IFRS 9
(g) *t qlUl JJrt1tt ds$t Jt+'4ll
qlUl el3s)lJ rtdJl"ll 4JLiiYl Jil,"ill !iL."IrY
-.,;pai a! el-^.,i
crLdl ++-.r.rill Us.-J &.rj;l isJ^& d+ Cr L.ri.ll i-;.rt-$l cr pi+ },liill l.ra
q#$*- '
w/,1;|a\:i;:'-
Introduction: drfi
dSlt Jl+'-ll .rl' .t'|!l *_F-,Jt cli+lt cl^ e$tl i Jt t)l) Jl aSJLLll ora d.sra
it e$l 4+ltll -,1,,;Uiill d:.tt ;!*^ll & .E-=i -.;,L- &-r (9) et 4Jlll ;ajiiilJ
U_.,:+ b_r .r+^tjJl is-d J_n .+l_n: sl;t++Y! crtJlJ (15) i_., -,!,-_r (39)
iJ*, (9) _.,!- C) d.,i= (9) et U\ll ;;[ijll dl.lt Jl+,-ll J-n ;-,sll l.a: L'4i:.j
,JUl t\)t ;*,uL'- r=l :a-l zOLgtLlL e. iel.iil ."Jl!l ,JJS-*ll c$l d 4i;+l"l
$: (+pt^::Yl o);6*:Jl , slriJl , pa-*Yl) Jt qlul cl3:)! .rlJll (IFRS)
(39) d:.tt G+-,1J1 J1+Jl cl. \+gnXYl c;1^"1 cllr3 2008 eb eir- dt o+tUl 4,J\Jl Lj)l ,..+ill Jl+Jl lra L:n rl
gli.,-Il-r ii)l e&l ClllJ ellJl gr-.i.,,* .'lc dJL: ll g^-y-,Sll 4l ,''" ;ri .9r-ll
i+-lJl ;-,ul-- ,J+^ ,,y dll ji &l kJUl 4-=Ji"Jl L!-,j.Jl iJjl^xYl J:l .,i\l
(9) r!,^ y: (39) iJ JlJl cr' .!+ *+ -r!- ;h':1; LlLlzOL d U:tltLrrj(r 6;s fa;f-":sl cl^ Y+ L!-93Jl qril^XYl J:l ,:.ll ,j+,,*ll ..,t,',r-yl C*^:+ t'Jl-lJisir i,.!-pll +l-XYl J:l.,,illJ JtUl ,.',,1-r (9) _!* qll ,''.r- Ji.ill C+= 3l
. ;51$1,,.,*J dl- ij, ;A ,1 ir ,;[ e] J:i cl^: c]+.,*
t1l
' i-rJ. Ull ol3r)lJ 4*qJi"ll 4+\iL:jll -.gt "iJl tit {:r,l+ (FI3JI 9 t't Jl+i.dlt cr .i*ll O!
,:Gisll g^ SUt crr^: c+-r.: dU _,u.ii Ll, 1ll gEt+ll ,ro
rri.,,.o & JxStt *
.dJ"-Yl d1c i+itlll q.iill
(ECL) L!-f.Il 4"dl^iiYl Jil":ll r-r. L":'i *
.4"ul-xYl o);4.":fLr d]*4 1-S ( Expected credit losses )
.4+l-iiYl r:);4gll eU:i-,L tl,1ll ,:t3r)J ilrLll 4^+lt r-rl-.,i-l *
ilrlJl a^.,i$ (Cl- d.^-is la; -ilJl')l .rrc Oi; S+ i'1, tll el3rYl ei^+ c/ii-r.i-,;t*,,.Jlj ejl -s c)^LJl d1c A+ L 6l-2rl e+ Oi &
';JEill d:.ll Jl+'-ll lt*-t cJ-n 6-,rr!^ll ora 1ai!31-ri ,.Xt 5r-:t/l jli ..1^ .,r)-l
