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Bank trust cooperation means that banks provide loans to enterprises through trust financial procts. For example, if an enterprise needs a loan, it can "package" the relevant loan items into financial procts by the trust company, and then sell them to investors through the bank
with the promulgation of the trust law of the people's Republic of China, the measures for the administration of trust and investment companies, and the Interim Measures for the administration of trust funds of trust and investment companies, the problems that perplex the functional orientation of the trust instry have been solved. At the same time, it also marks the initial formation of the four pillars of China's financial system: banking, insurance, securities, and trust. After the re registration of trust and investment companies, the fund trust business, as its main business in the future, has a strong growth momentum. A prominent feature of its business development is its cooperation with banks, which has been relatively successful in more than one year's practice. It innovates financial procts, brings forth new ones, and promotes the exchange and sharing of information, network, customers, technology and other resources. Bank trust cooperation has become a mutually beneficial platform for the development of trust business and the banking instry to strive for high-end customers and develop extended business. 1. The separate operation and the financial policy of encouraging innovation provide a "natural" opportunity for the cooperation between banks and credit. Although the banking instry has the function and profit requirements of intermediary business, its business scope and operation mode are limited. The trust instry has a very broad business space, but the collection of trust funds is subject to certain restrictions, such as: it can not be publicized through public media, the number of entrustment contracts is not more than 200 (unlimited number of funds with a scale of more than 3 million yuan), the single entrustment fund is not less than 1 million yuan, and so on
2. Each bank and credit has its own comparative advantages in business operation, and the cooperation is more concive to the exertion of the advantages of each party. At the same time, the restrictions on itself can be reasonably relaxed to varying degrees. Such as: the banking instry has a huge amount of capital and rich customer resources, the use of funds is limited, the use of channels is narrow; The use of funds in the trust instry is relatively flexible, but the financing channels are limited
3. Through cooperation, we can improve the innovation of financial instruments and multi-faceted services, meet the different needs of trust investors, and achieve the purpose of improving the efficiency and stabilizing the relationship among bank, credit and customers
4. With the acceleration of the opening up of the financial instry, it is necessary to make preparations for participating in competition and even mixed operation at that time. 1. After the cancellation of the original settlement qualification, the trust company can only open a settlement account in the bank as a general enterprise, and the loan, investment and other business funds are settled through the bank account. After the fund trust business is started, a special trust account must be opened in the bank. The bank sells the trust plan on behalf of the trust company, receives and pays the funds and cashes the trust income on behalf of the trust company
2. Guarantee and interbank lending and credit
the trust company provides guarantee for the borrower's loan to the bank, and the bank provides guarantee for the trust and investment company's loan, etc; As a financial instry, the two sides are trading partners for capital (bond) transactions. 3. Cooperation in other specific business areas
such as joint investigation and evaluation of projects, striving for good projects, developing high-end customers, and joint loans; Or bank loans, trust guarantees; Both sides transfer and buy back assets to achieve the purpose of financing or adjusting the proportion of assets and liabilities< In order to standardize the operation and ensure the interests of banks, trusts and customers, the trust company is the trust fund manager, and the bank is the trustee, signing the trust account custody agreement to manage the trust plan
5. Sign strategic cooperation agreement
forward looking cooperation. In order to establish a long-term and stable cooperative relationship, seek more extensive areas of cooperation, and constantly launch new financial procts, the two sides discuss possible aspects of cooperation, formulate framework terms, and give each other priority in cooperation. 1. Signing an agreement, the bank signs an agency agreement with the trust at this stage, which stipulates that the bank will charge a certain commission for the sale, and the trust fund will open an account in the bank, so that the trust company can successfully issue the commitment of the trust plan. The projects of the sale on behalf trust scheme are generally inspected or approved by the banks
2. The trustor joins the trust plan and benefits of all parties. At this stage, the bank introces the client (the trustor) to the trust, and the trustor handles the trust contract and other related proceres with the trust company. On the surface, banks temporarily give up customers, but because special trust accounts and special trust project accounts are opened in their banks, the trust funds are still in their banks before they are used, the bank customer funds do not flow out, and the bank can obtain agency income; Once the trust scheme is sold successfully, the trust company will start to obtain the income from the trust service charge (generally collected annually), and then develop other trust businesses. The interests of the client: the interest rate of idle funds deposited in the bank is 0.72% (or 1.44%), while the income from joining the trust plan can generally reach more than 4%
3. Withdrawal of the trustor - transfer of the trust plan
