Банковские системы: России, Америки, Британии

England, Bank of

The Bank of England was incorporated by act of Parliament in 1694 with the immediate purpose of raising funds to allow the English government to wage war against France in the Low Countries (see). A royal allowed the bank to operate as a joint-stock bank with limited liability. No other joint-stock banks were permitted in England and Wales until 1826. This special status and its position as the government's banker gave the bank considerable competitive advantages.

The bank was located first in Mercers' Hall and then in Grocers' Hall, but it was moved to its permanent location on Threadneedle Street in the 1730s. By that time it had become the largest and most prestigious financial institution in England, and its bank notes were widely circulated. As a result, it became banker to other banks, which, by maintaining balances with the Bank of England, could settle debts among themselves. The bank was threatened by the economic instability that accompanied the, but its standing was also considerably enhanced by its actions in raising funds for Britain's involvement in those conflicts.

During the 19th century the bank gradually assumed the responsibilities of a central bank. In 1833 it began to print legal tender, and it undertook the roles of lender of last resort and guardian of the nation's gold reserves in the following few decades.

The bank was privately owned until 1946, when it was nationalized. It funds public borrowing, issues bank notes, and manages the country's gold and foreign exchange reserves. It is an important adviser to the government on monetary policy and is largely responsible for implementing the chosen policy by its dealings in the money, bond, and foreign exchange markets. The bank's freedom of action in this regard was considerably enhanced when it was given the power to determine short-term interest rates in 1997

The Colonial Office in the Bank of England, unsigned watercolour by one of Sir John Soane's draftsmen, c. 1818; in Sir John Soane's Museum, London.
By courtesy of the trustees of Sir John Soane's Museum, London; photograph, R.B. Fleming

The Bank of Russia.

The tasks and functions of the Bank of Russia are set by the Constitution of the Russian Federation and Federal Law on the Central Bank of the Russian Federation (Bank of Russia). The Bank of Russia’s main objective is to protect the rouble and ensure its stability. The Bank of Russia is also the sole issuing centre and the body of banking regulation and supervision. Its main functions are formulated in Article 4 of the Federal Law on the Central Bank:
- in collaboration with the government of the Russian Federation, it elaborates and implements a uniform national monetary policy designed to protect the rouble and ensure its stability;
- it is the only issuer of cash and the organiser of its circulation;
- it is the creditor of last resort for credit organisations and organises the refinancing system;
- it sets the settlement rules of the Russian Federation;
- it sets the rules of conducting banking operations and accounting and the reporting rules for the banking system;
- it conducts state registration of credit organisations and issues and revokes the licences of credit organisations and the organisations that audit them;
- it supervises the activities of credit organisations;
- it registers the issue of securities by credit organisations in accordance with federal laws;
- it conducts, on its own behalf or on behalf of the government of the Russian Federation, all kinds of banking operations necessary for the Central Bank’s implementation of its main duties;
- it conducts foreign exchange regulation, including operations to buy and sell foreign exchange, and establishes the procedure for effecting settlements with foreign countries;
- it organises and exercises foreign exchange control on its own and through authorised banks in accordance with the laws of the Russian Federation;
- it participates in making Russian Federation balance of payments forecasts and organises the drafting of the Russian Federation’s balance of payments;
- it analyses and forecasts the state of the Russian Federation’s economy as a whole and by region, concerning specifically monetary, credit, foreign exchange, financial and price relations, publishes the corresponding materials and statistical data and performs other functions in accordance with federal laws.

The Bank of Russia co-ordinates and regulates settlement relations in Russia and establishes the rules, forms, deadlines and standards for non-cash settlements obligatory for all legal entities and natural persons. The forms of non-cash settlements are determined by the Civil Code of the Russian Federation.

The principal forms of non-cash settlements today are payment orders and, to a lesser extent, payment requests (for collection). Letters of credit and cheques are used on a small scale.

A part of settlements is effected by legal entities and private individuals using payment cards, which are gaining ever wider acceptance.

The Bank of Russia is making efforts to ensure the effective and uni