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Кредитная политика коммерческого банка и выбор метода оценки кредитоспособности заемщика (на примере Укрэксимбанка)

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2

E?eaie ?ia 1998

Ieienoa?noai ia?aciaaiey Oe?aeiu

Eeaaneee Iaoeeiiaeueiue yeiiiie/aneee Oieaa?neoao

E?eai?iaeneee yeiiiie/aneee einoeooo

Eaoaae?a “Oeiainia e aaieianeiai aeaea”

Aeiiouaii e caueoa

Caa. eaoaae?ie oeiainia e aaieianeiai aeaea

E.I. Aaneeue/oe

“ “ 19 a.

Aeeieiiiay ?aaioa

ia oaio: “E?aaeeoiay iieeoeea eiiia?/aneiai aaieae auai? iaoiaea ioeaiee
e?aaeeoiniiniaiinoe caaiueea”(ia i?eia?a Oe?yeneiaaiea)

Auiieiee: nooaeaio 5 eo?na CO

niaoe. 0501.04 (01), 2 a?oiiu

Ieeoeue TH?ee Ieeieaaae/

Iao/iue ?oeiaiaeeoaeue:

annenoaio Aa?aaao A.A.

76

Niaea?aeaiea

Aaaaeaiea

1. E?AAeEOIAss IIEEOEEA EAE INIIAIIE EINO?OIAIO AeINOEAEAIEss
NO?AOAAE*ANEEO OeAEAE EIIIA?*ANEIAI AAIEA

1.1. Iniiau e?aaeeoiie iieeoeee eiiia?/aneiai aaiea

1.2. Auai? iaoiaea ioeaiee e?aaeeoiniiniaiinoe caaiueea

2. AIAEEC E?AAeEOIIE IIEEOEEE AAIEA. IOeAIEA E?AAeEOINIINIAIINOE
CAAIUEEA

2.1. E?aoeay oa?aeoa?enoeea e aiaeec iniiaiuo iieacaoaeae aeayoaeueiinoe
Oe?yeneiaaiea e AI “Aeueoa”

2.2. E?aaeeoiay iieeoeea Oe?yeneiaaiea

2.3. Aiaeec aeaiaaeiiai iioiea (cash flow) eae niinia ioeaiee
e?aaeeoiniiniaiinoe caaiueea

2.4. E?aaeeoiue iiieoi?eia, eae iaoiae eiio?iey ea/anoaa e?aaeeoiiai
ii?ooaey aaiea

3. IOOE NIEAEAIEss E?AAeEOIIAI ?ENEA

3.1. Niaa?oainoaiaaiea e?aaeeoiie iieeoeee eiiia?/aneiai aaiea

3.2. Ie?iaie iiuo a aii?inao ioeaiee e?aaeeoiniiniaiinoe caaiueea

3.3. Iooe iiauoaiey e?aaeeoiniiniaiinoe caaiueea

3.4. ?aaioa n i?iaeaiiuie e?aaeeoaie

Caeeth/aiea

Eeoa?aoo?a

I?eeiaeaiea

Aaaaeaiea

Nia?aiaiiia ninoiyiea aaieianeie nenoaiu Oe?aeiu aeinoaoi/ii neiaeiia.
I?e/eiaie yoiai yaeythony eae e?eceniia ninoiyiea yeiiiieee a oeaeii,
oae e i?iaeaiu noaiiaeaiey e ?acaeoey aaieianeie nenoaiu. Aeaaiay oeaeue
aaiea, eae eiiia?/aneiai i?aaei?eyoey – iieo/aiea i?eauee. A ii?iaeueii
?aaioathuae yeiiiieea, iniiaiie enoi/iee i?eauee aeey aaiea –
i?aaeinoaaeaiea a nnoaeo naieo e?aaeeoiuo ?ano?nia. Aiaeec i?eaueae
eiiia?/aneeo aaieia Oe?aeiu naeaeaoaeuenoaoao i oii, /oi iaeaieueooth
/anoue a eo no?oeoo?a ninoaaeytho i?eauee io aaethoiie aeayoaeueiinoe a
oaeaea aeioiaeu e eiienneiiiua ca i?aaeinoaaeaiiua oneoae /10/. A oiaea
a?aiy iniiaiua oauoee aaiee oa?iyo io iaiin?aaenoaaiii e?aaeeoiie
aeayoaeueiinoe. Ii iia?aoeaiui aeaiiui /10/ iauay noiia oauoeia
ninoaaeea ia 01.01.98 a. ieiei 78 iei. a?i. Ii n?aaiaieth n 1.01.97 a.
ia 1.01.98 a. eiee/anoai i?in?i/aiiuo e?aaeeoia oaaee/eeinue ia 177 iei.
a?i., a i?ieiiae?iaaiiuo – ia 254 iei. a?i. /11/.

I?e/eiie oaeiai iieiaeaiey yaeyaony i?iaaaeaiea iaeioi?uie aaieaie
neeoeii ?eneiaaiiie e?aaeeoiie iieeoeee. Anoanoaaiii, iieiinoueth
ecaaaeaoue ?enea iaaiciiaeii, iineieueeo i?aaeinoaaeaiea e?aaeeoia yoi
ecia/aeueii ?eneiaaiiue aeae aeciana. Iiyoiio iaeiie ec aeaaiuo caaea/
aaiea yaeyaony ieieiecaoeey e?aaeeoiiai ?enea. Yoa aeayoaeueiinoue
iicaieeo aaieai iaeneiece?iaaoue i?eaueue e nieceoue iioa?e io
i?iaaaeaiey e?aaeeoiuo iia?aoeee.

Iaeiei ec iniiaiuo iooae nieaeaiey e?aaeeoiiai ?enea yaeyaony
ananoi?iiiee e ouaoaeueiue aiaeec e?aaeeoiniiniaiinoe caaiueea.
I?iaaaeaiea oaeiai aiaeeca iicaieeo i?aaeinoaaeoue ?oeiaiaenoao aaiea
ea/anoaaiioth eioi?iaoeeth aeey i?eiyoey ?aoaiey i auaea/a e?aaeeoa, a
neo/aa anee oeiainiaia ninoiyiea e ?aiooaoeey caaiueea ieaaeaony
oaeiaeaoai?eoaeueiui, eee ioeaca a auaea/a nnoaeu, eiaaea ?acoeueoaou
aiaeeca io?eoeaoaeueiua.

?anniio?aieth i?iaeai aiaeeca e?aaeeoiniiniaiinoe eeeaioa iinayuaia
aeaiiay aeeieiiiay ?aaioa.

Oeaeue ?aaiou – ?anniio?aiea e?aaeeoiie iieeoeee eiiia?/aneiai aaiea e
au?aaioea iai?aaeaiee aa niaa?oainoaiaaiey.

Enoiaey ec oeaee iniiaiua caaea/e aeeieiiiie ?aaiou neaaeothuea:

– eco/eoue oai?aoe/aneea e iaoiaee/aneea iieiaeaiey ii aii?inai
?ac?aaioee e?aaeeoiie iieeoeee eiiia?/aneiai aaiea e ?aoaiey iniiaiie aa
caaea/e – auai?a yooaeoeaiiai iaoiaea ioeaiee e?aaeeoiniiniaiinoe
caaiueea;

– i?iaanoe eiiieaeniue aiaeec nia?aiiuo a aaciaii eiiia?/aneii aaiea
iaoa?eaeia ii aii?inai e?aaeeoiaaiey, auyaeoue iieiaeeoaeueiua e
io?eoeaoaeueiua aniaeou aeayoaeueiinoe aaiea e noi?ie?iaaoue ia eo
iniiaa auaiaeu e ?aeiiaiaeaoeee ii niaa?oainoaiaaieth i?ioeanna
e?aaeeoiaaiey;

– eco/eoue ca?oaaaeiue iiuo e n aai o/aoii ia iniiaa aiaeeca
aeayoaeueiinoe aaiea ?ane?uoue niaea?aeaiea e iainiiaaoue ia?ii?eyoey ii
niaa?oainoaiaaieth i?ioeanna e?aaeeoiaaiey a eiiia?/aneii aaiea.

Iauaeoii enneaaeiaaiey yaeyaony eiiia?/aneee aaie. I?aaeiaoii
enneaaeiaaiey yaeythony yeiiiie/aneea ioiioaiey, aicieeathuea iaaeaeo
aaieii e ae?oaeie noauaeoaie oicyenoaaiiie aeayoaeueiinoe ii iiaiaeo
i?aaeinoaaeaiey a nnoaeo aeaiaaeiuo n?aaenoa ia i?eioeeiao ieaoiinoe,
n?i/iinoe e aica?aoiinoe.

I?iaeaia ?ac?aaioee yooaeoeaiie e?aaeeoiie iieeoeee eiiia?/aneiai aaiea
enneaaeiaaeanue iiiaeie yeiiiienoaie, eae ioa/anoaaiiuie, oae e
ca?oaaaeiuie, a /anoiinoe A.A. Aanaeianeei, A. Aieoaiiaui, A. Ieuaiei,
A.I. Onineeiui, Aeae. O. Neiee e ae?. Eie iaienai ?yae noaoae, a eioi?uo
enneaaeoaony yoa i?iaeaia.

I?e iaienaiee aeeieiiiie ?aaiou eniieueciaaeenue caeiiiaeaoaeueiua aeou,
ii?iaoeaiua aeieoiaiou, noaoenoe/aneea aeaiiua, io/aoiinoue aaiea e
i?aaei?eyoee, ?aaiou ioa/anoaaiiuo e ca?oaaaeiuo aaoi?ia.

1. E?AAeEOIAss IIEEOEEA EAE INIIAIIE EINO?OIAIOAeINOEAEAIEss
NO?AOAAE*ANEEO OeAEAE EIIIA?*ANEIAI AAIEA

1.1. Iniiau e?aaeeoiie iieeoeee eiiia?/aneiai aaiea

E?aaeeoiay iieeoeea eiiia?/aneiai aaiea i?aaenoaaeyao niaie nenoaio
aeaiaaeii-e?aaeeoiuo ia?ii?eyoee, i?iaiaeeiuo aaieii aeey aeinoeaeaiey
ii?aaeaeaiiuo oeiainiauo ?acoeueoaoia e yaeyaony iaeiei ec yeaiaioia
aaieianeie iieeoeee.

Ia ia?aii yoaia ?aaeecaoeee e?aaeeoiie iieeoeee i?ienoiaeeo ioeaiea
iae?iyeiiiie/aneie neooaoeee a no?aia a oeaeii, ?aaeiia ?aaiou
iioaioeeaeueiuo caaiueeia a /anoiinoe, aiaeeca io?aneaaie aeeiaieee
aua?aiiuo iai?aaeaiee e?aaeeoiaaiey, i?iaa?ea aioiaiinoe ia?niiaea aaiea
e ?aaioa n ?acee/iuie eaoaai?eyie nnoaeiiieo/aoaeae, i?eiyoea ?yaea
aioo?eaaieianeeo ii?iaoeaiuo aeieoiaioia. I?iaiaeeiay ?aaioa i?ienoiaeeo
aia iiey aeayoaeueiinoe iaiin?aaenoaaiiiai e?aaeeoiiai iiae?acaeaeaiey e
ioiineony aieueoa e ?aaioa aiaeeoe/aneeo e ia?eaoeiaiauo neoaea aaiea,
ii i?enoonoaea yoeo iaiaoiaeeiuo, yeaiaioia aiaeeca aeaeatho i?ioeann
e?aaeeoiaaiey iniuneaiiui e iiaeaioiaeaiiui.

Enoiaey ec i?iaaaeaiiuo enneaaeiaaiee ?oeiaiaenoai aaiea i?eieiaao
iaii?aiaeoi e?aaeeoiie iieeoeee ia eiie?aoiue ia?eiae (iau/ii 1 aiae). A
yoii aeieoiaioa eceaaathony:

1. Iniiaiua iai?aaeaiey e?aaeeoiie ?aaiou aaiea ia i?aaenoiyuee ia?eiae,
eiie?aoiua iieacaoaee e?aaeeoiie aeayoaeueiinoe (ii?iaoeau e eeieou),
iaania/eaathuea iaiaoiaeeiue o?iaaiue ?aioaaaeueiinoe e caueuaiiinoe io
e?aaeeoiuo ?eneia, iai?eia?:

– niioiioaiey e?aaeeoia e aeaiiceoia;

– niioiioaiey nianoaaiiiai eaieoaea e aeoeaia;

– eeieou naaiaioia ii?ooaey aeoeaia aaiea a oeaeii;

– eeieou naaiaioia e?aaeeoiiai ii?ooaey (eeieou ia e?aaeeoiaaiea
i?aaei?eyoee iaeiie io?anee, iaeiie oi?iu nianoaaiiinoe, iaeiiai aeaea
e?aaeeoiaaiey e o.ae.). Iau/ii ?acia? eeieoa aeeth/aao ia aieaa 25 % io
aaee/eiu iauaai e?aaeeoiiai ii?ooaey. Oaaee/aiea ii?aaeaeaiiiai naaiaioa
naa?o eeieoa aiciiaeii i?e iaee/ee niiniaia caueou io yoiai iiauoaiiiai
e?aaeeoiiai ?enea;

– eeeaioneea eeieou:

a) aeey aeoeeiia?ia (iaeueeia);

a) aeey noa?uo, n ii?aaeaeaiiie enoi?eae acaeiiioiioaiee, eeeaioia;

a) aeey iiauo eeeaioia;

a) aeey iaeeeaioia aaiea;

– aaia?aoe/aneea eeieou e?aaeeoiaaiey (o?aaothony aeey aaieia, eiathueo
eiiai?iaeiea oeeeaeu n ?aciui o?iaiai iiaeaioiaeaiiinoe ia?niiaea e
i?iaaaeaieth ea/anoaaiiie e?aaeeoiie ?aaiou, a oaeaea aeey iiiiaaieia,
ii aeaeathueo i?iaiaeeoue aeoeaiua iia?aoeee a ii?aaeaeaiiuo ?aaeiiao);

– o?aaiaaiey ii i?iaaaeaieth ?aaiou n iaania/aieai (aeaeu caeiaia,
noaiaea?ou ioi?ieaiey, ia?aea a ioeaiea e o.ae.);

– o?aaiaaiey ii aeieoiaioaeueiiio ioi?ieaieth e nii?iaiaeaeaieth
e?aaeeoia;

– ieaie?oaiue o?iaaiue e?aaeeoiie ia?aee e iaoaieciu i?eiyoey ?aoaiey ia
aai eciaiaiee.

2. Ooaa?aeaeaaony Iieiaeaiea i ii?yaeea auaea/e e?aaeeoia, aaea
io?aaeaaony:

– i?aaiecaoeey e?aaeeoiiai i?ioeanna;

– ia?a/aiue o?aaoaiuo aeieoiaioia io caaiueea e noaiaea?ou iiaeaioiaee
i?iaeoia e?aaeeoiuo aeiaiai?ia;

– i?aaeea i?iaaaeaiey ioeaiee iaania/aiey.

Oieueei iinea i?eiyoey yoeo aeieoiaioia, ?aaeaiaioe?othueo e?aaeeoiue
i?ioeann, iiaeii aiai?eoue i aioo?aiiae aioiaiinoe aaiea e ?aaioa ii
e?aaeeoiaaieth.

E?aaeeoiay iieeoeea eiiia?/aneiai aaiea iniiauaaaony ia ?aaeueiuo
yeiiiie/aneeo i?aaeiinueeao e enoi/ieeao e?aaeeoiiai iioaioeeaea. Aeey
oniaoiie aa ?aaeecaoeee aaieo iaiaoiaeeii aanoe o/ao anao oaeoi?ia,
eioi?ua ieacuaatho aicaeaenoaea ia ?aaeecaoeeth iioieia i?eoiea n?aaenoa
e?aaeeoiiai iioaioeeaea. A yoie nayce iaiaoiaeeii ?anniio?aoue iniiaiua
oaeoi?u, aicaeaenoaothuea ia yooaeoeaiinoue iieeoeee aaiea a /anoe
oi?ie?iaaiey n?aaenoa e?aaeeoiiai iioaioeeaea.

E iniiaiui oi?iai iiauoaiey enoi/ieeia e?aaeeoiiai iioaioeeaea
ioiinyony:

— iiauoaiea /enea aaieianeeo eeeaioia;

— oaaee/aiea n?aaenoa nouanoaothueo a aaiea o/anoieeia e eeeaioia;

— ?ino i?aaiecaoeeiiiie naoe aaiea;

— iauaaeeiaiea n?aaenoa o/anoieeia e eeeaioia aaiea ii oeaeaaiio
iacia/aieth (iai?eia?, nicaeaiea iauaai oiiaea aeeeeuiiai
no?ieoaeuenoaa).

N?aaenoaa oicyenoaaiiuo i?aaei?eyoee e i?aaiecaoeee — iniiaiie oaeoi?
oi?ie?iaaiey e?aaeeoiiai iioaioeeaea. Aiaeec e ioeaiea ?aaeueiuo
aiciiaeiinoae e aeeoioeyoeee n?aaenoa o i?aaei?eyoey, n iaeiie noi?iiu,
e iio?aaiinoae a aeaiaaeiuo n?aaenoaao yoiai aea i?aaei?eyoey n ae?oaie
— aaaeiaeoea yeaiaiou aaieianeie e?aaeeoiie iieeoeee. A ca?oaaaeiie
i?aeoeea i?aaeii/oaiea ioaeaaony oai eeeaioai aaiea, eioi?ua oeaeeeii
naith oicyenoaaiioth aeayoaeueiinoue inouanoaeytho /a?ac aeaiiue aaie e
aeaiiie?otho a iai ana naie aeaiaaeiua n?aaenoaa.

Aeey aaieia iniaia cia/aiea eiaao aieueoaa /enei iinoiyiiuo eeeaioia,
oae eae a yoii neo/aa noaaeeueiaa aeaiiceou a aaiea e aai eeeaeaeiinoue.

Aiaeece?oy i?aeoeeo eiiia?/aneeo aaieia NOA a /anoe niaethaeaiey
eeeaeaeiinoe, ioia/aii neaaeothuaa: “I?e oi?ioae i?aaiecaoeee ?aaiou ii
i?eaea/aieth ?ano?nia ia eiaao nouanoaaiiiai cia/aiey eiee/anoaaiiia
niioiioaiea iaeioi?uo noaoae aeoeaa n i?eaea/aiiuie aeaiiceoaie.
Aeaenoaeoaeueii, aieaa ieceia i?ioeaioiia niioiioaiea n?aaeian?i/iuo e
aeieain?i/iuo ?aciauaiee n?aaenoa ii aeoeao n i?eaea/aiiuie aeaiiceoaie
cia/eo iaiueoa, /ai aieaa aunieia niioiioaiea, anee ai aoi?ii neo/aa
iaania/eaaaony noaaeeueiinoue aeaiiceoia ec eiie?aoiuo enoi/ieeia ia
aaca aeaaii onoaiiaeaiiuo o?aaeeoeeiiiuo naycae” /9, n. 52—53/.

Yeiiiie/iinoue, yooaeoeaiinoue eniieueciaaiey e eeeaeaeiinoue n?aaenoa
i?aaei?eyoee e i?aaiecaoeee iaiin?aaenoaaiii io?aaeathony ia
noaaeeueiinoe e?aaeeoiiai iioaioeeaea aaiea. A yoie nayce aaie aeieaeai
oi?ioi ciaoue aeayoaeueiinoue naieo eeeaioia, nenoaiaoe/anee aiaeece?oy
oaeea aai iieacaoaee, eae:

— eeeaeaeiinoue aaeaina;

— ?aioaaaeueiinoue eniieueciaaiey n?aaenoa, a /anoiinoe iai?a/eaaaiinoue
iai?ioiuo n?aaenoa eae ?aaeueiue yeiiiie/aneee e?eoa?ee noaiaie
eeeaeaeiinoe n?aaenoa;

— ieaiu i?iecaiaenoaa e eo niioaaonoaea oneiaeyi ?uii/iie eiiuthieoo?u
oiaa?ia;

— oaoie/aneee o?iaaiue i?aaei?eyoey e ia?niaeoeau aai ?acaeoey;

— oaeaeueiue aan i?iaeoeoeee, i?iecaiaeeiie ia yenii?o, e ae?.

N?aaenoaa ianaeaiey aeieaeiu caieiaoue iniaia ianoi a aaieianeie
iieeoeea oi?ie?iaaiey n?aaenoa e?aaeeoiiai iioaioeeaea. Iniiaiua
oaeoi?u, eioi?ua aicaeaenoaotho ia i?eia?aoaiea naa?aaeaiee ianaeaiey,
neaaeothuea:

1. Aaee/eia aeaiaaeiuo aeioiaeia e neeiiiinoue e naa?aaeaieyi.

2. I?aaiecaoeey i?eia?aoaiey naa?aaeaiee iooai oe?ieie aaieianeie naoe.

3. Ea/anoai i?aaeinoaaeyaiuo oneoa ianaeaieth.

4. I?aaiecaoeey eioi?iaoeeiiiie neoaeau.

5. Oaoie/aneay iniauaiiinoue ioaeaea aaiea ii ?aaioa n ianaeaieai.

6. Oi?ioea ciaiey eeeaioia, eo ?aaeiiaeueiia ?ani?aaeaeaiea, oeiainiaua
neeu, eioaineaiinoue iio?aaiinoe e eniieueciaaiey aeaiiie?iaaiiuo a
aaiea n?aaenoa, iaaeaaeiinoue a auiieiaiee iaycaoaeuenoa, aiciiaeiinoe
iaania/aiey e ae?oaea oaeoi?u, ia iniiaa eioi?uo iiaeii nicaeaoue
?aaeueiia i?aaenoaaeaiea i i?eoiea e iooiea n?aaenoa ianaeaiey.

Iniaia ianoi a enoi/ieeao n?aaenoa e?aaeeoiiai iioaioeeaea eiiia?/aneiai
aaiea caieiatho e?aaeeou Iaoeeiiaeueiiai aaiea Oe?aeiu. Niaoeeoeea
aeaiiiai enoi/ieea ninoieo a oii, /oi:

— ai-ia?auo, e?aaeeou Iaoeeiiaeueiiai aaiea Oe?aeiu — yoi n?aaenoaa
yiennee e iniiaiie eino?oiaio ?aaoee?iaaiey iauaia aeaiaaeiie iannu e
eeeaeaeiinoe aaieianeie nenoaiu;

— ai-aoi?uo, e?aaeeou Iaoeeiiaeueiiai aaiea Oe?aeiu auaeathony
eiiia?/aneei aaieai a ii?yaeea ?aoeiaine?iaaiey.

Nenoaia ?aoeiaine?iaaiey i?aaeiieaaaao, /oi ia?aiia/aeueii eiiia?/aneea
aaiee i?aaeinoaaeytho e?aaeeou naiei eeeaioai ca n/ao naiaai e?aaeeoiiai
iioaioeeaea, eae i?aaeei, ii ii?aaeaeaiiiio oeaeaaiio iacia/aieth,
eiathuaio aaaeiia cia/aiea aeey oicyenoaa a oeaeii e oe?aieaiey
aeaiaaeiiai iai?ioa. A iineaaeothuai auaea/a e?aaeeoa Iaoeeiiaeueiui
aaieii Oe?aeiu eiiia?/aneiio aaieo eiaao oeaeueth aicianoeoue
(?aoeiaine?iaaoue) /anoue enoi/ieeia e?aaeeoiiai iioaioeeaea
eiiia?/aneiai aaiea, eioi?ay caaeaenoaiaaia a auoaoeacaiiuo e?aaeeoao
eeeaioia aaiea.

Aiciiaeiinoe eniieueciaaiey eiiia?/aneeie aaieaie e?aaeeoia
Iaoeeiiaeueiiai aaiea Oe?aeiu ii?aaeaeythony aeaiaaeii-e?aaeeoiie
iieeoeeie a no?aia, i?iaiaeeiie ia oii eee eiii yoaia oicyenoaaiiiai
?acaeoey. Anee Iaoeeiiaeueiue aaie Oe?aeiu oi/ao nie?aoeoue aeaiaaeioth
ianno, ii i?iaiaeeo iieeoeeo ?ano?eeoeee e?aaeeoa, a oii /enea ca n/ao
nie?auaiey e?aaeeoia, i?aaeinoaaeyaiuo eiiia?/aneei aaieai. E iaiai?io,
anee i?aaeoniao?eaaaony ?ino aeaiaaeiie iannu, i?aaeii/oaiea ioaeaaony
?acaeoeth aeaeiaie aeoeaiinoe i?aaei?eyoee ca n/ao yeniainee e?aaeeoa, a
oii /enea ca n/ao ?inoa e?aaeeoia, i?aaeinoaaeyaiuo Iaoeeiiaeueiui
aaieii Oe?aeiu eiiia?/aneei aaieai.

A ianoiyuaa a?aiy Iaoeeiiaeueiue aaie Oe?aeiu ana aua aeiioneaao
?ani?aaeaeaiea e?aaeeoiuo ?ano?nia auaoei niaoeeaeece?iaaiiui aaieai,
/oi ia ioaa/aao ?uii/iui iaoiaeai oi?aaeaiey ?ano?naie. Aianoa n oai, a
iineaaeiaa a?aiy Iaoeeiiaeueiui aaieii Oe?aeiu i?aaeoniao?eaaaony
auaea/a e?aaeeoia eiiia?/aneei aaieai a ii?yaeea ?aoeiaine?iaaiey i?e
niaethaeaiee neaaeothueo oneiaee:

— auaea/a e?aaeeoa eeeaioai eiiia?/aneiai aaiea ii i?ei?eoaoiui
iai?aaeaieyi (ia iieaoo eiii?oiiai iai?oaeiaaiey aeey i?iecaiaenoaa
oiaa?ia ia?iaeiiai iio?aaeaiey e iieaoo nu?uey aeey eaaeie e
oaenoeeueiie i?iiuoeaiiinoe, a oaeaea ia eiiaa?neth i?iecaiaenoaa);

— aiaeec oeiainiaiai ninoiyiey aaiea e ia?niaeoeau iiaaoaiey e?aaeeoa;

— iiaeeecaoeey nianoaaiiuo e?aaeeoiuo ?ano?nia eiiia?/aneiai aaiea e
ionoonoaea auaea/e iaaeaaieianeeo e?aaeeoia ae?oaeie aaieaie;

— yeiiiie/aneia iainiiaaiea n iai?aaeaieai eniieueciaaiey e?aaeeoa;

— ia?aonooiea Iaoeeiiaeueiiio aaieo Oe?aeiu caeiaiaiai i?aaa ia
eiouanoai eeeaioia, i?eiyoiai eiiia?/aneeie aaieaie a ea/anoaa
iaania/aiey e?aaeeoa;

— caeeth/aiea e?aaeeoiiai aeiaiai?a, aaea aeieaeiu i?aaeoniao?eaaoueny
n?ie e ?acia? e?aaeeoa, ii?yaeie auaea/e e iiaaoaiey, i?ioeaioiay noaaea
e iaycaoaeuenoai ii caeiao.

Iaaeaaieianeee e?aaeeo — cia/eoaeueiue enoi/iee n?aaenoa aeey
iiaeaea?aeaiey noaaeeueiinoe e?aaeeoiiai iioaioeeaea. A ca?oaaaeiie
i?aeoeea iaaeaaieianeia e?aaeeoiaaiea:

— inouanoaeyaony, eae i?aaeei, a oeaeyo iiaeaea?aeaiey oaeouae
eeeaeaeiinoe aaiea eee iaania/aiey ?aioaaaeueiiai aeiaeaiey n?aaenoa;

— iineo a iniiaiii e?aoein?i/iue oa?aeoa?;

— yaeyaony iia?aoeaiui ii niiniao i?aaeinoaaeaiey n?aaenoa;

— i?ienoiaeeo a ?aieao ei??aniiiaeaioneeo ioiioaiee aaieia;

— i?aaenoaaeyao niaie aei?iainoiyuee ii ioiioaieth e ae?oaei enoi/ieeai
e?aaeeoiue iioaioeeae aaiea.

?acaeoea iaaeaaieianeiai e?aaeeoiaaiey iaania/eaaao oi?ioay
eioi?iaoeeiiiay aaca, oa?aeoa?ecothuay oeiainiaia ninoiyiea aaieia, eo
ieaoaaeaniiniaiinoue e eeeaeaeiinoue. Ia i?aeoeea iaiaoiaeeiu
ioaeeeaoeee aaeainia.

N?aaenoaa e?aaeeoiiai iioaioeeaea aaieia oi?ie?otho ?uiie aeaiaa e
e?aaeeoa, ia eioi?ii aaiee i?aaeinoaaeytho e caeinoaotho e?aaeeou. Ia
e?aaeeoiii ?uiea, eae e ia anyeii ae?oaii, aeieaeia auoue yniay ea?oeia
ni?ina e i?aaeeiaeaiey e?aaeeoa. A yoeo oeaeyo a aaiea inouanoaeyaony
eiio?ieue ca iniiaiuie oaeoi?aie, eioi?ua aicaeaenoaotho ia ni?in e
i?aaeeiaeaiea e?aaeeoia:

1. Iineoaeue ni?ina e i?aaeeiaeaiey e?aaeeoa.

2. Iauai ni?ina e i?aaeeiaeaiey e?aaeeoa ii eo n?i/iinoe.

3. Oneiaey e aunioa i?ioeaioiiai o?iaiy, eee oeaia e?aaeeoa ii n?i/iinoe
e?aaeeoa.

4. Iniiaiua oaiaeaioeee aeaeaeaiey ia e?aaeeoiii ?uiea, iniaaiii
aicaeaenoaea Oeaio?aeueiiai aaiea.

5. Niioiioaiey i?ioeaioiuo o?iaiae ia ioaeaeueiuo e?aaeeoiuo ?uieao, eo
caeiiiia?iinoe.

6. Nenoaia no?aoiaaiey ?enea, eioi?ay iiaeao i?iyaeyoueny ai acyoee e
i?aaeinoaaeaiee e?aaeeoa ia e?aaeeoiii ?uiea.

Oi?ioea ciaiey oaiaeaioeee ia e?aaeeoiii ?uiea aeatho aiciiaeiinoue
eiiia?/aneiio aaieo i?iaiaeeoue aeaeiaoth iieeoeeo yooaeoeaii e
yeanoe/ii, a n?aaenoaa naiaai e?aaeeoiiai iioaioeeaea eniieueciaaoue
naiaiaeiaa.

