MINISTRY OF EDUCATION AND SCIENCE OF RUSSIA

Federal State Budgetary Educational Institution

higher education

"Samara State Technical University"

(FGBOU VO "SamSTU")

Faculty of Engineering and Economics

Department of National and World Economy

Discipline "Banking Law"

On the topic: "Investment activities of banks"

Completed by: 4-IEF-3

Ivanova E.N.

Checked:

Assoc. Mironova V.S.

Samara 2016

Introduction

Theoretical foundations of investment activities of banks

1 Forms and principles of investment

2 Methods for evaluating investment activity

3 Factors affecting the implementation of investment activities

Analytics of investment activity of banks

1 Investment promotion methods

2 Problems of investment activity and development prospects

3 Generalizing conclusions of investment activity of banks in the Russian Federation

Conclusion

Bibliography

Introduction

At present, representatives of the state authorities and the business community often come up with an initiative, the essence of which is that one of the main conditions for the development of the economy of the Russian Federation is the expansion of the investment activity of the banking sector.

The banking system of Russia has advanced further than all other sectors of the market economy, and therefore plays a key role in financially supporting the recovery of the economy of the Russian Federation, which is impossible without increased investment activity. Currently, neither pension funds, nor insurance funds, nor investment companies play a significant role in raising investment activity, because, firstly, they do not have the necessary financial strength, and secondly, their activities are hindered by the underdevelopment of the securities market. Therefore, banks that are ready to provide it with investment support become paramount in the economic development of the real sector.

Commercial banks are the owners of large investment resources. Accumulating temporarily released financial resources, they direct them through the channels of the credit system, providing long-term lending and financing of various sectors of the economy. However, when developing and pursuing investment policy, banks face a number of factors that make banking investment difficult. We are talking about the high level of risk of investments in the real sector, the lack of formation of a market for effective investment projects, as well as the short-term nature of the existing resource base in the current economic conditions.

The implementation of an effective investment policy has an impact on economic growth, raising the standard of living of the population, ensuring socio-economic stability and economic security.

1.
Theoretical foundations of investment activities of banks

1.1 Forms and principles of investment

Currently, there is no unambiguous interpretation of the concept of "investment". Investments are understood as "funds invested in securities of enterprises and government institutions for a relatively long period of time", as well as all areas of placement of financial resources of banks. However, this definition is not entirely accurate.

Investment banking is an activity in which the bank is an investor, investing its own resources for a period of time in the creation, acquisition of real or purchase of financial assets in order to extract direct (income in the form of dividends, interest, resale profits) and indirect (formed on the basis of expansion the influence of banks on customers through the ownership of a controlling stake in their securities) income.

The process of banking investment activity can be divided into three subsequent stages:

1. making a decision on investment, determining investment goals, choosing an investment object;

2.implementation of the investment process itself, which consists in the conclusion of various contracts, licensed agreements. The result of this stage is the creation of an object of investment activity;

Stage of operation of the created object of investment activity: organization of the process of production of goods or provision of services, creation of a marketing system for the created goods.

The Federal Law "On the Securities Market" by regulating the main activities of participants in the financial (banking) market determines the direction of investment activities of modern Russian banks. For example, if a bank has a license to carry out brokerage and (or) dealer activities, it allows it to carry out transactions for the purchase and sale of securities in the interests of customers. Having a license for trust management, the bank receives the right to exercise trust management of both securities and the funds of its depositors intended for investment in securities for a certain fee.

Bank investments can be divided into the following groups:

By investment object:

real investments;

production investment.

Real investments are capital investments in production activities. According to the Federal Law "On investment activity in the Russian Federation, carried out in the form of capital investments, capital investments include investments made in the form of new construction, reconstruction, modernization of production, technical re-equipment of existing enterprises. All real investments can be divided into groups:

mandatory investments - investments aimed at ensuring that the enterprise can continue its activities (for example, changing the working conditions of the employees of the enterprise to the relevant standard indicators established by law);

investments aimed at improving the efficiency of the enterprise and its competitiveness. Their goal is to create conditions for reducing production costs, carried out through the modernization of equipment, the improvement of applied technologies, and the organization of labor;

investments aimed at expanding production, which allow the enterprise to increase its volumes within the existing production;

investments aimed at organizing new projects, as a result of which the production of completely new products or services is organized.

Also, real investment is carried out in the form of investments in real estate, precious metals, intellectual and property rights. The income from investments in real estate is made up of both an increase in market value and rent. However, this type of investment is effective for large banks, because. has a significant payback period and, accordingly, requires significant long-term sources for investment. Investing in precious metals also does not imply getting a quick enough profit, because. an increase in the market value is carried out only after a certain period of time.

Production investments are a form of bank participation in the capital costs of economic entities. They are carried out by providing investment loans, as well as various ways of participating in the financing of investment projects. The implementation of production investments is beneficial for the bank: firstly, the bank receives, in addition to profit, the opportunity to participate in the management of the enterprise (both created and modernized), since the bank acquires the right to share ownership of the property of the enterprise or concludes an agreement on the participation of management, on the basis of which, in including investment in the project. The enterprise itself also benefits from such investments, since, by receiving the necessary resources on the terms of the bank's participation, it also receives the interest of this credit institution in the successful implementation of the project, which provides comprehensive assistance in its implementation. However, a significant concentration of the ownership of manufacturing enterprises in the bank reduces the reliability of the financial system, increasing banking risks.

Investments in the creation and development of enterprises and organizations include two types:

investments in the economic activities of other enterprises, which are carried out through participation in their capital expenditures, formation or expansion of the authorized capital. When participating in the authorized capital through the purchase of shares, shares, shares, commercial banks become co-owners of the authorized capital and acquire all the rights provided by law.

investments in the bank's own activities, while these investments are divided into investments in the development of the material and technical base of the bank and staff training, investments focused on expanding banking services (introduction of new services, holding promotional activities), and investments aimed at achieving compliance with regulations, established by the Central Bank of the Russian Federation for certain types of activities. The main indicator of the effectiveness of this type of investment is the receipt by the bank of a higher rating and, accordingly, the improvement of its financial condition.

By sources of funds for investment:

the bank's own investments made at its expense,

client, carried out by the bank at the expense and on behalf of its customers.

By investment period:

short-term investments (up to one year);

medium-term (for a period of 1-3 years);

long-term (over three years).

It should be noted that, unlike foreign legislation, the concept of an investment bank is not established in Russian legislation, and therefore there is no distinction between commercial and investment banks. Therefore, Russian banks are universal credit organizations that have the opportunity to independently choose priority areas of activity. If the bank participates in the investment process, then the main areas of such participation in general terms are:

mobilization by banks of funds for investment purposes;

provision of investment loans;

investing in securities, shares, equity participations (both at the expense of the bank and on behalf of the client).

All marked directions are closely connected with each other. The Bank forms its resources by accumulating capital, savings of the population and other available funds for the purpose of their profitable use. The volume and structure of operations for the accumulation of funds are the main factors influencing the state of the credit and investment portfolios of banks, the possibility of their investment activities.

1.2 Methods for evaluating investment activity

The transition to a market economy influenced the methods used to assess the effectiveness of the investment activities of commercial banks (Fig. 1.1.).

Rice. 1.1. Methods for evaluating investment activity

Methods for evaluating investments based on discounting, the basis of which is the following indicators:

1. net present value of the bank - 1) for real investments - the difference between the amount of net cash flow reduced to the present value for the period of operation of the investment project and the amount of investment costs for its implementation; 2) for financial investments - the difference between the present value of individual stock instruments and the cost of their acquisition, while the amount of the bank's expected cash income does not include depreciation charges.

The greater the value of net present value, the more effective investment activity. If this indicator is equal to zero or has a negative value, then these investments are not effective, since they do not bring additional income. The disadvantage of this method is the difficulty of choosing the appropriate discount rate. This can lead to a biased assessment of the effectiveness of investments.

2. The rate of internal return expresses the level of profitability of the project, represented by the discount rate at which the future value of cash receipts from the project is reduced to the present value of the funds advanced. The internal rate of return also serves as an indicator of the level of risk on bank investments: if the internal rate of return exceeds a given discount rate, investments are considered more reliable. Provided that the main parameters (required investment amount, risk level, duration) of several investment options are identical, the internal rate of return can be used to compare these investment projects.

3. The profitability index is the ratio of the present value of cash flows to the value of investments. Since the effectiveness of any investment is determined on the basis of a comparison of income and costs, this indicator methodically acts as an investment efficiency coefficient, which is calculated taking into account the difference in the value of funds over time.

4. payback period - the period during which investments are covered by the total results of their implementation. The disadvantage of calculating the payback period using the discounted method is that it does not take into account the order of occurrence of cash flows during the payback period and those cash flows that are formed after the payback period.

The most reliable among all indicators of the method of investment evaluation based on discounting, under various combinations of conditions, is the net present value. It is inappropriate to use all other indicators noted as leading ones or without connection with net present income, because, firstly, they have disadvantages that are inherent in specific indicators, and secondly, they do not fully take into account cash flows as a result of investment.

The simplest methods for evaluating investments:

1. The method of calculating the payback period involves determining the period during which the initial investment will return to the investor bank. A higher payback period is associated with an increase in the likelihood of uncontrolled random factors. , which are especially pronounced in inflationary conditions, increasing investment costs and reducing profitability. All this can lead to a refusal to invest. Therefore, from this point of view, the payback period is a kind of limiter that will allow you to avoid inefficient investments.

2. The method of determining the accounting return on investment is aimed at determining the bank's income and represents the ratio of the bank's average income from these investments to the average annual cost of investments. The advantage of this method: simplicity of calculations, focus on profit. The negative side of the same method is to ignore the unequal value of funds over time.

Thus, evaluating the effectiveness of investment activity from the point of view of a commercial bank is a rather complicated process. The diversion of financial resources for a long time is always associated with increased risk.

.3 Factors affecting the implementation of investment activities

The investment policy of the bank is determined by a number of factors that can be divided into two groups:

Objective factors - those factors that do not depend on the activities of the state as a whole and the bank in particular (financial crises, natural disasters, etc.);

Subjective factors that are completely dependent on the activities of the state and individual business entities (the level of management in the management of both banks and the state; the bank's choice of the form of investment and financial policy, etc.)

In addition, the investment activity of the bank is influenced by various factors both at the micro level and at the macro level:

Microeconomic factors:

the volume and structure of the resource base, which determine the scale and types of investment activities (large banks, other things being equal, have significant financial resources compared to medium and small ones);

the general motivation of the bank's activities, the nature and significance of strategic goals;

stages of the life cycle of the bank;

size, organizational structure and functional structure of the bank;

return on comparable assets;

the scale of costs for the formation and management of the investment portfolio.

Macroeconomic factors:

economic and political situation in the country;

the state of the investment and financial market;

inflation rate;

tax policy;

structure of the banking system;

stability of the banking system.

In order to take these factors into account when developing an investment policy, the bank needs to collect and process such information as: the state of the macroeconomic situation and the investment climate in the country (the dynamics of GDP, GNP, national income, state budget and the level of its deficit, inflation rate, etc.); the main indicators that characterize the macroeconomic development of the investment market as a whole; the main indicators of the development of individual segments of the investment market; indicators of investment attractiveness of regions; data on the dynamics of individual investment instruments; data on the activities of individual economic entities; legislative and regulatory acts that determine the mode of investment activity of the bank; provisions on taxation of various types of banking activities. The resulting data of such an analysis is an important guide in making investment decisions. The quality of the initial information largely determines the level of investment analysis.

It should be noted that the implementation of investment activities by the bank is influenced by the established control and rather strict regulation of banking activities by the Central Bank of the Russian Federation (Bank of Russia). Since significant risks are inherent in the investment activity of the bank, the risk of loss of investment capital has a great influence on the conduct of investment activities. The bank must determine this risk for itself by comparing the level of risk acceptable to it and the average level of risk inherent in these assets, as well as the possibility of eliminating it through asset diversification or alternative investments. In addition to the fact that the bank must ensure the safety of its invested funds, it is also important to ensure a certain stable income in the form of current cash payments or an increase in the market value of assets, since the purpose of bank investment is to generate income. Accordingly, the bank should take into account the limits of acceptable risk of income from investment investments.

The experience of banking practice testifies to the expediency of taking into account all the considered factors for formulating an investment policy, while all this is reflected in the form of a bank's investment program.

investment bank development appraisal

. Analytics of investment activity of banks

1 Investment promotion methods

The most important part of the stock market development policy is the tax component. World experience shows that stock markets as a source of investment always and everywhere have huge tax benefits. In a crisis, lack of investment and high risks, the creation of tax incentives that compensate for these risks is one of the most powerful tools to encourage people to invest in Russian stocks and bonds.

At the same time, the most common tax methods for stimulating investors in securities, which are widely used in international practice, are not used in Russia. The Tax Code of the Russian Federation establishes the following income tax rates:

%, unless otherwise provided for in clauses 2-5. Article 284 of the Tax Code of the Russian Federation;

% - on income in the form of interest on state and municipal securities, the terms of issue and circulation of which provide for income in the form of interest, etc.

