What does bank liquidity mean? See pages where the term lack of liquidity is mentioned

The article presents the main approaches to assessing the financial condition of an enterprise using indicators for assessing liquidity, solvency, financial stability and profitability of the enterprise. A calculation of economic profitability according to DuPont was made, which served as the basis for determining the actual and forecast effect of financial leverage. Particular attention is paid to modeling the growth of enterprise liquidity.

IN modern conditions Most enterprises are characterized by a “reactive” form of activity management, which is a reaction to the current problems of the organization. In this regard, assessment of the existing financial condition and timely response to external conditions are possible only by improving the tools for managing financial and economic activities.

In the current and future time periods, a set of internal, stable characteristics is characterized by substantive complexity and inconsistency, which determines the need to use various assessment methods and further develop a mechanism for managing the financial condition of the enterprise.

The assessment methods and mechanism for managing the financial condition of an enterprise are based on financial analysis, the methodology of which consists of three large interconnected blocks:

analysis of financial situation and business activity;

analysis financial results;

· assessment of possible prospects for the development of the organization.

Among the main approaches to managing financial condition, the most important is the approach based on time duration. A special feature of this classification is the identification of current and future assessments of financial condition.

The current assessment includes the existing financial balance, when the state of finances does not interfere with the functioning of the enterprise. This is possible subject to the following basic conditions:

the required level of efficiency is met if the organization, using the provided capital, covers the costs associated with its receipt;

the liquidity condition is met. In other words, the organization (enterprise) must always be in a state of solvency;

the financial condition of the organization is assessed as stable.

The simultaneous fulfillment of these conditions causes significant difficulties, since, for example, the tasks of achieving the required profitability and liquidity are undoubtedly contradictory. Possible option compatibility of different modeling goals financial development Let's use the example of Irena LLC.

The holding company “Irena LLC” was founded in 2005. The main tasks are assistance in the clearance of cargo and other warehouses in a number of regions, carried out on the basis of a license to operate as a customs broker. The company has a transport and logistics department, which allows it to provide services for the delivery, placement and consolidation of cargo in European warehouses.

One of the most important components of the analysis of financial condition is the assessment of the financial stability of the organization. When conducting a financial stability analysis, we chose to assess the ability of Irena LLC to repay its obligations and retain ownership rights in the long term.

When studying the structure of inventories, the main attention was paid to the study of trends in changes in such elements as raw materials, work in progress, finished products and goods for resale, goods shipped. The presence in the balance sheet of the item “Accounts receivable, payments for which are expected more than 12 months after the reporting date” indicates negative aspects of the organization’s work.

To calculate the final values ​​characterizing financial stability, we will evaluate the initial data that had a significant impact on the final indicators (Table 1). According to the grouping data, it can be observed that in the company the amounts that determine the amount of operating capital (CF) and the total amount of the main sources of inventory and costs (VI) coincide. At the same time, the total amount of inventories and costs decreased by 323 thousand rubles. in absolute terms.

Table 1. Grouping of financial statements itemsbased on

financial stability of Irena LLC for 2007–2009. at the beginning of the period

For a more detailed analysis of financial stability, we will calculate the coefficients characterizing financial stability (Table 2).

Table 2. Financial stability coefficients of Irena LLC

The capitalization ratio (U1) indicates the organization’s high dependence on external capital. The deviation from the standard value varies from year to year, but exceeds the optimal normative meaning. Thus, in 2009, the minimum value for the entire study period was 2.88, which is 1.3 higher than the norm (see Table 2).

Thus, we can conclude that Irena LLC attracted 2 rubles per 1 ruble of its own funds invested in assets. 88 kop. A decrease in the indicator in dynamics is favorable, since the lower the value of this coefficient, the less the organization depends on attracted capital.

The ratio of availability of own sources of financing (U2) shows that 25% of current assets are financed from own sources. Degree of self-sufficiency working capital Irena LLC is below the norm in 2009 by 0.35 points. It should be noted that the minimum value for this coefficient must be greater than or equal to 0.1. In the period under study, this value was exceeded in 2007 by 0.14 points, in 2008 - by 0.18 points. A favorable trend is the growth of indicators in dynamics, since the high value of the indicator allows us to conclude that the organization does not depend on borrowed sources of financing in the formation of its working capital.

The financial independence ratio (U3) is also below normal. However, the growth of this indicator is a positive trend and indicates that, from a long-term perspective, the organization will depend less and less on external sources of financing.

The financing ratio (U4) indicates that the share of own funds in the total amount of financing sources in 2009 was 35%. A fairly low value characterizes the enterprise's policy as highly dependent on external sources.

The financial stability coefficient (U5) does not exceed the standard value over the years. This trend is quite unfavorable, since it is the most important ratio, and it shows that in 2009 only 26% of balance sheet assets were generated from sustainable sources. The value of the coefficient does not coincide with the value of the financial independence coefficient, which allows us to conclude that Irena LLC does not use long-term loans and borrowings.

The coefficient of provision of material inventories with own funds (U6) shows that in 2009, inventories and costs are formed entirely from own funds. This indicator indicates an insignificant share of reserves in the structure of assets.

The permanent asset index has been declining over the years, and in 2009 compared to 2007 the reduction was 9 points. This coefficient shows that the share of immobilized (dead) funds in own sources is decreasing.

Analyzing the business activity of the enterprise (Table 3), it should be noted that all indicators over time demonstrate a favorable growth trend.

Table 3. Indicators of business activity (turnover) of Irena LLC

The economic content of the analysis of liquidity, solvency and profitability of an enterprise is closely interdependent with the concept of “business activity”.

For a detailed analysis of the solvency of the enterprise, we will analyze in dynamics the absolute and relative structural changes in the current assets of the enterprise.

