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UDC 368: 330.32
M. V. Sorokivska
Lviv Commercial Academy
The essence and role of state regulation of non-banking financial institutions
investment activity are specified. The peculiarities and problems of non-banking
institutions investment through different kinds of financial instrument have been
studied. These instruments include bank deposits, improving the state control of nonbanking financial institutions according to their directions are offered.
Non-banking financial institutions, state regulation, investment activity, bank
deposits, securities
Non-banking financial institutions (NFI) play an important role in investment
processes throughout the world both in the countries with a high level of economy and
in ones with a low level. The importance of invest activity state regulation (NFI) is
caused, first of all, by the necessity of insuring its stability and reliability; saving the
customers’ deposits and achieving a certain income level. State regulation of
investment deposits directions is to ensure the optimal distribution of money resources
NFI among the economy branches, country regions and countries within the world
Peculiarities of financial institutions functioning, kinds of investment
instruments used, directions of financial instructions investment activity and its state
regulation have been investigated in the works of A. Vasylenko [1], O. Vovchak [2],
Ju. Danko [7], V. Makaryuk [7], V. Zhmaylov [7], V. Reverchuk [4], V. Furman [8],
S. Cherkasov [9], O. Yurkevich [10], I. Yakushyk [11].
Most scientists consider separate aspects of state control NFI, not taking into
consideration its investment activity. The law regulation documents of investment
operations are not satisfactory as well. Moreover investment operations control has not
been singled out in the tasks of the NCFS (National Committee of Financial Services)
of Ukraine. We’ve come to the conclusion – that peculiarities of investment activity
state regulation of NFI have not been properly studies in the scientific literature. So,
more serious investigations considering the importance of this problem for developing
the national economy are required.
The aim of our article is to study the peculiarities of NFI investing in securities,
bank metals and bank deposits in Ukraine nowadays and to work out the directions of
improving the NFI deposit state regulation in the financial instruments mentioned.
Regulation (from the Greek origin (regulatore) is developing the system to such
a state which ensures normal and stable work [3]. Depending on the subject who
carries out the control we can distinguish: self-regulation and state regulation.
State regulation of NFI investment activity is a complex of measures carried out
by the state to ensure reliability and profitability of deposits of NFI assets available,
control and promotion of NFI participation in investment processes and effective
distribution of financial resources among branches ad sectors of national economy. The
object of regulation is economical relations arising in the process of investing the
available funds of NFI, and main directions and general structure of its deposits.
The Ukrainian Law Legislation foresees such principal instruments for
investing the NFI money resources: bank deposits, securities, bank metals, objects of
real estate, requirement to insurance companies.
The instruments used by the financial market for investing NFI assets are bank
deposits attractive not only for their high liquidity but also by relative guaranteed
profitability. As the results of the world financial crisis have shown, this form of
investing assets is sensitive to the system financial risks, inflation, change of interest
rates, non-possibility of timely return of deposits, especially from problem banks. So,
there exist the difference between the reliability level and bank deposits profitability,
and stability of the whole financial system.
Besides, there may occur reducing of interest rate resulting from breaking the
term deposit ahead of time or in case of reducing the discount rate of the Ukrainian
National bank. It means that there exists the interest for bank deposits which limits
their use as objects of NFI funds investment, especially in the conditions of high-level
Improving the state regulation of allocating the NFI funds on bank deposits to
increase their investment attractiveness, we should foresee: regulation of floating index
rate for NFI ensuring the automatic change of deposit rate considering the official
inflation index;
Setting up the legalization norm according to which the assets deposited by
non-banking financial institutions (NFI), namely, pension bund, insurance companies
on term bank deposits, are subjected to special protection in case of bank bankruptcy. It
is done by expelling the assets from the creditors’ penalty;
Creation of special directed deposit guaranteeing fund.
Insuring exemption in taxing the incomes in form of exchange rate resulting
from recounting the foreign currency previously accounted by NFI, into hryvnas
according to the official exchange rate established by the National Bank of Ukraine.
The use of bank metals as objects for investing available NFI assets is limited
by the difficulty of their access to corresponding markets and low norms for a member
of financial institutions which limit the acquiring of bank metals (e.g. for pension funds
– up to 5% of the total costs of pension assets; for insurance companies – on current
and deposit accounts in bank metals not more than 10% of the total volume of
technical reserves. The investments in gold and other bank metals (platinum and
palladium) may be attractive for NFI on condition of functioning the bank metal
market in Ukraine or relatively simple direct access of institution investors to the
international bank metals markets.
The drawback of NFY investment in real estate objects is their low liquidity
even considering the developed real estate market. No doubt, investing in securities
which are issued mortgaging the real estate objects is more reliable.
Investments in securities commonly make the largest part in NFI investment
portfolio (e.g. for insurance companies – 51,9% dated on December 31, 2011) [6]. At
the same time the fund market has been affected by the financial crisis resulting in
reducing of reliability and profitability of many securities.
Today in Ukraine NFI may be used for investing such main kinds of securities,
as: assets, saving certificates, corporative bonds, bonds of internal state loan, local loan
bonds. The advantages of saving certificates which, in our way of thinking, are
instruments useful for investing NFI funds, over other securities consist in liquidity
guaranteed by legislation rules (right to require an immediate buying) and constant
profitability during the certificate term.
