Sources of Financing

The passive side of a bank's balance sheet is characterized by considerable variety. Additionally, the intention of the supervisors is that the bank losses are covered according to a specific order, which foresees that the owners are the first to be exposed, followed by the creditors (but some of the bank's liabilities are essential for the continuation of the operations and it is not recommended that they are redeemed or converted into shares). The sequence of covering losses expected in the supervisory regulations is often inconsistent with the order resulting from the hierarchy of claims established in the bankruptcy law. In such a situation, implementing actions involving the write-down or conversion into shares of subsequent categories of debt may entail breaking the basic principles of bankruptcy and resolution law: the pari passu and no-creditor-worse-off rules. The purpose of the article is to identify situations in which the indicated rules are breached, as well as to review and evaluate national solutions that have been implemented to ensure compliance with the above mentioned rules. To this end, the relationship between the structure of the passive side of the bank balance sheet, supervisory regulations in the area of capital adequacy and the resolution principles were analyzed. As a result, four situations have been identified where there is a risk of breaking the already mentioned rules. The review of national solutions implemented to address the problem suggests that they lead mainly to its shift to the next category in the claims' hierarchy, but does not eliminate it. A similar effect is also provided by the amendment of the BRR Directive, which aims mainly to harmonize solutions introduced at national level.

Oil and gas companies are facing a critical challenge as the world increasingly shifts towards clean energy transitions. Fossil fuels drive the companies' near-term returns, but failure to address growing calls to reduce greenhouse gas emissions could threaten their long-term social acceptability and profitability. In the current realities of financial technology development, it is necessary to move from traditional ways of financing companies' activities to more transparent, fast and efficient ones with positive environmental considerations. The article reveals the distinctive features of the climate policy of the oil and gas business of the Russian Federation, in particular, the realities of the development of this industry in the face of foreign economic shocks in the form of sanctions as well as how to keep the damage to the environment to a minimum. The oil and gas business and companies in this industry are significant not only within the country but also on the international market as participants in export-import, finance, investment, political and other types of relations. The availability of such fuel and energy resources within the country allows it to be in a certain degree in high positions on the world market, since companies in the industry accumulate a significant amount of capital in their foreign trade and foreign economic activities and, to a certain extent, ensure the movement of foreign currency within the framework of their trade and economic relations. The authors of the article calculated an economic and mathematical model based on the structural-dynamic and coefficient analysis, that allows determining the feasibility of forming a new digital tool for the devising constructive Climate Policy for oil and gas projects financing. In the course of the analysis, based on Russian quarterly data for 2015-2018, the connection between the level of overdue debt on oil companies loans and the development indicators of the Russian oil and gas business was determined. The main conclusions presented in the article can be used in scientific and practical activities to develop financial and credit technologies as well as Climate Policy used in the oil and gas business.