As noted above, the analysis of balance sheet liquidity consists of comparing assets for assets, grouped by the degree of decreasing liquidity, with sources of formation of assets for liabilities, which are grouped by degree of maturity.

Using balance sheet liquidity analysis, we will assess changes in the financial situation in the organization from the point of view of liquidity.

Relative liquidity indicators are comparable in dynamics for 2007–2009. The analysis of balance sheet liquidity is carried out according to the data in table. 4. The balance sheet of the organization Irena LLC is not absolutely liquid (Tables 4–6).

Table 4. Analysis of the liquidity of the balance sheet of Irena LLC at the end of the year for 2007–2009.

The first condition (A1 is greater than or equal to P1) for the period under study is met due to the absence of the most urgent obligations in the organization. The second (A2 is greater than or equal to P2) is not fulfilled due to the lack of quickly realizable assets at the enterprise (A2).

The third condition for balance sheet liquidity (A3 is greater than or equal to P3) is satisfied over time due to the absence of long-term liabilities.

The fourth condition (A4 is less than or equal to P4), which characterizes minimum financial stability, is not met for the entire study period.

To determine the current situation and future trends in balance sheet liquidity, we will calculate the amount of surplus and deficiency for each of the analyzed groups (Table 5).

Table 5. Payment surplus (+) or deficiency (–)

liquidity balance of Irena LLC at the end of the year for 2007–2009.

A comparison of the liquidity result for the first two groups characterizes current liquidity. During the period, the payment surplus for the first group decreased, which significantly reduces the liquidity of the balance sheet in the event of short-term liabilities (Table 5).

For the second group, the dynamics of the payment gap decreased by 12,230 thousand rubles, which, of course, given the overall negative picture, is a positive trend.

Prospective liquidity is characterized by a payment surplus or deficiency in the third group. During the study period, at Irena LLC, the payment surplus in the third group increased by 724 thousand rubles.

Since, as noted above, balance sheet liquidity and enterprise liquidity are significantly different concepts, it is necessary to analyze the enterprise’s liquidity using the coefficient method (Table 6).

As can be seen from the data in table. 6, in Irena LLC, the values ​​of the current and quick liquidity ratios are significantly lower than the recommended ones, and the absolute liquidity ratio at the end of the study period decreased by 0.04 points. The decline in performance indicators can be assessed negatively.

The signal indicator of the financial condition of the organization is the coefficient of maneuverability of equity capital (AC).

Table 6. Liquidity ratios

and solvency of Irena LLC for 2007–2009.

It shows what part of the operating capital is immobilized in inventories and long-term receivables. A decrease in the indicator in dynamics is a positive fact. Increasing cash flow is a positive thing. The presence and increase in short-term financial investments should also be assessed positively, since the structure of current assets becomes more liquid.

Profitability assessment, in turn, shows high level unprofitability in 2007 and growth in profitability over 2008–2009. (Table 7).

The profitability (loss) ratio of assets in 2007 reflects the amount of loss in the amount of 37.7 rubles per ruble of the organization’s assets. There is a positive trend in dynamics. So, in 2009 the company received 2 rubles. 13 kopecks profit per ruble of assets.

The return on equity ratio in 2009 shows that the company received 8 rubles. 29 kop. profit for each ruble of the organization's equity capital.

Table 7. Profitability (loss) ratios of Irena LLC

In 2007, the company received a loss equal to 312 rubles. 72 kopecks per 1 ruble of equity capital.

There is also a positive trend in the return on sales ratio, which in 2009 was 5.28%. For comparison: the coefficient in 2007 is negative and shows a loss of 26 rubles. 84 kopecks for every ruble of sales.

The analysis showed the presence of significant issues that are relevant for the enterprise at the moment, which are reflected in the operating and financial activities. To solve existing problems, it is advisable to improve the financial mechanism.

The analysis of the financial condition revealed existing trends in the financial stability management mechanism. The negative point is the low financial stability of the enterprise and the imperfection of the financial mechanism of its management.

The consequences of financial instability for Irena LLC in the future can be very significant. A situation becomes real in which the enterprise will be dependent on creditors and is in danger of losing its independence.

The reasons for the current situation are as follows:

1) consistently low amounts of profit received;

2) management problems associated with irrational management of the financial mechanism at the enterprise.

In this regard, it is advisable to focus on various aspects of the financial and operational activities of Irena LLC.

The feasibility of attracting borrowed funds when forming financial strategy is a controversial issue. In this case, we offer the company the following forecast options.

Let's consider the effect of increasing financial stability through the use of the financial leverage effect, which shows by what percentage the return on equity will change due to the use of borrowed funds. This indicator determines the limit of economic feasibility of borrowing funds.

In turn, we will calculate return on assets using the Dupont formula.

Let's transform the formula for economic profitability (ER) by multiplying it by Turnover / Turnover 1 = 1. Such an operation will not change the value of profitability, but two most important elements of profitability will appear: commercial margin (CM) and transformation coefficient (CT).

where EBIT is operating profit - an analytical indicator equal to the volume of profit before interest on borrowed funds and taxes;

Turnover - the sum expression of revenue from sales and non-operating expenses, thousand rubles;

KM - margin coefficient;

CT - transformation ratio.

In our case, the economic profitability is 1.9% (ER = 442 / (25,585 + 20,369) / 2 × 76,596 / 76,596 = 442 / 76,596 × 100 × 76,596 / 22,977.5).

A margin ratio of 0.57% shows that every 100 rubles. turnover give 0.57% of the result.

