Pledged commodity-material assets of banks. Types of collateral. Calculation of collateral and obligations
A pledge is a way of securing obligations between the debtor (pledgor) and the creditor (pledgee). Collateral can be primary or secondary. In the first case, the collateral is transferred to the Bank as a first priority collateral. If the borrower receives another loan (while refinancing the first loan) from another bank, the second-stage collateral mechanism is triggered.
In this case, the contractual relationship between the first Bank and the second (remortgaging) Bank is concluded in in writing, and the collateral is re-pledged to the second Bank. The creditor has pre-emptive right on collateral against other creditors. The relationship between the parties is specified in the agreement and regulated by the Civil Code of the Russian Federation, the Federal Law “On Mortgage”, and the Federal Law “On Mortgage”.
Collateral is a set of conditions that gives the creditor confidence that the debt will be repaid. The loan can be secured by collateral in the form of real estate, movable property and other highly liquid assets ( securities, guarantees), as well as surety. In addition to the main loan collateral, in a number of countries there is a need to provide additional sources of income, because credit risk for the lender above.
Similarities and differences between collateral and security
Thus, “Collateral” and “Security” are two different concepts. However, in the banking system there is a general expression - “Collateral”, which implies the entire system of contractual relations and obligations between the debtor and the creditor.
Securing a loan with collateral
There are types of loans in which prerequisite is the provision of collateral. These include: commercial, mortgage, consumer, leasing, etc. For them, Banks necessarily require “hard” collateral. For car loans, student loans and other “easy” loans, Banks mainly accept the purchased car, goods and equipment as collateral. material assets, movable property, etc. The pledgor can be either the debtor himself or a third party, with his written permission.
Documentary component
After the loan is issued, the borrower's package is formed. It contains the loan collateral, agreements, and all other necessary documents according to the “Lending Procedures”. Each unit of collateral in the Bank is accounted for as one off-balance sheet liability and reflected in the corresponding accounting entry. In practice, the nominal value of 1 collateral is usually equal to 1 unit of currency and is kept until the end of the loan term. At the end of the loan term, the off-balance sheet liability is written off from the Bank's liabilities and returned to the borrower against signature.
What happens if you don’t pay the Bank?
If the mortgagor fails to fulfill the obligations specified in the agreement, the Bank delivers to the debtor a notice registered with the relevant authority about the initiation of the procedure for forced collection of the collateral to pay off the debt. If the debtor does not “react” to the Bank’s actions in pre-trial proceedings, the Bank has the right to satisfy the obligation by selling the collateral. The lawyer prepares a package of documents (correspondence between the debtor and the creditor), attaches signed agreements, calculates the full amount of the debt, and sends the case to court. If the court makes a decision in favor of the creditor, the debtor's property becomes the property of the Bank and is sold at an open auction under the hammer. If the court decides in favor of the debtor, then one can only envy this debtor, because this is a very small percentage of all court cases.
Calculation of collateral and obligations
In order to secure a loan with collateral, the loan specialist first calculates the amount of the debtor’s obligations:
loan amount + accrued interest for the period according to the repayment schedule = loan obligations
Calculation example
To support the above material, let's give 2 examples:
Example 1.
You took out a loan:
As collateral for the loan, you provide a 3-room apartment with an approximate market price of 16,000,000 rubles. When calculating the collateral value of real estate, Banks use a liquidity ratio of approximately 40-70% of the value of the property. In your case, let's say it will be 50%. Thus, your apartment will be assessed by a Bank specialist in the amount of 8,000,000 rubles. Now let's calculate the amount of liabilities:
5,000,000 rubles * 11% * 5 years = 7,750,000 rubles.
Congratulations, your collateral fully covers your obligations and you have an excellent chance to get a loan.
Example 2.
You receive a mortgage loan to purchase an apartment, the cost of which is 14,000,000 rubles.
The goal is to buy an apartment
At mortgage lending, the property being purchased is required as collateral for the loan. What will be the calculation of the collateral security? Let's take a closer look here. The liquidity ratio will also be 50%. Now look: If the property being purchased costs 14,000,000 rubles, then after applying the coefficient, its estimated value as collateral will be equal to 7,000,000 rubles. And the amount of your obligations to the Bank is:
14,000,000 * 10% * 10 years = 28,000,000 rubles!
There was a difference of 21,000,000 rubles. In this case, you need to provide additional collateral for the difference in your obligations. However, one of the conditions of mortgage loans is your own contribution to the purchased property. Typically it varies from 30% to 70%. I will explain this in detail to you in the next topic.
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1.2. Monitoring of collaterals. The bail bondsman is not a doctor, but he will definitely take a look
1.2.1. Inspection of collateral and subsequent monitoringThe check has not been carried out. The owner of the car is on sick leave with a fracture of the rear right leg.
From the collateral monitoring report
The pledge agreement has been signed. The collateral was transferred to the bank's collateral service for maintenance. Periodic “monitoring” of the collateral begins. When it was first announced to me this term, then the first association was the rows of computers, like on a commodity exchange, and the analysts sitting behind them. I imagined that these specialists were conducting market research and understanding trends in the value of mortgaged property. In practice it turned out to be both simpler and more difficult.
The essence of monitoring is to diagnose the safety of the quality and constancy of the cost characteristics of the pledged property. If we're talking about about material types of collateral, that is, movable and real estate, then monitoring means physical visits to inspect the collateral, analysis of a certain set of documents and signing of inspection reports. In case intangible assets- everything is the same, only without leaving, and the inspection reports are unilaterally endorsed by the bail service.
