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Credit (Latin creditum - loan from lat. Credere - trust), or credit relations in the scientific and economic terms - it is such transaction or fishing revolutions, in which one party concedes another property in any of the values on repayment terms, payment, urgency . The attitude that occurs because of credit between the two sides, is the debt obligation. The debt obligation arises not only when the loan-a loan, but at least another credit turnover, for example, when sales on credit, the purchase of real estate with deferred payment, etc. Credit treatment after natural Names and money, characterizes the third step in the treatment of values, indicating a higher development of the economy. Thanks to credit minor share capital, scattered among the population are connected to large enterprises, with the assistance of beskapitalnye but capable and enterprising people may become easier in the situation of self-sustaining, independent owners. Therefore, to some extent true that credit, properly directed, is like a bridge, Reaching across the gulf that separates wealth from poverty. In addition, the loan can lead and leads to greater inequality between people. Who, in their personal qualities or property, is already greater economic force, the one with the assistance of credit, it can easily multiply. In fact, at this time, barely more than the rich from the poor use of credit than they give themselves credit for.

Credit contract involves known confident creditor that the debtor will fulfill all obligations related to the prisoner deal. Hence the concept of providing credit transaction. By nature or properties ensure it is a personal loan or collateral or property, real. With a personal loan lender based primarily on the credibility of the borrower’s identity and business is limited solely to legal security (written obligation), and sometimes not even require it. To enhance security for individual personal loan often resort to the so-called circular bail or surety. In a proprietary or collateralized loan lender requires that certain property, it was said, by selling that could fulfil the obligation, if the debtor, for whatever reasons, will not perform any of his own free will. Assets secured credit transaction, or transferred prior to the payment of debts in the hands of the creditor (Lombard credits), or remain at the disposal of the debtor (mortgage), but with some restrictions on the right of disposal of this property (see Prohibition, Collateral, Zacklad, Mortgage). Modern forms of credit and other credit entities should be assigned to the personal loan. Looking for goals, which provides loans, loan distinguish productive, and distributed potrebitelny (loan for the purchase of land, etc.), on the individual lender - and private bank loans, on Business areas to which it applies - commercial loans, agricultural and etc.

State credit

To carry out its goals and objectives modern state very often have to apply to the loan, which, as in the private sphere, may be short-term and long-term. When noncoincidence revenue income from production costs temporary difficulties Treasury eliminated through short-term loans that make up the field of short-term financial credit. These include:

1. State ordinary commercial credit or loans, which the State receives from private individuals and financial institutions, given their promissory notes belonging to him or laying interest securities,
2. Current state debts,
3. Paper money.

Commercial loans States rarely reaches a significant size; much greater importance are the current debts and paper money. Current debts mainly compiled from:

1. amounts that individuals are obliged in some cases, such as trials, to make cash payments to the state agency;
2. liens, which by law must make some officials and private entrepreneurs in the provision of their activities (unless they make their money);
3. deposits in the state savings banks, etc.
4. deferral of payments on made for the Treasury supply, service and etc.
5. issuance of short-term liabilities SCG.

Regarding paper money, they only serve as short-term credit in part, the same principal amount of its hold in the field of long-term loan (see banknotes). Long-term financial credit is generally antitsipatsiyu, that is depleted more taxes estimated future periods. In cases where the need treasury funds can not be satisfied with short-term borrowing, the state resorted to long-term borrowing. In some cases, the debt becomes a long-term force on things other than the original intent and wishes of the Government (eg free loans in the form of issuing paper money forced course). To cover these costs, which are unattainable for Finance in the current or next fiscal periods, the State enters into interest long-term loans, the so-called fundirovannye, cured or consolidated (hence - Console). In the consolidated debt of the Government has usually pay current debts, and if they are made to cover the real, and not only the cash deficit. Those debts now form an important part of the public debt.