: .;)l d (9) C: +JtJt
v
t2l
.qUl p.rl$lt ,J" (9) f.t i,t, t-tt _,,;r,_./i&[ dsJt Jlrr.ll d**{ aA;L -t
(9) t't Arl. Lll JlJrt'ilt l3dl-lloull Lel.rtj3 ll ;pts.cJl -l
gl"$ll-l ' ;Ji 1ll.1-2
qllll clr3s.3Jl , i;i i .1-1-2
.iJ.lll ,J_r)l GJll ,r!il| .2-1-2
JcJl sl,Ji , ;ri i .3-1-2
lt$l '2-2
l_n$ .g-z
.+Jt-lt crl3rYl ,1" &!ji"ll AJj, l-.ijYf JLl,i"Jl r-r.l.,.irY (9) t'l Jl+i &CaI di.,"JL J*# -3
.dl'.eyl ClJ.i rLij! -L3-;l cqJE. -4
.(9) #t qll,lll Jurt'ilt dgJt Jldull 4*a ad3r"ll 4r,il-ijYl -;:t ,,.iJl3 JLl3.ll r-il,.irl d.l-r -5
.Allf 41g ta dl"dl dl3!v ,4:..r1 tgr:r ct slrrs.ll 3i.bsdll -$
(ECL) Ut lt crl3rlJ.t ni":t ir-iU.tVt .,pt*ill u.,ai.Jl r;L*3{ e,aBll furb-.ll -7
(Probability of Default) pDl -,;i'.:ll Ll- t-i.=l .1- 7
(Exposure at default) EAD -,fiI| sc +--lt .2-l
(Loss Given Default) le O-!":ll rrc ;-,f';Jl '3-7
.9 #t i.l,l'oll .;rJrt'itl J3rJl-;Futt sLJl d#lr3ll -8
.J3t-"illJ CUYI cDi cl il:LJl i'^,il. ! LrlL,:lr-5p.-r .1-8
.Ji'Yl &t ill 1-}i.JI gJ): u'" alrlJl Adil- l+ iJL r:lr-9; y .2-8
.;tit^tt aiKill+ trlL crlr3;_r .3-8
qll-ll JJJrt".ll dSJr Jbr4ll e^ (!glj.ll d,,l.,ul t€#33 dl*ll (,.!9 .++tdl el+lL:.Jl 3i cJ!.ajr:l| -9
(g) t',r
t3l
: La: O;ri;JUI .9r.]+ Jl+,-Jl 6#l,l e1J
:(ModifY SimPle) alr,^ll iirrtll (1
O,i!I" " L C".tjr.., C.111
L:tL ,f) d$Jli ep a!',r^ ct:Sli .y'-l
3LlL2l20L8 3LlL2l20L7
-i! -rte$)l 6rlc'l ,y': :(Return full retrospective ) ellJYl &lS d;.'i iiJJt (2''J, jl et---! qgl {-illJ| slJiiI ii-EiiYl 5''. ;Yl Cjs--l t.Di cl^) ,+-,r
dilll -lii:.Yl U'-;Jl CJMI i .l^-l U.fEYl q^-;Jll J:Yl a-il c,-=UiiYl
( qltJt
.@
w.w wWWw
LlLl20L8 3LlL2l20L7 LlLl20L7
t'. Jl . -i ,.r-.-:ll*J\7l!,
4JHl iiJl .s.SE]i)l
.,. Jl . -s z,r-*-ijlrJ\?lE,
4:i;1Jl aj-,I G^tiiiYl
'J, jl ,J e+-dll4ii*,Jl Aj-il .,-=txi)l
t4l
{q} &,W* ffis\e,ffiqq v wa: # w#fli ffi : /w.