Anee eiiia?/aneee aaie eiaao ynioth ea?oeio ia e?aaeeoiii ?uiea, oi oai
naiui ii iaania/eaaao aeey naay aiciiaeiinoue iieo/aiey iaaeaaieianeiai
e?aaeeoa ia e?aaeeoiii ?uiea a iiiaio aicieeiiaaiey nianoaaiiuo
iaycaoaeuenoa aac ?enea iaeeeaeaeiinoe. E?iia oiai, e?aaeeoiue ?uiie
iicaieyao aaieo iiaeaea?aeeaaoue aunieoth eeeaeaeiinoue naieo n?aaenoa
i?iaeaaeae eo ia yoii ?uiea.

E?aaeeoiay iieeoeea eiiia?/aneiai aaiea iaania/eaaao iai?a?uaiia
eniieueciaaiea anao n?aaenoa, eioi?ua nicaeathony aeey oaeiaeaoai?aiey
iiaeeaaeaueo iiaaoaieth iaycaoaeuenoa e ieieiaeueiiai ?aca?aa
eeeaeaeiinoe. Inoaoie n?aaenoa iaiaoiaeeii ?aaeeciaaoue ia aeaiaaeiii e
e?aaeeoiii ?uiea. Ana naeaeee ia aeaiaaeiii e e?aaeeoiii ?uiea
?aaoee?othony iniauie ?aoaieyie i?aaiia oi?aaeaiey aaiea.

Iaeia ec iniiaiuo oeaeae aaieianeie iieeoeee a ?ani?aaeaeaiee n?aaenoa
e?aaeeoiiai iioaioeeaea — yoi iaania/aiea niioaaonoaey no?oeoo?u
enoi/ieeia n?aaenoa ni no?oeoo?ie aeoeaia aaiea. Oae, “a NOA iao
ocaeiiaiiiai eiyooeoeeaioa eeeaeaeiinoe, aai ii?aaeaeaiea e
iiaeaea?aeaiea yaeythony caaea/ae ?oeiaiaenoaa aaiea. I?e yoii enoiaeyo
ec oiai, /oi oei i?eaea/aiiuo aeaiiceoia, enoi/iee eo i?ienoiaeaeaiey e
noaaeeueiinoue yaeythony aeaaiuie oaeoi?aie, ii?aaeaeythueie
eeeaeaeiinoue” /9, n. 52/.

Niaoeeoe/iinoue aaieianeie ooieoeee e aeeiaieea oee?eoeyoeee aeaiaaeiuo
iioieia nicaeatho ?aaeueioth aiciiaeiinoue aeey oiai, /oiau aaie a naiae
aeayoaeueiinoe iia inouanoaeyoue n?i/ioth o?ainoi?iaoeeth n?aaenoa
e?aaeeoiiai iioaioeeaea. N?i/iay o?ainoi?iaoeey n?aaenoa aaiea
i?ienoiaeeo, eiaaea aaie ii?aaeaeaiioth noiio e?aaeeoa i?aaeinoaaeyao a
n?aaeiai ia aieaa aeeeoaeueiua n?iee, /ai n?i/iinoue n?aaenoa
e?aaeeoiiai iioaioeeaea.

Aiciiaeiinoue o?ainoi?iaoeee n?i/iie no?oeoo?u n?aaenoa e?aaeeoiiai
iioaioeeaea naycaia n oai, /oi n?aaenoaa aeaiiceoia ii i?aaeuyaeaiee
eiioeaio?e?othony a aaiea io ?aciuo aeaiiiaioia, eioi?ua eo eniieuecotho
n ?acee/iie aeeiaieeie. Aei eaeie noaiaie aaie iiaeao niaa?oaoue n?i/iia
ia?ano?oeoo?e?iaaiea n?aaenoa caaeneo io ooaa?aeaeaiiie aeaeiaie
iieeoeee oi?ie?iaaiey e ?ani?aaeaeaiey n?aaenoa e?aaeeoiiai iioaioeeaea,
io aaieianeiai aiaeeca enoi/ieeia n?aaenoa e aeoeaia e o?iaiy
eeeaeaeiinoe a iiiaio o?ainoi?iaoeee n?aaenoa. Ieeaeay nethieiooiay
eiiuthieoo?a e eneeth/eoaeueiay neooaoeey ia iiaoo auoue iniiaaieai aeey
n?i/iie o?ainoi?iaoeee n?aaenoa, iineieueeo iia ia eiaao yeiiiie/aneie
iniiau e /enoiai ?an/aoa ?acoeueoaoia n?i/iie o?ainoi?iaoeee.

Ca?oaaaeiue iiuo naeaeaoaeuenoaoao i oii, /oi o?ainoi?iaoeey n?aaenoa
e?aaeeoiiai iioaioeeaea yaeyaony iaeiie ec iniiaiuo i?e/ei iaino?aiey
i?iaeaiu aaieianeie eeeaeaeiinoe. Aeey ioeaiee noaiaie ?enea n?i/iie
o?ainoi?iaoeee oeaeaniia?acii io?aaoee?iaaoue io?aaeaiea n?ieia aeoeaiuo
e ianneaiuo iia?aoeee a aaeainao e oieoeoee?iaaoue iiceoeee aaeainia
eiiia?/aneeo aaieia.

Ea/anoaaiiia e eiee/anoaaiiia ?aaiiaanea i?eeeaa e ioeeaa n?aaenoa
e?aaeeoiiai iioaioeeaea — aaaeiue oaeoi? a iieeoeea eeeaeaeiinoe aaiea.
Iieacaoaee i?eaaaeaiiie oaaeeoeu iicaieytho i?iaanoe aiaeec oeacaiiiai
?aaiiaaney e oai naiui ioeaieoue noaiaiue ?enea iaeeeaeaeiinoe ii
i?e/eia n?i/iie o?ainoi?iaoeee n?aaenoa e?aaeeoiiai iioaioeeaea.
I?inoaeoei iieacaoaeai noaiaie n?i/iie o?ainoi?iaoeee iiaeao neoaeeoue
i?ioeaioiia niioiioaiea iaaeaeo iauae aaee/eiie e?aoein?i/iuo aeoeaia e
e?aoein?i/iuo enoi/ieeia, iaaeaeo aaee/eiie aeieain?i/iuo aeoeaia e
aeieain?i/iuo enoi/ieeia n?aaenoa e?aaeeoiiai iioaioeeaea aaiea.

Oaeei ia?acii, e?aaeeoiay iieeoeea yaeyaony aaaeiaeoei eino?oiaioii
aeinoeaeaiey no?aoaae/aneeo oeaeae eiiia?/aneiai aaiea. Io aa oniaoiie
?aaeecaoeee ai iiiaii caaeneo oeiainiaue ?acoeueoao aaieianeiai
o/?aaeaeaiey. Aaaeiaeoae caaea/ae e?aaeeoiie iieeoeee yaeyaony
yooaeoeaiay ioeaiea e?aaeeoiniiniaiinoe caaiueea. Auai? iaoiaea ioeaiee
e?aaeeoiniiniaiinoe caaiueea o?aaoao ouaoaeueiiai ?anniio?aiey.

1.2. Auai? iaoiaea ioeaiee e?aaeeoiniiniaiinoe caaiueea

E?aaeeoiay naeaeea i?aaeiieaaaao acaeiiioiioaiey aeaoo noauaeoia –
e?aaeeoi?a e caaiueea, e?aaeeoi? ia?aaeaao caaiueeo iauaeo naeaeee –
nnoaeaiioth noieiinoue – ia oneiaeyo n?i/iinoe, aica?aoiinoe, ieaoiinoe,
ii i?e yoii inoaaony nianoaaiieeii iauaeoa naeaeee. A eaaeaeie
e?aaeeoiie naeaeea aeey e?aaeeoi?a i?enoonoaoao yeaiaio ?enea:
iaaica?aoa nnoaeaiiie noieiinoe caaiueeii (ii ?aciui i?e/eiai) iaoieaou
i?ioeaioia ii nnoaea, ia?ooaiey n?ieia aica?aoa.

A aeeieiiiie ?aaioa ?anniao?eaaaony aa?eaio, eiaaea a ea/anoaa
e?aaeeoi?a aunooiaao aaieianeia o/?aaeaeaiea, o.a. ?a/ue eaeao i
aaieianeii e?aaeeoa.

A ie?iaie i?aeoeea e?aaeeoiniiniaiinoue eeeaioa yaeyaony iaeiei ec
iniiaiuo iauaeoia i?e ii?aaeaeaiee oeaeaniia?aciinoe e oi?i e?aaeeoiuo
ioiioaiee n iei. Niiniaiinoue e aica?aoo aeieaa naycuaaaony n
ii?aeueiuie ea/anoaaie eeeaioa, aai oaeaioii e ?iaeii caiyoee,
noaiaiueth aeiaeaiey eaieoaea a iaaeaeaeeiia eiouanoai, aiciiaeiinoueth
ca?aaioaoue n?aaenoaa aeey iiaaoaiey nnoaeu e ae?oaeo iaycaoaeuenoa a
oiaea i?ioeanna i?iecaiaenoaa e ia?auaiey.

E?aaeeoiniiniaiinoue caaiueea caaeneo io ?aciuo oaeoi?ia, a oii /enea
io aai oeiainiaiai iieiaeaiey – o?iaiy iaania/aiey nianoaaiiuie
n?aaenoaaie, o?iaiy ?aioaaaeueiinoe, iaee/ey aeinoaoi/iiai iauaia
eeeaeaeiuo aeoeaia, oeiainiaie aeenoeeieeie?iaaiiinoe caaiueea e aai
eiio?aaaioia.

Aeey ioeaiee e?aaeeoiniiniaiinoe ia ia?niaeoeao ioaeii, iiieii
oeacaiiiai, o/anoue aeeyiea i?aaenoiyueo eiiuthieoo?iuo eciaiaiee a
yeiiiieea, neacuaathueony ia aeayoaeueiinoe caaiueea, n o/aoii noii e
n?ieia i?aaenoiyueo iinooieaiee aeioiaeia e eo eniieueciaaiey, a
niioaaonoaee n iaycaoaeuenoaaie ii ieaoaaeai (ca iaoa?eaeu, yia?aeth, e
ae?.) e iiaaoaieai nnoaeiie caaeieaeaiiinoe. Aeiiieieoaeueiua neiaeiinoe
a ii?aaeaeaiee e?aaeeoiniiniaiinoe aicieeatho e a nayce n oaeei
oaeoi?ii, eae ?aiooaoeey caaiueea, ecia?eoue e ioeaieoue ioiineoaeueiia
cia/aiea eioi?ie iaaiciiaeii.

I?e ii?aaeaeaiee e?aaeeoiniiniaiinoe iaaei o/eouaaoue e aeaiiua i ?aciuo
noi?iiao aeayoaeueiinoe caaiueea, oneiaeyo aai ?aaiou. Ia?yaeo n
oeeo?iauie iieacaoaeyie iiaeii eniieueciaaoue aeaiiua i ?aiooaoeee
caaiueea, /oi ia iiaeaeaaony au?aaeaieth a oeeo?iaii aeaea.

Oaeei ia?acii, e?aaeeoiniiniaiinoue caaiueea iniiauaaaony ia ii?aeueiuo
ea/anoaao eeeaioa e aai niiniaiinoe aini?iecaanoe aaaine?iaaiiua
n?aaenoaa aeey iiaaoaiey aeieaa.

Iniiaiay oeaeue eco/aiey e?aaeeoiniiniaiinoe – ii?aaeaeeoue
niiniaiinoue e aioiaiinoue caaiueea aa?iooue cai?aoeaaaioth noiio a
niioaaonoaee n oneiaeyie aeiaiai?a i auaea/a nnoaeu. Aaie aeieaeai a
eaaeaeii neo/aa ii?aaeaeeoue noaiaiue ?enea, eioi?ue ii aioia acyoue ia
naay, e ?acia? e?aaeeoa, eioi?ue iiaeao auoue i?aaeinoaaeai a aeaiiuo
ianoiyoaeuenoaao.

Neiaeiinoue ioeaiee e?aaeeoiniiniaiinoe caaiueeia iaoneiaeea i?eiaiaiea
?aciiia?aciuo iiaeoiaeia e oaeie caaea/a, a caaeneiinoe io iniaaiiinoae
caaiueeia.

Iaeei ec iiaeoiaeia, aace?othueeny ia i?aaiaie e oeiainiai-oicyenoaaiiie
niiniaiinoe caaiueea iieo/eoue e aica?aoeoue e?aaeeo, cae?aieai a
iieiaeaiee IAO “I e?aaeeoiaaiee”. Caeanue e?aaeeoiniiniaiinoue
ii?aaeaeyaony, eae niiniaiinoue caaiueea a ii?aaeaeaiiii iauaia e a
ii?aaeaeaiiue e?aaeeoiui niaeaoaieai n?ie ?ann/eoaoueny ii iniiaiiio
aeieao e i?ioeaioai, eioi?ua iiaeeaaeao oieaoa ca iieueciaaiea e?aaeeoii
a n?iee, ii?aaeaeaiiua a e?aaeeoiii aeiaiai?a.

E?aaeeoiniiniaiinoue caaiueea icia/aao niiniaiinoue th?eaee/aneiai eee
oece/aneiai eeoea iieiinoueth e a n?ie ?ann/eoaoueny ii naiei aeieaiaui
iaycaoaeuenoaai.

Iiiyoea e?aaeeoiniiniaiinoe aeeth/aao i?aaiaia e oicyenoaaiii-oeiainiaia
ninoiyiea caaiueea, eioi?ia ii?aaeaeyao iaee/ea i?aaeiinueie aeey
iieo/aiey ei e?aaeeoia, a oaeaea eo iiaaoaiey a onoaiiaeaiiua n?iee.

E?aaeeoiniiniaiinoue caaiueea, a ioee/ea io aai ieaoaaeaniiniaiinoe, ia
oeene?oao iaieaoaaee ca oaeouee ia?eiae eee ia eaeoth-eeai aeaoo, a
i?iaiice?oao aai ieaoaaeaniiniaiinoue ia aeeaeaeooth ia?niaeoeao.
Ioeaieaaaony e?aaeeoiniiniaiinoue ia iniiaa nenoaiu iieacaoaeae, eioi?ua
io?aaeatho ?aciauaiea e enoi/ieee iai?ioiuo n?aaenoa, ?acoeueoaou
oicyenoaaiii-oeiainiaie aeayoaeueiinoe caaiueea. Auai? iieacaoaeae
caaeneo io iniaaiiinoae iino?iaiey aaeaina e ae?oaeo oi?i io/aoiinoe
eeeaioia, eo io?aneaauo iniaaiiinoae, oi?iu nianoaaiiinoe.

I?e ioeaiea e?aaeeoiniiniaiinoe caaiueea o/eouaathony: i?aaiii/iinoue,
eioi?oth th?eaee/aneia eeoei iieo/aao oieueei n iiiaioa ainoaea?noaaiiie
?aaeno?aoeee aai onoaaa a eniieieoaeueiuo i?aaiao aeanoe, oeiainiaay
noaaeeueiinoue, ieaoaaeaniiniaiinoue e ae?oaea iieacaoaee (eeeaeaeiinoue
aaeaina, ninoiyiea aeoeaia, yooaeoeaiinoue eniieueciaaiey n?aaenoa,
i?eaueue, iaee/ea iaania/aiey eee ae?oaea aa?aioee aica?auaiey e?aaeeoa,
?aeoeia).

Aeoaeia aiaeeca e?aaeeoiniiniaiinoe caaeneo io iaee/ey eee ionoonoaey a
i?ioeii e?aaeeoiuo ioiioaiee aaiea n eiie?aoiui caaiueeii, io
?acoeueoaoia aai oicyenoaaiii-oeiainiaie aeayoaeueiinoe, ?acia?ia e
n?ieia i?aaeinoaaeaiey nnoae.

Ae?oaie iiaeoiae iniiaai ia nenoaia iieacaoaeae, eniieuecoaiuo
aia?eeaineeie niaoeeaeenoaie, – oae iacuaaaiuo 5 “N” /25/:

— character (oa?aeoa? caaiueea);

— capacity (oeiainiaua aiciiaeiinoe);

— capital (eaieoae, eiouanoai);

— collateral (iaania/aiea);

— conditions (iauea yeiiiie/aneea oneiaey).

Iiae “oa?aeoa?ii” caaiueea eiaaony a aeaeo aai ?aiooaoeey, noaiaiue
ioaaonoaaiiinoe, aioiaiinoue e aeaeaiea iiaaoaoue aeiea. Aaie no?aieony
i?aaeaea anaai auynieoue, eae caaiuee (oe?ia eee /anoiia eeoei)
ioiineeny e naiei iaycaoaeuenoaai a i?ioeii, auee ee o iaai caaea?aeee a
iiaaoaiee caeiia, eaeia aai noaoon a aeaeiaii ie?a. Aaie no?aieony
iieo/eoue ananoi?iiithth oa?aeoa?enoeeo caaiueea, eniieuecoy aeey yoiai
ee/iia eioa?aueth n iei, aeinuea ec ee/iiai a?oeaa, eiinoeueoaoeee n
ae?oaeie aaieaie e oe?iaie e i?i/oth aeinooiioth eioi?iaoeeth.

Oeiainiaua aiciiaeiinoe caaiueea, aai niiniaiinoue iiaaneoue e?aaeeo
ii?aaeaeythony n iiiiuueth ouaoaeueiiai aiaeeca aai aeioiaeia e
?anoiaeia e ia?niaeoea eciaiaiey eo a aoaeouai. A i?eioeeia o caaiueea
aaiea anoue o?e enoi/ieea n?aaenoa aeey iiaaoaiey nnoaeu /12/:

— oaeouea eanniaua iinooieaiey (cash flow);

— i?iaeaaea aeoeaia;

— i?i/ea enoi/ieee oeiaine?iaaiey (aeeth/ay caeinoaiaaiey ia aeaiaaeiii
?uiea).

Eiiia?/aneea aaiee o?aaeeoeeiiii ioiinyony e oie eaoaai?ee e?aaeeoi?ia,
nnoaeu eioi?uo iiaaoathony ca n/ao /enoiai naeueaei oaeoueo eanniauo
iinooieaiee (net cash flow). Yoa aaee/eia ?aaiyaony /enoie iia?aoeeiiiie
i?eauee iethn aii?oecaoeeiiiua io/eneaiey ieion i?e?ino aeaaeoi?neie
caaeieaeaiiinoe ieion i?e?ino oiaa?iuo caiania iethn noiia n/aoia e
iieaoa.

E?eoe/aneia cia/aiea aeey iiaaoaiey caeia eiaao aeeiaieea aeaaeoi?neie
caaeieaeaiiinoe i?aaei?eyoey e eciaiaiea aai oiaa?iuo caiania. *aua
anaai n yoeie noaoueyie naycaiu o?oaeiinoe a iiaaoaiee caeia.

E?iia ia?auo aeaoo e?eoa?eaa aaie aieueoia aieiaiea oaeaeyao oaeaea
ae?oaei oaeoi?ai, a eiaiii aeoeeiia?iiio eaieoaeo oe?iu, aai no?oeoo?a,
niioiioaieth n ae?oaeie noaoueyie aeoeaia e ianneaia, a oaeaea
iaania/aieth caeia, aai aeinoaoi/iinoe, ea/anoao e noaiaie ?aaeecoaiinoe
caeiaa a neo/aa iaiiaaoaiey nnoaeu.

Iaeiiaoe, i?e ?anniio?aiee cayaee ia e?aaeeo i?eieiathony ai aieiaiea
“iauea oneiaey”, ii?aaeaeythuea aeaeiaie eeeiao a no?aia e ieacuaathuea
aeeyiea ia iieiaeaiea eae aaiea, oae e caaiueea: ninoiyiea yeiiiie/aneie
eiiuthieoo?u, iaee/ea eiieo?aioeee ni noi?iiu ae?oaeo i?iecaiaeeoaeae
aiaeiae/iiai oiaa?a, iaeiae, oeaiu ia nu?uea e o. ae.

Iaeia ec oeaeae e?aaeeoiuo ?aaioieeia aaiea caeeth/aaony a oii, /oiau
au?aceoue a oeeo?ao (eaaioeoeoee?iaaoue) oeacaiiua e?eoa?ee
i?eiaieoaeueii e eaaeaeiio eiie?aoiiio neo/ath. Ia iniiaa yoiai aoaeao
i?eiyoi acaaoaiiia ?aoaiea ioiineoaeueii e?aaeeoiniiniaiinoe caaiueea,
oeaeaniia?aciinoe auaea/e aio e?aaeeoa, oeaiiauo e iaoeaiiauo oneiaee
yoiai e?aaeeoa e o. ae. A ?aieao aeeeaiiu “?ene – aeioiaeiinoue”
caaiueee, eiathuea aieaa neaaua oeiainiaua iiceoeee (a neaaeiaaoaeueii,
aieaa iiaeaa?aeaiiua ?eneo) aeieaeiu ieaoeoue ca e?aaeeo aieueoa, /ai
aieaa iaaeaaeiua caaiueee.

Io iieiiou e aeinoiaa?iinoe eioi?iaoeee i iioaioeeaeueiii caaiueea
caaeneo i?aaeeueiinoue i?eiyoey ?aoaiey i auaea/a e?aaeeoa. A eaaeaeii
eiie?aoiii aaiea ninoaa e oa?aeoa? eioi?iaoeee cai?aoeaaaiie o eeeaioa e
iieo/aaiie ec ae?oaeo aeinooiiuo enoi/ieeia iiaeao ?acee/aoueny, iaeiaei
aeieaeiu auoue inaauaiu iniiaiua aii?inu, ioaaou ia eioi?ua iaiaoiaeeiu
aeey i?eiyoey ?aoaiey.

I?eia?iue ia?a/aiue aii?inia /13/ caaeaaaaiuo eeeaioo e?aaeeoiui
einiaeoi?ii a oiaea ee/iie aanaaeu, i?eaaaeai a i?eeiaeaiee 1.

Iinea aanaaeu e?aaeeoiue einiaeoi? aeieaeai i?eiyoue ?aoaiea –
i?iaeieaeaoue ee aeaeueiaeooth ?aaioo n e?aaeeoiie cayaeie eee ioaaoeoue
ioeacii.

Anee i?aaeeiaeaiea eeeaioa ?anoiaeeony a eaeeo oi aaaeiuo aniaeoao n
i?eioeeiaie e?aaeeoiie iieeoeee i?iaiaeeiie aaieii, oi cayaeo neaaeoao
ioeeiieoue, iauyniea cayaeoaeth i?e/eiu ioeaca.

Anee ii eoiaai aanaaeu e?aaeeoiue einiaeoi? ?aoaao i?iaeieaeaoue ?aaioo
n eeeaioii, oi ii cai?aoeaaao o eeeaioa iaeao nii?iaiaeeoaeueiuo
aeieoiaioia, aeaoaeueiue aiaeec eioi?uo aoaeao i?iaaaeai ia
iineaaeothueo yoaiao ?aaiou n cayaeie e ia iniiaaiee eioi?uo caiieiyaony
e?aaeeoiia aeinuea. Ninoaa oaeiai iaeaoa neaaeothuee:

— oeiainiaue io/ao (aaeain) oe?iu ca iineaaeiea o?e aiaea ?aaiou.

— io/ao i aeaeaeaiee eanniauo iinooieaiee.

— aioo?aiiea oeiainiaua io/aou.

— aioo?aiiea oi?aaeai/aneea io/aou.

— oaoieei-yeiiiie/aneia iainiiaaiea e?aaeeooaiiai ia?ii?eyoey.

— iaeiaiaua aeaeea?aoeee.

E?iia eioi?iaoeee iieo/aaiie iaiin?aaenoaaiii io eeeaioa aaie noa?aaony
iieo/eoue eioi?iaoeeth i iai e ec ae?oaeo enoi/ieeia. Oaeeie enoi/ieeaie
iiaoo auoue:

— iaoa?eaeu i eeeaioa eiathueany a a?oeaa aaiea;

— naaaeaiey ae?oaeo aaieia, a eioi?uo yoio eeeaio oaea e?aaeeoiaaeny;

— naaaeaiey ae?oaeo oe?i, nio?oaeie/aaoeo n eeeaioii a i?ioeii (aai
e?aaeeoi?u, iieoiaoaee i?iaeoeoeee, iinoaaueee e o.ae.);

— io/aou e ae?oaea iaoa?eaeu /anoiuo e ainoaea?noaaiiuo o/?aaeaeaiee e
aaaionoa (io/aou i e?aaeeoiniiniaiinoe, io?aneaaua aiaeeoe/aneea
enneaaeiaaiey, ni?aai/ieee ii eiaanoeoeeyi e o.ae.).

Yenia?ou e?aaeeoiiai ioaeaea a ia?aoth i/a?aaeue ia?auathony e a?oeaai
naiaai aaiea. Aaie iiaeao ?aniieaaaoue oeaio?aeueiie ea?oioaeie ia anao
aeeaae/eeia e caaiueeia, ec eioi?ie iiaeii ii/a?iiooue eioi?iaoeeth ia
eo e?aaeeoiniiniaiinoe. E i?eia?o iia iieaaeao eae iiaaoaeenue nnoaeu a
i?ioeii, eaeia inoaoie ia oaeouai e naa?aaaoaeueiii n/aoao e eiaao ee
iiaeaoaeue cayaee aeiioneaoue iaa?ae?aoo ii n/aoo. Anee cayaeoaeue oaea
iieo/ae ?aiaa e?aaeeo a aaiea, oi a a?oeaa eiathony naaaeaiey i
caaea?aeeao a iiaaoaiee aeieaa eee ae?oaeo ia?ooaieyo.

Aaaeiua naaaeaiey iiaeii iieo/eoue o aaieia e ae?oaeo oeiainiauo
o/?aaeaeaiee, n eioi?uie oaea eiae aeaei cayaeoaeue. Aaiee,
eiaanoeoeeiiiua e oeiainiaua eiiiaiee iiaoo i?aaeinoaaeoue iaoa?eaeu i
?acia?ao aeaiiceoia eiiiaiee, iaiiaaoaiiie caaeieaeaiiinoe, aeeo?aoiinoe
a iieaoa n/aoia e o.ae. Oi?aiaua ia?oia?u eiiiaiee iiaoo niiaueoue
aeaiiua i ?acia?ao i?aaeinoaaeaiiuo ae eiiia?/aneeo e?aaeeoia. Ii yoei
aeaiiui iiaeii noaeeoue i oii, eniieuecoao eeeaio caaiiua n?aaenoaa
yooaeoeaii eee iao.

E?aaeeoiue ioaeae iiaeao oaeaea ia?aoeoueny e niaoeeaeece?iaaiiui
e?aaeeoiui aaaionoaai e iieo/eoue o ieo io/ao i oeiainiaii iieiaeaiee
i?aaei?eyoey eee oece/aneiai eeoea /23/. Io/ao niaea?aeeo naaaeaiey ia
enoi?ee eiiiaiee, aa iia?aoeeyo, ?uieao nauoa, oeeeaeao, ?aaoey?iinoe
iieaou n/aoia, ?acia?ao caaeieaeaiiinoe e o.ae.

A NOA, iai?eia?, nouanoaoao e?aaeeoiia aaaionoai “Aeai aiae A?yaeno?eo”,
eioi?ia niae?aao eioi?iaoeeth i oe?iao NOA e Eaiaaeu e i?aaeinoaaeyao aa
ii iiaeienea (ia naaiaeiyoiee aeaiue iii ?aniieaaaao eioi?iaoeeae
i?eia?ii i 3 iei. oe?i e eiiiaiee). E?aoeea naaaeaiey i oe?ia e ioeaiee
aa e?aaeeoiniiniaiinoe ioaeeeothony a iauaiaoeeiiaeueiuo e ?aaeiiaeueiuo
ni?aai/ieeao. Naaaeaiey ia iieaoa oi?aiauo n/aoia aia?eeaineeie
eiiiaieyie aeaao Iaoeeiiaeueiay eioi?iaoeeiiiay e?aaeeoiay neoaeaa.

Eiaaony oaeaea aieueoia eiee/anoai ni?aai/ieeia e aiaeeoe/aneeo io/aoia,
eioi?ua iiaoo auoue eniieueciaaiu a e?aaeeoiie ?aaioa. Iai?eia?,
annioeeaoeey “?iaa?o Ii??en Annioeyeon” ioaeeeoao niaieoiiua oeiainiaua
io/aou e ?ann/eouaaao eiyooeoeeaiou ii 300 io?aneyi oicyenoaa.

Ii iaeaieueoae iiioey?iinoueth iieuecothony cai?inu o ae?oaeo aaieia,
oaea eiaaoeo a i?ioeii eiioaeou n aeaiiui eeeaioii, e o aai oi?aiauo
ia?oia?ia. Yoe naaaeaiey iniaaiii oeaiiu, oae eae iie iniiaaiu ia
i?ioeii iiuoa i?yiiai iauaiey n aeaiiie eiiiaieae.

Neaaeoao o/eouaaoue, /oi oiuoeaiiia eneaaeaiea eee iaiaaeeaaeauaa
eniieueciaaiea eiioeaeaioeeaeueiie eioi?iaoeee iiaeao iaianoe
nouanoaaiiue a?aae o/anoaothuei noi?iiai. Iniaaiii iianii ?acaeaoaiea
iieo/aiiuo naaaeaiee. Neaaeai, anee eeeaio ociaao, /oi aaie iieo/ee i
iai iaeanoiue iocua io aai iinoaaueea, ii, nei?aa anaai, ioeaaeaony io
oneoa yoiai iinoaaueea. Anee aea neo/ae n ?acaeaoaieai
eiioeaeaioeeaeueiie eioi?iaoeee iieo/eo oe?ieee ?aciiain, aaieo oaea
ieeoi ia i?aaeinoaaeo naaaeaiee oaeiai ?iaea.

