Введение
Денежные средства, находящиеся в распоряжении банка сверх нормы обязательных резервов
Избыточные резервы – это банковские резервы, которые банк удерживает сверх нормы обязательных резервов, установленной центральным банком. В Соединенных Штатах банковские резервы коммерческого банка представлены его кассовыми средствами и любым кредитовым остатком на счете в его Федеральном резервном банке (ФРБ). Долгосрочное хранение избыточных резервов может повлечь за собой альтернативные издержки, если по другим направлениям можно получить более высокую доходность с учетом риска. Для банков в Федеральной резервной системе США избыточные резервы могут быть временно созданы банком путем предоставления краткосрочных (обычно однодневных) кредитов на рынке федеральных фондов другому банку, которому не хватает средств для выполнения требований к резервам. Банки также могут хранить часть избыточных резервов для обеспечения предстоящих операций или выполнения договорных требований к минимальному остатку на клиринговом счете. Общая сумма кредитов ФРБ на всех счетах ФРБ для всех коммерческих банков, вместе со всей наличной валютой и кассовыми деньгами, формирует денежную базу M0.
Влияние на инфляцию избыточных резервов
Исследования, проведенные сотрудниками Федеральной резервной системы, показали, что проценты по резервам способствуют сдерживанию инфляционного давления.
В Соединенных Штатах (2008 г. по настоящее время)
Закон о смягчении регулирования финансовых услуг от 2006 года уполномочил Федеральные резервные банки выплачивать проценты по остаткам, удерживаемым депозитарными учреждениями или от их имени в резервных банках, в соответствии с правилами Совета управляющих, вступившими в силу 1 октября 2011 года. Дата вступления в силу этого положения была ускорена Законом об экономической стабилизации от 2008 года. 3 октября 2008 года, статья 128 Закона об экономической стабилизации от 2008 года разрешила банкам Федеральной резервной системы начать выплачивать проценты по избыточным резервам ("IOER"), а также по обязательным резервам. Федеральные резервные банки начали делать это три дня спустя. Банки уже начали увеличивать сумму средств, размещенных в ФРС, в начале сентября, с примерно 10 миллиардов долларов в конце августа 2008 года до 880 миллиардов долларов к концу второй недели января 2009 года. Для сравнения, после терактов 11 сентября увеличение резервов составило всего 65 миллиардов долларов, после чего в течение месяца оно вернулось к нормальному уровню. Первоначальное предложение бывшего министра финансов США Генри Полсона о помощи, предусматривавшее приобретение правительством ипотечных ценных бумаг на сумму до 700 миллиардов долларов, не содержало положений о начале выплаты процентов по резервам. За день до объявления об изменении, 7 октября 2008 года, председатель Совета управляющих Федеральной резервной системы Бен Бернанке выразил некоторую неуверенность, заявив: "Мы не вполне уверены, какую ставку нам нужно заплатить, чтобы достичь рыночной ставки, которая включает в себя определенный кредитный риск, до целевого уровня. Мы собираемся поэкспериментировать с этим и попытаться найти правильную надбавку". ФРС скорректировала ставку 22 октября, после того как первоначальная ставка, установленная 6 октября, не смогла удержать базовую ставку США на одну ночь вблизи целевого уровня политики, и снова 5 ноября по той же причине. Бюджетное управление Конгресса оценило, что выплата процентов по резервам обойдется американским налогоплательщикам примерно в одну десятую от текущей процентной ставки в 0,25% по депозитам в размере 800 миллиардов долларов:
+ Estimated Budgetary Effects Year 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Millions of dollars 0 192 192 202 212 221 242 253 266 293 308(Negative numbers represent expenditures; losses in revenue not included.) Beginning December 18, 2008, the Federal Reserve System directly established interest rates paid on required reserve balances and excess balances instead of specifying them with a formula based on the target federal funds rate. On January 13, Ben Bernanke said, "In principle, the interest rate the Fed pays on bank reserves should set a floor on the overnight interest rate, as banks should be unwilling to lend reserves at a rate lower than they can receive from the Fed. In practice, the federal funds rate has fallen somewhat below the interest rate on reserves in recent months, reflecting the very high volume of excess reserves, the inexperience of banks with the new regime, and other factors. However, as excess reserves decline, financial conditions normalize, and banks adapt to the new regime, we expect the interest rate paid on reserves to become an effective instrument for controlling the federal funds rate." Also on January 13, 2009, Financial Week said Mr. Bernanke admitted that a huge increase in banks' excess reserves is stifling the Fed's monetary policy moves and its efforts to revive private sector lending. On January 7, 2009, the Federal Open Market Committee had decided that, "the size of the balance sheet and level of excess reserves would need to be reduced." On January 15, 2009, Chicago Federal Reserve Bank president and Federal Open Market Committee member Charles Evans said, "once the economy recovers and financial conditions stabilize, the Fed will return to its traditional focus on the federal funds rate. It also will have to scale back the use of emergency lending programs and reduce the size of the balance sheet and level of excess reserves. Some of this scaling back will occur naturally as market conditions improve on account of how these programs have been designed. Still, financial market participants need to be prepared for the eventual dismantling of the facilities that have been put in place during the financial turmoil"