A detailed definition of collateral monitoring technology includes, in addition to monitoring the qualitative and cost parameters of the collateral, quantitative control, verification legal status, storage and maintenance conditions, as well as compliance with the terms of the pledge agreement. The need to monitor collateral is legislated in the following documents:
Regulation of the Central Bank of the Russian Federation No. 254-P dated March 26, 2004, clauses 2.3, 5.4, 6.4 (revaluation of collateral and its liquidity must be confirmed by monitoring results);
Letter of the Bank of Russia No. 26-T dated March 23, 2007, Appendix 2, Table. 3;
Resolution of the Supreme Arbitration Court of the Russian Federation No. 58 of July 23, 2009, paragraph 1.
In table Table 1.4 provides a classification of the types of monitoring carried out by the bail service.
Table 1.4. Classification of types of collateral monitoring and their definition
We will begin to examine the practice of monitoring collateral with the technologies of initial inspection. And in order to immediately get a feel for the specifics of the work, I will give a training case.
You arrive in the pledgor's vehicle at the place where the collateral is stored. Your task is to check several pieces of equipment. This is the software you are checking for the first time. In the case of initial monitoring, you have in your hands an extract from account 01 “Fixed Assets” and a certificate of absence of encumbrances, in the case of post-monitoring – a pledge agreement with attachments. What is your first step when it comes to checking your collateral?
Put the book down. Talk through what you already know about bail monitoring and the basic principles of how a bail bondsman works. Formulate your answer. If you have firmly grasped the second basic principle of collateral work (see Figure 1.5), then I am sure that your answer is correct. The first step should be to check the address references of the place where the collateral is stored. You must make sure that you have arrived at the same company that is declared as the pledgor, and the verification address corresponds to the details of the pledge agreement or certificate of absence of encumbrances.
For the purpose of inspecting the equipment, the bank’s collateral service requests the pledgor to 8
– In the case of post-monitoring of equipment/technical lines, the list of requested documents does not differ.
The following documents:
1. An extract from account 01 “Fixed Assets” or another property accounting account (not provided by PBOLE, individuals, individual entrepreneurs, legal entities with special treatment taxation).
2. Certificate of absence of encumbrances (the form is given in Appendix 2).
3. Extract from the book of pledges (the form of the order to enter a book of records of pledges and the form of an extract from the book of pledges are given in Appendix 3).
4. Documents establishing the location of the property.
5. A list of property proposed for collateral, indicating identification characteristics (the document can be combined with a certificate of absence of encumbrances and an extract from the property account).
In the case of collateral for a production line, it is optimal to have a technical passport or other document that allows you to determine the composition of the line.
Upon the arrival of the pledger at the place where the equipment is stored, the actual address references are verified with the address indicated in the documents for the location of the property 9
– Foundation documents: certificate of ownership, lease/sublease agreement, contract safekeeping, free use agreement, etc.
If there are no address signs directly on the building (territory), you can check the address landmarks of the nearest buildings, and if there are none, find out the location address from uninterested persons. The mortgagor must make sure that he will inspect the property of the legal entity or individual entrepreneur that is declared as the mortgagor. The name of the enterprise is checked on any available information media: signs, employee uniforms, signs, information boards. The presence of fire and physical protection, the quality of the conditions of maintenance and storage of equipment are determined. These measures are universal when monitoring any type of collateral and will not be repeated in subsequent sections.
The next step in checking the equipment offered as collateral is to verify the identification characteristics and confirm its functionality. Equipment identification features: manufacturer, brand, year of manufacture, serial number. Verification of these signs is required in order to record them in the annex to the pledge agreement and ensure the possibility of foreclosure on the pledge. If bank representatives and the bailiff cannot, when seizing a seizure, identify a specific machine based on its individualizing characteristics, then interim measures may be refused.
Individualizing features on the nameplate 10
Schild– information plate for marking equipment, contains the serial number. The serial number is an auxiliary feature, just like the inventory number. The inventory number alone is not a sufficient identification feature due to the possibility of changing it according to the rules accounting.
They are checked character by character with the data stated in the list of property for collateral. If there are no identification features in the list, they must be identified and recorded. A typical mistake by a pledgor is to verify identification features that are not available for direct visual control by voicing them to the pledgor’s representative. The numbers on the nameplate must be told to you, or you must see them in person. A common situation is when equipment in a package (box) is presented for inspection. The pledger must have a clear understanding that if he has inspected the box, then the box is also used as collateral. The pledge service representative is obliged to insist on opening the package and proper identification of the pledge or to record in the conclusion the absence of an actual inspection of the pledged item. When pledging complex equipment, not only the serial number on the case, but also the factory and serial numbers on individual components (for example, numbers of PBX boards 11
ATS– automated telephone exchange.
Or IT server).
To check the functionality of the equipment, a basic psychological technique. Question about the machine: “It breaks down often, right?” - asked with a sympathetic intonation in a conversation with a worker servicing the equipment, it allows you to find out from the source its true working condition. More than once I have had situations where, after a simple question to the mortgagor’s representative, “Is the property in working order?” it turned out that dozens of pieces of equipment were not in use.
In my practice, there was a precedent that characterizes the importance of following primary verification technologies. A large Moscow woodworking enterprise was laying out a technological line for covering interior doors with veneer. The line is imported, costing several hundred thousand euros. The inspection went perfectly. The mortgagor apparently knew what and how the mortgagor was checking. All nameplates are in place, identification marks are readable and strictly correspond to the declared ones. The pledgor's representative was so kind that he even stopped the line. “So that the smell of paint doesn’t bother you,” he explained. This was confusing. Further inspection revealed that the line was defective and the pledgor was suing the manufacturer. The work was stopped so that I would not see that at the finishing stage there was uneven painting and the workers were finishing the doors by hand.
