The candidate of economics Fedotkina O.P., Akimova M.S.

Mordovia State University, Russia

Some aspects of the participation of commercial banks in national projects financing.

The development of the economic mechanism of national projects under the conditions of their transformation into national target programs is based on interaction of different economic entities – state, regional structures, banks, business sector etc.

Russian commercial banks hold on dominating position in the field of financial intermediation. They greatly influence the socio-economic development of the country. The credit form of relationship as the base of national project financing corresponds to a large extent to the nature of market relations.

In terms of methodical support, the economic mechanism of national projects which are financed with the participation of commercial banks does not meet modern practical requirements. There is a major problem with creating the system of giving bank credits for national projects and their availability. This problem is caused by such reasons as

- the lack of methods of banks' influence on key parameters of national project implementation. This situation results in financial losses because commercial banks have to take and assess the risks of national project implementation. As to specific nonfinancial risks (political, economic, market etc.), they are out of banks' control.

- low profitability of some national projects. For this reason, the participation of a credit organization in a project often contradicts the principles of commercial activity.

- the lack of participants in credit programs. Most commercial banks operating in the credit market do not pay due attention the product range development corresponding the targets of national projects.

Besides, the market of bank services is developing slower, the number of bank products is decreasing these days. The imbalance between foreign and Russian markets of bank services has increased. As to the demand for Russian bank products, it is falling under the conditions of foreign financial companies' expansion. These tendencies are having negative effect on the financial security of the country. So it is necessary to improve banks' policies by changing guidelines on new product development and introducing appropriate tools and mechanisms.

The main measures stimulating banks' activities in the field of national project implementation are the following:

1. One of the strategic goals should be rapid mastering of such innovative methods of bank management and financial engineering as project financing and syndicated crediting, leasing, factoring, franchising etc. It is also important to monitor the process of national project implementation carefully. Forecasting and strategic monitoring should be supported by developing and adopting motivation mechanism for all project participants.

2. Banks should provide personified services and adapt their policy to rapidly changing clients' needs taking into account their potential and some specific problems. The given form of interaction has an ultimate goal: the development of a long-term and stable client base, the improvement in the quality of an information base and the availability of bank products, the development of investment and consulting services, creating the infrastructure of plastic card market.

3. Enterprises should have simplified access to different forms of credit resources. This measure includes:

- the development of paper credits. Paper credit programs can decrease the costs of financial flow servicing and provide the replenishment of working capital by minimizing interest rates. Besides, these programs can keep a balance between monetary and nonmonetary components in incoming and outgoing financial flows.

- the discounting (restructuring) of credit debts. It is necessary to note that in practice banks rarely deal with debt restructuring because they can hardly agree to lose the part of their profit on the credit. There is a need of stable partnership. Banks should e interested in the improvement of their branches in strategic perspective besides making a profit on the current credit operation.

4. National projects and programs should be financed through financial development institutions on the basis of cooperation with commercial banks. Development institutions provide special conditions of financing those programs and projects which can not be implemented by banking system because of low profitability and high risks. Nevertheless, they are important for our country's development and its competitiveness. Development institutions can help bank intermediaries to improve their management system quality. The matter is that these institutions are going to use rigid criteria for selecting banks analyze their activities before forming partnerships.

Thus the main target is effective involvement of banks in national projects and target programs under the conditions of revising their guidelines and saving the volume of financing. The tools and measures we have offered can contribute to timely development of new bank products and, in consequence, effective implementation of social programs and priority projects. However, we can achieve results in the above-mentioned directions of banking sector development under the legislation that adequately meets the needs of Russian economy. Besides, we should take into account the influence of crisis and think of neutralizing negative tendencies before implementing national projects.