General agent for servicing public debt. Public debt servicing

Servicing the state internal debt of the Russian Federation is carried out by the Bank of Russia and its institutions through operations to place debt obligations of the Russian Federation, repay them and pay out income in the form of interest on them or in another form.

The performance by the Bank of Russia of the functions of the general agent of the Government of the Russian Federation for the placement of debt obligations, their repayment and the payment of income in the form of interest on them is carried out on the basis of special agreements concluded with the federal executive body authorized by the Government of the Russian Federation to perform the functions of an issuer of state securities.

The Bank of Russia performs the functions of a general agent for servicing government internal debt free of charge.

Payment for the services of agents for placement and servicing of public debt is carried out at the expense of federal budget funds allocated for servicing public debt.

Servicing of the state internal debt of a constituent entity of the Russian Federation and municipal debt is carried out in accordance with federal laws, laws of the subject of the Russian Federation and legal acts of local governments.

Information on debt obligations is entered by authorized bodies into the State Debt Book of the Russian Federation, the state debt book of a constituent entity of the Russian Federation or the municipal debt book within a period not exceeding 3 days from the moment the obligation arises.

Information entered into the municipal debt book is subject to mandatory transfer to the body maintaining the state debt book of the corresponding subject of the Russian Federation, then this information transferred to the body maintaining the State Debt Book of the Russian Federation in the manner and within the time limits established by this body. The State Debt Book of the Russian Federation contains information on the volume of debt obligations of the Russian Federation, the date of occurrence of obligations, forms of securing obligations, the fulfillment of these obligations in whole or in part, and other information.

The state debt book of a constituent entity of the Russian Federation contains information on the volume of debt obligations of a constituent entity of the Russian Federation for all state borrowings of a constituent entity of the Russian Federation, the date of borrowing, forms of securing obligations, the fulfillment of these obligations in whole or in part, as well as other information, the composition of which is established by the executive authority of the constituent entity RF.

The municipal debt book contains information about the volume of debt obligations of municipalities, the date of borrowing, forms of security for obligations, the fulfillment of these obligations in whole or in part, as well as other information, the composition of which is established representative body local government.

State credit management is one of the areas of the state’s financial policy, associated with ensuring its activities as a borrower, lender and guarantor.

Government Credit Management— this is a set of government actions related to servicing and repaying public debt, issuing and placing new loans, maintaining the secondary debt market, and regulating the public credit market.

These activities are regulated and carried out by the Ministry of Finance of the Russian Federation and the Central Bank of the Russian Federation, which determine the total volume of the budget deficit, the volume and nature of loans necessary to finance it, develop credit policy and its institutional support.

Management of public credit is aimed at achieving economic, social and political goals, which are determined by trends in social progress and the current state of the country's economy.

Among main economic goals— ensuring economic stabilization and growth of production, maintaining its competitiveness in the world market; social goals imply ensuring social stability and social progress; political goals are formulated based on the idea of ​​maintaining stable functioning political system and ensuring national security.

Achieving these goals is to a large extent connected with the management of public debt, especially external debt, the state of which, as world practice shows, largely determines not only the economic independence of the country, but also the preservation of its national sovereignty, which is especially relevant for modern Russia.

Defined and ranked accordingly tasks that the state credit management system in Russia is designed to solve:

a) minimizing the cost of debt for the borrower;

b) efficient use raised funds, creation of an appropriate accounting and control system;

c) strengthening the investment nature of loans;

d) regulating the volume of borrowed obligations of the state and maintaining their course;

e) raising funds on the most favorable terms for the issuer;

f) determining the priorities of the state’s credit policy, ensuring timely repayment of loans provided.

In the system of actions for managing public credit, the most important is servicing and repayment of public debt, since all expenses of this kind are carried out at the expense of budgetary funds, creating additional support for it, and untimely payments lead to an increase in the amount of debt due to penalties. Only in the case of investment loans, servicing and repayment of obligations are carried out at the expense of income from the project.

Service government debt assumes Firstly, carrying out operations to place debt obligations, secondly, payment of income on them and, thirdly, repaying all or part of a debt as planned or making contributions to a sinking fund.

Redemptiondebt involves full repayment of the principal amount of the debt and interest on it, as well as fines and other payments associated with late repayment of the debt.

