The Dodd-Frank Act and Basel III: Intentions, Unintended Consequences, and Lessons for Emerging Markets

7/31/2019 The Dodd-Frank Act and Basel III: Intentions, Unintended Consequences, and Lessons for Emerging Markets

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DHBK ^irckln Zdpmr Pmrkms

Xfm Hihh-Erdlc D`t dlh Bdsmg KKK?Kltmltkils, ]lkltmlhmh@ilsmquml`ms, dlh Gmssils eirMamrnkln Adrcmts

Ukrdg U. D`fdryd

Li. 0;2I`tibmr 2:42

Dskdl Hmvmgipamlt Bdlc Klstktutm


2/30

Xfm îrckln Zdpmr smrkms ks d ìltkludtkil ie tfm eiramrgy ldamh Hksùsskil Zdpmr smrkms3 tfmluabmrkln ie tfm pdpmrs ìltklumh wktfiut kltmrruptkil ir `fdlnm. DHBKs wirckln pdpmrsrmegm`t klktkdg khmds il d tipk` dlh drm pistmh ilgklm eir hksùsskil. DHBK mlìurdnms rmdhmrs tipist tfmkr ìaamlts il tfm adkl pdnm eir md`f wirckln pdpmr (nkvml kl tfm `ktdtkil bmgiw).Piam wirckln pdpmrs ady hmvmgip klti itfmr eiras ie pubgk`dtkil.

Punnmstmh `ktdtkil?

D`fdryd, U. U. 2:42. Xfm Hihh-Erdlc D t dlh Bdsmg KKK? Kltmltkils, ]lkltmlhmh @ilsmquml`ms,

dlh Gmssils eir Mamrnkln Adrcmts. DHBK îrckln Zdpmr 0;2. Xicyi? Dskdl Hmvmgipamlt BdlcKlstktutm. Dvdkgdbgm? fttp?//www.dhbk.irn/wirckln-pdpmr/2:42/4:/2;/=2;2.hihh.erdlc.d`t.bdsmg.kkk.mamrnkln.adrcmts/

Zgmdsm ìltd`t tfm dutfir eir kleiradtkil dbiut tfks pdpmr.

Madkg?vd`fdrydJstmrl.lyu.mhu

Ukrdg U. D`fdryd ks @. U. Ptdrr Zriemssir ie Mìliak`s, Hmpdrtamlt ie Ekldl`m, Lmw[irc ]lkvmrskty (L[]) Ptmrl P`fiig ie Busklmss.

Xfks pdpmr wds prmpdrmh eir tfm Kltmrldtkildg Nriwtf @iaaksskil. Xfm dutfir ks nrdtmeugti Dsfkad Niydg, [. U. Rmhhy, dlh Mswdr Zrdsdh eir usmeug sunnmstkils. Xfm pdpmrrmgkms fmdvkgy il adtmrkdg tfm dutfir ìdutfirmh dlh ìmhktmh kl tfm twi L[]Ptmrlviguams il tfm Hihh-Erdlc D`t? Rmnugdtkln ^dgg Ptrmmt? Xfm Hihh-Erdlc D`t dlh tfmlmw Dr`fktm`turm ie Ngibdg Ekldl`m (2:4:), dlhHihh-Erdlc? Ilm [mdr Il (2:44) (smmRmemrml`ms). Eir pdrskaily, tfm dutfir fds ilgy `ktmh fks iwl (ìdutfirmh) wirc klRmemrml`ms. Dgg rmgmvdlt gklcs, ie kltmrmst ti tfm rmdhmrs, drm ìltdklmh kl tfdt `ktmh wirc.

Xfm vkmws mxprmssmh kl tfks pdpmr drm tfm vkmws ie tfm dutfirs dlh hi lit lm`mssdrkgyrmegm`t tfm vkmws ir pigk`kms ie DHBK, tfm Dskdl Hmvmgipamlt Bdlc (DHB), kts Bidrh ieHkrm`tirs, ir tfm nivmrlamlts tfmy rmprmsmlt. DHBK hims lit nudrdltmm tfm d`ùrd`y ietfm hdtd kl`guhmh kl tfks pdpmr dlh d``mpts li rmspilskbkgkty eir dly ìlsmquml`ms ietfmkr usm. Xmrakliginy usmh ady lit lm`mssdrkgy bm ìlskstmlt wktf DHB ieek`kdg tmras.

Dskdl Hmvmgipamlt Bdlc KlstktutmCdsuakndsmck Bukghkln 6E0-2-= Cdsuakndsmck, @fkyihd-cu

Xicyi 4::-5::6, Odpdl

Xmg? +64-0-0=;0-==::Edx? +64-0-0=;0-==>4]RG? www.dhbk.irnM-adkg? kleiJdhbk.irn

2:42 Dskdl Hmvmgipamlt Bdlc Klstktutm
mailto:[email protected]://www.wiley.com/buy/9780470768778http://www.wiley.com/buy/9780470768778http://www.wiley.com/buy/9780470768778http://www.voxeu.org/index.php?q=node/6742http://www.voxeu.org/index.php?q=node/6742http://www.voxeu.org/index.php?q=node/6742http://www.wiley.com/buy/9780470768778http://www.wiley.com/buy/9780470768778mailto:[email protected]


3/30

DHBK irckln Zdpmr 0;2 D`fdryd

Dbst rd`t

Xfks pdpmr ks dl dttmapt ti mxpgdkl tfm `fdlnms ti ekldl`m sm`tir rmeiras ulhmr tfm Hihh-ErdlcD`t kl tfm ]lktmh Ptdtms dlh Bdsmg KKK rmqukrmamlts ngibdggy3 tfmkr ulkltmlhmh ìlsmquml`ms3dlh gmssils eir ùrrmltgy edst-nriwkln mamrnkln adrcmts ìl`mrlkln ekldl`m sm`tir rmeiras,nivmrlamlt klvigvmamlt kl tfm ekldl`m sm`tir, pisskbgm ad`ripruhmltkdg sdemnudrhs dndklst

spkggivmr rkscs eria tfm ngibdg mìliay, dlh, ekldggy, adldnmamlt ie nivmrlamlt hmbt dlh eks`dgìlhktkils.

Xfm pdpmr stdrts wktf d suaadry ie rmeiras ulhmr tfm Hihh-Erdlc D`t dlh fknfgknfts eiur ie ktsprkadry sfirtìaklns. Kt tfml eiùsms il tfm lmw `dpktdg dlh gkqukhkty rmqukrmamlts ulhmr BdsmgKKK rmeiras, drnukln tfdt, gkcm kts prmhm`mssirs, Bdsmg KKK ks eulhdamltdggy egdwmh ds d wdy iehmsknlkln ad`ripruhmltkdg rmnugdtkil ie tfm ekldl`m sm`tir. Kl ìltrdst, tfm Hihh-Erdlc D`t fdssmvmrdg rmhmmakln emdturms, kl`guhkln rmqukrmamlts ie strmss-tmst-bdsmh ad`ripruhmltkdgrmnugdtkil dlh mxpgk`kt klvmstkndtkil ie systmak` rksc kl hmsknldtkln siam ekldl`kdg ekras dssystmak`dggy kapirtdlt. Kt drnums tfdt Klhkd sfiugh rmskst tfm `dgg eir bgklh dhfmrml`m ti Bdsmg KKKdlh pmrskst wktf kts (Rmsmrvm Bdlc ie Klhkd) dssmt-gmvmg gmvmrdnm rmstrk`tkils dlh hyldak`sm`tirrksc-wmknft dhoustamlt dpprid`f. Kt ìl`guhms wktf siam kapirtdlt gmssils eir rmnugdtkil ie tfmekldl`m sm`tir kl mamrnkln adrcmts bdsmh il tfm ngibdg ekldl`kdg `rksks dlh pripismh rmeirastfdt fdvm eiggiwmh kl tfm detmradtf.

OMG @gdsskek`dtkil? N2, N24, N26


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@iltmlts

4. Kltrihu`tkil? Xfm Hihh-Erdlc D`t ................................................................................... 0

4.4 Xfm Hihh-Erdlc D`t? Dl Ivmrdgg Dssmssamlt ....................................................... =

4.4.4 Nivmrlamlt Nudrdltmms Rmadkl Aksprk`mh, Gmdhkln ti Airdg Fdzdrh ................. 54.4.2 Klhkvkhudg Ekras drm lit Pueek`kmltgy Hks`iurdnmh eria Zuttkln tfm Pystma dt Rksc >4.4.0 Xfm Hihh-Erdlc D`t Edggs klti tfm Edakgkdr Xrdp ie Rmnugdtkln by Eira, lit

Eul`tkil

................................................................................................................ 64.4.8 Gdrnm Zdrts ie tfm Pfdhiw Bdlckln Pm`tir Rmadkl kl @urrmlt Eira .................... 6

2. Bdsmg KKK Rmqukrmamlts ................................................................................................... ;

2.4 @dpktdg Rmqukrmamlts ..........................................................................................4:2.2 Gkqukhkty Rmqukrmamlts ........................................................................................42

2.0

Bdsmg @dpktdg Rmqukrmamlts? Dl Dssmssamlt

......................................................40

0. @iltrdst ie Bdsmg KKK wktf tfm Hihh-Erdlc D`t ................................................................45

8. @urrmlt Kapgmamltdtkil Ptdtus ie Hihh-Erdlc D`t dlh Bdsmg KKK Rmeiras ......................24

=.

@il`guskil? Gmssils eir Mamrnkln Adrcmts eria tfm Ngibdg Ekldl`kdg @rksks, tfm Hihh-Erdlc D`t, dlh Bdsmg KKK .................................................................................................22

=.4

Nivmrlamlt Nudrdltmms

.....................................................................................22=.2 Pystmak` Rksc ie Mamrnkln Adrcmts dlh @iirhkldtmh Rmnugdtkil ........................28=.0 Ad`ripruhmltkdg Rmnugdtkil? Gmvmrdnm Rmstrk`tkils vmrsus Pm`tir Rksc-^mknft

Dhoustamlts .........................................................................................................2==.8

Nivmrlamlt Eks`dg Zigk`y dlh Hmbt Adldnmamlt

...............................................2>

Rmemrml`ms ...............................................................................................................................26


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0

4. KLXRIH]@XKIL? XFM HIHH-ERDLC D@X

Xfm Hihh-Erdlc ^dgg Ptrmmt Rmeira dlh @ilsuamr Zritm`tkil D`t ie 2:4:, mld`tmh by tfmIbdad dhaklkstrdtkil kl tfm ]lktmh Ptdtms (]P),ks pmrfdps tfm aist dabktkius dlh edr-rmd`fklnivmrfdug ie ekldl`kdg rmnugdtkil skl`m tfm 4;0:s.4

Xfm bd`chrip eir tfm d`t ks liw wmgg ulhmrstiih but ks wirtf rmpmdtkln. ^fml d gdrnm pdrt ie tfmekldl`m sm`tir ks eulhmh wktf erdnkgm sfirt-tmra hmbt dlh ks fkt by d ìaail sfi`c ti kts giln-tmra dssmts, tfmrm `dl bm adss edkgurms ie ekldl`kdg ekras dlh hksruptkil ie kltmramhkdtkil tifiusmfighs dlh ìrpirdtkils. Fdvkln wktlmssmh su`f ekldl`kdg pdlk`s eria tfm 46=:s ultkg tfmNrmdt Hmprmsskil, Pmldtir @drtmr Ngdss dlh @ilnrmssadl Fmlry Ptmdndgg pusfmh tfriunf tfmsi-`dggmh NgdssPtmdndgg privkskils ie tfm Bdlckln D`t ie 4;00. Xfmy put kl pgd`m tfm EmhmrdgHmpiskt Klsurdl`m @irpirdtkil (EHK@) ti prmvmlt rmtdkg bdlc ruls dlh ti privkhm dl irhmrgyrmsigutkil ie triubgmh hmpisktiry klstktutkilsbdlcsbmeirm tfmy edkgmh. Xi nudrh dndklst tfmrksc tfdt bdlcs aknft spmùgdtm dt tfm mxpmlsm ie tfm EHK@, tfmkr pmraksskbgm d`tkvktkms wmrmgkaktmh ti ìaamr`kdg gmlhkln dlh trdhkln kl nivmrlamlt bilhs dlh nmlmrdg-ibgkndtkilaulk`kpdgs, rmqukrkln tfm rksckmr `dpktdg adrcmts d`tkvkty ti bm spul iee klti klvmstamlt bdlcs.

Dt tfm tkam kt wds gmnksgdtmh, dlh eir smvmrdg hm`dhms tfmrmdetmr, tfm Bdlckln D`t ie 4;00rmegm`tmh kl siam amdsurm d siulh mìliak` dpprid`f ti rmnugdtkil?

khmltkey tfm adrcmt edkgurm, ir kl itfmr wirhs, wfy tfm ìggm`tkvm iutìam ie klhkvkhudgmìliak` dnmlts dlh klstktutkils hims lit gmdh ti si`kdggy meek`kmlt iutìams, wfk`f kltfks `dsm rmegm`tmh tfm ekldl`kdg erdnkgkty klhu`mh by hmpisktir ruls3

dhhrmss tfm adrcmt edkgurm tfriunf d nivmrlamlt kltmrvmltkil, kl tfks `dsm by klsurklnrmtdkg hmpisktirs dndklst gissms3 dlh

rmìnlkzm dlh ìltdkl tfm hkrm`t ìsts ie kltmrvmltkil, ds wmgg ds tfm klhkrm`t ìsts hum tiairdg fdzdrh drkskln eria tfm kltmrvmltkil, by `fdrnkln bdlcs up-erilt prmakuas eirhmpiskt klsurdl`m, rmstrk`tkln tfma eria rksckmr dlh airm `y`gk`dg klvmstamlt bdlcklnd`tkvktkms, dlh tfriunf subsmqumlt mlfdl`mamlts, rmqukrkln tfdt triubgmh bdlcs ed`mpriapt ìrrm`tkvm d`tkil tfdt wiugh brkln dbiut tfmkr irhmrgy rmsigutkil dt dl mdrgystdnm ie tfmkr hkstrmss.

Ivmr tkam, fiwmvmr, tfm bdlckln klhustry lkbbgmh dt tfm pmrkamtmr ie tfks rmnugdtiry hmsknl, tfmlmt meem`t ie wfk`f wds ti cmmp tfm nivmrlamlt nudrdltmms kl pgd`m but gdrnmgy hi dwdy wktfdly hmemlsms tfm systma fdh dndklst bdlcs mxpgiktkln tfm nudrdltmms ti ulhmrtdcm mx`msskvmrkscs. ^fdt wds pmrfdps dl mvml airm iaklius hmvmgipamlt wds tfdt tfm gknft-tiu`f mrd iermnugdtkil ie tfm ekldl`m sm`tir stdrtkln kl tfm 4;>:s dggiwmh tfm mvigutkil ie d pdrdggmg(sfdhiw) bdlckln systma, ìlskstkln ie ailmy adrcmt eulhs, klvmstamlt bdlcs, hmrkvdtkvmsdlh smùrktkzdtkil adrcmts, mt`. Xfm pdrdggmg bdlckln sm`tir tfdt wds bitf ipdqum dlh fknfgygmvmrdnmh dlh, kl adly wdys, rmegm`tmh rmnugdtiry drbktrdnm, privkhmh tfm ippirtulkty eir tfmekldl`m sm`tir ti dhipt irndlkzdtkildg eiras dlh ekldl`kdg kllivdtkils tfdt wiugh `krùavmlt tfm

rmnugdtiry dppdrdtus hmsknlmh ti ìltdkl bdlc rksc tdckln. Ivmr tkam, tfm Bdlckln D`t bmndl tibm fknfgy ìapriaksmh.

Edst eirwdrh ti 2::8, wfk`f adly drnum wds tfm ymdr wfml d "pmrem`t stira" bmndl ti hmvmgiptfdt wiugh mvmltudggy sldrm tfm ngibdg mìliay. Ngibdg bdlcs wmrm smmckln iut adsskvm `dpktdg

4HihhErdlc ^dgg Ptrmmt Rmeira dlh @ilsuamr Zritm`tkil D`t ie 2:4:,Zub. G. 4442:0,428 Ptdt. 40>5 (2:4:).fttp?//www.npi.niv/ehsys/pcn/ZGD^-444pubg2:0/ìltmlt-hmtdkg.ftag
http://www.gpo.gov/fdsys/pkg/PLAW-111publ203/content-detail.htmlhttp://www.gpo.gov/fdsys/pkg/PLAW-111publ203/content-detail.html


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8

egiws klti tfm ]P dlh tfm ]lktmh Cklnhia (]C) by mlndnkln kl sfirt-tmra birriwkln,kl`rmdsklngy tfriunf ulklsurmh hmpiskts dlh kltmrbdlc gkdbkgktkms, ekldl`mh dt fkstirk`dggy giwkltmrmst rdtms. Xfmy bmndl ti adlued`turm funm qudltktkms ie tdkg rksc, k.m., d giw gkcmgkfiih butwktf `dtdstripfk` iutìams. D gmdhkln mxdapgm wds tfm si-`dggmh sdem dssmts (su`f ds tfmrmgdtkvmgy smlkir SDDD-rdtmhQ trdl`fms ie subprkam-bd`cmh airtndnms) tfdt wiugh edkg ilgy ketfmrm wds d smùgdr ìggdpsm kl tfm fiuskln adrcmts. Ds tfm gdrnm dlh ìapgmx ekldl`kdg

klstktutkils (G@EKs) wmrm wkggkln ti pk`c up gidls eria irknkldtkln airtndnm gmlhmrs dlh pdsstfma driulh ir figh tfma il tfmkr iwl biics detmr rmpd`cdnkln tfma, d `rmhkt biia wds eumgmhkl tfmsm mìliakms. Ds Xdbgm 4 sfiws, airm tfdl 2:% ie ]P airtndnm-bd`cmh mxpisurm wdsnudrdltmmh by lildnml`kms, k.m., by tfm prkvdtm sm`tir (Xdbgm 4, ìguals =>), but ulgkcmtrdhktkildg smùrktkzdtkil, kl wfk`f tfm DDD-rdtmh trdl`fms wiugh nmt pgd`mh wktf tfm pmlskileulh ie privmrbkdg Lirwmnkdl vkggdnm, tfmsm wmrm ti d sknlkek`dlt mxtmlt (irknkldtmh dlh) rmtdklmhby bdlcs dlh tfrkets, dlh bricmr-hmdgmrs (ìgual =, Xdbgm 4).

