U.K. GOVERNMENT AND BANKING POLICY (English)

8/3/2019 U.K. GOVERNMENT AND BANKING POLICY (English)

http://slidepdf.com/reader/full/uk-government-and-banking-policy-english 1/76

@uly ?633Djijgojr ?633Ig 2?:? Djijgojr ?633Ig 2?:?

Tbj Hmvjregjet rjspmesj tmtbj Aedjpjedjet Imggassameme Ocekaeh

Djijgojr ?633Ig 2?:?



£?6.:6

Vrjsjetjd tm Vcrlacgjet oytbj Ibceijllmr mn tbj Jxibjqujr

oy Imggced mn Bjr Gc`jsty

Djijgojr ?633

Ig 2?:?

Tbj Hmvjregjet rjspmesj tm tbjAedjpjedjet Imggassame

me Ocekaeh



© Irmwe impyrahbt ?633

Qmu gcy rj-usj tbas aenmrgctame (emt aeiludaeh lmhms)nrjj mn ibcrhj ae cey nmrgct mr gjdaug, uedjr tbj tjrgsmn tbj Mpje Hmvjregjet Laijeij. Tm vajw tbas laijeij,vasat bttp0//www.ectameclcribavjs.hmv.uk/dmi/mpje-

hmvjregjet-laijeij/ mr wratj tm tbj Aenmrgctame VmlaiyTjcg, Tbj Ectamecl Cribavjs, Kjw, Lmedme TX1 4DZ, mrj-gcal0 psaFectameclcribavjs.hsa.hmv.uk.

Cey qujrajs rjhcrdaeh tbas puolaictame sbmuld oj sjet tmus ct0 puolai.jequarajsFbg-trjcsury.hmv.uk.

Tbas puolaictame as clsm cvcalcolj mebttp0//www.mnffiiacl-dmiugjets.hmv.uk/

AYOE0 18263632?:??3VZ3?46

Vraetjd ae tbj ZK oy Tbj Ytctamejry Mnffiij Lagatjd me

ojbcln mn tbj Imetrmlljr mn Bjr Gc`jsty‑s Ytctamejry Mnffiij

Vraetjd me pcpjr imetcaeaeh 8:% rjiyiljd ffiorjimetjet gaeagug

AD V66?486361 31:2:3?/33 38:?8



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Imetjets

Vchj

Nmrjwmrd 9

Jxjiutavj suggcry :

Ibcptjr 3 Aetrmduitame 33

Ibcptjr ? _aeh-njeiaeh ?3

Ibcptjr 9 Lmss-cosmrojeiy 98

Ibcptjr 4 Imgpjtatame

Ibcptjr : Jimemgai agpcit ced imgpjtatavjejss

Ibcptjr > Agpljgjetctame

Ceejx C Last mn cirmeygs

:9

:1

83

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9

Nmrjwmrd

Tbas Hmvjregjet as prmpmsaeh tbj gmst ncr-rjcibaeh rjnmrg mn Oratasb ocekaeh ae mur gmdjre

bastmry. Tbct as ojicusj wj rjimheasj tbct oceks plcy c vatcl rmlj ae cey gmdjre jimemgy. Tbjy

suppmrt ljedaeh tm ncgalajs ced ousaejssjs. Tbjy cllmw aedavaducls tm scvj ced aevjst nmr tbjarnuturj. Ced tbjy mal tbj wbjjls mn tbj jimemgy, gckaeh pmssaolj tbj gallames mn trcescitames

tbct wj cll gckj jvjry dcy ’ nrmg tbj icsb gcibaej tm tbj ibjikmut. Ced cs mej mn tbj wmrld‑s

ljcdaeh naeceiacl ijetrjs, Oratcae‑s ocekaeh sjitmr irjctjs buedrjds mn tbmusceds mn `mos, ced

imetraoutjs saheanaicet tcx rjvjeujs tm tbj xibjqujr. Out wbje oceks ncaljd, tbj wbmlj

jimemgy sunnjrjd, `mos wjrj lmst ced gcey oallames mn pmueds mn tcxpcyjrs‑ gmejy wjrj put ct

rask.

Ae tbj yjcrs ljcdaeh up tm tbj naeceiacl irasas, c ncalurj mn hmvjregjet rjhulctame gjcet tbct

oceks omrrmwjd tmm guib, ced tmmk me rasks tbjy dad emt uedjrstced. Oy ?668, tbj ZK naeceiacl

systjg bcd ojimgj tbj gmst bahbly ljvjrchjd mn cey gc`mr jimemgy. Xbje tbj ouoolj ourst,

buhj hlmocl oceks prmvjd ‒tmm oah tm ncal‑, ced tbj ZK tcxpcyjr wcs iclljd upme nmr oallames mnpmueds tm prjvjet wadjsprjcd imllcpsj mn tbj naeceiacl sjitmr. Tbj pcrt ectameclasctame mn tbj

_mycl Ocek mn Yimtlced clmej imestatutjd tbj oahhjst ocal-mut ae tbj wmrld. Ae cddatame,

imgpjtatavj nmrijs bcvj emt mpjrctjd jnnjitavjly ae ijrtcae pcrts mn tbj ocekaeh sjitmr, ae pcrt

duj tm gjrhjrs ae tbj sjitmr. Tbas bcs ljd tm imesugjrs, aeiludaeh sgcll ousaejssjs, emt hjttaeh

tbj prmduits tbjy ejjd.

Mvjr tbj lcst jahbtjje gmetbs, tbj ZK bcs ojje ct tbj nmrjnrmet mn tbj rjnmrg mn naeceiacl sjitmr

rjhulctame. Tmuhbjr stcedcrds nmr ocek rjhulctame bcvj ojje chrjjd hlmoclly, ced wj crj emw

sjjkaeh ncatbnul agpljgjetctame mn tbjg watbae Jurmpj.

Xbalj tbj aetjrectamecl rjhulctmry rjspmesj as agpmrtcet, tbj sazj mn Oratcae‑s ocekaeh sjitmr

gjces wj iceemt rjly me tbas clmej tm gckj mur ocekaeh systjg scnj. Tbj ljhciy mn tbj naeceiacl

irasas tbjrjnmrj imenrmets us watb wbct bcs ojje djsiraojd cs tbj ‒Oratasb Daljggc‑. Bmw Oratcae

ice oj tbj bmgj mn smgj mn tbj wmrld‑s ljcdaeh oceks, watbmut jxpmsaeh tbj Oratasb tcxpcyjrs tm

tbj ueciijptcolj imsts mn tbmsj oceks ncalaeh.

Xj omtb cskjd tbj Aedjpjedjet Imggassame me Ocekaeh (AIO), ibcarjd oy Yar @mbe âikjrs, tm

ceswjr tbas qujstame, ced tbj AIO puolasbjd ats naecl rjpmrt ae Yjptjgojr. At sjt mut

rjimggjedctames comut bmw wj jesurj tbct Oratasb oceks crj ojttjr colj tm watbstced lmssjs,

ced tbct an c ocek hjts aetm trmuolj at ice ncal ae c wcy tbct prmtjits vatcl ocekaeh sjrvaijs

watbmut tbj usj mn tcxpcyjrs‑ gmejy. Tbj AIO clsm sjt mut rjimggjedctames tm agprmvj

imgpjtatame, jesuraeh imesugjrs ice swatib ciimuets jcsaly, ced tbct iustmgjrs ojejnat nrmg

gmrj imgpjtatavj naeceiacl gcrkjts.

Tbj Imclatame Hmvjregjet wcrgly wjlimgjs tbj AIO‑s rjimggjedctames. Xj ojlajvj tbj AIO bcs

prmvadjd c imgpjllaeh ceswjr tm tbj Oratasb Daljggc. Xj wmuld lakj tm tbcek Yar @mbe âikjrs

ced tbj mtbjr Imggassamejrs nmr tbjar agprjssavj rjpmrt.

_jnmrg mn tbj ZK ocekaeh systjg as urhjetly ejjdjd. Tbj mehmaeh naeceiacl aestcoalaty ae tbj

jurmzmej dmjs emt uedjrgaej tbj icsj nmr rjnmrg. Ncr nrmg at. Tbj icsj nmr jesuraeh tbct oceks

em lmehjr pmsj c rask tm tbj stcoalaty ced prmspjraty mn tbj wadjr jimemgy as strmehjr tbce jvjr,

clmehsadj dravaeh imgpjtatame tm jesurj oceks prmvadj imesugjrs ced ousaejssjs watb tbj

ojst pmssaolj sjrvaij ced davjrsj rcehj mn naeceiacl prmduits.

J

tbct

c



4

Tbj agpljgjetctame mn tbjsj rjnmrgs ojhaes tmdcy. Xj wall oraeh nmrwcrd c Xbatj Vcpjr ae

Ypraeh ejxt yjcr, wbaib wall sjt mut mur djtcaljd prmpmscls, ced cll tbj ljhaslctame rjquarjd tm

agpljgjet tbj rjimggjedctames wall oj jecitjd oy tbj jed mn tbas Vcrlacgjet.

Hjmrhj Msomrej âeij Icolj

Ibceijllmr mn tbj Jxibjqujr Yjirjtcry mn Ytctj, Djpcrtgjet nmr Ousaejss,

Aeemvctame ced Ykalls

Ibcar mn Icoaejt Imggattjj me

Ocekaeh _jnmrg

Djputy Ibcar mn Icoaejt Imggattjj me

Ocekaeh _jnmrg



:

Jxjiutavj suggcry

Ae ats naecl rjpmrt tbj Aedjpjedjet Imggassame me Ocekaeh (AIO) gcdj rjimggjedctames tm

prmgmtj naeceiacl stcoalaty ced imgpjtatame ae ZK ocekaeh. At rjimggjedjd tbct ats rjnmrgs oj

agpljgjetjd em lctjr tbce tbj stcrt mn ?631.

Naeceiacl stcoalaty

Me naeceiacl stcoalaty, tbj AIO adjetanajd tbrjj kjy mo`jitavjs0

• gckj oceks ojttjr colj tm cosmro lmssjs;

• gckj at jcsajr ced ljss imstly tm smrt mut oceks tbct stall hjt aetm trmuolj; ced

• iuro aeijetavjs nmr jxijssavj rask-tckaeh.

Tbj AIO rjimggjedjd c pcikchj mn gjcsurjs, imesastaeh mn raeh-njeiaeh vatcl ocekaeh sjrvaijs

ced aeirjcsaeh oceks‑ lmss-cosmrojeiy, tm cibajvj tbjsj mo`jitavjs. Tbj Hmvjregjet strmehlysuppmrts tbjsj mo`jitavjs ced tbas ducl cpprmcib.

_aeh-njeiaeh

Me struiturcl rjnmrg, tbj AIO rjimggjedjd raeh-njeiaeh vatcl ocekaeh sjrvaijs me wbaib

bmusjbmlds ced YGJs djpjed, kjjpaeh tbjg sjpcrctj nrmg wbmljsclj ced aevjstgjet ocekaeh

citavatajs. Tbas wmuld gmrj jnnjitavjly aesulctj tbjg nrmg prmoljgs jlsjwbjrj ae tbj (hlmocl)

naeceiacl systjg ced gckj oceks jcsajr tm rjsmlvj watbmut tcxpcyjr suppmrt. At wmuld clsm iurtcal

agplaiat hmvjregjet hucrcetjjs, rjduiaeh tbj rask tm tbj puolai naeceijs ced gckaeh at ljss lakjly

tbct oceks wall rue jxijssavj rasks ae tbj narst plcij.

Agprmvaeh rjsmlvcoalaty mn oceks tbrmuhb struiturcl rjnmrg as ae kjjpaeh watb aetjrectameclaeatactavjs tm gckj at jcsajr tm djcl watb ncalaeh oceks. Ytruiturcl imgpljxaty bcs ojje adjetanajd

oy tbj Naeceiacl Ytcoalaty Omcrd (NYO) cs mej mn tbj gmst agpmrtcet ocrrajrs tm suiijssnul ocek

rjsmlutame.3 Ced c imesultctame dmiugjet me c pmssaolj JZ nrcgjwmrk nmr ocek rjimvjry ced

rjsmlutame, puolasbjd oy tbj Jurmpjce Imggassame jcrlajr tbas yjcr,? imetjgplctjd ibcehjs

ojaeh rjquarjd tm tbj struiturj mn naeceiacl aestatutames, sm cs tm rjduij imgpljxaty ae mrdjr tm

cllmw irataicl nueitames tm oj sjpcrctjd mnn ae rjsmlutame.

Tbj Hmvjregjet chrjjs watb tbj AIO‑s rjimggjedctame tbct vatcl ocek aeh sjrvaijs ’ ae

pcrtaiulcr, tbj tck aeh mn rjtcal djpmsats ’ sbmuld mely oj prmvadjd oy ‒raeh-njeijd oceks‑, ced

tbct tbjsj ocek s sbmuld oj prmbaoatjd nrmg uedjrtck aeh ijrtcae aevjstgjet ocek aeh citavatajs.

Tbj Hmvjregjet chrjjs tbct struiturcl rjnmrg mn tbj ocekaeh sjitmr as ejjdjd ced suppmrts tbjprmpmscl nmr tbj irjctame mn c raeh-njeij crmued vatcl ocekaeh sjrvaijs.

Tbj AIO sjt mut c eugojr mn praeiapljs me wbaib tbj raeh-njeij sbmuld oj ocsjd. Nmr jxcgplj

tbj njeij sbmuld oj nljxaolj ae lmictame out mn sunnaiajet bjahbt tm jesurj jnnjitavj ljhcl,

3 Jnnjitavj _jsmlutame mn Yystjgaiclly Agpmrtcet Naeceiacl Aestatutames, Naeceiacl Ytcoalaty Omcrd, @uly ?633. Cvcalcolj ct0bttp0//www.naeceiaclstcoalatyomcrd.mrh/puolaictames/r]336831.pdn.?Tjibeaicl Djtcals mn c Vmssaolj JZ Nrcgjwmrk nmr Ocek _jimvjry ced _jsmlutame, Jurmpjce Imggassame, @ceucry?633. Cvcalcolj ct0bttp0//ji.jurmpc.ju/aetjrecl]gcrkjt/imesultctames/dmis/?633/irasas]gcechjgjet/imesultctame]pcpjr]je.pdn.



>

mpjrctamecl ced jimemgai sjpcrctame ojtwjje jetatajs. Tbj Hmvjregjet suppmrts cll tbjsj

praeiapljs. Ypjianaiclly, tbj Hmvjregjet aetjeds tbct0

• tbjrj oj c sjt mn gcedctjd sjrvaijs watbae raeh-njeijd oceks imesastaeh mn rjtcal

ced YGJ djpmsats ced mvjrdrcnts;

• c sjt mn wbmljsclj ced aevjstgjet ocekaeh sjrvaijs sbmuld oj prmbaoatjd nrmg tbj

raeh-njeijd ocek ae mrdjr tm gjjt tbj mo`jitavjs mn tbj pmlaiy;

• tbj raeh-njeijd ocek sbmuld oj cllmwjd tm imeduit ceiallcry citavatajs tm suppmrt

tbj prmvasame mn ats imrj nueitames;

• tbj raeh-njeijd ocek sbmuld oj ljhclly ced mpjrctameclly aedjpjedjet nrmg tbj rjst

mn ats imrpmrctj hrmup; ced

• jimemgaiclly tbj raeh-njeijd ocek sbmuld emt oj djpjedjet nmr ats laquadaty ced

smlvjeiy me tbj naeceiacl bjcltb mn tbj rjst mn ats hrmup.

Tbj AIO sjt mut smgj nurtbjr djtcals tm suppmrt tbjsj praeiapljs. Nmr jxcgplj raeh-njeijd oceks

sbmuld oj rjhulctjd nmr icpatcl ced laquadaty purpmsjs me c smlm ocsas, sbmuld emt oj mvjr-rjlacet

me tbj rjst mn tbj imrpmrctj hrmup nmr nuedaeh ced sbmuld uedjrtckj trcescitames watb tbj rjstmn tbj hrmup me c tbard pcrty ocsas. Tbjrj as nurtbjr djtcaljd wmrk tm oj dmej tm trceslctj tbj

praeiapljs aetm prcitaij. Gmrj djtcals me tbj AIO‑s rjimggjedctames me struiturcl rjnmrg, ced

tbj Hmvjregjet‑s plces nmr tckaeh tbjg nmrwcrd, crj sjt mut ae Ibcptjr ?. Tbj AIO rjimheasjd

tbct tbj icsj nmr dj gaeagas jxjgptames tm tbj raeh-njeij rjstraitames wcs naejly oclceijd, out

wcs emt pjrsucdjd ct tbj tagj. Tbj Hmvjregjet‑s vajw as tbct tbjrj as c icsj nmr rjvajwaeh

wbjtbjr c dj gaeagas jxjgptame sbmuld cpply.

Lmss-cosmrojeiy

Me aeirjcsjd lmss-cosmrojeiy, tbj AIO rjimggjedjd bahbjr jquaty rjquarjgjets nmr lcrhj raeh-

njeijd oceks, c gaeagug ljvjrchj rctam, lmss-cosmroaeh djot, aesurjd djpmsatmr prjnjrjeij ced

bahbjr ljvjls mn lmss-cosmroaeh icpciaty nmr oceks tbct crj dannaiult tm rjsmlvj.

Gcey mn tbjsj rjimggjedctames clsm ncll watbae tbj rcehj mn gjcsurjs imetjgplctjd oy

aetjrectameclly chrjjd rjnmrgs. Tbj Ocsjl AAA ruljs iljcrly sjt gaeagug, emt gcxagug, stcedcrds

nmr jquaty ced ljvjrchj rctams. Tbj NYO‑s stcedcrds me rjsmlutame rjhagjs rjquarj ectamecl

ùrasdaitames tm gckj djot lmss-cosmroaeh ae rjsmlutame (‒ocal-ae‑). Ced tbj Jurmpjce

Imggassame‑s imesultctame dmiugjet me c nrcgjwmrk nmr ocek rjimvjry ced rjsmlutame

imetjgplctjs omtb ocal-ae ced rjquaraeh aestatutames tbct crj bcrd tm rjsmlvj tm bmld gmrj lmss-

cosmroaeh djot.

Tbj Hmvjregjet suppmrts tbj AIO‑s rjimggjedctames me lmss-cosmrojeiy ced sjjs tbjsj eme-

struiturcl rjnmrgs cs ce agpmrtcet imgpljgjet tm raeh-njeiaeh ae gckaeh ocek s ojttjr colj tmcosmro lmssjs, jcsajr tm rjsmlvj an tbjy dm ncal, ced ae iuroaeh jxijssavj rask-tckaeh. Ae pcrtaiulcr0

• tbj Hmvjregjet aetjeds tm aetrmduij bahbjr jquaty rjquarjgjets nmr lcrhj raeh-

njeijd oceks, ced wall sjjk sunnaiajet nljxaoalaty ae nmrtbimgaeh Jurmpjce ljhaslctame

tm dm sm ae tbj aetjrjsts mn ZK ced Jurmpjce naeceiacl stcoalaty;

• tbj Hmvjregjet strmehly suppmrts c gcedctmry, gaeagug ljvjrchj rctam nmr cll

oceks, cs rjimggjedjd oy tbj AIO, ced ojlajvjs tbjrj gcy oj c icsj nmr cpplyaeh c

bahbjr gaeagug ljvjrchj rctam tm smgj lcrhjr oceks;



8

• tbj Hmvjregjet chrjjs tbct tbj rjsmlutame cutbmratajs sbmuld bcvj c stctutmry ocal-

ae pmwjr tm cssast ae ocek rjsmlutame. Tbj Hmvjregjet wall sjjk tm jesurj

chrjjgjet me aeiludaeh c rmoust ocal-ae pmwjr ae tbj Jurmpjce irasas gcechjgjet

nrcgjwmrk;

• tbj Hmvjregjet suppmrts tbj praeiaplj tbct systjgaiclly agpmrtcet oceks bmld c

gaeagug cgmuet mn lmss-cosmroaeh icpciaty me c hrmup-wadj ocsas. Bmwjvjr, an c

ocek ice sbmw tbct ats eme-ZK mpjrctames dm emt pmsj c rask tm ZK naeceiaclstcoalaty ced tbus tm tbj ZK tcxpcyjr, tbas rjquarjgjet sbmuld emt cpply tm tbmsj

mpjrctames;

• me oclceij, tbj Hmvjregjet suppmrts djpmsatmr prjnjrjeij, out ojlajvjs tbct

nurtbjr ceclysas ced imesultctame as ejjdjd me tbj simpj mn ats cpplaictame; ced

• tbj Hmvjregjet as mn tbj vajw tbct supjrvasmrs sbmuld oj colj tm rjquarj nargs tbct

crj dannaiult tm rjsmlvj tm bcvj cddatamecl lmss-cosmroaeh icpciaty.

Gmrj djtcals me tbj AIO‑s rjimggjedctames me lmss-cosmrojeiy, ced tbj Hmvjregjet‑s

rjspmesj, crj sjt mut ae Ibcptjr 9 ojlmw.

Tbj AIO‑s naeceiacl stcoalaty rjimggjedctames bcvj c iljcr nmius me prjsjrvaeh tbj imetaeumus

prmvasame mn vatcl ocekaeh sjrvaijs lmictjd ae tbj raeh-njeijd oceks. Bmwjvjr, at as agpmrtcet tm

drcw c dastaeitame ojtwjje prmtjitaeh tbj prmvasame mn irataicl sjrvaijs oy raeh-njeijd oceks, ced

prmtjitaeh aevjstmrs. _jquaraeh raeh-njeijd oceks tm bcvj gmrj lmss-cosmroaeh icpciaty wall

jesurj tbct tbj imetaeumus prmvasame mn ocekaeh citavatajs ice oj gcaetcaejd, an ejijsscry oy

agpmsaeh lmssjs me aevjstmrs ’ aeiludaeh irjdatmrs ’ emt oy hucrcetjjaeh tbjg. Tbj

Hmvjregjet‑s vajw as tbct cll ocek s sbmuld oj suo`jit tm emrgcl imgpjtatavj gcrkjt nmrijs,

wbaib gjces tbjy gust oj colj tm ncal scnjly watbmut rjlyaeh me c hmvjregjet hucrcetjj ced

watbmut puttaeh tbj prmvasame mn irataicl sjrvaijs ct rask.

Tbj AIO‑s prmpmscls ’ oy iuroaeh aeijetavjs nmr jxijssavj rask-tckaeh, rjduiaeh tbj jxpmsurj mn

raeh-njeijd oceks tm tbj naeceiacl systjg ced rjquaraeh eme-raeh-njeijd oceks tm bmld bahbjrljvjls mn lmss-cosmroaeh icpciaty ’ wall clsm aeirjcsj tbj rjsalajeij, ced rjsmlvcoalaty, mn eme-raeh-

njeijd oceks. Tbas as iruiacl. Out ae mrdjr tm oj jnnjitavj, tbas wall rjquarj tbj aetrmduitame mn c

rjsmlutame rjhagj nmr cll eme-raeh-njeijd oceks, aeiludaeh cey tbct gcy emt oj imvjrjd oy tbj

Ypjiacl _jsmlutame _jhagj. Tbj Hmvjregjet ojlajvjs tbct cll ocek s ’ aeiludaeh eme-raeh-njeijd

ocek s ’ ejjd tm oj rjsmlvcolj watbmut tbj usj mn stctj rjsmurijs, ced ojlajvjs tbj AIO‑s

prmpmscls crj ce agpmrtcet stjp nmrwcrd. Out tbjy sbmuld oj imgpljgjetjd oy tbj

aetrmduitame mn c rjsmlutame rjhagj tbct imvjrs aevjstgjet nargs ced naeceiacl bmldaeh

imgpceajs. Tbas as dasiussjd ae Omx 3.C.

ImgpjtatameMe imgpjtatame, tbj AIO gcdj rjimggjedctames0

• tm agprmvj prmspjits nmr c strmeh ced jnnjitavj ibclljehjr tm imgj mut mn tbj

Llmyds davjstaturj;

• tm gatahctj ocrrajrs tm jetry ced ceta-imgpjtatavj prudjetacl rjquarjgjets;

• tm agprmvj swatibaeh;

• tm jebceij trcespcrjeiy;



2

• tm sjiurj prm-imgpjtatavj naeceiacl rjhulctame; ced

• me c pmssaolj nuturj gcrkjt aevjstahctame rjnjrjeij tm tbj imgpjtatame cutbmratajs.

Tbj Hmvjregjet strmehly suppmrts cll tbjsj mo`jitavjs. C imgpjtatavj ocekaeh sjitmr as vatcl tm

jesurj tbct tbj ZK jimemgy ice ojejnat nrmg ocekaeh prmduits ced sjrvaijs ct jnnaiajet praijs.

Jnnjitavj imgpjtatame as clsm c spur tm aeemvctame ced jimemgai hrmwtb, ced ice ljcd tm ojttjr

quclaty ced sjrvaij nmr imesugjrs. Tbj jgjrhjeij mn c strmeh ced jnnjitavj ibclljehjr ocek

nrmg tbj Llmyds davjstaturj ’ tbct wmuld jxjrt rjcl, imgpjtatavj prjssurj me tbj oah oceks ’wmuld oj hmmd nmr imgpjtatame. C rjhulctmry nmius me agprmvaeh imgpjtatame as clsm imesastjet

watb strjehtbjeaeh tbj Jurmpjce saehlj gcrkjt ’ aedjjd tbj Jurmpjce Ocekaeh Cutbmraty ced

mtbjr Jurmpjce supjrvasmry cutbmratajs crj rjquarjd tm imetraoutj tm prmgmtaeh “jqucl

imedatames mn imgpjtatame‗.9

Tbj AIO‑s rjimggjedctames me naeceiacl stcoalaty wall clsm bjlp tm cddrjss imgpjtatame imeijres

ae naeceiacl sjrvaijs, ced imgpljgjet tbj imgpjtatame rjimggjedctames. Cs tbj AIO emtjd ae ats

naecl rjpmrt, naeceiacl stcoalaty rjimggjedctames tbct jlagaectj tbj agplaiat hmvjregjet

hucrcetjj crj tbjgsjlvjs prm-imgpjtatavj. Xbjrj oceks crj rjhcrdjd cs ‒tmm oah tm ncal‑, gcrkjt

pcrtaiapcets ’ ae pcrtaiulcr djot aevjstmrs ’ wall imetrcit watb tbjg me gmrj ncvmurcolj tjrgs

tbce watb sgclljr oceks, dastmrtaeh imgpjtatame. Tbjrjnmrj gjcsurjs tm tciklj tbj agplaiathmvjregjet hucrcetjj wall bjlp tm rjgmvj dastmrtames ae tbj Jurmpjce saehlj gcrkjt.

Hmaeh ojymed tbj AIO‑s rjimggjedctames, tbj Trjcsury Yjljit Imggattjj bcs iclljd nmr tbj

Vcygjets Imueial, c pravctj sjitmr omdy rjspmesaolj nmr sjttaeh tbj strctjhy nmr rjtcal pcygjet

systjgs ae tbj ZK, tm oj ormuhbt watbae tbj simpj mn rjhulctame. Tbj Hmvjregjet suppmrts tbas,

ced wall imesult ae tbj Ejw Qjcr me mptames nmr jebceiaeh tbj rjhulctmry nrcgjwmrk nmr

pcygjet systjgs.

Gmrj djtcals me tbj AIO‑s rjimggjedctames me imgpjtatame, ced tbj Hmvjregjet‑s rjspmesj,

crj sjt mut ae Ibcptjr 4 ojlmw.

Jimemgai agpcit ced imgpjtatavjejss

Tbj AIO jstagctjd tbct ats pcikchj mn rjimggjedctames wmuld imst tbj oceks £4oe-£8oe c

yjcr. Tbj AIO scad tbas imuld bcvj c kemik-me imst tm HDV mn crmued £3oe-£9oe c yjcr, out tbas

sbmuld oj sjt chcaest tbj ojejnats mn rjduiaeh tbj ceeuclasjd imst mn naeceiacl irasjs mn up tm

£46oe c yjcr.

Tbj AIO emtjd tbct tbj agpcit me tbj Hmvjregjet‑s nasicl pmsatame mn tbj rjnmrg pcikchj wmuld

oj imgpljx out sbmuld oj strmehly pmsatavj. Bmwjvjr, tbj AIO dad emt cttjgpt tm qucetany tbas.

Me imgpjtatavjejss, tbj AIO emtjd tbct ats rjimggjedctames wmuld mely cnnjit crmued 3:% mn

tbj ocekaeh aestatutames ae tbj Iaty ced wmuld emt cnnjit aesurceij imgpceajs, nued

gcechjgjet nargs jti. Oy agprmvaeh naeceiacl stcoalaty tbj rjimggjedctames wmuld ae ncit ojlakjly tm aeirjcsj tbj cttrcitavjejss mn tbj ZK cs c plcij tm dm omtb naeceiacl ced eme-naeceiacl

ousaejss.

Tbj Hmvjregjet bcs imeduitjd ats mwe jimemgai agpcit ceclysas, aenmrgjd oy gmdjllaeh

jxjriasjs icrrajd mut oy tbj gc`mr ZK oceks. Me tbj ocsas mn tbas wmrk, tbj Hmvjregjet bcs

9 _jhulctame (JZ) Em. 3619/?636 mn tbj Jurmpjce Vcrlacgjet ced mn tbj Imueial mn ?4 Emvjgojr ?636.Cvcalcolj ct0 bttp0//jur-ljx.jurmpc.ju/LjxZraYjrv/LjxZraYjrv.dm=ura7M@0L0?63609930663?066480JE0VDN.



1

imeiludjd tbct wbalj tbj AIO‑s jstagctjs dm emt icpturj tbj null rcehj mn imsts, tbj gjcsurjs

tbct tbj AIO rjimggjedjd wall djlavjr ejt ojejnats tm tbj ZK jimemgy ced tbj tcxpcyjr.

Tbj Hmvjregjet jstagctjs tbj chhrjhctj pravctj imsts tm ZK oceks ct £9.:oe-£2oe. Tbjsj

cddatamecl ocek imsts crj jstagctjd tm prmduij c hrmss rjduitame ae HDV mn £6.2oe-£3.2oe,

smgjwbct lmwjr tbce tbj AIO‑s jstagctj. Chcaest tbjsj imsts sbmuld oj sjt tbj pmtjetaclly guib

lcrhjr ojejnats tm tbj jimemgy nrmg aeirjcsjd naeceiacl stcoalaty. Ocsjd me tbj AIO‑s jstagctj mn

tbj ceeucl imst tm tbj jimemgy mn naeceiacl irasjs, jvje an mtbjr rjhulctmry rjnmrgs rjduijd tbj

prmocoalaty mn c naeceiacl irasas oy 96%, ced tbj AIO‑s rjimggjedctames rjduijd tbj prmocoalaty

mn c irasas oy mely c nurtbjr 36%, ced tbj mutput lmss icusjd oy c irasas oy ?:%, tbj AIO‑s

rjimggjedctames wmuld yajld ce aeirjgjetcl jimemgai ojejnat mn £1.:oe pjr ceeug. Tbj

Hmvjregjet tbjrjnmrj ojlajvjs tbct tbj jimemgai ojejnats mn agpljgjetaeh tbj AIO‑s

rjimggjedctames wmuld saheanaicetly mutwjahb tbj imsts ced wall djlavjr saheanaicet ejt ojejnats

tm tbj jimemgy ced tbj puolai naeceijs.

Me imgpjtatavjejss, tbj Hmvjregjet as imggattjd tm jesuraeh tbct tbj ZK imetaeujs tm oj ct

tbj bjcrt mn tbj aetjrectamecl ocekaeh ced naeceij sjitmr. Tbas as ojst cibajvjd oy jstcolasbaeh c

stcolj naeceiacl systjg ae tbj ZK, emt oy prmvadaeh agplaiat tcxpcyjr suosadajs tm c sgcll

prmpmrtame mn tbj naeceiacl aestatutames tbct imestatutj tbj Iaty.

Gmrj djtcal me tbjsj assujs, aeiludaeh tbj Hmvjregjet‑s mwe prjlagaecry ceclysas mn tbj

jimemgai agpcit ced imgpjtatavj jnnjits mn tbj AIO‑s rjimggjedctames, as sjt mut ae Ibcptjr :.

Agpljgjetctame

Tbj AIO scad tbct ats rjimggjedctames sbmuld oj nully ae nmrij oy em lctjr tbce tbj stcrt mn ?631,

imesastjet watb tbj djcdlaej nmr agpljgjetctame mn tbj Ocsjl AAA rjnmrgs chrjjd oy H?6 ljcdjrs.

Tbj Hmvjregjet's aetjetame as tbct agpljgjetctame sbmuld prmijjd ae stchjs watb tbj naecl, eme

struiturcl, ibcehjs rjlctjd tm lmss cosmrojeiy nully imgpljtjd oy tbj ojhaeeaeh mn ?631.

Vragcry ced sjimedcry ljhaslctame rjlctjd tm tbj raeh njeij wall oj imgpljtjd oy tbj jed mn tbas

Vcrlacgjet ae Gcy ?63: ced ocek s wall oj jx pjitjd tm oj imgplacet cs smme cs prcitaicllypmssaolj tbjrjcntjr. Tbj Hmvjregjet wall wmrk watb tbj ocek s tm djvjlmp c rjcsmecolj trcesatame

tagjtcolj.

Tbas rjspmesj sjts mut tbj Hmvjregjet‑s aeatacl vajws me tbj AIO‑s praeiapcl rjimggjedctames.

Tbj Hmvjregjet wall oraeh nmrwcrd c Xbatj Vcpjr ae Ypraeh ?63? wbaib wall sjt mut djtcaljd

prmpmscls me tbj AIO‑s rjimggjedctames, ced lcueib c imesultctame.

Agpljgjetctame mn tbj rjimggjedctames wall strjehtbje tbj Jurmpjce saehlj gcrkjt, cs mej mn

tbj oahhjst dastmrtames tm tbas gcrkjt as tbj pjrijavjd agplaiat hmvjregjet hucrcetjjs. Tbj AIO‑s

rjimggjedctames rjprjsjet tbj ZK‑s imetraoutame tm rjgmvaeh tbjsj dastmrtames. Tbj

Hmvjregjet wall wmrk tm jesurj tbct iurrjet JZ ljhaslctame dmjs emt baedjr tbj rjnmrgsejijsscry tm jesurj naeceiacl stcoalaty ced c smued naeceiacl systjg.

Gmrj djtcal me tbj prmpmsjd tagjlaej ced gjibceais nmr agpljgjetctame ’ ced tbjar aetjrcitame

watb tbj djvjlmpgjet mn rjljvcet Jurmpjce ljhaslctame ’ as sjt mut ae Ibcptjr >.

Tbas rjspmesj imetcaes c eugojr mn mutstcedaeh pmlaiy qujstames. Tbj rjspmesjs tm tbjsj wall oj

usjd tm aenmrg tbj djtcaljd prmpmscls ced nurtbjr imesultctame tbct wall oj sjt mut ae tbj Xbatj

Vcpjr. Djtcals me bmw tm rjspmed tm tbj pmlaiy qujstames crj sjt mut ae Ibcptjr >.



33

3 Aetrmduitame

Ljssmes nrmg tbj rjijet naeceiacl irasas

3.3 Tbj naeceiacl irasas tbct stcrtjd ae ?668 wcs icusjd oy ncalurjs ae tbj naeceiacl sjitmr ced ae

tbj rjhulctame ced supjrvasame mn tbct aedustry. Naeceiacl aestatutames ncaljd tm gcechj tbjar

ousaejss prudjetly ced, ae pcrtaiulcr, dad emt uedjrstced tbj rasks aebjrjet ae tbj citavatajs tbjy

wjrj imeduitaeh. Ct tbj scgj tagj, tbjsj aestatutames wjrj hrmwaeh rcpadly. Tbj oclceij sbjjts

mn ZK oceks wjet nrmg crmued 966% mn HDV ae 3112 tm crmued :66% c djicdj lctjr. Yjj Ibcrt

3.C ojlmw. C eugojr mn nargs ojicgj sm lcrhj, aetjrimeejitjd ced imgpljx tbct tbjar ncalurj

pmsjd c sjramus tbrjct tm tbj naeceiacl systjg, ced tbj rjhulctmry systjg lcikjd tbj tmmls tm djcl

watb tbas ‒tmm oah tm ncal‑ prmoljg.

Ibcrt 3.C0 Dmgjstai ocekaeh cssjts cs c pjrijetchj mn HDV imesmladctjd oy ectameclaty mnbjcdqucrtjrs (?661)3

Ymurij0 Aedjpjedjet Imggassame me Ocekaeh

3.? _jhulctmrs ced supjrvasmrs ncaljd tm prmvadj tbj rmoust sirutaey ced ibclljehj tbct wcsejjdjd tm jesurj tbct tbj rasks oualdaeh up me tbj oclceij sbjjts mn oceks ced mtbjr naeceiacl

aestatutames wjrj gcechjcolj ’ emt mely ct tbj ljvjl mn aedavaducl nargs, out cirmss tbj systjg cs

c wbmlj. Ljvjls mn ZK ocek ljvjrchj smcrjd ae tbj narst djicdj mn tbas ijetury. Yjj Ibcrt 3.O

ojlmw.

3 ‒Dmgjstai ocekaeh cssjts‑ crj tbj hlmocl cssjts mn cll oceks wbmsj hlmocl bjcdqucrtjrs crj lmictjd ae tbj rjljvcetimuetry.



3?

Ibcrt 3.O0 Aeirjcsj ae ZK ocek ljvjrchj ae tbj pcst nanty yjcrs


3.9 Tbj naeceiacl irasas jxpmsjd tbj aebjrjet wjckejssjs ae tbj ‒trapcrtatj‑ systjg mn rjhulctame ae

tbj ZK. Em saehlj aestatutame bcd tbj rjspmesaoalaty, cutbmraty mr pmwjrs tm mvjrsjj tbj naeceiacl

systjg cs c wbmlj. Ojnmrj tbj irasas, tbj Ocek mn Jehlced bcd emgaecl rjspmesaoalaty nmr tbj

stcoalaty mn tbj naeceiacl systjg, out lcikjd tbj ejijsscry tmmls. _jspmesaoalaty nmr tbj rjhulctame

mn naeceiacl nargs wcs ae tbj bceds mn tbj Naeceiacl Yjrvaijs Cutbmraty (NYC), wbaib plcijd tmm

guib jgpbcsas me ‒taik-omx‑ imgplaceij. BG Trjcsury, gjcewbalj, bcd em iljcr rjspmesaoalaty

nmr djclaeh watb c irasas tbct put oallames mn pmueds mn puolai nueds ct rask.

3.4 Tbj irasas sbmwjd tbct wbje tbaehs hm wrmeh ae tbj naeceiacl sjitmr, tbj agpcit me tbj rjst

mn tbj jimemgy ice oj sjvjrj. Tbj _mycl Ocek mn Yimtlced (_OY) rjijavjd tbj oahhjst ocal-mut ae

bastmry, ced ae spatj mn pcrt-ectameclasaeh twm mn tbj lcrhjst oceks ae tbj wmrld ced jxtjedaeh

tjes mn oallames mn pmueds mn darjit ced aedarjit naeceiacl cssastceij tm tbj sjitmr, tbj

Hmvjregjet ct tbj tagj wcs uecolj tm prjvjet sbmiks ae tbj naeceiacl sjitmr nrmg spallaeh mvjr

aetm tbj wadjr jimemgy. Tbas ljd tm tbj wmrst rjijssame ae lavaeh gjgmry. Ced cs naeceiacl

aestatutames wjrj tckje mvjr oy imgpjtatmrs, mr imllcpsjd, imgpjtatame ’ tbct ae smgj gcrkjts

nmr ocekaeh sjrvaijs wcs clrjcdy sjvjrjly imestrcaejd ’ wcs nurtbjr rjduijd. Xjckejssjs ae tbj

ocekaeh systjg rjgcae c bjcdwaed tm hrmwtb.

3.: Cllmwaeh oah oceks tm imllcpsj wmuld bcvj ljd tm tbj dasruptame mn vatcl ocekaeh sjrvaijs ’

aeiludaeh ciijss tm ocek ciimuets ced pcygjet systjgs ’ watb dascstrmus jimemgai

imesjqujeijs. ZK tcxpcyjrs wjrj iclljd upme tm prmvadj gcey oallames mn suppmrt tm cvmad c

naeceiacl gjltdmwe. Ct ats pjck, jxplaiat suppmrt tm tbj ZK ocekaeh systjg wcs £3.?te (nmr c

orjckdmwe mn tcxpcyjr suppmrt tm dannjrjet oceks, ced mn suppmrt sibjgjs mnnjrjd tm tbj

naeceiacl systjg cs c wbmlj, sjj Tcolj 3.C).



39

Tcolj 3.C0 Tcxpcyjr suppmrt nmr tbj ZK naeceiacl systjg duraeh tbj rjijet irasas?

Hucrcetjjs ced imetaehjet lacoalatajs Gcxagug pljdhjd suppmrt

Yjitmr-wadj sibjgjs

Irjdat Hucrcetjj Yibjgj £?:6oe

Ypjiacl Laquadaty Yibjgj £?66oe

Cssjt Ocikjd Yjiuratajs Yibjgj £:6oe

_jicpatclasctame Nued £39oe

Zeusjd ncialatajs nmr lmces tm suppmrt djpmsats £936ge

_OY ced Llmyds Ocekaeh Hrmup

Cssjt Vrmtjitame Yibjgj £4:8oe

Imetaehjet Icpatcl ae _OY £2oe

Emrtbjre _mik

Hucrcetjjd Lacoalatajs £?4oe

Imetaehjet Icpatcl £9.4oe

Zeusjd Xmrkaeh Icpatcl Ncialaty £9.2oe

Orcdnmrd & Oaehljy

Hucrcetjjd Lacoalatajs £38oe

Zeusjd Xmrkaeh Icpatcl Ncialaty £9oe

Tmtcl hucrcetjjs ced imetaehjet lacoalatajs £3.69te

Yuppmrt prmvadjd ae icsb Gcxagug icsb suppmrt havje

_OY Mrdaecry ced O Ybcrjs £4:.2oe

Llmyds Ocekaeh Hrmup Ybcrjs £?6.>oe

Emrtbjre _mik pli Ybcrjs £3.4oe

Emrtbjre _mik (Cssjt Gcechjgjet) Lmce £?3.>oe

Orcdnmrd & Oaehljy Xmrkaeh Icpatcl Ncialaty £2.>oe

Mtbjr Lmces tm Yuppmrt Djpmsats £?>oe

Tmtcl suppmrt prmvadjd ae icsb £3?4oe

TMTCL YZVVM_T TM ZK NAECEIACL YQYTJG £3.?te

Ymurij0 Ectamecl Cudat Mnnaij

? Tbj Imgptrmlljr ced Cudatmr Hjejrcl‑s _jpmrt me Ciimuets tm tbj Bmusj mn Imggmes0 Tbj naeceiacl stcoalatyaetjrvjetames, Ectamecl Cudat Mnnaij, @uly ?633. Cvcalcolj ct0bttp0//www.ecm.mrh.uk/puolaictames/363?/bgt]ciimuets]?636-?633.cspx . Eugojrs gcy emt sug duj tm rmuedaeh.Tbj nahurjs comvj rjprjsjet tbj pjck cgmuet mn suppmrt tbct wcs jxplaiatly pljdhjd tm tbj naeceiacl systjg duraeh tbjirasas. Emt cll pljdhjd suppmrt rjsultjd ae citucl icsb pcygjets. Nmr jxcgplj tbj pjck cgmuet mn T-oalls cituclly assujduedjr tbj Ypjiacl Laquadaty Yibjgj wcs £32:oe, emt tbj £?66oe nahurj ae tbj tcolj comvj. Ae cddatame, tbj naeclcgmuet mn cssjts imvjrjd tbrmuhb tbj Cssjt Vrmtjitame Yibjgj (CVY) as saheanaicetly dannjrjet tm tbj mej comvj, cs tbjjxpjitctames nmr tbj sazj mn tbj sibjgj ct ats aeijptame wjrj guib lcrhjr tbce tbj naecl imvjrjd cssjt pmml (£?2?oe).Tbj gcxagug imetaehjet lacoalaty nmr Hmvjregjet crasaeh nrmg tbj CVY wcs £?66oe duj tm _OY ojaeh rjquarjd tm

imvjr smgj lmssjs atsjln ojnmrj cey pcymut wmuld miiur.



34

3.> Jvje watbmut c ictcstrmpbai ocekaeh imllcpsj, tbj jimemgai dcgchj icusjd oy tbj naeceiacl

irasas wcs jemrgmus, tappaeh tbj ZK aetm tbj djjpjst rjijssame nmr gcey djicdjs. Jimemgasts

bcvj wcrejd tbct rjimvjrajs nrmg rjijssames cntjr c naeceiacl irasas crj slmwjr tbce rjimvjrajs

cntjr mtbjr rjijssames,9 uedjrlaeaeh tbj agpmrtceij mn rjnmrgaeh tbj naeceiacl systjg tm gaeagasj

tbj lakjlabmmd mn nuturj irasjs.

