Kapitel I: Konjunkturvurdering
Kapitel I: Konjunkturvurdering
Kapitel I: Konjunkturvurdering
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
'DQVN Y NVW<br />
XGYLNOHU VLJ SDUDOOHOW<br />
PHG Y NVWHQ L YRUH<br />
DIWDJHUODQGH<br />
.$3,7(/ ,<br />
3W<br />
$IWDJHUODQGH<br />
'DQPDUN<br />
'DQVN ‘NRQRPL IRUnU<br />
.21-81.785985'(5,1*<br />
, ,QGOHGQLQJ<br />
9 NVWHQ L GDQVN ¡NRQRPL KDU GH VHQHVWH SDU nU OLJJHW RPNULQJ<br />
ò SW KYLONHW GHQ RJVn YHQWHV DW J¡UH L %13 Y NVWHQ<br />
YHQWHV GHUHIWHU DW VWLJH WLO D SW L RJ MI WDEHO<br />
, 'HQ EHKHUVNHGH Y NVW L 'DQPDUN L GH VHQHUH nU RJ IRUYHQW<br />
QLQJHUQH RP K¡MHUH Y NVW L GH NRPPHQGH nU HU SDUDOOHO WLO<br />
XGYLNOLQJHQ L GH ODQGH GHU DIWDJHU GDQVN SURGXNWLRQ MI ILJXU<br />
,<br />
)LJXU , 9 NVWHQ L 'DQPDUN RJ L YRUH DIWDJHUODQGH<br />
.LOGH 'DQPDUNV 6WDWLVWLN 1DWLRQDOUHJQVNDEHW RJ $'$0V GDWDEDQN<br />
.DSLWOHW HU I UGLJUHGLJHUHW GHQ PDM
7DEHO , +RYHGWDO L NRQMXQNWXUYXUGHULQJHQ<br />
cUHWV<br />
SULVHU<br />
3ULYDW IRUEUXJ<br />
2IIHQWOLJW IRUEUXJ<br />
2IIHQWOLJH LQYHVWHULQJHU<br />
%ROLJLQYHVWHULQJHU<br />
(UKYHUYVLQYHVWHULQJHU<br />
/DJHU QGULQJHU<br />
,QGHQODQGVN HIWHUVS¡UJVHO L DOW<br />
(NVSRUW L DOW<br />
9DUHHNVSRUW<br />
KHUDI LQGXVWULYDUHU<br />
7MHQHVWHHNVSRUW<br />
(IWHUVS¡UJVHO L DOW<br />
,PSRUW L DOW<br />
9DUHLPSRUW<br />
7MHQHVWHLPSRUW<br />
%UXWWRQDWLRQDOSURGXNW<br />
1HWWRDIJLIWHU<br />
%UXWWRY UGLWLOY NVW<br />
KHUDI SULYDWH E\HUKYHUY<br />
0 QJGHVWLJQLQJ<br />
0LD NU 3W
7DEHO , IRUWVDW +RYHGWDO L NRQMXQNWXUYXUGHULQJHQ<br />
)RUEUXJHUSULVHU<br />
(NVSRUWSULVHU<br />
,PSRUWSULVHU<br />
7LPHO¡QRPNRVWQLQJHU<br />
.RQWDQWSULV Sn EROLJ<br />
$UEHMGVVW\UNH<br />
3ULYDW EHVN IWLJHOVH<br />
2IIHQWOLJ EHVN IWLJHOVH<br />
/HGLJKHG<br />
%HWDOLQJVEDODQH<br />
2IIHQWOLJ VDOGR<br />
2IIHQWOLJ EUXWWRJ OG<br />
8GODQGVJ OG<br />
5HDOY NVW L DIWDJHUODQGH<br />
9 NVW L XGODQGHWV WLPHO¡QRPNRVWQLQJHU<br />
QGULQJ L GHQ HIIHNWLYH NURQHNXUV<br />
*HQQHPVQLWOLJ REOLJDWLRQVUHQWH<br />
7LPHSURGXNWLYLWHW L SULYDWH E\HUKYHUY<br />
3W<br />
QGULQJ L SHUV<br />
SHUV L QLYHDX<br />
0LD NU<br />
$QP 0 QJGHVWLJQLQJ L ³/DJHU QGULQJHU´ HU PnOW L IDVWH SULVHU L IRUKROG WLO %13 GHW IRUHJnHQGH nU<br />
8GYLNOLQJHQ L IRUEUXJHUSULVHUQH HU XGWU\NW YHG Y NVWHQ L GHIODWRUHQ IRU GHW SULYDWH IRUEUXJ 'HW<br />
HU DQWDJHW DW QGULQJHQ L GHQ RIIHQWOLJH EUXWWRJ OG L IUHPVNULYQLQJVSHULRGHQ HU OLJ GHQ RIIHQWOLJH<br />
VHNWRUV VDOGR HNVNO GH RIIHQWOLJH IRQGH RJ DW QGULQJHQ L XGODQGVJ OGHQ HU OLJEHWDOLQJVEDODQHQ<br />
.LOGH 'DQPDUNV 6WDWLVWLN 1DWLRQDOUHJQVNDEHW $'$0V GDWDEDQN %XUHDX RI /DERXU 6WDWLVWLV<br />
(R:LQV GDWDEDQN RJ HJQH EHUHJQLQJHU<br />
3W
DY UHQWH RJ<br />
HNVSDQVLY<br />
ILQDQVSROLWLN YLO ¡JH<br />
GHQ LQWHUQDWLRQDOH<br />
Y NVW<br />
,QGHQODQGVN<br />
HIWHUVS¡UJVHO<br />
WU NNHU Y NVWHQ<br />
'HU HU HQGQX LNNH NODUH WHJQ Sn HW LQWHUQDWLRQDOW RSVYLQJ PHQ<br />
DIVOXWQLQJHQ DI NULJHQ L ,UDN KDU PLQGVNHW GHQ JHQHUHOOH<br />
XVLNNHUKHG KYLONHW IRUYHQWHV DW PHGYLUNH WLO DW HW RSVYLQJ L GHQ<br />
LQWHUQDWLRQDOH ¡NRQRPL V WWHU L JDQJ 'HW IRUYHQWHV VnOHGHV DW<br />
HQ ODY UHQWH RJ HQ HNVSDQVLY ILQDQVSROLWLN YLO ¡JH Y NVWHQ L<br />
86$ 'HW YHQWHGH RSVYLQJ L 86$ YLO VPLWWH DI Sn (XURSD RJVn<br />
KHU XQGHUVW¡WWHW DI HQ UHODWLYW ODY UHQWH , IUHPVNULYQLQJHQ HU<br />
GHW VnOHGHV IRUXGVDW DW GH IOHVWH ODQGH L O¡EHW DI NRPPHU<br />
LQG L HW QRUPDOW Y NVWIRUO¡E %13 Y NVWHQ IRU 'DQPDUNV<br />
VDPKDQGHOVSDUWQHUH VN¡QQHV Sn GHQ EDJJUXQG DW EOLYH ò SW<br />
L ó SW L RJ ò SW L<br />
, YDU QHWWRELGUDJHW WLO Y NVWHQ IUD GHQ LQGHQODQGVNH<br />
HIWHUVS¡UJVHO RJ XGHQULJVKDQGOHQ RPWUHQW OLJH VWRUH MI ILJXU<br />
, 'HW VN\OGHV EO D DW HNVSRUWHQ WURGV GHQ UHODWLY ODYH Y NVW<br />
L XGODQGHW NODUHGH VLJ JRGW )UD RJ IUHP HU GHW LPLGOHUWLG<br />
GHQ LQGHQODQGVNH HIWHUVS¡UJVHO GHU HU GHQ GULYHQGH NUDIW IRU<br />
Y NVWHQ<br />
)LJXU , %LGUDJ WLO %13 Y NVW IUD LQGHQODQGVN HIWHU<br />
VS¡UJVHO RJ QHWWRHNVSRUW<br />
3W SRLQW<br />
%13<br />
,QGHQO HIWHUVS<br />
1HWWRHNVSRUW<br />
.LOGH 'DQPDUNV 6WDWLVWLN 1DWLRQDOUHJQVNDEHW $'$0V GDWDEDQN RJ<br />
HJQH EHUHJQLQJHU
3ULYDW IRUEUXJ<br />
ELGUDJHU PHVW<br />
)RUWVDW VWRUW<br />
RYHUVNXG Sn<br />
EHWDOLQJVEDODQHQ<br />
9 NVWHQ L GHW SULYDWH IRUEUXJ WLOWRJ L WLO D SW HIWHU HQ<br />
PHJHW ODY Y NVW L GH WUH IRUHJnHQGH nU , IUHPVNULYQLQJHQ<br />
YHQWHV GHW SULYDWH IRUEUXJ RJVn DW JLYH GHW VW¡UVWH ELGUDJ WLO GHQ<br />
LQGHQODQGVNH HIWHUVS¡UJVHO PHQ ELGUDJHW IUD GH SULYDWH<br />
LQYHVWHULQJHU ¡JHV GRJ LJHQQHP SURJQRVHSHULRGHQ 7LOVDPPHQ<br />
EHW\GHU GHW DW Y NVWHQ L GHQ LQGHQODQGVNH HIWHUVS¡UJVHO WLOWDJHU<br />
IUD ô SW L WLO RPNULQJ ó SW L RJ<br />
2YHUVNXGGHW Sn EHWDOLQJVEDODQHQ EOHY Sn RPWUHQW PLD NU<br />
L KYLONHW RJVn YHQWHV DW EOLYH QLYHDXHW L , RJ<br />
WLOVLJHU SURJQRVHQ DW RYHUVNXGGHW VWLJHU 'HWWH DIVSHMOHU<br />
SULP UW HQ VWLJQLQJ L RSVSDULQJVNYRWHQ 'H VWRUH RYHUVNXG Sn<br />
EHWDOLQJVEDODQHQ LQGHE UHU DW XGODQGVJ OGHQ L IUDY U DI<br />
NXUVUHJXOHULQJHU EOLYHU UHGXHUHW WLO D SW DI %13 L<br />
6WLJHQGH OHGLJKHG %HVN IWLJHOVHQ RJ DUEHMGVVW\UNHQ IDOGW EHJJH SHUVRQHU<br />
L RJ OHGLJKHGHQ YDU GHUIRU VWRUW VHW X QGUHW ,<br />
YHQWHV DUEHMGVVW\UNHQ DW VWLJH RJ GD IDOGHW L EHVN IWLJHOVHQ<br />
YHQWHV DW IRUWV WWH LQG L VWLJHU OHGLJKHGHQ )RU GH<br />
HIWHUI¡OJHQGH nU YHQWHV GHW DW EHVN IWLJHOVHQ VRP I¡OJH DI HQ<br />
Y NVW GHU HU OLGW RYHU WUHQGQLYHDXHW YLO VWLJH RJ DW OHGLJKHGHQ<br />
GHUIRU LJHQ YLO IDOGH 'HW EHW\GHU DW SURJQRVHQ LQGHE UHU DW<br />
OHGLJKHGHQ WRSSHU L 9 NVWHQ L SURGXNWLRQHQ L GH NRP<br />
PHQGH nU HU GRJ LNNH WLOVWU NNHOLJ WLO DW QLYHDXHW IRU OHGLJKH<br />
GHQ QnU WLOEDJH WLO QLYHDXHW L )RUYHQWQLQJHQ RP HQ<br />
VWLJQLQJ L DUEHMGVVW\UNHQ KDU EDJJUXQG L DW VWUXNWXUHOOH WLOWDJ<br />
YLO ¡JH DUEHMGVXGEXGGHW VHOYRP GHPRJUDILHQ LVROHUHW VHW<br />
PLQGVNHU GHW )DOGHW L DUEHMGVVW\UNHQ L IDQGW SULP UW VWHG<br />
IRU GH \QJVWH RJ GH OGVWH EODQGW GH HUKYHUYVDNWLYH<br />
2YHUVNXGGHW Sn<br />
RIIHQWOLJH ILQDQVHU<br />
IDOGHU L nU<br />
2YHUVNXGGHW Sn GH RIIHQWOLJH ILQDQVHU PLQGVNHV VRP I¡OJH DI<br />
GHQ PRGHUDWH Y NVW WLO NQDS PLD NU 2YHUVNXGGHW IUD<br />
WLO HU X QGUHW Sn WURGV DI HQ K¡MHUH ¡NRQRPLVN DNWLYLWHW<br />
GHU EHW\GHU DW VNDWWHJUXQGODJHW ¡JHV 'HW VN\OGHV DW GH DIWDOWH<br />
VNDWWHOHWWHOVHU IUD LVROHUHW VHW LQGHE UHU HQ IRUY UULQJ DI<br />
GHQ RIIHQWOLJH VDOGR , YHQWHV RYHUVNXGGHW DW VWLJH KYLONHW<br />
SULP UW VN\OGHV HQ SnUHJQHW QRUPDOLVHULQJ DI SHQVLRQVDINDVW<br />
EHVNDWQLQJHQ HIWHU DW SURYHQXHW L IOHUH nU KDU Y UHW PHJHW<br />
EHJU QVHW VRP I¡OJH DI GH VHQHUH nUV DNWLHNXUVIDOG
8VLNNHUKHGV<br />
PRPHQWHU<br />
7UHQGY NVWHQ<br />
XQGHU SW<br />
1 UY UHQGH NRQMXQNWXUYXUGHULQJ LQGHE UHU DW GHU NRPPHU HW<br />
RSVYLQJ L GDQVN ¡NRQRPL L LQGHY UHQGH nU RJ DW Y NVWHQ L<br />
RJ YLO OLJJH OLGW RYHU WUHQGY NVWHQ 'HU HU GRJ HQ<br />
U NNH XVLNNHUKHGVPRPHQWHU GHU NDQ QGUH Sn IRUXGV WQLQ<br />
JHUQH L SURJQRVHQ )RU GHW I¡UVWH HU VW\UNHQ RJ WLPLQJHQ DI GHW<br />
LQWHUQDWLRQDOH RSVYLQJ XVLNUH 3n GHQ HQH VLGH NDQ XVLNNHUKH<br />
GHQ GHU KDU Y UHW IRUnUVDJHW DI NULJHQ L ,UDN IRUWDJH VLJ<br />
KXUWLJHUH HQG IRUYHQWHW 3n GHQ DQGHQ VLGH NDQ HW Q\W IDOG L<br />
DNWLHNXUVHUQH PHG HIWHUI¡OJHQGH QHJDWLYH YLUNQLQJHU Sn IRUEUXJ<br />
RJ LQYHVWHULQJHU KHOOHU LNNH XGHOXNNHV ,QGHQODQGVNH IRUKROG HU<br />
RJVn EHK IWHW PHG XVLNNHUKHG ± I HNV NDQ IDOGHW L NRQWDQW<br />
SULVHUQH EOLYH NUDIWLJHUH HQG IRUXGVDJW 'HW NDQ EOLYH WLOI OGHW<br />
KYLV IDOGHW L EROLJSULVHUQH EOLYHU IRUVW UNHW DI QHJDWLYH IRUYHQW<br />
QLQJVPHNDQLVPHU 'HW NDQ GRJ RPYHQGW KHOOHU LNNH XGHOXNNHV<br />
DW SULVHUQH Sn HMHUEROLJHU VWLJHU (W DUJXPHQW KHUIRU HU DW GHW<br />
QXY UHQGH K¡MH QLYHDX IRU EROLJSULVHUQH EODQGW DQGHW VN\OGHV<br />
WLOWDJHQGH PDQJHO Sn DWWUDNWLYH E\JJHJUXQGH )UHPVNULYQLQJHQ<br />
DI DUEHMGVVW\UNHQ HU RJVn EHK IWHW PHG EHW\GHOLJ XVLNNHUKHG<br />
'HW HU VnOHGHV VY UW Sn QXY UHQGH WLGVSXQNW DW YXUGHUH RP<br />
IDOGHW L DUEHMGVVW\UNHQ L VN\OGHV HQ JHQHUHO WHQGHQV WLO<br />
ODYHUH HUKYHUYVIUHNYHQVHU HOOHU RP GHW VN\OGHV GHQ DIG PSHGH<br />
NRQMXQNWXUXGYLNOLQJ , VLGVWQ YQWH WLOI OGH NDQ GHW LNNH XGH<br />
OXNNHV DW DUEHMGVVW\UNHQ YLO VWLJH PHUH HQG DQWDJHW L SURJ<br />
QRVHQ KYLONHW VDQGV\QOLJYLV YLO UHVXOWHUH L DW OHGLJKHGHQ EOLYHU<br />
K¡MHUH HQG L IUHPVNULYQLQJHQ<br />
'HQ JHQQHPVQLWOLJH Y NVW L nUHQH XG RYHU SURJQRVHSHULRGHQ<br />
Pn IRUYHQWHV DW EOLYH ODYHUH HQG GHQ Y NVW YL KDU RSOHYHW GHW<br />
VHQHVWH WLnU 'HW NDQ VnOHGHV LNNH IRUYHQWHV DW EHVN IWLJHOVHQ<br />
¡JHV Vn PDUNDQW IUHPRYHU VRP GHW YDU WLOI OGHW L GHW IRUHJnHQ<br />
GH WLnU $UEHMGVVW\UNHQ YHQWHV VRP I¡OJH DI GHQ GHPRJUDILVNH<br />
XGYLNOLQJ LNNH DW VWLJH Q YQHY UGLJW HIWHU SURJQRVHSHULRGHQ<br />
RJ OHGLJKHGVQLYHDXHW YXUGHUHV KHOOHU LNNH DW NXQQH QHGEULQJHV<br />
Q YQHY UGLJW 'HW EHW\GHU DW GHQ ¡NRQRPLVNH Y NVW PHG HQ<br />
QRUPDO XGYLNOLQJ L DUEHMGVSURGXNWLYLWHWHQ LNNH NDQ EOLYH Vn K¡M<br />
VRP GHQ YDU L GHW VHQHVWH nUWL $UEHMGVNUDIWHQV SURGXNWLYLWHW<br />
KDU YDULHUHW EHW\GHOLJW RYHU WLG , SHULRGHQ IUD KDU GHQ L<br />
JHQQHPVQLW OLJJHW Sn RPNULQJ ô SW RP nUHW , VLGVWH KDOYGHO<br />
DI HUQH YDU ELGUDJHW HQGGD QRJHW PLQGUH 'HQ nUOLJH<br />
DUEHMGVWLG HU QHGVDW EHW\GHOLJW RYHU nUHQH 6HOYRP UHGXNWLR<br />
QHUQH DI DUEHMGVWLGHQ HU EOHYHW PHUH EHJU QVHW PHG WLGHQ HU
)RUWVDW ODY Y NVW L<br />
YHUGHQV¡NRQRPLHQ<br />
0XOLJH SRVLWLYH RJ<br />
QHJDWLYH<br />
XGYLNOLQJVIRUO¡E<br />
/DY XQGHUOLJJHQGH<br />
LQIODWLRQ PHQ<br />
PLGOHUWLGLJW K¡MH<br />
ROLHSULVHU<br />
GHQ nUOLJH DUEHMGVWLG GRJ EOHYHW V QNHW PHG SW RP nUHW<br />
VLGHQ (Q nUOLJ %13 Y NVW Sn ô SW IRUXGV WWHU<br />
VnOHGHV DW GHQ KLVWRULVNH WHQGHQV PHG QHGV WWHOVH DI DUEHMGV<br />
WLGHQ HU VWRSSHW<br />
, ,QWHUQDWLRQDO EDJJUXQG<br />
7URGV DIVOXWQLQJHQ DI NULJHQ L ,UDN HU GHQ JOREDOH ¡NRQRPL<br />
IRUWVDW SU JHW DI XVLNNHUKHG 'HW RSVYLQJ GHU WLGOLJHUH YDU<br />
YHQWHW HU IOHUH JDQJH EOHYHW XGVNXGW , IRUnUHW KDU LQYDVLRQHQ<br />
L ,UDN RSVOXJW RSP UNVRPKHGHQ 6SHNXODWLRQHU RP I¡UVW WLGV<br />
SXQNWHW IRU NULJHQV VWDUW RJ EDJHIWHU GHQV IRUO¡E KDU KDIW EH<br />
W\GQLQJ IRU VnYHO ROLHSULVHU VRP UHQWHQLYHDXHU DNWLH RJ YDOX<br />
WDNXUVHU RJ PHUH JHQHUHOW IRUYHQWQLQJVGDQQHOVHQ 2JVn HIWHU<br />
NDPSKDQGOLQJHUQHV DIVOXWQLQJ HU GHU HQ GHO XVLNNHUKHG RP GHQ<br />
IUHPWLGLJH ¡NRQRPLVNH XGYLNOLQJ 8VLNNHUKHGHQ JnU EnGH Sn<br />
KYRUQnU HQ EHGULQJ YLO V WWH LQG RJ RP YL NDQ IRUYHQWH HQ<br />
HJHQWOLJ K¡MNRQMXQNWXU L GH Q UPHVW NRPPHQGH nU HOOHU EORW HQ<br />
WLOEDJHYHQGHQ WLOHQ VLWXDWLRQ PHG QRUPDOY NVW , IUHPVNULYQLQ<br />
JHQ HU GHW IRUXGVDW DW GH IOHVWH ODQGH L O¡EHW DI NRPPHU<br />
LQG L HW QRUPDOW NRQMXQNWXUIRUO¡E 'HQ VDPPHQYHMHGH %13<br />
Y NVW IRU 'DQPDUNV VDPKDQGHOVSDUWQHUH VN¡QQHV Sn GHQ<br />
EDJJUXQG DW EOLYH ò SW L ó SW L RJ ò SW L<br />
MI ILJXU , RJ ELODJVWDEHO ,<br />
(Q U NNH IRUVNHOOLJH IDNWRUHU NDQ GRJ XGYLNOH VLJ VnGDQ DW GH<br />
SnYLUNHU XGYLNOLQJHQ L HQWHQ HQ PHUH SRVLWLY HOOHU HQ PHUH QHJD<br />
WLY UHWQLQJ HQG GHWWH KRYHGVHQDULH 1RJOH SURJQRVHPDJHUH<br />
YXUGHUHU VnOHGHV DW YHUGHQV¡NRQRPLHQ NRPPHU LQG L HQ<br />
HJHQWOLJ K¡MNRQMXQNWXU L GH NRPPHQGH NYDUWDOHU I¡UVW RJ IUHP<br />
PHVW GUHYHW DI HW RSVYLQJ L 86$ 2PYHQGW HU GHU IRUVNHOOLJH<br />
JOREDOH XEDODQHU VRP JLYHU ULVLNR IRU HQ PHUH QHJDWLY<br />
XGYLNOLQJ 1RJOH DI GH YLJWLJVWH XVLNNHUKHGVPRPHQWHU HU NRUW<br />
VNLWVHUHW L ERNV ,<br />
'HQ XQGHUOLJJHQGH LQIODWLRQ L (XURODQG RJ 86$ KDU Y UHW<br />
YLJHQGH JHQQHP GHW PHVWH DI Sn JUXQG DI GHW ODYH<br />
DNWLYLWHWVQLYHDX 2OLHSULVHUQHV VWLJQLQJ VRP I¡OJH DI VLWXDWLR<br />
QHQ L 0HOOHP¡VWHQ JDY LQIODWLRQHQ L LV U 86$ HW PLGOHUWLGLJW<br />
VNXE RSDG RPNULQJ nUVVNLIWHW MI ILJXU ,
)LJXU , 9 NVWHQ L XGYDOJWH RPUnGHU<br />
3W<br />
.LOGH 6RP ELODJVWDEHO ,<br />
3W<br />
(XURODQG<br />
86$<br />
(XURODQG<br />
-DSDQ<br />
86$<br />
)LJXU , ,QIODWLRQHQ L (XURODQG RJ 86$<br />
$QP )LJXUHQ YLVHU XGYLNOLQJHQ L IRUEUXJHUSULVLQGHNVHW 6LGVWH REVHUYD<br />
WLRQ HU PDUWV IRU 86$ RJ IHEUXDU IRU (XURODQG<br />
.LOGH (R:LQV GDWDEDQN
%RNV , 8VLNNHUKHGVPRPHQWHU L GHQ LQWHUQDWLRQDOH ¡NRQRPL<br />
3RVLWLYH PRPHQWHU<br />
(W KXUWLJHUH HQG IRUYHQWHW ERUWIDOG DI XVLNNHUKHGHQ NDQ I¡UH WLO HW KXUWLJW<br />
SRVLWLYW IRUYHQWQLQJVVNLIW<br />
6nYHO ILQDQV VRP SHQJHSROLWLNNHQ HU UHODWLYW HNVSDQVLY L GH IOHVWH YHVWOLJH<br />
ODQGH<br />
'H VHQHVWH nUV GnUOLJH NRQMXQNWXUHU NDQ KDYH InHW PDQJH IRUEUXJHUH WLO DW<br />
XGVN\GH DQVNDIIHOVHQ DI VW¡UUH YDULJH IRUEUXJVJRGHU 'HU NDQ VnOHGHV NRPPH<br />
HQ LQGKHQWQLQJVHIIHNW IUD XGVNXGW IRUEUXJ OLJHVRP LQYHVWHULQJVQLYHDXHW RJVn<br />
YLO DHOOHUHUH QnU ¡NRQRPLHQ YHQGHU WLOEDJH WLO PHUH QRUPDOH NRQMXQNWXUHU<br />
,QVWLWXWLRQHOOH LQYHVWRUHU VRP SHQVLRQVNDVVHU KDU HW VWUXNWXUHOW SODHULQJVEHKRY<br />
RJ Pn IRUYHQWHV LJHQ DW XGYLGH GHUHV DNWLHEHKROGQLQJ EHW\GHOLJW Sn HW WLGVSXQNW<br />
1HJDWLYH PRPHQWHU<br />
$NWLHNXUVHUQH HU HIWHU QRJOH DQDO\WLNHUHV PHQLQJ VWDGLJ RYHUYXUGHUHGH , GH<br />
VHQHVWH PnQHGHU HU GH IRUHJnHQGH nUV IDOG EUHPVHW RS RJ EOHYHW DIO¡VW DI HQ<br />
VWLJQLQJ MI ILJXU , 0XOLJKHGHQ IRU HW Q\W IDOG PHG HIWHUI¡OJHQGH QHJDWLYH<br />
YLUNQLQJHU Sn IRUEUXJ RJ LQYHVWHULQJHU NDQ LPLGOHUWLG LNNH XGHOXNNHV<br />
+XVSULVHUQH HU L PDQJH ODQGH VWHJHW NUDIWLJW JHQQHP HUQH RJ L PRGV W<br />
QLQJ WLO DNWLHPDUNHGHW HU WHQGHQVHQ LQGWLO YLGHUH LNNH YHQGW +XVSULVHUQH HU<br />
VnOHGHV Sn HW KLVWRULVN PHJHW K¡MW QLYHDX L IRUKROG WLO KXVKROGQLQJHUQHV<br />
LQGWMHQLQJ 'HWWH VN\OGHV EODQGW DQGHW DW UHQWHQ RJVn KDU Y UHW IDOGHQGH 'HW<br />
NDQ GRJ LNNH XGHOXNNHV DW PDQ YLO RSOHYH IDOGHQGH KXVSULVHU L IOHUH ODQGH L GH<br />
NRPPHQGH nU IRU HNVHPSHO Sn JUXQG DI HQ VWLJQLQJ L OHGLJKHGHQ VRP InU<br />
EROLJHIWHUVS¡UJVOHQ WLO DW IDOGH<br />
(Q WUHGMH VW¡UUH XEDODQH HU GHW IRUWVDWWH DPHULNDQVNH EHWDOLQJVEDODQH<br />
XQGHUVNXG VRP VNDO ILQDQVLHUHV DI XGHQODQGVNH NDSLWDODQEULQJHOVHU L 86$<br />
3DUDOOHOW KHUPHG HU GHQ DPHULNDQVNH IRUEUXJVNYRWH RJVn Sn HW PHJHW K¡MW<br />
QLYHDX KLVWRULVN<br />
/XQJHV\JGRPPHQ 6$56 VRP VSUHGHV IUD .LQD RJ +RQJ .RQJ XGJ¡U HW<br />
QHJDWLYW HIWHUVS¡UJVHOVVW¡G VRP ORNDOW KDU QHGVDW DNWLYLWHWHQ L ¡NRQRPLHQ L LNNH<br />
ULQJH JUDG 'HWDLOKDQGHOHQ RJ GHUPHG SULYDWIRUEUXJHW EOLYHU VnOHGHV UDPW IRUGL<br />
IRON ¡QVNHU DW XQGJn SHUVRQOLJ NRQWDNW %OLYHU GHU WDOH RP HQ PHUH JU QVH<br />
RYHUVNULGHQGH HSLGHPL NDQ GLVVH QHJDWLYH YLUNQLQJHU IRUVW UNHV PHQ HIIHNWHQ<br />
Sn GDQVN ¡NRQRPL YLO GRJ Q SSH EOLYH VWRU
+¡MHUH NRUWH RJ<br />
ODQJH UHQWHU Sn OLGW<br />
O QJHUH VLJW<br />
)LJXU , 8GYLNOLQJHQ L HQWUDOH QRPLQHOOH DNWLHLQGHNV<br />
-DQ<br />
(XURODQG<br />
86$<br />
-DSDQ<br />
'DQPDUN<br />
$QP 6LGVWH REVHUYDWLRQ HU DSULO )RU (XURODQG HU DQYHQGW 6WR[[<br />
IRU 86$ HU DQYHQGW 6WDQGDUG 3RRUV IRU -DSDQ 1LNNHL RJ<br />
IRU 'DQPDUN .);<br />
.LOGH (R:LQV GDWDEDQN<br />
'HQ DPHULNDQVNH HQWUDOEDQN KDU IDVWKROGW VLQ SHQJHSROLWLVNH<br />
UHQWH Sn GHW KLVWRULVN ODYH QLYHDX SW VLGHQ QRYHPEHU RJ<br />
GHQ HXURS LVNH HQWUDOEDQN (&% V QNHGH Sn VLW P¡GH GHQ<br />
PDUWV VLQ UHQWHVDWV WLO SW 'H ODQJH UHQWHU HU IDOGHW<br />
RPNULQJ SW SRLQW VLGHQ VRPPHUHQ MI ILJXU , E<br />
5HQWHIDOGHW HU VNHW SDUDOOHOW PHG HW IDOG L DNWLHNXUVHUQH RJ NDQ<br />
GHUIRU EO D VHV VRP HW UHVXOWDW DI GHQ LQWHUQDWLRQDOH XVLNNHUKHG<br />
'HQQH KDU EHYLUNHW DW LQYHVWRUHU L K¡M JUDG KDU ¡QVNHW DW KROGH<br />
GHUHV NDSLWDO L IRUP DI REOLJDWLRQHU L VWHGHW IRU DNWLHU , GH<br />
VLGVWH SDU PnQHGHU HU VnYHO UHQWHIDOG VRP DNWLHNXUVIDOGHW<br />
EUHPVHW RS , SURJQRVHSHULRGHQ IRUYHQWHV GHW DW VnYHO GH<br />
SHQJHSROLWLVNH VRP GH ODQJH UHQWHU YLO VWLJH HIWHUKnQGHQ VRP<br />
DNWLYLWHWHQ L ¡NRQRPLHQ YHQGHU WLOEDJH WLO HW PHUH QRUPDOW OHMH<br />
(Q PLQGUH UHQWHQHGV WWHOVH L (XURODQG Sn NRUW VLJW NDQ GRJ<br />
LNNH XGHOXNNHV
)LJXU , D .RUWH UHQWHU )LJXU , E /DQJH UHQWHU<br />
3W<br />
7\VNODQG<br />
86$<br />
-DSDQ<br />
3W<br />
7\VNODQG<br />
86$<br />
-DSDQ<br />
$QP 'HU HU DQYHQGW KKY UHQWHU Sn WUH PnQHGHUV LQGVNXG RJ UHQWHU Sn WL nULJH VWDWVREOLJDWLRQHU IRU NRUWH<br />
RJ ODQJH UHQWHU 6LGVWH REVHUYDWLRQ HU DSULO<br />
.LOGH (R:LQV GDWDEDQN<br />
8 QGUHGH<br />
YDOXWDNXUVHU<br />
DQWDJHV IUHPRYHU<br />
.UDIWLJ<br />
IRUEUXJVVWLJQLQJ<br />
L 86$<br />
'ROODUHQ KDU IRUWVDW VLW IDOG RYHU IRU HXURHQ RJ KDQGOHGHV XOWL<br />
PR DSULO WLO GROODU SHU HXUR MI ILJXU , 2JVn \HQ HU<br />
IDOGHW L IRUKROG WLO HXUR KYLONHW JLYHU HQ KnUGW WLOWU QJW HIWHU<br />
VS¡UJVHOVLPSXOV WLO GHQ MDSDQVNH ¡NRQRPL )UHPDGUHWWHW<br />
DQWDJHV GHW QXY UHQGH IRUKROG PHOOHP HXUR RJ GROODU X QGUHW<br />
7LOVYDUHQGH DQWDJHV SXQG \HQ VYHQVNH RJ QRUVNH NURQHU<br />
X QGUHW L IRUKROG WLO HXUR RJ GROODU<br />
, 86$ VWHJ VnYHO GHW SULYDWH VRP GHW RIIHQWOLJH IRUEUXJ NUDIWLJW<br />
L PHG KHQKROGVYLV JRGW SW RJ NQDS ò SW RJ GHQ<br />
VDPOHGH SURGXNWLRQ EOHY SW K¡MHUH HQG L 'HW VNHWH<br />
Sn WURGV DI DW LQYHVWHULQJHUQH IDOGW PHG NQDS SW Sn nUV<br />
EDVLV RJ QHWWRHNVSRUWHQ JDY QHJDWLYH Y NVWELGUDJ JHQQHP DOOH<br />
nUHWV ILUH NYDUWDOHU 9 NVWSURILOHQ L O¡EHW DI YDU XM YQ<br />
(IWHU K¡M Y NVW L nUHWV I¡UVWH WUH PnQHGHU DIWRJ Y NVWHQ L DQGHW<br />
NYDUWDO )RUQ\HW IUHPJDQJ L WUHGMH NYDUWDO EOHY DWWHU DIO¡VW DI<br />
HQ DIPDWQLQJ L nUHWV VLGVWH PnQHGHU RJ Y NVWHQ L NYDUWDO<br />
YDU RJVn PRGHUDW
8NODUH LQGLNDWRUHU<br />
IRU GHQ DPHULNDQVNH<br />
¡NRQRPL<br />
(NVSDQVLY<br />
ILQDQVSROLWLN<br />
NDQ V WWH JDQJ L<br />
DPHULNDQVN Y NVW<br />
)LJXU , 9DOXWDNXUVXGYLNOLQJHQ PnOW L IRUKROG WLO HXUR<br />
-DQ<br />
'ROODU SU HXUR<br />
'HW DPHULNDQVNH<br />
WYLOOLQJHXQGHUVNXG<br />
2YHUUDVNHQGH K¡M<br />
MDSDQVN Y NVW<br />
JHQQHP<br />
$PHULNDQVN ¡NRQRPL KDU JHQQHP PDQJH nU Y UHW SU JHW DI<br />
EHW\GHOLJH XQGHUVNXG Sn GHQ RIIHQWOLJH VDOGR RJ RYHU IRU<br />
XGODQGHW MI ILJXU , %HWDOLQJVEDODQHXQGHUVNXGGHW KDU GH<br />
VHQHVWH nU Y UHW VWLJHQGH RJ YHQWHV L nU DW XGJ¡UH RPNULQJ<br />
ò SW DI %13 )RUY UULQJHQ DI GHQ RIIHQWOLJH VHNWRUV VDOGR<br />
GH VHQHVWH nU HU HQGQX PHUH PDUNDQW LGHW GHQ RIIHQWOLJH VHNWRU<br />
L 86$ HU JnHW IUD HW RYHUVNXG Sn Q VWHQ ò SW DI %13 L<br />
WLO HW IRUYHQWHW XQGHUVNXG L nU Sn RYHU SW DI %13<br />
8GYLNOLQJHQ Sn GHQ RIIHQWOLJH VHNWRUV VDOGR RJ EHWDOLQJVEDODQ<br />
HQ J¡U GHW UHOHYDQW DW VWLOOH VS¡UJVPnOWHJQ YHG EnGH GHQ<br />
ODQJVLJWHGH KROGEDUKHG DI GHQ DPHULNDQVNH ILQDQVSROLWLVNH OLQMH<br />
RJ GHQ ¡YULJH YHUGHQV YLOOLJKHG WLO DW ILQDQVLHUH GHW IRUWVDWWH<br />
XQGHUVNXG Sn GHQ DPHULNDQVNH EHWDOLQJVEDODQH<br />
)LJXU , 86$V EXGJHW RJ EHWDOLQJVEDODQHXQGHUVNXG<br />
3W DI %13<br />
%HWDOLQJVEDODQH<br />
2IIHQWOLJ VDOGR<br />
$QP 7DOOHQH IRU RJ HU VN¡QQHW DI 2(&'<br />
.LOGH 2(&' (RQRPL 2XWORRN<br />
'HQ MDSDQVNH ¡NRQRPL YRNVHGH JDQVNH S QW LJHQQHP<br />