: qlJ Juls.o i.3$ 9 #t tJt-ll ;,-,ILi3JJ dsJt Jl+till ,J'A,.bl
cyta3lll 4$-ill(1
;str (2
r ,-.rr1 13
tsl
wll:^,:--tg#ffi
WWWt:i;;A#YM,Wfrwwwttw66 . -.. -.."r.'".4#.w.llffiljlIlffi@w%wr'i .:/,;&wffiww'wawwwwwwww : ;; i"\ffix #ffiww\
'n64.e @r@@ffiiW,WA"',v,1"W,,ffi
ffilw
; i-,J, l-oJl 8l.rg,3nJl {iir4i .1-!-2
:LAg 0", +fi ,* ,# 4p-4:ll ,rl*.i
6r:1ii!lJ dxil d,-) 4+$1-ill q.illl o6isll ,..)""il--i .,.Ie irq (f
.(6$1-ill + gUi:Yl ,J.^-i) c# .pl
.1"6i }iL-ll Lllll tlrYl i_,;lrli .rlJl: el$l .l^ i,*I,till J-eYl e iJ i & 1rq (Z
t6l
J+I! ,-ilJicYl e+-r
ilrlJt i^+l! 4$ul ol3ri .,.i slJt^:i-,Yl 6^+ u"S r+ / c-y,Slt
.i;t*,,,-Jl, e-/l cDi U^ a$lJl i,a;ft os
:sJ! 4i+i,al f+ Ut-ll cJ-9-XI dr)lll crsll .2-!-2
17l
WffrWY",WW
jl*.illJ,C!;Yl .1,,,1-i1..r^ i_;=E^ll Lr.Jf
JiYl ,J^Lill Jiil cD: cl^ Jt , ,: ,il 14 L;1- JlL,. v J D'
iiil"tt aits:tr+ dEri*,)tl G:E t-13 k ,'ii'^ll
:iHJl 8l3.ri L4ti,41 .3-!-2
: UUI ot3rYl L4ii,al ,ri i;t.rYl 4J rJ" UA 4p.ailf r i-.r,
: dJYl 4ii,aill (1
t8l
#rm4Mt &hr*ji&u f #"yryf :yflti#ts r!_;,i,lt J}i + g+;lt
.-,1,it*..li'!t3 C*;yf .JUi i,. dLt"lf A-*itr O,,ArqfYt p1i
toI
Zl tE?'TfI-' t6f :
E y rnftrt dfi 6ft rfrtFl? 4 yff i[r-=Ir tmTf r[f':t: ::
rrryy lf 11ar'Y
tf: tt flt nnQ r[-s=glir ffv? n"= rY 1yltf! firr F 5Eryln t'rf''fuiHl-fui{flp**r',*=i nffiffit# *o
: &lEll 4$,aill (3
: i-E r. ff, el d.JEll , ,.rtll , i,i. 'ill L^a, L';i J+iJt-l O-- JiS Lia3 6_.p.tj^lJ d'C tJ.. L ilri oa i:l:iJl 6l (1Y J\P
.JiYl J^tJl JEJI J): U," AJrlJt :i;11 ' a'li '; /t'2
. iii-t^ll {sl5il1 , iri. r @
: g;l &JliJt , ;.,i. 'i,ll 3r, L';a r=13, ili. 'i ,:r.-;i-s hl dE-i-)l gJ'lu J+ l+L-tl JS^i) ilrll (2
"iit lt i;lslt L i'i. i r'&
t10l
t*u qti.t i$.lt cil.r3peaft.Hii*Yl Jt -i** Jtror: CiJ.i ,its l!:':::''"' "' " ::.:. ;*itlJ$ #$t i1 ,-l+f ,]* tr--r-.;';ffi
.Lal 4Jl-Fl rlrcJ j a$Jtll r-i ;t*ti d$l d-J
& l"-,E.; "jll
4lJtlq elj$Yl eli+Jl &: , ilrlJl A^,i$ ,i i*.,i.,rtSl ailsill+ tl (1
4!LJl el;il| _Xrl e:+ cJ) ,,,iJ4qJHl ,,i*ii,sli,,ll ,.,lL &.dr.l3tll (-9ill
k+"+
