Banking transactions with bills. Types of active bank transactions with bills Bank bill and transactions with it

Control questions

1. Who are the issuers and who are the investors?

2. What is professional activity in the securities market in accordance with the Federal Law "On the Securities Market"?

3. What functions of the securities market are general market functions?

4. What are the specific functions of the securities market?

5. Describe the concepts of "stock", "bond", "option", "futures contract".

6. What activity is considered brokerage?

7. What activity is considered a dealership?

8. What is the clearing activity?

9. What is the depository activity?

10. Describe the responsibilities of the registrar.

11. Describe the primary and secondary markets.

12. Describe the concepts of "listing" and "delisting".

Bill of exchange concept Bill circulation Bill market

Types of bills Operations with promissory notes

One of the most important areas of banking activity is operations with bills of exchange.

Bill of exchange (from him. wechsel -exchange) - the most "classic" security and historically the first means of payment and debit transfer.

The bill combines two functions:

1) a means of payment;

2) a means of lending.

Both of these functions are inseparable and complementary to each other. Banks perform the following operations with bills:

Issue (issue) of bills;

Accounting for bills;

Loans secured by bills of exchange;

Collection of bills;

Domiciliation of bills;

Draft loan.

The legal basis for banking transactions with bills of exchange is legislation (bill of exchange law), which is a set of legal norms governing bill relations, and above all the Geneva Bill of Exchange Conventions. These are multilateral interstate treaties regulating promissory notes, concluded at an international conference in Geneva in 1930 and developed with the aim of unifying the norms of promissory notes in various countries.

A bill of exchange as a security can be simple or transferable.

Bills of exchange and promissory notes must be drawn up only on paper (hard copy). It contains the following required details:

Bill of exchange label (name "Bill");

Offer (commitment) to pay a certain amount;

Payer's name;

Specifying the due date;

Indicating the place of payment;

The name of the person to whom or by order of whom the payment should be made;

Date and place of drawing up the bill;

The signature of the drawer;

The name of the payer (drawee) - only for a bill of exchange.

By maturity, bills of exchange are classified as follows:

Upon presentation;

"In so much time from presentation";

"In so much time from compilation";

For a certain day.

Bills of exchange containing either a different purpose of the term, or consecutive terms of payment are invalid.

Bill of exchange with maturity upon presentationpaid upon presentation within one year from the date of its preparation. The drawer may establish that a bill of exchange cannot be presented for payment before a certain date. In this case, the deadline for presentation starts from this time.

The due date for a bill of exchange drawn up in so much time from presentation,determined either by the date of acceptance or by the date of protest. In the absence of a protest, the acceptance is deemed to have been made on the last day of the period provided for presentation for acceptance.

Due date for a bill of exchange issued for a period of one or several months from drawing up or from presentation,occurs on the corresponding day of the month in which the payment is to be made. If a bill of exchange is issued for a period of one and a half months or several months and a half from the date of drawing up or from the presentation, then the whole months must first be counted.

If a bill of exchange is payable on a certain day in any place where a calendar other than the place of issue is adopted, then the due date shall be deemed to have been fixed according to the calendar of the place of payment.

As a legal negotiable document, a bill of exchange can be transferred by means of endorsement.

Endorsement -it is a transfer inscription made by the previous holder (endorser) on the reverse side of the bill (or on an additional sheet to it - allonge), which transfers the rights under the bill to its new holder (endorser). The endorsement must be written on the reverse side of the bill or in the allonge so that it begins on the bill itself and ends in the allonge. Partial endorsement is invalid.

A bill of exchange may be transferred by endorsement to an individual, legal entity or entrepreneur, except as otherwise provided by the legislation of the Russian Federation. Transfer inscriptions usually look like: "pay the order" or "instead of me (us) pay."

There are the following types of endorsement:

Nominal;

Bearer;

Blank.

Nominalthe endorsement contains:

Full name - for a legal entity or entrepreneur;

Surname, name, patronymic, passport data and data on the account of the endorser - for an individual.

Endorsement bearer -contains the inscription "pay the order of the bearer of this bill".

Blankendorsement - does not contain an indication of the person in whose favor it is made, or consists of one signature of the endorser.

If the last endorsement on the bill is blank, then the holder of the bill is entitled to carry out the following actions with it:

Complete the endorsement either with your own name or with the name of any other person;

To transfer, in turn, the bill either under a new blank endorsement, or under an endorsement in the name of some other person;

Transfer a bill of exchange to a third party without filling out a blank endorsement or making another endorsement.

A person who has received a promissory note under an endorsement can dispose of it at his own discretion - present it for payment or endorse it. When a bill of exchange is transferred, all the rights arising from it are transferred in the form in which they are recorded and provided by the document, regardless of the rights of predecessors. Therefore, when purchasing a bill under an endorsement, the client needs to check the continuity of a number of endorsements.

If endorsements have been made on a bill, then the last holder of the bill who has not received payment may sue any endorser. For the presentation of a claim by the holder of a bill, the terms of the bill of exchange are established, which are different depending on the nature of the responsibility of each participant in the bill:

To the acceptor of a bill of exchange - 3 years;

To a promissor of a promissory note or an endorser of a bill of exchange - 1 year;

For claims of endorsers against each other - 6 months.
The possibility of endorsement of bills expands their boundaries

use, turning a bill of exchange from a simple instrument of execution commercial loan into a credit instrument of circulation serving the sale of goods and services.

The circulation of bills of exchange is directly related to the functioning of the capital market and makes it possible to obtain a loan without going through the bank. Commodity credit can be implemented in different ways in economic relations suppliers and buyers of commercial products.

One of the ways is to formalize by promissory notes the mutual debts of organizations for the supply of material values \u200b\u200band the services provided. Another way is to expand the issue of promissory notes by the largest commercial banks, which will promote the growth of borrowers' working capital and normalize payment discipline. A bill of exchange can be viewed as an object of direct (purchase for money) or indirect (receiving as payment) investments.

The functional task of the bill market is to redistribute mainly short-term funds, and its object is commercial and financial bills. Being part of a single money market, this market has two levels. At the first level, its participants are credit institutions and their clients, and it is based on accounting, commission, pawnshop and other operations of commercial banks and other credit organizations. At the second level, the subjects are only credit institutions: on the one hand, the Bank of Russia, on the other, second-tier institutions of the banking system, including commercial banks. The bulk of transactions at this level of the market are rediscounting and re-pledging of first-class bills. A prerequisite circulation of promissory notes of commercial banks is free registration of promissory notes in the Bank of Russia.

