How to steal billions. Ten of the world's largest banking fraud

The scandal at the French bank Societe Generale, which lost about € 7 billion by the actions of trader Jerome chervil, many media touted as the biggest fraud in history. In our ranking of the largest bank frauds, it is close to the truth.

In tenth place in the world ranking - the largest bank fraud in the history of Vietnam. The scandal broke out in March 1997, when it became aware of the arrest in Ho Chi Minh City businessman named Tang Minh Phung, for failing to pay on the loan of the State Bank of Foreign Trade of Vietnam (Vetkombankom).
Was arrested at the same time his business partner, director of the state company "Epko" Lien Khyu Thein. Companions, or rather associates throughout the 90s were actively engaged in land speculation, using the rapid growth of the real estate market. With the assistance of corrupt bankers Vetkombanka and Industrial and Commercial Bank of Vietnam (Incombank) they received large loans to a network of front companies.
Stagnation in the real estate market turned for fraud fiasco. Show trial Tang Ming Fung and Lien Khyu Tahini, and another 75 defendants in the case in large fraud socialist ownership over traditional socialist countries harsh sentence. Tang Minh Phung, Lien Khyu Thin and four other defendants were sentenced to death, the others - to various terms of imprisonment.
Four of the bombers managed to pardon and replace the sentence to life imprisonment, and Tang Minh Phung Ho Chi Minh City Branch and Deputy Incombank Pham Nhat Hong were shot. The total damage suffered by the two state-owned banks has been assessed in this process is not less than $ 280 million
  In ninth place ranking - a scam in the Bank of China, dating back to 2004, but made public in 2006. Two former branch manager of the State Bank in the city of Kaiping Xu and Xu Chaofan Guodzhun who had taken in 1992-2001 almost half a billion dollars, could hardly expect any other verdict than firing, if they were caught in the homeland.
But namesakes fraud had the sense not only to translate the stolen $ 485 million in the accounts of front companies in Hong Kong and do their washing in Macau casinos, and Las Vegas, but to marry a U.S. citizen. Although both marriages were recognized fictitious trial Xu were both already in the United States. The trial was due to start this year. But in any case, the defendants can not doubt that the verdict would be more humane than the U.S. court verdict possible Chinese.
 In eighth place ranking - John Rusnak, a currency trader at Allfirst Financial, a scandal at the time (in 2002) is the U.S. subsidiary of the second largest bank of Ireland Allied Irish Banks. Like several other traders whose names can also be seen in our ranking, Rusnak initially caused heavy damage to the bank for its operations in currency futures, and then went on fraud, hoping to make good the damage by risky speculation. In 2003, Rusnak was sentenced to seven and a half years in prison.
 Sixth place ranking divide (with $ 1.1 billion), two cases of bank fraud. Thus, in 2006, China has published the results of an audit of the state of the Agricultural Bank of China in 2004. The $ 1.1 billion auditors evaluated only irrevocable damage from 51 fraudulent. To this we may add other financial irregularities - when the deposits ($ 1.8 billion) and loans ($ 3.5 billion). The crime followed a purely Chinese sentences. 64 bank employees were fired and put on trial 21, 1331 was subjected to disciplinary measures.
 As can be seen from the rankings, the Japanese one is quite capable to do something that had created thousands of Chinese - to deliver its fraud damages of $ 1.1 billion True, executive vice president of the American branch of a Japanese bank Daiwa Toshihide Iguchi it took 11 years. Iguchi fraud facilitated by the fact that he not only traded on the stock exchange of public U.S. Treasury bonds, but at the same time in his office responsible for the control of financial transactions.
Then it was like in the case of the Rusnak - loss of inept actions and fraud to cover up violations and compensate for the damage. In 1995, Iguchi confessed to their violations in a letter to the bank's management. The bank tried to hush up the case, which led to him to adverse effects: Daiwa was forbidden to carry out operations in the U.S.. Yes, of course, such fraud can not be compared with thoughts of domestic villains who turned the idea on how to profit from such services as transportation ATM Moscow.
  In fifth position - another rogue trader, Nick Leeson. In the Singapore branch of the British bank Barings, he worked primarily on transactions in futures contracts on stock index Nikkei. The events unfolded on the above-described scenario. Failed speculation, and then fake documentation to cover up violations and new, riskier, more large-scale operations in order to compensate for the damage. Leeson managed to hide losses from 1992 to 1995. The earthquake in the Japanese city of Kobe, the Nikkei has fallen off and led to the loss of Leeson, surpassing the capital of the bank Barings. Singapore trader fled, leaving a note "I` m sorry ", but was arrested and extradited. Singapore court sentenced him to six and a half years in prison, of which he spent four and was free after he was diagnosed with colon cancer.
  The fourth-largest banking fraud in history was recorded in the Dominican Republic. An amount of $ 2.2 billion - and so much lost Banco Intercontinental - not bad by the standards of any country. For the Dominican Republic, it was the equivalent of two thirds of the budget for 2003 - a year when the bank collapsed. Transition failed bank under government control has led to a 30 per cent inflation, currency devaluation, riots.
The investigation showed that, roughly speaking, a bank robbing majority owner of its shares Baets Figueroa and several top managers. At the trial of the perpetrators in the collapse of the bank, not only by allegations of fraud and money laundering and concealment of financial information from regulators (all computers in a specific bank's operating system, through which most of the operations has been hidden from the possible checks). Court decision Baets Figueroa was sentenced to ten years in prison. Sentence his cousin and part-vice-president of the bank Marcos Baetsu Cocco still out, the remaining defendants were acquitted for lack of evidence.
  Third place in the ranking is a scandal in the fourth-largest Austrian bank Bank Fuer Arbeit und Wirtschaft AG, owned by the Austrian Trade Union Federation. The scandal that erupted in 2006 and is still far from over: currently ongoing trial. This case of fraud can be divided into two main stories. First, the bank lost about € 1 billion in foreign exchange transactions, and provided a loan to the former chief executive of U.S. brokerage Refco Inc. immediately prior to the bankruptcy.
In a case involving two former directors of the bank, investment banker Wolfgang Flatley and auditor Robert Reiter. One of the ex-directors, 71-year-old Helmut Elsner, who sought refuge in France, but was granted Austrian justice in original conditions. He was taken home in a special medical plane equipped with medical equipment for cardiac patients, as Elsner tried to challenge the issue in court, referring to the state of health.
  In second place, we finally see Societe Generale and Jerome chervil. The biggest fraud in the banking industry in its history this case can not be considered, however, deserves the title of "bank fraud of the century" as a scam to head our list belongs to the past century.
So, in the first place - the collapse of Bank of Credit and Commerce International in 1991. In the list of charges, sounded to the bank after its collapse, not only banal financial fraud (but on a large scale), but also tax evasion, money laundering, bribery, support of international terrorism, involvement in the arms trade and nuclear technology. The bank's assets at the time of its bankruptcy was estimated at $ 25 billion, but failed to detect about half that amount.

European banks have lost a third of assets in the U.S.

The global economic crisis has seriously shaken the position of European banks in the United States. Over the past five years, European financial institutions have reduced their assets in the United States by a third to less than a trillion dollars, the analysis of data the Fed held The Financial Times. In their place come the banks of Canada and China.

In the time since the beginning of the crisis, the assets of European banks in the U.S. market fell by 540 billion and now account for 973 billion dollars, reported FT. Contributed to this write-off of assets and their sale, closure of entire businesses. Have also contributed U.S. regulators, demand from European financial institutions to increase capital. Involvement of dollars for them was more problematic, so many, rather than to increase capital, just cut the amount of assets.

"This is a volume decline compared to the level of five years ago. It's more like a return to the way European banks look 10 or even 20 years ago when they had a more modest balances "- quoted by FT partner of the law firm Allen & Overy Doug Landy, head in her regulatory practice in the field of financial services.

