Investment activity of banks. The main areas of activity of investment banks Investment activities of a bank formula

Send your good work in the knowledge base is simple. Use the form below

Students, graduate students, young scientists who use the knowledge base in their studies and work will be very grateful to you.

Posted on http:// www. allbest. ru/

Introduction

1. Theoretical foundations on the topic "Investment activities of banks in the Russian Federation"

1.1 The concept and essence of investment banking

1.2 The concept and composition of the investment portfolio of a commercial bank

1.3 Objectives and process of investment activities of commercial banks

1.4 Income and risks of investment activities

2. Analysis of the main types of investment activities on the example of PJSC "Sberbank"

2.1 General characteristics of the bank

2.2 Analysis of the investment activities of the bank

3. Ways to improve the investment activities of PJSC "Sberbank"

Conclusion

Appendix

Introduction

Investments play an essential role in the functioning and development of the economy. Changes in the quantitative ratios of investments have an impact on the volume of social production and employment, structural changes in the economy, and the development of industries and spheres of the economy.

Today, the topic of banks' investment activities is very relevant in the Russian Federation, since the role of the banking sector in the economy is increasing every day. This problem is urgent, first of all, because it is possible to make a huge fortune on investments in Russia, but at the same time, the fear of losing the invested funds stops investors. The Russian market is one of the most attractive for investors, but it is also one of the most unpredictable, and investors are rushing from side to side, trying not to miss their piece of the Russian market and, at the same time, not to lose their money. At the same time, investors are guided primarily by the investment climate in Russia, which is determined by independent experts and serves to indicate the effectiveness of investments in a particular country. Significant investment potential is concentrated in institutions banking system, which, unlike many other intermediary institutions, have exceptional opportunities for the use of transaction funds and credit issue.

The banking system is an important source of meeting investment demand.

However, the state investment policy is now aimed precisely at providing investors with all the necessary conditions for working on Russian market, and therefore, in the future, one can count on a change in the situation in the Russian economy for the better.

The course work is devoted to an important problem for a developing economy - the investment policy of commercial banks. Today banks are viewed as potentially active and resource-rich participants in investment activities.

The purpose of the work is to develop ways to improve the investment activities of commercial banks.

Information base term paper appeared special and educational literature, Internet resources.

The object of the research is the banking system of the Russian Federation.

The subject of the research is the investment activity of commercial banks.

Research methods: analysis of statistics, study of mass media and Internet resources, literature, theoretical analysis and generalization of scientific literature.

To achieve this goal, it is necessary to solve the following tasks:

1. Analyze the essence and content of concepts such as "investment", "investment activity", the main forms and directions of investment activities of commercial banks.

2. Consider the income and risks of investment activities of banks.

3. Describe the investment activities of Sberbank PJSC.

4. Consider the types of investment activities of this bank.

5. Determine ways to improve the investment activities of Sberbank PJSC.

1. Theoretical foundations on the topic "Investment activities of banks in the Russian Federation»

1.1 The concept and essence of investment banking

investment commercial Bank risk

The Russian banking system has a two-tier structure. The first level is represented by the Central Bank of the Russian Federation. The second level includes banks and non-bank credit institutions, as well as branches and representative offices of foreign banks.

The first level includes central bank RF, the kind of functions and powers of which distinguish it from other banks.

The second level of the banking system includes credit institutions. These include: a bank and non-bank credit institution, Russian banks with foreign capital, or branches of foreign banks.

Commercial banks, being an organic part of the unified banking system, carry out many types of their activities, one of which is investment activities.

Usually, an investment is understood as a long-term investment of capital in any enterprise, business, project.

However, the following definition should be considered more correct. Bank investments are investments of bank resources for a long time in securities with the aim of obtaining direct and indirect income. The bank receives direct income from investments in securities in the form of dividends, interest or profits from resale. Indirect income is formed on the basis of the expansion of the influence of banks on clients through the ownership of a controlling stake in their securities. ...

Investment activity is an investment of investments, or investment, and a set of practical actions for their implementation. The subjects of investment activity are investors, including banks, and the objects of investment activity are newly created and modernized fixed and circulating assets, securities, targeted cash deposits, scientific and technical products, and other property objects.

The legislative base in the field of investment in Russia is made up of more than a thousand normative legal acts, some of which are regional acts, and some are federal. Let's name the main ones:

1. Federal Law of February 25, 1999 No. 39-fz "On investment activities in the Russian Federation, carried out in the form of capital investments";

3. Federal Law of March 5, 1999 No. 46-fz "On the Protection of the Rights and Legal Interests of Investors in the Securities Market";

5. Federal Law of July 9, 1999 No. 160-fz "On Foreign Investments in the Russian Federation";

Such a volume of legislative acts indicates a serious state control over the investment activities of commercial banks, as well as over the aggregate activities of the bank. Authorized capital volumes, liquidity provision, meaningful investment with an acceptable level of risk, and much more.

The main directions of banks' participation in the investment process in the most general form are as follows:

Banks mobilization of funds for investment purposes;

Provision of investment loans;

Investment in securities, shares, equity participation(both at the expense of the bank and on behalf of the client).

These areas are closely related to each other. By mobilizing capital, savings of the population, and other free funds, banks form their resources for the purpose of their profitable use. The volume and structure of operations to accumulate funds are the main factors influencing the condition of banks' credit and investment portfolios, the possibilities of their investment activities.

The following indicators can be used as indicators of the investment activity of banks [4, p. 165]:

The volume of investment resources of commercial banks;

Bank investment volume;

The share of investments in the total assets of banks;

Indicators of the efficiency of investment activities of banks, in particular, the growth of assets per investment volume, profit growth per investment volume;

Indicators alternative yield investing in the manufacturing sector versus investing in profitable financial assets.

The classification of the forms of investment activity of commercial banks in the economic literature and banking practice is carried out on the basis of general criteria for systematizing the forms and types of investments:

1) In accordance with the object of investment, investments in real economic assets (real investment) and investments in financial assets (financial investments). Bank investments can also be differentiated by more private investment objects: investments in investment loans, time deposits, shares and equity participation, in securities, real estate, precious metals and stones, collectibles, property and intellectual rights, etc.

Real investments, as a rule, account for an insignificant share in the total volume of bank investments. Financial investments are more typical for banks as financial and credit institutions.

a) Depending on the purpose of the investment, bank investments can be direct, aimed at ensuring direct management investment object, and portfolio, carried out with the expectation of receiving income in the form of a stream of interest and dividends or due to an increase in the market value of assets.

b) According to the purpose of investments, one can distinguish investments in the creation and development of an enterprise and organization and investments that are not related to the bank's participation in economic activities.

Investments in the bank's own activities include investments in the development of its material and technical base and improvement of the organizational level. Depending on the direction of investment, one can distinguish:

Investments to improve the efficiency of banking. They are aimed at creating conditions for reducing banking costs by improving technical equipment, improving the organization of banking activities, working conditions, personnel training, research and development;

Investments aimed at expanding banking services. Such investments imply an expansion of the resource and customer base, an increase in the range of banking operations, the creation of new divisions capable of providing the production of new types of banking services;

Investments related to the need to comply with the requirements of government regulatory authorities. These investments are made when it is necessary to satisfy the requirements of regulatory bodies in terms of creating certain conditions for banking activities.

2) According to the sources of funds for investment, the bank's own investments, made at its expense, and client investments, carried out by the bank at the expense and on behalf of its customers, are distinguished.

3) In terms of investment terms, investments can be short-term (up to one year), medium-term (up to three years) and long-term (over three years).

4) Investments of commercial banks are also classified by type of risk, region, industry and other criteria.

At the same time, the investment activity of banks has another aspect associated with the implementation of their macroeconomic role as financial intermediaries. In this capacity, banks contribute to the implementation of the investment demand of economic entities, acting in conditions market economy in monetary form, transformation of savings and savings into investments.

Efficiency from investments in the development of a bank is achieved if, as a result of the costs incurred, an improvement in its financial condition is ensured. Determination of the volume and structure of investments in their own activities, carried out in the process of developing a bank's capital investment plan, should be based on accurate technical and economic calculations. An excess of the required volume of investments can lead to an imbalance in liquidity, a decrease in the bank's income base and a drop in the efficiency of banking activities.

1.3 Concept and composition of investmentth portfolio of a commercial bank

Above we have already got acquainted with the concepts of "investment" and "investment activity". For further analysis, we need to study such a concept as the "investment portfolio of a commercial bank" and its composition.

The investment activity of commercial banks necessitates the choice of investment priorities: profit making, reliability, liquidity. All investments of the bank made in the arena of the stock market of the aggregate are the bank's investment portfolio. Portfolio (financial) investments are capital invested in securities: stocks, bonds and other securities, i.e. funds invested in financial assets. ...

The investment portfolio of a commercial bank consists of financial and real investments.

The main task of portfolio investment is to improve investment conditions by giving the aggregate of securities such investment characteristics that are unattainable from the standpoint of a single security, and are possible only with their combination.

If we consider the investment portfolio depending on the degree of risk that a commercial bank accepts, then the following types can be distinguished: conservative, moderate and aggressive.

Aggressive portfolio consists of high-yielding stocks, but bonds are also included in order to diversify and reduce risks. Aggressive investment strategy is best suited for long-term investment, since such investments are short-term

period of time are very risky. Russian commercial banks do not use this strategy for a number of objective reasons.

A moderate portfolio is the least risky. It consists mainly of securities of well-known companies, which are characterized, although not high, but stable rates of growth in market value. The composition of the portfolio remains stable over a long period of time and is aimed at preserving capital. Usually the share of stocks in the portfolio is slightly higher than the share of bonds. Sometimes a small portion of the funds can be invested in bank deposits. A moderate investment strategy is optimal for short and medium term investments. This investment strategy can only be afforded by the largest commercial banks in Russia, which have special investment services responsible for planning and implementing investments.

In a conservative portfolio, securities are usually allocated as follows: most of them are bonds (reduce risk), a smaller part is shares of reliable and large Russian enterprises (provide profitability) and bank deposits. Conservative strategy investment is optimal for short-term investment and is a good alternative to bank deposits. This investment strategy is followed mainly by medium and small commercial banks, which cannot afford the maintenance of special investment services. In these banks, employees who are responsible for investment activities, as a rule, are guided by the investment policy guidelines officially approved by the bank's management.

1.3 Objectives and process of investment activities of commercial banks

The investment policy of commercial banks involves the formation of a system of target guidelines for investment activities, the choice of the most effective ways to achieve them. In the organizational aspect, it acts as a set of measures for organizing and managing investment activities, focusing on ensuring optimal volumes and structure of investment assets, increasing their profitability at an acceptable level of risk. The most important interrelated elements of investment policy are tactical and strategic processes of management of the bank's investment activities. An investment strategy is understood as the definition of long-term goals of investment activities and ways to achieve them. Its subsequent detailing is carried out in the course of tactical management of investment assets, including the development of operational goals for short-term periods and means of their implementation. The development of an investment strategy is, therefore, the starting point of the investment management process. The formation of investment tactics takes place within the specified areas of the investment strategy and is focused on their implementation in the current period. It provides for the determination of the volume and composition of specific investment investments, the development of measures for their implementation, and, if necessary, the compilation of a model for making managerial decisions to exit an investment project and specific mechanisms for the implementation of these decisions.

Banks buying certain types of securities strive to achieve certain goals, the main ones of which are:

Investment security;

Return on investment;

Investment growth;

Investment liquidity.

Investment safety is understood as the invulnerability of investments from various shocks in the stock market, the stability of income and liquidity. Safety is always achieved at the expense of profitability and investment growth. The optimal combination of security and profitability is achieved by careful selection and constant revision of the investment portfolio.

The main principles of effective investment activity of banks are:

First, the bank must have professional and experienced professionals who build and manage the portfolio. The result of the bank's activity is critically dependent on the efficiency of investment decisions;

Secondly, the more efficiently banks operate, the more they manage to distribute their investments among various types of stock values, i.e. diversify investments. It is advisable to limit the investment by types of securities, sectors of the economy, regions, maturity, etc.

Thirdly, investments must be highly liquid so that they can be quickly transferred into instruments that, due to changes in market conditions, become more profitable, and also so that the bank can quickly get back the funds invested by it.

There are two main professional approaches to assess the feasibility of purchasing certain securities; most large commercial banks conduct both fundamental analysis and technical analysis.

Fundamental analysis covers the study of the activities of industries and companies, analysis of the company's financial condition, management and competitiveness. It is made up of industry analysis and company analysis. In a sectoral analysis, the bank identifies the sectors that are of the greatest interest to it, and then the leading companies are established in these sectors, and among them the company is selected, the shares of which are advisable to purchase.

Technical experts are based on the study of exchange (or over-the-counter) statistics; analyze changes in supply and demand, movement of stock prices, volumes, trends and structure of stock markets on the basis of charts and graphs, predict the possible impact of the market situation on the supply and demand of securities. The analysis of companies is divided into quantitative and qualitative. Qualitative analysis is an analysis of the effectiveness of company management; quantitative - studies of various kinds of relative indicators obtained by comparing individual articles of the company's financial statements. Comparisons are made with similar enterprises and industry average data of the main absolute indicators of its activities (sales volume, gross and net profit), the study of changes and profitability of sales and profitability of capital, in net income per share and the amount of dividend paid on shares. Investment securities bring income to commercial banks in the form of interest income, commissions for the provision of investment services and market value gains. World experience has not developed an unambiguous approach to the problem of using banks' own funds when purchasing shares of other legal entities: in some countries, the participation of banks in the capital of other structures is not limited (Germany), in some countries it is strictly prohibited (USA, Canada). The Bank of Russia chose an intermediate option for regulating this area - the Central Bank of the Russian Federation can control the bank's work, but has no power to interfere with the activities of other economic entities that are not credit institutions, and, therefore, is not able to determine the degree of commercial risk. The main risks when investing are associated with the possibility of: · loss of all or a certain part of the invested funds; · Depreciation of funds invested in securities in the face of rising inflation; · Failure to pay in full or in part the expected income on invested funds; delays in receiving income; · The emergence of problems with the re-registration of ownership of the purchased securities.

After determining the investment objectives and the types of securities to buy, banks choose a portfolio management strategy. According to the methods of conducting operations, strategies are divided into active and passive.

All active strategies are based on forecasting the situation in various sectors of the financial market and the active use of forecasts by banking specialists for adjusting the securities portfolio. Passive strategies use less forecast for the future. A popular approach in such management methods is indexing, i.e. Securities for the portfolio are selected on the basis that the return on investment must correspond to a certain index and have an even distribution of investments between issues of different maturities. At the same time, long-term securities provide the bank with a higher income, and short-term securities provide liquidity. A real portfolio strategy combines elements of both active and passive management [9, p.34].

Banks work mainly not on their own, but on borrowed and borrowed resources, so they cannot risk their clients' funds by investing them in large investment projects, if this is not secured by appropriate guarantees. In this regard, when developing their investment policy, commercial banks should always proceed from real risk assessments, economic efficiency, financial attractiveness of investment projects, an optimal combination of short-medium and long-term investments. At the same time existing system investing is not only an internal affair of the bank itself. In accordance with the basic principles of banking regulation, an integral part of any supervision system is an independent review of the policy, operational activities of the bank and the procedures applied in it related to the issuance of loans and investment of capital, as well as the current management of credit and investment portfolios.

