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11 CRISIS Who can become an astronaut? Banks DIA agents are a kind of strongholds of stability when it is common to disclaim the licenses

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february 2014 NATIONAL BANKING JOURNAL 11actual

crisisactual

In December 2013 it was the tenth anniversary of the Federal Law No. 177 "On insurance of the nationals depos-its in the Russian Federations banks". Clause 12 of article 12 thereof titled "Procedure of reimbursement on deposits" expressly states the func-tions of agent banks, being the finan-cial lending entities that act on behalf

Yulia Demenyuk. "During the same period the bank shall have no prescriptions from the Bank of Russia as for imposition of interdiction or restriction measures regard-ing the raise of monetary funds and open-ing of bank accounts for individuals, or no prescriptions on the bankruptcy arrange-ments. Besides, the entity shall not have any overdue debts to all levels of budgets within two nancial years prior to the mandatory payments tender bidding date."

The president-chairman of the board of SMP Bank, Dmitriy Kalantyrsky sum-marizes the terms as necessary for coop-eration with the DIA, interposing the focus onto a somewhat di erent direction."The Agency lodges quite rigorous requirements to the agent banks; there is rather a huge list of them. The major thing is the avail-ability of enough o ces, capacity of rapid and high quality servicing to a large num-ber of clients, presence of the relevant IT-system," emphasizes the specialist.

It is notable that among 62 agent banks (being the total number of them at present) there are both the federal level players, and relatively small lending organizations, which may be referred to the so-called regional banks. Of course, the edge is very windy there, however we may call Lipetskkombank (Lipetsk region), Bystrobank (Republic of Udmur-tia), Ural Financial House Bank (Perm Krai) and some others the regional banks. Alongside the banks can pay the reim-bursements both to the depositors of the regions that their head o ces are situated in, and to the customers dwelling or located in other areas of the country.

Accreditation of nancial institu-tions wishing to become DIA agents is

Banks DIA agents are a kind of strongholds of stability when it is common to disclaim the licenses. However, to become a nominee to that role, one should have come through a rough and rigorous selection procedure

Who can become an astronaut?

Anna Kislitsynatext by

and at the cost of the DIA and make payments to the offended deposi-tors. It is quite evident that the Agency needs such volunteering

assistants. Still the preferences as vested to the banks acting as the DIA agents are at the back stage.

NOT EVERYONE CAN BECOME AN ASTRONAUT

As a rule, mass media re ect only the facts of assignments of these or those nancial entities as the authorized DIAs, leaving the role of a wall ower for the process to select the agent banks. In prac-

tice the procedure consists of two phases: accredita-tion and tender. Not every national market partici-pant is capable of over-coming the selection phases and becoming the delegate of the Agency.

"In order to be accredited at the A gency, the bank shall be in line with specific

requirements: it shall be a member of the deposit insurance system, it shall have been carrying out business on raise of cash from individuals to depos-its at least for three years, it shall comply with the mandatory rates and regulations set by the Central Bank as of the report-ed monthly dates, for the recent year", informs the vice-president, deputy director of the retail business department in VTB24

12 NATIONAL BANKING JOURNAL february 2014actual

crisis actual

made on a continuous basis, its result lies in the agreement conclusion between the parties. So that the already accredited entity will be able to pay out the com-pensation, it will have to take part in the tender for the agent banks to be selected under a speci c insured accident. "All the accredited banks may take part in ten-der for making of insurance payments, however the victory of a company in the tender depends on various factors such as the payment experience, network of a liates, liquidity parameters, etc. How-ever, in view of the complicated process, in addition to just a desire to take part in the tender, the bank will have to be capable of paying out the insurance com-pensation in terms of all the demands as laid by the Deposits Insurance Agency," notes the head of the deposit products development unit in Alfa Bank Marina Nadtochyi.

In the event that the license is recalled from the banking institution, the DIA will send the o er for the accredited banks to take part in the tender, with the bid form attached to the letter. Accepting the same, the agent will send the lled in form to the DIA, as well as other essential documents, in particular the accounting statement and list of a liates. The points will be assigned to the bank resulting from the test. The participant that has gained the maximal amount of points will be appointed the payer at a speci c insured accident.