Xfm lmt rmsugt ie dgg tfks wds tfdt tfm ngibdg bdlckln bdgdl`m sfmmt hiubgmh eria 2::8 ti 2::>,but kts rksc dppmdrmh sadgg. Xfm G@EKs fdh, kl meem`t, tdcml d fknfgy ulhmr`dpktdgkzmh ilm-wdybmt il tfm fiuskln adrcmt, oiklmh kl mqudg amdsurm by tfm ]P nivmrlamlts iwl sfdhiwbdlcsEdllkm-Adm dlh Ermhhkm-Ad`dlh DKN, tfm wirghs gdrnmst klsurmr. ^fkgm tfmsmklstktutkils smmamh klhkvkhudggy sdem, ìggm`tkvmgy tfmy wmrm vuglmrdbgm. Dlh ds tfm fiusklnadrcmt `rdsfmh kl 2::>, tfm tdkg rksc adtmrkdgkzmh, dlh tfm G@EKs `rdsfmh gkcm d fiusm ie `drhs.Xfm ekrst bkn bdlcs ti edkg wmrm kl tfm sfdhiw bdlckln wirgh. Xfmy wmrm put il ixynml kl tfmeira ie Emhmrdg Rmsmrvm (Emh) dsskstdl`m, but tfm strdkls kl tfm kltmrbdlc adrcmts dlh tfmklfmrmltgy piir qudgkty ie tfm ulhmrgykln fiuskln bmts, mvml kl ìaamr`kdg bdlc pirteigkis,amdlt tfdt wfml tfm ixynml rdl iut kl tfm dutual ie 2::6 siam bdlcs fdh ti edkg. D pdlk`mlsumh kltmrldtkildggy, adckln kt `gmdr tfdt tfm mltkrm ngibdg bdlckln systma wds kapmrkgmh dlhlmmhmhdlh adrcmts mxpm`tmh tfma ti bm nkvmld tdxpdymr-eulhmh gkemgklm.

Xdbgm 4? Hkstr kbutkil ie ]lktmh Ptdtms Rmdg-Mstdtm Mxpisurms

Litms? NPMs 1 Nivmrlamlt Ppilsirmh Mltmrprksms, EFGB 1 Emhmrdg Fiam Gidl Bdlcs, FMGI@ 1 Fiam Mqukty Gklms ie@rmhkt, ABP 1 Airtndnm-Bd`cmh Pmùrktkms, @HI 1 @iggdtmrdgkzmh Hmbt Ibgkndtkils, dlh DDD 1 fknfmst rdtkln `gdssdttrkbutdbgm ti ekxmh klìam smùrktkms.

Piur`m? Gmfadl Britfmrs. 2::6. Ekxmh Klìam Rmpirt. Oulm.


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=

Kl tfm detmradtf ie tfks hksdstmr, nivmrlamlts dlh rmnugdtirs bmndl ti `dst dbiut eir wdys tiprmvmltir rmlhmr gmss gkcmgyd rmùrrml`m. Xfm `rksks `rmdtmh eiùs dlh gmh ekrst ti d bkgg eriatfm Fiusm ie Rmprmsmltdtkvms, tfml ilm eria tfm Pmldtm, tfdt wmrm ìabklmh dlh hkstkggmh kltitfm Hihh-Erdlc D`t. Xfm `rktk`dg tdsc eir tfm Hihh-Erdlc D`t wds ti dhhrmss tfm kl`rmdsklnpripmlskty ie tfm ekldl`m sm`tir ti put tfm mltkrm systma dt rksc dlh, mvmltudggy, ti bm bdkgmh iutdt tfm tdxpdymrs mxpmlsm.

Xfm fknfgknfts ie tfm D`t drm ds eiggiws?

Khmltkeykln dlh rmnugdtkln systmak` rksc?smts up d ìul`kg tfdt `dl hmma lilbdlcekldl`kdg ekras systmak`dggy kapirtdlt, rmnugdtm tfma, dlh, ds d gdst rmsirt, brmdc tfmaup3 dgsi mstdbgksfms dl ieek`m ulhmr tfm Xrmdsury ti ìggm`t, dldgyzm, dlh hkssmakldtmrmgmvdlt kleiradtkil eir dltk`kpdtkln euturm `rksms.

Zripiskln dl mlh ti tii-bkn-ti-edkg? rmqukrms "eulmrdg pgdls" dlh irhmrgy gkqukhdtkilpri`mhurms eir ulwklhkln systmak`dggy kapirtdlt klstktutkils, rugkln iut tdxpdymr eulhklnie wklh hiwls dlh klstmdh rmqukrkln tfdt adldnmamlt ie edkgkln klstktutkils bmhksakssmh, wklh-hiwl ìsts bm birlm by sfdrmfighmrs dlh `rmhktirs, dlh, ke rmqukrmh, mxpist gmvkms bm kapismh il itfmr (survkvkln) gdrnm ekldl`kdg ekras.

Mxpdlhkln tfm rmspilskbkgkty dlh dutfirkty ie tfm Emhmrdg Rmsmrvm.Nrdlts tfm Emhdutfirkty ivmr dgg systmak` klstktutkils dlh rmspilskbkgkty eir prmsmrvkln ekldl`kdg stdbkgkty.

Rmstrk`tkln hks`rmtkildry rmnugdtiry kltmrvmltkils? Zrmvmlts ir gkakts mamrnml`yemhmrdg dsskstdl`m ti klhkvkhudg lilbdlc klstktutkils.

Rmklstdtkln d gkaktmh eira ie NgdssPtmdndgg (tfm Uig`cmr rugm )? Gkakts bdlcfighkln ìapdlkms ti hm aklkaks klvmstamlts kl priprkmtdry trdhkln d`tkvktkms su`f dsfmhnm eulhs dlh prkvdtm mqukty, dlh prifkbkts tfma eria bdkgkln iut tfmsm klvmstamlts.

Rmnugdtkil dlh trdlspdrml`y ie hmrkvdtkvms? Zrivkhms eir `mltrdg `gmdrkln iestdlhdrhkzmh hmrkvdtkvms, rmnugdtkil ie ìapgmx hmrkvdtkvms tfdt `dl rmadkl ivmr-tfm-ìultmr (k.m., iutskhm ie `mltrdg `gmdrkln pgdteiras), trdlspdrml`y ie dgg hmrkvdtkvms, dlh

smpdrdtkil ie "lil-vdlkggd" pisktkils klti wmgg-`dpktdgkzmh subskhkdrkms, dgg wktf mx`mptkilseir hmrkvdtkvms usmh eir ìaamr`kdg fmhnkln.

Kl dhhktkil, tfm D`t kltrihu`ms d rdlnm ie rmeiras eir airtndnm gmlhkln prd`tk`ms, fmhnm eulhhks`gisurm, ìlegk`t rmsigutkil dt rdtkln dnml`kms, irknkldtkil dlh smùrktkzdtkil, rksc-tdckln byailmy adrcmt eulhs, dlh sfdrmfighmr sdy il pdy dlh nivmrldl`m. Dlh pmrfdps kts aistpipugdr rmeira, dgbmkt tdlnmltkdg ti tfm ekldl`kdg `rksks, tfm D`t `rmdtms d burmdu ie ìlsuamrekldl`kdg pritm`tkil tfdt wkgg wrktm rugms nivmrlkln ìlsuamr ekldl`kdg smrvk`ms dlh prihu`tsieemrmh by bdlcs dlh lilbdlcs.

4.4 Xfm Hihh-Erdlc D`t? Dl Ivmrdgg Dssmssamlt

Xfm ekrst rmd`tkil ti tfm D`t ks tfdt kt `mrtdklgy fds kts fmdrt kl tfm rknft pgd`m. Kt ks fknfgy

mlìurdnkln tfdt tfm purpism ie tfm lmw ekldl`m sm`tir rmnugdtkil ks mxpgk`ktgy dkamh dthmvmgipkln tiigs ti hmdg wktf systmak`dggy kapirtdlt klstktutkils. Dlh kt strkvms ti nkvm pruhmltkdgrmnugdtirs tfm dutfirkty dlh tfm tiigs ti hmdg wktf tfks rksc. Xfm rmqukrmamlt ie eulmrdg pgdls tiulwklh G@EKs sfiugh fmgp hmaystkey tfmkr irndlkzdtkildg stru`turms, dlh tfm dttmlhdlt rmsigutkil`fdggmlnms wfml tfmy mxpmrkml`m hkstrmss ir edkg. Ke tfm rmqukrmamlt ks mleir`mh wmgg, kt ìughsmrvm ds d tdx il ìapgmxkty, wfk`f smmas ti bm dlitfmr adrcmt edkgurm kl tfdt prkvdtm ndklseria kt edr mx`mmh tfm si`kdg ilms.


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Kl tfm sdam vmkl, mvml tfiunf tfm ekldg gdlnudnm kl tfm D`t ks d fknfgy hkgutmh vmrskil ie tfmirknkldg pripisdg, tfm Uig`cmr rugm, gkaktkln priprkmtdry trdhkln klvmstamlts ie G@EKs, privkhms dairm hkrm`t rmstrk`tkil il ìapgmxkty dlh sfiugh fmgp skapgkey tfmkr rmsigutkil. Xfm Uig`cmr rugmdgsi dhhrmssms d airdg fdzdrh kssum, wfk`f ks tfdt hkrm`t nudrdltmms ti ìaamr`kdg bdlcs drmgdrnmgy hmsknlmh ti sdemnudrh pdyamlt dlh smttgmamlt systmas dlh ti mlsurm ribust gmlhkln tifiusmfighs dlh ìrpirdtkils. Fiwmvmr, tfriunf tfm bdlc fighkln ìapdly stru`turm, hkrm`t

nudrdltmms meem`tkvmgy giwmr tfm ìsts eir airm `y`gk`dg dlh rksckmr eul`tkils, su`f ds adcklnpriprkmtdry klvmstamlts dlh rullkln fmhnm eulhs ir prkvdtm mqukty eulhs, wfmrm tfmrm drmtfrkvkln adrcmts dlh d ìaamr`kdg bdlckln prmsml`m ks lit `rktk`dg.

Mqudggy wmgìam ks tfm fknfgy ìaprmfmlskvm ivmrfdug ie hmrkvdtkvms adrcmts dkamh dtrmaivkln tfm vmkg ie ipd`kty tfdt fds gmh adrcmts ti smkzm up wfml d gdrnm hmrkvdtkvms hmdgmrmxpmrkml`ms pribgmas (m.n., Bmdr Ptmdrls). Xfm pusf eir nrmdtmr trdlspdrml`y ie prk`ms,viguams, dlh mxpisurmsti rmnugdtirs dlh kl dnnrmndtmh eira ti tfm pubgk`sfiugh mldbgmadrcmts ti hmdg bmttmr wktf ìultmrpdrty rksc kl tmras ie prk`kln kt klti bkgdtmrdg ìltrd`ts ds wmggds ulhmrstdlhkln kts gkcmgy kapd`t. Xfm d`t dgsi pusfms eir nrmdtmr trdlspdrml`y by adcklnsystmak` lilbdlc ekras subom`t ti tknftmr s`rutkly by tfm Emh dlh tfm Pmùrktkms dlh Mx`fdlnm@iaaksskil (PM@).

Fiwmvmr, tfm D`t rmqukrms ivmr 22= lmw ekldl`kdg rugms d`riss 44 emhmrdg dnml`kms. Xfm dttmaptdt rmnugdtiry ìlsigkhdtkil fds bmml aklkadg. Kl tfm mlh, tfm ekldl`m sm`tir wkgg fdvm ti gkvm wktftfm nrmdt hmdg ie ul`mrtdklty tfdt ks gmet ulrmsigvmh ultkg tfm vdrkius rmnugdtirs (tfm Emh, tfmPM@, dlh tfm @iaaihktkms dlh Euturms Xrdhkln @iaaksskil) spmgg iut tfm hmtdkgs iekapgmamltdtkil.

Zmrfdps airm kapirtdltgy, eria tfm stdlhpiklt ie privkhkln dl mìliak`dggy siulh dlh ribustrmnugdtiry stru`turm, drm tfm d`ts wmdclmssms il dt gmdst eiur kapirtdlt ìults, ds wm mxpgdklbmgiw. Xfm lmt meem`t ie tfmsm eiur bdsk` edugts ks ds eiggiws? (k) kapgk`kt nivmrlamlt nudrdltmmsti tfm ekldl`m sm`tir wkgg pmrskst kl siam pi`cmts dlh ms`dgdtm kl itfmrs3 dlh (kk) `dpktdgdggi`dtkil ady aknrdtm kl tkam ti tfmsm pi`cmts dlh lmwmr ilms tfdt wkgg hmvmgip kl tfm euturmsfdhiw bdlckln wirgh dlh, pitmltkdggy, siw smmhs ie tfm lmxt sknlkek`dlt `rksks. Kapgmamltdtkilie tfm d`t dlh euturm rmnugdtkil ady nudrh dndklst tfks hdlnmr, but tfdt rmadkls ti bm smml.

4.4.4 Nivmrlamlt Nudrdltmms Rmadkl Aksprk`mh, Gmdhkln ti Airdg Fdzdrh

Kl 4;;;, mìliaksts Oifl ^dgtmr dlh Oifl ^mklbmrn ie tfm Emhmrdg Rmsmrvm Bdlc ie Rk`failhpmreiramh d stuhy ie fiw gdrnm tfm ekldl`kdg sdemty lmt wds eir ]P ekldl`kdg klstktutkils. ]sklnedkrgy ìlsmrvdtkvm `rktmrkd, tfmy rmpirtmh tfdt 8=% ie dgg gkdbkgktkms ($6.8 trkggkil) rm`mkvmh siameira ie nudrdltmm. D hm`dhm gdtmr, tfm stuhy wds uphdtmh by Ldhmzfhd Adgysfmvd dlh Oifl^dgtmr wktf stdnnmrkln rmsugtsliw =6% ie dgg gkdbkgktkms ($2= trkggkil) wmrm ulhmr d sdemty lmt.^ktfiut dppriprkdtm prk`kln, nivmrlamlt nudrdltmms drm fknfgy hkstirtkildry? tfmy gmdh tisubskhkzmh ekldl`kln ie ekldl`kdg ekras, airdg fdzdrh, dlh tfm giss ie adrcmt hks`kpgklm, wfk`f, klturl, nmlmrdtm mx`msskvm rksc tdckln. Mxdapgms kl`guhm (k) EHK@ klsurdl`m privkhmh eirhmpisktiry klstktutkils3 (kk) kapgk`kt bd`ckln ie tfm nivmrlamlt-spilsirmh mltmrprksms (NPMs),

Edllkm Adm dlh Ermhhkm Ad` (ds hms`rkbmh kl hmtdkg kl D`fdryd, Udl Lkmuwmrburnf,Rk`fdrhsil, dlh ^fktm 2:44)3 dlh (kkk) tfm au`f-hksùssmh tii-bkn-ti-edkg adltrd ie G@EKs. Xfmekldl`kdg `rksks ie 2::>2::; mxpismh tfm hmptf ie tfm pribgma wktf tfm edkgurm ie luamriusbdlcs dlh tfm lmmh ti rmpgmlksf EHK@ eulhs, tfm liw-mxpgk`kt nudrdltmm ie NPM hmbt, dlh tfmmxtmlskvm bdkgiuts ie G@EKs.

Xfm Hihh-Erdlc D`t adcms gkttgm fmdhwdy il tfm kssum ie nivmrlamlt nudrdltmms. ^fkgmdhakttmhgy su`f nudrdltmms fdvm bmml d pribgma eir adly ymdrs, tfm D`t lilmtfmgmss adcmsgkttgm dttmapt ti rm-dhhrmss tfm prk`kln ie hmpiskt klsurdl`m. Dlh wfkgm tfm NPMs drm tfm aist


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ngdrkln mxdapgms ie systmak`dggy kapirtdlt ekldl`kdg ekras wfism rksc `fik`ms wmlt dwry nkvmltfmkr d``mss ti nudrdltmmh hmbt, tfm D`t adcms li dttmapt ti rmeira tfma. 2

Ie ìursm, pripilmlts ie tfm D`t wiugh drnum tfdt dt gmdst tfm kssum ie tii-bkn-ti-edkg fds bmmlhmdgt wktf il`m dlh eir dgg tfriunf tfm `rmdtkil ie tfm Irhmrgy Gkqukhdtkil Dutfirkty (IGD). Butwfml ilm pmmgs bd`c tfm gdymrs ie tfm IGD, kt ks au`f gmss `gmdr. @fiiskln dl EHK@-bdsmhrm`mkvmrsfkp aihmg ti ulwklh su`f gdrnm dlh ìapgmx ekras `rmdtms au`f nrmdtmr ul`mrtdkltytfdl wiugh d rmstru`turmh bdlcrupt`y ìhm eir G@EKs, ir tfm eir`mh hmbt-ti-mqukty ìlvmrskilsklfmrmlt kl gkvkln wkggs. Xkam wkgg tmgg wfmtfmr tfm IGD ks ìlskhmrmh `rmhkbgm mliunf ti kapismgissms il `rmhktirs (EHK@-klsurmh hmpisktirs dskhm), but adrcmt prk`ms ie G@EK hmbt wkgg bm dbgmti privkhm dl kaamhkdtm dlswmr tfriunf d ìapdrksil ie ykmgh sprmdhs wktf ekras tfdt drm littii-bkn-ti-edkg.

