stručni prilozi SINERGETSKI EFEKTI BANKARSKIH I

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stručni prilozi

SINERGETSKI EFEKTI BANKARSKIH I NEBANKARSKIH FINANSĲSKIH POSLOVA NA FINANSĲSKOM TRŽIŠTU SRBĲE

dr Zoran Jović*

* Univerzitet Singidunum, [email protected]

Rezime

Aktuelna događanja u svetskom okruženju na polju poslovnog bankarstva su takva da ukazuju da se i kod nas moraju preformulisati bazični principi organizacĳe, strukture i izvora sticanja konkurentskih prednosti poslovnog bankarstva. Izraženi procesi deregulacĳe, konkurencĳe, globalizacĳe, informacionog progresa i diversifikacĳe rizika poslovanja, doveli su do brzog razvoja nebankarskih i nekreditnih poslova banaka prvenstveno u razvĳenim zemljama zapada, gde su ovi procesi najrazvĳenĳi, ali i u zemljama u tranzicĳi čim su stupile na put društvenih i ekonomskih reformi. Srbĳa, koja sprovodi korenite ekonomske reforme, nalazi se u procesima koji su u bankarstvu razvĳenih tržišnih ekonomĳa počeli pre četiri decenĳe, a u zemljama u tranzicĳi pre skoro dve decenĳe, procesi koji u celom svetu i dalje neprekidno traju.

Turbulentnost okruženja uslovljava relativno smanjenje značaja konvencionalnih načina sticanja konkurentskih prednosti banaka, dajući primat novim, modernĳim i tehnološki izdašnĳim modalitetima diferenciranja i pozicioniranja na bankarskom tržištu u koje prvenstveno spadaju nebankarski i nekreditni (dopunski) finansĳski poslovi banaka.

Donošenjem institucionalne zakonodavne regulative ove oblasti u Srbĳi stvaraju se neophodni uslovi za nesmetan i brz razvoj nebankarskih i nekreditnih poslova koji u sinergĳi sa klasičnim bankarskim poslovima mogu imati odlučujući uticaj na razvoj i strukturu finansĳskog sistema i poslovnog bankarstva u Srbĳi u narednom periodu.

Ključne reči: nebankarski i nekreditni poslovi, poslovno bankarstvo, institucionalni investitori, deregulacĳa, konkurencĳa, globalizacĳa, informacioni progres, rizici, performanse, osiguranje, penzioni fondovi, investicioni fondovi, berzanski poslovi, brokersko-dilerski poslovi, kastodi poslovi, lizing, franšizing, forfeting, faktoring

JEL klasifikacĳa: G230 i P34

UDK 336.761

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��expert contributions

SYNERGY EFFECTS OF BANKING AND NON-

BANKING FINANCIAL OPERATIONS IN THE FINANCIAL MARKET

OF SERBIASummary

Current developments actually taking place in the world business banking environment are such that they indicate that in our case also the basic principles must be reformulated in the organisation, structure and source of acquisition of competitive advantages of business banking. Manifested processes of deregulation, competition, globalisation, information technology progress and business risk diversification have brought about fast development of non-banking and non-crediting bank operations primarily in the Western developed countries, where these processes are best developed, but also in the countries in transition, as soon as they had embarked on the road of social and economic reforms. Serbia, now conducting profound economic reforms, is actually in the processes which have started to take place in the banking sector of developed market economies four decades ago and in the transition countries almost two decades ago, processes which in the entire world are still continuously taking their course.

Turbulent environment causes a relative drop in importance of conventional ways to acquire competitive advantages for banks, giving primacy to new, modern and technologically more advantageous modalities of differentiation and positioning on the banking market, primarily involving non-bank and non-credit (supplementary) financial operations of banks.

With the adoption in Serbia of the institutional regulatory framework in this field, necessary conditions are created for a smooth and fast development of non-banking and non-crediting functions, which in the synergy with the classical banking operations can have a crucial impact on the development and structure of the financial system and business banking in Serbia in the forthcoming period. Key words: non-banking and non-crediting operations, business banking, institutional investors, deregulation, competition, globalisation, information technology progress, risks, performance, insurance, pension funds, investment funds, stock exchange operations, brokering-dealing jobs, custody function, leasing, franchising, forfeiting, factoring…JEL classification: G230 and P34

Zoran Jović PhD*

* Singidunum University, [email protected]

UDC 336.761

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Procesi deregulacĳe finansĳske i bankarske strukture u razvĳenim tržišnim ekonomĳama uticali su

presudno na jačanje konkurencĳe između banaka i drugih finansĳskih institucĳa kao i međusobne konkurencĳe poslovnih banaka. Ovi procesi su u razvĳenim zemljama zapada dobili zamah u sedamdesetim godinama prošlog veka, da bi ekspanzĳu doživeli u osamdesetim i devedesetim godinama kao i u prvim godinama ovog veka, dok su u zemljama u tranzicĳi ekspandirali devedesetih godina prošlog i u prvim godinama ovog veka. Ova ekspanzĳa je za Srbĳu karakteristična posle 2000. godine.

Procesi deregulacĳe i pojačane konkurencĳe su uticali na ubrzavanje procesa globalizacĳe poslovanja banaka i drugih finansĳskih institucĳa. Informacioni progres svojim tehnologĳama obezbeđuje prostor i podršku za brze i neprekidne transformacĳe bankarskog sektora, konkurentsku borbu, opstanak na tržištu, momentalno prenošenje informacĳa i obradu podataka, brzo sagledavanje poslovnih rizika i donošenje najpovoljnĳih poslovnih odluka. Izmenjeni uslovi poslovanja su sobom doneli i nove rizike poslovanja i potrebu razvoja novih mehanizama za upravljanje tim rizicima. Nebankarski i nekreditni poslovi u bankarstvu se javljaju upravo kao odgovor banaka na promene koje sobom nose procesi deregulacĳe, konkurencĳe, globalizacĳe, informatizacĳe i diversifikacĳe rizika.

Trendovi

Pored klasičnih finansĳskih usluga poput depozitno-kreditnih usluga, usluga platnog prometa, usluga imovinskog osiguranja i sl. na finansĳskim tržištima su razvĳene i nove finansĳske usluge kao što su usluge životnog osiguranja, penzionih fondova, investicionih fondova i berzanskih posrednika, lizinga, franšizinga, forfetinga, faktoringa, kastodi banaka i sl. Sve nove usluge predstavljaju finansĳske poslove koji se obavljaju ili samostalno kroz istoimene finansĳske institucĳe ili u sklopu banaka kroz formu dopunskih bankarskih poslova. Trendovi u savremenom bankarstvu su omogućili da se banke više ne ograničavaju samo na pružanje

tradicionalnih usluga, već da užurbano počinju sa pružanjem opštih i savremenih finansĳskih usluga. Istovremeno mnoge nebankarske finansĳske institucĳe pokušavaju da budu što sličnĳe bankama u pogledu usluga koje nude. Oduvek su banke bile ispred drugih finansĳskih institucĳa i dominirale su finansĳskim sistemom. Pojavom mnoštva novih finansĳskih poslova i institucĳa, dominacĳa tradicionalnih banaka se gubi, ali su banke svoj odgovor našle u vlasničkom povezivanju sa drugim finansĳskim institucĳama i proširivanju svoje vlastite delatnosti na područja novih usluga. Ta nova dopunska forma delovanja i organizovanja banaka, poznata kao nebankarski aspekt funkcionisanja banaka, danas omogućava modernim finansĳskim institucĳama koje su zadržale tradicionalni naziv “banka”, a ustvari pored bankarskih obavljaju i sve druge finansĳske poslove u formi nebankarskih (parabankarskih - dopunskih) poslova, da i dalje zadrže primat na finansĳskim tržištima i budu ispred drugih pojedinačnih i samostalnih finansĳskih institucĳa.

Nebankarski i nekreditni poslovi banaka (poslovi osiguranja, poslovi penzionih fondova, poslovi investicionih fondova, berzanski poslovi, dilerski i brokerski poslovi, kastodi poslovi, poslovi lizinga, poslovi franšizinga, poslovi forfetinga, poslovi faktoringa), primarno predstavljaju savremene nebankarske (poslovi osiguranja, penzionih fodova, investicionih fondova, zatim berzanski, dilersko-brokerski i kastodi poslovi) i nekreditne (poslovi lizinga, franšizinga, forfetinga i faktoringa) finansĳske usluge koje se obavljaju samostalno kroz posebne organizacione forme nebankarskih i nekreditnih finansĳskih institucĳa, ali je sve češća praksa da se obavljaju i u sklopu banaka kao dopunski poslovi tradicionalnim bankarskim poslovima čĳa je svrha ostvarenje što većeg profita na nivou banke kao celine. U slučajevima kada se navedeni savremeni nebankarski i nekreditni finansĳski poslovi obavljaju kroz posebno oformljene sektore u okviru univerzalnih banaka ili kroz “ćerke” firme u sastavu bankarskog holding sistema ili finansĳskog konglomerata, ovi poslovi se mogu nazvati nebankarskim i nekreditnim poslovima banaka.