In the field of tax policy, the creation of favorable conditions for the intensification of investment activity in the manufacturing sector implies an increase in the effectiveness of tax incentives in the implementation of investments. Tax incentives can be implemented in the form of: exemption from taxation of part of the profits used to finance capital investments in order to develop their own production base and to finance housing construction; discounts, the effect of which is associated with expenses that affect the results of taxation; tax credits; tax holidays.

A more effective type of tax benefits, which has become widespread in Western practice, is an investment tax credit. It provides for a reduction within a certain period and within the permissible limits of payments on profit (income) tax, as well as on regional and local taxes, followed by a phased payment of the loan amount and accrued interest. Unlike other types of benefits, a tax investment loan acts as a direct reduction in the tax liability and takes into account the property status of the taxpayer to a greater extent. If the use of tax credits is more beneficial for taxpayers whose income is taxed at high rates, then the use of an investment tax credit is for taxpayers with low incomes.

In Russia, the procedure for applying an investment tax credit was determined by the Federal Law "On Investment Tax Credit", however, due to the complexity of obtaining a loan and the imperfection of the legal framework, this type of tax benefits has not been widely used. In the Tax Code, the investment tax credit is considered as the main type of benefits that stimulate investment in the real sector of the economy.

The legal basis for regulating the investment sphere is reflected in the Civil Code of the Russian Federation. Meanwhile, in the practical organization of investment activity, a number of problems remain that require legal regulation. These include: guarantees of real security of property rights, the issue of private ownership of land, registration procedures for enterprises associated with the activities of foreign investors, unpredictable and frequent changes in customs duties, as well as the inconsistency and inconsistency of the legal approaches used. The legislative framework should be the foundation for the activities of all economic entities (the state, enterprises, corporations, financial intermediaries, the population).

It is necessary to legislate the limits of administrative influence, increase the role of legal regulation of economic life, create an effective system of judicial review of economic disputes, and switch to the use of normative methods of regulating the economy. Widespread use of regulatory methods of regulation (interest and tax rates, economic liquidity standards, insolvency, financial condition of mandatory reserve norms, regulatory requirements for licensing and registration of business activities, criteria for investment project tenders, etc.) will ensure the objectivity of business decision-making , limit the role of administrative bodies to control the compliance of the activities of economic entities with the standards, requirements and criteria established by law. Thus, taking into account the scale of the tasks to be solved, it is obvious that in order to initiate a sustainable investment boom, coordinated measures are needed to ensure a favorable environment for investment activity, the development of forms and methods of economic regulation that take into account the real investment situation.

To revive investment activity in Russia, it is necessary to create an effective mechanism for creating a favorable climate for investment, and to concentrate the necessary financial resources in the banking system.

The practice of investing in developed countries shows that the integration of investment and innovation activities is successful with a powerful mechanism for attracting cash deposits from the population and banks' own working capital; developed securities market; using the opportunities of leasing and insurance companies, investment funds, mortgage lending.

As for Russia, it is expedient for it to choose such an adaptive strategy for managing the investment and innovation process, in which there would be joint elements of various strategies based on domestic intellectual potential and scientific and innovative resources that contribute to the production of competitive types of products and services, their implementation in the domestic and foreign markets.

Among the measures of a general nature, the following should be mentioned as priorities:

Achievement of national accord between various power structures, social groups, political parties and other public organizations;

radicalization of the fight against crime;

deceleration of inflation by all measures known in world practice, with the exception of non-payment of wages to workers;

revision of tax legislation in the direction of its simplification and stimulation of production;

mobilization of free funds of enterprises and the population for investment needs by raising interest rates on deposits and deposits;

launching the bankruptcy mechanism provided for by law;

providing tax incentives to banks, domestic and foreign investors making long-term investments in order to fully compensate them for losses from slow capital turnover in comparison with other areas of their activity;

Among the measures to enhance the investment climate, it should be noted:

adoption of laws on free economic zones;

creation of a system for receiving foreign capital, including a wide and competitive network of state institutions, commercial banks and insurance companies that insure foreign capital against political and commercial risks, as well as information and intermediary centers engaged in the selection and ordering of projects that are relevant for Russia, and the search for those interested in their implementation investors and prompt execution of turnkey transactions;

creation in the shortest possible time of a national system for monitoring the investment climate in Russia;

2.2 Problems of investment activity and development prospects

Despite the fairly successful financial, economic and investment activities, banks are faced with a number of problems in the investment sphere, which affects not only the growth rate of banks' profits, but also generally hinders the investment policy of banks.

First of all, among the problems of the investment activity of Russian banks, it is worth noting the low-quality analysis of the economic situation and the financial market, the poor-quality assessment of the effectiveness of investment investments by unskilled specialists. Russia still does not have its own system for assessing the investment climate. Banks are guided by the assessments of numerous firms that regularly monitor the investment climate in many countries of the world, including Russia. However, those assessments of the investment climate in Russia, which are given by foreign experts, seem to be unreliable. At the same time, it should be noted that such an analysis by experts is carried out without the participation of the Russian side. This problem can lead to a decrease in the profitability and liquidity of commercial banks in general.

The second problem of investment activity is the dominance of investment by commercial banks in large investment projects, while small and micro-projects are not given enough attention, despite the fact that they can also bring high returns on investment in them. Unfortunately, such projects are quickly closed due to the lack of investments in them.

The development of investment activity in Russia is also hampered by the lack of an appropriate legislative framework that regulates relations between participants in the investment process.

Studies by some experts have shown that the investment activity of banks is "slowed down" by the enterprises themselves. Firstly, enterprises are not ready to fully absorb investments due to the low level of management, and secondly, banks have no desire to invest in unreformed enterprises due to high risks and the impossibility of assessing the level of risk itself.

The effectiveness of banking investment policy is also significantly affected by the unfavorable investment climate in the country, as well as the state of the domestic economy as a whole (unstable refinancing rate of the Central Bank of the Russian Federation, increased risk of investments in investment projects, etc.).

Russia continues to experience high inflation and significant long-term investment risk preventing banks from being fully active in this area. A decrease in inflation may create a fundamentally new situation, in which investments will become an important direction for investing funds for a bank. However, this will happen only if issues related to risk guarantees and return on investment are resolved.

The investment activity of banks is closely connected with the Russian stock market and the stock market.

In recent years, the stock market has shown steady growth, but its "narrowness" due to the reluctance of most companies to become public, and infrastructure problems are factors that deter investment. Moreover, in the last 5 years there has been a tendency to move the trade in securities of domestic companies to Western exchanges. The consequence of the narrowness and relative weakness of the domestic stock market are sharp jumps in the value of securities, which is to some extent good for small and medium speculative players, but for large strategic and institutional investors (commercial banks), as well as ordinary citizens, such excessive market volatility is dangerous . The ups and downs of the market are sometimes so rapid that an investor can either become rich or, conversely, become bankrupt in just a matter of minutes.

As for the stock market, its main feature in Russia is that the current price of a share depends on speculative trends (while in developed stock markets the market price of a share is formed on the basis of an assessment of the financial condition of the enterprise), which carries with it a high investment risk. But domestic enterprises themselves are not ready to carry out the first public offerings of shares. Therefore, if enterprises need investments, they are primarily ready to turn to foreign investors rather than domestic ones. This situation leads to an increase in the share of Western trading floors in the total volume of trading in domestic shares. Thus, the Russian stock market is not considered a reliable mechanism that can ensure the growth of the country's economy.

In fact, in Russian practice there is no mechanism for stimulating the development of commercial banks' productive investments. In world practice, such instruments as the preferential procedure for reserving borrowed funds, special conditions for refinancing commercial banks for real investment projects in Russia are not used. The unformed economic conditions that would allow attracting the bulk of commercial banks to participate in the investment process will allow only individual banks to make productive investments, the total volumes of which, unfortunately, are not comparable either with the needs of the economy or with the available investment potential of the banking system.

Recently there have been some signs of a revival in the investment activity of Russian commercial banks. It begins to be understood that with the beginning of economic stability, banks will receive a tangible advantage by starting investment activities. At the same time, neither the level of inflation, nor the length of the payback period, nor the high cost of projects will become an obstacle to the participation of banks in the modernization of the Russian economy. A number of large banks are already revising their development strategy and are starting to get actively involved in the investment process.

In addition, to solve the problems noted, it is advisable:

conduct continuous training of specialists who assess the investment activities of commercial banks, as well as the entire investment climate, to improve their level of competence and qualifications;

establishing cooperation between banks of a higher level, within which banks could pool their investment resources to finance large projects. At the same time, it is necessary to carry out investment lending to small projects after their thorough analysis;

it is necessary to develop a mechanism for stimulating and making investments in the Russian economy and fix it in law;

it is necessary to create preferential conditions for attracting investments (in terms of paying taxes, creating federal investment programs). Only with a stable economic situation can the activity of investors and banking investment activities increase.

It is also expedient to increase the investment activity of the banking system by creating a system for stimulating and insuring investments. The most important prerequisite for enhancing the investment activity of banks is the creation of a long-term resource base for the banking sector and the formation of conditions for its effective operation in servicing the needs of production, which is associated with the implementation of a set of measures to restructure the banking system of Russia.

3 Generalizing conclusions of investment activity of banks in the Russian Federation

In connection with the analysis of the causes of the financial crisis and the search for ways to further develop the banking system, some economists consider it necessary to make a transition to the American model, which makes it possible to distinguish between commercial and investment risks.

The profits of banks specializing in individual operations can be quite large, which makes it unnecessary to operate in other areas. At the same time, the last decades are characterized by a clear trend towards the universalization of banking operations. Increasing competition between credit institutions and the emergence of fundamentally new opportunities in the context of the development of a powerful financial market have led many banks to find other ways to increase the profitability of their operations.

The trend towards universalization has led to the development of services: investment project financing, leasing, client investment portfolio management, consulting services, etc. The development of banking services occurs both as a result of the liberalization of banking legislation, and as a result of various methods for circumventing existing laws by banks.

The universal nature of Russian commercial banks is largely forced, due to the underdevelopment of the securities market and the network of non-banking institutions. The universal model is associated with an increased riskiness of the activities of a commercial bank, which increases sharply in crisis conditions, since the bank's risks for investment investments are not separated from the risks for deposit-credit and settlement operations.

Investing in securities in direct connection with the main banking activity in the absence of a risk control mechanism is fraught with the threat of loss of the bank's liquidity.

The organization of investment banks, which are of particular importance for the Russian economy, which is in such need of long-term investments, within the framework of the emerging universal model, most likely can be the creation of investment institutions as subsidiaries of large universal banks or the formation of specialized investment banks operating on the basis of a system of state guarantees and benefits.

The Russian economy needs not only to improve the existing forms of investment activity, but also to use new patterns of relationships between the participants in the investment process.

It is of fundamental importance that banks pursue a more active investment policy and participate in the implementation of highly efficient investment projects. Very important in this regard is the analysis of the participation of banks in developed countries in project financing.

The development of project finance in the country is hampered by an unfavorable investment climate, insufficient resources for large-scale financing of capital-intensive projects, low qualifications of project finance participants, and other factors that exacerbate project risks. In the current conditions, the solution of the problem requires an integrated approach that takes into account the interests of various parties.

The most common tax incentives for investors in securities, which are widely used in international practice, are not used in Russia.

In the field of tax policy, the creation of favorable conditions for the intensification of investment activity in the manufacturing sector implies an increase in the effectiveness of tax incentives in the implementation of investments.

Widespread use of regulatory methods of regulation (interest and tax rates, economic liquidity standards, insolvency, financial condition of mandatory reserve norms, regulatory requirements for licensing and registration of business activities, criteria for investment project tenders, etc.) will ensure the objectivity of business decision-making , limit the role of administrative bodies to control the compliance of the activities of economic entities with the standards, requirements and criteria established by law.

However, in my opinion, despite the tempting prospects for growth in lending to individuals, the main income of banks, as before, will come from loans to enterprises.

An important prerequisite for financial stability will be the start of real operation of the bank deposit insurance system. Most likely, almost all banks that play a significant role in the market of private deposits will become its members, and a small number of banks with an insignificant volume of deposits will be weeded out.

The banking system of Russia must finally decide on the ways of its development against the backdrop of growing competition from foreign banks. There will be a restructuring of the banking system, mergers and acquisitions in the financial sector of the economy.

The organizational infrastructure of the investment market should allow the construction of financial multipliers, create the possibility of placing relatively cheap resources under the provision of various instruments and guarantees, the level of profitability, the level of investment risks.

Conclusion

In the economic literature, investments are understood as all directions of the placement of resources of a commercial bank, on the one hand, and operations for the placement of funds for a period in order to receive, on the other hand.

The investment activity of the bank is the investment of bank financial resources in securities, real estate, authorized capital of enterprises. The investment activity of commercial banks has a dual nature: from the point of view of a bank (economic entity), investment activity is aimed at increasing the bank's income, but in the macroeconomic aspect, the effect of investment activity is to achieve an increase in social capital.

The profitability of the investment activity of banks depends on a number of external and internal factors: the general state of the economy, the presence of a well-functioning and well-functioning financial and credit system, the securities market, market institutions; a system of legislative acts and regulations governing the procedure for the issuance and circulation of securities and the activities of the participants in the securities market themselves.

Complex and simple methods are used to evaluate the effectiveness of investments. Sophisticated methods are based on discounting and involve the calculation of indicators of net present value, yield index, internal rate of return and payback period. In this set of indicators, the criterion is the net present value. The simplest methods include the calculation of the payback period of investments and the method of determining the accounting return on investment.