when the bank sells the trust plan on a commission basis, it promises to the trust company the guarantee of the supply of trust funds ring the trust period. When it introces the trust plan to institutional customers, it promises that after a certain period of time (such as three months), the customers can choose to continue or withdraw. If it withdraws, it will notify the bank in advance (such as five days), and the bank promises to find the transferee for it, If the customer needs short-term funds ring the trust period, the bank promises that the loan can be guaranteed by the trust company or pledged by the trust contract. The bank can expand the loan business without losing the deposit or even expanding the deposit; In the process of trust fund management, trust companies continue to deepen the contact with clients, provide other functions of trust services for them, and expand business space. Banks and trusts can charge different proportions of transfer fees when the trustor withdraws from the transfer of the trust plan. Through market-oriented, customer-centered, trust plan as the carrier, bank as the media and platform, to manage funds and value-added, extended services for the purpose of achieving indirect financing to direct financing, the profitability of customer funds and the effectiveness of social funds are greatly improved; To realize the flow of trust funds and activate the trust market; To achieve the win-win effect of stable and close relationship between all parties involved. First, define the bank credit financial cooperation business, in order to achieve a comprehensive "closure"
according to the previous provisions of the CBRC on the investment management of personal financing business of commercial banks, private banking channels are not included in the supervision. This time, all customers and businesses related to bank credit financing cooperation have been required to be included
in view of the current popular financing bank trust financial cooperation business, the notice has offered two trumps. One is the 30% bottom line: the balance proportion management shall be implemented for trust company financing bank trust financial cooperation business, that is, the proportion of financing business balance in bank trust financial cooperation business shall not be higher than 30%
secondly, it is required that trust procts of trust companies should not be designed to be open-ended. The bottom line of 30% means that in the near future, bank trust financial cooperation procts can not be done. In fact, at present, the proportion of financing bank trust financial cooperation business in the overall bank trust financial cooperation business is quite high. According to Zhao Yang, a researcher of Puyi wealth, the most typical financing business is credit investment bank credit financial procts. Before 2010, credit bank credit cooperation procts accounted for 70% - 80% of the total number of bank credit cooperation procts. After entering 2010, influenced by a series of tightening bank credit cooperation policies, the issuance of credit bank credit cooperation procts decreased, but the proportion still reached more than 50%
by the end of June 2010, the scale of bank credit cooperative financial procts has exceeded 2 trillion yuan, mainly in trust loans and credit asset investment business. On July 2, 2010, the CBRC orally informed the trust company to suspend the bank trust cooperation business. The cooperation procts of bank and credit have declined greatly. According to the statistics of Puyi wealth, in July, a total of 408 bank trust cooperation procts were issued, with a 20% decrease in circulation compared with last month. Among them, 72 credit financing procts, including trust loans and credit assets, were issued, compared with 180 in June; In addition, there are 297 portfolio procts, 18 bill assets and 4 equity
in the view of some trust companies, comprehensive restrictions on open-end procts are more lethal. According to the above-mentioned analysis, the so-called open-end trust procts are similar to open-end funds, that is, procts that can be opened regularly and purchased and redeemed separately. At present, the rolling issuance of financial procts commonly used by commercial banks has been listed in this list. For example, for a three-year proct, the bank can divide it into a three-month period, "one period, one period, one period, one period, rolling and rolling". The notice also stipulates that the term of trust procts shall not be less than one year. According to the statistics of public information, the total number of financial procts issued by the Institute of trust and financial management of Southwest University of Finance and economics from January to November 2008 is 2553, and it is expected that the total number of financial procts issued in the whole year will exceed 3200. As some commercial banks have not disclosed the specific issuance scale of their indivial procts, according to the average issuance scale estimated by the annual statistical samples, the overall issuance scale of bank credit cooperative financial procts in 2008 will exceed 800 billion yuan. If we add non-public information financial procts, the overall scale of bank letter cooperation in 2008 will be more than 1 trillion yuan. In 2007, commercial banks and trust companies issued 582 cooperative financial procts
compared with 2007, the business of bank credit cooperation in 2008 is quietly changing. This change can be clearly reflected in the scale, proct structure and other aspects. In 2007, bank credit cooperation accounted for 25% of the total financial proct market of commercial banks. In the structure of bank credit cooperative financial procts, credit financial procts account for 48%, and securities investment financial procts account for 43%. In 2008, the bank trust cooperative financial procts were mainly credit (trust loan and credit asset transfer) and bill asset investment, accounting for 63.96% and 23.23% of the bank trust cooperative business respectively. In 2008, the number and scale of issuance of securities investment financial procts, including new share subscription, showed a sharp decline compared with the previous year, accounting for only 8.11% of the bank letter cooperation business. What these data highlight are three kinds of changes in the bank credit cooperative business in 2008: the number of bank credit cooperative financial procts has increased significantly, the main investment market of bank credit cooperative financial procts has changed greatly, the investment style of bank credit cooperative financial procts has changed significantly, and the stable financial procts occupy the dominant position in the bank credit cooperative financial market. Luo Zhihua, deputy director of the Institute of trust and financial management of Southwest University of Finance and economics, said that there are three main reasons for this change:
firstly, it is based on the macro-control policies in 2007 and the first half of 2008. The rapid development of bank credit cooperative financing market in 2008 is directly related to the macro-control policies and measures adopted by the central bank to deal with the domestic economic overheating and inflation. In order to cope with the overheated economy and inflation, the central bank frequently uses credit scale control, interest rate increase, increase of deposit reserve ratio and other means to rece and limit the ability of commercial banks to provide liquidity. As the establishment of trust for loans and investment can circumvent this restriction, commercial banks are encouraged to provide market support through bank trust cooperation

