Dynamics of cash outside banks is an unpredictable factor, since it is difficult to predict and anticipate the intentions of the population spending, although the influence of this factor has a definite seasonal display. Thus, the greatest amount of cash people spend weekends and holidays, at Christmas and Easter holidays, during the holidays. Dynamics of cash outside banks analyzed in close connection with cash on hand, because the first largely offset by cash receipts to banks. For example, prior to weekends and holidays the banks of the banks give out more cash than on weekdays. Accordingly, after the holidays and weekends to banks returning large amounts of cash, thereby increasing the liquidity of the banking system. Relative measure of "money out of banks", note that Ukraine has a tendency to rapid growth and its associated value, as already mentioned, with the active spending of government funds at year-end, located on the Treasury Single Account at National Bank and their conversion into cash outside banks . Special attention is required confidence in the banking system as a factor of change in the volume of cash outside banks and banking system liquidity. In October 2008, an artificially engineered by strengthening confidence in the financial condition of individual banks, as well as devaluation expectations have a negative impact on citizens' confidence in the domestic banking system. Was withdrawn due to 2.7% of deposits in the amount of 9.21 billion UAH. The level of liquidity of banks fell from 11.28 bln. 01.10.2008 up to 2.17 bln. 01.11.2008 The volume of money outside banks during this period increased by 12.69 million USD, or 9.5%. Category: Liquidity of the banking system of Ukraine
The structure of the third class of accounts of commercial banks
Class 3. Operations with securities and other assets and liabilities AOR. Shares and other securities in the trading portfolio of the bank group 300 "Shares and other securities with fixed income trading portfolio in the bank"; OWG team, "Debt securities in trading portfolio of the bank"; 31. Securities held for trading group 310 "Shares and other securities with fixed income investments in held for trading", a group of 311 "Debt securities held for trading", a group of 319 "Reserve for impairment of securities in the bank's portfolio sale ", 32. Securities in the portfolio of the bank to maturity group 321 "Debt securities in the portfolio of the bank-to-maturity", a group of 329 "Provision for impairment of securities in the portfolio of the bank-to-maturity", 33. Securities own debt issued by the bank group 330 "Short-term securities own debt issued by the bank"; group 331 "Long-term securities own debt issued by the bank", a group of 332 "Short-term savings (deposit) certificates issued by the bank", a group of 333 "Long-term savings (deposit) certificates issued by the bank"; 34. Inventories Group 346 "Household Materials" group 341 "low value items" 35. Other assets of the bank * 36. Other liabilities of the bank * 37. Clearance calculations to determine the amount and transit accounts * 38. The position of the bank's foreign currency and precious metals and balancing accounts * 39. Calculations between branch offices and other institutions subordinate to the bank * The first type includes the operations with securities (other than securities which the NBU refinanced - they are reflected in the first class, as well as long term investments in associated companies and subsidiaries - are reflected in the accounts fourth grade). Topic: The role of accounting in the management of the bank, its types and purpose | Tags: Chart of Accounts
Who is at risk with money in Russia
The story I Pavel Cherkashin Age: 37 years Date of birth: Moscow Company: Microsoft Rus type: investment people like Pavel Cherkashin, called business angels: they invest more in the idea stage, even when the legal person can not be. But the amounts are small. Thus, the entrepreneur said that he had never invested in a project more than $ 200 thousand when he officially takes the post of general manager of consumer strategy and online services of the Russian office Microsoft. "I have almost all his life engaged in business, but then began to work in large companies and was somehow missed by start-ups - shares their experiences Pavel Cherkashin. - At the same time appealed to me from time to time with his friends ideas, and free resources that could be invested, also existed. And as the startups I understand better than, for example, stock market, then, in general, it all came naturally. " At the operational management of their projects, a top manager of Microsoft's not enough time, however, it is a good thing. Its role is limited to providing money and advice. Pavel Cherkashin has invested in a considerable number of projects. But because of "soaring" refers to two. First, Internet TV TVigle. It all started with an idea, which came to him an old friend of Yegor Yakovlev, who now heads the company and asked for his support. Partners jointly invest about $ 400 thousand, and then attracted venture capital fund «Allianz Rosno Asset Management", retaining a majority stake. The Fund has invested in the project is approximately $ 8 million in 2007-2008, and in the spring of 2010, the estimated cost of all TVigle already at $ 45 million, according to unofficial information. The second project - Krible.ru - is a system of active sales on the Internet, through which the sales manager can find your potential clients on hundreds of partner sites to offer their services and communicate with text messages such as ICQ. "Interestingly enough, in my opinion, a model of sales, - says Pavel Cherkashin. - I invested in this project, other investors have not yet caught. " Approached him, basically, an acquaintance. But many people come through social networks - primarily the "My Circle". Plus, Paul has recently started performing at events like the Russian Internet Forum. Now a top manager at Microsoft is an investor in a dozen projects in the field of online services, mobile applications, games and social media content production a new type. "Some developed successfully (example - TVigle), - he says. - Other - fighting for their place in the sun or die to be reborn in another capacity. " History II, Boris Satovsky Age: 47 years Date of birth: Ekaterinburg Company "Russian Navigation Technologies" Type: digital cartography Grandpa Boris Satovskogo was the chief designer of the plant "Uralmash", the inventor of the walking excavator, twice winner of the Stalin Prize. In the family archives still keep a copy of the certificate of copyright. The grandson had made known, being able to make a fortune with its own intelligence and talent.
Now European banks
Now European banks are actively integrated into the currency markets, capital markets and banking markets in other countries and regions. First of all, these markets include markets in Eastern and Central Europe. But we can not exclude the entry of major European banks in the Asia-Pacific region. In the aspect of financial markets, which traditionally applies to the Russian market, all these effects can be attributed to the positive results of the international integration of financial markets. Meanwhile, in Europe there is an additional incentive to the enlargement of the banking sector and to enhance its stability and quality of financial services with minimum prices. At the beginning of 1999 the European Union was already one of the main economic partners of Russian enterprises. However, about 80% of foreign trade contracts of our country is in U.S. dollars. And only about 10% of the transactions of domestic banks in foreign currencies accounted for the currencies of European countries. With the introduction of the euro has changed. As importers of Russian energy resources are largely state - members of the EMU, has undergone substantial transformation of the settlement currency. Consider the banking systems of several countries whose economies are at different stages of development. Topic: Banking System
Modern trends in the venture business
I see several trends. Some of them - the world, and some - typically Russian. One of global trends - is reducing the size of venture funds. The number of large funds (over $ 250 million) is reduced. Since 2007, the average size of venture capital falls. During the period from 2007 to 2009, according to Thomson Reuters, the average size of venture capital fund has fallen from $ 175 million to $ 135 million Compression funds has less to do with the global economic crisis, as the complexity of the investment of large funds with the necessary income. Foundation smaller easier to manage and find investments that meet the requirements of investors. yield a number of venture funds do not meet the expectations of investors. According to Cambridge Associates, the average return of venture funds LPs (Limited Partners - investors with limited liability, which do not participate in the management of the fund) fell from 2003 and from 2004 was negative. So why do people continue to invest in venture funds? The fact that venture capital is not homogeneous, and the yield on funds varies widely. According to Dow Jones VentureSource, 10% of venture funds provide 80% of the total growth in profitability. The desire to become more efficient funds has led to their reduction in size. In Russia, there are a few of their own trends. Despite on general activity around the innovation and venture business, alarming the Russian legislation. It is extremely inconvenient for the structuring of transactions. Therefore, most companies and venture funds, resorted to other jurisdictions. It should be noted and weak protection of minority shareholders in Russian law, and inability to conduct conditional deal. In such transactions the courts find conflict with the Civil Code, and the contracting parties are deprived of legal protection. Another problem - registration of companies in Russia. This is a complex and lengthy process. In the registration of a company can take several weeks, and offshore - just a few hours. There is overregulation and excessive legal forms. In Russia, there is still no legal framework governing the specific activity of venture capital. All these problems must be addressed. But the first steps in this direction have already been made: it was passed on first reading the federal law " On innovation activity "and were partially developed state support of venture financing. The positive aspects include the idea of creating a" virtual Skolkovo "- a project that will link and coordinate the processes of innovation in all of Russia. For our country, geographically distributed and highly uneven development of economically it is extremely important. The second Russian trend - widespread copying successful western startups. In the last year or two, such cloning has become more popular and become faster. Runet users may remember the excitement in the late spring and summer around the projects associated with the coupon code. Then all a few months there were dozens of clones of the American company Groupon. Such projects appear literally in the moment as I write this column.