At the end of January 2009, excess reserve balances within the Federal Reserve System stood at $793 billion but less than two weeks later on February 11, 2009, total reserve balances had fallen to $603 billion. On April 1, 2009, reserve balances had again increased to $806 billion. By August 2011, they had reached $1.6 trillion. As the economy began to show signs of recovery in 2013, the Fed began to worry about the public relations problem that paying dozens of billions of dollars in interest on excess reserves (IOER) would cause when interest rates rise. St. Louis Fed president James B. Bullard said, "paying them something of the order of $50 billion [is] more than the entire profits of the largest banks." Bankers quoted in the Financial Times said the Fed could increase IOER rates more slowly than benchmark Fed funds rates, and reserves should be shifted out of the Fed and lent out by banks as the economy improves. Foreign banks have also steeply increased their excess reserves at the Fed which the Financial Times said could aggravate the Fed’s PR problem. By October 2013, the excess reserves at the Federal Reserve had exceeded $2.3 trillion. The Swedish Riksbank had previously paid positive interest rates on all overnight deposits.
+ Оценочные бюджетные последствия (в миллионах долларов)
+ Estimated Budgetary Effects Year 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Millions of dollars 0 192 192 202 212 221 242 253 266 293 308(Negative numbers represent expenditures; losses in revenue not included.) Beginning December 18, 2008, the Federal Reserve System directly established interest rates paid on required reserve balances and excess balances instead of specifying them with a formula based on the target federal funds rate. On January 13, Ben Bernanke said, "In principle, the interest rate the Fed pays on bank reserves should set a floor on the overnight interest rate, as banks should be unwilling to lend reserves at a rate lower than they can receive from the Fed. In practice, the federal funds rate has fallen somewhat below the interest rate on reserves in recent months, reflecting the very high volume of excess reserves, the inexperience of banks with the new regime, and other factors. However, as excess reserves decline, financial conditions normalize, and banks adapt to the new regime, we expect the interest rate paid on reserves to become an effective instrument for controlling the federal funds rate." Also on January 13, 2009, Financial Week said Mr. Bernanke admitted that a huge increase in banks' excess reserves is stifling the Fed's monetary policy moves and its efforts to revive private sector lending. On January 7, 2009, the Federal Open Market Committee had decided that, "the size of the balance sheet and level of excess reserves would need to be reduced." On January 15, 2009, Chicago Federal Reserve Bank president and Federal Open Market Committee member Charles Evans said, "once the economy recovers and financial conditions stabilize, the Fed will return to its traditional focus on the federal funds rate. It also will have to scale back the use of emergency lending programs and reduce the size of the balance sheet and level of excess reserves. Some of this scaling back will occur naturally as market conditions improve on account of how these programs have been designed. Still, financial market participants need to be prepared for the eventual dismantling of the facilities that have been put in place during the financial turmoil"
At the end of January 2009, excess reserve balances within the Federal Reserve System stood at $793 billion but less than two weeks later on February 11, 2009, total reserve balances had fallen to $603 billion. On April 1, 2009, reserve balances had again increased to $806 billion. By August 2011, they had reached $1.6 trillion. As the economy began to show signs of recovery in 2013, the Fed began to worry about the public relations problem that paying dozens of billions of dollars in interest on excess reserves (IOER) would cause when interest rates rise. St. Louis Fed president James B. Bullard said, "paying them something of the order of $50 billion [is] more than the entire profits of the largest banks." Bankers quoted in the Financial Times said the Fed could increase IOER rates more slowly than benchmark Fed funds rates, and reserves should be shifted out of the Fed and lent out by banks as the economy improves. Foreign banks have also steeply increased their excess reserves at the Fed which the Financial Times said could aggravate the Fed’s PR problem. By October 2013, the excess reserves at the Federal Reserve had exceeded $2.3 trillion. The Swedish Riksbank had previously paid positive interest rates on all overnight deposits.