0S^^ he.i ilrUl A^lill 4foJt JJ +*l=r_,tll ejKill 4qJ.t O^ -*d.ill eli+ll :y r.Jl.= ,,s (2,;S^ 2p r"S'Jl+
"61_l ,
d#Lil 6Jli d+! "6tl
(2) aJ;=)- d hlJ Jl&ll d#Lil Qrt d _**tt dllx i,6^r (3
Ll Ll 20L9,y': -r!,^ll,l*sll
ilrUl 1.+6ll; i1i+Jlll iilSilt r-r+ LgJrll 4,
iJtll;l.rYl 'li e-.,8.y': !.+-rtll AiKlll &
,,:Jl ;n-a Ll- lJl ;hYl a:Hsr (+J ilrLll l.+cJl @
t11l
' 'W,* -:*d,@-BW//n;*1"W.'- ,|;r'w ,Hl;ffiffiW i't'" tLW'ffiw{"es'n,anr: :['*wffiw
W'ryffiW@W Wa:."tr9trtg.- -iiffiW::Wi, #M
: qlUl crl3r)lJ sll'or. Yl 3i ,e.rl;iYl L!j,.ill
L!-i^ll +l^ijYl -2lL 'rll +L".i-Lr u-LJl 9 i-, qlul ,*Jtiill d_dt J\+*Jl 6j'l,JS{ Li , iri, ill ,JS+ , lri, ill JlS.&l Jl , i;i. rll i,l=y ,_r- qlul *l3r)J1.JS{ qlt^ll lail3ri r Li. i gi gfuV q}_*Jl clr$l J.iL- Ol ..JL;! JS,i+ 3i qertyl
*!=Vt qllri.u ) dltil trlr',,J1 "X^i el:rYl oia ;rl-,a.o,;li:.i 1.rl5 OY,JI-*j,;i gsay 1l# ( ell ... t-,iy rllri*,0J,-ll .:ilri',,,lJilsl elri*,lsl:o (:l$-,, .,llJrill,c.rl el . L,i. ill ,.)5g w.rFi illr
""4Jjr _.;t1-=-
! l:.i oi ,}l+y,ri Jtla-ll LI:.iy Jt * vJ - yv.- J L J-----wt \--r- v jjii
b',t&3 k+ .-f:Jl ilJJl u.\.!.s, +rY grlyj , i,, i e-tlilt d .-n-rll riXl (1
k :-ll-r
. Jl+r-ll3 , i.ri' ill ,JLG .J-+) ,,,orll (2
lL21
:,=Jc eq oeLll pj; d$l ,J JL"'YI eiy^ O)
.dl-"eYl eiJ^i dr -i+ll #
. a;llll ol_r-i d[ill la; Ji+ Cl qrUl €
. elJl u^ dL".)l elr^ O3S; Oi &
.,sliill il.^xii cJ>: 6 Alel,- .:,Lsi ,slc ,+ cJt^'Vt e.,J j OA Oi @
.i-+-Jl i-,13,^-11; k -,,1.)l JtUl dl-rl Oi dlj+ll ,] @
{'GSJ a.il$l ril ,':ill k-,-,:1.) I'GSJ il" 1ll .l-l-i 9c 1$;t-: i*,,|-,;r 1.J^'+ Oi dl.i+ll ,] @
.1^c+ fuJlii^ll3 4Jlii**ll slJiill ,=J k -,1lrl & a-l;.qllJl ajl3ri 6-2lrJ .rs4j-,1+-,
(.r!,1\ -,r!:rYl :t+ LAri'! OJ e\X iS+ cs5l :o1 &
I13l
WW
W
: uul
1
1
lurl
trifl . 6 <f,e "=1Tc * K ff t' tr*t. f 'rs tt'rnn lr tftr '
t&6-P : t&prtr rfitiF tf".clc
f,"-f q. tff1 f.iO :
rr-r., ll"TtTr !r trrf lfi,mry rrt'rt trqrr pr: ZI rtr
fft'=ff t[5 f
(? (=91n g'Tff c1y-=;r,yc lsrmf'f q1lCFt itC? f .,1613 uftt' :
'rrff W.fu "uu
frli,?lllWt'ytlitil9;ii;i=r,i: lllillffi