"European banks have been hit just two. First, it was necessary to improve capital ratios. Second, in the past year and a half, the U.S. money market funds stopped buying commercial paper of European banks because of the debt crisis. This not only raise the price of raising funds in the U.S., but also the existence of assets in the United States has become a financial burden, "- said RBC daily Mediobanca analyst Christopher Wheeler.

Most assets in the U.S. fell to the Irish banks - with $ 130 billion in September 2008 to just $ 3.8 billion in March. Presence in the U.S. market of German and French banks, though decreased - from 427 billion to 267 billion dollars and 420 billion to 373 billion dollars, respectively - still remains significant. However, the French financial group BNP Paribas, Credit Agricole and Societe Generale promises to further cut its U.S. business.

In the past, European banks many times have changed their attitude to the U.S. market, the growing presence there, turning the operation, but this time it will be extremely hard to regain lost ground, says Christopher Wheeler. Freed European banks actively take place local players. Wells Fargo, which became the most active U.S. bank in buying the assets of European competitors, has recently acquired a portfolio to $ 6 billion from the German WestLB. Last year, he also shared with JP Morgan bought part of loan volume of $ 9.5 billion, offered for sale by Anglo Irish Bank. Capital One acquired U.S. subsidiary of online banking from the Dutch ING Group.

Active are not just American financial giants. The invasion began in the USA Canadian players. TD Bank in 2009, increased its assets in the U.S. with 170 billion to 251 billion dollars a U.S. assets of Canadian banks in general are now 654 billion dollars, more than double the same period of French banks. Assets of Chinese banks in the U.S. for the last five years have grown more than tenfold - from 4.4 billion to 63.8 billion dollars

Distressed mortgages in the United States can do municipalities

California Mortgage Resolution Partners encouraged local authorities to buy back bonds tied to bad loans, refinance loans under federal programs, and re-sell bonds to new investors

Initiative consultancy Mortgage Resolution Partners (MRP) are interested two cities of San Bernadino near Los Angeles, reports Los Angeles Times. San Bernadino has been hit by the mortgage crisis - prices fell by 50% or more. "Negotiations with the private sector to restructure loans do not have time for the spread of the epidemic - the member of the municipality of San Bernadino Ed Burke - even with historically low interest rates, many hard to refinance loans because of stricter requirements for borrowers and the difficult situation in the housing market."

MRP suggests that local authorities took advantage of the possibility of alienation from rights holders of mortgage bonds to loans given by the constitution. To help residents of the District, the government must buy credits which exceed the market value of the mortgaged home. Then the loans must be refinanced on federal programs and re-sold to new investors.

MRP initiative applies to non-standard mortgages without government guarantees, the risks of which are entirely private investors. This category includes instruments linked to 532,000 loans, said a senior managing director of Amherst Securities Group Laurie Goodman. Of these, 3,165 credits belongs to the Elk Grove and Sacramento.

We now have 5.4 million borrowers mortgage amount exceeds the value of the house (estimated MRP). Guarantee of Fannie Mae and Freddie Mac have approximately 90% of the mortgage loans in the U.S.. According to Amherst, on the balance of Fannie Mae and Freddie Mac $ 113 billion of non-standard loans. The total market for securitized U.S. mortgages - more than $ 8 trillion.

San Bernadino until decisions are not made, but the initiative has attracted the interest of several cities and districts in the United States, including Chicago, Elk Grove, Berkeley and Suffolk County in New York. True, Chicago Mayor Rahm Emanuel said that the problems in the housing market are too global to try to resolve their efforts of local authorities.

MRP together with local authorities willing to buy loans at 75-85% of the market value of housing. For example, a house worth $ 100,000 would be paid $ 75,000, while the amount of credit for tens of thousands of dollars more. The homeowner will have to apply for refinancing under the federal program loan for $ 97,750. The remaining $ 22,750 - a profit of investors, commissions MRP, legal expenses and reserves of the municipality. MRP promised investors 20-30% of revenue. But if the initiative MRP will be accepted on a national scale, the loss of the bondholders could reach 30% (estimate Moody's).

Association securities industry and financial markets (SIFMA) suggests taking loans originated in the districts, which has a right to dispose of municipal loans from mortgage trusts, with the market for securitized mortgage bonds. The solution must be "a positive impact on the cost of housing, and not exacerbate the fall in prices and reduce the willingness of investors to invest in housing district and its residents," said the representative of SIFMA Tim Cameron.

SIMFA and ASF have received a legal opinion stating that the exclusion of mortgage bonds is unconstitutional, because the benefits of this will be only MRP and private investors. Federal Housing Finance Agency U.S. (FHFA) also support the initiative MRP is not promising.

"We have seen this movie - says Stephen Glyukshtern response regulators, who heads the MRP, - several Wall Street firms and their lobbyists in Washington will fight like hell to destroy the solution that can help ordinary Americans." Investors buying refinanced loans, MRP promises up to 30% of income, and bankers - billions of dollars in fees. MRP itself is going to take $ 4,500 commission on each loan.

U.S. restructure loans in December

As a result of a sharp fall in real estate prices, millions of Americans turned to the banks more money than you can gain from the sale of their homes taken out a mortgage. Experts estimate that one in five Americans, have initiated mortgages, in this situation, and now the size of its debt exceeds the market value of a home, the purchase of which the loan was granted. We are talking about more than seven million people in the U.S..

According to the "Russian news service", the number of victims could rise to a quarter of all mortgage customers in the event that U.S. real estate prices will fall another 5%. At the same time authoritative agency Standard & Poor's warned that next year we can expect a fall in prices and a 10%.

Now the mortgage crisis continues to complicate the situation in the U.S., and the global financial market. In the tie that Freddie Mac and Fannie May have put forward the idea to limit loan payments to 38% of income Americans, the stability of the market must once again falter. This is due to the fact that Fannie Mae so last quarter loss of $ 29 billion, and the reduction of income from taxpayers on loans, put them in an even more difficult situation. As a consequence, they will again have to ask for support from the national budget, which would be difficult for the U.S. financial system. International stock markets have already reacted to the news index falling U.S..

However, the government did not stop there. Who will take some changes in the legislation that will affect taxpayers mortgages. The changes relate to the fact that the government plans to restructure part of the debt creditors Fredie Mac and Fannie May. It is expected that the legislation will be reviewed in mid-December and will be held at the same time the debt restructuring, people will pay on the loan is less, but the payments are spread over a longer period. However, I must admit that the new law will affect only those taxpayers who have already managed to cover 90 percent of credit. And there are, statistically, less than one-tenth of all borrowers. But at least they will not have to worry about the fate of their homes.

In this series of bank failures, mortgage-related, in the U.S. continues. Recently, on the official website of the Federal Deposit Insurance Corporation (FDIC) of the United States of America has information about the destruction of two U.S. banks - Security Pacific Bank (Los Angeles) and Franklin Bank (Houston). Note that after the failure of all deposit accounts of Security Pacific Bank were transferred to Pacific Western Bank, and Prosperity Bank received the invoice Franklin Bank.

Thus, from the start of the global financial crisis, which grew out of the mortgage crisis in the U.S. market, nineteen credit institutions of the country into bankruptcy. It is interesting that in 2007, only three banks were such a fate. However, as seen in the news, the government is still trying to maintain a policy of maximum loyalty to the borrowers.