Zigzag of luck
Introducing the entrepreneurial talent as a factor of production along with land, labor and capital, Schumpeter ever adopted the role of business in economic growth. At the same time, Keynes opened the world's eyes to another important component of economic development - part of the state. The debate over the optimal combination of these two forces have long outgrown the walls of academia and went into practice. Beware - Nouveau! Modernization as idee fixe of the whole state can indeed give interesting results. At least in terms of venture capital activity explosion there. Some venture capital funds in the middle of 2010 in Russia, there were about fifty of the total volume of assets exceeding $ 2 billion, If you look at a decade ago, the increase in activity is not obvious: the funds in 2001, Russia had about the same amount of funding and was 2 times higher. However, considering that after the fall of the market shares of technology companies to global venture capital market in 2009 has recovered to only 25% of the pre-crisis level, price will become clear, even small, but the separation from the global trend. The U.S. and Europe with respect to recovery of investments in 2000 is even less - 22.7 and 22.9% respectively. However, interest percentages, but in absolute terms to us as industry giants to the moon. For example, venture capital funds managed by the U.S. is more than $ 20 billion That's President Medvedev of Russia at the beginning of the year turned to American capitalists to support the emerging sector of innovation in our economy, stating that "venture capital there are not enough." A cocktail of capital. If you go back to Schumpeter to Keynes, the synthesis of their ideas is the creation of public funds involved in the support of venture capital projects. In Russia, for example, that the Russian Venture Company, established in 2006, Singapore - EDB Investments. Meanwhile, according to a study commissioned by the National Bureau of Economic Research, United States (NBER) *, the result of government involvement in the venture capital is far from unambiguous. After processing the data on more than 20 thousand projects in 25 countries, researchers concluded that the dependence of the success of the project on the fraction of state participation is nonlinear. With a small and significant participation of the state probability of project success decreases, but increases with the equal participation of private capital. It is worth noting that a successful researchers understood the situation, when the company finally conducted IPO, enabling "get" the original investors a profit. Representativeness of the sample can only envy: coverage by geography (U.S., Europe, Asia - developed and developing countries) and time period (2000-2008.) Eliminates much of the potential flaws of panel data. The absence of linear dependence of economists see that part of the state capital can to some extent reverse the agent's risk, the propensity for high risk projects which is a hallmark of venture capitalism. Investors and managers may be experiencing problems with the urgency of purpose: because the manager will arrange a quick return, but rather an investor expects to work in "long", and control of the state is able to reconcile them.
Ukraine on the basis of their claims
This takes into account that all the necessary conditions for the storage of values and perform operations on them in accordance with the regulations of the National Bank of Ukraine. Institutions of National Bank of Ukraine shall take timely action to replenish the reserves of cash, export surplus cash (if retirement money is carried out consistently and continuously expand their excess) and worn banknotes, as well as to establish control over the fact that the vaults were banknotes and coins all denominations needed for the currency. Regional offices and agencies of the National Bank of Ukraine vested with the rights of independent instructions in cash, which is stored in their vaults and in the back office - the transfer of banknotes and coins in the back of the store cashier and cash back into the repository, the implementation of commercial banks' cash for reinforcements from the back offices, reception of surplus of cash from commercial banks. Regional offices, institutions, National Bank shall independently determine the amount of cash stored in repositories and working desks. Reinforcement of cash reserves in storage and export of surplus carried out on the written order of the Office of the organization of the department's cash cash circulation of National Bank of Ukraine on the basis of requests from agencies of the NBU. Reinforcements working offices of the regional offices, institutions, the NBU carried out by these institutions themselves on the basis of applications from commercial banks, which concluded an agreement for settlement services. Surplus cash at the end of the day with cash back credited to the store. On cash transactions carried out during the day the regional offices, agencies shall report to the department of NBU cash circulation of National Bank of Ukraine. Topic: The mechanism of emission | Tags: applications
Monitored continuously and core analysis
Macroeconomic indicators, assessment of major trends in these indicators. Various indicators of the financial market are also under close supervision of analysts. This allows us to make predictions regarding the dynamics of exchange rates and helps in making decisions on management of currency positions. The Asset and liability claims and regularly review limits of open currency positions. These limits are set in the context of individual currencies and groups of foreign currencies. Also set limits on the maximum size of losses and profits from currency fluctuations. Calculation and control of the limits of risk assessment done by the Office on a daily basis. Report on compliance with the established limits are regularly submitted to the Committee on Asset and Liability Management. Mechanisms allow the Bank to effectively manage foreign exchange risk and avoid losses due to this risk. The most important in the management of bank liquidity risk management is sufficient to perform Pravex Bank's obligations to customers and counterparties in full and on time. Bank liquidity ratios are performed consistently set the NBU. Thus, the average standard of instant liquidity for 2007 was 72.26% (standard value is not less than 30%), standard total liquidity - 117.9% (100.00% standard), the norm of current liquidity - 75.51% (standard not less than 40%), the ratio of high standard and working assets - 26.6% (standard 20%). Significantly increased the proportion of term deposits from customers. Their level of borrowed funds of the Bank increased by 10.5% compared with 2006. To calculate the liquidity and solvency are using "Payment Calendar", which is calculated using consolidated figures and analysis of all financial flows in the bank. Category: Financial Management
In 1920, an international financial conference in Brussels
In 1920, an international financial conference in Brussels noted that" in countries where There is no central bank of issue, create it. "Ibid stated:" The banks and issuing banks in particular should be freed from political pressure, they must be managed on the principles of intelligent finance. " Thus, the question of independence of the Central Bank in mind. This independence ensures its effectiveness. Historically, the Central Bank is usually formed as a joint stock company, endowed with special powers. The term "central bank" refers to the largest bank, located in the heart of the banking system. Then, the Central Bank gradually monopolized certain specific functions, and at some point the authorities nationalized Bank (stock status could be kept at the same time, such as the Bank of Italy or the National Bank of Austria). In most cases, the capital of the Central Bank is fully owned by the government, but shareholders may be commercial banks and other financial institutions. CB compared with the commercial banks were modest in scale of capital, operations and balance sheets, their functions and methods of influence on the banking system were modified. At the same time, their nature has not changed in principle and is to mediate between the state and the economy in the latter? Regulating the flow of credit. Most often, the Central Bank is accountable to Parliament (or a special parliamentary commission.) Head of the Central Bank is not included in the government, and his appointment does not synchronize with the formation of a new cabinet. The appointment may be made by the monarch, president, parliament, the government, based on a parliamentary majority, has the right to his candidacy (typically offers officially). Senior management of the Central Bank may not be limited to tenure (Denmark, Finland, Norway) or administered long term, such as 7 years old - in Ireland, Australia, Canada, Netherlands, 8 years - in Germany. Category: Klasifikatsiya real estate market
The National Bank shall issue non-cash credit money
During 1992, the National Bank carried out non-cash credit issue money solely on the decisions of the Verkhovna Rada and the Cabinet of Ministers of Ukraine. First credit (non-cash) to issue national bank made pursuant to the Resolution of the Verkhovna Rada on 05.03.1992, № 2165-XII of the completion of the interbank credit mutual debt of $ 20.0 billion rubles. Pursuant to the provisions of the Verkhovna Rada of Ukraine in 1992, commercial banks had issued loans worth 670 billion rubles, including for working capital of state enterprises and organizations with their subsequent allocation to domestic debt - 292 billion rubles, including 50 billion rub. - To provide credit to agricultural organizations. In December 1992, according to the decision of the Cabinet of Ministers of Ukraine (CMU from 05.12.1992, № 679 and № 682) were first granted emission credits to the Ministry of Finance to finance agriculture and coal mining on the total amount of 329.7 billion rubles. This situation with the provision of non-cash equity loans also continued in 1993. 1993 National Bank made the first attempt to develop main directions of monetary policy, which provided the relevant objectives and mechanisms for its implementation (the main problem of the Ukrainian banking system in 1993 was to overcome hyperinflation and ensure the stability of national currency). But to overcome inflationary pressures in 1993 failed. Index inflation reached 10,255 percent. Thus a situation has arisen as a result of administrative intervention in the activities of the National Bank for the implementation of non-cash issue, while the lack of appropriate and effective regulatory mechanisms and instruments secured control the monetary market. Topic: A PRACTICAL ANALYSIS OF MONETARY ISSUE
The period of such types of analysis are
1. previous financial analysis - related to the study of the conditions of the financial activities of the bank as a whole or of certain financial transactions; 2. the current financial analysis - carried out in order to control in the implementation of individual financial planning or carrying out certain financial transactions for the operational impact on the course of financial activity, and 3. the final financial analysis - carried out by the bank during the reporting period (month, quarter, year). It allows you to more deeply and fully analyze the financial position and financial performance of the bank in comparison with the previous and the current analysis, since it is based on the records of the statistical and accounting 4. prospective financial analysis - a moment of determining the probable condition of the bank, subject to maintaining the current trends, or in case of changes in the financial management of the bank. Feature of the financial analysis of the bank is that the results of analysis are used as the basis for all other functions: a preliminary analysis (estimated figures are used in the process of financial planning), and the results of this analysis (in decision-making in the performance of regulatory functions), the final results and long-term analysis (used when performing control functions, as well as in decision-making process regarding the future development of the bank). Topic: Fundamentals of Financial Management Bank
Privat - a team of highly qualified specialists
Reliability and quality of banking operations carried out depends largely on the experience and expertise of the bank. Today, staff Privat - a team of highly qualified specialists able to quickly solve the most complex problems and meet the needs of customers in fast-growing banking services. At present, the Bank employs more than 19,000 employees, including 1800 - the headquarters of the bank. The average age of the bank's employees is 34 years. The majority of bank employees (75%) have a higher education, the corresponding profile positions. The bank has created favorable conditions for higher and graduate education, more than 50% of employees each year enhance their skills. The largest Ukrainian bank - PrivatBank increased its authorized capital by UAH 452 million. up to 1 billion 582 million UAH. The decision was taken at the next meeting of shareholders held on March 25, 2008 in Dnepropetrovsk. As the press service of the bank, at a general meeting of shareholders of Closed Joint Stock Company "Privat" was attended by shareholders and their representatives, as well as a representative of the National Bank of Ukraine. Increase in authorized capital of the bank at 452 million, UAH. pass through the reinvestment of dividends through the issuance of additional shares in the amount of 4520000 shares of nominal value of UAH 100. a share. Additional issue of shares will be distributed proportionally among the shareholders. The General Meeting of shareholders was approved by the Board Report "Privat", Audit Commission, the balance of 2007, as well as major activities in 2008 (Appendix G). Work of the governing bodies of the Company to be satisfactory. The outcome of the 2007 bank kept its leading position in all major indicators of development. January 1, 2008 net assets of 22.058 billion USD, which is 49% more than the beginning of 2007 (14.713 billion USD). left the bank with a high level of public trust - a deposit portfolio of the year 2007 grew by 68% and amounted to 7.6 billion USD. Today, the bank serves more than 9 million accounts of citizens, and the amount of borrowed funds of the population has reached 10 billion hryvnia. The consumer loan portfolio of the bank for the year rose two to 6.3 billion, UAH. The bank serves 389,000 accounts of corporate clients and entrepreneurs, the amount of funds raised from legal entities for the year increased 30% to 6.8 billion UAH national network of banking "Privat" includes 1970 branches and outlets throughout Ukraine. Category: Uchot bank ucherizhdeny | Tags: Privat