The front of the credit card has the marks of visa, master and JCB, which is the international credit card

international credit cards use US dollar as the settlement currency, and international credit cards can be used for overdraft consumption (consumption before repayment). The most common credit card brands in the world are visa, master card, etc. There is no interest on deposit with an international credit card

for example, the al currency credit card of Bank of communications, in the form of main card and subsidiary card, can be used all over the world. There is no service charge for consumption, and the longest interest free period is 56 days. It can also be used for emergency cash withdrawal abroad. Send the child's consumption bill on time every month, or open the bank communication service. The child's consumption details will be sent to the mobile phone in the form of SMS at the first time

visa is a global payment technology company, actively developing and promoting various digital currency procts, such as credit card, debit card, prepaid card, etc., connecting indivials, enterprises, financial institutions and governments in more than 200 countries and regions around the world through fast, secure and digital currency

Interest (year) = principal × Annual interest rate (percentage) × Deposit period

or interest = principal × interest rate × Time

deposit interest = principal × Days × Listing interest (daily interest rate) = interest days × Daily interest rate

interest tax = deposit interest (income tax payable) × The amount of interest depends on three factors: principal, deposit period and interest rate

according to the provisions of Guo Shui Han [2008] No. 826 of the State Administration of Taxation, indivial income tax on interest income of savings deposits is temporarily exempted from collection since October 9, 2008, so at present, interest tax on savings deposits is temporarily exempted

extended data:

types of bank financial management business:

asset business is the main source of income of commercial banks

credit loan is a kind of capital loan which only depends on the credit of the borrower and does not need to provide any collateral

(1) ordinary loan limit:

an enterprise and a bank enter into an informal agreement to determine a loan. Within the limit, the enterprise can get the loan support from the bank at any time, and the validity period of the limit is generally not more than 90 days. For loans within the ordinary loan limit, the interest rate is floating and linked to the preferential interest rate of the bank

(2) overdraft loan:

banks provide loans to customers by allowing customers to overdraft on their accounts. Providing this kind of convenience is regarded as the "additional obligation" beyond the contract undertaken by the bank to the customer

standby loan commitment is a formal and legally binding agreement. A formal contract is signed between the bank and the enterprise. In the contract, the bank promises to provide corresponding loans to the enterprise within the specified period and limit, and the enterprise shall provide fees for the bank's commitment

(4) consumer loans:

consumer loans are loans issued to consumers for purchasing rable consumer goods or paying other expenses. When commercial banks provide such loans to customers, they need to conct various reviews

(5) bill discount loan:

bill discount loan is a kind of loan in which the customer submits the unexpired bill to the bank, and the bank obtains cash by decting the interest from the discount date to the maturity date