3URGXNWLRQHQ L NYDUWDO YDU VnOHGHV SW K¡MHUH HQG L GHW<br />
WLOVYDUHQGH NYDUWDO nUHW I¡U 3n JUXQG DI GHQ NUDIWLJH UHHVVLRQ<br />
L EOHY nUVY NVWHQ L GHW MDSDQVNH %13 LPLGOHUWLG NXQ Sn<br />
SW 9 NVWHQ LJHQQHP EOHY L K¡M JUDG GUHYHW DI HNV<br />
SRUWHQ LNNH PLQGVW WLO GH ¡YULJH DVLDWLVNH ODQGH GHU VLGVWH nU<br />
JHQHUHOW KDYGH HQ PHUH UREXVW Y NVW HQG (XURSD RJ 1RUGDPH
PHQ VWRUH<br />
IRUWVDWWH VWUXNWXUHOOH<br />
SUREOHPHU<br />
cUVY NVWHQ<br />
IRUYHQWHV DW EOLYH<br />
JRGW SW<br />
/DY HXURS LVN<br />
Y NVW VLGVWH nU<br />
ULND 2JVn GHW SULYDWH IRUEUXJ WLOWRJ L O¡EHW DI nUHW OLJHVRP<br />
LQYHVWHULQJHUQH HIWHU O QJHUH WLGV IDOG EHJ\QGWH DW WDJH IDUW<br />
LJHQ<br />
'HQ MDSDQVNH ¡NRQRPL HU GRJ LNNH VOXSSHW XG DI VLQH DOYRUOLJH<br />
VWUXNWXUHOOH SUREOHPHU %nGH GH QRPLQHOOH O¡QQLQJHU RJ SUL<br />
VHUQH IDOGHU IRUWVDW , IHEUXDU YDU GHQ XQGHUOLJJHQGH GHIODWLRQ<br />
VnOHGHV Sn SW PnOW Sn nUVEDVLV 5HJHULQJHQ IRUYHQWHU DW<br />
GHIODWLRQHQ I¡UVW YLO EOLYH EUHPVHW L 'HU HU IRUWVDW HW VWRUW<br />
XQGHUVNXG Sn GH RIIHQWOLJH ILQDQVHU RJ GHQ QXY UHQGH ILQDQV<br />
SROLWLVNH NXUV HU NODUW XKROGEDU Sn ODQJ VLJW 'HWWH L VLJ VHOY<br />
J¡U DW GH HNVSDQVLYH YLUNQLQJHU DI ILQDQVSROLWLNNHQ EOLYHU<br />
EHJU QVHGH IRUGL EHIRONQLQJHQ IRUYHQWHU HQ EHW\GHOLJ VWUDP<br />
QLQJ Sn HW WLGVSXQNW RJ GHUIRU VSDUHU PHUH RS IRU DW NXQQH<br />
LP¡GHJn IUHPWLGHQ 6DPWLGLJ HU GHQ NRUWH UHQWH IRUWVDW RPNULQJ<br />
QXO RJ HQWUDOEDQNHQ NDQ GHUIRU LNNH XPLGGHOEDUW OHPSH<br />
SHQJHSROLWLNNHQ \GHUOLJHUH<br />
$UEHMGVO¡VKHGHQ OLJJHU Sn RPNULQJ ò SW KYLONHW HU PHJHW<br />
K¡MW HIWHU MDSDQVNH IRUKROG 6DPWLGLJ HU GHU WLOV\QHODGHQGH VWD<br />
GLJ HQ GHO YLUNVRPKHGHU PHG RYHUVNXG DI DUEHMGVNUDIW RJ SUR<br />
GXNWLYLWHWVXGYLNOLQJHQ HU ODQJVRP 8GVLJWHUQH WLO VWLJHQGH<br />
OHGLJKHG NDQ SnYLUNH IRUEUXJHW QHJDWLYW RJ IRUEUXJHUWLOOLGHQ<br />
XGYLNOHU VLJ LNNH JXQVWLJW 6DPWLGLJ HU GHU HQ ODY NDSDLWHWV<br />
XGQ\WWHOVH L LQGXVWULHQ KYLONHW LNNH JLYHU DQOHGQLQJ WLO DW<br />
IRUYHQWH HW VW¡UUH Y NVWELGUDJ IUD LQYHVWHULQJHUQH 'HU IRUYHQ<br />
WHV GHUIRU HQ VWDJQHUHQGH SURGXNWLRQ L I¡UVWH KDOYGHO DI<br />
RJ HQ UHW VYDJ Y NVW L DQGHQ KDOYGHO 3n JUXQG DI GHQ NUDIWLJH<br />
VWLJQLQJ LJHQQHP IRUYHQWHV nUVQLYHDXHW IRU SURGXNWLRQHQ<br />
L nU GRJ DW OLJJH JRGW HQ SW RYHU GHW JHQQHPVQLWOLJH QLYHDX IRU<br />
VLGVWH nU 'HIODWLRQHQ IRUYHQWHV DW IRUWV WWH EnGH L nU RJ Q VWH<br />
nU<br />
, (XURODQG EOHY nUVY NVWHQ L %13 SW L RJ IDOGW<br />
GHUPHG EHW\GHOLJW IRU DQGHW nU L WU N %LOOHGHW HU IRUKROGVYLV<br />
HQVDUWHW IRU DOOH ODQGHQH 6nYHO ILQDQV VRP SHQJHSROLWLNNHQ YDU<br />
JHQHUHOW UHW OHPSHOLJ RJ GHW YDU SULYDW RJ RIIHQWOLJW IRUEUXJ<br />
GHU KROGW Y NVWHQ RSSH PHQV LQYHVWHULQJHUQH RPYHQGW IDOGW<br />
1HWWRHNVSRUWHQ OHG XQGHU GHQ DOPLQGHOLJH DIPDWQLQJ L YHUGHQV<br />
¡NRQRPLHQ RJ DSSUHLHULQJHQ DI HXURHQ GHU HU IRUWVDW LQG L GHW<br />
Q\H nU
RJ L nU , nU YHQWHV UHVXOWDWHW NXQ DW EOLYH OLGW EHGUH )RUEUXJHUWLOOLGHQ<br />
HU ODY GHU HU LQGWLO YLGHUH LNNH QRJHW NDSDLWHWVSUHV GHU NDQ<br />
EHJUXQGH VW¡UUH LQYHVWHULQJHU HNVSRUWHQ K PPHV IRUWVDW DI HQ<br />
K¡M HXURNXUV RJ ILQDQVSROLWLNNHQ HU L IOHUH ODQGH 7\VNODQG<br />
)UDQNULJ RJ 3RUWXJDO DOOHUHGH L NRQIOLNW PHG NUDYHQH L<br />
VWDELOLWHWV RJ Y NVWSDJWHQ 'HU IRUYHQWHV GHUIRU NXQ HQ ODQJ<br />
VRP IUHPJDQJ L NRQMXQNWXUHUQH HIWHUKnQGHQ VRP GHQ LQWHU<br />
QDWLRQDOH XVLNNHUKHG YHQWHV DW WDJH DI RJ VW¡UUH Y NVW L LNNH<br />
PLQGVW 86$ NDQ VPLWWH DI Sn (XURSD cUVY NVWHQ L (XURODQG<br />
YHQWHV L nU DW EOLYH Sn SW RJ L Sn SW<br />
(XURSD KDU<br />
SUREOHPHU PHG<br />
DUEHMGVPDUNHGHW<br />
RJ ILQDQVSROLWLNNHQ<br />
9 VHQWOLJH KROGEDU<br />
KHGVSUREOHPHU<br />
/DYHVWH W\VNH<br />
Y NVW L nU<br />
, HQ U NNH ODQGH L (XURSD HU GHU IRUVNHOOLJH VWUXNWXUHOOH ¡NRQR<br />
PLVNH SUREOHPHU ,V U HU GHU L PDQJH ODQGH HQ UHW K¡M VWUXNWX<br />
UHO OHGLJKHG %ODQGW DQGHW Sn JUXQG KHUDI HU RJVn GHQ ILQDQV<br />
SROLWLVNH VLWXDWLRQ L QRJOH ODQGH VnUEDU RJ SUREOHPHU PHG DW<br />
RYHUKROGH NULWHULHUQH L VWDELOLWHWV RJ Y NVWSDJWHQ IRUVW UNHV<br />
+HUXGRYHU HU ILQDQVSROLWLNNHQ L VWRUH GHOH DI (XURSD LNNH<br />
KROGEDU Sn ODQJ VLJW MI WDEHO ,<br />
$I WDEHOOHQ IUHPJnU GHW DW GHU HU VWRU VSUHGQLQJ PHOOHP ODQ<br />
GHQHV SUREOHPHU PHG KHQV\Q WLO OHGLJKHG RJ GHQ ODQJVLJWHGH<br />
ILQDQVSROLWLVNH KROGEDUKHG 6nYHO 86$ RJ -DSDQ VRP QRJOH DI<br />
GH VW¡UUH HXURS LVNH ODQGH VRP )UDQNULJ RJ 7\VNODQG KDU HW<br />
Y VHQWOLJW KROGEDUKHGVSUREOHP )LQDQVSROLWLVN KROGEDUKHG NDQ<br />
EHUHJQHV Sn IOHUH PnGHU RJ IRUXGV WWHU Q¡GYHQGLJYLV HQ U NNH<br />
DQWDJHOVHU VRP QDWXUOLJYLV NDQ GLVNXWHUHV 6HOYRP GH NRQNUHWH<br />
WDOVW¡UUHOVHU GHUIRU E¡U WDJHV PHG IRUVLJWLJKHG JLYHU WDEHOOHQV<br />
WDO GRJ HW NODUW LQGWU\N DI SUREOHPHUQHV VW¡UUHOVHVRUGHQ<br />
7DOOHQH IRU GH HQNHOWH ODQGH E\JJHU Sn IRUVNHOOLJH ODQGHVSHL<br />
ILNNH IRUYHQWQLQJHU RP XGYLNOLQJHQ L DUEHMGVVW\UNH EHVN IWL<br />
JHOVH RJ RIIHQWOLJH XGJLIWHU 'HQ DQJLYQH KROGEDUKHGVLQGLNDWRU<br />
IRU 'DQPDUN HU VnOHGHV XGUHJQHW XQGHU DQGUH DQWDJHOVHU HQG<br />
GHP GHU OLJJHU WLO JUXQG IRU EHUHJQLQJHUQH L 'DQVN ‘NRQRPL<br />
HIWHUnU<br />
(W DI GH ODQGH GHU KDU UHODWLYW VWRUH SUREOHPHU HU 7\VNODQG<br />
'HU HU IOHUH IRUVNHOOLJH nUVDJHU WLO GHQ QXY UHQGH W\VNH NULVH<br />
VLWXDWLRQ IUD SUREOHPVWLOOLQJHUQH L IRUELQGHOVH PHG JHQIRUHQLQ<br />
JHQ WLO PDQJOHQGH UHIRUPYLOMH Sn IRUVNHOOLJH RPUnGHU LNNH<br />
PLQGVW KYDG DUEHMGVPDUNHGHW DQJnU $IVQLW , UHGHJ¡U Q UPH<br />
UH IRU 7\VNODQGV VWUXNWXUHOOH VLWXDWLRQ 'LVVH SUREOHPHU HU EOH
7DEHO , /HGLJKHG EXGJHWXQGHUVNXG RJ ILQDQVSROLWLVN KROGEDUKHG L (8 86$ RJ<br />
-DSDQ<br />
/HGLJKHG 2IIHQWOLJ VDOGR +ROGEDUKHGV<br />
LQGLNDWRU<br />
3W 3W DI %13 ,QGLNDWRU<br />
%HOJLHQ<br />
7\VNODQG<br />
*U NHQODQG<br />
6SDQLHQ<br />
)UDQNULJ<br />
,UODQG<br />
,WDOLHQ<br />
/X[HPERXUJ<br />
+ROODQG<br />
‘VWULJ<br />
3RUWXJDO<br />
)LQODQG<br />
'DQPDUN<br />
6YHULJH<br />
6WRUEULWDQQLHQ<br />
‡ ‡<br />
(8<br />
86$<br />
-DSDQ<br />
‡<br />
$QP +ROGEDUKHGVLQGLNDWRUHQ DQJLYHU IRUVNHOOHQ PHOOHP GHQ VWUXNWXUHOOH RIIHQWOLJH VDOGR VRP SW DI<br />
%13 RJ GHQ VDOGR VRP PHG GH JLYQH XQGHUOLJJHQGH DQWDJHOVHU RP XGYLNOLQJ L EHIRONQLQJ DU<br />
EHMGVVW\UNH EHVN IWLJHOVH RIIHQWOLJW IRUEUXJ PP VLNUHU ILQDQVSROLWLVN KROGEDUKHG Sn ODQJ VLJW<br />
(W QHJDWLYW WDO DQJLYHU DW ILQDQVSROLWLNNHQ LNNH HU KROGEDU<br />
.LOGH +ROGEDUKHGVLQGLNDWRU 1LHOV .OHLV )UHGHULNVHQ )LVDO 6XVWDLQDELOLW\LQ 2(&' &RXQWULHV 'HHP<br />
EHU %XGJHWXQGHUVNXG (8 .RPPLVVLRQHQ 6SULQJ (RQRPL )RUHDVWV /HGLJKHG<br />
(R:LQV GDWDEDQN<br />
YHW IRUY UUHW DI GHQ QXY UHQGH VYDJH NRQMXQNWXUXGYLNOLQJ<br />
6LGVWH nU YRNVHGH GHW W\VNH EUXWWRQDWLRQDOSURGXNW VnOHGHV NXQ<br />
PHG SW ± GHQ ODYHVWH Y NVW L nU
1 SSH KXUWLJ<br />
IRUEHGULQJ DI<br />
VLWXDWLRQHQ<br />
0HJHW ODY W\VN<br />
LQIODWLRQ<br />
)UDQNULJ<br />
RYHUWU GHU<br />
‘08 NULWHULHUQH<br />
6WRUEULWDQQLHQ<br />
NODUHU VLJ UHODWLYW<br />
JRGW<br />
'HU HU KHOOHU LNNH XGVLJW WLO VQDUOLJ EHGULQJ L nU $UEHMGVO¡V<br />
KHGHQ HU VWHJHW XDIEUXGW JHQQHP O QJHUH WLG RJ QnHGH L PDUWV<br />
RS Sn SW 'HQQH XGYLNOLQJ YLO EHYLUNH HQ QHJDWLY VWLPX<br />
ODQV WLO GHW SULYDWH IRUEUXJ RJ GHUPHG GHQ LQGHQODQGVNH<br />
HIWHUVS¡UJVHO VRP L IRUYHMHQ KDU XGYLNOHW VLJ VYDJW L O QJHUH<br />
WLG 'HW IRUYHQWHV DW 7\VNODQG NXQ ODQJVRPW NRPPHU XG DI VLQ<br />
QXOY NVW OLJQHQGH VLWXDWLRQ RJ L nU IRUYHQWHV HQ VWLJQLQJ L<br />
%13 Sn ò SW<br />
6RP I¡OJH DI GHOV GHQ PDWWH LQGHQODQGVNH HIWHUVS¡UJVHO GHOV<br />
HXUR DSSUHLHULQJHQ VRP EHW\GHU DW GHQ LPSRUWHUHGH LQIODWLRQ<br />
EOLYHU EHVNHGHQ KDU IRUEUXJHUSULVVWLJQLQJHUQH L O QJHUH WLG<br />
OLJJHW VWDELOW Sn JRGW SW %OLYHU NRQMXQNWXUHUQH EHGUHW L GH<br />
NRPPHQGH nU IRUYHQWHV LQIODWLRQHQ DW VWLJH OLGW PHQ GRJ<br />
IRUEOLYH XQGHU GHQ JHQQHPVQLWOLJH LQIODWLRQ L (XURODQG<br />
/LJHOHGHV IRUYHQWHV O¡QQLQJHUQH DW VWLJH PHUH Q VWH nU EnGH<br />
VRP I¡OJH DI OLGW K¡MHUH LQIODWLRQ RJ HQ ODQJVRP JHQRSUHWQLQJ<br />
DI GHQ JHQHUHOOH NRQMXQNWXUVLWXDWLRQ<br />
2JVn L )UDQNULJ VRP HOOHUV KDU NODUHW VLJ UHODWLYW S QW L GH<br />
VHQHVWH nU HU Y NVWHQ IDOGHW L KYRU GHW LJHQ KDU Y UHW HQ<br />
PLQGUH JXQVWLJ QHWWRHNVSRUW RJ HW IDOG L LQYHVWHULQJHUQH GHU KDU<br />
WUXNNHW QHG PHQV VnYHO SULYDW VRP RIIHQWOLJW IRUEUXJ KDU GUH<br />
YHW VWLJQLQJHQ L GHQ LQGHQODQGVNH HIWHUVS¡UJVHO )LQDQVSROLWLN<br />
NHQ KDU Y UHW NUDIWLJW HNVSDQVLY RJ RJVn )UDQNULJ RYHUVNUHG<br />
VLGVWH nU ‘08 WUDNWDWHQV EHJU QVQLQJ Sn K¡MVW SW XQGHU<br />
VNXG Sn GHQ RIIHQWOLJH VDOGR 5HJHULQJHQ IRUYHQWHU OLJHOHGHV DW<br />
RYHUVNULGH JU QVHQ L nU<br />
6WRUEULWDQQLHQ NODUHGH VLJ EHGUH HQG GH IOHVWH ¡YULJH HXURS L<br />
VNH ODQGH JHQQHP RJ ILN HQ %13 nUVY NVW Sn JRGW ò<br />
SW 9 NVWHQ EOHY LV U GUHYHW DI GHW SULYDWH RJ L PLQGUH JUDG<br />
GHW RIIHQWOLJH IRUEUXJ /HGLJKHGHQ HU ODY RJ EHVN IWLJHOVHQ RJ<br />
UHDOO¡QQHQ KDU Y UHW VWLJHQGH KYLONHW KDU VNDEW HQ S Q<br />
IUHPJDQJ L KXVKROGQLQJHUQHV GLVSRQLEOH LQGNRPVW 'HUXGRYHU<br />
KDU IRUWVDWWH VWRUH KXVSULVVWLJQLQJHU XQGHUVW¡WWHW GHW SULYDWH<br />
IRUEUXJ RJ GHUPHG PRGYLUNHW YLUNQLQJHUQH DI GHW IDOG L DN<br />
WLHNXUVHUQH VRP RJVn KDU UDPW GHW EULWLVNH DNWLHPDUNHG 6DP<br />
WLGLJ HU ILQDQVSROLWLNNHQ HNVSDQVLY LNNH PLQGVW Sn JUXQG DI HQ<br />
U NNH VW¡UUH RIIHQWOLJH LQYHVWHULQJHU Sn VXQGKHGV XGGDQQHO<br />
VHV RJ WUDQVSRUWRPUnGHUQH 'HULPRG KDU HNVSRUWHQ Y UHW IDO
%ULWLVN<br />
KXVSULVEREOH"<br />
/HPSHOLJ EULWLVN<br />
SHQJHSROLWLN<br />
5HODWLYW JXQVWLJ<br />
VLWXDWLRQ L<br />
6YHULJH<br />
GHQGH LJHQQHP nUHW I¡UVW RJ IUHPPHVW Sn JUXQG DI DIPDWQLQ<br />
JHQ Sn HNVSRUWPDUNHGHUQH 3XQGHW HU RJVn UHW VW UNW PHQ GHQ<br />
HIIHNWLYH YDOXWDNXUV IDOGW GRJ L O¡EHW DI LGHW SXQGHW IXOJ<br />
WH GROODUHQV QHGWXU RYHU IRU HXURHQ 'H SULYDWH LQYHVWHULQJHU<br />
XGYLVWH HW IDOG VLGVWH nU (Q S Q DNWLYLWHW L E\JJHVHNWRUHQ<br />
GUHYHW DI GH K¡MH KXVSULVHU KDU GRJ IRUKLQGUHW HW VW¡UUH IDOG L<br />
GH VDPOHGH SULYDWH LQYHVWHULQJHU<br />
1HWRS GH K¡MH KXVSULVHU JLYHU QRJHQ DQOHGQLQJ WLO EHN\PULQJ<br />
RP KYRUYLGW GHU HU ULVLNR IRU HW SOXGVHOLJW VDPPHQEUXG Sn<br />
EROLJPDUNHGHW (W VW¡UUH IDOG L KXVSULVHUQH I HNV VRP I¡OJH DI<br />
HQ VWLJQLQJ L OHGLJKHGHQ PHG HIWHUI¡OJHQGH ODYHUH EROLJHIWHU<br />
VS¡UJVHO YLO SnYLUNH GHW SULYDWH IRUEUXJ RJ GHUPHG KHOH VDP<br />
IXQGV¡NRQRPLHQ UHW QHJDWLYW 6HOYRP HQ VnGDQ SULVXGYLNOLQJ<br />
HU HQ QDWXUOLJ MXVWHULQJ L HQ PDUNHGV¡NRQRPL NDQ HQ K¡M<br />
KDVWLJKHG L WLOSDVQLQJHQ I¡UH WLO HQ KnUG ODQGLQJ 'HWWH HU<br />
IRUPRGHQWOLJ GHW VW¡UVWH XVLNNHUKHGVPRPHQW L GHQ EULWLVNH<br />
¡NRQRPL<br />
%DQN RI (QJODQG VRP L VLQ SHQJHSROLWLN I¡OJHU HQ LQIODWLRQV<br />
PnOV WQLQJ KYRU GHW HQWUDOH LQIODWLRQVPnO HU ò SW RP nUHW<br />
V QNHGH L IHEUXDU GHQ WRQHDQJLYHQGH SHQJHSROLWLVNH UHQWH WLO<br />
SW 'HW NDQ VHV VRP WHJQ Sn DW EDQNHQ PHQHU DW GHQ I¡O<br />
JHU VLQ PnOV WQLQJ EHGVW OLJH QX YHG DW XQGHUVW¡WWH HIWHU<br />
VS¡UJVOHQ VRP XGYLVHU YLVVH VYDJKHGVWHJQ 3n EDJJUXQG DI HQ<br />
OHPSHOLJ SHQJH RJ ILQDQVSROLWLN VDPW XGVLJWHUQH WLO HQ NRQ<br />
MXQNWXUIRUEHGULQJ Sn GH EULWLVNH HNVSRUWPDUNHGHU YXUGHUHV GHW<br />
DW Y NVWHQ VnYHO L nU VRP Q VWH nU YLO OLJJH W W Sn WUHQGY N<br />
VWHQ VRP HU RYHU SW<br />
, 6YHULJH EOHY %13 Y NVWHQ VLGVWH nU SW KYLONHW YDU HQ<br />
IUHPJDQJ L IRUKROG WLO 6LWXDWLRQHQ L QDERODQGHW HU VnOHGHV<br />
UHODWLYW JXQVWLJ 'HW HU RJVn KHU GHW SULYDWH RJ GHW RIIHQWOLJH<br />
IRUEUXJ GHU KDU GUHYHW IUHPJDQJHQ LQGWLO QX XQGHUVW¡WWHW DI HQ<br />
HNVSDQVLY ILQDQVSROLWLN GHU EO D KDU WDJHW IRUP DI VNDWWHOHWWHO<br />
VHU , nUHWV DQGHQ KDOYGHO EHW¡G HQ VYDJ XGYLNOLQJ L VnYHO LQYH<br />
VWHULQJHUQH VRP QHWWRHNVSRUWHQ GRJ DW ¡NRQRPLHQ WDEWH WHPSR<br />
/HGLJKHGHQ VRP HOOHUV KDU Y UHW IDOGHQGH GH VHQHVWH nU EH<br />
J\QGWH WLOVYDUHQGH DW VWLJH VYDJW L HIWHUnUHW
, nU IRUYHQWHV<br />
X QGUHW VYHQVN<br />
Y NVW<br />
3HQVLRQVELGUDJ<br />
JLYHU K¡MH VYHQVNH<br />
O¡QRPNRVWQLQJHU<br />
1RUVNH ROLHSHQJH<br />
QGUHU VDPIXQGHW<br />
, IRUXGVHV nUVY NVWHQ DW EOLYH QRJHQOXQGH X QGUHW L IRU<br />
KROG WLO nUHW I¡U .RQMXQNWXUHUQH L I¡UVWH KDOYnU VHU GRJ OLGW<br />
GnUOLJHUH XG 'HQ K¡MHUH OHGLJKHG VWLJHQGH NRPPXQHVNDWWHU RJ<br />
DIVY NNHGH HNVSRUWPDUNHGHU WU NNHU L UHWQLQJ DI ODYHUH EnGH<br />
LQGHQODQGVN RJ XGHQODQGVN HIWHUVS¡UJVHO )RU DW XQGHUVW¡WWH<br />
NRQMXQNWXUHUQH KDU 5LNVEDQNHQ L PDUWV QHGVDW GHQ SHQJHSROLWL<br />
VNH UHQWH WLO SW , nUHWV I¡UVWH PnQHGHU KDU GHQ PnOWH<br />
nUVVWLJQLQJ L IRUEUXJHUSULVHUQH OLJJHW QRJHW RYHU GHW VYHQVNH<br />
LQIODWLRQVPnO Sn SW PHQ GHWWH VN\OGHV I¡UVW RJ IUHPPHVW<br />
QRJOH NUDIWLJH PLGOHUWLGLJHHOHNWULLWHWVSULVVWLJQLQJHU 2YHU KHOH<br />
nUHW VnYHO VRP GH NRPPHQGH nU IRUYHQWHV LQIODWLRQHQ DW OLJJH<br />
PHJHW W W Sn LQIODWLRQVPnOHW<br />
6RP I¡OJH DI HQ OLGW VW¡UUH OHGLJKHG IRUYHQWHV GHQ DOPLQGHOLJH<br />
O¡QXGYLNOLQJ DW EOLYH PLQGUH NUDIWLJ L nU )RUVNHOOLJH LQGLUHNWH<br />
O¡QRPNRVWQLQJHU I¡UVW RJ IUHPPHVW SHQVLRQVELGUDJ VWLJHU<br />
LPLGOHUWLG JDQVNH PHJHW L KYRUIRU GHW VN¡QQHV DW GH<br />
VDPOHGH VYHQVNH O¡QRPNRVWQLQJHU YLO VWLJHPHG ò SW ,<br />
KYRU ¡NRQRPLHQ IRUPRGHV HIWHUKnQGHQ DW YHQGH WLOEDJH WLO HQ<br />
PHUH WUHQGP VVLJ Y NVWVLWXDWLRQ IRUYHQWHV VWLJQLQJHQ L O¡Q<br />
RPNRVWQLQJHUQH OLJHOHGHV DW OLJJH Sn HW QRUPDOQLYHDX Sn SW<br />
'HQ QRUVNH ¡NRQRPL HU VRP DOWLG SU JHW DI GHQ EHW\GQLQJ<br />
ROLHLQGXVWULHQ KDU IRU ODQGHW 2OLHXGYLQGLQJHQ IRUDQGUHU LQGL<br />
UHNWH 1RUJHV ¡NRQRPLVNH VWUXNWXUHU Sn HQ U NNH YLJWLJH RP<br />
UnGHU 2OLHLQGW JWHUQH RSVSDUHV IRU HQ VWRU GHOV YHGNRPPHQGH<br />
L HQ QDWLRQDO IRQG 3HWUROHXPVIRQGHW 'H O¡EHQGH UHQWHLQGW J<br />
WHU KHUIUD W QNHV EUXJW WLO HNVSDQVLYH ILQDQVSROLWLVNH WLOWDJ GHU<br />
IRUK¡MHU GHQ PDWHULHOOH OHYHVWDQGDUG L ODQGHW 9HG KM OS DI GLV<br />
VH O¡EHQGH LQGW JWHU NDQ ODQGHW SHUPDQHQW RSUHWKROGH HW IRU<br />
EUXJVQLYHDX VRP RYHUVWLJHU GHQ SURGXNWLRQ GHU ILQGHU VWHG L<br />
IDVWODQGV 1RUJH )RU IRUEUXJVYDUHU VRP KDQGOHV LQWHUQDWLR<br />
QDOW NDQ IRUVNHOOHQ G NNHV YHG ¡JHW LPSRUW )RU RIIHQWOLJH<br />
WMHQHVWHU RJ OLJQHQGH VHUYLH\GHOVHU VRP LNNH NDQ HUKYHUYHV<br />
YHG LQWHUQDWLRQDO KDQGHO Pn L VWHGHW HQ VW¡UUH GHO DI GHQ<br />
KMHPOLJH DUEHMGVNUDIW RJ GHW LQGHQODQGVNH NDSLWDODSSDUDW NDQD<br />
OLVHUHV RYHU L GH VHNWRUHU GHU SURGXHUHU GLVVH \GHOVHU 'HWWH<br />
KDU GHQ NRQVHNYHQV DW GHQ QRUVNH NRQNXUUHQHHYQH L GH NRQ<br />
NXUUHQHXGVDWWH HUKYHUY HIWHUKnQGHQ IRUY UUHV HQWHQ JHQQHP<br />
HQ VW UNHUH SULV RJ O¡QXGYLNOLQJ HQG L XGODQGHW HOOHU JHQQHP<br />
HQ DSSUHLHULQJ DI GHQ QRUVNH NURQH (Q VnGDQ VWUXNWXUHO
3UREOHP DW VW\UH<br />
¡NRQRPLHQ Sn NRUW<br />
VLJW<br />
1RUGP QG W W Sn<br />
NDSDLWHWVJU QVHQ<br />
LQGVNU QNQLQJ DI GH NRQNXUUHQHXGVDWWH VHNWRUHU L GHQ WUDGL<br />
WLRQHOOH QRUVNH ¡NRQRPL HU DOWVn HQ DHSWHUHW RJ QDWXUOLJ NRQ<br />
VHNYHQV DI GHQ V UOLJH ROLHVNDEWH QRUVNH VDPIXQGVXGYLNOLQJ<br />
'HWWH HU RJVn EDJJUXQGHQ IRU DW 1RUJHV %DQNV RSHUDWLRQHOOH<br />
SHQJHSROLWLVNH PnO HU HW LQIODWLRQVPnO Sn ò SW HOOHU D ò<br />
SW SRLQW K¡MHUH HQG GHQ IRUYHQWHGH LQIODWLRQ KRV GH YLJWLJVWH<br />
VDPKDQGHOVODQGH<br />
'HQ NRUWVLJWHGH XGYLNOLQJ IRUO¡EHU GRJ LNNH Vn M YQW ,<br />
YRNVHGH %13 NXQ PHG SW RJ L IOHUH NYDUWDOHU YDU Y NVW<br />
UDWHQ GLUHNWH QHJDWLY +RYHGnUVDJHQ WLO GHQ ODYH SURGXNWLRQV<br />
IUHPJDQJ L HU DW QHWWRHNVSRUWHQ IRUY UUHGHV NUDIWLJW<br />
'HOV YDU GHU HQ JHQHUHO DIPDWQLQJ Sn GH QRUVNH HNVSRUWPDUNH<br />
GHU GHOV IRUY UUHGHV NRQNXUUHQHHYQHQ WHPPHOLJ NUDIWLJW<br />
cUVDJHQ KHUWLO YDU GHOV NUDIWLJH O¡QVWLJQLQJHU GHOV DW GHQ QRU<br />
VNH NURQH DSSUHLHUHGH NUDIWLJW L O¡EHW DI nUHW 'HQ HIIHNWLYH<br />
YDOXWDNXUV VW\UNHGHV VnOHGHV PHG D ò SW<br />
'HQ ODYH SURGXNWLRQVY NVW KDU JLYHW VLJ XGVODJ L HW IDOG L DQ<br />
WDOOHW DI XGI¡UWH DUEHMGVWLPHU L PHQ GD DQWDOOHW DI IHULH<br />
GDJH VDPWLGLJ HU VWHJHW HU EHVN IWLJHOVHQ PnOW L KRYHGHU VDP<br />
WLGLJ EOHYHW VW¡UUH $UEHMGVVW\UNHQ VWHJ GRJ HQGQX PHUH VnGDQ<br />
DW DUEHMGVO¡VKHGHQ WLOWRJ HQ VPXOH VLGVWH nU 'HQ HU LPLGOHUWLG<br />
VWDGLJ Sn HW ODYW QLYHDX RJ GHU IRUYHQWHV HQ UHODWLYW K¡M O¡Q<br />
VWLJQLQJVWDNW RJVn L nU RJ Q VWH nU GD 1RUJH IRUWVDW HU W W Sn<br />
NDSDLWHWVJU QVHQ 0HG HQ IRUYHQWQLQJ RP HQ X QGUHW NUR<br />
QHNXUV YLO NRQNXUUHQHHYQHQ RJ GHUPHG QHWWRHNVSRUWHQ IRUWVDW<br />
IRUY UUHV 'HQ IRUWVDW HNVSDQVLYH ILQDQVSROLWLN RJ HQ VWLJQLQJ<br />
L GH SULYDWH KXVKROGQLQJHUV UHDOH LQGNRPVWHU YLO GRJ XQGHUVW¡W<br />
WH GHQ LQGHQODQGVNH HIWHUVS¡UJVHO 7LO Q VWH nU YLO HQ IRUEHG<br />
ULQJ L GH LQWHUQDWLRQDOH NRQMXQNWXUHU GHVXGHQ ELGUDJH WLO Y NVW<br />
IUHPJDQJ 'HW IRUYHQWHV DW GHQ QRUVNH %13 Y NVW EOLYHU Sn<br />
JRGW SW L nU RJ VWLJHU WLO SW L 8GYLNOLQJHQ L HOHNWUL<br />
LWHWVSULVHUQH VRP OLJJHU Sn HW HNVWUDRUGLQ UW K¡MW QLYHDX L<br />
¡MHEOLNNHW IRUPRGHV WLO JHQJ OG DW I¡UH WLO HQ PLGOHUWLGLJW ODY<br />
nUVLQIODWLRQ L
7\VNODQG HW<br />
ODYY NVWODQG<br />
/DY Y NVW VWLJHQGH<br />
OHGLJKHG RJ VYDJ<br />
EHVN IWLJHOVH<br />
, .ULVH L 7\VNODQG<br />
7\VNODQG KDU LJHQQHP HUQH KDIW ODYHUH Y NVW HQG GH<br />
IOHVWH DQGUH 2(&' ODQGH , HUQH YDU GHQ JHQQHPVQLWOLJH<br />
SU DSLWD Y NVW D SW L VnYHO 7\VNODQG VRP (8 RJ 86$<br />
, YDU GHQ W\VNH Y NVW NRUWYDULJW RYHU JHQQHPVQLWWHW<br />
Sn JUXQG DI HIWHUVS¡UJVHOVERRPHW VRP I¡OJH DI JHQIRUHQLQJHQ<br />
0HQ L JLN 7\VNODQG L UHHVVLRQ OLJHVRP GH IOHVWH DQGUH<br />
(8 ODQGH RJ VLGHQ GD KDU ODQGHW NODUHW VLJ GnUOLJW L IRUKROG WLO<br />
GHW ¡YULJH (8 MI ILJXU , .ULVHQ L 7\VNODQG NDQ KHOW JUXQG<br />
O JJHQGH RSIDWWHV VRP HW XGWU\N IRU DW GHQ W\VNH ¡NRQRPLV<br />
WLOSDVQLQJVHYQH VRP I¡OJH DI VWLYH RJ XIOHNVLEOH VWUXNWXUHU KDU<br />
Y UHW IRU GnUOLJ WLO DW KnQGWHUH GH VWRUH VW¡G VRP 7\VNODQG KDU<br />
Y UHW XGVDW IRU L HUQH KHUXQGHU QDWXUOLJYLV LNNH PLQGVW<br />
JHQIRUHQLQJHQ MI EO D 6LQQ<br />
)LJXU , %13 Y NVW L 7\VNODQG (8 RJ 86$<br />
3W<br />
7\VNODQG 86$<br />
(8<br />
.LOGH 6RP ELODJVWDEHO ,<br />
'HQ ODYH Y NVW L 7\VNODQG VLGHQ KDU EO D PDQLIHVWHUHW<br />
VLJ L HQ K¡M RJ VWLJHQGH OHGLJKHG RJ HQ VYDJ EHVN IWLJHOVHVXG<br />
YLNOLQJ $UEHMGVWLGHQ SU EHVN IWLJHW HU IDOGHW RJ GHU KDU Y UHW<br />
HW IDOG L DQWDOOHW DI SHUVRQHU L GHQ DUEHMGVG\JWLJH DOGHU 'HW<br />
WRWDOH DQWDO DUEHMGVWLPHU SU LQGE\JJHU L 7\VNODQG HU VnOHGHV L<br />
O¡EHW HUQH IDOGHW VYDUHQGH WLO HQ VY NNHOVH DI %13
8KHQVLJWVP VVLJ<br />
JHQQHPI¡UHOVH DI<br />
JHQIRUHQLQJHQ<br />
Y NVWHQ Sn ô SW nUOLJW PHQV DUEHMGVWLPHXGYLNOLQJHQ L 86$<br />
RJ GH IOHVWH DQGUH HXURS LVNH ODQGH KDU ELGUDJHW SRVLWLYW WLO<br />
Y NVWHQ 'HQ ODYHUH DUEHMGVWLG L 7\VNODQG VN\OGHV LNNH PLQGVW<br />
HQ PDUNDQW VWLJQLQJ L DQWDOOHW DI GHOWLGVDUEHMGHQGH LV U DI<br />
SHUVRQHU PHG PHJHW In DUEHMGVWLPHU )LJXU , YLVHU XGYLNOLQ<br />
JHQ L OHGLJKHGHQ L 7\VNODQG RJ L KHOH HXURRPUnGHW 0HQV 7\VN<br />
