Bill and bank operations with bills. Test: Operations with bills of exchange

Send your good work in the knowledge base is simple. Use the form below

Students, graduate students, young scientists who use the knowledge base in their studies and work will be very grateful to you.

Hosted at http://www.allbest.ru/

A bill and its essence
Bibliography

A bill and its essence

bill of exchange- this is a kind of debt obligation, drawn up in a strictly defined form and giving an indisputable right to demand payment of the amount indicated in the bill after the expiration of the period for which it is issued.

bill of exchange- this is a formal document, and the absence of any of the required details makes it invalid; this is an unconditional monetary obligation, since the order to pay it and the acceptance of payment obligations cannot be limited by any conditions; it is an abstract obligation, since no reference to the basis for its issuance is allowed.

The subject of a bill of exchange obligation can only be money.

Differences bills from others debt obligations:

- can be passed from hand to hand without an endorsement;

- liability for a bill of exchange for persons participating in its turnover is joint and several, with the exception of persons making a non-negotiable inscription;

- in case of non-payment of a bill in set time it is necessary to make a notarial protest;

- the form of the bill is precisely established by law, and other conditions are considered unwritten;

- is an abstract monetary document and, therefore, is not secured by a pledge, deposit, penalty, etc.

The basis of a promissory note transaction is a commercial loan provided by enterprises to each other, bypassing the bank. Making such a loan with a promissory note has a number of advantages, for example, in comparison with a loan agreement.

Firstly, the bill is mobile. Under a loan agreement, the organization that issued the loan usually cannot demand its return before the due date. A bill of exchange is a security, and if necessary, it can be sold on the stock market or pledged to a bank.

Secondly, a bill is an abstract debt obligation that is not associated with specific terms of the transaction, therefore it is convenient to use it to settle debts between enterprises.

Thirdly, existing regulations require enterprises to re-register overdue accounts payable in the form of financial bills. At the same time, the basis for the undisputed collection of debts for the supply of goods and services rendered, as well as collateral for bank loans for the payment of inventory items, should be only payment obligations with fixed payment terms, including those issued by bills of exchange.

Russia adheres to the "Uniform bill of exchange law" adopted in 1930 in Geneva. All operations with bills of exchange are regulated by the federal law "On a bill of exchange and a promissory note", adopted State Duma in 1997

In some countries, mainly with Anglo-American law, there are regulations that differ from the Geneva Agreement. In addition, there are countries whose bill legislation does not comply with either the Uniform Bill Law or Anglo-American law.

The main forms of bills and their brief description

The bill of exchange must be drawn up in writing either on a special bill of exchange or on a plain sheet of paper with the obligatory observance of all details. The main forms of existing bills are reflected in the table.

The bill must be drawn up in any language, but it should be noted that the Bank of Russia accepts for accounting bills of resident enterprises drawn up only in Russian.

The main forms of bills and their brief description

Promissory note form	Main characteristic
Commodity (commercial)	Issued as a result of a commercial loan transaction
Financial	Issued when a cash loan is granted
Bank	Acts as a certificate of deposit
Blank	The buyer accepts an empty bill of exchange form, which is subsequently filled in by the seller
Friendly	Issued for the purpose of subsequent accounting in the bank on behalf of a real-life enterprise
Bronze	Issued for the purpose of subsequent accounting in the bank on behalf of non-existent enterprises
providing	Issued to secure a loan to an unreliable borrower

In financial practice, it is customary to distinguish between promissory notes and bills of exchange.

Simplebill of exchange (solo bill) is issued and signed by the debtor and contains his unconditional obligation to pay the creditor a certain amount at a specified time in a certain place.

Transferablebill of exchange (draft) issued and signed by the creditor (drawer). It contains an order to the debtor (drawee) to pay within the specified period the amount indicated in the bill to a third party (receiver).

A bill of exchange as such does not have the force of legal tender, but is only a representative of real money, therefore it is customary in practice that the debtor-drawee is obliged to confirm in writing his consent to make payment on the bill at the appointed time, i.e. make an acceptance of the draft. Acceptance is made in the form of an inscription on the front side of the bill.

The acceptance of a bill may be general or limited. No other restrictive entry in the text of the draft is permitted because the acceptance must be simple and unconditional.

Partial (limited) acceptance is the written consent of the debtor to pay only part of the amount indicated on the draft.

A guarantee for drafts and promissory notes is their avalization (confirmation) by banks. Aval means a guarantee of payment on a bill by the bank, if the debtor has not fulfilled the obligations under the bill on time. Aval is made on the front side of the bill.

The bill also acts as a negotiable document. This means that the transfer of a bill to another person is carried out for registered bills by means of an endorsement (endorsement). Such an inscription is placed on the reverse side of the bill and signed by the endorser, i.e. the person who made the endorsement. An endorsement must be unconditional, so any restrictive conditions included in it are null and void. By means of an endorsement, the endorser transfers to another person in whose favor the inscription is made, all rights, claims and risks under the bill.

Bills may accepted to accounting banks. The essence of this operation is that the holder of the bill transfers (sells) the bill of exchange to the bank by endorsement before the maturity date and receives the bill amount for this minus the interest due to the bank. This percentage is called the discount percentage or discount. In turn, commercial banks can rediscount the bills of enterprises in other credit institutions or in the Bank of Russia. Neither the bills themselves nor their transfer are currently subject to stamp duty. Instead, on transactions with bills of exchange, a tax on transactions with securities is taken at a rate of 0.3% of the amount of the bill. Operations with promissory notes are not subject to this tax.

In addition to dividing bills into types (simple and transferable), their other forms are distinguished: commodity, financial, banking, blank, friendly, bronze, security, rect - bills.

Commodity (or commercial) bills are used in the relationship between the buyer and the seller in real transactions with the supply of products or services.

Financial bills are based on a loan issued by an enterprise at the expense of available free funds to another enterprise, according to Decree of the President of the Russian Federation No.

In recent years, Russia has become widespread banking bills. They certify that the company has made a deposit to the bank in the amount indicated in the bill. The Bank undertakes to repay such a bill upon presenting it for payment within the period indicated on it. At the same time, a certain interest income is charged on the bill. In this case, the bill actually acts as a certificate of deposit.

IN blank bill of exchange the buyer accepts an empty promissory note form, which will be filled in later by the seller. This situation is possible when the final price of the goods (or it may change as a result of delivery) and the delivery time are not established during the negotiations. Naturally, such a promissory note can only be drawn by parties that trust each other, because if you enter into it an amount different from that agreed with the payer, the latter will still be forced to pay it.

Friendly bills issued by people who unconditionally trust each other. At the same time, one person, in order to help an enterprise experiencing financial difficulties, accepts its bill of exchange so that the latter either pays off its debtors or takes it into account in a bank. It is assumed that the drawer of the bill will later find funds to pay it off himself.

Bronze bill of exchange- this is a promissory note that has no real security, issued to a fictitious person. Bronze bills can also be issued to real firms. At the same time, two firms exchange bills of exchange and take them into account in different banks. Before the maturity date of the first bills, they again issue bills to each other and, with the help of their accounting, try to pay off the old loan.

providing bill of exchange issued to secure a loan to an unreliable borrower. It is kept in the deposited account of the borrower and is not intended for further circulation. If the payment is made on time, then the bill is repaid, if not, then claims are made to the debtor.

Rekta - bill of exchange, or a nominal bill, cannot be endorsed.

Transferable bill of exchange must contain the following requisites:

The name "Promissory note" included in the text of the document;

A simple and unconditional offer to pay a certain amount of money;

Name and address of the debtor (drawee);

Indication of the payment term;

Indication of the place of payment;

Name of the payee (recipient) to whom or by whose order the payment is to be made;

Indication of the date and place of drawing up the bill;

Drawer's signature (drawer).

A document without any of these details does not have the force of a bill of exchange.

Simple bill of exchange. Only two persons participate in a promissory note, and it is issued and signed by the debtor, undertaking to return a certain amount at a certain time in a certain place. For mandatory details promissory note include: the name "bill" included in the text of the document and written in the language in which this document is drawn up; a simple and unconditional obligation to pay a certain amount; indication of the payment term; indication of the place of payment; the name of the payee to whom or by whose order it is to be made; indication of the date and place of drawing up the bill; drawer's signature. Since a promissory note is drawn by the debtor, there is no need to accept it, and the drawer is responsible for it in the same way as the acceptor for a bill of exchange. For the rest, the norms of drafts regarding endorsements, terms and procedures for payments, claims, mediation, copies are fully applicable to a promissory note. In particular, a promissory note with no maturity date is considered payable at sight.

Endorsement. The essence of the endorsement is that on the reverse side of the bill or on the additional sheet (allonge) an endorsement is made, through which the right to receive payment is transferred to another person along with the bill. The person who transfers the bill of exchange by endorsement is called the endorser, and the person who receives it is called the endorser. The act of transferring a bill is called endorsing or endorsing.

An endorsement may be made in favor of any person, including even in favor of the payer or drawer. It should be simple and unconditional. Partial endorsement, i.e. transfer of only part of the amount of the bill is not allowed.

Endorser answers behind acceptance And payment. He can relieve himself of responsibility by inscription "Without turnover on me", although such an inscription will undoubtedly reduce the interest in such a bill from its subsequent purchasers. The endorser may forbid a new endorsement by the clause "By order" or "Pay only." The endorsement must be signed by the endorser in his own hand, the rest of its elements may be reproduced mechanically. Crossed out endorsements are considered unwritten.

Differences between endorsement And cession:

a) as a result of the endorsement, the endorser assumes liability to any subsequent bill holder (unless a special clause is included in the text of the endorsement). In the case of a cession, the one who cedes his rights is only responsible for their validity, but not for their practicability;

b) the cession is a bilateral agreement between the ceding and acquiring rights. An endorsement, on the other hand, is a unilateral transaction made by the assignee of his rights under the bill;

c) bill legislation allows for the execution of a blank or bearer endorsement. Assignment can only be nominal;

d) endorsement involves the full and unconditional transfer of rights under the bill. In a cession, the transfer of rights may be conditional or partial;

e) the endorsement must be made on the form of the bill or on an additional sheet. Assignment can be executed both on the document itself and in a separate agreement.

With the help of the cession, bills of exchange are transferred after a protest about non-payment or after the expiration of the period established for making a protest.

Acceptance transferable bills. The debtor under the bill of exchange must consent to the payment of the bill of exchange by its acceptance. Acceptance is marked on the left side of the front side of the bill and is expressed by the words: "Accepted", "Accepted", "I will pay" or similar in meaning, with the obligatory affixing of the signature of the payer. The simple signature of the payer indicates the acceptance of the bill.

A bill of exchange may be presented for acceptance at any time from the date of its issuance to the moment of payment. The bill can be presented for acceptance and accepted even after the due date, and the debtor is responsible for it in the same way as if he had accepted the bill before the due date.

The drawee has the right to demand that the bill be presented to him a second time a day after the first presentation. If after this period there is no acceptance, then the bill is considered not accepted. The debtor is not entitled to demand that the bill of exchange be retained for acceptance.

The drawee may be notified of the forthcoming presentation of a bill for acceptance by a special letter of the drawer, called a letter of notification or advice. Usually it contains details about the issued bill: the place and time of issue, the amount of the bill, the term, the name of the first purchaser, the place of payment, as well as the settlement issues of the drawer and drawee.

The drawee may stipulate a specific term for the presentation of a bill of exchange for acceptance, for example, not earlier than a certain date. Bills of exchange payable on a certain day from sight must be presented for acceptance within one year from the date of issue. In this case, the acceptance must be dated.

The acceptance must be simple and unconditional, but it can be partial (the debtor agrees to pay only part of the amount). A situation may also arise when the debtor put an acceptance, and then, before the return of the bill, he crossed it out. In this case, it is considered that the acceptance was refused.

Acceptance plays in transactions the role of a certain guarantee against the presentation of unlawful requirements for the fulfillment of the terms of the draft. If the debtor believes that the obligation under the bill does not follow from his relationship with the creditor, then he may not accept it.

On the other hand, the supplier, sending the goods to the recipient, together with the shipping documents transfers to the bank and the draft. The buyer of the goods will not receive the documents, and therefore the goods themselves, until he accepts the bill.

The bank may also accept the draft. Such an acceptance is called bank acceptance and is mainly used for early discounting of bills. Banker's acceptance is required only for installment payments in the form of a documentary letter of credit.

If the bill of exchange is exposed to reputable firms, whose solvency is not in doubt, then, as a rule, the holder of the bill does not resort to acceptance.

Aval - This is a bill of exchange. Instead of bank acceptance, avalization (confirmation) of a bill by banks is more convenient. Aval acts as a guarantee of a bill, in respect of which the bill of exchange law is applied.

This guarantee means a guarantee of full or partial payment of the draft if the debtor has not fulfilled his obligations on time. Aval is given on the front side of the bill and is expressed by the words: "Consider as aval" or another similar phrase and is signed by an avalist. Aval is given for any person responsible for the bill, so the avalist must indicate for whom he gives guarantee. In the absence of such an indication, the aval is considered issued for the drawer, i.e. not for the debtor, but for the creditor. The avalist and the person for whom he is responsible are jointly and severally liable. Having paid the promissory note, the avalist acquires the right of a return claim to the one for whom he issued the guarantee, as well as to those who are obliged to this person.

Procedure payment on bill of exchange. When calculating the maturity date, the day on which it is issued is not taken into account, and if the payment date falls on a non-working day, then the bill is paid on the next business day.

Bills of exchange are presented for payment, unless otherwise agreed, at the location of the payer. However, it can be presented for payment on the day of payment or during the working hours of the next two days.

Payment on the bill must follow immediately after presentation. Deferment of payment is possible only in the event of insurmountable circumstances, the existence of which must be confirmed by the competent authority.

bill of exchange maybe to be not adopted to payment or acceptance in next cases:

a) if it is impossible to find the payer at the specified address;

b) death of the payer (for an individual);

c) insolvency of the payer;

d) if the bill says "not accepted", "not accepted", etc.;

e) if the record of acceptance is crossed out.

Protest on bill of exchange. Claims for non-payment or refusals to accept bills of exchange are considered by the judicial authorities only if they have been properly contested. The right of a bill of protest arises when an officially certified demand for payment, acceptance, dating was made, but they were not received. To make a protest, the bill holder or his authorized person must present the bill to the notary's office at the location of the payer or the bank (domiciled bill).