The transformation coefficient shows that every ruble of an asset is transformed into 3 rubles. 30 kopecks

Thus, the actual profitability is at a very low level, which, even without preliminary calculations, indicates the inappropriateness of borrowing funds.

Let's check our hypothesis by calculation financial leverage(leverage).

The tax corrector equal to 0.8 (we find the TC by substituting the EFR (1 – 0.2) into the first part of the formula) shows that the effect of financial leverage in our case does not significantly depend on the level of profit taxation.

In addition, the identification of three components of the effect of financial leverage makes it possible to purposefully manage it in the process of the organization’s financial activities.

The financial leverage ratio (LC/SC) enhances the positive or negative effect obtained through the differential.

EGF = (1 – 0.2) × (1.9% – 0%) × 0 / 5196 = 0.

The calculation showed that there is no effect of financial leverage, since there is no use of a paid loan. An indicator value of 0 indicates that any increase in the financial leverage ratio will cause a zero increase in return on equity.

The average interest rate for a loan is 15% per annum. In this case, for the positive effect of financial leverage, the company needs to increase its return on assets to 16%, that is, 16 times. Then the level of profit obtained from the use of assets (economic profitability) will be greater than the costs of attracting and servicing borrowed funds.

Thus, in order for an enterprise to increase its solvency and increase the net profit remaining at the disposal of the enterprise, it is advisable to pay special attention to increasing profitability from operating activities.

Management of enterprise liquidity and profitability is the most important aspect of the financial strategic development of the enterprise under study. In this regard, the mechanism for managing operational activities and modeling the liquidity of Irena LLC acquire the greatest importance. Let's predict changes in revenue using the extrapolation smoothing method (Table 8).

A graphical representation of the predicted value is shown in the figure.

Table 8. Forecast of changes in revenue using the extrapolation smoothing method

Revenue forecast using the least squares method (linear extrapolation smoothing)

The trend equation constructed using the least squares method has the following form:

y = 4585x + 66,239.

The calculated equation indicates positive revenue growth under the given conditions. The revenue forecast was made in order to identify the development prospects of the enterprise under favorable trends.

In relation to improving the financial management mechanism, as well as to correct the current situation and achieve forecast values, the management of the enterprise should take measures to increase its own capital, which is possible through liquidity modeling. The basis of the model is the assumption that the main element of equity capital is profit growth, since profit creates the basis for self-financing and will be a source of repayment of the enterprise’s obligations to the bank and other creditors, which will reduce short-term liabilities and increase liquidity.

To achieve this goal, it is necessary to increase the turnover of the enterprise's assets already in 2010, for which purpose increase sales volumes and provide discounts for quick payment. The calculation of the discount amount is presented in table. 9.

Table 9. Modeling the size of the discount for fast payment for goods of Irena LLC

The proposed option for improving the financial mechanism is a necessary condition not only for the analyzed enterprise, but also for an enterprise of any organizational and legal form, since it represents a central part of the economic mechanism, which is explained by the leading role of finance in the sphere of material production.

L. S. Sokolova,
Ph.D. econ. sciences

Bank liquidity– the ability of a credit institution to fulfill its financial obligations in full and on time.

The term “organizational liquidity” should be distinguished from another financial term – “liquidity”, which means the ability to quickly and with minimal losses transfer an asset into cash.

Liquidity financial organization determined by the ratio of available assets to monetary obligations to be fulfilled. In this case, two points must be taken into account.

Firstly, assets can be not only cash, but also other valuables that financial point vision have the property of liquidity.

Secondly, the liquidity of an organization is a concept that is closely related to time. There is a bank's current liquidity - the ratio of assets and upcoming payments immediately. It can be calculated for any other period. For example, monthly liquidity is the ratio of receipts to payments during the month, etc.

The concept of bank liquidity is opposed to the concept of profitability. Excessively high liquidity reduces the profitability of operations. If reserves are high, then less cash is used for investments. An extreme case: at the time of creation of a credit organization, all its funds are in a correspondent account with the Central Bank. Liquidity reaches 100%, and profitability is zero, since investments have not yet been made.

As the bank develops its activities, it attracts money from depositors and issues loans. At the same time, profitability increases and liquidity decreases.

At the same time, current investors may demand the return of their funds at any time. Thus, excessively low liquidity is associated with the risk of failure of the financial institution. To prevent this from happening, regulators introduce liquidity standards.

There are several sources of bank liquidity. Internal funds include own funds - in cash and on correspondent accounts, other assets that can be converted into money over a certain period: loan portfolio, if assigned, securities, etc.

In addition, it is customary to allocate external sources of liquidity: funds that can be quickly attracted if necessary. These are interbank loans, as well as loans from central banks.

In their activities, credit institutions use different methods liquidity management. In particular, they draw up so-called payment calendars, reflecting upcoming receipts and debits of funds, and calculate payment items. Situations where cash is temporarily insufficient to meet current financial obligations, while the total value of assets exceeds total debt, are called cash gaps.

The concept of liquidity means the bank’s ability to timely and fully ensure the fulfillment of its debt and financial obligations to all counterparties, which is determined by the presence of sufficient equity capital, the optimal placement and amount of funds in the assets and liabilities of the balance sheet, taking into account the relevant deadlines. In other words, the liquidity of a commercial bank is based on the constant maintenance of an objectively necessary ratio between three components: the bank’s own capital, attracted and placed funds.

Liquidity risk is the risk of losses due to the Bank's inability to ensure the fulfillment of its obligations in full. Liquidity risk arises as a result of imbalance financial assets and financial obligations of the Bank (including due to untimely fulfillment of financial obligations by one or more counterparties of the Bank) and (or) the emergence of an unforeseen need for immediate and one-time fulfillment by the Bank of its financial obligations.