The world economy in the event of a disaster will not last more than a week

Expert Group argues that the global economy can withstand large-scale destabilization due to natural disasters or acts of war only for a week as governments and businesses are not sufficiently prepared to cope with the effects of an emergency. Events such as the volcanic ash cloud in 2010, which prevented air travel in Europe, the earthquake and tsunami in Japan and flooding in Thailand in the same year, showed that key sectors and businesses could be adversely affected if disruption in the production or supply continue over a week. "One week is the maximum term, which will make the economy, working on the principle of" just in time said in a report of the London Institute of International Affairs Chatham House. The current fragile state of the global economy causes it especially vulnerable to unexpected shocks. According to the expert group, and 30% of the gross domestic product of developed countries may suffer directly as a result of crisis situations, particularly in the manufacturing and tourism sectors. It is estimated that the SARS outbreak in Asia in 2003 was worth commercial companies about 60 billion, or about 2% of GDP East Asia, the report said. According to the World Bank, after the tsunami in Japan and the nuclear crisis in March 2010, the volume of global industrial production declined in the following month by 1. 1%. A cloud of volcanic ash in 2010 cost the European Union 5-10 billion euros and put some airlines and travel companies to the brink of bankruptcy. "I would like to think that we can learn from our experience and in the future become more resistant, but it will not happen unless governments and commercial companies have not prepared better and do not arrange alternative delivery channels, which will be available in the event of disasters" said Alyson Warhurst (Alyson Warhurst), head of the British consultancy Maplecroft. "BE PREPARED" Costs can rise rapidly if the crossings or in the main production centers of outages will last several days, which could jeopardize the food and water supply as well as energy and communication networks. In the case of a prolonged power failure, some businesses will be forced to cut investment or jobs, or even to consider closing, leading to a permanent decline in the pace of development. In general, governments and commercial companies well prepared for and able to manage a powerful, unpredictable disasters, as their plans of action in an emergency is rarely taken into account worst-case scenario. "Insurance funds and business planning for emergencies often involves a return to pre-crisis status quo. However, this approach may not be entirely adequate in the world of complex economic and social risks, which can not return to the normal course of operations after the crisis said Bernice Lee (Bernice Lee), lead author of the report. "In an interdependent world, many industries, especially the expensive production may need to review their business model" just in time she added. Climate change and a lack of fresh water are additional risk factors that impose further limitations on infrastructure and resources. In recent years, experts have warned the government that the government does not properly prepared to meet the challenges associated with the effects of national crisis. The UK government in 2007, has been criticized for its lack of preparedness for flooding, which cost the economy 3. 2 billion pounds. The Expert Group recommended various ways to improve measures for governments and private companies to overcome the consequences of extreme situations. They emphasized the importance of social network resources as useful purpose in the exchange of information in case of crisis. During the civil unrest in London in 2010, social networks such as Twitter proved invaluable means by which many people were able to track the movements of the rebels in the capital of the UK and to take the necessary precautions.

U.S. companies do not undertake to predict its financial results for 2012

Uncertainty about the future of U.S. companies of the business has reached its maximum level since the last financial crisis.
Only 20% of the 500 largest U.S. companies to make any predictions about the financial performance this year. And most of those who try to predict the future, do not expect anything good.

Of the 410 companies included in the base for the calculation of the index S & P500, which is reported for the last year, only 86 made the forecast for 2012 expected earnings per share. This is the lowest figure since the third quarter of 2009, when the U.S. was still reeling from the financial crisis, according to the research firm Capital IQ, owned agency Standard & Poor's. Typically, about a third of the largest U.S. companies report their expectations for future returns on a quarterly basis. In this case, at the peak of the crisis in 2008, the proportion of businesses trying to somehow guide the investors in his business prospects, fell to 15%.

"We note the marked reluctance of companies to be specific in their forecasts. When they talked about their prospects for 2012, they tended to make general comments that apply to any company in any sector "- The Financial Times quoted an analyst Capital IQ Christine Short. Uncertain growth companies in the future began late last year amid worsening European debt crisis and uncertain economic prospects in developing countries.

However, even those companies that try to forecast its future cash flows, not very optimistic. Of the 86 companies, which issued its forecast for this year, 54 are waiting for the deterioration of business and only 26 are counting on growth rates. Another six corporations believe that the dynamics of their business will be the same as in 2011. Many of these companies also provided incomplete projections, as they can not predict, such as the impact on their business, currency volatility and fluctuations in commodity prices. Thus, the company Colgate first time in 13 years refused to make a forecast for earnings in certain regions.

Analysts believe the reluctance of companies to make any predictions now a response to macroeconomic uncertainty. "The macroeconomic environment is not estimable. CEO does not know what will turn the situation in Europe, the CEO did not know China will face a hard or soft "landing" of the economy, the CEO does not know what will eventually be the situation in the U.S. economy. CEOs feel exactly the same as everyone else ", - told RBC daily strategist at Miller Tabak & Co. Peter ABC. In addition, U.S. companies have recently focused on the emerging markets, a situation which is less amenable to prediction, he said.

250 thousand pounds for the destruction of the euro.

In the UK, there was prize for the abolition of the single currency.

Lord Simon Wolfson, head of the British retailer Next and the sponsor of the Conservative Party, established a prize for overall scientific development scenario relatively painless "funeral" euro. Wolfson Economics Prize award for the best "murder" will be 250 thousand pounds, becoming the second largest in economics after the Nobel.

"The award will help to answer some of the most important and still remain unanswered questions that have arisen during the currency union more than a decade ago. We are seeing various speculations about the refusal of the euro, but still on the subject was too little detailed research, "- said the director of the Research Foundation Policy Exchange Neil O'Brien, who is organizing a prize.

Lord Wolfson himself emphasizes that he, like all European businesses, are extremely concerned about stability in the region. Europe, he said, may be in a state of political vacuum caused by the fact that governments can not talk openly about the death of the single currency.

"While many are in a financial crisis in 2008 warned of a problem with the mechanism of pulling out of the block, very few political figures take into account the possibility of such a backup plan. Who is the worst situation for Europe would be extraordinary, disorderly exit from the euro zone one or more countries. And I hope that, thanks to premium, world leaders will plan how best to act in this case, "- said Lord Wolfson.

The project, which started yesterday and will last until January 31, 2012, will invite the participation of 200 leading research institutions in the world. The organizers hope to attract the level economists Joseph Stiglitz, Paul Krugman and Christopher Pissarides (all of them Nobel Prize winners). In their plans participants should consider all the legal, economic and political consequences of their proposed solutions. For example, the requirements were detailed explanation of how the opposite will happen denomination of public debt and private savings, or as the collapse of the euro will affect the stability of the banking system.

Lord Wolfson understands that the award, established in a country which is not a member of the euro area and sees it as a competitor, may, to say the least, misunderstood in Europe. However, he says that he would like to the second most important currency after the dollar retained viability. "I do not want to collapse the euro, as it will result in great damage to the world economy. If this can be avoided, it will be the best way out of all the possible "- said Lord Wolfson.