Iiyoiio a aeaeiaii ie?a iaoeinieoaeueii niaethaeathony i?aaeea ia?aaea/e
eiioeaeaioeeaeueiie eioi?iaoeee. A aaieianeii aeaea NOA yoio i?ioeann
?aaoee?oaony Yoe/aneei eiaeaenii ia iaiaia aaieia eioi?iaoeeae i
e?aaeeoiniiniaiinoe eiiia?/aneeo oe?i, ?ac?aaioaiiui annioeeaoeeae
?iaa?oa Ii??ena, a oaeaea aiaeiae/iui eiaeaenii ia iaiaia eioi?iaoeeae
iaaeaeo aaieaie e oe?iaie i?aaeinoaaeythueie eiiia?/aneee e?aaeeo.

A ia?aii eiaeaena, eioi?ue aue i?eiyo a 1916 aiaeo, aeaeea?e?othony
aaceniua ii?iu e i?eioeeiu iaiaia eioi?iaoeeae, oaeea eae
eiioeaeaioeeaeueiinoue e oi/iinoue cai?inia e ioaaoia, iaaeiionoeiinoue
?ane?uoey enoi/ieea eioi?iaoeee aac ?ac?aoaiey, iaycaoaeueiia oeacaiea
oeaee cai?ina e noiiu naeaeee, i eioi?ie eaeao ?a/ue. Anee aaie aaaeao
ia?aaiai?u n eeeaioii ia ioe?uoee n/aoa, ii ia aeieaeai ia?auaoueny e
naiaio eiieo?aioo, ne?uaay i?e yoii oeaeue iieo/aiey eioi?iaoeee. Eiaaea
aaie oi/ao iieo/eoue naaaeaiey a nayce aaaeoueiny eee i?aaeiieaaaaiui
noaeaaiui i?aneaaeiaaieai, yoi aeieaeii auoue /aoei oeacaii a cai?ina.
Ana ienueia ii iiaiaeo e?aaeeoiniiniaiinoe aeieaeiu iiaeienuaaoueny
niioaaonoaothueie aeieaeiinoiuie eeoeaie.

Cai?in iiaeao auoue naeaeai a ienueiaiiie eee onoiie oi?ia. Ienueiaiiue
aa?eaio noieo aei?iaea e o?aaoao aieueoaai a?aiaie. Iaeiaei iiiaea
eiiia?/aneea aaiee e oe?iu i?aaeii/eoatho yoio niinia, oae eae i?e
oaeaoiiiii eiioaeoa o?oaeii onoaiiaeoue aeaenoaeoaeueiiai iieo/aoaey
eioi?iaoeee.

Oaeei ia?acii, auai? iaoiaea ioeaiee e?aaeeoiniiniaiinoe caaiueea
i?aaenoaaeyao niaie neiaeiue, iiiaia?aiiue e o?oaeiaieee i?ioeann. Io
aai i?aaeeueiie i?aaiecaoeee caaeneo o?iaaiue e?aaeeoiiai ?enea,
i?eieiaaiiai ia naay aaieianeei o/?aaeaeaieai

?anniio?aa oai?aoe/aneea aniaeou ?aaeecaoeee e?aaeeoiie iieeoeee
eiiia?/aneei aaieii e iniiaiie aa caaea/e – auai?a iaoiaea ioeaiee
e?aaeeoiniiniaiinoe caaiueea, iaiaoiaeeii ?anniio?aoue, eae iinoaaeaia
yoa ?aaioa ia eiie?aoiii i?eia?a.

2. AIAEEC E?AAeEOIIE IIEEOEEE AAIEA.IOeAIEA E?AAeEOINIINIAIINOE CAAIUEEA

2.1. E?aoeay oa?aeoa?enoeea e aiaeec iniiaiuoiieacaoaeae aeayoaeueiinoe
Oe?yeneiaaiea e AI “Aeueoa”

Ainoaea?noaaiiue yenii?oii-eiii?oiue aaie Oe?aeiu (Oe?yeneiaaie) nicaeai
3 yiaa?y 1992 aiaea Oeacii I?aceaeaioa Oe?aeiu. Aaie iaoiaeeony a iieiie
ainoaea?noaaiiie nianoaaiiinoe Oe?aeiu. Aieiaiay eiioi?a iaoiaeeony a a.
Eeaaa. Ii Oe?aeia ioe?uoi 19 ioaeaeaiee aaiea (aua aeaa ioaeaeaiey
iaoiaeyony a noaaeee ?aaeno?aoeee).

Aaie eiaao aaia?aeueioth aaieianeoth eeoeaiceth Iaoeeiiaeueiiai aaiea
Oe?aeiu e i?aaeeaaaao naiei eeeaioai neaaeothuea aeaeu aaieianeeo oneoa:

1. Ioe?uoea e ianeoaeeaaiea n/aoia a iaoeeiiaeueiie e eiino?aiiuo
aaethoao;

2. Auiieiaiea iaaeaeoia?iaeiuo ?an/aoia a oi?ia aeieoiaioa?iuo
aee?aaeeoeaia, eieanni e ia?aaiaeia;

3. Ioe?uoea e aaaeaiea ei??aniiiaeaioneeo n/aoia “Iino?i” e “Ei?i” a
iaoeeiiaeueiie e eiino?aiiuo aaethoao;

4. Iaaeaeoia?iaeiua ?an/aou n eniieueciaaieai nenoaiu iaaeaeoia?iaeiuo
?an/aoia SWIFT;

5. I?aaeinoaaeaiea oneoa ii ?aciauaieth n?aaenoa a eiino?aiiuo aaieao,
auiieiaiea anao aeaeia eiiaa?neiiiuo e aeaiiceoiuo iia?aoeee ia
iaaeaeoia?iaeiuo aaethoiuo ?uieao n eniieueciaaieai nenoaiu “?aeoa?
Aeeeeia”;

6. I?eaea/aiea ii ii?o/aieth I?aaeoaeuenoaa Oe?aeiu n?aaenoa ia
iaaeaeoia?iaeiuo e?aaeeoiuo ?uieao e ianeoaeeaaiea iaaeaeoia?iaeiuo
e?aaeeoiuo eeiee;

7. I?aaeinoaaeaiea e?aoei-, n?aaeia- e aeieain?i/iuo e?aaeeoia a
iaoeeiiaeueiie e eiino?aiiuo aaethoao;

8. Auiieiaiea iia?aoeee a eiino?aiiuo aaethoao ia aioo?aiiai aaethoiii
?uiea ii ii?o/aieth aaieia: i?aaei?eyoee e oece/aneeo eeoe:

– i?aaenoaaeoaeuenoai eioa?ania eeeaioia ia aaethoiuo ae?aeao;

– iieoiea-i?iaeaaea eiino?aiiie aaethou ia aaethoiuo ae?aeao;

– eieannaoeey aaethoiie au?o/ee oi?aiauo i?aaiecaoeee;

– iieoiea-i?iaeaaea iaee/iie eiino?aiiie aaethou /a?ac naoue iaiaiiuo
ioieoia;

– eiiaa?neiiiua iia?aoeee n iaee/iie eiino?aiiie aaethoie;

– auieaoa e eieannaoeey eiaiiuo e aei?iaeiuo /aeia;

– auieaoa eeeaioai iaee/iie aaethou ia eiiaiaee?iai/iua ?anoiaeu;

9. I?eaea/aiea n?aaenoa a iaoeeiiaeueiie e eiino?aiiuo aaethoao ia
aeaiiceo aei aino?aaiaaiey e n?i/iua aeeaaeu io oece/aneeo e
th?eaee/aneeo eeoe;

10. I?eiyoea e i?aaeinoaaeaiea iaania/aiey aeey ieaoaaeiuo aeiaiai?ia ii
ii?o/aieth naieo eeeaioia;

11. I?aaeinoaaeaiea aaieianeeo aa?aioee a iaoeeiiaeueiie e eiino?aiiuo
aaethoao;

12. I?iaeoiia oeiaine?iaaiea.

Iniiaiua iieacaoaee aeayoaeueiinoe Oe?yeneiaaiea i?eaaaeaiu a oaaeeoea
1, no?oeoo?a aeoeaia e ianneaia ia ?enoieao 1 e 2.

Iaeiei ec eeeaioia Oe?yeneiaaiea yaeyaony AI “Aeueoa”.

Aeoeeiia?iia iauanoai ioe?uoiai oeia “Aeueoa” – oieaeeiaiaay eiiiaiey,
iauaaeeiythuay nicaeaiiua Aeoeeiia?iui iauanoaii “Aeueoa” aei/a?iea
iauanoaa e i?aaenoaaeoaeuenoaa a ?acee/iuo ?aaeiiao Oe?aeiu (Eeaa,
Oa?ueeia, Iaeanna, Aeiiaoee, Aeiai?iiao?iane), a oaeaea Aa?iiu (Eei?,
Oaaeoea?ey, Aaeueaey) e Niaaeeiaiiuo Ooaoao Aia?eee.

Iniiaiua aeaeu aeayoaeueiinoe Aeoeeiia?iuo iauanoa nenoaiu “Aeueoa”:

– aiaoiayeiiiie/aneay – yenii?o oeaaoiuo iaoaeeia e nieaaia e ecaeaeee
ec ieo, eiii?o oiaa?ia i?iiuoeaiiiai i?iecaiaenoaa e i?iaeiaieuenoaey ;

– nicaeaiea i?iecaiaenoaaiiuo iiuiinoae ii auioneo n?aaenoa
au/eneeoaeueiie e i?aoaoieee, eiio?ieueii-eanniauo iaoei,
i?iaeiaieuenoaey e ae?.;

– eiiia?/anei-eiiuetheoo?iay – iaoaeeieiino?oeoeee e i?ieao,
eiiiuethoa?iay e i?aoaoieea, eiiioieeaoeeiiiua n?aaenoaa aeey ia?aaea/e
e ia?aaioee eioi?iaoeee, i?ia?aiiiua i?iaeoeou, eiio?ieueii-eanniaua
iaoeiu, no?ieoaeueiua eiino?oeoeee e iai?oaeiaaiea, ioaeaei/iua
iaoa?eaeu, aaoio?ainii?o, iia?oci/ii-?aca?oci/iay oaoieea,
ai?th/a-niici/iua iaoa?eaeu, auoiaua i?eai?u e iai?oaeiaaiea, i?iaeoeou
ieoaiey, nu?uea e ae?oaea aeaeu i?iaeoeoeee eo/oeo i?iecaiaeeoaeae
Oe?aeiu, no?ai NIA, Aa?iiu, NOA;

– aeayoaeueiinoue ia ?uieao iaaeaeaeeiinoe e oeaiiuo aoiaa;

– ?ac?aaioea e aiaae?aiea eieaeueiuo e ei?ii?aoeaiuo au/eneeoaeueiuo
naoae e niaoeeaeueiiai i?ia?aiiiiai iaania/aiey aeey aaoiiaoece?iaaiiuo
nenoai oi?aaeaiey e i?iaeoe?iaaiey anao o?iaiae a i?iiuoeaiiinoe,
eiiia?/aneie, oeiainiaie (aaieianeie), ecaeaoaeueneie e ae?oaeo aeaeia
aeayoaeueiinoe;

– na?aeniia ianeoaeeaaiea e aa?aioeeiue ?aiiio n?aaenoa nayce,
au/eneeoaeueiie e i?aoaoieee;

– yenii?o nauoa 30 000 oiii a aiae /a?iuo e oeaaoiuo iaoaeeia, nieaaia e
ecaeaeee ec ieo;

– e?oiiaeoee a Oe?aeia iinoaauee ioa/anoaaiiuo e eiii?oiuo i?iaeoeoia
ieoaiey (neeai/iia ianei, naoa?, eieaanu, aao/eia, iei?iea, noiu
auno?iai i?eaioiaeaiey e ae?.);

– eiaao a ?acee/iuo ?aaeiiao Oe?aeiu oe?ieoth naoue niaoeeaeece?iaaiiuo
oe?iaiiuo naeiiia, ?aaeiiaeueiua Oaoie/aneea Oeaio?u ii na?aeniiio
ianeoaeeaaieth e ?aiiioo n?aaenoa au/eneeoaeueiie e i?aoaoieee, neeaaeu,
iaaaceiu ii ?aaeecaoeee i?iiuoeaiiuo e i?iaeiaieuenoaaiiuo oiaa?ia;

– ?ac?aaio/ee e eioaa?aoi? nicaeaiey nenoai eiiieaeniiai iniauaiey
iauaeoia ?acee/iiai iacia/aiey (i?iecaiaenoaaiiiai, eiiia?/aneiai,
aaieianeiai e ae?.) aaoiiaoece?iaaiiuie nenoaiaie oi?aaeaiey (ANOI),
i?iaeoe?iaaiey (NAI?), ecaeaoaeueneeie e ae?oaeie nenoaiaie ia aaca
nia?aiaiiuo n?aaenoa aaoiiaoecaoeee e eioi?iaoeeiiiuo oaoiieiaee;
eieaeueiuo e ei?ii?aoeaiuo au/eneeoaeueiuo naoae; niaoeeaeueiiai
i?ia?aiiiiai iaania/aiey aeey ANOI anao o?iaiae (AI “Aeueoa” –
aecian-ia?oia? oe?iu IBM , ioeoeeaeueiue aaoi?ece?iaaiiue aeeea?
eiiiaiee RANK XEROX, oe?i DEALINE, ARC, BORLAND, aeaeiaie ia?oia? oe?iu
DIASOFN e ae?.);

– /eai Iaaeaeoia?iaeiie Aeaaeaiee Eeaea?ia Aeciana e Aaeieieno?aoeee.

AI “Aeueoa” oaeinoiaii a 1995 aiaeo Iaaeaeoia?iaeiie iaa?aaeu “OAEAE
AE?IEIAAIA”.

Oaeei ia?acii, AI “Aeueoa” yaeyynue iaeiei ec eeeaioia Oe?yeneiaaiea,
?aaoey?ii iieuecoaony aaieianeei e?aaeeoii. ?anniio?aa iniiaiua
iieacaoaee aeayoaeueiinoe eiio?aaaioia, iaiaoiaeeii ?anniio?aoue
i?ioeann e?aaeeoiaaiey ia eiie?aoiii i?eia?a.

2.2. E?aaeeoiay iieeoeea Oe?yeneiaaiea

E?aaeeoiay iieeoeea aaiea iniiaaia ia iauaaeinooiiinoe e?aaeeoiuo
?ano?nia i?aaei?eyoee anao oi?i nianoaaiiinoe i?e iaeneiaeueiii
iaania/aiee eioa?ania aaiea ioiineoaeueii aica?aoa e?aaeeoia.
Yeiiiie/aneia iieiaeaiea e ainoaea?noaaiiua i?ei?eoaou ioiineoaeueii
eiaanoeoeee ca n/ao i?eaea/aiiuo ca ?oaaaeii e?aaeeoiuo ?ano?nia
iaoneiaeee iai?aaeaiey e?aaeeoiuo aeiaeaiee. A oi aea a?aiy e?aaeeoiua
?ano?nu a iaoeeiiaeueiie aaethoa ca n/ao nianoaaiiuo n?aaenoa a NEA
iai?aaeythony, aeaaiui ia?acii, iiaui yeiiiie/aneei no?oeoo?ai ia
auiieiaiea i?iaeoia, iaania/eaathueo auno?ue iai?io nnoaeiiai eaieoaea.

O/eouaay ianoi, eioi?ia caieiaao e?aaeeoiay aeayoaeueiinoue a
oi?ie?iaaiee i?eauee (ieiei 47% io /enoie i?eauee), aaie iinoiyiii
oaeaeyao ae ia?aii/a?aaeiia aieiaiea, ii?aaeaeyy i?ei?eoaou
aeayoaeueiinoe. Iiaeoiae aaiea e e?aaeeoiie iieeoeea i?eaioe?iaai ia
aeinoeaeaiea iaeaieueoae yooaeoeaiinoe n iaeiia?aiaiiui iiaeaea?aeaieai
o?iaiy ?enea. Yoi aeinoeaaaony ca n/ao ouaoaeueiiai eco/aiey oeiainiaiai
ninoiyiey caaiueea, aeoaieiai ciaiey ?uiea e i?iaiice?iaaiey oaiaeaioeee
aai ?acaeoey.

Ioeaiea e?aaeeoiniiniaiinoe caaiueea yaeyaony iaeaieaa aaaeiui aii?inii
e?aaeeoiie iieeoeee aaiea. Io aa i?aaeeueiie i?aaiecaoeee caaeneo oniao
?aaeecaoeee e?aaeeoiie iieeoeee. ?anniio?ei i?ioeann e?aaeeoiaaiey a
nia?aiaiiuo oneiaeyo ia i?aeoe/aneii i?eia?a Oe?yeneiaaiea.

Aaie i?aaeinoaaeyao i?aeoe/anee aanue niaeo? aaieianeeo oneoa aeinooiiuo
ia naaiaeiyoiee aeaiue ia ?uiea Oe?aeiu. A neeo niaoeeoeee iieiaeaiey
ainoaea?noaaiiiai aaiea, a oaeaea enoi?e/aneeo i?aaeiinueie,
i?ei?eoaoiui iai?aaeaieai aeayoaeueiinoe yaeyaony i?aaeinoaaeaiea
aaethoiuo e?aaeeoia.

A naiae ?aaioa ii i?aaeinoaaeaieth aaethoiuo e?aaeeoia aaie
?oeiaiaenoaoaony Onoaaii, Caeiiii “I aaieao e aaieianeie
aeayoaeueiinoe”, Aaia?aeueiie eeoeaiceae Iaoeeiiaeueiiai aaiea Oe?aeiu
(IAO) ia i?aai i?iaaaeaiey iia?aoeee n eiino?aiiie aaethoie, iieiaeaieai
IAO “I e?aaeeoiaaiee”, ooaa?aeaeaiiui iinoaiiaeaieai IAO ? 246 io
29.09.95 a., e ae?oaeie caeiiiaeaoaeueiuie e ii?iaoeaiuie aeoaie
Eaaeiaoa Ieieno?ia Oe?aeiu e Iaoeeiiaeueiiai aaiea Oe?aeiu ii aaethoiiio
?aaoee?iaaieth. E?aaeeou a eiino?aiiie aaethoa i?aaeinoaaeythony
i?aaei?eyoeyi, i?aaiecaoeeyi e ae?oaei noauaeoai oicyenoaaiiie
aeayoaeueiinoe (th?eaee/aneei eeoeai, a aeaeueiaeoai “Caaiueee”)
iacaaeneii io oi?i nianoaaiiinoe, eioi?ua yaeythony eeeaioaie aaiea, ia
eeeaioai e?aaeeou i?aaeinoaaeythony a eneeth/eoaeueiuo neo/ayo ii
?aoaieth E?aaeeoiiai eiieoaoa.

I?aaeaiea aaiea e E?aaeeoiue eiieoao ii?aaeaeytho iniiaiua iai?aaeaiey
e?aaeeoiie iieeoeee aaiea, a eiaiii:

— oaeouea i?ei?eoaoiua iai?aaeaiey a e?aaeeoiaaiee n o/aoii e?aaeeoiuo
?eneia a ?aciuo io?aneyo ia?iaeiiai oicyenoaa;

— no?oeoo?o e?aaeeoiiai ii?ooaey aaiea (ii n?ieai, i?ioeaioai,
eaoaai?eyi);

— eeieou iauaiia e?aaeeoiaaiey ia iaeiiai caaiueea (aeey Aieiaiiai aaiea
e a ?ac?aca ioaeaeaiee);

— iaoiaeeeo ioeaiee oeiainiaiai ninoiyiey e e?aaeeoiniiniaiinoe Caaiueea
n o/aoii niaoeeoeee io?anee (ioaeaeueii aeey “iaeiai”, “n?aaeiaai” e
“aieueoiai” aeciana);

— iaoiaeeeo ii?aaeaeaiey eaoaai?ee e?aaeeoa;

— aioo?aiithth aaciaoth noaaeo aeey nenoaiu Oe?yeneiaaiea ii aaethoiui
e?aaeeoai.

I?aaeinoaaeaiea e?aaeeoia auiieiyaony eneeth/eoaeueii ia eiiia?/aneie
iniiaa i?e auiieiaiee neaaeothueo oneiaee:

— aaethoiua e?aaeeou i?aaeinoaaeythony Caaiueeo a aaciaee/iie oi?ia
iooai iieaou ?an/aoii-aeaiaaeiuo aeieoiaioia ni nnoaeiiai n/aoa;

— e?aaeeo i?aaeinoaaeyaony oieueei aeey oeaeaaiai e?aaeeoiaaiey
eiie?aoiiai i?iaeoa eee oicyenoaaiiie iia?aoeee, oaoieei-yeiiiie/aneay
yenia?oeca eioi?uo naeaeaoaeuenoaoao ia eo aeinoaoi/iie aeioiaeiinoe n
o/aoii yeiiiie/aneie eiiuthieoo?u e ?eneia a eiie?aoiie io?anee
ia?iaeiiai oicyenoaa, oaiaeaioeee ?acaeoey ?uiea;

— noiia i?aaeinoaaeyaiiai e?aaeeoa iaoiaeeony a ?aieao eeieoa,
onoaiiaeaiiiai aeey ioaeaeaiey aaiea, i?e oneiaee iaee/ey naiaiaeiuo
e?aaeeoiuo ?ano?nia e niaethaeaiey ii?iaoeaia eeeaeaeiinoe aai aaeaina;

— i?aaeinoaaeaiea ioaeaeaieyie aaiea e?aaeeoia, i?aauoathueo
onoaiiaeaiiue eeieo, i?iecaiaeeony n ?ac?aoaiey E?aaeeoiiai eiieoaoa
aaiea iooai i?aaeaa?eoaeueiiai ?anniio?aiey iieiiai iaeaoa aeieoiaioia
ii e?aaeeoo;

— i?iaiaeeiue aaieii ananoi?iiiee eiiieaeniue aiaeec eiaao oeaeueth
oaaaeeoueny a e?aaeeoiniiniaiinoe, oeiainiaie noaaeeueiinoe,
?aioaaaeueiinoe, eeeaeaeiinoe Caaiueea;

— e?aaeeoiaaoueny iiaoo oieueei i?aaeoniio?aiiua Onoaaii Caaiueea aeaeu
aeayoaeueiinoe;

— e?aaeeo aeieaeai auoue iaania/ai caeiaii eiouanoaa i?eiaaeeaaeauaai
Caaiueeo ia eioi?ia, a niioaaonoaee n aeaenoaothuei caeiiiaeaoaeuenoaii,
iiaeao auoue iai?aaeaii acuneaiea, eee ae?oaeie aeaeaie iaania/aiey
i?eiaiyaiuie a aaieianeie i?aeoeea;

— e?aaeeo i?aaeoniao?eaaao aaconeiaiia niaethaeaiea i?eioeeiia
n?i/iinoe, ieaoiinoe, aica?aoiinoe e oeaeaaie iai?aaeaiiinoe;

— e?aaeeo, eae i?aaeei, iiaeao auoue auaeai oieueei iinea iieiiai
iiaaoaiey Caaiueeii caaeieaeaiiinoe ii i?aaeuaeouaio e?aaeeoo;

— cai?auaaony i?aaeinoaaeaiea e?aaeeoia ia iie?uoea oauoeia
oicyenoaaiiie aeayoaeueiinoe Caaiueea, oi?ie?iaaiea e oaaee/aiea
onoaaiuo oiiaeia eiiia?/aneeo aaieia e ae?oaeo oicyenoaaiiuo
oiaa?euanoa, a oaeaea ia iieaoo Caaiueeii i?ioeaioia ii e?aaeeoai.

Aeey iieo/aiey e?aaeeoa Caaiuee aeieaeai i?aaeinoaaeoue Aaieo iaeao
aeieoiaioia, eioi?ue aeeth/aao:

— oiaeaoaenoai caaiueea ia eiy i?aaenaaeaoaey I?aaeaiey, a eioi?ii
oeacaii oeaeaaia iacia/aiea e?aaeeoa, aai noiia, n?ie eniieueciaaiey,
yeiiiie/aneay oa?aeoa?enoeea ia?ii?eyoey (i?aaei?eyoey), eioi?ia aoaeao
e?aaeeoiaaoueny e oeiainiaue yooaeo io aai inouanoaeaiey e oi?iu
iaania/aiey;

— aiaeiaie io/ao, aooaaeoa?neee aaeain ia iineaaeithth io/aoioth aeaoo.
Ia?eiaee/aneea noaoenoe/aneea io/aou, io/aou i oeiainiauo ?acoeueoaoao,
aeaeea?aoeee i aeioiaeao, auienee ii n/aoai caaiueea;

— oaoieei-yeiiiie/aneia iainiiaaiea, ioia?aaeathuaa yooaeoeaiinoue e
ieoiaaiinoue cao?ao, n?iee inouanoaeaiey ia?ii?eyoey e ?anoiaeia n
iaiaoiaeeiuie ?an/aoaie iaeeaeaaiuo iinooieaiee aaethoiuo n?aaenoa io
?aaeecaoeee i?iaeoeoeee (i?iaaaeaiea ?aaio, i?aaeinoaaeaiea oneoa), ca
n/ao eioi?uo i?aaeiieaaaaony iiaaneoue iieo/aaiue e?aaeeo;

— aeieaeiui ia?acii caaa?aiioth eiieth eiii?oiiai eiio?aeoa, eioi?ue
aeieaeai auoue iiea/ai ca n/ao e?aaeeoa;

— aeieaeiui ia?acii caaa?aiioth eiieth yenii?oiiai eiio?aeoa, ii
eioi?iio iaeeaeaaony iinooieaiea aaethoiie au?o/ee, eioi?ay aeieaeia
auoue iai?aaeaia ia iiaaoaiea e?aaeeoa;

— ia?a/aiue eiouanoaa, i?aaeeaaaaiiai aeey caeiaa, e i?eaeiaeu, e
aeieaeiui ia?acii caaa?aiiua eiiee aeieoiaioia, iiaeoaa?aeaeathueo i?aai
nianoaaiiinoe;

— eiieth ?aoaiey i nicaeaiee, ?ai?aaiecaoeee i?aaei?eyoey oiai i?aaia,
eioi?iio i?aaeinoaaeaii oaeia i?aai aeaenoaothuei caeiiiaeaoaeuenoaii,
caaa?aiioth iioa?eaeueii eee i?aaiii, auaeaaoei oaeia ?aoaiea
(o/?aaeeoaeueiue aeiaiai?, i?eeac i nicaeaiee e o.ae.);

— eiieth aeieaeiui ia?acii ca?aaeno?e?iaaiiiai Onoaaa (Iieiaeaiey) e
eiieth naeaeaoaeuenoaa i ainoaea?noaaiiie ?aaeno?aoeee a i?aaia
ainoaea?noaaiiie eniieieoaeueiie aeanoe, eae noauaeoa
i?aaei?eieiaoaeueneie aeayoaeueiinoe, caaa?aiiuo iioa?eaeueii;

— iioa?eaeueii caaa?aiiua eiiee eeoeaicee ia i?aai inouanoaeaiey
aeayoaeueiinoe, i?aaeoniio?aiiia Onoaaii Caaiueea, anee oaeiaay
i?aaeoniio?aia aeaenoaothuei caeiiiaeaoaeuenoaii;

— ea?oi/eo n ia?acoeaie iiaeienae eeoe, eioi?ui, niaeanii aeaenoaothuaio
caeiiiaeaoaeuenoao eee o/?aaeeoaeueiui aeieoiaioai i?aaei?eyoey,
i?aaeinoaaeaii i?aai ?anii?yaeaoueny n/aoaie a Aaiea e iiaeiene
ieaoaaeiuo e ae?oaeo ?an/aoiuo aeieoiaioia. A ea?oi/eo aeeth/atho oaeaea
iooene ia/aoe i?aaei?eyoey. Oaeay ea?oi/ea caaa?yaony iioa?eaeueii;

— iiaeieneo ia iciaeiieaiee caaiueea n niaea?aeaieai noaouee 148-5
Oaieiaiiai eiaeaena Oe?aeiu;

— i?ioieie ia eca?aiee ia aeieaeiinoue, i?eeac i iacia/aiee (oi anoue
eiiee aeieoiaioia, oaeinoiaa?ythueo iieiiii/ey aeieaeiinoiuo eeoe
Caaiueea);

— aeieoiaiou, iaiaoiaeeiua aeey ?aaeecaoeee yoiai i?iaeoa, a oii /enea:
i?iaeo no?ieoaeuenoaa, caeeth/aiey yenia?oia ii i?iaeoii-niaoiie
aeieoiaioaoeee, a?aoeee auiieiaiey ?aaio, eeoeaicee e ?ac?aoaiey ia
inouanoaeaiea oaeiai aeaea aeayoaeueiinoe, niioaaonoaothuea na?oeoeeaou
e ae?.

— cayaeaiey Caaiueea ia eiy ?oeiaiaeeoaey Aaiea, a eioi?ii iaoiaeyony
aai ?an/aoiue e aaethoiue n/aoa, i i?aaeinoaaeaiee i?aaa i?aaenoaaeoaeyi
Aaiea ciaeiieoueny a ethaia a?aiy n ninoiyieai aai n/aoia;

— cayaeaiea Caaiueea ia eiy ?oeiaiaeeoaey iaeiaiaie einiaeoeee, i
i?aaeinoaaeaiee i?aaa i?aaenoaaeoaeyi Aaiea ciaeiieoueny a ethaia a?aiy
n aeieoiaioaie, oa?aeoa?ecothueie ninoiyiea aai oe?iu;

— a?aiaeiua i?aaei?eyoey i?aaeinoaaeytho aua e eiieth aeiaiai?a a?aiaeu,
caaa?aiioth iioa?eaeueii.