Internal state load bonds (ISLB) as the world experience shows, are considered
to be one of the best instruments for NFI investments. To ensure its securities investing
attractiveness the state should not permit the post-owing the interest payment and
paying off the bonds. It is also not recommended to reduce such payments for it may
lead to not-fulfilment of NFI obligations before their depositors and participants.
Bearing this in mind, the matter of topical interest is introducing additional guarantees
as to fulfilling the state obligations for their securities. The latter should be included in
the legislative acts of the Cabinet of Ministers of Ukraine. Besides, these conditions
should be supported by the real mechanisms of their use (e.g. by mortgaging).
The state can issue special (privileged) state debt commitments intended for
investing only the NFI funds with their exclusive right to require the income payments
and legislative prohibition of default or restructuring or debt conversion.
To achieve a certain level of profitability which could ensure not only losses
compensation caused by inflation, but a certain standard income, the state can emit
middle and long-term state securities nominated in stable currency with a fixed
currency income; state debt securities with a floating interest considering the inflation
level during the period when the income is being paid.
Introducing the borrowed finances to the local authorities’ budget is carried out
by issuing the local loan obligations. Today this kind of securities is not so widely used
in the Ukrainian financial market. The main reason which slows down its use is a
negative experience as to its issue in previous years, ill-timed paying off postponing
the interest payment. In its turn, the foreign experience shows that local loan
obligations are a widely-spread and reliable instrument of depositing available NFI
The increase of debt commitment reliability issued in the form of local loan
obligations for NFI should provide: keeping up a certain level of their liquidity,
insuring the local load obligations to compensate any losses in case the nominal cost
payments and coupon interest are not fully and timely paid off; issuing the local load
obligations supported by the community property objects or other municipal property;
establishing a direct dependence between the direction where borrowed resources will
be used and the source of their returning.
Today corporative obligations widely spread in the world financial market are
being also used in Ukraine. The positive dynamics of obligations emission volume in
2011 and great role which commercial banks and NFI play in these processes are
explained by reducing the possibilities of the issuers’ technical default and the need in
long – term financing the economic agents.
The role of the state in the proper legislative ensure of issuing circulation and
paying off the corporative obligations. Besides, the country should strictly control and
limit the issuing of obligations by unprofitable economic agents and by those whose
own capital is less than equity one at the moment of taking decision about the
obligations issuing.
One of the most widely spread instruments at the national securities market are
stocks. Bearing in mind that most of joint stock partnerships in Ukraine were created in
the process of privatization, almost all the stocks existing in the national fund market
are simple. That’s why privileged stocks considered being more acceptable financial
instruments for investing assets by foreign NFI, have not been widely spread in
In 2011 the largest volume of implemented stock contracts — 99,13 billion
hryvnas (42,03% of the total volume) and stocks — 79,43 billion hryvnas (33,68%)
provided the greatest part of implemented stock contracts [5].
The national market of Ukrainian stock issuers is characterized by the low
capitalization and underestimation of the separate stocks. The main reason reducing the
stocks reliability as investment objects for NFI are: allocating the additional emissions
costing unreasonable prices among the limited circle of persons which leads to
«washing out» the joint-stock capital; creating the affiliate enterprises and thus
withdrawing the capital beyond the maternal company; negative financial results of
many enterprises or their understating the incomes by realizing the production (goods,
services) through the mediator structures connected with partnership managers for non-
market prices; high level of issuers credit non–debt ability increasing the risk of jointstock partnership bankruptcy.
Summing up, we should note that the main directions of improving the state
regulation of NFI investment activity are: filling up the Ukrainian fund market with the
reliable financial instruments protected from inflation influence, and, as a result,
creation of the appropriate legislative conditions of their issuing and circulation;
protecting the right of small stockholders; obligatory requirement of NFI assets being
invested into national economic agents corporative obligations that foresees the
available property ensuring such debt securities by the issuers of assets; prohibiting to
issue the obligations by unprofitable economic agents and those whose own capital is
less than the statuary one; limiting the volume of assets on current and deposit accounts
in banks; simplifying the order of performing the currency operations by such NFI and
ICI, pension funds and insurance companies that according to the legislative law have a
right to invest their assets in securities issued by foreign issuers; carrying out the
scientific investigations of rationality and effectiveness of NFI investing activity.
The perspectives of further investigations are in search of the directions of
increasing the state regulation positive effect on NFI investing activity development.
This is possible under the condition of the state successive influence on different
aspects of the investment process both while increasing the investment capital and
regulating the NFI investment structure, and creating the favorable conditions for
investing and forming the possibilities as to the choice of investment instruments.
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Режим доступу :
Визначено суть та роль державного регулювання інвестиційною
діяльністю небанківських фінансових установ. Досліджено особливості та
проблеми інвестування небанківськими фінансовими установами у фінансові
інструменти різних видів, основними серед яких є цінні папери, банківські
депозити та банківські метали. Запропоновано напрями удосконалення
державного регулювання вкладами небанківських фінансових установ у розрізі їх
Определены суть и роль государственного регулирования инвестиционной
деятельности небанковских финансовых учреждений. Исследованы особенности
и проблемы инвестирования небанковскими финансовыми учреждениями в
финансовые инструменты разных видов, основными среди которых являются
ценные бумаги, банковские депозиты и банковские металлы. Предложены
направления усовершенствования государственного регулирования вложениями
небанковских финансовых учреждений в разрезе их направлений.
Received 18.01.2013
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