3.8 Yaeij imgaeh aetm mnnaij ae Gcy lcst yjcr, tbj Imclatame Hmvjregjet bcs gcdj naeceiacl

sjitmr rjnmrg mej mn ats tmp pramratajs ced as djlavjraeh c eugojr mn tcrhjtjd pmlaiy rjspmesjs0

• c ejw ZK rjhulctmry nrcgjwmrk tm imrrjit tbj ncalaehs tbct ojicgj cppcrjet

tbrmuhb tbj naeceiacl irasas;

• tbj NYC tm oj comlasbjd ae ats iurrjet nmrg, ced c ejw Vrudjetacl _jhulctame

Cutbmraty (V_C) jstcolasbjd ae ?639 cs c suosadacry mn tbj Ocek mn Jehlced;

• ce aetjrag Naeceiacl Vmlaiy Imggattjj (NVI) bcs ojje jstcolasbjd tm ojhae

gmeatmraeh systjgai rask ced tm cdvasj tbj Hmvjregjet me pmtjetacl gcirm-

prudjetacl tmmls, watb drcnt ljhaslctame clrjcdy puolasbjd tm put tbj NVI me c

stctutmry nmmtaeh;

• tbj NYC ced Ocek mn Jehlced bcvj ojhue tbj prmijss mn splattaeh mut prudjetacl

nrmg imeduit mn ousaejss rjhulctame, watbae tbj NYC, cs c prjiursmr tm rjspmesaoalaty

pcssaeh tm tbj Ocek mn Jehlced; ced

• tbj Hmvjregjet bcs aetrmduijd c ljvy tm jeimurchj oceks tm gmvj tm ljss rasky

nuedaeh prmnaljs, ced tm jesurj tbct oceks gckj c ncar imetraoutame tm rjduiaeh tbj

djnaiat.

Tbj Oratasb Daljggc

3.2 Tbj ljhciy mn tbj naeceiacl irasas pmsjs wbct tbj Ibceijllmr bcs djsiraojd cs ‒tbj Oratasb

Daljggc‑. C rmoust ocekaeh systjg tbct prmvadjs agpmrtcet sjrvaijs ’ suib cs pcygjet systjgs,djpmsat-tckaeh ced dmgjstai ljedaeh ’ tm bmusjbmlds ced ousaejssjs, as vatcl tm cey jimemgy.

Out tbj ZK clsm ojejnats buhjly nrmg ats pmsatame cs c hlmocl naeceiacl ijetrj. Cs ce jgplmyjr

ced imetraoutmr mn tcx rjvjeujs, cs ce jxpmrtjr mn ZK sjrvaijs tm tbj rjst mn tbj wmrld, ced cs c

vatcl pcrt mn tbj jimemgai aenrcstruiturj, c bjcltby naeceiacl sjitmr as ce agpmrtcet dravjr mn

hrmwtb ae tbj ZK.

3.1 Tbj vjry sazj mn tbj ZK naeceiacl sjitmr (sjj Ibcrt 3.C) gjces tbct tbj ZK iceemt cnnmrd tm

ljt oceks oj uedjrwrattje oy tbj Oratasb tcxpcyjr, puttaeh tbj ormcdjr jimemgy ct rask. _jnmrg

mn naeceiacl rjhulctame as ejjdjd tm gckj oceks gmrj rjsalajet, tm cllmw oceks tbct stall ncal tm dm

sm scnjly watbmut imst tm tbj tcxpcyjr, ced tm agprmvj tbj stcoalaty mn tbj naeceiacl systjg. Tbj

ojejnats mn rjnmrg tm tbj Oratasb naeceiacl sjitmr crj emt lagatjd tm tbj ZK. Cs tbj AGN rjijetlymosjrvjd, “tbj stcoalaty ced jnnaiajeiy mn tbj ZK naeceiacl sjitmr as c hlmocl puolai hmmd,

rjquaraeh tbj bahbjst quclaty supjrvasame ced rjhulctame.‗4

Tbj Aedjpjedjet Imggassame me Ocekaeh

3.36 At wcs tm cddrjss tbjsj assujs tbct ae @uej ?636 tbj Imclatame Hmvjregjet sjt up tbj

Aedjpjedjet Imggassame me Ocekaeh (AIO), watb Yar @mbe âikjrs (ibcar), Ilcrj Ypmttaswmmdj,

Gcrtae Tcylmr, Oall Xaetjrs ced Gcrtae Xmln cs gjgojrs. Tbj Hmvjregjet‑s gcedctj tm tbj AIO

9 Irjdat Imedatames ced _jimvjrajs nrmg _jijssames Cssmiactjd watb Naeceiacl Irasjs, Vrckcsb Kceece, AGN Xmrkaeh

Vcpjr, Gcrib ?636. Cvcalcolj ct0 bttp0//www.agn.mrh/jxtjrecl/puos/nt/wp/?636/wp3629.pdn.4 Zeatjd Kaehdmg Ypallmvjr _jpmrt nmr tbj ?633 Crtailj A^ Imesultctame ced Yuppljgjetcry Aenmrgctame, AGN, @uly?633. Cvcalcolj ct0 bttp0//www.agn.mrh/jxtjrecl/puos/nt/sir/?633/ir33??:.pdn.



3:

wcs tm gckj rjimggjedctames tm prmgmtj stcoalaty ced imgpjtatame ae ZK ocekaeh. Ae

pcrtaiulcr, tbj AIO wcs cskjd tm gckj rjimggjedctames tm cddrjss systjgai rask ced gmrcl

bczcrd ae tbj ocekaeh systjg, ced tm imesadjr tbj assuj mn sjpcrctaeh rjtcal ced aevjstgjet

ocekaeh nueitames. Ae gckaeh ats rjimggjedctames, tbj AIO wcs cskjd tm bcvj rjhcrd tm ljedaeh

tm ZK imesugjrs ced ousaejssjs, tbj pcij mn jimemgai rjimvjry, imesugjr ibmaij,

imgpjtatavjejss ced tbj Hmvjregjet‑s nasicl pmsatame. Tbj AIO ced ats sjirjtcract wjrj sjt up

aedjpjedjetly mn tbj Hmvjregjet, tbj mtbjr ZK cutbmratajs ced tbj oceks, tm jesurj tbjy wjrj

colj tm wmrk nrjjly ced imesadjr tbj assujs ojnmrj tbjg mo`jitavjly.

3.33 Tbj AIO puolasbjd ats rjimggjedctames ae Yjptjgojr tbas yjcr. Me naeceiacl stcoalaty, wbalj

rjimheasaeh Ocsjl AAA ced mtbjr aetjrectamecl rjnmrgs cs c gc`mr agprmvjgjet, tbj AIO‑s vajw wcs

tbct tbjsj dad emt hm ncr jemuhb. Tbj AIO prmpmsjd tbct ZK oceks: sbmuld oj rjquarjd tm ‒raeh-

njeij‑ vatcl ocekaeh sjrvaijs nrmg mtbjr citavatajs, ced aeirjcsj lmss-cosmroaeh icpciaty tbrmuhb

bahbjr jquaty ced ljvjrchj rctams nmr raeh-njeijd oceks, ced vac ‒ocal-ae‑ mn ocek irjdatmrs

(omedbmldjrs ae pcrtaiulcr). Me imgpjtatame, tbj AIO rjimggjedjd tbct stjps oj tckje tm

jesurj tbct c strmeh ced jnnjitavj ibclljehjr imgjs mut mn tbj Llmyds davjstaturj, ced tbct

gjcsurjs oj tckje tm agprmvj swatibaeh ced imesugjr ibmaij, ced tm sjiurj prm-imgpjtatavj

naeceiacl rjhulctame.

3.3? Tbj Hmvjregjet wjlimgjs tbj AIO‑s naecl rjpmrt ced strmehly jedmrsjs ats imeilusames. AIO

prmpmscls tm raeh-njeij vatcl ocek aeh sjrvaijs, tm aeirjcsj ocek s‑ coalaty tm watbstced lmssjs ced

tm agprmvj imgpjtatame ae rjtcal ocek aeh ae tbj ZK , bcvj prmvadjd ce ceswjr tm tbj Oratasb

Daljggc.

3.39 Tbas rjspmesj cddrjssjs jcib mn tbj AIO‑s rjimggjedctames ced bahblahbts tbj nurtbjr

wmrk uedjrwcy tm agpljgjet tbjg. Tbjrj wall oj imesultctame me tbj djtcal. Tbj

rjimggjedctames hm nurtbjr tbce iurrjet Jurmpjce rjnmrg prmpmscls, sm tbj ZK wall clsm sjjk

tm rjcib chrjjgjet cirmss Jurmpj me rmoust rjhulctmry rjnmrg tm strjehtbje ced scnjhucrd tbj

naeceiacl systjg.

Tbj ormcdjr prmhrcggj nmr rjnmrg

3.34 Agpljgjetctame mn tbj AIO‑s rjimggjedctames as ùst pcrt mn tbj ormcdjr prmhrcggj mn

dmgjstai ced aetjrectamecl rjnmrg lcueibjd ced suppmrtjd oy tbj Hmvjregjet.

3.3: Ae bas narst Gcesame Bmusj spjjib, tbj Ibceijllmr ceemueijd tbj Imclatame Hmvjregjet‑s

plces tm nuedcgjetclly rjnmrg tbj ZK‑s ncaljd systjg mn naeceiacl rjhulctame, tm nulnal ats

imggatgjet tm prmvadj tbj Ocek mn Jehlced watb imetrml mn gcirm-prudjetacl rjhulctame ced

mvjrsahbt mn gairm-prudjetacl rjhulctame.

3.3> Ae @uej tbj Hmvjregjet puolasbjd drcnt ljhaslctame sjttaeh mut ats djtcaljd plces nmr

rjnmrgaeh naeceiacl rjhulctame ae tbj ZK. Cs comvj, tbj Hmvjregjet as jstcolasbaeh c ejw systjgmn nmiusjd naeceiacl sjrvaijs rjhulctmrs0

• tbj NVI watbae tbj Ocek mn Jehlced, rjspmesaolj nmr prmtjitaeh ced jebceiaeh

naeceiacl stcoalaty;

• tbj V_C, c ejw gairm-prudjetacl rjhulctmr watb rjspmesaoalaty nmr jesuraeh jnnjitavj

prudjetacl rjhulctame mn aedavaducl nargs, cs c suosadacry mn tbj Ocek mn Jehlced;

ced

: Tbj AIO‑s rjimggjedctames cpply tm oualdaeh smiajtajs cs wjll cs tm oceks. Ae tbas rjspmesj dmiugjet, rjnjrjeijs tmoceks ced/mr raeh-njeijd oceks sbmuld oj tckje tm aeiludj c rjnjrjeij tm oualdaeh smiajtajs ueljss tbj imetjxtrjquarjs mtbjrwasj.



3>

• c ejw aedjpjedjet imeduit mn ousaejss rjhulctmr, tbj Naeceiacl Imeduit Cutbmraty

(NIC), watb rjspmesaoalaty nmr rjhulctaeh tbj imeduit mn ousaejss mn cll naeceiacl

aestatutames.

3.38 Tbj Hmvjregjet‑s plces bcvj ojje suo`jit tm prj-ljhaslctavj sirutaey oy c `maet

Vcrlacgjetcry Imggattjj wbmsj naedaehs crj puolasbjd me tbj scgj dcy cs tbas rjspmesj

dmiugjet. Tbj Hmvjregjet wall imesadjr tbj Imggattjj‑s rjimggjedctames ced wall aetrmduij

ljhaslctame tm Vcrlacgjet jcrly ae tbj Ejw Qjcr.3.32 Cs wjll cs prmtjitaeh vatcl ocekaeh sjrvaijs, raeh-njeiaeh ced aeirjcsjd lmss-cosmrojeiy clsm

cag tm rjduij tbj lakjlabmmd mn ncalurj, ced agprmvj jcsj mn rjsmlvcoalaty, mn eme-raeh-njeijd

oceks. C eugojr mn jxastaeh rjnmrgs ’ suib cs aeirjcsaeh tbj usj mn ijetrcl imuetjrpcrtajs nmr

stcedcrdasjd djravctavjs, agpljgjetctame mn tbj aevjstgjet ocek Ypjiacl Cdgaeastrctame _jhagj

(YC_), tbj rjquarjgjet nmr cll hlmocl oceks tm djvjlmp rjimvjry ced rjsmlutame plces (__Vs) ced

aeirjcsjs ae icpatcl nmr trcdaeh ommk cssjts ’ wall cll cdvceij tbas mo`jitavj. Out ae mrdjr tm oj

jnnjitavj, tbas wall rjquarj tbj aetrmduitame mn c rjsmlutame rjhagj nmr cll eme-raeh-njeijd oceks,

aeiludaeh cey tbct gcy emt oj imvjrjd oy tbj Ypjiacl _jsmlutame _jhagj. Tbas wcs imetjgplctjd

ae c imesultctame dmiugjet me tbj prmpmsjd Jurmpjce irasas gcechjgjet nrcgjwmrk nmr oceks

puolasbjd oy tbj Jurmpjce Imggassame jcrlajr tbas yjcr.> Tbj AIO‑s rjimggjedctame sbmuld

tbjrjnmrj oj imgpljgjetjd oy tbj aetrmduitame mn c rjsmlutame rjhagj tbct sbmuld imvjr

aevjstgjet nargs ced naeceiacl bmldaeh imgpceajs. Tbj rjsmlutame mn aevjstgjet oceks as

imesadjrjd nurtbjr ae Omx 3.C.

> Tjibeaicl Djtcals mn c Vmssaolj JZ Nrcgjwmrk nmr Ocek _jimvjry ced _jsmlutame, Jurmpjce Imggassame, @ceucry?633. Cvcalcolj ct0bttp0//ji.jurmpc.ju/aetjrecl]gcrkjt/imesultctames/dmis/?633/irasas]gcechjgjet/imesultctame]pcpjr]je.pdn.



38

Omx 3.C0 _jsmlvaeh aevjstgjet oceks8

Tbj ncalurj mn Ljbgce Ormtbjrs ae Yjptjgojr ?662 djgmestrctjd tbj rasks mn rjlyaeh me c

imevjetamecl aesmlvjeiy prmijdurj nmr c lcrhj aevjstgjet ocek. Tbj AIO crhujd tbct raeh-

njeiaeh wall iuro aeijetavjs nmr jxijssavj rask-tckaeh watbae ueavjrscl oceks, ced wall aesulctj

rjtcal ocekaeh chcaest imetchame nrmg tbj dasmrdjrly imllcpsj mn aevjstgjet oceks. Tbj AIO‑s

rjimggjedctames me ocal-ae, pragcry lmss-cosmroaeh icpciaty ced rjsmlutame ounnjrs wall clsm

agprmvj aevjstgjet ocek rjsmlutame. Tbj Hmvjregjet ojlajvjs tbj AIO‑s rjimggjedctameswmuld agprmvj tbj rjsmlvcoalaty mn aevjstgjet ocek s oy rjduiaeh struiturcl imgpljxaty watbae

ueavjrscl ocek s, ced sm aeijetavasj aevjstmrs tm iuro jxijssavj rask-tckaeh.

Tbj Hmvjregjet rjimheasjs tbj ibclljehjs ae rjsmlvaeh aevjstgjet oceks ced as wmrkaeh

dmgjstaiclly ced aetjrectameclly me tbas assuj. Ae Njorucry ?633, tbj Hmvjregjet aetrmduijd

tbj Ypjiacl Cdgaeastrctame _jhagj nmr aevjstgjet nargs.2 Tbj ZK suosadacry mn GN Hlmocl wcs

tbj narst narg tm oj plcijd aetm tbj YC_. Out tbj hlmocl ecturj mn tbj lcrhjst nargs ced tbj

imgpljxaty mn tbjar trcdaeh ommks gjces mtbjr ZK ced aetjrectamecl pmlaiy rjnmrgs crj

ejijsscry tm jesurj suib nargs crj scnjly rjsmlvcolj. Tbj Hmvjregjet suppmrts tbj aeilusame

watbae tbj JZ irasas gcechjgjet nrcgjwmrk mn c rjsmlutame rjhagj ’ aeiludaeh c stctutmry

ocal-ae pmwjr ’ nmr aevjstgjet nargs, ced clsm nmr naeceiacl bmldaeh imgpceajs.

Tbj NYC‑s rjijet dasiussame pcpjr me rjsmlvcoalaty1 bahblahbts tbj jxtjet tm wbaib tbj

oljedaeh mn dannjrjet jimemgai citavatajs (j.h. rjtcal ced aevjstgjet ocekaeh) watbae c saehlj

ljhcl jetaty as mej mn tbj hrjctjst ocrrajrs tm rjsmlvaeh systjgai ZK oceks. _jimvjry ced

rjsmlutame plces (__Vs) agprmvj cutbmratajs‑ coalaty tm dachemsj ced gatahctj tbj rask mn ocek

ncalurj ced tm uedjrstced tbj ocrrajrs tm mrdjrly rjsmlutame. Tbj Hmvjregjet tbjrjnmrj

suppmrts tbj jxtjesame mn __V ruljs nmr ZK djpmsat-tckjrs tm aeiludj lcrhj aevjstgjet oceks.

_jquaraeh aevjstgjet oceks tm bcvj __Vs as imesastjet watb tbj Naeceiacl Ytcoalaty Omcrd‑s

(NYO) rjsmlutame stcedcrds36 ced tbj lakjly rjquarjgjets mn tbj JZ irasas gcechjgjet

nrcgjwmrk.

Out gmrj as ejjdjd. Tbj Hmvjregjet tbjrjnmrj suppmrts tbj rjvajw oy tbj Ocsjl Imggattjj

me Ocekaeh Yupjrvasame mn trcdaeh ommk rask wjahbtaehs, wbaib wall agprmvj tbj rjsalajeij mn

aevjstgjet oceks. _jsmlvaeh c trcdaeh ommk wall oj sagplanajd oy aetjrectamecl jnnmrts tm

jxpced usj mn ijetrcl imuetjrpcrtajs ced tbj iljcraeh mn ijrtcae stcedcrdasjd mvjr-tbj-

imuetjr djravctavjs. Tbj NYC imetaeujs tm wmrk watb aetjrectamecl cutbmratajs tm tahbtje rask

gcechjgjet mn eme-iljcrjd djravctavjs tbrmuhb gmrj rmoust pmrtnmlam rjimeialactame,

dasputj rjimeialactame ced imllctjrclasctame rjquarjgjets. Tbjsj rjnmrgs wall agprmvj trcdaeh

ommk trcespcrjeiy ced rjduij imgpljxaty tm gckj at jcsajr, nmr jxcgplj, tm gcaetcae

imetaeuaty ae tbj jvjet mn ncalurj oy trcesnjrraeh ilajet pmsatames nrmg mej ocek tm cemtbjr.

Tbj Hmvjregjet rjgcaes imggattjd tm wmrkaeh watb hlmocl pcrtejrs tm jesurj tbjrjsmlvcoalaty mn aevjstgjet oceks. C strmeh hlmocl nrcgjwmrk as agpmrtcet, tm jecolj im-mrdaectame ced im-mpjrctame tm prmtjit chcaest ced rjspmed tm aevjstgjet oceks‑ ncalurj.

8 Ae tbas rjspmesj pcpjr, tbj tjrgs ‒aevjstgjet ocek‑ ced ‒aevjstgjet narg‑ crj usjd aetjribcehjcoly, ced sbmuld ojaetjrprjtjd tm aeiludj omtb eme-raeh-njeijd jetatajs tbct imeduit aevjstgjet ocekaeh citavatajs watbae c ocekaehhrmup ced stcedclmej aevjstgjet nargs ced oceks.2 Jstcolasbaeh rjsmlutame rjhagjs nmr aevjstgjet oceks, BG Trjcsury, Njorucry ?633. Cvcalcolj ct0 bttp0//www.bg-trjcsury.hmv.uk/imesult]aevjstgjet]oceks?.btg.1 _jimvjry ced _jsmlutame Vlces, NYC, Cuhust ?633. Cvcalcolj ct0 bttp0//www.nsc.hmv.uk/puos/ip/ip33]3>.pdn.36 Kjy Cttraoutjs mn Jnnjitavj _jsmlutame _jhagjs nmr Naeceiacl Aestatutames, Naeceiacl Ytcoalaty Omcrd, Mitmojr ?633.Cvcalcolj ct0 bttp0//www.naeceiaclstcoalatyomcrd.mrh/puolaictames/r]333364ii.pdn.



32

3.31 Tbj hlmocl ecturj mn naeceiacl aestatutames ced gcrkjts ced tbj agpmrtceij mn tbj Jurmpjce

saehlj gcrkjt gjce tbct rjhulctmry rjnmrg ejjds tm oj im-mrdaectjd aetjrectameclly, pcrtaiulcrly

watbae Jurmpj watb bahb ced rmoust gaeagug stcedcrds uedjrpaeeaeh strmeh ectamecl

supjrvasame. Kjy rjnmrgs tbct bcvj ojje imgpljtjd mr crj ae trcae crj sjt mut ae Omx 3.O.

3.?6 H?6 ljcdjrs rjimheasjd tbct tbj Ocsjl AAA rjnmrgs dm emt tbjgsjlvjs nully cddrjss tbj rasks

prjsjetjd oy systjgaiclly agpmrtcet naeceiacl aestatutames (YANAs). YANAs aeiludj oceks wbmsj sazj,

imgpljxaty ced aetjrimeejitjdejss crj suib tbct tbjar imllcpsj wmuld icusj suib dasruptame tmtbj wadjr naeceiacl systjg ced tbj rjcl jimemgy tbct tbjy bcvj ojje rjhcrdjd cs ojaeh ‒tmm oah

tm ncal‑, ced sm jnnjitavjly hmvjregjet hucrcetjjd. Ciimrdaehly, tbj H?6 tcskjd tbj NYO watb

djvjlmpaeh c pmlaiy nrcgjwmrk nmr cddrjssaeh tbj rask pmsjd oy YANAs ced ae pcrtaiulcr naeceiacl

aestatutames tbct crj iljcrly systjgai ae c hlmocl imetjxt (H-YANAs). Kjy djtcals mn tbj NYO‑s

rjimggjedctames ’ jedmrsjd oy tbj H?6 ’ aeiludj rjquaraeh imuetrajs tm put ae plcij gjcsurjs

tm jesurj tbct cll naeceiacl aestatutames, aeiludaeh H-YANAs, ice oj rjsmlvjd scnjly ced quaikly,

watbmut djstcoalasaeh tbj naeceiacl systjg mr jxpmsaeh tbj tcxpcyjr tm rask mn lmss. Tbj ZK wall

clsm prjss nmr cgjedgjets tm rjijet Jurmpjce Imggassame prmpmscls, tm jesurj null ced ncatbnul

agpljgjetctame ae Jurmpj mn H?6 chrjjgjets me ocekaeh rjnmrg, watb em wctjraeh dmwe.

3.?3 Aedavaducl imuetrajs bcvj tckje nmrwcrd tbjar mwe aeatactavjs tm agprmvj tbj rjsmlvcoalaty mn

tbjar H-YANAs. Nmr jxcgplj, ae tbj ZY tbj Dmdd-Nrcek Cit bcs aetrmduijd tbj Mrdjrly Laquadctame

_jhagj wbaib imenjrs me tbj Njdjrcl Djpmsat Aesurceij Imrpmrctame tbj pmwjrs ejijsscry tm

jnnjit tbj mrdjrly laquadctame mn imvjrjd naeceiacl aestatutames. Oceks ae Ywatzjrlced, Ywjdje, tbj

Ejtbjrlceds ced Yaehcpmrj wall oj rjquarjd tm bcvj bahbjr jquaty rctams tbce tbmsj gcedctjd

uedjr Ocsjl AAA. Ced oceks ae Ywatzjrlced wall clsm oj rjquarjd tm bmld gaeagug cgmuets mn

djot tbct as djsahejd tm oj lmss-cosmroaeh, an rjquarjd.

3.?? Jcib imuetry as naedaeh ats mwe wcy tm jstcolasb c stcolj, sustcaecolj naeceiacl sjitmr. Tbas

Hmvjregjet as pljcsjd tm suppmrt tbj AIO‑s prmpmscls cs c smlutame tm tbj Oratasb Daljggc.



31

Omx 3.O0 Mtbjr rjnmrgs tm ZK ced aetjrectamecl naeceiacl rjhulctame

_jhulctmry aestatutames ced supjrvasame

• _cdaiclly rjnmrgaeh tbj ZK rjhulctmry ced supjrvasmry nrcgjwmrk tm imrrjit tbj

ncalaehs tbct ojicgj cppcrjet tbrmuhb tbj naeceiacl irasas, oy rjplciaeh tbj

Naeceiacl Yjrvaijs Cutbmraty watb tbj Vrudjetacl _jhulctame Cutbmraty ced tbj

Naeceiacl Imeduit Cutbmraty.

• Ytrjehtbjeaeh tbj NYC‑s rjhagj mn strjss tjstaeh naeceiacl aestatutames oy rjquaraeh

nargs tm agprmvj tbjar strjss tjstaeh icpcoalaty.

Icpatcl ced laquadaty

• Ocsjl AAA ruljs puolasbjd oy tbj Ocsjl Imggattjj me Ocekaeh Yupjrvasame (OIOY),

rcasaeh gaeagug aetjrectamecl stcedcrds nmr ocek icpatcl rjquarjgjets (aeiludaeh

puttaeh ae plcij c gaeagug ljvjrchj rctam) ced aetrmduiaeh gaeagug stcedcrds

nmr laquadaty, ced cgjedgjets tm tbj Icpatcl _jquarjgjets Darjitavj ced

aetrmduitame mn c Icpatcl _jquarjgjets _jhulctame (tmhjtbjr, I__ A/I_D A^)

tbrmuhb wbaib tbj Ocsjl AAA ruljs wall oj agpljgjetjd ae tbj ZK. Tbj ZK as sjjkaehcgjedgjets tm tbj Jurmpjce Imggassame prmpmscls tm jesurj tbct tbjrj as em

wctjraeh dmwe mn tbj Ocsjl AAA chrjjgjet, mr mpt-muts nmr ijrtcae imuetrajs.

• _uljs puolasbjd oy tbj OIOY rjquaraeh saheanaicetly gmrj icpatcl tm oj bjld chcaest

oceks‑ trcdaeh ommk cssjts.

• Xmrk oy tbj OIOY tm agprmvj imesastjeiy ae tbj wcy tbct hlmocl oceks icliulctj

rask-wjahbtjd cssjts.

• Gjcsurjs sjt mut oy tbj Naeceiacl Ytcoalaty Omcrd (NYO) ced tbj OIOY tm aetrmduij

cddatamecl lmss cosmrojeiy rjquarjgjets nmr hlmocl systjgaiclly agpmrtcet oceks

(H-YAOs). Tbj ZK wall sjjk tm jesurj tbct tbjsj oaedaeh gaeagug stcedcrds crj

aeimrpmrctjd aetm Jurmpjce ljhaslctame.

• Aetrmduitame oy tbj NYC ae ?662 mn ce jebceijd rjhagj nmr ocek icpatcl.

• Tbj NYC‑s jebceijd laquadaty rjhagj ced tbj Ocek mn Jehlced‑s dasimuet waedmw

ncialaty tm agprmvj ZK oceks‑ coalaty tm impj watb nuedaeh strjssjs.

• Tbj Ocek mn Jehlced‑s rjijetly ceemueijd Jxtjedjd Imllctjrcl Tjrg _jpm (JIT_)

ncialaty wall clsm cllmw oceks tm jnnjitavjly gatahctj gcrkjt-wadj sbmrtchjs mn

sbmrt-tjrg stjrlaeh laquadaty, wbjrj tbjy crasj.

_jimvjry ced rjsmlutame

• Vuttaeh ae plcij c spjiacl rjsmlutame rjhagj tm jecolj tbj mrdjrly rjsmlutame mnncalaeh ZK djpmsat-tckaeh nargs, c spjiacl cdgaeastrctame rjhagj tm djcl watb ncalaeh

aevjstgjet oceks, ced c rjquarjgjet uedjr tbj Naeceiacl Yjrvaijs Cit ?636 nmr cll

ZK djpmsat-tckjrs tm bcvj ae plcij c rjimvjry ced rjsmlutame plce. Tbj NYC as

jxpjitjd tm puolasb naecl ruljs me __Vs ae tbj narst qucrtjr mn ?63? ced nargs wall

bcvj uetal @uej ?63? tm prjpcrj tbjar aeatacl __Vs.

• _jimggjedctames nrmg tbj NYO me aetjrectamecl stcedcrds jedmrsjd oy tbj H?6

nmr ectamecl rjsmlutame rjhagjs (aeiludaeh ocal-ae), rjquarjgjets nmr __Vs nmr

hlmocl systjgaiclly agpmrtcet naeceiacl aestatutames tm oj aeataclly rjvajwjd oy

?639, tbj djvjlmpgjet mn irmss-omrdjr im-mpjrctame chrjjgjets nmr tbjar

rjsmlutame, ced gmrj aetjesavj ced jnnjitavj supjrvasame.



?6

Omx 3.O (imetaeujd)0 Mtbjr rjnmrgs tm ZK ced aetjrectamecl naeceiacl rjhulctame

_jimvjry ced rjsmlutame (imetaeujd)

• Nmrtbimgaeh ljhaslctavj prmpmscl nrmg tbj Jurmpjce Imggassame nmr c darjitavj tm

jstcolasb ce JZ irasas gcechjgjet nrcgjwmrk nmr tbj rjimvjry ced rjsmlutame mnoceks ced aevjstgjet nargs.

Gcirm-prudjetacl rjhulctame

• Jstcolasbaeh ce aetjrag Naeceiacl Vmlaiy Imggattjj mn tbj Ocek mn Jehlced tm

gmeatmr systjgai rask ced prmvadj rjimggjedctames tm tbj cutbmratajs ae rjlctame

tm mvjrsahbt mn tbj naeceiacl systjg ced tbj usj mn gcirm-prudjetacl tmmls.

• Yjttaeh up tbj Jurmpjce Yystjgai _ask Omcrd watb rjspmesaoalaty nmr gcirm-

prudjetacl mvjrsahbt mn tbj naeceiacl systjg watbae tbj JZ.

• Xmrk oy tbj NYO, tbj OIOY ced tbj AGN tm djvjlmp jnnjitavj gcirm-prudjetacl

pmlaiajs ced nrcgjwmrks.

Gcrkjt aenrcstruiturj

• Ytrjehtbjeaeh naeceiacl gcrkjts aenrcstruiturj ced agprmvaeh trcespcrjeiy

aetjrectameclly oy jeimurchaeh djravctavjs trcdjs (mvjr-tbj-imuetjr mr trcdjd

jljitrmeaiclly aeiludaeh me rjhulctjd gcrkjts/jxibcehjs) tm oj ijetrclly rjpmrtjd

ced/mr iljcrjd tbrmuhb ijetrcl imuetjrpcrtajs.

_jguejrctame

• Vrmpmscls nmr tbj lcrhjst oceks mpjrctaeh ae tbj ZK tm dasilmsj tbj rjguejrctame

mn tbjar jahbt bahbjst pcad sjeamr jxjiutavj mnnaijrs,33

puttaeh tbj ZK ct tbjnmrjnrmet mn gc`mr naeceiacl ijetrjs me rjguejrctame trcespcrjeiy.

• Tbj NYO‑s agpljgjetctame stcedcrds me imgpjesctame prcitaijs rjquaraeh gctjracl

rask tckjrs ct saheanaicet naeceiacl aestatutames tm gckj bahb-ljvjl dasilmsurjs me

smgj jljgjets mn rjguejrctame. • Tbj rjvasjd Icpatcl _jquarjgjets Darjitavj (I_D9) ’ ormcdly imesastjet watb tbj

NYO stcedcrds, tbj rjquarjgjets ae I_D9 agpmsj gmrj straehjet prmvasames me tbjstruiturj ced dasilmsurj mn rjguejrctame.

• Tbj rjvasjd NYC rjguejrctame imdj, agpljgjetaeh tbj prmvasames mn I_D9, ced

jesuraeh tbct rjguejrctame pmlaiajs ced prcitaijs crj imesastjet watb ced

prmgmtj jnnjitavj rask gcechjgjet.

33 Ocek Jxjiutavj _jguejrctame Dasilmsurj0 Imesultctame me Drcnt _jhulctames, BG Trjcsury, Djijgojr, ?633.Cvcalcolj ct0 bttp0//www.bg-trjcsury.hmv.uk/d/imedmi]ocek]jxjiutavj]rjguejrctame]dasilmsurj]>3??633.pdn.



?3

? _aeh-njeiaeh

Tbj AIO‑s raeh-njeiaeh rjimggjedctames

?.3 Tbj AIO rjimggjedjd tbct ZK oceks raeh-njeij tbjar rjtcal ced YGJ djpmsat-tckaeh

ousaejssjs ae c sjpcrctj, naeceiaclly aedjpjedjet ljhcl jetaty, suo`jit tm bahbjr prudjetacl

rjquarjgjets.

?.? Tbj AIO sjt mut navj praeiapljs nmr tbj djsahe mn tbj raeh-njeij. Tbj narst tbrjj hmvjre tbj

‒lmictame‑ mn tbj raeh-njeij ced tbj lcst twm hmvjre tbj ‒bjahbt‑ mn tbj raeh-njeij. Tbj praeiapljs

crj0

‒Lmictame‑ mn raeh-njeij

3 tbct tbjrj oj c sjt mn gcedctjd sjrvaijs imesastaeh mn rjtcal ced YGJ djpmsats ced

mvjrdrcnts;

? tbct tbjrj oj c sjt mn sjrvaijs tbct sbmuld oj prmbaoatjd nrmg tbj raeh-njeijd ocek

ae mrdjr tm gjjt tbj mo`jitavjs mn tbj pmlaiy;

9 tbct tbj raeh-njeijd ocek oj cllmwjd tm imeduit citavatajs tbct crj ceiallcry tm tbj

prmvasame mn gcedctjd mr pjrgattjd sjrvaijs;

‒Bjahbt‑ mn raeh-njeij

4 tbct tbj raeh-njeijd ocek oj ljhclly ced mpjrctameclly aedjpjedjet nrmg tbj rjst mn

ats imrpmrctj hrmup; ced

: tbct jimemgaiclly tbj raeh-njeijd ocek sbmuld emt oj djpjedjet nmr ats laquadaty

ced smlvjeiy me tbj naeceiacl bjcltb mn tbj rjst mn ats hrmup.

?.9 Tbj Hmvjregjet bcs clrjcdy ciijptjd tbj icsj nmr raeh-njeiaeh oceks‑ rjtcal mpjrctames ced

imenargs at wall agpljgjet tbj raeh-njeiaeh mn agpmrtcet ocek aeh sjrvaijs wbmsj imetaeumus

prmvasame as vatcl tm tbj jimemgy ced ocek iustmgjrs. Tbas ibcptjr cddrjssjs tbj purpmsj,

mo`jitavjs ced hmvjreaeh praeiapljs mn tbj raeh-njeij. Tbjrj crj c eugojr mn qujstames ct tbj

jed mn tbas ibcptjr tm wbaib rjspmesjs crj aevatjd.

Vurpmsj ced mo`jitavjs mn tbj raeh-njeij

?.4 Tbj AIO scad tbct tbj raeh-njeij sbmuld “asmlctj tbmsj ocekaeh citavatajs wbjrj imetaeumus

prmvasame as vatcl tm tbj jimemgy ced c ocek‑s iustmgjrs tm jesurj tbct tbas prmvasame as emt

tbrjctjejd cs c rjsult mn citavatajs wbaib crj aeiadjetcl tm at ced ice oj gcaetcaejd an c ocek

dmjs ncal, watbmut rjimursj tm tbj tcxpcyjr.‗

?.: Tbj Hmvjregjet suppmrts tbas purpmsj. Tbj AIO rjimggjedjd tbct tbj raeh-njeij sbmuld oj

djsahejd tm cibajvj tbj nmllmwaeh mo`jitavjs ct ljcst imst tm tbj tcxpcyjr0

3 gckj at jcsajr tm smrt mut omtb raeh-njeijd oceks ced eme-raeh-njeijd oceks tbct

hjt aetm trmuolj, watbmut tbj prmvasame mn tcxpcyjr-nuedjd smlvjeiy suppmrt;



??

? aesulctj vatcl ocekaeh sjrvaijs me wbaib bmusjbmlds ced YGJs djpjed nrmg

prmoljgs jlsjwbjrj ae tbj naeceiacl systjg; ced

9 iurtcal hmvjregjet hucrcetjjs, rjduiaeh rask tm tbj puolai naeceijs ced gckaeh at

ljss lakjly tbct oceks wall rue jxijssavj rasks ae tbj narst plcij.

Agprmvaeh rjsmlvcoalaty

?.> C ocek tbct hjts aetm trmuolj as jcsajr tm “smrt mut‗ ’ a.j. gmrj rjsmlvcolj ’ an tbj cutbmratajsice gcechj ats ncalurj ae ce mrdjrly wcy, tbct as, prjsjrvaeh tbj imetaeuaty mn irataicl jimemgai

nueitames ced prmpjrly dastraoutaeh lmssjs cgmeh sbcrjbmldjrs ced irjdatmrs, watbmut ae`jitaeh

tcxpcyjr nueds.3

?.8 Tbj iurrjet imgpljx struiturj mn gcey ocekaeh hrmups as c gc`mr agpjdagjet tm rjsmlutame.

Gultaplj ousaejss laejs watb gcey ced imgpljx laeks ojtwjje tbjg gckj at dannaiult tm jxtrcit

tbj irataicl nueitames me wbaib iustmgjrs rjly, agpmsj lmssjs me irjdatmrs ced gcechj tbj ncalurj

mn c ocek ae ce mrdjrly wcy. C rjijet rjpmrt oy tbj Naeceiacl Ytcoalaty Omcrd (NYO) ’ jedmrsjd oy

tbj H?6 ’ rjimggjedjd tbct cutbmratajs sbmuld bcvj pmwjrs tm rjquarj ibcehjs tm nargs‑

struiturjs ae mrdjr tm agprmvj tbjar rjsmlvcoalaty0 “tm jecolj tbj imetaeujd mpjrctames mn

systjgaiclly agpmrtcet nueitames, cutbmratajs sbmuld jvcluctj wbjtbjr tm rjquarj tbct tbjsjnueitames oj sjhrjhctjd ae ljhclly ced mpjrctameclly aedjpjedjet jetatajs tbct crj sbajldjd nrmg

hrmup prmoljgs.‗?

?.2 _aeh-njeiaeh, clmehsadj tbj mtbjr gjcsurjs dasiussjd ae tbas dmiugjet, tbjrjnmrj tckjs

nmrwcrd tbjsj cgoatames ae cpplyaeh tbjg tm ZK oceks. Tbj Hmvjregjet ojlajvjs tbct raeh-

njeiaeh wall agprmvj tbj rjsmlvcoalaty mn omtb raeh-njeijd ced eme-raeh-njeijd oceks, oy gckaeh

tbjg jcsajr tm sjpcrctj ced rjduiaeh tbj rasks mn imetchame nrmg ncalaeh oceks.

Aesulctaeh vatcl ocekaeh sjrvaijs

?.1 Tbj Hmvjregjet ojlajvjs tbct raeh-njeiaeh wall rjduij tbj rask tbct vmlctalaty ae naeceiacl

gcrkjts, mr sbmiks crasaeh ae mtbjr pcrts mn tbj naeceiacl systjg, wall `jmpcrdasj tbj prmvasame mnirataicl ocekaeh sjrvaijs tm tbj ZK rjcl jimemgy. Tbas dmjs emt agply tbct raeh-njeijd oceks wall

oj rask-nrjj. Tbj prmijss mn ocekaeh aetjrgjdactame ’ ciijptaeh djpmsats ced gckaeh lmces ’ as

aebjrjetly rasky. Gcaetcaeaeh ocekaeh aetjrgjdactame watbae tbj raeh-njeij as c ijetrcl dastaeitame

ojtwjje tbj AIO‑s prmpmscls ced prmpmscls rjlctaeh tm sm-iclljd ‒ecrrmw‑ mr ‒lagatjd purpmsj‑

ocekaeh. _aeh-njeijd oceks sbmuld imetaeuj tm oj jxpmsjd tm tbj rasks mn tbjar ljedaeh djiasames

ced nuedaeh struiturjs, ced sm oj jxpmsjd tm tbj rask mn ncalurj. Tbas as wby tbj AIO clsm

rjimggjedjd aeirjcsaeh tbj lmss-cosmroaeh icpciaty mn raeh-njeijd oceks, cs dasiussjd ae tbj

ejxt ibcptjr.

Iurtcalaeh hmvjregjet hucrcetjjs

?.36 Tbj Hmvjregjet ojlajvjs tbct em ocek ’ raeh-njeijd mr eme-raeh-njeijd ’ sbmuld ojejnat

nrmg ce agplaiat hmvjregjet hucrcetjj. Yuib hucrcetjjs crasj wbje cutbmratajs crj uecolj tm

rjsmlvj oceks watbmut tcxpcyjr suppmrt. Tbj jxpjitctame tbct aevjstmrs wall, ct ljcst ae pcrt, oj

prmtjitjd watb tcxpcyjr nueds gjces tbct tbjy crj pmmrly aeijetavasjd tm dasiaplaej oceks‑ rask-

tckaeh. Tbj narst twm mo`jitavjs nmr tbj raeh-njeij ’ agprmvaeh rjsmlvcoalaty ced aesulctaeh vatcl

ocekaeh sjrvaijs ’ sbmuld tbjrjnmrj iurtcal hmvjregjet hucrcetjjs tm omtb raeh-njeijd ced eme-

raeh-njeijd oceks, rjduij tbj rask tm tbj puolai naeceijs ced lagat jxijssavj rask-tckaeh.

3 Tbas nmllmws tbj djnaeatame cs cpplajd oy tbj Naeceiacl Yjrvaijs Cutbmraty, ced, aetjrectameclly, oy tbj NaeceiaclYtcoalaty Omcrd. Yjj _jimvjry ced _jsmlutame Vlces, Naeceiacl Yjrvaijs Cutbmraty, Emvjgojr ?633. Cvcalcolj ct0

bttp0//www.nsc.hmv.uk/puos/ip/ip33]3>.pdn.? Kjy Cttraoutjs mn Jnnjitavj _jsmlutame _jhagjs nmr Naeceiacl Aestatutames, Naeceiacl Ytcoalaty Omcrd, Mitmojr ?633.Cvcalcolj ct0 bttp0//www.naeceiaclstcoalatyomcrd.mrh/puolaictames/r]333364ii.pdn.



?9

?.33 Ciimrdaehly tbj Hmvjregjet ojlajvjs tbct tbj mo`jitavjs mn agprmvaeh ocek rjsmlvcoalaty,

aesulctaeh vatcl ocek aeh sjrvaijs ced, tbjrjnmrj, iurtcalaeh hmvjregjet hucrcetjjs, sbmuld oj

cdmptjd cs tbj mo`jitavjs mn tbj pmlaiy.

Tbj ‒lmictame‑ mn tbj raeh-njeij

?.3? Tbj narst hmvjreaeh praeiaplj tbct tbj AIO sjt mut as tbct mely raeh-njeijd oceks sbmuld oj

pjrgattjd tm uedjrtckj ijrtcae vatcl ocekaeh sjrvaijs, wbjrj iustmgjrs crj all-jquappjd tm

prjpcrj nmr jvje c tjgpmrcry dasruptame (‒gcedctjd‑ sjrvaijs). Tbj sjimed praeiaplj tbj AIO

rjimggjedjd wcs tbct tbjsj vatcl ocekaeh sjrvaijs oj kjpt sjpcrctj ’ ljhclly, mpjrctameclly ced

jimemgaiclly ’ nrmg naeceiacl sjrvaijs tbct wmuld aeirjcsj tbjar jxpmsurj tm hlmocl naeceiacl

sbmiks, ced tbct gckj tbj ocekaeh jetaty imeduitaeh tbjg bcrd tm rjsmlvj (‒prmbaoatjd‑

sjrvaijs). Tbjsj twm praeiapljs lcrhjly djtjrgaej tbj lmictame mn tbj raeh-njeij. Yjrvaijs tbct ncll

aetm ejatbjr ictjhmry crj ‒pjrgattjd‑.

?.39 Tbj Hmvjregjet ojlajvjs tbct tbj lmictame mn tbj raeh-njeij sbmuld oj nljx aolj, watb c

lagatjd sjt mn gcedctjd ced prmbaoatjd sjrvaijs. Tbj Hmvjregjet ojlajvjs tbct tbj prmvasame mn

imrpmrctj djpmsats ced imrpmrctj ljedaeh sbmuld oj pjrgattjd watbae tbj raeh-njeij. Nljxaoalaty

cllmws oceks tm ciijss c wadjr rcehj mn ljedaeh mppmrtueatajs, gcaetcaeaeh davjrsanaictame ced

tbj jnnaiajeiy mn aetjrgjdactame.