The choice of optimal forms of investment of banks' funds, taking into account various factors that affect investment activity, involves the development and implementation of investment policy.

There are a number of problems in the investment activities of banks in Russia:

poor quality analysis of the investment climate in Russia,

the dominance of investment by commercial banks in large investment projects, while small and micro-projects receive little attention,

lack of an appropriate legislative framework that regulates relations between participants in the investment process,

unfavorable investment climate in the country, as well as the state of the domestic economy as a whole

underdeveloped stock market and stock market in Russia,

lack of a mechanism to stimulate the development of industrial investments of commercial banks.

To solve these problems, it is advisable:

constantly improve the skills of specialists who are involved in assessing the investment climate in Russia,

establishing cooperation between higher level banks,

it is necessary to develop a mechanism for stimulating and making investments in the Russian economy and fix it in law,

it is necessary to create favorable conditions for attracting investments,

creation of a system for stimulating and insuring investments.

Efficient investment activity is one of the factors for increasing competitiveness among credit institutions, as well as for the successful long-term functioning of banks, the efficient use of financial assets, and strengthening financial stability and liquidity. Therefore, issues related to the development of investment activities of commercial banks are important both for individual banks and for the entire macroeconomic system.

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MINISTRY OF EDUCATION AND SCIENCE OF THE RUSSIAN FEDERATION

BRANCH OF THE FEDERAL STATE AUTONOMOUS

BUDGET EDUCATIONAL INSTITUTION

HIGHER PROFESSIONAL EDUCATION

"KAZAN (VOLGA) FEDERAL UNIVERSITY

IN NABEREZHNY CHELNY

DEPARTMENT "FINANCE AND ACCOUNTING"

COURSE WORK

By discipline: "Investments"

On the topic: "The main types of investment activities of banks"

Naberezhnye Chelny

Introduction

Conclusion

List of used literature

Introduction

Investment activity plays a significant role in the functioning and development of the economy. Changes in the quantitative ratios of investments have an impact on the volume of social production and employment, structural shifts in the economy, development of industries and sectors of the economy.

The problem of investments in our country is so urgent that talk about them does not subside. This problem is relevant, first of all, because investments in Russia can make a huge fortune, but at the same time, the fear of losing the invested funds stops investors. The Russian market is one of the most attractive for investors, but it is also one of the most unpredictable, and investors are rushing from side to side, trying not to lose their piece of the Russian market and, at the same time, not to lose their money. At the same time, investors are guided primarily by the investment climate in Russia, which is determined by independent experts and serves to indicate the effectiveness of investments in a particular country.

Significant investment potential is concentrated in the institutions of the banking system, which, unlike many other intermediary institutions, have exceptional opportunities for the use of transactional funds and credit emission.

The banking system is an important source of meeting investment demand. However, the state investment policy is now aimed precisely at providing investors with all the necessary conditions for working on the Russian market, and therefore in the future we can count on a change in the situation in the Russian economy for the better.

The course work is devoted to an important problem for a developing economy - the investment policy of a commercial bank. Today, banks are seen as potentially active and heavily resourced participants in investment activities.

The purpose of the work is to identify the conditions and prospects for the development of investment activities of commercial banks in the real sector of the Russian economy.

1. Theoretical foundations for the functioning of the investment activities of banks

1.1 Definitions and forms of investment activities of commercial banks

Usually, investments are understood as long-term investments of capital in any enterprise, business, project. In banking, this concept includes any long-term investment of bank funds. Investment activities, for example, in addition to investments in securities, often include lending to fixed assets of an enterprise, loans to small businesses, financing current, short-term needs of an enterprise.

However, the following definition should be considered more correct. Bank investments are long-term investments of bank resources in securities in order to obtain direct and indirect income. The bank receives direct income from investments in securities in the form of dividends, interest or resale profits. Indirect income is formed on the basis of expanding the influence of banks on customers through the ownership of a controlling stake in their securities. Bank investments include investments in stocks, bonds and other securities. Despite the fact that bank investments, according to the definition, should be long-term, all investment instruments are divided into:

money market instruments with a maturity of up to one year, which are characterized by low risk and high liquidity;

capital market instruments that mature after more than a year and generally have a higher yield.

Investment activity - investment, or investment, and a set of practical actions for the implementation of investments. The subjects of investment activity are investors, both individuals and legal entities, including banks, and the objects of investment activity are newly created and modernized fixed and working capital, securities, targeted cash deposits, scientific and technical products, and other property objects.

The investment activity of commercial banks is carried out at the expense of: own resources, borrowed and borrowed funds.

The main areas of participation of banks in the investment process in the most general form are as follows:

mobilization by banks of funds for investment purposes;

provision of investment loans;

investing in securities, shares, equity participations (both at the expense of the bank and on behalf of the client).

These areas are closely related to each other. By mobilizing capital, savings of the population, other free funds, banks form their resources for the purpose of their profitable use. The volume and structure of operations for the accumulation of funds are the main factors influencing the state of the credit and investment portfolios of banks, the possibility of their investment activities.

The investment activity of banks is seen as a business of providing two types of services: increasing cash by issuing or placing securities on their primary market; connecting buyers and sellers of existing securities in the secondary market while acting as brokers or dealers.

With the transition to a market economy and the formation of the stock market, the interpretation of bank investments as long-term investments in securities is also reflected in domestic economic literature. It is noted that it is customary to include securities with a maturity of more than one year as bank investments.

Investments are understood both as all directions of placement of resources of a commercial bank, and as an operation for the placement of funds for a period of time in order to generate income. In the first case, investments include the entire range of active operations of a commercial bank, in the second, its term component.

Bank investments have their own economic content. The investment activity of banks in the microeconomic aspect - from the point of view of the bank as an economic entity - can be viewed as an activity in which the bank acts as an investor, investing its resources for a period of time in the creation or acquisition of real assets and the purchase of financial assets in order to extract direct and indirect income.

At the same time, the investment activity of banks has another aspect related to the implementation of their macroeconomic role as financial intermediaries. In this capacity, banks contribute to the implementation of the investment demand of business entities, acting in a market economy in the form of monetary and credit, the transformation of savings and savings into investments.

At the same time, in the real conditions of the Russian economy, where the securities market is characterized by the dominance of speculative investments, instability and does not play any significant role in solving the problems of investing in the economy, the priority importance of credit forms of meeting investment demand will remain for a sufficiently long period. Therefore, when studying the participation of banks in the investment process, one should take into account the dual nature of the investment activities of banks. The following indicators can be used as indicators of the investment activity of banks:

the volume of investment resources of commercial banks;

index of real value of investment resources;

volume of bank investments;

the share of investment investments in the total assets of banks;

structural indicators of banking investments by objects of their application;

indicators of the effectiveness of the investment activities of banks, in particular, the increase in assets based on the volume of investments, the increase in profits based on the volume of investments;

indicators of alternative profitability of investing in the manufacturing sector compared to investing in profitable financial assets;

The classification of the forms of investment activity of commercial banks in the economic literature and banking practice is carried out on the basis of general criteria for systematizing the forms and types of investments.

In accordance with the object of investment, investments in real economic assets (real investments) and investments in financial assets (financial investments) can be distinguished. Banking investments can also be differentiated by more specific investment objects: investments in investment loans, term deposits, shares and equity participations, in securities, real estate, precious metals and stones, collectibles, property and intellectual rights, etc.

Depending on the purpose of the investment, bank investments can be direct, aimed at ensuring the direct management of the investment object, and portfolio, aimed at direct management of the object, and carried out with the expectation of receiving income in the form of a flow of interest and dividends or due to an increase in the market value of assets.

According to the purpose of investments, it is possible to single out investments in the creation and development of an enterprise and organization and investments that are not related to the participation of the bank in economic activities.

According to the sources of funds for investment, there are own and bank investments made at its own expense, and client investments made by the bank at the expense and on behalf of its customers.

According to the terms of investments, investments can be short-term (up to one year), medium-term (up to three years) and long-term (over three years). Investments of commercial banks are also classified by types of risks, regions, industries and other characteristics.

In addition to lending to investment projects in the sphere of production, real investments of banks can be made in the form of investments in real estate, precious metals and stones, collectibles, property and intellectual rights that are in market circulation, as well as the creation and development of their own material and technical base.

Banks' financial investments include investments in securities, term deposits with other banks, investment loans, shares and shares. As the stock market develops, investments in securities are becoming increasingly important: debt obligations (bills, certificates of deposit, state and municipal securities, other types of obligations issued by legal entities), equity securities (shares). Investments in securities can be made at the expense of the bank's funds (own investment transactions), as well as at the expense of funds and on behalf of the client (client investment transactions). The Bank may invest in the form of term deposits in other banks. Deposit operations are used by the Central Bank to bind excess liquidity.

An investment loan acts as a form of providing a long-term loan on terms of payment, urgency and repayment, in which the bank has the right to return the principal amount of the debt and interest payments, but does not acquire the right to joint economic activities. At the same time, this type of lending has certain differences from other credit transactions, including the specific purpose of the loan, a longer period of provision and a high degree of risk. To reduce investment risks, Russian banks providing investment lending impose a number of additional conditions. The most common conditions are the following:

acquisition of a controlling stake in the enterprise;

providing financial guarantees from the government, reliable banks;

providing highly liquid collateral;

share.

Since an investment loan is issued for a long period, when assessing investment risks during the consideration of a loan application or an investment project, it is important not only to analyze the current creditworthiness of the borrower and his credit history, but also to take into account the dynamics of the financial condition of the enterprise.

Investments in shares, shares and shares, unlike investment lending, are a form of participation of banks in economic activities in which banks act as co-owners of the authorized capital of enterprises and organizations and founders (co-founders) of a company of a financial and non-financial nature.

Investments in the creation and development of enterprises and organizations include two types: investments in the economic activities of other enterprises and investments in the bank's own activities. The bank's investments in the economic activities of third-party enterprises and organizations are carried out through participation in their capital expenditures, formation or expansion of the authorized capital. When participating in the authorized capital through the purchase of shares, shares, shares, commercial banks become co-owners of the authorized capital and acquire all the rights that shareholders and participants in the enterprise have in accordance with the law. Investments in the creation and development of third-party enterprises also take place during the founding activities of the bank, when the latter is the founder (co-founder) of financial and non-financial companies and their associations. Organizations established by commercial banks are predominantly in the financial sector (investment funds and companies, brokerage firms, investment consultants, leasing and factoring firms, depository and clearing institutions, insurance firms, non-state pension companies, holding companies, financial groups, etc.) or services (financial consulting, information, etc.).

Investments in the creation and development of third-party enterprises and organizations may be of an industrial and non-productive nature. Production investments, acting as a form of participation of banks in the capital costs of economic entities, are carried out by providing investment loans and various ways of participating in the financing of investment projects. Commercial banks can participate in the financing of an investment project by providing a loan, corporatization, formation and expansion of the authorized capital, leasing, or various combinations of these methods.

Russian commercial banks often invest in the creation and development of enterprises and organizations, relying not on dividends and interest, but on a side economic result: gaining a foothold in the markets, attracting additional customers, etc. One of the investment conditions, as noted above, is the requirement to obtain control over the enterprise.

Existing laws and regulations contain a number of restrictions on the participation of banks in economic activities. Among them it should be noted:

legislative prohibition to engage in production, trade and insurance activities Federal Law "On Banks and Banking Activity" No. 395-1 dated 12/2/1990 (as amended on 07/29/2005);

limiting the participation of banks in the capital of other enterprises and organizations by 25% of their own funds;

limiting investments in the acquisition of shares (shares) of one legal entity to 10% of the bank's capital;

other restrictions imposed on all business entities (antimonopoly rules, regulations governing participation in financial and industrial groups).

Investments in the bank's own activities include investments in the development of its material and technical base and improvement of the organizational level. The direction of these investments depends on what tasks are supposed to be carried out with their help. Depending on the direction of investment, we can distinguish:

investments that improve the efficiency of banking activities. They are aimed at creating conditions for reducing banking costs by improving technical equipment, improving the organization of banking activities, working conditions, staff training, research and development;

investments focused on the expansion of banking services. Such investments involve the expansion of the resource and client base, an increase in the range of banking operations, the creation of new divisions capable of providing the production of new types of banking services;

investments related to the need to comply with the requirements of state regulatory bodies. These investments are made, if necessary, to meet the requirements of regulatory authorities in terms of creating certain conditions for banking activities.

The effectiveness of investments in the development of the bank is achieved if, as a result of the costs incurred, the improvement of its financial condition is ensured, the transition to a higher rating category. Determining the volume and structure of investments in own activities, carried out in the process of developing a bank's capital investment plan, should be based on accurate technical and economic calculations. Exceeding the required volume of investments may lead to liquidity imbalance, decrease in the bank's income base and decrease in the efficiency of banking activities.