ODQG LQGWLO VWDGLJ KDYGH HQ OHGLJKHG XQGHU JHQQHPVQLWWHW<br />
L (XURODQG KDU ODQGHW VLGHQ KDIW HQ K¡MHUH OHGLJKHG<br />
)LJXU , 6 VRQNRUULJHUHW OHGLJKHG L 7\VNODQG RJ (XUR<br />
ODQG<br />
3W<br />
7\VNODQG<br />
(XURODQG<br />
$QP 6LGVWH REVHUYDWLRQ HU PDUWV<br />
.LOGH (R:LQV GDWDEDQN<br />
1RJOH DI GH HQWUDOH nUVDJHU WLO GH W\VNH ¡NRQRPLVNH SUREOHPHU<br />
HU NQ\WWHW WLO GHQ PnGH JHQIRUHQLQJHQ EOHY JHQQHPI¡UW Sn MI<br />
I HNV 6LQQ RJ 6LQQ 3n WURGV DI GHQ ODYH SURGXNWLYLWHW<br />
L ‘VWW\VNODQG EOHY O¡QQLQJHUQH VRP XGEHWDOWHV L ¡VWPDUN DI<br />
SROLWLVNH nUVDJHU NRQYHUWHUHW WLO ' PDUN L IRUKROGHW KYLONHW<br />
EHW¡G HQ PDUNDQW UHDOO¡QVIUHPJDQJ L GHW WLGOLJHUH ‘VWW\VNODQG<br />
'HW RIIHQWOLJH<br />
XGJLIWV RJ<br />
VNDWWHWU\N HU<br />
VWHJHW Y VHQWOLJW<br />
'HW VW¡UUH<br />
VNDWWHWU\N KDU L VLJ<br />
VHOY PHGI¡UW ODYHUH<br />
Y NVW L HQ SHULRGH<br />
.RORVVDOH<br />
PHOOHPW\VNH<br />
EHWDOLQJVEDODQH<br />
SUREOHPHU<br />
NROODSV L GH VHNWRUHU L GH ¡VWOLJH GHOVWDWHUV ¡NRQRPL VRP YDU<br />
PHVW XGVDWWH IRU NRQNXUUHQH IUD ILUPDHU L GH YHVWOLJH GHOVWDWHU<br />
RJ XGODQGHW 5HVXOWDWHW EOHY HQ PHJHW K¡M OHGLJKHG L ¡VW VRP<br />
VLGHQ KDU ELGW VLJ IDVW (W VLPSHOW JHQQHPVQLW DI OHGLJKHGHQ L GH<br />
GHOVWDWHU L GHW WLGOLJHUH ‘VWW\VNODQG LQNO %HUOLQ YLVHU DW<br />
OHGLJKHGHQ L GLVVH L RNWREHU YDU Sn PHQV GHQ L KHOH<br />
7\VNODQG YDU Sn SW<br />
*HQIRUHQLQJHQ KDU RJVn PHGI¡UW HQ VWRU IRU¡JHOVH DI GH RI<br />
IHQWOLJH XGJLIWHU WLO VnYHO JHQRSE\JQLQJHQ DI GHQ ¡VWW\VNH LQ<br />
IUDVWUXNWXU VRP WUDQVIHUHULQJHU WLO LNNH PLQGVW SHQVLRQLVWHU RJ<br />
OHGLJH , KHOH SHULRGHQ VLGHQ JHQIRUHQLQJHQ KDU GHW nUOLJW GUHMHW<br />
VLJ RP D SW DI %13 8GJLIWHUQH HU GHOV EOHYHW ILQDQVLHUHW<br />
JHQQHP EXGJHWXQGHUVNXG RJ OnQRSWDJQLQJ GHOV YHG DW VNDWWHU<br />
RJ DUEHMGVPDUNHGVELGUDJ HU EOHYHW NUDIWLJW IRU¡JHW 6NDWWHWU\N<br />
NHW HU GHUPHG VWHJHW PHUH L 7\VNODQG HQG L GH IOHVWH DQGUH HXUR<br />
S LVNH ODQGH L SHULRGHQ<br />
(8 NRPPLVVLRQHQ EHUHJQHU YHG KM OS DI PRGHOVLPXOD<br />
WLRQHU GHQ QHJDWLYH YLUNQLQJ Sn %13 Y NVWHQ DI VNDWWHIRUK¡MHO<br />
VHUQH YLD GHOV HQ QHGJDQJ L LQYHVWHULQJVQLYHDXHW IRUGL VNDWWHU<br />
QH UHGXHUHU SURILWWHQ RJ GHOV YLUNQLQJHQ Sn DUEHMGVPDUNHGHW<br />
YLD K¡MHUH O¡QQLQJHU 5HVXOWDWHW DI EHUHJQLQJHQ HU DW GLVVH HI<br />
IHNWHU LVROHUHW VHW NDQ KDYH KDIW HQ QHJDWLY Y NVWYLUNQLQJ Sn<br />
RPNULQJ SW DI %13 SU nU IUD PLGWHQ DI HUQH KYRU<br />
GHQ RSULQGHOLJH NUDIWLJH HIWHUVS¡UJVHOVHIIHNW G¡GH XG RJ IUHP<br />
WLO L GDJ (QGYLGHUH YLVHU EHUHJQLQJHUQH DW %13 QLYHDXHW Sn<br />
ODQJ VLJW YLO WLOSDVVH VLJ HW SHUPDQHQW ODYHUH QLYHDX<br />
6HOY HIWHU nU HU JHQIRUHQLQJVSUREOHPHUQH WLOV\QHODGHQGH<br />
LNNH EOHYHW O¡VW MI (($* 3URGXNWLWLYLWHWHQ SU SHUVRQ<br />
L GHQ DUEHMGVG\JWLJH DOGHU L GHW WLGOLJHUH ‘VWW\VNODQG HU VWDGLJ<br />
NXQ RPNULQJ SW DI GHW YHVWW\VNH QLYHDX RJ IRUVNHOOHQ HU<br />
IRU¡JHW VLGHQ 'HW ¡VWW\VNH³EHWDOLQJVEDODQHXQGHUVNXG´<br />
XGJMRUGH D SW DI RPUnGHWV SURGXNWLRQ L (Q VnGDQ<br />
VLWXDWLRQ HU XQLN L GHQ YHVWOLJH YHUGHQ RJ DIVSHMOHU JUXQGO J<br />
JHQGH VWUXNWXUHOOH SUREOHPHU 7LO VDPPHQOLJQLQJ KDU HQ WLO<br />
VYDUHQGH RYHUI¡UVHOVPRGWDJHQGH ¡NRQRPL VRP 6\GLWDOLHQ NXQ<br />
HW EHWDOLQJVEDODQHXQGHUVNXG L IRUKROG WLO GHW ULJH 1RUGLWDOLHQ<br />
Sn SW
DY W\VN<br />
O¡QIOHNVLELOLWHW<br />
/HGLJKHGHQ HU<br />
XM YQW IRUGHOW<br />
+¡MH W\VNH<br />
VDPPHQVDWWH<br />
PDUJLQDOVNDWWHU<br />
$UEHMGVPDUNHGHW HU HQ KRYHGIDNWRU L IRUNODULQJHQ DI 7\VNODQGV<br />
SUREOHPHU 6RP GHW IUHPJnU RYHQIRU HU HQ GHO DI IRUNODULQJHQ<br />
Sn EHVN IWLJHOVHVXGYLNOLQJHQ GH V UOLJH IRUKROG GHU J¡U VLJ<br />
J OGHQGH PHG KHQV\Q WLO JHQIRUHQLQJHQ PHQ GHWWH NDQ LNNH<br />
IRUNODUH KHOH XGYLNOLQJHQ 1nU O¡QQHQ LNNH KDU WLOSDVVHW VLJ<br />
IRUKROGHQH HIWHUKnQGHQ K QJHU IRUNODULQJHQ WLOV\QHODGHQGH<br />
VDPPHQ PHG IRUVNHOOLJH LQVWLWXWLRQHOOH IRUKROG KHUXQGHU<br />
ODQGVG NNHQGH RYHUHQVNRPVWHU 0HG KHQV\Q WLO EHVN\WWHOVH DI<br />
O¡QPRGWDJHUQHV EHVN IWLJHOVH OLJJHU 7\VNODQG L LI¡OJH<br />
2(&'V LQGHNV RPWUHQW L PLGWHQ EODQGW 2(&' ODQGHQH ± GHU<br />
HU IOHUH UHVWULNWLRQHU Sn YLUNVRPKHGHUQHV DIVNHGLJHOVHU HQG<br />
JHQHUHOW L 1RUGHXURSD RJ 86$ PHQ I UUH UHVWULNWLRQHU HQG L<br />
)UDQNULJ RJ GH V\GHXURS LVNH ODQGH MI 'DQVN ‘NRQRPL<br />
HIWHUnU<br />
'HU HU IRUVNHOOLJH YXUGHULQJHU DI VWLYKHGHQ L O¡QIDVWV WWHOVHQ L<br />
IRUVNHOOLJH VHNWRUHU RJ UHJLRQHU (8 NRPPLVVLRQHQ KDU SnYLVW<br />
DW GHU VLGHQ VWRUW VHW LNNH KDU Y UHW QRJHQ LQGVNU QNQLQJ<br />
L HQKHGVO¡QRPNRVWQLQJHUQH PHOOHP ¡VW RJ YHVW MI (8 NRPPLV<br />
VLRQHQ 7LO JHQJ OG KDU OHGLJKHGHQ Y UHW PDUNDQW VW¡U<br />
UH L ‘VW HQG L 9HVWW\VNODQG RJ HQ PHGYLUNHQGH nUVDJ KHUWLO HU<br />
DW RYHUHQVNRPVWHUQH W\SLVN HU ODQGVG NNHQGH RJ GHUPHG L<br />
XWLOVWU NNHOLJW RPIDQJ WLOSDVVHU VLJ GH UHJLRQDOH IRUVNHOOH (Q<br />
RSGHOLQJ DI OHGLJKHGVSURHQWHU Sn GH HQNHOWH GHOVWDWHU YLVHU DW<br />
OHGLJKHGHQ HU XM YQW IRUGHOW LNNH EORW L IRUKROGHW PHOOHP ¡VW RJ<br />
YHVW PHQ RJVn VnGDQ DW EODQGW GH JDPOH GHOVWDWHU HU OHGLJKH<br />
GHQ L QRUG VW¡UUH HQG L V\G MI WDEHO , /LJHOHGHV DQI¡UHU<br />
%HUWKROG RJ )HKQ DW GHU HU VWRU IRUVNHO Sn GH IRUVNHO<br />
OLJH XGGDQQHOVHVNDWHJRULHUV OHGLJKHG 0HQV XIDJO UWHDUEHMGHUH<br />
L KDYGH HQ OHGLJKHG Sn RPNULQJ SW YDU GHW WLOVYDUHQ<br />
GH WDO IRU SHUVRQHU PHG HQ YLGHUHJnHQGH XGGDQQHOVH Sn XQGHU<br />
SW<br />
6WLJQLQJHQ L EHVNDWQLQJHQ RJ GHUPHG L PDUJLQDOVNDWWHQ L<br />
HUQH HU DOOHUHGH Q YQW VRP HQ IDNWRU GHU IRUPRGHQWOLJ<br />
KDU SnYLUNHW DUEHMGVXGEXG RJ O¡QGDQQHOVH 6DPVSLOOHW PHOOHP<br />
O¡Q RJ VRLDOH \GHOVHU HU GHVXGHQ XKHOGLJW 'HW VRLDOH V\VWHP<br />
L 7\VNODQG VHU LNNH XPLGGHOEDUW XG WLO DW Y UH PHUH JHQHU¡VW<br />
HQG L )UDQNULJ ,WDOLHQ RJ 6WRUEULWDQQLHQ (8 NRPPLVVLRQHQ<br />
PHQ VDPVSLOVSUREOHPHUQH HU L QRJOH WLOI OGH VWRUH PHG<br />
WHPPHOLJ K¡MH VDPPHQVDWWH PDUJLQDOVNDWWHU (Q SHUVRQ PHG HQ
7\VNODQG KDU<br />
PLVWHW HQ UHODWLY<br />
NRQNXUUHQHIRUGHO<br />
L IRUP DI UHQWHQ<br />
DUEHMGVO¡V JWHI OOH NDQ In HQ HIIHNWLY PDUJLQDOVNDW Sn SW<br />
YHG RYHUJDQJ IUD OHGLJKHG WLO IXOGWLGVEHVN IWLJHOVH WLO HQ JHQ<br />
QHPVQLWVO¡Q )RU GHOWLGVEHVN IWLJHGHNDQ PDUJLQDOVNDWWHQ EOLYH<br />
HQGQX K¡MHUH<br />
7DEHO , /HGLJKHG IRUGHOW Sn GHOVWDWHU RNWREHU<br />
3W<br />
'HOVWDWHU L GHW WLGOLJHUH 9HVWW\VNODQG<br />
%DGHQ : UWWHPEHUJ<br />
%D\HUQ<br />
%UHPHQ<br />
+DPEXUJ<br />
+HVVHQ<br />
1LHGHUVDKVHQ<br />
1RUGUKHLQ :HVWIDOHQ<br />
5KHLQODQG 3IDO]<br />
6DDUODQG<br />
6KOHVZLJ +ROVWHLQ<br />
'HOVWDWHU L GHW WLGOLJHUH ‘VWW\VNODQG<br />
%HUOLQ<br />
%UDQGHQEXUJ<br />
0HNOHQEXUJ 9RUSRPPHUQ<br />
6DKVHQ<br />
6DKVHQ $QKDOW<br />
7K ULQJHQ<br />
7\VNODQG<br />
.LOGH %HUWKROG RJ )HKQ<br />
(WDEOHULQJHQ DI ‘08HQ L O¡EHW DI HUQH KDU KDIW PRG<br />
VDWUHWWHGH YLUNQLQJHU Sn GHQ W\VNH ¡NRQRPL 'HQ PLQGUH YDOX<br />
WDXVLNNHUKHG KDU PHGI¡UW HQ NRQYHUJHQV L UHDOUHQWHUQH PHOOHP<br />
7\VNODQG RJ GH ¡YULJH GHOWDJHUH L YDOXWDXQLRQHQ 'HW KDU<br />
PHGI¡UW VW¡UUH Y NVW PHQ UHODWLYW PLQGUH L 7\VNODQG HQG L<br />
EO D 6\GHXURSD 6DPWLGLJ HU GHQ W\VNH NRQNXUUHQHHYQH LPLG
,V U E\JJH RJ<br />
DQO JVVHNWRUHQ HU<br />
VNUXPSHW<br />
.UHGLWPDUNHGHUQH<br />
NDQ ¡JH<br />
SUREOHPHUQH L<br />
IUHPWLGHQ<br />
OHUWLG EOHYHW UHODWLYW IRUY UUHW IRUGL ODQGHW LNNH O QJHUH KDU HQ<br />
ODY UHDOUHQWH L IRUKROG WLO GH Q UPHVWH QDERHU 2(&' SHJHU Sn<br />
DW 7\VNODQG GHULJHQQHP HU JnHW JOLS DI GHQ LQYHVWHULQJVVWLPX<br />
ODQV VRP I HNV )UDQNULJ RJ ,WDOLHQ KDU KDIW L GHQQH SHULRGH ,<br />
DOW YXUGHUHV ODYH LQYHVWHULQJVUDWHU IRU PDVNLQHU P P DW KDYH<br />
IRUnUVDJHW D HQ IMHUGHGHO DI Y NVWJDEHW LPHOOHP 7\VNODQG RJ<br />
(8 VLGHQ nUWLHWV PLGWH MI 2(&'<br />
%\JJH RJ DQO JVVHNWRUHQ HU LV U EOHYHW SnYLUNHW DI XGYLNOLQ<br />
JHQ 0LQGVW HQ WUHGMHGHO DI GHQ VDPOHGH Y NVWGLIIHUHQH PHO<br />
OHP 7\VNODQG RJ GHWV Q UPHVWH HXURS LVNH SDUWQHUH VLGHQ<br />
PLGWHQ DI HUQH NDQ KHQI¡UHV WLO XGYLNOLQJHQ L GHQQH VHN<br />
WRU , GHW WLGOLJHUH ‘VWW\VNODQG YDU GHW L PHJHW K¡M JUDG GHQQH<br />
VHNWRU GHU VWRG IRU Y NVW ERRPHW L nUWLHWV VWDUW Sn JUXQG DI<br />
RSE\JQLQJHQ DI LQIUDVWUXNWXU RJ VWRUH VXEVLGLHU WLO EnGH EROLJ<br />
RJ HUKYHUYVE\JJHUL (IWHU DW LQIUDVWUXNWXULQYHVWHULQJHUQH HU<br />
WDJHW DI VLGHQ nUWLHWV PLGWH RJ VXEVLGLHUQH HU EOHYHW UHGXHUHW<br />
HU VHNWRUHQ LPLGOHUWLG VNUXPSHW PHJHW YROGVRPW L ¡VW 1nU<br />
GHOVWDWHUQH L GHW WLGOLJHUH ‘VWW\VNODQG L GHW KHOH WDJHW KDU KDIW<br />
HQ ODYHUH ¡NRQRPLVN Y NVW HQG GHOVWDWHUQH L GHW WLGOLJHUH<br />
9HVWW\VNODQG IUD GHWWH WLGVSXQNW KDU IRUVNHOOHQ LV U PDQL<br />
IHVWHUHW VLJ L GHQQH EUDQKH 'HWWH HU IDOGHW VDPPHQ PHG DW<br />
RJVn E\JJHDNWLYLWHWHQ L 9HVWW\VNODQG HU IDOGHW NUDIWLJW +¡M<br />
LPPLJUDWLRQ L HUQH RJ VWDUWHQ DI HUQH VNDEWH K¡M<br />
E\JJHDNWLYLWHW L 9HVWW\VNODQG PHQ GD GHQQH LPPLJUDWLRQ VLGHQ<br />
DIWRJ IDOGW RJVn HIWHUVS¡UJVOHQ HIWHU EROLJHU 6DPWLGLJ EOHY<br />
RIIHQWOLJH LQYHVWHULQJHU RJ VXEVLGLHU WLO EROLJE\JJHUL NUDIWLJW<br />
EHVNnUHW RJ HUKYHUYVLQYHVWHULQJHUQHIDOGW VRP I¡OJH DI JHQHUHOW<br />
SHVVLPLVWLVNH IRUYHQWQLQJHU WLO GHQ ¡NRQRPLVNHXGYLNOLQJ 6DP<br />
PHQODJW VNUXPSHGH E\JJHVHNWRUHQ OLJH Vn PHJHW L 9HVW VRP L<br />
‘VWW\VNODQG L DEVROXWWH WDO<br />
.UHGLWJLYQLQJHQ L 7\VNODQG KDU HIWHU HQ SHULRGH PHG NUDIWLJ<br />
Y NVW Y UHW RPWUHQW NRQVWDQW VLGHQ VOXWQLQJHQ DI 8G<br />
YLNOLQJHQ PLQGHU L QRJHQ JUDG RP XGYLNOLQJHQ L NUHGLWJLYQLQJHQ<br />
L -DSDQ L VWDUWHQ DI HUQH KYRU GHQ MDSDQVNH EDQNNULVH<br />
EHJ\QGWH MI :HVWHUPDQQ (W DQGHW SXQNW GHU JMRUGH<br />
VLJ J OGHQGH L -DSDQ L VWDUWHQ DI HUQH RJ VRP J¡U VLJ<br />
J OGHQGH L 7\VNODQG L GDJ HU EDQNHUQHV UHODWLYW VWRUH DNWLHEH<br />
KROGQLQJHU 'H VWRUH DNWLHNXUVIDOG KDU GHUIRU PHGI¡UW EDODQH<br />
SUREOHPHU L EDQNVHNWRUHQ KYLONHW KDU PHGYLUNHW WLO DW EHJU QVH
'HQ RIIHQWOLJH J OG<br />
HU VWHJHW NUDIWLJW<br />
VLGHQ JHQIRUHQLQJHQ<br />
NUHGLWJLYQLQJHQ 8GYLNOLQJHQ KDU EHW\GHW DW LV U VPn W\VNH<br />
YLUNVRPKHGHU KDU VY UW YHG DW ILQGH WLOVWU NNHOLJ ULVLNRYLOOLJ<br />
NDSLWDO 'HW HU VnOHGHV PXOLJW DW GH W\VNH NUHGLWPDUNHGHU IUHP<br />
DGUHWWHW VQDUHUH YLO ELGUDJH WLO DW IRU¡JH GH ¡NRQRPLVNH SUR<br />
EOHPHU HQG WLO DW O¡VH GHP RPHQG HQ HJHQWOLJ EDQNNULVH VRP L<br />
-DSDQ LNNH VNDO IRUYHQWHV<br />
)LJXU , YLVHU XGYLNOLQJHQ L GHQ RIIHQWOLJH VDOGR VLGHQ<br />
, HUQH YDU GHU HQ NRQVROLGHULQJ DI VDOGRHQ VRP I¡UWH WLO<br />
HW RYHUVNXG L 6LGHQ JHQIRUHQLQJHQ KDU GHU LPLGOHUWLG<br />
Y UHW YDULJH XQGHUVNXG RJ NXQ L HW HQNHOW nU KDU JRGH<br />
NRQMXQNWXUHU VNDEW RYHUVNXG Sn VDOGRHQ *HQIRUHQLQJHQ<br />
IRUY UUHGH GH RIIHQWOLJH ILQDQVHU Sn WUH PnGHU 8G RYHU GH<br />
WLGOLJHUH Q YQWH VWRUH XGJLIWHU WLO RYHUI¡UVHOVLQGNRPVWHU L ¡VW<br />
LV U DUEHMGVO¡VKHGVXQGHUVW¡WWHOVHQ RJ GH VWRUH RIIHQWOLJH LQIUD<br />
VWUXNWXULQYHVWHULQJHU RJ LQYHVWHULQJVVXEVLGLHU KDU IRUEXQGVUH<br />
SXEOLNNHQ RYHUWDJHW GHOV GHQ ¡VWW\VNH VWDWV RJ HQ GHO DI GHQ<br />
¡VWW\VNH EROLJVHNWRUV J OG L DOW D '(0 PLD GHOV YLD<br />
7UHXKDQG $QVWDOW HQ U NNH ¡VWW\VNH YLUNVRPKHGHUV J OG D<br />
)LJXU , 2IIHQWOLJ VDOGR<br />
3W DI %13<br />
$QP 2EVHUYDWLRQHUQH IRU RJ HU VN¡QQHW DI(8 NRPPLVVLRQHQ<br />
.LOGH 2(&' (RQRPL 2XWORRN RJ (8 NRPPLVVLRQHQ 6SULQJ<br />
(RQRPL )RUHDVW
6NLIWHQGH<br />
ILQDQVSROLWLN<br />
'(0 PLD (Q VHW IUD HW NUHGLWRUV\QVSXQNW JXQVWLJ YD<br />
OXWDNRQYHUWHULQJ KDU IRUVW UNHW W\QJGHQ DI GLVVH J OGVSRVWHU<br />
'HQ RIIHQWOLJHEUXWWRJ OG HU GHUIRU YRNVHW NUDIWLJW L HUQH<br />
MI ILJXU , 6LGHQ KDU GHQ GHUPHG OLJJHW RYHU ‘08<br />
JU QVHQ Sn SW PHQ KDU GRJ VWDELOLVHUHW VLJ VRP I¡OJH DI<br />
EXGJHWRSVWUDPQLQJHU<br />
)LJXU , 2IIHQWOLJ EUXWWRJ OG<br />
3W DI %13<br />
$QP 2EVHUYDWLRQHUQH IRU RJ HU VN¡QQHW DI (8 NRPPLVVLRQHQ<br />
.LOGH 2(&' (RQRPL 2XWORRN RJ (8 NRPPLVVLRQHQ 6SULQJ<br />
(RQRPL )RUHDVW<br />
)LQDQVSROLWLNNHQ L HUQH KDU Y UHW VNLIWHQGH L VLW LQGKROG<br />
MDQXDU EOHY LQGNRPVWVNDWWHQ QHGVDW PHG '(0 PLD<br />
VRP NRQVHNYHQV DI GHQ IRUEHGUHGH EXGJHWVLWXDWLRQ 'HW VNHWH<br />
OLJH HIWHU %HUOLQPXUHQV IDOG RJ VDPWLGLJ PHG HQ NUDIWLJ HIWHU<br />
VS¡UJVHO HIWHU YHVWW\VNH YDUHU RJ YDU GHUIRU VW UNW SUR\NOLVN<br />
'H XYHQWHGH K¡MH XGJLIWHU WLO JHQIRUHQLQJHQ I¡UWH L WLO LQG<br />
I¡UHOVHQ DI HQ VROLGDULWHWVVNDW RJ JHQHUHOW HQ VWLJQLQJ L GH RI<br />
IHQWOLJH LQGW JWHU IUD SW DI %13 L WLO SW L<br />
MI (8 NRPPLVVLRQHQ 'LVVH VNDWWHVWLJQLQJHU YDU<br />
LPLGOHUWLG XWLOVWU NNHOLJH WLO DW XQGJn VW¡UUH EXGJHWXQGHUVNXG<br />
RJ VDPWLGLJ ELGURJ GH WLO GHQ G\EHVWH UHHVVLRQ L 7\VNODQG VL<br />
GHQ YHUGHQVNULJ , YDU %13 Y NVWHQ SW (IWHU HQ<br />
NRUWYDULJ IRUEHGULQJ L EnGH GH RIIHQWOLJH ILQDQVHU RJ %13
QGUHW<br />
VDPPHQV WQLQJ<br />
DI GH RIIHQWOLJH<br />
XGJLIWHU<br />
%XGJHWXQGHU<br />
VNXGGHW RYHUVNULGHU<br />
‘08 NUDYHW Sn<br />
SW<br />
'HQ ILVNDOH<br />
I¡GHUDOLVPH YLUNHU<br />
LNNH SHUIHNW<br />
Y NVWHQ L KDU GHU VLGHQ LPLGOHUWLG Y UHW IRUKROGVYLV<br />
ODY Y NVW RJ VDPWLGLJ IOHUH WLOWDJ IRU DW IRUEHGUH GHQ RIIHQWOLJH<br />
VDOGR GLVNUHWLRQ UW LNNH PLQGVW DI KHQV\Q WLO ‘08 NULWHULHUQH<br />
%nGH GH RIIHQWOLJH LQGW JWHU RJ XGJLIWHU HU GHUIRU YRNVHW<br />
\GHUOLJHUH WLO KKY RJ SW DI %13 L nUHW IRU<br />
‘08 EHVOXWQLQJHQ<br />
.RQVROLGHULQJHQ DI GH RIIHQWOLJH ILQDQVHU ODGHU GRJ WLO DW KDYH<br />
Y UHW PLQGUH HQG L GH IOHVWH ¡YULJH HXURODQGH KYLONHW NDQ UHW<br />
I UGLJJ¡UHV PHG HW ¡QVNH RP DW IRUGHOH XGJLIWHUQH YHG JHQIRUH<br />
QLQJHQ PHUH M YQW RYHU HQ O QJHUH WLGVSHULRGH 3n XGJLIWVVLGHQ<br />
KDU GLVVH IRUVNHOOLJH WHQGHQVHU XG RYHU HQ VDPOHW VWLJQLQJ Q<br />
GUHW Y VHQWOLJW Sn VDPPHQV WQLQJHQ DI XGJLIWHUQH LGHW XGJLI<br />
WHUQH WLO RIIHQWOLJW DQVDWWH RJ RIIHQWOLJH LQYHVWHULQJHU HU IDOGHW<br />
UHODWLYW PHQV WUDQVIHUHULQJHUQH HU VWHJHW NUDIWLJW VRP DQGHO DI<br />
%13<br />
, YDU GHW NRQMXQNWXUUHQVHGH RIIHQWOLJH EXGJHWXQGHUVNXG<br />
VRP DQGHO DI %13 GHW PLQGVWH L PDQJH nU QHPOLJ ò SW MI<br />
WDEHO , )UD RJ PHG HU GHU LPLGOHUWLG EOHYHW JHQQHPI¡UW<br />
HQ U NNH QGULQJHU DI VNDWWHV\VWHPHW KYLV VDPOHGH YLUNQLQJ<br />
KDU Y UHW HNVSDQVLY (8 NRPPLVVLRQHQ YXUGHUHU DW GLVVH VNDW<br />
WHQHGV WWHOVHU JDQVNH YLVW NDQ Y UH IUXJWEDUH IRU Y NVWHQ Sn<br />
PHOOHPODQJ VLJW PHQ L I¡UVWH RPJDQJ ULVLNHUHU DW WUXH NRQ<br />
VROLGHULQJHQ DI GH RIIHQWOLJH ILQDQVHU GD XGJLIWHUQH LNNH ODGHU<br />
WLO DW I¡OJH PHG QHG L VDPPH WHPSR , IRUY UUHGHV GHQ<br />
VWUXNWXUHOOH RIIHQWOLJH VDOGR PHG \GHUOLJHUH Q VWHQ SW SRLQW<br />
VRP I¡OJH DI EnGH LQGNRPVW RJ VHOVNDEVVNDWWHOHWWHOVHU 'HQ<br />
IDNWLVNH RIIHQWOLJH VDOGR GRJ XQGWDJHW GH JDQVNH VWRUH LQGW J<br />
WHU IUD VDOJ DI 8076 OLHQVHU YDU Sn SW L RJ KHOH<br />
SW VLGVWH nU 2JVn L nU IRUYHQWHV XQGHUVNXGGHW DW RYHU<br />
VNULGH ‘08 WUDNWDWHQV JU QVH Sn SW<br />
2(&' SHJHU L VLQ Q\HVWH ODQGHUDSSRUW GHUXGRYHU Sn DW GHW LQ<br />
VWLWXWLRQHOOH V\VWHP IRU XGOLJQLQJHU PHOOHP GH IRUVNHOOLJH DGPL<br />
QLVWUDWLYH XQGHUQLYHDXHU L IRUEXQGVVWDWHQ GHOVWDWHU NRPPXQHU<br />
JLYHU LQLWDPHQWHU WLO DW EUXJH IRU PDQJH SHQJH MI 2(&'<br />
(Q LQWUDW\VN VWDELOLWHWVSDJW VNDO IRUEHGUH SUREOHPHW L<br />
IRUP DI HQ DIWDOH RP XGJLIWVORIWHU Sn DOOH QLYHDXHU L RJ<br />
PHQ GHU PDQJOHU VDQNWLRQVPXOLJKHGHU GHU NDQ J¡UH DI<br />
WDOHQ PHUH HIIHNWLY
7DEHO , )DNWLVN RJ NRQMXQNWXUUHQVHW RIIHQWOLJ VDOGR L SW DI %13<br />
)DNWLVN VDOGR<br />
.RQMXQNWXUUHQVHW VDOGR<br />
$QP )UD RJ IUHPHIWHU HU GHU WDOH RP HVWLPHUHGH WDO<br />
.LOGH (8 NRPPLVVLRQHQ 6SULQJ (RQRPL )RUHDVW<br />
/DQJVLJWHGH<br />
SUREOHPHU IRU GHQ<br />
ILQDQVSROLWLVNH<br />
KROGEDUKHG<br />
6DPPHQIDWWHQGH<br />
6WLYH VWUXNWXUHU RJ<br />
VWRUH VW¡G<br />
5HIRUPHU Pn VLJWH<br />
Sn DUEHMGVPDUNHGHW<br />
'HQ W\VNH ODYY NVW RJ GH ¡MHEOLNNHOLJH ILQDQVSROLWLVNH SUREOH<br />
PHU PHG DW RYHUKROGH ‘08 WUDNWDWHQV EHVWHPPHOVHU V WWHV L<br />
UHOLHI DI DW ODQGHW RJVn KDU HW Y VHQWOLJW ODQJVLJWHW SUREOHP<br />
PHG GHQ ILQDQVSROLWLVNH KROGEDUKHG 'HQ IUHPWLGLJH GHPRJUDIL<br />
VNH XGYLNOLQJ EHW\GHU L 7\VNODQG VRP L GH IOHVWH DQGUH 2(&'<br />
ODQGH DW GH RIIHQWOLJH XGJLIWHU DOW DQGHW OLJH YLO VWLJH RJ VNDWWH<br />
LQGW JWHUQH IDOGH VRP DQGHO DI %13 L WDNW PHG DW GHU EOLYHU<br />
IOHUH SHQVLRQLVWHU RJ I UUH SHUVRQHU L DUEHMGVVW\UNHQ %HUHJQLQ<br />
JHU SHJHU Sn DW GHQ SHUPDQHQWH VNDWWHVWLJQLQJ HOOHU WLOVYDUHQGH<br />
EHVSDUHOVH Sn GH RIIHQWOLJH XGJLIWHU GHU HU Q¡GYHQGLJ IRU DW<br />
VNDEH HQ ODQJVLJWHW KROGEDU ILQDQVSROLWLN HU Sn RPNULQJ SW<br />
DI %13 HOOHU QRJHW VW¡UUH HQG GHQ JHQQHPVQLWOLJH KROGEDUKHGV<br />
PDQNR L (8 +ROGEDUKHGVSUREOHPHW HU GRJ PLQGUH HQG L ODQGH<br />
VRP )UDQNULJ RJ 6SDQLHQ MI DIVQLW ,<br />
6DPPHQIDWWHQGH YLVHU JHQQHPJDQJHQ DI GHQ ¡NRQRPLVNH VLWX<br />
DWLRQ L 7\VNODQG DW SUREOHPHUQH HU EHW\GHOLJH 'H NRQMXQNWXU<br />
P VVLJH RJ LV U VWUXNWXUHOOH SUREOHPHU J¡U DW GHQ W\VNH Y NVW<br />
RJVn IUHPRYHU LJHQQHP DGVNLOOLJH nU Pn IRUYHQWHV DW OLJJH<br />
XQGHU Y NVWHQ L GH ¡YULJH HXURS LVNH ODQGH 2PIDQJHW DI GH<br />
W\VNH SUREOHPHU K QJHU LV U VDPPHQ PHG VWUXNWXUSUREOHPHU<br />
QH Sn DUEHMGVPDUNHGHW GHU KDU XGYLVW HW HQ XWLOVWU NNHOLJ HYQH<br />
WLO DW VNDEH HQ WLOIUHGVVWLOOHQGH EHVN IWLJHOVHVXGYLNOLQJ 'HQ<br />
PHJHW K¡MH OHGLJKHG L LV U GH WLGOLJHUH ¡VWW\VNH GHOVWDWHU LOOX<br />
VWUHUHU SUREOHPHWV RPIDQJ 6WLYH VWUXNWXUHU YLVHU LV U GHUHV<br />
RPNRVWQLQJHU QnU ¡NRQRPLHQ EOLYHU XGVDW IRU HNVRJHQH VW¡G<br />
*HQIRUHQLQJHQ HU HQ KLVWRULVN NHQGVJHUQLQJ RJ O¡VQLQJHUQH Sn<br />
7\VNODQGV SUREOHPHU Pn QDWXUOLJYLV Y UH IUHPDGUHWWHGH 5H<br />
IRUPHUQH Pn NRQHQWUHUH VLJ RP DW IRUEHGUH DUEHMGVPDUNHGHW<br />
IXQNWLRQVPnGH %ODQGW GH IRUVODJ GHU JnU LJHQ L GH IOHVWH IDJ
5HJHULQJHQV<br />
UHIRUPIRUVODJ LNNH<br />
V UOLJ YLGWU NNHQGH<br />
7LOWDJHQGH<br />
LQGHQODQGVN<br />
HIWHUVS¡UJVHO<br />
¡NRQRPLVNH DQDO\VHU HU OHPSHOVH DI ORYJLYQLQJHQ RP EHVN I<br />
WLJHOVHVEHVN\WWHOVH RSEO¡GQLQJ DI GH VWLYH O¡QVWUXNWXUHU RJ<br />
DIKM OSQLQJ DI VDPVSLOVSUREOHPHUQH PHOOHP VRLDOH \GHOVHU RJ<br />
VNDWWHV\VWHPHW 'HW J OGHU HNVHPSHOYLV UnGHQH IUD (8 NRP<br />
PLVVLRQHQ 2(&' RJ ,0) 6LGVW<br />
Q YQWH EHWRQHU EO D YLJWLJKHGHQ DI PRGHUDWH O¡QVWLJQLQJHU RJ<br />
VW¡UUH O¡QVSUHGQLQJ EODQGW DQGHW YHG KM OS DI HQ EHJU QVQLQJ<br />
DI GDJSHQJHSHULRGHQ IRU OGUH DUEHMGHUH IUD GH QXY UHQGH<br />
PnQHGHU WLO GH PnQHGHU GHU J OGHU IRU DQGUH DUEHMGHUH RJ<br />
HQ UHGXNWLRQ DI LQLWDPHQWVSUREOHPHU YHG KM OS DI HQ DUW WYXQ<br />
JHQ DNWLYHULQJ 2JVn HQ VNDWWHUHIRUP GHU NDQ UHGXHUH GHQ<br />
HIIHNWLYH PDUJLQDOVNDW HQ QGULQJ DI GHW NROOHNWLYH IRUKDQG<br />
OLQJVV\VWHP RJ HQ VRLDOUHIRUP GHU V QNHU QLYHDXHW IRU EL<br />
VWDQGVKM OS RJ GDJSHQJH RJ L VWHGHW LQGI¡UHU VXEVLGLHULQJ DI<br />
ODYWO¡QQHGH IRU DW XGYLNOH ODYWO¡QVVHNWRUHQ HU RIWH Q YQWH UH<br />
IRUPIRUVODJ<br />
'HQ PDUWV IUHPODJGH IRUEXQGVNDQVOHU 6KU|GHU HQ O QJH<br />