r . r ; "..^,* , "."",,,*iwk* -.;{;:#_w ffitr;.T "'-:.,ffiwM;;":;{;#
a.,:" $t i,t -*tt
-ll rr-rill -*);l-ii:Yl JF,ll d^tS LjJill +l-i:Yl J51.,,rll ,i _At-.tl ,.,.,,i-t
(il.tlr .r. _lr
jl .-9;l d,i+ .9i .rUtt atJ," Jl .J^-l J ,t'I aLll ora .d 4i. l-Xl JAl-i- r*r+J o
.i$l-*ll ,",-i i)S gj_.+
(L2) LJc LAJ^o +-! sJl qlUl el3rYl .+ 4-!Jl^ll 4"r11^i:Yl Jil,ill ._lf-"i=l eiJ o
J(iX (12) lul qh;ll j {,l"1ll ilJl 4-!-#l 4"dl-xYl jl ,,'rll u. 1-^":=1; ejiii .Je*
.=s 6l.rYl ,"ut,, L lilJ +Ell iiJl *fl JlYl 4L-*Jl ."+ d aJ.lll ilr)l ;l _r!:'t+
J6..l (12) ir.J ilr)J L.6-;^Jl +l-xYl JiL,,rlt ,-r1-^.,,i=1-r ir" t+t J:Yl at-,^llL,1X lSo: U ,J -:^ll r-rl-"i=l i $ JJYI i.l-Jl OJ _r!:ri+ Jji a-,i, Ell Aj-Jl
u#.+Ell aLll Jl J:Yt aLll g^ 6lr)l ,',\',iiil 1- tll l*i . ,..JlUl 6lrYl d1-i-i-,1
Lllll 6lr)l3i eljiJYlJ,"e &1Sl i-!-;.Jl 4i. 1-xYl J:l ,,,rll li _AtJl ,-L,,r-'l OFU^ii )L glJj-,
U,,,ci +l^ii)l ilr)l -.,1,.c glS lri .9i; .;t ":=Yl
i.l^Si+ elt tio-l
i-f,il) Ji (12) ir^I J3)l atJ'"ll ./ *.!,il11 +1-iiylJil"illJiJrtul t-rL"j=i;
d a+tSt aLlt Jt 6hyt ,',l'.iiii t- liG (+t:lt iiJt ) Jd (12) i .r^_r (J:Yt
{$i^ll d.,l3j-,crXll L!-;^.Il +t-xYl_ril"illJiJtlJl t-J*.,i=L b ep 4ilEll aj-,ll
i $ di _r!:'! a.riEll Jd (12) : JlYl J6.x (12) JI ,-,. l-^"j=Yl irlcl e+ Y_r
. Un--r^ll ii.-bl Jl ltA t'r31 Y .,i- "1i+."^ t{J.l-"L)
,:+-^--ll +.4 c,,lSl a+Ell a:.Jl i .l^_l JlYl 4j.Jl UF.:i^Jl U!,,i-l r! til gl
JJ* +13ll al=J^ll Jl JJYI at-rll C" ,J*^Jl dtfill r.rca o-rl^x)l Jn'll ':l^,- tJ^
4"ril^i3Yl JiL,,lll &rl_,1 LlSJ,J=l!l r;l,-'-.:i-ll ,.,,,,i, ili:.i tia3,*l"j^Si,,,l-"i.'Yl
"'-.:i^ll ar"i orl; 1-lS LlJill
[1s]
i-iltitt it +.tt
at-*ll orA sfJ .(9) _,,!r- (J.s\s. 91-xYl r iri, i dr 6JSYI aLJ^ll dl _F,:Jl dLyJlYl) ,J*iqul dr+LJ^X ,JiiJl :lhi .+ LIFJI +l-xYl Jil-,"ill eL,,i-l e+
Hi Ll.l^,ll .ei ailt-:lt aL-rll .J J+^,lt ef-J LiaJ . g';o-n ji .-l*-l .sj,i+ +l (+lXt-lJo Y _ \u. , J.YJ J. J J.J\:,
.d[tg
: i$.y-
Oi oJ + )-i dlill iLll Jl Li;l-Jl &, r.ri )s^i J*iL.r e* cJS& o+J-e o+l.r'i JS! r*i,., diijYl * J=l!l. lrSAr +Ell aLlL y S .,r:!