Currently, long-term loans, delaemye on behalf of the state, usually provided with “all public domain”, but, for some States to ensure that the general is not enough. In providing interest and repayment of certain loans to the state is, in this case, a certain source of income, for example, some indirect tax, which usually creditors (ie, bond holders) have the right to have their representatives in the administration of tax [still being in this kind of loans fundirovannymi and actually called, in England, for example, in 1688, under funded debt understood duty, which are set to cover the source.]. An example may be Turkish loan in 1881, secured the proceeds of the tobacco monopoly, shtempelnym, drinking and some other taxes; Egyptian 4% loan in 1876, secured tax on tobacco. Egyptian 3% loan in 1885 is an example of a loan guaranteed even outsiders states (Britain, France, Austria-Hungary and Turkey). Upon conclusion of the Mexican 6% loan in 1890 the owners were guaranteed bonds, as a “sacred” special security part of customs duties and taxes of freedom “for all time”.

Government loans are internal or external, depending on the fact whether the bonds posted States within the country or abroad, the foreign capitalists. External loans in the paper-monetized are on the metal currency, payment of interest and capital on these loans be made freely convertible currency. Domestic loans under the same circumstances, other, more profitable for the state, because the money that, in the form of taxes received by the treasury to meet its creditors remain inside the country (State credit almost exclusively or mainly relies on a system of truly internal borrowing in England, France , Germany, Belgium, Holland and Switzerland. very widely used foreign capital of Russia, Austro-Hungary, Italy, Spain, Portugal, Romania, Turkey, Greece, Egypt, etc.). Upon conclusion of government loans, the Government concedes, or the entire amount of loan group or syndicate of banks and bankers, on uslovlennomu rate, giving them a place of the loan in private hands - a sign invites individuals directly, that is valid creditors Treasury, in the state. ticket offices or through private lending institutions, which are paid for a certain commission. The first method is convenient that the Government exempt themselves from the technical procedure of placing the loan to the public, and the risk of failure falls entirely on the syndicate which has taken the loan, entering into negotiations with the various syndicates, sometimes in different States, the financial department may cause competition between them and Heff the most suitable conditions for the loan. Same constitute course, that the group capitalists, undertaking to implement the loan on the famous course, will then try to place the bonds on possibly higher rate in order to get their profits from the difference in the course. When the state announced a general subscription, loan less success achieved, but if well-chosen course, this remains in the treasury profits. If the course somewhat low, but subscribers will receive the difference or creditors treasury, it’s still better than giving excess profit bankers. Individual subscription to the public borrowing has, but its disadvantages are in difficulties for the Government surely weigh the money market conditions, without the participation of private bankers, and in this case difficult to do, and their role must be strictly commission character. On the other hand, if the implementation of the loan through a loan syndicate of major capitalists sometimes not assigned to the group, which offers more favorable conditions for the treasury, and that agreeing to a larger commission “expenses” in favor of persons that may affect any settlement of the question.

As internal and external government loans can be divided into two groups - repayable loans and nepogashaemye or rental. Under the first such Prices, in concluding that the state is obliged to pay the entire capital debt creditors for a certain period, times or in parts. For the second kind debts State obligated to pay only the interest (rents), reserving the right to repay the debt when recognizes it necessary and convenient, or the purchase of annuities on the Exchange rate, or return of capital for a nominal value of rents. Rental loans represent the highest form of development of public credit, it can be said - specifically state form that not only can not be accepted for private companies, etc., but is not allowed and local public unions even in states where the dominant form of a state loan rents . It is sometimes vygovarivaetsya right to use pre-term repayment, as well as the freedom to choose the way of redemption - or for a nominal price of newsprint obligations, or by buying on the stock exchange, if the rate is below their pari. A special form of redeemable loans represent immediate annuity (annyuitety). The lender gets a certain amount each year, which is, together with interest in close sense, and also redemption, as a result of which, with the onset of a certain point, stops paying rent, the destruction of debt. Immediate annuities are three types: immediate annuity with a strictly defined period, during which they were paid, life annuities and tontines. Tontine is that more or fewer people around the same age, to receive rent for life are connected to the group, so that all the group following a lifetime annuity amount divided between the parties living in tontine. Thus, one of its members, to survive all of its peer receives full rent, and his death payment annuity is terminated, that is finally paid off tontinny debt. Immediate annuities are one of the earliest forms of public debts. They resorted England and France at the end of Article XVII. After the revolution in 1688 the British government for bezuspeshnostyu attempts to negotiate a loan secured customs duties and excise, sales appealed to the rent for life. In 1692-94 he was. Treasury received thus 300 thousand pdr. faded. and an extra 1 million pdr. faded. tontines (tontines introduced in France in 1689 to Louis XIV-m). When life rentah coffers to pay capital gained 14% to one, 12% for two and 10% for three persons. At first applied in 1694 in England urgent rent system. In the long term imposed in 1695 annyuitety for 96 years. In Article XVIII. annyuitetov system connects to the ordinary form of loans and serves as a means of cheaper. Take, for example. In England in 1762, conclude a loan of 12 million pdr. Art. al pari from 4%, but in addition to that creditors have the right to receive in annyuitet 1 pdr. Art. for every 100 pdr. over 96 years.