How to come to business angels
In the middle of last year, Igor Ustinov, founder of the well-known manufacturer of computer games "Buka", posted on a social site request: "Please send your financial model and the summary business plans for business development. The scale of investment from 10 000 to 500 000 U.S. dollars. " Since then, he had found more than 250 projects. Igor Ustinov sold the company before the crisis - in the summer of 2008. The whole company, according to various estimates, the cost of $ 50 million to $ 100 million since then he - a professional business-angel: the money was created by a small fund called "Azium" primarily engaged in Internet projects. About Business Angels to the general public know little, except that the businessmen who invest in innovation, should have an intuitive sense of success. Business angel - a profession in which the calculation and careful preparation combined with exciting ideas, risk and excitement. He embodies the link between science and business, because the idea of seeing not only the technological side, but also, primarily, in terms of market opportunities. Igor Ustinov, in his own words, looking projects with "disruptive innovation": the product or service must do to radically change the situation on the market. Loader and rollers. Ustinov learns life. Elementary school was a native of Sverdlovsk, matriculation was in Penza. In Moscow, he graduated from the Institute of Railway Transport in the specialty "Maintenance of bridges and tunnels," but, having worked for three years with a degree, I realized that it's not really his thing, and went to study again. Today, behind not only the Higher School of Economics and Institute of Cinematography. "I really like the film industry, and I dreamed of becoming a filmmaker who would have done international projects", - says Igor Ustinov. Clearly, the love of cinema and associated with the beginning of self-employment: during the "videobuma" in 1989, Ustinov another video shop opened. Around the same time he was invited to the company "Intant" as Commercial Director. Soon he was able to conclude a contract for the supply of computers in one of the institutions, but the obligations under the contract was executed only partially, and Ustinov left the job. In search of a new company turned to the "Land", is engaged in assembling computers, but there have been only the position of porter. However, after three years has grown into a loader Deputy Chairman of the Board on commercial matters. In 1993, children's birthday party at the home of Igor Ustinov met friends of the institute. Remembering the past and pondering the future, schoolmates, as in the end it turned out, had the same historical brainstorming, which resulted in the idea of "Buki" - a company that became one of the most famous and successful country in IT-projects. Name formed from the first letters of names of partners. The company had to do the supply-Sof is the computer. Business development, due to personal recommendation from one of his former colleagues Igor Ustinov, managed to get a fairly good credit - $ 750 thousand the first delivery to the Russian market were gaming consoles Sega Mega Drive and the Panasonic 3DO.
Classic swaps
Report - is the sale of foreign currency on spot terms and conditions of the simultaneous buying on forward. Backwardation - the purchase of currency on spot conditions and conditional sale forward. There are other possible combinations: a double-type operation forward, signed with the same conditions at different times, can also be used in the management of currency positions and are called "forward swap". For example, the forward transaction of foreign currency, concluded for a period of one month, is balanced by a forward transaction to sell the same amount of currency in three months. Thus, the assets and liabilities in foreign currency are balanced, and the foreign exchange position for a month remains closed. Such operations can be carried out with various derivatives - forwards, futures, options, swap contracts - in any combination. The most effective management tool, suitable for quick adjustment of positions are immediate exchange transactions, ie futures and options. If the regulation of foreign exchange position on the exchange agreement has been concluded, the bank can at any time free from obligations undertaken under contract by an opposite in the sense of exchange operations. Category: Management Operations Commercial Bank
No one believe
The idea of creating a consortium of Russian high-tech industrial park of private companies established in 2003 and remains to this day. Everyone has seen the effectiveness of parks in the Chinese Shen-wife, Bangalore, India, European clusters. After Vladimir Putin's visit to Bangalore had adopted a resolution defining the principles of open local parks. Former Communications Minister Leonid Reiman spoke often about the need to establish such zones, the subject discussed officials at all levels. At the time, just as now, Dmitrovsky District, Moscow Region, Valery Gavrilov supervised, which actively supports the ideas that promise the development of the area. He was particularly attracted to projects to create new jobs without opening the harmful production. We had something to offer each other and with the assistance of the Communications Ministry, we started the project. As a result, "Lanit" bought at the market price a large plot of land in the Dmitrovsky district of Defense, 27 kilometers from Moscow. Proximity to Moscow was the fundamental condition, because the planned relocation of staff, the Muscovites. The town had to live 20-30 thousand people. Generally, creating any industrial park, it is necessary first of all think about who will work there than at the level of residents - legal entities, and at the level of employees. For example, in Technopark "Dubna" with the help of state managed to build a good infrastructure for business. But the industrial park can not be called a success - the number of residents is growing very slowly. The fact that Dubna is situated too far from Moscow, to go there every day, and experts in the field of information technology is not enough in almost all regions, and the mass relocation in Dubna expect difficult. Therefore expects to be moved staff housing, build schools and kindergartens, medical center and so on. Muscovites could actually live and work in the country, paying for housing in the industrial park of the funds received from the rental or sale of their Moscow apartment. And Moscow still would have remained within the limits of affordability. It was planned to attract developers, who were engaged in the sale and rental housing in the industrial park. The concept includes all aspects of life: "Live, work, study, rest!". Looking at the Microsoft campus in Seattle, I was convinced that this approach improves the productivity of at least 1.5 times. In the industrial park should accommodate several companies, not just "Lanit." This would allow people to change their place of work, communicate and develop. Negotiations began with leading universities to their students learn and practice in Technopark. The fact that 75% of students continue to work where their practice, and the company would receive a constant flow of fresh personnel. Start. Negotiations began, the search for co-investors, and we are immediately faced with difficulties. First, it appears that we are the only one who tries to build a technology park on private land. And all the standards developed under the state land. So we immediately found themselves in a particularly disadvantageous position. However, and for parks to goszemle law did not very much. Technopark individual regions were lucky with the financing. For example, in Tatarstan and Novosibirsk have managed to build roads, housing thanks to the huge infusions of federal and regional budgets.
Inherent in banks as financial
Also affect the construction of financial accounting in banks. Given the fact that the activities of commercial banks regulated by the National Bank of Ukraine, its competence also includes the development of rules and techniques of financial accounting in banks. NBU powers in this area are set out in the laws "On the National Bank of Ukraine" and "On Banks and Banking." But set out in regulations of the NBU (instructions, regulations, guidelines) rules, practices and procedures of financial accounting should not conflict with national regulations (standards) accounting and reporting. Only when those aspects of financial reporting by banks is not settled the existing provisions of accounting [P (C) BU], the National Bank may, in the development of accounting regulations apply IAS. This situation has developed because of the absence of national provisions, which would set requirements for banks to disclose their information in the financial statements. Therefore, guidance documents, defining the rules and procedures for the preparation and publication of financial statements of banks, developed by the National Bank on the basis of International Accounting Standard IAS-30, which is called Topic: The role of accounting in the management of the bank, its types and destination
Speculative innovation
One of the trends in 2010 was the beginning of a series of Russian IPO venture capital and innovative companies. As part of this trend is the director of venture funds, "Troika Dialog" Andrey Vakulenko certainly distinguishes placement mail.ru, which was attended by LSE $ 912 million in the overall assessment of the company at $ 5.7 billion, "These companies are doing a great job and for other projects, too - a large successful placement improves the estimates for all ratios and attracting investors' attention to Russia's subsequent IPO ». IPO without rules. A year was rich in placement. Now, investors are finally able to satisfy the interest of the popular sector in the West, Life Science in Russia, where the sentence is actually missing. At the opening in mid-2009, the site "Market innovation and investment" (MII) MICEX located "Institute of Human Stem Cells" (HSCI), and this year he was joined by "Plant Environmental Technologies and ekopitaniya DIODE" and "Pharmsynthez." Also in 2010 the site housed RII engaged in navigation technology PHT. HSCI IPO was to be indicative of the sector, marking the start of a full site RII. The success was stunning: the early days of the paper were the leaders in terms of growth, eventually risen in price more than doubled. "The first biotech company in the history of the Russian stock market, which conducted the initial pub-private placement of its shares" - such a resounding start paved the way for the IPO of two companies in the sector. That securities of the HSCI benefit not matter - liquidity has fallen, and with it, and quotations, and sometimes falls below the initial price. Of course, this did not prevent the fall of the company to get the results of research of the Center for Capital Market Development honorary title of "Best IPO company's innovation," but at the time of researches in the category included all three companies. The researchers, in addition to distributing titles, already not too weighty because of the low number of competitors have come to a curious observation. The ratio of trade for the first month after the IPO and the average monthly trading volume in shares for the entire period since the IPO, zachas-thuja differed by tens of times. RNT for the initial volume was above 38 times, and for the HSCI and Diodes - 11 times. At the same time a number of issuers, even intra-day momentum initially often several times the volume of the room - that is sometimes a large proportion of shares changed owners several times a day. Given the specificity. And apart from the speculative status, amid heightened attention to these exemplary placements of the pioneers not only received praise. For example, the company "DIODE" individual investors accused that involved in the IPO money was actually paid out by the original investors of the project. Natalia Odintsov, deputy general director of "Russian Funds" actively working on the site symmetry, does not see this as a problem: "If you completely" out "financial investor or partially" out "management - nothing strange or wrong, people have invested in the business, and then sold it, "- she said. Worry about the future of the company, in its opinion, it is worth, only if the shareholders, especially among managers, show the market that they IPO - is the "end of history."