Aeieoiaioaie, iiaeoaa?aeaeathueie i?aai nianoaaiiinoe iiaoo auoue:

— eiio?aeou, oaiiaeaiiua aeaeea?aoeee;

— ieaoaaeiua aeieoiaiou;

— aeiaiai? eoiee-i?iaeaaee, i?e iaiaoiaeeiinoe caaa?aiiue iioa?eaeueii
eee /a?ac oiiaeiaoth ae?aeo;

— ni?aaea ainoaea?noaaiiie iioa?eaeueiie eiioi?u ia ionoonoaee cai?aoa
ia io/oaeaeaiea e ionoonoaea a?anoa;

— aeieoiaiou, iiaeoaa?aeaeathuea i?aai nianoaaiiinoe eee i?aai ia
iieueciaaiea caieae;

— ?aaeno?aoeeiiiia oaeinoiaa?aiea, auaeaiiia Ath?i Oaoie/aneie
eiaaioa?ecaoeee;

— oaoie/aneee ianii?o, naeaeaoaeuenoai i ?aaeno?aoeee o?ainii?oiiai
n?aaenoaa;

— ienueiaiiia niaeanea anao niaeaaeaeueoeaa eiouanoaa ia ia?aaea/o aai a
caeia Aaieo;

— ?ac?aoaiea oiieiiii/aiiiai ainoaea?noaaiiiai i?aaia ia ia?aaea/o
eiouanoaa a caeia (eanaaony ainoaea?noaaiiiai eiouanoaa, cae?aieaiiiai
ca i?aaei?eyoeai ia i?aaa iieiiai oicyenoaaiiiai aaaeaiey, e eiouanoaa
aeoeeiia?iuo iauanoa, iaoiaeyueony a i?ioeanna ei?ii?aoecaoeee
(i?eaaoecaoeee);

— aeieoiaiou, eioi?ua iiaeoaa?aeaeatho oeaio e ioeaieo noieiinoe
eiouanoaa, eioi?ia i?aaeinoaaeyaony a caeia;

— i?iaeo aeiaiai?a no?aoiaaiey eee ienueiaiiia iiaeoaa?aeaeaiea
no?aoiaie eiiiaiee i niaeanee ia no?aoiaaiea eiouanoaa,
i?aaeinoaaeyaiiai a caeia (a neo/aa, anee no?aoiaaiea yaeyaony
iaycaoaeueiui niaeanii aeaenoaothuaio caeiiiaeaoaeuenoao eee ii
o?aaiaaieth Aaiea).

Iaeiia?aiaiii i?aaeinoaaeyaony Eieaa caiene caeiaia eiouanoaa.

Iniiaiie oeaeueth niaoeeaeenoia e?aaeeoiiai e ae?oaeo ioaeaeia, ia yoaia
?anniio?aiey cayaeaiey, yaeyaony i?ioanneiiaeueiay ioeaiea neeueiuo e
neaauo noi?ii i?iaeoa eee oicyenoaaiiie iia?aoeee, i?aaeeiaeaiiie aeey
e?aaeeoiaaiey e ii?aaeaeaiea noaiaie ?enea aeey Aaiea.

Anee ai a?aiy ?anniio?aiey cayaeaiey ia aoaeoo iieo/aiu ioaaou ia
iniiaiua aii?inu, naycaiiua n i?aaeinoaaeaieai e?aaeeoa, i?inueaa
aeieaeia auoue a?aoiaioe?iaaii ioeeiiaia, aeaaea i?e iaee/ee
aeinoaoi/iiai iaania/aiey.

Ai a?aiy aiaeeca aeieoiaioia iniaaiiia aieiaiea oaeaeyaony oaeei
aii?inai:

— e?aaeeoiaaiea oaeeo aeaeia aeayoaeueiinoe, eioi?ua i?aaeoniio?aiu
Onoaaii (Iieiaeaieai) Caaiueea;

— e?aaeeo a eiino?aiiie aaethoa eniieuecoaony aeey oeaeae,
noi?ioee?iaaiiuo a e?aaeeoiii aeiaiai?a. Yoe oeaee ii?aaeaeythony ia
iniiaaiee eiio?aeoa eee aeiaiai?a n eiino?aiiie oe?iie eee
oe?iie-?aceaeaioii, eioi?ay niaoeeaeece?oaony ia inouanoaeaiee eiii?oiuo
iia?aoeee, i?aaeinoaaeaiiiai caaiueeii aeey ianeoaeeaaiey e?aaeeoiiai
i?iaeoa;

— i?eioeei aica?aoa aaethoiiai e?aaeeoa i?aaeoniao?eaaao ii?aaeaeaiea
e?aaeeoiniiniaiinoe caaiueea, oi anoue iaee/ea o iaai aeieoiaioaeueii
iiaeoaa?aeaeaiiuo enoi/ieeia iinooieaiey e?aaeeoiuo n?aaenoa, eioi?ua
iiaeii aoaeao eniieueciaaoue a aeinoaoi/iii iauaia ia iiaaoaiea
caaeieaeaiiinoe ii iniiaiiio aeieao, i?ioeaioia ca iieueciaaiea
e?aaeeoii e iie?uoea ae?oaeo cao?ao, naycaiiuo n iieueciaaieai caeiii.

— oeiainiaua aiciiaeiinoe Caaiueea, aai aiciiaeiinoe naiaa?aiaiii
iiaaneoue e?aaeeo, i?e iaiaoiaeeiinoe, iia?aoeaii iiaeeeciaaoue naie
aeaiaaeiua n?aaenoaa ec ?acee/iuo enoi/ieeia (ia iniiaaiee aiaeeca
aeioiaeia e ?anoiaeia, ia?niaeoea eo eciaiaiee a aoaeouai, aeeiaieee
aeaaeoi?neie caaeieaeaiiinoe oici?aaia e eciaiaiee aai oiaa?iuo caiania,
no?oeoo?u e ea/anoaa aeoeaia Caaiueea);

— eaieoae Caaiueea (ia iniiaaiee aiaeeca aai no?oeoo?u, niioaaonoaey n
ae?oaeie noaoueyie aeoeaia e ianneaia);

— iainiiaaiiinoue e aeinoaoi/iinoue noiiu e?aaeeoa, enoiaey ec
i?iaaaeaiey Caaiueeii eiie?aoiie i?iecaiaenoaaiiie i?ia?aiiu,
eeeaeaeiinoue aai aaeaina, iaee/ea niioiioaiey iaaeaeo nianoaaiiuie
aeoeaaie e caaiiuie n?aaenoaaie, iaiaoiaeeiia iaania/aiea iio?aaiinoae
aeey aeinoeaeaiey caieaie?iaaiiuo ?acoeueoaoia;

— iaania/aiea e?aaeeoa (ia iniiaaiee aiaeeca aai aeinoaoi/iinoe,
ea/anoaa e eeeaeaeiinoe) a neo/aa iaiiaaoaiey aeieaa, a oaeaea
i?aaiii/iinoe eeeaioa i?aaeeiaeeoue yoo oi?io iaania/aiey (ia iniiaaiee
aiaeeca aeaenoaothuaai caeiiiaeaoaeuenoaa e o/?aaeeoaeueiuo aeieoiaioia
caaiueea);

— ouaoaeueiia eco/aiea ?aiooaoeee caaiueea, aai noaoona a aeaeiaii ie?a
(ai aieiaiea oaeaea i?eieiaaony naiaa?aiaiiinoue ?an/aoia ii ?aiaa
iieo/aiiui e?aaeeoai eae a eiino?aiiie aaethoa, oae e a iaoeeiiaeueiie
aaethoa Oe?aeiu (a oii /enea e a ae?oaeo aaieao), ioaaonoaaiiinoue e
eiiiaoaioiinoue ?oeiaiaeeoaeae oici?aaia, ea/anoai io/aoia e ae?oaeo
aeieoiaioia, i?aaenoaaeaiiuo a Aaie);

— iauea oneiaey, eioi?ua ii?aaeaeytho aeaeiaie eeeiao a no?aia e aeeytho
ia oeiainiaia ninoiyiea caaiueea (ninoiyiea yeiiiie/aneie eiiuthieoo?u,
iaee/ea eiieo?aioeee ni noi?iiu ae?oaeo i?iecaiaeeoaeae aiaeiae/iiai
oiaa?a, iaeiaiaay iieeoeea i?aaeoaeuenoaa, oeaiu ia nu?ue? e ae?.), oi
anoue aai niiniaiinoue ecaioiaeyoue e ?aaeeciaaoue i?iaeoeoeeth,
iiaeaea?aeeaaoue aa eiieo?aioiniiniaiinoue, i?eieiaoue ia?u,
iai?aaeaiiua ia oaaee/aiea aeioiaeia (ia iniiaaiee /aai aaie aeaeaao
aiaeec no?aoaaee aeioiaeiinoe e ?enea oicyenoaaiiie aeayoaeueiinoe
caaiueea e onoaiaaeeaaaony i?aaiia?iinoue inouanoaeaiey eiie?aoiiai
i?iecaiaenoaa eee i?aaeinoaaeaiey oneoa).

Oneiaey eiii?oiiai eiio?aeoa aeieaeiu niioaaonoaiaaoue Caeiio Oe?aeiu “I
aiaoiayeiiiie/aneie aeayoaeueiinoe” e Iieiaeaieth i oi?ia
aiaoiayeiiiie/aneeo aeiaiai?ia (eiio?aeoia), ooaa?aeaeaiiiio i?eeacii
Ieienoa?noaa aiaoiayeiiiie/aneeo naycae e oi?aiaee ? 75 e
ca?aaeno?e?iaaiiiio a Ieienoa?noaa thnoeoeee Oe?aeiu 09.10.95 ? 367/903.

Ai a?aiy ioi?ieaiey e?aaeeoa iniaia aieiaiea ia?auaaony ia oneiaey
ieaoaaea ii eiii?oiiio eiio?aeoo. I?aeiouanoai i?aaeinoaaeyaony
aee?aaeeoeaiie oi?ia ?an/aoia. I?aaeiieaoa ca n/ao e?aaeeoiuo n?aaenoa
cai?auaaony.

Iniiaiuie enoi/ieeaie iinooieaiey aaethoiuo n?aaenoa o Caaiueea iiaoo
auoue:

— yenii?o i?iaeoeoeee, eioi?ay au?aaaouaaaony aneaaenoaea ?aaeecaoeee
i?iaeoa e?aaeeoiaaiey;

— yenii?o i?iaeoeoeee nianoaaiiiai i?iecaiaenoaa, ia naycaiiiai n
?aaeecaoeeae i?iaeoa e?aaeeoiaaiey;

— yenii?o caeoieaiiie i?iaeoeoeee;

— i?iaeaaea oiaa?ia eee i?aaeinoaaeaiea oneoa ia oa??eoi?ee Oe?aeiu ca
iaoeeiiaeueioth aaethoo.

Enoi/ieee iinooieaiey aaethou aeieaeiu auoue iiaeoaa?aeaeaiu yenii?oiuie
eiio?aeoaie eee ae?oaeie niaeaoaieyie, eioi?ua eiatho iieiioeaiiua
iaycaoaeuenoaa yenii?oa?a (caaiueea) iinoaaeoue, a eiii?oa?a – eoieoue
niioaaonoaothuoth i?iaeoeoeeth. I?e yoii, a neo/aa yenii?oa caeoieaiiie
i?iaeoeoeee caaiuee aeieaeai eiaoue iiaeoaa?aeaeaiea i?aaa ia aa auaic
(iaee/ea eeoeaicee, eaiou eee ae?oaie oi?iu ?ac?aoaiey ia yenii?o
i?iaeoeoeee, anee o?aaoaony a niioaaonoaee n aeaenoaothuei
caeiiiaeaoaeuenoaii Oe?aeiu).

Ec auoaneacaiiiai neaaeoao, /oi iaeiei ec aaaeiaeoeo yoaiia
e?aaeeoiaaiey a aaiea yaeyaony aiaeec e?aaeeoiniiniaiinoe Caaiueea.

Aeey aiaeeca oeiainiaiai ninoiyiey Caaiueea eniieuecothony aeaiiua aai
aaeaina (oi?ia 1), io/aoa i oeiainiaii ninoiyiee (oi?ia 2) e ae?oaea
aeaiiua.

Ana iai?ioiua aeoeau nia?aiaiiiai i?aaei?eyoey a iaoae no?aia iiaeii
?acaeaeeoue ia o?e eeanna /12/:

— aeaiaaeiua n?aaenoaa (I);

— eaaei?aaeecoaiua o?aaiaaiey (II);

— eaaei?aaeecoaiua caianu oiaa?ii-iaoa?eaeueiuo oeaiiinoae (III).

A ?acee/iuo io?aneyo ia?iaeiiai oicyenoaa ninoaa eeeaeaeiuo n?aaenoa
iiaeao ianeieueei ?acee/aoueny (oaaeeoea 2).

Aeey ioeaiee e?aaeeoiniiniaiinoe Caaiueea – AI “Aeueoa” – aaie
eniieuecoao o?e iniiaiuo iieacaoaey:

— eiyooeoeeaio eeeaeaeiinoe;

— eiyooeoeeaio iie?uoey aaeaina;

— iieacaoaeue iaania/aiiinoe nianoaaiiuie n?aaenoaaie.

Ana iieacaoaee ?ann/eouaathony ia iniiaaiee aaeainia e io/aoia i
oeiainiauo ?acoeueoaoao e eo eniieueciaaiee ca o?e aiaea n 1994 ii 1997
a. (ni. i?ee. 2-3).

AI “Aeueoa” ii ainoaea?noaaiiiio ?aano?o ioiineony e i?aaei?eyoeyi
oi?aiaee.

Eiyooeoeeaio eeeaeaeiinoe i?aaeiacia/ai aeey ioeaiee niiniaiinoe
caaiueea iia?aoeaii aunaiaiaeeoue ec oicyenoaaiiiai iai?ioa aeaiaaeiua
n?aaenoaa e iiaaneoue aeieaiaua iaycaoaeuenoaa:
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Ninoaaiua aeaiiua ?an/aoa ii?aaeaeythony ia iniiaaiee noaoae aaeaina,
oeacaiiuo a oaaeeoea 3, aeeiaieea eciaiaiey eiyooeoeeaioa eeeaeaeiinoe
i?aaenoaaeaia ia ?enoiea 3.

Iioeiaeueiia cia/aiea yoiai iieacaoaey 0.2-1.0.

Ia i?ioyaeaiee ?yaea eao eiyooeoeeaio eeeaeaeiinoe i?aaei?eyoey Aeueoa
i?aauoaao iioeiaeueiia cia/aiea. Yoi aiai?eo i oii, /oi i?aaei?eyoea a
ethaie iiiaio a?aiaie iiaeao iiaaneoue 100% naieo e?aoein?i/iuo
aeieaiauo iaycaoaeuenoa, ca n/ao eiathueony a iaee/ee n?aaenoa. Iaeiaei
iieiaeaiea i?aaei?eyoey oaeiai, /oi o iaai iao iaiaoiaeeiinoe
iieueciaaoueny e?aaeeoaie aaieia.

Eiyooeoeeaio iie?uoey eniieuecoaony aeey ioeaiee i?aaeaea e?aaeeoiaaiey
aeaiiiai eeeaioa. Anee Eiie? iaiaa 1, neaaeoao i?ae?aoeoue auaea/o nnoae
eee iio?aaiaaoue aa?aioeth.
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Ninoaaiua aeaiiua ?an/aoa ii?aaeaeythony ia iniiaaiee noaoae aaeaina,
oeacaiiuo a oaaeeoea 4, aeeiaieea eciaiaiey eiyooeoeeaioa iie?uoey
aaeaina i?aaenoaaeaia ia ?enoiea 3.

Iioeiaeueiia cia/aiea yoiai iieacaoaey 1.0-3.0.

Iieo/aiiua ?acoeueoaou naeaeaoaeuenoaotho ia onoie/eainoe no?oeoo?u
aaeaina e niiniaiinoe caaiueea ?ann/eoaoueny ii naiei aeieaai, oae eae
ia i?ioyaeaiee 3-o eao yoio iieacaoaeue ia auoiaeee ec iioeiaeueiiai
aeeaiaciia. Iaeiaei i?ineaaeeaaaony oaiaeaioeey nieaeaiey iieacaoaey,
/oi iiaeao auoue iaoneiaeaii no?aieaieai ?oeiaiaenoaa aieaa yooaeoeaii
eniieueciaaoue eiathueany a iaee/ee oeiainiaua ?ano?nu.

Iieacaoaeue iaania/aiiinoe nianoaaiiuie n?aaenoaaie (Inn) aeeth/ai a
/enei iniiaiuo iieacaoaeae e?aaeeoiniiniaiinoe a nayce n enoi?e/anee
neiaeeaoaeny i?iaeaiie caieaeaiey ii?iaoeaia nianoaaiiuo iai?ioiuo
n?aaenoa. Oioy ii?iaoeau ioiaiaiu, i?iaeaia n iiceoeee aa?aioee aica?aoa
nnoae inoaaony. *ai aieueoa ?acia? nianoaaiiuo n?aaenoa, oai auoa
niiniaiinoue eeeaioa a n?ie ?ann/eoaoueny ii naiei aeieaiaui
iaycaoaeuenoaai:

picscalex1000100090000032c0200000300160000000000050000000902000000000400
000002010100050000000102ffffff00040000002e011800050000003102010000000500
00000b0200000000050000000c02c00860280e00000026060f001200ffffffff00000800
0000c0ffa1ff202861080b00000026060f000c004d617468547970650000000208000000
fa0200001000000000000000040000002d0100000500000014025d047003050000001302
5d040c2815000000fb0280fe0000000000009001000000cc00020030436f757269657220
4e657720437972007500040000002d01010009000000320ac004280001000000cf00e600
16000000320a8b01c1030a000000d4e0eaf2e820e5f1eaeee600e600e600e600e600e600
e600e600e600e60016000000320a8b01bd0c0a000000e520eaeeebebe820e5f1e600e600
e600e600e600e600e600e600e600e6000c000000320a8b01b91503000000f2e2ee00e600
e600e60016000000320acb03b5030a000000f1eee1f1f2e2e5ededfbe600e600e600e600
e600e600e600e600e600e60016000000320acb03b10c0a000000f520eee1eef0eef2edfb
e600e600e600e600e600e600e600e600e600e60016000000320acb03ad150a000000f520
f1f0e5e4f1f2e220e600e600e600e600e600e600e600e600e600e60016000000320acb03
a91e0a000000efee20e1e0ebe0edf1f3e600e600e600e600e600e600e600e600e600e600
16000000320ae90578030a000000cee1f9e8e920f0e0e7ece600e600e600e600e600e600
e600e600e600e60016000000320ae905740c0a000000e5f020eee1eef0eef2ede600e600
e600e600e600e600e600e600e600e60016000000320ae90570150a000000fbf520f1f0e5
e4f1f2e2e600e600e600e600e600e600e600e600e600e60016000000320ae9056c1e0a00
000020e220e7e0efe0f1e0f5e600e600e600e600e600e600e600e600e600e60009000000
320ae9056827010000002c00e60015000000320a2908780309000000e7e0f2f0e0f2e0f5
2c00e600e600e600e600e600e600e600e600e60016000000320a2908740b0a00000020f0
e0f120e5f2e0f520e600e600e600e600e600e600e600e600e600e60016000000320a2908
70140a000000e820e220e4e5ede5e6ede600e600e600e600e600e600e600e600e600e600
13000000320a29086c1d08000000eee920f4eef0ece5e600e600e600e600e600e600e600
e60015000000fb0220ff0000000000009001000000cc00020030436f7572696572204e65
7720437972007200040000002d01020004000000f001010009000000320a20050f010100
0000f100860010000000fb0280fe0000000000009001000000020002001053796d626f6c
0000040000002d01010004000000f001020009000000320ac0042a02010000003d00d300
0a00000026060f000a00ffffffff01000000000010000000fb021000080000000000bc02
000000000102022253797374656d0006040000002d01020004000000f001010003000000
0000f001010009000000320ac004ff03010000003d00d3000a00000026060f000a00ffff
ffff0100000000000000

Ninoaaiua aeaiiua ?an/aoa ii?aaeaeythony ia iniiaaiee noaoae aaeaina,
oeacaiiuo a oaaeeoea 5, aeeiaieea eciaiaiey eiyooeoeeaioa iie?uoey
aaeaina i?aaenoaaeaia ia ?enoiea 3.

Iieo/aiiua ?acoeueoaou naeaeaoaeuenoaotho i oi?ioai oeiainiaii ninoiyiee
i?aaei?eyoey. I?aaei?eyoea iiaeao a e?aoein?i/iii ia?eiaea iiaaneoue
aeieae (anee iie o iaai iiyayony). Nieaeaiea eiyooeoeeaioa iie?uoey e
ia/aeo 1997 aiaea i?iecioei ii i?e/eia ia?aoiaea i?aaei?eyoey ia ?aaioo
ii aeieain?i/iui eiio?aeoai, aneaaenoaea /aai cia/eoaeueii oaaee/eeenue
?an/aou n aeaaeoi?aie a oaeaea oiaa?u ioa?oaeaiiua, n?ie iieaou eioi?uo
aua ia ianooiee.

Oaeei ia?acii, ii ?acoeueoaoai i?iaaaeaiiiai aiaeeca iiaeii naeaeaoue
auaiae i oi?ioai oeiainiaii ninoiyiee i?aaei?eyoey e ?aeiiaiaeiaaoue
i?aaeinoaaeoue aio cai?aoeaaaiue e?aaeeo. Aeey aieaa iieiiai
i?aaenoaaeaiey i niiniaiinoe caaiueea iiaaneoue nnoaeo iaiaoiaeeii
ninoaaeoue i?iaiic aeaiaaeiiai iioiea, eae iniiaiiai enoi/ieea iiaaoaiey
nnoaeu.

2.3. Aiaeec aeaiaaeiiai iioiea (cash flow)eae niinia ioeaiee
e?aaeeoiniiniaiinoe caaiueea

Aiaeec e?aaeeoiniiniaiinoe eeeaioa aaiea ia iniiaa oeiainiauo
iieacaoaeae i?iaiaeeony ia aaca oeiainiaie io/aoiinoe e eiaao
aeinoaoi/ii nouanoaaiiue iaaeinoaoie, eioi?ue caeeth/aaony a oii, /oi
aiaeece?othony aeaiiua ca i?ioaaeoaa a?aiy. Ianiiiaiii, anee ia
?anniao?eaaoue e?eceniua neooaoeee, aeaea eeeaioa, a aieueoeinoaa
neo/aaa, ia iiaoo oooaeoeoueny ianoieueei ?acei, /oiau aanue aiaeec
ieacaeny iai?aaeeueiui e ?ene iaaica?aoa e?aaeeoa cia/eoaeueii
oaaee/eeny. Iaeiaei aeaeaoaeueii ioeaieaaoue e?aaeeoiniiniaiinoue
eeeaioa aua e a aeeiaieea, i?iaiice?iaaoue aa ninoiyiea a aoaeouai. Aeey
yoie oeaee iiaeii ainiieueciaaoueny iiaeaeueth ioeaiee
e?aaeeoiniiniaiinoe eeeaioa i?e iiiiue aiaeeca aai aeaiaaeiiai iioiea
/23/. Iiaeaeue aeaiaaeiiai iioiea iicaieyao ea/anoaaiii ioeaieoue
e?aaeeoiniiniaiinoue eeeaioa. AEaeaoaeueii, /oiau i?eoie n?aaenoa
iaania/eaaeny ca n/ao i?eauee eee i?e?inoa aeoeeiia?iiai eaieoaea, a ia
ca n/ao iiauo e?aaeeoia.

Aiaeec aeaiaaeiiai iioiea eeeaioa — yoi ioeaiea e?aaeeoiiai ?enea ia
iniiaa iai?ioiuo io/aoiuo iieacaoaeae. Ii iino?iai ia niiinoaaeaiee
i?eoiea e iooiea n?aaenoa ca ii?aaeaeaiiue ia?eiae. Onoie/eaia
i?aauoaiea i?eoiea iaae iooieii n?aaenoa a enoaeoea ia?eiaeu iicaieyao
ioeaieaaoue eeeaioa eae e?aaeeoiniiniaiiai. I?e ?aceeo eieaaaieyo oaeiai
i?aauoaiey eee a neo/aa ia?aoiiai niioiioaiey – i?aauoaiey iooiea iaae
i?eoieii n?aaenoa – aicieeatho niiiaiey a aiciiaeiinoe eeeaioa
naiaa?aiaiii e iieiinoueth ?ann/eoaoueny ii e?aaeeoo.

Oaeei ia?acii, aiaeec aeaiaaeiiai iioiea nouanoaaiii aeiiieiyao
caeeth/aiea i e?aaeeoiniiniaiinoe eeeaioa ia iniiaa oeiainiauo
eiyooeoeeaioia.

Aeey aiaeeca, ia iniiaa aeaiiuo aaeainia AI “Aeueoa” (oi?iu ? 1) ca 1-e,
2-e, 3-e eaa?oaeu 1997 aiaea e ca 1997 aiae (oaaeeoea 6) e io/aoia i
oeiainiauo ?acoeueoaoao e eo eniieueciaaiee (oi?ia ?2) ca oa aea
ia?eiaeu (oaaeeoea 7) ii iaoiaeeea, eceiaeaiiie a /21/ i?iecaiaeyony
neaaeothuea ?an/aou:

1. Au?o/ea io ?aaeecaoeee ?ann/eouaaaony ia iniiaaiee Oi?iu ?2 ii
oi?ioea:

Bi = ctp.010 – (no?.015 + no?.020 + no?.030),

aaea i=0…3

Oaeei ia?acii:

A0 = 11251.20 – 1222.94 – 2321.20 – 228.45 = 7478.61

A1 = 11577.25 – 1405.10 – 2120.12 – 178.22 = 7873.81

B2 = 12197.55 – 1431.96 – 1042.68 – 142.33 = 9580.58

B3 = 17338.30 – 1805.60 – 1238.90 – 383.50 = 13910.30

2. Iauay e?aaeeoi?neay caaeieaeaiiinoue. Aeaiiua aa?oony ec aaeaina.

K3i = ctp.750

Oaeei ia?acii:

K30 = 3964.03

EC1 = 4643.80

K32 = 6095.00

EC3 = 5790.00

3. Aeaiaaeiue iioie.

Ri= Bi+K3i

Oaeei ia?acii:

Ae0 = 3514.58

Ae1 = 3230.01

Ae2 = 5616.55

Ae3 = 8120.30

4. On?aaeiaiiue eiyooeoeeaio eciaiaiey aeaiaaeiiai iioiea ca o?e
iineaaeieo io/aoiuo ia?eiaea:

K = [(Ae1 : Ae0) + (Ae2 : Ae1) + (Ae3 : Ae2)] : 3

Oaeei ia?acii:

E = [ 3230.01 : 3514.58 + 5616.55 : 3230.01 + 8120.30 : 5616.55 ]
: 3 = 1.37

5. I?iaiice?oaiue aeaiaaeiue iioie:

IAe = Ae3 E

IAe = 8120.3 1.37 = 11107696

Oaeei ia?acii i?iaiice?oaiue aeaiaaeiue iioie ia neaaeothuee eaa?oae (1
eaa?oae 1997 a.) ?aaai 11 107 696 a?i. Enoiaey ec i?iaiice?oaiiai
aeaiaaeiiai iioiea i?aaei?eyoey, ?ann/eouaaaony aaee/eia e?aaeeoa,
eioi?ue iiaeao auoue auaeai i?aaei?eyoeth. Anoanoaaiii, aaee/eia
auaeaaaaiiai e?aoein?i/iiai e?aaeeoa ia aeieaeia i?aauoaoue aaee/eio
i?iaiice?oaiiai aeaiaaeiiai iioiea.

Yooaeoeaiay ?aaeecaoeey e?aaeeoiie iieeoeee aaiea aiciiaeia eeoue a
neo/aa iinoiyiiiai eiio?iey ca ea/anoaii e?aaeeoiiai ii?ooaey n oeaeueth
naiaa?aiaiiiai ?aaae?iaaiey a neo/aa aai oooaeoaiey. ?aaeecaoeee yoie
oeaee neoaeeo e?aaeeoiue iiieoi?eia.

2.4. E?aaeeoiue iiieoi?eia, eae iaoiae eiio?ieyea/anoaa e?aaeeoiiai
ii?ooaey aaiea

E?aaeeoiue ii?ooaeue aaiea neoaeeo aeaaiui enoi/ieeii aai aeioiaeia e
iaeiia?aiaiii — aeaaiui enoi/ieeii ?enea i?e ?aciauaiee aeoeaia. Io
no?oeoo?u e ea/anoaa e?aaeeoiiai ii?ooaey a cia/eoaeueiie noaiaie
caaeneo onoie/eainoue aaiea, aai ?aiooaoeey, oeiainiaua ?acoeueoaou.
E?aaeeoiua ?aaioieee e aunoea neoaeauea aieiaoaeueii aiaeece?otho ninoaa
ii?ooaey n oeaeueth auyaeaiey /?acia?iie eiioeaio?aoeee e?aaeeoia a
ii?aaeaeaiiuo io?aneyo eee o ioaeaeueiuo caaiueeia, a oaeaea i?iaeaiiuo
nnoae, o?aaothueo aiaoaoaeuenoaa ni noi?iiu aaiea.

Oeaeueth e?aaeeoiiai iiieoi?eiaa yaeyaony eiio?ieue ca ea/anoaii
e?aaeeoiiai ii?ooaey, i?iaaaeaiea iacaaeneiie yenia?oecu, naiaa?aiaiiia
auyaeaiea ioeeiiaiee io i?eiyouo noaiaea?oia e oeaeae e?aaeeoiie
iieeoeee aaiea.

Eiio?ieue ca oiaeii iiaaoaiey nnoaeu e auieaoie i?ioeaioia ii iae
neoaeeo aaaeiui yoaiii anaai i?ioeanna e?aaeeoiaaiey. Ii caeeth/aaony a
ia?eiaee/aneii aiaeeca e?aaeeoiiai aeinuea caaiueea, ia?aniio?a
e?aaeeoiiai ii?ooaey aaiea, ioeaiea ninoiyiey nnoae e i?iaaaeaiee
aoaeeoi?neeo i?iaa?ie.

