7/23/2019 BNM 2011-3
1/224
G__K >051#4554 (Tzgkv'G__K >051#?:99 (OF'
JJGGJJHHGGMMAAZZNNIIGGNN
KKNNGGMMKKNNHHNNCCMMHHFFMMYYEEGG
Kz ?:4>>
OKOCO`ggku :4>>
7/23/2019 BNM 2011-3
2/224
CGKG_VZW MI OUHVUZEKNVGMKNHJMML O@NCJEZ MI V@E ZETUJHGO MI CMHFMYN
Knvgmknh Jgjhgmaznt`wmi Cmhfmyn
Jmmls+ Njsvznovs+ V`esgs+ V`e jgjhgmaznt`go cnvezgnhs+Zeygeq+ Cnanrgke nkf keqstntez nzvgohes
Tujhgs`ef izmc >750Gssuef mkoe n cmkv`
:4>>Kz ?
KJOCO`ggku :4>>
7/23/2019 BNM 2011-3
3/224
CGKG_VEZUHOUHVUZGGONCEZN KNGMKNH N OZGG FGK ZETUJHGON CMHFMYN
Jgjhgmaznign Kngmknh
n Cmhfmyeg
Ozg+ Nuvmzeieznve+ Vere+ Cnvezgnhe jgjhgmaznigoe+Zeoekrgg+ Nzvgomhe fgk zeygsve g rgnze
_e efgvenr fgk nkuh >750Ntnze huknz
:4>>Kz ?
OKOCO`ggku :4>>
7/23/2019 BNM 2011-3
4/224
Nhovugvmzg 2 Ynhekvgkn O@GVMZMNAZeknvn OMRMKNOMhesen RNJGNOMOhnufgn JAUKgkn CGO@EZGKHufcghn OMZA@EKOG
Vnvgnkn FGNOMKU
Zefnovmz zestmksnjgh g ommzfmknvmz2 Ynhekvgkn O@GVMZMNA
Fesgak( ve`kmzefnovnze omctuvezgrnv2 Zeknvn OMRMKNO
FE_OZGEZENOGT NONCEZEG KNGMKNHE NOZGG
Jgjhgmaznign Kngmknh n Cmhfmyeg 3 Knvgmknh Jgjhgmaznt`w miCmhfmyn 2 Ozg+ Nuvmzeieznve+ Vere+ Nzv+ fgk zey+ g rgnze+ Zesuzse eheovzm#kgoe 2 _e ef+ fgk nkuh >750 2 Ntnze huknz - Oncezn Kn+ n Ozgg fgk Zet+Cmhfmyn < nhov+ 2 Ynhekvgkn O`gvmzmna Zeknvn Omrmkno Mhesen Rnjgnom\ev nh+S < zef+ zest+ g ommzf+ 2 Ynhekvgkn O`gvmzmna < fesgak 2 Zeknvn Omrm#kno+ O`+ 2 Oncezn Kn+ n Ozgg :4>4 (Ynhgkep _N'+ G__K >051#4554+
G_JK 710#7715#71?4#?#0+Kz ? :4>>+ :4>>+ ::6 t+ Vepve 2 hj+ zmc+ zus nhve hj+ svzgke+
54 ep+ G_JK 710#7715#67#496#> (Tzgkv'+ G_JK 710#7715#67#4?6#6(OF'+
4>5(610'
Oncezn Kngmknh n Ozggfgk Zetujhgon Cmhfmyn :4>>
7/23/2019 BNM 2011-3
5/224
Jgjhgmaznign Kngmknh n Cmhfmyeg Knvgmknh Jgjhgmaznt`w mi Cmhfmyn
5
OZMKGON OZGG
_E EFGVENR FGK NKUH >750
JMML NKKNH_
TUJHG_@EF IZMC >750
CNZVGE:4>>KZ ?
(?1>#516'CNZO@
4 AEKEZNHGVG
44JNREHE AEKEZNHE NHE OUKMNVEZGG G OUHVUZGG
44> vggk g oukmnveze k aekeznh
?1>+ Nonfecgn fe vggke n Cmhfmyeg+ Omksghguh _utzec tekvzu vggk g FerymhvnzeVe`kmhmago 2 Zntmzv tzgygkf novgygvnven Omksghguhug _utzec tekvzu vggk g Ferymhvnze Ve`#kmhmago g zeruhvnvehe vggkgigoe tzgkogtnhe mjgkuve k siezn vggkeg g gkmyzgg k tezgmnfnnkghmz - Nonf+ fe vggke n Cmhfmyeg < zest+2 Gmk Auoeno Kgomhne _vznvnk+ O`+ 2 _+ k+ :4>>(Vgtmaz+ NC'+ :7 oc+
:449#:4>4+ :4>>+ ?76 \>S t+ 2 iga+ vnj+ Jgjhgmaz+ k vepv+ ?44 ep+ G_JK 710#7715#9:#:01#5+ \:4>>#6::S+
# # >+ vggk :449#:441 Zetujhgon Cmhfmyn Zntmzv+ :+ Nonfecgn fe vggke n Cmh#fmyeg+
44>+07>(610'(461'
?1:+ Ouoguzenku A`emza`eCnknaecekvuh sgsvecuhug kngmknh fe oezoevnze#ferymhvnze2 kvze ahmjnhgrnze g tzmygkog#
nhgrnze - Ouoguzenku A`emza`e < zei+ v+2 Nknvmh Zmvnzu Kgomhne u Anhgkn Uhgnk+ O`+ 2*TzmEfgv* _ZH :4>>+ :76 t+ 2 iga+ vnj+ < :> oc+
Zer+2 hj+ ekah+ Jgjhgmaz+2 t+ :1:#:00 (:10 vgv+'+ Outzgks tnznh+2 hj+ zmc+ ekah+ 14 ep+G_JK 710#7715#6409#5#?+\:4>>#5>6S+# # >+ Oezoevnze vggkgigo Ahmjnhgrnze+
44>+07
446 vggkn g ve`kmhmagn onhouhnvmnzehmz+ Tzehuoznzen fnvehmz?1?+Juhanzu MheaEhecekve fe gkimzcnvgo ou nthgongg k vggkehe smognhe 2 _utmzv fe ouzs - Mhea Juhanzu >+ >97 \>S t+ 2 iga+ vnj+ < :4 oc+
Jgjhgmaz+ hn sizgvuh omctnzvgcekvehmz+ :54 ep+G_JK 710#7715#1>#490#0+\:4>>#5>9S+# # >+ Gkimzcnvgo+
446(415+0'
?16+ Omvehen Ygvnhge
7/23/2019 BNM 2011-3
6/224
Ozmkgon ozgg Kz ?#:4>> Jmml nkknhs Kz ?#:4>>
9
Gkvezmanzen jnrehmz fe fnve zehngmknhe 2 Gkfgongg cevmfgoe hn fgsogthgkn 2 Jnre fe fnve -Ygvnhge Omvehen Zmfgon Juhng Cnzgnk Omvehen < Ukgy+ Ve`k+ n Cmhfmyeg Ino+ OnhouhnvmnzeGkimzcnvgo g Cgozmeheovzmkgo Onvefzn Nuvmcnvgon g Ve`kmhmagg Gkimzcngmknhe+ O`+ 2UVC :4>>+ 1: t+ 2 vnj+ < :> oc+
Nuv+ sukv gkfgong te omt+ Jgjhgmaz+2 t+ 1: (5 vgv+'+ >44 ep+G_JK 710#7715#65#>55#4+\:4>>#690S+# # >+ Jnre fe fnve zehngmknhe+
446+9(419+5'
?15+ Omrkguo MovnygnkVe`kmhmagg gkimzcngmknhe g omcukgongmknhe 2 kmve fe ouzs - Movnygnk Omrkguo < Ukgy+
fe _vnv *Nheou Zussm* fgk Jhg Ino+ Ve`kgo Igrgo Cnvecnvgo g Gkimzcnvgo OnvefznEheovzmkgo g Gkimzcnvgo+ Jhg 2 Ukgy+ fe _vnv *Nheou Zussm* :4>> (*Vgtmaz+ fgk Jhg*_ZH'+ 1: t+ 2 iga+ vnj+ < :> oc+
Jgjhgmaz+2 t+ 14 (1 vgv+'+ >44 ep+G_JK 710#7715#6>6:#:#1+\:4>>#5>1S+# # >+ Ve`kmhmagg gkimzcngmknhe+
446(415+0'
?19+ GV_K#:4>4 *Gkimzcnvgmk Veo`kmhmages _wsvecs nkf Kevqmzls :4>4* gkvezk+omki+ (:4>4 < O`gsgknu'+ Tzmoeefgkas mi GV_K#:4>4 Gkvezknvgmknh Omkiezekoe mk GkimzcnvgmkVeo`kmhmages _wsvecs nkf Kevqmzls :4>4 O`gsgknu Zet+ mi Cmhfmyn :5#:9 Iejz+ :4>4 -ef+ Yenoeshny Tezbu+ O`+ 2 UHGC :4>4+ ?4 oc+ G_JK 710#7715#>4>#67#?+
Ymh+ >+ :4>4+ ?70 t+ 2 iga+ vnj+ Vepve2 hj+ zmc+ ekah+ zus+ Jgjhgmaz+ hn sizgvuhnzv+ g k kmvehe fe sujsmh+ Gkf+ fe nuv+2 t+ ?79#?70+ 54 ep+ G_JK 710#7715#>4>#54#7+ \:4>>#6>:S+
# # >+ Tzmveogn onhouhnvmnzehmz (zmc+ ekah+ zus'+ :+ Ve`kmhmagg gkimzcngmknhe (zmc+ekah+ zus'+ ?+ Zeehe fe onhouhnvmnze (zmc+ ekah+ zus'+
446+459(40:'3>?5+>3>>>3>9>+>
440 Ogyghgrnge+ Ouhvuz+ Tzmazes
?11+ Tevou VnvgnknEv sg hn Iznkoe c! vngv omkve 2 _ubevs fe ogyghgsnvgmk - Vnvgnkn Tevou Fznamcgz Tevou+
O`+ 2 Hwoeuc :4>> (I+E+#T+ *Vgtmaz+ Oekvznh*'+ >:0 t+ 2 imv+ < :6 oc+ (Njsmhygze'+
?444 ep+G_JK 710#7715#7?7#67#:+\:4>>#5?4S+# # >+ Ouhvuzn Iznkeg (iz+'+
440(66'20>>+>??+>
4>JGJHGMAZNIGE+ONVNHMNAE
?10+ Gmk Cehkgoguo+ Mckgn cen 2 \hgkaygsvS 2 Jgmjgjhgmaznige 2 HPP 2 \14 fe nkg fe hnknvezeS+ O`+ 2 OET U_C :4>>+ ::6 \>S t+ 2 imv+ < :4 oc+
Vgv+ te omt+2 Gmk Cehkgoguo hn uk tmtns nkgyezsnz+ 54 ep+
G_JK 710#7715#1>#40:#6+\:4>>#694S+
7/23/2019 BNM 2011-3
7/224
Jgjhgmaznign Kngmknh n Cmhfmyeg Knvgmknh Jgjhgmaznt`w mi Cmhfmyn
1
# # >+ Hgcjn zmck Gkfgog jgjhgmaznigog+ :+ Gmk Cehkgoguo >76># hgkaygsv Jgmjgjhgm#aznige+
4>92\0>>+>?5+>,7:7 CehkgoguoS
?17+ Tzmjhecehe zesuzsehmz noynvgoe fgk Zetujhgon Cmhfmyn 2 Gkfgoe jgjhgmaz+ zevzmsteo#vgy :449#:447 - Nonf+ fe vggke n Cmhfmyeg Jgjh+ v+ Oekvznh *Nkfzeg Hutnk* < nhov+2Ynhekvgkn Auzgeyn < ef+ kazgbgv fe2 Nuzehgn @nkanku < omksuhvnkv v+2 Vufmz Hutnou < ommzf+zest+2 Nkaehn Vgcu+ O`+ 2 Jgjh+ v+ Oekvznh *Nkfzeg Hutnk* n Nonf+ fe vggke n Cmhfmyeg:4>>+ >:> t+ < :6 oc+
\:4>>#59>S+# # >+ Zesuzse noynvgoe Zetujhgon Cmhfmyn Gkfgog jgjhgmaznigog+
4>92559(610'
?04+ _vnkgshny Imvesou tzmiesmz g oezoevvmz omksnoznv 2 \eomkmcgsvS 2 Jgmjgjhgmaznige- Nonf+ fe _vufgg Eomk+ fgk Cmhfmyn Jgjh+ v+ Onvefzn Igknke g Nsgauzzg < nhov+2 CnzgnYvcnku < ommzf+2 Hufcghn Omjrnzg Knfebfn Jmvknzg < zest+ ef+2 _ghygn A`gkouhmy+ O`+ 2N_EC :4>>+ ?5 t+ 2 imv+ omhmz < :4 oc+
Jgjhgmaz+2 t+ :4#?4 (19 vgv+'+ 54 ep+G_JK 710#7715#15#55:#0+\:4>>#51?S+# # >+ Eomkmcge Gkfgog jgjhgmaznigog+ :+ Imvesou _vnkgshny >759#:4>4 eomkmcgsv Jg#
mjgjhgmaznige+4>92\??,7:7 ImvesouS
?0>+ Vmsvmank NhgmknFucgvzu Tsnv2 k fzetvuh yzsveg fecke cthgkgzg 2 Gvgkeznz jgmjgjhgmaz+ - Nhgmkn Vmsvmank
Hnzgsn Juhnv < zest+ ef+2 Ygmzgon Fmjkf < Hgoeuh Tzmiesgmknh Kz+ > fgk O`ggku+ O`+ 2Tmkvms :4>> (*Vgtmaz+ Zeohncn* _N'+ >>0 \:S t+ 2 imv+ \>S i+ tmzvz+ < :4 oc+?44 ep+G_JK 710#7715#5>#::1#5+\:4>>#6>9S+# # >+ Ozgvgo hgveznz Gkfgog jgjhgmaznigog+ :+ Tsnv Fucgvzu >75># tujhgogsv Jgmjg#
jhgmaznige+4>92\0:>+>?5+>(610'+47,7:7 TsnvS
414 Rgnzgsvgo+ Tzes
?0:+ Onzven kenaz n cnss#cefgn cmhfmyekevg - Gksv+ imz Feyehmtcekv nkf _mognhGkgvgnvgyes *Yggvmzuh* < ommzf+2 A`eknfge Cmonku < omksuhvnkv buzgfgo2 Cnzgk Auzgk+ O`+ 2 GFG_*Yggvmzuh* :4>> (Vgtmaz+ *C_ Hmam* _ZH'+ ?9 t+ 2 vnj+ < :7 oc+
Jgjhgmaz+ k kmvehe fe sujsmh+ Ntnze ou stzgbgkuh igknkognz nh Ukgukgg Euzmteke+ ?44ep+
G_JK 710#7715#6>7?#>#6+\:4>>#6?6S+# # >+ Cnss#cefgn k Zetujhgon Cmhfmyn+
414(610'
?0?+ Gfec k hj+ ekah+ 2 V`e jhnol jmmlmi Cmhfnygnk cnss#cefgn+ O`+ 2 GFG_ *Yggvmzuh*:4>> (Vgtmaz+ *C_ Hmam* _ZH'+ ?9 t+ 2 vnj+ < :7 oc+
7/23/2019 BNM 2011-3
8/224
Ozmkgon ozgg Kz ?#:4>> Jmml nkknhs Kz ?#:4>>
0
Jgjhgmaz+ k kmvehe fe sujsmh+ Ntnze ou stzgbgkuh igknkognz nh Euzmtenk Ukgmk+ >54ep+
G_JK 710#7715#6>7?#:#>+\:4>>#6?4S+
# # >+ Cnss#cefgn k Zetujhgon Cmhfmyn (ekah+'+ 414(610'
?06+ Buzknhgscuh tmhgvgo kvze omzeovgvufgke g tnzvgrnknv 2 \cnvezgnhehe omki+ Jznghn:4>4S - Ukgy+ fe _vnv fgk Cmhfmyn Ukgy+ *Omksvnkvgk Jzkomyenku* fgk Tgvevg < omh+ zef+2 Nk#fzeg Fucjzyenku Cg`ngh Auruk Fmzgnk Zngs \ev nh+S+ O`+ 2 OET U_C :4>>+ :4: \>S t+ 2iga+ vnj+ < :> oc+
Jgjhgmaz+ hn sizgvuh ont+ 54,:5 ep+G_JK 710#7715#1>#400#9+\:4>>#69:S+# # >+ Buzknhgsc tmhgvgo+
414+62?:+4>7+5(40:'40TMHGAZNIGG+HUOZZG OMHEOVGYE
?05+ Fukzen Kgsvzu2 vggke smognhe+ Hgkaygsvgon+ Tefnamagn 3 2+ + 2 Nkunz - Ukgy+ fe _vnv Vnznohgn *Azgamzencjhno* < omh+ zef+ 2 Kgomhng Oezyekomy (zef+ tzgkogtnh' Gynk _gcemkmy (zef+ zest+' A`emza`eAmkn \ev nh+S+ On`uh 2 _J :4>> (Vgtmaz+ *Oekvzmaznigo* _ZH'+ :5 oc+ G_JK 710#7715#7590#0#0+ G__K >051#:150+
Ymh+ :+ :4>>+ ?:0 t+ 2 fgnaz+ vnj+ Vgv+ tnznh+2 hj+ zmc+ juha+ Vepve2 hj+ zmc+ ekah+juha+ zus+ Jgjhgmaz+ k vepv hn sizgvuh nzv+ g k kmvehe fe sujsmh+ >04 ep+ G_JK 710#
7715#7590#7#5 (ezmknv'+ \:4>>#?74S+ 40:2?10+6(610#:>'344
?09+ *kyckvuh ukgyezsgvnz fgk Zetujhgon Cmhfmyn hn 04 fe nkg* omki+ v+ svu#fekenso (:4>4 < O`ggku'+kyckvuh ukgyezsgvnz fgk Zetujhgon Cmhfmyn hn 04 fe nkg 2Cnvezgnhehe omki+ v+ svufekevg ef+ n 57#n :> ntz+ :4>4 - omh+ zef+2 Hnuzekgu Onhcuo`g (zef+ei' Hmzn Cmnku#utno Hnzgsn _nhg \ev nh+S+ O`+ 2 U_V :4>4+ >1? t+ 2 iga+ vnj+ < :> oc+
Nkvevgv+2 Ukgy+ fe _vnv fgk Vgznstmh+ Vepve2 hj+ zmc+ ekah+ zus+ Jgjhgmaz+ hn sizgvuhnzv+ >54 ep+
G_JK 710#7715#19#4?0#9+\:4>>#566S+
# # >+ *kyckv ukgyezsgvnz fgk Zetujhgon Cmhfmyn hn 04 fe nkg* Omkiezgkn vggkgigosvufekenso (zmc+ ekah+ zus'+
40:2?10(610'(40:'3>?5+>3>>>3>9>+>
?01+ *+ + * + +#+ + (:4>> 54 ep+
G_JK 710#7715#6454#:#1+
7/23/2019 BNM 2011-3
9/224
Jgjhgmaznign Kngmknh n Cmhfmyeg Knvgmknh Jgjhgmaznt`w mi Cmhfmyn
7
\:4>>#601S+# # >+ *+ n+ * #
(zmc+ ekah+ aaur zus'+40:2?10+6(610#:>'344
401+5 Tujhgongg tekvzu vgkezgg ogvgvmzg?00+ Nkgcnhe fmcesvgoe fe tzevuvgkfekg - ef+2 _ghygn Uzsno`e < tzer+ azni+2 Guzgg Tnhomy
Cnzgn Jnrnzgkn Ehekn Kgomhesou+ O`+ 2 _ghygus Hgjzgs (*_gon ) Y* _ZH' :4>4 (I+E+#T+*Vgtmaz+ Oekvznh*'+ \:4S t+ 2 fes+ omhmz < :6 oc+ (Vnvn cncn hucen#kvzena hn tmzvgncen oen fzna'+
I+ i+ fe vgv+ ?444 ep+G_JK 710#7715#>41#:>#>+\:4>>#5?6S+# # >+ Nkgcnhe fmcesvgoe+
401+520:>#7?