The main types of transactions with bills

In commercial circulation, a promissory note can act as a means of settlement for transactions, serve as a way of commercial lending to entrepreneurs, and be a specific way to ensure the fulfillment of obligations under transactions.

Promissory notes operations in bank begin with the receipt by the client of a promissory note. This credit can be obtained in the form of bills of exchange and in the form of a special loan account secured by bills. At the same time, it is divided into one-time and permanent loans.

Credits on accounting bills may to be bearer or bill-drawing.

bearercredit is opened to the client for accounting of bills of exchange transferred by him to the bank. Under a bill of exchange credit, the client issues his bills, which are used to pay for the delivered goods and services. The recipients of such bills then present them to their banks, which in turn forward them to the drawer's bank to be redeemed against the open credit.

Bills of exchangeloans are usually issued by banks to customers who have settlement (current) accounts opened in these banks. When considering the possibility of opening a bill of exchange loan, the bank assesses the solvency of the client. For this, its financial documents, a description of its fixed and working capital, information on the presence of past due debts, production and economic plans, insurance policies, if any, the charter of the enterprise are provided. The Bank may use data on the enterprise of other banks and special firms. If an enterprise used to allow its bills to protest, then it will be problematic for it to receive such a loan.

Bills in both bearer and promissory notes are accepted for accounting only in the amount of the free balance of the loan.

Procedureaccountingbills. Accounting for a bill is understood as its transfer (sale) by the holder of the bill to the bank by endorsement before the maturity date and the receipt of the bill of exchange for this minus a certain percentage, called discount interest or discount. Bills of exchange are transferred to the bank by registers. At the same time, a blank endorsement is made in the bills themselves, i.e. endorsement without specifying the recipient. The bank considers the possibility of discounting the bill and, in case of a positive decision, enters its details into the endorsement. In addition, the stamp "Accounting" is put on the front side. Upon receipt of the bill, the bank checks it for compliance with the formal requirements of bill of exchange law, checks the correctness of filling in all the details, the authority of the persons who signed, as well as the authenticity of these signatures. In addition, the economic situation of the client and endorsers who signed the bill is analyzed. Only bills based on commodity and commercial transactions are accepted for accounting. Bronze and friendly bills are not accepted for accounting. For discounting a bill, the bank charges a discount rate, the rate of which is set by the bank itself. When collecting non-resident bills of exchange are charged porto(postage) and dump(commissions to non-resident banks for the collection of bills).

If the bill is paid before the due date, the payer is refunded interest for the remaining time at the bank's rate on current accounts. If the payment is made after the due date, then the bank, in addition to the bill amount, charges the payer 6% per annum for the time of delay, a penalty fee, as well as protest costs, if they have already been made. Promissory notes not paid within the appointed time must be submitted for protest to a notary public on the next day. The notary protests the bills in accordance with the adopted legislation and returns them to the bank with an inscription about the protest. After that, the bank requires the redemption of bills from the drawer. If this does not happen, the bank completely stops lending to him and goes to court.

Oncolloans. Banks can open special loan accounts for enterprises, against which bills are accepted. Usually the nominal amount of promissory notes exceeds the value of the loan being opened. These loans are opened without setting a term or before the maturity of the promissory notes. These loans are formalized as demand loans or, as they are called, on-call loans. They pay interest similar to the rates on loans, but such loans are more profitable for the bank, since in case of default on the loan, it can close it with the amounts received in payment of bills. The contract for opening an on-call loan between the client and the bank stipulates the following terms:

loan amount;

the highest limit of the ratio between collateral and debt on the account;

the size of the credit rate;

the bank's right to require additional collateral;

the right of the bank to repay the client's debt, if necessary, from the funds received as payment for the promissory notes securing the loan, as well as from other amounts of the client held by the bank;

the right of the client to replace the security bills.

When using a loan, the bank monitors the size of its free balance. The repayment of the loan itself can be carried out either by transferring the client's funds, or by offsetting payments received on promissory notes. The holder of a bill to receive payment on it must not miss the deadline for presenting the bill, forward it or appear in person at the place of payment. The costs associated with these transactions can be significant. Usually, the holders of bills instruct banks to carry out the operation of presenting these bills for payment, receiving payment, and, if necessary, protesting the bill. The bank, accepting such an order, performs the operation of collecting bills of exchange, charging a certain commission for it in the form of a percentage of the amount of payment and postage. For the client, it is usually cheaper and faster than presenting the bills yourself. Banks accept bills of exchange for collection with payment in those places where there are banking institutions. Such bills of exchange are transferred to the bank on the basis of a surety endorsement. The client must also reimburse the bank for the costs of protesting bills of exchange, if necessary.

rediscountbillsbanks. A commercial bank, taking into account the client's promissory note, may rediscount it in another credit institution. However, throughout the world, the most common practice is the rediscounting of bills in the Central Bank of the country. In Russia, the Central Bank lends to commercial banks either at their request (at the refinancing rate) or through credit auctions. But a more civilized way of distributing credit funds is the rediscounting of bills accumulated by banks. The Bank of Russia has developed requirements for bills of exchange accepted by it for rediscounting. First of all, the Bank of Russia accepts for rediscount only promissory notes of supplier enterprises drawn on a commercial bank, i.e. bills of exchange are re-discounted only when the supplier enterprise (and not the buyer) takes a loan from a bank and draws up its debt with a bill of exchange.

bill, recountable Bank Russia, except Togo, must satisfy next requirements:

a) the supplier enterprise must be a resident;

b) the face value of the bill is not less than 100 million rubles;

c) the bill must be drawn up in Russian and all inscriptions and the amount of money must also be indicated in Russian;

d) the due date for the bill must be specified on a certain date. Promissory notes with a term "upon presentation", "at such and such time from presentation", "at such and such time from drawing up" are not accepted for rediscounting;

e) the bill of exchange must not contain a condition for calculating interest on the bill amount;

f) as the place of payment, the commercial bank that registered the bill must be indicated;

g) the note of the drawer "without protest" must be made on the bill. No restrictive markings are allowed;

h) the bill must be genuine. Copies are not accepted for re-registration;

i) the bill must be drawn up in a single form established by the Bank of Russia.

In fact, these promissory notes can be issued by supplier enterprises against loans to replenish working capital, i.e. loans that enable the company to work until money is received from buyers. Therefore, these bills must be covered by the actual delivery of the goods. In addition, enterprises that issued a bill of exchange should not have overdue debts on loans from commercial banks, settlements with suppliers, and the budget. A commercial bank, together with an application for the rediscount of bills of exchange, submits to the Bank of Russia the balance sheets of enterprises and reports on financial results. The rediscount itself is carried out by the Central Bank of the Russian Federation by purchasing bills of exchange from commercial banks with the condition of repurchase. The term for which bills are redeemed cannot be less than 10 days and more than 90 days before the due date of payment. The purchase is made by crediting to the correspondent account of a commercial bank an amount equal to the face value of the bill, minus the discount set by the Bank of Russia.

Bill of exchangecredit provided only commercial banks, satisfying next conditions:

- economic standards required by law are observed;

- reserve requirements are met in a timely manner and in full;

- there is an auditor's report on the annual report;

- overdue debt on Bank of Russia loans is not allowed.

The repurchase of bills of exchange by commercial banks and, accordingly, the repayment of a bill of exchange loan occurs by writing off its amount from the correspondent account of the bank. If there is not enough money on the account, then the loan is transferred to the category of overdue and interest is charged as a penalty in the amount of 1.3 of the discount rate of the Bank of Russia.

Domilationbills. In the form of settlements, in addition to the bank of the holder of the bill, collecting the bill, the payer's bank can also participate as a domicile, i.e. fulfill the instructions of its client-payer for the timely payment of the bill. The external sign of a domiciled bill is the words "Payment in the bank" indicated in it, placed under the payer's signature. For the bank, this operation is profitable, since it receives a commission for dominating bills, and at the same time, acting as a domicile, the bank does not bear any responsibility if the payment does not take place. The client-payer himself is obliged by the due date of payment on the bill or to ensure the receipt of the necessary Money to your bank account, or pre-book the payment amount on a separate account. IN otherwise the bank refuses to pay and the bill is protested in the usual way against the drawer.

The expansion of the use of the bill of exchange form of payment in the economic turnover of the country should also be facilitated by such new for our banking practice bill operations as the accounting of bills and the issuance of loans secured by bills associated with short-term lending to the economy.

In modern domestic banking practice appeared the new kind bills - bank, or financial bill. Bank (financial) bill of exchange is a unilateral, unconditional obligation of the bank (issuer of the bill) to pay the person indicated in it or by his order a certain amount of money within the prescribed period. The current Russian promissory note legislation does not provide for any special rules or exceptions for the issuance of promissory notes by banks, and the legislation on securities does not address this issue. The legal regime of bank bills coincides with the general regime for bills of all other issuers and is regulated by the federal law "On promissory notes and bills of exchange" dated February 21, 1997. This predetermines two main qualities of the issue and circulation of a particular bank bill: the possibility of issuing both single copies and series and the possibility of independent establishment by banks of rules for the issuance and circulation of their own bills that do not contradict the law.

Bank bills can be purchased by legal entities and individuals primarily for the purpose of generating income. Income is defined as the difference between the redemption price, which is equal to the face value of the bill, and the acquisition price, which is less than the face value. Specifieddifference (discount) essentially represents income calculated on the basis of the current deposit rate of bank interest. This speaks of the deposit nature of a bank bill and makes it look like a certificate of deposit. However, unlike the latter, a bank bill can be used by its owner not only as a means of accumulation, but also as a purchasing and means of payment. The holder of the bill can pay them for goods and services by transferring the bill by endorsement to a new bill holder, to whom, according to the law, all rights under the bill are transferred. An endorsement on a bank bill, as a rule, provides for a free transfer of rights on a bill between legal entities and individuals. The endorsement, in which individuals participate, is certified by the bodies of the state notary or a bank. Thus, having the legal force of a bank's urgent obligation with all the ensuing rights, a bank bill becomes a flexible instrument for making a payment, servicing a part of the payment turnover of the economy.

Commercial banks practice issuing their own promissory notes for various purposes: to raise funds, to provide enterprises with cheaper loans, and so on. The very widespread use of bank bills can be explained by the following reasons: today there is no sufficiently complete legislative and regulatory regulation of such operations, the issue of bills of exchange is not registered with the Central Bank, transactions with promissory notes (which prevail) are not taxed on transactions with securities, bills are sufficient easy to handle. In this regard, it can be stated that bank bills prevail in the bill market of modern Russia.

promissory note bank operation lending

Initially, bills began to be used by commercial banks in order to raise funds.

Releasediscount (discounted) orpercentage,bills is carried out on the basis of the regulation "On the issue, circulation and redemption of a bank bill". These documents must not contradict the regulation "On a bill of exchange and a promissory note" (1937). These documents stipulate the conditions under which a bank client can purchase a bill of exchange, present it for payment, etc. However, you should pay attention to the fact that the content of the conditions does not contradict the text of the bill, since what is not written in the bill has no legal force. So, for example, it is unacceptable to establish a condition on the early redemption of bills at a reduced interest rate, i.e. a rate lower than that indicated in the interest clause of the text of the bill. If the client is given the opportunity to present a bill of exchange before the maturity date on it, the bank is obliged to accrue interest on the bill amount at the specified rate for the actual term of the bill, and only then is entitled to withhold a certain discount for early repayment of the bill. Also, when developing the conditions, it must be taken into account that a bill of exchange can be transferred by endorsement to another holder who will not be familiar with this document, and therefore, during its further interaction with the bank, undesirable conflicts may arise. A number of banks enter into a bill of sale agreement with the first purchaser of a bill. Such an agreement, especially when selling a discount bill, may be useful as a primary document confirming the amount for which the bill was purchased, for example, when calculating income tax. Note that the text of the agreement should also not contradict the content of the bill and the conditions of the bank.

Percentagebill of exchange is sold to the first holder at face value, and the holder's income will be the interest accrued on the bill amount. At the same time, the interest accrual clause will be valid only in bills of exchange with a maturity of "at sight" or "at such and such time from presentation", restrictive notes such as "at sight, not earlier." are also acceptable. Interest is accrued from the date of drawing up the bill, unless another date is indicated, and until the day the bill is actually presented for payment. For the holder of the bill, it is most advantageous to keep it until the due date, but it can also be sold at a higher price (including interest) or transferred as payment for any goods. If the promissory note is sold further at a price above par, then the income received by the first owner will be considered as the difference between the purchase price and the sale price of the property, that is, the promissory note, and will be taxed accordingly at the general income tax rate. Only the last holder, when the bill is paid by the debtor bank, will receive interest income on the security. This type of income is taxed at a reduced rate (15% for non-banks, 18% for banks), the tax is withheld at the source, the bank transfers the tax to the tax authority at its location.

Unlike the description of an interest-bearing note scheme, a discount (or discounted) note is sold to the first holder at a price below par. The income of the holder of a discount note will be the difference between the purchase price and the sale price of the note, which in all cases is taxed at the general income tax rate. The tax is calculated by the legal entity that received the discount independently and is paid in the general manner.

In order to improve the quality of a bill (increase its liquidity), an enterprise can apply to a bank serving it with a request to provide it with a guarantee of payment on a bill, i.e. on avalization of this bill by a commercial bank. When avalizing someone else's bill, the bank concludes with the person for whom the aval is given, an agreement or agreement on the avalization of the bill (or bills, if transactions are carried out frequently). In such an agreement, a number of conditions can also be specified, such as: the amount of a bill and aval, the payment term for bills that are avalized, the amount of remuneration that the client pays to the bank for such services, etc. A very important point is the establishment of a procedure for notifying the bank that the client has paid the bill and the bank will not be required. If the guarantee is not used, the client of the bank must notify the bank in writing that the bill of exchange has been repaid. The bank also has the right to demand that a copy of the paid promissory note be provided to it with a note that payment has been received from creditors.

