The following should be taken into account when deciding on the interest accrued on a financial or commodity loan used by an enterprise to purchase fixed assets. According to the current legislation, in the case of costs for the acquisition of fixed assets, the book value of the relevant group is increased by the amount of their acquisition, including transport and insurance payments, as well as other costs associated with this acquisition, excluding value added tax, if the corporate income taxpayer is registered as a value added taxpayer.
Therefore, the taxpayer’s costs associated with the acquisition of fixed assets for production purposes, increase the book value of the relevant group of fixed assets by the amount of the cost of their acquisition and the amount of costs incurred through such acquisition, including interest costs for fixed assets purchased on the terms of a commodity loan. This also applies to interest on financial loans raised for the purchase of fixed assets.
In case of late repayment of the loan or interest for its use, the bank has the right to issue an order for forced payment of the debt. Such a right must be provided for in the loan agreement, and the account of the borrower from whom the debt is collected must be in the bank that provided the loan.
In fact, it is a question of the right to compulsorily write off debt on the loan and interest only by the bank, which is at the same time a service for the client and his creditor. This approach restricts the rights of lending banks that are not servicing for borrowers. Therefore, it is advisable to offer the right to issue an order to enforce the payment of the debt under the loan agreement to all lending banks, and not only to those who service the borrower’s account.
In conclusion, in order to ensure more effective protection of the rights of creditors-banks to return the invested funds, it is necessary to regulate credit relations by law, in particular by adopting the law “On bank credit”. It should provide a systematic approach to the legal regulation of the provision, use and repayment of a bank loan. At the same time, it is necessary to legislate the principle of increased liability of the borrower for full and timely repayment of a bank loan.
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In the process of development of the banking system, a generally established system of interbank settlements was created. The mechanism of its implementation provided for a centralized procedure for settlement and control over the timely and complete completion of settlements. The long-term practice of the State Bank has shown that these calculations can successfully operate within one bank.
However, in the conditions of functioning of a significant number of commercial banks such a settlement mechanism turned out to be unsuitable. Under this settlement system, banks, in fact, automatically attracted the resources of the State Bank, as well as automatically lent them to each other, regardless of availability. These loans by their nature were impersonal, indefinite and free. As a result, the State Bank was deprived of the ability to regulate money circulation and control the activities of banks.
In 1991, there was an urgent need for transformation in the banking system. An important role in their implementation was played by the introduction in February 1992 of a new procedure for mutual settlements between banks – through correspondent accounts opened in the institutions of the National Bank of Ukraine. As practice shows, the mediation of payments between banks as the prerogative of the central bank gives it the opportunity to control and regulate money circulation, provides the central bank with an effective regulatory instrument of banking, which, in turn, allows to influence the process of capital reproduction in the state.
Disorder in the payment system of a country is often one of the first and most direct manifestations of the financial crisis. In 1992-1993, settlements between Ukrainian bank institutions were made using paper settlement documents for three weeks, and in some cases for a month or more. The consequence is an excessive diversion of funds from enterprises to payments, an increase in non-payment of business entities.
Realizing the importance of this problem, the National Bank of Ukraine in 1992 developed the Concept of electronic money circulation in Ukraine, which was considered by the banks of Ukraine and approved by the Board of the National Bank of Ukraine. The primary task in it is the introduction of the system of electronic interbank settlements, and at the second stage – the system of mass settlements of the population with the use of plastic cards.
Already in 1993, a modern system of electronic payments was created, which began to operate in full in Ukraine in early 1994. Thanks to its introduction, these problems have been solved. The term of turnover was reduced to one day. This allowed banks to use resources more efficiently and customers to use their funds.
Through the system of electronic payments during the day “scrolls” 3 – 3.5 billion hryvnia, ie each hryvnia makes a daily through the payment system 4.5 – 5 revolutions. Thanks to this, banks not only provide quickly, but also quickly return their money, quickly replenishing resources.
The new system also made it possible to ensure the cleanliness of the interbank space. Thanks to it, the National Bank can control any situation regarding interbank settlements. Today its participants are more than 2400 commercial banks of Ukraine and their institutions.
In the process of development of the banking system, the system of interbank settlements is also being improved.
Interbank settlements are a system of making and regulating payments on monetary claims and obligations that arise between banking institutions in the course of their activities. In fact, only on the basis of settlements between different banks and their institutions can be completed settlements in the national economy: between enterprises, with financial authorities, extra-budgetary funds and so on. Some of these calculations are used for economic relations between banking institutions, for example, in the placement of funds in the form of deposits and loans, purchase and sale of securities.
Interbank settlements can be made through the system of electronic payments of the National Bank of Ukraine (hereinafter EPS), which allows to make electronic interbank settlements in real time. The funds are written off on the day of receipt of settlement documents by the bank, if they were received during business hours, and the next day – if after business hours. It should be noted that the information contained in the electronic payment system is securely protected from unauthorized interference.
In addition to making payments through the electronic payment system, commercial banks can make them through their own intrabank payment system (hereinafter – UPU), ie software and hardware with its own means of information protection, which carries out payment transactions between institutions of this bank or association of banks and, possibly by other banking institutions outside the electronic payment system.
To perform payments, settlements and other services, banks establish correspondent relations with each other. Correspondent relations – contractual relations between banks on payments, settlements and other services performed by one bank on behalf of and at the expense of another bank.
Correspondent relations can be:
between commercial banks (institutions) and regional offices of the National Bank; directly between commercial banks.
Correspondent relations are established by a commercial bank (institution) with the regional office of the National Bank on the basis of an agreement concluded between them on opening a correspondent (sub-correspondent) account for interbank settlements of a commercial bank (institution) with other banks.
A correspondent account is opened to a commercial bank – a legal entity for settlements made by one bank on behalf of and at the expense of another bank on the basis of a correspondent agreement.
A sub-correspondent account is opened by an institution of a commercial bank (branch, branch, department, etc.), which is not a legal entity for settlements on the basis of a concluded correspondent agreement.
Simultaneously with the opening of a correspondent (sub-correspondent) account, a technical correspondent (sub-correspondent) account is opened for a commercial bank (institution) – participant of the electronic payment system, through which interbank settlements are directly provided.