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Processes of deregulation of the financial and banking structure in the developed market economies have crucially

impacted strengthening of the competition between banks and other financial institutions, but also mutual competition between business banks themselves. These processes in the developed Western countries gained a momentum in the Seventies of the last century, to reach expansion during the Eighties and the Nineties and the initial years of this century, while in the transition countries they surged in the Nineties of the last century and the first years of this century. This development in Serbia was characteristic a�er 2000.

Processes of deregulation and intensified competition have impacted an accelerated globalisation process in the operation of banks and other financial institutions. Information progress with its technologies provides space and support for fast and continuous transformation of the banking sector, competitive challenge, survival on the market, instant information transfer and data processing, fast assessment of business risks and best business decision making. Altered conditions of business operation have brought about also new operational risks and the need for developing new risk management mechanisms. Both the non-banking and non-lending operations in banking appear actually as a response of banks to the changes introduced by the processes of deregulation, competition, globalisation, but also IT upgrading and risk diversification.

Trends

In addition to classic financial services like deposits-crediting transactions, payment system operations, property insurance services, and similar, new financial services have also been developed in the financial markets such as life insurance services, pension funds, investment funds and stock brokerage services, leasing, franchising, forfeiting, factoring, custody banks, etc. All new services are financial operations taking place either independently through the same-name financial institutions, or within the banks in the form of supplementary banking functions. Trends in modern banking have

allowed the banks to no longer remain confined only to offering traditional services, but to start promptly with offering general and modern financial products. At the same time, many non-bank financial institutions are striving to become as similar to banks as possible regarding the services that they offer. Banks have always been at the vanguard of the other financial institutions and have dominated the financial system. With the advent of new financial operations and institutions, the dominance of traditional banks has been fading, but the banks have found their response in the proprietary connections with other financial institutions and expansion of their own businesses into the areas of new services. This new supplementary form of operation and organisation of banks, known as the non-bank aspect of bank functions, today is allowing modern financial institutions that have retained their traditional name “the bank”, although in fact they are offering, in addition to the traditional banking operations, also other financial services in the form of non-banking (para-banking-supplementary) operations, to still retain the supremacy on the financial markets and to be well ahead of the other individual or independent financial institutions.

Non-banking and non-crediting functions of banks (insurance operations, pension funds operations, investment funds, stock exchange transactions, dealing and brokering operations, custody business, leasing, franchising, forfeiting, factoring) primarily represent the modern non-bank functions (insurance, pension funds, investment funds, stock exchange, dealing-brokering, and custody operations), and non-crediting functions (leasing, franchising, forfeiting and factoring) financial services which are conducted independently through special organisational forms of non-bank and non-crediting financial institutions, but there is a growing practice for these functions to be conducted also within the banks as supplementary functions to traditional banking transactions, with the objective of reaching highest possible profits on the level of the bank as an entity. In cases when the above mentioned modern non-bank and non-crediting financial operations are conducted through specially formed departments within

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Vrste poslova

Najznačajnĳi nebankarski finansĳski poslovi su poslovi osiguranja, poslovi penzionih fondova i poslovi investicionih fondova. Na razvĳenim evropskim i svetskim finansĳskim tržištima aktive ovih institucĳa prevazilaze aktive klasičnih bankarskih poslova sa tendencĳom daljeg širenja i pronalaženja novih formi i oblika poslovanja. Takođe su značajni i ostali nebankarski poslovi kao što su berzanski poslovi i dilersko-brokerski i kastodi poslovi. Ekspanzĳu doživljavaju i savremeni nekreditni poslovi kao što su lizing, franšizing, forfeting i faktoring.

Svi navedeni nebankarski i nekreditni poslovi se mogu obavljati i razvĳati samostalno, ali usled deregulacĳe banaka se mogu obavljati i razvĳati i u okviru poslovnih banaka kroz sektore komercĳalnog bankarstva u sklopu univerzalne banke ili kroz razvoj finansĳskih konglomerata. Tendencĳe u svetu idu u pravcu razvoja ovih poslova u okviru banaka kroz evropski tip univerzalne banke ili američki

tip razvoja multinacionalnih finansĳskih konglomerata. Time se ostvaruju ključni aspekti konkurentske prednosti koju pružaju sinergetski efekti udruživanja finansĳskih potencĳala i poslovne strukture banaka i performansi nebankarskih i nekreditnih poslova kako bi se kroz ekonomĳu obima i unakrsnu prodaju bankarskih i drugih finansĳskih usluga dobio novi kvalitet. U tim novoorganizovanim celinama, pored poslovnih banaka, nalaze se i afilĳacĳe nebankarskih i nekreditnih institucĳa, koje sve skupa predstavljaju celinu u vlasničkom smislu. Banke na taj način postaju dovoljno dinamične i prilagodljive novim izazovima na finansĳskom tržištu, tehnološkim promenama i jačanju međunarodne konkurencĳe. Zbog karaktera generalnih transformacionih procesa u svetskom bankarstvu i za zemlje u tranzicĳi koje su stupile na put društvenih i ekonomskih reformi, postaje neophodno razvĳanje ove vrste finansĳskih poslova u okviru banaka, iako se oni mogu razvĳati i samostalno, ali je to u praksi izraženo u manjem obimu.

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the universal banks or through “daughter” companies of the banking holding system or financial conglomerates, these operations may be called non-banking and non-crediting functions of the banks.

Types of functions

The most important non-bank financial functions are insurance operations, pension funds and investment funds. In the developed European and world financial markets the assets of these institutions surpass the assets of classical banking operations, with the tendency of further expansion and quest for new types and forms of operation. Significant are also other non-bank functions such as stock exchange and dealer-broker operations and custody services. Expansion is also experienced by the modern non-crediting operations such as leasing, franchising, forfeiting and factoring.

All the above non-bank and non-crediting functions may be conducted and developed independently, but because of deregulation of banks, they can also be conducted and developed within the scope of business banks through the commercial banking departments within a universal bank, or through the development of financial conglomerates. Tendency in the world is leading in the direction of development of these functions within banks through the European type of universal bank, or American type of development of multinational financial conglomerates. Thus the key aspects of competitive advantage are achieved offering synergy effects of pooling financial potential and business structure of banks and performances of non-bank and non-crediting functions, in order to obtain a new quality through the economy of scale and cross-selling of banking and other financial products. In these newly organised entities, in addition to business banks, there are also affiliations of non-bank and non-crediting institutions, which all together represent a single entity in the proprietary sense. Banks in this way are becoming sufficiently dynamic and adaptable to new challenges on the financial markets, to technological changes and strengthening of international competition. Due to the character of general transformation processes in the

world banking, it becomes necessary also for the countries in transition which have embarked on the road of social and economic reforms, to develop these types of financial services within banks, although they may also be developed independently, but in actual practice there are fewer examples and a rather more modest scope of activities in this field.

Synergy effects

In Serbia, non-banking and non-crediting bank operations are in the phase of introduction and development, and the prospects for their further development are great, and they are a segment with potentially the highest growth rates in the economy of our country in the forthcoming period, especially if the synergy effects are used for the development of the entire business banking. In the situation of an accelerated transformation of the Serbian banking from the classical into a modern one, implementation of non-banking and non-crediting operations is not only raised as a ma�er of competitiveness, but also as a ma�er of survival and further development of banks in Serbia. The future will find in leading positions those business banks in Serbia which have started in good time with the awareness of the world trends, adjusting their business structure to the conditions of an ever increasing competition, and those banks that have fully used to their advantage performances of non-bank and non-crediting functions by introducing them in their business practices, and thus by force of creative energy streamlined future business trends to their advantage.

Unlike to the traditional banking operations, non-bank and non-crediting functions involve a lower degree of certain risk exposure and availability of longer-term financing sources, which is an additional comparative advantage for banks developing these business functions. With the strive of banks for ever growing profitability, and their need for undisputable solvency and liquidity, dictates arise for greater care to be focused on the non-bank and non-crediting operations in comparison with the classic depositing-crediting bank activities.

Non-banking functions consist primarily

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Sinergetski efekti

U Srbĳi su nebankarski i nekreditni poslovi banaka u fazi uvođenja i razvoja, a perspektive za njihov dalji razvoj su velike i predstavljaju segment sa potencĳalno najvišim stopama rasta u ekonomĳi naše zemlje u narednom periodu, naročito ako se iskoriste sinergetski efekti na razvoj celokupnog poslovnog bankarstva. U uslovima ubrzane transformacĳe srpskog bankarstva iz klasičnog u moderno, implementacĳa nebankarskih i nekreditnih poslova se ne postavlja samo kao pitanje kompetitivnosti već i kao pitanje opstanka i daljeg razvoja banaka u Srbĳi. Budućnost će zateći na pozicĳi lidera one poslovne banke u Srbĳi koje na vreme uoče svetske trendove, prilagode svoju poslovnu strukturu uslovima sve izraženĳe konkurencĳe i u punoj meri iskoriste performanse nebankarskih i nekreditnih poslova njihovim uvođenjem u operativno poslovanje i time snagom kreativne energĳe usmere buduće poslovne tokove u svoju korist.