The risk of insufficient liquidity is the risk that the bank will not be able to fulfill its obligations in a timely manner or this will require the sale of certain assets of the bank on unfavorable terms. The risk of excess liquidity is the risk of loss of bank income due to an excess of highly liquid assets, but little or no income assets and, as a consequence, unjustified financing of low-yielding assets at the expense of attracted resources. The risk of loss of liquidity is associated with the bank’s inability to fulfill its payment obligations within the agreed time frame, and to quickly convert its assets into monetary form to make payments on deposits.

Insufficient liquidity leads to the insolvency of the credit institution. If a credit institution does not fulfill its obligations to depositors in a timely manner and this becomes known, a “snowball effect” occurs - an avalanche-like outflow of deposits and balances on current accounts, leading to fundamental insolvency.

Liquidity risk, on the one hand, is closely related to the mismatch of assets and liabilities (that is, the use of short unstable liabilities for medium-term or long-term active operations), and, on the other hand, to the loss of opportunity (due to general market conditions or deterioration of the bank’s image) attract resources to fulfill current obligations.

The level of liquidity risk is influenced by various factors, including:

• · quality of the bank's assets (if the bank's portfolio contains a significant amount of non-performing and non-performing assets that are not backed by sufficient reserves or own funds, then such a bank will lose liquidity due to the need to fund such assets with attracted resources);
• · diversification of assets;
• · the bank’s interest rate policy and the general level of profitability of its operations (a constant excess of the bank’s expenses over its income can lead to a loss of liquidity);

· the magnitude of currency and interest rate risks, the implementation of which may lead to depreciation or insufficient return on operating assets;

• · stability of bank liabilities;
• · consistency in terms of attracting resources and placing them in active operations;

· the image of the bank, which provides it with the opportunity, if necessary, to quickly attract third-party borrowed funds.

Liquidity risk is closely related to the following risks: credit, market, interest rate and currency. For example, credit risk worsens the bank’s liquidity, as it leads to an imbalance of assets and liabilities in terms of terms and amounts; and market, currency and interest rate risks may cause a decrease in the value of the bank's assets or increase the value of liabilities.

A commercial bank is considered liquid if the amount of its cash and other liquid assets, as well as the ability to quickly raise funds from other sources, are sufficient for the timely repayment of debt and financial obligations. In addition, a liquid reserve is necessary to satisfy almost any unforeseen financial needs: concluding profitable loan or investment transactions; to compensate for seasonal and unforeseen fluctuations in demand for credit, replenishing funds in case of unexpected withdrawal of deposits, etc.

Illiquidity risk can be described as the risk of balance sheet imbalance in terms of liquidity.

The balance sheet is considered liquid if its condition allows, through the rapid sale of funds on the asset, to cover the urgent obligations on the liability. The ability to quickly convert a bank's assets into cash to fulfill its obligations is determined by a number of factors, among which the decisive factor is the correspondence of the timing of the placement of funds to the timing of attracting resources. In other words, whatever the liability is in terms of maturity, so should be the asset. Only then is a balance achieved between the amount and timing of the release of funds from the asset in cash and the amount and timing of the upcoming payment on the bank’s obligations.

The liquidity of a bank's balance sheet is affected by the structure of its assets: the greater the share of first-class liquid funds in total assets, the higher the bank's liquidity. Bank assets according to the degree of liquidity can be divided into three groups:

• 1) liquid funds that are in immediate readiness, or first-class liquid funds (cash, funds in a correspondent account, first-class bills and government securities);
• 2) liquid funds at the disposal of the bank that can be converted into cash. We are talking about loans and other payments in favor of the bank with deadlines for execution in the next 30 days, conditionally marketable securities registered on the stock exchange (as well as participation in other enterprises and banks), and other valuables (including intangible assets);
• 3) illiquid assets (overdue loans, bad debts, buildings and structures owned by the bank and related to fixed assets).

When analyzing illiquidity risk, first-class liquid funds are taken into account first.

There are the following ways to assess and manage liquidity risk:

carrying out analysis and assessment of the ratio of assets and liabilities according to the degree of liquidity, i.e. assets and liabilities are distributed into appropriate groups according to the degree of decreasing liquidity and taking into account their maturity and quality.

the gap method or maturity ladder is based on a comparison of active and passive balance sheet items, taking into account the period remaining until their repayment. bill endorsement deficit liquidity

One of the methods widely used for quantitative assessment of business risks is the analysis of the financial condition of an enterprise (firm). This is one of the most accessible methods of relative risk assessment, both for the entrepreneur, the owner of the enterprise, and for his partners.

The financial condition of an enterprise is a complex concept characterized by a system of absolute and relative indicators that reflect the availability, allocation and use of the enterprise’s financial resources and together determine sustainability economic situation enterprise and its reliability as a business partner.

From the point of view of assessing the level of business risk in the system of indicators characterizing the financial condition of enterprises, solvency indicators are of particular interest.

Solvency is understood as the readiness of an enterprise to repay debts in the event of simultaneous presentation of demands from all creditors of the company for payments on short-term obligations (for long-term ones - the repayment period is known in advance).

The use of solvency indicators makes it possible to assess at a specific point in time the readiness of an enterprise to pay creditors for priority (short-term) payments with its own funds.

The main indicator of solvency is the liquidity ratio.

The solvency of a bank depends on many factors. The Central Bank sets a number of conditions that banks must fulfill to maintain their solvency. The most important of them: limiting the bank’s liabilities, refinancing banks by the Central Bank, reserving part of the bank’s funds in a correspondent account with the Central Bank.