2) mortgage loan:

mortgage loan has the following types

(1) inventory loan. Inventory loan, also known as commodity loan, is a kind of short-term loan with enterprise's deposit and loan or commodity as collateral

3) guarantee loan:

guarantee loan refers to the loan guaranteed by a guarantee issued by a third party. The letter of guarantee is a contractual document between the bank and the borrower, which stipulates the rights and obligations of the bank and the guarantor

as long as the bank obtains the standard form guarantee drawn up by the bank signed by the guarantor, it can make loans to the borrower. Therefore, the letter of guarantee is the simplest form of guarantee acceptable to the bank

4) loan securitization:

loan securitization refers to the process in which commercial banks convert loans into securities through certain proceres

the specific approach is: commercial banks will hold a variety of less liquid loans, combined into a number of asset pools, sold to the professional financing company (Special Purpose Corporation), and then the financing company issued asset-backed securities with these asset pools as guarantee

this kind of asset-backed securities can also be sold to investors through issuing market or private placement. The capital recovered from the sale of securities can be used as a new source of capital for commercial banks to make other loans

2. Investment business:

the investment business of commercial banks refers to the activities of banks purchasing securities. Investment is an important asset business of commercial banks and one of the main sources of bank income

1) treasury bonds. Treasury bonds are short-term government bonds with a maturity of less than one year

2) medium and long term bonds. Medium and long term bond is a kind of bond issued by the state for the capital needs of infrastructure investment. Its interest rate is generally higher and the term is longer. It is a better investment object for commercial banks

liability business

a liability is a kind of debt which can be measured in currency and will be paid by assets or capital e to credit extension. Deposits and derivative deposits are the main liabilities of banks, accounting for more than 80% of the sources of funds. In addition, inter-bank deposits, inter-bank deposits, borrowed or borrowed funds or bonds also constitute the liabilities of banks

1. Current deposit:

current deposit is relative to fixed deposit, which can be withdrawn or paid at any time without prior notice

2. Time deposit:

time deposit is relative to current deposit, which is a kind of deposit with a pre-determined term. Fixed deposits account for a high proportion of bank deposits. Because the time deposit is fixed and relatively long, it provides a stable source of funds for commercial banks, which is of great significance for long-term loans and investment of commercial banks

3. Savings deposit:

savings deposit is a deposit account opened by an indivial to save money and obtain interest income. Savings deposit can be divided into current account and fixed account

the current deposit of savings deposit, or called current savings deposit, has no fixed term and can be withdrawn only by passbook. Generally, the passbook cannot be transferred and circulated, and the depositor cannot overdraw

4. Negotiable certificates of deposit (CDS):

negotiable certificates of deposit is a main form of time deposit, but it is different from the above-mentioned time deposit. The obvious characteristics of transferable deposit certificate are: the face value of deposit certificate is fixed, the name is not recorded, the interest rate is fixed and floating, and the deposit period is 3 months, 6 months, 9 months and 12 months. Certificates of deposit can be circulated and transferred to meet the al requirements of liquidity and profitability

when opening such a deposit account, the depositor can issue a payment order at any time, or withdraw cash directly, or pay directly to a third party, and the interest income can be obtained from the balance of the deposit. Thus, it meets the convenience requirements of payment, and also meets the income requirements

6. Automatic transfer service deposit account:

this account is similar to the transferable payment order deposit account, and is developed on the basis of telephone transfer service. When it comes to Autopay Service, depositors can open two accounts at the same time: savings account and current account

when the bank receives the check from the depositor and needs to pay, it can immediately transfer the payment from the savings account to the current account, automatically transfer the account, and immediately pay the check

7. Swap deposit:

swap deposit refers to the foreign currency that the customer nominally changes into the foreign currency of his choice when depositing, which is deposited in the bank as time deposit of foreign currency. At the end of maturity, the customer will first convert the foreign currency deposit with interest back to the local currency before withdrawing. The term of deposit ranges from one month to one year