Coors, which are government loans. Concluding a loan, the state must reckon with the market average, and conventional loan rate in the country. For the most security space free loans to the state capital, with all the other comparatively, the state usually has the opportunity to borrow money for a relatively low percentage. When issuing public funds, the State can offer subscribers to the loan or bond purchasers or the percentage of dominant at this time, or greater, or, finally, lower, for example, 5%, 6% or 4%. It is clear that if 5% subscription could be held on the nominal rate bonds, that is, one hundred per hundred, it is 6% bonds can be successfully released pari above, with a 4% lower than they would have to give up a nominal price. Each of these methods has its advantageous and disadvantageous side. Put that the state at this time may make a loan to 4% al pari yet stopped for a 5% loan. On a purely arithmetical calculation to provide subscribers in the capital, placed in a loan, the same 4%, should have authority to take a course for 125 rubles. for the 100, with the realization of the loan, instead of the nominal 100 million, would give 125 million In reality, however, such an admission of subscribers, allowing an average of 100 - 125 rouble bonds district., Lost a portion of capital on repayment of the bonds for the nominal exchange rate. Therefore, in this case, graduation rate can not be 125, but much lower for an 105-110. Thus, the State will receive 105-110 million, and paying them 5 million per cent, will pay 4%, and 4.76% -4.54%. Vygadyvaya smaller return on capital than it received, the State loses at the annual interest payment, and the benefit is often not the loss: even with a very high percentage rate may be much higher pari (especially with Annuity loan), because of fears of subscribers that the state soon use the right of return of debt. Therefore, the practical importance is the only question that the better - whether to issue a loan al pari, determining its actual percentage consistent with the normal conditions of the money market data, or make a loan for a smaller percentage, and thus - for a lower rate. When a loan is made with extreme disadvantage money market, it advantageous to enter into a l pari. With the improvement of conditions of bond loan rate increase, and the state, making the conversion, will not lose anything, because the owners of the bonds, lowering interest on dissenting, would get only a nominal amount of debt. Sometimes, in order to make the loan more attractive to subscribers and to ensure the success of the subscription, the Government resorted to borrowing with prizes or winnings. Lottery loans represent one of the earliest forms of long-term credit. She enjoyed in England at the end of the XVII century. Even earlier - in Holland, in Austria since the end of last century, Prussia - from the beginning of this century. Essence lottery loans is that the interest on the amount taken, in whole or in part, turned to award more or less substantial winnings, so lottery loans can be as free as well as interest. Thanks to the calculation of winning, the state lottery can always make a loan because of a smaller percent or dispose of it at a relatively higher rate than in simple interest loans. Nevertheless, lottery loans to meet financial science fair reprimand. They have an adverse effect on the morale and welfare of folk, introducing an element of excitement, encouraging the passion for the game and easy wealth, population and diverting capital from productive activities. Excitement is further underlined by the system when selling promess (overt or disguised, if it is prohibited by law), that is the sale of tickets for the coming with the right to obtain circulation gains if it dropped to uslovlenny in promesse ticket.

The cost of public credit at the time and still is now. In France in 1627 had to pay on short-term loans of 15 to 20%. Holland in the XVII century. paying on their loans 3-3,5%. Trehprotsentnye stood in the British paper in 1737 to 107, the same rate in the Netherlands in 1774-110. During the period 1793-1817 he was. of loans in the amount of prisoners pdr 897 million. faded. nominally, England has received 585 million pdr. erased. ie 65%.