LP¡GHVHW UHJHULQJVHUNO ULQJ PHG HQ U NNH UHIRUPIRUVODJ 'H<br />
LQGHE UHU EO D HW NRQMXQNWXUVWLPXOHULQJVSURJUDP Sn PLD<br />
HXUR QHGV WWHOVH DI O¡QPRGWDJHUQHV RJ DUEHMGVJLYHUQHV ELGUDJ<br />
WLO V\JHVLNULQJ HQ UHIRUP DI SHQVLRQVV\VWHPHW HQ IRUNRUWHOVH<br />
DI GDJSHQJHSHULRGHQ RJ HQ VWUDPPHUH DUEHMGVPDUNHGVSROLWLN<br />
HQ VXQGKHGVUHIRUP VDPW IMHUQHOVH DI EDUULHUHU IRU DW VWDUWH Q\H<br />
YLUNVRPKHGHU 0HQV GLVVH IRUVODJ JHQHUHOW SHJHU L GHQ ULJWLJH<br />
UHWQLQJ YLUNHU WLOWDJHQH IRU VYDJH WLO DW GH L VLJ VHOY YLO<br />
IRUEHGUH DIJ¡UHQGH Sn GHQ W\VNH ¡NRQRPLVNH VLWXDWLRQ L GH<br />
NRPPHQGH nU +HUWLO NRPPHU DW KHOOHU LNNH GH NRQMXQNWXUHOOH<br />
IRUKROG SHJHU L GHQ ULJWLJH UHWQLQJ 0HJHW W\GHU Sn DW GHU VNDO<br />
JHQQHPI¡UHV PHUH UDGLNDOH QGULQJHU IRU DW 7\VNODQG NDQ<br />
RYHUYLQGH NRQVHNYHQVHUQH DI JHQIRUHQLQJHQ ‘08HQ RJ GH<br />
KLVWRULVN EHWLQJHGH VWLYH ¡NRQRPLVNH VWUXNWXUHU<br />
, ,QGHQODQGVN HIWHUVS¡UJVHO<br />
9 NVWHQ L GHQ LQGHQODQGVNH HIWHUVS¡UJVHO YHQWHV DW WLOWDJH L<br />
IUHPVNULYQLQJHQ IUD ô SW WLO JRGW SW L RJ MI<br />
WDEHO , 'HW HU Y NVWHQ L GHW SULYDWH IRUEUXJ GHU ELGUDJHU<br />
PHVW WLO Y NVWHQ PHQ ELGUDJHW IUD LQYHVWHULQJHUQH ¡JHV GRJ<br />
LJHQQHP SURJQRVHSHULRGHQ MI ILJXU , , ELGUDJHU RS
7DEHO , ,QGHQODQGVN HIWHUVS¡UJVHO RSGHOW Sn XQGHUNRPSRQHQWHU<br />
cUHWV<br />
SULVHU<br />
0 QJGHVWLJQLQJ<br />
3ULYDW IRUEUXJ<br />
%LON¡E<br />
$QGHW IRUEUXJ<br />
2IIHQWOLJW IRUEUXJ<br />
2IIHQWOLJH LQYHVWHULQJHU<br />
%ROLJLQYHVWHULQJHU<br />
(UKYHUYVLQYHVWHULQJHU<br />
0DWHULHO<br />
%\JQLQJHU<br />
/DJHU QGULQJHU<br />
,QGHQODQGVN HIWHUVS¡UJVHO L DOW<br />
0LD NU 3W<br />
$QP )RU ³/DJHU QGULQJHU´ DQJLYHU P QJGHVWLJQLQJ ELGUDJ WLO Y NVW L LQGHQODQGVN HIWHUVS¡UJVHO<br />
.LOGH 'DQPDUNV 6WDWLVWLN 1DWLRQDOUHJQVNDEHW $'$0V GDWDEDQN RJ HJQH EHUHJQLQJHU<br />
)RUEUXJHW VWLJHU<br />
IRUWVDW<br />
E\JQLQJ DI ODJUHQH RJVn SRVLWLYW WLO Y NVWHQ L GHQ LQGHQODQGVNH<br />
HIWHUVS¡UJVHO<br />
9 NVWHQ L IRUEUXJHW WLOWRJ LJHQQHP 'HW YHQWHV DW VWLJ<br />
QLQJHQ L IRUEUXJHW YLO OLJJH Sn JRGW SW L RJ WLOWDJH WLO<br />
JRGW SW L L WDNW PHG VWLJQLQJHQ L GH GLVSRQLEOH LQG<br />
NRPVWHU )RUEUXJVNYRWHQ YHQWHV GHUIRU DW Y UH RPWUHQW NRQ<br />
VWDQW L SURJQRVHSHULRGHQ MI ILJXU , RJ ILJXU , 6WLJQLQ<br />
JHQ L GH GLVSRQLEOH LQGNRPVWHU VN\OGHV EnGH DW UHDOLQGNRPVWHU<br />
QH¡JHV RJ DW LQGNRPVWVNDWWHUQH QHGV WWHV 'HWDLORPV WQLQJV<br />
LQGHNVHW HU VWHJHW PHG JRGW SW L MDQXDU IHEUXDU L IRUKROG WLO<br />
GHVDPPHPnQHGHU nUHW I¡U KYLONHW XQGHUVW¡WWHU IRUYHQWQLQJHU<br />
QH RP DW Y NVWHQ L IRUEUXJHW IRUWV WWHU 'HULPRG HU IRUEUXJV<br />
IRUYHQWQLQJHUQH IDOGHW L SHULRGHQ IHEUXDU WLO DSULO 'HW HU<br />
IRUEUXJHUQHV YXUGHULQJ DI ODQGHWV ¡NRQRPLVNH VLWXDWLRQ VRP<br />
HU EOHYHW PHUH QHJDWLY PHQV GHU HU HQ PHUH SRVLWLY YXUGHULQJ
6WRUW IDOG L ELON¡EHW<br />
L nU<br />
DI IDPLOLHQV ¡NRQRPLVNH VLWXDWLRQ 'HW W\GHU Sn DW GHW LV U HU<br />
DIPDWQLQJHQ L GHQ LQWHUQDWLRQDOH ¡NRQRPL GHU KDU SnYLUNHW<br />
IRUEUXJHUQHV VYDU RJ LNNH IRUYHQWQLQJHUQH WLO GHUHV HJHQ DNWX<br />
HOOH ¡NRQRPLVNH VLWXDWLRQ 5HQWHIDOGHW GHU KDU PHGI¡UW HW EHW\<br />
GHOLJW RPIDQJ DI NRQYHUWHULQJHU XQGHUVW¡WWHU RJVn IRUYHQWQLQ<br />
JHUQH RP Y NVW L GHW SULYDWH IRUEUXJ<br />
)LJXU , %LGUDJ WLO Y NVW L LQGHQODQGVN HIWHUVS¡UJVHO IUD<br />
IRUEUXJ IDVWH EUXWWRLQYHVWHULQJHU RJ ODJHU<br />
LQYHVWHULQJHU<br />
3W SRLQW<br />
,QGHQO HIWHUVS )DVWH EUXWWRLQY<br />
)RUEUXJ /DJHULQY<br />
.LOGH 'DQPDUNV 6WDWLVWLN 1DWLRQDOUHJQVNDEHW $'$0V GDWDEDQN RJ<br />
HJQH EHUHJQLQJHU<br />
, ELGURJ ELOIRUEUXJHW PDUNDQW WLO VWLJQLQJHQ L GHW VDPOHGH<br />
IRUEUXJ MI ILJXU , D (IWHU GHQ NUDIWLJH VWLJQLQJ L ELOIRUEUX<br />
JHW Sn SW L HU GHW GRJ IDOGHW NUDIWLJW L GH I¡UVWH WUH<br />
PnQHGHU DI L nU %LON¡EHW On VnOHGHV D SW ODYHUH L I¡UVWH<br />
NYDUWDO L nU L IRUKROG WLO IMHUGH NYDUWDO 'HQ VWRUH VWLJQLQJ<br />
L ELOIRUEUXJHW L VHU GHUPHG QRN Vn PHJHW XG WLO DW Y UH<br />
XGWU\N IRU HQ IUHPU\NQLQJ DI ELON¡EHW MI ILJXU , E )UHPU\N<br />
QLQJHQ VN\OGHV DQWDJHOLJ GHQ Q\H (8 IRURUGQLQJ GHU KLQGUHU<br />
SULVGLVNULPLQHULQJ PHOOHP ELON¡EHUH L IRUVNHOOLJH ODQGH RJ VRP<br />
GHUYHG ¡JHU ELOSULVHUQH L 'DQPDUN 'HW YHQWHV DW ELOIRUEUXJHW<br />
YLO IDOGH SW L nU IRU GHUHIWHU DW VWLJH VRP I¡OJH DI VWLJHQGH<br />
LQGNRPVWHU
)LJXU , 9 NVW L SULYDW IRUEUXJ RJ GLVSRQLEHO LQGNRPVW<br />
3W<br />
,QGNRPVW<br />
)RUEUXJ<br />
$QP 60(&V ODQJVLJWHGH LQGNRPVWGHILQLWLRQ HU DQYHQGW MI ELODJVWDEHO<br />
,<br />
.LOGH 'DQPDUNV 6WDWLVWLN 1DWLRQDOUHJQVNDEHW $'$0V GDWDEDQN RJ<br />
HJQH EHUHJQLQJHU<br />
)LJXU , )RUEUXJV RJ IRUPXHNYRWH<br />
)RUEUXJVNYRWH<br />
)RUPXHNYRWH K DNVH<br />
$QP )RUEUXJVNYRWHQ DQJLYHU GHW VDPOHGH IRUEUXJV DQGHO DI GLVSRQLEHO<br />
LQGNRPVW 60(&V ODQJVLJWHGH LQGNRPVWGHILQLWLRQ HU DQYHQGW MI<br />
ELODJVWDEHO , )RUPXHNYRWHQ DQJLYHU GHQ IRUEUXJVEHVWHPPHQGH<br />
SULYDWH IRUPXH PnOW L IRUKROG WLO GLVSRQLEHO LQGNRPVW<br />
.LOGH 'DQPDUNV 6WDWLVWLN 1DWLRQDOUHJQVNDEHW $'$0V GDWDEDQN RJ<br />
HJQH EHUHJQLQJHU
)LJXU , D 9 NVWELGUDJ SULYDW IRUEUXJ )LJXU , E %LON¡EHW L IDVWH SULVHU<br />
3W<br />
3ULYDW IRUEUXJ<br />
$QGHW IRUEUXJ<br />
%LON¡E<br />
0LD NU<br />
.LOGH 'DQPDUNV 6WDWLVWLN 1DWLRQDOUHJQVNDEHW $'$0V GDWDEDQN RJ HJQH EHUHJQLQJHU<br />
.RQWDQWSULVHQ<br />
IDOGHU L<br />
$IGUDJVIUL OnQ<br />
YHQWHV LNNH DW<br />
¡JH EROLJSULVHUQH<br />
.RQWDQWSULVHUQH VWHJ NXQ ò SW IUD WLO NYDUWDO L nU<br />
Sn WURGV DI HW IDOG Sn ò SW SRLQW L UHQWHQ Sn nULJH UHDO<br />
NUHGLWREOLJDWLRQHU 'HU HU VnOHGHV WHJQ Sn DW HIWHUVS¡UJVOHQ<br />
HIWHU EROLJHU HU IDOGHW 'HQ YLJHQGH HIWHUVS¡UJVHO HIWHU HMHUEROL<br />
JHU KDU DOOHUHGH YLVW VLJ YHG DW I¡UVWHnUV\GHOVHQ HIWHU VNDW HU<br />
IDOGHW VLGHQ PLGWHQ DI MI ILJXU , (Q YLJWLJ IRUNODULQJ<br />
Sn VWLJQLQJHQ L NRQWDQWSULVHUQH L GH VHQHUH nU HU GHQ IDOGHQGH<br />
UHDOUHQWH MI ILJXU , 5HQWHQ YHQWHV DW VWLJH PHG SW SRLQW<br />
L IUHPVNULYQLQJHQ KYLONHW VDPPHQ PHG GHQ JHQHUHOW YLJHQGH<br />
HIWHUVS¡UJVHO HU EDJJUXQGHQ IRU DW NRQWDQWSULVHQ YHQWHV DW<br />
IDOGH L +DYGH NRQWDQWSULVHQ Y UHW X QGUHW YLOOH<br />
UHQWHVWLJQLQJHQ VYDUH WLO DW ILQDQVLHULQJVRPNRVWQLQJHUQH YHG<br />
N¡E DI HMHUEROLJ YLOOH VWLJH PHG D SW 9LUNQLQJHQ DI<br />
SULVIDOGHW NDQ LNNH RSYHMH GHQQH HIIHNW Vn ILQDQVLHULQJVRP<br />
NRVWQLQJHUQH YHQWHV VDPOHW VHW DW VWLJH L<br />
'HW IUHPODJWH IRUVODJ RP LQGI¡UHOVHQ DI UHDONUHGLWOnQ GHU HU<br />
DIGUDJVIULH L nU YHQWHV LNNH DW SnYLUNH NRQWDQWSULVHQ Q Y<br />
QHY UGLJW 'H Q\H OnQ SnYLUNHU LNNH ILQDQVLHULQJVRPNRVWQLQ<br />
JHUQH PHQ NXQ DIGUDJVSURILOHQ RJ GHUPHG RSVSDULQJHQ +YLV<br />
EROLJN¡EHUH L GDJ ¡QVNHU DW KDYH HQ ODQJVRPPHUH RSVSDULQJ<br />
HQG GHQ DIGUDJHQH Sn UHDONUHGLWOnQ LQGHE UHU NDQ PDQJH EORW<br />
Y OJH DW RSVSDUH PLQGUH L DQGUH RSVSDULQJVIRUPHU HOOHU RSWDJH<br />
OnQ L DQGUH ILQDQVLHOOH LQVWLWXWLRQHU 'HW Pn IRUYHQWHV DW GHU<br />
IRUHWDJHV HQ NUHGLWYXUGHULQJ DI OnQWDJHUH DI DIGUDJVIULH OnQ GHU<br />
HU PLQGVW OLJH Vn VWUDP VRP IRU OnQWDJHUH DI DQGUH UHDONUHGLW
%ROLJLQYHVWHULQJHU<br />
YRNVHU NQDS<br />
SW S D<br />
OnQ 'HUPHG YLO LQGI¡UHOVHQ DI VnGDQQH OnQHW\SHU LNNH ¡JH GHQ<br />
VDPOHGH NUHGLWJLYQLQJ Y VHQWOLJ RJ GHUIRU YLO EHW\GQLQJHQ IRU<br />
XGYLNOLQJHQ L NRQWDQWSULVHUQH DG GHQ NDQDO Y UH EHJU QVHW<br />
)RUGHOHQ IRU OnQWDJHUQH YHG GH DIGUDJVIULH UHDONUHGLWOnQ NDQ<br />
Y UH DW RPNRVWQLQJHQ IRU GLVVH OnQ YLO Y UH ODYHUH HQG KYLV<br />
OnQWDJHUQH VNDO RSWDJH I HNV EDQNOnQ QnU GH LNNH ¡QVNHU DW KD<br />
YH HQ RSVSDULQJ VYDUHQGH WLO DIGUDJHQH Sn HW DQQXLWHWVOnQ<br />
(PSLULVNH DQDO\VHU DI SnYLUNQLQJHQ DI DIGUDJHQHV VW¡UUHOVH IRU<br />
NRQWDQWSULVHQ XQGHUVW¡WWHU RJVn DQWDJHOVHQ RP DW DIGUDJHQHV<br />
VW¡UUHOVH LNNH SnYLUNHU NRQWDQWSULVHQ MI ERNV , 'HW LPSOL<br />
HUHU DW EROLJN¡EHUQH IRNXVHUHU Sn ILQDQVLHULQJVXGJLIWHUQH<br />
IUHP IRU I¡UVWHnUV\GHOVHQ QnU GH N¡EHU EROLJ<br />
)LJXU , .RQWDQWSULV RJ I¡UVWHnUV\GHOVH<br />
3W .U<br />
6WLJQLQJ L NRQWDQWSULV nU nU<br />
)¡UVWHnUV\GHOVH K DNVHQ<br />
$QP )¡UVWHnUV\GHOVHQ HU RSJMRUW VRP \GHOVHQ HIWHU VNDW IRU HQ EROLJ PHG<br />
HQ NRQWDQWSULV Sn NU L<br />
.LOGH 'DQPDUNV 6WDWLVWLN 6WDWLVWLNEDQNHQ RSO\VQLQJHU IUD 5HDONUHGLW<br />
'DQPDUN RJ HJQH EHUHJQLQJHU<br />
'H UHODWLYW K¡MH UHDOH NRQWDQWSULVHU RJ GH EROLJSROLWLVNH LQLWLD<br />
WLYHU ³EROLJSDNNHQ´ GHU EOHY YHGWDJHW VLGVWH nU YHQWHV DW UH<br />
VXOWHUH L HQ VWLJQLQJ L EROLJLQYHVWHULQJHUQH Sn NQDS SW RP<br />
nUHW L IUHPVNULYQLQJHQ MI ILJXU , 'D NRQWDQWSULVHUQH HU<br />
IDOGHQGH L IUHPVNULYQLQJHQ LQGHE UHU GHW DW IRUVNHOOHQ PHOOHP<br />
RPNRVWQLQJHUQH YHG Q\RSI¡UHOVH RJ SULVHUQH Sn HNVLVWHUHQGH<br />
EROLJHU LQGVQ YUHV EHW\GHOLJW
)DOGHQGH E\JQLQJV<br />
LQYHVWHULQJHU<br />
)LJXU , 5HDO NRQWDQWSULV RJ UHDOUHQWH<br />
5HDO NRQWDQWSULV<br />
5HDOUHQWHQ K DNVHQ<br />
3W<br />
$QP 'HQ UHDOH NRQWDQWSULV HU NRQWDQWSULVHQ VDW L IRUKROG WLO IRUEUXJHU<br />
SULVHUQH RJ UHDOUHQWHQ HU GHQ JHQQHPVQLWOLJH UHQWH IUDWUXNNHW VWLJ<br />
QLQJHQ L IRUEUXJHUSULVHUQH<br />
.LOGH 'DQPDUNV 6WDWLVWLN 1DWLRQDOUHJQVNDEHW $'$0V GDWDEDQN RJ<br />
HJQH EHUHJQLQJHU<br />
%\JQLQJVLQYHVWHULQJHUQH On Sn HW UHODWLYW K¡MW QLYHDX L PLGWHQ<br />
DI HUQH 'HW PHGI¡UWH HQ EHW\GHOLJ IRU¡JHOVH DI XGEXGGHW<br />
DI NRQWRUORNDOHU KYLONHW UHVXOWHUHGH L OHGLJH NRQWRUHU 'HU HU<br />
VWDGLJW ULJHOLJW PHG OHGLJ NDSDLWHW VHOYRP E\JQLQJVLQYHVWHULQ<br />
JHUQH L GH VHQHUH nU KDU Y UHW UHODWLYW ODYH 'HW UHODWLYW ODYH<br />
QLYHDX KDU EHW\GHW DW E\JQLQJVLQYHVWHULQJHUQH PnOW L IRUKROG<br />
WLO HUKYHUYHQHV EUXWWRY UGLWLOY NVW E\JQLQJVLQYHVWHULQJV<br />
NYRWHQ QX HU IDOGHW WLO QLYHDXHW L MI ILJXU , %\J<br />
QLQJVLQYHVWHULQJHUQH YHQWHV RJVn DW OLJJH ODYW L IUHPVNULYQLQ<br />
JHQ ,QYHVWHULQJVNYRWHQ IRU PDVNLQHU HU VWHJHW PDUNDQW GH<br />
VHQHUH nU Sn JUXQG DI GHW K¡MH LQGKROG DI LQYHVWHULQJVYDUHU GHU<br />
IRU OGHV UHODWLYW KXUWLJW I HNV RPSXWHUH RJ HGE SURJUDPPHU<br />
'HW IRUYHQWHV DW GHW QXY UHQGH K¡MH QLYHDX IDVWKROGHV L<br />
IUHPVNULYQLQJHQ 'H UHODWLYW K¡MH LQYHVWHULQJHU L IUHPVNULYQLQ<br />
JHQ XQGHUVW¡WWHV RJVn DI GH VHQHVWH RSMXVWHULQJHU DI LQYH<br />
VWHULQJVSODQHUQH L LQGXVWULHQ
%RNV , .RQWDQWSULV UHQWH RJ DIGUDJ<br />
5HJOHUQH IRU UHDONUHGLWEHOnQLQJ L IRUELQGHOVH PHG HMHUVNLIWH HU EOHYHW QGUHW PDQJH<br />
JDQJH 'H IRUVNHOOLJH UHJOHU KDU EHW\GHW DW DIGUDJVSURILOHQ IRU OnQHQH KDU YDULHUHW RYHU<br />
WLG (NVHPSHOYLV EHW¡G LQGI¡UHOVHQ DI PL[OnQ L DW DIGUDJHQH L VWDUWHQ DI OnQHWV<br />
O¡EHWLG EOHY ¡JHW 'HW VN\OGHV DW SW DI OnQHW VNXOOH Y UH HW VHULHOnQ 0RGVDW EHW¡G<br />
IRUO QJHOVHQ DI O¡EHWLGHQ L IUD WLO nULJH OnQ RJ RYHUJDQJHQ L WLO ILQDQ<br />
VLHULQJ YHG UHQH DQQXLWHWVOnQ DW DIGUDJHQH IDOGW )LJXU $ YLVHU XGYLNOLQJHQ L DIGUDJHQH<br />
I¡UVWH nU<br />
)LJXU $ nUV DIGUDJ )LJXU % .RQWDQWSULV RJ XVHU RVW<br />
3W 3W 3W<br />
6WLJQLQJ L NRQWDQWSULV nU nU<br />
8VHU RVW K DNVHQ<br />
$QP $IGUDJVYDULDEOHQ HU EHUHJQHW VRP DIGUDJHQHV DQGHO DI I¡UVWHnUV\GHOVHQ JDQJHW PHG UHQWHQ<br />
HIWHU VNDW 9DULDEOHQ NDQ GHUYHG WRONHV VRP HW WLOO J WLO UHQWHQ 8VHU RVW L ILJXU % HU RSJMRUW<br />
VRP UHQWHQ HIWHU VNDW LQNOXVLYH HMHQGRPVY UGLVNDW RJ DIVNULYQLQJHU<br />
.LOGH 'DQPDUNV 6WDWLVWLN RSO\VQLQJHU IUD 5HDONUHGLW 'DQPDUN RJ HJQH EHUHJQLQJHU<br />
8GYLNOLQJHQ L HMHUEROLJSULVHUQH NDQ Sn NRUW VLJW L EHW\GHOLJW RPIDQJ IRUNODUHV DI<br />
QGULQJHU L ILQDQVLHULQJVRPNRVWQLQJHUQH XVHU RVW MI ILJXU % (W IDOG L XVHU RVW KDU<br />
VnOHGHV HQ WHQGHQV WLO DW ¡JH NRQWDQWSULVHQV VWLJQLQJVWDNW $IGUDJHQH Sn EROLJOnQ HU<br />
LNNH HQ RPNRVWQLQJ PHQ RSVSDULQJ , WLOI OGH DI LPSHUIHNWLRQHU Sn NDSLWDOPDUNHGHW<br />
NDQ EROLJHMHUQH GRJ KDYH YDQVNHOLJW YHG DW In WLOSDVVHW GHUHV IDNWLVNH RSVSDULQJ WLO GHQ<br />
¡QVNHGH +YLV GHU HU VnGDQQH LPSHUIHNWLRQHU NDQ GHW LQGHE UH DW QGULQJHU L DI<br />
GUDJHQHV UHODWLYH VW¡UUHOVH KDU EHW\GQLQJ IRU XGYLNOLQJHQ L NRQWDQWSULVHUQH IRUGL GHQ<br />
WYXQJQH RSVSDULQJ L EROLJHQ GHOYLV YLO EOLYH RSIDWWHW VRP HQ RPNRVWQLQJ YHG EROLJN¡E<br />
'HW HU LPLGOHUWLG HW HPSLULVN VS¡UJVPnO RP GHW HU WLOI OGHW<br />
1HGHQIRU HU YLVW UHVXOWDWHUQH DI DW UHJUHVVHUH QGULQJHQ L EROLJSULVHUQH Sn QGULQJHU<br />
L XVHU RVW RJ QGULQJHU L DIGUDJHQH 5HODWLRQHQ IRUNODUHU JRGW SW DI YDULDWLRQHUQH<br />
L EROLJSULVHUQH RJ XVHU RVW HU NODUW VLJQLILNDQW IRU LQGHY UHQGH RJ VLGVWH SHULRGH RJ<br />
PHG GHW IRUYHQWHGH IRUWHJQ MI QHGHQIRU 'HULPRG HU DIGUDJHQH LQVLJQLILNDQWH Sn HW<br />
SW QLYHDX RJ LQGJnU PHG IRUNHUW IRUWHJQ L IRUKROG WLO GHW IRUYHQWHGH 6DPOHW VHW V\QHV<br />
DIGUDJHQH VnOHGHV LNNH DW ELGUDJH WLO IRUNODULQJ DI XGYLNOLQJHQ L EROLJSULVHUQH
(VWLPDWLRQ<br />
0LQGVWH NYDGUDWHUV PHWRGH<br />
(VWLPDWLRQVSHULRGH NYDUWDO NYDUWDO<br />
GORJ NRQWDQWSULV<br />
GLII XVHU RVW GLII XVHU RVW W<br />
GLII XVHU RVW W<br />
GLII XVHU RVW W<br />
GLII DIGUDJ GLII DIGUDJ W<br />
GLII DIGUDJ W<br />
GLII DIGUDJ W<br />
7DOOHQH L SDUHQWHV XQGHU SDUDPHWHUY UGLHUQH DQJLYHU W VW¡UUHOVHQ<br />
'HILQLWLRQ DI YDULDEOHUQH IUHPJnU DI DQP UNQLQJHQ WLO ILJXU $ RJ %<br />
GORJ QGULQJ L YDULDEOHQ ORJDULWPHWUDQVIRUPHUHW KYLONHW IRU VPn QGULQJHU VYDUHU<br />
WLO GHQ SURHQWYLVH QGULQJ<br />
GLII $EVROXW QGULQJ<br />
6XP 6T 6WG (UU /+6 0HDQ<br />
5 6T 5 %DU 6T )<br />
' : ' :<br />
5HODWLRQHQ HU XG IUD HQ ¡NRQRPLVN RJ VWDWLVWLVN V\QVYLQNHO LNNH YHOVSHLILHUHW PHQ<br />
GHW HU LPLGOHUWLG YDQVNHOLJW DW ILQGH HQ JRG RJ VWDELO IRUNODULQJ DI XGYLNOLQJHQ L NRQ<br />
WDQWSULVHQ )RUNODULQJHQ DI YDULDWLRQHQ L NRQWDQWSULVHQ NDQ GRJ IRU¡JHV IUD JRGW<br />
SW L GHQ YLVWH UHODWLRQ WLO D SW KYLV GLVSRQLEHO LQGNRPVW RJ IRUEUXJHUSULVHUQH<br />
LQGGUDJHV L HVWLPDWLRQHQ $IGUDJHQH ELGUDJHU KHOOHU LNNH L HQ VnGDQ VSHLILNDWLRQ WLO<br />
IRUNODULQJHQ DI YDULDWLRQHQ L NRQWDQWSULVHQ
)LJXU , %ROLJLQYHVWHULQJHU RJ UHODWLY NRQWDQWSULV<br />
5HODWLY NRQWDQWSULV<br />
%ROLJLQYHVWHULQJHU<br />
$QP 'HQ UHODWLYH NRQWDQWSULV HU EHUHJQHW VRP IRUKROGHW PHOOHP NRQWDQW<br />
SULVHQ SULVHQ Sn HNVLVWHUHQGH EROLJHU RJ E\JJHRPNRVWQLQJHUQH Sn<br />
Q\E\JJHGH EROLJHU<br />
.LOGH 'DQPDUNV 6WDWLVWLN 1DWLRQDOUHJQVNDEHW $'$0V GDWDEDQN RJ<br />
HJQH EHUHJQLQJHU<br />
)LJXU , 0DVNLQ RJ E\JQLQJVLQYHVWHULQJVNYRWHU L GH<br />
SULYDWH E\HUKYHUY<br />
0DVNLQNYRWH<br />
%\JQLQJVNYRWH<br />
$QP 0DVNLQLQYHVWHULQJVNYRWHQ HU GHILQHUHW VRP PDVNLQLQYHVWHULQJHUQH<br />
L IRUKROG WLO EUXWWRY UGLWLOY NVWHQ %\JQLQJVLQYHVWHULQJVNYRWHQ<br />
VRP LNNH LQGHKROGHU EROLJLQYHVWHULQJHU HU GHILQHUHW WLOVYDUHQGH<br />
.LOGH 'DQPDUNV 6WDWLVWLN 1DWLRQDOUHJQVNDEHW $'$0V GDWDEDQN RJ<br />
HJQH EHUHJQLQJHU
)RUY UULQJ DI<br />
NRQNXUUHQHHYQHQ<br />
IRUWV WWHU<br />
, (NVSRUW LPSRUW RJ EHWDOLQJVEDODQH<br />
/¡QNRQNXUUHQHHYQHQ EOHY IRUY UUHW PHG PHUH HQG SW L<br />
MI ILJXU , RJ WDEHO , )RUY UULQJHQ VN\OGHV EnGH<br />
UHODWLYW K¡MH GDQVNH O¡QVWLJQLQJHU RJ YDOXWDNXUVEHY JHOVHU<br />
KHUXQGHU LV U HXURHQV RJ GHUPHG NURQHQV VW\UNHOVH RYHU IRU<br />
EO D GROODU 8GYLNOLQJHQ L YDOXWDNXUVHUQH LJHQQHP RJ L<br />
EHJ\QGHOVHQ DI LQGHE UHU VDPPHQ PHG GDQVNH O¡QVWLJ<br />
QLQJHU GHU RJVn L YHQWHV DW OLJJH RYHU O¡QVWLJQLQJHUQH L<br />
XGODQGHW DW NRQNXUUHQHHYQHQ IRUULQJHV PHG PHUH HQG SW<br />
L nU /¡QNRQNXUHQHHYQHQ HU GHUPHG IRUULQJHW PHG RPNULQJ<br />
SW VLGHQ , GH NRPPHQGH nU LQGHE UHU IUHPVNULYQLQJHQ<br />
DW O¡QNRQNXUUHQHHYQHQ NXQ IRUY UUHV OLGW 'HW DQWDJHV<br />
VnOHGHV DW YDOXWDNXUVHUQH LNNH JLYHU QRJHW HNVWUD ELGUDJ<br />
IUHPRYHU RJ GHU YHQWHV HQ LQGVQ YULQJ DI IRUVNHOOHQ PHOOHP GH<br />
GDQVNH RJ XGHQODQGVNH O¡QVWLJQLQJHU<br />
)LJXU , /¡QNRQNXUUHQHHYQHQ XGODQGHWV O¡QRPNRVW<br />
QLQJHU L IRUKROG WLO GDQVNH<br />
1DWLRQDO YDOXWD<br />
6DPPH YDOXWD<br />
$QP (Q VWLJQLQJ L LQGHNVHW LQGLNHUHU HQ IRUEHGULQJ DI O¡QNRQNXUUHQH<br />
HYQHQ 'HQ VWLSOHGH OLQMH WDJHU K¡MGH IRU DW YDOXWDNXUV QGULQJHU<br />
RJVn SnYLUNHU O¡QNRQNXUUHQHHYQHQ<br />
.LOGH 'DQPDUNV 6WDWLVWLN 1DWLRQDOUHJQVNDEHW $'$0V GDWDEDQN %X<br />
UHDX RI /DERXU 6WDWLVWLV ,QWHUQDWLRQDO &RPSDULVRQV RI +RXUO\<br />
&RPSHQVDWLRQ &RVWV IRU 3URGXWLRQ :RUNHUV LQ 0DQXIDWXULQJ<br />
(R:LQV GDWDEDQN RJ HJQH EHUHJQLQJHU
'DQVN HNVSRUW KDU<br />
NODUHW VLJ JRGW WURGV<br />
ODY Y NVW Sn<br />
HNVSRUWPDUNHGHUQH<br />
7DEHO , /¡QNRQNXUUHQHHYQH<br />
6WLJQLQJ L WLPHO¡QRPNRVWQLQJHU<br />
XGODQG<br />
LQGODQG<br />
QGULQJ L UHODWLY O¡Q<br />
QGULQJ L HIIHNWLY NURQHNXUV<br />
QGULQJ L O¡QNRQNXUUHQHHYQH<br />
(NVSRUWHQ KDU NODUHW VLJ UHODWLYW JRGW WURGV IRUY UULQJHQ DI<br />
NRQNXUUHQHHYQHQ (NVSRUWHQ HU VnOHGHV VWHJHW PHUH HQG<br />
Y NVWHQ Sn HNVSRUWPDUNHGHUQH YLOOH WLOVLJH RJ 'DQPDUN KDU<br />
GHUPHG YXQGHW PDUNHGVDQGHOH 'HQ VDPOHGH LPSRUW L 2(&'<br />
PnOW L GROODU VWHJ VRP I¡OJH DI GHQ LQWHUQDWLRQDOH DIPDWQLQJ<br />
NXQ D ò SW L KYRU GHQ VDPOHGH GDQVNH HNVSRUW<br />
OLJHOHGHV PnOW L GROODU VWHJ Q VWHQ SW (W DI GH ODQGH<br />
KYRUWLO 'DQPDUN KDU KDIW GHQ VW¡UVWH HNVSRUWY NVW HU 6SDQLHQ<br />
KYRU GHU LV U KDU Y UHW HQ VW UN Y NVW LQGHQ IRU EO D WHOHNRP<br />
PXQLNDWLRQVXGVW\U RJ PHGLLQDOYDUHU 0HQ RJVn Y NVWHQ L<br />
HNVSRUWHQ WLO GH PHUH WUDGLWLRQHOOH PDUNHGHU L 6YHULJH RJ 1RUJH<br />
KDU XGYLNOHW VLJ SRVLWLYW $OHQH HNVSRUWY NVWHQ WLO GLVVH WUH<br />
ODQGH XGJ¡U PHUH HQG KDOYGHOHQ DI VWLJQLQJHQ L GHQ VDPOHGH<br />
GDQVNH HNVSRUW L , GHQ DQGHQ HQGH DI VNDODHQ HU HNVSRU<br />
WHQ WLO 86$ RJ -DSDQ IDOGHW KYLONHW NXQ GHOYLVW NDQ EHJUXQGHV<br />
PHG HQ QHJDWLY XGYLNOLQJ L LPSRUWHQ L GLVVH ODQGH (NVSRUWHQ WLO<br />
7\VNODQG HU WURGV HW IDOG L GHQ W\VNH LPSRUW VWHJHW VYDJW L<br />
RJ GDQVN HNVSRUW KDU GHUPHG YXQGHW PDUNHGVDQGHOH RJVn L<br />
7\VNODQG<br />
$QP QGULQJHQ L GHQ UHODWLYH O¡Q EHUHJQHV YHG O¡QVWLJQLQJHQ L XGODQGHW IUDWUXNNHW O¡QVWLJQLQJHQ L<br />
'DQPDUN (Q SRVLWLY QGULQJ L GHQ HIIHNWLYH NURQHNXUV LQGLNHUHU HQ VWLJQLQJ L NURQHQV Y UGL RJ<br />
ELGUDJHU WLO HQ IRUY UULQJ DI NRQNXUUHQHHYQHQ QGULQJHQ L O¡QNRQNXUUHQHHYQHQ EHUHJQHV YHG<br />
QGULQJHQ L GHQ UHODWLYH O¡Q IUDWUXNNHW QGULQJHQ L GHQ HIIHNWLYH NURQHNXUV (W QHJDWLYW WDO LQGH<br />
E UHU HQ IRUY UULQJ DI NRQNXUUHQHHYQHQ /¡QRPNRVWQLQJHUQH RPIDWWHU EnGH GLUHNWH RJ LQGLUHNWH<br />
RPNRVWQLQJHU<br />
.LOGH 'DQPDUNV 6WDWLVWLN 1DWLRQDOUHJQVNDEHW $'$0V GDWDEDQN %XUHDX RI /DERXU 6WDWLVWLV ,QWHU<br />
QDWLRQDO &RPSDULVRQV RI +RXUO\ &RPSHQVDWLRQ &RVWV IRU 3URGXWLRQ :RUNHUV LQ 0DQXIDWXULQJ<br />
(R:LQV GDWDEDQN RJ HJQH EHUHJQLQJHU<br />
3W
2JVn LQGXVWULHQ<br />
KDU YXQGHW<br />
PDUNHGVDQGHOH<br />
/¡QNRQNXUUHQH<br />
HYQH IRUNODUHU LNNH<br />
DOWLG XGYLNOLQJ L<br />
PDUNHGVDQGHOH<br />
'HW YDU LV U HQ VW UN Y NVW L HNVSRUWHQ LJHQQHP RJ L I¡U<br />
VWH KDOYGHO DI GHU KDU ELGUDJHW WLO GHW SRVLWLYH ELOOHGH<br />
2JVn YXUGHUHW PHUH VQ YHUW Sn LQGXVWULHNVSRUWHQ KDU XGYLNOLQ<br />
JHQ Y UHW SRVLWLY LGHW 'DQPDUN GH VHQHVWH nU RJVn Sn GHWWH<br />
RPUnGH KDU YXQGHW PDUNHGVDQGHOH MI ILJXU ,<br />
)LJXU , ,QGXVWULHNVSRUW XGODQGVY NVW RJ LQGXVWUL<br />
