Before the financial crisis, as was shown in the article "The Political Economy of Marx, Russian banks have withdrawn from the country's economy the lion's share of the profits, but now most of the money appropriated by the state to overcome the crisis.
The President, the State Duma and the Government had refused to nationalize the banking sector, and move to direct financing of industrial enterprises are faced with an outflow of capital and under-financing industry. It turned out that the banks have, and credit and financial system is not.
Central Bank chairman Sergei Ignatiev, not wanting to take over all responsibility, said that part of the allocated state funds to support the financial sector, commercial banks foreign currency translation and placed in foreign banks. Capital outflow from Russia in October totaled $ 50 billion
The situation with the lending industries and Sergei Ivanov said.
"A number of enterprises of the defense," experiencing an acute shortage of working capital to ensure the finished product, transfer it to the customer.
The banking sector tends not only to maintain its stability, which is understandable, but also a significant benefit at the expense of industry. This is completely incomprehensible and in no gate not climbing. Many banks are aggressively trying to change the basic conditions already signed loan agreements to raise rates to 9-12% to 15-18%, "-" Ivanov said.
The situation is so critical that Prime Minister Vladimir Putin gathered the bankers and threatened them with inspections by law enforcement agencies, if the money continue to flee the country.
Do not stay aside and the President of the country.
"Banks should not profit from the loans, said the Russian president and instructed the Central Bank to monitor the fairness margins of banks."
At a meeting with the leadership of the Chamber of Commerce (CCI) Dmitry Medvedev echoed the words of Prime Minister Vladimir Putin about the fact that now, with the liquidity crisis, banks should conduct themselves primarily as "gosagenty" and aim to satisfy the most money smaller financial institutions and the real sector of the economy. And forget for a time the main goal of any business - profit.
Rejecting that banks acted as government bodies in shape, Dmitry Medvedev, suggested that private banks to become so in essence, pressing on morality and responsibility. And to the need to follow the moral law, ie "Fair" margin, no doubt, the President proposed to allocate special tsentrobankovskih "commissioners."
According to Medvedev, "fair" interest rate should be determined by the formula "inflation plus a margin (ie, the percentage of the official consumer price index plus a certain percentage of" fair "profit). A "see to it that this margin of banking, the bank's remuneration for the relevant banking operation, was reasonable - a case control organizations, recalled, Dmitry Medvedev.
Otherwise, President Medvedev has threatened to shorten the chain of passing the money through a credit system.
Law enforcement and supervisory authorities of the Russian Federation did not take long to wait, and agreed on joint action to tighten control over spending of budget funds allocated to overcome the effects of the global financial crisis.
Meeting of the interdepartmental working group on combating violations in the sphere of economy with the participation of representatives of the Ministry of Internal Affairs, FSB, the Federal Tax Service, Federal Financial Monitoring Service, the Central Bank and the Federal Service for Financial Markets took place Tuesday at the General Prosecutor's Office. The meeting participants adopted an action program to secure budget funds allocated for the strengthening of financial and other sectors of the economy.
As we see, instead of simple, effective and understandable to the people of measures to nationalize banking, has been said a lot of terrible words and exhortations, but because everything is still as in the fable, where the cat Vaska listens yes eat.
What is morality and conscience, when left alone appetite?
Next passion began to take some heat.
The Central Bank refused to roll back, but for the movement of capital abroad with the bankers are now asked
The White House yesterday, Prime Minister Vladimir Putin held a meeting at which released the scandalous details of how the largest Russian banks dispose of public funds allocated to support the credit system ...
- The situation requires us to non-standard measures - the prime minister said .- These measures are temporary in nature, and it is important to avoid possible risks, including those relating to the misuse of public resources.
Vladimir Putin described the risks associated with misuse gosresursov, possible. But he still did not finish. However, just as it was possible to assume that the bankers themselves, sitting at the table, nothing to fear - they would probably just not invited. And called to another place, and they would have sat at another table.
Mr Putin has begun to talk about what we need to eliminate "corporate self-interest, corruption, abuse" - again without naming names (apparently, in this case is easier to name those who will not Seen).