without a mortgage

In our country, mortgage lending has not received such extensive development as, say, in America, where every young family could immediately get a real estate loan, and then for decades to pay it from your salary. But the benefits of such a convenient way to obtain housing were so obvious that our fellow citizens offended this opportunity.
The current global financial and economic crisis has hit the solvency of borrowers, to the same reason, suddenly increased the interest rates on their loans. Russians have a notification of their debt has grown, scrambled for explanations to the court and were surprised when they learned that the bank claims are legitimate. In fact, it turned out that many borrowers do not bother to carefully examine the conditions under which they took out a loan. And did not notice that the interest rate in the loan agreement originally was laid not fixed and floating, that is able to change depending on market conditions.
People were left alone with the intractable problem ...
At the same time dramatically decreases in the prices of housing, and the return of homes and apartments - the collateral for the banks was not advantageous, since it can be sold at lower prices. Accordingly, banks have tightened lending conditions under the mortgage, and the demand for them has fallen sharply.
Suffice it to say that in the third quarter of this year were given mortgages for $ 5.6 billion. And for the same period in 2008 (according to the Central Bank) under the mortgage banks lent 75.5 billion rubles.
By the way, the State Duma recently rejected the first reading of a bill granting delays in the implementation of the pledged property. Represented bill Ivan Grachev, who insisted that incomes declined due to the crisis, and proposed a moratorium on the eviction of a single housing. According to him, at present the balance shifted in favor of banks. His words MP argued the following data: in trouble today are 200,000 families and 100,000 will not be able to solve the problem without the help of the state.
The total number of transactions in the mortgage market does not exceed 20%, so you do need a mortgage to our compatriots?
In this matter, expert opinion is divided. Some believe that the mortgage - this is the best and most affordable way to obtain housing for families who do not have the means. But others argue that in Russia for the mortgage to the bank treat those people who already can buy their own homes. These buyers are able to forecast their financial risk for the next fifteen to twenty years. Usually they need to simultaneously withdraw from the business is not a large sum of money.
Interesting and the view bytuyuschaya in recent years in the higher echelons of power in Russia and Ukraine. It is believed that the support of the youth housing loans can have a positive impact on the demographic situation. The idea is that soft loans are able to give young families the confidence in their future, so they will and the desire to have children. Especially if the child is born the state will take part of the credit obligations young family.
However, it is not considered that the life of loan creates constant stress with the potential for resistant depression, and in such circumstances beings do not breed ...
Moreover, youth mortgage plan to introduce an ulterior motive in major industrial centers - felt lobby developers! While it has long been proved that in rural villages and small provincial towns has always been higher than the birth rate, and not vice versa.
That is, in this case, the demographic situation remains a big question, and the "good intentions" at the expense of youth mortgage can give a very doubtful result.
To date, according to the company "Kreditmart" mortgage picture is: mortgage on the secondary market offer 17 banks and 13 are ready to give loans against the target of existing property and buying a house to the ground. Interest rate in rubles at the end of the third quarter of this year averaged 20.3%, which is 0.03% lower than the July and 2.07% higher than the January rate of the ruble.
The chief economist of the Criminal Code "Finam Management" Alexander Osin believes that the current ruble mortgage rates can not yet be regarded as attractive.
The next step in the mortgage market has made Sberbank, which for the first time since the crisis began on the program "Young Family" has reduced the down payment to 15% for young families with children and 20% of childless families.
Senior vice president of the Moscow Bank for Reconstruction and Development Andrew Silk explained this decline because the cost of housing, most likely, will not fall, and vice versa - will grow. Thus, according to the draft federal target program "Housing" for 2010-2015, rising real estate prices will begin in 2011.
And now, in spite of such changes in interest rates, the size of the down payment and other terms of mortgage loans, to talk about the revival of the mortgage, unfortunately, are not necessary.

Forex in Russia

The origin and development of the Forex market in Russia occurred in the mid-90's, with the rise of free-market. Quite quickly, he gained popularity due to the spread of departments banks involved speculation. Of course, the development of this market in Russia lagged in comparison with developed countries, primarily because of the "feverish" economy and underdeveloped information.
But gradually, with the emergence in Russia of large brokerage firms, as well as the rapid growth of Internet service providers, began to fill this "no tillage field." Forex attracts Russians high liquidity, efficiency, lack of tax payments and leverage, allows you to trade in the market, with a small deposit. To date, the market is one of the largest, in fact it's even more than just off-exchange trading platform.
The thousands of investors are trading a dozen brokerage firms, causing a huge amount of spin funds. Forex in Russia - this is a whole subculture, with its principles and myths. This huge market is very attractive to many inexperienced privateers, which is particularly evident in our country. So you can often see how customers money disappear into the one-day companies offering enticing terms of trading, catching in their nets novice traders. Often these firms are registered in the so-called offshore in order to obtain the desired profits disappear "meet."
By 2010, Russia have several major dealing centers, such as Forex Club and Alpari, controlling much of the foreign exchange market. Market, unlike in the West, is unregulated, so there are many problems for dealing rooms, and for their customers. For traders, the risk of non-profits for the brokers - the risk of losing customers and bankruptcy. The main problem of the Russian market - a huge number of traders who trade in small deposits. Statistics for the last few years shows that of the 10 traders only one has a profit for the year, while 70% of newcomers leave the market, draining all the money and was disappointed in him.
However, despite the numerous "but" prospects of Forex in Russia is quite optimistic: the level of brokerage firms is growing, there is a constant flow of private investment, infrastructure development leads to the appearance of advertising in the press, on TV and online resources.
All commercial banks are becoming more bidders, and by-night companies on the contrary - is decreasing. The engine of all this - the competition. That makes it an emerging market, is not fully saturated, but rather dense and voluminous. Russia is among the developing countries - so the Forex market will develop in parallel with the general development of the financial system in the country, which will positively affect both the supply of capital and on exports.

The financial rescue of Greece

Greece was in debt. Looming threat of default on the country's already half trembling nerves to the Government and people of the country. Problems of Greece and several other countries with a sizeable budget deficit, especially Portugal and Spain continue to weaken the euro. Investors are skeptical about the decision taken by the EU to allocate a record 110 billion euros in aid to Greece in an effort to prevent the growth of the debt crisis and undermining the European financial system.
Of the 110 billion loan on the shoulders of the European Union should form 80 billion euros, of which 23 distinguishes Germany, and the remaining 30 are for the International Monetary Fund.
Loan period is 3 years. During this period should occur reducing the budget deficit to 8% of GDP this year, to 7.6% - in 2011 and to 6.5% in 2012. Analysts predict that by 2013, Greece's budget deficit will be 4.1%, which is still more than the mandatory 3% of the euro area. To do this, the country will have to make unprecedented steps to stabilize the economic situation.
Already this year, should be an increase of VAT by 3%, the country will have to cut public spending by 24 billion euros to increase the average retirement age from 53 to 67 years, cut public sector wages and allowances to reduce by 5.5%. This will be done together with the total tax. For example, the government plans to Greece is a project of tax of 40% on the Greeks, receiving more than 60 thousand per year. Already 19 May 2010 Greece has to pay bond debt of $ 8.5 billion.
One of the major goals of Greece - the salvation of the largest banks and financial institutions, creditors and so the first € 15 billion will be spent on the creation of a so-called fund to support banks, whose assets are employed in the state. debt and loan company. Given the overall situation in the country, we can predict the massive growth of loan default, and the problem is just the fund will be to prevent bank failures and to create the necessary level of support for capital. Meanwhile, due to the deteriorating economic situation in the country Greek banks lost a lot of the financial strength rating on the results of analytical agencies, which also has a negative impact on the euro / dollar.
Yet, even these seemingly unprecedented measures can not solve the financial problems of the country. Experts say Greece's external debt will not decline until 2014, contrary to rise to 140%. Only in 2015, with all the cuts can be expected to gradually decrease.

In Greece itself, continue mass strikes and protests, unemployment rose to 10%, the inflation rate to 1.5%. State. employees are protesting against the anti-crisis measures, which is the hardest hit by it. Greek Prime Minister George Papandreou said in a televised address: "We have no choice and no time, I want to say to the Greek people that we face are the trials, the next few years will be difficult, but we can handle."

At the head of the leading EU countries in a rush trying to find a way out of this situation. It turns out that for the debts and problems of some countries meet the other, the European Union can not deal with its main task - the currency union. Paris fears repeat of the crisis and want to quickly give credit money scarce countries, Germany opposite - trying to reduce and delay the disbursement of funds. Chapter diligently seek compromise. Greece has become completely dependent on their neighbors in the Union. Difficult days, referred to by the Greek prime minister, has arrived.

6 biggest myths about the imminent collapse of the U.S. economy

Discussing the U.S. economy, are regularly confronted with the arguments on the fact that she will soon come to an end.