Nervousness of the mortgagor’s employees, avoidance of questions, and confinement of contact to one representative are “red flags” for the mortgagor. In Fig. 1.8 provides a situational analysis and description of the actions of the bail service when monitoring equipment.
What type of security is easiest to secure as collateral? The predominant response from the bank's lending division will be "goods in circulation." For the pledger, inventory and materials are the most problematic type of collateral. Analysis of the free balance, subsequent monitoring and, God forbid, foreclosure when collateral with goods and materials are total risk areas.
By combining International Accounting Standards (IAS) and Civil code(Civil Code of the Russian Federation, Part I, Art. 357), the following definition can be given.
Product in circulation(inventory holdings) - type of property classified into categories: raw materials (animals for growing and fattening), work in progress (materials, semi-finished products, inventory), finished products (goods for resale, goods shipped).
When pledging goods in circulation, the pledgor is not limited in the actions of selling and purchasing the pledged property, as well as in the right to change the composition and natural form of the pledged item. However, the total cost of inventory and materials cannot be reduced relative to that fixed in the collateral agreement. In case of fulfillment of part of the obligation secured by the pledge, it is allowed, unless otherwise provided by the pledge agreement, to reduce the value of the pledged inventory and materials.
Inventory and materials, if they are not issued in the form of a mortgage or firm pledge 12
Mortgage– a pledge agreement, under the terms of which the pledged property is transferred into the possession of the pledgee. Federal Law “On Pledge” No. 2872-1 dated May 29, 1992, Art. 5 and 49.
Hard deposit- a pledged item left with the pledgor under lock and key and sealed by the pledgee. It is possible to impose signs indicating a mortgage. Federal Law “On Pledge” No. 2872-1 dated May 29, 1992, Art. 49.
They remain with the pledgor and are not limited in circulation. From the moment of transfer of ownership, economic management or operational management of a third party, goods in circulation cease to be the subject of pledge, and goods newly acquired by the pledgor, specified in the pledge agreement, become the subject of pledge from the moment the right of ownership or economic management arises. In the event of a violation of the terms of the pledge of goods and materials, the pledgee has the right, by imposing his marks and seals on the pledged goods, to suspend operations with them until the violation is eliminated.
If there are signs of problems with a loan product, the pledgor may prevent monitoring of the collateral. In this case, a documented notification of the bank's requirement to monitor the collateral is required. The monitoring notification form is given in Appendix 4.
The pledgor's business activities may require the storage of goods in circulation at several points. When drawing up a pledge agreement for such goods in circulation, you should indicate all possible places storage with the amount of inventory items at each point. It is recommended to include in the pledge agreement a provision regarding the possibility of inter-address replacement of goods.
Rice. 1.8. Situational analysis of equipment monitoring
Comments
1. A typical fraud scheme is the replacement of nameplates on equipment in order to declare it as more expensive. To exclude this, the pledger must study in advance appearance And design features equipment that is to be inspected. Directly upon inspection, you should compare the year of manufacture and the degree external wear, pay attention to non-essential markings.
2. Inseparable improvements to real estate that cannot be separated and realized as independent object, are not equipment from the point of view of collateral. Their consideration is advisable only in case of simultaneous collateral of the property.
3. The possibility and cost of dismantling/transporting equipment is analyzed. Potential costs for these operations should not exceed a reasonable amount of the cost of the equipment. Otherwise in expert opinion the corresponding risk is indicated.
The documents requested by the bank's collateral service from the pledgor to control inventory items are given in table. 1.5.
Table 1.5. List of documents requested during inventory control
The first stage of checking inventory items during primary monitoring includes interviewing responsible persons and studying the warehouse accounting system. In order to ensure the bank's control over the pledged goods in circulation, an assessment of the warehouse accounting system is carried out (Table 1.6).
Table 1.6. Assessment of the warehouse accounting system during primary monitoring of inventory items
Studying the warehouse accounting system allows the pledger to develop an understanding of the following:
1. Where and how to look for the product that is being deposited in the jar. What kind of time is required for this? s e costs. The obtained result is entered into the monitoring map and is used when constructing the logistics of the next checks.
2. Does the warehouse have warehouse accounting that allows you to adjust accounting data during the audit.
Having dealt with the warehouse accounting system, we proceed to reconcile the declared volume of goods and materials and the actual number of goods in the warehouse. We hold in our hands a warehouse certificate or a list of inventory items with the indicated identification characteristics. A decision must be made on the method of recalculation.
The most commonly used method for recalculating inventory items is “selective”. Application of this method requires the use of sampling criteria. An experienced head of the monitoring department knows how to check whether his employee carried out a recount of goods or not. If the pledger cannot clearly answer how he formed the sample when counting goods, and confirm this with marks in the warehouse certificate, most likely he did not count inventory items at all or limited himself to checking two or three item items.
Three options for forming a sample when recalculating inventory items are as follows:
All product items are subject to verification, the total cost 13
All three sampling options use book value for calculation.
Each of which exceeds 10% of the collateral volume.
Positions are selected whose total value must be at least 50% of the value of the collateral.
Product groups whose volume exceeds 10% of total number Inventory
During the next inspection, the principle of sampling can, and sometimes should, change. The fundamental point is the independent selection by the pledger of nomenclature items to form a sample. It is unacceptable if the sample is formed by the mortgagor and the property that is “convenient to look at now” is checked. Such checks end with the fact that one day it turns out that all other goods are not and never were in the warehouse. In the case of post-monitoring of inventory items at large warehouse terminals, online selection of product items may not be possible. For example, a stacker or container opening is required. In this case, on the eve of the inspection, the collateral service electronically requests a list of inventory items, notes the range of inventory items for inspection, and sends the selection to the pledgor.