Consequently, commercial banks must clearly work out and formalize the most important activities related to the organization and management of investment activities. Essentially, it is about developing and implementing sound investment policies. The development of a bank's investment policy is a rather complicated process due to the following circumstances. First of all, due to the duration of investment activity, it should be carried out on the basis of careful long-term analysis, forecasting external conditions (the state of the macroeconomic environment and investment climate, market conditions investment market and its individual segments, peculiarities of taxation and state regulation of banking activities) and internal conditions (volume and structure of the market resource base, stage of its life cycle, development goals and objectives, relative profitability of various assets, taking into account risk and liquidity factors, etc.), probabilistic the nature of which makes it difficult to form an investment policy.

In addition, the determination of the main directions of investment activity is associated with large-scale problems of research and assessment of alternative options for investment solutions, the development of an optimal investment development model from the standpoint of profitability, liquidity and risk. The development of an investment policy is significantly complicated by the variability of the external environment of banks' activities, which determines the need for periodic adjustments to investment policies, taking into account projected changes and developing a rapid response system. Therefore, the formation of the investment policy of banks is fraught with significant difficulties even in a steadily developing economy.

A prerequisite for the formation of an investment policy is the general business policy of the bank's development, the main goals of which are priority in the development of strategic goals for investment activities. Being an important component of the general economic policy, investment policy is a factor in ensuring the effective development of the bank.

The main goal of the bank's investment activities can be formulated as an increase in the income of investment activities at an acceptable level of investment risk. ...

The development of an investment policy involves not only the choice of investment directions, but also taking into account a number of restrictions associated with the need to ensure a balance of investment investments of a commercial bank. Objectives and limitations are established by legislative and regulations monetary authorities, as well as banks' governing bodies.

1.4 Investment income and risks

The profitability of investment activities of commercial banks depends on a number of economic factors and organizational conditions, among which the decisive role belongs to such as:

Stably developing economy of the state;

The presence of various forms of ownership in the sphere of production and services, including the sphere of banking with a predominance of private and joint-stock forms of ownership;

Well-functioning and well-functioning structure of the financial and credit system;

The presence of a developed and civilized securities market;

The presence of market institutions for securities (investment companies, funds, etc.);

A well-functioning system of legislative acts and regulations governing the procedure for the issuance and circulation of securities and the activities of the securities market participants themselves, used in the practice of international investment activities of commercial banks;

Availability and training of highly qualified specialists and entrepreneurs in the investment sphere of activity and the securities market, etc.

The profitability of securities of certain classes and types depends on the market value of the investment portfolio, which, in turn, fluctuates depending on changes in interest rates on bonds and certificates, discount interest, interest on promissory notes, dividends on shares and, accordingly, supply and demand for these securities on the securities market. Investment portfolio income consists of the following components: - income in the form of interest payments; - income from an increase in the capital value of securities held in the bank's portfolio; - commission for the provision of investment services - spread (the difference between the buying and selling rates during dealer operations). There are the following main types of investment risk:

Credit risk;

The risk of changing the course;

Unbalanced liquidity risk;

The risk of early withdrawal;

Business risk.

The credit risk is that the principal and interest on a security will not be repaid in due time. The assessment of credit risk for various types and individual issues of securities is provided by specialized agencies. They assign a rating to securities, which makes it possible to judge the likelihood of timely repayment of obligations. Credit risk is associated with a decrease in the financial capabilities of the issuer of securities when it is unable to fulfill its financial obligations, as well as with the obligations and abilities of the government of the state or its institutions to repay debts on loans it has made from the population, in particular, on general bonds issued by the government. character. State securities are considered free from credit risk due to the stability of the economy, from where the government draws funds to pay off its debts and obligations to creditors represented by the population and financial and credit commercial organizations.

The ability of the state not only to receive loans, but also to pay off its obligations is an essential factor and condition for ensuring a high credit reputation when issuing government securities, the formation of the securities market itself and the smooth functioning of the entire financial and credit system of the state.

The risk of unbalanced liquidity is associated with the impossibility of rapid conversion of certain types of securities into legal tender without certain losses. Banks have two sources of liquidity provision - internal and external. Internal sources of liquidity are embodied in certain types of fast-moving assets, including securities for which there is a stable market and which are a reliable object of placing money. Liquid securities, by definition, are those investment instruments that are characterized by a ready market, a relatively stable price over time, and a high probability of returning the bank's initially invested capital. An example of highly liquid securities is short-term government securities that are easily traded in the money market.

Liquidity as one of the most important functions of asset management through their investment determines the ability of the bank to ultimately pay cash on its obligations on time. That is why the purpose of placing the funds of a commercial bank in securities and forming on this basis an investment portfolio is not only to bring the bank income and be a source of replenishment of the first priority reserve, but also to provide a practical opportunity to turn securities into cash with a minimum time delay and an insignificant risk of loss.

Thus, investment funds in liquid form of securities are those assets of a bank that can be easily converted into cash with little or no risk of loss. Guaranteeing a high level of solvency, liquidity and stability of work in the system of market relations, a commercial bank must on a daily basis solve one of the central problems of its investment activity - to ensure the incompatible interests of the bank's depositors and holders of its shares. This incompatibility of interests is reflected in the inevitable conflict between liquidity requirements and the desired profitability of a commercial bank's banking operations.

On the one hand, the bank is feeling the pressure of shareholders interested in higher returns that can be obtained by investing in long-term securities. But, on the other hand, these actions seriously worsen the bank's liquidity, which is necessary for the withdrawal of deposits by the bank's clients.

Banks should always consider the possibility that they will need to sell investment securities prior to maturity. In this regard, the question arises about the width and depth of the corresponding secondary market this type of securities.

The willingness of the heads of a commercial bank to sacrifice liquidity for the sake of profit and vice versa means knowingly taking more or less investment risk, taking into account all its factors. Hence the investment activity of a commercial bank, which is directly related to risk active operations with securities, requires the bank's management to develop certain tactics, strategies and specific actions in this area of banking, thereby determining the investment policy.

Since such “recalls” usually occur after a decline in market interest rates (when the borrower can issue new securities with lower interest costs), the bank faces the risk of loss of income, as it must reinvest the funds returned at the lower interest rates prevailing on this moment. Banks generally try to minimize this recall risk by purchasing bonds that cannot be withdrawn for several years, or simply by avoiding purchasing recallable securities.

Since the bank holding “callable” bonds in the portfolio loses some of the proceeds after the call, it is reimbursed in the form of a callable premium, which is higher the earlier the early redemption is announced. In addition, since the possibility of early redemption of the bond introduces an element of uncertainty in the bank's policy, a higher interest is paid on these issues.

Business risk. All banks face a significant risk that the market economy they serve will decline, with declining sales volumes and rising bankruptcy and unemployment. These adverse events are referred to as business risk. They are very quickly reflected in the bank's loan portfolio, where as the financial difficulties of borrowers grow, the volume of non-repaid loans increases. Since the likelihood of business risk is high enough, many banks rely heavily on their securities profile to offset the exposure to loan portfolio risk. This is due to the fact that many of the securities purchased by banks are issued by borrowers outside their credit market. Thus, the bank will try to buy more securities from other regions.

Market risk is due to the fact that due to unforeseen changes in the securities market or in the economy, the value of certain types securities as an investment object of the bank may be partially lost, so that their sale will become possible only with a large discount in price.

2. Analysis of the main types of investment activities by examplePJSCSberbank

2.1 General characteristics of the bank

Sberbank was founded in 1841. In today's Sberbank, almost nothing reminds of the savings banks, the functions of which it performed over a significant period of its history. But something else is surprising: Sberbank already has little resemblance even to itself only ten years ago.

The ability to change and move forward distinguishes Sberbank today. The title of the oldest and largest bank in Russia does not prevent it from openly and honestly competing in the international banking market and keeping abreast of financial and technological change. Sberbank not only keeps pace with current trends market, but also ahead of them, confidently navigating rapidly changing technologies and customer preferences.

Sberbank today is the circulatory system of the Russian economy, a third of its banking system. The bank provides a job and a source of income for every 150th Russian family.

The leader of the Russian banking sector in terms of total assets accounts for 28.6% of total banking assets (as of August 1, 2015).

The Bank is the main creditor to the Russian economy and holds the largest share in the deposit market. It accounts for 44.9% of household deposits, 37.7% of loans to individuals and 32.7% of loans to legal entities (as of August 1, 2015).

Sberbank today is 14 regional banks and more than 16.5 thousand branches in 83 constituent entities of the Russian Federation, located in 11 time zones. The Bank's foreign network consists of subsidiary banks, branches and representative offices in the CIS, Central and Eastern Europe, Turkey, Great Britain, the USA and other countries.

The number of retail clients of Sberbank in Russia exceeds 127 million people and 10 million abroad, the number of corporate clients of the Group is over 1.1 million in 22 countries of presence.

The range of Sberbank services for retail clients is as wide as possible: from traditional deposits and various types of lending to bank cards, money transfers, bank insurance and brokerage services.

All retail loans in Sberbank are issued using the "Credit Factory" technology, created for an effective assessment credit risks and ensuring a high quality loan portfolio.

In an effort to make servicing more convenient, modern and technological, Sberbank is improving its capabilities for remote management of customer accounts every year. The bank has created a system of remote service channels, which includes:

Online banking "Sberbank Online" (over 30 million active users);

Sberbank Online mobile applications for smartphones (over 18 million active users);

SMS service " Mobile bank"(Over 30 million active users);

One of the world's largest networks of ATMs and self-service terminals (over 90 thousand devices).

Sberbank is the largest issuer of debit and credit cards. Joint bank created by Sberbank and Bnp paribas, is engaged in POS-lending under the Cetelem brand, using the concept of "responsible lending".

The bank provides services to all groups of corporate clients, with small and medium-sized companies accounting for over 33% of the bank's corporate loan portfolio. The rest is lending to large and largest corporate clients.

Sberbank Group today is a team of more than 325 thousand qualified employees working to transform the bank into the best service company with world-class products and services.

In 2014, more than 250 thousand people were trained in corporate programs, including joint executive programs with the world's leading business schools.

One of the important events in the corporate life of the bank was the opening of a new complex of the Corporate University, which meets the most modern standards of the world's leading business schools. The university will become a base for the training and development of young talents, new-level managers who are able to successfully cope with the global challenges of the new reality and ensure the implementation of the strategic goal - to become one of the world's leading and innovative financial institutions.

In 2014, Sberbank made a qualitative breakthrough in the development of IT towards the creation of a high-tech system, which will become the key to the bank's competitiveness in the context of the growing penetration of digital technologies. The main achievements of 2014 were the increase in the share of corporate clients' operations in remote channels to 94%, reaching the final stage of the IT platform consolidation project, significantly improving the reliability and performance of IT systems, and achieving leading positions in the creation of innovative banking products.

V last years Sberbank has significantly expanded its international presence. In addition to the CIS countries (Kazakhstan, Ukraine and Belarus), Sberbank is represented in nine countries of Central and Eastern Europe (Sberbank Europe AG, formerly Volksbank International) and Turkey (DenizBank).

The purchase of DenizBank was completed in September 2012 and was the largest acquisition in the Bank's more than 170-year history.

Sberbank also has representative offices in Germany and China, and a branch in India. In 2013, the official launch of the Sberbank brand in Europe took place.

The Group's corporate and investment business - Sberbank CIB - has its own offices in New York, London and Nicosia, which operate on global markets and specialize in brokerage and dealer services on foreign exchanges and for foreign clients. The subsidiary bank Sberbank (Switzerland) AG is a platform for trade finance and structured lending transactions, operates in global markets and provides transactional services to clients.

The main shareholder and founder of Sberbank is the Central Bank of the Russian Federation, which owns 50% of the authorized capital plus one voting share. Other shareholders of the Bank are international and Russian investors.

The bank's ordinary and preferred shares have been listed on Russian stock exchanges since 1996. They are included in the MICEX Stock Exchange CJSC in the quotation list of the first (highest) level. American Depositary Receipts (ADRs) for ordinary shares of Sberbank are listed on the London and Frankfurt Stock Exchanges and are admitted to trading on the OTC market in the United States.

2.2 Analysis of the investment activities of the bank

Let us consider in more detail the structure of the securities portfolio of Sberbank for 2013-2016.

98.0% of the Group's securities portfolio is represented by debt instruments and is mainly used for liquidity management. In 2014, the share of shares in the securities portfolio decreased by 0.8 percentage points to 1.8%. The share of corporate bonds in the portfolio structure by the end of 2014 amounted to 31.9%, having decreased by 1.2 percentage points over the year.

The share of corporate debt with an investment grade was 62.6% (at the end of 2013 - 59.8%). The share of securities pledged as part of REPO transactions decreased in 2014 from 62.8% to 52.4%. Most of these transactions are related to transactions with the Bank of Russia.

96.9% of the Group's securities portfolio is represented by debt instruments and is mainly used for liquidity management. In 2016, the share of shares in the securities portfolio increased compared to 2015 and amounted to 2.7%. The share of corporate bonds in the portfolio structure by the end of 2016 amounted to 33.6%, having decreased by 6.3 percentage points over the year.

The share of investment grade corporate bonds amounted to 27.1% in the Group's total corporate bond portfolio (at the end of 2015 - 39.1%). The share of securities pledged as part of REPO transactions decreased in 2016 from 7.6% to 4.2%. This decrease was the result of a significant reduction in dependence on funds from the Bank of Russia due to the implementation of a flexible interest rate policy and attracting additional amounts of customer funds.

Securities portfolio structure for 2013-2016 is presented in table 2.2.

Based on the analysis of the data presented in the table, it can be concluded that the investment portfolio of Sberbank is of the conservative type, since the share of bonds in the portfolio exceeds the share of shares. For example, in 2016 the share of bonds was 96.9%, and the share of shares was 3.1%.

Analyzing income from investment activities for the period under review, the following can be noted: in 2014 compared to 2013, there is a sharp decline in income from 356.7 billion rubles. up to 59.6 billion rubles, and in subsequent years there is an increase (in 2015 90.8 billion rubles, in 2016 241.1 billion rubles). Thus, a sharp decline in profitability occurred in 2014-2015.

In 2013 and 2016. compared to 2014 and 2015 more funds were invested in shares and shares of investment funds (in terms of shares in 2013 2.7%, in 2014 2.0%, in 2015 2.1%, in 2016 3.1%) ... Thus, the more a bank invests in stocks and mutual funds, the higher the income from investment activities.

Based on the analysis of the structure of the investment portfolio of securities, it can be concluded that Sberbank adheres to a very restrained conservative policy in the implementation of investment activities, trying to minimize investment risks. However, this prevents a possible increase in the bank's income. The problem arises of identifying ways to improve the efficiency of Sberbank's investment activities.

3. Ways to improve investment performancePJSC "Sberbank»

Taking into account the possibilities of Sberbank as the largest financial institution in the country, the growth of income from investment activities can be increased by increasing investments in financial instruments such as shares and mutual funds. Considering that stocks of reliable and large enterprises provide profitability, this way can be considered as a possible way to increase the bank's income.