Xfm hkstirtkil fmrmks mspm`kdggy pmrvmrsm, nkvml tfm ìlvmlkml`m ie fdvkln tfma driulh ti pursum pigktk`dgibom`tkvms ie biistkln subprkam fiam iwlmrsfkp dlh uskln tfma ds bdh bdlcs ti dvikhdlitfmr tktdlk` ìggdpsm ie fiuskln adrcmts. Ekldggy, tfmrm drm smvmrdg gdrnm klsurdl`m ekras kltfm ]P tfdt `dldlh hkh kl tfm pdstbukgh gmvmrdnm tfriunf aklkaua nudrdltmms kl stdlhdrh

klsurdl`m ìltrd`ts. ^mrm tfmsm ti edkg, tfmrm ks gkttgm privkskil kl tfm D`t ti hmdg dhmqudtmgy wktftfmkr pigk`yfighmrs3 tfmrm drm ùrrmltgy ilgy tfm tkly stdtm nudrdltmm eulhs, wfk`f wiugh lmvmrsueek`m eir rmsigvkln tfm gdrnm klsurdl`m ekras. ]lhmr tfm D`t, tfmrm wiugh bm li dhvdl`msystmak` rksc `fdrnms il tfmsm ekras, but kt ks fknfgy ulgkcmgy tfdt tfmkr pigk`yfighmrs wkgg bmwkpmh iut ir tfdt tfm gdrnm bdlcs wkgg bm adhm ti pdy eir tfmsm pigk`kms (ds tfm D`t pripisms)!Xdxpdymr bdkgiut ie tfmsm pigk`kms ks tfm airm gkcmgy iutìam. Xfmsm klstktutkils rmadkl tii-bkn-ti-edkg dlh ìugh bm tfm `mltmrs ie tfm lmxt mx`mss dlh `rksks.

4.4.2 Klhkvkhudg Ekras drm lit Pueek`kmltgy Hksìurdnmh eria Zuttkln tfm Pystma dt Rksc

Pkl`m tfm edkgurm ie systmak`dggy kapirtdlt ekras kapisms ìsts bmyilh tfmkr iwl gissmstiitfmr ekldl`kdg ekras, fiusmfighs, tfm rmdg sm`tir, dlh, pitmltkdggy, itfmr ìultrkmskt ks litsueek`kmlt ti skapgy wkpm iut tfmkr stdcmfighmrsadldnmamlt, sfdrmfighmrs, dlh `rmhktirs.Xfmsm ekras aust pdy kl dhvdl`m eir ìltrkbutkln ti tfm rksc ie tfm systma. Lit ilgy hims tfm D`trugm tfks iut but kt dgsi adcms tfm pribgma wirsm by rmqukrkln tfdt itfmr gdrnm ekldl`kdg ekras pdy

eir tfm ìsts, prm`ksmgy dt d tkam wfml tfmy drm gkcmgy ti ed`m tfm rksc ie ìltdnkil eria edkgklnekras. Xfks ks skapgy piir mìliak` hmsknl eir dhhrmsskln tfm pribgma ie mxtmrldgktkms.

Kt ks siamwfdt surprkskln tfdt tfm D`t fds sfkmh dwdy eria dhiptkln dl dhvdl`m `fdrnm eirsystmak` rksc ìltrkbutkils ie G@EKs. Dlh, kl ed`t, kt fds aist gkcmgy ìapriaksmh kts dbkgkty tihmdg wktf tfmkr edkgurms. Kt ks fknfgy kl`rmhkbgm tfdt, kl tfm akhst ie d sknlkek`dlt `rksks, tfmrm wkgg bmtfm pigktk`dg wkgg ti gmvy d hks`rmtkildry `fdrnm il tfm survkvkln ekldl`kdg ekras ti rmìup gissmsklegk`tmh by edkgmh ekras. Kt wiugh, kl ed`t, bm bmttmr ti rmwdrh tfm survkvkln ekras eria tfmstdlhpiklt ie kl`mltkvms kl dhvdl`m dlh rmgdx tfmkr ekldl`kln ìlstrdklts gdtmr ti biist tfmegdnnkln mìliak` iutput kl tfdt s`mldrki. ]lhmr tfm pripismh s`fmam, tfmrmeirm, tfm gkcmgyiutìams drm tfdt tfm ekldl`m sm`tir wkgg aist gkcmgy lit pdy eir kts systmak` rksc ìltrkbutkilsds fdppmlmh kl tfm detmradtf ie tfks `rksksdlh tfdt ti dvikh dly gkcmgkfiih tfdt tfmy fdvm tipdy eir itfmrs akstdcms dlh mx`mssms, ekldl`kdg ekras wkgg fmrh by ìrrmgdtkln tfmkr gmlhkln dlh

klvmstamlt `fik`ms. Bitf ie tfmsm wiugh kl`rmdsm, lit hm`rmdsm, systmak` rksc dlh ekldl`kdgerdnkgkty.

Mqudggy pribgmadtk`, tfm drnuamlt `dl bm adhm tfdt tfm D`t fds d`tudggy kl`rmdsmh systmak`rksc kl d ekldl`kdg `rksks. ^fkgm kt ks `mrtdklgy trum tfdt tfm Ekldl`kdg Ptdbkgkty Ivmrsknft @iul`kg iermnugdtirs fds airm dutfirkty ti dhhrmss d systmak` `rksks ds kt mamrnms, tfmrm ks tfm kapgk`kt

2Eir d hmtdkgmh trmdtamlt ie tfm rigm pgdymh by tfm NPMs kl tfm fiuskln biia dlh bust kl tfm ]P, smm D`fdryd, UdlLkmuwmrburnf, Rk`fdrhsil, dlh ^fktm (2:44).


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dssuaptkil tfdt tfm ìul`kg wkgg fdvm tfm wfmrmwktfdg ti pri`mmh. Nkvml tfm fkstirk`dgmxpmrkml`m ie rmnugdtiry edkgurms, tfks smmas gkcm d tdgg irhmr. Kl ìltrdst, tfm D`t rmhu`ms tfmdbkgkty ie tfm Emhmrdg Rmsmrvm ti privkhm gkqukhkty ti lil-hmpisktiry klstktutkils, dlh, dsamltkilmh dbivm, privkhms li dhvdl`m eulhkln eir sigvmlt ekldl`kdg klstktutkils fkt by dsknlkek`dlt mvmlt. Xfm ìul`kg wkgg bm si rmstrk`tmh tfdt kts ilgy `fik`m kl d gkqukhkty `rksks ady bmti put systmak`dggy kapirtdlt ekras tfriunf tfm IGD pri`mss, wfk`f, nkvml tfm ul`mrtdklty dbiut

tfks pri`mss, ìugh klktkdtm d eugg-bgiwl systmak` `rksks. Au`f nrmdtmr `gdrkty il mxd`t pri`mhurmsulhmrgykln tfm IGD wiugh bm lm`mssdry ti dvikh su`f dl iutìam.

4.4.0 Xfm Hihh-Erdlc D`t Edggs klti tfm Edakgkdr Xrdp ie Rmnugdtkln by Eira, litEul`tkil

Xfm aist sdgkmlt mxdapgm ie tfks trdp ks tfm D`ts ivmrdgg eiùs il bdlc fighkln ìapdlkms, detmr`gdrkeykln tfdt lilbdlcs ady dgsi bm `gdsskekmh ds systmak`dggy kapirtdlt klstktutkils dlh bmrmnugdtmh d`ìrhklngy. Ds wm oust mxpgdklmh, tfm D`t dggiws eir privkskil ie emhmrdg dsskstdl`m tibdlc fighkln ìapdlkms ulhmr `mrtdkl ìlhktkils, but rmstrk`ts su`f dsskstdl`m ti itfmrsystmak`dggy kapirtdlt ekras, gdrnm swdp hmdgmrs kl pdrtkùgdr. Xfks wkgg `rmdtm d pusf eir tfmd`quksktkil ie sadgg hmpisktirkms oust ds lilbdlcs dltk`kpdtm triubgm, ulhmraklkln tfm kltmlt iermstrk`tkil. Xfmrm drm dgsi kapirtdlt ìl`mltrdtkils ie systmak` rksc tfdt wkgg hmvmgip, m.n., ds`mltrdgkzmh `gmdrkln ie hmrkvdtkvms stdrts bmkln kapgmamltmh. Dlh wfml tfmkr systmak` rkscadtmrkdgkzms, mapgiykln tfm Emhs gmlhmr-ie-gdst-rmsirt eul`tkil ady bm lm`mssdry, mvml ketmapirdrkgy si, ti mlsurm irhmrgy rmsigutkil.

@ilskhmr d `mltrdg `gmdrklnfiusm ie swdps (gkcmgy ti bm `rmhkt hmedugt swdps ti stdrt wktf, butmvmltudggy smvmrdg itfmr swdps, kl`guhkln kltmrmst rdtm swdps). Ds Adrc Xwdkl wiugh put kt, ktadcms smlsm ti put dgg yiur mnns kl ilm bdscmt dlh tfml wdt`f tfdt bdscmt. Xfm D`t dggiwseir pruhmltkdg stdlhdrhs ti wdt`f su`f d bdscmt. But ke tfm bdscmt wds il tfm vmrnm ie dprm`kpktius edgg, dl mamrnml`y rmd`tkil wiugh bm lmmhmh ti sdvm tfm mnnskl tfks `dsm, tfmìultmrpdrtkms ie tfm `gmdrklnfiusm. Xfm rmstrk`tkil il mamrnml`y gkqukhkty dsskstdl`m eria tfmEmh wfml d `gmdrklnfiusm ks kl triubgm wkgg privm hksdstrius, ds dl irhmrgy gkqukhdtkil ady tdcmsmvmrdg wmmcs, ke lit ailtfs. Xfm aist ldturdg rmspilsm kl su`f `dsms ks ti privkhm tmapirdry

emhmrdg dsskstdl`m, mvmltudg pdss-tfriunf ie tfm rmdgkzmh gkqukhdtkil gissms ti pdrtk`kpdlts kl tfm`gmdrklnfiusm, dlh kts prkvdtm rm`dpktdgkzdtkil tfriunf `dpktdg ìltrkbutkils eria pdrtk`kpdlts.^fy eir`m kltmramhkdtm gkqukhkty dsskstdl`m ti ni tfriunf d vitm ie tfm Ekldl`kdg PtdbkgktyIvmrsknft @iul`kg dlh fdvm tfm adrcmts hmdg wktf hks`rmtkildry rmnugdtiry ul`mrtdklty9

4.4.8 Gdrnm Zdrts ie tfm Pfdhiw Bdlckln Pm`tir Rmadkl kl @urrmlt Eira

Xfm stiry ie tfm ekldl`kdg `rksks ie 2::>2::; wds tfdt ekldl`kdg klstktutkils mxpgiktmh giipfigmskl `dpktdg rmqukrmamlts dlh rmnugdtiry ivmrsknft ti ulhmrtdcm rkscy d`tkvktkms tfdt wmrm itfmrwksmamdlt ti bm wmgg `dpktdgkzmh dlh `gismgy ailktirmh. Mxdapgms drm luamrius? (k) ekldl`kdg ekras`fiiskln ulqudgkekmh rmnugdtiry dnml`kms ti ivmrsmm tfma (m.n., Damrk`dl Kltmrldtkildg Nriups`fik`m ie tfm Ieek`m ie Xfrket Pupmrvkskil eir kts ekldl`kdg prihu`ts nriup)3 (kk) tfm gidhkln up iesi-`dggmh DDD-rdtmh smùrktkms kl d rmnugdtiry smttkln rkpm eir ìlegk`ts ie kltmrmst bmtwmml rdtkln

dnml`kms, smùrkty kssumrs, dlh klvmstirs3 dlh (kkk) tfm hmvmgipamlt ie d pdrdggmg bdlckln sm`tirtfdt usmh wfigmsdgm eulhkln dlh ivmr-tfm-ìultmr (IX@) hmrkvdtkvms ti ìlhu`t khmltk`dgbdlckln d`tkvktkms, ds ìaamr`kdg bdlcs wmrm lit ymt subom`t ti tfm sdam rugms dlh rmnugdtkils.

Xi bm edkr, tfm Hihh-Erdlc D`t hims lit knlirm dgg ie tfks kl kts ekldl`kdg rmeira. Eir mxdapgm, kttdcms adoir stmps ti hmdg wktf tfm rmnugdtiry rmgkdl`m dlh ìlegk`t ie kltmrmst pribgmas wktfrdtkln dnml`kms, IX@ hmrkvdtkvms drm briunft bd`c klti tfm eigh, dlh gmvmrdnm-mlfdl`kln trk`cssu`f ds iee-bdgdl`m-sfmmt ekldl`kln drm rmìnlkzmh ds d adoir kssum. But tfm bdsk` prkl`kpgm tfdt


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skakgdr ekldl`kdg d`tkvktkms, ir, eir tfdt adttmr, mìliak`dggy mqukvdgmlt smùrktkms, sfiugh bmsubom`t ti tfm sdam rmnugdtiry rugms ks lit ìrm ti tfm D`t.

Eir mxdapgm, smvmrdg adrcmtssu`f ds tfm sdgm dlh rmpur`fdsm dnrmmamlts (rmpi)tfdt liwìlstktutm smvmrdg trkggkil higgdrs ie kltmramhkdtkil egiws fdvm bmml sfiwl ti bm systmak`dggykapirtdlt. Kl wfdt smlsm hi tfmsm adrcmts pmreira hkeemrmlt eul`tkils tfdl hmadlh hmpiskts,

dlh wfy drmlt tfmy rmnugdtmh ds su`f9 Airmivmr, tfmsm adrcmts `dl mxpmrkml`m d ermmzm dtgdrnm ke d emw ekldl`kdg e kras drm pmr`mkvmh ti bm rkscy but tfmkr mxd`t khmltkty ks ulcliwl. Irhmrgyrmsigutkil ie d ermmzm dlh prmvmltkil ie ekrm-sdgm dssmt gkqukhdtkils kl tfmsm adrcmts rmadklsulpgdllmh. Xfm sdam dppgkms eir hmdgkln wktf ruls il ailmy adrcmt eulhs wfism rmhmaptkilrksc eiggiwkln tfm ìggdpsm ie Gmfadl Britfmrs briunft ekldl`m ti d stdlhstkgg. Xfdt d ìggm`tkilir fmrh ie sadgg ìltrd`ts dlh adrcmts `dl bm systmak`dggy kapirtdlt ks mssmltkdggy gist kl tfmHihh-Erdlc D`t, ds kts eiùs ks dgaist mx`guskvmgy il tfm tii-bkn-ti-edkg ekldl`kdg klstktutkils.

Kl ìl`guskil, wfkgm tfm Hihh-Erdlc D`t hims rmprmsmlt tfm ùgakldtkil ie smvmrdg ailtfs ieskl`mrm meeirt il tfm pdrt ie tfm gmnksgdtirs, tfmkr stdeemrs, tfm pruhmltkdg rmnugdtirs, d`dhmak`s,pigk`y tfklc tdlcs, dlh, ie ìursm, tfm ekldl`kdg klhustry (dlh gibbyksts!), kt ks kapirtdlt tirmìnlkzm tfdt tfm aist dabktkius ivmrfdug ie ekldl`m sm`tir rmnugdtkil kl iur tkams hims liteuggy dhhrmss prkvdtm kl`mltkvms ie klhkvkhudg klstktutkils ti put tfm systma dt rksc, gmdvms d nrmdt

hmdg ie ul`mrtdklty ds ti fiw wm wkgg rmsigvm euturm `rksms, dlh ks gkcmgy ti bm dld`frilkstk`, klpdrts, rknft eria tfm hdy ie kts gmnksgdtkil.0

2. BDPMG KKK RMT]KRMAMLXP

Kl rmspilsm ti tfm systmak` meem`t ie tfm edkgurm ie tfm rmgdtkvmgy sadgg Nmradl bdlc Fmrstdtt kl4;>8, tfm `mltrdg bdlc nivmrlirs ie tfm N4: mstdbgksfmh tfm Bdsmg @iaakttmm il BdlcklnPupmrvkskil.

8

Kl tmras ie spm`kek`s, bmeirm iutgklkln tfm bridh stricms ie tfm Bdsmg KKK dnrmmamlt, kt ks fmgpeug tibrkmegy rmvkmw tfm mdrgkmr d`ìrhs, ds Bdsmg KKK wircs ktmrdtkvmgy iee tfmsm.

^fkgm fdvkln li stdtutiry dutfirkty, tfm Bdsmg @iaakttmm fds mamrnmh ivmr tfmpdst 0= ymdrs ds tfm gmdh nriup kl eiraugdtkln kltmrldtkildg stdlhdrhs eir bdlckln supmrvkskil,dlh mspm`kdggy `dpktdg dhmqud`y rmqukrmamlts. Xfks 0=-ymdr Bdsmg pri`mss stdrtmh wktf tfm 4;66Bdsmg D`ìrh (Bdsmg K), wfk`f kapismh tfm liw kledaius aklkaua rdtki ie `dpktdg ti rksc-

wmknftmh dssmts ie 6%. Xfm ìaakttmm prihu`mh d rmvksmh erdamwirc kl Oulm 4;;;, wfk`fùgakldtmh kl tfm kapgmamltdtkil ie tfm Lmw @dpktdg Erdamwirc kl Oulm 2::8 (Bdsmg KK). Bdsmg KKmxpdlhmh Bdsmg Ks `dpktdg rmqukrmamlt rugms dlh kltrihu`mh kltmrldg rksc dssmssamltpri`mssms. Ds d rmsugt ie tfm ngibdg ekldl`kdg `rksks, tfm Bdsmg @iaakttmm ks dt kt dndkl wktfpripisdgs eir lmw `dpktdg dhmqud`y dlh gkqukhkty rmqukrmamlts, hmlitmh Bdsmg KKK.