Aeey yoie oeaee a Oe?yeneiaaiea aaaeaony e?aaeeoiue a?oea, eioi?ue
yaeyaony aacie e?aaeeoiiai iiieoi?eiaa. Oai nin?aaeioi/aia any
iaiaoiaeeiay aeieoiaioaoeey — oeiainiaua io/aou, ia?aienea,
aiaeeoe/aneea iaci?u e?aaeeoiniiniaiinoe, caeiaiaua aeieoiaiou e o.ae.

Oe?yeneiaaie eiaao naith nenoaio aaaeaiey e?aaeeoiiai aeinuea. A iai
aeieoiaiou na?oiie?iaaiu a neaaeothuea ?acaeaeu:

– aeieoiaiou ii nnoaea (eiiee e?aaeeoiiai niaeaoaiey, aeieaiauo
iaycaoaeuenoa, aa?aioeeiuo ienai, naeaeaoaeuenoai ia i?aai iiaeiene
aeieoiaioia);

– oeiainiaay e yeiiiie/aneay eioi?iaoeey (aaeainu, io/aou i i?eaueyo e
oauoeao, aiaeeoe/aneea oaaeeoeu, io/aou i aeaiaaeiuo iinooieaieyo,
aecian-ieaiu, iaeiaiaua aeaeea?aoeee);

– cai?inu e io/aou i e?aaeeoiniiniaiinoe (ni?aaee e?aaeeoiuo aaaionoa,
oaeaoiiiua cai?inu, ia?aienea);

– iaoa?eaeu ii iaania/aieth nnoaeu (aeieoiaiou i i?aaa anooieaiey ai
aeaaeaiea, oeiainiaua naeaeaoaeuenoaa i caeiaa, aeieoiaiou i ia?aaea/a
i?aa ii aeeaaeai e oeaiiui aoiaaai, caeeaaeiua e o.i.);

– ia?aienea e iaiyoiua caienee (ia?aienea n eeeaioii ii aii?inai
e?aaeeoa, caiene oaeaoiiiuo ?acaiai?ia, ni?aaee i ninoiyiee oaeouaai
n/aoa eeeaioa).

A neeo niaoeeoeee iieiaeaiey ainoaea?noaaiiiai aaiea, a oaeaea
enoi?e/aneeo i?aaeiinueie, i?ia?aiia eiio?iey iaae e?aaeeoiui ii?ooaeai
caaeneo io aai niaoeeaeecaoeee e i?eiyouo iaoiaeia ioeaiee
e?aaeeoiniiniaiinoe caaiueea. Auaeaaay iiiai nnoae i?aaei?eyoeyi a
io?aneyo, ia?aaeeaathueo niaae i?iecaiaenoaa, aaie i?iaiaeeo
nenoaiaoe/aneoth i?iaa?eo aeae naieo caaiueeia eaaeaeua 2—3 ianyoea.

I?eiaiyaony oaeaea aeeooa?aioee?iaaiiue iiaeoiae: iaeaieaa iaaeaaeiua
e?aaeeou iiaeaa?aathony i?iaa?ea iaeei ?ac a aiae, oiaaea eae i?iaeaiiua
nnoaeu o?aaotho iinoiyiiiai aiaeeca e eiio?iey. I?iaiaeeony iinoiyiiue
eiio?ieue ca e?oiiuie nnoaeaie e ia?eiaee/aneee — ii nnoaeai ieaea
ii?aaeaeaiiie aaee/eiu.

I?iaa?ea nnoaeu ninoieo a iiaoi?iii aiaeeca oeiainiauo io/aoia,
iinauaiea i?aaei?eyoey caaiueea, i?iaa?ea aeieoiaioaoeee, iaania/aiey e
o.ae. I?e eiio?ieueiie i?iaa?ea aiiaue ?anniao?eaaaony aii?in i
niioaaonoaee aeaiiie nnoaeu oeaeyi e onoaiiaeai e?aaeeoiie iieeoeee
aaiea, aiaeece?oaony e?aaeeoiniiniaiinoue e oeiainiaia ninoiyiea
eeeaioa, ?aioaaaeueiinoue iia?aoeee e o.ae.

A oiaea i/a?aaeiie eiio?ieueiie i?iaa?ee Oe?yeneiaaie i?enaaeaaao
nnoaeai ?aeoeia, i?aaenoaaeythuee eoiaiaoth ioeaieo e?aaeeoa ii ?yaeo
ia?aiao?ia. I?e yoii nnoaeai i?enaaeaaaony iiia? (1, 2, 3, 4, 5),
eioi?ue niioaaonoaoao iaeiie ec eaoaai?ee — “Iaeaunoaa ea/anoai”,
“Oaeiaeaoai?eoaeueii”, “Ia?aeeiaeueiay nnoaea”, “E?eoe/aneay nnoaea”,
“Oauoi/iay nnoaea, iiaeeaaeauay nienaieth”. Eeanneoeeaoeey nnoae ii
?aeoeiao iicaieyao aaieo eiio?iee?iaaoue ninoaa e?aaeeoiiai ii?ooaey. A
neo/aa ?inoa “E?eoe/aneeo nnoae”, auyniythony i?e/eiu oooaeoaiey
ii?ooaey e i?eieiathony ia?u e eni?aaeaieth iieiaeaiey. Anee ?ino
e?eoe/aneeo nnoae naycai n caaiueeaie a ii?aaeaeaiiie io?anee oicyenoaa
eee n ii?aaeaeaiiui aeaeii e?aaeeoa, auaea/a yoeo nnoae nie?auaaony. Ia
iniiaa i?iaa?ee aeaaony ioeaiea ?aaiou ioaeaeueiuo e?aaeeoiuo
einiaeoi?ia e iiae?acaeaeaiee aaiea.

Aoaeeoi?neay i?iaa?ea nnoae i?iecaiaeeony oi?aaeaieai aioo?aiiaai
aoaeeoa, iiaeaaaeiinoaaiiui I?aaeaieth aaiea. Yoa i?iaa?ea aiaeiae/ia
eiio?ieth e?aaeeoiiai ii?ooaey, ii iia, eae i?aaeei, inouanoaeyaony
iaaeanii ?aaioieeaie iacaaeneiiai oi?aaeaiey, ia naycaiiiai n
oi?aaeaieai e?aaeeoiuo iia?aoeee.

Aoaeeoi?neee eiio?ieue eiaao oeaeueth ioaaoeoue ia neaaeothuea aii?inu:

– eaeiai ninoiyiea e?aaeeoiuo a?oeaia aaiea, i?iaiaeeony ee eo
iaiiaeaiea;

– inouanoaeyao ee ?oeiaiaenoai e ?yaeiaua nio?oaeieee oi?aaeaiey
e?aaeeoiuo iia?aoeee ?aaoey?iia ianeaaeiaaiea ii?ooaey nnoae;

– i?aaeeueii ee ii?aaeaeai ?aeoeia;

– niioaaonoaoao ee ?aaioa oi?aaeaiey e?aaeeoiuo iia?aoeee ienueiaiiiio
iaii?aiaeoio i e?aaeeoiie iieeoeea;

– eaeiai iauaa ea/anoai aaieianeiai ii?ooaey;

– aeinoaoi/iu ee ?aca?aiua oiiaeu aaiea aeey iie?uoey oauoeia ii
aaciaaeaaeiui nnoaeai.

?acoeueoaou aoaeeoi?neie i?iaa?ee io?aaeathony a niaoeeaeueiii io/aoa,
eioi?ue i?aaenoaaeyaony I?aaeaieth aaiea, e?aaeeoiiio eiieoaoo aaiea,
?oeiaiaeeoaeyi no?oeoo?iuo iiae?acaeaeaiee aaiea e noa?oei e?aaeeoiui
einiaeoi?ai. A io/aoa aeaaony ioeaiea ea/anoaa anaai e?aaeeoiiai
ii?ooaey ia iiiaio i?iaa?ee e oa?aeoa?enoeea yooaeoeaiinoe ?aaiou
oi?aaeaiey e?aaeeoiuo iia?aoeee e e?aaeeoiuo ioaeaeia no?oeoo?iuo
iiae?acaeaeaiee aaiea. E?iia oiai, aoaeeoi?u aeatho naie ?aeiiaiaeaoeee
ii oeo/oaieth ?aaiou e eciaiaieth neiaeeaoeony iaoiaeia e oi?i
e?aaeeoiaaiey a aaiea.

Oaeei ia?acii, inouanoaeyaiue a Oe?yeneiaaiea e?aaeeoiue iiieoi?eia
yaeyaony iiuiui eino?oiaioii ?aaeecaoeee e?aaeeoiie iieeoeee aaiea.

?anniio?aa iaoiaeu ?aaeecaoeee e?aaeeoiie iieeoeee Oe?yeneiaaiea,
neaaeoao ioiaoeoue, /oi ianiio?y ia oi, /oi a aaiea /aoei i?aaieciaaia e
ioeaaeaia ?aaioa ii oi?aaeaieth e?aaeeoiuie ?eneaie, nouanoaotho iooe aa
niaa?oainoaiaaiey.

3. IOOE NIEAEAIEss E?AAeEOIIAI ?ENEA

3.1. Niaa?oainoaiaaiea e?aaeeoiie iieeoeeeeiiia?/aneiai aaiea

Iaeiei ec i?aaiecaoeeiiiuo ia?ii?eyoee, iai?aaeaiiuo ia oeo/oaiea
ea/anoaa i?iaa?ee e?aaeeoiniiniaiinoe caaiueea, iiaeao auoue e?aaeeoiay
ioeaiea. Ninoaaeaiea aeaiiiai aeieoiaioa iiiiaeao e?aaeeoiiio einiaeoi?o
nenoaiaoece?iaaoue eiathueany o iaai naaaeaiey e eceiaeeoue eo a naeaoii
e iieiii aeaea aeey i?aaenoaaeaiey ?oeiaiaenoao.

E?aaeeoiue eiieoao, eioi?ue, nianoaaiii, e i?eieiaao ?aoaiea i auaea/a
e?aaeeoa, eiay oaeie aeieoiaio iiaeao eo/oa ioeaieoue ia?niaeoeaiinoue
aeaiiie naeaeee, iineieueeo any iaiaoiaeeiay eioi?iaoeey ii e?aaeeoo
nia?aia a iaeiii ianoa e a oaeiaiii aeey aini?eyoey aeaea. Ioiaaeaao
iaiaoiaeeiinoue ai?ioeoue eeiu oeiainiauo io/aoia, ni?aaie, caeeth/aiee
e ae?oaeo aeieoiaioia.

?aaioa ii ninoaaeaieth e?aaeeoiie ioeaiee i?iecaiaeeony neaaeothuei
ia?acii: a i?ioeanna i?iaa?ee cayaee eeeaioa ia i?aaeinoaaeaiea e?aaeeoa
i?iecaiaeeony ioeaiea aai e?aaeeoiniiniaiinoe, ia?niaeoeaiinoe
e?aaeeooaiiai i?iaeoa, ea/anoaa e aeinoaoi/iinoe iaania/aiey. E?aaeeoiue
einiaeoi? iieo/aao iaiaoiaeeiua iaoa?eaeu io eeeaioa, io i?aaei?eyoee e
aaieia eioi?ua ?aiaa acaeiiaeaenoaiaaee n iei, eco/aao aecian-ieai, ia
?aaeecaoeeth eioi?iai cai?aoeaaaony e?aaeeo, iinauaao Caaiueea n
oeaeueth:

— oaaaeeoueny a i?aaeeueiinoe eioi?iaoeee, eiathuaeny a aecian-ieaia;

— iieo/eoue iaiaoiaeeioth eioi?iaoeeth, eioi?ay ioaeia aeey ioeaiee
e?aaeeoa e ia aeeth/aia a aecian-ieai;

— ioeaieoue aeecianiiniaiinoue aecian-ieaia e iniaaiii ii?aaeaeeoue
niiniaiinoue ?oeiaiaenoaa oniaoii inouanoaeyoue aai;

— iiaen/eoaoue aeoeau i?aaeeaaaaiiai caaiueea, iniaaiii oa aeoeau,
eioi?ua i?aaeeaaaaony acyoue eae iaania/aiea ia iniiaaiee n?aaeieo
?uii/iuo oeai e i?e oneiaee auioaeaeaiiie i?iaeaaee;

— i?aaeeiaeeoue caaiueeo i?eiyoue oaeea oneiaey, i?e eioi?uo ii eiaao
iaeaieueoea oainu ia iieiaeeoaeueiia ?aoaiea.

Iinea iieo/aiey anae iaiaoiaeeiie eioi?iaoeee ninoaaeyaony e?aaeeoiue
iaci? a eioi?ii iaiauathony eiathueany oaeou e eceaaathony
?aeiiaiaeaoeee e caeeth/aiey e?aaeeoiiai einiaeoi?a.

Aeaeaa i?eaaaeai i?eia?iue oi?iao e?aaeeoiiai iaci?a, eioi?ue aeieaeai
noaoue ?acoeueoaoii ?aaiou e?aaeeoiiai einiaeoi?a ii i?iaaaeaieth
e?aaeeoiie ioeaiee.

Oi?iao e?aaeeoiiai iaci?a:

1. Eioi?iaoeey i Caaiueea.

Yoio ?acaeae aeieaeai i?aaenoaaeoue iieioth eioi?iaoeeth i caaiueea e
ethauo Ii?o/eoaeyo e niaea?aeaoue neaaeothuea naaaeaiey:

– eiaaea iie auee iniiaaiu e i?eaaoece?iaaiu;

– eo th?eaee/aneee noaoon (iai?eia?: aeoeeiia?iia iauanoai);

– neieueei eaaeaeue eiaao aeoeeiia?ia – eceaaaaony eioi?iaoeey iai anao
iniiaiuo aeoeeiia?ao;

– a eaeie io?anee i?iiuoeaiiinoe iie aa?oo o/anoea, e eaeoth
aeieaeiinoue caieiatho a yoie io?anee;

– eaeea neeueiua (neaaua) noi?iiu, aiciiaeiinoe, oa?icu eiatho
caaiuee/Ii?o/eoaee – e?aoei;

– Eiatho ee caaiuee/Ii?o/eoaee aei/a?iea i?aaei?eyoey. Eaeia aeeyiea iie
eiatho ia iia?aoeee, e iniaaiii, eae iie aeeytho ia i?aaeeaaaaiue
i?iaeo. Anee aei/a?iea i?aaei?eyoey eiatho cia/eoaeueiia aeeyiea, eo
n/aoa aeieaeiu auoue naaaeaiu a oaaeeoeao e Ioeaiea aeieaeia aeeth/aoue
aiaeec oeeo? aei/a?ieo i?aaei?eyoee.

2. Eioi?iaoeey i I?iaeoa.

Yoio ?acaeae aeieaeai i?aaeinoaaeyoue en/a?iuaathuea naaaeaiey i
i?iaeoa, eioi?ue o?aaoao oeiaine?iaaiey e aeieaeai niaea?aeaoue
neaaeothuoth eioi?iaoeeth:

– oeaeaaia eniieueciaaiea e?aaeeoiuo n?aaenoa (iiaeao auoue
i?aaenoaaeaia a aeaea aecian-ieaia);

– ii/aio auei i?eiyoi ?aoaiea i auai?a yoiai aa?eaioa;

– eaeea ?anniao?eaaeenue aeueoa?iaoeau e ii/aio iie auee ioeeiiaiu;

– eaeea i?aeiouanoaa iieo/eo caaiuee, inouanoaeyy yoio i?iaeo (iai?eia?:
aoaeao eiaoue auoiae ia iiaua ?uiee, iieo/eo aieueooth /anoue ?uiea,
oiaiueoeo aaco oeaiu e i?.).

3. Aiaeec iai?aaeaiey aeayoaeueiinoe Caaiueea.

Yoio ?acaeae aeieaeai aiaeece?iaaoue io?aneue i?iiuoeaiiinoe, a eioi?ie
i?eieiaao o/anoea caaiuee e aa oa?aeoa?enoeee:

– ?anoe?yaony io?aneue, noaaeeueia eee iaaeaao. Iaiaoiaeeii
i?iaiaeece?iaaoue ia?niaeoeau yoiai i?iecaiaenoaa;

– oeeeee/ii ee i?iecaiaenoai. Ia eaeii oeeeea iii nae/an iaoiaeeony.
Eaeia aeeyiea ia iaai eiaao yeiiiie/aneia iaaeaiea/ia?aoiaeiue ia?eiae;

– ni?in/iinoaaea nu?uey – naciiiua eee ?aaiiia?iua ia i?ioyaeaiee anaai
aiaea;

– yoi i?iecaiaenoai iai?aaeaii ia yenii?o eee ia aioo?aiiee ?uiie. Eaeea
iiaua ?uiee iicaieeo ianeoaeeaaoue caaiueeo i?aaeeaaaaiue i?iaeo;

– eoi yaeyaony eiieo?aioii, e aeiey ?uiea ianeoaeeaaaiay eiieo?aioaie.

A ?acoeueoaoa aiaeeca neeueiuo e neaauo noi?ii e aiciiaeiinoae caaiueea,
iaiaoiaeeii naeaeaoue auaiae ia oa?icao a aeaiiie io?anee i?iiuoeaiiinoe
e eae ia ieo iiaeii iiaeeyoue iin?aaenoaii aiieiuaiey i?aaeeaaaaiiai
i?iaeoa.

4. Oeiainiaue aiaeec.

– aiaeec aooaaeoa?neeo aeieoiaioia.

Yoio ?acaeae aeieaeai inaauaoue aooaaeoa?neoth iieeoeeo, eioi?ay
eniieueciaaeanue aeey io/aoia i?aaeuaeoueo eao, a oaeaea e oi, auee ee
iie iiaeaa?ioou aoaeeoi?neie i?iaa?ea. Ii oaeaea aeieaeai oeacuaaoue
eiaia aoaeeoi?ia e ethaua ia?aie/aiey e eo naeaeaoaeuenoaai.

Ethaua ?aciiaeaney a io/aoao ca i?aaeuaeouea aiaeu aeieaeiu inaauaoueny
aianoa n i?e/eiaie yoeo ?aciiaeanee.

– Eiiia?/aneay aeayoaeueiinoue.

Yoio ?acaeae aeieaeai i?aaeinoaaeyoue en/a?iuaathuee aiaeec eiiia?/aneie
aeayoaeueiinoe ca i?aaeuaeouea aiaeu caaiueea/Ii?o/eoaeae, aeeth/ay:

a) i?iaeaaeo: iai?aaeaiey oi?aiaee ca iineaaeiea aiaeu aeieaeiu
oeacuaaoueny eae aeaiaaeiuie oa?ieiaie oae e oa?ieiaie iauaia
i?iecaiaenoaa, n aiaeecii i?e/ei eo oaaee/aiey/oiaiueoaiey.

a) ecaea?aeee: eaeea iniiaiua ecaea?aeee, n eioi?uie i?eeaeaony
noieeiooueny caaiueeo. Eaeay ?acaeaea iaaeaeo oeene?iaaiiuie e
eciaiythueieny ecaea?aeeaie. Eae ca iineaaeiea aiaeu
oaaee/eeenue/oiaiueoeeenue ecaea?aeee. *oi naeaeaoaeuenoaoao i oii, /oi
ecaea?aeee iaoiaeyony iiae yooaeoeaiui eiio?ieai.

a) ae?oaea aeioiaeu/ecaea?aeee: eaeea ae?oaea cia/eoaeueiua
aeioiaeu/ecaea?aeee eiae caaiuee, ia naycaiiua n aeioiaeaie/ecaea?aeeaie
i?iecaiaenoaa e i?iaeaaee naieo iniiaiuo eeiee i?iecaiaenoaa (iai?eia?:
a?aiaeiue aeioiae, au?o/ea io i?iaeaaee iniiaiuo aeoeaia, cao?aou ia
?ai?aaiecaoeeth). Iiaeao ee yoi iiaoi?youeny a aoaeouai.

a) i?eaueueiinoue eaieoaea: iaiaoiaeeii oeacaoue o?iaaiue i?eauee,
eioi?ay aeinoeaaeanue ca iineaaeiea aiaeu a nayce n i?iaeaaeae eee
eniieueciaaieai eaieoaea. Eaeea iai?aaeaiey e aeeiaieea. Oeacaoue
i?e/eiu, ioiinyueany e yoei iai?aaeaieyi.

– Aaeain i?aaei?eyoey.

Ana ninoaaiua /anoe aaeaina i?aaei?eyoey aeieaeiu auoue
i?iaiaeece?iaaiu.

a) oaeouea aeoeau (aeaiaaeiua n?aaenoaa eee ae?oaea aeoeau, eioi?ua
iiaoo auoue ia?aaaaeaiu a aeaiaaeiua n?aaenoaa a 12-iany/iue ia?eiae io
aeaou aaeaina i?aaei?eyoey).

a) aeaiueae: eiaao ee caaiuee cia/eoaeueiua o?iaie aeaiaaeiuo n?aaenoa.
Anee anoue, oi eaeia eo enoi/iee e eae i?aaeeaaaaony eniieueciaaoue yoe
n?aaenoaa a aeaea.

a) aeaaeoi?u: Eaeei ia?acii o?iaaiue aeieaeieeia ioiineony e o?iaith e
n?ieai i?iaeaae a cia/aiee eiee/anoaa aeiae i?iaeaaee. Eae aicieeatho
aeieaeieee (iiiai iaeeeo aeieaeieeia eee aeieae neiioeaio?e?iaaiu a
iaeieo ?oeao). Eae auno?i ?aniea/eaathony aeieaeieee. Aeieaeieee
aicieeee iaaeaaii eee iaaethaeathony cia/eoaeueiua caaeieaeaiiinoe.
Eaeia i?aaeuaeouee iiuo a aaciaaeaaeiuo aeieaao.

a) caianu: Iiaoo ee auoue i?iaeaiu caianu, eee iie ninoiyo ec
onoa?aaoeo, iai?iaeaaeiuo oiaa?ia. Ianeieueei auniee o?iaie caiania ii
ioiioaieth e ecaea?aeeai i?iecaiaenoaa ca aiae.

ae) oaeouea ianneau, oi anoue ianneau, eioi?ua aeieaeiu auoue iiaaoaiu
ia i?ioyaeaiee 12 ianyoeaa io aeaou aaeaina i?aaei?eyoey.

a) aaieianeea caeiu: eaeea ae?oaea caeiu e a eaeeo aaieao eiaao caaiuee.
Ca/ai iie auee acyou. Eae iie iaania/aiu. Eiaaea eo neaaeoao auieaoeoue.
Auiieiyeenue ee auieaou i?ioeaioia e e?aaeeoa aei ianoiyuaai a?aiaie.

ae) e?aaeeoi?u: eaeei ia?acii o?iaaiue e?aaeeoi?ia ioiineony e aiaeiaui
i?iecaiaenoaaiiui ecaea?aeeai e n?ieai caeoiie. Nouanoaoao iiiai iaeeeo
e?aaeeoi?ia eee anoue ianeieueei aieueoeo. Anoue ee i?in?i/aiiay
e?aaeeoi?neay caaeieaeaiiinoue.

c) iaeiae: eaeea iaeiae aeieaeai auiea/eaaoue caaiuee. N?iee iaeiaiauo
ieaoaaeae.

Ioeaiea oaeaea aeieaeia io?aaeaoue eiyooeoeeaio eeeaeaeiinoe – ioiioaiea
oaeoueo aeoeaia e oaeouei ianneaai, e eiyooeoeeaio “eaeioniaie aoiaaeee”
– ioiioaiea aeaiaaeiuo e aeeceeo e aeaiaaeiui aeoeaia iethn aeaaeoi?u e
oaeouei ianneaai, a oaeaea ae?oaea eiyooeoeeaiou, eioi?ua
?ann/eouaathony a eiie?aoiii aaiea.

Aeieain?i/iua aeoeau:

a) iniiaiua n?aaenoaa: ninoaa e ninoiyiea iniiaiuo n?aaenoa. Noaiaiue
aii?oecaoeee. Noaaee eiaeaenaoeee. Eaeie aoaeao noieiinoue yoeo aeoeaia
a neo/aa, anee iie aoaeoo i?iaeaaaoueny ia ?uiea.

a) ae?oaea aeieain?i/iua aeoeau: iai?eia?, eiaanoeoeee a aei/a?iea
i?aaei?eyoey, aeieain?i/iua caeiu e ae?.

Aeieain?i/iua ianneau:

E?aaeeoi?u: eaeoth e?aaeeoi?neoth caaeieaeaiiinoue eiaao caaiuee ia n?ie
nauoa iaeiiai aiaea; eae iia aicieeea; eiaaea aa ioaeii iiaaoaoue;
iaania/aia ee iia, e anee aea, oi eae.

Ioiioaiea anao aeoeaia e aeoeeiia?iiio eaieoaeo:

a) Eceeoae iieacaoaeae aeoeaia iaae ianneaaie i?aaenoaaeyao eiaanoeoeee
aeoeeiia?ia a aeaei. Iaiaoiaeeii i?ieiiiaioe?iaaoue cia/aiea iieacaoaey.

a) Iaiaoiaeeii ioeaieoue niioiioaiea aeoeeiia?iiai eaieoaea e iauei
ianneaai e eaeia aeeyiea ia yoi ieaaeao cai?aoeaaaiue e?aaeeo.

Oneiaiua iaycaoaeuenoaa. Iaiaoiaeeii ioeaieoue ethaua iieacaoaee,
eioi?ua aeeytho ia oeiainiaia ninoiyiea caaiueea, ii eioi?ua ia
i?aaenoaaeaiu a aaeaina i?aaei?eyoey, iai?eia?, auiouaiiua
ii?o/eoaeuenoaa, eaieoaeueiua ?anoiaeu e ii?aaeaeeoue eo iioaioeeaeueiia
aeeyiea ia aaeain.

Naciiiua eieaaaiey. Iaiaoiaeeii naeaeaoue aiaeec naciiiiai aeeyiey ia
aaeain a oaeeo io?aneyo i?iiuoeaiiinoe, eae ia?a?aaioea i?iaeoeoia
ieoaiey, aaea caeoiea e/eee i?iaeaaea nu?uey iiaeao auoue
neiioeaio?e?iaaia a ii?aaeaeaiiua a?aiaia aiaea.

– Aeaiaaeiue iioie.

I?ioeaiou auiea/eaathony e e?aaeeou aica?auathony oieueei aeaiueaaie, a
ia ec aeioiaeia, iiyoiio iaiaoiaeeii:

a) ioeaieoue niiniaiinoue caaiueea iieo/aoue aeaiueae;

a) aeeiaieea iia?aoeeiiiiai aeaiaaeiiai iioiea e i?e/eiu aai
oiaiueoaiey eee oaaee/aiey;

a) eaeea o?aaiaaiey i?aaeuyaeythony e aeaiaaeiiio iioieo (iie?uoea
eaieoaeueiua cao?ao, auieaoa iaeiaia, aeeaeaeaiaeia).

– Ioeaiea ieaiia eeeaioa.

Iaiaoiaeeii:

a) i?ieiiiaioe?iaaoue i?aaeoniio?aiioth i?iaeaaeo, o?iaie noieiinoe e
aeioiaeia aeey iaeeo/oaai e iaeooaeoaai neo/aaa e iainiiaaoue yoe
i?aaeiieiaeaiey;

a) n?aaieoue i?aaeoniio?aiiua i?iaeaaee, o?iaie noieiinoe e aeioiaeia n
oeeo?aie i?aaeuaeoueo eao e i?iaiaeece?iaaoue i?e/eiu eciaiaiee.

5. Eioi?iaoeey i ?oeiaiaenoaa.

E?aoeea iiae?iaiinoe i eaaeaeii ec noa?oeo ?oeiaiaeeoaeae caaiueea,
aeeth/ay aee?aeoi?a, oi?aaeythuaai i?iecaiaenoaii, aeaaiiai aooaaeoa?a e
oiaa?iaaaea ii nauoo e ia?eaoeiao.

Eae eo iiuo e niiniaiinoe iiaoo iiaeeyoue ia aoaeouoth
aeecianiiniaiinoue eiiiaiee e iniaaiii ia i?aaeeaaaaiue i?iaeo.

6. Iieiay e oi/iay eioi?iaoeey ia eiouanoaa, i?aaeeaaaaiii aeey
ia?aaea/e a caeia. Caeanue iaiaoiaeeii i?eaanoe oi/iue nienie eiouanoaa
ia?aaeaaaaiiai a caeia (caiey e iino?ieee, iai?oaeiaaiea, aaoiiiaeee e
ae?.) e aeaoue iieiia e iiae?iaiia iienaiea eaaeaeiai aeaea:

– caiey e iino?ieee: n?iee aeaaeaiey, ianoi e ?acia?u o/anoeia, ?acia? e
aic?ano iino?iae, iioaioeeaeueiia aeueoa?iaoeaiia eniieueciaaiea,
?uii/iay noieiinoue (iiaiea ia ioe?uoii ?uiea e oeaiu i?eioaeeoaeueiie
i?iaeaaee);

– iai?oaeiaaiea: oei e aic?ano iniiaiuo iaoei, iioaioeeaeueiia
aeueoa?iaoeaiia eniieueciaaiea, ?uii/iay noieiinoue (iiaiea ia ioe?uoii
?uiea e oeaiu i?eioaeeoaeueiie i?iaeaaee);

– aaoio?ainii?oiua n?aaenoaa: eiee/anoai, oei e n?aaeiee aic?ano anao
aaoio?ainii?oiuo n?aaenoa, ?uii/iay noieiinoue (iiaiea ia ioe?uoii ?uiea
e oeaiu i?eioaeeoaeueiie i?iaeaaee).

7. Oa?aeoa?enoeea iniiaiuo ?eneia e oaeoi?ia eioi?ua nieaeatho eo
aa?iyoiinoue.

Iai?eia?: ?ene – caaea?aeea aeinoaaee iai?oaeiaaiey eee oaoie/aneea
i?iaeaiu, eioi?ua caaea?aeeaatho i?iecaiaenoai anae i?iaeoeoeee. Oaeoi?u
ineaaeaiey – iinoaauee iai?oaeiaaiey eiaao oi?iooth ?aiooaoeeth, 50%
oeaiu iieoiee ioeiaeaii aei aaiaea iai?oaeiaaiey a yenieoaoaoeeth.
Eiio?aeo aeeth/aao oo?aou ca caaea?aeeo aeinoaaee/caaea?aeeo ia/aea
?aaiou.