Год 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Сумма 0 192 192 202 212 221 242 253 266 293 308
(Отрицательные числа обозначают расходы; потери доходов не включены.)
+ Estimated Budgetary Effects Year 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Millions of dollars 0 192 192 202 212 221 242 253 266 293 308(Negative numbers represent expenditures; losses in revenue not included.) Beginning December 18, 2008, the Federal Reserve System directly established interest rates paid on required reserve balances and excess balances instead of specifying them with a formula based on the target federal funds rate. On January 13, Ben Bernanke said, "In principle, the interest rate the Fed pays on bank reserves should set a floor on the overnight interest rate, as banks should be unwilling to lend reserves at a rate lower than they can receive from the Fed. In practice, the federal funds rate has fallen somewhat below the interest rate on reserves in recent months, reflecting the very high volume of excess reserves, the inexperience of banks with the new regime, and other factors. However, as excess reserves decline, financial conditions normalize, and banks adapt to the new regime, we expect the interest rate paid on reserves to become an effective instrument for controlling the federal funds rate." Also on January 13, 2009, Financial Week said Mr. Bernanke admitted that a huge increase in banks' excess reserves is stifling the Fed's monetary policy moves and its efforts to revive private sector lending. On January 7, 2009, the Federal Open Market Committee had decided that, "the size of the balance sheet and level of excess reserves would need to be reduced." On January 15, 2009, Chicago Federal Reserve Bank president and Federal Open Market Committee member Charles Evans said, "once the economy recovers and financial conditions stabilize, the Fed will return to its traditional focus on the federal funds rate. It also will have to scale back the use of emergency lending programs and reduce the size of the balance sheet and level of excess reserves. Some of this scaling back will occur naturally as market conditions improve on account of how these programs have been designed. Still, financial market participants need to be prepared for the eventual dismantling of the facilities that have been put in place during the financial turmoil"
At the end of January 2009, excess reserve balances within the Federal Reserve System stood at $793 billion but less than two weeks later on February 11, 2009, total reserve balances had fallen to $603 billion. On April 1, 2009, reserve balances had again increased to $806 billion. By August 2011, they had reached $1.6 trillion. As the economy began to show signs of recovery in 2013, the Fed began to worry about the public relations problem that paying dozens of billions of dollars in interest on excess reserves (IOER) would cause when interest rates rise. St. Louis Fed president James B. Bullard said, "paying them something of the order of $50 billion [is] more than the entire profits of the largest banks." Bankers quoted in the Financial Times said the Fed could increase IOER rates more slowly than benchmark Fed funds rates, and reserves should be shifted out of the Fed and lent out by banks as the economy improves. Foreign banks have also steeply increased their excess reserves at the Fed which the Financial Times said could aggravate the Fed’s PR problem. By October 2013, the excess reserves at the Federal Reserve had exceeded $2.3 trillion. The Swedish Riksbank had previously paid positive interest rates on all overnight deposits.