Xfm purpism ie tfm Bdsmg d`ìrhs wds ti privkhm d ìaail rksc-bdsmh dssmssamlt ie bdlcdssmts dlh rmqukrmh `dpktdg gmvmgs. Bdsmg K smpdrdtmh dssmts klti `dtmnirkms dlh ndvm rkscwmknfts rdlnkln eria :% ti 4::% ti md`f `dtmniry. Xfm rksc-wmknftmh dssmts drm `dgùgdtmh byaugtkpgykln tfm sua ie tfm dssmts kl md`f `dtmniry by tfmsm rksc wmknfts. Bdlcs tfml sfiugh

figh d aklkaua rdtki ie 6% ie `dpktdg ti rksc-wmknftmh dssmts.Bm`dusm tfm rksc dldgysks ie Bdsmg K wds quktm `ruhm, Bdsmg KK rmeklmh tfks by (k) dhhkln eurtfmrnrdhdtkils ie rksc `dtmnirkms3 (kk) dggiwkln eir kltmrldg, dlh airm sipfkstk`dtmh, rksc aihmgs3 dlh

0Lit dgg ks gist tfiunf, dlh tfmsm gkaktdtkils `dl bm ekxmh kl hum ìursm. Pmm d pisskbgm ridh adp eir dhhrmssklntfmsm gkaktdtkils kl D`fdryd, @iigmy, Rk`fdrhsil, dlh dgtmr (2:4:).

8N4: rmemrs ti tfm nriup ie ìultrkms tfdt pdrtk`kpdtmh kl tfm Nmlmrdg Dnrmmamlts ti Birriw kl 4;56, dlh fdvmìltklum ti ammt dlludggy ti rmvkmw cmy kltmrldtkildg ekldl`kdg adttmrs.


12/30


4:

(kkk) klìrpirdtkln vdgum-dt-rkscbdsmh `dpktdg `fdrnms eir trdhkln biics. Mvml wktf tfm dppdrmltkaprivmamlts ie Bdsmg KK, G@EKs, dramh wktf tfmkr tii-bkn-ti-edkg eulhkln dhvdltdnm, mdskgymxpgiktmh tfm ìlegk`ts ie kltmrmst ie rdtkln dnml`kms, pgdymh iee mxtmrldg vmrsus kltmrldg rkscaihmgs, dlh aklkakzmh vdgum-dt-rksc tfiunf lit systmak` rksc. Drnudbgy, bm`dusm tfm Bdsmg KKdpprid`f amdsurmh klhkvkhudg bdlc rksc but knlirmh systmak` rksc (tfm prkadry rdtkildgm eir bdlcrmnugdtkil), dlh hkh lit dhhrmss tfm erdnkgkty tfdt wds hmvmgipkln il tfm bdlc gkdbkgkty skhm kl tfm

eira ie ulklsurmh wfigmsdgm hmpiskt eulhkln, tfm ekldl`m sm`tir fdh d "rd`m ti tfm bittia" klrksc tdckln dlh mìliak` gmvmrdnm dlh mlhmh up kl piir sfdpm hurkln tfm `rksks.

Bdsmg KKK rmìnlkzms tfdt tfmrm drm twi typms ie rkscs tfdt `dusm d ekldl`kdg ekra ti pitmltkdggy edkg?

sigvml`y ir `dpktdg rksc, wfmrm tfm adrcmt vdgum ie tfm ekras dssmts edggs bmgiw ktsibgkndtkils3 dlh/ir

gkqukhkty rksc, wfmrm tfm ekra `dllit ìlvmrt dssmts klti `dsf ti pdy iee kts ibgkndtkilsbm`dusm dssmt adrcmts fdvm bmìam kggkqukh3 ir kts `gism ìuskl,

eulhkln gkqukhkty rksc, wfmrm tfm ekra ks uldbgm ti rigg ivmr kts adturkln hmbt ibgkndtkilswktf kaamhkd`y dt siam piklt kl tfm euturm.

Xfmsm rkscs `dl sprmdh quk`cgy tfriunf ekrm sdgms, ìultmrpdrty rksc, ir ìltdnkius ruls, dlhsystmak` rksc `dl mlnuge tfm ekldl`m sm`tir kl li tkam. Xi tfm mxtmlt tfdt Bdsmg K dlh KK eiùsmhdgaist mx`guskvmgy il sigvml`y rksc dlh gkttgm il gkqukhkty rksc, Bdsmg KKK ìlstktutms dlkaprivmamlt. Fiwmvmr, Bdsmg KKK ks hksdppikltkln kl tfdt kt adcms li meeirt ti khmltkey wfml dlklstktutkils sigvml`y rksc ir gkqukhkty rksc ks gkcmgy ti gmdh ti systmak` rksc. By lit hkeemrmltkdtklnsi, kt hkrm`tgy subskhkzms tfism sigvml`y dlh gkqukhkty rkscs tfdt ìltrkbutm ti systmawkhm rkscsvmrsus tfism tfdt hi lit.

Kl pdrtkùgdr, wfkgm Bdsmg KKK trkms ti ìrrm`t siam ie tfmsm drmds, tfm bdsk` dpprid`f tirmnugdtkil ks mssmltkdggy d eiggiw-up il Bdsmg KK. Ppm`kek`dggy, Bdsmg KKK (k) ks strk`tmr il wfdtìlstktutms `dpktdg3 (kk) kltrihu`ms d aklkaua gmvmrdnm rdtki dlh, ti bm hmtmraklmh, fknfmr `dpktdgrmqukrmamlts (pisskbgy ìultmr`y`gk`dg kl ldturm)3 dlh (kkk) `rmdtms gkqukhkty rdtkis tfdt bdlcs wkggmvmltudggy fdvm ti dbkhm by.

^ktf rmspm`t ti systmak` rksctfm rmdg kssum dt fdlhtfm Ougy 2:4: Bdsmg ìaakttmm rmpirtstdtms tfdt tfm ìaakttmm wkgg ulhmrtdcm eurtfmr hmvmgipamlt ie tfm 'nukhmh hks`rmtkil' dpprid`fds ilm pisskbgm am`fdlksa eir kltmnrdtkln tfm `dpktdg sur`fdrnm klti tfm Ekldl`kdg PtdbkgktyBidrhs klktkdtkvm eir dhhrmsskln systmak`dggy kapirtdlt ekldl`kdg klstktutkils. Ilm wiugh tfklcsystmak` rksc sfiugh bm tfm prkadry eiùs ie tfm rmnugdtiry nukhmgklms but, siamwfdtsurprksklngy, mvml detmr tfm rm`mlt `rksks, kt ks lit.

2.4 @dpktdg Rmqukrmamlts

Xfm Bdsmg KKK rugms mlhirsmh by tfm Nriup ie 2: (N2:) gmdhkln mìliakms `dl bm suaadrkzmhds sfiwl kl Xdbgm 2 ds edr ds lmw rugms il tfm `dpktdg bdlcs figh drm ìl`mrlmh (smm Pdulhmrs

2:44) eir tfm eugg hms`rkptkil ie Bdsmg KKK rugms).


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44

Xdbgm 2? @dpktdg Dhmqud`y Ptdlhdrhs i e Bdsmg KKK

@dpktdg t ypm

[mdr ti dbkhm rugm by

2:40 2:4;

Aklkaua mqukty `dpktdg rdtki(purm sti`c)

0.=% ie rksc-wmknftmhdssmts (R^Ds)

8.=% ie R^Ds

Aklkaua Xkmr 4 `dpktdg

(mqukty + itfmr klstruamlts, kl`guhklnsiam fybrkh bilhs)

8.=% ie R^Ds 5.:% ie R^Ds

Aklkaua titdg `dpktdg pgus lmw`dpktdg ìlsmrvdtkil bueemr

6.:% ie R^Ds 4:.=% ie R^Ds

Piur`m? Bdlc eir Kltmrldtkildg Pmttgmamlts. 2:4:(b). Nriup ie Nivmrlirs dlh Fmdhs ie Pupmrvkskil dlliul`ms fknfmrngibdg aklkaua `dpktdg stdlhdrhs, Dllmx 2 Sprmss rmgmdsmQ. Bdsmg, Pwktzmrgdlh.

Kl pdrtkùgdr, smvmrdg fybrkh klstruamlts drm bmkln mgkakldtmh ds mgknkbgm eiras ie `dpktdg, dlhXkmr 0 `dpktdg ks mgkakldtmh dgtinmtfmr, klhu`kln d sknlkek`dlt sfket kl bdlc gkdbkgkty stru`turm dwdyeria fybrkh `dpktdg, tfm nriwtf ie wfk`f (mspm`kdggy kl Muripm) wds substdltkdg prkir ti 2::>.

Kl rmspilsm ti tfm smvmrm `rktk`ksa rm`mkvmh by tfm rksc-wmknftmh dpprid`f, tfm rugms put d egiir

ulhmr tfm bukgh-up ie gmvmrdnm kl tfm bdlckln sm`tir by rmqukrkln tfdt `dpktdg ti (ulwmknftmh)dssmts bm dt gmdst 0%. Kl dhhktkil, tfm pgdl ks ti kltrihu`m dhhktkildg sdemnudrhs dndklstaihmgrksc

=amdsurmamlt mrrirdlh by suppgmamltkln tfm rksc-wmknftmh dssmts amdsurm wktf d skapgmr

amdsurm bdsmh il nriss mxpisurms.

Kl itfmr airm spm`kek` but lit euggy spmggmh-iut `fdlnms, tfm rksc ìvmrdnm ie tfm `dpktdgerdamwirc wkgg bm strmlntfmlmh by rmqukrkln tfdt tfm rmeiras

strmlntfml tfm `dpktdg rmqukrmamlts eir ìultmrpdrty`rmhkt mxpisurms drkskln eria bdlcshmrkvdtkvms,rmpi, dlhsmùrktkms ekldl`kln trdlsd`tkils3 rdksm tfm `dpktdg bueemrs bd`cklntfmsm mxpisurms3 privkhm dhhktkildg kl`mltkvms ti aivm IX@ hmrkvdtkvm ìltrd`ts ti`mltrdg ìultmrpdrtkms (pribdbgy `gmdrkln fiusms)3 dlh privkhm kl`mltkvms ti strmlntfmltfmrksc adldnmamlt ie ìultmrpdrty `rmhkt mxpisurms3

kltrihu`m d smrkms ie amdsurms ti priaitm tfm bukgh-up ie `dpktdg bueemrs kl niih tkamstfdt `dl bm hrdwl upil kl pmrkihs ie strmss?

kltrihu`m d smrkms ie amdsurms ti dhhrmss pri`y`gk`dgkty si ds ti hdapml dlymx`mss `y`gk`dgkty ie aklkaua `dpktdg rmqukrmamlts3 priaitm airm eirwdrh-giickln privkskils3 dlh ìlsmrvm `dpktdg ti bukgh bueemrs dt klhkvkhudg bdlcsdlh tfm bdlckln sm`tir tfdt `dl bm usmh kl strmss3

d`fkmvm tfm bridhmr ad`ripruhmltkdg nidg ie pritm`tkln tfm bdlckln sm`tireria pmrkihs ie mx`mss `rmhkt nriwtf3 usm giln-tmra hdtd firkzils ti mstkadtmpribdbkgktkms ie hmedugt3hiwlturl giss-nkvml-hmedugt mstkadtms, rmìaamlhmhkl Bdsmg KK, ti bmìam adlhdtiry3 kaprivmh `dgkbrdtkil ie tfm rksc eul`tkils,wfk`f ìlvmrt giss mstkadtms klti rmnugdtiry `dpktdg rmqukrmamlts3 dlh bdlcs

aust ìlhu`tstrmss tmsts tfdt kl`guhm wkhmlkln`rmhkt sprmdhs kl rm`msskildrys`mldrkis3 dlh

priaitm strilnmr privkskilkln prd`tk`ms (eirwdrh-giickln privkskilkln) dlhdhvi`dtm d `fdlnm kl tfm d`ìultkln stdlhdrhs tiwdrhs dl mxpm`tmh gissdpprid`f.

=Aihmg rksc ks tfm rksc tfdt mlsums wfml uskln aihmgs ti vdgum ekldl`kdg smùrktkms.
http://en.wikipedia.org/wiki/Model_riskhttp://en.wikipedia.org/wiki/Model_riskhttp://en.wikipedia.org/wiki/Sampling_errorhttp://en.wikipedia.org/wiki/Sampling_errorhttp://en.wikipedia.org/wiki/Derivative_%28finance%29#Counter-party_riskhttp://en.wikipedia.org/wiki/Derivative_%28finance%29#Counter-party_riskhttp://en.wikipedia.org/wiki/Security_%28finance%29#Collateralhttp://en.wikipedia.org/wiki/Derivative_%28finance%29#OTC_and_exchange-tradedhttp://en.wikipedia.org/wiki/Clearing_house_%28finance%29http://en.wikipedia.org/wiki/Risk_management#Areas_of_risk_managementhttp://en.wikipedia.org/wiki/Loss_given_default#Downturn_LGDhttp://en.wikipedia.org/wiki/Government_policies_and_the_subprime_mortgage_crisis#Inconsistent_capital_requirements_and_risk_classificationhttp://en.wikipedia.org/wiki/Stress_testing#Financial_sectorhttp://en.wikipedia.org/wiki/Credit_spread_%28bond%29http://en.wikipedia.org/wiki/Credit_spread_%28bond%29http://en.wikipedia.org/wiki/Stress_testing#Financial_sectorhttp://en.wikipedia.org/wiki/Government_policies_and_the_subprime_mortgage_crisis#Inconsistent_capital_requirements_and_risk_classificationhttp://en.wikipedia.org/wiki/Loss_given_default#Downturn_LGDhttp://en.wikipedia.org/wiki/Risk_management#Areas_of_risk_managementhttp://en.wikipedia.org/wiki/Clearing_house_%28finance%29http://en.wikipedia.org/wiki/Derivative_%28finance%29#OTC_and_exchange-tradedhttp://en.wikipedia.org/wiki/Security_%28finance%29#Collateralhttp://en.wikipedia.org/wiki/Derivative_%28finance%29#Counter-party_riskhttp://en.wikipedia.org/wiki/Derivative_%28finance%29#Counter-party_riskhttp://en.wikipedia.org/wiki/Sampling_errorhttp://en.wikipedia.org/wiki/Model_riskhttp://en.wikipedia.org/wiki/Model_risk


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42

2.2 Gkqukhkty Rmqukrmamlts

Ds hksùssmh bmeirm, ekldl`kdg hkstrmss drksms lit oust eria `dpktdg rksc but dgsi gkqukhkty rksc. Xfmekldl`kdg `rksks ie 2::>2::; sfiws tfdt gkqukhkty rksc hmsmrvms mqudg eiitkln. Xfm pribgmadrksms bm`dusm rmnugdtmh klstktutkils ds wmgg ds tfmkr ulrmnugdtmh skbgklns fdvm erdnkgm `dpktdgstru`turms kl tfdt tfmy figh dssmts wktf dnnrmndtm rksc dlh giln-tmra hurdtkil ir giw gkqukhkty, buttfmkr gkdbkgktkms drm fknfgy sfirt-tmra kl ldturm. Drnudbgy, tfm ùrrmlt `rksks bm`dam d pdlhmak`wfml tfmrm wds d rul il tfm klvmstamlt bdlcs dlh ailmy adrcmt eulhs detmr Gmfadl Britfmrsedkgmh.

Ilm sigutkil ks ti kapism il ekldl`kdg klstktutkils gkqukhkty rmqukrmamlts tfdt drm skakgdr kl spkrktti tfm wdy `dpktdg rmqukrmamlts drm kapismh, wktf tfm kltmltkil ie rmhu`kln ruls. Xfm bdsk` khmdwiugh bm ti rmqukrm tfdt d pripirtkil ie tfm sfirt-tmra eulhkln aust bm kl gkqukh dssmts, k.m.,dssmts tfdt `dl bm sigh kaamhkdtmgy kl qudltkty dt ùrrmlt prk`ms. Xfks rmqukrmamlt aknft bmsueek`kmlt ti prmvmlt ruls ds kt wkgg kl meem`t kl`rmdsm tfm ìst ie ekldl`kdg klstktutkils tdckln il`drry trdhms dlh fighkln giln-tmra dssmt-bd`cmh smùrktkms.

Xfm irknkldg Hm`mabmr 2::; pripisdg kl Bdsmg KKK iutgklmh twi lmw rdtkis tfdt ekldl`kdgklstktutkils wiugh bm subom`t ti?

Gkqukhkty ìvmrdnm rdtki (G@R)?Xfks ks tfm rdtki ie d bdlcs fknf-qudgkty gkqukh dssmts(k.m., `dsf, nivmrlamlt smùrktkms, mt`.) ti kts lmt `dsf iutegiws (k.m., iutegiws kl rmtdkghmpiskts, wfigmsdgm eulhkln, mt`.) ivmr d 0:-hdy pmrkih hurkln d smvmrm systmawkhmsfi`c. Xfks rdtki sfiugh mx`mmh 4::%.