Banks' operations on accounting and rediscounting of bills form the accounting market. The Bank of Russia plays an important role in it. It is the Bank of Russia that determines the main directions of the functioning and development of the promissory note market through the implementation of a certain accounting policy and refinancing policy. The accounting policy includes the introduction of direct restrictions on the accounting and rediscounting of bills and the determination of the interest rate limits for the rediscounting of bills. The refinancing policy concerning commercial banks' transactions with bills of exchange is carried out by regulating the interest rate on loans secured by bills of exchange, as well as by introducing certain restrictions on the size and types of bills, against which the Bank of Russia may provide loans to commercial banks.

A credit provided in a commodity form by sellers to buyers in the form of a deferred payment for goods sold was called a commercial credit. The object of a commercial loan is a commodity loan, and its subjects are participants in a commodity transaction: a seller-supplier and a buyer-payer. The document through which a commercial loan is issued is commercial bill.A commercial bill is a credit document, a means of collection of debt and at the same time a means of payment. The underlying lending operation, both in commodity and in cash, presupposes mutual control of the counterparties of the bill of exchange transaction and is based on the free choice of partners in strengthening direct economic ties. The provision of a commercial loan means a high degree of mutual trust of market economic structures, since it involves payment of the sold values \u200b\u200bwith a delay.

Commercial credit is closely related to bank credit and is transformed into the latter through the accounting and pledge of bills. The transformation of a commercial loan into a bank loan is the transformation of one form of loan into another. This does not contribute to the deterioration of the inflation rate, since the registration and pledge of commercial bills in the bank is not a loan of new capital. In addition, one bill of exchange can service several trade and loan transactions before it is posted to the bank.

The transformation of a commercial loan into a bank loan can be done by discounting, i.e. accounting for bills of exchange, warrangots, invoices (factoring) and other commercial securities, or as a result of the provision of loans secured by goods that are not due for payment.

Accounting for bills.Operations for the accounting of bills of exchange occupy a key place among the bank's operations with this instrument. Legally, the accounting of a bill is the transfer (endorsement) of a bill to a bank. The bearer becomes the debtor of the discounted bill, and the bank becomes the creditor (the holder of the bill). Taking into account the promissory note, the client of the bank acquires liquid funds. If a bank only accepts bills of exchange based on commodity transactions for accounting, it must be sure of their timely payment and the commodity nature of the transaction. Therefore, it is necessary to check the client's creditworthiness and the correctness of the bills of exchange. The bank is not obliged to give explanations about the refusal to accept bills for accounting.

The accounting operation consists in the purchase by the bank of monetary debt obligations before the due date, at which the creditor's rights are transferred to the bank. Accounting, or discount, of a bill of exchange is an operation in which a bank, accepting a bill of exchange from a bearer, issues the amount of this bill to the bearer before maturity, withholding interest on the amount of the bill for the time remaining until the end of this period.

Taking into account the promissory note, the bank's client acquires liquid funds, and also gets rid of the need to return the amounts received from the account to the bank, since the bank receives them directly from the drawers and only in the case of an unfavorable financial condition of the latter, it addresses the bearer of the promissory note. Consider the procedure for accepting bills for accounting. Bills are provided to banking institutions, accompanied by registers that have a single form. Commercial banks can issue register forms to their customers free of charge or at a negotiated price. Bills are placed in the registers according to their terms. The registers must be signed by the bearer or by persons authorized by him who have the right to dispose of the sums of money on behalf of the client.

The registers are transferred to the bills (accounting) department for checking bills. If the client wishes, the bank issues him a receipt for accepting bills of exchange, if the latter cannot be recorded on the day of acceptance.

Bills submitted for accounting must have blank transfer endorsements on behalf of the bearer. There is enough space in front of the blank inscription for the bank to put a stamp on the transfer of the bill of exchange in its name, thus turning the customer's blank inscription into a personal one. The conversion of a blank endorsement to a registered endorsement is aimed at preventing the use of a promissory note in the event of its loss or theft.

The services provided by banks may include accepting claims from customers about the loss of bills of exchange and notification of lost bills of exchange from other banks.

Bill of exchange payment is preceded by acceptance -the payer's consent to pay the bill. Only from the moment the acceptance is made, the payer, to whom the order of the drawer to pay the bill of exchange is directed, becomes obliged under it - an acceptor.The acceptance can be partial, i.e. the payer is limited to paying part of the amount. Receipt of acceptance from the payer is carried out by the drawer or the bank. In addition, the bank itself can make an acceptance, which is used when accounting for promissory notes, and in this case they acquire the status of first-class obligations and get more chances to freely circulate in the market.

The purchase and sale of bills enables a commercial bank to extract income from this operation. From the point of view of banks' liquidity, these operations make it possible to resell the purchased promissory note to another bank almost immediately, while investments will be returned only after maturity. Thus, the operation of accounting for bills is of great importance for regulating the liquidity of the bank's balance sheet, for its subsequent refinancing through rediscounting of bills.

A loan to the holder of a bill by buying (accounting) a bill of exchange from him before the due date is a bill of exchange (discount) loan. The owner of the bill of exchange receives from the bank the amount indicated in the bill, minus the discount interest, commission payments and other expenses. Discount percentage -this is the fee charged by the bank for advancing money when recording a bill of exchange, it is the difference between the face value of the bill and the amount paid to the bank when it was purchased. Discount rateon a promissory note represents the interest rate used to calculate the amount of discount interest.

The discount percentage is calculated using the following formula:

where i is the annual interest rate on the bill; S - the face value of the bill; t is the number of days before the due date of the bill; TO- the number of days in a year (365, 366, sometimes 360 is conventionally taken).

A commercial bank that discounts different bills of exchange may apply multiple discount rates at the same time. The value of the discount rate is influenced by the length of the term that remains before the payment of the bill, the level of the payer of the bill of exchange, the level of discount rates used by other banks.

The parties can extend the payment term, i.e. to prolong the bill. Distinguish between direct, simple and indirect prolongation of a bill. When straightupon prolongation, an appropriate entry is made on the bill, certified by the signatures of the parties. When simplesuch an entry is not made for prolongation. When indirectprolongation, a new bill is drawn up, and the old one is withdrawn from circulation. The closing of the credit is carried out on the basis of the bank's notice of payment of the bill.