Acceptancecommercialbankbillsclient- an operation that is also widespread in world practice. When a bank grants an acceptance credit, an enterprise issues a bill of exchange to its commercial bank, which accepts the bill, i.e. becomes a bill debtor. Most often, even before the acceptance of the bill by the bank, the client provides him with some kind of loan security, for example, a sum of money equivalent to the face value of the bill. Sometimes the cover is provided before the bill is paid. Among Russian banks, the acceptance of bills of exchange of clients has practically not gained popularity, since, with the current financial instability, banks are not sure about the solvency of their clients, and the risk of the bank in carrying out such an operation is extremely high. In addition, many experts have repeatedly noted that bills of exchange are generally little used in the Russian money market.

Bibliography

1. http://www.dkb-fin.ru/operacii_s_vekselymi3.html

2. Borovskaya M.A., Nalesnaya Ya.A. "Banking services for enterprises"

Hosted on Allbest.ru

...

Similar Documents

Definition of the concept "bill". The use of a bill as a means of payment and lending, to attract borrowed funds and create a positive credit history. Types of commercial bank operations with bills. Bill of exchange legislation of Russia.

test, added 02/04/2014

A bill as a form of debt obligation, its types and definition, participants in bill transactions. The essence of banking operations with promissory notes and bills of exchange, credits for their accounting, on-call loans, rediscount of bills and bill of exchange credit, domilation.

term paper, added 12/06/2009

Differences of a bill from other debt obligations. Aval as a bill of exchange guarantee, which is made by a third party in the form of a special guarantee entry on the bill. Accounting of bill transactions and their taxation. Record keeping of financial bills.

abstract, added 10/06/2009

Types and functions of bills. Types of banking operations with bills. Domiciliation of bills. Credit operations in the bank. Treasury bills as an obligation of the state with maturities. Refinancing a commercial loan using forfeiting.

control work, added 10/30/2012

Operations with promissory notes and bills of exchange provided that bills of exchange are drawn up in documentary form. General rules bank operations with bills of exchange. Banking operation for the collection of bills. Definition and signs of bank liquidity.

control work, added 12/12/2013

The history of the emergence of a written monetary obligation. Normative regulation of bills issuance operations. The share of bills in banks' liabilities. The current value of promissory notes. Promissory note and bill of exchange. Examination of the cost of bills.

presentation, added 10/22/2014

The emergence of functions and types of bills. Bank risks on operations with bills. Income and expenses on bill transactions. Bill details and features of its circulation. Analysis of the main types of bills used in the work of the bank "Investcapitalbank" LLC.

term paper, added 12/05/2010

History of bill circulation. Content and types of bills. Schemes of circulation and use of a promissory note and a bill of exchange. Functioning of the market of bank bills in Russia. Types of banking operations with bills. Operations of Avtogazbank.

thesis, added 08/15/2005

A bill as a tool for settlement and credit operations. Types of transactions performed by credit institutions with their own bills, documents used in this. List of accounting entries reflecting transactions with the bank's own bills of exchange.

term paper, added 04/22/2011

A bill as a special security. Characteristics and circulation of a bill as a debt instrument. Features of a promissory note and a contractual bill, their main details. Essential features of payment on a bill. Definition and calculation of profitability of the bill.

In commercial circulation, a promissory note can act as a means of settlement for transactions, serve as a way of commercial lending to entrepreneurs, and be a specific way to ensure the fulfillment of obligations under transactions.

Bill of exchange and credit operations in the bank begin with the receipt by the client of a promissory note. This credit can be obtained in the form of bills of exchange and in the form of a special loan account secured by bills. At the same time, it is divided into one-time and permanent loans.

Credits for the accounting of bills can be bearer or bill of exchange.

Bearer loan is opened to the client for accounting of bills of exchange transferred by him to the bank. Under a bill of exchange credit, the client issues his bills, which are used to pay for the delivered goods and services. The recipients of such bills then present them to their banks, which in turn forward them to the drawer's bank to be redeemed against the open credit.

Promissory notes are usually issued by banks to customers who have settlement (current) accounts opened in these banks. When considering the possibility of opening a bill of exchange loan, the bank assesses the solvency of the client. For this, its financial documents, a description of its fixed and working capital, information on the presence of past due debts, production and economic plans, insurance policies, if any, the charter of the enterprise are provided. The Bank may use data on the enterprise of other banks and special firms. If an enterprise used to allow its bills to protest, then it will be problematic for it to receive such a loan.

Bills in both bearer and promissory notes are accepted for accounting only in the amount of the free balance of the loan.

Bill accounting procedure. Accounting for a bill is understood as its transfer (sale) by the holder of the bill to the bank by endorsement before the maturity date and the receipt of the bill of exchange for this minus a certain percentage, called discount interest or discount. Bills of exchange are transferred to the bank by registers. At the same time, a blank endorsement is made in the bills themselves, i.e. endorsement without specifying the recipient. The bank considers the possibility of discounting the bill and, in case of a positive decision, enters its details into the endorsement. In addition, the stamp "Accounting" is put on the front side. Upon receipt of the bill, the bank checks it for compliance with the formal requirements of bill of exchange law, checks the correctness of filling in all the details, the authority of the persons who signed, as well as the authenticity of these signatures. In addition, the economic situation of the client and endorsers who signed the bill is analyzed. Only bills based on commodity and commercial transactions are accepted for accounting. Bronze and friendly bills are not accepted for accounting. For discounting a bill, the bank charges a discount rate, the rate of which is set by the bank itself. When collecting non-resident bills of exchange are charged porto(postage) and dump(commissions to non-resident banks for the collection of bills).

On-call loans. Banks can open special loan accounts for enterprises, against which bills are accepted. Usually the nominal amount of promissory notes exceeds the value of the loan being opened. These loans are opened without setting a term or before the maturity of the promissory notes. These loans are formalized as demand loans or, as they are called, on-call loans. They pay interest similar to the rates on loans, but such loans are more profitable for the bank, since in case of default on the loan, it can close it with the amounts received in payment of bills. The contract for opening an on-call loan between the client and the bank stipulates following conditions:

loan amount;

the highest limit of the ratio between collateral and debt on the account;

the size of the credit rate;

the bank's right to require additional collateral;

the right of the bank to repay the client's debt, if necessary, from the funds received as payment for the promissory notes securing the loan, as well as from other amounts of the client held by the bank;

the right of the client to replace the security bills.

Rediscounting of bills by banks. A commercial bank, taking into account the client's promissory note, may rediscount it in another credit institution. However, throughout the world, the most common practice is the rediscounting of bills in the Central Bank of the country. In Russia, the Central Bank lends to commercial banks either at their request (at the refinancing rate) or through credit auctions. But a more civilized way of distributing credit funds is the rediscounting of bills accumulated by banks. The Bank of Russia has developed requirements for bills of exchange accepted by it for rediscounting. First of all, the Bank of Russia accepts for rediscount only promissory notes of supplier enterprises drawn on a commercial bank, i.e. bills of exchange are re-discounted only when the supplier enterprise (and not the buyer) takes a loan from a bank and draws up its debt with a bill of exchange.

A bill recounted by the Bank of Russia, in addition, must meet the following requirements:

a) the supplier enterprise must be a resident;
b) the face value of the bill is not less than 100 million rubles;
c) the bill must be drawn up in Russian and all inscriptions and the amount of money must also be indicated in Russian;
d) the due date for the bill must be specified on a certain date. Promissory notes with a term "upon presentation", "at such and such time from presentation", "at such and such time from drawing up" are not accepted for rediscounting;
e) the bill of exchange must not contain a condition for calculating interest on the bill amount;
f) as the place of payment, the commercial bank that registered the bill must be indicated;
g) the note of the drawer "without protest" must be made on the bill. No restrictive markings are allowed;
h) the bill must be genuine. Copies are not accepted for re-registration;
i) the bill must be drawn up in a single form established by the Bank of Russia.

Promissory note credit available only to commercial banks that meet the following conditions:

- economic standards required by law are observed;
- reserve requirements are met in a timely manner and in full;
- there is an auditor's report on the annual report;
- overdue debt on Bank of Russia loans is not allowed.

The repurchase of bills of exchange by commercial banks and, accordingly, the repayment of a bill of exchange loan occurs by writing off its amount from the correspondent account of the bank. If there is not enough money on the account, then the loan is transferred to the category of overdue and interest is charged as a penalty in the amount of 1.3 of the discount rate of the Bank of Russia.

Domilation of bills. In the form of settlements, in addition to the bank of the holder of the bill, which collects the bill, the payer's bank can also participate as a domicile, i.e. fulfill the instructions of its client-payer for the timely payment of the bill. The external sign of a domiciled bill is the words "Payment in the bank" indicated in it, placed under the payer's signature. For the bank, this operation is profitable, since it receives a commission for dominating bills, and at the same time, acting as a domicile, the bank does not bear any responsibility if the payment does not take place. The client-payer himself is obliged by the due date of payment on the bill either to ensure the receipt of the necessary funds to his bank account, or to pre-book the payment amount on a separate account. Otherwise, the bank refuses to pay and the bill is protested in the usual manner against the drawer.

The expansion of the use of the bill of exchange form of payment in the economic turnover of the country should also be facilitated by such new for our banking practice bill operations as the accounting of bills and the issuance of loans secured by bills associated with short-term lending to the economy.

In modern domestic banking practice, a new type of bills has appeared - a bank or financial bill. Bank (financial) bill is a unilateral, unconditional obligation of the bank (issuer of the bill) to pay the person indicated in it or by his order a certain amount of money within the prescribed period. The current Russian promissory note legislation does not provide for any special rules or exceptions for the issuance of promissory notes by banks, and the legislation on securities does not address this issue. The legal regime of bank bills coincides with the general regime for bills of all other issuers and is regulated by the federal law "On promissory notes and bills of exchange" dated February 21, 1997. This predetermines two main qualities of the issue and circulation of a particular bank bill: the possibility of issuing both single copies and series and the possibility of independent establishment by banks of rules for the issuance and circulation of their own bills that do not contradict the law.

Bank bills can be purchased by legal entities and individuals primarily for the purpose of generating income. Income is defined as the difference between the redemption price, which is equal to the face value of the bill, and the acquisition price, which is less than the face value. Specified difference (discount) essentially represents income calculated on the basis of the current deposit rate of bank interest. This speaks of the deposit nature of a bank bill and makes it look like a certificate of deposit. However, unlike the latter, a bank bill can be used by its owner not only as a means of accumulation, but also as a purchasing and means of payment. The holder of the bill can pay them for goods and services by transferring the bill by endorsement to a new bill holder, to whom, according to the law, all rights under the bill are transferred. An endorsement on a bank bill, as a rule, provides for a free transfer of rights on a bill between legal entities and individuals. The endorsement, in which individuals participate, is certified by the bodies of the state notary or a bank. Thus, having the legal force of a bank's urgent obligation with all the ensuing rights, a bank bill becomes a flexible instrument for making a payment, servicing a part of the payment turnover of the economy.

promissory note bank operation lending

Initially, bills began to be used by commercial banks in order to raise funds.

Issuance of a discount (discounted) or interest-bearing bill is carried out on the basis of the regulation "On the issue, circulation and redemption of a bank bill". These documents must not contradict the regulation "On a bill of exchange and a promissory note" (1937). These documents stipulate the conditions under which a bank client can purchase a bill of exchange, present it for payment, etc. However, you should pay attention to the fact that the content of the conditions does not contradict the text of the bill, since what is not written in the bill has no legal force. So, for example, it is unacceptable to establish a condition on the early redemption of bills at a reduced interest rate, i.e. a rate lower than that indicated in the interest clause of the text of the bill. If the client is given the opportunity to present a bill of exchange before the maturity date on it, the bank is obliged to accrue interest on the bill amount at the specified rate for the actual term of the bill, and only then is entitled to withhold a certain discount for early repayment of the bill. Also, when developing the conditions, it must be taken into account that a bill of exchange can be transferred by endorsement to another holder who will not be familiar with this document, and therefore, during its further interaction with the bank, undesirable conflicts may arise. A number of banks enter into a bill of sale agreement with the first purchaser of a bill. Such an agreement, especially when selling a discount bill, may be useful as a primary document confirming the amount for which the bill was purchased, for example, when calculating income tax. Note that the text of the agreement should also not contradict the content of the bill and the conditions of the bank.

Interest bill is sold to the first holder at face value, and the holder's income will be the interest accrued on the bill amount. At the same time, the interest accrual clause will be valid only in bills of exchange with a maturity of "at sight" or "at such and such time from presentation", restrictive notes such as "at sight, not earlier." are also acceptable. Interest is accrued from the date of drawing up the bill, unless another date is indicated, and until the day the bill is actually presented for payment. For the holder of the bill, it is most advantageous to keep it until the due date, but it can also be sold at a higher price (including interest) or transferred as payment for any goods. If the promissory note is sold further at a price above par, then the income received by the first owner will be considered as the difference between the purchase price and the sale price of the property, that is, the promissory note, and will be taxed accordingly at the general income tax rate. Only the last holder, when the bill is paid by the debtor bank, will receive interest income on the security. This type of income is taxed at a reduced rate (15% for non-banks, 18% for banks), the tax is withheld at the source, the bank transfers the tax to the tax authority at its location.

Acceptance by a commercial bank of a client's bill- an operation that is also widespread in world practice. When a bank grants an acceptance credit, an enterprise issues a bill of exchange to its commercial bank, which accepts the bill, i.e. becomes a bill debtor. Most often, even before the acceptance of the bill by the bank, the client provides him with some kind of loan security, for example, a sum of money equivalent to the face value of the bill. Sometimes the cover is provided before the bill is paid. Among Russian banks, the acceptance of bills of exchange of clients has practically not gained popularity, since, with the current financial instability, banks are not sure about the solvency of their clients, and the risk of the bank in carrying out such an operation is extremely high. In addition, many experts have repeatedly noted that bills of exchange are generally little used in the Russian money market.

When studying this topic, students should familiarize themselves with the characteristics of bills, their classification and organization of bill circulation in Ukraine. The main attention should be paid to the bank's operations in the field of bill circulation. In particular, it is necessary to consider credit operations of banks with bills of exchange: accounting for bills, re-securing and re-pledge and lending secured by bills.

Ukrainian commercial banks carry out operations with promissory notes in accordance with the Laws of Ukraine "On Securities and the Stock Market", "On the Circulation of Promissory Notes in Ukraine", according to which, in a general sense, a bill is a security certifying an unconditional monetary obligation of the drawer to pay after the term a certain amount of money to the owner of the bill (the holder of the bill).