Lmt stdbgm eulhkln rdtki (LPER)?Xfks tfm rdtki ie tfm bdlcs dvdkgdbgm stdbgm eulhkln(k.m., kts `dpktdg gilnmr-tmra gkdbkgktkms dlh stdbgm sfirt-tmra hmpiskts) ivmr kts rmqukrmhdaiult ie stdbgm eulhkln (k.m., vdgum ie dssmts fmgh augtkpgkmh by d ed`tir rmprmsmltkln tfmdssmts' gkqukhkty). Xfks rdtki sfiugh mx`mmh 4::%.

Xfm kltrihu`tkil ie tfm G@R dlh LPER ds pruhmltkdg stdlhdrhs fds amrkt. @ilskhmr tfm mxdapgmie tfm supmr smlkir DDD-rdtmh trdl`fms ie ìggdtmrdgkzmh hmbt ibgkndtkils rmgdtkvm ti d airm

stdlhdrh DDD-rdtmh adrcmtdbgm smùrkty (sdy, d ìrpirdtm bilh). Ppm`kek`dggy, dssuam tfdt tfmpribdbkgkty dlh adnlktuhm ie gissms (k.m., tfm mxpm`tmh amdl dlh vdrkdl`m) dssi`kdtmh wktfhmedugt drm skakgdr bmtwmml tfm twi `gdssms ie smùrktkms. ^fdt drm tfm kapgk`dtkils ie G@Rs dlhLPERs il tfmsm fighklns9

Gkqukhkty rksc rmemrs ti tfm dbkgkty ie tfm fighmr ti ìlvmrt tfm smùrkty ir dssmt klti `dsf. Mvmlbmeirm tfm `rksks stdrtmh, tfm supmr smlkir trdl`fms wmrm ìlskhmrmh ti bm gmss gkqukh tfdlstdlhdrh adrcmtdbgm smùrktkms dlh airm ie d figh-ti-adturkty typm ie smùrkty. Xfm ed`t tfdttfmsm smùrktkms ieemrmh d sprmdh sfiugh lit bm surprkskln, nkvml tfdt tfmrm drm luamriusmxdapgms ie d prk`m ti kggkqukhkty. Eir klstdl`m, ìlskhmr tfm wmgg-hiùamltmh sprmdh bmtwmmltfm iee-tfm-rul dlh il-tfm-rul Xrmdsurkms. Xfm G@R wiugh aist gkcmgy ìult tfm DDD-rdtmhìggdtmrdgkzmh hmbt ibgkndtkil (@HI) gmss edvirdbgy kl tmras ie sdtkseykln gkqukhkty rksc.

Eulhkln rksc rmemrs ti tfm aksadt`f kl tfm adturktkms ie dssmts dlh gkdbkgktkms. Xfmrm ks dtmlhml`y eir ekldl`kdg klstktutkils ti figh giln-tmra dssmts uskln `fmdp sfirt-tmra eulhkln, dcklh ie `drry trdhm. But tfks mxpisms tfm klstktutkil ti nrmdtmr rksc ie d rul ke sfirt-tmra eulhklnmvdpirdtms hurkln d `rksks. Xfmsm twi piklts sunnmst tfdt kt wiugh bm usmeug ti cliw tfm gkqukhdssmts tfm ekldl`kdg klstktutkil fighs dndklst sfirt-tmra eulhkln. Ilm ìugh kadnklm tfdt tfmfknfmr tfm rdtki, tfm gmss dl klstktutkil ks subom`t ti d gkqukhkty sfi`c, dlh tfmrmeirm tfm gmss rkscykt ks. Xfm LPER wiugh fmgp dlswmr tfks qumstkil, dlh dndkl wiugh bm gmss edvirdbgm eir tfm

DDD-rdtmh @HI vmrsus tfm DDD-rdtmh adrcmtdbgm smùrkty.


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40

2.0 Bdsmg @dpktdg Rmqukrmamlts? Dl Dssmssamlt

Eria d ìl`mptudg stdlhpiklt, tfm Bdsmg `dpktdg rmqukrmamlts drm d egdwmh ad`ripruhmltkdg tiig.Fmrms wfy. Ekrst dlh eirmaist, d ad`ripruhmltkdg tiig sfiugh bm ìl`mrlmh wktfdlh dttmaptti dhhrmsssystmak` rksc ìltrkbutkils ie ekldl`kdg ekras. Bdsmg rmqukrmamlts drm, eir tfm aistpdrt, eiùsmh klstmdh il klhkvkhudg rksc ie ekldl`kdg ekras.

Pmìlh, tfm vmry d`t ie rmhu`kln tfm klhkvkhudg rksc ie ekldl`kdg ekras `dl kl prkl`kpgm dnnrdvdtmsystmak` rksc. Eir klstdl`m, ke klstktutkils `dllit hkvmrskey pmrem`tgy, but drm mlìurdnmh ti hi sidt dgg ìsts, tfml tfmy `dl dgg bm gmet fighkln tfm sdam dnnrmndtm rksc ds tfmy hkvmrskey dwdy dggkhkisyl`rdtk` rksc. Ke tfm ìsts ti bdlc edkgurms drm lilgklmdrgy kl`rmdskln kl tfm luabmr ieedkgurms, tfml hkvmrskek`dtkil ìugh kl ed`t bm wmgedrm-rmhu`kln kl tfks eira. D niih dldginy eirtfks nmlmrdg piklt ks bdlcs fighkln DDD-rdtmh trdl`fms ti figh d hkvmrskekmh bmt il tfm fiusklnadrcmt, skl`m su`f d hkvmrskekmh bmt wds rmwdrhmh by Bdsmg rmqukrmamlts kl tmras ie `dpktdgrmnugdtkils rmgdtkvm ti fighkln tfm ulhmrgykln airtndnms il bdlckln biics.

Xfkrh, mvml ke ilm knlirmh tfm pisskbkgkty ie klhkvkhudg ekldl`kdg ekras bmìakln airm ìrrmgdtmhds tfmy rmhu`m tfmkr iwl rkscs, Bdsmg rmqukrmamlts knlirm tfm mlhinmlius ir hyldak` mvigutkilie rkscs ie tfm ulhmrgykln dssmts. @ilskhmr dndkl tfm `dsm ie DDD-bd`cmh rmskhmltkdg airtndnm-

bd`cmh smùrktkms (ABP). By privkhkln d rmgdtkvm dhvdltdnm ti tfks dssmt `gdss, tfm Bdsmgrmqukrmamlts mxpgk`ktgy mlìurdnmh nrmdtmr gmlhkln kl tfm dnnrmndtm ti rmskhmltkdg airtndnms.

Ds bdlcs gmlt hiwl tfm qudgkty ùrvm, tfmy adhm wirsm airtndnms (m.n., kl tmras ie gidlvdgumrdtkis). Fml`m, mvml tfiunf tfm rmskhmltkdg airtndnm ds dl dssmt `gdss fdh fkstirk`dggy bmmlstdbgm, d stdtk` rksc wmknft tfdt edvirmh tfks dssmt `gdss adhm kt mlhinmliusgy rksckmr.

Ekldggy, oust ds tfm Bdsmg rmqukrmamlts knlirm tfdt tfmy kl`rmdsm ìrrmgdtmh klvmstamlts dlhmlhinmliusgy prihu`m hmtmrkirdtkln dssmt qudgkty il d rksc-edvirmh dssmt `gdss, tfmy dgsi knlirmtfdt, wfml tfm rksc ie tfks dssmt `gdss adtmrkdgkzms, bm`dusm tfm ekldl`kdg ekras drmivmrgmvmrdnmh kl tfks dssmt `gdss dlh kl d ìrrmgdtmh adllmr, tfmy ed`m mlhinmlius gkqukhktyrksc. Eir klstdl`m, ds md`f ekldl`kdg ekra dttmapts ti hmgmvmrdnm by smggkln kts DDD ABP, si ksmvmry itfmr ekldl`kdg ekra, kapgykln tfdt tfmrm ks lit mliunf `dpktdg kl tfm systma ti hmdg wktf tfm

hmgmvmrdnkln, dlh systmak` rksc ks `rmdtmh, lit ilgy mx dltm, but dgsi mx pist. Kl tfks smlsm,Bdsmg rmqukrmamlts klhu`m pri`y`gk`dgkty ivmr dlh dbivm tfm ed`t tfdt rkscs drm klfmrmltgypri`y`gk`dg.

Kl mìliak` pdrgdl`m, tfm Bdsmg rksc-wmknfts dpprid`f ks dl dttmapt ti tdrnmt rmgdtkvm prk`ms eirgmlhkln dlh klvmstamlts ie bdlcs, rdtfmr tfdl rmstrk`t qudltktkms ir dssmt rkscs hkrm`tgy.Rmnugdtirskl tfm dbsml`m ie prk`m hksìvmry privkhmh by hdy-ti-hdy adrcmtsfdvm gkttgm fipmie d`fkmvkln rmgdtkvm prk`m meek`kml`y tfdt ks sueek`kmltgy hyldak` dlh rmegm`tkvm ie ulhmrgykln rkscsdlh tfm hdlnmrs tfdt rkscs wkgg `fdlnm. Kl ìltrdst, ìl`mltrdtkil gkakts il dssmt `gdss mxpisurmeir tfm mìliay ds d wfigm, ir skapgm gmvmrdnm rmstrk`tkils (dssmtsmqukty ie md`f ekldl`kdg ekralit nrmdtmr tfdl 4=?4, eir klstdl`m), ir dl dssmt rksc rmstrk`tkil (gidlvdgum ie airtndnms lit timx`mmh 6:%, eir klstdl`m), drm airm gkcmgy ti bm ribust dlh ìultmr`y`gk`dg ad`ripruhmltkdgtiigs. Xfmy hi lit hkrm`tgy dhhrmss systmak` rksc but dt gmdst ieemr fipm ie gkaktkln rkscs ie

klhkvkhudg ekldl`kdg ekras dlh dssmt `gdssms.Xi ulhmrstdlh wfdt wmlt wriln eria d rmnugdtiry`dpktdg piklt ie vkmw bmeirm 2::>, litm tfdttfm G@EKs tiic tfmkr gmvmrdnmh bmts uskln rmnugdtiry drbktrdnm trk`cs ds d hkrm`t rmsugt ie Bdsmg Kdlh KK (smm tfm hksùsskil kl D`fdryd, P`fldbg, dlh Pudrmz 2:4:)? Ekrst, tfmy eulhmh pirteigkisie rkscy gidls vkd iee-bdgdl`m-sfmmt vmfk`gms (ìlhukts dlh stru`turmh klvmstamlt vmfk`gms).Xfmsm gidls, fiwmvmr, wmrm nudrdltmmh by spilsirkln G@EKs tfriunf gkqukhkty mlfdl`mamltstfdt fdh giwmr `dpktdg rmqukrmamlt by Bdsmg. Pi tfm gidls wmrm meem`tkvmgy rmìursm but fdh dgiwmr `dpktdg `fdrnm, mvml tfiunf tfm `rmhkt rksc lmvmr gmet tfm spilsirkln G@EKs. Pmìlh, tfmy


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adhm iutrknft pur`fdsms ie DDD-trdl`fms ie lilprkam smùrktkms, wfk`f wmrm trmdtmh ds fdvklngiw `rmhkt rksc dlh zmri gkqukhkty dlh eulhkln rksc. Xfkrh, tfmy mloiymh eugg `dpktdg rmgkme il DDD-trdl`fms ke tfmy biunft ulhmrprk`mh pritm`tkil il smùrktkzmh prihu`ts eria ailigklms dlh

DKN (bitf ie wfk`f wmrm lit subom`t ti skakgdr pruhmltkdg stdlhdrhs). Eiurtf, kl Dunust 2::8,klvmstamlt bdlcs su``msseuggy gibbkmh tfm PM@ ti damlh tfm lmt `dpktdg rugm ie tfm PmùrktkmsMx`fdlnm D`t ie 4;08, wfk`f meem`tkvmgy dggiwmh eir gmvmrdnm ti kl`rmdsm kl rmturl eir nrmdtmr

supmrvkskil. Xfks gibbykln wds kl hkrm`t rmspilsm ti tfm kltmrldg rksc adldnmamlt rugms ie BdsmgKK.

Xfm lmt meem`t ie su`f drbktrdnkln ie Bdsmgs `dpktdg rmqukrmamlts by ekldl`kdg ekras wds tfdtngibdg bdlckln bdgdl`m sfmmts hiubgmh eria 2::8 ti 2::> wktf ilgy d aklir kl`rmdsm kl Bdsmg-kapgkmh rksc (Eknurm 4). Xfks ed`t dgilm sfiugh fdvm bmml d wdrlkln ti rmnugdtirs. ^fml ilmìabklms tfks ed`t wktf tfm nriwtf kl sfirt-tmra sfdhiw bdlckln gkdbkgktkms eria $4: trkggkil ti$2: trkggkil bmtwmml 2::: dlh 2::> (ìapdrmh ti $=.= trkggkil ti $44.: trkggkil kl trdhktkildg bdlcgkdbkgktkms), kt ks `gmdr kl fklhsknft tfdt tfm eiùs ie Bdsmg `dpktdg rmqukrmamlts ivmr tfm prkir 0:ymdrs fds bmml akspgd`mh.

Eknurm 4? Nriwtf kl Xitdg Dssmts dlh Rksc-^mknftmh Dssmts Bdsmh il Bdgdl`m Pfmmts ie4: Gdrnmst Ngibdg Ekldl`kdg Klstktut kils

( trkggkil)

Piur`m? Kltmrldtkildg Ailmtdry Eulh (KAE). 2::6. Ngibdg Ekldl`kdg Ptdbkgkty Rmpirt. {@kty} (Dprkg).

Kl ed`t, ekldl`kdg ekras tfdt fdh tfm bmst rmnugdtiry `dpktdg rdtkis (meem`tkvmgy, hum ti substdltkdgrmnugdtiry drbktrdnm) edrmh tfm wirst kl tmras ie adrcmt `dpktdgkzdtkil hm`gklms hurkln tfm `rksks(Eknurm 2). Kl itfmr wirhs, tfmkr fknf rmnugdtiry `dpktdg rdtkis, m.n., giw ulwmknftmh dssmts tirksc-wmknftmh dssmts rdtkis, wmrm lit d sknl ie tfmkr ekldl`kdg stdbkgkty but, krilk`dggy, d sknl ietfmkr pripmlskty ti figh ilti systmak`dggy rkscy dssmts wktf adxkaua mìliak` gmvmrdnm (su`fds by fighkln DDD-rdtmh rmskhmltkdg ABP tfdt fdh gkttgm Bdsmg `dpktdg `fdrnm).


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Eknurm 2? Bdlc Mqukty Zrk`m @fdlnms dlh Bdgdl`m Pfmmt Gmvmrdnm

(%)

Piur`m? KAE. 2::6. Ngibdg Ekldl`kdg Ptdbkgkty Rmpirt.(Dprkg).

Piamwfdt surprksklngy, rdtfmr tfdl tfm Bdsmg ìaakttmm privkhkln d amd ùgpd, tfm ìaakttmmieemrmh d lmw smt ie rugms dlh nukhmgklms tfdt, kl adly wdys, akrrir tfm prmvkius twi dttmapts.^fkgm tfm Bdsmg KKK pri`mss eiùsms il uskln airm strklnmlt `dpktdg rmqukrmamlts ti nmt driulhsiam ie tfmsm kssums, kt knlirms tfm `ru`kdg adrcmt dlh rmnugdtiry edkgurms ie tfm ekldl`kdgsystma?

^fkgm rmìnlkzkln tfm systmak` rksc ie ekldl`kdg ekras, tfm Bdsmg dpprid`f vmry au`frmadkls eiùsmh il tfm rksc ie tfm klhkvkhudg klstktutkil dlh lit tfm systma ds d wfigm. Klitfmr wirhs, tfm gmvmg ie d ekras `dpktdg rmqukrmamlts kl Bdsmg K, KK, ir KKK hims lit hmpmlhil kts kltmrd`tkil wktf itfmr ekldl`kdg ekras.

^fdtmvmr `dpktdg dlh/ir gkqukhkty rmqukrmamlts drm pgd`mh il ilm smt ie ekldl`kdgklstktutkilssdy, bdlcs dlh bdlc fighkln ìapdlkmskt ks fknfgy gkcmgy tfdt tfm ekldl`kdgd`tkvktkms deem`tmh by tfmsm rmqukrmamlts wkgg oust aivm mgsmwfmrm kl tfm sfdhiw bdlcklnsystma. Xfdt ks, wktfiut tfm ulhmrstdlhkln tfdt tfm wfigm ekldl`kdg systma aust bmgiicmh dt dlh trmdtmh kl ulksil, Bdsmg KKK wkgg rul klti tfm sdam sfdhiw bdlckln kssumstfdt drism wktf Bdsmg K dlh KK.

Xfmrm smmas ti bm li rmìnlktkil ie tfm rigm nivmrlamlt nudrdltmms pgdy kl tfmdggi`dtkil ie `dpktdg. Itfmr tfklns bmkln mqudg, tfm airm nudrdltmms d ekra rm`mkvms, tfmgiwmr kts ìsts ie hmbt eulhkln. Xfks drtkek`kdggy kl`rmdsms tfm rmgdtkvm ìst ielilnudrdltmmh eulhkln su`f ds mqukty, prmemrrmh sti`c, dlh pisskbgy subirhkldtmh hmbt(ulhmr d `rmhkbgm rmsigutkil dutfirkty).

Kt ks dgsi pribgmadtk` tfdt tfm Bdsmg pri`mss stk`cs wktf tkrmh igh hmeklktkils ie `dpktdg dlhgmvmrdnm lit mltkrmgy suktmh ti aihmrl ekldl`kdg ekras dlh eir rmhu`kln mx`msskvm systmak` rksc.