Another possible way can be mutual investment funds (UIF).

A mutual investment fund is one of the forms of collective investment of funds (investment). Funds of the fund's clients are transferred to trust management management company, and she, in turn, invests them in securities (for example, stocks, bonds) or other assets. The purpose of investing in mutual funds is to generate income from the growth in the value of such assets. At the same time, the assets of the fund are common property holders of shares, and the size of the share of each owner is proportional to the number of investment shares belonging to him. The Asset Management Sberbank Management Company offers a wide range of mutual funds with different investment strategies.

Sberbank Asset Management JSC manages 19 open-ended mutual funds and 3 closed mutual fund real estate. Examples of open-ended bond funds are the Ilya Muromets Bond Fund, the Perspective Bond Fund, the Global Debt Market Fund, and the Eurobond Fund, which show positive dynamics in the value of shares according to 2017 data. Also, open-end investment funds (for example, the Fund of America, the Emerging Markets Fund, the Biotechnology Fund and others) are showing positive dynamics. However, some open-ended equity funds (for example, the Dobrynya Nikitich Equity Fund, the Active Management Fund, the Global Internet Fund) show a negative trend in the value of shares.

Based on this, it is possible to propose to expand the range of mutual funds, while taking into account investment risks, as well as to develop more effective investment strategies aimed at diversifying investments.

As a radical measure, one can propose a reorientation of the conservative policy of investment activity to a moderate or even aggressive one, given that Sberbank has ample opportunities to implement such a policy.

Conclusion

This term paper discusses theoretical basis investment activities of a commercial bank, as well as an analysis of the investment activities of PJSC "Sberbank". The tasks have been solved, and the goal of this work has been realized.

In the theoretical part, such concepts as "investment activity", "investment activity of banks", "investment portfolio of a bank", as well as types of investment portfolio are considered.

The investment activity of banks is considered as a business providing two types of services: increasing cash by issuing or placing securities on their primary market; connecting buyers and sellers of existing securities in the secondary market while acting as brokers or dealers.

Bank investments have their own economic content. The investment activity of banks in the microeconomic aspect - from the point of view of the bank as an economic entity - can be considered as an activity in which the bank acts as an investor, investing its resources for a period in the creation or acquisition of real assets and the purchase of financial assets in order to extract direct and indirect income.

...

Introduction

Investment activity plays an essential role in the functioning and development of the economy. Changes in the quantitative ratios of investments have an impact on the volume of social production and employment, structural changes in the economy, the development of industries and spheres of the economy.

The problem of investments in our country is so urgent that talk about them does not subside. This problem is urgent, first of all, because it is possible to make a huge fortune on investments in Russia, but at the same time, the fear of losing the invested funds stops investors. The Russian market is one of the most attractive for investors, but it is also one of the most unpredictable, and investors are rushing from side to side, trying not to miss their piece of the Russian market and, at the same time, not to lose their money. At the same time, investors are guided primarily by the investment climate in Russia, which is determined by independent experts and serves to indicate the effectiveness of investments in a particular country.

Significant investment potential is concentrated in the institutions of the banking system, which, unlike many other intermediary institutions, have exceptional opportunities for using transaction funds and issuing credit.

The banking system is an important source of meeting investment demand.

However, the state investment policy is now aimed precisely at providing investors with all the necessary conditions for working in the Russian market, and therefore in the future we can count on a change in the situation in the Russian economy for the better.

Course work is devoted to an important problem for a developing economy - the investment policy of a commercial bank. Today banks are viewed as potentially active and resource-rich participants in investment activities.

The purpose of the work is to identify the conditions and prospects for the development of investment activities of commercial banks in the real sector of the Russian economy.

The information base of the course work was special and educational literature, regulations, statistical data of Goskomstat and the Central Bank of Russia, Internet resources.

The object of the research is the banking system of the Russian Federation.

The subject of the research is the investment activity of commercial banks.

The work has the following structure:

The introduction substantiates the relevance of the topic, defines the purpose and objectives of the work, the object and subject of research, its information base and structure.

The first theoretical chapter reveals the essence of the process and goals of investment activities of commercial banks. The basic concepts and mechanisms of investment activity are considered.

The second chapter reveals the existing problems of the real sector of the country's economy. The investment activity of banks in the real sector of the economy is analyzed. In the third chapter, based on the analysis of the real sector of the economy, methods and ways of improving the investment activity of commercial banks, as well as ways and conditions for the development of banking investments, are proposed. In the conclusion, the main ways and conditions for improving the investment activities of commercial banks are determined.

1. Theoretical foundations of the functioning of the investment activities of banks

1.1 Definitions and forms of investment activities of commercial banks

Usually, an investment is understood as a long-term investment of capital in any enterprise, business, project. In banking, this concept includes any long-term investment of bank funds. Investment activities, for example, in addition to investing in securities, often include lending to fixed assets of an enterprise, loans to small businesses, financing of current, short-term needs of an enterprise.

money market instruments with maturities of up to one year, which are characterized by low risk and high liquidity;

capital market instruments that mature in more than a year and are generally characterized by higher returns.

Investment activity - investment, or investment, and a set of practical actions for the implementation of investments. The subjects of investment activity are investors, both individuals and legal entities, including banks, and the objects of investment activity are newly created and modernized fixed and circulating assets, securities, targeted cash deposits, scientific and technical products, and other property objects.

Investment activity of commercial banks is carried out at the expense of: own resources, borrowed and attracted funds.

The main directions of banks' participation in the investment process in the most general form are as follows:

mobilization of funds by banks for investment purposes;

provision of investment loans;

investing in securities, shares, equity participation (both at the expense of the bank and on behalf of the client).

The investment activity of banks is viewed as a business providing two types of services: increasing cash by issuing or placing securities on their primary market; connecting buyers and sellers of existing securities in the secondary market while acting as brokers and / or dealers.

With the transition to a market economy and the formation of the stock market, the interpretation of bank investments as long-term investments in securities is reflected in the domestic economic literature. It is noted that it is customary to refer to bank investments as securities with maturity over one year.

Investments are understood both as all directions of placing the resources of a commercial bank, and as an operation for placing funds for a period in order to generate income. In the first case, investments include the entire range of active operations of a commercial bank, in the second - its urgent component.

At the same time, the investment activity of banks has another aspect associated with the implementation of their macroeconomic role as financial intermediaries. In this capacity, banks contribute to the implementation of the investment demand of economic entities, acting in a market economy in monetary form, the transformation of savings and savings into investments.

At the same time, in the real conditions of the Russian economy, where the securities market is characterized by the dominance of speculative investments, instability and does not play any significant role in solving the problems of investing in the economy, the priority importance of credit forms of meeting investment demand will remain for a fairly long period. Therefore, when studying the participation of banks in the investment process, one should take into account the dual nature of the investment activities of banks. The following indicators can be used as indicators of the investment activity of banks:

the volume of investment resources of commercial banks;

index of the real value of investment resources;

the volume of bank investments;

the share of investments in the total assets of banks;

structural indicators of bank investments by objects of their application;

indicators of the effectiveness of investment activities of banks, in particular, the growth of assets per investment volume, profit growth per investment volume;

indicators of alternative profitability of investment in the manufacturing sector in comparison with capital investment in profitable financial assets;

In accordance with the object of investment, investments in real economic assets (real investments) and investments in financial assets (financial investments) can be distinguished. Bank investments can also be differentiated by more private investment objects: investments in investment loans, time deposits, shares and equity participation, in securities, real estate, precious metals and stones, collectibles, property and intellectual rights, etc.

Depending on the purpose of investments, bank investments can be direct, aimed at providing direct management of the investment object, and portfolio, aimed at direct management of the object, and carried out with the expectation of receiving income in the form of a stream of interest and dividends or due to an increase in the market value of assets.

According to the purpose of investments, one can distinguish investments in the creation and development of an enterprise and organization and investments that are not related to the bank's participation in economic activities.

According to the sources of funds for investment, a distinction is made between the bank's own and the investments made at its own expense, and client investments, carried out by the bank at the expense and on behalf of its clients.

In terms of investment terms, investments can be short-term (up to one year), medium-term (up to three years) and long-term (over three years). Investments of commercial banks are also classified by type of risk, region, industry and other criteria.

In addition to lending to investment projects in the field of production, real investments of banks can be carried out in the form of investments in real estate, precious metals and stones, collectibles, property and intellectual rights that have a market circulation, as well as the creation and development of their own material and technical base.

Financial investments of banks include investments in securities, time deposits with other banks, investment loans, shares and equity participation. As the stock market develops, investments in securities become more and more important: debt obligations (promissory notes, certificates of deposit, government and municipal securities, other types of obligations issued by legal entities), equity securities (shares). Investments in securities can be made at the expense of the bank (own investment operations), as well as at the expense of funds and on behalf of the client (client investment operations). The bank can make an investment in the form time deposits to other banks. Deposit operations are used by the Central Bank to bind excess liquidity.

An investment loan acts as a form of providing a long-term loan on terms of payment, maturity and repayment, in which the bank has the right to repay the principal amount of the debt and interest payments, but does not acquire the rights to joint economic activities. At the same time, this type of lending has certain differences from other lending transactions, including the specifics of the intended purpose of the loan, a longer term of provision and a high degree of risk. To reduce investment risks, Russian banks providing investment lending impose a number of additional conditions. The most common conditions are as follows:

acquisition of a controlling stake in an enterprise;

security financial guarantees governments, reliable banks;

providing highly liquid collateral;

share.

Since an investment loan is issued for long periods, when assessing investment risks during consideration loan application or an investment project is important not only to analyze the current creditworthiness of the borrower and its credit history, but also taking into account the dynamics of the financial condition of the enterprise.

Investments in shares, stocks and shares, in contrast to investment lending, are a form of banks' participation in economic activities, in which banks act as co-owners of the authorized capital of enterprises and organizations and founders (co-founders) of a company of a financial and non-financial nature.

Investments in the creation and development of enterprises and organizations include two types: investments in the economic activities of other enterprises and investments in the bank's own activities. The bank's investments in the economic activities of third-party enterprises and organizations are carried out through participation in their capital expenditures, formation or expansion of the authorized capital. When participating in the authorized capital through the purchase of shares, units, shares, commercial banks become co-owners of the authorized capital and acquire all the rights that shareholders and participants of the enterprise have in accordance with the law. Investments in the creation and development of third-party enterprises also take place during the founding activity of the bank, when the latter is the founder (co-founder) of financial and non-financial companies and their associations. Organizations established by commercial banks are primarily in the financial sector (investment funds and companies, brokerage firms, investment consultants, leasing and factoring firms, depository and clearing institutions, insurance firms, non-state pension firms, holdings, financial groups, etc.) or services (financial consulting, information, etc.).

Investments in the creation and development of third-party enterprises and organizations can be of a production and non-production nature. Production investments, acting as a form of banks' participation in the capital expenditures of economic entities, are carried out by providing investment loans and different ways participation in the financing of investment projects. Commercial banks can participate in financing an investment project by providing loans, corporatization, formation and expansion of authorized capital, leasing, or various combinations of these methods.

Russian commercial banks often invest in the creation and development of enterprises and organizations, relying not on dividends and interest, but on a side economic result: consolidation in the markets, attracting additional customers, etc. One of the conditions for investment, as noted above, is the requirement to obtain control over the enterprise.

Existing legislative and regulatory acts contain a number of restrictions on the participation of banks in economic activities. Among them it should be noted:

legislative prohibition to engage in production, trade and insurance activities Federal Law "On Banks and Banking Activities" No. 395-1 dated 02.12.1990 (as amended on 29.07.2005);

limiting the participation of banks in the capital of other enterprises and organizations to 25% of their own funds;

limiting investments in the acquisition of shares (stocks) of one legal entity 10% of the bank's capital;

other restrictions imposed on all business entities (antimonopoly rules, regulations governing participation in financial and industrial groups).

Investments in the bank's own activities include investments in the development of its material and technical base and improvement of the organizational level. The direction of these investments depends on what tasks are supposed to be carried out with their help. Depending on the direction of investment, one can distinguish:

investments to improve the efficiency of banking activities. They are aimed at creating conditions for reducing banking costs by improving technical equipment, improving the organization of banking activities, working conditions, personnel training, research and development;

investments aimed at expanding banking services. Such investments imply an expansion of the resource and customer base, an increase in the range of banking operations, the creation of new divisions capable of providing the production of new types of banking services;

investments related to the need to comply with the requirements of government regulatory authorities. These investments are made when it is necessary to satisfy the requirements of regulatory bodies in terms of creating certain conditions for banking activities.

Efficiency from investments in the development of a bank is achieved if, as a result of the costs incurred, an improvement in its financial condition is ensured, a transition to a higher rating category. Determination of the volume and structure of investments in their own activities, carried out in the process of developing a bank's capital investment plan, should be based on accurate technical and economic calculations. An excess of the required volume of investments can lead to an imbalance in liquidity, a decrease in the bank's income base and a drop in the efficiency of banking activities.

1.2 Objectives and process of investment activities of commercial banks

Banks buying certain types of securities strive to achieve certain goals, the main ones of which are:

investment safety;

return on investment;

investment growth;

liquidity of investments.

The main principles of effective investment activity of banks are:

secondly, the more efficiently banks operate, the more they manage to distribute their investments among various types of stock values, i.e. diversify investments. It is advisable to limit the investment by types of securities, sectors of the economy, regions, maturity, etc.

thirdly, investments must be highly liquid, so that they can be quickly transferred into instruments that, due to changes in market conditions, become more profitable, and also so that the bank can quickly get back the funds invested by it.

A commercial bank's investment portfolio usually consists of a variety of securities issued by the federal government, municipalities and large corporations.

There are two main professional approaches to assess the feasibility of purchasing certain securities; most large commercial banks conduct both fundamental analysis and technical analysis.

Technical experts are based on the study of exchange (or over-the-counter) statistics; analyze changes in supply and demand, movement of stock prices, volumes, trends and structure of stock markets on the basis of charts and graphs, predict the possible impact of the market situation on the supply and demand of securities. The analysis of companies is divided into quantitative and qualitative. Qualitative analysis is an analysis of the effectiveness of company management; quantitative - studies of various kinds of relative indicators obtained by comparing individual articles of the company's financial statements. Comparisons are made with similar enterprises and industry average data of the main absolute indicators of its activities (sales volume, gross and net profit), the study of changes and profitability of sales and return on equity, in net income per share and the amount of dividend paid on shares. Investment securities bring income to commercial banks in the form of interest income, commissions for the provision of investment services and market value gains. World experience has not developed an unambiguous approach to the problem of using banks' own funds when purchasing shares of other legal entities: in some countries, the participation of banks in the capital of other structures is not limited (Germany), in some countries it is strictly prohibited (USA, Canada). The Bank of Russia chose an intermediate option for regulating this area - the Central Bank of the Russian Federation can control the bank's work, but has no power to interfere with the activities of other economic entities that are not credit institutions, and, therefore, is not able to determine the degree of commercial risk. The main risks when investing are associated with the possibility of: · loss of all or a certain part of the invested funds; · Depreciation of funds invested in securities in the face of rising inflation; · Failure to pay in full or in part the expected income on invested funds; · Delays in receiving income; · The emergence of problems with the re-registration of ownership of the purchased securities.