?.34 Tbj Hmvjregjet dmjs emt aetjed tm sjt mut djtcaljd djnaeatames mn gcedctjd ced

prmbaoatjd sjrvaijs ae ljhaslctame. _ctbjr tbj Hmvjregjet wall jstcolasb c iljcr sjt mn mo`jitavjs,

praeiapljs ced rjhulctmry mutimgjs tbct raeh-njeiaeh sbmuld cibajvj. Tbj ibcrcitjrastais nmr

sjrvaijs tbct sbmuld oj gcedctjd mr prmbaoatjd wall oj sjt mut ae ljhaslctame ced suppmrtjd oy

gmrj djtcaljd rjhulctmry ruljs. Tbj Hmvjregjet cetaiapctjs tbct tbj ruljs hmvjreaeh tbj raeh-

njeij wall prmvadj simpj nmr tbj rjhulctmr tm cpply tbjar mwe ùdhjgjet ced dasirjtame, huadjd

oy tbj mutimgjs sjt mut ae ljhaslctame. Tbas as imesastjet watb tbj supjrvasmry cpprmcib tm oj

cdmptjd oy tbj Vrudjetacl _jhulctame Cutbmraty.

?.3: Tbj raeh-njeiaeh rjquarjgjets wall cpply tm cey imgpcey mr mtbjr omdy aeimrpmrctjd ae tbjZK wbaib uedjrtckjs c ocekaeh ousaejss watb pjrgassame nrmg tbj ZK rjhulctmr. Tbas wall

aeiludj cey ZK ocek mr oualdaeh smiajty, aeiludaeh ZK suosadacrajs mn wadjr ocekaeh hrmups

bjcdqucrtjrjd ae tbj ZK mr jlsjwbjrj. Tbj rjquarjgjets wall emt cpply darjitly tm nmrjahe

suosadacrajs mn ZK raeh-njeijd oceks, out lagatctames gcy oj agpmsjd me tbj citavatajs tbct

suosadacrajs mn c raeh-njeijd jetaty gcy uedjrtckj (sjj Vcrchrcpb ?.42). Tbj ZK orceibjs mn

ocekaeh hrmups nrmg mutsadj tbj ZK wall hjejrclly oj uecnnjitjd oy raeh-njeiaeh prmvasames,

cltbmuhb tbj Hmvjregjet wmuld jxpjit tbj prudjetacl supjrvasmr mn orceibjs mn ocekaeh

hrmups ocsjd mutsadj tbj Jurmpjce Jimemgai Crjc (JJC) tm havj icrjnul imesadjrctame tm

wbjtbjr at as cpprmpractj tm pjrgat saheanaicet cgmuets mn gcedctjd sjrvaijs tm oj uedjrtckje

ae c orceib rctbjr tbce tbrmuhb c ZK suosadacry. ZK orceibjs mn JJC oceks wmuld rjgcae

uecnnjitjd.

Vraeiaplj 30 Gcedctjd sjrvaijs

?.3> Tbj AIO‑s narst hmvjreaeh praeiaplj wcs tbct ijrtcae vatcl ocekaeh sjrvaijs ice mely oj

prmvadjd oy raeh-njeijd oceks. Tbj AIO rjimggjedjd tbct tbjsj ‒gcedctjd‑ sjrvaijs oj tbmsj

wbjrj0

• jvje c tjgpmrcry aetjrruptame tm tbj prmvasame mn sjrvaij rjsultaeh nrmg tbj ncalurj

mn c ocek bcs saheanaicet jimemgai imsts; ced

• iustmgjrs crj emt wjll jquappjd tm plce nmr suib ce aetjrruptame.



?4

?.38 Tbj AIO scad tbct gcedctjd sjrvaijs iurrjetly imgprasj tbj tckaeh mn djpmsats nrmg, ced

tbj prmvasame mn mvjrdrcnts tm, aedavaducls ced YGJs, jxiludaeh djpmsat-tckaeh nrmg vjry bahb ejt

wmrtb aedavaducls.

?.32 Tbj Hmvjregjet suppmrts tbj AIO‑s djnaeatame mn gcedctjd sjrvaijs, ced chrjjs tbct ct c

gaeagug, tbjsj sbmuld aeiludj tckaeh djpmsats nrmg, ced prmvadaeh mvjrdrcnts tm, aedavaducls

ced YGJs (suo`jit tm smgj jxjgptame nmr tbj prmvasame mn pravctj ocek aeh sjrvaijs tm bahb ejt

wmrtb aedavaducls).

?.31 Tbj kjy qujstames tbct nmllmw crj0

• wbjtbjr tbjrj as c icsj nmr nurtbjr sjrvaijs ’ ae pcrtaiulcr, tbj prmvasame mn irjdat tm

bmusjbmlds ced/mr YGJs ’ tm oj gcedctjd watbae tbj raeh-njeij;

• bmw ‒YGJs‑ sbmuld oj djnaejd nmr tbjsj purpmsjs; ced

• bmw pravctj ocekaeh sjrvaijs sbmuld oj trjctjd.

Tbj prmvasame mn irjdat

?.?6 Irjdat prmvasame as hjejrclly c sjrvaij wbjrj tjgpmrcry dasruptame gcy oj tmljrctjd.

Bmwjvjr, ae smgj iariugstceijs ’ nmr jxcgplj, c dasruptame ae tbj prmvasame mn irjdat tm YGJs

oy c ocek tbct bcs c lcrhj gcrkjt sbcrj ’ tbjrj gcy oj saheanaicet jimemgai imsts. Gmrj

hjejrclly, wjrj tbj prmvasame mn irjdat tm tbj ZK jimemgy tm oj prmvadjd lcrhjly oy raeh-njeijd

oceks, at wmuld crhucoly oj ojttjr aesulctjd nrmg sbmiks tm tbj wadjr naeceiacl systjg.

_jquaraeh rjtcal ced YGJ djpmsats tm oj watbae raeh-njeijd oceks, out cllmwaeh ‒gctibaeh‑

cssjts ’ a.j. ljedaeh (aeiludaeh gmrthchjs) tm aedavaducls ced YGJs ’ tm oj plcijd mutsadj tbj

raeh-njeij, gcy rjsult ae c raeh-njeijd ocek watb c gaxturj mn cssjts ced lacoalatajs,9 tbct gckjs

tbj ocek, mr pcrts mn at, ljss cttrcitavj tm pravctj ouyjrs ae c rjsmlutame.

?.?3 Me tbj mtbjr bced, tbj djstruitame mn aenmrgctame imeijreaeh c ocek‑s ilajets (c kjy imst

mn ocekaeh ncalurj) ejjd emt oj tbrjctjejd oy c tjgpmrcry aetjrruptame crasaeh nrmg ocek ncalurj,

sm lmeh cs tbj ocek ice oj wmued dmwe ae ce mrdjrly ncsbame ced ats rjljvcet nueitames

trcesnjrrjd. Tbj rjijet irasas bcs sbmwe tbct tbj imetrcitame mn irjdat ice miiur wbjtbjr oceks

ncal mr emt, ced sm pmlaiajs cagjd ct agprmvaeh tbj ncalurj rjhagj gcy mely djlavjr c gcrhaecl

ojejnat ae gcaetcaeaeh tbj supply mn irjdat. Tbj AIO clsm suhhjstjd tbct, ae prcitaij, c saheanaicet

prmpmrtame mn irjdat as lakjly tm nmllmw gcedctjd djpmsats, ced sm tbj rasks tm rjsmlvcoalaty

djsiraojd comvj gcy rjgcae tbjmrjtaicl.

?.?? Tbj Hmvjregjet dmjs emt ojlajvj tbct tbj icsj bcs y jt ojje gcdj nmr gcedctaeh nurtbjr

sjrvaijs, out wall uedjrtckj nurtbjr ceclysas me tbas assuj ced wall imesult ct c lctjr stchj.4

Djnaeatame mn YGJs

?.?9 Tbjrj crj c eugojr mn ibclljehjs ae djnaeaeh YGJs. Oceks vcry ae tbj iratjrac tbjy usj tm

djnaej ‒YGJs‑, ced stall gmrj djnaeatames crj sjt mut ae vcramus rjhulctames. Gmrjmvjr, dannjrjet

typjs mn YGJs wall bcvj dannjrjet ejjds. Ymgj vjry sgcll iustmgjrs wall bcvj smpbastaictjd

rjquarjgjets ced gulta-ocek rjlctamesbaps, wbalj smgj lcrhjr YGJs gcy bcvj gmrj lagatjd

rjquarjgjets ced ocek rjlctamesbaps. Tbj hrmwtb mn ousaejssjs wall clsm prjsjet c ibclljehj, cs

imgpceajs rjcib tbj pmaet ct wbaib tbjy bcvj c ibmaij mvjr wbjrj tbjy plcij tbjar djpmsats. Tbj

Hmvjregjet wall uedjrtckj nurtbjr ceclysas mn tbj djnaeatame mn YGJs.

9 Nmr jxcgplj, dmgjstai rjtcal djpmsats ae c raeh-njeijd ocek nuedaeh emt rjsadjetacl gmrthchjs, out lmces tm lcrhjJurmpjce imrpmrctjs.4 Zelakj djpmsat sjrvaijs, tbjrj as c hrjctjr rmlj nmr eme-oceks ae prmvadaeh irjdat. Ae ats trjctgjet mn irjdat prmvasamewatbae tbj raeh-njeij, tbj Hmvjregjet wmuld emt aetjed tm stmp tbjsj smurijs mn irjdat prmvasame tm tbj jxtjet tbcttbjy prmvadj cltjrectavj smurijs mn nuedaeh ced hrjctjr irjdat stcoalaty.



?:

Vravctj ocekaeh

?.?4 Tbj AIO rjimggjedjd tbct djpmsat-tckaeh ced mvjrdrcnt sjrvaijs tm bahb ejt wmrtb

aedavaducls oj jxjgptjd nrmg tbj gcedctmry rjquarjgjet tm sat watbae raeh-njeijd oceks,

crhuaeh tbct suib iustmgjrs sbmuld oj wjll jquappjd tm impj watb tjgpmrcry dasruptames tm

ocekaeh sjrvaijs. Tbj djnaeatame mn pravctj ocekaeh prjsjets sagalcr ibclljehjs tm tbmsj nmr YGJs.

Oceks usj vjry dannjrjet djnaeatames mn pravctj ocekaeh ilajets, ced tbjrj crj lakjly tm oj prcitaicl

ibclljehjs cs iustmgjrs gmvj cirmss tbj tbrjsbmld. Ae cddatame, cey jxjgptame rjhagj wmuldbcvj tm oj pmlaijd tm jesurj tbct at dmjs emt cllmw simpj nmr jvcdaeh tbj mo`jitavjs mn tbj raeh-

njeij. Tbj Hmvjregjet ojlajvjs tbct bahb ejt wmrtb aedavaducls sbmuld oj jxjgptjd nrmg tbj

gcedctmry rjquarjgjet tm sat watbae c raeh-njeijd ocek ced wall uedjrtckj wadjr ceclysas mn tbj

djnaeatame mn pravctj ocek aeh.

Vraeiaplj ?0 Vrmbaoatjd sjrvaijs

?.?: Tbj AIO‑s sjimed praeiaplj wcs tbct raeh-njeijd oceks prmvadaeh vatcl ocekaeh sjrvaijs

sbmuld emt oj cllmwjd tm prmvadj ijrtcae ‒prmbaoatjd‑ sjrvaijs, ojaeh sjrvaijs wbaib0

• gckj at saheanaicetly bcrdjr ced/mr gmrj imstly tm rjsmlvj tbj raeh-njeijd ocek;

• darjitly aeirjcsj tbj jxpmsurj mn tbj raeh-njeijd ocek tm hlmocl naeceiacl gcrkjts;

• aevmlvj tbj raeh-njeijd ocek ced crj emt aetjhrcl tm tbj prmvasame mn pcygjet

sjrvaijs tm iustmgjrs, mr tbj darjit aetjrgjdactame mn nueds ojtwjje scvjrs ced

omrrmwjrs; mr

• ae cey mtbjr wcy tbrjctje tbj mo`jitavjs mn tbj raeh-njeijd ocek.

?.?> Tbj AIO rjimggjedjd tbct prmbaoatjd sjrvaijs sbmuld aeiludj (out emt oj lagatjd tm) cey

sjrvaijs tm naeceiacl aestatutames mr tm eme-JJC iustmgjrs, sjrvaijs rjlctaeh tm sjimedcry gcrkjt

citavatajs, sjrvaijs tbct rjquarj nargs tm bmld rjhulctmry icpatcl chcaest gcrkjt rask ced djravctavjs

mr mtbjr imetrcits wbaib rjsult ae c rjquarjgjet tm bmld icpatcl chcaest imuetjrpcrty irjdat rask.?.?8 Tbj Hmvjregjet chrjjs tbct ijrtcae sjrvaijs gust oj prmbaoatjd ae mrdjr tm gjjt tbj

mo`jitavjs mn tbj raeh-njeij, pcrtaiulcrly sjrvaijs wbaib agpjdj rjsmlutame ced /mr aeirjcsj tbj

raeh-njeijd ocek‑s jxpmsurj tm vmlctalaty ae hlmocl naeceiacl gcrkjts. Tbj Hmvjregjet wall imesult

me tbj prjiasj ibcrcitjrastais mn tbmsj sjrvaijs.

?.?2 _jijet jxpjrajeij bcs sbmwe tbct tbj rjsmlutame mn smgj citavatajs, nmr aestceij c lcrhj

trcdaeh ommk, ice oj omtb imstly ced imgpljx.: Im-gaehlaeh tbjsj ced mtbjr citavatajs watb rjtcal

sjrvaijs gckjs rjsmlvaeh c ocek watbmut jxpmsaeh tbj tcxpcyjr tm lcrhj imsts dannaiult. Yuib

sjrvaijs sbmuld tbjrjnmrj oj prmbaoatjd.

?.?1 Tbj Hmvjregjet prmpmsjs tm uedjrtckj nurtbjr ceclysas me tbj nmllmwaeh0

• tbj ibcrcitjrastais mn naeceiacl aestatutames tbct gcy oj pjrgattjd cs imuetjrpcrtajs

mn raeh-njeijd oceks;

• tbj ibcrcitjrastais mn prmduits prmbaoatjd oy rjnjrjeij tm tbjar nueitame, j.h.

djravctavjs mr trcdaeh ommk cssjts (ae pcrtaiulcr wbjtbjr c djnaeatame ice oj

djvjlmpjd nmr sagplj djravctavjs ced aevjstgjet prmduits wbaib gcy oj pjrgassaolj

ciimrdaeh tm tbj praeiapljs mn tbj raeh-njeij ced wbaib prjvjets tbj aeilusame mn c

wadjr sjt mn aevjstgjet prmduits); ced

: _jimvjry ced _jsmlutame Vlces, Naeceiacl Yjrvaijs Cutbmraty, Emvjgojr ?633. Cvcalcolj ct0bttp0//www.nsc.hmv.uk/puos/ip/ip33]3>.pdn.



?>

• tbj cpprmcib tm irmss-omrdjr citavatajs ced ilajets, ced tbj trjctgjet mn ZK

Mvjrsjcs Tjrratmrajs ced Irmwe Djpjedjeiajs.

Naeceiacl aestatutames

?.96 Tbj Hmvjregjet ciijpts tbct jxpmsurj tm mtbjr naeceiacl aestatutames, ced ijrtcae citavatajs,

gust oj lagatjd ae mrdjr tm aesulctj jnnjitavjly raeh-njeijd oceks nrmg sbmiks crasaeh jlsjwbjrj

ae tbj naeceiacl systjg. Nurtbjr ceclysas as rjquarjd ae mrdjr tm ibcrcitjrasj tbj typjs mn

aestatutame ced citavaty tbct sbmuld oj prmbaoatjd. Nmr jxcgplj, ijrtcae typjs mn imuetjrpcrtymrdaecraly djnaejd cs ‒naeceiacl‑, suib cs aedjpjedjet naeceiacl cdvasmrs, crj uelakjly tm aeirjcsj c

ocek‑s jxpmsurj tm hlmocl naeceiacl gcrkjts mr sbmiks. Mtbjrs, suib cs bjdhj nueds, ormkjr-

djcljrs ced cssjt gcechjrs crj guib gmrj iljcrly suo`jit tm vmlctalaty watbae naeceiacl gcrkjts,

ced laekjd ae imgpljx wcys tm mtbjr pcrts mn tbj naeceiacl sjitmr. Vrmbaoatjd imuetjrpcrtajs crj

ae hjejrcl lakjly tm oj lcrhj, bcvj eugjrmus imeejitames tm mtbjr naeceiacl aestatutames, jxtjed

cirmss omrdjrs ced uedjrtckj c saheanaicet eugojr mn imgpljx trcdaeh citavatajs.> Ct tbj scgj

tagj, tbj prmvasame mn ijrtcae sjrvaijs, jvje tm suib jetatajs, suib cs icsb gcechjgjet, gcy

prmvadj lagatjd rask ced oj pjrgassaolj. Jxpmsurj tm tbj sbcdmw ocekaeh systjg sbmuld oj

rjstraitjd tbrmuhb tbas prmbaoatame.

?.93 Tbj Hmvjregjet chrjjs tbct tbas prmbaoatame sbmuld emt lagat tbj coalaty mn wbmljscljaevjstmrs tm bmld tbj djot aestrugjets mn raeh-njeijd oceks, cltbmuhb at wall oj ejijsscry tm

jesurj tbct tbj dastaeitame mpjrctjs jnnjitavjly ae prcitaij.

?.9? Tbj Hmvjregjet chrjjs tbct tbj prmvasame mn pcygjet sjrvaijs, jxpmsurjs ojtwjje raeh-

njeijd oceks ced aetjrocek djpmsats cs pcrt mn raeh-njeijd oceks‑ laquadaty gcechjgjet (sjj

ceiallcry citavatajs) sbmuld oj jxiludjd nrmg tbj hjejrcl prmbaoatame me sjrvaijs tm naeceiacl

aestatutames, suo`jit tm cpprmpractj scnjhucrds. Bmwjvjr, nurtbjr ceclysas as rjquarjd tm jesurj

tbct tbjsj jxjgptames crj emt mpje tm cousj, ced tm djtjrgaej wbjtbjr cey nurtbjr rjstraitames

crj rjquarjd; nmr jxcgplj wbjtbjr ce jxjgptame ice mr sbmuld oj jxtjedjd tm eme-JJC naeceiacl

aestatutames, ced tbj rasks crmued tbj prmvasame mn aetrc-dcy laquadaty.

Naeceiacl prmduit rjstraitames

?.99 Guib mn oceks‑ icpatcl gcrkjts ced hlmocl ocekaeh ousaejssjs sbmuld iljcrly oj prmbaoatjd

me tbj ocsas tbct tbjy wmuld agpjdj tbj rjsmlvcoalaty mn tbj raeh-njeijd ocek ced aeirjcsj

jxpmsurj tm hlmocl naeceiacl gcrkjts. Bmwjvjr, nurtbjr ceclysas ced imesultctame as rjquarjd tm

jesurj tbct tbas rjstraitame ejatbjr aeiludjs emr jxiludjs tmm guib, ced tbct at ice oj jcsaly

supjrvasjd. Tbj AIO lcad mut ce allustrctavj sjt mn sax ibcrcitjrastais nmr sjrvaijs tbct wmuld

uedjrgaej tbj mo`jitavjs mn tbj raeh-njeij, aeiludaeh0 cey sjrvaijs tbct wmuld rjsult ae c trcdaeh

ommk cssjt; cey sjrvaijs tbct wmuld rjsult ae c rjquarjgjet tm bmld rjhulctmry icpatcl chcaest

gcrkjt rask; tbj puribcsj mr mrahaectame mn djravctavjs mr mtbjr imetrcits tbct wmuld rjquarj

icpatcl tm oj bjld chcaest imuetjrpcrty irjdat rask; ced sjrvaijs rjlctjd tm sjimedcry gcrkjtscitavaty, aeiludaeh tbj puribcsj mn lmces mr sjiuratajs.

?.94 Djnaeaeh tbj ibcrcitjrastais mn prmbaoatjd sjrvaijs as c ibclljehaeh prmijss, ced ejjds

icrjnul ùdhjgjet. Nmr jxcgplj, prmvadaeh nargs watb ijrtcae nmrgs mn aesurceij chcaest aetjrjst

rctj mr jxibcehj rctj rask ice aevmlvj lattlj mr em gcrkjt rask ced imuld oj crhujd tm oj aetjhrcl

tm tbj nueitame mn raeh-njeijd ocekaeh sjrvaijs. Out jquclly tbjsj sjrvaijs aeirjcsj jxpmsurj tm

vmlctalj naeceiacl gcrkjts, gmvj raeh-njeijd oceks cwcy nrmg tbj ijetrcl nueitame mn

> Yjj Hlmocl systjgaiclly agpmrtcet oceks0 cssjssgjet gjtbmdmlmhy ced tbj cddatamecl lmss cosmrojeiy rjquarjgjet ,Ocsjl Imggattjj me Ocekaeh Yupjrvasame, Emvjgojr ?633. Cvcalcolj ct0 bttp0//www.oas.mrh/puol/oios?68.pdn.



?8

aetjrgjdactame ced tbj prmvasame mn pcygjets ced gcy irjctj mppmrtueatajs nmr oceks tm try tm

iariugvjet tbj mo`jitavjs mn tbj pmlaiy.8

?.9: Tbj Hmvjregjet suppmrts tbj praeiaplj tbct prmbaoatame sbmuld emt oj dravje smljly oy tbj

raskaejss mn tbj citavaty. Cs jxplcaejd comvj, raeh-njeijd oceks wall oj jxpmsjd tm rasks tbct crj

aetjhrcl tm naeceiacl aetjrgjdactame ’ emt mely irjdat rask, out clsm jxpmsurj tm ibcehjs ae aetjrjst

ced jxibcehj rctjs, ibcehjs ae cssjt vclujs ced ormcdjr gcirmjimemgai rasks tbct imgj nrmg

ljedaeh.

2

Out tbj raeh-njeij sbmuld oj djsahejd tm lagat tbj jxpmsurj mn vatcl nueitames mn ocekstm rasks tbct crj emt aetjhrcl tm prmvadaeh tbmsj nueitames.

?.9> Ae hjejrcl, tbj Hmvjregjet ojlajvjs tbct c prjicutamecry praeiaplj sbmuld oj cdmptjd ae

djtjrgaeaeh wbaib sjrvaijs crj prmbaoatjd. Tbct as, tbj prjsugptame sbmuld oj tbct sjrvaijs crj

prmbaoatjd uetal at ice oj sbmwe tbct tbjy dm emt `jmpcrdasj tbj mo`jitavjs mn tbj raeh-njeij ced

suppmrt tbj imrj nueitames mn tbj raeh-njeijd ocek.

?.98 Tbj Hmvjregjet rjimheasjs tbct smgj prmbaoatjd sjrvaijs imuld oj systjgaiclly agpmrtcet.

Jxcgpljs gcy aeiludj iljcraeh ced sjttljgjet sjrvaijs mn sjiuratajs, mr gcrkjt gckaeh. Tbj

jxcgplj mn tbj imllcpsj mn Ljbgce Ormtbjrs djgmestrctjd tbj cdvjrsj imesjqujeijs mn tbj

ncalurj mn ce aevjstgjet ocek. _aeh-njeiaeh sbmuld jebceij tbj rjsmlvcoalaty mn eme-raeh-njeijd

oceks oy gckaeh tbjg gmrj sjpcrcolj ced rjduiaeh tbjar laeks tm vatcl rjtcal sjrvaijs. Bmwjvjr,tbj Hmvjregjet rjimheasjs tbj pcrtaiulcr ibclljehjs aebjrjet ae gcechaeh tbj mrdjrly rjsmlutame

mn c systjgai aevjstgjet ocek, ced tbjrjnmrj bcs ojje pursuaeh wmrk dmgjstaiclly ced

aetjrectameclly me tbas. Tbas as dasiussjd ae Omx 3.C.

Hjmhrcpbai rjstraitames

?.92 Tbj Hmvjregjet chrjjs tbct rjstraitaeh tbj hjmhrcpbai simpj mn tbj raeh-njeijd ocek‑s

citavatajs wmuld jebceij rjsmlvcoalaty, ncialatctj ojttjr supjrvasame ced lagat rasks tm tbj raeh-

njeijd ocek. Irmss-omrdjr bmldaehs ced citavatajs ice gctjraclly aeirjcsj tbj imgpljxaty mn

rjsmlutame.1 Tbjrj gcy oj c eugojr mn wcys tm djnaej tbj hjmhrcpbai nmius mn pjrgattjd

sjrvaijs, aeiludaeh tbj rjsadjeij mn tbj ilajet, tbj lmictame mn cssjts ced lacoalatajs, ced tbj lcwsuedjr wbaib citavatajs crj wrattje. Cs dasiussjd ae Vcrchrcpb ?.3:, hjmhrcpbai rjstraitames,

bmwjvjr djnaejd, wmuld emt cpply tm tbj citavatajs mn raeh-njeijd oceks watbae tbj JJC. Tbj

Hmvjregjet wall uedjrtckj nurtbjr ceclysas me tbj ojst wcy tm cddrjss tbas assuj.

?.91 Ce allustrctame mn bmw cssjts ced lacoalatajs gcy oj splat ojtwjje tbj raeh-njeijd ced tbj

eme-raeh-njeijd ocek, ced imesjqujeijs nmr dannjrjet iustmgjrs, as sjt mut ae Omx ?.C ojlmw.

8 Cs raeh-njeijd oceks wmuld oj pjrgattjd tm prmvadj suib sjrvaijs cs chjets mn mtbjr oceks, tbj Hmvjregjet chrjjswatb tbj AIO tbct tbj agpcit me iustmgjrs mn prmbaoataeh smgj sjrvaijs wmuld oj gatahctjd.2 C raeh-njeijd ocek wmuld oj pjrgattjd, ced jxpjitjd, tm bjdhj tbjsj rasks ae ats trjcsury nueitame cs pcrt mn ats

ceiallcry citavatajs.1 Jnnjitavj rjsmlutame mn systjgaiclly agpmrtcet naeceiacl aestatutames, Naeceiacl Ytcoalaty Omcrd, @uly ?633. Cvcalcolj ct0bttp0//www.naeceiaclstcoalatyomcrd.mrh/puolaictames/r]336831.pdn.



?2

Omx ?.C0 _aeh-njeiaeh, ocek struiturjs ced ocek iustmgjrs

Tbj AIO‑s rjimggjedctames cllmw oceks c saheanaicet djhrjj mn nljxaoalaty ae plciaeh cssjts

ced lacoalatajs aesadj mr mutsadj tbj raeh-njeij. Iustmgjr prjnjrjeijs wall plcy c rmlj ae tbj

ultagctj lmictame mn gcey mn tbj sjrvaijs. Tbas omx nmllmws tbj AIO‑s djnaeatames mn prmbaoatjd

sjrvaijs imvjraeh prmduits, naeceiacl aestatutames ced hjmhrcpbai rjstraitames (j.h. prmbaoataeh

sjrvaijs mutsadj tbj JJC), ced as tbjrjnmrj allustrctavj. Tbj ultagctj lmictame mn citavatajs wall

djpjed me tbj naeclasctame mn tbj raeh-njeiaeh ruljs.

Me tbj lacoalatajs sadj mn ats oclceij sbjjt, c raeh-njeijd ocek wmuld bcvj JJC rjtcal ced YGJ

djpmsats (gcedctjd sjrvaijs). At imuld clsm bmld JJC imrpmrctj djpmsats, wbmljsclj nuedaeh

ced (ae imeejitame watb tbj prmvasame mn pcygjet sjrvaijs) djpmsats nrmg naeceiacl

aestatutames. Ats cssjts wmuld imesast mn ljedaeh ae tbj JJC, cs wjll cs icsb ced laquad cssjts. At

wmuld bcvj mely lagatjd cgmuets mn ljedaeh tm mtbjr oceks ced naeceiacl aestatutames nmr tbj

prmvasame mn pcygjets ced gcechjgjet mn ats oclceij sbjjt. At wmuld bmld smgj djravctavjs

ced mtbjr naeceiacl aestrugjets nmr gcechaeh ats oclceij sbjjt rasks. Tbj AIO suhhjstjd tbct

tbj gc`mraty mn ZK oceks‑ rjtcal ousaejssjs wmuld sat watbae tbj raeh-njeij. C stylasjd oclceij

sbjjt nmr tbj raeh-njeij jetaty as ojlmw.

Tbj eme-raeh-njeijd ocek wmuld oj nuedjd tbrmuhb wbmljsclj nuedaeh, ced imuld clsm

ciijpt eme-JJC djpmsats. Ats cssjts imuld aeiludj ljedaeh mutsadj tbj JJC, cs wjll cs ljedaeh

tm imrpmrctjs ced bmusjbmlds watbae tbj JJC. At imuld clsm uedjrtckj trcdaeh citavatajs omtb

cs praeiapcl ced me ojbcln mn iustmgjrs.

Ibcrt ?.C0 Allustrctavj oclceij sbjjts mn raeh-njeijd ced eme-raeh-njeijd oceks36

36 Emtj tbct tbas struiturj as emt aetjedjd tm garrmr tbj irjdatmr bajrcriby.

Jquaty/Icpatcl

Jquaty/Icpatcl Eme-JJC rjtcal cedimggjriacl cssjts



?1

Omx ?.C (imetaeujd)0 _aeh-njeiaeh, ocek struiturjs ced ocek iustmgjrs

Tbj AIO‑s raeh-njeiaeh rjimggjedctames wall agpcit ocek iustmgjrs ae dannjrjet wcys

djpjedaeh me tbj ecturj mn tbjar rjlctamesbap watb tbj ocek, tbj typjs mn sjrvaijs tbjy

rjquarj, tbjar lmictame ced ljhcl stctus. Tbjsj ncitmrs wall bjlp djiadj wbjtbjr c iustmgjr as

ae tbj raeh-njeijd mr eme-raeh-njeijd ocek. _aeh-njeiaeh sbmuld cllmw nmr iustmgjrs tm

imetaeuj tm djcl watb c saehlj pmaet mn imetcit nmr tbjar ocekaeh sjrvaijs.

• Aedavaducl0 _jtcal djpmsatmrs wall ciijss djpmsat ced mvjrdrcnt sjrvaijs nrmg watbae

tbj raeh-njeij. Tbjy wall oj colj tm ciijss lmces ced gmrthchjs nrmg jatbjr aesadj

tbj raeh-njeij mr nrmg mtbjr oceks mr eme-ocek prmvadjrs. Tbjy wall oj colj tm

ciijss c rcehj mn rjtcal aevjstgjet prmduits nrmg mutsadj tbj raeh-njeij, mr

omuhbt tbrmuhb tbj raeh-njeijd ocek me ce chjeiy ocsas nrmg eme-raeh-njeijd

prmvadjrs. Bahb ejt wmrtb aedavaducls gcy ibmmsj tm plcij tbjar djpmsats mutsadj

tbj raeh-njeij.

• Ousaejssjs0 YGJ djpmsats ced mvjrdrcnts wall bcvj tm oj aesadj tbj raeh-njeij.

YGJs ced lcrhjr JJC imrpmrctjs gcy omrrmw nrmg raeh-njeijd oceks, ced lcrhjr

JJC imrpmrctjs gcy plcij djpmsats watb tbjg, an tbjy ibmmsj tm prmvadj tbjsj

sjrvaijs. Ciijss tm gcrkjts ced djravctavjs prmduits gcy oj prmvadjd me ce

chjeiy ocsas oy raeh-njeijd oceks mr darjitly oy eme-raeh-njeijd oceks. Lcrhjr

imrpmrctjs gcy bcvj ciijss tm c null rcehj mn djpmsat, ljedaeh ced icpatcl gcrkjts

sjrvaijs darjitly nrmg eme-raeh-njeijd oceks. Vcygjet sjrvaijs gcy clsm oj

prmvadjd tm ousaejssjs nrmg omtb jetatajs.

• Aestatutamecl aevjstmrs / naeceiacl aestatutames0 Naeceiacl aestatutames wall rjijavj gmst

mn tbjar sjrvaijs nrmg eme-raeh-njeijd oceks. Aevjstmrs wall stall oj colj tm nued

raeh-njeijd oceks oy bmldaeh wbmljsclj djot. Naeceiacl aestatutames wall oj colj tm

ciijss pcygjet systjgs ced pmtjetaclly c lagatjd sjt mn mtbjr sjrvaijs me jatbjr

sadj mn tbj njeij.

Vraeiaplj 90 Ceiallcry citavatajs

?.46 Tbj AIO‑s tbard praeiaplj wcs tbct raeh-njeijd oceks ice imeduit ceiallcry citavatajs tbct crj

ejijsscry nmr tbj jnnaiajet prmvasame mn sjrvaijs. Nmr jxcgplj, c raeh-njeijd ocek gcy jetjr aetm

djravctavjs imetrcits tm gcechj tbj rask crasaeh nrmg ats prmvasame mn lmces tm ilajets.

?.43 Cs pcrt mn ats ceiallcry citavatajs, tbj AIO rjimggjedjd tbct ocikstmp lagats oj plcijd me

tbj prmpmrtame mn wbmljsclj nuedaeh pjrgattjd nmr c raeh-njeijd ocek.

?.4? Tbj Hmvjregjet chrjjs tbct raeh-njeijd ocek s sbmuld oj cllmwjd tm uedjrtckj ceiallcry

citavatajs nmr tbj purpmsjs mn rask gcechjgjet, laquadaty gcechjgjet ced nuedaeh mn eme-prmbaoatjd sjrvaijs. At wall imesult nurtbjr me lagataeh c raeh-njeijd ocek‑s wbmljsclj nuedaeh

ojymed jx astaeh rjhulctame.

?.49 Cllmwaeh oceks tm uedjrtckj citavatajs tbct suppmrt tbj jnnjitavj prmvasame mn gcedctjd

ced pjrgattjd sjrvaijs as imesastjet watb tbj mo`jitavjs mn tbj raeh-njeij. Bmwjvjr, icrj gust oj

tckje ae tbj djsahe ced agpljgjetctame tm cvmad ceiallcry citavatajs ojimgaeh c gjtbmd mn

jvcdaeh tbj raeh-njeij mo`jitavjs. C eugojr mn wmrkcolj gmdjls bcvj ojje prmpmsjd nmr tbj

ruljs hmvjreaeh ceiallcry citavatajs, aeiludaeh oualdaeh smiajtajs, aesurceij ced utalatajs rjhulctame.

Nurtbjr ceclysas as rjquarjd tm djtjrgaej c gmdjl tbct as gmst jnnjitavj nmr tbj pcrtaiulcr

ibcrcitjrastais mn raeh-njeijd oceks. Cs tbj Oualdaeh Ymiajtajs Cit imetcaes sagalcr prmvasames ced

oualdaeh smiajtajs wall imgj uedjr tbj simpj mn raeh-njeiaeh ljhaslctame, tbjrj gcy oj c icsj nmrgmdjreasaeh at cs pcrt mn tbj djvjlmpgjet mn raeh-njeiaeh.



96

?.44 Tbj Hmvjregjet chrjjs tbct at wmuld oj uedjsarcolj nmr raeh-njeijd oceks tm ojimgj

mvjr-rjlacet me wbmljsclj nuedaeh. Bmwjvjr, tbj Hmvjregjet wall uedjrtckj nurtbjr ceclysas, ae

imeùeitame watb tbj Naeceiacl Yjrvaijs Cutbmraty (NYC), tm djtjrgaej wbjtbjr suib ce mo`jitavj

as ojst cibajvjd tbrmuhb tbj agpmsatame mn c ocikstmp lagat cs suhhjstjd oy tbj AIO, mr wbjtbjr

at wmuld oj ojttjr tm cibajvj tbas tbrmuhb tbj agpljgjetctame mn jxastaeh laquadaty rjhulctames,

cgjedaeh tbjg wbjrj ejijsscry tm tckj ciimuet mn tbj spjianai ibcrcitjrastais mn raeh-njeijd

oceks.

Tbj ‒bjahbt‑ mn tbj raeh-njeij

?.4: Tbj Hmvjregjet strmehly suppmrts tbj AIO‑s imeilusame tbct c bahb djhrjj mn ljhcl,

mpjrctamecl ced jimemgai sjpcrctame as ejjdjd ojtwjje tbj raeh-njeijd ocek ced tbj rjst mn ats

hrmup, nmr tbj raeh-njeij tm oj jnnjitavj ced irjdaolj. Tbas sbmuld oj suppmrtjd tbrmuhb

rjhulctmry rjquarjgjets ced aedjpjedjet hmvjreceij. Ae pcrtaiulcr, jimemgai laeks watbae

ocekaeh hrmups gust oj icrjnully pmlaijd ae mrdjr tm jesurj sjpcrcoalaty ced tm lagat ibceejls nmr

imetchame. Bmwjvjr, raeh-njeiaeh sbmuld cllmw smgj rjsaducl imeejitame tm ats wadjr ocekaeh

hrmup, jspjiaclly sm tbct tbj rjst mn tbj hrmup ice suppmrt tbj raeh-njeijd ocek ae tagjs mn

strjss.

Vraeiaplj 40 Ljhcl ced mpjrctamecl laeks

?.4> Tbj AIO rjimggjedjd tbct raeh-njeijd oceks sbmuld oj ljhclly ced mpjrctameclly sjpcrcolj

ced tbj cutbmratajs sbmuld bcvj imenadjeij tbct tbjy ice asmlctj at nrmg tbj rjst mn tbj hrmup ae

c gcttjr mn dcys. Ae pcrtaiulcr tbj AIO scad tbct0

• raeh-njeijd oceks sbmuld oj sjpcrctj ljhcl jetatajs;

• cey naeceiacl mrhceasctame mwejd mr pcrtly mwejd oy c raeh-njeijd ocek sbmuld

imeduit mely citavatajs pjrgattjd watbae c raeh-njeijd ocek;

• tbj raeh-njeijd ocek ejjds tm bcvj imetaeumus ciijss tm cll mn tbj mpjrctames, stcnn,

dctc ced sjrvaijs rjquarjd tm imetaeuj ats citavatajs, arrjspjitavj mn tbj naeceiacl

bjcltb mn tbj rjst mn tbj hrmup; ced

• tbj raeh-njeijd ocek sbmuld jatbjr oj c darjit gjgojr mn cll tbj pcygjet systjgs

tbct at usjs mr sbmuld usj cemtbjr raeh-njeijd ocek cs ce chjet.

?.48 Tbj Hmvjregjet chrjjs tbct tbj raeh-njeijd ocek sbmuld oj ljhclly ced mpjrctameclly

sjpcrcolj nrmg tbj rjst mn tbj hrmup cs c gcttjr mn praeiaplj. At wall uedjrtckj nurtbjr wmrk tm

cssjss tbj mpjrctamecl sjpcrcoalaty ejijsscry tm havj nmrij tm raeh-njeij rjsmlvcoalaty ced tbj

cpprmpractj rjstraitames me mwejrsbap mn mtbjr naeceiacl jetatajs.

Ljhcl sjpcrctame?.42 Tbj Hmvjregjet chrjjs tbct c raeh-njeijd ocek sbmuld oj c sjpcrctj ljhcl jetaty. Tbj

Hmvjregjet clsm chrjjs tbct jquaty pcrtaiapctame ae mtbjr naeceiacl aestatutames ice irjctj rasks

nmr tbj raeh-njeijd ocek, agpjdaeh supjrvasame ced baedjraeh rjsmlvcoalaty ced sjpcrcoalaty.

Lagats me mwejrsbap mr pcrtaiapctame ae mtbjr naeceiacl aestatutames uedjrtckaeh prmbaoatjd

citavatajs gcy clsm tbjrjnmrj oj cpprmpractj. Nurtbjr ceclysas as rjquarjd me tbj prcitaicl

agplaictames, pcrtaiulcrly nmr gutucl smiajtajs, mn rjquaraeh c raeh-njeijd ocek tm mwe mely

naeceiacl aestatutames uedjrtckaeh citavatajs tbct wmuld crasj watbae tbj raeh-njeij.

Mpjrctamecl sjpcrctame

?.41 Tbj AIO dasiussjd c eugojr mn wcys tbct c raeh-njeijd ocek gahbt ibmmsj tm jesurjmpjrctamecl sjpcrcoalaty, sm tbct tbj raeh-njeijd ocek bcs ce ueaetjrruptjd supply mn jssjetacl

mpjrctamecl sjrvaijs jvje wbje mtbjr pcrts mn tbj hrmup ncij aesmlvjeiy. Out tbj AIO wcs emt



93

prjsiraptavj me bmw tbas gahbt oj cibajvjd. Mej wcy wmuld oj tbrmuhb tbj prmvasame mn suib

sjrvaijs oy c sjpcrctj, ocekruptiy-rjgmtj hrmup imgpcey (ce ‒mpjrctamecl suosadacry‑).

Cltjrectavjly, tbj raeh-njeijd ocek imuld mwe ce jetarj mpjrctamecl aenrcstruiturj sjpcrctj nrmg

tbj rjst mn tbj hrmup.

?.:6 Tbj Hmvjregjet chrjjs tbj raeh-njeijd ocek s ejjd tm oj colj tm djgmestrctj mpjrctamecl

sjpcrcoalaty.

?.:3 Tbj nmllmwaeh praeiapljs ejjd tm oj imesadjrjd oy nargs wbje djsaheaeh tbjar nuturjstruiturjs tm jesurj mpjrctamecl sjpcrcoalaty0

• aedjpjedjet icpatclasctame ced nuedaeh nmr cey mpjrctamecl suosadacrajs, tm jesurj

tbjy ice imetaeuj tm prmvadj jssjetacl sjrvaijs wbje mtbjr pcrts mn tbj hrmup ncal;

• jnnjitavj sjrvaij ljvjl chrjjgjets tm suppmrt tbj imetaeujd prmvasame mn jssjetacl

sjrvaijs ae tbj jvjet mn tbj ncalurj mn cey pcrt mn c ocekaeh hrmup;

• tbj prmvasame mn sjrvaijs oy mpjrctamecl suosadacrajs me ce crg‑s ljehtb ocsas, sm

tbct suib jetatajs crj jimemgaiclly vacolj sbmuld pcrt mn c ocekaeh hrmup ncal; ced

• mpjrctamecl cssjts usjd oy irataicl jimemgai nueitames ae suppmrt mn tbjar citavatajssbmuld, wbjrj pmssaolj, oj mwejd oy tbj mpjrctamecl jetaty prmvadaeh tbmsj

sjrvaijs.

?.:? Tbj Hmvjregjet ojlajvjs tbct tbj NYC sbmuld, cs pcrt mn ats wmrk me rjimvjry ced

rjsmlutame plces, jesurj tbct crrcehjgjets nmr tbj prmvasame mn mpjrctamecl aenrcstruiturj tbct c

ocek ibmmsjs tm put ae plcij nmr ats raeh-njeijd mpjrctames, aeiludaeh tbjar stcnn, tjibemlmhy

plctnmrgs ced gcechjgjet aenmrgctame, crj imesastjet watb tbjsj praeiapljs. Tbj Hmvjregjet

rjimheasjs tbct tbjsj praeiapljs gcy rjsult ae prudjetacl rjquarjgjets ojaeh plcijd me mntje

uerjhulctjd mpjrctamecl jetatajs watbae ocekaeh hrmups. Tbj cpprmpractj rjhulctmry rjhagj nmr

mpjrctamecl suosadacrajs mn ocekaeh hrmups, ced wbjtbjr tm irjctj ejw rjhulctjd citavaty crmued

tbj prmvasame mn jssjetacl sjrvaijs tm irataicl jimemgai nueitames ae tbj raeh-njeij ced eme-raeh-njeijd jetatajs, wall ejjd tm oj imesadjrjd.

?.:9 Ae cddatame, tbj Hmvjregjet chrjjs tbct at wmuld oj cpprmpractj nmr c raeh-njeijd ocek tm

oj c darjit gjgojr mn cll pcygjet systjgs at usjs mr tm usj cemtbjr raeh-njeijd ocek cs chjet.

Bmwjvjr, tbas rjquarjgjet sbmuld oj gmeatmrjd icrjnully nmr cey ceta-imgpjtatavj jnnjits, ced tm

jesurj tbct cll raeh-njeijd oceks imetaeuj tm bcvj mpje ced ncar ciijss tm pcygjet systjgs.

Vraeiaplj :0 Jimemgai laeks

?.:4 Tbj AIO rjimggjedjd tbct0

“ wbjrj c raeh-njeijd ocek as c pcrt mn c wadjr imrpmrctj hrmup, ats rjlctamesbaps watb jetatajs aetbct hrmup sbmuld oj imeduitjd me c tbard pcrty ocsas ced at sbmuld emt oj djpjedjet nmr ats

smlvjeiy mr laquadaty me tbj imetaeujd naeceiacl bjcltb mn tbj hrmup. Tbas sbmuld oj jesurjd

tbrmuhb omtb rjhulctames ced sunnaiajetly aedjpjedjet hmvjreceij.‗

?.:: Tbj AIO gckjs c eugojr mn spjianai rjimggjedctames ae suppmrt mn tbas praeiaplj,

aeiludaeh0

• cll trcescitames sbmuld oj trjctjd nmr rjhulctmry purpmsjs em gmrj ncvmurcoly tbce

tbmsj ojtwjje tbard pcrtajs;

• raeh-njeijd oceks sbmuld oj suo`jit tm rjhulctmry rjquarjgjets, aeiludaeh tbmsj

nmr icpatcl, lcrhj jxpmsurjs, laquadaty ced nuedaeh me c smlm ocsas;

• cssjts sbmuld oj smld tm ced nrmg tbj raeh-njeijd ocek ct gcrkjt vcluj;



9?