[16]
: ')L &Xll .J-l-*ll oJA U# 1- ,J[^,ll JliiiY &lrrr.o Ji !Jl.i e-4 Oi dl]+ll &
. rlr-Jl j c!^'ll jSX o
' e$ 50 aP +-l.l 6r^r rlr-Jl e'3 +^'ll iSX o
J!^,ll k# ,Jr:i cS-r c.r3:= L l1l o.u_, ) By cr* :Ki ill..ll 6rte]+ ,Jg.,ll fS .Liar a.iJ$l aLll Jt cj*'tt kJi Ljillii cr+_r go orl_1 lilr AJi" Ell atJ^ll Jl
( &t'rl' O:!
. ( &t" -,;gc e+.a,r Ji,^'Jl gG c-,ir= 1- lli o-_l) i.K"rdl 6rLc!+ d',^,ll eS o
. 6J:lill J"*. Jlr*,,i irq-2 .
ltTl
Effi S###ffi ff###H##H EWW ffi E\Hffi @ Hffi q.F\WtrizW.WW iffiffi HWis #Et#w...*..n/ffi ..,^ BM@*,,"ffi@
M{i: .,,. lttffi
Ji8ll r.ie i-1L"iJl * JiriJl S" +*,.a,rll *
Jfuill irl" t-:r! = ir!3i.Jl 4rrjLijYl JjLv.{ll
ECL= PD *EAD *LGD
(Probability of Defautt) pp irsll i;u^r'l .1-7
a:Jl+iL.* crUbl Lrrl--16i JUrl^ 6^ k!-tl"^: a:+r- LrlL ihY Air1*, aEh si 6a..tF: Ji.ill 4ill-l=J Jl )-r: q9r1--:!i JU,l^ dr JKi rl-icl .+3 ,6lrYl er*irl
(%) qJ- Ar'"ir Jl*ill tll^l=)
.(dl , alJ.iJl lF , +.511 f+=) g g9:L:idYl ;,'uiJl o
. ef- ,_"S,llJ JtUl 4+tr d.,,nJi UIS Ji'ill 4JL"JJ i-lrl; t^lS, o
[18]
ariLi:Yl jl*,ill +1iili qfliJl ll.rt^ll -7
[ECL] ' t
: 0+:3;-lLJl cs.rrli (jrs,!t qlll3ri) p9 i*.,t_;r pi
: PtT ( Point in time) (1
{J-j 6Jii O,a; .tF_l'E#lJ JISYI oq3 &il,"^ll j ++r^-, al.i: ,g! "+
k+_l- e+
4S^j alji, 65l r1. riYlJ 4+llll tlr)l 3i ,j^,X t',l iEYl J':Yl Lrt,i-i t},;- !_rra!
. ilrY! ,i ;;^,tt-., !+-* ,JE +J 4+'-
rl--1iiYl C3,l + UtJl BlrYlji ,.}t^-ll i3lA
I
aj-,r* 4J-j aJ.ii: --r
6J+i 5;,r+r
;*"- Ji*, i-t:J'"J
g)i=r -tJrJF CA ddl-e frl--161 -5g-,U+- i*i riL C l.rlY u,,l*,s p!1 ,;rS+-, toj
. qJl.c 4ip,1-.^,- OF l.l .g+; r9lLl+ 19i i.il'* i.;.l,"j iJ..ri-t,3 6a,-"
tlel
A
: TTC (Through the cycle) (2
rl-^:iiYl-l ,Ji^-X,prl. rayl .,!Yl ,,'.,,i-'i 11 4lJJt 4$^j 4.,lJ3;! O:S: ++-,tll "*,Jp JS-lt rl-ilYl i! l^,i-r L$-* qJi=r Y3 {iF- 4$^j i}ii., 1.r+l oSI: &L:,ll
, crL-oi6l o.l rlj-u, i *.,1 -.y ,JlJ a J L
J^Lilt rl-=i!yt cJ,J + +llJl 6lryt3i 'JI.JI irl
,** .!i* .t+-* ;;rJ 4!Jt c-l;S "+
, crl.o$i u-rQ-" i_r,b-,YJ