PDUNHGVDQGHOH<br />
3W<br />
,QGXVWULHNVSRUWY NVW<br />
,QGXVWULPDUNHGVY NVW L XGODQGHW<br />
QGULQJ L LQGXVWULPDUNHGVDQGHOH<br />
$QP 0DUNHGVDQGHOHQH HU NRQVWUXHUHW YHG DW V WWH GHQ GDQVNH LQGXVWUL<br />
HNVSRUW L IRUKROG WLO HW YHMHW JHQQHPVQLW DI DIWDJHUODQGHQHV LQGXVWUL<br />
LPSRUW %nGH HNVSRUW RJ LPSRUW HU P QJGHU $IWDJHUODQGHQHV LP<br />
SRUW HU VDPPHQYHMHW PHG XGJDQJVSXQNW L GH L ELODJVWDEHO , DQ<br />
JLYQH HNVSRUWY JWH<br />
.LOGH 'DQPDUNV 6WDWLVWLN 1DWLRQDOUHJQVNDEHW 2(&' (RQRPL 2XW<br />
ORRN $'$0V GDWDEDQN RJ HJQH EHUHJQLQJHU<br />
)RUY UULQJHQ DI NRQNXUUHQHHYQHQ IRUYHQWHV IUHPRYHU DW PHG<br />
YLUNH WLO HW OLOOH WDE DI PDUNHGVDQGHOH 8GYLNOLQJHQ L PDUNHGV<br />
DQGHOHQH NDQ LPLGOHUWLG LNNH IRUNODUHV XGHOXNNHQGH DI QGULQ<br />
JHU L NRQNXUUHQHHYQHQ MI RJVn XGYLNOLQJHQ L (Q IRU<br />
NODULQJ GHU QRJOH JDQJH IUHPI¡UHV HU DW ODY LQGHQODQGVN<br />
HIWHUVS¡UJVHO NDQ ELGUDJH WLO DW ¡JH PXOLJKHGHUQH IRU HNVSRUW<br />
RJ DW GHU GHUIRU HU HQ QHJDWLY VDPPHQK QJ PHOOHP Y NVWHQ L<br />
GHQ LQGHQODQGVNH HIWHUVS¡UJVHO RJ HNVSRUWY NVWHQ 6HOYRP<br />
Y NVWHQ L GHQ LQGHQODQGVNH HIWHUVS¡UJVHO KDU Y UHW EHKHUVNHW<br />
GH VHQHVWH nU EHW\GHU GHQ ODYH OHGLJKHG DW GHWWH NDSDLWHWV
+¡MH GDQVNH<br />
SURGXNWLYLWHWV<br />
VWLJQLQJHU NDQ OLJJH<br />
EDJ JHYLQVW DI<br />
PDUNHGVDQGHOH<br />
)UHPDGUHWWHW<br />
NDQ K¡MHUH<br />
SURGXNWLYWHWV<br />
VWLJQLQJHU LNNH<br />
SnUHJQHV<br />
DUJXPHQW Q SSH NDQ Y UH GHQ SULP UH IRUNODULQJ Sn GHQ<br />
UHODWLYW JRGH XGYLNOLQJ L HNVSRUWHQ<br />
(Q DQGHQ IRUNODULQJ Sn GHQ UHODWLYW JRGH HNVSRUWXGYLNOLQJ NDQ<br />
Y UH DW GHQ GDQVNH SURGXNWLYLWHWVXGYLNOLQJ KDU Y UHW EHGUH<br />
HQG XGODQGHWV )DNWLVN KDU SURGXNWLYLWHWVVWLJQLQJHUQH L 'DQ<br />
PDUN L GH VLGVWH nU Y UHW P UNEDUW K¡MHUH HQG L GH IOHVWH DI<br />
YRUHV VW¡UVWH VDPKDQGHOVODQGH KHUXQGHU 7\VNODQG 6WRUEULWDQ<br />
QLHQ RJ 1RUJH RJ NXQ OLGW ODYHUH HQG L 6YHULJH %DVHUHW Sn<br />
2(&'V RSJ¡UHOVH DI SURGXNWLYLWHWHQ KDU GH GDQVNH SURGXN<br />
WLYLWHWVVWLJQLQJHU VnOHGHV JHQQHPVQLWOLJW Y UHW RPNULQJ<br />
SW SRLQW K¡MHUH HQG GHQ VDPPHQYHMHGH XGHQODQGVNH SURGXNWL<br />
YLWHWVVWLJQLQJVWDNW L SHULRGHQ , GH VHQHVWH nU KDU<br />
GHW EODQGW 'DQPDUNV WL VW¡UVWH VDPKDQGHOVSDUWQHUH IDNWLVN NXQ<br />
Y UHW 86$ GHU KDU NXQQHW SU VWHUH SURGXNWLYLWHWVY NVWUDWHU<br />
Sn QLYHDX PHG 'DQPDUN<br />
'HW HU VY UW DW NRPPH PHG JRGH IRUNODULQJHU Sn KYRUIRU SUR<br />
GXNWLYLWHWVY NVWHQ KDU Y UHW PHUH JXQVWLJ L 'DQPDUN HQG L XG<br />
ODQGHW 'H K¡MHUH O¡QVWLJQLQJHU NDQ GRJ L VLJ VHOY Y UH HQ GHO<br />
DI IRUNODULQJHQ LGHW NRQNXUUHQHHYQHXGYLNOLQJHQ NDQ KDYH IRU<br />
¡JHW YLUNVRPKHGHUQHV LQYHVWHULQJHU L DUEHMGVNUDIWEHVSDUHQGH<br />
XGVW\U RJ GHUPHG EHJU QVHW EHVN IWLJHOVHQ L IRUKROG WLO HQ<br />
VLWXDWLRQ KYRU VnGDQQH LQYHVWHULQJHU LNNH YDU EOHYHW IRUHWDJHW<br />
2YHURUGQHW Pn GHW IRUPRGHV DW GH WHNQRORJLVNH ODQGYLQGLQJHU<br />
GHU OLJJHU EDJ SURGXNWLYLWHWVXGYLNOLQJHQ WLOIO\GHU DOOH ODQGH<br />
'HW NDQ GHUIRU LNNH SnUHJQHV DW K¡MHUHSURGXNWLYLWHWVVWLJQLQJHU<br />
L 'DQPDUN IUHPRYHU NDQ HOLPLQHUH GH NRQNXUUHQHSUREOHPHU<br />
GHU RSVWnU KYLV GH GDQVNH O¡QQLQJHU YHGYDUHQGH VWLJHU KXUWL<br />
JHUH HQG XGODQGHWV<br />
5HJUHVVHUHV Y NVWHQ L LQGXVWULHNVSRUWHQ Sn GHQ XGHQODQGVNH PDU<br />
NHGVY NVW RJ Y NVWHQ L GHQ LQGHQODQGVNH HIWHUVS¡UJVHO InV L RYHU<br />
HQVVWHPPHOVH PHG NDSDLWHWVDUJXPHQWHW HQ QHJDWLYNRHIILLHQW WLO<br />
GHQ LQGHQODQGVNH HIWHUVS¡UJVHO NRHIILLHQWHQ GHU HU VWDWLVWLVN<br />
VLJQLILNDQW LQGHE UHU DW HW IDOG L GHQ LQGHQODQGVNH HIWHUVS¡UJVHO<br />
Sn SW DOW DQGHW OLJH OHGHU WLO HQ VWLJQLQJ L HNVSRUWHQ Sn SW<br />
,QGGUDJHV LPLGOHUWLG QGULQJHQ L GHQ LQGHQODQGVNH HIWHUVS¡UJVHO<br />
L HQ L ¡YULJW YHOVSHLILHUHW HNVSRUWOLJQLQJ GHU EO D LQGHKROGHU<br />
XGYLNOLQJHQ L NRQNXUUHQHHYQHQ VRP IRUNODUHQGH VW¡UUHOVH IDOGHU<br />
NRHIILLHQWHQ WLO QGULQJHQ L GHQ LQGHQODQGVNH HIWHUVS¡UJVHO WLO GHW<br />
KDOYH RJ NRHIILLHQWHQ EOLYHU VWDWLVWLVN LQVLJQLILNDQW
'DQPDUN YLQGHU<br />
RIWH PDUNHGVDQGHOH<br />
QnU XGODQGVY NVWHQ<br />
HU ODY<br />
(NVSRUWY NVW<br />
SnYLUNHW DI<br />
LQWHUQDWLRQDO<br />
DIPDWQLQJ<br />
7MHQHVWHU WU NNHU<br />
VDPOHW HNVSRUW QHG<br />
2OLHSULVHQ Q VWHQ<br />
X QGUHW Sn<br />
nUVQLYHDX RPNULQJ<br />
GROODU<br />
6HOYH GHW IDNWXP DW GHQ XGHQODQGVNH Y NVW YDU ODY L RJ<br />
NDQ ELGUDJH WLO DW IRUNODUH PDUNHGDQGHOVJHYLQVWHQ L GLVVH<br />
nU +LVWRULVN KDU GHW VnOHGHV W\SLVN Y UHW VnGDQ DW GDQVNH HNV<br />
SRUW¡UHU YLQGHU LQGXVWULPDUNHGVDQGHOH QnU Y NVWHQ L YHUGHQV<br />
¡NRQRPLHQ HU ODY RJ WDEHU DQGHOH QnU GHQ LQWHUQDWLRQDOH Y NVW<br />
HU K¡M (NVHPSHOYLV YDU GHQ LQWHUQDWLRQDOH Y NVW UHODWLY K¡M L<br />
VOXWQLQJHQ DI HUQH KYRU 'DQPDUN WDEWH PDUNHGVDQGHOH<br />
2PYHQGW IDVWKROGW GDQVN LQGXVWUL PDUNHGVDQGHOHQH L GHQ LQWHU<br />
QDWLRQDOH ODYNRQMXQNWXU L EHJ\QGHOVHQ DI HUQH KYRUHIWHU<br />
HNVSRUW¡UHUQH LJHQ WDEWH PDUNHGVDQGHOH L DQGHQ KDOYGHO DI<br />
HUQH KYRU LQGXVWULPDUNHGHW L IOHUH nU YRNVHGH PHG WR<br />
LIUHGH Y NVWUDWHU 7HQGHQVHQ WLO DW 'DQPDUN YLQGHU PDUNHGV<br />
DQGHOH QnU PDUNHGVY NVWHQ HU ODY HU XGWU\N IRU DW GDQVN HNV<br />
SRUW HU UHODWLYW OLGW NRQMXQNWXUI¡OVRP 'HQ ODYH NRQMXQNWXU<br />
I¡OVRPKHG HU VDQGV\QOLJYLV L YLG XGVWU NQLQJ HW UHVXOWDW DI<br />
YDUHVDPPHQV WQLQJHQ L GHQ VDPOHGH HNVSRUW KYRU YDUHU PHG<br />
HQ UHODWLYW ODY LQGNRPVWHODVWLLWHW HNVHPSHOYLV I¡GHYDUHU RJ<br />
PHGLLQDOYDUHU I\OGHU IRUKROGVYLV PHJHW<br />
(IWHU HQ NUDIWLJ Y NVW L EHJ\QGHOVHQ DI IODGHGH LQGXVWUL<br />
HNVSRUWHQ XG L DQGHW KDOYnU IRU Vn OLGW RYHUUDVNHQGH LJHQ DW<br />
WDJH IDUW L GH I¡UVWH PnQHGHU DI 'H DIG PSHGH LQWHU<br />
QDWLRQDOH NRQMXQNWXUXGVLJWHU LQGHE UHU DW HNVSRUWXGYLNOLQJHQ<br />
GHQ NRPPHQGH WLG Pn IRUYHQWHV DW EOLYH DIG PSHW GHWWH<br />
XQGHUVW¡WWHV RJVn DI VYDJH WDO IRU RUGUHLQGJDQJHQ RJ GHQ<br />
VDPPHQVDWWH NRQMXQNWXULQGLNDWRU IRU LQGXVWULHQ 3n GHQQH<br />
EDJJUXQG YHQWHV Y NVWHQ L LQGXVWULHQV HNVSRUW L DW EOLYH<br />
RPNULQJ ò SW KYLONHW NXQ HU OLGW PLQGUH HQG L MI WDEHO<br />
, (IWHUKnQGHQ VRP GH LQWHUQDWLRQDOH NRQMXQNWXUHU IRUEHGUHV<br />
YLO Y NVWHQ L LQGXVWULHNVSRUWHQ WLOWDJH<br />
'HQ VDPOHGH HNVSRUW YLO NXQ YRNVH OLGW L nU KYLONHW LNNH PLQGVW<br />
VN\OGHV XGYLNOLQJHQ L WMHQHVWHHNVSRUWHQ GHU L OLJKHG PHG VLGVWH<br />
nU YHQWHV DW XGYLVH HW GLUHNWH IDOG L<br />
2OLHSULVHQ KDU YDULHUHW NUDIWLJW LJHQQHP RJ L EHJ\QGHOVHQ<br />
DI MI ILJXU , 6nOHGHV VWHJ ROLHSULVHQ IUD HW QLYHDX XQ<br />
GHU GROODU SU W¡QGH L EHJ\QGHOVHQ DI WLO RYHU GROODU<br />
SU W¡QGH L EHJ\QGHOVHQ DI 'HQQH VWLJQLQJ GHU LNNH<br />
PLQGVW VNHWH XQGHU LQGWU\N DI XVLNNHUKHGHQ RPNULQJ VLWXDWLRQHQ<br />
L ,UDN EOHY DIO¡VW DI HW EUDW IDOG L IRUELQGHOVH PHG ,UDNNULJHQV
7DEHO , (NVSRUWHQ RSGHOW Sn XQGHUNRPSRQHQWHU<br />
cUHWV<br />
SULVHU<br />
0 QJGHVWLJQLQJ 3ULVVWLJQLQJ<br />
,QGXVWUL<br />
/DQGEUXJ<br />
(QHUJL<br />
6NLEH IO\ PY<br />
6¡IDUW PY<br />
7XULVPH<br />
(NVSRUW L DOW<br />
0LD NU 3W 3W<br />
.LOGH 'DQPDUNV 6WDWLVWLN 1DWLRQDOUHJQVNDEHW $'$0V GDWDEDQN RJ HJQH EHUHJQLQJHU<br />
/DY LPSRUWY NVW<br />
L EO D Sn<br />
JUXQG DI ODYW ELON¡E<br />
XGEUXG VnOHGHV DW ROLHSULVHQ L EHJ\QGHOVHQ DI PDM On XQGHU<br />
GROODU SU W¡QGH 'HW DQWDJHV DW ROLHSULVHQ IUHPRYHU HU<br />
GROODU 7URGV GH EHW\GHOLJH SULVXGVYLQJ LQGHE UHU GHQQH<br />
DQWDJHOVH HQ ROLHSULV L GHU NXQ HU OLGW K¡MHUH HQG L<br />
RJ HQGYLGHUH DW GHU YLO NRPPH HW OLOOH IDOG L ROLHSULVHQ L<br />
PnOW L IRUKROG WLO nUVJHQQHPVQLWWHW IRU<br />
'HQ ODYH Y NVW L HIWHUVS¡UJVOHQ L 'DQPDUN KDU EHYLUNHW DW LP<br />
SRUWY NVWHQ KDU Y UHW UHW EHJU QVHW L GH VHQHVWH nU ,<br />
YHQWHV HW \GHUOLJHUH IDOG L LPSRUWY NVWHQ WLO NQDS SW MI WD<br />
EHO , )RU YDUHLPSRUWHQ K QJHU GHQ ODYHUH Y NVW VDPPHQ<br />
PHG ODY Y NVW L PDVNLQLQYHVWHULQJHUQH RJ HW GLUHNWH IDOG L ELO<br />
N¡EHW 3n WMHQHVWHVLGHQ HU LPSRUWHQ DI V¡IDUW PY IDOGHW VWRUW<br />
VHW SDUDOOHOW PHG GHQ WLOVYDUHQGH HNVSRUWNRPSRQHQW JHQQHP GH<br />
VLGVWH SDU nU (IWHUKnQGHQ VRP Y NVWHQ L GHQ GDQVNH HIWHU<br />
VS¡UJVHO RJ HNVSRUWHQ WLOWDJHU ¡JHV LPSRUWY NVWHQ VnGDQ DW<br />
GHQ VDPOHGH LPSRUW YHQWHV DW VWLJH D SW L RJ<br />
'HWWH HU OLGW PHUH HQG HNVSRUWY NVWHQ PHQ VRP I¡OJH DI HNV<br />
SRUWHQV K¡MHUH QLYHDX YHQWHV QHWWRHNVSRUWHQ DW Y UH VWRUW VHW<br />
QHXWUDO L IRUKROG WLO %13 Y NVWHQ
,PSRUWSULVHU<br />
KROGW QHGH DI<br />
YDOXWDNXUVHQ<br />
.XUVUHJXOHULQJ DI<br />
XGODQGVJ OG Sn<br />
Q VWHQ PLD NU<br />
VLGHQ<br />
)LJXU , 2OLHSULVHQ<br />
'ROODU SU W¡QGH<br />
$QP 'HQ VLGVWH REVHUYDWLRQ HU SULPR PDM PnQHG 'H YDQGUHWWH OLQMHU<br />
YLVHU nUVQLYHDXHW cUVQLYHDXHW IRU HU EHUHJQHW XQGHU IRUXGV W<br />
QLQJ DI HQ ROLHSULV Sn GROODU IUD PDM PnQHG RJ IUHP<br />
.LOGH (R:LQV GDWDEDQN<br />
,PSRUWSULVHUQH YDU L SnYLUNHW QHGDG DI GHQ ¡NRQRPLVNH<br />
DIPDWQLQJ RJ DI GHQ VW\UNHGH NURQH (Q VWLJQLQJ L GHQ HIIHNWLYH<br />
NURQHNXUV Sn SW ELGURJ VnOHGHV WLO HW IDOG L LPSRUWSULVHUQH<br />
,JHQQHP YDU GHU HQ WHQGHQV WLO VWLJHQGH UnYDUHSULVHU Sn<br />
GH LQWHUQDWLRQDOH PDUNHGHU RJ GHU YHQWHV \GHUOLJHUH VWLJQLQJHU<br />
L HIWHUKnQGHQ VRP YHUGHQV¡NRQRPLHQ NRPPHU RS L RP<br />
GUHMQLQJHU 6DPWLGLJ YLO HQ X QGUHW YDOXWDNXUV IUHPRYHU<br />
ELGUDJH WLO K¡MHUH LPSRUWSULVVWLJQLQJHU L nU HQG VLGVWH nU 6RP<br />
I¡OJH DI IDOGHQGH SULVHU JHQQHP YHQWHV QLYHDXHW IRU<br />
LPSRUWSULVHUQH L GRJ DW Y UH VWRUW VHW X QGUHW L IRUKROG<br />
WLO QLYHDXHW VLGVWH nU<br />
7URGV HW RYHUVNXG Sn EHWDOLQJVEDODQHQ L Sn D PLD<br />
NU VWHJ XGODQGVJ OGHQ VRP I¡OJH DI NXUVUHJXOHULQJHU PHG RP<br />
NULQJ PLD NU MI WDEHO , 'H QHJDWLYH NXUVUHJXOHULQJHU<br />
VN\OGHV LV U DNWLHNXUVIDOGHQH Sn GH GDQVNH RJ LQWHUQDWLRQDOH<br />
DNWLHPDUNHGHU 1nU ODYHUH NXUVHU JHQHUHOW NDQ SnYLUNH GHQ GDQ<br />
VNH XGODQGVJ OG K QJHU GHW VDPPHQ PHG DW GDQVNHUQH HMHU<br />
IOHUH DNWLHU HQG XGO QGLQJH HMHU GDQVNH YDU WUHGMH nU L<br />
WU N DW XGODQGVJ OGHQ EOHY RSVNUHYHW WURGV EHWDOLQJVEDODQH
)RUWVDW RYHUVNXG Sn<br />
EHWDOLQJVEDODQHQ<br />
RYHUVNXG 8GODQGVJ OGHQ EOHY VnOHGHV RSJMRUW WLO PLD NU<br />
YHG XGJDQJHQ DI KYLONHW HU Q VWHQ PLD NU PHUH HQG<br />
YHG XGJDQJHQ DI , GHQ VDPPH SHULRGH KDU GHU Y UHW HW<br />
RYHUVNXG Sn EHWDOLQJVEDODQHQV O¡EHQGH SRVWHU Sn PLD<br />
NU KYLONHW EHW\GHU DW GHU KDU Y UHW HQ QHJDWLY Y UGLUHJXOHULQJ<br />
Sn Q VWHQ PLD NU VLGHQ VYDUHQGH WLO RPNULQJ<br />
SW DI HW HQNHOW nUV %13<br />
8GYLNOLQJHQ L LPSRUW RJ HNVSRUW LQGHE UHU DW EHWDOLQJV<br />
EDODQHRYHUVNXGGHW L GH NRPPHQGH nU YHQWHV DW VWLJH GH NRP<br />
PHQGH nU 'HWWH DIVSHMOHU SULP UW HQ VWLJQLQJ L RSVSDULQJVNYR<br />
WHQ MI ILJXU , 8GHQ IUHPWLGLJH NXUVUHJXOHULQJHU YLO GH<br />
YHQWHGH RYHUVNXG Sn EHWDOLQJVEDODQHQ KDYH UHGXHUHW XGODQGV<br />
J OGHQ WLO OLGW RYHU PLD NU L<br />
7DEHO , ,PSRUWHQ RSGHOW Sn XQGHUNRPSRQHQWHU<br />
cUHWV<br />
SULVHU<br />
0 QJGHVWLJQLQJ 3ULVVWLJQLQJ<br />
/DQGEUXJ<br />
)RUEUXJ RJ LQY<br />
5nYDUHU<br />
(QHUJL<br />
6NLEH IO\ PY<br />
6¡IDUW PY<br />
7XULVPH<br />
,PSRUW L DOW<br />
0LD NU 3W 3W<br />
.LOGH 'DQPDUNV 6WDWLVWLN 1DWLRQDOUHJQVNDEHW $'$0V GDWDEDQN RJ HJQH EHUHJQLQJHU
)LJXU , 2SVSDULQJ LQYHVWHULQJHU RJ EHWDOLQJVEDODQH<br />
3W DI %13 3W DI %13<br />
2SVSDULQJ<br />
,QYHVWHULQJHU<br />
%HWDOLQJVEDODQH K DNVH<br />
7DEHO , %HWDOLQJVEDODQH RJ XGODQGVJ OG<br />
9DUHEDODQH<br />
7MHQHVWHEDODQH<br />
1HWWRUHQWHU<br />
‘YULJH SRVWHU<br />
/¡EHQGH SRVWHU<br />
* OG WLO XGODQGHW XOWLPR<br />
/¡EHQGH SRVWHU<br />
* OG WLO XGODQGHW XOWLPR<br />
.LOGH 'DQPDUNV 6WDWLVWLN 1DWLRQDOUHJQVNDEHW $'$0V GDWDEDQN RJ<br />
HJQH EHUHJQLQJHU<br />
0LD NU<br />
3W DI %13<br />
$QP , IUHPVNULYQLQJHQ HU GHW DQWDJHW DW QGULQJHQ L J OGHQ WLO XGODQGHW HU OLJ PHG VDOGRHQ Sn GH<br />
O¡EHQGH SRVWHU<br />
.LOGH 'DQPDUNV 6WDWLVWLN 1DWLRQDOUHJQVNDEHW $'$0V GDWDEDQN RJ HJQH EHUHJQLQJHU
%HVN IWLJHOVHQ<br />
IDOGHU RJVn L<br />
, %HVN IWLJHOVH O¡Q RJ SULVHU<br />
%HVN IWLJHOVHQ IDOGW LJHQQHP PHG HW RYHU nUHW VDPOHW<br />
IDOG Sn SHUVRQHU PHQ GD DUEHMGVVW\UNHQ IDOGW WLOVYDUHQ<br />
GH YDU OHGLJKHGHQ X QGUHW L L IRUKROG WLO MI WDEHO<br />
, , YHQWHV DUEHMGVVW\UNHQ DW VWLJH RJ GD IDOGHW L<br />
EHVN IWLJHOVHQ YHQWHV DW IRUWV WWH LQG L VWLJHU OHGLJKHGHQ<br />
, WDNW PHG DW EHVN IWLJHOVHQ WLOWDJHU YLO OHGLJKHGHQ IDOGH<br />
KYLONHW VDPOHW VHW EHW\GHU DW nUVQLYHDXHW IRU OHGLJKHGHQ L<br />
YLO Y UH ODYHUH HQG L PHQ K¡MHUH HQG L<br />
7DEHO , $UEHMGVVW\UNH EHVN IWLJHOVH RJ OHGLJKHG<br />
$UEHMGVVW\UNH<br />
%HVN IWLJHOVH<br />
)UHPVWLOOLQJVHUKYHUY<br />
6HUYLHHUKYHUY<br />
%\JJH RJ DQO JVHUKYHUY<br />
3ULYDW EHVN IWLJHOVH L ¡YULJW<br />
2IIHQWOLJW DQVDWWH<br />
5HJLVWUHUHGH OHGLJH<br />
5HJLVWUHUHGH OHGLJH<br />
(IWHUO¡Q RJ RYHUJDQJV\GHOVH<br />
/HGLJKHG<br />
1LYHDX QGULQJ L SHUVRQHU<br />
1LYHDX L SHUVRQHU<br />
$QP (UKYHUYVRSGHOLQJHQ L 60(& DIYLJHU IUD RSGHOLQJHQ L QDWLRQDOUHJQVNDEHW , ³SULYDW EHVN IWLJHO<br />
VH L ¡YULJW´ LQGJnU ODQGEUXJ HQHUJL PY )UHPVWLOOLQJVHUKYHUYHQH HU PLQGUH HQG L QDWLRQDOUHJQ<br />
VNDEHW HNVHPSHOYLV WLOK¡UHU I¡GHYDUHLQGXVWULHQ ODQGEUXJVHUKYHUYHW L 60(&<br />
.LOGH 'DQPDUNV 6WDWLVWLN 1DWLRQDOUHJQVNDEHW $'$0V GDWDEDQN RJ HJQH EHUHJQLQJHU<br />
3W
)DOG L<br />
HUKYHUYVIUHNYHQV<br />
IRU GH \QJVWH RJ<br />
GH OGVWH<br />
6WLJQLQJ L DQGHOHQ<br />
Sn HIWHUO¡Q<br />
)DOGHW L DUEHMGVVW\UNHQ L KLGU¡UWH LV U IUD ODYHUH<br />
HUKYHUYVIUHNYHQVHU IRU P QG L DOGHUVJUXSSHQ nU RJ<br />
nU RJ NYLQGHU L DOGHUVJUXSSHQ nU MI ILJXU , 'HW<br />
HU L RYHUHQVVWHPPHOVH PHG DW GHW Pn IRUYHQWHV DW NRQMXQNWXU<br />
XGYLNOLQJHQ SnYLUNHU HUKYHUYVGHOWDJHOVHQ PHVW L VWDUWHQ RJ<br />
VOXWQLQJHQ DI DUEHMGVOLYHW 'H \QJUH DOGHUVJUXSSHU NDQ EOLYH<br />
O QJHUH L XGGDQQHOVHVV\VWHPHW HOOHU GH NDQ RSJLYH DW ILQGH HW<br />
IULWLGVMRE KYLV EHVN IWLJHOVHVXGYLNOLQJHQ HU ULQJH PHQV GH<br />
OGUH IULYLOOLJW HOOHU XIULYLOOLJW NDQ IRUODGH DUEHMGVPDUNHGHW OLGW<br />
I¡U HQG GH HOOHUV KDYGH W QNW VLJ MI NDSLWHO ,9 6DPPHQK Q<br />
JHQ PHOOHP XGYLNOLQJHQ L EHVN IWLJHOVHQ RJ L DUEHMGVVW\UNHQ YLO<br />
RJVn Y UH SnYLUNHW DI PXOLJKHGHQ IRU DW PRGWDJH RIIHQWOLJH<br />
LQGNRPVWRYHUI¡UHOVHU VRP HNVHPSHOYLV HIWHUO¡Q VRP HUVWDWQLQJ<br />
IRU DUEHMGVLQGNRPVW KYLV PDQ IRUODGHU DUEHMGVPDUNHGHW<br />
,QGWLO VWHJ DQGHOHQ DI GH nULJH GHU IRUORG DUEHMGV<br />
PDUNHGHW IRU DW Jn Sn HIWHUO¡Q MI ILJXU , 'HQQH XGYLNOLQJ<br />
EOHY EUXGW PHG LY UNV WWHOVHQ DI HIWHUO¡QVUHIRUPHQ L PLGWHQ DI<br />
RJ DQGHOHQ EHJ\QGWH DW IDOGH ,PLGOHUWLG HU DQGHOHQ DI<br />
nULJH GHU JnU Sn HIWHUO¡Q LJHQ EHJ\QGW DW YRNVH L DQGHQ<br />
KDOYGHO DI )RU NYLQGHU YDU VWLJQLQJHQ L DQWDOOHW DI HIWHU<br />
O¡QVPRGWDJHUH HQGGD Vn NUDIWLJ DW DQGHOHQ QX OLJJHU RYHU<br />
QLYHDXHW I¡U JHQQHPI¡UHOVHQ DI HIWHUO¡QVUHIRUPHQ L<br />
)LJXU , (UKYHUYVIUHNYHQVHQ IRUGHOW Sn N¡Q RJ DOGHU<br />
NYW<br />
.YLQGHU LDOW<br />
nULJH<br />
nULJH<br />
nULJH<br />
.YLQGHU 0 QG<br />
NYW<br />
0 QG LDOW<br />
nULJH<br />
nULJH<br />
nULJH<br />
$QP (UKYHUYVIUHNYHQVHUQH HU RSJMRUW VRP JOLGHQGH JHQQHPVQLW RYHU ILUH NYDUWDOHU<br />
.LOGH 'DQPDUNV 6WDWLVWLN 6WDWLVWLNEDQNHQ RJ HJQH EHUHJQLQJHU
)LJXU , (IWHUO¡QVIUHNYHQVHU IRUGHOW Sn N¡Q RJ DOGHU<br />
NYW<br />
nU NYLQGHU<br />
nU NYLQGHU<br />
nU NYLQGHU<br />
.YLQGHU 0 QG<br />
.LOGH 'DQPDUNV 6WDWLVWLN 6WDWLVWLNEDQNHQ RJ HJQH EHUHJQLQJHU<br />
/HGLJKHGHQ IDOGHW<br />
IRU DOOH<br />
DOGHUVJUXSSHU<br />
) UUH DNWLYHUHGH<br />
EHW\GHU IOHUH OHGLJH<br />
Sn NRUW VLJW<br />
NYW<br />
nU P QG<br />
nU P QG<br />
nU P QG<br />
'HQ JHQQHPVQLWOLJH OHGLJKHG YDU VRP DQI¡UW X QGUHW IUD<br />
WLO PHQ VLGHQ PLGWHQ DI KDU OHGLJKHGHQ Y UHW VYDJW<br />
VWLJHQGH 'HQQH VWLJQLQJ KDU UDPW DOOH DOGHUVJUXSSHU MI ILJXU<br />
, )UHP WLO PLGWHQ DI YDU OHGLJKHGHQ IDOGHQGH IRU DOOH<br />
DOGHUVJUXSSHU Sn WURGV DI DW DUEHMGVVW\UNHQ KDU XGYLNOHW VLJ<br />
IRUVNHOOLJW (NVHPSHOYLV HU HUKYHUYVIUHNYHQVHQ IRU GH<br />
nULJH VWHJHW EHW\GHOLJW VLGHQ RYHUJDQJV\GHOVHQ IRU GHQQH<br />
DOGHUVJUXSSH EOHY DIVNDIIHW MI ILJXU , (UKYHUYVIUHNYHQVHQ<br />
L GHQQH JUXSSH YDU L WLOEDJH Sn VDPPH QLYHDX VRP I¡U<br />
LQGI¡UHOVHQ DI RYHUJDQJV\GHOVHQ 3n WURGV DI VWLJQLQJHQ L<br />
HUKYHUYVIUHNYHQVHQ HU DOGHUVJUXSSHQV OHGLJKHG IDOGHW SDUDOOHOW<br />
PHG OHGLJKHGHQ IRU DQGUH DOGHUVJUXSSHU 'HU V\QHV VnOHGHV<br />
LNNH DW Y UH HQ VQ YHU VDPPHQK QJ PHOOHP XGYLNOLQJHQ L<br />
DUEHMGVVW\UNHQ IRU HQ DOGHUVJUXSSH RJ OHGLJKHGHQ IRU GHQ<br />
VDPPH JUXSSH<br />
$UEHMGVPDUNHGVUHIRUPHQ IUD HIWHUnUHW LQGHE UHU DW I UUH EOL<br />
YHU DNWLYHUHW 2PNULQJ KDOYGHOHQ DI GHQ VWLJQLQJ L OHGLJKHGHQ<br />
GHU KDU IXQGHW VWHG L GH VHQHVWH PnQHGHU NDQ WLOVNULYHV GHW OD<br />
YHUH DNWLYHULQJVRPIDQJ 3n NRUWHUH VLJW EHW\GHU GHW ODYHUH DN<br />
WLYHULQJVRPIDQJ HQ WLOVYDUHQGH VWLJQLQJ L OHGLJKHGHQ 'HULPRG<br />
NDQ GH Q\H UHJOHU Sn OLGW O QJHUH VLJW IRUPRGHQWOLJ I¡UH WLO DW<br />
GH OHGLJH KXUWLJHUH ILQGHU EHVN IWLJHOVH RJ DW OHGLJKHGHQ GHU<br />
PHG NDQ IDOGH $QDO\VHUQH L 'DQVN ‘NRQRPL HIWHUnU
6WLJHQGH OHGLJKHG<br />
NXQ IRU QRJOH<br />
IDJJUXSSHU<br />
YLVHU VnOHGHV DW DNWLYHULQJVRUGQLQJHU L GHUHV KLGWLGLJH XGIRUP<br />
QLQJ KDU KDIW HQ WHQGHQV WLO DW IDVWKROGH GH DUEHMGVO¡VH XGHQ IRU<br />
RUGLQ U EHVN IWLJHOVH (Q IRUXGV WQLQJ IRU DW GH Q\H UHJOHU<br />
IRU DNWLYHULQJ EOLYHU HIIHNWLYH RJ OHGLJKHGHQ GHUPHG IDOGHU HU<br />
LPLGOHUWLG DW GH VDPOHGH UHHOOH NUDY WLO GH OHGLJHV UnGLJKHG LNNH<br />
VO NNHV<br />
)LJXU , /HGLJKHGHQ IRUGHOW Sn DOGHUVJUXSSHU<br />
3W<br />
nU nU<br />
nU nU<br />
nU<br />
.LOGH 'DQPDUNV 6WDWLVWLN 6WDWLVWLNEDQNHQ<br />
6WLJQLQJHQ L OHGLJKHGHQ IUD PLGWHQ DI KDU LV U UDPW<br />
XGGDQQHW DUEHMGVNUDIW VRP DNDGHPLNHUH EHVN IWLJHGH L E\JJH<br />
IDJHQH PHWDODUEHMGHUH RJ WHNQLVNH IXQNWLRQ UHU MI ILJXU ,<br />
'HQ VWLJHQGH OHGLJKHG EODQGW DNDGHPLNHUH VNDO EO D VHV L O\VHW<br />
DI DW DQWDOOHW DI Q\XGGDQQHGH NDQGLGDWHU PHG HQ ODQJ YLGHUHJn<br />
HQGH XGGDQQHOVH HU VWHJHW PHG SW VLGHQ $QWDOOHW DI<br />
Q\XGGDQQHGH NDQGLGDWHU HU DOHQH L VWHJHW PHG SW (Q<br />
U NNH DQGUH IDJJUXSSHU KDU RPYHQGW KDIW HQ X QGUHW HOOHU<br />
IDOGHQGH OHGLJKHG L 6nOHGHV HU OHGLJKHGHQ I HNV IDOGHW IRU<br />
PHGOHPPHUQH DI D NDVVHQ IRU RIIHQWOLJ DQVDWWH KYLONHW EO D<br />
VNDO VHV L O\VHW DI VWLJQLQJHQ L GHQ RIIHQWOLJH EHVN IWLJHOVH L
6WLJHQGH<br />
DUEHMGVVW\UNH<br />
3URGXNWLYLWHWHQ<br />
K¡M L nU<br />
)LJXU , (UKYHUYVIUHNYHQVHQ IRU GH nULJH<br />
0 QG nU<br />
.YLQGHU nU<br />
0 QG nU<br />
.YLQGHU nU<br />
.LOGH 'DQPDUNV 6WDWLVWLN 6WDWLVWLNEDQNHQ RJ HJQH EHUHJQLQJHU<br />
$QWDOOHW DI SHUVRQHU L GHQ HUKYHUYVDNWLYH DOGHU VWLJHU L GH NRP<br />
PHQGH nU 'HQQH VWLJQLQJ PRGYLUNHV GRJ DI HQ IRUVN\GQLQJ L<br />
DOGHUVVDPPHQV WQLQJHQ GHU EHW\GHU DW GHU NRPPHU UHODWLYW<br />
IOHUH RYHU nU VRP KDU HQ ODYHUH HUKYHUYVIUHNYHQV HQG JHQ<br />
QHPVQLWWHW 1RJHW DI IDOGHW L HUKYHUYVIUHNYHQVHQ VRP I¡OJH IOHUH<br />