If after making an officially certified demand for payment, acceptance, dating of acceptance they have not been received, the right appears bill of exchange- a notarized refusal of the obliged by the promissory note to fulfill his obligations. The purpose of the protest is to officially confirm this fact. The omission of the terms does not invalidate the bill of exchange, but the holder of the bill loses the right to claim against all persons who signed the bill, except for the acceptor (or the issuer of the bill of exchange) and their guarantors.

There are the following types of protest:

A protest of a bill of exchange against non-acceptance or non-dating of acceptance, the purpose of the protest is to create conditions for the early satisfaction of the creditor's claims; is performed during the period of presentation for acceptance;

A protest in non-payment of a bill of exchange, the purpose of the protest is to preserve the rights of reclaims against those obligated by the bill; the protest must be submitted no later than 12.00 on the day following the day of expiration of the payment deadline;

A protest against the non-delivery of a copy of an accepted bill of exchange by the person holding it.

Bills of exchange are presented for protest at the notary's office at the location of the payer or bank - domicile.

The reliability of the bill can be increased aval -surety for a bill. The person who committed it - an avalist (as a rule, a bank) takes responsibility for the fulfillment of the obligation under a bill from the side of the drawer, the endorser. Aval can be issued in the form of an inscription on a bill of exchange or on an allonge, as well as by issuing a separate document.

The commercial bank is interested in accounting for promissory notes of large shareholders of the bank, as well as clients who have previously received loans. It is quite possible that the bank will take into account the promissory notes of those clients with whom it plans to expand cooperation. Therefore, banks attach particular importance to this operation.

Loans secured by bills of exchangeare either urgent, when the owner of the bills is obliged to redeem them from the bank in advance set time, or oncall, i.e. demand loans, the return of which the bank has the right to demand at any time.

To issue a loan secured by bills of exchange, the bank determines the maximum loan amount, the amount of the collateral and the ratio between collateral and account debt, the amount of interest and commission in favor of the bank. The loan agreement stipulates

the right of the bank to pay off the debt the amounts contributed by the drawers to pay for the bills, and in the absence of such - the proceeds from the sale of goods and services, entering the client's current account. Banks impose the same legal and economic requirements for bills accepted as collateral, as well as for bills taken into account, only their transfer is formalized by a pledged endorsement. The amount is credited to the current account

borrower.

The main differences between accounting for bills and providing a loan secured by bills of exchange are as follows:

1) when lending against the security of bills of exchange, there is no assignment of ownership of the bills (the bill is only a security for the loan), i.e. the bank does not become the holder of the bill;

2) the loan amount is only a certain part of the par value of bills pledged as collateral (usually up to 90%).

Commission transactions with bills.The considered active operations with securities are performed by the bank on its own behalf and, therefore, at its own expense. However, the bank can generate significant amounts of income from transactions with securities on behalf of others. These include: collection of bills by banks and domiciliation of bills.

Collection of billsimplies the fulfillment of orders of bill holders to receive payments on bills on time. When collecting a bill, the bank assumes responsibility for presenting the bill on time to the payer and for receiving the payment due on it. Having accepted the bill for collection, the bank is obliged to send it to the bank at the place of payment in a timely manner and notify the payer of this with a summons about the receipt of the document for collection. Upon receipt of the payment, the bank credits it to the client's account and informs him about the execution of his order.

If the payer does not agree to pay this promissory note, or in case of his insolvency, all costs associated with protesting the promissory note shall be borne by the bank at the expense of the client.

Operations for the collection of bills by banks have a number of advantages:

1) for the client - he is freed from the need to keep track of the timing of the presentation of bills for payment, and the procedure for receiving payment becomes faster, cheaper and more reliable for him;

2) for the bank - carrying out operations for the collection of bills is one of the sources of income, in addition, they will allow the bank to attract additional funds to its correspondent account, which it can use in its activities.

Payments on bills of exchange are usually made through a bank through the execution of operations for the domiciliation of bills. Domiciliationmeans the appointment of a third party (domicile) by the payer of the bill. The domicile is not the person responsible for the bill of exchange, it only pays the bill on time at the expense of the payer who provided him with the necessary funds. The external sign of domiciled bills is the inscription "Payment in ... bank". The purpose of domiciliation is not to miss the due date of the bill of exchange. The advantages of these transactions for banks are that theyincrease their deposit base by accumulating funds on special savings accounts, and also increase the income of banks by charging commissions. Banks release their clients from the work of controlling the timing of the presentation of bills of exchange for payment, accelerate and reduce the cost of the payment process.

Bill-credit operations in the bank, in whatever form they are carried out, begin with the receipt by the client of the bill of exchange. Loans in the form of bills of exchange accounting and in the form of a special loan account secured by bills of exchange are opened separately. Bill loans are divided into permanent and non-recurring.

There are two main forms of bill lending: bearer (in the form of accounting for bills) and issuing bills.In the latter case, the following options are possible:

1. The bank can lend to its clients with bills of exchange with the simultaneous conclusion of a loan agreement. Bill holders pay with them to their suppliers. Then the bill can go along the chain from one enterprise to another, making payments between them, and at some stage will be presented to the bank for payment. The repayment of the bill by the bank can be carried out at the expense of the funds received to repay the loan agreement.

2. The company, which is the recipient of the bill issuer credit, issues the bill of exchange to the bank, which accepts it (bank acceptance). At the same time, by agreement between the bank and the client, the latter is obliged to provide cash coverage before the maturity of the bill.

In both cases, the bank uses preferential interest rates, since in a normal situation it does not use its own resources.

In the non-governmental sphere, the prevalence of financial bills over commercial ones is most typical. This is understandable - the money supply deficit caused by inflation determines the main use of bills - to serve as a substitute for money. This is partly why bills of exchange acquire an increasingly unusual function of GKO. The specific practice of circulation of bills of exchange in Russia also shows that certain settlement papers have become widespread, having the form of bills of exchange (and sometimes violating it), but in fact they are not bills. The terms of their maturity are such that the quotes of these securities (purchase and sale prices on the secondary market) do not reach their par value even after the corresponding deadlines. This is caused, in particular, by the lack of one of the most important promissory notes properties of these securities - the unconditional obligation. In domestic practice, there are almost no corporate bills that would be canceled with "cash".

For example, bills of the Energy Union are redeemed with electricity, more precisely, they are accepted against debts to a certain circle of energy enterprises in payments for electricity. Bills of the Ministry of Railways are canceled by the so-called railway tariffs, i.e. the right to transport goods for a certain amount by rail. Sometimes bills are issued for settlements within closed chains. Falling out of them, the bill can significantly lose value, or, moreover, be recalled by the drawer. There are bills of exchange "gasoline", "coal", "metallurgical", etc.

