The notion of "banking system": on the verge of change

Unfortunately, the concept of the banking system of the Russian Federation by inertia continues to be correlated with the transition economy. Not so simple. Outwardly stable, perhaps, there remains only a two-level principle of its construction (the licensing activity of commercial banks is regulated by the Central Bank). The content of the system itself, including the activities of the 112 largest system-forming banks, is now on the verge of substantial reform.

Despite the unfavorable forecasts for 2013, associated with a decrease in lending volumes, a new strategy is being actively developed. Therefore, the concept of "banking system" today is not static. Her tools will change. The transitional model has exhausted itself. The banking system, as a component of the national economy, has reached the line of economic stabilization. This refers to the official statement of the country's achievement in the first half of 2007 of the economic level of 1990.

At the present stage, it becomes a missionary of giving liquidity to the entire industrial sector. The need to transform the concept and elements of the banking system is obvious. Capital investments in innovative technologies are an integral social mission of banks. It is gratifying that practical steps have already been taken in this direction. Overcoming the "vicious circle" of rigid monetary approaches, constraining domestic production, the monetary policy changes . The notion of "banking system" will soon change through a new mechanism of "key rate", which now amounts to 5.5%. For comparison, the current refinancing rate is 8.25%. Mechanisms of interaction with the new rate of the national economy are being developed.

At the same time, we are witnessing a "deliberation", that is, an increase in state participation in the banking sector. Evidence of this is the emergence of municipal banks.

A possible development benchmark for the domestic banking system can serve as China's banking sector. We are brought closer to this model by a similar quota of state-controlled bank capitals - about 60%. The meaning is obvious. To overcome the economic crisis, the experience of mitigating interest rates, reducing prices for loans, and "soft" regulation of the money supply is in demand. The results of the PRC are eloquent: growth rates to 2006 are 9.5%, and even now, under the conditions of the global crisis, 8% are "sky-high" for Western business. The modernized concept of "banking system" of our eastern neighbor is based on two principles. First, a clearly defined and designated public sector of the banking system. Its basis is 4 state-owned banks (Bank of China, Industrial and Commercial, Construction Bank, Agricultural Bank). Secondly, its "market" components are not "built on the ruins" of state, but harmoniously created in addition to the first. It is also worth noting the "breakthrough", but evolutionary empowerment of market institutions.

It is indicative that at present the Russian Central Bank is beginning to indicate the constructive position of the state with regard to the export of Russian capital.

The need to debug transparent and understandable currency regulation is sounded. One should only recall the illegal outflow of capital "suddenly noticed" by the outgoing Sergei Ignatiev last year in the amount of 48-49 billion dollars. Twice the amount (according to law enforcers and Interpol) is fraught with a "price" outflow on export-import schemes!

More and more attention is paid to the activities of subsidiaries of foreign banks. The revival of consumer lending last year is their element. The quota of participation of foreign capital under favorable conditions increased in April 2012 to 31%!

The fact that "foreign banks" help the state, serving money circulation, is beyond doubt. However, today's "daughters" are quite transparent, they are net borrowers of the Russian market, who solve the problems of "giving birth" to their mother western structures, stimulating capital outflow by lending to non-residents. As you can see, the concept of "banking system" is distorted due to this outflow.

All the above mentioned factors of the "flight" of capital are officially announced, of course, not in vain. Obviously, with the end of the transition phase and the formation of key market players, it's just "time" to seriously tackle this gap. However, everyone knows what exactly caused this negative. Artificially introduced "with a heavy hand" Navy changes in the federal law on currency regulation actually opened the door to our market currency speculators and untied the hands of criminal capital.

In conclusion, we note that the society pins great hopes on reforming the domestic banking system.