Dt tfm tkam tfmy wmrm hmsknlmh, tfm prkadry purpism ie tfm Bdsmg `dpktdg rmqukrmamlts wds tinudrh tfm rmtdkg hmpiskt bdsm ie ìaamr`kdg bdlcs eria ulmxpm`tmh gissms il tfmkr gidl


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pirteigkis. ^fkgm Bdsmg KK adhm kaprivmamlts ivmr Bdsmg K by dhhrmsskln IX@ hmrkvdtkvmpisktkils, dlh Bdsmg KKK fds tknftmlmh tfm trmdtamlt ie iee-bdgdl`m-sfmmt ekldl`kln, tfm eiùs ksstkgg lit il amdsurkln qudltktkms tfdt d`tudggy rmegm`t systmak` rksc, su`f ds tfm `fdlnm kl vdgumie d ekldl`kdg ekras dssmts nkvml d ad`rimìliak` sfi`c dlh tfm kapd`t su`f d sfi`c fds ilkts gkdbkgkty dlh eulhkln stru`turm.

Xfdt gkqukhkty rksc ks liw dt tfm eirmerilt ie Bdsmg KKKdlh prmsuadbgy euturm ekldl`kdg rmnugdtkilkl tfm ]P ds d rmsugt ie tfm Hihh-Erdlc D`tdlh ks `gmdrgy d stmp eirwdrh. Xfm G@R dlh LPERgkqukhkty dhmqud`y stdlhdrhs drm rmdsildbgm dpprid`fms tiwdrhs tfm rmnugdtkil ie gkqukhkty rksc.Eir mxdapgm, tfm eiùs ie tfm G@R il d systma-wkhm strmss s`mldrki ks tfm dppriprkdtm wdy titfklc dbiut tfm systmak` ìlsmquml`ms ie fighkln gmss gkqukh dssmts dlh/ir eulhkln tfism dssmtswktf sfirt-tmra gkdbkgktkms.

Xfdt sdkh, tfm dpprid`f ks mmrkgy skakgdr ti tfdt ie Bdsmg K dlh KK eir smttkln `dpktdg rmqukrmamlts.Dgg tfm dhoustamlt ed`tirs dlh wmknfts usmh kl `dgùgdtkln tfm G@R dlh LPER fdvm tfmkrìultmrpdrt kl tfm rksc wmknfts ie `dpktdg rdtkis. ^ktfiut d hiubt, kapgmamltdtkil ie tfm gkqukhktyrdtkis wkgg pusf bdlcs tiwdrhs rmnugdtiry drbktrdnm ie tfm gkqukhkty wmknfts, kl pdrtkùgdr, ti tfmbmst-trmdtmh kggkqukh smùrktkms dlh systmak`dggy rkscy eulhkln. Ie ìursm, tfm ulkltmlhmhìlsmquml`m wkgg bm d ìl`mltrdtkil klti tfmsm d`tkvktkms. Rmnugdtirs sfiugh bm dùtmgy dwdrm ie

tfks pribgma dlh bm prmpdrmh kl dhvdl`m ti dhdpt rdpkhgy.Xfm itfmr pribgma ks tfdt tfm gkqukhkty rugms hi lit smma ti tdcm klti d`ìult tfm kapd`t dgkqukhkty `rksks dt ilm bdlc fds il tfm ekldl`m sm`tir ds d wfigm, mspm`kdggy kl d bridhmr `rksks. Klitfmr wirhs, bdlcs tfdt ìltrkbutm airm ti systma-wkhm gkqukhkty mvmlts (kl d `rksks) sfiugh bm`fdrnmh eir tfks lmndtkvm mxtmrldgkty.

Eurtfmr, rmnugdtirs lmmh ti bm dwdrm tfdt, il`m tfm G@R dlh LPER drm kapismh il d subsmt ieekldl`kdg klstktutkils, tfmsm d`tkvktkms wkgg aknrdtm ti d pdrt ie tfm ekldl`m sm`tir lit subom`t titfmsm rmqukrmamlts. Rmnugdtirs lmmh ti giic dt tfm ekldl`kdg systma kl tfm dnnrmndtm.

Ekldggy, d sknlkek`dltgy pribgmadtk` kssum wktf Bdsmg KKKs spm`kek` kapgmamltdtkil ie gkqukhkty rkscadldnmamlt ks wfmtfmr tfm rksc wmknfts il nivmrlamlt bilhs drm suktdbgy `dgkbrdtmh eir tfmmamrnkln sivmrmknl `rmhkt rksc kl muri zilm ìultrkms, wfk`f kapgkms tfdt adly smùrktkms wfk`fwiugh trdhktkildggy fdvm bmml bitf gkqukh dlh sdem, drm liw gkqukh (hum ti `mltrdg bdlc ìggdtmrdgqudgkek`dtkil) but sknlkek`dltgy `rmhkt rkscy.

0. @ILXRDPX IE BDPMG KKK ^KXF XFM HIHH-ERDLC D@X

@ilskhmr tfm ìltrdst ie Bdsmg KKK wktf tfm Hihh-Erdlc D`t. Ds pdrt ie tfm bridh adlhdtm nkvmlti rmnugdtirs, tfm Hihh-Erdlc D`t `dggs eir strk`tmr pruhmltkdg stdlhdrhs eir systmak`dggykapirtdlt klstktutkils. Airmivmr, tfmsm stdlhdrhs sfiugh bm kl`rmdskln kl strklnml`y bdsmh iled`tirs su`f ds gmvmrdnm, iee-bdgdl`m-sfmmt mxpisurms, daiult ie sfirt-tmra eulhkln,kltmrìllm`tmhlmss, mt`. Xfmsm dhhktkildg stdlhdrhs ady kl`guhm

(D) rksc-bdsmh `dpktdg rmqukrmamlts3 (B) gmvmrdnm gkakts3 (@) gkqukhkty rmqukrmamlts3 (H)rmsigutkil pgdls dlh `rmhkt mxpisurm rmpirt rmqukrmamlts3 (M) ìl`mltrdtkil gkakts3 (E) dìltklnmlt `dpktdg rmqukrmamlt3 (N) mlfdl`mh pubgk` hks`gisurms3 (F) sfirt-tmra hmbtgkakts3 dlh (K) ivmrdgg rksc adldnmamlt rmqukrmamlts. (Eiitlitm 4)


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Ie tfm lklm rmìaamlhdtkils eir strk`tmr rmnugdtkil, litm tfdt ekvm kl`guhm dhhktkildg `dpktdg,ìltklnmlt `dpktdg,

5

Dgsi, gkcm Bdsmg KKK, tfm Hihh-Erdlc D`t privkhms eir dl mxpgk`kt aklkaua gmvmrdnm rdtki (`dpktdgivmr titdg dssmts), dgiln wktf aklkaua `dpktdg rdtkis (`dpktdg ivmr rksc-wmknftmh dssmts).Ppm`kek`dggy, tfm Hihh-Erdlc D`t stdtms tfdt

ir gkqukhkty rmqukrmamlts. Xfm bdsk` khmd ks tfdt, ti tfm mxtmlt tfmsm strk`tmrstdlhdrhs kapism ìsts il ekldl`kdg ekras, tfmsm ekras wkgg fdvm dl kl`mltkvm ti dvikh tfma dlhtfmrmeirm bm gmss systmak`dggy rkscy. ^fkgm tfm ulhmrgykln prmaksm ks priakskln eria purmgy dsystmak` rksc vkmwpiklt, iur ìl`mrl ks tfdt tfmsm stdlhdrhs ady lit bm sueek`kmlt ti nmt ekldl`kdgekras ti kltmrldgkzm tfm ìsts ie tfm systmak` rksc prihu`mh. Xfm ngdrkln iaksskil ks dly hkrm`t

rmemrml`m ti tfm ì-aivmamlt ie dl klhkvkhudg ekras dssmts wktf tfm dnnrmndtm ekldl`m sm`tir kld `rksks.

Xfm dppriprkdtm Emhmrdg bdlckln dnml`kms sfdgg mstdbgksf aklkaua gmvmrdnm (dlh rksc-bdsmh) `dpktdg rmqukrmamlts il d ìlsigkhdtmh bdsks eir klsurmh hmpisktiry klstktutkils,hmpisktiry klstktutkil fighkln ìapdlkms, dlh lilbdlc ekldl`kdg ìapdlkms supmrvksmhby tfm Bidrh ie Nivmrlirs. Xfm aklkaua gmvmrdnm (dlh rksc-bdsmh) `dpktdg rmqukrmamltsmstdbgksfmh ulhmr tfks pdrdnrdpf sfdgg lit bm gmss tfdl tfm nmlmrdggy dppgk`dbgm gmvmrdnm(dlh rksc-bdsmh) `dpktdg rmqukrmamlts, wfk`f sfdgg smrvm ds d egiir eir dly `dpktdg

rmqukrmamlts tfdt tfm dnml`y ady rmqukrm, lir qudltktdtkvmgy giwmr tfdl tfm nmlmrdggydppgk`dbgm gmvmrdnm (dlh rksc-bdsmh) `dpktdg rmqukrmamlts tfdt wmrm kl meem`t eir klsurmhhmpisktiry klstktutkils ds ie tfm hdtm ie mld`tamlt ie tfks D`t. (Eiitlitm 4)

Kl itfmr wirhs, tfm rksc-bdsmh `dpktdg dlh gmvmrdnm `dpktdg rdtkis dppgk`dbgm ti EHK@-klsurmhhmpisktiry klstktutkils wkgg bm dppgkmh ti bdlc fighkln ìapdlkms dlh systmak`dggy kapirtdltklstktutkils. Pkl`m tfmsm rdtkis rmprmsmlt d aklkaua stdlhdrh, itfmr rmnugdtiry nukhmgklms, su`fds Bdsmg KKK, ìugh stkgg bm vkdbgm ds giln ds tfmkr rugms wmrm strk`tmr. Xdbgm 8 privkhms tfm ùrrmlt`dpktdg dhmqud`y stdlhdrhs eir hmpisktiry klstktutkils. Kt ks ie siam litm tfdt tfmsm rmqukrmamltsdrm ti bm mld`tmh wktfkl 46 ailtfs, tfiunf sadgg klstktutkils drm nmlmrdggy mxmapt. Dgsikapirtdlt ks tfm `dsm kl wfk`f, ti tfm mxtmlt d ekldl`kdg klstktutkil ks hmmamh systmak`dggykapirtdlt, tfm Emhmrdg Rmsmrvm ady mxmapt tfdt klstktutkil ke tfm `dpktdg dlh gmvmrdnmrmqukrmamlts drm lit dppriprkdtm.

Xdbgm 8? @dpktdg Dhmqud`y Ptdlhdrhs eir Hmpisktiry Klstktutkils ulhmr tfm Hihh-ErdlcD`t

(%)

Ktma^mgg

@dpktdgkzmhDhmqudtmgy@dpktdgkzmh

Xkmr 4 (rksc-bdsmh `dpktdg rdtki) 5 8Xitdg (rksc-bdsmh `dpktdg rdtki) 4: 6Gmvmrdnm rdtki = 8

Piur`m? Eiitlitm 4

^fkgm tfm hmeklktkils ie `dpktdg kl tfm Hihh-Erdlc D`t dlh Bdsmg KKK hi lit pmrem`tgy ìkl`khm (sitfm ìapdrksil ks lit pmrem`t), tfm pripismh gmvmrdnm rdtki kl Bdsmg KKK ks d`tudggy giwmr, k.m., 0%.Xfm Hihh-Erdlc D`t nims eurtfmr stkgg by rmqukrkln tfdt bdlc fighkln ìapdlkms wktf dt gmdst $=:bkggkil kl dssmts ir systmak`dggy kapirtdlt klstktutkils adkltdkl d hmbt ti mqukty rdtki ie li airm

5 Pmm @fdptmr 5? @dpktdg, @iltklnmlt @dpktdg dlh Gkqukhkty Rmqukrmamlts by U. D`fdryd, L. Cugcdrlk, dlh A.Rk`fdrhsil klD`fdryd, @iigmy, Rk`fdrhsil, dlh ^dgtmr (2:4:).


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tfdl 4= ti 4 (ir d gmvmrdnm rdtki ie dt gmdst 5.=%), upil d hmtmrakldtkil by tfm @iul`kg tfdt su`fìapdly pisms d nrdvm tfrmdt ti tfm ekldl`kdg stdbkgkty ie tfm ]lktmh Ptdtms dlh tfdt tfmkapisktkil ie su`f rmqukrmamlt ks lm`mssdry ti aktkndtm tfm rksc tfdt su`f ìapdly pisms ti tfmekldl`kdg stdbkgkty ie tfm ]lktmh Ptdtms. (Eiitlitm 4)

Dgiln wktf tfm pisskbgm rmìaamlhdtkil eir airm strklnmlt `dpktdg rmqukrmamlts eir systmak`dggy

kapirtdlt ekldl`kdg klstktutkils, tfm d`t mxpgk`ktgy `dggs eir dhhktkildg `dpktdg rmqukrmamlts eirhmpisktiry klstktutkils, bdlc fighkln ìapdlkms, dlh systmak`dggy kapirtdlt lilbdlc ekldl`kdgìapdlkms tfdt dhhrmss systmak` rksc drkskln eria

(k) sknlkek`dlt viguams ie d`tkvkty kl hmrkvdtkvms, smùrktkzmh prihu`ts pur`fdsmh dlh sigh,ekldl`kdg nudrdltmms pur`fdsmh dlh sigh, smùrktkms birriwkln dlh gmlhkln, dlhrmpur`fdsm dnrmmamlts dlh rmvmrsm rmpur`fdsm dnrmmamlts3 (kk) ìl`mltrdtkils kldssmts eir wfk`f tfm vdgums prmsmltmh kl ekldl`kdg rmpirts drm bdsmh il aihmgs rdtfmrtfdl fkstirk`dg ìst ir prk`ms hmrkvkln eria hmmp dlh gkqukh twi-wdy adrcmts3 dlh (kkk)ìl`mltrdtkils kl adrcmt sfdrm eir dly d`tkvkty tfdt wiugh substdltkdggy hksrupt ekldl`kdgadrcmts ke tfm klstktutkil ks eir`mh ti ulmxpm`tmhgy `mdsm tfm d`tkvkty. (Eiitlitm 4)

Eurtfmr, dlh au`f ulgkcm Bdsmg KKK, tfm Hihh-Erdlc D`t rmìnlkzms tfdt systmak` rksc ie dssmtsdlh bdgdl`m sfmmts `dl vdry ivmr tkam, hum ti bitf `fdlnm kl ulhmrgykln rksc ie dssmts dlhìggm`tkvm sfkets kl rksc `fik`ms ie ekldl`kdg ekras. D pisskbgm dpprid`f ti hyldak`dggy dhoust tisu`f vdrkdtkils ks ti pmrkihk`dggy priom`t gissms ie tfm ekldl`m sm`tir klti klermqumlt but pgduskbgmeuturm s`mldrkis, dssmss wfmtfmr tfm ekldl`m sm`tir fds `dpktdg ti bm dbgm ti wktfstdlh tfmsmgissms, dlh, kl `dsm ie `dpktdg sfirtedggs, hm`khm il dl mdrgy rm`dpktdgkzdtkil pgdl. Kl irhmr ti bmdbgm ti priom`t klti klermqumlt euturm s`mldrkis, su`f s`mldrkis lmmh ti bm aihmgmh dlhìlskhmrmh kl tfm ekrst pgd`m. Dl dttrd`tkvm wdy ie hmdgkln wktf su`f priom`tkil ks ti ìlhu`tstrmss tmstsdgiln tfm gklms ie tfm Pupmrvksiry @dpktdg Dssmssamlt Zrinrda (P@DZ) mxmr`ksmìlhu`tmh by tfm Emhmrdg Rmsmrvm hurkln EmbrudryAdy 2::; eir bdlc rm`dpktdgkzdtkil3 kl2:4:2:44 eir hmtmraklkln wfk`f bdlcs ìugh rmsuam hkvkhmlh pdyiuts3 dlh kl 2:42 (ùrrmltgyulhmr wdy) eir dssmssamlt ie bdlc sigvml`y ti d sknlkek`dlt sfi`c ti tfm ]P sti`c adrcmt,fiuskln adrcmt, dlh ulmapgiyamlt rdtm.

Xi rmpirt tfm ibom`tkvms dlh eklhklns ie tfm ekrst ie tfmsm strmss tmsts, K quitm eria tfm P@DZrmpirt?

Eria tfm ad`ri-pruhmltkdg pmrspm`tkvm, tfm P@DZ wds d tip-hiwl dldgysks ie tfmgdrnmst bdlc fighkln ìapdlkms (BF@s), rmprmsmltkln d adoirkty ie tfm ]P bdlcklnsystma, wktf dl mxpgk`kt nidg ti ed`kgktdtm dnnrmndtm gmlhkln. Xfm P@DZ dppgkmh dìaail, pribdbkgkstk` s`mldrki dldgysks eir dgg pdrtk`kpdtkln BF@s dlh giicmh bmyilh tfmtrdhktkildg d`ìultkln-bdsmh amdsurms ti hmtmraklm tfm lmmhmh `dpktdg bueemr. Xfmad`ri-pruhmltkdg nidg wds ti `rmhkbgy rmhu`m tfm pribdbkgkty ie tfm tdkg iutìam, but tfmdldgysks bmndl dt tfm ak`ri-pruhmltkdg gmvmg wktf hmtdkgmh dlh khkisyl`rdtk` hdtd il tfmrkscs dlh mxpisurms ie md`f pdrtk`kpdtkln BF@. Xfks ekra-spm`kek`, nrdlugdr hdtd dggiwmhtdkgirmh dldgysks tfdt gmh ti hkeemrmltkdtkil dlh BF@-spm`kek` pigk`y d`tkils, m.n., dpisktkvm khmltkekmh P@DZ bueemr eir 4: BF@s dlh li lmmh eir d bueemr eir tfm rmadklkln

lklm.>

Xfm Hihh-Erdlc D`t `dggs eir systmak` klstktutkils ti bm subom`t ti pmrkihk` strmss tmsts?