The importance of banks in the circulation of promissory notes is great, which is due to their compliance with the laws. Let's describe several actively used operations. Thus, payment on a bill of exchange can be fully or partially secured by means of an aval issued by a bank, for which it represents one of the types of loans issued. An emergency loan (or bank aval) is the bank's responsibility for the client's promissory note. At the same time, the real payment of money by the bank occurs only if the recipient of such a loan is not able to pay off his debt. Otherwise, the transaction is limited by the bank's consent to aval the promissory note with the collection of commission payments, the amount of which depends on the validity period of the aval, the conditions for its provision, and the client's solvency.

Along with the operation of collecting bills of exchange, when banks take responsibility for presenting bills on time to the payer and receiving payments due on them in favor of their holders, there is also the operation of domiciling bills, when the payer is the banks themselves. These are operations for payment by banks on behalf of and at the expense of the drawers (drafters) of bills. In this case, the drawers enter into an agreement with the bank, in which the bank is appointed as the payer for the promissory notes and undertakes to pay them on time, and the drawer undertakes to provide the bank with the money required to pay for its promissory notes. The external sign of a domiciled bill is the words "payment at ... the bank", placed in the text of the bill.

Banks also play an important role in the implementation of the third opportunity of the holder to use the bill. Its essence lies in the purchase of a bill by a commercial bank (discount credit); in this case, the bank will pay the former owner of the bill not the entire amount indicated in it, but after deducting the so-called discount rate (discount), i.e. interest at which the bank "accounts" (buys) the bill. In addition to selling a bill to a commercial bank, the holder of a bill can sell it to others who wish at a price slightly lower than the amount at which the bill must be redeemed. Another possibility of early use of a bill is to obtain a loan from a bank secured by a bank bill.

Financial (bank) bills.The basis for most promissory notes transactions in the Russian economy are commercial promissory notes, which we have discussed above. In addition to commodity bills, there are also financial bills, when one party gives the other a certain amount of money, receiving in return the debtor's promissory note - a bill. The presence of financial bills is possible due to the absence in their text of a mention of the basis for their issuance. But at the same time this leads to the emergence of fictitious bills that are not associated with the real movement of either goods or money; among financial bills, there are friendly, counter and bronze bills, which, as we have already noted, are prohibited for use in Russia, but are used in narrow circles.

A real financial bill now can only be called a banking one, which has become widely spread in recent years both among citizens (who consider them as one of the more or less reliable ways of investing their savings) and among enterprises (for which, in conditions of long passage of payments through the banking system the possibility of making settlements with a bill of exchange comes to the fore). To purchase them, you need to pay the bill of exchange to the account (at the cash desk) of the bank, after which the latter writes out the bill. In this case, the date of its preparation is the date of receipt of funds in the bank.

Distinguish between discount and interest-bearing bank bills. Discount promissory notes are redeemed at face value, and are sold at a discount (discount), the amount of which is the income of the holder of the bill. Interest-bearing bills of exchange are sold at par and are redeemed at a price that includes the amount "running in" in accordance with the interest rate specified in the bill. Recently, there has been a tendency towards an increase in the role of interest-bearing bills, as more profitable for both promissors and recipients of bills. This is explained, firstly, by the fact that the amount charged by the Central Bank from the promissory note issuer is calculated to par; the second reason is the strangeness of the tax law, as a result of which income received in the form of dividends and interest is taxed at a rate of 15%, and income in the form of the difference between the purchase price and the sale (repayment) price of debt obligations is included in the full amount in the composition of non-sales income and are subject to the corresponding tax - 35%.

In commercial circulation, a bill of exchange can act as a means of settlement for transactions, serve as a way commercial lending entrepreneurs, to be a specific way to ensure the fulfillment of obligations under transactions.

Bill and credit transactions in the bank start with the client receiving a bill of exchange. This loan can be obtained in the form of bills of exchange accounting and in the form of a special loan account secured by bills. Moreover, it is divided into one-time and permanent loans.

Bill of exchange credits can be bearer or bill of exchange.

Bearer loan opens to the client for accounting for the bills transferred by him to the bank. The client issues his own promissory notes against a bill of exchange, which he uses to pay for the goods and services supplied. The recipients of these promissory notes then submit them to their banks, which in turn forward them to the drawer's bank for repayment through an open loan.

Bill of exchange loans usually issued by banks to customers who have opened settlement (current) accounts with these banks. When considering the possibility of opening a bill of exchange credit, the bank assesses the client's solvency. For this, his financial documents, a description of his fixed and circulating assets, information on the presence of past due debts in the past, production and economic plans, insurance policies, if any, the charter of the enterprise are provided. The bank can use data about the company of other banks and special firms. If the enterprise previously admitted its bills to the protest, then it will be problematic to get such a loan.

Bills of exchange and bearer and bill loans are accepted for accounting only in the amount of the free balance of the loan.

Procedure for accounting bills... Taking into account a bill of exchange means its transfer (sale) by the holder of the bill to the bank under the endorsement before the due date of payment and the receipt of the bill of exchange for this, minus a certain percentage, called the discount interest or discount... The bills are transferred to the bank according to the registers. In this case, a blank endorsement is made in the bills themselves, i.e. endorsement without specifying the recipient. The Bank is considering the possibility of accounting for the promissory note and, in case of a positive decision, enters its details into the endorsement. In addition, the stamp "Accounting" is put on the front side. Upon receipt of a bill of exchange, the bank checks it for compliance with the formal requirements of bill of exchange law, verifies the correctness of filling in all the details, the authority of the persons who put the signatures, as well as the authenticity of these signatures. It also analyzes the economic situation of the client and the endorsers who signed the bill. Only bills based on commodity and commercial transactions are accepted for accounting. Bronze and friendly bills of exchange are not accepted for accounting. For accounting of a bill, the bank charges a discount interest, the rate of which is set by the bank itself. When collecting bills of exchange from other cities, port (postage) and dump (commissions to nonresident banks for collection of bills).

If the bill is paid before the due date, the payer is refunded interest for the remaining time at the bank's rate for current accounts. If the payment is made after the due date, the bank, in addition to the bill of exchange, collects 6% per annum from the payer for the delay, penalty interest, as well as protest costs, if they have already been made. Bills not paid on time must be handed over to a notary for protest the next day. The notary protests the promissory notes in accordance with the adopted legislation and, with a notice of protest, returns them to the bank. Thereafter, the bank demands the redemption of the bills from the drawer. If this does not happen, the bank completely stops lending to it and goes to court.