1.2 Goals and process of investment activities of commercial banks

The investment policy of commercial banks involves the formation of a system of targets for investment activity, the choice of the most effective ways to achieve them. In the organizational aspect, it acts as a set of measures for organizing and managing investment activities, aimed at ensuring optimal volumes and structure of investment assets, increasing their profitability with an acceptable level of risk. The most important interrelated elements of the investment policy are the tactical and strategic processes of managing the bank's investment activities. Under the investment strategy understand the definition of long-term goals of investment activities and ways to achieve them. Its subsequent detailing is carried out in the course of tactical management of investment assets, including the development of operational goals for short-term periods and the means of their implementation. The development of an investment strategy is thus the starting point of the investment management process. The formation of investment tactics takes place within the framework of the given directions of the investment strategy and is focused on their implementation in the current period. It provides for determining the volume and composition of specific investment investments, developing measures for their implementation, and, if necessary, compiling a model for making management decisions on exiting an investment project and specific mechanisms for implementing these decisions.

Banks, when buying certain types of securities, seek to achieve certain goals, the main of which include:

investment security;

return on investment;

investment growth;

liquidity of investments.

Investment security refers to the invulnerability of investments from various shocks in the stock market, the stability of income and liquidity. Security is always achieved at the expense of profitability and investment growth. The optimal combination of security and profitability is achieved by careful selection and constant revision of the investment portfolio.

The main principles of effective investment activity of banks are:

firstly, the bank must have professional and experienced professionals who make up and manage the portfolio of securities. The result of the bank's activity to a decisive extent depends on the effectiveness of investment decisions;

secondly, banks act more efficiently, the more they manage to distribute their investments among various types of stock values, i.e. diversify investments. It is advisable to limit the investment by types of securities, sectors of the economy, regions, maturity, etc.

thirdly, investments must be highly liquid so that they can be quickly transferred into instruments that, due to changes in market conditions, become more profitable, and also so that the bank can quickly get back its invested funds.

The investment portfolio of a commercial bank usually consists of various securities issued by the federal government, municipalities and large corporations.

To assess the feasibility of acquiring certain securities, there are two main professional approaches; most large commercial banks conduct both fundamental and technical analysis.

Fundamental analysis covers the study of the activities of industries and companies, analysis of the financial condition of the company, management and competitiveness. It consists of industry analysis and company analysis. In an industry analysis, the bank determines the industries that are of greatest interest to it, and then the leading companies are identified in these industries, and among them the company whose shares it is advisable to purchase is selected.

Technical experts are based on the study of exchange (or off-exchange) statistics; analyze the change in supply and demand, the movement of stock prices, volumes, trends and structure of stock markets on the basis of diagrams and graphs, predict the possible impact of the situation on the market on the demand and supply of securities. The analysis of companies is divided into quantitative and qualitative. Qualitative analysis is an analysis of the effectiveness of company management; quantitative - studies of various kinds of relative indicators obtained by comparing individual articles of the company's financial report. Comparisons are made with similar enterprises and industry average data of the main absolute indicators of its activity (sales volume, gross and net profit), the study of changes and profitability of sales and profitability of capital, in net income per share and the size of the dividend paid on shares. Investment securities generate income for commercial banks in the form of interest income, commissions for the provision of investment services, and market value growth. World experience has not developed an unambiguous approach to the problem of using banks' own funds when acquiring shares of other legal entities: in some countries, the participation of banks in the capital of other structures is not limited (Germany), in some countries it is strictly prohibited (USA, Canada). The Bank of Russia has chosen an intermediate option for regulating this area - the Central Bank of the Russian Federation can control the work of the bank, but is not in a position to interfere in the activities of other economic entities that are not credit institutions, and, therefore, is not able to determine the degree of commercial risk. The main risks in investing are associated with the possibility of: loss of all or a certain part of the invested funds; · depreciation of the means placed in securities at growth of inflation; non-payment in full or in part of the expected return on invested funds; delays in earning income; · Emergence of problems with re-registration of ownership of acquired securities.

After determining the investment objectives and types of securities to purchase, banks choose a portfolio management strategy. According to the methods of conducting operations, strategies are divided into active and passive.

All active strategies are based on forecasting the situation in various sectors of the financial market and the active use by banking specialists of forecasts for adjusting the securities portfolio. Passive strategies use the forecast for the future to a lesser extent. A popular approach in such management practices is indexing, i.e. securities for the portfolio are selected based on the fact that the return on investment must correspond to a certain index and have a uniform distribution of investments between issues of different maturity. At the same time, long-term securities provide the bank with higher income, and short-term securities provide liquidity. A real portfolio strategy combines elements of both active and passive management.

The most important reason for the significant increase in bank investment in securities is the relatively high level of income on them, less risk and high liquidity compared to lending operations.

The most important characteristic of the forms and types of banking investments is their assessment from the standpoint of a combined investment criterion, the so-called magic triangle "profitability-risk-liquidity", which reflects the inconsistency of investment goals and requirements for investment values.

Banks work mainly not on their own, but on attracted and borrowed resources, so they cannot risk their clients' funds by investing them in large investment projects, if this is not secured by appropriate guarantees. In this regard, when developing their investment policy, commercial banks should always proceed from real risk assessments, economic efficiency, financial attractiveness of investment projects, the optimal combination of short, medium and long-term investments. At the same time, the existing investment system is not only an internal affair of the bank itself. In accordance with the basic principles of banking regulation, an integral part of any supervisory system is an independent review of the bank's policy, operations and procedures related to the issuance of loans and capital investment, as well as the ongoing management of the loan and investment portfolios.

Consequently, commercial banks must clearly work out and formally fix the most important activities related to the organization and management of investment activities. In essence, it is about the development and implementation of a sound investment policy. The development of the bank's investment policy is a rather complicated process, which is due to the following circumstances. First of all, due to the duration of investment activity, it should be carried out on the basis of a thorough long-term analysis, forecasting external conditions (the state of the macroeconomic environment and the investment climate, the investment market and its individual segments, taxation and state regulation of banking activities) and internal conditions (volume and the structure of the resource base of the market, the stage of its life cycle, the goals and objectives of development, the relative profitability of various assets, taking into account risk factors and liquidity, etc.), the probabilistic nature of which makes it difficult to form an investment policy.

In addition, the definition of the main directions of investment activity is associated with large-scale problems of research and evaluation of alternative options for invested decisions, the development of an optimal investment development model from the standpoint of profitability, liquidity and risk. The development of an investment policy is significantly complicated by the variability of the external environment of banks, which determines the need for periodic adjustment of investment policy, taking into account predicted changes and developing a system for prompt response. Therefore, the formation of the investment policy of banks is associated with significant difficulties, even in a steadily developing economy.

A prerequisite for the formation of investment policy is the general business policy of the bank's development, the main objectives of which are priority in the development of strategic objectives of investment activity. Representing an important component of the overall economic policy, the investment policy is a factor in ensuring the effective development of the bank.

The main goal of the investment activity of the bank can be formulated as an increase in the income of investment activity with an acceptable level of investment risk. In addition to the general goal, the development of an investment policy in accordance with the economic development strategy chosen by the bank provides for taking into account specific goals, which are:

ensuring the safety of banking resources;

expansion of the resource base;

diversification of investments, the implementation of which reduces the overall risk of banking activities and leads to an increase in the financial stability of the bank;

maintaining liquidity;

expansion of the bank's sphere of influence through penetration into new markets;

increasing the circle of clients and strengthening the impact on their activities through participation in investment projects, in the creation and development of enterprises, the acquisition of securities, shares, shares in the authorized capital of enterprises;

Determining the optimal ways to implement the strategic goals of investment activities involves the development of the main directions of investment policy and the establishment of principles for the formation of sources of investment financing. In accordance with these criteria, the following areas of investment policy can be distinguished:

investing in order to receive income in the form of interest, dividends, payments from profits;

investing for the purpose of generating income in the form of an increase in capital as a result of an increase in the market value of investment assets;

investment with the aim of generating income, the components of which are both current income and capital gains.

Orientation to one of the above areas is a key link in the formation of investment policy, which determines the composition of investment objects, the source of income, the level of acceptable risk and approaches to investment analysis. When the investment policy is oriented towards capital growth, the stability of the increase in the market value of investment assets comes to the fore, and their profitability is considered only as one of the factors determining the value of assets. A policy aimed at capital growth is associated with investing in investment objects, which are characterized by an increased degree of risk due to the possibility of depreciation of their value. An increase in the market value of investment objects can occur both as a result of an improvement in their investment qualities and short-term fluctuations in market conditions. At the same time, the role of the speculative component increases. Features of this type of investment policy determine the strengthening of the role of prospective aspects of analysis compared to retrospective and current analysis in making investment decisions. The choice of the direction under consideration as a priority is characteristic of an aggressive investment policy, the purpose of which is to achieve high efficiency of each investment operation, to maximize income in the form of the difference between the price and acquisition of an asset and its subsequent value with a limited investment period.

In the practice of banking activities, the directions of investment policy can be combined in various forms, which, as a rule, make it possible to strengthen the advantages and mitigate the disadvantages. A variant of such a combination is a moderate investment policy, in which the preference is for a sufficient amount of income in the form of both current payments and capital growth with an investment period not limited by strict limits and moderate risk.

The development of an investment policy involves not only the choice of investment directions, but also taking into account a number of restrictions associated with the need to ensure a balance in the investment investments of a commercial bank. Objectives and restrictions are established by the legislative and regulatory acts of the monetary authorities, as well as the management bodies of banks.

The Central Bank of the Russian Federation regulates the investment activities of commercial banks, defining priority investment objects and limiting risks by establishing a number of economic standards (the use of bank resources to acquire shares, issue loans, reserve for the depreciation of securities, bad loans), differentiated risk assessments for investments in various types of assets.

The organization of the investment policy in the bank involves the development of internal guidance documents that fix the basic principles and provisions of the investment policy. The experience of banking practice testifies to the expediency of formulating an investment policy in the form of an investment program. Reflecting the goals of investment, the investment program determines the main directions of investments and sources of their financing, the mechanisms for making and implementing investment decisions, the most important characteristics of investment assets: profitability, liquidity and risk, their ratio in the formation of the optimal structure of investment investments.

The limit of acceptable risk is the weighted average cost of attracting investment resources. Having established the preferred forms of income in the process of developing the main areas of investment, the investor determines the share of each form in the total income from investment investments. Management of investment activities provides for the analysis of the structure of assets to bring them in line with the structure of investment resources and ensure the required level of liquidity. The liquidity of investment assets should be associated with the nature of the liabilities that are the source of their financing.

1.3 Income and risks of investment activities of banks

The profitability of the investment activities of commercial banks depends on a number of economic factors and organizational conditions, among which the decisive role belongs to such as:

steadily developing economy of the state;

the presence of various forms of ownership in the sphere of production and services, including the banking sector with a predominance of private and joint-stock ownership;

streamlined and well-functioning structure of the financial and credit system;

presence of a developed and civilized securities market;

availability of securities market institutions (investment companies, funds, etc.);

a streamlined system of legislative acts and regulations governing the procedure for issuing and circulation of securities and the activities of the participants in the securities market themselves, used in the practice of international investment activities of commercial banks;

availability and training of highly qualified specialists and entrepreneurs in the investment field of activity and the securities market, etc.

The yield of securities of certain classes and types depends on the market value of the investment portfolio, which, in turn, fluctuates depending on changes in interest rates on bonds and certificates, discount interest, interest on bills, dividends on shares and, accordingly, supply and demand for these securities in the securities market. The main goal of investment management is to maximize return for a given level of risk or minimize risk for a given level of income. The income from the investment portfolio consists of the following components:

income in the form of interest payments

income from capital appreciation of securities held in the bank's portfolio

Commission for the provision of investment services - spread (the difference between the buying and selling rates in dealer operations). There are the following main types of investment risk:

credit risk

exchange rate risk

liquidity risk

risk of early withdrawal

business risk.

Credit risk is that the principal and interest on a security will not be repaid in due time. Credit risk assessment for various types and separate issues of securities is given by specialized agencies. They assign a rating to securities, which makes it possible to judge the likelihood of timely repayment of obligations. Credit risk is associated with a decrease in the financial capacity of the issuer of securities when he is unable to fulfill his financial obligations, as well as with the obligations and abilities of the government of the state or its institutions to repay debts on loans made by it from the public, in particular, on bonds issued by the government of general character. State securities are considered free from credit risk due to the stability of the economy, from where the government draws funds to pay off its debts and obligations to creditors represented by the public and financial and credit commercial organizations. Banks tend to limit themselves to buying investment grade securities.

The risk of changes in the price of securities. This risk is associated with an inverse relationship between the rate of interest and the rate of hard-interest securities: with an increase in interest rates, the market value of securities decreases and vice versa. This creates big problems for the investment departments of banks, since when the economic situation changes, it often becomes necessary to mobilize liquidity and you have to sell securities at a loss. Rising interest rates lower the market price of previously issued securities, with issues with the longest maturities typically experiencing the largest price declines. Moreover, periods of rising interest rates are usually marked by an increase in demand for loans. And since the bank's top priority is to make loans, many securities must be sold in order to raise cash to make loans. A bank that bought securities in the face of falling demand for credit and relatively low interest rates, i.e. at a high market value, is forced to sell them at increased interest rates and a fall in the market value of securities. Negative foreign exchange differences occur on the bank's balance sheet, which reduce profits. As a rule, the market value of securities and the income of a commercial bank from them are inversely related: when securities prices are low, income from them is high and vice versa. Therefore, investors, buying securities during a period of low interest and other rates, run the risk of facing a decrease in the market value of securities in the event of an increase in rates on them. However, if interest rates decrease, the market value of securities will increase. Therefore, the increase in interest rates on securities has both positive and negative sides. The contradiction between liquidity and profitability determines the investment risk, which is considered in the investment activity of the bank as a dispersion of probable options for generating income with minimal damage, ensuring the liquidity of the bank as a whole. Banks should always consider the possibility that they may need to sell investment securities before maturity. In this regard, the question arises about the width and depth of the corresponding secondary market for this type of securities. The readiness of the leaders of a commercial bank to sacrifice liquidity for the sake of profit and vice versa means consciously taking more or less investment risk, taking into account all its factors.

