uncle_Alex писал(а):
Я не нашел дохода от оприходования облигаций и источника платежа для ""Payments to U.S. Treasury as interest on Federal Reserve notes". Если с этим удасться определится будет еще с чем продолжать. Мне как минимум нужно выяснить, какие корреспонденции используются по этому доходу и затрате соответственно.
Зачем Вам корреспонденции? Это обычные бухгалтерские проводки по начислению процентов, оприходованию облигаций и т.д. И что еще за "дохода от оприходования облигаций"? Имеете в виду
"Interest on U.S. government securities", который сейчас называется "Interest income: System Open Market Account: U.S. government, federal agency, and government-sponsored-enterprise securities"? Процентные доходы начисляются ежедневно и пропорционально размеру дисконта (по казначейским векселям) или купонов (по казначейским нотам и облигациям). При начислении процентного дохода по активу будет расти "Accrued interest receivable", а по пассиву "Interest on U.S. government securities".
Если брать данные
годового отчета за 2006 год, то:
Payments to U.S. Treasury as interest on Federal Reserve notes = Net interest income + Total other operating income (loss) - Total operating expenses - Dividends paid to member banks - Transferred to surplus = 35491 + 2664 - 3960 - 871 - 4272 = 29052
Т.е. Казначейству перечисляются все доходы за вычетом операционных затрат (зарплаты, финансирование Совета управляющих, затраты на оборудование и др.), дивидендов и необходимого увеличения нераспределенной прибыли. Дивиденды - это по закону 6% от уплаченного капитала. По закону нераспределенная прибыль должна быть равна уплаченному капиталу, поэтому если кто-то из банков-членов ФРС увеличивает свой уставный капитал (а в этом случае он должен увеличить и свой уплаченный капитал в ФРС), то необходимо увеличение нераспределенной прибыли - "Transferred to surplus".
В 2006 году "Interest on U.S. government securities" составлял 36452 млн. Получается, что Казначейству было возвращено 79,7% (29052 / 36452).
Более подробно про проценты на федеральные резервные ноты см. "Руководство по финансовому учету для Федеральных Резервных Банков" (
"Financial Accounting Manual for Federal Reserve Banks"):
Цитата:
12.60 Interest Paid on Federal Reserve Notes (330-200)
Under authority of Section 16 of the Federal Reserve Act, the Board has determined that the Reserve Banks will pay to the U.S. Treasury, as interest on Federal Reserve notes, all net earnings after providing for dividends and the amount necessary to equate surplus with paid-in capital. This concept originated in 1947. As a result of operations essential to Government financing during the war, and operations required by the needs of business and the public for credit and currency, earnings of the twelve Federal Reserve Banks were at relatively high levels. It was expected that net earnings of the Federal Reserve Banks for 1947, after payment of the statutory dividends to member banks, would aggregate more than $60,000,000. In view of these facts and the fact that at the end of 1946 the surplus of each Federal Reserve Bank was equal to its subscribed capital, the Board decided to invoke the authority, granted to it under Section 16 of the Federal Reserve Act, to levy an interest charge on Federal Reserve notes issued by the Federal Reserve Banks. The purpose of this interest charge was to pay into the Treasury approximately 90 percent of the net earnings of the Federal Reserve Banks for 1947.