- Legal movement of capital, including overseas - continued to prime - is quite civilized financial transactions, and we can not talk about banning them from the state. However, additional public resources are allocated to support the real economy and are not intended for speculation! Of state funds allocated to support the national credit system!
- Analysis of the recently revealed a tendency to reduce the total volume of transactions involving the transfer of funds to foreign banks. It's - the overall trend.
- But at the same time, the banks of the recipient state means the volume of such transactions has increased! - Graduated from Vladimir Putin, and it was the scandal.
The recipients are primarily VEB Development Bank, Sberbank and VTB. The managers of these banks (except German Gref) were here now, but the claim of Mr. Putin, as became clear after the meeting, referred not only to them but also to several dozen smaller banks.
After the meeting, the question of how and whom the head of the Central Bank is going to primarily monitor, Mr. Ignatieff said: "If I see that the bank's foreign assets increases, I'll ask why. Directives do not want any to give. Treat banks' balance sheets - yes, we will. It is our work. There's a lot of interesting things can be found ... But I want to say this: we are not talking about the introduction of exchange controls. This is not talking. It would be a retreat from all that we have done in recent years. I, at any case, the opponent of that. "
Putin added: - It is necessary to firmly suppress not only the illegal financial flows, but generally monitor the situation closely with the movement of capital.
At this open part of the meeting was over.
Source: Kommersant »№ 204 (4021) from 11.11.2008
And the money in the banks are pumped and pumped.
30 largest Russian banks received from the Central Bank of 2.8 trillion rubles per year
Thirty of the largest credit organizations in Russia, including Sberbank, Gazprombank and Alfa Bank, in 2008, attracted by the Central Bank more than 2.863 trillion rubles, according to materials of Bank of Russia. A year earlier the figure was 29 billion rubles. Thus, for the twelve months banks have increased the amount of funds the Central Bank in more than 98 times.
According to the Central Bank, total deposits of individuals in the top 30 domestic banks increased during the year by 18 percent - up to 4.578 trillion rubles.
Provisions for losses in these banks almost doubled - to 708 billion rubles.
Profits of leading Russian financial institutions last year declined by nine percent and amounted to 316.862 billion rubles. The share of thirty largest banks was 77 percent.
Previously reported that in 2008 six of the twelve leading Russian banks have reported on the loss from operations, which amounted to 66.5 billion rubles. At the same time in December last year a third of financial institutions of the country remained unprofitable.
Bankers report of loss, but about how cool, do not forget. 17.02.2009 - War is war, and dinner on the schedule?
Rescued by the authorities, Russian banks have increased remuneration of top managers
Remuneration of top managers of Russian banks that have received government assistance, in 2008, have increased significantly, the newspaper Kommersant. One reason for this was laid-off payment of compensation board members.
According to the newspaper, the amount of remuneration of members of the board of directors of bank "Russian Capital", purchased by the National Reserve Bank, has increased from 4,6 million rubles in 2007 to 8.04 million rubles in 2008. In this case, board members received 26 million rubles, while the year before they were paid only 9.5 million rubles.
According to reports Yarsotsbanka, sanitized PSB, the total reward of five board members increased from 17.2 million rubles to 26.5 million rubles. As noted by Kommersant, after buying Yarsotsbanka some board members were dismissed and the law won two or three salaries. In addition, the remuneration of five board members was increased from 13.1 million rubles to 40.8 million rubles.
Some banks have been marked by a slight increase in the size of awards. Thus, top managers of the bank Globex received 66.9 million rubles, which is only 3 million more than in 2007. The bank Tarkhany, which manages the Deposit Insurance Agency (DIA), board members received 21.4 million rubles, or 3.6 million more than in 2007.
DIA received the right to save the Russian financial institutions from bankruptcy in fall 2008. For this he was granted a fund of 200 billion rubles, which the agency can spend on debt recapitalization of banks experiencing financial difficulties. In addition, it is expected that in 2009 the Russian government will allocate private banks about 278 billion rubles, provided that their shareholders will add as much again.