Brief scheme for monitoring inventory items
We check the address of the location of goods and materials and the name of the pledgor → We look into the presence of fire and physical security → We analyze the warehouse accounting system → We correlate V warehouse and V goods → We determine the algorithm for recalculating goods and materials → We select a recalculation method, form a sample, count
The sample has been formed. We proceed directly to the recalculation of goods. We approach the pallet. Please open your own selected box. At this moment, representatives of the pledgor may show terrible dissatisfaction with the need to open the package. The pledger must be able to explain that his task includes recalculating and confirming the quantity of inventory items. Therefore, until he sees the product with his own eyes, he will not be able to sign the inspection report. If the storekeeper is not authorized to open the package, then the manager must be invited. warehouse The box has been opened. The products in the box are counted individually. Identification marks on the product and on the box are checked. Identification features of goods and materials: name, brand, article, GOST, TU, etc. We recalculate the number of boxes in one row of the pallet and multiply by the number of rows in height. We multiply the resulting number of boxes by the number of units of product in one box. We record the number of goods and materials in one pallet. We count the number of pallets in the nomenclature and multiply the resulting values.
When goods are stored in pallets, they are easy to count. There may be atypical cases, and knowledge of recalculation technology cannot be avoided. It was a revelation for me to count vegetables at the wholesale grocery store. Imagine boxes of 15–20 tons of potatoes or cabbage. How will you check the quantity? In such cases, self-confidence and acceptance of responsibility based on the “just by eye” principle are unnecessary. It is necessary to find out from the representative of the mortgagor the algorithm for calculating property. Do you need tools for this? How are the results of the recount documented? The information received must be verified with data from public sources.
Fraud schemes when pledging goods and materials consist of concealing the real ownership of the goods or falsifying their quantity. Cases of transfer to a third legal entity or removal of inventory items when the bank attempts to foreclose are also, unfortunately, typical.
I will give examples possible forms fraud and a set of simple actions of the collateral service that will secure the bank (Fig. 1.9).
Rice. 1.9. Algorithm for recalculation of inventory items
1. – “Empty boxes on pallets.” The declared goods may be missing, or the packaging may contain empty containers. The pledger must personally verify the presence of the collateral. We require you to open a random box. We indicate the box ourselves. If possible, weigh the pallet. The maximum load capacity of a Euro pallet (EUR stamp, size 800 × 1200 × 145 mm) is up to 1500 kg. The carrying capacity of a certified financial pallet (FIN stamp, size 1000 × 1200 × 145 mm) is up to 2500 kg. These data are convenient to use for express analysis of the amount of inventory items. Thus, when the pledgor declares 60 tons of goods and materials in 20 europallets in a warehouse without recalculation, an attempt to mislead the bank is understandable 14
For reference: the volume of the Eurotruck is 82 cubic meters. m, load capacity 20–25 t, accommodates up to 33 euro pallets. A 40-foot sea container holds 25 euro pallets, a 20-foot container – 11 euro pallets.
2. – “The pallet is empty in the center.” Please pull out a few boxes and see if the pallet is full. As an option, we take a ladder and look from above to see what is in the center of the pallet. If the pallets are in tight rows or in boxes, you will have to climb onto the pallets and see if there are any voids or incomplete pallets.
3. – “Property of third parties”.
A. – “Attention to detail”– when conducting an inspection, pay attention to the markers on the boxes/pallets, accompanying documents/tags, labels on the shelves. If names are identified legal entities, other than the pledgor (consignee, buyer, etc.), must be recorded this information and request an explanation from the mortgagor’s representative.
B. – « Feedback from employees"– we constantly interview people present during the inspection: “Is this property on your commission?”, “Which organization is the owner of this product?”, “Did I understand correctly that starting from here the property is not yours?”
IN. – “Updating property rights”– verification of ownership of goods and materials should be carried out not only at the stage of issuing a loan product, but also subsequently on a selective periodic basis.
G. – « Hidden buyer» – contact the pledgor via public telephone numbers or send a pledge service employee under the guise of a buyer. The goal is to find out who is selling the goods and materials, as well as the details of the real “seller,” that is, the owner.
4. – “Amount of property.” Before starting the inspection, compare the volume of the warehouse and the volume that the property should occupy, based on the data in the warehouse certificate.
5. – “Red flags”. Based on the statistics of “problem loans” secured by goods and materials, we can additionally identify “red flags” for the collateral:
– gratuitous storage agreement for inventory items;
– document establishing the location of goods and materials – sublease agreement;
– the lease agreement for the location of goods and materials was concluded for an indefinite period.
Identification of these factors does not automatically classify the pledgor as unscrupulous, but you should pay more attention to the documents provided and to checking the property in the warehouse.
At first glance, the monitoring procedure vehicles but does not cause any difficulties. In general, this is indeed true. A standard set of documents is requested.
1. Copies of PTS/PSM 15
PTS– vehicle passport, PSM– passport of a self-propelled vehicle.
General banking practice is the mandatory transfer of original PTS/PSM for storage to the bank for the duration of the loan product.
And a list of property to be pledged (primary monitoring) or an appendix to the pledge agreement (post-monitoring).
2. Extract from the list of fixed assets or other property accounting account (signed by the sole executive body the pledgor or his authorized person, sealed with the seal of the organization).
3. Certificate of absence of encumbrances and an extract from the book of pledges.
4. Copies of documents confirming the basis for the location of the collateral (primary monitoring), and extended documents for the basis of location, including documents confirming payment (post-monitoring).