Risk of early withdrawal of securities. Many corporations and some governments that issue investment securities reserve the right to call these instruments early and redeem them. Such redemption is allowed if the minimum allowable period has passed and if the market price of the bond is not lower than its initial market value. Since such “recalls” usually occur after market interest rates decline (when the borrower can issue new securities with lower interest costs), the bank faces the risk of loss of income as it must reinvest the returned funds at the lower interest rates prevailing on the bank. this moment. Banks usually try to minimize this call risk by purchasing bonds that cannot be called for several years, or simply by avoiding buying callable securities.

Business risk. All banks face a significant risk that the market economy they serve could collapse with declining sales and rising bankruptcies and unemployment. These adverse events are referred to as business risk. They are very quickly reflected in the bank's loan portfolio, where as the financial difficulties of borrowers grow, the volume of bad loans increases. Since the probability of business risk is quite high, many banks rely heavily on securities from other regions to offset the exposure to the risk of their loan portfolio. Market risk is due to the fact that due to unforeseen changes in the securities market or in the economy, the value of certain types of securities as an investment object of the bank may be partially lost, so that their sale will become possible only with a large discount in price.

2. Analytics of investments of commercial banks in the real sector of the Russian economy

2.1 Sources of bank investments

On a national scale, the overall level of investment depends in part on the level of savings of the population, institutions and the government. The amount of savings in a country directly affects the amount of investment in the country. It has already been noted that investments represent expenditures for the acquisition of equipment, buildings and housing, which in the future will result in a rise in the productive power of the entire economy. When a society saves part of its current income, this means that part of the production can be directed not to consumption, but to investment.

Most often, depositors and investors belong to different economic groups. When a family saves a portion of their income, they put their money in the bank. The bank lends this money to a company wishing to make an investment. In this case, depositors (individual citizens) and investors (enterprises) are connected through a financial intermediary (bank). Sometimes intermediaries and investors are the same person. If a business saves some of its profits and uses it to buy a new machine, it is saving and investing money at the same time. Sometimes a company saves its profits by increasing bank deposits. The bank then lends this money to another company that wants to make an investment. In a closed economy, the amount of saving exactly matches the amount of investment. What part of the national income is saved, such a part can be invested. Thus, we can say that in a closed country, domestic investment is equal to domestic saving.

All forms and types of investment activities of banks are carried out at the expense of the resources they generate. The policy of formation of investment resources is designed to ensure the implementation of investment activities on a given scale and directions, the effective use of own and borrowed funds invested in investment assets.

The adoption of bank investment decisions should be focused on achieving the optimal ratio between the volume and structure of investments and their resource provision from the standpoint of maximum profitability and minimum risk, which is the target function of the bank's investment policy. This involves forecasting investment directions in the coming period based on projected changes in the volume and structure of investment investments and sources of their financing.

Thus, the management of investment activity should cover both the formation of the main areas of investment and the determination of the necessary resource support. When forming sources of financing for specific types of investment investments, it is necessary to take into account the specifics of various types of banking resources, which makes it possible to analyze them in terms of the degree of stability, attraction costs and other criteria.

The most reliable and sustainable source of investment financing is the own funds (capital) of a commercial bank. Own funds of the bank, due to the significant specifics of banking, in comparison with other areas of commercial activity, occupy the largest share in the total volume of banking resources.

The main sources of financing active operations, which make up the largest share in the structure of bank liabilities, are deposit funds (term and demand). Demand deposits, in contrast to time deposits, being a cheaper source of resources for a bank, at the same time, constitute a group of liabilities characterized by a high risk of withdrawal.

A significant part of the funds attracted by Russian banks is of an unlimited or short-term nature. This circumstance underlies the negative assessment by many economists of the investment potential of Russian banks. However, even with the current structure of the resource base, there are certain opportunities to use parts of short-term funds to finance medium- and long-term investments without disturbing liquidity.

Despite the constant movement of funds on individual accounts, in their totality, a certain stable, irreducible balance can be distinguished. The transformation ratio, which characterizes the boundaries of the transformation of perpetual resources into urgent ones, according to calculations, is 10-40% of the sum of the balances on demand accounts. The growth of opportunities to raise funds in deposits is also associated with the use of deposit and savings certificates and other financial instruments that have appeared on the Russian market. An increase in the volumes of their issue, the circulation period levels out fluctuations in deposits, contributes to the expansion of the resource base of banks' investments. The strategy of maintaining the stability of deposits is the most important component of the overall strategy of commercial banks.

Resources formed by attracting loans can also be used as sources of investment financing. These include loans from the Central Bank, interbank loans, funds received as a result of the issue of debt obligations (bonds, bills). Borrowed sources are used to finance investments by active banks. To expand the possibilities of financing investment assets and maintain liquidity, they often resort to extensive loans of funds in the financial market. At the same time, the most important condition for the use of borrowed funds is the comparison of the costs of their attraction with the expected income from investment activities. Based on the analysis of the specifics of the movement of various types of banking resources, based on the degree of stability, the following three groups can be distinguished:

the most stable (own funds of banks and long-term liabilities);

stable (term savings deposits, loans from other banks, minimum balance of demand deposits);

unstable (fluctuating balances of demand deposits).

The greater the share of the stable and cheap part of banking resources, the higher, under other conditions, the profitability and stability of a commercial bank. Any shifts in the structure of assets and liabilities affect the profitability and risk of banking operations. These shifts are based on changes in credit and investment policies and the bank, which, in turn, are determined by a number of macroeconomic and microeconomic factors.

Long-term lending, especially in a nascent business environment, could be an important source of investment. There is no need to talk about the importance of long-term loans for the development of production in Russia. Long-term bank loans are primarily aimed at solving strategic goals in the economy. They contribute to a gradual increase in production and, as a result, the overall rise of the country's economy. There is a need to create investment banks that would be engaged in financing and long-term lending of capital investments. In the meantime, the government is forced to finance the necessary programs from the budget, and they are sorely lacking in the budget.

Attracting public funds to the investment sector by selling shares of privatized enterprises and investment funds, in particular, could be considered not only as a source of investment, but also as one of the ways to protect citizens' personal savings from inflation. It is possible to stimulate the investment activity of the population by establishing higher interest rates on personal deposits in investment banks compared to other banking institutions, attracting funds from the population for housing construction, providing citizens participating in investing in an enterprise with a priority right to purchase its products at a factory price, etc. .P.

For the influx of household savings into the capital market, a wide network of intermediary financial organizations is needed - investment banks and funds, insurance companies, pension funds, building societies, etc. control over enterprises claiming to attract funds from the population.

The main factor affecting the state of internal opportunities for financing capital investments is financial and economic instability. However, the lack of domestic investment potential can be considered relative.

2.2 Problems in the development of banking investment

The inflow of private national and foreign capital into the investment sphere is hindered by political instability, inflation, imperfection of legislation, underdevelopment of industrial and social infrastructure, and insufficient information support. The interconnection of these problems enhances their negative impact on the investment situation.

Weak investment potential is explained by disagreements between the executive and legislative authorities, the Center and objects of the Federation, the presence of interethnic conflicts in Russia itself and wars directly on its borders, legislation unfavorable for investors, inflation, a decline in production, etc. Russian legislation is unstable, commercial activity encounters many bureaucratic hurdles. However, some changes are already taking place in these areas. All these factors outweigh such attractive features of Russia as its natural resources, powerful, although technically obsolete and chronically underloaded production apparatus, availability of cheap and sufficiently skilled labor, and high scientific and technical potential. In a market economy, the totality of political, socio-economic, financial, socio-cultural, organizational, legal and geographical factors inherent in a particular country, attracting and repelling investors, is commonly called its investment climate. Ranking the countries of the world community according to the investment climate index or its opposite indicator of the risk index serves as a general indicator of the country's investment attractiveness and a "barometer" for foreign investors. Despite the fact that the domestic stock market has been showing steady growth over the past few years, its "narrowness" due to the reluctance of most companies to become public and infrastructure problems act as factors holding back investment. Moreover, recently there has been a tendency to move trading in securities of domestic companies to Western exchanges, while the share of Russian stock exchanges in the total volume of trading in Russian shares has decreased.

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COURSE WORK

Subject: “Money. Credit. Banks»

on the topic: "Investment activities of commercial banks"

Introduction

Chapter 1. Theoretical aspects of the investment activity of a commercial bank

1 Essence and forms of investment activity of a commercial bank

2 The process of investment activity of a commercial bank

2 Classification of operations of credit institutions with securities

Chapter 3. Problems of development of investment of commercial banks

2 Conditions and prospects for the development of investment activities of a commercial bank

Conclusion

Applications

Introduction

The investment activity of commercial banks is of strategic importance not only for a particular element of the banking sector, but also for the country as a whole. Solving the problem of increasing the efficiency of investment activities by commercial banks is associated with economic growth, raising the living standards of the population, ensuring socio-economic stability and economic security. A rational investment policy will also ensure the effective development of the commercial bank itself. That is why the consideration of the topic "Investment activity of commercial banks" is relevant today, in the context of the increasing role of the banking sector.

This course work is devoted to an important problem for a developing economy - the investment activity of a commercial bank. The need to intensify the participation of banks in the investment process stems from the interdependence of the successful development of the banking system and the economy as a whole. On the one hand, commercial banks are interested in a stable economic environment, which is a necessary condition for their activities, on the other hand, the stability of economic development largely depends on the degree of stability and elasticity of the banking system, its effective functioning. At the same time, since the interests of an individual bank as a commercial entity are focused on obtaining maximum profit with an acceptable level of risk, the participation of banks in investing in the economy is carried out only under favorable conditions.

mobilization by banks of funds for investment purposes;

provision of investment loans;

investments in securities, shares, equity participations (both at the expense of the bank and on behalf of the client).

The purpose of the course work is to get acquainted with the investment activity of the bank, on the basis of this, to identify the conditions and prospects for the development of the investment activity of a commercial bank in the real sector of the Russian economy.

In accordance with the goal, the main tasks of the work are:

to study the theoretical foundations of the investment activities of commercial banks;

Consider the formation and organization of the investment activities of commercial banks: pay attention to the formation of the investment portfolio of commercial banks and, directly, to the classification of operations conducted by commercial banks with securities;

To reveal problems and ways of development of investment activity of Russian commercial banks at the present stage of economic development.

The methodological basis of the work was the work of the authors: Alekseeva D.G., Tavasieva A.M., Lavrushin O.I., Zharkovskaya I.O. and other sources. Also, for writing the term paper, such electronic sources were used as: Department of Research and Information of the Bank of Russia. Annual review of the financial market for 2012 and the website of the Central Bank of the Russian Federation.

CHAPTER 1. THEORETICAL ASPECTS OF THE INVESTMENT ACTIVITY OF A COMMERCIAL BANK

1.1 Essence and forms of investment activity of a commercial bank

Today, the banking system is one of the most important and integral structures of a market economy, in which commercial banks play a basic role. Commercial banks act, first of all, as specific credit institutions, which, on the one hand, attract temporarily free funds of the economy, on the other hand, satisfy the various financial needs of enterprises, organizations and the population through these borrowed funds.

Analyzing the essence of the investment activity of a commercial bank, let us turn to the consideration of some concepts that determine the theoretical basis of this issue.

Usually, investments are understood as long-term investments of capital in any enterprise, business, project. However, the following definition should be considered more correct. Bank investments are long-term investments of bank resources in securities in order to obtain direct and indirect income. The bank receives direct income from investments in securities in the form of dividends, interest or resale profits. Indirect income is formed on the basis of expanding the influence of banks on customers through the ownership of a controlling stake in their securities.

Investment activity is an investment and a set of practical actions for their implementation. The subjects of investment activity are investors, including banks, and the objects of investment activity are newly created and modernized fixed and current assets, securities, targeted cash deposits, scientific and technical products, and other property objects.

The main areas of participation of banks in the investment process in the most general form are as follows:

· mobilization by banks of funds for investment purposes;

· provision of investment loans;

· investing in securities, shares, equity participations (both at the expense of the bank and on behalf of the client).

These areas are closely related to each other. By mobilizing capital, savings of the population, other free funds, banks form their resources for the purpose of their profitable use. The volume and structure of operations for the accumulation of funds are the main factors influencing the state of the credit and investment portfolios of banks, the possibility of their investment activities.

The investment activity of banks is seen as a business of providing two types of services: increasing cash by issuing or placing securities on their primary market; connecting buyers and sellers of existing securities in the secondary market while acting as brokers and / or dealers.