OGUH L DUEHMGVVW\UNHQ YLO GRJ EOLYH PRGYLUNHW DI EO D LQWHJUD<br />
WLRQVSDNNHQ GHU YHQWHV DW ¡JH HUKYHUYVIUHNYHQVHQ IRU LQGYDQ<br />
GUHUH RJ HIWHUNRPPHUH IUD LNNH 2(&' ODQGH RJ I UUH I¡UWLGV<br />
SHQVLRQLVWHU (IWHUO¡QVUHIRUPHQ DQWDJHV RJVn DW ¡JH HUKYHUYV<br />
IUHNYHQVHQ IRU GH nULJH LGHW HQ GHO DI GHQ VHQHVWH<br />
VWLJQLQJ L HIWHUO¡QVIUHNYHQVHQ YXUGHUHV DW Y UH DI PLGOHUWLGLJ<br />
NDUDNWHU IRUnUVDJHW DI NRQMXQNWXUDIPDWQLQJHQ L 6DPOHW<br />
YHQWHV DUEHMGVVW\UNHQ DW VWLJH PHG SHUVRQHU L RJ<br />
SHUVRQHU L RJ<br />
3URGXNWLYLWHWHQ YHQWHV DW EOLYH IRUKROGVYLV K¡M L 'HW<br />
VN\OGHV DW GHQ EHW\GHOLJH XVLNNHUKHG GHU KDU KHUVNHW RPNULQJ<br />
NRQMXQNWXUXGYLNOLQJHQ L GHQ I¡UVWH GHO DI LQGHY UHQGH nU KDU<br />
InHW YLUNVRPKHGHUQH WLO DW XGVN\GH EHVOXWQLQJHQ RP DW DQV WWH<br />
PHGDUEHMGHUH WLO GH YDU PHUH VLNUH Sn XGYLNOLQJHQ 'D DQV W<br />
WHOVHU WDJHU WLG VWLJHU EHVN IWLJHOVHQ PLQGUH HQG VWLJQLQJHQ L<br />
SURGXNWLRQHQ YLOOH WLOVLJH , RJ HU DQWDJHW DW SUR<br />
GXNWLYLWHWVVWLJQLQJHUQH RPWUHQW YLO I¡OJH GHQ KLVWRULVNH WUHQG
)LJXU , /HGLJKHGHQ Sn D NDVVH JUXSSHU PnQHGHUV JOLGHQGH JHQQHPVQLW<br />
3W<br />
3W<br />
6,'<br />
)UHPVWLOOLQJVIDJ<br />
.$'<br />
‘YULJH D NDVVHU<br />
%\JJHIDJ<br />
0HWDODUEHMGHUH<br />
3W<br />
3W<br />
2IIHQWOLJ $QVDWWH<br />
)XQNWLRQ UHU RJ 7MHQHVWHP QG PY<br />
+.<br />
6HOYVW QGLJH<br />
$NDGHPLNHUH<br />
7HNQLVNH )XQNWLRQ UHU PY<br />
$QP $ NDVVHUQH HU VDPPHQVDW Sn I¡OJHQGH PnGH 6,' 6SHLDODUEHMGHUQH )UHPVWLOOLQJVIDJ 1 ULQJV<br />
RJ 1\GHOVHVPLGGHODUEHMGHUH .$' .YLQGHOLJH DUEHMGHUH ‘YULJH D NDVVHU 'DQVNH /¡QPRGWDJHUH<br />
.ULVWHOLJ 5HVWDXUDWLRQVEUDQKHQ 2IIHQWOLJ $QVDWWH 2IIHQWOLJ $QVDWWH )XQNWLRQ UHU RJ 7MHQHV<br />
WHP QG PY %¡UQH RJ XQJGRPVS GDJRJHU 'DQVNH V\JHSOHMHUVNHU )RONHVNROHO UHUH )ULH /¡Q<br />
PRGWDJHUH )XQNWLRQ UHU RJ 7MHQHVWHP QG 6RLDOS GDJRJHU 6WDWV RJ 7HOHDQVDWWH +. +DQGHOV<br />
RJ NRQWRUIXQNWLRQ UHU %\JJHIDJ %OLN RJ5¡U (O IDJHW 0DOHUIDJHW RJ0DULWLP 7U ,QGXVWUL %\J<br />
0HWDODUEHMGHUH 0HWDODUEHMGHUH 6HOYVW QGLJH $ NDVVHQ IRU 6HOYVW QGLJH (UKYHUYVGULYHQGH<br />
$6( D NDVVH IRU 6HOYVW QGLJH '$1$ $NDGHPLNHUH $NDGHPLNHUH &LYLO¡NRQRPHU (UKYHUYV<br />
VSURJOLJH RJ-RXUQDOLVWLN ,QJHQL¡UHU 0DJLVWUH 7HNQLVNH )XQNWLRQ UHU PY 'DQVNH 6 OJHUH (GE<br />
IDJHW RJ 0HUNRQRPHU )XQNWLRQ UHU RJ 6HUYLHIDJ /HGHUH 7HNQLNHUH<br />
.LOGH 'DQPDUNV 6WDWLVWLN 6WDWLVWLNEDQNHQ RJ HJQH EHUHJQLQJHU<br />
$IWDJHQGH<br />
O¡QVWLJQLQJVWDNW<br />
L<br />
'HW UHVXOWHUHU L HQ VWLJQLQJ L GHQ SULYDWH EHVN IWLJHOVH Sn<br />
SHUVRQHU L RJ HQ X QGUHW SULYDW EHVN IWLJHOVH L<br />
'H VDPOHGH O¡QRPNRVWQLQJHU YHQWHV DW YRNVH PHG SW L<br />
KYRUDI SW SRLQW VN\OGHV ERUWIDOGHW DI UHIXVLRQHQ DI<br />
DUEHMGVJLYHUQHV $73 EHWDOLQJ MI WDEHO , 'H UHODWLYW K¡MH<br />
O¡QVWLJQLQJHU L nU VNDO VHV L O\VHW DI IRUK¡MHOVHQ DI PLQGVWH
(QKHGV<br />
O¡QRPNRVWQLQJHUQH<br />
$IWDJHQGH<br />
VWLJQLQJHU L<br />
IRUEUXJHUSULVHUQH<br />
7DEHO , /¡QRPNRVWQLQJHU RJ UHDOO¡Q<br />
'LUHNWH O¡QRPNRVWQLQJHU<br />
6DPOHGH O¡QRPNRVWQLQJHU<br />
ELGUDJ IUD LQGLUHNWH<br />
(QKHGVO¡QRPNRVWQLQJHU<br />
5HDOO¡Q<br />
VDWVHUQH PHG ó SW SU PDUWV LQGI¡UHOVHQ DI \GHUOLJHUH HQ<br />
IHULHIULGDJ SU PDM RJ IRUK¡MHOVHQ DI DUEHMGVJLYHUQHV<br />
SHQVLRQVELGUDJ PHG SW SRLQW SU MXOL /¡QVWLJQLQJVWDN<br />
WHQ YHQWHV DW DIWDJH L RJ WLO ô SW KYLONHW VNDO<br />
VHV L O\VHW DI EnGH GHQ IDOGHQGH LQIODWLRQVWDNW RJ VWLJQLQJHQ L<br />
OHGLJKHGHQ L 6DPOHW LQGHE UHU IUHPVNULYQLQJHQ DW<br />
UHDOO¡QQHQ L KHOH SHULRGHQ YRNVHU PHG RPNULQJ SW RP nUHW<br />
, nU HU VWLJQLQJHQ L HQKHGVO¡QRPNRVWQLQJHUQH UHODWLYW EHKHUVNHW<br />
VRP I¡OJH DI GHQ K¡MH SURGXNWLYLWHWVY NVW )RU RJ<br />
HU DQWDJHW DW SURGXNWLYLWHWVY NVWHQ XGYLNOHU VLJ VRP GHQ KLVWR<br />
ULVNH WUHQG KYLONHW EHW\GHU DW VWLJQLQJHQ L HQKHGVO¡QRPNRVW<br />
QLQJHUQH YHQWHV DW EOLYH D ô SW SRLQW K¡MHUH HQG L Sn<br />
WURGV DI GHQ DIWDJHQGH O¡QVWLJQLQJVWDNW<br />
6WLJQLQJHQ L IRUEUXJHUSULVHUQH KDU GH WUH I¡UVWH PnQHGHU DI L nU<br />
OLJJHW Sn NQDS SW 'HQ UHODWLYW K¡MH VWLJQLQJVWDNW VN\OGHV<br />
EO D GH K¡MH SULVHU Sn UnROLH , WDNW PHG DW IDOGHW L ROLHSULVHQ<br />
VOnU LJHQQHP YLO VWLJQLQJHQ L IRUEUXJHUSULVHUQH RJVn DIWDJH<br />
'HW YHQWHV Sn GHQ EDJJUXQG DW GHIODWRUHQ IRU GHW SULYDWH<br />
IRUEUXJ VWLJHU PHG ó SW L MI WDEHO , ,QIODWLRQHQ<br />
YHQWHV DW EOLYH ô L RJ SW L<br />
$QP , QHGVDWWHV DUEHMGVJLYHUQHV $73 NRPSHQVDWLRQ ELGUDJHW WLO $UEHMGVJLYHUQHV (OHYUHIXVLRQ<br />
$(5 EOHYIRUK¡MHW GHU LQGI¡UWHV HQ DUEHMGVPLOM¡DIJLIW RJDUEHMGVJLYHUQHV DUEHMGVPDUNHGVELGUDJ<br />
IDOGW ERUW 6WLJQLQJHQ L VN\OGHV ¡JHGH XGJLIWHU WLO DUEHMGVVNDGHIRUVLNULQJHU , ERUWIDOGHU<br />
UHIXVLRQHQ DI DUEHMGVJLYHUQHV $73 EHWDOLQJ (QKHGVO¡QRPNRVWQLQJHUQH HU GHILQHUHW VRP GH<br />
VDPOHGH O¡QRPNRVWQLQJHU GLYLGHUHW PHG WLPHSURGXNWLYLWHWHQ L SULYDWH E\HUKYHUY 5HDOO¡QQHQ HU<br />
GHILQHUHW VRP GH GLUHNWH O¡QRPNRVWQLQJHU GHIODWHUHW PHG QDWLRQDOUHJQVNDEHWV IRUEUXJVGHIODWRU<br />
.LOGH 'DQPDUNV 6WDWLVWLN 1DWLRQDOUHJQVNDEHW $'$0V GDWDEDQN RJ HJQH EHUHJQLQJHU<br />
3W
7DEHO , QGULQJHQ L HQWUDOH SULVLQGHNV<br />
)RUEUXJHUSULVHU<br />
,PSRUWSULVHU<br />
(NVSRUWSULVHU<br />
.RQWDQWSULV Sn EROLJ<br />
$QP 8GYLNOLQJHQ L IRUEUXJHUSULVHUQH HU XGWU\NW YHG Y NVWHQ L GHIODWRUHQ IRU GHW SULYDWH IRUEUXJ<br />
.LOGH 'DQPDUNV 6WDWLVWLN 1DWLRQDOUHJQVNDEHW $'$0V GDWDEDQN RJ HJQH EHUHJQLQJHU<br />
/DY Y NVW<br />
UHGXHUHU GHW<br />
RIIHQWOLJH RYHUVNXG<br />
)LQDQVSROLWLVNH<br />
DQWDJHOVHU<br />
3W<br />
, 'H RIIHQWOLJH LQGW JWHU RJ XGJLIWHU<br />
'HQ ODYH ¡NRQRPLVNH Y NVW GH VHQHVWH nU KDU UHGXHUHW GHW<br />
RIIHQWOLJH RYHUVNXG IUD RYHU SW DI %13 L WLO NQDS<br />
SW L RJ GHU Pn LP¡GHVHV HW \GHUOLJHUH IDOG L nU MI WDEHO<br />
, RJ ILJXU , 8G RYHU GHQ ODYH Y NVW HU GHU IOHUH nUVDJHU<br />
WLO GH IRUY UUHGH RIIHQWOLJH ILQDQVHU 8GYLNOLQJHQ Sn DNWLHPDU<br />
NHGHW KDU JMRUW DW SHQVLRQVDINDVWEHVNDWQLQJHQ LNNH JLYHU QRJHW<br />
Q YQHY UGLJW SURYHQX RJ RPO JQLQJHQ DI GHQ V UOLJH<br />
SHQVLRQVRSVSDULQJ WLO HQ SULYDW RUGQLQJ L KDU EHYLUNHW HW<br />
GHILQLWRULVN IDOG L VNDWWHLQGW JWHUQH $OHQH GLVVH WR IRUKROG KDU<br />
IRUY UUHW GH RIIHQWOLJH ILQDQVHU PHG RYHU PLD NU 'H DIWDOWH<br />
VNDWWHOHWWHOVHU IUD LQGHE UHU LVROHUHW VHW HQ \GHUOLJHUH<br />
IRUY UULQJ DI GHQ RIIHQWOLJH VDOGR 2PYHQGW LQGHE UHU HQ<br />
K¡MHUH ¡NRQRPLVN DNWLYLWHW DW VNDWWHJUXQGODJHW ¡JHV RJ VDO<br />
GRHQ YHQWHV GHUIRU DW Y UH VWRUW VHW X QGUHW IUD WLO<br />
, YHQWHV RYHUVNXGGHW DW VWLJH EO D VRP I¡OJH DI HQ<br />
IRUYHQWHW QRUPDOLVHULQJ DI SHQVLRQVDINDVWEHVNDWQLQJHQ<br />
'H ILQDQVSROLWLVNH DQWDJHOVHU EDJ SURJQRVHQ I¡OJHU L VWRUH WU N<br />
UHJHULQJHQV DQQRQHUHGH SROLWLN MI )LQDQVPLQLVWHULHW ‘NRQR<br />
PLVN 5HGHJ¡UHOVH GHHPEHU RJ DIWDOHQ RP VNDWWHOHWWHO<br />
VHU PHOOHP UHJHULQJHQ RJ 'DQVN )RONHSDUWL )RUYHQWQLQJHUQH<br />
WLO GHQ RIIHQWOLJH EHVN IWLJHOVH RJ GHW RIIHQWOLJH IRUEUXJ L<br />
HU GRJ SnYLUNHW DI XGYLNOLQJHQ JHQQHP KYLONHW KDU I¡UW<br />
WLO HW OLGW K¡MHUH VN¡Q Sn Y NVWHQ L GHW RIIHQWOLJH IRUEUXJ RJ HQ<br />
OLGW ODYHUH RIIHQWOLJ EHVN IWLJHOVH L )RU nUHQH RJ
VN¡QQHV Y NVWHQ L GHW RIIHQWOLJH IRUEUXJ DW EOLYH KKY<br />
SW KYLONHW HU SW SRLQW K¡MHUH HQG IRUXGVDW DI UHJH<br />
ULQJHQ 'HW YXUGHUHV VnOHGHV DW SUHVVHW Sn NODVVLVNH RIIHQWOLJH<br />
YHOI UGV\GHOVHU L NRPPXQHUQH YLO J¡UH GHW YDQVNHOLJW DW OHYH<br />
RS WLO UHJHULQJHQV PnOV WQLQJ RP HQ UHDOY NVW L GHW RIIHQWOLJH<br />
IRUEUXJ Sn KKY SW L RJ<br />
7DEHO , 'HQ RIIHQWOLJH VHNWRUV LQGW JWHU RJ XGJLIWHU<br />
1LYHDX QGULQJ L PLD NU<br />
,QGLUHNWH VNDWWHU<br />
'LUHNWH VNDWWHU<br />
KHUDI 3HUVRQOLJH VNDWWHU<br />
6HOVNDEVVNDWWHU<br />
3HQVLRQVDINDVWEHVNDWQLQJ<br />
$UEHMGVPDUNHGVELGUDJ<br />
$QGUH VNDWWHU<br />
,QGW JWHU L DOW<br />
2IIHQWOLJW IRUEUXJ<br />
,QGNRPVWRYHUI¡UVOHU<br />
2IIHQWOLJH LQYHVWHULQJHU<br />
1HWWRUHQWHXGJLIWHU<br />
‘YULJH XGJLIWHU QHWWR<br />
8GJLIWHU L DOW<br />
6DOGR<br />
6DOGR<br />
2IIHQWOLJ EUXWWRJ OG<br />
6NDWWHWU\N<br />
1LYHDX L PLD NU<br />
3W DI %13<br />
$QP 'HW HU DQWDJHW DW QGULQJHQ L GHQ RIIHQWOLJH EUXWWRJ OG L IUHPVNULYQLQJVSHULRGHQ HU OLJGHQ RIIHQW<br />
OLJH VHNWRUV VDOGR HNVNO GH RIIHQWOLJH IRQGH<br />
.LOGH 'DQPDUNV 6WDWLVWLN 1DWLRQDOUHJQVNDEHW $'$0V GDWDEDQN RJ HJQH EHUHJQLQJHU
)LJXU , D 'HQ RIIHQWOLJH VHNWRUV VDOGR )LJXU , E 2IIHQWOLJ J OG SW DI %13<br />
3W DI %13 3W DI %13<br />
$QP 'HW HU DQWDJHW DW QGULQJHQ L GHQ RIIHQWOLJH EUXWWRJ OG L IUHPVNULYQLQJVSHULRGHQ HU OLJ GHQ<br />
RIIHQWOLJH VHNWRUV VDOGR HNVNO GH RIIHQWOLJH IRQGH<br />
.LOGH 'DQPDUNV 6WDWLVWLN 1DWLRQDOUHJQVNDEHW $'$0V GDWDEDQN RSO\VQLQJHU IUD )LQDQVPLQLVWHULHW<br />
RJ HJQH EHUHJQLQJHU<br />
$IWDOH RP<br />
VNDWWHOHWWHOVHU<br />
IUD<br />
6NDWWHOHWWHOVHU NDQ<br />
¡JH DUEHMGVXGEXG<br />
PHQ HIIHNW XVLNNHU<br />
'H DIWDOWH VNDWWHOHWWHOVHU LQGHE UHU HW PLQGVNHW SURYHQX Sn D<br />
PLD NU L VWLJHQGH WLO D PLD L L SULVHU<br />
6NDWWHOHWWHOVHUQH VNHU L IRUP DI HQ IRUK¡MHOVH DI PHOOHPVNDWWH<br />
JU QVHQ PHG L DOW NU RYHU nU RJ JHQQHP LQGI¡UHOVH DI<br />
HW EHVN IWLJHOVHVIUDGUDJ %HVN IWLJHOVHVIUDGUDJHW XGJ¡U<br />
SW DI DUEHMGVLQGNRPVWHQ GRJ PDNVLPDOW IRU LQGNRPVW RS WLO<br />
PHOOHPVNDWWHJU QVHQ VNDWWHY UGLHQ KHUDI YLO L HQ JHQQHP<br />
VQLWVNRPPXQH XGJ¡UH JRGW NURQHU L 'HQ IXOGW<br />
LQGIDVHGH OHPSHOVH LQGHE UHU IRU EHIRONQLQJHQ XQGHU HW HQ<br />
VWLJQLQJ L GHQ GLVSRQLEOH LQGNRPVW Sn ó ò SW HOOHU RS WLO<br />
D NU SU EHVN IWLJHW %HVN IWLJHOVHVIUDGUDJHW YLO ¡JH<br />
LQLWDPHQWHW IRU OHGLJH WLO DW NRPPH L DUEHMGH PHQV IRUK¡MHOVHQ<br />
DI PHOOHPVNDWWHJU QVHQ YLO ¡JH LQLWDPHQWHW IRU EHVN IWLJHGH<br />
L PHOOHPLQGNRPVWJUXSSHQ WLO DW ¡JH LQGVDWVHQ PnOW L WLPHU )RU<br />
GH K¡MWO¡QQHGH YLO VNDWWHOHWWHOVHUQH LPLGOHUWLG WU NNH L UHWQLQJ<br />
DI HW ODYHUHDUEHMGVXGEXG )RU GHQQHJUXSSHHU PDUJLQDOVNDWWHQ<br />
X QGUHW PHQV VNDWWHOHWWHOVHQ ELGUDJHU WLO HQ LQGNRPVWIUHP<br />
JDQJ GHU Pn DQWDJHV DW I¡UH WLO HW ¡QVNH RP PHUH IULWLG RJ<br />
GHUPHG HW PLQGUH DUEHMGVXGEXG<br />
(IIHNWHQ DI VNDWWHOHWWHOVHU Sn DUEHMGVXGEXGGHW DIK QJHU DI<br />
XGIRUPQLQJHQ DI VNDWWHQHGV WWHOVHQ RJ YXUGHULQJHQ HU JHQHUHOW<br />
IRUEXQGHW PHG EHW\GHOLJ XVLNNHUKHG 5HJHULQJHQ YXUGHUHU DW
DYHUH VNDWWHWU\N<br />
HQG L VOXWQLQJHQ<br />
DI HUQH<br />
9 NVW L GHW<br />
RIIHQWOLJH IRUEUXJ<br />
Sn NQDS SW<br />
VNDWWHSDNNHQ NDQ ¡JH EHVN IWLJHOVHQ VYDUHQGH WLO RPNULQJ<br />
IXOGWLGVEHVN IWLJHGH +HUDI YXUGHUHV WR WUHGMHGHOH DW<br />
NRPPH IUD DW GH GHU DOOHUHGH HU L DUEHMGH InU WLOVN\QGHOVH WLO<br />
DW DUEHMGH IOHUH WLPHU PHQV UHVWHQ NRPPHU IUD ¡JHW HUKYHUYV<br />
GHOWDJHOVH HOOHU ODYHUH OHGLJKHG 'HQQH YXUGHULQJ IRUHNRPPHU<br />
VRP HW HQWUDOW VN¡Q PHQ VRP I¡OJH DI GHQ EHW\GHOLJH XVLNNHU<br />
KHG EnGH RP VW¡UUHOVHVRUGHQ RJ WLPLQJ DI HIIHNWHUQH HU GHU L<br />
Q UY UHQGH SURJQRVHLNNHHNVSOLLW LQGUHJQHW DUEHMGVXGEXGVHI<br />
IHNWHU DI VNDWWHUHIRUPHQ<br />
8G RYHU VNDWWHOHWWHOVHUQH IUD KDU HQ U NNHV UOLJH IRUKROG<br />
EHW\GQLQJ IRU XGYLNOLQJHQ L GHQ RIIHQWOLJH VDOGR 'HW ODYH ELO<br />
VDOJ L LQGHE UHU HW IDOG L LQGW JWHUQH IUD UHJLVWUHULQJV<br />
DIJLIWHQ KYRU GHU L YDU HQ VWLJQLQJ L LQGW JWHUQH IUD UHJL<br />
VWUHULQJVDIJLIWHUQH Sn RYHU PLD NU Pn GHU L nU YHQWHV HW GL<br />
UHNWH IDOG $IJLIWVOHWWHOVHUQH VRP I¡OJH DI RSK¡UHW DI WLPHUV<br />
UHJOHQ LQGHE UHU OLJHOHGHV HW IDOG L LQGW JWHUQH RJ SURYHQX<br />
WDEHW YHQWHV DW EOLYH L VW¡UUHOVHVRUGHQHQ PLD NU IRUGHOW RYHU<br />
RJ 6NDWWHVWRSSHW LQGHE UHU DW SXQNWDIJLIWHUQH XG<br />
KXOHV DI LQIODWLRQHQ , IRUKROG WLO HMHQGRPVEHVNDWQLQJHQ LQGH<br />
E UHU VNDWWHVWRSSHW DW HMHQGRPVY UGLVNDWWHQ PDNVLPDOW NDQ<br />
XGJ¡UH SW DI HMHQGRPVYXUGHULQJHQ SU MDQXDU PHG<br />
HW WLOO J DI SW RJ DW JUXQGVNDWWHUQH PDNVLPDOW NDQ VWLJH<br />
SW S D $OHQH IDVWOnVQLQJHQ DI HMHQGRPVY UGLVNDWWHQ LQGH<br />
E UHU L HW SURYHQXWDE Sn RPNULQJ ò PLD NU 'H VHQHUH<br />
nUV IDOG L DNWLHNXUVHUQH LQGHE UHU DW SHQVLRQVDINDVWEHVNDWQLQ<br />
JHQ LNNH KDU JLYHW Q YQHY UGLJW SURYHQX GH VLGVWH SDU nU RJ<br />
GHU NDQ KHOOHU LNNH L nU YHQWHV LQGW JWHU KHUIUD 'HW IUHPWLGLJH<br />
SURYHQX DIK QJHU LNNH PLQGVW DI XGYLNOLQJHQ L DNWLHNXUVHUQH<br />
RJ GHW DQWDJHV DW HQ QRUPDOLVHULQJ I¡UVW NDQ YHQWHV DW VNH L<br />
6DPOHW LQGHE UHU XGYLNOLQJHQ L VNDWWHUQH DW VNDWWHWU\N<br />
NHW YLO IDOGH EnGH L RJ L 'HW VDPOHGH VNDWWHWU\N<br />
YHQWHV L DW Y UH D SW DI %13 HOOHU Q VWHQ SW<br />
SRLQW ODYHUH HQG L VOXWQLQJHQ DI HUQH<br />
'H RIIHQWOLJH XGJLIWHU VWLJHU L EnGH VRP I¡OJH DI Y N<br />
VWHQ L GHW RIIHQWOLJH IRUEUXJ RJ VRP I¡OJH DI VWLJHQGH XGJLIWHU<br />
WLO RYHUI¡UVOHU 'HW HU DQWDJHW DW DQWDOOHW DI RIIHQWOLJW DQVDWWH<br />
L HU X QGUHW L IRUKROG WLO (IWHUVRP GHQ RIIHQWOLJH<br />
EHVN IWLJHOVH IDOGW LJHQQHP OHYQHU GHQQHDQWDJHOVHSODGV<br />
WLO HQ OLOOH VWLJQLQJ L EHVN IWLJHOVHQ LJHQQHP 6DPWLGLJ
1 VWHQ NRQVWDQW<br />
RIIHQWOLJW IRUEUXJ<br />
L IRUKROG WLO %13<br />
)OHUH PRGWDJHUH DI<br />
RYHUI¡UVOHU PHQ<br />
LNNH WLOVYDUHQGH<br />
VWLJQLQJ L XGJLIWHU<br />
YHQWHV HW K¡MHUH YDUHN¡E SU RIIHQWOLJ DQVDW KYLONHW WLOVDPPHQ<br />
YLO LQGHE UH HQ Y NVW L GHW RIIHQWOLJH IRUEUXJ Sn NQDS SW ,<br />
RJ DQWDJHV GHQ RIIHQWOLJH EHVN IWLJHOVH DW YRNVH<br />
PHG SHUVRQHU SU nU 'H RIIHQWOLJH O¡QQLQJHU YHQWHV L nU<br />
DW VWLJH PHG SW , RYHUHQVVWHPPHOVH PHG SURILOHQ IRU<br />
RYHUHQVNRPVWDIWDOHUQH YHQWHV O¡QVWLJQLQJVWDNWHQ Q VWH nU DW<br />
IDOGH RJ GHW HU DQWDJHW DW GH RIIHQWOLJH O¡QQLQJHU IUD<br />
YRNVHU L WDNW PHG O¡QQLQJHUQH Sn GHW SULYDWH DUEHMGVPDUNHG<br />
'HW RIIHQWOLJH IRUEUXJV DQGHO DI %13 KDU Y UHW VWRUW VHW NRQ<br />
VWDQW GH VLGVWH nU RPNULQJ SW , YHQWHV GHW<br />
RIIHQWOLJH IRUEUXJ DW XGJ¡UH SW DI %13 MI ILJXU ,<br />
)LJXU , 'HW RIIHQWOLJH IRUEUXJ<br />
3W DI %13<br />
.LOGH 'DQPDUNV 6WDWLVWLN 1DWLRQDOUHJQVNDEHW $'$0V GDWDEDQN RJ<br />
HJQH EHUHJQLQJHU<br />
$QWDOOHW DI RYHUI¡UVHOVPRGWDJHUH VWLJHU GH NRPPHQGH nU ,<br />
HU GHW LV U DQWDOOHW DI HIWHUO¡QVPRGWDJHUH RJ DUEHMGVO¡VH<br />
GHU ¡JHV )UD MXOL QHGV WWHV IRONHSHQVLRQVDOGHUHQ IUD<br />
WLO nU 6HOYRP GHWWH ¡JHU DQWDOOHW DI IRONHSHQVLRQLVWHU<br />
PRGVYDUHV GHW GHOYLV DI HW IDOG L DQWDOOHW HIWHUO¡QVPRGWDJHUH RJ<br />
I¡UWLGVSHQVLRQLVWHU 7URGV GHW VW¡UUH DQWDO RYHUI¡UVHOVPRG<br />
WDJHUH YHQWHV RYHUI¡UVOHUQH PnOW L IRUKROG WLO %13 DW IDOGH<br />
VYDJW 'HWWH VN\OGHV GHOV DW IRONHSHQVLRQHQ HU ODYHUH HQG
6YDJW HNVSDQVLY<br />
ILQDQVSROLWLN<br />
HIWHUO¡Q RJ I¡UWLGVSHQVLRQ GHOV DW UHJXOHULQJHQ DI RYHUI¡UVOHUQH<br />
SnUHJQHV DW EOLYH PLQGUH HQG Y NVWHQ L QRPLQHOW %13<br />
)LQDQVSROLWLNNHQ SnYLUNHU VnYHO L VRP L Y NVWHQ<br />
VYDJW SRVLWLYW 'HQ VnNDOGWH ILQDQVHIIHNW GHU DQJLYHU ELGUDJHW<br />
WLO %13 Y NVWHQ DI ILQDQVSROLWLVNH QGULQJHU HU VnOHGHV<br />
SW L EHJJH nU MI WDEHO , /HPSHOVHQ VNHU Sn LQGW JWVVLGHQ<br />
, LQGHE UHU DIJLIWVOHWWHOVHQ L IRUELQGHOVH PHG RSK¡UHW DI<br />
WLPHUVUHJOHQ HQ SRVLWLY HIIHNW Sn DNWLYLWHWHQ OLJHVRP HMHQ<br />
GRPVEHVNDWQLQJHQ VRP I¡OJH DI VNDWWHVWRSSHW SnYLUNHU Y NVWHQ<br />
SRVLWLYW , VWDPPHU GHQ HNVSDQVLYH HIIHNW RYHUYHMHQGH IUD<br />
OHWWHOVHQ DI LQGNRPVWVNDWWHQ $QWDJHOVHQ RP DW Y NVWHQ L GHW<br />
RIIHQWOLJH IRUEUXJ L UHGXHUHV LQGHE UHU HQ VYDJW QHJDWLY<br />
HIIHNW Sn DNWLYLWHWHQ VnOHGHV DW GHQ VDPOHGH ILQDQVHIIHNW OLJH<br />
SU LV EOLYHU QHJDWLY WURGV HQ OLOOH HNVWUD OHPSHOVH DI LQGNRPVW<br />
VNDWWHQ<br />
7DEHO , )LQDQVHIIHNWHU DNWLYLWHWVYLUNQLQJ L SW DI %13<br />
2IIHQWOLJW IRUEUXJ<br />
2IIHQWOLJH LQYHVWHULQJHU<br />
2YHUI¡UVOHU<br />
8GJLIWHU L DOW<br />
3HUVRQVNDWWHU<br />
3XQNWDIJLIWHU<br />
,QGW JWHU L DOW<br />
)LQDQVHIIHNW<br />
$QP ,NNH DOOH EXGJHWSRVWHU HU YLVW V UVNLOW L WDEHOOHQ PHQ HU GRJ LQGHKROGW L WRWDOSRVWHUQH (W SRVLWLYW<br />
WDO LQGLNHUHU HQ DNWLYLWHWVIUHPPHQGH YLUNQLQJ DI ILQDQVSROLWLNNHQ )RU XGJLIWVSRVWHUQH EHW\GHU GHW<br />
¡JHGH XGJLIWHU RJ IRU LQGW JWVSRVWHU PLQGVNHGH LQGW JWHU PnOW YHG GHW GLUHNWH SURYHQX VRP HU<br />
VW¡UUHOVHQ DI GHQ GHO DI QGULQJHQ L HQ EXGJHWSRVW GHU NDQ KHQI¡UHV WLO QGULQJHQ L ILQDQVSROLWLN<br />
NHQ<br />
.LOGH (JQH EHUHJQLQJHU Sn 60(&
, QGULQJHU L NRQMXQNWXUYXUGHULQJHQ<br />
3URJQRVHJUXQGODJ )UHPVNULYQLQJHQ HU EDVHUHW Sn 'HW ‘NRQRPLVNH 5nGV PDNUR<br />
¡NRQRPLVNHPRGHO 60(& RJ GH VHQHVWH WLOJ QJHOLJH VWDWLVWLVNH<br />
RSO\VQLQJHU 1DWLRQDOUHJQVNDEHW IRUHOLJJHU IUHP WLO RJ PHG<br />
IMHUGH NYDUWDO PHQV IOHUH LQGLNDWRUHU U NNHU LQG L I¡UVWH<br />
NYDUWDO DI<br />
9 NVW QHGMXVWHUHW L<br />
RJ RSMXVWHUHW L<br />
QGUHGH HQWUDOH<br />
IRUXGV WQLQJHU<br />
6N¡QQHW RYHU Y NVWHQ L HU PHG SW NQDS ò SW SRLQW<br />
ODYHUH HQG YXUGHULQJHQ L HIWHUnUHW MI 'DQVN ‘NRQRPL HIWHUnU<br />
2PYHQGW HU Y NVWVN¡QQHW IRU D ó SW SRLQW<br />
K¡MHUH HQG WLGOLJHUH YHQWHW PHQV VN¡QQHW IRU NXQ HU<br />
QGUHW OLGW MI ILJXU ,<br />
)LJXU , %13 Y NVW L 'DQVN ¡NRQRPL IRUnU KKY<br />
HIWHUnU<br />
3W<br />
)RUnU<br />
(IWHUnU<br />
$QP )RUVNHOOHQ PHOOHP GH WR NXUYHU L RJ VN\OGHV<br />
UHYLVLRQHU DI %13 Y NVWHQ L QDWLRQDOUHJQVNDEHW GHU HU IRUHWDJHW<br />
VLGHQ XGJLYHOVHQ DI 'DQVN ‘NRQRPL HIWHUnU<br />
.LOGH 'DQPDUNV 6WDWLVWLN 1DWLRQDOUHJQVNDEHW $'$0V GDWDEDQN RJ<br />
HJQH EHUHJQLQJHU<br />
6LGHQ SURJQRVHQ L 'DQVN ‘NRQRPL HIWHUnU EOHY XGDU<br />
EHMGHW KDU GHQ JOREDOH ¡NRQRPL Y UHW SU JHW DI EHW\GHOLJ XVLN<br />
NHUKHG RJ Q¡JOHWDOOHQH IRU GHQ LQWHUQDWLRQDOH NRQMXQNWXUXGYLN
,QWHUQDWLRQDO<br />
ODYY NVW<br />
9DOXWDNXUVHU<br />
5HQWH<br />
)LQDQVSROLWLN<br />
$UEHMGVVW\UNH<br />
EHVN IWLJHOVH<br />
RJ OHGLJKHG<br />
QGUHGH<br />
LQWHUQDWLRQDOH<br />
IRUXGV WQLQJHU<br />
UHGXHUHU GDQVN<br />
Y NVW ô SW SRLQW<br />
OLQJ KDU RYHUYHMHQGH Y UHW QHJDWLYH 1 VWHQ DOOH SURJQRVH<br />
PDJHUH KDU GD RJVn QHGMXVWHUHW GH LQWHUQDWLRQDOH Y NVWVN¡Q<br />
EHW\GHOLJW RJ HQ DI GH HQWUDOH IRUXGV WQLQJHU EDJ SURJQRVHQ<br />
IRU GDQVN ¡NRQRPL HU GHUPHG QGUHW PDUNDQW 'H Y VHQWOLJVWH<br />
QGULQJHU L IRUXGV WQLQJHUQH EDJ IUHPVNULYQLQJHQ L IRUKROG WLO<br />
SURJQRVHQ L HIWHUnUHW HU<br />
‡ 'HQ LQWHUQDWLRQDOH Y NVW L HU QHGMXVWHUHW JRGW ò<br />
SW SRLQW LNNH PLQGVW Sn JUXQG DI ODYHUH Y NVW L 7\VN<br />
ODQG<br />
‡ 1LYHDXHW IRU GHQ HIIHNWLYH NURQHNXUV HU JRGW SW K¡<br />
MHUH L IRUKROG WLO IRUYHQWQLQJHQ L HIWHUnUHW<br />
‡ 5HQWHQ HU IDOGHW L EHJ\QGHOVHQ DI RJ UHQWHVN¡QQHW<br />
HU QHGMXVWHUHW JRGW ò SW SRLQW<br />
‡ 'H DIWDOWH VNDWWHOHWWHOVHU IUD RJ IUHP VDPW GHQ DQ<br />
QRQHUHGH UHGXNWLRQ DI VWLJQLQJVWDNWHQ L GHW RIIHQWOLJH<br />
IRUEUXJ LQGHE UHU HQ QGULQJ DI GH ILQDQVSROLWLVNH IRU<br />
XGV WQLQJHU<br />
)RUXGHQ QGULQJHQ L GLVVH HQWUDOH IRUXGV WQLQJHU KDU XGYLN<br />
OLQJHQ L DQGHW KDOYnU Sn QRJOH SXQNWHU JLYHW DQOHGQLQJ WLO<br />
UHYXUGHULQJHU 9 VHQWOLJVW KDU XGYLNOLQJHQ L EHVN IWLJHOVH RJ<br />
DUEHMGVVW\UNH Y UHW PHUH QHJDWLY HQG IRUYHQWHW RJ OHGLJKHGV<br />
QLYHDXHW HU DNWXHOW K¡MHUH HQG VN¡QQHW L HIWHUnUHW +HUXGRYHU<br />