Za razliku od tradicionalnih bankarskih poslova, nebankarski i nekreditni poslovi sobom nose niži stepen pojedinih rizika i dugoročnĳe izvore finansiranja, što za banke koje razvĳaju ove poslove predstavlja dodatnu komparativnu prednost. Želja za rastućom profitabilnošću banaka, kao i potreba za neprikosnovenom solventnošću i likvidnošću, uslovljava poklanjanje veće pažnje nebankarskim i nekreditnim poslovima u odnosu na klasične depozitno - kreditne poslove banaka.

Nebankarski poslovi se sastoje prvenstveno od poslova institucionalnih investitora, kao što su poslovi osiguranja, poslovi penzionih fondova i poslovi investicionih fondova, kao i ostalih nebankarskih finansĳskih poslova kao što su berzanski poslovi, brokersko-dilerski poslovi i kastodi poslovi. Zajednička karakteristika nebankarskih poslova je da svoje potencĳale formiraju na osnovu dugoročnih izvora sredstava, a plasmane vrše na tržištu kapitala u razne oblike hartĳa od vrednosti, što znači da raspolažu relativno likvidnim aktivama, za razliku od banaka koje imaju relativno nelikvidnu aktivu jer moraju da čekaju rokove dospeća datih zajmova da bi došle do transakcionog novca za nove plasmane.

Osiguranje

Poslovima osiguranja se na bazi prodaje polisa osiguranja građanima i kompanĳama stvaraju dugoročni izvori sredstava koji se mogu upotrebiti za kupovinu dugoročnih finansĳskih instrumenata - akcĳa i obveznica, kao i kratkoročnih vrednosnih papira kojima se obezbeđuje tekuća likvidnost jer se lako mogu prodati na novčanom tržištu. Dominantni oblik osiguranja u razvĳenim zemjama predstavlja vid životnog osiguranja, dok u manje razvĳenim zemljama preovlađuje imovinsko osiguranje. Otuda veliki razvojni potencĳal u tranzitornim zemljama, kakva je Srbĳa, leži upravo u poslovima životnog osigranja. U Srbĳi dominiraju neživotna osiguranja u odnosu na životna osiguranja koja su u početnoj fazi razvoja (89,09% : 10,91% zaključno sa III kvartalom 2008.), dok npr. u grupi EU 8 zemalja životna osiguranja pokrivaju oko dve petine ukupnih osiguranja, u grupi EU 15 zemalja oko tri petine ukupnih osiguranja, a u SAD oko četiri petine ukupnih osiguranja. Otuda je očigledan razvojni potencĳal poslova životnih osiguranja u Srbĳi koji u narednom periodu treba da dožive potpunu ekspanzĳu na finansĳskom tržištu Srbĳe. Kretanja proporcĳe neživotnih i životnih osiguranja u Srbĳi u poslednjih pet godina ukazuju na pomeranje proporcĳe u korist životnih osiguranja (92,57% : 7,43% u 2004. godini prema 89,09% : 10,91% krajem 2008. godine). Podaci o performansama osiguravajućih društava u Srbĳi i njihovih matičnih banaka na bazi poređenja prinosa na akcĳski kapital i prinosa na ukupnu aktivu ukazuju na povoljnĳe indikatore profitabilnosti osiguravajućih društava u odnosu na banke što pored obezbeđenja dugoročnih izvora finansiranja, osiguranju kao nebankarskom i kao dopunskom bankarskom poslu daje perspektivu.

Penzioni fondovi

Poslovi penzionih fondova predstavljaju ključ za sprovođenje preko potrebne penzĳske reforme u svim zemljama sveta, posebno u tranzitornim zemljama među kojima je i Srbĳa. Od najvećeg značaja za razvoj penzionih fondova je postojanje drugog stuba penzĳskog

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of the operations of the institutional investors, such as the insurance services, pension funds and investment funds transactions, and other non-bank financial operations such as the stock exchange, brokerage and dealing jobs, and custody services. Common feature in the non-bank operations is that they are forming their potential on the basis of long-term funding sources, and the placements are done on the capital market in various forms of securities, meaning that they dispose with relatively liquid assets as opposed to the banks which are having rather illiquid assets because they must wait for maturity dates on their loan facilities granted to arrive in order to obtain transaction money for new placements.

Insurance

Insurance operations based on sales of insurance policies to citizens and companies are creating long-term funding sources that may be used for purchase of long-term financial instruments - stocks and bonds, and also of short-term securities thus providing for current liquidity as they are easily marketable on the money market. The predominant type of insurance in developed countries is in the form of life insurance, while in lesser developed countries property insurance prevails. Thus a great development potential in transition countries, such as Serbia, actually is to be found in the life insurance operations. In Serbia, the predominant type of insurance is in the form of non-life insurance in respect to the life insurance which is yet in its initial phase of development (89.09% : 10.91% inclusive of the 3rd Quarter of 2008), while, for example in the EU 8 group of countries life insurance was covering some two fi�hs of the total insurance policies, in the EU 15 group of countries this figure was some three fi�hs of total insurance policies, and in the USA it is four fi�hs of the total insurance policies. There is an obvious development potential for the life insurance operations in Serbia which should experience in the forthcoming period its full expansion on the financial market of Serbia. Trends in the proportion between non-life and life insurance in Serbia over the last five years indicate at the shi� in proportion in favour of the life insurance (92.57% : 7.43%

in 2004 versus 89.09% : 10.91% by the end of 2008). Data on performances of insurance companies in Serbia and their parent banks, based on the comparison between return on equity (ROE) and return on assets (ROA) show more favourable indicators of profitability of insurance companies in respect to the banks, and this in addition to providing long-term financing sources gives the insurance, both as a non-banking and as a supplementary banking function, good prospects.

Pension funds

Pension funds operations are a key for implementing dire needed pension reforms in all the countries of the world, especially in the countries in transition, among them also in Serbia. It is of the utmost importance for the development of pension funds to have the presence of the second pillar of pension insurance, i.e. legislation in place with regulatory requirement to set up a mandatory private pension insurance. In Serbia, at present, the first pillar exists, i.e. the mandatory state-contributory pension insurance, and from the year 2006, the third pillar of pension insurance started to develop, i.e. voluntary private pension insurance contribution, which is for indirect development of banks and financial market of lesser importance than the implementation of the second pillar - mandatory private pension insurance contribution. Thus the space for development of these operations in Serbia is enormous. Pension funds are creating long-term funding sources that may be invested in long-term placements like securities on the capital market or long-term loans granted with the intermediation of the business banks. Not unlike the life insurance transactions, pension funds operations are under a crucial impact of the creation of “big money” in the national economy and stable long-term funding sources which would allow the banks to make maturities matching between assets and liabilities in their long-term lending activities. At the same time, these operations may have a significant impact on the development of the capital market in Serbia, both in depth and in spread.

In order to achieve a total pension reform in Serbia, it is necessary also to regulate

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osiguranja, odnosno postojanje zakonske obaveze formiranja obaveznog privatnog penzĳskog osiguranja. U Srbĳi za sada postoji prvi stub tj. obavezno državno penzĳsko osiguranje, a od 2006. g. razvĳa se i treći stub penzĳskog osiguranja odnosno dobrovoljno privatno penzĳsko osiguranje koje je za indirektni razvoj banaka i finansĳskog tržišta manje značajan od implementacĳe drugog stuba - obaveznog privatnog penzĳskog osiguranja. Otuda je prostor za razvoj ovih poslova u Srbĳi ogroman. Penzioni fondovi formiraju dugoročne izvore sredstava koji se mogu investirati u dugoročne plasmane putem hartĳa od vrednosti na tržištu kapitala ili u dugoročne kredite posredstvom poslovnih banaka. Kao i poslovi životnog osiguranja, poslovi penzionih fondova presudno utiču na formiranje “velikog novca” u nacionalnoj ekonomĳi i stabilnih dugoročnih izvora koji bankama omogućavaju ročnu usklađenost aktive i pasive pri dugoročnoj kreditnoj aktivnosti. Istovremeno ovi poslovi mogu bitno da utiču na razvoj tržišta kapitala u Srbĳi i po dubini i po širini.