Regulation of the banking system liquidity
In the process of regulating the banking system liquidity by the central bank focus of attention is the gap that arises from a mismatch between aggregate demand and aggregate liquidity supply battery, indicating the presence of a structural deficit or surplus of liquidity in the banking system. Adequately to the situation with liquidity in the market, the central bank takeovers (sterilization) of liquidity - to remove excess liquidity support operations or liquidity of the banks - to cover its deficit. In the first case the central bank is a net debtor, the second - a net creditor. Now for the management of liquidity in the banking system, the National Bank uses the following basic mechanisms of refinancing: overnight credits made available through a permanent line refinance refinancing loans granted by tender, operation repo with government bonds and swap operations in Ukraine, which in the structure of loans granted National Bank of Ukraine amounted to 10 months of 2008, respectively, 65.9, 7.5, 9.7, 2.4%. Category: Liquidity of the banking system of Ukraine
The second stage of the portfolio
Formation of investment decisions on the inclusion of a portfolio of specific securities is based on: this type of portfolio, availability of an offer individual securities in the market, the valuation and return on individual securities, assessing the level of systematic (market) risk of the security. Evaluating the effectiveness of individual securities is based on comparing the amount of investment expenses, on the one hand, and the sums of money flow back to them - on the other. The basis of current cash flow return on securities are the amount of interest paid to them from time to time (for bonds and other debt securities) and dividends (for stocks and other securities mutual). In the back of the cash flow of securities also include the cost of their implementation after the end of treatment / storage in the portfolio. Securities investor chooses the expected rate of return given the level of investment risk. A conservative investor would prefer the choice of securities with low risk (and, correspondingly, with a low rate of investment return), while an aggressive investor will prefer securities with a high rate of investment return (despite the high level of risk them). Category: Management Operations Commercial Bank | Tags: asset
Venture drawn to ecology
Of 23 years of labor hired Vadim Kulikov worked only three days - more precisely, three nights at the bakery, unloading trays with freshly baked bread. I tried to sell more green on the market Bauman. Luke had eaten the rest of your life, but a lot of money to earn first-year students did not succeed. It was then established himself in the thought that it is cheaper to make your own head, and as a commodity to offer their brains. And a year later, at age 19, Vadim Kulikov earned his first million. Ton. In childhood, many boys are wondering, "Why do planes fly?" Or "Why did not sink the ship?" But only a handful of youthful interest turned into a job. One of them - Vadim Kulikov, Honored Inventor of Russia, winner of over 20 patents in the U.S. and Russia, head of innovation. His father, a chemist and biologist by training, told his son about many works of great scientists, discoveries, stories that makes you wonder why this or that action takes place exactly as they did? The answer to the questions Vadim Kulikov began to look in the textbooks of physics for high school, enrolled in a circle parallel to the electronics. Thus, in the fifth grade Kulikov determined not only with passion but also with the choice of future profession. Teacher radiokruzhka was the main thing - to convince the student that he can do everything, continues to Kulikov. "I still do not understand how I, who was a sixth grade were given the task on which beat even the teachers? - He recalls. - Perhaps, the answers came in a dream, I just felt them - just as I feel now, will this or that idea of economic benefit. By the way, this is a significant help for our team right now. " By eighth grade students had the usual high school for several publications in the central scientific and popular journals. "At this time I seriously studied physics and mathematics, - says Vadim Kulikov - avidly bought books and read them all the time something came up with and master." To capitalize on new textbooks and radio components, collected wild rose, which was given per kilogram of 2.5 rubles. Cobral ton, and was awarded a trip to the "Artek". So on a personal research library and a large number of electronic components, of which began to collect his first invention, in order to clearly see how it works in life. "For me, then and now, it was important not just invent something, but also to implement their ideas," - said Kulikov. After winning the Olympics in the ninth grade, MIPT, Vadim Kulikov was sure that this institution would become his refuge in the coming years, but because of poor eyesight did not pass a medical examination and entered the Moscow Higher Technical School im. Bauman at the Department of Energy Engineering. In the second year in 1989, came the first experience of the business. Together with two other students, Kulikov was invited to join the development of computer software for the company "Langepasneftegas." Automated system for distributing oil bushes, they created three months, cost 3 million rubles, similar to the U.S. - $ 5 million total was made seven installations, each of which developers receive 10%, ie 300 thousand rubles - increased stipend to those years was 105 rubles.
The main analytical register bank has personal account
It deals with the parameters established by evidence of business transactions carried out by the bank, allowing to establish with the utmost precision from whom or to whom, where or where are the funds and for what. The main synthetic registers include: accounting journal, which records all held by the bank for day business operations, turnover balance sheet, verification sheet. Record registers are the basis for drawing up financial statements, the most important component of financial statements is a common financial reporting. Financial reporting - it accounts containing information on the financial condition and results of operations of the bank for the reporting reference period. Allocation of accounts depends on the type of asset, liabilities and shareholders' equity by contractors. Personal accounts are subject to registration in a special book, where each balance sheet account the order of IV are assigned separate sheets. It records all personal accounts of customers and accounts opened by intra-operations (accounting assets, equity, revenues, expenses, results of operations, calculations). In the case of closing the account in the book bear a date, and indicates the reason for closure. The book kept by the chief accountant, and changes in registration records can be made only with his permission. According to certain balance sheet accounts analytical records are maintained on personal accounts or consolidated operating journals, books, cards in the form of a chronological record of operations to control the use of funds for their intended purpose. For example, to account for cash transactions applies to "Ledger cash operating cash and other valuables of the bank", to account for fixed assets - "Journal of fixed assets", in the event of settlement payment by check can be used combined personal account on the analytical accounts' Calculations checks ", the issue of settlement checkbooks can be accounted for by a special card account, etc. Topic: The role of accounting in the management of the bank, its types and purpose | Tags: personal accounts, Chart of Accounts
Andrew Mason: "In fact it was one small part of the broader ideas»
You have started in November 2008 and has already paid for itself in six months. Morgan Stanley previously estimated your income for that year of $ 500 million, Fortune magazine called Groupon most bystroras-tuschim startup in history. What do you think, why Groupon has become popular so quickly? - In May 2009 the business was only a few months, but we were in New York, Boston and Chicago. If I'm not mistaken, in our list, e-mailing was about 20 000 subscribers. We have around 20 or 30 people. By the end of winter 2010, the number of employees has grown ten-fold, we were in 40 cities and planned to be back in a hundred by the end of the year. Get more. I think that makes Groupon to millions of consumers is the same as that for me - it helps me to learn the city. You used to walk in the same place, and how to hit in a closed circle nuty. A Groupon encourages you to what you need to go out and try something completely new, something that you might never have tried. All of this sounds like you have been successful for a moment, but you do not start as Groupon, but as something quite different? - Of course. In early 2007, was a much broader idea: a project in which people can negotiate and solve problems together, they could not solve alone. At sayte thepoint.com, for example, could organize a boycott of multinational corporations - only one person could appeal to millions of people to get involved and action. One could raise the money to a park or bike paths, or something like that. This large abstract idea, with which you can do almost anything. For example, to make collective purchases, and this was one way to use our site. Then the economic crisis and we decided that the best figure out how to make money - namely, to focus on Groupon, when in fact it was one small part of the broader ideas. And at the end of 2008 we started Groupon in Chicago. Silicon Valley tried to collective buying, but this stung. There were so many dot-com boom in startups - MobShop, Mercotta, The Company, the other, now forgotten names. Your idea just came at the right time? - Group purchase - just part of what made Groupon successful service. If we tried to recreate what was Mercotta, we would also have failed. In general, they took the idea of Amazon. They had their stock of goods - televisions, video cameras and other things. That is, the business was originally a low-margin and strongly competed with companies such as Amazon and Wal-Mart. They tried to use the collective purchasing to more lower prices, but failed to achieve the volumes necessary to be competitive and their prices are no longer low. So they failed on such a good reason that we have struck out a scheme of work from a list of options. And as you all work? - Every day we offer a "deal of the day" - a special offer from one of the best enterprises in the city. This may be a restaurant, spa, theater tickets, anything, and we sell it at a discount of 50-70% or more.