MULTI-TASKING BANKS

Concerning the topic of compensation payments, it is worth mentioning about the DIA agent banks, which for one reason or another have never taken a single part in reimbursement of cash to depositors. Such banks include Gazprombank, OTP Bank, Uniastrum Bank. Nevertheless many lend-ing organizations have become winners of tender more than once. Thus Alfa Bank is presently paying out the compensa-tions to former customers of ODINBANK, Transinvestbank, Basmanny Bank and BUSINESS BANK.

The director of the retails business and retails network management department

of Rosgosstrakh Bank, Vilen Lee, has told us about the banks insurance payments." Currently our entity is making payments to the depositors of European Industrial Bank, MI-Bank, and Slavyansky Bank. We have already nished paying the insurance compensations to customers of eight lend-ing entities which took part in the deposits insurance system: Sootechestvenniki Bank, ZelAK Bank, Baltcredobank, Sotscredit-bank, South Trade Bank, Agrokhimbank, Kurganprombank and Donbank for the total amount of RUR 3.8 bln."

The rst payments of NOMOS-BANK were made in 2008, at that time the pay-ments were made towards the depositors of Mira-Bank and Integro Bank. Further, as the director of the retail business pro-ducts development and support depart-ment, Alexander Bazanov, has detailed, the funds were reimbursed to the customers of Sudkombank, Petro-Aero-Bank, Wolga Deutsche Bank, MIB, Galabank, Vympel, Neopolis, Rusich and Ratibor banks.

VTB24 is the agent bank to many nancial organizations, as recently as in autumn 2013 we commenced paying the insurance compensations to the custom-ers of the following banks: PUSHKINO, Pervy Express, Master Bank, outlines Yulia Demenyuk (VTB24). It is worth men-tioning that it is far from the rst case for VTB24 that it acts as the DIA agent bank: the company made its rst payments back to 2006, which year was not calm at all, when it repaid the money to the depositors of Sakhalin-West Interregional Joint-Stock Bank for Economic Cooperation.

Dmitriy Kalantyrsky (SMP Bank) informs: "The rst time that SMP Bank becomes the agent bank is in December 2013. Together with VTB24 we have won the tender for payment of reimbursement to a portion of depositors of the Project Financing Bank. It is our rst experience that will make it possible for us to work out the relevant competences in that matter."

WHERE DOES THE INTEREST LIE?

As of November 2013, the amount of the deposits insurance fund made RUR 232.7 bln. The procedure and terms for

remittance of the DIA money to the agent banks account are set by the contract of agency. In a number of cases, the nan-cial-lending entity pays out the com-pensation to depositors out of its funds, which will be reimbursed later. This circumstance is not an obstacle for the banks that nd a lot of reasons to have cooperation with the DIA.

"In past we never had an experience of such payments, mainly it was con-nected with quite a di cult process and necessity of considerable nalizations of information systems," recalls Marina Nadtochyi (Alfa Bank). In this connec-tion, for a long time we were declining the participation in tenders as conducted by the Deposits Insurance Agency. But in the end, we have resolved that such a large bank as we have should entertain an opportunity of making insurance pay-ments. We have worked out the systems, changed the processes and trained our employees in addition."

Alexander Bazanov (NOMOS-BANK) also dwells upon the motivation for coop-erating with the DIA: "The decision was made at the moment when NOMOS-BANK, already being a successful bank in the corporate segment and having the expertise in serving a large base of indi-viduals, was working at growth of its share at the retail market. Along with the exper-tise with private customers, our advantage lay in the fact that we were a large-size and stable organization with a good history and the developed network of a liates. We strived to make ourselves known to the market, to enhance the potential clients base and to prove that we were capable of prompt and high quality solutions of any tasks within short terms".