During monitoring, the pledger’s task is to make sure that the vehicle is available and in good condition; to do this, we do the following:
We check the list item by item and the actual availability of vehicles.
We verify the declared data (name, brand, state number, VIN number 16
VIN number location: on the windshield, under the hood, on the right door side, in the cab (for self-propelled vehicles).
Year of manufacture) with actual identification features and information in the PTS/PSM.
We make sure it works. Please start the engine and drive a couple of meters.
We record mileage or engine hours (primary monitoring).
Self-propelled machines - mining equipment
We analyze the possibility of dismantling, transportation and installation in another location
For example: rotary excavator ERSHRD-5250 – for transportation (if it can be disassembled) a train will be required.
The obvious simplicity of the verification procedure hides details, knowledge of which comes with experience.
1. – “Attachments”. An example is the initial inspection of a combine harvester or truck crane. It is necessary to find out whether all attachments are reflected in the PSM. If it is not included in the standard package and is listed on the company’s balance sheet as a separate line, it is necessary to conclude an equipment pledge agreement. Otherwise, only the base chassis may be pledged.
2. – “Trailers and semi-trailers”. We remember that trailers must have a separate title and state number. Inspecting a trailer is similar to a vehicle.
3. – “The car is in flight.” A copy of the waybill or an extract from the log of cars allowed for the flight is requested. The waybill checks: the date and name of the company, the car make and license plate number, the place of departure and mileage data. Waybill must be signed by the authorized persons of the pledgor, affixed with the seal of the organization and a mark indicating that the car is allowed to travel. Failure to submit a pledged vehicle for physical inspection for more than two inspections in a row most often means that the equipment is faulty or has been sold.
4. – “Checking the convoy.” The peculiarity of this monitoring is that large quantities vehicles and the complexity of a one-time inspection of all units of equipment. Step-by-step verification technology:
a) – early in the morning, before the transport leaves, we take a post at the checkpoint of the motor depot;
b) – to the “joyful”, “full of support” cries of the drivers, we record in the account statement 01 “fixed assets” / list of property for collateral (primary monitoring) / annex to the collateral agreement (post-monitoring) all the cars leaving for the trip. We do not carry out performance checks, since faulty equipment will not be released from the base;
c) – the check is carried out using license plates, and, if possible, VIN numbers are selectively checked;
d) – we go to the repair shop and exclude all the cars offered for collateral and located in this workshop. Once the equipment is in working order, the bank can return to the issue of considering it as collateral.
1. Pledge of client’s property:
· pledge of goods and materials;
· pledge of accounts receivable;
· pledge of securities;
· pledge of deposits held in the same bank.
Pledge of inventory items- the subject of collateral can be any thing or other property owned by the borrower, which, in accordance with the law, can be foreclosed on.
The subject of the pledge of goods and materials must be acceptable and sufficient.
Eligibility for bail is determined by:
a) quality of values, the criteria being:
Speed of implementation;
Relative price stability;
Possibility of insurance;
Long-term storage.
b) ensuring safety, which is expressed through:
Transfer of inventory items to the lender is the most reliable, from the lender’s point of view, way of preserving collateral, while the borrower remains the owner with indirect ownership;
Storage of inventory items in neutral warehouses and in the warehouses of the borrower, the pledge is carried out by transferring a warehouse receipt to the bank, control over the safety is borne by an employee hired by the bank or the bank itself.
When drawing up a pledge agreement, it is necessary to establish the regime for the borrower’s disposal of the pledged assets. This mode could be:
1. Hard deposit- assumes the immutability of the pledged values in amount and composition. In this case, the borrower does not have the right to spend inventory items, regardless of where they are stored.
2. Pledge of goods in circulation(collateral with variable composition) - used when lending to trade organizations. The collateral is not only in the possession, but also at the disposal and use of the borrower. In this case, the main condition is observed - the mandatory renewal of the amount of spent valuables.
3. Pledge of goods in processing- for the processing industry. The borrower retains the right to use the pledged raw materials and supplies in production; both semi-finished and finished products are included in the pledged items. At the same time, processing of KB valuables is allowed if it is proven that as a result of processing, a product of higher value will be obtained than before it.
When taking inventory items as collateral, it is necessary to take into account hidden costs. An example of such expenses is a loan issued by a Dutch bank to a fur manufacturing company, the collateral for which was beaver pelts. When the company went bankrupt, it gave the bank 700 live beavers. To sell these pelts, the bank had to kill the beavers and process the fur - a huge expense, apparently. But there were, as it turned out, hidden costs: activists of the animal welfare society raised a fuss against the bank’s savage plans to kill animals - the bank suffered moral damage by losing customers. To restore prestige, the bank also incurred “hidden” costs for exporting these animals by plane to one of the countries in Latin America, where such animals were on the verge of extinction.
A sufficient collateral of inventory and materials is considered when the loan amount is 85% of the collateral value, but most often Russian banks consider a collateral amount exceeding 100% of the loan value to be sufficient.
Pledge of accounts receivable- the quality of the goods sold and the financial stability of the buyer are taken into account here. The maximum loan amount ranges from 50 to 90% of the value of accounts receivable.
Pledge of securities- with this type of collateral, the liquidity of securities is taken into account, financial condition issuing party. Abroad, government securities have the highest rating. A loan against securities is given for an amount not less than 85% of the value of these securities.
Pledge of deposits in the same bank occurs in the appropriate amount; If the deposit is formalized by a certificate, then it is deposited in the CB. If there is a delay in repaying the loan, the bank will ensure repayment through the deposit. The most reliable method of collateral.
There is also a mixed type of pledge.