Venture prodigy
In adulthood, geeks often do not occupy top of the ratings and are "strong middle peasants," and if not stop at the second level, those deputies - all your favorite, bright, but not to the forefront of applying. Some of this is attributed to fatigue from glory to which the child "overfed" at an early age, others believe just a person changes with age and the "genius" as a come and go. Elena Masolova - a typical child prodigy. At school, she won the Olympics and other competitions in mathematics, chemistry, biology, took third place at National Competition in economy and in general was among the top graduates of Moscow. In the HSE - the same story: the victory of the championships, "What? Where? When ", a competition for the best business plan and even more unexpected in this series championship in football, which Elena herself for some reason likes to mention. However, business projects Helena Masolova long for a young man three years did not achieve great success. Of course, the other would be envious of such a fate - but the "star" was not there. Still in the institute won a grant of $ 3 thousand, and it created the Russian equivalent of getAbstract - the online library digests business literature. The project was launched and even paid off, bringing the revenue, but after a couple of years, successfully passed away: the clientele has been exhausted. It did not work with venture fund Ruvento: he liked everybody, everybody understood the promise of the market, but the money neobstrelyannyh students to no avail. Payback pizza. Elena Masolova does not believe in superstitions. Still, no luck she could not do, and some overlap in her life were not rational. The first known outside of the university came in 2008 when it created a new startup - fund investments in Web projects. Managed to find a really serious money - as much as $ 300 thousand. Investors have become the creators of "Buka" Igor Ustinov and his colleagues. So the business angel (about Igor Ustinov, see page 47) created a different business angel - one of the most well-known venture projects Runet AddVenture. "I would not place Ustinov gave $ 300 thousand twenty-three years of experience with startups moderately successful - with some surprise, says Elena Masolova. - But it only confirms that in any project, especially important expertise - and we have over three years, she has accrued. " The name of Helen Masolova flashed in the media and blogs. However, it appears, for the development of their own start-up of the accumulated expertise was not enough. Another of the project, Cheap-and-Daily, had a number of analogs, for example, American Woot. It serves only one product, but with a big discount. The first day he paid for investments, which, however, almost did not take. "Tea and pizza" - describes its budget Elena Masolova. But very quickly it became clear that the maximum turnover of the scheme is $ 30-40 thousand per month. That is, with the margin at 10% of revenues from the project is just enough to pay for two employees. Unreal money.
Methods of control bank liquidity
Maintaining liquidity is a serious and complex issue. In world practice, methods were developed (the theory), liquidity management, which are part of bank management. The composition of such methods include: asset management, liability management, sustainable management of liquidity (assets and liabilities). Characterization techniques for liquidity management, the advantages and disadvantages are summarized. The oldest way to ensure the needs of the bank for liquidity is the liquidity management through asset. In the most general form of liquidity management through asset accumulation requires high quality liquid assets that are fully address the needs of the bank's liquidity. In the event of a demand for liquidity assets are sold, not yet meet the needs of money. Consequently, there is a conversion (transformation) of assets in cash. With this approach, characterized as liquidity reserve. The assets must have the following properties: to have its own market, have sufficiently stable prices, that is, the market should have the ability to make all of the assets being sold without a significant reduction in their prices, the seller's assets should be able to recover the initial investment with minimum risk. If you are using a strategy of transformation of the assets necessary to: determine the optimal ratio for the bank's highly liquid and total assets, taking into account the stability of the resource base, to carry out a comparative analysis of price movements in markets that are suitable for the disposal of assets (if such a choice exists). Liquidity management in asset management is the traditional and the simplest approach. Basically, this strategy is used by small banks, which have no opportunities of borrowing and access to money markets. Category: Management Operations Commercial Bank | Tags: banking system liquidity
Serious difficulties lending to Ukrainian banks
The serious difficulties of Ukrainian banks associated with the return to the end of 2008, significant foreign borrowing, which are actively involved in previous years. As well as difficulty in attracting new investments, due to crises in the European financial markets and lower credit ratings significant part of Ukrainian banks. 3. Consequence of the financial crisis was the instability in the foreign exchange market. Although it has more internal speculative in nature, but leads to instability in the interbank foreign exchange market, reducing the NBU reserves, which is forced to sell the currency to meet excessive demand. 4. The crisis has significantly affected the increase in interest rates on loans. This is partly caused by inability to attract foreign loans, which have recently been used for long-term lending, as well - higher prices of resources involved in the domestic market. 5. Consequence of the crisis is the fact that worldwide rescue financial institutions began to challenge the state - it? Poured budgetary funds, as well as taking banking institutions under its control. Given the same political situation in Ukraine is difficult to predict whether the government rescue the banking sector, subject to contagion. Category: Liquidity of the banking system of Ukraine | Tags: credit problems
Characteristics of the sources of credit risk
In this case, the bank may face yet another nuisance. The court may refuse the claim because of imperfect preparation and execution of loan agreement. The same applies to other legal transactions concluded in the lending process (collateral agreement, letter of guarantee, an insurance contract). All this suggests that the risk assessment on a particular credit agreement simply need to be considered legal risk Risk Characterization Name source 1. The risk associated with the borrower (the guarantor insurer): 1.1. Objective (financial capacity) 1.2. 1.3. Subjective (reputation) 1.4. Legal Failure borrower (the guarantor insurer) to fulfill its obligations out of current receipts from the sale of assets or reputation of the borrower (the guarantor insurer) in the business world, his responsibility and willingness to fulfill its obligations Deficiencies in preparation and execution of loan agreement, letter of guarantee, the contract Insurance 2. The risk associated with the object of pledge: 2.1. Liquidity 2.2. A market 2.3. Death of 2.4. Legal Impossibility of sale of collateral impairment of the collateral over the term of the loan agreement the collateral death of shortcomings in the preparation and registration of the pledge agreement 3. Changes in systemic risk in the economic system that can make an impact on the financial condition of the borrower (for example, changing tax laws) 4. Force majeure risk of earthquakes, floods, disasters, tornadoes, strike, war What is the objective risk of the borrower, and it should be noted that the problems with repayment of loans do not arise suddenly, there are certain causes and trends that can be considered "signals "future challenges. Category: Risks in Banking
Playing to the gallery
Pioneer Venture Capital in Silicon Valley, Franklin, Johnson did not come from one of its portfolio companies for 26 years. Business portfolio companies develop progressively rather than jumps, so the usual volume of the "transfer of business to a new stage" for the investor is almost non-existent. "Conditional division at seed stage, start-up and growth stage for the investor has no fundamental significance, it focuses on cash flow and capitalization" - explains managing partner of Runa Capital Dmitry Chihachev. "For venture capital funds it impossible for venture capitalists have certain obligations to its partners - the general partner of Helix Ventures Eugene Zaitsev. - Much depends on the agreements between investors and management company, but most of all, as soon as the company has a liquidity fund is obliged to go out of business and distribute the money received from selling it. " However, as it clarifies Evgeny Zaytsev, there is another important aspect: the sale must realize profitability, investors expected. «IPO - this is not the criterion for success, as a way to achieve liquidity and to attract funding not only larger but also less expensive than venture capital investments", - stressed Dmitry Chihachev. The fact that venture investors are guided by the yield of 20% per annum and above. Given the fact that high-risk business, successful project must not only ensure their own profitability, but also to recoup the losses from unsuccessful projects. So, to meet the expectations of investors, company management must provide an annual growth of capitalization of the company not only in the dozens, but hundreds of percent. At the same time a shareholder who buys securities on the open market the company is unlikely to be a claim if the company will be able to appreciate at least a little faster than the stock market index. Minus 40. However, well defined time to sell the project is far from over and is not always the case. One of the most iconic and indicative IPO in the history of the business venture was a public offering of an "ideal start-up» Google in 2004. Accommodation has been repeatedly postponed - not only because of delays in regulatory approvals United States, but also because of the constant changes in the strategy of the company. As a result, the moment was lost, the conjuncture of the stock market has deteriorated: the final placement price was almost 40% less than expected, and even then it could not accommodate the entire volume-planned. Did not help even the "innovative" approach to the procedure: in order to equalize the opportunities of large investors to small, the company created a special site for receipt of applications to purchase shares of the company: only instead of the planned $ 3.47 billion Google managed to collect only $ 1.67 billion, however, and this the result was not so sad: capitalization of $ 23 billion, which immediately made Google one of the largest IT-companies in the world. Now on the VC market has a few major players, waiting for IPO which is comparable with the expectation of IPO Google.