The law also provides for the operation of a bill exclusively in documentary form on forms with an appropriate degree of protection against forgery, the form and procedure for the manufacture of which are approved by the National Commission for Securities and the Stock Market in agreement with the National Bank of Ukraine, taking into account the norms of the Unified Law, and cannot be converted into uncertificated form (immobilized).

The above Laws determine the peculiarities of the circulation of bills of exchange in Ukraine, which consist in the issuance of bills of exchange and promissory notes, the implementation of operations with bills and the fulfillment of bill obligations in economic activity, in accordance with the Geneva Convention of 1930, which introduced the Uniform Law on Bills of Exchange and Promissory Notes, subject to the reservations stipulated by Annex II to that Convention.

Circulation of bills in Ukraine has the following features defined by the Law "On Circulation of Bills in Ukraine":

o bills of exchange and promissory notes can only be issued to formalize a monetary debt for goods actually delivered, work performed, services rendered;

o payment on the bill on the territory of Ukraine is carried out only in non-cash form;

o it is prohibited to use promissory notes as a contribution to the statutory fund of a business entity;

o changes to the text of the bill can be made at the initiative of its holder exclusively by the drawer (drawer) by crossing out the old details and writing a new one indicating the date of the change and signing;

o the amount of a bill denominated in foreign currency on the territory of Ukraine can be paid in the national currency of Ukraine at the rate of the National Bank of Ukraine on the day of maturity or in foreign currency in compliance with the requirements of the currency legislation of Ukraine, etc.

Considering the classification of bills, they should be divided according to the form and methods of use into simple and transferable.

A promissory note means an obligation of one person to pay a specified amount of money to another person for goods delivered or services provided (Appendix 8). Two subjects are involved in drawing up a promissory note: the drawer (debtor), who issues the bill and undertakes to pay the amount of the debt within the specified period and signs it, and then transfers it to the holder of the bill (his creditor).

A bill of exchange is an order to the borrower to pay a certain amount to the bearer of the bill (Appendix 12). It is designed to transfer funds from one person to another with the help of an endorsement - an endorsement. Three subjects are involved in drawing up a bill of exchange: 1) a creditor (drawer, drawer) - a person who issues a bill with an order to make a payment; 2) debtor (drawee) - a person who receives an order to pay; 3) remitent (bill holder, first buyer of a bill) - a person in whose favor a bill is issued.

To recognize a document as a bill of exchange, it must contain a number of elements, which are called the obligatory details of the bill, shown in Table. 9.1.

Table 9.1. MANDATORY DETAILS OF TRANSFERABLE AND PROBLEM IN ACCORDANCE WITH THE GENEVA BOX CONVENTION.

Details of a bill of exchange	Promissory note details
	1. The name "bill", which is called a bill of exchange
2. A simple and unconditional order to pay a certain amount.	2. A simple and unconditional obligation to pay a certain amount.
3. Name of the payer (drawee).
4. Indication of the payment term (as of a certain date, a certain period after the date of drawing up, upon presentation, a certain period after the presentation of the bill)	3. Indication of the payment term (as of a certain date, a certain period after the date of drawing up, upon presentation, a certain period after the presentation of the bill)
5. Indication of the place of payment.	4. Indication of the place of payment.
6. The name of the person to whom or on the orders of whom the payment is to be made.	5. The name of the person to whom or by order of whom the payment is to be made (creditor, bill holder).
7. Date and place of drawing up the bill	6. Date and place of drawing up the bill
8. Name, signature and exact address of the drawer.	7. Name, signature and exact address of the drawer.

The presence of these details is mandatory for the document to have the force of a bill. There are only three exceptions to the Geneva Bill of Exchange Convention:

when the text of the bill does not indicate the bill term, the bill is considered payable upon presentation;

In the absence of a special mark, the place indicated next to the name of the payer is considered the place of payment, as well as the place of residence of the payer;

A bill that does not indicate the place of its drawing up is considered to be drawn in the place indicated next to the name of the drawer.

A bill of exchange text may contain other elements, but their presence or absence does not affect the strength of the bill. Additional details:

1) in order to ensure the implementation of his requirements, the holder of a bill may demand acceptance of the bill from the drawee, which confirms his solvency and decency and increases the force of the bill of exchange law. The acceptor has the right to make a partial acceptance, that is, to agree to the entire bill of exchange amount, then the bill of exchange is considered non-acceptance for the balance of funds;

2) for the assignment of rights under a bill of exchange, its holder, acting as an endorser, shall receive an endorsement on the back of the bill or on a sheet attached to it - an endorsement in favor of the endorsee;

3) in a bill of exchange, the drawer may stipulate that interest will accrue on the amount payable. In this case, the interest rate must be indicated in the bill, and if it is not, then the condition is considered unwritten. Such interest shall accrue from the date of issue of the bill of exchange, unless a different date is indicated.

An important feature of bill of exchange law is the presence of joint and several liability of each of the persons who put their signatures on the bill. As a consequence, not only the acceptor (as in the case of an assignment) is liable to the bill holder, but also all the holders and guarantors.

Organizational support for carrying out operations with bills of exchange is determined by the bank. In banks that actively use bills, as a rule, specialized structural units are created, the activities of which will be discussed in more detail below.

Banks in the field of bill circulation can carry out credit, trade, guarantee, settlement, commission transactions

Considering the classification of bank operations with bills, one should pay attention to balance sheet (main) transactions with bills, which include credit bill transactions related to the provision or attraction of funds against bills or against their security, as well as trading operations for the purchase or sale of bills. In the general structure, credit operations with bills are divided into active (accounting for bills, granting loans secured by bills and purchasing bills) and passive (re-transferring purchased bills, obtaining loans secured by bills and selling purchased bills).

Trade bill transactions- these are transactions for the purchase or sale of bills at a price that is set as a percentage of the bill's amount. Active trading operations include the purchase of bills, and passive - the sale of purchased bills.

The main off-balance sheet operations of the bank with bills of exchange are guarantee bill of exchange transactions - operations that are accompanied by the bank's obligation to pay bills of exchange with the condition to pay bills upon the occurrence of certain circumstances and within a specified period. Guarantee operations include avalization operations and the provision of guarantees to ensure payment of bills of exchange (for example, in settlements using a documentary letter of credit).

Off-balance sheet transactions also include settlement, commission and trust transactions of banks with bills of exchange. Settlement bill operations are operations that are divided into operations for registration of debt by bills of exchange (acceptance of bills of exchange by the bank issued to the bank by the bank's creditor); issuance of promissory notes by a bank to a bank creditor; issuance by the bank of bills of exchange to the debtor of the bank; issuance of promissory notes by the bank's debtor) and for settlement operations using bills of exchange (bills payment to the creditor bank; bills of exchange payment by the debtor of the bank).

Commission and trust operations with bills of exchange - these are operations, the execution of which is associated with the collection of bills; payment of bills in which the bank acts as a special payer (domicile); storage of bills (originals, copies and specimens); purchase and sale, as well as exchanges of bills on behalf of clients.

Agreements on credit, trade and guarantee operations, as well as collection of bills and storage, purchase, sale and exchange of bills on behalf of clients (other banks) must be concluded in writing, taking into account the requirements of current legislation. Settlement transactions can be carried out without agreements (contracts) on the basis of primary documents (registers, acts, etc.).

In general, it should be borne in mind that when conducting transactions with bills of exchange, the bank assumes the following types of risks: credit, liquidity, interest, operational. In order to mitigate these risks, the bank may include relevant additional conditions in the agreements.

1. A more detailed consideration of banking operations with bills of exchange should begin with credit operations of banks with bills. As already noted in the active lending operations include transactions for the accounting of bills and the provision of loans secured by bills.

1.1. In terms of economic content, the operation of accounting (discounting) a bill is a transformation of a commercial loan into a bank loan, because the purchase of a bill by a bank is equivalent to lending to the bill holder for the period remaining until the bill is paid off. This loan is called an accounting loan.

Accounting (discount) of bills is an operation consisting in the purchase by the bank of a bill under a nominal endorsement from the bill holder before the maturity date. Considering the bill, the bank provides the bearer of the bill with an urgent loan.

In this case, the bank becomes the full owner of the bill with all rights and obligations in accordance with the bill of exchange, and the holder of the bill receives the amount of the bill reduced by the amount of the bank interest rate, which is also called the discount, as well as overhead costs for the operation.

The amount that is subject to deduction in favor of the bank from accounting (discounting) the bill consists of the interest rate (discount), and for non-resident bills - also port (postage) and damno (commission for collection of non-resident bills).

Damno minimum - this is the remuneration that is withheld by the bank as a percentage of the total amount of the bill, but not less than the amount set by the bank for each point.

Porto is a remuneration that is held by the bank in a certain amount for each

In the case of a positive decision on the accounting of bills in the bank, a credit limit is opened for the client. The size of the credit limit depends on the value of the client's promissory note portfolio, but cannot exceed the total creditworthiness of the latter. Since the accounting of bills presented by the client is carried out within the established limit, bank employees record the debt (settled) of the client, calculating the free balance of the debt. When bills are discounted, the credit limit decreases, and when bills are paid off, it grows.

As a rule, banks carry out accounting operations for bills of exchange against collateral. Only in some cases is it allowed to record bills of exchange without collateral, while the calculation of the credit limit is made taking into account the current limits of unsecured obligations of this client to the bank, including loans in the form of an overdraft.

Bills submitted for accounting must have at least two signatures: the drawer and the first bill holder. Large quantity transfer signatures testifies to the high reliability of the bill. It is allowed to have non-negotiable endorsements on the bill (with the exception of the borrower's inscription), provided that, in addition to them, there are at least two signatures.

With regard to the terms of promissory notes, banks prefer short-term promissory notes (usually up to 90 days), as they are less dependent on changes in the client's solvency and the general economic situation. For this reason, banks often refuse to take into account bills of exchange with a term of presentation.

Banks do not take into account promissory notes submitted by legal entities whose promissory notes have been protested at least once, and those with less stringent credit policy rules have been protested within the last six months.

Bills for accounting are submitted to the bank according to the registers. Registers of bills of exchange submitted for accounting in at least two copies are compiled by the bill holder in the form approved by the bank. The register contains information about bills of exchange transferred to the bank for accounting, namely: bill number, bill amount, name and details of the payer, date and place of payment. The register of bills of exchange filed for accounting may contain information about the name, legal addresses, details of persons jointly and severally liable for the bill, including endorsers and avalists.

Registers of bills are numbered and recorded in the List of registers submitted for accounting of bills. On promissory notes presented to the bank for accounting, the borrower must affix a blank endorsement, leaving enough space in front of the signature for the stamp of the bank, which will convert the blank endorsement into a nominal endorsement.

The decision to discount bills is made by the credit committee (credit commission). A permissive inscription is made on each register indicating the number and amount of bills accepted for accounting, as well as the amount of interest and the loan term. The act of acceptance and transfer of bills is signed.

The bills accounting operation takes place after the signing of the Bills Accounting Agreement, which specifies the subjects of the agreement, their rights and obligations, and the main parameters of the transaction. Such an agreement may take the form of:

1) a separate agreement on accounting for bills of exchange, which is concluded when accounting for certain bills;

2) General agreement on the accounting of bills, which is concluded for a certain period and involves the establishment of a debt limit on the accounting operation.

Promissory notes that have been accepted for accounting are registered in a special register of discounted bills, which is opened annually by the bank. After that, the bills are deposited at the cash desk (local bills are grouped by payment terms, non-resident bills - by the place of payment), and the client receives funds for crediting to the current account within the period specified in the accounting agreement, or through payment of accounts payable, subject to the submission of documents confirming the existence of such a debt.

Undiscounted bills of exchange are returned to the client's representative.

1.2. Loans secured by promissory notes can be provided in the amount of 60 - 90% of the nominal amount of the promissory note in the form of:

Term loans, that is, loans, the repayment date of which is fixed by agreement with the borrowers. Such loans are usually one-time. The term of the loan is set in accordance with the maturity of the promissory note (promissory notes), and the debt on such a loan is recorded on a simple credit account;

Demand loans (on-call loans), when the repayment period is not specified or a period is set before the maturity of promissory notes from collateral. On-call loans secured by bills of exchange designed to meet the constant need of clients for working capital. A special on-colon loan account is a demand account, since the bank, in turn, does not set a debt repayment period for the client and has an active-passive character, i.e. provides for the possibility of both a debit and a credit balance.

Debit balances are limited by the credit limit, in addition, interest is charged on them, similar to the calculation of interest payments on a contract loan. On credit balances, the bank can pay interest for keeping funds in current accounts, or it transfers these balances to the borrower's main account.

The amount of the fee for the loan and the shares of the bank loan in the nominal value of the security are determined by the bank depending on the creditworthiness of the borrower and the reliability of the bills of exchange provided as collateral.

To obtain a loan, the client submits to the bank a standard package of documents, as well as bills of exchange, which are intended to be pledged. Bills of exchange are handed over to a bank with a register of bills of exchange pledged at least in two copies. The bearer is given a receipt of receipt of the bills (for example, on a copy of the register) and is assigned an approximate credit period or a day when he must pick up the bills that were not accepted as collateral.

The bank and the client conclude a loan agreement, which contains a number of conditions that are mandatory for the borrower: 1) credit limit (credit line);

2) the maximum ratio between security (total nominal amount of the bill) and possible debt within 60-90% of the total amount of bills;

3) the amount of interest for the loan and commissions in favor of the bank;

4) the place of storage of bills of exchange submitted as a pledge;

5) the right of the bank to close the account and demand at any time full or partial repayment of the debt or provision of additional security;

6) the right of the bank to use the amounts received for payment of bills accepted as collateral to pay off the debt;

7) the right of the bank to repay the client's debt from the amounts belonging to the client and located in the bank on other accounts of the client;

8) the right of the bank to allow the client, on his initiative, to replace some bills before the due date for their payment with others;

9) the place of storage of bills pledged.

The Bank accepts bills of exchange as collateral on the basis of a pledge agreement concluded with the bill holder-borrower, which also specifies the place of storage of pledged bills.

Bills used as collateral may be deposited with a bank, public or private notary, while the borrower performs on the bills accepted as pledge a pledge or transfer nominal or blank endorsement, the type of which is established by the pledge agreement, however, it is advisable for the bank to require the borrower to make a transfer endorsement .