As in 1818, taking into account the size and interest rate securities, interest on public debts determined to Prussia in the 7,8-9,1% for France and Russia - slightly more than 7%. The French loans was 4.5% in 1885 at the rate of 88.75, the north-German 5% of federal loans in 1870 - to 88, Hungarian 5% of the loan in 1868 - to 57, Russian 5% in 1870 — on 79 for 100. After the Franco-Prussian War, the conditions were such loans: 4% at the end of Prussian console in 1876 were 94.9 at the end of 1885,-104, 1%. Russian 5% of the funds in 1873 went to 92, and in 1889 produced 4% to 91.75. At the Berlin Stock Exchange public funds in different countries listed in 1886 

Public Credit History in Russia

K. state in Russia. Until the second half of the XVIII century. Emergency resources to serve predominantly Russian government requisition of forced loans, or only partially voluntary loans from monasteries and individuals, to the very harsh conditions. When Catherine II begins organized system of public K., easily without fundamental changes to the era of the great reforms of Alexander II and transferred many of the essential elements of the legacy even our time. With the establishment (1773-1786), a range of office lending institutions, the public K. emerged in three basic forms: Issue paper money (bills), the external and domestic long-term loans in the form of K. pozaimstvovany private contributions made to the office banks (Bank loan, sohrannaya penalty, orders public invalids). The first external loan was put in in 1769, following the first issue bills. This was followed by a series of loans, which were mainly from the Dutch bankers (most of the Gope and K 0). Direct treatment to the public by the Government is not the case, the Government issued its bonds in the name of the banker, who was on loan, in an amount not less than half a million guilders for each bond, then the banker has already produced from a smaller bond, signed by Russian commissioner udostoveryavshego that data Russian government bonds are provided and that the securities will be issued only on the amount of bonds. By the end of the reign of Catherine II the total debt stood at 62 million guilders, or at the then rate - about 41.5 million rubles. Out of most of them has been put on 5% (32.5 million guld.), Then to 4.5% (18 million), and finally by 4% (6 million guld.). Pekarska uplachivalsya banker in the amount of 6.5%. Domestic credit to the public when Catherine II was at a predominantly nature led to the forced and debts to contractors (over 17.5 million rubles.), And pozaimstvovaniyah deposits from private lending institutions in the office (in 1798, for State Treasury list of such debt over 7 million rub.). Total public debt by the end of the reign of Catherine II determined approximately 215 million rubles. January 7, 1797 Pavle I had before it a note of all public debts, both external and internal, in which the anticipated annually to postpone repayment of foreign debt on the 6 million rubles. Commissioners Committee, which was charged with drawing up a plan of repayment of external debt, expected to finish this operation no later than 1809 27 1797 1798 g. had, instead of repayment, to think about new credit; was peresrochka old debts, debts taken in the coffers of former King of Poland, the Polish republic, etc. All Dutch debts in the amount of 88.3 million guld. translated into bankers Gope, with the establishment of 6% growth, and for those of them, which previously paid 4, or 4.5% - 5% growth. In 1800 1277 Thousands guilders. The reign of Paul I and, in particular, the first decade of the reign of Alexander I (Napoleonic wars) saw rapid growth in public debt of Russia. As in 1810, according to the state department of economy of the Council of State, foreign debt was 82.6 million guld. (at the exchange rate of that time EUR 148.7 million.), the bank debt of the Treasury debt-42, 9 million rubles., educational kaznam care homes-43, 2 million rubles., a share-20, 7 million rubles. and, finally, the internal loan (prisoner decree on March 25, 1809) -3.06 million roubles.; longer than the bills were in circulation at 577 million rubles. May 27, 1810 was established by Commission repayment of public debts and open “public” internal loan, for the extraction of bills from circulation, but because of new wars, the total public debt increased from 1810 to 1817, at 385 million rubles. As in 1817, the thought gr. Gurieva, transformed commission repayment of public debts, in which the management of all turnover on public debts, and to monitor its supreme council established public credit regulations. To address the critical financial issues continued to exist (and acting to present) formed in the 1812 war era secret Finance Committee, of a very limited number of senior dignitaries. In the period between 1817 and in 1823 the figure neotverzhdennyh loans decreased from 906 to 673 million roubles., But the entire public debt increased by 143 million district. (from 120 9 million to 1345 million rubles.). With financial management in the hands of the Russians Kankrina observed moderate use of consolidated loans; nonetheless extraordinary expenses for the Persian War in 1827, he worked for the Turkish 1828-29. and restraints on the Polish uprising in 1831 demanding so much that it was impossible to do without the strong growth of public debt. External borrowing was implemented in 1828 at the rate of 95.09 Kankrinym; loan in 1831 had already implemented by 79.31 per hundred, and the fourth 5% of the loan in 1832 (after the Polish uprising of restraint) - at 87.02. All three loan, the face amount of 229 million rubles. appropriations. gave the Government 200 million, the average rate is determined in the implementation of 87.33 per hundred. In view of these results, gr. Kankrin focused on neotverzhdennyh duty as a resource to cover emergency financial needs. Already in the period 1828-31 he was. borrowed from the state bank pozaimstvovany was done for the Treasury in the amount of 106 million rubles. X in 1832 on borrowed in 1842 from the office of banks 321.1 million rubles. In addition, “delaemy pozaimstvovaniya of working capital repayment of public debt commission”, ie obraschaemy for recurrent expenditure amounts to the budgets allocated for the repayment of debts. As in 1840 gr. Kankrinym was awarded the first 4% of a loan “to reimburse state Treasury spare amounts of miscellaneous upotreblennyh for many years”. The loan, for a nominal sum of 25 million roubles. metal. was implemented bankers Gope and C. at the rate of 86.41 per hundred. As in 1842 was placed second 4% loan of 8 million rubles. Ser. on the construction of Mykolayiv networks. roads. This loan was given to the St. Petersburg banking house of Baron Stieglitz and gave 90.41 per hundred. For construction of the same road in 1843-47 he was. were awarded through bankirskogo home bar. Stieglitz, third (8 million rubles. Ser.), Fourth (12 million river. Ser.), And fifth (14 million river. Ser.) 4% loans, the rate of implementation was: 91.57%, 92.25% and 90.37%. The success of these loans due to a lack of wars in a relatively long period of time, a capacity of the purpose for which the loans were made, and their relatively small size.