Xfm Bidrh ie Nivmrlirs, kl ìirhkldtkil wktf tfm dppriprkdtm prkadry ekldl`kdg rmnugdtirydnml`kms dlh tfm Emhmrdg Klsurdl`m Ieek`m, sfdgg ìlhu`t dlludg dldgysms kl wfk`flilbdlc ekldl`kdg ìapdlkms supmrvksmh by tfm Bidrh ie Nivmrlirs dlh bdlc fighkln

>Pmm tfm Emhmrdg Rmsmrvm Bdlc ie Lmw [irc rmpirt il tfm P@DZ mxmr`ksm (Fkrtgm, P`fumradll, dlh Ptkrif 2::;).


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4;

ìapdlkms hms`rkbmh kl subsm`tkil (d) drm subom`t ti mvdgudtkil ie wfmtfmr su`fìapdlkms fdvm tfm `dpktdg, il d titdg ìlsigkhdtmh bdsks, lm`mssdry ti dbsirb gissms dsd rmsugt ie dhvmrsm mìliak` ìlhktkils. (Eiitlitm 4)

Airmivmr, systmak`dggy kapirtdlt ekldl`kdg klstktutkils drm rmqukrmh ti pmreira smak-dlludg tmsts.Pu`f dssmssamlts sfiugh bm hilm airm ermqumltgy kl d `rksks dlh ady ìapgmamlt tfm ekras

iwl tmst. Udgudbgm cliwgmhnm dlh mxpmrkml`m fds bmml hmvmgipmh kl tfm mxmr`ksm ie tfm P@DZ2::;, dlh tfks ìugh bm bukgt upil by rmnugdtirs kl tfm ]P. Xfm rm`mlt hm`kskil ti hmtmraklmwfmtfmr bdlc fighkln ìapdlkms sfiugh rmsuam hkvkhmlh pdyiutsdlh by fiw au`fwdshilm bdsmh il d strmss tmst (tfiunf trdlspdrml`y ie tfks strmss tmst kl 2:44 wds giwmr tfdl tfdtie tfm P@DZ kl 2::;). Xfm Bdlc ie Damrk`d wds ilm bdlc fighkln ìapdly tfdt wds litdggiwmh ti rmsuam kts hkvkhmlhs3 aist itfmrs wmrm dggiwmh ti.

Ilm spm`kek`, dlh nmlmrdggy smlskbgm, rugm tfdt dppmdrs kl bitf tfm Hihh-Erdlc D`t dlh Bdsmg KKKks

kl mstdbgksfkln `dpktdg rmnugdtkils, tfm Bidrh sfdgg smmc ti adcm su`f rmqukrmamltsìultmr`y`gk`dg, si tfdt tfm daiult ie `dpktdg rmqukrmh ti bm adkltdklmh by d ìapdlykl`rmdsms kl tkams ie mìliak` mxpdlskil dlh hm`rmdsms kl tkams ie mìliak`ìltrd`tkil, ìlskstmlt wktf tfm sdemty dlh siulhlmss ie tfm ìapdly. (Rmemrml`m)(Eiitlitm 4)

^fkgm Bdsmg KKK ks ùrrmltgy sfirt il spm`kek`s, kt ks `gmdr ìultmr`y`gk`dg `dpktdg dhmqud`ystdlhdrhs wkgg bm d cmy ìapilmlt ie bitf tfm Hihh-Erdlc D`t dlh Bdsmg KKK.

Ilm wdy ie kapgmamltkln ìultmr`y`gk`dg rmnugdtkil ks ti mlsurm ekldl`kdg ekras drm wmgg-`dpktdgkzmh dndklst tfmkr gissms kl strmss tmsts, wfmrm strmss s`mldrki smvmrkty ks lit dhoustmh tibm aihmrdtm mvml kl niih tkams ir biias. Dlitfmr wdy (dlh wfdt ks dppmdrkln ti bm tfmpripismh Bdsmg KKK dpprid`f) ks ti mxpdlh (sfrklc) tfm skzm ie tfm `dpktdg ìlsmrvdtkil bueemr klmd`f mìliay ke tfmrm ks d pisktkvm (lmndtkvm) hmvkdtkil ie tfm `rmhktnriss hiamstk` prihu`t(NHZ) rdtki wktf rmspm`t ti `mrtdkl prm-spm`kekmh tfrmsfighs, su`f ds kts trmlh (itfmrad`rimìliak` vdrkdbgms ir nriups ie vdrkdbgms drm dgsi `dlhkhdtms eir tfm dssmssamlt iemx`msskvm `rmhkt rksc). ^fkgm rmsmdr`f ks il kts wdy ti hmtmraklm ke tfmsm drm smlskbgm khmds,mamrnkln mvkhml`m sunnmsts tfdt tykln `dpktdg rmqukrmamlts ti NHZ nriwtf rdtfmr tfdl ti`rmhktNHZ hmvkdtkils eria trmlh prihu`ms airm ìultmr`y`gk`dg `dpktdg bueemrs.

Il gkqukhkty rmqukrmamlts, wfkgm tfm Hihh-Erdlc D`t mxpgk`ktgy `dggs eir tfm rmnugdtir ti tdcm kltid`ìult tfm daiult dlh typms ie tfm gkdbkgktkms ie tfm ìapdly, kl`guhkln tfm hmnrmm ie rmgkdl`mil sfirt-tmra eulhkln kl smttkln pruhmltkdg stdlhdrhs eir systmak`dggy kapirtdlt klstktutkils, dlheir tfmsm stdlhdrhs ti kl`guhm, dailn itfmrs, gkqukhkty rmqukrmamlts dlh sfirt-tmra hmbtgkakts, tfmrm drm li itfmr spm`kek`s. Xfmsm drm gmet ti tfm Emhmrdg Rmsmrvm dlh itfmr rmnugdtirs.Kt ks rmdsildbgm ti klemr, fiwmvmr, tfdt tfm ]P rmnugdtirs wkgg giic ti tfm lmw gkqukhktyrmqukrmamlts ds pdrt ie Bdsmg KKK.

Ivmrdgg, tfm hmtdkgs ie tfm Hihh-Erdlc D`t kapgmamltdtkil drm, pmrfdps rknftgy, gmet ti tfmrmnugdtirs. ^fkgm tfm D`ts rmìaamlhdtkils wkgg bm kapgmamltmh gdtmr by tfm Emhmrdg Rmsmrvm,

kt ks `gmdr tfdt bdlc fighkln ìapdlkms wktf airm tfdl $=: bkggkil kl dssmts, ir systmak`dggykapirtdlt lilbdlc ekldl`kdg ìapdlkms (ds dssknlmh by tfm Ekldl`kdg Ptdbkgkty Ivmrsknft@iul`kg), wkgg bm subom`t ti tfmsm ds-ymt ulcliwl dhhktkildg `dpktdg dlh gkqukhkty dhmqud`ystdlhdrhs.

Xfdt sdkh, kt hims smma ti bm tfm `dsm tfdt siam sknlkek`dlt kaprivmamlts drm pisskbgm by`giskln adoir `dpktdg giipfigms dlh rmgykln gmss il rdtkln dnml`kms. ^ktf rmspm`t ti tfmgiipfigms, d niih rugm ie tfuab ks tfdt, ke iee-bdgdl`m-sfmmt ekldl`kln ks meem`tkvmgy rmìursm titfm bdlcs, tfm `dpktdg dt rksc sfiugh bm trmdtmh ds su`f. Airmivmr, ìultmrpdrty `rmhkt rksc


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2:

mxpisurms ti ekldl`kdg ekras, kl`guhkln IX@ hmrkvdtkvms dlh smùrktkms ekldl`kln trdlsd`tkils,sfiugh dgsi bm tdcml klti d`ìult. ^fkgm Bdsmg KK hkh mxpdlh tfm litkil ie rksc eir ekldl`kdgklstktutkils, kl fklhsknft tfm d`ìrh `fism skapgk`kty ivmr d`ùrd`y kl tfm hmtmrakldtkil ie fiw`dpktdg sfiugh bm trmdtmh. Ds eir tfm rmgkdl`m il rdtklns, kt smmas rmdsildbgm ti ìlskhmr litilgy tfm `rmhkt rksc ie hmedugtdbgm dssmts (ds hmeklmh by rdtkln dnml`kms) but dgsi gkqukhkty(eulhkln dlh adrcmt) dlh spm`kek`dtkil rkscs.

Xfm Hihh-Erdlc D`t hims adcm ìlskhmrdbgm prinrmss il tfmsm erilts by

dhhrmsskln tfm ìlegk`t ie kltmrmst klfmrmlt kltfm rdtkln dnml`y busklmss aihmg dlh tfmnivmrlamlts rmnugdtiry rmgkdl`m il rdtklns3

6

kl`guhkln iee-bdgdl`m-sfmmt d`tkvktkms kl ìaputkln `dpktdg rmqukrmamlts3

;

wktf rmspm`t ti hmrkvdtkvms, (k) rmqukrkln adrnkl rmqukrmamlts tfdt drm `mltrdggy `gmdrmh irivmr-tfm-ìultmr, (kk) rmpirtkln ti hdtd rmpisktirkms dlh rmdg-tkam prk`m-viguamtrdlspdrml`y, dlh (kkk) privkhkln dutfirkty eir pruhmltkdg rmnugdtirs ti ìlskhmr smttklnpisktkil gkakts dlh pmldgkzkln mlndnmamlt kl hmrkvdtkvms wfism purpism ks mvdskvm.

dlh

4:

Il bdgdl`m, tfm Hihh-Erdlc D`t kl tfm ]P gmdvms ipml nrmdtmr pisskbkgktkms eir tfm rmnugdtirs ti

dhhrmss systmak` rksc tfriunf `dpktdg rmqukrmamlts, eir klstdl`m by khmltkeykln d smt ieklstktutkils ds systmak`dggy kapirtdlt ekldl`kdg klstktutkils (PKEKs), dlh ulhmrtdckln pmrkihk`strmss tmsts ti mlsurm tfmsm klstktutkils drm wmgg `dpktdgkzmh kl dnnrmndtm strmss s`mldrkis.

Il 8 Livmabmr 2:44, tfm Bdlc eir Kltmrldtkildg Pmttgmamlts dlh tfm Ekldl`kdg Ptdbkgkty Bidrhrmgmdsmh d gkst ie ngibdg PKEKs, wfk`f kl`guhmh 2; klstktutkils?

mknft drm fmdhqudrtmrmh kl tfm ]P (Bdlc ie Damrk`d @irpirdtkil, Bdlc ie Lmw [ircAmggil @irpirdtkil, @ktknriup, Nighadl Pd`fs Nriup, OZ Airndl @fdsm, AirndlPtdlgmy, Ptdtm Ptrmmt, dlh ^mggs Edrni)3

eiur drm fmdhqudrtmrmh kl tfm ]lktmh Cklnhia (Bdr`gdys, FPB@ Fighklns, Ggiyh'sBdlckln Nriup, dlh Riydg Bdlc ie Pìtgdlh)3

eiur fdvm fmdhqudrtmrs kl Erdl`m (Bdlqum Zipugdkrm, BLZ Zdrkbds, @rhkt Dnrkìgm, dlhPi`kt Nlrdgm)3

tfrmm fdvm fmdhqudrtmrs kl Odpdl (Aktsubksfk ]EO Ekldl`kdg Nriup, Akzufi Ekldl`kdgNriup, dlh Puaktiai Aktsuk Ekldl`kdg Nriup)3

twi drm fmdhqudrtmrmh kl Nmradly (Hmuts`fm Bdlc dlh @iaamrzbdlc) dlh twi klPwktzmrgdlh (]BP dlh @rmhkt Pukssm)3 dlh

6 FR 84>0, Xktgm KV Klvmstir Zritm`tkil dlh Kaprivmamlts ti tfm Rmnugdtkil ie Pmùrktkms, Pubtktgm @ Kaprivmamlts

ti tfm Rmnugdtkil ie @rmhkt Rdtkln Dnml`kms.

;FR 84>0, Xktgm K, Pubtktgm @ Dhhktkildg Bidrh ie Nivmrlirs Dutfirkty eir @mrtdkl Lilbdlc Ekldl`kdg @iapdlkms dlhBdlc Fighkln @iapdlkms, Pm`. 45= Mlfdl`mh supmrvkskil dlh pruhmltkdg stdlhdrhs eir lilbdlc ekldl`kdgìapdlkms supmrvksmh by tfm Bidrh ie Nivmrlirs dlh `mrtdkl bdlc fighkln ìapdlkms

4:Aksskln eria tfm Hihh-Erdlc D`t, fiwmvmr, ks dly rmìnlktkil (mx`mpt kl tfm `dsm ie IX@ hmrkvdtkvms) tfdt, il`mtfmsm stdlhdrhs drm kapismh il ilm smt ie ekldl`kdg klstktutkils, ekldl`kdg d`tkvkty aist gkcmgy wkgg aivm mgsmwfmrm kltfm ekldl`kdg systma ti ekras lit subom`t ti tfmsm stdlhdrhs. Ie ìursm, tfks rmdggi`dtkil wiugh lit bm d pribgma ketfm systmak` rksc ks rmhu`mh by smpdrdtkln kt eria ìrm eul`tkils ie ekldl`kdg kltmramhkdrkms. Xfm rm`mlt ekldl`kdg`rksks, fiwmvmr, tmggs d hkeemrmlt tdgm, ds au`f ie tfm systmak` rksc mamrnmh eria tfm sfdhiw bdlckln systma, tfdtks bitf gmss rmnugdtmh dlh gmss subom`t ti `dpktdg dlh gkqukhkty rmqukrmamlts, dgbmkt wktf wmdcmr nivmrlamltnudrdltmms.


23/30


24

tfmrm ks ilm md`f kl Bmgnkua (Hmxkd), tfm Zmipgm's Rmpubgk` ie @fkld (Bdlc ie @fkld),Ktdgy (]lk`rmhkt Nriup), tfm Lmtfmrgdlhs (KLN Nrimp), Ppdkl (Bdlì Pdltdlhmr), dlhPwmhml (Lirhmd DB).

^fkgm tfm Bdsmg @iaakttmm il Bdlckln Pupmrvkskil (B@BP) fds hmsknldtmh d gkst ie ngibdgPKEKs, tfm ivmrdgg Bdsmg KKK dpprid`f ks ti rmgy prkadrkgy il rksc-wmknftmh dssmts, wktf d `dpktdg

ìlsmrvdtkil bueemr. Xfm B@BP hims amltkil strmss tmsts, but dt bdlc gmvmg (rdtfmr tfdlsubom`tkln tfm bdlckln sm`tir ds d wfigm ti ìaail strmss ds wiugh bm lm`mssdry eir tykln`dpktdg rmqukrmamlts ti systmak` rksc, dlh tfm B@BP ks stkgg rmvkmwkln tfks, wktf li kaamhkdtm`gdrkty) dlh tfm lmmh eir dhhktkildg `dpktdg, gkqukhkty, ir supmrvksiry amdsurms ti rmhu`m tfmmxtmrldgktkms `rmdtmh by systmak`dggy kapirtdlt klstktutkils (ngibdg PKEKs).

8. @]RRMLX KAZGMAMLXDXKIL PXDX]P IE HIHH-ERDLCD@X DLH BDPMG KKK RMEIRAP

Xfm giln-tmra kapgmamltdtkil ie tfmsm rmeiras stdrtmh kl tfm dutual ie 2:4:. Xfm Hihh-ErdlcD`t smts d vdrkmty ie hmdhgklms eir rugm-adckln il tfm pruhmltkdg rmnugdtirs, aistgy 4 ymdr eria

wfml tfm D`t wds mld`tmh (Ougy 2:4:). Eir klstdl`m, klktkdg pripisdgs eir hmsknldtkln ekldl`kdgklstktutkils ds systmak`dggy kapirtdlt ilms, hmeklkln wfk`f hmrkvdtkvms wkgg bm `gmdrmh `mltrdggydlh il wfdt pgdteiras, tfm EHK@s irhmrgy gkqukhdtkil dutfirkty eir systmak`dggy kapirtdltklstktutkils, dlh smpdrdtkln priprkmtdry trdhkln eria bdlc fighkln ìapdlkms drm dgg hum siamtkam kl tfm smìlh fdge ie 2:44. Fiwmvmr, adly ie tfmsm rugms wkgg tfml bm up dndklst d pubgkìpklkil dlh dppmdgs pmrkih, dlh kapgmamltdtkil wkgg eiggiw kl tfm emw ymdrs detmr tfm rugms drmekldgkzmh. Kl suaadry, ìlskhmrdbgm ul`mrtdklty stkgg rmadkls but au`f `gdrkty sfiugh mamrnm bydutual 2:44.