By pledge endorsement, the following rights are transferred to the bank:

1) presenting for payment and receiving payment on a bill of exchange;

2) to exercise a protest in case of non-payment or partial payment of a bill;

3) to file a claim for the recovery of the due amount of payment against persons liable under the bill.

After the endorsement, the borrower transfers the bill of exchange to the bank in accordance with the Transfer and Acceptance Certificate. The bank opens a personal account for the borrower to record:

a) the amount of the loan received;

b) interest accrued by the bank on the account, commission and other expenses;

c) all amounts of money received in repayment of the loan;

d) amounts of promissory notes received as collateral and are excluded from collateral in case of their payment or replacement with new ones.

Since lending secured by bills is carried out exclusively within the balance of the lending limit, an important task of bank employees is to control the size of the free balance of the limit and the condition of bills from the pledge (reality, their maturity).

Repayment of a loan secured by bills of exchange can be carried out by transferring funds at the order of the borrower from his current account (after which the bills are returned to him), or by crediting directly to a special loan account payments received from drawers on bills pledged.

Collection by a bank of a debt secured by a pledge of bills of exchange can also be carried out by:

1) presentation of a bill of exchange for payment to the obliging person, if the received bill is under a pledge or transfer endorsement;

2) sale of a bill, if it is received under a transfer endorsement.

Lending secured by promissory notes is very attractive for enterprises that intensively use promissory notes in their business activities and have a significant promissory note portfolio.

2. Passive lending operations with bills of exchange are transactions with the re-securing of purchased bills and obtaining loans secured by bills.

2.1. In the event of a need for additional liquid funds, for example, in the event of an unexpected withdrawal of deposits by clients (funds on settlement, current and other similar accounts), the bank, in order to maintain its liquidity, can be refinanced in institutions of the National Bank of Ukraine or in other banks on the terms of re-securing and re-pledge bills, in other words - accounting of bills already accounted for by the bank.

The use of perekhuvannya for purposes other than providing liquidity is less appropriate, since as a result of its implementation, the bank's profitability from accounting operations decreases.

The methodology for carrying out the operation of re-wrapping is similar to the accounting of bills of exchange by banks.

At the same time, operations with the re-forwarding of promissory notes recorded by the bank or obtaining a loan against them in the National Bank of Ukraine or in other banking institutions are also called refinancing of promissory notes. In the accounting market of every independent state, it is the central issuing bank that performs this special function in order to stabilize the banking system and support the liquidity of banks.

As already noted, the National Bank refinances banks through open market operations only against the security of government securities, promissory notes of business entities - residents of Ukraine and promissory notes of the State Treasury of Ukraine, discounted by the bank at a discount rate not lower than the discount rate of the National Bank.

Banks are refinanced through open market operations secured by government securities or promissory notes discounted by the bank in the amount of up to 100% of the book value of government securities and up to 70% of the book value of discounted promissory notes.

The institutions of the NBU have been granted the right to refinance commercial banks in the form of re-secured bills of exchange, subject to the latter's compliance with the following conditions:

All submitted bills of payment must not exceed 90 days and be such that bills can be received in a timely manner at the places of their payment;

Promissory notes submitted for rewriting must have at least two signatures, not counting the signature of the commercial bank that submitted these bills, in addition to that - the payer's acceptance;

The place of payment of bills of exchange presented for re-binding must be in settlements where there are institutions of commercial banks, a notary or a court;

The presence of a credit limit, etc.

At the same time, only discounted bills of exchange are accepted for repurchase, and for repledge - both bills accounted for discount transactions and bills taken as collateral for loan transactions.

In practice, however, the National Bank of Ukraine almost never uses promissory notes when refinancing commercial banks. That is, the operations are not carried out, and pawnshop lending is carried out exclusively with the help of government bonds.

1. Consideration of off-balance sheet transactions with bills of exchange begins with guarantee transactions (avalization of a bill and issuance of a guarantee secured by a bill), settlement transactions for registration of debts with bills of exchange (acceptance of bills of exchange and others) and settlements using bills of exchange. Particular attention should be paid to the consideration of the procedure for acceptance lending and reimbursement.

1.1. Guarantee bill transactions are transactions that are accompanied by the bank's obligation to pay bills of exchange with the condition to pay the bills upon the occurrence of certain circumstances and within a specified period. Bill guarantees may be explicit or implicit. Hidden promissory notes of banks are provided as guarantees of payment (letters of guarantee), by inscribing the bank on the promissory notes as one of the persons liable under the promissory note, except for the avalist. Aval is provided explicitly.

Aval- this is a bill of exchange guarantee, as a result of which the person who made this guarantee (avalist) assumes responsibility in full or in part of the amount for the obligations of one of the parties liable under the bill (drawer, acceptor, endorser). The aval of the bank should indicate for whom it was issued. If there is no such indication, then he is considered to have been issued as a drawer. Aval can be issued at any time (drawing up, issuance, any other stage of the circulation of a bill).

Aval is made on a bill of exchange or on an additional sheet (allonge) indicating the place of issue. For aval, one signature is sufficient, put by the avalist on the front side of the bill of exchange (except for the signatures of the payer or drawer).

Avalizing a bill, the bank provides an urgent loan or a demand loan, depending on the maturity of the bill. At the same time, both a third party and one of the signers of the bill can be an avalist. He is a debtor of the "second order", since the aval comes into force only after the default by the person for whom it is issued.

If the client fails to fulfill its obligations, the bank must pay the bill, after which it receives all rights as the owner of the bill of exchange as against the person for whom the aval was issued, and against the persons who are obliged to this person. Banks set limits on the avalization of bills for each payer on a bill and for each bearer of a bill.

If the bank makes a positive decision on the avalization of bills, each register of the bill calculates the amount to be paid by the client, and an avalization agreement is concluded with the latter.

On avalized bills, the bank charges interest on the aval loan and commissions, and if the credit risk is high, the bank will claim large commissions for making the aval.

Namely, in addition to interest, for out-of-town avalized bills, they can withhold a commission, damno and port, as well as a commission for the obligation to provide an aval loan. Such a commission, as a rule, is calculated as a percentage of the amount for which the bank undertook to secure payment on the bill, for the period of validity of such an obligation and regardless of whether the borrower used the right to receive aval or not.

The bank is obliged to pay the bill avalized by it in such cases:

1) if there has been a refusal of payment or acceptance, - against the presentation of a protested bill;

2) if the drawee has stopped making payments, whether he has accepted or not;

3) if the drawee is declared bankrupt, regardless of whether he made an acceptance or not, or if the drawee is declared bankrupt on a bill that is not subject to acceptance, against a court decision on declaring bankrupt.

The bank is not obliged to pay the amount that exceeds the aval provided by it and reimburse the bill holder for the costs of protesting the bill, unless it is specified.

Obligations of the avalist bank shall be terminated in case of payment of the promissory note by it.

The responsibility of the bank as an avalist is terminated in the event of:

Payment of a bill by the payer;

Payment of a bill by a person who signed before the borrower;

expiration of the limitation period against the bank-avalist.

After payment of the bill, the avalist bank acquires the right of recourse claim against the person for whom he gave the aval, and against all solidary debtors liable to this person.

3.2. Off-balance sheet transactions also include settlement bill transactions, which are divided into:

Operations on registration of debt with bills of exchange (acceptance of bills of exchange by a bank; issuance of bank promissory notes by the debtor of the bank)

Operations on settlements using bills of exchange (bill payment to the creditor bank; bill payment of the debtor of the bank).

3.2.1. The most common settlement bill of exchange transactions is the provision of banker's acceptances (banker "- acceptsance), which is understood as accepted bills of exchange, for which the bank guarantees payment for the delivered products (work performed) by carrying out its own acceptance instead of the client of the bill of exchange. It's about about the presence of a double guarantee of payment: the importer (payer), which provides funds for paying the bill, and the bank, which guarantees and makes direct payment.

Bills accepted by the bank through their high liquidity and reliability act as an international means of payment.

The difference between the acceptance operation avalization, except for the form, lies in the fact that the bank must pay the amount of the bill in any case, while with aval - only if the client fails to fulfill its obligations.

The bank's remuneration for the acceptance transaction consists of a commission fee, which is paid after reaching an agreement on acceptance. An accepting bank can receive additional income by accounting for a bill of exchange accepted by it, as well as depositing a bank acceptance on its behalf of the holder (the importer's expenses, in addition to the bank's commission, also include reimbursement to the exporter for the costs of accounting for the bill).

If an acceptance operation of a bank (provided that the bank takes into account the bill of exchange accepted by it or that the client or on his behalf covers it - as with an acceptance-reimbursement loan) develops into a loan, then the bank, in addition to the commission, also charges interest.

To reduce the risk of an acceptance transaction, banks prefer the acceptance of bills of exchange, monitor the maturity of the bill, and exercise control over commodity-money flows. It also reduces the risk of combining acceptance with reimbursement.

Reimbursement- this is a refund by the client of the payment amount before the due date of payment by bank acceptance (one - three days, depending on the reputation of the client). In order to receive such compensation, banks receive trade documents before the client pays the amount of coverage, check the creditworthiness of the client, may execute transactions with a term obligation (promissory note), may require liquid collateral in the form of securities, a bank guarantee, etc.

A common form of acceptance operation of banks is an acceptance-reimbursement loan, which is used in international contracts when the payment currency does not match the currencies of the countries that are the subjects of the agreement. Such a loan is a type of covered loan accompanied by the opening of an irrevocable letter of credit and is secured by commodity documents.

The procedure for such an operation. The importer instructs the bank, with which there is an agreement on the acceptance of drafts, to open a letter of credit in favor of the exporter. After receiving the commodity documents from the exporter instead of the accepted bill, the accepting bank writes off the amount of payment on the bill and the commission from the correspondent account of the importing bank. When the accepting bank and the importing bank do not have a correspondent relationship, a third party, a commission bank, may take part in the transaction. In this case, the accepting bank debits funds from the correspondent account of the commission agent, otherwise it debits the correspondent account of the importer's bank. In both cases, the importer pays the amount of the payment to his bank on the eve of the due date of the bill.

The acceptance loan is intended to cover working capital needs and cannot be used for investment purposes.

The Bank keeps records of promissory notes and bills of exchange issued by it, as well as accepted bills of exchange, in the corresponding journal.

The debt can be issued by bills of exchange either in whole or in part. By agreement of the parties, interest may accrue on the nominal amount of a bill in accordance with the requirements of legislation on bill circulation.

3.2.2. Promissory notes payments in favor of the creditor belong to operations on settlements with bills of exchange for repayment of accounts payable of the bank. their essence lies in the fact that the creditor of the bank agrees to accept from the debtor bank the performance of another (bill of exchange) obligation from the payer of the bill. The acceptance of a bill of exchange obligation occurs by transferring a bill purchased by the debtor bank to the bank's creditor.

When a debtor bank transfers a bill of exchange to its creditor, the following legal consequences occur: the obligation is terminated if the debtor is the drawer of the promissory note or the acceptor of the draft, and the creditor is the first holder of the promissory note or the drawer of the accepted draft, and if there is no right of recourse against the debtor under the obligation, on the basis of which bill issued.

If the payment is refused, then the claim can be filed only on the bill.

3.2.3. To operations on settlements with bills of exchange for redemption accounts receivable the debtor's promissory notes in favor of the bank belong to the bank. their essence lies in the fact that the creditor bank agrees to accept from the client-debtor the performance of another (bill of exchange) obligation from the payer of the bill.

The acceptance of a bill of exchange obligation occurs by transferring a bill of exchange acquired by the debtor client to the creditor bank.

In case of repayment of accounts receivable to the bank, the requirements for bills of exchange and the procedure for their acceptance are the same as for purchased bills.

At the same time, the use of promissory notes for settlements of debts under a bank loan is not allowed.

Acceptance or transfer of bills of exchange by the bank during bill payments is carried out using the relevant registers.

In the structure of commission and trust transactions with bills, it is also necessary to distinguish between the procedure for collecting and domiciling bills, their storage, as well as the purchase, sale and exchange of bills on behalf of clients. When considering these issues, the student must know the procedure for determining bank payments for the relevant operations.

3.3. The main commission transactions with bills of exchange are cashing and domiciling operations.

3.3.1. Banks can fulfill the instructions of their bill-holders by accepting responsibility for presenting bills of exchange and accompanying commercial documents on time to the payer and receiving payments due. This service is called collection of bills and belongs to commission transactions. 5 participants take part in the cash transaction:

1) principal - a bill holder who gives an order to collect a bill;

2) remitter - a bank that has been instructed to carry out the collection of a bill;

3) collecting bank - a bank that participates in collection, but is not a remitting bank;

4) the payer under the bill;

5) pre-issuing bank - a collecting bank that presents bills of exchange to the payer

Bills of exchange are collected in two types: a) net collection;

6) documentary collection.

The bank carries out a clean and documentary collection of bills of exchange on the basis of an agreement on the collection of bills of exchange concluded with the committent, and an instruction for collection, in which the full instructions of the committent are indicated. Such collection order must have a register or description of the bills accepted for collection.

Banks, accepting bills of exchange for collection, put forward a requirement for the presence of banking institutions at the place of payment. As a rule, banks refuse to collect non-acceptance bills of exchange, as well as non-domiciliated bills of exchange.

By carrying out the collection, the bank does not take responsibility for these bills, so the attractiveness of such an operation lies in the withdrawal of commission and in obtaining temporary disposal of resources that can be used for active operations. At the same time, the bank does not bear the risk, and its role is reduced only to the exact execution of the client's instructions, since the bank's expenses can arise only in case of violations of the terms of the contract

In general, the bank's income from the implementation collection operation include:

1) commission, which is withheld as a percentage of the total amount of the bill, but not less than the amount established by the bank for each item (minimum commission);

2) reimbursement of expenses for sending and receiving bills of exchange;

3) for out-of-town bills, there is also a damno and a port.

3.3.2. In order to ensure that payments are made on time, a bank institution may act as a special payer by domiciling a bill. That is, in contrast to the collection service, the bank acts as a domicile not as a payee, but as a payer on a bill.