Начиная с 18 декабря 2008 года Федеральная резервная система напрямую устанавливала процентные ставки, выплачиваемые по обязательным резервам и избыточным остаткам, вместо того чтобы определять их по формуле, основанной на целевой ставке по федеральным фондам. 13 января Бен Бернанке заявил: "В принципе, процентная ставка, которую ФРС платит по банковским резервам, должна устанавливать нижний предел для ставки по операциям на ночь, поскольку банкам не следует быть готовыми кредитовать резервы по ставке ниже, чем они могут получить от ФРС. На практике ставка по федеральным фондам в последние месяцы несколько опускалась ниже процентной ставки по резервам, что отражает очень большой объем избыточных резервов, недостаток опыта банков в новой системе и другие факторы. Однако, по мере сокращения избыточных резервов, нормализации финансовых условий и адаптации банков к новой системе, мы ожидаем, что процентная ставка, выплачиваемая по резервам, станет эффективным инструментом для контроля ставки по федеральным фондам". Также 13 января 2009 года Financial Week сообщила, что г-н Бернанке признал, что значительное увеличение избыточных резервов банков ограничивает возможности денежно-кредитной политики ФРС и ее усилия по восстановлению кредитования частного сектора. 7 января 2009 года Федеральный комитет по операциям на открытом рынке решил, что "размер баланса и уровень избыточных резервов должны быть сокращены". 15 января 2009 года президент Федерального резервного банка Чикаго и член Федерального комитета по операциям на открытом рынке Чарльз Эванс заявил: "Как только экономика восстановится и финансовые условия стабилизируются, ФРС вернется к своему традиционному вниманию к ставке по федеральным фондам. Ей также придется сократить использование программ экстренного кредитования и уменьшить размер баланса и уровень избыточных резервов. Часть этого сокращения произойдет естественным образом по мере улучшения рыночных условий в связи с тем, как были разработаны эти программы. Тем не менее, участникам финансового рынка следует быть готовыми к возможному прекращению действия механизмов, созданных во время финансового кризиса".
+ Estimated Budgetary Effects Year 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Millions of dollars 0 192 192 202 212 221 242 253 266 293 308(Negative numbers represent expenditures; losses in revenue not included.) Beginning December 18, 2008, the Federal Reserve System directly established interest rates paid on required reserve balances and excess balances instead of specifying them with a formula based on the target federal funds rate. On January 13, Ben Bernanke said, "In principle, the interest rate the Fed pays on bank reserves should set a floor on the overnight interest rate, as banks should be unwilling to lend reserves at a rate lower than they can receive from the Fed. In practice, the federal funds rate has fallen somewhat below the interest rate on reserves in recent months, reflecting the very high volume of excess reserves, the inexperience of banks with the new regime, and other factors. However, as excess reserves decline, financial conditions normalize, and banks adapt to the new regime, we expect the interest rate paid on reserves to become an effective instrument for controlling the federal funds rate." Also on January 13, 2009, Financial Week said Mr. Bernanke admitted that a huge increase in banks' excess reserves is stifling the Fed's monetary policy moves and its efforts to revive private sector lending. On January 7, 2009, the Federal Open Market Committee had decided that, "the size of the balance sheet and level of excess reserves would need to be reduced." On January 15, 2009, Chicago Federal Reserve Bank president and Federal Open Market Committee member Charles Evans said, "once the economy recovers and financial conditions stabilize, the Fed will return to its traditional focus on the federal funds rate. It also will have to scale back the use of emergency lending programs and reduce the size of the balance sheet and level of excess reserves. Some of this scaling back will occur naturally as market conditions improve on account of how these programs have been designed. Still, financial market participants need to be prepared for the eventual dismantling of the facilities that have been put in place during the financial turmoil"
At the end of January 2009, excess reserve balances within the Federal Reserve System stood at $793 billion but less than two weeks later on February 11, 2009, total reserve balances had fallen to $603 billion. On April 1, 2009, reserve balances had again increased to $806 billion. By August 2011, they had reached $1.6 trillion. As the economy began to show signs of recovery in 2013, the Fed began to worry about the public relations problem that paying dozens of billions of dollars in interest on excess reserves (IOER) would cause when interest rates rise. St. Louis Fed president James B. Bullard said, "paying them something of the order of $50 billion [is] more than the entire profits of the largest banks." Bankers quoted in the Financial Times said the Fed could increase IOER rates more slowly than benchmark Fed funds rates, and reserves should be shifted out of the Fed and lent out by banks as the economy improves. Foreign banks have also steeply increased their excess reserves at the Fed which the Financial Times said could aggravate the Fed’s PR problem. By October 2013, the excess reserves at the Federal Reserve had exceeded $2.3 trillion. The Swedish Riksbank had previously paid positive interest rates on all overnight deposits.