In times of crisis arises
This is due to the need? The fact that self-regulation through the market mechanism in such circumstances simply does not work. A similar situation exists today in the global economy, with virtually every single banking system is suffering from financial crisis. In particular, in our country, its outcome was a currency crisis, and government agencies have already taken steps to address this phenomenon. The National Security and Defense October 20, 2008 decided on urgent measures to strengthen fiscal discipline and minimize the negative impact of the global financial crisis on the economy of Ukraine. NBU Board October 11, 2008 adopted the Resolution № 319 "About additional measures concerning the activities of banks," according to a moratorium on early withdrawal of deposits. November 5 NBU adopted a resolution number 353, that toughened the rules for foreign exchange transactions. The Verkhovna Rada of Ukraine adopted the Law of the anti-crisis "On urgent measures to prevent the negative effects of the financial crisis and on amendments to some legislative acts of Ukraine". The document in particular provides for the establishment of a stabilization fund and increase the size of the Deposit Guarantee and 150 thousand hryvnia, and the participation of the state represented by the Ministry of Finance in the formation and / or increase the authorized capital of banks by purchasing shares of a bank or a primary issue additional shares of banks in exchange for public Ukraine Bonds and / or acquisition of such shares for state budget. The speaker noted that similar measures are being taken in other countries affected by financial instability. Leaders of the Group of Seven advanced economies (G-7), 15 countries - members of the euro zone, the International Monetary and Financial Committee (IMFC), representing 185 countries, the Group of 20, which includes both economically developed and developing countries, issued a statement the need for coordinated action by the world community. Category: Liquidity of the banking system of Ukraine | Tags: crisis
Classification of securities on the specifics of their investment properties
If the expected rate of investment return is determined by the investor, the figure formed and the amount of investment costs for a particular security, which should provide him with the expected amount of profit. This estimated amount of investment costs is the real value of the securities, which consists in the expected rate of return for them taking into account relevant, the level of risk. If the actual amount of the investment costs for a security than its real value, the efficiency of financial investment will decrease (ie, the investor does not receive the expected amount of investment income). Conversely, if the actual amount of investment costs will be lower than the real value of the securities, the effectiveness of financial investment will increase. Thus, evaluating the effectiveness of the security is reduced to the evaluation of its real value, which provides the expected rate of investment return on them. Peculiarities of formation of the reverse cash flow for certain types of financial instruments define a variety of variations of models to assess their real value. Assessment of the real value of financial instruments compared to the price of its current market quotations or calculated the expected rate of gross investment income (yield) for him is the main criterion of decision-making on the implementation of a particular investment. However, when making management decisions can be taken into account other factors affecting the degree of investment risk in a particular security. Category: Management Operations Commercial Bank
Market as a start
World venture market ends year on an optimistic note. Despite the fact that for the III quarter of 2010, venture capitalists invested U.S. $ 5.5 billion, up 5% from a year earlier, the total number of transactions increases. Overall, three quarters of the situation is quite positive: 2016 total volume of transactions in the $ 18 billion, an increase of 10%. Particularly increasing activity in trades together business angels and venture companies: if the first nine months of 2009, these transactions was only 59 at $ 236 million, but this year there were already 68, and the amount increased to $ 282 million noticeably increasing proportion of transactions early and seed stage - they had 20 and 34% of invested capital, whereas previously accounted for 15 and 31% respectively. "The positive trend shows the restoration of market liquidity and fundraising," - said the director of global research Dow Jones Venture Source Jessica Canning. True, there are also unexpected losses. Thus, investments in health care fell by 11% to $ 1.7 billion, and in the energy sector, although seen twice as many transactions, but the sum of their decreased by 28% to $ 359 million, however, health care still remains the most promising segment, and this decrease - a temporary market correction, says board member of the RVC Evgeny Kuznetsov. At the same time in the U.S. marked a serious increase in investment in business and financial services (121 transaction for $ 841 million against 103 deals for $ 708 million), while investments in business and financial web projects grew by 59% to $ 667 million Among the favorites, as predicted, IT-sector ($ 1.8 billion, an increase of 35%), and the volume of transactions in the software industry has grown by two-thirds to $ 1 billion issue of selection. Russian venture capital community, too, finishing the year with optimism, but rather restrained. Last week, the first 14 companies received the status of residents of a major project "innovative programs" - Skolkovo Science City, although a formal decision to run it was just a year. The total volume of Russian venture market, according to a single estimate of its members, has already reached 60 billion rubles. With the participation of major players, "Russian venture company" formed 10 funds totaling 22 billion rubles, in which the public funds accounted for about 12 billion rubles. Until the end of the year, according to a RVC, should result in the formation of two additional funds, bringing the total volume reached 25.5 billion rubles, or 0.5 billion exceeded the target. Of these funds invested 50 companies. This is slightly below the targets: it was assumed that by the end of 2010, the number of these companies will reach 65. In the RVC also gleaning money to their own ends 9% by investing in venture capital projects 6 billion. Despite this, the total investment has almost doubled in 2010 compared to the previous year, amounting to 2.7 billion rubles-lei. As "very good" estimate in the company entry into Western markets - the U.S. draft BrightSource Energy to develop solar thermal power plants. "It became a kind of" opening doors ": entering into this transaction, we have partnered with global venture capital firms, and then got a lot of new proposals for joint activities", - says Eugene Kuznetsov.
At the same time, the bank is an independent financial institution
For his efforts, for the services he has to make a profit, covering its costs, ie cost (price), its services should be at a level sufficient for further development. In other words, the public recognition of the bank as an independent entity assumes that the price of his product in the form of banking services must be at least not negative. Thus, each bank faces a liquidity problem, at least twice. First, as a technical executor of his role in the money market, carrying charges of market participants to each other. Secondly, as an independent subject of financial-credit sphere, making a profit or loss from the activity, the bank faces a liquidity of its own products - banking services. Consequently, the liquidity of commercial banks connected on the one hand, ensuring the cash and non-monetary accounts of its customers, and hence supporting the correspondence between the active and passive operations in terms of the end of the commitment, on the other - ensuring stable minimum yield. In terms of technical executor fees role of the bank lies in the simple mediation and the provision of liquidity is the need to have an appropriate amount of real money to make payments. But in terms of reimbursement and profit as a result of the gap in the chain of movement values of T - M - C (commodity-money-commodity), the bank becomes the debtor and the creditor directly on a wide range of obligations, and here comes to the fore the problem of the risk of its activities as lender and reliability in carrying out its own obligations. Category: Management Operations Commercial Bank | Tags: services
Venture contrary
Coincided several factors - the reluctance to lose a valuable employee, breathtaking vistas, the interest of the guru, invited as an expert. In the media know-how Michael was just a bare Schelkonogova technology, investors had to choose a business model to build sales channels and even pick up management to manage the startup. Now, the project intends to become the largest supplier of ERP-systems, next generation. Serguei Beloussov, founder of Acronis and Parallels: «There was nothing left but to eliminate union activists" How did the idea to create Acumatica? - It's a story, does not fit into the overall framework. Project Acumatica separated as an independent business from the company Parallels. One of the divisions of Parallels is responsible for developing business applications for service providers. Since its foundation it has worked very active subgroup, headed by Mikhail Schelkonogovym that tried to develop a new technology is not suitable for Parallels. Acumatica technology based on the platform Microsoft (Windows,. NET, SQLServer, etc.). Major clients Parallels - service providers, such as hosting companies. Few of them work with the platform Microsoft, so we need programs that work on Windows, and Linux, Unix. Acumatica also works only on Microsoft. All attempts to get this command to stop the development that do not have much value for Parallels, without success, and I had no choice but to eliminate union activists. But in the process of advocacy, it became clear that Michael is stubborn, like all innovators, and still continue to improve the technology, which by then was already quite advanced. Then I invited as an expert, John Howell, one of the founders of Solomon Software, the former a pioneer in the field of ERP-systems. In Solomon Software, John Howell, head of marketing, responsible for commercial policy. New technology, he found it very promising, and expressed willingness to participate in the startup and the time and money. Then I decided to invest in the project. So quickly made new projects? - By the time the process rather slow. Mike wanted to create Acumatica since 1999, has been actively engaged in a project still in Parallels, around 2006. And in 2008, it became clear that technology is entirely inapplicable to Acumatica Parallels. So we created a separate company that sold you created through Parallels technology. Typically, from technology to product remains a long way. - Yes. Michael - the developer. He created a very advanced technology, but its basis was required to create specific applications that focus on a certain type of customer, build sales, that is, create a workable business model. I had no time to do it, but agreed to John Howell. He became a member of the board of directors and spends 1-2 days a week on marketing, developing sales strategies for Acumatica. A little later, managed to find a third "piece" - the head to-day management, they became Izakiel Steiner.
Credit risk as an integral part of banking activities
Credit risk describes the economic and legal relations arising between the lender and the borrower on the redistribution of financial assets. In broad terms, the credit risk - the uncertainty regarding the full and timely implementation of the borrower's obligations under the terms of the loan agreement, ie no return (in whole or in part) the principal amount and interest thereon of the provision. In the "Guidelines on the organization and operation of risk management in banks of Ukraine» Credit risk is defined as existing or potential risk to earnings and capital, which arises from the inability of the parties, pledged to fulfill the terms of any financial agreement with a bank or some other way to fulfill its obligations. Credit risk is present in all the activities of the bank, where the result depends on the counterparty, the issuer or borrower. It occurs every time the bank provides funds, accepts the obligation to provide them, invest or otherwise runs the risk of them under the terms of the real or conceptual agreements, regardless of where the transaction is reflected - in the balance sheet or off balance sheet. In other words, we are talking about the uncertainty of the bank that the borrower will be able to keep going and to meet its obligations under the terms of the transaction, resulting in there is the possibility of losses on lending operations. In particular, the nature of credit risk strategy is that every time a bank is seeking to acquire a profitable asset (in the form of loans), he assumes the risk that the borrower may become bankrupt, that is, Can not (not will) promptly pay the principal and interest, and thus the bank can not use a secured loan. Topic: Risks in Banking | Tags: Credit risk
On the practical venture
Until recently, Russia had decided to complain about the lack of funds for venture capital investments. In recent years, there was another problem: many market players complain that the money is already there, but the quality of projects from bad to worse. Illusions do not feed. We also felt that the quality of projects in Russia is small. To see the reverse, it took three years. For an existing real money supply of venture we have a good choice. Return projects exported from Russia in the 1990s, there is even rooted in the Soviet Union. At the time, the authors went to implement the ideas in the U.S., Germany or Great Britain, received grants, creating prototypes. Some come back because they did not find understanding and money, while others - because it is all their own, others just miss the Russian speaker. Observing this, you understand the quality of people who at one time we lost - very high quality. Such return pleasantly. We try to invest in projects that can touch it. "Dotcoms" without real prospects based on fashion trends - not our topic. Still, Russia - a country of real opportunities in all senses of the word. Someone, focusing only on the associative array, say that the modernization of existing plant - it does not venture. However, this is a practical and pragmatic Russian venture capitalism. Not theoretical. Questionable projects ripoffs "there" without regard to Russian realities - not for us. We do not nosimsya with fashion trends create the next Facebook, though many have rushed into this niche. We like companies that have a unique product and market-friendly, but not the strength to go on the market. And this breakthrough should be tomorrow, not next day. Not entertain illusions, and in a competitive niche did not climb. For example, nanotechnology is trying to bypass - in this field and so it is, whom to play. We understand the importance, political and social significance of these trends for the country and for all of us. But the point of our company - to make a profit, and only through profits and growth of the monetary value of venture capital firms, we can realize its social role. Be smarter. Other than that - in the approach to the selection of venture teams. Now in vogue concept smart money - «smart money" when the investor brings to the project will not only finance but also some additional competency examination. For us, the "smart money" - this is when every person in his place better than we know what he's doing. The ideal situation - when the team does not need our expertise, only money. Clearly, in such risky areas as venture capital, always pulls to do manual control. But it is important to seek and find with the project, and people. Venture - an emotional thing, and his team must have a non-material incentives, in addition to the money that it receives from us, and especially wages, appointed managers. In a sense, the team should be nowhere to go but to do this project. A lot of relationships. This approach has its difficulties: it turns out that in our structure are involved in two dozen CEOs, financial director, commercial and technical directors, etc.