JJJS iJ*i fi rL=i!)l ij i-*,t Urii :t -l ljiY u*,1-,,- -Hc TTC 6:5+^. Uaj
grl--iIl
[20]
(Exposure at default) EAD J:dll .ti" +r-!l .2-7
.C-,r rtAJ JLill ..,t 'l' :ll r-r1-^"i=1 ai AltJl orA ,,s
,JQ. 50,000 frii.,.^*ll '1. -;lll _tQr100,000 !l+^+ us-o,-ir!i.*r Gj el^ :Jt-:^
.o/olO cDij-,Yl d-,iJ
35,000 = (o/o70 *50,000)
JLXI ri' u; _rll 85,000 = 35,000 + 50,000
qJ-J al;,.-l +t-iiYl uilJl 4!tJl ol:i-ll gii a*,,t;r rl.:cl ,gli,,lf p ,,,iJ o
. J)ii-Yt
sils l1i ui >-s (100,000) .fi ..t^s Js.l+ al+"ll Dii-,i ai i*,,,l;r r+y) lii o
.o)ci i;3Sr^ll iJrlJl tia ,i+ii d-,1-2r cllEA
lz1-l
k# iS.jj tlrl (%) qJ- a.l,"ir s_es_e_,iJl rrc i_11-;ll r.ll,.,i-l ai,1
altJl orA ./d-,1! Uli
"St eLl-;ll ,-,lc, Ua r^i*ri;.iF- eLl-; rr-i J (9) _.,!-: crEl^;ll
GJi'- J;c q.e gL"; ,+:,,.:Y il16ll3 (dl .. e4:"i , !JAf, ,rl-,lGc ) OF ;rLc *3-ldj! .J+ o^ k+
tl # d"Jtll .Jt ) in o/o8O
"-til eLrl-";Ilj q-,e r-:LL'' i cbj ei^ : JE^
. .tti o/o2O
,-ra,a.i-o d,.',,,i-,r)J Jl+r-ll ,j'^;1.J-+Y tlt .rlt .l^,,Jci g1-";!l glS lil
.a.*.i-93.Jl 4rrjt^x)l jl-^.All :i -,,tut fut;di.
l22l
(Loss Given Default) LGD idll $c i.f,"iJl 3-7
(
L" r t- * {; r| ,r L L4"
C* Y ? r L E F EI
.r 't' r L t- b k :. I B
?:
G ;E E
Vk
rr L
e $
'q,
! E
t
rFI
E
:ilE
EI
rFtF
';'L!
E'\"
. .-
'L ?
i}?=
EL
.C
L
' .,rL
r
F:'L
i
'l; E
LI
(
lv u)
W1 3'
Ur:
r.rl::
;:il **' (: e
.,*,
,*' k.
L. fi 1;\
\L*
H:ilL
\r'.,
:::il
il ::
'tt.*
=.,
\ .:
i:'
=L ,'f,
l. b-
*a:t
r:-
G1
4H ,E
J1
9..
r:-
iE '1. rr 9l H
"'..
:St,
.,:.
,tt'S
,':ilf
fi
:>Yl &till diJl Df g,. iJttdt i.+$t! a..rt" t- dihJ. Jrr .2-8
..JilJl .s-ll ,,.Ic l.6; -Llji=Yl eA 4SLll ,rl3ri i ol;L&-,)t r:lr_esJrll "rA Jii^:
*lll , iul* 14;ll ,-iL:^ ilrlJl i^irl! el2JJl r.rc elr3s9.ll ora dr$l f+cj.l.ill Ji.ll 4jti.d {}tJl 14$l d *-Xt JIG}J , iJrlJl i^sl! u=v k"s rL+_r
. 4SLll drt i^ll-6 ,;,"; dlls_r JiYl
diJl a^rE os ell. O. 6aUll r-liJl ,J[+-r t+ k+ o> ri crlrs;3Jl orA g+ (.i^./olrjq.3Jl ilrlJl iill +l;:.l +^-J
"LJ-l dJr 4$tll q!$= ijl-i 9,";l &Ult.Ji.ll a^lLi d)i .t^ .tall t_23r^ll C!_t)l Jl {-1+^ll