> IGHMRMIGE+ T_G@MHMAGE
>->6IGHMRMIGE
>57+7 Tsg`mhmage
?07+ *Nsgsvekn tsg`mhmago tsg`mtefnamago g smognh on inovmz nh ferymhvzggsmogevgg* omki+ v+ gkvezk+ bujghgnz (:4>4 < O`ggku'+ Nsgsvekn tsg`mhmagotsg`mtefnamago g smognh on inovmz nh ferymhvzgg smogevgg 2 Omki+ v+ gkvezk+ bujghgnz 2 \k :ymh+S - ommzf+ v+2 Gamz Znou < omh+ zef+2 Onzmhgkn Tezbnk Yezfe Nkaehn Jmfmzgk O+ \ev nh+S+
O`+ 2 UT_ *G+ Ozenka* :4>4+ :> oc+ Nkvevgv+2 Ukgy+ Tefnamago fe _vnv *G+ Ozenka*Ino+ Tsg`mhmage g Tsg`mtefnamage _teognh+Ymh+ >+ :4>4+ :>5 t+ 2 iga+ azni+ vnj+ Vepve2 hj+ zmc+ zus+ Zer+2 hj+ ekah+
Jgjhgmaz+ hn sizgvuh nzv+ 54 ep+ G_JK 710#7715#69#409#7+ \:4>>#656S+# # >+ *Nsgsvekn tsg`mhmago tsg`mtefnamago g smognh on inovmz nh ferymhvzgg smogev#
gg* Omkiezgk vggkgigo gkvezkngmknh bujghgnz (zmc+ zus'+>57+7::,?1+4>5+?,?>9+9(40:'3>?5+>3>9>+>
?74+Ymh+ :+ :4>4+ :0: t+ 2 vnj+ Vepve2 hj+ zmc+ zus+ Zer+2 hj+ ekah+ Jgjhgmaz+ hnsizgvuh nzv+ 54 ep+ G_JK 710#7715#69#405#9+ \:4>>#655S+
# # >+ *Nsgsvekn tsg`mhmago tsg`mtefnamago g smognh on inovmz nh ferymhvzgg smogev#
gg* Omkiezgk vggkgigo gkvezkngmknh bujghgnz (zmc+ zus'+>57+7::,?1+4>5+?,?>9+9(40:'3>?5+>3>9>+>
?7>+Onznvn FucgvzuTsg`mtnvmhmagn 2 \tekvzu uruh svufekghmzS - Fucgvzu Onznvn < Ukgy+ Tefnamago *Gmk
Ozenka* Ino+2 Tsg`mhmage g Tsg`mtefnamage steognh Onvefzn2 Nsgsvek smognh+ O`+ 2 _+k+ :4>4 (Vgtmaz+ UT_ *G+ Ozenka*'+ >>5 t+ < :> oc+
Jgjhgmaz+2 t+ >>6#>>5 (?> vgv+'+ :44 ep+G_JK 710#7715#69#49>#?+\:4>>#595S+# # >+ Tsg`mtnvmhmage+
>57+7529>9+07(415+0'
7/23/2019 BNM 2011-3
10/224
Ozmkgon ozgg Kz ?#:4>> Jmml nkknhs Kz ?#:4>>
>4
keheae#c nsouhv#c+ Yerg Kz 604+
?7:+ 2 2 (+ ' - # + + #
< +2 + + + + + 2 # + :4>>+ :>5 t+ 2 iga+ vnj+ < :7 oc+Jgjhgmaz+2 t+ :>?#:>5 (59 vgv+'+ 544 ep+G_JK 710#7715#7766#7#>+\:4>>#651S+# # >+ Tsg`mhmagn tezsmknhgvgg (zus'+
>57+7(415+0'
?7?+ 2 # 2 (+ ' - # + + < +2 # + + + + + 2 # + :4>>+ >?6 t+ 2 iga+ vnj+ < :7
oc+Jgjhgmaz+2 t+ >?6 (>: vgv+'+ 544 ep+G_JK 710#7715#7047#7#7+\:4>>#657S+# # >+ Tsg`mhmagn tezsmknhgvgg (zus'+
>57+7(415+0'
?76+ 2 2 (+' - # + + < +2 + + # + + + 2 # + :4>>+ :41 t+ 2 iga+ vnj+ < :7 oc+
Jgjhgmaz+2 t+ >70#:41 (0: vgv+'+ 544 ep+G_JK 710#7715#701:#?#?+\:4>>#650S+# # >+ Tsg`mhmagn tezsmknhgvgg (zus'+
>57+7(415+0'
: ZEHGAGE+ VEMHMAGE
?75+ Lejzn Knansv 2 Jgjhgn evgmtgnk - vznf+ fgk ekah+ fe Iehgogn Nkfzeon g Hgygu Tntuo > (Omcjgknvuh Tmhgaz+'+ >0? t+ < >1 p :> oc+ (O(nzv'gez - ommzf+ fe Gamz Cmonku'+
Vgv+ mzga+2 V`e Lejzn Knansv+ Jgjhgmaz+ k kmvehe fe sujsmh+ 104 ep+G_JK 710#7715#17#90:#0 (k omt+ vnze'+\:4>>#610S+# # >+ Jgjhge evgmtenk+
:#0>(9?'
:1OZEVGKG_C+ZEHGAGE OZEVGK
?79+ Cnkfnv fe uk cghgmk fe hgfezg \ozevgkgS - E~ugttgka Henfezs Vm Zeno` Muz Qmzhf+ \O`+ 2 _+ k+ :4>> (I+E+#T+ *Vgtmaz+ Oekvznh*'S+ :0 oc+
Onzven 5+ \:4>>S+ 64 t+ I+ i+ fe vgv+ \:4>>#56>S+# # >+ Hgfez ozevgk+
:1
7/23/2019 BNM 2011-3
11/224
Jgjhgmaznign Kngmknh n Cmhfmyeg Knvgmknh Jgjhgmaznt`w mi Cmhfmyn
>>
?71+ Gfec k hj+ zus 2 + \O`+ 2 _+ k+ :4>> (I+E+#T+*Vgtmaz+ Oekvznh*'S+ :0 oc+
5+ \:4>>S+ 64 t+ I+ i+ fe vgv+ \:4>>#56>S+# # >+ Hgfez ozevgk (zus'+
:1? VGGKE _MOGNHE
?>_VNVG_VGO+FECMAZNIGE+_MOGMHMAGE
?>6-?>9 _mogevnve
?>6 Fecmaznige+ _vufguh tmtuhngeg
?70+ *Eymhugn fecmaznigo g tmhgvgon seouzgvgg fecmaznigoe* omki+ v+ gkvezk+(:4>4 < O`ggku'+ Omkiezgkn vggkgigo Gkvezkngmknh *Eymhugn fecmaznigo g tmhgvgon seouzg#
vgg fecmaznigoe* (::#:? ntz+ :4>4' 2 omksnoznv bujgheuhug fe 14 fe nkg fe ygn g 67 fe nkgfe novgygvnve v+ g tefnamago nh fmov+ `njghgvnv tzmi+ ukgy+ Omksvnkvgk Cnveg - ommzf+2 Omksvnk#vgk Cnveg+ O`+ 2 Ef+ N_EC :4>4+ ??7 \>S t+ 2 iga+ vnj+ < :4 oc+
Nkvevgv+2 Nonf+ fe _vufgg Eomk+ fgk Cmhfmyn Imkfuh Kngukghmz Ukgve tekvzu Tmtuhnge(UKITN' Onvefzn Aemaznign g Eomkmcgn Cefguhug N_EC+ Vepve2 hj+ zmc+ zus+ Zer+2 hj+ekah+ Jgjhgmaz+ hn sizgvuh nzv+ g k kmvehe fe sujsmh+ Ntnze ou stzgbgkuh igknkognz nh UKITN(Imkfuh Kn+ Ukgve tekvzu Tmtuhngeg g Ferymhvnze'+ >44 ep+
G_JK 710#7715#15#671#:+\:4>>#55?S+# # >+ *Eymhugn fecmaznigo g tmhgvgon seouzgvgg fecmaznigoe* Omkiezgk vggkgigo gk#
vezkngmknh (zmc+ zus'+?>6+>5-+>0(40:'3>?5+>3>9>+>
?>9 _mogmhmage
Nsgsvekn tsg`mhmago tsg`mtefnamagot g smognh on inovmz nh ferymhvzgg smogevgg+ Yerg Kz ?07#74+
?77+ Mzgekvzghe ogyghgrngmknhe nhe vgkezevuhug fgk Zetujhgon Cmhfmyn g Zusgn 2 ineveheukug tzmoes 3 2 - Nonf+ fe vggke n Cmhfmyeg Ukgy+ fe _vnv fgk Cmhfmyn Naekgn Iefeznhtekvzu kyckv fgk Iefezngn Zus \ev+ nhS < zef+ v+ Cmkenan Y+ O`+ 2 OET U_C >+ >:1 \>S t+ 2 fes+ vnj+ < :4 oc+Vgv+ tnznh+2 hj+ zmc+ hj+ zus+ Vepve2 hj+ zmc+ zus+ Zer+2 hj+ ekah+ zus+ Jgjhgmaz+ k
kmvehe fe sujsmh+ >44 ep+G_JK 710#7715#1>#49?#?+\:4>>#640S+# # >+ Vgkezev Mzgekvzg ogyghgrngmknhe Zetujhgon Cmhfmyn Zusgn (zmc+ ekah+ zus'+
\?>9+?#45?+9,?:?S(610,614'(40:'3>?5+>3>>>3>9>+>
7/23/2019 BNM 2011-3
12/224
Ozmkgon ozgg Kz ?#:4>> Jmml nkknhs Kz ?#:4>>
>:
?:TMHGVGO
?:? Tmhgvgo gkvezk
?:?(610' Tmhgvgon gkvezk n Zetujhgogg Cmhfmyn
644+ vggkn tmhgvgo k Zetujhgon Cmhfmyn2 zenhgrzg g tezsteovgye 2 _eogn vggke tmhgvg#oe 2 \cnvezgnhehe omki+ v+ gkvezk+ O`ggku >5#>9 mov+ :4>4 2 k : ymh+S - Nsmo+ Cmhfmyekensofe vggk Tmhgvgo Omcgsgn Kn+ n Zet+ Cmhfmyn tekvzu UKE_OM < zest+ fe ef+2 YnhezguCmkenan Fucgvzu Fzucen+ O`+ 2 OET U_C :4>>+ :4 oc+ G_JK 710#7715#1>#405#5+
Ymh+ >+ :4>>+ >0? \>S t+ 2 iga+ vnj+ Vepve2 hj+ zmc+ ekah+ zus+ Zer+2 hj+ ekah+ Jgjhgmaz+ hn sizgvuh nzv+ Ntnze ou stzgbgkuh igknkognz nh Omcgsgeg Kn+ n Zet+ Cmhfmyn tekvzuUKE_OM+ G_JK 710#7715#1>#409#:+ >44 ep+ \:4>>#590S+
# # >+ vggk tmhgvgo Zetujhgon Cmhfmyn (zmc+ ekah+ zus'+?:?(610'(40:'3>?5+>3>>>3>9>+>
64>+ Ymh+ :+ :4>>+ >01 \>S t+ Vepve2 hj+ zmc+ ekah+ zus+ Zer+2 hj+ ekah+ zus+ Jgjhgmaz+ hn sizgvuh nzv+ g k kmvehe fe sujsmh+ Ntnze ou stzgbgkuh igknkognz nh Omcgsgeg Kngm#knhe n Zet+ Cmhfmyn tekvzu UKE_OM+ >44 ep+ G_JK 710#7715#1>#401#7+ \:4>>#597S+
# # >+ vggk tmhgvgo Zetujhgon Cmhfmyn (zmc+ ekah+ zus'+?:?(610'(40:'3>?5+>3>>>3>9>+>
?:1 Zehngg gkvezkngmknhe+ Tmhgvgo gkvezkngmknh+ Tmhgvgo epvezk
64:+ *Tzmoese gkveazngmkgsve euzmteke2 nsteove tmhgvgoe eomkmcgoe buzgfgoe ghgkaygsvgoe* omki+ v+ svufekenso (:4>4 < O`ggku'+ Tzmoese gkveazngmkgsve euzmteke2nsteove tmhgvgoe eomkmcgoe buzgfgoe g hgkaygsvgoe 3 Euzmtenk gkveaznvgmknh tzmoesses2tmhgvgonh eomkmcgo hnq nkf hgkaugsvgo nsteovs 2 Cnvezgnhehe Omki+ v+ svufekevg omksnoznvenkgyezszgg n 1#n fe hn imkfnzen GZGC :6 cnz+ :4>4 - omh+ zef+2 Ynhekvgk Jekguo (tze+' Cg`nghJzau Hufcghn Zmon \ev nh+S+ O`+ 2 GZGC :4>4 (Vgtmaz+ *Tzgkv#Onzm* _ZH'+ >16 \>S t+ 2iga+ azni+ vnj+ < :4 oc+
Nkvevgv+2 Gksv+ fe Zehngg Gkvezk+ fgk Cmhfmyn+ Vgv+ tnznh+2 hj+ zmc+ ekah+ Vepve2 hj+ zmc+zus+ Jgjhgmaz+ hn sizgvuh nzv+ Ntnze ou stzgbgkuh igknkognz nh Omksghguhug Nsmo+ v+ svufekevgn Gksv+ fe Zehngg Gkvezk+ fgk Cmhfmyn+ 54 ep+
G_JK 710#7715#6470#:#1 (*Tzgkv#Onzm* _ZH'+\:4>>#607S+# # >+ *Tzmoese gkveazngmkgsve euzmteke2 nsteove tmhgvgoe eomkmcgoe buzgfgoe g hgkaygsvg#
oe* (zmc+ zus'+?:1(40:'3>?5+>3>9>+>
?:1(610' Tmhgvgo epvezk n Zetujhgogg Cmhfmyn
64?+ O`gzo _ezagu GmkJnsnznjge. Hgjezvnven g tzmazesuh ygk fe tesve Tzuv - _ezagu Gmk O`gzo+ O`+ 2 Nzo
:4>> (Omcjgknvuh Tmhgaz+'+ :?5 \?S t+ < :4 oc+ (M onzve tekvzu vmg'+Jgjhgmaz+ k kmvehe fe sujsmh+ 5444 ep+G_JK 710#7715#9>#941#:+\:4>>#611S+# # >+ Zetujhgon Cmhfmyn Zehngg epvezke+ :+ Zmckgn Zehngg epvezke+
?:1(610,670'
7/23/2019 BNM 2011-3
13/224
Jgjhgmaznign Kngmknh n Cmhfmyeg Knvgmknh Jgjhgmaznt`w mi Cmhfmyn
>?