The risk of insolvency may well lead to bank bankruptcy. The severity of bankruptcy risk is assessed by the value of the corresponding probability. If the probability is small, then it is often neglected. Of course, the probability of bankruptcy is non-zero in almost any transaction due to the highly unlikely catastrophic events financial markets, on a state scale, due to natural phenomena etc., however, bankruptcies do occur. Another thing is what their reason is, who needs it, who allowed it.

In the practice of financial solvency analysis, several liquidity ratios are used depending on the purpose and goals of the analysis. They are used to assess whether a firm is able to cover the costs of its short-term obligations or pay its bills and remain solvent.

The absolute liquidity ratio (Cal) characterizes the degree of mobility of an enterprise’s assets, ensuring timely payment of its debts, and is determined from the expression:

where St is the cost of highly liquid funds (cash in banks and cash desks, securities, deposits, etc.); T0 -- current liabilities of the enterprise (the amount of short-term debt).

The current liquidity ratio (K) shows the extent to which current needs are covered by the enterprise’s own funds, without attracting loans from outside, and is determined from the expression:

Ktl = St + Ss

where C is the cost of medium liquidity assets (inventories, accounts receivable, etc.).

Critical Evaluation Quotient (or Litmus Test Quotient)

CCO = Cash + Accounts Receivable

Current liabilities

with the help of which only the most liquid current assets are valued: cash and marketable securities.

The given indicators (their calculated values) can serve as a guide for assessing the financial condition of the enterprise in comparison with standard values.

For example, theoretically, the absolute liquidity ratio should be equal to or greater than one. However, given the low probability that all creditors of an enterprise will simultaneously present debt claims to it, in practice the value of this coefficient may be significantly lower. In countries with developed market economies, it is considered normal if the value of the absolute liquidity ratio is not lower than 0.2 -0.25.

In the practice of developed countries, the standard value of the current liquidity ratio for various industries ranges from 2.0 to 2.5, i.e. An enterprise's optimal need for liquid funds should be at a level where they are approximately twice the amount of short-term debt. The daily work of a commercial bank in managing liquidity is aimed at the bank’s self-preservation, the condition of which is the uninterrupted fulfillment of obligations to clients. From an organizational point of view, it presupposes compliance with the ratios of individual groups and items of liabilities and assets of the balance sheet, recorded in certain indicators. Such indicators are divided into external and internal.

For a commercial bank, the general basis of liquidity is ensuring profitability production activities(operations performed). At the same time, the peculiarities of its work as an institution that bases its activities on the use of client funds dictate the need to use specific liquidity indicators.

Although the general and specific liquidity of a commercial bank complement each other, the direction of their action is mutually opposite. Maximum specific liquidity is achieved by maximizing balances in cash registers and correspondent accounts in relation to other assets. But it is in this case that the bank’s profit is minimal. Maximizing profits requires not holding funds, but using them to make loans and make investments. Since this requires reducing cash and correspondent account balances to a minimum, profit maximization jeopardizes the uninterrupted fulfillment of the bank's obligations to clients.

Carrying out such work requires appropriate operational information support. The bank must have current information about its available liquid funds, expected receipts and upcoming payments. It is advisable to present such information in the form of schedules of receipts and payments arising from accepted obligations for the corresponding period (decade, month, etc.). It is the basis for considering a package of loan proposals for a given period.

A mechanism that ensures the implementation of the specified target function banking department has significant features. Traditionally, like any commercial enterprise, profit maximization is achieved by increasing revenue receipts and reducing costs. However, the content of these indicators is specific for commercial banks. They do not include the total (gross) turnover of bank revenue, but only that part of it that ensures the formation and use of profit.

The main element of turnover - the issuance and repayment of loans - is regulated in accordance with the laws of movement of the loaned value. The bank's gross profit depends on the size of the funds lent and their price, i.e. interest rates. The effect of each factor, in addition to the natural influence of market conditions, depends on the specific requirements for ensuring liquidity.

The amount of credit investments of a commercial bank is determined by the volume of its own and borrowed funds. However, in accordance with the principles of bank regulation, the entire amount of these funds cannot be used for lending. Therefore, the bank’s task is to determine the amount of effective resources that can be directed to credit investments.

Liquidity risk is closely related to the value of liquidity ratios. Liquidity risk is associated with possible financial losses in the process of transforming securities or other inventories into cash necessary for the timely fulfillment of its obligations by the enterprise or when changing the strategy and tactics of investment activities.

Financial losses during the transformation of resources include: depreciation of liquid funds; partial loss of capital in connection with the sale of an unfinished construction project; sale of certain securities during periods of low quotation; taxes and fees, payment of commissions to intermediaries and other payments made in the process of liquidation of investment objects, etc.

Thus, the lower the liquidity of the investment object, the higher the possible financial losses in the process of its transformation into cash, the higher the risk.

The purpose of liquidity management is to ensure the Bank's ability to timely and fully fulfill its monetary and other obligations arising from transactions using financial instruments.

Liquidity management is also carried out for the purposes of:

• · identifying, measuring and determining an acceptable level of liquidity;
• · determining the Bank's need for liquid funds;
• · constant monitoring of liquidity status;
• · taking measures to maintain liquidity risk that does not threaten the financial stability of the Bank and the interests of its creditors and depositors;
• · creating a liquidity management system at the stage of a negative trend emerging, as well as a system for quick and adequate response aimed at preventing liquidity from reaching critical levels for the Bank (minimization).