Such alarmist statements, of course, have a right to exist. It is true they are often based on established misconceptions and myths that are without an objective basis. For example, it is believed that the government regularly underestimates makrostatistiku in order not to give the information about the real state of things come to the surface. Still there is a rumor that the stock market is completely controlled by the Federal Reserve. These stories, of course, loud sound, but the evidence base is not enough, to say with certainty that it is so.

6 biggest myths about the danger lies in the U.S. economy

The first myth.

First the imaginary threat to the U.S. is seen by many in the U.S. government may one day be in the position of their Greek counterparts. Today this can be heard literally everywhere. Given the fact that the national debt now stepped over the mark of $ 16 trillion, of such statements will be even greater. But in fact the U.S. compared with Greece impossible. Even though the record value of debt, yields on U.S. bonds are now kept at a record low. In addition, the income share of the U.S. budget from tax deductions for debt service is also small.

We must not forget also that the Greek problem is also related to the lack of its own currency, which could be forced to make more competitive. But in countries such as the U.S., Japan and the UK, the presence of the national currency provides a great opportunity to manage them. However, even in the U.S. Congress are afraid that the United States will be a new Greece, and the planned "fiscal gap" - that other, as a result of these fears in an attempt to improve the situation in the economy.

The second myth.

The second threat is seen in the fact that the Fed has no opportunity to help the economy. The arguments in favor of this are the following facts: the Central Bank and so has reduced interest rates to zero, in the last two rounds of quantitative easing, the Fed's balance sheet has been blown, and eventually the U.S. economy has not been able to go on a path of sustained growth. Finally, it is often in the news headlines you can hear that Ben Bernanke is doing everything he can, and so do more, he does not under force.

However, this is not true, as the Fed remains untapped mass of levers that can be, in particular, to begin to break up the consumption and inflation, stimulating economic growth. However, the main obstacle here are the interests of big politics - that the authorities prevent active operations, primarily due to the upcoming presidential election.

The third myth.

There is a common misconception, according to which the high unemployment rate in the U.S. - is the result of the growth of technology in manufacturing, automation and globalization of the economy. Thus, the number of unemployed people can not fall sharply as long as a new generation grows up labor, "incarcerated" under the successful competition with automation.

However, the real data suggests otherwise. According to statistics, the sectors which are most cutting jobs in the crisis years - these are the areas that hired the most new workers in the post-crisis period. If the U.S. economy were structural factors, we could expect that the crisis will actively employ staff other industries, which, however, did not happen.

The fourth myth.

Among some analysts there is a perception that the debt crisis can not be overcome by increasing the debt. The logic in this case is quite clear - the supporters of this approach is seen in the increase in government debt similarity sinking deeper and deeper into debt. Indeed, if we compare the economy of each showing a household, it is obvious that more debt does not reduce the total amount of current.

However, this is not true, because the economy is very different from the economics of the household. During the crisis, the government stepped up debts in time, as economic actors to cut. Thus, the authorities sent new loans to support the private sector. It turns out that if the center of the crisis initially were debts of the private sector, it is useful to increase the state debt, helping to recover households.

The fifth myth.

Skeptics argue that the U.S. economy has become dependent on China, as it has the lion's share of the PRC government bonds of the U.S. government. In particular, at this point in the Republican Party, which scares the Americans that the Democrats have brought to America according to China.

In fact, nothing wrong with the fact that the U.S. national debt is in the hands of China - no. It is important to note that the Americans - one of the main consumers of Chinese goods. As a result, the PRC come dollars, which are directed to the purchase of treasury bills. As long as China wants to rely on the U.S. market, it will have to get back dollars and keep them in U.S. government bonds.

Myth Six.

The last myth lies in the fact that the U.S. government can not create jobs. However, there is enough to say that this is simply not true. Constantly launching new construction projects, educational institutions, and other budget areas, the government does not cease to create thousands of jobs across the country.

U.S. banks have found a new way to destabilize the financial system.

Since the beginning of 2013 in the United States come into effect new rules for transactions in derivatives, which must now be provided with highly reliable assets like US Treasuries. True, the market is so large that its members face the risk of a lack of affordable high-quality securities. Some U.S. banks have decided to provide customers with reliable tools in debt in exchange for a lower-quality paper. This increases the risk of destabilization of the financial system.
Since January 2013 many American participants derivatives market volume of 648 trillion dollars will be traded under the new rules. In particular, they will have to make their transactions through clearing houses, providing collateral for these intermediaries conducted transactions. Under the new rules as a deposit can only be used for highly reliable paper, such as U.S. government bonds. However, the volume of such securities, in free circulation does not meet demands of the industry.
To date, the U.S., Japan and Europe have released bonds rated AAA or AA in the amount of about 35 trillion dollars, but most of these are already in use by other market participants in financial markets, such as central banks or sovereign wealth funds. Recently, an additional demand for them (2.4 trillion dollars) created a large banking companies are forced to increase their net worth. Even up to 2.6 trillion in assets may additionally need to ensure that all transactions with derivatives. In other words, all highly assets may not be enough.
However, enterprising American bankers have found a way out. According to Bloomberg, several major banks, including JP Morgan Chase, Bank of America, Barclays, Deutsche Bank and Goldman Sachs, intend to provide its customers' transformation of the security deposit. " In exchange for the paper is not very high credit quality, they will lend customers a highly reliable instruments that can be used as collateral for transactions in the derivatives market. In return, the banks will not only receive a fee for this service, but also enjoy higher commissions due to increased activity in the sector.
The possibility of such magical transformations of financial instruments not seriously alarmed by the experts and the participants of the market, predicts the imminent intervention in the business regulatory authorities. "Dealers pursue only their own interests and do not necessarily follow the systemic risk associated with the exchange of assets. Once this practice becomes widespread, the government necessarily interested in it, "- says a professor of finance at Stanford University Derrell Duffy. Agrees with this director ED Capital Management Ilya Kravetts, told RBC daily, that this transformation of assets only masks the financial risk, rather than their level: "In fact, it is a kind of financial alchemy, when copper makes gold. Banks can understand - they are looking for new ways of earning. The only question is how soon it will turn into gold over copper. "
Yet another way out, apparently unavailable. Realizing this, the largest U.S. clearing houses have begun to mitigate collateral requirements. Thus, the company CME, owner of the exchange Chicago Mercantile Exchange and Chicago Board of Trade, announced that increases the limit of corporate bonds are available for use as collateral, from 300 million to 3 billion dollars for each primary dealer. This is intended to reduce pressure on the government bond market. But even so, analysts say, is unlikely will save Wall Street from new attempts to make candy out of garbage assets.

How to earn credits?

Earnings on lending - is booming in 2012. And all because the banks pay very good commission. For issuance of a consumer credit you get 1500-2000 rubles. And statistics show that people still make out loans through the Internet, because it is very handy when you bring money courier and requires references.

Everyone understands that this is extremely beneficial, but no one knows what sites do. For this reason, I want to do a little investigation, issue analysis and display works project that earns credits. Believe me, nothing supertehnologichnogo and complicated there.

So first, I found the most profitable Ofer. The first two in the ranking admitad - Home Credit and Nomos Bank. Second Bank appeared recently, but the first is already actively exploited. Webmaster receives 1373 rubles for a credit card and 2169 rubles for loans. According to this bank, and I began to explore vydachu.Iskat did not take long, here's our guinea pig: askon-audit. I do not know whose it is a site, well, okay. It is obvious that this project worked hard. A lot of content, it fits well in the top names at the request of the banks, and even takes the first place on the main query "application for a cash loan online" in Google. I will not say much on this website daily traffic, but trust me, it earns 3-4 thousand dollars a month for sure. This is pessimistic.