2. Pledge of rights- the subject of the pledge is the client’s rights to the building, structure, land that he rents.
3. Mortgage(as a loan security document) - a form of pledge of goods in which the borrower retains both possession and ownership of the pledged object. The security is transferred by letter of mortgage. This form is used in cases where inventory items are in transit or in the possession of a third party. There is a high possibility of fraud when using collateral.
4. Surety agreement (guarantees)) - a guarantee from a third party to repay a debt in the event of the debtor's failure to fulfill the obligation.
There are two known forms of warranty agreements:
· guarantee as such;
· obligation to compensate for damages.
In the first case, the guarantor assumes a secondary obligation and comes into effect only if the borrower defaults on the loan. In this case, the written document required for a court decision is drawn up something like this: Mr. Ivanov: “Give the loan to Mr. Petrov, if he does not repay the debt, I will pay.”
In the second case, the guarantor is the direct defendant for the loan. The difference is that in the case of a guarantee, a written document is required, put into effect by a court decision, but in the case of an obligation to compensate for damage, such a document is not required, because this document itself, certified by a seal, guarantees compensation for damage, this document can be drawn up as follows: “Give a loan to Mr. Petrov, I undertake that the debt will be repaid” - such a document can be issued by the CB, for example, in the case of an order to stop payment of a check.
Guarantees can be:
· secured and unsecured; the former are accompanied by a pledge of property, the latter - a simple written obligation of the guarantor to repay the loan in case of non-payment;
· unlimited (covering all types of debt of the borrower to the bank) and unlimited (applying to some part of the debt);
· personal (guarantees of individual citizens or members of a partnership), corporate (guarantees of the parent company in relation to its branch) and state (guarantees of government agencies for bank loans to firms, war veterans, etc.).
In addition to the above, legal documents serving as security may also be:
5. Safety receipt- a loan against this type of document is issued by a bank when financing sales of durable consumer goods (TVs, cars, furniture, etc.), which are exhibited in trading floor. In this case, the bank has ownership rights. The borrower has the right of disposal by power of attorney until the sale and repayment of the loan.
6. Mortgage on movable property- this document gives the creditor the right to dispose of the pledged property in the form of machinery, equipment, livestock, etc. The mortgage gives the holder the right, in the event of non-repayment of the loan, to sell the mortgaged property at auction and use the proceeds to repay the loan.
7. Warehouse certificate (warrant)) - a document issued by the warehouse owner to the owner may be transferable, i.e. the right to receive goods can be transferred to another person using endorsement(endorsement), and non-transferable - the goods are issued only to the original owner. Banks widely use warehouse receipts, especially for sugar, wheat, cotton, and canned goods, to secure loans.
8. Bill of lading- a document issued by the carrier (railway or sea) on acceptance of goods for transportation to their destination, can be transferable (order) and non-transferable. The bill of lading may be transferred in favor of the bank by means of endorsement and represents satisfactory security for the loan against the goods shipped.
9. Insurance policy- the person who insured the life can take out a loan from the bank against the security of accumulated insurance contributions (premiums).
In order for the bank to use the pledged property, it is necessary to issue a certificate of the right to take possession of the property, which lists various types of security, the property that the borrower agrees to transfer to the bank as security for the loan, a detailed description of the pledged property indicating its location - exact address, city code etc.
In order for the bank's right to this property had priority over the rights of other creditors, another document is needed - a financial certificate of collateral. It specifies a description of the mortgaged property, is signed by both parties and certified by a notary.
After repaying the loan, the bank's loan officer must cancel the last two certificates within 60 days; if the bank is late, a fine will be imposed on it.
Insurance contract. In 1990, a new form of ensuring loan repayment was introduced into lending practice - insurance of borrowers' liability for loan failure, in accordance with the procedure established by the state insurance authorities, the borrower enters into an insurance agreement with the insurer, which stipulates that in case of failure to repay the loan on time, the insurer will pay the bank that issued the loan compensation in the amount of 50 to 90% of the loan amount not repaid by the borrower, including interest on the loan.
The specific amount of liability is stipulated in the insurance contract, and the insurer's liability occurs if the borrower does not repay the loan to the bank within 20 days after the payment deadline stipulated by the loan agreement.
In this case, the insurer is obliged to pay the bank that issued the loan insurance compensation within 15 days after the occurrence of the claim.
After payment of the insurance compensation to the bank, all rights of the creditor bank to the borrower under the loan agreement are transferred to the insurer, within the amount paid.
When analyzing the proposed insurance contract, you should pay attention to how the definition is given insured event, whether there is a sufficient period for filing claims if it occurs.
Pledge of the client's property is one of the common forms of ensuring the repayment of a bank loan. The pledge of property is formalized by a pledge agreement signed by two parties and confirming the right of the creditor, in the event of failure to fulfill the payment obligation by the borrower, to receive priority satisfaction of claims from the value of the pledged property.
The use of collateral in the practice of organizing credit relations presupposes the presence of a special mechanism for its application.
The collateral mechanism is the process of preparing, concluding and executing a collateral agreement. The collateral mechanism arises at the time of consideration of the loan application as a condition for the conclusion loan agreement. It accompanies the entire period of using the loan. The real appeal to the execution of the collateral mechanism occurs at the final stage of the loan movement - when the loan is repaid and only at in some cases when the client is unable to repay the loan with proceeds or income.
In banking practice, operations to formalize and implement a collateral mechanism are called collateral operations. Pledge transactions of commercial banks do not have independent significance; they are derived from loan transactions and guarantee timely and full repayment of the loan. Loans issued on the security of the client’s property or his property rights are called pawn loans.
