoring of compliance with prudential regulations by the Department of Economic Analysis and management of economic regulations. Category: Financial Management
The planning process in banks
Planning banking is the process of setting goals for the future and developing ways to achieve them. Planning is the identification of priorities for further development of the bank on the basis of analytical processing of information received about the status and trends of the market environment conditions. In order to plan not only remained a set of figures, it should provide a means to achieve the set targets (indicators), ie largely determine the stages of control and regulation. For the bank, in contrast to other business entities, based on the mechanism of planning is financial planning, which is essentially the process of developing a system of financial plans and planning (regulatory) benchmarks to ensure a development bank with the necessary financial resources and improve its financial performance the future. Financial planning - is the foundation and the most demanding component of financial management at the bank. It gives rise to the process of financial management of the bank defines its purpose, perspective, a sequence of actions, choice of methods and means of their necessary proportions. Financial planning involves the development of bank system of internal performance plans and the financial institution providing the bank's economic development, improve the efficiency of assets, income and growth of shareholder value. Financial planning should ensure that responsibility between decisions in a given period, and projections for the future. Financial planning is based on: the strategic plan of the bank's development in terms of defining the concept of its development, forming strategic objectives of the Bank, the tactical plan for the forthcoming period (usually a year) on the determination of measures and the establishment of specific objectives to achieve strategic objectives, development tactics of assigned tasks. Topic: Fundamentals of Financial Management Bank | Tags: Planning Process
How to make Android Market
For the Russian company i-Free In-no-va-tions, which develops products and services based on mobile technologies, investment in Android and iOS, according to its managing director Kirill Petrov - a matter of survival. Over the past year and a half i-Free Innovations has invested in development for Android more than a million dollars by the end of 2011 plans to invest another $ 2 million, "We can not stay away from large-scale changes in the global mobile market, associated with the emergence of new mobile platforms and technologies ", - says Kiril Petrov. Prospects for androids. Smartphone today - the way the gadget. This year it will be sold in the world nearly 500 million units. Sales of smartphones are growing 4 times faster than the mobile phone market in general. More and more people begin to enjoy convenient mobile services, so the market potential is huge segment. "However, for investors, there are many new risks. In particular, the model of monetization. For example, in the majority of Android products for free, or novelty methods of promotion that you want to find and learn, or global competition - only in the Android Market today more than 300 thousand applications, "- said Kirill Petrov. Managing partner of Runa Capital Dmitry Chihachev notes the reasons why many developers choose Android. First, it is not only the operating system, but also an entire ecosystem that allows distributirovat and monetize applications, collect statistics on the use of services. "Secondly, the devices on the Android platform, on average cheaper than the iPhone, which means that in future it will be more mass market", - said Dmitry Chihachev. The Fund invests Runa Capital itself to the development of software for mobile devices. He made a bid for the project "Telefir" - voice application in a social network for mobile devices based on iOS (iPhone), Android and Java Mobile. "Telefir" can be compared with radio or walkie-talkie, where you can hear and can speak with those around you. In contrast to "Yandex.Probki" information you hear, and see not a mobile device that allows him to not be distracted from the road. Participants can broadcast warning: "Gently, Kosygin to sell striped sticks," to ask for help, "struck the wheel - help change!" - Or the board: "How to avoid a traffic jam at the underground" Falcon "?" An important part of the audience "Telefira" - motorists but, in principle, the project is designed for anyone who is interested in what's going on. Investors expect that Android will be in addition to iOS the leading platform for the tablets, which will further increase the market for applications. "For several years we can expect a boom MIDs, netbooks are superseded. For ease of use and capabilities are superior to smartphones. Applications for Internet tablets will be the next stage of market development ", - said Konstantin Kamenev, managing director of investment holding company" Finam ". The most popular mobile applications - games and mobile versions of popular web-resources. "Today we are focused on several key product categories. This is a successful internet processing models for the mobile environment, the improvement of simple and useful everyday applications, mobile entertainment and other ", - said Kirill Petrov.