The most important reason for the significant growth in banks' investment in securities: a relatively high level of income on them, lower risk and high liquidity compared to lending operations.

The most important characteristic of the forms and types of banking investments is their assessment from the standpoint of the combined investment criterion, the so-called magic triangle "profitability-risk-liquidity", which reflects the contradictory nature of investment goals and requirements for investment values.

Banks work mainly not on their own, but on borrowed and borrowed resources, so they cannot risk their clients' funds by investing them in large investment projects, if this is not secured by appropriate guarantees. In this regard, when developing their investment policy, commercial banks should always proceed from real assessments of risk, economic efficiency, financial attractiveness of investment projects, and an optimal combination of short-, medium- and long-term investments. At the same time, the existing investment system is not only an internal affair of the bank itself. In accordance with the basic principles of banking regulation, an integral part of any supervision system is an independent review of the policy, operational activities of the bank and the procedures applied in it related to the issuance of loans and investment of capital, as well as the current management of credit and investment portfolios.

Consequently, commercial banks must clearly work out and formalize the most important activities related to the organization and management of investment activities. Essentially, it is about developing and implementing sound investment policies. The development of a bank's investment policy is a rather complicated process due to the following circumstances. First of all, due to the duration of investment activities, it should be carried out on the basis of a thorough long-term analysis, forecasting external conditions (the state of the macroeconomic environment and the investment climate, the investment market and its individual segments, the specifics of taxation and state regulation of banking activities) and internal conditions (volume and the structure of the market's resource base, the stage of its life cycle, development goals and objectives, the relative profitability of various assets, taking into account risk and liquidity factors, etc.), the probabilistic nature of which makes it difficult to form an investment policy.

The main goal of the bank's investment activities can be formulated as an increase in the income of investment activities at an acceptable level of investment risk.

In addition to the general goal, the development of an investment policy in accordance with the economic development strategy chosen by the bank provides for taking into account specific goals, which are:

ensuring the safety of banking resources;

expansion of the resource base;

diversification of investments, the implementation of which reduces the overall risk of banking activities and leads to an increase in the financial stability of the bank;

maintaining liquidity;

expanding the bank's sphere of influence by entering new markets;

increasing the circle of clients and increasing the impact on their activities by participating in investment projects, in the creation and development of enterprises, the purchase of securities, shares, shares in the authorized capital of enterprises;

Determining the best ways to implement the strategic goals of investment activities involves the development of the main directions of the investment policy and the establishment of principles for the formation of sources of investment financing. In accordance with these criteria, the following areas of investment policy can be distinguished:

investing with the aim of generating income in the form of interest, dividends, payments from profit;

investment with the aim of generating income in the form of capital gains as a result of an increase in the market value of investment assets;

investment for the purpose of generating income, the components of which are both current income and capital gains.

Focusing on one of the above areas is a key link in the formation of investment policy, which determines the composition of investment objects, the source of income, the level of acceptable risk and approaches to the analysis of investments.

When the investment policy is oriented towards capital gains, the stability of the increase in the market value of investment assets is highlighted, and their profitability is considered only one of the factors that determine the value of assets. The policy aimed at capital growth is associated with investing in investment objects that are characterized by an increased degree of risk due to the possibility of depreciation of their value. The growth of the market value of investment objects can occur both as a result of an improvement in their investment qualities and short-term fluctuations in the market situation. At the same time, the role of the speculative component is growing. Peculiarities of this type investment policy determine the strengthening of the role of promising aspects of the analysis in comparison with retrospective and current analysis in making investment decisions. The choice of the considered direction as a priority is characteristic of an aggressive investment policy, the purpose of which is to achieve high efficiency of each investment operation, to maximize income in the form of the difference between the price and acquisition of an asset and its subsequent value with a limited investment period.

In the practice of banking, the directions of investment policy can be combined in various forms, which, as a rule, make it possible to enhance the advantages and smooth out the disadvantages. A variant of this combination is a moderate investment policy, in which the preference turns out to be a sufficient amount of income in the form of both current payments and capital gains with an investment period not limited by a rigid framework and moderate risk.

The development of an investment policy involves not only the choice of investment directions, but also taking into account a number of restrictions associated with the need to ensure a balance of investment investments of a commercial bank. Objectives and restrictions are established by legislative and regulatory acts of the monetary authorities, as well as the governing bodies of banks.

The Central Bank of the Russian Federation regulates the investment activities of commercial banks, defining priority investment objects and limiting risks by establishing a number of economic standards (use of bank resources for acquiring shares, issuing loans, reserves for depreciation of securities, bad loans), differentiated risk assessments for investments in various types of assets.

The organization of the investment policy in the bank involves the development of internal guidelines that fix the basic principles and provisions of the investment policy. The experience of banking practice testifies to the advisability of formulating an investment policy in the form of an investment program. Reflecting investment goals, investment program determines the main directions of investments and sources of their financing, mechanisms for making and implementing investment decisions, the most important characteristics of investment assets: profitability, liquidity and risk, their ratio in the formation of the optimal structure of investment investments.

The border of acceptable risk is weighted average cost attracting investment resources. Having established the preferred forms of income in the process of developing the main directions of investment, the investor determines the share of each form in the total income from investment investments. Investment management provides for an analysis of the structure of assets to bring them in line with the structure of investment resources and collateral required level liquidity. The liquidity of investment assets should be associated with the nature of the liabilities that are the source of their financing.

1.3 Income and risks of investment activities of banks

The profitability of investment activities of commercial banks depends on a number of economic factors and organizational conditions, among which the decisive role belongs to such as:

steadily developing economy of the state;

the presence of various forms of ownership in the sphere of production and services, including the sphere of banking with a predominance of private and joint-stock forms of ownership;

well-functioning and well-functioning structure of the financial and credit system;

the presence of a developed and civilized securities market;

the presence of market institutions for securities (investment companies, funds, etc.);

a well-functioning system of legislative acts and regulations governing the procedure for the issuance and circulation of securities and the activities of the securities market participants themselves, used in the practice of international investment activities of commercial banks;

availability and training of highly qualified specialists and entrepreneurs in the investment sphere of activity and the securities market, etc.

The profitability of securities of certain classes and types depends on the market value of the investment portfolio, which, in turn, fluctuates depending on changes in interest rates on bonds and certificates, discount interest, interest on promissory notes, dividends on shares and, accordingly, supply and demand for these securities on the securities market. The main goal of investment management is to maximize return at a given level of risk or minimize risk at a given level of return. Portfolio income consists of the following components:

interest income

income from the increase in the capital value of securities held in the bank's portfolio

commission for the provision of investment services - spread (the difference between the buying and selling rates during dealer operations).

There are the following main types of investment risk:

credit risk

exchange rate risk

unbalanced liquidity risk

risk of early recall

business risk.

The credit risk is that the principal and interest on a security will not be repaid in due time. The assessment of credit risk for various types and individual issues of securities is provided by specialized agencies. They assign a rating to securities, which makes it possible to judge the likelihood of timely repayment of obligations. Credit risk is associated with a decrease in the financial capabilities of the issuer of securities when it is unable to fulfill its financial obligations, as well as with the obligations and abilities of the government of the state or its institutions to repay debts on loans it has made from the population, in particular, on general bonds issued by the government. character. Government securities are considered free from credit risk due to the stability of the economy, from where the government draws funds to pay off its debts and obligations to creditors in the person of the population and financial and credit commercial organizations. Banks tend to be limited to buying investment grade securities.

The risk of changes in the price of securities. This risk is associated with an inverse relationship between the rate of interest and the rate of firm-interest securities: with an increase in interest rates, the market value of securities decreases and vice versa. This creates big problems for the investment departments of banks, since when the economic situation changes, it is often necessary to mobilize liquidity and it is necessary to sell securities at a loss. Rising interest rates lower the market price of previously issued securities, with issues with maximum maturities usually experiencing the largest price drop. Moreover, periods of rising interest rates are usually marked by an increase in demand for loans. And since the bank's top priority is lending, many securities must be sold in order to raise cash for loans. A bank that bought securities in the face of falling demand for credit and relatively low interest rates, i.e. at a high market value, I was forced to sell them with increased interest rates and a fall in the market value of securities. Negative exchange rate differences appear on the bank's balance sheet, which reduce profits. Usually, market price securities and the income of a commercial bank from them are inversely related: when the prices of securities are low, the income from them is high and vice versa. Therefore, investors buying securities during a period of low interest rates and other rates run the risk of facing a decrease in the market value of securities in the event of an increase in rates on them. However, with a decrease in interest rates, an increase in the market value of securities will occur. Consequently, the increase in interest rates on securities has both positive and negative sides.

The contradiction between liquidity and profitability determines investment risk, which is considered in the investment activity of a bank as a dispersion of probable options for earning income with minimal damage, ensuring the liquidity of the bank as a whole. Banks should always consider the possibility that they will need to sell investment securities prior to maturity. In this regard, the question arises about the width and depth of the corresponding secondary market for this type of securities. The willingness of the heads of a commercial bank to sacrifice liquidity for the sake of profit and vice versa means knowingly taking more or less investment risk, taking into account all its factors.

The risk of early recall of securities. Many corporations and some authorities that issue investment securities reserve the right to early withdrawal of these instruments and their redemption. Such redemption is allowed if the minimum admissible period has passed and if the market price of the bond is not lower than its initial market value. Since such "recalls" usually occur after a decline in market interest rates (when the borrower can issue new securities with lower interest costs), the bank faces the risk of loss of income, as it must reinvest the funds returned at the lower interest rates prevailing on this moment. Banks generally try to minimize this revocation risk by purchasing bonds that cannot be revoked for several years, or simply by avoiding purchasing revocable securities.

Business risk. All banks face a significant risk that the market economy they serve will decline, with declining sales volumes and rising bankruptcy and unemployment. These adverse events are referred to as business risk. They are very quickly reflected in the bank's loan portfolio, where as the financial difficulties of borrowers grow, the volume of non-repaid loans increases. Since the likelihood of business risk is high enough, many banks rely heavily on securities from other regions to compensate for the impact of loan portfolio risk.

Market risk is due to the fact that due to unforeseen changes in the securities market or in the economy, the value of certain types of securities as an investment object of the bank may be partially lost, so that their sale will become possible only with a large discount in price.

2. Analytics of investments of commercial banks in the real sector of the Russian economy

At the national level, the overall level of investment depends in part on the level of savings of the population, organizations and government. The amount of savings in a country directly affects the amount of investment in a country. It has already been noted that investments represent expenditures for the acquisition of equipment, buildings and housing, which in the future will be expressed in an increase in the productive power of the entire economy. When a society saves part of its current income, this means that part of production can be directed not to consumption, but to investment.

Most often, depositors and investors belong to different economic groups. When a family sets aside some of their income, they put their money in the bank. The bank lends this money to a company wishing to make an investment. In this case, depositors (individual citizens) and investors (businesses) are linked through a financial intermediary (bank). Sometimes intermediaries and investors are the same person. If a company saves some of its profits and uses it to buy a new machine, it simultaneously saves and invests money. Sometimes a company saves its profits by increasing bank deposits. The bank then lends this money to another company willing to make the investment. In a closed economy, the amount of savings exactly matches the amount of investment. What part of the national income is saved, that part can be invested. Thus, it can be said that in a closed country domestic investment equal to domestic savings.

All forms and types of investment activities of banks are carried out at the expense of the resources they generate. The policy for the formation of investment resources is designed to ensure the implementation of investment activities in a given scale and directions, the effective use of own and borrowed funds invested in investment assets.

The adoption of investment decisions by the bank should be focused on achieving an optimal ratio between the volume and structure of investments and their resource provision from the standpoint of maximum profitability and minimum risk, which is the target function of the bank's investment policy. This presupposes forecasting the directions of investment in the coming period based on the projected changes in the volume and structure of investment investments and the sources of their financing.

Thus, the management of investment activities should cover both the formation of the main directions of investment and the determination of the necessary resource provision. When forming sources of financing for specific types of investment investments, it is necessary to take into account the specifics of various types of banking resources, which makes it possible to analyze them in terms of the degree of stability, attracting costs and other criteria.

The most reliable and stable source of investment financing is the own funds (capital) of a commercial bank. Own funds of the bank, due to the significant specifics of banking in comparison with other areas of commercial activity, occupy a large share in the total volume of banking resources.

The main sources of financing for active operations, which make up the largest share in the structure of bank liabilities, are deposit funds (urgent and on demand). Demand deposits, in contrast to time deposits, being a cheaper source of resources for the bank, at the same time constitute a group of liabilities characterized by an increased risk of withdrawal.

A significant part of the funds attracted by Russian banks are of an unlimited or short-term nature. This circumstance underlies the negative assessment by many economists of the investment potential of Russian banks. However, even with the existing structure of the resource base, there are certain opportunities to use parts of short-term funds to finance medium and long-term investments without disrupting liquidity.

Despite the constant movement of funds on individual accounts, in their total aggregate, a certain stable, irreducible balance can be distinguished. The transformation ratio characterizing the boundaries of transformation of perpetual resources into urgent ones, according to calculations, is 10-40% of the sum of the balances on demand accounts. The growth of opportunities for attracting funds to deposits is also associated with the use of certificates of deposit and savings certificates and other financial instruments that have appeared on the Russian market. An increase in the volume of their issue, circulation period neutralizes fluctuations in deposits, contributes to the expansion of the resource base of banks' investments. The strategy of maintaining the stability of deposits is the most important component of the general strategy of commercial banks.

Resources formed by attracting loans can also be used as sources of investment financing. These include loans from the Central Bank, interbank loans, funds received as a result of the issue of debt obligations (bonds, bills). Debt sources are used to finance investments by banks pursuing an active policy. To expand the possibilities of financing investment assets, to maintain liquidity, they often resort to extensive loans of funds in the financial market. In this case, the most important condition for the use of borrowed funds is to compare the costs of attracting them with the expected income from investment activities. Based on the analysis of the specifics of the movement of various types of bank resources based on the degree of stability, the following three groups can be distinguished:

the most stable (banks' own funds and long-term liabilities);

stable (urgent savings deposits, loans from other banks, the minimum balance of demand deposits);

unstable (fluctuating balances of demand deposits).

The larger the share of the stable and cheap part of the banking resources, the higher, other conditions, the higher the profitability and stability of a commercial bank. Any shifts in the structure of assets and liabilities affect the profitability and degree of risk of banking operations. These shifts are based on changes in credit and investment policies and the bank, which, in turn, are determined by a number of macroeconomic and microeconomic factors.

Long-term lending, especially in the context of nascent entrepreneurship, could become one of the important sources of investment. Needless to say, the importance of long-term loans for the development of production in Russia. Long-term bank loans are primarily aimed at solving strategic goals in the economy. They contribute to a gradual increase in production and, as a consequence, to the overall recovery of the country's economy. There is a need for the creation of investment banks that would deal with financing and long-term lending of capital investments. In the meantime, the government is forced to finance the necessary programs from the budget, and they are sorely lacking in the budget.