Za potpunu penzionu reformu u Srbĳi je potrebno regulisati rad i obaveznih i dobrovoljnih privatnih penzionih fondova, odnosno rad i drugog i trećeg stuba penzionog osiguranja. Ta regulativa može biti donesena istovremeno ili u etapama za šta se opredelilo zakonodavstvo u Srbĳi i prvo ozvaničilo rad jednog (trećeg) dok bi u budućnosti trebalo regulisati i rad drugog stuba penzionog osiguranja. Od izbora strategĳe, zavisi i brzina i dubina penzione reforme u Srbĳi. Svojom strategĳom Srbĳa se opredelila za pliću, etapnu i sporĳu penzionu reformu. U prilog ovakve odluke ide činjenica da je tržište kapitala u Srbĳi još nedovoljno razvĳeno za prihvatanje investiranja obaveznih privatnih penzionih fondova, za šta je potrebno razviti tržište kapitala izlaskom na berzu srpskih blue chip kompanĳa i raznovrsnih oblika državnih obveznica i drugih hartĳa od vrednosti. Razvoj penzionih fondova u Srbĳi treba da bude propraćen raznovrsnim poreskim olakšicama za podsticanje ulaganja u dopunske penzione fondove. Za razvoj penzionih fondova u Srbĳi bi najefikasnĳi bio poljski model po kome nema poreskih oslobađanja za građane koji ulažu u

dodatne penzione fondove, ali ima poreskih podsticaja za firme koje kreiraju penzione programe za zaposlene tako što poslodavac dobĳa poreske olakšice tj. oslobađa se plaćanja poreza za doprinose u ovakve fondove. U uslovima niskog nivoa nacionalnog dohotka po glavi stanovnika, niskih prosečnih primanja zaposlenih i niskog životnog standarda ogromna većina stanovništva ne podleže oporezivanju dohodka građana tako da poreska oslobađanja za građane ne bi dala značajan efekat na prihvatanje i razvoj dopunskog penzionog osiguranja. Sa druge strane poreske olakšice za firme u istim uslovima okruženja su znatno efikasnĳe jer je firmama jako stimulativno da deo već ukalkulisanog troška za poreze na plate prealociraju na trošak za dopunsko penziono osiguranje čime postižu veće zadovoljstvo i lojalnost zaposlenih. Ovaj model vodi brzom prihvatanju i omasovljenju dodatnih penzionih osiguranja i u Poljskoj je ostvario najveći procenat učešća penzionih fondova u odnosu na BDP u poređenju sa ostalim zemljama u tranzicĳi. Ovakav razvoj događaja bi bio poželjan i za Srbĳu i sa aspekta penzione reforme i sa aspekta bržeg razvoja, širenja i produbljivanja tržišta kapitala.

Investicioni fondovi

Putem investicionih fondova se mobilišu slobodna novčana sredstva građana, koji, profitno orĳentisani, umesto u štednju kod banaka investiraju u kupovinu akcĳa zatvorenih investicionih fondova ili investicionih jedinica otvorenih investicionih fondova. Putem portfolio menadžmenta vrši se optimalno prekomponovanje aktive investicionih fondova kupovinom i prodajom akcĳa i obveznica na tržištu kapitala. U zavisnosti od prosečne stope prinosa na aktivu investicionog fonda zavisi visina dobiti akcionara investicionih fondova. Poenta je da je stopa dobiti viša od kamatne stope na štednju kod banaka, što utiče na ekspanzĳu investicionih fondova. Ulaganje u investicione fondove nosi veću mogućnost zarade ali i višu stopu rizika (gubitka) ulaganja, naročito u periodima recesĳe i poremećaja na globalnom i lokalnom finansĳskom tržištu, u odnosu na ulaganje u štednju kod banaka koje donosi uglavnom nižu ali fiksnu garantovanu

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operations of both mandatory and voluntary pension funds, i.e. the functioning of the second and of the third pillar of pension insurance. This regulatory framework may be adopted simultaneously or in stages, as this la�er model was decided upon by the legislature of Serbia, by firstly announcing that the action of one pillar (the third one) shall proceed, while in future the work of the second pillar of pension insurance is to be regulated. On the selection of strategy will also depend the speed and depth of pension reform in Serbia. With its strategy so adopted, Serbia has decided in favour of a shallower, phased-in and slower pension reform. This decision was based on the fact that the capital market in Serbia is still insufficiently developed to absorb investments coming from the mandatory-private pension funds, where it would be necessary to have a rather more developed capital market, by way of listing on the stock exchange of Serbian blue chip companies and various forms of Treasury bonds and other securities. Development of pension funds in Serbia should be accompanied by various tax incentives for boosting investments into supplementary pension funds. The most efficient way to foster development of the pension funds in Serbia would be the Polish model where there are no tax exemptions for citizens investing into supplementary pension funds, but where there are incentives for the companies that are creating pension schemes for their employees in such a way that the employer is granted tax incentives, i.e. is being tax exempt for pension contributions made into such funds. In the situation where there is a low level of national per capita income, low average salaries earned by employees and a low standard of living, a wast majority of population remains outside of the income-tax-bracket paying category so that the tax exemptions for citizens would not cause any significant effects in favour of acceptance and development of the supplementary pension insurance schemes. On the other hand, tax incentives for companies under the same circumstances prevailing in the environment would significantly be more effective because the companies would experience as great incentive of having to pay an already calculated cost on salaries by relocating the cost on to the

payment of supplementary pension insurance contribution, thus achieving higher satisfaction of the employees and their boosted loyalty. This model is conducive towards a faster acceptance and massive adoption of supplementary pension insurance, and in case of Poland, the highest percentage of participation of pension funds was achieved in respect to the GDP, in comparison with the other countries in transition. Such a development would be desirable also for Serbia, both from the aspect of the pension reform and from the aspect of faster development, expansion and greater depth of the capital market.

Investment funds

Investment funds serve as vehicle for mobilising free cash of citizens, which when profit oriented, instead of being focused on savings with banks, are invested into purchase of shares in closed investment funds, or into investment units of open-ended investment funds. Through portfolio management an optimum re-composition is made of the investment funds assets by purchase and sales of stocks and bonds on the capital market. Depending on the average rate of return on the investment funds assets, will also depend the amount of return for stockholders of investment funds. The point is that the rate of return should be higher than the interest rate on savings with banks, which is impacting the expansion of investment funds. Placements made in the investment funds bring about higher options for earning, but also a higher rate of risk (loss) of investment made, especially in the periods of recession and disturbances both in the global and local financial market, all this in comparison with the savings made with banks bringing mostly a lower but fixed and guaranteed interest rate. Pu�ing in place institutional regulatory framework for operation of investment funds in Serbia, caused new prospects to emerge for the development of this very propulsive non-banking financial function which is very important for the development of banks that would, through their own investment funds, keep under control and manage transfers of significant funds from their savings accounts towards the investment

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kamatnu stopu. Donošenjem institucionalne regulative za rad investicionih fondova u Srbĳi, otvorile su se perspektive razvoja vrlo propulzivnog nebankarskog finansĳskog posla koji je jako važan i za dalji razvoj banaka koje bi putem svojih investicionih fondova držale pod kontrolom i upravljale transferima značajnih sredstava sa svojih štednih uloga ka investicionim fondovima, kao i novim neto ulaganjima u akcĳe investicionih fondova.

Berzanski poslovi

Ostali nebankarski finansĳski poslovi se odigravaju na primarnom i sekundarnom tržištu kapitala. Berzanskim poslovima investicionih banaka se omogućava kompanĳama da izvrše emisĳu hartĳa od vrednosti na primarnom tržištu kapitala i plasiraju ih po unapred određenim uslovima. Brokersko-dilerski poslovi se obavljaju na sekundarnom tržištu kapitala gde brokeri u tuđe ime i za tuđ račun obavljaju tehničke posredničke funkcĳe, dok dileri u svoje ime i za svoj račun obavljaju transakcĳe uz preuzimanje tržišnog rizika. Kastodi poslovi su vezani za: vođenje vlasničkih računa hartĳa od vrednosti, promenu vlasništva nad hartĳama od vrednosti, naplatu potraživanja od izdavalaca po osnovu dospelih hartĳa od vrednosti, kamata i dividendi za račun zakonitih imalaca tih hartĳa, pozajmljivanje hartĳa od vrednosti, obaveštavanja i zastupanja akcionara na skupštinama akcionara i staranje o ostvarivanju drugih prava koja pripadaju vlasnicima hartĳa od vrednosti. Berzanski, brokersko-dilerski i kastodi poslovi su zaživeli u Srbĳi, ali je prostor za njihov dalji razvoj ogroman. Ovi poslovi izraženi kroz obim trgovanja akcĳama na berzi kao procenat u odnosu na veličinu BDP-a u razvĳenim evropskim zemljama grupe EU 15 iznosio je 79,70% u 2002. godini dok je u Srbĳi isti pokazatelj iznosio svega 1,1%. Taj procenat u Srbĳi ima tendencĳu rasta i u 2004. godini je iznosio 1,84%, u 2005. godini 2,31%, u 2006. godini 4,39%, u 2007. godini 6,36%, dok je u 2008. godini imao pad na 2,62% zbog aktuelnih događanja na domaćoj, regionalnim i svetskim berzama. Performanse brokersko-dilerskih društava u Srbĳi pokazuju znatno viši nivo od performansi poslovnih banaka, mereno i prinosom na akcĳski kapital i prinosom na

ukupnu aktivu, što ukazuje na atraktivnost ovih nebankarskih finansĳskih poslova i u Srbĳi kao i svuda u svetu. Nužnost i interes poslovnog bankarstva u Srbĳi je da se okrene ka tržištu kapitala, da učestvuje u emisĳi i trgovanju hartĳama od vrednosti i drugih berzanskih efekata, kako zbog potreba svojih komitenata, tako i zbog mogućnosti vođenja svojih penzionih i investicionih fondova od trenutka kada se oni osnuju. Banke u Srbĳi mogu da postanu glavni akteri u poslovima reporta, opcĳa, �učersa i svopova, u službi upravljanja bankarskim rizicima, hedžinga, sekjuritizacĳe i ostvarivanja viših profitnih stopa.