?:0 Tnzhncekve+ Zetzerekvnzen tmtmzuhug+ Auyezke
646+ Nufgvuh sgsvecuhug fecmoznvgo k Zetujhgon Cmhfmyn 2 Nkvmhmage fe svufgg nsutznauyezkzgg - Yenoeshny Jezjeon Omzkeh Oguzen Cnzgk Auzgk \ev nh+S < Gksv+ tekvzu Ferymhvnze gGkggnvgye _mognhe (GFG_' *Yggvmzuh*+ O`+ 2 GFG_ *Yggvmzuh* :4>> (Vgtmaz+ *C_ Hmam* _ZH'+ :94t+ 2 iga+ vnj+ < :7 oc+
Jgjhgmaz+ hn sizgvuh ont+ g k kmvehe fe sujsmh+ Ntnze ou stzgbgkuh igknkognz nh Jhnol_en Vzusv imz Zeagmknh Ommteznvgmk+ 74 ep+
G_JK 710#7715#6>59#7#7+\:4>>#6?1S+# # >+ Auyezknze Zetujhgon Cmhfmyn+ :+ _vnv fe fzetv Zetujhgon Cmhmfyn+
\?:0,?6:S(610'
645+ Gfec k hj+ ekah+ 2 V`e nufgv mi v`e fecmoznvgo swsvec mi Zetujhgo mi Cmhfmyn 2Nkv`mhmaw mi Nknhwsgs mk Amyezknkoe - vznksh+ izmc zmc+ vm ekah+2 Ozgsvgkn Ommink Ozgsvgnk
Ogmjnku Fgnkn Hmrkenk \ev nh+S+ O`+ 2 GFG_ *Yggvmzuh* :4>> (Vgtmaz+ *C_ Hmam* _ZH'+ :94t+ 2 iga+ vnj+ < :7 oc+Jgjhgmaz+ hn sizgvuh ont+ g k kmvehe fe sujsmh+ Ntnze ou stzgbgkuh igknkognz nh Jhnol
_en Vzusv imz Zeagmknh Ommteznvgmk+ 74 ep+G_JK 710#7715#6>7?#4#1+\:4>>#6?5S+# # >+ Auyezknze Zetujhgon Cmhfmyn (ekah+'+ :+ _vnv fe fzetv Zetujhgon Cmhfmyn
(ekah+'\?:0,?6:S(610'
649+ Vzmgk TnyehTezsteovgyn zeahecekvzgg novgygvgg fe hmjjw k Zetujhgon Cmhfmyn - Tnyeh Vzmgk < Gksv+tekvzu Ferymhvnze g Gkggnvgye _mognhe (GFG_' *Yggvmzuh*+ O`+ 2 GFG_ *Yggvmzuh* :4>> (Vgtmaz+
*C_ Hmam* _ZH'+ 60 t+ 2 so`ece vnj+ < :7 oc+ (Tmhgvgog Tujhgoe < Kz ? :4>> G_JK 710#7715#6441#9#?'+
Jgjhgmaz+2 t+ 69#61 (>9 vgv+' g k kmvehe fe sujsmh+ 54 ep+G_JK 710#7715#6>7?#6#5+\:4>>#6?:S+# # >+ Novgygvg fe hmjjw Zetujhgon Cmhfmyn+
?:0+>06(610'
??EOMKMCGE+VGGKE EOMKMCGOE
641+ *Omctevgvgygvnven g gkmynzen k eomkmcgn oukmnvezgg* omki+ v+ gkvezk+ (:4>4< O`ggku'+ Omkiezgkn vggkgigo Gkvezkngmknh *Omctevgvgygvnven g gkmynzen k eomkmcgnoukmnvezgg* (:6#:5 setv+ :4>4' 2 \k : ymh+S - omh+ zef+ Azgamze Jehmsveogkgo (tzeefgkve' Omz#kehgu Auu Euaekgu Azh \ev nh+S+ O`+ 2 N_EC :4>>+ :7 oc+ G_JK 710#7715#15#560#>+ Nkvevgv+2 Nonf+ fe _vufgg Eomk+ fgk Cmhfmyn+
Ymh+ >+ :4>>+ ?79 \>S t+ 2 iga+ vnj+ Vepve2 hj+ zmc+ ekah+ zus+ Zer+2 hj+ ekah+ iz+zus+ Jgjhgmaz+ hn sizgvuh nzv+ g k kmvehe fe sujsmh+ 54 ep+ G_JK 710#7715#15#567#0+ \:4>>#516S+
# # >+ *Omctevgvgygvnven g gkmynzen k eomkmcgn oukmnvezgg* Omkiezgk vggkgigo gkvez#kngmknh (zmc+ ekah+ zus'+
??244>+075(40:'3>?5+>3>>>3>9>+>
7/23/2019 BNM 2011-3
14/224
Ozmkgon ozgg Kz ?#:4>> Jmml nkknhs Kz ?#:4>>
>6
640+ Ymh+ :+ :4>>+ :11 t+ Vepve2 hj+ zmc+ ekah+ zus+ Zer+2 hj+ ekah+ Jgjhgmaz+ hnsizgvuh nzv+ g k kmvehe fe sujsmh+ 54 ep+ G_JK 710#7715#15#554#6+ \:4>>#515S+
# # >+ *Omctevgvgygvnven g gkmynzen k eomkmcgn oukmnvezgg* Omkiezgkn vggkgigo gkvez#kngmknh (zmc+ ekah+ zus'+
??244>+075(40:'3>?5+>3>>>3>9>+>647+ Tnuh Jznk Eomkmcgsv ighmsmi oezoevvmz tefnama 2 Cefnhgmk nkgyezsnz hn 14 fe
nkg fe hn knveze - Nonf+ fe _vufgg Eomk+ fgk Cmhfmyn Jgjh+ v+ < nhov+2 Cnzgn YvcnkuKnvnhgn O`eznfg < zest+ ef+2 _ghygn A`gkouhmy+ O`+ 2 Jgjh+ v+ n Nonf+ fe _vufgg Eomk+ fgkCmhfmyn :4>4 (Vgtmaz+ Fet+ Ef+#Tmhgaz+ nh N_EC'+ 0> \>S t+ 2 imv+ imv+ omhmz < :4 oc+
Jgjhgmaznign eomkmcgsvuhug Tnuh Jznk2 t+ ?0#61+ Jgjhgmaz+ k vepv+ 54 ep+G_JK 710#7715#15#56>#:+\:4>>#?00S+# # >+ Jznk Tnuh >764#:449 eomkmcgsv Jgmaznige+
??,?10(47:'(40:'
??4 Eomkmcge k aekeznh+ Eomkmcge tmhgvgo
6>4+ Usvgnk GynkC+ Ecgkesou2 *Mcuh tzmfuoe somtuzg* 2 (Ecgkesou g vemzgn eomkmcgo' 2 Gksvgvugmkn#
hgscuh ouhvuznh#hgveznz - Gynk Usvgnk < Nonf+ fe _vufgg Eomk+ fgk Cmhfmyn+ Ef+ n :#n zey+ gomcth+ O`+ 2 Fet+ Ef+#Tmhgaz+ nh N_EC :4>4+ 6:0 t+ 2 imv+ vnj+ < :4 oc+ (_ezgn2 _ozggvmzgg#eomkmcgvg ng hucgg'+ Outzgkfe g 2 Zei+ v+ nh vr+ fe fmov+ `njghgvnv k eomk+ k jnrn huozzghmztujh+
Jgjhgmaz+2 t+ ?56#?51 (95 vgv+'+ Gkf+ fe kuce2 t+ ?6?#?5?+ :44 ep+G_JK 710#7715#15#5?:#4+
\:4>>#?07S+# # >+ Vemzgg eomkmcgoe+ :+ Ecgkesou g vemzgn eomkmcgo+??4+0:20:>+>?5+>+4
??> Cuko+ Zehngg fe cuko+ Eomkmcgn cukogg+ Mzankgrnzen cukogg
6>>+ Inevehe ukug tzmoes2 cgazngn imzeg fe cuko fgk Zetujhgon Cmhfmyn k Gvnhgnkn -Ynhezgu Cmkenan Ygovmz Cmznzu A`emza`e Zuskno \ev nh+S < omt+2 Ygvnhge Tmamhn < Ukgy+ fe_vnv fgk Cmhfmyn Gksv+ Gkveaznze Euzmtenk g vggke Tmhgvgoe nh Nonf+ fe vggke n Cmhfmyeg+ O`+ 2 *Efgvezzn Tzgc* _ZH :4>4 (I+E+#T+ *Vgtmaz+ Oekvznh*'+ :9? \>S t+ \>S t+ iga+ omhmz < :6oc+ (_ezgn *Cgazngn2 tzmjhece g mtmzvukgvg* - ommzf+ Ygovmz Cmznzu'+
544 ep+G_JK 710#7715#6>:9#9#1+\:4>>#5?>S+# # >+ Cgazngn imzeg fe cuko+
??>+559+62?>6+16
6>:+ Vgcmive AgnkgknA`gf tznovgo tekvzu fgnakmsvgonzen mzankgrzgg hmouzghmz fe cuko fgk gkfusvzgn omksvzuo#
vmnze fe cngkg - Vgcmive Agnkgkn Tnznso`gy Fznam O`gzuau Cnzgus < zei+ v+2 Npgkve EuaekHovu Onzcek+ O`+ 2 *Ve`kgon#Gkim* _ZH :4>4 (Vgtmaz+ N+V+ *Aeyg#I* Gng'+ 70 t+ 2 vnj+ 9 vgv+' g k kmvehe fe sujsmh+ Ntnze ou stzgbgkuh igknkognz nh omk#vznovuhug Kz+ 704>#:4>4 *_vufgu fe iernjghgvnve tekvzu omkvznov TM_ OOE >49#:4>4*+ >44 ep+
7/23/2019 BNM 2011-3
15/224
Jgjhgmaznign Kngmknh n Cmhfmyeg Knvgmknh Jgjhgmaznt`w mi Cmhfmyn
>5
G_JK 710#7715#9?#47>#1+\:4>>#59:S+# # >+ Tgnn hmouzghmz fe cuko+
??>+5?29:>(419+5'
??>+>45+66 _gkfgonve6>?+ Omkyekgn omheovgy fgkvze Cgkgsvezuh Igknkehmz g Iefezngn _gkfgonvehmz Nkanbng#
hmz fgk _ezygogghe Tujhgoe 2 (kgyeh fe zncuz' te nkgg - Cgk+ Igknkehmz nh Zet+ Cmhfmyn Ie#fezngn _gkfgonvehmz Nkanbnghmz fgk _ezygogghe Tujhgoe+ O`+ 2 _+ k+ :4>4 (Vgtmaz+ _N *OZGM*'+ :> oc+
:4>>#:4>6+ :4>4+ :? t+ 2 vnj+ >44 ep+ \:4>>#6:7S+# # >+ Omkyekgg omheovgye _gkfgonve Igknke+
??>+>45+6652??9(610'
6>6+ Omkyekge omheovgy fgkvze Cgkgsvezuh Busvggeg g Iefezngn _gkfgonvehmz Nkanbnghmzfgk _ezygogghe Tujhgoe 2 (kgyeh fe zncuz' te nkgg - Cgk+ Busvggeg nh Zet+ Cmhfmyn Iefezngn_gkfgonvehmz Nkanbnghmz fgk _ezygogghe Tujhgoe+ O`+ 2 _+ k+ :4>> (Vgtmaz+ _N *OZGM*'+ :>oc+
:4>>#:4>5+ :4>4+ :? t+ 2 vnj+ >44 ep+ \:4>>#6:1S+# # >+ Omkyekgg omheovgye _gkfgonve Buzgstzufek+
??>+>45+6652?6(610'
6>5+ Omkyekgn omheovgy fgkvze Cgkgsvezuh Cukogg Tzmveogeg _mognhe g Incghgeg g Iefe#zngn _gkfgonvehmz Nkanbnghmz fgk _ezygogghe Tujhgoe 2 (kgyeh fe zncuz' te nkgg - Cgk+ CukoggTzmveogeg _mognhe g Incghgeg nh Zet+ Cmhfmyn Iefezngn _gkfgonvehmz Nkanbnghmz fgk _ezygoggheTujhgoe+ O`+ 2 _+ k+ :4>> (Vgtmaz+ _N *OZGM*'+ :> oc+
:4>4#:4>?+ :4>4+ :? t+ 2 vnj+ >44 ep+ \:4>>#6:0S+# # >+ Omkyekgg omheovgye _gkfgonve Cuko Tzmveoge smognh+
??>+>45+6652?9(610'
6>9+ Omkyekge omheovgy 2 (kgyeh fe zncuz' te nkgg \n _gkfgonvuhug Huozvmzghmz fgkOuhvuz fgk Zet+ CmhfmynS - Cgk+ Ouhvuzgg nh Zet+ Cmhfmyn _gkfgonvuh Huozvmzghmz fgk Ouhvuzfgk Zet+ Cmhfmyn+ O`+ 2 _+ k+ :4>> (Vgtmaz+ *OZGM* _N'+ :> oc+
:4>>#:4>?+ :4>>+ ?> \>S t+ 2 vnj+ 544 ep+ \:4>>#6:5S+# # >+ Omkyekgg omheovgye _gkfgonve Ouhvuz+
??>+>45+6652440(610'
6>1+Iefezngn _gkfgonvehmz Nkanbnghmz fgk _ezygogghe Tujhgoe fgk Zet+ Cmhfmyn+Omksghguh fgk :9 cng :4>4 fgk >1 feoecjzge :4>4 - Iefezngn _gkfgonvehmz Nkanbnghmz fgk
_ezygogghe Tujhgoe fgk Zet+ Cmhfmyn (_GKFN_T'+ O`+ 2 _+ k+ :4>4 (Vgtmaz+ *OZGM* _N'+ 55 \>S t+ 2 vnj+ < :> oc+
>44 ep+\:4>>#6:9S+# # >+ Iefezngn _gkfgonvehmz Nkanbnghmz fgk _ezygogghe Tujhgoe fgk Zetujhgon Cmhfmyn+
??>+>45+6652?5>(610'
??9 Igknke
6>0+ _vnzggkn Hufcghn
7/23/2019 BNM 2011-3
16/224
Ozmkgon ozgg Kz ?#:4>> Jmml nkknhs Kz ?#:4>>
>9
Gksvzucekvnzuh fe esvgcnze n gkihuekeg sgsvecuhug igknkognz#cmkevnz nsutzn eomkmcgegzenhe - _vnzggkn Hufcghn Ou`nh Znfu Vgcu Nkaehn < Nonf+ fe vggke n Cmhfmyeg Cgk+ Eomk+nh Zet+ Cmhfmyn Gksv+ fe Eomk+ Igknke g _vnvgsvgo+ O`+ 2 Omcthepuh Ef+ nh GEI_ :4>4+ >99 t+ 2 iga+ vnj+ < :6 oc+
Jgjhgmaz+2 t+ >5?#>9> (71 vgv+'+ >44 ep+G_JK 710#7715#6>19#:#6+\:4>>#5>?S+# # >+ _gsvec igknkognz#cmkevnz+
??9+1
6>7+ 2 +2 K >7>#>7?-9?6 4>+>4+:4>4+ + 2 *Hnyghnv#Gkim* _ZH :4>> (Vgtmaz+*Ygve#beso* _ZH'+ :41 t+ < :4 oc+
?44 ep+G_JK 710#7715#6>07#?#5+
\:4>>#65>S+# # >+ Omfuh igsonh nh Zetujhgogg Cmhfmyn (zus'+
??9+::(610'(476+6'
??0 _gvunge eomkmcgo+ Tmhgvgo eomkmcgo+ Omkfuoezen eomkmcgeg+ Thnkgigonzen eom#
kmcgeg+ Tzmfuoge+ _ezygogg+ Tzeuzg
6:4+ *Gctnovuh vznkstmzvuzghmz nsutzn ferymhvzgg zehngghmz eomkmcgoe gkvezkngm#knhe* omki+ gkvezk+ (:4>> < O`ggku'+ Gctnovuh vznkstmzvuzghmz nsutzn ferymhvzgg zehngghmzeomkmcgoe gkvezkngmknhe 2 CnvezgnheheOmki+ Gkvezk+ O`ggku :6#:5 cnz+ :4>> - zef+ zest+2Fucgvzu _mhmcmk+ O`+ 2 Eyzgon :4>> (Vgtmaz+ NC'+ 65? \>S t+ 2 iga+ vnj+ < :4 oc+
Nkvevgv+2 Nonf+ fe Vznkstmzvuzg Gkimzcnvgo g Omcukgongg Ukgy+ fe _vnv fgk Cmhfmyn+ Vepve2 hj+ zmc+ ekah+ zus+ Zer+2 hj+ ekah+ zmc+ Jgjhgmaz+ hn sizgvuh nzv+ >54 ep+
G_JK 710#7715#76>#90#9+\:4>>#604S+# # >+ *Gctnovuh vznkstmzvuzghmz nsutzn ferymhvzgg zehngghmz eomkmcgoe gkvezkngmknhe*
Omkiezgk gkvezkngmknh (zmc+ ekah+ zus'+??0+612??7+7(40:'3>?5+>3>>>3>9>+>
6:>+ Tezbu Gmk_ujyekgmknze k nazgouhvuz nfcgkgsvznv fe naekgn fe gkvezyekge g thg k nazgouhvuz -
Gmk Tezbu < ommzf+2 Ygmzeh O`gyzgan < Gksv+ tekvzu Ferymhvnze g Gkggnvgye _mognhe (GFG_' *Yggvmzuh*+ O`+ 2 GFG_ *Yggvmzuh* :4>> (Vgtmaz+ *C_ Hmam* _ZH'+ ?9 t+ 2 iga+ vnj+ < :7 oc+ (TmhgvgogTujhgoe < Kz 6 :4>> G_JK 710#7715#6441#9#?'+
54 ep+G_JK 710#7715#6>7?#5#:+\:4>>#6?>S+# # >+ Nazgouhvuz _ujyekgmknze+
??0+6?+4:1
??7 Omcez+ Zehngg eomkmcgoe gkvezkngmknhe+ Eomkmcge cmkfgnh6::+ Azgjgkoen Nhepnkfzu
7/23/2019 BNM 2011-3
17/224
Jgjhgmaznign Kngmknh n Cmhfmyeg Knvgmknh Jgjhgmaznt`w mi Cmhfmyn
>1
Mzankgrnzen g ve`kgon tzmcmyzgg omcezuhug epvezgmz 2 _utmzv fgfnovgo - NhepnkfzuAzgjgkoen < Ukgy fe _vnv fgk Cmhfmyn Ino+ vggke Eomk+ Onvefzn Cnzlevgka g Zehngg Eomk+Gkvezk+ O`+ 2 OET U_C :4>>+ ?15 \>S t+ 2 iga+ so`ece vnj+ < :> oc+
Jgjhgmaz+2 t+ ?1:#?1? (?4 vgv+' g k kmvehe fe sujsmh+ 54 ep+
G_JK 710#7715#1>#495#1+\:4>>#69?S+# # >+ Omcez epvezk+
??7+5(415+0'
6:?+ + + #
2 2 - + + < # + # + + 2 GZGC :4>> (Vgtmaz+ *Tzgkv#Onzm* _ZH'+ :04 t+ 2 vnj+ < :4 oc+
Jgjhgmaz+2 :59#:17 (?07 vgv+'+ :44 ep+G_JK 710#7715#6>01#>#? (Tzgkv#Onzm _ZH'+
\:4>>#?70S+# # >+ Ommteznze eomkmcgo gkvezkngmknh (zus'+ :+ _eouzgvnve eomkmcgo (zus'+
??7+7:
?6FZETV+BUZG_TZUFEK?6> Fzetv gkvezkngmknh