In the process of liquidity management, the Bank is guided by the following principles:

• · liquidity management is carried out daily and continuously;
• · the methods and tools used for assessing liquidity risk should not contradict regulatory documents Central Bank of the Russian Federation, risk management policy;
• · The Bank clearly divides the powers and responsibilities for liquidity management between governing bodies and divisions;
• · limits are established to ensure an adequate level of liquidity and appropriate to the size, nature of the business and financial condition of the Bank;
• · information about future receipts or write-offs of funds from departments is immediately transferred to the Organizational and Control Department;
• · when making decisions, the Bank resolves the conflict between liquidity and profitability in favor of liquidity;
• · every transaction affecting liquidity must be taken into account in calculating liquidity risk. When placing assets in various financial instruments, the Bank strictly takes into account the urgency of the source of resources and its volume;
• · large transactions are analyzed in a preliminary manner for their compliance with the current state of liquidity and established limits;
• · planning of the need for liquid funds is carried out.

Liquidity management methods.

To assess and analyze the risk of liquidity loss, the Bank uses the following methods:

• · coefficient method (normative approach);
• · method of analyzing the gap in the maturity of claims and obligations with the calculation of liquidity indicators: liquidity excess/deficit, liquidity excess/deficit ratio;
• · cash flow forecasting.

The coefficient method includes the following steps.

• Stage 1: calculation of the actual values ​​of the mandatory ratios of instant (N2), current (N3) and long-term liquidity (N4) (together in the text of these Regulations are referred to as liquidity ratios) and their comparison with the permissible numerical values ​​established by the Bank of Russia. Liquidity ratios are calculated daily on an ongoing basis.
• Stage 2: analysis of changes in actual values ​​of the liquidity level in relation to the calculated standards for the last 3 months (dynamics of liquidity standards).

In the process of liquidity risk management, the following liquidity limits are established:

current liquidity limit in the form of an absolute amount - the maximum amount of liquidity deficit (excess of liabilities over assets)

prospective liquidity limit in the form relative indicator: marginal liquidity deficit ratio, which is the ratio of liquidity deficit on an accrual basis and bank assets

As a current liquidity limit, a maximum amount of liquidity deficit is usually set for a period of up to 1 month. Maintaining the limit is ensured by calculating the volume of non-performing assets (correspondent account and cash desk), which should ensure settlements for demand funds and urgent funds.

The prospective liquidity limit is an aggregate indicator - the maximum liquidity deficit ratio.

The bank's strategy in the field of asset and liability management directly affects the planning of liquidity risk and corresponding limits. The size of the limit is determined by the bank's liquidity policy - conservative or aggressive. In the first case, there is no current liquidity deficit and the limit is equal to 0. In the second case, it should be equal to the volume of possible attraction of funds in the interbank lending market and the volume of funds from the sale of highly liquid assets.

The conservatism of the bank's policy presupposes the absence of a gap between assets and liabilities within one term group or placement for periods shorter than the terms of attracted liabilities. In this case, the long-term liquidity limit will be close to 0. An aggressive policy involves increasing the long-term liquidity limit, that is, increasing the framework within which the maturities of assets can exceed the maturities of liabilities. According to experts, the upper limit of deviations should be such that by the time the term group “up to 1 month” is reached, the gap is within the current liquidity limit.

Practical part

Task: The investor deposited 100 thousand rubles into a deposit account. After two years, the deposit amount was 120 thousand rubles. Determine the annual simple interest rate.

i =(S/P-1)/n or i =(S/P-1)/n*100

i=(120 thousand rubles /100 thousand rubles -1)/ 2 years =0.1 or 10% per annum.

Answer: 10% per annum.

Simple interest is used to increase interest when issuing a loan for a period of up to 1 year or when interest is not added to the principal amount of the debt, but is paid periodically.

To write the simple interest formula, we use the following notation:

I - the amount of funds accrued on the original amount with interest for the entire period (the amount with interest is the original amount)

P - initial amount of debt (deposit)

S -- amount at the end of the term (initial amount + interest amount)

i - interest rate, decimal fraction. For example, if the interest rate is 20%, then in calculations you need to use 0.2 = 20%/100

n - loan term in years

Formula for interest accrued over the entire term

Simple interest formula

S=P+I=P+Pni=P(1+ni) (II)

Calculation of the initial amount of debt using the simple interest formula

P=S/(1+ni) or P=S/(1+ni/100), if i is measured in % (III)

Calculating the annual interest rate using the simple interest formula

i=(S/P-1)/n or i=(S/P-1)/n*100, if you need to get the interest rate (IV)

Calculating the loan term using the simple interest formula

In her column on Banks.ru, Natalya Orlova raised the pressing question of what happened to the liquidity of the banking sector in the past year, and who is to blame for this. However, in my opinion, the debatable position on the causes of the conditional liquidity deficit needs clarification.

Thus, one of the main reasons for the liquidity shortage was the appetite of state banks to increase their share in the credit market. Natalya Orlova writes the following: “In pursuit of market share, they not only fully used the influx of corporate and retail deposits to finance credit expansion, but also significantly reduced the excess liquidity that remained with them since 2010. Just look at the decrease in liquidity that the Central Bank sterilized on its deposits and through the issue of its bonds: if at the beginning of the year there were more than 1 trillion rubles, then in December 2011 only 100-200 billion rubles remained. Basically, it is state banks that keep their funds in these instruments. And it was their appetite to increase their share of the credit market that led to a liquidity shortage in the banking system.”

In fact, since banks are carried away by lending, liquidity cannot disappear. Let's take a simplified model. The bank issues a loan to the borrower - a legal entity, who spends the funds for his own purposes. Money from the correspondent account of one bank is transferred to the correspondent account of another bank or remains in the original correspondent account if the recipient of the payment has a current account in the same bank. If the “physicist” received the money in cash, then he will spend it on purchases, as a result of which the funds will somehow end up in the current account trade organizations, i.e. they will again return to correspondent accounts or to the cash desks of the same banks.