The following indicators can be used as indicators of the investment activity of banks:

· the volume of investment resources of commercial banks;

· volume of bank investments;

· the share of investment investments in the total assets of banks;

· indicators of the effectiveness of the investment activities of banks, in particular, the increase in assets based on the volume of investments, the increase in profits based on the volume of investments;

· indicators of the alternative return on investing in the manufacturing sector compared to investing in profitable financial assets.

It should be noted that from the point of view of economic development, the investment activity of banks includes investments that contribute to generating income not only at the level of the bank, but also of society as a whole (unlike those forms of investment activity that, while providing an increase in the income of a particular bank, are associated with the redistribution public income). Therefore, from the point of view of macroeconomics, the criterion for referring to investment activity is the productive orientation of the bank's investments.

The classification of the forms of investment activity of commercial banks in the economic literature and banking practice is carried out on the basis of general criteria for systematizing the forms and types of investments:

1.In accordance with the object of investment, investments in real economic assets (real investments) and investments in financial assets (financial investments) can be distinguished. Banking investments can also be differentiated by more specific investment objects: investments in investment loans, term deposits, shares and equity participations, in securities, real estate, precious metals and stones, collectibles, property and intellectual rights, etc.

Real investments, as a rule, make up an insignificant share in the total volume of bank investments. More typical for banks as financial and credit institutions are financial investments.

Banks' financial investments include investments in securities, term deposits with other banks, investment loans, shares and shares. As the stock market develops, investments in securities are becoming increasingly important: debt obligations (bills, certificates of deposit, state and municipal securities, other types of obligations issued by legal entities), equity securities (shares) and derivative securities.

2.Depending on the purpose of investments, bank investments can be direct, aimed at ensuring the direct management of the investment object, and portfolio, carried out with the expectation of receiving income in the form of a flow of interest and dividends or due to an increase in the market value of assets.

3.According to the purpose of investments, it is possible to single out investments in the creation and development of an enterprise and organization and investments not related to the participation of the bank in economic activities.

Investments in the creation and development of enterprises and organizations include two types: investments in the economic activities of other enterprises and investments in the bank's own activities. The bank's investments in the economic activities of third-party organizations are carried out through participation in their capital expenditures, formation or expansion of the authorized capital. When participating in the authorized capital through the purchase of shares, shares, shares, commercial banks become co-owners of the authorized capital and acquire all the rights provided by law.

Investments in the bank's own activities include investments in the development of its material and technical base and improvement of the organizational level. Depending on the direction of investment, we can distinguish:

· investments that improve the efficiency of banking activities. They are aimed at creating conditions for reducing banking costs by improving technical equipment, improving the organization of banking activities, working conditions, staff training, research and development;

· investments focused on the expansion of banking services. Such investments involve the expansion of the resource and client base, an increase in the range of banking operations, the creation of new divisions capable of providing the production of new types of banking services;

· investments related to the need to comply with the requirements of state regulatory bodies. These investments are made, if necessary, to meet the requirements of regulatory authorities in terms of creating certain conditions for banking activities.

4.According to the sources of funds for investment, a distinction is made between the bank's own investments made at its expense and client investments made by the bank at the expense and on behalf of its customers.

5.According to the terms of investments, investments can be short-term (up to one year), medium-term (up to three years) and long-term (over three years).

.Investments of commercial banks are also classified by types of risks, regions, industries and other characteristics.

Efficiency from investments in the development of the bank is achieved if, as a result of the costs incurred, the improvement of its financial condition is ensured. Determining the volume and structure of investments in own activities, carried out in the process of developing a bank's capital investment plan, should be based on accurate technical and economic calculations. Exceeding the required volume of investments may lead to liquidity imbalance, decrease in the bank's income base and decrease in the efficiency of banking activities.

1.2 The process of investment activity of a commercial bank

It is important to have an idea about the process of investment activities of commercial banks. The investment policy of commercial banks involves the formation of a system of targets for investment activity, the choice of the most effective ways to achieve them. In the organizational aspect, it acts as a set of measures for organizing and managing investment activities, aimed at ensuring optimal volumes and structure of investment assets, increasing their profitability with an acceptable level of risk. The most important interrelated elements of the investment policy are the tactical and strategic processes of managing the bank's investment activities.

Under the investment strategy understand the definition of long-term goals of investment activities and ways to achieve them. Its subsequent detailing is carried out in the course of tactical management of investment assets, including the development of operational goals for short-term periods and the means of their implementation. The development of an investment strategy is thus the starting point of the investment management process.

The formation of investment tactics takes place within the framework of the given directions of the investment strategy and is focused on their implementation in the current period. It provides for determining the volume and composition of specific investment investments, developing measures for their implementation, and, if necessary, compiling a model for making management decisions on exiting an investment project and specific mechanisms for implementing these decisions.

Banks, buying certain types of securities, seek to achieve certain goals, the main of which are:

· investment security;

· return on investment;

investment growth;

· liquidity of investments.

Security is always achieved at the expense of profitability and investment growth. The optimal combination of security and profitability is achieved by careful selection and constant revision of the investment portfolio.

In addition to general goals, the development of an investment policy in accordance with the economic development strategy chosen by the bank provides for taking into account specific goals, which are:

· ensuring the safety of banking resources;

· expansion of the resource base;

· diversification of investments, the implementation of which reduces the overall risk of banking activities and leads to an increase in the financial stability of the bank;

· minimizing the share of non-income-generating assets (cash, funds on correspondent accounts with the Central Bank) by replacing part of them with short-term investments that have a degree of liquidity comparable to cash, but at the same time bring some income;

· obtaining an additional effect when acquiring shares of financial institutions, purchasing branches, establishing subsidiary financial institutions as a result of increasing capital and assets, a corresponding expansion of the scale of operations, mobile redistribution of existing resources, diversifying funds, entering new markets, saving current costs.

After determining the investment objectives and types of securities to purchase, banks choose a portfolio management strategy. According to the methods of conducting operations, strategies are divided into active and passive.

All active strategies are based on forecasting the situation in various sectors of the financial market and the active use by banking specialists of forecasts for adjusting the securities portfolio.

Passive strategies use the forecast for the future to a lesser extent. A popular approach in such management practices is indexing, i.e. securities for the portfolio are selected based on the fact that the return on investment must correspond to a certain index and have a uniform distribution of investments between issues of different maturity. A real portfolio strategy combines elements of both active and passive management.

A prerequisite for the formation of investment policy is the general business policy of the bank's development. The process of forming the investment policy of the bank in the most general form is presented in Appendix 1.

Determining the optimal ways to implement the strategic goals of investment activities involves the development of the main directions of investment policy and the establishment of principles for the formation of sources of investment financing. In accordance with these criteria, the following areas of investment policy can be distinguished:

· investing in order to receive income in the form of interest, dividends, payments from profits;

· investing for the purpose of generating income in the form of an increase in capital as a result of an increase in the market value of investment assets;

· investment with the aim of generating income, the components of which are both current income and capital gains.

When choosing the first direction of investment policy, the stability of income is of decisive importance. This direction provides for investing in fixed income assets for a long period of time with minimal risk, high investment reliability, guaranteed income, risk level and the possibility of their hedging. Particular attention is paid to the retrospective and current aspects of the analysis, the collection and processing of information characterizing the movement of interest rates, the yield of securities, the rating of the company - issuers of securities.

When the investment policy is oriented towards capital growth, the stability of the increase in the market value of investment assets comes to the fore, and their profitability is considered only as one of the factors determining the value of assets. A policy aimed at capital growth is associated with investing in investment objects, which are characterized by an increased degree of risk due to the possibility of depreciation of their value.

In the practice of banking, both directions of investment policy can be combined in various forms, which, as a rule, make it possible to enhance the advantages and mitigate the disadvantages. A variant of such a combination is a moderate investment policy, in which the preference is for a sufficient amount of income in the form of both current payments and capital growth with an investment period not limited by strict limits and moderate risk.

The Central Bank of the Russian Federation regulates the investment activities of commercial banks, defining priority investment objects and limiting risks by establishing a number of economic standards (the use of bank resources to acquire shares, issue loans, reserve for the depreciation of securities, bad loans), differentiated risk assessments for investments in various types of assets.

Chapter 2. Formation and organization of investment activities of a commercial bank

1 Formation of an investment portfolio by a commercial bank

To implement the developed investment process: the choice of the purpose of investment activity, the most favorable strategy from the possible ones, an investment portfolio is formed.

The bank's securities portfolio is a set of bank securities, selected in a certain way for the purpose of increasing capital, making a profit for the bank and maintaining its liquidity. The procedure for compiling a securities portfolio is the bank's portfolio strategy. The content of the securities portfolio determines its structure - the ratio of specific types of securities. The priority of certain goals corresponds to different types and types of the bank's securities portfolios.

There are portfolios of securities:

) balanced, fully consistent with the investment strategy of the credit institution;

) unbalanced, not corresponding to the investment strategy of the credit institution.

The goals of formation of securities portfolios include:

) receiving income;

) preservation of capital;

) ensuring capital gains in case of an increase in the price of securities.

The formation of a securities portfolio includes a number of stages:

) choice of portfolio type and definition of its nature;

) assessment of portfolio investment risk;

) portfolio structure modeling;

) portfolio structure optimization.

The portfolio may be focused more on reliability or profitability. The nature of the securities portfolio may be:

) conservative or balanced;

) aggressive:

) unsystematic.

The conservative investment strategy is based on the maximum security of the safety of invested funds. This strategy is most suitable for those investors who do not want to risk their money. This strategy is also suitable for investors who are not going to make long-term investments.

An aggressive portfolio uses an aggressive investment strategy, which is characterized by high rates of possible profit in the future. It serves the interests of those investors who are willing to take on a high degree of risk of incurring losses in order to obtain high profits. An aggressive investment strategy corresponds to an investment portfolio made up of stocks of various companies.

An unsystematic portfolio is formed randomly without a specific system.

Securities portfolios can be fixed, that is, maintain their structure for a specified period, and changing, having a variable structure of securities, the composition of which is constantly updated in order to obtain maximum economic growth.

In terms of maturity, portfolios of securities can be oriented to include only short-term or medium-term and long-term securities in their composition.

An important stage in the formation of an investment portfolio is the selection of specific investment objects for inclusion in the investment portfolio based on an assessment of their investment qualities and the formation of an optimal portfolio.

In accordance with the purpose of investment, the formation of a portfolio of securities can be carried out on the basis of a different ratio of income and risk, characteristic of a particular type of portfolio. Depending on the type of portfolio chosen, securities with appropriate investment properties are selected.

The investment portfolio management process is aimed at maintaining the main investment qualities of the portfolio and those properties that correspond to the interests of the holder. The set of methods and technical capabilities applied to the portfolio is called the management style. There are active and passive styles of portfolio management.

The active management style consists in predicting the amount of possible income from investing funds. With active management, any portfolio is considered temporary. When the difference in expected returns disappears, then the components or the entire portfolio are replaced by another.

Passive management is based on the notion that the market is efficient enough to be successful in stock selection or timing and involves building a well-diversified portfolio with long-term expected returns and risks. The passive style is characterized by low turnover, minimal overheads and low specific risk.

A bank forming a portfolio of securities constantly solves the problem of optimizing the structure of this portfolio - achieving the optimal degree of diversification of securities in the portfolio.

To find an efficient portfolio of stocks, it is necessary to calculate all admissible sets of portfolios based on the risk-return ratio and display the boundary on which the resulting portfolios with minimal risk will lie for a given return.

The efficient frontier is the frontier that defines the efficient set of portfolios. Portfolios located to the left of the efficient frontier go beyond the boundaries of the admissible set, and therefore are not admissible for consideration. Portfolios located to the right and below the effective frontier are inefficient, because There are portfolios that provide a higher return for a given level of risk, or a lower risk for a given level of return. The effective frontier starts with the portfolio that has the lowest standard deviation. Portfolios that lie on the efficient frontier and are above and to the right of the efficient portfolio with minimal risk will also be efficient.

2.2 Classification of operations of credit institutions with securities

As noted earlier, there are three main classes of banking operations with securities - active, passive and intermediary (commission) operations.

The main active transactions with securities include:

· Investments in shares for the purpose of investment;

· Investments in shares, bonds of a speculative (short-term) nature (form the bank's own portfolio of shares);

· Promissory notes discounting - purchase of interest-bearing or discount bills from their issuer or from their holder before maturity at a discount;

· REPO transactions - the purchase of securities under resale agreements (one party buys a package of securities, less often bonds, with a simultaneous obligation to sell it back to the other party at a certain time at an agreed price).

Basic passive operations:

· Issuance, sale and servicing of own bills;

· Issue and maintenance of own shares;

· Sale/purchase of own deposit and savings certificates.

The main intermediary (commission) operations include:

· Implementation of brokerage customer service - conclusion of transactions on behalf of and on behalf of the client on the exchange and over-the-counter market;

· Assistance in placement and sale of own client securities (bonds, promissory notes);

· Depository (custodial) services consist of storage, accounting and re-registration of securities, corporate actions with issuers.

Appendix 2 presents the structure of Russian credit institutions' investments in securities for 2012, illustrating the main transactions and their volume.

In 2012, the growth in the volume of financial resources attracted by credit institutions contributed to the increase in their investments in securities. However, due to the continued uncertainty of price expectations on the Russian stock market, as well as a more significant increase in other areas of investment, the share of securities in the structure of their assets decreased.