Grupi savremenih nekreditnih poslova kojima se poslovne banke sve više bave pripadaju poslovi lizinga, franšizinga, forfetinga i faktoringa.

Lizing

Poslovi lizinga omogućavaju da se oprema ili trajna potrošna dobra iznajme na korišćenje uz posredovanje lizing kompanĳe i banke. Sve su češći slučajevi da banke formiraju svoje lizing kompanĳe i tako kontrolišu ceo proces iznajmljivanja, doprinoseći razvoju tržišta i boljim plasmanima robe sa jedne strane i finansĳskih sredstava sa druge strane. Lizing poslovi u Srbĳi trenutno predstavljaju najdinamičnĳi nebankarski finansĳski segment sa perspektivom visokih stopa rasta i u narednom periodu i uvođenja novih dinamičnih operativnih oblika poput lizinga nekretnina. Ovi poslovi se u Srbĳi, kao i u većini drugih zemalja, dominantno razvĳaju u sklopu poslovnih banaka kroz supsidĳarne organizacione oblike, pri čemu bankama omogućavaju posredni plasman novca i onim komitentima koji nemaju dovoljno sopstvenog kapitala za nabavku predmeta lizinga, a ne zadovoljavaju kriterĳume za dobĳanje bankarskih kredita. Zadržavanjem prava svojine nad predmetom lizinga, banka sa svojom nebankarskom lizing kompanĳom plasira sredstva uz smanjenje rizika sa istovremeno povećanom profitnom stopom na nivou grupacĳe. Poslovi lizinga u Srbĳi su beležili značajne stope rasta u prvim godinama rada tako da je veličina lizing poslova merena

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funds, but also venture into new net placements in the stocks of investment funds.

Stock exchange operations

Other non-bank financial operations are taking place on the primary and secondary capital market. Stock exchange operations of investment banks are allowing companies to conduct issuing of securities on the primary capital market and place them at in advance determined conditions. Brokering-dealing jobs are conducted on the secondary capital market where brokers are executing intermediation functions in the name and on behalf of others, while dealers are in their own name and on their own behalf conducting transactions by exposure to the market risk. Custody function is related to the following: managing ownership securities accounts, change in the securities ownership, collecting receivables from issuers on due maturities of securities, interest rates and dividends for the account of legal holders of such securities, lending of securities, notification and representation of shareholders at the shareholders meetings, and are providing custodian care for other rights exercised by the holders of securities. Stock exchange, brokering-dealing operations and custody function are being conducted also in Serbia, but the space for their further development is enormous. These operations, when expressed in the volume of trading in shares on the stock exchange as a percentage of the GDP size in the developed EU 15 group of countries, amounted to 79.70% in 2002, while in Serbia this same indicator reached only 1.1%. This percent in Serbia had the tendency of growth and in 2004 reached 1.84%, in 2005 it was 2.31%, in 2006 it was 4.39%, in 2007 it reached 6.36%, while in 2008 it experienced a fall to 2.62% because of the current events taking place on the local, regional and the world stock exchanges. The performances of the brokering-dealing societies in Serbia are showing a substantially higher performance level than the performances of the business banks, measured also in the return on equity (ROE) and the return on total assets (ROA), which indicates at how a�ractive these non-banking operations are both in Serbia and everywhere else in the world. The necessity and

the interest of the business banking in Serbia is to turn towards the capital market, to participate in the issuing and trading in securities and other stock exchange instruments, both for the needs of its customers and for the option of managing their own pension and investment funds from the moment they are established. Banks in Serbia may become the main actors in the repo, options, futures, and swap operations, in the service of managing banking risks, hedging, securitisation and reaching high profit rates.

The group of modern non-crediting functions where the business banks are increasingly engaged are the leasing, franchising, forfeiting, and factoring operations.

Leasing

Leasing operations are allowing for the equipment or other durable goods to be leased for use with the intermediation of the leasing company and the bank. There are a growing number of cases where the banks are forming their own leasing companies and are gaining control over the entire leasing process, contributing to the market development and be�er placement of goods, on the one hand, and financial resources on the other. Leasing operations in Serbia at present stand out as the most dynamic non-banking financial segment with the prospects of high growth rates also in the forthcoming period, and options for introducing new dynamic operational forms such as real estate leasing. These operations in Serbia, not unlike the situation in the majority of other countries, are predominantly developing within the business banks through the subsidiaries, where the banks are allowed to make indirect placement of funds to those clients who do not have sufficiently available their own capital for the purchase of the object of leasing, and are not satisfying the criteria for obtaining bank loans. By retaining the ownership rights over the subject of leasing, the bank with its own leasing company is placing funds with reduced risk exposure, while and at the same time gains an increased profit rate at the level of the group. Leasing operations in Serbia have recorded significant growth rates in the initial years of work, so that the size of leasing operations measured as a percentage of

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kao procenat u odnosu na BDP u 2003. godini iznosila 0,53%, u 2004. godini 1,94%, u 2005. godini 3,06%, u 2006. godini 3,40%, u 2007. godini 4,09%, a u 2008. godini 4,26% (izračunato kao projekcĳa na bazi prva tri kvartala 2008. godine). Poslovanje ovih nebankarskih firmi, a gotovo sva lizing društva u Srbĳi su subsidĳari poslovnih banaka (14 od ukupno 17 lizing društava), pokazuju dobre performanse merene prinosom na akcĳski kapital i prinosom na ukupnu aktivu i nadmašuju vrednosti navedenih pokazatelja kod njihovih matičnih banaka. Ovim se jasno pokazuju prednosti ovog savremenog nekreditnog finansĳskog posla i razlozi za njegovo uključivanje u redovnu poslovnu aktivnost banaka u cilju proširenja ponude, osvajanja novih tržišta i povećanja profita bankarskih grupacĳa u Srbĳi.

Franšizing

Franšizing u bankarstvu se sastoji u tome da velika banka prodaje svoje ime i poslovne metode malim i nezavisnim bankama, a u zamenu za to dobĳa provizĳu i učešće u profitu, pri čemu banka korisnik franšize ostaje samostalna u vlasničkom pogledu. To je klasični nekreditni posao gde banka bez angažovanja i plasiranja svojih sredstava stvara prihode putem provizĳa i učešća u dobiti. Dalji razvoj franšizinga kao poslovnog metoda u bankarstvu u Srbĳi je evidentan jer bez ovog savremenog poslovnog metoda ne bi bili dostupni najsavremenĳi i najprofitabilnĳi bankarski proizvodi poput debitnih, kreditnih i poslovnih kartica velikih internacionalnih kompanĳa od kojih su neke već prisutne na bankarskom tržištu Srbĳe. Poslovi kartičarstva u Srbĳi su od 2002. godine otkako su reaktivirani, do danas, zabeležili enormno brz rast meren brojem izdatih kartica, brojem transakcĳa i vrednošću transakcĳa. Razvoj kartičarstva u Srbĳi prati i razvoj mreže bankomata i POS terminala za prĳem platnih kartica. Brzinom razvoja ovih poslova Srbĳa se svrstava na mesto lidera u regionu, a na drugo mesto u svetu. Ovaj franšizni posao takođe pokazuje velike potencĳale i prostor za razvoj profitabilnih nekreditnih finansĳskih poslova u Srbĳi.

Forfeting

Putem forfetiranja izvoznici mogu da prodaju svoja dugoročna izvozna potraživanja, koja mogu biti sa rokom i do sedam godina, banci odnosno forfeting institucĳi uz odbitak odgovarajućeg fiksnog iznosa. Na taj način se ubrzava obrt kapitala i smanjuju angažovana sredstva izvoznika, što poboljšava njegovu likvidnost. S druge strane, banke ovim nekreditnim poslom ubrzavaju plasman sredstava, ne zarobljavajući sredstva u nisko likvidnim kreditima, već uglavnom preko svojih specĳalizovanih kompanĳa za forfeting otkupljene menice iznose na sekundarno tržište hartĳa od vrednosti radi dalje prodaje i tako brzo dolaze do likvidnih sredstava.