The main stages of implementation of the collateral mechanism are: *
selection of items and types of collateral; *
assessment of collateral; *
drawing up and execution of a pledge agreement; *
procedure for foreclosure on a pledge.
The subject of collateral can be things, securities, property and property rights. Depending on the material content, collateral items are divided into the following groups:
1. Pledge of client’s property:
a) pledge of inventory items: *
pledge of raw materials, materials, semi-finished products; *
pledge of goods and finished products; *
pledge of currency valuables (cash currency), gold items, jewelry, art and antiques; *
pledge of other inventory items;
b) pledge of securities, including bills of exchange;
c) pledge of deposits held in the same bank;
d) mortgage (real estate pledge).
2. Pledge of property rights:
a) pledge of the tenant’s right;
c) pledge of the customer’s right under a contract;
d) pledge of the commission agent’s rights under the commission agreement.
At the same time, in order for one or another client’s property to become the subject of collateral, it must meet the criteria of acceptability and sufficiency. The acceptability criterion reflects the qualitative certainty of the collateral, while the sufficiency criterion reflects the quantitative certainty. There are general and specific requirements for the qualitative and quantitative certainty of collateral.
General requirements for the quality side of collateral, regardless of their material content, boil down to the following points: *
collateral (things and property rights) must belong to the borrower (pledgor) or be under his full economic control; *
collateral must have a monetary value; *
collateral must be liquid, i.e. have the ability to implement.
The general requirements for the quantitative determination of pledged items is the excess of the value of the pledged property compared to the main obligation that the pledgor has in relation to the pledgee, i.e. the value of the pledged property must be greater than the amount of the loan and the interest due on it.
Specific requirements for the qualitative and quantitative certainty of collateral depend on the type of collateral and the degree of risk accompanying the corresponding collateral transactions. It is important not only to determine the quality criterion and select values in accordance with it, but also to ensure their safety. Only in this case, the pledge of valuables can be a guarantee of loan repayment.
In this regard, the most reliable way to ensure the safety of pledged valuables is to transfer them to the creditor, i.e. jar. In this case, the borrower remains the owner of the pledged property with indirect ownership, and he cannot dispose of or use the pledged assets. This type of collateral is called a mortgage. Pledge items can include: currency values, valuable metals, works of art, jewelry.
When pawning, the creditor acquires the right to use the pledged property, while at the same time the creditor is obliged to properly maintain and store the pledged property, and bear responsibility for loss and damage. If the bank does not have storage facilities, this type of collateral in relation to tangible assets has a limited scope of application.
At the same time, the mortgage provides for the possibility, by agreement of the parties, of storing the pledged inventory items in the borrower's warehouses under lock and key and the seal of the mortgagee. Since in this case the borrower does not have the right to use (spend) the pledged assets, this type of collateral is called a hard collateral. As practice shows, hard collateral has a limited scope of application, since it is designed for values not intended for current consumption.
More common types of pledge are pledge of goods in circulation and pledge of goods in processing. In this case, the pledgor not only directly owns the pledged assets, but can also spend them.
Pledge of goods in circulation is used when lending to trade organizations. Trade organizations must always have a supply of valuables to put them up for sale. In this case, the collateral is not only in the possession, but at the disposal and use of the borrower. With this type of pledge, the organization can replace the pledged valuables with others, but the condition for using the goods is their mandatory renewal in the amount of the consumed valuables. The pledge of goods in circulation is also called a pledge with variable composition.
Close in content to the pledge of goods in circulation is the pledge of goods in processing. It is used for lending industrial enterprises, in particular, processing agricultural raw materials. A feature of this type of pledge is the borrower’s right to use the pledged raw materials and materials included in the pledged items in production and replace them with finished products. Moreover, it may be allowed to move valuables intended for processing from a warehouse to a workshop of a factory or factory. Processing of valuables is permitted by the bank if it is proven that the processing will result in a product of higher value than before. For proof, a special calculation is presented, which shows the quantity and cost of pledged raw materials and materials, the period of its processing, the average yield of processed products, and the storage location. However, even in this case, the bank cannot exercise effective control over the safety of the pledged valuables.
Thus, different types of pledge of material assets (or settlement documents representing them) have an unequal degree of guarantee of loan repayment.
The most realistic guarantee comes from a mortgage. Other types of collateral have conditional guarantees of loan repayment. Therefore, in the practice of commercial banks, these types of collateral are used in relation to clients who have proven themselves positively, i.e. reliable partners for credit transactions.
Since in market economy The situation with the sale of goods can quickly change; the amount of pledged assets is always higher than the amount of the loan issued. This provision defines the concept of “sufficiency” of the collateral object. When issuing pawn loans against inventory items, the maximum loan amount does not, as a rule, exceed 85% of the value of the collateral. This difference creates an additional guarantee for the bank to repay the loan in case of unforeseen circumstances. In this case, in each specific case, an individual margin is determined (the difference between the value of the pledged assets and the borrower’s debt to the bank for the loan and interest), which reflects the risk of the credit transaction.
In addition to pledging inventory, banks practice issuing pawn loans secured by securities. The criterion for the quality of securities, from the point of view of their acceptability for collateral, is the possibility of rapid sale and the financial condition of the issuing party. In this regard, in foreign and domestic practice, government securities with fast turnover have the highest quality rating. When issuing loans secured by them, the maximum loan amount can reach 95% of the value of the securities. When using other securities (for example, shares issued by companies) as collateral, the loan amount is 80-85% of their market price. At the same time, commercial banks issue pawn loans against both listed and unlisted securities. In the latter case, the quality of the loan collateral is lower, and therefore banks set a higher margin when assessing the value of the collateral.