In 2012, credit institutions applied predominantly conservative investment strategies in the capital market due to the still high investment risks in the Russian stock market. Investments of credit institutions in equity securities in January-October 2012 decreased by 6.9%, mainly due to shares of non-financial institutions.

In 2012, credit institutions increased their investments in debt securities. In January-October 2012, the volume of investments of credit institutions in debt obligations increased by 10.5%, mainly due to debt obligations transferred without derecognition. This is probably due to the growth in the volume of REPO transactions. Investments in debt obligations of the Russian Federation decreased by 29.2%. Also in 2012, investments in foreign securities increased by credit institutions (by 3.9% in January-October 2012). At the same time, investments in foreign securities of credit institutions grew more slowly compared to the securities of residents.

There was no significant increase in the investment risks of credit institutions due to the increase in investments in foreign securities, since the share of such investments in the structure of securities portfolios remained relatively low. As of November 1, 2012, it amounted to 14.9% for credit institutions.

Summing up, it can be noted that the results of investment activities of credit institutions have improved compared to 2011. The net income received by credit institutions from operations with securities in January-September 2012 amounted to 251.6 billion rubles. Thus, in 2012 there was an increase in the securities portfolios of credit institutions.

Chapter 3. Problems of development of banking investment

1 Problems of banking investment at the present stage of economic development

The inflow of private national and foreign capital into the investment sphere is hindered by political instability, inflation, imperfection of legislation, underdevelopment of industrial and social infrastructure, and insufficient information support. Commercial activity encounters many bureaucratic factors. The interconnection of these problems enhances their negative impact on the investment situation.

In a market economy, the totality of political, socio-economic, financial, socio-cultural, organizational, legal and geographical factors inherent in a particular country, attracting and repelling investors, is commonly called its investment climate. The ranking of the countries of the world community according to the investment climate index or its inverse indicator of the risk index serves as a general indicator of the country's investment attractiveness.

Russia still lacks its own system for assessing the investment climate and its individual regions. Investors are guided by the assessments of numerous firms that regularly monitor the investment climate in many countries of the world, including Russia. However, assessments of the investment climate in Russia, given by foreign experts at their regular meetings, held outside the Russian Federation and without the participation of Russian experts, seem to be of little reliability. In this regard, the task arises of forming, on the basis of the studies carried out at the Institute of Economics of the Russian Academy of Sciences, the National System for Monitoring the Investment Climate in Russia, large economic regions and subjects of the Federation. This will ensure the inflow and optimal use of investments, and will serve as a guide for Russian banks in their own credit policy.

Despite the fact that the domestic stock market has been showing steady growth over the past few years, its “narrowness” due to the reluctance of most companies to become public and infrastructure problems act as factors holding back investment. Moreover, recently there has been a tendency to move the trade in securities of domestic companies to Western exchanges.

Experts have serious complaints about pricing on the Russian stock market. Thus, in developed markets, the formation of the market price of a share occurs, as a rule, on the basis of fundamental factors, primarily an assessment of the financial condition of the company (its net profit, revenue and other indicators). In Russia, the current share price largely depends on speculative tendencies, which, of course, carries with it a high investment risk.

Among the negative factors of the current state of the Russian stock market, experts attribute the unwillingness of even the largest domestic companies to carry out initial public offerings. Since 1999, there have been only a few initial public offerings on the Russian stock market. Practice shows that if a company is interested in a real attraction of capital, then it applies for this to London or New York, since foreign investors have greater financial opportunities compared to domestic investors. In part, the same reason leads to an increase in the share of Western trading floors in the total volume of trading in domestic shares. And, as you know, where the trading activity is higher, there the main formation of the share price takes place.

Thus, the Russian stock market in its current state can hardly be considered a reliable mechanism capable of ensuring the steady growth of the economy and the well-being of citizens. If Russia can create a strong stock market, then not only will companies be able to raise relatively “cheap” money in sufficient quantities, but ordinary savers will also benefit from a wider range of investment vehicles. That is, ordinary citizens will be able to receive more income from their savings and do it with less risk.

In recent years, a layer of enterprises and entrepreneurs who have accumulated large amounts of capital has developed in Russia. Due to the instability of the economic situation in the country, large funds are transferred into hard currency and deposited in Western banks. The outflow of monetary resources (potential investments) from Russia is several times higher than their inflow.

The technology of carrying out market reforms involves a sequence of steps, along with stimulating capital inflow, measures are immediately taken to prevent its outflow.

investment commercial bank credit

3.2 Conditions and prospects for the development of investment activities of commercial banks

In 2013, while the uncertainty of price expectations in the Russian stock market persists, credit institutions and most types of non-banking financial institutions will continue to apply predominantly conservative investment strategies in the capital market. The volume of their investments in securities will be determined by the situation on the Russian stock market. Some of the legal innovations of 2012 may favorably affect the investment opportunities of credit institutions and non-banking financial institutions in the capital market in 2013. For example, the influx of shareholders into unit investment funds (UIFs) will probably be facilitated by the emergence of new types of funds - exchange-traded mutual funds. The development of new areas of insurance, in particular compulsory insurance of civil liability of owners of hazardous facilities, will serve as an incentive to increase the volume of insurance premiums collected by insurers. Some experts do not rule out the possibility of softening in 2013 the legislative requirements for the composition and structure of the assets of insurers, NPFs and MCs participating in the GPT, which may also have a positive impact on the investment opportunities of these institutions in the capital market.

The participation of banks in the securities market will largely be determined by the pace of its development. In those sectors where the participation of banks is noticeable (these are government securities in rubles and in foreign currency, as well as the corporate bond market), they will retain their positions as issuers and as investors. However, it can be assumed that in the near future the financing of the economy will continue to be carried out mainly through lending.

In choosing investment objects, Russian investors often focus on the following principles.

First, it is necessary to choose the most promising sectors of the economy, the products of which are in the greatest demand, the markets for the products of these sectors should only grow. Traditionally, the first attractive sector is oil. Oil is an international commodity and is easy to value. A company's market capitalization per barrel of reserves or production is already the basis for comparing Russian companies with foreign ones. The next sectors of interest to investors are telecommunications and energy.

Secondly, it is necessary to choose enterprises, information about all aspects of whose activities is fully available to shareholders, that is, transparent companies in the sense of finance.

The third component of a potentially successful company is professional management.

Of great importance when choosing shares for investment is the assessment of the impact of the liquidity of shares (in other words, the tradability of shares) on their market value. As a stock becomes more liquid, moving up the liquidity levels, an increasingly higher liquidity premium enters the market price - the share price rises.

Based on the impact of liquidity on the market value of a share, it can be quite a profitable strategy to search for companies that are on the verge of moving from the category of low liquidity to the category of sufficiently liquid ones. Investors betting on rising liquidity seek to outperform the market by finding businesses that are partially undervalued. In every branch of Russian industry there are cheap, low-liquid enterprises with solid net profits, with competitive products and a wide sales market, as well as a strong management team.

It is necessary to develop the institutional investment infrastructure, which should become more and more international and integrated. The more versatile the composition of such an infrastructure is, the more fully it will be able to realize the capabilities of various states, investment technologies and attract resources on more convenient and favorable terms.

Conclusion

In this course work, the features of the investment activity of a commercial bank are fully considered in relation to the tasks set.

Summing up the course work, we can draw the following conclusions.

The value of the investment activity of a commercial bank is especially high today, in the context of an increase in the growth rate of the banking sector in our country.

Bank investments have their own economic content. Investment activity in the microeconomic aspect - from the point of view of the bank as an economic entity - can be viewed as an activity in which it acts as an investor, investing its resources for a period of time in the creation or acquisition of real and purchase of financial assets to generate direct and indirect income.

At the same time, the investment activity of banks has another aspect related to the implementation of their macroeconomic role as financial intermediaries.

Based on the studied theoretical material, the paper presents the concept of investment activity, which most objectively reflects its economic essence. Thus, investment activity is the investment of funds, investment or the total activity of investing money and other values ​​in projects, as well as ensuring the return on investment.

Also in the course work, the formation of the process of investment activity was considered, since, in my opinion, for the good functioning of a commercial bank, it is necessary to form a system of investment activity targets and choose the most effective ways to achieve them.

The process of forming an investment portfolio, in turn, is associated with the selection of a certain set of investment objects for investment activities. The essence of portfolio investment is to improve investment opportunities by giving a set of investment objects those investment qualities that are unattainable from the standpoint of a single object, and are possible only with their combination. The structure of the investment portfolio reflects a certain combination of the bank's interests.

The last chapter of this course work is devoted to the problems of banking investment (a number of main problems are identified, their causes are identified), the conditions and prospects for the development of investment activities of commercial banks.

List of used literature

1. Alekseeva. D.G. Pykhtin S.V. Khomenko E.G. Banking Law: Proc. allowance - M.: Jurist, 2009 - 356s

Banking. Management and technology: a textbook for university students studying in economic specialties / ed. A.M. Tavasiev.-3rd ed., revised. and additional - M.: UNITY-DANA, 2012 - 663s

Banking. Operations, technologies, management/A. Turbanov. A. Tyutyunnik-M.: Alpina Publisher 3, 2010 - 682s

Banks and banking: Textbook for universities. 2nd ed. - St. Petersburg: Peter, 2008-346s

Banking operations: textbook. allowance for sredn. prof. Education / ed. Yu.I. Korobova-M.: Master, 2008 - 397s

Goncharenko L.P. "Investment management", Tandem - 2008 - 354s

Money, credit, banks: Textbook / Ed. O.I. Lavrushin. - 2nd ed., revised. and additional - M .: Finance and statistics, 2008 - 487s

8. Money, credit, bank and: a textbook for universities / ed. G. N. Beloglazova.- M.: Yurayt, 2009. - 429s

Money. Credit. Banks: textbook / Yu. V. Bazulin and others; ed. V. V. Ivanova, B. I. Sokolova. - 2nd ed., revised. and additional - M.: Prospect, 2009 - 467s

Money, credit, banks: a textbook for universities in economic specialties / Finance. acad. under the Government of Russia. Federations; ed. O. I. Lavrushina. - 5th ed., Sr. - M.: Knorus, 2008-572s

11. Research and Information Department of the Bank of Russia. Annual review of the financial market for 2012 - p68 #"justify"> 12. Zharkovskaya, E.P. Banking: A course of lectures / E.P. Zharkovskaya, I.O. Arends. Moscow: Omega-L.-2008 -224s

Zharkovskaya E.P. Banking: textbook / E.P. Zharkovskaya. Ed. 3rd, rev. and additional M.: Omega. - 2009 -387s

14. Igonina L.L. Investments: textbook / L.L. Igonina; ed. V.A. Slepova. M.: The Economist, 2008 - 498 p.

15. Kazmin A.I. Sberbank of Russia: Reliability Proven by the Crisis // Finance and Credit. 2008 - 189s

16. Kolmykova T.S. Investment analysis. Ed. Infra - M, 2009 - 240s

17. Pechnikova A. V., Markova O. M., Starodubtseva E. B. Banking operations. - M.: "INFRA-M", 2008 -321s

18. Development of the banking system. D.K.B.: studies. allowance / S.A. Chernetsov. - M.: Master, 2009 - 233s

Serov V.M. Investment management. - M.: Infra - M, 2008 - 156s

Tagirbekova K.D. Organization of the activities of a commercial bank / K.D. Tagirbekov. M: The whole world. - 2008. - 674s

21. Fedorov N.A. Investment tools of commercial banks / N.А. Fedorov. Moscow: Market DS. - 2004 - 185s

22. Sharp, W. Investments / W. Sharp. - M.: Infra-Mu - 2005. - 895s

23. Yankovsky K.P. Organization of investment and innovation activities: textbook / K.P. Yankovsky. SPb: Peter. - 2008 - p. 401s

Appendix 1

Figure 1: The process of forming the bank's investment policy

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Introduction

1 Investment activities of banks

2 Analysis of investment activities of banks

Conclusion

List of used literature

Introduction

The orientation of the Russian economy towards an innovative path of development brings to the fore the problem of reforming the existing mechanisms for meeting the needs of economic entities in investment. The need for fundamental reforms in this area is due to the role of investment in ensuring sustainably high rates of economic growth and improving the efficiency of all factors of production.

The aim of the work is to analyze the financial support of the investment activities of commercial banks, to identify measures to improve it.

In accordance with the purpose of the study, the following tasks were set:

describe the investment activities of banks,

consider investment activity and its participants,

to study the features of financial support for the investment activities of commercial banks.

The subject of the work was the investment activity of commercial banks.

The object of the study was the insurance organizations of Russia.

The methodological basis of the work was the dialectical method of cognition and a systematic approach. In the process of research, such general scientific methods and techniques as scientific abstraction, analysis and synthesis, methods of grouping, comparison, etc. were used.

The theoretical basis of the work was made up of studies by domestic and foreign economists on investment, insurance activities, and the development of strategies for insurance activities.

1 Investment activities of banks

In foreign practice, the term "investment" refers, as a rule, to funds invested in securities for a long period. This is a theoretical reflection of real-life economic relations, since investment mechanisms in a market economy are directly related to the securities market. The investment activity of banks is considered as a business of providing two types of services. One of them is to increase cash by issuing or placing securities on their primary market. Another is the organization of a virtual meeting of buyers and sellers of already existing securities in the secondary market, that is, the function of brokers and / or dealers.

