Economics / 2. Finance and Banking

Candidate of Economic Sciences Ostapenko E.A.

Stavropol State Agrarian University

Candidate of Economic Sciences Lapina E.N.

Stavropol State Agrarian University

The Bank's Credit Market: Problems and Ways to Solve them

A lot of sources and various macroeconomic indicators that characterize the activity of the banking credit market tell us that at the moment the scale of the Russian financial sector does not allow to properly finance the investment needs of the real sector of the economy. The Russian banking credit market, as an integral part of the country's economy, and the Russian economy as a whole are in difficult economic conditions. Whatever the conditions are for the functioning of all segments of the economy, the state strives for development in all directions, and the banking credit market is one of the priority directions of development, in this connection, the topic acquires an exceptional urgency.

At present, the banking industry in Russia is facing serious problems. In modern conditions, against the backdrop of a general economic slowdown, the growth rate of bank lending is declining. Decrease in real incomes of the population, growth of unemployment, decrease in crediting negatively influenced the development of the banking sector of the economy. The level of development of lending depends on its need for credit resources, the opportunities and conditions for their provision by credit institutions, as well as the financial condition of borrowers. The banking system is experiencing a large-scale crisis and continues to pass through a period of growth of distressed assets and, like the entire economy, it is necessary to adapt quickly to changing conditions.

Effective functioning of a market economy can be achieved by using all the tools and opportunities available to the banking sector. In the field of bank lending, there is now a need to reorient credit policy to the real sector of the economy, which raises the question of priority development of lending. At all times and under any socio-political formations in society, the credit policy of the state is the basis for the development of the national economy and financial independence of the country. A sound credit policy ensures economic growth. The basis of economic and financial independence is the right of the Central Bank to carry out unlimited credit emission for all economic entities in the society at low interest rates. The use of domestic cheap borrowed financial resources allows you to create and increase capital, produce a gross domestic product and provide a decent standard of living for people.

It is the low interest rates on long-term loans of the State National Bank (the Central Bank) that are the most important tool for shaping the structure of the national economy, its regulation and management by the state, capital inflows and investing in developing and strengthening the domestic market and capital outflows abroad.

A characteristic feature of the current Russian banking business model is, in its turn, a high degree of concentration of bank capital, deposits of the population and funds of legal entities, and accordingly, of banking assets in several large banks. The signs that characterize the current model of the Russian banking business include the structural weakness of the interbank lending market. This problem creates high risk situations, which lead to risks associated with the emergence of new liquidity crises in the banking sector, as well as the incompleteness of building an effective refinancing system of the Bank of Russia. A long-term form of placement of bank capital is called upon to play a leading role in this. Accordingly, the stability of the banking system in the future should be based on the trends of expanding the potential of long-term credit operations.

In our opinion, it is necessary to conduct a credit policy aimed at the availability of long-term (investment) bank loans at a low interest rate for all economic entities. Purposeful use of such monetary and credit policy will allow to reduce inflation, overcome the shortage in borrowed resources to business and the budget deficit, create new jobs, expand needs and increase population's demand and living standards.

Bank lending, in spite of continuing stagnant phenomena in the Russian stock market and tightening control over the currency operations of banks, remains one of the few forms of implementing long-term credit policy of banks. In the current situation, it is proposed to consider project lending as an optimal tool for financing enterprises, taking into account its high efficiency and ease of use. The main segment of the Russian financial market should be a long-term credit market. Only long-term bank loans with the right of unlimited credit emission from the Central Bank of Russia to refinance credit organizations for 10 to 15 years at the lowest interest rates to 1-3% will be able to finance investment programs for the development of the national economy, the basic strategic sectors that support people's livelihoods. In the present conditions, servicing of debt on loans, which was formed during a period of rapid economic growth, remains a source of risk to the financial stability of many borrowers. As expected, this circumstance will be an additional factor limiting the ability to mitigate credit conditions in the first half of the three-year forecast period, determining the more conservative behavior of both creditor banks and the borrowers themselves.

Positive shifts in the economic situation in Russia, expressed by moderate economic growth, were reflected in the banking activity, banks significantly increased their presence in the credit market. To support certain credit segments, the development of which is important for changing the structure of the economy, but is difficult in the market environment, the Bank of Russia will continue to use specialized refinancing instruments. The amount of funds provided under these mechanisms will be limited, and the range of loans taken into collateral is strictly defined.

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