Source: http://avtoritetniy.livejournal.com/240399.html
Meanwhile the leading world powers and financial gurus are calling for nationalization of banks.
Greenspan urged the U.S. government to nationalize banks
11.02.2009
The U.S. government should temporarily nationalize some banks as long as is not reformed the entire financial sector. About this in an interview with The Financial Times said the former chairman of the Board of Governors of the Federal Reserve System (Fed) Alan Greenspan, known in the U.S. as the main enemy of the state control over the financial sector.
Greenspan's assessment, the nationalization of one of the most suitable options available to the government. The authorities will be able to translate the problem and trudnootsenimye assets in a "bad bank", without worrying about their assessment.
At the same time Greenspan was convinced that even in the event of nationalization the government would still have to provide guarantees of "senior" debt obligations of financial institutions that pay should be made in the first place. This is necessary because lenders nationalization of banks, usually associated with other organizations, which under the nationalization can not fall.
The German Government has authorized the temporary nationalization of banks
The German Government has approved a bill allowing to carry out temporary nationalization of financial institutions, on the brink of bankruptcy. On it informs BBC News. Now the document will review the German parliament.
According to the newspaper The Wall Street Journal, in the case of the bill, the government will be able to nationalize the second largest mortgage agency in Germany, Hypo Real Estate. Forced transfer agency under state control may be necessary if the authorities fail to agree with its shareholders to acquire a controlling stake.
According to government plans, the government intends to obtain 75 percent plus one share stake in Hypo Real Estate, in order to get full control over the organization and begin its restructuring. Now the authorities are negotiating with the company JC Flowers, which owns 23.7 percent stake in Hypo Real Estate.
At the end of January 2009 the German government gave Hypo Real Estate state guarantees for its debt securities for up to 12 June 2009. Volume of guarantees amounted to 12 billion euros. Since autumn 2008 the agency received from the government 102 billion euros in loans and guarantees.
Hypo Real Estate became the first major German financial institution, on the brink of bankruptcy after the start of the global crisis. Much of the agency invested in U.S. mortgage bonds. The exact amount of damages Hypo Real Estate is not known.
Source: Lenta.ru
The President, the State Duma and the Government had refused to nationalize the banking sector, and move to direct financing of industrial enterprises are faced with an outflow of capital and under-financing industry. It turned out that the banks have, and credit and financial system is not.
Central Bank chairman Sergei Ignatiev, not wanting to take over all responsibility, said that part of the allocated state funds to support the financial sector, commercial banks foreign currency translation and placed in foreign banks. Capital outflow from Russia in October totaled $ 50 billion
The situation with the lending industries and Sergei Ivanov said.
"A number of enterprises of the defense," experiencing an acute shortage of working capital to ensure the finished product, transfer it to the customer.
The banking sector tends not only to maintain its stability, which is understandable, but also a significant benefit at the expense of industry. This is completely incomprehensible and in no gate not climbing. Many banks are aggressively trying to change the basic conditions already signed loan agreements to raise rates to 9-12% to 15-18%, "-" Ivanov said.
The situation is so critical that Prime Minister Vladimir Putin gathered the bankers and threatened them with inspections by law enforcement agencies, if the money continue to flee the country.
Do not stay aside and the President of the country.
"Banks should not profit from the loans, said the Russian president and instructed the Central Bank to monitor the fairness margins of banks."
At a meeting with the leadership of the Chamber of Commerce (CCI) Dmitry Medvedev echoed the words of Prime Minister Vladimir Putin about the fact that now, with the liquidity crisis, banks should conduct themselves primarily as "gosagenty" and aim to satisfy the most money smaller financial institutions and the real sector of the economy. And forget for a time the main goal of any business - profit.
Rejecting that banks acted as government bodies in shape, Dmitry Medvedev, suggested that private banks to become so in essence, pressing on morality and responsibility. And to the need to follow the moral law, ie "Fair" margin, no doubt, the President proposed to allocate special tsentrobankovskih "commissioners."