Attracting funds from the population into the investment sphere by selling shares of privatized enterprises and investment funds, in particular, could be considered not only as a source of investment, but also as one of the ways to protect the personal savings of citizens from inflation. It is possible to stimulate the investment activity of the population by setting higher interest rates on personal deposits in investment banks compared to other banking institutions, attracting funds from the population for housing construction, providing citizens participating in the investment of an enterprise with a priority right to purchase its products at the factory price, etc. .P.

For the flow of savings of the population to the capital market, a wide network of intermediaries is required. financial institutions- investment banks and funds, insurance companies, pension funds, building societies, etc. However, it is important, if possible, to provide protection to those who are ready to invest their money in stock values by establishing strict state control over enterprises that claim to raise funds from the population.

Financial and economic instability is the main factor affecting the state of domestic capital investment financing opportunities. Nevertheless, the lack of domestic investment potential can be considered relative.

2.2 Problems of banking investment development

The inflow into the investment sphere of the private national and foreign capital hindered by political instability, inflation, imperfect legislation, underdeveloped production and social infrastructure, insufficient information support. The interrelation of these problems enhances their negative impact on the investment situation. Weak investment potential is explained by disagreements between the executive and legislative authorities, the Center and the Federation's facilities, the presence of interethnic conflicts in Russia itself and wars directly on its borders, legislation unfavorable for investors, inflation, a decline in production, etc. Russian legislation is unstable, commercial activity faces many bureaucratic obstacles. Although some changes are already taking place in these areas. All of these factors outweigh Russia's attractive features such as its Natural resources, a powerful, although technically outdated and chronically underutilized production apparatus, the availability of a cheap and sufficiently qualified labor force, a high scientific and technical potential. In a market economy, the combination of political, socio-economic, financial, socio-cultural, organizational, legal and geographical factors inherent in a particular country, attracting and repelling investors, is usually called the investment climate. The ranking of the countries of the world community according to the investment climate index or the opposite indicator of the risk index serves as a generalizing indicator of the investment attractiveness of a country and a "barometer" for foreign investors. Despite the fact that the domestic stock market has been showing steady growth over the past few years, its "narrowness" due to the reluctance of most companies to go public, and infrastructure problems act as factors holding back investments. Moreover, recently there has been a tendency to move trading in securities of domestic companies to Western stock exchanges, while the share of Russian stock exchanges in the total volume of trading in Russian shares has decreased.

Russia still lacks its own system for assessing the investment climate and its individual regions. Investors are guided by the assessments of numerous firms that regularly monitor the investment climate in many countries of the world, including Russia. However, the assessments of the investment climate in Russia, given by foreign experts at their regular meetings, held outside the Russian Federation and without the participation of Russian experts, seem to be little reliable. In this regard, the task is to form, on the basis of the studies conducted at the Institute of Economics of the Russian Academy of Sciences, the National System for Monitoring the Investment Climate in Russia, large economic regions and subjects of the Federation. This will ensure the inflow and optimal use of investments, will serve as a guideline for Russian banks in their own credit policy.

Although the domestic stock market is currently generating incredible income (in 2004 the average return on investment in Russian stocks was about 40%, and since 2005 - 10%), it is impossible to say that it is in perfect order, since the apparent well-being upon close examination, it turns out to be unsteady and wobbly. Serious criticism from specialists is caused by the pricing on the Russian stock market. So, in developed markets, the formation of the market price of a share occurs, as a rule, on the basis of fundamental factors, primarily the assessment of the financial condition of the company (its net profit, revenue and other indicators). In Russia, the current share price largely depends on speculative tendencies, which naturally carries with it a high investment risk.

The process of transition of securities from a low-liquid sector to the group of "blue chips" (this is the name of the most traded shares of large companies) is practically absent - over the past five years, only a few securities have joined the "elite" group of shares. And there are several reasons for this, ranging from a banal misunderstanding of the essence of the stock market by managers and ending with the peculiarities of the domestic application of civil and judicial legislation. The imperfection of the latter serves as a deterrent reason for companies to enter the open market, because the Russian reality knows many examples when businessmen were deprived of their enterprises due to the fact that competitors, having acquired several shares of the company through dummies, went to court, which ruled not in favor of the acting at that time shareholders or managers. The problem is aggravated by the fact that even among the most liquid stocks, only a small share is actually traded on the market. The average ratio of the share of shares in free circulation for the largest and most capitalized Russian companies does not exceed 30% - for the shares of the 20 largest Russian companies this ratio is only 27% of their total authorized capital. The corresponding figure for the 30 largest companies in the United States is 90%, and for the 40 largest companies in France - 80 percent.

If Russia can create a strong stock market, then not only will companies be able to attract relatively “cheap” money in sufficient quantities, but ordinary investors will also benefit from a wider range of investment instruments. That is, ordinary citizens will be able to receive more income from their savings and do it with less risk.

A consequence of the narrowness and relative weakness of the domestic stock market are sharp jumps in the value of securities, which is to some extent good for small and medium speculative players, but for large strategic and institutional investors (commercial banks), as well as ordinary citizens, such excessive market volatility is dangerous. ... The ups and downs of the market are sometimes so rapid that an investor can both enrich himself in a matter of minutes, and, conversely, become bankrupt.

In recent years, a stratum of enterprises and entrepreneurs has developed in Russia that have accumulated large amounts of capital. Due to the instability of the economic situation in the country, large funds are converted into convertible currency and deposited in Western banks.

The outflow of cash resources (potential investments) from Russia is several times higher than their inflow. The motivation for capital outflow is the perception by Russian businessmen of political and economic instability in Russia. A significant part of the funds accumulated by Russian businessmen under the influence of fear of a possible social explosion due to inflation and fear of monetary reform are forwarded by them to western banks or used to buy real estate and securities.

Often, enterprises use their savings not for capital investments within the country, but for issuing loans abroad. Exporting companies, as a rule, keep their profits in accounts with foreign banks instead of importing them back to Russia and directing them to new investments. This process, known as capital flight, is very often illegal. And yet, despite its illegality, capital flight finds a logical economic justification: it is much safer to put capital in a London bank than in the Russian economy. That is why banks prefer to provide loans to foreigners (by placing money in foreign bank), and not to their compatriots.

The overall scale of the outflow of currency is not amenable to precise measurement, since financial statistics, of course, take into account only their legal part. The outflow of foreign currency on a large scale outside Russia prompted the authorities to take organizational and legal measures to tighten control over the return of foreign exchange earnings to the country. In order for Russian banks not to be afraid to invest in the economy of their country, it is necessary to create conditions for reducing investment risk. The degree of risk can be reduced by reducing inflation, adopting clear economic legislation based on market potentials.

The technology of carrying out market reforms presupposes a sequence of steps, along with stimulating the inflow of capital, measures are immediately taken to prevent its outflow.

2.3 Analysis of the investment climate in the Russian Federation

After making an investment decision, it is necessary to plan its implementation and develop a system of post-investment control (monitoring).

Solving the issues of creating a favorable investment climate, managing investment complexes, creating an effective investment infrastructure and legislative support for investment processes is impossible outside the realities and trends of today's world, without analyzing the processes of globalization of the world economy. Today globalization is characterized by the systemic integration of world markets and regional economies, all spheres of human activity, as a result of which there is accelerated economic growth, accelerated implementation modern technologies and management methods. At the same time, the changes caused by the processes of integration of economies are profound, affect all spheres of human activity, set the task of bringing the social parameters of the development of society to conformity, improving its political structure, and technologies of macroeconomic management.

In recent years, there has been an increasing opportunity for every entrepreneur in the world, an investor to protect themselves from the risk of unexpected and sharp changes in exchange rates and interest rates and to quickly adapt to unexpected financial shocks such as oil shocks, as well as to guarantee some financial discipline for the state, preventing governments from conducting inflationary policies. and public debt buildup policies. In the context of the dominance of market relations in the global dimension, states are forced to implement a more reasonable economic strategy... Savings and investments are allocated more efficiently. Investors are not limited to their domestic markets, but they can look around the world for those favorable investment opportunities that will give the highest returns. Investors have a wider choice of how to allocate their portfolio and direct investments. The total volume of private capital inflows to emerging markets in 2005 is estimated at about USD 200 billion, which is one third more than in 2004. Direct investments will amount to USD 130 billion, portfolio investments USD 42.4 billion and loans USD 26.3 billion. Emerging markets in Europe will rank second in terms of private capital inflows - USD 34.8 billion, of which USD 16.6 billion will come from direct investment, USD 3.3 billion in portfolio investments and USD 14.9 billion in loans. private capital to Russia already exceeds the outflow. Investor confidence in Russia "continues to strengthen - this is the conclusion of the IMF report" Global Financial Stability. "This trend is based on the strong fiscal position of Russia and impressive indicators of economic growth, the document says. on world financial markets... According to the IMF, it is now determined by factors such as "uncertain and uneven rates of global economic growth" and "the reluctance of corporations to increase capital investment." Weakened and "appetite for risky investments," the authors of the document state. The dynamics of investments looks disappointing. In October, investments in fixed assets grew by only 7.8% year-on-year, which is significantly less than the indicators of September 8.7% and August 11.6%. Following the results of 10 months, the growth of investments amounted to 11.2% in January-September it was 11.6%. Published on December 21, 2004. The Central Bank of Russia 's banking sector survey shows that the number of unprofitable banks has almost doubled since the beginning of the year, Novye Izvestia reports today. During the year, licenses were revoked from 16 commercial banks. According to analysts, the Russian banking system will face hard times. Another blow to her was inflicted in the summer as a result of " banking crisis"As a result, according to sociologists, only 25% of Russians have a bank account, of which only 3% are in a commercial bank. But the main problem is not only the population's distrust of commercial banks, but poverty: 63% of Russians simply do not have savings. As a remedy for the summer crisis, the Central Bank is trying to introduce a deposit insurance system.

Sberbank will remain the most recognizable banking brand, and the scale of its business makes it possible to consider its reliability comparable to the reliability of the banking system as a whole. Vneshtorgbank, expanding its branch network, will gain more and more versatility. Non-residents, on the other hand, will increase their presence in the Russian market both due to the development of operations of already operating banks (in particular, Raiffeisenbank and City-Bank are fighting for leading positions in the private lending market), and due to the arrival of new large players.

It is absolutely possible to assume that the concentration processes will accelerate, the reason for this will be the withdrawal from the market of some small and medium-sized banks, especially those operating in Moscow. And increased competition, including with the arrival of new non-residents, leaves small banks less and less chance of survival. It is highly likely that we will witness a notable number of joins and voluntary liquidations.

Capital outflow from the Russian Federation, which, according to the forecasts of the Ministry of Finance, in 2006 will amount to $ 9 billion. That is, the majority of those who have money prefer to keep it in foreign banks away from Russia.

Reserve assets of the Central Bank of the Russian Federation and the Ministry of Finance have shown steady growth over the past years. So, since 2001, their volume has increased 2.8 times and amounted to $ 76.9 billion as of January 1, 2004. Specific gravity in the structure of assets in this period increased from 11.7% to 24.4%. The volume of Russian external financial liabilities as of the beginning of 2004 increased to $ 323.3 billion, or by 30.3% compared to the beginning of the previous year.

For more information, see the table:

Table 1 "The structure of the banking investment portfolio by types of assets, in% to the corresponding items of the total banking investment portfolio"

2000	2001	2002	2003	2004	01.05.2005	01.06.2005	2005 (estimate)
Structure in rubles,% of investments in rubles	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0
Federal bonds	39.4	26.7	12.1	10.5	8.1	11.2	11.0	8.4
CBR	14.0	19.8	25.8	27.7	21.4	22.3	24.2	21.7
Municipal bonds	1.8	1.5	0.6	0.3	0.5	1.2	1.4	1.1
Corporate bonds	0.8	0.3	0.0	0.1	0.9	1.8	2.0	1.7
Loans	41.6	48.9	56.4	58.4	66.2	60.3	58.2	64.1
loans to the real sector	33.6	36.2	48.6	52.5	58.4	50.4	48.6	55.2
loans to regional authorities	3.4	5.9	2.6	1.4	1.2	1.8	1.6	1.5
loans to the population	4.6	6.9	5.2	4.5	6.6	8.2	8.0	7.4
Shares of enterprises	2.2	2.8	5.1	3.0	2.9	3.0	3.2	2.9
Structure in foreign currency,% of investments in foreign currency	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0
Federal bonds	11.1	21.3	22.8	23.6	21.7	20.4	19.3	19.9
Regions of the Russian Federation	0.1	0.0	0.1	0.0	0.1	0.0	0.0	0.0
Loans	49.5	40.1	30.6	30.0	36.2	48.4	50.0	43.4
loans to the real sector	49.5	40.1	30.6	30.0	36.2	48.4	50.0	43.4
loans to the population	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Deposits in foreign banks	39.3	38.6	46.5	46.4	42.1	31.2	30.7	36.6

The increase in reserve assets also had a significant impact. The task of doubling GDP in a decade, orienting the economy at 7% annual growth, has created an unconscious feeling that if the indicator is more than 7%, this is already very good. From this point of view, the increase in investments in the Russian economy in 2006. 10.9% is an excellent result, and the slowdown in the investment process compared to 2005 (12.5%) is not at all dramatic.

One of the main events in 2005 was the increase by the international rating agency Fitch of Russia's rating for borrowings in national currency. The rating outlook is stable. As noted in the agency's message, the increase in the sovereign rating of Russia to investment grade is evidence of the recognition of the significant improvement in the creditworthiness of the Russian Federation in recent years. Exceptional macroeconomic performance, fueled by high oil prices and prudent fiscal policies, continues to lead to significant reductions in external debt and public debt, accumulation of foreign exchange reserves and an increase in the stabilization fund.

The assignment of the rating opens the way to Russia for a new class of investors working only in countries that have been assigned an investment rating. This will contribute to a significant inflow of capital into the country and, accordingly, to the stock market, the flow of investment will increase.

Undoubtedly, for most investors, the main signal for activation will be the fact that Russia has been assigned an investment rating by the second world-renowned rating agency, as Moody 's has already done this. This is good news for the stock market and in the short term, it is no coincidence that the stock market instantly reacted to this news by increasing quotations of a number of Russian issuers.

A positive trend can be observed in various sectors:

Fig. 1 Growth of assets in 2007 by segment

An increase in the rating means a decrease in insurance risks, which is especially important for the insurance business. Considering that the company's rating cannot be higher than the country's rating, Russian companies receive this cherished chance - to increase their ratings and, accordingly, to join the elite of the global insurance community.

Thus, in 2007, Russian banks have significantly increased their capital. The Expert RA rating agency conducted a study of the banking sector and highlighted the main trends in the development of this sector in 2007. The study showed that in 2007, banks' own funds grew significantly faster than assets. Capital increased by 57%, assets - only 44%. More than 40% annual growth The capital of Russian banks was secured by the record placements of Sberbank and VTB, during which more than $ 16 billion were raised. After conducting "people's IPOs," Sberbank and VTB strengthened their leadership, and the excess liquidity, which was observed at the beginning of the year, was partially transferred to the interbank lending market. Retained (Gazprombank, Bank of Moscow) and even strengthened (Rosselkhozbank) their positions by other major banks controlled by the authorities and state-owned companies. The success of large private banks in raising capital on the open market was more modest. During the SPO, Bank Vozrozhdenie raised about $ 180 million, and the only IPO of a private bank, Bank Saint Petersburg, in 2007 brought shareholders about $ 270 million. positions to foreigners, whose share in the assets of the top 30 has grown from 8% to 9%.