Oncall loans... Banks can open special loan accounts for enterprises, for which bills of exchange are accepted. Usually the nominal amount of bills exceeds the amount of the loan to be opened. These loans are opened indefinitely or before the promissory notes mature. These loans are issued as demand loans or, as they are called, call loans. They pay interest on them, similar to the rates on loans, but for the bank such loans are more profitable, since in case of non-repayment of the loan, it can close it with the amounts received in payment of bills. The contract for opening an oncall loan between the client and the bank stipulates following conditions:

loan amount;

the upper limit of the ratio between collateral and account debt;

the size of the loan rate;

the bank's right to demand additional security;

the right of the bank to repay the client's debt, if necessary, from the funds received as payment for the bills of exchange that secure the loan, as well as from other amounts of the client held in the bank;

the customer's right to substitute security bills.

When using a loan, the bank monitors the amount of its free balance. The very repayment of the loan can be carried out either by transferring the client's funds, or by offsetting payments received on bills. In order to receive payment on it, the holder of the bill of exchange must not miss the deadline for presenting the bill, send it or appear in person at the place of payment. The costs associated with these transactions can be significant. Usually, bill holders instruct banks to carry out an operation to present these bills for payment, receive payment, and, if necessary, protest the bill. The bank, accepting such an order, performs a bill collection operation, charging a certain commission for it in the form of a percentage of the payment amount and postage. For the client, this is usually cheaper and faster than the actual presentation of bills. Banks accept bills of exchange for collection with payment in places where there are bank institutions. Such promissory notes are transferred to the bank under an assignment endorsement. The client must also reimburse the bank for the costs of challenging the bills if necessary.

Rediscounting of bills by banks... A commercial bank, taking into account the client's bill of exchange, may re-account it in another credit institution. However, all over the world, the most common practice is rediscounting of bills of exchange at the country's Central Bank. In Russia, the Central Bank lends to commercial banks either at their requests (at the refinancing rate) or through credit auctions. But a more civilized way of distributing credit funds is the rediscounting of bills accumulated by banks. The Bank of Russia has developed requirements for bills it accepts for rediscounting. First of all, the Bank of Russia accepts for rediscounting only promissory notes of supplier enterprises issued to a commercial bank, i.e. bills of exchange are rediscounted only when the supplier enterprise (and not the buyer) takes a loan from the bank and formalizes its debt with a bill.

In addition, a bill of exchange rediscounted by the Bank of Russia must meet the following requirements:

• a) the supplier must be a resident;
• b) the nominal value of the bill is at least 100 million rubles;
• c) the bill must be drawn up in Russian and all inscriptions and the amount of money must also be indicated in Russian;
• d) the due date for the bill must be indicated on a certain day. Bills with the term "on presentation", "in so much time from presentation", "in so much time from drawing up" are not accepted for rediscounting;
• e) the bill should not contain a condition for calculating interest on the bill of exchange;
• f) the commercial bank that has registered the bill of exchange must be indicated as the place of payment;
• g) the note of the drawer "without protest" must be made on the bill of exchange. Any restrictive markings are not allowed;
• h) the bill must be genuine. Copies are not accepted for stocktaking;
• i) a bill of exchange must be drawn up in a uniform form established by the Bank of Russia.

In fact, these bills can be issued by supplier enterprises against loans to replenish working capital, i.e. loans that enable the company to work until money from buyers arrives. Therefore, these bills must be covered by the actual delivery of the goods. In addition, the enterprises that issued the promissory note should not have overdue debts on loans from commercial banks, settlements with suppliers, and the budget. A commercial bank, together with an application for rediscounting of bills of exchange, submits to the Bank of Russia balances of enterprises and reports on financial results... The Central Bank of the Russian Federation itself rediscounts by buying promissory notes from commercial banks with a buyback condition. The period for which the bills are redeemed cannot be less than 10 days and more than 90 days before the due date. The purchase is made by crediting to the correspondent account of a commercial bank an amount equal to the face value of the bill, minus the discount set by the Bank of Russia.

Bill of exchange is provided only to commercial banks that meet the following conditions:

• - the economic standards required by the legislation are observed;
• - reserve requirements are met in a timely manner and in full;
• - available audit report according to the annual report;
• - no overdue debt on Bank of Russia loans is allowed.

Redemption of bills by commercial banks and, accordingly, the repayment of a bill of exchange occurs by writing off its amount from the bank's correspondent account. If the account does not have a sufficient amount, then the loan is transferred to the category of overdue and interest is charged on it as a penalty in the amount of 1.3 of the Bank of Russia discount rate.

Domilation of bills.In the bill of exchange settlement, in addition to the bill holder's bank, which collects the bills of exchange, the payer's bank may also participate as a domicile, i.e. fulfill the instructions of your client-payer for the timely payment of the bill. The external sign of a domiciled bill of exchange is the words "Payment at the bank" indicated in it, placed under the signature of the payer. For the bank, this operation is profitable, since it receives a commission for the domilation of bills, and at the same time, acting as a domicile, the bank does not bear any responsibility if the payment does not take place. The client-payer himself is obliged by the date of payment on the bill either to ensure the receipt of the necessary funds to his bank account, or to book the payment amount in a separate account in advance. Otherwise, the bank refuses to pay and the bill is protested in the usual way against the drawer.

The expansion of the use of promissory notes in the country's economic turnover should also be facilitated by such promissory notes transactions, new to our banking practice, as accounting for promissory notes and issuing loans secured by promissory notes, associated with short-term lending to the economy.

In modern domestic banking practice appeared the new kind bills - a bank or financial bill. Bank (financial) bill represents a unilateral, unconditional obligation of a bank (issuer of a bill of exchange) to pay a specified amount of money to a person designated in it or by his order within a specified period. The current Russian bill of exchange legislation does not provide for any special rules or exceptions for the issuance of bills by banks, and the legislation on securities does not address this issue. The legal regime of bank bills coincides with general regime for bills of exchange of all other issuers and is regulated federal law "On promissory note and bill of exchange" dated February 21, 1997. This predetermines two main qualities of issue and circulation of a specific bank bill: the possibility of issuing both single copies and series and the possibility of banks independently establishing rules for issuing and circulating their own bills that do not contradict the law.