According to Medvedev, "fair" interest rate should be determined by the formula "inflation plus a margin (ie, the percentage of the official consumer price index plus a certain percentage of" fair "profit). A "see to it that this margin of banking, the bank's remuneration for the relevant banking operation, was reasonable - a case control organizations, recalled, Dmitry Medvedev.
Otherwise, President Medvedev has threatened to shorten the chain of passing the money through a credit system.
Law enforcement and supervisory authorities of the Russian Federation did not take long to wait, and agreed on joint action to tighten control over spending of budget funds allocated to overcome the effects of the global financial crisis.
Meeting of the interdepartmental working group on combating violations in the sphere of economy with the participation of representatives of the Ministry of Internal Affairs, FSB, the Federal Tax Service, Federal Financial Monitoring Service, the Central Bank and the Federal Service for Financial Markets took place Tuesday at the General Prosecutor's Office. The meeting participants adopted an action program to secure budget funds allocated for the strengthening of financial and other sectors of the economy.
As we see, instead of simple, effective and understandable to the people of measures to nationalize banking, has been said a lot of terrible words and exhortations, but because everything is still as in the fable, where the cat Vaska listens yes eat.
What is morality and conscience, when left alone appetite?
Next passion began to take some heat.
The Central Bank refused to roll back, but for the movement of capital abroad with the bankers are now asked
The White House yesterday, Prime Minister Vladimir Putin held a meeting at which released the scandalous details of how the largest Russian banks dispose of public funds allocated to support the credit system ...
- The situation requires us to non-standard measures - the prime minister said .- These measures are temporary in nature, and it is important to avoid possible risks, including those relating to the misuse of public resources.
Vladimir Putin described the risks associated with misuse gosresursov, possible. But he still did not finish. However, just as it was possible to assume that the bankers themselves, sitting at the table, nothing to fear - they would probably just not invited. And called to another place, and they would have sat at another table.
Mr Putin has begun to talk about what we need to eliminate "corporate self-interest, corruption, abuse" - again without naming names (apparently, in this case is easier to name those who will not Seen).
- Legal movement of capital, including overseas - continued to prime - is quite civilized financial transactions, and we can not talk about banning them from the state. However, additional public resources are allocated to support the real economy and are not intended for speculation! Of state funds allocated to support the national credit system!
- Analysis of the recently revealed a tendency to reduce the total volume of transactions involving the transfer of funds to foreign banks. It's - the overall trend.
- But at the same time, the banks of the recipient state means the volume of such transactions has increased! - Graduated from Vladimir Putin, and it was the scandal.
The recipients are primarily VEB Development Bank, Sberbank and VTB. The managers of these banks (except German Gref) were here now, but the claim of Mr. Putin, as became clear after the meeting, referred not only to them but also to several dozen smaller banks.
After the meeting, the question of how and whom the head of the Central Bank is going to primarily monitor, Mr. Ignatieff said: "If I see that the bank's foreign assets increases, I'll ask why. Directives do not want any to give. Treat banks' balance sheets - yes, we will. It is our work. There's a lot of interesting things can be found ... But I want to say this: we are not talking about the introduction of exchange controls. This is not talking. It would be a retreat from all that we have done in recent years. I, at any case, the opponent of that. "
Putin added: - It is necessary to firmly suppress not only the illegal financial flows, but generally monitor the situation closely with the movement of capital.
At this open part of the meeting was over.
Source: Kommersant »№ 204 (4021) from 11.11.2008
And the money in the banks are pumped and pumped.
30 largest Russian banks received from the Central Bank of 2.8 trillion rubles per year
Thirty of the largest credit organizations in Russia, including Sberbank, Gazprombank and Alfa Bank, in 2008, attracted by the Central Bank more than 2.863 trillion rubles, according to materials of Bank of Russia. A year earlier the figure was 29 billion rubles. Thus, for the twelve months banks have increased the amount of funds the Central Bank in more than 98 times.
According to the Central Bank, total deposits of individuals in the top 30 domestic banks increased during the year by 18 percent - up to 4.578 trillion rubles.
Provisions for losses in these banks almost doubled - to 708 billion rubles.