KDU ELON¡EHW XGYLNOHW VLJ PDUNDQW PHUH QHJDWLYW HQG IRUYHQWHW<br />
6DPOHW KDU GH QGUHGH IRUXGV WQLQJHU YHGU¡UHQGH GHQ LQWHUQD<br />
WLRQDOH ¡NRQRPL RJ YDOXWDNXUVHQ WUXNNHW L UHWQLQJ DI ODYHUH<br />
Y NVW RJ K¡MHUH OHGLJKHG PHQV GHQ ODYHUH UHQWH RJ GHQ PHUH<br />
OHPSHOLJH ILQDQVSROLWLN L KDU WUXNNHW L PRGVDW UHWQLQJ )RU<br />
GRPLQHUHU GHQ QHJDWLYH HIIHNW DI GH PHUH G PSHGH LQWHU<br />
QDWLRQDOH Y NVWXGVLJWHU RYHU GHQ SRVLWLYH HIIHNW DI GHQ ODYHUH<br />
UHQWH 'HQ ODYHUH PDUNHGVY NVW RJ GHQ GnUOLJHUH NRQNXUUHQH<br />
HYQH GHU I¡OJHU DI GH QGUHGH IRUXGV WQLQJHU RP YDOXWDNXU<br />
VXGYLNOLQJHQ VN¡QQHV VnOHGHV LVROHUHW VHW DW ELGUDJH WLO HW IDOG<br />
L Y NVWHQ L Sn Q VWHQ SW SRLQW PHQV GHQ ODYHUH UHQWH<br />
LVROHUHW VHW YXUGHUHV DW KDYH ¡JHW Y NVWHQ PHG NQDS ó<br />
SW SRLQW 6DPOHW LQGHE UHU GH QGUHGH IRUXGV WQLQJHU
$QGUH IRUKROG<br />
WU NNHU RSDG L<br />
%13 Y NVW<br />
2SMXVWHULQJ DI<br />
Y NVWVN¡Q L<br />
EO D Sn JUXQG DI<br />
VNDWWHOHWWHOVHU<br />
/DYHUH Y NVW L<br />
XGODQGHW L<br />
/DYHUH Y NVW JLYHU<br />
ODYHUH O¡QVN¡Q<br />
YHGU¡UHQGH XGHQODQGVN Y NVW YDOXWDNXUV RJ UHQWH VnOHGHV HQ<br />
QHGMXVWHULQJ DI Y NVWVN¡QQHW Sn RPNULQJ ô SW SRLQW<br />
'HQ VDPOHGH QHGMXVWHULQJ DI %13 Y NVWHQ L HU Sn<br />
SW SRLQW KYLONHW LQGHE UHU DW QGUHGH DQWDJHOVHU L ¡YULJW<br />
GYV ERUWVHW IUD GH QGUHGH LQWHUQDWLRQDOH IRUXGV WQLQJHU<br />
LVROHUHW VHW KDU ¡JHW Y NVWHQ PHG ó SW SRLQW +HUDI NDQ HQ<br />
Y VHQWOLJ GHO IRUNODUHV DI DW LPSRUWY NVWHQ QX VN¡QQHV DW<br />
EOLYH ODYHUH HQG WLGOLJHUH 'HQQH QHGMXVWHULQJ VN\OGHV GHOV<br />
ODYHUH HNVSRUW RJ ODYHUH LQGHQODQGVN HIWHUVS¡UJVHO GHOV DW<br />
LPSRUWHQV DQGHO DI %13 QX VN¡QQHV DW IRUEOLYH NRQVWDQW L<br />
PRG HQ IRUYHQWQLQJ L HIWHUnUHW RP VWLJHQGH LPSRUWNYRWH<br />
'HQQH UHYXUGHULQJ HU EO D VNHW Sn EDJJUXQG DI GHQ KLVWRULVNH<br />
XGYLNOLQJ L LPSRUWNYRWHQ<br />
9 NVWVN¡QQHW IRU HU RSMXVWHUHW SW SRLQW +HUDI NDQ<br />
HQ WUHGMHGHO WLOVNULYHV GHQ HNVSDQVLYH HIIHNW DI ODYHUH VNDWWHU<br />
PRGUHJQHW HIIHNWHQ DI HQ OLGW ODYHUH Y NVW L GHW RIIHQWOLJH<br />
IRUEUXJ GHU HU QHGMXVWHUHW IUD WLO SW (W DQGHW IRU<br />
KROG GHU ELGUDJHU WLO K¡MHUH Y NVWVN¡Q HU HQ PHUH SRVLWLY<br />
YXUGHULQJ DI XGYLNOLQJHQ L IRUEUXJVNYRWHQ KYLONHW EO D HU ED<br />
VHUHW Sn HW OLGW K¡MHUH QLYHDX IRU NRQWDQWSULVHQ Sn EROLJHU RJ<br />
GHUPHG GHQ SULYDWH IRUPXH<br />
, GHW I¡OJHQGH JHQQHPJnV QGULQJHU L Q UY UHQGH SURJQRVH L<br />
IRUKROG WLO SURJQRVHQ L 'DQVN ‘NRQRPL HIWHUnU Q UPHUH<br />
(Q WDEHOP VVLJ VDPPHQOLJQLQJ DI GH WR SURJQRVHU IUHPJnU DI<br />
ELODJVWDEHO ,<br />
6RP Q YQW KDU GHQ LQWHUQDWLRQDOH NRQMXNWXUVLWXDWLRQ XGYLNOHW<br />
VLJ PHUH QHJDWLYW HQG IRUYHQWHW L HIWHUnUHW *HQHUHOW EOHY<br />
Y NVWHQ L XGODQGHW NXQ OLGW GnUOLJHUH L HQG YHQWHW PHQ<br />
XGVLJWHUQH IRU HU QHGMXVWHUHW P UNEDUW 9 NVWHQ L nU IRU<br />
'DQPDUNV VDPKDQGHOVODQGH HU VnOHGHV QHGMXVWHUHW PHG<br />
SW SRLQW WLO SW ,V U Y NVWHQ L ODQGHQH GHU HU PHGOHP DI<br />
‘08HQ HU EOHYHW QHGMXVWHUHW KHUXQGHU LNNH PLQGVW 7\VNODQG<br />
KYRU Y NVWHQ QX NXQ YHQWHV DW EOLYH SW L PRG HQ<br />
WLGOLJHUH IRUYHQWHW Y NVW Sn SW<br />
'HQ JHQHUHOW ODYHUH Y NVW L XGODQGHW KDU RJVn I¡UW WLO HQ QHG<br />
MXVWHULQJ DI GH XGHQODQGVNH O¡QVN¡Q VnOHGHV DW GH XGHQODQGVNH
6W\UNHOVH DI<br />
NURQH<br />
O¡QVWLJQLQJHU QX VN¡QQHV DW EOLYH SW L PRG WLGOLJHUH<br />
IRUYHQWHW SW 'H XGHQODQGVNH %13 RJ O¡QVN¡Q HU RJVn<br />
EOHYHW QHGMXVWHUHW L PHQ NXQ PHG KKY SW SRLQW WLO RJ<br />
SW SRLQW<br />
8GYLNOLQJHQ L YDOXWDNXUVHUQH KHUXQGHU LV U GROODU RJ \HQ RYHU<br />
IRU HXURHQ L LQGHE UHU DW DQWDJHOVHQ RP X QGUHGH<br />
YDOXWDNXUVHU IUHPDGUHWWHW LPSOLHUHU DW GHQ HIIHNWLYH NURQHNXUV<br />
YLO Y UH JRGW SW K¡MHUH L HQG L , HIWHUnUHW<br />
LQGHEDU GHQ VDPPH DQWDJHOVH NXQ HQ VWLJQLQJ Sn JRGW ò SW<br />
/DYHUH UHQWH 3HQJHSROLWLNNHQ RJ GHQ LQWHUQDWLRQDOH DIPDWQLQJ KHUXQGHU XG<br />
YLNOLQJHQ Sn DNWLHPDUNHGHUQH ELGURJ WLO HW Y VHQWOLJW IDOG L GHQ<br />
ODQJH UHQWH L VOXWQLQJHQ DI RJ L EHJ\QGHOVHQ DI 'HW<br />
ODYHUH QLYHDX IRU UHQWHQ LQGHE UHU DW GHQ JHQQHPVQLWOLJH REOL<br />
JDWLRQVUHQWH QX DQWDJHV DW EOLYH SW L nU PRG SW L HIWHU<br />
nUHW , OLJKHG PHG L HIWHUnUHW HU GHW DQWDJHW DW UHQWHQ VWLJHU L GH<br />
NRPPHQGH nU PHQ GHW IRUYHQWHV QX DW UHQWHQ NXQ VWLJHU WLO<br />
SW L PRG DQWDJHOVHQ RP SW L HIWHUnUHW<br />
9 NVW L UDPW<br />
ULJWLJW PHQ<br />
ODYHUH Y NVW L<br />
LQYHVWHULQJHU RJ<br />
LPSRUW<br />
2PO JQLQJ DI<br />
IRUEUXJ JLYHU<br />
VWRU QHGMXVWHULQJ<br />
DI ELON¡EHW<br />
9 NVWHQ L 'DQPDUN EOHY L VWRUW VHW VRP YHQWHW QHPOLJ<br />
SW PRG IRUYHQWHW SW 'HWWH G NNHU GRJ RYHU IRUVNHO<br />
OLJH PRGVDWUHWWHGH IHMOVN¡Q 0HQV SURJQRVHQ IRU Y NVWHQ L GHW<br />
SULYDWH IRUEUXJ YDU VWRUW VHW NRUUHNW VWHJ GHW RIIHQWOLJH IRUEUXJ<br />
PLQGUH HQG DQWDJHW 9 NVWHQ L GHW RIIHQWOLJH IRUEUXJ EOHY VnOH<br />
GHV Sn SW PRG IRUYHQWHW SW RJ RJVn Y NVWHQ L HU<br />
KYHUYVLQYHVWHULQJHUQH EOHY PHG HQ VWLJQLQJ Sn EORW SW<br />
PLQGUH HQG IRUYHQWHW 3n GHQQH EDJJUXQG EOHY Y NVWHQ L GHQ<br />
LQGHQODQGVNH HIWHUVS¡UJVHO ODYHUH HQG IRUYHQWHW OLJHVRP LPSRU<br />
WHQ LNNH VWHJ KHOW Vn PHJHW VRP IRUYHQWHW L HIWHUnUHW<br />
)RUYHQWQLQJHUQH WLO Y NVWHQ L GHW SULYDWH IRUEUXJ L HU QHG<br />
MXVWHUHW IUD WLO SW 1HGMXVWHULQJHQ VN\OGHV HW IDOG L<br />
ELON¡EHW 'HW IDOG L DQWDOOHW DI Q\UHJLVWUHULQJHU VRP LQGWUDI L<br />
VOXWQLQJHQ DI RJ VRP HU IRUWVDW L EHJ\QGHOVHQ DI<br />
KDU VnOHGHV OHGW WLO HQ GUDVWLVN UHYXUGHULQJ DI ELOVDOJHW L<br />
IUD HQ IRUYHQWQLQJ RP HQ Y NVW Sn SW L HIWHUnUHW WLO HW<br />
IRUYHQWHW IDOG Sn SW QX 'D GHW LPLGHUWLG HU YXUGHUHW DW<br />
GHU L QRJHQ XGVWU NQLQJ HU WDOH RP HW VNLIW L KXVKROGQLQJHUQHV<br />
IRUEUXJ IUD ELOHU WLO DQGHW IRUEUXJ HU IRUYHQWQLQJHUQH WLO Y N<br />
VWHQ L DQGHW IRUEUXJ HQG ELON¡E RSMXVWHUHW 'HQQH RSMXVWHULQJ
,QYHVWHULQJHU<br />
QHGMXVWHUHW<br />
/DYHUH Y NVW<br />
L LPSRUW RJ<br />
HNVSRUW<br />
,PSRUWSULVHUQH<br />
QHGMXVWHUHW L<br />
/LGW PLQGUH<br />
IRUEHGULQJ DI<br />
EHWDOLQJVEDODQHQ<br />
HU L RYHUHQVVWHPPHOVH PHG GH SRVLWLYH GHWDLORPV WQLQJVWDO L<br />
EHJ\QGHOVHQ DI nUHW )RU RJ HU IRUYHQWQLQJHUQH WLO<br />
IRUEUXJVY NVWHQ RSMXVWHUHW KYLONHW EO D K QJHU VDPPHQ PHG<br />
VNDWWHOHWWHOVHUQH Sn D PLD NU L 'HQ K¡MHUH IRUEUXJV<br />
Y NVW IUHPRYHU LQGHE UHU RJVn DW VN¡QQHW RYHU IRUEUXJV<br />
NYRWHQ HU RSMXVWHUHW<br />
,QYHVWHULQJHUQH HU L O\VHW DI GHQ RYHURUGQHGH XVLNNHUKHG RJ OD<br />
YHUH Y NVWXGVLJWHU QHGMXVWHUHW L 'HW K¡MHUH %13 VN¡Q<br />
LQGHE UHU DW GHQ IRUYHQWHGH Y NVW L PDVNLQLQYHVWHULQJHUQH HU<br />
RSMXVWHUHW L VnYHO VRP PHQV RSMXVWHULQJHQ DI E\J<br />
QLQJVLQYHVWHULQJHUQH NXQ J OGHU 9 NVWELGUDJHQH IUD<br />
ODJHULQYHVWHULQJHUQH HU VWRUW VHW X QGUHW L IRUKROG WLO YXUGH<br />
ULQJHQ L HIWHUnUHW<br />
'HQ ODYHUH LQWHUQDWLRQDOH Y NVW RJ HW GnUOLJHUH QLYHDX IRU NRQ<br />
NXUUHQHYHQ LQGHE UHU DW Y NVWHQ L YDUHHNVSRUWHQ HU QHGMX<br />
VWHUHW L EnGH RJ 8GYLNOLQJHQ LJHQQHP LQGH<br />
E UHU HQ PDUNDQW QHGMXVWHULQJ DI WMHQHVWHHNVSRUWHQ RJ HQ VWRUW<br />
VHW SDUDOOHO QHGMXVWHULQJ DI WMHQHVWHLPSRUWHQ 'HQ ODYHUH Y NVW<br />
L GHQ LQGHQODQGVNH HIWHUVS¡UJVHO KDU I¡UW WLO HQ QHGMXVWHULQJ DI<br />
VN¡QQHW RYHU Y NVWHQ L YDUHLPSRUWHQ IRU L nU IUD SW L<br />
HIWHUnUHW WLO SW QX 1HWWRHNVSRUWHQV Y NVWELGUDJ VN¡QQHV<br />
XIRUDQGUHW WLO SW L 'HQ K¡MHUH Y NVW L LQGODQGHW RJ<br />
OLGW ODYHUH HNVSRUWY NVW LQGHE UHU DW QHWWRHNVSRUWHQ QX LNNH<br />
YHQWHV DW ELGUDJH WLO Y NVWHQ L RJ PRG IRUYHQWQLQ<br />
JHQ RP SRVLWLYH ELGUDJ L HIWHUnUHW Sn KKY RJ SW MI<br />
ILJXU ,<br />
,PSRUWSULVHUQH IDOGW PHUH JHQQHP HQG IRUYHQWHW L HIWHU<br />
nUHW 'HW LQGHE UHU DW LPSRUWSULVHUQH QX YHQWHV DW IDOGH VYDJW<br />
L L IRUKROG WLO QLYHDXHW L PRG HQ WLGOLJHUH IRUYHQWQLQJ<br />
RP HQ OLOOH VWLJQLQJ 8GYLNOLQJHQ L ROLHSULVHQ KDU WURGV VWRUH<br />
XGVYLQJ LNNH JLYHW DQOHGQLQJ WLO Q YQHY UGLJH QGULQJHU L<br />
VN¡QQHW RYHU GHQQH VW¡UUHOVH )RU RJ HU DQWDJHOVHU<br />
QH RP XGYLNOLQJHQ L LPSRUWSULVHUQH VWRUW VHW X QGUHW QHPOLJ HQ<br />
nUOLJ VWLJQLQJ Sn RPNULQJ SW<br />
QGULQJHUQH L VN¡Q RYHU LPSRUW RJ HNVSRUW VDPW GH ¡YULJH<br />
SRVWHU Sn EHWDOLQJVEDODQHQ LQGHE UHU DW GHW QX VN¡QQHV DW<br />
EHWDOLQJVEDODQHQV O¡EHQGH SRVWHU IRUEHGUHV PHG D PLD
+¡MHUH LQIODWLRQ RJ<br />
O¡QVWLJQLQJHU L<br />
%HVN IWLJHOVHV<br />
IRUYHQWQLQJHU<br />
QHGMXVWHUHW IRU<br />
$UEHMGVVW\UNHQ<br />
IDOGW L PHQ<br />
VDPPH XGYLNOLQJ<br />
IUHPDG<br />
+¡MHUH OHGLJKHG L<br />
RJ RJVn L<br />
GH NRPPHQGH nU<br />
NU IUD WLO PRG HQ IRUYHQWHW IRUEHGULQJ Sn D<br />
PLD NU L HIWHUnUHW 6RP I¡OJH DI KLVWRULVNH UHYLVLRQHU HU<br />
QLYHDXHW IRU EHWDOLQJVEDODQHRYHUVNXGGHW LPLGOHUWLG RSMXVWHUHW<br />
PHG D PLD NU VnOHGHV DW EHWDOLQJVEDODQHRYHUVNXGGHW IRU<br />
VRP L HIWHUnUHW VN¡QQHV DW EOLYH JRGW PLD NU VYDUHQGH<br />
WLO ò SW DI %13 MI ILJXU ,<br />
6WLJQLQJHQ L IRUEUXJHUSULVHUQH KDU VLGHQ XGDUEHMGHOVHQ DI SURJ<br />
QRVHQ L HIWHUnUHW Y UHW K¡MHUH HQG IRUYHQWHW 'HWWH KDU I¡UW WLO<br />
HQ RSMXVWHULQJ DI LQIODWLRQVVN¡QQHW IUD SW WLO SW IRU<br />
6DPWLGLJ YDU GHU HQ RSDGJnHQGH WHQGHQV L O¡QXGYLNOLQJHQ<br />
L VOXWQLQJHQ DI KYLONHW OLJHOHGHV KDU OHGW WLO HQ RSMXVWHULQJ<br />
DI VN¡QQHW RYHU O¡QVWLJQLQJHUQH L IUD SW WLO SW<br />
, RJ HU O¡Q RJ LQIODWLRQVVN¡Q NXQ QGUHW OLGW L<br />
IRUKROG WLO HIWHUnUVSURJQRVHQ MI ILJXU ,<br />
%HVN IWLJHOVHQ IDOGW PHUH L O¡EHW DI HQG IRUYHQWHW L HI<br />
WHUnUHW $OHQH GHW GnUOLJHUH XGJDQJVSXQNW LQGHE UHU DW Y N<br />
VWHQ L GHQ SULYDWH EHVN IWLJHOVH L HU QHGMXVWHUHW 6DPWLGLJ<br />
DQWDJHV EHVN IWLJHOVHQ L PRGV WQLQJ WLO L HIWHUnUVSURJQRVHQ<br />
LNNH DW VWLJH L O¡EHW DI nUHW 6DPOHW EHW\GHU GLVVH IRUKROG DW GHU<br />
QX IRUYHQWHV HW IDOG L GHQ SULYDWH EHVN IWLJHOVH Sn SHU<br />
VRQHU L nU PRG HQ IRUYHQWHW VWLJQLQJ Sn L HIWHUnUHW 'HW HU<br />
LNNH PLQGVW GHW DOOHUHGH VWHGIXQGQH IDOG L LQGXVWULEHVN IWLJHO<br />
VHQ GHU OLJJHU EDJ QHGMXVWHULQJHQ DI EHVN IWLJHOVHXGYLNOLQJHQ<br />
, O\VHW DI RSMXVWHULQJHQ DI Y NVWVN¡QQHW IRU YHQWHV XGYLN<br />
OLQJHQ YHQGW Q VWH nU VnGDQ DW GHU QX LP¡GHVHV HQ VWLJQLQJ L<br />
GHQ SULYDWH EHVN IWLJHOVH VYDUHQGH WLO IDOGHW L PRG HQ<br />
WLGOLJHUH IRUYHQWHW X QGUHW SULYDW EHVN IWLJHOVH MI ILJXU ,<br />
2JVn DUEHMGVVW\UNHQ IDOGW PHUH HQG IRUYHQWHW JHQQHP<br />
)UHPDGUHWWHW DQWDJHV DUEHMGVVW\UNHQ DW XGYLNOH VLJ VWRUW VHW SD<br />
UDOOHOW PHG HIWHUnUVSURJQRVHQ LPSOLHUHQGH HW ODYHUH QLYHDX<br />
L DOOH nUHQH<br />
6HOYRP nUVQLYHDXHW IRU DUEHMGVO¡VKHGHQ L NXQ EOHY VN¡Q<br />
QHW QRJOH In KXQGUHGH SHUVRQHU IRU ODYW LQGHE UHU GHQ VWLJQLQJ<br />
L OHGLJKHGHQ GHU VDWWH LQG L VOXWQLQJHQ DI nUHW RJ VRP HU IRUWVDW<br />
L EHJ\QGHOVHQ DI DW VN¡QQHW RYHU OHGLJKHGHQ IRU L nU HU<br />
RSMXVWHUHW PDUNDQW 1X VN¡QQHV OHGLJKHGHQ DW EOLYH<br />
SHUVRQHU KYLONHW HU NQDS K¡MHUH HQG VN¡QQHW L HIWHUnUHW
2IIHQWOLJ VDOGR<br />
QHGMXVWHUHW Sn<br />
JUXQG DI ODYHUH<br />
Y NVWVN¡Q<br />
6NDWWHOHWWHOVHU<br />
IRUULQJHU VDOGR<br />
L PHQ ¡JHW<br />
Y NVW WU NNHU<br />
PRGVDW<br />
'HW K¡MHUH VN¡Q IRU nUVQLYHDXHW DIVSHMOHU LNNH DOHQH GHW K¡MHUH<br />
XGJDQJVQLYHDX PHQ RJVn DW GHW QX SnUHJQHV DW OHGLJKHGHQ YLO<br />
VWLJH L HQ SHULRGH L 2JVn IRU GH I¡OJHQGH nU HU VN¡QQHW<br />
RYHU OHGLJKHGHQV QLYHDX RSMXVWHUHW MI ILJXU ,<br />
'H RIIHQWOLJH ILQDQVHU VN¡QQHV L O\VHW DI QHGMXVWHULQJHQ DI GHQ<br />
¡NRQRPLVNH Y NVW DW EOLYH IRUY UUHW L PHG PLD NU<br />
PHQV GHW L HIWHUnUHW YDU IRUYHQWQLQJHQ DW GHQ RIIHQWOLJH VDOGR<br />
YLOOH Y UH VWRUW VHW XIRUDQGUHW MI ILJXU , 9 NVWHQ L GHW<br />
RIIHQWOLJH IRUEUXJ HU QHGMXVWHUHW HQ VPXOH IUD WLO SW<br />
OLJHVRP VN¡QQHW RYHU GHQ RIIHQWOLJH EHVN IWLJHOVH HU QHGMX<br />
VWHUHW IUD HQ VWLJQLQJ Sn SHUVRQHU WLO X QGUHW EHVN IWL<br />
JHOVH 'H Q\H VN¡Q LQGHE UHU LNNH HQ UHYXUGHULQJ DI ILQDQVSROL<br />
WLNNHQ L PHQ HU EDVHUHW Sn HQ DQGHQ XGYLNOLQJ LJHQQHP<br />
HQG WLGOLJHUH ODJW WLO JUXQG<br />
, LQGHE UHU GHDIWDOWHVNDWWHOHWWHOVHU DW GHQ RIIHQWOLJH VDO<br />
GR VWRUW VHW LNNH IRUEHGUHV KYLONHW HOOHUV YDU IRUYHQWQLQJHQ L<br />
HIWHUnUHW 6DPWLGLJ DQWDJHV GHW QX DW QRUPDOLVHULQJHQ DI SHQ<br />
VLRQVDINDVWEHVNDWQLQJHQ I¡UVW ILQGHU VWHG 'HWWH ELGUDJHU<br />
LVROHUHW VHW WLO DW XGYLNOLQJHQ L GHQ RIIHQWOLJH VDOGR EOLYHU GnU<br />
OLJHUH L RJ EHGUH L (QGHOLJ PHGYLUNHU RSMXVWHULQJHQ<br />
DI Y NVWVN¡QQHW L GLVVH WR nU WLO HQ IRUEHGULQJ DI GH RIIHQWOLJH<br />
ILQDQVHU 6DPOHW LQGHE UHU GH QGUHGH Y NVWIRUXGV WQLQJHU<br />
RYHU SHULRGHQ RJ GH QGUHGHILQDQVSROLWLVNHIRUXGV W<br />
QLQJHU DW GHQ RIIHQWOLJH VDOGR HU PLD NU GnUOLJHUH L<br />
HQG VN¡QQHW L HIWHUnUHW
)LJXU , 6N¡Q L 'DQVN ‘NRQRPL IRUnU RJ HIWHUnU<br />
SHUV<br />
)RUnU<br />
(IWHUnU<br />
3W DI %13<br />
3W SRLQW<br />
)RUnU<br />
(IWHUnU<br />
/HGLJKHG QGULQJ L SULYDW EHVN IWLJHOVH<br />
SHUV<br />
)RUnU<br />
(IWHUnU<br />
2IIHQWOLJ VDOGR %HWDOLQJVEDODQH<br />
3W DI %13<br />
)RUnU<br />
(IWHUnU<br />
9 NVWELGUDJ IUD QHWWRHNVSRUW 9 NVW L GHIODWRU IRU SULYDW IRUEUXJ<br />
)RUnU<br />
(IWHUnU<br />
3W<br />
)RUnU<br />
(IWHUnU<br />
$QP )RUVNHOOHQ PHOOHP NXUYHUQH L SHULRGHQ VN\OGHV UHYLVLRQHU L QDWLRQDOUHJQVNDEHW GHU HU<br />
IRUHWDJHW VLGHQ XGJLYHOVHQ DI 'DQVN ‘NRQRPL HIWHUnU<br />
.LOGH 'DQPDUNV 6WDWLVWLN 1DWLRQDOUHJQVNDEHW $'$0V GDWDEDQN RJ HJQH EHUHJQLQJHU
,QWHUQDWLRQDO<br />
DIPDWQLQJ EDJ<br />
ODY GDQVN Y NVW<br />
0nOV WQLQJ RP<br />
DUEHMGVVW\UNH<br />
QnV Q SSH XGHQ<br />
QGULQJHU L<br />
HIWHUO¡QQHQ<br />
0LQGUH DNWLYHULQJ L<br />
)OHUH L DUEHMGH Pn<br />
LNNH OHGH WLO<br />
VO NNHGH NUDY<br />
,QWHW EHKRY IRU<br />
ILQDQVSROLWLVN<br />
OHPSHOVH<br />
, $NWXHO ¡NRQRPLVN SROLWLN<br />
'HQ LQWHUQDWLRQDOH DIPDWQLQJ HU GHQ Y VHQWOLJVWH IDNWRU EDJ<br />
GHQ UHODWLYW ODYH Y NVW VLGVWH nU L 'DQPDUN RJ PHG HQ IRUYHQ<br />
WHW HNVSRUWY NVW Sn RPNULQJ SW L YLO Y NVWELGUDJHW IUD<br />
XGODQGHW Y UH KHOW PDUJLQDOW RJVn L nU 3n GHQQH EDJJUXQG HU<br />
EHVN IWLJHOVHQ IDOGHW RJ OHGLJKHGHQ YHQWHV L nU DW Y UH NQDS<br />
SHUVRQHU K¡MHUH HQG VLGVWH nU<br />
)DOGHW L DUEHMGVVW\UNHQ HU GHOYLV NRQMXQNWXUHOW EHWLQJHW $U<br />
EHMGVVW\UNHQ HU LV U IDOGHW IRU GH XQJH RJ GH OGUH )RU GH O<br />
GUH HU WLOJDQJHQ WLO HIWHUO¡QQHQ VWHJHW P UNEDUW L O¡EHW DI<br />
RJ HIWHUO¡QVIUHNYHQVHQ IRU NYLQGHU PHOOHP RJ nU HU QX<br />
K¡MHUH HQG I¡U HIWHUO¡QVUHIRUPHQ L )UHPDGUHWWHW IRUHNRP<br />
PHU GHW LNNH VDQGV\QOLJW DW UHJHULQJHQV PnOV WQLQJ IRU XGYLN<br />
OLQJHQ L DUEHMGVVW\UNHQ NDQ QnV XGHQ EHW\GHOLJH WLOWDJ (W Y<br />
VHQWOLJW ELGUDJ WLO DW RSQn DUEHMGVVW\UNHPnOV WQLQJHQ YLO Y UH<br />
DW DQQRQHUH HQ DIVNDIIHOVH HIWHUO¡QQHQ (NVLVWHQVHQ DI HIWHU<br />
O¡QQHQ J¡U GHW PLQGUH UHQWDEHOW IRU DUEHMGVJLYHUH DW LQYHVWHUH<br />
L YLGHQVYHGOLJHKROGHOVH RJ HIWHUXGGDQQHOVH IRU OGUH PHGDUEHM<br />
GHUH RJ HIWHUO¡QQHQ HU GHUPHG PHGYLUNHQGH WLO DW OGUH KDU<br />
YDQVNHOLJW YHG DW ILQGH EHVN IWLJHOVH QnU GH HU EOHYHW OHGLJH<br />
(Q DIVNDIIHOVH DI HIWHUO¡QQHQ YLO GHUIRU RJVn ELGUDJH WLO DW ¡JH<br />
GH OGUHV EHVN IWLJHOVHVPXOLJKHGHU<br />
$UEHMGVPDUNHGVUHIRUPHQ IUD VLGVWH HIWHUnU )OHUH L DUEHMGH<br />
LQGHE UHU HQ UHGXNWLRQ L DNWLYHULQJVRPIDQJHW RJ HQ GHO DI VWLJ<br />
QLQJHQ L GHQ UHJLVWUHUHGH OHGLJKHG GHW VHQHVWH nU NDQ WLOVNULYHV<br />
HW IDOG L DQWDOOHW DI DNWLYHUHGH )RU GHQ HQNHOWH GHU EOHY DNWLYH<br />
UHW XQGHU GHW JDPOH V\VWHP NDQ RPO JQLQJHQ PRG PLQGUH DNWL<br />
YHULQJ Y UH SRVLWLY $QDO\VHUQH L 'DQVN ‘NRQRPL HIWHUnU<br />
YLVHU VnOHGHV DW DNWLYHULQJ VRP GHQ KLGWLO KDU Y UHW XG<br />
IRUPHW KDU KDIW HQ WHQGHQV WLO DW IDVWKROGH GH DUEHMGVO¡VH XGHQ<br />
IRU RUGLQ U EHVN IWLJHOVH 2PYHQGW HU GHU HQ ULVLNR IRU DW GHW<br />
PLQGUH DNWLYHULQJVRPIDQJ UHGXHUHU V¡JHDNWLYLWHWHQ KRV GH<br />
OHGLJH YLD PLQGUH PRWLYDWLRQVHIIHNW 'HW HU GHUIRU YLJWLJW DW<br />
GH VDPOHGH UHHOOH NUDY WLO UnGLJKHG LNNH VO NNHV<br />
'HQ K¡MHUH OHGLJKHG RJ QHGMXVWHULQJHU DI Y NVWIRUYHQWQLQJHUQH<br />
KDU JLYHW DQOHGQLQJ WLO GLVNXVVLRQ RP EHKRYHW IRU HQ ILQDQVSROL<br />
WLVN OHPSHOVH 'HU HU LPLGOHUWLG IOHUH nUVDJHU WLO DW GHU LNNH HU
6NDWWHOHWWHOVHU<br />
¡JHU LNNH<br />
DUEHMGVXGEXGGHW<br />
PDNVLPDOW<br />
6NDWWHOHWWHOVHU<br />
IRUY UUHU GHQ<br />
ILQDQVSROLWLVNH<br />
EHKRY IRU HQ OHPSHOLJ ILQDQVSROLWLN PHG GH DNWXHOOH NRQMXQN<br />
WXUXGVLJWHU )RU GHW I¡UVWH HU OHGLJKHGVQLYHDXHW IRUWVDW UHODWLYW<br />
ODYW RJ ¡NRQRPLHQ HU WURGV ODY Y NVW W W Sn NDSDLWHWV<br />
JU QVHQ KYLONHW EO D NRPPHU WLO XGWU\N L IRUP DI K¡MHUH<br />
O¡QVWLJQLQJHU L 'DQPDUN HQG L XGODQGHW )RU GHW DQGHW HU<br />
OHGLJKHGVVWLJQLQJHQ DI EHJU QVHW VW¡UUHOVH RJ GHW HU LNNH IRU<br />
YHQWQLQJHQ DW OHGLJKHGHQ YLO IRUWV WWH PHG DW VWLJH L HQ O QJHUH<br />
SHULRGH (Q DNWLY ILQDQVSROLWLVN OHPSHOVH L GHQ DNWXHOOH VLWX<br />
DWLRQ YLOOH GHUPHG Y UH XGWU\N IRU HQ XUHDOLVWLVN WUR Sn PXOLJ<br />
KHGHUQH IRU DW ILQMXVWHUH ¡NRQRPLHQ 'HQ IRUYHQWHGH UHODWLYW<br />
NRUWH SHULRGH PHG ODY Y NVW RJ VWLJHQGH OHGLJKHG LQGHE UHU DW<br />
HQ OHPSHOVH PHG VWRU VDQGV\QOLJKHG YLOOH NRPPH IRU VHQW L<br />
IRUKROG WLO EHKRYHW (QGHOLJ LQGHE UHU GH PHOOHP RJ ODQJVLJWH<br />
GH NUDY WLO J OGVQHGEULQJHOVH DI KHQV\Q WLO GH IUHPWLGLJH<br />
GHPRJUDILVNH XGIRUGULQJHU DW ¡JHGH RIIHQWOLJH XGJLIWHU HOOHU<br />
UHGXHUHGH LQGW JWHU Pn PRGVYDUHV DI HQ ILQDQVSROLWLVN<br />
RSVWUDPQLQJ Sn HW VHQHUH WLGVSXQNW<br />
6NDWWHOHWWHOVHUQH IUD GHU HU DIWDOW PHOOHP UHJHULQJHQ RJ<br />
GHQV VW¡WWHSDUWL LQGHE UHU HQ UHGXNWLRQ DI VNDWWHLQGW JWHUQH<br />
3URYHQXWDEHW HU L D PLD NU VWLJHQGH WLO D PLD<br />
NU IUD RJ IUHP 6NDWWHOHWWHOVHUQH JLYHV GHOV L IRUP DI HW<br />
Q\W EHVN IWLJHOVHVIUDGUDJ GHOV L IRUP DI HQ IRUK¡MHW JU QVH IRU<br />
PHOOHPVNDWWHQ 5HJHULQJHQ YHQWHU DW VNDWWHOHWWHOVHUQH JUDGYLV<br />
YLO ¡JHEHVN IWLJHOVHQ VYDUHQGHWLO D IXOGWLGVEHVN IWL<br />
JHGH 6DPPHQV WQLQJHQ DI VNDWWHOHWWHOVHUQH J¡U DW HIIHNWHQ Sn<br />
DUEHMGVXGEXGGHW HU PLQGUH HQG GHW GHU NXQQH Y UH RSQnHW<br />
KYLV VNDWWHOHWWHOVHUQH YDU EOHYHW PnOUHWWHW PRG GHJUXSSHU KYRU<br />
HIIHNWHQ HU VW¡UVW %HUHJQLQJHU IRUHWDJHW L 'DQVN ‘NRQRPL IRU<br />
nU YLVHU DW PDQ NXQQH KDYH RSQnHW HW Y VHQWOLJ VW¡UUH<br />
HIIHNW Sn DUEHMGVEXGGHW KYLV VNDWWHOHWWHOVHUQH XGHOXNNHQGH YDU<br />
EOHYHW EUXJW WLO DW ¡JH JU QVHQ IRU WRS RJ PHOOHPVNDWWHQ 9HG<br />
XGIRUPQLQJHQ DI HQ VNDWWHRPO JQLQJ LQGJnU QDWXUOLJYLV DQGUH<br />
KHQV\Q HQG ¡QVNHW RP GHQ PDNVLPDOH YLUNQLQJ Sn DUEHMGV<br />
XGEXGGHW KHUXQGHU LNNH PLQGVW KHQV\QHW WLO LQGNRPVWIRUGHOLQ<br />
JHQ 'HW HU RSODJW HQ SROLWLVN SULRULWHULQJ KYRUOHGHV GH IRU<br />
VNHOOLJH KHQV\Q VNDO WLOJRGHVHV<br />
'H DIWDOWH VNDWWHOHWWHOVHU IRUY UUHU GHQ ILQDQVSROLWLVNH KROGEDU<br />
KHG .UDYHQH WLO HQ VWLJQLQJ L DUEHMGVVW\UNHQ HU GHUPHG EOHYHW<br />
HQGQX PHUH SnWU QJHQGH RJ NUDYHQH WLO GHQ RIIHQWOLJH XGJLIWV
KROGEDUKHG VW\ULQJ HU VWRUH (NVHPSHOYLV LQGHE UHU UHJHULQJHQV SODQ<br />
DW Y NVWHQ L GHW RIIHQWOLJH IRUEUXJ VNDO UHGXHUHV PHG PHUH HQG<br />