.(.rtii:yl) Gi$ll Jil"i -,r!:il .,Jl .rlrj';3Jl ora a^:r: Y
. JiJl ajl!."J Jil,,.,* r+ d a-_,_rlt C!:)l ,j+J etJ -
[241
:6liL,.ll iilsill+ qlt- drlU+_lc .3-8
,I.--tl kJ }lii=Yl Jl^eYl A]J^X G_, eli+lt 6;lr) la-r ,-ilei "rlt
qlU elr3;3,^ .ral.1;st:ll + g4rll 1.J^-i) qriHl q.fill crGisll
er)rJl i-ihJ , cl;*1,J1 , ;Jrl,.o.o t4;lt Gt-:^ ajKill+ el.dll ric dil.r3s.9"ll ora sS) f+. s$lill i;t-.,.J :1 t& i'li, ill*ill astill 4+Jt el$,i-,L.-ill Ji
&Yt rlr;i^,l 4StS^) fr. J) t'rlle1+,=J.i$l d1c 4+iU t:L4.^ai. r;l er...si:j. -1," *_,,1p, jl
.;l-^"i.ll, C!:)l a^rE,,s k&$ ,s."/.1 ,f! + f+
Ai,lJl i,4$ll-, e$l ct' 4i+Lll i4$Jl O# dJrll *lr-,;3Jl ora i^;s ,/ .j$l al+" .J3^J
.L.i-#l q.ill crGisll
o-i is--Il dlYlJl ,-+ )l +ll lra J) I A LrlL ,:lr3; y ql t i.ri' i 6rLel 13; Y
,I.- e+ 14sE-l-,1 6+_tE LJ+! drlrJ+3Jl ou A ,tl6l+ c}- ./) arl" 1-ll ,;Jtiill ;aL'^
JjJuiill ;.1-^ eralti.l G-, cl. tp 61--i)lj rlii-"^ + d diJl i;1-6 dy"; cJl A+i$
.(a+lUt
[2s]
. e)-o'll 4"dl-xYl -,tti^ll dirJ fulrl-r iJ:i ;-ltj+ e.ill *, ;ri. ill a+II 4i:i_r,j#lJl ol:llJl !+lll$ drlJl-ii-,| .ltS;r-i, e^ $lJl *
Lrll.dl rg_rtlll r3l++<j^ll ,j$-il * ,*!-t L!-#l 4ri" l-ii)l Jil ",:.ll i-J-,"3=13
&Xll WUJS"+ 4.!Ji^Jl ai- l^iiYl JiLdll ur1-^"3=1_9 Jl+-Jl d#lJ j(EAD,LGD,PD)
4J.,.,-,,j^ll 4J^SlJl k# Le Jl+,^ll 6^ cnUX Lll rllel;r;'YlJ clt.,l+^Jl ;:.!,3 *J,ilJJlJ t:k+l! aLE^ll ,:1+l,j'^.,*ll3 -,l3rYl k-'i'Lt:JF ,j#l'il JlJa) # dl
Jl+r-ll .-q+-i.i --! A+i'-ll
(dl ... ut.:iiYlJFl3r 6q,lilJl d#$ll 6;rrlr c;Ali.ll i-.,plrr,qllJl lJihll )
t-:l++<j^ll ,+ 4&lJ^\ al"l.l^ crl+Ji.,*ll ,,lei .l^ als.'i^ 4$ 4l+l ,JS,i,l *
ir\$ ql & 4iilJ,"ll3 e j;r^ll ,j#LiJ r-rl."i-Yl {iLt i Lrii,"^ll ','llLYl-l.ul-"i=Yl 4Jl^rl ai=)
crYrr^ k# tq 'sliill alos--o eUU i36i irr;;-,lE &Ul+ 6rcl'! oE: JtsA o$l *
rl-ilYl gl-d_l^ Ul_l^_l gJ."is.Yl j Lr:.r',.J1 Ol54:^Jl ;-,ti CA Ji'lll.dljjll e sJsll
4-$. 1^i:Yl J:lv,:.\l r-ra.,is.l3 Jl+,-ll d#.tJlil^e."+ JtlJl 6-211.:;-9.r LL*ii s
.L!-#l
126l
.ll.tcl
,!*ii A.L pl-,.,,,i
Jl&.r
1271