Faktoring

Putem faktoringa se vrši posredno kratkoročno kreditiranje proizvodnih i trgovinskih kompanĳa, kao i manjih izvoznika koji nemaju pristup bankarskim kreditima. Banke daju kratkoročnu kreditnu podršku faktoru, koji je obično bančina faktorska kompanĳa, koja preuzima domicilno ili izvozno potraživanje firme kojoj avansira 75-90% vrednosti prodaje odnosno izvoza. Na taj način se ubrzava obrt kapitala i podržava prodor manjih firmi na nova tržišta.

U Srbĳi još uvek nĳe doneta zakonska regulativa za funkcionisanje forfeting i faktoring društava iako je potreba za uvođenjem ovih poslova u redovne aktivnosti bankarskih subsidĳara ili samostalnih društava velika, kako sa aspekta poslovnog bankarstva tako i sa aspekta potreba privrednih subjekata i nacionalne ekonomĳe kao celine. Poslovne banke u Srbĳi mogu svojom razgranatom poslovnom mrežom, stručnom kadrovskom i tehnološkom infrastrukturom da ubrzaju proces implementacĳe ovih poslova u Srbĳi i sebi obezbede profitno respektabilne dopunske poslove.

Učešće nebankarskih i nekreditnih finansĳskih poslova u razvĳenim zemljama Evropske Unĳe gotovo dva puta je veće od učešća tradicionalnih bankarskih kreditnih poslova. U tranzitornim zemljama priključenim Evropskoj Unĳi je obrnuto. Učešće

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the GDP in 2003 amounted to 0.53%, in 2004 it was 1.94%, in 2005 it reached 3.06%, in 2006 it was 3.40%, in 2007 it was 4.09%, and in 2008 it amounted to 4.26% (calculated as a projection on the basis of the first three quarters of the year 2008). Business operations of these non-bank companies and almost all the leasing companies in Serbia are the subsidiaries of the business banks (14 out of the total 17 leasing companies), are showing good performances measured by the return on equity and the return on total assets, and exceed in value the stated indicators of their parent banks. This is a clear indication of the advantages of such a modern non-crediting financial function and the reasons for its integration into the regular business activity of banks with the objective of expanding the offer, mastering new markets and increasing profits of banking groups in Serbia.

Franchising

Franchising in the banking business implies that the major bank is selling its name and its business methods to a smaller and an independent bank, and in return is receiving commission and share in profits, where the bank which is franchise beneficiary remains independent in the proprietary sense. This is a classic non-crediting function where the bank, without engaging and placing its own funds, is creating revenue through commission and share in profits. Further development of franchising as a business method in banking in Serbia is evident because without this modern business method there would be no access to the most sophisticated and the most profitable banking products such as debit, credit, and business cards of the major international companies, some of them already being present in the banking market of Serbia. Payment cards business in Serbia, since 2002 when it was reactivated, and until this day, recorded an enormously fast growth measured by the number of issued cards, number of transactions and the value of transactions. Payment card business development in Serbia is followed also by the development of the ATM network and the POS terminals for the reception of payment cards. The dynamics of development of these

operations is ranking Serbia at the leading position in the region, and the second ranking position in the world. This franchise operation is also showing great potential and space for the development of profitable non-crediting financial operations in Serbia.

Forfeiting

Through forfeiting, the exporters may sell their long-term export receivables which can have maturities even up to seven years, to a bank i.e. a forfeiting institution with the discount of a certain fixed amount. In this way there is an acceleration of the capital turnover and the reduction of engaged funds of the exporter, which is improving his liquidity. On the other hand, banks are accelerating through this non-crediting operation the placement of funds, they are not immobilising their funds in low liquid loans, but mainly through their specialised forfeiting companies are bringing the repurchased bills to the secondary securities market for further sales, thus gaining a faster access to liquid funds.

Factoring

Factoring is an operation for indirect short-term crediting of production and trading companies, and also of smaller exporter who do not have an access to banking loans. Banks are granting short-term credit support to the factor, which is usually a bank factoring company, which in turn is taking over domicile or export receivables of the company to which it is advancing 75-90% of the value of sales i.e. export. In this way, capital turnover is accelerated and the penetration into the new markets of smaller companies is supported.

In Serbia thre is as yet no legal framework regulating functioning of forfeiting and factoring companies, although there is a great need for introduction of these operations into regular activities of bank subsidiaries or independent companies, both from the aspect of business banking and from the aspect of corporate entities and the national economy as a whole. Business banks in Serbia, through their well-branched business networks, highly qualified professional and technological

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tradicionalnih bankarskih kreditnih poslova je dva puta veće od učešća nebankarskih i nekreditnih finansĳskih poslova, odnosno dostignuta veličina ovih poslova je na nivou 50% u odnosu na bankarske poslove, ali dok učešće bankarskih poslova ima stabilan nivo u odnosu na visinu BDP-a, ovi poslovi beleže visoku prosečnu stopu rasta od 13,68% godišnje, što ukazuje da će se u budućnosti približiti nivou učešća u razvĳenim zemljama. Učešće nebankarskih i nekreditnih finansĳskih poslova u Srbĳi je upola manje nego u tranzitornim zemljama grupe EU 8 zemalja, ali bi institucionalnim regulisanjem i stvaranjem uslova za implementacĳu svih navedenih poslova, Srbĳa u narednom srednjoročnom periodu mogla da dostigne nivo sadašnjeg učešća ovih poslova u grupi EU 8 zemalja.

Aktuelni proces povećanja učešća stranih banaka na domaćem tržištu ima značajne konsekvence na bližu i dalju budućnost nacionalnog bankarstva, a posebno na intenzivan razvoj nebankarskih i nekreditnih finansĳskih poslova u Srbĳi, jer dolaskom stranih banaka, u slučaju postojanja zakonskog osnova, dolaze i njihovi subsidĳari - nebankarske i nekreditne firme sa dugogodišnjim iskustvom u obavljanju ovih poslova.

Ograničavajući faktori

Ograničavajući faktori daljeg razvoja nebankarskih i nekreditnih finanĳskih poslova u Srbĳi prvenstveno leže u nedostacima pravnog ambĳenta odnosno nepostojanju zakonodavne regulative za funkcionisanje pojedinih nebankarskih i nekreditnih finansĳskih poslova u Srbĳi. Krajem 2008. godine u Srbĳi postoje zakonsko-regulativni uslovi za obavljanje poslova osiguranja, berzanskih, brokersko-dilerskih i kastodi poslova, poslova lizinga, franšiznih poslova u bankarstvu, a implementirana je i najnovĳa regulativa za obavljanje poslova dobrovoljnih privatnih penzionih fondova (III stuba penzĳskog osiguranja) i poslova investicionih fondova. U Srbĳi još uvek ne postoji zakonska regulativa za obavljanje veoma propulzivnih nebankarskih i nekreditnih finansĳskih poslova kao što su poslovi obaveznih privatnih penzionih fondova (II stuba penzĳskog osiguranja), poslova

faktoringa i forfetinga.Ograničavajući faktori razvoja nebankarskih

finansĳskih poslova u Srbĳi su takođe i nivo nacionalnog dohodka po glavi stanovnika i nivo životnog standarda u Srbĳi. Rast ovih kategorĳa predstavlja materĳalnu osnovu i predispozicĳu za razvoj ovih poslova. Nivo ovih kategorĳa u Srbĳi je na znatno nižem nivou u odnosu na tranzitorne zemlje priključene Evropskoj Unĳi i potreban je niz godina nadprosečne stope rasta BDP-a kako bi se dostigao zadovoljavajući nivo nacionalnog per capita dohotka i nivoa životnog standarda koji garantuju solidnu osnovu za uspešan razvoj ovih poslova u Srbĳi.

Ograničenje za razvoj nebankarskih finansĳskih poslova u Srbĳi se nalazi i u nedostatku tradicĳe obavljanja ovih poslova i odsustvu navike građana i privrede da zadovoljenje svojih finansĳskih potreba traže van klasičnih bankarskih usluga. Ovaj ograničavajući faktor je najlakše prevazići, prvenstveno adekvatnim nastupom nebankarskih finansĳskih firmi i intenzivnim propagandnim aktivnostima na privlačenju potencĳalnih klĳenata od onog trenutka kada nastanu uslovi za formiranje i rad ovih institucĳa na srpskom tržištu. Sami benefiti od uvođenja nebankarskih finansĳskih usluga će pozitivno uticati na stvaranje navike njihovog korišćenja i uspostavljanja tradicĳe na srpskom finansĳskom tržištu.