The Bank of Moscows press ser-vice has informed: "Such a decision was approved back by the former executives of the bank. As practice shows, a particu-lar number of depositors, for whom the insurance compensation is made, allocate their monetary funds in the agent bank. It is a kind of a chance to expand ones own clientele. Besides, the DIA makes certain demands to the agents, therefore inclusion of a company into the DIA list

february 2014 NATIONAL BANKING JOURNAL 13actual

crisisactual

of agent banks will provide a positive e ect on its image."

Some other DIA agent banks also emphasize the importance of the image factor. "For us in the rst line it is a ques-tion of reputation. Trust from the DIA in that situation is a great advantage to the lending entitys image. Alongside one should keep in mind that the bank will use its own funds for payments as our liquid-ity a ords us to do it, and we are going to receive the reimbursement from the DIA only in a couple of months", says Dmitriy Kalantyrsky (SMP Bank).

Vilen Lee (Rosgosstrakh Bank) shares the point of his colleagues from other lend-ing entities. "In addition to the evident ben-e t: an opportunity for growth of the cli-entele and enhancement of its own deposit portfolio, one can underline the reputation strength of the agent bank upon participa-tion in the insured accident. Undoubtedly,

the nancial institution that has assumed the liability to pay out the compensation to depositors of other banks undergoes the tender selection procedure, and accordingly it has not only the developed network of branches, necessary resources and options for serving a large number of customers, but is the bank with a high level of reliability," outlines the specialist.

If one takes into account the reputa-tion factor, the majority of banks see the major advantage of cooperating with the Deposits Insurance Agency in the expan-sion of their own clients base. "Naturally, acting as the agent of the DIA has provid-ed the bank with an expanded clients base and attracted new customers, and many of them are still served by us and use our product line," says Alexander Bazanov (NOMOS-BANK).

Yulia Demenyuk (VTB24), in her turn, gives us particular gures: from

30% to 60% of depositors receiving the insurance compensation in VTB24 decide to remain the clients of the agent bank. The price gure, according to the experts words, depends on many factors: region of the insurance compensation payment, market situation, attitude to the bankrupt bank, etc.

Subject to the fact the Russian depos-its insurance system is quite young (it is only 10 years old), the experts arrive at an optimistic conclusion: both the DIA and the agent-banks group are justi able. The analysts do not preclude the growth of the DIA agents as time goes by. Never-theless, as shown by the recent years sta-tistics, there are more than enough of such banks being ready to pay to the o ended customers on a continuously basis and on time, which means to a large extent an extinguisher of panics among the deposi-tors at the bank market.

14 2014actual

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, - 2013 , -, -, - - .

, - - 50 . 300 . , - - - - - . , - , -

. - , - . - , - , -, , - .

- - -, - - - . .

- 29 2011 , -, -, 1 2014 . - - - , - .

- -, , - , -

34 2014

.

, - 24, - - . - , - -, 2013 - 69,5 - . , - , - 1989 , 72 , .

- , -

, 13 - , - , - 2013 . , - 13 - 20 -. - , - , - - 13,16 .

- , - -. 30 -, - , .

- 30,2 , 1,37 .

. - 11,45 . - - 9,71 . - ( - -) 9,08 .

. : - - -

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, , -

, . -. , - , . , .

. , -, - , - 1% - . , - , - . , 2013 -, - - .

-, - . - , , - , - . - , - - . , .

- -. - () 31 - - - . - , - .

23 - , - . - - , - . - - - , - 2013 . , 79 - ( ).

- - - . - , - . - - -

2014 35

- 19981999 , -. - - , .

- 500

- () 500

. -, - . - , - - , , daily.

- , - , - , - - . 500 , -

- . : - 1 - , - - - - . .

- -, - - ,

- - - . - - . - , 200% . - . , - - . , ( , -), .

. NBJ

201436

- - ? - , - ? - ?

NBJ .

, -

NBJ: , , , ,

- , 2014 .

. : , 2013 , . - , RBI Group - . ,

. : , ,

: -

2014 37

, , 2013 - 12% - 2012 . , - , -, .

NBJ: , , - , , , .

. : - . , - - , -. -, . -. , .

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. : : ? , , , -, . - . , - .