The very application of the loan is as follows. On this page people get to the main. Besides, this is the first and best offer in the list. Either there is a second option - referral links. User clacking on the "Get a loan in such a bank" and falls on the official website of the bank, which in itself is credible.

About Queries

What requests should promote? In my view, type the following:

loan online - 2141 show
online loan application - 4,867 views
credit through the Internet - 344 show
Secondary keys apply to reality, they are highly competitive:

consumer credit - 11,854 show
cash loan - 25,458 views
Credit Cards - 9323 show
Therefore it is better to look for simpler queries, such as:

credit without guarantors and references - 9229 hits
It's just a high-frequency samples are actually queries much more. Plus, there's a lot of bass. Lead me to the fact that traffic is much more than you can imagine. Scoop out all the more.

A little motivation

According admitad, each thematic transition brings webmaster 18 rubles. That's about 60 cents. Now, let's remember a couple of years ago it boasted clicks of 5-15 cents per directives on financial topics. Progress is evident, more and more opportunities in our hands.


And finally, a little exclusive. I found out that only admitad webmasters earn 5 million rubles a month in financial Ofer. That's it.

Cheating customers by banks

Specialist lending business, Maria Nikiforova, agreed to tell us a concrete example that will show how banks cheat customers.

Maria:

Now, it is the popularity of credit cards. However, this popularity, and attracts the same scam. Some of them, steal credit cards, while others learn pincode. There are many clever ways to cheat, but it now will not talk about them. Now, the story will be about how to cheat their customers, banks and in any litigation translates this deception.

In 2007, Irina Petrova, finally got a credit card you've been waiting for. To her, of course, attached operating conditions and different advertising bukletiki. These leaflets have been written that after activation credit card, its owner will be able to enjoy a certain amount of money the bank, which was also stipulated in the same statement. In turn, the borrower should have been paid: monthly fees that are charged for using the credit card commission on exchange transactions, interest to the bank, as well as a fee for withdrawals.

Still do not feel the catch? I will now explain. The conditions that have been written on the advertising leaflet, they are also the terms of the contract! The interesting thing is that in this "contract" is not a word, the return of credit debt. But Irina, this fact has not confused. She activated her card. Then, she wrote a letter to a bank, which would ask the final amount paid on the loan. Bank employees she replied that, in a monthly statement that it receives in the mail, specify the amount of the mortgage payments and all that is required of it, it's time to pay these amounts.

You probably already guessed what happened next? After a while, Irina Petrova, began to notice that the debt on the loan, not decreasing, even though she paid for all regularly. Irina started calling the bank and ask how this could be, but any clear answers to the question, and has not received. After these events, a national Petrova, appealed for help to the court and won the case, because, clearly visible, illegal actions of the bank.

Unfortunately, not many people who can see these breaking the bank then, just so they become perpetual debtors. But, even when the person has already paid the debt and credit card is returned to the bank, it can get a letter from the bank, which will be said that he has paid the whole debt and not have to get it back, or there will be problems.

The main thing in this situation - it is not to worry and not to succumb to provocations. Keep all correspondence with the bank, bank checks and other documents that would, if anything, you can go to court and prove their case. In judicial practice, we know many cases of fraud and if you do justice, then, the truth will always be yours.

How to cheat banks. Widespread cheating banks in interest calculations and monthly commission

Banks in different ways to make money on loans. Necessary for them to final percentage is ensured not only dictated by the rate of credit and commissions, but more artful ways. In fact, it - cheating banks.

How to cheat banks in lending?

For example, a well-known bank fraud related to the full entanglement of the borrower on where there is interest on the balance of the debt, and where monthly comission fee (typically accrued to the original loan amount).

This is achieved by means of "word games." It has long been among some of the banks has become popular to dictate its terms to "mask", confusing the borrower.

For example:

"Rate: 0.9% *"
and at the end of advertising booklet transcript barely noticeable fine print "* per month of the amount of credit."

It would seem to be multiplied by 12 - and get the annual rate of 10.8% ... NO!
Please do not fall for the deception of the bank! After all, we know how it should go charging of interest on the loan - for the remainder of the debt, and not on the original amount of the loan each month.

In this case, the bank simply replaced the term "monthly fee" to "rate per month." Rightly or not - the second question. Since such descriptions adorn already from several banks, then they legally protect themselves somehow. And we do not have to care. We just need to calculate how much the loan is "worth" in fact.

Under these conditions "rate 0.9% *" consider a loan of $ 20 000 for a term of 5 years. Ie at 0% APR, with monthly fees 0.9% of the original loan amount. By using the Excel RATE (more about this feature here), we determine the effective interest rate loan (the full value of the loan) - 18.50%. And it is not 10.8%. The numbers speak convincingly.

But on the final results of this is more or less harmless example of how deceiving banks.

But drugyo example. Who would have guessed that in the phrase of one of the largest Russian banks' rate of 2% per month, "hiding the real annual rate of more than 40%? And this is without a commission!

It's simple. It turns out that the bank offered a month of 2% of the original loan amount, ie essentially again dealing with the same bank fraud - "replacement" classic interest rate loans to the percentage monthly fee.

Considering, for example, a 2-year loan for $ 10 000 with the help of RATE, get the value of the effective rate of 40.88%!
Imagine how clients of this bank is perplexed. You bet! Not every time the bet "2% per month," so much has a pocket ... And many of them really believe that "honest" loans at 2%. Ie people often do not even see how to cheat banks!



However, not only monthly commission may enter your expenses. Today, banks often earn well in insurance, which impose when granting loans. And your insurance costs should also be taken into account when calculating the effective interest rate (the full value of the loan). In addition, there are loans with variable rates and differential method of amortization (when it was returned to duty in equal parts, and not the total monthly payment). In all these cases, the need for more detailed calculations.

In my work I use preprogrammed universal credit calculator that considers the full cost of the loan (effective rate), the overpayment, the amount of credit on income and other important parameters of credit on the basis of any initial conditions. It is very convenient to compare different banks. In the application of DVD-set 'Secrets favorable credit' I give a calculator for each type of loan.

The bankruptcy of credit institutions

Thesis "Features of bankruptcy from credit institutions" was chosen in view of Russia's transition to a market economy practices, the most important of which is the existence of a modern and efficient banking system. Creating a large number of commercial banks at this stage of development inevitably entailed and some negative consequences resulting from lack of capital, the experience of the banking, economic instability, lack of trust of individuals in the banking system as a whole. These effects were compounded by the fact that in the country there was no legislation to regulate in detail the bankruptcy of credit institutions.
            During the 16 years of its existence, the banking system of Russia has repeatedly faced with the crisis, "black" Tuesday 1994, a systemic banking crisis in August 1998,
            These circumstances made it necessary legal regulation of issues related to crisis management, that is, with the ability to prevent bankruptcy, as well as bankruptcy procedures to meet the claims of creditors. The Law "On Insolvency (Bankruptcy)" was adopted 25.02.1999, he laid the foundation of concepts such as signs of bankruptcy of credit institutions, measures to prevent bankruptcy and others.
The urgency of improving the mechanism of bankruptcy of credit institutions have now led to the adoption of the Act of August 20, 2004 № 121-FZ, which entered into force November 26, 2004 This law has led to a substantial reform of the domestic legislation. This reform can be described in two ways. On the one hand some of the issues resolved, sharply arisen in practice. On the other - their very decision is not always perfect, as in the law, and the practice of its application remain systemic contradictions.
Despite the fact that there is recent works devoted to this problem (eg White, LP, A. Belyakov, Lvov VS Tazihinoy TV, Tal GK and others)
can not believe that this theme is designed well enough.
The purpose of this paper is to determine the characteristics of bankruptcy of commercial banks in the Russian Federation. To achieve this purpose, the authors solved the following problems:
• The causes and effects of modern banking crises
• analyze international experience bankruptcy of credit institutions
• The features of the bankruptcy of credit institutions in Russia
• identified the functions and tasks of the administrator of credit organizations in the bankruptcy proceedings
• Analyze the evaluation of technology in bankruptcy of credit institutions.