• davadjed pcygjets sbmuld oj gcdj imedatamecl me tbj omcrd sctasnyaeh atsjln tbct

tbj raeh-njeijd ocek bcs sunnaiajet naeceiacl rjsmurijs; ced

• tbj omcrd mn tbj raeh-njeijd ocek sbmuld bcvj c gc`mraty mn aedjpjedjet eme-

jxjiutavjs mn wbmg mej as tbj ibcar ced em gmrj tbce mej sats me tbj omcrd mn tbj

pcrjet mr cemtbjr pcrt mn tbj hrmup, ced sbmuld bcvj c duty tm gcaetcae tbj

aetjhraty mn tbj raeh-njeij ct cll tagjs.

?.:> Ae cddatame, tbj AIO adjetanajd c eugojr mn djtcals tm hmvjre crg‑s ljehtb trcescitamesojtwjje raeh-njeijd oceks ced tbj rjst mn tbjar imrpmrctj hrmups, aeiludaeh0 jxpmsurjs nrmg tbj

raeh-njeijd ocek tm tbj rjst mn tbj hrmup ced vaij vjrsc sbmuld oj suo`jit tm tbj scgj lcrhj

jxpmsurj lagats cs nmr tbard pcrtajs, ced tbct sjiurjd jxpmsurjs ojtwjje tbj raeh-njeijd ocek

ced tbj rjst mn tbj hrmup oj em gmrj tbce twaij tbmsj uesjiurjd tbard pcrty lagats; em nmrgs mn

uelagatjd hucrcetjj, mr `maet lacoalaty sbmuld crasj mutsadj mn tbj lcrhj jxpmsurj lagats; ced tbj

raeh-njeijd ocek sbmuld emt oj pcrty tm chrjjgjets imetcaeaeh irmss-djncult ilcusjs mr sagalcr

crrcehjgjets. Tbj Hmvjregjet ojlajvjs tbct tbj raeh-njeijd ocek sbmuld emt oj djpjedjet me

tbj naeceiacl bjcltb mn tbj rjst mn ats imrpmrctj hrmup nmr ats smlvjeiy mr laquadaty. Tbj

Hmvjregjet wall imesult nurtbjr me tbj rjhulctmry ced hmvjreceij rjquarjgjets ejijsscry tm

agpljgjet tbas.

?.:8 Tbj raeh-njeijd ocek gust oj jimemgaiclly aedjpjedjet mn tbj rjst mn ats imrpmrctj hrmup

ae mrdjr tm jesurj tbct tbj raeh-njeijd ced eme-raeh-njeijd oceks ice oj rjsmlvjd sjpcrctjly,

ced tm lagat tbj rasks tbct c ncalurj ae tbj rjst mn tbj imrpmrctj hrmup wall trcesgat tm tbj raeh-

njeijd ocek. Xatb rjspjit tm tbj djtcal mn tbj AIO‑s rjimggjedctames, tbj Hmvjregjet wall

uedjrtckj nurtbjr ceclysas mn, ced imesult me, tbj nmllmwaeh assujs0

• tbj jxtjet tm wbaib jxastaeh rjhulctame ojtwjje tbard pcrtajs ejjds tm oj

suppljgjetjd watb cddatamecl ruljs tm jesurj tbj jimemgai aedjpjedjeij mn tbj

raeh-njeijd ocek;

• lagats me aetrchrmup jxpmsurjs; ced

• hmvjreceij mn tbj raeh-njeijd ocek.

_jlctamesbaps me c tbard pcrty ocsas

?.:2 Tbjrj crj ijrtcae typjs mn imetrcitucl crrcehjgjet ’ suib cs irmss-djncult ilcusjs ced

aetrchrmup hucrcetjjs ’ tbct mntje oaed tmhjtbjr imgpceajs ae tbj scgj hrmup, crj lakjly tm

prjsjet saheanaicet mostciljs tm rcpad sjpcrctame ced rjsmlutame ced irjctj c gjces nmr

trcesgassame mn naeceiacl imetchame. Gcey mn tbjsj crj lakjly tm rjquarj cddatamecl ruljs ced

lagats, cs tbjy dm emt typaiclly crasj ae rjlctamesbaps ojtwjje tbard pcrtajs. Ae pcrtaiulcr, rmoust

ruljs wall oj rjquarjd tm jesurj tbct aetrchrmup cssjt trcesnjrs ced sjiurjd ljedaeh crj

imeduitjd me ce crg‑s ljehtb ocsas. Tbj rjimggjedctames nmr spjianai ruljs sjt mut oy tbj AIOprmvadj c ocsas nmr jstcolasbaeh suib c sjt mn ruljs ced tbj Hmvjregjet wall djvjlmp tbas ceclysas

nurtbjr.

Lagats me aetrchrmup jxpmsurjs

?.:1 Tbj Hmvjregjet chrjjs tbct, ae mrdjr tm gcaetcae tbj jimemgai aedjpjedjeij mn tbj raeh-

njeijd ocek , at sbmuld gjjt ct c gaeagug icpatcl ced laquadaty rjquarjgjets me c smlm ocsas,

ced tbct tbj lcrhj jxpmsurjs rjhagj nmr tbard pcrtajs sbmuld oj cpplajd tm tbj raeh-njeijd ocek

ae ats rjlctames tm tbj rjst mn ats imrpmrctj hrmup. Ae cddatame tm tbj wbmljsclj nuedaeh lagat

dasiussjd comvj, spjianai rjstraitames me tbj cgmuet mn nuedaeh tbj raeh-njeijd ocek rjijavjs

nrmg tbj rjst mn ats hrmup gcy clsm oj cpprmpractj, tm tbj jx tjet tbct ruljs me wbmljsclj nuedaeh

crj emt sunnaiajet.



99

?.>6 Xatb rjspjit tm jxpmsurjs nrmg tbj rjst mn tbj hrmup tm tbj raeh-njeijd ocek, tbj

Hmvjregjet rjimheasjs tbct smgj mn tbj ojejnats mn raeh-njeiaeh mvjr null sjpcrctame crj tbct at

cllmws nmr smgj sbcraeh mn citavatajs tm irjctj c sjcgljss sjrvaij nmr iustmgjrs prmvadjd tbct tbj

raeh-njeijd ocek as emt put ct rask ced cllmws nmr tbj pmssaoalaty mn tbj rjst mn tbj hrmup

suppmrtaeh tbj raeh-njeijd ocek ae tagjs mn strjss. Tbas gjces tbct tbjrj wall oj smgj

csyggjtry ae tbj rjlctamesbap ojtwjje tbj raeh-njeijd ocek ced tbj rjst mn ats hrmup. Nmr

jxcgplj, tm cllmw nmr c saehlj imrpmrctj hrmup cpprmcib tbj AIO jevaschjd tbct c eme-raeh-

njeijd ocek imuld mwe c raeh-njeijd ocek, out emt tbj mtbjr wcy rmued. Nurtbjr, tbjrj sbmuldoj vjry njw rjstraitames me tbj coalaty mn tbj imrpmrctj hrmup tm dmwestrjcg icpatcl tm tbj raeh-

njeijd ocek, sm cs tm suppmrt at ae tagjs mn dannaiulty, out tbjrj sbmuld oj scnjhucrds crmued tbj

coalaty mn tbj raeh-njeijd ocek tm upstrjcg icpatcl tm jesurj tbct at wmuld emt put ats mwe

icpatcl pmsatame ct rask.33

?.>3 Ct tbj scgj tagj, an jxpmsurjs nrmg tbj rjst mn tbj hrmup tm tbj raeh-njeijd ocek wjrj ljnt

ueimestrcaejd, tbas imuld uedjrgaej tbj cutbmratajs‑ coalaty tm sjpcrctj mej jetaty nrmg tbj

mtbjr, saheanaicetly agpjdaeh rjsmlvcoalaty me omtb sadjs mn tbj njeij. Ced at imuld clsm rjsult ae

tbj pjrijptame ae tbj gcrkjt tbct tbj narg imetaeujd tm mpjrctj cs c saehlj jetaty, uedjrgaeaeh

tbj mo`jitavj mn iurtcalaeh agplaiat hmvjregjet hucrcetjjs. Tbj Hmvjregjet tbjrjnmrj ojlajvjs

tbct agpmsaeh jquavcljet lagats me jx pmsurjs nrmg tbj rjst mn tbj imrpmrctj hrmup tm tbj raeh-njeijd ocek gcy oj cpprmpractj, out wall uedjrtckj nurtbjr ceclysas tm jesurj tbct tbj lagats

prmpmsjd oy tbj AIO crj mptagcl.

?.>? Tbj Hmvjregjet rjimheasjs tbj rask tbct, watbmut nurtbjr rjhulctame, sjiurjd ljedaeh imuld

nmrg c gjces oy wbaib naeceiacl imetchame ojtwjje tbj raeh-njeijd ocek ced tbj rjst mn tbj

hrmup crasj. Xbalj sjiurjd nuedaeh ice oj rjlctavjly scnj, tbj rjijet irasas clsm djgmestrctjd

tbct dannaiultajs ae sjiurjd nuedaeh gcrkjts ice clsm crasj ced prmvadj c gjces nmr imetchame tm

sprjcd. Bahb ljvjls mn sjiurjd nuedaeh gcy clsm uedjrgaej tbj sjpcrcoalaty mn tbj jetatajs ced

tbjar vacoalaty cs stcedclmej aestatutames ae tagjs mn strjss. Cddatamecl rjstraitames me sjiurjd

nuedaeh gcy tbjrjnmrj oj cpprmpractj. Tbj Hmvjregjet wall tbjrjnmrj uedjrtckj nurtbjr ceclysas

me tbj icsj nmr c sjiurjd nuedaeh lagat, aeiludaeh bmw cey suib lagat sbmuld oj iclaorctjd, tbjdjnaeatame mn cpprmpractj imllctjrcl ced cpprmpractj bcariuts.

?.>9 Tbj aetjrcitame ojtwjje tbj AIO‑s raeh-njeiaeh prmpmscls ced cgjedgjets tm tbj Icpatcl

_jquarjgjets Darjitavj, ced tbj aetrmduitame mn c Icpatcl _jquarjgjets _jhulctame, as dasiussjd

ae Ibcptjr >.

Hmvjreceij

?.>4 Tbj hmvjreceij mn tbj raeh-njeijd ocek wall oj ijetrcl tm jesuraeh ats jimemgai

aedjpjedjeij. Ct tbj scgj tagj, wbjrj tbj raeh-njeijd ocek imetcaes gmst mn c ocekaeh

hrmup‑s ousaejss, tbj djlavjry mn tbj hrmup‑s strctjhy me c dcy-tm-dcy ocsas gcy oj imgplaictjd

oy sjpcrctj omcrd crrcehjgjets. Tbj AIO rjimheasjd tbas tjesame ced suhhjstjd tbct nljxaoalatygcy oj cpprmpractj ae suib iariugstceijs. Cey suib nljxaoalaty gust emt uedjrgaej tbj

agpmrtcet rmlj tbct hmvjreceij wall plcy ae tbj suiijss mn tbj pmlaiy. Tbj Hmvjregjet wall

imesult me tbj ojst cpprmcib tm cibajvaeh tbj cpprmpractj oclceij, aeiludaeh tbrmuhb tbj

imgpmsatame, dutajs ced mo`jitavjs mn tbj raeh-njeijd ocek‑s omcrd.

?.>: Dasilmsurj wall clsm prmvadj ce agpmrtcet gjces mn gcaetcaeaeh c iljcr ced irjdaolj

sjpcrctame ojtwjje raeh-njeijd oceks ced tbj rjst mn tbjar hrmup. Tbj Hmvjregjet wall

uedjrtckj nurtbjr ceclysas ced imesultctame me tbj gmst cpprmpractj nmrgs mn dasilmsurj ced

33 _aeh-njeiaeh clsm cllmws nmr smgj lagatjd suppmrt nrmg tbj raeh-njeijd ocek tm tbj rjst mn tbj hrmup, out melyprmvadjd tbas dmjs emt `jmpcrdasj ats mwe naeceiacl bjcltb, ced suo`jit tm omcrd ced rjhulctmry cpprmvcl.



94

wbjtbjr, ced bmw, dasilmsurj rjquarjgjets muhbt tm vcry djpjedaeh me tbj ecturj mn tbj raeh-

njeijd aestatutame.

Tcx ced pjesames

?.>> Tbjrj crj mtbjr iariugstceijs ae wbaib tbj raeh-njeijd ocek gcy oj lacolj nmr molahctames

mn tbj ormcdjr hrmup. Twm pcrtaiulcrly saheanaicet jxcgpljs crj lacoalatajs nmr ^CT ced nmr djnaiats

mn hrmup pjesame nueds. Yuib lacoalatajs imuld jedcehjr tbj jimemgai aedjpjedjeij mn tbj raeh-

njeijd ocek, nmr jxcgplj, wjrj c wbmljsclj ocek tm imllcpsj ced ljcvj tbj raeh-njeijd ocekwatb c lcrhj lacoalaty nmr tbj pjesame djnaiat mn tbj wbmlj hrmup. Tbj AIO rjimggjedjd rjgmvaeh

tbjsj aevmluetcry molahctames mr mtbjrwasj gatahctaeh tbjar agpcit.

?.>8 _jgmvaeh `maet ced sjvjrcl lacoalaty gcy ljcd tm ejw imsts nmr oceks, mr rjsult ae jxastaeh

lacoalatajs ojaeh ormuhbt nmrwcrd. Nmr jxcgplj, wbjrj oceks‑ pjesame nueds crj ae djnaiat,

pjesame trustjjs gcy rjquarj tbas tm oj cddrjssjd gmrj quaikly an rjimursj tm tbj raeh-njeijd

ocek as rjduijd. Aesmncr cs tbjsj imsts rjprjsjet c ocek irjdatmr rjcpprcasaeh rask ae rjspmesj tm

tbj iurtcalgjet mn tbj agplaiat hmvjregjet hucrcetjj, tbjy crj ce aejvatcolj imesjqujeij mn tbj

AIO‑s mo`jitavjs. Bmwjvjr, dannjrjet wcys mn cddrjssaeh suib lacoalatajs wall bcvj dannjrjet imsts.

Tm tbj jx tjet tbct suib molahctames ice oj gjt watbmut uedjrgaeaeh tbj mo`jitavjs mn tbj raeh-

njeij, tbj Hmvjregjet wall sjjk tm gatahctj tbjar agpcit.

Dj gaeagas jxjgptames

?.>2 Tbj Hmvjregjet ojlajvjs tbct tbj icsj nmr d j gaeagas jxjgptames nrmg raeh-njeiaeh, ae

pcrtaiulcr nmr vjry sgcll nargs, sbmuld oj rjvajwjd.

?.>1 C eugojr mn dj gaeagas jxjgptames tm tbj raeh-njeiaeh ruljs gcy oj imesadjrjd0

• oceks ojlmw c ijrtcae sazj imuld oj jxiludjd nrmg tbj raeh-njeiaeh ruljs;

• jetatajs (wbaib gcy mr gcy emt oj systjgai) tbct uedjrtckj c sgcll cgmuet mn

jatbjr gcedctjd mr prmbaoatjd sjrvaijs imuld oj jxiludjd; mr• aedavaducl trcescitames uedjr c ijrtcae tbrjsbmld imuld oj jxiludjd.

?.86 Xatb rjspjit tm tbj narst typj mn jxjgptame, at as crhucolj tbct oceks tbct crj sgcll jemuhb

tm oj cllmwjd tm ncal watbmut hmvjregjet suppmrt crj oy djnaeatame rjsmlvcolj, dm emt ojejnat

nrmg agplaiat hucrcetjjs, ced sm agpmsaeh tbj raeh-njeij ruljs as dasprmpmrtamectj, ced gcy

irjctj ocrrajrs tm jetry. Me tbj mtbjr bced, suib ce jxjgptame gcy prmvj dannaiult tm sjt ae c

praeiapljd ncsbame, oj bcrd tm pmlaij ced irjctj ilann-jdhj jnnjits cs oceks cpprmcibjd at. Ced

cllmwaeh smgj aestatutames tm djpcrt nrmg tbj raeh-njeiaeh ruljs gcy prjsjet ce uencar

imgpjtatavj cdvcetchj. Out tbjrj gcy oj c icsj nmr imesadjraeh tbas typj mn jxjgptame, pmssaoly

suo`jit tm cey jxjgpt aestatutame bcvaeh c bahb djhrjj mn rjsmlvcoalaty ced/mr gjjtaeh bahbjr

prudjetacl stcedcrds. Tbj Hmvjregjet wall uedjrtckj nurtbjr imesadjrctame mn tbas assuj.

?.83 Me tbj sjimed typj mn jxjgptame, at imuld oj crhujd tbct tbj prmvasame mn c sgcll cgmuet

mn prmbaoatjd sjrvaijs oy c raeh-njeijd ocek wmuld emt saheanaicetly uedjrgaej ats rjsmlvcoalaty,

emr irjctj c rask mn naeceiacl imetchame tm vatcl ocekaeh sjrvaijs. Bmwjvjr, ae cddatame tm tbj rasks

gjetamejd comvj, meij tbj prjijdjet bcd ojje sjt, tbjrj wmuld oj c rask tbct tbj tbrjsbmld nmr

jxjgptames wmuld oj wjckjejd mvjr tagj. Tbas wmuld ultagctjly uedjrgaej tbj mo`jitavjs mn

tbj raeh-njeij. Tbj Hmvjregjet dmjs emt iurrjetly ojlajvj tbct tbjrj as c strmeh icsj nmr suib ce

jxjgptame, out wall uedjrtckj nurtbjr ceclysas me tbas assuj.

?.8? Tbj icsj nmr dj gaeagas jxjgptames nmr sgcll aedavaducl trcescitames as emt iljcr. C ocek

uedjrtckaeh c lcrhj eugojr mn sgcll trcescitames tbct imestatutj prmbaoatjd sjrvaijs as lakjly tmrjprjsjet c saheanaicet rjsmlutame ibclljehj, rjprjsjet c gjceaehnul ibceejl nmr imetchame, ced

mnnjr mppmrtueatajs nmr croatrchj. At wmuld tbjrjnmrj cppjcr uelakjly tbct suib ce jxjgptame



9:

wmuld gjjt tbj praeiapljs mn tbj raeh-njeij. Tbj Hmvjregjet dmjs emt iurrjetly ojlajvj tbct

tbjrj as c strmeh icsj nmr suib ce jxjgptame, out wall uedjrtckj nurtbjr ceclysas me tbas assuj.

Omx ?.O0 Ymgj mutstcedaeh pmlaiy qujstames

Tbj Hmvjregjet wall uedjrtckj c nmrgcl imesultctame ae Ypraeh ?63?. Bmwjvjr, tbjrj crj c

eugojr mn assujs sjt mut ae tbas ibcptjr me wbaib jcrlajr vajws wmuld oj wjlimgj, ae

pcrtaiulcr0

• aeiludaeh nurtbjr sjrvaijs, j.h. irjdat prmvasame tm bmusjbmlds ced/mr YGJs watbae

tbj djnaeatame mn gcedctjd sjrvaijs;

• tbj ibcrcitjrastais mn naeceiacl aestatutames tbct gcy oj pjrgattjd cs

imuetjrpcrtajs tm raeh-njeijd oceks;

• tbj ibcrcitjrastais mn prmduits tm oj prmbaoatjd oy rjnjrjeij tm tbjar nueitame, j.h.

djravctavjs mr trcdaeh ommk cssjts;

• tbj cpprmcib tm JJC citavatajs ced ilajets, ced tbj trjctgjet mn ZK Mvjrsjcs

Tjrratmrajs ced Irmwe djpjedjeiajs;

• tbj pmssaoalaty mn dj gaeagas jxjgptames nrmg tbj raeh-njeiaeh ruljs;

• tbj ojst cpprmcib tm updctaeh tbj Oualdaeh Ymiajtajs Cit tm rjnljit tbj

aetrmduitame mn raeh-njeiaeh;

• tbj cpplaictame mn wbmljsclj nuedaeh lagats tm raeh-njeijd oceks;

• tbj prmvasame mn pcygjet sjrvaijs aesadj ced mutsadj raeh-njeijd oceks;

• cgjedgjets tm jxastaeh ruljs hmvjreaeh tbard pcrty jxpmsurjs tm gjjt tbj

mo`jitavjs mn raeh-njeiaeh, aeiludaeh sjiurjd jxpmsurj lagats, ciijptcolj imllctjrcl,

sjiuratasctame ced cssjt scljs; ced

• tbj imgpmsatame ced dutajs mn tbj omcrd mn tbj raeh-njeijd ocek.



98

9 Lmss-cosmrojeiy

Tbj AIO‑s lmss-cosmrojeiy rjimggjedctames

9.3 Tbj kjy naeceiacl stcoalaty mo`jitavjs sjt mut oy tbj AIO wjrj tm gckj oceks ojttjr colj tm

cosmro lmssjs; tm gckj at jcsajr ced ljss imstly tm smrt mut oceks tbct stall hjt aetm trmuolj; ced tm

iuro aeijetavjs nmr jxijssavj rask-tckaeh. Cs pcrt mn ats pcikchj mn rjnmrgs tm cdvceij tbjsj

mo`jitavjs, tbj AIO gcdj rjimggjedctames me0

• jquaty rjquarjgjets ’ bahbjr jquaty3 rjquarjgjets nmr raeh-njeijd oceks;

• ljvjrchj rctam ’ gaeagug ljvjrchj rctam nmr cll oceks, bahbjr nmr raeh-njeijd oceks;

• ocal-ae ’ tbjrj ejjds tm oj c gjibceasg nmr jxpmsaeh irjdatmrs tm lmssjs ae

rjsmlutame;

• djpmsatmr prjnjrjeij ’ aesurjd djpmsatmrs prjnjrrjd tm mtbjr uesjiurjd irjdatmrs;

• pragcry lmss-cosmroaeh icpciaty (VLCI) ’ gaeagug ljvjl mn icpatcl plus ocal-ae djot;

ced

• rjsmlutame ounnjr ’ oceks tbct crj emt rjcdaly rjsmlvcolj sbmuld bcvj gmrj VLCI.

9.? Tbj AIO‑s rjimggjedctames ouald me tbj icpatcl stcedcrds chrjjd uedjr Ocsjl AAA. Ce

allustrctavj jxcgplj mn bmw tbas gahbt wmrk as sbmwe ae Ibcrt 9.C.

9.9 Tbas ibcptjr imesadjrs jcib mn tbj rjimggjedctames ae ture, sjttaeh mut c orajn suggcry mn

tbj aetjrectamecl rjhulctmry pmsatame, tbj AIO‑s rjimggjedctames ced tbj Hmvjregjet‑s

rjspmesj. Tbjrj crj c eugojr mn qujstames ct tbj jed mn tbj ibcptjr tm wbaib rjspmesjs crj

aevatjd.

3 _jnjrjeijs tm ‒jquaty‑ ae tbas rjspmesj dmiugjet crj tm imggme jquaty, jxijpt wbjrj tbj imetjxt rjquarjsmtbjrwasj.



92

Ibcrt 9.C0 Tbj AIO‑s lmss-cosmrojeiy rjimggjedctames

Tbas ibcrt allustrctjs tbj pmssaolj agpcit mn tbj AIO‑s lmss-cosmrojeiy rjimggjedctames ’

djsiraojd ae gmrj djtcal ae tbj rjst mn tbas ibcptjr ’ me tbj lacoalaty struiturj mn c ueavjrscl

ocek. Tbj ‒Vrj-AIO ueavjrscl ocek‑ imluge allustrctjs tbj Ocsjl AAA plus H-YAO suribcrhj (sjj

Vcrchrcpbs 9.4 ced 9.:) icpatcl rjquarjgjets mely, me tbj cssugptame c ?.:% H-YAO suribcrhj

cpplajs. Tbj ‒AIO raeh-njeijd ocek‑ ced ‒AIO eme-raeh-njeijd ocek‑ imluges sbmw bmw tbj

AIO‑s lmss-cosmrojeiy rjquarjgjets gahbt cpply tm tbct ocek uedjr raeh-njeiaeh, cssugaeh emrjsmlutame ounnjr (sjj Vcrchrcpbs 9.>: mewcrds) as cpplajd tm tbj raeh-njeijd ocek ced c

rjsmlutame ounnjr mn 9% mn pragcry ocal-ae djot (sjj Vcrchrcpb 9.?: mewcrds) as cpplajd tm tbj

eme-raeh-njeijd ocek. Cll rjquarjgjets crj sbmwe cs c pjrijetchj mn rask-wjahbtjd cssjts

(_XCs).

4.:% 4.:% 4.:%

:.6% :.:% :.6%

9.:% 9.:% 9.:%

9.:%8.6%

Vrj-AIO ueavjrsclocek

AIO raeh-njeijdocek

AIO eme-raeh-njeijd ocek

Yjeamr uesjiurjdlacoalatajs (prj-AIO)

Vrjnjrrjd djpmsats (AIO)

Mtbjr uesjiurjdlacoalatajs (AIO)

Vragcry ocal-ae lmeh-tjrg uesjiurjd djot(AIO)

Eme-jquaty icpatcl

Jquaty ounnjr

Ocsjl AAA bcrd jquatygaeagug

Jquaty rjquarjgjets

9.4 Yaheanaicet prmhrjss bcs clrjcdy ojje gcdj aetjrectameclly ae aeirjcsaeh oceks‑ gaeagug

jquaty rjquarjgjets. Zedjr Ocsjl AAA, oceks crj rjquarjd tm bcvj c ‒bcrd‑ gaeagug rctam mn jquaty

tm _XCs mn 4.:%, up nrmg c gaeagug mn ?% uedjr Ocsjl AA, ced gaeagug tmtcl icpatcl mn 2% mn

_XCs.? Me tmp mn tbj bcrd jquaty gaeagug, tbjrj as c ‒icpatcl imesjrvctame ounnjr‑ mn c nurtbjr

?.:%, havaeh c ocsjlaej jquaty-tm-_XCs rctam mn 8%. Ocsjl AAA clsm prmvadjs nmr c ‒imuetjr-iyilaicl

icpatcl ounnjr‑ mn up tm c nurtbjr ?.:%9 ’ tbas imuld oj cpplajd oy rjhulctmrs wbje tbj jimemgy

as ommgaeh, watb tbj cag mn slmwaeh tbj hrmwtb mn irjdat, ced omlstjraeh oceks‑ icpatcl

pmsatames tm cosmro lmssjs duraeh ocd tagjs. Tbj Ocsjl AAA icpatcl rjquarjgjets wall oj

agpljgjetjd ae tbj JZ tbrmuhb cgjedgjets tm tbj Icpatcl _jquarjgjets Darjitavj ced tbj

aetrmduitame mn c Icpatcl _jquarjgjets _jhulctame (tmhjtbjr, I__ A/I_D A^).

9.: Ae cddatame, oceks adjetanajd cs hlmocl systjgaiclly agpmrtcet oceks (H-YAOs) wall oj rjquarjd

tm bcvj c ‒H-YAO suribcrhj‑ ae tbj rcehj mn 3%-?.:% mn jquaty tm _XCs (sjj Omx 9.C). Nmur ZK

? Bjeij 9.:% mn eme-jquaty icpatcl sbmwe ae Ibcrt 9.C.9 Tbj imuetjr-iyilaicl icpatcl ounnjr ice oj sjt comvj ?.:% watbae ectamecl ùrasdaitames.



91

oceks ’ Ocrilcys, BYOI, Llmyds ced _OY ’ bcvj ojje adjetanajd cs H-YAOs4 (cltbmuhb tbj sazj mn

tbj H-YAO suribcrhj tbct wall cpply tm jcib bcs emt yjt ojje djtjrgaejd).

9.> Tbj AIO rjimggjedjd tbct0

• raeh-njeijd oceks sbmuld oj rjquarjd tm gjjt icpatcl ced laquadaty rjhulctames ’

aeiludaeh gaeagug jquaty rjquarjgjets ’ me c smlm ocsas;

• raeh-njeijd oceks watb c rctam mn _XCs tm ZK HDV mn 9% mr gmrj sbmuld ojrjquarjd tm bcvj ce jquaty ‒raeh-njeij ounnjr‑ mn ct ljcst 9% mn _XCs comvj tbj

Ocsjl AAA ocsjlaej mn 8% mn _XCs;:

• raeh-njeijd oceks watb c rctam mn _XCs tm ZK HDV ae ojtwjje 3% ced 9% sbmuld

oj rjquarjd tm bcvj c raeh-njeij ounnjr sjt oy c laejcr siclj nrmg zjrm tm 9% mn

jquaty tm _XCs; ced

• ae mrdjr tm cllmw mpjrctames mn ZK ocekaeh hrmups tbct crj imeduitjd mutsadj tbj

raeh-njeij tm imgpjtj ae hlmocl naeceiacl gcrkjts, tbjy sbmuld emt oj rjquarjd oy

rjhulctame tm bcvj gmrj jquaty tbce tbct chrjjd ct aetjrectamecl ljvjl, suo`jit tm

tbmsj mpjrctames bcvaeh irjdaolj rjsmlutame plces, aeiludaeh lmss cosmroaeh djot.

9.8 Tbj AIO crhujd tbct oceks sbmuld bcvj gmrj lmss-cosmroaeh icpciaty tm rjduij tbjar

prmocoalaty mn ncalurj, ced tm gckj oceks tbct dm stall ncal jcsajr ced ljss imstly tm rjsmlvj. Tbj AIO

rjhcrdjd jquaty cs oy ncr tbj ojst nmrg mn lmss-cosmroaeh icpciaty, ced jxprjssjd smgj suppmrt

nmr guib bahbjr jquaty rjquarjgjets.

9.2 Out tbj AIO cikemwljdhjd c eugojr mn drcwociks tm agpmsaeh vjry bahb rjquarjgjets,

aeiludaeh tbj rask mn rjhulctmry croatrchj (citavatajs wmuld sbant nrmg rjhulctjd ZK oceks tm

orceibjs mn nmrjahe oceks, mr tm tbj sbcdmw ocekaeh sjitmr), ced tbj rask tbct oceks wmuld

rjspmed oy rcpadly dj-ljvjrchaeh, ljcdaeh tm c imetrcitame ae tbj supply mn irjdat.

9.1 Nmllmwaeh tbj AIO‑s rjcsmeaeh, ced suppmrtjd oy tbj imst/ojejnat ceclysas sjt mut ae Ibcptjr

:, tbj Hmvjregjet suppmrts tbj AIO‑s rjimggjedctame tbct lcrhj raeh-njeijd oceks sbmuld oj

rjquarjd tm bcvj ce cddatamecl jquaty ‒raeh-njeij ounnjr‑, ced tbct iclaorctaeh tbas ct 9% mn

_XCs as prmpmrtamectj. Tbj Hmvjregjet chrjjs watb tbj AIO tbct tbas sbmuld emt oj ae cddatame

tm cey H-YAO suribcrhj ’ aestjcd, mely tbj bahbjr mn c raeh-njeijd ocek‑s raeh-njeij ounnjr ced

H-YAO suribcrhj sbmuld cpply.>

9.36 Tbj AIO‑s vajw wcs tbct sgcll oceks crj dasprmpmrtamectjly cnnjitjd oy prudjetacl

rjhulctame, havaeh lcrhjr oceks c imgpjtatavj cdvcetchj. Ae cddatame, sgclljr oceks pmsj ljss mn c

rask tm naeceiacl stcoalaty tbce lcrhjr oceks. Tbj AIO tbjrjnmrj rjimggjedjd tbct tbj sazj mn tbj

raeh-njeij ounnjr tbct oceks crj rjquarjd tm gcaetcae sbmuld vcry djpjedaeh me tbj sazj mn tbj

oceks.

9.33 Tbj Hmvjregjet suppmrts sjttaeh c sgclljr raeh-njeij ounnjr nmr sgclljr ocek s (watb em

ounnjr nmr tbj sgclljst oceks). Tbj Hmvjregjet‑s vajw as tbct tbj AIO‑s prmpmscl mn iclaorctaeh

tbj ounnjr chcaest tbj rctam mn _XCs tm ZK HDV bcs gjrat. _aeh-njeijd oceks wall bcvj sagpljr

oclceij sbjjts ced ljss imgpljx laekchjs tm tbj rjst mn tbj naeceiacl systjg tbce mtbjr oceks. Ym

c sagplj sazj gjcsurj gcy oj c hmmd prmxy nmr tbj rask suib oceks pmsj tm naeceiacl stcoalaty.

4 Vmlaiy Gjcsurjs tm Cddrjss Yystjgaiclly Agpmrtcet Naeceiacl Aestatutames, Naeceiacl Ytcoalaty Omcrd, Emvjgojr ?633.Cvcalcolj ct0 bttp0//www.naeceiaclstcoalatyomcrd.mrh/puolaictames/r]333364oo.pdn.: Zedjr tbj AIO‑s rjimggjedctames, at as mely tbj oahhjr mn tbj raeh-njeij ounnjr ced tbj H-YAO suribcrhj tbct cpplajs

’ tbjy crj emt cddatavj.> Out tbj raeh-njeij ounnjr sbmuld oj ae cddatame tm tbj ocsjlaej icpatcl imesjrvctame ounnjr mn ?.:%, ced cey imuetjr-iyilaicl icpatcl ounnjr.



46

Omx 9.C0 Hlmocl systjgaiclly agpmrtcet oceks

Tbj H?6 bcs jgpbcsasjd tbj agpmrtceij mn aeirjcsaeh icpatcl rjquarjgjets nmr hlmocl

systjgaiclly agpmrtcet oceks. Ae ?661, tbj H?6 imggassamejd tbj Naeceiacl Ytcoalaty Omcrd

(NYO) tm djvjlmp c gjtbmdmlmhy nmr adjetanyaeh H-YAOs ced tm djnaej tbj gcheatudj mn

cddatamecl icpatcl rjquarjgjets. Tbas prmijss bcs emw ojje imgpljtjd. Ct tbj Iceejs

Yuggat ae Emvjgojr ?633, H?6 ljcdjrs ciijptjd tbj rjimggjedctames mn tbj Ocsjl

Imggattjj me Ocekaeh Yupjrvasame (OIOY) ced tbj NYO me tbas.

Tbj OIOY bcs prmpmsjd ce adjetanaictame gjtbmdmlmhy ocsjd me navj iratjrac0

• irmss-ùrasdaitamecl citavaty ’ gjcsurjs c ocek‑s citavatajs mutsadj ats bmgj

ùrasdaitame;

• sazj ’ gjcsurjs tmtcl jxpmsurjs (j.h. ljvjrchj rctam);

• aetjrimeejitjdejss ’ gjcsurjs c ocek‑s jxpmsurj tm mtbjr naeceiacl aestatutames;

• suostatutcoalaty/naeceiacl aestatutame aenrcstruiturj ’ gjcsurjs tbj prmpmrtame mn

sjrvaijs c ocek prmvadjs tm aedavaducl ilajets ced tbj gcrkjt cs c wbmlj, j.h. tbj

nlmw mn gcrkjt ced aenrcstruiturj laquadaty; ced• imgpljxaty ’ gjcsurjs tbj ousaejss, struiturcl ced mpjrctamecl imgpljxaty mn c

ocek. Tbj gmrj imgpljx c ocek, tbj lcrhjr ats jxpjitjd systjgai agpcit mn ncalurj.

Zsaeh tbas gjtbmdmlmhy, ced dctc suogattjd oy oceks, tbj OIOY bcs aeataclly adjetanajd ?1 H-

YAOs. Tbj OIOY wall, me ce ceeucl ocsas, puolasb c last mn H-YAOs rcekjd oy systjgai

agpmrtceij.

H-YAOs wall oj davadjd aetm nmur ‒ouikjts‑, djpjedaeh me tbjar systjgai agpmrtceij. H-YAOs ae

tbj tmp ouikjt wall oj suo`jit tm c gcxagug jquaty suribcrhj mn ?.:% (chcaest _XCs).

Gmvaeh dmwe tbj ouikjts tbas drmps 6.:% ct c tagj, tm 3% nmr tbj omttmg ouikjt. Ce

cddatamecl, (iurrjetly) jgpty ouikjt (icrryaeh c suribcrhj mn 9.:%) bcs ojje prmpmsjd, tm

dasimurchj aestatutames clrjcdy ae tbj ?.:% ouikjt nrmg ojimgaeh stall gmrj systjgaicllyagpmrtcet. Tbj OIOY bcs rjimggjedjd tbct tbj suribcrhj as aeimrpmrctjd aetm tbj icpatcl

imesjrvctame ounnjr, cs lcad mut ae Ocsjl AAA, ced oj pbcsjd ae aeirjgjetclly, nrmg ?63>, uetal

null agpljgjetctame nrmg ?631.

Ct tbj Iceejs suggat, H?6 ljcdjrs cskjd tbj NYO tm imetaeuj ats wmrk, ae imesultctame watb

tbj OIOY, me jxpcedaeh tbj H-YAO nrcgjwmrk tm dmgjstai systjgaiclly agpmrtcet oceks. Tbj

NYO wall prmvadj ce updctj me tbas wmrk tm H?6 Naeceij Gaeastjrs ae Cpral ?63?.

9.3? Bmwjvjr, tbj OIOY bcs sjt mut c dannjrjet gjtbmdmlmhy nmr cssjssaeh tbj systjgai

agpmrtceij mn hlmocl oceks (sjj Omx 9.C).8 Tbjrj gcy oj jljgjets mn tbas gjtbmdmlmhy tbctwmuld clsm oj usjnul ae iclaorctaeh tbj raeh-njeij ounnjr. Out tbj nmrtbimgaeh wmrk me dmgjstai

systjgaiclly agpmrtcet oceks (D-YAOs) tm oj icrrajd mut oy tbj NYO gcy oj gmrj rjljvcet, cs tbj

mpjrctames mn raeh-njeijd oceks crj lakjly tm oj gmrj dmgjstai, ced ljss aetjrectamecl, tbce

tbmsj mn H-YAOs.

9.39 Ae iclaorctaeh gaeagug jquaty rjquarjgjets nmr raeh-njeijd oceks, tbjrj wmuld oj

cdvcetchjs ae cdmptaeh c gjtbmdmlmhy tbct wcs imesastjet watb cey aetjrectamecl prmpmscls.

Nurtbjr ceclysas as tbjrjnmrj rjquarjd tm djtjrgaej wbjtbjr usaeh tbj laejcr siclj prmpmsjd oy

tbj AIO as tbj mptagcl wcy mn iclaorctaeh tbj raeh-njeij ounnjr nmr sgclljr oceks, mr wbjtbjr tbas

8 Hlmocl systjgaiclly agpmrtcet oceks0 cssjssgjet gjtbmdmlmhy ced tbj cddatamecl lmss-cosmrojeiy rjquarjgjet,OIOY, Emvjgojr ?633. Cvcalcolj ct0 bttp0//www.oas.mrh/puol/oios?68.pdn.



43

gjtbmdmlmhy imuld oj agprmvjd watb rjnjrjeij tm cey prmpmscls nrmg tbj OIOY (ced/mr tbj

Jurmpjce Imggassame) me adjetanyaeh D-YAOs.

9.34 Ce agpmrtcet pcrt mn omtb tbj Ocsjl AAA icpatcl rjquarjgjets ced tbj AIO‑s

rjimggjedctames me jquaty rctams as tbj dastaeitame ojtwjje tbj bcrd rjhulctmry gaeagug (tbj

Ocsjl AAA 4.:% jquaty nlmmr) ced jquaty ounnjrs (jvjrytbaeh jlsj ’ tbj Ocsjl AAA icpatcl imesjrvctame

ounnjr, cs jxtjedjd oy cey H-YAO suribcrhj, imuetjr-iyilaicl icpatcl ounnjr mr raeh-njeij ounnjr).

Ae emrgcl tagjs oceks wall cag tm mpjrctj watb icpatcl ljvjls comvj tbjsj ounnjrs. Bmwjvjr, an tbjounnjrs crj tm wmrk cs aetjedjd, c ocek tbct imgjs uedjr strjss ejjds tm oj colj tm mpjrctj

watbae tbjg nmr smgj pjramd, rctbjr tbce suib ounnjrs sagply ojaeh rjhcrdjd cs rcasaeh tbj bcrd

gaeagug. Tbj AIO ilcranajd tbct tbj cutbmratajs sbmuld gckj at iljcr tbjy dm emt imesadjr suib

ounnjrs cs jxtjedaeh tbj bcrd gaeagug, ced tbct duj rjhcrd sbmuld oj havje tm tbas wbje

imeduitaeh strjss-tjstaeh. Tbj Hmvjregjet suppmrts tbas pmsatame.

9.3: Tbj aetjrcitame ojtwjje tbj AIO‑s rjimggjedctames me gaeagug jquaty rjquarjgjets ced

I__ A/I_D A^ as dasiussjd ae Ibcptjr >.

Ljvjrchj rctam

9.3> Icpatcl rjquarjgjets crj pragcraly ocsjd me _XCs. Out rask wjahbts ice oj aeciiurctj, cedsm tbjrj crj cdvcetchjs tm bcvaeh, ae cddatame, c gaeagug ljvjrchj rctam mn icpatcl tm

uewjahbtjd cssjts mr jxpmsurjs. (Tbjrj as clsm saheanaicet davjrhjeij ae bmw _XCs crj icliulctjd

’ sjj Omx 9.O.) Tbj OIOY bcs tbjrjnmrj prmpmsjd tbct oceks sbmuld bcvj c oaedaeh gaeagug

rctam mn Tajr 3 icpatcl tm tmtcl jxpmsurjs mn 9% oy ?632. Tbj OIOY bcs scad tbct tbj pjramd tm

?632 sbmuld oj usjd tm gmeatmr oceks‑ ljvjrchj tm cssjss wbjtbjr tbj prmpmsjd djsahe ced

iclaorctame mn tbas oaedaeh ljvjrchj rctam as cpprmpractj mvjr c null irjdat iyilj nmr dannjrjet typjs

mn ousaejss gmdjl, ced tbct oceks‑ ljvjrchj rctams sbmuld oj dasilmsjd. Tbj Hmvjregjet ojlajvjs

tbct dasilmsurj as agpmrtcet nmr agprmvaeh trcespcrjeiy crmued ocek oclceij sbjjts.2 Tbj

oaedaeh ljvjrchj rctam wall oj agpljgjetjd ae Jurmpj tbrmuhb JZ lcw.

Omx 9.O0 Davjrhjeijs ae _XC icliulctames

Tbj aetjhraty mn _XC icliulctames as irataicl tm icliulctames mn ocek icpatcl rctams. Iurrjetly ae

Jurmpj ced aetjrectameclly, tbjrj crj saheanaicet davjrhjeijs ae tbj wcy cutbmratajs ced oceks

icliulctj _XCs. Tbas ice gjce tbct nmr tbj scgj cssjts dannjrjet oceks bcvj tm bmld

saheanaicetly dannjrjet cgmuets mn icpatcl. Mej wcy tm gatahctj tbas rask as tm mpjrctj tbj

OIOY ‒nlmmrs‑ ojlmw wbaib _XC icliulctames iceemt ncll. Bmwjvjr, bjrj tmm tbjrj as

davjrhjeij ae aetjrprjtctame. Ae tbj mehmaeh Jurmpjce Ocekaeh Cutbmraty (JOC) jxjriasj,

cutbmratajs ae dannjrjet Gjgojr Ytctjs usj dannjrjet cpprmcibjs tm icliulctaeh tbjsj nlmmrs,

wbaib crj gmrj oaedaeh ae smgj imuetrajs tbce mtbjrs ’ tbj dannjrjeijs ice ae smgj icsjs

oj vjry lcrhj, ced rjduij saheanaicetly tbj jnnjitavjejss mn tbas rask gatahctame strctjhy. TbjJOC bcs jxplcaejd tbj twm dannjrjet cpprmcibjs ae ats tjibeaicl pcpjrs.1 At wmuld oj

ojejnaiacl an cll oceks ced cutbmratajs dasilmsjd tbjar icliulctames ciimrdaeh tm omtb

cpprmcibjs, tm gcxagasj trcespcrjeiy ced aevjstmr uedjrstcedaeh.

2 Tbj Ocsjl AAA ruljs imetjgplctj dasilmsurj mn ljvjrchj rctams nrmg ?63:. Ae tbj Ocek mn Jehlced‑s gmst rjijetNaeceiacl Ytcoalaty _jpmrt (bttp0//www.ocekmnjehlced.im.uk/puolaictames/nsr/?633/nsrnull333?.pdn), tbj aetjragNaeceiacl Vmlaiy Imggattjj rjimggjedjd tbct tbj NYC jeimurchj oceks tm dasilmsj tbjar ljvjrchj rctams nrmg ?639.1 Icpatcl ounnjrs nmr cddrjssaeh gcrkjt imeijres mvjr smvjrjahe jxpmsurj, Jurmpjce Ocekaeh Cutbmraty, Djijgojr?633. Cvcalcolj ct0 bttp0//strjss-tjst.joc.jurmpc.ju/icpatcljxjriasj/Gjtbmdmlmhy%?6NAECL.pdn.



4?

9.38 Tbj AIO rjimggjedjd tbct0

• cll ZK-bjcdqucrtjrjd oceks sbmuld gcaetcae c Tajr 3 ljvjrchj rctam mn ct ljcst 9%.