6:6+ O`gzgno NkfzegHes jznko`es fu fzmgv zeihves fnks hn omkyekvgmk euzmtekke fes fzmgvs fe h!`mcce 2
\k ymh+S - Nkfzeg O`zgno Cnzgkn O`gzgno < Ukgy+ fe _vufgg Euzmteke fgk Cmhfmyn+ O`+ 2 *Omk#
vznsv#Fesgak* _ZH :4>>+ ?4 oc+ G_JK 710#7715#7714#6#>+Ymh+ >+ :4>>+ 66? t+ Jgjhgmaz+ k kmvehe fe sujsmh+ >44 ep+ G_JK 710#7715#7714#5#0+ \:4>>#5>5S+
# # >+ Fzetvuzghe mcuhug (iz+'+?6>+:?>+>6
?6: Fzetv tujhgo+ Fzetv omksvgvugmknh+ Fzetv nfcgkgsvznvgy
6:5+ 2 # + 2 K >7>#>7?-9?6 4>+>4+:4>4+ + 2 *Hnyghnv#Gkim* _ZH:4>> (Vgtmaz+ *Ygve#beso* _ZH'+ >>7 t+ < :4 oc+
?44 ep+G_JK 710#7715#6>07#>#>+\:4>>#667S+# # >+ Omfuh omkvznyekgmknh nh Zetujhgogg Cmhfmyn (zus'+
?6:+7:(610'(476+6'
6:9+ -
< + + < + # # + + 2 + + :4>> (I+E+#T+ *Vgtmaz+ Oekvznh*'+ ?7: t+ < :? oc+
Jgjhgmaz+2 t+ ?1?#?7: (:1: vgv+' g k kmvehe fe sujsmh+ ?44 ep+
G_JK 710#7715#10#791#1 (k omt+ vnze'+\:4>>#5??S+
7/23/2019 BNM 2011-3
18/224
Ozmkgon ozgg Kz ?#:4>> Jmml nkknhs Kz ?#:4>>
>0
# # >+ Tuvezen svnvuhug Fecmoznge (zus'?6:+5
?6? Fzetv teknh+ Tzmoefuz teknh+ Ozgcgkmhmage+ Ozgcgknhgsvgo
6:1+ + +# 2 (+ #
+' 2 + - + + # < + # + :# + + + + 2 + + :4>> (Vgtmaz+*Nomcef#Thus* _ZH'+ :6: \>S t+ 2 so`ece vnj+ < :> oc+
Jgjhgmaz+2 t+ :6: (>5 vgv+'+ >44 ep+G_JK 710#7715#6>79#4#6+\:4>>#66?S+# # >+ Tzmoefuz teknh (zus'+
?6?+>?(610'(415+0'
6:0+ 2 +2 K >7>#>7?-9?6 4>+>4+:4>4+ O`+ 2 *Hnyghnv#Gkim* _ZH :4>>(Vgtmaz+ *Ygve#beso* _ZH'+ >:: t+ < :4 oc+
?44 ep+G_JK 710#7715#6>07#6#:+\:4>>#65:S+# # >+ Omfuh teknh nh Zetujhgogg Cmhfmyn (zus'+
?6?(610'(476+6'
?69 Fzetv eomkmcgo+ Heaen omkvzmhuhug auyezkncekvnh nsutzn eomkmcgeg
6:7+Ombmonzg EuaekgnImzce nhe zstukfezgg buzgfgoe 2 kmve fe ouzs - Euaekgn Ombmonzg < Ukgy+ fe _vnv fgk Cmh#
fmyn Ino+ fe Fzetv Onvefzn Fzetv nh Nkvzetzekmzgnvuhug+ O`+ 2 OET U_C :4>>+ ?55 \>St+ < :4 oc+
Jgjhgmaz+2 t+ ?64#?5> g k kmvehe fe sujsmh+ 54 ep+G_JK 710#7715#1>#499#6+\:4>>#51>S+# # >+ Zstukfeze buzgfgo Fzetv eomkmcgo+ :+ Fzetv eomkmcgo Zstukfeze buzgfgo+
?69+566+6(415+0'
?61 Fzetv ogygh
6?4+ 2 + 2 K >71#:44-959 ?>+>:+:447+ + 2 *Hnyghnv#Gkim* _ZH :4>>(Vgtmaz+ *Ygve#beso* _ZH'+ :17 t+ < :4 oc+
?44 ep+G_JK 710#7715#6>07#4#6+\:4>>#660S+# # >+ Omfuh ogygh nh Zetujhgogg Cmhfmyn (zus'+
?61(610'(476+6'
?61+> Aekeznhgvg
6?>+ Jnge _ezagu
7/23/2019 BNM 2011-3
19/224
Jgjhgmaznign Kngmknh n Cmhfmyeg Knvgmknh Jgjhgmaznt`w mi Cmhfmyn
>7
Fzetv ogygh 2 Tnzven aekeznh+ Tezsmnkn igrgo+ Tezsmnkn buzgfgo 2 \tekvzu uruh svufekg#hmzS - Jnge _ezgu Zmon Kgomhne < Ukgy+ fe _vnv fgk Cmhfmyn Ino+ fe Fzetv Onvefzn FzetvOgygh+ Ef+ n 6#n+ O`+ 2 _+ k+ :4>> (I+E+#T+ *Vgtmaz+ Oekvznh*'+ ?07 \?S t+ < :6 oc+
Jgjhgmaz+2 t+ ?17#?04 (?5 vgv+' hn sizgvuh ont+ g k kmvehe fe sujsmh+ >444 ep+
G_JK 710#7715#10#790#6+\:4>>#5:9S+# # >+ Fzetv ogygh+
?61+>(415+0'
?61+1 Fzetv omcezognh
6?:+ Ouheaeze fe nove kmzcnvgye k fmcekguh tzmtzgevgg gkfusvzgnhe 2 \k ymh+S - Naekgnfe _vnv tekvzu Tzmtzgevnven Gkveheovunh n Zet+ Cmhfmyn < nhov+2 Hghgn Jmhmonk _yevhnknCukvenku Fgnkn _vgog < ouykv kngkve2 _yevhnkn Cukvenku+ O`+ 2 NAETG :4>4+ :6 oc+ G_JK 710#7715#7>>#94#?+
Ymh+ 5 2 Gkfgongg aemaznigoe fekucgzg fe mzgagke g steognhgvg vznfggmknhe anznkvnve+ :4>4+ ??0 t+ 2 iga+ iga+ omhmz vnj+ Jgjhgmaz+ k kmvehe fe sujsmh+ :54 ep+ G_JK 710#7715#7>>#:1#9+ \:4>>#6?0S+
# # >+ Tzmtzgevnve gkfusvzgnh Nove kmzcnvgye+?61+11(476'
?67 Zncuzg steognhe nhe fzetvuhug
?67+: Fzetvuh cukogg
6??+ 2 + 2 K >94#>9:-509 41+47+:4>4+ + 2 *Hnyghnv#Gkim* _ZH :4>> (Vgtmaz+*Ygve#beso* _ZH'+ >4> t+ < :4 oc+
?44 ep+G_JK 710#7715#6>07#:#0+\:4>>#654S+# # >+ Omfuh cukogg nh Zetujhgogg Cmhfmyn (zus'+
?67+:(610'(476+6'
?67+9 Fzetvuh mozmvgzgg knvuzgg g nh cefguhug komkbuzvmz
6?6+ Nzcmkgrnzen onfzuhug kmzcnvgy nh Zetujhgogg Cmhfmyn hn Fzetvuh euzmtenk k fm#cekguh ynhmzgigozgg fuznjghe g cnknaecekvuhug zesuzsehmz fe nt - nuv+2 A`emza`e Fuon GmkAuoeno Cnzgn _nkfu \ev nh+S < ommzf+ g zef+ v+2 Gmk Auoeno < Nonf+ fe vggke n Cmhfmyeg
Ukgy+ fe _vnv fgk Cmhfmyn+ O`+ 2 OET U_C :4>4+ ?91 t+ 2 `+ vnj+ < :> oc+Nuv+ sukv gkfgong te ys+ i+ fe vgv+ Jgjhgmaz+ hn sizgvuh nzv+ 544 ep+G_JK 710#7715#1>#456#>+\:4>>#641S+# # >+ Fzetvuh mozmvgzgg knvuzgg+
?67+92559(610'
?5NFCGKG_VZNGE TUJHGO+NZV CGHGVNZ
?5>-?56 Nfcgkgsvznge tujhgo
6?5+ + +
7/23/2019 BNM 2011-3
20/224
Ozmkgon ozgg Kz ?#:4>> Jmml nkknhs Kz ?#:4>>
:4
2 \tekvzu uruh svufekghmzS - + + + + + 2 GtF (Gksv+ tekvzu Fecmoznge' :4>>+ 0: t+ < :> oc+ (2 '+
Jgjhgmaz+2 t+ 19#0> (>>7 vgv+'+ >444 ep+
G_JK 710#7715#7011#7#4+\:4>>#506S+# # >+ Nfcgkgvsznge hmonh (zus'+
?5:(610'(415+0'
?55-?57 vggk cghgvnz+ Imze nzcnve
6?9+ Rujom NhepnkfzuA`gfuh zeozuvuhug - nuv+ Nhepnkfzu Rujom < ehnj+2 Nhepnkfzu Tmsvgon Efunzf M`hnfoguo
Nzvuz Ysmvgk \ev nh+S < ommzf+ ef+ Mhan Amzfghn < Nsmo+ *Tzmcm#Hep* Cgk+ Ntzzgg nh Zet+ Cmh#fmyn Oekvzuh _ezygoguhug Ogygh fgk Zet+ Cmhfmyn+ O`+ 2 *Ezgomk* _ZH :4>>+ 60 t+ 2 vnj+ < :4
oc+ Nuv+ esve gkfgonv te ys+ i+ fe vgv+ 6544 ep+G_JK 710#7715#6>>6#6#0+\:4>>#6?7S+# # >+ Zeozug A`gfuzg+
?55+:>(4?9'
?9N_G_VEK _MOGNH+N_GAUZZG _MOGNHE
?96 Tzmjhece smognhe onze zeohnc nbuvmz g nsgsvek+ Vgtuzg fe nbuvmnze smognhe
6?1+ Onznvn FucgvzuNsgsvekn smognh n tezsmnkehmz fetekfekve 2 \tekvzu uruh svufekghmzS - Fucgvzu Onznvn< Ukgy+ Tefnamago *Gmk Ozenka* Ino+2 Tsg`mhmage g Tsg`mtefnamage steognh Onvefzn 2
Nsgsvek smognh+ O`+ 2 _+ k+ :4>4 (Vgtmaz+ UT_ *G+ Ozenka*'+ >6? t+ < :> oc+Jgjhgmaz+2 t+ >6>#>6? (65 vgv+'+ :44 ep+G_JK 710#7715#69#494#9+\:4>>#596S+# # >+ Nsgsvek smognh Tezsmnke fetekfekve+
?96+66(415+0'
6?0+ @nzvn sezygogghmz fgk Cukgogtguh Jhg 2 A`gf tekvzu tzmiesgmkgvgg fgk fmcekguh tzm#veogeg fzetvuzghmz omtgghmz g nfmhesoekghmz - Nsmo+ _MCNVM Tzgczgn Jhg+ Jhg 2 \*_mcnvm*
_ZHS :4>>+ 6> \>S t+ 2 vnj+ omhmz \>S i+ `+ omhmz < :7 oc+I+ i+ fe vgv+ Ntnze ou stzgbgkuh igknkognz nh zetzerekvnkeg Imkfuhug Kngukghmz Ukgve tek#
vzu Omtgg (UKGOEI' k Zet+ Cmhfmyn+G_JK 710#7715#6>77#?#:+\:4>>#544S+# # >+ _ezygogg smognhe Cukgogtguh Jhg A`gfuzg+
?96+466+9(610#:>'(4?9'
6?7+ 3 Heaen ymhukvnzgnvuhug - +#+2 < +#
2 < Gksv+ tekvzu Fecmoznge+ \S 2 Gksv+ imz Fecmoznow :4>>(Vgtmaz+ *Iuzcno`eygog G+G+*'+ ?> \>S t+ < :> oc+
7/23/2019 BNM 2011-3
21/224
Jgjhgmaznign Kngmknh n Cmhfmyeg Knvgmknh Jgjhgmaznt`w mi Cmhfmyn
:>
Vgv+ vepv tnznh+2 hj+ zmc+ zus+ Jgjhgmaz+ k kmvehe fe sujsmh+ Ntnze ou stzgbgkuh igknk#ognz nh Jnhlnk Vzusv imz Fecmoznow n tzmbeov mi v`e Aezcnk Cnzs`nhh Iukf mi v`e Ukgvef_vnves+ ?444 ep+
G_JK 710#7715#6>74#4#4+
\:4>>#50?S+# # >+ Heaen ymhukvnzgnvuhug+?96(476+5'
?1EFUONGE+KYCKV+GK_VZUGZE+VGCT HGJEZ
?1+4 Vgtuzg g tzgkogtgg iukfncekvnhe fe efuonge
Nsgsvekn tsg`mhmago tsg`mtefnamagot g smognh on inovmz nh ferymhvzgg smogevgg+ Yerg Kz ?07#74+
664+ Jmhjmoenku NahngfnOmtghuh ceu cezae k ohnsn G 2 _utmzv tsg`mhmago tekvzu tzgkg g kyvmzg - Nahngfn
Jmhjmoenku Hghgn Tnyheklm < Nonf+ fe vggke n Cmhfmyeg Gksv+ fe vggke nhe Efuongeg+ O`+ 2Gksv+ fe vggke nhe Efuongeg :4>4 (Vgtmaz+ *Tzgkv#Onzm* _ZH'+ 66 t+ 2 imv+ < :> oc+
Jgjhgmaz+2 t+ 6?#66 (?6 vgv+'+ :4 ep+G_JK 710#7715#797>#:#?+\:4>>#?7?S+# # >+ _invuzg efuonvgye tekvzu tzgkg+
?1+4>02?1+47>
66>+ Imzcnzen npgmhmago n eheyghmz k onfzuh fgsogthgkehmz smogmucnke2 nsteove vemzevg#oe g nthgonvgye - Nonf+ fe vggke n Cmhfmyeg Gksv+ fe vggke nhe Efuongeg < ommzf+2 Zmfgon_mhmyeg Nkaehn Onzn+ O`+ 2 *Tzgkv#Onzm* _ZH :4>>+ >:: t+ 2 iga+ vnj+ < :> oc+
Jgjhgmaz+ hn sizgvuh ont+ :5 ep+G_JK 710#7715#6>01#:#4+\:4>>#67>S+# # >+ Efuongn eheyghmz+ :+ Efuonge ogygo+ ?+ Efuonge eomkmcgo+ 6+ Efuonge tzgk aem#
aznige+?1+4>5
66:+ Amhmyeg HghgnIncghgn tzmcmvmz nh ynhmzghmz 2 Vzngkgka tekvzu nfmhesoekgg fgk incghgghe vectmznz fergk#
veaznve - Hghgn Amhmyeg+ \O`+ 2 U_V :4>4S+ >>0 t+ 2 iga+ vnj+ < :4 oc+Jgjhgmaz+2 t+ >>9#>>0 (56 vgv+'+ >44 ep+G_JK 710#7715#19#454#0+\:4>>#561S+# # >+ Efuonge k incghge+
?1+4>0+>
66?+ Tezsteovgyn tsg`msmognh n nsgauzzgg onhgvgg efuongeg k Zetujhgon Cmhfmyn -nuv+2 Kgomhne Juouk Nkaehn Ouoez Fgnkn Nkvmog \ev nhS < ommzf+ v+2 Nahngfn Jmhjmoenku 4+ >6? t+ 2 iga+ vnj+ < :0 oc+
Nuv+ sukv gkfgong te ys+ i+ fe vgv+ Jgjhgmaz+2 t+ >64#>6? (0: vgv+' g hn sizgvuh tnznaznie#hmz+ :5 ep+
7/23/2019 BNM 2011-3
22/224
Ozmkgon ozgg Kz ?#:4>> Jmml nkknhs Kz ?#:4>>
::
G_JK 710#7715#6>01#?#1+\:4>>#67:S+# # >+ Efuonge+
?1+4>5+?
?1+4>9 Nhve mjgeove fe svufgu+ Cnvezgg fe kyckv steognhe666+ Jhgog YezmkgonImzcnzen omkvggkeg hgkaygsvgoe n eheyghmz - Yezmkgon Jhgog < ommzf+ v+2 Vnvgnkn Onhhm 4 (Vgtmaz+ *Tzgkv#Onzm* _ZH'+ >:5 t+ 2 iga+ vnj+ < :> oc+
Jgjhgmaz+2 t+ >>0#>:5 (::: vgv+'+ :5 ep+G_JK 710#7715#797>#0#5+\:4>>#679S+# # >+ Efuonge hgkaygsvgo+ :+ Hgkaygsvgo Cevmfgon tzefzgg+
?1+4>9246920>!>
665+ # 2 GG + 2 ( ' - +#+ 2 + +< + + # + + + 2 U_ Omcznv :447+ >45 t+ 2 iga+ vnj+ < :> oc+
Jgjhgmaz+2 t+ 15 (:: vgv+' g k kmvehe fe sujsmh+ :4 ep+G_JK 710#7715#6454#6#>+\:4>>#600S+# # >+ Hgcjn zus Cevmfgon tzefzgg (zus'+
?1+4>9+46920>>+>9>+>
?1+47> Mzankgrnzen sgsvecuhug fe efuonge g kyckv+ Mzankgrnze omhnz669+Nkunzfgfnovgo *TzmNsno`g* :4>4 - Fgzeogn Aek+ Efuonge Vgkezev g _tmzv Nsmo+
Mjvenso *A`emza`e Nsno`g* Hgoeuh Vemzevgo *A`emza`e Nsno`g* < ommzf+ v+2 Jmzgs YmhmsnvgNkaehn Ouvnseygog+ O`+ 2 *Gukge Tzgc* _ZH :4>4+ 06 t+ 2 iga+ imv+ vnj+ < :> oc+
Vepve2 hj+ zmc+ iz+ zus+ Jgjhgmaz+ hn sizgvuh nzv+ 54 ep+G_JK 710#7715#6>:>#6#0+\:4>>#?7>S+# # >+ Efuonge+ :+ Mzankgrnzen kyckvuhug+
?1+47>(40:'(450'3>?5+>3>??+>3>9>+>
661+ Jmvazms GmkOmctevekn omhnz uk omksvzuov efuongmknh k ferymhvnze 2 \cmkmaznigeS - Gmk Jmv#
azms Hufcghn Iznkurnk < Nonf+ fe vggke n Cmhfmyeg Gksv+ fe vggke nhe Efuongeg+ O`+ 2Gksv+ fe vggke nhe Efuongeg :4>4 (Vgtmaz+ *Tzgkv#Onzm* _ZH'+ >?4 t+ 2 iga+ vnj+ < :> oc+
Jgjhgmaz+2 t+ >::#>?4 (:41 vgv+'+ :5 ep+G_JK 710#7715#797>#7#:+\:4>>#?71S+# # >+ Omctevek omhnz+ :+ Ferymhvnze ouzzgouhnz+
?1+47>
660+ Cnzven AnhgknCnknaecekvuh zesuzsehmz igknkognze nhe gksvgvugghmz fe kyckv tzeukgyezsgvnze -Anhgkn Cnzven < ommzf+ v+2 Kgomhne Juouk < Nonf+ fe vggke n Cmhfmyeg Gksv+ fe vggke nhe
7/23/2019 BNM 2011-3
23/224
Jgjhgmaznign Kngmknh n Cmhfmyeg Knvgmknh Jgjhgmaznt`w mi Cmhfmyn
:?