8. Enoi/ieee iiaaoaiey e?aaeeoa.

Ana e?aaeeou aeieaeiu eiaoue, ii iaiueoae ia?a, aeaa enoi/ieea auieao.
Ia?aui, eae i?aaeei, aoaeao iia?aoeeiiiue iioie aeaiaa, a iineaaeiei –
?aaeecaoeey caeiaa.

9. Auaiaeu e?aaeeoiiai einiaeoi?a.

Aeaiiue e?aaeeoiue iaci? aeieaeai caeai/eaaoueny auaiaeaie i
oeaeaniia?aciinoe i?aaeinoaaeaiey cai?aoeaaaiiai e?aaeeoa n /aoeei
iainiiaaieai i?eieiaaiuo ?aoaiee.

I?aaeeiaeaiiay iaoiaeeea ioeaiee e?aaeeoiniiniaiinoe caaiueea eiaao
iaaeinoaoie, eioi?ue caeeth/aaony a oii, /oi iaoiaeeea ia iicaieyao
eiee/anoaaiii ecia?eoue noaiaiue ?enea ii eaaeaeiio eiie?aoiiio
caaiueeo. ?aoeoue yoo i?iaeaio iiaeii, aiaeece?oy aeeiaieeo
yeiiiie/aneeo iieacaoaeae aeayoaeueiinoe i?aaei?eyoey n i?eiaiaieai
iaoiaeia yeiiiieei-iaoaiaoe/aneiai iiaeaee?iaaiey.

Oaeei ia?acii, i?aaeeiaeaiiay iaoiaeeea ioeaiee e?aaeeoiniiniaiinoe
caaiueea iiiiaeao aieaa yooaeoeaii ioeaieaaoue e?aaeeoiniiniaiinoue
caaiueea, iaania/eaay oai naiui nieaeaiea e?aaeeoiiai ?enea.

Aeey oyniaiey iieiaeeoaeueiuo e io?eoeaoaeueiuo aniaeoia ?ac?aaioee e
?aaeecaoeee e?aaeeoiie iieeoeee ioa/anoaaiiuie eiiia?/aneeie aaieaie,
oeaeaniia?acii ?anniio?aoue iiuo ca?oaaaeiuo eiiia?/aneeo aaieia, iaeoe
iieiaeeoaeueiua e io?eoeaoaeueiua iiiaiou, e n eo o/aoii iaiaoeoue iooe
niaa?oainoaiaaiey e?aaeeoiie iieeoeee.

3.2. Ie?iaie iiuo a aii?inao ioeaieee?aaeeoiniiniaiinoe caaiueea

Aeey oyniaiey iieiaeeoaeueiuo e io?eoeaoaeueiuo aniaeoia ioa/anoaaiiie
nenoaiu ioeaiee e?aaeeoiniiniaiinoe caaiueea iaiaoiaeeii ?anniio?aoue
iiuo yeiiiie/anee ?acaeouo no?ai a aeaiiii aii?ina.

Aaiee ?acaeouo eaieoaeenoe/aneeo no?ai i?eiaiytho neiaeioth nenoaio
aieueoiai eiee/anoaa iieacaoaeae aeey ioeaiee e?aaeeoiniiniaiinoe
eeeaioia. Yoa nenoaia aeeooa?aioee?iaaia a caaeneiinoe io oa?aeoa?a
Caaiueea (oe?ia, /anoiia eeoei, aeae aeayoaeueiinoe), a oaeaea iiaeao
iniiauaaoueny eae ia naeueaeiauo, oae e iai?ioiuo iieacaoaeyo io/aoiinoe
eeeaioia.

A ia/aea ?anniio?ei iieacaoaee e?aaeeoiniiniaiinoe, eniieuecoaiua
aaieaie Niaaeeiaiiuo Ooaoia Aia?eee – naiie yeiiiie/anee ?acaeoie no?aiu
ie?a.

?yae aia?eeaineeo yeiiiienoia iienuaaao nenoaio ioeaiee
e?aaeeoiniiniaiinoe, iino?iaiioth ia naeueaeiauo iieacaoaeyo io/aoiinoe.
Aia?eeaineea aaiee eniieuecotho /aou?a a?oiiu iniiaiuo iieacaoaeae:

— eeeaeaeiinoe oe?iu;

— iai?a/eaaaiinoe eaieoaea;

— i?eaea/aiey n?aaenoa;

— iieacaoaee i?eaueueiinoe.

E ia?aie a?oiia ioiinyony eiyooeoeeaio eeeaeaeiinoe (Ee) e iie?uoey
(Eiie?).

Eiyooeoeeaio eeeaeaeiinoe Ee – niioiioaiea iaeaieaa eeeaeaeiuo n?aaenoa
e aeieain?i/iuo aeieaiauo iaycaoaeuenoa. Eeeaeaeiua n?aaenoaa
neeaaeuaathony ec aeaiaaeiuo n?aaenoa e aeaaeoi?neie caaeieaeaiiinoe
e?aoein?i/iiai oa?aeoa?a. Aeieaiaua iaycaoaeuenoaa ninoiyo ec
caaeieaeaiiinoe ii nnoaeai e?aoein?i/iiai oa?aeoa?a, ii aaenaeyi,
iaiiea/aiiui o?aaiaaieyi e i?i/ei e?aoein?i/iui iaycaoaeuenoaai.
Eiyooeoeeaio eeeaeaeiinoe i?iaiice?oao niiniaiinoue Caaiueea iia?aoeaii
a n?ie iiaaneoue aeiea aaieo a aeeaeaeoae ia?niaeoeaa ia iniiaa ioeaiee
no?oeoo?u iai?ioiiai eaieoaea. *ai auoa eiyooeoeeaio eeeaeaeiinoe, oai
auoa e?aaeeoiniiniaiinoue.

Eiyooeoeeaio iie?uoey Eiie? – niioiioaiea iai?ioiiai eaieoaea e
e?aoein?i/iuo aeieaiauo iaycaoaeuenoa. Eiyooeoeeaio iie?uoey –
iieacuaaao i?aaeae e?aaeeoiaaiey, aeinoaoi/iinoue anao aeaeia n?aaenoa
eeeaioa, /oiau iiaaneoue aeiea. Anee eiyooeoeeaio iie?uoey iaiaa 1, oi
a?aieoeu e?aaeeoiaaiey ia?ooaiu, caaiueeo aieueoa iaeuecy
i?aaeinoaaeyoue e?aaeeo: ii yaeyaony iae?aaeeoiniiniaiui.

Iieacaoaee iai?a/eaaaiinoe eaieoaea, ioiinyueany ei aoi?ie a?oiia
io?aaeatho ea/anoai iai?ioiuo aeoeaia e iiaoo eniieueciaaoueny aeey
ioeaiee ?inoa eiyooeoeeaioa iie?uoey. Iai?eia?, i?e oaaee/aiee cia/aiey
yoiai eiyooeoeeaioa ca n/ao ?inoa caiania e iaeiia?aiaiiii caiaaeeaiee
eo iai?a/eaaaiinoe iaeuecy aeaeaoue auaiae i iiauoaiee
e?aaeeoiniiniaiinoe Caaiueea.

Eiyooeoeeaiou i?eaea/aiey (Ei?eae) ia?acotho o?aoueth a?oiio ioeaii/iuo
iieacaoaeae. Iie ?ann/eouaathony eae ioiioaiea anao aeieaiauo
iaycaoaeuenoa e iauae noiia aeoeaia eee e iniiaiiio eaieoaeo,
iieacuaatho caaeneiinoue oe?iu io caaiiuo n?aaenoa. *ai auoa
eiyooeoeeaio i?eaea/aiey, oai ooaea e?aaeeoiniiniaiinoue Caaiueea.

N o?aoueae a?oiiie iieacaoaeae oanii naycaiu iieacaoaee /aoaa?oie
a?oiiu, oa?aeoa?ecothuea i?eaueueiinoue oe?iu. E iei ioiinyony: aeiey
i?eauee a aeioiaeao, ii?ia i?eauee ia aeoeau, ii?ia i?eauee ia aeoeeth.
Anee ?anoao caaeneiinoue oe?iu io caaiiuo n?aaenoa, oi nieaeaiea
e?aaeeoiniiniaiinoe, ioeaieaaaiie ia iniiaa eiyooeoeeaioia i?eaea/aiey,
iiaeao eiiiaine?iaaoueny ?inoii i?eaueueiinoe.

Aeaeaa ?anniio?ei ioeaieo e?aaeeoiniiniaiinoe eiiia?/aneeie aaieaie
O?aioeee – iaeiie ec iaeaieaa ?acaeouo aa?iiaeneeo no?ai.

Ioeaiea e?aaeeoiniiniaiinoe eeeaioia o?aioeocneeie eiiia?/aneeie aaieaie
aeeth/aao 3 aeiea:

1. Ioeaiea i?aaei?eyoey e aiaeec aai aaeaina, a oaeaea ae?oaie
io/aoiinoe;

2. Ioeaiea e?aaeeoiniiniaiinoe eeeaioia ia iniiaa iaoiaeee, i?eiyouo
ioaeaeueiuie eiiia?/aneeie aaieaie;

3. Eniieueciaaiea aeey ioeaiee e?aaeeoiniiniaiinoe aeaiiuo ea?oioaee
Aaiea O?aioeee.

I?e ioeaiea i?aaei?eyoey aaie eioa?anoaony neaaeothueie aii?inaie:

1. Oa?aeoa? aeayoaeueiinoe i?aaei?eyoey e aeeeoaeueiinoue aai
ooieoeeiie?iaaiey;

2. Oaeoi?u i?iecaiaenoaa:

– o?oaeiaua ?ano?nu ?oeiaiaeeoaeae, oi?aaeaioeaa e ia?niiaea
(ia?aciaaiea, eiiiaoaioiinoue e aic?ano ?oeiaiaeeoaey, iaee/ea o iaai
i?aaiieeia, /anoioa ia?aaeaeaeaiey oi?aaeaioeaa ii ?aai/ei ianoai,
no?oeoo?a ia?niiaea, iieacaoaee i?inoiy, niioiioaiea iieaou o?oaea e
aeiaaaeaiiie noieiinoe (aeieaeii auoue a i?aaeaeao 70%);

– i?iecaiaenoaaiiua ?ano?nu (niioiioaiea aii?oecaoeee e aii?oece?oaiuo
n?aaenoa, o?iaaiue eiaanoeoeee);

– oeiainiaua ?ano?nu;

– yeiiiie/aneay n?aaea (ia eaeie noaaeee aeeciaiiiai oeeeea iaoiaeeony
auioneaaiay i?iaeoeoeey, yaeyaony ee i?aaei?eyoea iiiiiieueiui
i?iecaiaeeoaeai, oneiaey eiieo?aioeee, noaaeey ?acaeoey ?uiea iniiaiie
i?iaeoeoeee i?aaei?eyoey, eiiia?/aneay iieeoeea oe?iu, noaiaiue inaiaiey
i?eaiia e niiniaia ia?eaoeiaa).

A aeoeaa aaeaina i?e aiaeeca auaeaeythony o?e ninoaaiua /anoe:

— eiiiaeeeciaaiiua aeoeau,

— iai?ioiua n?aaenoaa (caianu, aeaaeoi?u, i?i/ea);

— aeaiaaeiay iaee/iinoue (eanna, aeaiueae ia n/aoa a aaiea, oeaiiua
aoiaae). Iannea aaeaina aeaeeony ia iinoiyiiua ?ano?nu, e?aaeeoi?neoth
caaeieaeaiiinoue e aeaiaaeioth iaee/iinoue (o/ao aaenaeae e ae?.). Ia
iniiaa n/aoa ?acoeueoaoia aeayoaeueiinoe ii?aaeaeythony neaaeothuea
iieacaoaee (oaaeeoea 8).

Aaeain e ae?oaea oi?iu io/aoiinoe eniieuecothony, ai-ia?auo, aeey
ioeaiee niioiioaiey naeueaeiauo iieacaoaeae e ai-aoi?uo, aeey ?an/aoa
eiyooeoeeaioia e?aaeeoiniiniaiinoe ia iniiaa iai?ioiuo iieacaoaeae.
I?aaeiaoii aiaeeca yaeythony oaeea i?iii?oeee, eae niioiioaiea
aeieain?i/iie caaeieaeaiiinoe e nianoaaiiuo n?aaenoa, niioiioaiea
noaaeeueiuo nianoaaiiuo ?ano?nia e noiiu aeoeaia, aeeiaieea cao?ao e
oauoeia ii n?aaiaieth n oaiiaie ?inoa i?iecaiaenoaa e o.ae. Aeaiiua
io/aoiinoe oe?iu niiinoaaeythony n aeaiiuie naiaeiiai aaeaina, eioi?ue
ninoaaeyaony ia iniiaa aaeaina iaeii?iaeiuo i?aaei?eyoee. Iaeiei ec
iniiaiuo iai?aaeaiee aiaeeca aeaiiuo aaeaina yaeyaony ii?aaeaeaiea
aaieianeiai ?enea.

Iieacaoaee ninoiyiey aeaiaaeiie iaee/iinoe ioeaieaathony n o/aoii o?iaiy
?acaeoey i?aaei?eyoey, aai ?aioaaaeueiinoe e ea/anoaa iio?aaiinoe a
iai?ioiuo n?aaenoaao. Iineaaeiaa eco/aaony ia iniiaa iieacaoaeae
nei?inoe iai?ioa inoaoeia nu?uey e aioiaie i?iaeoeoeee ia neeaaea, a
oaeaea n?ieia ?an/aoia n iinoaaueeaie.

A ea/anoaa iaeiiai ec aa?eaioia /anoiie iaoiaeeee ioeaiee
e?aaeeoiniiniaiinoe eeeaioa eiiia?/aneei aaieii iiaeii i?eaanoe
iaoiaeeeo aaiea Credit Lione. Yoa iaoiaeeea i?aaenoaaeyao niaie nenoaio
ioeaiee, iino?iaiioth ia 5 eiyooeoeeaioao:

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picscalex10001000900000346010000030016000000000005000000090200000000040
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015000000fb0220ff0000000000009001000000000002001054696d6573204e657720526
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00000fb0280fe0000000000009001000000cc00020030436f7572696572204e657720437
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0efe8f2e0ebeee2ebe600e600e600e600e600e600e600e600e600e60016000000320a8a0
18a0c0a000000eee6e5ede8ff20e7e020e600e600e600e600e600e600e600e600e600e60
00c000000320a8a01861503000000e3eee400e600e600e6000a000000320aaa03020d020
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000002010100050000000102ffffff00040000002e011800050000003102010000000500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picscalex1000100090000034c010000030016000000000005000000090200000000040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Eaaeaeue ec iieacaoaeae ioeaieaaaony a i?aaeaeao /aou?ao aaeeia,
ii?aaeaeyaony iauee eoia a aaeeao. Noiia aaeeia ii?aaeaeyao o?iaaiue
e?aaeeoiniiniaiinoe eeeaioa.

O/eouaathony oaeaea e aeaiiua ea?oioaee aaiea O?aioeee. Yoa ea?oioaea
eiaao /aou?a ?acaeaea A ia?aii i?aaei?eyoey ?acaeaeythony ia 10 a?oii a
caaeneiinoe io ?acia?a aeoeaa aaeaina. Eaaeaeie a?oiia i?enaaeaathony
eeoa?u io A aei E. Aoi?ie ?acaeae yaeyaony ?acaeaeii e?aaeeoiie
eioe?iaee, au?aaeathuee aeiaa?ea, eioi?ia iiaeao auoue aeiiouaii a
ioiioaiee i?aaei?eyoee. Yoa eioe?iaea iniiauaaaony ia eco/aiee
oeiainiaie neooaoeee e ?aioaaaeueiinoe, a oaeaea ia ioeaiea
?oeiaiaeeoaeae, aea?aeaoaeae eaieoaeia e i?aaei?eyoee, n eioi?uie eeeaio
eiaao oaniua eiiia?/aneea nayce. E?aaeeoiay eioe?iaea aeaeeo
i?aaei?eyoey ia 7 a?oii, eioi?ui i?enaaeaathony oeo?u io 0 aei 6.

O?aoee ?acaeae eeanneoeoee?oao i?aaei?eyoey ii eo ieaoaaeaniiniaiinoe.
Aaie O?aioeee oeene?oao ana neo/ae iaieaoaaeae e a caaeneiinoe io yoiai
?acaeaeyao eeeaioia eiiia?/aneeo aaieia ia o?e a?oiiu, eioi?ui
i?enaaeaathony oeo?u 7, 8 eee 9. Oeo? 7 icia/aao ioieooaeueiinoue a
ieaoaaeao, ionoonoaea ?aaeueiuo o?oaeiinoae a aeaiaaeiuo n?aaenoaao a
oa/aiea aiaea. Oeo? 8 aeaaony i?e a?aiaiiuo cao?oaeiaieyo, naycaiiuo n
iaee/eai aeaiaaeiuo n?aaenoa, eioi?ua ia noaayo iiae na?ueacioth oa?ico
ieaoaaeaniiniaiinoue i?aaei?eyoey. Oeo? 9 icia/aao, /oi
ieaoaaeaniiniaiinoue i?aaei?eyoey neeueii neiii?iiaioe?iaaia.

*aoaa?oue ?acaeae ea?oioaee aeaeeo anao eeeaioia ia aeaa a?oiiu:
i?aaei?eyoey, aaenaey e oeaiiua aoiaae eioi?uo iiaoo auoue ia?ao/oaiu
eee iao a Aaiea O?aioeee.

Oaeei ia?acii, nouanoaothuea iaoiaeeee ioeaiee e?aaeeoiniiniaiinoe
caaiueea eiiia?/aneeie aaieaie yeiiiie/anee ?acaeouo no?ai eiatho
iieiaeeoaeueiua aniaeou. Eo /anoe/iia i?eiaiaiea iiaeao aeaoue
iieiaeeoaeueiua ?acoeueoaou. Oe?aeineei eiiia?/aneei aaieai noieo
ia?aoeoue aieiaiea ia auoaoeacaiiua iaoiaeeee e aeoeaii i?eiaiyoue eo ia
i?aeoeea, a /anoiinoe:

– aiaeec oeiainiauo eiyooeoeeaioia ii iaoiaeeea aaieia NOA iicaieyao
aieaa iieii ioeaieoue oeiainiaia ninoiyiea iioaioeeaeueiiai caaiueea n
oi/ee c?aiey aiaoiaai iieueciaaoaey eioi?iaoeee;

– ioeaiea e?aaeeoiniiniaiinoe caaiueea ii iaoiaeeea aaieia O?aioeee
aeaao i?aaenoaaeaiea i iieacaoaeyo, ia iiaeaeathueony eiee/anoaaiiiio
ecia?aieth, ii eiathueo aaaeiia cia/aiea aeey e?aaeeoiiai einiaeoi?a
eiiia?/aneiai aaiea.

O/eouaay caeioa?aniaaiiinoue aaiea a i?iaeaeaeaiee oneoa e?aaeeoiaaiey,
a oaeaea a naiaa?aiaiiinoe aica?aoa nnoaeu – oeaeaniia?acii
?aeiiaiaeiaaoue caaiueeo, eae oeo/oeoue naia oeiainiaia ninoiyiea n
oeaeueth iiauoaiey aai e?aaeeoiniiniaiinoe.

3.3. Iooe iiauoaiey e?aaeeoiniiniaiinoe caaiueea

A neo/aa oooaeoaiey oeiainiaiai ninoiyiey caaiueea, iiaeao ieacaoueny
iiae oa?icie aica?ao nnoaeu. Auyaea oaeiai caaiueea, iaiaoiaeeii
i?aaei?eiyoue yeno?aiiua ia?u e iaaeiiouaieth oooaeoaiey e?aaeeoiiai
ii?ooaey aaiea. ?aaeecaoeey caeiaiaiai eiouanoaa yaeyaony e?aeiae ia?ie,
eioi?ie neaaeoao ecaaaaoue ec-ca aa o?oaeiaieinoe e ianiaa?oainoaa
caeiiiaeaoaeuenoaa Oe?aeiu a aeaiiii aii?ina. Iiyoiio oeaeaniia?acii
i?iaanoe ioeaieo oeiainiaiai ninoiyiey caaiueea e ii?aeiiaiaeiaaoue aio
ia?u ii aai oeo/oaieth.

Ioeaieo oeiainiaiai ninoiyiey i?aaei?eyoey oeaeaniia?acii i?iaiaeeoue a
?ac?aca noaoae aaeaina, aeeythueo ia iieacaoaee e?aaeeoiniiniaiinoe
i?aaei?eyoey.

?anniio?ei eiie?aoiue i?eia? – ioeaiea oeiainiaiai ninoiyiey AI
“Aeueoa”. Eioa?anothuea eiiia?/aneee aaie iieacaoaee ca iineaaeiea o?e
aiaea ?ann/eoaiu ii oi?ioeai, eceiaeaiiui a i. 2.2 e naaaeaiu a oaaeeoeu
9-11.

Ii ?acoeueoaoai i?iaaaeaiiiai oeiainiaiai aiaeeca iieo/aiu neaaeothuea
?acoeueoaou: ca iineaaeiea o?e aiaea ioia/aaony cia/eoaeueiue ?ino
iaeaieaa eeeaeaeiuo aeoeaia (?an/aoiue e aaethoiue n/aoa) e
eaaei?aaeecoaiuo o?aaiaaiee (?an/aou ca oiaa?u ioa?oaeaiiua e
aeaaeoi?neay caaeieaeaiiinoue). Iaeiaei ?ino eaaei?aaeecoaiuo o?aaiaaiee
iia?aaeae ?ino iaeaieaa eeeaeaeiuo aeoeaia, /oi ianeieueei oooaeoaao
iieacaoaee e?aaeeoiniiniaiinoe.

Ioia/aaony oaeaea ?ino e?aoein?i/iuo iaycaoaeuenoa i?aaei?eyoey,
iaoneiaeaiiuo, a iniiaiii, ?inoii e?aaeeoi?neie caaeieaeaiiinoe ca
oiaa?u e oneoae. I?e/ai ?ino e?aaeeoi?neie caaeieaeaiiinoe iia?aaeaao
?ino aeaaeoi?neie caaeieaeaiiinoe ca oiaa?u e oneoae, /oi aiai?eo i oii,
/oi i?aaei?eyoea aieaa auaiaeii oeiaine?oaony ca n/ao e?aaeeoi?ia, /ai
oeiaine?oao aeaaeoi?ia, ii nieaeaao iieacaoaee e?aaeeoiniiniaiinoe
i?aaei?eyoey. Ia?auaao ia naay aieiaiea iianiay oaiaeaioeey ?inoa
e?aaeeoi?neie caaeieaeaiiinoe ia?aae athaeaeaoii e ii aiaathaeaeaoiui
ieaoaaeai.

A oeaeii ioia/aaony iia?aaeathuee ?ino e?aoein?i/iuo iaycaoaeuenoa ii
n?aaiaieth n ?inoii eeeaeaeiuo aeoeaia, /oi e iaoneiaeei nieaeaiea
eiyooeoeeaioa eeeaeaeiinoe aei 3.77 ia 1 yiaa?y 1994 a., 1.86 ia 1
yiaa?y 1995 a. e 1.24 ia 1 yiaa?y 1996 a.

Ca iineaaeiea o?e aiaea ioia/aaony ?ino eaaei?aaeecoaiuo yeaiaioia
ii?ie?oaiuo iai?ioiuo n?aaenoa (oiaa?u, i?iecaiaenoaaiiua caianu).

A oeaeii ioia/aaony iia?aaeathuee ?ino e?aoein?i/iuo iaycaoaeuenoa ii
n?aaiaieth n ?inoii eaaei?aaeecoaiuo yeaiaioia ii?ie?oaiuo iai?ioiuo
n?aaenoa, /oi e iaoneiaeei nieaeaiea eiyooeoeeaioa iie?uoey aei 3.82 ia
1 yiaa?y 1994 a., 1.95 ia 1 yiaa?y 1995 a. e 1.71 ia 1 yiaa?y 1996 a.

Ca iineaaeiea o?e aiaea ioia/aaony onoie/eaue ?ino nianoaaiiuo n?aaenoa
e eiouanoaa i?aaei?eyoey i?e iia?aaeathuai ?inoa nianoaaiiuo n?aaenoa,
/oi iaania/eei ?ino oaeoe/aneiai iaee/ey nianoaaiiuo iai?ioiuo n?aaenoa
i?aaei?eyoey. Ioia/aaony oaeaea ?ino iauaai ?acia?a iai?ioiuo n?aaenoa a
caianao, cao?aoao, ?an/aoao e a aeaiaaeiie oi?ia, iniaaiii a iineaaeiee
aiae, /oi iaania/eei ?ino iieacaoaey iaania/aiiinoe nianoaaiiuie
n?aaenoaaie a ia?aua aeaa aiaea aei 0.77 ia 1 yiaa?y 1994 a., 0.83 ia 1
yiaa?y 1995 a. e iacia/eoaeueiue niaae a iineaaeiee aiae aei 0.53 ia 1
yiaa?y 1996 a.

Enoiaey ec auoaeceiaeaiiiai, iiaeii naeaeaoue auaiae, /oi iaiaoeeanue
oaiaeaioeey e oooaeoaieth iieacaoaeae e?aaeeoiniiniaiinoe i?aaei?eyoey,
oioy iie iiea aua inoathony ia aeiionoeiii o?iaia. I?aaei?eyoeth
neaaeoao i?eeiaeeoue oneeey e iaaeiiouaieth oooaeoaiey iieacaoaeae
e?aaeeoiniiniaiinoe. Oaeeie ia?aie aeieaeiu noaoue:

– niaa?oainoaiaaiea i?aaiecaoeee ?an/aoia n aeaaeoi?aie e e?aaeeoi?aie n
oeaeueth iaaeiiouaiey iia?aaeathuaai ?inoa e?aaeeoi?neie caaeieaeaiiinoe
iaae aeaaeoi?neie;

– nie?auaiea ?anoiaeia ia iniiaiua n?aaenoaa e oaaee/aiea ?anoiaeia ia
oi?ie?iaaiea iai?ioiuo n?aaenoa;

– nie?auaiea ?acia?a iai?ioiuo n?aaenoa a caianao e cao?aoao;

– iaiaaeeaiiia nie?auaiea e?aaeeoi?neie caaeieaeaiiinoe ia?aae
athaeaeaoii e aiaathaeaeaoiuie oiiaeaie.

Oaeei ia?acii, auiieiaiea oeacaiiuo ia?ii?eyoee iiiiaeao caaiueeo
aeinoe/ue aieaa aunieeo oeiainiauo iieacaoaeae, /oi iicaieeo aio a
aeaeueiaeoai yooaeoeaiaa iieueciaaoueny aaieianeei e?aaeeoii.

?anniio?aa iooe iiauoaiey e?aaeeoiniiniaiinoe caaiueea, iaiaoiaeeii
?anniio?aoue ?aaioo n i?iaeaiiuie e?aaeeoaie, iineieueeo iiuo ?aaiou
iieacuaaao, /oi i?ioeann e?aaeeoiaaiey ia ia?aie/eaaaony ioeaieie
e?aaeeoiniiniaiinoe caaiueea.

3.4. ?aaioa n i?iaeaiiuie e?aaeeoaie

Iniaia aieiaiea a i?ioeanna e?aaeeoiaaiey oaeaeyaony naiaa?aiaiiinoe
oieaou caaiueeii i/a?aaeiuo aciinia a iiaaoaiea nnoaeu e i?ioeaioia ii
iae. Iineieueeo ii eaaeaeie nnoaea nouanoaoao ?ene iaiiaaoaiey aeieaa
ec-ca iai?aaeaeaeaiiuo ianoiyoaeuenoa, aaie no?aieony auaeaaaoue
e?aaeeou iaeaieaa iaaeaaeiui eeeaioai. Iaeiaei ii ia aeieaeai oioneaoue
aiciiaeiinoae ?acaeaaoue naie nnoaeiua iia?aoeee e ca n/ao
i?aaeinoaaeaiey e?aaeeoia, naycaiiuo n iiauoaiiui ?eneii, iineieueeo iie
i?eiinyo aieaa aunieee aeioiae. O/eouaay ia?aoii i?iii?oeeiiaeueioth
caaeneiinoue iaaeaeo o?iaiyie ?enea e aeioiaeiinoe nnoaeiuo iia?aoeee,
aaie aeieaeai no?ieoue naith e?aaeeoioth iieeoeeo oae, /oiau
iaania/eaaeny aaeain iaaeaeo inoi?iaeiinoueth e ?eneiaaiiinoueth.
*?acia?iay inoi?iaeiinoue eeoaao aaie iiiaeo i?eaueueiuo aiciiaeiinoae,
a /?acia?iay ?eneiaaiiinoue nicaeaao oa?ico iioa?e ia oieueei aeioiaea
io i?ioeaioia, ii e nnoaeaiiuo n?aaenoa.

A oi aea a?aiy iai?eiyoea naiaa?aiaiiuo ia? e iaaeiiouaieth oeiainiauo
i?iaeai o caaiueea i?eaiaeeo ia oieueei e iaoieaoa nnoaeu e i?ioeaioia.
Oua?a a yoii neo/aa aeey aaiea cia/eoaeueii aieueoa. Ai-ia?auo,
iiae?uaaaony ?aiooaoeey aaiea, oae eae aieueoia eiee/anoai i?in?i/aiiuo
e?aaeeoia iiaeao i?eaanoe e iaaeaieth aeiaa?ey aeeaae/eeia e eiaanoi?ia
e e oa?ica iaieaoaaeaniiniaiinoe aaiea. Ai-aoi?uo, iioa?e io nnoaeiuo
iia?aoeee iiauoatho oa?ico ooiaea ec aaiea eaaeeoeoee?iaaiiuo ?aaioieeia
ec-ca nieaeaiey aiciiaeiinoae eo iaoa?eaeueiiai noeioee?iaaiey.
A-o?aoueeo, aaie auioaeaeai i?iecaiaeeoue aeiiieieoaeueiua ?anoiaeu,
naycaiiua ni acuneaieai i?iaeaiiie nnoaeu. A-/aoaa?ouo, ii?aaeaeaiiay
/anoue nnoaeiiai aaieianeiai eaieoaea caii?aaeeaaaony a iai?iaeoeoeaiuo
aeoeaao. Iacaaiiua iioa?e ii naiei ?acia?ai iiaoo iaiiiai i?aauneoue
i?yiie oauoie io iaiiaaoaiey aeieaa.