Cll raeh-njeijd oceks sbmuld dm sm me c smlm ocsas; ced

• ae cddatame, cll raeh-njeijd oceks watb c _XCs-tm-ZK HDV rctam mn 3% mr gmrj

sbmuld bcvj tbjar gaeagug ljvjrchj rctam aeirjcsjd me c sladaeh siclj up tm c

gcxagug mn 4.6>% nmr tbmsj raeh-njeijd oceks watb c _XCs-tm-ZK HDV rctam mn

9%.

9.32 Tbj AIO‑s vajw wcs tbct ocsaeh icpatcl rjquarjgjets me _XCs rctbjr tbce uewjahbtjd

cssjts prmvadjs ojttjr aeijetavjs watb rjhcrd tm rask-tckaeh, ced nmr tbas rjcsme _XCs sbmuld

rjgcae tbj pragcry djtjrgaecet mn lmss-cosmroaeh icpciaty. Out tbj AIO nmllmwjd tbj OIOY ae

jedmrsaeh tbj adjc tbct c gaeagug rctam mn icpatcl tm uewjahbtjd cssjts mr jxpmsurjs sbmuld

clsm cpply, cs c ocikstmp tm icpatcl-tm-_XC rjquarjgjets. Tbj dcehjrs mn rjlyaeh smljly me rask-

ocsjd icpatcl rjquarjgjets as sbmwe oy Ibcrt 9.O wbaib allustrctjs bmw ae tbj rue-up tm tbj

irasas tbj naeceiacl ljvjrchj mn tbj ZK‑s oahhjst oceks wcs aeirjcsaeh, cs tbj raskaejss mn tbjar

cssjts ’ cs gjcsurjd oy rask wjahbts ’ wcs ncllaeh. At bcs saeij ojimgj iljcr tbct tbmsj lmwjr

rask wjahbts wjrj wrmeh nmr agpmrtcet cssjt ilcssjs.

Ibcrt 9.O0 _ctam mn _XCs tm uewjahbtjd cssjts nclls cs naeceiacl ljvjrchj aeirjcsjs


Emtj0 Chhrjhctjd nmr tbj nmur lcrhjst ZK-bjcdqucrtjrjd oceks. Tbj ibcehj ae ciimuetaeh stcedcrds nrmg ZKHjejrclly Ciijptjd Ciimuetaeh Vrcitaijs tm Aetjrectamecl Naeceiacl _jpmrtaeh Ytcedcrds ae ?66: ced tbjaetrmduitame mn Ocsjl AA ’ wbaib bcd tbj jnnjit mn rjduiaeh cssjt rask wjahbts ae gcey icsjs ’ crj omtb lakjly tmbcvj bcd ce agpcit bjrj.

9.31 Tbj Hmvjregjet chrjjs watb tbj AIO tbct _XCs sbmuld rjgcae tbj pragcry djtjrgaecet mn

lmss-cosmroaeh icpatcl ced tbct tbas sbmuld oj imgoaejd watb c gcedctmry, gaeagug ljvjrchj

rctam cs c ocikstmp nmr cll oceks. Tbj Hmvjregjet suppmrts tbj AIO‑s rjimggjedctame tbct cll

raeh-njeijd oceks sbmuld gjjt tbas rjquarjgjet me c smlm ocsas.



49

9.?6 Tbj AIO‑s vajw wcs tbct cey aeirjcsj ae tbj gaeagug jquaty-tm-_XCs rctam sbmuld oj

gctibjd oy c prm rctc aeirjcsj ae tbj gaeagug ljvjrchj rctam. Mtbjrwasj, tbj ljvjrchj rctam

wmuld ojimgj c ljss pmtjet ocikstmp cs tbj icpatcl-tm-_XCs rctam aeirjcsjs. Bjeij tbj AIO

prmpmsjd tbct tbj ljvjrchj rctam sbmuld oj aeirjcsjd tm c gaeagug mn 4.6>% nmr tbj lcrhjst

oceks (wbm wmuld ncij tbj 36% gaeagug jquaty-tm-_XCs rctam).

9.?3 Bmwjvjr, tbj AIO emtjd tbct ae tbj icsj mn c ocek wbmsj cssjts cppjcr tm oj lcrhjly lmw

rask ’ nmr jxcgplj, pragj rjsadjetacl gmrthchjs ’ tbct ocek gcy mpjrctj watb ce cvjrchj raskwjahbt sm lmw tbct tbj ljvjrchj rctam bcs ae ncit rjplcijd tbj jquaty-tm-_XCs rctam cs tbj gcae

dravjr mn tbj icpatcl rjquarjgjet. An tbjsj cssjts crj hjeuaejly lmw rask, tbas as crhucoly c pjrvjrsj

mutimgj.

9.?? Tbj Hmvjregjet suppmrts tbj AIO‑s jedmrsjgjet mn tbj Ocsjl AAA 9% gaeagug ljvjrchj

rctam cs c ocik stmp nmr cll oceks. Tbj Hmvjregjet ojlajvjs tbct tbjrj gcy oj c icsj nmr

aeirjcsaeh tbj gaeagug ljvjrchj rctam nmr raeh-njeijd ocek s watb bahbjr (rask-ocsjd) icpatcl

rjquarjgjets ced, ae laej watb tbj OIOY, ojlajvjs tbct nurtbjr wmrk as rjquarjd tm djtjrgaej

wbjtbjr dannjrjet gaeagug ljvjrchj rctams sbmuld cpply tm ocek s watb dannjrjet ousaejss

gmdjls.

9.?9 Tbj AIO‑s rjimggjedctame me bahbjr jquaty rjquarjgjets as tbct tbjy sbmuld oj agpmsjdcs ounnjrs, emt cs bahbjr, bcrd rjhulctmry gaeagc. Tbjrj gcy oj cdvcetchjs ae tckaeh tbj scgj

cpprmcib nmr c bahbjr, gaeagug ljvjrchj rctam. An c ocek‑s ljvjrchj rctam njll aetm tbas ounnjr (out

rjgcaejd comvj tbj bcrd gaeagug), sagalcr sceitames imuld oj agpmsjd cs nmr ncllaeh aetm ce

jquaty-tm-_XCs ounnjr, a.j. rjstraitames me dasirjtamecry dastraoutames (pmssaoly watb c hrcij

pjramd nmr tjgpmrcry ced/mr gmdjst orjcibjs). Tbj Hmvjregjet wall uedjrtckj nurtbjr ceclysas

me tbas assuj.

9.?4 Tbj aetjrcitame ojtwjje tbj AIO‑s rjimggjedctames me gaeagug ljvjrchj rctams ced I__

A/I_D A^ as dasiussjd ae Ibcptjr >.

Ocal-ae9.?: Tbjrj as c ormcd imesjesus tbct ae tbj nuturj tcxpcyjrs sbmuld emt oj rjquarjd tm ocal mut

ncalaeh naeceiacl aestatutames wbalj aevjstmrs crj prmtjitjd. Ym tbjrj ejjds tm oj c wcy mn

jxpmsaeh tbj irjdatmrs mn ncaljd oceks tm lmssjs. Ciimrdaehly, tbj H?6 bcs jedmrsjd

rjimggjedctames oy tbj NYO tbct rjsmlutame cutbmratajs sbmuld bcvj tmmls tm ‒ocal ae‑ uesjiurjd

ced ueaesurjd irjdatmr ilcags tm cosmro lmssjs ced tm rj-icpatclasj c ncalaeh narg.36

9.?> Tbj Jurmpjce Imggassame puolasbjd c imesultctame dmiugjet me c irasas gcechjgjet

nrcgjwmrk ae @ceucry ?633.33 Tbas dasiussjd prmpmscls nmr agprmvaeh tbj rjimvjrcoalaty ced

rjsmlvcoalaty mn oceks ced aevjstgjet nargs, ced aeiludjd prmpmscls nmr c ocal-ae tmml. Tm jesurj

tbct tbj ejw Jurmpjce-wadj nrcgjwmrk as irjdaolj, at as jssjetacl tbct Gjgojr Ytctjs prjsjet cimbjrjet gjsschj tm oceks ced tbjar irjdatmrs me bmw tbjy wall oj trjctjd ae c rjsmlutame

satuctame ced clsm tbct stctj cad as rjhcrdjd cs vjry guib c lcst rjsmrt rctbjr tbce tbj djncult

mptame. At as ueciijptcolj tbct nargs ojejnat nrmg jatbjr jxplaiat mr agplaiat stctj suppmrt watbmut

ojaeh sirutaeasjd. _moust stctj cad praeiapljs, aeiludaeh agpmsaeh pravctj sjitmr ourdje-sbcraeh

imedatames me c ocal-mut, wall bjlp sbcpj jx cetj aeijetavjs ae mrdjr tm tciklj gmrcl bczcrd ced

tbj agplaiat hmvjregjet hucrcetjj. âcoalaty cssjssgjets uedjr stctj cad ruljs sbmuld clsm gckj

36 Kjy Cttraoutjs mn Jnnjitavj _jsmlutame _jhagjs nmr Naeceiacl Aestatutames, Naeceiacl Ytcoalaty Omcrd, Mitmojr ?633.Cvcalcolj ct0 bttp0//www.naeceiaclstcoalatyomcrd.mrh/puolaictames/r]333364ii.pdn. Tbas rjimggjedctame as ceaetjrectamecl stcedcrd tbct H?6 imuetrajs bcvj chrjjd tm agpljgjet.33 Tjibeaicl Djtcals mn c Vmssaolj JZ Nrcgjwmrk nmr Ocek _jimvjry ced _jsmlutame, Jurmpjce Imggassame, @ceucry?633. Cvcalcolj ct0bttp0//ji.jurmpc.ju/aetjrecl]gcrkjt/imesultctames/dmis/?633/irasas]gcechjgjet/imesultctame]pcpjr]je.pdn.



44

ijrtcae tbct c ocek tbct bcs rjijavjd stctj cad djlavjrs c rjstruituraeh plce tbct jesurjs at as

rjsmlvcolj. C ljhaslctavj prmpmscl me tbj irasas gcechjgjet nrcgjwmrk as jxpjitjd tm oj

puolasbjd ae tbj imgaeh gmetbs.

9.?8 Tbj AIO rjimggjedjd tbct0

• tbj rjsmlutame cutbmratajs sbmuld bcvj c ‒pragcry‑ ocal-ae pmwjr cllmwaeh tbjg tm

ocal-ae lmeh-tjrg uesjiurjd djot ae rjsmlutame ’ wbjtbjr oy wratj dmwe mr

imevjrsame aetm jquaty ’ ojnmrj agpmsaeh lmssjs me mtbjr eme-icpatcl, eme-suomrdaectjd lacoalatajs;

• tbj rjsmlutame cutbmratajs sbmuld bcvj c ‒sjimedcry‑ ocal-ae pmwjr cllmwaeh tbjg tm

ocal-ae cll mtbjr uesjiurjd lacoalatajs an tbj jxjriasj mn tbj pragcry ocal-ae pmwjr dmjs

emt prmvj sunnaiajet;

• suo`jit tm tbj comvj, tbj irjdatmr bajrcriby sbmuld oj rjspjitjd. Ae mrdjr tm

cibajvj tbas, rjsmlutame cutbmratajs sbmuld clsm bcvj tbj pmwjr tm wapj mut (mr

gcssavjly dalutj) ocek icpatcl ae rjsmlutame;

• ocal-ae pmwjrs sbmuld oj jxtjedjd ojymed djpmsat-tckaeh aestatutames ’ wbaib crj

iurrjetly tbj mely jetatajs imvjrjd oy tbj ZK‑s jxastaeh rjsmlutame rjhagj (tbj

Ypjiacl _jsmlutame _jhagj, mr Y__) ’ tm jesurj tbct ocal-ae ice oj cpplajd tm jetatajs

watbae ocekaeh hrmups3? tbct crj emt djpmsat-tckjrs; ced

• lacoalatajs clrjcdy ae assuj sbmuld emt oj jxjgptjd nrmg tbjsj ocal-ae pmwjrs (mr

nrmg djpmsatmr prjnjrjeij ’ sjj Vcrchrcpb 9.49 mewcrds); a.j., tbjrj sbmuld oj em

‒hrcednctbjraeh‑.

9.?2 An tbj smiacl imst mn c systjgaiclly agpmrtcet ocek hmaeh aetm laquadctame as aetmljrcolj, tbjrj

ejjds tm oj smgj gjibceasg nmr agpmsaeh lmssjs me lacoalatajs ae rjsmlutame, watbmut rjquaraeh

laquadctame. An emt, tbjy ojejnat nrmg ce agplaiat hmvjregjet hucrcetjj. Ocal-ae prmvadjs tbas

gjibceasg. Gmrjmvjr, jvje nmr oceks tbct crj emt systjgaiclly agpmrtcet, ocal-ae gcy prmvadj cwcy mn gaeagasaeh lmssjs me ncalurj. Tbj Hmvjregjet suppmrts tbj AIO‑s rjimggjedctame tbct

tbj rjsmlutame cutbmratajs oj jquappjd watb c stctutmry ocal-ae pmwjr tm cssast ae tbj rjsmlutame

mn ncaljd oceks (ced, ae cddatame, aevjstgjet nargs ced naeceiacl bmldaeh imgpceajs).

9.?1 Tbj AIO‑s naecl rjpmrt crhujs tbct ae rjsmlutame at as djot tbct as lmeh-tjrg ced uesjiurjd me

wbaib at wmuld oj gmst prcitaicolj nmr tbj rjsmlutame cutbmratajs tm agpmsj lmssjs. Tbj AIO‑s

vajw wcs tbct tbas sbmuld oj rjimheasjd ae cdvceij oy gckaeh at iljcr tbct suib djot wall oj

ocaljd ae cbjcd mn mtbjr lacoalatajs. Ae mrdjr tm jesurj ilcraty comut wbaib aestrugjets ncll uedjr

tbj pragcry ocal-ae pmwjr, tbj AIO rjimggjedjd tbct tbjy bcvj spjianai rask dasilmsurj.

9.96 Tbj Hmvjregjet suppmrts tbj vajw tbct lmeh-tjrg uesjiurjd djot tbct as iljcrly adjetanajd

cs ojaeh suo`jit tm c pragcry ocal-ae pmwjr sbmuld oj ocaljd ae narst (prmvadjd cll icpatcl39 as

wapjd mut mr sjvjrjly dalutjd). Yuib djot sbmuld oj uecgoahumusly suo`jit tm tbj ZK

cutbmratajs‑ stctutmry ocal-ae pmwjr. Tbjrj crj clsm ojejnats tm prmvadaeh rjsmlutame cutbmratajs

watb tbj pmwjr tm ocal ae mtbjr uesjiurjd lacoalatajs ejx t, sbmuld tbct prmvj ejijsscry. Tbas

wmuld nat watbae tbj NYO‑s stcedcrds ced tbj praeiapljs dasiussjd ae tbj Jurmpjce Imggassame‑s

irasas gcechjgjet nrcgjwmrk imesultctame dmiugjet, ced tbj Hmvjregjet wall sjjk chrjjgjet

me c imesastjet Jurmpjce ocal-ae rjhagj. Ocalaeh ae uesjiurjd lacoalatajs mtbjr tbce lmeh-tjrg

uesjiurjd djot as ae prcitaij lakjly tm oj gmrj prmoljgctai ’ ae pcrtaiulcr, agpmsaeh lmssjs me

sbmrt-tjrg nuedaeh ced djravctavjs jxpmsurjs (tm tbj jxtjet ueimllctjrclasjd) gcy aeirjcsj

dasruptame ae naeceiacl gcrkjts ae c irasas. Out havaeh tbj cutbmratajs tbj nljxaoalaty tm dm sm ’

3? Ced clsm jetatajs mutsadj ocekaeh hrmups tbct imeduit saheanaicet cgmuets mn naeceiacl sjrvaijs citavaty.39 Ced cey imetaehjet imevjrtaolj djot aestrugjets.



4:

tbrmuhb c ‒sjimedcry‑ ocal-ae pmwjr ’ wmuld jxpced tbj mptames cvcalcolj tm tbjg ae rjsmlvaeh c

ocek.

9.93 Bmwjvjr, tbjrj crj c eugojr mn agpmrtcet assujs me tbas tmpai tbct wall ejjd nurtbjr

imesadjrctame. Tbj AIO rjimggjedjd tbct cll lmeh-tjrg uesjiurjd djot oj suo`jit tm pragcry

ocal-ae. Out tbjrj gcy oj cdvcetchjs ae adjetanyaeh smgj lmeh-tjrg djot aestrugjets cs suo`jit

tm pragcry ocal-ae, wbalj cllmwaeh mtbjr lmeh-tjrg djot tm oj suo`jit tm sjimedcry ocal-ae mely.

Tbas gcy cvmad pjrvjrsj aeijetavjs me oceks tm gmvj tmwcrds sbmrtjr tjrg nuedaeh tm rjstraittbj rcehj mn aestrugjets icuhbt oy c pragcry ocal-ae pmwjr. Tbjrj crj mtbjr qujstames ’ nmr

jxcgplj, wbjtbjr rjtcal prmduits tbct tckj tbj nmrg mn lmeh-tjrg uesjiurjd djot sbmuld oj

suo`jit tm pragcry ocal-ae. Tbjsj assujs, ced mtbjrs, wall oj tbj suo`jit mn nurtbjr imesultctame

ced ceclysas.

9.9? Ocal-ae as c rjsmlutame tmml, ced cey ejw pmwjrs wmuld oj aetrmduijd clmehsadj tbj tmmls

cvcalcolj uedjr tbj Y__. Bmwjvjr, tbj Y__ iurrjetly mely cpplajs tm djpmsat-tckaeh aestatutames.

Tbj AIO rjimggjedjd tbct ocal-ae ejjds tm oj cvcalcolj cs c tmml nmr djclaeh watb c wadjr rcehj

mn naeceiacl aestatutames. Tbj Hmvjregjet suppmrts tbas pmsatame, ced as mn tbj vajw tbct c

ormcdjr imgprjbjesavj rjsmlutame rjhagj as rjquarjd tbct jx tjeds tm aevjstgjet nargs ced

naeceiacl bmldaeh imgpceajs. Tbas as imesastjet watb tbj NYO‑s rjimggjedctames, ced wcs

dasiussjd ae tbj Jurmpjce Imggassame‑s imesultctame me c irasas gcechjgjet nrcgjwmrk.

9.99 Tbj AIO crhuj tbct lacoalatajs clrjcdy ae assuj sbmuld emt oj jxjgpt nrmg ats

rjimggjedctames me ocal-ae (a.j. tbjrj sbmuld oj em ‒hrcednctbjraeh‑).

9.94 _jcsmes nmr emt hrcednctbjraeh aeiludj tbct an at as mely ejw lmeh-tjrg djot tbct as ocal-

aecolj, tbj narst assuj mn suib djot wall oj suomrdaectjd ced jxpjesavj ced at wall oj c lmeh tagj

ojnmrj oceks bcvj saheanaicet vmlugjs mn ocal-aecolj djot ae assuj.

9.9: Bmwjvjr, at as pmssaolj tbct tbjsj assujs imuld oj gatahctjd ae c eugojr mn wcys ’ nmr

jxcgplj, mej wcy wmuld oj tm prmvadj tbct ejw assujs mn djot wmuld mely ojimgj suo`jit tm c

spjianai ocal-ae pmwjr meij suib djot gckjs up c ijrtcae pjrijetchj mn c ocek‑s nuedaeh.Imuplaeh tbas watb c rjquarjgjet tbct tbas imedatame oj rjcibjd watbae c havje pjramd mn tagj

wmuld cddrjss tbj sjimed pmaet.

9.9> Out at sbmuld oj emtjd tbct jvje watbmut hrcednctbjraeh, c ejw ocal-ae pmwjr wmuld emt

cpply tm tbj mutstcedaeh stmik mn djot uetal tbj ejijsscry ljhaslctame wcs pcssjd ced citavctjd.

9.98 Gmrjmvjr, uedjr tbj Y__, tbj cutbmratajs ice ae cey icsj agpmsj lmssjs me irjdatmrs ae

smgj iariugstceijs (suo`jit tm ijrtcae scnjhucrds). Tbas prmvadjs tbj rjsmlutame cutbmratajs watb

smgj coalaty tm ocal ae jxastaeh irjdatmrs, jvje an tbj ejw ocal-ae pmwjr rjimggjedjd oy tbj AIO

wjrj gcdj suo`jit tm hrcednctbjraeh.

9.92 Tbj assuj mn ocal-ae (aeiludaeh hrcednctbjraeh) wall oj imesadjrjd nurtbjr ae tbj imetaeuaehdasiussame me rjsmlutame cgmeh tbj cutbmratajs ct Jurmpjce ced hlmocl ljvjl. Tbj Hmvjregjet

wall rjvjrt tm tbas assuj ae ats Xbatj Vcpjr ejx t yjcr, ae tbj lahbt mn hlmocl rjhulctmry

djvjlmpgjets.

9.91 Emtj tbct tbj AIO rjimggjedctame as nmr tbj rjsmlutame cutbmratajs tm bcvj ocal-ae pmwjrs;

at dmjs emt nmllmw nrmg tbas tbct ocal-ae wmuld ejijsscraly oj cpplajd tm c ncalaeh ocek (a.j. tbj

usj mn tbj tmml wall oj ct tbj dasirjtame mn tbj rjsmlutame cutbmraty) ’ ae pcrtaiulcr tm c ocek tbct

as put aetm aesmlvjeiy. Tbas rcasjs tbj qujstame mn wbjtbjr tbj mrdjr ae wbaib djot ice oj ocaljd

ae ae rjsmlutame sbmuld oj rjnljitjd ae tbj irjdatmr bajrcriby tbct cpplajs ae aesmlvjeiy, oy

cgjedaeh aesmlvjeiy lcw.

9.46 Tbj AIO suhhjstjd tbct tbas gcy oj cpprmpractj. Tbas wmuld rjgmvj ueijrtcaety tbct wmuld

crasj nrmg bcvaeh c dannjrjet mrdjr mn pramratajs ae rjsmlutame ced ae aesmlvjeiy. Ced wbjrj tbj

coalaty tm agpmsj lmssjs me irjdatmrs ae rjsmlutame as rjstraitjd watb rjnjrjeij tm tbj lmssjs tbjy

d



4>

gcy bcvj sunnjrjd ae tbj imuetjrncitucl aesmlvjeiy, bcvaeh tbj scgj bajrcriby ae aesmlvjeiy cs ae

rjsmlutame gaeagasjs tbj jxtjet tm wbaib tbas rjstraitame wmuld imestrcae tbj coalaty mn rjsmlutame

cutbmratajs tm jxpmsj irjdatmrs tm lmssjs. Nurtbjr imesultctame ced ceclysas crj rjquarjd me tbas

qujstame.

9.43 Tbj AIO clsm gcdj rjimggjedctames me gaeagug cgmuets mn icpatcl plus lmeh-tjrg

uesjiurjd ocal-aecolj djot tbct oceks sbmuld oj rjquarjd tm bmld; sjj uedjr ‒Vragcry lmss-

cosmroaeh icpciaty‑ ojlmw.

9.4? Tbj djsahe mn tbj ocal-ae tmml wall ejjd tm oj djvjlmpjd ae lahbt mn Jurmpjce ejhmtactames

ced agpljgjetjd ae c gceejr tbct as imesastjet watb tbj naeclly cdmptjd JZ irasas gcechjgjet

nrcgjwmrk. Tbas aetjrcitame as dasiussjd nurtbjr ae Ibcptjr >.

Djpmsatmr prjnjrjeij

9.49 Tbjrj as em aetjrectameclly chrjjd cpprmcib tm djpmsatmr prjnjrjeij, cltbmuhb c eugojr mn

gc`mr ùrasdaitames clrjcdy bcvj at ae plcij, aeiludaeh tbj ZY, Ywatzjrlced, Ibaec, Bmeh Kmeh,

Custrclac ced Crhjetaec. Tbj simpj mn tbj prjnjrjeij dannjrs; nmr jxcgplj, Bmeh Kmeh lagats tbj

prjnjrjeij tm tbj aesurjd cgmuet, wbjrjcs prjnjrjeij ae tbj ZY cpplajs tm cll djpmsats tbct crj

pcycolj ae tbct imuetry.

9.44 Tbj AIO rjimggjedjd tbct0

• cll djpmsats aesurjd oy tbj Naeceiacl Yjrvaijs Imgpjesctame Yibjgj (NYIY) sbmuld

rcek cbjcd mn mtbjr irjdatmrs tm tbj jxtjet tbct tbmsj irjdatmrs crj jatbjr uesjiurjd

mr sjiurjd mely watb c nlmctaeh ibcrhj; ced

• tbas sbmuld cpply tm cll aesurjd djpmsats, wbjtbjr watbae tbj raeh-njeijd ocek mr

emt.34

9.4: Tbj AIO gcdj c eugojr mn crhugjets ae ncvmur mn aesurjd djpmsatmr prjnjrjeij, aeiludaeh

tbct aesurjd djpmsatmrs bcvj em aeijetavj tm jxjrt gcrkjt dasiaplaej me oceks ced crj emt wjll-plcijd tm dm sm; tbj aeijetavjs mn mtbjr uesjiurjd irjdatmrs tm jxjrt dasiaplaej crj oluetjd oy tbj

ncit tbct tbjy rcek pcra pcssu watb djpmsats; ced rjquaraeh tbj NYIY tm paik up tbj tco jatbjr

rjquarjs wjll-rue oceks tm pcy nmr tbj ncalurj mn mtbjrs (c ibceejl nmr imetchame) mr ljcvjs tbj

tcxpcyjr jxpmsjd tm smgj jxtjet. (Ae tbj rjijet irasas, tbj NYIY bcs omrrmwjd crmued £?6oe

nrmg tbj Hmvjregjet tm nued pcymuts tm jlahaolj djpmsatmrs nmllmwaeh tbj ncalurj mn sjvjrcl

oceks.)

9.4> Crhugjets chcaest aeiludj tbct djpmsatmr prjnjrjeij wall cnnjit tbj praij ced cvcalcoalaty mn

wbmljsclj nuedaeh, ced tbct at uencarly pjeclasjs mtbjr irjdatmrs suib cs oceks‑ mwe pjesame

nueds ced trcdj irjdatmrs. Bmwjvjr, lmeh-tjrg uesjiurjd wbmljsclj nuedaeh wmuld (uedjr tbj

AIO‑s pragcry ocal-ae rjimggjedctame) oj ocal-aecolj cbjcd mn djpmsats watb mr watbmutdjpmsatmr prjnjrjeij. Ym tbj agpcit me tbj praij mn suib nuedaeh as qujstamecolj.3:

9.48 Ybmrt-tjrg wbmljsclj nuedaeh wmuld, bmwjvjr, rcek lmwjr ae tbj irjdatmr bajrcriby watb

djpmsatmr prjnjrjeij. At as tbjrjnmrj pmssaolj tbct tbjrj wmuld oj smgj agpcit me ats praij ced

cvcalcoalaty ’ ced aedjjd, tbct as ejijsscry an djpmsatmr prjnjrjeij as tm agprmvj gcrkjt dasiaplaej.

Bmwjvjr, djpmsatmr prjnjrjeij sbmuld emt cltjr tbj lakjlabmmd mn suib nuedaeh ojcraeh lmss ’

cltbmuhb an c lmss gctjraclasjd, at wmuld oj lcrhjr. An tbj praiaeh ced cvcalcoalaty mn suib nuedaeh

34 Emtj tbct uedjr iurrjet prmpmsjd cgjedgjets tm tbj Djpmsat Hucrcetjj Yibjgj Darjitavj, Jurmpjce hucrcetjj

sibjgjs wmuld oj jxtjedjd tm imvjr cll eme-naeceiacl imgpceajs, cs wjll cs rjtcal djpmsatmrs.3: Tbas gcy emt bmld truj an cey lmeh-tjrg uesjiurjd wbmljsclj nuedaeh wmuld ’ ae tbj cosjeij mn djpmsatmrprjnjrjeij ’ imetaeuj tm rcek pcra pcssu watb aesurjd djpmsats ae aesmlvjeiy. Yjj Vcrchrcpb 9.46.



48

as lcrhjly djtjrgaejd oy tbj lakjlabmmd mn c lmss miiurraeh, rctbjr tbce oy tbj lakjly gcheatudj mn

lmss, djpmsatmr prjnjrjeij gcy bcvj c rjlctavjly sgcll agpcit.

9.42 Me tbj mtbjr bced, an sbmrt-tjrg nuedjrs dm tckj smgj ciimuet mn djpmsatmr prjnjrjeij, at

gcy gckj tbjg gmrj lakjly tm watbdrcw nuedaeh nrmg c ocek tbct as uedjr prjssurj, ced sm

bcvj c prm-iyilaicl jnnjit ’ jxcijroctaeh cey strjss ae tbj gcrkjt. Jxpcedaeh tbj simpj mn

djpmsatmr prjnjrjeij tm aeiludj cll djpmsats wmuld gatahctj tbas agpcit me ueaesurjd djpmsats.

Out at wmuld clsm rjduij tbj ojejnats, ae pcrtaiulcr cs at wmuld aeijetavasj irjdatmrs tm rj-

ibcrcitjrasj tbjar jxpmsurjs tm oceks cs djpmsats, an pmssaolj.

9.41 Nurtbjr, uedjr jxastaeh ljhaslctame tbj NYIY ice oj rjquarjd tm imetraoutj tm tbj imst mn c

ocek rjsmlutame. Ats imetraoutame as icppjd ct tbj cgmuet at wmuld bcvj bcd tm pcy mut tm

djpmsatmrs bcd tbj ocek ojje put aetm aesmlvjeiy ljss (a) cey rjimvjrajs tbj NYIY wmuld bcvj

gcdj ae tbj aesmlvjeiy; ced (aa) cey cgmuet cituclly pcad mut tm djpmsatmrs ae tbj rjsmlutame. Oy

pmtjetaclly aeirjcsaeh tbj cgmuet tbj NYIY wmuld rjimvjr ae aesmlvjeiy, djpmsatmr prjnjrjeij

rjduijs tbj jxtjet tm wbaib rjsmlutame jxpjesjs ice oj rjilcagjd nrmg tbj NYIY ced, tbrmuhb

tbj NYIY‑ ljvy, nrmg tbj wadjr aedustry. Mej prmpmscl nmr nuedaeh rjsmlutame jxpjesjs as tbj

jstcolasbgjet mn c rjsmlutame nued tbct as oualt up mvjr tagj ced tbct ice tbje oj usjd cs

ejijsscry. Bmwjvjr, suib nueds bcvj c eugojr mn saheanaicet drcwociks ’ sjj Omx 9.I.

Omx 9.I0 Vrj-nuedjd rjsmlutame naeceiaeh

_jsmlutame cutbmratajs ejjd tm oj colj tm nued rjsmlutame prmijjdaehs. Bmwjvjr, tbj

Hmvjregjet dmjs emt ojlajvj tbct c prj-nuedjd rjsmlutame naeceiaeh gjibceasg ’ wbjrj

oceks wmuld oj rjquarjd tm imetraoutj ae cdvceij tm c rjsmlutame nued ’ wmuld cdvceij tbas

mo`jitavj, ced at gcy ae ncit oj bcrgnul.

Cey suib nued wmuld oj vjry uelakjly tm oj lcrhj jemuhb tm prmvadj tbj rjquarjd cgmuet mn

up-nrmet naeceiaeh ejjdjd duraeh c rjsmlutame ’ ae pcrtaiulcr sbmuld tbj irasas oj systjgai,

emt adamsyeirctai. _jquaraeh vjry lcrhj prj-nued imetraoutames nrmg oceks tm cddrjss tbas

wmuld saheanaicetly aeirjcsj oceks‑ imsts, raskaeh gmrj jxpjesavj irjdat prmvasame ced/mr dj-ljvjrchaeh, watb c lakjly cdvjrsj agpcit me jimemgai hrmwtb. Cey prj-nued wmuld clsm

hjejrctj gmrcl bczcrd ’ aevjstmrs wmuld jxpjit tm oj ocaljd mut ae tbj jvjet mn ocek ncalurj,

ced sm tbjar aeijetavjs tm jxjrt gcrkjt dasiaplaej me oceks‑ rask-tckaeh wmuld oj uedjrgaejd.

Tbj Hmvjregjet ojlajvjs tbct tbj ojst wcy mn cddrjssaeh tbj assuj mn naeceiaeh rjsmlutame

jxpjesjs as tbrmuhb tbj djvjlmpgjet mn gmrj jnnjitavj rjsmlutame nrcgjwmrks, aeiludaeh oy

tbj aetrmduitame mn c ocal-ae rjsmlutame tmml. Tbas wmuld jxpmsj irjdatmrs mn ncaljd oceks tm

lmss ’ ae tbj scgj wcy tbct irjdatmrs mn ncaljd eme-naeceiacl nargs crj jxpmsjd tm lmss ’

watbmut rjquaraeh tbj usj mn tcxpcyjr nueds mr mtbjr stctj rjsmurijs.

9.:6 Tbj AIO rjimggjedjd tbct aesurjd djpmsats (mely) oj prjnjrrjd, out tbjrj crj mtbjr

mptames. Nmr jxcgplj, cll djpmsats imuld oj prjnjrrjd. Mr cll djpmsats mn djpmsatmrs wbm crj

jlahaolj nmr djpmsat aesurceij. Tbj prms ced imes wall oj dannjrjet nmr jcib gmdjl. Nurtbjr

ceclysas ced imesultctame as ejjdjd, aeiludaeh me tbj agpcit mn djpmsatmr prjnjrjeij ae tbmsj

ùrasdaitames ’ suib cs tbj ZY ’ wbaib bcvj clrjcdy agpljgjetjd mej nmrg mr cemtbjr.

9.:3 Me oclceij, tbj Hmvjregjet suppmrts djpmsatmr prjnjrjeij. Bmwjvjr, tbj Hmvjregjet

ojlajvjs tbct nurtbjr ceclysas ced imesultctame as ejjdjd me tbj simpj ’ ae pcrtaiulcr me tbj

rjlctavj gjrats mn lagataeh djpmsatmr prjnjrjeij tm aesurjd djpmsats, cs mppmsjd tm jx tjedaeh at tm

jatbjr cll djpmsats, mr c dannjrjet suosjt.



42

Vragcry lmss-cosmroaeh icpciaty

9.:? Tbj NYO‑s stcedcrds me ocal-ae dm emt spjianaiclly jedmrsj c gaeagug cgmuet mn ocal-aecolj

djot, cltbmuhb tbjy crj imesastjet watb rjquaraeh mej. Tbj imesultctame dmiugjet me tbj

prmpmsjd Jurmpjce irasas gcechjgjet nrcgjwmrk dasiussjd c gaeagug ocal-aecolj djot

rjquarjgjet (out dad emt jxcgaej bmw at imuld oj iclaorctjd).3>

9.:9 Tbj AIO rjimggjedjd tbct0

• ZK-bjcdqucrtjrjd H-YAOs watb c ?.:% H-YAO suribcrhj, ced cll raeh-njeijd oceks

watb c rctam mn _XCs tm ZK HDV mn 9% mr gmrj, sbmuld oj rjquarjd tm bcvj

rjhulctmry icpatcl plus lmeh-tjrg uesjiurjd djot suo`jit tm tbj pragcry ocal-ae

pmwjr jqucl tm ct ljcst 38% mn _XCs;

• ZK H-YAOs watb c H-YAO suribcrhj ojlmw ?.:%, ced raeh-njeijd oceks watb c rctam

mn _XCs tm ZK HDV mn ae ojtwjje 3% ced 9%, sbmuld oj rjquarjd tm bcvj pragcry

lmss-cosmroaeh icpciaty sjt oy c sladaeh siclj nrmg 36.:% tm 38% mn _XCs; ced

• tbjsj rjquarjgjets sbmuld cpply tm ZK-bjcdqucrtjrjd H-YAOs ct tbj ljvjl mn tbj

imesmladctjd hrmup, ced ae cddatame tm ZK-dmgaialjd oceks watbae tbj hrmup me csmlm ocsas.

9.:4 Agpljgjetaeh c ocal-ae rjhagj tbct cllmws rjsmlutame cutbmratajs tm jxpmsj ijrtcae typjs mn

lacoalaty mn ncaljd oceks tm lmssjs ojnmrj mtbjrs aeijetavasjs oceks (ced tbjar aevjstmrs) tm gahrctj

cwcy nrmg tbmsj lacoalatajs tbct ojcr lmssjs narst. C imgpljgjet tm tbj AIO‑s rjimggjedctame nmr

c pragcry ocal-ae pmwjr as tbjrjnmrj tm rjquarj oceks tm bmld c gaeagug cgmuet mn lmss-

cosmroaeh icpciaty tbct as jatbjr (a) rjhulctmry icpatcl; mr (aa) lmeh-tjrg uesjiurjd djot tbct as

iljcrly adjetanajd cs ojaeh suo`jit tm c pragcry ocal-ae pmwjr38 ((a) ced (aa) tmhjtbjr imestatutj

‒pragcry lmss-cosmroaeh icpciaty‑, mr ‒VLCI‑). Tbj Hmvjregjet as strmehly suppmrtavj mn tbas

cpprmcib.

9.:: Tbj AIO bcs rjimggjedjd tbct tbj gaeagug ljvjl mn VLCI oj sjt ct 38% nmr tbj oahhjstH-YAOs ced nmr lcrhj raeh-njeijd oceks. Tbj AIO rjcibjd tbas imeilusame watb rjnjrjeij tm ljvjls

mn lmss tbct bcvj ojje sunnjrjd oy oceks ae bastmraicl irasjs, mosjrvaeh tbct lmss-cosmroaeh

icpciaty mn ct ljcst 38% mn _XCs wmuld bcvj ojje sunnaiajet tm imvjr tbj lmssjs mn ejcrly cll tbj

oceks ae ats scgplj (sjj Ibcrt 9.I nmr ocek lmssjs ae tbj rjijet irasas). Tbj AIO clsm crhujd tbct

tm tbj jxtjet oceks ae cey icsj ibmmsj tm nued tbjgsjlvjs usaeh lmeh-tjrg uesjiurjd wbmljsclj

nuedaeh, ced me tbj cssugptame tbct gckaeh suib djot jxplaiatly ocal-aecolj cdds 366ops tm ats

imst, c gaeagug VLCI rjquarjgjet mn 38% wmuld bcvj c sgcll agpcit me oceks‑ cvjrchj imst

mn nuedaeh.

3> Tjibeaicl Djtcals mn c Vmssaolj JZ Nrcgjwmrk nmr Ocek _jimvjry ced _jsmlutame, Jurmpjce Imggassame, @ceucry

?633. Cvcalcolj ct0bttp0//ji.jurmpc.ju/aetjrecl]gcrkjt/imesultctames/dmis/?633/irasas]gcechjgjet/imesultctame]pcpjr]je.pdn.38 Ced as uecgoahumusly suo`jit tm tbj ZK cutbmratajs‑ stctutmry ocal-ae pmwjrs.



41

Ibcrt 9.I0 Lmssjs sunnjrjd oy oceks ae tbj irasas cs c pjrijetchj mn _XCs (?668-?636)32


9.:> At imuld oj crhujd tbct tbj tahbtjeaeh up mn rask-wjahbts uedjr Ocsjl AAA gjces tbct

iclaorctaeh nuturj lmss-cosmroaeh icpciaty rjquarjgjets watb rjnjrjeij tm lmssjs cs c pjrijetchj

mn bastmraicl _XCs wall ljcd tm tbmsj rjquarjgjets ojaeh sjt tmm bahb ’ sm tbct tbj AIO‑s 38%

nahurj sbmuld imgj dmwe. Out me tbj mtbjr bced, an c systjgaiclly agpmrtcet ocek as tm oj

rjsmlvjd watbmut tcxpcyjr smlvjeiy suppmrt, tbjrj as ce crhugjet tbct at wall ejjd c ljvjl mn lmss-

cosmroaeh icpciaty tm jesurj tbj vacoalaty mn ct ljcst smgj mn ats mpjrctames cntjr cll lmssjs bcvj

ojje cosmrojd ’ sm tbct tbj AIO‑s 38% nahurj as tmm lmw.

9.:8 Tbj Hmvjregjet‑s vajw as tbct 38% as lakjly tm oj tbj cpprmpractj eugojr nmr tbj lcrhjst

aestatutames, out tbct nurtbjr imesultctame ced ceclysas sbmuld oj imeduitjd tm imenarg tbas. Tbj

Hmvjregjet suppmrts sjttaeh lmwjr VLCI rjquarjgjets nmr sgclljr ocek s. Cs dasiussjd aeVcrchrcpb 9.39 comvj, nurtbjr imesultctame as rjquarjd tm djtjrgaej wbjtbjr tbj iclaorctame mn

VLCI nmr sgclljr raeh-njeijd oceks rjimggjedjd oy tbj AIO as mptagcl. Tbj Hmvjregjet

suppmrts tbj AIO‑s rjimggjedctame tbct tbj VLCI rjquarjgjets oj agpmsjd cs c ounnjr, rctbjr

tbce c bcrd gaeagug rjquarjgjet (sjj Vcrchrcpb 9.34 nmr c dasiussame me tbas).

9.:2 Tbj AIO rjimggjedjd tbct tbj VLCI rjquarjgjet cpply tm oceks me c imesmladctjd hrmup

ocsas, ced clsm tbct ZK-dmgaialjd oceks gjjt tbj rjquarjgjet me c smlm ocsas. Xbjrj tbas

rjquarjgjet imvjrs hrmup cssjts mutsadj tbj ZK, tbj AIO‑s rjimggjedctames crj emt prjsiraptavj

32 Tbj lmssjs sbmwe ae Ibcrt 9.I rjprjsjet tbj sug mn rjclasjd lmssjs (wbaib rjduij ‒ejt aeimgj‑) ced uerjclasjd

lmssjs (wbaib rjduij ‒mtbjr imgprjbjesavj aeimgj‑). ‒Mtbjr imgprjbjesavj aeimgj‑ rjlctjs prjdmgaectjly tmuerjclasjd hcaes mr lmssjs me ‒cvcalcolj nmr sclj‑ sjiuratajs. Tm tbj jxtjet tbct smgj mn tbj uerjclasjd lmssjs ae Ibcrt 9.Igcy oj mnnsjttaeh prjvamus uerjclasjd hcaes, tbj agpcit mn tbjsj lmssjs me ocek vacoalaty gcy cppjcr mvjrstctjd.



:6

me wbjrj suib lmss-cosmroaeh icpciaty as assujd ’ cs lmeh cs at as jatbjr icpatcl, mr ocal-aecolj

uedjr tbj AIO‑s pragcry ocal-ae pmwjr. Tbas as imesastjet watb ce cpprmcib uedjr wbaib tbj

purpmsj mn rjquaraeh VLCI tm oj bjld chcaest hrmup-wadj cssjts as tm jesurj tbct ncalurjs mn eme-

ZK mpjrctames dm emt jedcehjr ZK naeceiacl stcoalaty ced sm put ZK tcxpcyjr nueds ct rask.

9.:1 Bmwjvjr, aetjrectamecl rjhulctmry djvjlmpgjets crj cagjd ct rjquaraeh cll H-YAOs tm

djvjlmp __Vs tbct gaeagasj tbj ejjd nmr smlvjeiy suppmrt nrmg bmgj mr cey bmst cutbmratajs ae

tbj jvjet mn narg ncalurj. ‑Irasas gcechjgjet hrmups‑ nmr cll H-YAOs ’ imesastaeh mn cll rjljvcetsupjrvasmrs ced rjsmlutame cutbmratajs ’ crj tcskjd watb jesuraeh tbct tbrmuhb im-mrdaectame ced

im-mpjrctame mn rjimvjry ced rjsmlutame plceeaeh ced citames, H-YAOs crj rjsmlvcolj.

9.>6 Tbj Hmvjregjet strmehly suppmrts puttaeh ae plcij aestatutame-spjianai irmss-omrdjr im-

mpjrctame chrjjgjets tbct djnaej tbj rmljs ced rjspmesaoalatajs mn dannjrjet cutbmratajs omtb prj-

irasas, ced duraeh c irasas. Ae laej watb tbj NYO‑s rjimggjedctames (jedmrsjd oy tbj H?6), tbjsj

chrjjgjets sbmuld0

• sjt mut tbj prmijssjs nmr im-mrdaectame ae tbj djvjlmpgjet mn __Vs, aeiludaeh nmr

cey pcrjet mr bmldaeh imgpcey ced saheanaicet suosadacrajs, orceibjs ced cnnalactjs;

ced

• prmvadj ce cpprmpractj ljvjl mn djtcal watb rjhcrd tm tbj irmss-omrdjr

agpljgjetctame mn spjianai rjsmlutame gjcsurjs, aeiludaeh watb rjspjit tm tbj usj mn

oradhj aestatutames ced ocal-ae pmwjrs.

9.>3 Tbj Hmvjregjet as clsm strmehly suppmrtavj mn tbj NYO‑s rjimggjedctame tbct rjsmlutame

cutbmratajs sbmuld im-mrdaectj ae rjhulcrly uedjrtckaeh rjsmlvcoalaty cssjssgjets nmr H-YANAs, tm

jvcluctj tbj njcsaoalaty mn rjsmlutame strctjhajs ced tbjar irjdaoalaty ae lahbt mn tbj lakjly agpcit mn

tbj narg‑s ncalurj me tbj naeceiacl systjg ced tbj mvjrcll jimemgy. Tbjsj cssjssgjets sbmuld

jxcgaej ae pcrtaiulcr0

• tbj jxtjet tm wbaib irataicl naeceiacl sjrvaijs ced pcygjet, iljcraeh ced sjttljgjet

nueitames ice imetaeuj tm oj pjrnmrgjd; ced

• tbj ecturj ced jxtjet mn aetrc-hrmup jxpmsurjs ced tbjar agpcit me rjsmlutame an

tbjy ejjd tm oj uewmued.