Efuongeg+ O`+ 2 Gksv+ fe vggke nhe Efuongeg :4>4 (Vgtmaz+ *Tzgkv#Onzm* _ZH'+ >94 t+ 2fgnaz+ vnj+ < :7 oc+
Jgjhgmaz+2 t+ >?1#>6: (>56 vgv+' g k kmvehe fe sujsmh+ :5 ep+G_JK 710#7715#797>#?#4+
\:4>>#?79S+# # >+ Mzankgrnzen kyckvuhug tzeukgyezsgvnz Zesuzse igknkognze+?1+47>2??9+>
667+ Tnkg NhgmknFeogrguken cnknaezgnh k tzmiesgmknhgrnzen onfzuhug fgfnovgo - Nhgmkn Tnkg < ommzf+ v+2
Onhhm Vnvgnkn < Gksv+ fe vggke nhe Efuongeg+ O`+ 2 *Tzgkv#Onzm* _ZH :4>>+ >66 t+ 2 iga+vnj+ < :5 oc+ (Imzcnzen omkvgku < :'+
Zer+2 hj+ zmc+ ekah+ Jgjhgmaz+2 t+ >?9#>66 (>7? vgv+'+ 544 ep+G_JK 710#7715#6>01#5#>+\:4>>#676S+
# # >+ Mzankgrnzen kyckvuhug+?1+47>
654+ Tzmgeovnzen g zenhgrnzen eynhuzgg nuvekvgoe 2 Onfzu omkoetvunh g cevmfmhmago -nuv+2 Nuzehgn Znghenku Cnzgn @nfzo Vnvgnkn Onzvnhenku \ev nh+S < ommzf+ v+2 Cnzgn @nfzoNuzehgn Znghenku < Nonf+ fe vggke n Cmhfmyeg Gksv+ fe vggke nhe Efuongeg+ O`+ 2 Gksv+ fevggke nhe Efuongeg :4>4 (Vgtmaz+ *Tzgkv#Onzm* _ZH'+ >?6 t+ 2 iga+ vnj+ < :7 oc+
Nuv+ sukv gkfgong te ys+ i+ fe vgv+ Vepve2 hj+ zmc+ zus+ Jgjhgmaz+ hn sizgvuh nzv+ :?ep+
G_JK 710#7715#797>#4#7+\:4>>#675S+# # >+ Eynhunze omhnz+
?1+47>
?1? Aekuzg g omhg fe ouhvuz aekeznh+ kyckv fe ouhvuz aekeznh
65>+ Onznjev KnvnhgnNovgygvg fe ferymhvnze tezsmknh k azfgkg 2 Cesnbuh rgheg 2 a`gf tekvzu efuonvmzg g
svufekg - Knvnhgn Onznjev+ O`+ 2 *Anzmcmkv _vufgm* _ZH :4>>+ 90 t+ 2 gh+ < :> oc+Jgjhgmaz+2 t+ 90 (5 vgv+'+ >44 ep+G_JK 710#7715#6>46#7#9+\:4>>#61?S+
# # >+ Efuonge tzeomhnz+ ?1?+:
65:+ Anyzgkn _+ E+M onzve fe vesve tekvzu oeg cgog - _+ E+ Anyzgkn < vznf+ fgk hj+ zus2 Yseymhmf Oezkeg+
Ef+ n ?#n+ O`+ 2 *Jgjhgmk* _ZH :4>4 (I+E+#T+ *Vgtmaz+ Oekvznh*'+ >>> \>S t+ 2 gh+ vnj+ < :0oc+ (Ferymhvnzen omtghuhug < ?#6 nkg' (Jghhgmk'+
Vgv+ mzga+2 + Nuv+ esve gkfgonv te ys+ i+ fe vgv+ ?444 ep+G_JK 710#7715#>>:#:7#>+\:4>>#5?7S+# # >+ kyckv tzeomhnz+
?1?+:
7/23/2019 BNM 2011-3
24/224
Ozmkgon ozgg Kz ?#:4>> Jmml nkknhs Kz ?#:4>>
:6
65?+ Heogg ncurnkve 2 epezoggg tekvzu ferymhvnzen cecmzgeg akfgzgg nvekgeg cmvmzgoggseoukfnze 2 ?#6 \nkgS - \nfntv+ fe Omksvnkvgk Fznamcgz < tgov+2 Y+ Yn`vgkS+ O`+ 2 *Jgjhgmk* _ZH:4>4 (*Omcjgknvuh Tmhgaznigo fe hgv+ tekvzu omtgg* mz+ Tezeshnyhg#Rnhessolgg Zusgn'+ \:4S t+ 2gh+ gh+ omhmz < :: oc+ (Jghhgmk'+
Vgv+ mzga+2 + I+ i+ fe vgv+ 5444 ep+G_JK 710#7715#>>:#?:#>+\:4>>#665S+# # >+ kyckv tzeomhnz+
?1?+:
656+ Heogg ncurnkve 2 epezoggg tekvzu ferymhvnzen cecmzgeg akfgzgg nvekgeg cmvmzgoggseoukfnze 2 6#5 \nkgS - \nfntv+ fe Omksvnkvgk Fznamcgz < tgov+2 Y+ Yn`vgkS+ O`+ 2 *Jgjhgmk* _ZH:4>4 (*Omcjgknvuh Tmhgaznigo fe hgv+ tekvzu omtgg* mz+ Tezeshnyhg#Rnhessolgg Zusgn'+ \:4S t+ 2gh+ gh+ omhmz < :: oc+ (Jghhgmk'+
Vgv+ mzga+2 + I+ i+ fe vgv+ 5444 ep+
G_JK 710#7715#>>:#??#0+\:4>>#669S+# # >+ kyckv tzeomhnz+
?1?+:
655+Heogg ncurnkve 2 epezoggg tekvzu ferymhvnzen cecmzgeg akfgzgg nvekgeg cmvmzgoggseoukfnze 2 5#9 \nkgS - \nfntv+ fe Omksvnkvgk Fznamcgz < tgov+2 Y+ Yn`vgkS+ O`+ 2 *Jgjhgmk* _ZH:4>4 (*Omcjgknvuh Tmhgaznigo fe hgv+ tekvzu omtgg* mz+ Tezeshnyhg#Rnhesslgg Zusgn'+ \:4S t+ 2 gh+gh+ omhmz < :: oc+ (Jghhgmk'+
Vgv+ mzga+2 + I+ i+ fe vgv+ 5444 ep+G_JK 710#7715#>>:#?6#5+\:4>>#661S+# # >+ kyckv tzeomhnz+
?1?+:
659+ Cevmfmhmagn tzmgeovzgg tzmoesuhug efuongeg hn omtggg fe ?#5 nkg k gksvgvugghe tze#omhnze - nuv+2 _vehn Oecmzvnk Bnkn Znou Hnzgsn Ourkemy \ev nh+S < ommzf+ v+2 _vehn Oecmzvnk< Nonf+ fe vggke n Cmhfmyeg Gksv+ fe vggke nhe Efuongeg+ O`+ 2 Gksv+ fe vggke nhe Efuong#eg :4>4 (Vgtmaz+ *Tzgkv#Onzm* _ZH'+ >:: t+ 2 vnj+ < :7 oc+
Nuv+ sukv gkfgong te ys+ i+ fe vgv+ Jgjhgmaz+2 t+ >:: (?: vgv+'+ :5 ep+G_JK 710#7715#797>#>#9+\:4>>#?75S+# # >+ Efuonge tzeomhnz+
?1?+:
?19 Efuongn g gksvzugzen ukmz onveamzgg steognhe fe tezsmnke+ kyckv steognh
651+ Juhnv AnhgknTmhgvgog g tznovgog k fmcekguh efuongeg gkohurgye2 kgyeh gkvezkngmknh g kngmknh - Anhgkn
Juhnv < Cgk+ Efuongeg nh Zet+ Cmhfmyn < Nsmo+ Mjvenso HUCM_ Imukfnvgmk Cmhfmyn+ O`+2 *Onsn Gcnam* _ZH :4>>+ >9 t+ < ?4 oc+
I+ i+ fe vgv+ Jgjhgmaz+2 t+ >9 (>4 vgv+' g k kmvehe fe sujsmh+ >54 ep+G_JK 710#7715#6>?9#6#4+
\:4>>#505S+
7/23/2019 BNM 2011-3
25/224
Jgjhgmaznign Kngmknh n Cmhfmyeg Knvgmknh Jgjhgmaznt`w mi Cmhfmyn
:5
?19
650+ Ouoez NkaehnTsg`momzeogn vuhjuzzghmz fe hgcjnb tzgk nogukg fe vezntge omcthep 2 \cmkmaznigeS - Nk#
aehn Ouoez < ommzf+ v+2 Kgomhne Juouk < Nonf+ fe vggke n Cmhfmyeg Gksv+ fe vggke nhe Efu#
ongeg+ O`+ 2 *Tzgkv#Onzm* _ZH :4>4+ >>4 t+ 2 fgnaz+ vnj+ < :0 oc+Zer+2 hj+ ekah+ zus+ Jgjhgmaz+2 t+ 06#74 (:49 vgv+' g k kmvehe fe sujsmh+ :5 ep+G_JK 710#7715#6>01#6#6+\:4>>#67?S+# # >+ Efuongn tezsmnkehmz ou feigogeke fe ymzjgze+
?19+?9
?10 kyckv sutezgmz+ Ukgyezsgvg+ Ouzsuzg ukgyezsgvnze
657+ Jnogu _ezaguCnknaecekvuh onhgvgg k kyckvuh sutezgmz - _ezagu Jnogu < zef+ v+2 Kgomhne
_ghgsvznzu < Nonf+ fe vggke n Cmhfmyeg Gksv+ fe vggke nhe Efuonge+ O`+ 2 Gksv+ fe vggke nheEfuongeg :4>> (Vgtmaz+ *Tzgkv#Onzm* _ZH'+ >00 t+ 2 iga+ vnj+ < :7 oc+Jgjhgmaz+2 t+ >04#>00 (:>? vgv+'+ :5 ep+G_JK 710#7715#7905#0#6+\:4>>#?76S+# # >+ kyckv sutezgmz Cnknaecekv+
?10
694+ Mtmzvukgvg cevmfmhmagoe nhe kyckvuhug sutezgmz 2 _v+ vemzevgom#tznovgo - nuv+2Anagc Gmk Auu Yhnfgcgz _ghgsvznzu Kgomhne \ev nh+S < ommzf+2 _ghgsvznzu Kgomhne < Gksv+ fe vggkenhe Efuongeg Ukgy+ fe _vnv fgk Vgznstmh+ O`+ 2 U_V :4>4+ >66 t+ 2 vnj+ < :4 oc+
Jgjhgmaz+2 t+ >6>#>66 (07 vgv+'+ 544 ep+G_JK 710#7715#19#4:7#6+\:4>>#56?S+# # >+ kyckv sutezgmz Cevmfmhmage+
?10
Tnuh Jznk Eomkmcgs ighmsmi oezoevvmz tefnama+ Yerg Kz 647+
?7EVKMHMAGE+EVKMAZNIGE+MJGOEGUZG+VZNFGGG+FNVGKG+IMHOHMZ
69>+ Ukgyezsuh vznfggghmz 2 \tmtmnzehmz hucgg k gcnagkgS - Efunzf Tug Gmk A`emza`guNhepnkfzu Ogcjzgoguo \ev nh+S+ O`+ 2 Nonf+ *veink oeh Cnze* n CNG :447+ 01 t+ 2 imv+ omhmz 0 p :6 oc+
Jgjhgmaz+2 t+ 0:#01+ :44 ep+G_JK 710#7715#7?4#7?#:+\:4>>#519S+# # >+ Vznfggg nhe tmtmnzehmz hucgg+
?7>-?7:(>44'(406'
5 CNVECNVGO+ VGGKE NHE KNVUZGG54:-546 Knvuzn+ _vufguh g tzmveogn knvuzgg+ vggkn cefguhug komkbuzvmz
69:+ Neyso`g Ynhekvgk
7/23/2019 BNM 2011-3
26/224
Ozmkgon ozgg Kz ?#:4>> Jmml nkknhs Kz ?#:4>>
:9
_eouzgvnven eomhmago 2 Cnkunh - Ynhekvgk Neyso`g < zei+ v+2 Azgamze _vnsgey Ynhekvgk_mizmkg Gmk Cehgnk < zef+ v+2 Nuzehgn Ozgymg < Ukgy+ fe _vufgg Tmhgvgoe g Eomk+ Euzmteke Ino+fe Eomhmage g Tzmveogn Cefguhug+ O`+ 2 _+ k+ :4>> (Vgtmaz+ *Impvzmv* _ZH'+ :40 t+ < :6 oc+
Zer+2 hj+ ekah+ Jgjhgmaz+2 t+ >7?#>75 (60 vgv+'+ >44 ep+
G_JK 710#7715#6>04#>#4 (k omt+ vnze'+\:4>>#6:4S+# # >+ Eomhmage Tzmveoge+
546+49(415+0'
69?+ Ve`kmhmagg eomhmagoe 2 _utmzv fgfnovgo - Hnrz O`gzgo Vnvgnkn Fufkgoekom NkknVgveklm \ev nh+S < zef+ v+2 Azgamze _vnsgey < Ukgy+ fe _vnv fgk Cmhfmyn Ino+ Jgmhmage g Tefmhm#age Ukgy+ Kn+ fgk @nzlmy *Y+ K+ Lnznsgk* Ino+ Eomhmage+ O`+ 2 OET U_C :4>>+ :95 \>St+ 2 vnj+ < :4 oc+
Jgjhgmaz+2 t+ :59#:9: (>4> vgv+'+ >44 ep+G_JK 710#7715#1>#41>#0+
\:4>>#647S+# # >+ Eomhmage Tzmveoge Ve`kmhmagg+ :+ Ve`kmhmagg fe cefgu+
546+492516(415+0'
5>CNVECNVGO
696+ No`gzg GmkCnvecnvgo 2 Cmfehe fe vesve sucnvgye 2 Oh+ n 7#n - Gmk No`gzg Ynhekvgkn Oentn Mhan
tukvekom+ O`+ 2 Hwoeuc :4>> (I+E+#T+ *Vgtmaz+ Oekvznh*'+ 74 t+ 2 iga+ vnj+ < :6 oc+5444 ep+G_JK 710#7715#7?7#50#6+
\:4>>#5:?S+# # >+ Cnvecnvgo Vesve+5>(417'
695+ No`gzg GmkCnvecnvgon 2 Cmfehe fe vesve sucnvgye tekvzu oh+ n >:#n 2 Tzmigh zenh+ Tzmigh ucnkgsvgo
nzve g stmzv - No`gzg Gmk Ynhekvgkn Oentn Mhan tukvekom+ O`+ 2 Hwoeuc :4>> (I+E+#T+*Vgtmaz+ Oekvznh*'+ >5: t+ 2 iga+ vnj+ < :6 oc+ (Njsmhygze'+
?444 ep+G_JK 710#7715#7?7#57#>+\:4>>#5::S+
# # >+ Cnvecnvgon Vesve+5>(417'
699+*Novunh tzmjhecs mi cnv`ecnvgos nkf gkimzcnvgos* sogekvgigo omki+ (:4>4 9 t+ 2 iga+ < :4 oc+
Nuv+ sukv gkfgong k onsevn ve`k+ I+ omt+ :6744 ep+\:4>>#6:?S+# # >+ Cnvecnvgo+
5>(419+5'
690+ Gfec k hj+ zus 2 *Lnkamuzmu :4>>* + O`+ 2 *Yean* O+E+ NM :4>> (Vgtmaz+ Ef+ *Ukgyezsuh* _'+ >9 t+ 2iga+ < :4 oc+
Nuv+ sukv gkfgong k onsevn ve`k+ I+ omt+ 9444 ep+\:4>>#6:6S+# # >+ Cnvecnvgo (zus'+
5>(419+5'
697+ 2 2 + - \ +S < vznf+ fgk hj+ zmc+2 GmkNo`gzg+ ?# + + O`+ 2 Tzuv Gkvezkngmknh \:4>>S (I+E+#T+ *Vgtmaz+ Oekvznh*'+ 06t+ < :6 oc+
G_JK 710#7715#97#796#0 (ezmknv'+
\:4>>#564S+# # >+ Cnvecnvgo Vesve (zus'+5>(417'
5?IGRGO
5?> Ceonkgo vemzevgo+ Ceonkgon smhgfuhug g n omztuzghmz zgagfe
614+ Nkvmhmagn gkyekgghmz 2 \k 6 ymh+S - G+ Jmsvnk Y+ Fuha`gezu N+ _mo`gzenku \ev+ nhS > (Omcjgknvuh Tmhgaz+'+ :5 oc+ G_JK 710#7715#6>44#7#4+
Ymh+ > 2 Vznkscgsgg thnkevnze tzeoesgmknhe 2 _gkvere svzuovuznhe+ Vemzgn nkazekzgg+ Og#
kecnvgon+ Fgkncgon+ Onhouhuh fe zergsvek+ Fesozgezg fe gkyekge+ :4>>+ 57: \>S t+ 2 iga+iga+ omhmz vnj+ Jgjhgmaz+ hn sizgvuh ont+ 544 ep+ G_JK 710#7715#6>17#4#1 (k omt+ vnze'+ \:4>>#617S+
# # >+ Vznkscgsgg thnkevnze tzeoesgmknhe Jzeyeve fe gkyekge+5?>+0244>+076
61>+ Omcnk A`emza`eCeonkgon vemzevgo+ _vnvgon g ogkecnvgon 2 Cnvezgnh fgfnovgo tekvzu eynhuzg ouzekve -
nuv+2 A`emza`e Omcnk Ynsghe Zusu < zest+ ef+2 A`emza`e Omcnk < Ukgy+ Ve`k+ n CmhfmyegIno+ Onhouhnvmnze Gkimzcnvgo g Cgozmeheovzmkgo Onvefzn Ceonkgon Vemzevgo+ O`+ 2 UVC:4>>+ 64 \>S t+ 2 iga+ < :> oc+
Nuv+ sukv gkfgong te ys+ i+ fe vgv+ ?44 ep+
7/23/2019 BNM 2011-3
28/224
Ozmkgon ozgg Kz ?#:4>> Jmml nkknhs Kz ?#:4>>
:0
\:4>>#614S+# # >+ Ceonkgo vemzevgo+
5?>-5?6(415+0'
56O@GCGE+OZG_VNHMAZNIGE+CGKEZNHMAGE
61:+ O`etvknzu OmksvnkvgkCnvezgnh fgfnovgo hn o`gcge 2 Tekvzu svufekgg svzgkg 2 (nufgvmzg tzeukgy+' - Omksvnkvgk
O`etvknzu Nkn V`mzeno < Ukgy+ fe Cefgogk g Inzcnoge *Kgomhne Vesvecgnku* OnvefznO`gcge Aek+ O`+ 2 OET *Cefgogkn* :4>>+ >01 t+ 2 iga+ vnj+ < :> oc+