The crisis in the American mortgage sector provoked, according to Expert RA, a shortage of liquidity around the world and worsened the conditions for borrowing by Russian banks. The banks withstood the liquidity shortage, but the majority had to slow down. The growth rate of the top 200 assets fell by a quarter, from 24% in the first half to 18% in the second.

"The slowdown in the growth of bank assets could have been even more significant if not for the timely actions of the Central Bank to provide liquidity in August-December, when the Central Bank provided banks with up to 275 billion rubles a day, and the easing of budgetary policy at the end of the year," the expert says of the Financial Institutions Ratings Department of the Expert RA rating agency Stanislav Volkov.

According to the forecasts of analysts of the Expert RA rating agency, the rate of development of the banking system in 2008 will depend on how this structure will endure new waves of liquidity deficit. The beginning of spring may become especially dangerous, when local peaks in bank payments on taxes and loans will be added to the global liquidity crisis. Refinancing instruments worked out last fall will allow the Central Bank to provide banks with up to RUB 700 billion. and to prevent the development of crisis phenomena. But the high growth rates of bank lending, which the Russian economy needs to continue the investment boom, can no longer be achieved without state support. Banks concerned only with increasing the liquidity of their assets can become not a catalyst, but a brake on economic development.

Also, the flows of the Investment Fund of Russia and its forecast can be displayed in more detail in the table below.

Tab. 2. "Financial flows of the Investment Fund of Russia in 2006-2010."

Indicators (billion rubles)	2006	2007	2008	2009	2010
Invest. RF Foundation	69,7	110,6	89,2	109,6	76,5
Remaining invest. Fund of the Russian Federation at the beginning of the year	69,7	176,6	229,6	278,4	294,6
Projects approved by a government commission	-	1,8	5,1	16,4	21,5
Russian venture company	5	10	-	-	-
Russian Investment Fund inform. - communication Technology.	-	1,45	-	-	-
Investment advisor costs (for METR)	0,2	0,2	0,2	0,2	0,2
Remaining invest. Fund at the end of the year	66,0	140,3	168,9	218,1	247,3

Rice. 2 "Financial flows of the Investment Fund of Russia in 2006-2010."

3. Prospects and methods of stimulating bank investment

3.1 Methods to stimulate investment

The most important part of the stock market development policy is the tax component. World experience shows that stock markets as a source of investment always and everywhere have huge tax benefits. In a crisis, a lack of investment and high risks, the creation of tax incentives to offset these risks is one of the most powerful tools to induce savings in Russian stocks and bonds.

At the same time, the most common tax incentives for investors in securities, which are widely used in international practice, are not used in Russia. The Tax Code of the Russian Federation establishes the following income tax rates:

24%, unless otherwise provided by clauses 2-5. Article 284 of the Tax Code of the Russian Federation;

15% - on income in the form of interest on state and municipal securities, the terms of issue and circulation of which provide for the receipt of income in the form of interest, etc.

In the area of tax policy the creation of favorable conditions for the intensification of investment activity in the manufacturing sector implies an increase in the effectiveness of tax incentives in the implementation of investments. Tax incentives can be implemented in the form of: exemption from taxation of a part of profits aimed at financing capital investments in order to develop their own production base and to finance housing construction; discounts, the effect of which is associated with expenses that affect the results of taxation; tax credits; tax holidays.

A more effective type of tax incentives, which has become widespread in Western practice, is an investment tax credit... It provides for a decrease during a certain period and within the admissible limits of payments for income tax (income), as well as for regional and local taxes, followed by a phased payment of the loan amount and accrued interest. Unlike other types of incentives, a tax investment credit acts as a direct reduction tax liability and to a greater extent takes into account the property status of the taxpayer. If the use of tax credits is more beneficial for taxpayers whose income is taxed on high rates, then the application of an investment tax credit is for taxpayers with low incomes.

In Russia, the procedure for applying an investment tax credit was determined by the Federal Law "On Investment Tax Credit", however, due to the complexity of obtaining a loan and imperfect legal framework, this type of tax incentives did not become widespread. V Tax Code investment tax credit is considered as the main type of incentives that stimulate investment in the real sector of the economy.

The legal framework for regulating the investment sphere is reflected in the Civil Code of the Russian Federation. Meanwhile, a number of problems remain in the practical organization of investment activity that require legal regulation. These include: guarantees of real security of property rights, the issue of private ownership of land, procedures for registering enterprises associated with the activities of foreign investors, unpredictable and frequent changes in customs duties, as well as inconsistency and inconsistency of the legal approaches used. Legislative framework should be the foundation of the activities of all economic entities (states, enterprises, corporations, financial intermediaries, the population).

It is necessary to legislatively define the limits of administrative impact, increase the role of legal regulation of economic life, create an effective system of judicial consideration of economic disputes, and switch to the use of normative methods for regulating the economy. The widespread use of regulatory methods of regulation (interest and tax rates, economic standards for liquidity, insolvency, financial condition of mandatory reserves, regulatory requirements for licensing and registration of economic activities, criteria for tenders of investment projects, etc.) will ensure the objectivity of economic decision-making, limit the role of administrative bodies to control the compliance of economic activities subjects to the standards, requirements and criteria established by law. Thus, taking into account the scale of the tasks to be solved, it is obvious that in order to initiate a sustainable investment recovery, coordinated measures are needed to ensure a favorable investment environment, the development of forms and methods economic regulation taking into account the real investment situation.

To revive investment activity in Russia, it is necessary to create an effective mechanism for creating a favorable climate for investment, and to concentrate the necessary financial resources in the banking system.

The practice of investing in developed countries ah shows that the integration of investment and innovation is successful with a powerful mechanism for attracting money deposits from the population and banks' own circulating assets; developed securities market; using the opportunities of leasing and insurance companies, investment funds, mortgage lending.

As for Russia, it makes sense for it to choose such an adaptation strategy for managing the investment and innovation process, in which there would be joint elements of various strategies based on domestic intellectual potential and scientific and innovative resources that contribute to the production of competitive types of products and services, their implementation on the domestic and foreign markets.

Among the general measures, the following should be mentioned as priority ones:

achieving national accord between various power structures, social groups, political parties and other public organizations;

radicalization of the fight against crime;

slowing down inflation by all measures known in world practice, with the exception of non-payment of wages to workers;

revision tax legislation towards its simplification and stimulation of production;

mobilization of free funds of enterprises and the population for investment needs by increasing interest rates on deposits and deposits;

launching the bankruptcy mechanism provided for by the legislation;

provision of tax incentives to banks, domestic and foreign investors going to long-term investments in order to fully compensate them for losses from a slowed capital turnover in comparison with other areas of their activities;

Among the measures to enhance the investment climate, it should be noted:

adoption of laws on free economic zones;

creation of a system for accepting foreign capital, including a wide and competitive network of state institutions, commercial banks and insurance companies that insure foreign capital against political and commercial risks, as well as information and intermediary centers engaged in the selection and ordering of projects that are relevant to Russia, and the search for those interested in their implementation investors and prompt execution of turnkey transactions;

creation in the shortest possible time national system monitoring the investment climate in Russia;

3.2 Prospects for investment activities of commercial banks

The dominant segment of lending to the population will remain consumer loans, the range of which is very wide - from cars and sophisticated household appliances to medical and travel services. However, consumer lending also needs infrastructure improvements. Expanding the circle of borrowers, attracting new ones social groups with lower income and property, it increases the risks of lending, which means that it will require more attention to the analysis of the borrower.

An important prerequisite for this will be the work of the bank deposit insurance system. There will be significant changes in investment processes and applied investment technologies:

the possibility of informational and financial control over the use of the investor's investment resources in the On-line mode, remote at any distance from the place where the resources are invested;

introduction of unified information standards for collateral mechanisms, accounting statements, presentation of projects and programs, enterprises, regions and states in information systems;

creation of an integrated investment infrastructure (banking, legislative, organizational) for servicing investments.

development and implementation of integral mechanisms and technologies for managing investment processes.

The basis for the integration of mechanisms and instruments of the investment market, in my opinion, will be Information Technology, which will form (together with organizational) the basis of the pyramid of management decisions. All the rest (organizational, investment, financial, legislative) acquire a subordinate character and will develop on the basis of leading information trends. The latter will be characterized by the following features:

the unification of information reflection and up-to-date support, a deep characteristic of each investment and business object, allowing anywhere in the world to receive timely reliable information about this object;

legislative provision of the reliability of information at any level, coordination of such provision with interstate multilateral agreements of all countries of the world community;

organizational support of transactions carried out in the markets of goods, finance, services and investments in the Internet environment, unification of elements of the economic law of the countries of the world that ensure the safety of such transactions;

final transfer of financial and banking business support into the environment of information and virtual technologies; The legislative framework the global investment market will also represent a harmonious, balanced multi-level system of laws and regulations, built on the basis of information technology.

The banking system of Russia should already finally decide on the paths of its development against the background of growing competition from foreign banks. According to analysts, restructuring of the banking system, mergers and acquisitions in the financial sector of the economy will take place. This process is expected to last 2-3 years, leaving only the largest and most competitive banks on the market.

According to leading analysts, the following scenario for the development of the bond market is possible over the next one and a half years. In the absence of drastic changes in market regulation, the number of issuers can be expected to increase and the volume of transactions will increase. The terms of borrowing will be lengthened, the range of industries, whose enterprises will resort to issuing bonds, will expand. By the end of next year, there will be a significant activation of the secondary market turnover.

Currently, the shares of many companies listed on the stock market are undervalued. The general rule that has been developed by the world practice of the functioning of stock markets can be summarized as follows:

1. When the market value is greater than its "true" value, the stock is clearly overvalued by the market. Sooner or later, the market will realize this and, therefore, the price will inevitably go down.

2. When the market value is less than the "true" value, the market underestimates the stock under study. Sooner or later, market prices for these securities should rise. On the one hand, the general underestimation of Russian enterprises speaks of the underdevelopment of the economy and, as a consequence, of the securities market in the country, a shortage of investments, because the market price of shares is formed, first of all, under the influence of supply and demand for shares. On the other hand, the share price should still start to rise. In these conditions, an investor aiming at medium and long-term capital investment must determine exactly those shares that will give the maximum increase in their market value in the coming years.

Legislative (and, first of all, international) acts should ensure the reliability of the provision of information about the investment market, projects and programs, investment seekers, production systems and enterprises, fulfillment of obligations to investors, and the provision of benefits and preferences to the latter for the period of resource development. The bills of the above-mentioned direction should be priority for consideration and adoption by our legislative power.

On the basis of the main legislative acts and to ensure their functioning, an international regulatory framework, a unified accounting and reporting system, an integral package of model legislative solutions should be created, allowing the states of the world to quickly harmonize their legislative framework.

The development of investment institutions may be subject to the following changes and be determined by the following main trends:

First, investment institutions should increasingly focus on creating conditions for the penetration of foreign capital, creating favorable conditions for such penetration. It is on insurance of investment risks, accounting for the difference in foreign exchange rates national currencies, long-term provision of investment resources, liquidity of collateral assets and guarantees provided. It is the organizational structures that implement the above functions that are the primary task of the near future for the subjects of the investment market.

Secondly, the development of investment tools will be carried out through information modeling of investment services and only then building up the necessary (missing) of its material elements.

The organizational infrastructure of the investment market should allow the construction of financial multipliers, create the possibility of placing relatively cheap resources backed by various instruments and guarantees, the level of profitability, and the level of investment risks. The created investment infrastructure should be understandable and familiar to the investor, capable of comprehensively servicing the investor himself, his investment institution, and investment seekers.

International cooperation is one of the real ways to attract significant investment resources to the economies of states. At the same time, international cooperation closes that niche of the investment market, which is not interesting for national and regional investment institutions - the niche of small projects.

Russian commercial banks will be significant investors in the ruble-denominated corporate bond market, while their share in this segment will decline in the optimistic scenario (with a drop in corporate bond yields) and increase otherwise.

Prospects for the development of the corporate bond market at the level of our region will depend, first of all, on the nature of the regional administration and economic policies and, as well as on the investment activity of enterprises in need of additional financing.

3.3 Generalizing conclusions of the investment activity of banks in the Russian Federation

In connection with the analysis of the causes of the financial crisis and the search for ways of further development of the banking system, some economists consider it necessary to make a transition to the American model, which makes it possible to distinguish between commercial and investment risks.

The profits of banks specializing in certain operations can be large enough to make activities in other areas unnecessary. At the same time, the last decades have been characterized by a clear trend towards the universalization of banking operations. Increased competition between credit institutions and the emergence of fundamentally new opportunities in the context of the development of a powerful financial market have led many banks to the need to look for other ways to increase the profitability of their operations.

The trend towards universalization has led to the development of services: financing of investment projects, leasing, client investment portfolio management, consulting services, etc. The development of banking services occurs both as a result of liberalization of banking legislation and as a result of various methods of bypassing existing laws by banks.

The universal character of Russian commercial banks is largely forced, due to the underdevelopment of the securities market and the network of non-banking institutions. The universal model is associated with the increased riskiness of a commercial bank, which sharply increases in crisis conditions, since the bank's investment risks are not separated from the risks of deposit and credit and settlement operations.

Investments in securities in direct connection with the main banking activity in the absence of a risk control mechanism is fraught with the threat of loss of the bank's liquidity.

Organization of investment banks of particular importance for the Russian economy, which is in dire need of long-term investments, within the framework of the emerging universal model, it is most likely that investment institutions can be created as subsidiaries of large universal banks or the formation of specialized investment banks operating on the basis of a system of state guarantees and benefits.

The Russian economy needs not only to improve the existing forms of investment activity, but also to use new schemes of relationships between the participants in the investment process.

Of fundamental importance is the pursuit by banks of a more active investment policy and participation in the implementation of highly effective investment projects. In this regard, it is very important to analyze the participation of banks of developed countries in project financing.

The development of project financing in the country is hampered by an unfavorable investment climate, insufficient resources for large-scale financing of capital-intensive projects, low qualifications of project financing participants and other factors that aggravate project risks. Under these conditions, solving the problem requires an integrated approach that takes into account the interests of various parties.

The most common tax incentives for investors in securities, which are widely used in international practice, are not used in Russia.

In the field of tax policy, the creation of favorable conditions for the intensification of investment activity in the manufacturing sector implies an increase in the effectiveness of tax incentives in the implementation of investments.

The widespread use of regulatory methods of regulation (interest and tax rates, prudential standards for liquidity, insolvency, financial condition of the reserve requirements, regulatory requirements for licensing and registration of economic activities, criteria for tenders of investment projects, etc.) will ensure the objectivity of economic decision-making , to limit the role of administrative bodies to control over the compliance of the activities of economic entities with the standards, requirements and criteria established by the legislation.

However, in my opinion, despite the tempting prospects for the growth of private lending, the main income of banks, as before, will come from loans to enterprises.

