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Business / Finance

"Reform of leasing will accelerate the development of the Russian economy" interview 05.06.2018 at 07:00

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How to develop a large-scale reform of leasing, how it will affect the Republic and the place of Tatarstan on the leasing market, in an interview to IA "Tatar-inform" said the Advisor to the first Deputy Chairman of Bank of Russia Sergey MOISEEV.

— Good afternoon, Sergey Rustamovich. Tell us about the reform of leasing, what is its essence and the reasons for.

— the Bank of Russia jointly with the Ministry of Finance of the Russian Federation develops and implements a reform leasing. It consists of three related directions. The first is the introduction of a framework of state regulation in this market and establishing the minimum capital requirements of leasing companies. Now it is unregulated. In fact, it is an activity that can be any legal entities and citizens.

the Second direction of our reforms is due to the fact that we have to improve the protection of property rights of the lessors. Due to the unsettled judicial practices of the leasing company loses most legal disputes. Our task is to make them as comfortable as possible legal environment to their losses became smaller. This is due to amendments to the Civil code.

the Third area of tax. The leasing sector will be transferred to international financial reporting standards, hence the need for a new edition of the Tax code.

already finished the first part related to the regulation of leasing. In parallel, the Bank of Russia and the Ministry of Finance began drafting a bill on amendments to the civil code.

— you Tatarstan held a meeting with regional leasing companies. Told the entrepreneurs about the causes and nature of market reform, about the upcoming changes. Why did you visit our region?

— Because the Republic is the largest regional market, the work here is not only the largest national companies but also local. In total in Tatarstan operate about 30 leasing companies and branches. According to experts, their total leasing portfolio exceeds 25 billion rubles, and the volume of new business last year amounted to about 15 billion rubles.

furthermore, the Republic the first among the subjects opens together with the Corporation subsidiary SME leasing company. Besides, the region is well developed practice of supporting leasing activities on the part of the Republican government.

— you Can tell more about the reasons that prompted the regulator to reform?

— there are several Reasons. Leasing activity has reached significant proportions (after banks is the second sector from the point of view of size of credit claims), but currently it is unregulated.

Another important factor is that leasing is associated with the acquisition of fixed assets. Leasing companies buy for customers cars, appliances, airplanes, cars and other property. This means that the lease directly affects the pace of development of the real sector of the economy. Market regulation will increase the rate while increasing the investment attractiveness of the leasing companies.

the Third reason is that at the Federal and regional levels to the leasing company invested significant budget funds, as leasing is regarded by the government as a tool of economic development. To more effectively use this mechanism, the leasing market need to organize, institutionalize, improve its transparency. The reform of the leasing company will receive a special legal status as a non-Bank financial institutions, is necessary for quality of legislative regulation of the industry.

in addition, we assume the introduction of the state register. Companies that are professional participants of the market and for whom this activity is the main, will be included in this registry, and for them, changes will be made in accounting. Sector will be transferred to international standards, which will allow you to understand exactly what it consists of. As a result, we define the perimeter of the market, now we do not know neither its size, nor the cost of leasing in the country.

— That is the exact volume of the Russian leasing market is unknown?

— is Unknown. There is a rough expert estimates, according to which the leasing portfolio is now about 3.4 trillion rubles: this seems close to reality. But what property is the leasing portfolio, what is the cost of leasing in the country, can not be determined.

the Reform will allow to shape the industry statistics, it will create a list of official companies that engage in leasing, it will be possible to draw conclusions about the measures of state support and to what extent you want to apply for this market to work more efficiently.

— do you have concerns that many market participants are leaving it after the introduction of regulation?

— At the beginning of the reform, we conducted a study jointly with the Federal Antimonopoly service. It turned out that the market is now several hundred participants, its core is about 200 to 300 major companies of Federal and regional scale. Leasing for them is the main activity, they do nothing. There are many mikrokompany for which leasing is not a core activity. They have one or several transactions. Some of them were originally created to receive state benefits. Clients affiliates, they do not work on the open market. These organizations will leave the market due to the reform. Moreover, according to our data, most of these companies have already left, not waiting for the entry into force of the provisions of the reform. According to the FAS, the share of such companies in the total volume of the leasing market is small, so their withdrawal will not have a negative impact on the development of the market.

— You mentioned that reform takes place in several stages. Tell us more about the timing of the implementation of your plans.

— the First bill, which proposes the introduction of regulation and capital requirements, is in the final stages of completion. It is to be soon submitted to the Duma. We expect that the Finance Ministry will make it to the end of the spring session. Until the end of summer we will work on a draft bill on the Civil code. When it is ready, we plan to begin tax reform.

the Exact timing, we currently do not denote the most important thing is to ensure that the complexity of these changes.

— Can you add some details about the change of the Civil code?

We have examined the judicial practice of leasing transactions for the year 2017. It was found that the lessors in disputes with their customers, as a rule, lose. At first we had a version that loser is some small companies which lack legal support, but later it turned out that, depending on the size of the companies is a common phenomenon. The reason for the defeat in the courts — an unsettled legal field.

the Essence of most of the trials connected with the settlement of defaults of customers. What should happen if the customer does not pay? Now with the default client, it usually loses rights of use of property, which belongs to a leasing company and the relations between the parties cease. However, leasing is a form of financing, therefore the idea is the client is obliged to reimburse all the expenses that the leasing company suffered for it. At present there is legal uncertainty in respect of what happens in the event of default. We plan to legally allow and to unify judicial practice.

in addition, in case the customer does not pay the leasing company for the use of the purchased on his order property, the leasing company has to decide on the seizure of property through court. From here there are additional financial and time costs. Therefore, we plan to introduce the procedure of extrajudicial foreclosure to facilitate default management. The leasing company will record the transaction at the notary, and when the client accepts the defaults, the lessor can go to the notary and to sign an Executive — the equivalent of a judicial decision. On the basis of this inscription, the bailiffs will take away the property from the defaulter. All of this should reduce costs of the lessor, improve the discipline of customers, reduce the loss of defaults.

— How would you characterize the leasing market of the Republic of Tatarstan?

— On the Republican market presents three business models. First — when a leasing company is a subsidiary of the Bank. That is, for the Bank, leasing is one of the sales channels. The second model: the government of the Republic of Tatarstan has its own subsidiaries that perform functions of development, among them there is a leasing company. This company, providing leasing services on favorable terms, contributes to the development of small and medium business in the region.

The third model is an independent lessors are not associated with any government nor with the banks. These are organizations that are spetsializiruyutsya mainly in the leasing of vehicles, machinery and construction machinery. These companies foniruyutsya mainly due to Bank loans.

In contrast, for example, the Moscow leasing companies that work with large business — supply in the leasing of aircraft, rail cars, water vessels, is a key feature of leasing companies in Tatarstan, is providing small and medium businesses services that are an alternative to Bank lending.