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?

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. : , - , - . - : , , . , - - . , , - - .

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. : , , - . , , ,

- Moodys, Standard & Poors Fitch. . , , - -.

NBJ: , , - - .

. : , - : - .

NBJ: , -, - RBI Group -?

. : , . : - - 40%. , , RBI Group - , - .

NBJ: , - ?

. : , , , -, . , - -, - , . , , ,

201438

.

NBJ: ?

. : , , , - , , -. RBI Group , - . - . , - .

NBJ: ?

. : , 6-7%.

NBJ: - , ? - ( , ) ?

. : 2013 - 43%. - - , . -, . , - .

NBJ: , , , -. - - - ?

. : - 2013 - ( ) 61%, 39%.

, - -

NBJ: - , - - -. , , ? , , , , ?

. : , - , , . - , - , - , (, , ). , - - . . , . -, - .

, :

. - , , -, , . , - (, , ), , - . -, , . , , .

NBJ: , , - , .

. : , , . , -, , , -, . : - , , . .

NBJ: -, ? ?

. : , -, . - , -: , , - , - , , .

2014 39

, - , - -. , , .

NBJ: , ?

. : , . , - . , . , , . , , , . -, , - , .

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. : , , - , . -, - , . ,

, --, , . -, .

- , -. , . - : - . , , , , - .

- ,

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. : , . , , . - , , - .

NBJ: ?

. : , . , -, : -, - . - : , , . , , - , .

NBJ: , , - , ?

- . -, , , , -

201440

. : , . , - 5060% - . - -, , - .

, , - . , : . , , -, . - , - , - . (debt-to-income), - , , . , , - - .

NBJ: , , - -.

. : , . -, - . . , .

NBJ: , .

. : , , , , .

NBJ: . - ?

. : , , - . - . , , - . , , - - .

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. : , - , - . , 2013 , . , , , : -, -, . .

NBJ: , -?

. : , ,

. - -, , , . - .

, - ,

NBJ: . , . -- ?

. : - , . : , - - -. , , , , .

NBJ: - - .

. : , , , 30% . , ,

2014 41

. , , , - -- , - .

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. : , , , , - , -

. , - , 10 20 .. - , , - -. - , .

NBJ: -, , .

. : , , , . ,

, . : -, -, .

- - . - . , - . - , , , , - .

42 2014

> . 42 > . 53

- , , :

: ,

,

, - -

, - , .

2014 43

:

- . , - - 230 -. - . - - , 2011 , 113 . , - - - , . , -.

! - , , , , -, . -?

, - . - , - , - .., . - -, ,

- (-, ..). . . - - , -, , .., - - . , - , , - -, , - - . ,

,

...

44 2014

- , , .

, - - - . . , -, - . - - : , - . , - -. - - 5% . - , , , -, . - 1-2% - , - .

- , , - , , - . , -, - , -, . -, , - - , , - , -

.

, .

, , - . , , . - 3% 10% - . , - - 250 700 , - . -, , -, , , , , - .

, - - , - , - , , . , - . -, - , - , , - - .

- , - ,

. -, , . - , : , - , .

, - , - , - , - - . : - .

, - , , - -. , , . - , , - . -, - , . , -, . , , - , - - . , , -

2014 45

, , - ( ).

- - , - - (, - ). , - - - . , - - , ( ).

(-), -, -, . , , , . , - , - -. , -, - . , - - -, -, , .

- , , - . - , -. - -

, - -.

- , , , , - - - , ().

- , - - - . -, , -, .

-. - - , -. , - - , , , -

, , . , , - , , -, -. , : -? . - - - , - ( ).

- (), - - - , .

- - , - -. - , , .

46 2014

, , - , - . , - , . - -, ().

(-), . , , -, -, - . , - , .

, , - -. - - (, - , ), , .

- -. , - , - , - .. - - . -

, - , , - .., - . , , , - , - ().

, : - , - , . , . - - - .

- . - , - - . , .

- , , - , - . - , , , - . , - , -, , , ( ).