Jgjhgmaz+2 t+ >05 (0 vgv+'+ >44 ep+G_JK 710#7715#7>?#6:#?+\:4>>#659S+# # >+ O`gcge+
56(415+0'
51VGGKE JGMHMAGOE61?+ Anhgkn Hutnou 2 Fmovmzuh`njghgvnv k jgmhmage omkiezekgnz oezoevvmz 2 hn 94 fe
nkg 2 Ymh+ mcnagnh - Nonf+ fe vggke n Cmhfmyeg Gksv+ fe Aekevgo g Igrgmhmage n Thnkvehmz nhNC+ O`+ 2 Gksv+ fe Aekevgo g Igrgmhmage n Thnkvehmz nh NC :4>> (Vgtmaz+ NC'+ 90 t+ 2imv+ imv+ omhmz < :: oc+
Jgjhgmaz+ huozzghmz fmov+ `njghgvnv Anhgkn Hutnou2 t+ >>#65+ >44 ep+G_JK 710#7715#9:#:74#5+\:4>>#50:S+# # >+ Hutnou Anhgkn >75># jgmhma Jgmaznige+
51(47:'
516 Eomhmage aekeznh+ @gfzmjgmhmage+ Jgmaemaznige
616+ Fuon A`emza`eO`gcgn eomhmago 2 kfzucnz hn ouzsuh fe heogg vemzevgoe g fe hnj+ - A`emza`e Fuon Cn#
zgn Amkn Fgnkn Tmzujgk < Ukgy+ fe _vnv fgk Cmhfmyn Ino+ fe O`gcge g Ve`kmhmage O`gcgoOnvefzn O`gcge Gkfusvzgnh g Eomhmago \ev nh+S+ O`+ 2 OET U_C :4>>+ >?5 \>S t+ 2 iga+ ??#>?6 (:6 vgv+'+ 54 ep+G_JK 710#7715#1>#411#4+\:4>>#51:S+# # >+ O`gcge eomhmago+
516(419+5'
615+ Tzmazncuh kngmknh tzgygkf cnknaecekvuh fuznjgh nh sujsvnkehmz o`gcgoe k Ze#tujhgon Cmhfmyn 3 Knvgmknh Tzmazncce mk _mukf Cnknaecekv mi O`ecgonhs gk v`e Zetujhgomi Cmhfmyn - Ukgvef Knvgmks Ekygzmkcekvnh Tzmaz+ V`e Cgk+ mi Ekygzmkcekv mi v`e Zet+ mi v`eZet+ mi Cmhfmyn < cecjzgg azutuhug fe huozu Vncnzn Auygz Hgufcghn Cnzfu`neyn OmksvnkvgkCmamzenku \ev nh+S < ommzf+ Omzkehgu Czrn+ O`+ 2 *Anzmcmkv _vufgm* _ZH :4>4+ 95 < 5? t+2 vnj+ < :7 oc+
Vgv+ vepv tnznh+2 hj+ zmc+ ekah+ Tnagknge tnznh+ Onzve#ynhev (**'+ Ntnzeou stzgbgkuh igknkognz nh Tzmaz+ *_vnzv zntgf*+ >44 ep+
G_JK 710#7715#6>46#9#5+
7/23/2019 BNM 2011-3
29/224
Jgjhgmaznign Kngmknh n Cmhfmyeg Knvgmknh Jgjhgmaznt`w mi Cmhfmyn
:7
\:4>>#61:S+# # >+ Cnknaecekvuh sujsvnkehmz o`gcgoe Zetujhgon Cmhfmyn (zmc+ ekah+'+
516(610'3>?5+>3>>>
9 VGGKE NTHGONVE+ CEFGOGK+ VE@KGO
9>CEFGOGK
9>> Nknvmcge+ Nknvmcge omctnznv
619+ @enf nkf Keol Nknvmcw 2 Jnsgo omuzse imz svufekvs mi Fekvgsvzw - V`e _vnveCefgonh nkf T`nzcnoeuvgonh Ukgy+ Kgomhne Vesvecgvnku Fet+ mi @ucnk Nknvmcw < omhheovefnkf ehnj+ jw Hghgnk Ahmjn+ O`+ 2 Ef+#Tmhgaz+ Oekvez *Cefgogkn* :4>>+ :>6 t+ 2 iga+ vnj+ < :7oc+
14 ep+G_JK 710#7715#7>?#66#1+
\:4>>#559S+# # >+ Nknvmcge zeagmknh (ekah+'+
9>>+7(415+0'
611+ Huozzg tznovgoe hn Nknvmcgn Mcuhug 2 (A`gf tekvzu nuvmgksvzugze' 2 \k ymh+S - Ukgy+fe _vnv fe Cefgogk g Inzcnoge *Kgomhne Vesvecgnku* Onvefzn Nknvmcgn Mcuhug+ Ef+ n ?#n+ O`+ 2 _+ k+ :4>> (*Vgtmaz+#_gzgus* _ZH'+ :7 oc+ G_JK 710#7715#7079#7#5+
Ymh+ : 2 Ygsoeze+ _gsvecuh Kezyms Oekvznh - V+ Hutnou G+ Onvezekguo H+ Ahmjn \ev nh+S+ :4>>+ :7: t+ 2 iga+ vnj+ Jgjhgmaz+2 t+ :7>+ 544 ep+ G_JK 710#7715#6>6?#7#5+ \:4>>#646S+
# # >+ Nknvmcgn mcuhug+9>>(419+5'
9>? Gagek+ _kvnve g gagek tezsmknh
610+ Nthgonzen oukmvgkehmz fgk igrgmhmage g cefgogk stmzvgy k tznovgon stmzvuzghmz -Cnzg Nhepnkfzu Cnzg Nhepnkfzu N+ Cnkmhno`e Ygovmz \ev nh+S < Ukgy+ fe _vnv fe EfuongeIgrgo g _tmzv Onvefzn Cefgogk _tmzvgy+ O`+ 2 Ef+ U_EI_ :4>>+ :>9 t+ 2 iga+ vnj+ < :>oc+
Nuv+ sukv gkfgong te omt+ Jgjhgmaz+2 t+ :41#:>6 (71 vgv+'+ >44 ep+G_JK 710#7715#6411#0#9+\:4>>#64>S+
# # >+ Cefgogk stmzvgy+ 9>?+1:2179+4>
617+ Ohgynf _yevhnknOezoevnzensvznveagghmz fe omtgka k sgvungghe fe svzes nh vgkezghmz fgk omcukgvnven HAJV
3 # - _yevhnkn Ohgynf Nhepnkfzu Ohgynf < zef+ g omksuhvnkv v+2 _yevhnkn Zuskno < Oekvzuhfe gkimzcngg *Aekfezfmo#C*+ O`+ 2 _+ k+ :4>4 (Omcjgknvuh Tmhgaz+'+ >>6 t+ 2 iga+ vnj+ < >0oc+
Vgv+ vepv tnznh+2 hj+ zmc+ zus+ Jgjhgmaz+2 t+ 55 >>6 (7 vgv+' g k kmvehe sujsmh+ Ntnzeou stzgbgkuh igknkognz nh Nsmo+ anw#hmz g hesjgekghmz *OMO* fgk Mhnkfn g omkfuoezgg v+ nh Gksv+
fe Imzcnze g Oezoevnze _mognh UHGC+
7/23/2019 BNM 2011-3
30/224
Ozmkgon ozgg Kz ?#:4>> Jmml nkknhs Kz ?#:4>>
?4
\:4>>#594S+# # >+ @mcmsepunhgvnve (zmc+ zus'+
9>?+005
604+keheae#c nsouhv#c 2 A`gf tekvzu steognhgvgg fgk fmcekguh kazgbgzgg g tzmveog#eg omtgghmz - Nsmo+ _MCNVM Tzgczgn Jhg Gksv+ fe Zeimzce Teknhe < nu omkvzgjugv2 YnhekvgknTzgonk Bnkn O`g`ng Gzgkn Bfnkmy \ev nh+S+ Jhg 2 \*_mcnvm* _ZHS :4>>+ 79 t+ 2 iga+ vnj+ >> vgv+'+ Ntnze ou stzgbgkuh igknkognz nh Zetzerekvnkeg UKGOEI kZet+ Cmhfmyn+
G_JK 710#7715#6>77#:#5+\:4>>#677S+# # >+ _kvnven g gagekn omtgghmz+
9>?+75,>57+7::+1
9>5 Inzcnomhmage+ Veznteuvgo+ Vmpgomhmage
60>+ Tsg`mvezntge 2 _utmzv fe ouzs 2 Tekvzu svufekgg ukgy+ ucnkgvnze g fe cefgogk -NM *_mcnvm* < azutuh fe huozu2 Knou Nknvmh O`g`ng Bnkn Gnoujmyso`g Omzkehgn+ O`+ 2 \*_m#cnvm* _ZHS :4>4+ ::6 \>S t+ 2 iga+ vnj+ < :7 oc+
I+ i+ fe vgv+ Jgjhgmaz+2 t+ :::#::6 (91 vgv+'+ Ntnze ou stzgbgkuh igknkognz nh Fgzeogeg Ehye#geke fe Ferymhvnze g Omhnjmznze k Zet+ Cmhfmyn+
G_JK 710#7715#6>77#6#7+\:4>>#54>S+# # >+ Tsg`mvezntge+
9>5+05>(415+0'
60:+ Gfec k hj+ zus 2 + + 2 \*_mcnvm* _ZHS :4>4+ :44 t+ 2 vnj+ < :7oc+I+ i+ fe vgv+ Jgjhgmaz+2 t+ >75#:44 (>19 vgv+'+ Ntnze ou stzgbgkuh igknkognz nh Fgzeogeg Eh#
yegeke fe Ferymhvnze g Omhnjmznze k Zet+ Cmhfmyn+G_JK 710#7715#6>77#5#9+\:4>>#54:S+# # >+ Tsg`mvezntge (zus'+
9>5+05>(415+0'
60?+ Zmo`e 2 Ynfeceouc 2 \omctnkge fgk fmcekguh inzcnoeuvgogg g n fgnakmsvgouhugS -Zetzerekvnkn fgk Cmhfmyn *@miicnkk Hn#Zmo`e Hvf*+ \O`+ 2 _+ k+ :4>> (Vgtmaz+ *JmksMiigoes* _ZH'S+ :6: \:S t+ 2 vnj+ \9S t+ iga+ omhmz < :4 oc+
\:4>>#666S+# # >+ Inzcnoeuvgo+ :+ Fgnakmsvgo+
9>5,9>9#41>
9>9 Tnvmhmage+ Cefgogk ohgkgo
9>9+>-+7 Tnvmhmage steognh
9>9+07 Tsg`gnvzge+ Tsg`gnvzge tnvmhmago tsg`mtnvmhmage+ Tsg`mre
606+ O`g`ng BnknCnknaecekvuh fe onr k skvnven cgkvnh 2 A`gf tznovgo - Bnkn O`g`ng HnzgsnJmfezsomyn+ \O`+ 2 *_mcnvm* _ZHS :4>4+ :4 t+ 2 vnj+ < :> oc+
7/23/2019 BNM 2011-3
31/224
Jgjhgmaznign Kngmknh n Cmhfmyeg Knvgmknh Jgjhgmaznt`w mi Cmhfmyn
?>
Jgjhgmaz+2 t+ :4 (?: vgv+'+ I+ i+ fe vgv+G_JK 710#7715#7704#:#6+\:4>>#54?S+# # >+ _kvnve cgkvnh _ezygogg omcukgvnze+
9>9+07605+ Eo`gtn omcukgvnz fe skvnve cgkvnh 2 A`gf tznovgo - ehnj+2 Bnkn O`g`ng Hnzgsn
Jmfezsomyn+ \O`+ 2 *_mcnvm* _ZHS :4>4+ >7 t+ 2 iga+ vnj+ < :> oc+Jgjhgmaz+2 t+ >7 (:4 vgv+'+ I+ i+ fe vgv+ Ntnze ou stzgbgkuh igknkognz nh FFO n Ehyegeg k
Cmhfmyn+G_JK 710#7715#7704#?#>+\:4>>#546S+# # >+ _kvnve cgkvnh _ezygogg omcukgvnze+
9>9+07
609+kfzucnz heagshnvgy g kmzcnvgy k nomzfnzen sezygogghmz fe skvnve cgkvnh - Cgk+_kvgg nh Zet+ Cmhfmyn < nu omhnj+2 Cg`ngh @mvgkenku Hnzgsn Jmfezsomyn Bnkn O`g`ng \evnh+S+ \O`+ 2 *_mcnvm* _ZHS :4>>+ :51 t+ :7 oc+
Vepve2 hj+ zmc+ zus+ Ntnze ou stzgbgkuh igknkognz nh Naekgeg Ehyegeke tekvzu Ferymh#vnze g Ommteznze tzgk gkvezcefguh Jgzmuhug fe Ommteznze nh Ehyegeg hn O`ggku+
G_JK 710#7715#6>77#>#0+\:4>>#670S+# # >+ _kvnve cgkvnh Nove heagshnvgye g kmzcnvgye+
9>9+07(476'3>?5+>3>9>+>
601+ Cnknaecekvuh onhgvgg k sezygogghe fe skvnve cgkvnh 2 A`gf tznovgo - ehnj+2 BnknO`g`ng Hnzgsn Jmfezsomyn+ \O`+ 2 *_mcnvm* _ZHS :4>4+ :> t+ 2 iga+ < :> oc+Jgjhgmaz+2 t+ :> (>1 vgv+'+ I+ i+ fe vgv+ Ntnze ou stzgbgkuh igknkognz nh FFO n Ehyegeg kCmhfmyn+
G_JK 710#7715#7704#5#5+\:4>>#545S+# # >+ _kvnve cgkvnh _ezygogg omcukgvnze+
9>9+07
600+ Mzankgrnzen g iukogmknzen sezygogghmz fe skvnve cgkvnh 2 A`gf tznovgo - ehnj+2Bnkn O`g`ng Hnzgsn Jmfezsomyn+ \O`+ 2 *_mcnvm* _ZHS :4>4+ 99 t+ 2 iga+ vnj+ < :7 oc+
I+ i+ fe vgv+ Ntnze ou stzgbgkuh igknkognz nh FFO n Ehyegeg k Cmhfmyn+
G_JK 710#7715#6>77#4#>+\:4>>#671S+# # >+ _kvnve cgkvnh Mzankgrnzen sezygogghmz+
9>9+07
607+ Znghenk A`emza`e_gkfzmncehe nhagoe fgk omkvepvuh vuhjuzzghmz tsg`myeaevnvgye hn omtgh - A`emza`e
Znghenk < Gksv+ Cefgom#_nkgvnz Tujhgo Gksv+ fe Oezoevzg v+ k Fmcekguh Mozmvgzgg _kvggCnceg g Omtghuhug+ O`+ 2 *Ezgomk* _ZH :4>>+ :>0 t+ 2 iga+ vnj+ \0S t+ iga+ omhmz < :> oc+
Jgjhgmaz+2 t+ >71#:49 (96 vgv+'+ 544 ep+G_JK 710#7715#6>>6#5#5+
\:4>>#664S+# # >+ Jmhg oezejznhe Omtgg+
7/23/2019 BNM 2011-3
32/224
Ozmkgon ozgg Kz ?#:4>> Jmml nkknhs Kz ?#:4>>
?:
9>9+0?7#45?+:
674+ Zenjghgvnzen k skvnven cgkvnh 2 A`gf tznovgo - ehnj+2 Bnkn O`g`ng HnzgsnJmfezsomyn+ \O`+ 2 *_mcnvm* _ZHS :4>4+ :4 t+ 2 so`ece vnj+ < :> oc+
Jgjhgmaz+2 t+ >7#:4 (?6 vgv+'+ I+ i+ fe vgv+ Ntnze ou stzgbgkuh igknkognz nh FFO n Ehyegeg
k Cmhfmyn+G_JK 710#7715#7704#1#7+\:4>>#541S+# # >+ _kvnve cgkvnh Zenjghgvnze+
9>9+07
67>+ _ezygogghe omcukgvnze fe skvnve cgkvnh 2 A`gf tznovgo - ehnj+2 Bnkn O`g`ngHnzgsn Jmfezsomyn Gzgkn Bfnkmy \ev nh+S+ \O`+ 2 *_mcnvm* _ZHS :4>4+ :6 t+ < :> oc+
Jgjhgmaz+2 t+ :6 (:4 vgv+'+ I+ i+ fe vgv+ Ntnze ou stzgbgkuh igknkognz nh FFO n Ehyegeg kCmhfmyn+
G_JK 710#7715#7704#0#9+\:4>>#540S+# # >+ _kvnve cgkvnh _ezygogg omcukgvnze+
9>9+07
67:+ _mhugmknzen ozgrehmz g eo`gtehe fe vznvncekv hn fmcgoghgu k _kvnven Cgkvnh 2A`gf tznovgo - ehnj+2 Bnkn O`g`ng Hnzgsn Jmfezsomyn+ \O`+ 2 *_mcnvm* _ZHS :4>4+ :1 t+ 2iga+ vnj+ < :> oc+
Jgjhgmaz+2 t+ :1 (:5 vgv+'+ I+ i+ fe vgv+ Ntnze ou stzgbgkuh igknkognz nh FFO n Ehyegeg kCmhfmyn+
G_JK 710#7715#7704#7#?+
\:4>>#547S+# # >+ _kvnve cgkvnh Vznvncekv hn fmcgoghgu+9>9+07
67?+ Vznvncekvuh omcukgvnz nigzcnvgy 2 \k sezygogghe fe skvnve cgkvnhS 2 A`gf tznovgo -ehnj+2 Bnkn O`g`ng Hnzgsn Jmfezsomyn+ \O`+ 2 *_mcnvm* _ZHS :4>4+ >0 t+ < :> oc+
Jgjhgmaz+2 t+ >0 (:6 vgv+'+ I+ i+ fe vgv+ Ntnze ou stzgbgkuh igknkognz nh FFO n Ehyegeg kCmhfmyn+
G_JK 710#7715#7704#9#:+\:4>>#549S+# # >+ _kvnve cgkvnh Vznvncekv omcukgvnz+
9>9+07676+ + + 2 #
- + + + + < # + + + \ +S < \+S+ + 2 + + :4>> (Vgtmaz+ *Jmks Miigoes* _ZH'+ 61 \:S t+ 2 iga+ vnj+ < :4 oc+
Jgjhgmaz+2 t+ 65#61 (50 vgv+'+ 544 ep+G_JK 710#7715#04#6?0#1+\:4>>#66:S+# # >+ Jmhg oezejznhe (zus'+
9>9+0?>
7/23/2019 BNM 2011-3
33/224
Jgjhgmaznign Kngmknh n Cmhfmyeg Knvgmknh Jgjhgmaznt`w mi Cmhfmyn
??