Therefore, no matter how many loans banks issue, the amount of liquidity in nominal terms will remain the same. Due to state banks lending to the economy, the liquidity of banks as a whole cannot disappear. It's like communicating vessels. In one place of the banking system liquidity decreases, in another, on the contrary, it increases, but the amount remains the same. It is clear that allowances need to be made for the slight increase in transaction demand in the economy.

Liquidity, including excess liquidity (if by liquidity we mean funds that banks in one form or another hold in the Central Bank or ruble funds in the cash desks of commercial banks), may decrease in gross volume for three complex reasons.

First: the Central Bank carries out sterilizing operations in the form of selling currency / securities or reducing the volume of lending to banks.

Second: the government brings the budget to a surplus and accumulates the surplus not in the accounts of commercial banks, but in accounts with the Bank of Russia.

Third: the demand for cash (money outside banks) in the economy increases.

Each of these three reasons can be considered as basic to explain the liquidity shortage.

What actually happened to the excess liquidity that was observed at the beginning of 2011?

The government reduced the budget with the surplus that it accumulated in the accounts of the Central Bank over the past year. Until December, the growth of account balances with the Central Bank amounted to about 2 trillion rubles; in December, traditionally significant funds are again thrown into the economy, and therefore end up in correspondent accounts in banks. However, the government surplus would not be so significant if the Bank of Russia, in turn, were more active in the foreign exchange market. But since the beginning of 2011, the Bank of Russia, as part of its abandonment of the managed ruble float regime, has reduced its participation in trading; moreover, in the fall it sold foreign currency, sterilizing the monetary base. Therefore, those funds that were transferred to the government’s account at the Central Bank were, simply put, withdrawn from banks, which was reflected as a decrease in excess liquidity.

I note, however, that in the fall of 2011 the Bank of Russia increased lending volumes to compensate for the effect of the sale of foreign currency. Thus, the Central Bank began to make little use of the traditional instrument for replenishing liquidity in the banking sector - foreign exchange interventions.

I would also like to note that the liquidity shortage that has occurred is not just an unfortunate accident and not a consequence of aggressive lending by state banks to the economy, but the result of coordinated actions of monetary regulatory authorities: the Bank of Russia and the Ministry of Finance.

Since December 2010, the Bank of Russia has consistently pursued and is pursuing a policy of tightening monetary policy using various instruments (exchange rate, interest rate instruments and required reserves) and deliberately reducing excess liquidity, following the path determined in consultation with the IMF. In the fall, when there was a sharp outflow of capital and a depreciation of the ruble, the policy was partially relaxed.

Thus, in the IMF report on Russia, released in September 2011, just before the resignation of Alexei Kudrin, IMF staff recommended that the Bank of Russia rationalize its set of instruments to improve the transmission of monetary policy signals; withdraw excess reserves remaining from banks through open market operations in order to make the refinancing rate mandatory - the base intervention rate of the Central Bank of the Russian Federation. This is not the first report where the IMF recommended tightening monetary policy.

Largely due to the tightening of monetary policy, we observed the effect of a decrease in price growth rates during 2011.

Based on the above, I believe that the position of blaming state banks for the liquidity shortage is not entirely fair. Whether they were lending aggressively or not, it would have had little effect on the end result of reduced liquidity. They may be guilty of many things, but not of this “crime”.

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The liquidity of any item is the ability to quickly sell it at a market price. The easier it is to exchange an item for money, the more liquid it is considered. For example, machine tools at a factory have low liquidity - it will not be possible to sell them quickly and at real cost. And money has absolute liquidity - in fact, there is no need to exchange it for itself, it is self-liquidating.

Both machines and money in this case are called assets. An asset in financial language is any property. Liquidity can exist not only for an individual asset, but also for the company as a whole.

Why evaluate a company's liquidity?

The liquidity of assets is assessed to understand how solvent the company that owns them is, whether it can actually pay off its debts.

If a company has a lot of money in its accounts, and its warehouses have large stocks of goods that are easy to sell, it is easier for it to get a bank loan or delivery without prepayment. This means that she will pay on time without any problems.

If the only asset of the enterprise is a dilapidated factory building on the outskirts of the city, and the cash register is empty, then in the event of bankruptcy, creditors will wait a long time for their money back.

Types of liquidity and their ratios

To understand whether a company is able to pay creditors on time, the liquidity ratio is calculated based on the balance sheet. It shows the ratio of a company's debts to working capital.

Liquidity can be current, quick and absolute. For each type, its own coefficient is calculated.

Current ratio, or coverage ratio, equal to the ratio of current assets to short-term liabilities (current liabilities). It is calculated using the formula:

Ktl = OA/KO,

Ktl - current liquidity ratio;

OA - current assets;

KO - short-term liabilities.

This ratio shows how a company can pay off current liabilities using only current assets. The higher the ratio, the higher the solvency of the enterprise. If this indicator is below 1.5, it means that the company is not able to pay all its bills on time. The ideal indicator is 2.

Quick ratio equal to the ratio of highly liquid current assets to short-term liabilities. At the same time, to highly liquid current assets do not include inventories, because their urgent sale will lead to high losses. The quick liquidity ratio is calculated using the formula:

Kbl = (Kdz + Kfv + Ds) / KO,

Kdz - short-term receivables;

Kfv - short-term financial investments;

Ds - account balance;

KO - current short-term liabilities.

This ratio shows the ability to meet current debts in the event of any difficulties. The situation in the company is considered stable if the coefficient is not less than 1.

Absolute liquidity ratio equal to the ratio of funds in the company's accounts and short-term financial investments to current liabilities. This indicator is calculated in the same way as the quick liquidity ratio, but without taking into account receivables:

Cal = (Ds + Kfv) / KO

It is considered normal when this coefficient is not lower than 0.2.