(-), - -. - , - , , - - call-, - , - . - , - , - -. , , , .

- , . , -, - . - 2013 435 . , , , -, - , . - , , - -, . , : - , -. , , - , , - , .

48 2014

. : . -,

?

, . - - - . - . NBJ - .

,

NBJ: , - . . , - - ?

. : - . , - , .

-, - . -, ,

2014 49

, - .

, - , - , , -, - -, -, - , - . - , - - .

: , - -, . - , - -. , - - . , - abuse .

NBJ: . , - - .

. : , . - . , - - . -: - , . - .

, - , - . -, , , - . , , - -- , . - -. , , .

NBJ: -, .

. : . - - : 10% ? , , - , . , 10% - , 15 . ? : 10% 15 . 20 . ? , -, . , - .

- , , , - . - , . - , - , , , . , , . -, - , .

, ,

NBJ: , - () - ?

. : , - . , , , - , - -. - 365% . - : , 20% -, 0,1% , . , , .

- - - , -. , , - - - , - . , , , . - . : - , - - , - .

NBJ:

50 2014

KPI, - . , , - . - KPI - ?

. : , - , - - . - , - , . , KPI - , , - . - - , KPI .

- -: -, , . , - . . , - , - -. , . , , - () -, - , - ( , ).

-

, - -. , - - . KPI - - . -, , - . , ( VIP-). - , , , -, - . , .

NBJ: - ?

. : . - . - , , - . , , , , . - - - .

- : , , . , 100 . . , -, , 300 . . 300 ? . ,

300 . , , -, 100 , - 200 -. - , - - KPI.

NBJ: , - - ?

. : , . - . - , - . - , . , -, -, . -, , - , -. -, -. . 150%, , 120%. . , -.

NBJ: - : , - , , - . ?

2014 51

. : , . - : - . - , - . , - - , . - . , , -. - , . , . , - .

NBJ: , : - -? NBJ 2014 - . , ?

. : -, , - - , - , - . - . -

, , .

, . , - , . , . , -, , ?

- : , , . . , (Consumer Financial Protection Bureau) . , . : . - .

. - .

, - , . -: - - - , - . - - . - , . -. , . , , . . .

NBJ: - -?

- - - , , -

52 2014

. : . -: - - , - . - , , . -, ?

: - -? , - - 2- . 159 -. - , , -. - . - , --. , - -. , - - . - : - .

, ,

NBJ: , - . - ?

. : - .

- -, - . - - , , , . , , . , . - , -, , . - , - - . - , , . -: , -, - .

NBJ: , -. , - ?

. : , , - , - . , .

NBJ: ?

. : , -, - , - , . . , -, , ,

.

, , . 2008 - MosPrime. -, - . , , , - - 2008 . - ? - -, - .

- , - . , - . , - . ?

NBJ: , - ?

. : : - - PR. - , , .

. , - ( - ). , , , , , .

2014 53

, - - , . , :

, -

- -

- -

- -

, , - , - . - ,

?

201454

- - ( - ) . , . , - , , , NBJ - , - .

NBJ: , - - . -, , . - , -?

. : , , 20102011 , . , - ,

. , . , , , , .

NBJ: -?

. : - .

NBJ: ?

. : - .

NBJ: - ?

. : 40% , 23% - , -, 1013% .

NBJ: , - - 3-3,5 . - ?

. : , .

. : , ,

2014 55

NBJ: , ?

. : . , - , , , , -. , .

NBJ: - , ?

. : . , -, , , - , - . , , - .

NBJ: , ? - ?

. : . , - , - , . : , - . , , - - . -, , , - , - - . , -

: .

NBJ: ?

. : . : - - . - - - .

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. : , . , - , , - - .

NBJ: ?

. : - - - , - . , , .

NBJ: - ?

. : , . , - - -

2014 .

NBJ: - ? ?

. : , - - . .

NBJ: - - ?

. : . , , , , . - - .

NBJ: , ?

. : , -. -, , , , - . , , - . , : - 8% 9,5% . - -, -, . - , , :

201456

-, - 8% , - .