As a result of the analysis are provided
The analysis provides suggestions for reducing planned expenditures up to prepare a list of reorganizational measures capable of ensuring the profitability of the bank. In practice, banks often have a situation of exceeding projected actual expenditure above their maximum value. In this case, the bank's management decides on the need for additional organizational measures aimed at reducing costs, and the priority is to review articles of non-interest expenses. This decision should be considered on the basis of forecast actual financial performance for the period. The most common way to solve the problem, there are some activities: provision of a direct reduction in non-interest expenses and / or growth of the resource base for the subsequent increase in revenue from the profitable use of Bank resources. Optimizing the use of financial resources allocated for the implementation of non-interest expenses can be carried out as follows. Topic: Fundamentals of Financial Management Bank | Tags: Analysis of controlling
Performance evaluation
Performance evaluation of bank employees should be focused on achieving a certain level of financial performance (the rising cost of bank risk-based, etc.) and nonfinancial (number of involved clients, the amount of deposit and loan portfolios, net assets and so on). Through the introduction of these parameters can be controlled by the strategic objectives and to identify individual staff involved in achieving them. Based on the analysis of the theory and practice of the balanced scorecard can be inferred that it enhances the effectiveness of banking. This is made possible through the identification of bottlenecks in the bank, at the same time ensuring that all staff clearly understand the goal, maintaining a high level of awareness of information managers need to implement RIBSC have methodological support indicators, form the basis of the information and develop software. For this purpose, can be used as a simple and inexpensive software products so complex and expensive. When introducing RIBSC bank may use the standard software products that are commonly offered by the foreign and domestic firms. The most powerful banks can purchase specialized software products that integrate with other information modules. The introduction of domestic banks RIBSC advisable to carry out in three phases: a pilot design, widespread improvement. Category: Uchot bank ucherizhdeny
So, in order to reduce credit risk
So, in order to reduce credit risk the bank's employees consider documents submitted by potential borrowers, carry out verification of compliance and authenticity of the documents and information provided by the borrower, carry out analysis of the key indicators of its financial activity, studied business reputation management company. In a study of the company focuses on compliance with contractual obligations, financial and economic discipline, the analysis of cash flows in the accounts of the potential borrower. In assessing the borrower's financial state by validating its balance sheet. Experts expect the coefficients that determine the class of the borrower's credit and risk operations, monitor collateral interviews with business leaders, site visits and other collateral during the loan agreement is carried out quarterly evaluation of the financial condition of the borrower in order to identify changes in the financial and economic condition of the company and if necessary, amended the loan agreement. As a result of adverse market fluctuations in interest rates the bank exposed to interest rate risk. In order to reduce interest rate risk and the bank uses a comprehensive risk management system based on: predicting trends in interest rates, the study of dynamics of the spread between interest rates on borrowed and placements, the determination of the GAP-gap between assets and liabilities that are sensitive to changes in interest rates on different time intervals, determining the balance of assets and liabilities sensitive to interest rate changes and the ratio of GAP-breaking to the net assets of the bank, monitoring the gaps between assets and liabilities sensitive to interest rate changes on a daily basis, monitoring the level of net interest margin, compared values of interest rate risk with a profit of bank holding weighted interest rate policy of the bank, which is based on the formation of interest rates on loans, taking into account the cost of liabilities, and the rating of the borrower, the risk of surgery, a monthly review of interest rates on active and passive operations with consideration of the market exposure of banks - rivals. Category: Financial Management
Kazakh banks rose from the ashes
Last week it became known that the holding group "Almex" - the main shareholder of Halyk Bank of Kazakhstan - the state is going to buy a stake in the bank. Following the transaction, the state's share will decline from 27 to 13%. But far more important that the deal would be a sign of re-privatization of the banking sector, partly under the control of the government passed the crisis. The most progressive. Economy of the Republic of Kazakhstan (RK) is a lot like Russia. It develops primarily due to the export of raw materials - oil, gas, metals and grains. But as the market of the republic were far fewer major complications arise with diversification. And then say, in terms of oil reserves per capita Kazakhstan than Russia more than 5 times. Proved oil reserves in the comparable (43 billion barrels - in Kazakhstan, 73 billion - in Russia) and Kazakhstan's population is about 9 times smaller. But as oil prices in the last 10 years everything was in order, it has provided to our neighbor rapid development theme. In the period from 2000 to 2006, GDP grew at an average of Kazakhstan at 10% per year, while the average for the CIS, this figure was only 7.3%. Along with rapid economic growth of the financial sector contributed to the country and "luck" with the progressive state bureaucrats. Widely respected in the CIS uses Grigory Marchenko, head of the National Bank of Kazakhstan and now his head from 1999 to 2004. Thanks largely to the past when it reforms in 2001, Euromoney magazine has announced the country's banking system the most advanced in the CIS. All the major innovations in Kazakhstan are taking before in Russia. Thus, the deposit insurance system introduced there in the last century, and IFRS Kazakhstani banks pass a mandatory 10 years. "The banking law has moved beyond all of Kazakhstan. They have a lot you can learn from "- the president of the ARB" Russia ", State Duma deputy Anatoly Aksakov. Even now, after the crisis, when the balance of Kazakh banks showed a huge amount of toxic assets, it may be a matter of pride. As stated by Catherine Mills, director of financial institutions ratings of international rating agency Standard & Poor's, «on NPLs level of transparency in the ROK is one of the highest in the world." Of course, in their aggregate might Kazakh banks can not compete with the Russians. But its quality indicators Kazakh system is more developed. On the eve of the crisis were total assets of banks in Kazakhstan, 92% of GDP, while in Russia - 53%. The volume of mortgage loans by the year 2008 in the country has exceeded 5% of GDP, while in Russia and did not reach 2%. The same goes for consumer credit: Kazakhstan - 12% of GDP, in Russia - 9% of GDP. In this case, unlike in Russia, in Kazakhstan before the crisis was dominated not by government and private banks. Approximately 60% of the market (and have) to the "big three" - Kazkommertsbank, BTA and Halyk Bank of Kazakhstan. Planted a bomb. But the rapid development of the banking sector always have higher risks.
Banks have to hand over the commission
The controversial condition is contained in the contracts of almost all of the emitting cards of Russian banks. Subject to the requirements of international payment systems, credit institutions have zachas-thuja change not only tariffs but also the conditions of work with clients. However, Russian law, supervisors and judges treat it as a violation of consumer rights. Selective bans. New restrictions - is a logical continuation of those which have appeared in recent years. Although no changes in legislation have been made. Back in 1999, the Constitutional Court of Russia de facto abolished the freedom of contract between banks and private clients. In considering the possibility of reducing interest rates on deposits made to, the ministers of Themis indicated that citizens are "economically weaker party in such legal relations," and therefore "need special protection of their rights." Because lenders do not allow investors to amend the standard contract, and customers are forced to sign under the imposed conditions. Therefore, they should be restricted. In 2004, it became clear that even a ban on cutting interest rates does not guarantee investors the possibility to get their money in full: to warn the spontaneous outflow of deposits, Alpha Bank has introduced a special ad hoc committee, which held down with wanting to terminate the contract customers (and later returned to the amounts depositors). But this incident was a signal to legislators that have taken steps to prevent such actions in the future: Amendment forbade banks to unilaterally increase or establish commission on term deposits and demand deposits. The financial crisis has made relevant to another problem - some credit institutions have to raise rates on loans for long term loans. MPs outraged at this contradictory position of Russian banks: in contrast to the widely used the world's floating rate tied to an objective financial performance (or the LIBOR rate - in the Russian context - MosPrime), they applied formally fixed percentage, which, however, could change by management of financial institutions. Regular amendments to the Law "On Banks and Banking", which came into force on 20 March last year, banned banks to increase rates or commission on deals with private lenders credit agreements. Debut of Maestro. Another victory against the commissions was won March 2, 2010: The Supreme Arbitration Court of Russia has established that the previously existing legislation does not allow banks to raise interest rates on loans. As well as in general to change the terms of contracts with citizens unilaterally. Resolution of the highest court of the de facto (and often de jure) is mandatory for all tribunals of the country. This decision, taken at the request of Rospotrebnadzor, Gennady Onishchenko has allowed the service to start a new "attack" on the lending institutions. Thus, control of Karelia, having received a complaint from a customer of the Savings Bank, caught the largest financial institution in the country's tort holders of plastic cards: a standard contract officials discovered the condition on the right bank to unilaterally make changes in tariffs.