Domicile of a bill is an instruction to pay bills of exchange at a special place of payment, different from the location (domicile) of the person who is indicated as the payer of the bill. Accordingly, a bill that is payable at the place of domicile is called domicile, its external sign is an inscription on the front side of the bill made by the drawer of a promissory note or a bill of exchange or the acceptor of a bill of exchange together with the signature of the person performing the domicile. Those bills, the payment of which must be carried out at the location of the payer, are considered non-domicile, and the person intended for payment of such bills is a special payer. Accordingly, a domicile is a person appointed to pay bills of exchange outside the location of the payers (special payer at a special place of payment).

Payment of bills in which the bank acts as a special payer (domiciliant) is carried out by the bank on behalf of the principal-payer on the bill on the basis of instructions received from the principal, that is:

Acceptance of bills for payment from a legal bill holder;

Making payments on bills of exchange;

Transfer of bills to the payer after full payment of the bill.

To perform the domiciliation service, a special agreement is concluded between the bank and the holder of the bill, according to which the bank undertakes to pay for the bills of exchange provided to it by the client (principal) for an appropriate fee - a commission, and the client undertakes to pay before the maturity of the bills (3-5 days) reserve funds in the bank in the amount of domiciled bills at the expense of own or borrowed funds (loan).

The main conditions for making a payment by the bank on domiciled bills are:

1) submission of the original bill of exchange and the accompanying register of bills submitted for payment;

2) the availability of funds for payment on the relevant account.

After payment of the bills, the bank notifies the client about this and returns the bills to him against receipt, or sends them with a message about payment.

If the client has not deposited funds sufficient to pay the bill, the bank refuses to pay it, and the seller of the bill protests against the payer (but not against the domiciliary bank).

Thus, bills of exchange that are payable at the bank are not an order or obligation of the bank to make payment. Acting as a domicile, the bank does not risk, since it pays the amount of the bill only if the payer has transferred the bill amount to him in advance or if the payer has sufficient funds in his account and authorizes the bank to write off from his account the amount necessary to pay the bill. Otherwise, the bank refuses to pay, and the bill is protested in the usual manner against the drawer.

3.3.3. Trust transactions with bills include storage of bills - this is the implementation by the bank on behalf of, on behalf of and at the expense of the principal (bill holder) of operations with bills on the basis of instructions received from the principal, that is, to carry out operations in the form of closed and open storage of bills (originals, copies and copies):

1) storage;

2) by transferring the original bill of exchange, its copy to the legal bill holder;

3) by transferring a copy of the bill of exchange, which was intended for acceptance, to the legal bill holder of another copy of the bill;

4) by transferring originals, copies and copies of bills of exchange to another person on the terms specified by the bill holder.

Open storage of a bill is the storage of a bill on the terms that are specified in the accompanying storage order, which is submitted to the bank accompanying the bill and contains precise and complete instructions regarding the bank's actions with bills of exchange. Such an instruction for storage must contain a register of bills of exchange that are being transferred. It is also sufficient for storage.

Accordingly, closed storage of bills is the storage of bills by providing the holder of a deposit box in the vault (safe) of the bank without any instructions regarding the actions of the bank with bills. It is carried out on the basis of a storage agreement, which may consist of storage of certain bills for a certain period, without specifying a period or on demand. It may contain conditions on the property liability of the bank.

When carrying out storage with the subsequent transfer of bills to the principal and persons indicated by the principal, the bank does not assume any responsibility for the form, completeness, accuracy, authenticity, forgery, legal significance of the bills.

Also, the bank is not responsible for insolvency, negligence, mistake of the person to whom, in accordance with the instructions of the instruction, the bill of exchange should be transferred for storage.

According to the terms of the agreement, the bank undertakes to keep the bills, be responsible for all the consequences in connection with their destruction and damage, guaranteeing the return or transfer of the bills.

The bank carries out storage of bills on the basis of a storage agreement concluded with the principal.

For the implementation of the storage operation, the bank may receive in its favor a commission fee, the amount of which can be set as a percentage of the value or amount of bills, or be a fixed amount for one bill. The bank's tariff is taken into account by different methods: depending on the time of storage, the number of denominations of bills and bills.

3.3.4. One of the types of bill transactions of banking institutions is the provision of consulting services to customers. Providing advice (consulting) is a specific type of communication between the bank and the client, in which the adviser (bank) tries to help the client solve existing problems or problems that will arise in the future. At the same time, the advisory bank is not directly responsible for the execution of the task as such, but only helps the client to effectively solve these problems. This type of operations should include the development of schemes for offsetting bills of exchange, methodological assistance in improving the bill settlements of enterprises, and so on. The Bank shall not be liable for the consequences of the implementation of its proposed solutions.

For the provision of consulting services in the bills market, a commercial bank receives a commission

3.3.5. The bank carries out purchase, sale and exchange of bills on behalf of clients on the basis of commission and commission agreements at a price that is set as a percentage of the bill amount. Then, in order to fulfill commission agreements, the bank enters into agreements with counterparties for the purchase, sale and exchange of promissory notes.

Acceptance or transfer by the bank of purchased, sold or exchanged bills is carried out according to registers. The Bank conducts legal examination of bills of exchange, examination of promissory notes. In case of forgery, incomplete filling of bill details, signatures of persons who did not have the authority to do so, etc., the bank refuses to conduct a commission transaction.

The bank, which carries out the commission agreements, performs in this case the functions of a securities trader. Therefore, all the requirements of not only the NBU, but also the National Commission on Securities and the Stock Market apply to its divisions, its document flow. This concerns the qualification requirements for specialists of the bill departments of the bank and heads of bank institutions, reporting that is submitted to the National Commission, and maintaining the numbers of bill transactions.

The transfer of ownership of a bill of exchange is desirable to draw up a blank endorsement.

When buying bills of exchange on behalf of a client, the bank may provide the latter with a loan or ensure the fulfillment of its obligations by a surety or guarantee for general principles bank lending. In this case, the bank assumes credit, and in certain cases - interest rate risks.

At the end of the topic, it should be noted that agreements on credit, trade and guarantee operations, as well as collection of bills and storage, purchase, sale and exchange of bills on behalf of clients (other banks) must be concluded in writing, taking into account the requirements of current legislation. Settlement transactions can be carried out without agreements (contracts) on the basis of primary documents (registers, acts, etc.).

During operations with bills of exchange, the bank assumes the following risks: credit, liquidity, interest, operational.

The bank must provide documentary registration of the movement of bills. In particular, the acceptance and transfer of bills of exchange are carried out by the bank on the basis of the relevant primary documents, which must contain a register (inventory) of bills.

In the topic, it is important to pay attention to the directions of development of operations with bills of exchange of leading foreign banks in countries with market economies.

The organization of work with bills of exchange in the bank and the peculiarities of the examination of bills are subject to separate consideration.

Namely, the bank independently decides on the organizational support for carrying out operations with bills. Banks must have an appropriate specialized structural unit, the main functions of which are, in particular, to coordinate the implementation of bank transactions with bills of exchange, control over compliance with the law when the bank conducts bill transactions, etc. As a rule, bill work in a commercial bank is concentrated in such a division. We are talking not only about purely banking operations (accounting for bills, issuing loans secured by bills, collection, etc.), but also about trade in bills.

It should be noted that trading in securities in accordance with the Law of Ukraine "On state regulation securities market in Ukraine" is one of the professional activities in the securities market, the implementation of which requires special permission from the National Commission on Securities and Stock Market.

In order to effectively carry out bill transactions, the bank develops and approves the organizational structure of departments and the functional interaction between them. This structure is complemented by the development of regulations, instructions, standard documents, technological maps etc. Each employee must be familiar with their functional duties and limits of authority. As a rule, decision-making on the active operations of the bank is carried out by the credit committee. This body also makes all decisions on the issues of registration of accounts payable with bills of exchange of the borrower, etc.

Namely, it is possible to note such functional responsibilities for working with bills of exchange of structural divisions of a banking institution.

The Debt Department is responsible for:

o for the overall coordination of bank operations with bills;

o maintaining cards for trust transactions with bills;

o registration of primary documents for operations with bills of exchange;

o maintaining a unified database on bank transactions with bills;

o preparation of reports on bank transactions with bills of exchange in the National Commission for Securities and Stock Market of Ukraine and the National Bank of Ukraine;

o management accounting of operations with bills. Functions of the cash department:

Issuance of promissory notes to employees of the debt department;

Sale of promissory notes to bank customers;

Issuance of bills of exchange.

Storage of blank bills of exchange and executed bills in the bank's vault.

Control accounting and reporting (accounting for operations with bills of exchange):

o drawing up and providing internal and external users with accounting reports, forms, and other documentation regarding bank operations with bills of exchange;

o implementation, by order of employees of the department of debt obligations, accounting entries for operations with bills of exchange;

o maintaining tax records of bank operations with bills of exchange.

The Department of active-passive operations (in relation to credit operations with bills of exchange) is responsible for:

For accepting customer applications for credit transactions involving the use of promissory notes (granting and receiving loans secured by promissory notes, other credit transactions that are within the direct competence of the active-passive operations department);

Preparation and execution of primary documents for credit transactions with promissory notes;

Preparation of reports for the National Bank of Ukraine regarding credit transactions with bills.

The functions of the legal department for claims work with bills of exchange are:

o consideration and approval of agreements on operations with bills of exchange;

o presentation of bills of exchange to notaries for notarial acts;

o preparation of legal documentation from claims and lawsuits related to bills of exchange;

o representation of the bank's interests in civil and economic courts when considering disputes that arose during operations with bills of exchange.

An important element in making effective decisions in the promissory note market and counteracting fraudulent activities in the promissory note market of the country is a comprehensive examination of promissory notes by banking institutions.

The work on verification of bills is conditionally divided into three areas: legal and economic expertise and expertise of blank bills of exchange.

If, as a result of this verification, it is possible to reveal the fact of forgery, falsification or the absence of at least one element of the technical protection of the form, then such a fact, by a court decision, may become the basis for declaring the form invalid.

Examination of forms of bills by specialists of the responsible division of the bank ends with the drawing up of an act.

Examination of promissory notes (checking forms, calculating discounts, consulting services, verifying the validity of the issuer, etc.) is an independent banking service.

test questions

1. Who are the issuers and who are the investors?

2. What is according to federal law"On the securities market" professional activity in the stock market?

3. What functions of the securities market are general market?

4. What functions of the securities market are specific?

5. Describe the concepts of "shares", "bonds", "option", "futures contract".

6. What activities are considered brokerage?

7. What activity is considered to be a dealer?

8. What is the clearing activity?

9. What is the depositary activity?

10. Describe the responsibilities of the Registrar.

11. Describe the primary and secondary markets.

12. Describe the concepts of "listing" and "delisting".

The concept of a bill Bill circulation bill market

Types of bills Operations with bills

One of the important directions of banking activity is operations with bills of exchange.

Bill (from him. Wechsel- exchange) - the most "classic" security and historically the first means of payment and transfer by debit.

The bill combines two functions:

1) means of payment;

2) a means of lending.

Both of these functions are inseparable and complement each other. Banks perform the following operations with bills of exchange:

Issue (issue) of bills;

Accounting for bills;

Loans secured by bills of exchange;

Collection of bills;

Domiciliation of bills;

Promissory credit.

The legal basis for banking operations with bills of exchange is legislation (law of exchange), which is a set of legal norms governing bill of exchange relations, and above all, the Geneva Conventions of Bills of Exchange. These are multilateral interstate treaties regulating bill of exchange relations, concluded at an international conference in Geneva in 1930 and developed with the aim of unifying the norms of the bill of exchange legislation of various countries.

A bill as a security can be simple or transferable.

A bill of exchange and a promissory note must be drawn up only on paper (hard copy). It contains the following required details:

Promissory note (name "Promissory note");

Offer (obligation) to pay a certain amount;

Name of the payer;

Indication of the payment term;

Indication of the place of payment;

The name of the person to whom or by whose order the payment is to be made;

Date and place of drawing up the bill;

Drawer's signature;

The name of the payer (drawee) - only for a bill of exchange.

Promissory notes are classified by maturity as follows:

On presentation;

"at so much time from presentation";

"at so much time from compilation";

For a specific day.

Bills of exchange containing either another designation of maturity or consecutive maturity dates are not valid.

Bill of exchange maturing upon presentation payable upon its presentation within one year from the date of its preparation. The drawer may establish that a bill of exchange cannot be presented for payment before a certain date. In such a case, the time limit for submission starts from that time.

Maturity of a bill of exchange drawn up so much time from presentation, determined by either the date of acceptance or the date of protest. In the absence of a protest, the acceptance shall be deemed to have been made on the last day of the period provided for presentation for acceptance.

Maturity date for a bill of exchange issued for a period of one or several months from drawing up or from presentation, occurs on the corresponding day of the month in which the payment is due. If a bill of exchange is issued for a period of one and a half months, or several months and a half from drawing up or from presentation, then whole months must first be counted.

If a bill of exchange is due for payment on a certain day in any place where a calendar other than that of the place of issue is adopted, then the due date shall be deemed to have been fixed according to the calendar of the place of payment.

As a legal negotiable document, a bill of exchange can be transferred by means of endorsement.

Endorsement - This is a transfer inscription made by the former holder (endor) on the reverse side of the bill (or on an additional sheet to it - allonge), which transfers the rights under the bill to its new holder (endor). The endorsement must be written on the back of the bill or on the allonge in such a way that it begins on the bill itself and ends on the allonge. Partial endorsement is invalid.

A bill of exchange may be transferred by endorsement to an individual, legal entity or entrepreneur, with the exception of cases provided for by the legislation of the Russian Federation. Transfer inscriptions usually look like: "pay the order" or "pay instead of me (us)."

There are the following types of endorsement:

Nominal;

To the bearer;

Blank.

Nominal endorsement contains:

Full name - for a legal entity or entrepreneur;

Last name, first name, patronymic, passport data and data on the endorsee's account - for an individual.

Endorsement bearer - contains the inscription "Pay to the order of the bearer of this bill."

Blank endorsement - does not contain an indication of the person in whose favor it is made, or consists of one signature of the endorser.

If the last endorsement on the bill is in blank, then the holder of the bill has the right to carry out the following actions with it:

Complete the endorsement either with your own name or the name of some other person;

To transfer, in turn, the bill either under a new blank endorsement, or under an endorsement in the name of some other person;

Transfer the bill of exchange to a third party without completing a blank endorsement or making another endorsement.