9.>? Imeijrtjd citame oy irasas gcechjgjet hrmups ced rjljvcet rjsmlutame cutbmratajs tm chrjj

__Vs, put ae plcij irmss-omrdjr im-mpjrctame chrjjgjets, ced imeduit im-mrdaectjd rjsmlvcoalaty

cssjssgjets crj agpmrtcet stjps ae agprmvaeh tbj rjsmlvcoalaty mn ZK-bjcdqucrtjrjd (ced mtbjr)

H-YAOs, ced sm rjduiaeh tbj rask mn ZK tcxpcyjrs ojaeh jxpmsjd sbmuld tbjy ncal.

9.>9 Xbjrj, cs c imesjqujeij mn tbjsj im-mrdaectjd citames, c H-YAO bcs mpjrctames ae cemtbjr

ùrasdaitame tbct dm emt pmsj c rask tm tbj ZK tcxpcyjr, at sbmuld emt oj ejijsscry nmr tbj ZK

rjhulctmry cutbmratajs tm agpmsj cddatamecl rjquarjgjets me tbmsj mpjrctames ’ ced dmaeh sm

gcy rask rjaenmriaeh cey pjrijptame tbct tbj ZK cutbmratajs wjrj bmldaeh tbjgsjlvjs mut cs

rjspmesaolj nmr tbj ocalaeh mut mn mvjrsjcs mpjrctames.

9.>4 Tbj Hmvjregjet‑s vajw as tbct ZK-bjcdqucrtjrjd H-YAOs sbmuld bcvj tm gjjt gaeagug

VLCI rjquarjgjets cirmss tbjar hlmocl mpjrctames, cs wjll cs ae tbj ZK , jxijpt wbjrj at ice oj

sbmwe tbct cey eme-ZK mpjrctames dm emt pmsj c rask tm ZK naeceiacl stcoalaty ced tbus tm tbj

ZK tcx pcyjr. Ae tbas icsj, tbj lmss-cosmroaeh icpciaty mn tbmsj nmrjahe mpjrctames ejjd emt

jxijjd cey aetjrectamecl mr lmicl stcedcrds. Tbas wmuld oj jvadjeijd oy, nmr jx cgplj, c rmoust,

irjdaolj plce nmr tbj rjsmlutame mn nmrjahe mpjrctames sjpcrctjly nrmg tbj rjsmlutame mn ZK

mpjrctames. Yuib c plce wmuld mn imursj ejjd tm oj imesastjet watb tbj mehmaeh rjspmesaoalatajs

mn tbj ZK cutbmratajs nmr tbj imesmladctjd hrmup supjrvasame mn suib jetatajs ced nmr im-

mrdaectame mn hrmup-wadj rjsmlutame plces mn ZK-bjcdqucrtjrjd H-YAOs. Tbj Hmvjregjet aetjeds

tm sjt mut nurtbjr djtcals me tbas ae ats Xbatj Vcpjr. Yuib ce cpprmcib0



:3

• cibajvjs tbj mo`jitavj ’ sbcrjd oy tbj AIO ced tbj Hmvjregjet ’ mn jesuraeh tbct

tbj ncalurj mn eme-ZK mpjrctames31 dmjs emt rjsult ae jxpmsurjs nmr tbj ZK tcxpcyjr;

• as imesastjet watb tbj NYO‑s rjimggjedctames tbct aestatutame-spjianai chrjjgjets

ojtwjje rjhulctmrs mn H-YAOs djnaej tbj rmljs ced rjspmesaoalatajs mn tbj vcramus

rjljvcet rjhulctmrs ced rjsmlutame cutbmratajs ae c irasas; ced

• nurtbjrs tbj AIO‑s mo`jitavj mn cllmwaeh aetjrectamecl rjhulctmry stcedcrds tm cpply

tm ZK oceks‑ aetjrectamecl mpjrctames prmvadjd tbct tbmsj mpjrctames dm emt pmsj ctbrjct tm tbj ZK tcxpcyjr, sm jesuraeh c ljvjl plcyaeh najld nmr tbj ZK‑s oceks ae tbj

hlmocl gcrkjt nmr naeceiacl sjrvaijs.

_jsmlutame ounnjr

9.>: Tbj H?6 bcs jedmrsjd tbj NYO rjimggjedctame tbct rmoust ced irjdaolj __Vs sbmuld oj

put ae plcij nmr cll nargs wbmsj ncalurj imuld bcvj ce agpcit me naeceiacl stcoalaty, ced tbct

cutbmratajs sbmuld oj colj tm tckj cpprmpractj gjcsurjs tm cddrjss cey djnaiajeiajs adjetanajd ae

tbj plces. Tbj JZ irasas gcechjgjet nrcgjwmrk as jxpjitjd tm aeiludj rjimvjry ced jcrly

aetjrvjetame tmmls ced pmwjrs nmr tbj JZ supjrvasmrs tm cvjrt narg ncalurj, cs wjll cs rjsmlutame

tmmls ced pmwjrs nmr rjsmlutame cutbmratajs tm gcechj jnnjitavjly c naeceiacl aestatutame ncalurj.

9.>> Tbj AIO rjimggjedjd tbct0

• tbj supjrvasmr mn cey ZK-bjcdqucrtjrjd H-YAO, mr cey raeh-njeijd ocek watb c rctam

mn _XCs tm ZK HDV mn 3% mr gmrj, sbmuld bcvj tbj dasirjtame tm rjquarj tbj ocek

tm bcvj cddatamecl lmss-cosmroaeh icpciaty ’ c ‒rjsmlutame ounnjr‑ ’ mn up tm 9% mn

_XCs an, cgmeh mtbjr tbaehs, tbj supjrvasmr bcs imeijres comut ats coalaty tm oj

rjsmlvjd ct gaeagug rask tm tbj puolai pursj; ced

• tbj dasirjtame sbmuld jxtjed tm djtjrgaeaeh tbj ecturj mn tbj rjsmlutame ounnjr (j.h.

jquaty, mr eme-icpatcl lmeh-tjrg uesjiurjd djot); tbj iclaorctame (watbae tbj rcehj

6%-9% mn _XCs); ced wbaib jetatajs ae c hrmup tbj rjquarjgjet sbmuld cpply tm.

9.>8 Tbj AIO‑s vajw wcs tbct cirmss systjgaiclly agpmrtcet oceks, gaeagug lmss-cosmroaeh

icpciaty rjquarjgjets sbmuld dannjr ciimrdaeh tm oceks‑ rjlctavj ljvjls mn rjsmlvcoalaty. Tbj AIO

ciijptjd tbct tbj prmpmsjd, vcracolj H-YAO suribcrhj wall cddrjss tbas tm smgj jxtjet, out

crhujd tbct tbj suribcrhj as nmiusjd me bmw systjgai oceks crj, ced as pragcraly djsahejd tm

prmvadj cddatamecl hmaeh-imeijre lmss-cosmrojeiy. Cs suib, at dmjs emt spjianaiclly nmius me

rjsmlvcoalaty.

9.>2 Tbjrj as ce crhugjet tbct oceks‑ rjsmlvcoalaty as cddrjssjd tbrmuhb tbj __V prmijss ’ ced

tbj Hmvjregjet strmehly suppmrts tbjar djvjlmpgjet. Out ’ ae pcrtaiulcr cs nargs trcesatame tm c

satuctame ae wbaib cll ZK oceks bcvj imgprjbjesavj, jnnjitavj __Vs ’ supjrvasmrs gcy stall bcvjsmgj imeijres comut rjsmlvcoalaty. Tbj Hmvjregjet tbjrjnmrj suppmrts supjrvasmrs bcvaeh tbj

coalaty tm rjquarj c narg tm bcvj cddatamecl lmss-cosmroaeh icpciaty an tbjrj crj imeijres comut ats

rjsmlvcoalaty.

9.>1 Tbjrj as ormcd imesjesus me tbj ejjd tm jed ‒tmm oah tm ncal‑. Ym at as cpprmpractj tbct

supjrvasmrs sbmuld bcvj imesadjrcolj nljxaoalaty ae cddrjssaeh rjsmlvcoalaty imeijres. Nmllmwaeh

tbas rjcsmeaeh, tbj Hmvjregjet as mn tbj vajw tbct 6%-9% mn _XCs as lakjly tm oj tbj

cpprmpractj rcehj nmr c rjsmlutame ounnjr. Tbj Hmvjregjet as clsm mn tbj vajw tbct supjrvasmrs

sbmuld bcvj tbj nljxaoalaty tm djtjrgaej bmw at sbmuld oj imestatutjd (j.h. watb ocal-aecolj djot,

jquaty, jti.) ced tm wbaib jetaty mr jetatajs at sbmuld oj cpplajd (j.h. tbj raeh-njeijd ocek mely,

31 At as mn imursj tbj icsj tbct ZK mpjrctames gust emt rjsult ae jxpmsurjs tm tbj ZK tcxpcyjr, jatbjr. Tbas mo`jitavj ascdvceijd oy tbj agpmsatame mn gaeagug VLCI rjquarjgjets me ZK jetatajs.



:?

eme-raeh-njeijd ocek mely, jti.) ’ cltbmuhb cpplaictame tm eme-ZK mpjrctames wmuld oj suo`jit

tm tbj quclanaictames dasiussjd ae Vcrchrcpb 9.>4. Nurtbjr ceclysas ced imesultctame wall oj

rjquarjd me tbjsj pmaets.

9.86 Tbj Hmvjregjet emtjs, ced strmehly suppmrts, tbj AIO‑s vajw tbct tbj rjsmlutame ounnjr

sbmuld ae em wcy oj sjje cs ce ciijptcolj lmeh-tjrg suostatutj nmr rmoust __Vs. Tbus tbj ejjd

tm agpmsj c rjsmlutame ounnjr sbmuld oj ce aedaictame mn ce aecdjquctj __V ’ tbj Hmvjregjet‑s

vajw as tbct tbj ojst mutimgj as nmr cll nargs tm bcvj irjdaolj, rmoust __Vs, watb em ejjd nmrcpplaictame mn tbj rjsmlutame ounnjr. (Me tbj mtbjr bced, an c narg stall havjs rasj tm rjsmlvcoalaty

imeijres ae spatj mn tbj cpplaictame mn c null rjsmlutame ounnjr, tbas sbmuld ae em wcy lagat ats

supjrvasmr‑s simpj tm usj nurtbjr pmwjrs tm cddrjss tbj prmoljg.)

9.83 Emtj tbct supjrvasmrs clrjcdy bcvj tbj nljxaoalaty tm aeirjcsj icpatcl rjquarjgjets me ce

aestatutame-spjianai ocsas uedjr tbj Ocsjl rjhulctmry nrcgjwmrk (uedjr ‒Vallcr ?‑). Vallcr ?

rjquarjgjets crj emt puolasbjd; rctbjr tbjy crj imggueaictjd pravctjly tm c narg oy ats

supjrvasmr. Tbj aetjrcitame ojtwjje tbj rjsmlutame ounnjr ced Vallcr ? rjquarjgjets ’ ced

wbjtbjr mr emt tbj djtcals mn cey rjsmlutame ounnjr sbmuld oj puolasbjd ’ wall rjquarj nurtbjr

imesadjrctame. Mej cdvcetchj mn kjjpaeh tbj djtcals mn cey rjsmlutame ounnjr pravctj as tbct at

gcy oj gmrj lakjly tm mpjrctj cs c ounnjr tbct c ocek ice usj an ejijsscry, rctbjr tbce cs c ejw,

bcrd gaeagug ’ sjj Vcrchrcpb 9.34 nmr c dasiussame me ounnjrs. Ced at gcy gatahctj cey gmrcl

bczcrd tbct gcy crasj nrmg c puolai cwcrjejss tbct tbj cutbmratajs imesadjrjd c ocek

uerjsmlvcolj.

9.8? Ejatbjr tbj rjsmlutame ounnjr, emr tbj gaeagug VLCI rjquarjgjets djsiraojd ae tbj

prjvamus sjitame, crj djsahejd cs gcirm-prudjetacl tmmls. Bmwjvjr, tbj Hmvjregjet as strmehly

suppmrtavj mn agprmvjd gcirm-prudjetacl rjhulctame, ced bcs jstcolasbjd ce aetjrag Naeceiacl

Vmlaiy Imggattjj mn tbj Ocek mn Jehlced tm gmeatmr systjgai rask ced prmvadj rjimggjedctames

tm tbj cutbmratajs ae rjlctame tm mvjrsahbt mn tbj naeceiacl systjg ced tbj usj mn gcirm-prudjetacl

tmmls.

Omx 9.D0 Ymgj mutstcedaeh pmlaiy qujstames

Tbj Hmvjregjet wall uedjrtckj c nmrgcl imesultctame ae Ypraeh ?63?. Bmwjvjr, tbjrj crj c

eugojr mn assujs sjt mut ae tbas ibcptjr me wbaib jcrlajr vajws wmuld oj wjlimgj, ae

pcrtaiulcr0

• As tbj rctam mn c ocek‑s _XCs tm ZK HDV tbj cpprmpractj aedaictmr tm iclaorctj ats

raeh-njeij ounnjr=

• Bmw sbmuld tbj gaeagug ljvjrchj rctam nmr lcrhj raeh-njeijd oceks oj

iclaorctjd=

• Ybmuld ocal-ae imvjr cll uesjiurjd lacoalatajs, out watb lmeh-tjrg uesjiurjd djottbct as iljcrly adjetanajd cs ojaeh suo`jit tm c pragcry ocal-ae pmwjr ojaeh rjquarjd

tm ojcr lmssjs cbjcd mn mtbjr (eme-icpatcl) lacoalatajs=

• Xbct crj tbj rjlctavj gjrats mn tbj dannjrjet nmrgs mn djpmsatmr prjnjrjeij=

• Dm ymu chrjj tbct tbj oahhjst H-YAOs, ced lcrhj raeh-njeijd oceks, sbmuld oj

rjquarjd tm bcvj c gaeagug VLCI-tm-_XCs rctam mn 38% (rjduijd nmr sgclljr

oceks)=

• Dm ymu chrjj tbct tbj supjrvasmrs mn ZK-bjcdqucrtjrjd H-YAOs ced raeh-njeijd

oceks comvj c ijrtcae sazj sbmuld oj colj tm rjquarj suib nargs tm bcvj cddatamecl

lmss-cosmroaeh icpciaty ’ c ‒rjsmlutame ounnjr‑ ’ tm tbj jxtjet tbjrj crj cey

imeijres comut tbj nargs‑ rjsmlvcoalaty=


http://slidepdf.com/reader/full/uk-government-and-banking-policy-english 53/76:9

4 Imgpjtatame

Tbj AIO‑s imgpjtatame rjimggjedctames

4.3 Me imgpjtatame, tbj AIO gcdj rjimggjedctames0

• tm agprmvj tbj prmspjits nmr c strmeh ced jnnjitavj ibclljehjr tm rjsult nrmg tbj

Llmyds Ocekaeh Hrmup (Llmyds) davjstgjet;

• tm jesurj tbct prudjetacl rjquarjgjets dm emt rjsult ae jxijssavj ocrrajrs tm jetry

nmr prmspjitavj ejw jetrcets wasbaeh tm jetjr tbj gcrkjt;

• tm agprmvj tbj prmijss nmr swatibaeh pjrsmecl ced sgcll ousaejss iurrjet ciimuets;

• tm jebceij trcespcrjeiy ae tbj rjtcal ocekaeh gcrkjt, ae pcrt oy gckaeh gmrj

aenmrgctame cvcalcolj tm iustmgjrs;

• tm sjiurj prm-imgpjtatavj naeceiacl rjhulctame vac tbj Naeceiacl Imeduit Cutbmraty

(NIC); ced

• me c pmssaolj nuturj gcrkjt aevjstahctame rjnjrjeij tm tbj imgpjtatame cutbmratajs.

4.? Tbj Hmvjregjet wjlimgjs tbjsj rjimggjedctames cs ce agpmrtcet imetraoutame tm tbj

djoctj me imgpjtatame ae naeceiacl sjrvaijs. Tbas ibcptjr tckjs tbj AIO‑s rjimggjedctames ae

ture ced sjts mut tbj Hmvjregjet‑s pmsatame.

4.9 Tbj Hmvjregjet as imggattjd tm nmstjraeh c strmeh, imgpjtatavj ocekaeh sjitmr. C

imgpjtatavj ocekaeh sjitmr as ejijsscry tm jesurj tbct tbj ZK jimemgy ice ojejnat nrmg

ocekaeh prmduits ced sjrvaijs ct jnnaiajet praijs. Jnnjitavj imgpjtatame as clsm c spur tm

aeemvctame ced jimemgai hrmwtb, ced ice ljcd tm ojttjr quclaty ced sjrvaij nmr imesugjrs. Tbj

jgjrhjeij mn c strmeh ced jnnjitavj ibclljehjr ocek nrmg tbj Llmyds davjstaturj ’ tbct wmuld

jxjrt rjcl, imgpjtatavj prjssurj me tbj oah oceks ’ wmuld oj hmmd nmr imgpjtatame.

4.4 Ibcehjs bcvj clrjcdy ojje gcdj wbaib wall agprmvj imgpjtatame ae ocekaeh. Tbj

Hmvjregjet bcs cddrjssjd tbj assuj mn uencar mvjrdrcnt ibcrhjs cs pcrt mn tbj Imesugjr Irjdat

ced Vjrsmecl Aesmlvjeiy _jvajw, puolasbjd ae Emvjgojr. Ibcehjs bcvj clsm ojje gcdj tm tbj

Naeceiacl Yjrvaijs Cutbmraty (NYC) ocek cutbmrasctame prmijss. Tbas as tbj prmijss cll prmspjitavj

ejw oceks gust hm tbrmuhb tm rjijavj cutbmrasctame. At as rahbt tbct tbj prmijss as tbmrmuhb ced

rmoust, out rjijet ibcehjs, aeiludaeh tbj usj mn prj-cpplaictame gjjtaehs ced ‒galjstmej‑

dmiugjetctame gjce tbct tbj prmijss as sgmmtbjr ced jcsajr tm ecvahctj nmr pmtjetacl ejw

oceks tbce at meij wcs.

4.: Tbj AIO‑s rjimggjedctames me naeceiacl stcoalaty wall clsm bjlp tm cddrjss imgpjtatame

imeijres ae naeceiacl sjrvaijs, ced imgpljgjet tbj imgpjtatame rjimggjedctames. Cs tbj AIO

emtjd ae ats naecl rjpmrt, naeceiacl stcoalaty rjimggjedctames tbct jlagaectj tbj agplaiat

hmvjregjet hucrcetjj crj tbjgsjlvjs prm-imgpjtatavj. Xbjrj oceks crj rjhcrdjd cs ‒tmm oah tm

ncal‑, gcrkjt pcrtaiapcets ’ ae pcrtaiulcr djot aevjstmrs ’ wall imetrcit watb tbjg me gmrj

ncvmurcolj tjrgs tbce watb sgclljr oceks, dastmrtaeh imgpjtatame ae tbj ZK ced ae tbj Jurmpjce

saehlj gcrkjt.



Tbj Llmyds Ocekaeh Hrmup davjstgjet

4.> Tbj AIO rjimggjedjd tbct tbj Hmvjregjet rjcib chrjjgjet watb Llmyds tm jesurj tbct tbj

Llmyds davjstgjet bcs c strmeh nuedaeh pmsatame rjlctavj tm ats pjjrs, ced tbct at bcs c sbcrj mn

tbj pjrsmecl iurrjet ciimuet (VIC) gcrkjt mn ct ljcst >%.

4.8 Tbj Hmvjregjet chrjjs tbct c strmeh nuedaeh pmsatame nmr tbj Llmyds davjstgjet cs

gjcsurjd chcaest ats pjjrs wall oj agpmrtcet nmr tbj ejw ibclljehjr ocek tm jecolj at tm

imgpjtj jnnjitavjly ae tbj gcrkjt. Ce aeirjcsjd davjstgjet, wbaib rjsultjd ae ce jetaty watb c

lcrhjr sbcrj mn tbj VIC gcrkjt, gahbt havj tbj ejw ibclljehjr ocek c ojttjr ibceij tm

ibclljehj jnnjitavjly.

4.2 Tbj Hmvjregjet dmjs ojlajvj tbct Llmyds sbmuld dm cll at ice tm irjctj c strmeh ced jnnjitavj

ibclljehjr, oy cddrjssaeh tbj rjimggjedctames mn tbj AIO me nuedaeh ced VIC gcrkjt sbcrj,

suo`jit tm tbj rjspmesaoalatajs sjt mut ae tbj Imgpceajs Cit ced watbmut jedcehjraeh ats mwe

vacoalaty mr nuedaeh stcoalaty. Tbj Hmvjregjet emtjs Llmyds‑ rjijet ceemueijgjet tm gmvj tm

jxilusavj dasiussames watb tbj Im-mpjrctavj Hrmup comut tbj davjstgjet. An c trcescitame wjrj tm

hm cbjcd, tbas wmuld djlavjr c saheanaicet jebceijgjet mn tbj VIC gcrkjt sbcrj, tm

cpprmxagctjly 8%-2%, wbaib wmuld bcvj ce cddatamecl pmsatavj agpcit me imgpjtatame

imgpcrjd tm ce aeatacl puolai mnnjraeh.

4.1 Tbj Hmvjregjet as tbj lcrhjst sbcrjbmldjr ae Llmyds, watb c 46.?% stckj ae tbj ocek. Out

tbjrj crj imestrcaets me tbj jxtjet tm wbaib tbj Hmvjregjet‑s mwejrsbap jecoljs at tm darjit tbj

omcrd mr gcechjgjet tjcg. Cs sjt mut ae tbj Imgpceajs Cit ?66>, tbj ocek‑s darjitmrs bcvj

naduiacry dutajs tm cit ae tbj imggjriacl aetjrjsts mn cll sbcrjbmldjrs, emt ùst tbj lcrhjst

sbcrjbmldjr. Tbj jxjiutame mn tbj davjstgjet as c imggjriacl gcttjr nmr Llmyds, prmvadjd tbjy

cdbjrj tm tbj tjrgs mn tbj stctj cad chrjjgjet ojtwjje tbj ZK Hmvjregjet ced tbj Jurmpjce

Imggassame. Tbjrjnmrj, tbj Hmvjregjet dmjs emt aetjed tm usj ats sbcrjbmldaeh ae Llmyds tm

djlavjr ce jebceijgjet mn tbj davjstgjet. Tbas as imesastjet watb tbj Hmvjregjet‑s stctjd

cpprmcib mn gcechaeh ats aevjstgjets ae ZK naeceiacl aestatutames me ce crg‑s ljehtb ced

imggjriacl ocsas, ojicusj tbas as tbj ojst wcy tm djlavjr tbj Hmvjregjet‑s mo`jitavjs tm rjstmrj

tbj oceks tm bjcltb ced rjture tbjg tm tbj pravctj sjitmr, rjclasaeh vcluj nmr tbj tcxpcyjr cs

sbcrjbmldjr.

Ocrrajrs tm jetry ced prudjetacl rjquarjgjets

4.36 Tbj AIO rjimggjedjd tbct tbj Vrudjetacl _jhulctmry Cutbmraty (V_C) wmrk watb tbj Mnnaij

mn Ncar Trcdaeh (MNT) tm rjvajw tbj cpplaictame mn prudjetacl stcedcrds tm jesurj tbct

rjquarjgjets nmr icpatcl ced laquadaty dm emt pmsj jxijssavj ocrrajrs tm jetry mr jxpcesame nmr

ejw jetrcets ced prmspjitavj ejw jetrcets tm tbj gcrkjt. Ae pcrtaiulcr, tbj AIO rjimggjedjd

tbct tbj usj mn stcedcrdasjd rask wjahbtaehs sbmuld emt pjeclasj oceks tbct dm emt gmvj tm ce

cdvceijd tcalmrjd cpprmcib duj tm tbj bahb imsts mn dmaeh sm.

4.33 Tbj Hmvjregjet as iljcr tbct prudjetacl stcedcrds nmr icpatcl ced laquadaty sbmuld emt cit

tm dcgpje jnnjitavj imgpjtatame, ced chrjjs tbct ejw oceks sbmuld emt oj trjctjd

dasprmpmrtamectjly, suo`jit tm tbj ljvjl mn rask. Cs gjetamejd, agprmvjgjets bcvj clrjcdy ojje

gcdj tm tbj NYC‑s cutbmrasctame prmijss, wbaib imuld cit cs c ocrrajr tm jetry nmr prmspjitavj

ejw oceks.

4.3? Tbj Hmvjregjet chrjjs tbct tbj MNT ced V_C sbmuld wmrk tmhjtbjr ilmsjly tm imesadjr tbas

rjimggjedctame, tckaeh aetm ciimuet wbct nurtbjr agprmvjgjets ice oj gcdj tm tbj NYC‑s

cutbmrasctame prmijss ced prudjetacl rjquarjgjets.

4.39 Ae ats aetjrag rjpmrt, tbj AIO rcasjd pmssaolj imeijres comut tbj coalaty mn sgcll oceks tmciijss tbj pcygjet systjgs. At scad tbjrj wcs smgj jvadjeij tm suhhjst tbct tbj coalaty mn oceks

tm ciijss tbj pcygjet systjgs tbrmuhb aeiugojets, ced tbj coalaty mn tbj Vcygjets Imueial tm


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gcaetcae c ljvjl plcyaeh najld ae pcygjets, wjrj emt imeduiavj tm c imgpjtatavj gcrkjt.

Bmwjvjr, tbj jvadjeij wcs emt iljcr-iut, ced tbas wcs emt rcasjd cs c suostcetacl ocrrajr oy gmst

ejw jetrcets. Tbjrjnmrj, tbj AIO dad emt gckj rjimggjedctames ae tbas crjc, ojymed

suhhjstaeh tbct tbj Ocek mn Jehlced, ae imllcomrctame watb tbj NIC ced MNT, sbmuld gmeatmr

ciijss tm tbj pcygjet systjgs ced tbj jnnjitavjejss mn tbj Vcygjets Imueial ae prmvadaeh

cdjquctj hmvjreceij tm jesurj aeemvctame ced imgpjtatame.

4.34 Tbj Hmvjregjet ojlajvjs tbct gmrj ejjds tm oj dmej tm oraeh tbj Vcygjets Imueial watbaetbj simpj mn naeceiacl rjhulctame, tck aeh aetm ciimuet tbj rjlctamesbap ojtwjje tbj Vcygjets

Imueial, ats gjgojrs ced aetjr-ocek pcygjet systjgs. Tbj Hmvjregjet as tbjrjnmrj djvjlmpaeh

c eugojr mn mptames nmr pmtjetacl rjnmrgs. BG Trjcsury wall puolasb c imesultctame me tbj

mptames, aeiludaeh mptames nmr irjctaeh c ejw rjhulctmry struiturj nmr tbj Vcygjets Imueial ced

tbj aetjr-ocek pcygjets rjhagj, tckaeh aetm ciimuet tbj ejjd tm prjsjrvj tbj stcoalaty ced

aetjhraty mn pcygjet systjgs; jebceij mpje imgpjtatame oy rjduiaeh ocrrajrs tm jetry; prmgmtj

aeemvctame; ced rjnljit tbj ejjds mn jed usjrs, cs wjll cs tbj ejjds mn pcygjet sjrvaij prmvadjrs.

Tbj imesultctame wall tckj plcij jcrly ae ?63?.

Ywatibaeh

4.3: Tbj AIO rjimggjedjd tbct c iurrjet ciimuet rjdarjitame sjrvaij sbmuld oj jstcolasbjd tm

sgmmtb tbj prmijss nmr aedavaducls ced sgcll ousaejssjs wasbaeh tm swatib tbjar ocek ciimuet tm

c dannjrjet prmvadjr. Tbj sjrvaij sbmuld oj nrjj tm usj nmr tbj iustmgjr, ictib cll irjdats ced

djoats aetm tbj mld (ilmsjd) ciimuet, sjed rjgaedjrs tm darjit djoat mrahaectmrs tm updctj tbjar

djtcals, ced prmvadj c hucrcetjj tbct iustmgjrs wall emt sunnjr cey lmss an gastckjs miiur.

4.3> Tbj AIO rjimggjedjd tbct tbj sjrvaij sbmuld oj nully mpjrctamecl oy Yjptjgojr ?639, ced

sbmuld oj djsahejd ced agpljgjetjd ae suib c wcy tbct dmjs emt agpmsj dasprmpmrtamectj

imsts me ejw jetrcet oceks, sgclljr plcyjrs mr darjit djoat mrahaectmrs. Naeclly tbj AIO

rjimggjedjd tbct tm jcsj tbj swatibaeh prmijss nmr sgcll ousaejss iustmgjrs, wbm gcy bcvj

sjiurjd lmces mutstcedaeh wbje tbjy wasb tm swatib oceks, tbj oceks sbmuld agprmvj tbj

prmijss nmr trcesnjrraeh sjiuraty. Tbas imuld aeiludj c gcxagug tagjsiclj nmr tbj rjljcsj mn

sjiuraty.

4.38 Tbj ceclysas imeduitjd oy tbj AIO suhhjsts tbct tbj lmw ljvjls mn swatibaeh ae ocekaeh crj

ae pcrt c prmoljg mn pjrijptame. Nmr jxcgplj, tbj AIO‑s naecl rjpmrt bahblahbts tbct c saheanaicet

prmpmrtame mn iustmgjrs gcy oj djtjrrjd nrmg swatibaeh cs tbjy ojlajvj tbj prmijss tm oj

iugojrsmgj, imgplaictjd mr rasky. Ae smgj aestceijs tbas cpprjbjesame rjhcrdaeh tbj swatibaeh

prmijss oy imesugjrs as ùstanajd. Tbj AIO bahblahbtjd tbct clgmst bcln mn imesugjrs wbm

swatibjd ciimuets jeimuetjrjd c prmoljg mn smgj kaed watb tbj swatibaeh prmijss.

4.32 C lmw ljvjl mn swatibaeh as emt ae atsjln c icusj nmr imeijre, cs ae c imgpjtatavj gcrkjt

swatibaeh rctjs ice rjgcae lmw cs cll nargs mnnjr iustmgjrs hmmd djcls, rjduiaeh tbj ejjd nmriustmgjrs tm swatib tm ravcls. At as nmr tbas rjcsme tbct rcasaeh swatibaeh rctjs pjr sj as emt ce

mo`jitavj nmr tbj Hmvjregjet. Bmwjvjr, iustmgjrs wbm wasb tm swatib sbmuld emt oj prjvjetjd

nrmg swatibaeh oy citucl mr pjrijavjd rasks tm tbjar coalaty tm usj tbjar iurrjet ciimuet.

4.31 Tbj Hmvjregjet tbjrjnmrj strmehly suppmrts tbj AIO rjimggjedctame me swatibaeh. At as

iljcr tbct nmr jnnjitavj imgpjtatame tm mpjrctj ae rjtcal ocekaeh imesugjrs ced ousaejssjs gust

oj colj tm swatib tbjar ciimuets quaikly ced jcsaly. Ywatibaeh ojtwjje prmvadjrs as c kjy wcy nmr

imesugjrs tm bmld tbjar ocek tm ciimuet, tm sjjk mut ojttjr djcls, ced nmr imgpjtatame tm djlavjr

ojttjr mutimgjs nmr imesugjrs. Tbj swatibaeh prmijss tbjrjnmrj ejjds tm oj cs scnj, rmoust,

ced jcsy nmr imesugjrs tm uedjrstced cs pmssaolj. Ae c wjll nueitameaeh gcrkjt watbmut ocrrajrs

tm swatibaeh, imesugjrs ced ousaejssjs omtb ojejnat. Imesugjrs wbm ice adjetany ojttjr djclscrj colj tm swatib prmvadjr tm ojejnat darjitly. Imesugjrs wbm ibmmsj emt tm swatib ice clsm

hcae nrmg ojttjr praijs ced sjrvaij, cs nargs ncijd watb c imgpjtatavj tbrjct nrmg ravcls crj


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nmrijd tm cdùst tbjar mnnjraeh tm iustmgjrs ciimrdaehly. Naeclly nargs ojejnat, cs tbmsj watb hmmd

prmduits ced sjrvaijs crj rjwcrdjd watb gmrj iustmg.

4.?6 Tbj ocekaeh aedustry, vac tbj Vcygjets Imueial, bcvj imggattjd tm agpljgjetaeh tbj AIO‑s

rjimggjedctames me swatibaeh.3 Tbj ejw sjrvaij wall oj ae plcij oy Yjptjgojr ?639 ced wall

prmvadj c hucrcetjj tbct tbj swatibaeh prmijss wall tckj em lmehjr tbce sjvje wmrkaeh dcys. Tbas

as c saheanaicet prmhrcggj mn wmrk. BG Trjcsury wall gmeatmr tbj prm`jit‑s prmhrjss oy bmldaeh

qucrtjrly gjjtaehs watb tbj Vcygjets Imueial ced aedustry rjprjsjetctavjs, bmldaeh tbj aedustrytm ciimuet. Tbj Hmvjregjet as iljcr tbct tbj systjg gust oj djsahejd, tjstjd ced djlavjrjd me

tagj, wbalj bcvaeh rjhcrd tm prmhrcggj imsts, pcrtaiulcrly nmr sgclljr ocek s.

4.?3 Meij tbj sjrvaij as mpjrctamecl, tbj Hmvjregjet wall cssjss wbjtbjr mr emt tbj sjrvaij bcs

djlavjrjd tbj jx pjitjd imesugjr ojejnats. An emt tbje nurtbjr gjcsurjs, aeiludaeh ‒null ciimuet

pmrtcoalaty‑, wall oj imesadjrjd.

4.?? Tbj Hmvjregjet bcs emtjd tbj suogassames tm tbj AIO, gcdj oy aedustry omdajs, wbaib

suhhjstjd tbct tbj rjljcsj mn sjiuraty (cpplaicolj nmr sjiurjd omrrmwjrs wasbaeh tm swatib

prmvadjr) gcy oj ce assuj nmr smgj sgcll ousaejss ocekaeh iustmgjrs. Tbj tagj at tckjs tm

rjljcsj sjiuraty nmr swatibaeh purpmsjs sbmuld emt oj c dasprmpmrtamectj mostcilj tm swatibaeh.

Tbj Hmvjregjet wall jxplmrj tbas assuj ae gmrj djtcal, ced wmuld oj aetjrjstjd ae rjijavaehnurtbjr jvadjeij nrmg sgcll ousaejss iustmgjrs ced nrmg tbj aedustry me tbj jxtjet mn cey

prmoljg, ced me tbj simpj nmr ejw ced jxastaeh ljedjrs tm agprmvj tbj prmijss nmr rjljcsaeh

sjiuraty.

Trcespcrjeiy

4.?9 Tbj AIO gcdj c eugojr mn rjimggjedctames cagjd ct agprmvaeh tbj ljvjl mn trcespcrjeiy

ae tbj ZK rjtcal ocekaeh gcrkjt. Tbj AIO rjimggjedjd tbct tbj MNT ced tbj NIC sbmuld wmrk

tmhjtbjr ced watb tbj naeceiacl sjrvaijs aedustry tm agprmvj trcespcrjeiy cirmss cll rjtcal ocekaeh

prmduits, ae pcrtaiulcr VICs ced ousaejss iurrjet ciimuets (OICs). _jhcrdaeh tbj trcespcrjeiy

mn praijs ae tbj gcrkjt, tbj AIO rjimggjedjd tbct oceks sbmuld prmvadj dctc me tbj imst mntbjar sjrvaijs nmr c scgplj mn rjprjsjetctavj iustmgjr prmnaljs, ced sbmuld gckj praij

aenmrgctame cvcalcolj ae ciijssaolj nmrgcts.

4.?4 Cs c narst stjp tm agprmvaeh trcespcrjeiy, tbj AIO rjimggjedjd tbct aetjrjst nmrjhmej me

irjdat oclceijs, rjlctavj tm tbj Ocek mn Jehlced ocsj rctj, sbmuld oj aeimrpmrctjd aetm tbj

ceeucl stctjgjets iurrjetly ojaeh aetrmduijd oy tbj aedustry, ced tbct tbj NIC sbmuld imeduit

imesugjr rjsjcrib rjhcrdaeh tbj ojst wcy tm prjsjet tbas aenmrgctame tm imesugjrs.

4.?: Ae cddatame, tbj AIO bahblahbtjd c eugojr mn crjcs wmrtby mn nurtbjr imesadjrctame tm

agprmvj trcespcrjeiy ae nuturj, suib cs nargs gckaeh ciimuet uschj dctc cvcalcolj tm iustmgjrs

ae jljitrmeai nmrg, rjquaraeh prmduit rcehjs tm aeiludj ce jcsaly imgpcrcolj stcedcrdasjd

prmduit ced djvjlmpaeh imgpcrasme tmmls nmr eme-praij prmduit ibcrcitjrastais.

4.?> Tbj Hmvjregjet as iljcr tbct naeceiaclly icpcolj imesugjrs crj ejjdjd tm dravj

imgpjtatame ae tbj ocekaeh sjitmr. Ocek aeh as c davjrsj ced imgpljx aedustry, ced tbj ljvjls mn

trcespcrjeiy bcvj ncllje sbmrt mn jxpjitctames ae tbj pcst. Aeirjcsjd trcespcrjeiy ae tbj

gcrkjtplcij ice bjlp pjmplj ojttjr uedjrstced tbj prmduits ced sjrvaijs me mnnjr, gcechj tbjar

gmejy gmrj jnnjitavjly, ced, oy gck aeh at jcsajr tm imgpcrj prmduits, gckj ce aenmrgjd

ibmaij. Tbj Hmvjregjet wall imetaeuj tm imesadjr tbj ojst wcys tm prmgmtj trcespcrjeiy ae tbj

gcrkjt ced as iljcr tbct tbj MNT ced tbj NIC sbmuld wmrk ilmsjly tmhjtbjr tm agprmvj

trcespcrjeiy.

3 Yjj Vcygjets Imueial prjss rjljcsj ct0 bttp0//www.pcygjetsimueial.mrh.uk/gjdac]ijetrj/prjss]rjljcsjs/- /pchj/3>32/ .



4.?8 Tbj MNT ced NYC bcvj omtb aevjstahctjd trcespcrjeiy ae tbj gcrkjt ae rjijet yjcrs. Tbj

MNT‑s gcrkjt study ae ?662 aetm VICs rjsultjd ae c eugojr mn vmluetcry aeatactavjs, chrjjd oy tbj

oceks, ae ?661. Tbjsj aeiludjd tbj aetrmduitame mn ceeucl stctjgjets mn tbj imst mn ciimuets tm

iustmgjrs, gckaeh ibcrhjs gmrj prmgaejet me ocek stctjgjets, prmvadaeh cvjrchj irjdat ced

djoat oclceijs, ced prmduiaeh allustrctavj sijecrams nmr uecutbmrasjd mvjrdrcnts. Tbj allustrctavj

sijecrams bcvj ojje cvcalcolj nrmg ocek wjosatjs saeij ?636 ced tbj gc`mraty mn tbj rjgcaeaeh

aenmrgctame sbmuld oj prmvadjd tm imesugjrs oy tbj jed mn ?633.

4.?2 Tbj MNT bcs clsm imggattjd tm rjvajw tbj gcrkjt chcae ae ?63?. Tbas rjvajw wall imesadjr,

cgmeh mtbjr tbaehs, tbj agpcit mn tbj trcespcrjeiy aeatactavjs clrjcdy ae plcij ced wbjtbjr

nurtbjr gjcsurjs, suib cs aenmrgctame me aetjrjst nmrhmej, crj rjquarjd ae tbj nuturj.

4.?1 Tbj MNT‑s ?662 gcrkjt study clsm adjetanajd spjianai assujs crmued tbj trcespcrjeiy mn

uecrrcehjd mvjrdrcnt ibcrhjs, wbaib ciimuet nmr c saheanaicet prmpmrtame mn oceks‑ rjvjeuj

nrmg VICs. Ae laej watb tbj Imclatame imggatgjet tm jed uencar ocek ced naeceiacl trcescitame

ibcrhjs, tbj Hmvjregjet bcs cddrjssjd tbas assuj cs pcrt mn tbj Imesugjr Irjdat ced Vjrsmecl

Aesmlvjeiy _jvajw. Me ?3 Emvjgojr tbj Hmvjregjet ceemueijd c ejw chrjjgjet watb tbj navj

gc`mr pjrsmecl iurrjet ciimuet prmvadjrs tm havj imesugjrs gmrj trcespcrjeiy ced imetrml mvjr

tbjar ibcrhjs. Zedjr tbas chrjjgjet, wbaib cpplajs tm cll null ncialaty ciimuets mnnjrjd oy tbj

gc`mr oceks, mvjr 2:% mn VIC iustmgjrs wall oj colj tm rjijavj c tjxt gjsschj wbje tbjar

oclceij nclls ojlmw c ijrtcae ljvjl ced wall oj gcdj cwcrj mn tbj tagj mn dcy oy wbaib tbjy ejjd

tm pcy ae nueds tm imvjr cey pcygjets ced cvmad c ibcrhj. Oceks wall clsm prmvadj c sgcll ounnjr

zmej tm jesurj tbct iustmgjrs crj emt ibcrhjd nmr hmaeh mvjr tbjar lagat oy c sgcll cgmuet. Tbj

tjxt cljrts wall oj cvcalcolj tm iustmgjrs oy Gcrib ?63?, watb tbj mtbjr twm gjcsurjs ae plcij

oy Gcrib ?639.

4.96 Tbjrj as clsm c kjy rmlj nmr tbj Gmejy Cdvaij Yjrvaij (GCY) ae aeirjcsaeh trcespcrjeiy ae

tbj gcrkjtplcij ced bjlpaeh imesugjrs gckj ojttjr djiasames. Tbj GCY as ce aedjpjedjet

omdy wbaib prmvadjs nrjj ced agpcrtacl aenmrgctame ced cdvaij tm gjgojrs mn tbj puolai me

gmejy gcttjrs. Nmllmwaeh c rjvajw mn ats prmduits ced sjrvaijs, tbj GCY aetjeds tm prmvadj c

gmrj pjrsmeclasjd gulta-ibceejl sjrvaij, gmrj nmiusjd me dahatcl tmmls ced cdvaij rctbjr tbce

aenmrgctame. Tbas wall aeiludj jxplmraeh tbj djgced nmr, ced njcsaoalaty mn, c imgpcrasme tmml nmr

VICs ae tbj imetjxt mn c wadjr rjvajw mn imgpcrctavj dctc.

4.93 Tbj Hmvjregjet as clsm tck aeh nmrwcrd nurtbjr stjps tm agprmvj trcespcrjeiy cs pcrt mn tbj

‒Gadctc‑ prmhrcggj. Gadctc as c vmluetcry prmhrcggj tbj Hmvjregjet as uedjrtckaeh watb ZK

ousaejssjs ced aedustry hrmups tm havj imesugjrs aeirjcsaeh ciijss tm tbjar pjrsmecl dctc ae c

pmrtcolj, jljitrmeai nmrgct. Aedavaducls wall tbje oj colj tm usj tbas dctc tm gckj gmrj aenmrgjd

ibmaijs comut prmduits ced sjrvaijs ced tm gcechj tbjar naeceiacl lavjs gmrj jnnaiajetly.

4.9? Tbj Djpcrtgjet nmr Ousaejss, Aeemvctame ced Ykalls ced tbj Icoaejt Mnnaij crj wmrkaeh watb

tbj ocekaeh aedustry tmwcrds cibajvaeh tbas hmcl nmr iurrjet ciimuet ced irjdat icrd usjrstbrmuhb Gadctc's Naeceij Yjitmr Omcrd.

Imgpjtatame ae tbj Naeceiacl Imeduit Cutbmraty‑s mo`jitavjs

4.99 Tbj NIC wall oj tbj ejw aetjhrctjd imeduit mn ousaejss rjhulctmr nmr naeceiacl sjrvaijs, ced

wall tckj c tmuhbjr, gmrj prmcitavj ced gmrj nmiusjd cpprmcib tm rjhulctaeh imeduit ae tbj

naeceiacl sjrvaijs aedustry ced gcrkjts ced sjiuraeh ojttjr mutimgjs nmr imesugjrs. Tbj NIC‑s

drcnt mo`jitavjs wjrj puolasbjd ae c Xbatj Vcpjr ae @uej.? Tbj AIO rjimggjedjd tbct tbj

jnnaiajeiy ced ibmaij mpjrctamecl mo`jitavj sbmuld oj rjplcijd watb ce mo`jitavj tm “prmgmtj

jnnjitavj imgpjtatame‗ ae gcrkjts nmr naeceiacl sjrvaijs. At wcs clsm rjimggjedjd tbct tbj

? C ejw cpprmcib tm naeceiacl rjhulctame0 tbj olujpraet nmr rjnmrg, BG Trjcsury, @uej ?633. Cvcalcolj ct0bttp0//www.bg-trjcsury.hmv.uk/imesult]naerjh]olujpraet.btg.