Servicing of the government debt of the Russian Federation is carried out by the Bank of Russia and its institutions. The Bank of Russia performs the functions of a general agent for servicing public debt free of charge. Payment for the services of agents for placement and servicing of public debt is carried out from the federal budget.

From the investor’s point of view, the most acceptable is the timely receipt of income and repayment of the loan, calculation of the principal amount of the debt and interest on it. However, in the context of a significant increase in public debt and budget deficit, the government is forced to resort to various ways to regulate debt .

Such methods traditionally include refinancing, consolidation, conversion, loan unification, bond exchange according to a regressive ratio etc.

Refinancing- this is the repayment of old government debt by issuing new loans.

Conversion- traditionally this is a change in the profitability of loans (a decrease - in order to reduce the costs of managing public debt or increase profitability for creditors).

Consolidation— changing the validity period of already issued loans in the direction of increase (as a rule) or decrease. It involves easing the terms of debt repayment in the form of deferred payments and repayment. It is possible to combine consolidation with conversion.

Unificationloans- this is the combination of several loans into one, when bonds of previously issued loans are exchanged for bonds of a new loan. The goal is to reduce the number of types of securities in circulation at the same time, which simplifies work and reduces the state's expenses for debt servicing. The unification of government loans is usually carried out together with consolidation, but can also be carried out outside of it.

In some cases, the government may exchange of bonds for regressive ratio i.e. when several previously issued bonds are equal to one new bond, which relieves the state of the need to carry out payments in full money on bonds (payment of interest and (or) redemption of bonds) previously placed in a currency that had depreciated at the time of settlement.

Deferment of loan repayment differs from consolidation in that in this case not only the repayment terms are postponed, but also, as a rule, the payment of income ceases.

Conversion, consolidation, unification of government loans and exchange of government bonds are usually carried out only in relation to domestic loans. As for deferring the repayment of obligations, this measure is also possible in relation to external debt. Deferred repayment external loan, as a rule, is carried out in agreement with creditors, and this operation does not necessarily involve the suspension of interest payments on the loan.

Under cancellation of public debt means a complete waiver by the state of obligations on issued loans.

The main task of managing Russia's public debt is to change the debt strategy and move from a policy of deferring payments to a policy of debt reduction. Due to current circumstances, this applies to the greatest extent to external debt. And here it is advisable to turn to the modern world experience of financial conversion methods for settling external debt, as the most flexible and adequate to the current state and credit capabilities of Russia.

Financial mechanism of the conversion scheme consists of liquidating part of the external debt by exchanging it for national assets - national currency, bonds, shares, goods, financial assets, etc. The following options may be the most acceptable for Russia.

Debt in exchange for exports. This does not mean export of raw materials, but export of finished products. This option allows you to support competitive production in the country, develop exports, develop new markets, and therefore save jobs, ensure the receipt of taxes and repayment of debts, as well as financing investments. It is important to support industries that have significant export potential (space, aluminum, aviation industry, etc.), which are already producing products that meet international standards and can contribute to the growth of the economy as a whole.

Debt in exchange for property. This option is carried out, as a rule, within the framework of a privatization program, and also involves the exchange of debt obligations for shares of privatized enterprises and the attraction of strategic investors. In this case, it is important to assess the value of domestic enterprises in accordance with world market standards, and the exchange of debt for shares should be carried out at a rate favorable to Russia. It is also important to determine the share of shares (company) in ownership during debt conversion.

Debt in exchange for taxes. In this case, it is assumed that the legislative establishment of such tax benefits for investors - holders of external debt, which would encourage them to invest. Permission for conversion should be granted only when making investments that are important for the Russian economy. In this case, the external debt will be repaid using future income.

Payment of interest payments on external government debt in local currency. This option is used in world practice in some cases. Payments are made at an attractive rate for creditors, but money for interest payments is transferred to special investment accounts in domestic banks, and funds from these accounts can only be used to make direct investments in the debtor's economy. All other manipulations with this kind of funds and income from these investments can be carried out only after the expiration of the period established in the conversion agreement (at least after a year).

Debt for cash. Involves repurchasing debt at a discount on the secondary market for external debt obligations. In this case, the nominal debt is reduced and there are savings on future interest payments. The procedure for this operation is as follows: the government appoints an agent with sufficient experience in the purchase and sale of foreign debts (as a rule, this is a large commercial bank) and sets a discount to the face value of the debt, according to which it is ready to buy back the debts purchased by it from the agent.

