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Vertical equity

Vertical equityCB less trust bank balances. In the near future a large-scale re-examination may be subjected to fair - the market - the cost of real estate, securities and derivatives markets, as reflected in the financial statements bankers. Penalties for misrepresentation - up to license revocation.

Measures to control the reliability of banks reflect the fair value of assets (real estate, securities and derivative financial instruments) "b" said deputy chairman of the Bank of Russia Mikhail Sukhov. According to him, the special recommendations on this subject terupravleniya CB will soon be published in the "Bulletin of the Bank of Russia." They are representatives of the regulator will be asked to check back bank "fair" assessment at least for the year, and in some cases, and more (see reference).

The reason for writing the recommendations, according to Mr. Sukhova, have serious doubts about the adequacy of the regulator in the fair value of real estate, securities and derivative financial instruments recognized on the balance sheets of banks. According to the Bank of Russia, accounting for 13.5% of the total assets of the banking system (about 6.5 of the 48 trillion.), With the risk of fraud in their fair value estimates the regulator as "quite high." "Right now, the issue of control over the reliability of reflection by the Bank during the fair value of the assets does not settled in the documents of the Bank of Russia", - said Mikhail Sukhov.

As one of the last best examples of material misstatement of the fair value of the assets of the Central Bank in the case lead bank "Vitas". It bonds the state currency loan USSR in 1982 par 2 million rubles., The real value (including the Russian currency denomination) of about 2 thousand rubles. Were reflected in the balance sheet in the assessment of 2 billion rubles., Although the state paid on these shares are frozen . "Or another case is a bit of doubt: a property with the balance of the company, an affiliate of the person controlling the bank is on the bank's balance sheet, significantly increasing the value of its assets," - said Mikhail Sukhov, without revealing the name of the bank. In most cases, the assets at a higher fair value is intended to raise capital in the financial statements or hide the movement of assets, which, in essence, two sides of the same coin, he said.

Checklist of activities to be conducted by representatives of the Central Bank, is long enough to indicate the Bank of Russia. At the most general level terpupravleniyam be recommended to check whether the Bank holds for the valuation of assets at fair value of international financial reporting standards. The next step - a formal verification that the bank's internal documents regulating the issues of valuation of assets at fair value, the level at which these documents are approved (best board of directors, the board or its chairman), as well as making regular adjustments to them. The third stage of control - to the point. Here, on a plan of the Central Bank, the inspectors will have to consider how close to reality the contents of the documents approved by the bank. In particular, if adequate baseline data to assess the use of the bank - for example, the quotations of securities, reflected on its balance sheet, but in their absence - the quote similar assets. Whether similar sufficiently valued assets and those that are selected for comparison? What and how much of the original sources of information from the bank as they are independent? Not "cranking" Does the bank stock ticker from contractual transactions for overstating their fair value? And so on.

In identifying unreliable estimates the fair value of the consequences for banks may vary, ranging from a call for an interview with the Central Bank to the ban on contributions, and in special cases - to license revocation. Risks of subjectivity inspectors will be compensated in the traditional way. "The bank has the opportunity to appeal to the central board of the Central Bank to the central office or to challenge them in court," - said Mr. Sukhov, adding that tough sanctions are assumed only for egregious cases of fraud.

Central Bank operates within the world of practice, experts and market participants. "In developed countries, banks do have a detailed method and set of procedures to assess the fair value of its assets," - said partner "Ernst & Young" Avet Mirakyan. Have such policies and procedures and many major Russian players indicate bankers. "In particular, VTB Group is a mandatory requirement for risk management unit, we will be in 2008 estimate the fair value of the assets on a daily basis," - said the deputy president of VTB Herbert Moos.

However, in Russia, and a lot of abuse, recognize the auditors. "In our work we see that banks often distort the fair value of assets, but the reason is not lack of methodologies and reluctance lead content in accordance with the form, - says Mr. Mirakyan. - Many players simply do not have enough capital to continue to develop the business and by misrepresenting the value of assets, they conceal violations of regulations, which may lead to revocation of the license. "

I do not think that as a result of the banks have massively recalculate the fair value of its assets, or be subjected to tough sanctions, continues Mr. Mirakyan. "Rather, the goal of the Central Bank - to be able to adjust bank ratings in cases of large-scale abuse, although it is undeniable that for assets that do not have a" market "and is estimated based on the model estimates can vary greatly, and so is high and the risk of subjectivity" - he says. "IFRS there is a standard (IFRS13), dedicated to how to determine the fair market value of the presence and in his absence, - says the partner company" PricewaterhouseCoopers "Galina Ryltsova. - In this situation, if an adequate assessment of its evaluation of the asset by the bank is unlikely to be radically different from the one that will make the regulator and trigger severe sanctions. " In the case where there is a deliberate overstatement of assessment, sanctions can be fully justified, she concludes.

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