Series for the first time, were issued in 1831 in order to serve the public Treasury temporary transient resource, and should be subject to rapid repayment, in fact, they have turned to a form of permanent debt. Issues they followed one another, and the repayment was made in negligible amounts. The deep traces in the field of Finance and Public Credit left Crimean War. The difficulty right long-term loans has forced the Government to rely on greater urgency neotverzhdennye debts. Heightened issue VISA. tickets, with the suspension of their razmena and pozaimstvovaniya office of the bank in this period made a huge step forward, with the amount of recent 291 million rubles. eve of the Crimean War, rose to the top in 1858, to 509.9 million rubles. Total public debt amounted to 1759.1 by that time millions of rubles. From which 1395.3 million rubles. was neotverzhdennyh debts. At that time has come bank’s 1857-59 crisis. Which changed the composition of public debt and led to the dismantling of the old credit facilities. With rapid vostrebovanii deposits from the bank office, the Treasury was forced to come to their assistance, part of the general budget funds, in part because the amounts of proceeds from the loans, in part through the issuance of credit cards. Of all these sources to refund the deposits was spent 194.7 million rubles. But this was not enough. Then the Government decided yet most of the unclaimed deposits to consolidate. To consolidate office pozaimstvovany 4% were released continuously-lucrative tickets at 147 million rubles, of eternal contribution in the amount of EUR 288.5 million. Treasury has made a commitment to make immediate payments for the consolidation of deposits, got private borrowers were issued 5% of bank cards 1 - at the release of 277.5 million rubles. Period 1862-66’s. Especially detrimental to the Russian state K., opened the seventh largest 5% metal at 15 million loan pdr. faded. or 94.3 million rubles. metal. incurred by 91 per hundred. The loan was placed in a metal species restoration treatment (see Credit cards), but most of the funds from the proceeds, offset budget deficits. This, in conjunction with the Polish uprising in 1863, has had a depressing effect on our credit. Anglo-Dutch 5% of loans and 1866 he was 1864. A total were implemented only 83.75 per hundred. Have turn to domestic borrowing, at that time still unusual for the Russian society. Hope for success has been difficult, as demonstrated low implementation of landlord repurchase certificates (60, in the best cases, 75-80 per hundred), hence, next to the issuance of paper money and series (in which he was 1862-66. Added to the already existing 120 millions of rubles. even at 96 million rubles.), a new type of loan-5% loans with winnings: first loan in 1864 and the second in 1866, at 100 million rubles each. Subscribe to the first internal loan with winnings surpassed 15 million to the funds, but gave only 98.6 million for 100 million nominal (as determined by the percentage of actual implementation in 5,7). The second loan with winnings in 1866 the Government has implemented selling tickets directly from the State Bank at the rate of 107.65 per hundred. During the period 1867-1875 he was. found significant improvement of Russian finance. By January 1, 1870, considering the lending currency, the amount of debt was 1406.7 million rubles. Rather to January 1, 1876-1352, 7 million rubles. (excluding debts rail). The second issue of consolidated bonds, in 1871, was implemented on 79 for one hundred, the third-87, 40, fourth, in 1873-91, 65, fifth, in 1875, no longer 5% and 4% - to 90 over one hundred, with the rate of 5% bond rose to al pari. The emergency military spending that began in 1876, forced again to the issuance of a temporary credit cards and to the conclusion of the huge domestic borrowing. Between 1876-81 he worked. Two editions of bank cards and the three eastern loan amounted nominally, a billion rubles., bringing in the Treasury 901.6 million rubles. According to information developed by the Russians in the “Yearbook of credit institutions” (L. III, in 1883), by early in 1880 total public debt-free and interest-Russian Empire was 1040.3 million rubles. metal. and 3117.2 million rubles. credit, and with the transposition of metal rubles (at the exchange rate on December 31, 1879, 1 rub. j. 52 VISA. for 1 p. met.) in the credit-4698, p. 5 million. credit. That debt was formed as a result of 65 loans, of which 26 external and 39 internal. In fact, the State had to pay an average of 5.34% domestic loans, the Foreign-5, 75%. Thus, our domestic interest loans, usually for a credit ruble are advantageous external concluded always on the metal exchange. In terms of the immediate objectives or requirements, which formed our national debt, in the “Yearbook of Russian lending institutions” all loans consolidated into four groups: 1) loans to strengthen the state treasury, as a result of military expenditures and to cover deficits (2472, 8 million rubles.), 2) loans for curing or consolidating current debt (488.8 million roubles.), 3) loans for special purposes - rail loans (796.8 million roubles.), and for the repurchase operations (496.1 million rub.), and 4) loans reached for different purposes (6 million rubles.). 