            Structural thesis consists of an introduction, two chapters, divided into several sections, the common idea of ​​research, conclusions and bibliography.
            The first chapter discusses the need for crisis management by credit institutions in Russia. The first paragraph of the chapter causes and effects of modern banking crises. It examines the external economic factors, market reforms and their impact on the crisis processes in the banking system. In this section analyzes the types of banking crises, and their determinants.
Foreign experience bankruptcy examined by the author in the 2nd paragraph. It was studied and analyzed the experience of Austria. This is due to several factors: first, the Austrian legislation for the past 10 years has been brought into full compliance with the norms of European law and, therefore, is representative. And, secondly, it has a reputation of legislation that form the basis for effective cooperation of state control and senior management of the bank in the process of crisis management. As a result of this study, the author concludes that the high level of crisis management in banks in Austria is largely due to stringent regulatory requirements for bank management in the country and a high level of control over their implementation by the Ministry of Finance and the National Bank, which, of course, can be used in the experience of crisis management in Russia.
The analysis of the theoretical and factual data section shows that typical causes of banking crises that have existed in almost all developed countries are characteristic of Russia, and in this connection, the Russian banking system should be built and developed taking into account the world experience.
The third paragraph of this chapter discusses the theoretical and practical aspects of the bankruptcy of credit organizations in Russia. The author dwells on the role of the Central Bank for the development and strengthening of the banking system, as well as the oversight role of the Central Bank, in particular, the example of a system of indicators, ratios. Address measures to prevent bankruptcy, their importance for credit institutions. The author concludes that these measures are quite voluminous and thoroughly settled the system of measures aimed at preventing the bankruptcy of credit institutions.
            In the 2nd chapter of the work deals with the theoretical and practical aspects of the bankruptcy proceedings, the problems and their solutions. The first section gives a description of the bankruptcy proceedings as the final stage in the bankruptcy of a credit institution, there is systemic events of this procedure. This section analyzes the concept of the estate (as amended by the Law № 121-FZ) problems in assessing the debtor's property, the issues related to the establishment of the Law of priority of creditors and others.
            Paragraph 2 of Chapter 2 is devoted to the functions and tasks of the administrator. It addresses the rights, duties, responsibilities of the administrator, points to innovation law № 121-FZ, which refers to the 2 types of bankruptcy administrators: bankruptcy administrators in bankruptcy of credit organizations with a license of the Central Bank of Russian Federation for raising funds from individuals in deposits - by virtue of the law is the Deposit Insurance Agency, and the insolvency administrators in bankruptcy of credit institutions that did not have a license of the Central Bank of the Russian Federation to attract individuals' funds in deposits - in this as approved arbitration managers, accredited by the Central Bank.
            The third paragraph of chapter 2 analyzes the possibility and necessity of using performance technology with the bankruptcy of a credit institution.

General informatsyya of the payment system.

About the payment system
Historical information
Geography of activity
Indicators payment system NCC

About the payment system
Payment system NCC (National Credit Cards) was created in 1994 in the city of Togliatti of "National Credit Card", acting as a single processing center, and of AVTOVAZBANK, acting as a settlement bank.
Payment system NCC offers its customers technology to carry out the entire cycle of financial calculations - from receiving wages to pay for goods and services - cashless, using the technology of bank cards. During his time created a large network and base, which formed the interbank payment system NCC, which allows banks to provide customers with a wide range of services at the current level of technology.
Today cardholder NCC | UC can not only use all the services in the network on the map to NCC, but also withdraw cash throughout the Union Card service network in Russia, Ukraine, Belarus, Kyrgyzstan

Participants in the payment system NCC are banks offering services to its customers payments and credit cards with NCC, Visa, MasterCard, Union Card.

Customers of participating banks are:
- Enterprise-employers with the payment of wages to the technology cards PS NCC;
- Individual bank customers - cardholders NCC, through which they are paid, pay for purchases and conduct non-cash payments for personal services;
- Commercial and service enterprises (shops, salons, pharmacies, restaurants, etc.), receives PS NCC cards as payment for goods and services rendered.

In the system of NCC are debit (payroll cards, corporate) and credit card types, the principle of which is based on magnetic technology.


Historical information

August, 1994
Powered by JSC "National Credit Cards."
July 12, 1995
Of AVTOVAZBANK first plastic card issued NCC.
1995
Strong growth momentum imparted salary projects using plastic cards for employees of "AvtoVAZ".
2001
Management of the company has been chosen strategic course of development of the regions of Russia and the expansion of services of non-cash payments.
2004
The company officially received the status of Third Party Personalizer international payment system Visa International and to exercise personalization and card processing Visa. There is an opportunity for cardholders to use Visa card on the same account with the card NCC.
2005
JSC "National credit card" has acquired 100% stake in ZAO "processing company" Union Card "(PS Union Card).
2006
Actively promote its credit cards.
2007
A single technological processing center, which serves the members of the two payment systems - NCC and Union Card. June 1 released combined map NCC | UC. The card holder NCC | UC can not only use the services of the network NCC, but also withdraw cash in the whole system Union Card in Russia, Ukraine, Belarus, Kyrgyzstan.
2008
The new name, a new corporate identity - United Payment System NCC | UC. Introduces new standards for working with customers and partners. Began to work the new website. Launched a project issue and service cards MasterCard. Union Card Payment System and the Bank "Eurofinance Mosnarbank" together with the Chinese payment system China Union Pay started a joint project of the issue and service card payment system China Union Pay (CUP) in the territory of the Russian Federation within the framework of their June 2007 agreement.

Geography of activity

Today payment system NCC brings together 40 banks and their branches operating in the following areas: Samara, Ulyanovsk, Orenburg, Moscow, Tyumen, Chuvash Republic, Krasnodar region, Yakutia. In Moscow and St. Petersburg.

The geography of the new map NCC | UC - Russia, Ukraine, Belarus, Kyrgyzstan, Azerbaijan.


Indicators payment system NCC

40 commercial banks and their subsidiaries are included in the payment system NCC.
Around 3,000 companies - participants of the project on the basis of salary cards NCC | UC.
More than 7 billion - an average monthly turnover of money in payment system.
30-40% - annual growth of infrastructure.

More than 1.3 million cards in service.

Finance foreign corporates

In industrialized countries (USA, Canada, Japan), the corporate form of business organization is the key.

The scale of the corporate groups the following data. According to experts in the world today, there are about 40 thousand interbranch associations with signs of corporate structures, which include about 180 thousand affiliates in 150 countries. They control 50% of industrial production and trade of developed countries, about 80% of all patents and licenses on the latest equipment, technology and know-how.

The concentration and centralization of capital is the starting point for the formation of corporate entities.

By definition, Van Horne: "Corporation - an impersonal company, established by law, it can own property and to commit themselves" .1

S. Ross gives the following interpretation of the concept: "The Corporation - a business founded as a separate entity, consisting of one or more individuals or entities" 2

The main difference from other forms of corporate organization of business is that it exists independently of its owners. Disclaimer - an important advantage compared to the self-employed or a partnership. Corporation shall have the right to raise capital in cash on its behalf, without imposing on their owners to unlimited liability. Therefore, to meet the demands on the corporation can not confiscate private property of the shareholders. To a share of property of the corporation confirmed interest in its share capital, and each holder of its shares belong to the property, which corresponds to the share of its shares in the total volume. These shares can be transferred to others, which is another advantage of corporate ownership. In addition, the company continues its activities and on the retirement of individual shareholders from the implementation of the package to other investors.