O?oaeiinoe n iiaaoaieai nnoae iiaoo aicieeaoue ii ?acee/iui i?e/eiai,
iaeaieaa ?ani?ino?aiaiiuie ec eioi?uo yaeythony: ioeaee e oiouaiey
naiiai aaiea, aeiiouaiiua i?e ?anniio?aiee e?aaeeoiie cayaee, ?ac?aaioea
oneiaee e?aaeeoiiai aeiaiai?a e iineaaeothuai eiio?iea; iayooaeoeaiay
?aaioa eeeaioa, iieo/eaoaai nnoaeo; oaeoi?u, eioi?ua ia iaoiaeyony iiae
eiio?ieai aaiea.

N?aaee i?e/ei iaiiaaoaiey nnoae, caaenyueo io naiiai aaiea, neaaeoao
ioiaoeoue: iaiainiiaaiii eeaa?aeueiia ioiioaiea e caaiueeo i?e
?anniio?aiee cayaee ia e?aaeeo; iaea/anoaaiii i?iaaaeaiiay ioeaiea
e?aaeeoiniiniaiinoe caaiueea; ieioia no?oeoo?e?iaaiea nnoaeu; ioeaee a
ioeaiea iaania/aiiinoe nnoaeu; iaiieiia io?aaeaiea a e?aaeeoiii
aeiaiai?a oneiaee, iaania/eaathueo eioa?anu aaiea; ionoonoaea eiio?iey
ca caaiueeii a ia?eiae iiaaoaiey e?aaeeoa (ianeaaeiaaiee, i?iaa?ie
iaania/aiey e ae?.).

Iniiaiua i?e/eiu aicieeiiaaiey i?iaeaiiuo nnoae (nnoae, ii eioi?ui
aicieeatho o?oaeiinoe n eo iiaaoaieai e oieaoie i?ioeaioia), caaenyuea
io eeeaioa, naycaiu ni neaaui ?oeiaiaenoaii i?aaei?eyoey, oooaeoaieai
ea/anoaa i?iaeoeoeee e ?aaiou, ioeaeaie a ioeaiea ?uieia nauoa, ni
neaainoueth eiio?iey ca ninoiyieai oeiainia, /oi i?iyaeyaony a ?inoa
aeaaeoi?neie caaeieaeaiiinoe, iai?iecaiaeeoaeueiuo ?anoiaeia e ae?.

E oaeoi?ai aicieeiiaaiey o?oaeiinoae n iiaaoaieai e?aaeeoa, eioi?ua ia
iaoiaeyony iiae eiio?ieai aaiea, ioiinyony: oooaeoaiea yeiiiie/aneie
eiiuthieoo?u, eciaiaiea iieeoe/aneie neooaoeee e caeiiiaeaoaeuenoaa e o.
ae.

Iaeeo/oae ia?ie yaeyaony ?ac?aaioea niaianoii n caaiueeii ieaia
ia?ii?eyoee aeey ainnoaiiaeaiey noaaeeueiinoe i?aaei?eyoey e ono?aiaiey
iaaeinoaoeia a aai ?aaioa. Anee yoa ia?a ia aeano iaiaoiaeeiuo
?acoeueoaoia, aaie aeieaeai iaania/eoue naie eioa?anu, iio?aaiaaa
ieaoaaea ii nnoaea, i?iaeaaee iaania/aiey, i?aaeuyaeaiey i?aoaicee e
aa?aioo e o.i. Naiay e?aeiyy ia?a – iinoaiiaea aii?ina ia iauyaeaiee
caaiueea aaie?ioii, ii yoi iaeiaiaa aeaeaoaeueiue iooue eae aeey aaiea,
oae e aeey eeeaioa.

A ?aaioa ii acuneaieth i?iaeaiiuo nnoae aaie aeieaeai aeaenoaiaaoue
auno?i, aac i?iiaaeeaiey, oae eae anee caaiuee caaea?aeeo ?an/aou ii
naiei iaycaoaeuenoaai ia?aae ae?oaeie i?aaiecaoeeyie e i?aaei?eyoeyie
(iinoaaueee, iaeiaiaay neoaeaa, no?aoiaay i?aaiecaoeey) ?aiueoa, /ai
aicieeiao o?aaiaaiea aaiea, iineaaeiaio i?eeaeaony i?aauaaoue a aeeeiiie
i/a?aaee e?aaeeoi?ia, o?aaothueo aiciauaiey aeieaa.

A caaeneiinoe io oi?iu iaania/aiey e?aaeeoa aaie i?eiaiyao ?aciua
niiniau i?eioaeeoaeueiiai acuneaiey aeieaa e i?ioeaioia ii iaio a neo/aa
ionoonoaey o caaiueea a aeeaeaeoaa a?aiy ?aaeueiua ia?niaeoea
?ann/eoaoueny n iei.

Anee nnoaea auaeaia iiae caeia eiouanoaa, aaie iieo/aao oaeiaeaoai?aiea
naieo o?aaiaaiee e caaiueeo ec noieiinoe caeiaeaiiiai eiouanoaa a
ii?yaeea, ii?aaeaeaiiii a aeiaiai?a caeiaa. Iau/ii yoi inouanoaeyaony
iooai ca/eneaiey au?o/ee io ?aaeecaoeee i?iaeoeoeee ia nnoaeiue n/ao
caaiueea, ieioy aai ?an/aoiue n/ao, aei iieiiai iiaaoaiey nnoaeiie
caaeieaeaiiinoe. Iaeiaei iauay noiia i?yiuo ca/eneaiee ia nnoaeiue n/ao
au?o/ee io ?aaeecaoeee i?iaeoeoeee ia aeieaeia i?aauoaoue noiiu,
oeacaiiie a aeiaiai?a caeiaa.

I?e auaea/a nnoaeu iiae aa?aioeth (ii?o/eoaeuenoai) aaie i?aaeuyaeyao ei
acuneaieth noiio aeieaa naiei ?anii?yaeaieai (o?aaiaaieai) a aannii?iii
ii?yaeea ni n/aoa aa?aioa.

A neo/aa, anee iaania/aieai nnoaeu yaeyaony no?aoiaia naeaeaoaeuenoai
(iieen), aaie iieo/aao no?aoiaia aiciauaiea io i?aaiia no?aoiaaiey
(ainoaea?noaaiiuo eee aeoeeiia?iuo) a i?aaeaeao n?ieia, ii?aaeaeaiiuo
i?aaeeaie no?aoiaaiey.

Anee iaania/aieai nnoaeu neoaeeo ia?aonooiea o?aaiaaiee, aaie
i?aaeuyaeyao e iieaoa o?aaiaaiey e n/aoa caaiueea o?aoueaio eeoeo e
iinooiathuea n?aaenoaa iai?aaeyao ia iiaaoaiea e?aaeeoa.

Eae oaea auei ioia/aii, eaaeaeue aaie ?ac?aaaouaaao e inouanoaeyao naith
e?aaeeoioth iieeoeeo, eioi?ay neeaaeuaaaony iiae aicaeaenoaeai oaeoueo e
ia?niaeoeaiuo caaea/ aaiea, a oaeaea yeiiiie/aneie eiiuthieoo?u. A
i?ioeanna i?iaaaeaiey e?aaeeoiuo iia?aoeee aaie i?eaea?aeeaaaony
au?aaioaiiie iieeoeee e iiyoiio ia?eiaee/anee aiaeece?oao ninoaa e
no?oeoo?o auaeaiiuo nnoae eee e?aaeeoiue ii?ooaeue. Io no?oeoo?u e
ea/anoaa e?aaeeoiiai ii?ooaey aaiea a cia/eoaeueiie noaiaie caaenyo aai
onoie/eainoue, ?aiooaoeey e oeiainiaue oniao. Iiyoiio aaieo iaiaoiaeeii
ouaoaeueii aiaeece?iaaoue ea/anoai nnoae, i?iaiaeeoue iacaaeneiua
yenia?oecu e?oiiuo e?aaeeoiua i?iaeoia e ia?ii?eyoee, auyaeyoue neo/ae
ioeeiiaiey io iai?aaeaiey e?aaeeoiie iieeoeee. Aaieianeea ?aaioieee,
caieiathueany nnoaeiuie iia?aoeeyie, iaycaiu iai?aaeyoue naie oneeey ia
auyaeaiea a ninoaaa e?aaeeoiiai ii?ooaey e?oiiuo e iniai e?oiiuo
e?aaeeoia, a oaeaea i?iaeaiiuo nnoae, o?aaothueo iiauoaiiiai aieiaiey.

Eiio?ieue ca e?oiiuie, iniai e?oiiuie e i?iaeaiiuie nnoaeaie iiaeao
ninoiyoue a iiaoi?iii aiaeeca aooaaeoa?neeo aaeainia e oeiainiauo
io/aoia, iinauaiee nnoaeiiieo/aoaey, i?iaa?ea aeieoiaioaoeee, ea/anoaa
iaania/aiey e o. ae. I?e eiio?ieueiie i?iaa?ea aiiaue ?anniao?eaaaony
aii?in i niioaaonoaee aeaiiie nnoaeu oeaeyi e onoaiiaeai e?aaeeoiie
iieeoeee aaiea, ioeaieaathony e?aaeeoiniiniaiinoue e oeiainiaia
ninoiyiea caaiueea.

Oaeei ia?acii, ?aaioa a aeaiiii iai?aaeaiee iicaieyao naiaa?aiaiii
auyaeyoue i?iaeaiiua nnoaeu, /oi niinianoaoao nieaeaieth e?aaeeoiiai
?enea.

Caeeth/aiea

A ?acoeueoaoa i?iaaaeaiiiai aiaeeca iiaeii naeaeaoue neaaeothuea
auaiaeu:

Ia ia?aiia/aeueiii yoaia noaiiaeaiey aaieianeie nenoaiu aeey aiaeeca
e?aaeeoiniiniaiinoe caaiueeia eniieueciaaeny aanueia ia?aie/aiiue iaai?
eino?oiaioia, /oi auei naycaii n ionoonoaeai iiuoa oaeie ?aaiou,
iaaeinoaoi/iuie au/eneeoaeueiuie iiuiinoyie eiaaoeieny a ?anii?yaeaiee
aaieia, iaaeinoaoeii iaiaoiaeeiie eioi?iaoeee i caaiueea. Ia nia?aiaiiii
yoaia nouanoaotho aiciiaeiinoe aeey ?aoaiey oaeiai ?iaea i?iaeai, /oi
niinianoaoao oniaoiie ?aaeecaoeee e?aaeeoiie iieeoeee eiiia?/aneiai
aaiea.

Aeey ?aoaiey eeth/aaie caaea/e e?aaeeoiie iieeoeee – oeo/oaiey ioeaiee
e?aaeeoiniiniaiinoe caaiueea iaiaoiaeeii:

1. Eniieueciaaoue ?anoe?aiiue iaai? oeiainiauo eiyooeoeeaioia,
iineieueeo i?eiaiaiea ia?aie/aiiiai eo eiee/anoaa nieaeaao ea/anoai
i?iaiaeeiiai aiaeeca;

2. Aiaeece?iaaoue aeeiaieeo eciaiaiey oeiainiaiai iieiaeaiey caaiueea ia
i?ioyaeaiee ianeieueeeo io/aoiuo ia?eiaeia, a ia ii iineaaeiaio aaeaino;

3. Eniieueciaaoue aeey aiaeeca e?aaeeoiniiniaiinoe, a aeiiieiaiea e
aiaeeco ia iniiaa oeiainiauo eiyooeoeeaioia, aiaeec aeaiaaeiiai iioiea
eeeaioa;

4. E?iia o?aaeeoeeiiiiai aiaeeca oeiainiaiai iieiaeaiey
i?aaei?eyoey-caaiueea iaiaoiaeeii aiaeece?iaaoue ii?aeueiua ea/anoaa
eeeaioa e aai niiniaiinoue ca?aaioaoue aeaiueae aeey iiaaoaiey e?aaeeoa,
iineieueeo io yoiai, eae iieacuaaao iiuo, a cia/eoaeueiie noaiaie
caaeneo naiaa?aiaiiinoue e iieiioa aica?auaiey caaiiuo n?aaenoa;

5. Iaiaoiaeeii ouaoaeueii eco/aoue e?aaeeoioth enoi?eth eeeaioa, aeey
auyniaiey i?aaeuaeouaai iiuoa aai iauaiey n ae?oaeie aaieaie e
oeiainiauie o/?aaeaeaieyie;

6. Aeey iaiauaiey e nenoaiaoecaoeee naaaeaiee i caaiueea, a oaeaea aieaa
iaaeyaeiiai eo i?aaenoaaeaiey, i?aaeeaaaaony ioi?ieyoue ?acoeueoaou
eco/aiey aai e?aaeeoiniiniaiinoe a aeaea e?aaeeoiie ioeaiee, aeeth/ay a
yoio aeieoiaio ana naaaeaiey iaiaoiaeeiua e?aaeeoiiio eiieoaoo aeey
i?eiyoey ?aoaiey i auaea/a e?aaeeoa.

N oeaeueth iaeaieaa iieiiai nai?a eioi?iaoeee i caaiueea e aai
?aiooaoeee aaie eniieuecoao eco/aiea aai oeiainiauo io/aoia e
aeieoiaioia, auacaeu nio?oaeieeia ia ianoa aeey ee/iiai eioa?aueth n
eeeaioii, cai?inu a aaiee, i?aaei?eyoey, no?aoiaua eiiiaiee e ae?oaea
o/?aaeaeaiey ia iiuoa eo iauaiey n aeaiiui eeeaioii, eniieueciaaiea
aiciiaeiinoae iaaeaaieianeeo no?oeoo? (eae i?eia? iiaeii i?eaanoe
iaaeaaieianeoth neoaeao aaciianiinoe, eioi?ay caieiaaony nai?ii,
ia?aaioeie e i?aaeinoaaeaieai eioi?iaoeee i caaiueeao).

Eco/aiea e?aaeeoiniiniaiinoe eeeaioa yaeyaony iaeiei ec iaeaieaa aaaeiuo
iaoiaeia nieaeaiey e?aaeeoiiai ?enea e oniaoiie ?aaeecaoeee e?aaeeoiie
iieeoeee, iineieueeo iicaieyao ecaaaeaoue iaiainiiaaiiiai ?enea aua ia
yoaia ?anniio?aiey cayaee ia i?aaeinoaaeaiea e?aaeeoa. Ae?oaeie
iaoiaeaie nieaeaiey e?aaeeoiiai ?enea yaeythony: aeeaa?neoeeaoeey
e?aaeeoiiai ii?ooaey, ia?aie/aiea ?acia?a e?aaeeoa auaeaaaaiiai iaeiiio
caaiueeo, no?aoiaaiea e?aaeeoa, i?eaea/aiea aeinoaoi/iiai iaania/aiey.

Ia?aua aeaa iaoiaea iicaieytho ia?aie/eoue iioa?e aaiea io iaaica?aoa
caaiiuo n?aaenoa eeeaioii. No?aoiaaiea e i?eaea/aiea aeinoaoi/iiai
iaania/aiey iicaieytho aa?iooue nnoaeaiiua n?aaenoaa e eiiiaine?iaaoue
oauoee aaiea ii i?ioeaioai ca e?aaeeo iooai no?aoiaiai aiciauaiey io
no?aoiaie eiiiaiee eee ?aaeecaoeee iaania/aiey. Iaeiaei a oneiaeyo
caiooaiiie e oneiaeiaiiie i?ioeaaeo?u ?aaeecaoeee iaania/aiey aieaa
i?aaeii/oeoaeueiui auaeyaeeo no?aoiaaiea e?aaeeoia a iaaeaaeiie
no?aoiaie eiiiaiee, iineieueeo a yoie neooaoeee i?iaeaiaie caeiaa, aai
iaee/ey, nio?aiiinoe, ?aaeecaoeee a neo/aa iaiiaaoaiey e?aaeeoa
caieiaaony no?aoiaay eiiiaiey, a ia aaie, /oi, a naith i/a?aaeue,
yeiiiieo n?aaenoaa aaiea e ?aai/aa a?aiy nio?oaeieeia e?aaeeoiuo
iiae?acaeaeaiee e neoaea aaciianiinoe.

I?aaeeaaaaiua ?aeiiaiaeaoeee iiaoo auoue eniieueciaaiu niaoeeaeenoaie
e?aaeeoiuo ioaeaeia e neoaea aaciianiinoe a ?aaioa ii iiaeaioiaea
iaoa?eaeia aeey i?eiyoey ?aoaiey i auaea/a e?aaeeoa, iiiiaoo
naiaa?aiaiii auyaeoue i?iaeaiiua e?aaeeou, iaaeiioneoue oauoee.

Eeoa?aoo?a

1. Caeii Oe?aeiu “I aaieao e aaieianeie aeayoaeueiinoe“ ? 878-12 io 20
ia?oa 1991 a. // Aaaeiiinoe Aa?oiaiiai Niaaoa Oe?aeiu, 1991, ? 25.

2. Caeii Oe?aeiu “I caeiaa“ ? 2654-XII io 2 ieoya?y 1992 a. //
Aaaeiiinoe Aa?oiaiiai Niaaoa Oe?aeiu 1992, ? 48.

3. Caeii Oe?aeiu “I oeaiiuo aoiaaao e oiiaeiaie ae?aea“ ? 636-12 io 27
ai?aey 1991 a. // Aaaeiiinoe Aa?oiaiiai Niaaoa Oe?aeiu, 1991, ? 26.

4. Caeii Oe?aeiu “Ia eioi?iaoeee“ ? 2657 io 2 ieoya?y 1992 a. //
Aaaeiiinoe Aa?oiaiiai Niaaoa Oe?aeiu 1992, ? 48.

5. Caeii Oe?aeiu “I nianoaaiiinoe“ ? 697-12 io 7 oaa?aey 1991 a. //
Aaaeiiinoe Aa?oiaiiai Niaaoa Oe?aeiu 1991, ? 16.

6. Caeii Oe?aeiu “I i?aaei?eyoeyo a Oe?aeia“ ? 888-12 io 27 ia?oa 1991
a. // Aaaeiiinoe Aa?oiaiiai Niaaoa Oe?aeiu 1991, ? 24.

7. Caeii Oe?aeiu “Ia ia?aie/aiee iiiiiieecia e iaaeiiouaiey
iaaeia?iniaanoiie eiieo?aioeee a i?aaei?eieiaoaeueneie aeayoaeueiinoe“ ?
2132-XII io 18 oaa?aey 1992 a. // Aaaeiiinoe Aa?oiaiiai Niaaoa Oe?aeiu
1992, ? 15.

8. Iieiaeaiea Iaoeeiiaeueiiai aaiea Oe?aeiu “I e?aaeeoiaaiee“,
ooaa?aeaeaii iinoaiiaeaieai I?aaeaiey IAO ? 246 io 28 naioya?y 1995 a.

9. ?aeiiaiaeaoeee ii iiaiaeo ioeaiee eiiia?/aneeie aaieaie
e?aaeeoiniiniaiinoe e oeiainiaie noaaeeueiinoe caaiueea. Iaoeeiiaeueiue
aaie Oe?aeiu. ? 23011/79 io 02.06.94 a.

10. Aanaeianeee A. “Niaa?oainoaiaaiea iaaeci?a ca aeayoaeueiinoueth
eiiia?/aneeo aaieia”: Aanoiee IAO, oaa?aeue 1997 a.

11. Noaiaiaiei A. “Nenoaiiay ia?ano?ieea aaieianeeo o/?aaeaeaiee e
?aaioa n i?iaeaiiuie aaieaie”: Aaieianeia aeaei, yiaa?ue 1997 a.

12. Aaieianeia aeaei. Iiae ?aaeaeoeeae Eaa?ooeia I.E. – I.: Aaieianeee e
ae?aeaaie iao/ii-eiinoeueoaoeeiiiue oeaio?, 1992 a.

13. Aaieianeia aeaei e oeiaine?iaaiea eiaanoeoeee. Oii 1: Oai?ey e
eiioeaioeee. *anoue 1. Iiae ?aae. I. A?oea. Einoeooo Yeiiiie/aneiai
?acaeoey Anaie?iiai aaiea, 1995 a.

14. Aaieianeia aeaei e oeiaine?iaaiea eiaanoeoeee. Oii 2: Iieeoeea e
no?aoaaey. *anoue 1. Iiae ?aae. I. A?oea. Einoeooo Yeiiiie/aneiai
?acaeoey Anaie?iiai aaiea, 1995 a.

15. Ai? I.3., Iyoaiei A.A. No?aoaae/aneia oi?aaeaiea aaieianeie
aeayoaeueiinoueth. – I.: “I?ei?”, 1995 a.

16. Aai Oi?i Aeae. E. Iniiau oi?aaeaiey oeiainaie. – I.: Oeiainu e
noaoenoeea, 1996 a.

17. Aeinaio Aeae. Eaa. Iiniaey Y?ino yiae ssia. “Eae aiaeece?iaaoue
oeiainiaoth io/aoiinoue.” / ia?. n aiae. n aeiiieiaieyie. – I.: “Aeaeii
Oaeee yiae Naic”, 1996 a.

18. Aeieai Yaeaei Aeae. Aeaiueae, aaieianeia aeaei e
aeaiaaeii-e?aaeeoiay iieeoeea. – Naieo-Iaoa?ao?a: “Naieo-Iaoa?ao?a
i?eano?”, 1994 a.

19. E?ueiaa O.A. Auai? ia?oia?a: aiaeec io/aoiinoe eaieoaeenoe/aneiai
i?aaei?eyoey. – I.: Oeiainu e noaoenoeea, 1991 a.

20. Ia?ea?ueyi Y.A., Aa?aneiaiei A.I. Oeiainiaue aiaeec. – I.: “I?ei?”,
1996 a.

21. Ianeai/aieia TH.N. Oeiainiaue iaiaaeaeiaio a eiiia?/aneii aaiea.
Eieaa 2: Oaoiieiae/aneee oeeaae e?aaeeoiaaiey. 1996 a.

22. Iiiiia?aa A.A. Aiaeec aaeainia eaieoaeenoe/aneeo i?aaei?eyoee. –
IOE, 1982 a.

23. Iiiiae/ A.I., Noaiaiaiei A.E. Oi?aaeaiea e?aaeeoiuie ?eneaie
caaiueea, e?aaeeoi?a, no?aoiaueea. O/aaii-i?aeoe/aneia iiniaea ii eo?no
“Yeiiiie/aneay aaciianiinoue i?aaei?eieiaoaeuenoaa”.
Iao/ii-ecaeaoaeueneee oeaio? “I?aaiaua enoi/ieee”. 1996 a.

24. Neiee Aeaeicao O. ie. Oi?aaeaiea oeiainaie a eiiia?/aneeo aaieao.
Ia?aaiae n aiaeeeneiai /aoaa?oiai ecaeaiey. Ecae. Catallaxy, I.: 1994 a.

25. Onineei A.I. Nia?aiaiiue eiiia?/aneee aaie: Oi?aaeaiea e iia?aoeee.
– I.: EIOe “Aaca?-Oa??i”, 1994.

I?eeiaeaiea

I?eeiaeaiea 1

I?eia?iue ia?a/aiue aii?inia, caaeaaaaiuo eeeaiooe?aaeeoiui einiaeoi?ii
a oiaea ee/iie aanaaeu

1. Naaaeaiey i eeeaioa e aai eiiiaiee.

2. Aii?inu ii iiaiaeo i?inueau i e?aaeeoa:

– eaeoth noiio oe?ia iaia?aia iieo/eoue o aaiea;

– eaeei ia?acii ?ann/eoaia yoa noiia;

– aeinoaoi/ii ee aeeo?aoii ninoaaeai i?iaiic oeiainiauo iio?aaiinoae;

– o/eouaatho ee oneiaey, ia eioi?uo eeeaio oi/ao iieo/eoue caai, n?ie
neoaeau aeoeaia, oeiaine?oaiuo i?e iiiiue caeia;

– o/eouaatho ee oneiaey caeia niiniaiinoue eeeaioa iiaaneoue e?aaeeo a
n?ie.

3. Aii?inu naycaiiua n iiaaoaieai e?aaeeoa;

– eae eeeaio i?aaeiieaaaao iiaaoaoue e?aaeeo;

– eaeie iauai iaee/iinoe eiiiaiey iieo/aao a oiaea iia?aoeeiiiiai
oeeeea;

– eiaaony ee o eeeaioa niaoeeaeueiue enoi/iee iiaaoaiey e?aaeeoa;

– anoue ee oe?iu eee /anoiua eeoea, aioiaua aeaoue aa?aioeth e eaeiai eo
oeiainiaia iieiaeaiea.

4. Aii?inu ii iiaiaeo iaania/aiey caeia:

– eaeia iaania/aiea aoaeao ia?aaeaii a caeia;

– eoi aeaaeaeaoe iaania/aiey;

– aaea iaoiaeeony iaania/aiea;

– iaoiaeeony ee iii iiae eiio?ieai eeeaioa (iiaeao ee iii auoue i?iaeaii
i?e iaiaoiaeeiinoe);

– o?aaoaony ee /uea-eeai iniaia ?ac?aoaiea, /oiau i?iaeaoue iaania/aiea;

– eae e eai auea i?iecaaaeaia ioeaiea eiouanoaa ia?aaeaaaaiiai a caeia;

– iiaeaa?aeaii ee iaania/aiea ii?/a;

– eaeiau ecaea?aeee ii o?aiaieth iaania/aiey.

5. Aii?inu i eiioaeoao eeeaioa n ae?oaeie aaieaie:

– n eaeeie aaieaie eeeaio eiioaeoe?oao a ianoiyuaa a?aiy;

– ia?auaeny ee ii a ae?oaea aaiee ca nnoaeie;

– ii/aio eeeaio i?eoae eiaiii a yoio aaie;

– eiathony ee iaiiaaoaiiua caeiu e eaeia eo oa?aeoa?.

I?eeiaeaiea 2

Aiaeeoe/aneea oaaeeoeu

Oaaeeoea 1

Iniiaiua iieacaoaee aeayoaeueiinoe Oe?yeneiaaiea

(iei. a?i.)

Iieacaoaeeia01/01/97ia01/01/97123AeoeauAeaiaaeiua n?-aa e aeaiaaeiua
yeaeaaeaiou275,640166,838Inoaoee n?aaenoa a
IAO31,66916,596Caaeieaeaiiinoue ae?oaeo aaieia195,294339,913E?aaeeou e
aaainu eeeaioai75,78269,615Iaoa?eaeueiua iniiaiua
n?aaenoaa6,8357,051Eiaanoeoeee214Ae?oaea aeoeau6,33595,406Anaai
aeoeau591,555659,663Ianneau e nianoaaiiue eaieoaeN/aoa “ei?i” ae?oaeo
aaieia3,27011,616Aeaiaaeiua iaycaoaeuenoaa ia?aae
IAO60,855205,710Iaycaoaeuenoaa ia?aae ae?oaeie aaieaie1,0005,133N/aoa
eeeaioia470,234400,579Ae?oaea ianneau33,79243,916Anaai
ianneaia569,151666,954Ia?ani?aaeaeaiiay i?eaueue10,93917,433Onoaaiie
oiiae e niaoeeaeueiue ?aca?a33,34346,112Anaai nianoaaiiue
eaieoae22,40428,679I?iaeieaeaiea oaaeeoeu 1

123Anaai ianneau e nianoaaiiue eaieoae591,555695,633Aiaaaeainiaua
noaoueeIioaioeeaeueiua iaycaoaeuenoaa:- aee?aaeeoeau39,767269,345-
aa?aioee98543,22240,752312,567Oaaeeoea 2

Noaiaiue eeeaeaeiinoe aeoeaiaaeey ?acee/iuo io?aneae ia?iaeiiai
oicyenoaa

Io?aneeEeeaeaeiua n?aaenoaaeeannno?oeoo?a123I?iiuoeaiiinoueIN?aaenoaa ia
?an/aoiii, aeaiiceoiii e ae?oaeo n/aoao a aaiea: N?aaenoaa a eanna;
aeoeee, ii eioi?ui auea auieaoa aeeaeaeaiaeia oioy au ca iaeei
aiaeAaenaey ia?aieeanniuo aaenaeaaeaoaeaeIIOiaa?u ioa?oaeaiiua, n?ie
iieaou eioi?uo ia ianooiee?an/aou n aeaaeoi?aie?an/aou n ?aai/eie e
neoaeaueie naiae Nenoaiu e?aoein?i/iiai oa?aeoa?aI?iaeieaeaiea oaaeeoeu
2

123?an/aou n i?aaei?eyoeyie naiae nenoaiu e?aoein?i/iiai
oa?aeoa?aIIIAioiaay i?iaeoeoeey, iieuecothuayny oe?ieei ni?inii ia ?uiea
eee i?aaenoaaeythuay niaie oiaa?u ia?iaeiiai
iio?aaeaieyOi?aiaeyIN?aaenoaa ia ?an/aoiii, aeaiiceoiii e ae?oaeo n/aoao
a aaieaN?aaenoaa a eannaAeoeee, ii eioi?ui auea auieaoa aeeaeaeaiaeia
oioy au ca iaeei aiaeAaenaey ia?aieeanniuo aaenaeaaeaoaeaeIIOiaa?u
ioa?oaeaiiua, n?ie iieaou eioi?uo ia ianooieeI?i/ea aeaaeoi?uI?aauoaiea
aeoeaa iaae ianneaii ii acaeiiui ?an/aoai n i?aaei?eyoeyie naiae nenoaiu
e?aoein?i/iiai oa?aeoa?a.IIIOiaa?iua
caianuOa?aNiaaaeai/anei-nauoiauai?aaiecaoeeeIN?aaenoaa ia ?an/aoiii,
aeaiiceoiii e ae?oaeo n/aoao a aaieaN?aaenoaa a eannaAeoeee, ii eioi?ui
auea auieaoa aeeaeaeaiaeia oioy au ca iaeei aiaeI?iaeieaeaiea oaaeeoeu 2

123Aaenaey ia?aieeanniuo aaenaeaaeaoaeaeIIOiaa?u ioa?oaeaiiua, n?ie
iieaou eioi?uo ia ianooieeAeaaeoi?u?an/aou n i?aaei?eyoeyie naiae
nenoaiu e?aoein?i/iiai oa?aeoa?aIIIOiaa?iua caianuOa?aOiaa?u,
ioa?oaeaiiua o?aiceoii, ii eioi?ui ?an/aoiua aeieoiaiou ia naeaiu a aaie
ia eieanniI?aaeiaou i?ieaoaNaeuenei-oicyenoaaiiua i?aaei?eyoeyIN?aaenoaa
ia ?an/aoiii, aeaiiceoiii, aaethoiii e ae?oaeo n/aoao a aaieaN?aaenoaa a
eanna;Aeoeee, ii eioi?ui auea auieaoa aeeaeaeaiaeia oioy au ca iaeei
aiaeAaenaey ia?aieeanniuo aaenaeaaeaoaeaeII?an/aou n caaioiaeoaeueiuie
i?aaiecaoeeyieOiaa?u ioa?oaeaiiua, n?ie iieaou eioi?uo ia
ianooieeAeaaeoi?uIIIAioiaay i?iaeoeoeey ca ieionii iaoo?aeueiuo
auieaoI?iaeieaeaiea oaaeeoeu 2

123Oiaa?uIiae?yaeiua no?ieoaeueiua i?aaiecaoeeeIN?aaenoaa ia ?an/aoiii,
aeaiiceoiii e ae?oaeo n/aoao a aaieaN?aaenoaa a eanna; aeoeee, ii
eioi?ui auea auieaoa aeeaeaeaiaeia oioy au ca iaeei aiaeAaenaey
ia?aieeanniuo aaenaeaaeaoaeae.II95% inoaoea oiaa?ia
ioa?oaeaiiuoAeaaeoi?neay caaeieaeaiiinoue, i/euaiiay io aaciaaeaaeiuo
aeieaiaOaaeeoea 3

Aeaiiua aeey ?an/aoa eiyooeoeeaioa eeeaeaeiinoe (oun. a?i.)