Liquidity by area of ​​application

Liquidity of the enterprise- the ratio of debts to liquid assets, that is, whether the company can quickly pay off all creditors. The concepts of “liquidity” and “solvency” are often used interchangeably.

Liquid assets are property that can be quickly sold at a market price. In the balance sheet, all the assets of a business are listed at the very beginning. Assets are divided into current and non-current.

Current assets- property that brings income to the enterprise for one year. As a rule, this is what is used in the production process or settlements with partners: money, raw materials, short-term receivables, financial investments for up to one year, etc.

Non-current assets are used and generate profit for more than one year: patents and developments, buildings, equipment, long-term investments.

Current assets are more liquid than non-current assets.

Assets are divided into four groups:

A1 - the most liquid assets: money in accounts and short-term financial investments.

A2 - quickly realizable assets: short-term receivables.

A3 - slowly selling assets: inventories, VAT, long-term receivables.

A4 - hard-to-sell assets: non-current assets.

The opposite of assets are liabilities of a business. These include equity enterprises, such as chartered or joint stock companies, as well as borrowed funds, such as bank loans. Balance sheet liabilities are also divided into four groups, according to the degree of urgency of payment:

P1 - the most urgent obligations: accounts payable.

P2 - short-term liabilities: short-term loans and borrowings, debt to participants for dividends and other income.

PL - long-term liabilities: long-term loans.

P4 - stable liabilities: future income, reserves for future expenses and payments.

Balance sheet liquidity of an enterprise shows how much its assets cover its liabilities - that is, whether the company has enough money to pay off its debts if something happens. In this case, the period for the sale of assets must correspond to the period for repayment of liabilities.

Balance sheet liquidity is calculated as the ratio of debt and liquid funds.

The balance is considered absolutely liquid with the following ratio of assets and liabilities: A1 ≥ P1, A2 ≥ P2, A3 ≥ PZ, A4 ≤ P4.

Comparing A1 and A2 with P1 and P2 allows us to find out current liquidity, and A3 and A4 with P3 and P4 - long-term liquidity. This way you can predict the solvency of an enterprise based on a comparison of future receipts and payments.

Bank liquidity- conditional characteristic. Usually it refers to the bank’s ability to pay clients who hold deposit accounts with this bank. When a bank issues a loan, the amount of money in it decreases, which means liquidity decreases.

In order for liquidity to always be at a sufficient level, the bank must have constant reserves. And not necessarily financial ones - part of the money is invested in various assets, for example, stocks or bonds. If necessary, you can quickly sell them and increase your own liquidity. The liquidity of banks is monitored by the Central Bank of Russia.

In addition, the bank, like any other organization, has low-liquid non-current assets on its balance sheet - buildings, equipment, and so on.

Market liquidity. Liquidity is available not only for individual companies or banks, but also for entire markets - securities, services, and so on. The market will have high liquidity if transactions are regularly concluded on it, but the difference in the prices of buy and sell orders is small. Moreover, there should be many such transactions so that each individual transaction on the market does not have a significant impact on the price of the product.

An indicator of market liquidity is the “black” parameter (from the English churn - mixing). This is the ratio between the volume of contracts concluded and the cost of goods actually delivered under these contracts. For the market to be considered liquid, black must have a value of 15 or higher.

Liquidity of securities on stock market assessed by trading volume and spread. Spread is the difference between the maximum prices of buy orders and the minimum prices of sell orders. The more transactions and the smaller the difference, the higher the liquidity.

If you can quickly sell or buy many shares of a certain company without a significant change in price, then such securities can be considered liquid, and vice versa.

Liquidity of money- this is the ability to freely pay with them, as well as their ability to maintain their nominal value without changing. In countries with stable economies, the national currency usually has the highest liquidity.

Changes in the liquidity of money are directly related to inflation: prices for goods rise simultaneously with the fall in the purchasing power of the national currency.

Real estate liquidity- the ability to quickly sell it. Real estate is less liquid compared to money, securities and the company's inventory. It will not be possible to sell it quickly - an appraisal is required, transactions take a long time to be finalized. In addition, the seller may offer a price below the market price in order to sell the asset faster.

The value of real estate is affected external factors. For example, a building may become more expensive if the area around it is actively being built and developed. Or, conversely, it will become cheaper if the authorities decide to open a landfill nearby.

At the same time, real estate is not a low-liquid asset. For individuals, for example, investing in real estate is more profitable than a bank deposit in the amount of more than 1.4 million rubles. If the bank goes bankrupt, the depositor will receive compensation only up to this amount, and the rest of the money will be burned.

Liquidity analysis

The solvency of a company can be determined by looking at its balance sheet. Balance sheet liquidity means the liquidity of the enterprise. When it is necessary to assess whether an enterprise can pay all its obligations on time, the balance sheet is assessed.

Factors affecting liquidity

To be liquid, a business must have many liquid assets. In addition to account balances, short-term investments and quickly selling inventories, own capital is also needed - first of all, we are talking about the authorized capital. It is better to diversify investments so that their price does not depend on the situation in individual markets.

The liquidity of an enterprise is also influenced by internal factors: the company’s management system, rational organizational structure, her image. All this is not on the balance sheet: the quality of management can be determined by analyzing other company documents - for example, the charter and financial statements. Reputation is influenced by media publications, opinions of clients, market experts and even competitors.

Ways to increase liquidity

To increase liquidity, it is necessary to improve the quality of assets: increase working capital and profit, reduce borrowed funds. Another way is to reduce receivables: for example, you can enter into an assignment agreement with debtors to transfer the debtor’s obligations to a third party.