NBJ: - 2014 ?

. : . - , - . -, - -. , , - .

NBJ: - , ?

. : , . - , , , - . / 80%, , - . , , , , , - .

NBJ: , , .

. : , , , , -. , , , , . , -, , -, .

NBJ: , ?

. : . . -, , - .

NBJ: ?

. : , -, - . , , : - , - . - , , , - . , - , - , - .

NBJ:

. : -

. , , .

NBJ: - .

. : , - , . : - - .

NBJ: ? , - ?

. : , - , - . , - . , , - . , , , - .

NBJ: , ?

. : 3, -, 3, .

NBJ: - , , . , - ?

. : , -

2014 57

. , , -. , - , . - -. , , .

NBJ: , - ?

. : . - , - , - - .

NBJ: , .

. : . , : - , -, - .

NBJ: .

. : , , . , , 2009 , . - 4-5%, - - :

- 30% , - 100% .

NBJ: ?

. : , , , - . - , , -, , - .

NBJ: , , - ?

. : - . - - : , - .

NBJ: , - - . ,

- ?

. : , - , - , -, . - , 15% 4% - . 1820% . , , . - - , - , . - , .

NBJ: - ?

. : , , , ,

- - , - , - , - ,

201458

. - .

NBJ: : , , ? -, , .

. : . -, , -, - , - . -, , , -. , - , - , - . -, -, ..

, - : , , , , -

, . , .

NBJ: , , .

. : , -. - , -. - .

NBJ: ?

. : . - (, , ). - - .

NBJ: , ?

. : , , -, . . - , - - . , , , - LTV (Loan to Value, ) 80%. : - 90% 100%, .

NBJ: : - -? ?

. : , - , - 10%. , , -, - . , , , - , . , , - . , , , . - . - .

- - , - . - -

2014 59

201460

- . 2014 , - , - , -, , NBJ -- 24 .

NBJ: , - -? - ?

. : , , -

. , , : , , - .

, -: 2013 - , , - , . - . -, - , . - - . . - , -, . - , . , - , . - , , - .

- ,

. : , , ,

24:

2014 61

: 2013 1,3%. - , - . , 2014 -. , . POS-.

-, , - . 1 2014 - - . . , - -, .

NBJ: - - . 24 -? - - ? - ?

. : 24 . - 33% , , 28%. , - , . - . , - 230 , 2014- 319 .

, - -. , , - , , . , - .

NBJ: , - -.

. : , - . , - , - .

NBJ: ?

. : - . - 0,1% . , 20082009 , . - , - , .

NBJ: , - ?

. : 6,5% 2013 12,5% - . 2013 , 0,7% . 2014 , , -

, . , - , , - .

0,6-0,8% , -, , . , - , , , - . -, , . , - 11 : - , , , . , - , .

, . . . - . - , . - , - , .

, - . , - .

, -

201462

NBJ: . 24 - ? - ?

. : . , - , - . , , - -. - , , , - . -, - , - . - - . , .

- . - 80%. - - . 24 - . , , , - , .

NBJ: . 2013 24 344 ( c 690 1 034).

2014 .

. : . -, . - : - 24, -, 250 , , .

, , 24 97 -, 3,5 . , , - . 24. : , , -, . - ; - .

. , 24, - , . , , . - . - . - -, , IVR. , - . - -

( ) , .

NBJ: 24 ?

. : - . - , . , , . , - , , , - , . - 600700 . , . , .

2014 1 500 . . , . , - -, - .

, 100 , 30 , - 0,7,

NBJ: - -. ?

2014 63

. : - - . - , - . , , - . : - . -, , . . , - - , 2013 . - . - , - . , , , - , . , 100 , 30 - , - 0,7, .

- -. , , , , - . -, .

NBJ: 24 ? - - , , - 24?

. : , -

- . : -, . : - - 120 . - - -, .

- , , . ( 60 ) : , SMS, . , , , . , - .

NBJ: - , - ?

. : - . -, , . , , - : , - , - . - . - , . , .