?Iieacaoaeeia/aei 93 aiaeaeiiaoe 93 aiaeaeiiaoe 94 aiaeaeiiaoe
95 aiaea123456Aeaiaaeiua n?aaenoaa1Eanna00002?an/aoiue n/ao5453996 20614
7683I?i/ea n/aoa a aaieao e i?i/ea aeaiaaeiua n?aaenoaa, a oii
/enea:-aaethoiue n/ao1 27519 989107 4521 165 556-i?i/ea aeaiaaeiua
n?aaenoaa0011-i?i/ea n/aoa a aaieaoI?iaeieaeaiea oaaeeoeu 3

123456-oeaiiua aoiaae e ae?oaea e?aoein?i/iua oeiainiaua
aeiaeaiey479000-ae?oaea iai?ioiua aeoeau25 817077 9720EOIAI:28 11620
388191 6311 180 325Eaaei?aaeecoaiua o?aaiaaieyia/aei 93 aiaeaeiiaoe
93 aiaeaeiiaoe 94 aiaeaeiiaoe 95 aiaea1Oiaa?u ioa?oaeaiiua
auiieiaiiua ?aaiou e oneoae, n?ie iieaou eioi?uo ia ianooiee57 261143
9122 210 7022?an/aou n aeaaeoi?aie, a oii /enea:-ca oiaa?u e oneoae
n?ie iieaou eioi?uo ia ianooiee64 171758 822486 0991 506 952-ii
aaainaiauaeaiiui5 367146 3931 498 0902 978 942-n i?i/eieaeaaeoi?aie8
427309 8521 548 7141 447 694-aaenaey iieo/aiiua0000EOIAI:77 9651 272
3283 676 8158 144 290I?iaeieaeaiea oaaeeoeu 3

123456Iaycaoaeuenoaaia/aei 93 aiaeaeiiaoe 93 aiaeaeiiaoe 94
aiaeaeiiaoe 95 aiaea1Caaeieaeaiiinoue ii ca?ieaoa e io/eneaiey ia
nioeno?ao0573833 6472E?aoein?i/iua aaieianeea e?aaeeou01
242003E?aoein?i/iua caaiiua n?aaenoaa00004?an/aou n athaeaeaoii06278
75582 6195?an/aou n e?aaeeoi?aie0000-ca oiaa?u e oneoae n?ie iieaou
eioi?uo ia ianooiee424229 403742 7386 363 956-ii aaainai iieo/aiiui5
138111 247219 953874 594-ii aiaathaeaeaoiui ieaoaaeai008 9571 303-n
ae?oaeie e?aaeeoi?aie01601 097 993187 394EOIAI:5 562342 7362 078 7797
513 5131992199319941995Eiyooeoeeaio
eeeaeaeiinoe19.073.771.861.24Oaaeeoea 4

Aeaiiua aeey ?an/aoaeiyooeoeeaioa iie?uoey aaeaina (oun. a?i.)

Iieacaoaee1992199319941995Eaaei?aaeecoaiua yeaiaiouii?ie?oaiuo iai?ioiuo
n?aaenoa1I?iecaiaenoaaiiua caianu 2926444 4222?AI002 67243 2773Oiaa?u5
77617 499178 3883 509 965EOIAI:5 77817 591181 7043 557
664Eiyooeoeeaioiie?uoey aaeaina20.113.821.951.71Oaaeeoea 5

Aeaiiua aeey ?an/aoa eiyooeoeeaioa iaania/aiiinoenianoaaiiuie
n?aaenoaaie (oun. a?i.)

Iieacaoaee199219931994199512345A?oiia 1Onoaaiie oiiae10 08518 732245
0551 120 010?an/aouca eiouanoai0000I?eaueue059 039521 8181 845
881Niaoeeaeueiua oiiaeu3 455948 2453 115 0205 752 897Eoiai 13 5401 026
0163 881 8938 718 788A?oiia 2Iniiaiua n?aaenoaa (ii inoaoi/iie
noieiinoe)221 1325 05512 168I?iaeieaeaiea oaaeeoeu 5

12345Iaiaoa?eaeueiua aeoeau (ii inoaoi/iie noieiinoe)378958Aeieain?i/iua
oeiainiaua aeiaeaiey07861 20930 930Eniieueciaaieai?eauee59 039521 8181
845 881Oauoee000Eoiai 2560 964528 0901 889 937Oaeoe/aneia iaee/ea
nianoaaiiuo iai?ioiuo n?aaenoa = (a?.1 – a?.2)13 515965 0523 353 8036
828 8511992199319941995Aeaiaaeiua n?aaenoaa28 11620 388191 6311 180
325Eaaei?aaeecoaiua o?aaiaaiey77 9651 272 3283 676 8158 144
290Eaaei?aaeecoaiua yeaiaiou ii?ie?oaiuo iai?ioiuo n?aaenoa5 77817
591181 7043 557 664Iauee ?acia? iai?ioiuo n?aaenoa a caianao, cao?aoao,
?an/aoao e a aeaiaaeiie oi?ia111 8591 310 3074 050 15012 882
279I?iaeieaeaiea oaaeeoeu 5

123451992199319941995Iieacaoaeue iaania/aiiinoe nianoaaiiuie
n?aaenoaaie0.120.740.830.53Oaaeeoea 6

Enoiaeiua aeaiiua ( oi?ia ? 1 )aeey ?an/aoa aeaiaaeiiai iioiea (oun.
a?i.)

IANNEA

Eiae no?ieeia1/04/96(t0)ia1/07/96(t1)ia1/10/96(t2)ia1/01/97(t3)III.
?an/aou e ae?oaea ianneauAnaaiii ?acaeaeo III

750

3964.03

4643.8

6095

5790Oaaeeoea 7

Enoiaeiua aeaiiua ( oi?ia ? 2 )aeey ?an/aoa aeaiaaeiiai iioiea (oun.
a?i.)

Iaeiaiiaaiea iieacaoaeyEiae no?ieeca 1 ea. 1997 a. (t0)ca 2 ea. 1997
a. (t1)ca 2 ea. 1997 a. (t2)ca1997 a. (t3)123456Au?o/ea (aaeiaie
aeioiae) io ?aaeecaoeee i?iaeoeoeee

010

11251.2

11577.25

12197.55

17338.3IAeN0151222.941405.11431.961805.6I?iaeieaeaiea oaaeeoeu 7

123456Aeoeeciue nai?0202321.22120.121042.681238.9O?ainii?oiua
?anoiaeu025228.45178.22142.33383.5Oaaeeoea 8

Oeiainiaua eiyooeoeeaiou, eniieuecoaiuaaeey aiaeeca e?aaeeoiniiniaiinoe
caaiueea,eniieuecoaiua eiiia?/aneeie aaieaie O?aioeee

IieacaoaeueOi?ioeaIaoiae ii?aaeaeaiey123Au?o/ea io ?aaeecaoeee
(A)Aaeiaie eiiia?/aneee aeioiae (AAe)

AAe = A – Noioe e ae

Au?o/ea i ?aaeecaoeee ieion noieiinoue i?eia?aoaiiuo
oiaa?ii-iaoa?eaeueiuo oeaiiinoae e aioiauo ecaeaeeeAeiaaaeaiiay
noieiinoue (AeN)

AeN = AAe – ?yAAe ieion yenieoaoaoeeiiiua ?anoiaeu (aaeieieno?aoeaiua,
ia noaiiae?yae/eeia)Aaeiaie yenieoaoaoeeii-iue aeioiae (AYAe)

ACAe = AeN – ?ci – Ici – ?ioiAeN ieion ?anoiaeu ia ca?ieaoo, ieion
iaeiae ia ca?ieaoo, ieion iieaoa ioioneiaI?iaeieaeaiea oaaeeoeu 8

123Aaeiaie yenieoaoaoeeii-iue ?acoeueoao (AY?)

AY? = ACAe – E?% + Aeaeae – Io/?eneAYAe ieion oieaoa i?ioeaioia ca
e?aaeeo iethn aeioiae io aeiaeaiey n?aaenoa a ae?oaea i?aaei?eyoey e
ieion io/eneaiey a oiiae ?eneaI?eaueue, eioi?ay iiaeao auoue
eniieueciaaia aeey naiioeiai-ne?iaaiey (NO)

NO = AY? – I?aa – Ii?

AY? ieion i?eaueue, ?ani?aaeaeyaiay iaaeaeo ?aaioieeaie i?aaei?eyoey, e
ieion iaeiae ia i?eaueue*enoay i?eaueue (I)

I = NO + Aeneo/ – ?neo/ – AiaaeaNO iethn eee ieion neo/aeiua aeioiaeu
(?anoiaeu) ieion aii?oecaoeey iaaeaeaeeiinoeOaaeeoea 9

Aeeiaieea oeiainiauo eiyooeoeeaioiaAI “Aeueoa” a 1993-1994 a.a.

?Iieacaoaeue01/01/9301/01/941.Eiyooeoeeaio
eeeaeaeiinoe19.073.77-15.302.Eiyooeoeeaio iie?uoey
aaeaina20.113.82-16.293.Iieacaoaeue iaania/aiiinoe
NN0.120.74+0.62Oaaeeoea 10

Aeeiaieea oeiainiauo eiyooeoeeaioiaAI “Aeueoa” a 1994-1995 a.a.

?Iieacaoaeue01/01/9401/01/951.Eiyooeoeeaio
eeeaeaeiinoe3.771.86-1.912.Eiyooeoeeaio iie?uoey
aaeaina3.821.95-1.873.Iieacaoaeue iaania/aiiinoe NN0.740.83+0.09Oaaeeoea
11

Aeeiaieea oeiainiauo eiyooeoeeaioiaAI “Aeueoa” a 1995-1996 a.a.

?Iieacaoaeue01/01/9501/01/961.Eiyooeoeeaio
eeeaeaeiinoe1.861.24-0.622.Eiyooeoeeaio iie?uoey
aaeaina1.951.71-0.243.Iieacaoaeue iaania/aiiinoe
NN0.830.53-0.30I?eeiaeaiea 3

Aaeain ca 1993 aiae (oun. a?i.)

AEOEAEiae no?ieeIa ia/aei aiaeaIa eiiaoe aiaeaI. Iniiaiua n?aaenoaa e
ae?oaea aiaiai?ioiua aeoeauIniiaiua n?aaenoaa: inoaoi/iay
noieiinoue010221 132 eciin * (02)011137 ia?aiia/aeueiay noieiinoue
(04)012231 167Iaiaoa?eaeueiua aeoeau inoaoi/iay noieiinoue02037
eciin * (02)02101 ia?aiia/aeueiay noieiinoue (04)02238Iacaaa?oaiiua
eaieoaeueiua aeiaeaiey (33, 35, 61)03010335Iai?oaeiaaiea
(07)0352Aeieain?i/iua oeiainiaua aeiaeaiey (58)040786Ae?oaea
aiaiai?ioiua aeoeau060 Anaai ii ?acaeaeo I070352 262II. Caianu e
cao?aouI?iecaiaenoaaiiua caianu (05-08, 10)080292Iaeioeaiiua e
auno?ieciaoeaathueany i?aaeiaou: inoaoi/iay noieiinoue10032 eciin
* (13)1012 ia?aiia/aeueiay noieiinoue (12)10234Cao?aou aoaeoueo
ia?eiaeia (31)120Aioiaay i?iaeoeoeey (40)130Oiaa?u: caeoii/iay
noieiinoue1405 77617 499 oi?aiaay iaoeaiea (42)141 i?iaeaaeiay
noieiinoue (41)142 Anaai ii ?acaeaeo II1505 78117 593III.
Aeaiaaeiua n?aaenoaa, ?an/aou e ae?oaea aeoeau?an/aou n aeaaeoi?aie:
ca oiaa?u, ?aaiou e oneoae, n?ie iieaou ii eioi?ui ia ianooiee (45)17064
17157 261 ca oiaa?u, ?aaiou e oneoae, ia iiea/aiiua a n?ie (45,
76)180 ii aaenaeyi iieo/aiiui (59)190 n athaeaeaoii (68)2002 240
n ia?niiaeii ii ae?oaei iia?aoeeyi (73)2102 ii aaainai auaeaiiui
(61)2205 367146 393 n aei/a?ieie i?aaei?eyoeyie (78)230 n ae?oaeie
aeaaeoi?aie2408 4271 068 674E?aoein?i/iua oeiainiaua aeiaeaiey
(58)250479Aeaiaaeiua n?aaenoaa: eanna (50)260 ?an/aoiue n/ao
(51)270545399 aaethoiue n/ao (52)2801 27519 989 ae?oaea aeaiaaeiua
n?aaenoaa (54, 55, 56)290Eniieueciaaiea caaiiuo n?aaenoa (82)300Ae?oaea
iai?ioiua aeoeau31025 817 Anaai ii ?acaeaeo III320106 0811 294
958Oauoee: i?ioaaeoeo eao (98)330 io/aoiiai aiaea (80)340AAEAIN
(noiia no?ie 070, 160, 320, 330, 340)350111 8971 314 813IANNEAEiae
no?ieeIa ia/aei aiaeaIa eiiaoe aiaeaI. Enoi/ieee nianoaaiiuo e
i?e?aaiaiiuo e iei n?aaenoaOnoaaiue oiiae (eaieoae) (85)40010 08518
732?aca?aiue oiiae (88)410Oeiaine?iaaiea eaieoaeueiuo aeiaeaiee (93,
94)4208308?an/aou ca eiouanoai (76)425Niaoeeaeueiua oiiaeu e oeaeaaia
oeiaine?iaaiea (87, 88, 96)4303 455948 245Aii?oecaoeeiiiue oiiae
(86)4401?an/aou n o/anoieeaie (75)450Aeioiaeu aoaeoueo ia?eiaeia
(83)45592 209?aca?au aoaeoueo cao?ao e ieaoaaeae
(89)460Ia?ani?aaeaeaiiay i?eaueue i?ioeuo eao (98)470318I?eaueue:
ia?ani?aaeaeaiiay oaeouaai aiaea480 eniieueciaaiiay a oaeouai
aiaeo*48159 039 oaeouaai aiaea*48259 039 Anaai ii ?acaeaeo
I490106 076967 285II. Aeieain?i/iua ianneauAeieain?i/iua e?aaeeou aaieia
(92)500Aeieain?i/iua caaiiua n?aaenoaa (95)510Aeieain?i/iua e?aaeeou e
caeiu, ia iiaaoaiiua a n?ie520 Anaai ii ?acaeaeo II53000III.
?an/aou e ae?oaea ianneauE?aoein?i/iua e?aaeeou aaieia (90)6001
242E?aoein?i/iua caaiiua n?aaenoaa (95)610E?aoein?i/iua e?aaeeou e
caeiu, ia iiaaoaiiua a n?ie620?an/aou n e?aaeeoi?aie: ca oiaa?u,
?aaiou e oneoae, n?ie iieaou eioi?uo ia ianooiee (60)630424229 403 ca
oiaa?u, ?aaiou e oneoae, ia iiea/aiiua a n?ie (60)640 ii aaenaeyi
auaeaiiui (66)650 ii aaainai iieo/aiiui (61)6605 138111 247 n
athaeaeaoii (68)670627 ii aiaathaeaeaoiui ieaoaaeai (65)680 ii
no?aoiaaieth (69)69035 ii iieaoa o?oaea (70)70022 n aei/a?ieie
i?aaei?eyoeyie (78)7104 792 n ae?oaeie e?aaeeoi?aie (71,
76)720160Nnoaeu aeey nio?oaeieeia (97)730Ae?oaea e?aoein?i/iua
ianneau740259 Anaai ii ?acaeaeo III7505 821347 528AAEAIN (noiia
no?ie 480, 530, 770)760111 8971 314 813

Aaeain ca 1994 aiae (oun. a?i.)

AEOEAEiae no?ieeIa ia/aei aiaeaIa eiiaoe aiaeaI. Iniiaiua n?aaenoaa e
ae?oaea aiaiai?ioiua aeoeauIniiaiua n?aaenoaa: inoaoi/iay
noieiinoue0101 1325 055 eciin * (02)01137378 ia?aiia/aeueiay
noieiinoue (04)0121 1695 433Iaiaoa?eaeueiua aeoeau inoaoi/iay
noieiinoue02078 eciin * (02)02113 ia?aiia/aeueiay noieiinoue
(04)022811Iacaaa?oaiiua eaieoaeueiua aeiaeaiey (33, 35, 61)0303358
345Iai?oaeiaaiea (07)03528 078Aeieain?i/iua oeiainiaua aeiaeaiey
(58)0407861 209Ae?oaea aiaiai?ioiua aeoeau0601 247 034 Anaai ii
?acaeaeo I0702 2621 269 729II. Caianu e cao?aouI?iecaiaenoaaiiua caianu
(05-08, 10)08092644Iaeioeaiiua e auno?ieciaoeaathueany i?aaeiaou:
inoaoi/iay noieiinoue100240 eciin * (13)101241 ia?aiia/aeueiay
noieiinoue (12)102481Cao?aou aoaeoueo ia?eiaeia (31)1202 672Aioiaay
i?iaeoeoeey (40)130Oiaa?u: caeoii/iay noieiinoue14017 499178 388
oi?aiaay iaoeaiea * (42)141 i?iaeaaeiay noieiinoue * (41)14217 499178
388 Anaai ii ?acaeaeo II15017 593181 744III. Aeaiaaeiua
n?aaenoaa, ?an/aou e ae?oaea aeoeauOiaa?u ioa?oaeaiiua: n?ie iieaou
eioi?uo ia ianooiee (45)16057 261143 912 ia iiea/aiiua a n?ie
(45)16530 546?an/aou n aeaaeoi?aie: ca oiaa?u, ?aaiou e oneoae, n?ie
iieaou ii eioi?ui ia ianooiee (45)170758 822486 099 ca oiaa?u, ?aaiou
e oneoae, ia iiea/aiiua a n?ie (45, 76)180134 206 ii aaenaeyi
iieo/aiiui (59)190 n athaeaeaoii (68)2002 2403 515 n ia?niiaeii ii
ae?oaei iia?aoeeyi (73)210258 ii aaainai auaeaiiui (61)220146 3931
498 090 n aei/a?ieie i?aaei?eyoeyie (78)230614 n ae?oaeie
aeaaeoi?aie240309 8521 548 714E?aoein?i/iua oeiainiaua aeiaeaiey
(58)250Aeaiaaeiua n?aaenoaa: eanna (50)260 ?an/aoiue n/ao
(51)2703996 206 aaethoiue n/ao (52)28019 989107 452 ae?oaea
aeaiaaeiua n?aaenoaa (54, 55, 56)2901Eniieueciaaiea caaiiuo n?aaenoa
(82)300Ae?oaea iai?ioiua aeoeau31077 972 Anaai ii ?acaeaeo
III3201 294 9584 037 385Oauoee: i?ioaaeoeo eao (98)330 io/aoiiai
aiaea (80)340AAEAIN (noiia no?ie 070, 160, 320, 330, 340)3501 314 8135
488 858IANNEAEiae no?ieeIa ia/aei aiaeaIa eiiaoe aiaeaI. Enoi/ieee
nianoaaiiuo e i?e?aaiaiiuo e iei n?aaenoaOnoaaiue oiiae (eaieoae)
(85)40018 732245 055?aca?aiue oiiae (88)410Oeiaine?iaaiea eaieoaeueiuo
aeiaeaiee (93, 94)42030816 423?an/aou ca eiouanoai (76)425Niaoeeaeueiua
oiiaeu e oeaeaaia oeiaine?iaaiea (87, 88, 96)430948 2453 115
020Aii?oecaoeeiiiue oiiae (86)440?an/aou n o/anoieeaie (75)450Aeioiaeu
aoaeoueo ia?eiaeia (83)455?aca?au aoaeoueo cao?ao e ieaoaaeae
(89)460Ia?ani?aaeaeaiiay i?eaueue i?ioeuo eao (98)470I?eaueue:
ia?ani?aaeaeaiiay oaeouaai aiaea480 eniieueciaaiiay a oaeouai
aiaeo*481521 818 oaeouaai aiaea*482521 818 Anaai ii ?acaeaeo
I490967 2853 376 498II. Aeieain?i/iua ianneauAeieain?i/iua e?aaeeou
aaieia (92)500Aeieain?i/iua caaiiua n?aaenoaa (95)510Aeieain?i/iua
e?aaeeou e caeiu, ia iiaaoaiiua a n?ie520 Anaai ii ?acaeaeo
II53000III. ?an/aou e ae?oaea ianneauE?aoein?i/iua e?aaeeou aaieia
(90)6001 242E?aoein?i/iua caaiiua n?aaenoaa (95)610E?aoein?i/iua
e?aaeeou e caeiu, ia iiaaoaiiua a n?ie620?an/aou n e?aaeeoi?aie: ca
oiaa?u, ?aaiou e oneoae, n?ie iieaou eioi?uo ia ianooiee (60)630229
403742 738 ca oiaa?u, ?aaiou e oneoae, ia iiea/aiiua a n?ie (60)640
ii aaenaeyi auaeaiiui (66)650 ii aaainai iieo/aiiui (61)660111
247219 953 n athaeaeaoii (68)6706278 755 ii aiaathaeaeaoiui
ieaoaaeai (65)6808 957 ii no?aoiaaieth (69)69035205 ii iieaoa
o?oaea (70)70022178 n aei/a?ieie i?aaei?eyoeyie (78)7104 79233 581
n ae?oaeie e?aaeeoi?aie (71, 76)7201601 097 993Nnoaeu aeey nio?oaeieeia
(97)730Ae?oaea e?aoein?i/iua ianneau740 Anaai ii ?acaeaeo
III750347 5282 112 360AAEAIN (noiia no?ie 480, 530, 770)7601 314 8135
488 858

Aaeain ca 1995 aiae (oun. a?i.)

AEOEAEiae no?ieeIa ia/aei aiaeaIa eiiaoe aiaeaI. Iniiaiua n?aaenoaa e
ae?oaea aiaiai?ioiua aeoeauIniiaiua n?aaenoaa: inoaoi/iay
noieiinoue01012 03812 168 eciin * (02)0111 9392 848
ia?aiia/aeueiay noieiinoue (04)01213 97715 016Iaiaoa?eaeueiua aeoeau
inoaoi/iay noieiinoue0208958 eciin * (02)021341 ia?aiia/aeueiay
noieiinoue (04)02211999Iacaaa?oaiiua eaieoaeueiua aeiaeaiey (33, 35,
61)0308 34570 203Iai?oaeiaaiea (07)0358 0787 449Aeieain?i/iua oeiainiaua
aeiaeaiey (58)0401 20930 930Ae?oaea aiaiai?ioiua aeoeau0601 247 0342 363
814 Anaai ii ?acaeaeo I0701 276 7122 485 522II. Caianu e
cao?aouI?iecaiaenoaaiiua caianu (05-08, 10)0806444 422Iaeioeaiiua e
auno?ieciaoeaathueany i?aaeiaou: inoaoi/iay noieiinoue10040127
eciin * (13)10141126 ia?aiia/aeueiay noieiinoue (12)10281253Cao?aou
aoaeoueo ia?eiaeia (31)1202 67243 277Aioiaay i?iaeoeoeey (40)130Oiaa?u:
caeoii/iay noieiinoue140178 3883 509 965 oi?aiaay iaoeaiea *
(42)141 i?iaeaaeiay noieiinoue * (41)142178 3883 509 965 Anaai
ii ?acaeaeo II150181 7443 557 791III. Aeaiaaeiua n?aaenoaa, ?an/aou e
ae?oaea aeoeauOiaa?u ioa?oaeaiiua: n?ie iieaou eioi?uo ia ianooiee
(45)160143 9122 210 702 ia iiea/aiiua a n?ie (45)16530 546?an/aou n
aeaaeoi?aie: ca oiaa?u, ?aaiou e oneoae, n?ie iieaou ii eioi?ui ia
ianooiee (45)170486 0991 506 952 ca oiaa?u, ?aaiou e oneoae, ia
iiea/aiiua a n?ie (45, 76)180134 20675 311 ii aaenaeyi iieo/aiiui
(59)190 n athaeaeaoii (68)2003 5159 265 n ia?niiaeii ii ae?oaei
iia?aoeeyi (73)210581 411 ii aaainai auaeaiiui (61)2201 498 0902 978
942 n aei/a?ieie i?aaei?eyoeyie (78)23061433 n ae?oaeie
aeaaeoi?aie2401 548 7141 447 694E?aoein?i/iua oeiainiaua aeiaeaiey
(58)250Aeaiaaeiua n?aaenoaa: eanna (50)260 ?an/aoiue n/ao (51)2706
20614 768 aaethoiue n/ao (52)280107 4521 165 556 ae?oaea
aeaiaaeiua n?aaenoaa (54, 55, 56)29011Eniieueciaaiea caaiiuo n?aaenoa
(82)300Ae?oaea iai?ioiua aeoeau31077 972 Anaai ii ?acaeaeo
III3204 037 3859 410 635Oauoee: i?ioaaeoeo eao (98)330 io/aoiiai
aiaea (80)340AAEAIN (noiia no?ie 070, 160, 320, 330, 340)3505 495 84115
453 948IANNEAEiae no?ieeIa ia/aei aiaeaIa eiiaoe aiaeaI. Enoi/ieee
nianoaaiiuo e i?e?aaiaiiuo e iei n?aaenoaOnoaaiue oiiae (eaieoae)
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ieaoaaeae (89)460Ia?ani?aaeaeaiiay i?eaueue i?ioeuo eao (98)470I?eaueue:
ia?ani?aaeaeaiiay oaeouaai aiaea480 eniieueciaaiiay a oaeouai
aiaeo*4811 845 881 oaeouaai aiaea*4821 845 881 Anaai ii
?acaeaeo I4903 383 4816 969 635II. Aeieain?i/iua ianneauAeieain?i/iua
e?aaeeou aaieia (92)500Aeieain?i/iua caaiiua n?aaenoaa
(95)510Aeieain?i/iua e?aaeeou e caeiu, ia iiaaoaiiua a n?ie520
Anaai ii ?acaeaeo II53000III. ?an/aou e ae?oaea ianneauE?aoein?i/iua
e?aaeeou aaieia (90)600E?aoein?i/iua caaiiua n?aaenoaa
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e?aaeeoi?aie: ca oiaa?u, ?aaiou e oneoae, n?ie iieaou eioi?uo ia
ianooiee (60)630742 7386 363 956 ca oiaa?u, ?aaiou e oneoae, ia
iiea/aiiua a n?ie (60)640 ii aaenaeyi auaeaiiui (66)650 ii aaainai
iieo/aiiui (61)660219 953874 594 n athaeaeaoii (68)6708 75582 619
ii aiaathaeaeaoiui ieaoaaeai (65)6808 9571 303 ii no?aoiaaieth
(69)6902052 266 ii iieaoa o?oaea (70)7001781 381 n aei/a?ieie
i?aaei?eyoeyie (78)71033 58159 989 n ae?oaeie e?aaeeoi?aie (71,
76)7201 097 993187 394Nnoaeu aeey nio?oaeieeia (97)730Ae?oaea
e?aoein?i/iua ianneau740910 811 Anaai ii ?acaeaeo III7502 112
3608 484 313AAEAIN (noiia no?ie 480, 530, 770)7605 495 84115 453 948

I?eeiaeaiea 4

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00000000000000000000

?en. 3. Aeeiaieea eciaiaiey eiyooeoeeaioa eeeaeaeiinoe, eiyooeoeeaioa
iie?uoey aaeaina e iieacaoaey iaania/aiiinoe nianoaaiiuie n?aaenoaaie AI
“Aeueoa” ca ia?eiae n 1992 ii 1995 a.

15 iay 1998 a.

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