A person who has received a bill of exchange by endorsement may dispose of it at his own discretion - present it for payment or endorse it. When transferring a bill, all the rights arising from it are transferred in the form in which they are fixed and provided by the document, regardless of the rights of predecessors. Therefore, when acquiring a bill of endorsement, the client needs to check the continuity of a series of endorsements.

If endorsements have been made on a bill, the last holder who has not received payment may sue any endorser. To bring a claim by a bill holder, the periods of limitation are established, which differ depending on the nature of the liability of each participant in the bill:

To the acceptor of a bill of exchange - 3 years;

To the drawer of a promissory note or the endorser of a bill of exchange - 1 year;

For claims of endorsers against each other - 6 months.
The possibility of endorsement of bills expands the boundaries of their

use, turning a bill of exchange from a simple tool for obtaining a commercial loan into a credit instrument of circulation, serving the sale of goods and services.

The circulation of bills is most directly related to the functioning of the capital market and makes it possible to obtain a loan without going through the bank. Commodity credit can be introduced into the economic relations of suppliers and buyers of marketable products in different ways.

One of the ways is to issue bills of exchange of mutual debt of organizations for the supply of material assets and services rendered. Another way is to expand the issuance of bills of exchange by the largest commercial banks, which helps to increase the working capital of borrowers and normalize payment discipline. The bill can be considered as an object of direct (purchase for money) or indirect (receipt as payment) investments.

The functional task of the bills market is to redistribute mainly short-term funds, and its object is commercial and financial bills. As part of the single money market, this market has two levels. At the first level, its participants are credit organizations and their clients, and it is based on accounting, commission, pawnshop and other operations of commercial banks and other credit organizations. At the second level, the subjects are only credit organizations: on the one hand, the Bank of Russia, on the other, second-tier institutions of the banking system, including commercial banks. The bulk of transactions at this level of the market is the rediscount and repledge of first-class bills. A prerequisite for the bill of exchange turnover of commercial banks is the free accounting of bills in the Bank of Russia.

The operations of banks for accounting and rediscounting of bills form the accounting market. An important role belongs to the Bank of Russia. It is the Bank of Russia that determines the main directions for the functioning and development of the bills market through the implementation of certain accounting and refinancing policies. The accounting policy includes the introduction of direct restrictions on the accounting and rediscounting of bills and the determination of interest rate limits on the rediscount of bills. The refinancing policy regarding commercial bank operations with promissory notes is carried out by regulating the interest rate on loans secured by promissory notes, as well as introducing certain restrictions on the size and types of promissory notes secured by which the Bank of Russia can provide loans to commercial banks.

A credit provided in a commodity form by sellers to buyers in the form of a deferred payment for goods sold is called a commercial loan. The object of a commercial loan is a commodity loan, and its subjects are the participants in a commodity transaction: the seller-supplier and the buyer-payer. The document by which a commercial loan is issued is commercial bill. A commercial bill is a credit document, a means of collecting a debt and, at the same time, a means of payment. The loan transaction underlying it, both in commodity and in monetary form, assumes mutual control of the counterparties of the bill transaction and is based on the free choice of partners in strengthening direct economic ties. The provision of a commercial loan means a high degree of mutual trust of market economic structures, as it involves paying for the sold values with a delay.

A commercial loan is closely related to a bank loan and is transformed into the latter through accounting and pledge of bills. The transformation of a commercial loan into a bank loan is the transformation of one form of credit into another. This does not contribute to the deterioration of the inflationary level, since the registration and pledge of commercial bills in the bank is not a loan of new capital. In addition, one bill can serve several trade and loan transactions before it is taken into account in the bank.

The transformation of a commercial loan into a bank loan can be done by discounting, i.e. accounting for bills of exchange, warrangots, invoices (factoring) and other commercial securities, or as a result of loans secured by goods that are not due.

Accounting for bills. Bills of exchange accounting operations occupy a key place among the bank's operations with this instrument. Legally, accounting for a bill is a transfer (endorsement) of a bill to a bank. The bearer becomes the debtor of the discounted bill, and the bank becomes the creditor (bill holder). Given the promissory note, the bank's client acquires liquid funds. If the bank accepts for accounting only bills based on commodity transactions, it must be sure of their timely payment and the commodity nature of the transaction. Therefore, it is necessary to check the creditworthiness of the client and the correctness of the execution of bills of exchange. The bank is not obliged to give explanations regarding the refusal to accept bills of exchange for accounting.

The accounting transaction consists in the purchase by the bank of monetary debt obligations before the maturity date, at which the rights of the creditor are transferred to the bank. Accounting, or discount, of a bill is an operation in which the bank, accepting a bill from the bearer, gives the bearer the amount of this bill before the due date, withholding in its favor interest on the bill for the time remaining until the end of this period.

Considering the bill, the bank's client acquires liquid funds, and also gets rid of the need to return to the bank the amounts received from the account, since the bank receives them directly from the drawers and only if the latter is in an unfavorable financial condition, it turns to the bearer of the bill. Consider the procedure for accepting bills of exchange for accounting. Bills of exchange are provided to banking institutions, accompanied by registers that have a single form. Commercial banks may issue register forms to their clients free of charge or at a negotiated price. Bills are placed in registers by maturity. Registers must be signed by the bearer or persons authorized by him who have the right to dispose of monetary amounts on behalf of the client.

The registers are transferred to the bill (accounting) department for checking bills. At the request of the client, the bank issues him a receipt for the acceptance of bills of exchange, if the accounting of the latter cannot be made on the day of acceptance.

Bills of exchange presented for accounting must have blank transfer endorsements on behalf of the bearer. A space is left before the blank inscription, sufficient for the bank to put a stamp on the transfer of the bill in his name, thus turning the client's blank inscription into a nominal one. The conversion of a blank endorsement into a nominal endorsement is aimed at preventing the use of a bill in case of its loss or theft.

Services provided by banks may include accepting lost bills of exchange applications from customers and notifying other banks of lost bills of exchange.

Payment on a bill of exchange is preceded by acceptance - the payer's consent to pay the bill. Only from the moment the acceptance is made, the payer, to whom the drawer's instruction is sent to pay the bill, becomes liable under it - acceptor. Acceptance may be partial, i.e. the payer is limited to paying part of the amount. The receipt of acceptance from the payer is carried out by the drawer or the bank. In addition, the bank itself can make an acceptance, which is used when discounting bills, in which case they acquire the status of first-class obligations and get more chances to freely circulate on the market.

The purchase and sale of bills makes it possible for a commercial bank to derive income from this operation. From the point of view of the liquidity of banks, these operations make it possible to resell the purchased bill to another bank almost immediately, while investments will be returned only after the due date. Thus, the bill accounting operation has great importance to regulate the liquidity of the bank's balance sheet, for its subsequent refinancing through the rediscount of bills.

A loan to a bill holder by purchasing (accounting for) a bill of exchange from him before the due date is a bill of exchange (accounting) loan. The owner of the bill receives from the bank the amount indicated in the bill, minus the discount rate, commission payments and other expenses. Accounting percentage - this is the fee charged by the bank for advancing money when discounting the bill, it is the difference between the face value of the bill and the amount paid to the bank when buying it. Discount rate on a bill is the interest rate used to calculate the discount rate.

Accounting interest is calculated using the following formula:

where i - annual interest rate on the bill; S - face value of the bill; t - the number of days before the due date for payment of the bill; TO- the number of days in a year (365, 366, sometimes 360 is conditionally accepted).

A commercial bank that discounts different bills of exchange may simultaneously apply several discount rates. The value of the discount rate is affected by the length of the period that remains before the payment of the bill, the level of reliability of the payer on the bill, the level of discount rates applied by other banks.

The parties may extend the payment term, i.e. to prolong the bill. Distinguish direct, simple and indirect prolongation of the bill. At straight prolongation, an appropriate entry is made on the bill, certified by the signatures of the parties. At simple prolongation, such a record is not made. At indirect prolongation, a new bill is drawn up, and the old one is withdrawn from circulation. Closing of the accounting credit is made on the basis of the bank's notifications about the payment of the bill.

If, after making an officially certified demand for payment, acceptance, dated acceptance, they were not received, the right arises bill protest- a notarized refusal of the person liable under the bill of exchange to fulfill his obligations. The purpose of the protest is to officially confirm this fact. Missing the terms does not deprive the bill of validity, however, the holder of the bill loses the right to claim against all persons who signed the bill, except for the acceptor (or drawer of a promissory note) and their guarantors.

There are the following types of protest:

Protest of a bill of exchange in non-acceptance or non-dating of acceptance, the purpose of the protest is to create conditions for early satisfaction of the creditor's claims; is made during the period of presentation for acceptance;

Protest in non-payment on a bill of exchange, the purpose of the protest is to preserve the rights of reverse claims to those liable on a bill; the protest must be filed no later than 12.00 on the day following the day of expiration of the payment term;

Protest against non-issuance of a copy of an accepted bill of exchange by the person in whose possession it is.

Bills of exchange are submitted for protest to the notary's office at the location of the payer or the domicile bank.

The reliability of the bill can be increased avalem - surety for a bill. The person who committed it - the availer (as a rule, a bank) assumes responsibility for fulfilling the obligations under the bill on the part of the drawer, the endorser. Aval can be issued in the form of an inscription on a bill of exchange or on an allonge, as well as by issuing a separate document.

A commercial bank is interested in accounting for promissory notes of major shareholders of the bank, as well as customers who previously received loans. It is quite possible that the bank will take into account the bills of those clients with whom it plans to expand cooperation. Therefore, banks attach special importance to this operation.

Loans secured by bills are either urgent, when the owner of the bills is obliged to redeem them from the bank within a predetermined period, or on-call, i.e. demand loans, the return of which the bank has the right to demand at any time.

To issue a loan secured by bills, the bank determines the maximum loan amount, the amount of collateral and the ratio between security and debt on the account, the amount of interest and commission in favor of the bank. The loan agreement stipulates

the right of the bank to repay the debt amounts contributed by drawers to pay bills of exchange, and in the absence of such - proceeds from the sale of goods and services received on the client's current account. To the bills accepted as collateral, banks impose the same requirements of a legal and economic nature as to those that are recorded, only their transfer is formalized by a pledge endorsement. The amount is credited to the current account

borrower.

The main differences between accounting for bills of exchange and providing a loan secured by bills of exchange are as follows:

1) when lending secured by promissory notes, there is no assignment of property rights to promissory notes (a promissory note is only collateral for a loan), i.e. the bank does not become the holder of the bill;

2) the loan amount is only a certain part of the nominal value of the bills pledged (usually up to 90%).

Commission transactions with bills. The bank performs the considered active operations with securities on its own behalf and, therefore, at its own expense. However, the bank may derive significant amounts of income from dealing in securities on behalf of others. These include: collection of bills by banks and domiciliation of bills.

Collection of bills implies the fulfillment of instructions of bill holders to receive payments on bills on time. When collecting a bill, the bank assumes responsibility for presenting the bill on time to the payer and for receiving the payment due on it. Having accepted a bill of exchange for collection, the bank is obliged to send it to the bank at the place of payment in a timely manner and notify the payer of this by a summons that the document has been received for collection. Upon receipt of the payment, the bank credits it to the client's account and informs him of the execution of his order.

If the payer does not agree to pay this bill of exchange or in case of its insolvency, all expenses related to protesting the bill, the bank shall bear at the expense of the client.

Operations for the collection of bills by banks have a number of advantages:

1) for the client - he is relieved of the need to track the terms of presentation of bills for payment, and the procedure for receiving payment becomes faster, cheaper and more reliable for him;

2) for the bank - the implementation of operations for the collection of bills is one of the sources of income, in addition, they will allow the bank to attract additional funds to its correspondent account, which it can use in its activities.

Payments on bills are usually made through the bank through the execution of bills domiciliation operations. Domiciliation means the appointment of a third party (domiciliate) as a payer under a bill of exchange. The domicile is not a person responsible for the bill, he only pays the bill in a timely manner at the expense of the payer, who has provided the necessary funds at his disposal. An external sign of domiciled bills is the inscription "Payment in ... the bank." The purpose of domiciliation is not to miss the due date of the bill of exchange. The advantages of these operations for banks are that they increase their deposit base by accumulating funds in special savings accounts, as well as increase the income of banks by charging commissions. Banks exempt clients from the work of monitoring the timing of the presentation of bills for payment, speed up and reduce the cost of the payment process.

» » Operations with bills

Operations with bills

Back to

Bank operations

Banking transactions with bills of exchange are regulated by the current legislation, the foundations of which were adopted in 1937. Departmental regulations, instructions, orders and resolutions of the Government of the Russian Federation, the Ministry of Finance, the Central Bank, the Federal Securities Commission of Russia regulate certain issues of bills of exchange in the country. The law "On a bill of exchange and a promissory note" was adopted, based on the Geneva bill conventions of 1936.

As a legal act, entering into a transaction using a bill of exchange requires the right or capacity of both the active party receiving rights under the bill and the passive party forming under the bill. In the legislation, active is considered identically, and passive is subject to restriction in order to protect the interests of the individual and society.

The bank can carry out the following operations with bills of exchange:

A) accounting and rediscounting of bills;
b) issuance of loans secured by bills of exchange;
c) operations on protest, collection, endorsement of bills;
d) operations for the storage of bills;
e) exchange of bills, execution of orders for the purchase and sale of bills;
f) advice on bills of exchange;
g) prompt evaluation of bills;
h) purchase of bank bills, etc.

When issuing (issuing) your own bill of exchange, the following can act:

A) the holder of a promissory note;
b) a bill of exchange;
c) simultaneously a bill holder and an acceptor of the same bill of exchange;
d) the holder of a bill of exchange, which he forbids to present for acceptance;
e) the holder of an unaccepted bill of exchange.

Recently, banks also place bills of exchange with a certain maturity from the date of their issue and the accrual of annual interest (income) on the bill amount.

Types of bills

A promissory note arose as a document certifying the acceptance of a money changer from a merchant in one of the currencies and the obligation of this money changer to pay the specified amount to the merchant or another entity designated by him (giver), but in a different currency and in another place.

In the future, this document acquires the following properties:

1) its equivalent upon issuance is only the transfer of money: it becomes possible to issue it on other grounds, while maintaining the assumption of its cash and validity;
2) the previously obligatory quality of transferring money from currency to currency disappears;
3) the difference in places of payment and issuance is concealed;
4) the "translator" and "giver" are combined in one person, creating a new subject - the holder of the bill;

5) the document receives the transmissibility property.