, , - , - . -, , . . , - -, . , : 30% - . -, ,

, . , . - - , ?

201464

, - .

-

NBJ: -?

. : - - -. 2013 , , . 100 2016 , 100 . , 80% - , 20% , . , , , , . 30%.

- , , , -, . - , - , -. , 24 - . , - . , .

: , -

, , , -. -, , . , - - .

NBJ: , - - ?

. : - . , , , . . : - ? - , . , , . , - . ?

NBJ: ? - - ?

. : - . - -. - , -. -. , -

. . - -, , . , - . - , ?

, 2014 . - , - . - - ? - -, .

NBJ: : 24 2014 , .

. : 2014 - . . - - . , - . . , - . - , - - .

- , , , . , 2014 . -, .

2014 65

- 2013 : , , - , .

2014 , - - .

, - - . - , .

, - , .

- - . -, , - , , . , .

, - . .

- . , , - - .

Dura lex, sed lex, , 1 2014 ( 1 139-) 1 2014 ( - - - - ), 12

, ,

,

, ,

1 2014 - - , . - 30%.

NBJ : ?

- .

- ? , , .

201466

, -. - - - -. - - : -, 2008 ,

- , - -. , - , NBJ - .

NBJ: , - - ? , , , .

. : , , - . , - , - , . - , - - . 2010, 2011 2012 - , , - . , - , - , -- . - , , - . , 2010 : 1416 , - 110120 .

, , , . -

. : ,

2014 67

, , - , , - , . - .

: - - -. 2010 - 50 130, , - , - .

. . - , , , , - .

NBJ: , - . , - . ? - : ?

. : - 50%, . - 2013 . , , - -.

-, , , -. , - , - .

, - , - . , -, , . , - . - , - , - . , -, , - . , -. - - - , .

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. : , , , -- - , -. ,

-. , , - , . - , - -. -: - - .

NBJ: ?

. : . - - - , - - -. , - - - , - . , - , . - - - . , - - , .

NBJ: - ? , , , ? ?

. : - , , -. , , 600 -

201468

, : . - ( ), , -, - . - 5%, 10%. , 700 . , - . , , , - . - .

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, - 2014 . -, -. - . , , .

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. : , - . , . . . , . - - : , - , . , : 1416 , 20092010 , - 2,5-3 . , - . - , , .

NBJ: - ?

. : - . - -

2014 69

, - . , - , - , - . -, , , .

- . - , - ,

, .

NBJ: - 2013 2014 ?

. : - 2013 . , - . - . - . , - - - 3,6 -

, 3 .

, - , . -, . 60% 40% . , -. , , . .

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70

2014

, 2013 45-50%, 41-42 . - . , - , - .

, , ?

, , - -: ? ! - . , - - , . ?

40 , 900 . . , , 1015% , . , - . - - , , - - . , , . , - : , -, , -, , .

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71

2014

. -, , , - - , . , -. , - , - .

, - - - . . - - : , , - : ! - , - . , - . - , - () .

- , - - . - , , .. . , - .

2013 -

- . 30 2013 . , - , - , - ().

-, , : - - , , - - , - -. , , , - , -. - , - , -, . , - , . , -, ( ).

-- - , -. - DTI (debt-to-income -

) 25%. -, , . - - - , , - . 25% - 50% . -. - , - , : 2013 2012 , .

2013 -, , - . , 151- - - 190- . (), - - . , - . , , - , - - , - .

, - , -: , , , . -, . -

201472

. -, - -. , - - 20 . 200 . , - 100 . 200 . . - ( -) 10 . 30 . , 30 . 50 . .

, , - () , -, . - , .

- : - , -, ? - . 3 2014 , , . .

- . - , . , - - . , -, . 24 - -- - , -. - - : - ( ) , , , . , , . - . , , - , - ().

, . , , . , 2 600% - . , - -. , - , , ().

-

. - , .

- . - -, - , - - - . - . , , - - . - - . , , - - , -, , , - - ().

- - - , - , . - - - -, , - ().

, -, , . -, - , -

2014 73

- . , , - , , . - . - - . - . , 2015 -

, - - .