"Bank trust cooperation" means that banks provide loans to enterprises in the form of trust financial procts. Its operation mode is as follows: a real estate developer is short of funds to develop real estate projects, and the bank can not directly borrow from it e to the limited loan amount e to regulatory and other policy reasons. The trust company appears as an intermediary, takes the real estate developer's project to be developed as collateral, designs financial procts based on the cash flow of the project, and its cycle is generally one to one and a half years, and entrusts the bank to sell on behalf of the investor, The real estate agent obtains the project fund, the project is developed and sold, and the real estate agent pays the bank custody fee, the trust company service fee and the investor income
specifically, through the cooperation between banks and credit, banks can issue trust financial procts to raise funds and loans to enterprises instead of deposits. Because trust financial procts belong to off balance sheet assets rather than on balance sheet assets of banks, they can be less or even less supervised by the banking regulatory authorities. Cooperation mode between banks and credit: at the 2011 Annual Meeting of Boao Forum for Asia, Liu Mingkang once proposed that the CBRC is highly concerned about the "shadow banking" and cooperation between banks and credit, which cause high leverage. These institutions provide liquidity and credit, just like banks and insurance companies. Their wages are higher than those of banks and insurance companies, but their risks and costs are not well measured. In 2011, the ecology of China's financial instry is undergoing profound changes - more and more funds "jump" out of the bank's balance sheet and enter the real economy through various channels“ "Shadow banking" is graally emerging
"shadow banking" is a system, which refers to those lending platforms that are off the balance sheet of banks, such as entrusted loans, trusts, microfinance and even pawnbrokers, as well as "gray" private lending and even usury“ "Shadow banking" is growing savagely. On the one hand, it is tenacious. The people have a great demand for it and the soil for its development; Secondly, the "invisible" part challenges the existing rules and regulations. However, it is difficult to reach a final conclusion on the scale of "shadow banking". One of the reasons is that it grows so fast that there is no clear and unified concept: some people think that financing guarantee is not a "shadow bank" because its capital is essentially bank credit; Some people think that private equity financing and venture capital should be included in the scope, while others suggest that only loans should be calculated and equity investment should be ignored, because equity investment has no obvious substitution effect on credit
SG research recently pointed out in a research report that it is very difficult to estimate the exact scale of this lending behavior, but it is estimated that nearly 3 trillion yuan (470 billion US dollars) has flowed from the traditional commercial loan channels to the underground banking instry. Nomura's estimate is that China's overall shadow banking loan scale has reached 8500 billion yuan, and their conclusion is that the market must pay serious attention to this“ There is too much money for banks to hold "- this is the common reason for the emergence of" shadow banking "in various countries
taking private lending as an example, the background of its vigorous development is the precipitation of private funds. In addition to purchasing assets, the most convenient way for capital to seek value preservation and appreciation is borrowing
from a global perspective, "shadow banking" originates from the flooding of liquidity, but different financial environments in different countries lead to the differentiation of "shadow banking" forms
before the U.S. financial crisis, monetary easing, deepening financial innovation, and various derivatives transactions were booming. "Shadow banking" was mainly trading securitization real estate loans, so it was referred to as one of the culprits of the crisis
the situation in China is different. Under financial regulation and capital monopoly, "shadow banking" funds are mostly invested in small and medium-sized enterprises. Large state-owned enterprises can obtain large loans from banks at low interest rates, while small and medium-sized private enterprises generally obtain funds through "shadow banking", forming a financial "al track system"
some analysts believe that the shadow system has developed because the interest rates in the formal financial sector are strictly controlled and kept in a narrow range. At the same time, the number of entrepreneurs and other wealthy indivials with excessive savings is growing. They have no intention of putting money in the bank at a time when the real deposit interest rate is negative. At present, the three major risks faced by the banking instry include platform loan risk, real estate credit risk and "shadow banking" risk. In the prevention and control of "shadow banking" risks, we should strictly follow the schele to do a good job in the transfer of bank credit cooperation from off balance sheet to on balance sheet, strengthen the investigation and research of "shadow banking" problems, and do a good job in tracking analysis