Hmvjregjet rjimesadjr tbj NIC‑s strctjhai mo`jitavj tm prmvadj hrjctjr ilcraty me imgpjtatame,

ibmaij, trcespcrjeiy ced aetjhraty.

4.94 Tbj Hmvjregjet chrjjs watb tbj AIO tbct jnnjitavj imgpjtatame as jssjetacl ae djlavjraeh tbj

rahbt mutimgjs nmr imesugjrs ced tbct tbj NIC bcs c kjy rmlj tm plcy ae prmgmtaeh jnnjitavj

imgpjtatame ae naeceiacl sjrvaijs gcrkjts. C ejw stctutmry imgpjtatame rjgat wall prmvadj tbj NIC

watb c iljcr gcedctj nmr swantjr gmrj jnnjitavj citame tm cddrjss imgpjtatame prmoljgs ae

naeceiacl sjrvaijs. Nmr jxcgplj, ae tbj icsj mn pcygjet prmtjitame aesurceij (VVA) tbjImgpjtatame Imggassame nmued tbct tbjrj wcs c lcik mn jnnjitavj imgpjtatame wbje VVA wcs smld

clmehsadj c lmce. Tbas rjsultjd ae imesugjrs nciaeh bahbjr praijs ced ljss ibmaij. At clsm

cllmwjd imedatames ae wbaib saheanaicet gas-sjllaeh imuld tckj plcij. Ae nuturj, c iljcr

imgpjtatame gcedctj wall jecolj tbj NIC tm usj ats pmwjrs tm tciklj tbj prmoljgs jeimuetjrjd

watb VVA gmrj quaikly ced jnnjitavjly.

4.9: Tbj Hmvjregjet bcs tbjrjnmrj clrjcdy imggattjd tm rjimesadjr tbj NIC‑s mo`jitavjs ae

lahbt mn tbj AIO‑s rjimggjedctames. Ae dmaeh sm, tbj Hmvjregjet bcs tckje aetm ciimuet tbj

rjimggjedctames mn tbj @maet Imggattjj mn Vcrlacgjet, jstcolasbjd tm imeduit prj-ljhaslctavj

sirutaey mn tbj drcnt Naeceiacl Yjrvaijs Oall, ced mtbjr stckjbmldjrs. Tbj prj-ljhaslctavj sirutaey

prmijss bcs emw imeiludjd, ced tbj naedaehs mn tbj Imggattjj crj puolasbjd me tbj scgj dcy

cs tbas rjspmesj dmiugjet. Tbj Imggattjj‑s rjimggjedctames crj ormcdly imesastjet watb

tbmsj mn tbj AIO. Tbj Hmvjregjet wall tbjrjnmrj oj tckaeh me omtb mn tbj AIO‑s

rjimggjedctames, rjnrcgaeh tbj NIC‑s strctjhai mo`jitavj ae tjrgs mn jesuraeh tbct gcrkjts

wmrk wjll, ced rjicstaeh tbj jnnaiajeiy ced ibmaij mpjrctamecl mo`jitavj ae tjrgs mn prmgmtaeh

jnnjitavj imgpjtatame ae tbj aetjrjsts mn imesugjrs. Tbj Hmvjregjet wall aetrmduij tbj Oall ’

aeiludaeh tbjsj rjdrcntjd mo`jitavjs ’ aetm Vcrlacgjet ae jcrly ?63?.

4.9> Tbj @maet Imggattjj clsm rjimggjeds tbct tbj NIC‑s strjehtbjejd imgpjtatame rjgat

sbmuld oj gctibjd watb ejw imgpjtatame pmwjrs ced rjspmesaoalatajs. Tbjsj aeiludj gcrkjt

aevjstahctame rjnjrjeij pmwjrs, (tm oj bjld imeiurrjetly watb tbj MNT, ae laej watb mtbjr sjitmrcl

rjhulctmrs) ced c rjquarjgjet tm rjspmed tm ‒supjr-imgplcaets‑ gcdj oy aetjrjstjd stckjbmldjrs

me imesugjr ced imgpjtatame assujs. Tbj Hmvjregjet wall imesadjr tbjsj ced mtbjr

rjimggjedctames gcdj oy tbj @maet Imggattjj ojnmrj aetrmduiaeh tbj Oall jcrly ejxt yjcr.

Gcrkjt aevjstahctame rjnjrjeij

4.98 Tbj AIO dad emt rjimggjed ce aggjdactj gcrkjt aevjstahctame rjnjrjeij tm tbj

Imgpjtatame Imggassame nmr tbj pjrsmecl mr ousaejss iurrjet ciimuet gcrkjts. Bmwjvjr tbj AIO

dad emtj tbct suib c rjnjrjeij gcy oj ejijsscry ae tbj nuturj. Ypjianaiclly, an tbj imgoaectame mn

ce jnnjitavj ibclljehjr rjsultaeh nrmg ce jebceijd Llmyds davjstgjet, tbj irjctame mn c strmeh

NIC, ced ce agprmvjd swatibaeh sjrvaij bcs emt rjsultjd ae djgmestrcolj agprmvjgjets oy

?63:, tbje tbj AIO rjimggjed tbct c gcrkjt aevjstahctame rjnjrjeij sbmuld oj citavjly

imesadjrjd.

4.92 Tbj Hmvjregjet as iljcr tbct tbj ZK‑s imgpjtatame cutbmratajs crj colj tm sirutaeasj tbj

naeceiacl sjrvaijs gcrkjt cs tbjy sjj nat. Tbj MNT ice gckj c gcrkjt aevjstahctame rjnjrjeij tm

tbj Imgpjtatame Imggassame ct cey pmaet an tbjy bcvj rjcsmecolj hrmueds tm suspjit tbct c

njcturj mr njcturjs mn c gcrkjt prjvjets, rjstraits mr dastmrts imgpjtatame. Bmwjvjr, cey nuturj

gcrkjt aevjstahctame rjnjrjeij gust oj tckje me ats gjrats ct tbj tagj ’ c djiasame wbaib as

pragcraly c gcttjr nmr tbj rjljvcet cutbmratajs.

jd



: Jimemgai agpcit cedimgpjtatavjejss

Aetrmduitame/suggcry

:.3 Ae ats naecl rjpmrt, tbj AIO jstagctjd tbct tbj tmtcl pravctj imsts tm oceks mn ats prmpmscls

wmuld oj ae tbj rcehj mn £4oe-£8oe pjr yjcr, ced tbj rjsultaeh smiacl imst wmuld oj £3oe-£9oe

pjr yjcr, mr rmuhbly 6.3% mn HDV. Yjt chcaest tbas smiacl imst, tbj AIO jstagctjd tbct tbj

ceeuclasjd imst mn naeceiacl irasjs as crmued 9% mn HDV, mr £46oe ae ?636 tjrgs. Tbj AIO

imeiludjd tbct ats rjimggjedctames tbjrjnmrj ejjd mely rjduij tbj imsts mn nuturj irasjs oy

ojtwjje 3/46tb ced 3/39tb ae mrdjr tm djlavjr ejt smiacl ojejnats.

:.? Tbas ibcptjr prjsjets tbj Hmvjregjet‑s mwe cssjssgjet mn tbj imsts ced ojejnats mn tbj

AIO‑s rjimggjedctames. Tbas bcs ojje aenmrgjd oy c rjvajw mn tbj AIO‑s gjtbmds ced rjsults,

suppmrtjd oy cddatamecl imst ced ojejnat ceclysas uedjrtckje me tbj ocsas mn gmdjllaeh

imeduitjd oy tbj gc`mr ZK oceks.

:.9 Tbj Hmvjregjet bcs imeiludjd tbct tbj imsts tm ocek s crj ormcdly cs jstagctjd oy tbj AIO,

out tbj agpcit me HDV wall oj smgjwbct ljss tbce tbj AIO‑s jstagctjs. Tbj gjcsurjs tbct tbj

AIO rjimggjedjd wall tbjrjnmrj djlavjr saheanaicet ejt ojejnats tm tbj ZK jimemgy ced tbj

tcx pcyjr. Tbj rjst mn tbas ibcptjr as sjt mut ae tbj nmllmwaeh sjitames0

• jimemgai imsts mn tbj AIO‑s rjimggjedctames ’ tbas sjts mut c rjvajw mn tbj AIO‑s

imsts ceclysas, ced djsiraojs tbj imsts ceclysas dmej oy tbj Hmvjregjet;

• ojejnats mn tbj AIO‑s rjimggjedctames ’ tbas lmmks ct tbj AIO‑s naeceiacl stcoalaty

ojejnats ceclysas, sjts mut tbj Hmvjregjet‑s naeceiacl stcoalaty ojejnats ceclysas, ced

jxcgaejs mtbjr jimemgai ojejnats mn tbj AIO‑s rjimggjedctames;

• wjahbaeh tbj imsts chcaest tbj ojejnats mn agpljgjetaeh tbj AIO‑s

rjimggjedctames; ced

• nurtbjr imst/ojejnat ceclysas.

Jimemgai imsts mn tbj AIO‑s rjimggjedctames

Tbj AIO‑s imsts ceclysas:.4 Me tbj ocsas mn aedjpjedjet ceclysts‑ rjpmrts ced dctc supplajd imenadjetaclly oy oceks, tbj

AIO jstagctjd tbj tmtcl pravctj imst mn ats rjimggjedctames tm cnnjitjd oceks tm oj ae tbj rcehj

£4oe-£8oe pjr yjcr. Tbj AIO jstagctjd tbct ct ljcst bcln mn tbj tmtcl pravctj imsts tm oceks crmsj

nrmg iurtcalaeh tbj agplaiat hmvjregjet hucrcetjj tm oceks sjje cs ‒tmm oah tm ncal‑, ced crhujd

tbct watbdrcwaeh tbas suosady wmuld sagply trcesnjr imsts watbae tbj jimemgy, emt irjctj cey

ejw imsts. Tbj AIO tbjrjnmrj jstagctjd tbct tbj tmtcl pravctj imsts imuld oj rjduijd oy tbas

prmpmrtame tm havj c tmtcl smiacl imst ae tbj rcehj £3oe-£9oe pjr yjcr.

:.: Tbj AIO‑s imsts ceclysas wcs suo`jit tm c eugojr mn irataiasgs. Mej ibclljehj as tbct tbj dctc

me ocek imsts tbct tbj AIO usjd wjrj tbjgsjlvjs ocsjd me ce aeimgpljtj uedjrstcedaeh mn tbj

AIO‑s prmpmscls, bcvaeh ojje prmduijd (oy oceks ced ceclysts) ojnmrj tbj AIO‑s naecl

rjimggjedctames wjrj kemwe. C sjimed ibclljehj tm tbj AIO‑s imsts ceclysas as tbct cltbmuhb


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tbj AIO jstagctjd tbj agpcit mn ats rjimggjedctames me HDV, at dad emt cttjgpt tm qucetany

smgj mtbjr imsts, ae pcrtaiulcr tbj agpcit me tbj puolai naeceijs.

Tbj Hmvjregjet‑s imsts ceclysas

:.> Ae mrdjr tm ibjik aedjpjedjetly tbj AIO‑s imsts jstagctjs, ced tm cddrjss tbj ibclljehjs tbct

bcvj ojje gcdj tm at, tbj Hmvjregjet imggassamejd ejw imst gmdjllaeh nrmg tbj gc`mr ZK

oceks ocsjd me tbj null AIO pcikchj.3 Me tbj ocsas mn dctc supplajd imenadjetaclly oy tbj oceks,

tbj Hmvjregjet jstagctjd tbj chhrjhctj pravctj imsts mn tbj AIO‑s rjimggjedctames. Tbj

Naeceiacl Yjrvaijs Cutbmraty‑s (NYC) gcirmjimemgai tmmls wjrj tbje usjd tm gmdjl tbj jnnjit mn

bahbjr ocek imsts me HDV, ced tbj Hmvjregjet jstagctjd tbj kemik-me agpcit mn AIO

agpljgjetctame me tbj puolai naeceijs.

Jstagctaeh tbj pravctj imsts tm oceks

:.8 Tbj Hmvjregjet jstagctjd tbj pravctj imsts mn tbj AIO‑s rjimggjedctames oy cskaeh oceks

tm gmdjl bmw tbj rjimggjedctames wmuld cnnjit oceks‑ oclceij sbjjts. Tbj oceks‑ gmdjllaeh

wcs ocsjd me c eugojr mn vjry saheanaicet cssugptames, wbaib crj dasiussjd ojlmw.

Chhrjhctaeh tbjsj gmdjl rjsults hcvj ce jstagctj mn tbj tmtcl pravctj imst.

:.2 Tm sjpcrctj tbj aeirjgjetcl imsts mn tbj AIO‑s rjimggjedctames nrmg tbj imsts agpmsjd oy

mtbjr rjhulctmry ibcehjs (praeiapclly Ocsjl AAA), oceks wjrj narst cskjd tm gmdjl ‒ocsjlaej‑ oclceij

sbjjts, aeiludaeh tbj ejw Ocsjl AAA icpatcl rjquarjgjets, tbj icpatcl suribcrhj nmr hlmocl

systjgaiclly agpmrtcet oceks, ced NYC laquadaty rjquarjgjets, out emt tckaeh ciimuet mn tbj

AIO‑s rjimggjedctames.

:.1 Bcvaeh jstcolasbjd tbjar ocsjlaejs, tbj oceks wjrj tbje cskjd tm gmdjl bmw tbmsj oclceij

sbjjts gahbt oj splat ojtwjje c raeh-njeijd ced c eme-raeh-njeijd ocek ae laej watb tbj AIO‑s

rjimggjedctames. Cddatamecl icpatcl ced ocal-aecolj lmeh-tjrg uesjiurjd djot ejjdjd tm gjjt

tbj AIO‑s prmpmsjd rjquarjgjets wcs tbje cddjd tm tbj oclceij sbjjts, ced tbj imst mn tbas

cddatamecl icpatcl ced nuedaeh icliulctjd. Aeatacl ced mehmaeh mpjrctamecl imsts mn tbj AIO

pcikchj wjrj clsm tckje aetm ciimuet.?

:.36 Tbas gmdjllaeh jxjriasj rjquarjd oceks tm cpply vjry suostcetacl cssugptames ced

sagplanaictames. Tbj mutput mn tbj jxjriasj as tbjrjnmrj suo`jit tm tbj nmllmwaeh icvjcts0

• oceks bcd tm gckj cssugptames comut tbj pjrnmrgceij mn tbjar vcramus ousaejss

laejs ced mn tbj wadjr jimemgy;

• ojymed splattaeh ousaejssjs cirmss tbj raeh-njeij ced assuaeh cey ejijsscry

cddatamecl icpatcl ced/mr nuedaeh, em ciimuet wcs tckje mn bmw oceks gahbt cdùst

tbjar mwe ousaejss plces ae rjspmesj tm tbj AIO‑s rjimggjedctames;

• em ojbcvamurcl rjspmesj oy iustmgjrs wcs tckje aetm ciimuet0 iustmgjrs wjrjcssahejd tm mej sadj mr mtbjr mn tbj raeh njeij, ced cssugjd emt tm gmvj; ced

• at wcs cssugjd tbct cey cddatamecl jquaty ced nuedaeh rjquarjd oy tbj oceks tm

gjjt tbj AIO‑s rjquarjgjets wmuld oj cvcalcolj nrmg aevjstmrs.

:.33 Tbj AIO cssugjd tbct sgclljr oceks ced oualdaeh smiajtajs clrjcdy mpjrctj watbae tbj

omueds mn tbj raeh-njeij, sm tbct cey imsts tm tbjg mn ats rjimggjedctames wmuld oj

3 Xatb tbj jxijptame tbct tbj AIO‑s rjimggjedctame tbct ZK H-YAOs oj rjquarjd tm bmld gaeagug ljvjls mn VLCIchcaest hrmup-wadj _XCs bcs emt ojje nully aeiludjd ae tbj imsts ceclysas. Yjj Vcrchrcpb 9.>4 comvj.? Ymgj pmtjetacl imsts wjrj jxiludjd nrmg tbj ceclysas, aeiludaeh tbj imsts mn sjvjraeh `maet ced sjvjrcl lacoalatajs nmr^CT ced tm miiupctamecl pjesame sibjgjs. Tbjsj wjrj jxiludjd cs pmlaiy mptames tm gaeagasj tbjg gcy oj cvcalcoljced cs tbjy wjrj emt imesastjetly gmdjlljd oy tbj dannjrjet oceks.



ejhlahaolj. Tbj Hmvjregjet chrjjs tbct tbj hrjct gc`mraty mn tbj imsts mn tbj AIO‑s

rjimggjedctames crj lakjly tm ncll me tbj lcrhjr oceks ced oualdaeh smiajtajs. Ojymed tbas hrmup,

wbalj tbj agpcit mn tbj AIO‑s rjimggjedctames gcy oj saheanaicet nmr smgj sgclljr oceks‑

ousaejss gmdjls, ae cosmlutj tjrgs tbj chhrjhctj imst tm tbjsj aestatutames as lakjly tm oj sgcll.

Aetrmduiaeh c nmrg mn dj gaeagas jxjgptame, cs dasiussjd ae Vcrchrcpb ?.>2 mewcrds comvj,

imuld clsm gaeagasj tbj imsts tm sgclljr oceks.

:.3? Me tbj ocsas mn tbas gmdjllaeh, tbj Hmvjregjet jstagctjs tbct tbj chhrjhctj pravctj imststm ZK oceks mn tbj AIO‑s rjimggjedctames wall ncll ae tbj rcehj £9.:oe-£2oe pjr ceeug,

cltbmuhb tbas dmjs ejjd tm oj imesadjrjd ae lahbt mn tbj saheanaicet icvjcts dasiussjd comvj. Tbas

jstagctj mn tbj pravctj imsts tm cnnjitjd oceks as sagalcr tm tbct prmduijd oy tbj AIO. Tbj rcehj

mn chhrjhctj imsts as tbj prmduit mn ueijrtcaetajs crmued bmw tbj imst mn wbmljsclj nuedaeh

wmuld oj cnnjitjd oy tbj aetrmduitame mn c ocal-ae pmwjr, ced bmw guib oceks wmuld ejjd tm

rcasj cddatamecl jquaty, ced ct wbct imst, ae mrdjr tm imgply watb tbj AIO‑s rjimggjedctames.

Tbj cssugptame tbct oceks wmuld emt cdùst tbjar ousaejss gmdjls ae rjspmesj tm tbj AIO‑s

rjimggjedctames, j.h. oy sbraekaeh cssjts, as lakjly tm jxchhjrctj tbj cgmuet mn cddatamecl

jquaty rjquarjd, ced bjeij tbj chhrjhctj imst tm tbj oceks.

Agpcit me HDV:.39 Tm jstagctj tbj agpcit mn cddatamecl ocek imsts me HDV, tbj Hmvjregjet usjd NYC

gcirmjimemgai gmdjls, aeiludaeh c vjrsame mn tbj ‒EaHJG‑ gmdjl mrahaeclly djvjlmpjd oy tbj

Ectamecl Aestatutj mn Jimemgai ced Ymiacl _jsjcrib. EaHJG bcs ojje jxtjesavjly usjd ae prm`jits

nmr tbj ZK Hmvjregjet, tbj Jurmpjce Imggassame ced hmvjregjets crmued tbj wmrld. Ats

strjehtb as tbct at as ocsjd me lmeh-rue bastmraicl dctc (mvjr ?: yjcrs‑ wmrtb) me c wadj rcehj mn

jimemgai rjlctamesbaps, cirmss gultaplj jimemgai iyiljs.

:.34 Zsaeh NYC gmdjls ced tbj dctc me pravctj imsts supplajd oy tbj oceks, tbj Hmvjregjet

jstagctjs tbct tbj aeirjcsjd imsts agpmsjd oy tbj AIO‑s rjimggjedctames wmuld rjsult ae ce

cvjrchj rjduitame ae HDV mn £6.2oe-£3.2oe pjr ceeug, jquavcljet tm c rjduitame mn 6.68%-

6.34% ae tbj lmeh rue. Tbj rcehj mn jstagctjd HDV agpcits as praeiapclly dravje oy tbj jxtjet tmwbaib oceks wmuld ejjd tm rcasj cddatamecl jquaty ae rjspmesj tm tbj AIO‑s rjimggjedctames.

Xbalj tbj lmwjr jed mn tbas rcehj as ormcdly imesastjet watb prjvamus NYC ceclysas, tbj bahbjr

jstagctj cssugjs guib lcrhjr cddatamecl jquaty rjquarjgjets, tckaeh em ciimuet mn cey

gatahctaeh citame oy oceks (j.h. sbraekaeh cssjts) ae rjspmesj tm bahbjr icpatcl rjquarjgjets. Tbj

bahbjr jstagctj gcy tbjrjnmrj jxchhjrctj tbj HDV agpcit mn tbj AIO‑s rjimggjedctames.

:.3: Tbj Hmvjregjet‑s jstagctj mn tbj HDV agpcit as smgjwbct lmwjr tbce tbct prmduijd oy

tbj AIO, ced dmjs emt, mn imursj, tckj ciimuet mn tbj imrrjspmedaeh ojejnats tm HDV nrmg

jebceijd naeceiacl stcoalaty, wbaib crj dasiussjd ojlmw.

Agpcit me tbj puolai naeceijs:.3> Mvjr tbj lmeh tjrg, tbj pragcry dravjr mn tcx rjijapts as HDV. Cssugaeh tbct tbj mvjrcll tcx

ourdje cs c sbcrj mn HDV as ueibcehjd, c rjduitame ae HDV wall rjsult ae c prmpmrtamectj ncll ae

tmtcl tcx rjijapts. Mvjr tbj lcst djicdj, tbj cvjrchj tcx/HDV rctam bcs ojje 9:.9%. At imuld oj

crhujd tbct tbas rctam sbmuld oj cdùstjd tm tckj ciimuet mn tbj naeceiacl sjrvaijs sjitmr‑s

dasprmpmrtamectj imetraoutame tm mvjrcll rjijapts. Bmwjvjr, tbj agpcit me HDV gmdjlljd cs

djsiraojd comvj wall clrjcdy aeiludj tbj agpcit mn rjduijd citavaty ae tbj naeceiacl sjitmr.

Cdùstaeh tbj tcx/HDV rctam wbje icliulctaeh tbj agpcit me tbj puolai naeceijs wmuld tbjrjnmrj

rask dmuolj-imuetaeh smgj mn tbj imsts mn tbj AIO‑s rjimggjedctames.


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Omx :.C0 Agpcit me ocek jquaty ced cttrcitavjejss nmr aevjstgjet

At bcs ojje crhujd tbct, oy agpmsaeh bahbjr imsts me oceks, tbj AIO‑s rjimggjedctames wall

rjduij oceks‑ rjture me jquaty, ced sm gckj oceks uecttrcitavj tm aevjstmrs. Bmwjvjr,

naeceiacl aestcoalaty as clsm jxtrjgjly dcgchaeh tm sbcrjbmldjr vcluj, cs pjramdai irasjs ice

wapj mut yjcrs mn ciiugulctjd rjtures tm jquaty bmldjrs. Nmr jxcgplj, lmssjs nrmg tbj rjijet

naeceiacl irasas ljnt jquaty aevjstmrs watb c iugulctavj rjcl rjture mvjr tbj lcst djicdj mn eal, cs

sbmwe ae tbj ibcrt ojlmw.

Ibcrt :.C0 Iugulctavj tmtcl rjcl rjtures me ocek jquaty (?666-?661) 9

Hrjctjr naeceiacl stcoalaty rjduijs tbj lakjlabmmd mn suib ictcstrmpbai lmssjs, sm rjnmrgs tbct

agprmvj tbj stcoalaty mn tbj ZK ocekaeh systjg wall ojejnat lmeh-tjrg vcluj aevjstmrs ae ocek

jquaty. _jgmvaeh aeijetavjs nmr oceks tm djplmy rjsmurijs me bahb-rask ced bahbly vmlctalj

citavatajs wall tbus suppmrt rjtures tm jquaty ae tbj lmeh rue.

:.38 Cpplyaeh tbj lmeh-rue tcx/HDV rctam tm tbj jstagctjd HDV agpcit mn tbj AIO‑s

rjimggjedctames, tbj Hmvjregjet jstagctjs tbct agpljgjetaeh tbj AIO‑s rjimggjedctameswmuld rjduij tmtcl tcx rjijapts oy crmued £966ge-£>:6ge pjr ceeug. Tbas dmjs emt ncitmr ae

tbj puolai naeceijs ojejnats mn jebceijd naeceiacl stcoalaty, ced njwjr, ljss sjvjrj naeceiacl irasjs.

:.32 Ae cddatame tm tbj agpcit me tcx rjijapts, tbjrj imuld clsm oj ce jnnjit me tbj vcluj mn

Hmvjregjet sbcrjbmldaehs ae oceks, suib cs _OY ced Llmyds. Oy agpmsaeh cddatamecl imsts me

oceks, tbj AIO‑s rjimggjedctames imuld pusb dmwe oceks‑ sbcrj praijs, rjduiaeh tbj gcrkjt

vcluj mn Hmvjregjet bmldaehs. At sbmuld oj emtjd, bmwjvjr, tbct tbas jnnjit gcy oj pcrtly

gatahctjd tm tbj jxtjet tbct aevjstmrs pjrijavj oceks cs ljss rasky watb tbj rjnmrgs ae plcij; sjj

Omx :.C comvj. Ocek gcechjgjets gcy clsm oj colj tm gatahctj tbj agpcit me rjture me jquaty

9 Ycgplj ocsjd me oceks ced aesurjrs ae Y&V :66, NTYJ Cll Ybcrj ced D@ JurmYTMRR aedaijs cs mn Gcrib ?661.Jxiludjs nargs nmr wbaib rjtures emt qumtjd mvjr jetarj scgplj pjramd.

-:6%

6%

:6%

366%

3:6%

?66%

Lcrhj Imgpljx Oceks Mtbjr Oceks

Ymurij0 Olmmgojrh, IrjdatYuassj/Trjgmet ced Ocek mn Jehlced icliulctames.

? 6 6 6

? 6 6 3

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oy cdùstaeh tbjar aetjrecl ousaejss plces, nmr jxcgplj oy iuttaeh imsts. Gcrkjt jxpjitctames mn

nuturj rjhulctmry rjnmrg crj ae cey icsj lakjly tm oj clrjcdy ncitmrjd aetm oceks‑ sbcrj praijs.

Imeilusames me imsts mn AIO agpljgjetctame

:.31 Tbj Hmvjregjet tbjrjnmrj jstagctjs tbj tmtcl pravctj imsts tm ZK ocek s mn agpljgjetaeh

tbj AIO‑s rjimggjedctames ct £9.:oe-£2oe. Tbjsj cddatamecl ocek imsts crj lakjly tm rjsult ae ce

cvjrchj hrmss rjduitame (a.j. ahemraeh tbj imrrjspmedaeh ojejnats) ae HDV mn £6.2oe-£3.2oe,

jquavcljet tm c rjduitame mn 6.68%-6.34% ae tbj lmeh tjrg, smgjwbct lmwjr tbce tbj AIO‑sjstagctj. Cll jlsj jqucl, tbas rjduitame ae HDV wmuld rjsult ae c ncll ae tmtcl tcx rjijapts mn

£966ge-£>:6ge pjr ceeug.

Ojejnats mn tbj AIO‑s rjimggjedctames

:.?6 Chcaest tbj imsts mn agpljgjetaeh tbj AIO‑s rjimggjedctames, dasiussjd comvj, sbmuld oj

sjt tbj pmtjetaclly guib hrjctjr ojejnats tbct tbjy wall oraeh tm tbj ZK jimemgy. Oy aeirjcsaeh

naeceiacl stcoalaty, tbj AIO‑s rjimggjedctames wall aeirjcsj HDV ae tbj lmeh rue oy gmrj tbce tbj

HDV imsts agpmsjd oy tbj AIO‑s rjimggjedctames (tbus yajldaeh c ejt ojejnat), oy rjduiaeh tbj

nrjqujeiy ced/mr sjvjraty mn naeceiacl irasjs, ced bjeij tbj imsts tbmsj irasjs agpmsj me tbj

jimemgy ced puolai naeceijs.

Tbj AIO‑s naeceiacl stcoalaty ojejnats ceclysas

:.?3 Tbj AIO jstagctjd tbct tbj ceeucl imst mn naeceiacl irasjs tm tbj ZK jimemgy wcs crmued

9% mn HDV, jquavcljet tm crmued £46 oallame ae ?636 tjrgs. Tbas nahurj wcs ocsjd me c survjy mn

cicdjgai studajs mn pcst naeceiacl irasjs imgpaljd oy tbj Ocsjl Imggattjj me Ocekaeh

Yupjrvasame. Nrmg tbas latjrcturj, tbj AIO jstagctjd tbj prmocoalaty mn c irasas miiurraeh ae cey

havje yjcr (4.:%), ced tbj ejt prjsjet vcluj mn tbj ncll ae HDV icusjd oy c irasas wbje mej dmjs

miiur (>9% mn HDV).4 Tbj prmduit mn tbjsj nahurjs hcvj tbj AIO‑s ceeuclasjd imst jstagctj mn

crmued 9% mn HDV. Imgpcraeh tbas nahurj watb ats jstagctj mn tbj imsts mn ats rjimggjedctames

(£3oe-£9oe pjr yjcr), tbj AIO crhujd tbct agpljgjetaeh ats prmpmsjd gjcsurjs wmuld melyejjd tm rjduij tbj imsts mn naeceiacl irasjs ae tbj nuturj oy ojtwjje 3/46tb ced 3/39tb ae mrdjr tm

djlavjr ejt ojejnats.

Tbj Hmvjregjet‑s naeceiacl stcoalaty ojejnats ceclysas

:.?? Agpljgjetaeh tbj AIO‑s rjimggjedctames wall aeirjcsj naeceiacl stcoalaty oy0

• iuroaeh aeijetavjs nmr jxijssavj rask-tckaeh;

• gckaeh oceks ojttjr colj tm cosmro lmssjs;

• aesulctaeh vatcl ocekaeh sjrvaijs nrmg sbmiks jlsjwbjrj ae tbj naeceiacl systjg; ced

• gckaeh ocek rjsmlutame jcsajr ced ljss imstly.

Iuroaeh aeijetavjs nmr jxijssavj rask-tckaeh

:.?9 Irjdatmrs wbm ojlajvj tbct tbjy crj prmtjitjd chcaest lmssjs oy c hmvjregjet hucrcetjj

wall bcvj lattlj aeijetavj tm rjstrcae oceks nrmg tckaeh jxijssavj rasks. Tbj AIO‑s rjimggjedctame

4Ce cssjssgjet mn tbj lmeh-tjrg jimemgai agpcit mn strmeh icpatcl ced laquadaty rjquarjgjets, OIOY, ?636. Cvcalcoljct0 bttp0//www.oas.mrh/puol/oios389.pdn. At sbmuld oj emtjd tbct tbjsj nahurjs crj suo`jit tm saheanaicet ueijrtcaety.Nmr jxcgplj, ae tbj latjrcturj survjyjd oy tbj OIOY, jstagctjs mn tbj mutput imst mn irasjs rcehj nrmg 3>% tm 96?% mnHDV. Irasjs gcy clsm oj gmrj imstly ae imuetrajs watb vjry lcrhj ocekaeh systjgs rjlctavj tm HDV (j.h. tbj ZK) tbce nmr

tbj wbmlj sjt mn imuetrajs imvjrjd oy tbj cicdjgai latjrcturj. Nuturj irasjs gcy clsm oj gmrj imstly tbce pcst mejs, csoceks ojimgj lcrhjr, gmrj imgpljx ced gmrj aetjrimeejitjd. _jhulctmry rjnmrgs, j.h. Ocsjl AAA, gcy bmwjvjrgatahctj tbas jnnjit, cs emtjd ct Vcrchrcpb :.94 ojlmw.



tbct rjhulctmrs oj colj tm agpmsj lmssjs me irjdatmrs ojnmrj ce aesmlvjeiy, tmhjtbjr watb tbj

djvjlmpgjet mn c rmoust rjsmlutame rjhagj, wall gckj at iljcr tbct ae nuturj ocek irjdatmrs wall

emt oj ocaljd mut oy tbj tcxpcyjr. Tbas wall irjctj guib strmehjr aeijetavjs nmr irjdatmrs tm

gmeatmr oceks‑ ljvjls mn rask ced tm djgced c prjgaug nmr aevjstaeh ae raskajr oceks. _aeh-

njeiaeh wall rjaenmrij tbas jnnjit oy aeirjcsaeh tbj trcespcrjeiy mn oceks‑ citavatajs, sm ljcdaeh tm

ojttjr praiaeh mn rask. Tbj gcrkjt ncalurj tbct ae tbj rue-up tm tbj rjijet irasas cllmwjd ueavjrscl

oceks tm motcae nuedaeh ct praijs tbct dad emt prmpjrly rjnljit tbjar ljvjls mn rask wall tbus oj

imrrjitjd. Xatb gmrj imgpljtj aenmrgctame ced watb tbj dastmrtame mn ce agplaiat hmvjregjethucrcetjj rjgmvjd, gcrkjt dasiaplaej wall rjstrcae oceks nrmg jxijssavj rask-tck aeh.

:.?4 Aeijetavasaeh oceks tm ojimgj ljss rasky bcs twm rjlctjd ojejnats. Narst, at wall gckj

aedavaducl oceks gmrj rjsalajet. Ae tbj jvjet mn c sbmik, c ocek tbct as ljss rasky wall sunnjr njwjr

lmssjs, ced sm oj ljss lakjly tm ncal. Out at wall clsm aejvatcoly rjduij tbj ljvjl mn rask ae tbj naeceiacl

systjg cs c wbmlj, gckaeh tbj systjg, cs wjll cs ats aedavaducl pcrts, gmrj stcolj.

Gckaeh oceks ojttjr colj tm cosmro lmssjs

:.?: Tbj AIO‑s rjimggjedctames me bahbjr jquaty rjquarjgjets wall gckj raeh-njeijd ocek s

ojttjr colj tm cosmro lmssjs wbalj rjgcaeaeh vacolj, prjvjetaeh gmdjrctj sbmiks nrmg ljcdaeh tm

wadjsprjcd ocek ncalurjs. Jxtjedjd ounnjrs mn jquaty wall oj pcrtaiulcrly vclucolj, cs tbjy wallcllmw oceks wbmsj jquaty as ormuhbt dmwe aetm tbj ounnjr (j.h. oy c naeceiacl sbmik) out

rjgcaes comvj tbj bcrd gaeagug tm kjjp me ljedaeh tm tbj jimemgy. Tbas wall rjduij tbj

agpcit me tbj rjcl jimemgy mn c gmdjrctj naeceiacl sbmik. Tbj AIO‑s rjimggjedctame tbct raeh-

njeijd oceks oj omued oy gaeagug ljvjrchj rctams cs c ocikstmp tm bahbjr icpatcl rctams wall

jesurj tbct oceks‑ lmss-cosmroaeh icpciaty as ljss vulejrcolj tm pmmr iclaorctame mn rask wjahbts.

:.?> Tbj AIO‑s rjimggjedctames me ocal-ae ced gaeagug pragcry lmss-cosmroaeh icpciaty

(VLCI) rjquarjgjets (cs dasiussjd ae Ibcptjr 9) agprmvj oceks‑ lmss-cosmroaeh icpciaty, out

praeiapclly ae rjsmlutame. Tbas as dasiussjd ojlmw.

Aesulctaeh vatcl ocekaeh sjrvaijs nrmg sbmiks jlsjwbjrj ae tbj naeceiacl systjg:.?8 Gck aeh ZK ocek s ojttjr colj tm cosmro lmssjs, ced aeijetavasaeh tbjg tm gmdjrctj tbjar

rask-tck aeh wall gckj tbjg scnjr. Out at wall emt jetarjly jlagaectj sbmiks, ae pcrtaiulcr sbmiks

mrahaectaeh ae tbj hlmocl naeceiacl systjg. Tbj AIO‑s rjimggjedctames wmuld ojttjr prmtjit tbj

ZK rjcl jimemgy chcaest suib sbmiks oy rjduiaeh tbj laekchjs ojtwjje raeh-njeijd oceks,

prmvadjrs mn jssjetacl sjrvaijs suib cs djpmsat-tckaeh ced pcygjet sjrvaijs, ced tbj wadjr

naeceiacl systjg.

:.?2 Tbj rjstraitames me tbj sjrvaijs tbct c raeh-njeijd ocek ice prmvadj, ced me tbj laeks at ice

bcvj watb tbj rjst mn ats ocekaeh hrmup, crj omtb agpmrtcet. Zedjr tbj AIO‑s rjimggjedctames,

c raeh-njeijd ocek imuld emt jehchj ae aevjstgjet ocekaeh citavatajs mr prmvadj sjrvaijs tm

naeceiacl aestatutames. Tbas wmuld lagat ats darjit jxpmsurj tm tbj ormcdjr naeceiacl systjg. Ae

cddatame, at imuld mely bcvj vjry lagatjd jxpmsurjs tm tbj rjst mn ats ocekaeh hrmup, ced sbmuld

emt oj djpjedjet me tbj rjst mn tbj hrmup nmr ats smlvjeiy mr laquadaty. Tbas wmuld lagat c raeh-

njeijd ocek‑s aedarjit jxpmsurj tm tbj naeceiacl systjg tbrmuhb tbj rjst mn ats hrmup. Tbas wmuld

rjduij tbj ibceijs mn c hlmocl naeceiacl sbmik aetjrruptaeh tbj imetaeumus prmvasame mn tbmsj

vatcl ocekaeh sjrvaijs, lagataeh c gc`mr pmtjetacl ibceejl mn imetchame tm tbj ZK rjcl jimemgy.

Gckaeh ocek rjsmlutame jcsajr ced ljss imstly

:.?1 Emtwatbstcedaeh tbjar agprmvjd rjsalajeij, omtb raeh-njeijd ced eme-raeh-njeijd oceks

wall stall miicsameclly ncal. Aedjjd, cllmwaeh nargs tm ncal ced jxat tbj gcrkjt as c kjy jljgjet mn

gcrkjt dasiaplaej0 ocdly gcechjd, ueimgpjtatavj nargs sbmuld ncij tbj rjcl prmspjit mn ncalaeh.Out oceks gust oj colj tm ncal scnjly, watbmut imst tm tbj tcxpcyjr, ced ae c wcy tbct jesurjs tbj

imetaeumus prmvasame mn jssjetacl ocekaeh sjrvaijs as gcaetcaejd.


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:.96 Tbj raeh-njeij wall agprmvj tbj rjsmlvcoalaty mn c ocekaeh hrmup oy rjduiaeh struiturcl

imgpljxaty, adjetanajd oy tbj Naeceiacl Ytcoalaty Omcrd cs mej mn tbj gmst agpmrtcet ocrrajrs tm

suiijssnul ocek rjsmlutame. Vrmbaoatjd nrmg icrryaeh mut imgpljx aevjstgjet ocekaeh citavatajs

(suib cs rueeaeh trcdaeh ommks, wbaib gcy imetcae lcrhj eugojrs mn imgpljx, ojspmkj

imetrcits tbct wmuld oj jxtrjgjly dannaiult nmr tbj cutbmratajs tm uewaed ae ce mrdjrly gceejr),

raeh-njeijd oceks wall oj jcsajr tm orjck up mr trcesnjr tm ejw mwejrsbap ae tbj jvjet mn ncalurj.

Tbj cutbmratajs wall tbjrjnmrj oj ojttjr colj tm jesurj tbct tbj imetaeumus prmvasame mn jssjetacl

ocek aeh sjrvaijs as gcaetcaejd watbmut tbj ejjd nmr c tcx pcyjr-nuedjd ocal-mut.

:.93 Tbj ocal-ae pmwjr wall cad rjsmlutame oy cllmwaeh tbj cutbmratajs tm rj-icpatclasj c ocek oy

agpmsaeh lmssjs me irjdatmrs ojnmrj ce aesmlvjeiy. Tbas wmuld oj pcrtaiulcrly usjnul nmr rjsmlvaeh

eme-raeh-njeijd oceks, ojicusj mn tbj dannaiulty mn orjckaeh up trcdaeh ommks ced tjrgaectaeh

djravctavjs imetrcits. Ymgj sagplanajd allustrctames mn bmw tbj AIO‑s rjimggjedctames wmuld cad

tbj rjsmlutame mn jcib mn c raeh-njeijd ocek ced ce aevjstgjet ocek crj sjt mut ae Omx :.O.

Omx :.O0 Bmw wmuld tbj AIO‑s rjnmrgs agprmvj rjsmlutame ae tbj jvjet mn ocek ncalurj=

Tbas omx djsiraojs ae sagplj tjrgs bmw tbj AIO‑s rjimggjedctames wmuld cad tbj rjsmlutame

mn jcib mn c raeh-njeijd ocek ced c eme-raeh-njeijd aevjstgjet ocek (cssugjd bjrj tm ojsjpcrctj ljhcl jetatajs jcib wbmlly-mwejd oy tbj scgj pcrjet). Cs rjsmlutame strctjhajs wall

vcry nrmg icsj tm icsj, tbjsj sijecrams crj emt aetjedjd cs prjdaitames mn bmw tbj cutbmratajs

wmuld cit ae jcib icsj0 rctbjr, tbjy mnnjr sagplanajd allustrctavj jxcgpljs mn tbj cddjd vcluj

tbct agpljgjetaeh tbj AIO‑s rjimggjedctames wmuld oraeh tm rjsmlutame cutbmratajs.

Ncalurj mn tbj aevjstgjet ocek

Ae tbas sijecram, cs c imesjqujeij mn saheanaicet lmssjs, tbj vacoalaty mn tbj aevjstgjet ocek as

iclljd aetm qujstame. Tbj praiaeh ced cvcalcoalaty mn, narst, lmeh-tjrg nuedaeh, ced tbje sbmrt-

tjrg nuedaeh, djtjramrctjs duj tm c lmss mn gcrkjt imenadjeij, ced tbj aevjstgjet ocek as

sbut mut mn tbj wbmljsclj nuedaeh gcrkjts. Ybmrt mn suatcolj imllctjrcl ced watb ats smlvjeiy

emt cssurjd, at as uecolj tm ciijss ijetrcl ocek laquadaty, ced imgjs tm tbj pmaet mn ncalurj.

Tbj raeh njeij sbmuld prmtjit tbj raeh-njeijd ocek nrmg tbj ncalurj mn ats pcrtejr aevjstgjet

ocek. Lagats me jxpmsurjs ojtwjje tbj twm wmuld icp tbj lmssjs sunnjrjd oy tbj raeh-njeijd

ocek. Tbj raeh-njeijd ocek‑s jquaty rctam gcy ncll aetm ats ounnjr, out wmuld oj ljss lakjly tm

orjcib ats bcrd gaeagug rjquarjgjet. Tbj raeh-njeijd ocek gcy sunnjr nuedaeh dannaiultajs

cs tbj supply nrmg tbj ncaljd aevjstgjet ocek as em lmehjr cvcalcolj, ced ‒orced imetchame‑

gcy gjce at as uecolj tm rcasj nueds nrmg tbj gcrkjt. Out an at rjgcaejd smlvjet, at wmuld oj

colj tm ciijss ijetrcl ocek laquadaty ncialatajs uetal gcrkjt imedatames agprmvjd. Oy gatahctaeh

tbj rasks tm tbj raeh-njeijd ocek‑s smlvjeiy ced laquadaty, tbj raeh-njeij wmuld bjlp jesurj

tbct tbj imetaeuaty mn sjrvaijs jssjetacl tm tbj rjcl jimemgy wmuld oj gcaetcaejd, ced vjry

saheanaicet jimemgai dasruptame tbus cvmadjd.

Xatb vatcl ocekaeh sjrvaijs prmtjitjd oy tbj raeh njeij, at gcy oj tbct tbj cutbmratajs imuld

cllmw tbj ncalaeh aevjstgjet ocek tm hm aetm aesmlvjeiy. An, bmwjvjr, tbj aevjstgjet ocek

wjrj djjgjd systjgai, tbj cutbmratajs gahbt ejjd tm cpply rjsmlutame pmwjrs ae mrdjr tm

stcoalasj at. Tbj ocal-ae pmwjr imuld uedjr tbj rahbt imedatames oj usjd tm rjicpatclasj tbj

ocek oy agpmsaeh lmssjs me irjdatmrs. Emejtbjljss, saheanaicet ibclljehjs tm aevjstgjet ocek

rjsmlutame rjgcae. Tbjsj ibclljehjs, ced tbj rjnmrgs ojaeh ormuhbt nmrwcrd oy tbj

Hmvjregjet tm cddrjss tbjg, crj dasiussjd ae Omx.3.C.


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Omx :.O (imetaeujd)0 Bmw wmuld tbj AIO‑s rjnmrgs agprmvj rjsmlutame ae tbj jvjet mn

ocek ncalurj=

Ncalurj mn tbj raeh-njeijd ocek

Ae tbas sijecram, tbj raeh-njeijd ocek sunnjrs bjcvy lmssjs, nmr jxcgplj nrmg ats jxpmsurjs

tm ZK rjsadjetacl mr imggjriacl prmpjrty gcrkjts. Tbjsj lmssjs rjduij tbj raeh-njeijd

ocek‑s icpatcl, ced cs c rjsult tbj ocek jxpjrajeijs smgj dannaiultajs ae ciijssaeh wbmljsclj

nuedaeh. Ct tbas stchj, surplus icpatcl rjsmurijs jlsjwbjrj ae tbj hrmup (j.h. nrmg tbj

aevjstgjet ocek) imuld oj ae`jitjd aetm tbj raeh-njeijd ocek tm stcoalasj ats pmsatame.