12 loans, representing 27% of total debt, have a special coating, and they provided payments to former borrowers establish credit, purchase payments to farmers and rail contributions societies. November 11, 1883 was offered for sale shestiprotsentnaya continuously gainfully-rent at a nominal amount of 50 million rubles. gold, at the rate of 98 rubles. for every 100 rubles. The loan, in addition to its rental nature, different from the past by the fact that the place of the original sale Renting it was an internal loan, although it is based on a metal currency, the ruble rather than credit. In similar conditions (by the decree of June 8, 1884) was allowed to issue a gold 5% of the rent in the amount of 20 million metal. Ruble. (at the rate of 88,25). By the same decree on June 8, 1884, it was decided to issue a 5% continuously-the revenue rents in the currency credit in the amount of 25 million rubles. As well as to make three more gold Issue 5% rent, in 1885, 1886 and 1887 he . on 36 mil. Ruble. each. 5% of pensioners were not, however, put into circulation, and remained in “portfolio” State Bank, pending action by the removal of temporary credit cards issued. By early in 1887 outstanding loans was 55 percent, including 26 metal. Total interest debts, including the purchase of paper and 5% of bank cards 1 - the first issue, in the amount of extended 1352984400 rub. metal and credit 2672609093 rubles. At the repayment in 1887 of 11243433 was assigned met. rub. 32704155 and credit, not counting commissions (provisions) bankers. Of the internal borrowing concluded in the 80 - years of the lending currency, merits attention for a way to implement a lump issue mortgages with winnings sheets noble public land bank, the face amount of 80 million rubles. Total 800 thousand sheets of 100 rubles. each (see Banks). For the realization of the loan are staying on course in 215 rubles. Guided by the fact that tickets first busom. loan worth at the time about 265 rubles, and the second - about 245 rubles. It was lost from sight, a huge number of tickets the old loans with winnings was placed in the hands of “strong” and “valid” commodity on the stock exchange was the only remaining relatively small amount, and conditional than the high price of tickets. New Issue 8 00 thousand tickets with winnings increased many times that number of freely traded commodity, but with a natural demand remained roughly the same. Under such conditions would inevitably appear and depreciation earlier loans, and the corresponding lowering of the new loan rate tickets, valid immediately for ascertaining the ratio between supply and demand. Nevertheless, a big difference between the price of the new ticket price and exchange rate represented former seductive ground for speculative calculations, especially given the conditions conducive to speculation. So, not to mention highly concessional contributions installments on the loan, the Ministry of Finance allowed while signing reception inspect not just money or securities interest taken in the state-owned bank deposit, but also checks to claim interest securities for a special current account subscribers in the institution, the host subscription. Little of this: State Bank opened at the same time subscribed under the provisional certificate lists for mortgages loans in the amount of 75% of payments, of 4% per annum, that is, on such concessional terms, which he has not issued pledge collateral other securities. In other words, opening a subscription to nobility loan, the financial management at the same time offered generous hand speculators and funds for the subscription. Not surprisingly, the success of the loan exceeded expectations. 258200 persons subscribed to 26 million pieces in 5622 amounting to millions of rubles. Ie subscribe to the loan amount exceeded 32.7 times, the whole of this amount, at Petersburg accounted for 91%. Calculation spekulyatorov proved wrong. Large number of tickets issued for the remaining large banks and financiers, and indirectly - on the shoulders of state-owned bank, which accounted for artificial support rate, prolonging the final payment dates of tickets, along with soft loans to 4% of their bail. The sharp depreciation of the tickets earlier loans was sensitive to the loss of those who bought them on a high-rate, and then lost a lot of subscribers and-nespekulyanty, paid the 215 district. for the paper, the value of which was actually much lower. Between 1889-94 he worked. gosud development. Debts to Russia is closely linked with a variety of conversion transactions (see Conversion).
Current Russian State Debt to January 1, 1894, for the record state control.