9>1 O`gzuzage+ Mzvmtefge+ Mivnhcmhmage
9>1+1 Mivnhcmhmage+ Vuhjuzzg g vznvncekve hn mo`g
675+ Jekfehgo EuaekOmkvurgn mouhnz tnzvgouhnzgvg ohgkgom#tnvmigrgmhmagoe 2 \cmkmaznigeS - Euaek Jekfehgo+ O`+ 2 *_ezejgn* _ZH :4>>+ >75 t+ 2 iga+ omhmz vnj+ \>9S t+ iga+ omhmz < :5 oc+Jgjhgmaz+2 t+ >1:#>75 (641 vgv+'+ :44 ep+G_JK 710#7715#6>91#:#9 (k omt+ vnze'+\:4>>#6>1S+# # >+ Omkvurge mouhnz+ :+ Mivnhcmvznucnvgsce+
9>1+1#41>
9>0 Agkeomhmage+ Mjsvevzgo
679+ ntveizng Hghgnk_vzmcn omkbukovgy k tzmazesgn kemthnrgghmz fe omh uvezgk 2 \svufguS - ntveizng Hghgnk >+
>?7 t+ < :> oc+Jgjhgmaz+2 t+ >>>#>?7 (?96 vgv+'+ >44 ep+G_JK 710#7715#7>?#65#6+\:4>>#5>:S+# # >+ Kemthnrgghe fe omh uvezgk+
9>0+>6#441+5
9:GKAGKEZGE+VE@KGO K AEKEZN
9:4 koezonzen cnvezgnhehmz+ Cnvezgnhe omcezognhe g oukmnvezen cziuzghmz oekvznhe
ekezaevgoe+ Eomkmcge ekezaevgo
671+ Cmonku YgovmzEigogekn ekezaevgo k cukgogtguh O`ggku2 nknhgrn onfzuhug kmzcnvgy g fe tmhgvgog - Ygo#
vmz Cmonku < Gksv+ tekvzu Ferymhvnze g Gkggnvgye _mognhe (GFG_' *Yggvmzuh*+ O`+ 2 GFG_ *Yggvmzuh*:4>> (Vgtmaz+ *C_ Hmam* _ZH'+ 5: t+ < :7 oc+ (Tmhgvgog Tujhgoe < Kz : :4>> G_JK 710#7715#6441#9#?'+
Jgjhgmaz+2 t+ 61#5: (05 vgv+' g k kmvehe fe sujsmh+ 54 ep+G_JK 710#7715#6>59#0#:+\:4>>#6?9S+# # >+ Ekezaevgo Cukgogtguh O`ggku Nove kmzcnvgye+
9:4+7(610#:5'(476+1'
670+ _uzse kevznfggmknhe fe ohfuz 2 Ogohu fe tzeheaezg - Ukgy+ Ve`k+ n Cmhfmyeg Ino+Uzjnkgsc g Nz`gveovuz Onvefzn Nhgcekvnzen ou Ohfuz Anre g Yekvghnze < nhov+2 EheknKgomhney Nkfzeg Jkrnzg < zef+ zest+2 Omksvnkvgk uhenku+ O`+ 2 UVC :4>>+ 16 \:S t+ 2 iga+< ?4 oc+
Jgjhgmaz+2 t+ 16 (:: vgv+'+ >44 ep+G_JK 710#7715#65#>51#6+\:4>>#697S+# # >+ _uzse knvuznhe fe ekezage+
9:4+71299:+771(415+0'
7/23/2019 BNM 2011-3
34/224
Ozmkgon ozgg Kz ?#:4>> Jmml nkknhs Kz ?#:4>>
?6
9:> Omksvzuogn fe cngkg k aekeznh+ Ve`kgo kuohenz+ Eheovzmve`kgo+ Ve`kmhmage
ceonkgo
9:>+0 Mzanke fe cngkg+ Vznkscgvezen ekezageg ceonkgoe
677+ 2 + - < +
+2 < + # + # + *+ + *+ + 2 :4>>+ 591 \>S t+ 2 iga+ vnj+ < :>oc+
Nuv+ sukv gkfgong te omt+ Jgjhgmaz+2 t+ 595#591 (?? vgv+'+ 15 ep+G_JK 710#7715#65#>54#5+\:4>>#696S+# # >+ Mzanke fe cngkg Csuznze g yezgigozg (zus'+
9:>+0(415+0'
9:0 Ve`kgo snkgvnz+ Nt+ Gagek snkgvnz+ Ghucgknv
544+ Cmamzenku KgomhneGhucgknvuh tujhgo k cukgogtguh O`ggku 2 Nsteove iukogmknhe esvevgoe nz`gveovuznhe vu#
zgsvgoe fe eigogek g gkyesvggmknhe - Kgomhne Cmamzenku _ezagu Ntnznvu < Gksv+ tekvzu Fer#ymhvnze g Gkggnvgye _mognhe (GFG_' *Yggvmzuh*+ O`+ 2 GFG_ *Yggvmzuh* :4>> (Vgtmaz+ *C_ Hmam*_ZH'+ ?4 t+ 2 iga+ vnj+ < :7 oc+
Jgjhgmaz+2 t+ ?4 (:9 vgv+' g k kmvehe fe sujsmh+ Ntnze ou stzgbgkuh igknkognz nh OmcgsgegEuzmteke+ 54 ep+
G_JK 710#7715#6>7?#?#0+
\:4>>#6??S+# # >+ Ghucgknv tujhgo Cukgogtguh O`ggku+9:0+71(610#:5'
9?NAZGOUHVUZ+VGGKE G TZMOEFEE KZUFGVE+_GHYGOUHVUZ+EPTHMNVZG NAZGOM#
HE G NHE YGEGG _HJNVGOE
9?>-9?0 Nazgouhvuz
9?> Nazgouhvuz k aekeznh
9?>+? Cngkg nazgomhe+ Eo`gtncekv g uvghnbe nazgomhe
54>+ Nkfzge _eznigcNazmo`gcgn ehecekvehmz kuvzgvgye+ Iezvghgvnven g eomhmagn smhuzghmz - _eznigc Nkfzge < zef+
zest+2 _gcgmk Vmcn < zei+ v+2 Nhepnkfzu Zusu Yhnfgcgz Ighgtoguo < zest+ ef+2 FucgvzuJnhvenkso`g < Nonf+ fe vggke n Cmhfmyeg Cgk+ Nazgouhvuzgg g Gkfusvzgeg Nhgcekvnze n Zet+Cmhfmyn Gksv+ fe Tefmhmage Nazmo`gcge g Tzmveoge n _mhuhug *Kgomhne Fgcm*+ O`+ 2 Tmkvms:4>4 (I+E+#T+ *Vgtmaz+ Oekvznh*'+ ::? \>S t+ 2 vnj+ \0S t+ iga+ omhmz < :5 oc+
Jgjhgmaz+ hn sizgvuh ont+ >444 ep+G_JK 710#7715#5>#:4?#7 (k omt+ vnze'+\:4>>#5:5S+# # >+ Nazmo`gcge+ :+ Iezvghgvnven smhuhug+
9?>+65:,9??
7/23/2019 BNM 2011-3
35/224
Jgjhgmaznign Kngmknh n Cmhfmyeg Knvgmknh Jgjhgmaznt`w mi Cmhfmyn
?5
9??-9?5 @mzvgouhvuz
9?? Ouhvuzn thnkvehmz fe oct
Nkfzge _eznigc+ Nazmo`gcgn ehecekvehmz kuvzgvgye+ Iezvghgvnven g eomhmagn smhuzghmz+
Yerg Kz 54>+95OMKFUOEZE G MZANKGRNZE K GKFU_VZGE OMCEZ G OMCUKGONGG
959 Vznkstmzv k aekeznh+ _ezygogg tmvnhe+ Mzankgrnzen g omkvzmhuh ogzouhngeg
959+> Vznkstmzv zuvgez
54:+ Mkoenku YnsgheZeauhncekvuh ogzouhngeg zuvgeze 3 2 omcekvnv suoogkv 2
\cnkunhS - Ynsghe Mkoenku Omksvnkvgk Ngrekvnfv+ O`+ 2 *Ygve#beso* _ZH :4>>+ >46 t+\:6S t+ fes+ fes+ omhmz < :4 oc+
Vgv+ vepv tnznh+2 hj+ zmc+ zus+ >444 ep+G_JK 710#7715#6>55#?#0+\:4>>#65?S+# # >+ Zeauhncekvuh ogzouhngeg zuvgeze (zmc+ zus'+
959+>>+452?5>+0>>(415'3>?5+>3>9>+>
951 Omkvnjghgvnve
54?+ Juhanzu YezmkgonTezieogmknzen omkvnjghgvgg svmouzghmz hn kvzetzgkfezghe nazgomhe 2 \cmkmaznigeS - Yezmkgon
Juhanzu Nhepnkfzu Izeouenku < Ukgy+ Naznz fe _vnv fgk Cmhfmyn+ O`+ 2 *Tzgkv#Onzm* _ZH
:4>>+ ?>> t+ 2 iga+ vnj+ < :4 oc+Jgjhgmaz+2 t+ :10#:05 (>?6 vgv+' g k kmvehe fe sujsmh+ 54 ep+G_JK 710#7715#6>01#4#9+\:4>>#674S+# # >+ Omkvnjghgvnve kvzetzgkfezg nazgomhe+
951+629?>+>>
901 Gkfusvzgn cjzocgkveg omkieogghmz+ Injzgonzen nzvgomhehmz fe vmnhev g kazgbgzen
aekeznh
546+ Vezeoekom C+Ve`kmhmagn fe tzehuoznze n yesveg tekvzu jzjng 2 Gkfgongg cevmfgoe - nuv+ C+Vezeoekom < Ukgy+ Tefnamago fe _vnv *Gmk Ozenka* fgk O`ggku Ino+ Nzve Thnsvgoe )
Fesgak *Onvefzn Nzve feomznvgye*+ O`+ 2 UT_ *Gmk Ozenka* :4>>+ :5 t+ 2 iga+ < :> oc+Jgjhgmaz+2 t+ :5 (1 vgv+'+ I+ i+ fe vgv+ >44 ep+G_JK 710#7715#69#407#1+\:4>>#599S+# # >+ Yesv tekvzu jzjng Ve`kmhmage+
901+>>:+?(419+5'
545+ Gfec k hj+ zus 2 2 + #+ + 2 UT_ *Gmk Ozenka* :4>>+ ?4 t+ 2 iga+ < :> oc+
Jgjhgmaz+2 t+ ?4 (9 vgv+'+ I+ i+ fe vgv+ >44 ep+
7/23/2019 BNM 2011-3
36/224
Ozmkgon ozgg Kz ?#:4>> Jmml nkknhs Kz ?#:4>>
?9
G_JK 710#7715#69#474#?+\:4>>#591S+
901+>>:+?(419+5'
549+ + + 2 + - + + >+ >91 t+ 2 fes+ vnj+ < :> oc+
Jgjhgmaz++ t+ >91 (>> vgv+'+ 54 ep+G_JK 710#7715#65#>56#?+\:4>>#691S+# # >+ Gkfusvzgn cjzocgkveg (zus'+
901(415+0'
97HUOZZG FE OMK_VZUOGG (FE ON_E K TZGKOGTNH'+ CNVEZGNHE FE OMK_VZUOGE+ VE@#
KMHMAGG G TZMOEFEE K OMK_VZUOGG97> Cnvezgnhe fe omksvzuogg+ Tzg nhe omksvzuogghmz
541+ *CmhfOmksvzuov* < *CmhfEkezaw* gkvezk+ steo+ ep`gjgvgmks (>9< >5 < :4>> :7 \:0S t+ 2 gh+ omhmz < ?4 oc+
Nkvevgv+2 Oekvzuh Gkvezk+ fe Eptmrggg *Cmhfeptm* _N Cgk+ Eomk+ nh Zet+ Cmhfmyn Cgk+Ferymhvzgg Zeagmknhe g Omksvzuogghmz nh Zet+ Cmhfmyn \ev nh+S+ Vepv tnznh+2 hj+ zmc+ ekah+zus+
\:4>>#615S+# # >+ Eptmrggg gkvezkngmknhe steognhgrnve Cnvezgnhe fe omksvzuogg (zmc+ ekah+ zus'+
97>(49>'3>?5+>3>>>3>9>+>
540+ Vnzkmyso`g OmksvnkvgkVe`kmhmagn tzetnzzgg cnvezgnhehmz g ehecekvehmz fe omksvzuoge cgkeznhe hmonhe 2 Ogohu
fe tzeheaezg - Omksvnkvgk Vnzkmyso`g < zef+ zest+2 Omksvnkvgk Vnzkmyso`g < Ukgy+ Ve`k+ n Cmh#fmyeg Ino+ Uzjnkgsc g Nz`gveovuz Onvefzn Ve`kmhmagn Cnvezgnhehmz g Ehecekvehmz fe Omk#svzuoge+ O`+ 2 UVC :4>>+ 0? \>S t+ 2 iga+ vnj+ < :> oc+
Nuv+ esve gkfgonv te ys+ i+ fe vgv+ Jgjhgmaz+2 t+ 0? (7 vgv+'+ 15 ep+G_JK 710#7715#65#>5:#7+\:4>>#695S+# # >+ Cnvezgnhe cgkeznhe Ve`kmhmagg+
97>+:(415+0'
1 NZV+ ZEOZEEZE+ FGYEZVG_CEKV+ _TMZV
10CURGO
547+ Nkvmk TnyehTekvzu vgke 2 Zmcnk - cur+2 Tnyeh Nkvmk < yezsuzg2 Ygovmz Vnhcnog+ O`+ 2 Tmkvms
:4>> (Oekvzuh Ef+ nh UN_C'+ 6 t+ 2 k+ cur+ < :7 oc+
I+ i+ fe vgv+ :44 ep+G_CK 717#4#?604#4>:4#?+
7/23/2019 BNM 2011-3
37/224
Jgjhgmaznign Kngmknh n Cmhfmyeg Knvgmknh Jgjhgmaznt`w mi Cmhfmyn
?1
G_JK 710#7715#5>#::9#0+\:4>>#504S+# # >+ Zmcnke+
106+?
5>4+ Nkvmk TnyehZmcnk tekvzu ygmnz g tgnk - cur+2 Tnyeh Nkvmk+ O`+ 2 Tmkvms :4>>+ 6 t+ 2 k+
cur+ < :7 oc+I+ i+ fe vgv+\:4>>#50>S+# # >+ Zmcnke+
106+?
5>>+ Lmhsn Cg`nghOkveoe 3 _mkas 2 tekvzu ymoe g tgnk - Cg`ngh Lmhsn < zef+ cur+ Vemfmz Rauzenku+
O`+ 2 _+ k+ :4>4 (I+E+#T+ *Vgtmaz+ Oekvznh*'+ 77 \>S t+ 2 k+ cur+ < ?4 oc+Vgv+ vepv tnznh+2 hj+ zmc+ ekah+ Outzgks tnznh+2 hj+ zmc+ ekah+ >444 ep+G_CK 717#4#?604#4>>:#0+G_JK 710#7715#10#796#9+\:4>>#5:7S+# # >+ Curgo ymonh+ :+ Curgo tekvzu tgnk+
106,109+:
5>:+ Lmhsn Cg`nghOzengg omznhe 3 Omznh qmzls - Cg`ngh Lmhsn < zef+ cur+ Vemfmz Rauzenku+ O`+ 2 _+ k+
:4>4 (I+E+#T+ *Vgtmaz+ Oekvznh*'+ >:4 t+ 2 k+ cur+ < ?4 oc+
Vgv+ vepv tnznh+2 hj+ zmc+ ekah+ Outzgks tnznh+2 hj+ zmc+ ekah+ >444 ep+G_CK 717#4#?604#4>>>#>+G_JK 710#7715#10#79?#7+\:4>>#5:1S+# # >+ Curgo omznh+
10?+0
5>?+ Lmhsn Cg`nghYnzgnvgmks 2 Imz tgnkm - Cg`ngh Lmhsn < ef+ Nhepnkfez Tnhew+ O`+ 2 _+ k+ :4>4 (I+E+#T+
*Vgtmaz+ Oekvznh*'+ :1 \>S t+ 2 k+ cur+ < ?4 oc+>444 ep+
G_CK 717#4#?604#4>>4#6+G_JK 710#7715#10#79:#:+\:4>>#5:0S+# # >+ Curgo tekvzu tgnk+
109+:
17FGYEZVG_CEKV+ZEOZEEZE+BMOUZG+_TMZV
179-177 _tmzv+ Bmouzg stmzvgye+ Efuonge igrgo
5>6+ Jnrehe vggkgigom#cevmfgoe nhe tmvekgnhuhug jgmcmvzgo ucnk k onfzuh novgygvghmzstmzvgye 2 (k jnrn fgiezgvehmz cmfehe fe szgvuzg' - Azgamze Ghggk Hnrnzg Tmyesvon Tevzu
7/23/2019 BNM 2011-3
38/224
Ozmkgon ozgg Kz ?#:4>> Jmml nkknhs Kz ?#:4>>
?0
Yn`kmynk \ev+ nhS < Ukgy+ fe _vnv fe Efuonge Igrgo g _tmzv Oekvzuh fe Oezoev+ v+ k Fmce#kguh Efuongeg Igrgoe g _tmzvuhug+ O`+ 2 U_EI_ :4>4+ :44 t+ 2 iga+ vnj+ < :4 oc+
Jgjhgmaz+2 t+ >99#:44 (6>6 vgv+'+ >44 ep+G_JK 710#7715#6411#9#:+
\:4>>#?77S+# # >+ _zgvuzg _tmzv+179+6?>
5>5+ Efuongn igrgo 2 Kmzce fe ntzeogeze n omctevekehmz tsg`mcmvzgoe tekvzu eheyggoh+ n >#>:#n - @kou Hemkgf Jmgnk Gmk _nyn Tnkigh \ev+ nhS < Fgzeogn Aek+ Efuonge Vgkezev g_tmzv+ O`+ 2 *Vgtmaznign#_gzgus* _ZH :4>4+ 66 t+ 2 vnj+ < :> oc+
Jgjhgmaz+2 t+ 6: (6 vgv+'+ 644 ep+G_JK 710#7715#6>6?#0#0+\:4>>#64?S+# # >+ Efuonge igrgo Kmzce+
179+4>:2?1+47>5>9+ Ighgtekom E+Agcknsvgon 2 Zeomcnkfzg cevmfgoe tekvzu svufekgg U_EI_ tzgygkf svufguh ouzsuhug vem#
zevgo tzmazncnv 2 (Vecehe > : ?' - E+ Ighgtekom < Ukgy+ fe _vnv fe Efuonge Igrgo g _tmzvOnvefzn fe Agcknsvgo+ O`+ 2 U_EI_ :4>>+ 04 t+ 2 so`ece < :> oc+
Jgjhgmaz+2 t+ 10 (9 vgv+'+ 54 ep+G_JK 710#7715#6411#7#?+\:4>>#64:S+# # >+ Agcknsvgo+
179+6>(419+5'
5>1+ Ve`kgon vuzgscuhug cmkvnk 2 (omkozevgrzg g suaesvgg ygs#n#ygs fe nzjgvznb' - nuv+2Azgamze Ozoguk Ynfgc Omank Guzge Jezhgkso`g \ev nh+S < Iefezngn _tmzvuhug omhnz fgk Zet+Cmhfmyn Ukgy+ Ommteznvgsv#Omcezognh fgk Cmhfmyn _vngn Mzkenso ng Vgkezghmz Vuzgvgcuk+ O`ggku+ O`+ 2 *Cnpvgtnz* _ZH :4>>+ 64 t+ 2 vnj+ < :4 oc+
Nuv+ sukv gkfgong te ys+ i+ fe vgv+ Jgjhgmaz+2 t+ 64 (>: vgv+'+ 54 ep+G_JK 710#7715#6>0?#4#4+\:4>>#554S+# # >+ Vuzgsc cmkvnk+
179+5(419+5'
5>0+ 2 # 2 ( >6#>0 ' - + + 2 *Vgtmaz+#_gzgus*_ZH :4>>+ :6 oc+
+ ?+ :4>>+ :04 t+ 2 iga+ iga+ vnj+ omhmz+ 544 ep+ G_JK 710#7715#6>06#4#7+ \:4>>#645S+
# # >+ Imvjnh (zus'+179+??:
5>7+ 2 + 7 + - + + 2 *Azniecn Hgjzgs* _ZH
:4>>+ >?5 \>S t+ 2 iga+ vnj+ < :6 oc+>44 ep+
7/23/2019 BNM 2011-3
39/224
Jgjhgmaznign Kngmknh n Cmhfmyeg Knvgmknh Jgjhgmaznt`w mi Cmhfmyn
?7
G_JK 710#7715#5:#>4>#1+\:4>>#5:>S+# # >+ Efuonge igrgo Cnkunhe (zus'+
179(415+?'