In the practice of U.S. corporations can borrow money and own property, sue and be sued, enter into contracts. The corporation may be a general or limited partner in a partnership, as well as own shares in other public company. So her agency is more complex than other forms of business organization. Forming Corporation includes preparation of constituent documents (memorandum and articles). The memorandum contains a range of information, including the name of the corporation, its expected life activity (in most cases it is unlimited), the purpose of business, the names of its owners and managers, the number of authorized shares, the amount of paid-up share capital, etc. After obtaining permission from the state government manufactured articles of incorporation, claiming it as a legal person, and sets out the conditions of its activity.

In large corporations, shareholders (co-owners) and managers - usually different group of people. The shareholders elect the board (board of directors), which appoints leading managers, who are responsible for managing the affairs of the corporation for the benefit of shareholders. Nominally, the shareholders control the corporation through the election of the Board of Directors (Supervisory Board).

As a result of the separation of ownership and management of the corporate form of business organization has a number of advantages. Share capital represented by shares may be transferred to other owners, and therefore the period of existence of the corporation is not limited. Corporation carries out raising equity and debt capital in its own name. As a result, shareholders have limited liability for the debts of the corporation. The most that they can lose - is the money that they have invested in its shares. The relative ease of transfer of ownership, the limited liability of shareholders for its debts, for an unlimited period of life - the undeniable advantages of the corporate form of business organization. If corporations need additional equity capital, it has the right to issue new shares and to attract outside investors. Large U.S. corporations (ATT, Ceneral Motors and others) have hundreds of thousands of owners (shareholders). In such cases, ownership of shares of the share capital may change frequently, without impacting on the continued operation of the corporation. Corporate form has a major drawback, which is double taxation. As a legal entity is subject to income taxes (income). Cash provided to shareholders in the form of dividends are taxed again as their personal income. However, in this case, there is a disadvantage in certain circumstances. In practice, there are ways to avoid double taxation. For example, small corporations in the form of partnerships pay only income tax.

In acute need for capital, characteristic of a developed economy, manifest inconsistency sole ownership and partnership, bringing the corporation has become a major business organizations. Organization of a corporation has many varieties around the world. Rules of conduct on the market vary from country to country, but the main characteristics - the collective (public) ownership and limited liability - remain. Such firms are often called equity or public limited companies, depending on their specific nature and origin.

One of the leading forms of the organization of financial capital is a holding company. In modern conditions holdings operating in the West in all major sectors of the economy: industry, transport, trade, banking, financial services, etc. This form of business organization more viable, flexible and effective. Holding (derzhatelskaya) the company is derived from the English word «to hold * - keep. This particular type of financial company that is created to ownership of a majority of shares in other companies in order to monitor and control their activities. In modern conditions, almost all of the largest U.S. corporations, EU, Canada and Japan are holding a form of organization, that is, at the head of numerous companies within the group of companies, is holding controlling stakes in concentrating all divisions, which gives corporations the integrity and manageability.

There are two types of holding companies:

1) pure holding company that performs only control and management and financial functions;

2) mixed holding company engaged in functions other than those defined as entrepreneurial activity - production and trade, credit and finance, etc.

Holding companies are an important link in the so-called system of participation, through which financiers dominate the formally independent companies that have the capital, many times greater than their own. Holdings by acquiring a controlling interest in a company, are able to nominate their representatives to the Board of Directors and other management-controlled company.

To establish control over other companies holding companies (parent company) are widely used system in the equity share capital of other companies. The parent company is able to provide full control over the subsidiaries, not necessarily providing 100% of the share capital. The parent company, owning 51% of the subsidiary, also has a major impact on its operations. In practice, there are other forms of mutual ownership of capital: a circular, cross and other holdings. Most large corporations carry out overseas operations and are transnational companies (TNCs), and is holding business organization is particularly important, since the direct control of foreign affiliates (testing, inspection) is difficult. Therefore, the parent holding company of TNK does the following: development of economic and marketing strategy, coordination of financial policies of all subsidiaries of large-scale research and development projects, etc.

In the course of its corporate finance management can have quite different objectives:

avoid bankruptcy and financial losses (profits, income and capital);
leadership in the competition;
Maximizing the "price of the company" through the growth of the market value of the shares;
increase in production and sales;
maximize profits and minimize costs;
ensuring an adequate level of return on assets, equity and sales, etc.
The priority of a particular purpose is treated differently in the existing theory of the firm. The most common statement that the corporation must be operated in such a way as to ensure maximum revenue to its owners (owners). This is usually associated with an increase in earnings, high returns on capital with minimal risk. Unambiguous whether such a conclusion? Let us try to answer it.

In the traditional neoclassical economic model assumes that each firm must maximize profits (from the perspective of long-term it is received). In the ideal case where the alleged fairness of information, availability of qualified management and other aspects of the achievement of the maximum possible. So in reality the notion of "normal" profits that suits the owners of the firm. Profitability of different types of production is not the same, it does not cause aspiration of all businesses change their business more profitable. At the heart of this approach is very common pricing system for the products - the full costs plus the average rate of profit.

In addition, the current trend of capital flow between the sectors of the economy and business areas, which involves the alignment margins.

Other researchers suggest the possibility that the basis of the activities of the Group Management commitment is necessary to increase the volume of production and sales. Justified by the fact that many managers represent their position in society to a greater extent with the size of the firm, rather than its income, which is not always certain.

Most prevalent in the West, has received in recent years, "The theory of the firm to maximize the price." The developers of this theory is based on the assumption that none of the existing criteria: sales, profit, profitability, and others - can not be considered as a measure of the effectiveness of the decisions of the financial and investment character.

Choose the criteria should be:

well-founded;
based on the forecast of income owners of the corporation;
acceptable for investment decisions, including the search for sources of equity dividends and financing of the firm.
It is recognized that these conditions are met the criterion of maximization of shareholders' equity, ie, the market price of shares of the corporation. From the perspective of investors in the basis of this approach is the assumption that the well-being of the owners of the company is not in the current mass of profit growth, and to increase the market price of its shares. Therefore, any solution that gives rise in the market value of common shares to be taken by owners and managers of the corporation as their interest.

Criterion of maximizing the corporation's share price as the most feasible and the priority in financial management is applicable only in the event that the stock market has no restrictions (discrimination) in determining the price of financial instruments, ie the principle of "supply-demand".

Note that in the framework of the theory of market pricing of financial assets and the main ideas of the behavior of investors efficient market are as follows.

In this kind of market, any new information as it becomes available immediately reflected in the share price. Furthermore, this information may come to the stock market by accident, and it can not predict in advance when it will arrive and how much will be useful for issuers and investors.

It should be noted that the profit and risk impact on the price of an ordinary share is ambiguous. Higher income is dividend growth, and consequently, an increased demand for shares in the stock market. Conversely, an increase in risk lowers their prices (especially for conservative and moderate investors). There is a "reset" of the stock market by their owners, which leads to financial instability and the loss of corporate investor confidence in its securities.

Thus, the profit and risk - the two key executives of financial management. The ratio of these two variables at any given time determines the specific decisions of the financial manager (director). They aim to achieve two key objectives:

increase in profits or property (equity) capital;
preservation of liquidity, ie, the ability of corporations to fulfill its internal and external financial obligations to partners, government and staff. Before the financial manager is always a local problem - to maximize the dividend per share for each individual transaction.
Global goal - to achieve long-term sustainability of the dividend, the acceleration of capital turnover and increase of security firm from financial risk.

Output. Thus, the effective management of corporate finance is designed to resolve a contradiction arises mezhdustrategicheskimi goals and equity and financial resources to achieve them at the various stages of its development.