Pozitivni i negativni efekti

Pozitivni efekti razvoja nebankarskih i nekreditnih poslova na razvoj poslovnog bankarstva u Srbĳi su višestruki i odlučujući za naredni period. Ovi poslovi proširuju asortiman ponude banaka i metodom unakrsne prodaje finansĳskih usluga i proizvoda proširuju tržište, dublje vezuju poslovanje komitenata za matični bankarski sistem, povećavajući nivo zadovoljstva i lojalnosti komitenata matičnoj banci, što pozitivno utiče na usklađenost bankarske ponude sa zahtevima tržišta, bolju iskorišćenost bankarskih infrastrukturnih i kadrovskih potencĳala, što doprinosi snižavanju fiksnih troškova finansĳskih usluga i pozitivno utiče na profitabilnost, likvidnost i solventnost poslovnih banaka, smanjuje pojedine rizike bankarskog poslovanja i bitno utiče na ročnu

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infrastructure, can accelerate the process of implementation of these operations in Serbia and secure for themselves respectable profit-oriented supplementary functions.

Participation of non-bank and non-crediting financial operations in the developed EU countries is almost twice as large as the participation of the traditional banking crediting operations. In the countries in transition that have joined the European Union, the reverse is the case. Participation of the traditional banking lending activities is twice the size of the participation of non-banking and non-crediting financial operations, i.e. the size reached in these operations is at the level of 50% of the banking operations, but as the participation of the banking operations is having a stable level in respect to the size of the GDP, these operations are recording a higher average growth rate of 13.68% annually, which indicates that in future it will be closer to the level of participation in the developed countries. The participation of non-banking and non-crediting financial operations in Serbia is half the size of those in the EU 8 group of countries in transition, but through the institutional regulatory framework and creating conditions for the implementation of all the above mentioned operations, Serbia could reach, in the next medium-term period, the level of the present participation of these operations in the EU 8 group of countries.

The current process of growing participation of foreign banks on the domestic market has significant effects on the near and longer future of the national banking, and especially on the intensive development of non-banking and non-crediting financial operations in Serbia, because with the advent of foreign banks, in case there are legal grounds set in place, there will also be the arrival of their subsidiaries - non-banking and non-crediting companies with long years of experience in conducting these operations.

Limiting factors

Limiting factors for further development of non-bank and non-crediting financial operations in Serbia primarily are present in the legal environment failure i.e. the absence of regulatory framework for the functioning of

certain non-bank and non-crediting financial operations in Serbia. In late 2008, in Serbia were set in place legislative and regulatory frameworks for the insurance operations, stock exchange, brokering-dealing and custody functions, leasing, franchising in banking, and also the latest regulatory framework is now being implemented for the voluntary private pension funds operations (the 3rd Pillar of pension insurance), and the investment funds activities. In Serbia as yet there is no legal framework for engaging in the very propulsive non-banking and non-crediting financial activities such as are the mandatory private pension funds operations (the 2nd Pillar of pension insurance), and the factoring and forfeiting operations.

Limiting factors for the development of non-banking financial operations in Serbia are also the level of national income per capita and the standard of living in Serbia. Growth of these categories shall provide a material basis and a prerequisite for the development of this business. The level of these categories in Serbia is substantially lower than in transition countries that have joined the European Union, and it will take a number of years of above-average GDP growth rate for a satisfactory level of national per capita income to be achieved and the standard of living which would guarantee a solid basis for successful development of these types of operations in Serbia.

Limiting factors for the development of non-banking financial operations in Serbia are also to be found in the absence of a tradition in conducting these types of operations and the absence of tradition shared both by citizens and the economy to search for satisfaction of their financial needs outside of the classical banking services. This limiting factor is the easiest to overcome, primarily through an adequate venture of non-banking financial companies and intensive promotion activities for a�racting potential clients from the very moment when the conditions are ripe for the establishment and operation of these institutions on the Serbian market. Benefits alone from the introduction of non-banking financial services shall have a positive impact on the creation of habits for their use and building up of such a tradition on the Serbian financial market.

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usklađenost aktive i pasive banaka.Negativni efekti razvoja nebankarskih

i nekreditnih poslova su daleko manji od pozitivnih a odnose se uglavnom na rast troškova finansiranja, odnosno na cene nebankarskih proizvoda i usluga koje u sebi obično sadrže troškove finansiranja i refinansiranja i anticipirane rizike poslovanja. Pored toga nebankarski i nekreditni poslovi nose sobom pojedine nove rizike (operativne rizike, tržišne rizike...) i proširuju neke postojeće rizike bankarskog poslovanja (reputacione rizike, državne rizike, moralne rizike...), što naročito dolazi do izražaja u recesionim periodima, periodima globalnih, regionalnih i lokalnih finansĳskih ili političkih poremećaja, ali u globalu ovi poslovi utiču na smanjenje ukupnih rizika bankarskog poslovanja jer pozitivno utiču na smanjenje većeg broja rizika (kreditnog, kamatnog, valutnog, likvidnosnog, zakonskog rizika...). Jedan od negativnih efekata ovih poslova može biti i otežan i usložnjen proces monitoringa i kontrole finansĳskih konglomerata sastavljenih od bankarskih i mnogobrojnih nebankarskih finansĳskih institucĳa.

Nebankarski i nekreditni poslovi u Srbĳi su u začetku razvoja, a perspektive za njihov razvoj su velike. Od četiri nebankarska posla sa najvišim stopama rasta u savremenim tržišnim ekonomĳama u Srbĳi je nešto duže zaživeo tek samo jedan (lizing), a tek odnedavno i poslovi penzionih i investicionih fondova, dok poslovi faktoringa još uvek nisu u punoj formi, zbog nepostojanja konkretne zakonske regulative vezane za ovu finansĳsku delatnost. Pojedinačni faktoring poslovi, pošto nisu zabranjeni, obavljaju se oslanjanjem na uopštene postojeće pozitivne zakonske norme koje ne pružaju dovoljno sigurnosti za pun razmah ovog finansĳskog posla. Ovi poslovi predstavljaju segment sa potencĳalno najvišim stopama rasta u srpskoj ekonomĳi u narednom periodu, naročito ako se iskoriste sinergetski efekti klasičnih bankarskih, nebankarskih i savremenih nekreditnih poslova za razvoj celokupnog poslovnog bankarstva. U uslovima ubrzane transformacĳe srpskog bankarstva iz klasičnog u moderno, implementacĳa nebankarskih i nekreditnih poslova se ne postavlja kao pitanje izbora, već kao pitanje

opstanka i daljeg razvoja banaka.

Zaključak

Dalji pravci tranzicĳe bankarstva u Srbĳi vode ka tome da banke budu profitno orĳentisane, uglavnom koncipirane kao univerzalne banke zapadno-evropskog tipa, koje pored klasičnih depozitno kreditnih poslova, treba da osvoje i ponude nove operativne forme poslovanja koje se mogu označiti kao nebankarske (dopunske), a koje će obezbediti komplementarnost i kontinuitet tradicionalnim bankarskim poslovima. Zbog snažne konkurencĳe na domaćem i međunarodnom finansĳskom tržištu, srpskom bankarstvu će biti teško da se održi samo asortimanom uobičajenih bankarskih usluga. Aktivnosti na realizacĳi uvođenja svih nebankarskih poslova su neophodne i zahtevaju ubrzanu akcĳu, prvenstveno na polju donošenja institucionalne regulative za obavljanje ovih poslova. Razlozi za razvoj nebankarskih i nekreditnih poslova u Srbĳi su mnogobrojni, a njihovi pozitivni efekti se prostiru i na mikroekonomski i na makroekonomski nivo, a posebno na dalji razvoj i opstanak poslovnog bankarstva.

Izraženi transformacioni procesi koji obuhvataju bankarski sektor odigravaće se i u narednom periodu, tako da će banke u budućnosti imati malo zajedničkog sa bankama kakve smo poznavali u dosadašnjoj fazi razvoja. Tendencĳa je da poslovne banke relativno smanjuju depozitno-kreditnu aktivnost, a istovremeno povećavaju druge oblike vanbilansnih aktivnosti u kojima dominantnu ulogu preuzimaju nebankarski i nekreditni poslovi banaka.

Na razvĳenim finansĳskim tržištima nema strogih podela na bankarske i nebankarske finansĳske poslove, već su i bankarski i svi nebankarski i nekreditni poslovi uobičajeni poslovi jedne finansĳske institucĳe, koja samo zbog tradicĳe i dalje nosi naziv banka. Međutim, aktuelna zbivanja na globalnom nivou u vezi sa svetskom finansĳskom krizom, upućuju na zaključak da je intenzivni proces deregulacĳe kumovao nastanku finansĳske krize jer je omogućio da novac deponenata kao klasična bankarska kategorĳa, u deregulisanom

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Positive and negative effects

Positive effects from the development of non-banking and non-crediting operations on the development of the business banking in Serbia are multi fold and shall have a decisive effect in the forthcoming period. These operations are broadening up the scope and range of the product offer of banks, and through the method of cross-selling of financial products and services, are widening the market, making a more profound connection between the business of a client and the home-bank system, fostering the level of satisfaction and loyalty of clients to their home bank, all this having a positive impact on the harmonisation of the banking offer with the market requirements, be�er deployment of banking infrastructure and staff potentials, which is contributing to the lowering of fixed costs of financial services and which is also having a positive effect on profitability, liquidity, and solvency of the business banks, while at the same time lowering certain risks of banking operations and significantly impacting maturities matching of assets and liabilities in banks.