Investments are understood both as all directions of placement of resources of a commercial bank, and as operations for the placement of funds for a certain period in order to generate income. In the first case, investments include the entire range of active operations of a commercial bank, in the second, its term component.

Bank investments have their own economic content. Investment activity in the microeconomic aspect - from the point of view of the bank as an economic entity - can be viewed as an activity in which it acts as an investor, investing its resources for a period of time in the creation or acquisition of real and purchase of financial assets to generate direct and indirect income.

Thus, the investment activity of credit institutions has a dual nature. Considered from the point of view of an economic entity (bank), it is aimed at increasing its income. The effect of investment activity in the macroeconomic aspect is to achieve an increase in social capital.

It should be noted that from the point of view of economic development, the investment activity of banks includes investments that contribute to generating income not only at the level of the bank, but also of society as a whole (unlike those forms of investment activity that, while providing an increase in the income of a particular bank, are associated with the redistribution public income). Therefore, from the point of view of macroeconomics, the criterion for referring to investment activity is the productive orientation of the bank's investments.

The classification of the forms of investment activity of commercial banks in the economic literature is somewhat different from the generally accepted one, which is determined by the peculiarities of the investment activity of commercial banks. Bank investments can be divided into the following groups:

in accordance with the object of investment: investments in real economic assets (real investments) and investments in financial assets (financial investments). Banking investments can also be differentiated by more private objects: investments in investment loans, time deposits, shares and equity participations, in securities, real estate, precious metals and stones, collectibles, property and intellectual rights, etc.;

depending on the purpose of investments, bank investments can be direct, aimed at ensuring the direct management of the investment object, and portfolio investments, not pursuing the goals of direct management of the investment object, but carried out with the expectation of receiving income in the form of a flow of interest and dividends or due to an increase in the market value of assets;

by purpose, investments can be divided into investments in the creation and development of enterprises and organizations and investments not related to the participation of banks in economic activities;

according to the sources of funds for investment, they distinguish between the bank's own investments made at its own expense (dealer operations), and client investments made by the bank at the expense and on behalf of its customers (brokerage operations);

in terms of investment terms, investments can be short-term (up to one year), medium-term (up to three years) and long-term (over three years).

Investments of commercial banks are also classified by types of risks, regions, industries and other characteristics.

The investment policy of banks is understood as a set of measures aimed at developing and implementing an investment portfolio management strategy, achieving an optimal combination of direct and portfolio investments in order to ensure normal operation, increase the profitability of operations, maintain an acceptable level of their riskiness and balance liquidity. The most important element of the investment policy is the development of a strategy and tactics for managing the bank's monetary and financial portfolio, which includes, along with its other elements, the investment portfolio.

Investment portfolio (investment portfolio) - a set of funds invested in securities of third-party legal entities and acquired by the bank, as well as placed in the form of time deposits of other banking and financial institutions, including funds in foreign currency and investments in foreign securities. The criteria for determining the structure of the investment portfolio are the profitability and riskiness of operations, the need to regulate the liquidity of the balance sheet and the diversification of assets. Various principles and approaches to managing the investment portfolio of enterprises and banks are possible. The most common is the principle of stepwise redemption of securities, which allows the proceeds from the redemption of (or sold) securities to be reinvested in securities with a maximum maturity.

At the same time, some banks (mainly medium and small ones) carry out investment operations without being guided by any pre-drawn and approved plan. There are banks where employees involved in investment activities are guided by officially approved bank management guidelines for investment policy. At the same time, the council of the bank makes certain changes to it, taking into account the emerging market conditions.

In any banking institution, regardless of the country of location, both in the implementation of credit and investment operations, the main attention is paid to the problem of liquidity of the balance sheet and control over the limits for issuing loans. At the same time, the general goals and "rules of the game" are basically the same, the difference lies in the technique of organizing and carrying out operations. Similar are the problems faced by banks in the implementation of investment operations. However, there is a fairly diverse set of techniques and measures used to resolve them.

The investment policy of commercial banks involves the formation of a system of targets for investment activity, the choice of the most effective ways to achieve them. In the organizational aspect, it acts as a set of measures for organizing and managing investment activities, aimed at ensuring optimal volumes and structure of investment assets, increasing their profitability with an acceptable level of risk. The most important interrelated elements of the investment policy are the tactical and strategic processes of managing the bank's investment activities. Under the investment strategy understand the definition of long-term goals of investment activities and ways to achieve them. Its subsequent detailing is carried out in the course of tactical management of investment assets, including the development of operational goals for short-term periods and the means of their implementation. The development of an investment strategy is thus the starting point of the investment management process. The formation of investment tactics takes place within the framework of the given directions of the investment strategy and is focused on their implementation in the current period. It provides for determining the volume and composition of specific investment investments, developing measures for their implementation, and, if necessary, compiling a model for making management decisions on exiting an investment project and specific mechanisms for implementing these decisions.

Thus, banks, buying certain types of securities, seek to achieve certain goals, the main of which include:

investment security;

return on investment;

investment growth;

liquidity of investments.

2 Analysis of investment activities of banks

The vast majority of investment processes carried out by a commercial bank, one way or another connected with the securities market. Within the framework of this market, the investment activity of a commercial bank can be considered as a business of providing two types of services: increasing cash by issuing or placing securities on their primary market; organization of a virtual meeting of buyers and sellers of already existing securities in the secondary market (function of brokers and / or dealers).

The Russian securities market can be characterized as developing. The largest share of the market is occupied by government securities. Commercial banks are becoming active participants in the Russian securities market (Fig. 1), while the growth rate of banking sector activity is quite high: from 2000 to 2013, the total volume of investments in securities increased by more than 20 times.

Rice. 1. Structure of investments of Russian commercial banks in securities, million rubles (compiled by the author based on data from the Bank of Russia)

The structure of investments in the banking sector is also quite diverse (Fig. 2).

An analysis of investments by Russian commercial banks in securities shows that the situation on the Russian stock market has a direct impact on the investment activities of banks, predetermining trends in the formation of a securities portfolio. So, government debt obligations are, although less profitable, but more reliable than corporate securities, hence their significant excess in the total volume of investments.

Rice. 2. Structure of investments of commercial banks in securities by types of securities as of January 1, 2014, % (compiled by the author based on data from the Bank of Russia)

At the same time, there is a high demand for both Russian debt obligations (17.2%) and debt obligations of non-residents, which account for 13.1% of total investments.

Investments in debt obligations of the corporate sector account for 10.8% of the total, and shares of corporations - non-residents - only 2.6%.

One of the important features of Russian investments in securities is the extremely low share of derivative financial instruments (2.7% of the total volume of investments in securities), while in foreign banks the volume of derivatives often exceeds the volume of investments in securities by several times.

But, despite the growing requirements for the formation of derivative financial instruments, the situation in Russia can be characterized as evidence of an extremely weak development of financial instruments used by commercial banks in the course of their activities in the securities market. The overall potential of the sector is not used effectively enough (Fig. 3).

Rice. 3. Structure of assets of Russian commercial banks as of January 1, 2014, % (compiled by the author based on data from the Bank of Russia)

It can be seen from the above data that about 70% of bank assets “work” as loan capital and only 14.2% of investments are made by banks in securities, which is significantly lower than the similar indicators of banks in countries with developed market economies.

Summarizing the review of approaches to the investment activities of commercial banks in the securities market, we can draw the following conclusions:

) the investment activity of commercial banks is a fairly broad concept, including various types of bank activities. In modern economic conditions, it can be defined as follows: the activity of a bank in the investment market to attract or invest capital, providing at the microeconomic level the growth of capital of the bank and / or its client, and at the macroeconomic level - the growth of social capital;

) despite the development and complication of investment activity, one of its most important instruments are securities, which are a special form of the existence of capital, replacing its real forms, expressing property relations, and also having the ability to independently circulate on the market as a commodity and generate income;

) commercial banks in the securities market can act as issuers, investors and professional participants in this market, providing a wide range of intermediary services to their clients. A feature of the investment activity of a commercial bank in the stock market is the attraction of funds on a deposit basis. Since bank deposits are, as a rule, short-term in nature and can be withdrawn by customers at any time, it is essential for the bank to maintain balance liquidity, which determines the general trends in the formation of a securities portfolio. In developed economies, the share of corporate securities and derivative financial instruments in the structure of commercial bank investments in securities is rather high. The Russian securities market can still be classified as an emerging market. The same conclusion is also valid in relation to the domestic banking system. This explains: the high growth rates of securities in the assets of banks, the dominance of government debt instruments in the total volume of securities, and the extremely low share of derivative financial instruments.

Banks, being financial intermediaries, serve as the most important component of the economy of any country in the world. Traditional commercial banks, accumulating temporarily free funds by attracting deposits from legal entities and individuals, as well as other financial institutions, provide them for temporary use to corporations and individuals in the form of loans to ensure the continuity of production or meet the needs of individuals.

The interaction of banks with their customers occurs constantly in various forms. So, for example, there comes a stage in the development of a company when it needs to move to a new qualitative level, attract a large amount of funds in the capital market to expand business, modernize production, create new lines of production and new products, enter new markets. In this case, a financial intermediary is required to ensure the company's entry into the capital market, a professional consultant and organizer of transactions. An investment bank becomes such a financial intermediary.

List of used literature

commercial investment bank

1. Zharkovskaya E.P., Arends I.O. Banking: A course of lectures. M.: Omega-L, 2012. - 399 p.

2. Kaurova N.N. Trends and prospects for the development of retail business in commercial banks in Russia // Banking retail. - 2008. - No. 11. - S. 3-7.

Kolokolova O., Methodical journal "International banking operations", 2014, No. 3.

Sadvakasov K., Sagdiev A. Long-term investments of banks. Analysis. Structure. Practice. - M.: "Os-89", 2013. - 112 p.

Sadykov R.R. Banking operations in the stock market // Investment banking. - 2012. - No. 5.

In banking, the concept of investment often includes any investment of bank funds for a long-term period. For example, in addition to investments in securities, loans to small businesses, lending to fixed assets of an enterprise, financing short-term, current needs of an enterprise are often referred to as investment activities.

However, experts in the financial sector consider the following definition to be more correct. Banking investments are long-term investments of bank resources in securities, the purpose of which is to obtain direct and indirect income. Direct income is the income that the bank receives from interest, dividends or resale profits as a result of investing in securities. Indirect income is formed on the basis of the expansion of banking influence through the ownership of a controlling stake in securities on customers.

Banking investments also include investing in bonds and stocks, as well as other securities. Despite the fact that bank investments are classified as long-term investments, there is a division of investment instruments into:

Those capital market instruments that mature in more than a year and are characterized by higher liquidity in general;

High liquidity and low risk are characterized by money market instruments with a maturity of up to a year.

Investing or making investments, as well as all practical actions related to the implementation of investments, is called investment activity. Legal entities and individuals, including banks, that is, investors, act as subjects of investment activity. The objects of investment, in turn, are modernized and created current and fixed assets, targeted deposits, securities, scientific and technical products, as well as other property objects.

Commercial banks carry out their investment activities at the expense of borrowed or borrowed funds or their own resources.

The main directions of banking participation in investments:

Investment of funds, both on behalf of the client and at the expense of the bank, in equity participations, shares, securities;

Accumulation of funds by banks for investment purposes;

Providing loans of an investment nature.

All these areas have very close contacts with each other. Banking institutions form their resources by mobilizing their capital, customer savings and other free funds with the main goal of their profitable and profitable use.

Banking investment activity is considered by analysts as a kind of business for the provision of two types of services:

Increasing cash through the placement or issue of securities in the primary market;

Increasing funds by connecting sellers and buyers of existing securities in the secondary market, while acting as brokers and dealers.

If investments are understood as a certain direction in the placement of banking resources, then such investments are understood as all active operations of a commercial bank. If investments are considered as transactions for the placement of finance for a certain period of time to make a profit, then such investments mean the term component of a commercial bank.

Commercial bank investments have their own economic status. In the microeconomic aspect, the investment activity of banks is considered as such an activity in the course of which the bank acts as an investor that invests its resources for a certain period of time to acquire or create real assets in order to receive income, both direct and indirect. Investment banking has a slightly different aspect, which is related to the implementation of the macroeconomic role of banks as financial intermediaries. In this capacity, banking institutions contribute to a certain implementation of investment demand for business entities. That is why, in the macroeconomic aspect, all this is perceived as aimed at a certain satisfaction of the investment needs of the economy. It can be concluded that banking investment activity has a dual structure. After all, if we consider investment activity as an economic entity, that is, a bank, then it is aimed at increasing the income of banks. And if we consider the macroeconomic aspect of the effect of investment activity, then it consists in the growth of social capital.

Banking investment activity, when viewed from the standpoint of economic development, includes such investments that increase the income of the whole society as a whole, and not just at the bank level. This is the main difference from the forms of investment that increase the income of a certain bank, which are associated with social income and its redistribution. Hence, we can conclude that from the point of view of macroeconomics, investment activity includes the productive orientation of bank investments.

These two aspects of the investment activity of banking institutions are very closely related. The basis of this connection is the development of the securities market and privatization objects. The instruments of these markets are directly or indirectly involved in the formation of the prerequisites for the investment process.