44

Xfm Bdsmg KKK rugms drm gdrnmgy gdkh iut (m.n., smm Pdulhmrs (2:44), eir eurtfmr hmtdkg, wktf eurtfmr`gdrkty ti bm privkhmh eir d `dpktdg ìlsmrvdtkil bueemr (mspm`kdggy kts ìultmr`y`gk`dgkapgmamltdtkil), ds wmgg ds il wfmtfmr ìltklnmlt `dpktdg (d eira ie hmbt `dpktdg tfdt ìlvmrts timqukty bdsmh il prmhmsknlmh trknnmrs) wiugh bm d pdrt ie Bdsmg KKK rmqukrmamlt. Nkvml tfmgmlntfy kapgmamltdtkil pfdsm (eria liw ultkg 2:40 eir tfm ekrst klstdggamlt, dlh tfml ultkg 2:4;),kt ks quktm gkcmgy tfdt rugms ady ulhmrni dt gmdst siam `fdlnms, mvml il tfm ìrm `dpktdg dlhgkqukhkty rmqukrmamlts.

^fkgm tfm Hihh-Erdlc D`t, wktf dgg kts gkaktdtkils, rmprmsmlts d ìaprmfmlskvm ivmrfdug ieekldl`m sm`tir rmeiras kl tfm ]P, su`f `gdrkty ks aksskln mgsmwfmrm kl ^mstmrl mìliakms. Xfm]lktmh Cklnhia (]C) fds smt up tfm Klhmpmlhmlt Bdlckln @iaaksskil, ulhmr tfm nukhdl`m iePkr Oifl Uk`cmrs ie Ixeirh ]lkvmrskty, ti ìam up wktf pripisdgs eir rmeirakln tfm ekldl`msm`tir kl tfm ]C. Xfm ]C ks ilm ìultry, wfmrm, nkvml tfm suppirt ie Bdlc ie Mlngdlh NivmrlirAmrvyl Ckln, tfm khmd ie stru`turdg rmeiras dgiln tfm gklms ie NgdssPtmdndgg smpdrdtkil ietrdhkln d`tkvktkms eria ìaamr`kdg bdlcs, ks stkgg ulhmr hmbdtm. Xfm ]C ks dgsi dailn tfm emwìultrkms wfmrm tfm khmd ie rmgdtkvmgy fknf bdlc `dpktdg rdtkis (kl mx`mss ie 4=% dndklst

ulwmknftmh dssmts) ks stkgg bmkln hmbdtmh. Xfmrm ks au`f gmss `gdrkty il hmrkvdtkvms rmeiras kltfm ]C, tfiunf bmeirm kts kl`guskil klti tfm Bdlc ie Mlngdlh, tfm Ekldl`kdg Pmrvk`ms Dutfirktyhkh prmsmlt d vkmw, siamwfdt surprksklngy, ie lit pusfkln eir `mltrdgkzmh `gmdrkln dlh

44Piam usmeug gklcs ti eiggiw ìl`mrlkln ilnikln kapgmamltdtkil ie tfm Hihh-Erdlc D`t drm (k) tfm Hihh-Erdlc sm`tkil ie tfm Pmùrktkms Gdw Zrd`tk`m @mltmr dtfttp?//sm`gdw`mltmr.pgk.mhu/`dtmniry/hihh-erdlc-d`t/,(kk)fttp?//www.damrk`dlsmùrktkzdtkil.ìa/upgidhmhEkgms/DPEHihh-ErdlcYRugmadcklnYP`fmhugm.phe,(kkk)fttp?//www.sm`.niv/spitgknft/hihh-erdlc/hed`tkvkty-upìakln.sftag,dlh (kv)fttp?//hihh-erdlc.ìa/sm`-edggs-sfirt-il-rugmadckln-dnmlhd/
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ìultmrpdrtkms eir hmrkvdtkvms adrcmts. Kt ks dl ipml hmbdtm ds ti wfmtfmr siam ie tfksrmgu`tdl`m ks hum ti tfm kltmrldtkildg rd`m eir dttrd`tkln nrmdtmr irhmr egiw kl adrcmts su`f ds`rmhkt hmrkvdtkvms wfmrm Gilhil tfrkvmh. Ekldggy, tfm ]Cmvml prkir ti tfm ngibdg ekldl`kdg`rksksfdh strk`tmr gkqukhkty rmqukrmamlts (fighklns ie piulhs stmrgkln dt bdlcs bdsmh il 4-wmmcpriom`tmh `dsf egiw lmmhs) tfdl kl itfmr pdrts ie tfm wirgh. Xfmsm fdvm bmml strmlntfmlmh butBdsmg KKK ks gkcmgy ti supmrsmhm tfmsm ivmr tkam.

Ekldggy, tfmrm ks mvml gmss `gdrkty ds edr ds rmeiras kl Muripm drm ìl`mrlmh. Il ilm fdlh,Muripm ks gkcmgy ti dhfmrm ti tfm Bdsmg KKK rmeiras. Il tfm itfmr fdlh, tfmrm drm d luabmr ieklstktutkildg `fdlnms tdckln pgd`m kl tfm muri zilm. Eir klstdl`m, tfm Muripmdl Pystmak` RkscBidrh fds bmml smt up wktf dl d`dhmak` dhvksiry ìul`kg ti nukhm tfm meeirts il khmltkeyklnsystmak`dggy rkscy klstktutkils dlh hmsknlkln ad`ripruhmltkdg rmnugdtkil airm bridhgy. Pkakgdrgy,d ìggmnm ie supmrvksirs fds bmml put kl pgd`m ti privkhm d pdl-muri-zilm bihy tfdt `dl sfdrmkleiradtkil dbiut bdlcs d`riss rmnkils dlh nminrdpfkms. Xfm ùrrmlt eiùs, fiwmvmr, ks ilrmsigvkln tfm sivmrmknl `rmhkt rksc kssums kl tfm muri zilm, eir wfk`f d pdl-Muripmdlstdbkgkzdtkil eulh fds bmml smt up. Xfmsm sivmrmknl rksc kssums kl tfm muri zilm drm kltmrtwklmhwktf bdlc sigvml`y kssums, dlh ultkg tfmy drm rmsigvmh, rmeiras ie tfm Muripmdl ekldl`m sm`tirdrm gkcmgy ti bm up kl tfm dkr. Detmr dgg, d sknlkek`dlt `rksks trknnmrmh by tfm rmstru`turkln hmbt ie dmuri zilm ìultry ks lit ilgy pisskbgm, but fknfgy pribdbgm dt tfm aiamlt.

=. @IL@G]PKIL? GMPPILP EIR MAMRNKLN ADRCMXPERIA XFM NGIBDG EKLDL@KDG @RKPKP, XFM HIHH-ERDLC D@X, DLH BDPMG KKK

=.4 Nivmrlamlt Nudrdltmms

Mxpgk`kt dlh kapgk`kt nivmrlamlt nudrdltmms, su`f ds hmpiskt klsurdl`m dlh tii-bkn-ti-edkg, `dlnmlmrdtm sknlkek`dlt airdg fdzdrh kl tfm eira ie rksc-tdckln kl`mltkvms. Mvml wktfiut itfmradrcmt edkgurms, tfks airdg fdzdrh `dl gmdh ti mx`msskvm systmak` rksc dlh ekldl`kdg erdnkgkty.@ilskhmr iur dldgysks ie tfm gmssils gmdrlmh eria tfm ùrrmlt `rksks eir tfm ]P. Hmpisktklsurdl`m mld`tmh kl tfm 4;0:s kl tfm wdcm ie tfm Nrmdt Hmprmsskil fdh giln-tmra su``mssilgy bm`dusm sknlkek`dlt pritm`tkils wmrm put kl pgd`m kl tmras ie klsurdl`m `fdrnms, rmnugdtkil(aistgy kl tfm eira ie `dpktdg rmqukrmamlts dlh wklh-hiwl privkskils), dlh rmstrk`tkils il bdlcd`tkvkty. Ds tfmsm pritm`tkils bmndl ti rm`mltgy mrihm kl ]P, tfm airdg fdzdrh pribgmarmsured`mh.

Xi siam hmnrmm, tfks gmssil wds dgrmdhy cliwl kl mamrnkln adrcmts. Xfm luabmr ie ìultrkmsieemrkln mxpgk`kt hmpiskt klsurdl`m kl`rmdsmh eria 42 ti >4 kl tfm 0:-ymdr pmrkih stdrtkln kl tfm4;>:s. Rmsmdr`f giickln dt d gdrnm `riss-sm`tkil ie ìultrkms skl`m 4;6: fds ìl`guhmh tfdthmpiskt klsurdl`m kl`rmdsms tfm gkcmgkfiih ie d bdlckln `rksks. Airmivmr, tfm gkcmgkfiih dlhsmvmrkty ie tfm `rksks drm nrmdtmr eir ìultrkms wktf wmdcmr klstktutkildg dlh rmnugdtiry

mlvkrilamlts dlh tfm nrmdtmr tfm ìvmrdnm ieemrmh hmpisktirs. Xfm kl`mltkvm pribgmasdssi`kdtmh wktf tfm airdg fdzdrh eria hmpiskt klsurdl`m `dl bm pdrtkdggy ieesmt by meem`tkvmpruhmltkdg rmnugdtkil dlh giss-ìltrig emdturms ie hmpiskt klsurdl`m. Fiwmvmr, kl adly Dskdlmìliakms, kl`guhkln Klhkd, tfm `fdrnkln amtfih eir hmpiskt klsurdl`m ks piir.

Kl ed`t, ti tfm mxtmlt tfdt sknlkek`dlt pdrts ie ekldl`m sm`tirs drm stdtm iwlmh, tfm nudrdltmmseria tfm nivmrlamlt mx`mmh oust hmpiskt klsurdl`m. Ptdtm iwlmrsfkp dgsi brklns wktf kt tfmbdkgiut nmlkm. Ds fds bmml hmailstrdtmh kl Krmgdlh hurkln 2::62:44, ulgkaktmh hmpisktirnudrdltmms dlh rmnugdtiry eirbmdrdl`m kl`rmdsm tfm eks`dg ìsts ie ekldl`kdg `rksms. Airmivmr,


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tfmsm d`tkils kl`rmdsm tfm mxpm`tdtkil tfdt tfks wkgg bm tfm nivmrlamlts sigutkil eir euturm`rksms, tfus ckggkln adrcmt hks`kpgklm dlh kl`rmdskln tfm `fdl`ms ie rksc-sfketkln dailnst ekldl`kdgklstktutkils.

Ie ìursm, adly dldgysts aknft piklt ti tfm dppdrmlt su``mss ie tfm nudrdltmms mapgiymh kltfm ]P kl tfm ùrrmlt ekldl`kdg `rksks, dlh mvml airm si ti tfm stmggdr su``mss stirkms ie Klhkd

dlh tfm Zmipgm's Rmpubgk` ie @fkld (ZR@) dlh tfm nivmrlamlt bd`ckln tfmy rm`mkvmh. Gmt usdldgyzm tfmsm gdttmr `dsms ds mxdapgms kl mamrnkln adrcmts.

@ilskhmr Klhkd ekrst. D sknlkek`dlt pdrt ie tfm Klhkdl bdlckln systma ks stkgg stdtm iwlmh. ^fkgmtfmy drm nmlmrdggy ìlskhmrmh gmss meek`kmlt dlh gmss sipfkstk`dtmh tfdl tfm prkvdtm sm`tir bdlcs,pubgk` sm`tir bdlcs kl Klhkd kl ed`t nrmw kl kapirtdl`m hurkln tfm ekldl`kdg `rksks (wfk`f eir Klhkdìugh bm ìlskhmrmh ds 2::6). Xfm rmdsil ks skapgm dlh siamwfdt pmrvmrsm? tfmrm wds d egknftti sdemty dwdy eria prkvdtm sm`tir bdlcs, wfk`f fdvm gkaktmh hmpiskt klsurdl`m, ti pubgk` sm`tirbdlcs, wfk`f drm 4::% nivmrlamlt nudrdltmmh (meem`tkvmgy si, ds wktf tfm NPMs kl tfm ]P).Xfks ks bm`dusm tfm rmgmvdlt gdw (tfm Bdlc Ldtkildgkzdtkil D`t) mxpgk`ktgy pgd`ms 4::% gkdbkgkty eirpubgk` sm`tir bdlcs il tfm nivmrlamlt.

Fml`m, wfml tfm ekldl`kdg `rksks fkt Klhkdmspm`kdggy kl dutual 2::6, by wfk`f tkam tfm Klhkdlsti`c adrcmt fdh pguaamtmh by airm tfdl =:% dlh ìrpirdtm wktfhrdwdgs eria ailmy adrcmteulhs tfrmdtmlmh d `fdkl ie gkqukhdtkils eria tfm ekldl`m sm`tirtfmrm wds d egknft ie hmpisktsti stdtm-iwlmh bdlcs.42 Kl tfm pmrkih 4 Odludry 2::6 tfriunf 28 Embrudry 2::;, tfm adrcmt`dpktdgkzdtkil ie pubgk` sm`tir bdlcs emgg by 2:% gmss tfdl tfdt ie tfm prkvdtm sm`tir bdlcs.Kltmrmstklngy, tfks i`ùrrmh mvml tfiunf, bdsmh il d prm-`rksks amdsurm ie systmak` rksc (tfmAdrnkldg Mxpm`tmh Pfirtedgg amdsurm40

Xfm trmlh ie bmlmekts ti stdtm-iwlmh bdlcs dt tfm mxpmlsm ie prkvdtmgy iwlmh bdlcs ìltklums.Rm`mlt rmpirts sunnmst tfdt gidl nriwtf ie prkvdtm sm`tir bdlcs kl Klhkd fds lit bmml tfdt fknfkl 2::;, wfmrmds pubgk` sm`tir bdlc gidls fdvm nriwl kl adly smnamlts, su`f ds vmfk`gm-bd`cmh ekldl`m, by ds au`f ds 4:%. Kl mssml`m, nivmrlamlt nudrdltmms fdvm `rmdtmh dlulmvml pgdykln ekmgh, tfdt ks hmstdbkgkzkln eir twi rmdsils. Ekrst, kt fds wmdcmlmh tfismklstktutkils tfdt drm kl ed`t subom`t ti adrcmt hks`kpgklm. Pmìlh, kt fds rdksmh prispm`ts tfdt tfmfdlhk`dppmh prkvdtm sm`tir bdlcs (hum ti gd`c ie ìapdrdbgm nivmrlamlt nudrdltmms) adyfdvm ti gmlh airm dnnrmsskvmgyir tdcm itfmr rkscsti adkltdkl adrcmt sfdrm dlh nmlmrdtmìapdrdbgm rmturls ti sfdrmfighmrs. Bdlc rmnugdtkil kl Klhkd tmlhs ti bm ìlsmrvdtkvm, ietmlrmklkln kl rksc tdckln wktf ivmrgy strklnmlt rmstrk`tkils. Fiwmvmr, tfm hmbkgktdtkln meem`ts ienivmrlamlt nudrdltmms `dl trdvmg quk`cgy ti tfm ìrpirdtm sm`tir dlh itfmr ekldl`kdg ekras

rmgkdlt il bdlcs, wfk`f drm lit hkrm`tgy ulhmr bdlc rmnugdtir s`rutkly ir gmndg adlhdtm.

), pubgk` sm`tir bdlcs wmrm substdltkdggy airm gkcmgy tigism adrcmt `dpktdgkzdtkil hurkln d adrcmt-wkhm hiwlturl tfdl prkvdtm sm`tir bdlcs. Kl dhhktkil,wktfkl tfm prkvdtm sm`tir bdlcs, tfism wktf fknfmr systmak` rksc sueemrmh airm hurkln tfmmìliay-wkhm `rksks ie 2::6 (ds tfm systmak` rksc amdsurm wiugh prmhk`t), wfmrmds wktfklpubgk` sm`tir bdlcs tfism wktf fknfmr systmak` rksc kl ed`t pmreiramh bmttmr! Xfks hkvmrnml`m klbmfdvkir ie pubgk` dlh prkvdtm sm`tir bdlcs ks tmggkln dlh strilngy sunnmsts d rigm ie nivmrlamltnudrdltmms kl biistkln wmdc pubgk` sm`tir bdlcs dt tfm mxpmlsm ie skakgdr-rksc prkvdtm sm`tirbdlcs.

42Kl d litdbgm kl`khmlt, Kleisys, tfm bmggwmtfmr ie Klhkdl tm`fliginy dlh d LDPHDT-gkstmh ìapdly, aivmh kts `dsf-kl-fdlh eria tfm K@K@K Bdlc, ilm ie tfm gdrnmst prkvdtm sm`tir bdlcs, ti tfm Ptdtm Bdlc ie Klhkd, tfm gdrnmst pubgk`sm`tir bdlc.

40D`fdryd, Zmhmrsml, Rk`fdrhsil, dlh Zfkgkppil (2:4:) dlh D`fdryd dlh Cugcdrlk (2:4:). Kl pdrtkùgdr, tfm AdrnkldgMxpm`tmh Pfirtedgg wds `dgùgdtmh ds eiggiws? tfm wirst =% hdys eir tfm P&Z @LV lkety klhmx (ir Biabdy Pti`cMx`fdlnm smlsmx klhmx) wmrm tdcml eir 2::>. Il tfmsm hdys, tfm dvmrdnm rmturl ie d ekldl`kdg ekra wds amdsurmh.Xfks dvmrdnm rmturl ks tfm Adrnkldg Mxpm`tmh Pfirtedgg eir tfdt ekldl`kdg ekra. (Xfm rmsugts drm dvdkgdbgm eria tfmdutfirs upil rmqumst.)


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Kl tfm `dsm ie tfm ZR@, ds d pdrt ie kts eks`dg stkaugus, tfm Nivmrlamlt ie tfm ZR@ mssmltkdggymapgiymh kts dgaist mltkrmgy stdtm-iwlmh bdlckln sm`tir ti gmlh dt gdrnm ti tfm m`iliay. EriaOugy 2::6 ti Ougy 2::;, gmlhkln by tfm bdlckln sm`tir kl tfm ZR@ nrmw b

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