The economy Ministry explained why it should regulate the leasing industry. According to the Ministry, the lease prevails over the economic substance of the financial. However, the Central Bank and the Finance Ministry are confident the financial nature of leasing and so we want to give supervision to the Bank of Russia.The economy Ministry insists that it should become a regulator in the leasing industry, to the letter (read it “b”, that his departure was confirmed by the Ministry), signed by the Deputy Minister Ilya Torosova in the Ministry of Finance in response to the request of the office of the government over the treatment of Deputy Yevhen Shulepova (see “Kommersant” on March 24). It is required to use the leasing industry to develop a “Toolkit updates and replenishment of fixed assets” and influence “on economic growth,” the letter says.Last year the Deputy from “United Russia” has offered its version of amendments to the law “On leasing” (see “Kommersant” on 17 January). The bill, which passed its first reading in the state Duma over a year ago, the Ministry of Finance and the Central Bank assume to regulate the leasing industry should the Bank of Russia. According to the version of Eugene Shulepova, to regulate the leasing industry should the Federal body of Executive power in the face of the economy, and many regulatory requirements in its version is removed.According to the Finance Ministry and the Bank of Russia, leasing is a financial product (quasirational) and, accordingly, the leasing company is a financial organization. “The key factors influencing the financial sustainability of leasing companies and distinguish them from non-financial institutions are high, financial leverage, credit and interest rate risks and liquidity risks, currency positions and concentration,”— said earlier the representative of the Central Bank. The largest leasing companies are part of financial groups, centred around banks that are being supervised by the Central Bank, indicated the Ministry of Finance. The emergence of these organizations, other Supervisory authority, according to the Ministry, create a duplicate of the financial regulator.The economy Ministry believes that the activities of leasing companies “economic substance prevails over the financial” because it leads “ultimately to the formation of the base of modern plant and equipment”. Therefore, it must answer “for the legal regulation of leasing activity and public policy” in this area. In addition, the Ministry stressed that “the leasing companies don’t work directly with the population and its means.” Ministry of economy the letter also notes that “the determination of the latitude control authority” needs to be reconsidered.”All types of financial activities have an impact on economic growth, and leasing is no exception”— retort in the Ministry of Finance. According to the representative of the mi��of istersiva, although leasing companies do not attract a significant amount of funds from the public, on the unregulated market there are cases of fraud: “the formation of the liabilities of the companies from sources other than public funds does not prejudice the need to create a second regulator on the financial market. Depositories, credit rating agencies, credit bureaus do not attract funds from the public, however, have the specialized control in the face of Bank of Russia”.The Central Bank and the Ministry of industry and trade did not respond to a request “b”. “The company is one of the elements of the financial system: they are closely integrated (financing banks, bond market), absorb significant financial and economic risks,”— said General Director of “SME Leasing” Roman Trubachev. According to him, the stability of the leasing market has a greater impact on the stability of the financial system, rather than on economic stability. Therefore, as suggested by Mr. Richter, the most logical regulation of the Central Bank.But there is another view. According to the head of regulation, compliance and authorization GC “Alfa-Leasing” rimmy Ivashchuk, sources of financing of leasing transactions is the investment of large companies and banks, “which are controlled by the Bank of Russia”. In her opinion, additional development “in the period of recession such control will not, on the contrary, will make leasing more expensive and therefore less accessible to customers.” At the same time, adds Mrs. Ivashchuk, leasing is a tool for the acquisition of fixed assets of enterprises, and if the state seeks to develop certain sectors of the economy, “that for the coordinated work possible organization of leasing companies on the basis of the economy.”Ilya Usov