An important prerequisite for financial stability will be the start of the real work of the bank deposit insurance system. Most likely, almost all banks that play a significant role in the private deposit market will become its members, and a small number of banks with an insignificant volume of deposits will be eliminated.

The banking system of Russia must finally determine the path of its development against the background of growing competition from foreign banks. The restructuring of the banking system, mergers and acquisitions in the financial sector of the economy will take place.

The development of interregional cooperation is one of the paths to international safe and stable economic development, strengthening of statehood.

Conclusion

The problems of the participation of Russian banks in the investment process are largely related to the specifics of the formation of the banking system, which took place in isolation from the real sector of the economy. The peculiarities of the formation of the Russian banking system were the short terms of creation and the inflationary basis of the financial potential. In the period following the decline in inflation, the process of banks' development began to be determined also by the level of bank management and the capture of a market niche.

The operation of market mechanisms of competition, the policy of the Bank of Russia aimed at strengthening banks and increasing capital, led to institutional shifts in the banking system, concentration and centralization of banking capital.

Meanwhile, Russian banks are significantly inferior in terms of capital and assets to foreign ones. The resource base is characterized by extremely low equity capital of most Russian banks, high centralization of banking capital in the central regions and underdevelopment of the regional banking network, low quality of liabilities and assets. Restoring and building up the resource base of the banking sector are the most important prerequisites for enhancing the participation of banks in the investment process.

In the presence of alternative directions for investing in financial instruments, banks are not economically interested in investing in industrial investments characterized by lower profitability, long payback periods and high risks.

In the new economic situation, the ability of banks to quickly make money through financial speculation has significantly diminished.

The need to activate banks in the investment process is determined by the interdependence of the effective development of the banking system in the economy as a whole.

The parallel development of the processes of universalization and specialization of banks' activities led to the formation of investment banks of a new type, the distinctive features of which are: the global nature of their activities, the presence of significant free capital, a full range of diversified and comprehensive services, the creation of their own business for asset management, retail operations with small and medium clients through the development of powerful brokerage networks, merger with the insurance business.

An important role in ensuring the investment regime is played by monetary, tax, structural and other methods of stimulating investment.

The institutional infrastructure for investments will become more and more international and integrated. It should not be confined to the territory of the state, or a separate part of it. The more diversified the composition of such an infrastructure, the more fully it will be able to realize the possibilities of different states, investment technologies and attract resources on more convenient and favorable terms.

1. Civil Code of the Russian Federation. Moscow: Legal Literature, 2007, 544 p.

2. Federal Law of the Russian Federation of July 10, 2004 No. 86-FZ "On the Central Bank of the Russian Federation (Bank of Russia)" // ConsultantPlus SPb Issue [Electronic resource] Version 3000.01.07 © 1992-2006. Electron. Dan. SPb .: ConsultantPlus, 1992-2005.1 Electron. opt.disk (CD-ROM).

3. Konovalov V. News / V. Konovalov // Interfax TIME Journal [Electronic resource] Electron. given by M. 2007. Access mode: http://www.interfax.ru. free.

4. Nekhaev S.A. The main trends in the development of the investment market in the era of globalization / S.А. Nekhaev // Finance ru. [Electronic resource] Electron. given by M. 2004. Access mode: http://www.finansy.ru, free.

5. PRIME-TASS [Electronic resource] / Information agency. Electron. Dan. Moscow, November 18, 2007. Access mode: http://www.prime-tass.ru, free

6. News [Electronic resource] / Information and analytical agency RosBusinessConsulting. Electron. Dan. M.22.12.2006. Access mode: http://www.rbc.ru, free.

7. Based on materials from Interfax agencies [Electronic resource] / ITAR-TASS and RIA Novosti. Electron. given by M. 2005. Access mode: http://www.prime-tass.ru, free.

8. Anti-crisis management of enterprises and banks: textbook. practical allowance. Moscow: Delo, 2004, 352 p. 20. Babanov V.V.

9. Anti-crisis management of enterprises and banks: textbook. practical allowance. Moscow: Delo, 2006, 352 p. 20. Babanov V.V.

10. Banking. Management and technologies / under the editorship of A.M. Tavasieva. M .: UNITI, 2005, 280 p. 23.

11. Voznesenskaya N.N. Foreign investment. Russia and world experience / N.N. Voznensenskaya. M. Infra-M. 2004.220 p.27.

12. Banking6 textbook / E.P. Zharkovskaya. 3rd edition, rev. and add. Moscow: Omega, 2005, 440 p. 33.

13. Igonina L.L. Investments: tutorial/ L.L. Igonina; under the editorship of V.A. Slepov. M .: Economist, 2004, 478 p. 34.

14. Russian statistical yearbook. 2006. Statistical collection. - M .: Goskomstat of Russia, 2006.

15. Tagirbekova K.D. Organization of the activities of a commercial bank / K.D. Tagirbekova. M .: The whole world. 2006.848 p.48.

16.www.corp-gov.ru

18.www.bankir.ru

Konovalov V. News / V. Konovalov // Journal of Interfax TIME [Electronic resource] Electron. Dan. M. 2005. Access mode: http://www.interfax.ru. free.

S.A. Nekhaev The main trends in the development of the investment market in the era of globalization / S.А. Nekhaev // Finance ru. [Electronic resource] Electron. Dan. M. 2004. Access mode: http://www.finansy.ru, free.

PRIME-TASS [Electronic resource] / Information agency. Electron. Dan. M. 11/18/2004 Access mode: http://www.prime-tass.ru, free

News [Electronic resource] / Information and analytical agency RosBusinessConsulting. Electronic data M. 22.12.2005. Access mode: http: //www.rbc.ru, free.

Based on materials from Interfax agencies [Electronic resource] / ITAR-TASS and RIA Novosti. Electron. Dan. M. 2005. Access mode: http: // www.prime-tass.ru, free.

The period of direct forecasting of free cash flows of a nationwide investment project.

The banking system is one of the most important and integral structures of a market economy. In many respects, it is the banking sector that determines the level of economic development, influencing the rate of economic growth through investments in various sectors of the economy. Current legislation provides commercial banks economic freedom at the disposal of their funds and income, therefore, banks, along with other types of banking activities, invest in objects of entrepreneurial and other types of activity in order to obtain profit.

Investment activity - investment, or investment, and a set of practical actions for the implementation of investments. Bank investments usually mean investing in private and government securities for a relatively long period of time.

Characterizing the investment activity of commercial banks, one can single out the distinctive features of investment and lending: 1) a loan involves the use of bank funds for a relatively short period of time, subject to their return by the due date with payment loan interest; investments involve the use of funds for a long time; 2) in case of lending, the initiator of the transaction is the borrower, in case of investment operations - the initiative belongs to the bank seeking to acquire assets on the securities market; 3) in credit transactions, the bank is one of the main and few creditors, when investing in securities, the bank is one of many other investors; 4) lending involves close contact between the borrower and the lender, investment is an impersonal transaction.

The activity of banks as institutional investors involves the conduct of transactions for the purchase and sale of securities, the attraction of loans secured by the acquired securities, the operations of the investor bank exercising the rights certified by the acquired securities, participation in the management of the joint-stock company-issuer, participation in bankruptcy proceedings as the creditor or shareholder, receipt of the due share of the property in the event of the liquidation of the company.

The objects of investment activity of a commercial bank are ordinary and preferred shares, bonds, government bonds, certificates of deposit, promissory notes, etc.

Depending on the goals that the bank pursues in the implementation of investment operations, investments can be divided into two groups: direct investments are investments for the direct management of the investment object, which can be enterprises, various funds and corporations, real estate and other property; portfolio investments are carried out in the form of creating a portfolio of securities of various issuers, managed as a whole. Target portfolio investments- receiving income from the growth of the market value of securities in the portfolio and profit in the form of dividends and interest.

The main factors pushing a commercial bank to carry out investment operations are profitability (investments are the second most important source of profit for the bank after lending operations) and liquidity.

The profitability of the investment activity of a commercial bank is determined by the stability of the state economy and its legislative system, the level of development of the credit and financial system, the development of the securities market, the availability of high-quality securities on the market, and the maturity of securities.

The investment activity of banks is carried out at the expense of their own resources, as well as borrowed and attracted funds.

The basic principles of effective investment activity of banks include: availability of professional personnel (since the investment activity of banks largely depends on the effectiveness of investment decisions); diversification of investments (it is advisable to limit investments by types of securities, sectors of the economy, regions, maturity, etc.); liquidity of investment investments (investments must be highly liquid so that they can be quickly transferred into instruments that, due to changes in market conditions, become more profitable, and also so that the bank can quickly get back the funds invested by it).

When making investments, the bank must find the best option between striving for profit and ensuring the liquidity of a commercial bank. When a commercial bank invests funds in securities, investment risk arises, which determines the conflict between the profitability and liquidity of securities and is a combination of credit, market and interest rate types of risk.

The most difficult moment when choosing a tool for investment activities is to determine their profitability. Two factors, inflation and taxes, have a significant impact on bond and equity yields. To obtain real income on a security, it is necessary that its full return is higher than the current inflation rate. In addition, the real profitability of a security should be calculated after deducting the amounts of taxes paid from the income they bring. Therefore, in order to achieve the optimal combination of security and profitability, banks form an investment portfolio and constantly monitor its effectiveness. Investment portfolio - a set of securities purchased to generate income and ensure the liquidity of investments. Portfolio management is all about maintaining a balance between liquidity and profitability. The amount of securities owned by the bank is directly related to the bank's ability to actively manage investment securities and depends on the size of the bank.

To manage their investment portfolio, banks use two types of strategies: active and passive. Active strategies are based on forecasting the situation in various sectors of the financial market and the active use of forecasts by banking specialists for adjusting the securities portfolio. Passive strategies are index-based, i.e. Securities for the portfolio are selected on the basis that the return on investment must correspond to a certain index and have an even distribution of investments between issues of different maturities. At the same time, long-term securities provide the bank with a higher income, and short-term securities provide liquidity. A real portfolio strategy combines elements of both active and passive management.

It should be noted that there is a significant increase in the share of banks' investment operations in securities, the most important reasons for which are the relatively high level of income on them, lower risk and high liquidity compared to lending operations.

Thus, we can conclude that commercial banks, carrying out investment activities, contribute to maintaining economic stability, improving the banking system, and developing the state's economy.

Literature: Evaluation of the effectiveness of investment projects / Vilensky PL, Livshits VK, Orlova ER, Smolyan SL .. Under total. ed. Vilensky P.L. - M., 2007. Galanov V.A. Securities market: Textbook. - M .: INFRA-M. - 2007 Askinadzi V.M. Securities market / Moscow International Institute of Econometrics, Informatics, Finance and Law. - M., 2003. Heydarov M.M. Investment financing and lending. - A., 2003. Poputarovskiy O. Investment funds: structure, types and order of creation // Securities market of Kazakhstan. - 2009. - No. 3. - S.44-50.

In this article, we will look at what investment banking is, its main objectives, as well as the types and forms of investment.

Banks' investment activities are carried out in order to generate profits, maintain a sufficient level of liquidity, as well as to diversify assets. It implies purposeful work on education and capital growth.

At the same time, banks provide significant support to the development of relevant projects and innovative technologies around the world. That is why the role of banks in the development of investment activities is important. Bank investments bring benefits to all participants, banks - in the form of additional profit, and enterprises - in the form of a source of growth.

Types of investments

Bank investments are investments for a certain, usually long, period in various instruments:

Government securities.
Statutory funds of organizations.
Securities of corporate issuers.
Advanced developments.
Precious metals (see).
Subjects of intellectual activity.
Other objects of investment that generate income.

In the narrow sense, banking investments consist in investing resources, both their own and attracted, in securities.

In addition to investing in the development of other enterprises, financing innovation objects, creating a portfolio of securities, banks invest in improving their own business, including opening branches, developing advanced technologies, new products and services.

Income

The main thing in the process of managing the investment activities of banks is to extract the maximum income, which includes:

the difference between the cost of selling and buying;
dividends or other payments;
the amount of commissions for the implementation of investment services.

Sources of

An increase or decrease in the investment activity of banks depends on the availability of the necessary financial resources.

Sources of investment can be:

profit;
involved funds;
loans;
other monetary resources, for example, received from the budget.

Investment forms

The main forms of investment are real and financial:

In the first case, there is a buyout of working production assets.
In the second case, funds are invested in shares, authorized capital enterprises.

Despite the fact that the statistics of banks' investment activities are usually not disclosed to a wide audience, it is known that financial investments are most often based on transactions in the purchase and sale of securities. To create an effective portfolio, it is necessary to identify resources, carry out preparatory work to find optimal investment objects, develop a strategy and development program.

Aims and objectives of banks in the field of investment

Investment banking is aimed at solving a number of problems:

Portfolio diversification. Balancing credit risk.
Ensuring the stability of the financial position by obtaining new sources of income from securities.
Maintaining bank liquidity... Securities can be not only resold profitably, but also pledged to attract real money.
Improving asset quality through investments in highly liquid securities.
Providing protection from external factors, including unfavorable changes in the geopolitical position, changes in legislation.

Investment banking policy

The investment policy of a bank means a set of actions to develop and implement the most effective investment management strategy.

The planning of investment activities by banks is carried out to obtain the following results:

balanced investment in direct and portfolio investments;
compliance with an acceptable level of risks;
maintaining liquidity indicators;
increasing profits.

IMPORTANT! When working on an investment policy, it is necessary to identify the range of securities that are optimal for investing capital and creating a balanced portfolio in terms of maturity.

Planning activities in the field of investments is based on an analysis of possible ways of distributing finance and determining the most appropriate options that allow you to get the highest profitability. For high-quality investment planning, a comprehensive assessment of the bank's investment activities and the availability of reliable information are required.

In the process of developing strategic and tactical decisions, it is necessary to take into account:

existing block of shares and other securities;
calculations of return on investment;
objective data from reliable sources;
analysis of the resources expended and the final results from investment objects;
the impact on the financial condition of the bank of certain investment projects;
economic development trends;
developed plan of financial activities of the bank.

The main criteria for planning investments are profit and risk level, as well as asset diversification and liquidity regulation. There are different methods of portfolio management, one of which is a stepwise approach to redeeming securities. This method makes it possible to reinvest funds (see) received from investments in securities or their sale.

Bank investment services

Banks implement not only their own investment policy, but also act as intermediaries: agents or commission agents. They help clients to generate additional profit without diverting their own funds.

The main investment banking services include:

Dealer and brokerage services.
Emission mediation.
Trust operations.
Investment credit services.

Assistance to clients is carried out in the form of consulting, finding sources of funding, assessing the project, identifying attractive instruments. The price for the provided service depends on its type and the policy of a particular bank.

Investors are provided with detailed instructions with clarifying photos, and appropriate training is provided for self-managing assets. For a detailed introduction, watch the video in this article.

As already mentioned, statistics on the investment activities of banks are not published, therefore, as an acquaintance with the activities of the bank, you can use the data rating agencies and specialized companies that provide general financial information.

Banks, being financial intermediaries, are the most important component of the economy of each country. Traditional commercial banks, accumulating temporarily surplus funds by attracting deposits from legal and individuals, as well as other financial institutions, provide them for temporary use to corporations and individuals in the form of loans in order to ensure the continuity of production or the ability to meet the needs of individuals.