Bank bills can be acquired by legal entities and individuals primarily for the purpose of generating income. Income is defined as the difference between the redemption price, which is equal to the par value of the bill, and the purchase price, which is below par. Specified difference (discount)essentially represents income based on the bank's current deposit rate. This speaks to the depositary nature of a bank bill and makes it look like a certificate of deposit. However, unlike the latter, a bank bill can be used by its owner not only as a means of accumulation, but also as a purchasing and means of payment. The holder of a bill of exchange can pay them for goods and services by transferring the bill under the endorsement to a new holder of the bill, to whom, according to the law, all rights under the bill are transferred. An endorsement on a bank bill of exchange, as a rule, provides for the free transfer of rights under a bill between legal entities and individuals. The endorsement, in which individuals participate, is certified by the state notary bodies or the bank. Thus, having the legal force of the urgent obligation of the bank with all the rights arising from this, the bank bill becomes a flexible instrument for making a payment, servicing part of the payment turnover of the economy.

Commercial banks practice issuing their own bills of exchange for various purposes: to raise funds, to provide enterprises with cheaper loans, etc. The very widespread distribution of bank bills can be explained by the following reasons: today there is no sufficiently complete legislative and regulatory regulation of such operations, the issue of bills is not registered with the Central Bank, transactions with promissory notes (which prevail) are not taxed on transactions with securities, bills of exchange are sufficient easy to use. In this regard, it can be stated that bank promissory notes prevail on the bill market of modern Russia.

promissory note bank operation lending

Initially, bills were used by commercial banks to raise funds.

Issue of a discount (discounted) or interest-bearing bill carried out on the basis of the regulation "On the issue, circulation and redemption of the bank's promissory note". These documents must not contradict the provision "On bills of exchange and promissory notes" (1937). These documents stipulate the conditions under which a bank client can purchase a bill of exchange, present it for payment, etc. However, you should pay attention to the fact that the content of the conditions does not contradict the text of the bill, since what is not written in the bill has no legal force. So, for example, it is unacceptable to establish a condition on the early redemption of bills at a reduced interest rate, i.e. a rate lower than that indicated in the interest clause of the text of the bill. If the client is given the opportunity to present the bill before the due date for payment on it, the bank is obliged to charge interest on the bill amount at the specified rate for the actual circulation period of the bill, and only then has the right to withhold a certain discount for early repayment of the bill. Also, when developing the conditions, it is necessary to take into account that a bill of exchange may be transferred by endorsement to another holder who will not be familiar with this document, and therefore, in his further interaction with the bank, unwanted conflicts may arise. A number of banks enter into a bill of exchange purchase and sale agreement with the first purchaser of the bill. Such an agreement, especially when selling a discount bill, may be useful as primary document, confirming the amount for which the bill of exchange was purchased, for example, when calculating income tax. Note that the text of the agreement should also not contradict the content of the bill and the terms of the bank.

Interest bill sold to the first holder at par, and the holder's income will be the interest accrued on the bill of exchange. In this case, the clause on the accrual of interest will be valid only in promissory notes with a due date "at sight" or "at a certain time from presentation", restrictive marks such as "at sight, not earlier." Interest is calculated from the day the bill is drawn up, unless another date is indicated, and until the day the bill is actually presented for payment. For the holder of the bill of exchange, it is most advantageous to keep it with him until the due date, but he can either be sold at a higher price (including interest) or transferred in payment for some product. If the bill is sold further at a price above par, then the income received by the first owner will be considered as the difference between the purchase price and the selling price of the property, that is, the bill, and, accordingly, will be taxed at the general income tax rate. Only the last holder, when paying the bill by the debtor bank, will receive interest income on the security. This type of income is taxed at a preferential rate (15% for non-banks, 18% for banks), the tax is withheld at the source, the bank transfers the tax to the tax authority at its location.

In contrast to the description of the interest-bearing bill of exchange scheme, a discount (or discounted) bill of exchange is sold to the first holder at a price below par. The income of the holder of a discount bill will be the difference between the purchase price and the selling price of the bill, which in all cases is taxed at the general income tax rate. The tax is calculated by the recipient of the discount legal entity independently and paid in accordance with the general procedure.

To improve the quality of a bill (increase its liquidity), an enterprise can apply to the bank serving it with a request to provide it with a guarantee of payment on the bill, i.e. about the avalization of this promissory note by a commercial bank. When the avalanche of another's bill of exchange, the bank concludes with the person for whom the aval is given, an agreement or agreement on the avalization of the bill (or bills, if transactions are carried out frequently). In such an agreement, you can also stipulate a number of conditions, such as: the amount of the bill and the aval, the due date for the bills that are avaliable, the amount of remuneration that the client pays to the bank for such services, etc. A very important point is the establishment of a procedure for notifying the bank that the client has paid the bill and that no claim will be made to the bank. If the guarantee is not used, the bank's client must notify the bank in writing that the bill has been redeemed. The bank also has the right to demand that it be provided with a copy of the bill of exchange paid, with a note on receipt of payment from creditors.

Acceptance by a commercial bank of a client's bill - an operation that is also widespread in world practice. When a bank grants an acceptance loan, the company issues a bill of exchange to its commercial bank, which accepts the bill, i.e. becomes the debtor of the bill. Most often, even before the bank accepts the bill, the client provides him with some kind of loan security, for example, a sum of money equivalent to the face value of the bill. Sometimes the cover is provided before the bill is paid. Among Russian banks, the acceptance of clients' bills of exchange has practically not become widespread, since with the current financial instability, banks are not sure of the solvency of their clients, and the bank's risk in carrying out such an operation is extremely high. In addition, many experts have repeatedly noted that bills of exchange are generally little used on the Russian money market.

Operations with bills of exchange - one of the oldest banking operations, which occupies an important place in the activities of commercial banks. The rehabilitation of a bill as a special form of a debt obligation and the formation in Russia of a largely new regulatory framework for its circulation created conditions for the revival of bill transactions in Russian commercial banks.

1) accounting of bills;

2) issuance of demand loans on a special loan account secured by promissory notes;

3) acceptance of bills for collection in order to receive payments and to pay bills on time.

Along with issuing demand loans secured by bills of exchange, banks can also provide term loans secured by bills. In Russia, at present, commercial banks issue their own promissory notes that are used as a means of attracting additional resources.