В конце января 2009 года избыточные резервные остатки в системе Федеральной резервной системы составили 793 миллиарда долларов, но менее чем через две недели, 11 февраля 2009 года, общий объем резервов снизился до 603 миллиардов долларов. 1 апреля 2009 года резервные остатки снова увеличились до 806 миллиардов долларов. К августу 2011 года они достигли 1,6 триллиона долларов. По мере того, как экономика начала демонстрировать признаки восстановления в 2013 году, ФРС начала беспокоиться о проблемах с общественным мнением, которые вызовет выплата десятков миллиардов долларов процентов по избыточным резервам ("IOER") при повышении процентных ставок. Президент Федерального резервного банка Сент-Луиса Джеймс Буллард заявил: "Выплата порядка 50 миллиардов долларов [является] больше, чем вся прибыль крупнейших банков". Банкиры, цитируемые Financial Times, заявили, что ФРС может повышать ставки по IOER медленнее, чем базовые ставки по федеральным фондам, и что резервы должны быть переведены из ФРС и выданы в кредит банками по мере улучшения экономики. Иностранные банки также значительно увеличили свои избыточные резервы в ФРС, что, по мнению Financial Times, может усугубить проблемы ФРС с общественным мнением. К октябрю 2013 года избыточные резервы в Федеральной резервной системе превысили 2,3 триллиона долларов. Шведский Риксбанк ранее выплачивал положительные процентные ставки по всем остаткам на ночь.
+ Estimated Budgetary Effects Year 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Millions of dollars 0 192 192 202 212 221 242 253 266 293 308(Negative numbers represent expenditures; losses in revenue not included.) Beginning December 18, 2008, the Federal Reserve System directly established interest rates paid on required reserve balances and excess balances instead of specifying them with a formula based on the target federal funds rate. On January 13, Ben Bernanke said, "In principle, the interest rate the Fed pays on bank reserves should set a floor on the overnight interest rate, as banks should be unwilling to lend reserves at a rate lower than they can receive from the Fed. In practice, the federal funds rate has fallen somewhat below the interest rate on reserves in recent months, reflecting the very high volume of excess reserves, the inexperience of banks with the new regime, and other factors. However, as excess reserves decline, financial conditions normalize, and banks adapt to the new regime, we expect the interest rate paid on reserves to become an effective instrument for controlling the federal funds rate." Also on January 13, 2009, Financial Week said Mr. Bernanke admitted that a huge increase in banks' excess reserves is stifling the Fed's monetary policy moves and its efforts to revive private sector lending. On January 7, 2009, the Federal Open Market Committee had decided that, "the size of the balance sheet and level of excess reserves would need to be reduced." On January 15, 2009, Chicago Federal Reserve Bank president and Federal Open Market Committee member Charles Evans said, "once the economy recovers and financial conditions stabilize, the Fed will return to its traditional focus on the federal funds rate. It also will have to scale back the use of emergency lending programs and reduce the size of the balance sheet and level of excess reserves. Some of this scaling back will occur naturally as market conditions improve on account of how these programs have been designed. Still, financial market participants need to be prepared for the eventual dismantling of the facilities that have been put in place during the financial turmoil"
At the end of January 2009, excess reserve balances within the Federal Reserve System stood at $793 billion but less than two weeks later on February 11, 2009, total reserve balances had fallen to $603 billion. On April 1, 2009, reserve balances had again increased to $806 billion. By August 2011, they had reached $1.6 trillion. As the economy began to show signs of recovery in 2013, the Fed began to worry about the public relations problem that paying dozens of billions of dollars in interest on excess reserves (IOER) would cause when interest rates rise. St. Louis Fed president James B. Bullard said, "paying them something of the order of $50 billion [is] more than the entire profits of the largest banks." Bankers quoted in the Financial Times said the Fed could increase IOER rates more slowly than benchmark Fed funds rates, and reserves should be shifted out of the Fed and lent out by banks as the economy improves. Foreign banks have also steeply increased their excess reserves at the Fed which the Financial Times said could aggravate the Fed’s PR problem. By October 2013, the excess reserves at the Federal Reserve had exceeded $2.3 trillion. The Swedish Riksbank had previously paid positive interest rates on all overnight deposits.
В Соединенном Королевстве (2009 г. по настоящее время)
Банк Англии начал выплачивать 0,5% процентов на резервы 5 марта 2009 года. Строго говоря, это не избыточные резервы, поскольку в Соединенном Королевстве не установлены нормативы обязательных резервов.