Debt restructuring.This method of debt regulation is very common in modern conditions. Restructuring is understood as the repayment of debt obligations with the simultaneous implementation of borrowings (assuming other debt obligations) in the amount of repaid debt obligations with the establishment of other conditions for servicing debts and the timing of their repayment. Debt restructuring can be carried out with a partial write-off (reduction) of the principal amount.

Many of the described techniques were used in bringing Russia out of the 1998 default. In particular, we can mention such methods as:

a) restructuring of bond loans into bonds with more late repayment;

b) negotiating with creditors in order to defer payments;

c) the use of various mutual settlement schemes to reduce loan debt;

d) attracting bank loans for payments on bonds;

e) accepting bonds as tax payments, in exchange for housing certificates, etc.;

f) repurchase of its obligations at a discount;

g) early redemption of its obligations.

Russian legislation, in particular the Budget Code of the Russian Federation, provides for a number of organizational methods for managing public debt. The right to carry out state external borrowings Russian Federation and the conclusion of agreements on the provision of state guarantees, guarantee agreements for other borrowers to attract external credits (loans) belongs to the Russian Federation or on its behalf - to the Government of the Russian Federation or a federal executive body authorized by the Government of the Russian Federation.

The subjects of the Russian Federation, whose budgets did not receive financial assistance to equalize the level of budgetary security, initially had the right to carry out government external borrowings. On at the moment a ban on external borrowing was introduced for the constituent entities of the Russian Federation (they were not provided for municipalities) - the corresponding amendment to the Budget Code came into force on January 1, 2002.

The maximum volume of government external borrowings of the Russian Federation should not exceed the annual volume of payments for servicing and repaying the country's public external debt.

The maximum volume of public debt of a constituent entity of the Russian Federation, municipal debt should not exceed the volume of revenues of the corresponding budget without taking into account financial assistance from budgets of other levels budget system RF.

1. The costs of placement, payment of income and repayment of debt obligations of the Russian Federation are carried out at the expense of the federal budget.
2. The servicing of the state internal debt of the Russian Federation is carried out by the Bank of Russia and its institutions, unless otherwise provided by the Government of the Russian Federation, through operations for the placement of debt obligations of the Russian Federation, their repayment and the payment of income in the form of interest on them or in another form.
3. The performance by the Bank of Russia or another specialized financial institution of the functions of the general agent of the Government of the Russian Federation for the placement of debt obligations of the Russian Federation, their repayment and the payment of income in the form of interest on them is carried out on the basis of special agreements concluded with the federal executive body authorized by the Government of the Russian Federation perform the functions of an issuer of government securities.
4. The Bank of Russia performs the functions of a general agent (agent) for servicing public internal debt free of charge.
5. Payment for the services of agents for placement and servicing of public debt is carried out within the limits of the norms approved by the Government of the Russian Federation, at the expense of federal budget funds allocated for servicing public debt.
6. Service of the state internal debt of a constituent entity of the Russian Federation, municipal debt is carried out in accordance with federal laws, laws of a constituent entity of the Russian Federation and legal acts of local governments.

Within the framework of the commented article, the servicing of state and municipal debt is understood as a set of operations for the placement of debt obligations, their repayment and the payment of income in the form of interest or in another form. According to paragraph 1 of the commented article of the Budget Code of the Russian Federation, all expenses associated with servicing the internal public debt of the Russian Federation are financed from the federal budget. In accordance with clauses 2, 3 of the commented article, operations to service the state internal debt of the Russian Federation are carried out on behalf of the Government of the Russian Federation by the Central Bank of Russia on the basis of agreements concluded with the issuer of federal securities - the Ministry of Finance of the Russian Federation.
According to paragraphs 4, 5 of the commented article of the Bank of the Russian Federation, the Central Bank, performing the functions of servicing the state internal debt of the Russian Federation, is a general agent and carries out this activity free of charge. The implementation of this activity by specialized organizations (agents) is paid and financed from the federal budget.
In accordance with paragraph 6 of the commented article of the Budget Code of the Russian Federation, servicing of the state internal debt of a constituent entity of the Russian Federation, municipal debt is carried out in accordance with the rules established by special federal legislation, laws of constituent entities of the Russian Federation and regulations of local governments.