Топик: Банковские системы: России, Америки, Британии

At present the electronic payment documents presented for execution to a Bank of Russia institution must contain the requisites in accordance with which operations with accounts are conducted. Two kinds of EPD may be exchanged:

—full-format EPD containing all requisites of a payment document, including textual requisites;

-abndged-format EPD containing the requisites necessary for conducting operations with accounts in a Bank of Russia institution.

The transfer of funds using fall-format EPD does not require accompanying payment documents on paper, while the transfer of funds using abndged-format EPD must be accompanied by an exchange of paper based payment documents, filled out in accordance with the established procedure.

During 1999 the Bank of Russia plans to phase in a paperless technology in its settlement system, using full-format electronic payment documents only in the exchange of electronic documents between Bank of Russia institutions and between the Bank of Russia and credit institutions.

After January 1,1998, the Bank of Russia charges a fee for its settlement services. Some kinds of settlement operations are conducted by the Bank of Russia free of charge.

Interbank settlements effected through correspondent accounts opened by credit institutions with one another play a part in the general payment turnover.

The rules of settlement operations with correspondent accounts of credit institutions opened with other credit institutions are formulated in the Bank of Russia Provisions on Effecting Non-Cash Settlements by Credit Institutions in the Russian Federation, which came into effect in 1998.

The operations conducted with correspondent accounts of correspondent banks are divided into two types: operations to service clients and own interbank operations.

The development of correspondent relations depends on various factors, such as mutual payment flows, price and demand in the credit market, the possibility of participating in trading in the regional government securities markets and on currency exchanges and the risk levels.

Specifically, settlements in correspondent relations are effected with credit institutions in CIS and other countries.

Settlements through clearing institutions are one of the means of interbank settlements.

The development of clearing settlements depends on the financial condition of credit institutions and the state of the money markets. Eight settlement credit institutions have been granted permanent licence as clearing houses.

Clearing operations are based on a clearing model requiring the participating banks to make preliminary deposits in their accounts with the clearing institution.

Nearly 2,000 credit institutions and their branches and other corporate clients effect settlements through non-bank clearing institutions.

The Bank of Russia has a decisive role to play in elaborating the principles of organising clearing operations and monitoring compliance with these principles.

Intrabank settlements are gaining acceptance. They include settlements between a head office of a credit institution and its branches and between branches of a credit institution. The procedure for conducting settlement operations with inter-branch settlement accounts in Russia is established by the Bank of Russia Provisions on Conducting Non-Cash Settlements by Credit Institutions in the Russian Federation.

A mid-term strategy for the development of Russia's payments system was elaborated in 1996. It sets forth as the main objectives of the reform of the system further modernising settlements, upgrading banking technologies, introducing new instruments of payment, raising the standard of services provided to credit institutions and other organisations and creating conditions for liquidity management.

To raise the banking technology of implementing settlements onto a qualitatively new level, new methods are being developed, new rules and regulations are being enforced, new technologies are being introduced and new organisational principles are being established. Efforts are also being made to accelerate the introduction of electronic documents and build an advanced automated real-time system of settlements.

To this end, steps are being taken to determine the status and functions of individual subsystems for the implementation of settlements, enable credit institutions to manage their liquidity more accurately, develop and introduce formats of electronic documents and settlement documents on paper, stimulate the functioning of clearing institutions, improve conditions for the introduction of bank payment cards in order to reduce the amount of cash in circulation, and elaborate regulatory rules in these areas.

The Bank of Russia division responsible for ensuring methodologically and organisationally the efficient and uninterrupted functioning of the national payments system is the Methodology and Organisation of Settlements Department.

In accordance with its Statute, the Department ensures the implementation of the main tasks involved in developing and upgrading the methods of non-cash payments in the Russian Federation, elaborating a concept of development of the Bank of Russia payments system and organising supervision of the Bank of Russia settlement divisions and other settlement systems.

United States, Bank of the

central bank chartered in 1791 by the U.S. Congress at the urging of and over the objections of Thomas Jefferson. Extended debate over its constitutionality contributed significantly to the evolution of pro- and anti-bank factions into the first American political parties--respectively, the Federalists and the Democratic-Republicans. Antagonism over the bank issue grew so heated that its charter could not be renewed in 1811. Reconstituted in 1816, the Bank of the United States continued to stir controversy and partisanship, with Henry Clay and the Whigs ardently supporting it and and the Democrats ardently opposing it.

The first Bank of the United States was a cornerstone of Hamilton's fiscal policy; it was a means to fund the public debt left from the Revolution, to facilitate the issuance of a stable national currency, and to provide a convenient means of exchange for all the people of the United States. It was capitalized at $10,000,000 and fully subscribed almost instantly, with the federal government holding the largest block of ownership, 20 percent. A substantial interest in the bank was also purchased by Europeans.

The bank accomplished all Hamilton had hoped for and also succeeded in an unforeseen role: the regulation of private banks chartered by the several states. At this time the issuance of notes was a more conspicuous feature of banking than were deposits. Bank notes entered circulation as the money banks lent to their borrowers, and these notes comprised most of the total currency in circulation.

The rapid growth of the young country generated powerful demand for loans and tended to stimulate the overextension of credit. It was in the general interest to restrain such overexpansion, and the bank imposed that restraint automatically. As the depository of the government, with offices in the chief seaports and commercial centres, it constantly received from collectors of revenue the notes of private banks by which monies due the government were paid. As fast as it received such notes it called for their redemption in gold and silver by the banks of issue, thus automatically restricting the overextension of credit and protecting the economy from inflation. Conversely, in periods of panic and deflation, the bank could ease the pressure. It was engaged precisely in what came later to be called central banking.

Despite its successes, the bank met political opposition that gathered force with partisan changes taking place in the country. In good part, this opposition was based on the very restraints the bank imposed on private, state-chartered banks; this was also seen as an affront to states' rights, and the bank's federal charter was called unconstitutional. In 1811, when the 20-year charter expired, renewal was politically impossible. Its officers acknowledged reality and successfully sought a state charter in New York.

Within a few years, however, economic developments, chaotic conditions among the state banks, and changes in the composition of Congress combined to enable the chartering of a new Bank of the United States with wider powers than before and with closer links to the government. There was some early mismanagement, but in 1823 of Philadelphia became its president and the bank began to flourish.