Collateral also includes bills of exchange (commercial and financial). The main requirement for a trade bill, as a subject of pledge, is that it must reflect a real commodity transaction. It is also necessary to take into account the payment period for the bill of exchange, which cannot be shorter than the term of the loan issued. The maximum loan amount secured by a bill of exchange is 75-90% of the value of the collateral.
The right of lien may also extend to deposits held in the same bank that issues the loan. Such contributions, as a rule, have a targeted nature of use. For example, economic organization accumulates cash resources for production capital investments or construction of facilities social sphere(residential buildings, dispensaries, children's preschool institutions, sports complexes). When receiving a loan from a bank for current production needs, an enterprise can use the created deposits in the appropriate amount as collateral. If the deposit was issued with a certificate, then it can be deposited with the bank. If there is a delay in repaying the loan, the bank will ensure repayment of the loan from the deposit using incoming revenue. This is the simplest and most reliable way to guarantee loan repayment.
There are some peculiarities in the use of collateral when issuing mortgage loans, which have been widely developed in global banking practice. In this case, a type of collateral appears as a mortgage, i.e. pledge of real estate. The object of the mortgage can be buildings, structures, equipment, land plots, residential buildings and apartments, cottages, garden houses, garages and other consumer buildings. If the real estate is located in common property, a mortgage can only be established if there is a written agreement of all owners.
The following features are typical for a mortgage: *
the property remains in the hands of the debtor; *
the ability of the mortgagor (debtor) to independently dispose of income received from the use of mortgaged items; *
the possibility of the mortgagor obtaining additional mortgage loans secured by the same property; *
mandatory registration of the mortgage in land registers maintained at the location of the subject of the mortgage; *
ease of control by the pledgee over the safety of the pledged item.
Mortgages are used, as a rule, when issuing long-term loans to legal and individuals(to the population to purchase a house or apartment; to farmers for construction or land development).
When issuing a mortgage loan, it is important to correctly assess the value of the collateral. The success of the assessment as shown foreign experience, depends on the ability, experience and competence of the appraiser.
In modern banking practice, the subject of collateral when issued to the court is not only the property belonging to the client, but also his property rights. As a result, there is independent species pledge - a pledge of rights, the object of which is: *
The item may or may not be transferred to the pledgee. The fact that the pledged property is with the pledgor or pledgee affects their rights and obligations in the pledge legal relationship. Therefore, the legislation, depending on whether the subject of pledge is transferred to the pledgee or not, establishes two types of constructions: pledge and pledge without transfer of property to the pledgee (pledge in the proper sense of the word).
Accounting press and publications 2008
Question: The bank entered into a loan agreement. The loan repayment is secured by the pledge of inventory assets in circulation. To minimize risks, the bank entered into an insurance agreement: for the duration of the loan agreement; for a period exceeding the term of the loan agreement. How are the costs of insuring the collateral of goods in circulation taken into account? (“Tax Bulletin”, 2004, N 12)Question: The bank entered into a loan agreement.
Doverus. ru
A collateral receipt is a document that is drawn up in the event of the provision of cash as a loan from one person to another secured by material assets. According to the law, the mortgagee, if the borrower fails to fulfill its obligations, has the right to receive a sum of money equal to the loan amount by selling the pledged property. This right of the mortgagee is superior to the rights of other creditors of the borrower.
Pledge agreement for material assets
Credit operations are the most profitable item in the banking business. As security cash loan may be goods, material assets, the presence of which the debtor guarantees the opportunity... The loan amount is from 1 ruble. Military ID or document.
The loan is provided on the day of application simultaneously with the provision of property for registration during a direct visit to the pawnshop.
Deposit of goods and materials
Finally, let us mention one more option for a consumer loan - the so-called pawn loan, or a loan secured by material assets. Most characteristic feature This type of consumer loan is that the decision to provide it is made by the bank without taking into account the solvency of the potential borrower, since in fact the solvency of the borrower is confirmed by the documents submitted to the bank by him, indicating the ownership of the material assets transferred to him: measured ingots precious metals, stocks (bonds), precious jewelry.
Lombard bank loan
The size of a pawnshop loan does not depend on the borrower’s solvency, since only the value of the item is taken into account. offered to the bank c. Obviously, the loan applicant must identify himself by presenting a passport and must prove his rights to own material assets.
As a rule, banks most often accept gold bars, products made of precious metals, expensive jewelry, stocks and bonds, etc.
Pawn loan: money secured by material assets
A pawnshop loan is the receipt of funds secured by some material assets. Such a loan is a short-term type of lending - the repayment period for borrowed funds is usually no more than 12 months. The maximum possible loan size is determined depending on the estimated value of the collateral. In this case, the credit limit is most often 80-90 percent of the price of the item provided as collateral.
Consumer loan secured by material assets (pawn loan)
The most characteristic feature of a pawn loan or a loan secured by material assets is that the decision to provide it is made by the bank without taking into account the solvency of the potential borrower.
In fact, the solvency of the borrower under a pawnshop loan is confirmed by documents submitted by him to the bank, indicating that he owns the material assets pledged as collateral for the pawnshop loan: bullion bars of precious metals, shares (bonds), precious jewelry.
Tatfondbank reduced the interest rate on business loans secured by goods and materials
AIKB "Tatfondbank" is holding a promotion for legal entities and individual entrepreneurs: the interest rate under the “Loan secured by goods and materials” program has been reduced to 16% per annum. The promotion is valid until December 31, 2011.
Tatfondbank issues loans secured by goods and materials (inventory assets) for replenishment working capital and acquisition of fixed assets. The loan can be obtained for a period of up to one year in an amount from 300 thousand to 5 million.