The main consumers of long-term bank loans are the real sector of the economy. For many of them lack access to long-term loans is a major problem, leading to a shortage of liquidity, as companies are forced to finance the purchase of productive assets at the expense of short-term resources.
Only the most worthy
Whole of Russia there has been a steady economic growth, and this trend will continue in the coming years. This is due, firstly, with the excess liquidity of banks. Secondly, the risk assessment of Russian business in the medium and long term is becoming more optimistic. The main factor affecting the development of long-term loans - is the lack of banks' long-term stable funding base. «Extension» and cheaper passive base of banks is largely due to market valuation (domestic and international) banks as a stable financial institutions. Many local financial institutions do not have credit history in the Western market, lack of accountability by international standards and, accordingly, restricted access to long-term and cheap resources. Therefore, improving the credit rating of banks is a prerequisite for entering the long-term resource base. The experts for commercial banks believe that the increased risks associated with the complexity of long-term forecasting of the borrower's business and the economy as a whole (higher share of «risk of uncertainty»). It is necessary to take into account the lack of transparency of Russian business in general, and the imperfection of the legislative framework.
For a positive decision on the loan, as a rule, you must personally guarantee business leaders. This leaves the borrower should be stable or increasing business transparency, understandable corporate structure, a stable, consistent management with good strategic vision, ensuring safe as a factor reducing the risk of uncertainty. " As with any other credit product, the work is based on principles of urgency, repayment and security.
Now the reality is - if the customer has no credit history in the Russian banks, its chances for long-term loan is small. While the banks and there are ambitious plans for the implementation of long-term projects.
Analysis of interest rates for long-term loans has shown that for more than 3 years at an average rate ranging from 8% to 12% per annum in foreign currency. Now we can observe the reduction of rates for all currencies and all credit terms. Another question, how evenly it happens, because the dynamics of the month to month changes. The cost of the loan depends primarily on the degree of risk that the bank takes, and the goal - what and where the money will be sent.
In principle, any loan product, especially long term - a unique product. Its price depends on many conditions, is determined not only by the bank, but the borrower, as well as the current situation in the country. In each case, the cost of credit would be different even for the same categories of borrowers.
Better fewer, but better?
The study of foreign experience in long-term lending showed that the issue of competition from foreign banks is far from straightforward. During the years of work in the domestic market, Russian banks have acquired a very good experience that some time will be their competitive advantage. An increasing number of banks active in the market for long-term lending and investment finance.
However, it is understandable that, given the realities of our economy, not all first-class Western banks ready to accept Russian companies to their specificity. And nobody understands it better than Russian banks. However imperfect the policy of the State and the Central Bank of Russia has not yet been an opportunity to domestic banks to participate fully in the market long-term loans. In recent profitability of lending large clients began to fall, as they have access to cheaper foreign capital. In addition, financial resources from foreign banks far exceed the possibility of Russia, who was not available long-term funds. The fall of interest in domestic banks from major customers is also related to the use of non-bank instruments, in particular with the deployment and release of equity (shares) and debt (bonds) securities.
This problem is particularly acute with the entry of Russia into the World Trade Organization and the subsequent liberalization of financial markets.
Russian banks need to look for ways to maintain the profitability of the incident, in particular, to switch to smaller customers who do not have access to western resources. These are the enterprises and small and medium-sized businesses, which are of interest to the fact that given the opportunity to diversify credit risks.
Now, most financial intermediation in the regions exist at the expense of short-term deposits. Given the volatility of the resource base, the banks can not provide long-term loans to entrepreneurs for the renewal of fixed assets and loans are limited to working capital (up to one year, but more often - for 3-6 months). Such care improves the reliability and strength of the local banking sector, but does not allow companies to modernize production. Regional banks are relatively small - share capital of each of them does not exceed several million dollars. With such modest means can not provide a regional large loans needed for the modernization of production.
On the other hand, a large number of small loans are not beneficial to banks due to high transaction costs associated with the assessment and control of each of them. As a result of wishing to obtain a loan even for the amount of $ 10 thousand to $ 20 thousand are experiencing difficulties in finding outside funding sources.
Out there
To avoid the increased risk with long-term lending, the Central Bank proposed to convert bank loans into securities. CBR is going to allow commercial banks to issue credit notes, tied to their loan portfolios, and is ready to discuss the prospects of a new market with the government.
On the possibility bankers dream of long ago, but now she would have to be at an opportune moment. The last two months, the interbank market remains in a state of general distrust. Frightened cleansing series, bankers closed on each other limits, triggering a short-term shortages of many resources for the customer payments. Sharing long-term loans with the money would help solve many problems.
One of the victims of the crisis - the bank "Kredittrast, awaiting the permission of the Central Bank to self-destruct - a few days trying to attached to the loan portfolio in the market, selling it in the end" National Capital ". A Alfa-Bank is offered to colleagues experiencing liquidity problems, to cede it to their credit portfolios.
As a result, suffered a third-tier banks. When the market there is a general mistrust, place the credit note to such organizations is not very easy, because the quality of their loan portfolios leaves much to be desired.
In need of securitization - the replacement of non-market loans, securities, freely circulating in the capital markets - from the bankers no doubt. The banking system is highly concentrated. Large companies, which do not lend the money would refuse to even the most cautious banker, is only available to large banks and medium and small have to be satisfied with less reliable services for clients. By releasing the notes and sell them on the market, some bankers have been able to unload their portfolios, while others-to improve the quality of its assets. Securitization will reduce risks, and banks can increase lending, exchanging credits for money, ie refinance its credit portfolio. The emergence of credit notes may give a serious impetus to the entire market. For example, large banks could be securitized half of their loan portfolios. According to the Central Bank, on May 1, 2004 the 30 largest banks have issued loans of more than 2.4 trillion. rubles.
In addition, Russian banks could consult the western colleagues, experienced in such transactions. Because they produce credit notes (CLN, credit linked notes), which are like domestic companies. Russian banks (for example, "MDM-Bank" and "Trust"), while organizing the issuance of these securities, but try on the role of the issuer, they can not - too plain for the world's top standards, assign them to the international rating agencies.
Thus, for the development of long-term lending programs in Russia should be established infrastructure with the necessary legal and analytical support. The establishment and development of long-term loans will not only help to accelerate the development of the business sector, but also will contribute to the sustainability of the banking system.
Marina Pletmintseva
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