, . -, . , - , - , ().

-, . -, - , ,

. , - . - -, , -, (). -, -; -; - . , , , - .

201474

, , ?

?

-, , . 1000 . , , . . - , - , , - . , , -, - .

. , - , , - .

,

, , . - . - . , , - , , - . , , - , - , .

, ,

,

, . 2000- . , -. - , -, . - . , - . - , .

, , , , - .

2014 75

. - , - () 64 . - . -. , , . 300500 , .

, -

, . , - - . - , ,

,

- . - - ( ), - . - , , . , (, ), .

,

,

, . -. 55% - ( , -- , , - ). , , , - .

- 1520% -. , , 4050%. , , - , , - .

, . , - , . - , . , - - - (, - - , ).

, - . -, , - .

201476

- , , , , - . - - : - - , . , , , , - , . NBJ , - -, .

, - 1990- , - . , - , - .

- , . - , : - , - -, - . 1987 - -

. 1990- , - , . , . . - . , - , -. - .

- : - , . , - , - : , , , , , , - - .

- : -, 1986 . - -, . , - .

. ( ) -

2014 77

. 1995 - . , 1994 , - - . , , , -. . , , , - , . , -. 1996 , 1999 2005 - .

- -, . , , .

-, - . -, - -. , -. , . ! - , -. - .

, - -- , - .

. , , . , - . , - - , - , - - - .

- ( - ) -: , . - , , - , - , , - . , - , .

, - -! ( ).

-- , - - , , - , - .

2013 37% -

: , , , , , -, ? : , , - - .

( . . . -) -: 2000 - , 2006 IESE Business School Global Executive MBA.

-, - -, . , , , - - , .

- - ( - ) : , , - , , - .

-, 1980- 1990- , - , . -

201478

- . - , , - - .

- , - II. - - .

- XIX , -. 1860 - I II , -. - . XIXXX -, .

- . - . - .

- . , , -, - . - -, - ,

, - . . , - - : - , - - . -, , , - , , -, - .

-. , , , -: - .

, .

, - 8% , - . - - . - , .

- , , - - .

.

XIX XX -- -, - (- -) ( ).

- - , . -: - , - . - .

- , . 90- XIX - .

- - , - -, - , - - .

XX , , . , 1907 , - , - , , . 1913 -

2014 79

15 .

- -, - . - , - . .

, - XX , 1917 1921 . - -. , , - , . 14 - 1917 -

, - - . .

, : - 50 . , , : - , - .

, -, , - -- . -

, - , - .

- - 1980- 1990- . - , ( -), . . , -, , , -- . , , - , .

80

2014

-, - , - - - . 2013 - : - , - , .

1 2013 , , 40,5 . - , , - 4,5%. - -. 2013 - 15,6%, 1,45 , 41%, 439,3 .

-, -. , . - 2013 - , - - .

- : - . - : , , , - , - ...

, - , - -, , - . -- , 38 . , - , , - -

, ,

81

2014

- , , - . .

- - . - , - , . -, - 12% . 50% . : , , 3040% .

- , , -, . , . - - , . - . , - , , - . , , , .

- () : -

- , , , , . -, .

- , - . - 14% , , . 40% - , . , . , 14% , - .

, - . , - - . , 2011 , - . - , , -, 45% - . , , , 2013 - , 4,3 .

- , ( ), -, , 40%, . - 30%. , - , , . , , , - , - ( -).

- -, - , - , . , , . - , . : - , . - . , , ().

- ,

, .

82

2014

. , II - 2013 , 64% . , - - , 46% I 2013 51% II 2013 . , , , - , . -, - - .

- . . - - . 20062007 , 2025% . 0,51,5% , , , - , -. - . , - , , - : - , , , - , - .

( ) -, -, ,

-. , , , . , , .

, . , ( rst payment default, FPD), . , IV 2013 , 22,5%, 40,8 . , 45,1%. - , , - -. III 2013 57 .

: 2012 . 40% , 20% , , -. - , - - . 1 2013 - - .

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