WR WUHGMHGHOH L IRUKROG WLO Y NVWHQ L HUQH 6DPWLGLJ VWLOOHU<br />
XGYLNOLQJHQ L DUEHMGVVW\UNHQ LJHQQHP RJ GHQ ¡JHGH WLO<br />
JDQJ WLO HIWHUO¡QQHQ VS¡UJVPnOVWHJQ YHG QRJOH DI GH IUHPDGUHW<br />
WHGH DQWDJHOVHU EDJ YXUGHULQJHQ DI KROGEDUKHGHQ %HUHJQLQJHU<br />
DI GHQ ILQDQVSROLWLVNH KROGEDUKHG L 'DQVN ‘NRQRPL HIWHUnU<br />
YLVWH DW ILQDQVSROLWLNNHQ L IRUYHMHQ NQDS QRN HU KROGEDU<br />
/ QJHUHYDUHQGH<br />
VNDWWHVWRS VNDGHOLJW<br />
,QJHQ RPO JQLQJ<br />
DI ELODIJLIWHU IUD<br />
HPEHGVPDQGV<br />
XGYDOJ<br />
6NDWWHVWRSSHW LQGHE UHU DW GH VNDWWHU GHU HU IDVWVDW L NURQHU<br />
RJ ¡UHU XGKXOHV DI LQIODWLRQHQ PHQV DQGUH VNDWWHU LNNH SnYLU<br />
NHV 'HW HU RYHUYHMHQGH KLVWRULVNH WLOI OGLJKHGHU GHU DIJ¡U RP<br />
HQ JLYHQ VNDW HU IDVWVDW VRP HQ VDWV HOOHU VRP HW NURQHEHO¡E<br />
'HUYHG EOLYHU VNDWWHVWUXNWXUHQ QGUHW Sn HQ WLOI OGLJ RJ<br />
XV\VWHPDWLVN PnGH 6nYHO SXQNWDIJLIWHU VRP HMHQGRPVEHVNDW<br />
QLQJHQ UHGXHUHV UHDOW DI VNDWWHVWRSSHW (W ULJLGW VNDWWHVWRS GHU<br />
YDUHU L PDQJH nU YLO GHUPHG XG IUD ¡NRQRPLVNH RYHUYHMHOVHU<br />
Y UH WHPPHOLJ XKHOGLJW 6 UOLJW XKHOGLJW HU GHW DW HW QRPLQHOW<br />
VNDWWHVWRS IRU HMHQGRPVY UGLVNDWWHQ LQGHE UHU DW HQ JLYHQ<br />
VNDWWHE\UGH DXWRPDWLVN IO\WWHV IUD HQ LPPRELO VNDWWHNLOGH WLO<br />
DQGUH PHUH PRELOH VNDWWHNLOGHU KHUXQGHU DUEHMGVLQGNRPVWHU<br />
6NDWWHVWRSSHW Sn HMHQGRPVY UGLVNDWWHQ E¡U RJVn YXUGHUHV Sn<br />
EDJJUXQG DI DW GHQ UHODWLYH UHGXNWLRQ DI HMHQGRPVEHVNDWQLQJHQ<br />
RPIRUGHOHU WLO IRUGHO IRU HMHUH RJ DW GHW GHUPHG LQGHE UHU HQ<br />
PHUH VN Y LQGNRPVWIRUGHOLQJ 'H EHO¡E GHU VRP I¡OJH DI IDVW<br />
OnVQLQJHQ DI HMHQGRPVY UGLEHVNDWQLQJHQ UHHOW JLYHV VRP VNDW<br />
WHOHWWHOVHU WLO QRJOH EROLJHMHUH RJ L V UOLJ JUDG WLO EROLJHMHUH PHG<br />
G\UH HMHQGRPPH NDQ Y UH IOHUH JDQJH VW¡UUH HQG GH EHO¡E GHU<br />
JLYHV VRP I¡OJH DI DIWDOHQ RP LQGNRPVWVNDWWHOHWWHOVHU IUD<br />
6NDWWHVWRSSHW IRUKLQGUHU VNDWWHRPO JQLQJHU GHU DI IRUVNHOOLJH<br />
nUVDJHU YLOOH Y UH IRUQXIWLJH (NVHPSHOYLV QnHGH HW HPEHGV<br />
PDQGVXGYDOJ XQGHU 6NDWWHPLQLVWHULHW IUHP WLO DW HQ RPO JQLQJ<br />
DI UHJLVWUHULQJVDIJLIWHQ Sn SHUVRQELOHU LNNH HU KHQVLJWVP VVLJ<br />
'HQQH NRQNOXVLRQ EOHY LPLGOHUWLG QnHW Sn EDJJUXQG DI HW PHJHW<br />
VQ UHQGH NRPPLVRULXP GHU EO D LQGHKROGW KHQV\QWDJHQ WLO<br />
VNDWWHVWRSSHW 8GYDOJHW LQGGURJ NXQ RPO JQLQJHU GHU NXQQH<br />
SnYLUNH ELOSULVHUQH Sn HQNHOWH P UNHU PHG PDNVLPDOW<br />
SW L DQDO\VHQ RJ PDQ YDOJWH DW VH ERUW IUD RYHUJDQJVRUGQLQ<br />
JHU 8GYDOJHW DQDO\VHUHGH NXQ RPO JQLQJHU DI UHJLVWUHULQJV<br />
DIJLIWHQ RJ XGYDOJHW LQGGURJ L ¡YULJW NXQ GH PLOM¡P VVLJH
PnVNH IRUGL<br />
GHU EOHY NLJJHW<br />
IRU VQ YHUW<br />
9DOJIULKHG<br />
HW DNWXHOW WHPD<br />
PHQ LNNH XGHQ<br />
SUREOHPHU<br />
‘JHW YDOJIULKHG<br />
L RYHUHQVNRPVWHU<br />
NDQ UHGXHUH<br />
DUEHMGVWLGHQ<br />
‘JHW YDOJIULKHG Sn<br />
SHQVLRQVRPUnGHW<br />
RPNRVWQLQJHU YHG ELOWUDILN .RQNOXVLRQHQ YDU Q VWHQ JLYHW Sn<br />
IRUKnQG PHG GH SnODJWH EHJU QVQLQJHU RJ GHW HU RSODJW DW<br />
PDQ Sn GHQQH EDJJUXQG LNNH NDQ NRQNOXGHUH KYRUYLGW HQ PHUH<br />
RPIDWWHQGH RPO JQLQJ DI ELODIJLIWHUQH HU KHQVLJWVP VVLJ 'HW<br />
HU VDQGV\QOLJW DW HQ EUHGHUH DQDO\VH YLOOH YLVH DW HQ JUDGYLV<br />
RPO JQLQJ IUD UHJLVWUHULQJVDIJLIW WLO URDG SULLQJ YLOOH Y UH<br />
VDPIXQGV¡NRQRPLVN JDYQOLJ<br />
3n HQ U NNH RPUnGHU GLVNXWHUHV PXOLJKHGHQ IRU ¡JHW YDOJ<br />
IULKHG 'HWWH NDQ Y UH HQ IRUGHO IRU GHQ HQNHOWH PHQ YDOJIULKHG<br />
HU LNNH DOWLG XSUREOHPDWLVN IRU VDPIXQGHW 1RJOH SUREOHP<br />
VWLOOLQJHU L GHQQH IRUELQGHOVH NDQ LOOXVWUHUHV YHG DW EHWUDJWH WUH<br />
DNWXHOOH RPUnGHU 9DOJ PHOOHP O¡Q RJ IULWLG L RYHUHQVNRPVWHU<br />
QH YDOJIULKHG Sn SHQVLRQVRPUnGHW RJ IULW YDOJ DI DIGUDJVSURILO<br />
IRU KXVOnQ<br />
(W RPUnGH KYRU YDOJIULKHG HU YHG DW YLQGH LQGSDV HU ¡JHW IUL<br />
KHG L RYHUHQVNRPVWHUQH WLO DW Y OJH PHOOHP SHQVLRQ IULWLG RJ<br />
O¡Q 2JVn IRUEHGUHGH PXOLJKHGHU IRU GHOWLG JLYHU ¡JHW PXOLJKHG<br />
IRU WLOYDOJ DI IULWLG 'LVVH PXOLJKHGHU NDQ PHJHW YHO W QNHV DW<br />
UHVXOWHUH L HQ UHGXNWLRQ DI GHQ JHQQHPVQLWOLJH DUEHMGVWLG IUHP<br />
RYHU 8DQVHW DW GHWWH PnWWH ¡JH GHQ HQNHOWHV YHOI UG YLO HW IDOG<br />
L DUEHMGVWLGHQ IRUVW UNH SUREOHPHUQH RPNULQJ ILQDQVSROLWLVN<br />
KROGEDUKHG 9DOJHW PHOOHP IULWLG RJ DUEHMGH HU SnYLUNHW DI VNDW<br />
WHV\VWHPHW KYRU LQGNRPVW RJ IRUEUXJVEHVNDWQLQJHQ EHVNDWWHU<br />
DUEHMGH PHQ KYRU IULWLG HU XEHVNDWWHW 'HQ ¡JHGH YDOJIULKHG RJ<br />
GHUPHG VW¡UUH PXOLJKHG IRU IULWLG VN USHU VnOHGHV IRNXV Sn GH<br />
IRUYULGQLQJHU VRP VNDWWHV\VWHPHW IRUnUVDJHU<br />
(W DQGHW RPUnGH KYRU ¡JHW YDOJIULKHG HU DNWXHOW HU SHQVLRQV<br />
RPUnGHW 'HWWH RPUnGH GHU G NNHU EnGH LQGLYLGXHOOH RJ DIWDOH<br />
EHVWHPWH RUGQLQJHU HU RJ KDU Y UHW SU JHW DI RPIDWWHQGH UH<br />
JXOHULQJ RJ EHW\GHOLJH HOHPHQWHU DI WYDQJ (Q ¡JHW YDOJIULKHG<br />
PHOOHP IRUPXHIRUYDOWHUH YLO ¡JH NRQNXUUHQHQ RJ NDQ GHUPHG<br />
¡JH GHQ HQNHOWHV Y UGL DI HQ JLYHQ RSVSDULQJ (W Y VHQWOLJW<br />
DVSHNW DI NRQNXUUHQH HU PXOLJKHGHQ IRU DW IO\WWH VLQ SHQVLRQV<br />
RSVSDULQJ 'HQ JDUDQWHUHGH PLQGVWHUHQWH HU L GHQQH IRUELQGHOVH<br />
HQ EDUULHUH IRUGL GHQ VNDEHU EHKRY IRU VWRUH XIRUGHOWH UHVHUYHU<br />
GHU LNNH HU WLOVNUHYHW GHQ HQNHOWH SHQVLRQVRSVSDUHU IRU DW VLNUH<br />
DW VHOVNDEHUQH NDQ RYHUKROGH GH WLOVDJQ GH KDU JLYHW NXQGHUQH
0DQJH SUREOHPHU ‘JHW YDOJIULKHG Sn SHQVLRQVRPUnGHW HU LPLGOHUWLG LNNH XSUREOH<br />
PDWLVN )RU GHW I¡UVWH NDQ ¡JHW YDOJIULKHG RJ NRQNXUUHQH PHG<br />
I¡UH VW¡UUH RPNRVWQLQJHU WLO DGPLQLVWUDWLRQ RJ PDUNHGVI¡ULQJ<br />
RJ GHU VWLOOHV VWRUH NUDY WLO GHQ HQNHOWHV LQGVLJW L YDQVNHOLJW JHQ<br />
QHPVNXHOLJH SURGXNWHU )RU GHW DQGHW NDQ ¡JHW YDOJIULKHG L UH<br />
ODWLRQ WLO SODHULQJ DI HQV RSVSDUHGH PLGOHU PHGI¡UH HQ IRU¡JHW<br />
ULVLNR IRU WDE KYLV SHQVLRQVRSVSDUHUHQ HNVHPSHOYLV SODHUHU<br />
VWRUH GHOH DI VLQ IRUPXH L QRJOH In SDSLUW\SHU )RU GHW WUHGMH<br />
NDQ IUL IO\WWHUHW ULVLNHUH DW PHGI¡UH DW GHW VROLGDULVNH HOHPHQW<br />
GHU LV U HU LQGE\JJHW L IRUVLNULQJVGHOHQ DI GH WYXQJQH DUEHMGV<br />
PDUNHGVRUGQLQJHU XGKXOHV )RU GHW IMHUGH NDQ RPIDWWHQGH<br />
PRELOLWHW PHOOHP SHQVLRQVRUGQLQJHU KDYH NRQVHNYHQVHU IRU<br />
SHQVLRQVVHOVNDEHUQHV SRUWHI¡OMHYDOJ KHUXQGHU DQGHOHQ DI PLQ<br />
GUH OLNYLGH DNWLYHU<br />
7YXQJHQ VROLGDULVN<br />
IRUVLNULQJ<br />
,NNH IXOG YDOJIULKHG<br />
L SHQVLRQVRSVSDULQJ<br />
0DQJH SHQVLRQVRUGQLQJHU RPIDWWHU EnGH HQ DOGHUGRPVRSVSD<br />
ULQJ RJ HQ IRUVLNULQJVRUGQLQJ PRG LQGNRPVWERUWIDOG YHG I HNV<br />
LQYDOLGLWHW (Q IUHPDGUHWWHW DGVNLOOHOVH DI IRUVLNULQJVHOHPHQWHW<br />
RJ GHQ UHQH RSVSDULQJ YLO PXOLJJ¡UH HQ VW¡UUH YDOJIULKHG L RS<br />
VSDULQJVGHOHQ VDPWLGLJ PHG DW GHW VROLGDULVNH HOHPHQW L IRUVLN<br />
ULQJVGHOHQ IDVWKROGHV 'HU HU GHUIRU PHJHW GHU WDOHU IRU DW GHQ<br />
QH GHO DI SHQVLRQVRUGQLQJHUQH IRUWVDW E¡U Y UH WYXQJHQ 'HU HU<br />
LPLGOHUWLG VWRU IRUVNHO L LQYDOLGLWHWVULVLNRHQ IRU IRUVNHOOLJH JUXS<br />
SHU Sn DUEHMGVPDUNHGHW 'HW VROLGDULVNH HOHPHQW L GH HNVLVWH<br />
UHQGH SHQVLRQVRUGQLQJHU YLOOH GHUIRU EOLYH VW\UNHW KYLV DOOH IDJ<br />
JUXSSHU EOHY G NNHW DI HQ I OOHV WYXQJHQ IRUVLNULQJVRUGQLQJ<br />
+YLV GHU JLYHV VW¡UUH YDOJIULKHG L RSVSDULQJVGHOHQ NDQ VDPIXQ<br />
GHW KDYH HQ LQWHUHVVH L DW O JJH ELQGLQJHU Sn GHQ HQNHOWHV SOD<br />
HULQJ DI IRUPXHQ IRU DW UHGXHUH ULVLNRHQ IRU VWRUH WDE 'HQQH<br />
LQWHUHVVH EXQGHU L DW SHQVLRQVRUGQLQJHUQHV SULP UH IRUPnO HU<br />
DW ELGUDJH WLO IRUV¡UJHOVH L DOGHUGRPPHQ )RUV¡UJHOVHVPXOLJKH<br />
GHQ XGKXOHV QDWXUOLJYLV KYLV SHQVLRQVNXQGHQ InU IRU VWRUH WDE<br />
Sn VLQ SHQVLRQVRSVSDULQJ VRP I¡OJH DI HQ IRU ULVLNDEHO SODH<br />
ULQJVVWUDWHJL KYLONHW NDQ In GHQ NRQVHNYHQV DW GHW RIIHQWOLJH<br />
Pn RYHUWDJHHQVW¡UUHGHODI DOGHUGRPVIRUV¡UJHOVHQ 5HVWULNWLR<br />
QHU Sn SODHULQJVPXOLJKHGHUQH IRU GHQ HQNHOWH VNDO RJVn VHV L<br />
VDPPHQK QJ PHG DW SHQVLRQVRSVSDULQJ HU VNDWWHP VVLJW<br />
EHJXQVWLJHW
$IGUDJVIULH OnQ<br />
UHGXHUHU<br />
RPNRVWQLQJHU<br />
(W WUHGMH RPUnGH KYRU ¡JHW YDOJIULKHG HU EOHYHW DNWXHOW HU OnQ<br />
WLO HMHUEROLJHU 8GEUHGHOVHQ DI UHQWHWLOSDVQLQJVOnQ RJ VHQHVW IRU<br />
VODJHW RP UHDONUHGLWOnQ GHU HU DIGUDJVIULH L nU ELGUDJHU WLO<br />
IRU¡JHGH PXOLJKHGHU IRU GHQ HQNHOWH IRU DW WLOSDVVH EHWDOLQJV<br />
SURILO RJ ULVLNR ,QWURGXNWLRQHQ DI DIGUDJVIULH OnQ YLO XGHQ WYLYO<br />
UHGXHUH RPIDQJHW DI JHQWDJQH OnQHRPO JQLQJHU PHG O¡EHWLGV<br />
IRUO QJHOVH 'H Q\H OnQ YLO GHUPHG PLQGVNH RPNRVWQLQJHUQH<br />
IRU GHQ HQNHOWH VnYHO VRP IRU VDPIXQGHW YHG DW J¡UH GHW OHWWHUH<br />
DW RSQn GHQ ¡QVNHGH EHWDOLQJVSURILO Sn HW OnQ 'HU V\QHV LNNH<br />
DW Y UH EHO J IRU DW HW IDOG L I¡UVWHnUV\GHOVHQ VRP I¡OJH DI<br />
ODYHUHDIGUDJ SUHVVHU KXVSULVHUQH Q YQHY UGLJW RSDG 5HDONUH<br />
GLWLQVWLWXWWHUQH KDU QDWXUOLJYLV RJVn PHG GH Q\H OnQ DQVYDUHW IRU<br />
RJ HJHQLQWHUHVVH L DW JLYH HQ JRG RJ DQVYDUOLJ NXQGHUnG<br />
JLYQLQJ
LWWHUDWXUOLVWH<br />
%HUWKROG 1 RJ 5 )HKQ 8QHPSOR\PHQW LQ *HUPDQ\<br />
5HDVRQV DQG 5HPHGLHV &(6LIR :3 QR<br />
(($* (XURSHDQ (RQRPL $GYLVRU\ *URXS DW &(6LIR<br />
5HSRUW RQ WKH (XURSHDQ (RQRP\ 0XQLK<br />
(8 NRPPLVVLRQHQ *HUPDQ\V JURZWK SHUIRUPDQH LQ<br />
WKH V (XURSHDQ (RQRP\ (RQRPL 3DSHUV QR<br />
,0) *HUPDQ\ 6HOHWHG ,VVXHV ,0) &RXQWU\ 5HSRUW<br />
QR :DVKLQJWRQ<br />
2(&' $QQXDO 5HYLHZ *HUPDQ\ 3DULV<br />
2(&' $QQXDO 5HYLHZ *HUPDQ\ 3DULV<br />
6LQQ + : 7KH /DJJDUG RI (XURSH &(6LIR )RUXP<br />
6SHLDO ,VVXH SS<br />
6LQQ * DQG 6LQQ + : -XPSVWDUW 7KH (RQRPL<br />
8QLILDWLRQ RI *HUPDQ\ 0,7 3UHVV &DPEULGJH<br />
:HVWHUPDQQ ) 7KH &UHGLW &UXQK $ &RPSDULVRQ RI<br />
*HUPDQ\ DQG -DSDQ &(6LIR )RUXP SS
%LODJVWDEHO , 6N¡Q IUD 'DQVN ‘NRQRPL HIWHUnU RJ IRUnU<br />
(IWHUnU )RUnU<br />
3ULYDW IRUEUXJ<br />
2IIHQWOLJW IRUEUXJ<br />
2IIHQWOLJH LQYHVWHULQJHU<br />
%ROLJLQYHVWHULQJHU<br />
(UKYHUYVLQYHVWHULQJHU<br />
/DJHU QGULQJHU<br />
,QGO HIWHUVS¡UJVHO L DOW<br />
9DUHHNVSRUW<br />
7MHQHVWHHNVSRUW<br />
(IWHUVS¡UJVHO L DOW<br />
9DUHLPSRUW<br />
7MHQHVWHLPSRUW<br />
%UXWWRQDWLRQDOSURGXNW<br />
1HWWRDIJLIWHU<br />
%UXWWRY UGLWLOY NVW<br />
KHUDI SULYDWH E\HUKYHUY<br />
$UEHMGVVW\UNH<br />
3ULYDW EHVN IWLJHOVH<br />
2IIHQWOLJ EHVN IWLJHOVH<br />
/HGLJKHG<br />
)RUEUXJHUSULVHU<br />
(NVSRUWSULVHU<br />
,PSRUWSULVHU<br />
7LPHO¡QRPNRVWQLQJHU<br />
%HWDOLQJVEDODQH<br />
2IIHQWOLJ VDOGR<br />
5HDOY NVW L DIWDJHUODQGH<br />
/DQJ UHQWH SW S D<br />
7LPHSURG L SULY E\HUKY<br />
0 QJGHVWLJQLQJ L SW<br />
QGULQJ L SHUVRQHU<br />
SHUVRQHU<br />
$QP ³/DJHU QGULQJHU´ DQJLYHU Y NVWELGUDJHW WLO %13 GYV ODJHU QGULQJHUQH PnOW LIRUKROG WLO %13<br />
GHW IRUHJnHQGH nU )RUEUXJHUSULVHUQH DQJLYHU VWLJQLQJVWDNWHQ L GHIODWRUHQ IRU GHW SULYDWH IRUEUXJ<br />
.LOGH 'DQPDUNV 6WDWLVWLN 1DWLRQDOUHJQVNDEHW $'$0V GDWDEDQN RJ HJQH EHUHJQLQJHU<br />
3W
%LODJVWDEHO , %13 Y NVW L XGYDOJWH 2(&' ODQGH<br />
86$<br />
-DSDQ<br />
7\VNODQG<br />
)UDQNULJ<br />
,WDOLHQ<br />
8.<br />
6SDQLHQ<br />
+ROODQG<br />
%HOJLHQ<br />
6KZHL]<br />
‘VWULJ<br />
6YHULJH<br />
1RUJH<br />
)LQODQG<br />
,UODQG<br />
3RUWXJDO<br />
*U NHQODQG<br />
'DQPDUN<br />
(8<br />
(XURODQG<br />
$IWDJHUH<br />
(NVSRUW<br />
Y JWH<br />
5HDOY NVW<br />
$QGHO 3W VWLJQLQJ<br />
$QP (NVSRUWY JWHQHDQJLYHU VDPPHQV WQLQJHQ DI LQGXVWULHNVSRUWHQ 'H PHGWDJQH ODQGH DIWDJHU<br />
SW DI 'DQPDUNV LQGXVWULHNVSRUW 9 NVWHQ L (8 RJ (XURODQG HU VDPPHQYHMHW PHG %13 Y J<br />
WH PHQV DIWDJHUH HU VDPPHQYHMHW PHG HNVSRUWY JWH<br />
.LOGH 2(&' (RQRPL 2XWORRN 'DQPDUNV 6WDWLVWLN 1DWLRQDOUHJQVNDEHW $'$0V GDWDEDQN RJ HJ<br />
QH VN¡Q EO D EDVHUHW Sn RSO\VQLQJHU IUD $,(&( LQVWLWXWWHU
%LODJVWDEHO , /¡Q RJ SULVXGYLNOLQJ L XGYDOJWH 2(&' ODQGH<br />
86$<br />
-DSDQ<br />
7\VNODQG<br />
)UDQNULJ<br />
,WDOLHQ<br />
8.<br />
6SDQLHQ<br />
+ROODQG<br />
%HOJLHQ<br />
6KZHL]<br />
‘VWULJ<br />
6YHULJH<br />
1RUJH<br />
)LQODQG<br />
,UODQG<br />
3RUWXJDO<br />
*U NHQODQG<br />
'DQPDUN<br />
(8<br />
(XURODQG<br />
.RQNXU<br />
.(<br />
Y JWH<br />
/¡QXGYLNOLQJ 3ULVXGYLNOLQJ<br />
$QGHO 3W VWLJQLQJ<br />
$QP .( Y JWHQH HOOHU GREEHOWYHMHGH HNVSRUWY JWH DIVSHMOHUODQGHQHV EHW\GQLQJ VRP NRQNXUUHQWHU<br />
IRU GDQVN LQGXVWULHNVSRUW L LGHW Y JWHQ IRU HW ODQG EnGH DIVSHMOHU ODQGHWV GLUHNWH EHW\GQLQJ<br />
VRP DIWDJHU DI GDQVN HNVSRUW RJ GHQ XGVWU NQLQJ KYRUPHG 'DQPDUN NRQNXUUHUHU PHG ODQGHW Sn<br />
WUHGMHODQGHVPDUNHGHU 9 JWHQH HU XGOLJQHW WLO NXQ DW RPIDWWH GH PHGWDJQH ODQGH /¡QXGYLNOLQJHQ<br />
DQJLYHU VWLJQLQJVWDNWHQ IRU WLPHO¡QRPNRVWQLQJHUQH L LQGXVWULHQ 3ULVXGYLNOLQJHQ DQJLYHU VWLJ<br />
QLQJVWDNWHQ IRU GHIODWRUHQ IRU GHW SULYDWH IRUEUXJ L QDWLRQDOUHJQVNDEHW (8 RJ (XURODQG HU VDP<br />
PHQYHMHW PHG %13 Y JWH PHQV NRQNXUUHQWHU HU VDPPHQYHMHW PHG .( Y JWH 6N¡QQHW IRU O¡Q<br />
XGYLNOLQJHQ RPIDWWHU LNNH ,UODQG 3RUWXJDO RJ *U NHQODQG<br />
.LOGH 2(&' (RQRPL 2XWORRN %XUHDX RI /DERXU 6WDWLVWLV ,QWHUQDWLRQDO &RPSDULVRQV RI +RXUO\<br />
&RPSHQVDWLRQ &RVWV IRU 3URGXWLRQ :RUNHUV LQ 0DQXIDWXULQJ (R:LQV GDWDEDQN 'DQPDUNV<br />
6WDWLVWLN 1DWLRQDOUHJQVNDEHW $'$0V GDWDEDQN RJ HJQH VN¡Q EO D EDVHUHW Sn RSO\VQLQJHU IUD<br />
$,(&( LQVWLWXWWHU
%LODJVWDEHO , +RYHGSRVWHU Sn IRUV\QLQJVEDODQHQ<br />
9 UGL 0 QJGHVWLJQLQJ<br />
3ULYDW IRUEUXJ<br />
2IIHQWOLJW IRUEUXJ<br />
2IIHQWOLJH LQYHVWHULQJHU<br />
%ROLJLQYHVWHULQJHU<br />
(UKYHUYVLQYHVWHULQJHU<br />
/DJHU QGULQJHU<br />
,QGHQODQGVN HIWHUVS¡UJVHO L DOW<br />
9DUHHNVSRUW<br />
KHUDI LQGXVWUL<br />
ODQGEUXJ P P<br />
7MHQHVWHHNVSRUW<br />
(NVSRUW L DOW<br />
6DPOHW HIWHUVS¡UJVHO<br />
9DUHLPSRUW<br />
KHUDI HQHUJLLPSRUW<br />
7MHQHVWHLPSRUW<br />
,PSRUW L DOW<br />
%UXWWRQDWLRQDOSURGXNW<br />
3URGXNWVNDWWHU QHWWR<br />
%UXWWRY UGLWLOY NVW<br />
0LD NU 3W<br />
$QP 0 QJGHVWLJQLQJ L ³/DJHU QGULQJHU´ HU PnOW L IDVWH SULVHU L IRUKROG WLO %13 GHW IRUHJnHQGH nU<br />
.LOGH 'DQPDUNV 6WDWLVWLN 1DWLRQDOUHJQVNDEHW $'$0V GDWDEDQN RJ HJQH EHUHJQLQJHU
%LODJVWDEHO , +RYHGSRVWHU Sn IRUV\QLQJVEDODQHQ<br />
9 UGL %LGUDJ WLO P QJGHVWLJQLQJ L %13<br />
3ULYDW IRUEUXJ<br />
2IIHQWOLJW IRUEUXJ<br />
2IIHQWOLJH LQYHVWHULQJHU<br />
%ROLJLQYHVWHULQJHU<br />
(UKYHUYVLQYHVWHULQJHU<br />
/DJHU QGULQJHU<br />
,QGHQODQGVN HIWHUVS¡UJVHO L DOW<br />
9DUHHNVSRUW<br />
KHUDI LQGXVWUL<br />
ODQGEUXJ P P<br />
7MHQHVWHHNVSRUW<br />
(NVSRUW L DOW<br />
6DPOHW HIWHUVS¡UJVHO<br />
9DUHLPSRUW<br />
KHUDI HQHUJLLPSRUW<br />
7MHQHVWHLPSRUW<br />
,PSRUW L DOW<br />
%UXWWRQDWLRQDOSURGXNW<br />
3URGXNWVNDWWHU QHWWR<br />
%UXWWRY UGLWLOY NVW<br />
0LD NU 3W<br />
.LOGH 'DQPDUNV 6WDWLVWLN 1DWLRQDOUHJQVNDEHW $'$0V GDWDEDQN RJ HJQH EHUHJQLQJHU
%LODJVWDEHO , /¡Q RJ UHVWLQGNRPVW<br />
%UXWWRY UGLWLOY NVW LDOW<br />
/¡QVXP<br />
1HWWRUHVWLQGNRPVW<br />
$IVNULYQLQJHU<br />
$QGHQ SURGXNWLRQVVNDW<br />
%UXWWRIDNWRULQGNRPVW RII VHNWRU<br />
/¡QVXP<br />
$IVNULYQLQJHU<br />
$QGHQ SURGXNWLRQVVNDW<br />
%UXWWRIDNWRULQGNRPVW SULYDW VHNWRU<br />
/¡QVXP<br />
1HWWRUHVWLQGNRPVW<br />
$IVNULYQLQJHU<br />
$QGHQ SURGXNWLRQVVNDW<br />
/¡QNYRWH L DOW<br />
/¡QNYRWH SULYDW VHNWRU<br />
.LOGH 'DQPDUNV 6WDWLVWLN 1DWLRQDOUHJQVNDEHW $'$0V GDWDEDQN RJ HJQH EHUHJQLQJHU<br />
0LD NU<br />
3W
%LODJVWDEHO , ,QGNRPVWHU IRUEUXJ RJ RSVSDULQJ L GHQ SULYDWH VHNWRU<br />
/¡QVXP<br />
5HVWLQGNRPVW P Y<br />
%UXWWRY UGLWLOY NVW<br />
1HWWRUHQWHU<br />
2YHUI¡UVOHU P P<br />
%UXWWRLQGNRPVW<br />
'LUHNWH VNDWWHU<br />
$QGUH VNDWWHU<br />
$QGHQ SURGXNWLRQVVNDW<br />
'LVSRQLEHO EUXWWRLQGNRPVW<br />
$IVNULYQLQJHU<br />
'LVSRQLEHO QHWWRLQGNRPVW<br />
.RUU IRU VNDW DI SHQVLRQ PY<br />
'LVSRQLEHO LQGNRPVW MI 60(& ODQJ VLJW<br />
$QYHQGW WLO SULYDW IRUEUXJ<br />
SULYDW QHWWRRSVSDULQJ<br />
.LOGH 'DQPDUNV 6WDWLVWLN 1DWLRQDOUHJQVNDEHW $'$0V GDWDEDQN RJ HJQH EHUHJQLQJHU<br />
0LD NU
%LODJVWDEHO , ,QGNRPVWHU RJ IRUEUXJVNYRWHU<br />
%UXWWRLQGNRPVW<br />
'LVSRQLEHO EUXWWRLQGNRPVW<br />
'LVSRQLEHO QHWWRLQGNRPVW<br />
'LVSRQLEHO LQGNRPVW 60(&<br />
)RUEUXJVNYRWH 60(& V LQGNRPVWGHILQLWLRQ<br />
)RUEUXJVNYRWH 60(& V LQGNRPVW RJ IRUEUXJVGHI<br />
9 NVW L SW<br />
$QP %UXWWRLQGNRPVWHQ LQGHKROGHU O¡Q RJ UHVWLQGNRPVWWUDQVIHUHULQJHU VDPW UHQWHLQGW JWHU )UDGUDJHV GLUHNWH RJ DQGUH VNDWWHU IUHPNRPPHU GHQ GLVSRQLEOH<br />
EUXWWRLQGNRPVW RJ WU NNHV \GHUOLJHUH GH SULYDWH DIVNULYQLQJHU IUD IUHPNRPPHU GLVSRQLEHO QHWWRLQGNRPVW 'HQ ODQJVLJWHGH GLVSRQLEOH LQGNRPVW LI¡OJH<br />
60(& IUHPNRPPHU YHG DW VH ERUW IUD UHQWHLQGW JWHU VDPW VNDWWHQ DI SHQVLRQVRSVSDULQJ RJ UHQWHLQGW JWHU )RUEUXJVNYRWHQ PHG DQYHQGHOVH DI 60(&V<br />
IRUEUXJVGHILQLWLRQ DQYHQGHU HW IRUEUXJVEHJUHE KYRU ELON¡EHW HU WUXNNHW XG DI IRUEUXJHW RJ HQ EHUHJQHW ELO\GHOVH HU LQNOXGHUHW L VWHGHW<br />
.LOGH 'DQPDUNV 6WDWLVWLN 1DWLRQDOUHJQVNDEHW $'$0V GDWDEDQN RJ HJQH EHUHJQLQJHU<br />
1LYHDX
%LODJVWDEHO , /¡QNRQNXUUHQHHYQH RJ IRUEUXJHUSULVHU<br />
6WLJQLQJ L WLPHO¡QRPNRVWQLQJHU<br />
8GODQG<br />
,QGODQG<br />
QGULQJ L UHODWLY O¡QXGYLNOLQJ<br />
QGULQJ L HIIHNWLY NURQHNXUV<br />
QGULQJ L O¡QNRQNXUUHQHHYQH<br />
)RUEUXJHUSULVHU<br />
$QP QGULQJHQ L GHQ UHODWLYH O¡QXGYLNOLQJ HU EHUHJQHW VRP O¡QVWLJQLQJVWDNWHQ L XGODQGHW IUDWUXNNHW O¡QVWLJQLQJVWDNWHQ L 'DQPDUN PHQV QGULQJHQ L<br />
O¡QNRQNXUUHQHHYQHQHU EHUHJQHW VRP QGULQJHQ L GHQ UHODWLYH O¡QXGYLNOLQJ PLQXV QGULQJHQ L GHQ HIIHNWLYH NURQHNXUV (Q SRVLWLY QGULQJ L GHQ UHODWLYH<br />
O¡QXGYLNOLQJRJ L O¡QNRQNXUUHQHYQHQ ELGUDJHU WLO HQ IRUEHGULQJ DI NRQNXUUHQHHYQHQ (Q VWLJQLQJ L GHQ HIIHNWLYH NURQHNXUV LQGLNHUHU HQ VWLJQLQJ L NURQHQV<br />
Y UGL RJ ELGUDJHU WLO HQ IRUY UULQJ DI NRQNXUUHQHHYQHQ6H RJVn DQP UNQLQJHQ WLO ELODJVWDEHO , IRU VDPPHQYHMQLQJHQ DI XGHQODQGVN O¡QVWLJQLQJVWDNW<br />
RJ NURQHNXUV )RUEUXJHUSULVHUQH HU PnOW YHG Y NVWHQ L GHIODWRUHQ IRU GHW SULYDWH IRUEUXJ<br />
.LOGH 'DQPDUNV 6WDWLVWLN 1DWLRQDOUHJQVNDEHW $'$0V GDWDEDQN %XUHDX RI /DERXU 6WDWLVWLV ,QWHUQDWLRQDO &RPSDULVRQV RI +RXUO\ &RPSHQVDWLRQ &RVWV<br />
IRU 3URGXWLRQ :RUNHUV LQ 0DQXIDWXULQJ (R:LQV GDWDEDQN RJ HJQH EHUHJQLQJHU<br />
3W
%LODJVWDEHO , 'HQ RIIHQWOLJH VHNWRUV LQGW JWHU RJ XGJLIWHU VDPW VNDWWHWU\N<br />
,QGLUHNWH VNDWWHU<br />
'LUHNWH VNDWWHU<br />
KHUDI SHUVRQOLJH VOXWVNDWWHU<br />
VHOVNDEVVNDW<br />
SHQVLRQVDINDVWEHVNDWQLQJ<br />
DUEHMGVPDUNHGVELGUDJ<br />
$QGUH VNDWWHU<br />
,QGW JWHU L DOW<br />
2IIHQWOLJW IRUEUXJ<br />
,QGNRPVWRYHUI¡UVOHU<br />
2IIHQWOLJH LQYHVWHULQJHU<br />
1HWWRUHQWHXGJLIWHU<br />
‘YULJH XGJLIWHU QHWWR<br />
8GJLIWHU L DOW<br />
1HWWRRSVSDULQJ<br />
1HWWRRSVSDULQJ<br />
2IIHQWOLJ EUXWWRJ OG<br />
6NDWWHWU\N WRWDO<br />
'LUHNWH VNDWWHU<br />
,QGLUHNWH VNDWWHU<br />
$QGUH VNDWWHU<br />
0LD NU<br />
3W DI %13<br />
$QP 'HW HU DQWDJHW DW QGULQJHQ L GHQ RIIHQWOLJH EUXWWRJ OG L IUHPVNULYQLQJVSHULRGHQ HU OLJ GHQ RIIHQWOLJH VHNWRUV VDOGR HNVNO GH RIIHQWOLJH IRQGH<br />
.LOGH 'DQPDUNV 6WDWLVWLN 1DWLRQDOUHJQVNDEHW $'$0V GDWDEDQN RJ HJQH EHUHJQLQJHU
Change language