5:4+ + + 9#1 #
- + + < + # + + + 2 U_EI_ :4>4+ >:0 t+ 2iga+ vnj+ < :4 oc+
Jgjhgmaz+2 t+ >:4#>:1 (04 vgv+'+ >44 ep+G_JK 710#7715#6411#1#7+\:4>>#644S+# # >+ Agcknsvgo Tzeomhnzg (zus'+
179+6#45?+6
0 HGKAYG_VGO+ IGHMHMAGE+ HGVEZNVUZ04-0>TZMJHECE AEKEZNHE OU TZGYGZE HN HGKAYG_VGO G HGVEZNVUZ+IGHMHMAGE
5:>+ Tmzucj VnvgnknTzmjhece fe tmhgsecge g mcmkgcge hepgonh - Vnvgnkn Tmzucj+ O`+ 2 OET U_C :4>>+
>7> \>S t+ 2 iga+ vnj+ < :> oc+Jgjhgmaz+2 t+ >1?#>05+ 54 ep+G_JK 710#7715#1>#404#4+\:4>>#69>S+# # >+ _ecnkvgo+ :+ Hgcjn gvnhgnk _ecnkvgo+
0>!?1,0>>+>?>+>5::+ Tzmjhece novunhe fe hgkaygsvgo ahmvmfgfnovgo g vggk hgveznz 2 \k ymh+S - Ukgy+ fe
_vnv fgk Cmhfmyn Ino+ fe Hj+ g Hgv+ _vzgke < ommzf+2 Hufcghn Rjnk Yezmkgon Touznzu+ O`+2 OET U_C :4>4+ :4 oc+ G_JK 710#7715#14#769#4+ (Hgcjnbe g omcukgonze'+
Ymh+ 6 Tnzven n :#n2 Novehe Omhmoyguhug Gkvezkngmknh mzankgrnv ou monrgn nkgyezszgg n65#n fe hn imkfnzen Inouhvgg fe Hgcjg g Hgveznvuzg _vzgke n Ukgyezsgvgg fe _vnv fgk CmhfmynO`ggku 5#9 cnzvge :447+ :4>4+ 9?4#>:9? \>S t+ 2 iga+ vnj+ Vepve2 hj+ zmc+ ekah+ iz+aezc+ Zer+2 hj+ zmc+ ekah+ iz+ aezc+ Jgjhgmaz+ hn sizgvuh nzv+ g k kmvehe fe sujsmh+ 94ep+ G_JK 710#7715#14#75:#>+ \:4>>#6>>S+
# # >+ Hgkaygsvgo+ :+ Ozgvgo hgveznz+
04-0>,0:+4(40:'3445:?+ Ygomh KehuFerymhvnzen hgcjnbuhug 2 Omctekfgu - Kehu Ygomh < zei+ v+2 Ygovmz Y+ Azeou _vehn
Oecmzvnk veinkgn Gsno \ev nh+S < Nonf+ fe vggke n Cmhfmyeg Gksv+ fe vggke nhe Efuongeg+ O`+ 2 Gksv+ fe vggke nhe Efuongeg :4>> (Vgtmaz+ *Tzgkv#Onzm* _ZH'+ >>? t+ 2 iga+ vnj+ < :>oc+
Jgjhgmaz+2 t+ >40#>>? (>?? vgv+' g k kmvehe fe sujsmh+ :5 ep+G_JK 710#7715#7905#7#>+\:4>>#?7:S+# # >+ Hgcjnb Ferymhvnze+
0>!:19+?2?1+4
7/23/2019 BNM 2011-3
40/224
Ozmkgon ozgg Kz ?#:4>> Jmml nkknhs Kz ?#:4>>
64
0>> Hgcjg gkfgygfunhe
0>>+>>> Hgcjn ekaher
5:6+ Cgzon FgnknZenf vm henzk nkf henzk vm zenf - Fgnkn Cgzon Hufcghn Zoguh+ Jhg 2 _+ k+ :4>4(*Vgtmaz+ fgk Jhg* _ZH'+ 55 \>S t+ < :> oc+:44 ep+G_JK 710#7715#6>6:#>#4+\:4>>#5>7S+# # >+ Hgcjn ekaher+
0>>+>>>(415+0'
0>>+>?>+> Hgcjn gvnhgnk
Tmzucj Vnvgnkn+ Tzmjhece fe tmhgsecge g mcmkgcge hepgonh+ Yerg Kz 5:>+
0>>+>?5+> Hgcjn zmcc
Cnkmhgg Nfehn+ Vezcekm fe mzgagke azeno+ Yerg Kz 5:5+
0>>+>6 Hgcjn azeno (ehek'
5:5+ Cnkmhgg NfehnVezcekg fe mzgagke azeno 2 \gkvznve k hj+ zmc+S 2 Cnvezgnh fgfnovgo - Nfehn Cnkmhgg < Ukgy+
fe _vnv fgk Cmhfmyn Ino+ fe Hgveze Onvefzn fe Hgkaygsvgo Aekeznh g Ighmhmage Ohnsgo+ O`+ 2 OET U_C :4>>+ >54 \>S t+ 2 fgnaz+ iga+ vnj+ < :4 oc+
Jgjhgmaz+2 >?6#>65+ 54 ep+
G_JK 710#7715#1>#419#?+\:4>>#514S+# # >+ Hgcjn azeno k hepgouh hgcjgg zmcke+ :+ Hgcjn zmck Ehecekve azeoevg+
0>>+>6,0>>+>?5+>(415+0'
0:HGVEZNVUZ
0:-0:> Hgveznvuz nzvgsvgo
0:> Hgveznvuzn hgcjghmz gkfgygfunhe
0:>+>?5+> Hgveznvuz zmck
5:9+ Tzmyezjehe g rgovmzghe zmckghmz - seh+ fe Nknvmh Ygfznou < gh+2 Nhep Fgcgvzmy g_ezae _ncsmkmy < omkoetgn azni+2 Yhnfgcgz Rceey < omt+2 _gcgmk Rncn+ O`+ 2 Hgvezn Gkvez#kngmknh < Juouzevg 2 Hgvezn :4>> (Omcjgknvuh Tmhgaz+'+ :>0 \9S t+ 2 gh+ < :4 oc+ (Jgjhgmveontmtuhnz'+
Jgjhgmaz+2 t+ ::6 (>? vgv+'+G_JK 710#71?#915#710#7 (Hgvezn Juouzevg'+\:4>>#557S+# # >+ Hgveznvuz zmck Tzmyezje Rgovmzg+
0:>+>?5+>#06
0:>+>?5+>(610' Hgveznvuz zmck fgk Zetujhgon Cmhfmyn
5:1+ Jmssg#Fucekenku A`emza`e
7/23/2019 BNM 2011-3
41/224
Jgjhgmaznign Kngmknh n Cmhfmyeg Knvgmknh Jgjhgmaznt`w mi Cmhfmyn
6>
Eomuh cgazekehmz ozgstnve 2 \yezsuzgS - A`emza`e Jmssg#Fucekenku < omt+2 Fnk Keanz+ O`+ 2 Tmkvms :4>4 (Vgtmaz+ *Fgkncm* _N'+ :56 \9S t+ < :4 oc+
>44 ep+G_JK 710#7715#5>#>7>#7+
\:4>>#510S+# # >+ Hgveznvuz zmck fgk Zetujhgon Cmhfmyn Tmerge+0:>+>?5+>(610'#> Jmssg#Fucekenku
5:0+ Ehnfg Cg`ngVmzekvuh gkgcgg 2 Yezsuzg - Cg`ng Ehnfg < tzei+2 Cnzoehn Cnzfnze < tmsvi+2 Zngsn Ogmjnku > (*Vgtmaz+ Zeohncn* _N'+ >:0 \1S t+ < :4oc+
>:4 ep+G_JK 710#7715#5>#:47#>+\:4>>#517S+
# # >+ Hgveznvuz zmck fgk Zetujhgon Cmhfmyn Tmerge+0:>+>?5+>(610'#> Ehnfg
5:7+ Ankaen YgovmzGrymzuh gujgzgg 2 \yezsuzgS - Ygovmz Ankaen+ O`+ 2 *Nfzgan#Ygs* _ZH :4>>+ >:9 \:S t+ oc+:54 ep+G_JK 710#7715#75?9#5#0+\:4>>#61>S+# # >+ Hgveznvuz zmck fgk Zetujhgon Cmhfmyn Tmerge+
0:>+>?5+>(610'#> Ankaen
5?4+ @nsfeu Jmafnk Tevzgoegou_ozgezg 2 k >9 ymh+ - Jmafnk Tevzgoegou @nsfeu < ef+ kazgbgv fe _vnkou Ghgk g G+ Mtzgnk > (Omcjgknvuh Tmhgaz+'+ :: oc+ (Omheogn *Cmvekgze*'+ G_JK 710#7715#91#?79#7+
Ymh+ 5 2 Imhohmzgsvgo - vepv seh+ sv+ gkvzmf+ kmve g omcekv+ fe G+ Mtzgnk+ :4>>+ 67>\>S t+ Jgjhgmaz+ k vepv g k kmvehe fe sujsmh+ Kmve g omcekv+2 t+ 656#600+ >444 ep+ G_JK 710#7715#91#957#5 (k omt+ vnze'+ \:4>>#555S+
# # >+ Hgveznvuz zmck fgk Zetujhgon Cmhfmyn Imhohmzgsvgo+0:>+>?5+>(610'@nsfeu:,0:>+>?5+>(610'#?6? @nsfeu 2?70
5?>+ Thogkv NhepnkfzuZfogkn ygegg 2 fzncnvuzage - Nhepnkfzu Thogkv < omt+2 Nhepnkfzu Thogkv+ O`+ 2
*Ehnk Tmhgazni* _ZH :4>>+ >40 t+ < :> oc+>44 ep+G_JK 710#7715#99#::4#0+\:4>>#606S+# # >+ Hgveznvuz zmck fgk Zetujhgon Cmhfmyn Fzncnvuzage+
0:>+>?5+>(610'#: Thogkv
5?:+ Zuskno YhnfgcgzNfko fe cnze g nfko fe oez 2 Tmergg - Yhnfgcgz Zuskno < tgov+ fe Cg`ngh Tevzgo+ O`+ 2OET U_C :4>>+ :?5 \>S t+ \>S i+ tmzvz+ < :> oc+
7/23/2019 BNM 2011-3
42/224
Ozmkgon ozgg Kz ?#:4>> Jmml nkknhs Kz ?#:4>>
6:
54 ep+G_JK 710#7715#1>#416#7+\:4>>#649S+# # >+ Hgveznvuz zmck fgk Zetujhgon Cmhfmyn Tmerge+
0:>+>?5+>+(610'#> Zuskno5??+ Zusu Cg`ngTzniuzg cekvnhe 3 Tmussgzes cekvnhes 2 10: fe tnznfgnsvmhe cg`ngzusgeke 2 \nimzgsce
ouaevzgS - Cg`ng Zusu < yezsgmk iznkngse fe Cg`ngh Zuchenkso`g < omt+2 Zupnkfn Zmcnkoguo+ O`+ 2 Tmkvms :4>> (I+E+#T+ *Vgtmaz+ Oekvznh*'+ >76 \:S t+ < :4 oc+
Vgv+ vepv tnznh+2 hj+ zmc+ iz+ 544 ep+G_JK 710#7715#5>#:::#4+\:4>>#5:6S+# # >+ Hgveznvuz zmck fgk Zetujhgon Cmhfmyn Nimzgsce Ouaevzg (zmc+ iz+'+
0:>+>?5+>(610'#063>?5+>3>??+> Zusu
5?6+ _nonhguo Eufmo`gnTmzv smnzehe ou cgke 2 Yezsuzg - Eufmo`gn _nonhguo < omt+2 Zupnkfn Zmcnkoguo+ O`+ 2
Tmkvms :4>> (*Vgtmaz+ Zeohncn* _N'+ >06 \0S t+ 2 gh+ < :4 oc+544 ep+G_JK 710#7715#5>#:>?#0+\:4>>#6>?S+# # >+ Hgveznvuz zmck fgk Zetujhgon Cmhfmyn Tmerge+
0:>+>?5+>(610'#> _nonhguo
5?5+ _veztu FmgknFuzezen keovnzuh Fznamsveg 2 yezsuzg - Fmgkn _veztu < fes+2 Gzgkn Juhanzu+ O`+ 2*Nkoesvznhn* _ZH :4>> (*Vgtmaz+ Zeohncn* _N'+ 9? \>S t+ < >> p >1 oc+544 ep+G_JK 710#7715#71:6#7#7+\:4>>#6>5S+# # >+ Hgveznvuz zmck fgk Zetujhgon Cmhfmyn Tmerge+
0:>+>?5+>(610'#> _veztu
5?9+ _vmgnkmy CnzgnAkfuzg esuve k suihev 2 \yezsuzgS - Cnzgn _vmgnkmy < omt+2 Nhepnkfzu Jmsvnk+ O`+ 2
*Azniecn Hgjzgs* _ZH :4>>+ :44 t+ < :4 oc+
544 ep+G_JK 710#7715#5:#>46#0+\:4>>#5:4S+# # >+ Hgveznvuz zmck fgk Zetujhgon Cmhfmyn Tmerge+
0:>+>?5+>(610'#> _vmgnkmy
5?1+ _uoeyenku NzonfgeOniekenun keyezcmze 2 \yezsuzgS - Nzonfge _uoeyenku < omt+ omkoetgn azni+2 Nkfzeg
Go`gc+ O`+ 2 +E+#T+ *vggkn* :4>> (Omcjgknvuh Tmhgaz+'+ >?> \>S t+ < :4 oc+ (Nkvmhmagnukug nuvmz'+
>444 ep+
G_JK 710#7715#91#15:#?+\:4>>#556S+
7/23/2019 BNM 2011-3
43/224
Jgjhgmaznign Kngmknh n Cmhfmyeg Knvgmknh Jgjhgmaznt`w mi Cmhfmyn
6?
# # >+ Hgveznvuz zmck fgk Zetujhgon Cmhfmyn Tmerge+0:>+>?5+>(610'#> _uoeyenku
5?0+ gcnk Nuausvgknkoezozg fe n vzg snu Tzgk tzgscn mo`ghmz nhjnvzg 2 \kuyeheS - Nuausvgkn gcnk+ O`+ 2
*Nkoesvznhn* _ZH :4>> (*Vgtmaz+ Zeohncn* _N'+ >45 \>S t+ < :4 oc+544 ep+G_JK 710#7715#71:6#0#:+\:4>>#6>6S+# # >+ Hgveznvuz zmck fgk Zetujhgon Cmhfmyn Kuyehe+
0:>+>?5+>(610'#?: gcnk
0:>+>9>+>(610' Hgveznvuz zus fgk Zetujhgon Cmhfmyn
5?7+ 2 \S - < +2 + \+ 2 + +
:4>>S (Vgtmaz+ *Ehnk Tmhgazni* _ZH'+ 10 \:S t+ 2 gh+ < >: p >7 oc+?44 ep+G_JK 710#7715#99#::>#5+\:4>>#60:S+# # >+ Hgveznvuz zus fgk Zetujhgon Cmhfmyn Tmerge (zus'+
0:>+>9>+>(610'#>
564+ 2 \ S - + 2
+#+ *Cnpgtzgkvkmzf* :4>4 (*Vgtmaz+ fgk Jhg* _ZH'+ >95 \>S t+ < :4 oc+>44 ep+
G_JK 710#7715#64?0#7#6+\:4>>#5>0S+# # >+ Hgveznvuz zus fgk Zetujhgon Cmhfmyn Tmerge Tmyesvgzg (zus'+
0:>+>9>+>(610'#>,0:>+>9>+>(610'#?
56>+ * =* 2 \S - > (Vgtmaz+ *Cevzmctn* _ZH'+ >60 t+ 2 gh+ < :>oc+
?44 ep+G_JK 710#7715#6>95#>#> (k omt+ vnze'+
\:4>>#?01S+# # >+ Hgveznvuz zus fgk Zetujhgon Cmhfmyn Tmyesvgzg+
0:>+>9>+>(610'#?:
0:>+>9>+:(610' Hgveznvuz uozngkenk fgk Zetujhgon Cmhfmyn
56:+ g g 2 gg gg - g g+ + 2 *Ehnk Gko* _ZH :4>> (Vgtmaz+
*Ehnk Tmhgazni* _ZH'+ >:0 t+ < :4 oc+>44 ep+G_JK 710#7715#99#:::#:+
\:4>>#609S+# # >+ Hgveznvuz uozngkenk fgk Zetujhgon Cmhfmyn Tmyesvgzg Tmerge (uoz+'+
7/23/2019 BNM 2011-3
44/224
Ozmkgon ozgg Kz ?#:4>> Jmml nkknhs Kz ?#:4>>
66
0:>+>9>+:(610'#>,0:>+>9>+:(610'#?: g
0:-0:>#7? HGVEZNVUZ NZVG_VGO TEKVZU OMTGG
0:>#7? Hgveznvuz tekvzu omtgg
56?+ A`gogvmzgk ouhmzg 2 ?#1 nkg - gh+2 Ehekn Heou < sutmzv hmagogsvgo2 A`eknfge Ksvns+ O`+ 2 Nzo :4>> (Omcjgknvuh Tmhgaz+'+ >7 t+ 2 gh+ omhmz < :> oc+
I+ i+ fe vgv+ :444 ep+G_JK 710#7715#9>#946#>+\:4>>#619S+# # >+ A`gogvmzg+
0:>#7?
0:>+>>?+6#7? Hgveznvuz fnker
566+ Nkfzezsek @nks O`zgsvgnkFeaegon 2 \tmyesve 2 vznf+ fgk fnkerS - @nks O`vgsvgnk Nkfezsek < zetmyesvgv k zmc+fe _ghygn Uzsno`e < gh+2 Ynhezgu Cnhenzekom+ \O`+S 2 _ghygus Hgjzgs (*_gon ) Y* _ZH' \:4>4S
(I+E+#T+ *Vgtmaz+ Oekvznh*'+ >7 \:S t+ 2 gh+ omhmz < :6 oc+?444 ep+G_JK 710#7715#>41#:?#5+\:4>>#5?9S+# # >+ Hgveznvuz fnker tekvzu omtgg (zmc+'+ :+ Tmyevg (zmc+'+
0:>+>>?+6#7? Nkfezsek
0:>+>??+>#7? Hgveznvuz iznkoer
565+Tezznuhv O`nzhesOekuzensn 2 \tmyesve 2 vznf+ fgk hj+ iz+S - O`nzhes Tezznuhv < zetmyesvgv k zmc+ fe
_ghgygn Uzsno`e < gh+2 Cnzgn Jnrnzgkn+ \O`+S 2 _ghygus Hgjzgs (*_gon ) Y* _ZH' \:4>4S (I+E+#T+*Vgtmaz+ Oekvznh*'+ >7 \:S t+ 2 gh+ omhmz < :6 oc+
?444 ep+G_JK 710#7715#>41#::#0+\:4>>#5?5S+# # >+ Hgveznvuz iznkoer tekvzu omtgg (zmc+'+ :+ Tmyevg (zmc+'+
0:>+>??+>#7? Tezznuhv
0:>+>?5+>(610'#7? Hgveznvuz zmck fgk Zetujhgon Cmhfmyn
569+ Omhgjn YezmkgonVznkfnigzg k hukn cng 2 Yezsuzg 2 \tekvzu omtggS - Yezmkgon Omhgjn < omt+2 ZupnkfnZmcnkoguo+ O`+ 2 Tmkvms :4>> (*Vgtmaz+ Zeohncn* _N'+ ?6 \:S t+ 2 gh+ < :4 oc+
?44 ep+G_JK 710#7715#5>#:?5#4+\:4>>#511S+# # >+ Hgveznvuz zmck fgk Zetujhgon Cmhfmyn tekvzu omtgg Tmerge+
0:>+>?5+>(610'#>#7? Omhgjn
561+ Auu Omksvnkvgkkvze gkmoek g gctezvgkek 2 tmyevg tekvzu omtgg g ketmg - Omksvnkvgk Auu < fes+ Nhg#
kn Ontjvuv+ O`+ 2 *_ezejgn* _ZH :4&g