The interaction of credit institutions with their clients is carried out on an ongoing basis in various forms. So, for example, there comes a stage in the development of an enterprise when it needs a transition to a new quality level, attracting a significant amount of financial resources in the capital market for the purpose of possible and planned business expansion, modernization of production, creation of new directions of production and a new product, entering new markets. In such situations, a financial intermediary is needed who is able to take on the responsibility for ensuring the entry of this enterprise into the capital market, a professional consultant and organizer of transactions. An investment bank belongs to this kind of financial intermediary.

There are two types of investment banks

Investment banks of the first type:

In modern credit system in a number of Western countries, investment banks have been greatly developed. The division of labor and specialization in the credit sphere led to the separation of investment banks in most Western countries (primarily in the USA, Japan, England and France). The main task of investment banks is to mobilize long-term loan capital and provide it to borrowers by issuing and placing shares, bonds and other types of debt obligations. Each large firm, corporation, as a rule, has its "own" investment bank, the services of which it constantly uses. There are currently two types of investment banks. Banks of the first type are exclusively engaged in trade and placement of securities, banks of the second type - long-term lending. The latter type of bank is typical mainly for the continental countries of Western Europe and developing countries.

The first banks were formed as limited liability partnerships in the first quarter of the 19th century. In the XX century. private bankers, small and medium-sized banking houses are gradually giving up the sphere of issue and placement of securities to large banking houses and investment banks, which already operate on the basis of equity capital. They were especially developed in the 1920s. During the Great Depression of 1929-1933. many of them went bankrupt, and in reality their importance increased in the 50s and 60s. Thus, the assets of investment banks in the United States fell from $ 10 billion in 1929 to $ 2.7 billion in 1949.However, in 1960, they reached $ 6.6 billion. The division of American banks into commercial and investment banks goes back to to the Banking Law of 1933 (the Glass-Steagall Act). In connection with the huge losses of the period of the world economic crisis then universal banks were presented with an alternative: to carry out either operations with securities, or traditional operations of commercial banks. Thus, all banks were divided into two "camps": commercial banks and investment banks and brokerage houses closely related to them. Investment banks of the first type currently, as a rule, conduct transactions with securities of the corporate sector of the economy. By placing shares and bonds, they serve as intermediaries for the receipt of funds by enterprises of industry, transport and trade.

These banks also perform a number of other functions related to raising capital, servicing the securities market:

* are engaged in the secondary distribution of shares and bonds;
* act as intermediaries in the placement of international securities (Eurobonds and Euros) in the Eurocurrency market;
* advise corporations on investment strategy, accounting and reporting.

Investment banks of the first type in this period of time are powerful financial institutions, since, acting as founders of newly created companies, they place additional issues of shares and bonds of already existing companies and corporations. At present, without the participation of these banks, it is practically impossible to sell securities. Without their intermediation, many companies would not be able to obtain long-term cash. In the modern practice of a number of countries (USA, Canada, England, Australia), companies cannot form and operate if these banks do not undertake to place their securities. The process of the formation of new corporations, like the liquidation of old ones, is the fertile ground on which investment banks operate. EF Zhukova Second edition, revised and supplemented Editing by the Ministry of Education of the Russian Federation as a textbook / CHAPTER 10 Investment banks. Banking houses and their operations 10.1. Investment banks of the first type / http://do.gendocs.ru/docs/index-48888.html?page=26

Investment banks of the second type:

Organization, functions and nature of activities. Banks of this type differ significantly from banks of the first type in their organizational structure, functions and operations.

Investment banks of the second type can be based on a shareholding basis, a mixed form of ownership with the participation of the state and a purely state one. The main function of such banks is medium and long-term lending to various sectors of the economy, as well as special targeted projects related to the introduction of advanced technologies and the achievements of the scientific and technological revolution.

Investment banks played a large role in the economic recovery of Western Europe in the first post-war years, as well as in the creation of industries and infrastructure of a number developing countries... In this regard, it is worth highlighting such states as France, Italy, Spain, Portugal, Scandinavian countries, where mixed or state investment banks have provided a high level of long-term lending to industry and the creation of new industries in it. Typically, these banks were closely associated with state or mixed property, providing it with the receipt of long-term cash funds to finance capital investments. Investment banks of a mixed or state type actively participated in the implementation of government programs for socio-economic development and plans to stabilize the economy. Currently, they also carry out various operations in the loan capital market: they accumulate savings of legal entities and individuals, carry out medium and long-term lending, invest in private and government securities, and develop various financial services.

In the credit system of countries where such banks exist, they occupy a prominent place after commercial banks. The peculiarity of the activities of investment banks of the second type is that, bearing the burden associated with the most risky operations in medium and long-term lending, they themselves have to resort to loans from commercial banks and other credit and financial institutions.

Investment banks in developing countries originated mainly in the 60s after these countries gained political independence. Commercial and investment banks of industrialized countries took an active part in organizing these banks. Investment banks in developing countries are engaged in long-term lending and securities transactions. In addition, in a number of countries, investment banks have recently been operating, combining functions and operations. investment bank of the first and second types.

In order to correctly represent the activities of investment banks of the second type, it is necessary to analyze the nature of their activities in a number of countries.

In the USA, Canada, England, investment banks of the second type do not exist; they are replaced by other credit and financial institutions that provide medium and long-term lending. In Germany, the functions of such a bank are performed mainly by large commercial banks. There are currently three banks in Japan long-term loan: Industrial Bank of Japan, Long-term Credit Bank of Japan and Nippon Creditbank. They were established by a special law of 1952.The first two banks focused on largest enterprises... Nippon Creditbank combines the functions of a mortgage and investment bank and specializes in lending to small and medium-sized companies. 10.2. Investment banks of the second type / http://do.gendocs.ru/docs/index-48888.html?page=26

Note that the specialist literature contains various definitions of an investment bank. So, for example, investment banks should include financial institutions that specialize in operations with long-term capital investments, mainly in the formation of new fixed assets. The investment bank specializes in organizing the issue, guaranteeing and trading securities.

In the last definition, as in a number of others, special emphasis is placed on the instruments of investment banks' work - securities.

From the above, we can formulate a conclusion about the main features of an investment bank. So, an investment bank:

· Specializes in organizing financing (the choice of forms of raising funds, markets, structure and methods of financing);
· The objectives of financing, which is provided by an investment bank, are associated with a qualitative change in the clients' business (business expansion, creation of new industries and goods, entry into new markets).

Thus, an investment bank can be defined as a financial institution that concentrates its own activities on the capital market and that specializes in advising and arranging financing for clients, as a result of which their business undergoes qualitative changes.

The effective development of investment activities is necessary condition stable functioning of the economy. The need for banks to participate in the investment process stems from the interdependence of the successful development of the banking system and the economy as a whole. Banking investment services, being part of investment banking, involves a complex of complementary services and banking products intended for the subjects of the investment market and bringing the bank financial and non-financial effects.

Investment banking can be defined as a set of transactions provided to the subjects of the investment market in accordance with their specific objectives, on a paid basis. Let's present a diagram of this kind of service.

Fig. 1.

Providing investment services, a credit institution performs certain functions. Like that:

1. accumulation of savings;
2. transformation of savings into investments;
3. information mediation;
4. organization of investment relations;
5. protection of the subjects of the investment market.

The investment activities of credit institutions are characterized by sufficient diversity and constant development, offering the market new tools and opportunities. There are three main areas of investment banking services:

· Activities of the bank in the securities market;
· Corporate financing;
· Project financing.

The bank's activities in the securities market can be carried out both at the credit institution's own account and on behalf of clients. On their own behalf and at their own expense, credit institutions are able to acquire both equity securities (shares) and debt securities (bonds), forming and managing their own portfolio of securities. With such securities, it is possible to carry out such transactions as REPO. Article 51.3 Repo agreement dated November 25, 2009 N281-FZ, SWAP Ordinance of the Bank of Russia dated February 16, 2015 N 3565-U "On types of derivative financial instruments" (Registered with the Ministry of Justice of Russia on March 27, 2015 N 36575) 5. A swap agreement is recognized as: http: //www.consultant.ru/search/? Q = +% D0% A1% D0% 92% D0% 9E% D0% 9F + © ConsultantPlus, 1992-2016, they can act as collateral when attracting credits.

On behalf of clients credit operations purchase securities at the expense of a client, develop an investment strategy for clients, form and manage a portfolio of securities. The most important area of work of investment banks is to create conditions for the possible implementation of collective portfolio investments through the establishment and management of mutual funds. A specific form of collective investment is the so-called OFBU (general funds of bank management) created by banks.

An important area of work for investment banks in recent decades has been the design of structured products and financial derivatives based on various types of assets. The purpose of creating such instruments was to hedge various risks, however, as the market developed, they turned into speculative instruments, the volume of which broke away from the volume of underlying assets, significantly exceeding it. An example of such a financial derivative is a credit default swap (CDS).

It is also necessary to highlight the work of banks to organize the securitization of assets. Securitization has become widespread in recent years as a way of distributing risks, a method of removing a number of assets from the balance sheet. The services of investment banks for the securitization of assets are resorted to by commercial banks and various manufacturing companies that have homogeneous assets on their balance sheets that can generate constant income.

Such a second direction of investment banking as corporate financing is actively developing in our country. The need to expand the business through acquisitions of competing enterprises, the creation of vertical holding structures, and the attraction of investors in the company's fixed assets, including strategic ones, lead to an increase in demand for the services of corporate finance departments of banks.

The corporate finance department usually offers its clients the following services:

· Consulting in the field of mergers, acquisitions and acquisitions;
· Financing of such transactions;
· Organization of private placement of shares of the enterprise;
Attracting a strategic investor, etc.

This area of investment activities of banks is mainly associated with advising clients and organizing financing. Thus, when providing corporate finance services, banks receive income in the form of commissions.

Project financing was widely developed in the 70s. last century and stood out as a separate area of investment banking. Project finance can be viewed as a way of long-term debt financing of large projects through financial engineering based on a loan under cash flow created directly by the project itself. (Project financing can only be viewed as a single complex that combines various forms of debt and equity financing and includes all aspects of project development and implementation).

At the present stage of economic development, the investment needs of clients are so diverse that they already require banks to create investment products as a more complex form of combining investment and other banking services (see Fig. 2)

Fig. 2.

As noted above, in the current Russian banking legislation there is no definition of investment banking and investment banking.

Investment activities of banks mediate both credit relations and property relations. As a result of investment banking, both the client's own funds and borrowed funds can be significantly increased. In the first case, this occurs as a result of the initial or subsequent public offering of shares on the organized market (IPO, SPO), private placement of the company's shares, including as a result of attracting a strategic investor. In the second, by issuing debt financial instruments (bonds). In this case, the emerging credit relations are of a specific nature and in some cases can be transformed into ownership relations when using hybrid financial instruments.

Currently, project financing is used to provide the necessary funds for projects for the creation and reconstruction of production facilities, the creation of new enterprises and the production of new types of products. In case of project financing, the bank can act as a financial advisor, loan manager, lender. Role financial advisor and the loan manager, as a rule, is performed by an investment bank, which receives remuneration in the form of a commission, the lender is a commercial bank, which receives mainly interest income, as well as a commission.

In the case of the provision of investment services, private clients are classified depending on the amount of funds that can be invested through the bank:

· Clients with a high level of income (investment amount from 1 million US dollars);
· Clients with a fairly high level of income (investment amount from 300 thousand US dollars);
· Mass clients.

This classification is rather arbitrary due to the fact that in various banks and investment companies the classification of private clients is applied based on the strategy adopted by the bank or company. However, the approach to classification is associated, as usual, with the size of the client's income and the amount that he has either invested or is willing to invest through the bank.

The first category of clients, and in some cases the second, are served by private banking divisions. Serving these clients, the bank acts as a broker, carrying out operations to acquire financial assets on behalf of and at the expense of the client, and carries out trust management of the client's financial assets. For this customer group, so-called structured products are created. An example of such a structured product is notes - structured products that are a collection of various financial assets and instruments combined in a certain way in order to achieve the required ratio of risk and reward. Investment income depends on a certain market indicator. For example, the market price of gold, oil, real estate prices, exchange rates, stock index.

One of the most popular stock market instruments for private investors are mutual funds. Mutual funds combine funds of many people to invest in various securities and are classified into stock, bond, mixed, industry, index and money market funds.

Another form of collective investment for the mass client segment is the general funds of bank management (OFBU). OFBU is a form of collective asset investment, in which the bank combines funds of private investors and companies for professional management of them in order to generate income in the stock and derivatives markets. OFBUs are similar to mutual investment funds, only the bank acts as a management company in this case. The possibility of participating in a collective investment provides an individual with a number of advantages. A small or intermediate investor who does not have special knowledge and skills (has a larger amount of funds than a small one, but not enough to become a client of a private bank), an investor can use the services of a professional participant in the securities market. investment bank capital russia

Nothing stands still, including dynamic investment banking. Today banks offer their clients an innovative type of investment product - a foreign exchange option with a deposit coverage - which carries higher risks than standard money market instruments or other fixed income instruments. But in exchange for the increased risk, it can offer higher returns as well.

Foreign banks registered in Russia, as well as those with foreign partners, provide an opportunity to invest in international financial markets. At the same time, clients do not need to travel abroad and understand all the intricacies of the local market. Thus, new horizons and more profitable opportunities open up for clients:

· Invest in foreign securities even with a small amount of initial investment;
· Invest part of savings in developed and emerging markets (Europe, USA, BRIC, Asia-Pacific region);
· Choose the currency of the mutual fund.

Despite the fairly affordable and wide range of investment opportunities, only a small part of the population transforms their savings into investments. Thus, the problem of the functioning of the investment banking market requires the development of guidelines for the accumulation of free cash resources of private and corporate clients and their direction in the form of investments in the real sector of the economy, which will create conditions for the effective development of entities. real economy, which, in the same way, will provide in the future a high demand for investment services. In turn, this will have a positive effect on the development of the securities market, increasing its quality and volumes. An important factor here will also be the development of competition in financial and, in particular, in banking... Ensuring fair competition will positively affect both the structure of investment services and the quality of their provision, the emergence of new investment products that meet the needs of the economy.

Investment activity of banks. The main areas of activity of investment banks Investment activities of a bank formula

Send your good work in the knowledge base is simple. Use the form below

Similar documents

Introduction

1. Theoretical foundations of the functioning of the investment activities of banks

1.1 Definitions and forms of investment activities of commercial banks

1.2 Objectives and process of investment activities of commercial banks

1.3 Income and risks of investment activities of banks

2. Analytics of investments of commercial banks in the real sector of the Russian economy

2.2 Problems of banking investment development

2.3 Analysis of the investment climate in the Russian Federation

3. Prospects and methods of stimulating bank investment

3.1 Methods to stimulate investment

3.2 Prospects for investment activities of commercial banks

3.3 Generalizing conclusions of the investment activity of banks in the Russian Federation

Conclusion

Types of investments

Income

Sources of

Investment forms

Aims and objectives of banks in the field of investment

Investment banking policy

Bank investment services