"shadow banking" a considerable part of the business is known as the "shadow of the bank", the advantages are obvious: they are flexible, full of innovation consciousness, have a more thorough understanding of the local small and medium-sized enterprises, and can effectively solve the problem of traditional credit "information asymmetry" -- some institutions interviewed by the reporter have zero bad debt rate and compensation rate for many years< However, the regulatory authorities are also aware of the risks of "shadow banking", especially at present, many companies "sell dog meat" and start usury business. In June this year, the black hole event of "Rongdian guarantee" funds occurred in Xiamen, with a Book deficit of 3.7 billion yuan, which has already sounded the alarm“ The innovative tools of "shadow banking" and the secret financing channels have greatly increased the amount of capital flow, which has greatly reced the effect of the financial tightening policy of tightening monetary policy
in fact, the regulatory authorities have begun to try to solve the problem. In January 2011, the CBRC issued the notice of the CBRC on further standardizing the bank credit financing cooperation business, which requires all commercial banks to transfer the bank credit financing cooperation business from off balance sheet to on balance sheet before the end of the year, subject to the limitation of deposit loan ratio; If it is not transferred to the balance sheet, the trust company shall withdraw the venture capital at the rate of 10.5%; In May, Liu Mingkang, chairman of China Banking Regulatory Commission, said at the meeting that we should focus on the prevention and control of platform loans, real estate credit and "shadow banking" risks
however, it is very difficult for the CBRC to control the "shadow banking" alone, and many businesses are under multi management. For example, pawnbroking, financial leasing are managed by the Ministry of Commerce, and financing guarantee are managed by the financial office, the Ministry of Finance and even the Bureau of small and medium enterprises
according to the analysis of the central bank, the total amount of social financing covers 10 single items, but it still can not cover the real world capital channels, venture capital and private equity investment are not included, and the large amount of private lending is also excluded
"unless financial reform is carried out to give banks enough motivation to lend to small and medium-sized enterprises and diversify their loans, it will be difficult to rece the importance and growth of the black market." Some experts said so. In October 2012, the International Monetary Fund (IMF) issued a warning for China's domestic credit risk“ Although China's banking instry has maintained a low non-performing loan ratio, market concerns about its credit quality, especially small and micro loans, may seriously affect non bank lending institutions. " According to the GFSR report, at present, the price to book ratio (PB) of banks in Asia, the Middle East and Latin America is seriously lower than that in 2010, among which the decline rate of China's banking instry is the highest and the price to book ratio is the lowest
the IMF also reminds investors to be alert to China's credit risk, liquidity mismatch and moral hazard of non bank institutions< According to the GFSR report, China's "shadow banking" has expanded rapidly in recent years. Recently, the mainland economy has slowed down, and the overall credit has been suppressed. On the contrary, the importance of non bank credit has increased. This allows private enterprises to get more credit resources, but also brings challenges to the financial stability of the country< According to IMF data, trust financing has increased sharply in China's financing structure since 2011, accounting for less than 20% of the total amount of financing in the first quarter of 2011 to about 30% in the second quarter of 2012. Entrusted loans also grew rapidly. In the third quarter of 2011, the proportion of such loans in the total financing amount of the country was as high as 60%. In the second quarter of 2012, the above figure graally dropped to about 25%
in China's shadow banking system, informal borrowers are the most opaque, accounting for about 6% to 8% of China's GDP, mainly serving small and medium-sized enterprises. At present, these enterprises are facing higher credit risk, which is reflected in the loan interest rate as high as 20% or more. Affected by China's economic downturn, these informal borrowers are facing a sharp rise in non-performing loans
"China's shadow banking is an area we are worried about. In the past few years, China's shadow banking has grown rapidly through various loan instruments and intermediaries, which is indeed a risk. " The head of the IMF said that the total amount of loans provided through shadow banking accounts for 40% of China's GDP. At present, it is very important to strengthen the supervision of shadow banking. The emergence of shadow banking is the inevitable result of financial development and financial innovation. As a beneficial supplement to the traditional banking system, it plays a positive role in serving the real economy and enriching residents' investment channels. " A person in the instry said that the shadow banking risk is complex, covert, fragile, sudden and infectious, which is easy to ince systemic risk
side a: talk about "shadow" turns pale
because shadow banks usually receive "sub-prime credit" that the banking system is unwilling or unable to issue, and their risk control ability is weaker than that of the banking system, the potential risks of shadow banks are also concerned. Zuo Xiaolei, chief economist of galaxy securities, once pointed out in an article that "the disorder of the shadow banking market is worrying.". Liu Yuhui, director of the financial laboratory of the Chinese Academy of Social Sciences, also warned that "shadow banking is a" heavy minefield "of China's credit risk."< The rapid development of shadow banking has become a force that can not be ignored in China's financial system. Wang Zhaoxing, vice chairman of the CBRC, once wrote an article that "the shadow banking system is an indispensable part of the whole financial system and an important supplement to the formal financial system."