Getting a bank loan

The main difficulty obtaining credit at the bank associated with the collection of the necessary documents required for the bank to consider the possibility of making lending organizations on the credit committee.
As a general rule, if you turned in a third-party lending institution, then you will be able to open its current account and within 1-3 months, will be watching what revolutions taking place using the current account, and compare them with the amount of resources involved, to which you are applying. If you are applying for a loan at the bank, where you posted, the process for consideration of your question will be slightly easier.
In doing so, it is necessary to take into account a number of factors that may play a negative as well as positive role in the provision of credit to your organization.
The main positive factors include the following:

• Impeccable credit history of your company (credit history is seen for the last 3 months);
• Lack of debt to the budgets of all levels;
• Cycles of accounts commensurate with the amount of credit requested;
• Currency balance commensurate with the amount of credit requested;
• The presence of liquid collateral acquired for their own funds owned by your business;
• Positive dynamics and the balance of key financial ratios over the past few years (an increase of turns on the river / s, revenue from sales growth, improving financial ratios, etc.).

Negative factors include the following:

• Lack of liquid collateral;
• The deterioration of key financial indicators;
• Overdue debts to the budget;
• In that case, to qualify for a loan at the bank’s not the case.

When writing this article using material from Entsiklopedicheskogo Brockhaus dictionary and Efrona (1890-1907).

Categories of credit in the Russian Federation

There are the following categories of loans provided to the market of the Russian Federation:
1. Loans to individuals
1.1. Consumer loans
1.1.1. Cash on any needs
1.1.2. Granted transfer to non-cash payment for goods / services
1.1.3. Loans on plastic cards (credit cards, debit cards with an overdraft facility, revolving card)
1.2. Loans for the purchase of vehicles with or without collateral purchased vehicles (credit)
1.3. Loans for learning
1.4. Mortgage loans
1.4.1. Loans for the purchase of real estate property acquired on bail
1.4.2. Loans for the purchase of real estate property available on bail
1.4.3. Loans for mortgages
2. Loans entities
3. State loan