The special legal nature of bills determines the attractiveness of transactions with them for banks. Unlike transactions with other securities and other instruments for securing loans, bill transactions are the least risky precisely because of the unconditional and indisputable requirement of bill. Promissory notes operations are quite liquid, and the widespread development of the Central Bank's operations for rediscounting and re-pledging commercial banks' promissory notes, further increasing their liquidity. Operations with clients' promissory notes, as a rule, bring banks stable incomes and ensure deepening of partnerships with clients.

Bill and credit operations in the bank begin with the receipt of a bill of exchange by the client.

This loan can be obtained in the form of bills of exchange accounting and in the form of a special loan account secured by bills. Moreover, they are divided into one-time and permanent.

At present, Russian commercial banks are actively developing the issue of their own short-term debt obligations - bank bills. Bank promissory notes - issued by banks and their associations in order to mobilize temporarily free funds, formalizing cash loans (promissory notes), to reduce the deficit of payment and settlement funds in inter-farm relations.

A bank bill of exchange differs from a classic commercial bill in that the latter is initially present, but here it is absent (in the relation between the drawer and the holder) accounts payable... A bank bill is more like a bond rather than a bill of exchange, and even more like a certificate of deposit issued as a bill. A bank bill is primarily money, and in corporate, primarily products (goods). Bank bills can be interest-bearing, discount, ruble, currency.

The advantages of a bank bill are its liquidity and reliability. The dignity of a bank bill drives away the fact that in a number of regions they can pay taxes in local budget... Accepted as payment for late payments to the Pension Fund. Moreover, sometimes, the state pays off its debts with bills (bills avalied by the Ministry of Finance).

The disadvantages of bank bills is that when they settle between enterprises, the latter grows in arrears on current payments to the budget of various levels (commercial bills also have this drawback). Opportunity for the bank to overestimate its credit capabilities, unjustified issue of debt obligations.

Only such certificates of rights to resources that meet the following fundamental requirements are recognized as securities:

Market circulation; availability for civil circulation;

Standard and serial;

Documentary;

Regulation and recognition by the state;

Liquidity; riskiness;

Obligation to execute.

Tradability is the ability of a security to be bought and sold on the market, and also in many cases to act as an independent payment instrument that facilitates the circulation of other goods. Transferability indicates that a security exists only as a special commodity, which, therefore, must have its own market with its inherent organization, rules for working on it, etc. In the main, they should belong to the market, be goods and those resources, the rights to which are reflected in securities.

Availability for civil circulation. The ability of a security not only to be bought and sold, but also to be the object of other civil relations, including all types of transactions (loan, gift, storage, etc.).

Standard - the security must have a standard content (the standard of rights, which is a security, the standard of participants, terms, trading places, accounting rules and other conditions for access to the specified rights, the standard of transactions related to the transfer of a security from hand to hand, standard forms of any paper, etc.). This is what makes a security a tradable commodity.

Seriality - the possibility of issuing securities in series, classes, which constitutes an element of their quality as standard.

Documentary. A security is always a specific document containing all the details provided by law. The absence of at least one of them entails the invalidity of the security or its transfer to the category of other binding documents.

Regulation and recognition by the state. Documents claiming the status of securities must be recognized by the state as such, which ensures their good regulation and public confidence in them. Poorly regulated and not recognized by the state, securities cannot claim the status of valuable, no matter how limitless the imagination of financiers is, offering the public more and more new financial products and services.

Liquidity - the ability of a security to be quickly sold, to turn into cash (in cash or non-cash form) without significant losses for the holder. If the market refuses to recognize its liquidity, the reality of its expressed rights, then the security turns from a commodity into a worthless piece of paper. It is necessary to distinguish the liquidity of a particular security from: liquidity stock market in general (the market's ability to absorb significant quantities of securities with minor fluctuations in market value and low selling costs); liquidity of an enterprise, a bank, an investment institution (the degree of liquidity, readiness to convert the assets of the enterprise into cash in order to fulfill obligations on attracted resources).

Riskiness - the possibility of losses associated with investments in securities and inevitably inherent in them.

Obligation to execute. Legislation does not allow refusal to fulfill the obligation expressed by the security, unless it is proved that the security came to the holder in an illegal way.

A bill of exchange is a written promissory note of a strictly established form, certifying the unconditional obligation of one party to pay a certain amount of money to the other party in due time and the right of the latter to demand this payment.

A bill in civil circulation performs certain functions, namely:

1) credit obligations are drawn up by means of a bill;

2) the bill is used as a means of securing transactions and loans;

3) the bill serves as a means of payment, a credit form of money;

4) a bill of exchange is an instrument of refinancing and monetary regulation of the Central Bank of the Russian Federation.

Bill of exchange legislation is:

Federal Law of 11.03.1997 No. 48-FZ "On bills of exchange and promissory notes";

Regulations on bills of exchange and promissory notes approved by the decree of the Central Executive Committee of the USSR and the Council of People's Commissars of the USSR dated 07.08.1937 No. 104/1341;

Normative acts of the Central Bank of the Russian Federation (Regulation on the rules of accounting in credit institutions located on the territory of the Russian Federation, approved by the Central Bank of the Russian Federation dated 05.12.2002 No. 205-P).

Bank operations with bills are divided into credit and commission (Fig. 9).

Figure: 9. Bank operations with bills

Commercial banks provide bills of exchange loans in the form of bills accounting, special loan account and forfeiting.

Accounting, or discount, of bills consists in the fact that the holder of a bill transfers (sells) bills to the bank under the endorsement before maturity and receives a bill of exchange for this, minus a certain percentage of this amount for its early receipt. This operation is reciprocal and compensatory. Retribution from the bank is expressed in the payment of a certain amount of money to the client. Retribution on the part of the client consists in agreeing to receive not the entire bill of exchange, but only part of it, since the bank agrees to purchase the bill before the due date.

A discount is called both the operation of the bill of exchange itself, and the amount held by the bank in its favor, the amount of which depends on the amount of the bill and the amount of time remaining until the due date for it.

The transfer of the bill to the bank is formalized by the performance of the endorsement.

The bank accepts bills of exchange that meet certain requirements (Fig. 10).

Figure: 10. Requirements for a bill

Bills of exchange are not accepted for accounting:

1) not based on commodity transactions;

2) issued by the drawer in order to obtain bank loan under them (counter bills);

3) those persons who are engaged in commercial activities under a power of attorney, but have signed the bill personally;

4) representing a replacement or correspondence of bills previously recorded in the bank.