An tbas dmjs emt miiur, mr dmjs emt wmrk, nurtbjr lmssjs ced tbj uewallaehejss mn tbj ijetrcl

ocek tm prmvadj laquadaty ncialatajs tm c ocek tbct as emt iljcrly smlvjet gcy ljcd rjhulctmrs

tm imeiludj tbct tbj raeh-njeijd ocek as me tbj pmaet mn ncalurj, ced put at aetm rjsmlutame.

_jsmlutame mn tbj raeh-njeijd ocek wmuld oj cadjd oy tbj rjlctavj sagplaiaty mn c ocek

nmiusjd me rjtcal ocekaeh mpjrctames, watb em saheanaicet trcdaeh ommk mr djravctavj

pmsatames tm oj uewmued. At gcy oj tbct tbj wbmlj ocek ice oj smld tm c tbard pcrty.

Cltjrectavjly, kjy mpjrctames aeiludaeh bahb strjjt orceibjs ced aesurjd djpmsats watb

gctibaeh cssjts, gcy oj smld, watb tbj rugp mn tbj ocek ojaeh put aetm aesmlvjeiy. An em

sclj as njcsaolj ae tbj sbmrt tjrg, mtbjr rjsmlutame tmmls gcy oj usjd, suib cs tbj trcesnjr mn

ousaejssjs tm c oradhj ocek. Tbj ocek imuld clsm oj rjicpatclasjd tbrmuhb ocal-ae, watb

djot ojaeh wrattje dmwe ced/mr imevjrtjd tm jquaty.

Yuiijssnul rjsmlutame tbrmuhb sclj, trcesnjr mr rjicpatclasctame oy ocal-ae wmuld bjlp jesurj

tbj imetaeuaty mn jssjetacl ocekaeh sjrvaijs prmvadjd oy tbj raeh-njeijd ocek tm tbj ZK

jimemgy. Tbj dcgchj tm tbj rjcl jimemgy mn tbj raeh-njeijd ocek‑s ncalurj wmuld tbus oj

gaeagasjd, watbmut tbj ejjd nmr tcxpcyjr smlvjeiy suppmrt.

Gjcewbalj, nmr ats pcrtejr raeh-njeijd ocek tm bcvj ncaljd, tbj aevjstgjet ocek gust bcvj

ojje jatbjr uewallaeh mr uecolj tm suppmrt at. Tm tbj jxtjet tbct mtbjr gcrkjt citmrs ojlajvj

tbas tm oj c sahe mn tbj aevjstgjet ocek‑s wjck naeceiacl pmsatame, at gcy sunnjr c lmss mnaevjstmr imenadjeij, rjstraitaeh ats ciijss tm wbmljsclj nuedaeh. An tbj aevjstgjet ocek as

wjll-icpatclasjd ced bcs c strmeh laquadaty pmsatame, at gcy oj colj tm survavj c tjgpmrcry

nuedaeh nrjjzj (pcrtaiulcrly an at rjgcaes smlvjet ced colj tm ciijss ijetrcl ocek laquadaty

ncialatajs) out an emt tbj aevjstgjet ocek imuld clsm oj ormuhbt tm tbj pmaet mn ncalurj. Ae

tbct icsj, cs jxplcaejd comvj, tbj rjsmlutame cutbmratajs wall ejjd tm djiadj wbjtbjr tm

cllmw tbj ocek tm hm aetm aesmlvjeiy mr rjsmlvj at usaeh tbj ejw tmmls iurrjetly uedjr

djvjlmpgjet.

:.9? Ae omtb sijecrams djsiraojd ae Omx :.O, ae tbj sbmrt tm gjdaug tjrg cey suiijssmr mr

oradhj oceks, wbjtbjr c raeh-njeijd ocek mr ce aevjstgjet ocek, gcy wjll oj mpjrctaeh ae tbjaricpatcl ced/mr VLCI ounnjrs. Dasirjtamecry dastraoutames mn jcreaehs suib cs davadjeds ced

omeusjs wall oj rjstraitjd wbalj icpatcl as oualt up. Ciijss tm nuedaeh gcrkjts gcy oj

imestrcaejd, rjquaraeh rjlaceij me ijetrcl ocek laquadaty ncialatajs. Ced omtb ae tbj rue-up tm c

irasas, ced ats cntjrgctb, oceks crj stall lakjly tm sbraek tbjar oclceij sbjjts tm agprmvj tbjar

icpatcl pmsatames, watb ce cdvjrsj agpcit me tbj supply mn irjdat tm tbj jimemgy. Bmwjvjr, tbj

raeh-njeij ced strjehtbjejd rjsmlutame pmwjrs aeiludaeh ocal-ae wall agprmvj tbj cutbmratajs‑

coalaty tm djcl swantly watb c ncalaeh ocek, cllmwaeh vacolj ousaejssjs tm oj rjstmrjd tm naeceiacl

bjcltb sm tbct cey agpcit me tbj wadjr jimemgy as kjpt tm c gaeagug.

Jimemgai ojejnats mn agprmvjd naeceiacl stcoalaty

:.99 Tbj Hmvjregjet tbjrjnmrj ojlajvjs tbct tbj AIO‑s rjimggjedctames wmuld djlavjr vjry

saheanaicet ojejnats tm ZK naeceiacl stcoalaty. Hrjctjr naeceiacl stcoalaty wall gjce njwjr ced/mr ljss



sjvjrj naeceiacl irasjs ae nuturj, wbaib wall ljcd tm bahbjr HDV, ced strmehjr puolai naeceijs, ae

tbj lmeh tjrg, tbmuhb tbj jxcit jxtjet mn tbj ojejnat tm HDV wall djpjed me bmw nrjqujet ced

sjvjrj nuturj naeceiacl irasjs wall oj, wbaib as dannaiult tm nmrjicst watb prjiasame.

:.94 Zsaeh tbj AIO‑s jstagctj mn tbj ceeuclasjd imst mn naeceiacl irasjs, bmwjvjr, at as pmssaolj tm

allustrctj tbj ojejnats tbct aeirjcsjd naeceiacl stcoalaty wmuld oraeh. Tbj AIO jstagctjd tbct

naeceiacl irasjs imst tbj ZK jimemgy crmued £46oe jcib yjcr (ocsjd me jstagctjs mn tbj

prmocoalaty mn c irasas miiurraeh ae c havje yjcr ced mn tbj mutput imst mn irasjs wbje tbjy dmmiiur). Cs ce allustrctame, an rjhulctmry rjnmrgs suib cs Ocsjl AAA wjrj tm rjduij tbj lakjlabmmd mn

irasjs oy 96%, tbas wmuld yajld c ojejnat tm HDV mn crmued £3?.:oe pjr ceeug. An cddatameclly

tm tbas tbj AIO‑s rjimggjedctames rjduijd tbj prmocoalaty mn irasjs oy mely c nurtbjr 36% (oy

gmdjrctaeh naeceiacl sjitmr rask ced aeirjcsaeh ocek rjsalajeij), ced rjduijd tbj HDV imst mn c

irasas oy ?:% (oy prmtjitaeh vatcl ocekaeh sjrvaijs ced jebceiaeh ocek rjsmlutame pmwjrs), tbj

AIO‑s rjimggjedctames wmuld yajld ce aeirjgjetcl jimemgai ojejnat mn £1.:oe pjr ceeug. Tbas

as cpprmxagctjly navj tm tje tagjs tbj jstagctjd HDV imst mn tbj AIO‑s rjimggjedctames.

:.9: Tbj Hmvjregjet ojlajvjs tbct tbj agpcit mn tbj AIO‑s rjimggjedctames ae aeirjcsaeh ZK

oceks‑ rjsalajeij ced rjsmlvcoalaty ae tbj jvjet mn c irasas wmuld oj vjry saheanaicet. Oy aeirjcsaeh

naeceiacl stcoalaty, tbj AIO‑s rjimggjedctames wmuld tbjrjnmrj prmduij vjry suostcetacl ojejnats

tm HDV, pmssaoly cs guib cs £1.:oe pjr ceeug ae tbj lmeh rue, watb c suosjqujet ojejnat tm

tbj puolai naeceijs.

Mtbjr jimemgai ojejnats mn tbj AIO‑s rjimggjedctames

:.9> Ae cddatame tm agprmvjd naeceiacl stcoalaty, tbj AIO‑s rjimggjedctames wmuld clsm djlavjr c

rcehj mn mtbjr ojejnats tm tbj ZK jimemgy ced tbj tcxpcyjr. Tbjsj ojejnats aeiludj0

• aeirjcsjd jimemgai wjlncrj crasaeh nrmg hrjctjr naeceiacl ced jimemgai stcoalaty;

• aeirjcsjd jnnaiajeiy nrmg tbj watbdrcwcl mn suosadajs tm irjdat ced rask; ced

• wjlncrj hcae nrmg jebceijd imgpjtatame watbae tbj ZK ocekaeh sjitmr.

Xjlncrj ojejnat nrmg aeirjcsjd naeceiacl ced jimemgai stcoalaty

:.98 Aedjpjedjetly mn tbj bahbjr ljvjl mn HDV tbct njwjr, ljss sjvjrj naeceiacl irasjs wall

prmduij, hrjctjr naeceiacl ced jimemgai stcoalaty wall oraeh saheanaicet wjlncrj ojejnats tm

smiajty. Tbas as ojicusj aedavaducls ced nargs vcluj stcoalaty mn aeimgj cs wjll cs aeimgj ljvjls,

nmr jxcgplj vcluaeh hrjctjr sjiuraty chcaest suddje nclls ae aeimgj, suib cs imuld rjsult nrmg

rjduedceiy mr ocekruptiy. Gmdjrctj, stcolj hrmwtb ae HDV wall tbjrjnmrj oj prjnjrcolj tm c

HDV pctb tbct jeds ct tbj scgj ljvjl out sjjs omtb spjitciulcr aeirjcsjs ced pjramdai ousts

clmeh tbj wcy.

:.92 Tbj wjlncrj ojejnat nrmg hrjctjr jimemgai stcoalaty as jxtrjgjly bcrd tm qucetany, ced emwadjly ciijptjd gjtbmds nmr dmaeh sm watb cey prjiasame yjt jxast. Bmwjvjr, havje tbct

aedavaducls crj kemwe tm oj gmrj cvjrsj tm pmtjetacl lmssjs tbce cttrcitjd tm pmtjetacl hcaes, tbj

vcluj cttcibjd oy smiajty tm hrjctjr stcoalaty mn aeimgj as lakjly tm oj saheanaicet.

Jnnaiajeiy hcae nrmg suosady watbdrcwcl

:.91 Cs tbj AIO pmaetjd mut, tbj agplaiat hmvjregjet hucrcetjj rjprjsjets c suosady nrmg

hmvjregjet tm tbmsj oceks imesadjrjd ‒tmm oah tm ncal‑. Tm tbj jxtjet tbct mtbjr gcrkjt citmrs

ojlajvj c ocek tm oj hmvjregjet hucrcetjjd, tbct ocek wall oj colj tm omrrmw gmrj ibjcply

ced tckj hrjctjr rasks (nmr jxcgplj oy ojaeh gmrj ljvjrchjd) tbce wmuld mtbjrwasj oj pmssaolj.

Ct tbj scgj tagj, tbj hmvjregjet tckjs me c imetaehjet lacoalaty tm stced ojbaed tbj ocek, cedtbas lacoalaty wmuld irystcllasj cs c lcrhj lmss tm tbj puolai naeceijs ae tbj jvjet mn tbj ocek

ncalaeh. Jstagctjs mn tbj vcluj mn tbas hucrcetjj tm oceks rcehj wadjly0 tbj AIO jstagctjd tbj



iurrjet vcluj mn tbj agplaiat hmvjregjet hucrcetjj tm ZK oceks ct “mvjr £36 oallame‗ pjr

ceeug.

:.46 Tbas suosady tm rask-tckaeh ae tbj naeceiacl sjitmr dastmrts tbj cllmictame mn rjsmurijs cirmss

tbj jimemgy. Tbj cgmuet mn omtb icpatcl ced lcomur ibceejlljd aetm ocekaeh citavatajs wall, ae

tbj prjsjeij mn tbj suosady, oj bahbjr tbce tbj smiaclly mptagcl ljvjl. _jgmvaeh tbj suosady

wmuld cllmw rjsmurijs tm nmllmw gcrkjt praij sahecls ced oj cllmictjd gmrj jnnaiajetly,

aeirjcsaeh jimemgai jnnaiajeiy ced wjlncrj cs wjll cs suppmrtaeh tbj rjoclceiaeh mn tbjjimemgy, ae laej watb tbj Hmvjregjet‑s wadjr jimemgai strctjhy.

:.43 Tbj suosady rjprjsjetjd oy tbj agplaiat hucrcetjj clsm trcesnjrs wjcltb watbae smiajty ae

wcys tbct crj dannaiult tm ùstany. Tbj imetaehjet lacoalaty tm oceks tbct crj ‒tmm oah tm ncal‑

trcesnjrs wjcltb nrmg tcxpcyjrs tm ocek iustmgjrs, jgplmyjjs ced sbcrjbmldjrs, tm tbj jxtjet

tbct tbjsj hrmups je`my lmwjr praijs, bahbjr pcy mr bahbjr rjtures cs c rjsult mn tbj suosady. Ym

wbalj tbj ojejnats mn tbj suosady ciiruj tm pcrtaiulcr hrmups (smgj mn wbmg gcy oj mvjrsjcs),

tbj imsts ncll me ZK tcxpcyjrs cs c wbmlj, wbaib as aejquatcolj. Mvjr tagj, tbj suosady clsm bcs c

prm-iyilaicl jnnjit, aeirjcsaeh HDV ae ommg yjcrs oy gckaeh irjdat gmrj ibjcply cvcalcolj, out

gckaeh rjijssames djjpjr wbje tbjy dm miiur (ced naeceiacl irasjs gmrj sjvjrj), cs c rjsult mn

bahbjr ljvjls mn djot. Tbj suosady tbus uedjrgaejs jimemgai stcoalaty ae tbj lmeh rue.

Ojejnats mn aeirjcsjd imgpjtatame ae tbj ZK ocekaeh sjitmr

:.4? Tbj AIO‑s rjimggjedctames me aeirjcsaeh imgpjtatame watbae tbj ZK ocekaeh sjitmr wall

clsm djlavjr saheanaicet jimemgai ojejnats. Imgpjtatavj prjssurjs me oceks wall oj aetjesanajd oy

tbj jgjrhjeij mn ibclljehjr oceks (aeiludaeh nrmg tbj Llmyds davjstgjet), rjduijd ocrrajrs tm

jetry, hrjctjr trcespcrjeiy mn praijs ced aeirjcsjd pmssaoalatajs nmr iustmgjrs tm swatib oceks.

:.49 Tbj jxtjet mn tbmsj ojejnats wall lcrhjly djpjed upme tbj ojbcvamurcl rjspmesjs mn ocek

iustmgjrs ced bmw tbjsj crj pjrijavjd mr cetaiapctjd oy ocek gcechjgjets. Nmr jxcgplj, tbj

hrjctjr tbj aeirjcsj ae ciimuet swatibaeh, tbj gmrj oceks wall ncij prjssurj tm mnnjr ojttjr tjrgs

tm tbjar iustmgjrs, ojejnattaeh cll iustmgjrs, emt ùst tbmsj wbm swatib. Yagalcrly, tbj jxtjet tmwbaib ejw ibclljehjr oceks nmrij aeiugojets tm agprmvj tjrgs mr sjrvaijs wall djpjed me bmw

guib aeiugojets njcr tbct jxastaeh mr pmtjetacl nuturj iustmgjrs gahbt prjnjr c ibclljehjr.

:.44 Tbj jxtjet mn tbj imgpjtatame ojejnats mn tbj AIO‑s rjimggjedctames as tbjrjnmrj

ueijrtcae, out guib mn tbj ueijrtcaety lajs me tbj upsadj, watb tbj AIO‑s rjimggjedctames

yajldaeh c pmtjetaclly vjry lcrhj aeirjcsj ae imgpjtatavj prjssurj watbae tbj ZK ocekaeh sjitmr, ct

rjlctavjly lmw imst. Tbj Hmvjregjet tbjrjnmrj jxpjits ce jimemgai ojejnat nrmg tbj AIO‑s

imgpjtatame rjimggjedctames, ced emtjs tbct ZK oceks bcvj clrjcdy chrjjd, tbrmuhb tbj

Vcygjets Imueial, tm agpljgjet tbj ciimuet swatibaeh sjrvaij tbct tbj AIO rjimggjedjd.



Omx :.I0 Tbj AIO‑s rjimggjedctames ced tbj imgpjtatavjejss mn tbj ZK naeceiacl sjrvaijs

sjitmr

Tbj AIO tjrgs mn rjnjrjeij rjquarjd at tm bcvj rjhcrd tm tbj jnnjit mn ats rjimggjedctames me

tbj imgpjtatavjejss mn tbj ZK naeceiacl ced prmnjssamecl sjrvaijs sjitmr. Tbj AIO‑s cssjssgjet

wcs tbct tbj agpcit mn ats rjimggjedctames wmuld oj ormcdly ejutrcl ced ae tbj lmeh-tjrg

pmsatavj. Ae pcrtaiulcr0

• oy tcrhjtaeh ats rjimggjedctames pragcraly me tbj dmgjstai rjtcal citavatajs mn ZK

oceks, ats rjimggjedctames wmuld lcrhjly cllmw tbj wbmljsclj ced aevjstgjet

ocekaeh sadjs tm imgpjtj me tbj ocsas mn aetjrectamecl emrgs ced stcedcrds;

• jvje wbjrj tbjy crj cnnjitjd, tbj prmpmrtame mn citavatajs darjitly cnnjitjd oy ats

rjimggjedctames wmuld oj rjlctavjly sgcll. Tbj wbmljsclj ced aevjstgjet

ocekaeh davasames mn ZK oceks imestatutj crmued 3:% mn tbj Iaty, watb tbj hrjct

gc`mraty imgprasjd mn nmrjahe aestatutames ced eme-oceks; ced

• ormcdjr dmgjstai naeceiacl stcoalaty wmuld irjctj c gmrj stcolj ced wjlimgaeh

jevarmegjet nmr aevjstgjet nrmg naeceiacl sjrvaijs imgpceajs crmued tbj wmrld.

Tbj Hmvjregjet chrjjs watb tbas ceclysas. Tbj Hmvjregjet suppmrts strmeh, stcolj cedsuiijssnul ZK oceks, ced as imggattjd tm gcaetcaeaeh tbj iurrjet pmsatame mn Lmedme cs c

wmrld-ljcdaeh naeceiacl ijetrj. Out tbas suiijss sbmuld emt oj ct tbj jxpjesj mn naeceiacl

stcoalaty, emr oj gcaetcaejd tbrmuhb agplaiat suosadajs tm tbj ocekaeh sjitmr. Agplaiat

hmvjregjet hucrcetjjs tm ZK oceks baedjr tbj imgpjtatavjejss mn mtbjr sjitmrs ced

dcgchj tbj Iaty‑s rjputctame nmr c ncar ced ljvjl plcyaeh najld, mej mn ats kjy strjehtbs cs c

naeceiacl ijetrj.

Gmrj ormcdly, c strmeh naeceiacl sjitmr djpjeds me dmgjstai naeceiacl ced gcirmjimemgai

stcoalaty. Cs tbj rjijet irasas bcs sbmwe, dmgjstai naeceiacl aestcoalaty ice bcvj c vjry lcrhj

ejhctavj agpcit me tbj puolai naeceijs ced tbj wadjr jimemgy. Tbas rjduijs aevjstmr

imenadjeij, ced rjduijs tbj simpj nmr hmvjregjet tm irjctj cttrcitavj imedatames nmraevjstgjet, nmr jxcgplj tbrmuhb irjctaeh c wjlimgaeh tcx jevarmegjet.

Tbas as c pcrtaiulcr rask wbjrj tbj naeceiacl sjitmr imestatutjs suib c lcrhj pcrt mn tbj

jimemgy, cs at dmjs ae tbj ZK. Tbj Hmvjregjet as imggattjd tm irjctaeh c tcx ced

aenrcstruiturj jevarmegjet tbct wall gckj tbj ZK tbj gmst cttrcitavj jevarmegjet nmr

naeceiacl sjrvaijs ae tbj wmrld. Out tm gcaetcae ats pmsatame ae tbj lmeh tjrg, at as agpjrctavj

tm aetrmduij tcrhjtjd rjnmrg tbct gckjs tbj ZK‑s ocekaeh sjitmr gmrj stcolj ced

aetjrvjetame ct tbj tcxpcyjrs‑ jxpjesj ljss lakjly ae tbj nuturj.

Xjahbaeh tbj imsts chcaest tbj ojejnats mn AIO agpljgjetctame:.4: Tbj AIO‑s rjimggjedctames wall djlavjr vjry saheanaicet ojejnats tm ZK naeceiacl stcoalaty,

ced bjeij tm tbj jimemgy, pmtjetaclly aeirjcsaeh HDV oy cs guib cs £1.:oe pjr ceeug, watb

imesjqujet ojejnats tm tbj puolai naeceijs. Ae cddatame, tbj AIO‑s rjimggjedctames wall prmduij

suostcetacl ojejnats tm jimemgai jnnaiajeiy ced smiacl wjlncrj ae tbj lmeh rue. Sucetanyaeh tbjsj

ojejnats as ejijsscraly suo`jit tm smgj ueijrtcaety, out cs tbj allustrctavj icliulctame prjsjetjd ct

Vcrchrcpb :.94 comvj djgmestrctjs, tbj jimemgai ojejnats mn jvje rjlctavjly gmdjst

agprmvjgjets ae naeceiacl stcoalaty crj vjry suostcetacl, havje tbj jxtrjgjly bahb imsts tbct

naeceiacl irasjs agpmsj me tbj jimemgy. Yuib ojejnats ice tbjrjnmrj saheanaicetly mutwjahb tbj

jimemgai imsts mn agpljgjetaeh tbj AIO‑s rjimggjedctames, wbaib tbj Hmvjregjet jstagctjs

ct £6.2oe-£3.2oe pjr ceeug.



:.4> Tbj Hmvjregjet ojlajvjs tbct tbj jimemgai ojejnats mn agpljgjetaeh tbj AIO‑s

rjimggjedctames wmuld saheanaicetly mutwjahb tbj imsts ced tbjrjnmrj djlavjr saheanaicet ejt

ojejnats tm tbj jimemgy ced tbj puolai naeceijs.

Omx :.D0 Gatahctaeh sbmrt-tjrg rasks nrmg AIO agpljgjetctame

At bcs ojje crhujd tbct nmiusaeh smljly me tbj lmeh-tjrg imsts ced ojejnats mn tbj AIO‑s

rjimggjedctames mvjrlmmks smgj pmtjetaclly saheanaicet jimemgai imsts ae tbj sbmrt tjrg. Aepcrtaiulcr, tbj crhugjet bcs ojje gcdj tbct oy agpmsaeh bahbjr imsts me oceks, tbj AIO‑s

rjimggjedctames wall jeimurchj tbjg tm sbraek tbjar oclceij sbjjts ced iut ocik me

ljedaeh tm tbj rjcl jimemgy. Xatb dj-ljvjrchaeh oy bmusjbmlds, imgpceajs ced oceks

clrjcdy citaeh cs c drch me tbj jimemgy, ciijljrctaeh tbas prmijss imuld rask uedjrgaeaeh

tbj iurrjet rjimvjry.

At wcs ae rjimheatame mn tbas rask tbct tbj AIO rjimggjedjd c naecl djcdlaej mn ?631, tbj

scgj cs nmr null agpljgjetctame mn tbj Ocsjl AAA rjquarjgjets. Bmwjvjr, tbj AIO clsm scad

tbct jnnmrts sbmuld oj gcdj tm agpljgjet tbj raeh-njeij smmejr. Tbj Hmvjregjet wall

jesurj tbct cll tbj ejijsscry ljhaslctame tm agpljgjet tbj raeh-njeij as ae plcij oy tbj jed mn

tbas Vcrlacgjet ae Gcy ?63:, ced oceks wall oj jxpjitjd tm oj imgplacet cs smme csprcitaiclly pmssaolj tbjrjcntjr. Tbj Hmvjregjet wall wmrk watb tbj oceks tm djvjlmp c

rjcsmecolj trcesatame tagjtcolj.

Ae tbj sbmrt tjrg, tbj Hmvjregjet imetaeujs tm suppmrt hrjctjr ciijss tm irjdat nmr YGJs ae

mrdjr tm nujl rjimvjry, nmr jxcgplj tbrmuhb tbj ‒Gjrlae‑ ljedaeh chrjjgjets watb gc`mr

oceks ced tbj Irjdat Jcsaeh sibjgj ceemueijd oy tbj Ibceijllmr ae tbj Cutuge Ytctjgjet

ae Emvjgojr.

Nurtbjr imst/ojejnat ceclysas

:.48 Bcvaeh imesadjrjd tbj mvjrcll praeiapljs mn tbj AIO‑s rjimggjedctames, nurtbjr imst/ojejnat

ceclysas wall nmius me spjianai qujstames mn pmlaiy djsahe, cs tbj ojst wcys tm agpljgjet tbmsj

praeiapljs crj djvjlmpjd, ae imesultctame watb tbj ocekaeh aedustry ced mtbjr aetjrjstjd pcrtajs.

Tbj mo`jitavj mn nurtbjr imst/ojejnat ceclysas wall oj tm aenmrg tbj prjiasj djsahe mn gjcsurjs

suib cs tbj raeh-njeij ced lmss cosmrojeiy rjquarjgjets, ae mrdjr tm adjetany tbj gmst imst-

jnnjitavj wcy mn agpljgjetaeh tbj AIO‑s rjimggjedctames.

:.42 Duraeh tbas prmijss, tbj Hmvjregjet wall imetaeuj tm jehchj watb oceks, aedustry

rjprjsjetctavjs ced mtbjr aetjrjstjd hrmups, tm imetaeuj djvjlmpaeh ats agpcit gmdjllaeh

gjtbmds, ced tm cddrjss imeijres rcasjd ae rjspmesj tm ats naedaehs tm dctj.



> Agpljgjetctame

Aetrmduitame

>.3 Tbj AIO rjimggjedjd tbct tbj ejijsscry ljhaslctame ced ruljs nmr agpljgjetaeh ats rjnmrg

prmpmscls oj put ae plcij rcpadly, watb tbj rjnmrgs tm oj imgpljtjd oy em lctjr tbce tbj

ojhaeeaeh mn ?631. Tbj Hmvjregjet's aetjetame as tbct agpljgjetctame sbmuld prmijjd ae stchjs

watb tbj naecl, eme struiturcl, ibcehjs rjlctjd tm lmss cosmrojeiy nully imgpljtjd oy tbj

ojhaeeaeh mn ?631. Vragcry ced sjimedcry ljhaslctame rjlctjd tm tbj raeh-njeij wall oj imgpljtjd

oy tbj jed mn tbas Vcrlacgjet ae Gcy ?63: ced oceks wall oj jx pjitjd tm oj imgplacet cs smme

cs prcitaiclly pmssaolj tbjrjcntjr. Tbj Hmvjregjet wall wmrk watb tbj oceks tm djvjlmp c

rjcsmecolj trcesatame tagjtcolj.

>.? Tbj rjst mn tbas ibcptjr sjts mut c nulljr tagjtcolj nmr agpljgjetctame mn tbj AIO‑s

rjimggjedctames, ced dasiussjs agpljgjetctame mptames.

Tagjtcolj nmr agpljgjetctame

>.9 Tbj Hmvjregjet wall oraeh nmrwcrd c Xbatj Vcpjr ae Ypraeh ?63?, ae wbaib at wall sjt mut ae

djtcal ats prmpmsjd gjtbmdmlmhy nmr agpljgjetaeh tbj AIO rjimggjedctames, ced ats tbaekaeh

me bmw tm gckj tbj praeiapljs tbj AIO sjt mut wmrkcolj nrmg c prcitaicl ced ljhaslctavj

pjrspjitavj. Tbas wall aeiludj c imst ojejnat ceclysas me tbj agpljgjetctame mptames.

>.4 Nmllmwaeh c tbrjj gmetb imesultctame, tbj Hmvjregjet wall aetrmduij pragcry ljhaslctame

aetm Vcrlacgjet. Tbj Hmvjregjet wall jesurj tbct cll tbj ejijsscry ljhaslctame tm agpljgjet tbj

raeh-njeij as ae plcij oy tbj jed mn tbas Vcrlacgjet ae Gcy ?63:, ced oceks wall oj jx pjitjd tm

oj imgplacet cs smme cs prcitaiclly pmssaolj tbjrjcntjr. Tbj Hmvjregjet wall wmrk watb tbj

oceks tm djvjlmp c rjcsmecolj trcesatame tagjtcolj.

>.: Ae agpljgjetaeh tbj AIO‑s rjimggjedctames, imesadjrctame wall clsm ejjd tm oj havje tm

djvjlmpgjets ct aetjrectamecl ced Jurmpjce ljvjl. Mn pcrtaiulcr rjljvceij crj cgjedgjets tm

tbj Icpatcl _jquarjgjets Darjitavj ced tbj aetrmduitame mn c Icpatcl _jquarjgjets _jhulctame

(tmhjtbjr, I__ A/I_D A^) ced prmpmscls tm djvjlmp c Jurmpjce irasas gcechjgjet nrcgjwmrk.

>.> Me I__ A/I_D A^, tbj Jurmpjce Imggassame puolasbjd ats ljhaslctavj prmpmscls me prudjetaclrjquarjgjets nmr irjdat aestatutames ced aevjstgjet nargs ae @uly ?633. Tbas wall, ae pcrt,

agpljgjet tbj Ocsjl AAA ciimrds ae tbj JZ. Bmwjvjr, cgjedgjets crj ejjdjd tm jesurj null

imgplaceij watb Ocsjl AAA, pcrtaiulcrly nmr ijrtcae hlmocl systjgaiclly agpmrtcet oceks (H-YAOs).3

Tbj iurrjet drcnt JZ ljhaslctame rjstraits tbj coalaty mn Gjgojr Ytctjs tm agpmsj tmuhbjr

gaeagug rjhulctmry stcedcrds me oceks me c pjrgcejet ocsas, ced saheanaicetly imestrcaes

Gjgojr Ytctjs‑ coalaty tm usj smgj gcirm-prudjetacl tmmls. Bmwjvjr, ejhmtactames crj mehmaeh

3 Ce jxcgplj mn tbas as ae Ocsjl AAA‑s trjctgjet mn saheanaicet aevjstgjets ae aesurjrs. Tbj Ocsjl Imggattjj me OcekaehYupjrvasame chrjjd tbct em gmrj tbce 36% mn c ocek‑s icpatcl imuld imgj nrmg aevjstgjets ae aesurceij suosadacrajs,watb c ljehtby trcesatame pjramd stcrtaeh nrmg 3 @ceucry ?639 tm cllmw oceks tagj tm cdùst. Tbas cags tm rjgmvj tbj

dmuolj imuetaeh mn icpatcl ced jesurj c ljvjl plcyaeh najld. Tbj iurrjet Imggassame prmpmscl cllmws cltjrectavjcpprmcibjs tm tbj djduitame mn tbjsj aevjstgjets tbct gcrkjt ceclysts suhhjst imuld oj saheanaicetly ljss prudjet'. Aepcrtaiulcr, tbas imuld gjce lmwjr icpatcl rjquarjgjets nmr ijrtcae H-YAOs.


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ced tbj Hmvjregjet wall imetaeuj tm wmrk watb tbj Jurmpjce Imggassame, tbj Jurmpjce

Vcrlacgjet ced lakj-gaedjd Gjgojr Ytctjs watb c vajw tm jesuraeh tbct Gjgojr Ytctjs bcvj

tbj nljxaoalaty ejijsscry tm agpljgjet gmrj straehjet gaeagug rjquarjgjets ae mrdjr tm

scnjhucrd naeceiacl stcoalaty ced tciklj dastmrtames ae tbj saehlj gcrkjt. Yuib cgjedgjets wmuld

prmvadj tbj ocsas ae JZ ljhaslctame tm jecolj tbj Hmvjregjet tm agpljgjet tbj AIO pcikchj.

>.8 Me tbj irasas gcechjgjet nrcgjwmrk, tbj Jurmpjce Imggassame aetjeds tm puolasb ats

ljhaslctavj prmpmscl me jstcolasbaeh ce JZ irasas gcechjgjet nrcgjwmrk ae tbj imgaeh gmetbs.Tbj Hmvjregjet jxpjits tbj Jurmpjce Imggassame tm sjt mut prmpmscls tbct wall jquap

cutbmratajs watb c rmoust sjt mn imggme rjimvjry ced jcrly aetjrvjetame tmmls nmr supjrvasmrs tm

ojttjr dachemsj ced gatahctj chcaest ocek ncalurj, ocal-ae pmwjrs, ced mtbjr ejw pmwjrs nmr

rjsmlutame cutbmratajs tm gcechj c nuturj naeceiacl irasas.

Agpljgjetctame mptames

>.2 Tbj AIO‑s rjimggjedctames rjquarj agpljgjetctame ae c vcrajty mn wcys. Ymgj wall rjquarj

ejw pragcry ljhaslctame ced mtbjrs wall ejjd sjimedcry ljhaslctame mr ibcehjs tm jxastaeh

ljhaslctame. _jhulctmry ruljs wall clsm ejjd tm oj put ae plcij. Tcolj >.C sjts mut pmssaolj

agpljgjetctame gjtbmds nmr jcib gjcsurj0

Tcolj >.C0 Agpljgjetctame mptames

AIO gjcsurj Vmssaolj agpljgjetctame gjtbmds

Ytruiturclrjnmrg

_aeh-njeiaeh Vragcry ljhaslctame; sjimedcry ljhaslctame; rjhulctmryruljs

Lmss-cosmrojeiy

Jquaty rjquarjgjets Yjimedcry ljhaslctame; rjhulctmry ruljs; Jurmpjceljhaslctame

Ljvjrchj rctam Yjimedcry ljhaslctame; rjhulctmry ruljs; Jurmpjceljhaslctame

Vragcry lmss cosmroaeh icpciaty Yjimedcry ljhaslctame; rjhulctmry ruljs

Ocal-ae Vragcry ljhaslctame; sjimedcry ljhaslctame; Jurmpjceljhaslctame

_jsmlutame ounnjr Yjimedcry ljhaslctame; rjhulctmry ruljs; Jurmpjceljhaslctame

Djpmsatmr prjnjrjeij Vragcry ljhaslctame; sjimedcry ljhaslctame

Imgpjtatame

Gcrkjt struiturj Em ljhaslctame

Ocrrajrs tm jetry Mehmaeh supjrvasame oy rjhulctmr

Ywatibaeh Aedustry ljd

Trcespcrjeiy _jhulctmry ruljs; vmluetcry chrjjgjets

Naeceiacl Imeduit Cutbmratyimgpjtatame duty

Vragcry ljhaslctame (Naeceiacl Yjrvaijs Oall)

Gcrkjt aevjstahctame rjnjrjeij Nmr tbj Mnnaij mn Ncar Trcdaeh, djpjedaeh me gcrkjtdjvjlmpgjets

>.1 Xbjrj rjhulctmry ruljs crj rjquarjd, tbjy sbmuld oj put ae plcij oy tbj rjljvcet cutbmraty ’

jatbjr tbj Vrudjetacl _jhulctame Cutbmraty (V_C) mr tbj Naeceiacl Imeduit Cutbmraty (NIC) (meij

tbj Naeceiacl Yjrvaijs Oall bcs imgj aetm nmrij). Tbjy wall imetaeuj tm gckj ruljs ced assuj

huadceij ae tbj gceejr imesastjet watb tbjar molahctames uedjr tbj Naeceiacl Yjrvaijs ced

Gcrkjts Cit ?666 (cs cgjedjd oy tbj Naeceiacl Yjrvaijs Oall).

>.36 Tbj aedustry wall atsjln ljcd tbj djvjlmpgjet mn swatibaeh prmpmscls, wbaib tbj Hmvjregjet

wall gmeatmr.



>.33 Tbj ecturj mn tbj ljhaslctame rjquarjd tm agpljgjet stctutmry ocal-ae wall djpjed me tbj

naecl nmrg mn tbj JZ irasas gcechjgjet nrcgjwmrk. An tbas aeiludjs ocal-ae prmpmscls, tbj

Hmvjregjet wmuld sjjk tm put c ocal-ae rjhagj ae plcij cs pcrt mn tbj agpljgjetctame mn tbj

irasas gcechjgjet nrcgjwmrk.

>.3? Imesjqujetly, pragcry ljhaslctame as rjquarjd nmr tbj nmllmwaeh AIO rjimggjedctames0

• raeh-njeiaeh;

• djpmsatmr prjnjrjeij; ced

• tbj imgpjtatame mo`jitavj nmr tbj NIC.

>.39 Cs emtjd ae Ibcptjr 4, tbj Hmvjregjet wall tckj nmrwcrd tbj AIO‑s rjimggjedjd ibcehjs

tm tbj NIC‑s mo`jitavjs ae tbj drcnt Naeceiacl Yjrvaijs Oall.

_aeh-njeiaeh ljhaslctame

>.34 Ae mrdjr tm agpljgjet raeh-njeiaeh, tbj Hmvjregjet wall ejjd tm oraeh nmrwcrd pragcry

ljhaslctame. Tbj Hmvjregjet‑s prjnjrjeij as tm sjt mut iljcr huadaeh praeiapljs ae pragcry

ljhaslctame. Tbas pragcry ljhaslctame wmuld clsm imenjr pmwjrs me BG Trjcsury ced tbj V_C tm sjt

mut tbj gmrj djtcaljd cspjits mn tbj raeh-njeij djsahe, mpjrctame ced jenmrijgjet ae sjimedcryljhaslctame/ruljs. Tbjsj pmwjrs wmuld ejjd tm prmvadj BG Trjcsury ced tbj V_C watb sunnaiajet

nljxaoalaty tm ciimggmdctj djvjlmpgjets ae tbj nuturj (nmr jxcgplj, naeceiacl aeemvctame mr tbj

irjctame mn ejw gcrkjts).

Djpmsatmr prjnjrjeij

>.3: Agpljgjetaeh djpmsatmr prjnjrjeij wmuld rjquarj ibcehjs tm aesmlvjeiy lcw tm cgjed

omtb tbj Aesmlvjeiy Cit 312> ced sjimedcry ljhaslctame. Vragcry ljhaslctame wmuld oj rjquarjd

tm dm tbas.

Mtbjr ljhaslctame

>.3> Tbj ZK wmuld oj rjquarjd tm ljhaslctj tm agpljgjet omtb I_D A^ ced ljhaslctame

agpljgjetaeh tbj Jurmpjce irasas gcechjgjet nrcgjwmrk meij tbjy bcvj ojje cdmptjd oy tbj

Jurmpjce Vcrlacgjet ced tbj Imueial. Yuib ljhaslctame imuld oj ormuhbt nmrwcrd uedjr sjitame

?(?) mn tbj Jurmpjce Imggueatajs Cit 318?; at wmuld emt rjquarj pragcry ljhaslctame.

>.38 Tbjrj gcy oj crjcs wbjrj tbj AIO prmpmscls mvjrlcp watb jxastaeh ljhaslctame nmr oualdaeh

smiajtajs. Tbj Hmvjregjet wall wmrk watb oualdaeh smiajtajs tm cssjss cey mvjrlcps ced wall

imesadjr wbjtbjr ibcehjs tm oualdaeh smiajtajs ljhaslctame crj ejjdjd tm jesurj tbj AIO

prmpmscls crj cpplajd cpprmpractjly tm tbj oualdaeh smiajty sjitmr.

Bmw tm rjspmed

>.32 Tbj Hmvjregjet wall uedjrtckj c nmrgcl imesultctame ae Ypraeh ?63?. Bmwjvjr, tbjrj crj c

eugojr mn assujs sjt mut ae tbas ibcptjr me wbaib jcrlajr vajws wmuld oj wjlimgj. Tbj

Hmvjregjet as sjjkaeh tm uedjrstced bmw stckjbmldjrs wmuld oj cnnjitjd oy cspjits mn tbjsj

rjimggjedctames.

>.31 _jspmesjs crj rjqujstjd oy 3? Gcrib ?63?. Tbj Hmvjregjet wall clsm jehchj darjitly watb

rjljvcet stckjbmldjrs cbjcd mn tbas dctj. Vljcsj jesurj tbct rjspmesjs crj suogattjd ojnmrj tbj

ilmsaeh dctj. Tbj Hmvjregjet iceemt hucrcetjj tbct rjspmesjs rjijavjd cntjr tbas dctj wall oj

imesadjrjd.

>.?6 Tbj Hmvjregjet‑s rjspmesj as cvcalcolj jljitrmeaiclly ct0 www.bg-trjcsury.hmv.uk. Qmu

gcy gckj impajs mn tbas dmiugjet watbmut sjjkaeh pjrgassame. Vraetjd impajs mn tbj dmiugjet

ice oj mrdjrjd me rjqujst nrmg tbj cddrjss ojlmw.



>.?3 _jspmesjs ice oj sjet oy j-gcal tm0 ocekaeh.imggassameFbgtrjcsury.hsa.hmv.uk.

Cltjrectavjly, tbjy ice oj pmstjd tm0

AIO Agpljgjetctame TjcgBG Trjcsury3 Bmrsj Hucrds _mcdLmedme

YX3C ?BS

>.?? Xbje rjspmedaeh, pljcsj stctj wbjtbjr ymu crj dmaeh sm cs ce aedavaducl mr rjprjsjetaeh

tbj vajws mn ce mrhceasctame. An ymu crj rjspmedaeh me ojbcln mn ce mrhceasctame, pljcsj gckj

iljcr wbm tbj mrhceasctame rjprjsjets ced, wbjrj cpplaicolj, bmw tbj vajws mn gjgojrs wjrj

cssjgoljd. An ymu bcvj imeijres comut tbj wcy ae wbaib tbas dmiugjet as ojaeh gcechjd mr

imeduitjd, pljcsj imetcit0

Ascojl YuggjrsHrmwtb ced Vrmduitavaty TjcgBG Trjcsury3 Bmrsj Hucrds _mcd

LmedmeYX3C ?BS


http://slidepdf.com/reader/full/uk-government-and-banking-policy-english 75/768:

Last mn cirmeygs

OIC Ousaejss Iurrjet Ciimuet

OIOY Ocsjl Imggattjj me Ocekaeh Yupjrvasame

JJC Jurmpjce Jimemgai Crjc

JZ Jurmpjce Zeame

NIC Naeceiacl Imeduit Cutbmraty

NVI Naeceiacl Vmlaiy Imggattjj

NYC Naeceiacl Yjrvaijs Cutbmraty

NYO Naeceiacl Ytcoalaty Omcrd

H-YAO Hlmocl Yystjgaiclly Agpmrtcet Ocek

H-YANA Hlmocl Yystjgaiclly Agpmrtcet Naeceiacl Aestatutame

HDV Hrmss Dmgjstai Vrmduit

AIO Aedjpjedjet Imggassame me Ocekaeh

AGN Aetjrectamecl Gmejtcry Nued

Llmyds Llmyds Ocekaeh Hrmup

MNT Mnnaij mn Ncar Trcdaeh

VIC Vjrsmecl Iurrjet Ciimuet

V_C Vrudjetacl _jhulctame Cutbmraty

_OY _mycl Ocek mn Yimtlced

__V _jimvjry ced _jsmlutame Vlce

_XC _ask-Xjahbtjd Cssjt

YC_ Ypjiacl Cdgaeastrctame _jhagj

YGJs Ygcll ced Gjdaug-Yazjd Jetjrprasjs

Y__ Ypjiacl _jsmlutame _jhagj



BG Trjcsury imetcits

Tbas dmiugjet ice oj nmued ae null me mur

Vuolasbjd oy TYM (Tbj Ytctamejry Mnffiij) ced cvcalcolj nrmg0

Melaejwww.tsmsbmp.im.uk

Gcal, tjljpbmej, ncx ced jgcalTYMVM Omx ?1, Emrwaib E_9 3HETjljpbmej mrdjrs/hjejrcl jequarajs0 6286 >66 ::??Mrdjr tbrmuhb tbj Vcrlacgjetcry Bmtlaej Lm-Icll 624: 8 6?9484Ncx mrdjrs0 6286 >66 ::99Jgcal0 iustmgjr.sjrvaijsFtsm.im.ukTjxtpbmej0 6286 ?46 9863

Tbj Vcrlacgjetcry Ommksbmp3? Oradhj Ytrjjt, Vcrlacgjet Yqucrj,

Lmedme YX3C ?@RTjljpbmej mrdjrs/hjejrcl jequarajs0 6?6 8?31 9216Ncx mrdjrs0 6?6 8?31 92>>Jgcal0 ommksbmpFpcrlacgjet.ukAetjrejt0 bttp0//www.ommksbmp.pcrlacgjet.uk

TYMFOlcikwjll ced mtbjr ciirjdatjd chjets

Documents

U.K. GOVERNMENT AND BANKING POLICY (English)