Emission NBU operations
NBU emission operation - a form of realization of its monopoly right to issue money in circulation. They are the main point of regulation of cash turnover, which includes two basic levels of organization: the regulation of cash transactions of economic entities. To ensure prompt resolution of questions related to the implementation of emission controls in all cash held NBU NBU reserves - the remnants of the national currency outside traffic. Reserve funds are also in some branches of commercial banks - usually in the last offices of the specialized state banks. Funds held in reserve funds, managed by the Board, the Crimean republican and regional management of the NBU. Only with the permission of bank notes can be moved from the reserve funds in negotiable cash (or cash operating subsidiaries of banks which fail to open the reserves). This operation means emission - the release of cash in circulation. Moving from the back of currency sales in the reserves makes withdrawal of money from circulation. This operation, in accordance with the rules of the cash management is carried out automatically - in excess of limits current offices. Issue of cash is in the form of reinforcement of operational cash of commercial banks. Authorization to issue gives the head of the National Bank or any other person authorized to dispose of reserve funds. Permit is issued in the form of equity telegrams whose content is encoded properly. It gives the right to transfer a certain amount of currency reserves in the back office or on the use-limit cash balance stored in the bank. For permission manager of a commercial bank, which in the next 2-3 days there is a need for cash, must apply to the chief management of the NBU. In the absence of the required amount-limit balances or insufficient funds in the reserve funds of banks receiving reinforcements from the current administration offices of the NBU. -Limit cash balances in excess of vnutrishnomisyachnu need for additional cash resources, take out the apparatus collection of the NBU. The procedure of emission-cash working at offices of the National Bank of Ukraine and in the "Instruction on the organization of emission-cash in banks of Ukraine" dated July 7, 1994 and amendments thereto. To implement the emission, the National Bank of Ukraine shall establish reserve funds of banknotes and coins in a central repository. Reserve funds of banknotes and coins are the responsibility solely of the National Bank of Ukraine and can be spent or supplemented only by written orders of the Office of the organization of the department's cash cash circulation. In the regional offices and institutions NBU cash reserves are stored in repositories, and to ensure the daily operational requirements - in the back office. Placing cash reserves at the regional offices NBU provides timely services of banks, allows you to update a lot of cash in circulation and regulate the issuance of banknotes and coins of different denominations.
The order of formation and use
Charges to provisions made by the established norms of deductions specified as a percentage of total estimated losses. Criteria for assessing the quality of assets, the size of contributions are determined by the central bank, depending on economic conditions and the situation in the country and may be revised over time. Procedure for the use of reserves is also subject to a central location. The advantage of redundancy for the bank is a quick recovery of financial losses incurred by the bank, and the disabled - to divert much of the financial resources to form a reserve and thus reduce the effectiveness of bank capital. The most common way to reduce external credit risk of commercial banks is the guarantee, warranty (guarantee), and insurance. Insurance is a transfer for a fee, in whole or in part at their own risk specialized organization. The economic essence of insurance is to create a backup (insurance) fund, the amount of deductions to which an individual entity that wants to minimize the negative aspects of risk is smaller than the expected damage and, consequently, the insurance money. A large part of the risk or all risk is transferred from the policyholder to the insurer. The main objects of the credit insurance in the bank's activities are subject collateral, the risks associated with bank loans issued (adopted) guarantees. Category: Management Operations Commercial Bank
Pulp and paper industry in Russia is increasingly dependent on China
Supply in China of Russian pulp producers bring it every year hundreds of millions of dollars. The influence of this country as the main importer of Russian pulp increased, and today the Chinese consumer alternatives in Russia. As with other suppliers in the world. China provides a major increase in world consumption of pulp (70%) and is a major importer from Russia. Over the past few years (and in the pre and post-crisis periods) it needs remain the primary determinant and indicator of the global market. It is a growing demand from China has saved the world pulp and paper industry in 2009 and contributed to its stabilization in 2010. Speaking of Russia, that, according to the Federal Customs Service (FCS), exports of wood pulp in 2010 compared with 2009 increased by 59.2% to $ 1.03 billion in kind figure was 1.7 million tonnes , of which China had delivered more than 800 thousand tons, about half of the total. The Chinese market, the Russian producers have earned about $ 500 million this year, China's share has increased due to price increases (30% in 2010) and exports. Only in January-February 2011 Russia supplied China 133 thousand tons of pulp, which is 36.1% higher than last year. Export volume of money - $ 110 million is 79.9% more than in January-February 2010. Our all. According to Olga Deulina, an independent analyst in forestry for many years, China - the main country to export Russian pulp. There is a non-diversified client portfolio in the entire industry. "There goes about 50% of the total domestic production, - she said. - And Russian companies are constantly in danger of falling demand from China. " The group "Ilim" is Russia's largest supplier of pulp to China and ahead of the rest by a large margin. In general, the market share of more than 60% is logical for the largest producer of the country. In 2009, the subsidiaries are located in Bratsk and Ust-Ilimsk Irkutsk region set a record, shipped to China more than 1 million tons of pulp and paperboard. The group "Ilim" produces about 2.5 million tons of paper products per year, that is, China consumes about 40% of the goods of the company. Almost entirely focused on the Chinese market pulp and paper mill in Siberia. For example, the infamous "Baikal Pulp and Paper Mill" to stop exporting there more than 90% of its products. However, the share of exports to China is high even for producers of the North-West region for the majority of the biggest players): "Solombalsky PPM", "SPPM", "Pitkäranta." For example, the plant "Pitkäranta", located in Karelia, not very close to China the region, supplying 35% of the Celestial Kingdom of its products. And in second place among foreign buyers is India (17.8%), and then go closer Ukraine and European countries. In the Russian market settles at least 10% of the goods. Favorable prospects. In the future importance of China to the Russian industry could grow even more due to joint projects.
Segmentation of lines of credit policy
Segmentation lines of credit policy on the basic forms and types of lending activities. As a holistic concept of monetary policy should be segmented in a certain way in the development of strategic objectives and mechanisms for their achievement in certain areas of the credit. This segmentation can identify specific priorities for the selection of clients, types of credit, credit related instruments, recognizing the differential terms and conditions of loan agreements. 7. Maintenance of the balance of individual lines of credit policy. This principle is the formation of monetary policy requires a clear consistency of its strategic goals and directions of individual credit performance over time, the regional context. 8. Provide highly effective monetary policy. The concept of high performance credit policy involves not only the possibility of achieving a high level of bank profits from its lending operations and lending activities in general, but also to ensure a sufficient level of financial security and reliability of this activity within the prescribed period. To ensure high efficiency of credit policies in the development process must be defined relative criteria of profitability and risk of individual credit transactions, forms and types of loans, lending activities of commercial banks as a whole. 9. Flexibility of credit policy. Internal and external conditions of the credit activities of commercial banks, predicted in the design of monetary policy, may have some deviations from their expected values. These deviations may provide in the future, an appropriate adjustment mechanisms to achieve strategic objectives. Therefore, the development of bank credit policy must be provided for the possible range of models appropriate management decisions, the use of new credit instruments, the introduction of new innovative technologies of the loan process, which would allow to take into account possible changes in external and internal conditions of the credit. Category: Management Operations Commercial Bank | Tags: credit
Control mechanism and methods for analyzing credit risk
Therefore, credit risk is characterized economic relations arising between the contracting parties - the lender and borrower on the redistribution of financial assets. Between each pair of counterparties formed personal relationships that are not duplicated and can not be measured accurately, there is credit risk has certain features that must be considered in management: the definition of assessment, selection of methods of analysis. First, the assessment of credit risk involves more subjective than other financial risks, including price. Because the risk of exchange rate or interest rate estimate, all market participants, not just one bank. This allows the analysis of these risks into account the inputs from the market. Regarding the credit risk of such a possibility, because it has its own unique character associated with each particular borrower. In addition, the element of subjectivity and provides assessment of financial condition and moral character of the borrower, by the lender. The level of credit risk associated with the same lender, may differ from bank to bank. The second feature is a consequence of the previous one and consists in the fact that for the analysis of credit risk can not be applied to methods of statistics or probability theory, widely used in evaluating credit risk. As we know, these methods are aimed at identifying statistical regularities, which are defined as repeatability, consistency and order in bulk processes. However, the credit risk due to the prevalence of individual components is described by the concept of bad statistical aggregate. Therefore, in assessing the credit risk preference must provide the individual work with the borrower, as evidenced by the experience of foreign bankers, when determining the credit risk is widely used such methods as individual interviews with the potential borrower, a visit to the company, the fundamental analysis of the overall state of the industry, which employs the borrower. Theoretically, therefore, to assess the credit risk of each individual is to be applied specifically designed for this technique, which would have made it possible to take into account all the peculiarities of a specific borrower. Topic: Risks in Banking | Tags: credit risk management