The authority to levy an interest charge on Federal Reserve notes not covered by gold certificates had not been used previously, chiefly because of the existence, prior to 1933, of so-called franchise tax provisions of the law that had a similar effect; that is, of transferring excess earnings of the Reserve Banks to the Treasury. Under these provisions, which were repealed in 1933, each Federal Reserve Bank was required to pay a franchise tax to the government equal to 90 percent of its net earnings after it had accumulated a surplus equal to its subscribed capital. To the end of 1932 the Federal Reserve Banks had paid franchise taxes to the United States Treasury amounting to $149 million. At that time the Federal Reserve had accumulated surplus accounts of $278 million, as compared with subscribed capital aggregating $302 million. In the amendment of the Federal Reserve Act, contained in the Banking Act of 1933, providing for the establishment of the Federal Deposit Insurance Corporation, Congress required each Federal Reserve Bank to pay an amount equal to one-half of its surplus on January 1, 1933, as a subscription to the capital stock of the FDIC on which no dividends would be paid. These stock subscriptions amounted to $139 million and
reduced the surplus of the Federal Reserve Banks to an equivalent figure, or considerably less than one-half of their subscribed capital. Congress, therefore, eliminated the franchise tax in order to permit the Federal Reserve Banks to restore their surplus accounts from future earnings. Net earnings for the next ten years were relatively small, and at the end of 1944 the combined surplus accounts of the Federal Reserve Banks were less than 75 percent of their subscribed capital. During the next two years, however, net earnings increased substantially, due primarily to large holdings of Government securities accumulated through open market operations. This made possible transfers to surplus accounts that increased the combined surplus of the Federal Reserve Banks to $439,823,000 at the end of 1946, as compared with subscribed capital of $373,660,000.
Under the circumstances, the Board concluded that it would be appropriate for the Federal Reserve Banks to pay to the Treasury the bulk of their net earnings after providing for necessary expenses and the statutory dividend. In effect, this involved paying currently to the Treasury funds which, under existing law, would otherwise come to it only in the event of liquidation of the Federal Reserve Banks. The Federal Reserve Act still provides that, in case of liquidation of the Federal Reserve Banks, any surplus remaining after the payment of all claims shall be paid to the Treasury. By invoking its authority under Section 16 of the Federal Reserve Act, the Board was able to accomplish the same results as were accomplished by the payments of franchise tax, i.e., the transfer of excess earnings to the Government.
The Reserve Banks currently remit payment to the U.S. Treasury on a weekly basis. The amount consists of all net earnings after dividends and amounts necessary to equate surplus with paid-in capital. (See 60.20 for computation and reporting of interest payments.)
...
60.20 Interest on Federal Reserve Notes
The Board of Governors, under authority of Section 16 of the Federal Reserve Act, has established the following described rate of interest on the outstanding Federal Reserve notes of each Bank less the amount of gold certificates pledged with the Federal Reserve Agent:
The interest rate on Federal Reserve notes not covered by gold certificates pledged with the Federal Reserve Agent as collateral security for such notes shall be the result of the division of (a) the net earnings of the Federal Reserve Bank after provision for dividends on its outstanding Capital Paid In and for adjustments necessary to equate the amount of its Surplus with the amount of its Capital Paid In, by (b) the daily average amount of Outstanding Federal Reserve Notes of the Bank after deducting the daily average amount of gold certificates pledged with the Federal Reserve Agent as collateral security for such notes.
Из приведенной выше цитаты видно, что сумма процента не зависит от базы начисления, а процентная ставка не является фиксированным числом. Изменения в ФРА касательно этого процента были внесены Законом о золотом резерве 1934 года -
Gold Reserve Act of 1934. Формулировка сохранилась той же: "bank shall be charged with the amount of the notes issued to it and shall pay such rate of interest as may be established by the Federal Reserve Board on only that amount of such notes which equals the total amount of its outstanding Federal Reserve notes less the amount of gold certificates held by the Federal Reserve agent as collateral security". Почему был выбран такой тип выплаты - "процент", и почему именно такая база его начисления - банкноты минус золотые сертификаты, можно только догадываться.
Что касается сеньйоража, то его все же получает ФРС. Что ФРС платит за федеральные резервные банкноты? Ничего, кроме незначительной стоимости их производства и доставки. Вы можете возразить, что выпуск банкнот ФРС обеспечивает по закону залогом и тем самым "платит" за банкноты залоговыми активами. Но ведь все эти залоговые активы ФРС покупает за деньги создаваемые "из воздуха" - с помощью "ручки бухгалтера" создавая электронные деньги. Т.е. для ФРС приобретение таких активов бесплатно.
Вообще, uncle_Alex, философствовать на поднятую Вами тему можно долго. Возможна, например, такая довольно простая логика. Государственная власть в США в значительной мере приватизирована теми же людьми, которым принадлежит ФРС. Тогда можно сказать, что эмиссию доллара осуществляет в конечном счете частное государство США.