Profits of leading Russian financial institutions last year declined by nine percent and amounted to 316.862 billion rubles. The share of thirty largest banks was 77 percent.
Previously reported that in 2008 six of the twelve leading Russian banks have reported on the loss from operations, which amounted to 66.5 billion rubles. At the same time in December last year a third of financial institutions of the country remained unprofitable.
Bankers report of loss, but about how cool, do not forget. 17.02.2009 - War is war, and dinner on the schedule?
Rescued by the authorities, Russian banks have increased remuneration of top managers
Remuneration of top managers of Russian banks that have received government assistance, in 2008, have increased significantly, the newspaper Kommersant. One reason for this was laid-off payment of compensation board members.
According to the newspaper, the amount of remuneration of members of the board of directors of bank "Russian Capital", purchased by the National Reserve Bank, has increased from 4,6 million rubles in 2007 to 8.04 million rubles in 2008. In this case, board members received 26 million rubles, while the year before they were paid only 9.5 million rubles.
According to reports Yarsotsbanka, sanitized PSB, the total reward of five board members increased from 17.2 million rubles to 26.5 million rubles. As noted by Kommersant, after buying Yarsotsbanka some board members were dismissed and the law won two or three salaries. In addition, the remuneration of five board members was increased from 13.1 million rubles to 40.8 million rubles.
Some banks have been marked by a slight increase in the size of awards. Thus, top managers of the bank Globex received 66.9 million rubles, which is only 3 million more than in 2007. The bank Tarkhany, which manages the Deposit Insurance Agency (DIA), board members received 21.4 million rubles, or 3.6 million more than in 2007.
DIA received the right to save the Russian financial institutions from bankruptcy in fall 2008. For this he was granted a fund of 200 billion rubles, which the agency can spend on debt recapitalization of banks experiencing financial difficulties. In addition, it is expected that in 2009 the Russian government will allocate private banks about 278 billion rubles, provided that their shareholders will add as much again.
Source: http://avtoritetniy.livejournal.com/240399.html
Meanwhile the leading world powers and financial gurus are calling for nationalization of banks.
Greenspan urged the U.S. government to nationalize banks
11.02.2009
The U.S. government should temporarily nationalize some banks as long as is not reformed the entire financial sector. About this in an interview with The Financial Times said the former chairman of the Board of Governors of the Federal Reserve System (Fed) Alan Greenspan, known in the U.S. as the main enemy of the state control over the financial sector.
Greenspan's assessment, the nationalization of one of the most suitable options available to the government. The authorities will be able to translate the problem and trudnootsenimye assets in a "bad bank", without worrying about their assessment.
At the same time Greenspan was convinced that even in the event of nationalization the government would still have to provide guarantees of "senior" debt obligations of financial institutions that pay should be made in the first place. This is necessary because lenders nationalization of banks, usually associated with other organizations, which under the nationalization can not fall.
The German Government has authorized the temporary nationalization of banks
The German Government has approved a bill allowing to carry out temporary nationalization of financial institutions, on the brink of bankruptcy. On it informs BBC News. Now the document will review the German parliament.
According to the newspaper The Wall Street Journal, in the case of the bill, the government will be able to nationalize the second largest mortgage agency in Germany, Hypo Real Estate. Forced transfer agency under state control may be necessary if the authorities fail to agree with its shareholders to acquire a controlling stake.
According to government plans, the government intends to obtain 75 percent plus one share stake in Hypo Real Estate, in order to get full control over the organization and begin its restructuring. Now the authorities are negotiating with the company JC Flowers, which owns 23.7 percent stake in Hypo Real Estate.
At the end of January 2009 the German government gave Hypo Real Estate state guarantees for its debt securities for up to 12 June 2009. Volume of guarantees amounted to 12 billion euros. Since autumn 2008 the agency received from the government 102 billion euros in loans and guarantees.
Hypo Real Estate became the first major German financial institution, on the brink of bankruptcy after the start of the global crisis. Much of the agency invested in U.S. mortgage bonds. The exact amount of damages Hypo Real Estate is not known.
Source: Lenta.ru
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