Credit in the form of a special loan account (call account). Banks can open special loan accounts for enterprises, organizations and other clients and issue loans on them, accepting commodity bills as collateral. In this case, the bank is not included in the number of persons obliged by the bill. Loans are issued without a fixed term or before the maturity of bills accepted as collateral.

The difference between this operation and the accounting of bills is as follows: firstly, when bills are pledged, the ownership of them does not pass to the bank, since they are pledged only for a certain period before the due date; secondly, the loan is issued only in the amount of 60-90% of the par value of the bill; thirdly, the loan is repaid not by the holder of the bill or the payer, as is the case with bills of exchange, but directly by the borrower.

If the latter is insolvent, the bank itself presents the bill of exchange to the drawer for payment.

The issuance of loans secured by bills of exchange can be one-time and permanent. In the latter case, the bank opens a special loan account for the client secured by promissory notes. Disbursements of loans are reflected in the debit of this account, and repayment is recorded in the credit. A special loan account is a demand account, and thus the indefinite term of the loan gives the bank the right at any time to demand its full or partial repayment, as well as additional collateral.

A loan in the form of an on-call account is opened only to clients with a constant turnover. One-off loans secured by promissory notes are provided to clients from a simple loan account. When opening a loan secured by bills of exchange on a special loan account, the borrower must conclude a loan agreement with the bank. It fixes the rights and obligations of the parties, the amount of the loan, the upper limit of the ratio between collateral and account debt, the amount of interest on the loan and commission in favor of the bank.

Forfaiting operations with bills of exchange. Forfaiting is an operation to acquire the right to demand for the supply of goods and the provision of services, taking the risk of non-compliance with these requirements and collecting them. It is a special type of bank lending foreign trade transactions in the form of a purchase from the exporter of bills of exchange accepted by the importer, without turnover to the seller.

The bill of exchange is transferred to the forfaiter (bank) by endorsement with the clause “without turnover to the seller”. Upon maturity, the bill is presented to the debtor on behalf of the forfeitor. As a result of forfeiting operations, exporting suppliers receive a reimbursement of the value of the shipped goods (minus the discount rate), without waiting for the due dates of payment on the bills issued by the importers. In addition, they are exempt from the need to monitor the timing of payments on bills and take measures to collect payments on them.

Draft loan. The operation of a bill issuer is a loan agreement between a bank and a client on the provision of a loan to the latter, in which a clause is made about the possibility of its execution by issuing a promissory note to the client in the amount of the loan. At the same time, the term of payment on a bill of exchange should be strictly limited to a shorter period than the term for repayment of a loan under an agreement.

A client who has received a bill of exchange under a loan agreement can either wait for the deadline and demand payment from the bank, or, without waiting for it to occur, sell the bill to a third party and also receive money. In both cases, the client receives money for the bill and uses it.

Upon maturity of the loan, the bank, on the basis of the loan agreement, receives the loan amount and interest on it, which covers the costs of paying the bill of exchange and acquires interest, which is its profit.

Operations in which bills are presented to the bank by their holders in order for him to receive payments on them from the drawers and transfer them to the holders of bills are called commission (Fig. 11).

Figure: 11. Types of commission transactions

Collection of bills of exchange - an operation in which the bank executes the order of the holder of a bill of exchange to receive payment on a bill of exchange within a specified period. Banks assume responsibility for presenting bills of exchange on time to the payer and receiving payments due on them.

Acceptance of bills for collection should be distinguished from their accounting. If, when accounting for promissory notes, the bank is exposed to a certain risk by issuing to the client the amount indicated on the promissory note minus the approved interest, then upon collection it accepts the order only to receive the payment due on the promissory note at maturity and transfer the amount received to its owner. The role of the bank is reduced only to the exact execution of the client's instructions.

Registration and implementation of a collection operation goes through several stages. The holder of a bill wishing to instruct the bank to receive payment on the bills he has, submits an application to the bank containing:

The name of the principal and his details;

The number of bills and their total amount;

Indication that bills of exchange are presented to receive payment on them, and if necessary - and to make a protest;

Disposal of the currency of the bill after receiving it (for example, credit to the current account);

Principal's signature.

The principal shall attach to the application the promissory notes and their inventory, which includes the following data: the serial number of the bills in the books of the bank, the serial numbers in the books of the principal, the detailed name of the drawer and each bill of exchange presented, the address of the drawer or payer of the bill, the place and term of payment, the amount of each bill.

By accepting bills of exchange for collection, the bank undertakes to send them to the payer's location, receive the payment due on them and proceed with it in accordance with the client's order. The bank's responsibilities also include notifying the payer of the due date for the payment of the bill, and if it is not received, the timely submission of the bill for protest on behalf of the principal. The bank returns the protested or unpaid promissory notes to the client.

The bank is not responsible for the loss of bills at the post office, their late receipt at the place of payment due to the fault of the post office, for omissions or shortcomings in the actions of the notary in the event of a protest, and for the occurrence of circumstances independent of the bank that could entail unfavorable transactions for the client.

Domiciliation of bills. The appointment of a third party as a payer of a bill of exchange is called domiciliation, while the bill is called domiciled.

IN in this case, acting as a domicile, the bank, on behalf of the holders of the bill or drawers, makes payments on the bills on time. He does not bear any risk, since he pays the bill only if the payer paid him the bill before or the client has enough funds in his checking (current) account and authorizes the bank to write off the amount necessary to pay the bill. Otherwise, the bank refuses to pay, and the bill of exchange is protested in the usual manner against the drawer.

The bank is usually charged a small commission for paying a bill as a special payer, and the bill paid is sent to the client. For persons who have a settlement (current) account with this bank, payment of domiciled bills is free.

Avaluation of bills by banks. Aval is a bill of exchange guarantee, by means of which payment of a bill is secured. Such security is provided by a third party or one of the persons who signed the bill. As a rule, banks and other credit organizations act as avists. Avaluation of bills by banks increases their reliability, they are freely accepted by all participants in economic transactions, thereby developing bill circulation. Aval is expressed by an inscription, which can be made both on the front and on the back of the bill itself or on an additional sheet (allonge).

For the issuance of a bill of exchange, the avalists charge a fee in the form of an inscription percentage. Having signed the bill, the avalist is responsible for it in the same way as the one for whom he gave the aval. The basis for the liability of the avalist is only the failure to fulfill the obligation by the person for whom he issued the aval. The bank that paid the recourse claim under the bill of exchange has the right to claim against the person for whom it gave the aval and against all other persons who are liable to it.