Bills of exchange are issued in several identical copies. The first instance is labeled as a prima bill, the second one is labeled as a second bill, and so on. At the same time, the difference between copies of a bill of exchange from a copy is that the signatures on each of the copies must be authentic.

Interest bill

A bill of exchange is called interest-bearing in the case when the holder of the bill has stipulated that interest should be charged on the bill amount (for example, 20% per annum). Such a clause may be included by the holder in a bill of exchange with a maturity of "at sight" or "at such and such time from sight".

An interest clause is effective (i.e. the accrued interest on the bill amount can be recovered) when:

1) the clause is placed in the bill itself;
2) the reservation includes an interest rate (the method of its designation is a number with a % sign or a decimal fraction);
3) the clause is placed in order to counteract illiquidity (unattractiveness of the bill, caused by the uncertainty of the date of its presentation for payment, acceptance or sighting).

Interest-bearing bills are used to raise funds. Other income is .

Procedure for the sale of bills

largest specific gravity in with promissory notes occupy operations for the sale of simple non-interest bearing bills. Such bills are especially popular with enterprises that have debts (located "on the filing cabinet"). By purchasing such a bill, the debtor enterprise avoids debiting funds from its account to pay off the debt to the budget, since the money in this case is sent to the bank account to pay the bill.

The technique for performing the transaction for the sale of a bill is quite simple:

1) the company applies to the bank with a request to sell a bill;
2) a specialist of the securities department of the bank draws up a standard bill, which indicates the issuer, series, number, face value of the security, details of the parties;
3) an act of acceptance and transfer of a bill is drawn up, which also indicates data on the security;
4) issued for depositing funds to the bank account;
5) after payment, the bill, together with copies of the contract and the act of acceptance and transfer, are handed over to the buyer.

Banks perform the following types of operations with bills:

1) accounting of bills;
2) issuance of demand loans under a special loan account secured by bills of exchange;
3) acceptance of bills of exchange for collection in order to receive payments and pay bills on time.

The first two types of transactions are united by a single concept - "promissory note credit", but differ in the mechanism of implementation.

Protest of a bill and its implementation

In case of non-payment of a bill within the established period, a protest for non-payment is issued to the holder of the bill. Protest of a bill is a public act of the notary's office, which officially records the refusal to pay the bill. According to the current legislation, it is provided for the presentation of a bill of exchange to a notary's office for making a protest in non-payment on the next day after the expiration of the payment date on the bill (no later than 12 noon). A bank that fails to comply with the client's instruction to collect bills of exchange shall be liable for their timely appeal.

A promissory note that has not been paid within the prescribed period is presented to the notary's office with an inventory that contains the following data:

1) the detailed name and address of the drawer whose bill is subject to protest;
2) term of payment on the bill;
3) payment amount;
4) the detailed name of all endorsers of the bill and their addresses;
5) the reason for the protest;
6) the name of the bank on behalf of which the protest is being made.

On the day the bill is accepted for protest, the notary's office presents it on the same day to the payer with a demand for payment. If the payer makes payment on the bill within the prescribed period, then this bill is returned to the payer with an inscription on receipt of payment. If the payer refuses the demand of the notary's office to make payment on the bill, the notary draws up an act of protest of the bill of non-payment. At the same time, he enters in a special register, which is maintained in the office, all the data on the protested bill, and on the front side of the bill itself puts a note about the protest (the inscription "Protested", date, signature, seal).

After the protest procedure is completed, the bill is returned through the bank to the holder of the bill, who receives the right to recover the payment amount on the bill in court.

Judgment on promissory note

According to the norms of the bill of exchange, if none of the participants in the bill agrees to redeem the bill, the holder of the bill gets the right to go to court. According to the Promissory Notes and Bills of Exchange Act, claims based on a protest of a bill by a notary public may be issued a court order. A court order is a decision of a judge, on the basis of which the collection of money or property of the debtor is made. To issue a court order, the holder of a bill must submit an application to the court with all the documents confirming his requirements. Collection on it is made within 10 days from the date of issuance of the order. However, one of the grounds for refusing to issue a court order may be the debtor's disagreement with the stated requirement. In this case, the applicant has the right to bring a claim to the court on the same requirement. The evidence presented by the holder of the bill must testify to his indisputable right to recover money or property. Otherwise, the court also has the right to refuse to issue a court order.

Bill holder's statement of claim

When applying to the court, according to the norms of the bill of exchange law, the holder of the bill must decide on the subject of the stated requirements.

The holder of a bill of exchange has the right to make the following demands:

1) on payment of the bill of exchange;
2) on interest accrued on the bill of exchange, if they are provided for by the bill;
3) on reimbursement of incurred costs;
4) on the payment of a promissory note penalty.

As for the amount of interest and promissory interest, they are paid in the amount of the discount rate established by central bank RF (bets). Interest and penalties are charged up to the date of actual receipt of the payment by the bill holder.

Collection of bills

Banks often fulfill the instructions of bill holders to receive payments on bills on time. Banks assume responsibility for presenting bills of exchange on time to the payer and receiving payments due on them. If payment is received, the bill is returned to the debtor. If payment is not received, the bill is returned to the creditor, but with a protest in non-payment. Therefore, the bank is responsible for the consequences resulting from missing the deadline for the protest.

Whereas in discounting bills of exchange the bank bears a certain risk by issuing to the client the amount indicated on the bill of exchange minus the agreed interest, in collection it only accepts an order to collect the due payment on the bill at maturity and transfer the amount received to the owner of the bill. The role of the bank is reduced only to the exact execution of the client's instructions. Through these operations, banks can concentrate on their accounts the considerable funds received at their free disposal, which can be put into circulation. This is a rather profitable operation, since a certain commission is charged for collection. The client also has a certain benefit, since banks, thanks to the close relationships that exist among themselves, can quickly execute the client's orders. The client is freed from the need to follow the deadlines for presenting bills for payment, which would require certain costs, which are incomparably higher than the fees charged by the bank. The process of receiving payment becomes more reliable for the client.

Banks accept bills of exchange for collection with payment in places where there are banking institutions. a bill of exchange, provided with a mandate in the name of the bank, is transferred for collection. Having accepted bills of exchange for collection, the bank is obliged to forward them in a timely manner to the place of payment and notify the payer with a notice of receipt of documents for collection. In case of non-receipt of payment on bills of exchange, the bank is obliged to present them for protest on behalf of the principal, unless otherwise ordered by the latter.

When executing an instruction to collect bills of exchange, the bank has the right to:

1) for reimbursement of expenses for forwarding bills of exchange and receipt of payment, when payment on a bill must be received elsewhere;
2) remuneration for the execution of the order, commission in the form of interest on the amount received by the bank.

The Bank is not responsible for the loss of bills of exchange at the post office, untimely receipt of them at the place of payment due to the fault of the post office, omissions or shortcomings made by the notary during the protest and circumstances independent of the bank that may lead to unfavorable consequences for the client. In case of non-receipt of payment and making a protest, the costs of the protest, commissions and other costs are paid by the client. Unpaid documents are kept in the bank until demand by their client within the period established by the bank. Upon expiration of the term, the bank declines responsibility for their further storage.

Aval and avalization

Aval is a bill of exchange. By virtue of which the person (avalist), who issued it on the bill, assumes responsibility for fulfilling the obligations of the persons who signed the bill.

To make an aval, it is important to know:

1) an aval may also be given for a part of the bill amount;
2) an aval can be issued on the front side of the bill by means of only one inscription of the avalist (for bank endorsement, one endorser's inscription is also sufficient, but on the reverse side of the bill);
3) the avalier must indicate for whom he puts down the aval, otherwise it will be recognized that the aval is given for the drawer;
4) the aval can also be issued on an allonge or on a separate sheet, in the latter case, the place where the aval was issued must be indicated.

In practice, avalis of reputable banks can often be encountered, which increase the reliability of the bill. Awalis of other persons are usually cross-checked.

Avalization of a bill is putting down an aval on a bill, drawing up an aval on an additional sheet (allonge), issuing an aval drawn up on a separate sheet. Allonge - an additional sheet of paper attached to a bill of exchange, on which endorsement inscriptions can be made, avals are issued, etc., if the inscriptions do not fit on the bill itself. Avalist - a person who gives an aval; he is often called a guarantor, a surety for a bill.

Acceptance

Acceptance - the consent of the payer on a bill of exchange with a proposal to pay it on time by affixing a signature on the bill. No one has the right to force the payer to accept the bill; the acceptance of the bill can only be voluntary. A bill of exchange not accepted by the payer may also be circulated (by means of endorsement), it may also be presented for payment if no protest was filed against the non-acceptance of the bill. In the event of non-payment, an unaccepted bill of exchange may also be challenged.

An accepted bill is a bill on which the payer's acceptance is issued. An acceptor is a person who has put an acceptance on a bill of exchange and, thus, has assumed the obligation to pay the bill. A banker's acceptance is a bill of exchange accepted by a bank.

Endorsement

The predatory inscription is called an endorsement and is affixed on the reverse side of the bill. If there is no space left on the reverse side, then the endorsement is made on the allonge. An allonge is a piece of paper that is attached to a bill of exchange for the purpose of further endorsement of a debt obligation.

The main bill details are repeated on the allonge:

A) document number;
b) bill of exchange;
c) payment term;
d) the place of issue of the bill;
e) drawer;
f) place of payment; and also the endorsement itself is made ("Pay by order", "Pay instead of us").

Mandatory inscription of the transferring person. The person transferring the bill is called the endorser, and the person to whom the bill is transferred is called the endorser.

A blank endorsement is an endorsement on a bill of exchange, which may consist of either the endorser's signature or the endorser's signature indicating his name. An endorser is a person who transfers a bill of exchange to its next holder by means of an endorsement. Endorser - the person to whom the bill is transferred by endorsement The person to whom the bill is transferred by blank endorsement is not indicated in the endorsement. A blank endorsement practically turns the bill into a security to bearer. A person who owns a bill of exchange on a blank endorsement has the right to endorse the bill to a third party and transfer it to a new holder.

A nominal endorsement is an endorsement indicating the person in whose favor or by whose order payment is to be made. Endorsements that have been crossed out or partially crossed out are considered unwritten and have no effect.

Characteristics of the bill

A bill of exchange is a document drawn up in the form established by law and containing an unconditional abstract monetary obligation. It is a security, as well as a kind of credit money. a bill of exchange is a strictly formal document: the absence of any of the mandatory details provided for by law invalidates it.

Distinguish between a promissory note and a bill of exchange. A promissory note is an unconditional obligation of the drawer to pay a certain amount of money to the holder at maturity. A bill of exchange (draft) contains a written order of the drawer (drawer) addressed to the payer (drawee) on payment of the amount of money specified in the bill to a third party - the holder of the bill (payer).

A bill of any kind used as a payment instrument in a foreign trade transaction is called a foreign trade bill. A currency bill is a term that has become fixed in the modern financial lexicon of Russia for bills, the bill amount of which is indicated in a foreign currency.

The procedure for the circulation of bills

Before concluding a bill of exchange agreement, a branch (department) of the bank is obliged to submit an application to the head bank (department) in electronic form (legal address of the client, bill amount, interest rate, maturity date). The head bank considers the application and gives an answer within one banking day. A bill of exchange agreement is concluded with a client wishing to purchase a bill of exchange. The contract shall indicate: the number of the contract; name of the payer (bill holder), i.e. the buyer of the bill; interest rate (if the bill is interest-bearing); bill amount (value of the bill); term of payment of the bill (repayment); place of payment. Filling in bills of exchange, contracts, maintaining the register and accounting of bills are carried out in the head bank.

There are two persons involved in the circulation of a promissory note:

1) the drawer who undertakes to pay the issued bill;
2) the holder of the bill, who owns the right to receive payment under the bill.

The first bill holder may transfer the right to receive payment under the bill to the second bill holder by making an endorsement on the bill. Such a need arises if the first bill holder purchases materials or services from another person and pays him with a bill.

Promissory note credit

Promissory note lending includes the following stages: the conclusion of an agreement for the provision of a loan issued by promissory notes, the transfer of collateral and the provision of guarantees for repayment of the loan. In accordance with the agreement, the loan can be obtained by promissory notes with different maturities for specific customer payment flows. A change in the term of bills entails a change in the interest rate on the loan. When lending with fixed-term bills, the date of which coincides with the expiration date of the loan, the annual interest rate is set to 50% of the discount rate of the Central Bank of the Russian Federation. In the event that the total term of the loan exceeds the term of the bill, the interest rate increases, sometimes remaining less than the rate of a conventional loan. If the term of the bill exceeds the term of the loan, the interest rate is reduced. The technology of this operation usually provides for the repayment of the loan until the bill is presented for payment. This point seems to be very important from the standpoint of ensuring the bank's liquidity. The final stage of the operation is the presentation of the bill for payment and the transfer of funds to pay the bill.

The bank may issue individuals loans secured by bills. Interest rate for the use of the loan is determined in each case in the range from 45 to 55% per annum. The loan is issued for a period of three days to three months. It is not necessary to provide a loan secured by bills of exchange on a special loan account on demand. It is quite possible to accept bills of exchange as collateral with the issuance of a traditional loan (at a time for the entire amount) on a simple loan account for a period. Accounting for a bill is issued by an ordinary one, and a pledge - by a special endorsement (pledge or security) of the type "Currency pledged to such and such on the basis of such and such", "As security for such and such:", etc. A pledge cannot be issued without a basic obligation, which must be indicated. Promissory notes with such an endorsement must immediately be transferred to the pledgee, who otherwise may lose his rights, because in accordance with the law, a crossed out endorsement (including pledge) is considered unwritten.

A bill of exchange may not be pledged for a period exceeding the maturity of the bill. If, in the course of the pledge of a bill, the holder finds a person who wishes to accept the bill from him, the holder of the bill (pledger) may make an appropriate endorsement on the bill in the presence of the pledgee, who will control that the former does not cross out the pledge endorsement in his favor and does not provide his endorsement by a non-negotiable clause. If the performance of the secured credit obligation is carried out properly, the bank returns the pledged bill. The pledge endorsement is crossed out by the bank or the former debtor (mortgagor).