Negative effects of the development of non-banking and non-crediting operations stand far below the positive ones, and mainly pertain to the growth of costs of financing, i.e. prices of non-banking products and services which usually embody in themselves costs of financing and re-financing and anticipated business risks. In addition, non-banking and non-crediting operations bring about some new risks (operational risks, market risks…) and extend some risks already existing in banking operations (reputation risk, country risk, ethical risks…) which becomes especially highlighted in the recession periods, periods of global, regional and local financial or political disturbances, but generally speaking, these operations are impacting an reduction of total risks of banking operations, as they have a positive influence on the lowering down of the number of risks (credit risk, interest rate risk, foreign exchange risk, liquidity risk, legal risk...). One of the negative effects of these operations may also become the process of monitoring now made more difficult and multi-layered, and the process of control of financial

conglomerates composed both of banking and a multitude of non-banking financial institutions.

Non-banking and non-crediting operations in Serbia are still in their infancy, but the prospects for their development are great. Out of four non-banking functions with the highest growth rate in the modern market economies, in Serbia only one had enjoyed a longer life (leasing), and only recently the operations of pension and investment funds have started, while the factoring operations are not yet in their full swing because of the absence of concrete regulatory framework relevant for this type of financial activity. Individual factoring transactions, as they are not prohibited, are being done with the reliance on the generalised existing positive legal norms which do not offer sufficient security for a full swing of this financial function. These transactions are a segment with potentially highest growth rates in the Serbian economy in the forthcoming period, especially if the synergy effects between classical banking, non-banking and modern non-crediting operations are taken advantage of for the development of the overall banking. In the presence of an accelerated transformation of the Serbian banking from the classical one into a modern sophistication, implementation of non-banking and non-crediting operations is not raised as a question of choice, but as a question of survival and further development of banks.

Conclusion

Directions in which further transition of banking in Serbia will take place are leading towards making the banks profit oriented, mainly conceived as universal banks of a Western-European type, which in addition to classic deposit-crediting operations should also master and offer new operational forms of business that may be designated as non-banking (supplementary), and which shall provide continuity and complementing with the traditional banking operations. Due to a powerful competition on the domestic and international financial market, Serbian banking will have a hard time surviving only with the product range composed of those every-day

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bankarstvu, putem mnogih međufaznih finansĳskih transakcĳa završi kao novac investicionih banaka i sličnih finansĳskih institucĳa na različitim finansĳskim berzama, koje su podložne velikim oscilacĳama, (i pozitivnim i negativnim) i čĳe prinose niko ne može kontrolisati ni predvideti, tako da su rizici investiranja u kriznim periodima previsoki i u krajnjoj instanci dovode do gubitka novca klasičnih bankarskih deponenata, što urušava sam bankarski i ukupan finansĳski sistem. Slična situacĳa na finansĳskom tržištu je postojala i pre velike svetske ekonomske krize 1929-33, nakon čega je uvedena stroga regulacĳa bankarske i finansĳske delatnosti, pri čemu je narednih pedesetak godina bila striktno razdvojena delatnost klasičnih i investicionih banaka, kao i novih nebankarskih finansĳskih institucĳa koje su se u međuvremenu razvĳale. Proces deregulacĳe je omogućio objedinjavanje svih finansĳskih poslova pod “jednim krovom” i doneo bankama i nebankarskim finansĳskim

institucĳama pozitivne sinergetske efekte poslovanja i konkurentske prednosti nad pojedinačnim bankama i drugim finansĳskim institucĳama. Istovremeno preterana deregulacĳa je omogućila prelivanje neprihvatljivo visokih rizika berzanskih tržišta na područje klasičnog bankarstva. Otuda je potrebno kompromisno rešenje između deregulacĳe i ponovne regulacĳe, kako bi se u što većoj meri iskoristili pozitivni efekti i eliminisali negativni efekti deregulacĳe i regulacĳe. Buduća globalna rešenja bi mogla da strožĳom regulativom onemoguće direktno i indirektno mešanje pasive klasičnih i aktive investicionih banaka preko određenih granica, u cilju izbegavanja nekontrolisanih rizika, a istovremeno da zadrže izvestan stepen slobode povezivanja banakrskih i nebankarskih finansĳskih poslova u cilju postizanja efekata multiplikacĳe pozitivnih performansi koje sobom nose sinergetski efekti bankarskih i nebankarskih finansĳskih poslova.

Literatura / References

1. Anderson W. Ronald, Kegels Chantal, “Transition banking”, Financial development of Central and Eastern Europe, Oxford, Clarendon Press, 1998.

2. Bakker Marie - Renee, Gross Alexandra, “Development of non-bank financial institutions and capital markets in European Union accession countries”, The World Bank working Paper no. 28, Washingon D. C., The World Bank, 2004.

3. Corne� & Saunders, “Fundamentals of financial institutions management”, Singapore, Irwin / McGraw - Hill, 1999.

4. Fabozzi J. Frank, “Foundations of financial markets and institutions”, New York, Prentice Hall, 2002.

5. Jović dr Zoran “Menadžment finanansĳskih institucĳa”, Beograd, Univerzitet Singidunum, 2008.

6. Jović dr Zoran, “Parabankarski i nekreditni poslovi”, Beograd, autor, 2008.

7. Shelagh Heffernan, “Modern banking in theory and practice”, Chichester, John Wiley & Sons Ltd, 1996.

8. “The banking and financial sector in the countries of South - Eastern Europe”, Roma, Banca d Italia, 2002.

9. The World Bank, “Capital markets and non-bank financial institutions in Romania: assessment of key issues and recommendations for development”, World Bank Working Paper no. 45, Washington D. C., The World Bank, 2005.

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ordinary banking services. Activities aimed at introduction of all the non-banking operations are both necessary and demand an accelerated and prompt action, primarily in the field of se�ing in place institutional regulatory framework for this type of operations. Arguments in favour of the development of non-banking and non-crediting operations in Serbia are many, and their positive effects are spreading also to the micro-economic and macro-economic levels, especially to the further development and survival of business banking.

Manifested transformation processes within the banking sector will continue to take place also in the forthcoming period, so that the banks in future will have li�le in common with the banks as we know them in the present-day phase of development. There are tendencies for the business banks to make a relative reduction in their depositing-crediting activities, while at the same time upgrading other forms of the off-balance sheet activities in which the predominant role is taken over by the non-banking and the non-crediting operations of banks.

In the developed financial markets there is no strict division between banking and non-banking financial operations, as all the banking and non-banking and non-crediting operations are a usual field of operation of a financial institution, which only carries its name of a bank out of tradition. The actual developments, however, taking place globally in connection with the world financial crisis, are leading to the conclusion that an intensive process of deregulation had its hand in the creation of the financial crisis as it allowed the money of depositors as a classic banking category, in a deregulated banking, and through multiple interfaced financial transactions, to end up as the money of investment banks and similar financial institutions on various financial stock exchanges, which are subject

to high volatility(both in the positive and in the negative sense) and whose yields no one can control or even predict, so that the risks of investment in the periods of crisis are too high and in the final instance they bring about the loss of money of the classical banking depositors, which is undermining the entire banking and financial system itself. Similar situation in the financial market was also present before the major world economic crisis in 1929-33, when a strict regulatory environment was introduced for banking and financial activities, and during the next fi�y years to come, there was a strict division between activities of classic and investment banks, as well as between the new non-banking financial institutions that were developing in the meantime. Process of deregulation allowed for merging of all the financial activities “under one roof” and brought about for the banks and non-banking financial institutions positive synergy effects of business and competitive advantages over the individual banks and other financial institutions. At the same time, an excessive deregulation has allowed spilling-over of unacceptably high risk exposures from the stock exchange markets on to the area of classical banking. Thus it is necessary to find a compromise between deregulation and new regulation, in order to profit to the maximum from the positive effects and eliminate the negative effects of both the deregulation and regulation. Future global solutions could prevent, through stricter regulation, direct and indirect mixing of liabilities of classic and assets of investment banks over certain limits, with the aim of avoiding uncontrolled risks, while at the same time retaining a certain degree of freedom for linkage between banking and non-banking financial operations with the objective of achieving effects of multiplication of positive performances which bring about synergy effects of the banking and non-banking financial operations.

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